La collecte des ETP européens s'oriente à contre-courant de la tendance mondiale
Les ETF dédiés aux actions du Vieux Continent ont subi des sorties de 600 millions de dollars au premier trimestre 2012
Les opérations d'externalisation immobilière animent le marché
Michelin et PSA viennent de vendre leur siège parisien, l'un vide, l'autre loué. Quelques transactions similaires seraient dans les tuyaux
Les prix alimentaires mondiaux continuent de monter
Les prix alimentaires mondiaux ont augmenté pour le troisième mois consécutif en mars et cette hausse devrait se poursuivre, a annoncé jeudi l’Organisation des Nations Unies pour l’alimentation et l’agriculture (FAO). L’indice de la FAO s’est établi en moyenne à 215,9 en mars, contre 215,4 (chiffre révisé) en février. S’il est encore inférieur au pic de 237,9 atteint en février 2011, il dépasse le niveau auquel il se trouvait lors de l’envolée des prix alimentaires en 2007-2008.
Nicolas Sarkozy confirme l'objectif d'équilibre budgétaire en 2016
Nicolas Sarkozy promet dans son projet pour le prochain quinquennat de ramener les finances publiques françaises à l'équilibre en 2016 et prévoit un léger excédent de 0,5% du PIB en 2017, selon un document distribué jeudi par son équipe. Le projet de Nicolas Sarkozy se traduit en revanche par une hausse du taux des prélèvements obligatoires, de 43,8% en 2011, 44,6% en 2012, 45,1% en 2013, 45,4% en 2014, 45,6% en 2015 et 45,8% en 2016, avant de redescendre légèrement à 45,6% en 2017. Selon les prévisions du président-candidat, la dette publique, hors contribution aux mesures de soutien européen, serait réduite de 85,1% en 2011 à 86,8% en 2012, 86,7% en 2013, 85,6% en 2014, 83,5% en 2015, 80,6% en 2016 et 77,3% en 2017. Nicolas Sarkozy a précisé que la France demanderait, s’il est réélu, le gel de sa contribution au budget européen, soit une économie de 600 millions d’euros par an. Il a par ailleurs annoncé qu’il demanderait dès l'été 2012 au Parlement français de voter une «règle d’or» sur la limitation des déficits publics, comme prévu par le traité de discipline budgétaire européen de mars dernier, s’il est élu.
Les inscriptions au chômage américain au plus bas depuis 2008
Les inscriptions hebdomadaires au chômage ont diminué moins que prévu aux Etats-Unis lors de la semaine au 31 mars mais elles sont néanmoins tombées à leur plus bas niveau depuis près de quatre ans, à 357.000 contre 363.000 (révisé) la semaine précédente, a annoncé le département du Travail. Les inscriptions de la semaine au 24 mars ont été révisées en hausse par rapport à une estimation initiale de 359.000.
Forte baisse de la production manufacturière britannique en février
La production manufacturière britannique a accusé sa plus forte baisse en près d’un an en février, prenant les prévisionnistes à contre-pied et jetant un doute sur le scénario d’une hausse modeste de l’activité au premier trimestre qui permettrait au pays d'échapper à la récession. L’Office national de la statistique a annoncé jeudi une baisse de 1% de la production manufacturière en février après un recul de 0,3% (révisé) en janvier.
La Grèce prolonge une deuxième fois l'échange de ses obligations
La Grèce a repoussé une nouvelle fois jeudi la date limite fixée pour l'échange de dettes qu’elle a émises, donnant aux investisseurs concernés jusqu’au 20 avril pour prendre une décision. Athènes avait déclaré que la conversion des 20,27 milliards d’euros de dettes apportées à l'échange et correspondant à 72% des titres émis sous un régime ne relevant pas du droit grec interviendrait le 11 avril. La date limite permettant aux investisseurs qui avaient refusé de participer à l'échange de revenir sur leur décision avait déjà été repoussée au 4 avril par le gouvernement grec, qui a dit ne pas avoir les moyens de les rembourser.
Le spread Espagne-Allemagne s’est creusé à 400 pdb
L'écart de rendement à dix ans entre les obligations d’Etat espagnoles et allemandes (spread) s’est creusé jeudi de 10 points de base à 400 points de base, au plus haut depuis fin novembre, selon des données Tradeweb. L'écart de rendement à dix ans entre les obligations d’Etat italiennes et allemandes s’est lui aussi élargi de 11 points de base à 370 points de base, au plus haut depuis la mi-février.
L'immobilier d'entreprise francilien connaît un coup d'arrêt
Au premier trimestre 2012, le montant provisoire global des investissements en Ile de France est estimé à 1,34 milliard d’euros selon Immmostat-IPD. La demande des utilisateurs de bureaux, quant à elle, a reculé à 514 300 m², à comparer à 625 000 m² pour le premier trimestre 2011.
