The London division of Mirabaud Asset Management has confirmed that it has hired Paul Boughton from Neptune Investment Management and Andrew Blair from Skandia Investment Group to strengthen its UK team.Both will take up the role of joint sales and marketing director for the group, and the appointments form part of Mirabaud’s initiative to build a strong UK and Continental European business. The appointments are expected to begin in November.Paul Boughton and Andrew Blair will report directly to Mirabaud Partner and head of Asset Management Lionel Aeschlimann in Geneva; and they will be based in the company’s London office on Grosvenor Place.

The former head of retail distribution for Germany and Austria at Axa IM, Bernhard Klocke, who left the firm one year ago (see Newsmanagers of 14 October 2010), with three members of the high yield credit team who left Axa Investment Managers at the end of June (see Newsmanagers of 28 June), Hannah Strasser, Anne Yobage and Thomas Kelleher, have founded the investment boutique Sky Harbor Capital Management, in Greenwich, Connecticut, Fonds Professionell reports. Stone Point Capital is the strategic partner of the new entity.

Romain Bournand, who with Patrice Courty is co-director of Moneta Asset Management, is not planning to alter his approach to strategy. Moneta is an independent boutique which plans to remain independent and which hopes to avoid growing at any price. The management of equities mutual funds is the only profession at Moneta, and its major challenge is to “continue to manage existing funds well.”

Olivier Gourragne has revealed the name of his new employer. It is the French bank Crédit Mutuel Arkéa, a firm which the former chairman of Fidelity International France has joined as director of financial markets. Gourragne will be based in Brest, in the Support and Development unit at the bank, a statement says. Gourragne, 47, spent 15 years at Fidelity.

The European agency Vigeo, a specialist in the analysis of environmental, social and governance (ESG) risks, on 30 September announced that it has opened an office in London.“The United Kingdom is a highly dynamic market which has a leading position in the area of responsible investment. With this local office, we will be better able to strengthen our relationships with local clients, and to bring added value to our research in the various areas of responsible investment,” the chairman of Vigeo, Nicole Notat, says in a statement.Along with the opening of this office, Vigeo has also announced the recruitment of Lindsay Smart as head of development for Vigeo on the British market. Smart, who will be based in London, was previously head of communication and sustainable development initiatives at Citi Global Transaction Services. She was also in charge of marketing for SRI and environmental investment products for the asset management firm RCM (Allianz Global Investors).

Savings have high expectations of financial intermediaries, with higher requirements for clarity of information, listening and the quality of advice, transparency on fees, and these expectations apply at every step of the relationship, according to an annual study by Fidelity about European and French investor confidence.In the current context of low returns and high volatility, fees are often a catalyst for debate. They are at the core of transparency demands on the part of savings investors, while transparency on fees is an essential deciding criterion for 37%, and a majority (72%) would like to know more.A significant percentage of savings investors (56%) would not yet countenance the charging of advising fees, a practice which has hitherto remained marginal. The top reason for this cited by savings investors (59% of European and 71% of French investors) is a sense that financial advisers are already paid by the company that employs them. The 44% who say they would be open to being billed for advising say that they would require a certain level of personalised advising and transparency about fees.However, the quality of information received from advisers is perceived as excellent or good by 64% of European and 66% of French investors. One quarter (26% of Europeans and 22% of French investors) consider it mediocre or poor. In terms of comprehension of an investment, the major reasons cited by Europeans is the investment horizon (30%), the notion of the liquidity of a product (27%) and the level of risk (26%).French clients mention a way to get their investment back without a withdrawal fee (26%), tax advantages (22%) and an equivalent level of expected risk and returns (20%). Among those who say they do not understand well, difficulty in comparing information (26%) and use of technical vocabulary (18%) are the most-cited reasons.As to advising, seven out of 10 savings investors say they are satisfied overall with the quality of advising they receive, while 10% say they are “fully” satisfied. In France, the situation is slightly more delicate, with 6 out of 10 savigns investors satisfied overall, and 7% fully satisfied. A more alarming finding is that 1 European client out of every 5 feels that their financial adviser puts his or her interests above their own. In Italy and France, the percentages of respondents who say this are highest, at 32% and 31% of respondents, respectively, with respondents also questioning the morals of advisers.

Crédit Agricole Cheuvreux on 30 September announced the publication of the second in a series of guides, which provided a synthesis of the increasingly pressing expectations of investors for transparency on the part of companies about environmental, social and governance (ESG) issues.The guide aims primarily to help listed companies to strengthen their transparency and the pertinence of their extra-financial communication, in order to meet the demands of a new generation of investors who would like a way to integrate ESG criteria into their investment selection process, either with a social responsibility or an investment discipline outlook.The publication of the guide comes at a time when initiatives are converging, including the Grenelle law in France, and proposals by the European Commission and the G20, to standardise reporting about environmental, social and governance topics.The guide foregrounds the need for listed businesses to continue to progress in the precision and pertinence of their extra-financial communication, adapting this communication to the dynamics and changes in the behaviour of asset managers, to engage in proactive dialogue with investors in order to communicate about performance in sustainable development terms, and to improve comprehension by the market of the reality and fundamental nature of issues beyond purely financial items.

