La Catalogne renégocie à la baisse le coût de ses PPP
La région a réduit sa facture de 62%. Sa démarche illustre le coût caché de certains partenariats public-privé structurés de manière agressive
Les collectivités locales réduiront leurs investissements en 2014 et 2015
Non seulement les équipes municipales doivent être renouvelées l'année prochaine mais les marges de manœuvre des collectivités se réduisent
L'Italie dévoile un budget 2014 d'austérité avec un volet de relance
Le gouvernement prévoit 12 milliards d'économies qui lui permettront de ramener le déficit à 2,5% et de baisser l'imposition sur les salaires
Olli Rehn assouplit les règles sur les investissements
Faisant fi des réserves allemandes, Olli Rehn est décidé à tenir compte de certains «investissements publics productifs» dans l’application des règles fiscales s’imposant aux Vingt-Huit. Dans une lettre de juillet 2013, le commissaire européen aux Affaires économiques avait précisé, à la demande des chefs d’Etat et de gouvernement européens, dans quelles conditions ces investissements pouvaient ne pas être comptabilisés dans le déficit public : croissance insuffisante, respect du plafond de 3% et participation à des projets d’infrastructure paneuropéens. «J’ai entendu que les ministres étaient divisés» sur cette question, a-t-il reconnu après la réunion du Conseil Ecofin mardi à Luxembourg, mais «la Commission a travaillé sur la base d’un mandat clair des chefs d’Etat». Ces nouvelles règles s’appliqueront donc dès l’examen des budgets nationaux pour 2014 qui commence ce mois-ci.
Le moral des investisseurs américains en France est au plus bas
Un manque de lisibilité de l’agenda politique et une complexité croissante de la législation ajoutent à la défiance, révèle le baromètre AmCham-Bain
Axa et la Norvège visent la dette immobilière
Axa Real Estate et Norges Bank Investment Manager, qui gère le fonds souverain norvégien, ont créé une plate-forme d’investissement dans la dette immobilière. Ils pourront investir jusqu'à 600 millions d’euros par opération. Il s’agit du troisième partenariat entre les deux acteurs.
S&P risque de dégrader de nombreuses titrisations de pays périphériques
L'agence de notation veut changer sa méthodologie pour mieux refléter l'importance du risque souverain pour les titrisations européennes
La Chine va vendre deux réacteurs nucléaires au Pakistan
Le journal, qui a interrogé des sources officielles pakistanaises, rapporte que la Chine a vendu au Pakistan deux réacteurs nucléaires, qui seraient livrés dans 6 à 8 ans, pour un montant global de 9,1 milliards de dollars (6,7 milliards d’euros). Pékin souhaite ainsi contrebalancer l’accord de coopération nucléaire signé entre l’Inde et les Etats-Unis.
L'Assemblée adopte de justesse la réforme des retraites
Les députés français ont adopté de justesse mardi en première lecture le projet de loi de réforme des retraites, les radicaux de gauche et les écologistes s'étant abstenus sur ce texte clé du quinquennat de François Hollande. Seul le groupe socialiste a voté pour ce projet de loi qui a été adopté par 270 contre 249, soit une majorité relative.
La Chambre des représentants prête à voter sur la dette
Selon un collaborateur des dirigeants de la Chambre des représentants cité par l’AFP, les parlementaires américains devaient voter ce mardi un texte relevant la limite de la dette jusqu’au 7 février et rouvrant l’Etat fédéral jusqu’au 15 janvier. Ce texte, qui est jugé de même source acceptable par le Sénat, apporterait des modifications plus importantes à la réforme du système de santé. Mais la Maison Blanche a rejeté ce nouveau plan.
Richard Fisher exclut une réduction du QE en octobre
«A mon avis, l’option n’est même pas sur la table», a déclaré à Reuters Richard Fisher, président de la Fed de Dallas, en réponse à une question sur la possibilité d’un début de réduction du programme d’assouplissement monétaire lors de la prochaine réunion de la Fed. «Le moment est trop délicat», a ajouté ce partisan des «faucons», en référence à l’actuelle impasse budgétaire à Washington, qui a entraîné la fermeture partielle des services de l’Etat fédéral depuis le début du mois.
