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07/11/2013

Société Générale private bank posts very good results in Q3

The new large clients and investor solutions (GBIS) unit at the Société Générale group, which includes financing and investment banking and the private banking, asset management and investor services unit, has posted growth in its revenues of 7.2% in third quarter. Asstes under management at the private bank total EUR83.9bn as of the end of Sepember, due to net inflows of EUR0l8bn for the quarter, largely driven by France and Asia, a market effect of EUR0.7bn, and a currency effect of EUR0.1bn. However, the sale of activities in Japan on 1 October generated a perimeter effect of -EUR2.2bn. Investor Services activities have seen their assets under custody rise 7.7% to EUR3.609trn compared with the end of September 2012, and their assets under administration are up 11.6% in the same period, to EUR500bn. In finance and investment banking activities, “Lyxor has posted an incrase in its assets under management, thanks to significant inflows in the quarter as part of an extension of its product range.”
07/11/2013

Amundi posts inflows of EUR1.1bn YTD

In the first nine months of 2013, Amundi has recorded net inflows of EUR1.1bn, according to financial results published this Thursday by its shareholder Crédit Agricole, which will soon increase its stake to 80% from 75% currently. The stake will be sold by Societe Generale for EUR337.5m. Over the first nine months, new inflows were pushed up by distributors, institutional and corporate customers (+7.5 billion euros), the international branch networks (+2.3 billion euros) and employee savings management (+0.9 billion euros)., the bank says in a statement. However, French networks have seen redemptions of EUR9.6bn. Amundi also notes that long term inflows total EUR5.7bn, indicating that net redemptions from money markets were high (EUR4.6bn).Including 100% of the joint ventures in Asia and Smith Breeden, recently acquired (impact: +4.7 billion euros), assets under management amounted to 759 billion euros at end-September 2013 (up 2.6% on end-December 2012). They benefited from a favourable market effect of +13.5 billion euros. Average assets under management were 756 billion euros, up 9% year-on-year in the first nine months of 2013. Amundi delivered a 1.3% increase in gross operating income in the first nine months of 2013 by comparison with 2012. Revenues rose by 1.8% year-on-year over the first nine months and by 0.5% over the third quarter of 2013, due to resilient commissions and fee income. Operating expenses increased by 1.4% year-on-year over the first nine months of 2013 excluding the impact of tax measures. The cost/income ratio stabilised at 55.3% at 30 September 2013. Amundi’s net income Group share came to 233 million euros for the first nine months of 2013, up 4.6% year-on- year, and to 73 million euros for the third quarter.
07/11/2013

CEO resigns from Korean SWF

Choi Chong-suk, chairman and CEO of the Korean sovereign wealth fund, the Korea Investment Corporation (KIC), has resigned from his position for personal reasons, Asian Investor reports. The chief investment officer, Lee Donk-ik, will replace him for the interim. A replacement for Choi, who had been in office since July 2011, will be found by the end of the year, Asian Investor predicts. As of 31 March, the sovereign wealth fund had assets of USD61.6bn.
07/11/2013

Dexia AM to transition to AIFM mode in early 2014

Fabrice Cuchet, a member of the executive board and head of alternative management at Dexia Asset Management, on 6 November announced that the asset management firm “has chosen a double UCITS/AIFM license for its asset management firms based in France, Belgium and Luxembourg, and will submit AIFM applications to this effect in the first few months of 2014.” The decision is being taken for practical reasons, since moving to AIFM now would require reporting from early next year, which would represent a disproportionate workload.For Dexia AM, there will be about 200 UCITS funds and 100 AIFM funds. Clearing partners will have to be selected by second half next year and existing ISDA contracts will have to be updated with 15 counterparties.The conclusion of the transaction by which New York Life acquires Dexia AM is expected to come by the end of the year, and the European asset management firm will change names.Cuchet also says that net subscriptions totalled about EUR300m for alternative management at Dexia AM since the beginning of the year, with acceleration once news of the sale got out. Inflows were primarily concentrated on long/short credit, global macro and CTA strategies. Alternative assets as of the end of October totalled about EUR4.5bn.
07/11/2013

