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22/11/2011

Les Bourses japonaises font cause commune

Les Bourses de Tokyo (TSE) et d’Osaka (OSE) sont finalement sorties du bois en dévoilant ce matin un accord de fusion. Les deux marchés pourraient créer en 2013 le troisième opérateur mondial en termes de capitalisation après que le TSE a racheté jusqu’à deux tiers de son concurrent coté dans le cadre d’une offre publique présentant une prime de 14% sur le cours de clôture d’hier.
22/11/2011

Warren Buffett reste paré à l’assaut

Le patron de Berkshire Hathaway ne perd rien de son appétit d’acquisitions. En visite au Japon, il a confié à Bloomberg que le fonds d’investissement pourrait aisément et «n’importe où» consacrer dix milliards de dollars à une prochaine opération. Warren Buffett assure n’avoir aucun projet concrètement en vue pour l’instant.
22/11/2011

Quatre séances consécutives de baisse pour le yuan

La banque populaire de Chine a fixé la parité du yuan à un niveau plus faible ce matin de 6,3555 contre dollar. La devise baissait de 0,16% à 6,37 à Shanghai, après avoir atteint un plus haut de 6,3354 le 14 novembre. Le yuan reste néanmoins en hausse de 3,5% depuis le début de l’année.
21/11/2011

Les réformes du marché unique européen augmenteraient le PIB de plus de 3%

Mettre en place les réformes du marché unique européen augmenterait le PIB de l’Union européenne de plus de 3% d’ici 2020, a déclaré lundi le commissaire européen aux Affaires économiques Olli Rehn. «La moitié de cela environ proviendrait de la mise en oeuvre totale de la directive sur les services», a-t-il expliqué. «Capitaliser sur notre marché interne est particulièrement attrayant dans le contexte actuel, » a-t-il également expliqué.
21/11/2011

Net ralentissement économique avec les inondations en Thaïlande

L'économie thaïlandaise a enregistré une croissance beaucoup moins marquée que prévu au troisième trimestre, les conséquences sur l’activité des inondations qui affectent le pays depuis la fin juillet commençant pleinement à se faire sentir. Mais c’est surtout sur les trois derniers mois de l’année que l’impact de cette catastrophe, qui a déjà fait plus de 500 morts, sera le plus visible puisque l’agence de planification de l’Etat a dit lundi tabler pour cette période sur une contraction de 3,7% par rapport au quatrième trimestre 2010.
21/11/2011

Axa IM confiant pour 2011 après deux années difficiles

Axa Investment Managers (IM), filiale de gestion d’actifs de l’assureur Axa, se montre confiant pour 2011, après avoir connu deux exercices difficiles. La société de gestion a enregistré sur les neuf premiers mois de l’année une collecte nette de deux milliards d’euros grâce à ses fonds monétaires (+3 milliards d’euros) et sa filiale de capital investissement Axa Private Equity (+2 milliards d’euros) alors qu’Axa Rosenberg subissait quatre milliards d’euros de rachats.
21/11/2011

MGPA annonce la première clôture de son fonds MGPA Europe Fund IV

MGPA, société de conseil en capital-investissement immobilier, annonce la première clôture de son fonds MGPA Europe Fund IV, avec des capitaux engagés d’un montant de 100 millions de dollars. A l’instar de ses fonds prédécesseurs, le fonds MGPA Europe Fund IV ciblera en priorité le Royaume-Uni, la France, l’Allemagne et la Pologne afin de profiter des opportunités de création de valeur, notamment à travers des restructurations, des actifs sous-valorisés, ou encore la gestion active des biens.
21/11/2011

