2010, grand rendez-vous des finances publiques
En marge des modalités du « grand emprunt », l'Elysée a annoncé hier une conférence sur le déficit
Les obligations prendront encore le relais des prêts bancaires en 2010
Les entreprises non financières devraient emprunter sur le marché en euro pas moins de 250 milliards l’an prochain
14/12/2009
Record subscriptions to emerging markets equities funds
According to EPFR Global, net subscriptions to emerging markets equities funds in the week ending 9 December totalled USD2.3bn, bringing the total since the beginning of the year to USD75.4bn, while the previous record, for the year 2007 as a whole, was USD54bn, the Frankfurter Allgemeine Zeitung reports.
14/12/2009
Assets in pension funds top EUR50bn
Since the beginning of the year, according to VDOS Stochastics, assets in Spanish pension funds have increased by EUR2.1bn, or 4.34%, to a total of EUR50.4bn as of the end of November, Funds People reports. The two funds with the strongest inflows were the Plancaixa Ambicion and Bancajapensón Fijo, with inflows of EUR204m and EUR183bn, respectively.
14/12/2009
Real estate fund created for Italian journalists' pension fund
The national retirement planning institute for Italian journalists (INGPGI) has launched a real estate fund entitled Inpgi Hines Fund, which will be managed by Hines Italia Sgr, Il Sole - 24 Ore reports. The fund will have an 8-year duration, and will invest in residential developments and renovations, with returns expected to be not less than 12%. the fund will have a debt level of under 40%, and is planning an investment program of up to EUR70m (thus EUR100m including leverage).
14/12/2009
KfW will get back two thirds of its Lehman loan
According to sources familiar with the matter, the German public bank KfW will recuperate about EUR214m of the EUR320m it mistakenly sent to Lehman Brothers on 15 September 2008, at a time when the bankruptcy of the American bank had already become public knowledge, the Frankfurter Allgemeine Zeitung reports. This recovery rate of 67% is higher than the rate other lenders will receive, since KfW is entitled to claim a Lehman deposit held with the German federal debt administration office.
14/12/2009
Pioneer launches an anti-inflation fund
Pioneer Investments has launched a fund – Inflation Plus - that aims to shelter investors from eurozone inflation through a specialised asset allocation strategy, according to Citywire. It will be managed by Christian Frischauf.
14/12/2009
Jupiter AM launches a Chinese sustainable growth fund
Jupiter Asset Management is to launch a UCITS III fund for investors seeking to gain exposure to China’s sustainable growth story. The Jupiter China Sustainable Growth fund (Sicav), which will be managed by China fund manager Philip Ehrmann, is a sub-fund of the Jupiter Global Fund Sicav. It will open for institutional investment on 11th December and for retail investors in the first quarter of 2010.The fund will aim to achieve long term capital growth through investing in companies which will benefit from the secular trends associated with sustainable environmental, social and economic growth in China. It will focus on key growth markets within the Chinese economy such as energy, water, agriculture, transport, real estate and construction, waste management and healthcare and education.Although the fund is not intended to be a ‘green’ investment vehicle, Philip Ehrmann will draw on the insights of Jupiter’s Sustainability & Governance team, lead by Emma Howard Boyd, to inform his analysis of particular businesses and industries.
14/12/2009
James Nicholson pleads guilty to fraud
The former head of the alternative management firm Westgate Capital Management, James Nicholson, has pleaded guilty to several counts of fraud at a hearing in Manhattan, the Wall Street Journal reports. The New York attorney general’s office claims the fraud, which went on for four years, cost its victims USD133m. Though Nicholson is facing a maximum sentence of 45 years in prison, his legal team predict that in light of the comparatively small size of the fraud, the sentence will be between 188 and 235 months.
14/12/2009
Probation for Erik Franklin
Erik Franklin, a former hedge fund manager at Q Capital Investment Partners, has been sentenced to a three-year probation on Friday, the Wall Street Journal reports. In 2007, he pleaded guilty to insider trading in a case involving Morgan Stanley and UBS.
