Pékin a présenté hier les contours d’un vaste plan de réorganisation gouvernementale qui prévoit notamment la division par deux du nombre d’agences de niveau ministériel et la dissolution du puissant mais impopulaire ministère des Chemins de fer. Il est par ailleurs prévu de renforcer les pouvoirs des régulateurs dans les domaines de l’alimentation et des médicaments.

L’agence de notation a abaissé la note souveraine de l’Italie, la ramenant de A- à BBB+, évoquant des élections législatives qui n’ont pas abouti à une majorité claire et le risque que la récession qui frappe le pays soit plus longue que prévu. Elle a assorti sa note d’une perspective négative. Elle pourrait encore abaisser cette note si la récession devait s’aggraver. «Les résultats peu concluants des législatives italiennes des 24 et 25 février font qu’il est improbable qu’un nouveau gouvernement stable puisse être constitué dans les prochaines semaines», souligne Fitch. «Le quatrième trimestre 2012 confirme que la récession en cours en Italie est l’une des plus profondes en Europe», ajoute l’agence. Fitch anticipe une contraction du PIB de 1,8% cette année en Italie, après 2,4% en 2012. L’annonce de Fitch a provoqué un repli de l’euro et une progression des rendements des obligations italiennes sur le marché secondaire mais les marchés ont été dans l’ensemble peu réactifs.

Selon le bureau national des statistiques, la production industrielle chinoise a grimpé de 9,9% sur les deux premiers mois de 2013, par rapport à la période comparable de l’année précédente. Le panel Bloomberg tablait sur une progession de 10,6% en rythme annuel entre les mois de janvier et février après 10,3% en décembre.

Dans un rapport tout juste publié, Moody’s préconise une analyse détaillée des structures de crédit complexes mises en place par les sociétés chinoises pour émettre des obligations offshore. «Ces structures ont permis de soutenir la qualité de crédit des émetteurs concernés grâce à une documentation approfondie», souligne l’agence, en ajoutant qu’il semble néanmoins indispensable d’examiner ces transactions au-delà de l’angle contractuel «afin de comprendre ce qui motive une société-mère à soutenir une filiale qui émet ce type de dette». Moody’s estime également important d’analyser les problèmes légaux et réglementaires posés par ces opérations, notamment en ce qui concerne les lettres de crédit et les garanties apportées. L’agence a jusqu’ici noté 20 obligations de ce type émises par 14 sociétés chinoises, représentant l’équivalent de 10,4 milliards de dollars et qui sont notées, pour 17 d’entre elles, en catégorie investissement.

SCOR a conclu un protocole d’accord aux fins d’investir dans la société MRM, société foncière soumise au régime des sociétés d’investissements immobiliers cotées (« SIIC ») détenant un portefeuille mixte d’immeubles de commerces et de bureaux, et de prendre son contrôle en vue de recentrer son activité vers la détention d’un portefeuille cohérent d’actifs de commerces. La nouvelle stratégie souhaitée par SCOR pour MRM vise à améliorer le taux d’occupation des actifs, à ramener le ratio d’endettement à un niveau raisonnable pour éviter tout problème de liquidité à moyen terme, et à restaurer la rentabilité de la société. Afin de mener à bien ces objectifs, la réalisation du programme d’investissements sur les actifs maintenus en portefeuille sera poursuivie simultanément à un plan de cession portant plus particulièrement sur les immeubles de bureaux. L’investissement de SCOR, qui prend la forme d’une augmentation de capital souscrite en numéraire comprise entre EUR 41 et 54 millions selon le taux de conversion des obligataires de MRM, s’accompagne d’un désendettement de la société et de la mise en place d’une structure financière pérenne négociée en amont de l’entrée de SCOR au capital de MRM. SCOR détiendra au plus 59,9 % du capital de MRM à l’issue de l’augmentation de capital. La réalisation de l’opération interviendra d’ici la fin du second trimestre de 2013 sous réserve de la satisfaction des conditions suspensives prévues par le protocole d’accord. L’investissement de SCOR est notamment soumis à l’obtention de la dérogation visée à l’article 234-9 2° du Règlement général de l’AMF et à l’approbation de l’opération par l’assemblée générale des actionnaires et des obligataires de MRM. François de Varenne, Président du directoire de SCOR Global Investments, déclare : « Dans le cadre de sa politique d’allocation d’actifs, et grâce à sa forte expertise en matière de gestion de biens immobiliers, SCOR renforce et diversifie son portefeuille immobilier avec cet investissement, conformément aux objectifs du plan stratégique Strong Momentum. Cette transaction permet à SCOR de prendre le contrôle d’une société détenant un portefeuille d’immeubles de commerces avec un potentiel important de valorisation dans le cadre d’une nouvelle stratégie ainsi que de bénéficier des opportunités offertes sur le marché de l’immobilier en raison du contexte économique et financier actuel ».

