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25/09/2012

S&P réduit ses prévisions de croissance pour la zone euro

L’agence de notation Standard & Poor’s a réduit mardi ses prévisions de croissance pour la zone euro en 2012 et 2013, tablant sur une récession l’année prochaine à laquelle échapperait toutefois - de peu - la France. Jean-Michel Six, chef économiste Europe chez S&P, anticipe désormais une contraction de 0,8% du produit intérieur brut de la zone euro cette année, au lieu d’une projection de -0,7% en juillet. Pour 2013, il table sur un PIB stable alors qu’il attendait en juillet une reprise de +0,3%.
25/09/2012

Le climat des affaires recule en septembre en France

L’indicateur du climat général des affaires en France a baissé d’un point en septembre, à 86 points, atteignant son plus bas niveau depuis septembre 2009, annonce l’Insee dans son enquête mensuelle de conjoncture. L’indicateur du climat des affaires dans l’industrie manufacturière est resté stable à 90.
25/09/2012

Citi à l’amende pour des violations de positions

La CFTC (Commodity Futures Trading Commission) a infligé à Citigroup et à l’une de ses filiales une amende de 525.000 dollars pour avoir violé des limites de position, lesquelles plafonnent le nombre de contrats qu’un trader peut détenir sur certaines matières premières. Les échanges ont eu lieu sur le Chicago Board of Trade, détenu par CME Group. Il s’agit de la deuxième amende pour ce type de motif depuis le début de l’année.
25/09/2012

Les réflexions avancent pour réformer le Libor

Devant les eurodéputés, Michel Barnier et Gary Gensler, le patron de la CFTC américaine, ont jugé souhaitable de réformer l’indice de marché en le basant sur des transactions réelles. Le PDG de Bloomberg, lui, propose une solution maison qu’il pourrait mettre en place fin 2013.
25/09/2012

La BCE et la Bundesbank s’accordent sur l’OMT

Les deux banques centrales européenne et allemande ont mandaté des juristes pour vérifier la conformité légale avec le traité européen des dispositions du programme de rachats d’actifs annoncé par Mario Draghi, notamment en termes de taille et de durée, selon le journal allemand. Les deux institutions seraient ainsi prêtes à un éventuel passage devant la Cour de Justice européenne.
25/09/2012

La carrière de trader perd de son éclat

Si «la profession fascine toujours autant», le recrutement pour une carrière de trader «semble pourtant au point mort», souligne le quotidien, qui a interrogé nombre de professionnels. Un consultant assure que «l’âge d’or de la finance est derrière nous», un trader ajoutant qu’« on travaille toujours autant, mais avec plus de stress, moins de bonus et des équipes réduites». Nouvel horizon: l’Asie.
25/09/2012

Temasek songe à sortir du capital de StanChart

Citant des sources proches des discussions, le quotidien assure que le fonds souverain de Singapour a sondé ces derniers mois l’intérêt d’investisseurs concernant la mise en vente de sa participation de 18% au capital de Stantdard Chartered. Temasek est le principal actionnaire de la banque britannique fortement orientée vers l’Asie, et donc en relative bonne posture face à ses rivales. Cette participation est valorisée quelque 6 milliards de livres. Si aucune négociation formelle n’est engagée pour cette cession, l’information a de quoi selon le quotidien raviver les attentes d’offre publique susceptible de toucher StanChart.
25/09/2012

Henderson offers a range of multi-asset class funds

The British firm Henderson Global Investors (HGI) on 24 September announced the launch of its new Core Solutions range, which will include muti-asset class income funds managed according to the degree of risk. The team in charge of these products is led by Bill McQuaker. The portfolios will be instead in a wide range of active and passive components to provide wealth management advisers with a low-cost range which aims to satisfy the specific needs of their clients. Initially, the range will consist of two products: the Henderson Core 3 Income Fund, a low-risk fund, and the Henderson Core 5 Income Fund, a low/moderate risk fund, which currently have a performance objective of 4% in the former case, and 5% in the latter. Earnings will be distributed monthly, from November. Minimal subscription and management commission are set at GBP1,000 and 1.2%, respectively. The multi-asset class team manages a total of GBP2.5bn in retail products (as of 30 June).
25/09/2012

