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20/06/2013

Institutionals support European Commission proposal on extra-financial information

Eurosif, Eumedion, CDP, CDSB, EFFAS, UNEP-FI, ICGN and IIGCC strongly support the European Commission proposal published on April 16th mandating large European companies to report material non-financial information and their diversity policy in their annual reports. While some aspects of the proposed legislation can be strengthened, the legislation must not be weakened by the co-legislators.The above group of investor-led platforms or initiatives represents over 700 institutional investors or financial institutions, of which a large part is based in Europe, andmanaged assets over EUR 65 Trillion.
20/06/2013

Fitch launches a fund and asset management firm ratings web portal

Fitch Ratings has launched a new global fund ratings web portal where investors can find information on all of Fitch’s qualitative fund and asset manager ratings, fund industry research and video commentary in one easy-to-access site. The website can be found at this address: http://fundmanagement.fitchratings.com.
20/06/2013

French institutional assets up in 2012

P { margin-bottom: 0.08in; } In an atmosphere of rising stock markets and falling interest rates, assets in investments by institutional investors in France at the end of 2012 totalled EUR2.203trn, 10% more than the EUR2.008trn twelve months previously, according to statistics from the European Observer of Savings, presented on 19 June during the Af2i (French association of institutional investors) annual conference. This is mainly due to market effects, as the largest segment in the sector, life insurance, showed a negative net inflow during a good part of last year.Of this total, assets in insurance companies also increased by 10%, to EUR1.881trn, from EUR1.704trn, of which EUR1.687trn compared with EUR1.522trn were from life and mixed insurance companies.The tenth survey of Af2i members also, logically, revealed that in 2012, allocation to bonds remained by far the largest (72% compared with 71% in 2011), followed by equities at 12%, compared with 11% in 2011 and 13% in 2010, which may reflect come anticipation of Solvency II regulations on the part of insurers.Geographically, institutionals take little risk investing about 75%, for equities, in euro zone securities. However, among insurers there is a certain disaffection with government bonds and a preference for corporate bonds. Overall, institutionals are about 45% invested in govies and 48% in corporates.In terms of strategic allocation, 46% of respondents are inclined to increase their exposure to equities in the future, but they are disinclined to invest in commodities or currencies.Lastly, 96% of institutionals say they are satisfied or very satisfied with their external asset management firm.
20/06/2013

Northern Trust appoints a head of sales for wealth management

P { margin-bottom: 0.08in; } Northern Trust has announced the appointment of David Williams as head of sales for the wealth management unit. In this position he replaces Brett Rees, who has been transferred to other duties within the group. Williams has been working at Northern Trust for 15 years.
20/06/2013

SSgA redeploys equity and FI management teams

US-based State Street Global Advisors (SSgA) announced it is combining core teams in active quantitative developed and enhanced equity. It has also decided to expand the depth of its fixed income strategies to extend further on the credit spectrum targeting areas such as structured credit, high yield and emerging market debt.On the ground, this means that active quantitative developed and enhanced equity will be combined under Ted Gekas, currently head of global enhanced equity, who will take a new role as CIO and global head of active quantitative equity. As part of these changes, Ali Lowe, CIO, global equities, will leave the firm at the end of 2013 after a transition period.The cash and fixed income capabilities under the leadership of Steve Meier, CIO head of cash, who will become CIO of fixed income, currency and cash. Kevin Anderson, currently CIO and head of fixed income, will assume the role of head of investments for the Asia Pacific region based in Hong Kong. He replaces Lochiel Crafter who was recently appointed as head of the Asia Pacific region, succeeding Bernard Reilly, who has taken the role of global head of strategy for SSgA.With a view to enhance speed to the market and to maximize the effectiveness of its quantitative research, SSgA is also integrating its Advanced Research Center (ARC) and dedicated IT support into their respective investment teams.
20/06/2013

Chinese fund investing in US real estate launched

P { margin-bottom: 0.08in; } The sixth-largest asset management firm in China, GF Fund Management, will launch the first fund in the country replicating an index of United States real estate, the MSCI US real estate investment trust, Financial News reports. GF Fund says that the product, which will be available from RMB1,000, will allow Chinese investors access to US real estate.
20/06/2013

Strong growth in inflows in Middle East and North Africa

P { margin-bottom: 0.08in; } Inflows in the countries of the Middle East and North Africa (MENA) in May totalled USD655m, the highest total in the past five years, according to a study by Deutsche Bank. Of this total, Saudi Arabia leads the countries of the region, with inflows of USD308m, ahead of Qatar (USD131m) and Dubai (USD129m). Since the beginning of the year, the countries of the region have posted net inflows of roughly USD2bn, which also represents a record for the five-month period. Last year, activity in the first five months of the year saw net outflows of USD192m.
20/06/2013