La Suisse paraphe la convention de l'OCDE sur la transparence fiscale
Berne a signé mardi la convention de l’OCDE sur l’assistance administrative mutuelle en matière fiscale. Cité dans un communiqué, le secrétaire général de l’OCDE Angel Gurria a estimé que cette signature «envoie un signal clair et fort montrant que la Suisse fait partie de la communauté des États pour qui la coopération fiscale internationale est une nécessité».
L’Argentine se tourne vers la Chine
Selon la presse argentine, la banque centrale du pays négocierait avec son homologue chinoise (PBoC) un prêt de quelque de 10 milliards de dollars qui serait destiné à renforcer ses réserves en devises étrangères. Celles-ci ont chuté de 20,3% depuis le début de l’année, pour tomber à 34,5 milliards d’équivalent dollars. L’Argentine en profiterait également pour rembourser ses lignes de dette arrivant à maturité, et pour couvrir ses besoins de refinancement.
15/10/2013
Steve Cohen obliged to sell paintings
In the past few months, with an increase in legal costs to defend himself against accusations against him, the billionaire Steve Cohen has had to part with part of his private art collectoin, Bluerating reports. Via Sotheby’s, he is selling two Andy Warhol paintings and a canvas by Gerhard Richter. One of the Warhol paintings depicts Elizabeth Taylor, and is estimated at USD20m to USD30m. The artworks were shown last week in Qatar.
15/10/2013
L'AFG fait de la promotion de l'ISR une priorité
L’Association Française de la Gestion financière (AFG) a souligné, dans un communiqué publié à l’occasion de la semaine de l’ISR, l’importance de la promotion de l’investissement socialement responsable (ISR), notamment auprès des particuliers. L’AFG a rappelé les initiatives prises au cours des derniers mois : mise à jour du Code de Transparence pour les fonds ISR ouverts au grand public commun à l’AFG et au FIR (Forum pour l’Investissement Responsable) février 2013, précision en juillet de la définition de l’ISR afin de faciliter la compréhension par les épargnants de ce mode d’investissement, et enfin la création d’un label ISR «unique et enrichi». Cette «forte implication de l’AFG dans l’ISR se situe dans le cadre plus global de son action de promotion de l’épargne longue» et de «la qualité des actifs, leviers du bon financement del’économie et d’une protection efficace des intérêts des épargnants», souligne l’AFG.
15/10/2013
Dominique Lamiot appointed as chairman of ERAFP
By a decree of the French president published in the official journal on 2 October 2013, Mr. Dominique Lamiot is appointed for a term of three years as chairman of the Etablissement de Retraite additionnelle de la Fonction publique (ERAFP). He succeeds Jean-François Rocchi, who in June this year announced his decision to quit the board on 1 July 2013. Rocchi was elected to the presidency on 8 November 2011. Since 1 July, the position had been occupied in the interim by Philippe Soubirous, vice-chairman of the board. Lamiot, an unrivalled civil administrator, is a graduate of ENA (1987), and since 2008 had served as secretary general at Bercy. Lamiot was appointed in April 2008 as secretary general of the economic and finance ministries. On 6 May 2010, he was confirmed in his position following the creation of an enlarged office of the secretary general, combining the functions previously served by three offices (SG, DPAEP and Sircom).
15/10/2013
New head of multi-management at Federal Finance
Hervé Fournial will become the new head of multi-management at Federal Finance, Newsmanagers has learned. He will succeed Sylvain Serrandour, who will take charge of the development of an analysis team at the Brest-based asset management firm, including credit analysis and socially responsible investment. Fournial had previously been a manager in the multi-management team, which represents about EUR1bn in assets under management. His position will be replaced in order to maintain personnel at the same level. These movements come as part of a reshuffle of management teams and an overhaul of the product range, Stéphane Müller, chairman of the board at Federal Finance, tells Newsmanagers. The reshuffle of the product range, begun this summer, will result in a reduction in the number of funds from 40 to 27. “We want to have a more legible and concentrated product range for retail investors,” Müller explains. The rationalisation will initially concern equity and diversified funds, in early 2014, and then bond funds, at the end of first half. Some funds will disappear, as a result of low asset levels and outmoded themes, while others will be merged. Among the funds which will disappear are Federal Planète Bleue, for example. In terms of teams, Müller promises that no staff cuts are planned. Considerations are also taking in the institutional strategy, but the firm will provide more information about this at a later date.
