Les marchés attendent le verdict de Moody's sur l'Espagne
La dégradation de S&P n'a pas provoqué de tension sur la dette espagnole mais Moody's pourrait la placer en catégorie spéculative prochainement
Le régulateur précise le cadre prudentiel des banques domestiques systémiques
Le Comité de Bâle renforce la régulation des D-SIB, ces établissements systémiques au niveau national
L'Espagne reste à la merci de Moody's
Le marché n’a pas réagi à la dégradation de S&P mais attend le verdict de Moody’s qui pourrait placer le pays en catégorie «junk» et entraîner des flux vendeurs.
Paris Europlace dévoile un plan européen pour la finance responsable
La Place de Paris présente aujourd'hui une feuille de route à horizon 2015 qui plaide notamment pour la création d'un label ISR à l'échelle de l'Europe
ISR: Paris Europlace veut un plan européen
La Place de Paris dévoilera cet après-midi lors d’un colloque une feuille de route paneuropéenne à horizon 2015 pour promouvoir la finance responsable. Elle préconise notamment la création d’un label ISR à l'échelle de l’Europe et un cadre harmonisé pour la notation extra-financière.
Singapour subit de plein fouet le ralentissement de la croissance mondiale
Malgré une chute du PIB de l’île-État de 1,5% au troisième trimestre, la banque centrale a décidé ce matin de laisser ses taux directeurs inchangés
Le gouvernement épargne le capital-investissement
Le quotidien cite «plusieurs sources» pour souligner que le gouvernement «devrait renoncer à alourdir les charges sociales pesant sur les «carried interest»», ces plus-values d’investissement chères aux professionnels du capital-investissement (elles sont inscrites en revenus du capital, non en rémunération). Ces derniers «peuvent souffler» selon le quotidien.
Le pétrole américain prêt à sortir de son territoire
Royal Dutch Shell, BP et la plus grosse société indépendante de trading sur pétrole Vitol feraient partie des six compagnies ayant demandé aux autorités des Etats-Unis de leur octroyer une licence d’exportation, selon le journal qui ne cite pas de sources. Ce serait la première fois depuis des décennies que des groupes pétroliers inondent les marchés internationaux avec le pétrole américain, ce qui affecterait leurs concurrents étrangers.
Les OPCVM flanchent sous l'effet d’une forte décollecte monétaire
L’encours de la gestion collective en France a cédé près de 12 milliards d’euros en septembre en dépit de marchés financiers cléments
Le Brésil arrive au bout de sa politique d'assouplissement monétaire
Après avoir baissé le taux Selic à un plus bas historique, la banque centrale précise qu’il restera stable pour une «période suffisamment longue»
Les petites banques d'Europe du Sud restent exclues du marché de la dette
Confrontées à la méfiance des investisseurs, Banco Popolare et UniCredit Bank Austria ont échoué à lever de la dette senior non sécurisée
Les utilisateurs de dérivés pourraient manquer de collatéral
Lors du Forum de la gestion d'actifs de L'Agefi, les professionnels se sont interrogés sur les impacts des régulations sur les dérivés
12/10/2012
Pimco débauche chez Fidelity
Andreas Schmid, qui était directeur de la distribution banques privées et gestionnaires de fortune chez Fidelity Investment Services Allemagne, rejoint Pimco comme vice president global wealth management pour l’Allemagne et l’Autriche, rapporte Das Investment.
12/10/2012
MBO chez Aragon
Un communiqué boursier diffusé le 11 octobre signale que les deux dirigeants du prestataire allemand de services financiers Aragon Financial Services AG, Sebastian Grabmaier et Ralph Konrad, ont acquis le contrôle de l’entreprise au travers d’un holding qu’ils détiennent. Ce Aragon Holding achète dans le cadre d’un MBO une participation de 40,7 % du capital à Angermayer, Brumm und Lange Unternehmensgruppe GmbH (ABL Group). Les autres actionnaires sont Axa (27 %), Citigroup Financial products (10 %) et Credit Suisse (8 %).Cette transaction, dont le montant n’a pas été divulgué, est justifiée par le fait qu’il a été impossible de dégager des synergies significatives entre les activités de distribution de produits financiers d’Aragon et les activités de marché d’ABL Group.L’opération, qui doit être bouclée d’ici à la fin de l’année, se traduit par un changement d’administrateurs. La présidence du conseil de surveillance échoit à Herbert Walter (ancien président du directoire de la Dresdner Bank), le co-président étant l’avocat Christian Waigel. Herbert Walter était déjà administrateur. Il remplace Harald Petersen à la présidence du conseil de surveillance.