Mandatory registration with the Securities and Exchange Commission (SEC) for all hedge funds with assets of over USD150m may apply to a larger number of hedge funds than expected. According to the Wall Street Journal, mid-sized hedge funds may also be affected by the clause in the Dodd-Frank law.The cause for the extension of the perimeter of application of the law is the definition of assets, which are not limited to net inflows. According to the SEC, the USD150m threshold applies to gross assets, which also include the leverage used by the firm. In other words, a hedge fund which declares net assets of USD75m would be required to register by the end of March 2012, when the Dodd-Franck law comes into effect, if it uses leverage of two.

The singer Bob Geldof is not out seeking more donations for Africa: he is looking for investors for the “8 miles” fund, so named because Africa is only 8 miles away from Europe. He is being paid USD100,000 per year to bring in subscriptions for the fund, which is aiming for EUR1bn in assets, Die Welt reports. This amount will be sustainably invested in African businesses which pledge to respect European labour standards. The fund will prefer stakes in companies in the commercial and consumer goods sectors, the two sectors which are expected to drive development on the continent.

On 23 September, Bankinter Gestión de Activos registered the Bankinter Plus 10 Garantizado fund with the CNMV. The product, for which initial subscriptions have been open since 26 September, and will remain open until 14 October, guaranteed a redemption of 100% of initial capital invested as of 17 October 2011 plus a set coupon of 10%, and potentially an additional dividend of 10% if the share price of Telefónica has risen by more than 25% since the start date, at maturity after a term of four years and four motnhs (19 February 2015).CharacteristicsName: Bankinter Plus 10 Garantizado, FIISIN code: ES0162940037Front-end fee: 5% from 17 October 2011Management commission: 0.20% until 17 October 2011, and 0.60% thereafterDepository banking commission: 0.10%Withdrawal penalty: 3% from 17 October 2011, except on liquidity window dates ( 02/02/2012, 04/02/2013, 03/02/2014 and 02/02/2015)Annual returns: Maximum 5.69%, minimum 2.89%Minimal initial subscription: EUR600

As of 30 September, assets in Spanish securities funds totalled slightly over EUR129.48bn, nearly EUR1.87bn, or 1.42% less than one month earlier.The Inverco association of asset management firms has calculated that September brought net outflows from funds of EUR681m, compared with EUR699m in August. It is the sixth consecutive month of net redemptions (see Newsmanagers of 2 September). Among the top ten asset management firms in the country by asset volumes, only Bankinter Gestión de Activos has posted net subscriptions, with a total of EUR0.38bn. The heaviest net outflows were from Invercaixa Gestión (EUR151.7m) and Santander Asset Management (EUR131.3m). Bansabadell Inversion and BBVA Asset Management, for their part, have seen net redemptions of EUR68.4m and EUR64.7m.Only three actors had assets of over EUR10bn as of the end of September. The leader remains Santander Asset Management, with nearly EUR21.6bn, followed by BBVA Asset Management (EUR20bn) and Invercaixa Gestión, with EUR15.69bn.

Absolute return funds, which are thought of as all-weather funds able to withstand falling markets, are undergoing an investor exodus, according to the most recent statistics from the British Investment Management Association (IMA). Net redemptions in August totalled GBP122m to retail clients. This is the worst month on record since April 2008. Equity funds, for their part, attracted net subscriptions of GBP515m in August, compared with net redemptions of GBP114m in July, but still below the GBP606m average over the past 12 months. In August, all asset classes combined saw subscriptions of GBP1.1bn overall, compared with GBP938m in July, the IMA notes.

