En plus de prélever 1,5 milliard d'euros, la mesure pourrait peser sur les comptes des entreprises et inciter certaines d'entre elles à revoir leurs projets en France

L'autorité réexaminera avant fin septembre cette mesure. D'ici là, elle continuera à surveiller étroitement les marchés des dix groupes financiers concernés

En relevant le forfait social sur l’intéressement et la participation à 8 %, le gouvernement porte un coup au développement de l'épargne salariale. Et la réforme du régime du report déficitaire risque de chambouler la fiscalité des entreprises.

Compte tenu d’un dispositif jugé encore flou, la participation des banques sollicitées s’élèverait jusqu’ici à 50 %, contre 90 % voulu par Athènes

The Norwegian public pension fund, one of the largest sovereign funds in the world, has divested from the Mexican Grupo Carso, in keeping with its policy of not investing in tobacco producers, the Norwegian government announced on 24 August. The decision comes due to the fact that Grupo Carso controls 69.94% of the tobacco grower Compania Mercantil de Productos de Tobaco, and 20% of the Mexican arm of Philip Morris, the Norwegian finance minister says in a statement. The fund, which invests in equities and bonds outside Norway, had NOK3.111trn (about EUR392.6bn) in assets as of the end of second quarter. It is subject to a series of ethical principles, which forbid it from investing or remaining in the capital of tobacco producers, among others. The fund has consequently sold off its shares in Grupo Carso, which represented a 0.19% stake in the group as of the end of 2010, and were valued at about NOK160m, according to the most recent annual report. About fifty international companies, including Boeing, Wal-Mart, EADS, Safran and BAE Systems, are now on the institutional investor’s black list.

Le Régime Social des Indépendants (RSI) a réalisé une mise en concurrence auprès d’un nombre restreint de sociétés de gestion pour un FCP dédié de 250 millions d’euros dont le dépositaire, valorisateur et conservateur unique sera Caceis. Il s’agira d’une gestion obligataire d’entreprises émettant dans des pays de l’OCDE, avec une notation minimum de Baa3/BBB-, ayant pour indice I box 1-5 ans et une sensibilité comprise entre 0 et 5. Insti7 est le consultant chargé d’assister le RSI dans le processus de sélection.

The annual rankings from IPE have found that institutional assets from UK asset management firms increased 11% in the twelve months to the end of March, to a total of EUR2.1trn, while the assets at the ten largest management firms increased 11.3% to EUR1.38trn.BlackRock takes the top spot, with EUR331bn in assets under management, followed by LGIM with EUR40bn less, and BNY Mellon with EUR137bn. Aviva Investors is in fourth place, with EUR133bn, putting it ahead of Insight Investment and State Street Global Investors (SSgA, EUR105bn).In seventh place comes Standard Life, followed by Axa Investment Managers, Scottish Widows Investment Partnership (SWIP) and Aberdeen Asset Management.

The Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) on 24 August published a report on the collection, storage and dissemination of data about over-the-counter derivatives (“OTC derivatives data reporting and aggregation requirements.”) The report is accompanied by a cover note which lays out the specific challenges which the CPSS and IOSCO are seeking comments on during the public consultation period. In a statement from CPSS and IOSCO, the committees say that central trade repositories for data about OTC derivatives would make it possible to provide the supervisory authorities and the public with better information about optimal transaction time-frames, which would improve the transparency of the markets, help to prevent market fraud, and help to promote financial stability. The consultation will be open until 23 September 2011. A final report will be released by the end of 2011.

Chinese equity funds in first half posted net outflows of USD113m, the highest level of redemptions from any category of fund covered by the Hong Kong investment fund association. (HKIFA). In first half of last year, these funds attracted net inflows of USD822m. Outflows were particularly marked in March and April, due to inflationary concerns. From the beginning of this year to 12 August, Chinese equities funds showed negative performance of 12.4%. Another popular category of funds last year, emerging markets equity funds, have seen net outflows in first half of USD7m, where they had attracted inflows of USD422m in first half 2010. Emerging markets bond funds, however, have posted a net inflow of USD1.4bn, after net subscriptions of USD321m in first half 2010. Overall, funds have posted a net inflows of USD5bn, up 14.2% compared with first half 2010.

