Les marchés digèrent le choc de la Fed
La Réserve fédérale a pris les marchés par surprise pour la deuxième fois en six mois. Le début du «tapering» n’est désormais plus attendu avant décembre.
Les gérants maintiennent leur alpha
Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds actions américaines et actions européennes au cours du mois d’août 2013. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique, ainsi que du rendement depuis un an.
Les actions émergentes : la classe d’actifs la plus attractive
Le graphique ci-contre compare les rendements espérés de plusieurs classes d’actifs début septembre 2013 (en %).
La Fed fait fi des attentes pour piloter la sortie de son QE
En prenant les marchés à contre-pied pour la deuxième fois depuis mai, la Fed souhaite accompagner le «tapering» d'une remontée progressive des taux
L'Irlande s'extirpe péniblement de la récession
Le pays, qui doit sortir de son plan de sauvetage à la fin de l'année, a connu une croissance de 0,4% au deuxième trimestre
Brookfield AM cherche des actifs bon marché en Europe
Brian Lawson, le directeur financier de la société d’investissement basée au Canada indique à la publication spécialisée être en quête d’actifs décotés en Europe. Il juge que le marché est redevenu attractif et que les perspectives se sont améliorées. La société affiche un portefeuille valorisé autour de 133 milliards d’euros, dont 5 milliards d’euros seulement en Europe et au Moyen-Orient.
Michel Pinault devrait présider aux sanctions de l'AMF
Alors que le mandat de Claude Nocquet à la présidence de la Commission de sanctions de l’Autorité des marchés financiers arrive à échéance en novembre, Michel Pinault tient la corde pour lui succéder. Conseiller d’Etat, ce dernier a notamment été le rapporteur pour la commission des sanctions dans l’affaire opposant LVMH à Hermès.
Le statu quo de la Fed offre un répit aux émergents et aux taux européens
Les devises et les Bourses émergentes ont fortement rebondi. L'hypothèse d'une nouvelle LTRO de la BCE s'éloigne à court terme
La BCE fait la lumière sur les ABS de cartes de crédit
La BCE a décidé d’introduire des obligations d’information prêt par prêt pour les ABS adossés à des créances sur carte de crédit, lorsqu’ils sont utilisés en garantie des opérations de politique monétaire de l’Eurosystème, selon un communiqué. La communication d’informations prêt par prêt pour ces instruments prendra effet à compter du 1er avril2014, avec une période d’introduction progressive d’une durée de neuf mois.
L'Isda veut concurrencer le Libor et l'Euribor
L’International Swaps and Derivatives Association prévoit de lancer au premier trimestre 2014 sa nouvelle méthode de calcul des prix des swaps de taux d’intérêt. Il espère ainsi concurrence l’Euribor et le Libor, a déclaré Edward Ocampo, président de la commission benchmark de l’association professionnelle.
Les statistiques américaines du jour dépassent les attentes
L’activité industrielle de la région de Philadelphie a progressé plus qu’attendu en septembre, pour atteindre son plus haut niveau depuis mars 2011. L’indice Philly Fed, publié par la Réserve fédérale de Philadelphie jeudi, est ressorti à 22,3, nettement au-dessus au consensus qui le donnait à 10,0, après 9,3 en août. Quant aux reventes de logements, elles ont progressé de 1,7% en août pour atteindre leur plus haut niveau depuis six ans et demi, confirmant la reprise du marché de l’immobilier.
La France fait le plein pour son adjudication de dette
La France a émis jeudi 7,49 milliards d’euros de dette à moyen terme, soit son objectif maximum, profitant notamment de la décision, largement inattendue, de la Fed de maintenir sa politique d’injection massive de liquidités via des achats d’emprunts d’Etat et d’obligations foncières américains. La demande de titres français à deux, trois et cinq ans, a été forte (16,1 milliards d’euros) ce qui donne un ratio de couverture confortable de 2,15.
19/09/2013
Deka invests in Aube
The German credit fund Deka Infrastrukturkredit has acquired a tier 1 stake in one of 14 wind power installations which will generate 2.5 megawatts each, and which will be located in the French department of Aube, at Mont d’Arcis, for EUR10m.The fund (EUR185m as of the end of August) is aimed at institutional investors, and acquires only senior infrastructure credit debt. It is invested in Germany, the Netherlands, France, Austria, Finland and the United States.DekaBank has engaged to acquire at least 50% of the fund’s investment in all senior equivalent rounds of infrastructure credit.
