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08/01/2015

Le fonds de Bill Gross bénéfice d'un coup de pouce opportun

Plus de 60% des quelque 1,1 milliard de dollars collectés en octobre et novembre par Janus Global Unconstrained Bond, le fonds désormais piloté par Bill Gross, proviennent d’un bureau de banque privée de Morgan Stanley située à La Jolla, en Californie. Un bureau au sein duquel travaille justement l’un des conseiller financiers personnels de Bill Gross.
08/01/2015

Bernard Maris fait partie des victimes de l'attentat contre Charlie Hebdo

L'économiste Bernard Maris, membre du Conseil général de la Banque de France, figure au nombre des victimes de l’attentat perpétré au siège de Charlie Hebdo et qui a fait au moins 12 morts mercredi. «Christian Noyer et l’ensemble du Conseil général de la Banque de France tiennent à exprimer leur profonde émotion et à transmettre leurs plus sincères condoléances à sa famille ainsi qu’aux familles des autres victimes», indique un communiqué de l’institution et de son gouverneur.
08/01/2015

Bruxelles joue la transparence sur l'accord de libre-échange TTIP

La Commission européenne a publié mercredi plusieurs documents jusqu'à présent confidentiels sur les négociations de libre-échange avec les Etats-Unis. Ces huit documents détaillent la position de l’Union européenne sur certains sujets tels que les règles sanitaires ou l’investissement dans les petites et moyennes entreprises. Les avis qu’ils exposent ne seront pas forcément repris dans un accord.
08/01/2015

L'avance de Syriza se réduit légèrement en Grèce

L’enquête de l’institut Alco, que publie ce jeudi le quotidien To Pontiki, donne 33,8% d’intentions de vote à Syriza contre 30,5% en faveur de la Nouvelle Démocratie (ND), le parti du Premier ministre Antonis Samaras. L’avance du parti de gauche anti-austérité grec sur ND est ainsi ramenée à 3,3 points, contre 3,6 points dans la précédente enquête d’Alco.
08/01/2015

La Française REM achète le siège parisien de Michelin

La Française Real Estate Managers a acquis auprès d’Eurosic l’immeuble Jazz situé cours de l’Ile Seguin à Boulogne-Billancourt, pour le compte de huit de ses SCPI. Le montant de la transaction n’est pas communiqué. Les équipes parisiennes du groupe Michelin sont installées depuis 2011 dans ce bâtiment de près de 7.000 m2, dans le cadre d’un bail de 9 ans ferme. La transaction a été réalisée par Cushman & Wakefield.
08/01/2015

La BNS a vendu des francs en décembre

Les réserves de change de la Banque nationale suisse (BNS) se sont accrues de 32,7 milliards d'équivalent franc suisse entre novembre et décembre 2014, à 495,1 milliards de francs. Cette forte hausse «indique que la BNS a recommencé ses interventions sur le franc» pour défendre le cours plancher de 1,20 face à l’euro et limiter l’appréciation de la devise, selon les stratégistes change de BNP Paribas. Ces ventes de francs «ont probablement eu lieu les jours précédant l’annonce par la BNS de taux négatifs» et ont pu se monter à 25 milliards de francs, poursuit BNP Paribas.
07/01/2015

La Française REM achète le siège parisien de Michelin

La Française Real Estate Managers a acquis auprès d’Eurosic l’immeuble Jazz situé cours de l’Ile Seguin à Boulogne-Billancourt, pour le compte de huit de ses SCPI. Le montant de la transaction n’est pas communiqué. Les équipes parisiennes du groupe Michelin sont installées depuis 2011 dans ce bâtiment de près de 7.000 m2, dans le cadre d’un bail de 9 ans ferme. La transaction a été réalisée par Cushman & Wakefield.
07/01/2015

Bernard Maris fait partie des victimes de l'attentat contre Charlie Hebdo

L'économiste Bernard Maris, membre du Conseil général de la Banque de France, figure au nombre des victimes de l’attentat perpétré au siège de l’hebdomadaire satirique Charlie Hebdo et qui a fait au moins 12 morts mercredi. «Christian Noyer et l’ensemble du Conseil général de la Banque de France tiennent à exprimer leur profonde émotion et à transmettre leurs plus sincères condoléances à sa famille ainsi qu’aux familles des autres victimes», indique un communiqué de l’institution et de son gouverneur.
07/01/2015

