Eric Le Lay, Directeur général d'Écureuil Protection Sociale (EPS) à la rédaction de www.institinvest.com : Au total, le portefeuille d’EPS s'élève à 6,7 milliards d’euros d’encours dont 100 millions d’euros pour le compte de BPCE MUTUELLE et le reste pour celui de l’institution de prévoyance. « Nous avons actuellement deux projets de diversification dans l’immobilier : dans des OPCI et dans des fonds investis en dettes immobilières, précise Michel Gerbod, directeur financier. Etant donné qu’il ne s’agit pas d’actifs liquides, nous devons préalablement mettre en place des critères de sélection renforcés. Pour cela, nous menons actuellement une réflexion pour se doter de compétences en interne ». Mais parler de diversification amène à rappeler l’essentiel. Le portefeuille de la mutuelle comprend environ 51% d’investissements monétaires, 35% d’obligations, 7% d’actions et 7% de gestion diversifiée (obligations convertibles, fonds de performance absolue, etc).

Ivanhoé Cambridge, filiale immobilière de la Caisse de dépôt et placement du Québec (22,2 milliards d’euros d’actifs sous gestion), annonce qu’elle s’intéresse de plus près le marché des CMBS (commercial mortgage-backed securities), titres adossés à des prêts hypothécaires commerciaux, suite à son acquisition de l’immeuble Woolgate Exchange situé à Londres. Cet immeuble de bureaux, situé dans le quartier des affaires, est acheté en partenariat avec le fonds privé TPG pour 400 M$. Ainsi, l’acquisition s’est faite via la mise en place d’un CMBS intégré comme part de la joint-venture créée par les deux partenaires. L’immeuble compte 33 000 mètres carrés de surfaces. Ivanhoé Cambridge indique avoir investi plus de 650 M$ à Londres depuis un an. Elle compte y ouvrir un bureau. L'édifice Woolgate est actuellement loué à 100% à Portigon AG, avec des sous-locataires tels qu’Investec Asset Management, Sidley Austin et University of Chicago. « Woolgate Exchange est au nombre des actifs d’exception qu’offre le marché de Londres et dont la valeur peut être optimisée grâce à l’expertise combinée de TPG et de nos équipes », affirme Daniel Fournier, président du conseil d’Ivanhoé Cambridge. « Cet investissement s’inscrit parfaitement dans le cadre de notre positionnement stratégique à Londres, ajoute-t-il. Nous sommes convaincus qu’il permettra de générer de bons rendements pour nos déposants. » Ivanhoé Cambridge gère 30 G$ d’actifs dans une vingtaine de pays.

Le Trésor espagnol compte émettre entre 4 et 5 milliards d’euros de dette lors d’une triple adjudication jeudi, portant sur des maturités de deux ans, cinq ans et dix ans. Les échéances des obligations qui seront proposées aux investisseurs sont le 31 octobre 2015, le 31 janvier 2018 et le 31 janvier 2023.

L’Irlande aimerait voir l’Union européenne prolonger de 15 ans en moyenne la maturité des prêts d’urgence qu’elle a accordés à Dublin, afin de permettre un retour en douceur sur les marchés financiers, mais a conscience qu’elle n’obtiendra probablement pas un tel délai, a déclaré le ministre des Finances Michael Noonan.

Les assureurs français ont enregistré en janvier un net rebond de la collecte en assurance-vie après une année 2012 marquée par des flux négatifs. D’après les estimations de la FFSA et du Gema, la collecte nette de l’assurance-vie ressort à 3,8 milliards d’euros au mois de janvier contre une décollecte de 1,1 milliard d’euros un an plus tôt.

Barack Obama a procédé à trois nouvelles nominations au sein de son administration en plaçant Sylvia Mathews Burwell à la direction du bureau de gestion et du budget de la Maison blanche, Gina McCarthy à la tête l’Agence de protection de l’environnement (EPA), et le physicien nucléaire Ernest Moniz au département de l’Energie. Jusqu’alors présidente de la Fondation Wal-Mart, Sylvia Mathews Burwell a déjà servi à la Maison blanche sous Bill Clinton.

Il faut s’inspirer de l’exemple de la Suisse qui a approuvé hier par référendum la mise en place d’un système de contrôle des rémunérations des dirigeants d’entreprise parmi les plus stricts au monde, a déclaré Jean-Marc Ayrault à l’issue d’un séminaire gouvernemental consacré à l’emploi. Le gouvernement Ayrault a déjà plafonné les rémunérations des dirigeants des entreprises publiques.

La Financial Industry Regulatory Authority (Finra) a infligé une amende civile de 750.000 dollars à deux filiales d’Ameriprise Financial pour ne pas avoir mis en place de systèmes adéquats pour superviser des transferts de fonds. L’affaire est liée au détournement par un courtier de fonds appartenant à la clientèle.