Une partie de la trésorerie du CEA est affectée aux fonds de démantèlement civil et défense et dédiée aux dépenses futures de démantèlement des installations et de gestion des déchets et combustibles usés. Composé à partir de l'échéancier des dépenses, qui s'étale pour une grande part sur une période allant jusqu'à 2040 et au-delà, ce portefeuille est géré dans une optique long terme en cohérence avec la chronique de décaissement des passifs. Cependant, compte tenu de la non réalisation des dotations en cash escomptées et d’un horizon d’assèchement à court terme qui en découle, la désensibilistion aux actifs risqués entamée en 2009 en ce qui concerne le risque actions, a été poursuivie en 2010 et 2011 par une désensibilisation au risque de taux, avec en contrepartie un renforcement du monétaire. Ce portefeuille est investi via des fonds communs de placement (FCP) dont la gestion est externalisée. Il est constitué de 96 % de FCP à référence monétaire (dont 49 % d’obligations à maturité, 16 % de fonds à faible volatilité, 31 % de monétaire régulier) et de 4 % de FCPR (capital investissement). La composition de ce portefeuille et son évolution dans le temps s’inscrivent dans le cadre d'études d’allocation stratégique cible d’actifs présentées aux Comités de suivi des Fonds civil et défense. Le CEA s’appuie sur un conseil externe pour superviser la cohérence d’ensemble et contrôler les performances de la gestion dédiée sur le long terme. La performance globale de ce portefeuille s’apprécie dorénavant par rapport à un indice stratégique réparti entre le Lehman Brothers Euro aggrégate pour sa composante taux, le Private Equity pour sa composante actions et l’Eonia capitalisé pour sa composante monétaire. FCP d’obligations à maturité Les échéances des obligations sont en adéquation avec les appels de fonds. Les notations minimales lors de la conclusion des opérations sont P1 (Moody’s), A1 (Standard & Poor’s), F1 (FITCH). FCPR de capital investissement Compte tenu de la désensibilisation du portefeuille aux actions, seules subsistent les souscriptions dans les FCPR de capital investissement dont l’absence de liquidité nécessite une détention pendant la durée de création des fonds qui est généralement de l’ordre de dix ans.

L’expert européen de l’analyse des risques environnementaux, sociaux et de gouvernance (ESG) a décidé d’accélérer son développement sur le marché britannique en ouvrant un bureau à Londres. Lindsay Smart est nommée responsable du développement de Vigeo sur le marché britannique.

Le gouvernement a confirmé ne pas être en mesure d’atteindre ses objectifs budgétaires, malgré 6,6 milliards d’euros de coupes supplémentaires

Près de la moitié des panélistes prévoient désormais une baisse du refi dans les 3 mois

Près de la moitié des panélistes prévoient désormais une baisse du refi dans les 3 mois

Les panélistes tablent sur une stabilité des spreads en octobre après les fortes tensions des deux derniers mois

Malgré une première hausse des volumes depuis quatre ans, selon l'enquête annuelle de la BCE, l'accent est mis sur les maturités courtes

Les gestions se renforcent d’un point en actions et en obligations. Mais la poche de cash se maintient à un niveau élevé

Le déficit a atteint 9,8 % du PIB en 2010 au lieu des 9,1 % annoncés, et s'élevait à 8,8 % fin juin. Mais le Portugal vise toujours 5,9 % fin 2011

Depuis début septembre, les gestions ont abaissé de 6 à 7 % leurs prévisions à six mois sur le CAC 40 et sur l’Euro Stoxx 50

Contrairement au projet bruxellois, le Royaume-Uni tient à ce que la Financial Services Authority supervise les chambres de compensation pour dérivés.

L’amorce d’un retournement durable à la hausse demande toutefois à être confirmée

L'accord du Royaume-Uni, qui concentre l'essentiel du marché, n'est pas indispensable, seule la majorité qualifiée étant requise

La SEC mentionne dans un rapport des faiblesses dans les contrôles internes et dans les procédures de gestion des conflits d'intérêts

Le cours de la devise chinoise est venu tester deux jours de suite la bande de fluctuation journalière de plus ou moins 0,5 % fixée par Pékin

Le Japon augmentera de 15.000 milliards de yens (195 milliards de dollars) ses réserves destinées à des interventions sur le marché des changes, a annoncé vendredi le ministre des Finances Jun Azumi. Le ministère, veut ainsi se donner plus de marge de manœuvre pour contrer la spéculation sur le yen. Le ministère étend par ailleurs jusqu’en décembre l’obligation faite aux cambistes de déclarer les volumes d'échanges. Cette obligation arrivait à terme ce vendredi.

Fidelity publie les résultats de la deuxième enquête sur la confiance des investisseurs, étude annuelle menée auprès de 12 000 européens dans 14 pays. Si l’étude confirme la place privilégiée des banques en matière de distribution de produits financiers, elle fait également apparaître certains points de fragilisation. Ainsi un tiers des Européens a perdu confiance dans leur conseiller financier depuis la crise de 2008. La France est le pays le plus critique à l'égard des acteurs financiers et se singularise par une forte réticence à la facturation du conseil.

L’inflation a atteint 3% au mois de septembre en rythme annuel, d’après la première estimation publiée vendredi par Eurostat, alors que les économistes interrogés par Reuters l’attendaient stable à +2,5%. Les données définitives pour le mois de septembre seront publiées à la mi-octobre.