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20/06/2013

Le Japon veut limiter les dépenses budgétaires

Dans le cadre d’une volonté d’asseoir sa crédibilité budgétaire, le gouvernement japonais prévoit de limiter les dépenses de l’Etat à 70.000 milliards de yens, remboursement de la dette non incluse, sur l’année fiscale qui débute le 1er avril 2014, indique le journal qui cite un document officiel. L’année précédente, les dépenses totales ont été de 92.600 milliards de yens, dont 22.200 milliards de service de la dette.
20/06/2013
Gestion d'actifs

La CDC a retenu deux gérants sur les obligations de petites entreprises

Pour rappel, la CDC a lancé en avril 2013 une consultation pour la gestion d’un mandat d’obligations de petites entreprises (notamment ETI) d’un montant maximum de 1 milliard d’euros. Les autres donneurs d’ordres sont notamment ACMN Vie, Aviva Vie, Banques Populaires Vie, CNP, CCR, Generali Vie, Groupama, HSBC Assurances, Sogecap. Ils s’engagent à participer à la création d’un fonds obligataire et y investir directement ou indirectement jusqu'à 1 milliard d’euros. Selon nos informations, les deux gérants retenus seraient BNP Paribas IP et Tikehau, respectivement, pour 75 % et 25 % des montants investis.
Gestion d'actifs
19/06/2013

La troïka fait une pause dans ses discussions en Grèce

Le Fonds monétaire international, la Banque centrale européenne et la Commission européenne ont décidé de faire une pause dans les discussions sur le renflouement des finances publiques grecques après avoir fait état de «progrès importants». Ces discussions au niveau politique devraient reprendre d’ici la fin du mois après la finalisation de détails techniques.
19/06/2013

Paris accentue la pression sur les paradis fiscaux

La France entend se donner la possibilité d’inscrire sur sa liste de paradis fiscaux les pays qui ne pratiquent pas l'échange automatique d’informations fin 2015, a déclaré mercredi le ministre des Finances, Pierre Moscovici. Cette mesure passera par un amendement déposé au nom du gouvernement au projet de loi de lutte contre la fraude fiscale.
19/06/2013

L'UE ne révisera pas le plan d'aide à Chypre

Les partenaires de Chypre au sein de la zone euro ne comptent pas réviser les termes de son plan d’aide de dix milliards d’euros, ont fait savoir mercredi trois responsables européens, tandis que Nicosie a démenti avoir fait une telle demande. «Il n’y a aucune tentative de renégociation», a assuré un porte-parole du gouvernement chypriote.
19/06/2013

Dublin en bonne voie de sortir de son plan de sauvetage

L’Irlande a de bonnes chances de réussir à sortir de son plan de sauvetage cette année mais elle doit rester disciplinée et gagnerait à un nouveau soutien européen pour nettoyer le bilan de ses banques, estime le Fonds monétaire international. Le FMI a débloqué mardi une dixième tranche d’aide, d’un montant de 1,27 milliard de dollars.
19/06/2013

Le FMI met en garde Madrid sur le chômage et les banques

L’Espagne a accompli d’importants progrès pour redresser son économie mais elle doit en faire encore plus pour réduire son taux de chômage très élevé et protéger de la récession un secteur bancaire encore fragile, a prévenu mercredi le Fonds monétaire international. Il estime que la réforme du marché du travail reste toujours une priorité.
19/06/2013

