With $85.8 billion in assets under management, American Century specialises in actively managed equity strategies. The Hong Kong office opened in May to support the delivery of American Century's equity growth strategies -- global growth, emerging markets and US growth equities -- in the Asia-Pacific region.

Afin de ne pas perdre leur avance sur le marché espagnol des ETF face à l’arrivée de nouveaux concurrents étrangers, le BBVA et Lyxor Asset management (Société Générale) vont lancer de nouveaux produits cette année. Maintenant que les ETF au format de sicav vont être autorisés, les iShares de BlackRock et les db x-trackers de la Deutsche Bank vont pouvoir débarquer en Espagne.Lyxor compte lancer entre 10 et 15 produits au premier trimestre, indique Adrián Juliá, directeur des produits cotés chez Société Générale en Espagne. Parmi les nouveaux ETF, Lyxor prévoit des produits sur les matières premières, des «short» et, si la BME accorde une licence, un fonds répliquant l’un des indices de la gamme Ibex.Le BBVA pour sa part prévoit d'élargir son offre principalement avec des ETF obligataires, de matières premières et «short». Il envisage aussi de faire coter ses ETF dans d’autres pays latino-américains après avoir déjà pris pied sur le marché mexicain.

La crise financière n’a pas freiné le dynamisme du marché français en matière de création de sociétés de gestion. L’an dernier, une trentaine de nouvelles sociétés auraient été créées, et le nombre de créations nettes approcherait de la vingtaine. D’autres dossiers d’agrément sont en cours d’instruction.Selon les estimations de l’AFG, le nombre de sociétés de gestion de portefeuille s'établirait ainsi à 591 au 31 décembre contre 571 un an plus tôt. En outre, la position des principaux groupes français de gestion se trouve renforcée par les deux grandes opérations de fusion/rapprochement réalisées courant 2009 - entre CAAM et SGAM au sein d’Amundi et entre BNP Paribas et Fortis. Dans ce contexte, la tendance à la baisse du nombre d’OPCVM devrait se poursuivre. L’an dernier, la diminution du nombre d’OPCVM a été portée par l’accélération du mouvement de rationalisation des gammes de fonds. D’où un nombre de FCP passé sous la barre des 7 400 et de sicav sous le niveau des 700. A titre de comparaison, un an auparavant, à la fin 2008, ils étaient respectivement 7 600 et 740. L’AFG souligne toutefois que le dynamisme du marché français en matière de création doit être accompagné par la poursuite de l’innovation. Recherche, innovation, industrie : «si l’on veut des sociétés de gestion innovantes, il faut partir de ce socle» où la recherche joue un rôle moteur, a souligné hier le président de l’AFG, Paul-Henri de La Porte du Theil. Cela dit, l’industrie de la gestion, souvent présentée comme un fleuron de la place de Paris, est aussi un élément qui doit pouvoir s'épanouir au sein d’un ensemble, à savoir une industrie financière que la place de Paris doit continuer à promouvoir dans tous les domaines, comme elle le fait actuellement pour le marché obligataire…

Selon L’Agefi, Jacques Lenormand a quitté, le 1er janvier 2010, son poste de directeur général délégué de Crédit Agricole SA, en charge des fonctions supports, pour devenir conseiller du directeur général. Il continuera à superviser le projet de déménagement du groupe à Montrouge en région parisienne. Son successeur n’est pas encore nommé, précise le quotidien.

Fin février, BPCE devrait dévoiler un programme de cessions limité lors de la présentation de ses résultats, même si la vente d’actifs constitue le moyen le plus rapide de remonter du cash, précise L’Agefi. Parmi les dossiers sur la table figure la Banque Palatine, spécialisée dans le financement des PME déjà mise sur le marché fin 2008. La Banque Palatine avait déjà reçu deux marques d’intérêt début 2009, du Crédit Mutuel Arkéa et surtout de la Banque Postale, note L’Agefi.