Credit Suisse sells DLJ Investment Partners

Credit Suisse is selling its DLJ Investment Partners (DLJIP) activity to Portfolio Advisors. The team at DJIP surrounding Igor DaCosta and Charles Harper will also transfer to the new owner, Credit Suisse said in a statement on 6 November. The operation is part of sale plans already announced, and is expected to be completed by the end of 2013. The financial terms of the transaction have not been disclosed. Since its inception in 1995, DLJIP has executed 75 financing transactions for a total of USD3.6bn.
07/11/2013

Switzerland's Gottex grows in China

The Swiss alternative asset management firm Gottex will set up a joint venture with the Chinese asset management firm Vstone Asset Management, the news agency Reuters reports. Vstone will assist Gottex with its planned developments in China. “The objective is to strengthen the capacities of Gottex in China in order to provide investors with access to Chinese onshore markets through equities, bonds and private equity,” the co-founder of Gottex, Max Gottschalk, tells Reuters. As of the end of September, assets under management at Gottex totalled USD5.8bn.
07/11/2013

ING IM suffers redemptions in Q3

ING Investment Management has published stable assets for third quarter, at EUR176.1bn, compared with EUR176bn the previous quarter, but down by EUR3.8bn in one year, according to quarterly results for the ING group. Asset management in third quarter suffered net redemptions in Europe and Asia of EUR0.4bn in total. In detail, assets under retail management totalled EUR46.4bn, compared with EUR45.3bn in the previous quarter, and EUR43.2bn one year ago. Assets under management for institutional clients total EUR56.5bn, compared with EUR56.3bn in second quarter 2013, and EUR61.2bn one year ago.
07/11/2013

BBVA kicks off fund war

After the “war of deposits”, here comes the “war of the funds:” Cotizalia reports that BBVA has launched a campaign for November and December in which it offers a 2% bonus for all sums up to EUR10000 transfer from rival funds to one of the 19 funds of the BBVA range. In exchange, the recepient of this bonus will be required to keep the sum transferred (which is unlimited) in the fund for 30 months.
07/11/2013

Carmignac Gestion continues to push for pan-European retirement product

Carmignac Gestion has reaffirmed its support for research into long-term investment and retirement saings with the presentation of a report by a working group at the Center for European Policy Studies (CEPS), for which it was the exclusive sponsor, “Saving for Retirement and Investing for Growth.” This publication comes at the end of a European legislative term which suggested at times that the problem would be handled, btu which has ended without any advancement on the subject. A vehicle was proposed (ELTIF) for institutional but not household investors. The reasons for delaying the introduction of a European product which would facilitate savings and long-term household investment are multiple. Household savings, which are abundant, have no vehicle to be invested in the long term, the chairman of CEPS, Karel Lanoo said in Paris on 6 November at a press conference. Households hold the largest proportion of European savings (43%), of which more than half is invested in savings, in an unfavourable context in which adversion to risk is increasing, probably partly due to the financial crisis, and in which national solutions are costly and perform poorly.
07/11/2013

Miton closes income fund to new investors

Miton Asset Management would like to close its Miton UK Multi-Cap Income fund, whose assets under management total slightly over GBP182m, Fundweb reports.The strategy, co-managed by Gervais Williams and Martin Turner, will be withdrawn from the Novia platform from 29 November. The move comes as part of plans to manage about GBP550m in another fund, the Miton Diverse Income Trust 9GBP345.5m), also managed by Williams.
07/11/2013

Arderova AM launches long-only fund

Arderova Asset Management, the firm founded by former fund managers from Liontrust, is launching a global long-only equity fund as an addition to its long/short strategy.
07/11/2013

BlackRock tops 5% of capital in Azimut

BlackRock now controls 5.004% of capital in the Italian asset management firm Azimut, as part of its third-party management, Bluerating reports. The capital is controlled via 12 different vehicles.
07/11/2013

