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31/05/2013
Gestion d'actifs

Allianz France vise 5 % de son allocation en placements privés non cotés

Martine Legendre-Kaloustian, Responsable des investissements long terme d’Allianz France, à la rédaction de www.institinvest.com : Aujourd’hui, le portefeuille d’Allianz France contient entre 2% et 3% de Private Equity et private debt, et à moyen terme aura 2% de dettes infrastructures . « Tous ces actifs devraient représenter à moyen terme environ 5% du portefeuille d’Allianz France (contre un peu plus de 3% actuellement), indique Martine Legendre-Kaloustian. Cette part est relativement importante car il s’agit d’actifs illiquides et l’investissement nécessite un important travail de préparation, de mise en ??uvre et de suivi. Nos concurrents n’ont pas forcément le même positionnement même si la tendance est au développement des classes d’actif adossées à de la dette. Dans le Private Equity, Martine Legendre-Kaloustian gère en direct un petit portefeuille de participations stratégiques dans une dizaine d’entreprises. Mais l’essentiel des investissements sont réalisés par le biais des asset managers « maison » qui choisissent des fonds (environ 200). Plus précisément, l’assureur fait appel à deux grandes équipes : Idinvest Partners (ex-AGF Private Equity) avec lequel il garde des liens forts et Allianz Capital Partners qui emploie une cinquantaine de collaborateurs. Enfin, Martine Legendre-Kaloustian investit également dans quelques fonds externes en private equity et en Private debt et dans des véhicules de place (par exemple le FCDE visant à aider les entreprises qui ont souffert de la crise mais ont un potentiel de rebond). Pour l’equity infrastructures et l’investissement dans les énergies renouvelables, Martine Legendre-Kaloustian s’appuie sur l’expertise d’Allianz Capital Partners.
Gestion d'actifs
30/05/2013

Légère réduction du déficit du compte courant canadien

Le déficit du compte courant du Canada s’est légèrement resserré au premier trimestre de 2013 pour totaliser 14,1 milliards de dollars canadiens (10,4 milliards d’euros), contre 14,6 milliards (chiffre révisé) au dernier trimestre de 2012. Selon Statistics Canada, le déficit sur le commerce des biens est tombé à 1,7 milliards de dollars sur la période contre 2,1 milliards le trimestre précédent.
30/05/2013

Plus de 40.000 chômeurs de plus en avril en France

Le nombre de chômeurs a augmenté de plus de 40.000 en France en avril, a rapporté le quotidien Les Echos sur son site internet, à quelques heures de la publication des chiffres officiels des demandeurs d’emploi pour le mois dernier. En mars, le nombre de chômeurs dans la catégorie la plus regardée en France métropolitaine avait battu son record, à 3.224.600.
30/05/2013

La Wallonie pourrait nationaliser un site d'Arcelor

La Région wallonne réfléchit à une nationalisation d’installations d’ArcelorMittal à Liège, un projet qui fait écho à celui, avorté, qui avait été imaginé en France pour les hauts-fourneaux de Florange. Fin janvier, le numéro un mondial de la sidérurgie a annoncé son intention de fermer une cokerie et six lignes de production sur son site belge de Liège, une décision qui affectera 1.300 salariés.
30/05/2013

Les ventes à la suite de saisies reculent aux Etats-Unis

Selon RealtyTrac, les ventes de biens immobiliers aux Etats-Unis liées à des saisies ont chuté de 22% au premier trimestre en base annuelle, la hausse des prix ayant atténué l’intérêt d’une vente pour les propriétaires qui doivent davantage que la valeur de leur bien. D’un trimestre à l’autre, la baisse des cessions s’élève à 18%.
30/05/2013

L’Esma autorise une nouvelle agence de notation

L’Autorité européenne de supervision des marchés financiers a formellement donné son feu vert à Economist Intelligence Unit (EIU), une nouvelle agence de notation de crédit basée au Royaume-Uni. Cet enregistrement prendra effet à compter du 3 juin. Il y actuellement 20 agences enregistrées dans l’Union européenne et deux autres certifiées.
30/05/2013