19/09/2013
Six new ETFs from db x-trackers in Frankfurt
The German asset management firm db x-trackers (Deutsche Asset & Wealth Management group) on 16 September listed six bond ETFs on the XTF segment of the Xetra electronic platform from Deutsche Börse. The additions bring the number of ETFs listed in Frankfurt to 1,013.The six new Luxembourg-registered products are the following:db X-trackers II Canadian Dollar Cash UCITS ETF (LU0892103994), with a TER of 0.20%db X-trackers II IBoxx Spain UCITS ETF (LU0925589755) 0.20%db X-trackers II IBoxx Spain 1-3 UCITS ETF (LU0925589672) 0.15%db X-trackers II MTS Italy Aggregate 1-3 Years-Ex-Bank of Italy UCITS ETF (LU0877808211) 0.15%db X-trackers II MTS Italy Aggregate 3-5 Years-Ex-Bank of Italy UCITS ETF (LU0877808484) 0.20%db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF (LU0925589839) 0.15%
19/09/2013
European ETF market remains highly concentrated
The ten largest ETFs account for 24.96% of overall assets under management in the European ETF segment, according to a research published by Lipper. The 41 ETFs (out of a total of 1,743 ETFs) with more than 1 billion in assets under management account for 44.55% of the overall assets under management. The European market thus remains highly concentrated, and this is not going to change in the near future, Detlef Glow, head of research for Europe, the Middle East and Africa (EMEA) at Lipper comments.Of the 41 largest funds, the majority are equity funds (28), followed by bond funds (11) and commodity funds (2) that invest in physical gold. The largest ETF (iShares DAX) holds 5.29% of overall assets under management.A total of 361 ETFs were domiciled in France as of the end of June, of which 258 were equity funds. Luxembourg and Ireland have 568 and 557, respectively.Assets under management grew by EUR34.84bn or 15.23% over the last twelve months (30.06.2012 - 30.06.2013) up to EUR263.57bn, but in the first six months of 2013, the growth is 1.95%, or EUR5.04bn.
19/09/2013
Jana Partners acquires 6.2% of Safeway
The alternative management firm Jana Partners has bought a 6.2% stake in the US retail group Safeway, Reuters reports.The hedge fund, which has discussed various strategic options with the management of Safeway, claims that the Safeway share price is undervalued.
19/09/2013
AUM at Hennesy Advisors top USD4bn
The asset management firm Hennessy Advisors has announced that its assets under management have topped USD4bn, due to positive market effects and inflows whose total has not been disclosed.The firm says in a statement that its assets have increased by about USD1bn in less than nine months.
19/09/2013
SGSS adopts Swift network to connect to T2S
Société Générale Securities Services (SGSS) on 18 September announced plans to sign an agreement to adopt the Value Added Network (VAN) solution from SWIFT to connect to TARGET2-S (T2S).The objective for T2S is to facilitate the European integration of Post Trade by offering common clearing and delivery services, which are neutral, and harmonised in central bank currency, for virtually all securities in Europe. As part of preparations for the future T2S settlement platform, whose debut is planned for early 2015, SGSS has selected the SWIFT network to receive a part of the joint commitment of SGSS and SWIFT to the T2S project as soon as it starts up, and its sustainable realisation with SWIFT, notably via the various working groups working to establish the ISO 20022 format.
19/09/2013
Strong growth for Moneta AM in 2013
Since the beginning of the year, Moneta Asset management has taken in EUR350m in net susbcriptions, Romain Burnand, CEO of the firm, announced on Wednesday evening, and assets now total EUR1.5bn, of which EUR1.2bn are in the Moneta Multi Caps (MMC) and Moneta Micro Entreprises (MME), an FCP fund which has been closed for four years to prevent its volume becoming disproportionate for the small caps segment it operates in.The Moneta Long Short has assets of EUR85m, while the Totem Fund has EUR29m.The increase in assets due to market appreciation has represented about 20% since the beginning of the year.By major types of clients, life insurance and pension funds represent about 30% of total assets under management, as for private banks, while funds of funds account for about 15%.
19/09/2013
Morgan Stanley launches a fund in Italy
Morgan Stanley Investment Management has launched a new fund for the Italian market: the Global Quality Fund from Morgan Stanley Investment Funds, Bluerating reports. It is a product which invests in high-quality businesses.
19/09/2013
MBO at Asset Management Partners
According to reports in finews.ch, Partners Group is selling its majority stake in the wealth management firm Asset Management Partners to the partners, Marianne Kirchhofer and Ivo Roos, as part of a management buyout.Roos will succeed Kurt Kohler as CEO of AMP, while Kohler will remain as senior adviser and member of the investment board at the firm.
