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10/06/2014

La règlementation coûte cher aux asset managers européens

Managing partner de Casey Quirk, société de conseil américaine spécialisée dans la gestion d'actifs, Yariv Itah dispose d'une vision globale du marché très concurrentiel de l'asset management. A l'occasion d'une conférence organisée à Paris par BNY Mellon, le consultant analyse pour Newsmanagers les spécificités des différents acteurs locaux, en insistant notamment sur la difficulté des asset managers européens, confrontés à une forte pression réglementaire, à prendre part à la course aux parts de marché de la gestion d'actifs mondiale...
10/06/2014

AMF issues warning over Bridgeward Limited

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The french Financial Market Authority (AMF) has released a statement to draw the attention of the public to the activities of the Bridgeward Limited company. The regulator points out that the firm “is not authorised to offer investment services on French territory.” The firm, based at 29th Floor, One Canada Square, Canary Wharf, London E14 5DY (website www.bridgeward.com), contacts French investors to offer them subscriptions to investment funds, including ETFs. According to the AMF, «Bridgeward is associated with the “ETF Angels Association,” which “appears to manage fund offered to the French public and to recruit new members using a pyramid scheme,” the French regulator warns. The AMF concludes that the two firms are not authorised to offer invetsment services on French territory; nor are they permitted to conduct banking or financial activities, or to finance or to receive funds in France.
10/06/2014

FATCA law to come into force on 30 June

p { margin-bottom: 0.1in; line-height: 120%; } The Swiss Federal council on 6 June announced that the Foreign Account tax Compliance Act (FATCA), passed by the Parliament in Swptember 2013, will come into effect form 30 June 2014. The law will facilitate the application by Swiss financial establishments of FATCA laws to individuals subject to US tax laws (US persons). The FATCA law will be implemented internationally on 1 July 2014. The FACTA agreement, signed between Switzerland and the United States, and approved by the Federal chambers in September 2013, came into effect on 2 June 2014, following an exchange of notes, a statement from the Federal council states. It facilitates the implementation of the FATCA law, which applies to all US persons, by Swiss financial establishments. Switzerland will apply the second implementation model for the FATCA law, by which Swiss financial establishments will disclose banking information to US tax authorities for US clients with their agreement. In the case of clients who are unwilling to cooperate, the United States will be required to seek banking information by the ordinary administrative channels. On 21 May 2014, the Federal council approved a draft agreement under negotiation with the United States concerning a change to the first FATCA implementation model. This model includes automatic exchange of information. “The date of an agreement on this subject currently remains uncertain,” the statement says.
10/06/2014

ING to list NN Group in Amsterdam

p { margin-bottom: 0.1in; line-height: 120%; } ING has confirmed plans to become a simple bank and to list its affiliate NN Group N.V, a group which includes insuance and asset management activities serving European and Japanese clients, on Euronext Amsterdam. The IPO will include ordinary shares in NN Group, which is currently 100% controlled bu ING. IG states and NN Group includes the main units Nationale-Nederlanden, ING Insurance Europe, ING Investment Management and ING Life Japan. NN Group will pay a dividend of USD175m, payable in 2015, on profits earned in the second half of 2014. ING plans to sell more than half of its stake in NN Group by the end of 2015.
10/06/2014

GAM acquires a boutique specialised in MBS

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The Swiss asset management firm GAM on 5 June announced that it is acquiring the US boutique Singleterry Mansley Asset Management, specialised in MBS, in order to reinforce its absolute return bond strategy. The transaction, previously reported by the Wall Street Journal (Newsmanagers of 5 June), will allow GAM to reinforce its team of specialists in unconstratined bond strategies, which now has 21 members. Assets under management at Singleterry Mansley AM, which total nearly USD400m, will come in addition to assets at GAM, which currently total about USD17bn. GAM, which hopes to complete the acquisition of Singleterry during the month of June, also plans to launch a new UCITS format fund in third quarter, which will be based on a strategy managed by Singleterry for more than twelve years, a statement says.
10/06/2014

KKR invests in pigs in China

p { margin-bottom: 0.1in; line-height: 120%; } COFCO, a Chinese agribusiness, has announced in a statement published on its website on 6 June that a consortium of investors led by KKR and including Baring Private Equity Asia, among others, will invest USD270m in its meat division, COFCO Meat. COFCO Meat, the leader on the pork market in China, is specialised in the production and distribution of “safe” meat to Chiense consumers. The consortium of investors is investing in COFCO Meat with existing local shareholders, to construct and manage industrialised pork farms and meat processing factories in China, the statement says. According to the US Department of Agriculture and the China Animal Industry Yearbook, China accouns for more than 50% of global consumption of pork meat, while large-scale famrs whose annual production exceeds 50,000 pigs represent less than 1% of total Chinese pork production.
10/06/2014

