P { margin-bottom: 0.08in; } Prudential Investors has launched the Prudential Jennison Rising Dividend Fund, which will invest as a priority in large caps listed in the United States, with the preference given to securities from businesses which distribute growng dividends. The fund is advised by the infrastructure return team at Jennison Associates, which uses a fundamental approach to select securities. The managers of the strategy are Shaun Hong and Bobby Edemeka, who manage funds of utilities, high yield equities, global infrastructure, and MLPs.

P { margin-bottom: 0.08in; } Larry Fink, the CEO of BlackRock, has said that the rapid take up of technology in developing countries was endangering jobs to such an extent that it was becoming the “black swan of the times,” Financial News reports. The director was speaking on Wednesday at the annual conference of the National Association of Pension Funds in the United Kingdom. Fink added that he expects the term “emerging markets” to cease to have much relevance for investors, as the region is so heterogeneous.

P { margin-bottom: 0.08in; } It is the end of an era at Henderson Global Investors (Henderson GI). After 17 years at the asset mangement firm, Patrick Sumner, head of global property equities since 2004, will be retiring this June.

P { margin-bottom: 0.08in; } Inflows to ETPs worldwide totalled USD27.2bn in February, according to initial estimates from BlackRock. Inflows to bonds in particular totalled USD19.6bn, a monthly record, due to outlooks of continued low interest rates and inflation at continuing highly moderate levels. Inflows to Treasury bonds represented USD11.4bn, with the corporate debt and investment grade segments bringing in USD3.6bn, and high yield USD1.4bn. Short maturity funds brought in USD7.4bn. In equities, inflows totalled USD5.8bn, with investors continuing to prefer exposure to developed markets outside the United States. Japanese equity funds attracted USD4.1bn, while pan-European funds drew in USD2.8bn. However, US funds finished the month with outflows of USD0.2bn, and funds dedicated to emerging markets had net outflows totalling USD4.5bn.

Asset inflows and strong developed-market equity returns helped long-term fund assets reach nearly USD23 trillion, up more than USD3 trillion from 2012, according to an an annual report released by Morningstar on 6 March.Although 2013 inflows of USD976 billion are only slightly higher than the previous record set in 2009, their composition is vastly different. Investors have rotated out of fixed-income investments, which garnered the majority of inflows over the last five years, and into equities.Equity funds enjoyed inflows of USD567 billion globally and an organic growth rate of 6%, the fastest since Morningstar began tracking worldwide flow data in 2007. Allocation funds had a strong year with inflows of USD220 billion, driven by double-digit growth in Europe and among cross-border funds.Among equity funds, passive funds continued to gain share in most regions in 2013. This shift has been driven largely by the increasing awareness among investors of the role of cost in investment outcomes. Another growth factor is the adoption of ETFs among advisors in the United States, although ETFs in Europe are having a tougher time making such inroads.Vanguard dominated worldwide flows again in 2013, as it did in 2012. The firm took in USD143 billion and now manages USD2.3 trillion in long-term mutual fund and exchange-traded fund (ETF) assets. On the other side of the spectrum, PIMCO, the beneficiary of the long bond bull market, saw outflows of USD29 billion for the year as investors’ fear of rising interest rates prompted a long-anticipated exodus from bond funds. 88% of PIMCO’s mutual fund and ETF assets globally resided in fixed-income products at year end.

P { margin-bottom: 0.08in; } The index of European investor sentiment by Invesco reflects a persistent appetite for high-risk asses. 55% of the 100 fund selectors surveyed, encouraged by confidence in the economy, were planning to increase their allocation to European equities in the next 12 months. 54% were planning to invest more in emerging markets, and 34% in the Asia-Pacific region. Bonds are the asset class which investors wish to reduce the most. About 28% are planning to reduce their investments in US Treasury bonds, compared with 21% in the prevoius survey, followed by euro zone government bonds (23%) and US corporate bonds (17%). The survey also finds that 46% of respondents have a favourable opinion of the global economy. “This percentage is lower than the 55% in June 2013, but far higher than the level 18 months ago, when only 17% were confident in the economic environment,” Invesco says.

P { margin-bottom: 0.08in; } Lloyd George Management (LGM), an affiliate of BMO Global Asset Management, has appointed Thomas Vester as chief investment officer, Asia Asset Management reports. His mission will be to strengthen and co-ordinate investment processes and selection criteria for securities for BMO Global Asset Management across the LGM strategies in Asia and emerging markets.

P { margin-bottom: 0.08in; } Falcon Investment Advisors, a family office based in Dubai, will be adding to its Singapore teams in order to offer its services to several families. The first step in its development was taken with the recruitment of Mark Prendiville, former director of institutional clients at Julius Baer Singapore. He is specialised in the generation of alpha, Asian Investor states.

