En parallèle à de nouveaux bruits concernant sa participation au capital de Standard Chartered (lire page 12), Temasek a reconnu avoir cédé des titres de l’opérateur télécoms de Singapour, sans préciser le montant de l’opération. Bloomberg croit savoir que le fonds souverain a vendu 2,5% du capital pour un milliard de dollars, ramenant sa part à 52% environ.

Les autorités du pays font un tour de table des investisseurs internationaux pour lancer une émission obligataire de 550 millions de dollars d’ici mi-janvier, selon Bloomberg qui cite le président Federico Franco. Le Paraguay cherche ainsi à profiter des taux historiquement bas pour placer un montant record.

Dans un communiqué commun publié hier à l’issue d’une réunion de leurs ministres des Finances à Helsinki, l’Allemagne, les Pays-Bas et la Finlande ont indiqué que, dans le cadre du programme de recapitalisation du secteur bancaire par le Mécanisme européen de stabilité, la disposition visant à sortir les actifs des «bad bank» des comptes publics des Etats périphériques ne devait pas s’appliquer aux «actifs hérités du passé». «Le MES peut assumer directement la responsabilité des problèmes survenant dans le cadre de la nouvelle supervision mais les difficultés héritées du passé doivent être de la responsabilité des autorités nationales» indique le communiqué. Une remise en cause de la dissociation entre dette publique et situation du secteur bancaire qui pourrait contraindre l’Espagne et l’Irlande à de nouveaux sacrifices budgétaires pour remplir leurs objectifs conditionnant les programmes de soutien.

Le ministre grec des Finances, Yannis Stournaras, a estimé entre 13 et 15 milliards d’euros la somme supplémentaire dont Athènes aurait besoin si son plan de sauvetage venait à être prolongé de deux ans, comme le souhaite le gouvernement grec. Une telle somme qu’il serait selon lui possible de trouver sans solliciter les contribuables européens.

La Chine va procéder à un « réglage fin » de sa politique monétaire destinée à soutenir son économie en phase de stabilisation, tout en surveillant de près l’impact du récent assouplissement des politiques en Europe et aux Etats-Unis, a annoncé la banque centrale. Pékin cherchera à assurer une croissance du crédit soutenue et appropriée, tout en réformant à un rythme soutenu son système de taux d’intérêt et en accroissant la flexibilité de sa devise.

La confiance du consommateur aux Etats-Unis a bondi en septembre pour atteindre un plus haut de sept mois, les Américains se montrant plus optimistes pour le marché de l’emploi et pour leurs revenus. L’indice établi par le Conference Board est ressorti à 70,3 ce mois-ci, contre 61,3 en août (révisé de 60,6) et 63,0 prévu par le consensus Reuters. L’indice des anticipations s’est envolé à 83,7, après 71,1 en août.

D’après nos informations, la CAPAV, Caisse de Retraite Paritaire de l’Artisanat du Bâtiment du Canton du Valais (550 millions de francs suisses), a obtenu un rendement positif de 4,5 % de janvier à août 2012. Une performance intermédiaire qui lui permet d’envisager cette année un rendement final bien meilleur qu’en 2011 (-5%). Seul bémol, la comparaison avec le rendement obtenu par l’allocation stratégique (+6%). Rappelons que la CAPAV, qui était exposée à 35% en actions à fin 2010 (18% d’actions suisses, 14% d’actions étrangères), a procédé à des dégagements importants sur cette classe d’actifs en 2011. Réduisant ainsi sa poche actions à 13%, un pourcentage très proche du minimum de 10% que lui autorise sa marge tactique. En 2012, la commission de placements de la CAPAV n’a pas procédé à d’autres ajustements. Elle n’a ainsi pas donné suite à la réflexion entreprise en 2011 concernant la baisse de son exposition à l’immobilier, qui reste inchangée, à 30%. Au final, l’allocation tactique est donc la suivante : 30% immobilier, 18% en obligations en devises étrangères, 14% d’obligations en francs suisses, 13% en actions, 6% en alternatifs (3% hedge funds, 1% matières premières et 2% d’autres actifs) et 19% en cash. Un montant de liquidités inemployées significatif que lui autorise « le cash-flow très important de la Caisse de Retraite Paritaire de l’Artisanat du Bâtiment du Canton du Valais » explique Eric Moix, gérant de la CAPAV. La CAPAV gère en direct ses placements, hormis un mandat Actions Suisses de 15 millions confié à La Banque Cantonale du Valais (BCV). Son consultant en placements est Synopsis.

