La Suisse repasse à l'action pour contrer le boom du secteur immobilier
Au grand dam des établissements financiers, leur volant anticyclique de fonds propres imposé l'année dernière est doublé, à 2%
L'UFF sélectionne un gérant pour un nouveau fonds PEA-PME
L’Union Financière de France (UFF) vient d’annoncer le lancement d’un fonds PEA PME, UFF Tremplin PME. Le fonds est investi en actions européennes est éligible au PEA PME, au PEA classique et à l’assurance vie. La gestion du fonds a été déléguée à Financière de l’Echiquier. En principe, le fonds investit 75% de son actif (soit 30 à 40 valeurs) dans des petites et moyennes entreprises européennes cotées ou non (représentant moins de 5 000 salariés et représentant un chiffre d’affaires inférieur à 1,5 Mds € annuel ou un bilan inférieur à 2 Mds €), et le solde dans des grandes entreprises européennes ayant pour objet d’assurer notamment la liquidité du fonds.
L'économie espagnole se redresse, le chômage aussi
L'économie espagnole a progressé de 0,3% au quatrième trimestre en rythme annuel, a annoncé jeudi la Banque d’Espagne. Il s’agit du deuxième trimestre d’expansion consécutif après deux années de récession. Sur l’ensemble de l’exercice 2013, le produit intérieur brut s’est contracté de 1,2%. En revanche, le taux de chômage s’inscrit aussi en très légère hausse, à 26% au dernier trimestre, mais la population active a diminué de 268.000 personnes, reflétant un phénomène d'émigration des Espagnols en quête de travail.
Tikehau IM a quasiment doublé ses encours en 2013
Les actifs gérés par Tikehau IM ont significativement augmenté passant de 1,2 milliard d’euros fin 2012 à 2,3 milliards d’euros en 2013, soit une progression de plus de 90% sur l’année, indique un communiqué du spécialiste de la gestion crédit. La société a notamment été sélectionnée l’an dernier pour gérer Novo 2, le fonds de place destiné au financement des PME-ETI.
Le Portugal a respecté son objectif de déficit en 2013
Le Portugal a dépassé l’objectif de déficit budgétaire fixé pour 2013 par ses bailleurs de fonds internationaux, en le limitant à environ 5% du produit intérieur brut (PIB), a annoncé jeudi le ministère des Finances. Le déficit budgétaire annuel ressort à 7,152 milliards d’euros, moins que prévu par la «troïka», qui réunit la Commission européenne, la Banque centrale européenne (BCE) et le Fonds monétaire international (FMI).
La banque centrale turque échoue à soutenir la livre
La banque centrale de Turquie est intervenue jeudi sur les marchés de change pour soutenir sa devise, à hauteur de 2 milliards de dollars selon des traders. Après avoir progressé face au dollar, à 2,26 contre 2,29 pour un dollar avant l’intervention, la livre est repartie à la baisse pour franchir le seuil des 2,30.
Les reventes de logements remontent aux Etats-Unis
Les reventes de logements sont remontées à 4,87 millions d’unités en rythme annualisé le mois dernier, contre 4,82 millions (révisé) en novembre. Ce dernier chiffre traduisait une baisse de 5,9%.
23/01/2014
Pictet AM launches an unconstrained bond fund
P { margin-bottom: 0.08in; } Pictet Asset Management has launched the Pictet-Absolute Return Fixed Income fund, an unconstrained bond fund, managed by Andres Sanchez Balcazar, co-head of the unit specialised in global and regional equities, with the assistance of three managers. Investing both in developed and emerging markets, in all bond segments, without being subject to constraints related to a benchmark index, the fund aims to profit from opportunities offered by interest rates, differences in returns, and currencies. The fund aims for gross annual returns (excluding fees and commission) 3% to 4% higher than the returns earned by investments in cash, In line with the UCITS directive, it represents a sub-fund of the Luxembourg-registered Pictet Sicav. Its share classes are denominated in US dollars, euros and Swiss francs.
