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31/01/2013

US pension fund plans to divest from oil firms

The pension fund Seattle City Employees’ Retirement System, with USD2bn in assets, will on Thursday discuss a request from Miek McGinn, mayor of the city, to sell its stakes in major oil firms, due to the threat they pose in terms of climate change, the Financial Times reports. The firms in question are ExxonMobil and Chevron. If the fund were to wholly sell off its stakes in those businesses, it would be the first to do so.
31/01/2013

Axa Wealth lays off sales staff

According to Investment Week, Axa Wealth has reduced its sales personnel by 30, or about 10%. The firm is parting with 10 front-line individuals and 20 in support functions.The layoffs follow the completion of preparations for the rollout of RDR regulations, and the separation of Axa Wealth from Friends Life, which took three years. In addition, the Elevate platform has now reached maturity.Axa Wealth has meanwhile recruited five tax wrapper specialists.
31/01/2013

Man Group hopes to launch a hedge fund dedicated to Japan

The alternative management firm Man Group is planning to launch a hedge fund dedicated to Japan, led by Tony Bartlett, a former Citadel manager, the news agency Bloomberg reports.FRM Capital Advisors, a firm which was acquired by Man Group in May 2012, will make a significant investment in the fund, which will be managed by Arena Capital Management, which also provides capital to young hedge funds.
31/01/2013

Legal & General to acquire Cofunds

Following months of negotiations, Legal & General will soon acquire Cofunds, according to Fundweb. L&G already holds a 25% stake in the business, while other major shareholders include International Financial Data Services, Threadneedle, Newhouse Capital Partners and Jupter. Assets under administration at Cofunds total GBP45bn as of 30 September 2012.
31/01/2013

Lyxor opens a new share class to institutionals

IPE reports that Lyxor Asset Management has created a share class for commingled investors on its hedge fund managed accounts platform.The product is aimed at institutionals, whose minimal investment levels are high, which will allow these investors to trade at lower commissions with underlying hedge fund managers.
31/01/2013

Russell launches a range of defensive fundamental indices

As a complement to the Russell Defensive indices, which are cap-weighted, Russell Indexes is launching the Russell High Efficiency Defensive Indexes™, which integrate a range of economic and market risk factors, to create a stability score which is intended to help investors to identify high quality and low volatility equities and to over- or underweight their exposures in line with their stability score, rather than their capitalisation size.Russell Indexes also announces that the new High Efficiency Defensive indices represent the first and only range of Russell low volatility indices to offer a low tracking error, which is important for retirement savings plans and foundations. This characteristic is the result of a cooperation with Westpeak Global Advisors, with the new Russell indices based on its ActiveBet® portfolio construction methodology.Initially, the High Efficiency Defensive Indexes range will include 22 indices, which will be derived from the Russell US and Global indices.
31/01/2013

BNP Paribas holds onto lead in rankings of French treasury specialists in 2012

BNP Paribas bank has held onto its top spot in the 2012 rankings of specialists (or primary dealers) in French treasury securities (SVT), the French Agence France Trésor (AFT) has announced in a statement released on 30 January.BNP Paribas takes first place, followed by Société Générale and the US bank Morgan Stanley. Barclays Bank takes fourth place, followed by HSBC in fifth, Natixis in sixth, Crédit Agricole in seventh, Royal Bank of Scotland in eighth, and UBS in ninth place.For the 20 SVTs overall, 100 points were awarded, with a weighting of 40 for participation in offerings, 30 for presence in the secondary market, and 30 for qualitative aspects.For participation in offerings and acquisitions of bonds, Morgan Stanley finishes ahead of BNP Paribas. On the secondary market, Société Générale takes first place, followed by Barclays Bank. Lastly, for the quality of its service, Société Générale takes first place, followed by BNP Paribas.
31/01/2013

Natixis GAM launches a retail fund in the United Kingdom

Fundweb reports that Natixis Global Asset Management has entered the British market, with the Loomis Sayles Strategic Income fund, managed by the multi-sector bond team led by Dan Fuss, Elaine Stokes and Matt Eagan. The fund will invest in corporate, convertible and government bonds.The fund is the first sub-fund of a British-registered OEIC vehicle.
31/01/2013

Inversis entrusts KPMG with the search of a buyer

Shareholders in Inversis Banco at the end of last week rejected a bid of EUR100m from Andorra’s BPA, and the Madrid-based firm has instead retained KPMG to undertake an audit and valuation of the firm, Funds People reports. The objective is clearly to find a buyer.As of 30 September, assets under custory at Inversis totalled EUR38bn. Its investment funds represent EUR2bn.
31/01/2013

Amundi posts highest net inflows in France in 2012

Amundi, Groupama Asset Management and Carmignac Gestion are doing well. According to a report on collective management in France undertaken by EuroPerformance – a SIX Company, these three firms showed progess in terms of assets and the highest inflows to their French-registered funds in 2012, with sometimes large discrepancies from their immediate competitors, as was the case for all affiliates of banking groups. Amundi has seen an increase of EUR16.053bn in its assets, while in second place, BNP Paribas Asset Management shows «only» a positive variation in its AUM of EUR6.191bn. The Crédit Agricole affiliate has posted a net inflow of EUR6.507bn, putting it far ahead of its rivals.For affiliates of insurers, Groupama AM (GAM) cannot claim as high a level of assets as Aviva Investors, which is second in the rankings for high variations in assets. Assets under management at Groupama, however, rose by EUR2.430bn, compared with EUR0.934bn for Aviva Investors. Groupama AM has also posted a net inflows of EUR1.780bn, which is twice as high as inflows at Macif Gestion, for example, its immediate competitor in the rankings (EUR0.934bn).In the independent asset management firm category, Carmignac Gestion has kept a strong lead over the second in the rankings, Oddo AM, with a variation in its assets of EUR5.202bn, compared with EUR1.306bn for its competitor. In terms of inflows, the asset manager based in the Place Vendôme in Paris has persisted, and is doing two and a half times better than Union Bancaire Gestion Institutionelle, second in the rankings (EUR2.465bn, compard with EUR0.962bn).The full study is available at www.europerformance.fr The following URL leads to its most recent address at that site: http://www.europerformance.fr/publications/bilan-annuel/16.html
31/01/2013

