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20/12/2010

Amundi et Natixis qualifiés au second tour dans le dossier Pioneer

Le processus de vente de Pioneer, la filiale de gestion d’actifs d’UniCredit riche de 185 milliards d’euros d’actifs, progresse, rapporte l’Agefi. La banque italienne a retenu Amundi (filiale du Crédit Agricole et de la Société Générale), Natixis et la société de services financiers Ameriprise pour un deuxième round de négociations. Selon une source reprise par le Figaro, UniCredit a privilégié les candidats acceptant d’acquérir l’ensemble de Pioneer. BNP Paribas n’a pas été retenue, pourtant candidate et dont le pôle de gestion s’est considérablement renforcé depuis les acquisitions de BNL (en Italie) et Fortis (en Belgique). Mais la complexité qui en découle en terme de consolidation n’aurait pas joué en sa faveur. En outre, BNP Paribas avait déposé une offre partielle.
20/12/2010

Hedge fund RAB reduces the size of its operations in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that RAB Capital has decided to restructure its activities. The decision, which is related to a highly significant reduction in assets under management at the firm in the past two years, will involve staff reductions in Hong Kong. At least one fund has been closed, and according to the CEO of RAB for Asia, “some projects have been frozen, including the launch of new funds and the recruitment of new teams.” Assets under management at RAB Capital now total USD1bn, compared with USD7bn before the crisis.
20/12/2010

PAVE incorporates

The PAVE (Plataforma Alernativa de Valores Españoles) founding partner Javier Tordable on December 17th announced the official formalization and kick off of the first alternative trading venue (MTF) platform by means of the legal incorporation of the Company with legal PAVE PLATFORM, Sociedad .Anonima.The incorporation of PAVE marks the first step and necessary prerequisite in order to start the preparation of the operative processes on fields such as regulatory, corporate, finance and technology which before summer of 2011 will lead to the launch of this new pool of liquidity of Spanish stocks alternative to the current traditional stock exchanges.
20/12/2010

FRR launches a call for proposals for bond mandates

p { margin-bottom: 0.08in; } The FRR on 17 December launched a call for proposals to select new managers for mandates to invest in bonds in developed countries in the investment category. The call for proposals aims to ensure the coherence of the FRR”s portfolio with the details of the retirement financing reforms (14 annual payments of EUR2.1bn by the FRR to Cades from 2011 until 2024). The impact of these details on the global investment strategy of the Fund will be the subject of a subsequent communication early next year. For this market, the public market procedure selected is that of a restricted call for proposals consisting of two rounds: Mandates for liability-driven investments in French treasury bonds (OAT) with “buy & hold” type management. Passive “multi-compartment” management investing in bonds from developed countries in the “investment” category. The procedure selected is that of a restricted call for proposals. Interested management firms will have until 31 January 2011, at noon (Paris time) to respond to the FRR within the conditions specified by the consultation rules.
20/12/2010

Jay Hooley to combine roles of CEO and chairman at State Street

p { margin-bottom: 0.08in; } On 16 December, State Street Corporation announced that, following the retirement of Ronald E. Logue, Joseph “Jay” Hooley will combine his current position as CEO, which he has held since March, with the position of chairman. The appointment by the board of directors will be effective from 1 January 2011.
20/12/2010

IT Asset Management: assets up by two thirds in 2010

p { margin-bottom: 0.08in; } As of 17 December, assets at the independent management firm IT Asset Management were over EUR200m, in a total of six French and Luxembourg-registered funds. This represents an increase of two thirds compared with EUR120m in assets as of the beginning of January, with one third of the increase due to market effects, and two thirds due to net subscriptions.
20/12/2010

Fitch confirms BBB+ rating for Oddo

p { margin-bottom: 0.08in; } Fitch Ratings on 17 December confirmed its long-term Issuer Default Rating (IDR) of BBB+, with stable outlook, for Oddo et Compagnie (Oddo). Fitch also confirmed the other following ratings for Oddo: a short-term IDR rating of F2; intrinsic grade of C; external support rating of 5, and an external support floor rating of ‘No Floor.’ Oddo, which is incorporated as a bank, is the only independent investment firm in France. Its IDR and intrinsic ratings reflect its very solid solvency and liquidity ratios, satisfactory performance for the complete economic cycle, and aversion to risk. They also take into account the small size of the firm and its smaller footprint in brokerage and asset management in Europe (EUR21bn in assets under management). Profits at Oddo were affected by the crisis in 2007 and 2008, but since then they have returned to satiafactory levels, with recurrent annual net profits and a return to owners’ equity levels of about EUR40m and 11%, respectively. Earnings come about equally from finance and investment banking and asset management. Oddo acquired the Banque d’Orsay (IDR: BBB+) in November 2010, and is in exclusive negotiations to acquire Banque Robeco. The acquisitions will allow Oddo to increase its assets under management by EUR4bn, without significantly altering its risk profile.
20/12/2010

