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15/04/2014

L'OMC relève sa prévision de croissance du commerce international

L’Organisation mondiale du Commerce (OMC) a porté sa prévision de croissance du commerce international à 4,7% en 20414 tout en disant ne pas s’attendre à ce qu’elle revienne à sa tendance historique de 5,3% avant 2015. «La demande en Europe a pesé sur les importations mondiales au cours des deux dernières années, mais elle commence à se redresser», a estimé Coleman Nee, économiste de l’OMC.
15/04/2014

Le CBO abaisse sa prévision de déficit pour 2014

Le Congressional Budget Office (CBO), un organisme bipartisant dépendant du Congrès, estime que le déficit budgétaire américain déclinera à 2,8% du PIB cette année, son plus bas niveau depuis 2007. Il s'établirait ainsi à 492 milliards de dollars au terme de l’exercice fiscal clos fin septembre, soit 23 milliards de moins que dans la dernière prévision qui remonte à février.
15/04/2014

Les fonds alternatifs sont de grands convoyeurs de risque

Selon les conclusions d’une étude publiée par la Fed de San Francisco, les fonds alternatifs pourraient être les plus grands transmetteurs de chocs lors de crises financières, devant les banques. Les hedge funds empruntent souvent lourdement pour stimuler les rendements, ce qui les rend vulnérables à d’importantes pertes lors d’un revirement soudain du marché.
15/04/2014

La banque centrale ukrainienne relève son taux d'escompte

La banque centrale d’Ukraine a décidé de porter son taux d’escompte de 6,5% à 9,5% afin d’enrayer le plongeon de la hryvnia. La devise a perdu 35% environ de sa valeur contre le dollar depuis le début de l’année en raison des démêlés de l’Ukraine avec la Russie.
15/04/2014
Gestion d'actifs

Le Fonds de dotation du Louvre privilégie la gestion passive sur les marchés actions

A l’instar de la gestion active, la gestion passive a su séduire en période de crise les investisseurs institutionnels. En effet, certains ont été surpris de la bonne performance de la gestion passive par rapport à la gestion active ces dernières années. C’est notamment le cas du Fonds de dotation du Louvre qui, dés sa création en 2009, a privilégié la gestion passive pour ses faibles coûts de gestion et une plus grande lisibilité dans les performances. Option Finance a fait le point dans son dernier numéro du mois de mars (n°1263). Dés 2009, le Fonds de dotation du Louvre a favorisé la gestion passive pour investir sur les marchés actions. La cause de ce choix ? Les frais de gestion des fonds d’actions gérés activement s'élèvent en général à 1% ou plus, alors qu’ils ne dépassent pas en moyenne 0,15% pour les fonds indiciels. C’est ainsi que 80% de la poche actions de l’institution est gérée passivement, permettant d’afficher un totale de frais sur encours annuel de seulement 25 points de base pour l’ensemble du portefeuille. La gestion passive se caractérise également par une plus grande lisibilité dans les performances. Même si l’institution sélectionne avec soin un gérant ayant un processus de gestion solide et qui a fait ses preuves par le passé, il peut y avoir des déceptions. Ce qui n’est pas le cas pour les indices puisqu’il n’y a ni bonnes, ni mauvaises nouvelles.
Gestion d'actifs
14/04/2014

La France tiendra son objectif de déficit à fin 2015 affirme Manuel Valls

La France tiendra ses engagements européens en matière de réduction des déficits publics, avec pour objectif un retour à 3% du produit intérieur brut (PIB) fin 2015, a réaffirmé Manuel Valls. «Personne ne peut mettre en doute la crédibilité» de la France, a déclaré Premier ministre français lors d’une visite à Berlin. Le déficit public français s’est élevé à 4,3% du PIB en 2013 au lieu de 4,1%, ce qui pèsera d’autant sur les années suivantes si rien n’est fait. La France prévoyait jusqu'à présent de ramener son déficit à 3,6% fin 2014 et 2,8% fin 2015.
14/04/2014

Manulife AM renforce son pôle fixed income à Singapour

Manulife Asset Management vient de nommer Endre Pederson au poste de directeur senior (senior managing director) de son équipe asiatique dédiée au fixed income et basée à Singapour, rapporte International Adviser. Sa mission consistera à piloter les stratégies obligataires à l’échelle pan-asiatique et à diriger l’ensemble des capacités dédiées dans la région d’Asie du Sud, qui comprend 20 professionnels de l’investissement gérant environ 7 milliards de dollars d’actifs fixed income sur six marchés.
14/04/2014