Le marché français de la gestion financière s’est redressé l’an dernier. «On a renoué avec une croissance à deux chiffres, ce qui nous ramène au niveau de la fin 2006", a indiqué le délégué général de l’Association de la gestion financière (AFG), Pierre Bollon, à l’occasion d’un point de presse. Donc, une satisfaction mesurée mais pas de triomphalisme.Selon les estimations de l’AFG, les encours globaux sous gestion (mandats et OPCVM) ont ainsi progressé l’an dernier de quelque 10,8% environ à 2.617 milliards d’euros, soit une augmentation de 255 milliards d’euros. Les encours avaient reculé de 11% l’année précédent à 2.362 milliards d’euros.Cette croissance provient presque à parité des OPCVM de droit français et des actifs gérés sous mandat. L’actif net des premiers a progressé de 10,6% à 1.380 milliards d’euros, alors que les actifs gérés sous mandat auraient augmenté de 10,9% à 1.237 milliards d’euros. Côté gestion sous mandat, on observe un effet de marché globalement positif, notamment au second semestre, mais le redressement de la collecte nette du secteur de l’assurance a été décisif. La croissance des OPCVM résulte largement de l’effet de marché (93% contre 7% pour les souscriptions nettes). Hors OPCVM monétaires, la contribution de la collecte nette à la croissance monte à 16 % contre 84 % pour l’effet de marché.Au sein des OPCVM, les segments actions et diversifiés, les plus affectés par l'évolution des marchés jusqu'à fin avril 2009, ont vu leurs actifs croître à nouveau à partir de mai 2009. L’actif net des OPCVM actions a progressé de 34,6% à 255,5 milliards d’euros, grâce surtout à un effet de marché de 85 %. L’actif net des diversifiés a fait un bond de 17,3 % à 256,3 milliards d’euros, grâce à l’effet de marché (66%) mais aussi à des souscriptions nettes significatives (34%). L’encours des fonds obligataires a progressé de 14,5% à 176,5 milliards alors que les fonds monétaires sont demeurés quasiment stables à 481,2 milliards d’euros. Les fonds à formule ont enregistré une moindre décroissance (de -5% à 67,2 milliards après -6% en 2008) alors que l’actif net des fonds de fonds alternatifs a continué de diminuer mais à un rythme qui s’est ralenti à -26,9% après -40% un an plus tôt grâce à des souscriptions nettes légèrement positives depuis septembre 2009. Enfin, les Fonds Commun de Placement d’Entreprises (FCPE) et les Fonds Commun de Placement à Risques (FCPR) ont bénéficié de la remontée des actions. L’encours des FCPE devrait ainsi progresser d’environ 26% pour atteindre 90 milliards. La collecte des Fonds d’Investissement de Proximité (FIP) et des Fonds Commun de Placement dans l’Innovation (FCPI) serait pour sa part proche de 750 millions d’euros contre 1 milliard en 2008.

La société de gestion BNY Mellon Asset Management a annoncé mardi 26 janvier le lancement en France du fonds BNY Mellon Emerging Markets Equity, un fonds «long only» investi dans des actions émergentes.Lancé le 18 mars 2009 à Londres, le fonds appartient à la Sicav BNY Mellon Global Funds, plc, domiciliée à Dublin et agréée UCITS III. Il est géré par Blackfriars Asset Management, une des boutiques de BNY Mellon Asset Management, spécialisée sur les marchés émergents. Le fonds BNY Mellon Emerging Markets Equity est exposé à 22 marchés émergents via un portefeuille composé de 75 à 125 titres. Le gérant adopte une stratégie d’investissement de type «top down» permettant d’identifier les opportunités d’investissement au niveau des pays, ainsi qu’une sélection de titres active reposant sur une analyse fondamentale sans biais de style - titres de croissance ou de rendement. Caractéristiques Code ISIN : IE00B4WXSQ64 Gestionnaire : Blackfriars Commission de souscription : 5%Frais de gestion annuels : 2 % (Part A) / 1% (Part C)Valeur de la part : 1.459 euros (Part A)/1.607 euros (Part C) Investissement initial minimum: 5 000 euros (Part A) / 5 000 000 euros (Part C) Indice de référence : MSCI Emerging Markets

En décembre, les hedge funds australiens ont généré un performance de 1,11 %, soit une performance annuelle de 17,41 % pour 2009, indique Hedgeweek, citant des données de Australian Fund Monitors. Les hedge funds equity based ont gagné 2,08 % en décembre (+24,66 % sur 2009), les fonds alternatifs investis sur d’autres classes d’actifs ont perdu 0,69 %, et gagné 7,94 % en 2009.

