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05/09/2012

La BCE détend les taux courts espagnols

Les rendements à 2 ans de l’Espagne sont passés hier sous les 3% et ceux de l’Italie ont suivi la même tendance, grâce à la perspective de rachats de dette par la BCE jusqu'à des maturités de 3 ans. Les courbes des deux pays, quasiment plates fin juillet, ont retrouvé leur pente.
05/09/2012

Brummer vise l’Europe avec son nouveau hedge fund

Le gestionnaire suédois entend bien engranger un «montant significatif» de collecte, particulièrement au Royaume-Uni et en Suisse, avant de débuter en octobre les opérations de son nouveau fonds alternatif, baptisé «Carve». 500 millions de dollars ont été promis en un mois. Les investisseurs seront invités à rester fidèles au fonds pendant au moins un an, voire trois ans.
05/09/2012

Guggenheim conclut le rachat de Dick Clark Productions

Le fonds de private equity associé à Mandalay Entertainment et Mosaic Media Investment Partners va racheter la société de production des Golden Globes Dick Clark Productions pour 370 millions de dollars, un montant non confirmé officiellement. Guggenheim s’était déjà associé à Mandalay Entertainment en mars afin de reprendre l’équipe de baseball des Los Angeles Dodgers pour 2 milliards de dollars.
05/09/2012

Paris prépare un plan d'action sur les prix des céréales

Le gouvernement prépare un plan d’action pour limiter l’impact de la hausse des prix des céréales sur les consommateurs et les éleveurs qui devrait être dévoilé la semaine prochaine par François Hollande. Le plan devrait encourager des négociations entre les agriculteurs et les distributeurs et appeler les banques à aider les agriculteurs à passer le cap.
05/09/2012

Icap change les règles sur les changes

Le courtier interbancaire a dévoilé les détails des modifications techniques apportées à compter du 17 septembre à son système de négociation sur les changes EBS. Il s’agit avant tout de contenter les banques au détriment d’un trading à haute fréquence jugé perturbateur. Icap a par ailleurs fermé le 28 août selon efinancialnews.com la plate-forme de négociation européenne BlockCross.
05/09/2012
Gestion d'actifs

Agicam, Groupe AG2R-La Mondiale a élaboré un " set " de diligence ESG spécifique pour la sélection de fonds de Private Equity

L’investissement en Private Equity est une dimension vivante et organisée d’Agicam que la société de gestion a développé dans le cadre des mandats que lui ont confiés ses clients. La gestion de cette poche relève d’un processus structuré qui a conduit à la constitution progressive d’un portefeuille articulé autour des différents segments de cette industrie (capital risque, capital développement, LBO, Mezzanine, Secondaire et Retournement.) et recouvrant des investissements dans près de soixante fonds différents, gérés par plus d’une trentaine de sociétés de gestion différentes pour un engagement cumulé de près de 200 millions d’euros, appelé à 65%. Agicam a élaboré en 2011 un « set » de diligence ESG spécifique pour la sélection de fonds de Private Equity. Ce « Set » est articulé autour de 5 questions relatives à la démarche ESG de la société de gestion du fonds analysé et ce quelle que soit l’orientation ou l’univers d’investissement de ce dernier. Une note ESG, représentant 10% de la note totale du dossier, est attribuée au fonds. L’application systématique de ce questionnaire à l’ensemble des sociétés de gestion représentées dans le portefeuille recouvre également une démarche d’engagement de l’industrie du Private Equity. Un autre axe de la politique d’investissement d’Agicam dans le domaine du Private Equity consiste à analyser toutes les dossiers revendiquant une approche ISR ou dont l’orientation est congruente avec les engagements et/ou les « promesses » et les valeurs d’AG2R LA MONDIALE.
Gestion d'actifs
05/09/2012

AGI founds a “retail distribution Germany” unit

On 1 September, Mathias Müller became head of the new “retail distribution Germany” unit at Allianz Global Investors (AGI) in Frankfurt, which brings together responsibility for all distribution channels by which the asset management firm reaches retail investors in Germany in a single structure.Müller had previously been head of oversight for Commerzbank and Allianz networks. He will now also be responsible for distribution via other banks and financial intermediaries, which had previously been the responsibility of Nina Klingspoor, who has joined Allianz SE In Munich, as co-director of the office of the chairman of the board, Michael Diekmann.Müller will now report directly to James Dilworth, CEO of AGI for Europe.
05/09/2012