"La finance comportementale apporte une forme de discipline dans la gestion, un élément vertueux"

Depuis deux ans, CCR AM a largement revu son processus de gestion, afin de rassurer les investisseurs. Les changements qui ont été apportés sont issus des travaux de la finance comportementale dans lesquels la société de gestion est très impliquée, convaincu par ailleurs de son bien-fondé et de son potentiel en lien avec la demande des investisseurs et l'intérêt des gérants. Directeur général délégué de CCR AM, Muriel Tailhades du Châtelier revient sur les atouts de ce mode de gestion, où l'homme est une force pour peu qu'on le garde de ses défauts...
14/04/2014

Two commodity traders launch a hedge fund

P { margin-bottom: 0.08in; } Two former commodity traders from Glencore and Goldman Sachs, Paul Schurman and Patrik Sundberg, have launched a hedge fund for oil and agriculture, Tulos Capital, Financial News reports. The fund, founded in 2013, opened to investors in February 2014. It plans to raise about USD500m in the next few years.
14/04/2014

Asset management firms miss out on EUR1bn in profits

P { margin-bottom: 0.08in; } European asset management firms are missing EUR1bn in annual profits by not taking advantage of the freedoms that European regulations offer them, a McKinsey study cited by Financial Times fund management reveals. The consulting firm indicates that asset managers who have remodelled their activities in line with the UCITS IV directive (which allows groups to sell funds throughout the European Union, without having an asset management firm in each country) should see an increase in their profits of at least 15%.
14/04/2014

BlackRock calls on European businesses to invest

P { margin-bottom: 0.08in; } BlackRock has called European chiefs to order. The US asset management giant has sent a letter to 150 large European corporates, asking them not to abuse dividends and share buybacks, if the remuneration of shareholders is achieved to the detriment of future growth, Les Echos reports, on the basis of a copy of the letter it has obtained. It is the same letter which BlackRock sent to the S&P 500 corporate heads at the end of March. “After the financial crisis, many companies haven’t dared to invest in their future growth, and that concerns us,” writes Larry Fink, chairman and CEO of BlackRock. “Too many companies have reduced their investments, and even increased their debt to be able to increase their dividends and their share buybacks. … The redistribution of cash to shareholders should be part of a balanced management strategy. If it is done for bad reasons and to the detriment of investment, it could threaten the ability of the company to sustainably generate long-term returns.”
14/04/2014

Santander liquidates a convertible bond fund

P { margin-bottom: 0.08in; } Santander has taken a hit. The Spanish banking group has decided to liquidate a convertible bond fund, at a time when two investors have announced plans to make substantial redemptions, Citywire Global reports. The Santander Convertible Bond fund will be officially closed on 15 April. Two investors in one share class in the fund have recently announced plans to withdraw their investments, which represent 97.37% of total assets in the fund, the British website says. Considering the size of the redemptions, Santander clearly had no other choice than to liquidate the fund. The Luxembourg-domiciled fund, launched in May 2010, had since September 2011 been managed by Philippe Muñoz. According to Lipper data revealed by Citywire, the vehicle had EUR2.01bn in assets under management on 31 March, far from its peak of EUR6bn in March 2011.
14/04/2014

C-Quadrat releases a total return fund in Germany

P { margin-bottom: 0.08in; } C-Quadrat has announced that it has been granted a sales license for the German market for its C-Quadrat ARTS Total Return Special fund. The product, launched in 2004 and previously sold only in Austria, is managed with the ARTS quantitative approach, which allows for flexible management between various asset classes.
14/04/2014

Anima's IPO share price set at EUR4.20

P { margin-bottom: 0.08in; } Anima Holding has completed its share offer ahead of its initial public offering, and set the price of its shares at EUR4.20, Milano Finanza reports. The price range had initially stood at EUR3.50 to EUR4.50, before being reduced to EUR4.10 to EUR4.20. Demand was 5.4 times supply, including the greenshoe option. The initial public offering is scheduled for 16 April. The valuation of the Italian asset management group therefore stands at EUR1.259bn, a multiple of 3% assets managed in 2013, and 2.6% of assets in 2014, compared with 3.2% and 3% for foreign rivals.
14/04/2014

Azimut WM recruits a new director for Tuscany

P { margin-bottom: 0.08in; } Azimut Wealth Management has recruited Iacopo Corradi as managing director for the Tuscan region, Bluerating reports. Corradi joins from Banca Esperia, where he had been head of the Tuscan affiliate. The wealth management arm of Azimut has 150 wealth managers, and total assets of over EUR5bn.
14/04/2014

