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24/06/2013
Fonds

Le Livret A enregistre une collecte modeste au mois de mai

La collecte nette du Livret A a été de 0,29 milliard d’euros et celle du LDD de 0,14 milliard d’euros au mois de mai contre respectivement 3,05 milliards d’euros et 1,56 milliard d’euros au mois d’avril, selon les chiffres communiqués par la Caisse des dépôts. A 0,43 milliard d’euros, la collecte nette des deux produits se retrouve à son plus bas niveau depuis depuis le mois de septembre (0,19 milliard d’euros). Depuis le début de l’année, la collecte nette s'élève à 21,09 milliards d’euros, soit près de deux fois plus par rapport aux cinq premiers mois de 2012 (12 milliards d’euros). L’encours des deux produits a atteint 363,7 milliards d’euros contre 363,3 milliards d’euros au mois de mai, l’encours du Livret A étant de 264,9 milliards d’euros et celui du LDD de 98,8 milliards d’euros. Dans ce contexte, le taux de rémunération du Livret A, qui avait déjà été abaissé de 2,25 % à 1,75 % le 1er février dernier, pourrait reculer à nouveau en août prochain si l’inflation reste modérée. Une baisse qui devrait satisfaire l’agence Standard & Poor’s, dont une étude juge désormais le Livret A pénalisant pour le secteur bancaire français.
Fonds
24/06/2013

Qatar: objectif 10 milliards d'euros d'investissement en France

Dans un entretien au quotidien Qatar Tribune repris par L’Agefi, l’ambassadeur du Qatar en France, Mohamed Jaham al Kuwari, a indiqué que l'émirat entend investir dix milliards d’euros en France. Ces investissements concerneraient des «institutions françaises majeures». Toujours selon L’Agefi, la chaîne télévisée Al Djazira rapporte par ailleurs que l'émir du Qatar, Cheikh Hamad bin Khalifa al Thani, doit rencontrer aujourd’hui les membres de la famille royale et les principaux responsables politiques du pays concernant une éventuelle abdication au profit de son fils, le prince héritier Cheikh Tamim.
24/06/2013
Fonds

Un nouveau fonds de buy-out voit le jour

Sander Levy et Alok Singh, qui ont coopéré il y a huit ans à la création du réassureur Validus Holdings aux Bermudes, se sont à présent associés à l’ancien CEO de la société de logiciels New Mountain, Kevin Parker, pour créer un capital-investisseur spécialiste des «buy-outs», Bridge Growth Partners LLC, rapporte the Wall Street Journal. Selon les proches du dossier, ils visent une levée de fonds d’un milliard de dollars et comptent se focaliser uniquement sur les services financiers et les technologies.
Fonds
24/06/2013
Fonds

La holding Salvepar cède sa participation dans le groupe Courtepaille

La holding d’investissement Salvepar, détenue à 92% par le groupe Tikehau a annoncé ce lundi 24 juin la cession à CM-CIC Capital Finance de sa participation à hauteur de 12% dans le groupe Courtepaille pour la somme de 9 M€. Salvepar bénéficiera d’un possible complément de prix valable jusqu’à fin 2018 en cas de cession de ces actions par CM-CIC Capital Finance avant cette date, précise un communiqué.Le closing de l’opération devrait intervenir fin juin.
Fonds
24/06/2013

Dalton Strategic Partnership arrive en Espagne

S’il commercialisait déjà ses produits au travers de placement privés en Espagne, le gestionnaire britannique Balton Strategic Partnership a désormais officiellement abordé le marché espagnol en faisant enregistrer par la CNMV sa sicav luxembourgeoise Melchior Selected Trust, qui compte cinq compartiments et affiche un encours de 540 millions d’euros, rapporte Funds People.C’est le sixième gestionnaire étranger à débarquer en Espagne depuis le début de l’année, après J. Chahine Capital, Ellipsis AM, Oaks Field Partners, LarrainVial et Wellington Management.
24/06/2013

Départ d’un gérant de Skagen

Ross Porter a quitté vendredi la société de gestion nordique Skagen où il a passé 13 ans afin de «relever de nouveaux défis», selon un communiqué de presse. Depuis août 2011, l’intéressé faisait partie de l’équipe du fonds Skagen Kon-Tiki, investi sur les marchés émergents. Il ne sera pas remplacé pour le moment, indique Skagen. Les autres membres de l’équipe sont Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether et Erik Landgraff.
24/06/2013