14/12/2009
Bonus tax will affect 2,000 to 3,000 bankers in France
Les Echos reports that the French government is at work on a proposed tax on bonuses distributed by banks, as announced by Nicholas Sarkozy last Thursday. The tax would be calibrated so that revenues would be proportional to those expected by the British government (GBP550m), or about three times smaller, due to the respective sizes of the Paris and London financial industries. The general idea is to tax about 2,000 to 3,000 traders who stand to receive bonuses, compared with 20,000 in the United Kingdom. As in London, hedge funds would not be affected by the tax. However, guaranteed bonuses may be exempt.
14/12/2009
DWS Investments recruits a former Bear Stearns manager
On Friday, DWS Investments (Deutsche Bank group) announced the recruitment of Gregory Troccoli as senior national account manager, in charge of client relationship management for broker-dealers, private banks and trusts. Troccoli will be based in New York, and will report to Mike Woods, director of distribution at DWS Investment Distributors for the United States. He was previously head of platform sales at Bear Stearns & Co.
14/12/2009
Morningstar acquires Logical Information Machines
On Friday, Morningstar announced its acquisition for about USD51.5m of Logical Information Machines (LIM), a provider of data and analysis to the energy, finance and agriculture sectors. LIM has earned revenues of about Usd20m in the past twelve months. The transaction is expected to be completed by the end of the month. LIM, which has about 80 employees, based in Austin, Houston, Chicago, New York and London, was founded in 1989.
14/12/2009
Hedge fund ETF from Deutsche Bank is doing well
Heavy losses, closures, and scandals have tarnished the reputation of hedge funds. Nonetheless, the Börsen-Zeitung reports, some products have generated strong results. For example, the DB Hedge Fund Index ETF from db x-trackers, which was launched in January 2009, has posted returns of 7.5%. The ETF based on a hedge fund index has attracted USD1.05bn, or EUR715m, in subscriptions.
14/12/2009
Santander AM launches sales offensive
Santander Asset Management will reward clients who invest liquidity via the online banking network Openbank and Banesto until the end of the year. In the case of the first of the two distribution channels, the asset management firm will match 3.5% of subscriptions to the Santander Acciones Euro, and 3% for subscriptions to the Mixto Renta Fija 90/10, for investments between EUR3,000 and EUR200,000. The investor must pledge to leave the money in the funds for at least 12 months. For Banesto subscribers, Santander AM will offer a 1% supplement to subscriptions to diversified funds, up to a total reward of EUR1,500.
14/12/2009
Russell launches a midcaps index
Russell Investments has announced that it is planning to launch a series of benchmarks to track the midcaps segment. The Russell Global SMID Index is designed to provide an indicative measure of equities in the low end of the large-cap range and at the top of the small-cap range. The index will initially include 3,981 shares with cap sizes ranging from USD370m to USD5.3bn.
14/12/2009
Morgan Stanley recruits former Merrill Lynch COO to lead asset management
Morgan Stanley has announced that Gregory J. Fleming, former President and Chief Operating Officer at Merrill Lynch, will join the firm as President of Morgan Stanley Investment Management, including Merchant Banking. Among other important industry milestones, he was a key player in the combination of Merrill Lynch Investment Management with BlackRock . Mr. Fleming will also be responsible for Global Research. The heads of each of these businesses will report directly to him. He will serve as a member of the Operating Committee and report to James P. Gorman, who becomes Chief Executive Officer and President of Morgan Stanley in January. Gregory Fleming will be joining the firm in February. He currently serves as a senior research scholar and lecturer in law at Yale Law School.
14/12/2009
Gartmore reduces target price for share offering
Gartmore is reducing the price range for its public flotation following lukewarm response from investors, says Citywire. The price range being talked about is 220-250p against 230-250p originally planned. Gartmore could also sell less shares than originally hoped.
14/12/2009
Fidelity recruits a head of distribution from SWIP
Fidelity International has recruited Ominder Dhillon as head of distribution for its institutional activities in the United Kingdom, the British press is reporting. Dhillon joins the firm from Scottish Widows Investment Partnership, where he was head of UK institutional.
