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20/10/2011

Le LSE à l’affût pour la cotation des PME

Le quotidien souligne que «plusieurs dizaines» d’acteurs de la place sont actuellement interrogés dans le cadre de la mission Giami-Rameix sur le financement des PME. Parmi les pistes évoquées figure la création d’un marché concurrent de l’opérateur historique, sous la houlette du London Stock Exchange et sur le modèle de l’AIM. Un marché créé en 1995 et fort de 1.156 sociétés.
20/10/2011

Iceland Foods aiguise les appétits

William Morrison Supermarkets et Asda figurent parmi les six prétendants au premier tour d’enchères pour la reprise d’Iceland Foods. TPG, Bain Capital, Blackstone et BC Partners sont aussi sur les rangs. La cible serait valorisée entre 1,3 et 1,5 milliard de livres selon le quotidien, soit de 1,5 à 1,7 milliard d’euros.
19/10/2011

Lyxor ETF lance une Charte Qualité pour ses clients

La charte que lance Lyxor ETF, encadre les principaux critères d’investissement propres aux ETF en matière de transparence, d’efficacité et de liquidité pour les investisseurs. Cette charte se compose de lignes directrices précises concernant la qualité de la gestion d’actifs, le suivi de l’indice, la transparence, le risque de contrepartie et les règles en matière de trading sur les marchés primaire et secondaire, indique le communiqué.
19/10/2011

Bruxelles enquête sur le marché des dérivés Euribor

La Commission européenne a confirmé avoir saisi des documents dans les locaux de plusieurs sociétés proposant des produits financiers dérivés liés au taux de référence interbancaire Euribor, sur des soupçons d’infraction à la législation sur la concurrence. Les bureaux londoniens de Deutsche Bank feraient partie des locaux visités par les enquêteurs de la Commission. La Commission n’a pas désigné les établissements visés par sa procédure. De son côté, Euribor-EBF, qui compile les taux Euribor, s’est dit prêt à partager ses données avec les autorités après l’annonce des perquisitions menées par les enquêteurs de la Commission européenne.
Le bâtiment de la Commission européenne. Photo: Paul O'Driscoll/Bloomberg
19/10/2011

Rapprochement entre Nexity et La Française AM

Acteur intégré de l’immobilier, la filiale cotée de BPCE et la société de gestion détenue à 80 % par le Crédit Mutuel Nord Europe ont mené à bien leurs négociations en vue du rapprochement de leurs activités de «property» (administration de biens) et de transactions tertiaires. Fin novembre, UFG Property Managers (PM), Nexity Saggel PM, Colliers-UFG PM et Keops seront réunis dans une holding détenue à 75 % par Nexity et 25 % par La Française AM, selon les informations de L’Agefi. Le nouvel ensemble devrait prendre la quatrième place du marché, derrière CBRE, BNP Paribas Real Estate et Jones Lang Lasalle.
19/10/2011

La Banque d'Angleterre a été unanime pour relancer le QE

Les membres du Comité de politique monétaire (CPM) de la Banque d’Angleterre (BoE) ont approuvé à l’unanimité le retour à la politique d’assouplissement quantitatif (QE) et ont même songé à injecter davantage que le montant de 75 milliards de livres (85,5 milliards d’euros) sur lequel ils s'étaient déjà accordés, montre le compte rendu de leur réunion d’octobre. La décision de la BoE de porter son programme de rachats d’actifs à 275 milliards de livres a surpris les marchés.
19/10/2011

L'Allemagne pourrait diviser par deux sa prévision de croissance pour 2012

Le gouvernement allemand s’apprête à réduire quasiment de moitié sa prévision de croissance pour le pays, apprend-on mercredi au sein de la coalition au pouvoir. Le ministre allemand de l’Economie Philipp Rösler pourrait réviser sa précédente projection d’une croissance de 1,8% en 2012 à environ 1%, tout en abaissant sa prévision de croissance pour 2011 de 3% à 2,9%.
19/10/2011

