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08/02/2011

Nicolas Sarkozy souhaite un rôle accru du FMI

Un rapport demandé par le président français, qui assure également la présidence du G20 cette année, préconiserait que le groupe des 20 nations les plus riches de la planète engage une refonte complète de leurs modèles de croissance, ainsi que l’extension du rôle du Fonds monétaire international (FMI) dans la gestion des crises, indique le quotidien qui évoque un des auteurs du rapport comme source sans citer son nom. Nicolas Sarkozy a souhaité que sa présidence soit marquée par une réforme du système monétaire international, la réduction de la volatilité du prix des matières premières et l’amélioration de la gouvernance internationale.
07/02/2011

Plus de 3,5 milliards d’euros d'ordres pour un emprunt à 5 ans au Portugal

Un emprunt à cinq ans que le Portugal prévoit d'émettre a recueilli pour plus de 3,5 milliards d’euros d’ordres, a annoncé lundi un chef de file. Les chefs de file sont Barclays Capital, BNP Paribas, Caixa-Banco de Investimento, Deutsche Bank, HSBC et Morgan Stanley. Le spread indicatif tourne autour de 360 points de base au-dessus de la courbe des swaps.
07/02/2011

Le moral des investisseurs de la zone euro au plus haut

L’indice Sentix du moral des investisseurs en zone euro a atteint en février un plus haut de trois ans et demi. L’indice publié lundi ressort à 16,7 en février contre 16,0 en janvier et un consensus Reuters le donnant à 12,5. Il est au plus haut depuis septembre 2007.
07/02/2011

426 millions d'euros d’OAT supplémentaires servis post-adjudication

L’Agence France Trésor annonce qu’elle a servi lundi 426 millions d’euros de soumissions non compétitives à l’issue de son adjudication d’OAT du 3 février. Le montant total des OAT émis dans le cadre de cette opération s'élève à 8,921 milliards d’euros. Ce volume se répartit en 1,403 milliard d’euros d’OAT 3,25% 2016, 2,658 milliards d’euros d’OAT 2,50% 2020, 1,725 milliard d’OAT 3,75% 2021 et 3,135 milliards d’euros d’OAT 4,25% 2023.
07/02/2011

Les commandes à l'industrie en Allemagne baissent plus que prévu

Les commandes à l’industrie en Allemagne ont reculé nettement plus que prévu en décembre par rapport à novembre, en raison notamment d’une faible demande pour les biens d'équipement, selon les données publiées lundi par le ministère de l’Economie. Ces commandes ont baissé de 3,4% alors que les économistes interrogés par Reuters avaient anticipé en moyenne un recul de 1,5%. Les commandes en provenance de l’extérieur (-4,2%) ont davantage baissé que les commandes passées de l’intérieur (-2,4%).
07/02/2011

Barclays rebaptise son pôle de gestion d’actifs

Barclays Wealth Managers est sur le point d’être renommé Barclays Investment Management, a révélé à L’Agefi une source interne. Un peu plus d’un an après la vente de Barclays Global Investors à BlackRock, le groupe britannique veut repositionner le pôle de gestion d’actifs qu’il a conservé dans sa banque privée Barclays Wealth. La nouvelle marque doit aider Barclays Wealth Managers à conquérir davantage de clients externes (L’Agefi Hebdo du 16 décembre). Le gestionnaire souhaite en effet doubler ses encours pour atteindre 70 milliards d’euros fin 2014. Son bureau parisien gère actuellement 6 milliards d’euros.
07/02/2011

Jean-Pierre Mustier may join UniCredit

p { margin-bottom: 0.08in; } According to reports in Il Sole – 24 ore, an agreement between the directors of UniCredit and Jean-Pierre Mustier are at the signature stage. The former director of the investment bank of the Société Générale group would succeed Sergio Ermotti as head of the corporate & investment banking division of the Italian bank. His appointment should be approved at the next meeting of the board of directors at UniCredit, scheduled for 22 February.
07/02/2011

Assets under management at Cantonal Bank of Grisons up 6.5%

p { margin-bottom: 0.08in; } Agefi Switzerland reports that assets under management at the Cantonal Bank of Grisons increased last year by 6.5%, to CHF26.49bn. Net inflows totalled CHF1.78bn. Net profits increased 7.1%, to CHF154.1m.
07/02/2011

Increase in net assets at Julius Baer, despite strong Swiss franc

p { margin-bottom: 0.08in; } Due to costs related to the integration and restructuring after the purchase of ING Bank in January 2010, as well as depreicaiton on goodwill, net profits at the Julius Baer group by IFRS accounting standards in 2010 fell 9% to CHF353m. Excluding these elements, net profits increased 6% to CHF504m. Due to a reduction in gross margins, and partly due to the appreciation of the Swiss franc, the cost-income ratio deteriorated to 65.4% from 63.1%.As of the end of December, assets under management had increased to CFH170bn, up from CFH154bn one year earlier. This increase of CHF16bn is due to CHF14bn in assets from the acquisition of ING Bank, CHF9bn in net inflows, CHF8bn in positive market effects, and a currency loss of CHF14bn due to the devaluation of the euro and the US dollar against the Swiss franc.Net subscriptions represented 6% of AUM as of the beginning of the year, compared with 4% in 2009, largely due to strong inflows from growth markets, particularly Asia, Russia, Central and Eastern Europe, and Latin America, as well as to domestic activities of the German bank.As of the end of 2010, total client assets came to CHF267bn, while savings assets as of the end of December totalled CHF98bn, compared with CHF87bn one year earlier, largely due to CHF7bn in net inflows.
07/02/2011

