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03/01/2014
Fonds

Décollecte record pour les fonds obligataires américains en 2013

Les fonds communs de placement obligataires aux États-Unis ont enregistré des retraits record de 80 milliards de dollars en 2013, victimes de la fuite des investisseurs dans l’attente d’une remontée des taux d’intérêt, d’après des données publiées par Bloomberg arrêtées au 23 décembre 2013. Ce montant de décollecte représente 2,3 % des actifs obligataires globaux, selon Brian Reid, chef économiste de l’association américaine des gestionnaires d’actifs Investment Company Institute (ICI), interrogé par l’agence de presse. Il s’agit de la plus importante décollecte affichée par les fonds obligataires depuis 1994, année au cours de laquelle les investisseurs avaient retiré prés de 62 milliards d’euros, soit 10 % des actifs sous gestion totaux.L’hémorragie pourrait ne pas s’arrêter de sitôt. «Aussi longtemps que les taux d’intérêt remontent, nous nous attendons à voir une poursuite modérée des retraits», a indiqué Brian Reid à Bloomberg.
Fonds
03/01/2014

Javelin Wealth Management s’empare d’une société de gestion

La société singapourienne Javelin Wealth Management a annoncé l’acquisition de la société de gestion locale Binjai Hill Asset Management (BHAM) pour un montant non dévoilé, rapporte le site International Adviser.Créée en 2004 par le Britannique Stephen Davies, Javelin Wealth Management, dont il est toujours le directeur général et principal actionnaire, élargit ainsi son offre de produits et de services afin d’accentuer sa différenciation par rapport aux autres banques privées et conseillers financiers de Singapour. Grâce à cette transaction, Javelin voit ses actifs conseillés passer d’environ 80 millions de dollars à 100 millions de dollars.
03/01/2014
Fonds

Renaissance AM liquide un fonds de dette russe

La société de gestion russe Renaissance Asset Managers, spécialisée sur les marchés émergents et les marchés frontières, a liquidé son fonds de dette russe, le Renaissance Russia Debt A USD fund, en raison d’une érosion des actifs en dessous du seuil minimum de viabilité, rapporte Citywire.Le fonds domicilié au Luxembourg avait été lancé en novembre 2010, géré dans un premier temps par Adrian Harris puis par Elena Kochina à compter de novembre 2011. Selon les données de Lipper, les actifs sous gestion du fonds s'élevaient à 4 millions de dollars le 16 décembre dernier, lors de sa fermeture. Les actifs avaient culminé à plus de 70 millions de dollars en juin 2011.Le fonds a dégagé une performance de 15,7% en dollars entre son lancement en novembre 2010 et sa fermeture le 16 décembre dernier. Durant la même période, son indice de référence, le Micex Corporate Bond Index, a progressé de 18,74%.
Fonds
03/01/2014
Fonds

Harcourt renforce sa gamme

Harcourt Investment Consulting (groupe Vontobel Asset Management) a lancé la troisième stratégie de sa nouvelle famille de produits, les «Research-Driven Strategies» (lire Newsmanagers du 30/10/2013). Le fonds Vontobel Fund Pure Premium Strategy (ISIN LU0971938781) est géré par Martin Tschunko et est investi dans les primes d’options de différentes classes d’actifs.
Fonds
03/01/2014

US regulator to crack down on frontier funds sales

The Financial Industry Regulatory Authority is going to crack down on brokers who push frontier market funds and other higher-risk products on unsophisticated retail investors, the Financial Times reports. Finra, announcing its 2014 calendar, has declared that US investors have not been receiving appropriate information about the risks of emerging market funds, ETFs and transfers from their 401k retirement plans.
03/01/2014

Tax conflict: 30 banks in category 2

The resolution of a taxation conflict with the United States has moved into a new phase: about 300 banks active in Switzerland had a deadline of 31 December last year to decide whether or not to file as category 2. According to the Swiss media, 30 firms have chosen to register as category 2, out of 50 which had said they intended to as part of a programme offered to them by the US tax authorities. These include mose of the cantonal banks. The firms which have chosen category 2 are not yet monitored by the US tax authorities, but they claim after initial investigations to have good reasons to believe they have violated US law by contributing to tax evasion, without, however, having encouraged such a practice.
03/01/2014