14/12/2009
F&C confirms talks with C-Quadrat
F&C Asset Management has confirmed that it is in «exploratory discussions» regarding a potential offer for C-Quadrat Investment, a company listed on the Vienna and Frankfurt stock exchanges. These discussions are preliminary in nature and there can be no certainty that any transaction will occur, adds the UK asset manager. As previously announced in the company’s latest interim management statement, «F&C will continue to consider bolt-on acquisition opportunities where they have the potential to strengthen its product offering and generate shareholder value».
14/12/2009
Insight to close five equities funds
Insight Investment is planning to close five equities funds, after admitting that they are not economically viable, Investment Week reports. The funds concerned, currently managed by SWIP, are the European Alpha fund (with assets of GBP34m), Global Alpha, with GBP32m, European Small Cap (GBP24m), UK Alpha (GBP20m), and UK Discretionary (GBP18m).
14/12/2009
Cazenove CM acquires Thornhill
Cazenove Capital Management has announced that it has acquired Thornhill Holdings Limited, a wealth management firm based in London and Edinburgh with assets of over GBP600m, for an undisclosed amount. The deal ups assets under management at Cazenove Capital for retail investors at GBP6.5bn, while assets under management at group level total over GBP14bn. Thornhill was founded in 2003 by former Martin Currie employees.
14/12/2009
China: Fidelity may launch a closed fund
The China fund which Anthony Bolton is planning to launch in first quarter 2010, probably in March, may be a closed fund, Money Marketing has announced. Bolton is in the process of weighing the pros and cons of a closed structure rather than a UCITS III fund. A closed fund would allow the manager to limit the capacity of the fund, while a UCITS III fund would have the advantage of being attractive to investors outside the UK. Fidelity will announce its decision in January.
14/12/2009
Schwab launches ETFs
Following a first sortie of four ETF s with total management commissions ranging from 8 to 35 basis points, launched on 3 November, Charles Schwab Investment Management (CSIM) on Friday launched the Schwab US Large-Cap Growth ETF and Schwab US large-Cap Value ETF funds, whose management commissions are limited to 15 basis points. In addition, buying and selling shares in the funds will be free online through Charles Schwab accounts. CSIM has announced that it has EUR209m in assets in its first four ETFs. The firm is planning to launch two more ETFs in January.
14/12/2009
Axa et AMP font une dernière offre pour Axa Asia Pacific Holdings
AXA et l’assureur australien AMP ont annoncé, le 11 décembre 2009, avoir conjointement proposé leur meilleure et dernière offre au comité des administrateurs indépendants du gestionnaire de fortune AXA Asia Pacific Holdings. Le prix proposé par AXA et AMP aux actionnaires minoritaires d’AXA APH a été augmenté et s’élève à 6,221 dollars australiens par action, soit une prime de 53% par rapport au cours de clôture d’AXA APH du 5 novembre 2009 et une amélioration de 16 % parrapport à l’offre initiale du 6 novembre."Les actionnaires minoritaires d’AXA APH se voient offrir 1,92 dollar australien par action en numéraire et 0,6896 action AMP pour chaque action AXA APH. La composante en numéraire a été augmentée de 0,54 dollar australien par action, AMP contribuant pour 0,10 dollar australien et AXA pour 0,44 dollar australie, précise un communiqué d’Axa. En conséquence, la part en numéraire représente 31% du prix proposé et est à présent fixée en dollars australiens, éliminant ainsi toute incertitude sur les cours de change pour les actionnaires minoritaires d’AXA APH».Cette offre reste valable jusqu’au 21 décembre 2009. En cas de succès de la transaction, AMP acquerrait les actions AXA APH détenues par AXA pour un montant de 6,9 milliards de dollars australiens en numéraire et AXA acquerrait auprès d’AMP 100% des activités asiatiques d’AXA APH pour un montant de 9,1 milliards de dollars australiens en numéraire, avec l’objectif de renforcer sa position sur les marchés de forte croissance.
