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27/03/2013

Le M5S refuserait la confiance à Pier Luigi Bersani

Le Mouvement Cinq Etoiles du contestataire Beppe Grillo, devenu la première formation politique en Italie après les élections de février, a signalé mercredi qu’il ne voterait pas la confiance à un gouvernement de coalition dirigé par le chef de file du centre gauche, Pier Luigi Bersani. Le M5S exclut également un soutien sélectif au Parlement à des mesures que prendrait un gouvernement Bersani. Ce dernier doit rendre compte vendredi au président Napolitano de ses consultations.
27/03/2013

La pénurie d'offre freine les promesses de vente aux Etats-Unis

Les promesses de ventes immobilières aux Etats-Unis ont été en baisse plus forte que prévu en février, affectées par une pénurie d’offre, sans pour autant marquer un arrêt de la reprise du marché, selon les chiffres de l’Association nationale des agents immobiliers (NAR). L’indice des promesses de ventes calculé par l’association a baissé de 0,4% en février par rapport au mois de janvier, à 104,80, après une hausse de 4,5% en janvier.
27/03/2013

Les transferts seront limités à 3.000 euros à Chypre

Les autorités chypriotes vont interdire pendant une semaine les encaissements de chèques et limiter à 3.000 euros le montant des transferts de fonds à l'étranger pour les particuliers afin d'éviter une fuite des capitaux à la réouverture des banques, indique le quotidien grec Kathimerini, qui cite un décret gouvernemental encore à l’état de proposition. Les entreprises seront quant à elles autorisées à payer leurs fournisseurs étrangers à condition de produire des justificatifs.
27/03/2013

L'Espagne va émettre un nouvel emprunt échéance 2016

Le Trésor espagnol compte émettre le 4 avril un nouvel emprunt échéance 30 juillet 2016, assorti d’un coupon de 3,3%. Il placera le même jour des obligations échéance 30 juillet 2018, assorties d’un coupon de 4,1%, et des obligations échéance 30 avril 2021, avec un coupon de 5,5%.
27/03/2013

L'Italie revoit à la hausse sa prévision de déficit de 2014

Rome a révisé en légère hausse sa prévision de déficit budgétaire de 2014, qui représenterait dorénavant 1,8% du PIB au lieu de 1,7% tel qu’annoncé la semaine passée, indique un document gouvernemental révisé. Avant d’annoncer ses nouveaux objectifs économiques jeudi dernier, le gouvernement anticipait un déficit budgétaire de 1,5% du PIB en 2014. Le déficit prévu pour 2013 est confirmé à 2,9% du PIB.
27/03/2013

Le coût du financement augmente légèrement pour Rome

Le Trésor italien a emprunté un montant total de 6,9 milliards d’euros, proche du haut de la fourchette visée. 3 milliards d’euros de titres à dix ans ont été placés à un rendement de 4,66%, le plus bas depuis janvier mais supérieur à la moyenne de 4,49% des douze derniers mois. Pour sa nouvelle obligation à cinq ans, Rome a consenti son plus haut rendement depuis octobre pour sa nouvelle obligation à cinq ans (3,91 milliards d’euros), à 3,65%, contre 3,59% lors de la dernière opération de maturité comparable le 27 février. En cause : la crise chypriote et l’absence de progrès dans la formation d’un gouvernement à Rome.
27/03/2013

La confiance économique repart à la baisse en zone euro

La confiance dans les perspectives économiques de la zone euro s’est dégradée en mars après quatre mois d’amélioration, a annoncé la Commission européenne. L’indice du sentiment économique a reculé à 90,0 contre 91,1 en février. Les économistes interrogés par Reuters prévoyaient un repli moins marqué, à 90,4.
27/03/2013

La Belgique pourrait sortir du capital de BNP Paribas

L’Etat belge envisage de vendre sa participations dans BNP Paribas pour réduire son déficit budgétaire, rapportent mercredi les quotidiens De Tijd et L’Echo. Il détient 10% de la banque française, valorisés environ cinq milliards d’euros. Il pourrait également vendre sa part résiduelle au capital de Belgacom. Le gouvernement réfléchit à un nouveau plan d'économies après la décision des autorités européennes de réintégrer dans le calcul du déficit public le coût de la contribution de l’Etat au renflouement de la banque Dexia.
27/03/2013

