The European Securities and Markets Authority (ESMA) has issued a statement to support the smooth implementation of Legal Entity Identifiers (LEI) requirements under the Markets in Financial Instruments Regulation (MiFIR). MiFIR obliges EU investment firms to identify their clients that are legal persons with LEIs for the purpose of MiFID II transaction reporting. Trading venues equally are obliged to identify each issuer of a financial instrument traded on their systems with an LEI code when making daily data submission to the Financial Instruments Reference data System (FIRDS).In the last weeks, ESMA and national competent authorities (NCAs) learnt that not all investment firms will succeed in obtaining LEI codes from all their clients ahead of the entry-into-force of MiFIR on 3 January 2018. The same may be the case for trading venues’ non-EU issuers whose financial instruments are traded on European trading venues.In that context, and to support the smooth introduction of the LEI requirements, ESMA will allow for a temporary period of six months that: - investment firms may provide a service triggering the obligation to submit a transaction report to the client, from which it did not previously obtain an LEI code, under the condition that before providing such service the investment firm obtains the necessary documentation from this client to apply for an LEI code on his behalf; and - trading venues report their own LEI codes instead of LEI codes of non-EU issuers currently not having their own LEI codes.This approach is shared by ESMA and NCAs. More details are available in ESMA’s LEI statement.

p { margin-bottom: 0.1in; line-height: 120%; } Axa Investment Managers – Real Assets (Axa IM – Real Assets) on 20 December announced that it had completed its acquisition of a Spanish residential portfolio with 850 housing units from Goldman Sachs and B Capital, for about EUR170m. The operation has been carried out on behalf of clients, the asset management firm states. The portfolio, with 65,000 square metres, includes 28 residential properties located mainly in central Madrid and Barcelona. 14 of these properties have been constructed since 2005, while the majority of the other properties have been renovated since 2002.

p { margin-bottom: 0.1in; line-height: 120%; } AEW is putting all of the Signature building on sale, on behalf of the Fonds Europe Value Investors, via the technology company Tradelab, the leading player in public sales in Europe and Latin America. The Signature building, located in the business sector of the ninth district in Paris, has 2,900 square metres in area. The property has undergone a complete restructuring, and delivery is scheduled for 2018. This will facilitate the growth of its tenant.

The German Investment Funds Association, BVI, is warning against differing information being given to investors under the Markets in Financial Instruments Directive (MiFID) II and the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation coming into force in 2018. ‘From New Year investment fund unit buyers will face a patchwork of contradictory information in 2018’, says Thomas Richter, Chief Executive Officer of BVI. ‘Depending on the distribution channel, they will then receive up to four different documents for one and the same investment fund, with inconsistent content in key points. This will confuse consumers rather than making things clearer.’ BVI had already pointed out this problem to the regulators on several occasions in the past. For this reason, BVI is advocating a targeted revision of the rules issued by the EU Commission and the European supervisory authorities (ESAs). Thomas Richter commented: ‘Although MiFID and PRIIPs began as worthwhile consumer protection projects in 2012, they then developed into administrative monsters over the course of time. EU legislators have lost their sense of proportion and purpose, so they should correct the excesses quickly. In the case of PRIIPs, this could already be done during the upcoming review at the end of 2018.’ Currently investment companies and advisers provide retail investors with the UCITS KIID (Undertakings for Collective Investments in Transferable Securities’ Key Investor Information Document). It includes clear and comparable information about costs, performance and the risks of the particular investment fund. In the case of the Riester model (‘Riester investment funds’), investors additionally receive a product information sheet as required by law. Starting in January, a further addition will be the new information required under MiFID II, and in the case of investment fund policies, a PRIIPs KID with information on the individual funds. A comparison of these documents often leads to absurd results, e.g. in the costs: when fund units are bought, MiFID II and PRIIPs stipulate that the product costs shall be disclosed in euro and cent. Although the cost components are defined uniformly under MiFID II and PRIIPs, they are calculated differently, with the result that investors receive different information depending on the document. But that is not all: the costs under MiFID II and PRIIPs are in turn not identical with those in the Key Investor Information, and they differ again from the data in the Riester product information sheet. Accordingly, it is the distribution channel which determines the cost information that investors will ultimately receive concerning one and the same fund; i.e., depending on whether the investor buys it directly from the product provider, from the bank by way of securities distribution, or as fund-linked insurance. Investment fund investors should not be disconcerted by the flood of information and should seek the necessary clarification from their financial adviser, conclude the press release.