23/01/2014
Sicav creation nears pre-crisis levels in Spain
P { margin-bottom: 0.08in; } The number of new Sicav funds in Spain reached its peak in 2013 since the onset of the financial crisis in 2007, according to data released by the CNMV, the local regulator. Last year, 127 new Sicavs were registered by 22 Spanish asset management firms, 91 more than in 2012. This figure is still far off the level in 2007, when 157 new Sicavs were launched on the market. Bankinter Gestión de Activos was particularly active in this territory in 2013, with the registration of 31 new Sicavs, or 24% of all Sicavs registered on the Spanish market. BBVA AM is in second place, with 21 new Sicavs last year, followed by UBS Gestión, which launched 17 new Sicavs in 2013.
23/01/2014
Avon pension fund awards a mandate to Unigestion
P { margin-bottom: 0.08in; } The pension fund for the British municipal authority of Avon has selected Unigestion to manage a EUR200m mandate in emerging markets. The mandate will track the emerging market equity strategy of Unigestion, based on active risk management. Michel Bernard, director in the instituitonal clients team at Unigestion in Lodnon, says that “this decision reflect the importance of institutional demand for strategies which offer exposure to emerging market equities, while limiting the impact of the volatility inherent in this market segment.”
23/01/2014
Schroders loses its head of multi-management for Europe
P { margin-bottom: 0.08in; } Gregor Hirt, head of multi-management activities at Schroders in continental Europe, is expected to leave the asset management firm in March next year, Citywire reports. For seven and a half years at Schroders, Hirt would like to continue other opportunities. He will at the same time be leaving his responsibilities at Multi-Asset Portfolio Solutions (MAPS) and will be taking over two diversified funds, the Schroder ISF Global Conservative and Schroder ISF Global Dynamic Balanced. Urs Duss will become principal manager of the first fund, seconded by Daniel Caderas. He will also be responsible for for the second fund, with Ugo Montrucchio, who arrived at BlackRock in October last year.
23/01/2014
Insight appoints a head of asset solutions
P { margin-bottom: 0.08in; } Tarik Ben-Saud has been appointed as head of Asset Solutions at Insight Investment, a newly-created position, IPE.com reports. Ben-Saud previously spent 15 years at BlackRock and Barclays Global Investors as head of LDI and client strategy.
23/01/2014
Baillie Gifford reopens its emerging market fund
P { margin-bottom: 0.08in; } Baillie Gifford will next week be discontinuing the 2% front-end fees applied to its Emerging Markets Growth fund, Investment Week reports. The fees, established in 2011, were intended to dissuade investors from returning to the fund once it reached GBP1bn in assets. Since then, the fund’s assets have fallen to GBP476m.
23/01/2014
Climate: EC proposes a new cap for 2030
P { margin-bottom: 0.08in; } The European Commission on 22 January called on the European Union to double its reduction of CO2 emissions from 20% to 40% by 2030, to continue its action to combat global warming, but this may prove difficult, as European governments have decided to protect the competitiveness of their industries, and fear an increase in electricity prices. The objective of reducing CO2 and other greenhouse gases will be binding, and will be carried out exclusively with measures taken nationally by states and their industries. There is a binding 27% objective for renewable energies in the European Union in the Union energy budget, and an indicative objective of 25% energy reduction, which will need to be finalised in autumn. The position of the Commission leaves states free to decide if they wish to exploit their shale gas reserves. It also strengthens emissions quotas, which are the main financial instrument of climate policy in the Union, by constructing a permanent reserve mechanism in 2021 representing 12% of certificates in circulation at this time.