Le gestionnaire suisse SAM Sustainable Asset Management (groupe Robeco) a annoncé mardi la publication de son annuaire 2010 de l’investissement durable élaboré en collaboration avec PricewaterhouseCoopers. Il s’agit de la onzième livraison de ce document et le nombre de sociétés analysées a été augmenté à 1.237 unités (il se limitait initialement à 468 noms en 1999).Seules les sociétés figurant dans les 15 % des meilleures de leur secteur sont intégrées dans l’annuaire, l’univers de base comportant quelque 2.500 sociétés.Pour plus d’informations consulter le site http://www.sam-group.com/htmle/yearbook

James Polisson and Andrew Arenberg, both of whom were involved in the setting up of the iShares operation at Barclays Global Investors (BGI), in mid-January joined Russell Investments (USD176bn in assets), Polisson as managing director of global ETF business, and Arenberg as managing director of global ETF distribution. They will be based in San Francisco. The two men will be responsible for the design of new-generation products and services related to ETFs, says Andrew Doman, president and CEO of Russell, who says the group is already one of the largest providers of indices to ETF management firms.

The management firm Van Kampen, which will be sold by Morgan Stanley to Invesco, is undergoing several changes to its personnel. Mark McClure and Mike Tobin will become the joint heads of sales and major clients, a position which was previously held by David Linton, who has left the firm, Mutual Fund Wire reports. Brian Binder, chief administrative officer, will succeed Elizabeth Hughes Eginton as head of product and marketing. Eginton joined Morgan Stanley Smith Barney on 21 January as director of marketing; she had joined Van Kampen from Legg Mason Capital Management only in February 2009.

Alan Robertson, who was previously president and CEO of Northern Trust Global Advisors (NTGA) has been promoted to the newly-created position of global head of sales and services at Northern Trust Global Investments (NTGI), the asset management firm for Northern Trust. He will be based in Chicago, and will report to Stephen N. Potter, president of NTGI. Robertson’s successor as head of NTGA is Joseph McInerney, who was previously COO, a position he had held since 2005. He will be based in Stamford, Connecticut, and will report to Robertson.

The Swiss asset management firm SAM Sustainable Asset Management (Robeco group) on Tuesday announced the publication of its 2010 sustainable development yearbook, assembled in collaboration with PricewaterhouseCoopers. This is the eleventh annual yearbook, and the number of firms analysed has increased to 1,237 (in the first edition in 1999, only 468 companies were considered). Only companies that rank among the top 15% in their sector have been included in the yearbook, from a universe of approximately 2,500 companies. Further information is available on the website http://www.sam-group.com/htmle/yearbook

Only five major asset management firms (in the category of firms which offer “over 25 funds”), three of them French companies, managed to place at least 50% of their products on sale in Germany in the top two classes, those rated A or B by Feri EuroRating Services as of the end of December. In order, the companies are Oddo Asset Management, with 18 A or B-rated funds out of 31 products available in Germany, or 58.1%; State Street, with 17 funds out of 31 (54.8%); and Threadneedle, with 24 funds out of 44 (54.5%). The next two firms are Rothschild & Cie Gestion, with 17 funds out of 32 (53.1%), and Groupama AM, with 25 funds out of 50 (50%). Natixis Global Associates takes ninth place, with 39 A and B-rated funds our of 99, or 39.4%. Among firms with 25 or fewer products on sale in Germany, the top ten (out of a field of 59) all have over 50% of their products rated A or B: MFS takes first place, with 75% (9 funds out of 12); it is followed by Vanguard Investments, with 70% (7 out of 10), M&G Investments, with 64.3% (9 out of 14). CamGestion places 4th, with 60.9%, ProBTP Finance is 5th, with 58.3%, and Covea Finance is 6th, with 57.1%. Lazard Frères Gestion and Comgest are in seventh and ninth place, respectively, with 55.6% and 53.3% of funds rated A or B.

The Nomura group is continuing to develop its Fixed Income team in Europe, Africa and the Middle East with the construction of a research team to focus on macro strategy, and the recruitments of Nick Firoozye as head of the European Interest Rates strategy, and of Ann Wyman as head of European Emerging Markets research. Firoozye was previously head of quantitative research at Citadel Investments, while Wyman was a senior economist at Citigroup, for the group’s economic strategies and policies. The macro-strategy team will be led by Jim McCormick, head of fixed income research for Europe, the Middle East and Africa.

Fidelity International in Hong Kong has suspended two of its most experienced managers, who are accused of violating the firm’s internal code of conduct. The market regulatory authorities have been informed, and Fidelity is conducting an internal enquiry. Asian Investor reports that Fidelity has confirmed the suspension of the two managers, but has not named them. According to a source who is understood to be a Fidelity client, the investigation is focusing on two well-known managers, Kevin Chang and Wilson Wong. Chang is responsible for the South East Asia Fund and several institutional portfolios, while Wong manages one of the Greater China retail strategies. Their portfolios will reportedly be managed in the interim by members of the Asia-Pacific equities team at Fidelity.

