P { margin-bottom: 0.08in; }A:link { } As of 30 June, assets at T. Rowe Price Group totalled USD614bn, which represents a decline of USD3.4bn compared with 31 March. Of this total as of the end of June, USD379.5bn correspond to mutual funds sold in the United States, while USD234.5bn correspond to “other portfolios.”Positive market effects of USD4.6bn were more than offset by net outflows of USD8bn in second quarter 2013. However, total assets under management remain considerably higher than the USD576.8bn recorded at the end of June 2012.For the second quarter, the firm has announced net profits of USD247.8bn, compared with USD241.9bn in first quarter, and USD206.8m in April-June 2012. For first half as a whole, net profits increased to USD489.5m, compared with USD404.3m in the corresponding period of last year.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Lyxor Asset Management has announced the appointment of Matthieu Mouly as director of ETF strategy, and recruitments for its sales team dedicated to ETFs in France. Mouly had previously been head of ETF sales for French-speaking countries, since 2010. He now becomes responsible for distribution, marketing and product development for the ETF industry and tracker funds. He is a member of the board of directors at Lyxor ETF, alongsite Arnaud Llinas, Clarisse Djabbari, deputy director, and Raphael Dieterlen, director of ETF and index-based management.Alongside the promotion, Lyxor Asset Management is also recruiting for its sales team dedicated to ETFs. Damien Cardillon is appointed as institutional salesman for ETFs. He will serve France and Monaco. He joined Société Générale in 2007 as an equity salesperson, and contributed to the success of the team servng French institutional clients.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } As of the end of the first quarter of the 2013-2014 fiscal year, ending on 30 June 2013, assets under management by Legg Mason Inc totalled USD644.5bn (see Newsmanagers of 15 July), for a decline of USD9.3bn compared with the end of May, and of USD20.1bn compared with the end of March.The contraction observed in April-June is due to both negative performance and currency effects of USD11.6bn, as well as to net outflows of USD8.7bn from liquidity products (which represent 20% of total assets), at a time when long-term assets posted net inflows of USD0.2bn. Compared with 30 June 2012 (USD631.8bn), assets under management are up 2%.The quarterly report also shows that Legg Mason in April-June earned net profits of USD47.8m, which represents an increase of 64% compared with USD29.2bn in January-March. In the corresponding period of 2012, the firm lost USD9.5m.

P { margin-bottom: 0.08in; }A:link { } The Austrian firm Erste Asset Management has announced that it has signed the Investor Statement on Bangladesh dated 16 May 2013, promoted by the Interfaith Center on Corporate Responsibility, which aims to require heads in the textile industry sector to promote better practices in terms of labour rights and safety for their employees.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } At the conclusion of the quarter ending on 30 June, the wealth management firm Books Macdonald has assets of GBP5.11bn under management, compared with GBP3.52bn as of 30 June 2012. Compared with the previous quarter, the increase in assets represents 2.8%. Since the beginning of the year, the increase is 45% (25.6% not including assets related to the acquisition of Spearpoint). Real estate activities, housed at Braemar Estates, have seen an increase in their assets under administration of nearly 20%, to GBP1.04bn, from GBP865m as of the end of second quarter 2012.

P { margin-bottom: 0.08in; }A:link { } According to a survey undertaken by Baring Asset Management, two thirds (66%) of pension fund managers are currently concerned about the high level of volatility on the markets, and 22% of them are of the opinion that increases in volatility are becoming more of a concern than an opportunity.In addition, Barings has been able to determine that nearly two fifths (38%) of professionals surveyed are planning to ease the impact of volatility by moving their portfolio to multi-asset class products, while 19% of pension funds are already invested in funds of this type. Overall, 70% of pension funds are using multi-asset class strategies, which include a performance objective, a diversified growth allocation and a dynamic asset allocation. Only 65% of respondents said so in the November 2012 survey. Lastly, Barings reports that 46% (compared with 43%) of pension fund managers have increased their exposure to diversified growth funds. The survey also finds that pension funds tend to position themselves on emerging markets via multi-asset class vehicles: 14% use this means to expose themselves to emerging market equities, compared with 11% in the previous survey.

