Le portefeuille de Swiss Life, en France, est composé de 85% d’obligations, 10% d’immobilier et 5% d’actions cotées et private equity. Solvabilité 2 a modifié cette allocation ces dernières années. Les actions étaient, il y a 3 ans, à 10% et les obligations à 80%. La stratégie obligataire vise à revenir doucement sur les obligations d’Etats après avoir privilégié pendant deux ans, les obligations corporate. Le crédit permettait d’augmenter le rendement quand les spreads étaient bien plus importants. Maintenant que les obligations d’Etats font face à une augmentation des taux d’intérêt, Swiss Life revient vers cette classe d’actifs. La plupart des actifs de Swiss Life sont gérés en interne. La gestion est déléguée sur certaines expertises, notamment la dette des marchés émergents et le crédit high yield US.

Selon nos informations, le FRR est en cours de validation des offres après avoir reçu les questionnaires des candidats retenus à l’issue de la phase 1, le 30 mars dernier. Pour rappel, il s’agit de la deuxième phase dans l’appel d’offres marché public lancé fin novembre 2011 (pour voir la brève: cliquez ici) portant sur deux lots sur les actions émergentes : Mandat(s) de gestion active sur un univers de sociétés européennes (lot 1) Mandat(s) de gestion active sur un univers de sociétés étendu à l’ensemble du monde (lot 2) La troisième phase démarrera au plus tôt début juin avec des due diligence, sur un nombre de sociétés de gestion compris entre 1 et 3 pour chaque lot. Il y a encore 10 candidats pour le lot 2, chiffre qui sera donc réduit très prochainement, avant le début des due diligence. D’après le FRR, la sélection finale des prestataires sera certainement connue avant le début du mois d’août.

For several weeks, the China Securities Regulatory Commission (CSRC) appears to be in a frenzy of reforms in an effort to win over Chinese and foreign investors. In addition to a large extension to the QFII programme for qualified foreign institutional investors, which will now have a total size of as much as USD80bn, up from only USD30bn previously, the authorities have announced that they will be authorising the Guangdong province pension fund to invest in the local equity market, in limited proportions. There are now plans to extend this offer to foreign pension funds also, and the Chinese government is studying the possibility of also opening these markets to foreign hedge funds.

The Hong Kong Market Misconduct Tribunal (MMT) last month found that George Stairs, who in 2009 managed two funds for Fidelity, was guilty of misuse of insider information in a sale of shares in Chaoda Mordern Agriculture ahead of an announcement of a capital increase, which he had learned of from speaking with the management, the Financial Times reports. Stairs will find out this Monday if the MMT will bar him from equity trading in the future. Fidelity «respectfully» disagrees with the MMT’s conclusions.

With a leaderless Greece seemingly circling the drain leading to exit from the Eurozone, investors spent the second week of May looking for asset classes and countries that offer some degree of protection if the currency union begins to unravel, according to EPFR. EPFR Global-tracked Japan Equity Funds and Germany Equity Funds both attracted over USD750 million during the week ending May 16, and US Bond Funds absorbed over $4 billion for the fifth week in a row. Financial Sector Funds also found themselves under fire as the risks of a disorderly Greek default mounted. Redemptions from this fund group hit levels last seen in early 4Q08.US Equity Funds unexpectedly saw fresh money from retail investors for the first time since early July 2011.Overall, EPFR Global-tracked Equity Funds posted outflows of USD5.12 billion while Bond Funds took in a net USD6.64 billion. Money Market Funds saw USD6.57 billion pulled out with European Money Market Funds seeing a five week inflow streak come to an end.

Plans to create a “European ratings agency” by the German consulting firm Roland Berger (see Newsmanagers of 30 April) have largely been favourably received by the German ratigns agency Feri, IPE reports – on the condition that the new firm does not compete with Feri.“In principle, more competition is welcome, and is a positive development, both for investors and for the ratings agencies which currently dominate the market,” says Tobias Schmidt, a board member at Feri EuroRatings Services.Markus Krall, the head-designate of the new ratings agency, tells IPE that talks are underway with several major investors, and that the legal structured (a foundation and a limited liability company) will be in place in the next few weeks.“With an initial investment of EUR300m, we hope to capture a market share of about 5% to 10% in the foreseeable future,” says Krall, who will be leaving Roland Berger to ensure the independence of the agency.The agency will have the same coverage perimeter as the other three major agencies, including countries, large businesses, banks and structured products. Feri is also planning to publish its first ratings of structured products this year.

Hedge fund and private equity funds have amassed nearly EUR60bn to acquire loans from European banks in the next few years, according to a PwC survey cited by the Financial Times. European banks have about USD2.5trn in non-core assets which they may sell off, PwC reports.

Henderson Global Investors will on Monday launch its first asset management business in Australia, the Financial Times reports. The British group has appointed Rob Adams, former CEO of the Australian asset management firm Challenger Funds Management, to head its new activities in Sydney. Adams is planning to target institutional investors and to create several absolute return funds in equities and bonds.

