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31/12/2012
Gestion d'actifs

La Mutuelle d'Ivry augmente son exposition aux matières premières

Alexandre Piazza, Responsable des investissements de la Mutuelle d’Ivry La Fraternelle (MIF) à la rédaction de www.institinvest.com : Nous avons hissé notre exposition aux matières premières à hauteur de 20 millions, en rajoutant notamment des métaux précieux. Ce qui représente 1% de notre encours, je pense que c’est un bon rythme de croisière pour une gestion efficiente, même si mon conseil d’administration m’autorise jusqu'à 2%. A la différence des marchés actions très influencés par la conjoncture économique, il n’y a pas de point d’entrée, il faut donc piloter de manière très forte cette classe d’actifs. C’est pour cela que nous avons délégué cette poche à Prim Finance.
Gestion d'actifs
28/12/2012

Oppenheimer Funds accueille deux nouveaux membres au comité consultatif

Oppenheimer Funds annonce avoir accueilli deux nouvelles personnes au sein de son comité consultatif. Il s’agit de Joanne Pace, conseillère stratégique et ancienne COO de Morgan Stanley Investment Management, et de l’Amiral Giambastiani, ancien vétéran de la marine américaine et président de Giambastiani Group.
28/12/2012

Nicolas Schimel prend la tête d'Aviva France

Donné partant par La Lettre de l’Assurance il y a une semaine, c’est maintenant officiel : Philippe Maso y Guell Rivet a a démissionné de ses fonctions de directeur général d’Aviva France avec effet immédiat, précise un communiqué du groupe. Nicolas Schimel, actuellement président directeur général de la filiale UFF, banque conseil en gestion de patrimoine, et membre du comité exécutif et stratégique d’Aviva France, lui succède. Il avait déjà exercé le rôle de directeur général temporaire d’Aviva France entre novembre 2010 et juillet 2011. Philippe Maso y Guell Rivet avait rejoint Aviva en juillet 2011 après avoir été directeur général de AXA Insurance UK de 2008 à 2011.
28/12/2012

Les négociations salariales dans les banques reflètent le climat morose

Les négociations salariales dans les banques pour 2013 montrent que les économies de coûts sont devenues la priorité dans l’Hexagone, selon L’Agefi. Les mesures d’augmentations générales sont de plus en plus rares. LCL et le Crédit du Nord ne les pratiquent plus et la Société Générale entend les réserver aux minima salariaux. Dans la branche Caisse d’Epargne, le «0%» a aussi été annoncé comme un objectif, mais la direction des ressources humaines a laissé entrevoir une hausse de 0,5% comme prime à la signature d’un accord par les syndicats. Dans ce contexte, le Crédit Mutuel CIC apparaît cette année encore comme la mieux-disante des banques françaises, avec une augmentation des salaires de 1,4% au 1er janvier.
28/12/2012

Eagle AM achète 45 % de ClariVest AM

Eagle Asset Management (21 milliards de dollars), filiale de Raymond James Financial, a annoncé avoir fait l’acquisition de 45 % du capital de la société californienne ClariVest Asset Management, qui gère plus de 3 milliards de dollars principalement pour le compte d’entreprises, de fonds de retraite et de fondations. Ce partenariat permettra une meilleure distribution des produits pour ClariVest.
28/12/2012
Fonds

Clariant cède 15% de son chiffre d'affaires au fonds new-yorkais SK Capital

Clariant, le groupe chimique, a annoncé avoir signé un accord avec le fonds new-yorkais SK Capital afin de céder à ce dernier l'équivalent de 15% de son chiffre d’affaires pour un montant global de 502 millions de francs suisse (415 millions d’euros), selon L’Agefi. Il recevra la somme de 460 millions de francs en numéraire, le reste constituant une reprise d’engagements de retraite de la part du fonds.
Fonds
28/12/2012

Castle PE: accords sur les commissions avec LGT Private Equity Advisers

Castle Private Equity a conclu divers accords concernant les commissions pour ses filiales situées en Irlande et aux Iles Cayman. Ces accords ont été signés avec LGT Private Equity Advisers et doivent refléter la stratégie de valorisation, selon un communiqué publié le 27 décembre par la société de participation. Les nouvelles commissions de gestion ont ainsi été divisées par deux, à 1%, et cela rétroactivement dès le 1er juillet 2012. La commission de performance reste toutefois inchangée à 10% des nouveaux bénéfices réalisés sur la base de la valeur d’actif net la moins élevée (avec «high watermark», actuellement à 12,50 dollars par action).
28/12/2012