L'économie américaine a créé plus d’emplois qu’attendu en février et le taux de chômage a atteint son plus bas niveau depuis plus de quatre ans, ce qui semblerait indiquer qu’elle résiste plutôt bien à l’alourdissement de la facture fiscale et aux coupes claires dans les dépenses publiques. Le département du Travail a recensé 236.000 créations de postes non agricoles le mois dernier, alors que les économistes interrogés par Reuters en prévoyaient en moyenne 160.000. Le taux de chômage a baissé à 7,7%, son plus bas niveau depuis décembre 2008, contre 7,9% en janvier, alors que les économistes l’anticipaient inchangé. Wall Street a ouvert en nette hausse en réaction à ces chiffres, tandis que les Bourses européennes ont accru leurs gains. L’euro a touché un plus bas depuis décembre face au dollar, tandis que les futures sur Bund ont reculé et que le 30 ans américain a perdu plus d’un point. Le rythme reste toutefois insuffisant pour réduire durablement le chômage. Les économistes placent la barre à environ 250.000 créations de postes mensuelles sur une durée prolongée.

Ignis Asset Management va lancer cet été une version plus puissante de son fonds Absolute Return Government Bond, d’un encours de 830 millions d’euros, ciblant un rendement entre 8 % et 12 %. Il aura le même processus d’investissement que l’autre fonds, mais avec un levier de deux.Le produit est un hedge fund non coordonné qui sera domicilié au Luxembourg en tant que fonds spécialisé. Il sera géré par l’équipe taux.

P { margin-bottom: 0.08in; } Ignis Asset Management will launch a more powerful version of its Absolute Return Government Bond fund, with assets of EUR830m, this summer, targeting returns of 8% to 12%. The new product will have the same investment process as the other fund, but with leverage of two. The product is a non-UCITS-compliant hedge fund, which will be domiciled in Luxembourg as a specialised investment fund. It will be managed by the fixed income team.

P { margin-bottom: 0.08in; } Cinco Días reports that the Spanish firm Santander Consumer Finance has sold a portfolio of EUR300m in unrecoverable consumer credit to the vulture fund Elliott Management (USD21bn in assets), at a discount of 96%, meaning that the portfolio was sold for about EUR12m. The portfolio includes 87.000 loans.The hedge fund management firm founded by Paul Singer views the investment as a bridgehead to other acquisitions in Spain. Elliott estimates that there is good money to be made in the Spanish financial sector.

P { margin-bottom: 0.08in; } The British Investment Management Association (IMA) has announced a decision to change the name of the absolute return sector, which will now be known as the “targeted absolute return” sector in order to leave no doubt about strategy, meaning that positive returns are an objective and not a guarantee. The association, which in recent months has undertaken an extensive review of the sector, says that funds in the sector must have the objective of earning positive returns in all market conditions, but that returns are not guaranteed. Funds in the sector also need to state the horizon for the targeted returns, and this horizon should be no more than three years. The name change is expected to take effect from 1 June. In the meanwhile, funds in the sector will be required to indicate by 20 May if they confirm their membership in the sector, or if they would like to be reclassified.

