La crise financière rejaillit sur les agents économiques en zone euro
L'indice du sentiment publié par la Commission européenne a chuté de 103 en juillet à 98,3 en août, sous sa moyenne de long terme
La BCE facilite le retour de l'Italie sur le marché
Le Trésor italien a obtenu une demande assez limitée pour ses émissions de 7,7 milliards d'euros au total
La BCE facilite le retour de l'Italie sur le marché
Le Trésor italien a obtenu une demande assez limitée pour ses émissions de 7,7 milliards d'euros au total
La Fed partagée sur les outils à sa portée pour soutenir l'économie
Certains participants au dernier Comité de politique monétaire ont plaidé pour des actions plus audacieuses
L'inflation espagnole ralentit à 2,7%, à un plus bas de neuf mois
L’inflation en Espagne a ralenti plus que prévu pour atteindre en août son plus bas en neuf mois. En données harmonisées, l’inflation en Espagne est ressortie à 2,7% l’an en août, selon l’estimation flash de l’Institut national des statistiques (INE). L’inflation s'était inscrite à 3% l’an en juillet. Pour août, les analystes interrogés par Reuters attendaient en moyenne 2,9%.
Le sentiment économique de la zone euro se dégrade fortement
Le sentiment économique de la zone euro s’est dégradé plus qu’attendu au mois d’août, alimentant la perspective d’un nouveau ralentissement de la croissance économique au deuxième semestre. L’indice publié par la Commission européenne est ressorti à 98,3 en août, après 103 en juillet (chiffre révisé à la baisse). L’optimisme est en déclin dans l’ensemble des secteurs économiques. Les analystes interrogés par Reuters attendaient en moyenne un indice à 100,5. Pour la première fois depuis septembre 2010, le sentiment dans le secteur industriel est devenu négatif en chutant à -2,9, après 0,9 (révisé à la baisse) en juillet. Celui des services a diminué de plus de moitié, passant de 7,9 à 3,7, contre 6,3 attendu. La baisse est également plus marquée que prévu sur les attentes des consommateurs, qui tombent de -11,2 à -16,5.
Les CDS des pays périphériques reculent, sauf en Grèce
Les swaps de défaut de crédit (CDS) adossés à la dette des pays périphériques de la zone euro sont globalement en baisse mardi, rapporte Markit. Toutefois les CDS sur la dette grecque à cinq ans atteignent désormais 2.200 points de base, en hausse de 92 pdb. Le papier italien à même échéance voit ses CDS reculer de 19 pdb à 360 pdb. Sur les titres équivalents espagnols, les CDS se replient de 14 pdb à 362 pdb, et de 32 pdb à 805 pdb pour les irlandais.
S&P révise en baisse ses prévisions de croissance
Standard & Poor’s juge dans une note publiée que le risque de récession en double creux s’accroît en Europe, tout en restant évitable. L’agence de notation a révisé en baisse ses prévisions de croissance, tablant désormais sur des progressions du PIB de 1,7% cette année et 1,5% en 2012, contre 1,9% et 1,8% dans ses prévisions de juillet. elle n’anticipe pas de nouvelle hausse des taux de la BCE d’ici à la fin du premier trimestre 2012.
L'Italie réussit sa rentrée sur le marché obligataire
Le premier test de marché de l’Italie depuis la relance des rachats de titres par la BCE début août est concluant. Le Trésor a émis ce matin 7,74 milliards d’euros de titres dans des conditions plus favorables que lors de sa dernière opération significative du 28 juillet dernier. La BCE aurait en effet racheté des titres sur le marché pour un montant significatif afin de contenir les taux d’intérêt italiens d’après des traders cités par Reuters. Le rendement du nouveau BTP à dix ans ressort à 5,22 %, contre 5,77 % en juillet. 3,75 milliards d’euros de titres, à savoir le montant maximum prévu, ont été vendus. Le ratio de couverture s’inscrit à 1,27. 2,99 milliards d’euros de titres à trois ans et un milliard d’euros de titres à taux variable ont également été émis. Dans la matinée, la Banque d’Italie a par ailleurs revu en baisse ses prévisions de croissance, compte tenu de la mise en œuvre du plan d’austérité prévu de 45,5 milliards d’euros. La progression de l’activité serait inférieure à 1 % en 2011, et plus basse encore en 2012, a déclaré ce matin le directeur général adjoint de l’institution. Ignazio Visco. Dans ce contexte, le taux d’intérêt italien à dix ans s’est tendu de 4 points de base à 5,1%.
