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13/02/2013

Paris doit revoir sa trajectoire budgétaire

Le rapport annuel de la Cour des comptes confirme que l’objectif de 3% de déficit en 2013, basé sur des recettes fiscales et une hypothèse de croissance très optimistes, est intenable. La dette devrait aussi dépasser les 90% du PIB et continuer à augmenter en 2013 et 2014.
13/02/2013

La taxe Tobin visera la City

Le quotidien cite un projet que dévoilera demain la Commission européenne prévoyant que la taxe Tobin européenne sur les transactions financières frappera bien les transactions dans l’ensemble de l’Union européenne. «Plus d’exception pour la City» avance le quotidien. «La faille se referme», précise-t-il, évoquant l’impossibilité d’échapper à la taxe en recourant pour le vendeur ou l’acheteur à un intermédiaire outre-Manche.
13/02/2013

Tokyo renforce la surveillance de son taux interbancaire

L’association bancaire japonaise va selon le quotidien, qui ne cite pas ses sources, renforcer les mesures destinées à empêcher toute manipulation du taux interbancaire Tibor (Tokyo interbank offered rate). Une instance indépendante pourrait être mise en place. Le nom des banquiers impliqués dans la procédure de détermination du taux sera formellement enregistré.
13/02/2013

Le Japon assouplit les règles d’IPO

Le quotidien, qui cite des sources gouvernementales anonymes, assure que Tokyo entend promouvoir la vente de titres particulièrement de la part de sociétés nouvelles et en forte croissance. Le nombre d’actionnaires requis notamment ou la période de détention obligatoire des titres (lockup) actuellement de six mois pourraient être revus à la baisse.
13/02/2013

Le CME est ouvert à un rapprochement

Le quotidien évoque des commentaires à des investisseurs de la part du directeur général de l’opérateur, Phupinder Gill. Le dirigeant se dit ouvert à une opération «transformante» qui aurait un sens pour ses clients. Il ne voit pour l’heure pas d’avantages pour le CME à passer en des mains privées.
12/02/2013

Olli Rehn écarte un PSI pour Chypre

Bruxelles ne prépare pas de plan de restructuration de la dette chypriote, susceptible d’entraîner des pertes élevées pour les investisseurs, a déclaré mardi Olli Rehn, le commissaire européen aux Affaires économiques et monétaires. «La Commission européenne n’envisage aucune option PSI pour Chypre», a-t-il souligné, ajoutant que la Grèce était «un candidat particulier et un cas unique».
12/02/2013

Moody's abaisse la note de l'Egypte à B3

L’agence de notation a révisé à la baisse la note de crédit à long terme de l’Egypte, qui passe de B2 à B3, ajoutant qu’elle pourrait l’abaisser encore davantage. La dégradation reflète une situation de tensions politiques persistantes et une récente escalade de l’agitation sociale, précise l’agence dans un communiqué.
12/02/2013

L'Allemagne veut limiter l'aide européenne aux banques

Le fonds de secours de la zone euro doit limiter ses prêts pour la recapitalisation des banques à moins de 80 milliards d’euros, a estimé mardi le ministre des Finances allemand Wolfgang Schäuble. Les dirigeants de l’Union européenne ont accepté en juin que le MES puisse recapitaliser directement les banques en difficulté mais les pays sont divisés au sujet de son fonctionnement.
12/02/2013

BNP Paribas suspend les souscriptions sur un fonds agricole

La banque a confirmé à L’Agefi qu’elle avait suspendu depuis le 11 février les souscriptions sur le fonds Parvest World Agriculture, le plus exposé de sa gamme aux matières premières alimentaires. Une décision prise «par principe de précaution» et après la publication hier par l’ONG Oxfam d’un rapport sur les activités des banques françaises sur le marchés de matières premières agricoles. BNP Paribas avait déjà suspendu 3 ETF fin 2011 pour ces mêmes motifs. Parvest World Agriculture affichait 159 millions d’euros d’encours à fin janvier.
12/02/2013

L'Opep remonte ses prévisions sur la demande de pétrole

L’Organisation des pays exportateurs de pétrole (Opep) a estimé mardi dans son rapport mensuel que la croissance de la demande mondiale de pétrole en 2013 serait plus importante que ce qu’elle avait prévu en janvier. La consommation de pétrole devrait augmenter de 840.000 barils par jour (bpj) cette année, soit 80.000 de plus que ce qu’annonçait le précédent rapport de l’organisation.
12/02/2013