La mise en garde de Moody's sur la France ravive les tensions

La mise en garde de Moody’s sur le risque que représenterait pour le «triple A» de la France une hausse durable de ses coûts de financement a ravivé, lundi, les tensions sur les marchés. «Des coûts de financement durablement élevés amplifieraient les défis budgétaires auxquels est confronté le gouvernement français dans un contexte de détérioration des perspectives de croissance, avec des conséquences négatives sur le crédit», prévient Alexander Kockerbeck, l’analyste principal de Moody’s Investor Service sur la France. L'écart de rendement entre les emprunts d’Etat français et allemand à dix ans, qui était revenu sous 150 points de base, s’est élargi après la publication de la note, comme celui de pays périphériques de la zone euro. Les Bourses européennes ont accentué leurs pertes, l’Eurostoxx 50 perdant près de 2,4% comme le CAC 40 en fin de matinée, les valeurs bancaires comme BNP Paribas (-5,36%) et Société générale (-5,01%) affichant les plus fortes baisses du CAC. Le président de l’Eurogroupe Jean-Claude Juncker a quant à lui jugé qu’un éventuel déclassement serait inadapté compte tenu de la situation budgétaire du pays. Il a ajouté que s’il venait à se produire, cela impliquerait que le FESF perdrait lui aussi sa note AAA.
Le siège de Moody's à New York. Photo: Scott Eells/Bloomberg
21/11/2011

L‘hémorragie continue chez Groupama

L’assureur Groupama vient d’enregistrer plusieurs défections importantes, rapporte Les Echos. La dernière en date, annoncée vendredi aux représentants du personnel, est celle d’Isabelle Calvez, la directrice des ressources humaines. Helman le Pas de Sécheval, le directeur général de la caisse régionale Groupama Centre-Atlantique, et Frédérique Granado, la directrice de la communication, vont également s’en aller dans les prochaines semaines. Par ailleurs, Michel Baylet, l’un des barons du groupe mutualiste, a démissionné de son poste de vice-président de Groupama SA, selon le quotidien.C’est dans ce contexte que la nouvelle équipe de direction poursuit la revue des actifs que Groupama pourrait éventuellement être contraint de céder. Generali France et Covéa seraient candidats à un rachat de GAN Assurances, selon «Le Journal du dimanche» d’hier, qui mentionne également un intérêt d’AXA et d’Allianz France. Faute d’avoir reçu vendredi réponses sur la situation financière de l’assureur, l’intersyndicale (CFDT, CFE-CGC, CGT) a, de son côté, confirmé la procédure de droit d’alerte.
21/11/2011
Fonds

Hugau Gestion commercialise un "high yield prudent"

Hugau Gestion a lancé le 20 mai High Yield Recovery, un fonds obligataire qu’elle a encore peu activement commercialisé et médiatisé.Il s’agit d’un FCP obligataire coordonné de droit français de 20-25 lignes, des valeurs de sociétés dont l’activité permet de dégager des cash flows récurrents pour faire face à leur dette. Le fonds est un «high yield prudent» qui investit dans des obligations «5B», à la frontière entre la catégorie investissement et du haut rendement (BB-/BBB-), un univers dont la volatilité est de 3,3 % contre 9,1 % pour le high yield.Le fonds, qui n’affiche pour l’instant que 13,1 millions d’euros d’encours (dont 20 % provenant de particuliers) répond aux besoins d’investisseurs qui cherchent un complément de rémunération à un placement obligataire court/moyen terme euro, en essayant de capter la surperformance engendrée par des émetteurs ne souhaitant pas de notation (comme Lagardère), des émetteurs non-investment grade avec profil de catégorie investissement (Pernod), des risques de dégradation déjà anticipés par le marché (Lafarge) ou des aberrations de marché de la zone euro (flux vendeurs sur les corporates PIIGS).L'équipe de gestion essaiera de tirer parti des ventes «réglementaires» d’obligations par des investisseurs contraints de se séparer de titres dès l’annonce d’une dégradation. Elle sera aussi acheteuse lorsque des émetteurs sont passés en haut rendement suite à une opération de croissance externe considérée comme créatrice de valeur mais financée par dette ou, enfin, lorsque les émetteurs sont sur le point d'être promus en «qualité investissement».Caractéristiques Dénomination : Hugau High Yield Recovery Code Isin : FR0011033984Frais de gestion : 1 %
Fonds
21/11/2011

