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23/09/2011

Le CAC 40 connaît une des plus graves crises de son histoire

L’indicateur des chocs de marché (Index of Market Shocks) est une agrégation des volatilités calculées sur différentes fréquences temporelles. Cette mesure – construite par analogie avec l'échelle de Richter utilisée en sismologie – est graduée de manière à fournir une indication synthétique des turbulences de marché à un instant donné. Il représente la turbulence globale du marché compte tenu des contributions à la volatilité de tous les horizons d’investissement.
23/09/2011

L’alpha des gérants résiste dans les turbulences

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois d’août 2011 (du 5 août au 2 septembre). Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
22/09/2011

La BCE rachète des obligations italiennes

La Banque centrale européenne est intervenue sur le marché pour racheter des obligations d’Etat italiennes à cinq et 10 ans, rapportent des traders. Le spread entre le rendement du papier italien à 10 ans et le Bund allemand de même échéance s’est réduit à 407 points de base (pdb) vers midi contre 413 pdb auparavant, proche de son pic record depuis la création de la zone euro enregistré à 416 pdb en août. De son côté, le rendement du Bund à 10 ans a touché un plus bas historique à 1,675%, en recul de 10 pdb sur la séance.
22/09/2011

Rome confirme la révision à la baisse des prévisions

Le gouvernement italien a réduit ses prévisions de croissance jusqu’en 2014, évoquant un environnement macroéconomique affaibli. Rome anticipe à présent une croissance du PIB de 0,7% en 2011, contre 1,1% précédemment, de 0,6% en 2012 (1,3%) et de 0,9% en 2013 (1,5%), suivant un document approuvé en conseil des ministres. Le gouvernement, qui a dévoilé un programme d’austérité pour traiter la crise de la dette, anticipe aussi un déficit budgétaire de 3,9% du PIB en 2011, de 1,6% en 2012 et de 0,1% en 2013.
22/09/2011

Les Bourses européennes creusent leurs pertes

Les Bourses européennes creusent leurs pertes jeudi, déprimées par le diagnostic morose de la Réserve fédérale sur l'économie américaine et l’annonce d’une nouvelle contraction d’activité en zone euro et en Chine. En fin de matinée, l’indice CAC 40 perdait 4,42% à 2.806,07 points, dans un volume de moins de 800 millions d’euros. Londres perd 4%, Francfort 4,19 et Milan 3%.
22/09/2011

La croissance en Irlande bien plus forte que prévu

La croissance économique de l’Irlande a largement dépassé les prévisions au deuxième trimestre, atteignant 1,6%, l’amélioration de l’investissement et de l’exportation ayant surpassé une demande de consommation faible. Les analystes anticipaient seulement une hausse du PIB (produit intérieur brut) de 0,25% CVS d’un trimestre sur l’autre.
22/09/2011

La crise budgétaire pourrait saper la pérennité de l'UEM, estime une étude BCE

La monnaie unique européenne est en danger en raison des dépenses incontrôlées des Etats de la zone euro et de la crise de la dette qui en a découlé, estime une étude de la Banque centrale européenne (BCE) corédigée par Jürgen Stark, qui a depuis quitté ses fonctions. Il faut des sanctions financières automatiques pour les pays dont le déficit dépasse les 3% du PIB, prévient le document publié jeudi par la BCE mais non approuvé officiellement par elle. L’euro a accentué sa baisse jeudi en fin de matinée, passant sous la barre de 1,35 dollar, à ses plus bas de sept mois, après la publication de cette étude.
22/09/2011

France Trésor adjugera 7,5 milliards d’euros de BTF

L’Agence France Trésor annonce l’adjudication, le lundi 26 septembre, d’un montant global de 7,5 milliars d’euros de bons du Trésor. Cette opération portera sur 4,0 milliards d’euros de bons à 12 semaines qui arriveront à échéance le 22/12/11, sur 1,5 milliard d’euros de bons à 21 semaines à échéance 23/02/12, et sur 2,0 milliards de bons à 51 semaines à échéance 20/09/12.
22/09/2011

