Le sujet devrait mobiliser les débats lors du sommet du G20 qui se tient cette semaine en Russie avec en ligne de mire le Japon et la Suisse

Les créanciers privés devraient subir une énorme décote dans le cadre d’un plan de sauvetage envisagé pour le pays, selon le journal qui cite un memorandum rédigé dans le cadre de la réunion de l’Eurogroupe aujourd’hui. Ce plan permettrait de réduire la dette du pays de 140% du PIB actuellement à 77%, et de réduire la taille du sauvetage européen de 16,7 milliards d’euros à 5,5 milliards.

L’autorité américaine de régulation des marchés à terme prévoit d’interdire dès mercredi l’utilisation de la carte de crédit des consommateurs américains comme source d’endettement pour investir sur le marché des changes, selon le journal. Les particuliers réalisent des transactions quotidiennes de 380 milliards de dollars sur ce marché, soit 10% des volumes mondiaux, selon le cabinet Aite Group.

A l’occasion de la mise en concurrence des fonds ouverts sur sa gestion monétaire (200 millions d’euros), le Comité de Gestion des Oeuvres Sociales des établissements hospitaliers (CGOS), avec l’appui du consultant Amadeis a retenu trois société de gestion lors du quatrième trimestre 2012. Il s’agit de : La Française AM BFT Gestion BNP Paribas AM

Le marché a pour objet la fourniture de services de gestion de portefeuilles (actions et obligations) pour compte du Fonds de compensation commun au régime général de pension (FDC) qui a créé à cet effet en 2007 une société d’investissement à capital variable-fonds d’investissement spécialisé (SICAV-FIS) à compartiments multiples. Le marché est divisé en 4 lots, chaque lot correspondant à un type de gestion (gestion passive ou gestion active) sur une classe d’actifs spécifique. Le nombre de mandats à attribuer est de 4. Lot nº: 1 Intitulé: Actions Global Small Cap - Indexé Le lot nº 1 porte sur la gestion passive d’un portefeuille d’actions investissant dans des actions et titres assimilés à des actions de sociétés à petite capitalisation des pays développés inclus dans l’indice de référence. Indice de référence: MSCI Daily TR Net Small Cap World USD (converti en EUR). Montant indicatif du mandat: EUR 140 millions Lot nº: 2 Intitulé: Actions Global Small Cap - Actif Le lot nº 2 porte sur la gestion active d’un portefeuille d’actions investissant dans des actions et titres assimilés à des actions de sociétés à petite capitalisation des pays développés inclus dans l’indice de référence. Indice de référence: MSCI Daily TR Net Small Cap World USD (converti en EUR). Montant indicatif du mandat: EUR 140 millions Lot nº: 3 Obligations Emerging Markets (local currency) - Indexé Le lot nº 3 porte sur la gestion passive d’un portefeuille d’obligations et titres assimilés à des obligations des marchés émergents inclus dans l’indice de référence. Indice de référence: JPMorgan GBI-EM Global Diversified Composite Unhedged USD (converti en EUR). Montant indicatif du mandat: EUR 140 millions Lot nº: 4 Intitulé: Obligations Emerging Markets (local currency) - Actif Le lot nº 4 porte sur la gestion active d’un portefeuille d’obligations et titres assimilés à des obligations des marchés émergents inclus dans l’indice de référence. Indice de référence: JPMorgan GBI-EM Global Diversified Composite Unhedged USD (converti en EUR). Bloomberg Ticker: JGENVUUG Index Montant indicatif du mandat: EUR 140 millions Pour lire l’avis complet : cliquez ici

Les dirigeants européens ont conclu, après 24 heures de négociations, un accord sur leur budget 2014-2020, en baisse pour la première fois de l’histoire de l’Union européenne. Le président du Conseil européen a rallié l’adhésion des Vingt-Sept à une enveloppe de 960 milliards d’euros de crédits d’engagement, hors Fonds européen de développement et instruments hors cadre financier, soit 1,0% du Revenu national brut (RNB, proche du PIB) de l’UE.

A l’occasion de la publication de ses résultats annuels, Apollo Global Management a annoncé avoir achevé la levée de son fonds spécialisé dans les ressources naturelles sur un montant de 1,3 milliard de dollars.

L’agence de notation Moody’s - qui pourrait être poursuivie devant les tribunaux par le département américain de la Justice pour ses notations avant la crise - a annoncé un profit en hausse de 66% pour le dernier trimestre 2012, à 160 millions de dollars. Les résultats de Moody’s et des autres agences de notation sont portés par la demande des entreprises qui tendent à profiter de la faiblesse des taux d’intérêt pour refinancer leur dette. L’agence prévoit un bénéfice annuel 2013 situé entre 3,45 et 3,55 dollars par action, au-dessus des attentes.

