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24/01/2012

A Plus Finance : 80 millions d’euros collectés en 2011

En 2011, A Plus Finance a enregistré une collecte de 80 millions d’euros, soit une hausse de 40 % sur un an. La société de gestion indépendante spécialisée dans le capital investissement a levé près de 35 millions au titre de l’ISF et collecté plus de 45 millions au titre du dispositif de réduction sur l’IR. A Plus Finance totalise à fin 2011 des encours sous gestion de 400 millions d’euros, dont 90 millions gérés dans le cadre de stratégies obligataires, précise un communiqué.
24/01/2012

Philippe Troesch quitte Aberdeen AM

Aberdeen Asset Management indique le 23 janvier que son directeur général de Paris, Philippe Troesch, quitte l’entreprise. Il rejoint le groupe Meeschaert qui a, pour sa part, confirmé il y a quelques jours départ de Marc Favard, président du directoire de Meeschaert AM. Aberdeen Asset Management a annoncé que Sandra Craignou et Frédéric Lejeune deviennent co-responsables de ses activités françaises. Ces deux dirigeants conserveront chacun leurs activités respectives de responsable des investissements et de responsable du développement.Le gestionnaire écossais gère et commercialise 5 milliards d’euros pour le compte de clients français.
24/01/2012

Les émissions à haut rendement reprennent

Clariant, Fresenius et Polkomtel ont réveillé le marché primaire européen des obligations high yield la semaine dernière. Les deux derniers ont procédé à des émissions en euros et en dollars afin, notamment, de profiter de meilleures conditions outre-Atlantique.
24/01/2012

Instauration de comités de rémunération obligatoires

Un décret du 20 janvier 2012, appliquant la loi de régulation bancaire et financière d’octobre 2010, vient de fixer à 10 milliards d’euros le seuil de bilan au-delà duquel les établissements de crédit, entreprises d’investissement et sociétés de capital-risque devront avoir un comité des rémunérations.
24/01/2012

Six milliards d’euros de décollecte chez Carmignac en 2011

La société de gestion a indiqué hier que la décollecte s’est élevée à 6 milliards d’euros en 2011, à 80% au premier semestre. Cela fait suite à deux années de collecte soutenue: 16 milliards d’euros en 2009 et en 2010. Carmignac gère aujourd’hui 45 milliards d’euros.
24/01/2012

Wendel songe à céder une activité de Materis

La société d’investissement ne démantèlera pas le chimiste de spécialités pour le bâtiment Materis mais pourrait céder l’une de ses quatre activités, a déclaré à Reuters le président de son directoire. Wendel négocie actuellement avec les créanciers de Materis afin de rééchelonner jusqu’en 2016 la dette de sa filiale. Materis compte de 1,4 à 1,5 milliard d’euros de dette senior et 400 millions d’euros de dette mezzanine. «Aujourd’hui, nous sommes prêts à accepter des marges de 400 à 450 points de base et cela représente une augmentation significative pour les prêteurs», a indiqué Frédéric Lemoine, ajoutant que deux tiers de ces derniers soutenaient ses propositions. «Si les prêteurs veulent leur augmentation de marge, il faut que nous arrivions à un accord relativement rapidement, c’est-à-dire à la fin de ce semestre», a-t-il encore ajouté, jugeant par ailleurs que certains de ces créditeurs s'étaient montrés «gourmands».
23/01/2012

Berlin vend 2,54 milliards d’euros de bons à 12 mois

L’agence allemande de la dette a vendu lundi 2,54 euros de bons à 12 mois, au rendement moyen de 0,07%. Ces titres arriveront à maturité le 23 janvier 2013. Lors d’une émission semblable, le 30 octobre dernier, le rendement moyen était ressorti à 0,346%.
23/01/2012

Le PIB espagnol se contractera de 1,5% en 2012

L'économie espagnole devrait se contracter de 1,5% en 2012 et progresser de 0,2% l’année prochaine, a déclaré la Banque d’Espagne dans un rapport trimestriel. La banque centrale a dit que le produit intérieur brut (PIB) avait augmenté de 0,7% en 2011 et qu’il s'était contracté de 0,3% au lors des trois derniers mois de l’année sur une base trimestrielle. Le gouvernement devrait parvenir à atteindre l’objectif qu’il s’est fixé d’un déficit public représentant 4,4% de son PIB après 8,1% en 2011.
23/01/2012

France et Allemagne «déterminées» à soutenir Athènes

La France et l’Allemagne se sont montrées optimistes au sujet des négociations entre la Grèce et ses créanciers mais ont pressé Athènes de respecter l’intégralité de ses engagements. «Nous sommes déterminés à soutenir la Grèce», a déclaré le ministre français de l’Economie François Baroin à des journalistes à l’issue d’une rencontre avec son homologue allemand Wolfgang Schäuble. Il a par ailleurs estimé que la crise des dettes souveraines était en train de se stabiliser.
23/01/2012

