Le projet de loi de Finances instaure des clauses d’action collective dans tous les emprunts d’Etat émis à partir du 1er janvier, comme le prévoit le traité instituant le Mécanisme européen de stabilité. Une mesure qui risque d’avoir un impact pour le marché des OAT démembrées.

Agicam et LMGA devraient fusionner courant 2013 et converger avec une partie de la direction des investissements du groupe, qui gère 55 milliards d'euros

Le Hong Kong Economic Times cite Charles Li, le patron de la Bourse de Hong Kong, qui a récemment fait l’acquisition du London Metal Exchange (LME), ce dernier devant prochainement annoncer la mise en œuvre dès mi-2013 d’un système autorisant la cotation des métaux aux heures d’ouverture des marchés asiatiques. Le dirigeant souhaite également la création de produits libellés en yuans.

La banque centrale de l'île est intervenue pour la troisème fois en quelques jours sur le marché des changes pour stopper le hausse de sa devise

Le quotidien indique que le fonds souverain China Investment Corp a trouvé une nouvelle cible de choix: les bureaux de la City à Londres. CIC serait ainsi en pourparlers pour acquérir le quartier général dans la capitale britannique de Deutsche Bank pour un montant de 250 millions de livres, l’équivalent d’un peu plus de 300 millions d’euros. L’actif est mis en vente par le fonds immobilier allemand Kanam.

La Commission européenne a soutenu l’initiative, désormais portée par dix pays, d’introduire une taxe sur les transactions financières (TTF), afin que le secteur financier participe à l’effort de réduction des déficits publics. Les Etats favorables à cette taxe sont la France, l’Allemagne, l’Autriche, la Belgique, la Grèce, l’Italie, le Portugal, la Slovaquie, la Slovénie et l’Espagne. Cette taxe « créera un marché unique plus solide et plus homogène et permettra de renforcer la stabilité du secteur financier », a souligné Algirdas Šemeta, commissaire chargé de la fiscalité. Il a exhorté le Parlement et le Conseil à donner à leur tour « rapidement le feu vert aux États membres qui veulent passer à une taxe européenne sur les transactions financières ». La CE présentera plus tard dans l’année une nouvelle version du projet basée sur ses propositions de l’année dernière, mais adaptée à dix pays.

Conseil en en investissements sur les fonds de fonds IRD, Cedrus AM vient d’être agréée par l’AMF en tant que société de gestion de portefeuille afin de développer et de gérer des OPCVM. Cedrus Partners reste l’actionnaire de référence de Cedrus AM avec 80% du capital, les 20% restants étant détenus par NExT AM. L’objectif d’encours sous gestion est fixé à 100 millions d’euros d’ici la fin de l’année.

La société de gestion spécialisée dans le secteur infrastructure qui vise une taille cible de 400 millions d’euros pour son nouveau fonds Infravia European Fund II vient de réaliser un premier closing d’environ 150 millions d’euros auprès d’investisseurs institutionnels français et européens. Le fonds est centré sur le midcap européen (particulièrement sur la zone euro) et sur des actifs réels « brownfield » (en exploitation) générant du rendement courant.

Etienne Lacomme-Lahourgette, directeur de la trésorerie et du financement groupe de Vallourec dans un article paru dans Option Finance numéro 1193 : Sur quels supports placez-vous votre trésorerie? A la suite de plusieurs placements obligataires réalisés au cours des douze derniers mois, le groupe affichait, à fin juin, une trésorerie de 580 millions d’euros. Globalement, 80% de cette somme sont placés dans des OPCVM monétaires, le solde étant constitué de dépôts bancaires. Si cette répartition peut évoluer à la marge, elle reste, dans l’ensemble, relativement stable. Dans un contexte de taux bas, avez-vous modifié votre allocation afin de maximiser le rendement offert? La baisse des taux nous a incité à mettre davantage en concurrence nos contreparties, qu’il s’agisse des gestionnaires de fonds ou des établissements bancaires. D’une manière générale, notre stratégie vise à privilégier nos banques historiques dans une optique de relations commerciales globales. Toutefois, nous sommes plus attentifs au rendement offert. En dehors de cette recherche d’optimisation, l’allocation de nos liquidités n’a pas vraiment évolué. Nous continuons de nous appuyer sur les mêmes partenaires, notre priorité absolue n'étant pas la rémunération, mais l’absence de risque dans les positions prises par ces derniers. En raison de la concurrence bancaire pour attirer les dépôts, les placements bancaires sont-ils aujourd’hui plus intéressants que les OPCVM? Depuis un an, la rémunération de nos placements dans des OPCVM a baissé en moyenne d’une trentaine de points de base (pb). Toutefois, elle reste généralement plus élevée que celle octroyée par les banques. En effet, contrairement à un dépôts bancaire qui sera rémunéré au taux de marché actuel, le fait d’investir dans des OPCVM nous permet de profiter de rendements issus d’investissements réalisés, il y a plusieurs mois déjà, par le fonds. Or ceux-ci étaient alors plus élevés qu’aujourd’hui. Pour autant, il arrive parfois que certaines banques proposent, durant une période limitée, des offres particulièrement attractives. Ce fut notamment le cas cet été. L’une d’elle a proposé de rémunérer des dépôts à trois mois à un taux légèrement supérieur à 1%. Un rendement qui dépassait de 20 à 40 pb celui offert à l'époque par nos autres contreparties. Nous avions ainsi décidé de placer davantage de notre liquidité auprès de cette banque, ce qui avait pu de manière ponctuelle faire progresser notre ratio de dépôts bancaires au dessus de 20%.