La France émet sans difficulté 8,4 milliards de dette à long terme
La France a émis dans de bonnes conditions 8,439 milliards d’euros de dette à long terme, soit dans le haut de ses objectifs, au lendemain de l'échec d’une adjudication espagnole qui a alimenté des craintes sur l’opération française. Les taux moyens pondérés des obligations assimilables du Trésor (OAT) offertes - 4,25% 2017, 3,0% 2022, 3,5% 2026 et 4,5% 2041 - ont été légèrement plus élevés que lors des précédentes adjudications mais sont ressortis soit en ligne, soit inférieurs à ceux du marché secondaire.
Le franc suisse casse son plafond à la hausse
L’euro/franc est brièvement passé jeudi matin sous le seuil de 1,20 fixé par la Banque nationale suisse. Il se traitait à 1,201 vers 13 heures. La BNS avait promis en septembre d’intervenir massivement pour endiguer l’appréciation de sa devise. Le regain de tension ces derniers jours sur la dette souveraine périphérique en zone euro explique ce mouvement. Un porte-parole de la BNS a réaffirmé jeudi qu’aucun cours au-dessous de 1,20 franc pour un euro ne serait toléré
Croissance solide des services en Chine
Le secteur tertiaire a enregistré en mars une croissance solide et le sentiment économique a atteint un plus haut de 11 mois, mais l’activité du secteur reste inférieure à sa moyenne de long terme, selon l’enquête HSBC menée auprès des directeurs d’achats. L’indice PMI de HSBC ressort à 53,3, en recul après 53,9 en février mais encore solidement ancré au-dessus du seuil de 50, grâce notamment à la composante des nouvelles affaires, en expansion ininterrompue depuis 40 mois.
La Banque d'Angleterre maintient son statu quo
La Banque d’Angleterre (BoE) a maintenu sans surprise son taux directeur à 0,5%, son niveau depuis mars 2009, et laissé inchangé le montant de son programme de rachats d’actifs, alors que se multiplient les signes augurant d’un retour à la croissance de l'économie britannique. Tous les économistes interrogés par Reuters s’attendaient à ce que la banque centrale n’augmente pas son programme d’"assouplissement quantitatif» (QE) au-delà des 325 milliards de livres (394 milliards d’euros) annoncés précédemment.
Recul de 1,3% de la production industrielle allemande
La production industrielle allemande a reculé plus que prévu au mois de février, la vague de froid ayant pénalisé l’activité dans la construction, selon les données publiées par le ministère de l’Economie. L’activité dans l’industrie s’est contractée de 1,3% d’un mois sur l’autre en février après une croissance de 1,2% en janvier (révisée de +1,6%).
05/04/2012
AMF opens savings observatory for retail investors
The French financial market authority (AMF) has opened the “AMF savings observatory,” a resource which aims to provide an overview “of financial products on offer to non-professional investors, communications/publicity actions by financial product distributors, and trends in household financial investment,” a statement says. To this end, the AMF will be publishing a quarterly newsletter, which may also be viewed on its website, but has not ruled out “special issues” of the newsletter during the year.The first issue of the newsletter is dedicated to the pricing of financial products, and treats subjects such as following up visits to bank advisers. The findings are that fees are quoted spontaneously four times out of ten, and that in only one case in ten, fees paid to the adviser are distinguished from other types of fees (front-end fees, management fees, etc.)The AMF states that futures subjects to be covered in the newsletter will include communications by financial institutions, returns on investments, and investor behaviour.
05/04/2012
German institutionals highly active in February
Dedicated funds in February posted net inflows of EUR7.8bn, with engagements from institutionals outside investment funds representing an additional EUR3.4bn, according to statistics from the German financial management association (BVI). Open-ended funds, for their part, have posted only EUR0.7bn in subscriptions. Overall, net inflows total EUR12bn, a level not seen since January 2010, the professional association says in a statement. For open-ended funds, euro-denominated government bonds have become unpopular, with outflows of EUR1.2bn in February, while short-term bond funds have seen net redemptions of EUR2.8bn. However, corporate bond funds have seen net inflows of EUR2.3bn, and emerging market bond funds have seen subscriptions of EUR0.8bn. Real estate and diversified funds have posted subscriptions to0talling only EUR0.4bn and EUR0.2bn, respectively. However, equity and money market funds have seen redemptions totalling EUR0.1bn and EUR0.4bn, respectively. As of the end of February, assets under management in the sector totalled EUR1.859bn, of which EUR1.170bn were from institutional investors.
