Hervé Boiral, responsable crédit chez Amundi Asset Management

L'AMF vient de les accepter comme pratique de marché. Ils ont vocation à soutenir l'activité sur les plates-formes obligataires

Le gouvernement russe entend récolter 7,4 milliards d’euros cette année, dont un tiers par un allègement au capital de Sberbank

Christian Parisot, responsable de la recherche économique chez Aurel BGC

Les stocks des grossistes américains ont augmenté plus qu’attendu en avril, les stocks de biens durables enregistrant leur plus forte progression depuis près d’un an, montrent les statistiques publiées vendredi par le département du Commerce. Les stocks dans leur ensemble ont augmenté de 0,6% à 483,5 milliards de dollars, après une hausse de 0,3% en mars.

Le déficit commercial américain a diminué en avril de 4,9%, à 50,1 milliards de dollars contre 52,62 milliards en mars, montrent les chiffres publiés par le département du Commerce, sous l’effet d’une contraction des exportations comme des importations après les niveaux records de mars. Les importations de biens et services ont reculé de 1,7% à 233 milliards de dollars, tandis que les exportations se sont contractées de 0,8% à 182,9 milliards.

L’Autorité des marchés financiers accepte une nouvelle pratique de marché relative aux contrats de liquidité obligataire, à l’image de ce qui existe déjà pour les marchés actions. Cette décision de l’AMF fait suite à une demande présentée par Paris Europlace dans le cadre des travaux qui visaient à identifier les moyens d’apporter davantage de liquidité au marché secondaire des obligations.

Le produit intérieur brut (PIB) du Portugal ne s’est contracté que de 0,1% au cours du premier trimestre 2012, après une baisse de 1,3% lors des trois derniers mois de 2011, selon des chiffres publiés vendredi par l’Institut national de la statistique (INE). L’institut a indiqué déclaré que sur un an, le PIB s'était contracté de 2,2% lors des trois premiers mois de 2012, contre 2,9% au cours du dernier trimestre 2011.

L’Agence France Trésor annonce l’adjudication, le lundi 11 juin, d’un montant global compris entre 6,5 et 7,8 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur 4 à 4,5 milliards d’euros de bons à 13 semaines qui arriveront à échéance le 13 septembre 2012, sur 1,4 à 1,8 milliard d’euros de bons à 24 semaines à échéance du 29 novembre 2012, et sur 1,1 à 1,5 milliard d’euros de bons à 50 semaines à échéance du 30 mai 2013.

Le déficit commercial de la France s’est légèrement creusé en avril à 5,801 milliards d’euros, un chiffre conforme aux prévisions, après -5,572 (révisé) en mars, selon les données CVS/CJO publiées vendredi par les Douanes. Les exportations en données CVS/CJO sont ressorties à 37,043 milliards d’euros en avril contre 36,391 milliards en mars. Les importations se sont inscrites à 42,844 milliards d’euros après 41,963 milliards un mois plus tôt.

Les importations allemandes ont subi en avril leur plus forte chute depuis deux ans.Ajustées des variations saisonnières, elles ont diminué de 4,8% en avril, montrent les chiffres publiés vendredi par l’Office fédéral de la statistique. Quant aux exportations, elles ont elles aussi reculé, et ce pour la première fois de l’année, enregistrant une baisse de 1,7% contre un repli de 1% attendu, signe que l’Allemagne commence à ressentir à son tour les effets de la crise de la dette en zone euro.

Le produit intérieur brut (PIB) de la Grèce s’est contracté de 6,5% au premier trimestre 2012 en rythme annuel, selon les chiffres publiés vendredi par l’institut de statistiques Elstat, sur la base d’estimations non corrigées des valeurs saisonnières. La contraction d’activité est plus importante que l’estimation de -6,2% qui avait été précédemment évalué. Elle suit une contraction de 7,5% au quatrième trimestre 2011.

La Bundesbank a relevé sa prévision de croissance de l'économie allemande pour cette année, disant tabler désormais sur une progression du produit intérieur brut de 1%, contre une hausse de 0,6% précédemment, en expliquant que la demande intérieure devrait compenser le ralentissement des échanges avec les pays en difficulté de la zone euro. La banque centrale juge qu’un chômage faible, des conditions de financement favorables et la bonne tenue de l’activité économique devraient permettre de soutenir la croissance cette année.