Invesco shuts its Middle East and North Africa ETF

Invesco is in the process of closing its Middle East and North Africa ETF, as the size of the fund has fallen below its initial objective, Citywire reports. According to the website, the PowerShares Middle East North Africa Nasdaq OMX will be liquidated on 1 April, with final settlement scheduled for 11 April 2014. Invesco, whose range of ETFs is on sale under the PowerShares brand, has explained its decision as a result of the fact that “assets under management have fallen below a level at which the fund may no longer be considered viable.” Shares in the fund may be redeemed if its net asset value is below USD350m for a period of 30 consecutive days. Invesco confirms that this value was “significantly below” that level in the past month.
03/01/2014

Energy funds in demand from investors again

Energy sector funds look set to post full-year inflows for the first time since 2010 despite the mixed outlook for oil prices and the eroding state support for alternative energy subsidies. Fundamentals, while increasingly supportive, are not the driving force behind this year’s inflows. They real key has been an aggressive rotation – now in its third year -- from traditional funds to those investing in Master Limited Partnerships (MLPs), a vehicle so far confined to the US that allows investors to take tax deferred distributions and, in the case of MLP funds, gives them the option to trade their investment like a stock. Mid-December the energy MLP funds tracked by EPFR Global had attracted a net USD8.73 billion in new inflows, more than offsetting over USD3.5 billion in redemptions from conventional energy sector funds. The interest in Energy MLPs has had the effect over the past three years of concentrating energy sector portfolio capital flows in US ‘mid-stream’ assets such as gas and oil pipelines and storage facilities while Europe-domiciled Energy Sector Funds have seen over USD6 billion redeemed since the beginning of 2012. Assets in MLP vehicles, which currently number slightly over 120, have over USD500bn. There may be more than 200 by the end of the decade, with assets of approximately USD1trn.
03/01/2014

Harcourt adds to its product range

Harcourt Investment Consulting (Vontobel Asset Management) has launched the third strategy in its new product family, “Research-Driven Strategies” (see Newsmanagers of 30 October 2013). The Vontobel Fund Pure Premium Strategy (ISIN LU0971938781) is managed by Martin Tschunko, and is invested in bonuses on options in various asset classes.
03/01/2014

Investor confidence index up by 4.7 points in December

The global investor confidence index published by State Street Global Exchange has increased by 4.7 points in December, to finish the year at 95.9 compared with a level of 91.2 (in corrected data) in November. This improvement is the result of a slight increase in investor confidence in the United States, from 89.2 to 90.2, and a significant rise in confidence in Europe, from 101.0 (corrected figures) last month to 107.1 in December. For tis part, the investor confidence index in Asia is down slightly, to 98.5, from 99.3 in November, as economic growth in the region has been the subject of increased concern. “The ongoing progress of fundamental economic data in the United States, especially in the area of employment, finally appear to have won over investor sentiment concerning the ‘tapering’ policy to gradually reduce bond repurchases by the Fed,” says Harvard professor Ken Froot. “It is not rare for high-risk assets to be negatively affected by good economic data, at a wime when investors are concerned about the future of quantitative easing policies and the beginning of ‘tapering.’ The Us Federal Reserve has finally convinced investors to its own interpretation, by which the economy may recover without such radical support measures. With this in mind, investors are accepting an increase in interest rates as an inevitable but bearable consequence of more solid growth, instead of seeing in it evidence of increased constraints on market liquidity and a looming collapse of growth.”
03/01/2014

ETFs may soon overtake hedge funds

On the basis of market trends, 2014 may see ETFs overtake hedge funds in terms of assets, says Tim Edwards, director and head of Index Investment Strategy at the index provider S&P Dow Jones Indices. Hedge funds continue to promise alpha at particularly high commission levels, at a time when ETFs have increasingly been gaining ground due to their own characteristics: low cost, liquidity and transparency. Edwards admits that it is difficult to advance completely reliable figures for a sector which remains excessively opaque, but on the basis of estimates by BarclayHedge, he predicts that assets in ETFs will very soon excees hedge funds, if they have not already done so.
03/01/2014