Filiale de la quatrième banque américaine en termes d’actifs, Wells Fargo Asset Management vient de faire agréer en France les 13 compartiments de sa sicav luxembourgeoise après avoir recruté un responsable commercial pour le marché hexagonal en la personne d’Alexandre Dussaucy. Dans un entretien à Newsmanagers, Andrew Owen, vice-président exécutif de Wells Fargo AM, présente ce nouvel acteur dans le paysage français et explique les raisons de l’intérêt pour notre pays.

Le patrimoine global net des organismes de placement collectif et des fonds d’investissement spécialisés s’est élevé au 31 janvier 2013 à 2.405,928 milliards d’euros contre 2.383,826 milliards d’euros au 31 décembre 2012, soit une augmentation de 0,93% sur un mois, selon les chiffres communiqués le 1er mars par la Commission de surveillance du secteur financier (CSSF). Considéré sur la période des douze derniers mois écoulés, le volume des actifs nets est en augmentation de 11,54%.L’industrie des OPC luxembourgeois a donc enregistré au mois de janvier une variation positive se chiffrant à 22,102 milliards. Cette augmentation représente le solde des émissions nettes positives à concurrence de 26,675 milliards d’euros (+1,12%) et de l’évolution défavorable des marchés financiers à concurrence de -4,573 milliards d’euros (-0,19%).

Tim Yetman, associé fondateur du gestionnaire alternatif Olea Capital Partners, rejoint Lombard Odier Investment managers (LOIM) pour mettre sur pied à Londres une équipe global macro, rapporte Investment Europe. Il sera subordonné à Jan Straatman, le CIO.

Le gestionnaire britannique Armstrong Investment Managers, spécialiste du multiclasses d’actifs, indique sur son site avoir recruté Vincent Tournant chez Newedge Prime Brokerage comme COO, un poste nouvellement créé. Parallèlement, la société a embauché Philip Riris (ex Avalon Capital Markets) comme analyste et Andy Hutcheon (ex Barclays Wealth) comme sales manager.

P { margin-bottom: 0.08in; } Overall net assets in collective investment and specialised investment funds as of 31 January 2013 totalled EUR2.405928trn, compared with EUR2.383826trn as of 31 December 2012, an increase of 0.93% month on month, according to figures released on 1 March by the Luxembourg financial sector surveillance commission (CSSF). Over the past twelve months, the volume of net assets has risen by 11.54%. The Luxembourg OPC industry has thus posted a positive vaulation in the month of January, at EUR22.102bn. This increase represents the balance between positive net issues of EUR26.675bn (+1.12%) and unfavourable evolution of financial markets of -EUR4.573bn (-0.19%).

P { margin-bottom: 0.08in; } The British asset management firm Armstrong Investment Managers, specialised in multiple asset classes, has announced on its website that it has recruited Vincent Tournant from Newedge Prime Brokerage as COO, a newly-created position. Meanwhile, the firm has recruited Philip Riris (ex Avalon Capital Markets) as analyst, and Andy Hutcheon (formerly of Barclays Wealth) as sales manager.

P { margin-bottom: 0.08in; } With the FTSE Implied Volatility Index Services (IVI) range, FTSE Group is launching end-of-day indices which measure the implied volatility of the FTSE 100 and FTSE MIB indices. For each market, implicit volatility estimates for 30, 60, 90 and 180 days will be available, and there will even be a 360-day IVI for the FTSE 100.

P { margin-bottom: 0.08in; } “Say on pay” may not have been the panacaea one had thought it to be. The principle was established in 15 countries of the European Union, with various formulations. And it merited simplicity: all remuneration to directors and holders of elected positions, including both set and variable pay, subject to a shareholder vote.In France, the Assemblée Nationale has released a report on the mission to gather information on transparency and governance at major businesses, which includes 20 proposals to set up more responsible governance for long-term strategies, including a French proposal for say on pay.Does “say on pay” need to be introduced for French businesses? Frédéric Palomino, a researcher in economics at the Edhec Business School, says the answer is not beyond doubt. “Say on pay” is a deliberate failure. In a position paper entitled “Remuneration of corporate management: What can we expect from say on pay?” Palomino reviews the various models which have already been established internationally for several years, for which the number of observations is wide, but the conclusions that can be drawn about the effectiveness of say on pay is based on anecdotal observations.The various empirical studies undertaken in countries where the principle has been established show that the measure does not modify pay scales. In the case of the United Kingdom, where a vote on compensation, which is genuinely non-binding, has been in place for a decade, a Feri and Maber study (2012) finds that the establishment of say on pay did not influence the rate of growth of pay scales. Say on pay resulted in a larger disparity between management pay scales, but did not have an influence on the average level.Say on pay is generally received with scpeticism by actors. The only positive aspect of say on pay appears to be corrections for extreme situations at businesses at which returns are poor and pay is abnormally high.As a result, it is legitimate to ask questions about regulations which lead to additional administrative cost for all businesses, at a time when it will only allow for some extreme cases to be corrected.

