Security issues should still win in acuity6 Million it should go to 5 million casesIn two sessions he lost more than 10 dollarsHe crossed the Atlantic for an MBA at Harvardthe Agriculture Ministers met this weekendMitsubishi will be more that ever the team to beatOr the India had come to rely on these capitalLet us be ambitious think participatory governance and think EuropeanToday it would include 200000 registeredBut the niche matter less than efficiencySince summer 2007, the French collective management through a major crisis in multiple dimensions. A crisis which seems to have underestimated the scope in its early stages and that is widespread in many markets. Balance, between June 2007 and 2008, the assets of collective investment undertakings in transferable securities (UCITS) fell to about 20, or EUR 193 billion, which back the management collective French two years, based on data of Fininfo EuroPerformance-group. Two thirds of the drop in the stock are attributable to the movement of disbursements and the third to the collapse of markets.
All stakeholders, with a few exceptions, was hit by this crisis. The first part of the year brought little respite, far from it. French collective management even sank deeper into crisis. Despondent, even demotivated, managers already fired a feature on 2008. They hope to limit the damage and the investors, they referred on defensive investments until better days. Disappointments on the capabilities of some shops well to cushion the decline in the markets were hardly reassured them.
Currency: Cape on security
The search for safe investments in a challenging environment logically benefited the traditional monetary funds. Only, with the tension on the interbank market and the liquidity needs not available from banks, the yields of the certificates of deposit issued by financial institutions, have jumped. What encourage some institutional invest over MMFS. Indeed, if this segment has collected around EUR 11.3 billion in the first half, the pace of the subscriptions is trend less sustained than in years past. The great "assets managers" French attracted a large part of the subscriptions. Thus, in the first half, the highest collections were recorded by CDC Treasury (8.3 billion), Credit Agricole AM (5.8 billion), CPR AM (3.1 billion) or Fortis Bank France (EUR 3 billion). Conversely, the movement of funds to the Bank of Orsay continued with withdrawals 1.1 billion.
Disappearance announced
The dynamic segment of the money probably lives its last hours in its current form. Currently subject of reflection in a broader reflection on the classification of MMFS, this compartment was by which the scandal arrived. It is the first which showed serious signs of weakness in the spring of 2007, with the difficulties of Oddo, BNP Paribas and AXA IM, because of their adventurous and uncontrolled foray on the segment of mortgage risk Americans. Gradually, other management companies, such as SGAM AI have seriously disillusioned with the worsening of the crisis.
In the first half, dynamic monetary funds have suffered withdrawals of EUR 12 billion in total, or more than the fund shares. This is the segment "Dynamics more" which has suffered most. This compartment is the riskiest of the funds in this category and which has been sinking with loss and crashing. On the whole of the "dynamic" category, it is HSBC which recorded the highest bi-annual funds of EUR 1.3 billion. It is followed by Société Générale (935 million euros) and which the SGAM AI subsidiary known bleeding continues on this compartment. However, few actors are managed to collect on this segment. This is the case of SwissLife (EUR 314 million), the Bank financing and cash and CM CIC Asset Management, who each have raised around EUR 100 million.
Actions: the air hole
Violent successive air holes that have known the stock markets have taken of short investors and managers. The funds invested in shares have experienced a funds of nearly EUR 10 billion in the first half, which focused on products invested in securities French and European, and particularly on small and medium-sized values. The fall of the liquidity that they have been significantly aggravated their movement of declining. Some players are still able to take their advantage of playing in this hostile environment. This is the case of Lyxor, who collected 2.6 billion euros or Carmignac which recorded subscriptions of 470 million. Mandarin management, the new store created by Marc Renaud has managed to collect about 85 million euros. However, for other well established actors, the first part of the year has been tough. Thus, Richelieu, bought at the beginning of the year by KBL European Private Bankers, recorded output large, estimated at more than 1 billion euros in the first half. They have been of 940 million euros in the financial of the Exchequer, and focused particularly on Agressor and Exchequer Agenor. On networks, the funds was almost $ 2 billion for the Credit Agricole Asset Management, which has been a part of the difficult year with including the termination of its mandate on small European values by the Reserve Fund for pensions (RIF) on the basis of inadequate performance. Another cause of concern for the Green Bank: the colossal funds of EUR 8.3 billion it registered on the diversified funds, in particular its range VAR.
