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19/03/2013

L'Italie va relancer un emprunt pour les particuliers

Le Trésor italien prépare le lancement en avril d’une nouvelle tranche de son emprunt obligataire réservé aux particuliers, qui avait remporté l’an dernier un succès inattendu, croit savoir Reuters. L’Italie avait levé 27 milliards d’euros l’an dernier, à partir de trois tranches de ce prêt à quatre ans indexé sur l’inflation.
19/03/2013

Berne compte amender la fiscalité des entreprises

La Suisse prévoit de présenter d’ici le milieu de l’année un projet de réforme de la fiscalité s’appliquant aux entreprises, a indiqué au Parlement le ministre des Finances Eveline Widmer-Schlumpf. La Commission européenne a dénoncé les largesses accordées aux multinationales en matière d’impôt. La réforme, dont les contours n’ont pas été précisés, entrerait en vigueur en 2018.
19/03/2013

L'indice NAHB en recul au mois de mars

Le sentiment des promoteurs immobiliers s’est dégradé en mars, revenant à son plus bas niveau en cinq mois en raison de tensions dans la chaîne d’approvisionnement et de hausse de coûts, montre l’enquête mensuelle de la fédération NAHB. L’indice NAHB/Wells Fargo du marché du logement est revenu à 44 contre 46 en février. Il ressort ainsi à son plus bas niveau depuis octobre.
19/03/2013

Rebond des IDE en Chine

Les investissements directs étrangers en Chine ont rebondi de 6,3% sur un an, à 8,21 milliards de dollars au mois de février, selon les chiffres publiés ce matin par le ministère du commerce chinois. Il s’agit de la première hausse depuis neuf mois, mais ils restent en baisse de 1,5% en janvier-février, à 17,5 milliards. Les investissements non-financiers se sont eux envolés de 147%, à 18,4 milliards.
19/03/2013

BlackRock supprime 300 postes

Le géant de la gestion d’actifs a annoncé hier à ses employés que 300 postes seront supprimés, soit 3% de ses effectifs. Son président Robert Kapito, a précisé que le groupe «revoit son organisation en déplaçant certaines responsabilités et en déplaçant certains postes dans des endroits différents», mais «même avec ces changements, nous aurons plus d’employés à la fin de l’année qu’aujourd’hui».
19/03/2013
Gestion d'actifs

Apicil met fin à un mandat de gestion sur les obligations convertibles

Bertrand Jounin, directeur de la gestion d’actifs d’Apicil à la rédaction de www.institinvest.com : « La partie Retraite comprend une poche de 600 millions d’euros composée à 30% d’actions et à 70% de taux, et une poche de 400 millions d’euros investis dans des OPCVM monétaires. Concernant la gestion de la partie Retraite, APICIL reçoit un reporting hebdomadaire et mensuel des sociétés de gestion externes avec lesquelles elle travaille. De plus, la gestion est suivie par un gérant interne. Les sociétés de gestion sont très contrôlées. Elles ont moins de liberté que nos propres gérants. Nous travaillons avec différents profils de sociétés (petites, moyennes et grandes) car nous estimons qu’elles sont ainsi complémentaires et nous savons travailler avec ces différents profils. En général, les grandes proposent une gestion très benchmarkée relativement peu chère tandis que les petites proposent une gestion plus atypique et plus chère. Ainsi, nous avions par exemple choisi de faire appel à une petite société de gestion pour son savoir-faire particulier dans les obligations convertibles. Il s’agissait de la Banque Saint Olive, mais cette tentative a été un échec : les performances étaient très mauvaises. Nous avons donc coupé ce mandat ».
Gestion d'actifs
18/03/2013

Berne compte amender la fiscalité des entreprises

La Suisse prévoit de présenter d’ici le milieu de l’année un projet de réforme de la fiscalité s’appliquant aux entreprises, a indiqué au Parlement le ministre des Finances Eveline Widmer-Schlumpf. La Commission européenne a dénoncé les largesses accordées aux multinationales en matière d’impôt. La réforme, dont les contours n’ont pas été précisés, entrerait en vigueur en 2018.
18/03/2013

L'Italie va relancer un emprunt pour les particuliers

Le Trésor italien prépare le lancement en avril d’une nouvelle tranche de son emprunt obligataire réservé aux particuliers, qui avait remporté l’an dernier un succès inattendu, croit savoir Reuters. L’Italie avait levé 27 milliards d’euros l’an dernier, à partir de trois tranches de ce prêt à quatre ans indexé sur l’inflation.
18/03/2013

