...

Si la conjoncture ne s'améliore pas rapidement, les pertes en Italie, en Espagne et au Portugal pourraient avoisiner 250 milliards d'euros

Selon nos informations, Humanis a lancé un appel d’offres restreint visant la sélection de prestataires en charge de la gestion de mandats pour la prévoyance. Fixage est le consultant en charge de superviser l’appel d’offres. La date limite de réception des offres est fixée au 16 octobre. Les principaux lots sont les suivants : Deux mandats large cap euro avec une faible tracking error de 200 millions d’euros chacun Deux mandats assurantiels : le premier sur les obligations gouvernementales pour 600 millions d’euros et le deuxième sur les obligations d’entreprises pour 900 millions d’euros 25 sociétés de gestion auraient été interrogées, dont 10 sur les taux.

Aviva Investors a finalisé l’acquisition de 84,5 millions d’euros d’obligations garanties de premier rang dans le cadre d’un placement privé réalisé par Reggefiber, fournisseur néerlandais d’infrastructures de télécommunications. Cette transaction refinance la facilité de crédit à court terme fournie par ABN Amro pour la construction d’un pont. Elle marque le premier investissement du véhicule de titrisation European Secondary Infrastructure Credit SV lancé par Aviva Investors en juillet 2013.

Axa a annoncé qu’il signait les Principes des Nations Unies pour l’Investissement Responsable (UN PRI). L’assureur s’engage à renforcer l’intégration des critères environnementaux, sociaux et de gouvernance (ESG) dans les politiques d’investissement de ses filiales d’assurance.

La filiale de gestion du Crédit Agricole a finalisé l’acquisition à 100% du gestionnaire fixed income Smith Breeden Associates, selon un communiqué. La société sera rebaptisée Amundi Smith Breeden et sera désormais le siège d’Amundi pour ses activités en Amérique du Nord. Tout en conservant son personnel et son processus d’investissement, la nouvelle filiale intègre la ligne métier taux d’Amundi. Patrick Pagni, responsable de l’Amérique du Nord chez Amundi, est nommé président exécutif de la structure, et Mike Giarla reste son directeur général.

L’Espagne a placé 4 milliards d’euros de dette de son nouvel emprunt de référence à échéance octobre 2044, première syndication du pays sur cette maturité depuis 2009. Environ 65% du papier est parti dans des mains non-domestiques, en premier lieu auprès d’investisseurs situés en Grande-Bretagne (28% du total), selon le Trésor espagnol. Les titres ont été placés à un rendement de 5,21%, soit une marge de 254 pb au-dessus des swaps.

Le président de la Bundesbank Jens Weidmann ne juge pas nécessaire que la BCE lance une nouvelle opération de prêts à long terme (LTRO) pour les banques, la hausse des taux d’intérêt de marché ne justifiant nullement cette démarche. «On ne peut induire une réaction automatique de la politique monétaire à partir d’un changement des taux du marché monétaire, a dit Jens Weidmann à Reuters, à l’occasion d’un entretien mené lundi et rendu public mercredi. Un tel automatisme n’existe pas». «Les LTRO ne sont que l’un des nombreux instruments envisageables (...). Quant aux instruments que nous déploierons si nécessaire, il nous faudra en discuter mais pour l’heure je n’en vois pas la nécessité», a-t-il poursuivi.

The Eruopean federation of pension fund associations Pensions Europe has created a consulting committee on retirement for multi-national businesses, whose primary objective is to give the major groups an occasion to make their point of view heard on all issues related to retirement, the specialist website IPE reports. According to the CEO of PensionsEurope, Matti Leppäla, multinationals represent a major player in the debate over retirement, as they fact increased proprietary capital, reporting and owners’ equity requirements under the revised IORP directive concerning activities and surveillance of retirement institutions, as well as a movement to transfer from defined-benefit programmes to defined-contribution programmes. The consulting committee, which already includes five multi-nationals, including Shell, will be based in Paris, and will meet twice per year.

Generali Investments Europe, la société de gestion du groupe Generali, a recruté Wilfrid Pham en tant que responsable de l’équipe actions (head of equity) et Vivek Tawadey en tant que responsable de la recherche obligataire (head of credit research), rapporte Bluerating.Wilfrid Pham était précédemment CIO et responsable actions de Natixis Asset Management, tandis que Vivek Tawadey travaillait depuis 2000 chez BNP Paribas.

Germen Schreurs, who has spent 12 years at KPMG Advisory as head of provider services and investment management, is joining the institutional sales team at BlackRock in the Netherlands, Fonds Nieuws reports.

The asset management services provider Kneip on 8 October announced that it is moving to new offices in Brussels. The new location on Avenue Louise will bring Kneip closer to the regulatory authorities and participants such as the European fund and asset management association (EFAMA), the firm says in a statement. The change will also allow Kneip to modernize its infrastructure.