Le G7 avertit sur les changes

Les pays du G7 ont réaffirmé mardi leur engagement en faveur de taux de change déterminés par les marchés et ont souligné que les politiques budgétaires et monétaires ne devaient pas avoir pour objet une dévaluation des devises, sans pour autant désigner spécifiquement des comportements répréhensibles. Le communiqué du G7 fait suite aux craintes de «guerre des monnaies» suscitées notamment par la politique monétaire agressive du Japon qui a entraîné une forte dépréciation du yen sur les marchés des changes depuis trois mois. Alors que Tokyo a souligné l’absence de mention le concernant dans le communiqué, un responsable du G7 cité par Reuters a assuré néanmoins que le document visait à exprimer une préoccupation face au pilotage unilatéral du yen. Le président de la Banque centrale européenne, Mario Draghi, a estimé pour sa part qu'évoquer une «guerre des monnaies» relevait de l’exagération.
Photo: Alessia Pierdomenico/Bloomberg
12/02/2013
Fonds

Francfort cote 1.025 ETF grâce à cinq produits iShares

Avec l’admission à la négociation de quatre ETF actions et d’un ETF obligataire d’iShares, la cote du segment XTF de la plate-forme électronique Xetra, atteint à présent les 1.025 références, a annoncé la Deutsche Börse le 11 février. Ces produits sont tous des fonds de droit allemand.Caractéristiques Dénomination : iShares MSCI Emerging Markets Minimum VolatilityCode Isin : DE000A1KB2B3TFE : 0,40 %Indice de référence : MSCI Emerging Markets Minimum Volatility IndexDénomination : iShares MSCI Europe Minimum VolatilityCode Isin : DE000A1KB2C1TFE : 0,25 %Indice de référence : MSCI Europe Minimum Volatility (EUR)Dénomination : iShares MSCI World Minimum VolatilityCode Isin : DE000A1KB2D9TFE : 0,30 %Indice de référence : MSCI World Minimum Volatility IndexDénomination : iShares S&P 500 Minimum VolatilityCode Isin : DE000A1KB2E7TFE : 0,20 %Indice de référence : S&P 500 Minimum Volatility IndexDénomination : iShares Global High Yield BondCode Isin : DE000A1KB2A5TFE : 0,50 %Indice de référence : Markit iBoxx Global Dev High Yield Capped Index
Fonds
12/02/2013
Fonds

Burlington LM lance une OPA sur des parts du SEB ImmoInvest

L’irlandais Burlington Loan Management Ltd a lancé une offre publique d’achat valable jusqu’au 27 février sur un maximum de 2.885.000 actions du fonds immobilier offert au public ImmoInvest (*) que le francfortois SEB Asset Management a décidé de liquider d’ici au 30 avril 2017.Le prix offert est de 26 euros en numéraire par titre, ce qui représente au total un volume légèrement supérieur à 75 millions d’euros pour l’OPA. Mais la prime est limitée par rapport au cours boursier des titres (25,61 euros euros à 12h le 11 février, indique Das Investment) et le montant offert peut être révisé à la baisse si le cours diminue de plus de 2,60 euros.Par ailleurs, SEB Asset Management indique avoir signé le contrat de vente de l’hôtel 5 étoiles Grand Hyatt de Berlin (342 chambres et suites) au qatari Al Rayyan Tourism and Investment (ARTIC), investisseur auquel a déjà été récemment cédé l’hôtel Maritim de Hambourg. Cet actif provient lui aussi du portefeuille du SEB ImmoInvest et fait partie des 19 immeubles de l’ensemble Quartier Potsdamer Platz. Le montant de cette transaction n’a pas non plus été divulgué.(*) DE0009802306
Fonds
12/02/2013

Record assets for tracker funds, FoFs and ethical funds

As of the end of 2012, Daniel Godfrey, CEO of UK’s Investment Management Association (IMA) says, tracker funds, funds of funds and ethical funds have all posted record assets under management, with GBP57.4bn (compared with GBP42.3bn as of the end of 2011), GBP71.2bn (compared with GBP60.3bn), and GBP7.50bn (compared with GBP6.68bn), respectively.Retail net subscriptions last year totalled GBP3.4bn, compared with GBP5.2bn in 2011 for funds of funds, GBP1.5bn comapred with GBP2.1bn for tracker funds, and GBP0.02bn, compared with GBP0.2bn for ethical funds, which had their lowest inflows since 1992.
12/02/2013

