Latest news with #Amundi
Reuters
3 days ago
- Business
- Reuters
Global investors launch Europe defence funds to profit from rearmament
LONDON, May 28 (Reuters) - BlackRock (BLK.N), opens new tab and BNP Paribas ( opens new tab have become the latest asset managers to launch exchange-traded funds focused on funnelling cash into Europe's defence industry, with at least nine new funds created in the last seven months. European governments are ramping up spending on ammunition, tanks and other arms in response to deepening geopolitical tensions and U.S. President Donald Trump's warnings that they should not rely so much on Washington. This has prompted money managers to tap into growing investor demand to profit from the region's rearmament drive. Asset managers offer more than 50 defence industry ETFs globally, but Europe-focused products are a recent trend, with nine launched since late last year, according to company releases and data from Morningstar Direct. The world's largest asset manager BlackRock and the fund arm of French bank BNP Paribas said their launches were in response to increased demand. Amundi and WisdomTree had earlier launched similar products. ETFs are a fast-expanding part of the investment market, offering investors exposure to an index of stocks or bonds without having to pick individual assets. Investors globally have ploughed an additional $8.4 billion into defence ETFs so far this year, of which $2.7 billion has been put into the new European-focused products, according to Morningstar data. The overall $8.4 billion is more than double the $4.1 billion added over the whole of 2024, the data shows. The BlackRock European product, launched under its iShares platform, listed in Amsterdam and Frankfurt on Wednesday, according to a statement from the product index provider STOXX. BNP Paribas' asset management arm said in a statement on Tuesday that it had listed in Paris an ETF focused on European defence and would soon list it in Germany, Italy and Switzerland. The fund will focus on financing defence companies within European NATO member states, BNP said. Defence stocks have soared in value this year, helping to attract money managers offering new investment products. Fund managers including Allianz and UBS have also ditched some prior exclusions on investing in defence.
Yahoo
4 days ago
- Business
- Yahoo
Amundi General Meeting
Amundi General MeetingOlivier Gavalda becomes Chairman of the Board of DirectorsAll resolutions have been approved with an average approval rate of 98.34% Shareholders' General Meeting of Amundi was held on Tuesday 27 May 2025. With a quorum of 92.79%, the General Meeting approved all the resolutions submitted by the Board of Directors, with an average approval rate of 98.34%. After approving the financial statements for 2024, the General Meeting of Amundi has notably approved the distribution of a dividend of €4.25 per share. The ex-dividend date is set at 10 June 2025 and the dividend will be paid from 12 June 2025. The General Meeting also approved the appointment as Director of Olivier Gavalda, who becomes Chairman of the Board of Directors, and the appointment of Jean-Christophe Mieszala as independent Director. The detailed results of the votes of the General Meeting will be available on the website within the regulatory timeframe. Biographies Olivier Gavalda has spent his entire career at Crédit Agricole. He joined Crédit Agricole du Midi in 1988 where he successively held the positions of Organisation Project Manager, Branch Manager, Training Manager and finally Head of Marketing. In 1998, he joined Crédit Agricole Ile-de-France as Regional Director, then in 2002 he was appointed Deputy Chief Executive Officer of Crédit Agricole Sud Rhône-Alpes, in charge of Development and Human Resources. In 2007 he became Chief Executive Officer of Crédit Agricole Champagne-Bourgogne. In 2010, he joined Crédit Agricole S.A. as Head of the Regional Banks Division and then in 2015 he was appointed Deputy Chief Executive Officer in charge of the Development, Customer and Innovation Division. In 2016, he became Chief Executive Officer of Crédit Agricole Ile-de-France. In November 2022, he has been appointed Deputy Chief Executive Officer of Crédit Agricole S.A. in charge of Universal Bank. Olivier Gavalda is Chief Executive Officer of Crédit Agricole S.A. since 14 May 2025. Olivier Gavalda holds a master's degree in Econometrics and a DESS (post-graduate diploma) in organisation/computing from Arts et Métiers. Jean-Christophe Mieszala served as a French civil servant and worked at the World Bank, until he joined McKinsey & Company in 1994. After several years in the United States, he moved to France and was elected Partner in France in 2000, then Senior Partner in 2006. He served as Managing Partner France (chief executive officer) from 2010 to 2017, then Global Chief Risk Officer from 2018 to 2024. He was also a member of McKinsey's Global Board of Directors from 2018. He left McKinsey in September 2024. In addition to his consulting activity for companies for nearly 30 years, he has been making regular contributions to various think tanks (WEF, Institut de l'Entreprise, MGI, etc.) and market initiatives concerning the French financial system and the French industrial ecosystem. Jean-Christophe Mieszala is a member of the Advisory Committee of the Banque de France, a board member of Ecole des Mines ParisTech and of Allianz France. Former student of the Ecole Polytechnique (class of 1985), Jean-Christophe Mieszala trained at the Corps des Mines (French civil service) until 1991 and obtained his MBA with honors from INSEAD in 1994. *** About Amundi Amundi, the leading European asset manager, ranking among the top 10 global players1, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets2. With its six international investment hubs3, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 5,700 employees in 35 Press contacts: Natacha Andermahr Tel. +33 1 76 37 86 Corentin HenryTel. +33 1 76 36 26 Investor contacts:Cyril Meilland, CFATel. +33 1 76 32 62 Thomas LapeyreTel. +33 1 76 33 70 Annabelle Wiriath Tel. + 33 1 76 32 43 92 1 Source: IPE 'Top 500 Asset Managers' published in June 2024, based on assets under management as at 31/12/20232 Amundi data as at 31/03/20253 Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital) Attachment PR Amundi AGM 2025 - FINALError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