Le déficit commercial des Etats-Unis s’est réduit en décembre à son plus bas niveau depuis près de trois ans. Il a atteint 38,54 milliards de dollars, selon les statistiques, corrigées des variations saisonnières, du département du Commerce, bien au-dessous des 46 milliards attendus par le consensus des économistes. Au mois de novembre, le déficit commercial est ressorti à 48,61 milliards de dollars (révisé de 48,7 milliards dollars).

Six Financial Information on 7 February announced that it is adding to its valuation activities, with the installation of a new valuation team in Frankfurt. The creation of the team will allow Six Financial Information to better meet growing demand from specialised consultants present in all the major financial markets on the planet, who are responsible for evaluating OTC products and financial instruments in the fixed income and derivative segments.

Assets under management by the VP Bank group ((Banque Privée de Gérance) as of the end of December totalled about CHF28.5bn, compared with CHF27.4bn at the end of 2011, according to a statement released on 6 February. The bank is nonetheless predicting a decline in net inflows of about CHF65m. Net profits for the group are expected to total about CHF47m, compared with CHF5.3m for the 2011 fiscal year.

The Swedish asset management firm East Capital had an excellent end to the year, and as of the end of December, was back above the EUR4bn threshold for assets under management, up from EUR3.4bn at the end of 2011, and compared with a peak of EUR5.7bn just before the 2008 crisis, according to the most recent available statistics. Inflows were primarily responsible for this development, although market effects also contributed to the result, the firm stated at a press conference in Paris on 7 February.The first week of the year was also highly satisfactory in terms of inflows, as investors took a particular interest in Turkey and the Balkans.At the beginning of the year, portfolios at East Capital were overweight on Russia, at near record levels. Central Europe is considerably underweight, and Turkey is slightly underweight. However, the Balkans and the Baltic countries are overweight. More generally, East Capital says that there is a highly marked interest in frontier markets, with contrasted outlooks.

Despite the challenges presented by the current environment, Asian hedge fund managers should continue to invest capital and get involved in new strategies, according to BNY Mellon. Hedge fund management firms with a reputation in the market will attract moderate inflows from their traditional investors, as US insitutionals and newcomers turn to ultra-high net worth investors and family offices, says Aidan Houlihan, managing director of alternative investment services at BNY Mellon. Fund launches are expected to be fewer in the next few months, which would not prevent Asian hedge fund managers from exploring new strategies. Coe managers already offer highly sophisticated macro or credit strategies, as well as multi-strategy funds. Long/short funds still represent about 75% of assets in hedge funds, down from 90% a few years ago.

The Spanish firm Abante (EUR1.2bn in assets under advising) has registered the Abante Global Funds Sicav, which includes four vehicles that may easily be sold outside Spain in this form, in Luxembourg, Funds People reports. The Sicav includes the equity fund Spanish Opportunities, managed by José Ramón Iturriaga, as are the Spanish funds Okavango and Kalahari Alpha, a clone of the Maral Macro fund managed by Juan Manuel Mazo, the flexible fund Abante Pangea, managed by Alberto Espelosín, and lastly, the Global Sector fund, a clone of the Abante Bolsa Absoluta, managed by a team led by Angel Olea.

Peter Harrison is returning to Schroders as global head of equities, following the departure of Ken Lambden. Lambden has decided to step down, and will leave the UK asset management firm on 15 March, after 15 years there and 9 yers in his current role.Harrison had previously been chairman and CEO of the British asset management firm RWC, which he joined in 2006. Before that, he worked at Deutsche Asset Management and J.P. Morgan Asset Management. He began his career at Schroders as an equities analyst.At RWC, Dan Mannix, former head of development, will succeed Harrison as CEO, but Harrison will remain as non-executive chairman, the British press reports.

Groupama Asset Management on Thursday, 6 February announced the arrival of Christophe Morel as part of its economic analysis unit, in the position of Chief Economist. He will report to Marie-Pierre Peillon, head of Research.The unit aims to monitor and generate conjunctural and sturctural scenarios for the evolution of the macroeconomic and financial environment. It is also responsible for monitoring country risks, a statement says.From 2004 to 2006, Morel was head of the Strategic Allocation and Overlay Management departments at the French national pension fund, the Fonds de Réserve pour les Retraites. Then, from 2006 to 2008, he was director of Tactical Allocation management at Natixis Asset Management. In 2008, he joined Odier Investment Managers as Deputy CIO of the Asset Allocation group.

Investment specialist Marc Seidner has taken over control of the fledgling equity unit at Pimco for the interim, following the recent departure of Neel Kashkari, Citywire reports.Weidner will serve in the role until a successor to Kashkari can be appointed.