L'Irlande couvre un tiers de son programme d'émissions 2015

Dublin a donné mercredi le coup d’envoi des programmes de financement à moyen long terme des pays de la zone euro. L’Irlande a levé 4 milliards d’euros d’emprunts à 7 ans par syndication, trouvant un rendement de 0,867%. Barclays, Davy, HSBC, JPMorgan, Nomura, RBS ont dirigé la transaction. Vers midi, la demande de titres avait dépassé 5,75 milliards d’euros, selon Reuters. Les taux à 10 irlandais traitaient mercredi aux alentours de 1,22%.
Photo : Fotolia
07/01/2015

Bruxelles joue la transparence sur l'accord de libre-échange TTIP

La Commission européenne a publié mercredi plusieurs documents jusqu'à présent confidentiels sur les négociations de libre-échange avec les Etats-Unis. La démarche qui vise à faire taire les critiques sur le projet d’accord commercial TTIP. Ces huit documents détaillent la position de l’Union européenne sur des sujets tels que les règles sanitaires ou l’investissement dans les petites et moyennes entreprises. Ils ne couvrent pas l’ensemble des dossiers en discussion, certains secteurs comme l'énergie restant du domaine du secret. Les positions qu’ils exposent ne seront pas forcément reprises dans un accord.
07/01/2015

L'ESMA rend son verdict sur la directive MIF II

L’ESMA a publié le 19 décembre 2014 son avis technique final sur les mesures de niveau 2 de la directive 2014/65/UE, dite Directive MIF II. Sur leur site internet, des avocats spécialistes du cabinet CMS Francis Lefebvre en détaillent la portée. En voici les principales conclusions :
L'ESMA rend son verdict sur la directive MIF II
07/01/2015

PGGM invests in British real estate

p { margin-bottom: 0.1in; line-height: 120%; } The Netherlands-based pension fund PGGM has teamed up with Legal & General Property, an affiliate of the Legal & General group, to acquire the Bishopsgate Long-Term Property Fund Unit Trust for a total of GBP370m (USD562m), Reuters reports. The portfolio includes 24 commercial properties located in the United Kingdom, two of which are office properties located in London, at Covent Garden and in Kensington.
07/01/2015

Rathbones opens a new office in Scotland

p { margin-bottom: 0.1in; line-height: 120%; } The British wealth management firm Rathbone Investment Management on 6 January announced plans to open an office in Glasgow to build its presence in Scotland. The Glasgow office will be led by investment director Angus Kerr, a former Bewin Dolphin manager, assisted by Lindsay Strachan, also formerly of Brewin Dolphin, who joined Rathbones in December 2014 to work in the Edinburgh office. Rathbones has also announced that the duo will soon be joined by Susan Stevenson, Grant Pinkerton, Julie Smith and Elita Nanson, all four of whom join from Brewin Dolphin.
07/01/2015

BlueBay AM recruits a director of sales

p { margin-bottom: 0.1in; line-height: 120%; } The British asset management firm BlueBay Asset Management, a specialist in bonds, has recruited Katherine Wentrup-Estupinan as sales director, Reuters reports. In this role, she will be responsible for assisting with the development of the alternative management activity at the asset management firm. Wentrup-Estupinan previously worked at Strategic Investments Group, a consulting firm dedicated to alternative investments.
07/01/2015

Be wary of nervous managers

p { margin-bottom: 0.1in; line-height: 120%; } Portfolio managers who are too afraid of losses tend to underperform overall, which can cost investors and their own careers, the Wall Street Journal reports, citing a soon-to-be-published study. As a result, when they recruit a manager, asset management firms should pay more attention to the criterion of aversion to losses, the authors of the study, Andriy Bodnaruk of the University of Notre Dame and Andrei Simonov of Michigan State University and the Gaidar Institute in Moscow, claim. The study is based on a survey of managers in Sweden, where researchers were able to gain access to the personal data of managers. “Managers are recruited on the basis of their past performance, their experience in their industry, their pedigree and other factors, but to our knowledge, their ability to face volatility in the value of their portfolios is never taken into account,” Dr. Bodnaruk regrets. Nervous managers can be costly: the study shows that managers who hesitate in the face of losses underperformed their apparently more courageous colleagues by 1.2 to 2.1 percentage points per year, and they are at greater risk of being fired.
07/01/2015

