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14/02/2011

François Baroin songe à relever le seuil de l’ISF

Dans le cadre de la réforme fiscale qui sera présentée en mai au conseil des ministres, le ministre du budget a suggéré hier soir «une remontée du seuil d’entrée à l’ISF» à 1,3 million d’euros contre 790.000 euros actuellement, ce qui sortirait 300.000 personnes de son champ d’application. Le manque à gagner de 900 millions d’euros qui en découlerait serait compensé par la suppression du bouclier fiscal.
11/02/2011

Baisse de 0,1% du PIB espagnol en 2010

L'économie espagnole a crû de 0,2% au dernier trimestre 2010 par rapport aux trois mois précédents. Un chiffre conforme aux attentes. Pour l’ensemble de 2010, le PIB a baissé de 0,1%.
11/02/2011

L'inflation allemande sur un an monte à 2% en janvier

Les prix à la consommation en Allemagne ont reculé de 0,4% en janvier sur un mois mais ont augmenté de 2,0% sur un an, selon l’Office fédéral de la statistique, révisant ainsi à la hausse son estimation préliminaire pour l’inflation sur un an (+1,9%). En décembre, la hausse des prix sur un an était ressortie à 1,7%.
11/02/2011

Angela Merkel doit rencontrer Axel Weber cet après-midi

Le président de la Bundesbank Axel Weber rencontrera la chancelière allemande Angela Merkel et le ministre des Finances Wolfgang Schäuble à 15 heures cet après midi, a annoncé un porte-parole du gouvernement. Des sources européennes avaient déclaré mercredi à Reuters qu’Axel Weber, jusqu’ici présenté comme le favori à la succession de Jean-Claude Trichet à la tête de la Banque centrale européenne (BCE), avait jeté l'éponge. Il aurait également déclaré ne pas être intéressé par un second mandat à la tête de la Bundesbank. Le porte-parole de la chancelière a indiqué que «les spéculations» sur l’avenir du banquier, pressenti pour prendre la tête de la BCE, allaient «prendre fin». De son côté, le ministre allemand des Finances a déclaré que Berlin n’avait jamais insisté pour qu’il y ait un candidat allemand à la présidence de la Banque centrale européenne (BCE).
11/02/2011

Le déficit des paiements courant de la France s’est creusé

Le déficit des paiements courants de la France s’est creusé en 2010 pour atteindre 40,0 milliards d’euros après 36,8 milliards en 2009, montrent les chiffres provisoires publiés vendredi par la Banque de France. Cette évolution est due en majeure partie à l’augmentation du déficit des échanges de biens, à 54,8 milliards après 44,6 milliards en 2009.
11/02/2011

Equities and bonds balance out in 2010 in Petercam portfolio

p { margin-bottom: 0.08in; } Between the end of 2009 and the end of 2010, assets at the Belgian asset management firm Petercam increased from EUR14.2bn to about EUR15bn, of which EUR8.2bn were in the firm’s Sicav, compared with EUR8.4bn and EUR6.4bn, and EUR5.7bn for direct mandates. In addition to these areas, the firm also manages money market funds. Since there has been a market appreciation effect on the AUM, the Belgian firm has obviously seen some net outflows, as some clients have been obliged to mobilise cash and/or take profits.The proportion of equities portfolios as of the end of last year declined to 40.95%, from 46.6% twelve months previously, while bonds increased to 39.2%, from 34%. The percentage for money markets has fallen to 11.2% from 13.4%.Petercam is continuing to recruit, with a healthcare analyst for equities, a credit analyst for bonds, and two recruitments in sales, one in sales support for Belgium and one for RFPs.
11/02/2011

Strong growth in assets under management at Prudential Financial in 2010

p { margin-bottom: 0.08in; } The US life insurace specialist group Prudential Financial has reported net profits for 2010 of USD2.7bn for all of its financial services activites, compared with USD3.4bn for the previous year. Assets under management as of 31 December 2010 totalled USD784bn, compared with USD667bn one year earlier. Institutional net inflows totalled USD28.6bn.
11/02/2011