P { margin-bottom: 0.08in; } After more than two months of investigation, the Spanish securities commission (CNMV) has nearly completed its reconstruction of orders issued on 23 May, when Bankia shares lost 51.4% of their value in trading volume of 49.4 million shares, five times its float. Cinco Días reports that, according to the chairwoman of the CNMV, Elvira Rodriguez, those at fault are foreign institutional investors “who will be punished as God commands.” The European Securities Markets Authority (ESMA) has also been notified.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Fundweb reports that JPMorgan Asset Management (JPMAM) has decided to liquidate eight Luxembourg subfunds as part of a major clean-up of its fund range. The products will be liquidated on 30 August, and shareholders have already been notified. The products are the Global Agriculture fund, Global Infrastructure Trends fund, Global Mining fund, Japan Small Cap fund, Pacific Technology fund, UK Equity fund, Japan Behavioural Finance Equity fund and JP Morgan Series II fund.

P { margin-bottom: 0.08in; }A:link { } Fondsnieuws reports that the Netherlands-based asset management firm ING IM is releasing the Luxembourg-registered sub-fund ING (L) Renta Fund First Class Yield Opportunities (LU0922504583), managed by Ewout van Schaik, head of multi-asset strategies, and Roel Jansen, head of European investment grade credit, for sale.The two execs are responsible for asset allocation, with total freedom to invest in investment grade corporate bonds, high yield (worldwide) or emerging markets. The fund was launched on 9 July, and its assets total EUR35m.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } The Financial Conduct Authority (FCA), which on 1 April took over the responsibilities of the former Financial Services Authority (FSA) not assigned to the new Prudential Regulations Authority (PRA), has published a first report on the implementation of Retail Distribution Review (RDR) regulations, and has found that the majority of firms subject to the regulations have made progress and are willing to adapt to the new rules.However, three common points continue to pose problems for many firms surveyed. On the one hand, the fact that commissions are expressed as percentages rather than cash amounts confuses many consumers. On the other hand, several businesses which say they are independent have a tendency in reality to select only a restricted number of products and providers. Lastly, many clients complain that they do not receive clear explanations of the service they receive for the commissions they pay.The report is the first of three which are planned throughout the year to judge the progress that advising firms are making in investing to comply with the requirements of RDR regulations. In parallel to the survey, the FCA is publishing the findings of a study it commissions which examines the extent to which documents and material provided by advising firms genuinely help consumers to understand the fees they will pay and the service they can expect. The study points to the need to provide clear and concise information if it is desired that consumers be in a position to understand and compare services and prices.The FCA is also sending a fact sheet to more than 6,000 financial advising firms to help them determine whether the shared preoccupations of the sector that have been identified apply to them as well.

P { margin-bottom: 0.08in; } The Luxembourg-based firm Alceda Fund Management, a specialist in fund administration (EUR5.4bn) on 24 July announced that with the US firm Afina Holdings of Philadelphia it has signed a strategic partnership to provide both sales of investment strategies from fund managers elsewhere in the world on the Latin American market in the form of UCITS funds, and to welcome interested Latin American fund managers onto the Alceda UCITS platform (AUP).As a part of the process, Afina will provide its assistance in the selection and construction of a secure investment vehicle, as well as in the entry to all major Latin American markets.Alceda says that several Latin American pension funds will potentially be interested in access to the UCITS fund market. The Chilean public pension fund has already invested more than 80% of its USD150bn in products which comply with the UCITS directive. Other pension funds have significant resources in the region, including in Peru, Colombia, Mexico and Brazil, where the proportion of local investments remains predominant.

P { margin-bottom: 0.08in; }A:link { } GenCap Ventures, which acquired FactorShares last year, has filed an application with the SEC to launch actively-managed ETFs, and hopes to receive a license to launch such a product of Mongolian equities in the near future, IndexUniverse reports.