BlackRock continues its shopping spree on Milan stock exchange

P { margin-bottom: 0.08in; } In Italy, BlackRock has bought up 6.846% of Ei Towers, as part of a 25% stake sale in the capital of the transmission tower specialist company by Mediaset, made last week, Bluerating reports. The stake is held through seven funds.
14/04/2014

Asset managers remain optimistic despite market risks

P { margin-bottom: 0.08in; } Asset managers in the United States remain optimistic about the outlooks for the US economy, and feel that the problems which are currently affecting emerging markets should not have repercussions on developed markets, according to a survey performed by Northern Trust, which covered 100 managers between 4 and 19 March. Only 11% of managers surveyed think that volatility on the financial amrkets and slowing growth in emerging countries will create a significant risk of contagion for developed markets. A smaller number than previously of asset managers, who are highly optimistic for the US economy in the next six moths, predict that interest rates will rise in the next three months (48% compared with 66% in fourth quarter 2013).
14/04/2014

Mixed fortunes for Invesco and Franklin Templeton in March

P { margin-bottom: 0.08in; } Invesco and Franklin Templeton have been on far different trajectories in the month of March. After the past month, Invesco has reported a decline of 0.5% in its assets, to USD787,3bn, compared with USD791.2bn at the end of February. “This decline is largely related to a decline in assets under management in money market funds, unfavourable performance on the market, and a net outflow from PowerShares QQQ,” [its ETF range -ed.] the US asset management firm announced. Its money market assets were down 4.1%, to a total of USD76.1bn as of 31 March, compared with USD79.4bn as of 28 February. However, “inflows to long-term products were positive for the month,” Invesco states. In the same period in March, Franklin Templeton can, however, claim growth of 0.5% in its assets, which total USD886.9bn as of 31 March, compared with USD882.2bn as of 28 February. One year previously at the same time, assets under management stood at USD823.7bn. The California firm did not disclose any information about the state of its monthly inflows, however.
14/04/2014

Bill Gross asks Mohamed El-Erian for explanations

P { margin-bottom: 0.08in; } Bill Gross, the co-founder of Pimco, has called on Mohamed El-Erian to explain why he decided to resign from this position as CEO of the asset management firm, Fund Web reports. Gross, speaking on Bloomberg TV, says the reasons for El-Erian’s departure from his former employer remain mysterious, even to him. “He only said that he wasn’t the person who could take the company forward … I want to say to him, come on, Mohamed, tell us why.”
14/04/2014

Quarterly asset management profits down 9% at JPMorgan

P { margin-bottom: 0.08in; } The asset management arm of the US bank JPMorgan had a mixed first quarter. As of the end of March, its net profits are down 9%, to a total of USD441m, compared with USD487m in first quarter 2013. Its asset management arm (which also includes private banking) has been penalised by the strong rise in costs and fees, which in the space of one year have risen by 11%, to nearly USD2.1bn. However, this activity has seen strong commercial development. Revenues rose 5% year on year, to a total of USD2.78bn in first quarter 2014. Meanwhile, in the first three months of this year, the asset management unit has posted a net inflow of USD14bn. In detail, the bank brought in USD20bn in net subscriptions to long-term products, but saw a net outflow of USD6bn from liquidity products. “This is the 20th consecutive quarter of net inflows to long-term products,” JPMorgan announced in a statement. Due to these net inflows, assets under management at JPMorgan total a record USD1.648bn, up 11% compared with first quarter 2013. In first quarter, the JPMorgan group has posted a decline of 19% in its profits for first quarter, to USD5.27bn, compared with USD6.53n one year previously. Its earnings were down 8%, to a total of USD23.86bn, compared with USD25.84bn in first quarter 2013.
14/04/2014

Comeback on emerging markets gathers pace

Emerging markets remained in the spotlight during early April as key equity indexes hit fresh year-to-date highs and Greece’s successful bond issue showed that appetite for riskier, more rewarding assets is alive and well. The week ending April 9 saw emerging markets equity funds record their biggest inflow since mid-1Q13, according to EPFR. In dollar terms two global emerging markets ETFs accounted for the bulk of the inflows.Overall, equity funds collectively absorbed a net USD11.2 billion. Europe equity funds took in over USD1 billion during the week. Bond funds posted inflows of USD6.2 billion. US, Europe, emerging markets and global bond funds all took in between USD1.25 billion and USD1.8 billion, adds EPFR. On the money market side, USD19.7 billion worth of redemptions from US money market funds handily offset modest flows into their European and Japanese counterparts.
14/04/2014

