La demande s’est élevée à 5,67 milliards d’euros sur la nouvelle souche à 2021, pour un objectif initial de 6 milliards d’euros

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La banque helvétique, ainsi que d’autres acteurs liés à cette affaire, se voient réclamer plus de deux milliards de dollars par le liquidateur

L’ajustement budgétaire sur quatre ans comprendra 10 milliards de réduction des dépenses publiques et 5 milliards de mesures sur les revenus fiscaux

Dans le cadre de son plan d’austérité budgétaire 2011-2014 qui a suscité des réactions mitigées, l’Irlande a prévu de réaliser 40% des 15 milliards d’euros d’efforts budgétaires dès 2011.

Ils sont estimés à 126 milliards de dollars par DTZ pour 2011-2013. La situation apparaît assez tendue au Royaume-Uni, en Irlande et en Espagne

Les investisseurs sont de plus en plus soucieux de leur sort en cas de restructurations bancaires

Le cours de l’or coté en euro a atteint mercredi son niveau le plus haut depuis le 9 juin, la monnaie européenne ayant accentué son recul contre le dollar dans le contexte de défiance des investisseurs à l'égard de l'économie du bloc monétaire européen. L’or en euro a touché un plus haut de séance à 1.037,92 euros l’once. L’once d’or en dollar a atteint 1.379,02 dollars, contre 1.376,20 mardi soir à New York. En fin de matinée, l’euro se traitait à un peu plus de 1,33 dollar après avoir touché un plus bas de deux mois à 1,3284 dollar et enfoncé sa moyenne mobile à 100 jours.

Alors que le gouvernement irlandais dévoilera les détails de son plan d’austérité à 15 heures, les rendements irlandais subissent de nouvelles tensions. Le taux des obligations à dix ans s’est écarté ce matin de 24 points de base (pb) à 8,5 %. Standard & Poor’s vient de dégrader de deux crans la note du pays qui passe de AA- à A. Parallèlement, les discussions sur un plan d’aide se poursuivent. «L'étendue d’un programme n’est pas encore décidée mais la somme de 85 milliards d’euros est discutée», a déclaré le Premier ministre Brian Cowen devant le parlement. Les rendements se tendent également sur les obligations grecques, espagnoles et portugaises, entre 10 et 20 pb.

L’Agence France Trésor annonce qu’elle a servi mercredi 896 millions d’euros de soumissions non compétitives à l’issue de son adjudication de bons du Trésor (BTF) du 22 novembre. Le montant total des BTF émis dans le cadre de cette opération s'élève à 8,42 milliards d’euros.

La croissance de l'économie britannique s’est confirmée à 0,8% au troisième trimestre, portée par l’excédent commercial, selon les données officielles pubiées mercredi.Dans sa deuxième estimation, l’Office national de la statistique (ONS) confirme la croissance de 2,80% sur un an du Produit intérieur brut.

La Chine envisage de fixer un objectif d’inflation plus élevé pour 2011 que pour l’année en cours, tout en essayant de rassurer la population sur la stabilité des prix, rapporte mercredi le China Business News. Lors d’une réunion de stratégie économique à haut niveau en décembre, il devrait être décidé de limiter l’inflation à 4% l’année prochaine contre 3% cette année, écrit le quotidien.

L’Allemagne a placé mercredi 4,8 milliards d’euros d’obligations à dix ans mais les rendements peu élevés n’ont pas suscité suffisamment d’intérêt pour que tous les titres proposés trouvent preneur. Le nouveau Bund, assorti d’un coupon à 2,5% et mis à prix au rendement moyen de 2,59%, a attiré 5,667 milliards d’euros d’offres alors que l'émetteur visait six milliards d’euros. Au final, 4,8 milliards d’euros de titres ont été vendus. Les investisseurs semblent vouloir rester à l'écart en raison du climat sans précédent d’incertitudes et de volatilité. La Bundesbank a conservé de 20% de l'émission, une proportion supérieure à la moyenne de 17% observée depuis le début de l’année, a estimé Crédit Agricole qui précise que le ratio de couverture de 1,2 est le plus faible enregistré depuis février 2009.