6 days ago
- Business
- Zawya
Tariff-fogged markets leave investors flying blind
LONDON - Global investors admit to flying blind in markets roiled by erratic U.S. trade rhetoric and chaotic economic forecasting, stressing that placing long-term bets was harder now than at any time since the 2020 COVID-19 crisis. Anxieties over whether a 90-day White House-China tariff truce will hold, plus U.S. budget gaps and whipsawing currencies have made investors extremely cautious about where to put their money. Markets have been on a rollercoaster ride for weeks, with world stocks rallying 20% from more than one-year lows hit after U.S. President Donald Trump's April 2 tariff bombshell, after slumping 15% in three sessions. The turbulence continued on Friday with a sudden selloff in stocks after Trump said he was recommending a straight 50% tariff on goods from the European Union. A day earlier, government debt saw a sudden slump, spooking long-term investors out of markets that they fear have lost the anchoring force of consensus forecasts. "There is no macroeconomic visibility," said Francesco Sandrini, Italy CIO at Europe's biggest asset manager Amundi. He said he was following short-term speculative market trends instead of taking a stance on the global outlook. "You may be right on the end-game for economics and valuations in the long term but the risk is that it is going to be very painful in the short term." Other money managers said they had shifted global portfolios onto neutral settings, which ensure the balance of investments is not tilted towards any particular scenario, because even if their views were right, assets were not trading reliably. "There is no reward for taking any risk at the moment," Lombard Odier Investment Managers head of macro Florian Ielpo said. CTA hedge funds, which mirror prevailing market trends, are also not taking strong directional bets on stocks or bonds right now, J.P. Morgan data on Tuesday showed. UNPREDICTABLE This week, yields on 30-year U.S. Treasuries, rocketed to 5.013% from just 4.84% two weeks ago and equivalent Japanese yields hit record highs, in abrupt moves that analysts have struggled to define exact reasons for. Earlier this month, trade war tremors also sparked a speculative buying frenzy of Taiwan's dollar which rose 8% against the U.S. dollar in two days. John Roe, head of multi-asset funds at Britain's biggest investor L&G, said 2020's pandemic-induced market was "the last time things were so totally unpredictable." He said he had briefly bought Wall Street stocks in early April, then reverted to a neutral stance on global equities and government bonds earlier this month. Economists back in early April were inputting U.S.-China trade war scenarios into their models which produced global recession forecasts, Columbia Threadneedle Investments senior economist Anthony Willis said. Then, the White House and Beijing agreed to suspend reciprocal levies cheering markets. But the nervousness resurfaced this week after U.S. Treasury Secretary Scott Bessent threatened unspecified trading partners with maximum tariffs. "We've got all these scenarios and then it turns out a week later you might as well just chuck them into the bin," Willis said. Barclays, for example, last week scrapped its forecast for the U.S. to enter recession this year. Economic modeling following the COVID-19 was in some ways easier, said Willis, because events such as the arrival of vaccines provided "clear signals" for the economic outlook. WHIPSAWED HSBC Asset Management global chief strategist Joe Little expected further bursts of unusual price action in "whipsawed" markets. "This makes it very difficult (for long-term investors) in terms of running positions and maintaining conviction," he said. Amundi's Sandrini said he saw the risk of markets moving in "very harmful swings," because of debt-fuelled speculation. Flows into leveraged equity index trackers, which deploy borrowed capital in a manner that amplifies market gains and losses, hit a record high in late April as U.S. stocks surged, LSEG Lipper data showed. Citi strategists said trading in risky U.S. derivatives dubbed zero-day options, which offer cheap exposure to stock market moves and can exacerbate market routs, has also hit a record high. "The most dangerous thing that could have happened in markets was the (equity) rebound," said Pictet Wealth Management CIO César Pérez Ruiz, arguing this had lured in amateur traders who might panic sell at the first sign of a U.S. downturn. The Bank for International Settlements warned in March that macro-economic U.S. surprises were "inducing larger market responses abroad." But bearish long-term investors also faced stampedes of retail investors and trend-following hedge funds moving against them each time markets turned briefly positive, Lombard Odier's Ielpo argued. "We need to acknowledge that what we know about investing does not apply at the moment," he said.
