Safran s’est allégé de plus de moitié dans Ingenico tandis qu’un fonds a vendu pour 914 millions d’euros de titres Volkswagen. Les placements accélérés de blocs d’actions en Europe connaissent leur plus fort démarrage en 2013 depuis huit ans à la faveur du calme retrouvé des Bourses.

L'Eurogroupe crée un précédent en conditionnant son aide à la ponction d'une taxe sur les dépôts

Rome a racheté pour 2,85 milliards d'euros d'obligations italiennes à échéances 2015 et 2017. L'opération permet à l'Italie de lisser ses maturités

Le quotidien met en lumière le succès dans un marché pourtant délicat du fonds alternatif Hengistbury Investment Partners, lancé l’an passé par l’un des fondateurs de TCI, Stuart Powers. Les actifs sous gestion ont doublé à 750 millions de dollars. Le fonds n’accepte plus désormais d’apports que de la part de clients existants.

L’autorité américaine des marchés de matières premières est en cours d’enquête concernant de potentiels distorsions de marchés de la part des traders haute fréquence ayant recours à des ordres simultanés d’achat et de vente à terme, selon le journal qui cite des sources proches. De telles opérations seraient illégales car elles véhiculent de fausses informations sur les prix de marché.

Arnaud Simon, gérant de portefeuille de La Banque Postale lors d’une table ronde organisée par amLeague et Newsmanagers : Nous, nous ne nous intéressons qu’aux actifs longs de diversification. Nous n’avons pas de variable obligataire opérant comme un coussin. Notre activité consiste à investir sur des actions, la gestion alternative, des matières premières et des sujets plus longs encore comme le private equity, l’immobilier et les infrastructures. Nous sommes investisseurs long terme sur des actifs risqués. Nous pilotons donc notre allocation et nous allons pouvoir le faire sur les actions, sur la gestion alternative qui est un sujet moyen et long terme ; le private equity et l’immobilier qui sont classés de très long terme. Sur 2012, nous sommes restés globalement assez investis toute l’année. On l’est encore maintenant. Nous avons piloté notre allocation en prenant nos profits quand le marché nous en donnait la possibilité. Cela a été le cas en début d’année 2012. Au 1er trimestre, nous avons écrêté et pris nos plus-values. Ensuite est venue la baisse, assez rapide et forte. Nous avons remis du risque avant l’intervention de Draghi dans les portefeuilles, avec des actions, des actions émergentes, américaines et européennes. Il se trouve que quelques mois après, ce mouvement a été profitable. De nouveau, nous nous retrouvons dans une position où nous avons des profits à dégager, ce qu’on a fait en début d’année. Notre position actuelle est de dire que du chemin a été fait en un an. Nous jouons globalement une normalisation sur le marché financier et avons pris nos profits par prudence. Maintenant, nous guettons le moment où nous allons remettre encore un peu de risque sur notre portefeuille actions. Nous sommes complètement diversifiés même si la Banque Postale est un acteur français. Il est vrai que nous avons un biais zone euro, autour de 50 à 60%. Nous avons aussi une diversification internationale avec des actions émergentes, japonaises, américaines, et de l’Asie développée également. Nous pilotons également l’allocation géographique.

Le président de l’Autorité des marchés financiers a été élu en tant que membre du comité de direction de l’Esma. Le «management board» de l’Autorité européenne des marchés compte sept membres. Le mandat de Gérard Rameix au sein de cette instance court jusqu’en octobre 2014.

Les déposants des banques chypriotes pourraient être taxés d’une manière ou d’une autre pour participer au programme de réduction de l’endettement de l'île, les dirigeants ayant rejeté l’idée de leur faire supporter des pertes, ont dit des responsables européens. Puiser directement dans les dépôts pourrait être difficile d’un point de vue légal et ferait porter le risque d’une perte de confiance dans les banques partout en Europe, selon les officiels. Un Eurogroupe extraordinaire a débuté cet après-midi pour évoquer le sauvetage de Chypre.

L’Agence France Trésor annonce l’adjudication, le lundi 18 mars, d’un montant global compris entre 6,4 et 7,6 milliards d’euros de bons du Trésor (BTF). Le jeudi 21 mars, ce sera le tour d’une adjudication d’un montant compris entre 7 et 8 milliards d’euros d’obligations assimilables du Trésor (OAT) de maturité moyenne, dont une nouvelle ligne de référence à deux ans. Elle adjugera le même jour entre 1 et 1,5 milliard d’obligations indexées sur l’inflation française (OATi) et sur l’inflation de la zone euro (OATei). L’opération à taux fixe portera sur la nouvelle ligne d’OAT 0,25% novembre 2015 et sur l’OAT 1,0% mai 2018.

P { margin-bottom: 0.08in; } According to José María Marcos, CEO of the “entities” department at the CNMV, 28 of the 105 Spanish asset management firms posted losses in 2012, Funds People reports. Total pre-tax profits came to EUR286m, compared with EUR278m in 2011 but they were 62% lower than their 2007 levels (EUR771m). Returns on owners’ equity (ROE) totalled 20.1%, where they had been 60.5% five years previously.The regulator also found that revenues from management commissions last year fell 5.7% to EUR1.416bn, and that the average management commission fell to 0.87% from 1.08% in 2011.

