La coalition irlandaise adopte un ton moins agressif sur les décotes des dettes seniors
Le nouveau gouvernement juge que des changements législatifs peuvent être nécessaires en matière de restructuration de dettes bancaires
Le Conseil d'analyse économique se penche sur l'évolution des missions des banques centrales
Dans un rapport présenté à la ministre de l'Economie, le CAE met en débat l'articulation des politiques monétaire et de stabilité financière
Le crédit à la consommation enregistre son quatrième gain mensuel consécutif aux Etats-Unis
Selon la Réserve fédérale, l'encours des crédits a augmenté de 5,01 milliards de dollars en janvier, tiré par le crédit non renouvelable
Les investisseurs institutionnels font pleuvoir la manne sur les hedge funds
Le sondage annuel de Deutsche Bank mise sur une collecte nette 2011 de 210 milliards de dollars, quatre fois plus élevée que l’an passé
Mandarine Gestion vise une collecte de 600 millions d’euros en 2011
Mandarine Gestion, qui a soufflé sa troisième bougie en février, affiche un objectif de collecte de 600 millions d’euros en 2011. La société de gestion spécialisée sur la sélection d’actions européennes, dont les encours s’élevaient à 1,8 milliard d’euros fin 2010, a enregistré «plus de 150 millions d’euros de collecte sur les deux premiers mois de cette année», a relevé lundi son président Marc Renaud, lors d’une conférence de presse.
Le G20 était visé par l'attaque informatique de Bercy
Les dossiers fiscaux des particuliers n’ont pas été visés par l’attaque informatique dont a été victime le ministère français de l’Economie et des Finances, a déclaré lundi le ministre du Budget, François Baroin. «Ce qui était ciblé, semble-t-il, c'était l’organisation du G20», a-t-il dit sur Europe 1. L’attaque a été révélée par le site internet de Paris Match dans la matinée. Elle a été constatée en décembre et visait 150 ordinateurs sur les 10.000 que compte Bercy.
La Banque du Japon anticipe un mieux sur la déflation
Le vice-gouverneur de la BoJ, Hirohide Yamaguchi a déclaré que la variation annuelle de l’indice des prix à la consomation (CPI) de base s’est rapprochée du seuil de 0% après des années de repli au cours de la dernière décennie et qu’elle devrait repasser en territoire positif. «La BoJ prendra les mesures adéquates si l'économie et les conditions de prix s’aggravent», a-t-il poursuivi, ajoutant que la banque centrale était prête à relâcher encore sa politique monétaire si la croissance japonaise s’avère inférieure à ses prévisions.
Moody's fait basculer la note de la Grèce dans la catégorie « hautement spéculative »
Moody’s a abaissé sa note attachée à la dette souveraine de la Grèce de trois crans, au nom à la fois de risques pesant sur la mise en œuvre du programme de réformes budgétaires du pays et de la possibilité d’une restructuration de la dette. L’agence de notation, qui a fait passer sa note de Ba1 à B1, a précisé que la perspective attachée à cette note était négative, ce qui signifie qu’un nouvel abaissement est possible dans les 18 mois à venir. La note de Moody’s pour la Grèce est la plus basse des trois principales agences de notation. Elle est la première à faire basculer le pays dans la catégorie «hautement spéculative». Le ministère des Finances grec a estimé qu’ «à un moment où l'économie mondiale est fragile et où le marché est sensible, des décisions injustifiées et déséquilibrées en matière de notation, comme l’est celle de Moody’s (...) renforcent les arguments en faveur d’une plus étroite régulation des agences elles-mêmes» L'écart de rendement entre les titres de dette souveraine grecs et leur équivalents allemand, référence sur le marché obligataire européen, s’est creusé de huit points de base dans la foulée de l’annonce de Moody’s, à 913 pdb.
Le moral des investisseurs de la zone euro s'améliore en mars
Le moral des investisseurs de la zone euro s’est amélioré contre toute attente en mars, atteignant ainsi un plus haut depuis septembre 2007, montre lundi l’enquête mensuelle du cabinet d'études Sentix. Son indice du sentiment des investisseurs s’est établi à 17,1 contre 16,7 en février. Les économistes interrogés par Reuters anticipaient en moyenne un niveau de 16.
07/03/2011
Thai social security announces a call for offers for a USD600m tender
p { margin-bottom: 0.08in; } The Social Security Office (SSO) of Thailand, which is seeking to increase its international exposure, has launched a call for tenders for a global mandate on USD600m in assets, Asian Investor reports. The call for offers is divided into three lots of USD200m each, the first of which is dedicated to equities, the second to bonds, and the third to real estate. The current allocation to international investment is about 3.5%, most of it in international bonds. The government pension fund is also working to increase its international exposure with the assistance of Towers Watson.
