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03/01/2017

L’AMF sanctionne une société de trading américaine

L’Autorité des marchés financiers (AMF) a condamné le 28 décembre la société 3Red Trading, basée à Chicago, et son fondateur Igor Oystacher pour des manipulations de cours sur le marché du Future CAC40. La société a écopé d’une amende de 900.000 euros tandis que son président a été sanctionné à hauteur de 200.000 euros. Les ordres en cause ont été émis entre septembre 2012 et janvier 2013 par Igor Oystacher, notamment 355 séquences identifiées par les enquêteurs «ayant donné lieu à la pratique qualifiée de ‘quasi-layering’» ayant rapporté un gain évalué à 301.375 euros.
03/01/2017

Les Mexicains ont transféré 25% de fonds en plus en novembre

Les fonds transférés au Mexique par des travailleurs mexicains basés à l’étranger ont augmenté de près de 25% sur le mois de novembre en dollars, à 2,36 milliards, contre 1,9 milliard en novembre 2015, d’après des chiffres publiés hier par la banque centrale. Sur les onze premiers mois de l’année, les transferts de fonds sont en augmentation de 9%. Plus de 95% de ces fonds proviennent des Etats-Unis.
03/01/2017

Finance Consultants effectue une sélection de fonds qui capitalise sur la connaissance des gérants

Créée en 1995, Finance Consultants traverse les générations en restant le fil conducteur de son cœur de clientèle composé de cadres dirigeants français expatriés travaillant dans le secteur pétrolier. Ayant élargie cette clientèle au fil du temps, ce cabinet à taille humaine compte aujourd’hui 250 foyers d’investissement et atteint 125 millions d’euros d’encours sous gestion. Ses projets de développement reposent sur des critères de sélection de fonds qui valorisent en premier lieu les relations de confiance avec les gérants et compte recruter un collaborateur conseiller en gestion de patrimoine en 2017.
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03/01/2017
Gestion d'actifs

Le fonds de prévoyance d'UCB procède à des changements dans sa gestion financière

Le fonds de prévoyance des salariés de la filiale belge d’UCB (une entreprise pharmaceutique suisse) est en train d’effectuer une étude ALM avec l’aide de Mercer Investment Consulting, a révélé MandateWire. Son plan, doté de 141 millions d’euros d’encours à l’actifs, dispose d’une allocation composée de 52% d’actions, de 38% d’obligations et de 10% d’investissements alternatifs. La gérante du fonds, Isabelle Feuillien, a également révélé avoir retiré un mandat obligataire à BlueBay AM.
Gestion d'actifs
02/01/2017

La France est distancée dans la course aux expatriés

Six pays européens décrochent une place dans le top 10 des destinations les plus prisées par les expatriés. Mais sur les 45 pays du classement HSBC Expat Explorer Survey, la France prend la 35ème place. Dans le top 3 (uniquement constitué de pays européens), la Suisse arrive en tête, suivie de près par l’Allemagne et la Suède. Le salaire moyen annuel d’un expatrié en suisse est de 188.275 dollars soit près du double de la moyenne globale de l'étude qui est de 97.419 dollars. Les rémunérations des expatriés dans la plupart des pays européens sont inférieures à la moyenne mondiale.
02/01/2017

La France boudée par les expatriés

L'Europe confirme son attractivité pour les expatriés et domine le top 10 des destinations les plus prisées selon HSBC. Mais la France se laisse distancer et tombe à la 35ème place du classement.
TTF Europe
02/01/2017

EMR Capital seeking new acquisitions

p { margin-bottom: 0.25cm; line-height: 120%; } In the wake of the acquisition of an Australian cooper mine for USD210m, the private equity firm EMR Capital, based in Australia, is seeking new targets, preferably in Australia or Asia, the CEO of the firm, Jason Chang, has told Reuters. “A lot of investors are taking an interest in copper and our outlooks are positive in the short, medium and long term. But we also like gold, potassium and coke coal,” says Chang. EMR Capital was speaking following the recent acquisition of the Golden Grove copper mine from China’s MMG, the first acquisition made by the second fund from EMR, which was closed in November with USD680m to spend.
02/01/2017