Mirabaud hires the head of Swiss equities of Lombard Odier IM

Mirabaud Asset Management has hired Patrick Huber as senior portfolio manager responsible for Swiss large cap companies.He joins from Lombard Odier Investment Managers where he had been responsible for the Swiss equities team.Within Mirabaud Asset Management, Patrick Huber will be responsible for Swiss large cap companies while Matthias Egger remains responsible for small and mid-cap companies. Nicolas Burki will remain in his current role as analyst manager and, along with Patrick Huber and Matthias Egger, will be involved in analysing Swiss companies monitored by the team and in managing a number of mandates.Mirabaud Asset Management currently manages nearly one billion Swiss francs, distributed among various Swiss equity funds and mandates, both on behalf of professional and institutional investors.
07/01/2015

ING IM appoints head of business in Japan

p { margin-bottom: 0.1in; line-height: 120%; } ING Investment Management (ING IM) has appointed Hiroshi Kimura as CEO of ING IM Japan, InvestmentEurope reports. Kimura joins from Alliance Bernstein, where he had previously worked as managing director in charge of communication and client relations, and as a member of the board. Kimura replaces Douglas Hymas, who has recently joined BNY Mellon as country head Japan.
07/01/2015

AXA Real Estate completes a first acquisition in Luxembourg for Fonds Caesar

p { margin-bottom: 0.1in; line-height: 120%; } The real estate portfolio and asset management firm AXA Real Estate Investment Managers has finalised its acquisition of all shares in a company which holds core office properties in the Kirchberg district of Luxembourg, “Monnet 6,” from Deka Immobilien GmbH, for a total of EUR32.2m. The acquisition was performed on behalf of the Fonds Caesar, a reguated fund decicated to Italian institutional investors, launched by AXA Real Estate Investment Managers SGR S.p.A., an Italian regulated affiliate of AXA Real Estate, a statement says. The fund now has EUR326.5m invested, and its first acquisition in Luxembourg comes as a perfect element of its strategy to acquire well-located, core office properties located on the outskirts of the business districts of major European cities. During the last round of fundraising in October 2012, the fund raised EUR209m in tier 1 equity from 12 Italian institutional investors and AXA insurance companies, giving the fund total purchasing capacity of EUR415m when fully invested.
07/01/2015

amLeague: active management holds up in challenging European markets

p { margin-bottom: 0.1in; line-height: 120%; } The behaviour of the equity markets in the last month of 2014 was a differentiating factor. The Eurostoxx 50 index lost 2.30%, while international equity markets showed gains of 1.36%, via the Stoxx 1800 index. In this environment, the active management competing in the various mandates of the amLeague platform has had mixed fortunes. In the euro zone, it has held out well, as 11 portfolios out of 17 did better than their benchmarks. In European markets, 15 asset management firms out of 20 did better than the index. However, in the global equities mandate, six portfolios out of 11 beat the Stoxx 1800. In the euro zone, no competitor managed to post gains. Two quants held out best: Theam (-0.07%) and Swiss Life AM (-0.27%), ahead of an adept at fundamental analysis, Roche-Brune AM (-0.49%). At the bottom of the rankings, the portfolios of the stock-pickers ING IM and Invesco AM show losses of 3.05% and 3.29%, respectively. In the Europe Equities mandate, the top four managed to earn positive returns. Sycomore AM (+2.68%) places ahead of three quants: Invesco AM and Swiss Life AM (+0.33%) and Theam (+0.01%). At the bottom of the rankings, ING IM and Petercam show losses of 2.01% and 2.06%, respectively. Lastly, for the Global Equities mandate, only the EdRAM portfolio shows losses (-0.52%). In the top places, however, nothing has really changed: quants vie with quants. Swiss Life AM places ahead of Ossiam and Theam (+2.64%, +2.58% and +2.46%, respectively).
07/01/2015

