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21/11/2012

Henderson launches high yield bond fund in France

Henderson Global Investors has obtained permission to release its Henderson Horizon Euro High Yield bond fund on the French market. The fund is managed by Stephen Thariyan and Chris Bullock, the two managers of the Henderson Horizon Euro Corporate Bond. The Henderson Horizon Euro High Yield Bond, denominated in euros, is a sophisticated UCITS IV-compliant, Luxembourg-registered vehicle, which aims to outperform its benchmark index, the BofA Merrill Lynch European Currency Non-Financial High Yield 2% Constrained TR EUR (HPIC). The fund must invest at least 70% of its portfolio in high yield corporate bonds (BB or lower rating) denominated in euros or pounds sterling. A maximum of 30% of its investments may be made outside the benchmark index (cash, non-euro or sterling high yield bonds, investment grade bonds), and a maximum of 15% may be invested in the financial sector. The fund may use derivative products. All currency risks are hedged.
21/11/2012

Amplégest resolutely moves into expansion mode

The years from 2010 to 2012 have been a structuring period for Amplégest, and 2013 and 2014 will be years of development, Arnaud de Langautier, chairman of the firm, explained to Newsmangers on Tuesday. The firm is now aiming for EUR600m by the end of 2013, up from EUR550m currently, of which EUR420-430m are for private management, and the remainder is in four collective management funds, says Xavier Gandrille, director of strategy and flexible management.Of the four funds, the flagship product Multicaps has EUR101m, and has posted inflows of EUR17m since the beginning of 2012; it will have EUR130m by 1 January due to a merger with a dedicated fund which will feed it.Assets under management have increased since the beginning of this year, with EUR32m in net inflows. Following Zavier d’Ornellas (formerly of CCR AM), recruited slightly over eight months ago as a manager in the flexible and dedicated fund unit (see Newsmanagers of 15 March), Amplégest has welcomed Alexandre Neuvy (formerly of Olympia) as an associate private manager (see Newsmanagers of 11 May). They were joined this summer by Olivier Lazar (also from Olympia), who is responsible for developing family office activities in France and abroad.
21/11/2012

Hedge funds reduce exposure to Apple in third quarter

Several hedge funds reduced their exposure to Apple in third quarter, just in time to avoid a slide for the share which had been trading at record levels, according to a FactSet study cited by Forbes. The 50 largest hedge funds reduced their positions on Apple in third quarter by 1.8 million shares, representing a total of about USD1.2bn. The hedge funds appear to have had presentiments of the share’s drop, as it finished the quarter 5% below its 52-weak peak, and then fell by more than 20%. After flirting with a 500-dollar share price on Friday, the shares have since bounced back to finish at USD566.44 as of Monday night.
21/11/2012

US courts on the verge of issuing a record fine

US prosecutors accuse a hedge fund affiliate of SAC Capital, CR Intrinsic Investors, its manager, Matthew Matroma, and Dr. Sidney Gilman of pocketing record profits of USD276m between 2006 and 2008 from insider trading, Les Echos reports. The trades are said to have been conducted on the basis of tests of medications to treat Alzheimer’s, which were not public at the time. The SAC Capital trader, who has since left the firm, used the information to speculate and make money on shares in Elan Corp and Wyeth LLC, with the complicity of doctor Gilman, an eminent neurologist who oversaw clinical trials of bapineuzumab, a treatment for the illness.
21/11/2012

Profits and assets up at Eaton Vance

In the fourth quarter of its fiscal year, ending on 31 October, Eaton Vance Corp has announced a net profit of USD74.44m, compared with USD62.69m in the three months to the end of July, and USD45.59m in the corresponding period to the end of October 2011.Assets as of 31 October 2012 totalled USD199.5bn, compared with USD192.9bn three months previously, and USD188.2bn one year previously. In the quarter to the end of October, long-term funds posted net subscriptions of USD2.2bn, comapred with respective net redemptions of USD1.4bn and USD2.7bn in the three months of the end of July and the quarter to 31 October 2011.
21/11/2012

Household net worth of Swiss citizens up due to real estate

The household net worth of Swiss households, or total financial and real estate assets, increased by CHF128bn, or 4.7%, in 2011, to CHF2.822trn, according to statistics published on 20 November by the Swiss national bank (BNS). This growth is largely due to a rise in real estate values. The value of real estate properties owned by households increased by 9.2%, to a total of CHF1.542trn. For their part, financial assets increased by 1.2% to CHF1.982trn. This increase was slowed, however, by falling share prices in Switzerland and abroad. Overall, assets increased by 4.5%, to CHF3.528trn. Liabilities, largely in the form of mortgages, have risen 3.8%, and now total CHF806bn as of the end of 2011. Net worth per inhabitant has increased 3.6%, and now totals CHF354,000. The value of the real estate market after the deduction of mortgage debt totalled CHF890bn in 2011, equivalent to 31.5% of household net worth. In 2006, this percentage was only 24.5%. This increase is due partly to a continued increase in real estate values, and partly by losses of financial capital. The latter has also continued to show a decline in paper value, to the benefit of savings deposits. Savings deposits at banks rose by CHF45bn to CHF631bn. Debt securities fell by CHF9bn, to a total of CHF108bn. Despite a fall in prices, the value of shares held by households remained stable at CHF214bn.
21/11/2012