Eaton Vance reopens Global Macro Absolute Return fund

Eaton Vance Management has announced the reopening of its Eaton Vance Global Macro Absolute Return fund, as of Wednesday, 19 October 2011. The product had been closed to new subscribers on 1 October 2010, as growth in assets was too steep. The global income teams have since been strengthened, and the asset management firm estimates that the fund can now handle larger asset volumes.
19/10/2011

High-frequency traders were not to blame for Frankfurt flash crash

Traders with ultra-high-speed software were not to blame, when the Deutsche Börse fell victim to a flash crash in late August, in which stock-index futures fell by 4% and then rebounded a few minutes later, but financial institutions were. The effect was caused by a barrage of orders from banks, the Wall Street Journal reports.An internal report by Deutsche Börse, which was not widely distributed, shows that high-frequency traders actually helped to absorb part of the shock to the market.
19/10/2011

Profits triple for sovereign fund IPIC

In first half, earnings for the International Petroleum Investment Company (IPIC) increased by 17%, to about EUR6bn, and profits nearly tripled, to EUR814m, Handelsbaltt reports.The Abu Dhabi sovereign fund holds stakes in Austria’s ÖMV and Spain’s Cepsa, in the oil sector, and in the German firm Ferrostaal in engineering.
19/10/2011

EFG scales back

EFG International on 18 October announced a major restructuring which will result in a net loss by IFRS accounting standards. “Private banking activities remain unprofitable and not fundamental,” the group says in a statement. Assets under management by the group as of the end of June totalled about CHF80bn.The number of offices and operational centres will be significantly reduced, in order to allow for “a reduction to costs, and increased focus and agility for the structure.” In the next 18 months, an exit from some activities will result in a reduction in assets under management of about 10%, and will lead to total staff reductions of about 10-15%.The redefinition of activities will result in a net financial gain of about CHF35m per year, to be realised partially in 2012, and fully in 2013. One-time restructuring charges, and a lost in goodwill value and associated amortizations will be written down this year, resulting in a loss by IFRS accounting standards.However, underlying activities are generating overall results in keeping with the projections made at the time that EFG International’s results for first half 2011 were announced, and a positive contribution to owners’ equity levels will be posted for 2011.In the next few years, EFG International, which is aiming for a 5% to 10% per year net inflow and a reduction of the cost/income ratio to less than 75%, is planning to post “solid double-digit growth in profits.” The firm says it is “well-positioned” to continue to be one of the top private banks, and estimates that profitable and controlled growth should generate annual IFRS net profits of CHF200m in three years’ time.
19/10/2011

Ping An Trust granted a QDII quota for USD300m

The Chinese State Administration of Foreign Exchange (SAFE) has granted Ping An trust a quota as a Qualified Domestic Institutional Investor (QDII) of USD300m, Z-Ben Advisors reports.The firm, which becomes the third trust company to receive a QDI quota in China, after Shanghai International Trust (USD200m) and Citic Trust, has announced that it will select foreign investment advisers on the basis of their past performance, their familiarity with the objectives of Chinese investors, and their ability to put adequate risk management measures in place.Ping An Trust has also announced that it already has working relationships with several foreign asset management firms and investment banks, but no names have been given.
19/10/2011

BSI appoints a new head of private banking

BSI has appointed Jean-Louis Platteau as head of private banking for French-speaking Switzerland and the Geneva branch of the bank, Agefi Switzerland reports. Platteau had served as CEO of Dexia Switzerland, before joining the Cantonal Bank of Geneva (BCGE) as head of the Private Banking division.
19/10/2011