Stake in Brevan Howard for sale

Swiss Re is looking to sell its minority stake in Brevan Howard Asset Management, which manages more than USD30 billion in several hedge funds, according to people familiar with the talks quoted by The Wall Street Journal. The move comes as the asset management company has to face recent poor performance and billions in investor outflows. Bids for the 15% stake were due last week, the people said. It wasn’t clear who the possible bidders were, but the value of the stake is estimated between USD350 million and USD500 million.
07/01/2015

Legg Mason Western Asset Macro Opportunities Bond has USD2.7bn in assets

Only one year after its launch, the Legg Mason Western Asset Macro Opportunities Bond fund now has USD2.7bn in assets. In the past 12 months, the unconstrained fund has posted gains of 6.4% in its first year, while volatility has remained below 7%.The fund, managed by Western Asset, the largest bond management firm from Legg Mason, is led by the director of management, Ken Leech, who prefers the creation of long-term value associated with active management of durations, the interest rate curve and volatility. The investment ideas generated reflect the fundamental long-term outlooks of Western Asset, based on the macroeconomic convictions of an international team of investment professionals.
07/01/2015

AGF Investments launches a convertibles fund

p { margin-bottom: 0.1in; line-height: 120%; } The Canadian asset manager AGF has launched AGF Global Convertible Bond Fund, a hybrid investment solution that complements fixed-income holdings, while giving investors the opportunity to participate in rising equity markets.“Today, investors are struggling to achieve acceptable bond returns and need alternative fixed-income solutions to diversify their portfolios to defend against a rise in rates,” said Kevin McCreadie, president and chief investment officer, AGF Investments. “AGF Global Convertible Bond Fund offers the safety and diversification benefits of bonds with less exposure to interest-rate risk, while participating in equity market returns.”The fund is managed by David Stonehouse, vice-president and portfolio manager, Acuity Investment Management Inc. He has nearly two decades of experience managing fixed income and is supported by the broader AGF Fixed Income Team.
07/01/2015

Eastern Europe leads sustainability rankings for emerging countries

Poland, Hungary and Lithuania have taken the lead in the quarterly sustainability rankings of emerging markets established by Petercam. After the top three spots, Eastern Europe occupies a large part of the top quarter of the rankings. Also high in the rankings are countries of Latin America, which tend to stand out for environmental factors. However, for “population, health care and distribution of wealth,” the region generally gets scores below the average for the universe under analysis, with the exceptions of Brazil and Mexico.Brazil is also the only BRIC country to rank in the top quartile, in 17th place. The country stands out in education. In terms of transparency and democratic values, although the country has been led by a woman since 2011, the representation of women in Parliament remains low (8.6%). Freedom of the press could also be improved, Petercam notes.Russia, also a BRIC country, places 64th, however, and in the bottom quartile. The country has lost points in “transparency and democratic values.”Lastly, Asian countries are mostly in the third quarteile, followed by Africa countries, mostly at the bottom of the rankings.
07/01/2015
Fonds

Gotham AM s’allie à BofA Merrill Lynch pour un nouveau fonds actions américaines

La boutique américaine de gestion Gotham Asset Management s’est associé à Bank of America Merrill Lynch en vue de lancer un nouveau fonds actions américaines long/short au format Ucits, rapporte Citywire Global. Baptisé MLIS Gotham US Equity Long-Short Ucits, ce véhicule domicilié au Luxembourg a été officiellement lancé le 30 décembre 2014. Il est géré par une équipe dirigée par Joel Greenblatt et Robert Goldstein, «managing principals» et co-directeur des investissements chez Gotham AM. Le nouveau fonds a été intégré à la plateforme Merrill Lynch Investment Solutions (MLIS), conçue pour permettre aux investisseurs européens d’avoir un accès aux hedge funds dans un cadre réglementé. Le produit a la possibilité d’investir dans une large gamme d’instruments, des actions ordinaires, des actions de préférence, des titres convertibles, des warrants et des instruments dérivés.
Fonds

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