La part d’actions dans les portefeuilles remonte de deux points à 45 %, tandis que la poche de cash se réduit d’autant à 9 %

Les discussions sont censées aboutir au premier trimestre, mais achoppent encore. Athènes fait face à une grosse tombée obligataire mi-mars

Après un second semestre 2011 mouvementé, près de deux tiers des gestionnaires ont une exposition neutre sur la classe d'actifs

Certains voient même Mario Draghi réduire le taux de 50 points de base. Les panélistes attendent une chute plus marquée de l'euro

Un fonds de capital-risque de la Société Générale suspend sa participation à des mises en Bourse jugées trop nombreuses et pas assez transparentes

Avec un déficit estimé à 8% du PIB en 2011, bien au-dessus de l’objectif de 6%, le pays a annoncé le 30 décembre de nouvelles mesures, dont une taxe temporaire sur les hauts revenus, le maintien du gel des salaires des fonctionnaires et des économies de 8,9 milliards d’euros.

Ils se retrouveront en janvier et février pour avancer sur le fonctionnement des fonds de secours et la gouvernance de l'Union

Le nouveau gouvernement Rajoy, s'appuyant sur un déficit 2011 supérieur à l'objectif, annonce hausses d'impôts et baisses des dépenses

Des petits porteurs contestent les conditions de tenue des assemblées générales d'Investipierre. Le TGI de Paris a accédé à leurs demandes

Les gestions anticipent une hausse de 12 % du CAC 40 cette année, après une baisse de 17 % en 2011

Les gestions anticipent une hausse de 12 % du CAC 40 cette année, après une baisse de 17 % en 2011

Les ventes au détail britanniques pour le mois de décembre devraient avoir accusé une baisse en termes réels, selon le journal qui cite le British Retail Consortium (BRC). Si les ventes pourraient être en hausse en valeur absolue par rapport à décembre 2010, cette hausse ne devrait néanmoins pas être suffisante pour compenser l’effet de la hausse des prix.

Le ministre brésilien des finances, Guido Mantega, a estimé dans un article publié dans le quotidien que la croissance en 2012 serait comprise entre 4 et 5%. Le quotidien indique également que le gouvernement pourrait réaliser dix milliards de réaux de coupes budgétaires supplémentaires (soit 60 milliards au total) en 2012 pour atteindre son objectif d’excédent primaire.

Malgré un modeste rebond de l’indice PMI manufacturier à 50,3 points en décembre, la banque centrale promet un accroissement des fluctuations du yuan

Say on pay, directive droits des actionnaires, anti-corruption, RSE… tous les points d’attention pour garantir les bonnes pratiques

Banks have tightened lending conditions for major actors in the financial market in the past three months, according to the most recent survey of credit directors by the US Federal Reserve, published on 29 December. The survey finds that hedge funds, real estate investment funds (REITs) and non-financial sector firms appear particularly negatively affected by tightening credit markets. In an environment of debt crisis in the euro zone and concerns about European banks, the Fed study does not explicitly mention Europe, but points to “a general but moderate tightening in credit conditions applicable to major counterparties in the past three months.” The major financial groups have for several months been suffering due to fears that the European crisis may lead to a default by a sovereign borrower, which could sink the balance sheets at these establishments by inflicting massive losses on them.

The investment firm Qatar Holding has increased its stake in the capital of Lagardère SCA above 10%, becoming its largest shareholder, Les Echos reports. It now controls 10.07% of capital and 7.87% of voting rights in Lagardère, according to the French financial market regulator, the Autorité des marchés financiers (AMF). “This increase in the stake is the result of an acquisition of shares in Lagardère SCA off the markets,” the regulator states. The Qatar-based holding company had previously controlled 7.58% of capital in Lagardère, according to Reuters. Lagardère Capital & Management, which had previously been the largest shareholder in Lagardère, controls 9.59%.

Hedge funds managed by Caxton Associates, SAC Capital Advisors, Avenue Capital and Blackstone Group have recently made investments in real estate, betting on a rebound in the sector in 2012, the Wall Street Journal website reports. Bets on a rebound in the US market appear to be gaining momentum, as research firms such as Zelman & Associates, which have previously been pessimistic, are predicting a rebound. Goldman Sachs is making similar projections. The most recent US real estate statistics appear to suggest that the sector may have bottomed out.

Le Figaro reports that TCW, an affiliate of the French bank Société Générale, has reached an agreement to settle a lawsuit over the theft of business secrets by employees who left the firm to found their own fund at DoubleLine Capital, led by the former chief investment officer of TCW, Jeffrey Gundlach. TCW had accused Gundlach of stealing a file containing the details of 4,500 clients following his dismissal in 2009.

A few hours ahead of the new years’ celebrations, the Swiss asset management firm Syz Asset Management has ventured into the perilous task of predicting the future. Among the “twelve surprises that 2012 may bring,” Syz projects that European equities will outperform in 2012. This theory may prove true if at least two of the following three factors are fulfilled: firstly, if the ECB resigns itself to the use of serious measures, in other words, quantitative easing on a large scale; second, if Italy and Spain manage to regain the confidence of the markets, by putting in place both austerity measures and credible structural reforms to foster potential growth in their economies; and thirdly, if there are major steps toward a more politically and financially integrated European Union continue. Should at least two of those conditions arise, European equities may be expected to make larger gains next year than other global indices, despite an economic recession. This outperformance in local currency will make all the more sense if the euro remains a weak currency: according to Syz, the US dollar may be expected to rise significantly against the euro, to return to USD1.15 to the euro. Syz also estimates that euro zone government bonds will outperform other fixed income segments. Carrying is expected to be sufficient to guarantee outperformance of the euro zone government index against other major government indices (United States, Japan), particularly as bonds from core euro zone countries, with a safer reputation, will benefit from a comparatively more morose economic context than other major economies. In non-government bonds, US high yield is expected to perform best, approaching the performance of the euro zone government compartment. Corporate bonds are expected to perform honourably, but less well, while emerging market debt will be the “great disappointment.” Syz is also betting on a strong recovery in US residential real estate, as the purge in the sector is “nearly complete.” Activity and prices will begin to show genuine recovery in 2012, with gains of over 10%. In this encouraging context, in which US growth may measure about 2%, the market may begin to anticipate a potential change in monetary policy by the Fed, which could lead to a strong correction for gold in the last few weeks of next year.