p { margin-bottom: 0.1in; line-height: 120%; } A growing number of institutional investors are preferring exposure to alternative assets, with the objective of diversifying their portfolios, according to the results of the annual RiskMonitor survey by Allianz Global Investors. They are reacting to a current environment marked by weak returns, geopolitical fears and increased investment risk. Worldwide, seven out of 10 investors surveyed said they are investing in alternative assets, with slightly lower exposure in the EMEA region (65%). Use of alternative investments is not identical from one region to the next: Australia (87%) and the United States (81%) have the most widespread use, while Italy (56%), Japan and the Netherlands are slightly below the global average. Over 60% (61%) of investors surveyed say they make use of alternative assets due to their diversificationn-related advantages: 31% specifically mention diversification, 19% the low correlation of these assets with other strategies, and 11% the way that these assets help to reduce the overall volatility of portfolios. The higher performance of portfolios of these asset classes than traditional bonds or equities are cited by only 17% of respondents. However, the findings fo the survey do find a difference between the general level of comprehension of alternative investments by institutional investors (66%), and their ability to effectively measure risks related to these assets (53%). Among European investors, this gap is smaller (64% compared with 59%). Institutional investors have also provided a thumbnail view of their expectations for the next 12 months for allocation to the following alternative strategies: infrastructure equity (47%), private equity (47%) and private debt (46%), which are the three most liquid asset classes, are preferred overall. Insurance companies are also planning to increase their allocations to infrastructure equity (49%), private equity (49%), and private debt (48%). Retirement funds also say they are preparing to increase their exposures: 52% for infrastructure equity, 48% for private equity, and 46% for private debt. Sovereign funds, for their part, stand out for their preference for real estate sector debt (67%).

p { margin-bottom: 0.1in; line-height: 120%; } Allianz Suisse has announced the appointment of Roger Faust as chief investment officer (CIO). Faust, who will manage an investment volume of about CHF25m, had previously been head of investment strategy at Allianz Suisse. He recently participated in the development of the Elvia eInvest fully digital investment solution based on ETF. He had been working at Allianz Suisse since 2011. Faust succeeds Gregor Huber, who has been transferred to other functions at the group.

On December 15 2017 The European Council confirmed that sufficient progress had been made to move to the second phase of negotiations related to transition (the ‘implementation period’) and the framework for the future relationship between the UK and the European Union. The FCA welcomes the progress that has been made and is supportive of open markets and free trade in financial services underpinned by strong regulatory standards.The final nature of any implementation period is yet to be agreed but it is anticipated to mean that firms will be able to continue to benefit from passporting between the UK and EEA after the point of exit and during the implementation period. The FCA welcomes the intention to provide for an implementation period to ensure a smooth and orderly exit of the UK from the EU. The FCA will monitor the negotiations and provide further information to firms as appropriate.HM Treasury has also announced that, if necessary, the Government will legislate for a temporary permissions regime. This regime will enable relevant firms and funds to undertake new business within the scope of their permission, enable them to continue performing their contractual rights and obligations, manage existing business and mitigate risks associated with a sudden loss of permission. For firms and funds that are solely regulated in the UK by the FCA they would need to notify the FCA before exit day of their desire to benefit from the regime but this notification for temporary permission will not require the submission of an application for authorisation. We will set out further details of our approach in the New Year.To support this and to provide consistent and effective supervision, the FCA will continue to cooperate closely with the home state regulators of EEA firms and the European Supervisory Authorities.Firms based in the UK servicing clients in the EEA should continue to prepare for a range of scenarios and should discuss these arrangements and the implications of an implementation period with the relevant EU regulator. The FCA will keep these expectations under review as negotiations on an implementation period progress and communicate to firms accordingly.HM Treasury has also announced today that it will provide the FCA with functions and powers in relation to UK and non-UK credit rating agencies and trade repositories. The FCA will work closely with the Government and with UK credit rating agencies and trade repositories with the aim of ensuring a smooth transition to the new UK regime. The UK remains a Member State of the EU and therefore all rights and obligations derived from EU law continue to apply. Firms must abide by their obligations and continue with implementation plans for legislation that is still to come into effect.