Union Investment invests in Glasgow

The German firm Union Investment has announced that it has acquired the G1 office building (12,200 square metres) in Glasgow for an undisclosed amount for the open-ended real estate fund UniImmo: Deutschland. Overall, open-ended real estate funds from Union Investment own five properties (hotels and offices) in Cardiff, Glasgow, Manchester and Stansted, representing an investment of EUR310m. The proportion of “regional cities” in the British portfolio (EUR1.1bn) is thus about 30%.
25/09/2012

Fixed income investors turn to Nordic products

European fixed income investors are turning to Nordic savings products, the Wall Street Journal reports in an article on the popularity of the banks of Northern Europe in times of crisis. Assets under management in Swedish bonds funds from Nordea have more than doubled to EUR515m as of the end of June 2012, compared with the corresponding period of last year. In the same period, Norwegian bond products rose to EUR1.54bn from EUR424m. This growth has been primarily fed by inflows from foreign clients, especially those based in the euro zone, says Christophe Girondel, managing director at Nordea Investment Funds.
25/09/2012

MACSF and Monceau pull out of La Française AM

The institutional investors MACSF and Monceau have sold their stakes of 3.30% and 1.70%, respectively, in the La Française AM group to Crédit Mutuel Nord Europe, a press statement dated 24 September announced. The development comes “three years after the merger of La Française des Placements and the UFG Group, and in the logic of existing shareholder pacts,” La Française AM explains. As a result, the CMNE is now an 85.9% shareholder in the La Française group, alongside management and employees, with more than 14% of capital.
25/09/2012

AIMA gets a new president

Kathleen Casey, former SEC commissioner (2006-2011), and a former representative of the SEC to IOSCO and the Financial Stability Board (FSB), has been appointed for two years as non-executive president of the Alternative Investment Management Association (AIMA). Casey replaces Tom Groome, who has been in the role since the beginning of 2009, and whose term is now ending. The CEO of the AIMA remains Andrew Baker.
25/09/2012

Creation of value: Asians lead

Emerging market businesses, especially Asian ones, stand out in the rankings of the groups that create the most value, according to a study by the Boston Consulting Group (BCG), which takes into account market performance and dividends, Les Echos reports. In the top 10 groups that create the most value by BCG covering the years from 2007 to 2011, 9 businesses hail from emerging countries. Asian businesses in particular are well-placed. The Chinese search engine Baidu takes top place in the rankings of global large caps in terms of total returns over five years. European countries lag far behind, and French firms even further behind those.
25/09/2012

SRI funds are not more sustainable than others

Socially responsible investment (SRI) funds are not more sustainable than their peers, a study by the Frankfurt-based firm AfU Investor Research and the Zurich-based RepRisk finds, in the areas of environmental, social and governance (ESG) for European funds. The study analysed the ESG performance of the portfolios of 166 European equity funds, of which 12 were “explicitly” SRI. For the study, EfU and RepRisk relied on a new methodology which assigns a “sustainability” value to each fund, using the reputational risk index from RepRisk (RRI) as a basis, which is constructed from controversy data collected from the media and other sources about the ESG performance of the companies concerned. The results are then added to a weighted value and aggregated for each business into the portfolio analysed. Ultimately, the study funds that in sustainable development, the average performance of traditional funds is not worse than specialist funds, and that there is no significant difference in the performance of the two types of funds either.
25/09/2012

Robeco wooed by private equity firms

Permira has teamed up with Affiliated Managers Group to make an offer to acquire Robeco, the asset management firm from Rabobank, according to reports in Financial News and Private Equity News. They are rivalling a joint offer from Advent International and CVC Capital Partners, according to sources familiar with the matter.
25/09/2012