P { margin-bottom: 0.08in; } The French financial management association (AFG) has three new members, 38X Investment Partners, BDK Capital and Union Investment Real Estate France, the professional association has announced in the most recent issue of Gestion Info (February 2013, no. 8).

P { margin-bottom: 0.08in; } Xavier de Saqui de Sannes, partner and administrative and financial director at the media firm KYD, is joining Invesco Real Estate (EUR38.6bn as of the end of 2012, of which EUR4.6bn are in Europe), a division of Invesco AM, as director of asset management for France and Belgium. He has previously been senior asset manager at DTZ Asset Management Europe, from 2005 to 2010.

P { margin-bottom: 0.08in; } DNCA has posted inflows of EUR160m-EUR170m in the first two months of the year, says Enrico Tarassinelli, managing director of the French asset maangement firm, in an interview with the Italian website Bluerating. The firm will highlight two funds this year: the flexible equity fund DNCA Invest Europe, and the convertible bond fund DNCA Invest Convertibles. Lastly, DNCA plans to launch a flexible bond fund.

P { margin-bottom: 0.08in; } Pension & Investments reports that the founders of Perkins Investment Management on 1 February sold virtually all of the shares they still owned in the asset management firm to Janus Capital Group, which acquired 30% of capital in 2004, and then a further 50% in 2008.As of 31 December, the Perkins shares not held by Janus represented USD3.5m, but the fair value of the shares will be set on 1 August, according to a firmula which takes into account performance and earnings.The transaction will not change anything in the operational relationship betwee Perkins and Janus, and is a simple generational change, a spokesperson for Perkins says.Of the three founders, Thomas McDonnell, Robert Perkins and Greg Wolf, only Robert Perkins is still active at the firm as a portfolio manager, Peter Q. Thomson, CEO, says.

P { margin-bottom: 0.08in; } The New York-based Fred Alger Management (USD16bn in assets as of the end of 2012) has announced that it has added to its international equity team with the recruitment of Pedro Marcal as senior vice president and portfolio manager, as well as Ajoy Reddi and Warren Zhang as vice presidents and analysts.The three join from Allianz Global Investors (AGI), where the first previously worked for Nicholas Applegate, an asset management firm acquired by AGI, while the other two come from William Blair and Morgan Stanley Investment Management, respectively.The international equity team has seven members, and reports to Dan Chung, CEO and CIO.

P { margin-bottom: 0.08in; } Last year, the British asset management firm Schroders recorded net inflows of GBP9.4bn, nearly three times more than in 2011 (GBP3.2bn).In this environment, assets under management have set a record at GBP212bn, compared with GBP187.3bn as of the end of 2011.Pre-tax profits at Schroders were down 12%, to GBP360m. This is partly due to a decline in net revenues due to a reduction in net margins from revenues, and partly to a 4% increase in costs.

P { margin-bottom: 0.08in; } RBC Investor & Treasury Services, an entity of the Royal Bank of Canada, on 7 March announced the appointment of Andrew Gordon as head of investor services in Hong Kong and Northern Asia. Gordon, who has been present in Hong Kong and Tokyo for nearly 20 years, previously worked for BNY Mellon, where he was executive vice president, in charge of services to alternative managers and broker-dealers.

P { margin-bottom: 0.08in; } Third party assets under management at Standard Life Investments, the asset management affiliate of Standard Life, last year rose 16%, or GBP11.2bn, to a total of USD83bn, the insurance group announced on 7 March at a publication of its annual results. Net inflows totalled GBP6.1bn, up 8% year on year. International clients represented 62% of net inflows, of which GBP1.8bn came from the United States.Earnings from commissions last year totalled GBP408m, compared with GBP368m in 2011. Pre-tax oeprating profits totalled GBP145m, comapred with GBP125m the previous year.Standard Life also states that assets under administration by the group last year reached a record GBP281.1bn, compared with GBP198.4bn in 2011.The group also states that restructuring and regulatory costs (RDR and Solvency II) last year totalled GBP109m, compared with GBP70m in 2011. Despite that increase, the group has reported a pre-tax operating profit of GBP900m, up 65% year on year, largely due to an improvement in results in the United Kingdom and continued growth at Standard Life Investments.