Les ventes de logements neufs chutent de 22,6% en France
Les ventes de logements neufs ont diminué de 22,6% au deuxième trimestre en France par rapport à la période correspondante de l’an dernier, montrent les chiffres publiés par le ministère du Développement durable. A 23.183, les ventes d’avril-juin augmentent cependant de 2,6% par rapport au premier trimestre de cette année. Sur un an, la baisse du nombre de transactions atteint 28,5% pour les maisons et 21,8% pour les appartements.
30/08/2011
Absolute return funds in a rough spot due to market turbulence
Is it the time of truth for absolute return funds and flexible multi-asset class funds? Perhaps not, but the market trouble of summer has subjected them to a test of a magnitude they had not seen since the collapse of Lehman Brothers. This is true for absolute return funds in particular, which are supposed to earn positive returns in all market environments. According to a study by the ratings agency Fitch Ratings, European absolute return funds and European flexible multi-asset class funds in the first three weeks of August have seen losses of 2.5% and 7%, respectively. Since the beginning of the year, these funds show negative performance of -3.5% and -8.9%, respectively. Since the beginning of the year, 77% of absolute return funds show losses. The study says that many managers were taken by surprise by the size of the drop on the markets, and some protection mechanisms, macro hedging and extreme risks were not effective in these cases. “The volatility of the market observed in August increased the dispersion of returns from funds, particularly in falling market phases. Compensating for losses in 2011 has become an absolute priority for many absolute return and flexible funds, which will need to stay within very strict risk budgets,” the agency says.
30/08/2011
Julius Baer forms partnership with CLSA, P. Rey
Julius Baer and Credit Lyonnais Securities Asia (CLSA) have formed a research partnership to conduct studies of consumer spending and the behaviour of high net worth individuals (HNWI) in Asia, Agefi Switzerland reports. The alliance will produce exclusive and in-depth analysis of the high net worth individual market in this region, the strong foothold of CLSA in this region is a considerable boon for Julius Baer Group, which considers Asia its second domestic market. On the basis of relatively conservative growth projections for Asia, the number of HNWI in the region could increase by 19% per year. Wealth in Asia may potentially grow by 23% on average. At this pace, the number of HNWI will be doubled in five years from its 2010 levels, from about 1.2 million to about 2.8 million people. The estimated value of these individuals in US dollars will nearly triple, from USD5.6trn to USD15trn, according to CLSA and Julius Baer.
30/08/2011
Raj Thamotheram leaves AXA IM
Raj Thamotheram has left AXA Investment Managers, where he had been a senior advisor for three years, in order to launch an consultancy in the area of sustainable investment entitled Raj Thamotheram Associates, IPE.com reports. He will work with institutional investors.
30/08/2011
US wealth management employee numbers down 4.1% in 2010
The number of independent financial advisers working in banks, insurance companies and independent firms fell by nearly 14,000, or 4.1% of the overall total, according to a study by Cerulli Associates, the Reuters news agency reports. Morgan Stanley Smith Barney, Bank of America Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas have lost advisers and clients to independent broker-dealers or to other firms, the study finds.
30/08/2011
Thierry Rigoulet leaves ING IM
According to information received by Newsmanagers, Thierry Rigoulet has left ING Investment Managers. Since summer 2008, he had been CEO of ING IM France, after spending several years at Fortis Investments. The search for a successor is reportedly underway.
30/08/2011
Hedge funds betting on a rise in soft commodity prices
In the week to 23 August, hedge funds and other major US investors increased their net long positions on 11 futures contracts on soft commodities by 15%, the Frankfurter Allgemeine Zeitung reports, citing figures collected by Bloomberg from the CFTC. These net long positions have not been at such a high level since early May, and may be due to projections that corn and soy harvests will be smaller than expected, leading to high prices for the grains due to the shortage. A similar trend has also been observed on wheat futures markets.
30/08/2011
David Kalfon leaves EFG AM
David Kalfon, chief investment officer at EFG Asset Management France, an affiliate of EFG Banque Privée, has left the firm, “in order to take his career in a new direction,” according to a press statement. According to reports on H24 on 29 August 2011, he is expected to participate in the creation of a new management firm. Meanwhile, at EFG AM, Antoine Lacourt, CEO of EFG AM France, will become CIO, replacing Kalfon. The collective management team also gains the addition of two new managers: Cédric Cerf and Nathalie Megarbane. Cerf, formerly of Viel-Tradition, has been appointed as head of flexible management. Megarbane, previously in the mandated management department at EFG Asset Management France, is appointed as a junior manager. The changes are effective from Tuesday, 16 August 2011.