Vanguard AM lists four ETFs in Switzerland

Vanguard Asset Management has announced the listing of four new Irish-domiciled ETFs on the SIX Swiss Exchange. Three of the ETFs seek to track major international equity markets. The range also features a global dividend yield product that provides exposure to stocks with high forecast dividend yields.Following these listings, a total of seven Vanguard ETFs are available via the SIX Swiss Exchange. All of the ETFs are physically backed and listed in Swiss francs. With total expense ratios (TERs) ranging from 0.09% to 0.45%, Vanguard says that its Swiss-listed ETFs are among the lowest-cost products in the market. Axel Lomholt, Vanguard head of international product development and management, commented: “Continuing to list our ETFs on the SIX Exchange underscores our commitment to the Swiss market and the European market more broadly. Making our ETFs more readily available across Europe gives more investors a low-cost way to reach their investment goals.” Vanguard has been serving Swiss investors since 1998, opened its Zurich office in 2008, and founded a FINMA regulated Swiss entity in May 2011.List of funds available on the Swiss market, with TER Vanguard FTSE Developed Europe UCITS ETF 0.15% VEUR Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 0.22% VAPX Vanguard FTSE Japan UCITS ETF 0.19% VJPN Vanguard FTSE All-World High Dividend Yield UCITS ETF 0.29% VHYL Existing Vanguard ETFs TER SIX Swiss Exchange Trading Symbol (in CHF) Vanguard S&P 500 ETF 0.09% VUSA Vanguard FTSE Emerging Markets ETF 0.45% VFEM Vanguard FTSE All-World ETF 0.25% VWRL
19/06/2013

AXA wants to invest EUR10bn in the infrastructure debt market

P { margin-bottom: 0.08in; } AXA on 18 June announced a decision to increase its exposure to the infrastructure debt market, with an investment of EUR10bn in the next five years. These investments will be made via the AXA Real Estate debt platform. The initiative is part of the credit investment diversification strategy of the Group and aims to benefit from advantages due to the characteristics of infrastructure debt, which are highly suitable for the needs of long-term investors such as AXA. The new programme comes as a continuation of an initiative begun in 2005 on the commercial real estate debt market, and the launch in 2012 of the European mid-sized business lending platform. AXA has engaged AXA Real Estate, the real estate portfolio and property manager for AXA Investment Managers, to manage these investments in infrastructure debt. AXA Real Estate is planning to subscribe, on behalf of AXA, to loans to finance infrastructure projects for up to EUR500m, associated with assets in developed economies. “Our decision to increase our exposure to infrastructure debt is in line with our global investment strategy. This allows us to meet our need to identify long-term investments and diversify our credit investment portfolio, in order to bring our assets into line with the guarantees we make to our clients. This new investment also illustrates the role that insurers can play in the financing of the real economy,” explains Laurent Clamagirand, chief investment officer at AXA Group, in a statement.
19/06/2013

UBS Wealth Management raises fees in Americas

P { margin-bottom: 0.08in; } UBS Wealth Management Americas last year decided to raise the commissions it charges for financial solutions provided to high net worth clients, Investment News reports. According to the director of advisers (over 7,000) at UBS Wealth Management, Jason Chandler, the new fee structure is not intended to increases revenues for the unit, but to increase the engagement of clients. “When clients pay for their plans, they are more involved. This principle applies to the high net worth (HNW) client segment in particular,” says Chandler. UBS Wealth Management Americas has already made USD3m in commissions since the beginning of this year, compared with USD1.4m in all of 2012. The commission level is set by the adviser. In first quarter, the average commission was USD4,100, of which half goes to the adviser.
19/06/2013

Janus Capital Group increases its presence on French market

P { margin-bottom: 0.08in; } The international asset management firm Janus Capital Group is consolidating its development strategy in the French market via Euroclear France, a top-calibre provider of post-market services to facilitate securities trading and access to funds, according to a statement released on 18 June. By making funds available on this platform, Janus Capital Group is increasing its means to develop its relationships with insurers, institutional investors, wealth management advisers, and asset managers in France. “Offering direct access to our funds via Euroclear France, a national central depository, lets us get closer to our French clients. This marks a new step in our development strategy, following the opening of our Paris office in early 2012,” says Sylvain Agar, director of the Paris office, in a statement. Janus Capital International – France is expecting clients through Euroclear France to represent about 20% of its assets from France within the next 12 months. Assets under management at Janus Capital Group totalled USD163.8bn as of the end of March 2013.
19/06/2013

Swiss Life Banque Privée posts EUR1bn in inflows in four years

P { margin-bottom: 0.08in; } The Wealth Management department of SwissLife Banque Privée, founded in 2009, has past the EUR1bn mark in inflows, the firm has announced in a statement. A new structured product has also been released, entitled Objectif Juillet 2013. The new product, available through 8 August, is aimed at clients who agree to limit gains to 6.9% per year in the event of rising equity markets, in order to receive protection if the worse performing of the two indices (CAC 40 and EURO STOXX 50 excluding dividends) has not fallen by more than 60% at maturity, Swiss Life Banque Privée states. The product thus presents risk of capital loss.
19/06/2013

