Les fonds Ucits ont enregistré au deuxième trimestre une collecte nette de 18 milliards d’euros, contre 30 milliards d’euros au premier trimestre, selon les statistiques communiquées par l’Association européenne de la gestion financière (Efama). Une évolution due pour l’essentiel aux rachats subis par les fonds monétaires, pour un montant de 30 milliards d’euros au deuxième trimestre contre 9 milliards au premier trimestre.Les fonds coordonnés de long terme, c’est-à-dire hors fonds monétaires, affichent en revanche une collecte nette de 48 milliards d’euros au deuxième trimestre contre 39 milliards d’euros au premier trimestre, toutes les catégories de fonds de long terme ayant enregistré des souscriptions nettes. La collecte nette des fonds d’actions s’est ainsi élevée à 8 milliards d’euros contre 5 milliards au premier trimestre. La collecte des fonds obligataires s’est inscrite à 10 milliards d’euros (contre 7 milliards), celle des fonds diversifiés à 23 milliards d’euros (contre 20 milliards d’euros).Sur les six premiers mois de l’année, la collecte nette des fonds Ucits atteint 48 milliards d’euros contre 55 milliards au premier semestre 2010. Les fonds coordonnés de long terme ont attiré 87 milliards d’euros au premier semestre contre 142 milliards d’euros au premier semestre 2010. Une évolution qui traduit la perte de confiance des investisseurs liée au courant continu d'événements déstabilisants (printemps arabe, rremblements de terre/tsunami japonais, inquiétudes renouvellées sur les dettes souveraines).L’Efama relève par ailleurs que les fonds Ucits domiciliés en France ont subi une décollecte de 23 milliards d’euros au deuxième trimestre, en raison pour l’essentiel des rachats subis par les fonds monétaires pour un montant de 20 milliards d’euros. Sur les six premiers mois de l’année, la décollecte atteint 37,6 milliards d’euros. En revanche, l’Irlande termine le semestre sur une collecte de plus de 39 milliards d’euros, et le Luxembourg sur une collecte de 31,6 milliards d’euros.

Dans son rapport d’août 2011 qui interroge les états-majors de 30 sociétés de gestion étrangères (SGE) et trois chinoises, le cabinet d’audit PwC relève un environnement qui paraît toujours hautement dépendant des desseins du régulateur. Même si l'étude note un assouplissement des procédures d’approbation de nouveaux fonds et le dynamisme qui en a résulté, plus de la moitié des participants envisage désormais le retrait de certaines SGE de Chine et deux tiers pensent que leur propre modèle économique va changer dans les trois ans. Dans ce climat d’incertitude, la croissance des actifs sous gestion est devenue la priorité. A la 24ème place dans le rapport 2009, cet objectif se positionne en tête dans la version 2011, alors que selon PwC, entre 2009 et 2010 les actifs sous gestion des SGE ont déjà connu une hausse de 33%, à 129,2 milliards d’euros.Dans la liste des défis à relever, si la compétition avec les sociétés chinoises arrive au deuxième rang, la gestion des ressources humaines s’impose comme le principal obstacle. Retenir les gérants qui ont fait leurs preuves serait devenu un exercice impossible, beaucoup préférant migrer vers le capital investissement où l’intéressement au capital est décisif, note le quotidien.

Selon Financial News relayé par Hedge Week, RiverCrest Capital, le nouveau spécialiste londonien de la performance absolue, compte lancer en octobre le Global Equity Fund (long/short, top-down) géré par Alastair McLeod et Peter Simon, deux anciens de Lansdowne.Il prépare aussi pour avant la fin de l’année le European Equity Alpha Fund (market neutral, bottom-up) confié à Giles Worthington et Tim Short, qui viennent de M&G Investments.

A compter de novembre, rapporte Investment Week, Simon Smith deviendra head of wholesale chez Old Mutual Asset Managers (OMAM) après avoir passé douze ans chez Standard Life Investments (SLI), en dernier lieu comme head of UK (wholesale) financial institutions.Par ailleurs, Money Marketing annonce qu’Old Mutual Wealth Management se cherche actuellement un nouveau directeur général, dès lors que Bob Head va quitter le groupe en octobre après avoir mené à bien avec 18 mois d’avance l’intégration de Skandia UK, Skandia International, Skandia Investment Group et Skandia Continental Europe.