2016 ends with outflows of over USD93bn from equity funds

As the end of the year approached, inflows to mutual funds slowed considerably. Trends which could be seen since mid-November were still present, but investors also showed a fresh appetite for some bond strategies, which had often been ignored in the wake of the election of Donald Trump to the White House, due to the prospect of interest rate hikes and additional costs for non-US dollar borrowers.International bond funds posted positive net inflows for the second consecutive week, which had not been seen since mid-October, while European bond funds had their largest net inflows of the past 17 weeks, the global flow specialist EPFR Global noted in its weekly statement. The year can be expected to finish with USD93bn in net outflows from equities, the highest level since the 2008 crisis, Bank of America Merrill Lynch remarks in its weekly study, based on the data from EPFR Global.Bond funds overall have seen net inflows of USD3.4bn in the week to 28 December. Funds dedicated to high yield bonds and those specialised in bank loans between them attracted a net total of over USD3bn. The weekly Bank of America Merrill Lynch study points out that European bond funds have seen inflows of over USD1bn. Emerging market bond funds have seen further net outflows, but totalling only USD0.2bn. Equity funds of all regions combined have posted net outflows of EUR1bn, with a net outflow of USD1.6bn from US equity funds, while European equity funds have also seen outflows, but totalling a negligible USD40m. However, funds specialised in Japanese equities have finished the week with positive inflows of USD2.4bn, the highest in the past seven weeks, and emerging market equity funds have seen net outflows of USD2.5bn.
02/01/2017

Transparency at heart of investor-hedge fund relationships

p { margin-bottom: 0.25cm; line-height: 120%; } Transparency, a rising phenomenon in the universe of finance, can be expected to remain at the centre of concerns for hedge funds. Regulation by the Securities & Exchange Commission (SEC) counts for much in this development, as does the increasing sophistication of investors, the specialist website ValueWalk notes. Institutional investors are not the only ones to be demanding more transparency either, as smaller investors have also become much more demanding and no longer hesitate to request much more complete due diligence procedures. Against this background, ‘black box’ strategies are no longer the new black. Most hedge funds can no longer keep their proprietary trading strategies absolutely secret. After several years of underperformance, compared both with the equity and bond markets, investors no longer want to give hedge funds a completely free hand, and they are now required to explain their investment, risk management, decision-making and positioning processes much more than in the past. Another trend noted by ValueWalk is that fund selectors have gained power to the detriment of managers. Fund selectors now have authority given to them by investment committees to construct genuinely diversified portfolios. There has also been a renaissance in more collegial relationships with clients. The customer service role has become more substantial, in a further sign of the current trend toward increased transparency.
02/01/2017

Assets in Chilean funds up 7.6% in 11 months

p { margin-bottom: 0.25cm; line-height: 120%; }a:link { } Assets under management in Chilean mutual funds have risen 7.6% in the first 11 months of the year to a total of USD2.96bn as of the end of November, according to the most recent statistics released by the Chilean fund association (AAFM). The number of funds available for sale stands at about 600.
02/01/2017

FTSE posts best performance among European stock markets in 2016

The British markets made hay of the pessimistic outlooks of Brexit opponents and took the FTSE to an annual gain of 14% for 2016, the best performance of any stock market in Europe. This was driven largely by mining and international stocks, which benefited from a rebound in commodity prices and from the depreciation of the pounds sterling.In the rest of Europe, the CAC 40 gained 4.86% in 2016, while the German Dax gained 6.9%. Meanwhile the Milan FTMib loat 10.2% for the year, driven down by its banking sector, whose index lost 38%, The Swiss SMI index lost 6.8%, while the Spanish Ibex lost 1.6%.In the United States, the outcome of the presidential elections of 8 November took US equities to new highs in the final weeks of 2016.The Standard & Poor’s 500 index gained 9.54% for the year, and as much as 12% with dividends reinvested. More than half of this performance was achieved in the period of less than two months following the election of Donald Trump. The Dow Jones gained 13.42% for the year, and more than 16% with dividends reinvested.The Nasdaq posted annual gains of 7.5%.
02/01/2017