Name change for asset management firm from Manulife

p { margin-bottom: 0.08in; } With effect from 15 December, MFC Global Investment Management, or MFCMD (CAD121bn in assets as of 30 September) has changed its name, and is now known as Manulife Asset Management, or Gestion d’actifs Manuvie. Following the change, member companies of the global network of the business, which is present in 17 countries and territories, will now operate under the name Manulife Asset Management. Six of the companies affiliates with the business were already operating under this name in Asia. However, in order to profit from the notoriety of the brand name John Hancock in the United States, Manulife Asset Management will use the name John Hancock Asset Management to provide investment management services for John Hancock products in the United States. Optique CM “adopted” Optique Capital Management has also announced that it has sold its investment management activities to Manulife, and the Optique Fund will now become known as the John Hancock International Value Equity Fund, a mutual fund from John Hancock Investment Management Services (JHIMS), an indirect affiliate of Manulife. Following the “adoption,” JIHMS will be advisor to the fund, and the current team at Optique CM will be transferred to Manulife, where it will be in charge of the day-to-day management of the fund.
20/12/2010

Bertrand Fournier elected president of FIR

p { margin-bottom: 0.08in; } The board of directors of the Forum for Responsible Investment (FIR) on 17 December announced that at its meeting on 15 December, the Forum accepted the resignation of its president, Robin Edme, and on the nomination of its office, elected Bertrand Fournier, previously vice-president, as president, and Paul de Marcellus as vice president, replacing Fournier. The FIR office now includes Bertrand Fournier (chairman of the board at LFP-Sarasin AM) as president, Michel Lemonnier (head of SRI development at Groupama AM) as vice president, Martine Léonard (head of SRI managemetn at CM-CIC AM) as vice president, Paul de Marcellus (Global Product Specialist for SRI at HSBC) as vice president, Michel Laviale (qualified individual) as secretary general and treasurer, Martial Cozette (qualified individual and co-founder of the FIR) as deputy treasurer, and Gilles Maddalena (SRI promotion at Ideam – Amundi Group) as deputy secretary general.
20/12/2010

Indian firm IDFC and Natixis Global AM sign an asset management partnership

p { margin-bottom: 0.08in; } The Indian infrastructure specialist financial group IDFC and Natixis Global Asset Management (NGAM) on 17 December announced that they have signed a strategic partnership for their collective asset management activities. The partnership will allow IDFC Asset Management Company (IDFC AMC) to considerably extend its international distribution, and gain access to global investors who would like to profit from the growth of the Indian economy by investing in Indian stock markets. It will also strengthen the global presence of NGAM, which has a significant presence in Asia, especially Japan, Taiwan, Singapore, and China. The new NGAM initiative is a sign of the firm’s ambitions to diversify its global activities. The partnership will also allow IDFC AMC to offer national investors access to international investment opportunities, through asset management products managed by NGAM. As a part of the agreement, NGAM will acquire a minority stake of 25% in the capital of IDFC AMC and its fiduciary company. Assets under management at IDFC as of 30 September totalled Usd4.4bn. Pierre Servant, CEO of NGAM, says “this partnership with IDFC AMC will allow us to offer our multi-boutique investment product range to a new market of investors. We feel that our extended range of products is particularly well-suited to this market, composed of a rapidly growing middle class. This agreement also gives us a way to strengthen our activities in Asia, and represents an important step towards realising our objectives of greater international diversification of our activities.”
20/12/2010

GlobeOp announces record assets under administration

p { margin-bottom: 0.08in; } GlobeOp, a British-American independent provider of administration services, specialised in middle and back offices and integrated risk reporting, aimed primarily at hedge funds and management firms as well as pension funds, corporate treasurers, insurers and banks, is in good shape. In the period from 30 June to 30 November, assets under administration increased 24% to USD148bn, Hedgeweek reports.
20/12/2010

Mubadala invests EUR500m in Carlyle

p { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Mubadala, on 17 December announced that it has increased its stake in the Carlyle Group with an investment of USD500m in subordinated convertible bonds and new equities. The precise financial details of the operation have not been disclosed. In September 2007, Mubadala acquired 7.5% of the US private equity investor for USD1.36bn.
20/12/2010

Un Sommet européen en demi-teinte

Les chefs d’Etat et de gouvernement des Vingt-Sept réunis jeudi et vendredi dernier en sommet ont posé la première pierre du mécanisme de résolution des crises de dette souveraine après mi-2013. Mais ces engagements ne règlent en rien les tensions actuelles sur la dette des Etats périphériques, et laissent logiquement les investisseurs sur leur faim.
20/12/2010