Henderson adds to sales staff in Switzerland

The Swiss affiliate of the British asset management firm Henderson Global Investors has announced that in early September it recruited Fidan Shtanaj as senior sales manager to assist institutional clients in German-speaking Switzerland.Shtanaj, who will report to Ariane Dehn, head of sales for Switzerland, had been at Credit Suisse since 2002. He had most recently been relationship manager/sales, since 2008.
19/10/2011

iShares launches an ETP campaign

Following proposals by BlackRock to reform and improve the ETF market, iShares on 17 October launched a Europe-wide initiative to help professional investors to identify risks and carry out due diligence on exchange-traded products (ETP), of which 80% to 90% are ETFs.The due diligence campaign will offer an evaluation grid that includes six fundamental criteria to take into account before investing in any ETP: structure, taxation, performance, trading, valuation, total cost of holding shares, and securities lending.As a part of the initiative, iShares has called for a new classification system for ETPs, to separate them into exchange-traded funds (ETFs), exchange-traded notes (ETNs)/exchange-traded commodities (ETCs) and ETIs. It insists on the need to make a clear distinction between physical replication ETFs and synthetic ETFs, and to reserve the term ETC only in reference to physically backed commodity products
19/10/2011

Syz recruits for institutional development

The Geneva-based banking group Syz has announced the arrival of Alessia Toricelli Dolfi as a member of its Business Development team in the institutional management division of SYZ Asset Management, Agefi Switzerland reports. Dolfi had previously been head of institutional clients at Dexia Asset Management for French-speaking Switzerland and the Ticino region.
19/10/2011

Senate hearing on ETFs

Noel Archard, an executive of iShares, and Harold Bradley, chief investment officer at the Kauffman foundation, will testify on Wednesday before a US Senate subcommittee about the role that ETFs play in the market, according to IndexUniverse, which is covering the event.
19/10/2011

Robeco Gestions reports inflows to money market products

The centre for money market expertise for the entire Robeco Group, the Paris team at Robeco Gestions, currently has total assets of about EUR1.5bn, which remains largely unchanged compared with the end of 2010. In France, the team, led by Sabine Lodin de Lépinay, manages about EUR1bn in assets, including EUR853.6m in the Robeco Euro Cash fund as of the end of September.Half of all assets in the fund, which invests in very short maturity securities rated by S&P, come from France; the product has also done very well on the Spanish and German markets. The fund has seen net inflows of about EUR150m.However, the highest-risk fund, Robeco Euro Money Market, has seen some outflows, which have moved to the more stable Euro Cash fund.According to de Lépinay and Geoffroy Lenoir, senior fund manager, Robeco Gestions has now considerably reduced the maturities on its portfolio of money market products, and is at near-zero sensitivity to interest rates. The team is primarily positioned on French banks, and retains a restrictive attitude to Spanish and Italian institutions. It has no exposure to Greece, Portugal or Ireland. The trick is to locate liquid paper, and to work with repurchase agreements whenever possible.
19/10/2011

Russell extends coverage of defensive and dynamic indices

Russell Investments has announced an extension to the geographical coverage of its defensive and dynamic indices.The indices, which were launched early in 2011, and which had previously covered only the US equities universe, will now be extended to the 10,000 equities monitored by Russell indices worldwide.According to research undertaken largely by Russell, a defensive investment strategy may outperform other investment styles on the market over high-volatility periods as a whole.
19/10/2011

BofA: wealth and investment management profits up

In the first nine months of this year, the Global Wealth & Investment Management (GWIM) business unit at Bank of America Corporation (BofA) has posted net profits of nearly USD1.39bn, compared with USD1.02bn in January-September 2010.GWIM, which recruited 475 financial advisers in third quarter, has posted USD347m in net profit in third quarter, compared with USD506m in second quarter, and USD269m in the corresponding period of last year.Assets as of the end of September totalled USD616.9bn, compared with USD661bn as of the end of June, and USd611.5bn one year earlier.BofA states that commission revenues for asset management set a record at USD1.56bn in third quarter, 17% more than in July-September 2010, due to positive market performance and an increase in net subscriptions to long-term products.
19/10/2011

EDRIP recruits a director of participations

Romain Ohayon, who since 2007 had been investment officer at Qualium, has joined Edmond de Rothschild Investment Partners as director of participations in the Capital Development Small Caps team, led by Alexandre Foulon, managing partner.The team, in which the other director of participations is André Renaison, now includes six people. It manages a range of FCPI/FIP with EUR120m in assets, and an FCPR, Cabestan Capital, “which is completing its fundraising stage,” and already has EUR100m in assets.

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