Hedge funds are looking optimstic about equities once again. According to a monthly survey for December by TrimTabs/BarclayHedge, 42% of respondents are optimistic about the future direction of the S&P 500, while only 30% are pessimistic, compared with 36% in November. This is the third time this year, after January and July, that managers have been this optimstic. This optimistic mood is also confirmed by flows into futures, TrimTabs reports, stating that there have been only seven weeks in 2011 during which hedge fund managers have been net buyers of futures on equities. Managers are also divided over the likelihood of a phase of quantitative easing in 2012, with negative opinions (39%) slightly edging out those who predict that there will be quantitative easing (37%). More than 50% of hedge fund managers are neutral on long-term Treasury bonds. The percentage of respondents with a negative outlook on the evolution of ten-year notes fell to 28% in December from 34.7% in November, while 15% are optimistic.

Colin Buchan, who has been in charge at the British asset management firm Standard Life since 2008, will be leaving his job at the beginning of 2012, Money Marketing reports. He will be replaced in this position by John Paynter, non-executive director since 2010. Buchan will remain as director and chairman of the investment committee at the firm.

The charity Wellcome Trust has decided to invest in venture capital in order to profit from expected initial public offerings by internet companies such as Facebook and Twitter, the Financial Times reports. In the past year, the trust has increased its allocation to venture capital and private equity to 19% of its GBP13.6bn potfolio. The charity has not disclosed its previous level of allocation to private equity, which now represents about 50% of the GBP4bn invested in private equity.

Agefi reports that the Dodd-Frank law is a long way from being fully transposed into law by the competent authorities. Last week, the authorities responded to a request from professionals, and gave them until 13 February next year to decipher and comment on the proposed “Volcker Rule.” The rule is intended to prevent banks from trading with their own capital, and to maintain close ties with private equity and hedge fund firms. Delays are lengthening in all areas. According to the law firm David Polk & Wardwell, less than 20% of the rules had been transposed into law and passed as of the beginning of December. For nearly 40% of the legislation, regulators were unable to adhere to the deadlines originally set.

The Nikkei index of the Tokyo stock exchange posted gains of 0.67% on its last trading day of 2011, but still finished the year at its lowest level since 1982. The Nikkei index of 225 top shares rebounded by 56.46 points to finish at 8455.35 points at closing, thanks to good indicators in the United States, but it has lost about 17.3% over the year in 2011, a year which it began at above 10,000 points.

According to indices by EFFAS / Bloomberg, cited by La Tribune, the price of US government bonds with maturities equal to or higher than 10 years has risen by more than 21% since the beginning of the year. This is the best performance on record since 1995.

Global net assets in collective investment organisms and specialised investment funds as of the end of November totalled EUR2.059419trn, compared with EUR2.071937trn as of 31 October 2011, a decline of 0.60% in one month, according to statistics from the financial sector surveillance commission (CSSF). Considered over the past twelve months, net asset volumes are down 4.70%. The Luxembourg OPC industry has seen a negative variation in the month of November of EUR12.518bn in total. This shrinkage is due to the unfavourable impact of financial markets, totalling EUR12.724bn (-0.61%), and positive net issues totalling EUR0.206bn (+0.01%).

Les banques ont resserré les conditions d’octroi de prêts aux grands intervenants des marchés financiers au cours des trois derniers mois, selon la dernière enquête de la Réserve fédérale américaine auprès des directeurs du crédit publiée le 29 décembre. L’enquête souligne que les hedge funds, les fonds d’investissement immobiliers (Reits) et les sociétés non financières semblent particulièrement touchés par ce resserrement du crédit. Sur fond de crise de la dette en zone euro et d’inquiétudes autour des banques européennes, l’enquête de la Fed ne mentionne pas explicitement l’Europe mais relève «un resserrement général mais modéré des conditions de crédit applicables aux contreparties importantes sur les trois derniers mois». Les grands groupes financiers pâtissent depuis plusieurs mois de la crainte que la crise européenne ne débouche sur le défaut d’un emprunteur souverain, qui plomberait les comptes de ces établissements en leur infligeant des pertes massives.

Des hedge funds gérés par Caxton Associates, SAC Capital Advisors, Avenue Capital ou encore Blackstone Group ont récemment réalisé des investissements liés à l’immobilier, pariant sur un rebond du secteur en 2012, rapporte le site internet du Wall Street Journal.Et les paris sur une reprise du marché américain semblent se multiplier alors qu’une firme de recherche comme Zelman & Associates, jusqu’ici plutôt pessimiste, table désormais sur un rebond, à l’instar de Goldman Sachs. Les dernières statistiques américaines sur l’immobilier semblent également laisser entendre que le secteur a peut-être touché le fond...

Le conseil d’administration pour la gamme de fonds AdvisorOne Funds de CLS Investments a signalé à la SEC la fermeture prochaine du fonds Reservoir Fund. Les parts seront remboursées au plus tard le 25 janvier 2012, a indiqué la société de gestion. Elle précise que le fonds (677.000 dollars) ne présente pas une taille suffisante pour continuer à exister.