Les ministres des Finances de la zone euro ont opté pour le versement morcelé et conditionnel d'une aide à Athènes de 6,8 milliards d'euros

Alain Isambert, Administrateur et Trésorier de la Fondation MAIF à l’occasion d’une conférence organisée par Agicam (AG2R La Mondiale)et Active Asset Allocation : Reconnue d’utilité publique en 1989, la Fondation MAIf est dotée d’un capital de 11,4 millions d’euros. Le montant des portefeuilles de placement avoisinent actuellement 14 millions d’euros. Les revenus générés part ces placements sont consacrés au financement de projets de recherche et à leur valorisation. La Fondation engage en moyenne 600 000 euros par an. Le cahier des charges de la Fondation impose : de préserver impérativement les dotations en capital (contrainte comptable de bilan) une partie des placements (de l’ordre de 1 millions d’euros doit être réalisable à court terme de pouvoir prélever annuellement 0.6 million d’euros une forte préférence pour une gestion en supports ISR Les critères de choix des gérants sont : le coût de la gestion qualité et transparence de l’information de la gestion degré d’ouverture des supports de gestion Choix du mandataire pour la gestion financière : AGICAM en partenariat avec et Active Asset Allocation, du fait d’un modèle original qui privilégie la maîtrise du risque au rendement et une allocation dynamique par opposition à une allocation fixe, des coûts de gestion faibles, une véritable approche ISR. Intérêt pour la Fondation MAIF de l’approche « allocation dynamique » par rapport à l’approche « allocation fixe » : ne nécessite pas de faire des prévisions de rendement (évite d’avoir à faire des « paris » sur l'évolution des classes d’actifs ») ni de déterminer une allocation stratégique d’actifs cible (les évolutions futures sont indépendantes des évolutions passées) en cas de hausse des marchés actions, un portefeuille à allocation fixe a tendance à être sous-investi et à l’inverse en cas de baisse, tendance à être sur-investi la volatilité dans l’approche c??ur/satellite est limitée par l’application d’une perte maximale ou d’un gain maximum par rapport au plancher de protection ou au plafond de performance Limites de l’approche : essentiellement liées à la marge de man??uvre qui est elle-même fonction des évolutions des marchés financiers et des retraits opérés. la qualité du modèle et sa relative récence la performance est difficilement comparable à celle d’un benchmark car elle répond à un objectif de risque

D’après L’Agefi, le fonds de La Banque Postale AM sponsorisé par la CNP a racheté 45 millions d’euros de créances bancaires et veut doubler sa capacité à 1,1 milliard d’euros. Le fonds de dette immobilière et infrastructure de La Banque Postale Asset Management (LBP AM) entre dans le dur. Après un premier closing à 500 millions d’euros, dont 300 millions apportés par CNP Assurances, ce fonds commun de titrisation (FCT) a démarré ses emplettes ces dernières semaines en achetant, auprès de deux banques, 20 millions d’euros de créances liées à une concession française de réseaux de chaleur et 25 millions de dette d’un ensemble de bureaux et commerces à Paris, en Allemagne et en Belgique. «Nous figurons parmi le premier lot d’investisseurs à reprendre une fraction de ces portefeuilles, sachant que la banque française arrangeuse de l’opération en conserve une partie, explique Vincent Cornet, directeur de la gestion de LBP AM, qui prend 9% de la dette du parc immobilier et 13% de celle du projet d’infrastructure. Nous avons été attirés par la qualité des dossiers et le rendement légèrement supérieur à l’objectif de notre fonds malgré la compression de spreads de crédit, soit plus de 300 points de base au-dessus de l’Euribor». Le FCT a 100 millions d’euros d’opérations en vue et compte en réaliser une par compartiment chaque semaine. «Nous comptons porter la taille du fonds à 1,1 milliard d’euros d’ici à fin novembre et lancer un nouveau millésime tous les deux ans», annonce Vincent Cornet. «Pour la diversification et la taille critique du produit, un montant de 500 millions d’euros n’est pas suffisant, complète Mikaël Cohen, directeur des investissements de CNP Assurances. De notre côté, nous comptons avoir une part proche de 50 % environ dans le fonds, sans être majoritaire». La quote-part de l’assureur passera de 300 millions à 500 millions, auxquels peuvent s’ajouter des co-investissements dans des compartiments dédiés. La CNP a par ailleurs annoncé récemment qu’elle investira, sous trois ans, 2 milliards d’euros dans la dette d’infrastructure via la BFI de Natixis, la banque de gros de son autre partenaire historique, les Caisses d’Epargne. «Cela représente 2 % du portefeuille d’assurance vie des Caisses d’Epargne, indique Mikaël Cohen. Nous pensons que la nouvelle réglementation annoncée demain permettra de simplifier les montages, mais les FCT de prêts à l'économie ne pourront représenter plus de 5% du portefeuille des assureurs». Selon une source de marché, la CNP pourrait également contribuer à hauteur de 80 millions (soit 10%) au futur fonds de place d’obligations d’ETI.

