07/06/2010
« Notre préférence va aux actions américaines »
Johanna Kyrklund, membre du comité d’allocation d’actifs globale chez Schroders
02/06/2010
UBS planning to recruit advisors in second half
UBS is planning to increase its total number of client advisors in the second half of this year, a sign that client withdrawals are beginning to taper off, the head of the wealth management division at the Swiss group, Juerg Zeltner, says in an interview with Finanz und Wirtschaft magazine. The group announced a few weeks ago that client withdrawals would probably fall to zero by the end of the year. In first quarter 2010, net outflows totalled CHF8bn, compared with nearly CHF33bn in fourth quarter 2009.
01/06/2010
La chute récente de la liquidité mondiale affecte l'appétit pour le risque
La décélération observée dès la fin 2009 pourrait expliquer les dégagements récents sur les classes d’actifs à risque
Marc Renaud juge le moment idéal pour acheter des actions
Dans une interview à la Frankfurter Allgemeine Zeitung, Marc Renaud, fondateur de Mandarine Gestion à Paris, indique qu’il continue d’acheter bien que la situation sur les marchés d’actions soit aujourd’hui plus difficile qu’il y a douze mois. Mais les marchés se trouvent au point bas du cycle. C’est en principe le moment idéal pour acheter. Dans le même temps les marchés vont être volatils cette année, de sorte que les investisseurs doivent être prêts à réagir de manière rapide et souple, en vendant dans les hausses et en achetant dans les baisses. Détenir des actions trop longtemps comporte actuellement des risques élevés.Au fil de l’entretien, Marc Renaud indique se défier entre autres de Metro et de Carrefour mais miser sur des cycliques engagées dans les pays émergents comme Linde ou Holcim ainsi que dans les services aux collectivités comme E.On. Dans un registre plus risqué, il apprécie les banques bien gérées comme BNP Paribas, Deutsche Bank, Santander, HSBC ou UniCredit.
31/05/2010
BlackRock looks to grow in Asia
In an interview with Les Echos, J. Richard Kushel, vice president and head of international activities at BlackRock, says that the group’s priority is now to continue to integrate BGI. “We will continue to increase our capacities and investments in Asia. We are also working on our development in Latin America, which is a very promising region due to its strong economic and demographic growth,” he adds.
31/05/2010
Marc Renaud (Mandarine): “Now is an ideal time to buy equities”
In an interview with the Frankfurter Allgemeine Zeitung, Marc Renaud, founder of Mandarine Gestion in Paris, says he will continue to buy equities, even though the situation on equities markets is now more difficult than twelve months ago. The markets are at the low point in their cycle, making this in principle the ideal time to buy. However, markets will be volatile this year, meaning that invetors should be ready to react rapidly and flexibly at any time, by selling when the markets are rising and buying when they are down. Holding equities for too long currently carries high risks. In the interview, Renaud says that he is avoiding Metro and Carrefour, but that he is betting on cyclical shares in emerging markets, such as Linde and Holcim, and in utilities like E.On. In a more high-risk category of investment, he likes well-run banks such as BNP Paribas, Deutsche Bank, Santander, HSBC and UniCredit.
Barings se repositionne sur la Thaïlande
Soo Hai Lim, gérant de fonds chez Baring Asset Management à Hong-Kong, estime dans une interview avec la Börsen-Zeitung que les investisseurs thaïlandais ont profité du reflux des investisseurs internationaux ces dernières semaines pour se repositionner sur les actions locales. Mais maintenant, il est temps de rechercher des placements plus intéressants.
26/05/2010
Les créanciers seniors de Technicolor pourront détenir jusqu’à 72,5 % du capital
Ils vont souscrire à plus de 40 % à l’augmentation de capital via compensation de créances et prendront la quasi-totalité des ORA
25/05/2010
"Nous avons dû créer en interne un indice global des pays émergents reflétant vraiment les fondamentaux"
Depuis le 2 mars, Lombard Odier est autorisé par l'AMF à distribuer en France son LO Funds - Emerging Markets Local Bonds and Currencies. Newsmanagers a rencontré Stéphane Monier, Global Head of Fixed income & Currencies, pour faire le point sur le positionnement de ce produit investi en obligations d'Etat de pays émergents libellées en monnaies locales, un produit de droit luxembourgeois géré par Guilherme Marcin de Barros et Marcin Adamczyck.
