P { margin-bottom: 0.08in; } In first quarter 2013, the Market Regime Indicator (MRI) published by State Street Global Advisors was raised from a level of “low aversion to risk” to a “normal level.” This macroeconomic indicator developed by the Investment Solutions team at SSgA is used to identify the level of aversion to risk on several markets, and its levels help to determine investors’ appetite for risk. The MRI level is calculated on the basis of the implicit volatility of equities, the volatility of currencies and spreads on fixed income. “First quarter 2013 brought a succession of major political events. The devaluation of the Japanese yen, the Cypriot crisis, and the lack of political stability in Italy had a direct impact on the markets,” SSgA commented.

P { margin-bottom: 0.08in; } According to Investment Week, Managing Partners Limited (MPL) has suspended redemptions from its Traded Policies fund “in the interests of current and future shareholders,” in the form of a temporary “gate.”The fund, which invests in a portfolio of traded life insurance policies (TLP), has generated annualised returns of 8.94% on average since its launch in July 2004.In November, the FSA announced that it would be prohibiting sales of TLPs to retail investors, as they are considered “high risk and toxic.”

P { margin-bottom: 0.08in; } The US asset management firm Direxion (USD6.5bn) on 1 May listed two inverse triple leveraged ETFs for trading, the Direxion Daily Brazil Bear 3x Shares (ticker: BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).The first of these funds seeks to replicate 300% of the inverse of the performance of the MSCI Brazil 25/50 index, on a daily basis and before fees, while the second has the same objective with the MSCI Korea 25/50 as its benchmark, according to a press release.Both funds charge fees of 1%.

P { margin-bottom: 0.08in; } Exposure of US money market funds to euro zone banks in the month of March fell due to concerns on the part of investors about recent events in Italy and Cyprus, according to a statement released by Fitch Ratings on 30 April.As of the end of March 2013, allocations by US money market funds to euro zone banks represented 13.2% of assets under management in the Fitch sample, compared with 16% as of the end of February. Despite this decline, allocations to euro zone banks were up by more than 70% compared with the end of June 2012.

P { margin-bottom: 0.08in; } Since the Bank of Spain has recommended that financial institutions limit returns on savings accounts, flows have been redirected to investment funds, to the tune of about EUR8bn in first quarter. And, Expansión reports, BlackRock alone attracted EUR1.192bn, equivalent to 12% of net subscriptions to funds in Spain.This endangers the traditional supremacy of JPMorgan among foreign asset management firms, as BlackRock comes in with EUR6.289bn in assets (of which 55% are in traditional funds and 45% in ETFs) as of the end of March, while JPMorgan AM had EUR6.399bn. BlackRock alone accounted for 38% of the rise in assets under management by foreign firms.The other actors are far behind: assets at La Caixa were up by EUR879m, while Bankinter was up by EUR764m, Allianz Popular by EUR676m, and Santander by EUR556m.

P { margin-bottom: 0.08in; } According to statistics from the Spanish Inverco association of asset management firms, assets in foreign funds in Spain reached a total of EUR58bn as of 31 March, which would correspond to an increase of 9.4% in first quarter, Funds People reports.This estimate extrapolates from the EUR42.363bn in assets declared by the 23 foreign asset management firms which disclose their flows to Inverco. They reported net subscriptions of EUR3.111bn, which would suggest an estimate of net inflows for all foreign asset management firms of about EUR4bn in January-March.The top three players in terms of net subscriptions in this period are BlackRock, with EUR1.161bn, Franklin Templeton, with EUR491m, and Swiss & Global AM, with EUR369m.The strongest increases in assets in first quarter were at Threadneedle, with 42.2%, to EUR593bn, Allianz Global Investors, with 34.9%, to EUR760m, and Swiss & Global AM, with 25.6%, to EUR1.292bn.

La BCE a abaissé jeudi de 0,25 point son taux refi, à 0,50%. Le taux de la facilité marginale de prêt a lui aussi été réduit, de 1,5% à 1%. En revanche, le taux de la facilité de dépôt reste inchangé, à 0%. Après la publication de mauvais indicateurs d’activité en zone euro pour le premier trimestre et d’une inflation largement inférieure (1,2%), à l’objectif cible de la BCE (2%), les marchés monétaires anticipaient une baisse des taux de 25 points de base. La plupart des économistes avaient aussi avancé à mai leur prévision d’assouplissement monétaire. Les observateurs estiment cependant qu’une baisse est loin de suffire à restaurer les canaux du crédit en zone euro, qui restent grippés, notamment dans les pays d’Europe du Sud. Les commentaires de Mario Draghi, à partir de 14h30, sur d'éventuelles mesures non conventionnelles destinées à régler ce problème, seront donc très attendus.

Le PIB espagnol a reculé de 0,5% après une baisse de 0,8% au quatrième trimestre. Le commerce extérieur reste le principal soutien de l'activité

...