Assets under management by the Investment Management and Advisory Services unit of Prudential Financial as of the end of December 2012 totalled USD827bn, compared with USD717.8bn as of the end of December 2011, according to statistics released by the group. Institutional assets as of the end of December totalled USD313.7bn, compared with USD271.8bn as of the end of September 2012, as retail assets totalled USD138.7bn, compared with USD119.3bn. Net inflows in fourth quarter totalled USD8.4bn for institutionals, as inflows in the retail segment totalled USD3.4bn. For the year, institutional inflows totalled USD17.2bn, and retail inflows totalled USD12.8bn. The group has reported annual net profits fo USD2.96bn, compared with USD2.84bn in 2011.

Assets under management at the French-US business bank Lazard as of the end of 2012 totalled a record USD167bn, up 18% compared with the end of December 2011, and up 4% since 30 September 2012, according to a statement released on 7 February. For the year as a whole, Lazard has posted a net inflow of USD2.7bn, but fourth quarter brought net redemptions totalling USD47bn. Management commissions last year totalled USD806bn, down 1% compared with 2011, as performance commissions, for their part, rose 66% 6o USD44m, due to the returns earned on certain traditional and alternative strategies. Lazard has also reported net profits in 2012 of USD84.3m, compared with USD174.9m the previous year, due to a restructuring charge of USD103m.

The real estate fund division of the Asset & Wealth Management (AWM) unit of Deutsche Bank, RREEF Real Estate, has announced that last year it made transactions totalling EUR2.2bn, compared with EUR1.9bn in 2011, an increase of 15%.Assets in open-ended real estate funds as of 31 December totalled EUR3.701bn for the grundbesitz europa, and EUR2.315bn for the grundbesitz global. One year previously, the asset management firm reported EUR3.2bn and EUR2.3bn, respectively, in assets under management by the two funds.RREEF also had a total of over EUR3.8bn in assets under management in over 70 institutional funds (Spezialfonds). One year previously, that amount stood at EUR3.3bn. Georg Allendorf, executive chairman of RREEF Real Estate Deutschland, states that the two open-ended funds last year acquired properties totalling a net EUR629m, and sold nine properties for EUR499m, in a process which earned significant capital gains. Closed-end funds invested EUR998m in 18 properties (at a time when sales were limited to 4 properties for EUR78m), due to significant net subscriptions from institutional investors.RREEF points out that in July 2012 it make its first mezzanine debt investment for an institutional real estate fund investment in a subordinate mortgage on a property located at 717 Fifth Avenue in New York City, for USD290m.

In December, inflows to African equity funds totalled USD878.4m, the highest level in two years, and four times the previous month’s level, according to EPFR, cited by the Financial Times. This is a sign of demand on the part of investors seeking exposure to the region, the newspaper remarks.

The US asset management firm Rusell Investments has announced the release in Germany of the Russell Global Defensive Equity Fund (GDEF), aimed at investors interested in returns but also with reduced risks in a lower volatility evironment than other equity funds. The benchmark index is the Russell Global Defensive Index (GDI), but the portfolio is actively-managed, which allows for the use of several defensive strategies and the avoidance of over-invested sectors.

With the Schwab ETF OpenSource, Charles Schwab on 7 February released a platform which provides investors and US advisers what the firm claims is free access to the largest number of ETFs in the country.So far, Schwab clients can buy and sell shares in 105 ETFs with no trade commissions. This includes products from issuers such as State Street SPDR, Guggenheim Investment, Invesco PowerShares, ETF Securities, United States Commodity Funds, and of course, Charles Schwab.

Fidelity has launched its Fidelity Funds – Global Strategic Bond Fund in Sweden, Fondbranschen reports. The fund invests in government bonds, inflation-linked bonds, corporate bonds, high yield bonds and emerging market debt, says Petter Edwinson, head of marketing and communications for Northern Europe at Fidelity.