C’est arrivé lundi 18 décembre. Pour la première fois, l’action Berkshire Hathaway (class A) a franchi le cap des 300.000 dollars, en hausse de 23 % sur l’année. Les mauvais esprits trouveront à redire car le conglomérat de Warren Buffett (photo) vient d’enregistrer deux mauvaises années avec un profit opérationnel en stagnation en 2016 (+1 %) et en baisse sur les neuf premiers mois de 2017 (-16 %). Des jaloux, vous diront les fans de Warren qui n’ont cure de l’âge du capitaine et des investissements vintage.

La parole à... Jean-Michel Pasquier, fondateur de Koeo

Philanthropie et finance

Philanthropie et finance

Nick Levine, analyste chez Winton Group

Le dernier rapport ISR dressé par l’Autorité des marchés fait état d’une meilleure communication des gestionnaires. Mais l’obtention de labels est vivement encouragée.

L’analyse de... Natacha Valla, directeur ajoint du Cepii (Centre d’études prospectives et d’informations internationales)

Pierre. 24,7 milliards de dollars, c’est la mise au pot (soit 21 milliards d’euros) d’Unibail Rodamco pour racheter son concurrent australien Westfield, dette incluse. La foncière franco-néerlandaise spécialisée dans les centres commerciaux, en doublant de taille, illustre le phénomène de concentration du secteur acculé par la concurrence des géants de l’e-commerce et, par là-même, signe la plus importante transaction en Australie. Le nouvel ensemble détiendra un patrimoine immobilier de 61,1 milliards d’euros réparti dans 27 grandes villes dans le monde. Le potentiel de synergies liées au rapprochement des deux groupes est chiffré à 100 millions d’euros. Le groupe franco-néerlandais indique avoir identifié environ 3 milliards d’euros d’actifs à céder dans les prochaines années.

C’est une étude menée conjointement par l’Association des Centraliens et le Medef qui le dit, le principal frein à l’innovation dans les entreprises est le management : « Pour 76 % des entrepreneurs et des ingénieurs, le management freine l’innovation ». Suivent le manque de lien entre la recherche et le marché, puis la culture (peur de l’échec, conservatisme). Comme quoi, pour faire des choses nouvelles, il faut adopter des méthodes nouvelles.

Incroyable mais vrai. Au cours des 26 dernières années, le consensus des stratégistes en matière de rendements souverains a prédit 24 fois une hausse et une baisse à deux reprises. Pour Jenna Barnard, stratégiste fixed income chez Janus Henderson, ce constat illustre à merveille l’échec de la pensée consensuelle sur les marchés obligataires, 2017 compris. Au fait, pourquoi cela devrait-il changer en 2018 ?

Gérants. Après Ofi AM, Nordea ou Generali Investments qui se sont déclarés récemment, Amundi a fini par le confirmer : dans le cadre de MIF 2 qui impose la séparation entre financement de la recherche et de l’exécution, la société prendra à sa charge les coûts de recherche externe. Le premier gérant d’actifs en Europe a beaucoup attendu pour prendre position face à une réglementation qui s’appliquera dès 2018. D’autant qu’Amundi dispose d’une recherche interne, qui représente environ les deux tiers des coûts totaux de recherche s’élevant eux-mêmes à un point de base rapporté aux encours actions et multi-actifs concernés.