Hedge fund strategies rebound in October

Hedge fund strategies recovered in October, according to monthly statistics from the Edhec-Risk Institute. Event-driven and long/short equity strategies posted gains of 2.97% and 4.30%, respectively, their best results of recent years. Returns have not entirely offset losses in September, nor since the beginning of the year, as event-driven shows losses of 2.8%, and long/short equity shows losses of 3.8%. Despite its limited exposure, the market neutral strategy has earned gains of 1.58%, which offset losses in September. Since the beginning of this year, the strategy has gained 0.8%. Good results for emerging markets strategies and distressed securities have also brought returns of 3.91% and 2.98%. Funds of funds earned returns of 1.22% in October, but since the beginning of the year, they show losses of 4.2%.
21/11/2011

Asian institutionals short ETFs

Sovereign funds and other institutional investors are increasingly turning to short positions on ETFs, Asian Investor reports. This trend is likely to continue in the next few months. Short-selling ETFs is common in the United States, where USD34.9bn in ETF assets were on loan as of the end of September, compared with only USD923m in Asia, and USD15.7bn Europe, according to the financial data provider Data Explorers. ETF providers are in favour of short-selling of their products, since it provides liquidity and increases interest in ETF vehicles. However, hedge funds have not yet embraced this trend in Asia, Asian Investor notes.
21/11/2011

UBS sued by Luxalpha trustees again

On 15 November, at a general shareholders meeting for the Luxembourg Sicav fund Luxalpha, which channelled money to the fraudster Bernard Madoff, trustees announced that it is filing a second lawsuit against UBS, Ernst & Young and Access, Les Echos reports.
21/11/2011

“We will focus on bonds and institutional investors”

Although in 2011, J.P. Morgan Asset Management is expected to succeed in retaining a level of 83% of its 2006 revenues, of which 61% currently come trom equities, it is necessary to adapt to the new market situation and to investor expectations. To this end, JP Morgan AM is planning to scale up its efforts in asset classes which are currently sustaining investor interest in Europe, particularly on the part of institutional investors. These investors are a clearly-identified target for the asset management firm, Jamie Broderick tells Newsmanagers.
21/11/2011

Warren Buffett invites analysts

Warren Buffet is going to welcome analysts for the first time at Berkshire Hathaway’s next annual meeting, according to the Wall Street Journal. Three research analysts have been invited on May 5. It might be a sign he views his company as overlooked by investors.
21/11/2011

Hedge funds circle over MF Global

The Wall Street Journal reports that the hedge fund management firm Centerbridge Partners (USD10bn in assets) acquired bank debts from MF Global for USD15m, just after its collapse. David Tepper, who manages about USD14bn at Appaloosa Management, has also invested nearly USD50m in equities, bonds and bank debts from MF Global. The hedge fund management firm Elliott Management is on the creditors’ boardat MF Glboal, and is reported to hold a significant amount of MF Global debts. Other hedge funds also say they have bought MF Global shares, which were trading at USD0.13 per share on Friday, compared with USD8.00 six months ago. These are very high risk bets, and that is why hedge funds are engaging less than 1% of their portfolios. But it could be a very good deal for them, if at least part of the missing USD600m are found.
21/11/2011

Axa IM preparing an international strategic bond fund

The British press reports that the local arm of Axa IM has announced plans to place an international strategic bond fund which will be launched in 2012 to Nick Hayes, formerly of New Star and Henderson, who since June 2010 has been manager of the Axa Sterling Strategic Bond Fund. Hayes will be assisted by Chris Iggo, CIO for bonds.
21/11/2011

JO Hambro plans to launch a long/short fund

The British asset management firm JP Hambro is planning to launch a long/short fund, but has no plans to move into the fixed income sector, or absolute returns, Money Marketing reports. “We are going to launch a long/short fund. That’s a strategy that falls within our area of expertise, and which could represent a way to diversify our offerings. We have launched four new funds in the past twelve months, and launching new products next year is unlikely. We remain an equity management firm, and we are not going to get involved in fixed income,” says Gavin Rochussen, CEO of JP Hambro.
21/11/2011