EMR Capital en quête de nouvelles acquisitions

Dans le sillage du rachat d’une mine de cuivre australienne pour 210 millions de dollars, la société de capital investissement EMR Capital, basée au Australie, est à la recherche de nouvelles cibles, de préférence en Australie ou en Asie, a indiqué à l’agence Reuters Jason Chang, son directeur général. «Beaucoup d’investisseurs s’intéressent au cuivre et notre perspective est positive à court, moyen et long terme. Mais nous aimons aussi l’or, la potasse et le charbon à coke», a précisé Jaspon Chang.EMR Capital s’exprimait après le rachat récent de la mine de cuivre Golden Grove au chinois MMG, le premier réalisé dans le cadre du second fonds d’EMR, bouclé en novembre dernier avec un trésor de guerre de 860 millions de dollars.
02/01/2017

Nomura cherche de nouvelles acquisitions en gestion d'actifs

Koji Nagai, responsable de Nomura Holdings, estime dans le Wall Street Journal que la gestion d’actifs a du potentiel de croissance et indique qu’il continuait à chercher des opportunités d’investissement. Le plus grand courtier du Japon a déjà acquis une participation de 41% dans American Century Investments pour environ 1 milliard de dollars en mai. «Nous avions une plateforme dans les actions japonaises et asiatiques, mais l’acquisition d’American Century nous a aidé à construire une autre plateforme aux États-Unis», explique Koji Nagai. Il rappelle par ailleurs que seulement 18% des actifs financiers des ménages japonais sont placés en valeurs mobilières.Il assure par ailleurs que «les investisseurs institutionnels étrangers se précipitent pour acheter des actions japonaises étant donné que le Japon est politiquement stable et que les actions sont moins chères que d’autres, alors elles seront achetées pendant encore un certain temps».
02/01/2017

"Nos acquisitions cibleront des sociétés autour d'un milliard d'encours"

Primonial a annoncé juste avant Noël la finalisation d'une nouvelle restructuration de son capital. Le fonds de capital investissement britannique Bridgepoint a fait son entrée à hauteur de 52,5% grâce à l'acquisition des parts de Latour Capital, de BlackFin Capital, d'une partie des salariés, et de la dilution du Crédit Mutuel Arkéa. Une recomposition surprise qui doit permettre au groupe de réaliser des acquisitions plus importantes et viser l'international. Stéphane Vidal, directeur général de Primonial, dévoile à Newsmanagers ses nouveaux objectifs.
02/01/2017

L'indice PMI de Chicago décélère en décembre

La croissance de l’activité manufacturière dans la région de Chicago a décéléré un peu plus que prévu en décembre, montrait vendredi l’enquête mensuelle auprès des directeurs d’achat réalisée par l’ISM Chicago. L’indice PMI de Chicago est ressorti à 54,6 ce mois-ci contre 57,6 en novembre, qui marquait un plus haut depuis janvier 2015. Il ressort en-deçà du consensus de 57,0 établi par Reuters mais reste solidement au-dessus de la barre de 50 qui marque la frontière entre croissance et contraction de l’activité.
02/01/2017

La CNCEF et la CNCIF signent un partenariat avec Interfimo

La CNCEF et la CNCIF ont signé un partenariat avec Interfimo, qui permettra aux professionnels de la gestion de patrimoine et haut de bilan de financer des opérations de croissance externe, de faciliter le regroupement de leur cabinet, ou encore de bénéficier d'un accompagnement lors de l'acquisition de locaux dédiés à leur activité.
02/01/2017

Olivier Farouz, Arca patrimoine : "Notre collecte est orientée à 87 % en UC"

Dans un entretien accordé à la Tribune de l'Assurance, Olivier Farouz, directeur général d'Arca patrimoine revient sur l’activité du courtier spécialisé en épargne, retraite et prévoyance. Une activité qui s'est concentré en 2016 sur les unités des compte, qui représentent 87 % de la collecte d'Arca patrimoine.
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30/12/2016

