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07/01/2011
Fonds

Pioneer lance un fonds à formule sur l’Asie

Pioneer lance Pioneer UniCredit a formula Asia Maggio 2016, un fonds à formule s’adressant aux investisseurs souhaitant investir sur les marchés actions des principaux pays asiatiques avec une protection du capital, rapporte Bluerating. A l’échéance du fonds, le 16 mai 2016, l’investisseur engrangera 35 % de la performance de l’indice S&P Asia 50 Daily Risk Control 15 % en euros avec un plafond de 200 %. En cas de perte, il récupérera sa mise initiale.
Fonds
07/01/2011

Société Générale Securities Services obtient un mandat de banque dépositaire

Société Générale Securities Services annonce avoir été mandatée par Fondo Italiano di Investimento per le Piccole e Medie Imprese pour lui fournir des services de banque dépositaire.Fondo Italiano di Investimento per le Piccole e Medie Imprese est un fonds commun de placement d’entreprise réservé aux investisseurs institutionnels, né d’un projet commun entre le Ministère italien de l’Economie et des Finances, l’Association Bancaire Italienne, la Confédération Générale de l’Industrie Italienne, la Caisse des Dépôts et Consignations italienne, Intesa SanPaolo, Unicredit et la Banque Monte dei Paschi di Siena, avec pour objectif de favoriser le développement des petites et moyennes entreprises en Italie.
07/01/2011

Partenariat exclusif entre Avenir Finance et CPLUSSUR dans l'assurance vie

Avenir Finance a annoncé, jeudi 6 janvier, avoir conclu un partenariat exclusif avec CPLUSSUR, le courtier d’assurances du groupe Figaro. Ce partenariat porte sur la conception et la gestion d’une offre de produits et services dans l’assurance vie. Ce même jour, deux premiers contrats d’assurance développés pour le courtier vie sont mis en ligne : FuturPerfect et FuturOrchestré. Ces services ont pour objectif de conquérir une clientèle d’investisseurs aisés, qui disposent d’un capital disponible de 50 000 euros à 2 millions d’euros et dont les modes de consommation d'épargne sont encore traditionnels, précise un communiqué. Dans le détail, la filiale Sicavonline est en charge des aspects opérationnels (télémarketing, infrastructure technique, interface multi-assureurs, back-office, ...) et le réseau d’Avenir Finance Gestion Privée gère la clientèle patrimoniale de CPLUSSUR qui souhaite un conseil personnalisé.
07/01/2011

Le CAC40 devrait verser 40 milliards d'euros de dividendes cette année

Les entreprises du CAC40 devraient verser un montant record de dividendes en 2011 (au titre de l’exercice 2010), rapporte Les Echos: presque 40 milliards d’euros, selon le consensus des analystes FactSet, dont les données ont été retraitées par PrimeView, soit une progression de 13%. Selon les données de PrimeView, les dividendes versés en 2010 (pour l’exercice 2009) ont dépassé les 35 milliards, contre 36,6 milliards un an plus tôt. En 2012, le montant devrait dépasser les 43 milliards. Markit Dividend, spécialisé dans cette thématique, attend une tendance similaire, prévoyant une hausse de 15% autour de 41 milliards d’euros. La tendance est similaire en Europe : les sociétés du Stoxx600 devraient «donner» 228 milliards, un chiffre en croissance de 14%.
07/01/2011

Nouveau responsable de la vente cash actions paneuropéenne chez SG CIB

Société Générale Corporate & Investment Banking vient de nommer Peter McGahan en tant que responsable mondial de la vente cash actions pan-Européenne.Avant de rejoindre la banque, l’intéressé travaillait depuis vingt ans chez Citigroup où il a occupé différents postes et notamment celui de responsable de la vente et distribution des produits actions en Europe ainsi que Senior Relationship Manager. Basé à Londres, il sera en charge de renforcer la franchise européenne de vente cash actions.Il est rattaché à David Escoffier, co-responsable mondial des activités de flux actions. Peter McGahan remplace à ce poste Anne Bellavoine qui rejoint la division Relations Clients et Banque d’Investissement en tant que banquier en charge du suivi d’Institutions Financières.
07/01/2011