BBVA sells an affiliate to Bolivian government

Funds People reports that the Spanish firm BBVA is about to conclude the sale of Previsión, its local pension fund management affiliate, with assets of USD2bn, to the Bolivian government. Negotiations began a year ago when the government of Evo Morales passed a law to nationalise the pension system, cancelling agreements with the private businesses operating in the country, BBVA and Zurich Financial Services. The law will take effect in October. Previsión contributed only USD5m to the BBVA group’s profits.
25/09/2012

Berenberg plans to strengthen position in European institutional segment

The German Berenberg group, which has recently announced a desire to develop its investment banking activities, also has plans to grow in asset management. In an interview with the Börsen-Zeitung, the head of Berenberg, Hans Walter Peters, has announced that the firm is planning to develop its activities serving European institutional investors. Berenberg is hoping to win international mandates to serve pension funds.
25/09/2012

Oddo AM creates a customized product for Banca Generali

Oddo Asset Management is making its debut on the Italian retail market, with the launch of Oddo Expertise Europe, a fund of funds created exclusively for Banca Generali, the Italian website Bluerating reports. The product, which will be an addition to the Luxembourg Sicav from BG Selection, will bring together various funds from the French asset management firm in a single sub-fund. It will be exposed to European equities and convertible bonds in particular. The funds included in the portfolio are the following: Oddo Generation Europe/Oddo Generation, aOddo Funds Large Cap Europe et Oddo Avenir Europe/Oddo Avenir, Oddo Valeurs Rendement, Oddo Immobilier, Oddo European Banks, Oddo Active Equities €, Oddo Convertibles, Oddo Convertibles Taux, Oddo Commodities Convertibles.
25/09/2012

Finra fines Fidelity

The US regulator, Finra, has fined Fidelity USD375,000, according to Mutual Fund Wire. The asset management firm is accused of distributing unbalanced and misleading sales materials, which contain unwarranted assertions, and which do not provide a solid basis to evaluate the risks associated with funds. Fidelity has accepted the fine without admitting or denying the charges it has been notified of. The funds concerned were invested in subprime debt as well as instruments related to credit card and automotive debts.
25/09/2012

Steep fall in AAA-rated, euro-denominated money market fund assets

Assets in AAA-rated money market funds denominated in euros have fallen to their lowest level in three years. According to statistics from Standard & Poor’s, assets fell by 1% in July and 5.6% in August, to a total of EUR124.3bn, their lowest level since 2009. The decline in rates is largely a result of this development. AAA-rated money market funds denominated in pounds sterling, which continue to show returns of about 40 basis points, have gained 9.7% 6o GBP155bn. According to Emelyne Uchiyama, an analyst at Standard & Poor’s, a further reduction in rates by the European Central Bank could very severely compromise the money market fund market in euros, and even the entirety of the money markets.
25/09/2012

Aberdeen releases an asset allocation fund

Effective immediately, Aberdeen Asset Management is releasing the dynamic management multi-asset class fund Aberdeen Global II Dynamic Allocation Multi-Asset Fund in Germany, Austria and the three Benelux countries, Das Investment reports. The Luxembourg-registered, low-risk product will invest in a variable manner in equity and bond funds from Aberdeen. If necessary, the entire portfolio may be invested in cash, and allocation to equities is limited to 50%.
25/09/2012

MAM Funds returns to profitability

With the announcement of pre-tax profits of GBP0.5bn for first half, compared with losses of GBP0.2bn in the corresponding period of 2011, MAM Funds reports that its assets have increased by 3.% as of the end of June, to a total of GBP1.7bn, compared with GBP1.6bn one year earlier, Fundweb reports. The firm has also announced the launch of a British small cap fund, which will be managed by Gervais Williams and Martin Turner, and has also announced that it is preparing a fund of US equities, which will be managed by Nick Ford, who has recently been recruited from Scottish Widows.
25/09/2012

Barclays looking for good citizens

Agefi reports that Reuters cites the new CEO of the British bank Barclays as saying that the firm will develop a new employee evaluation grid in the next six to twelve months. The new evaluation system will include good citizenship criteria. Behaviour towards “society” will be a factor in determining remuneration.

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