Swisscanto launches a high yield strategy

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Swisscanto on 6 June announced the launch of the Swisscanto (LU) Bond Invest Secured High Yield fund, which will be open for subscriptions from 13 to 27 June 2014 (at 12:00), in a variety of share classes hedged against currency risks in Swiss francs, euros and US dollars, for private investors (classes A and B) and institutional investors (P class). The Swisscanto (LU) Bond Invest Secured High Yield fund is presented as a first in Europe. It invests in bonds worldwide which are guaranteed by corporate assets such as machinery, licenses or stocks of merchandise. In case of bankruptcy, these guarantees will serve as a means to settle investor debt. For reasons of safety, the fund excludes all bonds rated CCC, which considerably reduces the risk of default for the portfolio compared with traditional high yield portfolios. Siwsscanto points out that toughening regulations imposed on banks concerning the issuance of credit has made bank lending less accessibl to many companies with lower levels of liquidity, and that these firms are turning to other sources of financing. They are issuing guaranteed bonds which are attractive conditions for investors, particularly in the current low interest rate environment. As new issuers, these firms ofen have to pay a premium to issue bonds, or higher interest. Here, the markets are only at the beginning of the cycle, as banks will increasingly reduce their credits to businesses in order to minimize risk levels on their balance sheets. As a result, guaranteed high yield bond issues are expected to continue to grow. The management commission is set at 1.20% for private clients, and 0.52% for institutional clients.
10/06/2014

EdRAM (Luxembourg) granted AIFM license

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The investment fund management firm Edmond de Rothschild Asset Management (Luxembourg) was granted an Alternative Investment Fund Manager (AIFM) license on 30 May 2014, in addition to its license as a UCITS asset management firm, the firm announced on Friday, 6 June. The license allows the Edmond de Rothschild group to add to its global range of services to Luxembourg investment funds. 11 alternative investment funds, representing EUR7.6bn, have announced plans to appoint Edmond de Rothschild Asset Management (Luxembourg) as their future AIFM management firm. Edmond de Rothschild Asset Management (Luxembourg) currently undertakes the following activities: - asset management of 10 UCITS investment funds (EUR3.2bn) - financial management of 16 investment funds (EUR3.3bn) - risk management for 18 specialised investment funds (SIF) (EUR2.4bn).
10/06/2014

Korean sovereign fund appoints a head of research

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The Korean sovereign fund, Korea Investment Corporation (KIC), which has USD72bn in assets under management, has appointed Lee Jeong to the position of director of its affiliated research centre, Asia Asset Management reports. Lee already has long experience as an analyst in the securities industry: she began her career in the 1980s at WI Carr Securities, and then joined HSBC Securities Korea in the late 1980s, where she became head of research and head of the local affiliate. In this role, she was the first woman in Korea to serve in such a position at a foreign securities brokerage firm.
10/06/2014

China looks to scale up shadow banking surveillance

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } China is scaling up its surveillance of shadow banking, the banking sector regulatory commission announced on 6 June, the news agency Reuters reports. The decision comes as part of a government initiative to control off-book activities at financial establishments.In China, “shadow banking” refers to off-book bank lending and any credit issued by a non-banking entity, down to moneylenders. The Chinese government is seeking to slow the rapid development since 2010 of riskier forms of non-banking credit, out of fears in particular that they are being used to recycle junk debt, and that they are leading to a gigantic bubble in real estate. Shadow banking may represent as much as CNY27trn (EUR3.2trn), or nearly 20% of the Chinese banking sector, accoridng to a recent report by the Chinese academy of social sciences. The International Monetary Fund (IMF) in April stated that restricting shadow banking in China was essential to initiatives taken worldwide to prevent a prolonged global recession.
10/06/2014

Convictions AM recrute son directeur général chez Next AM

La société de gestion Convictions AM a annoncé mardi le recrutement de Nicolas Duban en qualité de directeur général. Le nouvel arrivant prend à cette occasion «une participation significative au capital du groupe aux côtés de Philippe Delienne», qui continue à assurer la présidence de la société ainsi que la direction de la gestion d’actifs. Nicolas Duban sera plus particulièrement en charge de la stratégie de développement de Convictions AM. Le nouveau DG a participé en 2000 à la création de La Française et présidait depuis 2011 son pôle d’indubation, Next AM, actionnaire à hauteur de 30% de Convictions AM.
10/06/2014

