Si la progression des rémunérations atteint son rythme le plus élevé depuis fin 2008 avec un taux de chômage à 5,5%, l'inflation reste nulle.

La Commission européenne tente de resserrer les mailles du filet fiscal autour des entreprises, sans disposer de nouveaux instruments.

Les conditions de financement demeurent meilleures qu'en 2014. La hausse des taux ne remet pas en cause la prévision de charge de la dette.

Le patron de l’Agence France Trésor estime que la remontée des taux est un mouvement sain. Les hypothèses de charge de la dette sur 2015 restent valables.

En manque de grandes transactions, les volumes ont chuté de 11% fin mai pour s’éloigner davantage du seuil symbolique des 2 millions de m²

Ils y ont progressé de 9% au premier trimestre pour se rapprocher de ceux de la zone lilloise, qui affichent une baisse de 6%.

L'institution craint à terme une sortie du pays de l'UE faute d'accord avec les créanciers. L'Eurogroupe de ce jour devrait constater le blocage.

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Tout en demeurant prudents, les membres du FOMC jugent l’économie américaine sur la bonne voie.

L’association a annoncé à l’occasion du salon Planète PME une enveloppe de 1 milliard d’euros, alimentée en priorité par son fonds Eurocroissance.

Le FRR a lancé le 15 octobre 2014 un appel d’offres visant au renouvellement du mandat de gestion « overlay ». Ce Marché est destiné à assurer la gestion passive de l’exposition au risque de change et à mettre en oeuvre les expositions aux classes d’actifs décidées par le Directoire du FRR ainsi qu’à assister, le cas échéant, le FRR sur le risque de change et l’ensemble des éléments constitutifs du pilotage de l’allocation. A l’issue du processus de sélection, le FRR a décidé de sélectionner les offres des candidats suivants : Russell Implementation Services Limited State Street Global Advisors.

La société de gestion Egamo vient d'annoncer la commercialisation d'un nouveau fonds de fonds qui appliquera une analyse ESG (Environnement, Social et Gouvernance) pour sa sélection d'actifs.

CASA et Société Générale souhaitent introduire en Bourse leur filiale commune Amundi d’ici la fin 2015. Le groupe mutualiste resterait maître à bord. Son partenaire aurait la possibilité de sortir intégralement.

La Société d’assurances de consolidation des retraites de l’assurance (SACRA) vient de lancer un appel d’offres pour un FCP dédié actions européennes (multi-caps) pour un montant de 60 millions d’euros.

p { margin-bottom: 0.25cm; line-height: 120%; }a:link { } In its first annual report to the French parliament, the ERAFP has presented its activity and expressed a position in favour of a requirement for institutionals to publish information about the carbon footprint of their portfolios outside France. The ERAFP feels that institutional investors, firstly the public ones, should be required to publish the carbon footprint of their portfolios. “Asking public investors to communicate their carbon footprint would represent a very important first step, which would indicate the determination of the authorities to set an example. Following France, the states of the European Union could usefully follow this course,” the ERAFP says in a statement.

p { margin-bottom: 0.25cm; line-height: 120%; } In response to plans by the European Commission to create a Capital Markets Union (CMU), issuers of secured bonds, represented by their central body, the European Covered Bond Council (ECBC), and the foundation dedicated to promoting that label, the Covered Bond Label Foundation (CBLF), on 16 June announced that they have decied to implement a common, harmonized framework in all jurisdictions for all issuers of secured bonds who have obtained the covered bond label. The new format will favour transparency in the sector, including harmonized data. The decision will come into effect in first quarter 2016, and will be binding for obtaining and renewing the label, with a one-year transitional phase, a statement says. A working group is in the process of putting the finishing touches on the new framework with the collaboration of the various jurisdictions involved in the process. The document will be unveiled on 9 September in Barcelona, at a plenary meeting of the professional association.

p { margin-bottom: 0.25cm; line-height: 120%; } The former head of distribution at Janus Capital, Thomas Döring, has joined Morgan Stanley Investment Management as head of wholesale distribution for Germany, the specialist website Fonds professionell reports. Pitzer remains as the preferred interlocutor for institutional clients. Döring’s name had previously been associated with Janus Capital, where he worked for 10 years as head of distribution. In late 2014, Janus carried out a strategic redeployment, however, which resulted in the appointment of Oliver Stahlkopf (formerly of Lyxor) as head of activities for Germany and Austria. Döring, who was then appointed senior director of financial institutions, decided to leave the firm at that time.

p { margin-bottom: 0.25cm; line-height: 120%; } The Austrian asset management firm Raiffeisen Capital Management (Raiffeisen CM) has signed a distribution agreement in Italy with CheBanca!, the retail bank from the Mediobanca group, Investment Europe reports. As part of the agreement, common investment funds from Raiffeisen CM will be added to the vast range of investment products at CheBanca. The range from Raiffeisen CM includes 40 common investment funds on sale in Italy via agreements with nearly 150 partners.