M&G launches a bond fund in Italy

p { margin-bottom: 0.08in; } M&G Investments has launched an inflation-linked corporate bond fund dedicated to private einvestors in Italy, entitled M&G European Inflation Linked Corporate Bond, which is already available in Spain and France. The product will be co-managed by Jim Leaviss, head of fixed income at M&G, and Ben Lord, fund manager.
07/02/2011

Investors pull out of emerging market funds

Investors have pulled more than USD7bn from emerging market equity funds last week, which is the biggest withdrawal in more than three years after turmoil in the Middle East and rising food inflation raised fears of economic instability, according to th Financial Times. The outflows also reflected rising unease about economic overheating in China, India, Brazil and other big emerging economies.
07/02/2011

Assets up at SEB

p { margin-bottom: 0.08in; } The Swedish SEB group (Skandinaviska Enskilda Banken) has posted operating profits for 2010 of SEK11.1bn, compared with SEK4.35bn for the previous year. Operating profits for the wealth management division (private banking and institutional clients) totalled SEK1.65bn, compared with SEK1.14bn, with an increase in net inflows to SEK26bn, up from SEK17bn, for private banking, and stable inflows from institutional clients at SEK31bn. The cost/income ratio has improved to 62% from 69%. For the year as a whole, average assets increased 7%, due to net subscriptions of SEK54bn, up from SEK41bn, and positive market effects. Total assets reached a new record of SEK1.321trn as of the end of fourth quarter, up from SEK1.271trn as of the end of September, and SEK1.275trn one year previously. Of this total, investment funds represented 41% as of the end of December, compared with 44% for institutional clients (excluding money market funds), and 15% for private banking (excluding money market funds). As of the end of fourth quarter, equities funds represented 40% of assets in SEB funds, compared with 23% for bond funds, 16% for diversified funds, and 21% for hedge funds.
07/02/2011

Carnegie Fonder shuts down its ETF activities

Sweden’s Carnegie Fonder has on 3 February 2011 decided to terminate its operations in exchange traded funds (ETFs). Carnegie Fonder will therefore once again focus entirely on its core business of actively managed funds.The activities in exchange traded funds (ETFs) were initiated in 2009 by HQ Fonder, which in September 2010 was bought by Carnegie and changed its name to Carnegie Fonder. «Exchange traded funds have limited synergies with the other fund operations, and have not achieved a critical mass. We have therefore decided to terminate these activities and focus on our core area, namely actively managed funds with a focus on Sweden, emerging markets and fixed-income securities,» says Hans Hedström, president of Carnegie Fonder. With the decision to terminate the ETF operations, the following funds will be closed: HQ OMX Double Long ETFHQ OMX Double Short ETFHQ Verkstad ETFHQ Fastighet ETFHQ Finans ETFHQ Material ETFHQ NASDAQ 100 ETF As a consequence of the funds being closed, the board of Carnegie Fonder has also decided to apply for delisting of these funds from Nasdaq OMX Stockholm AB.
07/02/2011

JPMAM releases an investment grade emerging markets bond fund

p { margin-bottom: 0.08in; } On 3 February, JPMorgan Asset Management (JPMAM) received a sales license in Germany for the new Emerging Markets Investment Grade Bond Fund, a sub-fund of its Luxembourg Sicav JP Morgan Funds, which was launched on 29 November 2010.As its name indicates, the portfolio is invested in emerging market bonds rated at least BBB-. About 70% of assets are invested in government bonds, and the remainder in corporate bonds, denominated in US dollars or euros.Michael Mewes, head of the fixed income team at JPMAM in Frankfurt, says that more than half of bond issues in these markets are rated investment grade, and that they often have attractive spreads, which makes it possible to earn higher reutrns than from bonds in industrialised countries, which are expected to remain low.The new fund is managed by Pierre-Yves Bareau, CIO for emerging market debt, with Alain Defise (who also came to the firm from Fortis Investments) as co-manager. In Paris on 3 February, Bareau mentioned corporate bonds as among his favourite investments, because emerging market corporates have returns 100 basis points higher than developed countries bonds “with a rating one nothc higher.”
07/02/2011