Les enquêtes ne pointent pas vers une récession, estime la Banque de France

Les hypothèses de récession en France ne correspondent pas aux chiffres des enquêtes les plus récentes, a déclaré le gouverneur de la Banque de France, Christian Noyer. Lors d’une conférence de presse commune, le ministre allemand des Finances, Wolfgang Schäuble, a pour sa part déclaré que la France et l’Allemagne ne comptaient pas remettre en cause le calendrier d’application des règles prudentielles de Bâle 3.
23/01/2012

L’AFT sert 1,19 milliard d’euros supplémentaires de BTAN

L’Agence France Trésor annonce qu’elle a servi lundi 1,191 milliard d’euros de soumissions non compétitives à l’issue de son adjudication de BTAN du 19 janvier. Le montant total des BTAN émis dans le cadre de cette opération s'élève à 9,156 milliards d’euros : 2,976 milliards d’euros de BTAN 3,0% 2014, 1,882 milliard d’euros de BTAN 2,0% 2015 et 4,298 milliards d’euros de BTAN 2,5% 2016.
23/01/2012

Banque Pâris Bertrand Sturdza continues development

Banque Pâris Bertrand Sturdza (BPBS), founded in March 2009, which offers management advising and outsources private management activities from other providers, is planning to develop in Switzerland and western Europe, with the opening of offices in Zurich and Luxembourg, Agefi Switzerland reports. Teams specialised in Asia and the Middle East may be recruited in 2012.BPBS, which has 34 employees and is continuing to recruit, is also in talks with independent managers, “who may be hired as employees or future partners,” says Olivier Bertrand, one of two operational partners, alongside Pierre Pâris.The lead project for 2012 is the creation of PBS Investment, a unit which will be “the core of management at BPBS,” based on a systematic multi-asset class approach developed internally. The firm has not disclosed its level of assets under mamagement, which are said to have increased 85% last year, after doubling in 2010.
23/01/2012

Schroders suffers no crisis in Japanese equities

“Not only has the Schroder ISF Japanese Equity Alpha (EUR194.2bn) earned 10.4% since its launch, compared with 4.3% for its benchmark index, the Topix, but this strategy has outperformed the MSCI World index by 300/350 basis points over ten years,” Nuno Texiera, deputy CEO of Schroders France, and Shogo Maeda, head of Japanese equities, explain to Newsmanagers.Schroders now has about USD4.8bn in assets in Japanese equities, with four ISF funds, including the Japanese Equity fund managed by Maeda, which with assets of EUR307.1m as of the end of December, is focused on core portfolio large caps, with less risk and more stable earnings, while the Japanese Equity Alpha is more oriented to midcaps, with a portfolio concentrated on about 30 positions.Two of the four Luxembourg-registered Japanese equity funds of the range, the Japanese Equity and Equity Alpha, have brought in a net total of more than EUR158m in 2011. The Japanese Large Cap fund, which saw net outflows of EUR9.8m last year, will be converted into an “Opportunities” fund in April, and its investment perimeter will be extended to include all cap sizes. “One of the major advantages of Schroders, which has about 140 staff in Japan, is that it is interested in the under-researched midcaps universe, which many sell-side analysts have abandoned,” says Maeda.
23/01/2012

Nippon Life buys a stake in Reliance CAP

The Japanese insurance group Nippon Life Insurance has acquired a 26% stake in the capital of the Indian asset management group Reliance Capital Asset Management, Finance Asia reports. Transaction costs total USD286m. This is the largest foreign investment in the Indian asset management sector to date. Nippon Life has already teamed up with Reliance for insurance activities.
23/01/2012

ICAP retains Prosper to manage a UCITS version of one of its funds

The Swiss asset management firm Prosper Professional Services will advise and promote the fund Prosper Stars & Stripes, a UCITS-compliant version of a US long/short equity hedge fund. The product will be managed in Denver by the team at Independence Capital Asset Partners (ICAP) which is responsible for the original fund, Hedge Week reports. The fund will soon be registered in Switzerland, and will be aimed primarily at institutional clients.
23/01/2012

Lazard AM proposes an allocation fund dedicated to emerging markets

The asset management firm Lazard Asset Management has created a fund based on an existing strategy dedicated to emerging markets, to be managed by Kai Jacob, Fund Web reports. The Dublin-based fund, Lazard Emerging Markets Allocation, may rely on Lazard’s offerings in equities, debt and emerging market currencies. The new fund, derived from the portfolio of the Lazard Emerging Markets Multi-Strategy fund, which Jacob has managed since 2009, places the emphasis on growth and value equities, fixed income and currencies, in order to benefit from developments in the economic environment. Currently, the fund’s largest geographical allocation is to Brazil, where nearly 12% of the fund is invested, followed by Russia (11%) and China (8%).
23/01/2012

