La correction des émergents gagne en intensité
L'annonce probable d'un nouveau «tapering» de la Fed, mercredi, pourrait continuer à peser sur les devises
«Les marchés périphériques ne souffriront pas de la stratégie de la Fed»
René Defossez, stratégiste taux chez Natixis
Le marché immobilier parisien débute l'année avec une transaction record
Risanamento a annoncé vendredi la cession de l'ensemble d'un portefeuille d'immeubles, dont le 50 avenue Montaigne, pour 1,225 milliard d’euros
L’espagnole Bestinver choisit la France pour exporter sa gestion «value»
L’AMF a agréé le mois dernier trois fonds actions de la société de gestion détenue par Acciona et qui gère plus de 9 milliards d’euros d’actifs
«Nous projetons une appréciation marquée de la livre sterling face à l'euro»
François Cabau, économiste zone euro chez Barclays Capital
Le bras de fer européen se poursuit sur la résolution bancaire
La BCE s’est invitée dans les négociations entre ministres et députés en proposant que le futur fonds européen puisse lever des moyens sur les marchés
Icap perd la bataille de l’ISDAFix
L’association des produits dérivés Isda devrait dévoiler cette semaine une évolution du mode de calcul de l’indice de référence des contrats de swaps de taux, privant le courtier interbancaire britannique de son rôle central historique. Les banques contributrices n’utiliseront plus quotidiennement selon le quotidien des données de transactions nécessairement conclues par Icap et transmettront directement leurs informations à Thomson Reuters.
Un fonds de capital-risque pour la Sorbonne
Une quinzaine d’établissements réunis sous la bannière Sorbonne Universités vont selon le journal officialiser mercredi la mise en place d’un fonds d’amorçage. Cet «outil contre la fuite des cerveaux» pourrait selon un de ses artisans «accompagner une quinzaine de start-up sur quatre ans» après avoir réuni 60 millions d’euros d’ici la fin de l’année. CDC Entreprises, Natixis, CNP, Malakoff Médéric et AG2R ont déjà répondu à l’appel.
«Les actions américaines sont moins attractives à court terme que les européennes»
Vincent Guenzi, directeur de la stratégie d’investissement, Groupe Cholet Dupont
Le FRR lance un appel d'offres pour un mandat d'exposition globale
Le Fonds de Réserve pour les Retraites (FRR) lance ce jour un appel d’offres visant à sélectionner un prestataire pour la gestion financière d’un mandat passif « Exposition Globale ». Ce mandat est destiné à servir d’outil d’exposition à l’ensemble des classes d’actifs du FRR, en tant que de besoin. Il serait activé notamment pour permettre une exposition anticipée à certaines classes d’actifs ou en cas de besoin de remplacement temporaire d’un gestionnaire défaillant ou manquant. Pour ce marché, la procédure de marchés publics retenue est celle d’un appel d’offres restreint. Les prestataires de service d’investissement intéressés ont jusqu’au 24 février 2014, 12h00 heure de Paris, pour répondre au FRR dans les conditions spécifiées par le règlement de la consultation. L’ensemble des documents liés à cet appel d’offres est disponible sur la plate-forme dédiée : http://marches.fondsdereserve.fr ou via le site internet du FRR www.fondsdereserve.fr
UBP présente une hausse de 10% de ses encours
Les avoirs sous gestion de l’Union Bancaire Privée (UBP) ont progressé de 10% sur un an l’année dernière pour atteindre 87,7 milliards de francs suisse (71,6 milliards d’euros). Le bénéfice brut du groupe s’établit à 218,3 millions de francs suisse, en hausse de 20% par rapport à l’exercice précédent. Le bénéfice net consolidé après provisions est de 152 millions. L’UBP affiche un ratio Tier 1 de 29%.La banque privée suisse espère tirer des synergies de son intégration des activités de Lloyds au premier semestre 2014.
