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11/05/2012

Axa Private Equity invests in infrastructure

Axa Private Equity is entering the capital of Enovos, a specialist in the transportation of electricity and gas in Luxembourg and Germany, Agefi reports. The Axa affiliate acquired its 23.48% stake in the capital of the firm from Arcelor Mittal for EUR330m. Axa PE has made the investment via its third infrastructure fund, which has been in a fundraising phase for one and a half years. The new vehicle hopes to bring in about EUR1.5bn.
11/05/2012

Hennessee hedge fund index down

In line with indices previously published, the Hennessee Hedge Fund Index has posted losses of 0.38% for April. Since the beginning of the year, the index shows gains of 4.02%.
11/05/2012

Money market funds boost Swedish inflows in April

Funds on sale in Sweden have recorded net inflows in April of SEK5.2bn (about EUR0.58bn), of which EUR5.1bn went to money market funds, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Bond funds have also posted inflows, totalling SEK2.6bn (EUR0.3bn). However, after three months of net subscriptions, equity funds had outflows of SEK3bn in April. The heaviest redemptions were to Swedish funds and funds investing in growth markets. Since the beginning of the year, equity funds have posted total inflows of SEK24.1bn (EUR2.7bn), half of which has gone to passive funds, while inflows to funds overall total SEK12bn (EUR1.3bn). Equity funds still account for the majority of investments from Swedish clients to funds, at SEK1.065trn or EUR119bn (54%), out of total assets of SEK1.957trn, or EUR219bn as of the end of April.
11/05/2012

European Court of Justice finds in favour of foreign funds and against France

The European Court of Justice has announced a verdict. On 10 May, the Court announced that “the law of the Union opposes French regulations which impose national withholding taxes on dividends when they are earned by mutual funds domiciled in another EU country, when these dividends are exempt from tax for mutual funds domiciled in France.” Ten Belgian, German, Spanish and United States-domiciled OPCVM funds, which invest largely in shares in French businesses, and which earn dividends on these shares which are subject to withholding tax, had challenged the French regulation, which stipulated that dividends paid to non-French domiciled funds would be subject to a withholding tax of 25%, while the same dividends would not be taxed when paid to a French-domiciled fund. The estimated cost to the French budget is estimated at about EUR4.2bn as of the end of 2011.
11/05/2012

Frankfurt lists its 970th ETF, from SPDR

On 10 May, the SPDR Citi Asia Local Government Bond ETF (IE00B7GBL799) from State Street Global Advisors (SSgA) became the 970th ETF to be listed on the XTF segment of the Xetra electronic trading platform (Deutsche Börse). The bond fund, which replicates the Citi Asian Government Bond Investable Index, charges fees of 0.50%.
11/05/2012

EDRAM registers Premiumsphere in Germany

The Premiumsphere fund (A share class: FR0010509877) from Edmond de Rothschild Asset Management (EDRAM), managed by Adeline Salat-Baroux and Valérie Guelfi of the international equity team, has been issued a sales license for Germany by BaFin. The fund, which focuses on major global premium brands, posted outperformance as of 29 February 2012 of 113% compared with the MSCI AC World index, EDRAM reports.
11/05/2012

Inflows pick up in first quarter at Amundi

Despite a persistently difficult market environment, the savings management professions in the asset management, insurance and private banking unit of Amundi have maintained their total assets under management of nearly EUR1.042trn as of the end of March 2012. This total is a slight decline of 1.9% year on year, but a 3.5% increase compared with the end of December 2011, as inflows have begun to pick up again in first quarter 2012, particularly at Amundi. Excluding assets counted twice, total assets in the unit totalled over EUR836bn as of 31 March 2012.In first quarter 2012, Amundi contiued to post good operational performance, and has also made a one-time capital gain of EUR60m from the sale of a minority stake in the United States. Not counting this one-time gain, net banking proceeds are down 4.4% year on eyar, penalised by a decline in assets in this period, but are up by nearly 7% compared with fourth quarter 2011, largely due to an increase in performance commissions.
11/05/2012

OFI AM to open to alternative multi-management and to Europe

The heads of OFI AM unveiled yesterday major plans for the short to mid-term, which will include additions to its range of asset managemnet products and development internationally and in France. In terms of investments, after pointing out the firm’s three-way approach, with a product range managed either internally, or via multi-management, or through partnerships, Gérard Bourret, CEO, has announced that his asset management firm would soon be offering its institutional clients a range of alternative multi-management products. “To that end, we will in the next few weeks announce a partnership with an English-speaking firm larger in size than ourselves,” Bourret confirmed. Bourret plans to provide a clearer product range for investors, with a segmented range that offers value products that also deliver returns, as well as European growth products and proximity management of investments in growth small and midcaps in France and the euro zone. Another desire expressed by management is to bring more regular and higher performance to these equity products. As the French market offers limited opportunities, the group is now planning to make itself heard elsewhere in Europe. “We are going to hire the services of a third-party marketer (TPM). The fund range will be selective, focused on niche products where the firm has excellence to foreground.” But that’s only a beginning, says Bourret. “In three years, we will be able to say that we have begun.” In terms of inflow objectives, Bourret says that in a closed and virtually saturated French market, OFI AM in 2012 had planned to earn total net inflows of EUR1.5bn to EUR2bn. As of the end of the month of March, assets at the OFI group totalled EUR50.6bn, up 7% compared with the end of last year (EUR47.23bn).
11/05/2012