P { margin-bottom: 0.08in; } The Hamburg-based Aquila Capital (EUR4.2bn in assets) has announced that it has signed a strategic partnership with the Slovenian asset management firm Numerica Partners, a specialist in alternative management for institutional investors and high net worth private clients. Numerica will distribute Aquila products in South-Eastern Europe, mainly in Slovenia and Croatia.

P { margin-bottom: 0.08in; } The Austrian asset management firm Raiffeisen CM has signed a distribution agreement with the Italian Banca Etruria group, the Italian website Bluerating reports. The private banking network at the Italian firm will sell 39 funds from the Austrian asset management firm registered for sale in Italy (17 equity funds, 4 diversified funds, 3 absolute return funds, 13 bond funds and 2 money market funds).

P { margin-bottom: 0.08in; } The Securities and Exchange Commission has engaged the services of the US tax authorities to evaluate the impact of a potential introduction of a floating net asset value for money market funds, the news agency Bloomberg reports. Talks took into account the tax treatment of gains and losses for investors in money market funds. The talks suggest that the SEC is in the process of developing a more detailed proposal, which would force money market funds to adopt floating net asset value. A proposal of this nature was rejected last year before being presented.

P { margin-bottom: 0.08in; } On 6 March, the Chinese regulator CSRC announced two major changes to the regulatory framework applicable to renminbi qualified foreign institutional investors (RQFII), Z-Ben Advisors reports.The first is an extension of the regime to Hong Kong affiliates of commercial banks and Chinese insurance companies, as well as to foreign financial establishments registered in Hong Kong. Previously, the possibility to place liquidity in offshore yuan in continental Chinese capital markets was limited only to the Hong Kong affiliates of asset management firms and brokerage firms from continental China.The second change concerns the investment universe open to RQFII license holders. These organizations are now allowed to invest in securities, bonds and warrants traded on continental Chinese markets, as well as in fixed income products traded on the inter-bank bond market, index futures, and other instruments permitted by the CSRC. Previously, RQFII products needed to be at least invested at 80% in bonds, or to be structured in the form of ETFs.

P { margin-bottom: 0.08in; } Deutsche Bank is reported to have recruited Johan Stackelberg from BlackRock, where he had been head of retail for Scandinavia, the Swedish website Fondbranschen reports. He has been recruited to work in the asset management activity in the Scandinavian countries for the German bank.

P { margin-bottom: 0.08in; } Linda Hellström, who had been CEO of East Capital Asset Management, is joining the small Swedish asset management firm Granit Fonder, where she will serve in the same position. She succeeds Anders Alvin, who left the firm. Granit Fonder, founded in 2010, manages four funds, two of which are Swedish equities funds, and one invests in China.

P { margin-bottom: 0.08in; } Salaries for asset management professionals are expected to continue to rise in Asia, with an increase in investment flows to the region. Pay sclaes for equity and fixed income specialists increased in similar proportions in 2011, as figures for last year are not yet available, according to an annual buy-side survey by Greenwich Associates. Asian equity professionals, from the chief investment officer to the traders, have seen an average increase in their repmuneration of 1.2% in 2011, to USD337,000, compared with an increase of 1.3% for fixed income specialists, to USD316,000. By comparison, pay scales for managers and advisers specialised in equities in the United States fell 1.4% to USD690,000, while the pay scales for fixed income specialists rose 16% in the same period to USD490,000. In other words, Asian equity professionals earned an average of 49% of the pay of their US colleagues, while fixed income specialists earned 65%. The Greenwich Associates survey also finds that in the United States (the survey does not cover Asian hedge funds) remuneration for equity hedge fund managers rose 83% in 2011 to USD1.28m, while pay in fixed income fell 14.3%, to USD890,000.