« Trois relèvements de taux en 2018 et deux ou trois en 2019, cela semble une estimation raisonnable »

Soutenue par la demande intérieure, le PIB ne devrait plus subir la contribution négative des exportations en 2018.

L'UE répète que Londres sera soumis à tout l'acquis communautaire. Et commence à montrer les muscles sur les équivalences financières.

La justice européenne considère que la prestation fournie par Uber ne dépend pas des services numériques, mais relève des transports urbains.

Chaque jeudi, L’Agefi livre ses indicateurs clés de crédit pour suivre l'évolution des marchés. Cette semaine : le marché monétaire.

Dans le cadre de ses statistiques mensuelles, l'AFG présente la répartition des encours par catégorie AMF et leurs évolutions sur un mois et depuis le début de l’année, la répartition des encours en distinguant OPCVM et FIA ainsi que les souscriptions nettes par catégorie d’OPC sur un mois et depuis le début de l’année.

Stanislas Guerini, député La République En Marche de Paris, et Agnès Touraine, présidente de l'Institut des administrateurs, doivent remettre leurs propositions au Ministre de l'Economie, Bruno Le Maire, ce jeudi.

Formations certifiantes, création de modules pédagogiques, et travail spécifique sur la lutte anti-blanchissement et financement du terrorisme, Pierre Bismuth, directeur général et responsable des gestions chez Myria AM, partage sa démarche en matière de développement et de transmission des compétences dans le cadre de sa participation à la 4ème édition du prix des Coupoles.

Les professionnels des hedge funds s’attendent à voir leurs bonus de fin d’année grimper de 39 % en cette fin 2017, rapporte Bloomberg, citant un sondage d’Odyssey Search Partners réalisé auprès de 500 investisseurs buy-side. Les répondants indiquent en moyenne qu’ils espèrent voir leurs bonus croître de 405.000 dollars en 2016 à 562.000 dollars. Les responsables de secteurs, les associés et les gérants s’attendent même à une hausse de 79 % à 1,38 million de dollars. Mais alors que les actifs n’ont pas vraiment augmenté et que les frais continuent à être sous pression, les attentes en matière de bonus paraissent irréalistes, selon Anthony Keizner, associé chez Odyssey.

La société de capital investissement suédoise EQT a annoncé mardi la clôture de son fonds EQT Credit Opportunities III avec des engagements de 1,3 milliard d’euros, soit ben plus que l’objectif initial et que le montant du fonds précédent, indique un communiqué.Parmi les investisseurs figurent des fonds de pension, des compagnies d’assurances, des fonds de dotation, des fondations et des family offices d’Europe, d’Asie, d’Amérique du Nord et d’Amérique du Sud. Le fonds se focalise sur des opportunités d’investissement dans des situations complexes sur le marché secondaire et en fournissant des solutions capitalistiques créatives aux entreprises qui ne peuvent accéder aux marchés de capitaux.

Franklin Templeton a décidé d’intégrer l'équipe de la société de gestion dédiée aux actions européennes dans le réseau de ses activités sur les actions internationales. Dans le cadre de cette nouvelle organisation, Dylan Ball prend la responsabilité de l’ensemble des stratégies sur les actions européennes, rapporte Citywire Selector. Courant novembre, les différentes offres sur les actions européennes ont été regroupées dans une nouvelle division, Templeton Global Equity Group, ce qui permet d'éliminer les redondances dans les mandats et de produire des synergies en termes de ressources.Dans ses nouvelles fonctions, Dylan Ball, qui est déjà gérant sur plusieurs fonds d’actions internationales, devient gérant principal des fonds Franklin European Growth, Franklin European Opportunities et Franklin European Dividend. Uwe Zoellner et Tim Burkhardt, qui travaillaient tous deux sur le fonds European Dividend, devraient quitter la société.