Axa IM changes managers for global equities

P { margin-bottom: 0.08in; } Ahead of the departure of Anu Narula from Mirabaud, Mark Hargreaves has taken over two funds from Axa Investment Managers for which he had been responsible, Citywire Global reports. Hargreaves becomes the principal manager of the AXA WF Framlington Global High Income fund, among others.
19/06/2013

Franklin Templeton takes control of Pelagos

Franklin Templeton Investments has acquired the remaining 80 percent stake of alternative investments specialist Pelagos Capital Management, to become a 100 percent equity stakeholder, according to a press release.Franklin Templeton bought its initial 20 percent equity stake in Pelagos in 2010.William Yun, CFA, executive vice president, Franklin Templeton Alternative Strategies, said, “We’ve developed a strong relationship with Pelagos since our initial investment in 2010 and after seeing growing interest from investors in alternative investment strategies, we are pleased to announce the completion of this acquisition.”Pelagos, an independent investment advisor founded in 2005 by Stephen Burke and John Pickart, is based in Boston, MA. Its mission is to create alternative investment solutions that seek to enhance overall returns and lower portfolio volatility.
19/06/2013

RHJI general shareholders' meeting votes in favour of BHF acquisition

P { margin-bottom: 0.08in; } Despite the opposition of several hedge funds, led by the Geneva-based Equilibria, a general shareholders’ meeting at RHJ International (RHJI) ultimately did not block CEO Leonhard Fischer from acquiring BHF-Bank from Deutsche Bank, in a deal which had been reached in principle in September 2012, for EUR400m, Handelsblatt reports. Fischer was supporterd by the largest shareholder in RHJI, Franklin Equity Group, which controls 15% of capital.RHJI now only requires approval from BaFin to go through with the deal.
19/06/2013

PGGM leads assault at GSW Immobilien

P { margin-bottom: 0.08in; } Dutch pension fund PGGM on Tuesday won a vote with more than half of capital at a general shareholders’ meeting for a motion to oppose Eckard John von Freyend, chairman of the supervisory board at GSW Immobilien, and Bernd Kottman, chairman of the board.The shareholders voted to remove them by a percentage of 69.63% in the former and 63.31% in the latter case, but the motion proposed by PGGM did not achieve the required 75% and was therefore rejected.GSW Immobilien immediately announced that an extraordinary meeting of the supervisory board would soon be held to study the situation.
19/06/2013

Strong growth for SSgA advanced beta strategies

P { margin-bottom: 0.08in; } According to estimates by State Street Global Advisors (SSgA) relayed by Frédéric Jamet, CIO in Paris, the global smart beta or advanced beta market in equities represents about USD150bn, in the form of funds or ETFs, which remains modest as a proportion of global assets.For its part, SSgA accounts for the lion’s share of assets in this area, with USD47.32bn in assets under management as of the end of March, compared with USD39.51bn as of the end of December. Between net subscriptions and market effects, assets in this segment at the US asset management firm have increased by over USD7.8bn in three months.If this form of smart indexing functions well over the long-term, it requires patience and strong conviction on the part of investors, since some variants run the risk of underperfoming over relatively long periods.Jamet nonetheless expresses surprise that clients do not take more interest in minimal volatility products, which combine two advantages: those of higher returns and of lower risk than traditional products. See the detail of SSgA various strategies AUM in the attachment
19/06/2013

Optimism returns to euro zone

Investors are returning to Europe as they retreat from emerging market and Japanese equities, according to the BofA Merrill Lynch Fund Manager Survey in which 248 panelists with USD708 billion of assets under management participated from 7 June to 13 June. Investor confidence has risen in the past month in spite of market instability and a 2.5 percent fall in world equities over the survey period. A net 6 percent of global asset allocators are overweight eurozone equities, representing a 14 percentage point swing from May when a net 8 percent were underweight. But while allocations to the eurozone rose, investment in global emerging market equities fell to their lowest since December 2008. A net 9 percent of asset allocators are now underweight emerging market equities – the first underweight reading since 2009 and down from a net 3 percent overweight reading last month.Finally, a net 56 percent of global investors believe the world economy will strengthen over the coming year, up from a net 48 percent in May. Equity allocations increased. A net 48 percent of asset allocators are overweight equities, compared with a net 41 percent in May.
19/06/2013

