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06/03/2012

New CIO at Audacia

The Audacia company, which offers financing solutions dedicated to profitable and growing small and midcaps, has recruited François Terrier as chief investment officer. At the same time, Nicolas Mulle becomes chief risk and participations officer.Terrier had previously been at Neuflize OBC – ABN-Amro in charge of development for the provincial network serving directors of businesses, before joining Neuflize OBC Corporate Finance handling high-value operations concerning private and family-owned businesses.Mulle, for his part, had managed corporate holdings at Audacia, after serving as chief investment officer from 2009 to 2011.
06/03/2012

SGSS in Italy retained by Hermes Linder Fund Sicav

Société Générale Securities Services in Italy ()SGSS S.p.A.) on 5 March announced that it has been mandated by Hermes Linder Fund Sicav Plc to act as a local transfer agent to provide payment agency and investor relationship management services. SGSS in Italy provides a complete range of securities services, including settlement, custody and depository banking, fund administration, liquidity management and transfer agency services. Hermes Linder Fund Sicav Plc is the first SICAV incorporated in Malta for which SGSS is serving as a local transfer agent. It is managed by Praude Asset Management Limited, an asset manager which provides investment services, and which is registered with the Malta Financial Services Authority.
06/03/2012

Morningstar launches a CIC code management system for Solvency II compliance

The independent investment analysis provider Morningstar on 5 March announced that it is releasing a CIC identification management system to assist insurers with their reporting obligations under Solvency II legislation. Morningstar will rely on a global database containing over 8 million codes for securities, in oder to offer a CIC code management system to insurance companies which will allow them to identify all that assets held under standard categories defined by the European System of Financial Supervision (EIOPA). The solution uses a proprietary system developed by Morningstar, which asks insurers for information to identify all types of assets with a standard CIC code.
06/03/2012

Barclays pension fund sells a private equity portfolio

The Barclays Bank U.K. Retirement Fund, the pension fund from Barclays, is planning to sell a private equity portfolio for about GBP350m, the news agency Bloomberg reports. The pension fund has called in the consulting firm Cogent Partners to manage the sale of the portfolio, which includes engagements in LBO funds in Europe and the United States. Assets under management for the Barclays pension fund total about GBP21bn.
06/03/2012

Principal IM launches a bond fund

The British asset management firm Principal Investment Management has launched a bond income that pays monthly revenues. The Principal Monthly Income Investment Grad Bond fund aims for annual returns of a net total of over 5%. Front-end fees have been set at 3% and management fees at 1% per year.
06/03/2012

Aberdeen AM picks up two Brazil funds from Credit Suisse

Aberdeen Asset Management will be appointed investment adviser to two Credit Suisse funds - the USD94 million Credit Suisse Equity Fund (Lux) Brazil fund (as at 31 January 2012) and the USD153 million Credit Suisse Bond Fund (Lux) Brazil fund, effective 2 April 2012. The two funds will be merged into the Group’s Luxembourg-domiciled Aberdeen Global SICAV in June 2012 where they will appear as the Aberdeen Global – Brazil Equity Fund and Aberdeen Global – Brazil Bond Fund.The Brazil equity strategy will be managed by Aberdeen’s global emerging markets team, led by Devan Kaloo, Head of Global Emerging Markets. Aberdeen’s emerging markets debt team, led by Brett Diment, will manage the bond fund.
06/03/2012

OECD in favour of massive investment in infrastructure

Governments need to act now in order to ensure that transportation infrastructure and public works which the world will need between 2020 and 2030 will be ready on time, according to a report published recently by the Organisation for Economic Cooperation and Development (OECD), “Transcontinental Infrastructure Needs for 2030.” The OECD claims that passenger air traffic could double, while merchandise air traffic will triple, and the volume of maritime containers in ports will quadruple worldwide by 2030. The report notes that most of the current infrastructure at access points and corridors will be unable to absorb the traffic, even if there is only a 50% increase in demand. The OECD values the investment required to meet the demand for the next decades at USD53trn, the equivalent of 2.5% of annual global GDP. Of this total, more than USD11trn will be needed for ports, airport and major rail junctions alone. The private sector will necessarily have to increase its investment in strategic transport infrastructure, the report finds. Pension funds will certainly play a more active role in providing financing, but before engaging much money, they will need more transparency and regulatory certainty.
06/03/2012