Deutsche Bank launches longevity fund

With the Longevity Experience Options (LEO) fund, Deutsche Bank has launched a longevity index which aims to allow insurance companies and pension funds cover their longevity risks, Health Insurance & Protection Daily reports. The new tool, which initially covers positions in the England, Wales and the Netherlands, integrates longevity figures from demographic data published by national statistical institutions.This is used as the basis for a tradeable product which covers five-year tranches by age and sex, to facilitate the creation of standardized products by subcribers on the basis of their liabilities. The LEO fund will also improve liquidity and facilitate price formation in this new asset class.
07/11/2013

Lazard AM launches EME fund

Lazard Asset Management has launched a strategy dedicated to emerging market equities, the Lazard Emerging Markets Core Equity Portfolio, which aims to earn returns with reduced volatility. The strategy comes in addition to the emerging market equity range, which includes relative value, relative growth, debt and multi-asset strategies. The portfolio is managed by Stephen Russell, Thomas Boyle and Paul Rogers, who have been working on emerging market strategies for more than 10 years. The team use a flexible approach, which allows for firms with different capital structures to be systematically evaluated. The portfolio is managed on the basis of an existing strategy launched in 2009. As of 30 September, assets under management at Lazard Asset Management and affiliated companies totalled USD176bn.
07/11/2013

Deka Immobilien invests in Warsaw

Skanska Property Poland, the Polish affiliate of the Skanska group, has sold the office property Atrium 1 in Warsaw for about EUR94m to the German firm Deka Immobilien.The property, with 18,000 square metres, which is slated for completion in spring 2014, is already 75% leased, to Zachodni WBK bank, among others. It will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal, for which it represents the first investment in Poland, although over the long term most of the portfolio is expected to be placed in properties outside Europe.
07/11/2013

La Banque d'Angleterre maintient sa politique monétaire

La Banque d’Angleterre (BoE) a laissé sa politique monétaire inchangée, s’en tenant ainsi à son engagement de maintenir ses taux à un niveau très bas jusqu'à que la reprise économique du pays soit plus solidement ancrée. L’institut d'émission a maintenu son taux directeur à 0,5%, son plus bas niveau historique, un niveau auquel il est fixé depuis mars 2009.
07/11/2013

La BCE baisse d'un quart de point ses taux directeurs

La Banque centrale européenne abaisse ses taux directeurs. Le taux d’intérêt des opérations principales de refinancement de l’Eurosystème est abaissé de 25 points de base, à 0,25%. Le taux d’intérêt de la facilité de prêt marginal est réduit de 25 points de base, à 0,75%. Le taux d’intérêt de la facilité de dépôt demeure inchangé, à 0,00%.
Photo: Bloomberg
07/11/2013

L'Italie bat un record d'émission de dette indexée

L’Italie a levé un montant record de 22,3 milliards d’euros dans le cadre d’une émission, bouclée mercredi, d’obligations souveraines à quatre ans indexées sur l’inflation. Ces titres étaient destinés aux particuliers mais les institutionnels y ont répondu en masse, conduisant le Trésor à interrompre prématurément le placement au bout d’un jour et demi. L’Italie avait établi le précédent record voici un an lors d’une émission de BTP Italia du même type. Le pays a désormais couvert 95% de son programme d'émission à moyen long terme pour 2013. Les analystes s’attendent maintenant à ce que Rome annule ses émissions de dette souveraine prévues à la mi-décembre. Sur le marché secondaire, les cours des obligations italiennes ont progressé à la suite de cette émission record. Le rendement de l’obligation souveraine à 10 ans a ainsi baissé de trois points de base juste après l’annonce, à 4,15%.
07/11/2013

Carlyle vise haut pour son nouveau fonds

Le co-directeur général de la société de private equity, David Rubinstein, a assuré que le fonds en préparation Carlyle Partners VI avait été intégralement souscrit et que son actif ne serait pas inférieur à 12,9 milliards de dollars. Carlyle a fait part d’un résultat net économique en repli de 11% à 195 millions au troisième trimestre sur fonds de moindres gains issus des cessions d’actifs.
07/11/2013