Skandia IG awards Artemis over GBP50m

Skandia Investment Group (SIG) has awarded Tim Steer of Artemis a mandate in the Skandia Global Best Ideas Fund worth GBP38 million and a mandate within the Skandia UK Best Ideas Fund worth GBP24 million. His appointment to the two Best Ideas funds sees him taking over the reins from Audrey Ryan of Kames Capital.Tim Steer is well known to SIG having managed a mandate for UK Best Ideas when at New Star. Additionally, he currently manages a mandate in UK Strategic Best Ideas.
23/01/2012

Invesco Perpetual rolls out a financial sector fund

Invesco Perpetual is offering a new fund dedicated to financial sector equities, the Global Financial Capital fund, which will be managed by the co-heads of fixed income, Paul Causer and Paul Read, and CIO Nick Mustoe. The fund will seek to earn returns over the mid- to long term through investments in banks and other financial institutions across the globe, in order to benefit from regulatory developments such as Basel III and ongoing structural reforms. The fund will be launched on 25 January, with initial capital of GBP2m. Initially, the fund will be primarily a bond vehicle, with a total equities allocation of 0% to 5%, but allocation to equities may increase up to 40%.
23/01/2012

Standard Life Investments extends MyFolio range

The range of MyFolio profiled funds on offer from Standard Life Investments (SLI), which has already attracted GBP9000m since October 2010, has gained two families of five products, the multi-managed MyFolio Multi Manager Income I to V funds, and the income funds MyFolio Managed I to V. The Multi Manager products are by definition composed of funds from throughout the market, while Managed funds are largely built from SLI funds. The MyFolio range offers subscribers active or passive management, which is always weighted in terms of risk.
23/01/2012

EQT to manage future funds onshore

EQT, the nordic private equity company with close to EUR18bn in raised capital, has decided to manage future EQT funds onshore in Europe, citing clarification of the European regulatory environment. «A number of steps have been taken within the EU to introduce a harmonized framework for the regulation of alternative investment fund managers, such as private equity. The regulatory environment has been clarified significantly and the framework will enable EQT to manage future funds onshore», explains the company in a press release.Potential new locations for management will be UK, the Netherlands and Luxembourg, but also other onshore alternatives, for instance Sweden, will be considered.
23/01/2012

ALFI critical of Volcker rule and Tobin tax

2012 will be marked by an increase in regulatory pressure, according to the Luxembourg investment fund association (ALFI), which says that it is “particularly concerned” by the Volcker Rule and a proposed tax on financial transactions.At a press conference, Marc Saluzzi, the new chairman of ALFI, claimed that the Volcker rule, in its current form, would create market distortions, and needs to be modified. “At the least, we think that the final version of this law should put European regulated funds on an even footing with their US equivalents,” says Saluzzi. In relation to the proposed tax on financial transactions, ALFI claims the legislation may drag down sales of UCITS-compliant funds outside Europe, and significantly reduce assets in European funds. In order to limit its impact, financial institutions “will make large-scale efforts to move their activities abroad, and/or to increase costs for consumers.” ALFI insists that the proposed legislation could slow sales of UCITS-compliant funds outside Europe, and significantly reduce assets placed in European funds. The impact on the fund sector would be significant, not only due to the high level of tax proposed, “but also because the proposal assumes multiple taxation of the fund portfolio and investors.”
23/01/2012

European bonds and Chinese equities in high demand

The prospect of an end to the euro zone debt crisis with the support of the International Monetary Fund have boosted European bond and Chinese equity funds, both of which are asset classes that have been unpopular recently.In the week to 18 January, Chinese equity funds posted a net inflow for the first time since the end of April 2010, of over USD600m, largely from institutional investor clients, according to weekly statistics from EPFR Global.European bond funds have posted their highest levels of subscriptions since the second week of July 2009, EPFR Global states, without giving specific figures. Bond funds overall have attracted USD4.35bn, while equity funds have posted inflows of USD2.8bn, and money market funds have finished the week with nearly USD12bn in net redemptions.Since the beginning of the year, bond funds have posted a net inflow of USD14.2bn, compared with USD2.9bn in the corresponding period of 2011, and equity funds have made USD7.4bn compared with over USD24bn, and money market funds have taken on USD5.9bn, while in the same period last year they saw outflows of over USD49bn.
23/01/2012

Lyxor launches two ETF funds in Italy

From 23 January, two new Lyxor ETF funds focused on emerging countries will be listed on the Milan stock exchange. They are the Lyxor ETF MSCI Indonesia (FR0011067511), focused on Indonesia, and the Lyxor ETF Thailand (FR0011067529), focused on Thailand. The asset management firm is the largest ETF manager on the Borsa Italiana, both in terms of contracts (68%) and exchange value (57%).

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