Sylvain Mortera, directeur général d’Aréas assurances : Historiquement, les actifs d’Aréas étaient répartis à parts égales entre actions, immobilier et obligations. Solvabilité II nous amène à nous désengager des deux premières classes d’actifs au profit d’obligations d’Etats de qualité. Ces dernières années, nous avons ainsi vendu à la découpe la quasi-totalité de notre immobilier d’habitation, mais également de l’immobilier de bureau, ce que nous continuons à faire. Par ailleurs, durant l'été, nous avons vendu la moitié de notre portefeuille d’actions et sommes aujourd’hui en ligne avec notre objectif de ramener la part de ces actifs à 6%. Ces cessions d’actions ont généré des moins-values qui ont été compensées par les plus-values significatives réalisées sur notre portefeuille immobilier. Aujourd’hui, dans toutes nos prises de décisions, souscription, gestion de sinistres, réassurance, comme allocation d’actifs, nous avons la volonté de transformer en opportunité la contrainte que représente Solvabilité II pour une mutuelle comme Aréas assurances.

The Acropole Mix Income fund, founded in 2010 and managed by Acropole Asset Management, is changing its name, to become Acropole Global High Yield, undoubtedly to increase its visibility in the high yield category, which is highly popular with investors currently. Its investment strategy, however, remains rigorously the same. It is a fund which invests in high yield international bonds (Europe, the United States, Asia). The investment universe is composed both of corporate and convertible high yield bonds. The management team, led by Julien Chauveau, currently has a preference for the top end of high yield, with an average rating of about BB+ and a short average maturity. The portfolio is diversified in the number of issuers (about 150 holdings) and geographical origin. Currency risks are hedged. For management of the fund, Acropole AM relies on credit research from Cheyne Capital, its shareholder.

BFT Gestion on 25 September announced the launch of its first SRI convertible OPCVM fund on the French market, through a conversion of its BFT Convertibles fund into BFT Convertibles ISR. This allows investors to profit from the attractino of convertible bonds, while taking into account corporate environmental, social and governance (ESG) factors. BFT Convertibles ISR aims for returns higher than the ECI Euro index, which represents the euro zone corporate bond market, over the recommended investment duration (3 years). The ECI Euro index is only an a posteriori indicator, and the composition of the portfolio reflects the convictions of the management team. Technical characteristics of BFT Convertibles ISR ISIN code FR0010236091 Legal format French-registered common investment fund (FCP) AMF classification Diversified Date of creation 13/10/2005, converted into SRI fund on 15/05/2012 Asset management firm BFT Gestion Depository bank CACEIS Bank France Currency of reference EUR Result reporting Capitalisation Recommended investment duration 3 ans Minimal investment One share or thousandths of one share Initial net asset value per share EUR1,000 Valuation frequency Each trading day in Paris Reception deadline 12 noon Settlement Following day Direct management fees Maximum 0.75% total excluding taxes (excluding commissions earned by the asset management firm and transaction fees) Indirect management fees 0% Front-end fees Maximum 2% up to EUR250,000, 0% beyond, not paid into fund Withdrawal penalty 0%

In Asia, the number of high net worth individuals (HNWI) is expected to increase by more than 30% per year until 2015, to about 3 million, with wealth of about USD16.7trn, according to the most recent edition of the Wealth Report, published by Julius Baer on 25 September. Three countries are largely responsible for this development: China, India and Indonesia. In China, the number of high net worth individuals is expected to reach 1.46 million by 2015, representing cumulative wealth of USD9.3trn.