30/08/2011
Bill Gross (Pimco) loses sleep over bad bet on US Treasurys
Bill Gross, founder of Pimco (Allianz Global Investors) and manager of the Total Return Fund, has admitted that he lost sleep over the bad timing of a bet on US Treasurys, the Wall Street Journal reports. The star manager confesses that his decision to liquidate all positions on US Treasurys in order to then use derivatives to bet against government bonds in March was a “mistake.”From the beginning of the year to Wednesday, the Total Return Fund had generated returns of 2.99% for investors, putting it in 157th place out of 179 products in Lipper’s intermediate-term bond funds. For the past month through last Friday, the fund had lost 0.59%, while the benchmark had gained 2.01%.
30/08/2011
Morocco creates a sovereign fund dedicated to tourism industry
The Moroccan tourism development fund (FMDT), which is supported by capital from the nation’s government as well as the private sector, has been created in order to propel the country along on its Vision 2020 initiative to double the number of visitors to the country, Agefi Switzerland reports. The FMDT will have initial capital of MAD1.5bn (EUR130m), which will be increased to MAD10bn over ten years. The fund will aim to consolidate financing for the tourism sector, raise international financing, and orient institutional savings to the tourist industry.
30/08/2011
Erste Sparinvest launches a sustainable corporate bond fund
With the Espa Vinis Bond Euro-Corporate fund, Erste Sparinvest (Erste Bank group, savings banks) has become the first Austrian asset management firm to launch a fund of corporate bonds selected according to their sustainable development characteristics. The new product was created on 1 May 2011, and its portfolio now includes 55 positions (all of them denominated in euros), with the largest positions on bonds from France Télécom, National Grid USA, Schneider Electric, Michelin, Schering Plough and Verbund.The product is the eleventh open-ended fund in the range of sustainable development products from Erste Sparinvest, which has a total of about EUR600m in assets. The average returns on securities held by the Espa Vinis Bond Euro-Corporate fund is now 4.1%, with an average remaining duration to maturity of about five years.CharacteristicsName: ESPA VINIS Bond Euro-CorporateISIN codes:AT0000A0PHH8 (A share class, distribution)AT0000A0PHJ4 (T share class, capitalisation)Front-end fee: 3.50%Management commission: 0.60%
30/08/2011
Innkeepers sues Cerberus
According to Innkeepers USA Trust, which operates hotels in the United States under the Hyatt and Marriott brand names, the private equity investor Cerberus Capital Management and Chatham Lodging Trust on 5 August called off plans to buy the hotel group only as a ploy to drive the price down, from a previously-agreed USD1.12bn.Inkeepers argues that the courts should require the buyers to consumate the deal at the agreed price, or to pay an agreed forfeit of USD20m for defaulting on the deal.
30/08/2011
Global macro strategies expected to outperform others in 2012
Hedge fund managers predict global macro strategies will deliver the best returns in 2012 and they continue to see Brazil, China and India as the most rewarding regions for investing, according to a GAIM survey of 185 members of the hedge fund industry who currently manage assets ranging between less than USD100 million to more than USD5 billion. . More hedge fund managers think global macro will outshine 17 other competing strategies in 2012, the survey found. Of the 55 hedge fund managers who responded to the 2011 GAIM GMA Hedge Fund Sentiment Survey, 22% picked global macro, followed by event-driven (11%) and commodities-based strategies and U.S. long/short equity (9%). Global macro was also chosen most often by investors in hedge funds as most likely to outshine other approaches (23%).
30/08/2011
Hedge funds lost money in August
According to provisional statistics from Hedge Fund Research, cited by the Financial Times, hedge funds lost an average of 4.1% in August, making it the fourth-worst month ever for the sector.
30/08/2011
MEAG releases an absolute return fund investing predominantly in bonds
On 15 July, MEAG Munich Ergo KAG launched the German-registered, European bond fund MEAG RealReturn, which aims to generate returns for the investor over the long term which are both consistent and protected against inflation.The concept for the diversified product, called a “strategy” fund, is to invest at least 51% of its assets in inflation-linked bonds from European issuers. The remainder may be placed in traditional bonds, but also in commodities markets.CharacteristicsName: MEAG RealReturnISIN code: DE000A0HMMW7Front-end fee: 3.5%Management commission: 0.80%Depository banking commission: 0.025%Minimal initial subscription: EUR1,200
30/08/2011
Sustainable fund assets hold stable in first half in Germany, Austria and Switzerland
As of 30 June, the 363 sustainable investment funds in the German-speaking countries (Germany, Austria and Switzerland) monitored by the Sustainable Business Institute (SBI) had about EUR34bn in assets under management, about as much as the 354 funds on the list at the beginning of the year. Overall, 23 funds with a volume of EUR2bn were added to the SBI database, while 14 others were closed or merged.Most assets as of the end of first quarter, at EUR22bn, were in 205 equity funds. Funds which had already been active as of the end of December earned returns in first half ranging from gains of 5% to losses of 22%.The other major contingent is 55 bond funds, with EUR6bn in assets, and total returns ranging from +6% to -6%.The SBI also counts EUR4.7bn in 65 diversified funds, and EUR150m in 15 funds of funds. 20 sustainable ETFs managed EUR697m, and the three micro-finance funds had EUR484m in assets.