German insurers drop equities

According to the GDV association of insurance companies, the average allocation to equities by German insurers totalled 2.9% of portfolios at the end of 2011, compared with 8.5% at the end of 2007. According to a Die Welt survey of 30 top companies in the country, this exposure probably fell to 2.8% at the end of June.Debeka says allocation to equities is 0.9%, while it was 0.6% for Axa and 0.4% for VHV Hannoversche. The firms with the higest exposure to equities are Nürnberger Leben (6.7%), Allianz (6%) and Ergo (4.7%).Continentale, HUK-Coburg and Signal-Iduna, however, declined to respond to the survey.
05/09/2012

Threadneedle recruits a big name in Germany

Hartwig Rospisal, who had been CEO of the institutional management unit at NordLB, after serving at Pioneer Investments and Allianz/Dresdner, is joining Threadneedle Germany as institutional sales director, Fondsprofessionell reports. Rosipal will report to Werner Kolitsch, CEO of Threadneedle Deutschland, and will be responsible for developing the major institutional client base and managing relationships with their consultants.
05/09/2012

Employee shareholding: France leads in Europe

In terms of employee shareholding, France leads in Europe, but this leadership conceals a variety of situations and types of relationships used, according to a study by the employee shareholding specialist consultant Debory Eres. Employee shareholding at major French businesses is highly developed and is the most “democratic” in Europe. France Europe Best in class (or 2nd) Percentage of businesses with an employee shareholding plan 95.3% 92.3% Ireland - 100% Percentage of businesses with a “democratic” plan 86.2% 53.4% Cech Republic – 84.4% Percentage of businesses which offered new plans in 2010/2011 43.8% 29.8% Finland – 49.3% Number of employee shareholders (in millions of people) 3.8m 9.9m UK – 2.6m Democratisation rate (1) 51.5% 30.1% Slovenia – 41.9% Capital held by employees (non-management) 3.87% 1.68% Switzerland – 2.39% Percentage of capital controlled by all employees (including management) 5.04% 2.83% Austria – 4.11% Capitalisation held by shareholders (in millions of dollars) USD67m USD232m UK – USD53.7m Source: EFES, DEBORY ERES – Employee shareholder study France 2012 (1) percentage of total employees who are employee shareholders
05/09/2012

BNP Paribas RE sells a property to Axa RE for EUR400m

BNP Paribas Real Estate on 4 September announced that it has sold an office property located in King’s Cross, next to Saint Pancras station in London, to Axa Real Estate, under an off plan sale contract. The property, designed by architect Jean-Michel Wilmote, will be constructed by Promotion teams from BNP Paribas Real Estate UK. The transaction has been completed with the assistance of the Investment department of BNP Paribas Real Estate. The programme will develop 37,000 square metres of office space, with commercial space on the ground floor of the buildings, and will meet the most recent environmental and international comfort standards, to qualify for the label “Breeam Excellent.” “At King’s Cross, BNP Paribas is making its first promotion operation in London. It is an emblematic project, as it represents a British shop window of our expertise. It is also an illustration of our desire to strengthen our activities in the United Kingdom, where we are already present in Transaction, Advising, Expertise, Property Management and Investment Management. The United Kingdom remains a major country for the development of our business,” says Philippe Zivkovic, chairman of BNP Paribas Real Estate.
05/09/2012

Apollo Global Management buys up consumer loans from Citi

The investment fund Apollo Global Management on 4 September announced that it has acquired the consumer lending activities of the Citigroup bank in Spain, without stating the total trasaction price. The unit includes more than 130,000 accounts, with about EUR265m in profitable loans, and EUR280m in non-performing loans, the group says in a statement. The management of the loans will be transferred to Avant, a credit card services and consumer lending service platform based in Madrid, owned by Apollo since 2011. Apollo has become an important investor in European portfolios of illiquid and non-performing debt sold off by financial institutions, with 26 operations representing EUR8bn in loans in the past four years, the group says. Assets under management at Apollo as of 30 June totalled USD105bn, up 46% compared with the end of June 2011. This increase is related to growth in the “capital markets” segment, which has more than doubled in size in the past 12 months to USD56.1bn. Assets under management which generate commissions totalled USD77.4bn as of 30 June, compared with USD48.9bn one year previously. This development is also partly due to growth in the “capital markets” segment.
05/09/2012

iShares launches an ETF based on Italian bonds

iShares, the ETF platform from BlackRock, has launched the iShares Italy Treasury Bond ETF on the Milan stock exchange, Bluerating reports. The fund responds to demand for instruments which provide exposure to Italian government debt issues.
05/09/2012