Lors d’un entretien accordé à Instit Invest, Philippe Goubeault, Directeur Financier du GIE Agirc-Arrco a indiqué que l’orientation stratégique des placements, définie par la fédération, ne verra pas de changement d’ici fin d’année 2012. Cependant, les modifications d’allocation sont attendues en cours d’année 2013. Certaines ont déjà eu lieu, en raison de la crise de la zone Euro, sur les titres notés en dessous de la note BBB. Initialement limitée à 5%, la détention de ces titres a dépassé cette contrainte en raison de la baisse des notes de certains pays, tels que la Grèce, l’Espagne et l’Italie. Ayant pris la décision de ne plus détenir les titres grecs dans le portefeuille depuis 2010, les instances ont appliqué une règle générale sur les titres citées ci-dessus. Cette règle prévoit un relèvement du plafond de détention des titres en dessous de « investment grade » à 7% pour les emprunts d’Etat et 5% pour les obligations d’entreprises, dans la limite de la somme des deux, inférieure ou égale à 10%. La nécessité de prélever dans les réserves afin de payer les échéances, reste toujours la principale problématique de la gestion des régimes. La première ponction de l’année, qui a eu lieu en avril, a porté sur 4 milliards d’euros. Une deuxième remontée de réserves portant sur le même montant aura lieu le 24 Octobre. Cela permettra de couvrir les échéances de janvier et avril 2013, précise Philippe Goubeault. En 2013, il sera question de réfléchir sur le pilotage par la duration, de l’exposition obligataire, pour les strates moyen et long terme. L’objectif étant de se prémunir contre le risque de remontée des taux d’intérêts sachant que l’hypothèse d’une hausse brutale des taux n’est pas la plus probable. Néanmoins, il faudra veiller à ce que les gérants ne réduisent pas trop brutalement la duration de leur portefeuille si nous fixons une limite encore plus restrictive, sinon nous risquons de compromettre le potentiel de rendement sur le long terme.

Fundweb reports that Source has closed four ETPs which have not attracted adequate assets since their launch in 2009: namely, Cyclicals European Source, Consumer Discretionary European Source, Defensives European Source ETF and Consumer Staples European Source ETF.

The French firm Amundi Asset Management (EUR693bn in assets) has received a sales license from BaFin for the Absolute Volatility Arbitrage Plus (LU0722566899) sub-fund of its Luxembourg Sicav Amundi Funds (see Newsmanagers of 19 October).

Fitch Ratings expects credit markets to be less directional in the coming months. As a result, short duration, lower volatility and absolute return strategies with more performance contribution from bond picking will gain traction and are currently being launched by most advanced asset managers. As many funds can accommodate these strategies, Fitch expects to see the following fund types being launched: short duration high yield funds, diversified (i.e. multi credit sub-asset class), low volatility or target volatility funds, as well as absolute return credit funds. Asset class and region focused, low tracking error, long only credit funds should be less popular than in the recent past.

Jérôme Kerviel, the former trader at Société Générale who has admitted to taking unauthorised and risky positions on futures contracts, totalling as much as EUR50bn in 2008, will learn his fate this Wednesday. The court of appeals will deliver its decision this afternoon, Les Echos reports. The defence has called for leniency, while the prosecution is seeking 5 years of firm prison time and EUR4.9bn in damages and interest.

OFI Infravia on 23 October announced the first closing of its new fund, InfraVia European Fund II, with about EUR150m in assets from French and European institutional investors. The fund aims for a target sie of about EUR400m. The fund offers investors a diversified investment strategy in the transport, energy, social infrastructures, utilities and communication infrastructures sectors. This core strategy is focused on European midcaps (particularly from the euro zone) and real brownfield assets (i.e. in operation) which generate ongoing returns.