The Chinese management firm HuaAn Asset Management Hong Kong has launched its first hedge fund, the Greater China Thematic Long/Short Fund, which is constructed on the basis of a stock-picking strategy, and composed primarily of shares in businesses listed in Hong Kong, as well as Chinese “A” and “B” shares and Chinese equities listed in the United States, and equities from Singapore and Taiwan. HuaAn AM is also working on a long-only product and on an ETF.

According to the website of the Chinese market regulator (CSRC), BlackRock Institutional Trust Company and Amundi Hong Kong Ltd on 24 August became the 114th and 115th recipients of a Qualified Foreign Institutional Investor (QFII) license, which allows them to act on local capital markets (equities and bonds) reserved for Chinese investors. As usual, the issuance of the license was not accompanied by an announcement of the quotas that will be allocated to them in millions of dollars. As of the end of April, the 103 businesses that hold QFII licenses had total quotas of USD20.7bn.

Two weeks after signing a tax agreement with the German government, the Swiss government on 24 August signed a similar agreement with the United Kingdom. According to a statement from the Swiss federal finance department, the agreement allows persons domiciled in the United Kingdom to normalise their relationships with their Swiss banks, either by paying a one-time tax, or by making a disclosure about their holdings. In the future, earnings and profits by British clients of the banks will be subject to a tax in Switzerland, which will then be remitted by the Swiss government to the British authorities. Mutual access to the market will also be improved for providers of financial services. The agreement will be approved in the next few weeks by the governments concerned, and may come into force from early 2013. The tax agreement between Switzerland and the United Kingdom is largely comparable to an agreement signed on 10 August 2011 between Switzerland and Germany. The applicable tax rates for the normalisation of pre-existing banking relationships is the same in both agreements. The differences between the two texts are largely related to the specificities of the respective tax systems. In particular, they are related to the tax rate applicable to future capital gains, and procedural questions. The tax rates are 27% for capital gains, 40% for dividend earnings, and 48% for interest earnings and other revenues. A difference in the amount advanced by banks as a guarantee (CHF500m to the UK, compared with CHF2bn in the agreement with the German government) is related to a difference in the business volumes in question.

US District Judge Jed Rakoff has sentenced Deep Shah to pay total disgorgements and fines of USD34.6m, the Wall Street Journal reports.Shah, a former analyst at Moody’s Corp and a resident of India who did not return to the U.S., was accused of providing confidential information to traders in the insider trading scandal implicating hedge funds from Galleon Group.

For January-June, the Netherlands-based Rabobank announced a net profit up 13% year on year, to over EUR1.85bn, and an increase of 0.5 points in the tier one owners’ equity ratio, to 16.2%.After announcing that charges related to Greek bonds represented EUR104m, the group states that net subscriptions were offset by negative currency and market effects, putting assets under management and custody at a virtually unchanged level of EUR269bn as of the end of June.Robeco manages about half of these assets, and the Swiss firm Sarasin slightly over one quarter of them. The remainder is divided between Schretlen & Co, Rabo Real Estate Group, and local Rabobank entities.

Foreign asset management firms are gaining market share in the German institutional investment market, according to a study commissioned by Axa Investment Managers from Telos and Kommalpha, entiled “Spezialfondsmarkt 2011,” which surveyed 170 investors. Although respondents continue to prefer German management firms overall, 18% of respondents can imagine working with foreign asset management firms in the future, compared with 14% last year, while the percentage of institutional investors who would rather give their preference to German asset management firms has fallen to 36% from 44%.According to Axa IM, foreign players are better accepted by German investors because, facing low German rates and therefore increased pressure to earn strong returns, investors have increasingly turned to higher-risk and international assets, such as emerging market bonds, which require sizeable research, analysis, and portfolio management resources, and detailed knowledge of the local markets. These characteristics are often an advantage of major foreign management firms.Axa IM notes on the other hand, however, that foreign promoters seeking to gain a foothold in the German market have had some difficulty in carving out a presence for themselves as local rivals already have a strong presence and use a well-thought-out growth strategy. As Frank Richter, head of institutional sales for Germany and Austria at Axa IM points out, it is indispensable for foreign asset management firms seeking to gain a presence in the German institutional market to have a profound knowledge of the particularities of the German market, the specific requirements of various groups of institutional investors, and the local regulatory environment, and to have teams of confirmed professionals who speak German.

