«Nous jugeons souhaitable que le marché reprenne son souffle avant d’aborder 2014»
Romain Boscher, directeur des gestions actions, Amundi
«Un nouvel assouplissement monétaire serait positif pour le marché du crédit»
Anne Velot, responsable de la gestion crédit euro chez Axa IM
L'impact d'un nouveau risque budgétaire aux Etats-Unis semble limité
Un accord pourrait être trouvé cette semaine qui limiterait le montant des nouvelles coupes budgétaires et ainsi leur impact sur la croissance
La Chine viserait 7,5% de croissance en 2014
Selon le quotidien qui ne cite pas ses sources, la Chine viserait pour l’an prochain une progression du PIB d’environ 7,5%, accompagnée d’une inflation inférieure à 4% et d’une croissance de l’agrégat monétaire M2 d’environ 13%. Le journal ajoute que Pékin souhaite se concentrer avant tout sur la mise en place des réformes économiques et financières.
La directive AIFM concerne 82 % des fonds allemands
Dans un entretien au journal allemand, Thomas Richter, délégué général de l’association allemande BVI des sociétés de gestion, estime qu’avec l’inclusion des fonds immobiliers et des fonds institutionnels dans le champ de la directive AIFM, ce sont 82 % du marché allemand des fonds qui sont concernés, contre 25 % en Italie et seulement 3 % en Espagne.
Antony Attia prendra la tête d’Euronext en France
Antony Attia devrait très prochainement être nommé à la tête d’Euronext en France, croit savoir le quotidien économique. Jusqu’ici directeur de cabinet du directeur général d’Eunonext NV Dominique Cerutti, Antony Attia, qui doit prendre ses fonctions début 2014, aura pour mission de renforcer la position de la place de Paris dans son nouvel environnement et travaillera à la cotation de l’opérateur boursier européen.
Madrid ne supprimera pas le salaire minimum
Interrogé par le quotidien, le premier ministre espagnol Mariano Rajoy se déclare confiant sur la maîtrise du déficit budgétaire du pays, en estimant que le retour de la croissance permettra de stimuler les recettes fiscales. S’il entend «améliorer la réglementation» pour flexibiliser le travail à temps partiel, il n’envisage cependant pas de supprimer le salaire minimum.
EMCF et EuroCCP finalisent leur rapprochement
Les deux chambres de compensation des marchés actions ont fait part vendredi de la finalisation de leur projet de rapprochement, comme annoncé dans L’Agefi Quotidien du 28 novembre. L’opération donne naissance à la première contrepartie centrale pour ces marchés en Europe. DTCC et Bats Chi-X Europe deviennent actionnaires aux côtés d’ABM Amro Clearing Bank et Nasdaq OMX. Ils détiennent chacun 25% du capital.
Le taux de chômage américain tombe à 7%
Le département du Travail a recensé 203.000 créations d’emploi non-agricoles le mois dernier après 200.000 en octobre. Le taux de chômage a quant à lui baissé de 0,3 point en un mois pour s'établir à 7,0%, revenant à son niveau le plus faible depuis novembre 2008. Ce recul marqué s’explique notamment par le fait que des fonctionnaires fédéraux comptabilisés comme sans emploi en octobre ont repris le travail après le «shutdown», la fermeture pendant 16 jours de la plupart des administrations. Les chiffres révisés pour septembre et octobre font ressortir 8.000 créations de postes de plus qu’estimé auparavant. Autres éléments positifs: l’amélioration a touché tous les secteurs et le salaire horaire moyen a augmenté, tout comme la durée hebdomadaire de travail. La publication de ces statistiques intervient moins de deux semaines avant la réunion de politique monétaire de la Fed, les 17 et 18 décembre.
La reprise se confirme en Belgique
La croissance économique belge s’est accentuée au troisième trimestre à la faveur d’une augmentation de la consommation des ménages comme des exportations, montrent des chiffres publiés par la Banque nationale de Belgique. Elle a ainsi confirmé des chiffres déjà contenus dans l’estimation «flash» qui faisaient état d’une hausse de 0,3% du produit intérieur brut de juillet à septembre après une progression de 0,2% au trimestre précédent.
06/12/2013
Deutsche Bank employee arrested in Japan
The Japanese police on Thursday arrested a Deutsche Bank employee in Tokyo. He is suspected of offering meals and travel worth JPY900,000 (EUR6,500) to the manager of the Mitsui pension fund, who, in return, is claimed to have invested JPY1bn (EUR7.2m) in products from Deutsche Securities, an affiliate of Deutsche Bank, Handelsblatt reports.According to the local press, the Japanese financial regulator may take legal action against Deutsche Securities in connection with the case.
