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15/12/2010

Assets down at Invesco, Franklin Templeton, Legg Mason and AllianceBernstein in November

p { margin-bottom: 0.08in; } Several US management firms have published figures in the past few days about the evolution of their assets under management in November. As of 30 November, assets at Invesco totalled USD611.1bn, compared with USD621.2bn as of the end of October, while assets at Franklin Templeton totalled USD642.3bn, compared with USD644.3bn, and Legg Mason had assets of USD667.7bn, compared with USD676.6bn. Assets under management at AllianceBernstein, for their part, fell to USD485bn from USD499bn.
15/12/2010

KGAL extends its activities to France

p { margin-bottom: 0.08in; } The Bavarian asset and wealth management firm KGAL, which is controlled by Commerzbank (45%), BayernLB (30%), Haspa Finanzholding (15%) and Sal. Oppenheim (10%), on 14 December announced that, following the retirement of Thomas Pick, who for years was the head of international real estate, the division will be redeployed and will extend its activities to the French office real estate market.From 1 January, Guy Friedgen will take over as head for this market, and sales of the first French real estate fund, PropertyClass Frankreich I, will begin in January.KGAL manages EUR22.7bn (including EUR10.7bn of owners’ equity) on behalf of high net worth private clients and family offices.
15/12/2010

Institutionals favour publicly-traded firms which are transparent and communicate well

p { margin-bottom: 0.08in; } Institutional investors grant huge importance to access to publicly-traded firms and to the financial communications they release when they are making investment decisions. This is the finding of the “European Corporate Survey,” undertaken by CA Chevreux, which relied on a sample of nearly 400 institutional investors (of which 76% are long-only investors) in Europe and the United States. A desire on the part of the management of a business to meet an institutional investor is particularly valued, at a time when 49% of investors say that they have modified their portfolio turnover policies since the financial crisis, and 33% say that they have accelerated the turnover rate for assets in their portfolios. The majority of investors surveyed say that an investment decision is four times more likely to be taken following an interview with the CEO or CFO of a publicly-traded firm, compared with an interview with an “investor relations” officer. This trend is particularly marked for British and American investors, 50% of whom estimate that the likelihood of an investment decision following a meeting with the head of “investor relations” is near zero. Nearly nine investors out of 10 estimate that the best formats for meetings with business leaders are roadshows or conferences. Communication of mid-term outlooks by businesses is also highly valued by more than nine investors out of ten. They are particularly interested in information related to earnings, margins, or profits, the CA Chevreux study finds.
15/12/2010

Investors turn to US equities

A rise in investor optimism is working to the advantage of US equities, according to the most recent BofA Merrill Lynch survey, undertaken between 3 and 9 December, which interviewed 209 managers with USD569bn in assets.A net total of 44% of respondents to the survey predict that the global economy will improve in 2011, compared with 35% one month earlier. 51% expect corporate profits to rise next year, compared with 36% in November. Meanwhile, 61% of investors expect inflation to slip in 2011.As Europe is still dragged down by government debt trouble, investors are turning to US equities, with 16% overweight in this asset class, compared with only 1% in November. However, 4% of respondents are overweight in Euro zone equities, while 15% of respondents were overweight in November. There has also been a strong increase in investors who are predicting that the US dollar will rise: 36% say that the US currency will get stronger, compared with only 14% in November.Despite a rebound in confidence in global growth outlooks, the survey finds that Europe has lost the support of investors due to political hesitations and banking trouble, while in the United States, tax policy agreements and the new wave of quantitative easing (QE2) have brought US businesses back to the fore.European investors are, however, keeping their wits about them. 26% of them predict that conjuncture will improve in 2011, compared with 23% in November, while 34% predict an increase in profits per share, compared with 29% one month earlier.
15/12/2010

Goldman Sachs AM interested in Malaysian market

p { margin-bottom: 0.08in; } Asian Investor reports that Goldman Sachs Asset Management has signed an exclusive partnership agreement with the Malaysian management firm RHB Investment Management (RHB IM), covering development and distribution of products for the Malaysian market. The agreement is the first of its kind on the Malaysian market. RHB IM belongs to the RHB group, the fourth-largest financial services group in Malaysia, with assets under management of MYR12.3bn as of 31 October (about EUR3bn).
15/12/2010

EC launches consultation on UCITS

p { margin-bottom: 0.08in; } On Tuesday, the European Commission, which is preparing regulations to limit excessive risk-taking by investment funds and to guarantee that pay policies apply coherently to the entire finance sector, opened a public consultation to gather the opinions of participants on revisions to community regulations governing the creation and operation of funds, Cinco Días reports. The responses received will be relied on in the composition of a directive for which Brussels is planning to propose a draft in Spring 2011. Suggestions and comments will be accepted until 31 January.
15/12/2010