Un départ chez HDF Finance

Selon les informations de H24, Christophe Chouard, ex-directeur général de HDF Finance, aurait été remercié.
07/01/2011

L'assurance française condamnée à faire sa révolution

Selon une étude d’Accenture sur «le marché de l’assurance en France en 2020", dévoilée en exclusivité pour Les Echos, les assureurs français ont connu leurs «dix glorieuses» entre 2000 et 2010. Les dix années à venir devraient être plus difficiles en termes de croissance et de rentabilité. Pour faire face aux défis réglementaires et à un changement profond du mode de consommation de l’assurance, dans une conjoncture morose, la quête d’un nouveau modèle «industriel» s’impose. Accenture table sur des taux de croissance annuels moyens du chiffre d’affaires sur 2010-2020 de 2,3% en assurance-dommages (après +4% entre 1999 et 2009), de 4,6% en santé-prévoyance (+6,3%) et de 3,9% en assurance-vie (+6,4%). Quant à la rentabilité, elle risque de plafonner autour de 7,5%, amputée de 2 points en moyenne par le passage à Solvabilité II et variable en fonction de la structure et de la composition de l’actif des acteurs.
07/01/2011

F&C demande à ses actionnaires de voter contre Sherborne

F&C demande à ses actionnaires de voter contre la proposition de l’investisseur activiste Sherborne Investors de limoger son président Nick MacAndrew et l’administrateur Brian Lacombe, lors de l’assemblée générale du 3 février. Sherborne Investors, qui a bâti une position de 17,5 % dans le capital de la société de gestion britannique, demande à la place la nomination au conseil d’administration d’Edward Bramson, qui serait ensuite promu président, Ian Brindle et Derham O’Neill. Le conseil d’administration de F&C estime que les résolutions de Sherborne ne sont pas dans l’intérêt des actionnaires. Selon eux, la stratégie de la société de gestion fonctionne. Selon Keith Bedell-Pierce, administrateur indépendant senior, «le conseil d’administration est unanime dans sa conviction que les résolutions de Sherborne ne sont pas dans le meilleur intérêt de l’ensemble des actionnaires de F&C. Elles pourraient aussi avoir un impact négatif sur les relations de F&C avec les autres parties prenantes clés comme les salariés, les clients, les consultants, les conseillers financiers, les agences de notation de fonds et les autres partenaires de distribution. Ces résolutions interviennent au moment où la société s’est enfin stabilisée après une longue période d’incertitude en matière actionnariale qui était dommageable et alors que le conseil d’adminsitration est uni derrière une stratégie de redressement qui marche». Nick McAndrew, président de F&C, déclare : «Sherborne a réclamé une assemblée générale sans présenter de stratégie alternative (…). Ses agissements risquent de créer de nouvelles incertitudes pour l’activité (…)».
07/01/2011
Fonds

db x-trackers lance le premier ETF européen inversé sur les émergents

Le 6 janvier, db x-trackers (Deutsche Bank) a fait admettre à la négociation sur le London Stock Exchange (LSE) onze ETF de droit luxembourgeois, ce qui porte à 124 le nombre de tels produits de db x-trackers cotés à Londres.Tous sont disponibles en parts dollars et livres sterling et chargés à 0,45 %, sauf le tout nouveau db x-trackers MSCI Emerging Market Short Daily Index ETF, qui affiche un taux forfaitaire de frais sur encours de 0,95 % et qui serait selon le promoteur le premier ETF inversé sur un indice marché émergents à être disponible en Europe. Les autres fonds nouvellement admis sur le LSE contre les db x-trackers MSCI World Consumer Distretionary TRN, Consumer Staples TRN, Energy TRN, Financials TRN, Health Care TRN, Industrials TRN, Information Technology TRN, Materials TRN, Telecommunication Services TRN et World Utilities TRN.
Fonds
07/01/2011