Thematic opportunity fund soon to be released by Alliance Trust

Alliance Trust Asset Management has confirmed plans to launch the Global Thematic Opportunties fund, which will be managed by Ilario Di Bon, head of global equities, in December. Fundweb reports that the former head of institutional global equities from Fidelity will be assisted by Jürgen Lanzer, senior investment manager.
21/11/2011

Blackstone acquires a large distressed real estate portfolio

One of the real estate funds from Morgan Stanley has opted to sell Blackstone a portfolio of 16 office properties (3 million square feet), rather than pay off debts of USD820m which were set to mature next month, the Wall Street Journal reports. The properties were added to the portfolios of Morgan Stanley upon the acquisition of the Glenborough Realty Trust in 2006.Blackstone already holds about USD225m in junior debt from Glenborough, which it acquired over a year in small instalments from banks and insurers. That now allows it to take control of the properties, and not to take on the USD600m in debt.Blackstone manages USD41bn in real estate assets, and has already raised USD4.6bn for a global real estate fund, for which it is aiming for total volume of USD10bn.
21/11/2011

Gregory McGreevey takes over as head of bonds at Invesco

Invesco on 17 November announced the recruitment of Gregory McGreevey as head of Invesco Fixed Income (IFI), effective from 28 November. In his new role, McGreevey will have operational responsibility for fixed income activities. He will be based in Atlanta, and will report directly to Karen Dunn Kelley, senior managing director. McGreevey has previously worked as chairman of Hartford Investment Management Company, and executive vice president and chief investment officer at The Hartford Financial Services Group. IFI employs more than 150 investment professionals worldwide, who as of the end of September, managed over USD200bn in assets.
21/11/2011

Commerzbank lists 16 ETC and ETN products in Frankfurt

On 17 November, Deutsche Börse admitted eight new ETC and eight ETN products from Commerzbank to trading on the Xetra electronic trading platform. The ETCs on high-grade brent crude and natural gas are available in bull and bear versions, either neat or with leverage of 2. They bring the number of ETC products listed in Frankfurt to 210, with an average monthly trading volume of EUR900m. ETNs replicate the evolution of futures on the HangSeng and HangSeng China Enterprises indices, also in long and short versions, as well as neat or with leverage of 2. Frankfurt now lists 83 ETN products, and trading volumes in this segment total EUR100m per day.
21/11/2011

iShares launches an ETF of international preferential equities

BlackRock has announced that its iShares division has launched the first ETF which allows investors access to preferential equities from developed countries outside the United States on the NYSE Arca platform. The fund is the iShares S&P International Preferred Stock Index Fund (acronym: IPFF), which is the international version of its US sibling, the iShares S&P U.S. Preferred Stock Index Fund (PFF), which has already attracted USD7.2bn in assets.The new product is aimed at investors seeking regular returns outside the US market. It replicates the S&P International Preferred Stock Index, a cap-weighted index, which is “rebalanced” every quarter. The heaviest exposures are currently to Canadian, British and New Zealand equities. The index has a strong bias in favour of the financial sector.
21/11/2011

Fidelity launches an emerging markets inflation-linked bond fund

Fidelity Worldwide on 16 November launched an inflation-linked bond fund dedicated to emerging markets, Investment Week reports. The new fund, managed by Andrew Weir, will invest in government debt in local currencies in Latin America, the Middle East, Eastern Europe and Asia, in order to benefit from long-term inflationary movements in emerging markets. The benchmark index is the Barclays Emerging Market Tradable Inflation Linked Index. The fund is aimed at qualified investor clients. The minimal investment for “Y” class shares is USD1m.
21/11/2011