Attractively-priced Asian equities are becoming scarce

p { margin-bottom: 0.08in; } According to Richard Evans, portfolio manager at Martin Currie Asset Management, only a few dozen securities in the Asian region merit interest, Asian Investor reports. “Is it too late to invest in Asian equities?” is the question which clients are now beginning to ask. Evans manages a concentrated portfolio of up to 50 positions (currently 30), with about USD300m in assets. All the assets are expected to outperform on a 5 to 10 year horizon. The manager is closely interested in the Hong Kong and Malaysian real estate markets. He is underweight on Australia, particularly banks, which managed to avoid the crisis largely due to exposure to commodities.
11/02/2011

Devaluations for Axa Immoselect portfolio

p { margin-bottom: 0.08in; } An expert valuation of the portfolio of the open-ended real estate fund Axa Immoselect (EUR2.695bn) has resulted in a depreciation of 9.5% for two properties in France, one in Spain, and one in Belgium. As a result, the net asset value of the fund has fallen to EUR55.54, from EUR56.04.The suspension of redemptions from the fund, which was initially announced at the end of October 2009, was extended to mid-November 2010 (see Newsmanagers of 15 November 2010). Liquidity levels since that date have fallen to 8.5% from 9.2%.
11/02/2011

SRI funds: growth driven by conversions of non-SRI funds

p { margin-bottom: 0.08in; } In 2010, socially responsible investment (SRI) funds on sale in France saw a 42% increase in their assets, to EUR48bn, according to the most recent statistics from Novethic. But 90% of this growth, or EUR12.6bn, was due to the adoption of SRI practices by traditional funds.The increase is thus driven by asset management firms and not by savings investors, who actually tended to divest from SRI funds in 2010. Funds saw net outflows of EUR0.5bn over the year. Investor redemptions from money market funds (-EUR480m) did not work to the benefit of equities funds, which also saw outflows (-EUR580m), Novethic reports. Only bond funds saw positive net subscriptions, of EUR620m.That didn’t stop the SRI portion of French collective management from continuing its growth, by 2.38% in 2009, and 3.6% in 2010.The conversion of funds also changed the situation in the rankings of asset management firms active in SRI in the French market. With nearly EUR10bn in assets, Natixis AM tops the list, with the conversion of its Fonsicav fund, a money market funds with several billion euros in assets, to SRI. This puts the firm just ahead of Amundi. Further behind, with under EUR4bn, are BNP Paribas IP, Allianz GI France and Edmond de Rothschild, which lands in fifth place due to the conversion of the Tricolore Rendement fund (EUR2.5bn).
11/02/2011

Large inflows to Swedish equities funds in January

p { margin-bottom: 0.08in; } Equities funds on sale in Sweden had a strong start in 2011. According to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening), these funds had net inflows of SEK6.4bn (EUR0.7bn) in January. Flows went largely to Swedish equities funds (SEK3.7bn) and Eastern Europe funds (SEK3.2bn). Balanced funds also had a positive month, with net inflows of SEK0.7bn. However, bond and money market funds saw net outflows, of SEK1.6bn and SEK2.6bn, respectively. Hedge funds also saw net redemptions, of SEK0.3bn. Overall, funds on sale in Sweden posted net inflows of SEK2.7bn (EUR0.3bn) in January, bringing total assets to SEK1.935trn (EUR219bn).
11/02/2011

RBC Dexia appoints a new head of clients for Switzerland

p { margin-bottom: 0.08in; } RBC Dexia Investor Services has appointed Andreas Schmid as Director of Relationship Management for Switzerland, Agefi Switzerland reports. Schmid will take up his new role in April 2011. In his role as head of client relations, he will be in charge of winning new clients and strengthening relations with current clients of the wealth management firm and financial institutions in Switzerland and Luxembourg. He will report directly to Marco Siero, director of the Swiss affiliate of RBC Dexia.
11/02/2011

Franklin Templeton recruits a director from BlackRock

p { margin-bottom: 0.08in; } Franklin Templeton Switzerland has announced the recruitment of Martin Lasance as director of Swiss institutional clients. Lasance will be based in Zurich, and will be in charge of developing relations with pension funds, insurers and industrial groups. Lasance, who will report to Jens Kurse, director & country head for Switzerland, has spent the past five years as director of institutional management at BlackRock for Switzerland, after serving ain a similar role at Swiss Re.
11/02/2011