Contraction de l'indicateur du secteur des services dans la zone euro

Le secteur des services de la zone euro affiche une contraction en septembre pour la première fois depuis deux ans, avec un indice PMI sectoriel à 49,1 en données flash après 51,5 en août. Les analystes attendaient en moyenne un indice à 51. L’activité manufacturière, qui a nourri une grande partie de la reprise économique de la zone euro, s’est contractée pour le deuxième mois d’affilée, l’indice ressortant à 48,4 contre 48,5 attendus et 49,0 en août. L’indice PMI composite ressort à 49,2 alors que les économistes tablaient sur une stagnation de l’activité à 50,0, après 50,7 le mois dernier. «La reprise est terminée, nous sommes désormais en contraction. Les indicateurs sur la situation future suggèrent que les choses vont continuer à se détériorer dans les mois à venir», prévient Chris Williamson, chef économiste chez Markit. «Ce ne sont pas seulement les problèmes de la périphérie (de l’Europe) qui s'étendent aux autres pays. Il y a un malaise plus large dans l'économie mondiale qui pèse.»
Photo Bloomberg
22/09/2011

Eaton Partners scales up European distribution

Eaton Partners, a global placement agent, added several professionals to its teams during summer, particularly for European distribution. The firm has recruited Charles Vernudachi, who had previously been at Key Asset Management (SEB group), where he had among other things been responsible for the French market. He will focus on European hedge fund/liquid products distribution. He will be based in London, as will Silvia Calvo-Alcala, who has also been hired for European distribution. At present, Eaton Partners does not actively cover the French market, due to the fact that most of the funds that the firm represents are offshore, and not eligible for sale in France. But that may change as UCITS versions of products are launched. Meanwhile, Eaton Partners has also added to its teams in Rowayton in the United States, with two recruitments, and in Shanghai, with one person. Eaton Partners, founded in 1983, has raised over USD33bn of institutional capital across 70 funds.
22/09/2011

Pimco signs up to Principles for Responsible Investment

Pimco has become the newest signatory to the United Nations Principles for Responsible Investment (UN-PRI). Within the Allianz group, AllianzGI Investments Europe, AllianzGI Korea and RCM have already signed the PRI. As of the end of 2010, AllianzGI had over EUR3.1bn in assets under SRI management.
22/09/2011

Two star ETF managers leave Veritas to create Advanced Dynamic AM

Marc Sattler and Thorsten Winkler, star managers of ETF funds at Veritas, will in early October found the asset management firm Advanced Dynamic Asset Management, in Obersuel (near Frankfurt), with Klaudius Sobczyk, head of diversified and equities funds at Veritas, Handelsblatt reports, relaying information from Reuters.The start-up firm will be specialised in portfolio management based on ETFs, and will initially operate as an external advisor to two funds of funds, the first of which, launched by Axxion, is pending a sales license in Luxembourg and may be released in Germany and Austria in November.
22/09/2011

Eagle AM creates a position for a director of institutional sales

Eagle Asset Management, an affiliate of Raymond James, has announced the recruitment of Don Pepin as director of institutional sales, a newly-created position. Pepin, who has hitherto been director of marketing and investor relations at Millrace Asset Group, will strengthen Eagle AM’s relations with consultants and potential institutional clients, and will oversee international sales.
22/09/2011

Assets at AllianceBernstein down 5% in August

Due to negative market effects and significant redemptions from the three major distribution channels (institutional, retail, and private clients), assets at AllianceBernstein (Axa group) in August fell by 5%, to a total of USD433bn as of the end of the month, compared with USD456bn at the end of July. Assets under management for institutionals contracted by USD10bn, to USD242bn, while retail assets have fallen by USD9bn, to USD119bn, and assets under management for private clients have fallen by USD4bn, to USD72bn. Retail thus shrunk by 7%.Assets under management have fallen by USD53bn, or 10.9%, since the end of December 2010, when they totalled USD486bn.
22/09/2011

Guggenheim simplifies structures

With the merger of its eleven asset management firms, including Claymore and Rydex, Guggenheim Investments is constructing an edifice which will have USD24.1bn under management in mutual funds, of which USD12bn are in ETFs, and USD119bn in total assets, Mutual Fund Wire reports.After the transformation, Security Benefit, the parent company of Rydex, in which Guggenheim holds stakes with several partners, will become the largest institutional shareholder in Guggenheim.The Rydex brand will be retained for the Target Beta Funds (USD7bn).
22/09/2011

Active bond management is all-important in the current environment

What solutions present themselves for bonds in the second half of 2011? In the current environment, Robeco estimates that a dynamic approach is indispensable. “Active management is all-important in an environment of high volatility,” Edith Siermann, head of bond management and a member of the board at Robeco AM, said on 20 September, on a visit to Paris. “The time we are going through is difficult, but highly favourable for bond investments. It may also show us the importance of active management,” she added, in counterpoint to the debates on the respective merits of passive and active management. Siermann recommends an allocation that concentrates more on a combination of absolute and relative risks, and not hesitating to take more frank and active decisions, based on a one-year horizon and a vision of the cycle, and lastly, using tactical allocation and diversification over asset classes in order to counter the low returns on bonds. In credit, for example, Robeco reports that valuations have returned to 2009 levels, and offer new points of entry. In this environment, Robeco, which claims that it is a time to be contrarian on credit, particularly high yield, has a long beta position, as it is expecting strong outperformance in the next few months. At the end of first half 2011, bond assets under management at Robeco totalled about EUR38bn, of which nearly EUR17bn were in credit.
22/09/2011