Ignis Asset Management envisage de lancer une version crédit de son fonds à rendement absolu, un fonds sur la dette des marchés émergents, ainsi qu’un fonds actions monde et un fonds actions émergentes ayant une stratégie de croissance, rapporte Investment Week. Cette stratégie s’inscrit dans le cadre du renforcement de la gamme de fonds maison de la société de gestion.

First State Investments a fait savoir qu’il avait décidé de limiter l’accès pour les nouveaux investisseurs à cinq fonds spécialisés sur la zone Asie-Pacifique et sur les fonds émergents afin de protéger les intérêts des investisseurs existants.Les fonds concernés sont le First State Asia Pacific (229 millions de livres), le First State Indian Subcontinent (293 millions de livres), le Fisrt State Global Emerging Markets Sustainability (161 millions de livres), le First State latin America (117 millions de livres) et le First State Greater China Growth (623 millions de livres).

Les actifs sous gestion de Hargreaves Lansdown ont fait un bond de 41% durant l’année au 30 juin pour s'établir à 24,6 milliards de livres, a annoncé la société dans un communiqué.Cette évolution résulte d’une progression de la collecte nette à 3,5 milliards de livres contre 3,3 milliards l’année précédente et d’un effet marché de 3,6 milliards de livres. La société de gestion a vu son bénéfice avant impôts faire un bond de 46% à 126 millions de livres.

Le forum britannique de l’investissement durable (UKSIF) a publié le 2 septembre son troisième rapport sur le traitement des problématiques de développement durable par les fonds de pension britanniques «Responsible Business : Sustainable Pension 2011").Deux ans après la publication du dernier rapport, la dernière enquête montre que les fonds de pension continuent d’approfondir leurs pratiques en matière de développement durable. Ne serait-ce qu’en termes d’intérêt pour le développement durable, la participation des fonds de pension à l’enquête s’est améliorée à un participant sur cinq, contre un sur huit il y a deux ans. L’investissement responsable s’applique désormais à un plus large éventail de classes d’actifs. Le capital investissement, l’obligataire et l’immobilier affichent une forte croissance du recours aux politiques de développement responsable par rapport à 2009. Près d’un tiers des fonds utilisent des mandats spécialisés pour mettre en œuvre leur politique d’investissement responsable. La proportion a doublé depuis 2009, souligne le rapport. Ces exemples d’amélioration, qui s’inscrivent dans le contexte plus large d’un meilleur encadrement des pratiques d’investissement responsable, notamment avec la publication l’an dernier du «Stewardship Code», sont autant de signes positifs qui ne doivent pas pour autant occulter le fait que la majorité des fonds de pension doivent encore forcer le train pour mettre en œuvre des pratiques d’investissement responsables susceptibles de répondre efficacement aux défis soulevés par les problématiques ESG. Le rapport décline une série de recommandations qualifiées d’urgentes, entre autres la gouvernance du développement durable qui implique notamment que les principaux fonds aient au moins un membre expert sur les questions de développement durable, la transparence sur les stratégies mises en œuvre, la signature des Principes pour l’investissement responsable des nations Unies (UN-PRI), ou encore l’intégration de l’investissement responsable dans les négociations sur les transferts de risques. En attendant, trois fonds ont atteint l’excellence, le BT Pension Scheme, le Co-operative Pension Scheme (PACE) et le F&C Asset Management Ltd. Pension Plan. Un seul fonds avait atteint ce niveau au cours des deux éditions précédentes de l’enquête.

Le britannique Barclays Wealth vient de recruter un ancien gérant de Goldman Sachs, Kevin Shone, qui va rejoindre l'équipe dédiée à la clientèle fortunée UHNW, rapporte Wealthbriefing.Kevin Shone devrait rejoindre l'équipe en qualité de managing director en novembre prochain. Il travaillait depuis 2008 en tant que managing director chez Goldman Sachs Private Wealth Management.