25/05/2010
Efama opposed to the spread of newcits
In an interview with the Frankfurter Allgemeine Zeitung, Jean-Baptiste de Franssu, president of Efama, the European association of management firms, and of Invesco Europe, claims that it is not a good thing that a growing number of hedge funds are donning a UCITS-compliant costume in order to be introduced to retail investors. His concern is less to do with keeping hedge funds separate from other products due to their poor reputation, and more than highly complex hedge funds may in the future be sold to “bad” people. When widely-available products become too complex, particular dangers may arise, he says.
25/05/2010
Janus hopes to diversify
Within five to 10 years, Richard M. Weil, chief executive of Janus Capital Group, plans to turn Janus from a firm focused on U.S. stock products into a global, multi-asset-management partner, he said in an interview with the Wall Street Journal. Among his priorities is building the company’s fixed-income assets. As of March 31, Janus had USD165.5 billion under management, USD7.8 billion of which is in fixed-income investments. Mr. Weil also wants to develop Janus’s domestic-stock-product lineup, boost its presence in the institutional marketplace, augment its U.S. retail distribution and client-service resources, and add some non-U.S. products, says the WSJ.
25/05/2010
Janus veut se diversifier
En 10 ans, Richard M. Weil, le directeur général de Janus Capital Group, veut faire de la société de gestion, spécialisée sur les produits actions américaines, un gestionnaire multi-classes d’actifs, indique-t-il dans une interview au Wall Street Journal. L’une de ses priorités est de bâtir les capacités de la société dans l’obligataire (7,8 milliards de dollars sur un encours total de 165,5 milliards). Il veut aussi développer la gamme de produits actions locales de Janus, renforcer sa présence sur l’institutionnel, augmenter le réseau de distribution retail aux Etats-Unis et le service clients et créer des produits non US.
21/05/2010
Former star manager from Skagen launches his own firm
In an interview with Citywire, former Skagen manager Filip Weintraub has revealed that he has created his own management firm, Labrusca Family Office, with three former colleagues (Omid Gholamifar, Jonas Edholm and Frederik Astrup) and his mentor, John Johnson. They will manage a UCITS III fund domiciled in Luxembourg, entitled Labrusca Fund – global. The portfolio will be concentrated on 30 to 40 shares and may also invest in other asset classes.
20/05/2010
State Street mise sur l’Italie pour la gestion de portefeuilles de fonds
Dans une interview à Il Sole – 24 Ore, Jay Holey, CEO de State Street, revient sur l’acquisition de Banca Depositaria à Intesa Sanpaolo, qui s’inscrit dans le cadre de l’expansion du groupe en Europe. Il indique que les opérations de banque dépositaire d’Intesa Sanpaolo, qui incluent 529 personnes, pourront devenir la plate-forme de lancement d’une des autres activités principales du groupe, celle de la gestion de portefeuilles de fonds. « Nous avons des fonds sous gestion pour 1.900 milliards de dollars. Nous sommes ainsi le deuxième plus important gestionnaire de fonds après BlackRock et le principal fournisseur d’ETF et l’Italie était pour nous le chaînon manquant avec lequel faire croître toutes nos activités », affirme Jay Holey.
20/05/2010
Jean-Pierre Jouyet calls for strong European regulatory authority
In an interview with Les Echos, Jean-Pierre Jouyet, the president of the French financial market regulator, the Autorité des marchés financiers (AMF), questions the pertinence of measures by the German government to combat speculation, and calls on the institutions of the European Union to increase the powers of the future European financial market authority. “This situation creates disorder and raises questions about the credibility of European regulation. We absolutely need to have a concerted European position on this issue. We have had conferences by telephone between the market regulators as part of the CESR … we need to go further. We need not only to have real European coordination, but also a European market supervisory authority with adequate power to speak with a single voice in urgent situations,” Jouyet says.