05/04/2012
German-Swiss tax accord may be signed on Thursday
A spokesperson for the German finance ministry on 4 April announced that the final version of a controversial tax agreement with Switzerland “may be signed tomorrow,” on 5 April, pending a few “formal questions” from the Swiss government. The German and Swiss governments have been in negotiations for several months over a double taxation agreement to combat tax evasion by German taxpayers in Switzerland. The spokesman stated at a regular press conference that the agreement, a first draft of which had already been signed by the two governments, would include “an additional protocol” to address some reticence on the part of some German regional governments. “The basic talks are finished,” the spokesperson said, without stating what amendments have been adopted. The spokesperson said that he is “optimistic” about seeing the agreement ratified by the German parliament, to come into force on 1 January next year, ending a controversy over tax evasion which has clouded relations between the German and Swiss governments for years. The signature of the final version of the agreement, however, does not amount to final ratification, as several regional governments have expressed concerns about legislation they consider too lax. The recalcitrant German regional authorities may block the bill in the Bundesrat, the upper chamber of the German parliament.
05/04/2012
FSA called on to open consultation on unregulated collective investment vehicles
The British financial services authority (FSA) should launch an emergency consultation on unregulated collective invetment vehicles (UCIS) used by financial advisers, the financial services specialist consulting firm Aim Two Three claims, Investment Europe reports. The regulator already noted in a previous consultation that these vehicles should be limited to a very restricted set of retail investors due to their high risk levels. If this is the case, Aim Two Three claims, these vehicles should be removed from the list of retail investment products.
05/04/2012
FSA issues a warning
The British financial services authority (FSA) has published a consultation document warning firms which, in an effort to adapt their models to the new RDR legislation, may be tempted to convince their clients to agree to investment solutions which in its eyes are “unacceptable.” The regulator reviewed 181 investment cases in which centralised investment solutions were recommended to clients, meaning standardised investment approaches based on reference portfolios, or investment substitution solutions which migrate clients’ investments from one solution to another. Of these 181 cases, the FSA founded that in 108, the quality of the information was unacceptable, and in 103, the advising was virtually incomprehensible. Advising was deemed inappropriate in 33 cases. The FSA repeats in the document that all new investment solutions must be in the interests of and suit the needs of clients, based on the major factors which are the cost of the solution recommended, the performance of the aforementioned solution, and its taxation. In all cases, all the drawbacks as well as the advantages of a solution must be clearly explained.
05/04/2012
ESG creates value, private equity firms say
94% of private equity firms surveyed by PwC claim that environmental, social and governance (ESG) activities may create investment value. PwC surveyed 17 private equity firms about measures taken by the private equity sector in socially responsible investment, Among these firms, six rank among the world’s top 10, while 11 are among the world’s 50 largest private equity firms. Several respondents even cited cost savings and additional revenues due to new socially responsible products, in addition to improved reputation. Doughty Hanson claims that it has made EUR21m in additional revenue due to its socially responsible investment programme.88% of firms claim that socially responsible investment should attract higher levels of interest in the next five years.But despite this enthusiasm, half of private equity firms surveyed currently have no ESG or socially responsible investment policy. Only 40% of them have set up systems to create value through ESG activities, and 47% do not publicly report on their ESG programmes.
05/04/2012
Sovereign funds seeking asset liability management solutions
Sovereign funds are calling for modifications to their investment practices, in order to account for short-term constraints (such as limiting maximal losses allowed in a given time period, or minimal performance objectives), according to a study by the Edhec-Risk Institute undertaken last year by a research chair supported by Deutsche Bank.The study finds that sovereign funds find asset liability management (ALM) techniques to be relevant for their financial management, and that management of risks related to the United States is a part of their mission. The specific characteristics of their asset liability management is that it needs to cover not only liability risks, but also contribution risks. Sovereign funds estimate that the asset management sector does not provide liability-driven investment (LDI) solutions which are adapted to their particular situation.With this in mind, the study proposes a dynamic asset liability management model developed to guide allocation and risk management decisions by sovereign funds.
05/04/2012
NGAM launches a sustainable portfolio construction platform
Natixis Global Asset Management has unveiled its Sustainable Portfolio Construction platform in the United States and several European countries not including France. The solution allows various client segments (retail, IFA and institutional investor clients) to manage their asset allocation prmarily as a fuction of risk and volatility, in order to maximally diversify the range of asset classes and investment strategies they invest in, including alternative investments, and to use traditional asset classes more smartly.The platform takes into account a desire on the part of investors to earn adequate returns in all market phases, while minimising losses and maintaining acceptable risk levels. NGAM provides clients with assistance from portfolio management experts and analysts, including Matthew Coldren, deputy director of the client solutions group, and Marina Gross, the firm’s second-highest ranking professional in portfolio advising and research. The teams aim to provide investors with information and judgements on portfolios, without recommending specific products.