Allianz Real Estate invested nearly EUR2bn in 2011

In 2011, Allianz Real Estate announced that it had invested a total of about EUR2bn in equity and debt. Direct investments total about EUR1bn, a statement says. Among its direct investments, there are major transactions such as the acquisition of an 80% stake in the Skyline Plaza shopping centre in Frankfurt, and the acquisition of the Forum Seine office property in Issy-les-Moulineaux, in the suburbs of Paris.
06/03/2012

M&A in renewable energies increased by 40% in value in 2011

Annual studies by PwC of transactions in the energy and renewable energy sectors (“Power Deals” and “Renewable Deals”) have found a strong increase in the value of mergers and acquisitions in the two sectors, of 15% and 40%, respectively. Total transactions in 2011 in the electricity and gas sectors totalled USD174bn. In Europe, the total value of mergers and acquisitions fell to USD40bn in 2011, down 43% in value compared with the previous year. North American utilities made all-time record deals in 2011. The value of these deals has more than doubled year on year, to USD108bn. The main reason for this very high activity is consolidation between the sectors in the United States. Mega-deals have been a highly active sector, with seven operations out of the ten largest in the world, and the largest deal in 2011: the acquisition of the natural gas transporter El Paso Corp by the energy storage and transport giant Kinder Morgan, for a total of USD37.9bn.
06/03/2012

Bradesco AM plans to grow in Asia

The Brazilian asset management firm Bradesco Asset Management is planning to increase its activities in Asia, with the appointment of a head of sales for Hong Kong, Asian Investor reports. The position will probably be filled during second half 2012, at Bradesco Securities in Hong Kong, an entity which opened in February. IN Asia, Bradesco AM already has an office in Tokyo, and a partnership with Mitsubishi UFJ for distribution. Assets under management in both equities and bonds total USD1.5bn. Assets under management at Bradesco AM total USD125bn.
06/03/2012

Banque Pasche is bringing bad publicity for Liechtenstein

At a time when Klaus Tschütscher, Liechtenstein’s prime minister, says that the principality is planning to become a global centre for investment funds, the local affiliate of the Geneva-based asset management firm Banque Pasche is causing it trouble in precisely this area, Handelsblatt reports. The Liechtenstein-based asset management firm VTM (EUR1bn in assets) had invested in the British MF Global fund via Banque Pasche as depository. And the latter bank, in contravention of international regulations, did not cordon off (segregate) the EUR20m in assets in question. The scandal has been referred by the Vaduz prosecutor’s office to the Liechtenstein Financial Market Authority (FMA). But the new head of the FMA, Urs Philipp Roth-Cuony, has not so far stood out for the dynamism of his initiatives, Handelsblatt remarks.
06/03/2012

La BoJ envisage de prolonger son soutien au crédit

La Banque du Japon pourrait décider lors de sa réunion des 12 et 13 mars de prolonger d’un an une mesure destinée à encourager les banques, par le biais de taux extrêmement bas, à financer des projets cibles de poches de croissance pour l’économie japonaise, selon le journal qui ne cite pas ses sources. Cette mesure doit jusqu'à présent expirer fin mars.
06/03/2012

Londres se prépare à l’adaptation du taux Libor

L’Association des banquiers britanniques (BBA) aurait entamé hier une consultation concernant le calcul et la régulation des taux Libor suite aux accusations de manipulations de cours proférées ces dernières semaines et ayant conduit à une vaste enquête dans plusieurs pays, selon le quotidien britannique. «Dans le cadre du processus de revue normale du taux Libor, un certain nombre de banques contributrices se sont rencontrées aujourd’hui afin de s’entretenir des règles futures et des développements de marché, tels que les règles sur la liquidité, liées aux paramètres de mesure du Libor» rapporte un communiqué de la BBA cité par le journal.
06/03/2012