18/05/2010
Deka s'emploie à minimiser ses risques
Dans une interview à la Frankfurter Allgemeine Zeitung, Friedrich Oelrich, directeur financier, insiste sur le fait que la DekaBank est une société de gestion qui se trouve sous le même toit que les activités de marché d’une banque ; cela fait son originalité. Et cela facilite la tâche des gérants de fonds garantis, qui peuvent se procurer en interne les swaps de taux dont ils ont besoin tout en augmentant ainsi les recettes de la partie «banque» de l'établissement. Malgré le développement de l’activité «dérivés», qui inquiète apparemment les caisses d'épargne (elles possèdent 50 % des parts), le risque du groupe Deka se limite à 2,7 milliards d’euros, soit le même montant qu’en 2004. En matière de valeur à risque, la capacité du groupe DekaBank n’est utilisée qu'à moitié.
18/05/2010
Kynikos bets that automotive share prices will fall
In an interview with Handelsblatt, James Chanos, founder of Kynikos, which at the time of the Enron collapse was called the “largest short-seller in the world,” explains that he is currently betting on a fall in the value of auto sector shares, especially Ford and Fiat, since the sector is unlikely to regain its past prosperity. The same is also true for airlines. He also sees a bubble forming in Chinese real estate, which will result in a fall for Brazilian and Australian cement, steel and copper producers, which have profited from the Chinese building boom.
14/05/2010
350 layoffs in the works at Legg Mason
According to the Daily Record, cited by Mutual Fund Wire, Legg Mason is planning to lay off 350 people in the next 6 to 18 months, of which 250 will be due to the closure of its offices in Owings Mills, in the suburbs of Baltimore. The layoffs represent 10% of total personnel. In an interview with the Baltimore Sun, the president & CEO, Mark Fetting, says that the job cuts will affect investment, invoicing, accounting and other back-office functions. At the conclusion of the process, Legg Mason will have only 550 employees in the Baltimore area, down from 1,000 in 2008.
10/05/2010
Départ du co-fondateur de Liontrust
Nigel Legge, le CEO et co-fondateur de Liontrust, a quitté la société et sera remplacé par le nouveau responsable du retail John Ions, rapporte Investment Week. Son départ intervient alors que la société de gestion a dû déjà faire face à la perte de ses gérants star Jeremy Lang et William Pattisson.
04/05/2010
La France devra lever 12,9 milliards d'euros supplémentaires à partir de 2011
Contribuant à 20,7 % des 80 milliards du plan d'aide à la Grèce, Paris devra trouver les financements auprès des marchés
Klaus Kaldemorgen (DWS) plaide pour les actions
Le directeur général de DWS (Deutsche Bank) pour l’Allemagne, Klaus Kaldemorgen, estime dans une interview au Handelsblatt que la Grèce n’est que la partie émergée de l’iceberg et que la prochaine cible des marchés sera l’Espagne ; le tour de l’Allemagne viendra peut-être dans un an.Un environnement où le cash ne rapporte rien et où les emprunts d’Etat comporte des risques de perte est idéal pour les actions, notamment celles de sociétés qui versent des dividendes élevés et celles d’entreprises qui profitent du boum et de la consommation dans les pays émergents, comme Siemens, ABB ou Avon. Le portefeuille type préconisé par Klaus Kaldemorgen comprend 50 % d’actions, l’autre moitié se répartissant entre des obligations d’entreprises, des obligations de pays émergents et une petite poche pour l’or.
27/04/2010
Klaus Kaldemorgen (DWS) says time is right for equities
The CEO of DWS (Deutsche Bank) for Germany, Klaus Kaldemorgen, says in an interview with Handelsblatt that Greece is only the tip of the iceberg, and that the next place where the same issues will emerge will be Spain; Germany could be next, in about a year. An environment where cash brings no returns and government bonds carry risks of loss is ideal for investment in equities, particularly shares in companies which pay high dividends and businesses which are benefiting from a boom and the growth in consumer spending in emerging markets, such as Siemens, ABB, and Avon. The type of portfolio recommended by Kaldemorgen includes 50% equities, while the other half is divided between corporate bonds, emerging market bonds, and a small allocation to gold.
26/04/2010
BlackRock expecting more than USD200bn in inflows per year
In an interview with Bloomberg, the president of BlackRock, Robert Kapito, estimates that annual inflows could total more than USD200bn over the next five years, following the acquisition of Barclays Global Investors (BGI). Net inflows at BlackRock, which manages about USD3.35trn in assets, may increase by 5% to 6%, not counting market effects. As of 21 January, inflows totalled USD38bn.