19/09/2013
Assets in Swiss funds up 0.7% in August
Assets in Swiss investment funds as of the end of August totalled CHF731bn, up 0.7%, or CHF5bn, compared with the previous month, according to monthly statistics released on 18 September by Swiss Fund Data and Lipper. Net inflows for the month totalled CHF1.4bn.The largest inflows were to money market funds, with a total of CHF1.6bn, followed by hedge funds (CHF521m). However, equity and bond funds finished the month of August with respective outflows of CHF641m and CHF272m.Invesco has posted the strongest inflows for the month, with CHF931m, followed by Credit Suisse (CHF819m) and Pictet (CHF732m).
19/09/2013
Forthcoming launch of a FoHF in Zurich
Bruno Schneller, previously an analyst at Bayerninvest in Zurich, has founded the asset management firm Skënderbeg Asset Management, which will launch a hedge fund specialised in long/short equities in 2014, finews reports, relaying information from the hedge fund specialist Opalesque. Funds of hedge funds have gone out of fashion in recent year. They bottomed out in 2005, and their assets under management now total close to their 2001 levels. Schneller claims, however, that the time has come to launch such a vehicle. “After seven bad years, seven good years should follow,” he tells Opalesque.
19/09/2013
FinEx bids to acquire Dexia AM
FinEx Capital, part of the FinEx Group, announced on September 18 that it has entered an offer to acquire 100% of Dexia Asset Management, the subsidiary of Brussels-based banking group Dexia SA. Simon Luhr, managing partner and CEO of FinEx Capital Management LLP, commented: “FinEx has been looking to acquire an asset manager for some time to allow us to add scale to our existing platform before our planned expansion into Asia. We have been following the Dexia situation for some time and have decided to enter an offer to acquire Dexia. The business offers us a platform that is the right size and product mix for us and it will allow us to continue to grow our business.FinEx Capital is an integrated asset management business providing a full spectrum of investment solutions, including hedge funds, private equity investments and exchange traded funds. Its products, including several UCITS funds, are listed on the London, Irish and Moscow stock exchanges. It is regulated by the Financial Conduct Authority and the Central Bank of Ireland and in Russia it is licensed as a Professional Participant of the Securities Markets.Dexia SA stopped a previous attempt to buy Dexia AM on 30 July this year after a deal agreed in December 2012 with GCS Capital fell apart.
19/09/2013
Recruitment at Allianz GI for renewable energies
Thomas G. Engelmann, investment director and porfolio manager for infrastructure funds at KGAL Investment Management, will in early October join the renewable energies/infrastructure team at Allianz Global Investors in Munich, in order to increase the supply of new products and identify investments for the Allianz Renewable Energy Fund (EUR150m). He will report to Armin Sandhövel, CIO renewable energy/infrastructure equity.
19/09/2013
Kames Capital debuts in Spain
The Scottish asset management firm of the Dutch financial services group Aegon MN, Kames Capital, has obtained a license from the CNMV to sell two bond funds in Spain, Kames High Yield Global Bond Fund and Kames Strategic Global Bond Fund, which will be sold by Allfunds Bank, Funds People reports.Assets at Kames Capital currently total EUR61bn.
19/09/2013
Swedish fund association welcomes two new members
Fondbolagens Förening, the Swedish investment fund association, has welcomed Bloomberg and SEB Fund Services as new associate members. The association now includes 40 member asset management firms and 9 associate members (providers of services to the asset management industry).
19/09/2013
BlueBay recruits a head of sales for alternatives
BlueBay Asset Management, which is part of RBC Global Asset Management, has recruited Richard Blake as director of sales for alternatives, Financial News reports. Blake had previously been head of investor relationships for Europe at Moore Capital Management.
19/09/2013
Old Mutual looks to grow in Asia
The British asset management firm Old Mutual Global Investors (OMGI), which has offices in Hong Kong, is planning to develop in Asia, particuarly in Taiwan and Singapore, Asian Investor reports.OMGI, the entity born of a merger of Skandia Investment Group (SIG) with Old Mutual Asset Managers (UK), would like to set up an investment team in the region, and to increase its capacity on the distribution front.Meanwhile, the firm has lost its head of sales for Asia, Jane Fung, who is said to have spent 10 years at the firm, and who will soon begin in a similar role at another firm in Hong Kong. Old Mutual has already found a successfor, but could not reveal his or her identity before receiving permission from the supervisory authorities.
19/09/2013
Syz AM recruits exec from Barclays Capital Funds
Ian Penrose, who had been deputy head of global fund distribution to British professional clients at Barclays Capital Funds & Advisory, has been appointed as head of distribution for the United Kingdom at the Swiss firm Syz Asset Management, which covers both segregated mandates, funds of the Syz AM range, and products of the Oyster range.