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25/03/2014

Sberbank s'alarme des sorties de capitaux en Russie

Selon German Gref, le directeur général de Sberbank, première banque de Russie, l'économie du pays tombera en récession si les sorties de capitaux dépassent 100 milliards de dollars. Le banquier a cité des chiffres faisant état de flux sortants de 35 milliards pour les deux premiers mois de 2014. Il a cependant précisé que Sberbank ne revoyait pas à ce stade son plan d’affaires.
25/03/2014

L'hybride corporate a le vent en poupe

Après l'émission record de 3 milliards d’euros réalisée le 17 mars par Volkswagen, Telefonica est venu hier sur le marché primaire de la dette hybride corporate en levant 1,75 milliard d’euros. Seul le risque de rachat anticipé par les émetteurs ternit cet engouement.
25/03/2014

La gestion se consolide outre-Manche

La consolidation du secteur de la gestion d’actifs se poursuit au Royaume-Uni. L’assureur Standard Life est en pourparlers avec Phoenix Group en vue du rachat d’Ignis AM, dont le montant des actifs s’élève à 68 milliards de livres. La cible est valorisée autour de 400 millions.
25/03/2014
Gestion d'actifs

La Banque de France va lancer un fonds commun de titrisation de créances de PME

Si les assureurs semblent disposés à investir dans les PME et ETI, la Banque de France s’y intéresse également. En effet, selon l’Argus de l’Assurance, elle va ainsi lancer un fonds commun de titrisation de créances de PME. Pour rappel, certains Institutionnels comme Apicil avaient déjà pris les devants. « Nous avons acheté pour 8 millions d’euros de dettes titrisées ou diversifiées, ce qui nous permet de mutualiser les risques et d’obtenir un rendement de 200 points de base au-dessus d’une obligation comparable », témoigne Renaud Célié, directeur exécutif du pôle finances et performance d’Apicil. Jean-Jacques Duchamp, directeur générale adjoint du Crédit Agricole Assurances soumet néanmoins quelques exigences. « Nous achetons des prêts à des banques à deux conditions : qu’elles détiennent encore 20% de la dette et qu’il n’y ait pas de tranching », explique-t-il.
Gestion d'actifs
24/03/2014

La Banque de France dégage 2,4 milliards d'euros de bénéfices

Avec un résultat ordinaire avant impôt de 6,14 milliards d’euros, et après prise en compte d’une dotation de 1,25 milliard au Fonds pour risques généraux (FRG), le résultat net de l’exercice 2013 s’établit à 2,44 milliards d’euros pour la Banque de France, selon les comptes annuels publiés lundi. L’institution a payé de 2,5 milliards au titre de l’impôt sur les sociétés. Dans un contexte de taux d’intérêt historiquement bas, le produit net des activités est en repli de 20 % sur un an. «Cette diminution s’explique par une forte contraction du bilan, dont le total est passé de 732 milliards d’euros à 550 milliards d’euros de fin 2012 à fin 2013, qui résulte pour l’essentiel de la résorption graduelle des encours au bilan liés aux mesures non conventionnelles de politique monétaire et, dans une moindre mesure, de la baisse du prix de l’or sur les marchés», indique la Banque de France.
Photo : Fotolia
24/03/2014

Sberbank s'alarme des sorties de capitaux en Russie

German Gref, le directeur générale de Sberbank, première banque de Russie, a estimé que l'économie du pays tombera en récession si les sorties de capitaux dépassent 100 milliards de dollars. Le banquier a cité des chiffres faisant état de flux sortants de 35 milliards pour les deux premiers mois de 2014. Il a cependant précisé que Sberbank ne revoyait pas à ce stade son plan d’affaires.
24/03/2014

Pour les marchés, le chapitre ukrainien se clôt

Passé l’effet de surprise, ils se sont convaincus que les dirigeants veulent éviter le pire. Mais le raidissement russe, et les tensions qui ont suivi, ont amplifié leurs doutes sur les stratégies des banques centrales et la reprise.
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24/03/2014

Allianz GI franchit le cap des 2 milliards d'euros de dette d'infrastructures

Allianz Global Investors a annoncé aujourd’hui avoir franchi le cap des 2 milliards d’euros d’investissements en dette d’infrastructure suite au financement de l’autoroute A11 en Belgique. La filiale de gestion de l’assureur a investi, pour le compte de ses clients, 433 millions d’euros dans la dette à long terme émise par ce projet porté par Jan de Nul et DG Infra, qui consiste notamment en la construction de 12 km d’autoroute reliant le Port de Zeebrugge avec les autoroutes E40 et E35 en Flandre occidentale. Le financement est le premier « project bond » émis en phase de construction en Belgique, et bénéficie d’un rehaussement apporté par la Banque européenne d’investissement. Au cours de l’année écoulée, AllianzGI a réalisé huit opérations d’investissement en dette d’infrastructure dans sept pays européens.
24/03/2014