P { margin-bottom: 0.08in; } The recovery at Aviva Investors “is likely to take some time,” the parent company of the British asset management firm has announced at a presentation of its annual results. In 2013, activities saw net redemptions of GBP5bn, and assets totalled GBP241bn. In its annual results, Aviva announced that it has discovered evidence of «improper» allocation of trades in fixed income securities by two former employees before 2013. There is a total adverse impact on operating profit from this activity of GBP132m. “Measures to improve controls have been put in place,” Aviva says.

P { margin-bottom: 0.08in; } In 2013, Schroders posted net inflows of GBP7.9bn, down slightly compared with 2012, when inflows totalled GBP9.4bn. However, the British asset management firm has posted record revenues, profits and assets. Its net revenues totalled GBP1.4bn, up 24%, and its pre-tax profits and one-time elements total GBP507.8m, up 41%. Its assets came out to EUR262.9bn, compared with EUR212bn as of the end of 2012. In asset management alone, Schroders posted net inflows of GBP9.4bn, compared with GBP9.7bn in 2012, of which GBP4.6bn are from institutional investors.

P { margin-bottom: 0.08in; } SCOR Global Life, an affiliate of Scor SE, Swiss Re and Munich Re on 6 March announced that they have concluded a life expectancy policy with the British insurer Aviva. The extended life expectancy risks for these affiliates is transferred to the Aviva retirement regime under the reinsurance contract. The associated liabilities represent GBP5bn, making it the largest longevity swap ever concluded to date on the international market by a retirement regime. The transactions will take effect from 1 January 2014. For Scor, this is the fourth longevity swap signed in the United Kingdom, confirming the solidity of the commercial fund and the large expertise of the group in this growing market. The success in the United Kingdom in extending innoative longevity risk reinsurance solutions by SCOR in the Netherlands in December 2013 follows the path already blazed by SCOR Global Life in the implementation of the OptimalDynamics strategic plan. SCOR plans to double its longevity business volume within four months while maintaining a level of profitability in line with the objectives defined in OptimalDynamics, with a ROE 1000 basis points above the risk-free rate. For its part, Swiss Re has been present in the longevity market since 2007, with several operations in partnership with insurers and pension funds in the private and public sectors. The most recent are longevity contracts signed in 2012 with LV=Employee Pension Scheme for a total of USD1.3bn, and with Akzo Nobel (CPS) Pension Scheme for USD2.2bn. According to Paolo Martin, CEO of SCOR Global Life, “this important longevity transaction is fully in line with the appetite for risk of SCOR and the strategy employed by the Gruop in terms of longevity, and respects the profitability criteria of the Group. It comes only a few months after the signature of the transaction concluded with Aegon in the Netherlands, demonstrating the solid competence of SCOR Global Life in the global longevity market. SCOR is an important actor in this market; we plan to establish new partnerships in order to offer longevity solutions in the months and years to come.”

P { margin-bottom: 0.08in; } Invesco Perpetual on 6 March confirmed that effective immediately, it has appointed Mark Barnett as head of management for the Invesco Perpetual High Income and Invesco Perpetual Income funds, replacing Neil Woodford. Woodford, who will remain in the position until 29 April, is expected to leave the firm to join Oakley Capital, where he will form a new investment boutique. The change will occur in continuity as Barnett has been working in close collaboration since 15 October 2013 with Woodford, current manager of the funds concerned, to ensure a smooth transition. Barnett, who joined Invesco Perpetual in 1996, began his career in management at Mercury Asset Management in 1992.

P { margin-bottom: 0.08in; } The major international banks are approaching their objectives under requirements for tier 1 equity under Basel III, the most recent report by the Basel Committee, released on 6 March, says. In six months, the sums that the major internationally active banks still need to raise to meet their owners’ equity objective of 7% has been reduced by half, according to the report. As of 30 June 2013, the major international banks still needed to raise EUR57.5bn, compared with EUR115bn six months earlier. This total includes surcharges applicable to banks considered to big to fail, which are required to have an additional owners’ equity cushion of 2.5%. To put these sums in perspective, the Basel Committee emphasizes that the sum of profits after taxes, but before distribution of dividends to shareholders, was EUR456bn for the banks studied overall. These figures are based on data collected from a sample of 102 major internationally active banks, the Basel Committee says, on the basis of its regular monitoring of this area.

P { margin-bottom: 0.08in; } After a year in which deontology and cost reduction were at the top of the priority lists, US banks are seeking new areas for growth. According to a study by Fidelity Institutional entitled “Fidelity Bank Wealth Management Study,” banks want to develop their wealth management activities. More than half of heads surveyed as part of the study hope to increase income in wealth management by 25% in the next five years. More than 40% of banking managers say that wealth management has already become a driver of growth in recent years. One third of banks say that their divisions dedicated to wealth management have contributed an average of 28% to revenues at their firms. In the past to years, the contribution of wealth management came to 40%.