State Street affiche des résultats en progression
Le géant américain des services titres et de la gestion d’actifs, State Street, a publié un résultat net de 545 millions de dollars au dernier trimestre 2013, contre 531 millions au trimestre précédent et 468 millions un an auparavant. Le montant des actifs gérés a progressé de 12,4% sur un an à 2.345 milliards de dollars, et celui des actifs sous conservation et administrés de 12,5% à 27.427 milliards.
Le risque émergent tire les marchés à la baisse
La livre turque a touché vendredi un nouveau plus bas historique et le rand sud-africain un plus bas de cinq ans face au billet vert, tandis que le peso argentin continuait sa baisse après que l’Argentine a laissé filer sa devise jeudi. La correction s’est généralisée à l’ensemble des actifs risqués et notamment des devises émergentes, qui pâtissent comme au printemps dernier des craintes de retrait des liquidités des banques centrales. Les rendements des pays coeur de la zone euro se détendaient ainsi vendredi alors que ceux du Portugal, par exemple, s’accroissaient de 12 pb à 10 ans. Les Bourses mondiales se replaient fortement, le CAC 40 enregistrant une baisse de plus de 2%.
Le président ukrainien promet un remaniement ministériel
Le président ukrainien, Viktor Ianoukovitch, confronté à une contestation de plus en plus vive, annoncera un remaniement ministériel mardi prochain lors d’une réunion extraordinaire du Parlement, rapporte vendredi l’agence de presse russe Interfax. Le chef de l’Etat ukrainien a également déclaré à des responsables de l’Eglise orthodoxe que la loi limitant le droit de manifester, dont l’adoption précipitée la semaine dernière a alimenté la colère de l’opposition, serait «amendée».
S&P abaisse la note de la Croatie
S&P a abaissé la note de l’Etat croate de BB+ à BB vendredi alors que le pays connaît sa sixième année consécutive de récession et peine à redresser ses finances publiques. Le gouvernement a assuré qu’il était en train de préparer de nouvelles mesures de soutien à la croissance et de réduction du déficit. Celui-ci est censé être équivalent à 5,5% du PIB d’ici à la fin de 2014. Le parlement a suspendu l’ordre du jour pour discuter de la décision de S&P.
24/01/2014
NYSE Euronext asks SEC to be allowed to trade “non-transparent” ETFs
P { margin-bottom: 0.08in; } NYSE Euronext on Thursday filed a request with the Securities and Exchange Commission to adopt a new rule that would permit «nontransparent» ETFs to list and trade on its platform, the Wall Street Journal reports. Promoters of ETFs currently have to report the securities held in each portfolio daily. “Non-transparent” ETFs publish this information only on a quarterly basis. The NYSE request comes one day after Precidian Investments submitted the first prospectus laying out the functioning of “non-transparent” ETFs. BlackRock, State Street, Eaton Vance and T. Rowe Price are also militating for the adoption of such ETFs.
24/01/2014
Syz launches a new European fund for Eric Bendahan
P { margin-bottom: 0.08in; } The Swiss group Syz & CO has awarded its European equity specialist Eric Bendahan a new fund focused on family businesses, Citywire Global reports. The fund, entitled Oyster Continental European Selection, will invest in 50 equity positions in European businesses (outside the United Kingdom) with strong potential for growth over five years.
24/01/2014
China Life AMP AM releases its first fund in China
P { margin-bottom: 0.08in; } China Life AMP Asset Management, a joint venture founded last year between AMP Capital and China Life Asset Management, have launched their first common investment fund in China, entitled China Life AMP Money Market Fund, the website Asian Asset Management reveals. The vehicle already raised CNY11.9bn (USD1.89bn) at its listing at the beginning of the month. The minimal investment level is set at CNY1,000. The fund invests primarily in a range of short-term instruments, such as deposit certificates or cash, on the basis of analysis of macroeconomic factors, monetary policy and the credit market. The launch is no coincidence. The Chinese wealth management market is undergoing rapid and strong growth, with USD704bn in assets under management at the end of 2013, according to the Chinese asset management association, which predicts growth of 15% per year, to a total of USD1.408trn by 2017.