Le taux de marge des entreprises françaises au plus bas depuis 1985

Le taux de marge des entreprises est tombé à 27,7% au quatrième trimestre 2012, en baisse de 0,5 point, et revient au même niveau qu’au premier, a indiqué l’Insee. Sur l’ensemble de 2012, il s’inscrit en moyenne à 27,9%, soit un plus bas depuis 1985, contre 28,5% en 2011. Annoncées initialement en hausse de 0,2%, les dépenses de consommation des ménages ont quant à elles diminué de 0,1% sur le dernier trimestre. Selon l’Insee, le pouvoir d’achat des ménages a baissé de 0,8%. Celui-ci a reculé de 0,4% sur l’ensemble de 2012, accusant ainsi sa première baisse annuelle depuis 1984.
27/03/2013

Axa IM releases SmartBeta Credit Bonds fund in Germany

The BaFin has given its green light to the sale of the Global SmartBeta Credit Bonds subfund from Axa IM’s Luxembourg sicav Axa WF in Germany. The fund is designed for institutional investors and managed by Damien Maisoniac in Paris (see Newsmanagers of Feb. 13th).The product belongs to the «buy & maintain» strategy which has some EUR200bn under management, out of the EUR300bn which Axa IM manages in the fixed income space.
27/03/2013

sentix launches behavioural finance fund

P { margin-bottom: 0.08in; } With the assistance of the Frankfurt-based firm Universal-Investment, sentix Asset Management, an affiliate of the behavioural finance consluting firm sentix, is launching the German equity allocation fund sentix Fonds Aktien Deutschland. The product allies traditional investments in German high-quality equities (Dax shares) with management of total exposure according to investor sentiment. Market exposure is managed actively via derivatives, and may range from 80% to 120%.In periods, such as the present, when investors are excessively calm and confident, allocation to equities may be reduced to 80%. If, however, investors appear preoccupied or fearful, sentix specialists will locate a point of entry and may increase exposure to equities up to 120%.The objective is to outperform the Dax by three percentage points per year, with volatility comparable to the benchmark index.CharacteristicsName: sentix Fonds Aktien DeutschlandISIN code: DE000A1J9BC9Front-end fee: currently 2% maximumManagement commission: currently up to 0.955%Performance commission: up to 10% of performance exceeding the Dax 30 TR (EUR); up to 2% of average assets in the fund during the period under review.
27/03/2013

Fitch updates ratings criteria for money market funds

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings on 26 March announced that, as it does every year, it has updated its ratings criteria for money market funds. The changes, which the agency calls limited, include a racalibration of exposures allowed by the sponsor of a money market funds, which includes the concentration and maturity profile of both secured and unsecured exposures. The changes will not lead to any alterations to ratings within the portfolios of money market funds rated by Fitch.
27/03/2013

Assets up and losses down at quirin bank

P { margin-bottom: 0.08in; } The Berlin-based quirin bank as of the end of December had assets of EUR2.4bn, compared with EUR2.3bn one year earlier, due to net subscriptions of EUR143m. Meanwhle, the firm, which operates solely on the basis of fees, in 2012 saw a loss of EUR0.9m, comapred with EUR4.9m the previous year.The number of clients has increased to 8,697, from 8,419.Currently, assets under management total EUR2.5bn, for about 9,000 clients.
27/03/2013

Allianz GI appoints new head of "global solutions" group

Thomas Wiesemann will be replaced by Arun Ratra on April, 15th as head of global solutions at Allianz Global Investors. He will report to CEO Elizabeth Corley and become a member of the global executive committee.The global solutions group employs 80 specialists and advises some EUR55bn in assets (see Newsmanagers of December 26th, 2012). The group covers four areas of expertise: Investment & Risk Advisory, Pension Solutions, Manager Research & Selection as well as hybrid Life/Asset Solutions.Arun Ratra was most recently head of global market group at Gulf Investment Corporation in Kuweit, after having served as CIO multi asset class solution at Credit Suisse Asset Management in Zurich.Thomas Wiesemann, Newsmanagers understands, will take over as head of «special distribution» at life insurer Allianz Leben.
27/03/2013

BNY Mellon recruits for derivatives clearing

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced an addition to its global team in the area of derivatives clearing. It has recruited Gregory Chemin, who worked at HPC in France and Newedge in Germany, as head of this operation in Frankfurt.Mark B. Gonzalez (New York) is also appointed at COO for derivatives clearing in the United States, while Paul Dex in London and John Guthrie and Thomas Twomey, in New York, will be responsible regionally for identifying and developing activities in the area of listed and OTC derivatives.The men will report to Sanjay Kannambadi, global head derivatives clearing services.
27/03/2013