The independent financial adviser Abaco Capital Investments EAFI has been selected by UBS Gestión to advise its new flexible fund, Abaco Global, which has recently received a sales license from the CNMV for Spain, Funds People reports. Investment ideas will be generated by Abaco, but selection of holdings will be undertaken by UBS Gestión.The new product carries a management commission of 0.654%, and a performance commission of 5.9%. It may invest from 0% to 100% of its assets in equities, currencies and liquidity.

The XTF segment of the Xetra electronic trading platform (Deutsche Börse) as of 18 May includes a total of 974 ETFs, with the addition of four new SPDR funds from State Street Global Advisors (SSgA). The four bond products replicate British indices from Barclays Capital, 3 of which are of gilts, and one of corporate bonds.CharacteristicsName: SPDR Barclays Capial 1-5 Year Gilt ETFBenchmark: The Barclays Capital Gilt 1-5 Year IndexISIN code: IE00B6YX5K17TER: 0.15%Name: SPDR Barclays Capital 15+ Year Gilt ETFBenchmark index: The Barclays Capital UK Gilt 15+ Year IndexISIN code: IE00B6YX5L24TER: 0.15%Name: SPDR Barclays Capital UK Gilt ETFBenchmark index: The Barclays Capital UK Gilt IndexISIN code: IE00B3W74078TER: 0.15%Name: SPDR Barclays Capital Sterling Corporate Bond ETFBenchmark index: The Barclays Capital Sterling Corporate Bond IndexISIN code: IE00B4694Z11TER: 0.15%

The asset management affiliate of the insurance group Generali is launching a bond fund dedicated to government and corporate bonds from the Asian region, Das Investment reports. The Generali Investments Sicav Asian Bond fund invests largely in bonds denominated in local currencies from South Korea, Singapore, Indonesia, Malaysia, the Philippines, Thailand, China and Hong Kong. The fund is managed by Hong Xie, head of the bond fund segment in Asia, who already has over 10 years of experience in fixed income products.

ING’s offering of its Asian life insurance activities for sale under pressure from the European Commission represents a fine opportunity for many potential acquirers, Agefi reports. Several private equity funds are studying the case, including JC Flowers. In addition to life insurance, ING is also putting its asset management activities in Asia up for sale in a separate process, and last week received 10 offers for this, ranging from USD500m to USD600m, the newspaper reports.

State Street Global Advisors (SSgA) is dropping its approach oriented to its product range in order to give top priority to an approach which puts the client at the centre of its strategy. With this in mind, the US group is creating a new global unit, the Investment Solutions Group (ISG), which will take over from the old division dedicated to multi-asset class strategies. The new unit, which has been in a gradual creation process since last autumn, currently has 58 members specialised in strategies based in wight major financial centres: Boston, Montreal, London, Dublin, Paris, Tokyo, Sydney, and Hong Kong. In order to meet the local needs of clients, the unit can rely on over 400 investment, risk, regulation and deontology professionals. Under the leadership of Dan Farley, Chief Investment Officer, the Investment Solutions Group (ISG) unit is structured into three divisions: the first is dedicated to portfolio management, which includes multi-asset class solutions and strategic and tactical allocation, while the second is dedicated to strategy and research to help clients identify their investment problematics, and a third division specialised in fiduciary services. Portfolio management by the ISG team relies on the full expertise of SSgA in each asset class (equities, bonds, money markets, commodities, etc), and includes the full range of strategies in diversified management. It is managed throughout Europe by Frédéric Dodard, head of EMEA (Europe, the Middle East and Africa). “We would also like to be able to respond in a more coordinated and much more global manner to the complex investment problems which may affect our clients, who are seeking to control their risks in a market environment which continues to be highly difficult, aiming for performance objectives which are necessarily more modest than in the past,” Farley recently explained on a visit to Paris. “We found that it was increasingly difficult to achieve objectives which an approach oriented to products, in light of our desire to put the client at the centre of our new framework. That change has allowed us to be closer to our clients, while providing a means to draw on all of our global expertise.” It is a possibility that the ISG unit will recruit by the end of 2012, particularly in Boston and London.