06/12/2013
Pioneer: 2013 will be the best year since the crisis
With net inflows of EUR9.5bn since January, 2013 has been the best year for Pioneer Investments since the crisis, and also the first since the end of the redeployment process. What’s more, these inflows are distributed well between asset classes and geographical regions. They were “only” USD7.7bn at the end of September, Sandro Pierri, CEO, reminded at a presentation in Paris on Thursday. This does not mean, however, that the firm is planning to let up investing in distribution and talent, which absorbed about 15% of profits in 2011 and 2012.Assets now total EUR175bn, compared with EUR168.9bn as of the end of September, and about EUR158bn at the end of December last year.In continental Europe (France, Switzerland, Benelux and Scandinavia), where Fabien Madar is the regional CEO, assets under management total about EUR6.2bn, of which USD2.1bn are net subscriptions. For France, assets total EUR3.7bn, while net inflows totalled EUR1.2bn, and market effects are EUR300m.Inflows have totalled eight types of products: European equities, including small caps, “aggregate” bonds (alpha portable), European high yield, US high yield, and funds at the bottom of the rate curve (corporate and cash +). In addition, there is a fund of analysts of the United States and a defensive fund with 40 positions, entitled US fundamental growth.Madar states that the objective which has been set for him in 2014 is to continue to develop clients and to bring in EUR1bn in inflows, of which EUR400m are to be in France.
06/12/2013
Emirates NBD signs a partnership with Jupiter AM
The United Arab Emirates asset management firm, Emirates NBD Asset Management, has signed a partnership agreement with the British firm Jupiter Asset Management, which will advise it on four global funds, Bloomberg reports. The multi-management team at Jupiter will provide advising on assets of about AED400m, or USD109m, distributed over four Emirated NBD funds, David Marshall, one of the directors of the firm, says. Assets under management at Emirates NBD have risen 43% this year to about AED7.7bn, Marshall says, adding that the expertise provided by Jupiter will allow for assets in the four funds advised to reach a range of AED750m to AED1bn in the next 12 to 18 months.
06/12/2013
Equity ETF/ETPs post inflows of more than USD213bn in 11 months
Net inflows to equity ETFs/ETPs have totalled USD213.5bn in the first eleven months of the year, compared with only USD124.4bn in the corresponding period of 2012, according to estimates by ETFGI. Bond ETFs/ETPs take second place, with net inflows of USD22.4bn over 11 months, down compared with last year (USD61.6bn). Commodity ETFs/ETPs have seen a net outflow of USD34.7bn as of the end of November, while the first 11 months of 2012 brought net inflows of USD22.4bn. Assets in ETFs/ETPs as of the end of November set a record USD2.4trn, under the effect of the positive performance of themarktes and a net inflow of USD17bn. Over eleven months, assets were up 21% due to the good performance of the markets and a net inflow of USD220.6bn. Also over eleven months, the larget ETF provider is iShares, with a net inflow of USD57.3bn, followed by Vanguard (USD55.7bn), WisdomTree (USD13.6bn), PowerSHares (USD13.3bn) and SPDR (USD11.5bn). Transparent aset ETFs/ETPs, which have been much discussed recently, still represent only a small segment of the sector, with 126 products and cumulative assets of USD20.9bn, less than 1% of total ETFs/ETPs assets worldwide.
06/12/2013
Asset management firms need to improve their asset retention rates
Global fund groups are diversifying sources of income by expanding into new markets and moving quickly to capitalize on new product trends, but managers in Europe and Asia also need to work at improving asset retention rates, according to the December issue of The Cerulli Edge-Global Edition.Within Europe, Germany and Switzerland are the key distribution targets for managers, followed by Italy and Spain and then France. However, raising assets and retaining assets do not go hand in hand. Since 2005, the annual redemption rate for cross-border funds in Europe has ranged between 48% and 97%, observes Cerulli. In the United States, the range is between 24% and 36%."A Cerulli survey of 153 fund selectors found that asset managers are failing to communicate their investment philosophy to buyers, an omission that is especially costly during short-term underperformance when a deep understanding of the managers’ process can help retain the client,» commented Barbara Wall, a Cerulli director.The problem of asset retention is particularly acute in Asia. A new product may raise significant assets under management (AUM) at the launch stage, only to see assets dry up after that. Cerulli found that investors typically hold their funds for short periods of less than a year. In Taiwan, for instance, retail investors hold their funds for about six to nine months, while in China the holding period can be as brief as one month!