ING Investment Management has recruited for its fixed income team, according to the Italian press. Four professionals have joined the team: Roy Scheepe and Peter Sengelmann, as portfolio managers, Sean Jutajkiti as credit analyst, and Desmond Lim as portfolio assistant. The appointments are spread out over 2012, and will all join the management team based in Singapore, except Scheepe, who is based in The Hague, ING IM states.

In Germany, the mediator in charge of investment funds on 25 September published his first report on activities in the period from 1 September to 31 December 2011, according to a statement released by the German asset management association (BVI). In these four months, the mediator recorded 93 written complaints, and was in an undisclosed number of cases able to bring about an amiable agreement between consumers and asset management firms. Most of the problems experienced by consumers were related to investments in open-ended funds, largely redemptions of shares. One case was treated by the legislator, the professional association says. Since beginning its activities in September 2011, the mediator has received a total of 200 claims.

A reform of the second pillar is necessary, acording to Avenir Switzerland, largely due to the ageing population and low returns on capital. The foundation calls for a simplification of the legal framework to allow more insurance policyholders to define their investment strategy. The conversion rate for the second pillar is defined by law. The two parameters which determine it are life expectancy and average returns on capital markets, which were set before the 1990s. Those are now not in line with reality, Avenir Switzerland, a research centre financed by large Swiss businesses, writes. Since the 1990s, life expectancy has gotten longer by a few years, and average returns have fallen to 2.7% (compared with 4% at the time).

Kames Capital has announced the launch of an income fund dedicated to international equities, which will be managed by Piers Hiller and Mark Peden, Investment Week reports. The conviction fund, Kames Global Equity Income Fund, aims for capital appreciation and long-term returns, while also proposing to outperform the MSCI World index over three years. The group has also announced plans to launch a new “D” share class to meet the requirements of RDR regulations, while also modifying existing share classes. Front-end fees for the new share class have been set at 2.% for investments in equities and 1.5% for bonds, with management fees of 1% per year. The minimal investment is GBP250,000.

Europe is not out of the woods yet, but the worst appears to be over and the process of resolving the crisis is underway. In this context, “valuations of European equities are expected to be more attractive than US valuations,” says Charles Prideaux, managing director and head of institutional activities for EMEA at BlackRock, on a visit to Paris yesterday. Another factor in favour of European equities is the relatively weak returns on «safe» government bonds. Hence the attraction of seeking dividend-paying equities among the major publicly-traded large caps. Growth will remain soft in Europe, but in the US, the picture is not much more encouraging. The real estate sector is beginning to recover, but the job market remains anemic, while elsewhere in the world, emerging markets are expected to be an engine, as conjuncture accelerates in China. This environment therefore remains highly difficult and volatile. “The only thing which is certain is that we will have to live through some uncertainty,” Prideaux says. “But appetite for risk is still there. And staying on the sidelines isn’t necessarily the best strategy. We are taking risks for our clients, but calculated risks,” Prideaux continues, citing the FIGA (fixed income global alpha) hedge fund strategy, which aims to profit from anomalies in the bond markets. In search of returns as well as diversification, alternative management is now one of the most popular strategies for institutionals in all segments, not only hedge funds, but also private equity, real estate, and last but not least, infrastructure. BlackRock is also working on solutions to interest instittutional investors at the highest point of the current environment, including defined contribution programmes, liability-driven investment (LDI) management and income strategies.

The British firm Close Brothers, which has eported pra-tax profits up 2% for the year to the end of July 2012, is predicting a return to profits in 2013 for its asset management unit. Pre-tax profits for the group totalled GBP134.2m, up 2% year on year, due to a strong increase in profits from the banking division, which offset mediocre performance by the securities unit. Close Brothers also emphasizes that significant strategic improvements in asset management activities have resulted in losses of only GBP.3m, after GBP8.6m the previous year. Assets under management, however, fell 13% to GBP8.3bn, due to institutional outflows. Close Brothers nonetheless hopes to reach an operating margin of at least 15% by 2015 for its Asset Management division.

Fidelity FundsNetwork has set up a new pricing model, which will come into effect from 8 October, Money Marketing reports. The advisor commissions service will allow a choice between various commission options, on the basis of agreements with clients. The new system will allow monthly payments. The new pricing model aims to provide a gradual transition without disturbances in the period ahead of the introduction of RDR regulations.