P { margin-bottom: 0.08in; }A:link { } GenCap Ventures, which acquired FactorShares last year, has filed an application with the SEC to launch actively-managed ETFs, and hopes to receive a license to launch such a product of Mongolian equities in the near future, IndexUniverse reports.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } CPR AM has announced the launch of CPR Global Return Bond, a flexible fund of international bonds, aimed at all types of investors (institutional, corporate and wealth management). It is a transformation of the FCP fund CPR World Capi as of 1 July 2013. “We think the bond market has entered a new phase, which will eventually certainly bring interest rate increases. Although short-term rates appear to be at a coherent level to us, long-term rates are far too low, and we estimate that they can be expected to reach about 4% in 2-3 years. Also, we have considered a type of approach which allows us to exploit the diversity of sources of returns in the international bond universe without being subject to risks related to rising interest rates,” says Eric Bertrand, deputy director of investments and director of fixed income and credit management at CPR AM. The management of the fund combined a “carry active” engine, which is based on a quantitative process that aims to select 85 positions from a large international universe (nominal interest rates, real interest rates, credit, currencies, inflation, arbitrage curves, geographical trades, etc.) which offer the best potential for returns. Then, the “classic discretionary” engine managed according to a traditional approach based on the fixed income management process at CPR AM select according to macroeconomic and financial scenarios by managers and strategists. Dynamic allocation between the two portions can vary significantly, according to the outlooks of managers, in order to prefer the “carry active” approach where possible (0% to 80% of the portfolio), or the “classic discretionary” approach (0% to 100% of the portfolio). CPR Global Return Bonds aims to outperform the JPM Government Bond Global Index hedged in euros over the long term. The maximal tracking error is 6% compared with its benchmark index. The actively-managed sensitivity range for fixed income can vary from -6 to +12. Characteristics Date of introduction of new management process: 01/07/2013 ISIN codes: I share class: FR0011486661 P share class: FR0010325605 Minimal initial subscription: I share class: one share – P share class: 0.001 of one share Subscription commissions: I share class: none – P share class: 3% Redemption commission: I share class / P share class – none Annual management fees: I share class: 0.80% including all taxes / P share class: 1.40% Performance commission: P and I share classes: 20% including all taxes, on performance exceeding the benchmark index, earned by the fund during the fiscal year, limited to 2% of assets including all taxes.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Ning Jing, manager of the BGF China fund, on 21 June left the asset management firm BlackRock. She had been manager of the fund for over five years, Asian Investor reports. Following the departure of the manager, the fund, which has USD1.27bn in asets, is currently managed by Andrew Swan, head of the Asian fundamental management team, and Emily Dong, co-manager of the BGF Asian Growth Leaders Fund. Asian Investor does not report where Ning has gone.

La filiale de La Française dédiée à l’accompagnement des acteurs indépendants de la distribution d’épargne financière a dévoilé hier un premier partenariat capitalistique minoritaire, avec le Groupe Crystal. Un premier pas «particulièrement emblématique de nos ambitions», selon le directeur général de La Française, Patrick Rivière.

Le Financial Times avançait hier de sources proches que le fondateur de Thor Equities avait signé un accord avec une famille non identifiée du Moyen-Orient concernant l’acquisition pour 260 millions d’euros du 65-67, avenue des Champs-Elysées, un immeuble comprenant des commerces de détail, des bureaux et des logements.

L’opérateur boursier allemand a publié un bénéfice avant intérêt et impôts (Ebit) légèrement inférieur aux attentes au deuxième trimestre, à 256,3 millions d’euros, sous le coup de marchés difficiles ayant engendré un chiffre d’affaires en repli de 2% à 497,1 millions. Le plan de maîtrise des coûts annoncé en février se poursuit conformément aux prévisions.

Le procureur de New York a engagé des poursuites pénales à l’encontre du gestionnaire alternatif fondé et dirigé par Steven Cohen

Le procureur de New York a engagé des poursuites pénales à l’encontre du gestionnaire alternatif fondé et dirigé par Steven Cohen. SAC Capital Advisors aurait mis en œuvre un système généralisé d’accès à des informations privilégiées lui permettant d’engranger des centaines de millions de dollars en profits illicites. Le gestionnaire risque la fermeture.

Le PIB a crû de 0,6% au cours des trois derniers mois, ce qui pourrait dissuader la Banque d'Angleterre de relancer les achats d'actifs

Elles redoutent l'isolement des activités de tenue de marché que pourrait imposer Bruxelles dans la lignée du rapport Liikanen

L’Agefi Quotidien Edition de 18h reprendra sa parution le 26 août

Le cabinet de conseil en services financiers bfinance a annoncé l’arrivée de Roubesh Adaya, spécialiste des marchés obligataires, au sein de son équipe de recherche en gestion d’actifs. L’intéressé sera basé à Londres. Roubesh Adaya sera responsable de l’analyse des supports d’investissement obligataires cotés.