Le Trésor américain va émettre à taux variables

Le département du Trésor américain a indiqué hier qu’il prévoit d’émettre entre 10 et 15 milliards de dollars de titres à taux variables à partir du mois de janvier 2014. Un retour sur le marché pour ce type d’obligations, délaissées par Washington depuis 1997. Les investisseurs s’attendent à un rythme d’émission de 30 milliards de dollars par trimestre. La demande devrait provenir essentiellement des fonds monétaires, des fonds de court terme, et des trésoriers d’entreprises qui cherchent à se couvrir contre une hausse des taux d’intérêt. Ce lancement devrait en outre coïncider avec le début du ralentissement de la taille du programme de rachats d’actifs de la Réserve fédérale américaine (Fed), prévu d’ici mars 2014. Le Trésor a également indiqué qu’il avait reçu une forte demande de la part des investisseurs pour des émissions d’obligations indexées sur l’inflation (TIPS) de maturité 5 ans.
07/11/2013
Gestion d'actifs

La Caisse de Pensions de l'Etat de Vaud aimerait augmenter ses investissements en micro-finance

D’après Serge Ledermann, responsable de la Division investissements de Retraites Populaires, les investissements en micro-finance représentent pour le moment « un peu moins de 2 % des investissements de la Caisse de Pensions de l’Etat de Vaud ». A terme, Retraites Populaires, en accord avec la CPEV, « aimerait les augmenter mais est confronté à deux contraintes ». « La première est que cela reste un marché relativement petit, et la seconde est que lorsqu’on enlève toutes les charges liées au déploiement de cette activité plus en partie le hedging, la rentabilité disponibles pour les investisseurs est quand même relativement faible, autour de 3 à 3,25 % » déplore ainsi Serge Ledermann. Qui conclut : « nous attendons d’avoir une remontée de ces rentabilités pour déployer plus de moyens ». Rappelons que Retraites Populaires est une entité de droit public basée à Lausanne, qui gère près de 20 milliards de francs suisses pour le compte de plus de 100 000 assurés et pensionnés, avec deux activités, celle d’assureur-vie (rentes et capitaux en majorité), et celle de plateforme de gestion pour caisses de pensions, en majorité publiques. Le plus gros plan qu’elle gère est celui de la Caisse de Pensions de l’Etat de Vaud (CPEV), dont l’allocation stratégique est la suivante : 25 % en immobilier direct, 35 % en actions, 25 % en taux et le solde de 15 % en actifs plus alternatifs (placements privés, placements alternatifs, immobilier indirect en Suisse et à l'étranger, obligations convertibles et microfinance).
Gestion d'actifs
07/11/2013

Le Mexique va revoir le cadre de sa réforme énergétique

Selon le quotidien qui se réfère à deux sources officielles, le gouvernement mexicain négocierait avec le principal parti d’opposition une réforme des marchés de l’énergie plus favorable aux investisseurs. Alors que l’Etat prévoyait initialement des accords de partage des profits, les conditions financières des contrats seraient désormais définies projet par projet, ce qui offrirait plus de flexibilité pour le secteur des hydrocarbures.
06/11/2013

Carlyle vise haut pour son nouveau fonds

Le co-directeur général de la société de private equity, David Rubinstein, a assuré que le fonds en préparation Carlyle Partners VI avait été intégralement souscrit et que son actif ne serait pas inférieur à 12,9 milliards de dollars. Carlyle a fait part d’un résultat net économique en repli de 11% à 195 millions au troisième trimestre sur fonds de moindre gains issus des cessions d’actifs.
06/11/2013

Le marché monétaire en zone euro se redresse

L’enquête annuelle de la BCE sur le marché monétaire en zone euro, réalisée auprès de 104 banques au deuxième trimestre 2013, montre que les volumes sont repartis à la hausse avec une progression de 3% des volumes échangés à 75.000 milliards d’euros. Ils avaient diminué de 18% sur un an en 2012, année marquée par les injections massives de liquidités de la BCE. Le gros des transactions sur le marché monétaire s’effectuent sur des maturités de moins de 7 jours.

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