On the eve of the US presidential election, the market for invesment grade corporate issues has set records, with an amount never before seen in a single day of USD22.1bn, IFR reports. Among the issues on 5 November are AbbVie, the pharmaceuticals activity from Abbott, for a total of USD14.7bn. In the space of three trading days during the presidential elections, corporate debt issues have totalled USD47.45bn, IFR points out.

As of 30 September, GAMCO Investors had record assets of over USD36.94bn, 3.6% more than USD35.7bn as of the end of June, and 17.95% more than USD31.1bn as of the end of September 2011.In third quarter 2012, CAMCO underwent net redemptions of USD356bn, compared with net subscriptions of USD111m in April-June, and USD899m in the corresponding period of last year.Net profits in July-September 2012 totalled USD19bn, compared with USD15.1bn in second quarter, and USD7.7bn in third quarter 2011. In the first three quarters of the year, net profits totalled USD57.94m, compared with USD45.99m for January-September 2011.

Tony Williams, previously chairman and COO of Artio Global Investors, a US affiliate of Juilus Baer, has been appointed as CEO of the firm. In this position he replaces Richard Pell, who will now concentrate exclusively on investment management. Francis Ledwidge, director of the firm will serve as chairman of the board.

The hedge fund Permian Investment Partners, which has gained some notoriety since its founder, Cara Goldenberg, was invited to lunch by Warren Buffett, has earned returns of 16.2% since the beginning of the year, according to the website Valuewalk. Assets in the fund, which invests primarily in a long/short strategy, total about USD200m. Among the major long positions of Permian are Kroton, Atos SA and Merck.

Agefi reports that a Los Angeles federal judge yesterday issued a provisional ruling blocking the sale of TCW by Société Générale to Carlyle, following a lawsuit filed by the fund EIG Global Energy Partners. The fund claims that it would suffer damages for a common fund with TCW which competes with the product range from Carlyle, the newspaper explains.

In the first nine months of the year, the asset management business line at BNP Paribas posted net redemptions totalling an undisclosed amount. The bank, which is releasing its quarterly results this morning, has simply announced that “Asset Management’s asset inflows into money market and bond funds were more than offset by asset outflows in the other asset classes.” In first half, outflows from the business line already totalled EUR1.9bn, and in 2011, they totalled -EUR35.7bn for the year as a whole.Assets under management in asset management fell to EUR408bn.The other professions in the Investment Solutions unit (wealth management, insurance, and others), to which asset management belongs, have posted net subscriptions. Net asset inflows for the first nine months of the year totalled 0.9 billion euros and were penalised by a client’s (fund manager) decision in the third quarter to insource a distribution contract. Excluding this effect, net asset inflows were +12.2 billion euros for the first nine months of the year. Investment Solutions’ assets under management rose 5.2% compared to 31 December 2011 and 4.1% compared to 30 September 2011, to 886 billion euros (842 billion euros as at 31 December 2011).For the first nine months of the year, Investment Solutions’ revenues moved up 1.9% compared to the first nine months of 2011, the 6.0% drop in Wealth and Asset Management, a result of reduced managed assets in Asset Management, being offset by the 13.3% rise in revenues from Insurance (+5.8% at constant scope and exchange rates) and 5.1% revenue growth from Securities Services. Operating expenses edged up 2.0% compared to the first nine months of 2011, given business development investments in Insurance and Securities Services, but they were down 3.3% at Wealth and Asset Management due to the adjustment of costs to the new environment. The cost/income ratio was thus stable at 69.2% compared to the first nine months of 2011. Pre-tax income was 1,515 million euros, up 14.9%.

Activist investor Nelson Peltz has bought a 1 per cent stake in Danone, worth about EUR300m, according to people familiar with the situation cited by the Financial Times. He is expected today to call for the French food group to cut costs and be more disciplined with its use of cash.He is expected to call for moderate improvements, such as improving operating margins by 100 basis points to 15.1 per cent by 2015 and the return of all excess cash flow in the form of share buybacks.

The Italian asset management firm Banca Generali has reported net inflows in third quarter of EUR174m, compared with EUR65m in the previous quarter, Investment Europe reports. Assets under management totalled EUR1.36bn as of 30 September. The firm, which has recruited 40 asset management professionals in the first nine months of the year, has announced that it is planning to continue to recruit staff in the next few months.

Standard Life Investments has announced that Adam Rudd has been appointed as an investment director within the Multi Asset Investment (MAI) team. Adam Rudd, who previously worked for JP Morgan in New York, will be part of a 25 strong team providing analysis, investment recommendations, implementation strategies and management for our range of MAI funds. Adam will report directly to Guy Stern, head of Multi-Asset Fund Management, at Standard Life Investments. Between 2010 and 2012, Adam Rudd was vice-president, equity derivatives strategist, J.P. Morgan, in New York.

Irving Picard, the court-appointed trustee for the business interests of Bernard Madoff, has announced that he has recuperated or completed agreements to recuperate more than USD9.2bn of the USD17.3bn in principal lost by investors due to the fraud, the Wall Street Journal reports.