06/12/2013
BlackRock, JPMAM and Carmignac, largest foreign asset managers in Spain
As of 30 June, according to the CNMV quarterly report, JPMorgan Asset Management remained the largest active foreign manager in Spain, with EUR5.3bn, followed by Carmignac Gestion, with EUR3.84bn, according to the CNMV quarterly report. However, with the addition of EUR2.87bn in active funds at BlackRock and EUR2.6bn in iShares ETFs, the US asset management firm was the largest.Amundi takes 13th place, with EUR1.07bn, and Axa IM is in 17th place, with EUR911m.Overall, foreign asset management firms had EUR48.23bn in assets, out of a total of EUR215.22bn for funds and investment companies in Spain. Assets at foreign funds have increased 26.9% in first half, and 39.5% in one year. Their market share has increased by 2.58 points in six months, and 4.14 points in one year, to 22.4%, and the number of subscribers has increased by 16.4%, to 950,000 in first half.
06/12/2013
ING launches an execution only platform
With Zelf Vermogensopbouw, ING has launched a new execution only platform aimed at clients who wish to invest in funds themselves, without any advice, Fonds Nieuws reports. According to Karin van Gennip, head of private banking and investments, the platform stands out from the Robeco and and future ING Investment Management platforms due to the fact that it covers funds from all promoters.Currently, about 10% of the product range is composed of tracker funds. Zelf Vermogensopbouw includes equity funds, bond funds, real estate funds and multi-asset class funds. They are distributed over seven risk profiles.
06/12/2013
Stoxx launches a sustainable index of corporates which pay high dividends
Stoxx Limited has introduced the iStoxx Global ESG Select 100 Index. The new index screens the components of the Stoxx Global ESG Leaders Index for high dividend paying companies which also have low volatility, thus creating a hybrid portfolio of ESG, maximum dividend and low volatility strategies. The new index is designed to act as an underlying to exchange-traded funds and other investable products, such as structured products.
06/12/2013
New Japanese savings account expected to attract billions
The new Japanese reduced-tax savings account, the NISA, which will be launched on 1 January, is expected to attract JPY6trn to JPY14trn per year in the next five years, with potential for JPY68trn, or about EUR490bn, according to a joint study published by Cerulli in partnership with Nomura Research Institute (“Asset Management in Japan 2013: Opportunities and Challenges for Foreign Managers”). “Growth projections for the market for new accounts appears to mark a considerable evolution in the mentality of the mentality of Japanese households, and a larger propensity to leave the sanctuary of risk-free assets,” says Yoon Ng, director at Cerulli Associates. It should also be mentioned at modifications to retirement regulations and the prospect of rising interest rates are expected to incite retail investors to protect their assets.
06/12/2013
Carmignac Gestion signs a distribution agreement in Japan
Carmignac Gestion has signed an agreement with one of the largest banks in Japan, to distribute its EUR24bn Patrimoine fund to local investors, Citywire Global can reveal. The asset management firm based in Place Vendôme in Paris has not revealed the name of the bank, but it is reportedly one of the largest in the country.
06/12/2013
BlackRock star manager wins back a mandate
Lawrence Kemp, US growth large caps manager at BlackRock, has won back a USD1.8bn mandate from Charles Schwab, which he had managed when he worked at UBS Global Asset Managemnent, Financial News reports. Kemp joined BlackRock in February.
06/12/2013
BNY Mellon IM seeks opportunities in France
BNY Mellon Investment Management is seeking opportunities in France. “We would like to develop our expertise in alternative management and European equities more. Our strategy is to do it via acquisition, but to integrate teams into our existing boutiques. With this in mind, I have looked at the investment teams in France in the past twelve months, and I am still looking,” PeterPaul Pardi, global head of distribution at BNY Mellon IM, has explained to Les Echos. The asset management affiliate of the US bank now earned USD600m in revenues in Europe, and is aiming for USD1bn in five years’ time.
06/12/2013
New acquisition for Opcimmo in the United Kingdom
Amundi Real Estate, as part of development of its retail Opcimmo, has acquired its first office property in London, in partnership with Knight Frank Investment Management (KFIM). The office property, Defoe Court, Featherstone Street, located at the heart of London’s tech centre, was renovated in 2008 and has an exceptional location at the north end of the City. With a total floor area of 4,000 square metres on 5 floors, the property is wholly leased. According to Carmen Lopes, a manager at Opcimmo, “after a first co-investment in the United Kingdom in 2012, this acquisition confirms our desire and our capacity to invest in the British market. It reinforces our development strategy on this high-potential market. Our strategic partnership with Knight Frank Investment Management will allow us to extend our presence in London into the future.”