Foreign asset managers gain ground in Spain

At a time when Spanish funds lost assets last year because redemptions were so high, foreign asset managers have seen an increase in their assets of 17.8% to USD53bn, the Inverco association of asset management firms estimates on the basis of data from 22 firms, with total assets of EUR37.65bn. Funds People reports that these 22 firms had net subscriptions of EUR4.7bn, meaning that the volume of net inflows may be valued at EUR6bn for foreign firms overall.JPMorgan remains the largest foreign player, with nearly EUR6bn in assets (+10.6% in one year), followed by BlackRock (EUR5.03bn, +54.7%) and Amundi (EUR3.3bn, +20.5%). BNP Paribas IP, however, has seen a decline of 9.7%, to EUR2.03bn. The strongest increases in assets under management were at Pictet (+78.7% to EUR1.59bn) and M&G Investments (+77.3% o EUR1.74bn).
31/01/2013

Madoff victim seeks reimbursement from SocGen for lost savings

A former flight attendant on Wednesday asked a court to require Société Générale to reimburse her EUR110,000 in savings which she lost in a fund which had invested in Bernard Madoff companies, and to require the bank to pay EUR10,000 in damages and interest. The plaintiff, Isabelle de la Seiglière, had invested the damages and interest she received from Air France after a work accident in the Luxalpha fund, in the hopes of building savings for her retirement. The plaintiff was advised by one of her childhood friends, Patrick Littaye, co-founder of Access International Advisors. Littaye himself suggested that she subscribe to shares in the Luxalpha fund via Société Générale, which she did in June and November 2006. A verdict has been scheduled for 29 March.
31/01/2013

Lisbonne vise un retour à la croissance en 2014

La contraction de l'économie portugaise sera moins importante cette année qu’en 2012, un retournement étant attendu au cours de l’année permettant au pays de retrouver le chemin de la croissance en 2014, a estimé le Premier ministre portugais Pedro Passos Coelho. Et d’ajouter que les besoins financiers du pays pour 2013 sont couverts par le plan de sauvetage et le résultat d'émissions obligataires récentes.
31/01/2013

Le prix du brut pourrait légèrement baisser cette année

Selon des prévisions de l’Institut français du pétrole et des énergies nouvelles (IFPEN) présentées hier, une légère détente des prix du pétrole est envisageable en 2013 «mais bien entendu, ceci suppose qu’il n’y ait pas de risque de dérive lié au contexte géopolitique qui est particulièrement incertain et mouvant ». L’IFPEN vise un prix du Brent compris entre 100 et 120 dollars le baril contre 112 dollars en moyenne en 2012.
31/01/2013

La France s'inquiète de la hausse de l'euro

«L’euro est trop haut par rapport à ce que l'économie européenne est en droit d’attendre», a estimé le ministre du Redressement productif, Arnaud Montebourg. «Nous sommes attentifs à cette question qui est débattue au sein de l’Eurogroupe», a-t-il poursuivi.
31/01/2013

Bruxelles gèle des aides destinées à la Pologne

La Commission européenne a annoncé le gel de près de 890 millions d’euros d’aide destinées à la construction de routes en Pologne, le plus important bénéficiaire de fonds européens, en raison de soupçons d’entente entre les entreprises ayant répondu à l’appel d’offres. Le ministre adjoint chargé du Développement régional, Adam Zdzieblo, a réagi en jugeant cette décision «complètement incompréhensible».
31/01/2013

L’Europe veut sanctionner les importations d'acier chinoises

L’Union Européenne est sur le point d’imposer des droits de douane dissuasifs sur l’acier à revêtement organique chinois, la plupart des Etats membres estimant que Pékin subventionne illégalement ses producteurs. Ce serait la deuxième fois que l’Union imposerait de tels droits à l’encontre de produits chinois subventionnés, les droits en question étant par ailleurs bien supérieurs à ceux du premier cas.
31/01/2013

Statu quo monétaire en Nouvelle-Zélande

La banque centrale néo-zélandaise a décidé de maintenir ses taux d’intérêt à 2,5%, malgré des inquiétudes croissantes sur la flambée des prix immobiliers. «L’inflation des prix immobiliers s’est accélérée et nous la surveillons de près ainsi que la croissance des crédits aux ménages» a indiqué le gouverneur Graeme Wheeler. La devise progressait de 0,1% ce matin contre dollar, à 83,64.
31/01/2013

L'instinct de survie du Japon

On peut douter du succès de la politique économique du Japon, telle qu’elle est engagée par son nouveau gouvernement. Elle ne change pas radicalement des tentatives précédentes. Partant de la situation actuelle de sous-emploi, faire remonter les anticipations des ménages japonais de 0% à 2% nécessite un choc de demande de l’ordre de 7 à 8% de PIB.
GIFA 8
31/01/2013

Le crédit reste déprimé en zone euro

L’enquête trimestrielle de la BCE témoigne non seulement d’un resserrement des conditions de prêt mais aussi d’une demande de crédit atone à la fin de 2012.

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