L'indice NAHB en recul au mois de mars

Le sentiment des promoteurs immobiliers s’est dégradé en mars, revenant à son plus bas niveau en cinq mois en raison de tensions dans la chaîne d’approvisionnement et de hausse de coûts, montre l’enquête mensuelle de la fédération NAHB. L’indice NAHB/Wells Fargo du marché du logement est revenu à 44 contre 46 en février. Il ressort ainsi à son plus bas niveau depuis octobre.
18/03/2013

Axa PE lève 1,75 milliard d'euros pour des projets d'infrastructure

La branche de capital-investissement d’Axa a levé 1,75 milliard d’euros de fonds destinés à financer des infrastructures européennes, profitant de la hausse de la demande pour les actifs routiers, ferroviaires et énergétiques. Pour les financements, 1,45 milliard d’euros forment le troisième fonds dédié aux infrastructures par Axa Private Equity, et le plus important en date, et 300 millions de plus ont été rassemblés séparément.
18/03/2013

Le Parlement doit aider à choisir le superviseur bancaire

Le Parlement européen doit pouvoir jouer un rôle décisif dans le choix du président de la future autorité européenne de supervision du secteur bancaire, a jugé lundi Jörg Asmussen, membre du directoire de la Banque centrale européenne (BCE). Les 17 pays de la zone euro se sont difficilement accordés en décembre sur un projet d’union qui doit permettre à la Banque centrale européenne (BCE) de superviser les 200 banques les plus importantes du secteur à partir de mars 2014.
18/03/2013

Highbridge raises a large mezzanine debt fund

P { margin-bottom: 0.08in; }A:link { } Highbridge Capital, the hedge fund firm controlled by JPMorgan Asset Management, has raised the largest fund to invest in mezzanine corporate debt since the financial crisis, the Financial Times reports. The Highbridge Mezzanine Partners Fund II was closed with USD5bn in assets. Half of the portfolio will be invested in financing for acquisitions of businesses by private equity firms, and the other half will be invested in direct financing to businesses.
18/03/2013

Qatar sovereign fund eyes Marks & Spencer

P { margin-bottom: 0.08in; }A:link { } The Qatar sovereign fund is planning to launch a GBP8bn bid for the British retail chain Marks & Spencer, the Sunday Times reports. The Qatar fund has approached investment funds and banks to put together a consortium. The Qatar sovereign fund acquired Harrods in 2010, and also holds a 26% stake in the J Sainsbury supermarket chain.
18/03/2013

Anton Commissaris returns to Credit Suisse

P { margin-bottom: 0.08in; }A:link { } For the newly-created position of head wholesale clients Switzerland/EMEA in the Asset Management Core Investment division, Credit Suisse has recruited Anton Commissaris, who will be based in Zurich, and will report to Martin Keller, finews.ch reports.Commissaris, who will be responsible for relationships with banks, insurers and partners who distribute Credit Suisse funds, had previously worked at the group, most recently as head, private banking advisory group, before in 2011 being transferred to Aberdeen Asset Management when Credit Suisse sold a part of its asset management activities to the Scottish firm. He had been responsible for business development for Switzerland at Aberdeen.
18/03/2013

UBS reshuffles UHNW client services

P { margin-bottom: 0.08in; }A:link { } In an internal memo, UBS has announced that Axel Kilian, of the investment banking unit in London, has since 11 March been appointed as Market Head UNHW Germany, and reports to Christian Henke, head of UHNW Germany International, and Franz Angermann, head of UHNW Germany Domestic, finews.ch reports. Kilian, for his part, reports to Axel Hörger, head WM Germany & Austria, and Eva Lindholm, head UHNW Europe.Michael Frey, desk head Northern Europe & Swiss Clients at UBS Singapore, has been appointed as head UHNW Monaco and head UHNW Central and Eastern Europe & Turkey (CEET) Monaco.For France, Helena Jevans Silva is promoted to head UHNW France International, where she had previously been dead head Portugal in Geneva.For London, the new head global family office United Kingdom will be Susan Ward, who will join from JPMorgan in May.Lastly, Simon Leaver becomes senior relationship manager in the ultra-high net worth private client team. He had previously been in the investment banking unit.
18/03/2013