Les pays émergents continuent de ralentir

Le ralentissement de l’activité dans les grands pays émergents se poursuit, selon les indicateurs composites avancés de l’OCDE. Ils signalent une croissance inférieure à la tendance de long terme pour la Chine, le Brésil et la Russie. L’indicateur pour la Chine est ainsi stable à 98,6, le seuil de 100 correspondant à la tendance de long terme de l’activité économique. Ceux du Brésil et de la Russie reculent de 0,1 point à 98,5 et 99,2 respectivement, des niveaux qui signalent une croissance inférieure à la tendance de long terme. L’indicateur pour l’Inde, stable à 97,9, signale en revanche une tentative de retournement positif. L’indicateur global pour la zone OCDE est stable à 100,6. Celui des seuls pays du G7 reste stable aussi à 100,6, tandis que celui de la zone euro, inchangé à 101,1, signale une inflexion positive de celle-ci. L’indicateur pour la France reste inchangé à 100,3, signalant une dynamique de croissance stable, tout comme celui de l’Allemagne, qui baisse de 0,1 point à 100,6. Les Etats-Unis, stables à 100,5, sont sur une dynamique de croissance stable.
Photo : Fotolia
10/06/2014

Oaktree reprend le fonds Highstar

Oaktree Capital Group a acquis Highstar Capital afin d’augmenter ses investissements dans les infrastructures, notamment relatives au gaz de schiste, un secteur dans lequel Highstar est présent depuis plus de 10 ans. Selon Bloomberg, la transaction devrait être finalisée au troisième trimestre. Oaktree assumera la gestion des 2,3 milliards de dollars du fonds Highstar IV.
10/06/2014

Bruxelles fait la chasse au dumping fiscal

La Commission européenne pourrait selon Bloomberg décider dès demain de lancer une enquête formelle à l’encontre de l’Irlande, des Pays-Bas ou du Luxembourg, des membres de l’Union accusés de pratiquer des ristournes fiscales afin d’attirer les sociétés internationales. Bruxelles a indiqué en septembre dernier partir en recherche d’éléments préliminaires d’information sur le sujet.
10/06/2014

L’AMF met en garde contre un distributeur d'ETF

L’Autorité des marchés financiers a tenu à mettre en garde le public à l’encontre de la société britannique Bridgeward, rappelant qu’elle n’était «pas autorisée à fournir des services d’investissement sur le territoire français». L’AMF souligne que la société démarche des investisseurs pour s’engagerdans des fonds indiciels cotés (ETF). Le gendarme des marchés avance que Bridgeward «serait liée à l’ETF Angels Association, laquelle semble gérer des fonds proposés au public français et recruter de nouveaux adhérents selon un mécanisme pyramidal».
10/06/2014

L’emploi américain retrouve son rythme de croisière

Le nombre de créations de postes aux Etats-Unis est resté soutenu en mai, permettant au marché du travail de retrouver son niveau d’avant la récession et confirmant le retour à un rythme de croissance normal après le passage à vide de l’hiver. L’économie a créé 217.000 emplois le mois dernier selon le département du Travail, un niveau conforme aux attentes. L'économie américaine a désormais récupéré les 8,7 millions d’emplois perdus pendant la récession, souligne le département du Travail. Le taux de chômage est quant à lui resté stable à 6,3%.
10/06/2014

Le distributeur Chico’s FAS se présente aux investisseurs

Le distributeur américain a eu ces dernières semaines des échanges préliminaires avec plusieurs sociétés de private equity, selon le quotidien qui cite des sources proches. La valorisation évoquée reste incertaine, une source indiquant tout de même que Chico’s FAS pourrait prétendre à une prime voisine de 30% par rapport à sa capitalisation boursière de 2,4 milliards de dollars.
10/06/2014

Virtu sous l’œil de l’AMF

L’Autorité des marchés financiers aurait récemment notifié des griefs au spécialiste américain du trading à haute fréquence, dont l’introduction en Bourse de New York vient d’être reportée. Virtu devrait selon le quotidien être entendu par la commission des sanctions de l’AMF pour des opérations effectuées en 2009 par une des filiales de Madison Tyler Holdings, société que Virtu a depuis rachetée. D’autres enquêtes sont en cours.
10/06/2014

Bridgepoint lorgne Moneycorp

La société de private equity est selon la chaîne d’informations en négociations avancées avec l’actionnaire de contrôle du spécialiste du change pour les particuliers. L’offre de Bridgepoint valoriserait Moneycorp entre 200 et 240 millions de livres. Le prétendant est à la lutte sur le dossier avec Corsair Capital et JC Flowers.

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