24/01/2014
AltaRocca AM launches its first fund
AltaRocca Asset Management, the French asset management boutique founded by the former funds managers from Oddo Asset Management Xavier Hoche and Muriel Blanchier, has launched its first fund. Unsurprisingly, it is a convertible bond product, one of the specialties of the co-founders, with bond return strategies.AltaRocca Convertibles is a long-only fund of convertible bonds denominated in euros. It is managed with a defensive, wealth management approach, independently of benchmark indices. Stock-picking is based on fundamental analysis of businesses.AltaRocca AM was founded last summer by Xavier Hoche and Muriel Blanchier. The firm is backed by the Primonial group, which owns 70% of its capital, within its multi-boutique structure.The firm plans to offer a range of funds based on convertible and return themes, including Investment Grade or High Yield rated corporate bonds. The range will be aimed both at institutional and retail investors.
24/01/2014
Standard Bank fined GBP7.6m
P { margin-bottom: 0.08in; } The British affiliate of the South African financial group Standard Bank has been fined GBP7.6m by the Financial Conduct Authority (FCA) for being too lax in controls against money-laundering. The British authority, which has been working to oversee the way in which banks manage money-laundering risks since 2011, on Thursday announced that it was the first time that it was delivering such a verdict against a commercial bank. “If they (the banks) agree to do business with high-risk clients, they will need to have effective practices, controls and systems, put in place to manage this risk. Standard Bank has clearly failed in this regard,” says Tracey McDermott, director of the financial crime division and responsible for enforcement of regulations at the FCA.
24/01/2014
Partners Group and Mizuho Financial form a strategic alliance
P { margin-bottom: 0.08in; } The wealth management firm Partners Group, the Japanese bank Mizuho Financial Group (MFG) and its asset management affiliate Mizuho Trust & Banking (Mizuho Trust), on 23 January announced that they had signed a strategic partnership. The agreement signed on 9 January includes the sale of certain private equity and infrastructure projects to Japanese pension funds, a statement says. The new partners will also examine the possibility of developing products together to better meet the growing demand of Japanese institutional investors for international investment vehicles. “We are pleased with this partnership with one of the best-known financial establishments in Japan, in order to meet the growing demand of Japanese pension funds seeking returns in private equity and infrastructure,” says Steffen Meister, director of the strategic development committee of the board of directors at Partners Group, cited in a statement. Assets under management at Partners Group total over EUR30bn in the private equity, real estate, infrastructure and private debt sectors.
24/01/2014
A Taiwan pension fund awards mandates to six managers
P { margin-bottom: 0.08in; } The Labor Pension Fund (LFP) in Taiwan has selected six international managers to provide management of several mandates, the website Asia Asset Management reveals. Vontobel, Wellington and MFS were selected to manage “global high dividend yield” mandates, while Bluebay, Loomis and BlackRock will be responsible for “global credit” mandates. The defined contribution programme from LFP will allocate USD400m each to Vontobel, Wellington and MFS. Bluebay Loomis and BlackRock will each receive USD500m as part of a new LFP programme, and USD200m under the old defined contribution retirement programme.
24/01/2014
SEI recruits former Skandia CEO
P { margin-bottom: 0.08in; } CEI has appointed the former CIO of Cofunds and Skandia, Brett Williams, as managing director for its private banking platform, SEI Wealth, Investment Week reports. The firm has also promoted Jim London to chief operating officer.
24/01/2014
Henderson to recruit an emerging market credit team
P { margin-bottom: 0.08in; } Henderson Global Investors is in the process of recruiting a team specialised in emerging market credit, the head of credit at the firm, Stephen Thariyan, has revealed at a press conference about credit funds, Citywire reports. The firm is also planning to appoint two personnel at its US affiliate.