Inflows hold stable at Oddo & Cie

Despite the depression on the markets, Oddo has continued to attract investors this year, and will finish 2011 with inflows more or less equivalent to those seen last year. “We will finish the year with inflows of about EUR550m to EUR600m, more or less equivalent to the 2010 figures,” Bertrand Sance, managing partner at Oddo & Cie, tells Newsmanagers.The source of this stability is the firm’s desire to meet clients’ demand for products that present lower risk, but nonetheless bring in some level of returns. Oddo has been offering credit-linked notes (CLN). “After offering CLN on Rallye, which brought in EUR35m, we are now offering CLN on Air France until 13 October, and we have had to increase the size of the offering,” says Sance.“In the current environment,” Sance explains, “investors want to be offered safe products in a good format, with a strong wealth management influence. Currently, we estimate that there are opportunities in the distressed bond markets. There are 60 to 80 bonds from big names which have actuarial rates of about 8%. The Rendement 2013, 2014 and 2015 capitalisation funds have done particularly well, and have brought in about EUR400m. We are considering a new product which would allow us to participate in this configuration. Alongside the CLN offerings, which worked very well, in February this year we also launched the variable annuities policy Fipavie Retraite Garantie, which was also very well received, and brought in inflows of over EUR40m.”
22/09/2011

Principal Global Investors recruits a head of consultants

Financial News reports that Principal Global Investors has appointed Carl Mcandrew, former managing director of Bank of Ireland Asset Management London, as head of consultant relationships. The move comes as the multi-boutique asset management firm seeks to increase the number of strategies it offers.
22/09/2011

AllianceBerstein recruits a former Schroders manager

AllianceBernstein on Wednesday announced the appointment of Jeremy Cunningham as senior portfolio manager for its fixed income team in Europe.Jeremy Cunningham has 25 years experience in fixed income investment, both as an asset manager and on the client facing side. He joins from Schroders where he was head of global fixed income product management. Prior to that he worked as an asset manager at Invesco before moving to Flemings/JP Morgan and Merrill Lynch.In his new role he will be expanding AllianceBernstein’s growing fixed income business, with a focus on Europe, the Middle East and Africa. He will be based in London.
22/09/2011

Marc Romano leaves Schroders NewFinance Capital

Marc Romano has left Schroders NewFinance Capital (SNFC), Schroders’ funds of hedge funds unit, for personal reasons. He had been chief executive officer since January 2010. Schroders has confirmed the appointment of Miles O’Connor as CEO of Schroders NewFinance Capital (SNFC). He has joined the board at SNFC and will retain his existing role as head of UK Institutional. Five years after Schroders’ acquisition of SNFC, Marc Hotimsky has also decided to step back from day-to-day management and will be retiring as executive chairman and chief investment officer during the autumn. However, he will become non-executive chairman and continue as a member of the investment committee so our clients will continue to benefit from his wealth of experience. David Mooney, currently co-head of investment, has been appointed chief investment officer for all of SNFC’s investment strategies and Benjamin Moute, has become sole head of investment. Both will join the board of SNFC reporting to Miles O’Connor. In addition Nico Marais, head of multi asset investment and portfolio solutions, will join the board.
22/09/2011

Franklin is the largest foreign asset manager in Italy

Franklin Templeton has become the largest foreign asset management firm in Italy, with EUR19.2bn in assets as of 30 June, FondiOnline.it reports. In second quarter 2011, the US group consolidated its position with net iflows of EUR2.87bn. Between June 2010 and June 2011, the firm took in a net total of over EUR8bn.
22/09/2011