La Chine n’imposera pas des tarifs douaniers punitifs sur ses importations de polysilicium - utilisé dans la fabrication de panneaux solaires - en provenance de l’Union européenne, a indiqué le ministère allemand de l’Economie, confirmant une information à paraître dans le Handelsblatt. Berlin s’emploie à apaiser les tensions entre l’UE et la Chine depuis l’annonce par la Commission européenne de droits de douane provisoires sur les importations de panneaux solaires chinois.

Baptisé ONDE, ce nouvel extranet sécurisé doit favoriser le dépôt de l’information réglementée des sociétés cotées et les déclarations des transactions effectuées par les dirigeants sur les titres de leur société. Le service s’adresse aux sociétés qui ne recourent pas à un diffuseur professionnel, la banque des communiqués n’étant plus en service.

Devant la Commission des affaires économiques et monétaires du Parlement européen, le président de la Banque centrale européenne a estimé que le projet de taxe sur les transactions financières, porté par onze pays européens, pourrait compliquer la tâche de l’institut d’émission da ns l’exécution d’une politique monétaire efficace. En réponse à des questions de parlementaires, Mario Draghi, qui est aussi président du Conseil européen du risque systémique, a ajouté que la BCE n’avait pas d’avis formel sur cette proposition de taxation mais qu’il voyait néanmoins la TTF comme ayant des «implications indésirables pour la politique monétaire».

P { margin-bottom: 0.08in; } Lee Yun Kyu, the new head of the Korean asset management firm LS Asset Management, would like to increase the firm’s international exposure and exposure to the retail market, Asian Investor reports. LS AM is planning to launch co-branded solutions in partnership with foreign asset management firms. LS AM would also like to increase its international exposure through alternative products, including hedge funds, funds of hedge funds, real estate funds, and private equity funds. In its own market, the firm estimates that it is excessively dependent on institutional clients, and would like to increase its presence on the retail segment with new products, including co-branded vehicles. The firm is hoping to increase its assets under management to USD3.2bn by the end of the year, compared with USD2.6n currently.

P { margin-bottom: 0.08in; } Since 1 January, 123Venture has announced inflows of EUR175m, of which EUR65m were for the ISF campaign (TEPA law). The remaining EUR110m were raised for themed private equity funds focused on mezzanine debt, tangible assets and non-renewable energies, a statement says.“This is a historic inflow. We have posted more inflows in the past 6 months than in any complete year since our creation, and for the first time, FCPRs have taken the lead on tax revenues,” says Olivier Goy, chairman of 123Venture. Xavier Anthonioz, deputy CEO, says “This inflow is primarily the fruit of the rise in influence of family offices in private equity. In addition to clients who come for the intrinsic qualities of the asset class we also have a growing number of corporate clients who use our solutions to optimise taxation on capital tains from sales within re-employment and job creation regimes.” The dynamic initiated for first half will allow 123Ventures to top EUR1bn in assets under management by the end of the year. The gorup currently has EUR980m in assets under management.

P { margin-bottom: 0.08in; } On the fifth anniversary of the first European SRI equity fund index and its associated funds, Alteane Responsible Fund (ISIN code: FR0010632398), Ellipsis AM (Exane group) and Cedrus AM have opted to discontinue their collaboration, in France and Europe, to actively promote this long-term investment support.Alteane Responsible Fund is 50% invested in Best in Class SRI equity funds, and 50% in equity funds exposed to the bustainable development themes rated best by Cedrus AM. The fund has earned annual returns of +4.64% over a sliding three years.