The iShares range of ETFs with hedging for currency risks has been enlarged with the launch of the Irish-registered, UCITS-compliant fund MSCI Japan USD Hedged UCITS ETF. The fund invests in Japanese equities so as to protect investors against fluctuations in the dollar/yen exchange rate. It is a physical replication ETF, which uses currency futures to reduce currency risks. The fund offers monthly coverage. David Benmussa, director of clients at iShares in Paris, says that the range of equity and bond ETFs hedged for currency risk now includes six funds registered in France. Characteristics Name: iShares MSCI Japan USD Hedged UCITS ETFBenchmark index: MSCI Japan Index(SM)ISIN code: IE00BCLWRG39 Total expense ratio: 0.64%

NYSE Euronext on 8 October announced that it has admitted the Lyxor ETF CSI3000 A Chinese equities, which replicates the CSI 300 Net Total Return index. The total expense ratio is set at 0.40%. The European markets of NYSE Euronext now list 564 ETFs 654 times.

On 9 October, ALPS Advisors is launching the RiverFront Strategic Income Fund (ticker: RIGS), an actively-managed bond ETF, for which the management firm applied for its first license from the SEC nearly three years ago, Index Universe reports. The portfolio is composed of bonds from the entire world with total durations of 2 to 10 years, with various ratings and in various currencies. The management team may also invest in corporate and government bonds.The total expense ratio is set at 0.22%.

The French asset management boutique Sucomore Asset Management is planning to make its long/short equity fund aailable in UCITS format beyond its home market, Citywire Global reports. The Sycomore L/S Opportunities fund, managed by Gilles Sitbon, with assets under management of EUR84m, is currently registered for sale only in France. As the strategy celebrates its third birthday, Sycomore has recently registered it in Germany and Switzerland and the United Kingdom is on the list of the countries in which the fund may soon be registered. The fund has earned returns of nearly 26% in the three years to the end of September 2013, compared with average returns of 10.73% for the Alternative UCITS Long/Short Equity sector.

Natixis Global Asset Management has launched the ASG Tactical US Market Fund, an open-ended fund dedicated to equities designed by AlphaSimplex Group (ASG). The fund will aim to participate in rising periods on US equity markets, while minimising the impact of falling periods. The exposure of the fund to the market is determined by a proprietary loss risk indicator developed by ASG. If the indicator is favourable, the fund may use derivatives to increase its beta up to 1.3.

Deutsche Börse on 8 October finally announced that it has admitted two equity ETFs on the XTF segment of the Xetra electronic trading platform, ComStage ETF FTSE China A50 UCITS ETF and ComStage ETF MSCI World with EM Exposure Net UCITS ETF, which charge fees of 0.40% and 0.50% respectively (see Newsmanagers of 4 October). The number of ETFs listed in Frankfurt is now 1,033.

The insurance group Allianz is planning to develop its asset liability management (ALM) capacities in Asia, with plans to install experts in this area at several entities in the region, Asian Investor reports. Allianz has live insurance activities in Korea, Thailand, Taiwan, Malaysia, Indonesia, China, India, Sri Lanka and Laos. Assets under management in the general account in Asia, particularly in life insurance, total about USD25.6bn.

BATS Chi-X Europe has announced plans to launch its pan-European listings business and iShares, the exchange-traded funds (ETF) platform of BlackRock, will become the first issuer to list on the Regulated Market segment of the exchange. The initial ETFs, the iShares MSCI Emerging Markets UCITS ETF (Ticker: IEEM) and iShares MSCI World Minimum Volatility UCITS ETF (Ticker: MVOL) are scheduled to commence trading on BATS Chi-X Europe in November 2013 as secondary listings.

The future Norwegian prime minister, Erna Solberg, has announced that her government is planning to create a fund with NOK100bn in the next five years, which will be dedicated to infrastructure in the country, the Wall Street Jounral reports. The move comes as part of plans to boost spending by the government on roads, railways, high-speed Internet, etc. Unlike the USD750bn oil fund, which invests in equities, bonds and foreign real estate, the new USD16bn fund will offer stable capacities for projects within the borders of Norway. It is not yet known whether the government will take money from the Oil Fund to create the new vehicle.

HSBC Global Asset Management has recruited the high yield bond specialist Mary Bowers as a senior member of its global fixed income team, Citywire reports. Bowers, who joins the bond team based in New York, previously worked for Aberdeen Asset Management/Artio Global Investors, where she managed about USD4bn in high yield strategies. In her new role at HSBC, Bowers will manage the HSBC GIF Global High Yield Bond fund, whose assets under management total USD1.1bn, and which was previously managed by Guy Dunham since its launch in 2012. Bower will also assume responsibility for the HSBC GIF Global Short Duration High Yield Bond fund, launched in July this year, whose assets under management total USD20bn.

HSBC Global Asset Management has recruited the high yield bond specialist Mary Bowers as a senior member of its global fixed income team, Citywire reports.Bowers, who joins the bond team based in New York, previously worked for Aberdeen Asset Management/Artio Global Investors, where she managed about USD4bn in high yield strategies.In her new role at HSBC, Bowers will manage the HSBC GIF Global High Yield Bond fund, whose assets under management total USD1.1bn, and which was previously managed by Guy Dunham since its launch in 2012. Bower will also assume responsibility for the HSBC GIF Global Short Duration High Yield Bond fund, launched in July this year, whose assets under management total USD20bn.