FCA monitoring hedge funds more closely

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Financial Conduct Authority (FCA) has significantly increased surveillance of the hedge fund sector, the Financial Times reports, adding that US hedge funds with activities in the United Kingdom are subject to particular attention. According to a lawyer specialised in hedge funds, “the FCA is monitoring hedge funds more attentively than the SEC.” The FCA in particular pays attention to whether the activities of US hedge funds in the United Kingdom are led by individuals who are fully aware of their primary responsibility to the FCA and not to their hierarchical superiors in the United States.
20/06/2013

Renaissance plans to launch a new version of its sub-Saharan fund

P { margin-bottom: 0.08in; } Renaissance Asset Managers is studying the possibility of launching a closed version of its sub-Saharan fund, whose assets under management total nearly USD200m, Citywire reports. Access to the fund has already been limited for new investors since February. Its assets under management currently total USD193m, and should soon reach USD200m, its limit in light of liquidity limitations in the sub-Saharan region. Renaissance is also planning to offer a new strategy on African equities.
20/06/2013

FSMA fines Ageas EUR500,000

P { margin-bottom: 0.08in; } The Belgian financial market authority, the FSMA, has imposed a fine of EUR500,000 on Ageas, the insurer descended from the former Fortis, for late or incorrect information in the lead-up to the collapse of Fortis in 2008, Reuters reports. Two former Fortis heads at the time, in May and June 2008, have also been fined, though the amounts were not disclosed. The FSMA finds that Fortis was too late to release, and released incorrect information regarding conditions imposed by the European Commission after the acquisition of the Netherlands activities of ABN Amro. Ageas on Wednesday announced that it intends to appeal.
20/06/2013

Liontrust pays its first dividend since 2009 and doubles assets

P { margin-bottom: 0.08in; } Liontrust Asset Management will pay its first dividend since December 2009, after publishing a sharp rise in its annual profits and a doubling of its assets for the fiscal year to 31 March, Investment Week reports. Pre-tax profits rose to GBP3.8m, while assets under management rose by GBP1.5bn to GBP3bn. That reflects the acquisition of Walker Crips Asset Managers, as well as net subscriptions of GBP514m for the year, compared with GBP152m the previous year.
20/06/2013

Subscriptions up sharply for Liontrust

P { margin-bottom: 0.08in; } For the fiscal year to 31 March 2013, Liontrust Asset Management has reported a doubling of its assets in one year to GBP3bn, largely due to GBP514m in net subscriptions (compared with GBP152m in the twelve months to the end of March 2012), Fundweb reports.Although adjusted pre-tax profits rose to GBP3.8m from GBP1m due to net inflows, Liontrust has seen a pre-tax loss on its continued operations of GBP3.3m, compared with GBP0.2m, primarily due to its acquisition for GBP7.7m of Walker Crips Asset Management.
20/06/2013

La BNS maintient le cours plancher du franc suisse

La Banque nationale suisse (BNS) a réaffirmé son engagement à maintenir un cours plancher pour le franc suisse à 1,20 pour un euro, soulignant que la devise demeurait trop forte alors que l'économie du pays restait soumise à un risque élevé. « L’appréciation du franc suisse menacerait la stabilité des prix et aurait de graves répercussions sur l'économie suisse », a déclaré la banque centrale dans un communiqué à l’issue de sa réunion trimestrielle de politique monétaire.
20/06/2013

Hausse des coûts de l'emprunt à 10 ans espagnol

Le rendement de l’emprunt espagnol à 10 ans a légèrement augmenté par rapport à son niveau d’il y a deux semaines lors d’une adjudication du Trésor. Le Trésor espagnol a adjugé pour 1,517 milliard d’euros de titres à dix ans, à échéance 31 octobre 2023, avec un rendement de 4,765% contre 4,517% lors de la précédente adjudication de début juin, avec un ratio de couverture de 1,8 contre 2,5. Il a aussi adjugé pour 1,381 milliard de titres d'échéance 30 juillet 2018, à un rendement moyen de 3,592%, contre 3,598% lors d’une opération comparable le 4 avril.
20/06/2013