P { margin-bottom: 0.08in; } Spanish banks at this time may not need additional Euorpean funds, according to a document prepared by the European Commission and the European Central Bank (ECB) which Reuters obtained on Friday.The European Union last year made EUR100m available to the Spanish government, which was used to assist financial establishments hit by five years of virtually uninterrupted recession and the collapse of a real estate bubble.Madrid used only EUR41.3bn of the credit line offered to it. “At this stage, there is no reason to consider other uses of the programme,” the document states. Euorpean funds were used to recapitalise nationalised banks and to provide capital for FROB, the country’s bank bailout fund.According to the document seen by Reuters, a return to profitability in the sector represents a major challenge due to the low interest rates and an increase in non-performing loans. “If these negative trends with respect to jobs, real income and the solvency of businesses extends beyond what is projected, that would increase risks, especially for the most fragile banks,” it says.

P { margin-bottom: 0.08in; } The head of ESR and SRI development at BNP Paribas Investment Partners, Eric Borremans will “soon” join Pictet Asset Management as a “sustainability expert.” In this role, he will replace Christoph Butz, who will now dedicate himself exclusively to the management of the Pictet-Timber fund, alongside Gabriel Micheli.

P { margin-bottom: 0.08in; } The investment fund Gottex Fund Management on 5 July announced in a statement that it has finalised the acquisition of Frontier Investment Management, whose assets under management total USD550m in various advantageously priced Multi-Asset products. The operation was announced in March. On that date, Gottex stated that the acquisition price combined Gottex shares and an amount in cash, which would be paid over the next two years, depending on future earnings at Frontier. The statement released on 5 July does not include further financial details. The founder and CEO of Frontier, Michael Azlen, retains a significant stake in capital as well as management of the firm. He has also enlarged the management at Gottex.

P { margin-bottom: 0.08in; } Enough investors have been won over by the European and British central banks, which are supporting members of the Fed claiming that the end of quantitative easing may not be as imminent as markets suggest, EPFR Global estimates.As a result, in the week ending on 3 July, bond funds posted net inflows of USD2.11bn, while equity funds took in USD5.98bn, after outflows of USD57.9bn in four weeks to bond funds, and USD22n to emerging market equities and high yield bonds.Net subscriptions to high yield equities have reached their peak in the past five weeks, while inflows to European equity funds are at their highest level since the beginning of the year. European bond funds have seen the largest inflows since the beginning of May.However, hedge funds have seen their sixth consecutive week of net redemptions, while money market funds, particularly European funds, have experienced redemptions of over USD16bn.

P { margin-bottom: 0.08in; } For the first time in more than two years, ETFs and other ETPs worldwide in June saw net outflows totalling USD3.98bn, according to ETFGI, with bond products seeing net redemptions of USD7.8bn, while commodity products saw net outflows of USD3.8bn. However, equity ETFs saw net inflows of USD4.8bn.Since the beginning of the year, net subscriptions have totalled USD103.9bn, compared with USD107.2bn in first half 2012.Vanguard, the third-largest provider in the world by asset volumes, has seen net inflows of USD28.9bn since the beginning of 2013, and was the only one of the top five providers in the rankings to post net subscriptions in June.iShares (BlackRock), the largest in the world by assets under mangement, suffered net outflows of USD7.9bn in June, but has seen net inflows of USD23bn in January-June.For its part, State Street, with its SPDR branded ETFs, has seen net outflows of USD2.4bn in June, which reduced its net subscriptions in first half to USD6bn.PowerShares, in fourth place by assets, experienced net outflows of USD586m in June, but inflows of USD7.16bn in the first six months of 2013.Lastly, db x-trackers (Deutsche Bank) has seen net outflows of USD751m last months, but net subscriptions of USD9bn in January-June.