p { margin-bottom: 0.25cm; line-height: 120%; } There are too many uncertainties. Investors, preoccupied by the prospect of an interest rate hike, Greek turbulence and the formation of a bubble in Chinese equities, have adopted a wait-and-see attitude, according to the latest BofA Merrill Lynch survey, carried out between 5 and 11 June, and covering a sample of 207 participants, representing cumulative assets under management of USD562bn.International investors have pulled out of equities to invest in cash, while waiting for an increase in US interest rates which is anticipated by 80% of respondents, a level not seen since May 2011. Only 38% of investors are overweight in equities, compared with 47% one month previously, while cash allocations now represent 4.9% of portfolios, compared with 4.5% in May. In Greece, most investors do not foresee a favourable outcome, as 15% are planning a pure and simple exit of Greece from the euro zone, known as a “Grexit,” and 42% are predicting a default, but without an exit from the euro zone. Due to concerns over Greece, aversion to risk has increased sharply among European investors, and their cash levels are at their highest for six years. Seven investors out of 10 estimate that the Chinese stock market is overheating, and the percentage of investors who are underweight in emerging markets has surged to a net 21% from 6% in May.

p { margin-bottom: 0.25cm; line-height: 120%; } The Low Beta Europea index, designed and created by amLeague, which combines the portfolio picks in three equal portions from the participants of the amLeague Europe Equities mandate which present the lowest beta – currently Tobam, Ossiam and Swiss Life AM – has, in a three-month period in which the Stoxx Europe 600 index lost 0.12%, earned outperformance of 0.51%. Meanwhile, its volatility is under 19%. Since its inception, the frequency of outperformance for the Low Beta Europe index is 78%, amLeague states.

p { margin-bottom: 0.25cm; line-height: 120%; } At the end of May 2015, assets in Spanish common investment funds totalled EUR221.8bn, up by EUR26.97bn, or 13.8% since the beginning of the year, according to data released by Inverco, the Spanish asset management professional organization. Last month, Spanish funds posted net inflows fo EUR2.75bn, bringing cumulative net subscriptions since the beginning of the year 2015 to EUR20.65bn. This figure represents an increase of 20.5% compared with the same period in 2014.

p { margin-bottom: 0.25cm; line-height: 120%; } Open-ended funds domiciled in the Finnish market in May posted net inflows of EUR3.8bn, according to statistics released by Investment Research Finland. Meanwhile, non-UCIT funds have attracted significant inflows, meaning that assets under management in funds have reached the symbolic level of EUR100bn, the association states. Allocation funds were the most popular, with net inflows of EUR3.2bn. Money market funds attracted EUR324m, and funds dedicated to equities attracted EUR284m, while hedge funds finished the month with outflows of EUR48m.

p { margin-bottom: 0.25cm; line-height: 120%; } Torsten Hinrichs, CEO of Scope Ratings since 2013, who for 15 years led teams at Standard & Poor’s for Germany and Northern Europe, could not declare his ambitions more clearly. “By setting up shop in Paris, we wish to better meet the needs of French issuers and investors. We also see strong demand for a European ratings agency on the part of various players in the French market,” the head of the ratings agency said on 16 June at an opening of the firm’s Paris office. “We are responding to demand from issuers for a European alternative agency to the three major North American agencies. Our local engagement and proximity to local actors will allow us to better adapt our offerings to the specific needs of the market,” explained Sophie Grenier, responsible for business development at the Paris office. In France, Scope Ratings is bringing to bear its expertise in the ratings of SMEs/mid-sized businesses which are already well-established in Germany. The agency is planning to develop raings of local municipalities and ratings of large groups in France, during 2015. The Paris representative office becomes the third opened in Europe, after those in London and Madrid. An office of analysis will open in Frankfurt in July. The agency, whose headquarters have been in Berlin since its inception in 2002, is also planning to add to its European arsenal with the opening of an office in Milan. But for Hinrichs, Europe is only a step which concretises the expansion strategy at Scope, initially in Europe, and then worldwide. “Our objective is very clearly to become an international ratings agency, and to be the Euorpean agency of reference, which can be an alternative to the North American agencies,” Hinrichs claims, not missing an opportunity to stand out from the ‘Big Three’ rivals, whether it be for “non-mechanical” analysis, sectoral methodologies, or its range of services. “If our concept proves itself in Europe, we will very quickly develop outside the European perimeter,” Hinrichs continues. The next step may be the United States, Asia, Korea, or Singapore, or else Dubai, in 2016, the head of Scope Ratings says. And if everything goes well, Hinrich sees Scope with a European market share of 10% within ten years. Meanwhile, the agency has about 80 employees, of whom 35 are analysts and 10 are in business development, but these figures are constantly evolving. For instance, the agency on 16 June announced the recruitment of five new employees for various departments, including IT, investor relations, compliance and business development. The implementatino of the European strategy in workforce terms is “far from complete,” a statement says.

p { margin-bottom: 0.25cm; line-height: 120%; } The ratings agency Fitch Ratings has confirmed its long-term debt rating for Amundi Group of A+, with a stable outlook. The short-term issuer rating is also confirmed at F1. The initial rating was issued on 22 April (see Newsmanagers of 23 April 2015). The agency points to the profitability and stability of the French asset management firm, as well as the strength of its brand. The Agency states that it has also taken into account Amundi’s dependence on the distribution networks of Crédit Agricole and Société Générale as well as the pressures being experienced by the money market, to which the Amundi product range is highly exposed.