L'immobilier parisien garde la cote

La foncière Eurosic vient de céder pour 508 millions d’euros le siège de BPCE et le 52 avenue Hoche à un fonds de JPMorgan AM, à des rendements avoisinant 5%.
06/03/2012

Les députés suisses approuvent l'accord fiscal avec les Etats-Unis

La chambre basse du parlement suisse a donné lundi son feu vert à une adaptation de la convention de double imposition avec les Etats-Unis, ce qui permettra les demandes d’entraide groupées. Le Conseil des Etats, la chambre haute du parlement, avait déjà donné son aval. Le texte ne sera toutefois pas mis en œuvre tant qu’un accord n’aura pas été trouvé avec Washington sur les onze banques suisses soupçonnées par la justice américaine d’avoir facilité de l’évasion fiscale.
06/03/2012

KKR cède 4,8% de Legrand

Le groupe américain de capital investissement a cédé hier 12,7 millions d’actions Legrand, soit environ 4,8% du capital, via la constitution accélérée d’un livre d’ordres auprès d’investisseurs institutionnels. Goldman Sachs a été en charge de l’opération, réalisée au prix de 27 euros par action, soit un montant total de 342,9 millions d’euros. KKR conserve une participation d’environ 1%.
06/03/2012

La RBA maintient le statu quo

La banque centrale australienne a décidé ce matin de laisser son taux directeur inchangé à 4,25%, s’appuyant à la fois sur les perspectives toujours «assez robustes» des économies américaine et chinoise et sur l’allègement considérable des pressions financières pesant sur les banques européennes. «Les informations récentes suggèrent que l’économie va croître en-dessous de sa tendance cette année, mais ne suggèrent pas de crise profonde en cours» indique le communiqué. Le gouverneur de la Reserve Bank of Australia, Glenn Stevens, a en outre précisé s’attendre à ce que l’inflation reste dans la fourchette cible de 2% à 3%. Si la politique monétaire est «appropriée pour le moment», la RBA conserve une marge de manœuvre en cas d’affaiblissement de la demande. Le dollar australien accentuait son recul à 0,7% contre le billet vert suite à l’annonce de la banque centrale, à 1,0621.
06/03/2012

Rebond de la croissance des services américains

L’indice d’activité de l’Institute for Supply Management (ISM) pour le secteur des services est monté à 57,3 en février, au plus haut depuis un an, après 56,8 en janvier. En revanche, les commandes de biens manufacturés ont régressé de 1,0% en janvier, soit leur plus forte baisse depuis octobre 2010.
06/03/2012

S&P n'a pas épargné les notes souveraines en 2011

L’étude annuelle sur les défauts souverains montre que l’agence a davantage abaissé que relevé les notes souveraines (respectivement 20,3% des pays notés contre 14,8%). S&P précise que les abaissements de notes se sont concentrés sur les souverains notés en catégorie investissement et s’attend à ce que les conditions de crédit pour les souverains continuent à s’aggraver en 2012.
06/03/2012

La BCE boude les titres souverains pour la troisième semaine d’affilée

La Banque centrale européenne a annoncé lundi n’avoir racheté aucune obligation d’Etat au cours de la semaine au 2 mars. Elle n’avait pas non plus racheté de titres souverains lors des deux semaines précédentes. Elle précise que le montant total de ses rachats d’obligations souveraines reste stable à 219,5 milliards d’euros.
06/03/2012

L'OCDE en faveur des investissements en infrastructures

Les Etats doivent agir dès maintenant pour faire en sorte que les infrastructures de transport et de travaux publics dont la planète aura besoin entre 2020 et 2030 soient opérationnelles, a prévenu hier l’OCDE. L'étude évalue à quelque 53.000 milliards de dollars les besoins d’investissement d’ici à 2030.

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