US and Japanese equities popular in mid-March

P { margin-bottom: 0.08in; }A:link { } The strong rise of stock markets worldwide in mid-March favoured US and Japanese equity funds and high dividend equities, to the detriment of European and emerging market equities. In the week ending on 13 March, Chinese equity funds posted levels of redemptions not seen for more than five years ,while US equity funds attracted more than USD10bn, and Japanese equity funds attracted nearly USD2bn, according to estimates by EPFR Global.In the area of Japanese equity funds, the rise in inflows is partly due to improved coverage of Japanese funds, the CEO of EPFR Global, Ian Wilson, says. “However, in terms of the flows expressed as a percentage of assets under management, the week under review has been the best on record since third quarter 2011,” he continues. Investors reacted well to the objectives announced by the new Japanese government to boost imports and domestic consumption through a devaluation of the yen and slightly higher inflation.Overall, equity funds posted net inflows of USD14.1bn in the week under review, while bond funds finished the week with a positive bottom line of USD30.3bn. Meanwhile, money market funds posted a net outflow of USD7.1bn.
18/03/2013

Edhec to offer free smart indices

P { margin-bottom: 0.08in; }A:link { } The Edhec Risk Institute will offer 30 smart beta indices on a dedicated internet platform free of charge, undercutting providers of commercial indices, Financial Times Fund Management reports. The indices will be unveiled at a conference held by the institute in London, which opens on 26 March.
18/03/2013

Waddell & Reed sells of 3.4% stake in Volkswagen

P { margin-bottom: 0.08in; }A:link { } Deutsche Bank on Friday announced that the US asset management firm Waddell & Reed Investment Management has sold off 5.78 million preferential shares in Volkswagen, which had been placed on an accelerated bookbuilding at EUR158 per share, Die Welt reports.Preferential shares in Volkswagen lost 3.1% in trading on Friday, to EUR159.55. The shares sold represented 3.4% of preferential capital in Volkswagen, and the deal totalled EUR914m.The largest shareholders in Volkswagen are the Porsche holding company (50.7%), the German province of Lower Saxony (20%) and the Emirate of Qatar (17%).
18/03/2013

Direxion recruits CFO from US Bancorp Fund Services

P { margin-bottom: 0.08in; }A:link { } Eric W. Falkeis, who is already a trustee at Direxion Funds, has been appointed as chairman and COO of the hedge fund management firm. He had previously been CFO of US Bancorp Fund Services.
18/03/2013

SAC Capital to pay USD616m fine

P { margin-bottom: 0.08in; }A:link { } The hedge fund management firm SAC Capital Advisors has received from the SEC an administrative fine totalling a record USD616m to settle two insider trading cases.In the case concerning shares in Elan and Wyeth, which resulted in a settlement of USD602m, CR Intrinsic, an affiliate of SAC Capital, made gains or avoided losses of USD275m, and would have been exposed to fines of USD1.1bn, if the case had gone to court.In the second case, concerning shares in Dell and Nvidia, Sigma Capital Management, another affiliate of SAC Capital, made illicit gains, or avoided losses totalling USD6.5bn. The administrative fine for the case is USD14m.
18/03/2013

New hedge fund increases assets

P { margin-bottom: 0.08in; }A:link { } Hengistbury Investment Partners, the hedge fund firm founded by the former TCI partner Stuart Powers, has soft closed its flagship fund to new investors, with USD750m in assets, the Financial Times reports. This is a notable exception in the otherwise morose alternative management industry. The firm earned 22% for investors in 2012.
18/03/2013

Azimut creates a position for a director of sales

P { margin-bottom: 0.08in; } The Italian asset management firm Azimut has created an office of the director of sales, led by Paolo Martini and Silvano Bramati, who have been appointed as head of sales and co-head of sales, Bluerating reports. Martini joined Azimut in 2007, and currently serves as head of marketing and wealth management, while Bramati has been part of the group since 2000, and has always worked with the Azimut Conzulenza network.
18/03/2013

Allianz prévoit des bénéfices stables ou en légère hausse en 2013 et 2014

L’assureur allemand Allianz prévoit des bénéfices net stables ou en légère augmentation en 2013, ainsi qu’en 2014, selon son rapport annuel publié le 15 mars.Par ailleurs, le groupe indique que son bénéfice opérationnel devrait augmenter en 2014 par rapport à 2013, année où il devrait atteindre 9,2 milliards d’euros, à 500 millions d’euros près. En annonçant ses résultats annuels en février, l’assureur s'était seulement dit «prudemment optimiste» pour 2013 et avait formulé une prévision de bénéfice d’exploitation annuel compris entre 8,7 et 9,7 milliards d’euros, soit 9,2 milliards d’euros en moyenne. Cette prévision est confirmée dans le rapport annuel mais le groupe va plus loin en évoquant son bénéfice net. «En principe, mais aussi vu les incertitudes inhérentes évoquées, nous ne donnons pas de prévision précise de bénéfice net. Cependant, comme nos prévisions ne présument aucune perturbation majeure sur les marchés de capitaux, nous attendons un bénéfice net stable ou en légère augmentation pour 2013", indique le rapport annuel. En 2012, Allianz a réalisé 5,2 milliards d’euros de bénéfice net et 9,5 milliards de bénéfice d’expoitation.
18/03/2013