07/03/2011
High net worth clients remain committed to social causes
p { margin-bottom: 0.08in; } According to a study by Commerzbank Wealth Management, in partnership with TNS Infratest, high net worth clients have an above-average commitment to social causes. Since the financial crisis in recent years, the inclination of these clients to make donations has increased, the study finds. Out of 100 high net worth clients (with at least EUR1m), about 71% support social projects, and most have a social (41%) or charitable (35%) agenda. Despite the financial crisis, or perhaps as a result of the financial crisis, 91% of millionaires state that they have donated as much or more to charitable causes in the past two years as before. 96% of respondents say that they are planning to maintain their donations at the same level or increase them in 2011.
07/03/2011
Very large increase in assets at Saxo AM
p { margin-bottom: 0.08in; } The online stock market specialist Saxo Bank, which on 3 March reported that its net profits tripled in 2010 to EUR86.4m, has posted a strong increase in its asset management activities. Assets under management at the bank, managed by Saxo Asset Management, have increased from about EUR2.5bn to over EUR4.18bn as of 31 December 2010. The cause of the development is the large growth of assets for the Danish asset management firms Sirius, acquired in late 2008, Capital Four Management, which was taken over 100% in October 2009, and Global Evolution, which has been 51% controlled by Saxo Bank since the same date.
07/03/2011
Nordea Switerland recruits a head from SAM
p { margin-bottom: 0.08in; } Since the beginning of March, Phil Steiner, who was head of sales for German-speaking Switzerland and Geneva for SAM Sustainable Asset Management (Robeco group), after creating SAM USA in New York, has joined Nordea Investment Funds Switzerland, as sales director in charge of retail and institutional clients for German-speaking Switzerland.
07/03/2011
Julius Baer increases its dividends and announces share buyback
p { margin-bottom: 0.08in; } On 7 February, Julius Baer Group announced that it will propose a dividend at its general shareholders’ meeting on 7 April of CHF0.60 per share for 2010, up from CHF0.40 in 2009.The board of directors will also propose to buy back shares for a maximum of CHF500m; the shares would then be cancelled.
07/03/2011
NovaCaixaGalicia courted by hedge funds
p { margin-bottom: 0.08in; } NovaCaixaGalicia, the result of a merger of Caixa Galicia and Caixanova, has opened an initial series of consultations with investors. Expansión reports that the business has attracted the interest of Quantum, the hedge fund owned by George Soros, and Paulson & Company, as well as the private equity investors Cerberus Capital and Blackstone.According to financial industry sources, these investors are favourably inclined to the firm as NovaCaixaGalicia controls more than a 50% market share in Galicia, and has a vast portfolio of clients. But it may also be a highly inexpensive investment, offering a prospect of long-term appreciation.
07/03/2011
Northern Trust wins a USD3.5bn mandate
p { margin-bottom: 0.08in; } Northern Trust on 3 March announced that it has won a USD3.5bn mandate from the fund of hedge fund manager Stenham Asset Management. Northern Trust will provide custody, fund administration, and forex management services.
07/03/2011
Buffett writes down a big loss on an investment
Warren Buffett has recorded a big loss on an investment he made near the peak of the leveraged-buyout boom, according to The Wall Street Journal. Berkshire Hathaway recorded a USD1 billion fourth-quarter write-down on USD2.1 billion in «junk» bonds of the Texas power producer formerly known as TXU, which went private in a USD45 billion buyout in 2007.
07/03/2011
BNY Mellon AM appoints a CEO for Mellon Capital & The Boston Company
p { margin-bottom: 0.08in; } BNY Mellon Asset Management has announced the appointment of Gabriela Parcella as CEO of Mellon Capital & The Boston Company, while Bart Grenier becomes chairman and CEO of The Boston Company Asset Management. Parcella and Grenier also join the executive board at BNY Mellon Asset Management.
07/03/2011
Pimco recruits for equities team
p { margin-bottom: 0.08in; } Pimco has announced recruitments for its equities team: Tim Bruenjes, senior vice president and equities trader, Vlad Clara, senior vice president and equities analyst, who will work to develop emerging markets equities strategies, Erwan Markson-Brown, senior vice president and equities analyst, Amit Mehta, senior vice president and equities analyst, Nate Velarde, senior vice president and equities analyst for the Pathfinder deep value strategy, Niall Hession, equities trader, and Eden Simmer, equities trader.