SWFs: emerging coutnries take the lead

According to statistics from the SWF Institute, assets in sovereign wealth funds (SWFs) worldwide increased 9.6% in 2011, from USD4.4trn to USD4.8trn, the website Gulf Business reports. SWFs from emerging markets clearly dominate the rankings, with a total of nearly USD2trn. The top ten SWFs by asset volumes are as follows: Abu Dhabi Investment Authority (ADIA): USD627bnGovernment Pension Fund - Global (Norway): USD593bnSafe Investment company (China): USD567.9bnSama Foreign Holdings (Saudi Arabia): USD532.8bnChina Investment Corporation (CIC): USD482bnKuwait Investment Authority (KIA): USD296bnHong Kong Monetary Authority Investment: USD293.3bnGovernment of Singapore Investment Corp (GIC): USD247.5bnTemasek Holdings (Singapore): USD157.5bnNational Welfare Fund (Russia): USD149.7bn
05/09/2012

Stoxx releases an index of the world's largest caps

With the STOXX+ Global Max Traded 200, the Swiss firm Stoxx Limited on 4 September launched a product which covers the largest and most active market capitalisations in the world, dividing the world into three time zones (TZ) and including a set number of companies in each one. TZ1 includes all countries in GMT-1 to +4, while TZ2 contains GMT +5 to GMT12, and TZ3 is GMT-2 to GMT-11. To be included in the new index, whose universe is the STOXX Global Total Market Index, equities need to be issued by companies whose publicly-traded capital is at least EUR5bn; the shares also need to have a daily trading volume of at least EUR25m on average over three months. For each time zone, the components are the top five companies in terms of trading volume over three months. The remaining 15 companies are selected on the basis of their maximal average trading volume over the past three months, regardless of the time zone they are based in. The STOXX+ Global Max Traded 200 fund will be updated annually in September, and rebalanced each quarter. The weight of each holding is limited to 10%.
05/09/2012

European money market funds will need to pass on negative yield

Four of the largest managers of money market funds in Europe have told the Financial Times that they are looking for ways to pass on negative short-term interest rates to investors, without causing them losses. That could involve a modification of the prospectuses and articles of association for funds, says Jonathan Curry, global CIO for liquidity funds at HSBC Global Asset Management. The four fund managers questioned by the FT say the ECB’s interest rate cut in July was a turning point.
05/09/2012

Pioneer launches four emerging market funds

Pioneer Investment is planning to launch four emerging market funds to cover both equities and bonds, Citywire Global reports. The funds represent the first major product from the emerging market management hub of the asset management firm in London. The funds will be as follows: Pioneer Funds – Emerging Market Corporate High Yield Bond fund, Pioneer Funds – Emerging Market Corporate Bond fund, Pioneer Funds – Emerging Markets Equity Unconstrained et Pioneer Funds – Frontier Markets Equity.
05/09/2012

HSBC recruits in Asia-Pacific

The HSBC group has announced several recruitments which will allow it to build its equity and prime services teams in the Asia-Pacific region. The prime services unit has benefited from the arrival of three senior heads, Jean-Paul Linschoten, previously of UBS in New York, Adrian Harrison, previously of Keywise Capital Management, and David Streatfield, previously of Deutsche Bank. The bank has also recruited seven people for its equity team, including Tim Franks, previously of Bank of China International and Citi, as head of sales to hedge funds in Hong Kong.
05/09/2012

ETF providers at work on Asian product ranges

Several major ETF providers are preparing new ETFs, which may be characterised by simplicity and Asian underlying assets, Asian Investor reports. Lippo Investments Management is awaiting permission from the Hong Kong authorities to release the Lippo Select HK & Maintaldn Property ETF, which will replicate the Lippo IM index, launched last month which is based on Chinese and Hog Kong real estate equities. For its part, db x-trackers is planning to launch new ETFs in Singapore, where its product range already includes 47 vehicles, and in Hong Kong, where its range of products currently numbers 30, and may easily be extended. ETF assets under management in the Asia-Pacific ex Japan region as of 31 July totalled USD12bn, up by nearly 22% over 12 months. In the course of the past six weeks, inflows to ETFs have totalled about USD2bn.
05/09/2012

