For its part the Canadian group Power Corp

Since yesterday, Gérard Le Fur is General Manager of Sanofi-Aventis. One who had the reputation as scientific, while Jean-François Dehecq built structures and culture, takes over at a crucial time. Never investors have even doubted its portfolio of drugs, marketed or future. In 2006, the French giant broken rhythms of growth to which he was a Subscriber for two decades. Its course has won European health values, when a generic version of Plavix, his best-selling and most cost-effective product, has flooded the US market last summer. The stock market today values Sanofi from 20 to 25 less, according to the criteria, as its European counterparts. This could be a strong incentive to take a position, if there was at least three reasons to be cautious. In 2007, Total and l ' Oréal pay more in taxes on capital gains if they sell their Sanofi titles, and this potential influx of paper will weigh on the course. With its annual results on February 13 Sanofi must make a complete point of its R & D, and the uncertainties are so numerous that the appointment is capital. Finally, the assumption of a new acquisition by Sanofi that of Bristol Myers Squibb, its partner in the Plavix, seems more likely, and as long as it will not be validated, the market will remain on its guard.

The cross-country race of bankers

No one is immune from stroke of luck or passenger pump a coup. Beautiful performance therefore appreciate in the long term, as the underperformance. From this point of view, the course of BNP Paribas on the French market for mergers and acquisitions advice is iconic. France champion for the second consecutive year, the Bank led by Michel Pebereau and Baudouin Prot is also gold medal over three years with an advance of more than 20 on the silver medal. The help given by the takeover of BNL performed for its own account, in 2006, appears to be anecdotal in the quality of all of its benefits. The Morgan Stanley, third American in 2006 but second over three years, is another model of regularity in excellence. The wonders of last year, also Americans, Merrill Lynch and Citigroup, will have to confirm their prowess in 2007 that their success really overshadow the decline in Goldman Sachs or stagnation of JPMorgan remaining pillars of the classification in the long term. Similarly, Rothschild and more Lazard, net withdrawal this year and three years, will have a session of catch-up in 2007 before know in particular if the second is definitely behind the French Société Générale and Calyon and Europeans HSBC and UBS.

Active management

All the financiers know, less by less can do more. With volumes of assets divided by two in seven years, the American Putnam is no longer the jewel was the Marsh & McLennan group. As it struggles to recover from the scandal which affected its brokerage activities, an assignment of Putnam could restore colors, since the Manager still has beautiful remains that warrant an upgrading of nearly $ 4 billion, source of important gains for its owner. For its part, the Canadian group Power Corp., led the Desmarais family, already is leader of the Canada mutual funds management and can hope that Putnam is now at the bottom of the pool and can only move forward again. Associated with the Belgian baron Albert Frère for control of GBL, Power is also used to take significant interests in assets value dramatically. GBL, first shareholder of Total, Suez and Lafarge, released last summer of Bertelsmann at the top, is indeed one of the finest financial successes of recent years.