At a presentation of its results for first half (see article in today’s Newsmanagers), DekaBank announced that it will be stepping up its cooperation with its shareholders, the German savings banks, and that it will be launching a drive entitled “DekaBank vor Ort” (DekaBank goes local). The initiative will involve an initial recruitment of 17 sales staff, who will aim to help local savings banks to increase and improve sales of Deka funds. Initially, the operation will cost EUR2m per year.DekaBank has also announced that since the launch of Deka-Vermögenskonzept, a fund-based wealth management tool, in February 2011, the firm has seen inflows of about EUR500m, which it says is a “respectable” figure given the current environment on the markets.

In first half 2011, DekaBank, the central asset manager for the German savings banks, has posted an economic profit (pre-tax profits according to IFRS accounting standards, plus income from increased valuations of financial instruments) totalling EUR336.6m, compared with EUR337.7m in January-June 2010. One of the remarkable characteristics of the first six months of this year was Deka’s acquisition of its own shares from the Landesbanken for EUR1bn.Total assets under management were down, due to negative market effects and net outflows of EUR3.3bn, compared with net subscriptions of EUR804m in the corresponding period of last year.In detail, assets managed by the AMK unit (securities) as of 30 June totalled EUR127.49bn, compared with EUR132.47bn twelve months previously, due to a decline to EUR97.75bn, from EUR103.89bn, for open-ended funds. Deka also states that these products have undergone further outflows of EUR3.6bn, following previous net outflows of EUR3.24bn in first half 2010. The cost/income ratio for the AMK unit deteriorated to 54%, from 44%. Operating profits at AMK contracted to EUR176.2m, from EUR220.5m.Assets at the AMI unit (real estate asset management) increased slightly, to EUR22.93bn, from EUR22.75bn as of the end of June 2010. Net subscriptions totalled EUR307m, compared with EUR1.12bn, and economic profits for the unit increased to EUR54.2m from EUR51.7m.

Amundi ETF announced on 24 August that it is modifying the benchmarks for 13 euro bond products of its Amundi ETF range. The ETFs, based on Long and Short indices of the EuroMTS Eurozone Government Broad series, will now aim to more closely replicate a family of EuroMTS Investment Grade Broad indices in both upward and downward evolutions. The bonds included in the new indices must have at least two ratings in Investment Grade from the ratings agencies S&P, Moody’s, and Fitch. The change will take effect from 30 August 2011, and will have no impact on the management fees the funds charge, Amundi says.

Joseph Mukungu, head of client servicing and relationship management at JP Hambro Capital Management (JOHCM), has been recruited as senior vice president, head of client services for Europe and the Middle East at Neuberger Berman. It is a newly-created position; Mukungu will lead the team based in Europe in charge of assisting clients of the asset management firm outside the United States.Mukungu will report to Dik van Lomwel, head of Europe and the Middle East.

The Indian authorities are not allowing foreign investors to hold more than 5% of corporate bonds from Indian businesses, says Steve O’Hanlon, manager of the Ucits ACPI India Fixed Income fund, FundWeb reports. Assets held by foreign investors in Indian government bonds, meanwhile, total about 1%.

The Groupe Banque Privée Edmond de Rothschild has seen a 1.9% increase in its net profits in first half 2011, to CHF71.8m. Net inflows totalled CHF4bn, compared with CHF4.1bn in first half 2010, the Geneva-based bank says in a statement dated 24 August. Despite falling markets and the negative influence of US dollar and euro exchange rates against the Swiss franc, assets under management remained stable at CHF92.1bn as of the end of June 2011, compared with CHF92.7bn as of 31 December 2010. In second half, the volatility of the markets and the negative influence of forex rates will “weigh heavily on margins,” the bank predicts. International development will continue in all of the bank’s traditional geographical regions, particularly Asia, where the bank will be opening an office in Hong Kong this autumn.