P { margin-bottom: 0.08in; } The implementation of a taxation agreement signed with the United Kingdom is proceeding as planned, but the first indications from some banks in Switzerland suggest that the proportion of British non-tax compliant assets in Switzerland are lower than had initially been expected, according to a statement released on 5 July by the Swiss Bankers’ Association (ASB). As part of the agreement, British clients were required to decide by the end of May 2013 whether they would like to chose a single tax charge to pay for the past, or rather disclose assets to the British tax authorities, the association says. The lower level of non-compliant assets is primarily due to the fact that many clients have the status of “non-domiciled” resident in the United Kingdom. These clients are not taxable in the United Kingdom and are therefore not affected by the agreement. However, many British clients have opted for spontaneous declaration, which is less surprising in light of recent developments in Switzerland concerning the announced passage of a global standard for automatic exchange of information. “These two developments are now resulting in the fact that tax revenues sent to the United Kingdom through the single payment are lower than expected. It is therefore not ruled out that the guarantee amount paid by banks, of CHF500m, may not be recovered, or only partly recovered,” the professional association concludes.

P { margin-bottom: 0.08in; } Lorenzo Goldberg is joining Zebra Capital as head of development for Europe and Latin America. He will be based in Madrid, Funds People reports. Goldberg, who had been deputy CEO of the Corporate Finance Boutique, after teaming up with Alpha One Partners and managing director of Russell Investments, is responsible for overseeing the arrival in Europe of Zebra Capital, an asset management firm founded in 2001 by Roger Ibbotson, founder of Ibbotson Associates, which was acquired by Morningstar.The first UCITS-compliant fund is the SIG Zebra Global Equity Fund, a long/short absolute return equity fund managed with a behavioural approach. Net exposure to the market will total 100% to 150% with a beta of 0.

P { margin-bottom: 0.08in; } The commodity specialist Diapason Commodities Management has launched a smart beta investment platform for commodities, “Virtuoso,” which will be aimed at institutional investors and consultants in the United States and Europe from July 2013, Hedgeweek reports. Virtuoso is present as a completely custom investment platform, designed to generate alpha compared with investments in indices, including the Diapason Commodity Index or other indices such as the Dow Jones-UBS Community Index. The platform aims for returns 4% to 6% above the index selected according to the constraints on the portfolio. It is aimed at pension funds, insurers and other institutional investors who are exposed to the commodity asset class through benchmark indices.

P { margin-bottom: 0.08in; } Thomas Richter, CEO of the German BVI association of asset management firms, is concerned that regulatory texts currently under debate by the European Parliament does not treat funds, certificates, home loans and life insurance equally, the Börsen-Zeitung reports.The association is critical of the current form of the IMD 2 directive, since it plans to regulate the distribution of insurance products less strictly than the European Commission proposes.For the PRIPS product information directive, Richter regrets that national governments are attempting to remove capitalisation life insurance from the field of application of the text.Although the BVI approved the Commission’s proposals to create a new ELTIF format for European long-term funds in principle, Richter claims that the formula is not attractive enough to invetors, ELTIF is costly and complicated to launch, and investors are not allowed to withdraw before the end of the fund, which will limit demand, making it no more than a niche product.

P { margin-bottom: 0.08in; } Assets under management by Chinese funds as of 30 June totalled CNY2.440trn, which represents a constraction of CNY350bn (or USD57bn) compared with the end of December, Z-Ben Advisors reports. This is the largest half yearly contraction in three years. It comes due to the volatility of equity markets and a steep contraction in liquidity.The top 10 players, China AMC, Harvest, E-Fund, Southern, Bosera, GF, ICBC Credit Suisse, Full Goal, Hua An and Dacheng, control a 49% market share.

P { margin-bottom: 0.08in; } Institutional Money reports that Simon Klein, head of sales ETFs & ETCs for Europe and Asia, has announced that Deutsche Asset & Wealth Management (DeAWM) is adapting its passively-managed product range to current and future demand on the part of investors. This will result in the liquidation of ETFs and ETCs for which inflows have been inadequate, but particularly for the launch of new products in segments which DeAWM feels will sustain major demand from clients. Applications for sales licenses have already been submitted for some of these. Among the future ETFs and ETCs will be currency-hedged products based on equity indices, inflation-linked bonds worldwide, government bonds worldwide and Spanish and Italian government bonds, and lastly on equity indices of some countries and regions. The funds may use physical or synthetic replication.