Le taux d’inflation annuel dans la zone euro est tombé à 1,2% en avril contre 1,7% en mars dernier. Le marché attend une baisse des taux à 0,50% aujourd’hui.

L'inflation est tombée à 1,2% sur un an en avril. La BCE pourrait abaisser son taux de refinancement de 25 pb à 0,50% dès aujourd'hui

Souhaitant profiter de rendements attractifs, le pays aurait mandaté BNP Paribas, Citigroup, JPMorgan et GIB Capital pour lancer une émission obligataire souveraine d’au moins 500 millions de dollars, selon le journal qui cite des sources bancaires. Une opération qui financera les dépenses de l’Etat du Bahreïn qui est l’un des seuls pays du Golfe qui affichera un déficit public cette année.

Si l’endettement et le déficit public ont «augmenté sensiblement» en Slovénie, ils restent «toujours à des niveaux modérés comparés aux pays qui bénéficient de la même notation», indique le journal qui cite des propos de Kyran Curry, un analyste chez Standard & Poor’s. Le pays bénéficie d’un A- chez S&P, alors que Moody’s a relégué la Slovénie en catégorie spéculative.

Les députés de l'île en difficulté ont voté en faveur du plan de renflouement négocié avec ses bailleurs de fonds, évitant une nouvelle crise

Pour l'heure, elle maintient ses achats d'actifs au rythme de 85 milliards de dollars par mois. Le rapport mensuel sur l'emploi sera publié demain

La Banque nationale suisse a dégagé un résultat consolidé de 11,2 milliards de francs au premier trimestre, dont 5,2 milliards de gains de change

L’Irlande a abaissé ses prévisions de croissance pour les trois prochaines années, invoquant la récession sévère que traversent d’autres pays européens. L'économie irlandaise progressera de 1,3% au lieu de la hausse prévue de 1,5% annoncée en décembre. En 2014, la croissance devrait atteindre 2,4% et 2,8% l’année suivante.

Le Portugal prévoit un effort supplémentaire de réduction des dépenses publiques de 2,8 milliards d’euros en 2014 et le pays veut continuer de faire des économies jusqu’en 2016, soit au-delà du programme d’aide international dont Lisbonne espère sortir l’année prochaine. Pour 2015, la baisse des dépenses serait de l’ordre de 700 millions d’euros et de 1,2 milliard de plus en 2016.

L’agence de notation a abaissé la note souveraine de la Slovénie de Baa2 à Baa3, contre A- pour Fitch et S&P. La perspective reste négative. Moody’s évoque trois facteurs à l’appui de sa décision : le secteur bancaire du pays, la dégradation du bilan des comptes publics et les perspectives incertaines en matière de financement. La Slovénie a indiqué hier qu’elle maintenait son projet d’émission en dollars.

L’indice PMI officiel des directeurs d’achats de l’industrie manufacturière a baissé en avril à 50,6 après un plus haut de 11 mois de 50,9 en mars, en ligne avec les prévisions du consensus mais traduisant un ralentissement de la croissance du secteur au début du deuxième trimestre. L’indice officiel suit la même tendance que celui calculé par HSBC qui a ralenti à 50,6 en avril, contre 51,6 en mars.

L’Etat grec a bouclé la cession de 33% du capital qu’il détenait dans Opap, le monopole des jeux, au fonds Emma Delta pour un montant de 712 millions d’euros. Emma Delta, contrôlé par l’investisseur tchèque Jiri Smejc et l’investisseur grec George Melisanidis, aurait relevé son offre initiale de 622 millions après l'éviction de Third Point. Le prix correspond à un ratio de 18,6 fois les résultats 2013 anticipés d’Opap.

L’Autorité des marchés financiers a donné son aval aux «dispositions» du règlement de déontologie de l’AFG, qui s’appliquent aux sociétés de gestion d’OPCVM d’épargne salariale, et a décidé de l’étendre à toutes les sociétés de gestion de portefeuille. Ces «dispositions» complètent celles du règlement de déontologie des OPCVM et de la gestion individualisée sous mandat approuvées en 20091 par le collège de l’AMF.

Crédit Agricole Assurances acquiert une participation de 20 % du capital de Frey, foncière cotée spécialisée dans le développement de retail parks de nouvelle génération. Cette prise de participation s’inscrit dans le cadre de sa politique d’investissements et notamment dans le cadre de la diversification de ses investissements immobiliers souligne le communiqué. A l’occasion de cette prise de participation, Predica (groupe Crédit Agricole Assurances) a été coopté en qualité de membre du conseil de surveillance.

P { margin-bottom: 0.08in; } The British firm Lloyds Banking Group (LBG) on 29 April announced the sale of its retail banking activities in Spain to Banco Sabadell for equities and cash. LBG will receive 1.8% of Sabadell as part of the operation. The stake in equities is values at EUR84m, in addition to which up to EUR20m will be paid in cash. Lloyds explains that the sale, which is expected to be finalised in the next few months, comes as part of its strategy to rationalise its international presence. The two groups will also collaborate to explore business opportunities in various areas, including asset management.

