Swiss Life a annoncé le 23 novembre que Tanguy Polet avait été nommé directeur général de Swiss Life Banque Privée, membre du comité exécutif de Swiss Life France.Avocat de formation, Tanguy Polet a rejoint Swiss Life Belgique en 2005 pour ensuite prendre la direction générale de Swiss Life Luxembourg en 2008.

Edmond de Rothschild Asset Management vient de recruter Laurent Le Grin en tant que gérant d’obligations convertibles. La société de gestion renforce ainsi l’équipe dédiée à cette classe d’actifs. Dirigée par Kris Deblander, elle gère 1,2 milliard d’euros d’actifs au 31 octobre 2010, ce qui représente 9,1 % de parts de marché en France.Agé de 37 ans, Laurent Le Grin avait rejoint en mars 2006 l’équipe obligations convertibles de Fortis Investments, passée dans le giron de BNP Paribas Asset Management, comme gérant senior sur des fonds d’obligations convertibles européennes.

Selon L’Agefi Suisse, DWS Investment a de grandes ambitions pour sa gamme DWS Invest Emerging Markets Corporates, centrée sur les obligations d’entreprises des pays émergents. «Il y a tellement de liquidités sur le marché, en quête de solutions de placement alternatives par rapport à l’Europe et aux Etats-Unis», explique Andreas Roemer, le responsable des activités Credit Europe & Asie de la société de fonds de gestion. Depuis la réorganisation de leur concept d’investissement en juillet, les fonds de la gamme ont réalisé une performance de 9,38% (8,14% pour l’indice de référence JP Morgan CEMBI). Les encours sont en passe d’atteindre les 75 millions d’euros à la fin du mois. Ils devrait être portés à 100 millions d’ici la fin de l’année. Avec pour objectif d’atteindre le milliard dans cette gamme de fonds d’ici 18 mois, selon Andreas Roemer.

Pour un montant non divulgué, Eaton Vance Corp (185,2 milliards de dollars d’encours fin octobre) a acheté les actifs de la société Managed ETFs LLC, qui développe de la propriété intellectuelle dans le domaine des ETF. Managed ETFs détient des actifs de propriété intellectuelle, dont des brevets, qui pourraient servir de base à un négoce plus efficace pour les ETF et faciliter la mise eu point d’ETF «non transparents» et gérés de manière active.La commercialisation des technologies acquises par Eaton Vance à cette occasion requiert l’agrément de la SEC. Les co-fondateurs de Managed ETFs sont Gary L. Gastineau, ancien managing director pour le développement de produits ETF chez Nuveeen Investments, qui est également le «principal» d’ETF Consultants LLC, et Todd J. Broms, qui est CEO de Broms & Company LLC.

Le 23 novembre, The Blackstone Group a annoncé qu’il renonce à son projet d’acquisition de Dynegy Inc et déplore que Seneca Capital et Carl Icahn se soient opposés à l’offre finale de 5 dollars par action.

Vanguard a annoncé le 22 novembre qu’avec effet immédiat la commission minimale pour les parts «Signal shares» de 25 de ses fonds indiciels d’action et d’obligations est abaissée à 0,07 %.D’autre part, le gestionnaire précise qu’il supprime le montant de souscription minimal (1 million à 5 millions de dollars jusqu'à présent) permettant d’accéder aux Signal Shares.Ces mesures visent à faciliter l’accès à cette classe de parts aux intermédiaires financiers, aux conseillers, à une sélection de clients institutionnels dont des plans d'épargne-retraite à contribution définie ou à prestation définies, des «endowments» et des fondations.

BlackRock a annoncé le 23 novembre la promotion de David Gardner, head of Northern Europe sales pour iShares au poste de head of sales EMEA de la plate-forme d’ETF iShares qu’il a rejointe en 2000. Basé à Londres, il est subordonné directement à Joe Linhares, managing director et head of EMEA de iShares.