06/12/2013
Charlotte Sillèn steps back from management of a Handelsbanken fund
Charlotte Sillèn has left her position as leading manager of the Swedish short-term bond fund from Handelsbanken (USD4bn in assets), Citywire Global reports. She had been manager of the Handelsbanken Fds Swedish Sh Term Assets fund since January 2011. She has been replaced by Erik Gunnarsoon. Sillèn will remain as assistant to the fund, and will continue to supervise the Handelsbanken Funds Euro Liquidity, Handeslinvest Virksomhedsobligationer and Handelsbanken Yrityskorko funds.
06/12/2013
Edward Lampert's hedge fund undergoes redemptions
Edward S. Lampert, who is seeking to stem the losses at Sears Holdings, is facing an exodus of clients from his hedge fund, the Wall Street Journal reports. The fund has redeemed billions of dollars to clients of Goldman Sachs Group, which had invested in ESL Investments in 2007, according to sources familiar with the matter. That is estimated to represent about USD3.5bn. These recent events represent a setback for Lampart, an investor who has been praised for his qualities, and who bet that he could bring about a recovery at Sears. Lampert became CEO of the retail company in January, but could not turn the firm around.
06/12/2013
Hong Kong and China near agreement on mutual recognition
The beginning of mutual recognition between Hong Kong and China is reportedly near, the deputy CEO of the market authority in the city-state, Alexa Lam, has announced at a press conference in Hong Kong, Asian Investor reports. Teh mutual recognition agreement will provide Hong Kong with the first roles in the development of offshore RMB Lam declined to give a sate, emphasizing that Hong Kong and China are putting the finishing touches on the details of the accord.
06/12/2013
PPM launches an institutional real estate fund
The Frankfurt-based PPM Private Property Investment Management on 15 November announced in a filing that it has launched the institutional fund PPM-Immobilien-Spezialfonds 01, specialised in residential real estate (collective properties) and mixed residential/commercial properties.The properties will be located in mid- to large-sized German cities, from 50,000 inhabitants up, as properties in large cities are too expensive.The promoter is aiming for a volume of EUR200m, of which EUR110m are owners’ equity. PPM is aiming for a maturity of 10 years for the fund, with a two-year investment period (August 2015). The performance objective is an average of 4.5% annually.The fund will be administered by HansaInvest, which will also handle accounting and risk management.CharacteristicsName: PPM-Immobilien-Spezialfonds 01ISIN code: DE000A1JXM84Management commission: 0.4%Minimal subscription: EUR5m
06/12/2013
London looks to attract ETFs
The Chancellor of the Exchequer, George Osborne, on 5 December announced his decision to cancel a 0.5% stamp duty on ETFs from April 2014. The Chancellor had previously cancelled the stamp duty on equities listed on the AIM market. “Today, we are taking further measures to make our tax regime more competitive. The announcement that stamp duty on shares listed on the AIM would be cancelled was welcomed throughout the world. Today, we are also cancelling the stamp duty on shares purchased in ETFs, in order to encourage these funds to domicile themselves in the United Kingdom,” Osborne says. A large majority of ETFs escape stamp duty as they are domiciled outside the United Kingdom.
06/12/2013
Union Investment acquires future headquarters
Union Investment Real Estate (UIRE), the real estate affiliate of the central asset management firm for the German co-operative banks, Union Asset Management Holding, has acquired the future Main Tor Porta office building in Frankfurt (22,500 square metres) from DIC Asset.The property is slated for completion in mid-2014, and will host the headquarters of Union Investment. It will be added to the portfolio of the open-ended real estate fund reserved for institutional investors, UniInstitutional European Real Estate.
06/12/2013
VP Bank loses its head of private banking in Singapore
The head of private banking activities in Singapore at VP Bank, Patrick Donaldson, has left the firm. Donaldson joined the bank in March 2012, in charge of private baking for Indonesia, Singapore, Malaysia and Thailand. VP Bank has found a successor for Donaldson, who will begin in January 2014. The bank previously had a turbulent period about a year ago. It then lost a number of employees, which gave rise to rumours that VP Bank was planning to cease its activities in Asia. The bank denied the rumours.