The US-based asset management firm American Century has announced the recruitment of Elizabeth Trinh as vice president of its Hong Kong office, Asian Investor reports. Since December she has been head of sales to institutional clients in Australia and South Asia. Trinh was previously associate manager and head of development for the Maquarie Professional Series fund range at Macquarie Bank in Australia. Assets under management by Macquarie worldwide total USD85.8bn. American Century specialises in actively managed equity strategies. The Hong Kong office opened in May to support the delivery of American Century’s equity growth strategies -- global growth, emerging markets and US growth equities -- in the Asia-Pacific region.

According to the Belgian newspaper L’Echo, the Inno pension fund has filed a lawsuit in the Brussels commercial court against Petercam, which it accuses of poor management, leading to losses of about 20% for the fund, which includes a large part of the pension assets for employees belonging to the Inno labour union. The solidarity fund is seeking EUR2.3m in damages and interest from Petercam. The management firm blames the losses, however, on the poor performance of financial markets, and not on poor management.

In 2010, fund selectors will once again put the quality of products at the top of their list of product selection criteria, according to a European survey conducted by the Berlin-based firm Metrinomics. This characteristic was eclipsed in the 2007 and 2008 surveys, according to which the most important qualities of a fund were price and the quality of customer service. Selection criteria this year, in decreasing order of importance, are the quality of products, quality of customer service, price, brand loyalty, quality of marketing/communications, and management of sales and accounts. The high importance of customer service is a regional phenomenon: Metrinomics has assembled a highly-defined regional map of Europe to illustrate this. Schematically, in all the countries of Western Europe, product quality is the most important. This applies to the United Kingdom, Belgium, France, and Spain, and additionally Austria. Quality of service, meanwhile, is largely important in the East, in Sweden, Germany, Switzerland, and Italy.

Warren Buffett’s portfolio management firm, Berkshire Hathaway, will be included in the Standard & Poor’s 500 index, which it was previously not allowed to join as the high price of its shares made it unable to satisfy liquidity criteria. This has changed since shares were split, with 50 new shares for every 1 B-class share, at the time of its acquisition of Burlington Northern Santa Fe. Berkshire will replace Burlington Northern in the index. The market capitalisation of Berkshire is USD160bn.

In order to maintain their lead on the Spanish ETF market as new foreign competitors arrive, BBVA and Lyxor Asset Management (Société Générale) will launch new products this year. Now that ETFs in Sicav vehicles will be allowed, iShares from BlackRock and db x-trackers from Deutsche Bank will become available in Spain. Lyxor is planning to launch 10 to 15 new products in first quarter, says Adrián Juliá, director of index products at Société Générale in Spain. Among the new ETFs, Lyxor is planning to release commodities products, “short” funds and, if the BME grants a license, a fund replicating one of the indices of the Ibex range. BBVA, for its part, is planning to extend its range largely with bond, commodity, and short ETFs. It is also planning to list its ETFs in other Latin American countries, following its entry into the Mexican market.

La Tribune reports that, according to the chairman of CEBS, Giovanni Carosio, speaking at a hearing before the European Parliament in Brussels, European banks will undergo more stress testing in 2010. The tests will take in the major European banking groups, the newspaper adds.

Allfunds Bank will be the sales platform in Spain for the first 14 funds from the Bank of Luxembourg (Crédit Mutuel-CIC group) to be registered by the CNMV, Funds People reports. The funds are the following: BL Bond Dollar, BL Bond Euro, BL Emerging Markets, BL Equities America, BL Equities Dividend, BL Equities Europe, BL Equities Horizon, BL Global 30, BL Global 50, BL Global Bond, BL Global Equities, BL Global Flexible, BL Optinvest, and lastly, BL Global 75.

The alternative management affiliate of Legg Mason, Permal, has been granted a license by BaFin to release an Irish-registered fund denominated in US dollars, the Legg Mason Permal Global Absolute Fund (IE00B465X304), an absoulte return product managed by Christopher Zuehlsdorff and Alexander Pillersdorf. The fund may invest in several asset classes. Initially, the fund will be about 35% exposed to global bonds, 20% to global equities, 20% to real estate strategies, 14% to alternative products, and 11% to cash and money markets. The goal is to generate returns of 8% to 10% over a 3-5 year cycle, with low liquidity. The fund will have share classes in Euros, pounds Sterling, Canadian dollars, and yen, hedged for currency risks, with a management commission of 1.25%. Permal will not charge a performance commission.