Galleon co-founder launches Rockledge Capital

p { margin-bottom: 0.08in; } Gary Rosenbach, who was one of the co-founders of Galleon Group in 1997, along with Raj Rajaratnam, has teamed up with James Burnitt, managing director of Thomas H. Lee Capital, to create Rockledge Capital, a firm which will invest in hedge funds and manage family investments, the Wall Street Journal reports. Rosenbach has been named in absolutely no legal actions or allegations in relation to the insider trading scandal that brought down Galleon Group.
07/01/2011

Rydex SGI merges its advising entities

p { margin-bottom: 0.08in; } The US asset management firm Rydex AGI has announced that it has merged its four advising entities into one. From 3 January, Rydex Advisors, Rydex Advisors III and Security Global Investors are merged into Security Investors, which will become known as Rydex Investments.Rydex will also soon move its headquarters, and set up a single mutual fund data platform.
07/01/2011

SEI scales up middle office services

SEI has announced that it has extended its array of middle-office services by enhancing its asset pricing and valuation validation solution for investment managers. The solution, which leverages the independent valuation and pricing models of industry-leading third-party pricing providers, is designed to provide managers with more accurate and independent pricing verification.
07/01/2011

A departure from HDF Finance

p { margin-bottom: 0.08in; } According to reports in H24, Christophe Chouard, former CEO of HDF Finance, a French alternative management company, has been fired.
07/01/2011

CAC40 businesses to pay EUR40bn in dividends this year

p { margin-bottom: 0.08in; } CAC 40 businesses are expected to pay a record amount in dividends in 2011 (for 2010 results), Les Echos reports: nearly EUR40bn, according to the consensus of FactSet analysts, whose data were assembled by PrimeView. This is equivalent to an increase of 13%. According to PrimeView statistics, dividends paid in 2010 (for the 2009 fiscal year) totalled over EUR35bn, compared with EUR36.6bn the previous year. In 2012, the total will top EUR43bn. Markit Dividend, a specialist in this topic, predicts a similar trend, with an increase of 15% to about EUR41bn. The trend is similar for Europe: companies of the Stoxx 600 are expected to hand out EUR228bn, a figure up 14%.
07/01/2011

Deutsche Bank recruits in Asia

p { margin-bottom: 0.08in; } The wealth management arm of Deutsche Bank has announced the appointment of Tony Tang as head of clients for north Asia, and Eleonore Dachicourt as head of hedge fund distribution for Asia. Tang previously worked at Citi in Hong Kong, where he was head of securitisation activities for Asia. He will continue to be based in Hong Kong. Dachicourt previously worked at Credit Suisse in London.
07/01/2011

Bob Doll's 10 predictions for 2011

US stocks in 2011 will record a third straight year of double digit percentage returns, the first time this has occurred in more than a decade, according to Robert C. Doll, Chief Equity Strategist for Fundamental Equities at BlackRock, Inc. who has published its 10 predictions for 2011. 1. US growth accelerates as US Real GDP reaches a new all time high.2. The US economy creates two to three million jobs in 2011 as unemployment falls to 9%.3. US stocks experience a third year of double-digit percentage returns for the first time in over a decade as earnings reach a new all time high.4. Stocks outperform bonds and cash.5. The US stock market outperforms the MSCI World Index.6. The US, Germany and Brazil outperform Japan, Spain and China.7. Commodities and emerging market currencies outperform a basket of the dollar, euro and yen.8. Strong balance sheets and free cash flow lead to significant increases in dividends, share buybacks, mergers & acquisitions and business reinvestment.9. Investor flows move from bond funds to equity funds.10. The 2012 Presidential campaign sees a plethora of Republican candidates while President Obama continues to move to the center.
07/01/2011