Foreign clients remain loyal to Switzerland

Assets under management by Swiss banks fell last year by slightly over CHF200bn (-3.7%) to a total of CHF5.269trn, largely due to depreciation of securities savings, Agefi Switerland reports. But at its annual convention, the Swiss banking association (ASB) reported that it has not observed significant emigration of foreign capital. The fear that foreign clients would massively withdraw their assets due to the adoption of tax compliance strategies by Swiss banks and the signature of agreements with major partners appears not to have materialised, the ASB states, claiming that regulations may be expected to promote the development of the market as a major centre for asset management. Switzerland already has advantages to make it a major financial centre, including handling of renminbi, a currency which in the next few years will play a growing role in international commerce.
05/09/2012

Axa IM recruits a manager from UBP

Axa Investment Managers has recruited Peter von Albertini as head of sales. He had previously been in charge of distribution for Germany at Union Bancaire Privée (UBP), Finews reports.
05/09/2012

BSI sets up wealth management affiliate

The Tessino-based banking group BSI, specialised in wealth management and owned by the Italian insurer Generali, has announced along with its results for first half that it will be creating a wealth management affiliate to be known as Patrimony 1873 (1873 was the year of the foundation of BSI), which received an operating license from FINMA in early August.Patrimony 1873 will be an independent centre of expertise targeting demanding clients focused on the preservation and administration of complex and internationally diversified wealth. It offers consolidated wealth management and global risk management reporting to retail and institutional investors, pension funds and family offices.Meanwhile, BIS has also reported a 7% increase in its net inflows in first half, to CHF2.7bn. Assets under management as of the end of June totalled CHF81.5bn, up 4.9% compared with the end of December 2011.In first half, BSI earned net profits of CHF42.6m, up 32.5% compared with the corresponding period of 2011.
05/09/2012

Profits and assets up at Partners Group

In first half, the Swiss firm Partners Group earned net profits of CHF121m, compared with CHF108m in the corresponding period of last year. Adjusted net profits from variations in the valuations of derivative products totalled CHF125m, compared with CHF113m.Net subscriptions totalled EUR2.4bn, compared with EUR2.1bn (and EUR3bn in fist half 2010); Partners Group thus confirms its objective of net inflows of EUR4-5bn in 2012 overall. As of 30 June, assets totalled EUR27.1bn, compared with EUR22.8bn one year earlier, while average assets in first half totalled EUR25.8bn, compared with EUR21.7bn.Of this total, private equity represented EUR18.8bn, while private real estate totalled EUR3.7bn, private debt EUR2.7bn, and private infrastructure EUR1.7bn. Assets at affiliates of the group represented EUR0.7bn.
05/09/2012

CCM offers managed accounts

Currency Capital Management (CCM), a Lausanne-based provider of financial services, is launching a range of Managed FX Accoutns to meet the complex needs of institutional investors, Agefi Switzerland reports. With these managed accounts, independent wealth managers, financial advisers and other providers will now be able to bring their Swiss clients the benefits fo immediate and independent access to the major global forex markets.
05/09/2012

More than USD1.8bn in QFII and QDII quotas awarded in August

Last month, the Chinese State Administration of Foreign Exchange (SAFE) issued quotas worth USD1.335trn to holders of nine Qualified Foreign Institutional Investor (QFII) licenses, including USD450m for Principal Global Investors, BOCI-Prudential Asset Management and ING Investment Management Asia Pacific (Hong Kong), with USD150m for each new entrant. Overall, the Chinese securities commission (CSRC) has issued 152 QFII licenses in the first eight months of this year.SAFE has also issued USD0.5bn quotas to holders of Qualified Domestic Institutional Investor (QDII) licenses. The CSRC has issued QDII licenses to 101 firms since the beginning of the year.Z-Ben Advisors states that in January-August 2012, SAFE has issued quotas totalling USD19.868bn to holders of QFII licenses, and USD84.927bn to QDII managers.
05/09/2012

Commissions targeted by new British market authority

Martin Wheatley, who will take over as head of the new British Financial Conduct Authority (FCA) in Spring 2013, will on Wednesday give his first major speech to the City, to announce an extension of RDR regulations to all financial products, and not only investment products. In other words, a rule against commissions which is applicable to all investment products sold by independent financial advisers (IFA) may also apply to insurance and mortgage products. With this initiative, the future FCA is hoping to avoid another scandal similar to the one surrounding misselling of insurance policies, which has already cost UK banks GBP10bn.

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