Londres relève la concentration extrême de la gestion alternative

Un sondage de la Financial Conduct Authority (FCA) met en lumière la forte concentration du secteur de la gestion alternative outre-Manche (18% du secteur mondial de 2.630 milliards de dollars). Les 20 principaux fonds y regrouperaient 82% des actifs sous gestion et 94% de l’exposition brute au risque de marché. Le ratio de levier des fonds scrutés par la FCA a bondi de 10 points en six mois à fin septembre dernier pour s’élever à 64.
24/03/2014

Standard Life veut racheter Ignis Asset Management

Le mouvement de consolidation du secteur de la gestion d’actifs se poursuit au Royaume-Uni. L’assureur Standard Life a ainsi confirmé des informations de presse selon lesquelles il négociait avec Phoenix Group le rachat de sa filiale Ignis Asset Management. Cette dernière gère 68 milliards de livres d’actifs et le montant de la transaction pourrait être proche de 400 millions.
24/03/2014

EDRAM releases its QUAM strategy on the French market

P { margin-bottom: 0.08in; } The Edmond de Rothschild group has recently announced the release on the French market of its Quantitative Asset Management (QAM) strategy. The strategy, which now has EUR3bn in assets under management in funds and mandates, will be offered both to retail and institutional clients. It had previously been available from the Geneva-based Compagnie Benjamin de Rothschild, which has since been merged into the group. The QUAM methodology is a strategy founded on a mathematical model. It identifies market trends and optimises positive market trends, through flexible asset allocation which aims to increase the value of invested assets through risk control management. The objective is to participate in positive market trends through flexible asset allocation to traditional asset classes, while retaining capital in the event of an established falling trend. The QUAM investment fund range, which has a total of EUR1.2bn, is composed of three products, EdR Fund Quam 5 EuR, EdR Fund Quam 10 EUR, and EdR Fund Quam 15 EUR. The investment universe for the underlying fund, composed of long-only UCITS IV funds with daily liquidity, covers the full range of asset classes: equities, bonds, diversified and money markets, across all geographical sectors and regions. The management team is led by Mathieu Gilbert, director of quantitative and overlay management (EUR10bn under management) at the Edmond de Rothschild group.
24/03/2014

TCW wins a mandates off Pimco

P { margin-bottom: 0.08in; } The TCW group, an asset management firm based in California, on 20 March announced that it had been selected by Columbia Management, an affiliate of Ameriprise Financial, to sub-advise and manage a fund integrated withing the Columbia Funds Variable Series Trust II. TCW takes on a role which had previously been occupied by Pimco. The fund concerned, previously known as the Pimco Mortgage-Backed Securities Fund, will be renamed as the TCW Core Plus Bond Fund. TCW will single handedly serve as manager of the bond vehicle, which had about USD1.3bn in assets as of 31 December 2013. The fund, launched initially in 2010, has significant investments in mortgage instruments with very high ratings, and aims to offer investors and shareholders both income and capital appreciation. TCW currently has over USD130bn in assets under management, while Columbia Management had USD356bn in assets under management as of 31 December 2013.
24/03/2014

Two CEOs for the equity boutique at Vontobel AM

P { margin-bottom: 0.08in; } Vontobel Asset Management has appointed Rajiv Jain and Philipp Hensler as co-executive officers of its Quality Growth boutique, specialised in equities. They will begin in their new role from 1 July. Jain will retain his position as chief investment offiver, whie Hensler will be responsible for managing sales (customer relationships, development, etc.)
24/03/2014

Standard Life in takeover talks with Ignis Asset Management

P { margin-bottom: 0.08in; } Consolidation in the asset management sector is gathering pace. The British life insurance group Standard Life has announced that it is in “advanced and exclusive” talks with the insurer Phoenix Group to acquire its asset management affiliate Ignis Asset Management, the Financial Times reports. Analysts estimate the value of Ignis at about GBP400m, the British newspaper says.
24/03/2014

Newton IM reshuffles its management teams

P { margin-bottom: 0.08in; } Newton Investment Management (Newton IM), an asset management based in London affiliated to BNY Mellon, on 20 March announced a reshuffle of its asset management teams for two funds, the Newton Higher Income Fund and Newton Oriental Fund. After a strategic review, the asset management firm has decided that the roles of the lead managers for its active equity and equity income vehicles would be more effective if they were separated. As a result, for the management of the Global Equity and Emerging Equity funds, Newton IM has decided to have separate lead managers, as it has for the Newton Higher Income Fund and Newton UK Equity Fund. Consequently, Christopher Metcalfe is appointed to the position of lead manager for the Newton Higher Income fund. Metcalfe had previously served as manager of the Global Growth & Income fund and the Newton Managed Fund. Metcalfe replaced Richard Wilmot, who will continue to manage the Newton UK Equity Fund while serving alongside Paul Stephany, who remains the lead manager for the vehicle, as manager of the Newton UK Opportunities Fund. Meanwhile, Caroline Keen has been promoted to the position of lead manager of the Newton Oriental Fund. Since 2013, she had served in a role supporting Jason Pidcock as co-manager of the vechile, and since 2009 she had also been “an important member” of the team dedicated to Asian equities.
24/03/2014