OFI AM wins a USD150m quota

p { margin-bottom: 0.08in; } After obtaining a QFII license last May, which allows it to manage Chinese A-class shares (see Newsmanagers of 15 June, 2010), the French asset manager OFI Asset Management has announced that on 27 October of last year it was granted a quota of USD150m by the Chinese authorities. According to the regulations now in force, OFI AM has until 30 April 2011 to fill the quota. Advised by the Chinese management firm Great Wall Fund Management, OFI AM has launched a Luxembourg SIF fund, denominated in US dollars, and available in two share classes (euros and dollars). The product is aimed at institutional clients. Two analyst-managers from Great Wall Fund Management are dedicated to overseeing the management of the fund. At OFI Asset Management, the fund will be managed by Haiyan Li-Labbé, director of projects for Asia.
07/01/2011

German household financial savings at record levels

p { margin-bottom: 0.08in; } As of the end of December, the financial savings of German households set a new record, at EUR4.88trn, an increase of 4.7% compared with the end of 2009 (EUR4.67trn), Allianz Global Investors (AGI) estimates. In 2009, these financial savings levels had thus already made up all the ground lost in 2008, at EUR4.44trn, compared with EUR4.57trn (the previous record), set at the end of 2007.The increases in 2010 are due partly to an increase in the savings rate to 11.3%, compared with 11.1% in 2009, and an increase of 2.6% in disposable income. On the other hand, incoming savings totalled EUR150bn, compared with EUR147.7bn, while market appreciation, not least due to a 16% increase for the Dax index, represented EUR70bn.In terms of investments, AGI has observed a further increase (of 10%) in the sums placed in checking accounts, to about EUR750bn, compared with EUR600bn for savings deposits. Since the beginning of the crisis in September, checking accounts and savings deposits have shown net inflows of nearly EUR330bn, while long-term savings and savings certificates saw further net outflows of EUR20bn, following EUR120bn in outflows in 2009.AGI has also observed a continued aversion to investments in equities, and a preference for lower-risk investment funds, particularly in the area of diversified funds. James Dilworth, CEO of AGI Germany, says that the trend has gone from buy & hold to wealth management products with active risk management.Although capital market products (equities, investment funds, bonds, private equity) have gained a little ground, they now represent only 28% of total financial savings.
07/01/2011

Control of Deka to pass to savings banks

p { margin-bottom: 0.08in; } The 12 regional associations of the German savings banks group (431 institutions), and the eight Landebanken, who control 50% each of DekaBank, have reached an agreement which values the asset management firm at EUR4.7bn. The Börsen-Zeitung reports that this means that, if both of the parties concerned agree, Deka may buy back EUR1bn of its own shares, while the savings banks would finance the remaining EUR1.35bn.
07/01/2011

EC launches consultation on bankruptcy for banks

p { margin-bottom: 0.08in; } The European Commission on 6 January launched a consultation on a potential European legislative framework for banking sector bankruptcies. Banks will have until 3 March to send in their comments. The Commission is planning to propose complete legislation by summer 2011 to manage banking crises. Currently, the Commission observes in a statement, there are very few regulations in the European Union to determine what actions may and must be taken by authorities when banks go bankrupt. The consultation seeks the opinions of participants as to the technical details which could be involved in a working out of the general outline delivered on 20 October 2010 for a general European regulatory framework for crises in the financial sector.
07/01/2011

Pioneer launches an Asia formula fund

p { margin-bottom: 0.08in; } Pioneer is launching Pioneer UniCredit a formula Asia Maggio 2016, a formula fund aimed at investors seeking to invest in the major Asian equities markets with capital protection, Bluerating reports. At maturity of the fund, on 16 May 2016, investors will receive 35% of the performance of the S&P Asia 50 Daily Risk Control 15% index in euros, up to a limit of 200%. In case of losses for the index, the investor will receive the initial investment amount.
07/01/2011