Décès de l’un des pères fondateurs de l’euro

L’ex-ministre italien des Finances Tommaso Padoa Schioppa, considéré comme l’un des pères fondateurs de l’euro, est décédé samedi à Rome. Le président du Conseil européen Herman Van Rompuy a estimé qu’il avait été «un moteur dans l’intégration de l’Europe et la création de l’euro».
20/12/2010

Nouveau record de l'indice américain des indicateurs avancés

L'économie américaine gagne en puissance en cette fin d’année, au vu des chiffres communiqués vendredi par le Conference Board. L’indice des indicateurs avancés de l’organisation patronale a gagné 1,1% en novembre, son gain le plus élevé depuis mars et sa cinquième hausse mensuelle.
20/12/2010

La BCE intronise le CERS

La Banque centrale européenne a annoncé vendredi l’entrée en vigueur de la législation instituant le Conseil européen du risque systémique (CERS). Cet organisme communautaire indépendant est chargé de la surveillance macroprudentielle du système financier au sein de l’Union. Son siège se situe à Francfort et son secrétariat est assuré par la BCE.
20/12/2010

Promulgation de la loi de compromis sur les réductions d'impôts

Barack Obama a promulgué vendredi la loi prolongeant les réductions d’impôts de la période de son prédécesseur George W. Bush, qui a pu être votée grâce à un compromis conclu avec l’opposition républicaine. D’autre part, les présidents des partis démocrate et républicain ont trouvé un compromis de financement à court terme pour permettre au gouvernement de fonctionner jusqu'à fin mars, a annoncé dimanche sur CNN le président du groupe républicain au Sénat Mitch McConnell.
20/12/2010

La Grèce va recevoir une rallonge du FMI

Le Fonds monétaire international a annoncé vendredi soir que la Grèce allait recevoir 2,5 milliards d’euros de plus. Le FMI dit avoir achevé une étude de la performance économique de la Grèce. Il estime que les autorités grecques restent déterminées à mettre en œuvre les réformes et que des progrès sont réalisés.
17/12/2010

Accord européen sur un allongement de la maturité des obligations

Les dirigeants de l’Union européenne se sont mis d’accord pour tenter d’allonger la maturité des nouvelles émissions de titres de dette souveraine, lit-on dans le projet de conclusions du sommet de l’Union européenne, qui s’achève ce vendredi. «Les Etats membres vont s’efforcer d’allonger la maturité de leurs nouvelles émissions obligataires à moyen terme afin d'éviter des pics de refinancement», est-il précisé dans le projet, dont Reuters a pu obtenir une copie.
17/12/2010

L'indice Ifo bat son record en décembre

Le climat des affaires en Allemagne a atteint un nouveau plus haut depuis la réunification du pays en 1991, montre vendredi les résultats de l’enquête mensuelle de l’institut Ifo, le dynamisme croissant de l’activité domestique ayant soutenu l'économie du pays. Son indice principal, fondé sur une enquête réalisée auprès de 7.000 entreprises, a atteint 109,9 en décembre contre 109,3 en novembre, qui constituait déjà son niveau le plus élevé depuis la réunification de 1991.
17/12/2010

La Chine s'estime capable de contenir l'inflation en 2011

La Chine parviendra à contenir l’inflation l’année prochaine, mais aura quelques difficultés à maîtriser les flux de liquidités générés par les politiques d’assouplissement monétaire des pays occidentaux, a annoncé Liu Mingkang, qui dirige la Commission réglementaire bancaire de la Chine. La hausse des prix à la consommation a atteint 5,1% en Chine au mois de novembre en glissement annuel, un niveau sans précédent depuis 28 mois.
17/12/2010

Le climat des affaires en France continue de s'améliorer

Le climat des affaires dans l’industrie en France s’est amélioré en décembre pour remonter à son meilleur niveau depuis la mi-2008, grâce notamment à une nette hausse des carnets de commandes, montre l’enquête mensuelle de conjoncture publiée vendredi par l’Insee. L’indicateur synthétique du climat des affaires dans le secteur manufacturier a progressé de trois points à 103.
17/12/2010

Moody's abaisse la note de l’Irlande de cinq crans

Moody’s a annoncé avoir abaissé de cinq crans sa note souveraine attachée à l’Irlande, qui passe ainsi de Aa2 à Baa1, tout en disant que d’autres abaissements pourraient suivre si Dublin ne parvenait pas à stabiliser les paramètres de sa dette dans un avenir prévisible. Cette décision a fait grimper les rendements de dette irlandaise à 10 ans de 7,5 points de base (pdb) à 8.522%, et les spreads de dette irlandaise par rapport aux obligations allemandes se sont également creusés de 10 pdb pour atteindre 551 pdb. Dans la foulée, les spreads portugais se sont également creusés à 364 pdb et le franc suisse a touché un plus haut historique contre l’euro, qui s’est par la suite repris.

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