CEO at Hauck & Aufhäuser resigns

Eberhard Heck, CEO at the German private bank Hauck & Aufhäuser (H&A) and head of independent financial adviser (IFA) clients, will be leaving his position for personal reasons. According to a press statement from H&S, he would like to concentrate on recovering his health. He will remain responsible for several mandates for the moment.
03/01/2014

AMF Capital launches a new fund category

The German asset management boutique AMF Capital on 2 January announced that it is launching a new category of funds under the label “Family & Brands<” which will concentrate on companies led by families and companies whose brands are highly visible in their respective sectors. The three new funds in this category, AMF Family & Brands Renten, AMF Family & Brands Aktien and AMF Renten Welt, will be available in Luxembourg, Austria and Germany. The first two funds will invest in assets worldwide, while the third will focus more particularly on corporate debt denominated in euros. The funds will be managed by Allan Valentiner, Ralf Müller-Rehbehn and Markus Mitrovski. Valentiner, who joined the firm in November, will be responsible for bond strategies with Mitrovski, while Müller-Rehbehn, formerly of Union Investment and Deka, will be responsible for equity strategies.
03/01/2014

Javelin Wealth Management takes over an asset management firm

The Singapore-based advisory firm Javelin Wealth Management has announced the acquisition of the local asset management firm Binjai Hill Asset Management (BHAM), for an undisclosed purchase price, the website International Adviser reports. Javelin Wealth Management, founded in 2004 by the British Stephen Davies, who continues to be CEO and largest shareholder in the firm, is extending its range of products and services to accentuate its difference from other private banks and financial advisers in Singapore. With this transaction, Javelin will see its assets under advice increase from about USD80m to about USD100m.
03/01/2014

BlackRock increases stake in Vivendi

According to Agefi, the US asset management firm BlackRock has passed the 5% threshold of capital in Vivendi, following purchases of shares on and off the market, the French financial market authority Autorité des marchés financiers announced on Tuesday. It holds slightly over 5%, putting it on an equivalent level to Vincent Bolloré. It had previously controlled 4.6% of the media group.
03/01/2014

DoubleLine flagship fund faces massive outflows in December

DoubleLine Total Return Bond Fund, the flagship fund from the asset management firm led by Jeffrey Gundlach, has seen outflows totalling USD2.08bn in December, the news agency Reuters reports. The flagship fund from DoubleLine Capital has posted outflows totalling about USD6bn since the beginning of the year, according to data from Morningstar consulted by the news agency.
03/01/2014

BlackRock to wade into Detroit bond battle

BlackRock is preparing to intervene in a battle over the financial future of Detroit, where the treatment of bondholders is posing problems, the Financial Times reports. The asset management firm has filed a delcaration with the courts in which it reserves the right to support those fighting for bondholders to be paid off before pensioners and other creditors. The bankruptcy of Detroit poses a problem for the classification of general bonds.
03/01/2014

CNP and Humanis merge their employee savings activities

The CNP Assurances and Humanis groups on 2 January announced that they had received the permission of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to merge their respective employee savings affiliates, Fogepar SA and Inter Expansion. The new entity, Inter Expansion-Fongepar, is 65% controlled by Humanis, one of the largest joint social
03/01/2014

CNP and Humanis merge their employee savings activities

CNP Assurances and Humanis have announced on 2 January that they have received approval from Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s financial services supervisor, and Autorité des Marchés Financiers (AMF), France’s securities regulator, to merge their employee savings plan management companies, Fongepar SA and Inter Expansion. The new entity, called Inter Expansion-Fongepar, is 65% owned by Humanis, one of France’s premier social protection partners, and 35% by CNP Assurances, France’s leading personal insurer. Inter Expansion-Fongepar manages 600,000 savers’ accounts. «The link-up between Inter Expansion and Fongepar strengthens our position in the employee savings market by combining our employee skills and pooling our technical and financial resources,» said Gilles de Margerie, Deputy Chief Executive Officer at Humanis, notably in charge of finance and the savings segment. «It illustrates our goal of optimizing management processes in order to provide the best service at the right cost to each of our clients.» «CNP Assurances and Humanis share the same vision and values in the field of employee savings management,» said Xavier Larnaudie-Eiffel, Deputy Chief Executive Officer at CNP Assurances. «The merger of Inter Expansion and Fongepar is an opportunity to offer an expanded range of products and services.»
03/01/2014