Epsilon Gestión Alternative becomes known as BrightGate Capital

p { margin-bottom: 0.08in; } The Spanish hedge fund management firm Epsilon Gestión Alternative, founded on 2 October 2008, has decided to change its name to match the brand name of its product, the multistrategy fund of funds BrightGate Absolute Return; the firm is now known as BrightGate Capital SGIIC. The Spanish hedge fund is advised by Permal Asset Management (Legg Mason group).
11/02/2011

Assets up at Manulife Asset Management

p { margin-bottom: 0.08in; } As of December 2010, MFC Global Investment Management has changed names, and is now known as Manulife Asset Management worldwide, except in the United States, where it will retain the name John Hancock Asset Management, due to the reputation of the brand name.Assets managed for third parties at Manulife Asset Management and its affiliates as of the end of December totalled CAD182bn, CAD65bn more than at the end of Seprtember. CAD61bn of this increase is due to reintegration of sums mandated out to external management firms. As of the end of December 2009, assets were declared as CAD110bn.Manulife Asset Management at the end of 2010 managed a total of CAD209bn, for internal and external clients.
11/02/2011

Investment firms abused by their banks

p { margin-bottom: 0.08in; } The Wall Street Journal reports that several investment firms in the United States have been overcharged for currency trades by their banks. The giant BlackRock has found that it and its clients have been overcharged for some currency trades by banks such as the Bank of New York Mellon, according to an internal investigation by the asset management firm one year ago. Now, BlackRock is @font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } doing the trading itself or asking evidence from banks that it is receiving prevailing market rates. Clients of a major unit of Fidelity Investments have experienced the same problem.
11/02/2011

State Street sued by a pension fund

The Arkansas Teacher Retirement System, which oversees around USD11 billion in assets, filed a lawsuit against State Street Corp, according to The Wall Street Journal. It alleges that the bank for more than a decade violated law by overcharging customers for currency trades.
11/02/2011

Zadig launches a UCITS III fund

p { margin-bottom: 0.08in; } Ucits Hedge reports that the independent asset management firm Zadig Gestion (Luxembourg) SA has launched a new Ucits III long only fund, entitled Memnon Fund, which will be advised by Zadig Asset Management in London, Ucits Hedge reports. The fund was launched on 1 February, with USD125m in assets and commitments.
11/02/2011

MSCI consults on planned SRI indices

p { margin-bottom: 0.08in; } The index provider MSCI on 9 February announced that it has launched a consultation on a proposal to create international socially responsible investment indices. The consultation will deal with the objectives and the architecture of the indices. It comes in response to demand from investors seeking reference tools which would allow them to measure investments in terms of ethical and religious critieria. MSCI will announce its final decision on 4 March.
11/02/2011

Record subscriptions to John Hancock funds

p { margin-bottom: 0.08in; } Canadian-based Manulife has announced that net subscriptions for funds from its US affiliate John Hancock Funds increased 48% in 2010, to a record USD9.7bn. Assets totalled USD34bn as of the end of December, 25% more than one year previously.
11/02/2011

Appointments at Montpensier Finance

p { margin-bottom: 0.08in; } Montpensier Finance on 10 February announced the recruitment of Philippe Caron as managing director of bond and diversified management, and manager of the M Convertibles fund. Caron began his career in bond management at Barclays Bank, and continued at CEPME, BIGT, and as head of fixed income and diversified management from 1994 to 2010 at Financière Atlas:Sal Oppenheim IM, where he was CEO.Stéphane de Buhren has joined Montpensier Finance as managing director in the major investor department. He was previously a managing partner at Tocqueville Finance, in charge of private management development.
11/02/2011

Mandarine Gestion continues international development

p { margin-bottom: 0.08in; } The Mandarine Reflex fund, which earned 13% in 2010, and at least 8% over a rolling twelve-month period, will be registered and released for sale in six European countries outside France (Germany, Luxembourg, Switzerland, Austria, Italy, and Spain), Marc Renaud, chairman and founder of Mandarine Gestion, announced on 10 February.Renaud has also unveiled plans for international development of the company. Mandarine already has an office in Frankfurt, and it relies on minority partners in the Spanish and Italian markets. In Austria, the firm will engage an agent.Meanwhile, Mandarine’s inflows continue unabated (see Newsmanagers of 20 December 2010). Net subscriptions since the beginning of 2011 represented about EUR100m, while assets are over EUR1.6bn.

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