Compensation for sales varies worldwide

Compensation based on sales varies significantly from one region to the next, according to new research from Cerulli. On average, a US salesperson in charge of wholesaling relationships will derive 40% of their pay from gross sales commission and 17% from net sales. In contrast, European managers place equal importance on tracking net and gross sales for compensation, whereas in Asia, 60% of the managers track net sales for compensation, writes the consultant. Meetings with specific firms and key influencers may not rank highly for compensation purposes, but they are monitored to determine the quality of a relationship. Managers in the United States use CRM systems to determine the number of touch points before a sale is made. In Europe, however, these measures are used selectively."Measuring success is a nebulous and imprecise task because of the number of factors involved in clinching a sale. However, managers are becoming more inventive and resourceful in nailing down each department’s contribution,» said Yoon Ng, director of Asia research at Cerulli.
24/03/2014

ESMA holds consultation on shareholding disclosure

The European Securities and Markets Authority (ESMA) on March 21 launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The revised Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market.The consultation runs until 30 May 2014.
24/03/2014

Former head of equities at UBS launches a firm dedicated to Africa

P { margin-bottom: 0.08in; } Yassine Bouhara, a former head at UBS, where he had been co-head of the equity team, is preparing to launch a consulting and brokerage firm dedicated to Africa, Financial News reports. Bouhara, who resigned from UBS in October 2011 during the scandal surrounding trader Kweku Adoboli, without facing any charges, would like to recruit 30 people for his new activity, and open offices in Paris, Dubai and Algiers, He is also considering opening a London office. His company is expected to offer consulting and brokerage services in French-speaking African countries, while also planning to launch an asset management and private equity activity. Although the name of the business has yet to be finalised, Bouhara is aiming for a launch in early June, and is expecting to gain a few consulting contracts, the English language website adds. The firm is also planning to launch a brokerage activity in Algiers dedicated to domestic equities. Bouhara is following in the footsteps of Bob Diamond, former CEO of Barclays, who recently created the firm Atlas Merchant Capital, and who recently brought in GBP200m with an IPO on the London Stock Exchange in December for his vehicle Atlas Mara, dedicated to Africa.
24/03/2014

“Since January, we have posted net inflows of EUR2bn”

In 2013, French boutique DNCA Finance recorded net inflows of EUR3bn and doubled its assets under management, which have topped EUR11bn. Joseph Châtel, chairman of the asset management firm, discusses the reasons for his success and lays out his plans for 2014. On the agenda: opening offices in Geneva and Madrid.
24/03/2014

French regulator cracks down on references to ratings in asset management prospectuses

P { margin-bottom: 0.08in; } According to Agefi, for several weeks, the prospectuses for new products have been frozen by the French regulator AMF, a manager warns. “We have asked for some further information but this is certainly not happening in the majority of cases,” says Xavier Parain, deputy secretary general in charge of the asset management directorate at the French financial market authority Autorité des marchés financiers (AMF), who says that this occurs in only a few cases per week. The point at issue is new rules concerning reference to ratings in documentation from asset management firms. This concerns OPCVM Funds, alternative investment funds (FIA) and management mandates. The European text has been transposed into French law, and was then transposed into AMF regulations on 25 July last year. It has now been in practical application by the AMF since the beginning of the year. The regulation aims to prevent managers from referring only to ratings in their management decisions.
24/03/2014

Pay scales up at asset management firms

P { margin-bottom: 0.08in; } Double-digit growth in profits at several major asset management firms have led to major pay raises for employees at all levels, Financial Times fund management reports. A study by FTfm covering the 10 largest publicly-traded asset management firms reveals that Allianz Asset Management, the parent company of Pimco and Allianz Global Investors, was the most generous group last year, paying its employees an average of GBP436,000. Man Group takes second place, with GBP232,000, and Henderson third, with GBP215,000. These figures top the average salaries in the banking sector, which were GBP212,000 last year, according to PwC. BlackRock, Schroders and Aberdeen fall just below this level.
24/03/2014

Swedish hedge fund closed after poor results

P { margin-bottom: 0.08in; } The Swedish asset management firm CB Fonder, managed and owned by Carl Bernadotte, is closing its hedge fund CB Hedge, Privata Affärer reports. The fund, launched in 2007, had aimed to earn returns of 10-15% per year. Last year, the fund lost 9.5%, while its benchmark index was gaining 21.2%. The liquidation of the fund will take place on 31 March, and investors will be redeemed on 9 April, pending the permission of the Luxembourg authorities.

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