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10/07/2013

Carlyle pense à mettre en Bourse Applus+

La société de capital investissement songe à introduire en Bourse le groupe espagnol de certification, de test et d’inspection, ont confié plusieurs sources à Reuters. Des banques ont ainsi été chargées d’étudier la faisabilité d’une IPO à Londres ou Madrid en début d’année prochaine. Carlyle a acquis Applus+ en 2007 sur la base d’une valorisation de 1,48 milliard d’euros.
10/07/2013

Cinven abandonne le contrôle de Frans Bonhomme

Le quotidien croit savoir que le fonds «lâche les rênes» du leader français de la distribution de canalisations, «plutôt que de se voir aculé par ses créanciers et d’entrer dans des mois de négociations délétères». Cinven prend ainsi «à contre-pied» les fonds alternatifs Centerbridge, Angelo Gordon et Avenue qui depuis des mois rachetaient des créances de l’entreprise. Ils sont désormais «voués à prendre les clefs» de Frans Bonhomme. S’ils souhaitent assurer la pérennité de leur investissement, ils seront aussi contraints comme le souligne le quotidien de réduire la dette, qui s’élève à 600 millions d’euros. «C'était le meilleur moyen pour l’entreprise de résoudre rapidement ses contraintes financières», selon un proche du dossier.
10/07/2013

La Chine souhaite une croissance équilibrée

La restructuration du modèle économique chinois est «très importante» et passe par une accélération des investissements comme moteur de la croissance, selon des propos du premier ministre Li Keqiang cités par l’agence. Pour ce faire, Li Keqiang entend accélérer les réformes dans l’administration, le système fiscal, la finance, et promouvoir une meilleure utilisation des mécanismes de marché.
10/07/2013

NewAlpha convainc encore Emergence

Emergence, l’incubateur des jeunes sociétés de gestion, a sélectionné le tandem NewAlpha-Next AM pour gérer son compartiment actions. Ce dernier pourrait lever entre 150 et 300 millions d’euros. NewAlpha avait déjà remporté l’appel d’offres pour le compartiment performance absolue.
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10/07/2013
Gestion d'actifs

L'ERAFP attribue trois mandats de gestion d'actifs immobiliers en Europe

Dans le cadre de la poursuite de la diversification de ses placements et en cohérence avec les cinq valeurs de sa charte ISR, l’Etablissement de Retraite additionnelle de la Fonction publique (ERAFP) vient d’attribuer 1 mandat actif et 2 mandats stand-by de gestion d’actifs immobiliers en Europe. En 2012, l’ERAFP a lancé une procédure négociée dont l’objet est l’attribution de mandats immobiliers Europe ISR. A l’issue de la procédure de sélection, l’Etablissement a décidé d’attribuer le mandat actif à AXA Real Estate Investments Managers SGP. CBRE Global Investors France SGP et LaSalle Investment Management SAS sont les gérants suppléants. Le mandataire gèrera un portefeuille d’actifs immobiliers non cotés situés en Europe, dans les pays membres de l’OCDE. Les investissements seront principalement réalisés dans des actifs de bureaux et commerces mais pourront également concerner de l’habitation ou encore des locaux d’activités et entrepôts. A titre indicatif, les montants investis à un horizon de trois ans pourraient être de l’ordre de 350 millions d’euros. La durée du marché est de dix ans.
Gestion d'actifs
09/07/2013

L'ancien ministre des Finances égyptien nommé Premier ministre

Hazem el Beblaoui, ex-ministre des Finances, a été nommé Premier ministre du gouvernement de transition en Egypte, a fait savoir la présidence. Le chef de l’Etat par intérim, Adli Mansour, a également désigné Mohamed ElBaradeï comme vice-président, chargé des Affaires étrangères.
09/07/2013

