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23/05/2012

La croissance chinoise pourrait être inférieure à 7% en 2012

La croissance annuelle en Chine pourrait ressortir en-dessous de 7% si le gouvernement ne met pas en place d’autres mesures de soutien à l’économie, selon le journal américain qui cite Chen Donqi, vice-président de l’institut de recherche économique du développement national et de la réforme. Ceci passerait par une baisse des taux d’intérêt et du ratio de réserve obligatoire des banques, ajoute-t-il.
23/05/2012

L'OCDE met en garde la zone euro

Alors que les chefs d’Etat européens se réunissent ce soir, l’organisation appelle à plus de mesures nationales et européennes pour assurer un retour de la croissance.
23/05/2012

Le Royaume-Uni compte investir dans les infrastructures

Les ministres réunis cette semaine à Downing Street sous l’égide du premier ministre David Cameron auraient accepté de recentrer leur stratégie vers la relance de la croissance plutôt que vers l’austérité, selon des propos de Nick Clegg, vice-premier ministre, cité par le journal. Le gouvernement pourrait ainsi utiliser la garantie de l’Etat pour réaliser d’importants projets d’infrastructures.
23/05/2012

Shanghai souhaite augmenter son PIB par tête

Un rapport du Congrès local du parti communiste chinois cité par le journal ferait état de l’intention des autorités de porter le PIB chinois par tête à 20.000 dollars dans les cinq prochaines années. La ville souhaite porter de 2,9% à 3,3% du PIB le budget consacré à la recherche-développement sur la période afin de stimuler l’innovation.
23/05/2012

Le LSE vise les particuliers en France

La Bourse de Londres réfléchit au lancement d’un marché obligataire à destination des investisseurs particuliers en France mais aussi en Allemagne. Ce service est encore peu développé dans l’Hexagone faute d’enthousiasme du côté des émetteurs et des distributeurs.
22/05/2012

Rome veut apurer ses comptes avec le secteur privé

Le Premier ministre italien, Mario Monti, a indiqué que le secteur public allait rembourser entre 20 et 30 milliards d’euros de factures non-réglées au secteur privé d’ici la fin de l’année. U texte va permettre aux entreprises de réclamer le remboursement des impayés publics via un système de crédit d’impôts, mais également de solliciter les banques en utilisant les factures publiques comme garanties.
22/05/2012

CME Group sort de la course pour le LME

L’opérateur boursier américain ne fait plus partie des prétendants au rachat du London Metal Exchange (LME), selon des sources proches du dossier citées par Reuters. En revanche, deux autres acteurs, InterContinental Exchange et Hong Kong Exchanges and Clearing, seraient toujours dans la course.
22/05/2012

L'Allemagne ne changera pas d'avis sur les euro-obligations

L’Allemagne ne pense pas que l'émission d’obligations communes à la zone euro soit une solution à la crise de la dette et ne changera pas d’avis à ce sujet en dépit des appels de la France et d’autres pays, a déclaré mardi un responsable allemand qui s’exprimait lors d’un point de presse à la veille d’un sommet européen informel.
22/05/2012

Le Japon voit sa note souveraine abaissée à A+ par Fitch

L’agence de notation Fitch Ratings a abaissé la note souveraine du Japon à A+ contre AA auparavant, avec une perspective négative. Cette décision «reflète les risques croissants pesant sur la situation de crédit souverain du Japon, conséquence de ratios d’endettement élevés et en hausse».
22/05/2012

Amundi prend 17,5% du capital de Tobam

Amundi entre au capital de Tobam, la société de gestion quantitative créée par Yves Choueifaty. La filiale du Crédit Agricole et de Société Générale prend 17,5% du capital, pour un montant non communiqué. Les actions sont rachetées aux salariés de Tobam ainsi qu’auprès du fonds de pension américain CalPers qui reste néanmoins actionnaire de la société de gestion. Ce dernier était entré au capital de Tobam il y a un an, à hauteur de 17,5% également. Yves Choueifaty et les salariés de la société de gestion détiennent toujours la majorité du capital. En parallèle, Amundi et Tobam ont signé un accord commercial qui doit permettre à la société d’Yves Choueifaty de se déployer en Asie ou au Moyen-Orient. Tobam gère 2 milliards d’euros d’actifs, à comparer aux 688 milliards d’euros d’Amundi.
Les futurs bureaux d'Amundi derrière Montparnasse. Photo: PHB/Agefi
22/05/2012

EESC calls for creation of genuine global environmental governance

The Environmental Economic and Social Committee (EESC) has issued a call for the creation of a genuine global environmental governance body in a statement which will be presented on Tuesday, addressed to the Rio+20 summit. If a genuine global environmental governance body is not created to further sustainable development objectives, with the power to take decisions and require adherence to them, future generations will be endangered, says Françoise Vilain, rapporteure for the statement to be released today. One month ahead of the UN summit scheduled for 20-22 June in Rio.
22/05/2012

Threadneedle founder may take over as head of Prudential

Paul Manduca, founder of Threadneedle, may be nominated to take over as head of the Prudential financial group, which in addition to insurance, also has asset management activities at M&G, the Telegraph reports. Manduca would succeed Harvey McGrath. Recently, Manduca’s name is said to have been submitted to the British Financial Services Authority (FSA), who would then be required to ensure that the nominee has the “appropriate capabilities” to direct one of the largest British financial groups. Prudential may announce the appointment in the next few days. Manduca would then leave his position as chairman at Aon in order to take over as head of Prudential over the summer.
22/05/2012