Merrill Lynch releases six more Newcits sub-funds of its MLIS Sicav

p { margin-bottom: 0.08in; } On 24 January 2011, the German BaFin and the Austrian FMA issued sales licenses for Germany and Austria for six sub-funds of the Luxembourg-registered, UCITS-compliant Sicav Merrill Lynch Investment Solutions (MLIS). The newcits funds in question are the AQR Global Relative Value UCITS Fund (LU0562189042), Boyer Allan Asian Long-Short UCITS Fund (LU0511125394), Graham Capital Systematic Macro UCITS Fund (LU0556497740), Theorema European Equity Long-Short UCITS Fund (LU0517905021) and York Asian Event-Driven Fund (LU0532509808). The products, all available in institutional shares in euros, bring the number of sub-funds of MLIS to 10.
07/02/2011

Bouwfonds releases its first closed real estate fund in Germany

p { margin-bottom: 0.08in; } The closed residential real estate fund Wohnen in Deutschland 01 is the first product released in Germany by Bouwfonds Real Estate Investment Management (Bouwfonds REIM), an affiliate of Netherlands-based Rabobank. Bouwfonds REIM has been operating in Berlin since 2006, and manages a portfolio of nearly 10,000 housing units, which were initially acquired via Netherlands-registered funds, Fondsprofessionell reports.The new fund holds assets totalling 26,500 square metres in stable regions of Germany (Hamburg, Göttingen, Neuss and Reutlingen), valued at EUR39.7m. Minimal subscription is set at EUR15,000, and annual distribution is 5%, with maturity after 14 years.Bouwfonds has already been offering the Netherlands-registered product Bouwfonds European Residential Fonds (BER), which has assets of EUR230m, in Germany for three years.
07/02/2011

JP Morgan AM to launch low-fee funds

p { margin-bottom: 0.08in; } Money Marketing reports that the head of British retail distribution at JP Morgan AM, Jasper Berens, would like to launch low-cost actively-managed funds, to compete with passively managed funds. JP Morgan AM has already released a product of this type on the British market. If the product is well-received, JP Morgan AM may offer it in continental Europe and the United States as well.
07/02/2011

SAM recruits a manager from Asset4

p { margin-bottom: 0.08in; } Christopher Greenwald, director of data content at the extra-financial information specialist Asset4, has left the firm to join the Swiss management firm SAM, as head of Sustainablility Applications & Operations, Responsible Investor reports. Greenwald began in his new role on 1 February. Responsible Investor also reports that the head of research, Pierin Menzli, has left SAM.
07/02/2011

Morgan Stanley offers new services for corporate retirement savings plans

p { margin-bottom: 0.08in; } Morgan Stanley Smith Barney on 3 February announced that it has added to its range of corporate retirement plan services, with the introduction of benchmark indices of defined-contribution plan services and costs. A regulation introduced last summer requires that this information be made public.
07/02/2011

Russell launches stability indexes

p { margin-bottom: 0.08in; } The index provider Russell Investments announced at the end of last week that it has launched Russell stability indices, which will make it possible to take into account factors which are overlooked by value and growth indices. The indices are constructed from existing custom Russell indices specific to volatility and quality. The more stable portion is the defensive index, while the other is the dynamic index. Dynamic businesses are more exposed to some risks, and their share prices tend to rise faster than those of defensive companies in times of market euphoria. However, defensive companies outperform dynamic businesses in times of market pessimism.
07/02/2011

HDF Finance asset management team loses three members

Following the announcement in recent weeks of the departure fo Christophe Chouard, head of institutional clients, and the arrival of Peter Lenders as CEO, and Joseph Naaven as long/short fund of fund manager, the asset management team at HDF Finance has seen further changes. Eric Debonnet, head of the risk control management team and a member of the investment committee, and two other managers, one long/short and one fixed income manager, have left the firm.Christine du Fretay, chairwoman of the board at the management firm, tells Newsmanagers that the decision to adopt the new direction for HDF Finance will orient it more toward dedicated mandates and institutional investor services (see Newsmanagers of 26/01/2011). “We can’t all stay at an asset management firm with only 13 managers,” she said, “and some members were better suited to our new organisation.”
07/02/2011

ERAFP prepares to invest in real estate

p { margin-bottom: 0.08in; } With the publication in the official gazette of two modifications to 2004 regulations, the investment universe for the French public employees’ additional retirement institution (Etablissement de retraite additionnelle de la Fonction publique, or ERAFP) has been extended to include real estate.The institution “is now getting in marching order” to exploit this new opportunity, and “will be ready to start in late 2011 or early 2012,” Philippe Desfossés, director of ERAFP, has explained to Newsmanagers. “We need to prepare carefully for this new step, due to the ‘100% SRI’ framework which inspires all of the investment policies” of the entity.However, for the moment, ERAFP is still not allowed to invest directly in emerging markets and infrastructure.Desfossés also states that by the end of the month, the results of a RFP for Euro zone mandates for benchmarked, non-benchmarked and index-based assets (see Newsmanagers of 6 December 2010) will be known.
07/02/2011

Highbridge to launch a credit fund

Highbridge Capital, the hedge fund owned by JPMorgan, has hired Serge Adam to head its Principal Strategies unit and is preparing the release of a standalone credit fund, according to the Financial Times.The move comes a week after the firm fired its event trading team, headed by Jason Esralew.

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