23/01/2014
Credit: Fitch observes a convergence toward BBB
P { margin-bottom: 0.08in; } At a time when most sectors have continued their path toward stabilization in second half 2013, there was a convergence of ratings toward investment grade, in the area of BBB, Fitch Ratings estimates in its most recent outlooks on the evolution of credit worldwide. The proportion of negative outlooks and watches fell in all sectors but two, between 1 basis point and 18 basis points, as international public finance had the heaviest fall in the past six months. The enterprise and insurance sectors also had marginal increases. However, the negative trend in ratings is still marked in the sovereign sector, as more than one quarter of developed countries have a negative outlook. “The proportion of BBB ratings has doubled to 27% in the sovereign sector since 2007, and increased by 50% to 36% in financials. For businesses, where the proportion of BBB ratings has remained stable at about 40%, the proportion of ratings above this level has also fallen constantly by nearly one third to just below 20%,” says Monica Insoll, managing director in the credit market research team at Fitch.
Pictet AM lance un fonds obligataire sans contrainte
Pictet Asset Management vient de lancer le fonds Pictet-Absolute Return Fixed Income, un fonds obligataire sans contrainte, géré par Andres Sanchez Balcazar, coresponsable de l’unité spécialisée dans les actions mondiales et régionales, avec l’aide de trois gérants.Investissant à la fois sur les marchés développés et émergents, dans tous les segments obligataires, sans être soumis aux contraintes liées à un indice de référence, le fonds cherche à tirer profit des opportunités offertes par les taux d’intérêt, les écarts de rendement et les devises. Le processus d’investissement mis en œuvre n’est pas tributaire de prévisions économiques.Le fonds vise un rendement annuel brut (hors frais et commissions) supérieur de 3 à 4% aux rendements procurés par des placements en liquidités. Conforme à la directive UCITS (OPCVM), il constitue un compartiment de la SICAV de droit luxembourgeois Pictet. Ses classes de parts sont libellées en dollars, en euros et en francs suisses.
23/01/2014
Hugo Bänziger nommé associé-gérant chez Lombard Odier
Pressenti à la tête du gendarme financier suisse Finma, Hugo Bänziger est finalement nommé associé-gérant chez Lombard Odier. Sa nomination est effective dès le 1er avril, indique Le Temps. Il préside actuellement le conseil d’administration d’Eurex.
23/01/2014
Lombard Odier nomme son neuvième associé-gérant
La banque privée Lombard Odier a annoncé le 22 janvier la nomination de Hugo Bänziger en qualité d’associé-gérant. Actuellement président du conseil d’administration d’Eurex, il devient le neuvième associé gérant de l'établissement genevois.Hugo Bänziger a travaillé auparavant pendant 16 ans à Deutsche Bank, où il était directeur de la gestion des risques (Chief Risk Officer) et membre du directoire de 2006 à 2012. Il continuera d’enseigner à l’Université de Chicago ainsi qu'à l’Université nationale de Singapour comme professeur invité, ainsi qu'à la London School for Economics. Il siège également à l’Assemblée du Comité international de la Croix-Rouge (CICR)."L’expertise très vaste dont dispose Hugo Bänziger, spécialement dans le domaine financier et la gestion des risques, constituera un atout significatif pour notre expansion internationale», a déclaré Patrick Odier, associé-gérant senior de Lombard Odier, cité dans un communiqué.Le groupe Lombard Odier comporte désormais neuf associés gérants. Outre Hugo Bänziger, il s’agit de Thierry Lombard, Patrick Odier, Bernard Droux, Anne-Marie de Weck, Christophe Hentsch, Hubert Keller, Frédéric Rochat, Arthur Caye. Certains représentent la septième génération de banquiers en charge de l’entreprise.Depuis le 1er janvier, l’ancien banquier privé a adapté sa structure juridique. Lombard Odier est désormais organisée sous la forme d’une société en commandite par actions et les activités de la banque en Suisse sont conduites dans le cadre d’une société anonyme.Au 30 septembre 2013, les actifs totaux du groupe s'élevaient à 203 milliards de francs suisses. Les actifs sous gestion totalisaient 174 milliards de francs suisses.