Wells Fargo may open an office in Switzerland

P { margin-bottom: 0.08in; } Wells Fargo, which has recently opened an office in France (Newsmanagers of 18 March 2014), is considering opening a location in Switzerland for its asset management activities, Handelszeitung reports. Switzerland currently represents over 22% of assets under management in Europe for Wells Fargo Asset Management. The client base of Swiss pension funds and insurers is currently served from Paris.
14/04/2014

Investment arm of IBA may merge with IMA

P { margin-bottom: 0.08in; } The investment division of the British association of insurance companies, IBA, may merge with the British investment management association (IMA), Fundweb reports. Talks are already far advanced over a merger which may take place in June. The operation would result in the creation of a new organization, which would have a new name, and a new president. The current president of the IMA, Dougie Ferrans, will resign in the next few months. The transaction, which also stipulated that the information service for voting practices of institutional investors is joining the IMA, subject to the agreement of the boards of the two professional associations. “This is a very important strategic decision for the IMA and its members. We would now be in a position to speak with a single coherent voice about all issues and activities which investment management deals with when serving our clients and final beneficiaries,” says the head of the IMA, Daniel Godfrey, cited by Fundweb.
14/04/2014

Pension funds growing fast in Latin America

The Latin American pension system has grown to more than USD900 billion in assets under management, according to new research from Cerulli Associates."The pension industry in Latin America has been a key source of allocations for global managers and exchange-traded fund sponsors over the years, and promises to grow in importance as the size of these privatized social security systems quickly expand,» comments Nina Czarnowski, senior analyst at Cerulli. «Local capital markets will eventually be unable to absorb these additional flows."Cerulli’s research finds that the compulsory fund systems from Mexico to Chile are doubling in size every five to six years. As they amass large sums of assets, it will be imperative for them to channel greater percentages of their assets outside of their borders. Some of the top global managers in the region have succeeded in gaining more than USD5 billion each without a local office, or a local product
14/04/2014

Jupiter posts inflows in first quarter

Jupiter Fund Management delivered GBP547m of net inflows, of which GBP465m went to its mutual funds, in the three months to 31 March 2014. Assets under management increased to GBP32.2bn, against GBP31.6bn as of the end of December 2013.
14/04/2014

Millennium recruits a manager

P { margin-bottom: 0.08in; } Millennium Management has recruited a portfolio manager, Marko Soldo, from its rival GMT Capital, Financial News reports. The hedge fund firm of Izzy Englander, which has USD21.8bn in assets under management, is continuing to add to its asset management team based in London.
14/04/2014

Manulife AM adds to fixed income unit in Singapore

P { margin-bottom: 0.08in; } Manulife Asset Management has appointed Endre Pederson as senior managing director of its Asian team dedicated to fixed income, based in Singapore, International Adviser reports. His mission will be to steer bond strategies throughout Asia and to direct all capacities dedicated to the South-East Asian region, which includes 20 investment professionals with about USD7bn in fixed income assets under management in six markets.
14/04/2014

A Finnish firm launches an emerging Europe fund

P { margin-bottom: 0.08in; } The Finnish asset management firm Alandsbanken Asset Management at the end of March launched an emerging Europe fund, Alandsbanken SICAV Emerging Europe, Citywire Global reports. The Luxembourg-registered fund will invest primarily in equities from the countries concerned, but may allocate a part of its portfolio to bonds and money market instruments. Derivatives and coverage options may also be used. The countries covered include Greece.
14/04/2014

Azimut WM recrute un nouveau dirigeant pour la Toscane

Azimut Wealth Management a recruté Iacopo Corradi comme managing director de la région Toscane, rapporte Bluerating. L’intéressé vient de Banca Esperia, où il était responsable de la filiale toscane. Le pôle gestion de fortune d’Azimut compte 150 gérants de fortune et affiche un encours total de plus de 5 milliards d’euros.
14/04/2014

Anima s’introduit en Bourse à 4,2 euros

Anima Holding a bouclé son offre d’actions en vue de son introduction en Bourse et a fixé à 4,2 euros le prix de ses titres, rapporte Milano Finanza. La fourchette de prix se situait initialement entre 3,5 euros et 4,5 euros, avant d’être réduite à 4,1-4,2 euros. La demande a été égale à 5,4 fois l’offre, en incluant l’option de surallocation. L’introduction en Bourse est prévue le 16 avril. La valorisation du groupe italien de gestion d’actifs est donc de 1,259 milliard d’euros, soit un multiple de 3 % des actifs gérés de 2013 et de 2,6 % des actifs de 2014, contre 3,2 % et 3 % pour les concurrents étrangers.

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