Fidelity has launched the FF European Dynamic Value Fund. The new fund fills a gap within its European equity product range and offers investors the opportunity to invest in a European equity value fund. It will be managed by Neil Madden, who has been at Fidelity for nine years. FF European Dynamic Value Fund seeks to identify cheap and disliked stocks with improving fundamentals. Stocks in the portfolio have an asymmetric return profile: downside is limited because bad news has at least already been priced in; upside potential is significant as even a marginal improvement will trigger earnings upgrades and an improvement in sentiment and valuation. Neil Madden aims to hold between +3% to +5% overweight holdings in his high conviction ideas and at least +1% active position in his other holdings. The fund will be concentrated, with between 35 - 50 names.

BaFin has issued a license for the sale in Germany of a fund from the Swiss firm Bellevue Asset Management, focused on shares in Asian publicly-traded entrepreneurial businesses. The fund is the BB Entrepreneur Asia (Lux), which was launched on 30 April 2011, and whose portfolio includes 50 to 70 positions. It comes as an addition to a product range which already includes the BB Entrepreneur Europe and the BB Entrepreneur Switzerland funds.Bellevue Asset Management will be assisted for the management of the Asia fund (whose currency of reference is the US dollar) by the HSZ Group, a management boutique based in Hong Kong.CharacteristicsName: BB Entrepreneur Asia (Lux) FondsISIN codes: LU060528926 (shares in US dollars)LU0605289775 (shares in euros)Benchmark index: MSCI AC Asia ex JapanFront-end fee: Maximum 5%Management commission: 1.60%Performance commission: 10%, with high watermark

Enrique Chang, CIO, on 1 September announced that the American Century Growth, American Century Focused Growth and VP Growth funds, which represent a total of about USD14bn in assets under management, have been closed to new investors from 31 August.The move aims to protect the performance of these growth strategy products, but existing subscribers will be allowed to continue to acquire shares in the funds and to reinvest their dividends.American Century states that clients who had not been invested in the funds which have been closed to subscriptions, but who would like to take up positions on growth large caps may still invest in the American Century Select or American Century Ultra funds.

After seven years as deputy CEO of SBI Fund Management, a joint venture of the State Bank of India and Amundi, Didier Turpin has moved to Madrid as CEO of Amundi Iberia, which provides distribution management and advising to Amundi in Spain, and serves as the development platform for the group in Portugal, Andorra, and Latin America, with a total of EUR5bn under management.Turpin will be assisted by Nuria Trip, who joined Crédit Agricole Asset Management (CAAM) in 2001, as deputy CEO in charge of sales, marketing and products.Alexandre Lefebvre, who joined Amundi Iberia in 2010 as director of controlling and development, is promoted to deputy CEO, in charge of controlling and development. He left IDEAM in 2005 to join CAAM.

On 1 September, the CNMV registered the former BBVA Propriedad real estate fund as its ninth “real estate investment firm” (SII), the Spanish equivalent of REITs (see Newsmanagers of 14 June). The new entity, managed by BBVA Asset Management (ES0108933005), was created on 13 July, and starts up with capital of over EUR1.03bn. Annual management commission is set at 1.5%.

The pension fund APG Group, which manages about EUR275bn in assets, and the ministry of Internal Affairs have announced that on 1 November, Tjerk Kroes will become director of strategy at APG Group (APG, Cordares and Loyalis), IPE reports. For the past nine years, Kroes has been employed at the ministry of Social affairs and Labour, for the past six years as director of the labour market and socioeconomic affairs.

First State Investments has announced that it has decided to limit access by new investors to five funds specialised on Asia-Pacific and emerging markets, in order to protect the interests of existing investors. The funds affected are the First State Asia Pacific (GBP229m), First State Indian Subcontinent (GBP293m), First State Global Emerging Markets Sustainability (GBP161m), First State Latin America (GBP117m), and First State Greater China Growth (GBP623m).