23/01/2014
UBS Global AM obtient le statut RQFII en Chine
UBS Global Asset Management (GAM) vient d’obtenir auprès des autorités de régulation chinoise une licence RQFII (Renminbi Qualified Foreign Institutional Investors) qui doit lui permettre d’investir sur les marchés domestiques des valeurs mobilières en Chine, révèle Asian Investor. UBS GAM rejoint ainsi la liste des sociétés de gestion ayant déjà obtenu ce précieux sésame depuis un mois, à savoir Ashmore, Guangzhou Securities et Wing Lung AM. Le site d’information rappelle qu’UBS GAM était déjà la première société à avoir obtenue une licence QFII en mai 2003. De fait, le gestionnaire d’actifs suisse dispose d’une solide présence en China à travers sa coentreprise UBS SDIC Asset Management, qui avait reçu 800 millions de renminbi (132 millions de dollars) en quota RQFII en décembre 2012. Bien présente en Chine continentale, UBS GAM ne dispose pas à ce jour d’une gamme de fonds domiciliée à Hong-Kong et, à en croire Asian Investor, n’aurait pas de projet à ce stade pour créer une telle gamme.
23/01/2014
Fidelity Investments' head of asset management leaves
Ronald P. O’Hanley, Fidelity Investments’ head of asset management, is stepping down after less than four years in the role, according to L’Agefi. Fidelity plans to replace O’Hanley with an internal successor, according to a note to employees. O’Hanley said he plans to spend more time with his family and nonprofit organizations.
23/01/2014
S&P Dow Jones Indices launches a Sharia-compliant index
S&P Dow Jones Indices on January 22 announced the launch of the S&P GCC Composite Shariah Dividend Index which is designed to measure the performance of the highest yielding, Shariah-compliant stocks from the Gulf Cooperation Council (GCC) region that meet respective liquidity, dividend growth, and dividend sustainability criteria. The S&P GCC Composite Shariah Dividend Index universe is drawn from the S&P GCC Composite Shariah Index which offers investors a Shariah-compliant benchmark for the six GCC Arab states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). The S&P GCC Composite Shariah Dividend Index is comprised of the 30 highest yielding stocks from the eligible universe, subject to a minimum of two stocks per country. The Index constituents are weighted by their indicated annual dividend yield.
23/01/2014
Old Mutual GI appoints a head of client relationships in Southern Europe
P { margin-bottom: 0.08in; } The asset management firm Old Mutual Global Investors (GI) has appointed Susana Garcia has head of relationships with its clients in Southern Europe, including Spain, Italy and Portugal, Funds People reports. She will be based in London, and will travel frequently between these countries. Previously, Garcia worked for three years at Skandia. She previously officiated at American Express Funds, an entity acquired by Standard Chartered Bank. Her mission will be to strengthen existing relationships between Old Mutual GI and its clients located in Southern Europe, and to develop new relationships to promote the sale of funds in these three markets. In Spain, the asset management firm has set the objective of featuring in the Top 10 largest asset management firms.
23/01/2014
Toward a slow recovery of the European real estate market
P { margin-bottom: 0.08in; } Real estate values may begin to stabilise this year in the euro zone, although a recovery is still far off, particularly in Spain and the Netherlands, Standard & Poor’s estimates in its most recent quarterly bulletin on the European real estate market. Standard & Poor’s predicts more modest prices than last year in Spain in 2014 (-2%), and in Italy (-1%), price increases in Ireland (+3.5%) and Portugal (+0.5%), and no growth in the Netherlands (0%). More significant price evolutions are in the United Kingdom (+5%) and Germany (+4%), due to the better economic performance of these countries. In France, the economic downturn in the past five years has only very slightly imprved the availability ratio for the market. Standard & Poor’s predicts a price correlation in 2014 of -3%, followed by a stabilization (+2.0%) in 2015. A structural deficit in supply is expected to continue on the market to a certain extent, despite a gradual increase in interest rates.