Assets under management in Swiss investment funds down 2% in the month of August

In August 2011, assets under management in Swiss investment funds totalled CHF608.3bn, down only 2% month on month. About CHF217bn, or 36% of the total, are in Swiss funds aimed at institutional investors, according to statistics from the Swiss Fund Association (SFA) and Lipper, published on 21 September. In July, the decline was 5%. Affected by the ongoing crisis on money markets, the strength of the Swiss franc and negative developments on the stock markets, assets under administration declined by CHF11.2bn, or 2%, less than in the past few months, the SFA reports. Net outflows of CHF3.4bn were largely related to redemptions from bond funds. Assets under management in equities funds have increased from CHF199.68bn in July to CHF188.7bn. This evolution is largely due to market effects, while net outflows totalled CHF420m. Bond funds have seen a net outflows of CHF2.9bn, but have earned a positive return of CHF1.1bn. Assets under management in bond funds have fallen to CHF199.31bn. In the month under review, the largest promoters of funds on the Swiss market were UBS, with a market share of 22.8% (CHF138.73bn), Credit Suisse (14.8%), Pictet (7.2%), and Swisscanto (6.7%).
22/09/2011

Inflows continue for hedge funds

Despite losses of 2.13% in August, hedge funds have posted net inflows of USD1.5bn in August, the eighth consecutive month of positive inflows, Eurekahedge reports. Since the beginning of the year, net inflows have totalled USD120.8bn. As of the end of August, assets remained above USD1.8trn, the highest level since September 2008, despite a decline in assets related to performance effects. Eurekahedge notes that North American hedge funds have seen their 19th month of net subscriptions, with USD148.4bn. In the first seven months of the year, more than 580 hedge funds were launched, Eurekahedge notes.
22/09/2011

Pimco launches a fund to counter rising inflation

Pimco has launched the Pimco Inflation Response Multi-Asset, which will be managed by Mihir Worah. The product is aimed at investors seeking to protect themselves against an increase in inflation worldwide. The portfolio will contain various asset classes (commodities, inflation-linked bonds, emerging market currencies, etc), some of which may even gain value along with inflation, a statement says.
22/09/2011

BlackRock adds to range of dividend funds

BlackRock announced on 21 September that it has launched the BlackRock Global Funds (BGF) Emerging Markets Equity Income, a sub-fund of its Luxembourg Sicav, in response to increasing demand for high-dividend strategies. The new fund comes as an addition to the existing range of Dividend funds from BlackRock: BGF Asia Pacific Equity, BGF European Equity Income, BGF Global Equity Income, and BGF World Resources Equity Income. The BGF Emerging Markets Equity Income fund will be managed by Dhiren Shah, co-head of the Emerging Markets team, based in London. The fund will aim to generate returns 130% higher than those of the benchmark index. Typically, the fund will have a lower level of volatility than the MSCI Emerging Markets Equity index, while aiming to outperform it over a complete economic cycle. The team will concentrate its investments on firms which distribute higher than average dividends, and which have sustainable franchises with good potential for growth in the future. According to Shah, manager of the BGF Emerging Markets Equity Income, “emerging markets offer fascinating opportunities for investors seeking dividends. We are continuing to see larger growth rates in emerging and in developed countries. Developing countries have lower levels of sovereign debt, and better demographic outlooks, which result in a growing workforce and increasing consumer demand.” “Valuations are currently below those observed on moat capital markets in developed countries, which corporate profits and dividends are rising more sharply. It is also important to note that high-dividend strategies with a distribution rate of 2% or more are estimated to have outperformed the major emerging markets equities indices in the past 9 or 10 years.”
22/09/2011

Arrowgrass plans to close equity fund

Arrowgrass Capital Partners, a GBP2.6bn hedge fund firm created by a team of traders from Deutsche Bank in 2008, is planning to close down its equity fund Arrowgrass Equity Focus, after redemption demands from investors triggered a drop in asset levels, the Financial Times reports. The size of the fund has gone from USd400m in January to about USD30m currently. The fund lost 8.65% in August, and has lost 14.5% since the beginning of the year.
22/09/2011

Pimco launches a fund to counter rising inflation

Pimco has launched the Pimco Inflation Response Multi-Asset, which will be managed by Mihir Worah. The product is aimed at investors seeking to protect themselves against an increase in inflation worldwide. The portfolio will contain various asset classes (commodities, inflation-linked bonds, emerging market currencies, etc), some of which may even gain value along with inflation, a statement says.
22/09/2011

More than four hedge funds out of five post losses in August

As of 21 September the 2,200 hedge funds which disclose their results to BarclayHedge posted an average loss of 3.51% in August, and 2.59% for the first eight months of the year. Only one strategy in 18 finished the month in positive territory: equity short bias, with returns of 7.25%. But that category contains only eight funds. The heaviest losses (5.32%) were for the 296 equity long bias funds. In total, more than 83% of funds showed losses last month.Since the beginning of the year, five strategies have posted gains, with the highest returns once again going to equity short bias, and the heaviest losses to the European Equities Index.

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