Pension funds to increase exposure to ETFs

P { margin-bottom: 0.08in; } According to a survey by FinEx, which at the end of February launched the first ETF of Russian bonds on the main market in London, 38% of the 144 European pension funds surveyed are planning to increase their investments in ETF shares this year, while 17% say they are planning to increase the allocation by more than 10%, FundsEurope reports. When asked about their predictions for the next three years, 42% of directors surveyed say they would like to increase their exposure to ETFs.
18/03/2013

Agriculture funds said to be the most dangerous in Europe

P { margin-bottom: 0.08in; } According to a jury of European ecological and consumer organisations which has organised a competition to find the most dangerous financial products in Europe, funds which “speculate on food” received 71.4% of votes in category 2, while products that damage the environment for the poor and third parties took second place, according to the website dangerous-finance.eu, led by the German Sven Giegold, Green MEP. This includes the category of products such as the tracker fund DB Platinum Agriculture Euro from the Deutsche Bank group, as well as, in second place, the RBS Sands TR Equity Index Certificate, WDS Go Uranium Exploration Index Certificate, and Solit2 Gold & Silver.Funds of this type are potentially damaging to the environment and the poorest populations in the world, since it channels a large volume of capital to the commodity futures market, and may have a negative effect on the price of basic commodities.In category 1, 46.8% of votes went to CDS of public debt as the most dangerous products for consumers and investors, followed by credit cards with very high interest rates, loans in currencies payable at final maturity, and reversible convertible bonds.According to the website, these products could be forbidden by the banking supervisory authorities (EBA), the financial supervisory authority (ESMA) or insurance authorities (EIOPA), which since their creation have been authorised to ban such products. This authorisation has not yet really been used, since a prohibition on naked shorts was achieved with a specific law.
18/03/2013

DJ Credit Suisse index up 0.24% in February

P { margin-bottom: 0.08in; }A:link { } The Dow Jones Credit Suisse hedge fund index has gained 0.24% in the month of February, and 2.30% since the beginning of the year, according to figures published in March by Credit Suisse and S&P Dow Jones Indices. Five of the 13 strategies making up the index were oriented downward in the month under review, including dedicated short bias strategies (-1.65%) and equity market neutral (-1.28%). However, emerging market and fixed income arbitrage strategies both have posted gains of 0.49%, while event-driven has posted returns of 0.46%.
18/03/2013

Bonuses up by 31% in hedge fund industry

P { margin-bottom: 0.08in; } Bonuses in the hedge fund sector rose 31% last year, at a time when fixed salaries rose by 4%, according to the 2013 Hedge Fund Compensation Report. The average total compensation is up 15% to USD314,000.The size of the fund is not necessarily a guarantee of better performance, since smaller firms generally outperformed larger companies. However, the study finds a significant correlation between the profitability of the fund and the size of the bonus. “Employees at the best-performing funds were rewarded with average bonuses of slightly over USD200,000,” says David Kochanek, editor of the 2013 edition of the report.Recruitments have remained roughly at the same levels as last year, with 24% of firms reporting recruitments to the research departments, 20% to operational positions, and 12% to legal departments.
18/03/2013

Italian fund association concerned about liquidation of real estate funds

P { margin-bottom: 0.08in; } Assogestioni, the Italian association of asset managers, is predicting that in the next few years, about EUR5bn in real estate assets will be returned to the market in Italy. A high number of closed, publicly-traded real estate funds will be maturing, and will therefore need to manage the asset liquidation phase. Due to the current economic conjuncture, it is likely that the excess supply this will create will not be absorbed efficiently by the market, Assogetioni predicts. That may have negative effects on the final returns for the funds, and on the value of redemptions on capital invested, it warns. As a result, the association has written and sent a position paper to regulatory authorities in the country on managing the liquidation phase for real estate funds aimed at retail investors. The objective is to discern an operational solution for the entire sector, and measures which may be adopted by each actor.
18/03/2013

CSRC head leaves job

P { margin-bottom: 0.08in; } The chairman of the Chinese market regulator (CSRC), Guo Shuqing, will be leaving his job to become governor of the province of Shandong, Asian Investor reports. A period of uncertainty may therefore take place for the asset management sector, which is concerned about future market reforms planned by Guo. The head of research at Z-Ben Advisors, Zhang HowHow, nonetheless claims that it is not customary in China to rapidly modify major orientations following a change of leadership. In other words, though the departure of Guo is a certainty, the CSRC may be expected to maintain its orientation in reforms.

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