23/01/2014
Two analysts from Bridger found Kora Management
P { margin-bottom: 0.08in; } Nitin Saigal, senior analyst at Bridger Management, and Dan Jacobs, analyst at the same firm, have joined forces to launch an alternative asset management firm, Kora Management, Hedge Fund Intelligence reports. The flagship fund from the new firm will take the form of a long/short equity strategy dedicated to emerging economies in Asia and Latin America. The firm is currently based on the premises of Bridger Management, which has about USD1.8bn in assets under management. Kora Management already has an analyst based in Sao Paulo.
23/01/2014
Emergence and NewAlpha AM sign a new incubation agreement
P { margin-bottom: 0.08in; } The Emergence SICAV and NewAlpha Asset Management on 22 January annoucned that they are signing a fourth incubation partnership with the firm Rcube Asset Management. With EUR30m from Emergency, the Rcube Global Macro UCITS fund will at its launch on 31 January 2014 have assets under management which will allow it to meet the requirements of institutional investors. The Rcube Global Macro UCITS fund, licensed by the Commission de Surveillance du Secteur Financier (CSSF), uses a global macro investment strategy for all asset classes excluding commodities, solely through liquid instruments. The investment process is based on both a quantitative and discretionary approach. The quantitative portion identifies factors that may explain assets considered, in order to model their future returns. Investment decisions are then taken on a discretionary basis. The Rcube company, founded in 2010, provides analysis and investment advising to sophisticated institutional investor clients, and North American and European hedge fund managers. At the request of many institutional clients, the founders, Cyril Castelli, Paul Buigues and Stéphane Alloiteau, in 2013 decided to transform Rcube into an asset management firm in order to implement the investment process for their own funds themselves.
23/01/2014
Poorly-run companies underperform
P { margin-bottom: 0.08in; } Companies which are well-managed have outperformed those which were not well-managed by an average of 30 basis points per month since the beginning of 2009, according to a study by Hermes Fund Managers cited by IPE.com. More precisely, businesses with the lowest governance ratings tended to underperform on average, rather than the inverse. Geir Lode, head of quantitative equities at Hermes, comments: “our results show that it is poor governance which has led to underperformance, rather than good governance which has led to outperformance.”
23/01/2014
Three fund managers leave Union Investment
P { margin-bottom: 0.08in; } Three fund managers will be leaving Union Investment, Citywire Global reports. They are Robert Girth and Inga Haubelt, equity managers, and Ralf Boeckel, bond manager. As a result, Gunther Kramert will take over the UniSector: HighTech fund, while Frank Thormann will manage the UniNordamerka fund. Lastly, the UniInstutional Short Term Credit fund will be taken over by Marc Hellingrath.
23/01/2014
Union Investment acquires an office complex in Munich
P { margin-bottom: 0.08in; } Union Investment has acquired an office complex with more than 19,000 square metres in the old town of Munich, on Maximilianstrasse, according to a statement from the asset management firm. The office complex was acquires from an international asset manager, whose identity has not been divulged. The price of the transaction has not been stated.
23/01/2014
Investec AM recruits an Italian sales director
P { margin-bottom: 0.08in; } Investec Asset Management has recruited Marco Orsi as Italian sales director, extending its European sales team, Investment Week reports. Orsi prevoiusly worked for Allianz Global Investors, where he was responsible for retail distribution. Before that, he was at BNP Paribas Asset Management.
23/01/2014
Investec closes an aviation fund
P { margin-bottom: 0.08in; } Investec Aviation Finance has completed the first closing of its fund dedicated to the aviation sector, Aquila Debt Fund, with USD250m. The fund has capacity of USD500m, and Investec is also investing in the new vehicle. The fund integrates the regulatory requirements of Solvency II, and offers a way to guarantee an investment grade rating for papers issued by the fund. Assets under management at Investec Aviation Finance total about USD3bn.