Schroders has put its auditing contract with PwC, which is more than 50 years old, up for grabs, Financial News reports, in a sign that regulatory pressure on the independence of auditors is beginning to filter into the boards of directors of FTSE 100 companies. More than half of the businesses on the index have had the same auditor for more than 10 years.

The Swiss banking group EFG International, which is listed on the Swiss stock exchange and controlled by the Latsis family, on 25 September announced plans to list its affiliate EFG Financial Products Holding on the stock market. The operation is slated for the Swiss exchange during fourth quarter 2012, depending on market conditions, the bank has said in a statement. Capital at EFG Financial Products (structured investment products), a firm founded in 2007, is 57% controlled by the banking group and 43% controlled by employees. EFG International plans to put a part of its stake on the market, which ultimately will total less than 20%. Once the IPO is finalised, EFG International will reduce its participation in EFG Financial Products from 57% to a minimum of 20%, which will allow it to increase its Tier 1 owners’ equity ratio, and intensify the refocusing on wealth management announced in autumn 2011.

Fortune SG Fund Management Co., Ltd (“Fortune SG”), a joint venture from Lyxor Asset Management, in China, and Winton Capital Asia, a Hong Kong affiliate of the largest CTA fund in the world, have launched the first CTA fund in China, according to a statement released on 25 September. The mandate primarily targets qualified investors, including institutionals and high net worth private investors. The launch is the result of a partnership, including a research advising agreement, between Fortune SG and Winton Capital Asia. Under the agreement Fortune SG and Winton Capital Asia will work in close collaboration with the common goal of developing new mandates in China on the futures market.

State Street Global Advisors (SSgA), the asset management business of State Street Corporation (NYSE: STT), has announced the appointment of Joseline Hobson to the position of Director of institutional sales in France. Ms. Hobson will work with Michel Baudrin, head of institutional sales in France, who already serves a number of institutional clients on the French market. Ms. Hobson will report directly to Marco Fusco, Chairman, Managing Director and head of southern Europe at SSgA. In her new role, Ms. Hobson will be responsible for strengthening relationships with existing clients as well as developing new institutional client accounts in France, Spain and Portugal. Before joining SSgA, Joseline Hobson worked at Deutsche Asset Management (DeAM) for six years in various positions, her latest role as head of DB Advisors France (institutional division of Deutsche Bank’s asset management business) included the coverage of institutional clients in Spain and Portugal as well. Previously, Ms. Hobson spent 11 years working in CDC Marchés, the capital markets division of the Caisse des Dépôts et Consignations (now named Natixis CIB), where she held different positions in bond sales including the position of worldwide sales manager for the bond and money markets, leading local and international teams based in Europe, Asia and the United States. Ms. Hobson started her career in 1986 as a sales/trader at Indosuez Paris.

The portfolio management firm Alto Invest on 25 September announced that it has sold its 8.4% stake in LeGuide.com, a leader in shopping guides in Europe. Alto Invest entered the capital of LeGuide.com in 2008, and gradually increased its stake to become one of its largest shareholders.

Oddo Asset Management on 25 September announced the arrival of Alain Krief as head of fixed income and convertible management at Oddo AM. He will be responsible for money market, bond and convertible management at Oddo Am, which represents assets of more than EUR4.2bn, of which EUR940m are in the range of dated funds, which is currently represented by Oddo Haut Rendement 2017. Krief will be in charge of developing credit expertise at Oddo AM, bringing his vision as well as his experience on fixed income and risk management markets. Krief had previously been Head of Credit Investments at BNP Paribas Asset Management, where he was director of a team divided between Paris and New York, which had EUR8.5bn in assets under management in funds (including portage funds) and mandates.

Paris has fallen from 22nd to 29th place in the rankings of global financial centres, the Global Financial Centres Index (GFCI), published by Y/Zen Group. The index has measured the competitiveness of financial centres since 2007. European financial centres overall have lost ground, as Luxembourg has lost once place to 24th, and Frankfurt holds steady at 13th place. However, London maintains its place at the top of the rankings, followed by New York, Hong Kong, Singapore and Zurich.