La publication des résultats trimestriels et semestriels d’Ameriprise Financial (lire par ailleurs), maison-mère commune aux deux sociétés de gestion Columbia Management et Threadneedle, montre que la filiale américaine a subi au premier semestre des remboursements nets de 7.584 millions de dollars contre 10.523 millions pour janvier-juin 2012 alors que la britannique ne supportait plus que 245 millions de dollars de sorties nettes contre 2.176 millions.Cela posé, il faut relativiser, parce que les encours totaux de Threadneedle sont bien inférieurs à ceux de Columbia (ils en représentent 37,9 %) : au 30 juin, avec 126.976 millions de dollars, ceux du britannique étaient en baisse par rapport au niveau du 31 mars (127.674 millions) mais en hausse de 9 % sur les 116.630 millions de fin juin 2012.Chez Columbia, l’encours au 30 juin 2013 se situait à 335.194 millions de dollars contre 341.327 millions trois mois plus tôt et 331.934 millions un an auparavant.

Le Financial Times rapporte que le candidat externe le mieux placé pour devenir CEO de la Royal Bank of Scotland (RBS), Mark McCombe, s’est empressé de faire savoir par un courriel qu’il entend demeurer patron des activités asiatiques de BlackRock, dès qu’il a appris que le Financial Times le citait comme occupant la pole position. L’autre candidat externe, David Roberts, administrateur de Lloyds, a également jeté l’éponge. Il préfère apparemment attendre que le poste de chairman de Lloyds se libère.Dans ces conditions, le président de RBS, Philip Hampton devrait changer de stratégie et opter pour une candidature interne. Il pourrait choisir Ross McEwan, qui dirige l’activité banque de détail du groupe depuis quelques mois.

La Société Générale a annoncé la vente de son activité de banque privée au Japon à la banque nippone Sumitomo Mitsui Banking Corporation (SMBC). Selon L’Agefi, la transaction porte sur 3,1 milliards de dollars (2,3 milliards d’euros) d’actifs sous gestion. «Nous avons accepté une offre spontanée de Sumitomo», assure une porte-parole de Société Générale Private Banking (SGPB), qui gérait 87,9 milliards d’euros à fin mars 2013. «Nous avons décidé de la saisir pour nous concentrer sur les centres d’expertise où nous sommes le mieux positionnés pour croître». C’est-à-dire l’Europe, l’axe Chine-Singapour et le Moyen-Orient.

EFG International a publié au titre du premier semestre un résultat net de 83,8 millions de francs suisses, soit une hausse de 71% par rapport à l’année précédente. Cette hausse est principalement due à la vente de sa participation restante au sein d’EFG Financial Products (devenue entre-temps Leonteq) Les actifs sous gestion générateurs de revenus se sont établis à 76,0 milliards de francs, contre 78,7 milliards à la fin 2012, mais affichaient une hausse de 4% après ajustement des opérations abandonnées et des reclassifications, précise un communiqué. Les souscriptions nettes ont porté sur 1,9 milliard de francs, contre 1,2 milliard un an auparavant. Les activités en Europe continentale ont généré une croissance annualisée de 14%; l’Asie et le Royaume-Uni ont respectivement enregistré une croissance de 7% et 8% ; les opérations aux Amériques ont stagné, reflétant en partie l’impact des facteurs géopolitiques sur certains domaines d’activité ; l’activité de private banking en Suisse a quant à elle affiché une croissance de 4%.

Pour janvier-juin, le bénéfice avant impôt du groupe comdirect (Commerzbank) a diminué à 41,9 millions d’euros contre 53,1 millions d’euros pour la période correspondante de 2012, tandis que le bénéfice net se situait à 31,14 millions d’euros contre 39,53 millions malgré une hausse des charges d’exploitation à 127,32 millions d’euros contre 112,35 millions, en raison «d’investissements de croissance», a précisé Thorsten Reitmeyer, président du directoire.L’encours administré par le pôle B2C (comdirect bank) est ressorti au 30 juin à 29,3 milliards d’euros contre 27,91 milliards six mois plus tôt tandis que celui du pôle B2B (ebase) augmentait à 21,45 milliards contre 20,95 milliards.

En Asie pacifique, 83 % des institutionnels et 88 % des investisseurs particuliers ne sont pas investi en ETF. C’est ce que révèle une enquête menée par Deutsche Asset & Wealth Management citée par Asian Investor.Sur un an la popularité des ETF est en chute libre. L’an dernier, seulement 36,6 % des institutionnels et 64,3 % des particuliers se tenaient à l'écart de ces produits. La raison de ce désamour est «le risque de contrepartie» pour les institutions et «des frais trop élevés» facturés par les brokers, pour les particuliers.