Patricia Forest, Responsable du service financier de la CRPN lors d’une table ronde organisée par amLeague et Newsmanagers: Nous avons une allocation actions européennes, soit en gestion directe soit en gestion déléguée. Nous avons une poche actions américaines et une poche reste du monde, c’est-à-dire Asie et émergents. Nous n’avons pas de fonds globaux. L’allocation est déterminée ainsi par notre direction. Nous avons beaucoup moins de gérants. Sur la poche actions européennes, nous travaillons avec 8-10 sociétés de gestion. Sur les actions américaines, nous avons réduit le nombre, aujourd’hui on doit être à 7 ou 8 sociétés de gestion. Pour les émergents beaucoup moins, soit 3 ou 4 sociétés. Aujourd’hui, nos réserves financières sont de l’ordre de 3-3,2 milliards d’euros. Nous avons un portefeuille sur la poche actions européennes. Je ne rentre pas dans les pourcentages, mais nous avons une gestion directe avec un portefeuille comprenant 55 lignes d’actions européennes, avec un biais français qu’on rétablit progressivement pour que ce portefeuille soit plus en ligne avec le benchmark, qui est le MSCI Europe.

Since the beginning of the year, ETPs worldwide have seen inflows of USD85.3bn, of which USD19.2bn were in May, compared with USD0.6bn in April, equivalent to an increase of 18% compared with USD724bn in the first five months of 2011, the BlackRock Institute reports.Assets as of the end of May totalled USD1.6186trn, USD94.1bn more than at the end of December, as market appreciation and forex effects have contributed USD8.8bn to this increase.In Europe, where there were 1,936 ETPs, net subscriptions in January-May represented USD5.3bn, and assets as of the end of May totalled UISD297bn. By comparison, the number of ETPs in the United States was “only” 1,465, but with assets of USD1.137trn, and net inflows of USD63bn in the first five months of this year.

As of the end of May, the European markets of NYSE Euronext included 686 listings of 590 ETFs from 16 providers, compared with 695 listings of 597 ETFs from the same 16 issuers previously.Average daily trading volumes in May totalled EUR267.3m, compared with EUR297.1m in April. The May total is 34.4% lower than the corresponding month of last year. Total on-book trades, however, rose 3.9% compared with EUR5.6bn in April.Block trades totalled EUR842.1m last month, compared with EUR819.9m in April and EUR840.9m in March. They represented 14.3% of the total trading volume for ETFS, compared with 12.7% the previous months.The median spread in May totalled 31.15 basis points, compared with 29.58 basis points in April.

Fortelus, the London-based hedge fund which made millions for clients by anticipating the fall in the British banking sector in 2008, is liquidating a part of its flagship fund due to pressure from investors, the Financial Times reports. In a letter sent on Thursday, a copy of which has been seen by the newspaper, Fortelus states that it will be splitting its main fund, with USD1bn in assets, into two types of share classes, in order to meet redemption demands.

UK-based Sarasin & Partners on 7 June announced the launch of the Sarasin Global Equity and Sarasin Global Diversified funds of funds. The products have a sales license for the United Kingdom under the OEIC non-UCITS retail scheme (NURS). They are managed by Sam Jeffries, with the assistance of Oliver Tucker as co-manager, and of Lucy Empson and David Vickers. The funds will include 15 to 25 holdings each.Characteristics Name: Sarasin Global Equity Fund of Funds A AccISIN code: GB00B7CLW252Benchmark index: 50% MSCI All Countries World, 50% MSCI All Countries (GBP Hedged)Management commission: 1.50%Name: Sarasin Global Diversified Fund of Funds A AccISIN code: GB00B6114G73Benchmark index: 40% ML Sterling Broad Market Index, 25% MSCI All Countries World LC GBP, 25% MSCI All Countries World Daily (NTR), 10% UK cash LIBOR 3 months TRManagement commission: 1.50%

The debate over regulation of ETFs, which has been raging for several months, appears to be calming somewhat. “This debate over regulations has had a lot of pedagogical utility,” Valérie Baudson, CEO of Amundi ETF, claimed on 7 June in a round table held at a Morningstar seminar. “The debate has been useful for investors. The voluntary, concerted effort on the part of the profession has been exceptional, and has resulted in astonishing transparency,” says Alain Dubois, chairman of Lyxor Asset Management, who adds that ETFS are now “the most transparent UCITS products.” Eric Wohlber, CEO of BlackRock France, sounds similar: “things are going the right way.” However, “The debate is not completely settled,” he adds, citing talks with the Treasury. Participants also stated that a high level of innovation in terms of products will be maintained despite the financial crisis. However, flows in Europe will go primarily to traditional products. “Innovation in Europe is primarily related to pure beta. In the United States, however, there are major developments of products based on intelligent indices, which, for example, correct biases in capitalisation indices,” says Isabelle Bourcier, director of development at Ossiam. It is also true that the structure of the US market is a little different, with about 50% of it in retail and 50% from institutional investors. In Europe, the market is almost exclusively occupied by institutional investors, who use ETFs as a beta allocation tool.