Vontobel will not restructure BB Biotech

The Vontobel group will not carry out a restructuring of the investment firm BB Biotech. Vontobel had initially planned to transform BB Biotech into a private investment fund, although the firm is currently a trading company listed on the SIX Swiss Exchange. As a result of the decision, Vontobel is withdrawing its investment fund exchange offer, according to a statement released on 20 November by the Zurich-based bank. The restructuring would have had negative fiscal consequences for shareholders in BB Biotech, as was revealed in July, when Vontobel was warned about the consequences of the change.
21/11/2012

Christian Petter becomes head of wholesale at BNPP IP Germany

The CEO of BNP Paribas Investment Partners for Austria and Eastern Europe, after serving as head of business development, Christian Petter, has been appointed as CEO for Germany, where he will be responsible for wholesale activities.The head of institutional activities for BNPP IP in Germany remains Tobias Bockholt, who reports to Charles Janssen, head of institutional sales Northern Europe.
21/11/2012

Good month of October for Odey AM

The alternative asset management firm Odey Asset Management, based in London, has earned excellent returns in the past few months, according to the website Valuewalk.The UK Absolute Return fund, whose assets under management total slightly over USD540m, earned gains of 4% in the month of October, compared with growth of 1.3% for the FTSE All Share Total Return index in the same period. This result brings performance for the fund in the first ten months of the year to 28%. The best-performing long positions for the fund have been Sports Direct International, Sky Deutschland, Howden Joinery Group, Platech, International Personal Finance and Louisiana-Pacific Corporation.
21/11/2012

Mirabaud appoints a head for Iberia and Latin America

The CEO of Grupo Golden for Spain and Latin America, Raimundo Martín, has been recruited by the Swiss firm Mirabaud as head of the asset management unit for the Iberian and Latin American markets, Funds People reports. He will be responsible of sales of funds to institutional clients.Martín had previously been executive director of the investment management division of Lehman Brothers for the same regions, and previously served in management roles at Fidelity, Allianz Global Investors, Franklin Templeton and Openbank.
21/11/2012

Sal. Oppenheim to tighten belt

The private bank Sal. Oppenheim is kicking off a 15-month savings programme, which will result in the loss of a “significant number” of jobs, the Börsen-Zeitung reports. According to the Süddeutsche Zeitung, up to 500 jobs out of 930 could be lost. Sal. Oppenheim will work “to the greatest extent possible” to avoid involuntary layoffs.In the future, the Cologne-based firm will systematically use the infrastructure and services fo Deutsche Bank, its parent company, into which entire sectors of its activity will be incorporated. This is particularly true of open-ended, internally-managed funds, which will be taken over by DWS.
21/11/2012

Former UBS trader Kweku Adoboli found guilty of fraud

Kweku Adoboli, the former UBS trader accused of a massive fraud which cost the Swiss bank USd2.3bn, was found guilty on 20 November of fraud charges by a London court. The former trader was sentenced to seven years in prison. The accusation, which called Adoboli a rogue trader, accuses him of exceeding brokerage limits which had been set for him, by inventing fictional transactions and lying to superiors to increase his bonuses and career prospects. Though Adoboli had pleaded not guilty, he claimed during the trial that his superiors knew about his activities and encouraged him to extend them. The fraudulent actions of the trader began in 2008 and lasted until his arrest, on the night of 15 September 2011, at his City office.
21/11/2012

Solvency 2 may cost British pension funds EUR500bn

Integrating the terms of the Solvency II directive into the revised IORP directive on professional pensions may cust nearly EUR500bn, or GBP400bn, to the British pension fund sector, according to an impact study published on 20 November by the British pensions regulator. The claims were calculated on the basis of an impact study undertaken by the European insurance and occupational pensions authority (EIOPA). The report finds, however, that many uncertainties persist, and that according to a more likely scenario, the lack to be made up would be smaller, but could be as much as GBP150bn.
21/11/2012