23/04/2010
Russell plans to create actively-managed ETFs
In an interview with Financial Times Fund Management, Andrew Doman, chief executive of Russell Investments, points to Russell’s plans to create actively managed exchange traded funds. “We think ETFs are the next generation of mutual fund,” he says. Putting an ETF wrapper on Russell’s multi-manager products will make it easier for many clients to access what he calls “the Russell inside”.
20/04/2010
Legal action in Europe against Goldman Sachs could happen
In an interview with Les Echos, Sylvain Raynes, a professor of finance at Baruch College in New York and founder of the consulting firm R&R Consulting, a specialist in structured products, is not really expecting a flood of class action lawsuits in the wake of the SEC charges against Goldman Sachs. “But some European investors, such as IKB and ABN Amro, who lost USD1bn in the affair, may certainly file suit. The ball is only starting to roll. Goldman Sachs is not the only bank to have played with structured products: TCW, Société Générale, Calyon and Tricadia are also in the picture,” says Raynes.
La Deutsche Bank lance un fonds d'aide aux PME sinistrées par la crise
Jürgen Fitschen, membre du directoire de la Deutsche Bank, annonce dans un article publié dans le supplément fonds propres (Eigenkapital) de la Börsen-Zeitung que le Mittelstandsfonds für Deutschland» évoqué début décembre par Josef Ackermann, président du directoire de la Deutsche Bank, dispose déjà de 300 millions d’euros. Ce fonds géré par M Cap Finance devrait atteindre grâce à d’autres investisseurs un encours de 500 millions d’euros qu’il affectera à des petites et moyennes entreprises sinistrées par la crise et qui souffrent de la pénurie de crédit. Le fonds intervient sous forme de bons de jouissance en coupures de 2 millions à 10 millions d’euros.
19/04/2010
Bruno Crastes' plans remain a mystery
In an interview with Newsmanagers about his plans for the near future, Bruno Crastes, who is leaving Amundi after handing in his resignation last week (see Newsmanagers of 13 April 2010), declined to give a reason for the “gardening leave” he is embarking on. Reports in the British press that he has been preparing since November 2009 to found his own management firm, entitled H2o AM, and that he is awaiting a license from the Financial Services Authority (FSA), appear to be somewhat premature.
19/04/2010
Noël Amenc touts development of closed funds
In an interview with La Tribune, Noël Amenc, director of the Edhec-Risk Institute, backs the development of closed funds. He says one of the basic ruled in risk management for a collective placement organism (OPC) is to find a good balance between asset allocation strategies and liabilities, particularly in terms of the duration of investments and of liquidity more generally. For open funds, liabilities may at any time render this balance impossible for investment strategies whose performance depends on a comparatively long investment horizon, or which are based on less liquid assets, such as real estate or shares in non-publicly traded companies.
16/04/2010
Acropole AM wins a UK mandate
The convertible bond specialist Acropole Asset Management (EUR600m in assets) has won its first international mandate from a UK institutional investor, via a dedicated fund, Pareturn Acropole International Convertibles. The EUR15m mandate is a part of a continued policy of international development at the asset management firm, which now has clients in Switzerland, Spain, Austria, Great Britain and Belgium. Assets outside France now represent 20% of total assets at Acropole AM, which aims to have 50% of its assets abroad in5 years, according to Jacques Joakimides, president of the firm, in a recent interview with Newsmanagers.
14/04/2010
For now, Pimco refusing to buy Greek bonds
In an interview with Die Welt, Andy Bosomworth, head of portfolio management at Pimco (Allianz Global Investors) estimates that the current returns on Greek government bonds, at 5.5% over two years, is nearly at the same level as loans to the country by the EU and the IMF, which would be priority debt, though the risk of default for retail invetors is higher. Bosomworth would possibly be inclined to reconsider his position if returns rose to 7.5%. He says that ultimately, Pimco attaches more importance to being reimbursed than to earning high returns. There are, however, returns to be had of a level similar to those of Greek bonds, with much lower risk of default: for example, in emerging countries such as Brazil.