Le groupe néerlandais Maxeda a annoncé mardi qu’il a décidé de vendre la chaîne de lingerie Hunkemöller à la société d’investissements PAI. Selon L’Echo, les conseils d’entreprise doivent encore donner leur avis sur la vente, qui doit aussi été approuvée par les autorités de concurrence. Maxeda avait déjà annoncé cette année qu’il envisageait de vendre sa branche «mode», qui est constituée des chaînes V&D, de Bijenkorf, Hunkemöller et M&S Mode.

Barton Biggs devrait lancer une version Ucits de son hedge fund Traxis Partners, selon Ucits Hedge, qui cite des sources du secteur britannique de la gestion alternative. Le produit sera lancé sur la plate-forme de Deutsche Bank.

L’ancien CEO de First State Investments (jusqu'à fin février 2009), Charlie Metcalfe, a été nommé -sous réserve d’un agrément de la Financial Services Authority (FSA)- «president» de Nikko Asset Management. Il dirigera les activités de Nikko AM pour l’Europe, le Moyen-Orient et les Etats-Unis.

Charlie Wilson ayant quitté la direction de la distribution tierces parties de Lazard Asset Management en juillet pour diriger la distribution retail chez Investec Asset Management, il sera remplacé par Tony Maddock, head of wholesale chez Scottish Widows Investment Partnership (SWIP), rapporte Investment Week.Chez SWIP, l’intérim est assuré par John Brett, director of sales and marketing.

Mardi, Swan Street Capital a déclaré qu’il contrôlait 4,9 % de Gartmore, devenant ainsi son quatrième actionnaire, rapporte le Financial Times. Il s’agit d’un groupe d’investissement lié à John Zwaanstra, fondateur du hedge fund Penta Investment Advisors et protégé de George Soros. La participation a été bâtie vie United Industrial Services, une société enregistrée dans les Iles Vierges britanniques.

Avec le Vontobel Global Responsability International Equity qu’il vient de faire enregistrer par la CNMV, le suisse Vontobel aligne désormais en Espagne l’ensemble de sa gamme de produits ISR qui comporte les fonds Global Responsibility European Equity, Global Responsibility Asia (ex Japan) Equity et Global Responsibility US Equity, rapporte Funds People.

Selon une enquête de Funds People sur la base de données fournies par Allfunds Alternative et KdK AM, le nombre de fonds de fonds alternatifs coordonnés disponibles en Espagne dépasse maintenant les 50 unités.D’après KdK AM, la structure de frais la plus commune comprend une commission de gestion de 1,5 % et une commission de performance de 10 %. Quelque 80 % des fonds sont des produits de performance absolue, tandis que moins de 20 % visent une surperformance par rapport au Libor (Libor +). Dans plus de 70 % des cas, il s’agit de fonds distribués dans plusieurs pays.

p { margin-bottom: 0.08in; } According to a Funds People study based on data from Allfunds Alternative and KdK AM, the number of UCITS-compliant funds of hedge funds available in Spain now totals over 50. According to KdK AM, the most commen fee structure includes a management commission of 1.5% and a performance commission of 10%. About 80% of funds are absolute return products, while less than 20% use the Libor +. More than 70% of these funds are available in several countries.

