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24/04/2013

Nasdaq proche d'un accord sur son rôle dans l'IPO de Facebook

Nasdaq OMX Group prévoit de mettre 10 millions de dollars de côté, en vue de mettre fin aux poursuites dont il fait l’objet de la part des autorités de régulation concernant son rôle dans la gestion de l’introduction en Bourse de Facebook il y a près d’un an, indique le journal qui cite des sources internes à l’opérateur boursier. Un accord mettrait fin à des mois de négociations.
24/04/2013

BlackRock renonce à créer sa propre plateforme de trading

Le gestionnaire d’actifs américain renonce à son projet de mettre en place sa propre plateforme permettant à ses clients de réaliser des transactions directes sur le marché obligataire, selon le journal qui cite des sources proches. A la place, BlackRock prévoit d’annoncer un partenariat qui lui permettra de proposer ces services à 60 de ses clients par l’intermédiaire de MarketAxess Holdings.
24/04/2013

Pékin exigeant sur la rentabilité des sociétés sous contrôle de l'Etat

La Commission de supervision des sociétés sous contrôle de l’Etat chinois aurait exigé des sociétés étatiques une croissance de leurs résultats de 10% sur l’année 2013, selon le China Securities Journal qui cite des propos du président de la commission, Jiang Jiemin. Sur le premier trimestre, leurs profits ont progressé de 7,7% pour atteindre 513,73 milliards de yuans (64 milliards d’euros).
24/04/2013

Soupçons de fraudes sur le marché obligataire en Chine

La Banque Populaire de Chine (PBOC) devrait rencontrer dès aujourd’hui les dirigeants des plus gros établissements bancaires chinois concernant une enquête en cours sur des transactions illégales qui auraient été réalisées sur les marchés obligataires, indique le journal. La banque centrale en profitera également pour sonder les banques sur les moyens d’améliorer le fonctionnement des marchés.
24/04/2013
Gestion d'actifs

La CAVP porte un intérêt pour les actifs de diversification du type Bâle III

En 2013, la CAVP va plutôt chercher à investir dans des actifs de diversification dans lesquels elle n’est pas encore présente. « Nous avons l’intention d’investir dans les actifs favorisés indirectement par Bâle III comme la dette infrastructure, la dette immobilière et, dans une moindre mesure, les loans, explique Alain Pestre, directeur financier. En effet, avec Bâle III, les banques sont amenées à ouvrir ces marchés aux investisseurs institutionnels. Nous cherchons des actifs offrant des rendements intéressants sans pour autant dégrader le niveau de risque de notre portefeuille ». Ces investissements se feront via des fonds ouverts. « Nous souhaitons également investir plus largement sur les FCPR car nous en avons encore peu en portefeuille et les niveaux de valorisation actuels offrent un point d’entrée intéressant dans ce domaine, avec bien sûr un horizon long terme », poursuit Alain Pestre.
Gestion d'actifs
23/04/2013

Lisbonne sous la menace de contrats swaps

Selon la presse portugaise, plusieurs entreprises publiques, notamment dans le secteur des transports, auraient noué des contrats swaps qui pourraient entraîner des pertes de l’ordre de 3 milliards d’euros. Le ministère des Finances a confirmé l’existence de ces contrats et a indiqué avoir engagé des discussions avec les banques impliquées «en vue de compenser les pertes financières subies par l’Etat le plus rapidement possible».
23/04/2013

Les directeurs financiers suisses font confiance à la BNS

Selon un sondage de Deloitte, les directeurs financiers suisses interrogés estiment pour 90% d’entre eux que le franc restera à 1,20 euro, voire plus, au cours des douze prochains mois. Ils n’étaient que 78% à penser la même chose à la fin du quatrième trimestre de 2012. Leurs attentes en matière de croissance des ventes se sont également renforcées pour l’année en cours.
23/04/2013

La reprise de l’immobilier se poursuit aux Etats-Unis

Les ventes de logements neufs ont à nouveau augmenté en mars après avoir diminué le mois précédent, ce qui suggère que la tendance à l’amélioration du marché immobilier reste intacte. Elles ont augmenté de 1,5% en données corrigées des variations saisonnières au taux annuel de 417.000 unités, contre 411.000 en février, correspondant à un recul révisé de 7,6%. Les économistes anticipaient toutefois 420.000. En base annuelle les ventes ont bondi de 18,5%.
23/04/2013