L'excédent commercial brésilien s'est effondré en 2013

L’excédent commercial du Brésil a fondu de 87% en 2013, à 2,56 milliards de dollars (1,9 milliard d’euros environ), reflétant la baisse des prix des matières premières, la hausse des importations d'énergie et une moindre compétitivité des produits industriels brésilien. Le chiffre publié jeudi par le ministère du Commerce est le plus faible enregistré depuis 2000 et il se compare à un excédent de 19,39 milliards en 2012.
03/01/2014

Le président portugais soutient le budget 2014

Le président portugais Anibal Cavaco Silva n’envisage pas de saisir la Cour constitutionnelle pour lui demander de se prononcer sur la légalité des mesures contenues dans le budget de 2014 comme il l’avait fait l’an passé. Un porte-parole de la présidence a précisé jeudi que le chef de l’Etat avait reçu l’assurance que les dispositions contenues dans la loi de finances n’enfreignaient pas les principes constitutionnels.
03/01/2014

BoA Merrill Lynch règne en maître sur les obligations municipales

Malgré une baisse des émissions de 15,1% sur un an, Bank of America Merrill Lynch est restée en 2013 l’institution financière la plus sollicitée pour animer le marché américain des obligations municipales, montrent des données collectées par Thomson Reuters. BoA a garanti l'émission de 45 milliards de dollars d’obligations, représentant 14% du marché.
03/01/2014

Le secteur manufacturier américain envoie des signaux positifs

La croissance du secteur manufacturier américain a légèrement ralenti en décembre mais les embauches ont atteint leur plus haut niveau en deux ans et demi et les nouvelles commandes ont progressé à un niveau sans précédent depuis début 2010, montre l’enquête de l’Institute for Supply Management (ISM) parue jeudi. L’indice ISM est ressorti à 57,0 en décembre, un chiffre légèrement inférieur à son pic de deux ans et demi atteint en novembre, à 57,3.
03/01/2014

Les exportateurs allemands critiquent l'accord de coalition

La BGA, la principale fédération d’entreprises exportatrices allemandes, a critiqué jeudi le gouvernement de coalition d’Angela Merkel, jugeant que les politiques prévues pour les prochaines années risquaient de freiner l’investissement et la croissance en augmentant le coût du travail. L’accord conclu le mois dernier prévoit entre autres l’instauration d’ici à 2017 d’un salaire minimum de 8,50 euros brut de l’heure.
03/01/2014

Net recul de l'activité manufacturière en France le mois dernier

L’activité dans le secteur manufacturier en France s’est contractée en décembre à son rythme le plus fort depuis sept mois, selon les résultats définitifs de l’enquête PMI publiés jeudi par Markit. L’indice global du secteur ressort à 47,0 contre 48,4 en novembre. Quatre des cinq composantes de l’indice sont en recul, dont les nouvelles commandes et l’emploi. Pour la zone euro, l’indice ressort à 52,7, après 51,6 en novembre.
03/01/2014

Le Sénat votera lundi sur la nomination de Janet Yellen

Le Sénat américain votera lundi (17h30, heure de Washington) sur la nomination de Janet Yellen à la présidence de la Réserve fédérale, a rapporté Reuters jeudi de source proche de la présidence démocrate de la Chambre haute.
03/01/2014

Les banques suisses collaborent avec les Etats-Unis

Avant l'échéance du 31 décembre, une trentaine de banques helvétiques ont annoncé leur volonté de participer au programme de régularisation des Etats-Unis, qui vise à traquer les avoirs non déclarés des contribuables américains. Au total, le statut d’une cinquantaine d'établissements suisses est connu, les autres n’ayant pas communiqué.

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