The asset management firm Tobam, in which Amundi has recently bought a stake of slightly over 17%, on 7 June announced the launch of a new fund: the Anti-Benchmark Pacific ex-Japan equity fund (UCITS IV). The fund is being initiated by Seven Investment Management.The Anti_benchmark Pacific ex-Japan Equity fund aims to maximise diversification by applying the patented Anti-Benchmark process to the entire investment universe, represented by the MSCI Pacific ex-Japan index.By maximising diversification in the Pacific ex-Japan region, an investment universe with many and complex risk factors, the fund aims to deliver a premium to investors on real risks available on the market. The fund aims to outperform the cap-size weighted MSCI Pacific ex-Japan index by about 4% to 6% per year, over a market cycle, while significantly reducing volatility (about 3%). The fund applies direct optimisatino to maximise diversification globally, by eliminating geographical, sectoral and style biases which may be an element of more traditional allocation methods such as weighting by cap size. Yves Choueifaty, chairman of Tobam, says: “Foreign investors rightly see in Australia, New Zealand, Singapore, and Hong Kong as sources of diversification. However, the regional caps-zei weighted index is strongly biased, with major concentrations in a small number of sectors. By applying the Anti-Benchmark process to this investment universe, Tobam offers its clients exposure which is both diversifying and diversified.”The new fund comes as an addition to the Anti-Benchmark range from Tobam, which is now composed of 13 flagship funds covering regional and international equities, as well as commodities, and follows the launch of the Anti-Benchmark Emerging Markets Equity fund in June 2011, with assets of USD150m as of the beginning of May.Main characteristicsName: TOBAM Anti-Benchmark Pacific ex-Japan Equity FundLegal format: French-registered, UCITS IV-compliant FCP fundBenchmark index: MSCI Daily TR Net Pacific ex-Japan USDISIN code: FR0011259225Management fee: 1.00%Liquidity: Daily

Samantha Ho, the star manager of the Invesco Perpetual Hong Kong & China Fund (GBP175m) and the Invesco PRC Equity fund (GBP896m), has left Invesco Hong Kong, Investment Week reports.She is replaced by Mike Shiao, manager of the Invesco Greater China Equity Fund (GBP450m), an offshore fund whose co-manager is Lorraine Kuo. The latter will assist him also in the management of Hong Kong & China fund.Joseph Tang, co-manager of the PRC Equity Fund, will become lead manager of the Irish-registered product.

The Hong-Kong based boutique Value Partners has launched a UCITS version of its flagship Greater China hedge fund, Citywire reports. The Value Partners Absolute Greater China Classic fund will be managed by the firm’s co-CIOs, Cheah Cheng-Hye and Louis So.

Richard Wohanka is no longer heading asset management at Union Bancaire Privée (UBP), Newsmanagers understands. The Geneva-based bank had no comment on the reports. But according to its website, Wohanka is no longer a member of the executive board at the firm. He has, however, retained a role as adviser for Asia, according to information obtained by Newsmanagers.Guy de Picotto, CEO of the bank, and Eftyschia La Fischer, head of Trading & Treasury, are reported to have taken over the asset management unit at UBP, according to its website.Wohanka joined the Geneva-based bank in late 2009, after serving as CEO of Fortis Investments.The news comes at a time when the bank has recently laid off 30 employees, according to an article in the local newspaper La Tribune de Genève, published earlier this week.Separately, UBP is studying several options to take on some of the clients of the Swiss activities of the Spanish Banco Santander. The reports, which appeared on Monday in the Spanish online newspaper El Confidential, were confirmed to Newsmanagers on Thursday by the Geneva-based firm.The acquisition is a part of a strategy to “strengthen the bank’s position in private management, through the acquisition of the Swiss activities of ABN Amro Bank last year,” a spokesperson for the bank says.

The new China Fund Association (CFA), which includes managers of funds in China (see Newsmanagers of 6 June), has elected Sun Jie, former director of fund supervision at the China Securities Regulatory Commission (CSRC) as its president. Its three vice presidents will be Fan Yonghong (former CEO of China AMC), Han Kang (deputy head of the CSRC office in Shanghai), and Cao Dianyi (former head of the CSRC office in Heilongjiang). Z-Ben Advisors states that the CFA already has over 100 members, but that for the moment, it excludes private equity funds, financial advisers and hedge funds operating via trust platforms.