P { margin-bottom: 0.08in; } Assets under management at the South African Old Mutual group last year rose 3% to GBP262.2bn, according to a statement released on 1 March. Net inflows, which totalled GBP5bn, and a positive market effect of GBP26.9bn, were partly offset by a reduction in assets under management of GBP27bn due to th sale of companies affiliated to USAM, and the sale of Old Mutual Wealth activities in Finland. In the United Kingdom, net inflows to the Old Mutual Wealth platofrm totalled GP2.2bn, meaning that assets under management as of the end of 2012 totalled GBP22.6bn. In the United States, assets under management finished the year at GBP128.4bn, up 14% compared with the end of 2011. Net inflows totalled GBP0.9bn, while the 2011 fiscal year ended with outflows of GBP3bn.

P { margin-bottom: 0.08in; } Wolfgang Leoni, CIO since 2007, will on 1 April become chairman of the managing board at Sal. Oppenheim. According to a release from the Cologne-based private bank, he will be replacing Wilhelm von Haller, who is returning to “an important position” at Deutsche Bank which ordered him to the private bank when the latter was bailed out in 2009.

P { margin-bottom: 0.08in; } At a press conference to announce the launch of RDR share classes denominated in pounds sterling for British investors (TOBAM Anti-Benchmark UK Equity (R units ISIN: FR0011412618), TOBAM Anti-Benchmark Emerging Markets Equity (R units ISIN: FR0011412634) and TOBAM Anti-Benchmark World Equity (R units ISIN: FR0011412626)), Tobam has announced that its net inflows in 2012 hell to USD631m, from USD741m in 2011, and that its assets rose 52% last year and 44% in 2011. As of 31 January, assets under management topped USD3bn, the level reached in June 2011, with the addition of assets in funds and mandates awarded but not yet deployed (see Newsmanagers of 10 October 2011).

P { margin-bottom: 0.08in; } Warren Buffett estimates that he missed several opportunities to buy last year, and hopes to catch up this year with acquisitions totalling several billion dollars, Les Echos reports. “We have gone back out on safari, and we will be hunting elephants,” he writes in his traditional annual letter to investors, published on 1 March. However, he regrets that the value of his assets has not increased as much as the US stock exchange last year, with gains of only 14.4%, compared with 16%. In nearly 50 years of activity, this is only the ninth time that the comparison has not gone in his favour. “We are doing better when the winds are against us,” he admits.

P { margin-bottom: 0.08in; } Are institutional investors in the process of returning to equity markets? Statistics published by Morningstar suggest that they are. An examination of the most popular investments on Morningstar platforms in 2012 (mutual funds, ETFs and segregated accounts) demonstrate that institutionals are primarily interested in US and international equities. In January 2012, equity mutual funds posted inflows of USD15.5bn, an amount not seen in any month since 2004, and the first time in nearly two years that equity funds have finished a month with positive results.“Institutional investors appear to be showing a preference for US equities in the full spectrum of cap sizes, as well as for international equities. It is also interesting to note that institutional investors who have conducted research in the segregated account segment last year concentrated nearly exclusively on active strategies. The lowest prices negotiated for segregated accounts fro major investors may indicate that investors still have an appetite for active management, but only at competitive prices,” says Paul Justice, director of fund research at Morningstar. Financial advisers and retail investors last year, for their part, were rather in search of return strategies which allow them to reduce risks. “Individual investors and financial advisors have an high aversion to risk, but they appear to make exceptions for emerging market equities, which appears to indicate that the remaining appetite for risk at any level is primarily international,” Justice says.

P { margin-bottom: 0.08in; } In the final days of February, Italian elections brought fears that the euro zone debt crisis would return to the foreground, to such an extent that investors put the brakes on their equity purchases. In the weeek ending on 27 February, emerging market equity funds underwent redemptions for the first time since the beginning of September, according to estimates from EPFR Global.The research agency has also observed record outflows from gold funds, which are generally a sign of a rise in appetite for risk. However, in light of the scale of the redemptions (about USD4bn), EPFR Global estimates that this is rather a short-selling operation, amid rising volatility, rumours of currency wars, and concerns about the euro zone.Certain asset classes, however, have continued to rise. Global equity funds once again finished the week with gains, and inflows for the past ten weeks of USD38.8bn. Diversified funds have posted additional net inflows of over USD1bn for the seventh time in the eight weeks since the beginning of the year.