Brevan Howard figure parmi les hedge funds les plus généreux

Les gérants de la société de gestion alternative brevan Howard figurent parmi les mieux payés du secteur des hedge funds, rapporte le quotidien britannique the Telegraph. Durant l’année à fin mars 2012, les rémunérations versées par Brevan Howard se sont élevées à 74,4 millions de livres, selon des chiffres divulgués par le Sunday Times. En outre, Brevan Howard a distribué des bonus pour un montant de 77,2 millions de livres à un peu moins d’une cinquantaine de traders. L’associé le mieux payé de la société, dont l’identité n’a pas été divulguée, a perçu 78,9 millions de livres, contre 64,8 millions de livres l’année précédente.Il faut dire aussi que Brevan Howard avait de bonnes raisons de faire preuve d’une certaine générosité. Ses commissions de performance ont fait un bond de 57% durant l’année écoulée.
28/12/2012

Castle PE: agreements on commissions with LGT Private Equity Advisers

Castle Private Equity has signed a series of agreements concerning commissions for affiliates located in Ireland and the Cayman Islands. The agreements were signed with LGT Private Equity Advisers, and must reflect the valuation strategy, according to a statement released on 27 December by the stakeholding firm. New management commissions have been halved to 1%, retroactively to 1 July 2012. Performance commissions will, however, remain unchanged at 10% of new profits on the basis of the lowest net asset value (with high watermark, currently USD12.50 per share).
28/12/2012

Fitch withdraws Asset Manager ratings from Olympia Capital Management

The financial ratings agency Fitch Ratings on 27 December announced that it is widrawing its Asset Manager rating of M2 from Olympia Asseey Management. The agency says in a statement that the rating ss being withdrawn due to a decision by Olympia no longer to participate in the ratings process, meaning that Fitch will no longer have all the necessary information to assign a current rating.
28/12/2012

Eagle AM acquires 45% of ClariVest AM

Eagle Asset Management (USD21bn), an affiliate of Raymond James Financial, has announced that it has acquired 45% of capital in the California-based firm ClariVest Asset Management, which manages over USD3bn, largely on behalf of businesses, pension funds, and charities. The partnership will bring improved distroibution of products for Clarivest.
28/12/2012

Share repurchases in S&P 500 companies lose momentum in third quarter

Companies belonging to the S&P 500 index spent less on equity repurchases in third quarter, according to the research agency FactSet Research, the CFO Journal reports. The slowdown may, however, be temporary, in light of an announced desire on the part of several companies, such as General Electric and United Technologies, to restart their equity repurchasing programmes. Over third quarter as a whole, companies in the S&P 500 index dedicated a total of USD93.4bn to equity repurchasing operations, a figure which is down 15.1% compared with second quarter, and 25.8% year on year.
28/12/2012

Oppenheimer Funds admits to new members to its advisory board

Oppenheimer Funds has announced that it has admitted two new members to its advisory board. They are Joane Pace, strategic adviser and former COO of Morgan Stanley Investment Management, and Amiral Giambastiani, a navy veteran and chairman of Giambastiani Group.
28/12/2012

Empire State Building soon to be listed on Wall Street

The Empire State Building may make its debut on Wall Street in February next year, Les Echos reports. The Securities and Exchange Commission (SEC) has granted permission for the operation, proposed by Peter Malkin and his son Anthony, the directors of Maklin Properties, the realty firm which controls the famous skyscraper. They are planning to raise USD1bn with the operation.
28/12/2012

Activist Bill Ackman calls Herbalife a “Ponzi scheme”

The Pershing Square fund, founded by Bill Ackman, claims that the Herbalife company has set up a massive pyramid scheme for a US business, Les Echos reports. Ackman says the firm pays independent networks of distributors who sell its product by recruiting vendors in turn. This is a variation of the Madoff case, but in the dietary supplement market. The fund claims that the group releases falsified figures about its sales and profits. Ackman has a short position on the shares, which have lost half of their value over the past 10 days.
28/12/2012