L'IRCANTEC va se pencher sur la mise en place de poches de diversification
Edith Jousseaume, directrice des investissements de l’Ircantec à la direction des retraites et de la solidarité dans un article publié dans l’Agefi Hebdo : Après avoir fait évoluer l’allocation du c??ur du portefeuille ces dernières années, l’IRCANTEC va se pencher sur la mise en place de poches de diversification sur de nouveaux pays, produits ou styles de gestion, et ce toujours avec une préoccupation ISR. Nous allons mener ces travaux en 2013. Déjà quelques pistes sont sur la table comme les obligations convertibles, les obligations des collectivités locales, le financement des PME et plus tard le private equity. Cette diversification pourrait se faire au travers de fonds ouverts.
Groupama Loire-Bretagne est toujours dans une optique de renforcement de l'obligataire
Stéphane Cros de la direction financière de Groupama Loire-Bretagne à la rédaction d’Instit Invest : En ce qui concerne les actions, nous sommes passés de 25% à 18%, nous avons profité depuis le début de l’année de la remontée des marchés financiers pour réduire notre poche, en cédant notamment les OPCVM actions détenus. Nous sommes dans une politique de désinvestissement de façon intelligente. Notre stratégie consiste à vendre des titres en plus et moins values tout en conservant les valeurs qui ont encore un potentiel de hausse. A ce titre, notre mandat de gestion nous permet d'échanger avec le gérant sur les différentes valeurs à désinvestir. En conséquence, nous disposons d’une poche de cash, qui oscille entre 10 et 12%. La baisse des taux de rendements monétaire ne nous inquiète pas tant que nous conservons notre capital. Nous sommes toujours dans une optique de renforcement de l’obligataire, à la recherche de rendement, nous nous sommes positionnés sur de la dette émergente ainsi que sur du high yield. Néanmoins, nous ne pouvons pas bâtir notre portefeuille sur ces produits, qui restent donc à la marge. Groupama Loire Bretagne a décidé d’investir dans les convertibles gérés par Groupama Asset Management. L’année 2013 nous semble loin, nous sommes en pleine incertitude actuellement, nous ne nous posons même pas la question de recommencer à investir.
12/10/2012
EDHEC-Risk Institute considers that the European White Paper on pensions could be improved
EDHEC-Risk Institute has released a comprehensive new study in response to the European Commission White Paper entitled “An Agenda for Adequate, Safe and Sustainable Pensions,” published on February 16th, 2012, which proposed a series of measures related to information and monitoring, European harmonisation and portability, and pension design.In a letter addressed to Mr László Andor, European Commissioner for Employment, Social Affairs and Inclusion, on October 4, 2012, EDHEC-Risk Institute considers that the European Commission White Paper constitutes a first step but that the Commission should go further in terms of harmonisation and better take into account the specifics of the financial management of pension funds. As such, EDHEC-Risk has highlighted three key messages from its study:1. The current pension debate should be used by the Commission to foster increased coordination in pensions reform. When discussing the sustainability of public finance, one medium-term objective could be to recognise unfunded implicit pension commitments. 2. The prudential framework for pensions is bound to have far-reaching consequences, and it needs to respect the particularities of pension providers, which are not those of insurers. 3. New regulation should encourage the generalisation of asset-liability management practices, both for pension funds and individual retirement products, using the best available knowledge and techniques and evaluating micro as well as macroeconomic impacts. A move towards hybrid pensions could, with this objective in mind, provide a more adequate conceptual framework for European countries to converge towards.
12/10/2012
MetLife launches asset management firm
The US life insurer MetLife on Tuesday launched an asset management activity, which will be focused on real estate and private investment in debt, Financial News reports. The group, which is one of the largest institutional investors in the world, already has about USD50bn in private investments, a portfolio of real estate loans of USD43bn, and investments in equity of real estate worth USD10bn. The new affiliate will be entitled MetLife Investment Management.