Neuberger Berman introduces New York Municipal Income Fund

With the Neuberger Berman New York Municipal Income Fund (ticker: NMIIX), Neuberger Berman Group LLC, has introduced a fund that seeks high current income exempt from federal income tax and New York State and New York City personal income taxes.Total return is a secondary goal : the fund seeks to add value through security selection with a focus on capital preservation and high tax-effective income. The fund invests predominantly in intermediate maturity securities, and will normally maintain an average duration of between three and seven years.The fund is managed by James Iselin et Blake Miller, helped by 14 analysts and traders. In total, the team manages over USD11bn in tax-exempt strategies for institutions and individuals.
27/03/2013

Korean pension fund plans to open an office in Hong Kong

P { margin-bottom: 0.08in; } The Korean pension fund, whose assets under management total about USD340bn, is still planning to open an office in Hong Kong, Asian Investor reports. However, without the project being called into question, the opening of a Hong Kong office in 2013 has been postponed, as the pension fund esitmates that it needs to stabilise its New York and London offices first. As a part of its mid-term allocation programme, the Korean pension fund has also seen an increase in its equity allocation from 9.1% in 2003 to 25.4% in 2012, while in the same period the bond portfolio was reduced from 90% to 66%, and the allocation to alternative management rose from 0.2% in 2003 to 7.8% last year.
27/03/2013

UBP may buy Lloyds TSB Switzerland

P { margin-bottom: 0.08in; } Union Bancaire Privée (UBP), the Geneva-based private bank led by Guy de Picciotto, is reported to be in the running to acquire Lloyds TSB Switzerland, according to knowledgeable sources relayed by Bilan. The Swiss arm of the British group has about CHF12bn in assets under management in Geneva.
27/03/2013

DC Bank announces assets up 10%

P { margin-bottom: 0.08in; }DC Bank, a Swiss regional bank, has announced profits of EUR5.18m for 2012, down 7.2% compared with 2011. Acording to Finews, although clients of the bank are less prudent, assets in investment products, largely composed of fixed income products, have posted gains of 10% in one year. In 2013, the Berlin-based bank is predicting lower profits, aware that it is acting in a difficult environment.
27/03/2013

Gecina acquires the Mirabeau tower from DEGI International fund

P { margin-bottom: 0.08in; } The publicly-traded real estate investment fund Gecina announced at the beginning of this week that it has acquired the Mirabeau tower in Paris from Aberdeen, on behalf of the German fund DEGI International (which will be liquidated by 14 October 2014). The sale price is approximately EUR186m, excluding fees, a statement says. The immediate net return on the investment is slightly over 7%, and will increase to over 8% on the basis of a 100% occupancy rate, as the building had bee 88% occupied, largely by public bodies. The tower is located on the banks of the Seine river, in the 15th district of Paris.The net asset value of DEGI International has been revised downward by EUR01.5 on 25 March, to EUR34.85, a reduction of about 0.4%, due to a downward update to the market values of two properties in its portfolio located in Romania.
27/03/2013

ABN Amro seeds an impact investing fund

P { margin-bottom: 0.08in; } The Netherlands-based firm ABN Amro has appointed Eric Buckens, who joins from the wealth management unit, to manage its first impact investing fund, which will initially have EUR10m in assets, and which aims to acquire 20% to 50% stakes in businesses based in the Netherlands, which combine a social return with a financial return, Fondneiuws reports.The ABN Amro Social Impact Fonds will not be open to clients at present, but may be released if it is successful. The portfolio will eventually include up to 15 stakes, and will belong to the sustainable development division of ABN Amro.
27/03/2013

Gottex in the red for 2012

Guernsey-based Gottex, which is listed on the Swiss stock exchange, experienced a loss for 2012. The operating loss amounted to USD4.1m vs a profit of USD0.7m for 2011. The company declares a net loss after minority interests of USD7.7m vs USD2.5m the year before, a press release says. The 2013 fiscal year has been starting promisingly.Like for the preceding two years, Gottex will not pays a dividend for 2012.AUM at end-2012 were down to USD7bn vs USD7.3bn twelve months earlier.
27/03/2013

