Le nouveau patron d'Axa IM vise l'international
Si le gérant veut tirer profit de son expérience avec Axa pour se développer, il entend réduire sa dépendance à l'égard de sa maison mère
La BCE appelle à un changement de la régulation sur les titrisations
Mario Draghi se montre particulièrement soucieux de ce sujet et invite le Comité de Bâle et la Commission à revoir leurs positions
La BCE amorce la deuxième phase de sa revue d'actifs des banques européennes
L'autorité européenne passera au crible quelque 3.720 milliards d’euros d’actifs pondérés risqués détenus par 128 établissements financiers
Virtu doit améliorer la comptabilisation de ses dépenses
La société de trading à haute fréquence, qui veut s’introduire en Bourse à New York, doit nettement améliorer la comptabilisation de ses dépenses, indique le journal britannique de source proche du dossier. Ces déficiences seraient notamment dues à un défaut de ressources et d’expertise technique dans le domaine comptable.
La BoE détruit les enregistrements après publication de ses minutes
Le quotidien new-yorkais, qui se réfère aux propos de Paul Fisher, responsable des marchés de la Banque d’Angleterre, rapporte que l’institution a pour habitude de détruire les enregistrements de ses réunions mensuelles après avoir publié les minutes de ces sessions, celles-ci étant communiquées environ 14 jours après l’annonce d’une décision de politique monétaire.
La récession en Grèce un peu plus forte que prévu
L’activité en Grèce a chuté de 3,9% en 2013, soit un peu plus que l’estimation de 3,7% avancée en février, a annoncé hier l’institut de la statistique Elstat. Au total, le produit intérieur brut (PIB) grec s’est rétréci de 24% sur la période 2008-2013, six années marquées par la récession la plus profonde de l’histoire du pays.
L'Office of Fair Trading s’intéresse aux crédits aux PME
Le Royaume-Uni décidera dans le courant de l’année s’il y a lieu d’ouvrir une enquête approfondie sur les services bancaires aux PME, a annoncé hier l’Office of Fair Trading (OFT). Le gendarme de la concurrence s’inquiète du fait que le crédit aux PME est monopolisé par un petit nombre de grandes banques et estime que les PME ont du mal à faire une différence entre les établissements prêteurs.
Vienne et Luxembourg baissent les armes sur la fiscalité de l’épargne
Les ministres des finances ont acté hier la décision de l’Autriche et du Luxembourg de mettre fin au secret bancaire. Les deux pays bloquaient depuis des années l’adoption d’une directive sur l’échange d’information en matière de fiscalité de l’épargne. Leurs chefs de gouvernement se réserveront la primeur de l’annonce officielle de cette petite révolution lors du Conseil européen du 20 mars.
La Banque d'Angleterre annonce une réforme sur les changes
La Banque d’Angleterre a annoncé mardi une réforme en profondeur des règles encadrant sa coopération avec les banques et les marchés financiers, en réponse aux critiques sur sa gestion du dossier des soupçons de manipulation des taux de change. Un nouveau poste de gouverneur adjoint en charge des banques et des marchés sera créé dans le cadre de la réforme que la BoE détaillera le 18 mars. «L’une des premières tâches de cette personne sera de procéder à un examen exhaustif de la manière dont nous gérons les informations sur les marchés», a expliqué Mark Carney, gouverneur de la BoE, entendu pendant quatre heures et demi mardi par des députés.
Christian Delaire prend les rênes de Generali Real Estate
Generali a annoncé la nomination, à compter du 1er avril, de Christian Delaire à la tête de son pôle immobilier, Generali Real Estate. Agé de 46 ans, diplômé de l’Essec, Christian Delaire a travaillé chez Axa de 1994 à 2009 avant de prendre la direction d’AEW Europe. Generali Real Estate gère 28 milliards d’euros d’actifs immobiliers dans 11 pays.
Accord bipartisan au Sénat américain sur les agences Fannie Mae et Freddie Mac
La commission bancaire du Sénat américain est parvenue mardi à un accord pour déposer dans les prochains jours une proposition de loi visant à la liquidation des agences de refinancement hypothécaires Fannie Mae et Freddie Mac, sauvées par le contribuable en 2008. L’accord a été noué par Tim Johnson, le président démocrate de la commission, et Mike Crapo, républicain. Ils proposent de remplacer les deux agences, qui garantissent ou détiennent 60% des prêts hypothécaires aux Etats-Unis, par une nouvelle entité gouvernementale, la Federal Mortgage Insurance. En cas de problème, les investisseurs privés prendraient les premières pertes à hauteur de 10%, avant toute intervention des fonds publics. Cette proposition devrait cependant mettre du temps à aboutir.