Khaleej Times
6 days ago
- Business
- Khaleej Times
Tariff-fogged markets leave investors flying blind
Global investors admit to flying blind in markets roiled by erratic U.S. trade rhetoric and chaotic economic forecasting, stressing that placing long-term bets was harder now than at any time since the 2020 COVID-19 crisis. Anxieties over whether a 90-day White House-China tariff truce will hold, plus U.S. budget gaps and whipsawing currencies have made investors extremely cautious about where to put their money. Markets have been on a rollercoaster ride for weeks, with world stocks rallying 20% from more than one-year lows hit after U.S. President Donald Trump's April 2 tariff bombshell, after slumping 15% in three sessions. The turbulence continued on Friday with a sudden selloff in stocks after Trump said he was recommending a straight 50% tariff on goods from the European Union. A day earlier, government debt saw a sudden slump, spooking long-term investors out of markets that they fear have lost the anchoring force of consensus forecasts. "There is no macroeconomic visibility," said Francesco Sandrini, Italy CIO at Europe's biggest asset manager Amundi. He said he was following short-term speculative market trends instead of taking a stance on the global outlook. "You may be right on the end-game for economics and valuations in the long term but the risk is that it is going to be very painful in the short term." Other money managers said they had shifted global portfolios onto neutral settings, which ensure the balance of investments is not tilted towards any particular scenario, because even if their views were right, assets were not trading reliably. "There is no reward for taking any risk at the moment," Lombard Odier Investment Managers head of macro Florian Ielpo said. CTA hedge funds, which mirror prevailing market trends, are also not taking strong directional bets on stocks or bonds right now, J.P. Morgan data on Tuesday showed. UNPREDICTABLE This week, yields on 30-year U.S. Treasuries, rocketed to 5.013% from just 4.84% two weeks ago and equivalent Japanese yields hit record highs, in abrupt moves that analysts have struggled to define exact reasons for. Earlier this month, trade war tremors also sparked a speculative buying frenzy of Taiwan's dollar which rose 8% against the U.S. dollar in two days. John Roe, head of multi-asset funds at Britain's biggest investor LG, said 2020's pandemic-induced market was "the last time things were so totally unpredictable." He said he had briefly bought Wall Street stocks in early April, then reverted to a neutral stance on global equities and government bonds earlier this month. Economists back in early April were inputting U.S.-China trade war scenarios into their models which produced global recession forecasts, Columbia Threadneedle Investments senior economist Anthony Willis said. Then, the White House and Beijing agreed to suspend reciprocal levies cheering markets. But the nervousness resurfaced this week after U.S. Treasury Secretary Scott Bessent threatened unspecified trading partners with maximum tariffs. "We've got all these scenarios and then it turns out a week later you might as well just chuck them into the bin," Willis said. Barclays, for example, last week scrapped its forecast for the U.S. to enter recession this year. Economic modeling following the COVID-19 was in some ways easier, said Willis, because events such as the arrival of vaccines provided "clear signals" for the economic outlook. WHIPSAWED HSBC Asset Management global chief strategist Joe Little expected further bursts of unusual price action in "whipsawed" markets. "This makes it very difficult (for long-term investors) in terms of running positions and maintaining conviction," he said. Amundi's Sandrini said he saw the risk of markets moving in "very harmful swings," because of debt-fuelled speculation. Flows into leveraged equity index trackers, which deploy borrowed capital in a manner that amplifies market gains and losses, hit a record high in late April as U.S. stocks surged, LSEG Lipper data showed. Citi strategists said trading in risky U.S. derivatives dubbed zero-day options, which offer cheap exposure to stock market moves and can exacerbate market routs, has also hit a record high. "The most dangerous thing that could have happened in markets was the (equity) rebound," said Pictet Wealth Management CIO César Pérez Ruiz, arguing this had lured in amateur traders who might panic sell at the first sign of a U.S. downturn. The Bank for International Settlements warned in March that macro-economic U.S. surprises were "inducing larger market responses abroad." But bearish long-term investors also faced stampedes of retail investors and trend-following hedge funds moving against them each time markets turned briefly positive, Lombard Odier's Ielpo argued. "We need to acknowledge that what we know about investing does not apply at the moment," he said.