Le montant de l’aide de l’Union européenne et du Fonds monétaire international à l’Irlande tournera autour de 85 milliards d’euros, a déclaré le porte-parole du gouvernement français. Le gouvernement de Brian Cowen doit présenter vers 15 heures un plan d’austérité visant à économiser 15 milliards d’euros sur quatre ans.

p { margin-bottom: 0.08in; } The former CEO of First State Investments (until the end of February 2009), Charlie Metcalfe, has been appointed president of Nikko Asset Management, pending the approval of the Financial Services Authority. He will be director of Nikko AM’s activities for Europe, the Middle East and the United States.

On Tuesday Swan Street Capital said it controlled 4.9 per cent of Gartmore – making it the asset manager’s fourth-largest shareholder, writes the Financial Times. Swan Street Capital is an investment group linked to John Zwaanstra, founder of the hedge fund Penta Investment Advisors and protégé of George Soros, adds the FT.

p { margin-bottom: 0.08in; } As Charlie Wilson left his position as head of third-party distribution at Lazard Asset Management in July to become director of retail distribution at Investec Asset Management, he will be replaced by Tony Maddock, head of wholesale at Scottish Widows Investment Partnership (SWIP), Investment Week reports. At SWIP, his position will be occupied in the interim by John Brett, head of sales and marketing.

p { margin-bottom: 0.08in; } In third quarter 2010, Franklin Templeton posted net subscriptions in Italy of EUR1.676bn, and had assets under management as of the end of September of over EUR12.3bn, Bluerating reports, citing figures from Assogestioni. Sergio Albarelli, senior director of Franklin Templeton for Italy, Spain and France, would like to make the business one of the top 10 Italian management firms in 2011. As the firm now ranks 11th behind Azimut, which has EUR13.9bn in assets, Bluerating estimates that the task may not be altogether impossible.

p { margin-bottom: 0.08in; } Swiss Life on 23 November announced that Tanguy Polet has been appointed CEO of Swiss Life Banque Privée, and a member of the executive board of Swiss Life France. Tanguy Polet, a lawyer by training, joined Swiss Life Belgium in 2005, and then took over as CEO of Swiss Life Luxembourg in 2008.

p { margin-bottom: 0.08in; } Edmond de Rothschild Asset Management has recruited Laurent Le Grin as convertible bond manager. The management firm thus makes an addition to the team dedicated to this asset class, which, headed by Kris Deblander, managed EUR1.2bn as of 31 October 2010, representing 9.1% of the French market share. Le Grin, 37, joined the convertible bond team at Fortis Investments in 2006, and then moved to BNP Paribas Asset Management as a senior European convertible bond fund manager.

BNP Paribas Real Estate on 23 November announced the appointment of David Aubin as CEO for the international Investment Management operation (REIM), from 1 November 2010. He will report to François Benfeghoul, deputy CEO of BNP Paribas Real Estate He was previously director of FIG Europe (Financial Institutions Group, a team of senior bankers in charge of banks and insurers) at BNP Paribas.Aubin, a member of the executive board of BNP Paribas Real Estate, aims in particular to carry out the assets under management growth objectives of BNP Paribas REIM, via ambitious equity inflows, and international development (BNP Paribas REIM now operates via seven affiliates in Western Europe).

p { margin-bottom: 0.08in; } Frédéric Lauprêtre, director and head of investment solutions and development at Edmond de Rothshild Investment Managers, has been appointed to the newly-created position of director of sustainable development at La Compagnie Financière Edmond de Rothschild (LCF Rothschild).In his new position, Lauprêtre will propose and deploy a general sustainable development policy, and orient and coordinate the initiatives of the bank and its affiliates.

p { margin-bottom: 0.08in; } The European organisation for the promotion of socially responsible investment (SRI) has welcomed two new members, AG2R La Mondiale and Hermes Equity Ownership Services (EOS). Eurosif now has over 80 members.

p { margin-bottom: 0.08in; } Eaton Vance Corp (USD185.2bn in assets as of the end of October) has acquired the assets of the Managed ETFs LLC company, which develops intellectual property in the ETF domain, for an undisclosed amount. Managed ETFs controls intellectual property, including patents, which may be used for more effective ETF trading and facilitate the creation of “non-transparent,” actively-managed ETFs.The sale of the technologies acquired by Eaton Vance at this time would require a license from the SEC.The co-founders of Managed ETFs are Gary L. Gastineau, former managing director for ETF product development at Nuveen Investments, who is also the principal of ETF Consultants LLC, and Todd J. Broms, who is CEO of Broms & Company LLC.