Sal. Oppenheim expected to become profitable again in 2011

p { margin-bottom: 0.08in; } At the inauguration of its Bielefeld office, a spokesperson for Sal. Oppenheim announced that the bank will report a loss for 2010, but that it will return to profitability in 2011, and will settle into sustainable profitability in 2012, the Börsen-Zeitung reports.
15/12/2010

Institutional investors increase exposure to hedge funds

Almost two-thirds of institutional investors intend to increase allocations to alternative assets in the next 12 to 24 months, according to a research conducted by Bank of America with Quinnipiac university and the Connecticut Hedge Fund Association and cited by the Financial Times. Fewer than a quarter of the 107 US and international investors polled, representing about USD2,100bn in assets under management, said they would increase portfolio exposures to fixed income or equities.
15/12/2010

BarclayHedge index up 0.6% in November

p { margin-bottom: 0.08in; } The 1,850 funds which had published their results as of 14 December show returns of 0.61%, and average gains in the first eleven months of the year of 7.80%, according to BarclayHedge.Only one strategy shows losses for January-November: equity short bias, with losses of 9.12%. However, three categories show returns of over 10%: fixed income arbitrage (10.38%), distressed securities (10.62%), and convertibles arbitrage (10.70%).
15/12/2010

Net subscriptions down in November

p { margin-bottom: 0.08in; } After subscriptions of USD26.8bn in October, investors placed only a net USD2.7bn in long-term mutual funds in November. US equities funds continued to undergo net outflows, while investors’ enthusiasm for bond funds cooled, Morningstar reports. The Pimco Total Return fund saw its first net outflows for two years (of USD1.9bn).The direct beneficiaries of this development were money market funds, which saw net subscriptions of USD24.7bn, their best result since January 2009.Meanwhile, ETFs domiciled in the United States saw net inflows of USD10.3bn in November, bringing total net subscriptions for the first eleven months of the year to USD95.6bn, and assets as of 30 November to USD951.5bn.
15/12/2010

Independent Swiss management firms prioritise recruitment

p { margin-bottom: 0.08in; } In the wake of fears that clients would leave Switzerland and that regulatory costs would make the industry less competitive, independent management firms have now switched into an aggressive mode to adapt to the new regulatory environment, Agefi Switzerland reports. According to a BCV study which surveyed 500 French-speaking Swiss independent managers in Spring this year, nearly two thirds of respondents are determined to grow their activities, particularly by recruiting and diversifying the geographical origin of their clients. These two objectives may be met simultaneously, explains Bernhard Rytz, head of external managers at BCV: “Independent managers want to diversify their risks, and the simplest way to do this is to recruit partners who already have clients, rather than to attempt an assault on new markets without necessarily being able to rely on personal networks.”
15/12/2010

ProCapital rejoint Equiduct

Le prestataire de services titres pour les établissements financiers devient membre du marché Equiduct, un marché réglementé de Börse Berlin AG. Selon les deux partenaires, cette opération permet de profiter du principe de «meilleure exécution» introduit par la directive MIF, «du fait de la capacité de cette plateforme à réagréger la liquidité européenne».
15/12/2010

Fondations Capital négocie le rachat de Courtepaille

Le fonds de private equity Fondations Capital est entré en négociations exclusives pour le rachat de la chaîne de restauration Courtepaille, ont indiqué mardi à L’Agefi des sources proches du dossier. La société était détenue depuis 2005 par ING Parcom, Banque de Vizille et Euromezzanine aux côtés du management (35%), après avoir fait l’objet d’un premier LBO en 2000 par Barclays Private Equity. Dirigé par la banque Leonardo, le processus de vente avait attiré trois autres candidats: LBO France, Eurazeo – l’ancienne maison de Xavier Marin, dirigeant de Fondations Capital – et Axa PE (L’Agefi Quotidien du 23 novembre). Les revenus de Courtepaille tournent autour de 275 millions d’euros, franchisés inclus. La chaîne serait valorisée dans cette transaction aux alentours de 250 millions d’euros, avec un financement à base de mezzanine.
15/12/2010