Feu vert de l’Ecofin à l'euro en Lettonie

Les ministres des Finances de l’Union européenne ont donné leur feu vert mardi à l’adoption de l’euro en Lettonie, où la monnaie unique entrera en service le 1er janvier 2014. Le taux de change a été fixé à 0,702804 lat pour un euro. La Lettonie sera le deuxième pays balte à entrer dans la zone euro après l’Estonie, devenue membre le 1er janvier 2011. La Lituanie pourrait suivre en 2015.
09/07/2013

Madrid place sans difficulté un emprunt à 15 ans

L’Espagne a émis mardi son emprunt le plus long en plus de deux ans, une émission à 15 ans qui a suscité des ordres dépassant 7,5 milliards d’euros en dépit de conditions de marché instables. Le pays a mis à prix 3,5 milliards d’euros, coupon de 5,15%, échéance 2028 à un spread de 280 points de base au-dessus de la courbe des swaps, équivalent à un rendement de 5,194%.
09/07/2013

Les Emirats et Ryad promettent des milliards à l'Egypte

Les Emirats arabes unis (EAU) et l’Arabie saoudite se sont engagés à fournir une aide financière de plusieurs milliards de dollars à l’Egypte, a rapporté Reuters. Les Emirats feront ainsi un don d’un milliard de dollars et accorderont un prêt de deux milliards aux nouveaux dirigeants égyptiens. L’Arabie saoudite accordera de son côté un prêt de deux milliards de dollars.
09/07/2013

Le FMI abaisse une nouvelle fois ses prévisions

Le Fonds monétaire international (FMI) a abaissé mardi ses prévisions de croissance pour l'économie mondiale pour la cinquième fois depuis le début de l’année dernière en raison du ralentissement dans les pays émergents et de la persistance de la récession au sein de la zone euro. Dans son évaluation de l'économie mondiale à mi-année, le FMI prévient aussi que le ralentissement de l'économie mondiale pourrait s’accentuer si le retrait progressif des mesures de stimulation monétaire non-conventionnelle aux Etats-Unis s’accompagnait d’une inversion des flux de capitaux et pénalisait la croissance dans les pays émergents. Le FMI a abaissé sa prévision de croissance pour l'économie mondiale à 3,1% cette année, soit le même taux qu’en 2012, et 0,2 point en dessous de sa prévision d’avril. La prévision pour 2014 a été revue en baisse à 3,8% sur l’année contre 4% précédemment.
Photo : PhB
09/07/2013

BlackRock estimates outflows from ETPs in June at USD8.2bn

P { margin-bottom: 0.08in; } Comments by Fed chairman Ben Bernanke about a slowdown in bond purchases by the Fed on 22 June led many investors to pull out of certain asset classes, and many of them used ETPs to deploy their tactics. According to the BlackRock Institute, this led to net outflows of USD8.2bn in June, and strong trading activity, so that as of June, ETFs represented only 31% of trading volume on equity markets in the United States in June, compared with 20-25% in previous months. By comparison, ETFGI has estimated net outflows from global ETPs at only USD3.98bn in June (see Newsmanagers of 8 July).ETFs specialised in emerging market equities underwent net redemptions of USD6.6bn, giving them their fifth consecutive month of net outflows.Bond ETFs saw their first net outflows since December 2010, while short-duration bond ETFs attracted USD5.5bn in June.As to gold, ETPs for the sixth consecutive month continued to see net outflows, totalling USD4.1bn in June, bringing net redemptions in first half to USD28.2bn.However, ETPs of developed market equities saw net inflows of USD11.8bn in June, compared with USD30.3bn in May, and USD13.2bn in April.
09/07/2013

