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20/12/2013

Neil Woodford joins Oakley Capital

Star manager Neil Woodford, whose departure from Invesco Perpetual made a big splash, is joining the British asset management firm Oakley Capital, the British press reports. He is expected to create his own traditional fund management activity at this little-known structure, which is largely specialised in private equity and corporate finance. Woodford worked for 25 years at Invesco Perpetual, where he managed GBP30bn in assets. Since his departure was announced in Ocotber, about GBP2bn have been withdrawn from his two star funds, Invesco Perpetual High Income and Invesco Perpetual Income.
20/12/2013

Aviva invests GBP500m in UK infrastructure

Aviva is diversifying its asset allocation. The British insurer has announced an investment of GBP500m in infrastructure projects in the United Kingdom. This financing represents the first round of a larger engagement in the entire insurance industry. Six British insurers have announced plans to invest a total of GBP25bn in British infrastructure in the next five years.These GBP500m are expected to allow financing for projects in the transport, hospital and school sectors. Aviva is not starting out in the field, having made GBP5bn in investments in infrastructure already.
20/12/2013

Montagu Private Equity takes over some UBS investment services

Montagu Private Equity, a private equity firm, has announced that it has signed an agreement with UBS to acquire its Corporate Employee Financial Services International (CEFS) operation. The department in question is part of UBS Wealth Management, and administers and manages employee shareholder plans for nearly 100 client businesses in Europe and Asia. Via its client base, CEFS administers plans for more than 780,000 people. The sale is expected to be finalised in 2014, pending regulatory approval. The terms of the contract have not been disclosed.
20/12/2013

Andreas Feller takes over as head of ICS unit at Julius Baer

Andreas Feller, head of investment consulting Switzerland since April, has been promoted to global head of investment consulting & services at Julius Baer, where he began in January 2010.He takes over as head of the new investment consulting & services (ICS) unit, which was created to provide information on products and investment opportunities to “self-directed” clients who would like to decide by themselves how to manage their portfolio.Meanwhile, ICS will aim to unify the provision of services at the group, while previously Julius Baer had three units for this operation, one in Switzerland, one in Asia, and one for the United Kingdom.
20/12/2013

Italian AM association writes to minister of the economy

The chairman of Assogestioni, the Italian association of asset management professionals, Giordano Lombardo, has written to the Italian minister of the Economy and Finance, Fabrizio Saccomanni, to share concerns with him concerning the asset management industry with respect to recent government and parliament initiatives in the area of taxation, which may penalise Italian savers. Lombardo points the finger in particular at proposals to modify a law on the financial transactions tax, “which affects savers who have invesed in Italian-registered funds, and runs the risk of seriously endangering the Italian investment fund sector.”
20/12/2013

BlueCrest had a difficult year in 2013

The hedge fund firm BlueCrest Capital Management, which had stood out favourably in the period following the crisis, has had a difficult year in 2013, the Wall Street Journal relates. The quantitative fund BlueTrend, led by Leda Braga, one of the highest-paid women in the hedge fund sector, has lost about 10% since the beginning of the year. The BlueCrest Capital International, managed by Michael Pratt, one of the founders of the firm, is flat for the year. Instead of withdrawing, BlueCrest borrowed money to buy back the stake in the firm held by its rival Man Group and to recruit to cover new areas such as equities. In New York the firm is moving into larger offices. But some investors are beginning to lose patience, and the inflows of new capital are slowing.
20/12/2013

Invesco Real Estate acquires building from Crédit Foncier

Invesco Real Estate is continuing its shopping spree in French real estate. The Invesco affiliate has acquired an office property with 4,900 square metres, located in the 4th district of Paris in the boulevard des Capuchines, at the heart of Paris, from Crédit Foncier, for one of its funds. The sale price has not been disclosed. In the past 12 months, Invesco Real has invesed nearly EUR850m in Europe, including more than EUR115m in the French makret alone. As of the end of September, real estate assets under management worldwide, directly or via REIT publicly-traded securities funds, total EUR40bn, of which EUR5bn are in Europe.
20/12/2013

AMG acquires majority stake in SouthernSun AM

For an undisclosed amount, Affiliated Managers Group (AMG, USD513bn as of 30 September) has acquired a majority stake in SouthernSun Asset Management (USD5bn), a boutique specialised in US small and midcap strategies.AMG on 19 December announced that it is acquiring the stakes from external shareholders in SouthernSun, while partners in the firm will retain “a substantial stake in the capital” and will continue to direct the day to day business after the transaction is completed.Senior professionals at SouthernStar have agreed to remain for the long term at the business and funds from SouthernStar will be added to the AMG mutual fund platform.
20/12/2013