Konrad Hummler gets back to business

P { margin-bottom: 0.08in; } The former heavyweight in private banking at Wegelin, Konrad Hummler, is returning to the industry. Hummler, whose investment columns were always highly popular, has founded the M1 AG company, domiciled in St. Gall, which offers investment advisory services.Hummler, with three partners, is launching a paper or electronic publication, “Bergsicht,” which will be released at least six times per year, and which will resemble the investment columns of the Wegelin period.
24/06/2013

Former UBS manager launches an asset management firm

P { margin-bottom: 0.08in; } According to Finews, Cesar Gueikian, former head of special situations at UBS, has founded an asset management firm entitled Melody Capital Partners. His partners are Andres Scaminaci and Omar Jaffrey, also formerly of UBS. The three specialists are launching a fund to invest in guaranteed credit in the United States and Western Europe. They are hoping to raise more than EUR500m.
24/06/2013

Dalton Strategic Partnership arrives in Spain

P { margin-bottom: 0.08in; } Although it had already been selling its products as private investments in Spain, the British asset management firm Balton Strategic Partnership has now officially entered the Spanish market, with the registration of its Luxembourg Sicav, Melchior Selected Trust, with the CNMV. The Sicav has five sub-funds and assets of EUR540m, Funds People reports.The firm becomes the sixth foreign asset management firm to enter Spain since the beginning of the year, following J. Chahine Capital, Ellipsis AM, Oaks Field Patenrs, LarrainVial and Wellington Management.
24/06/2013

Private banking is becoming less profitable in Europe

P { margin-bottom: 0.08in; } According to an annual study by the consultant Mckinsey, no less than 15% of European private banks had operating losses in 2012, Les Echos reports. Only 2% to 3% of banks were in this situation before the financial crisis, and the percentage has been increasing each year. However, overall, the 110 banks examined by the agency have returned to their pre-crisis profit levels, and 25% of them have even surpassed them. Total assets under management have recovered by 8% in one year. But this increase in assets is more due to improved markets in 2012 than to inflows, which have increased only modestly.
24/06/2013

Outflows from emerging markets, inflows to frontier markets

P { margin-bottom: 0.08in; } Ahead of a meeting of the Federal Reserve, investors do not appear worried. They bought fewer bonds and invested more in US, Japanese and European equity funds. However, their defiance with respect to emerging market funds remains tenacious, and outflows totalled more than USD3bn in the week to 19 June, a level not seen for nearly two years, according to statistics released by EPFR Global.Despite their circumspection with respect to most of the major emerging markets, such as China Brazil, Russia and South Africa, investors retain a marked appetite for smaller markets, which are riskier but also more dynamic. Funds dedicated to frontier markets have been posting inflows since mid-March and have also attracted more than USD2.5bn since the beginning of this year.Overall, equity funds have posted a net inflow of USD4.81bn in the week to 19 June, while bond funds have seen redemptions totalling USD7.48bn. Money market fund have seen outflows of over USD25bn in the week to 19 June, the highest level since the third week of February.
24/06/2013

Versiko offers SRI retirement savings

P { margin-bottom: 0.08in; } The German sustainable investment advising firm versiko has announced the launch of a unit-linked retirement savings plan, ökoViola, whose portfolio will be invested exclusively in shares in the ökovision Classic fund, launched by the firm’s Luxembourg affiliate ökoworld, while the insurance portion of the policy is contracted to Continentale.versiko says that the formula allows subscribers to be sure that their savings will be invested ethically, with the exclusion of weapons, nuclear technology, chlorine chemistry, and child labour.As of 31 May, the ökovision Classic fund had assets of EUR361.8m for C shares (LU0061928585) and EUR15.8m for A shares (LU0551476806).
24/06/2013

Assets at Mainstay Marketfield Fund quintuple in twelve months

P { margin-bottom: 0.08in; } Handelsblatt reports that assets under management by the contrarian fund Mainstay Marketfield Fund now total USD9.5bn, compared with USD1.7bn as of the end of May 2012. The product is managed by an amateur poet, Michael Aronstein, and a doctor of philosophy, Michael Shaoul.The strategy is simple: invest against the grain. The managers currently consider German, Italian and Irish equities to be attractive, they see banks recovering and they stress that refinancing costs are almost 0%.
24/06/2013