Lyxor: all hedge fund strategies show losses in June

P { margin-bottom: 0.08in; }A:link { } Last month, the performance of hedge funds was negatively affected by the de-risking and re-pricing of all asset classes due to the rise in bond yields. Hedge funds were hit due to a lack of refuge investments, and by an increase in the correlation between asset classes.Overall, all 13 strategies monitored by Lyxor Asset Management finished June with losses, with the heaviest for CTA long term (-2.64%), long/short equity market neutral (-2.45%), and long/short equity credit arbitrage (-2.40%). However, long/short equity statistical arbitrage has lost only 0.11%.Overall, the Lyxor hedge fund index has seen a loss of 1.63% in June, but it shows returns of 1.85% since December 2012.Since the beginning of the year, the best returns have been for long/short equity market neutral (+7.72%) and long/short equity long bias (+6.77%). However, CTA short term shows a loss in first half of 5.38%.
09/07/2013

iShares simplifies the names of its ETFs

P { margin-bottom: 0.08in; } Index Europe reports that iShares, the ETF arm of BlackRock, on 1 July simplified the names of 138 of its 290 ETFs. The objective is to give the products immediately comprehensible names, as part of a transparency campaign initiated in October 2012 with the unveiling of the “Core” range of 10 low-cost ETFs.Meanwhile, iShares has reformulated the investment objectives for 26 of its ETFs available on the US market in “plain English.” Other ETFs will have their objectives gradually reformulated by the end of the year.
09/07/2013

Highbridge preparing two versions of a credit hedge fund

P { margin-bottom: 0.08in; } The New York-based alternative asset management firm Highbridge Capital Managment (USD29bn, of which USD7.1bn are managed by the Brazilian firm Gávea Investimentos), an affiliate of JPMorgan Chase, has filed a license application to the SEC for the Highbridge Tactical Credit & Convertibles Fund, a credit hedge fund. The firm is also planing to launch an offshore version of the product. The minimal subscription is set at USD100,000, Institutional Investor’s Alpha reports.
09/07/2013

NSSCF earned returns of 12% in 2012

P { margin-bottom: 0.08in; } The Chinese social security fund (NSSF) has announced in its annual report, published on 27 June, that its assets for the first time hae topped CNY1trn as of the end of 2012, and that the returns on its investments last year totalled 7.01%, the best result in the past two years. Earnings on interest and dividends represent the lion’s share of returns, and contributed CNY32.84bn, Z-Ben Advisors reports. The contribution of private equity was CNY356m, 233% more than in 2011. Market effects were positive to the tune of CNY64.66bn, which brings total market effects since the inception of the NCSSF to CNY349.2bn, and corresponds to an average annualised return of 8.29%.
09/07/2013

AMF grants a license to Melanion Capital

P { margin-bottom: 0.08in; }A:link { } Investment Europe reports that the French financial market authority, the Autorité des Marchés Financiers (AMF), has granted its first clearance for an alternative management firm specialised in dividend futures, Melanion Capital, based in Paris.On its website, Melanion Capital states that it is also a member of the French financial management association (AFG).
09/07/2013

CFTC eases up on swaps

P { margin-bottom: 0.08in; }A:link { } According to the Wall Street Journal, Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), is proposing to partially delay the introduction of controversial new rules applicable to cross-border derivatives trading, which were supposed to go into effect from Friday this week.The move comes as an about-face for the CFTC chairman, who had previously rejected requests for US banks active abroad which had been soliciting a delay on the application of the US swap rules. According to sources familiar with the matter, Gensler is now proposing to apply some of the new rules immediately, and to delay the introduction of other clauses until the end of the year.
09/07/2013

AIFM: Deutsche Bank calls for an integrated model

P { margin-bottom: 0.08in; }A:link { } One of the key points at the introduction of the European hedge fund directive (AIFMD) will be the importance which devolves upon the depository in the decision-making process for fund managers. The text aims to provide a solution which protects investors, and, in a study, Deutsche Bank claims that an integrated model would better serve those ends and be less costly for the manager, as Mike Hughes, global head, fund services in the global transaction banking unit at Deutshe Bank, points out.The author says that in his opinion the service provided to hedge fund managers will be of a higher quality when they work with depository teams which are able to work with all their prime brokers, and that can also act as fund administrators, cash managers, transfer agents, and sub-custodians within a framework of appropriate “Chinese walls” and segregation of duties.”Deutsche Bank has also announced that it is holding an event dedicated to AIFMD in Dublin on 22 July, the day that the directive comes into force.
09/07/2013

