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09/09/2013

L’AMF prolonge la consultation sur sa stratégie

Faute de réponses assez nombreuses, le régulateur a prolongé d’une semaine, jusqu’au 13 septembre, la consultation sur les grandes orientations de sa stratégie, bâtie autour de trois axes: s’investir pour des marchés européens sûrs et transparents, rétablir la confiance des épargnants, et agir pour le financement de l’économie.
09/09/2013

Neiman Marcus pourrait changer de mains

Reuters rapporte de sources proches que le distributeur américain détenu par TPG Capital, Warburg Pincus et Leonard Green Partners pourrait renoncer à son introduction en Bourse au profit d’une vente au bénéfice d’un consortium composé d’Ares Management et du Canada Pension Plan Investment Board. La transaction pourrait valoriser Neiman Marcus à environ 6 milliards de dollars.
06/09/2013

Le G20 veut promouvoir l'investissement de long terme

Le communiqué final du sommet du G20 de Saint-Pétersbourg reprend à son compte les conclusions d’un document de travail afin de favoriser le financement à long terme vers des investissements productifs. Les chefs d’Etat et de gouvernement réunis en Russie s’engagent à lutter contre l’optimisation fiscale des multinationales et à mettre en place d’ici à fin 2015 l'échange automatique de données, dont les modalités techniques devraient être finalisées pour mi-2014. Le communiqué de 30 pages endosse également les travaux du Conseil de stabilité financière sur la finance parallèle ou les institutions systémiques.
Photo: PHB
06/09/2013

L'emploi américain fait baisser les taux longs

L'économie américaine a créé moins d’emploi qu’attendu en août. Selon les statistiques du département du Travail,169.000 créations de postes non agricoles ont été recensées le mois dernier, alors que les économistes interrogés par Reuters en anticipaient en moyenne 180.000. Le taux de chômage, attendu stable, a lui baissé à son plus bas niveau depuis décembre 2008, à 7,3% contre 7,4% en juillet, mais ce recul s’explique principalement par l’augmentation du nombre d’Américains renonçant à chercher du travail. Ces pourraient inciter la Réserve fédérale à différer la diminution annoncée de ses achats de dette sur les marchés, estimaient dans la foulée certains économistes. Alors que le taux à 10 ans américain avait franchi dans la matinée le seuil des 3%, la statistique de l’emploi l’a fait retomber autour de 2,90%.
06/09/2013

KBL ebl posts solid results for the half

KBL European Private Bankers (KBL epb) has posted net profits of EUR41.9m for first half 2013, an increase of more than 300% compared with EUR9.7m in first half 2012. The firm has not provided an itemised account of the increase in its assets (EUR41bn in assets under management as of the end of 2012, and EUR39bn in custody).This good performance is the result of an increase in revenues for the Group, a reduction in operating costs, and a significant reduction in provisions for losses in value compared with the same period in 2012. The Group is also on track to achieve its annual profit objective of EUR50m, announced a few months ago, a statement says.KBL epb, present in nine European countries, is currently working to attain critical mass throughout its network, particularly through potential acquisitions in some key markets. “The Group hopes to be able to announce a first acquisition this year, depending on the market,” a statement says.
06/09/2013

Eastspring investments launches Japanese value equity fund

The Asian asset management firm Eastspring Investments has launched a new sub-fund as part of its Luxembourg Sicav, Eastspring Investments – Japan Fundamental Value, Citywire reports. The fund aims to capture “deep value” opportunities on the Japanese equity market.
06/09/2013

Onze maisons gèrent plus de 1.000 milliards de dollars

Le club des sociétés de gestion dont l’encours dépasse les mille milliards de dollars comptait fin 2012 onze membres, contre neuf un an plus tôt, selon l'étude Global Markets 2013 de Cerulli Associates, rapporte FondsNieuws. Le nombre des «plus de 2.000 milliards» a doublé à quatre, BlackRock demeurant le seul gestionnaire à dépasser les 3.000 milliards.Les cinquante plus grandes maisons affichaient fin 2012 un encours de 38.000 milliards de dollars, ce qui représente un accroissement de 4.000 milliards en un an.Les cinq premières maisons sont toutes américaines : BlackRock, Fidelity, Vanguard, State Street et JPMorgan.
06/09/2013
Fonds