Morgan Stanley buys up the remaining 35% of Smith Barney from Citigroup

P { margin-bottom: 0.08in; } The US bank Morgan Stanley on 21 June announced that it is planning to exercise its buy option for the remaining 35% it does not already control in its joint venture with its rival Citigroup, Morgan Stanley Smith Barney Wealth Management (MSSB).The transaction is expected to be completed by 28 June or a date soon thereafter, at a price which had previously been set at USD4.7bn in cash, a statement says. Once controlled entirely by Morgan Stanley, the entity will become known as Morgan Stanley Wealth Management.The operation will conclude a very long story which has long complicated relations between Morgan Stanley and Citi. Morgan Stanley Smith Barney was created in 2009, from the merger of financial product retail distribution activities at Morgan Stanley and activities at Citigroup which had been operating under the name Smith Barney.Morgan Stanley had made complete integration a priority, but the project ran into a series of divergences between the partners with respect to the value of the business. The two banks in September agreed on a total valuation of USD13.5bn. Morgan Stanley, which then held 51% of MSSB, exercised an initial buy option for an additional 14%. The remaining 35% were expected to be acquired by the end of June 2015.James Gorman, chairman and CEO of Morgan Stanley, claims in a statement that the operation represents “a historic day” for his group. “It’s the culmination of several years of effort to transform our business model into something that offers the best returns to shareholders and more stability on volatile markets,” he said.
24/06/2013

New buyout fund created

P { margin-bottom: 0.08in; } Sander Levy and Alok Singh, who cooperated eight years ago in the creation of the reinsurer Validus Holdings in Bermuda, have now teamed up with the former CEO of the software firm New Mountain, Kevin Parker, to create a private equity firm specialised in buyouts, Bridge Growth Partners LLC, the Wall Street Journal reports. According to sources familiar with the matter, they are aiming to raise funds totalling USD1bn, and are planning to focus exclusively on financial services and technology.
24/06/2013

Gilles Darde joins Convictions AM

P { margin-bottom: 0.08in; } Gilles Darde has joined Convictions Asset Managemnet as head of distribution and marketing, according to his Linked-In profile. He had previously served as head of sales for external distribution at Aviva Investors. He has also worked at Fortis Investments.
24/06/2013

Mirabaud recruits convertibles manager in Paris

P { margin-bottom: 0.08in; } The Swiss firm Mirabaud Asset Management has recruited Nicolas Crémieux as part of its team dedicated to convertible bonds based in Paris, as a senior analyst-manager, Newsmanagers has learned. Crémieux joins from Dexia Asset Management, where he was a senior manager in charge of international convertible bonds.His arrival, slated for the end of August, will coincide with the launch of a global convertible bond fund in autumn. The product already exists in the form of an internal portfolio. It will be released in a UCITS format.The new product will join the existing Mirabaud Convertible Bonds Europe fund, which invests in European convertible bonds, launched in October 2011, and managed by Renaud Martin, head of convertible bonds since that time.The recruitments, which provide reinforcements to the expertise of Mirabaud AM in convertible bonds, follow several other recruitments to the management team. More will be announced in the weeks to come, particularly in Paris.
24/06/2013

Dreyfus launches EMD fund

P { margin-bottom: 0.08in; } Dreyfus Corporation, a company of the BNY Mellon group, has launched an actively-managed mutual fund, the Drefus Opportunistic Emerging Markets Debt Fund.The fund aims to invest in all categories of emerging market debt, including debt denominated in hard currencies and debt denominated in local currencies issued by government and corporate issuers.The fund is managed by Alexander Kozhemiakin, managing director for emerging market strategies and senior portfolio manager in charge of management for all emerging market debt portfolios at Standish, as well as Javier Murcio, portfolio manager and senior government debt analyst.Assets under management at Dreyfus Corporation total about USD294bn.
24/06/2013

CFOs optimistic for 2013

P { margin-bottom: 0.08in; } Most CFOs say they are optimistic about their ability to develop their activities and to acquire new clients in 2013, according to the most recent quarterly survey by Russell Investments of US chief financial officers (Financial Professional Outlook).In the present year, 48% of respondants say that they hope to win over more than 10 clients, while 30% of them are aiming for 7 to 10 clients. Last year, 86% of advisers managed to take on more clients than they lost, while 48% of them took on 10 or more new clients.As a corollary of this optimism, 32% of the advisers say that clients expect capital markets to perform well in the next three years, a level not seen since March 2011. Three quarters of CFOs are themselves optimistic about the evolution of the markets.
24/06/2013