07/03/2011
Janus recruits a manager for Worldwide Fund
p { margin-bottom: 0.08in; } Janus Capital Group has announced the recruitment of George Maris as manager for its Worldwide fund. He will begin on 14 March, the management firm says. Maris previously managed mutual funds and institutional assets at Northern Trust.
07/03/2011
Harewood Asset Management et Sigma se rapprochent
Selon La Tribune, Harewood Asset Management (HAM), société de gestion (gestion structurée, systématique et alternative) de BNP Paribas logée dans le département BNP Paribas CIB, et le pôle des gestions Sigma (structuration, gestion indicielle, gestion active garantie, allocation des risques et overlay multi-stratégies) de BNP Paribas Asset Management (BNPP AM) qui est dans BNP Paribas Investment Partners (BNPP IP), fusionnent.Le rapprochement semble effectif. Ainsi, selon le quotidien, la page d’accueil du site internet de BNPP IP qui fait figurer Harewood dans sa liste de partenaires et sur les prospectus des produits d’Harewood, l’adresse est désormais 14, rue Bergère, Paris, siège de BNPP IP et BNPP AM. La nouvelle société de gestion est détenue à 100 % par BNPP AM et est dirigée par Gilles Guérin, ancien directeur général et vice-président du directoire de HDF Finance. Alexandre Mojaisky, l’actuel directeur général de Harewood AM «reste dans la maison», indique une source proche du dossier à La Tribune.
07/03/2011
Harewood Asset Management and Sigma merge
p { margin-bottom: 0.08in; } La Tribune reports that Harewood Asset Management (HAM), an asset management firm (structured, systematic and alternative management) controlled by BNP Paribas, a part of BNP Paribas CIB, and the asset management unit Sigma (structured, index-based, guaranteed active management, risk allocation and multi-strategy overlay), from BNP Paribas Asset Management (BNPP AM), a part of BNP Paribas Investment Partners (BNPP IP), are to merge. The merger appears to be already in effect. The newspaper reports that on the homepage of the BNPP IP website that features Harewood in its list of partners and on product prospectuses, the address is now given as 14, rue Bergère, Paris, the headquarters of BNPP IP and BNPP AM. The new management firm is 100% controlled by BNPP AM, and is directed by Gilles Guérin, former CEO and vice-chairman of the board for HDF Finance. Alexandre Mojaisky, the current CEO of Harewood AM, “will remain at the firm,” a source familiar with the matter has told La Tribune.
07/03/2011
Harewood Asset Management et Sigma se rapprochent
Selon La Tribune, Harewood Asset Management (HAM), société de gestion (gestion structurée, systématique et alternative) de BNP Paribas logée dans le département BNP Paribas CIB, et le pôle des gestions Sigma (structuration, gestion indicielle, gestion active garantie, allocation des risques et overlay multi-stratégies) de BNP Paribas Asset Management (BNPP AM) qui est dans BNP Paribas Investment Partners (BNPP IP), fusionnent.Le rapprochement semble effectif. Ainsi, selon le quotidien, la page d’accueil du site internet de BNPP IP qui fait figurer Harewood dans sa liste de partenaires et sur les prospectus des produits d’Harewood, l’adresse est désormais 14, rue Bergère, Paris, siège de BNPP IP et BNPP AM. La nouvelle société de gestion est détenue à 100 % par BNPP AM et est dirigée par Gilles Guérin, ancien directeur général et vice-président du directoire de HDF Finance. Alexandre Mojaisky, l’actuel directeur général de Harewood AM «reste dans la maison», indique une source proche du dossier à La Tribune.
07/03/2011
Mizuho acquires 95% of Eurekahedge
p { margin-bottom: 0.08in; } Mizuho Corporate Bank will soon acquire 95% of capital in Eurekahedge, a data provider specialised in research into hedge funds, Hedgeweek reports. The acquisition of a controlling stake will allow Mizuho to increase its cooperation with the firm, which is already ongoing. Mizuho founded an affiliate in October 2010 dedicated to alternative management, Mizuho Global Alternative Investments, which has developed a partnership with Eurekahedge.
07/03/2011
Asian high net worth investors cause hedge fund frenzy
p { margin-bottom: 0.08in; } The alternative management firm D.E. Shaw last year dispatched Julius Gaudio, one of the six members of its executive board, to Hong Kong, to meet more frequently with local clients, and brought on board Qin Xiao, former chairman of China Merchants Bank, as a member of its China advirosy board, the Wall Street Journal reports, adding that Asian high net worth investors are being actively pursued by hedge funds.GLG Partners has also sent Andrew Thatcher to Hong Kong, where Soros Fund Management, Viking Global Investors and Paulson & Co have also set up rep offices.But it is becoming difficult to retain talent, as the more high-visibility managers are tending to go independent: Liang Meng, a partner at D.E. Shaw, and Carl Huttenlocher, who has left Highbridge (JPMorgan AM) have done so.