15/10/2013
Korea's Mirae to boost assets in Europe
Rahul Chadha, chief investment officer at Mirae, hopes that a forthcoming marketing push in Europe will help the Korean asset management firm to increase its USD1bn in international assets to the level of USD5bn managed outside Hong Kong. As part of its international growth plans, Mirae is planning to recruit staff in order to target investors in the Middle East, and is hoping to increase the number of employees based in London, in order to “sell more strongly in Europe,” says Chadha. The CIO also thinks that there are “massive opportunities” to sell the Luxembourg Sicav with 13 sub-funds throughout Asia, particularly in private banking and wealth management in Hong Kong and Singapore.
15/10/2013
Swiss Life Asset Managers posts over EUR2bn in inflows in first half
Swiss Life Asset Managers, launched in November 2012 to unite all expertise of the Swiss Life group in asset management for third parties, has postd inflows of CHF2.528trn, or EUR2.054trn, largely from expertise acquired and reinforced since the launch of the real estate, fixed incoe, money market and diversified fund ranges. In France, Swiss Life AM has posted inflows of over EUR700m to money market funds, at a time when this market segment shows strong outflows. “This historic expertise in the area of money market management and the performance of funds has allowed for 16 new institutional clients to be conquered and made loyal on the French market since the beginning of the year,” Swiss Life says in a statement. Swiss Life Asset Managers, which in May oversaw the opening of a representative office in French-speaking Switzerland, in Geneva, dedicated exclusively to distribution, is next year planning to scale up its presence in Germany, the United Kingdom and Scandinavia.
15/10/2013
Coface considers emerging market business risks
Coface says it is optimistic about corporate risks in the United States, but concerned about the risks in emerging markets such as Brazil and Thailand. In its most recent evaluations of these countries, Coface placed the A3 rating for Brazil under watch with negative implications. “The slowdown in consumption is making the industries and commerce which depend on it more fragile: household electrical appliances, automotive, electronics. Rising interst rates and inflated prices for imported components and machines, due to a depreciation of the real, are aggravated by taxes and production costs which remain high. Businesses then hesitate to accelerate their investments. In this context, payment incidents at Brazilian businesses recorded by Coface remain at a high level, near their peak in 2009,” Coface explains in a statement. The A3 evaluation for Thailand has also been placed under negative watch due to household debt levels. The A2 rating for the United States, however, has been placed on positive watch, despite the budgetary paralysis. “The government shutdown may have been a surprise but it should not have a significant effect on pending activities if it does not extend into the long term. However, uncertainty related to the US public debt ceiling remain high, and the risk of a failure to raise it cannot be ruled out. In this case, private demand may be significantly affected. However, our primary scenario at this stage is that this impasse will be avoided at the last minute, so that private consumer spending and investment remain robust, despite potential budget cuts,” Coface comments.
15/10/2013
Financière de l’Echiquier opens an office in Milan
Financière de l’Echiquier will on 15 January open an office in Milan, according to information from Bluerating. The new office will include Paolo Francesco Sarno, head of institutional sales, and Alessio Tonato, head of retail sales. Financière de l’Echiquier has been present in Italy since 2006 via registration of its funds.
15/10/2013
Copernico to sell M&G funds
M&G Investments has signed a distribution agreement with the Italian securities intermediation company Copernico, Bluerating reports. Copernico will distribute funds from M&G.
15/10/2013
Barings to launch a European small cap fund
Barings asset management will launch a European small cap fund for manager Nicholas Williams and his co-manager, Colin Riddles, Citywire Global reports. The Baring European Opportunities Fund, domiciled in Dublin, will be released in the next few weeks.
15/10/2013
Neuberger Berman preparing a UCITS-compliant fund of hedge funds
In the face of rising demand on the part of discretionary fund managers, Neuberger Berman is planning to launch a UCITS-compliant version of its fund of hedge funds Neuberger Berman Absolute Return Multi-Strategy fund (ARMS), Investment Week reports. It will be an event-driven fund (long/short, event-driven, relative value credit), whose performance objective is 500 basis points over cash.It will be the second absolute return fund from the US asset mangaement firm to also be offered in the United Kingdom, after the Neuberger Berman Global Bond Absolute Return fund, which aims for returns 400 basis points over cash.