HCR se déleste d’actifs immobiliers

Le groupe américain de services de santé contrôlé par Carlyle va céder pour 6,1 milliards de dollars d’actifs immobiliers à HCP, un fonds d’investissement immobilier coté spécialisé dans la santé. Ces actifs qui concernent 338 cliniques de soins et de repos feront en retour l’objet d’un contrat de location. HCP va verser 3,53 milliards de dollars en numéraire, réinvestir 1,72 milliard de dollars de dettes détenues dans HCR, et émettre 852 millions de dollars d’actions ordinaires au profit des actionnaires de HCR. Le fonds dispose d’une option lui permettant d’acquérir une part de 9,9% du capital de HCR pour un montant additionnel de 95 millions de dollars. HCP a indiqué avoir obtenu un engagement pour un prêt relais à hauteur de 3,3 milliards de dollars. L’opération permet à Carlyle de souffler un peu après avoir annoncé l’acquisition de Syniverse Technologies en novembre (2 milliards de dollars) et celle de CommScope en octobre (2,9 milliards).
15/12/2010

Feu vert des autorités australiennes au rachat d’ASX par SGX

L’autorité de la concurrence australienne a donné son feu vert pour un éventuel rachat de la principale Bourse australienne (ASX) par la Bourse de Singapour, estimant qu’une telle opération n’aurait pas un impact négatif sur le développement de la concurrence sur le marché. D’autres feux verts sont nécessaires, comme celui de la Banque centrale australienne.
15/12/2010

Le chômage coréen au plus bas

Le taux de chômage en Corée du Sud est tombé à son plus bas niveau depuis 6 mois à 3,2% en novembre (contre 3,6% en octobre), alors que les économistes s’attendaient à un chiffre stable. Cette baisse relance les anticipations d’une hausse des taux prochaine de la banque centrale.
15/12/2010

La Belgique menacée de dégradation

Standard & Poor’s a abaissé sa perspective sur la note du royaume de stable à négative. Sans gouvernement durable, le pays aura du mal à mener à bien les mesures nécessaires à la réduction de sa dette qui est proche de 100 % du PIB. Point positif, la Belgique est en croissance.
15/12/2010

La Fed maintient le cap

La banque centrale juge la reprise insuffisante pour faire baisser le chômage. Aucun changement n’a été apporté au deuxième round d’assouplissement quantitatif.
15/12/2010

Le Luxembourg vexé de l’arrogance franco-germanique

Dans un entretien accordé au journal, le ministre des affaires étrangères luxembourgeois, Jean Asselborn, s’indigne contre l’arrogance de la France et de l’Allemagne, un jour avant le sommet européen. «Je ne peux qu’alerter l’Allemagne et la France d’exercer un excès de pouvoir, ce qui montre un caractère arrogant et hautain, ainsi qu’un manque de respect vis-à-vis du principe européen de solidarité».
14/12/2010

Silvio Berlusconi échappe de peu à la censure des députés

Le gouvernement de Silvio Berlusconi a échappé de peu mardi à un vote de censure à la Chambre des députés italienne quelques heures après avoir obtenu la confiance du Sénat. Malgré cette victoire, l’avenir de la coalition de centre-droit au pouvoir à Rome demeure incertain en raison de sa très courte majorité qui compliquera l’adoption de réformes par le Parlement. Trois cent-quatorze députés ont voté contre la motion de censure et 311 pour. Les marchés ont peu réagi après la victoire sur le fil du rasoir du Cavaliere au Parlement, la Bourse de Milan progressant à peine et les taux obligataires restant stables. L’indice vedette FTSE-Mib, qui progressait de 0,09% juste avant le vote, a pris 0,24% juste après l’annonce du résultat. Vers 14h00, il gagnait 0,18% à 20'672 points. Sur le marché obligataire, pas de changement de tendance, les taux longs italiens sont restés quasi stables.
Photo: Alessandra Benedetti/Bloomberg
14/12/2010

La France n'émettra pas de dette à court terme le 27

L’Agence France Trésor a annoncé mardi qu’elle ne lèverait pas de capitaux à court terme le lundi 27 décembre comme elle le fait chaque lundi pour faire face à ses besoins de trésorerie.Elle annonce que l’adjudication hebdomadaire de bons du Trésor (BTF) prévue le dernier lundi de décembre est annulée et que la première adjudication de l’année 2011 aura lieu le lundi 3 janvier. La France aura réduit de 20 milliards d’euros l’encours de BTF, qui sera ainsi ramené de 214 milliards en janvier 2010 à 194 milliards d’euros à la fin décembre 2010.
14/12/2010

Hausse du moral des investisseurs allemands en décembre

Le moral des analystes et investisseurs allemands a de nouveau augmenté en décembre, montre l’enquête mensuelle de l’institut d'études économiques ZEW. Son indice du sentiment des investisseurs a atteint 4,3 en décembre, contre 1,8 en novembre et -7,2 en octobre.

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