Fort ralentissement de l'activité manufacturière américaine en avril

La croissance de l’activité du secteur manufacturier aux Etats-Unis a inscrit en avril son rythme le moins soutenu depuis six mois, en raison de la baisse de la demande intérieure, laissant penser que l'économie américaine patine au deuxième trimestre, montrent les résultats provisoires de l’enquête mensuelle Markit publiés mardi. L’indice PMI manufacturier est ressorti à 52,0 en avril contre 54,0 attendu par le consensus et 54,6 en mars.
23/04/2013

Le logement a enrayé sa chute au premier trimestre

Le tableau de bord trimestriel de l’Observatoire Crédit logement montre une nette atténuation de la baisse en volume de la production de prêts à l’habitat : -8,7% par rapport au quatrième trimestre 2012 contre une chute de 26,4% sur l’ensemble de 2012. Mais la production s’accompagne d’une hausse sensible (+5,1%) de l’endettement moyen des ménages qui contractent un prêt habitat, ce qui fait que le nombre de crédits accordés connaît une légère hausse par rapport au trimestre précédent.
23/04/2013
Fonds

Assénagon lance un fonds d’actions européennes solides

L’allemand Assénagon Asset Management a créé le 3 avril un fonds de droit luxembourgeois proposant aux investisseurs institutionnels des revenus régulier par un investissement en actions européennes à dividende élevé, sans assumer en totalité le risque de cours. Il s’agit du Assénagon Substanz Europa, qui prévoit une distribution régulière de 4,5 % par an. Ce fonds est agréé pour la vente au Luxembourg, en Allemagne et en Autriche.Le portefeuille sera investi en une cinquantaine de valeurs, sur un univers qui en comporte 600. Ces actions seront équipondérées et le portefeuille sera en permanence couvert partiellement par des options de vente (puts) et par la vente d’options d’achat en dehors de la monnaie.CaractéristiquesDénomination: Assénagon Substanz EuropaCode Isin: LU0819201681Droit d’entrée: 3 %Commission de gestion: 1,5 %
Fonds
23/04/2013

UBP and Guggenheim launch HF platform

P { margin-bottom: 0.08in; } As part of its alternative management development strategy, Union Bancaire Privée (UBP), which one year ago acquired the French firm Nexar, on 22 April announced that it has selected Guggenheim Fund Solutions (GFS) as a partner to develop a single platform which will allow client sto access a selection of dynamic and high-potential hedge fund managers, as well as a new-generation IT system which meets the requirements of investors for transparency, governance and reduction of structural risks.More specifically, UBP uses its strong experience in hedge fund investment to identify, select and track the best managers operating on the GFS managed account platform. At this time, 14 accounts are already active on the new fund platform; the bank is aiming for 30 by the end of 2013.
23/04/2013

Martin Currie selects Kinetic as a provider in Luxembourg

P { margin-bottom: 0.08in; } The Luxembourg Sicav Martin Currie Global Funds (USD500m), an affiliate of the Scottish firm Martin Currie, has selected Kinetic Partners as a provider of management company services, or ManCo services, for its range of UCITS-compliant funds, Funds Europe reports.
23/04/2013

RBC Investor & Treasury wins UCITS mandate

P { margin-bottom: 0.08in; } RBC Investor & Treasuries Services, an affiliate of the Royal Bank of Canada, on 22 April announced that it has won a UCITS mandate from Polen Capital Management, primarily to provide fund custody and administration services and services to shareholders. Assets under custody at RBC Investor & Treasury Services total about USD2.9trn.
23/04/2013

Fitch updates criteria and ratings scale for AMCs

P { margin-bottom: 0.08in; } Fitch Ratings on 22 April published an update to its criteria and ratings scale for asset management firms.Among the modifications made by the agency are a new five-point descriptive sale, new ratings definitions which explicitly label managers according to the standards practised by institutional investors, with more explicit ratings attributes for each of 30 ratings factors, and an introduction of ratings outlooks, which indicate the direction that a rating may take over a two-year period.The ratings resulting from these modifications will be communicated separately at a later date, Fitch Ratings says, but it does not expect major changes for the 55 asset management firms it rates.
23/04/2013