Canada's Caisse de Dépôts et Placements bets on infrastructure

The Canadian pension fund Caisse de Dépôts et Placements, whose assets under management total over USD165bn, is planning to continue its investment efforts in infrastructure, Citywire reports. The chief investment officer for the infrastructure investments of the Caisse, Macky Tall, claims that outlooks for investment in international airports are improving, due to maintenance and improvement works which require infrastructure investment. In the past three years, the pension fund has doubled its investments in infrastructure to over USD6.5bn, 4% of the group’s investment portfolio. There is a desire on the part of the Caisse and its clients to increase the portfolio dedicated to infrastructure in the next few years, says Tall.
21/11/2012

Ecclesiastical IM takes its profits on gold

The British asset management firm Ecclesiastical Investment Management, specialised in responsible investment, estimates that it is time to reduce its exposure to gold. The chief investment officer of the asset management firm, Robin Hepworth, has told Fundweb that he has sold all of the gold assets of the fund Ecclesiastical Amity International, whose assets under management total GBP192.3m. Hepworth made a gain of 28% compared with the acquisition of the exposure to gold in October 2010. He claims it is time to reduce exposure to gold, as a quantitative easing policy in the United States appears to be coming to an end.
21/11/2012

Skandia IG closes distribution offices in Germany and Spain

Skandia Investment Group (SIG) has decided to close sales offices in Germany and Spain, Das Investment reports. In the future, distribution for the two countries will be handled from London by the head of retail distribution for Europe, David Aldred.In the wake of the closure of the offices, several heads at SIG will be leaving the firm at the end of the year, includinf Stefan Rose, who had been head of distribution in Germany, Austria, Luxembourg and Switzerland.The changes are related to the implementation of a new strategy by the parent company, Old Mutual, which had already decided to discontinue the distribution activities of the insurance unit in Germany.
21/11/2012

UBS GAM recruits a former BNY Mellon head

UBS Global Asset Management has recruited Ryan Rajkumar, former head of investment solutions at BNY Mellon, Investment Week reports. He becomes head of sales in charge of strategic partnerships.
21/11/2012
Gestion d'actifs

La poche Obligations Convertibles est celle qui d' est le plus développée parmi les actifs de diversification de la MAIF

Karine Leymarie, Gérante Senior Actions et Convertibles à la MAIF, revient pour Instit Invest sur l'évolution de la stratégie de gestion de l'assureur, présent sur les obligations convertibles depuis quinze ans. D'après elle, cette classe d'actifs fait preuve d'un comportement tout à fait satisfaisant sur le long terme, tant en absolu qu'en relatif à un investissement actions ou mixte crédit-actions, et ce, avec un niveau de volatilité nettement inférieur à celui des actions.
Gestion d'actifs
20/11/2012

Le FESF reporte son émission d'euro-obligations

L'émission de nouvelles euro-obligations à trois ans par le FESF prévue aujourd’hui a été reportée après l’abaissement de la note de la France par Moody’s, a confirmé le FESF. «Le calendrier de l'émission d’euro-obligations à trois ans par le FESF est confronté à un problème technique lié à l’Acte de garantie», a expliqué le directeur général adjoint du FESF, Christophe Frankel.
20/11/2012

Rome fait monter la pression sur le budget européen

L’Italie est prête à s’opposer à un accord sur le budget de l’Union européenne pour la période 2014-2020 lors du Conseil européen des 22 et 23 novembre, si celui-ci paraît contraire aux intérêts des contribuables italiens, a déclaré le ministre des affaires européennes Enzo Moavero. Cette position ajoute davantage d’incertitude sur la perspective qu’un accord soit trouvé cette semaine.
20/11/2012

Les mises en chantier à un plus haut de 4 ans aux Etats-Unis

Selon les données du ministère du Commerce, les mises en chantier de logements ont augmenté de 3,6% au mois d’octobre, au taux annualisé de 894.000 unités en données corrigées des variations saisonnières. Il s’agit du plus haut niveau en plus de quatre ans pour cet indicateur volatil. Les permis de construire ont de leur côté reculé de 2,7% en octobre, au rythme annuel de 866.000 unités.
20/11/2012

L'Assemblée adopte le projet de budget pour 2013

Les députés français ont adopté par 317 voix contre 217 le projet de loi de finances (PLF) pour 2013 que le Sénat examinera à son tour à partir de jeudi. A l’issue de cet examen par l’Assemblée, le déficit, qui était de 61,635 milliards d’euros dans le texte initial, s'établit à 61,237 milliards, soit une réduction de 398 millions d’euros.
20/11/2012

Accord préliminaire entre l'Egypte et le FMI

L'Égypte et une mission du Fonds monétaire international (FMI) ont établi un accord préliminaire pour un prêt de 4,8 milliards de dollars (3,7 milliards d’euros), a déclaré un ministre égyptien cité par Reuters. L’accord doit être transmis au bureau du FMI pour être finalisé le 19 décembre, la première tranche du prêt devant être débloquée dans la foulée et la totalité versée dans les vingt-deux mois qui suivront.
20/11/2012