p { margin-bottom: 0.08in; } Barclays on 23 November announced the launch of the Barclays Equity Euro Market Neutral fund, a Luxembourg-domiciled fund registered in France. The objective of the fund is to generate returns of about 7%, with volatility limited to 5%, through a market neutral strategy.To adhere to a neutral strategy, the fund will invest in European equities through a process of acquisition in pairs. For every share selected for a long position the manager will select another share from the same sector for a short position. The two shares will have identical weight in the portfolio.The investment process will rely on three engines to identify market opportunities. They form an initial filter to identify a number of opportunities.A first engine studies the valuations of the Price Earning Ratio compared with a market average, and determines which are likely to show a pertinent buy or sell signal. The second engine studies upward and downward revisions to corporate results over one-week, one-month and three-month intervals, to evaluate the shares selected. The third, qualitative engine, applies fundamental analysis by the research team, on the basis of more traditional criteria. The three engines create a list of 40 to 50 investment pairs. In a second stage, the management team evaluates the resulting list, and verifies that the pairs selected correspond to genuine investment opportunities, and are not due to structural movements. This results in a list of 20 to 25 pairs. Last of all, the investment team intervenes to undertake a StockRatio calculation. This ratio synthesizes the valuations of each of the pairs selected, taking into account the valuation levels of the two shares from a historical point of view to determine the timing of the investment. The highly selective process results in a final portfolio of 10 pairs with good diversification. The entry of a share into the portfolio triggers the setting up of a stop loss, as well as a stop gain, which are alarms that would lead to the removal of a share from the portfolio if it exceeds the set limits. Major characteristics of the fund Legal format: Luxembourg SICAV (UCITS III) AMF category: Diversified fund ISIN Code: Retail LU0450749949 Launch: 1 October 2010 Investment horizon: 5 years Management fee: Retail 1.20% Institutional 0.8%

p { margin-bottom: 0.08in; } In third quarter 2010, Franklin Templeton posted net subscriptions in Italy of EUR1.676bn, and had assets under management as of the end of September of over EUR12.3bn, Bluerating reports, citing figures from Assogestioni. Sergio Albarelli, senior director of Franklin Templeton for Italy, Spain and France, would like to make the business one of the top 10 Italian management firms in 2011. As the firm now ranks 11th behind Azimut, which has EUR13.9bn in assets, Bluerating estimates that the task may not be altogether impossible.

p { margin-bottom: 0.08in; } With the Vontobel Global Responsibility International fund, which has recently been registered with the CNMV, the Swiss management firm Vontobel now has its complete range of SRI funds available in Spain, including the Global Responsibility European Equity, Global Responsibility Asia (ex Japan) Equity and Global Responsibility US Equity, Funds People reports.

According to the Financial Times, fund managers at SAC Capital Advisors, Citadel, Janus Capital and Wellington Management have received requests for documents from federal investigators examining insider trading practices on Wall Street.

p { margin-bottom: 0.08in; } Agefi Switzerland reports that in the United States, the Republicans, who accuse the Fed of setting the stage for runaway inflation by weakening the dollar, have proposed a bill which would simplify the Fed’s responsibilities, removing the responsibility to maintain full employment in order to concentrate on price stability. The bill has little chance of passing.

p { margin-bottom: 0.08in; } In December, Christina Sinclair will be appointed as interim director of conduct risk at the Financial Services Authority (FSA). She will replace Dan Waters, director of conduct risk and asset management sector leader, who is resigning to take up another job in the United Kingdom, and to spend time with his family in the United States, a statement from the British regulator stated on 23 November. Waters is currently also the FSA’s representative of the CESR’s group of experts in investment management, as well as on the IOSCO permanent 5 asset management committee.

p { margin-bottom: 0.08in; } The former CEO of First State Investments (until the end of February 2009), Charlie Metcalfe, has been appointed president of Nikko Asset Management, pending the approval of the Financial Services Authority. He will be director of Nikko AM’s activities for Europe, the Middle East and the United States.