FTT may cost US MMFs up to USD35bn

P { margin-bottom: 0.08in; } The financial transaction tax proposed by 11 euro zone countries may cost US money market funds up to USD11bn, according to the first quantitative analysis of the impact of this tax on the US fund sector, undertaken by ICI Global.According to the study, the FFT may lead to the disappearance of transactions completed as part of hedged repurchase agreements between US money market funds and French and German banks. As of the end of 2012, these transactions represented about USD1.39bn.On the basis of a renewal of repurchase agreements every seven years, the cost would be at leat USD7bn on the basis of assets of USD139bn. In the event of one-day maturity, the FFT would represent a cost on the order of USD35bn.In this context, Luxembourg on 22 April announced, through its finance minister, Eric Frieden, that it would be supporting the United Kingdom’s appeal against the financial transaction tax.“We are very understanding of the position of the United Kingdom … We will certainly support the case which has been brought before the European Court of Justice,” Frieden said at a banking conference in the City of London, according to reports by the news agency Reuters.
23/04/2013

WisdomTree preparing German equity ETF hedged for currency risks

P { margin-bottom: 0.08in; } Index Universe reports that WisdomTree has submitted a new license application to the SEC (following the one of July 2011) for the WisdomTree Germany Hedged Equity Fund, an ETF focused on German equities, which replicates an in-house index weighted by dividends.In order to be included in the index, shares are required to have been issued by a company listed in Germany, but which realises less than 80% of its earnings in Germany. They are also required to have paid at least USD5m in cash dividends in the previous fiscal year, and must have a market capitalisation of over USD1bn.In the index, the shares are weighted according to their cash dividends, with the ones that distribute the highest dividends accorded a greater weight. The allocation limit is set at 25% of the portfolio per sector.
23/04/2013

Assénagon launches fund of solid European equities

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 German firm Assénagon Asset Management on 3 April created a Luxembourg-registered fund which offers institutional investors a source of regular income from investment in European equities that pay high dividends, without assuming the entirety of share price risks. The product is the Assénagon Substanz Europa, which aims to distribute 4.5% per year in dividends. The fund is licensed for sale in Luxembourg, Germany and Austria.The portfolio will invest in 50 shares, out of a universe that includes 600. These equities will be equally weighted, and the portfolio will be hedged on an ongoing basis with the use of puts and out-of-the-money calls.CharacteristicsName: Assénagon Substanz EuropaISIN code: LU0819201681Front-end fee: 3%Management commission: 1.5%
23/04/2013

Henderson Global Investors recruits for European small cap equity team

P { margin-bottom: 0.08in; } Henderson Global Investors on 22 April announced that it has appointed Rory Stokes, who joined the European Equity team at the end of March 2013. Stokes comes as an addition to the Small & Mid Cap team, as a small cap equity analyst. He will be based in London, and will report to Ollie Beckett, manager of the Henderson Horizon Pan European Smaller Companies and Henderson Gartmore Pan European Smaller Companies funds. Overall, the European small cap equity team led by Beckett has nearly EUR1bn in assets under management as of 30 March 2013. Stokes has more than 12 years of professional experience in investment. He began his career in 2001 as an analyst at Holt and Credit Suisse, and then joined Liberum Capital in 2007 as a vendor of European small and midcaps.
23/04/2013

RWC recruits from Marathon AM

P { margin-bottom: 0.08in; } Louise Keeling, who spent six years at Marathon Asset Management as a global equity manager, has been recruited by RWC Partners to set up a global equity unit, Citywire reports.RWC states that Keeling uses a stock-picking approach (bottom-up), and that a number of recruitments for Keeling’s team will be announced in the near future.
23/04/2013

Ameriprise in the running to acquire SWIP

P { margin-bottom: 0.08in; } The parent company of Threadneedle Investments, Ameriprise, is reportedly in the running to potentially take over Scottish Widows Investment Partenership (SWIP), the asset management unit of Lloyds Banking Group, the Sunday Times reports. Last week, the British group announced that it was studying the possibility of selling its asset management activities (Newsmanagers of 22 April), and that it had asked Deutsche Bank to assist it with that process. Aberdeen Asset Management, perceived as a potential buyer, has claimed, in the person of its CEO Martin Gilbert, that it is not interested in such an operation, whose risks outweigh the advantages, from his point of view. Assets under management at SWIP total about GBP117bn.
23/04/2013

AUM at Brooks Macdonald up 7.6% in Q1

P { margin-bottom: 0.08in; } The wealth management firm Brooks Macdonald reported growth in its assets under management of 7.6% n first quarter, to GBP4.97bn, compared with GBP4.62bn as of the end of December 2012, according to an interim report published by the group. Assets advised fell 1.4% to GBP352m.Real estate activities, a part of Braemar Estates, saw an increase in their assets under administration of nearly 12%, and topped GBP1bn, at GBP1.004bn, compared with GBP897m at the end of fourth quarter 2012.
23/04/2013