Insider trading is a permanent fixture of financial markets, says Madoff

Bernard Madoff, who is serving a prison sentenc eof 150 years for fraud and embezzlement, has written a letter from his cell, AFP reports. He says insider trading dates back to the beginning of history. “The most recent wave of sentences for such deeds may leave the impression that insider trading has developed recently. That’s not the case at all,” he writes. “It always existed, but getting caught was rare.” Madoff also considers it naïve to think that sensitive stock market information, which under legislation must be published to the entire world at the same time, will not be disclosed. “Since the information is secret, it has value for those who own it. That’s where the problem is,” he writes. He is also critical of a lack of transparency in financial markets, underscoring the point that the growth of hedge funds is forcing market players to take excessive risks in order to earn decent returns.
28/12/2012

Greek prosecutors investigate a list of tax expatriates

Greek tax authorities will examine data including a controversial list of offshore tax expatriates in Switzerland, the AFP reports. The list of over 2,000 people with accounts at the HSBC bank was sent by the French finance minister, and the data was “immediately sent to the office of the tax inspector.” Originally, French authorities seized the list in January 2009, but the Greek authorities claimed that the information was obtained illegally. As the anger of Greek citizens rose, the government decided to procure the list.
28/12/2012

Park East Capital: a company to avoid

Part East Capital no longer has an investment business license in Belgium, L’Echo reports. The Belgian financial services and markets authority (FSMA) warns that the firm is therefore no longer allowed to provide investment services in Belgium or from Belgian territory.
28/12/2012

Brevan Howard one of the most generous hedge funds

Managers at the alternative asset management firm Brevan Howard are among the best-paid in the hedge fund sector, the British Telegraph newspaper reports. For the year to the end of March 2012, remuneration paid by Brevan Howard totalled GBP74.4m, according to figures released by the Sunday Times. Brevan Howard paid bonuses totalling GBP77.2m, to slightly under 50 traders. The best-paid partner at the firm, whose identity has not been disclosed, made GBP78.9m, compared with GBP64.8m the previous year. It must also be noted that Brevan Howard had good reasons to show some generosity. Its performance commissions rose 57% in the past year.
28/12/2012

Clariant sells 15% of its earnings to the New York fund SK Capital

The chemical group Clariant has announced that it has signed an agreement with the New York firm SK Capital to sell it the equivalent of 15% of its earnings for a total of CHF502m (EUR415m), Agefi reports. It will receive the sum of CHF460m in cash, while the remainder will be paid as a transfer of pension liabilities from the fund.
28/12/2012

Strong growth in mergers and acquisitions in fourth quarter

Merger and acquisition operations worldwide have increased strongly in fourth quarter, to return to their levels of fourth quarter four years ago, according to estimates by the news agency Bloomberg. US transactions, particularly in telecommunications, drove activities in fourth quarter, creating some optimism for 2013. Merger and acquisition operations totalled USD69.19bn in fourth quarter, a level not seen since fourth quarter 2008, according to statistics from Bloomberg. Transactions for the year as a whole, however, were down by about 10%, to USD2.190trn. In Europe, merger and acquisition activity picked up in fourth quarter, with a 73% rise compared with third quarter at USD176bn. The risk of a collapse of the euro zone has dissipate, and investors have not ruled out a rebound in activities in the second half of 2013, but are expecting to have a little more visibility about macroeconomic outlooks for the zone.
28/12/2012

French equity funds see heavy outflows in mid-December

Funds dedicated to French equities in the week to 19 December posted their heaviest outflows since second quarter 2008, according to estimates by the research agency EPFR Global, which, however, has not disclosed the total sums in question. In general, European equity funds with a regional mandate generally performed well, although funds dedicated to one country had some difficulty in attracting new capital, EPFR Global comments. European equity funds overall, however, finished the week with inflows. US equity funds also saw inflows in the week to 19 December, such that equity funds overall posted net inflows of USD5.56bn. Meanwhile, bond funds overall finished the week with outflows of USD4.1bn, the strongest outflows observed since the beginning of August 2011. Redemptions from real estate, European and US bonds, were particularly high in the week to 19 December. In the United States, talks over the “fiscal cliff” have penalised municipal bonds, which have posted their heaviest outflows in early two years. Lastly, it should be noted that money market funds have posted outflows of USD18.8bn, while European money market funds represent 60% of this total.

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