Les fonds institutionnels ont déjà retrouvé leur niveau d'encours de fin 2007
A fin septembre 2009, l’encours des fonds institutionnels allemands (Spezialfonds) représentait 696,93 milliards d’euros contre 636,97 milliards fin décembre 2008 et 693,87 milliards à la fin de 2007, sur la base des statistiques de la Bundesbank compilées par l’agence Kommalpha de Hanovre dans la dernière livraison de sa revue «Fondsmarkt». Ces actifs représentent 52,7 % du volume total de la gestion d’actifs allemande, alors que le nombre de fonds a diminué de plus de 1.000 unités pour revenir à 3.822 entre décembre 2004 et septembre 2009.La contraction du nombre de fonds institutionnels s’explique d’un côté par la concentration des mandats au sein des «master-KAG», qui a provoqué un nombre croissant de fusions de petits fonds. Cela a concerné surtout ceux d’une taille inférieure à 20 millions d’euros, de sorte que l’encours moyen a fortement augmenté. D’autre part, observe Kommalpha, les mandats inférieurs à 30 millions d’euros, voire à 50 millions ont pratiquement disparu et cette tendance à une taille critique devrait se poursuivre.En volume, les souscripteurs les plus importants des fonds institutionnels étaient à fin septembre les compagnies d’assurances, pour 236,44 milliards d’euros, devant les banques avec 132,43 milliards et les institutions de prévoyance retraite avec 104,77 milliards. Kommalpha observe néanmoins que l’encours géré pour le compte des banques diminue constamment depuis 2007 tandis que, depuis fin 2004, les institutions de prévoyance retraite ont apporté 47,4 milliards d’euros en net (dont 2,96 milliards en septembre 2009).
14/12/2009
EQT et GIC achètent Springer Science+Business
Le fonds de private equity EQT V d’EQT Partners et GIC Special Investments (GICSI), la branche capital-investissement du fonds souverain Government of Singapore Investment Corporation (GIC), ont annoncé vendredi l’acquisition pour un montant non dévoilé de l’allemand Springer Science+Business Media auprès des capital-investisseurs Candover et Cinven. La répartition se fera sur la base de 82 % pour EQT V et de 18 % pour GICSI.La transaction devrait être bouclée fin janvier/début février 2010. Il est précisé que les acquéreurs reprennent également la totalité de la dette du second éditeur mondial dans les domaines scientifique, technique et médical, dette qui serait de 2,2 milliards d’euros. C’est la 18ème acquisition d’EQT en Allemagne et les deux acheteurs passent pour investir 150 millions d’euros dans Springer Science+Business.Goldman Sachs International, UniCredit, Barclays Capital et Deutsche Bank ont été charges d’assurer le montage financier de la transaction.
Beau parcours pour un ETF de hedge funds de la Deutsche Bank
Des pertes élevées, des fermetures et des scandales ont terni la réputation des hedge funds. Toutefois, souligne la Börsen-Zeitung, certains de ces produits ont généré de bons résultats. Par exemple, le DB Hedge Fund Index ETF de db x-trackers, qui a été lancé en janvier 2009, affiche une performance de 7,5 %. Cet ETF sur indice de hedge funds a réussi à drainer 1,05 milliard de dollars ou 715 millions d’euros.
14/12/2009
La KfW va récupérer les deux tiers de sa créance sur Lehman
Selon les proches du dossier, la banque publique allemande KfW devrait recouvrer environ 214 millions d’euros sur les 320 millions qu’elle avait par mégarde viré à Lehman Brothers le 15 septembre 2008 alors que la faillite de la banque d’investissement américaine était déjà connue, rapporte la Frankfurter Allgemeine Zeitung. Le taux de recouvrement de 67 % est supérieur à celui dont vont bénéficier les autres créanciers, parce que la KfW peut faire saisir un dépôt de Lehman auprès de l’administration de la dette fédérale.
14/12/2009
"En un an, nous avons permuté sur et sous-pondérations"
Threadneedle gère plus de 3 milliards de dollars en actions de pays émergents, avec entre autres un OEIC de 90 millions d'euros pour les "global emerging markets", quelque 950 millions d'euros pour l'Amérique latine et 1,4 milliard de dollars sur l'Asie (avec 600 millions de dollars de souscriptions nettes depuis le début de l'année), indique Douglas Cairns, investment specialist Asian & Emerging Markets. Pour faire bonne mesure, la gamme comprend aussi un fonds OEIC China Opportunies qui investit principalement en moyennes capitalisations chinoises.