Progression inattendue des inscriptions au chômage aux Etats-Unis

Les inscriptions hebdomadaires au chômage aux Etats-Unis ont enregistré une hausse contre toute attente lors de la semaine au 25 mai, à 354.000 contre 344.000 (révisé) la semaine précédente, a fait savoir le département du Travail. Cette augmentation inattendue devrait diminuer les craintes de voir la Fed mettre un coup de frein plus tôt que prévu à son programme de rachat d’actifs.
30/05/2013

Madoff: HSBC and Genevalor reach settlement

P { margin-bottom: 0.08in; } HSBC and Genevalor, the promoter of the Thema International fund, which had invested in Madoff, have reached an agreement to end a case filed on 30 April this year in Dublin, which was expected to last 14 weeks, Agefi Switzerland reporst. Thema had accused HSBC of negligence in its role as a depository bank for assets placed with the New York-based manager. The Irish-registered fund was seeking USD1.5bn. The terms of the agreement have not been disclosed. Officially, neither party admits fault in the surveillance of the Thema fund. The UCITS vehicle had USd1.1bn in assets under management when Bernard Madoff was arrested, on 12 December 2008. The terms of the agreement are subject to the approval of shareholders in Thema, which will hold a general shareholders’ meeting in July. The new out-of-court agreement will likely bring many lessons for other depository banks which were custodians of funds placed with Madoff, the newspaper reports, particularly UBS, as depository for the Luxalpha fund (USD1.4bn in assets).
30/05/2013

Strong increase in assets at Metzler

P { margin-bottom: 0.08in; } As of the end of December, the asset management unit of the Frankfurt-based private bank Metzler totalled EUR53bn, compared with EUR42bn one year previously, while the volume on the fund trading platform Merzler Fund Zchange totalled EUR11.5bn as of the end of 2012, compared with EUR10.9bn as of the end of 2010.Net profits at the bank remain unchanged compared with previous years, at EUR22.3m, and the dividend distributed remains at EUR2.3m, while the remainder will be added to cash reserves.As of the end of December, owners’ equity totalled EUR135m, compared with EUR114m one year previously, and EUR94m as of 31 December 2010.
30/05/2013

ING IM recruits for retail distribution

P { margin-bottom: 0.08in; } Jean-Baptiste Smeets, who had been sales manager for funds on the Netherlands market at Delta Lloyd Asset Management, is joining ING Investment Management (ING IM) as senior business development manager, Fondsnieuws reports.Smeets, who will be responsible for managing relationships with ING Bank, one of the largest distribution channels, and fund selection, will now report to Ronald Sminia, head of investment funds for retail clients.Assets under management by ING IM in the Netherlands total EUR15bn.
30/05/2013

AUM at Pictet top CHF300bn

P { margin-bottom: 0.08in; } Assets under management at Pictet as of the end of March totalled a record CHF301bn, passing their pre-crisis peak, Agefi Switzerland reports.
30/05/2013

Natixis AM reshuffles sales team and adopts an international orientation

P { margin-bottom: 0.08in; } According to reports in Agefi, Natixis AM (NAM) will transfer most of its sales teams to Natixis Global Asset Management (NGAM), the holding company which supervises NAM, the real estate management firm AEW, and a collection of US boutiques. The objective is to significantly increase the proportion of NAM products, which remains very low. To that end, NGAM will create a new Luxembourg Sicav. The idea is also to better sell US expertise in France. 53 sales, customer service, marketing and communications professionals will in autumn begin to report to Hervé Guinamant, chairman of NGAM Distribution Internationale. At NAM, Philippe Zaouati, deputy CEO and head of socially responsible investment (Mirova), says the 130 remaining employees will primarily be dedicated to assisting the networks of BPCE, the parent company of Natixis.
30/05/2013

Blackstone withdraws its money from SAC Capital Advisors

P { margin-bottom: 0.08in; } Blackstone is planning to ask SAC Capital Advisors to redeem nearly USD400m, twice as much as had been planned at the beginning of the month, the Wall Street Journal reports, citing sources familiar with the matter. This sum represents most of Blackstone’s capital invested in SAC, sources say. This reflects growing concerns regarding the future of SAC, which is under investigation for insider trading. Although the sum of USD400m is low compared with the USD15bn under management by SAC, the decision by Blackstone is being closely watched by other clients, the WSJ comments. An institutional investor, Ironwood Capital Management, has also asked SAC Capital Advisors to redeem USD100m that it had invested in the firm.
30/05/2013