On Tuesday Swan Street Capital said it controlled 4.9 per cent of Gartmore – making it the asset manager’s fourth-largest shareholder, writes the Financial Times. Swan Street Capital is an investment group linked to John Zwaanstra, founder of the hedge fund Penta Investment Advisors and protégé of George Soros, adds the FT.

p { margin-bottom: 0.08in; } As Charlie Wilson left his position as head of third-party distribution at Lazard Asset Management in July to become director of retail distribution at Investec Asset Management, he will be replaced by Tony Maddock, head of wholesale at Scottish Widows Investment Partnership (SWIP), Investment Week reports. At SWIP, his position will be occupied in the interim by John Brett, head of sales and marketing.

p { margin-bottom: 0.08in; } Vanguard announced on 22 November that, effective immediately, minimal commission for Signal Shares in 25 of its equities and bond tracker funds have been cut to 0.07%. The management firm also states that it is discontinuing the minimal subscription (previously USD1m to USD5m) at which Signal Shares were available. The moves aim to facilitate access to this class of shares for financial intermediaries, advisers, a selection of institutional clients with defined contribution or refined benefit retirement savings plans, endowments, and foundations.

p { margin-bottom: 0.08in; } Agefi Switzerland reports that DWS Investment has major ambitions for its DWS Invest Emerging Markets Corporates range, focused on corporate bonds from emerging countries. “There is so much liquidity in the market, seeking alternative investment solutions to Europe and the United States,” explains Andreas Roemer, head of Credit Europe & Asia activities at the fund management firm. Since the reorganisation of their investment concept in July, the funds of the range have earned 9.38% (8.14% for the JP Morgan CEMBI benchmark index). Assets are on course to rise to EUR75m by the end of the month, and as much as EUR100m by the end of the year. Roemer says that fund range is aiming for EUR1bn in 18 months’ time, the newspaper reports.

p { margin-bottom: 0.08in; } Financial Times Deutschland reports that the board of directors of the Federal financial services supervisory office (BaFin) will Thursday adopt a plan to create 240 jobs, which will correspond to an effective increase of 13% to staff compared with the 1,829 employees at the agency as of the end of 2009.The directors of BaFin are reported to have initially sought 340 new positions.

p { margin-bottom: 0.08in; } BlackRock on 23 November announced the promotion of David Gardner, head of Northern Europe sales for iShares, as head of EMEA sales for the iShares ETF platform, which he joined in 2000. He will be based in London, and will report directly to Joe Linhares, managing director and head of EMEA at iShares.

p { margin-bottom: 0.08in; } According to the Mythos Family Offices 2010 survey, undertaken by J.P. Morgan Asset Management and others, of 64 family offices, most of them in Switzerland and Germany, 40.6% of these structures have assets of EUR300m and EUR1bn, while 23.4% manage between EUR1bn and EUR3bn, and 9.4% manage over EUR3bn, the Börsen-Zeitung reports. As about 15% of assets are in liquid form (compared with 4% for the endowments of US universities), family offices have survived the turbulence on the financial markets without having to sell assets at a markdown in order to procure the necessary liquidity. The study finds that 23% of assets were allocated to bonds (13% for US university endowments), 26% to equities, 8% to private equity and 7% to hedge funds. Exposure to real assets such as real estate and commodities, or exotic investments such as art total 21%. The main objective of 78% of the family offices is preservation of capital, while 53% atim to avoid excessive concentrations of investment, and 40% follow the preferences of the families. Expectations in terms of performance are moderate, with an objective of 5-10% for the next five years. In the next few months, family offices are planning to reduce their allocation to cash in order to increase their exposure to emerging markets and alternative assets.

p { margin-bottom: 0.08in; } Ben Funnell, CIO, fixed income, at GLG Partners, estimates that the European financial stabilisation fund will not have enough resources to save Spain if need be, and that the authorities need to start coming up with a plan B, Expansión reports. The solution would consist of a restructuring of sovereign debt from peripheral EU countries. It would lead to losses for banks, largely those in the heart of Europe including French and German banks, and to cover this impact, the ECB would need toprint and inject money into these banks. Michael Saunders of Citi says that German, French, Italian and British banks have a total exposure of EUR789.13bn to Spanish, Greek, Irish and Portuguese government debt, of which EUR374.32bn are in Spain alone. Christian Tegllund, a market strategist at Saxo Bank, for his part, estimates that France and Germany will be obliged to lend money to Spain in a bilateral arrangement next year.