Medobanca to establish alternative management platform

P { margin-bottom: 0.08in; } The board of directors at Mediobanca on 21 June unveiled its 2014-2016 plan for the group, with the objective of generating returns on owners’ equity in 2016 of 10-11%. It plans to simplify structures, focusing on the three pillars on investment banking, retail banking, and wealth management.For this unit, Mediobanca is planning to invest in human resources (including private equity, private debt, and non-performing credit) as well as in IT in order to develop the most highly profitable and least costly activities, including the launch of Mediobanca Alternative Asset Management (MAAM). The objective assigned to wealth management is to generate 15% of the group’s banking revenues by 2016.
24/06/2013

Azimut and Italian SWF team up in private equity

P { margin-bottom: 0.08in; } The Fondo italiano d’investimento is teaming up with Azimut to launch Programma 101, a private equity operator specialised in investments in startups in the digital sector, Il Sole – 24 Ore reports. The structure is starting up with about EUR35m, but is aiming for EUR50m. The financial commitment of Azimut is EUR10-15m.
24/06/2013

PREI recruits Asia-Pacific CEO from Grosvenor

P { margin-bottom: 0.08in; } The US firm Prudential Real Estate Investors (PRE), the real estate investment and advising arm of Prudential Financial, has announced the appointment of Eryck Su as managing director and chief investment officer at Pramerica Real Esate Investors (Asia) Ltd, its affiliate for Asia-Pacific.Su will be responsible for acquisitions and sales in the region, and the development of its regional strategy and portfolio management. He will also be responsible for the strategy of the business in China, and will be a member of the Asia-Pacific investment committee.Su had previously been managing director and head of Greater China at Grosvenor Fund Management.
24/06/2013

Christian Dargnat prend la présidence de l'Efama

Christian Dargnat, directeur des gestions (CIO) de BNP Paribas Investment Partners, a été élu président de l’Efama, l’association européenne des gérants d’actifs, pour un mandat de deux ans. Il était vice-président de l’Efama depuis 2011. Christian Dargnat remplace Claude Kremer.
24/06/2013

TIAA Henderson Global Real Estate, une nouvelle société mondiale de gestion d`actifs immobiliers

TIAA-Cref, société prestataire de services financiers et Henderson Global Investors, l’un des plus importants gestionnaires de fonds en Europe, sont aujourd’hui convenus de lancer TIAA Henderson Global Real Estate, une nouvelle société mondiale de gestion d`actifs immobiliers. Le total combiné des actifs immobiliers sous gestion de TIAA-Cref et de la nouvelle entreprise représente 63 milliards de dollars.
24/06/2013

AXA PE cède ses parts du capital d’Outremer Telecom à Altice

AXA Private Equity, un des leaders mondiaux du capital investissement, annonce aujourd’hui avoir signé un accord pour la vente de sa participation majoritaire dans la société Outremer Telecom à Altice, le fonds d’investissement spécialisé dans les télécommunications. Fondé en 1986, Outremer Telecom est le premier opérateur alternatif de télécommunications dans les départements et régions d’outremer. Avec sa marque commerciale Only, le groupe est présent sur la zone Antilles-Guyane et la zone Océan Indien. En 2012, la société a réalisé un chiffre d’affaires de 195 millions d’euros.
24/06/2013

Le Qatar veut investir 10 milliards d'euros en France

L’émirat entend ainsi réaliser un « saut quantique » dans les relations entre les deux pays, a fait savoir l’ambassadeur du Qatar en France dans un entretien au quotidien Qatar Tribune. Mohamed Jaham al Kuwari a précisé que ces investissements concerneraient des « institutions françaises majeures ». La chaîne télévisée Al Djazira rapporte par ailleurs que l’émir du Qatar, Cheikh Hamad bin Khalifa al Thani, doit rencontrer aujourd’hui les membres de la famille royale et les principaux responsables politiques du pays concernant une éventuelle abdication au profit de son fils, le prince héritier Cheikh Tamim.
24/06/2013

Clive Cowdery s'intéresse au marché américain

L’investisseur britannique envisage de racheter l’assureur vie Lincoln Benefit Life pour 600 millions de livres, selon le Sunday Times. Cela marquerait son entrée sur le marché américain. TPG Capital et JC Flowers seraient également sur les rangs.
24/06/2013

151 IPOs ont eu lieu au deuxième trimestre

Selon le rapport trimestriel établi par Ernst & Young, 151 introductions en Bourse ont eu lieu au deuxième trimestre pour une levée totale de 34 milliards de dollars. Il y un an, il y avait eu 242 IPOs pour une levée de 43,8 milliards de dollars. La Bourse américaine a représenté 48 opérations pour 12 milliards récoltés, soit 32% du nombre de transactions dans le monde et 35% des capitaux levés.

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