The asset management firm Prigest, in partnership with its largest shareholder, SwissLife Banque Privée, has launched a horizon fund investing primarily in international equities, Swiss Life (F) Prigest World 2020, which is based on two drivers of performance, the management explains: firstly, a return to a historic price-to-book ratio of 1.7, from its current 0.9, and secondly, returns which currently total 4.75%, while management is predicting 3.55 over the long term.Due to its eligibility for life insurance policies from SwissLife Banque Privée, the maturity date for the fund has been set for 2020, giving it a lifespan of eight years. Its performance objective is 7% per year.ISIN code: FR0011312073

Amundi ETF on 23 October launched the Amundi ETF Topix EUR Hedged Daily fund which offers an innovative solution to investors seeking exposure to Japanese equities, with daily hedging against currency risks, on NYSE Euronext in Paris. The ETF is available with a TER of only 0.48%. Hedging for currency risks is managed and adjusted on a daily basis within the TOPIX Euro Daily Hedged (Total Return) strategy, through the use of forward contract maturing at the end of the current month. This daily revaluation reduced the influence of currency rate volatility, optimising hedging for currency risks. Primary characteristics Name: Amundi Topix HDG ISIN code: FR0011314277 Underlying index: Topix Euro Daily Hedged TER: 0.48%

The revised IORP directive for pension funds is a highly political subject, which merits that the voices of all participants be heard, a joint statement released on 23 October by the European fund and asset management association (EFAMA) and several other European professional organisations, including the European venture capital association (EVCA), the confederation of European labour unions (CES), the European association of joint associations (AEIP) and Business Europe states.The signatories of the statement are: the European association of joint associations (AEIP), the European centre for businesses for public participation and businesses in the general economic interest (CEEP), Business Europe, the European fund and asset management association (EFAMA), the European retirement federation (EFRP), the confederation of European labour unions (CES or ETUC), the European venture capital association (EVCA) and the European union of artisans and small and mid-sized businesses.At a time when the European Commission and the European insurance and professional pensions authority (EIOPA) are continuing their work to prepare a revision to the IORP directive, the professional associations raise the question of the legitimacy of the quantitative impact study, the first as part of the revision process for the directive, which is based on a tool which the associations contest, known as the Holistic Balance Sheet (HBS).“We are concerned that the result of this process will be to impose a Solvency 2 framework for surveillance of pension funds. Our concerns were reinforced in July 2012, following a public consultation launched by Eiopa into the planned technical specifications of the impact study,” the associations claim, noting with satisfaction that EIOPA has admitted that the use of the holistic tool required refinement in several points, and expressing regret at the same time that the Commission was unable to identify these problems.The professional associations call on the European Commission to integrate the results of the debates currently ongoing on the subject of long-term investments into the new incarnation of the directive, in order to allow pension organisations to continue to finance their long-term investments. Currently, the associations regret, it would appear that the planned revision privileges security in the short term, to the detriment of long-term investment and viability of retirement regimes. “It is certainly important to ensure a good balance between security and investment, but it is also important to avoid contradictory processes developing within the European Commission,” the associations write.

The president of trustees at the IFRS foundation, Michel Prada, who oversees the activities of the IASB, the body responsible for the IFRS international accounting standards, claims that the United States is in a position to consider a transition to IFRS standards. At a release of an analytical report by the Securities and Exchange Commission (SEC) on international accounting issues as seen from the United States, including IFRS as international accounting standards, the IASB, as designer of these standards, and the challenges for a transition to IFRS standards in the US, Prada expresses optimism. “While admitting the difficulty of the task, analysis by the IFRS foundation shows that there are no insurmountable obstacles to the adoption of IFRS standards by the United States,” Prada says. “The United States are well-placed to succeed in their transition to IFRS standards, which would achieve an objective which has been confirmed many times by the G20,” the former AMF president says. The trustees have also announced the appointment of Christoph Hütten, replacing the Frenchman Patrice Marteau, as vice-chairman of the consulting committee. Hütten is the chief accounting officer of SAP AG. The French Sylvie Matherat is also leaving the consulting committee.

Tradeweb Markets on 23 October announced the launch of an electronic trading platform dedicated to ETFs listed in Europe via its MTF operator, Tradeweb Europe Limited. This is an unprecedented initiative in Europe, which may give a new impetus to the ETF segment, which has already seen growth of nearly 40% per year over the past ten years, and whose assets under management as of third quarter totalled USD309bn, according to the research agency ETFGI. A significant proportion of these assets are traded over the counter due to the fragmentation of this market. Tradeweb is launching a dedicated platform in order to provide privileged access to a consolidated liquidity pool for all ETFs listed in Europe. Eleven dealers are already offering liquidity to the market. The new framework will also allow better price formation for over-the-counter transactions. Adriano Pace, head of equity derivatives at Tradeweb, says the platform offers an integrated trading process and several functions which reduce the risk of errors and improve the efficiency of the market substantially.