A lawsuit files on 6 June by Irving Picard, the court-appointed trustee responsible for recuperating money for victims of the fraud orchestrated by Bernard Madoff from financial institutions, including the Geneva-based bank Lombard Odier, reveals that the executives of these institutions are not taking long to react. Although the liquidator is seeking USD180m from the Swiss firm, Lombard Odier & Cie categorically refuses the demand.In a statement dated 7 June, the private bank states that “the sums sought by the trustee concern redemptions which are said to have been received by Lombard Odier & Cie as depository bank on behalf of clients who sold shares in Madoff feeder funds, including Fairfield Sentry, Fairfield Sigma and Kingate Global.Lombard Odier & Cie did not recommend any funds managed by the Bernard Madoff investment company, nor feeder funds which supplied these, as part of its investment policy,” the firm adds. “Investments in funds exposed to Madoff were made at the initiative of clients concerned, or of managers external to Lombard Odier & Cie. In this context, the role of the bank is limited to that of depository in charge for client assets.Lombard Odier & Cie states that it will use all legal means at its disposal to oppose Picard’s demand.

Marc Favard has been appointed as CEO of Amilton Asset Management, and head of management at the group. He new head has spent 21 years at Financière Meeschaert, where he most recently served as chairman of the board at Meeschaert Asset Management for collective management for collective management, and head of private, mandated management and market consulting at Financière Meeschaert. Favard was also a member of the board at Meeschaert Family Office.“The arrival of Favard is a sign of the Amilton group’s ambition to be a respected international actor in asset management in France,” Ilana Sayag, chairman and CEO of Amilton Asset Management, says in a statement. “It allows the firm to acquire the necessary means to deploy its development plan, which is based both on controlled organic growth and on mergers with others asset management firms which share the same value and standards of excellence in customer service.”In mid-March, Amilton Asset Management became the majority shareholder in Swan Capital Management. The asset management firm, specialised in mandated management and equity funds, acquired 58% of capital in Swan CM, whose principal activity is multi-management dedicated to professional clients, including independent financial advisers. Following the merger, Amilton AM currently manages EUR400m. The group is present in the private client segment, institutional investors, Family Offices and independent financial advisers.

The two asset management firms PIM Gestion France and IT Asset Management, which merged in early March, have formed Fourpoints Investment Managers.The new legal structure is owned by its management and employees. “Fourpoints Investment Managers is directed by a management committee chaired by Béatrice Philippe, former chairman of PIM Gestion France, and including Muriel Faure, former chairman of IT AM, and CEO in charge of sales, marketing and communication; Michel Raud, deputy CEO in charge of management, Benoît Flamant, director of tech management, and Jacques B. Vaÿsse, deputy CEO and administrative and financial director (RCCI),” a statement says.This governance appears logical insofar as assets at the new asset management firm total EUR750m, and PIM Gestion France represents assets under management about two to three times higher than those of IT AM at the time of the merger.

At a presentation in Paris on Thursday, Ian Henderson and Neil Gregson, the former and the new maanger of the JPMorgan Funds – Global Resources Fund sub-fund (LU0208853274), announced that assets of EUR2.01bn have remained stable since the beginning of the year, with slight redemptions, while a similar fund in the United States has seen net subscriptions.The portfolio of the long-only equity fund related to natural resources has 240 holdings, slightly under half of which are small caps, and the turnover rate remains low, under 30%.Overall, JPMorgan Asset Management has about USD8bn in assets under management in natural resources, funds and mandates.The two managers remain confident in their asset class, insofar as emerging markets, which are experiencing enviable growth, remain the major driver of demand for commodities, due to urbanisation, investment in infrastructure, and household consumer spending. At the same time, increase in supply of several commodities will remain moderate in the next few years. Finally, with “capitulation sales” in the past few months, the sector is no longer in favour with investors, and valuations are very low, which provides a good point of entry for long-term investments.

Interest on the part of institutional investors in highly liquid CTA strategies has increased sharply since the crisis of 2008, according to a study published recently by Citi Prime Finance, Asian Investor reports. The inconvenient aspect of this otherwise pleasant popularity is that several of the largest CTA funds have had to alter their approach, reducing their volatility in significant proportions, and also lowering their performance objectives. This development, however, makes CTA funds more accessible, the study claims, and in the future, the study predicts, retail clients will also participate more widely in vehicles of this type via UCITS and ETF structures.

José Cuervo was recruited by Santander Asset Management in July 2011, and since then, he has created a Latin American equity management team whose objective is to serve institutional clients, and to win management mandates, Funds People reports.The new team aims to combine the global capacities of Santander AM with the local presence of analysts. Currently, it has two managers, one analyst and one support position in Madrid, and three country co-ordinators, one in Brazil, one in Mexico, and one for the Andean countries. They will soon be joined by a product specialist.The team will independently manage the five Latin American equity funds from Santander AM, whose assets total USD283m.Funds People reports that assets at Santander AM in Latin America total about EUR70bn, out of a total of EUR141.84bn.