Morgan Stanley offers new fund on UCITS platform

Morgan Stanley has announced the launch of a new fund on its UCITS platform, which offers investors exposure to the Diversifed Program from Winton Capital Management, Hedgeweek reports. The strategy is the third in a series of four CTA strategies that Morgan Stanley is hoping to offer in UCITS-compliant format via its partnership with Equinox Fund Management, a multi-management firm specialised in the construction of CTA portfolios.
12/02/2013

Former hedge fund manager avoids prison

A hedge fund manager, Ali Far, who co-operated with a government investigation into insider trading, has avoided a prison sentence, the Wall Street Journal reports. His assistance resulted in the sentencing of at least five people, including Raj Rajaratnam.The former Galleon employee made 24 phone calls for the government, some of them with Rajaratnam.
12/02/2013

Vanguard and BlackRock retain their stakes in guns manufacturers

Vanguard has no plans to sell its stakes in guns manufacturers following a letter from Rahm Emmanuel, the mayor of Chicago, demanding that the asset management firms ban these firms from their portfolios, Financial Times Fund Management reports. Vanguard has a USD41.9m exposure to Smith & Wesson, and USD70.3m to Sturm, Ruger, primarily via its tracker funds. BlackRock is no longer planning to make changes to its investments, FTfm reports.
12/02/2013

Henderson Global Investors sells property in Paris

The Horizon French Property Partnership I.S.C.A. (HFPPI), with the assistance of the Henderson Global Investors company, on 11 February announced that it has sold the D-Light property, foremer headquarters of Prisma Press, located in the 17th district of Paris. The property, with nearly 6,500 square metres of useful area and 100 parking spaces, acquired in mid-2011 by the HFPPI fund dedicated to value-added operations from Pramerica, has undergone significant renovation, to bring it up to the most recent technical and environmental standards (HQE renovation).
12/02/2013

Axa IM designs methodology for analysing countries according to ESG criteria

Axa Investment Managers has developed a methodology to analyse countries according to environmental, social and governance (ESG) criteria, the asset management firm announced on Monday. The new analytical model is based on four criteria: political engagement, environment, social and governance. Each of these criteria is composed of several indicators, which must be objective and measurable, reviewed at least once per year, have a track record of at least 10 years, be global and measure the effectiveness or the results of a policy. For example, for the social criteria, Axa IM has selected information from the United Nations human development index. For the environment, the firm compares CO2 emissions per inhabitant of a country and per purchasing power parity-adjusted GDP. The methodology may be used in two different ways, depending on the desire of investors. The first one aims to reduce reputation risks in a universe dedicated to government bonds. To that end, Axa IM recommends a negative filtering approach. The asset management firm cites the example of a pension fund which wanted to reduce its reputation risks for an existing portfolio of emerging market government debt, focusing on corruption, political stability, and offshore havens. On the basis of an initial universe of 57 EMBIG countries, the reputation risk tool identified 10 government issuers who present a high risk, or 9.7% of the market capitalisation of the universe. The second application is to integrate ESG criteria into an existing portfolio. In another practical example, Axa IM points out that an ESG approach respecting precise risk criteria has an impact on geographic allocation, but improves the ESG performance of a portfolio while having a limited impact on quality or duration.
12/02/2013

Lombard Odier plans hires in Zurich

In an interview with the Sonntagszeitung, Anne-Marie de Weck, partner, has announced that Lombard Odier is planning to increase its personnel in Zurich by 10% this year, finews reports.The private bank has posted double-digit growth in the past few years, both in its personnel and in its assets under management at its second-largest location after Geneva. Personnel total 120, while assets are currently over CHF10bn.
12/02/2013

ESMA to limit risks taken by HF managers

The European Securities Markets Authority (ESMA) on 11 February published its final recommendations on compensation for hedge fund managers (AIFM). The rules will apply to alternative investment fund (AIF) managers, including hedge funds, private equity funds, and real estate funds.Managers of hedge funds from outside the European Union who sell funds to European investors will also be subject to all rules, following a transitional period.Hedge fund managers will be required to introduce balanced and prudent remuneration policies and organisational structures to prevent conflicts of interest which may favour excessive risk-taking. ESMA points out that the recommendations clarify clauses already contained in the AIFM directive.The recommendations will come into force on 22 July 2013.
12/02/2013