Asset management at Axa posts net outflows of EUR5.4bn

In first quarter 2012, earnings from asset management at Axa (Axa IM and AllianceBernstein) have fallen 10% to EUR771m, largely due to a decline in management commission and commissions for institutional research activities at AllianceBernstein, and lower commissions on real estate transactions at AXA IM, a statement says. Assets under management are up by EUR18bn compared with 31 December 2011, and total EUR865bn. Net outflows total EUR5.4bn in first quarter. These outflows included -EUR2.7bn from AllianceBernstein, largely to institutional clients, partly offset by net inflows of EUR2bn for an advising mandate for AXA Japan, and -EUR2.7bn at AXA IM, largely due to the voluntary withdrawal of unprofitable employee shareholding plans (-EUR4bn), and net outflows at Axa Rosenberg (-EUR1bn), partially offset by a positive net inflow at AXA Fixed Income, Axa Private Equity and Axa Framlington. A market effect of +EUR37bn has also been shared by AllianceBernstein and AXA IM.
11/05/2012

Bad month in April for European ETPs

In April, European ETPs suffered net outflows of USD5bn, according to BlackRock, which reduced net subscriptions in the first four months of this year to USD2.2bn. Of this total, USD4.3bn in net outflows have been from ETFs investing in German equities.In April, the top three providers all suffered net redemptions, totalling USD4.3bn from iShares (BlackRock), USD1.3bn from db x-trackers (Deutsche bank), and USd0.7bn for Lyxor Asset Management (Société Générale). In January-April, iShares has posted net outflows of USD0.4bn, db x-trackers has posted net redemptions of USD0.8bn, and Lyxor has posted net redemptions of USD0.2bn. The heaviest net subscriptions in the first four months of the year were from Source (USD1.5bn) and UBS Global Asset Management (USD1.1bn).However, all the major asset management firms have posted increases in their assets since the beginning of the year, with the largest increases at iShsres (USD8.5bn), db x-trackers (USD3bn), UBS GAM (USD2.4bn) and Lyxor (USD2.2bn).As of the end of April, iShares remains the far-and-away leader by assets under management, with USD114.3bn, followed by db x-trackers (USD46.1bn) and Lyxor (USD40.3bn).
11/05/2012

New chairman of UBS plans to adjust executive bonuses

The new chairman of the board of directors at UBS, Axel Weber, is planning to respond to criticism by some shareholders of the group’s pay policies, by adjusting the bonuses paid to senior executives. At a conference held on Thursday in London, Weber announced that he has commenced talks with the goal of balancing management pay scales and the needs of shareholders in a manner that the latter would consider fair. “From day one, I initiated a broad process with shareholders and our employees.” The objective is to reach a model which would balance the interests of employees and shareholders. Last week, at the firm’s general shareholders’ meeting, many shareholders had lively criticism for the bonuses paid to heads of the firm, and no less than 40% of shareholders voted against a report on pay scales. Last year, 36% voted against it.
11/05/2012

FSB creates a working group dedicated to information on risks

The Financial Stability Board (FSB) on 10 May announced the creation of a working group dedicated to improving information from financial institutions about exposure to risk and risk management practices, known as the Enhanced Disclosure Task Force (EDTF). The co-chairmen of the working group are Hugo Bänziger, chief risk officer and member of the board of directors at Deutsche Bank, Russell Picot, group general manager and group chief accounting officer at HSBC Holdings, and Christian Stracke, managing director, member of the investment committee and global head of credit research group at Pimco. The working group also includes 25 heads and experts representing financial establishments, analysts, ratings agencies and external auditors. These 25 members also include Gérard Gil, senior adviser at BNP Paribas. The top objectives of the working group are to develop principles to improve published information, including the compatibility of this information, and to identify major information about risk presented in 2011 annual reports. The working group’s recommendations will be published in October 2012.
11/05/2012