30/08/2011
UBS lists ten ETF funds in Frankfurt
The XTF segment of the Xetra electronic trading platform (Deutsche Börse) gained ten listings on 29 August, of equities ETF sub-funds of the UBS ETF Sicav. Eight of these Luxembourg-registered products replicate the SRI versions of the MSCI World index or institutional and retail versions, as well as the North American, Europe/Middle East and Pacific regional indices.The last two products track the MSCI Turkey index in institutional and retail versions.The total expense ratio (TER) for these funds vary from 0.28% to 0.70% (see details below).With the addition of these new UBS products, the XTF segment now lists 868 ETF funds. Name of fund ISIN code TER UBS-ETF MSCI Europe & Middle East Socially Responsible A LU0629460675 0.45% UBS-ETF MSCI Europe & Middle East Socially Responsible I LU0629460758 0.28% UBS-ETF MSCI North America Socially Responsible A LU0629460089 0.50% UBS-ETF MSCI North America Socially Responsible I LU0629460162 0.33% UBS-ETF MSCI Pacific Socially Responsible A LU0629460832 0.70% UBS-ETF MSCI Pacific Socially Responsible I LU0629460915 0.53% UBS-ETF MSCI World Socially Responsible A LU0629459743 0.55% UBS-ETF MSCI World Socially Responsible I LU0629459826 0.38% UBS-ETF MSCI Turkey A LU0629459404 0.60% UBS-ETF MSCI Turkey I LU0629459669 0.43%
30/08/2011
QIA supports Eurobank-Alphabank merger
The sovereign fund Qatar Invesment Authority (QIA), which already controls 4% of Greece’s Alphabank, will control 17% of the establishment resulting from the merger of Aphabank with EFG Eurobank in December (which will take place through an exchange of shares, on the basis of five Alphabank shares for 7 shares in EFG Eurobank), the Frankfurter Allgemeine Zeitung reports. The QIA will contribute to the recapitalisation of the banking group with a subscription of EUR500m to convertible bonds. The Qatari sovereign fund is already a major shareholder in Barclays and Credit Suisse.
30/08/2011
UK pension funds lag behind in SRI
Too few British pension funds have adopted a socially responsible investment approach, including funds which are promoted by businesses that are on the cutting edge in sustainable development, Financial Times Fund Management reports, citing the UK Sustainable Investment and Finance Association (UK SIF). In this environment, UKSIF is planning to ask businesses to convince their pension funds to improve their practices.
30/08/2011
Strong increase in inflows in first half for LGT Group
The international wealth management firm LGT Group has posted a consolidated net profit of CHF82m in first half, down 18% compared with first half 2010, due to the volatility of financial markets and the strength of the Swiss franc. Despite the difficult market environment, net inflows in first half 2011 totalled CHF5.7bn, or 6.6% of assets under management. In first half 2010, net inflows totalled CHF3.1bn. Despite the unfavourable evolution of currency rates, assets under management rose by CHF2bn compared with the end of December 2010, to CHF88.1bn. LGT Group estimates that it is well-positioned for growth in second half, due to the diversity of its international activities. The group has recently received a complete banking license in Hong Kong, meaning that it now has a second accounting platform in Asia, after Singapore.
30/08/2011
Assets in unit-linked Riester plans now top EUR8bn
As of the end of June, the number of Riester subsidized unit-linked retirement savings policies totalled 2.88 million, compared with 2.71 million twelve months previously, and 2.48 million at the end of June 2009, the German BVI association of management firms reports. In the past two years, assets in Riester funds have more than doubled, from EUR3.54bn to EUR8.2bn. However, the number of policies has doubled only over the past four years, as it stood at 1.48 million at the end of first half 2007. The pace of increase in the number of Riester plans is slowing, as 170,000 new policies last year followed increases of 230,000 between June 2009 and June 2010, 360,000 between June 2008 and June 2009, and 640,000 between June 2007 and June 2008. The slowdown these figures would appear to indicate does not worry the BVI association, which maintains that the demographic evolution to be expected in Germany will require Germans to invest more in their individual retirement savings.