24/01/2014
Threadneedle loses its head of US equities
Threadneedle Investments has announced that its head of US equities, Cormac Weldon, has resigned and will leave the firm in April following full transition of his responsibilities. He will be replaced by Diane Sobin. Cormac Weldon, who has been working at Threadneedle for 17 years, will join Artemis Investment Management. He will join with Stephen Moore, a portfolio manager, who is also leaving Threadneedle.In addition to investing in the London-based team, Threadneedle will increase its collaboration with Columbia Management’s US Equities team. Columbia Management is the US-based asset management subsidiary of Threadneedle’s parent company, Ameriprise Financial. Threadneedle and Columbia manage a combined USD117bn AUM in US equities, with 56 portfolio managers and 58 analysts located in London, Boston, New York, Minneapolis, Portland, Hartford and Stamford, managing a full range of strategies.
24/01/2014
Assets under management at Tikehau IM up 90% in 2013
P { margin-bottom: 0.08in; } Tikehau IM is scaling up its growth. Its assets under management increased from EUR1.2bn as of the end of 2012, to EUR2.3bn in 2013, an increase of more than 90% year on year, the firm announced on 23 January. For its open-ended fund activity, Tikehau IM has announced that it has posted growth in its assets of more than 140% over the past year.
24/01/2014
Net profits up 12% at Janus Capital in 2013
P { margin-bottom: 0.08in; } Janus Capital Group has had a nice finish to the year in 2013. In fourth quarter, the US asset management firm earned net profits of USD38.3m, compared with USD31.2m in fourth quarter 2012, for growth of nearly 23%. In the last three months of the year, the firm has posted USD226.2m in earnings, up 4.4% year on year. Over the past year as a whole, profits at Janus Capital rose 12%, to a total of USD114.7m, compared with USD102.3m in 2012. Its annual earnings have risen much more modestly, by only 2.8%, to a total of USD873.9m, compared with USD850m in 2012. The US firm, based in Denver, may nonetheless be proud of having significantly increased its assets. At the end of December 2013, its assets under management totalled USD173.9bn, up by 11% compared with the end of December 2012 (USD156.8bn).
24/01/2014
Aviva Gestión recruits a director of asset management in Spain
P { margin-bottom: 0.08in; } Aviva Gestión has appointed Carlos Gutiérrez as director of equity management for Spain, Funds People reports. He will be responsible for managing assets of over EUR320m. For the past 12 years, Gutiérrez has pursued his professional career at Intermoney Valores.
24/01/2014
Fullerton Fund Management sets up shop on Japanese market
P { margin-bottom: 0.08in; } Fullerton Fund Management, an affilate of the Singapore sovereign fund Temasek Holdings, is scaling up its footprint on the Asian market. The asset management firm, which is already present in China in Beijing, will now open its first office in Japan. The new firm, entitled Fullerton Fund Management Japan Limited, will be based in Tokyo and will be led by Fumio Izumi, former head of sales at PineBridge Investment As of the end of November 2013, Fullerton Fund Management had about USD9.7bn in assets under management.
24/01/2014
Italian funds post inflows of more than USD50bn in 2013
P { margin-bottom: 0.08in; } In 2013, open-ended funds on sale in Italy recorded net inflows of USD48.7bn, compared with only EUR1.7bn in 2012, the most recent statistics from Assogestioni, the Italian association of asset managers, show. Inflows were driven by flexible funds (EUR28.4bn) and bond funds (EUR12.8bn), but to a lesser extent than last year in the case of the latter category. Equity funds, which saw outflows of EUR7.8bn in 2012, for their part, took in EUR4.6bn. Only money market and hedge funds saw net redemptions in 2013, of EUR1.6bn and EUR1.7bn, respectively. At the end of December, assets in the Italian fund sector totalled EUR559bn, compared with EUR487bn one year previously. With the addition of closed funds and mandates, assets total EUR1.333trn, compared with EUR1.999trn previously.