Hong Kong: proposed stock market regulation alarms banks

The Hong Kong stock market regulatory authority yesterday unveiled proposed reforms which would significantly toughen sanctions against business banks which were underwritten for an initial public offering (IPO) by a firm which falsifies its accounts, Les Echos reports. By the proposed regulations, which have been submitted for consultation for a two-month period before being debated by Parliament, various actors supporting the IPO process for Hong Kong businesses may not only be subject to civil, but also to criminal charges. Individuals who recommend an IPO which turns oiut to be fraudulent may face up to three years in prison. This would bring local legislation into line with regulations in place in the United States, but would put the Hong Kong stock market ahead of its major rival, the Singapore stock exchange.
11/05/2012
Gestion d'actifs

Le fonds de pension de Total en Belgique a sélectionné un gérant sur les convertibles

Le fonds de pension de Total en Belgique a retenu Union Bancaire Privée (UBP) pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’est appuyé sur le consultant bfinance. A terme, le mandat pourrait compter jusqu'à 30 millions d’euros, en arbitrant au détriment des actions et certains segments obligataires. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.
Gestion d'actifs
11/05/2012

Statu quo sur les taux norvégiens

Les taux directeurs sont restés inchangés hier à 1,5% en Norvège, au vu des troubles de la zone euro, mais la banque centrale a indiqué qu’elle pourrait les relever au printemps 2013 afin d'éviter que les entreprises et les ménages ne s’endettent trop. La Norges Bank anticipe un taux de croissance de 3,25% cette année, hors secteur pétrolier.
11/05/2012

Le déficit commercial américain supérieur aux prévisions

Le déficit commercial des Etats-Unis s’est creusé plus que prévu en mars avec des importations qui ont atteint un niveau record, un autre signe laissant supposer que le gouvernement risque de devoir réviser en baisse sa prévision de croissance du premier trimestre. Le déficit a augmenté de 14,1% à 51,8 milliards de dollars. Les importations ont augmenté de 5,2% et les exportations de 2,9%.
11/05/2012

Guy Hands contribue de sa propre poche

Le quotidien assure que le patron de Terra Firma a versé quelque 20 millions de livres,un cinquième de sa fortune personnelle, à sa sociétéde private equity. Cela afin de garantir le versement de bonus confortables à certains salariés dont le dirigeant ne souhaite nullement se séparer. Les équipes d’investissement ont été réduites de 70% au cours des dernières années.
11/05/2012

Le Qatar vise Xstrata

Qatar Holdings, bras armé de Qatar Investment Authority, souhaite selon le quotidien s’emparer d’une participation de plus de 10% au capital du groupe minier. Le fonds visait précédemment une participation au sein de Glencore. De quoi selon le quotidien apporter un «soutien crucial» au projet de fusion des deux groupes.
11/05/2012

CIC ne peut ignorer l’Europe

Dans un entretien accordé au quotidien, le président du fonds souverain China Investment Corp, Gao Xiqing, assure qu’il «ne peut ignorer l’Europe». Le dirigeant assure pourtant qu’il souhaite voir CIC allouer davantage de ressources financières à destination des marchés émergents, aux dépens d’investissements en Europe ou aux Etats-Unis, des économies matures parfois moins accueillantes pour les fonds chinois.
11/05/2012

Foule de prétendants pour Birds Eye Iglo

Le quotidien croit savoir qu’au moins quatre offres ont été présentées à Permira hier soir, date limite dé réception, concernant le rachat de l’activité de surgelés Birds Eye Iglo, propriété de la société de private equity depuis cinq ans à la suite de son acquisition auprès d’Unilever. La valorisation de la cible, dont le chiffre d’affaires a dépassé 1,1 milliard d’euros l’an passé, pourrait selon le quotidien approcher 3 milliards (précisément de 2,6 à 2,9 milliards, dont une dette nette de 1,4 milliard). Sont en lice Blackstone, Bain Capital, BC Partners et Clayton Dubilier & Rice, dont l’associé pour l’occasion, Vindi Banga, est un ancien cadre d’Unilever.
10/05/2012

Léger recul des inscriptions au chômage américain

Les inscriptions hebdomadaires au chômage ont légèrement diminué aux Etats-Unis lors de la semaine au 5 mai, à 367.000 contre 368.000 (révisé) la semaine précédente, a annoncé jeudi le département du Travail. Les inscriptions de la semaine au 28 avril ont été révisées en hausse par rapport à une estimation initiale de 365.000.
10/05/2012

OFI veut s'européaniser

Le groupe OFI, qui vise une collecte nette de 1,5 à 2 milliards d’euros cette année, a annoncé jeudi envisager un développement à moyen terme en Europe de son activité et souhaite «redorer» la gestion actions de sa filiale OFI Asset Management, jugée décevante en 2011. La société de gestion d’actifs financiers, détenue par la Macif et la Matmut, a enregistré une collecte de 1,7 milliard d’euros au premier trimestre, après 1,2 milliard en 2011, dont environ la moitié sur des placements monétaires. Les encours du groupe OFI ont atteint 50,6 milliards d’euros à fin mars (+7% par rapport à fin 2011).

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