07/03/2011
IPOs on the rise in 2011
p { margin-bottom: 0.08in; } Initial public offerings have started strong in 2011. According to a report on outlooks for IPOs published by Ernst & Young (“Global IPO trends report 2011,”) offerings have totalled USD25.3bn in the first two months of the year, with 193 operations. The cause of this increase is a considerable backlog of many initial offerings delayed since the beginning of the financial crisis, as well as privatisations, sales of multinational groups, and the needs of companies in the natural resources, infrastructure and IT sectors. In China, IPOs in Shanghai and Shenzhen have totalled USD10.5bn (of which USD6.5bn were in Shenzhen), in nearly 60 operations. In Hong Kong, IPOs may top USD50bn this year, Ernst & Young estimates. “In an illustration of the rising confidence of investors in valuations and a growing appetite for risk, IPOs are expected to increase in a wide variety of sectors and geographical regions, not only in BRIC countries, but also in other emerging markets, such as South-East Asia, Eastern Europe and Latin America,” says Franck Sebag, a partner specialised in strategic gorwth markets at Ernst & Young. In the United States, there were 26 operations in the first two months of the year, which raised USD9bn. As of the end of February 2011, plans for about 150 IPOs are set to raise about USD42bn. In Europe, 26 IPOs in the first two months of the year have raised USD1.8bn. Despite a slow start to the year, Ernst & Young finds that there are many IPOs planned for the year in Europe, particularly in eastern Europe (Poland, Czech Republic and Russia).
07/03/2011
Inflows for developed markets equities total over USD52bn
p { margin-bottom: 0.08in; } For the week to 2 March, political turbulence in oil-producing countries led investors to make further adjustments to their outlooks for inflation, interest rates, and global economic growth. According to the most recent statistics from EPFR Global, energy funds took on high subscriptions for the second consecutive week, while bond funds did better than equities funds, and emerging markets funds saw large redemptions, putting outflows since the beginning of the year at over USD21bn. Overall, bond funds have absorbed a net total of USD2.09bn, while equities funds have seen redemptions totalling USD407m. Outflows form money market funds totalled only USD2.02bn, while Japanese and European funds have seen modest inflows. Developed markets equities funds attracted further capital, putting inflows since the beginning of the year at over USD52bn, despite redemptions from Japanese and European equities funds. In sectoral terms, a desire to hedge against a weak US dollar and benefit from rising commodity prices favoured energy and commodities funds. These two categories absorbed 85% of the USD12.9bn which went to sectoral funds.
07/03/2011
ING IM: “Transformations in the Arab world will create many opportunities”
p { margin-bottom: 0.08in; } At a time when revolutions are rocking the Middle East and North Africa, ING Investment Management is promoting its equities funds concentrated on these regions.Fadi Al Saïd, director of investments for the countries of North Africa and the Middle East at ING Investment Management, explains to Le Temps to what extent the changes now taking place will improve economic outlooks. The manager argues that risks are minimal, due to the fact that the fund had never invested in companies related to dictators or their families.Al Saïd also estimates that the likelihood of nationalisations is very low. “It is a good time to invest in the Middle East. The population wants a change in the system, and the region has the necessary resources to provide for itself,” he says.The major investments in the portfolio are in Asudi Arabia, the United Arab Emirates, Egypt, Qatar and Kuwait.
07/03/2011
KBC vend Centea au Crédit Agricole
Le groupe KBC a conclu un accord avec le Crédit Agricole sur la vente de sa filiale Centea en Belgique, une banque d'épargne disposant de plus de 615.000 clients privés et particuliers. Le montant de la transaction s'élève à 527 millions d’euros. Le bancassureur belge précise que l’opération libérera un montant de capital de 400 millions d’euros environ.
07/03/2011
Un rapprochement Eurizon-Pioneer discuté dans les prochains jours
Les dirigeants d’UniCredit et d’Intesa Sanpaolo devraient se rencontrer dans les jours qui viennent pour discuter d’un éventuel rapprochement entre leurs pôles de gestion d’actifs respectifs, Pioneer et Eurizon, affirme Plus, le supplément argent de Il Sole – 24 Ore. Les synergies de l’opération auraient été définies par McKinsey. Ensemble, Pioneer et Eurizon auraient environ 30 % du marché italien de la gestion, indique l’hebdomadaire. Les deux filiales de gestion pourraient être transférées, par le biais d’un échange de titres, dans une nouvelle société dont Intesa Sanpaolo aurait la majorité.