The British firm Barclays Wealth has recruited a former manager from Goldman Sachs, Kevin Shone, who will join the team dedicated to UHNW clients, Wealthbriefing reports. Shone will join the team as managing director in November. Since 2008, he had worked as managing director at Goldman Sachs Private Wealth Management.

Assets under management at Hargreaves Lansdown rose 41% in the year to 30 June, to total GBP24.6bn, the firm has announced in a statement.This development is the result of an increase in net inflows to GBP3.5bn, compared with GBP3.3bn the previous year, and to positive market effects of GBP3.6bn.The asset management firm has seen a 46% in its pre-tax profits, to GBP126m.

Ignis Asset Management is planning to launch a credit version of its absolute return fund, an emerging market debt fund, and a global equity fund and an emerging market equity fund with a growth strategy, Investment Week reports. The launches come as additions to the range of house funds from the asset management firm.

From November, Investment Week reports, Simon Smith will become head of wholesale at Old Mutual Asset Managers (OMAM), after twelve years at Standard Live Investments (SLI), most recently as head of UK (wholesale) financial institutions. Money Marketing also reports that Old Mutual Wealth Management is currently seeking a new CEO, now that Bob Head will be leaving the group in October, after spending 18 months overseeing the integration of Skandia UK, Skandia International, Skandia Investment Group, and Skandia Continental Europe.

The UK Sustainable Investment Forum (UKSIF) on 2 September published its third report on the treatment of sustainable development issued by British pension funds, entitled “Responsible Business: Sustainable Pension 2011.” Two years after the publication of the last report, the current study finds that pension funds are continuing to deepen their practices in sustainable development. Not only interest in sustainable development, but also participation by pension funds cpvered by the study in sustainable development has increased to one in five, from one in eight two years ago. Sustainable investment now applies to a wider range of asset classes. Private equity, bonds and real estate have increased their use of sustainable development policies compared with 2009. Nearly one third of funds use specialised mandates to deploy their sustainable investment policies. This percentage has doubled since 2009, the report points out. These examples of improvement, which come in a wider context of improved frameworks for sustainable investment practices, and the publication of the Stewardship Code, are all positive signs which should not obscure the fact that the majority of pension funds still need to make the first move to set up sustainable investment practices that may effectively respond to the challenges presented by ESG issues. The report lays out a series of recommendations which it qualifies as urgent, including the governance of sustainable development, which would require the major funds to have at least one expert on sustainable development questions, transparency for the strategies put into use, signing the United Nations Principles for Responsible Investment, and integrating sustainable investment into negotiations on risk transfers. Meanwhile, three funds have already achieved excellence: the BT Pension Scheme, the Co-operative Pension Scheme (PACE), and F&C Asset Management Ltd. Pension Plan. Only one fund reached this level in the previous two editions of the study.

The CNMV has recently issued a sales license for Spain to the Euro Covered Bonds (LU0629527333) sub-fund of the General Investments Sicav, Funds People reports.The product, launched on 6 July, has assets of EUR85m. It invests primarily in investment-grade covered bonds denominated in euros, excluding German Pfandbriefe (which reduces the universe to about 500 securities), but the manager, Guido Favaretto, may also adopt tactical positions on other UCITS-compliant funds (up to 10%), interest rate derivatives, currencies, cash, government bonds, money market instruments, or savings accounts, up to a maximum of 30% of assets.Generali Investments manages about EUR24bn in covered bonds. The benchmark index for the fund is the BofA Merrill Lynch Euro Non-Pfandbriefe Covered Bond Index.

Guillaume de Corbiac, gérant du fonds AXA WF Framlington Emerging Markets Talents, a quitté la société de gestion. Son fonds a été repris par Charles Firmin-Didot, fondateur et CIO des fonds Talents, a indiqué un porte-parole d’Axa Investment Managers à Newsmanagers.Guillaume de Corbiac avait rejoint l’équipe Talents, dédiée à la fois à la recherche d’entrepreneurs, en mars 2004 après deux années d’expérience professionnelle en France et à Singapour. Il était gérant du fonds AXA WF Framlington Emerging Markets Talents depuis début 2009, après l’avoir suivi en tant que gérant back-up entre sa création en septembre 2005 et fin 2008.