Kerry James promoted at Robeco IM

P { margin-bottom: 0.08in; } To replace Paul Healey, who will be retiring at the end of June, the US firm Robeco Investment Management has appointed Kerry James as head of institutional distribution, from 1 June. James, who since 2009 has been based in Rotterdam, where she is head of international distribution, will move to Boston. She will be responsible for institutional sales, relationships with consultants, client relationship management, and marketing. She had previously been responsible for sales of US products to institutional investors in Europe and Asia.Jan Feeney. co-CEO of Robeco IM, states that assets at the US affiliate of Robeco have increased from USD12bn at the end of 2008 to USD35bn as of the end of March 2013.
30/05/2013

KKR hires former CIA head

David Petraeus, the former U.S. Army general who resigned last year as CIA chief, is joining KKR, the giant private-equity firm, according to The Wall Street Journal. The former general will be chairman of a new internal «institute» focused on macroeconomic forecasts, communications, public policy and advice on investments in emerging markets.
30/05/2013

Assets and profits up at Reyl group

P { margin-bottom: 0.08in; } As of 31 December 2012, the Geneva-based Reyl group posted assets under management of CHF7.3bn, which corresponds to an increase of 61.8% year on year. Assets in private onshore management and corporate finance have leapt 72.4%, to CHF5bn, while those at Reyl Asset Management increased 43%, to CHF2.3bn.The group has also announced that its net profits for 2012 were up 69.8% compared with the previous year, to CHF8.8m.
30/05/2013

Appointments in AM at Bank Sarasin

P { margin-bottom: 0.08in; } The Swiss private bank Bank Sarasin on 29 May announced several internal appointments to its Asset Management, Products & Sales unit. Jan A. Poser becomes head of research into asset management and sustainability, with immediate effect. Philipp E. Bärtschi is promoted to chief investment officer, Private Clients, with the mission of investment strategy and management of assets for private clients. Daniel Graf becomes head of the unit dedicated to institutional clients, with immediate effect.
30/05/2013

SAC suffers USD100m divestment

P { margin-bottom: 0.08in; } An institutional investor, Ironwood Capital Management, has asked SAC Capital Investors, the hedge fund at the centre of an insider trading investigtion, to redeem USD100m that it had invested in the firm, the Wall Street Journal reports, citing sources familiar with the matter. Ironwood had been an investor since 2007. Its withdrawal is related to the fact that SAC has announced that it will no longer be providing investors with updates on the government investigation and is no longer cooperating unconditionally with the investigation.
30/05/2013

Barclays offers multi-managed bond fund

P { margin-bottom: 0.08in; } According to Expansión, Barclays has launched the Barclays MultiManager Bond Portfolio, a bond fund for which the management of each asset class segment is outsourced to the best manager in the category. Liquidity is daily and the minimal subscription is EUR1,000.
30/05/2013

EdRIP prend un ticket dans le groupe MCI

La société Edmond de Rothschild Investment Partners (EdRIP) a annoncé mercredi 29 mai prendre une participation minoritaire au capital du groupe MCI au travers du fonds Winch Capital 2. MCI est spécialisé dans l’organisation de congrès scientifiques pour le compte notamment d’associations et d’institutionnels, et dans l’organisation de conférences et d’événements pour le compte d’entreprises. Le groupe possède 47 bureaux répartis dans 23 pays et a réalisé un chiffre d’affaires de 337 millions de francs suisse en 2012. Il s’agit de la quatorzième opération pour Winch Capital 2.
30/05/2013

Mirae plans to develop in Europe

P { margin-bottom: 0.08in; } The South Korean asset management firm Mirae Asset Management is planning to develop its activities in Europe in the next few months, Asian Investor reports. The chief marketing officer at Mirae, Ashley Dale, will visit Euorpe next week to evaluate needs. Mirae, whose assets under management total about USD57bn, is also preparing two ETFs for the Hong Kong market during June, which is another area of development for the asset management firm. The first ETF will replicate the MSCI China index, while the second will replicate the Hang Seng High Dividend Yield.
30/05/2013

