Le FMI a posé de strictes conditions. Les mesures devraient alléger la dette de 20 points de PIB d’ici 2020

Le FMI a posé de strictes conditions. Les mesures décidées devraient alléger la dette de 20 points de PIB d’ici 2020

Les autres agents économiques sont souvent un facteur de déséquilibre fondamental, comme l'ont montré les exemples irlandais ou espagnol

Malgré son ampleur, la récente émission de titres «payment in kind» par le fonds Terra Firma reste marginale par rapport à la période avant-crise

Le groupe de trading électronique pourrait recevoir des offres de rachat de la part de deux de ses concurrents historiques, Getco et Virtu, dès ce début de semaine, selon le journal qui cite des sources au fait des négociations en cours. Des rumeurs de mise en vente de tout ou partie du capital de Knight Capital, qui représente à lui seul environ 10% des opérations d’échanges sur le marché des actions américain, ont conduit à une envolée du cours de son action de 13,3% hier. Plutôt que sur ses seules activités de «market making», Getco et Virtu feraient des offres de rachat de l’ensemble de la société, qui avait une valeur de marché de 488 millions de dollars au cours d’hier.

Le gouverneur de la Banque du Canada et président du Conseil de stabilité financière remplacera Mervyn King à compter du 1er juillet 2013

La banque brésilienne de développement a accordé un prêt de 8,3 milliards d’euros à Norte Energia pour financer la construction du barrage de Belo Monte en Amazonie. Un prêt qui couvrira 80% des besoins du projet. Une part de 40% du prêt transitera par l’intermédiaire de Caixa Econômica Federal et BTG Pactual qui recevront respectivement 7 et 2 milliards de dollars.

Les autorités sud-coréennes ont annoncé aujourd’hui la réduction de la limite des positions sur le marché à terme des filiales locales de banques étrangères en devises étrangères à 150%, contre 200% précédemment. Le plafond pour les banques du pays sera réduit de 10 points à 30%. «Le but est de décourager les banques d’accumuler trop de dette à court terme» explique Frances Cheung, stratégiste chez CA-CIB.

Les profits des sociétés industrielles chinoises ont progressé de 20,5% sur un an en octobre pour atteindre 500,1 milliards de yuan, contre une hausse de 7,8% en septembre. «L’amélioration de la rentabilité de l’industrie chinoise confirme que l’économie du pays se stabilise et que la croissance s’accélère même» estime Ding Shuang, économiste chez Citigroup.

La ville de Californie en situation de défaut a voté un plan à présenter au juge des faillites prévoyant le blocage d’un paiement de 13 millions de dollars au fonds de pension public californien ainsi que d’une échéance de 3,4 millions due aux créanciers d’une obligation émise en 2005. La différence de rendement entre les obligations à 10 ans de l’Etat de Californie et celui de l’Illinois est passée de 18 points de base en juillet à 60 pb.

La présidente de la Securities and Exchange Commission va quitter son poste le 14 décembre prochain. «Depuis quatre ans nous avons engagé un nombre record d’actions, connu l’une des périodes les plus chargées en matière de réglementation et obtenu du Congrès plus d’autorité pour mieux remplir notre mission», écrit Mary Schapiro dans le communiqué annonçant sa démission. Au cours des deux dernières années, l’agence a engagé un nombre record de procédures disciplinaires: 735 pendant l’exercice fiscal 2011 et 734 lors du suivant. Le président Barack Obama, qui avait nommé Mary Schapiro en 2009, a désigné à sa place Elisse Walter. Diplômée de Yale et Harvard, cette dernière est commissaire de la SEC depuis juillet 2008. Dans l’entourage du chef de l’Etat, on a cependant indiqué que cette désignation serait temporaire et qu’Elisse Walter assurerait l’intérim jusqu'à la nomination d’un successeur «dans un proche avenir».

Le projet de réforme bancaire prévoit que l’AMF sera mieux armée juridiquement pour exiger des professionnels qu’ils lui transmettent des informations rapidement. Un nouveau manquement sanctionnant l’obstruction aux investigations sera créé. Enquêteurs et contrôleurs seraient explicitement autorisés à recueillir les explications des personnes lors des visites sur place. Les enquêteurs pourraient aussi accéder aux locaux professionnels et domiciles des personnes pour la recherche de manquements commis sur d’autres marchés que le marché réglementé ainsi que dans le cadre d’affaire de commercialisation de produits financiers. Ces visites domiciliaires sont seulement aujourd’hui possibles pour les recherches sur des manquements de diffusion de fausse information, de manquement d’initié ou de manipulation de cours sur le marché réglementé.