P { margin-bottom: 0.08in; } With net earnings of EUR65.2m, up 6% compared with 2012, the Investment Management profession at BNP Paribas Real Estate brought in EUR800m in new cash in 2013, according to a statement released on 6 March. At the end of the year, it had nearly EUR18bn in assets in Europe, of which 74% were on behalf of institutional investors. Overall, this profession has over 100,000 clients. The acquisition of iii-investments in Germany took it from 17th to 9th place in Europe in 2013.

P { margin-bottom: 0.08in; } Convertible assets at the US asset management firm Wellesley Investment Advisors, a specialist in the sector, have topped USD2bn. The firm, whose clients include high net worth private clients, institutionals and pension funds, has seen growing interest in convertibles on the part of investors, in an environment of low interest rates, stock markets reaching new peaks, and rising volatility.

La Banque nationale suisse a encaissé une perte nette de 9,1 milliards de francs sur l’année 2013, en raison de la chute du cours de l’or qui lui a coûté une moins-value de 15,2 milliards de francs. Les positions étrangères ont en revanche généré un bénéfice de 3,1 milliards. L’institut suisse avait réalisé un bénéfice de 6 milliards en 2012, mais avait prévenu début janvier de l’ampleur de la perte sur 2013 et annoncé dans la foulée qu’il ne verserait pas de dividendes à la Confédération et aux cantons pour la première fois depuis sa création en 1907.

La Chine vient d’enregistrer vendredi son premier défaut de paiement sur le marché obligataire local. Le fabricant d'équipements pour l'énergie solaire, Chaori Solar, a averti qu’il ne pourrait payer que 5% des 89 millions de yuans (10,5 millions d’euros) d’intérêts dus sur une obligation d’un milliard de yuans émise en 2012. Alors que plusieurs grandes sociétés chinoises ont échappé de justesse à la faillite au cours des dernières années grâce aux interventions de dernière minute des autorités locales, les analystes financiers estiment que le défaut de Chaori devrait entraîner une réévaluation du risque de crédit sur ce marché.

Les craintes d’une escalade ont troublé le jeu entre les classes d’actifs et ravivé les interrogations des investisseurs sur certains pays émergents

Le gestionnaire d’actifs britannique a publié un profit avant impôt et exceptionnels en hausse de 41% sur un an pour 2013, à 508 millions de livres. La collecte nette a toutefois ralenti, à 7,9 milliards contre 9,4 milliards en 2012. Schroders affichait à fin 2013 des encours de 263 milliards de livres, contre 212 milliards un an auparavant.

L'Espagne présente un projet de loi qui facilite les restructurations de dette des sociétés en créant un fonds de soutien de 30 milliards d'euros

Une étude de S&P estime que la consolidation attendue encore en 2014 ne devrait pas trop dégrader la qualité de crédit des opérateurs

Le ministre espagnol de l'économie présente aujourd’hui un projet de loi qui entérine la création d’un fonds de 30 milliards d’euros destiné à accueillir les prêts bancaires aux entreprises «viables», mais lourdement endettées. Une façon d’alléger un peu plus le bilan des banques.

Mario Draghi a insisté sur l’amélioration des conditions économiques dans la zone euro et sur le redressement progressif de l’inflation à moyen terme.

Mario Draghi insiste sur l'amélioration des conditions économiques et financières et assure que l'inflation va se redresser progressivement

La banque propose un échange de 5 milliards de livres d'obligations ECN émises en 2009 contre des obligations AT1 compatibles aux normes Bâle 3

Les prestataires d'investissement qui les réalisent n'auront pas à se conformer à la norme professionnelle sur les sondages de marché

Un rapport de l’Inspection générale des finances (IGF), commandé par le gouvernement, a identifié 192 «petites taxes», dont le rendement est inférieur à 150 millions d’euros par an. Le document cite par exemple la taxe sur les flippers et les Baby-foot. L’IGF propose d’en supprimer 90 ou 120, voire jusqu'à 160 en ne conservant que les 20 à 30 taxes les plus performantes.

Au terme de près de neuf ans de négociations, le Canada et la Corée du Sud sont sur le point de boucler leur accord de libre-échange, rapporte le quotidien américain de sources au fait du dossier. Un accord pourrait être annoncé d’ici à sept jours. Un accord de ce type entre Washington et Séoul est entré en vigueur il y a deux ans, rappelle le journal.

Selon un haut responsable de la banque centrale d’Ukraine, cité par Reuters, l’institut prévoit de discuter très rapidement d’une possible hausse de son principal taux directeur (taux d’escompte), actuellement fixé à 6,5%. Le gouvernement ukrainien s’attend à ce que l’inflation atteigne 8% cette année après 0,5% l’an dernier.