Arrow recruits exec from Direxion

P { margin-bottom: 0.08in; } According to Mutual Fund Wire, the ETF and hedge fund management firm Arrow Investment Advisers has appointed John Cadigan as director of its sales team, with the aim of expanding into the area of broker-dealers. He will report to Jake Griffith, chairman and head of sales.The new recruit had been managing director and national sales manager at Direxion Funds since September 2011, after serving for 10 years at Rydex, which has since been integrated into Gugenheim Investments.At Direxion, Cadigan has been replaced by Steve Rudman, who joins from Pimco.
30/05/2013

CPR AM plans to build thematic product range

P { margin-bottom: 0.08in; } CPR Asset Management is seeking to strengthen its thematic product range with a new vehicle which may be launched during the month of September, Cyrille Collet, director of equity management, announced on 29 May at a press conference. The new fund will be a strategy dedicated to consumer habits, which will serve as the basis for portfolio construction.Collet has also announced that assets under management at CPR AM recently topped EUR23bn, whereas they had totalled EUR20.6bn as of the end of December 2012.As a part of this body thematic funds, which as very popular with investors, represent assets of about EUR600m. The CPR Silver Age fund, dedicated to the theme of ageing populations, has posted strong growth in less than one year, from EUR35m in September 2012 to EUR95m as of the end of December, and over EUR150m currently.
30/05/2013

Convictions explores opportunities for external growth

P { margin-bottom: 0.08in; } Convictions Asset Management, adept in active management and measured risk, is currently seeking opportunities for external growth, and may be interested in first which practice a wealth management strategy, Philippe Delienne, chairman of the asset management firm, told Newsmanagers on Wednesday.Since the beginning of the year, subscriptions and redemptions are balanced, and assets at Convictions AM remain stable, at about EUR600m.Since November 2011, the flagship fund from the firm, Premium, has earned 8%, with volatility of under 5%. Allocation to equities presently totals 30% to 40%.
30/05/2013

UBP takes over international private banking arm of Lloyds Banking Group

Union Bancaire Privée on May 29 announced that it has agreed to acquire Lloyds Banking Group’s International Private Banking business. The price of the transaction is GBP100 million. This acquisition further boosts UBP’s standing both in Switzerland and in its core growth markets, such as the Middle East and Latin America. Once the requisite regulatory licences have been granted, Monaco and Gibraltar will become part of UBP’s global footprint. The transaction will increase UBP’s assets under management, which stood at CHF 83.2 billion as at 30 April 2013, by more than CHF 10 billion. UBP’s CEO, Guy de Picciotto, stated: “This acquisition further strengthens our position at the forefront of the industry and confirms our commitment to our Bank’s two core businesses – international private banking and asset management. We look forward to welcoming Lloyds’ teams and their expertise that we will put to use on an even larger scale. With our competitive range of private banking services and investment solutions, we are bringing our proficiency as a major Swiss and international-wealth-management player to Lloyds’ private clients.”
30/05/2013

Intesa Sanpaolo regroups asset management activities in Eastern Europe

P { margin-bottom: 0.08in; } The Italian Intesa Sanapolo group will unite all of its asset management activities in Eastern Europe in a single unit. The new structure, entitled Hub, will be controlled by Eurizon Capital SGR, the asset management affiliate of the Italian banking group, with 50.1%, while the Slovak bank VUB Bank will take 40.6%, and the Croatian PBZ Bank will have 9.3%. It represents assets under management of about EUR2bn, which will be within the perimeter of Eurizon Capital SGR. The objective with the project is to “strengthen the asset management activities of the group in Slovakia, Hungary and Croatia, and developing managed savings in the countries of Eastern Europe,” a statement says. The partner bank will have facilitated access to Eurizon products.
30/05/2013

Diapason preparing forestry institutional fund

P { margin-bottom: 0.08in; } The Swiss firm Diapason Commodities Management (USD7bn in assets as of the end of December) will soon launch the ForestCare Investment Fund, aimed primarily at pension funds and other institutionals, from a minimal subscription of EUR125,000 for A shares, and EUR1m for I shares, Investment Europe reports.The portfolio will be invested in accordance with environmental, social and governance (ESG) criteria, with a multi-asset class approach to equities, bonds, forest plots located exclusively in Europe and derivatives related to forests (biodiversity credits, anti-deforestation credits, REDD and carbon credits).

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