L'économie portugaise rebondit au dernier trimestre
Le produit intérieur brut portugais (PIB) a augmenté de 0,6% lors des trois derniers mois de 2013 après une hausse de 0,3% au trimestre précédent, montrent les statistiques officielles publiées mardi, qui témoignent d’un sursaut de la consommation et d’une amélioration des exportations. En glissement annuel, la croissance économique s’est élevée à 1,7% au quatrième trimestre. Des chiffres de bon augure pour le pays, qui doit sortir en mai du plan d’aide consenti par le FMI et l’Union européenne. Sur l’ensemble de 2013, le PIB portugais s’est cependant contracté de 1,4%.
Le Parlement européen renforce la lutte anti-blanchiment
Le Parlement européen vient de voter à une écrasante majorité (643 pour, 30 contre) en faveur de la mise en place de registres publics des bénéficiaires effectifs des trusts et sociétés, dans le cadre de la révision de la Directive européenne anti-blanchiment. Ces registres rendraient plus difficile la création de sociétés écrans opaques qui peuvent aujourd’hui servir au blanchiment d’argent et à la dissimulation de fonds liés à la corruption.
Un incident technique perturbe Nyse Euronext
Les transactions ont repris sur NYSE Euronext mardi en tout début d’après-midi après avoir été suspendues pendant près d’une heure suite à un incident technique qui a notamment affecté les actions et les obligations. Bloquées depuis 12h15, les transactions ont repris à 13h10 (heure de Paris) pour les actions et les obligations et à 13h15 pour les certificats, les warrants («bons d’acquisition») et les ETF (Exchange Traded Funds).
11/03/2014
Commerzbank Real granted AIFM license
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Commerz Real Kapitalverwaltungsgesellschaft mbH, an affiliate of Commerz Real AG (Commerzbank group), has obtained a license from the German market autority BaFin. Approval from BaFin will allow the new firm to offer and manage alternative investment funds (FIA) in Germany for both private and institutional investors. The launch of the first products is scheduled for the second half of 2014. The directors of the new firm, who benefit from the expertise of Commerz Real, are Marinela Bilic-Nosic for risk management, Heiko Szczodrowski for real estate projects and management, and Jörg Thomsen for real estate products and product development.
11/03/2014
Buffett recommends that his wife invests passive
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Warrenn Buffett has stated in the most recent report from Berkshire Hathaway that in his will, he recommends that his wife invest the money he is leaving her 90% in a very low-cost index fund based on the S&P 500, and 10% in short-term government bonds, Financial Times fund management reports. Concerning the index fund, “I suggest funds from Vanguard,” the star investor says.
11/03/2014
LGIM plans to launch ETFs
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Legal & General Investment Management is planning to launch an ETF activity, Financial Times fund management reports. Ali Toutounchi, managing director of index-based funds at L&G estimates that ETFs would strengthen the range from LGIM for other investors. “That would give us access to a totally different market: fund managers, hedge funds, traders...” He also claims that this would allow for easier access to the retail market.
11/03/2014
BNP Paribas hires an ex-multi asset head of BlackRock
BNP Paribas Investment Partners (BNPP IP) has hired Colin Graham as CIO and head of TAA & research in its MultiAsset Solutions (MAS) team. He joins BNPP IP from BlackRock (formerly Merrill Lynch Investment Managers), where he was co head of the Global Multi Asset Strategies team.Colin Graham is based in London and reports to Charles Janssen, head of Multi Asset Solutions. In his role he leads the MAS team’s strategists, economists and analysts and has overall responsibility for the tactical asset allocation process.BNP Paribas Investment Partners’ Multi Asset Solutions team offers a broad range of multi asset expertise including balanced portfolios, multi management, absolute return, liability driven strategies, risk overlay and fiduciary management. The team manages EUR 53 billion (as at 31.12.13) of client assets and consists of over 50 investment professionals based in Amsterdam, Brussels, Hong Kong, London and Paris.
11/03/2014
F&C Investments wins a USD446m mandate
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Things are going well for F&C Investments (F&C). The British asset management firm has won a USD446m mandate from the Eastern European Fund Board following the departure of the current manager, Nevsky Capital, which has “resigned” with effect from 30 April 2014, F&C announced on 10 March. The British asset management firm will therefore assume the management of the Eastern European Fund, a UCITS investment vehicle based in Dublin with USD466m in assets as of 3 March 2014. The objective for the fund remains unchanged: to increase capital by investing in companies which are listed in Eastern Europe, or in companies with a significant exposure in the region. F&C has also announced plans to introduce a “highly competitive” institutional share class for existing clients and new clients without a performance fee.
11/03/2014
Vice president leaves Old Mutual Wealth
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Peter Mann, currently vice president of Old Mutual Wealth, has announced his departure from the firm after twelve years of collaboration, Citywire reports. He had served as vice president since October 2013. Although Mann will remain at the firm until mid-year, he will not be replaced, Old Mutual Wealth reports.