BlackRock wants to grow in Japan

P { margin-bottom: 0.08in; } Larry Fink, CEO of BlackRock, has recently announced that Japan will play a crucial role in the US-based group’s aim of increasing its assets by USD200bn per year, Financial Times fund management reports. “One of the greatest opportunities in the coming years for organic growth will be Japan,” he says. BlackRock is currently the eighth-largest provider of cross-border funds to Japan, after Nomura AM and Daiwa AM, among others, according to Cerulli Associates.
19/06/2013

GSA launches a fund with no performance fees

P { margin-bottom: 0.08in; } The UK hedge fund firm GSA Capital is planning to launch a new fund which will charge no performance fees, Financial News has learned. It will be a “trend-following” fund. Management fees for the fund have not been revealed.
19/06/2013

Source lists four ETPs in London

P { margin-bottom: 0.08in; } Source now has 11 products available in pounds sterling following the listing on the London Stock Exchange on 17 June of four ETPs. These include distribution and accumulation share classes in the Source Morningstar US Energy Infraastructure MLP UCITS ETF, which was launched recently, as well as those of the two largest sectoral US ETFs, Financials S&P US Select Sector Source ETF and Technology S&P Select Sector Source ETF.CharacteristicsName: Financials S&P US Select Sector Source ETFISIN code: IE00B42Q4896 Total expense ratio: 0.30% Name: Technology S&P US Select Sector Source ETFISIN code: IE00B3VSSL01Total expense ratio: 0.30%Name: Source Morningstar US Energy Infrastructure MLP UCITS ETF AISIN code: IE00B94ZB998Total expense ratio: 0.50% Name: Source Morningstar US Energy Infrastructure MLP UCITS ETF BISIN code: IE00B8CJW150Total expense ratio: 0.50%
19/06/2013

SSgA recruits in Asia

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) is in the process of increasing its personnel in the Asia-Pacific region, including China, Asian Investor reports. In China, SSgA has formed a partnership with Zhongrong International Trust to create a joint venture entitled SSgA Fund, in which SSgA will hold a minority stake of 49%, as required by law. The joint venture will have 50 employees, of whom 20 will be investment professionals.
19/06/2013

Former trader indicted in Libor affair

P { margin-bottom: 0.08in; } The British Serious Fraud Office (SFO) on 18 June announced that it has made its first indictment in the Libor inter-bank lending rate manipulation scandal, of the former bank broker at UBS and Citigroup Tom Hayes. The Swiss bank UBS was last year sentenced to pay a fine of USD1.5bn to the United Kingdom and the United States for manipulating the rate, at the heart of a vast scandal involving several firms. Hayes has been indicted on eight charges of organised bank fraud, the SFO says in a statement. The 33-year-old man is one of three people who were arrested in December 2011 by the SFO and the London police.
19/06/2013

Threadneedle launches a multi-asset class fund

P { margin-bottom: 0.08in; } Toby Nangle, head of multi-asset allocation at Threadneedle Investments since January 2012, will work with Alex Lyle, head of managed funds and the asset allocation strategy group to manage the new Threadneedle Dynamic Real Return Fund. It is a long-only product which uses no leverage.The diversified portfolio may include equities, bonds, commodities, property, and alternative investments, with the objective of generating returns over three to five years similar to those of equities (CPI + 400 basis points) with only two thirds of the volatility over a cycle. Regardless of market conditions, the fund is designed to deliver positive returns over a maximal three-year period.Nangle predicts that the fnd will be highly popular with British pension funds in particular.CharacteristicsName: Threadneedle Dynamic Real Return FundISIN code:GB00B93TQ868 (retail Z accumulation shares)GB00B92GCX53 (institutional accumulation shares)Management fee:0.97% retail share class0.79% institutional share class

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