Edmond de Rothschild Asset Management has recruited Pascal Luccini as head of its newly-created team for reporting and clients. In addition to the director, the team includes six people. The French asset management firm is hoping to strengthen “its ability to assist and the quality of its service to French and international institutional clients.”Luccini joins from Allianz Global Investors, a firm which he joined in 1996, where he became head of client services in 2002.

US money market funds reduced their exposure to euro zone banks for the second consecutive month in August, the Financial Times reports. Some funds have begun to completely avoid French institutions. Legg Mason says that its money market teams have considerably reduced their exposure to euro zone banks due to headline risks and not credit issues.

According to information obtained by Newsmanagers, Michel Bernard is leaving F&C. Bernard, who is based in London, was head of F&C for France, and was responsible for institutional investor clients of the UK asset management firm in particular. He took up the position following the departure of Aurélien Lafaye in late 2010, and was also in charge of other markets, including the Scandinavian countries. When asked about the departure, a spokesperson for F&C states that institutional activities in France “and in other markets where F&C does not have a local presence” are overseen by Julian Lyne, global head of consultants, and his 13-member team. One person dedicated to the French market will be appointed «in due course», the spokesman adds.

Guillaume de Corbiac, manager of the AXA WF Framlington Emerging Markets Talents fund, has left the asset management firm. His fund has been taken over by Charles Firmin-Didot, founder and CIO of the Talents funds, a spokesperson for Axa Investment Managers has told Newsmangers.De Corbiac joined the Talents team, which is dedicated to the search for entrepreneurs, in March 2004, following two years of professional experience in France and Singapore. He had been manager of the AXA WF Framlington Emerging Markets Talents fund since early 2009, following a period in which he was a back-up manager for the fund, from its creation in September 2005 to late 2008.

UCITS funds in second quarter posted a net inflow of EUR18bn, compared with EUR30bn in first quarter, according to statistics from the European Fund and Asset Management Association (EFAMA). This development is largely due to redemptions from money market funds totally EUR30bn in second quarter, compared with EUR9bn in first quarter.Long-term UCITS funds, or all funds excluding money market funds, however posted a net inflow of EUR48bn in second quarter, compared with EUR39bn in first quarter, with net subscriptions for all categories of long-term funds. Net inflows to equities funds totalled EUR8bn, compared with EUR5bn in first quarter. Net inflows to bond funds totalled EUR10bn (compared with EUR7bn), while diversified funds posted inflows of EUR23bn (compared with EUR20bn).In the first six months of the year, net inflows to UCITS funds totalled EUR48bn, compared with EUR55bn in first half 2010. Long-term UCITS funds attracted EUR87bn in first half, compared with EUR142bn in first half 2010. This development is the result of a loss of investor confidence due to ongoing destabilising events (such as the Arab spring, the Japanese earthquake and tsunami, and concerns about government debt).EFAMA reports, however, that UCITS funds domiciled in France saw a net outflow of EUR23bn in second quarter, largely due to redemptions from money market funds totalling EUR20bn. In the first six months of the year, outflows totalled EUR37.6bn. However, Ireland finished the half with inflows of over EUR39bn, and Luxembourg had inflows of EUR31.6bn.

According to sources familiar with the matter cited by the Frankfurter Allgemeine Zeitung, the private equity investor Bridgepoint has acquired the Swiss firm Infront, a specialist in sales of broadcast rights for sporting events, which in 2010 made more than EUR600m in revenues, for EUR550m. The vendors are Andreas Jacobs and Nicole Junkermann, who had held 60% and 40% of capital in the firm, respectively.

Banque Alterantive Suisse SA on 2 September announced the appointment of Martin Lukas Rohner as its CEO, from 1 January 2012. He had previously been director of the Max Havelaar foundation, a statement from the bank says. Rohner succeeds Sven Thali, who left the bank in March due to differences over the strategic direction and positioning of the bank. Assets under management at the bank as of the end of December 2010 totalled CHF935m.