11/03/2014
Argos Investment Managers accelerates its development in the United Kingdom
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } As announced earlier this year, the Geneva-based asset management firm Argos Investment Managers is hoping to develop in Europe, especially in France and the United Kingdom. With this in mind, Argos IM has recruited Nick Hamwee as head of British activities. He claims in Investment Europe that “the turnover of bonds to equities begun in 2013 is favourable to asset management boutiques.” According to Investment Eirope, Argos Investment Managers has assets under management of EUR320m.
11/03/2014
HSBC GAM recruits a former director of Legal & General
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Simon Ellis, former managing director of Legal & General Investments, has joined HSBC Global Asset Management (HSBC GAM) in the newly-created role of global head of client segments, FT Adviser reports. His mission will be to oversee the development of a large part of the clients of HSBC GAM, including pension funds and sovereign funds. Ellis left L&G Investments in January last year after three years at the firm. In his career, he has also served in senior roles at Fidelity, Axa Investment Managers and Henderson.
11/03/2014
Activists increase corporate bond risks
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The growing power of activist hedge funds has increased the risks associated with holding corporate bonds, Moody’s warns. Bondholders may confront “a rising wave of negative credit events” this year, according to the agency, which cites a rise in the number of activist campaigns against corporate management. “Businesses will take measures to satisfy or ward off activists, which will leave them with less money to pay off their debts,” the study cited by the Financial Times says.
11/03/2014
JP Morgan AM courts brokers
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } JP Morgan Asset Management (JP Morgan AM) is preparing a new wave of activities with insurers at a time when these clients are seeking to outsource their investments in areas such as infrastructure, private equity and real estate, eFinancial News reports. The US asset management firm last year saw a lot of its new business coming from insurance companies in the United States, Taiwan, South Korea and Japan. It is now expecting to gain business with European insurers, particularly in Italy, Switzerland and Germany.
11/03/2014
Money market reforms blocked in European parliament
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } European reforms of the money markets have dragged them down at a time when the Parliamentary commission on economic affairs still delaying a vote on the rules, Les Echos reports. Members of European parliament are opposed to constant net asset value (CNAV), for which the commission wanted to impose a capital requirement of 3% to ensure the stability of redemptions. The proposal may be blocked by partisans of the funds, including Irish and Luxembourg MEPs joined by most liberal and most German MEPs. The next elections will certainly be necessary to unlock the reform.
11/03/2014
Strong growth expected for variable annuity products
Variable annuity net new sales will reach USD22 billion by 2018, a 57% increase from 2012 levels, according to Cerulli Associates,Net new variable annuity sales plummeted in 2012 to just USD14 billion. However, as interest rates stabilize, Cerulli envisions legacy variable annuity providers and new entrants, including nontraditional players, to join the marketplace.
11/03/2014
Franklin Templeton adds to sales team in Spain
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Franklin Templeton Investments has added to its sales teams in Spain. The asset management firm has recruited Reyes Brañas for its Madrid office, as junior salesperson, Funds People reports. Her role will be to assist the sales team, with the objective of improving the quality of services and information to clients. She will also actively participates in sales of products from the company via the channel of financial agents on the Spanish market. Last month, Franklin Templeton recruited Javier Villegas as director of global financial institutions and consultants for the Americas. His mission is to strengthen and coordinate relationships with this target client segment in Latin America, and to develop the distribution of the asset management firm serving major partners in the region.
11/03/2014
Highbridge manager to found his own firm
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Adam Bernstein, a portfolio manager for nine years at Highbridge Capital Management, is planning to leave the firm with two colleagues to found a new hedge fund firm, the Wall Street Journal reports, citing sources familiar with the matter. Bernstein supervises one of the largest and most profitable portfolios from Highbridge, a firm controlled by JP Morgan Chase. Hoffman, head of equity trading, is also leaving.
11/03/2014
An ex-employee of Cyrus Conseil arrives at EdRAM
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The arrival of David Zerbib on the European sales team at Edmond de Rothschild Asset Management, which the website H24 Finance announced on the morning of Monday, 10 March, was confirmed soon thereafter by the asset management firm. Zerbib will work on the team led by Michel Dinet, head of IFA partners, in the department of Philippe Cormon, head of European Third Party Distribution at EdRAM. The new arrival will be responsible for monitoring independent advisers in Paris and the western region, as well as entrepreneurial asset management firms. Before joining EdRAM, Zerbib worked at Cyrus Conseil for 2 years.
11/03/2014
“Father of ETFs” is ready to invest
P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Lee Kranefuss, who built iShares and has seen its assets increase from zero to USD600bn in assets in 2010, is returning to the ETF markets, and he has money to spend, Financial Times fund management reports on the basis of an interview with him. The man known as the “father of ETFs” signed an agreement with Warburg Pincus in 2012 to find investment opportunities in ETFs and asset management. His first deal was to acquire a majority stake in Source. Others are expected to follow. “We have capital available to carry out strategic acquisitions which make sense, but we need to be very disciplined,” says Kranefuss. The other objective for the director is to develop Source in the United States. The firm has already appliced to launch products listed in the United States this year.