P { margin-bottom: 0.08in; } Starting today, web surfers can vote at dangerous-finance.eu for the “most dangerous financial product,” Les Echos reports. The initiative is at the impetus of German MP Sven Giegold, of the Green party, who is highly critical of financial regulatory issues, alongside the Belgian Pierre Lamberts (the originator of bonus ceilings) and the French Pascl Canfin, before he left the European parliament to join the French government. “In many areas of economic life, it is possible to forbid dangerous products. This idea needs to be applied in the financial sphere as well,” he explains to Les Echos.

P { margin-bottom: 0.08in; } The Brazilian asset management firm Bradesco (BRAM) is planning to launch a fund dedicated to Latin American equities by the end of 2013, Citywire reports.The Luxembourg-domiciled fund comes as an addition to the Bradesco Sicav range, which now has five UCITS funds.The initiative comes as part of a desire on the part of the Brazilian firm to increase its presence in Europe, and in major worldwide markets.

P { margin-bottom: 0.08in; } Index Universe on 28 February announced that, due to increases in assets, Vanguard has been able to reduce the total expense ratio for its Vanguard FTSE Emerging Markets Index ETF (NYSE Arca ticker: VWO) to 0.18% from 0.20%. It now has the same TER as the iShares Core MSCI Emerging Markets ETF, but the Schwab Emerging Markets Equity ETF costs 0.15%.

P { margin-bottom: 0.08in; } Schroders is launching a Schroders long/short equity fund as an addition to its alternative management product range, with the release on the French market on 1 March of the Schroder GAIA Sirios US Equity. The fund will be outsourced to an external manager known for the US Long/Short Equity strategty, and will be added to the Schroder GAIA Sicav, specialised in liquid alternative strategies, adapted to the UCITS IV format. The Sicav, launched by Schroders in November 2009, has assets under mangement of over USD1.5bn as of the end of January 2013. The new long/short equity fund, managed by the US firm Sirios Capital Partners, aims to invest primarily in equities in US mid and large caps, with possible exposure to Asia and Europe. It will aim to invest in securities that combine attractive growth and valuation perspectives, while maintaining short positions on businesses with sub-optimal fundamentals and less solid balance sheets. It may also be exposed to bond markets, if the asset management team considers this opportune. Schroders now has five funds on the GAIA platform, three of which are managed by external managers (Schroder GAIA Egerton Equity, Schroder GAIA CQS Credit, et Schroder GAIA Sirios US Equity), while two focus on internal expertise (Schroder GAIA QEP Global Absolute et Schroder GAIA Global Macro Bond).

P { margin-bottom: 0.08in; } The Inverco association of Spanish asset management firms has reported a net inflow to securities funds of EUR1.195bn in February, the highest level posted since March 2006. The first two months have been positive to the tune of USD2.257bn.

P { margin-bottom: 0.08in; } The wealth management division of the British Lloyds banking group has earned underlying profits of GBP358m, up 25% compared with the previous year, according to a statement released by Lloyds Banking on 1 March. Assets under management by the united last year increased by GBP71.bn, to a total of GBP189.1bn. This development is largely due to a positive market effect. Assets under management at Scottish Widows Investment Partnership (SWIP) as of the end of December totalled GBP141.7bn, compared with GBP139.9bn one year earlier, while assets at St James’s Place totalled GBP34.8bn, compared with GBP28.5bn. The group is continuing to restructure and to invest in wealth management, an activity in which it is planning to gain market share, developing a product range aimed at mass affluent and affluent client segments in the United Kingdom.

P { margin-bottom: 0.08in; } According to Morningstar statistics, whose track record goes back to 2007, Euorpean long-term funds in January earned record net inflows of USD46.657bn in January, bringing the total for twelve months to USD244.155m, and assets to USD4.302bn, equivalent to organic growth of 6.42% over twelve months.All asset classes and nine of the top ten fund providers (BNP Paribas being the tenth) have posted net inflows in January.The strongest net subscriptions for the month were for the Templeton Global Total Return Fund, with USD1.094bn (and USD3.54m over 12 months). For the month, Pimco has attracted USD4.225bn, putting it ahead of Franklin Templeton (USD2.913bn) and Aberdeen (USD2.727bn). Over twelve months, however, Pimco stands out far ahead, with net inflows of USD34.697bn, followed by BlackRock with USD10.199bn.

P { margin-bottom: 0.08in; } The financing deficit for 109 public pension funds in the United States increased by 20% last year, to USD834.2bn, after two years of decline, according to the Wilshire consultancy, cited by Agefi.