12/10/2012
Russell creates retirement savings solution distributed by IFAs
With the Russell Retirement Lifestyle Solution, Russell Investments has launched an investment and planning programme which aims to assist independent financial advisers to construct portfolios aimed specifically at preparation for retirement.The resource will be available exclusively via financial advisers. The underlying strategy is based on a adjustable investment system which aims to maintain the financing rate for the client at over 100% during retirement.The Retirement Lifestyle Solution aims to meet the three major concerns of clients: stability of income (reliability), concerns about losing money (sustainability) and concerns about retaining control over their assets (flexibility).Initially, the Retirement Lifestyle Solution will be available via some of the major clients of Russell among registered investment advisors (RIA) and two longstanding Russell partners, Cambridge Investment Research and Lincoln Investment Planning.
12/10/2012
PineBridge withdraws from MF management
According to an SEC notification announcing that the PineBridge U.S. Micro Cap Growth Fund and PineBridge U.S. Small Cap Growth Fund will be integrated into the range of mutual funds from Jacob Asset Management, PineBridge Investments has announced plans to withdraw from the management of Us mutual funds, Mutual Fund Wire reports. On 30 June, PineBridge, a former AIG affiliate dedicated to mutual funds, announced assets of USD68.6bn.
12/10/2012
BNPP IP redeploys its emerging market debt strategy
With the recent recruitment of four managers by its affiliate FFTW (Boston) from Rexiter (see Newsmanagers of 1 October), the BNP Paribas Investment Partners group (BNPP IP) has completely modified its strategic approach to investment in emerging market debt, which accounts for about USD6bn in assets, largely in seven funds.John Morton, CIO, emerging market debt, told Newsmanagers during a visit to Paris that the major change compared with the previous management team is in the fact that the approach is more geographical now, with active exposure to countries, as the BNP Paribas group has specialists located virtually everywhere in the world. The process had previously separated local currency from interest rate aspects.The product range from BNPP IP in the area of emerging market debt is currently centered around three “global” funds (strong currencies, local currencies and corporate bonds), two multi-segment funds (investment grade and total return), and lastly, two regional products (emerging Europe and Asia ex Japan). According to John Morton, the possibility of adding a Latin America fund to the range has not been ruled out.
12/10/2012
Strong increase in assets at Franklin, Legg Mason, Invesco and AllianceBernstein
In September, assets under management by AllianceBernstein rose by USD8bn to a total of USD419bn at the end of the month, and three other major firms, Franklin Templeton, Legg Mason and Invesco, posted total increases of USD51.1bn last month.The strongest increases in assets, with USD18.9bn each, were for Franklin Templeton, with USD749.9bn as of 30 September, and Legg Mason, with USD650.7bn. Invesco, for its part, has posted an increase of USD13.3bn in its assets under management, to USD683bn.In the area of pure equity, Franklin Templeton stands out with an increase of USD9bn (to USD297.1bn), while Invesco has posted an increase of USD5.4bn, to USD300.6bn.
12/10/2012
CalPERS head appointed to PRI association board
The pension fund CalPERS on 11 October announced that one of the members of its board of trustees, Priya Sara Mathur, will join the board of the association for the United Nations Principles for Responsible Investment (UN PRI), which oversees the application of the Principles. Assets under management at CalPERS total about USD241bn. The network of SRI signatories includes over 1,000 international investors, representing about USD30trn in assets.
12/10/2012
OMAM sells five affiliates to management
On 11 October, Old Mutual Asset Management (OMAM) announced that it will be selling five of its US asset management affiliates, 2100 Xenon Group, 300 North Cpaital, Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors, with total assets under management as of the end of June of UD11.7bn, to their managements, for an undisclosed amount.At the closing of the transactions expected by the end of this year, OMAM will have only nine asset management affiliates, with assets under management as of 30 June of USD196.9bn.Sales are expected to improve margins at OMAM in 2013 and to bring in USD100m for reinvestment.