Athènes va solliciter le soutien du Qatar

Le Premier ministre grec Antonis Samaras se rendra au Qatar la semaine prochaine pour discuter des opportunités d’investissements en Grèce, a fait savoir le porte-parole de l’ambassade grecque à Doha. Antonis Samaras rencontrera l'émir du Qatar et le Premier ministre ainsi que des dirigeants de fonds souverains locaux pour discuter de ces opportunités.
20/11/2012

La perte du «triple A» de Moody’s a peu d'impact sur les marchés

La décision de Moody’s de priver à son tour la France de son «triple A» n’a qu’un impact très limité sur les marchés financiers. Dix mois après Standard & Poor’s, Moody’s a abaissé lundi soir d’un échelon la note souveraine de l’Etat français, de Aaa à Aa1, et elle maintient une perspective négative.Vers midi, l’indice CAC 40 cédait 0,1% après une hausse de près de 3% la veille, à comparer à une hausse de 0,04% de l’indice Stoxx50 des valeurs vedettes de la zone euro . Le rendement des obligations à 10 ans émises par Paris s’affichait à 2,11% contre 2,08% lundi, un niveau guère éloigné des plus bas historiques. Parallèlement, les CDS à 5 ans (credit default swaps) sur la dette française augmentaient de quatre points de base à 93 points alors qu’ils atteignaient 250 points il y a un an. Pierre Moscovici a déclaré : «Aux uns et aux autres, et je pense aussi aux investisseurs, je veux dire que le gouvernement est pleinement engagé dans un programme sans précédent de réformes.» «Nous voulons aller vite, fort, résolument», a-t-il ajouté. Pour la présidente du Medef , «Il est évident que cette dégradation, fait peser sur nous tous une pression particulière, plus forte encore que celle que nous avions déjà sur nos épaules». A la perspective négative maintenue par S&P et Moody’s s’ajoute le risque de voir Fitch abaisser à son tour sa note au cours des prochains mois, ce qui solderait pour de bon le «triple A».
Illustration: Thinkstock
20/11/2012

L'Espagne place plus de bons du Trésor que prévu

Le Trésor espagnol a placé pour 4,94 milliards d’euros de bons à 12 et 18 mois, un montant supérieur à la fourchette annoncée qui avait été fixée entre 3,5 et 4,5 milliards d’euros. Pour le papier à 12 mois, Madrid a émis 4,22 milliards d’euros, le ratio de couverture ressortant à 2,1 contre 2,7 lors de l’adjudication d’octobre, avec un rendement légèrement inférieur, à 2,797% contre 2,823% le mois dernier. Le Trésor espagnol a également émis pour 710 millions d’euros de bons à 18 mois, avec un ratio de couverture de 5,7 contre 3 lors de l’adjudication du mois dernier et un rendement légèrement supérieur, à 3,034% contre 3,022%.
20/11/2012

Benoît de Juvigny, nouveau secrétaire général de l'AMF

Gérard Rameix, le président de l’Autorité des marchés financiers (AMF), s’apprête à nommer Benoît de Juvigny au poste de secrétaire général du gendarme de la Bourse, actuellement occupé par Thierry Francq, rapporte le site économique latribune.fr. Benoît de Juvigny, ancien directeur du Crédit Lyonnais entre 1992 et 1994, a intégré l’AMF en octobre 2004 au poste de chef du service des prestataires et des produits d'épargne. Il est actuellement secrétaire général adjoint de l’AMF.
20/11/2012

Archstone se lance en Bourse

La société immobilière (promotion et foncière) contrôlée par Lehman Brothers Holdings a dévoilé son projet d’introduction sur le Nyse. Sous forme de fonds immobilier coté, ou Real Estate Investment Trust (REIT), Archstone souhaite récolter jusqu’à 3,45 milliards de dollars. L’opération sera scrutée par d’autres spécialistes du secteur évaluant l’accueil réservé à l’immobilier en Bourse.
20/11/2012

La BaFin appelle à une mise en place rapide de Bâle 3

La présidente de l’autorité allemande de régulation financière a lancé un avertissement contre une mise en place étalée ou retardée d’une réglementation plus stricte en matière de fonds propres, à la suite d’un appel de son homologue américain à l’abandon du nouveau régime bancaire dit Bâle 3. «Il n’y a pas d’autre solution que l’introduction de Bâle 3, aussi rapidement que possible et au niveau mondial», a déclaré à Reuters Elke Koenig.
20/11/2012

Moody's ôte à la France son Aaa

L’agence dresse un bilan sans concession des retards et rigidités pris par l’économie française qui affectent sa compétitivité et sa croissance
Moody's également ôte à la France son précieux AAA. Photo: PHB/Agefi

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