Un groupe de créanciers ayant accepté les restructurations de la dette souveraine argentine ont posé un recours d’urgence hier à la décision du juge Thomas Griesa de la cour américaine de justice de New-York qui imposait à l’Etat argentin un traitement égal des créanciers ayant participé à la restructuration de la dette et de ceux l’ayant refusé. Or, Buenos Aires refuse de rembourser ces derniers.

Dans une libre opinion publiée lundi dans le New York Times, Warren Buffett suggère que le Congrès adopte immédiatement un taux minimum de 30% pour les revenus annuels situés entre 1 et 10 millions de dollars, et un taux de 35% ensuite.

L’Espagne demandera environ 40 milliards d’euros d’aide financière à l’Europe pour ses banques en difficulté, a confirmé le ministre de l’Economie Luis De Guindos.«Pour les banques nationalisées (...) le montant sera de 37 milliards d’euros environ. Au total, il s’agit d’environ 40 milliards d’euros, qui est le chiffre que nous avons toujours eu en tête, environ 3,5% du PIB», a-t-il déclaré.

Selon nos informations, la CNBF a retenu trois gérants d’OPCVM toutes classes d’actifs (actions, obligations, diversifié, performance absolue, alternatif), afin d’améliorer le rendement de la gestion adossée au passif. Le montant global du mandat est estimé à 400 millions d’euros environ. Les trois lauréats sont : Generali Investments Europe Natixis Multimanager Rothschild & Cie Gestion (stand by)

“In retail in the Europe, Middle East, and Africa region, BlackRock has posted net inflows since the beginning of the year of over USD2bn, and assets total about USD140bn,” Alex Hoctor-Duncan, head of retail for Europe, Africa & the Middle East at BlackRock, has told Newsmanagers during a visit to Paris.When asked about the introduction of the Retail Distribution Review at the beginning of 2013 in the United Kingdom, the head of retail distribution at BlackRock claims that “RDR will introduce a dislocation in the distribution chain. The British regulator intended with this regulation to require high-quality advising alongside high transparency of commissions. We will know what the real outcome is at the end of 2013. At any rate, BlackRock is ready for RDR, and we always respect regulations. We have share classes that comply with RDR, and we have already informed our clients about this.”However, personally Hoctor-Duncan is concerned that “with this new regime, British savings investors will ultimately stop savings. Do they know where to go to get advice? We have a role to play to make sure that savings investors meet ‘good’ advisers. Our clients are on a long-term adventure, and they need to be able to build up retirement income using the services of a specialist they trust to do that.”

European money market funds are reallocating their portfolios towards longer-dated assets issued by highly-rated supranationals, government agencies, sovereigns and corporates, while maintaining high overnight liquidity, Fitch Ratings says in its newly-published sector update. However, MMFs’ strong demand for such assets is still far from being satisfied given limited short-term market supply. The average portfolio allocation to quasi-sovereigns reached 10% at end-October, versus less than 2% before August 2011, the most largely held entities being Erste Abwicklungsanstalt, FMS Wertmanagement, KfW, CDC, CADES, ACOSS, the European Investment Bank and the European Financial Stability Facility / European Stability Mechanism. Money market funds still retain a large exposure to the banking sector (77%), albeit slightly reduced from a year before (82%).

Adam Smears (ex head of research at Old Mutual Global Investors) and Kevin Dockrell (ex Towers Watson) are joining Russell Investments in London. Smears will be the head of a nine-member bond management team in London, New York, Toronto, Seattle and Sydney.