Open-ended funds on sale in Italy have posted net inflows in August of EUR904m, following inflows of EUR52m in July, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Inflows were further boosted by bond funds, which took in EUR1.62bn. Flexible funds also posted positive inflows of EUR239m. All other asset classes showed outflows, including equity funds, from which EUR276m flowed out. Foreign-registered funds also posted net subscriptions of EUR1.627bn, while Italian funds saw redemptions of EUR722m. With the addition of closed funds and retail and institutional mandates, inflows in Italy in August totalled EUR1.754bn, following redemptions of EUR1.28bn in July. The group with the largest inflows in August was Banco Popolare, with EUR323.4m, followed by Deutsche Bank (EUR307m) and AM Holding (EUR251m). At the other extreme, the firms which had the largest net redemptions were Allianz (-EUR225.8m) and Pioneer (-EUR198m).

The State Street Global Markets investor confidence index for the month of September 2012 has fallen to 86.9 points compared with a corrected level of 91.0 points for August. European investors were the only ones to show optimism, as the regional index rose by 4.0 points, from 101.0 in August to 105.0 in September. North American investor confidence continued to decline this month, falling 3.2 points from August’s reading of 84.3 to end at 81.1. Asian investors followed the same trend, with the regional index in Asia down 5.6 points to 87.6.

Institutional investors appear to have adopted alternative management. Non only do a majority of them use it, but they also say that they are largely satisfied with alternative strategies according to a survey by Natixis Global Asset Management undertaken in the months of June and July, and covering 482 establishments worldwide. This means that managers of alternative funds, whose reputation was damaged in the wake of the financial crisis, appear to have regained some credibility with institutionals, who are also facing an environment that remains highly difficult, and which is driving them to diversify their sources of returns. Alternative approaches are now accepted in the institutional world, and the debate over the role of alternative management is closed, according to the Natixis GAM survey. In the current environment, which is characterised by persistently high volatility and a certain lack of liquidity on some markets, a traditional portfolio construction approach with bonds, equities and real estaet is not necessarily appropriate, and a long-only strategy for equities and bonds would not deliver the best risk-adjusted performance, Natixis GAM notes. The trend is clearly to replace traditional portfolio construction techniques, and as part of this development, some countries, such as Germany and Switzerland, appear to have taken the lead. Another idea is being called into question, namely that with enough patience, performance will come. 53% of Spanish institutional investors, and 58% of German and Swiss institutionals, say historical data do not apply when they show that prolonged periods holding securities bring decreasing probability of annualised negative returns. 67% to 70% of Swiss and German institutionals say that it is crucial to invest in alternative strategies in order to diversify portfolio risks and outperform markets. 94% of Spanish institutionals say that unconstrained management with macro and long/short equity funds, for example, represents one of the best ways to manage portfolio risks.

State Street Corporation on 25 September announced that it will be providing securities custody, transfer agency and fund administration services in Luxembourg to the sinAI fund, a long/short equity strategy fund which has recently been launched by the Danish firm Maj Invest. The sinAI fund (stock market investment by artificial intelligence), launched in June in Luxembourg in the form of a SICAV, currently has USD215m in assets under management. All investments in the fund are made by an exclusive and sophisticated artificial intelligence system which selects long and short positions on the US equity market. The system then classifies potential opportunities depending on their risk/return profile.

Confrontés à la forte volatilité des marchés financiers, qui pèse sur la valeur de leur actif, et à l’aplatissement de la courbe des swaps, qui accroît leur passif, les fonds de pension néerlandais vont retrouver des marges de manoeuvre grâce à un changement dans la méthode de fixation des taux d’actualisation, rapporte L’Agefi. A partir du 30 septembre, la courbe sera constituée en deux temps et sera moins sensible aux prix du marché. Une première partie jusqu'à 20 ans où le taux de marché reste la référence car la liquidité est suffisante. Au-delà elle sera construite à partir d’une formule mathématique. Cette mesure doit provoquer une repentification de la courbe à long terme des swaps en euros et une réduction de la volatilité sur les taux longs, précise le quotidien.