S&P consults on banking evaluation criteria

p { margin-bottom: 0.08in; } The Standard & Poor’s agency announced on 6 January that it has launched a consultation on criteria for the evaluation of banks. The proposed criteria would make it possible to increase the transparency and comparability of ratings for financial establishments. The agency puts the emphasis on economic and industrial risks. S&P estimates that these developments are unlikely to significantly affect its ratings of banks. The consultation is open until 7 March.
07/01/2011

Morgan Stanley and Algebris launch a UCITS III fund

Morgan Stanley has announced the launch of a new fund under its Ucits Irish umbrella, FundLogic Alternatives. The new fund will be managed by Algebris Investments LLP and will offer access to a long/short equity strategy focused on the global financial services sector.
07/01/2011

FrontPoint raises over USD1bn

p { margin-bottom: 0.08in; } On 6 January, FrontPoint Partners, the firm led by Dan Waters and Mike Kelly which was last year hit by a US investigation into insider trading, has announced a closing for its largest fund, FrontPoint-SJC Direct Lending Fund LP, with subscription engagements (over five years) totalling over USD1bn, the Wall Street Journal reports. Despite the investigation, FrontPoint was able to gather this sum in only nine months, 40% of it from existing clients. The new fund is managed by Stephen Czech, former managing director and portfolio manager at Gottex Fund Management. The fund will invest in senior secured loans to US mid-sized businesses with total earnings of USD75m to USD500m, and EBITDA of USD7.5m to USD50m.
07/01/2011

State Street has now registered all sub-funds of its Luxembourg SSGA in France

p { margin-bottom: 0.08in; } State Street has now registered all the sub-funds of its Luxembourg SSGA in France. Without issuing a full press statement, State Street Global Investors (SSgA) announced that it has now completed its program to register all 19 sub-funds of its Luxembourg Sicav State Street Global Investors Luxembourg in France. The licenses were obtained gradually by the US management firm between 28 August 2009 and 19 November 2010. The complete French prospectus for the fund is available on the AMF website as of July 2010.
07/01/2011

Funded status for pension funds totalled 84.3% as of the end of December

p { margin-bottom: 0.08in; } According to estimates by BNY Mellon Pension Services, a division of BNY Mellon Asset Management, the strong increase on equity markets in December (6.8% gains for US equities and 8.1% for international equities) led to an increase in the average funded status for US corporate pension funds of 3.8 percentage points to 84.3%, the highest level since March 2010. Meanwhile, liabilities fell 0.9% in December due to an increase in bond yields. Since the end of August, the funded status has improved by 13.1 points.
07/01/2011

BOCI-Prudential launches two China ETFs

p { margin-bottom: 0.08in; } Asian Investor reports that BOCI-Prudential Asset Management, a joint venture from Bank of China and Prudential, will launch two ETFs dedicated to China on the Hong Kong stock exchange in the next few days. The quantitative unit of BOCI-Prudential has identified two key growth sectors: consumer products and real estate. The two new products, W.I.S.E. - CSI HK Listed Mainland Consumer Tracker and W.I.S.E. - CSI HK Listed Mainland Real Estate Tracker, will be launched on 11 January.
07/01/2011

AMF agrees exemption for Hermès family

p { margin-bottom: 0.08in; } The French financial market regulator, the Autorité des marchés financiers (AMF), announced on 6 January at its daily meeting that it has granted an exemption to the requirement to issue a public offer for shares in the firm Hermès International, applied for by members of the Hermès family group.In order to lock in capital in the firm against a bid by LVMH, which currently controls 20% of the luxuries group, the family shareholders in the business decided in early December to create a holding company which holds more than 50% of the group’s capital. Legally, shareholders, grouped together either in a holding company or a shareholder pact, are required to make a public takeover bid if they hold over one third of capital. They may also request an exemption from the requirement from the AMF, which was the course preferred by the Hermès family. The AMF adds that it will publish an opinion explaining the motives for the decision in the near future. The president of shareholder organisaztion ADAM, Colette Neuville, announced in December that she would appeal any such decisions.

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