At Neuflize OBC, institutional investors represent about EUR8bn in assets, while private banking and wealth management weigh in at EUR21bn, of which EUR15bn are in asset management. “Our goal is now to increase our presence,” Philippe Vayssettes, chairman of the board, has confirmed to Newsmanagers. Vayssettes is planning to take advantag of the existing complementarity between the two categories of client, “both in terms of asset management volumetry, and in terms of engineering and image,” he says. With this in mind, the head has ambitious objectives: We would like to have at least EUR15bn to EUR16bn under management, which would beam doubling assets under management in the next two years.”In order to achieve that, the firm is planning to capitalise on the very good image of ABN Amro, its parent company, with institutional clients, and to participate in a larger number of requests for proposals. Vayssettes does not plan to seek to compete with the major players in that market, or to present the firm as a rival in the major categories such as European equity management. “We would like to go where we have a chance of winning,” the director says. “In other words, niches like commodities and clearing. We are also in a position to set up custom solutions via management mandates or advising mandates. And we can partipate in regulation where we have competence.” Neuflize OBC is also planning to position itself in increasingly numerous niches such as flexible equities, fixed income, convertible bonds, and absolute return. “Lastly, we are planning to recruit in the area of high yield bonds,” Vayssettes concludes.

The Swiss bank Sarasin is continuing to recruit from the former Clariden Leu, which has recently been merged into the Credit Suisse group, to add to and strengthen its teams in Asia, finews reports. David Louie, who had previously been head of the asset management unit (50 employees) at Clariden Leu in Hong Kong, will join the Hong Kong office as managing director and vice chairman. Sarasin, which was recently acquired by the Brazilian financial group Safra, has recruited no less than seven former employees from the former Clariden Leu. It is also true that Sarasin has had to compensate for the recent loss of a team of eight client relationship managers who joined Julius Baer.

EFG Asset Management has recruited China equity fund manager Mansfield Mok. As part of EFGAM’s expansion of Asian-orientated strategies, he will be responsible for equity investing in China, based in Hong Kong. Prior to his move to EFGAM, Mansfield Mok was a senior fund manager at GAM, co- managing the USD1.5 billion GAM Star China Equity Fund. His appointment follows on from the hiring of Tony Jordan who manages EFGAM’s New Capital Asia Pacific Equity Income Fund.

Expansión observes that the heads of Spanish large caps have this year had more difficulty in getting re-elected as directors, and thus of maintaining their positions at the helm of their firms. The trend has been observable at Repsol, Iberdrola, Telefónica, Santander, BBVA, REE and Enagás, among others. This is largely due to the attitude of foreign investment funds and proxy agencies, which are seeking to apply governance criteria originating in the English-speaking world.Questions which are frequently asked of major Spanish group bear on the concentration of power in monolithic structures which become immovable, political interference in appointments, and the fact that a director is listed as independent after several years at the same company.

José Pons, head of wealth management at Citibank España, has announced that BBVA Asset Management will now be joining the ranks of the other 14 asset management firms whose products are distributed by the Citibank network in Spain, Funds People reports.The other partners of Citibank are: Legg Mason, Santander AM, Carmignac Gestion, Pioneer Investments, Goldman Sachs AM, Franklin Templeton, Fidelity, Schroders, AllianceBernstein, MFS, J.P. Morgan AM, Invesco, Pictet and BlackRock.

La zone euro pourrait accepter une hausse du financement accordé par la banque centrale nationale à travers sa ligne d'urgence

Samir Bederr, gérant analyste à La Banque Postale Asset Management

La survie du système bancaire et le maintien du pays en zone euro reposent sur la ligne d’urgence de la Banque de Grèce, qui place la BCE devant un dilemme

La position française a reçu le soutien de Washington. L'Allemagne se retrouve isolée

Sans fournir davantage de détails, le quotidien croit savoir que le marché boursier entendait revoir son système électronique de gestion des introductions en Bourse après que l’IPO de Facebook a révélé des erreurs. Il s’agirait notamment de revoir le cheminement des annulations d’ordres. Le Nasdaq a reconnu que des investisseurs particuliers avaient ignoré pendant des heures si leurs ordres avaient été exécutés.

La direction d’Iglo va selon le quotidien britannique, qui ne cite pas ses sources, fournir des éléments d’information Blackstone, BC Partners et PAI Partners. Les deux premiers prétendants sont favoris selon le quotidien, leur offre avoisine 2,8 milliards d’euros. PAI pourrait faire équipe avec un autre candidat. La transaction pourrait toutefois se heurter à des soucis de financement.

La zone de support autour des 2.100 points devrait forcer l’indice à remonter vers la région des 2.600-2.650 points

La position française a reçu le soutien de Washington. L'Allemagne se retrouve isolée

Sylvain Broyer, adjoint au chef économiste chez Natixis

Eric Bourguignon, directeur général délégué de Swiss Life Asset Management

Une fois que les remous sur les marchés financiers se seront atténués, le London Stock Exchange prévoit d’étendre son service de négoce électronique «Order Book for Retail Bonds» (Orb) en France et en Allemagne, selon des propos tenus par son directeur général Xavier Rolet et rapportés par le Sunday Telegraph.

Selon le directeur général de Luxembourg for Finance, le Grand Duché prépare l’émission d’obligations conformes à la charia et a déterminé les actifs sous-jacents pour la structure du sukuk. «Il s’agira du premier sukuk triple A émis par un souverain en zone euro», a déclaré Fernand Grulms.