Assets under management by the wealth management unit of the Nordea group as of the end of September totalled EUR210.9bn, up by EUR11.1bn or 6% compared with second quarter, according to statistics released on 24 October at the publication of the group’s quarterly results. Net inflows totalled EUR2.7bn, and market appreciation represented EUR8.4bn. All segments contributed to the good results during the quarter, except Life & Pensions. Inflows from institutional investors alone totalled EUR1.7bn.

Stefano Calvi, former executive director and head of private banking at Vontobel in Italy, is joining Cassa Lombarda, Bluerating reports. Calvi is already working at the firm as a private banker.

The independent asset management firm Amaïka Asset Management is adding to its asset management product range with the addition of two new FCP funds: Optimum and Maxima, which are in fact adaptations of the management of the “EFG Optimum” and “EFG Maxima” funds previously managed by the two founders of Amaïka, David Kalfon and Christophe Berger, at EFG AM France.The asset management firm, which has just celebrated its first birthday, now offers private clients and wealth management professionals four different mutual funds: Optimum, Amaïka 60, Altiflex and Maxima.Optimum (ISIN code: FR0010813329) is a multi-strategy, multi-manager diversified fund of funds. It offers preferred access to investment strategies that seek absolute returns, while offering increased transparency and daily liquidity, and limiting exposure to equity risk to 20%. Optimum offers access to diversified strategies such as portage and portable alpha.Maxima (ISIN code: FR0010148007) is a diversified FCP which invests primarily in European equities, and which is eligible for investment from PEA savings schemes. Its exposure to equity markets varies from -20% to 150%. The objective is to offer subscribers returns on their capital over a minimum investment horizon of five years of over 6% per year. The FCP will be at least 75% invested in financial instruments eligible for PEA savings schemes at all times.

To replace Rui Mota Guedes, who has left the firm, the Spanish asset management firm Siitnedif, led by Ricardo Seixas, has recruited Álvaro Llanza as manager of the Tordesillas fund, Funds People reports. He had previously been at JB Capital markets, after serving at Banif, Schroders and Citi. In 2001, he founded the asset management firm Dux Inversores.

On 19 October, the Spanish regulator, the CNMV, issued sales licenses for the Spanish funds Altan III Global and Foncaixa Objectivo Rantas, as well as to the foreign products Amundi Treso Corporate, Exane Funds 1, LFP S&P Capital IQ Fund and Seeyond Volatilité Actions.

The Chinese sovereign fund China Investment Corporation (CIC), which has USD410bn in assets under management, is in talks to buy the headquarters of Deutsche Bank in the City of London, for GBP250m, the Financial Times reports. According to sources familiar with the matter, Invesco will acquire the roughly 95,000 square metre property on behalf of the Chinese investor. The seller is KanAm.

Stephen Hayes, who was recruited in August as head of property securities, has lost no time in strengthening his team. First State Investments on 23 October announced the recruitment of three senior portfolio managers and one analyst.Two of the new portfolio managers joins from Perennial Real Estate: Tuan Pham, who has been head of Asia at his former employer, and who joins from First State to focus on Asian assets, and Boudewijn van Loen (head of Europe/UK at Perennial RE). The third portfolio manager is Daniela Lungu, who previously worked for CBRE Investments.The analyst is Josef Dagulo, who joins from First State as investment analyst for the Asia-Pacific region, and who will be based in Sydney, as will Pham.

The British press reports that Scottish Widows Investment Partnership (SWIP) has announced the recruitment of Lynda Shillaw as director of real estate, replacing Malcolm Naish, who has retired.Shillaw will join SWIP on 1 January from Lloyds Banking Group, where she had been managing director of corporate real estate for private and institutional banking since October 2010, and previously managing director of estates at the Co-operative Group.Shillaw will report to Dean Buckley, managing director, and will lead a team of 50 people with assets under management of about GBP8bn.

Barclays has announced the launch of share classes that comply with RDR regulations for its full range of actively0 and passively-managed funds. Annual management fees for these new share classes will total between 0.6% and 0.9% for equity funds and funds dedicated to bonds from developed countries. For risk-adjusted funds of the GlobalMarkets range, annual management fees have been set at 50 basis points.

Following the Royal European Corporate Bond Fund in August, Royal London Asset Management (RLAM) has announced the launch of the Royal London Duration Hedged Credit Fund on 24 September. The product is a UCITS IV-compliant fund which is particularly well-suited to retirement savings plans, with the objective of earning outperformance of the Libor 3-month by 200 basis points regardless of market conditions, by investing in corporate bonds of various maturities, with the ability to retain British government bonds and other debt instruments.The management team (Paola Binna and Shalin Shah) may use derivatives to reduce interest rate risks, shortening the duration to a near-zero level. The portfolio includes 100 to 200 holdings.CharacteristicsName: Royal London Duration Hedged Credit FundISIN code: GB00B4K6P774Minimal initial subscription: GBP1mManagement commission: 0.50%