Nomura AM Germany recruits for wholesale distribution

Christin Helming, a member of the portfolio management team at Universal-Investment, in early February joined Nomura Asset management Deutschland as senior relationship manager. She will be more particularly responsible for assisting wholesale clients.Her appointment follows the recruitments of Ondrej Pecus for support functions, and Frank Appel (formerly of LGT CM, see Newsmanagers of 17 January) as senior relationship manager in charge of institutional clients.
12/02/2013

Union and Deka sell properties in Germany

The central asset management firm for the German co-operative banks, Union Investment, has announced that its Hamburg-based affiliate, Union Investment Real Estate (UIRE) has sold the office and retail property E1, located in Mannheim, to an institutional fund from Axa Investment Managers Deutschland. The property had been in the portfolio of the open-ended real estate fund UniImmo: Europa since 1999. The sale price has not been disclosed, but UIRE says that it is in a favourable situation, with strong demand for core properties.For its part, Deka Immobilien has also sold an office property for an undisclosed amount to the life insurer Volkswohl Bund Lebensversicherung. The property measures 11,000 square metres and is located at Köthener Straße 4 in Berlin, and had been in the portfolio of the open-ended real estate fund WestInvest Interselect. The sale will allow Deka to continue to optimize its portfolio, which is now intended to focus on larger assets located in major European urban centres.
12/02/2013

German asset managers have launched a lot of diversified funds

According to a survey by the Berlin-based agency Scope, rolling returns on equity markets over the past seven years have reached particularly low levels in the past six years, compared with the MSCI World index, and German asset management firms have adapted to this development by releasing more asset allocation products, including diversified and wealth management funds.Scope reports that in the past three years, it has counted 254 new fund launches in these two categories, whose assets now total about 18% of all assets under management in funds licensed for sale in Germany.
12/02/2013

Returns of 1.03% for UCITS-compliant HFs in January

According to calculations by Alix Capital, the UCITS Alternative Index Global and UCITS Alternative Index Fund of Funds indices have posted respective gains of 1.03% and 1.31% in January. The only strategies to show losses, out of a total of eleven, were event-driven strategies, which show losses of 0.15%, and volatility funds (-1.41%).However, long/short equity, CTA and emerging markets have posted respective returns of 1.98%, 1.96% and 1.69%.Currently, UCITS Alternative indices include 880 UCITS-compliant hedge funds and funds of hedge funds. As of the end of January, assets in UCITS-compliant single hedge funds totalled EUR141bn, compared with EUR140bn as of the end of December. The strongest net subscriptions in January went to fixed income products, followed by multi-strategies and macro funds.
12/02/2013

Investors call for more transparency for derivatives and hedging

The CFA Institute has published a study, entitled “User Perspectives of Financial Instrument Risk Disclosures Under IFRS Volume II- Derivatives and Hedging Activities Disclosures,” which deals with the broader use of derivatives for hedging operations and financial and non-financial sector establishments, and considers the transparency of financial connections surrounding these activities. The report finds that improving communications and information is essential. The study seeks to document the normalisation procedure, which is currently developing, for information to be provided in relation to derivative products, placing the emphasis on the point of view of users. It also aims to encourage businesses to release information which is not necessarily required, but which is useful. The use of derivatives in hedging operations is very widespread at financial and non-financial companies, and recent losses related to hedging operations show the extent to which declarations can be misleading. Following an examination of 30 annual reports from companies subject to IFRS standards and user feedback about the information, the CFA Institute recommeds that presentation be improved, that risks be more exhaustively quantitatively evaluated, and that communications about the use of derivatives and hedging strategies be improved. The study also recommends an improvement in communications on the subject of hedging activities related to financial condition, and estimates that reports should go beyond communicating information about accounting hedges, and provide information about all economic hedging.
12/02/2013

BIS holds consultation on mortgage insurance

The Joint Forum, a body which includes the Basel Committee, the International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Commissions (IOSCO), on 11 February published a consultation document on mortgage insurance issues (“Mortgage Insurance: market structure, underwriting cycle and policy implications.”) “The events of the past few years, particularly those which have occurred as part of the international financial crisis which began in 2007, indicate that mortgage insurance is subject to significant stress in the most severe tail events,” the BRI observes in a statement. The Joint Forum studies interactions between mortgage insurers, originators and subscribers, and proposes a series of recommendations, which may reduce the probability of periods of stress in mortgage insurance activities. The consultation will remain open until 30 April.

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