P { margin-bottom: 0.08in; } Asset management firms in the United Kingdom are confronting opposition from shareholders concerning the high pay scales for executives, and particularly bonuses, Financial Times Fund Management report. On 2 May, Schroders is expected to meet with protests from shareholders about the excessive pay scales for management, including Michael Dobson, its CEO, whose annual cash bonus last year was GBP2.2m, compared with a base salary of GBP400,000. Pirc, the governance advisory firm, recommends that shareholders in Henderson vote against high pay scales at the firm’s general shareholders’ meeting on 1 May. Last month, Jupiter Asset Management had to confront discontented shareholders over uncapped bonuses for management, including for the CEO Edward Bonham Carter.

P { margin-bottom: 0.08in; } The London-based asset management firm Odey Asset Management has increased its stake in Man Group to 6.07%, the news agency Reuters reports. Odey had previously increased its stake in the capital of the alternative asset management firm to 5.15%, in October 2012. Since then, shares in Man have risen by about 30%.

P { margin-bottom: 0.08in; } As of 31 March 2013, total assets at Aberdeen Asset Management came to GBP212.3bn, compared with GBP193.4bn as of the end of December, and GBP187.2bn one year previously. Net subscriptions in the six months to the end of March totalled GBP4.39bn, of which GBP1.1bn were in October-December, and nearly GBP3.3bn in first quarter of this year, compared with GBP3.33bn in the quarter to the end of March 2012. Since the beginning of the fiscal year ending on 30 September 2013, market appreciation has generated additional assets of GBP11.9bn, while currency effects contributed GBP8.8bn to the increase in assets under management.Martin Gilbert, CEO, has reported that in the first quarter of the fiscal year, distributable profits totalled GBP145.7m, compard with GBP93.6m in the period from October 2011 to March 2012. The board of directors has decided to distribute an interim dividend of 6 pence per share on 13 June, to shareholders registered as of 10 May. That represents an increase of 36% compared with the interim dividend distributed in 2012.Brakes may be put on Asia-Pacific equity fundsNet subscriptions went mostly to the major equity products, global emerging markets, Asia-Pacific and global equities (see Newsmanagers of 26 March), but also to emerging market debt, with net inflows of GBP1.4bn in six months (compared with GBP0.3bn last year), bringing assets in the emerging market debt strategy to GBP7.5bn, up 60% year on year.Martin Gilbert has announced that, in light of these continual subscriptions, Aberdeen is preparing to close some of its Asia-Pacific equity funds, which have attracted a total of GBP4.46bn in six months, while global emerging market equity funds have attracted over GBP3.26bn. In March, the asset management firm introduced a front-end fee of 2% for global emerging market equity funds domiciled in Europe and the United Kingdom (see Newsmanagers of 11 February 2013), and closed its global emerging market equity funds in the United States to investors.

P { margin-bottom: 0.08in; } The German BVI association of asset management firms has announced that as of the end of December, depositary banks in Germany held in custody EUR1.2983trn, for 6,003 funds, including 2,115 open-ended funds (EUR333.95bn), and 3,888 institutional funds (EUR964.34bn).The BVI states that it has extended its data for depositary banks, in co-operation with the Praxisforum Depotbanken. This statistic also includes proceeds both from securities funds (2,061 open-ended funds and 3,602 institutional funds) and real estate funds (54 open funds and 286 institutional funds). It now also includes German funds from providers who do not belong to the BVI, funds launched in Germany for foreign providers, and assets in funds in the process of liquidation.The largest player is by farBNP Paribas Securities Services (Frankfurt branch), with EUR1,875bn, before State Street Bank (EUR176,9bn) and The Bank of New York Mellon SA/NV (Asset Servicing, Frankfurt branch) with EUR132,2bn. For institutional funds (Spezialfonds), BNP Paribas Securities Services is the leader, with EUR183.7bn, followed by the Bank of New York Mellon (EUR121.7bn), and JP Morgan with EUR108.7bn. State Street Bank, for its part, is the top player by far in the area of custody for open-ended funds, with a total of EUR79.9bn, followed by German firms, DekaBank Deutsche Girozentrale (EUR35.4bn) and DZ Bank (EUR26.6bn).

P { margin-bottom: 0.08in; } Beate Bredesen has left her position as manager of the Skagen Vekst fund, which had assets of EUR975m, Citywire reports. She had been appointed as manager for the strategy in March 2010. Responsibility for the fund will now devolve to the co-managers of the fund, Geir Tjetland and Ole Søeberg. Bredesen will become general manager of the Scandinavian fund.

P { margin-bottom: 0.08in; } According to statistics from the Luxembourg financial sector watchdog (CSSF), assets in collective investment organisms and specialised investment funds in Luxembourg as of the end of March totalled EUR2.52892trn, or 2.47% more than at the end of February (EUR2.46807trn).EUR38.63bn of this increase of EUR60.85bn in one month is due to market appreciation, while EUR22.21bn is due to net subscriptions.