P { margin-bottom: 0.08in; } After the United Kingdom, France and Germany, the four minimal volatility ETFs lauched recently by iShares have been admitted to trading on the Spanish stock exchange. They are the iShares MSCI Europe Minimum Volatility, iShares MSCI World Minimum Volatility, iShares MSCI Emerging Markets Minimum Volatility and iShares S&P 500 Minimum Volatility.

P { margin-bottom: 0.08in; } The CNMV has registered the Wealth Preservation USD wealth management sub-fund of its Luxembourg Sicav Schroders International Select Fund (ISF), the British firm Schroders reports in a statement published by Funds People. Sales of the product, managed by Malcolm Melville (see Newsmanagers of 5 February) have now begun in Spain.

P { margin-bottom: 0.08in; } According to the HFR Market Microstructure Industry Report, average management and performance (incentive) commissions for hedge funds in 2012 were down to 1.56% from 1.57%, and 18.54% from 18.71% in 2011, respectively. Funds launched in 2012 had average management commissions of 1.62%, compared with 1.61% for the 2011 vintage, and the average performance commission dipped to 17.74% fro 18.08% the previous year, Hedge Fund Research (HFR) states.Meanwhile, the survey reports that 2012 brought the launch of 1,108 hedge funds, compared with 1,113 in 2011, while the number of liquidations increased to 873, from 775. This is the highest attrition rate in the sector since 2009, when more than 1,000 hedge funds were liquidated.

P { margin-bottom: 0.08in; } Andrea Sturm, most recently director of sales & relationship management at the depositary banking unit at Portigon (formerly WestLB), has been recruited as head of sales for asset servicing activities at BNY Mellon for the German-speaking countries, and for central and eastern Europe. She will report to Thomas Brand, head of investment services for these regions.

P { margin-bottom: 0.08in; } Frank W. Straatman, CEO in charge of private mandates at Feri Trust GmbH, has been appointed as a managing board member at Feri AG, a body which has been extend to four people. He joins Arnd Thorn (chairman), Matthias Klöpper (finances) and Heinz-Werner Rapp (CIO).Straatman joined the Feri group in 2001, and has been a board member at Feri trust since 2006.Feri AG is part of the MLP group, with whom it has assets under management or administration of EUR21bn.

Credit Suisse Group cesse l’activité de sa filiale Asset Management Finance qui investissait dans des hedge funds et d’autres sociétés de gestion, en réponse aux règles plus sévères pour les banques, rapporte le Wall Street Journal. Le groupe voulait vendre une partie de son portefeuille à Blackstone et Carlyle, mais sans succès. Aussi la banque conservera la filiale mais ne fera plus d’investissements. De ce fait, la plupart des dirigeants de la structure sont partis. Le portefeuille d’AMF inclut des participations dans Reservoir Capital Group et Brigade Capital Management.

P { margin-bottom: 0.08in; } Credit Suisse Group is winding down the activities of its affiliate Asset Management Finance, which had invested in hedge funds and other asset management firms, in response to stricter rules governing banks, the Wall Street Journal reports. The group had sought to sell a part of its portfolio to Blackstone and Carlyle, but were unsuccessful. The bank will retain the affiliate, but will no longer make investments. As a result, most of the management of the structure have left. The portfolio at AMF includes stakes in Reservoir Capital Group and Brigade Capital Management.

P { margin-bottom: 0.08in; } Tom Keaney, global CEO for the investment services unit at BNY Mellon, has added two global CEOs for the asset servicing and depository receipts divisions, with the promotions of Samir Pandiri, who had previously been CEO Americas asset servicing, and Chris Keams, previously deputy CEO for the division.Lou Maiuri, for his part, will report to Pandiri as deputy CEO for global asset servicing, while retaining his role as head of the global financial institutions group within the asset servicing activity, alternative investment services group and asset servicing activities for Latin America.Michael Cole-Fontayn, who had been head of the depositary receipts division worldwide since 2008, will now focus full-time on his activities as chairman of Europe, Middle East & Africa, and as a member of the executive board at BNY Mellon. With the investment services unit and the creation of an integrated front office, BNY Mellon is uniting operations in a single entity positioned for various stages of the investment cycle, Keaney says.

P { margin-bottom: 0.08in; } External assets under management by the Generali insurance group last year increased 14.4% to EUR96.38bn, compared with EUR88.20bn previously, according to statistics released on 14 March at a publication of annual results by the Italian group. Operating profits at the financial group rose 21.7%, to EUR408m, while the operating ratio improved to 69%, from 73.2% previously. As of 31 December 2012, investments by Generali totalled EUR392.7bn, up 11.2% year on year. The group last year continued its policy of reducing sensitivity to risk for all portfolios. Exposure to bonds increased to 81.1% compared with 77.6% as of the end of 2011, while exposure to equities was reduced to 4.6% from 5.5%.