Irish Times
23-05-2025
- Business
- Irish Times
Investors shift away from US bond market on fears over Donald Trump's policies
Big investors say they are diversifying their bond portfolios to include greater exposure to markets outside the US as Donald Trump 's trade war and the country's growing deficit erode the appeal of the world's biggest debt market. US debt markets have been hit in recent days by the president's 'big, beautiful' tax bill, which was passed by the House of Representatives on Thursday and threatens to sharply increase the country's public debt. On Friday he threatened fresh tariffs on the European Union as well as Apple if it didn't shift iPhone production to the US. The rising concerns over the level of government borrowing follow wild swings for Treasuries during the fallout from Trump's tariff blitz last month, when US debt failed to play its traditional role as a refuge from market stress. 'The US is no longer the ultimate and only perceived safe haven,' said Vincent Mortier, chief investment officer at Amundi, Europe's largest asset manager. 'The country has become the home of extreme fiscal undiscipline.' READ MORE [ Trump threatens EU with 50% tariffs from June 1st Opens in new window ] Investment chiefs stressed that the dollar would remain the world's reserve currency for the foreseeable future and Treasuries would maintain their role as a central component of bond portfolios. However, they added that the recent turmoil sparked by Trump's trade war and his 'liberation day' tariffs on April 2 had underscored the benefits of international allocation, particularly while many regions' debt markets were suddenly generating strong returns. 'Our client base is looking at their allocations, and they're feeling heavily overweight dollar assets relative to where they've been historically,' said Bob Michele, chief investment officer and head of global fixed income at JPMorgan Asset Management. 'They're concerned now about all things in the US, the impact of tariffs, the size of the budget deficit and the federal deficit and on and on and on. Why not use that opportunity to diversify into other markets?' Long-dated US government bonds sold off sharply in the run-up to the passage of Trump's tax bill, extending a multi-day decline after a weak Treasury auction highlighted intensifying fears over America's fiscal trajectory. The 30-year yield climbed above 5.1 per cent on Thursday, its highest level since late 2023, reflecting a sharp drop in price. The dollar, meanwhile, has dropped 8 per cent this year against six major peers. 'The dollar is the story,' said Lindsay Rosner, head of multisector investing at Goldman Sachs Asset Management. 'It is hard to find an equivalently liquid, deep rule-of-law market' but 'the impact on the dollar has been meaningful. There is weakness in the dollar that has some permanence. There is power in diversification outside the US.' Bond fund giant Pimco's management team told the Financial Times earlier in May that it was 'prudent' to 'look for other high-quality markets to diversify into' amid heightened recession risks caused by Trump's tariffs. Investors particularly highlighted the appeal of European bond markets, along with Japanese and Australian debt, all of which were offering strong yields together with increasingly upbeat economic narratives. 'I would say there's an acceleration in interest in looking outside of US markets at non-dollar assets, particularly now where you get a considerable amount of yield in Europe,' said Michele, who observed that a 'new core is developing' in the region. 'Historically, everyone had looked at Germany and France.' But 'because there's concern about fiscal expansion there, we're now looking at what 15 years ago were considered the peripheral borrower: Italy and Spain'. Concerns over US public finances have dominated the conversation in the market in recent days, as Congress moves ahead with a bill that would extend Trump's 2017 tax cuts. Independent analysts say the legislation would markedly increase annual deficits and the country's debt burden. 'The US will most probably maintain a budget deficit of between 6 and 7 per cent of GDP,' said Amundi's Mortier. 'That is a lot by any standard and will result in more refinancing needs ... so more supply of Treasuries to the market. 'Can demand follow? Yes, but many buyers will request higher yields.' Henry McVey, head of global macro and asset allocation at private capital firm KKR, said in a report this week that 'liberation day', when Trump launched his global trade war, had 'been a catalyst for engaging in serious conversations with global investors and their boards about diversifying beyond the US capital markets. 'When the US [earlier this year] experienced the trifecta of a weaker dollar, falling equities and rising rates, it set off risk alarm bells that forced everyone from sovereign wealth funds to family offices to not only de-risk but also to look for ways to reduce their overweights to US assets.' McVey suggested that 'the traditional role of US government bonds may diminish due to the country's fiscal deficit and high leverage'. – Copyright The Financial Times Limited 2025