Manulife Asset Management, le pôle de gestion d’actifs de l’assureur canadien Manulife, a recruté Claude Chene, ancien responsable de la distribution chez Ignis Asset Management, au poste nouvellement créé de responsable mondial de la distribution à Londres, rapporte Financial News. L’intéressé rejoindra Manulife AM en juillet prochain. Précédemment, Claude Chene a officié pendant trois en qualité de responsable mondial de la distribution chez Ignis AM, dont il était également membre du comité de direction. Il a quitté la société de gestion à la suite de son rachat par Standard Life Investments en 2014. Au sein de Manulife AM, il sera plus particulièrement chargé de développer la distribution auprès des clients institutionnels à l’échelle mondiale et devra également assurer le développement de l’activité institutionnelle et « wholesale » en Europe, en Afrique, au Moyen Orient et en Amérique Latine.

La société de gestion britannique Crux Asset Management, fondée en 2014, a recruté Karen Zachary au poste de directrice des opérations («chief operating officer»), rapporte FT Adviser. La boutique poursuit ainsi ses efforts pour bâtir une équipe solide autour de son gérant «star» Richard Pease, transfuge de Henderson Global Investors. Karen Zachary rejoindra officiellement Crux AM le 15 juillet en provenance de Man Group où elle était jusque-là responsable mondiale des opérations avec les clients et de l’externalisation. Avant de travailler chez Man Group, elle avait officié chez Fidelity International, New Star Asset Management et Henderson Global Investors.

Les investisseurs ont procédé durant les mois d’avril et mai à des rachats pour un montant estimé à 1,5 milliard de livres dans le fonds phare de M&G piloté par Richard Woolnough, le M&G Optimal Income fund, rapporte le site spécialisé Investment Week. Le fonds géré par Richard Woolnough a été l’an dernier la stratégie retail la plus recherchée par les investisseurs tant britanniques que d’Europe continentale. Au premier trimestre 2015, le fonds a encore attiré 900 millions de livres et son encours a culminé à 24,5 milliards de livres, selon les données de Morningstar. Avec la volatilité des marchés obligataires, la tendance s’est renversée et les rachats ont atteint 760 millions de livres en avril et 710 millions de livres au mois de mai. Les rachats sur le Strategic Corporate Bond, également géré par Richard Woolnough et dont les actifs sous gestion s'élèvent à environ 4,8 milliards de livres, ont été marginaux.

Le gestionnaire d’actifs autrichien Raiffeisen Capital Management (Raiffeisen CM) a signé un accord de distribution en Italie avec CheBanca!, la banque de détail du groupe Mediobanca, rapporte Investment Europe. Dans le cadre de cet accord, les fonds communs de placement de Raiffeisen CM viendront compléter la vaste de gamme de produits de placement de CheBanca. L’offre de Raiffeisen CM se compose de 40 fonds communs de placements qui sont distribués en Italie à travers des accords avec près de 150 partenaires.

La transparence et la communication sont devenus des critères de choix pour les sélectionneurs de fonds. C’est ce qui ressort d’une récente étude publiée par Cerulli, intitulée «European Fund Selector 2015: Securing a Place on the Buy List». Les sélectionneurs interrogés placent ainsi la transparence du processus d’investissement en tête de leur critères de choix de produit. L’accès aux gérants de portefeuilles arrive en deuxième place, suivi par la performance d’un produit, troisième critère de sélection. «Une société de gestion de qualité se doit d'être transparente et responsable. Elle ne doit donc pas avoir d'états d'âme à donner un accès direct à ses gérants, et à permettre une explication sur les marchés, ou la remise en question de leurs décisions d’investissements», souligne Barbara Wall, directrice de la recherche de Cerulli et une des auteurs de l'étude. Pourtant, les sociétés de gestion ne semblent pas tout à fait conscientes de l’importance de la transparence pour les sélectionneurs de fonds. Elles citent en effet la performance comme premier atout pour convaincre un investisseur, la transparence n’arrivant qu'à la 8e place sur 11 critères. Elles estiment en parallèle qu’une mauvaise performance est le première raison invoqué pour revendre des parts d’un fonds.

Conçu et créé par amLeague, l’indice Low Beta Europe qui combine les choix de portefeuille pour trois parts équivalentes des participants du mandat amLeague Europe Equities présentant le plus faible beta - actuellement Tobam, Ossiam et Swiss Life AM - a réalisé, sur 3 mois durant lesquels l’indice Stoxx Europe 600 a reculé de 0,12%, une surperformance de 0.51%. D’autre part, sa volatilité est inférieure de 19%. Depuis l’origine, la fréquence de surperformance de l’indice Low Beta Europe est de 78%, précise amLeague.