05/04/2012
Dow Jones Indexes launches new indices
The index provider Dow Jones Indices will launch a new series of indices on 5 April which will serve as underlyings for structured products listed by UniCredit in Frankfrut and Stuttgart on the same day. The new indices, the Dow Jones Forecasted Dividend Plus Indexes, allow for measurement of equity indices which in the past have delivered top dividends and which are expected to serve sustainable dividends in the future. The new range of indices includes a regional index with 40 members, as well as three country indices with 20 members each. These are: · Dow Jones Europe Forecasted Dividend Plus Index· Dow Jones Germany Forecasted Dividend Plus Index· Dow Jones France Forecasted Dividend Plus Index· Dow Jones U.K. Forecasted Dividend Plus Index Equities included in the universe of the index must meet the following criteria in order to be considered eligible: Minimum daily trading volume over the past three months of USD10m for the regional index, and USD5m for the country indices Positive profits per share over the past 12 months Returns on owners’ equity above zero over the past three years Projected dividends of more than zero All eligible equities are then categorized according to the following criteria (with equal weighting): Projected dividends Ratio of projected dividends to average dividends over the past three years Percent increase in share price over the past three months
05/04/2012
Former Trafalgar manager resurfaces
A former portfolio manager from the hedge fund firm Trafalgar Asset Managers, who left the firm late last year, has resurfaced at Maven Securities, an owners’ equity trading boutique, FinancialNews reports.
05/04/2012
Schroders adds to LDI team
Tom Williams has been recruited as a structurer by Schroders, joining its specialist liability-driven investment (LDI) portfolio solutions team. He will report to Mike Hodgson, head of structuring.Williams joins the firm from Jefferies International, where he had been an interest derivative trader.
05/04/2012
Neptune IM loses three sales specialists
Three employees of the British asset management firm Neptune Investment Management, John Lester, head of strategic partnerships, Dennis Pellerito, head of strategic partnerships for the UK, and one junior sales employee, have left the firm to join a recently-founded investment boutique, Investment Week reports.
05/04/2012
Bond manager leaves GLG
Christophe Akel is leaving GLG, where he had been manager of the GLG Global Corporate Bond and GLG Strategic Bond funds, for personal reasons, Investment Week reports. The two funds will be taken over by the head of credit, Steve Roth.
05/04/2012
IFAs adapt their offerings to RDR regulations
The majority of British independent financial advisers (IFAs) will increase their use of model portfolios and funds categorised according to their risks, as a result of new RDR legislation, according to a study by Skandia Investment Group. The study finds that nearly two thirds (65%) of independent financial advisers are planning to increase their use of reference portfolios and that more than half of them (53%) are planning to increase their use of risk-categorised funds. The other solutions preferred by advisers include multi-asset class funds (44% of respondents) and multi-management funds (42%). Custom portfolios are mentioned by only 35% of advisers. Notably, 57% of advisers have no plans whatsoever to offer more inexpensive funds due to upcoming regulatory changes. Among the advisers who are considering these more inexpensive solutions, the option cited by two thirds of advisers (66%) is actively-managed low-cost funds, followed by passively-managed funds (51%). ETFs are being considered by only 19% of IFAs.
05/04/2012
French and Italian insurers commit to long-term savings policy
The French federation of insurance companies (FFSA) and the Italian association of insurance companies (ANIA) on 4 April signed a joint manifesto explaining the reasons for supporting long-term savings in Europe and means to do so. A few weeks before the French presidential elections, and one year before Italian legislative elections, as the European Omnibus 2 directive (which is a complement to Solvency 2) is under negotiation in Brussels, insurers claim that it is important to “raise their voice, and express their vision of a modern economic and social strategy, based on a savings and investment policy oriented to the long term,” a statement says. In the «Manifesto for a long-term savings policy,» French and Italian insurers call on European countries to “consider the long term an economic priority” as a way out of the major economic crisis now underway. ‘It is necessary to support the development of long-term savings in European economies, on the one hand, to protect households against risks related to ageing, and on the other hand, to make investments that our economies need in order to support economic growth,” they write.
05/04/2012
Further reduction in pension fund deficit
The average coverage rate for the liabilities of US corporate pension funds increased by 3.6 percentage points in March, to 79.8%, after increases of 2.1 points in February and 1.6 points in January, according to estimates, by BNY Mellon Asset Management. This increase is due to the fact that equity markets saw their sixth consecutive month of gains in March. BNY Mellon states that assets in corporate pension funds increased by 1.3% in March, at a time when their liabilities decreased by 3.2%, due to a 25 basis point increase to 4.58% in the actualisation rate for AA-rated businesses.