P { margin-bottom: 0.08in; } NordLB Asset Management and Deutsche Vorsoge Asset Management (DVAM) on 5 March together launched a defensive diversified fund designed especially for institutional investors such as pension funds and charities, etitled Nord LB AM.DVAM.The portfolio of the fund, created on 7 February, will be 80% invested in corporate and government bonds, primarily denominated in euros. The remaining 20% will be distributed between equities, commodities and derivatives.CharacteristicsName: Nor LB AM/DVAMISIN code: DE000A1J3WK1Benchmark index: 20% MSCI World Net Return Index EUR, 30% iBoxx Euro Overall Total Return Index and 50% iBoxx Euro Sovereigns Germany 1-10 Performance Index.Front-end fee: 5%Management commission: 1%Minimal subscription: EUR25,000

P { margin-bottom: 0.08in; } The Saxon financial services provider Infinus AG (of Dresden) has announced that it has selected the Munich-based DJE Kapital (EUR10bn) to manage three sub-funds of its Infinus Umbrella fund, he Luxembourg-registered products Infinus Relaxed Fund, Infinus Balanced Fund and Infinus Dynamic Fund, which have about EUR60m in assets. The products had previously been managed by Catus AG, a specialist in ecological, ethical and social investments, which retains management of the sustainable development fund Infinus ecoConsort (EUR12m). The fifth sub-fund, Infinus Terra Premium Fund (EUR2.5m as of the end of September) will also continue to be managed by Catus.The change of managers will take place on 1 April 2013.

P { margin-bottom: 0.08in; } On 7 March, Nordea France presented a new addition to its circle of outsourced asset managers to its clients: Eagle Asset Management, an independent affiliate of Raymond James Financial, with assets of USD25.3bn as of the end of December. The occasion was the release for sale in France of the North American All Cap fund, a sub-fund of the Nordea 1 Sicav, launched on 30 May 2012, with USD400m in assets already. It is a UCITS-compliant, European clone of a mandate with slightly under USD100m, managed in the United States by Eagle.The portfolio of the fund is highly concentrated, with 40 to 50 positions (41 currently) and a low turnover rate, which has ranged from 13% to 36% over the past ten years. “As a general rule, we pick stocks with potential to gain 15%-20% in the next 18 to 24 months,” says manager John Pandtle, while the contribution to returns comes primarily from stock-picking, and the maximal weight for a sector is set at 25%. Currently, stock-picking favours financials, energy, IT and industrials. Each position has a ceiling of 5% of the portfolio.CharacteristicsName: Nordea 1 – North American All Cap FundISIN codes: LU0772958525 (retail share class)LU0772957808 (institutional share class)Front-end fee: Maximum 5%Management commission: 1.5% (retail)0.85% (institutional)

P { margin-bottom: 0.08in; } The Luxembourg-registered fund LOF Emerging Equity Risk Parity, launched on 30 September 2010, has assets of EUR200m, largely from Swiss pension funds, and its total net returns from launch until 31 January 2013 have totalled 9.21% for the Emerging Equity Risk Parity fund, compared with 5% for the MSCI EM TR, Jérôme Teiletche, global head, solutions group, at Lombard Odier Investment Managers (LOIM) has told Newsmanagers.The time has thus come to prospect the French market for the product, which is exciting interest on the part of institutional as well as retail clients, as it is a base portfolio solution. The turnover rate is low, about 50% per year each way, and the tracking error is limited to 3%, while the information ratio stands at 0.45.The LOF Emerging Equity Risk Parity fund charges 0.75% for I and P share classes, in addition to which there is a distribution commission of 0.75% for P shares.

P { margin-bottom: 0.08in; } The Lyxor hedge fund index in February gained 0.15%, bringing its gains in the first two months of the year to 1.73%, according to Lyxor Flash on 7 March. Of the 14 sub-indices that compose the index, 8 finished in positive territory, including the Fixed Income Arbitrage (2.06%), L/S Equity Market Neutral (1.65%), and L/S Equity Variable Bias (1.59%). In the first twelve months of the year, the Lyxor L/S Equity Market Neutral Index has posted gains of 6.81%, while the Lyxor L/S Equity Long Bias has gained 4.68%. However, the Lyxor CTA Short Term index is down 0.45% in two months.