Les responsables suisses de Fidelity, BlackRock, DWS (Deutsche Bank), JP Morgan et Schroders, soit des encours sous gestion totaux de 5000 milliards de dollars, ont lancé une plate-forme d’information destiné aux investisseurs institutionnels. Selon Le Temps, il s’agit du «Fund Experts Forum», qui sera un evènement semestriel où l’on cherche à rassembler les informations et connaissances au service de la place financière et des investisseurs. Le thème choisi se veut structurel et non pas le dernier sujet à la mode sur les marchés. Le prochain se tiendra à Zurich le 15 septembre et portera sur le thème «Repenser les ressources naturelles».

During the first half of 2011, the Asset management unit of Crédit Agricole, which includes Amundi and the asset management operations of BFT, acquired by Amundi on 1 July 2011, saw its assets under management increase to 712.2 billion euros at 30 June 2011, compared with 710.3 at 31 December 2010. This increase was due to net new inflows of 1.7 billion euros, a positive market effect of 3.4 billion euros and a negative currency impact of 3.2 billion euros. Outflows from money-market products (4.8 billion euros over the first half) were offset by 6.5 billion euros in net new inflows of long-term assets. Inflows moved up driven by institutional investors in France and internationally and by employee saving. Overall, net income Group share jumped by 25.9% year-on-year to 180 million euros in the first half. Revenues proved resilient, with a decline confined to 2.7% in the first half of 2011, owing to a 4% increase in fixed management fees and despite the fall in performance-based commissions owing to market conditions. At the same time, operating expenses registered a substantial 12.7% decline, reflecting the synergy benefits resulting from the merger. The cost/income ratio was excellent at 54.7%, the same as in the first half of 2010 (excluding restructuring costs of 41 million euros in the second quarter of 2010 and of 57 million euros in the first half of 2010).

In first half 2011, the asset management profession at Crédit Agricole, including Amundi and the asset management activities of BFT (acquired on 1 July 2011 by Amundi), has seen an increase in its assets under management to EUR712.2bn as of 30 June 2011, compared with EUR710.3bn as of 31 December 2010. This increase is a result of net subscriptions of EUR1.7bn, a positive market effect of EUR3.4bn, and a negative currency effect of EUR3.2bn. Outflows from money markets, which totalled EUR4.8bn for the half, were offset by inflows to long-term assets of EUR6.5bn. These inflows were driven by institutional clients in France and abroad, and corporate savings, Crédit Agricole said at a presentation of its first-half results. Net profits for the asset management part of the group totalled EUR180m in first half 2011, up 25.9% compared with first half 2010. Net banking proceeds are down 2.7%, but operating costs are down 12.7%, as a result of synergies due to the merger. The cost/income ratio comes out at 54.7%, stable compared with first half 2010 (excluding restructuring costs, which totalled EUR41m in second quarter 2010, and EUR547m for all of first half 2010). Net profits for the part of the group for the entire asset management, insurance and private banking unit are up 6.6% in first half 2011, with net banking proceeds of EUR2.646bn, with a 2.4% reduction in operating costs to EUR1.24bn. Gross operating profits, at EUR1.406bn, are up 16.0%. As of 30 June 2011, assets under management totalled EUR1.066trn (EUR860bn excluding assets counted multiple times), up 3.0% year on year. Net inflows for the half total EUR16.8bn.