L'indice HFRX Global Hedge Fund en recul de 0,8% en août

La performance des hedge funds, mesurée par l’indice HFRX Global Hedge Fund, a été négative au mois d’août, avec un recul de 0,8% sur le mois, selon les statistiques de HFR.L’indice affiche toutefois une performance positive de 3,4% depuis le début de l’année.Au mois d’août, toutes les catégories de stratégies ont enregistré des performances négatives, comprises entre -0,2% et -1,7%.
Fonds
06/09/2013

11 asset managers have over USD1trn in assets

The club of asset management firms with over USD1trn in assets as of the end of 2012 included 11 companies, compared with nine one year previously, according to the Global Markets 2013 study by Cerulli Associates, FondsNieuws reports. The number of firms with over USD2trn doubled to four, with BlackRock remaining the only asset management firm with over USD3rn.The 50 largest asset mangement firms as of the end of 2012 had total assets of USD38trn, which represents an increase of USD4trn in one year.The top five firms are all American: BlackRock, Fidelity, Vanguard, State Street and JPMorgan.
06/09/2013

M&G offers distribution shares for 14 funds in Italy

M&G Investments a annoncé que ses parts de distribution seraient désormais accessibles aux investisseurs particuliers en Italie pour 14 fonds, rapporte Bluerating. Liste des fonds concernés :Actions :M&G Global Basics FundM&G Global Dividend FundM&G Global Real Estate Securities FundM&G Pan European Dividend FundObligations :M&G European Corporate Bond FundM&G European High Yield FundM&G Emerging Markets Bond FundM&G Global Macro Bond Fund – Euro AM&G Global Macro Bond Fund – Euro A-HM&G High Yield Corporate Bond FundM&G Optimal Income FundMulti-Classes d’actifs :M&G Dynamic Allocation FundConvertibles :M&G Global Convertibles Fund - Euro AM&G Global Convertibles Fund - Euro A-H
06/09/2013

Fundamental bond ETFs slow to take off

Bond ETFs which use fundamental indices are off to a slow start, the Wall Street Journal observes. The only four bond ETFs in this category represent total assets of only USD724m, according to IndexUniverse. Most of these assets are in the PowerShares Fundamental High Yield Corporate Bond ETF.
06/09/2013

Australian Future Fund posts returns north of 15%

The Australian Future Fund has earned returns of 15.4% in the 2012-2013 fiscal year to the end of June. This result includes returns of 4.4% in the fourth quarter of the fiscal year.Assets in the Australian sovereign wealth fund totalled AUD88.9bn as of the end of June, equivalent to about USD80.4bn, a return of 6.2% since its launch in May 2006.In the past fiscal year, the Future Fund increased its exposure to equities to 40.60% as of 30 June 2013, compared with less than 33% previously (30 June 2012), and to private equity (7.30%, compared with 6.40%). However, exposure to alternative management has fallen to 15.60% from 19%, and exposure to bonds is down to 16.60% compared with 18.30%.It should be noted that Mark Burgess, managing director and president of the Future Fund Management Agency, has informed the board of directors of his intention to leave the business. Burgess has agreed to remain in his position to facilitate the transitional period. During his time in office, the assets of the Future Fund increased from AUD75bn to AUD89bn, while total assets managed by the Agency topped AUD100bn.
06/09/2013

DEGI sells office property

Aberdeen Asset Management Deutschland has announced that it has sold the Tekes Building office property in Helsinki to the insurer Fennia for an undisclosed sum slightly above the most recent book value.The property had been in the portfolio of the open-ended real estate fund DEGI Global Business (DE000A0ETSR6), which must be liquidated by 30 June 2014.
06/09/2013