Ahead of the introduction of RDR regulations in the United Kingdom, BNY Mellon is proposing to merge several funds of its Insight range (GBP187bn in assets as of 30 September) at the extraordinary general shareholders’ meetings for the products on 21 December. If the mergers are approved, they will be effective from 9 February 2013.The Investment Diversified High Income, Insight Investment Wealth Builder Balanced and Insight Investment Diversified Dynamic Return funds will be merged to create the Insight Global Multi-Strategy fund, which will be managed by Steve Waddington. Waddington will also be manager of the new Insight Global Absolute Return fund, which will absorb the Insight Investment Diversified Target Return fund.The Insight Investment Monthly Income Bond fund will be merged into the new Insight Strategic Bond fund, managed by Adam Mossakowski, with the assistance of Peter Bentley, while the Insight Invetsment Sterling Corporate Bond Fund will be merged into the new Insight Inflation-Linked Corporate Bond Fund, managed by David Hooker and Adam Mossakowski.Tim Rees will be manager of the new Insight Equity Income Booster Fund and Insight Equity Income fund, which will receive the Insight Investment UK Equity Income Booster fund and Insight Investment Monthly Income fund, for the former, and the Insight Investment UK Dynamic Managed fund and Insight Investment Equity High Income fund, for the latter.BNY Mellon also states that, for Absolute Insight (NURS), the authorised corporate director (ACD) will change, from Insight Investment Funds Management Limited to BNY Mellon Fund Managers Limited, which is also the ACD for the BNY Mellon Investment Funds range.

Investment Week understands that Henderson Global Investors (GBP63bn in assets) is preparing to announce another round of job cuts by the end of the year. The British asset management firm is also planning to close or merge several funds which are not part of its “core” product range due to the introduction of RDR regulations. The emphasis will be placed on actively-managed funds, including absolute return funds.

Assets under management at Aberdeen increased 10% in the period ending on 30 September to a total of GBP187.2bn, compared with GBP169.9bn as of the end of September 2011, according to a statement released on 26 November. Gross inflows for the period totalled GBP36bn, of which 36% were in continental Europe, and 23% in the United Kingdom, compared with GBP43bn the previous year, but the year ended with evenly balanced net inflows, while it had seen a net outflow of GBP1.7bn in the year to 30 September 2011.

Market Vectors Index Solutions has introduced the Market Vectors Hedge Fund Beta Indices, a set of four regional and two global indices of Long/Short Equity hedge funds. The regional Long/Short Equity indices cover Developed Asia, Emerging Markets, North America and Western Europe. The global indices cover Global Long/Short Equity and Global Event Long/Short Equity. Each index seeks to capture the systematic returns (beta) of hedge funds with similar investment styles that invest in the same asset classes and same geographic markets. Market Vectors Hedge Fund Beta Indices employ a patented rating and ranking system that filters out funds with low beta as compared to their hedge fund peer group, enhancing the indices’ risk-adjusted returns. Each index is constructed using transparent, liquid ETFs to produce hedge fund-style returns. Market Vectors Asia (Developed) Long/Short Equity Hedge Fund Beta Index (MVLSDA) Number of components: 4 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (59.83%), iShares MSCI Taiwan ETF (16.77%), iShares MSCI, Japan ETF (11.77). Market Vectors EM Long/Short Equity Hedge Fund Beta Index (MVLSEM) Number of component: 5 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (57.54%), Vanguard MSCI EM ETF (33.00%), Vanguard MSCI EAFE ETF (7.69%). Market Vectors Global Event Long/Short Equity Hedge Fund Beta Index (MVEVEQ) Number of components: 4 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (74.46%), SPDR S&P 500 ETF (25.32%), Vanguard MSCI EM ETF (1.61%). Market Vectors Global Long/Short Equity Hedge Fund Beta Index (MVLSGL) Number of components: 5 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (64.27%), SPDR S&P 500 ETF (32.84%), Vanguard MSCI EM ETF (6.23%). Market Vectors North America Long/Short Equity Hedge Fund Beta Index (MVLSNA) Number of components: 7 Top 3 components: SPDR Barclays Capital 1-3 Month T-Bill (62.78%), iShares S&P 500 Growth ETF (29.34%), iShares Russell 2000 Growth ETF (15.48%).

The French financial market regulator, the Autorité des marchés financiers (AMF), has integrated guidelines from the European securities market authority (ESMA) on some aspects of the MiFID directive, including requirements for compliance verification functions (ESMA/2012/388), given in position number 2012-17, applicable from 28 January 2013. ESMA issued guidelines on the functioning of the Financial Market Instruments directive (2004/39/CE) and its application directive (2006/73/CE0. The guidelines clarify the requirements associated with the compliance verification function. They are applicable to investment service providers when they provide investment services and associated services. The AMF position provides more detailed guidelines for: responsibilities associated with the compliance verification function (evaluation of non-compliance risks, establishment of a control programme, content of compliance reports, training of personnel); organisational requirements of the function (resources, experience and expertise, permanence, independence, and outsourcing) terms for evaluation of the function by the regulator.