Barclays sells stake in BlackRock

The British bank Barclays on 21 May announced that it has sold its 19.6% stake in the capital of the BlackRock group. This stake is estimated at slightly over USD6bn. BlackRock will buy a part of the bloc of shares, for a total of USD1bn. Barclays entered the capital of BlackRock in June 2009, when it sold its affiliate Global Investors.
22/05/2012

Record assets at Investec

Investec Asset Management reach GBP61.5bn in assets as of the end of March, largely due to net subscriptions of GBP5.2m in the 2011-2012 fiscal year, Investment Europe reports. For the past three years, net inflows have averaged over GBP5bn.
22/05/2012

Credit Suisse is forced to liquidate CS Euroreal

Only a few weeks after SEB Asset Management on 7 May announced the liquidation of the open-ended real estate fund SEB ImmoInvest, the German asset management firm Credit Suisse Asset Management Immobilien announced on 21 May that it was not in a position to satisfy all redemption demands for the CS Euroreal fund (EUR6bn in AUM, like ImmoInvest). The fund will therefore be liquidated by 30 April 2017. The asset management firm will issue payments every 6 months, with the first payment to come in the second half of 2012, along with December dividends at the latest.CSAM Immobilien states that redemption demands for the Euroreal fund (whose redemptions had been frozen for two years) exceeded available liquidity of EUR1.6bn (27% of assets), of which EUR1.25bn came from subscriptions and sales of properties at their market value or higher.
22/05/2012

London court upholds fines against former UBS advisers

A London court has upheld fines levelled by the British Financial Services Authority (FSA) against two former advisers in the wealth management unit at the major bank UBS, the FSA announced in a statement on 21 May. The two former employees in 2007 and 2008 undertook rogue trades totalling several billions of pounds. The two former employees, whom the FSA has fined a total of GBP1.3bn, will not be allowed to work in the regulated financial services industry in the future, the FSA announced on Monday.
22/05/2012

Institutionals encourage transparency at hedge funds

The post-2008 influx of institutional money into hedge funds has resulted in a marked increase in the global industry’s operational sophistication and transparency to investors, according to a new report by KPMG and the Alternative Investment Management Association (AIMA). The report, entitled “The Evolution of an Industry”, is based on a survey of 150 hedge fund management firms globally with more than USD550bn in combined assets under management. It found that hedge fund management firms have increased their operational infrastructure in areas like investor transparency and regulatory compliance as allocations from institutional investors have increased. Seventy-six per cent of respondents have observed an increase in investment by pension funds since 2008, while institutional investors as a whole, including funds of funds, accounted for a clear majority (57%) of assets under management. The report finds that the increase in institutional investment has led to more thorough due diligence and greater demands by investors for transparency, with 90% of respondents reporting an increased demand for due diligence since 2008. Eighty-four per cent of all respondents indicated they had increased transparency to investors since 2008, which is reflected by the fact that the majority of firms have taken on multiple members of staff to respond to these increased investor demands.
22/05/2012

ETFs increasingly used by institutionals

A growing number of institutional investors are using ETFs to facilitate their management practices, including liquidity management, according to a study published by Greenwich Associates. The study, sponsored by iShares, finds that a significant number of institutional investors use ETFs to improve the liquidity of their portfolios. “Liquidity has become a governance issue since the outbreak of the financial crisis. Institutional investors have learned their lessons from this period to develop effective liquidity solutions. From this point of view, ETFs can represent a useful tool,” the study finds.
22/05/2012

PRIPs directive a threat to pension funds

Sales of pension funds in Europe could be compromised if the sector is included in the PRIPs (Packaged Retail Investment Products) directive, Financial Times Fund Management suggests. The Association of British Insurers is preoccupied by a proposed rule that individuals would be required to seek independent advice before subscribing to any fund. That would hamper the long-awaited introduction of a British proposed regulation which would ensure that employees automatically join corporate pension funds, FT FM reports.
22/05/2012

Former Allianz manager joins Thesis Fund Management

Jay Rosoff has joined Thesis Fund Management, an asset management firm which offers the Thesis Flexible Fund. He will be director of distribution for the product. Until 2010, Rosoff served as national sales manager at Allianz Global Investors in the United States.
22/05/2012

BNY Mellon mandated by AdvisorShares

BNY Mellon has announced that it has been selected by AdvisorShares to provide it with administration, accounting and custody services on 14 ETF funds in its range, which have total assets of over USD500m.
22/05/2012

PowerShares low volatility ETF loses its lead

Since its launch in May 2011, the PowerShares S&P 500 Low Volatility ETF has seen inflows of about USD1.6bn, more than any of the 400 other funds launched last year, and it has gained 9.5%, compared with losses of 0.7% for the S&P 500 in the same period, the Wall Street Journal reports. This appears to reinforce the argument that solid shares outperform without causing the wrenching ups and downs that many investors consider unnecessary punishment. But some indices already show that the tide may already have turned against the fund: its lead on the larger market has fallen in the past three to four months.
22/05/2012

Pascal Quiry leaves BNP Paribas to launch a fund

The banker Pascal Quiry has left BNP Paribas to launch an investment fund, Les Echos reports. Quiry, who has been a partner at Paribas since 1986, had for the past five years been in charge of execution teams in European and American mergers and acquisitions at the bank. He was also a member of the international board of directors. The objective of the small asset management firm which he is in the process of founding, and which is expected to be up and running by the end of the year, is to invest in blocs of shares in businesses which are considered undervalued, for the long term. A team of three to four people is in the process of being recruited.

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