12/10/2012
Roche-Brune AM taken over by Primonial
Primonial Group has announced that it has acquired a majority stake in Roche-Brune Asset Management. The partnership, announced by Newsmanagers in its 10 October edition, makes Patrimonial Group a nearly 70% shareholder in the asset management firm led by Bruno Fine, which has more than EUR100m in assets under management, mostly in venture capital and European equity management. The agreement, which is subject to approval by the AMF, would help the asset management firm’s commercial development and to increase its visibility to institutionals, family offices and multi-managers. For Groupe Patrimonial, the new asset management unit is a part of its multi-boutique model. It will provide access to the expertise of Roche-Brune AM for its independent financial adviser and institutional clients.
12/10/2012
Departure of Asia Pacific CEO from ING IM
The CEO for Asia Pacific at ING Investment Management, Grant Bailey, will be leaving the firm, Asian Investor reports. The departure comes at a time when negotiations between Ameriprise Financial, its affiliate Threadneedle Asset Management and ING over the sale of the Asian activities of the latter have broken down. Bailey will be replaced by Satish Bapat, currently chief financial officer.
12/10/2012
Credit Suisse scales up product range for Italian market
Credit Suisse AM is scaling up its product range on the Italian market with five equity products and six bond products, Bluerating reports. The funds are: Credit Suisse Sicav (Lux) Equity Russia, Credit Suisse Sicav (Lux) Asian Equity Dividend Plus, Credit Suisse Sicav (Lux) Equity Asia Consumer, Credit Suisse Sicav (Lux) Equity Biotechnology and Credit Suisse Sicav (Lux) Equity Luxury Goods. Credit Suisse AM has also announced the arrival of four senior managers in the equity team led by Filippo Rima, and four experts in the fixed income management team led by Maurizio Pedrini and Michel Degen.
12/10/2012
Swiss & Global starts out in Spain with its ETFs
The Swiss asset management firm Swiss & Global Asset Management has become the eighth promoter to be licensed to sell its ETFs in Spain, Funds People reports. The first seven promoters are: Lyxor AM, iShares, Credit Suisse, db x-trackers, HSBC, Amundi and ETF Securities. Swiss & Global AM arrives on the market with four actively-managed products of the Julius Baer Smart Equity line, which have already been listed in Frankfurt since June: JP Smart Equity ETF World, JB Smart Equity ETF Emerging Markets, JB Smart Equity ETF Europe, and JP Smart Equity ETF Asia.
12/10/2012
CNMV fines Ahorro Corporación
The Spanish official gazette (BOE) has published announcements of four fines levelled by the CNMV against Ahorro Corporación for a total of EUR475,000, Funds People reports. The penalties are for failure to respect standards for valuation of assets in the portfolios of funds, in the period following the collapse of Lehman Brothers.Ahorro Corporación stresses that no shareholder suffered damages due to these methodological differences.
12/10/2012
Inflows of USD16.5bn to mutual funds in September
US open-ended funds in the month of September posted net inflows of USD16.5bn, as subscriptions to bond funds (USD29.9bn) comfortably offset redemptions from equity funds (USD16.8bn), according to statistics published on 11 October by Morningstar.Mid-term bond funds, the largest category within fixed income, posted inflows of over USD13.2bn, of which USD2.8bn were to Pimco funds, and more than USD1.4bn to DoubleLine.In the equity class, all categories saw redemptions, including the large-growth category, which finished the month with outflows of USD5bn. Diversified funds dedicated to emerging markets had attracted nearly USD18bn since the beginning of the year, but inflows slowed considerably in September.Dividend-focused funds, meanwhile, have attracted USD17.3bn since the beginning of the year, while funds dedicated to US equities have seen outflows of a total of USD82.6bn.Money market funds finished the month with redemptions of nearly USD3bn, putting outflows for the year as a whole to near USD130bn.Among distributors, Pimco funds did best in the month of August, the last month for which statistics are available, with inflows of USD8.92bn, followed by Vanguard (USD3.8bn), JP Morgan (USD1.63bn), and DoubleLine (USD1.50bn).However, for the past eight months, Vanguard leads with USD75.8bn, followed by Pimco (USD42.43bn), JP Morgan (USD20.88bn), and DoubleLine (USD17.82bn).