KKR s'intéresse à une chaîne saoudienne de restauration rapide

Le fonds de capital-investissement a formulé une offre sur une part majoritaire de Kudu, une chaîne saoudienne de restauration rapide, a rapporté Reuters de sources proches du dossier. Quarante acheteurs potentiels au total, dont le fonds Carlyle, ont en été approchés dans le cadre de la procédure de vente, menée par la banque HSBC.
Anne-Marie Jourdan
20/06/2013

Vers une réforme des avantages du LDD

C’est la proposition qui figure dans le rapport de la mission sur les interventions économiques de l’Etat en faveur des entreprises remis au ministre du Redressement productif. Ses auteurs estiment que les avantages fiscaux et sociaux en faveur du Livret de développement durable profitent aux plus aisés (180 millions d’euros de réduction de dépense fiscale).
20/06/2013

Paris accentue la pression sur les paradis fiscaux

La France entend se donner la possibilité d’inscrire sur sa liste de paradis fiscaux les pays qui ne pratiquent pas l'échange automatique d’informations fin 2015, a déclaré mercredi le ministre des Finances, Pierre Moscovici. Cette mesure passera par un amendement déposé au nom du gouvernement au projet de loi de lutte contre la fraude fiscale.
20/06/2013

Départ du patron de la gestion actions chez State Street

State Street a annoncé que son responsable mondial des actions, Alistair Lowe, quitterait le groupe d’ici la fin de l’année dans le cadre d’une réorganisation de sa division de gestion d’actifs. Steve Meier deviendra directeur des investissements des activités fixed income, devises et cash. A fin mars, State Street gérait 2.180 milliards de dollars d’actifs.
20/06/2013

Les députés suisses enterrent l'accord fiscal avec les Etats-Unis

Les députés du Conseil national suisse ont enterré hier le projet d’accord censé mettre fin au différend avec les Etats-Unis sur le rôle présumé des banques helvétiques dans l'évasion fiscale. Par 123 voix contre 63 et 4 abstentions, les députés ont décidé de ne pas débattre de ce texte, alors que le Conseil des Etats, la chambre haute du Parlement, avait confirmé son feu vert quelques heures auparavant.
20/06/2013

L'encours des institutionnels français a augmenté de 10% en 2012

Les encours des placements des investisseurs institutionnels français ont atteint 2.203 milliards d’euros en 2012 soit une hausse de 10% sur un an, selon l’Observatoire de l’épargne européenne. «Cette hausse s’inscrit dans un contexte particulier marqué par la hausse des marchés boursiers, et dans un environnement de baisse des taux», a expliqué Didier Davydoff, directeur de l’observatoire qui s’exprimait lors des entretiens de l’Association française des investisseurs institutionnels (Af2i). Les assureurs, pour l’essentiel des compagnies vie, se taillent la part du lion en totalisant 85% des encours. Selon une enquête de l’Af2i réalisée auprès de ses adhérents, près de 90% d’entre eux se préparent à vivre dans un environnement de taux durablement bas, en cherchant à diversifier leur portefeuille obligataire (convertibles, high yield, dette émergente). 70% d’entre eux anticipent une baisse de leur objectif de rendement d’environ 50 à 100 points de base pour 2013 et sur le long terme.
20/06/2013

Les hedge funds sous l’œil du gendarme britannique

La jeune Financial Conduct Authority, qui a succédé le 1er avril dernier outre-manche à la Financial Services Authority, fait la démonstration de sa puissance. Elle surveille de plus près les fonds alternatifs, selon le quotidien, notamment ceux basés aux Etats-Unis actifs au Royaume-Uni. La FCA aurait imposé son veto à la nomination de plusieurs cadres au sein de hedge funds.
20/06/2013

Envolée prévue des émissions en yuan à Taïwan

Les émissions d’obligations libellées en yuan sur le marché de Taïwan pourraient atteindre 60 milliards de yuans (7,4 milliards d’euros) en 2015, indique le journal qui cite le président de GreTai Securities Market, Soushan Wu. L’objectif de 10 milliards de yuans d’émissions cette année n’aura, selon lui, pas de mal à être atteint. De quoi concurrencer le marché des «dim sum» à Hong Kong.
20/06/2013

Le Japon veut limiter les dépenses budgétaires

Dans le cadre d’une volonté d’asseoir sa crédibilité budgétaire, le gouvernement japonais prévoit de limiter les dépenses de l’Etat à 70.000 milliards de yens, remboursement de la dette non incluse, sur l’année fiscale qui débute le 1er avril 2014, indique le journal qui cite un document officiel. L’année précédente, les dépenses totales ont été de 92.600 milliards de yens, dont 22.200 milliards de service de la dette.

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