On 2 November the CNMV issued a sales license for the guaranteed fund BBVA Plan Rentas 2016, launched on 16 October, a bond product for which the subscriber will receive at maturity (on 27 October 2016) the capital invested in December 2012, plus fifteen quarterly payouts in the meanwhile, of a gross EUR58.20 per EUR10,000 invested, an annual rate of return of 2.302%.CharacteristicsName: BBVA Plan Rentas 2016 D, FIISIN code: ES0133767006Minimal subscription: EUR600Front-end fee: 5% from 27 December 2012 (or before, when assets total EUR20m), and until 26 October 2016Management commission: 0.02% until 26 December 2012, inclusive, then 1.7%Depository banking commission: 0.01% until 26 December 2012, inclusive, then 0.05%

Funds People reports that iShares has registered 20 of its ETFs listed in Germany in Spain, bringing its product range on sale in the country to 155 products.Among the new arrivals are 19 physical replication ETFs based on sub-indices of the Stoxx Europe 600, and the twentieth is the UBS Commodity Swap ETF.

Le gouvernement brésilien pourrait exclure jusqu’à 42 milliards de réaux (16 milliards d’euros) de dépenses publiques du calcul de l’excédent budgétaire primaire cette année, a indiqué le ministre des Finances Guido Mantega. Le recours à un ensemble de règles alternatives pour calculer cet indicateur devrait permettre à la présidente Dilma Rousseff de respecter son baromètre de discipline budgétaire.

Selon Bloomberg, le système de trading alternatif a déposé auprès de la Financial Services Authority une demande de licence pour obtenir le statut de plate-forme d’échange enregistrée. Actuellement considérée comme une MTF (Multilateral Trading Facility), la structure entend grâce à cette licence attirer des investisseurs particuliers et des gérants. Cela ferait de Bats Chi-X Europe la troisième place de marché au Royaume-Uni, derrière le LSE et ICAP Securities & Derivatives Exchange (ISDX).

Face à la crise de la zone euro, les institutions redoublent d’efforts pour assurer la pérennité de l’union monétaire. Le moment est venu de vous demander votre avis sur les directives établies pour réglementer le secteur financier.

Les entreprises françaises bénéficieront dès 2013 de la création d’un crédit d’impôt qui allègera de 20 milliards d’euros les coûts qu’elles supportent et les aidera à améliorer leur compétitivité internationale, a annoncé le Premier ministre, Jean-Marc Ayrault, lors d’une conférence de presse ce mardi. Ce crédit d’impôt sera financé à parité par une baisse des dépenses publiques et une hausse de la fiscalité indirecte, pour l’essentiel la TVA.

Elles bénéficieront dès 2013 de la création de ce crédit qui allègera de 20 milliards d’euros leurs charges et sera financé par une baisse des dépenses publiques et une hausse de deux taux de TVA.

IntercontinentalExchange a fait état d’un bénéfice net en baisse bien que supérieur aux attentes au troisième trimestre, à 131,1 millions de dollars. L’opérateur boursier a vanté sa discipline financière et son modèle opérationnel allégé malgré la baisse des contrats de gré à gré sur le gaz naturel et l’électricité aux Etats-Unis. ICE a selon le Financial Times obtenu l’approbation des autorités britanniques pour la négociation de CDS sur les dettes souveraines européennes.

Le courtier basé à St. Louis a conclu le rachat de KBW sur un niveau de valorisation de 575 millions de dollars. Stifel Financial versera 17,5 dollars par action, dont 10 dollars en numéraire et 7,5 dollars en action ordinaire Stifel. KBW, qui développe des activités de broker-dealer et de banque d’investissement, a publié une perte sur cinq des six derniers trimestres.

La réélection de Barack Obama garantirait le statu quo, mais une victoire de Mitt Romney pourrait remettre en cause la politique accommodante de la Fed

En France, où les actifs ont fondu à 3,5 milliards d’euros, la clientèle issue du réseau pèse pour deux tiers et a vocation à atteindre 50%

Les mésaventures des créanciers d'Intesa Sanpaolo qui a supprimé unilatéralement une clause de rachat anticipé pourraient se multiplier

Vingt des 27 économistes interrogés par Bloomberg anticipaient une nouvelle baisse des taux directeurs de 25 pb. Le dollar australien gagne 0,6%

Un régulateur américain, la Finra (Financial industry regulatory authority), aurait selon le quotidien entamé une enquête concernant des transactions sur le titre Apple réalisées par le courtier Rochdale. Ce dernier serait en situation périlleuse suite à une erreur de l’un de ses salariés qui aurait acquis mille fois le nombre de titres demandés. Rochdale avancerait pourtant que le courtier a travaillé avec une tierce partie et a intentionnellement placé un ordre aberrant. Le trader aurait acheté des titres Apple le mois dernier pour un montant compris entre 750 millions et un milliard de dollars. Bloomberg indique que Rochdale discute avec des investisseurs pour assurer sa survie.

Warburg Pincus a selon le quotidien convenu de céder au conglomérat italien de services alimentaires Ali Group le fabricant américain de machines à glaçons Scotsman Industries pour 575 millions de dollars. Une opération juteuse, Warburg ayant acquis la société en 2009 pour 160 millions et ayant depuis déjà touché 200 millions de dividendes environ.

L’agence de notation a relevé la note d’Ankara en catégorie investissement, soulignant un atterrissage en douceur

Toutes les banques systémiques ne seront pas soumises à Bâle 3 dans les temps. Elles doivent aussi mettre en place des plans de résolution

Les marché des obligations sécurisées tourne au ralenti. Les émissions libellées en euros pourraient afficher un afflux net négatif sur l’ensemble de 2013 voire dès cette année selon une étude. Depuis janvier, le montant des émissions équivaut à peine à la moitié des volumes enregistrés en 2011.

Selon Deutsche Bank, les émissions d'obligations sécurisées en euros pourraient afficher un afflux net négatif en 2013, voire dès 2012

Outre une baisse des charges, le rapport Gallois publié hier propose une refonte de la fiscalité de l'épargne