Ignis Asset Management will sell off a part of its equity stake in Argonaut Capital Partners, an asset management firm specialised in Euorpean equities, in which it had been a partner since its creation in 2005. The UK asset manager is reducing its stake from 50% to 40%, leaving 60% to the managers of the joint venture, Barry Norris and Oliver Russ. Argonaut, which currently manages assets of GBP1.1bn, will thus become an independent business, whereas the structure had previously focused on asset management, while the remaining functions (marketing, administration, sales) were handled by Ignis AM. As a part of these changes, the firm will expand its investment team and management resource and develop its own UK distribution capability. In addition, in order facilitate the transition to a standalone business, the company will be announcing the appointment of a chief operating officer who will oversee the transition and manage the day-to-day operational functions. Ignis AM, which nonetheless retains a 40% stake in the capital of the firm, will continue to distribute Argonaut’s funds in Continental Europe, including France. The operation, which is described as a natural step in the development of Argonaut, is also a part of a new strategy at Ignis AM. Since the end of 2010, the UK asset management firm, which manages EUR87.8bn in assets, a good part of which are for its shareholder Phoenix, has prioritised its own asset management operations, whereas the hallmark of the group had previously been its network of asset management boutiques in which it held partial stakes and which it helped to develop and grow. As a mark of this change in approach, this July, Ignis AM reduced its stake in the capital of Hexam, an emerging markets management firm, from 50% to 35%. At the same time, it also recruited big-name managers for its own teams, including Chris Fellingham, formerly of Soros, who became chief investment officer, and Mark Lovett, who has been at Allianz RCM, and who became chief investment officer for equities. The recent departure of Jonathan Polin, director of sales and marketing, who contributed to development at the boutiques, may also be viewed as an element of this change in strategy. Ignis AM will retain 35% of Hexam and 40% of Argonaut, a stake in Castle Hill Asset Management and 50% of Cartesian, a management firm specialised in British equities, with these stakes held by Ignis Partners. It remains to be seen how these partnerships will evolve in the future.

Standard Life Investments (SLI) in first half 2011 posted inflows which it says are a “record,” up 104% compared with first half 2010, to GBP1.5bn, from wholesale clients. The strongest subscriptions went to Global Absolute Return Strategies products (GBP1.1bn), UK Smaller Companies (GBP368m) and Global Index Linked Bond (GBP202m).

Like Schroders, Legal & General Investment Management (LGIM) now has its own “Matching Plus” platform. The solution is “transparent, flexible and easy to deploy” to optimise liability-driven investments (LDI) for pension funds, the management firm says.Matching Plus allows investors to select products from a complete range of liability-driven funds, in order to reduce exposure to fluctuations in interest rates and/or inflation, in combination with funds which aim to generate positive returns. This allows a way to establish custom management for each pension fund.The platform also provides investors with the flexibility to change investment strategies as their financial situation changes. It is also designed in such a way as to minimise the subsequent impact of changes in regulations and market configurations.

Agefi reports, citing a study by Société Générale, that short positions on equities markets have reached levels not seen since 2008. On the basis of data from the Commodity Futures Trading Commission (CFTC), the number of contracts betting that the S&P 500 will fall, which totalled nearly zero in July, now number 71,000. At the same time, the newspaper adds, hedge funds have had to buy up their short positions on US bonds, and have closed out their short positions on volatility indices.

The Morningstar MSCI composite hedge fund index, which includes about 1,000 hedge funds, gained 1.1% in the month of July, compared with losses of 2% for the S&P 500 in the month under review. Trend-based strategies earned the best returns in July, while hedge funds dedicated to European equities had the worst results of the month. The Morningstar MSCI Europe Hedge Fund Index lost 8%, but it is true that the MSCI Europe Stock index, for its part, lost 3.4% in July.

ETFs in the Asia-Pacific region ex Japan have grown by nearly 15% in first half, to a total of USD61.2bn, compared with USD53.3bn as of the end of 2010, according to the most recent sectoral study by BlackRock, Asian Investor reports. This development is largely due to net inflows, as the MSCI AC Asia Pacific index gained only 0.5% in the same period. ETFs worldwide posted growth of 10% to USD1.44trn. Growth in Asia may be on top of a lower baseline, but it is also true that it would have been much higher if it weren’t for the fact that 50% of Asian institutional assets placed in ETFs go to products listed outside the region. Asia has the potential to become the most dynamic ETF market in the world, but to get there, investors will need to be better educated about the attractions of specific products and the integration of those products into an effective portfolio management strategy, and the sector must also develop appropriate products for local investors. State Street Global Advisors and iShares remain the leading providers of ETFs in the Asia-Pacific ex Japan region in terms of assets, with USD12.9bn and USD9.8bn, respectively. But the market share for these providers in the region has fallen to 2.8%, Several management firms, many of them Chinese, launched their own ETFs in first half.