Six of the top European ETP promoters saw outflows in June

P { margin-bottom: 0.08in; } Among the top ten promoters of ETPs in Europe, six (db x-trackers, Lyxor, ETF Securities, Source, Amundi and BCZ or ZKB) have seen net outflows in June, and another, ComStage, has a barely even balance between subscriptions and redemptions, according to the BlackRock Institute. Overall, 2,134 European ETPs, with assets as of the end of June of USD354.6bn, saw net outflows of USD2.3bn last month, which reduced net inflows in first half to USD3.6bn. Since the beginning of the year, total assets have fallen by USD12.9bn.iShares (BlackRock) remains the uncontested leader in the sector, with net inflows of USD0.4bn in June, and assets of USD146.9bn as of 30 June (+EUR6.9bn in January-June).db x-trackers (Deutsche Bank) in June saw net outflows of USD0.8bn, and USD0.4bn in first half, with assets as of the end of the period of USD49.9bn.Lyxor (Société Générale) has seen net outflows of USD0.2bn last month, and USD4.3bn in first half, while assets under management total USD38bn as of 30 June.
09/07/2013

Hermes seeking a director of development for Asia

P { margin-bottom: 0.08in; } Hermes is planning to recruit a director of development for the Asian region in the next three months. The position is based in Singapore, Asian Investor reports. The British asset management firm, which has GBP25.6bn in assets under management as of the end of March, had previously overseen commercial development from its London offices, under the direction of Harriet Steel, global head of business development. The Asian team has 10 managers.
09/07/2013

Commerzbank sells Lloyd's Building

P { margin-bottom: 0.08in; }A:link { } Commerz Real has sold the Lloyd’s building in London for GBP260m “to an Asian asset management firm affiliate of a larger Chinese insurance group.” It may thus be supposed that the property in question has been sold by the closed-end fund CFB-Fonds 154 to an affiliate of Ping An. It was purchased in 2005 for GBP231m.The CFB-Fonds 154 initially had a duration of 11 and a half years, but investors authorised the management in September 2012 to resell the property if an occasion should arise.Annual pre-tax returns will have been 7.8%, says Michael Kohl, CEO of Commerz real Fonds Beteiligungsgesellschaft mbH (CFB).
09/07/2013

Sarasin & Partners recruits three sales staff from Cazenove

P { margin-bottom: 0.08in; }A:link { } Rob Thorpe, head of UK retail at Cazenove, will on 30 September join Sarasin & Partners, also as head of retail, Investment Week reports.Thorpe, who refused to move to the acquirer of Cazenove, Schroders, will be accompanied by two colleagues from Cazenove, Tom Hanafin and Paul Pugh.
09/07/2013

Salmann IM welcomes new partner

P { margin-bottom: 0.08in; }A:link { } The independent wealth management firm Salmann Investment Managemnet, based in Vaduz and Zurich, has announced that with Georg Wohlwend, it has extended its circle of managing partners. Wohlwend had been responsible for private clients and asset management at VP Bank Vaduz from 1994 to 2012.Wohlwend also becomes MD of Salmann (CHF1bn in assets), alongside managing partners René Frank and Alfons Thöny. This will bring fresh blood into the management at Salmann IM and prepare for the long-term succession of the business.
09/07/2013

Swiss market recruiting

P { margin-bottom: 0.08in; }A:link { } The positive trend is continuing. According to the Finews-JobDirectory index, more than 3,500 positions are vacant in the Swiss financial market. As of the end of June, 1,190 positions concern the banking sector, up by 17% since the beginning of the year. Insurance has published 1,134 job offers (+7%). The other areas (IT, advising, etc.) represent 1,182 positions, up 17% since January.

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