OPCI market up 22% in 2012

P { margin-bottom: 0.08in; } According to the annual Philinx-IETF survey undertaken in first quarter, the OPCI fund market represented EUR28bn in gross assets as of the end of 2012, an increase of 22% compared with 2011, and a new record. The survey finds that the OPCI market continues to be dominated by RFA OPCIs, “either as dedicated funds or club deals, which represent EUR27bn in gross assets.” These figures may be compared with the levels of gross assets held by SIICs as of the end of 2012, totalling about EUR85bn, as both are essentially institutional investment vehicles. In the past five years, RFA OPCIs have accounted for most growth in indirect ownership of real estate by institutional investors. IEIF states that this strong growth is due to the dynamism of the 20 asset management firms that are particularly active in the area of these regulated institutional vehicles, including collective management entities such as Amundi Immobilier and La Française REM, asset management firms related to major insurance companies, such as Groupe Crédit Agricole, Groupe Allianz, and pure players such as Viveris REIM. The survey also finds growth in asset management firms affiliated to publicly-traded realty firms such as Foncières des régions and Icade. The year 2012 saw rapid growth for retail OPCIs, whose capitalisation increased by EUR248m, to EUR854m as of the end of the year, in a trend supported by the launch of the Selectiv’immo fund from Axa REIM and the OPCIMMO from Amundi Immobilier. IEIF states that their size remains modest compared with SCPI vehicles, whose capitalisation totalled EUR27bn as of the end of 2012, and which saw net inflows of EUR2.50bn in 2012.
23/04/2013

Assets under management at Brooks Maconald up 7.6% in first quarter

P { margin-bottom: 0.08in; } The wealth management firm Brooks Macdonald reported growth in its assets under management of 7.6% n first quarter, to GBP4.97bn, compared with GBP4.62bn as of the end of December 2012, according to an interim report published by the group. Assets advised fell 1.4% to GBP352m. Real estate activities, a part of Braemar Estates, saw an increase in their assets under administration of nearly 12%, and topped GBP1bn, at GBP1.004bn, compared with GBP897m at the end of fourth quarter 2012.
23/04/2013

Erste Sparinvest recruits CIO from Macquarie

P { margin-bottom: 0.08in; } Since the beginning of April, the Austrian asset management firm Erste Asset Management has announced, Gerold Permoser has become the group’s chief investment officer, responsible for all asset management activities (Erste AM and Erste Sparinvest) and investment strategy for all investment funds in Austria, Germany, Croatia, Romania, Slovakia, the Czech Republic and Hungary.Permoser was previously CIO at Macquarie Investment Management Austria KAG.He replaces Harald Egger, who has been apppointed as head of equity fund management, an area he will be responsible for developing.
23/04/2013

Blackstone acquires Strategic Partners from Credit Suisse

P { margin-bottom: 0.08in; } The investment fund Blackstone on 22 April announced that it would be acquiring Strategic Partners, a private equity affiliate of the bank Credit Suisse, for an undisclosed total. Assets under management at Strategic Partners total USD9bn, a statement says. The transaction is “subject to rigorous approval conditions” and is expected to be finalised by the end of third quarter.Strategic Partners “complements the existing activities of Blackstone,” says Tony James, chief operating officer at Blackstone, cited in a statement, adding that “Many of us here at Blackstone have in the past been colleagues of the team at Strategic Partners, and that gives us confidence that our business cultures will marry well.”The sale is part of a plan by Credit Suisse to sell off business units announced on 18 July 2012, the statement says. Strategic Partners, founded in 2000, is a specialist in secondary private equity investment, with a team of 26 people.
23/04/2013

Stenham AM launches two hedge fund firms

P { margin-bottom: 0.08in; } Stenham Asset Management has launched two funds of hedge funds, Stenham Credit Opportunities and Stenham Healthcare, according to a statement from the firm. Stenham Credit, launched on 1 January with USD21m, has earned 3.44% since the beginning of the year. The fund is aiming for annual returns of 8% to 12%. The fund includes long/short credit, structured credit and distressed debt strategies, which are often not easily available to traditional investors. The fund invests in 6 to 10 conviction managers, and offers quarterly liquidity. The other fund also offered at the same time, Stenham Healthcare, with USD15m, has gained 7.48%. This concentrated fund also targets double-digit annual returns. It has 6 to 10 managers with good track records. It offers monthly liquidity.

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