A group of asset managers and owners have joined forces with the University of Cambridge in a three-year project designed to promote «understanding of how investors can realise positive long-term investment returns by understanding and managing for environmental and social factors,» according to a press statement. The Investment Leaders Group (ILG) currently comprises twelve members: Allianz Global Investors, Aviva Investors, Chandler Corporation, First State Investments, Loomis Sayles, Natixis Asset Management, Nordea Life & Pensions, PensionDanmark, PIMCO, Standard Life Investments, TIAA-CREF Asset Management and Zurich Insurance Group.The group, chaired by Philippe Zaouati, deputy CEO of Natixis Asset Management, head of Mirova investment division, «will work together to explore the degree to which economic, social and environmental factors can influence long-term value creation and become a more integral part of the investment process». Through a series of workstreams, the ILG will identify and test new investment practices involving evidence review, model development, empirical testing, engagement and thought leadership reports. The first workstream will concentrate on developing an understanding of the value of environmental and social factors in investment, while the second will look at how investors could measure and communicate how environmental and social factors can contribute towards a more stable economy and society. Through these activities, the group seeks to create outcomes that will influence the future of the investment industry by improving on current practices.

The Lyxor index of the hedge fund ector gained 1.13% in the month of September, and has gained 3.17% since the beginning of the year, the most recent Lyxor alternative management barometer indicates. Among the best performances last month were L/S Equity-Variable Bias strategies, with gains of 2.28%, L/S Equity – Long Bias, with +1.99%, and Event Driven – Special Situations, with +1.95%.

The HFRI Fund Weighted Composit inde gained 1.6% in September, its largest gains since the beginning of the year, and its best performance in the past 19 months, according to the data provider Hedge Fund Research (HFR). In the month under review, Equity Hedge strategies earned gains of 2.6%, also the highest since January this year. The performance in the first nine months of he year is 9.2%. Event-driven strategies also stood out, with returns of 2% for the month and 9% for the first nine months of the year. Activist strategies show gains of 3.2% in September, and 11.2$ in the first three quarters of the year. Macro funds lost 0.2% in September, while gains for Discretionary Maco funds partly wiped out losses for commodity and systematic strategies.For its part, the Lyxor index of the hedge fund sector gained 1.13% in the month of September, and has gained 3.17% since the beginning of the year, the most recent Lyxor alternative management barometer indicates. Among the best performances last month were L/S Equity-Variable Bias strategies, with gains of 2.28%, L/S Euqity – Long Bias, with +1.99%, and Event Driven – Special Situations, with +1.95%.

On October 8th, STOXX Limited announced the launch of the STOXX Global Strong Quality 50, STOXX Europe Strong Quality 30, STOXX Asia/Pacific Strong Quality 30 and STOXX USA Strong Quality 50 indices, which represent strong quality companies in the respective region. The new indices are designed to act as an underlying for exchange-traded products and other investable products, and as a benchmark for actively managed funds that share the same investment philosophy, according to a press release.The index universe for the STOXX Strong Quality Indices is the STOXX Global 1800 Index. Each of the new regional indices is derived from the respective regional base index, i.e. the STOXX Europe 600, STOXX Asia/Pacific 600 and STOXX North America 600 indices. For the STOXX USA Strong Quality 50 Index, all Canadian stocks in the base index are excluded from the index universe.To be eligible for inclusion in the STOXX Strong Quality Indices, companies must have a minimum 3 month average daily trading volume of EUR10m for the global and USA indices, and EUR5m for the remaining indices. Furthermore, a set of strict numerical thresholds must be passed in order to establish desired company profitability and liquidity levels, and to build an investment margin of safety. Firstly, a company’s return on capital must be positive for each fiscal year during the last 36 months.Secondly, their operating liquidity - as measured by trailing 12 month current ratios - must be greater than one.Lastly, individual company EBITDA/EV readings are evaluated against the US AAA Bond Yield (where all companies with negative relative valuation yields are excluded).Companies are ranked from most to least attractive in each of the above three categories, and an average of the three is calculated. Companies with the best ranking are then selected for index inclusion until the respective number of components for the index is met.

US prosecutors have given SAC Capital until November to settle criminal accusations that the hedge fund founded by Steve Cohen is facing; otherwise, it may have to pay more than the offer of USD1.8bn which is on the table, the Financial Times reports, citing sources familiar with the matter. Lawyers for SAC Capital met with representatives of the attorney general’s office in Manhattan last month, and are said to have been unhappy with the size of the fine. They are expected to make a counter-offer.

According to Fonds Nieuws, Threadneedle Investment has launched the Z share class of fund shares without commissions to distributors in the Netherlands. It comes in addition to retail (R) and institutional (I) shares. A small number of funds have no Z share class, but I shares, also without commissions, are available in these cases.