Hugau Gestion releases a prudent high yield product

Although Monéterme remains the top fund from the asset management firm, with EUR600m in assets and EUR200m in net inflows since the beginning of the year, Hugau Gestion has ambitions for its Obli 1-3 fund, even though it has seen outflows of about EUR100m, to EUR200m, and for tis High Yield Recovery fund, launched on 20 May, but still not actively promoted or marketed.The new product is an UCITS-compliant, French-registered FCP fund, with 20-25 positions, in companies whose activities bring recurring cash flows to pay off debts. The fund is a prudent high yield fund, which invests in “5B” bonds, on the line between investment grade and high yield (BB-/BBB-), a universe where volatility is 3.3%, compared with 9.1% for high yield.The fund, which so far has only EUR13.1m in assets (of which 20% come from retail investors), meets the needs of investors who are seeking additional income beyond a short/mid term euro bond investment, by trying to capture outperformance from issuers who choose not to be rated (such as Lagardère), non investment-grade issuers with investment grade profiles (Pernod), default risks which have already been anticipated by the market (Lafarge), and aberrations in the euro zone (short flows on PIIGS corporates).The management team will make an effort to benefit from regulatory sales of bonds by investors who are required to unload assets when downgrades are announced. It will also buy when issuers are moved to high yield following external growth deals which are estimated to create value, but which are financed through debt, and when issuers are about to be promoted to investment grade.CharacteristicsName: Hugau High Yield RecoveryISIN code: FR0011033984Management fees: 1%
21/11/2011

Five years in prison for a hedge fund manager

Joseph “Skip” Skowron III, former hedge fund manager at FrontPoint Partners, was sentenced on 18 November to five years in prison, the Wall Street Journal reports.Skowron confessed to using insider information in 2008 about the results of clinical trials of Hepatitis C medication from Human Genome Sciences, which was supplied to him by a French doctor, Yves Benhamou. The insider information allowed the manager to avoid USD30m in trading losses.
21/11/2011

MF Global: two pension funds sue seven banks

The IBEW Local 90 Pension Fund and the Plumbers & Pipefitters’ Local #562 Pension fund have sued seven banks which the two US pension funds accuse of having misled them about MF Global’s USD6.3bn exposure to European government debt, the Telegraph reports. The defendants are RBS, JP Morgan, Goldman Sachs, Bank of America, Deutsche Bank, Citigroup and Jefferies.
21/11/2011

Caymans funds' investors demand higher transparency

In the wake of the 2008 financial crisis, the Caymans’ fiduciary services industry, which provides the boards of hedge funds with professional independent directors, is coming under pressure, according to the Financial Times. Some of the world’s biggest investors in hedge funds are demanding transparency over exactly how many directorships individuals on the islands hold. The numbers can be high, accordint to an investigation by the Financial Times. A document from an international bank from 2006 reveals one Cayman individual on more than 560 boards. Analysis of current US regulatory filings shows another person with more than 250 directorships and several others holding more than 100.
21/11/2011

Banif offers profiled pension funds

Banif Banco Privada, convinced of the advantages that investment funds offer, has launched five unit-linked profiled pension funds, which will be managed by Santander Asset Management. Each retirement savings receptacle product will invest its portfolio in 10 to 20 different funds, Funds People reports. The profiles selected are Conservador (80-100% bonds), Moderado (60-100%), Equilibrado (40-100%), Dinámico (10-50%), and Agressivo (0-60%). All of these products carry a performance commission of 9%, in addition to management commissions ranging from 1.10% for the first product to 1.35% for the last three, while the Moderado fund charges management fees of 1.20%.
21/11/2011

Investors on the defensive

The worsening euro zone debt crisis, and the approaching deadline for debt reduction in the United States are driving investors to remain on the defensive in mid-November.In the week to 16 November, investors favoured ETFs dedicated to US large caps, commodity funds specialised in precious metals, and dividend funds, EPFR Global reports.Equity funds have posted net inflows of USD1.51bn in the week under review, of which USD870m are in dividend funds. Since the beginning of the year, outflows have totalled USD92bn. This total would be much larger if there were not such hunger for dividend funds, which ave attracted over USD24bn since January 2011.Bond funds earned net inflows in the week under review of USD2.37bn.Since the beginning of the year, inflows total USD112bn, compared with USD384.3bn in the corresponding period of 2010.EPFR Global also reports, without providing exact figures, that there has been growing interest in the past few weeks in inflation-linked bond funds.

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