StarCapital awards three funds of ETFs to Markus Kaiser

The German asset management firm StarCapital on 5 September announced that it is launching three profiled funds of ETFs, Stars Defensiv, Stars Flexibel and Stars Offensiv. The three Luxembourg-registered products are managed by Markus Kaiser, one of the pioneers of funds of ETFs, who joined StarCapital in July as a member of the general management and fund manager. The funds are each available in three share classes (see attached document).For the defensive fund, allocation to equity ETFs is limited to 50%, while for the flexible fund, it may vary from 0 to 100%. The dynamic fund must have at least 50% equity ETFs in its portfolio.
06/09/2013

SRI managers can apply for AFNOR certification

AFNOR Certification is offering managers of socially responsible investment (SRI) portfolios a means to make their commitment to quality service known, according to a statement released on 5 September. Banks, consumer associations and ratings agencies took part in the definition of the criteria to be adhered to.SRI ranges are developing in response to the expectations of distribution networks, institutional and retail investors that there should be a range of investments which, beyond financial criteria, take into account extra-financial critieria: environmental, social and governance.The Service Engagement certificate for “Socially Responsible Investment Approach” can be obtained and displayed by any portfolio manager who respects the following strict and annually audited service engagements: - analyse the ESG criteria defined, with competence and impartiality.- update and make ratings reliable on a regular bases.- build portfolios which respect the demanding rules of SRI.- control respect for the rules of SRI management independently and on an ongoing basis.- hold dialogue and votes to promote progressive approaches.- inform clients with all transparency.- improve practices on an ongoing basis.The reference documents for the Service Engagement - “Socially Responsible Investment Approach” certification also define requirements concerning organisation, monitoring and management of quality procedures.The first certified organisations are expected to be announced soon.
06/09/2013

Doctor caught up in fray of SAC Capital Advisors investigation

A famous New Jersey doctor who ran clinical trials of medicines to treat Alzheimer’s for major pharmaceutical groups, is one of the key men in an investigation into suspected insider trading by SAC Capital Advisors, the Wall Street Journal reports. Joel Ross had been one of the doctors suspected of supplying confidential information to a former SAC trader, Matthew Martoma, according to sources familiar with the matter.
06/09/2013

Legg Mason releases 2 US equity funds in Germany

The Legg Mason product range in Germany is getting larger, with the release of two US equity products, managed by the ClearBridge affiliate and registered in Ireland, the Legg Mason ClearBridge Tactical Dividend Income Fund and the Legg Mason ClearBridge US Equity Income Fund. The two funds, launched on 3 June, focus on high-dividend securities, but the first of the two may also invest up to 25% or 35% in REITs and master limited partnerships (MLPs).The Legg Mason ClearBridge Tactical Dividende Income Fund is managed by Peter Vandelee and Mark McAllister, while the Legg Mason ClearBridge US Equity Income Fund is managed by Peter Vanderlee, Mike Clarfeld and Hersh Cohen, co-CIO of ClearBridge.CharacteristicsName: Legg Mason ClearBridge US Equity Income FundISIN code: IE00B7VSGS12 – Class A Acc (hedged)Benchmark index: Russell 3000 Value & S&P 500Front-end fee: maximum 5%Management commission: 1.3%Name: Legg Mason ClearBridge Tactical Dividend Income FundISIN code: IE00B9782Q97Benchmark index: Dow Jones Select Dividend Income IndexFront-end fee: maximum 5%Management commission: 1.5%
06/09/2013

HFRX Global Hedge Fund index down 0.8% in August

The performance of hedge funds, as measured by the HFRX Global Hedge Fund index, was negative in the month of August, with a decline of 0.8% for the month , according to HFR statistics.The index, however, shows a positive performance of 3.4% since the beginning of the year.In the month of August, all categories of strategies have posted negative performance, totalling between -0.2% and -1.7%.
06/09/2013

L'indice HFRX Global Hedge Fund en recul de 0,8% en août

La performance des hedge funds, mesurée par l’indice HFRX Global Hedge Fund, a été négative au mois d’août, avec un recul de 0,8% sur le mois, selon les statistiques de HFR.L’indice affiche toutefois une performance positive de 3,4% depuis le début de l’année.Au mois d’août, toutes les catégories de stratégies ont enregistré des performances négatives, comprises entre -0,2% et -1,7%.

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