p { margin-bottom: 0.08in; } Robin Edme has announced that he is leaving the French Forum for Responsible Investment, of which he was one of the founders in 2001, and has been president since 2003. He has decided to hand over power to a new management, stating that the job which was set out for him, to make the FRI a tool for socially responsible investment for its members, has been completed, a statement says. He will present his resignation to the board of directors on 15 December, and the FRI office will propose Bertrand Fournier, vice president of the FRI and chairman of the board at LFP-Sarasin AM, as its new president at that meeting.Edme will continue to work at the FRI; he will handle the international portion of the representation on the French forum, where he will continue to represent the board of directors of Eurosif, on which he is vice-chairman, and will continue the work begun with European bodies (he is coordinator of the ECRA initiative, which includes 10 European investor organisations and promotes the integration of extra-financial reporting into financial reporting). “The next few years will see an increase of my involvement with these European bodies, to strengthen our relations with our international counterparts, make the voice of our organisation heard, and promote the principles of a modern and pioneering French approach to SRI, in a market environment in which these approaches often remain dominated by a highly anglo-saxon philosophy,” says Edme.

p { margin-bottom: 0.08in; } In its special supplement dedicated to the Feri EuroRating Awards 2010, the Börsen-Zeitung highlights the fact that Fidelity Investment Managers won the prizes for best fund in two categories, and the prize for best asset management firm in the generalist provider category. Second in the rankings is Aberdeen Asset Management, with first place in emerging market equities and the equities fund manager category. Allianz Global Investors (AGI), which was not nominated in 2009, was crowned as best bond fund manager. The best management firm in the absolute return special category went to Swiss & Global Asset Management, while DJE Kapital won the prize for best manager for specialist products.

p { margin-bottom: 0.08in; } Barclays on 23 November announced the launch of the Barclays Equity Euro Market Neutral fund, a Luxembourg-domiciled fund registered in France. The objective of the fund is to generate returns of about 7%, with volatility limited to 5%, through a market neutral strategy.To adhere to a neutral strategy, the fund will invest in European equities through a process of acquisition in pairs. For every share selected for a long position the manager will select another share from the same sector for a short position. The two shares will have identical weight in the portfolio.The investment process will rely on three engines to identify market opportunities. They form an initial filter to identify a number of opportunities.A first engine studies the valuations of the Price Earning Ratio compared with a market average, and determines which are likely to show a pertinent buy or sell signal. The second engine studies upward and downward revisions to corporate results over one-week, one-month and three-month intervals, to evaluate the shares selected. The third, qualitative engine, applies fundamental analysis by the research team, on the basis of more traditional criteria. The three engines create a list of 40 to 50 investment pairs. In a second stage, the management team evaluates the resulting list, and verifies that the pairs selected correspond to genuine investment opportunities, and are not due to structural movements. This results in a list of 20 to 25 pairs. Last of all, the investment team intervenes to undertake a StockRatio calculation. This ratio synthesizes the valuations of each of the pairs selected, taking into account the valuation levels of the two shares from a historical point of view to determine the timing of the investment. The highly selective process results in a final portfolio of 10 pairs with good diversification. The entry of a share into the portfolio triggers the setting up of a stop loss, as well as a stop gain, which are alarms that would lead to the removal of a share from the portfolio if it exceeds the set limits. Major characteristics of the fund Legal format: Luxembourg SICAV (UCITS III) AMF category: Diversified fund ISIN Code: Retail LU0450749949 Launch: 1 October 2010 Investment horizon: 5 years Management fee: Retail 1.20% Institutional 0.8%

p { margin-bottom: 0.08in; } With the Vontobel Global Responsibility International fund, which has recently been registered with the CNMV, the Swiss management firm Vontobel now has its complete range of SRI funds available in Spain, including the Global Responsibility European Equity, Global Responsibility Asia (ex Japan) Equity and Global Responsibility US Equity, Funds People reports.

According to the Financial Times, fund managers at SAC Capital Advisors, Citadel, Janus Capital and Wellington Management have received requests for documents from federal investigators examining insider trading practices on Wall Street.

p { margin-bottom: 0.08in; } Agefi Switzerland reports that in the United States, the Republicans, who accuse the Fed of setting the stage for runaway inflation by weakening the dollar, have proposed a bill which would simplify the Fed’s responsibilities, removing the responsibility to maintain full employment in order to concentrate on price stability. The bill has little chance of passing.