15/10/2013
US mutual funds record net sales for September
After net outflows of USD7.92bn in August, compared with net sales of USD15.9bn in July, US long-term mutual funds in September posted net subscriptions of USD2.48bn, according to Morningstar. That brings net inflows since the beginning of the year to USD228.45bn.For their part, money market funds have attracted USd43.33bn in September, compared with USd22.09bn in August. Arithmetically, net outflows in the first nine months of the year come to USD16.52bn.Among the top six asset management firms by asset volumes, only Vanguard has done well in September, with net inflows of nearly USD3.25bn, and USD54bn in the first nine months of the year.The second, Fidelity Investments, has seen net outflows of USD1.55bn in September, but has posted inflows of USD5.68bn in January-September. American Funds suffered outflows of USD2.16bn in September, and USD13.74bn in the first nine months of the year, while Pimco has had to confront net redemptions of USD6.45bn in September, and USD8.23bn in the first three quarters.
15/10/2013
Legg Mason launches a senior loan fund
Legg Mason Global Asset Management has launched a senior loan fund domiciled in Dublin via its affiliate Western Asset Management, Investment Week reports. The Legg Mason Western Asset Senior Loan fund will be managed by TJ Settel, and will be structured as an open-ended fund aimed at qualified investors. The fund will invest in the international senior debt market, with a preference for the particularly liquid US market.
15/10/2013
Hedge funds avoid AIFM
Hedge funds are avoiding the new European framework contained in the Alternative Investment Fund Managers directive, which aims to improve the protection of investors in hedge funds, due to the costs and compliance problems these involve, Financial Times fund management reports. Only 11 asset management firms have signed up for the new regime in the United Kingdom, a country which represents 74% of assets in European hedge funds, since it came into effect in July. Luxembourg and Ireland each have three asset management firms registered under the new framework.
15/10/2013
AIFM: France and Germany have higher requirements for private investments
Investors in France and Germany will have less choice than in other countries for private investments due to additional rules imposed by local regulators, according to a study by the Alternative Investment Management Association (AIMA) in partnership with the firm Ernst & Young. According to the study, 17 countries are planning to authorise private investment, but on the basis of highy varied regimes, while France and Germany impose additional terms, which will have the effect of limiting the range on offer to investors compared with other countries. The study emphasizes that the French market appears highly restrictive in this area, while other countries, such as the United Kingdom, Ireland, Sweden, and Luxembourg, only require alternative investors to respect minimal terms included in the AIFM directive. A study by Deutsche Bank of 44 European and American hedge fund managers finds that hedge funds are adopting a wait-and-see attitude to complying with the AIFM directive, with 82% of European managers planning to delay registration until 2014. More than 40% of managers surveyed indicate that they have recruited more than one full-time employee to prepare and manage new regulatory requirements.
15/10/2013
US regulators debate supervision of the asset management industry
The fact that the Securities and Exchange Commission has launched a consultation to see if asset management firms pose a risk to the financial system is raising the eyebrows of other regulators, and may provoke a turf war for control of the industry, the Financial Times reports, citing sources familiar with the matter. The move follows the publication of a report by the Financial Research Office into asset management firms. If they are considered to present a systemic risk, their supervision would be transferred from the SEC to the Federal Reserve. This potential turf war could favour the asset management industry, which does not wish to be viewed as presenting a systemic risk.
15/10/2013
Deka sells properties in the United States and invests in Madrid
Frankfurt-based Deka Immobilien GmbH has announced that it has sold two commercial properties located in San Francisco to the US real estate group Ashkenazy Acquisition Corp. for EUR117m. The properties had since 1999 been in the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The transaction comes as part of Deka’s strategy to reduce the proportion of non-European assets in the portfolios of the fund, while profiting from the positive evolution of the markets to earn capital gains.Meanwhile, for its WestInvest TargetSelect Shopping fund, reserved for institutional investors, Deka Immobilien has acquired the Adolfo Dominguez shop (2,500 square metres) in Madrid from a real estate firm for EUR18m. The transaction corresponds to an “anticyclical opportunity” to add a well-located property to the portfolio.