Altegris hires new CIO

The alternative investment specialist Altegris has appointed Jack L. Rivkin as chief investment officer.Rivkin will head up the division dedicated to research and investment, and will join the investment committee at Altegris. He will also be responsible for the selection of managers and monitoring of allocation and research for Altegris products.Before joining Altegris, Rivkin had been executive adviser fro Aquiline Capital Partners, which partly controls the Altegris group. Rivkin has also worked at Neuberger Berman, Citigroup Investments and PaineWebber.Assets under management at Altegris total USD2.68bn as of the end of September 2013.
20/12/2013

SSgA hires new head of institutionals in Italy

State Street Global Advisors (SSgA) has awarded the position of head of the institutional activity in Italy to Antonio Iaquinta. He will work in Milan and will report to the managing director, Danilo Verdacanna. Iaquinta, who joined SSgA in 2008, previously worked at Barclays Global Investors.
20/12/2013

Telefónica changes head of its asset management firm

It is not yet official, but very soon Teresa Casla Uriarte will replace Fermin Alvarez as CEO of Fonditel, the asset management firm 70% controlled by Telefónica, Expansión reports. She is currently project director in the finance and business development department at the telephone operator.Alvarez had been in the position since 2010; he has improved the situation and brought returns back into positive territory.Fonditel is the eighth-largest asset management firm for retirement savings plans in Spain, with assets of EUR3.639bn, 34,300 members and 14,025 beneficiaries. The UGT and CCOO unions each own 15% of shares in Fonditel.
20/12/2013

M&G makes accounting error with a fund

Due to an accounting error by M&G, tens of millions of investors will lose 13% of their payments this month, the Telegraph has learned. The asset management firm has sent a letter to 32,000 investors, informing them of the problem, which affects the High Yield Corporate Bond fund. The letter, sent to clients and read by the Telegraph, explains: “I regret to inform you that there has been an accounting error with the M&G High Yield Corporate Bond Fund. A tax which should have been deducted from distributions in August and November have been deducted from that of December.”
20/12/2013

BlackRock raises stake in Telecom Italia to 10%

After announcing to the Securities and Exchange Commission on 9 Deemebr that it had acquired a 10.14% stake in Telecom Italia, and then on 16 December having corrected the figure to 9.97%, BlackRock has made further acquisitions, by dint of which it has passed 10%, for a total of 10.12% (according to the measurements of the SEC and not the Italian regulator Consob), Il Sole – 24 Ore reports. The asset management firm on Wednesday stated that it was not bound to disclose the possession to the SEC on 16 December, and that it will be bound to indicate any stakes that may exceed 10%, if confirmed, by the end of the year.
20/12/2013

Greece courts hedge funds

The Greek privatisation fund, Hellenic Republic Asset Development Fund, is courting US hedge funds to attract investment to finance the recovery in the country, news agency Bloomberg reports.The heads of the fund, who need to raise EUR11bn by 2016 via a public sale of assets, met with the hedge fund manager John Paulson a few days ago. Paulson & Co, as well as other funds, such as Third Point, have expressed an interest in the assets.The planned privatisations, if successful, would add 2.5 percentage points to the GDP by 2016 to create 150,000 jobs, according to estimates by the Greek finance ministry.
20/12/2013

Le collège de l'AMF se renouvelle en partie

Quatre nouveaux membres du collège de l’AMF, organe décisionnel de l’institution, viennent d’être désignés par les différentes autorités compétentes. Le collège, organe décisionnel de l’AMF, est composé de 16 membres. Sur les six membres sortants en décembre 2013, trois étaient en fin de second mandat tandis que les trois autres pouvaient demander la reconduction de leur mandat pour 5 ans. Par arrêté publié au journal officiel du 20 décembre 2013, le ministre de l’Economie a ainsi désigné deux membres, après consultation des organisations représentatives de la Place: Marie-Ange Debon, dont le mandat a été renouvelé, et Jean-Claude Hanus en remplacement d’Olivier Poupart-Lafarge. Le vice-président du Conseil d’Etat, le 1er président de la Cour de cassation et le 1er président de la Cour des comptes ont nommé respectivement Jean-Claude Hassan, (en remplacement de Jacques Delmas-Marsalet), Martine Ract-Madoux (renouvellement) et Michel Camoin, (en remplacement de Philippe Adhémar). Le président de l’Assemblée nationale a nommé Thierry Philipponnat, secrétaire général de Finance Watch, en remplacement de Jean-Michel Naulot.
20/12/2013