P { margin-bottom: 0.08in; } From 18 March, indices replicated by the Market Vectors Agribusiness and Market Vectors Solar Energy ETFs from Van Eck Global will be in-house products, the Market Vectors® Global Agribusiness Index and Market Vectors® Global Solar Energy Index, replacing the DAXglobal® Agribusiness Index ad Ardour Solar Energy IndexSM.The indices were developed by a German affiliate of Van Eck Associates Corporation, Market Vectors Index Solutions GmbH.

P { margin-bottom: 0.08in; } The asset management firm Cortal Consors on Thursday, 14 March announced the arrival of Fabrice Flet as CEO of Cortal Consors France, replacing Benoît Gommard, who is taking on new responsibilities within the BNP Paribas group.Flet is also head of BNP Paribas Personal Investors France, and a member of the executive board at BNP Pariba Personal Investors, a statement says.Flet joined the BNP Paribas group in 1991, and in 1994 joined Cortal Consors France. In 2005 he was CEO of Cortal Consors Spain, and in April 2012 became deputy CEO of Cortal Consors France.

P { margin-bottom: 0.08in; } Neuberger Berman has closed its second co-investment fund, with USD1.1bn in assets. The NB Strategic Co-Investment Partners Fund II, which will invest in all global regions including Asia-Pacific, had an initial objective of USD750m. The Fund II already has nine investments in its portfolio, for a total of about USD185m, in Latin America, the United States and Europe.

P { margin-bottom: 0.08in; } In 2012, 873 hedge funds were liquidated, out of a total of 9,800, compared with 775 in 2010, the Financial Times reports, citing HFR. It is the third consecutive year in which the number of hedge funds closed has risen. Meanwhile, in 2012, 1,108 hedge funds were launched, down slightly compared with 2011.

P { margin-bottom: 0.08in; } Amundi has opened a representative office in Stockholm, the Swedish website Fondsbraschen reports. The objective for the office is to sell ETFs from the French asset management firm to Nordic clients. As a part of that endeavour, Björn Sandberg has been recruited as head of the Amundi Sweden representative office and head of ETF Client Relationships for the Nordic region.

P { margin-bottom: 0.08in; } Ian Pollock has joined ABN Amro as director of the private bank for Asia. He left VP Bank in October Asian Investor states. He will begin in his new role on 13 May. He will be responsible for the private bank in China, Taiwan, Hong Kong and the Philippines. Pollock is based in Hong Kong, and in his new position replaces Arjan de Boer, who has been promoted to a global operational role in the management of ABN Amro.

P { margin-bottom: 0.08in; } Alcentra Limited, a boutique of BNY Mellon Asset Management, has appointed Jack Yang to the position of managing director of development for the Americas. Michael Johnson meanwhile becomes managing director and head of UK direct lending. Yang had previously been head of business development at Onex Credit Partners and Highland Capital. Johnson most recently served as head of European leveraged capital markets at Cantor Fitzgerald.

P { margin-bottom: 0.08in; } A planned tax on financial transactions (FTT) limited to 11 countries of the European Union has come in for criticism by the European Fund and Asset Management Association (EFAMA). According to estimates by the professional association, the new version of the FTT would have cost EUR13bn if the tax had been applied from the beginning of 2011. This total includes EUR7.3bn coing from countries in the FTT area, and EUR5.7bn from the non-FTT area.At a time when governments are expected to do more to encourage long-term financial savings and reduce dependency on the state to finance retirement, “the planned FTT is a move in the opposite direction, and punishes savers,” EFAMA claims. The application of FTT in a limited number of member states will lead to discussions about competition within the single European market which will lead asset management activities to move out of the FTT area.EFAMA “strongly opposes the FTT, which investors will have to pay (at least) twice, and which will considerably reduce the attractiveness of savings in funds and pension programmes. The result will be totally unjustified with regard to the important social role which investment funds play, and the international reputation acquired by UCITS funds as a model of excellence on the long-term savings market,” Peter de Proft, CEO of EFAMA, says.

P { margin-bottom: 0.08in; } The co-heads of European real estate funds at Carlyle, Eric Sasson and Robert Hodges, are leaving the firm, according to a letter to investors obtained by the Financial Times. The move has provoked anger on the part of investors in one fund, which has seen heavy losses. The second fund, raised in 2004, will pay only USD0.40 on each dollar invested.

P { margin-bottom: 0.08in; } Assets under management at the largest bank in Liechtenstein, LGT, increased 18% last year to CHF102.1bn, due to the good performance of its investments and net inflows of CHF10.5bn, up 12% year on year, according to a statement released on 14 March. LGT last year tripled its profits to CHF216m, compared with CHF70m the previous year. This rebound is partly due to a basic effect, as the bank saw a 52% fall in its profits the previous year due to one-time charges related to the sale of its German affiliate. Last year, LGT also extended its activities in the Middle East, opening an affiliate in Dubai, which offers private banking services, particularly in the eastern Mediterranean, Turkey, and Africa. The bank also took over insurance-related investment activities from the wealth management firm Clariden Leu.