Brexit holds back rising prices in London real estate market

p { margin-bottom: 0.25cm; line-height: 120%; } Brexit is that way. For the first time in several years, the prices of residential properties in London have risen less quickly than the national average. They rose 4.5% in the past year, the same pace as in 2015, but their growth was markedly slower in London, where the increase was only 3.7%, compared with 12.2% in 2015, according to statistics released by Nationwide. A statement says that the average price of a real estate property reached nearly GBP206,000 in December 2016, comapred with GBP197,000 at the same time one year previously.
30/12/2016

China modifies mode of calculation for yuan

From 1 January 2017, China will nearly double the number of foreign currencies eligible for the composition of its benchmark index, which is used to structure the value fo the yuan. From Sunday this week, the number of currencies included in the China Foreign Exchange Trade System (CFETS) basket will rise from 13 to 24, CFETS has announced. “This modification will improve the mechanism for calculating the yuan benchmark index and make it more representative of the evolution of the market,” the body explains, adding that it is seeking to be less dependent on the US dollar.The 11 new currencies include the South Korean won, the South African rand and the Mexican peso.
30/12/2016

Hedge funds may finish year with outflows for first time since 2009

2016 may bring net outflows from the hedge fund sector for the first time since 2009, according to the specialist website ValueWalk. Assets are remaining above the USD3trn line, but November was the third consecutive month of outflows from hedge funds, totalling USD2.24bn, and bringing net outflows in the past three months to USD33.44bn. Since the beginning of the year, net outflows have totalled slightly over USD83bn, while the sector has seen net inflows of USD44.09bn in the first 11 months of 2015. In November, the worst-performing strategies were Managed Futures, which have finished the month with outflows of over USD4bn, followed by Long/Short Equity strategies (-USD1.43bn) and Macro (-USD1.20bn). However, multi-strategy funds have attracted USD2.28bn, and Event Driven strategies have attracted USD1.06bn.
30/12/2016

Equity markets suffered an abrupt sectoral turnover

In its monthly statement, Syz AM reveals that following the unexpected election of Donald Trump to the White House, equity markets suffered a violent sectoral turnover. “The new President has promised significant investment in infrastructure and budgetary recovery measures, as well as a potential repeal of the Dodd-Frank law. Although the complete implementation of these projects will be difficult to guarantee at this stage, the market has experessed its satisfaction with a sectoral rebound.” Banks are up, as pro-cyclical measures oriented to a recovery had the effect of driving up interest rates and easing the pressure on profit margins in the banking sector. The insurance sector has also seen a rebound with expectations that reinvetment revenues will be driven up by an interest rate hike. Lastly, telecommunications and utility sectors have been among the big losers with trump and the recovery, as invetors favoured pro-cyclical stocks.
30/12/2016

French savings deposits have a new positive momentum in November

After climbing 9.5% in October, savings deposits in France, which pay no interest, have posted a further increase, with annual growth of 10.1% in November, to EUR824bn, according to the most recent statistics from the Bank of France concerning the evolution of money markets. Accounts which pay interest (A-type checking accounts, sustainable development accounts, housing savings accounts, employee savings policies, young persons policies and ordinary checking accounts) rose only slightly, with growth of 0.7% in November to EUR613bn. Fixed-date deposits with a duration of less than two years, however, declined by 8.5% to EUR130bn.
30/12/2016

Fund administrators in the firing line

p { margin-bottom: 0.25cm; line-height: 120%; } Are trustees guilty of negligence? Whatever the case, the members of boards of directorrs responsible for overseeing mutual funds are now under pressure, as investors in the United States are widely suspecting that trustees may not have acted in the interests of shareholders, the news agency Reuters reports. Some investors also esitmate that trustees, who often pocket hundreds of millions of dollars per year in remuneration, have been negligent, for example by not passing on economies of scale that could be achieved as funds grew to investors, or by not showing enough rigour in pricing. On the sensitive subject of commissions, a Morningstar study released in 2015 says that assets in the asset management sector had risen 143% over ten years, at a time when commissions rose 78%. These figures would seem to suggest that investors were not treated as well as companies. Lawsuits have been filed, and are still in progress, against giants in the sector including BlackRock and Pimco, who refute the accusations against them. Other actions against firms including Hartford Fund and American Funds were not successful, but did draw some criticism of trustees.

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