L'enquête pour manipulation de change dévoile une connivence

L’enquête internationale sur une manipulation présumée des taux de change a révélé l’existence d’une connivence entre cambistes visant à maximiser les gains et minimiser les pertes, rapporte vendredi le Wall Street Journal, qui cite des sources proches de l’enquête. Des messages électroniques de forums de discussion «chatrooms» semblent montrer que les cambistes de différentes banques ont partagé des informations concernant les ordres de leurs clients et convenu d'échelonner leurs propres opérations pour en tirer profit, précise le quotidien. L’autorité britannique de surveillance, la Financial Conduct Authority (FCA), a refusé de commenter ces informations.
20/12/2013

La Grande-Bretagne ajuste à la hausse son PIB et garde le "AAA" de S&P

Standard & Poor’s a confirmé le «AAA» de la Grande-Bretagne, tout en ajoutant qu’elle pourrait priver le pays de cette note suprême si la reprise économique ne durait pas. Moody’s et Fitch ont déjà déclassé la Grande-Bretagne en lui ôtant son «AAA» cette année. La confirmation de la note de S&P est assortie d’une perspective qui reste négative. L’activité économique de la Grande-Bretagne a progressé de 0,8% au troisième trimestre par rapport au trimestre précédent, a confirmé l’Office national de la statistique. En rythme annuel, la croissance est revue à la hausse à 1,9% contre 1,5% estimé auparavant.
20/12/2013

L'Union européenne conteste la dégradation de sa note par S&P

Standard & Poor’s a abaissé la note à long terme de l’Union européenne de AAA à AA+, avec une perspective stable. «A notre avis, les négociations budgétaires de l’UE sont devenues plus tendues, attestant, de notre point de vue, d’une montée des risques concernant le soutien à l’UE de la part de certains Etats membres», explique l’agence dans un communiqué. «Tous les Etats membres ont toujours apporté leur contribution attendue au budget dans les temps et totalement, et ce également pendant la crise financière», a contesté Olli Rehn, commissaire européen aux Affaires économiques et monétaire. L’action de S&P ne concerne l’UE qu’en tant qu'émetteur supranational (56 milliards d’euros de dette émise pour financer des programmes d’assistance) et non pas les Etats qui la composent.
20/12/2013

La France augmentera ses emprunts en 2014

La France prévoit d'émettre 173 milliards d’euros d’emprunts à moyen et long terme (MLT) en 2014, nets des rachats, en hausse par rapport aux 169 milliard nets des rachats émis cette année. Il faudra y ajouter 174 milliards d’euros de dette à court terme à refinancer, le programme de l’Agence France Trésor prévoyant une stabilité de l’encours de BTF.
Le ministère des Finances vu depuis la BnF. Photo: PHB
20/12/2013

La France se dirige vers une reprise modérée

L’Insee prévoit un rebond temporaire de la croissance du PIB français à +0,4% au dernier trimestre de cette année. L’activité devrait ensuite croître à un rythme plus modéré de +0,2% au premier et deuxième trimestres 2014, ce qui garantirait néanmoins un acquis de croissance de 0,7% à fin juin prochain.
20/12/2013

Les gérants actions françaises : des alphas positifs et homogènes

Les tableaux ci-contre présentent les performances en euros des fonds sur les marchés des fonds actions américaines et actions françaises en novembre 2013. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique, ainsi que du rendement depuis un an.
20/12/2013

Des marchés toujours en mode « Risk on »

Le graphique ci-joint illustre le résultat d’une stratégie simple de gestion du bêta sur un portefeuille d’actions globales. La gestion du bêta est liée directement à la classification des conditions de marché comme «Risk on» (bêta de 1,2) ou «Risk off» (bêta alors de 0,6 pour les périodes grisées).
20/12/2013

La Serbie souhaite négocier un prêt avec le FMI dès 2014

Belgrade a confirmé jeudi son intention d’ouvrir des négociations avec le FMI dès début 2014 afin d’obtenir un prêt de précaution. «Un accord de précaution avec le FMI permettrait à la Serbie de mettre en place les réformes prévues et montrerait aux investisseurs étrangers que la Serbie est un marché sûr, stable et attractif», a déclaré dans un communiqué le ministère des Finances.
20/12/2013

La croissance accélère en Irlande

L'économie irlandaise a enregistré au troisième trimestre une croissance de 1,5% par rapport au trimestre précédent, la reprise semblant ainsi s’accélérer au moment où le pays sort de son programme d’aide internationale. Les économistes interrogés par Reuters avaient anticipé un produit intérieur brut (PIB) de 0,7% pour la période, niveau de croissance qui correspond à celle du deuxième trimestre.

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