Crispin Odey, the founder of Odey Asset Management, and Pierre Lagrange, co-founder and manager at GLG, have both joined the ranks of the wealthiest hedge fund managers, according to rankings by the Sunday Times, covering the London market, including 650 funds with assets under management of GBP250bn. With wealth estimated at GBP455m, Odey and his wife take seventh place in the Sunday Times Rich List of the 50 most wealthy managers. Lagrange takes 41st place, with wealth estimated at GBP120m. Alan Howard (Brevan Howard) tops the rankings, with wealth estimated at GBP1.4bn, followed by Daid Harding (Winton Capital Management) with GBP900m, and Alexander Knaster (Pamplona Capital Management( with GBP885m.

After the Multi-Asset Strategy and Strategic Bond funds, Newscape Capital Group has launched the Newscape Dynamic Rates and Currency Fund. The UCITS-compliant product is managed by Philippe Bonnefoy, chairman & CIO. The objective is to earn performance of 12-15% per year, with ex ante annual volatility of about 10%.The portfolio will be invested in currencies and fixed income from OECD countries. It will have daily liquidity, and will be available in share classes denominated in euros, pounds sterling, Swiss francs, and US dollars.The fund will be managed with a detailed analytical process based on exclusive quantitative models, to identify investment opportunities which offer the highest odds of generating high risk-adjusted returns.CharacteristicsName: Newscape Dynamic Rates & Currency FundISIN codes:Class B Acc CHF: IE00B87DYY93Class B Acc EUR: IE00B5WCFL43Class B Acc GBP: IE00B7VKGW14Class B Acc USD: IE00B3W1MJ42Front-end fee: 5% maximumManagement commission: 1.75%Performance commission: 20% of performance exceeding the hurdle rate (Libor 3 month, USD) with high watermark

Assénagon Credit Management, a new affiliate of Assénagon Asset Management founded on 20 January (see Newsmanagers of 7 February), a credit specialist with EUR1.9bn in assets, is changing its name with immediate effect, to become Xaia Investment. The partnership ended in June, by common agreement.The three MDs of the firm, Ulrich von Altenstadt, Jochen Felsenheimer and Wolfgang Klopfer, will remain as heads of the business, in which they are now the full owners. They will retain the nine employees of the business.The three open-ended funds will change names from 1 January 2013, with the prefix Xaia replacing Assénagon, but the funds will continue to be administered by Universal-Investment. The new names will be Xaia Credit Basis (ISIN LU0418282348), Xaia Credit Basis II (LU0462885483) and Xaia Credit Debt Capital (LU0644385733).In the future, Xaia will focus on a cross-asset management approach, and develop market neutral products.

The French asset management firm OFI Asset Management has formed a partnership with the European third party marketer Accelerando Associates to distribute its funds to institutional investors in Germany and other German-speaking countries. Initially, the French asset management firm will sell two of its funds in the German-speaking countries: OFI Risk Arbitrages and OFI Risk Arb Absolu, UCITS-compliant products whose assets under management are over EUR300m. They are expected to receive sales licenses for Germany in first quarter 2013. Other management themes, such as inflation and convertible bonds, are expected to be highlighted as part of the partnership, a press statement says. The project is part of an international development strategy at OFI AM which was announced by its CEO, Gérard Bourret, in May.

Through platforms launched by brokers, investors can now avoid lock-up periods for hedge funds, Financial Times Fund Management reports. These markets allow investors to either sell shares in hedge funds directly, or sell the returns on their investments in hedge funds via derivative contracts. FT fm cites Tullett Prebon and Wake2o among the platforms that allow this.

The Geneva-based firm Pictet last week opened a representative office in Tel Aviv with two members, and has founded a wealth management affiliate in Israel, Pictet Wealth Management Israel Ltd., to serve local clients, as Israeli clients had previously been served from Switzerland.Pictet has also applied for a license as a foreign financial services provider, to be allowed to serve certain Israeli clients directly from Geneva.The Swiss group has had a commercial partnership since 2010 with Itay Strum Plenum for institutional clients and fund distribution.