P { margin-bottom: 0.08in; } Legg Mason Global Asset Management has confirmed the launch of the Legg Mason ClearBridge Tactical Dividend Income fund, Fundweb reports.The product is domiciled in Dublin, and is a clone of a fund based in the United States with USD417m in assets. It will be managed by Mark McAllister and Peter Vanderlee.The fund will focus on master limited partnerships (MLPs), equities oriented to energy and high-dividend equities, and will invest in real estate investment trusts, directly or indirectly.

P { margin-bottom: 0.08in; } Odey Asset Management will charge front-end fees of 4% from 10 July for all new subscribers to the UK Absolute Return fund with assets of GBP629m, Investment week reports. This is intended to slow investment in the fund, managed by James Hanbury, and to protect performance for current shareholders.

P { margin-bottom: 0.08in; } According to Mercer figures, assets at corporate pension funds of the S&P 1500 have 88% of their liabilities covered, the highest coverage ratio since October 2008. It is up by 14 percentage points since the beginning of the year, the Financial Times notes. “These figures prove that pension funds are exposed to high volatility and their situation can evolve rapidly, says Richard McEvor, head of the financial strategy group at Mercer.

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has published a consultation document which proposes an amendment to the rules on information about lawsuits, which, according to the Authority, would cover all reatai ladvising activities. The firms are required to send the FCA a report every six months on potential lawsuits it may have been faced with. But the regulator remarked that some companies had interpreted the regulation as allowing them to exclude some activities offered by their advisers, including advising on equities and derivatives.

P { margin-bottom: 0.08in; } The Greenwich Global Hedge Fund Index is down 1.15% in the month of June, according to initial estimates. The index has performed better than the S&P 500, which lost 1.34% in the month, and the MSCI World Index (-2.61%). Equity market neutral and event-driven strategies were the only ones to show gains in the month under review, with gains of 0.03% and 0.58%, respectively. For the half as a whole, the event-driven strategy has gained 7.74%.

P { margin-bottom: 0.08in; } Deutsche Bank may create up to 1,000 new jobs in Dublin, where it is in the process of creating a new international centre which will offer hedge fund administration services, the Irish Independent newspaper reports. The newspaper states that Deutsche Bank already has slightly over 300 employees in the Irish capital. Administration services for hedge funds at Deutsche Bank have existed since 1998 in the capital, but in 2011, the firm took off again with the creation of a centre of excellence for hedge funds.

P { margin-bottom: 0.08in; } A growing number of wealth managers are entering the mobile app space aimed at high net worth clients. The best products are currently said to be those from Credit Suisse and Société Générale, according to a study undertaken by the website “My PrivateBanking” (“Mobile Apps for Wealth Management.”) On a scale of 60 points, Credit Suisse scores a total of 52, followed by Société Générale (49 points), ABN Amro (48 points, JP Morgan (46 points), and US Trust (46 points). The authors of the study point out the efforts shown by wealth management firms to offer easy-to-use apps. However, integration of content is highly variable according to the app. Social networks are still among the channels that are not yet well taken into account in applications.

P { margin-bottom: 0.08in; } Mark Speciale, who is already based in Singapore, where he had been vice president, head of sales & client service, Asia-Pacific ex-Japan at Capital International, is joining BNY Mellon in the same city as head of international distribution, Asia Pacific (APAC).Speciale will report to Alan Harden, CEO of BNY Mellon Investment Management for the APAC region, and PaterPaul Pardi, head of global distribution at BNY Mellon Investment Management in London.

Portfolio manager Torkell Eide is departing norwegian asset manager Skagen after 4 years. Lead manager Kristian Falnes remains at the helm of the global equity fund together with portfolio managers Søren Milo Christensen and Chris-Tommy Simonsen. Skagen Global currently has EUR 5.2 billion in assets under management.Torkell Eide is leaving Skagen and will return to former employer Ako Capital, a London-based investment organisation.

P { margin-bottom: 0.08in; } On 1 September, Dirk Schoenmaker, dean of the Duisenberg School of Finance, will become chairman of the Netherlands self-regulation body for financial services, the Dutch Services Institute (DSI). He will replace Rudolf De Korte, who had been president for 12 years.The DSI is an independent foundation whose objective is to promote and monitor the reliability and integrity of all financial service providers and compliance professionals.