According to statistics from ECOreporter, assets in sustainable development funds in German-speaking countries (Germany, Austria, Switzerland) as of the end of December totalled EUR23.7bn, compared with EUR21.5bn one year earlier, while the number of sustainable development, ethical and renewable energies products increased in 2009 to 331, up from 279 one year previously. The best sustainable development fund, an equities product, earned returns of 122%, while on average sustainable development equities funds earned 28% compared with 25.9% for the MSCI World index. All funds combined earned an average of 22%. Germany was the largest German-speaking market, with 279 funds and total assets of EUR30.08bn as of the end of the year.

As of the end of December, assets under management at Fidelity International in Germany totalled EUR10.46bn, up from EUR6.97bn one year previously, while assets under administration on the Frankfurter Fondsbank (FFB) fund platform, which the group acquired in August from BHF-Bank, represented EUR16.6bn (of which EUR2.7bn were from FundsNetwork), compared with EUR11.83bn one year previously. In total, Fidelity thus administrates or manages slightly over EUR27bn in Germany. Net subscriptions totalled EUR902m in 2009, compared with EUR60m the previous year, largely thanks to EUR525m from institutional clients (compared with EUR402m), while assets under management for institutionals as of the end of last year totalled EUR2bn, compared with EUR1.1bn the previous year. Net subscriptions from retail clients represented EUR377m, of which EUR290m were for the FAST (Fidelity Active Strategy) Europe Fund. Including FFB, personnel at Fidelity International as of the end of last year totalled 316 people, compared with 206 one year previously. The number of accounts administrated by FFB numbered 912,290 (including 153,000 from FundsNetwork), compared with 729,263 at the end of 2008.

Institutional investors are starting 2010 on a hesitant note. The global institutional investor confidence index has gained only 0.2 points, to 104.5 in January, from a corrected level of 104.3 for December. The mood has been optimistic in North America, however, where the regional confidence index has gained 4.4 points, from 103.5 in December to 107.9 in January. However, European institutional investors are more uncertain, and the index has fallen 5.6 point to 98.9, from a corrected level of 104.5 in December. In Asia, the level of institutional investor confidence has increased slightly, from 97.5 in December to 98.1 this month. “Although activity has recovered strongly on developed markets, some factors tend to show that it will likely be difficult to maintain the pace of growth observed recently, and all the more so when these factors are viewed in the context of uncertainty related to monetary policy and to regulatory changes more generally,” says Harvard professor Ken Froot, one of the two designers of the index. “The divergence this month between the North American and European confidence indices to a certain extent reflects the underlying fundamental data,” the other creator of the index, Paul O’Connell, adds. “Although the economic data for Europe showed some relatively positive surprises, concerns remain about the way forward to resolve fiscal difficulties in some peripheral economies, which has chilled investor enthusiasm. The improvement in confidence in Asia brought the regional index back up to the level observed last September.”

What are the high-risk countries that investors would do better to avoid in 2010? In the most recent issue of the publication Investment Outlook, entitled “The Ring of Fire,” Pimco strategist Bill Gross does not mince words. “Great Britain is a must to avoid. Its Gilts are lying on a bed of nitroglycerine. High debt, combined with potential for a devaluation of the currency present high risks for investors in bonds. In addition, its interest rates are already artificially influenced by accounting standards which at one point last year produced long-term interest rates of 0.5% or less,” Gross writes. Also in the Ring of Fire are Ireland and Spain. The safest countries, Gross claims, are Canada and Germany. To capture the highest and surest returns, Gross recommends that investors look to Asia and to developing countries, for both equities and bonds.

According to the ratings agency Moody’s, cited by Agefi, the Financial Crisis Responsibility Fee, which would bring in USD90bn for the US government over the next ten years, would have a severe effect on banks. Moody’s claims that the tax would raise financing costs significantly for banks required to pay it. The maintenance of liquidity pools would also become more costly. “If a bank decides to reduce its pools due to increased costs related to the tax, its solvency would be weakened,” concludes Peter Nerby, an analyst at the ratings agency.

Fortis Investments announced on Tuesday that the Greater China Environmental Fund, developed with the Chinese management firm Fortis Haitong Investment Management, was released in Japan on 18 December, and that it has already attracted JPY106bn, or EUR830m, equivalent to USD1.18bn, in assets. The product offers subscribers access to the “green revolution” now taking place in China.