M&G tops EUR4bn in assets in France

P { margin-bottom: 0.08in; } As of the end of February, M&G passed the threshold of EUR4n in assets in France, the director of the firm for France, Brice Anger, announced in a conference on Tuesday. The British asset management firm, which has been in operation in Paris for slightly over 5 years, thus enters a new phase in its development in France. As of the end of 2012, the firm had EUR3.6bn in assets, after inflows of EUR1.7bn for the year as a whole. As of the end of 2011, assets totalled EUR1.5bn. Anger has also announced that the product range in France will be enlarged as two British equity funds, the M&G UK Growth Fund and M&G Recovery Fund, become eligible for PEA.Lastly, a new website will be launched at the end of April, Benjamin de Frouville, head of distribution for M&G in France, has announced.
27/03/2013

Banque Delubac hires for its private management bank

P { margin-bottom: 0.08in; } Banque Delubac et Cie on 26 March announced the arrival of Côme Jeanroy at Banque de Gestion Privée Delubac, the wealth management unit of the bank, and that it is offering a range of wealth management and investment solutions appropriate to family entrepreneurs. Jeanroy will report to Benjamin Le Moing, and will be responsible for developing entrepreneur clients, with the support of the investment bank, the asset management firm, and wealth and tax management experts at the bank. Jeanroy, 32, who holds a wealth management master’s degree from ESLSCA, joined Delubac & Cie in 2013. He began his career as a private banker at UBS, and then joined the wealth management teams at the Banque Privée 1818 and the Banque Cantonale de Genève.
27/03/2013

Régis Bégué promoted to managing partner at Lazard Frères Gestion

P { margin-bottom: 0.08in; } Régis Bégué, head of research and equity management, has been appointed to the position of managing partner at Lazard Frères Gestion, according to a statement released on 26 March. The joins the college of managing partners at Lazard Frères Gestion, which is chaired by François-Marc Durand and which includes Jean-Jacques de Gournay, head of relations with institutional investors and distribution, Matthieu Grouès, head of collective and institutional management, Sophie de Nadillac, head of development for private management, François de Saint-Pierre, head of private management, and Gilles Trancart, head of operations. Bégué, who joined Lazard in 2005, had previously been an equity manager for the European region.
27/03/2013

Rathbones offers an absolute return fund

P { margin-bottom: 0.08in; } Rathbone Unit Trust Management is offering an absolute return fund, the Rathbone Heritage fund, a global value strategy based on stock-picking, Fundweb reports. The fund will be managed by Carl Slick, with Alan Dobble, quantitative analyst Elizabeth David, and analyst Kate Pettum. The fund, whose minimal subscription has been set at GBP1m, is primarily aimed at family offices, the high net worth client segment, and pension funds.
27/03/2013

Profits at Resolution down

P { margin-bottom: 0.08in; } Fundweb reports that Resolution reported pre-tax operating profits in 2012 of GBP274m, compared with EUR681m the previous year, a decline which is due to EUR404m in exceptional elements in 2011.Assets in the heritage division as of the end of 2012 fell to GBP68.7bn, compared with GBP70.8bn one year previously, while assets at the UK division increased to GBP19.7bn, from GBP16.9bn.
27/03/2013

TCI stops charitable activities

P { margin-bottom: 0.08in; } The hedge fund which refers to itself as The Children’s Investment fund, or TCI, is putting an end to the charitable activities which distinguished it in previous years in the world of alternative management, FINalternatives reports. TCI has decided no longer to pay a part of its commissions, of about one third, to the TCI Foundation, an organisation into which it has been paying money since its debut in 2004. It is also discontinuing its donations of 0.5% of its assets under management when the fund earns returns of over 11%. According to one source, TCI has decided to discontinue the practice “largely because the foundation has achieved sufficient size.” The TCI Foundation was thought to have about GBP2bn in assets under management as of August 2011. It has paid slightly under 2% of this amount to charitable causes.
27/03/2013

Schroders denies ties between departure of Buxton and acquisition of Cazenove

P { margin-bottom: 0.08in; } Schroders denies that the departure of one of its most experienced managers, Richard Buxton, is related to the acquisition of Cazenove Capital, the firm announced on Monday. Philip Mallinckrodt, head of Schroders Private Banking at the group, has told FTfm that “Richard was not aware of the merger when he decided to leave.”
27/03/2013

Assets in European long-term funds set records

P { margin-bottom: 0.08in; }Assets in European long-term funds as of the end of February totalled EUR4.44trn, their highest level since 2007, according to statistics released by Morningstar. Inflows to long-term open-ended funds as of February totalled EUR35.09bn, compared with EUR47.1bn in January. Bond funds posted a net inflow of EUR11.46bn, compared with subscriptions of EUR9.24bn to equity funds. As a part of equity funds, allocation funds represented EUR9.91bn.

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