The AMF on 31 January 2013 received a sales notification for France for the Baring Euro Dynamic Asset Allocation fund, a sub-fund of the Irish Sicav Baring Investment Funds Plc. “This fund is a ‘continental European view’ of the British institutional fund Dynamic Asset Allocation (DAA), which now has GBP6.3bn in assets, and which had net inflows of about GBP1.7bn in 2012,” Percival Stanion, head, global multi asset group at Baring Asset Management, has told Newsmanagers.The fund is managed with absolute return objectives, aiming for the Euribor plus 300 basis points. “It is a conservative product, with a low-volatility approach, which is managed with asymmetrical risk tolerance; the fund is long-only, uses no leverage, and in this new version, our floor for exposure to the euro is 50-60%. We have also set a limit above 70% for the equity allocation,” Stanion says.Since the launch of the strategy ten years ago, performance has been higher than that of the equity markets, with volatility half what it is for that asset class. And since the launch of the main (UK) fund in 2007, annual returns have been 7%, with volatility 40% that of the equity markets.In addition to the DAA, Barings has GBP313m in the same strategy in a UK retail product, USD50m in the US version, and USD40m in the Asian version, as well as GBP230m in the emerging market fund. In addition to that there are mandates. In total, multi-asset strategies have about GBP8bn.Currently, the portfolio of DAA is 30% allocated to bond markets, 25% to British equities, 25% to international equities, 11% to alternative assets, and 9% to cash.

Deutsche Bank has announced a modification to the anmes of five currency hedged equity ETFs listed in the United States, in order to improve the profiles of the funds and highlight the db X-trackers brand name, which is less well-known in the United States. New names Db-X MSCI Japan Currency-Hedged Equity Fund (NYSEArca: DBJP) becomes db X-trackers MSCI Japan Hedged Equity Fund Db-X MSCI Emerging Markets Currency-Hedged Equity Fund (NYSEArca: DBEM) becomes db X-trackers MSCI Emerging Markets Equity Fund Db-X MSCI EAFE Currency-Hedged Equity Fund (NYSEArca: DBEF) becomes db X-trackers MSCI EAFE Hedged Equity Fund Db-X MSCI Brazil Currency-Hedged Equity Fund (NYSEArca: DBBR) becomes db X-trackers MSCI Brazil Hedged Equity Fund Db-X MSCI Canada Currency-Hedged Equity Fund (NYSEArca: DBCN) becomes db X-trackers MSCI Canada Hedged Equity Fund

Vanguard is planning to launch an ETF dedicated to international bonds by the end of second quarter, IndexUniverse reports. The Vanguard Total International Bond Index Fund will replicate the Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index. It covers a universe of 7,000 high-quality government and corporate bonds from 52 countries. The new product is expected to charge fees of 0.20%, less than the 0.30% rate initially envisaged. Vanguard has also called off plans to introduce a front-end fee of 0.25%.

The German asset management firm Eyb & Wallwitz has launched a new fund in its Phaidros range, the Luxembourg-registered IP Concept fund Fallen Angels, which invests primarily in investment grade corporate bonds whose rating has fallen to speculative grade. Characteristics Name: Phaidros Funds Fallen Angels A ISIN code:LU0872913917 Front-end fee: Maximum 4% Management commission: 1.43%

The German firm Stabilitas GmbH, a specialist in advising for commodity funds, has received a sales license for German from BaFin for its Luxembourg-registered fund Stabilitas Growth-Small Cap, which has only EUR1.8m in assets. The asset management firm is the Luxembourg-based IP Concept Fund Management. The fund invests primarily in equities of the gold and commodity sectors, combining production equities with high profits with junior shares and shares in exploration firms, in order to limit risks. The portfolio is complemented by shares in the silver, basic metal and energy sectors. Characteristics Name: Stabilitas Growth-Small Cap ISIN Codes: LU0280294629 (P shares)LU0261105992 (I shares) Front-end fee: Maximum 5% Management commission: Maximum 2.50% Performance commission: 15% of increases in net asset value, with high watermark

According to estimates by the agency ETFGI, European ETPs reached a record volume of assets under management as of 31 January, with USD389bn, compared with USD369bn one month previously. According to BlackRock, assets totalled USD387.5bn, compared with USD367bn at the end of December, as ETFGI and BlackRock estimate net subscriptions at USD6.7bn and USD6.6bn, respectively.The two firms are clearly placing the same managers at the top of the rankings for assets. iShares is credit by ETFGI with USD148bn, while BlackRock gives it USD148.6bn, followed by db x-trackers, with USD53bn or USD53.2bn, and the Lyxor Asset Management, with USD41bn or USD44.2bn.In terms of inflows, ETFI counts USD3.8bn for iShares, while BlackRock reports USD3.7bn. UBS GAM is in second place according to ETFGI, with USD842m, but third (in a tie with Amundi), with USD0.7bn, according to BlackRock, as BlackRock places db-x-trackers in second place with USD0.8bn. Amundi ranks third according to ETFGI, with USD716m.Credit Suisse and the cantonal bank of Zurich (ZKB) both showed outflows in January, totalling a net USD198m according to ETFGI and USD0.2bn according to BlackRock for the former, and USD148m/USD0.1bn for the latter.There is also a large disparity in estimates as to the number of ETPs: ETFGI counts 1,969, while BlackRock counts 2,132.