La France a déjà fait beaucoup pour mettre ses entreprises à l’abri du capital indésirable. Depuis 2005, les mesures de protection de secteurs particuliers se sont succédé jusqu’à constituer un arsenal très solide qui couvre un champ « stratégique » en expansion constante. Dans la loi Pacte, les entraves ont été étendues à de nouveaux secteurs, où les investissements seront soumis à l’aval de Bercy. Paris a aussi agi au niveau de l’Europe, non sans succès. La réciprocité de l’investissement y est devenue un critère clé de prise de contrôle, ce dont la Chine, principal pays visé, a déjà pris note. Fort de la popularité de cette cause, Bercy se dit désormais prêt à prendre des dispositions anti-activistes, selon le ministre Bruno Le Maire. Au risque, cette fois, de se tromper de cible.

OLIVIER MAMPOUYA, DIRECTOR, ASSET OWNER GROUP EUROPE FTSE Russell

La filiale de gestion d'actifs de Deutsche Bank discuterait d'un rapprochement avec celle d'UBS, selon le Financial Times.

A la recherche de rendement dans un contexte de taux bas, les assureurs profitent des primes d’illiquidité et ont augmenté la duration de leurs portefeuilles, selon Goldman Sachs AM.

The ratings agency Scope on 24 April announced the appointment of the Frenchman Guillaume Jolivet to its board of directors, where he joins Torsten Hinrichs, also responsible for directing the Scope group. “Thanks to his experience and his excellent knowledge of credit ratings, … Jolivet will help the group to strengthen its leading position among ratings agencies, as an expert in credit analysis in Europe, able to compete with its North American rivals,” says Florian Schoeller, founder, chairman and CEO of the Scope group, in a statement. Jolivet, 40, created and has been responsible for the structured finance ratings activity at Scope since 2013. He has over 18 years of experience in credit analysis and ratings. In 2018, Jolivet brought substantial growth to the structured finance division, a statement says. His team continues to rate and monitor over €70bn in European structured finance issues. Coverage of this market by Scope has continued to grow, and now represents over 10% of issues rated in 2018. Jolivet, who is from Lyon, is a graduate of the London School of Economics and EDHEC. Before joining the Scope group, he served in several senior roles at Moody’s in credit and structured finance and financial establishment analysis. He began his career as a credit analyst at UBS Warburg. The Scope group has over 220 employees in seven European offices, in Berlin, Frankfurt, London, Madrid, Milan, Oslo and Paris. Scope Ratings has been registered with ESMA since 2011, and has ECAI status. Scope Ratings is now the largest European ratings agency, and positions itself as a high-quality alternative to North American ratings agencies. Scope offers credit analysis which refuses mechanical analysis grids, to better take into account the individual qualities of each issuer.

L’agence de notation Scope a annoncé ce 24 avril la nomination du françaisGuillaume Jolivet à son comité de direction aux côtés de Torsten Hinrichs, également en charge de la direction du groupe Scope. «Grâce à sonexpérience et à son excellente connaissance de la notation de crédit, Guillaume Jolivet aidera le groupe à renforcer sa position de leader des agences de notation, expert de l’analyse crédit en Europe, capables de rivaliser avec nos concurrents nord-américains », déclare Florian Schoeller, fondateur et PDG du groupe Scope, cité dans un communiqué. Âgé de 40 ans, le dirigeant français a initié et bâti l’activité de notations de financements structurés de Scope depuis 2013. Il possède plus de dix-huit ans d’expérience dans le domaine de l’analyse crédit et de la notation. En 2018, Guillaume Jolivet a permis à la division financements structurés d‘afficher une croissance très substantielle, souligne un communiqué. À ce jour, son équipe note et surveille plus de 70 milliards d’euros d’émissions européennes en financements structurés. La couverture de ce marché par Scope ne cesse de s’élargir et représente plus de 10 % du volume des émissions ayant donné lieu à notation en 2018. Originaire de Lyon, Guillaume Jolivet est diplômé de la London School of Economics et de l’EDHEC. Avant de rejoindre le groupe Scope, il a occupé plusieurs postes à responsabilités chez Moody’s, dans le domaine notamment de l’analyse crédit de financements structurés et d’établissements financiers. Ila commencé sa carrière en tant qu’analyste crédit chez UBS Warburg. Le groupe Scope compte plus de 220 collaborateurs répartis entre sept bureaux européens situés à Berlin, Francfort, Londres, Madrid, Milan, Oslo et Paris. Scope Ratings est enregistré auprès de l’ESMA depuis 2011 et bénéficie du statut ECAI : Scope Ratings est aujourd’hui la plus importante agence de notation européenne et se positionne commeune alternative de qualité aux larges agences nord-américaines. Scope propose notamment une analyse crédit qui refuse les grilles d’analyse mécaniques, dans le but de mieux tenir compte des particularités de chaque émetteur.

The asset management firm is overhauling the composition of its investment institute.

The asset management firm Neuberger Berman on Wednesday 24 April announced final closing of its NB Private Debt Fund III LP with $1.7bn. The fund, launched in October 2017, has exceeded its target of $1.5bn, and follows the NB Private Debt Fund II LP, which raised $750m in engagements. The new vehicle invests in single-tranche first lien and second lien debt from US mid-sized companies supported by private equity companies. With this fund, Neuberger Berman Private Debt has about $4.2bn in engagements for concentrated strategic credit for debt origination and opportunistic investment in secondary private markets with $20m to $100m in cash flow. NB Private Debt Fund III LP has over 60 investors worldwide, including public and private pension regimes, insurance companies, and foundations in the United States, Canada, Europe, South Korea, Japan, and South America.

La société de gestion Neuberger Berman a communiqué mercredi 24 avril surle closing final de son fonds NB Private Debt Fund III LP à 1,7 milliardde dollars. Elle a ainsidépasséson objectif de 1,5 milliards de dollars. Lancé en octobre 2017, ce fondssuccède au NB Private Debt Fund II LP, qui avait levé 750 millions de dollars d’engagements. Le nouveau véhiculeinvestit dans de la dettefirst lien,unitranche,et second liend’entreprises américaines de taille moyenne soutenues par des sociétés de private equity. Avec ce fonds, Neuberger Berman Private Debt gère environ 4,2 milliards de dollars d’engagements en stratégies crédit concentrées sur l’origination de dette et un investissement opportuniste sur les marchés secondaires. Neuberger Berman Private Debt se concentre sur des émetteurs américains adossés à des capitaux propres privés et disposant de 20 à 100 millions de dollars en flux de trésorerie. NB Private Debt Fund III LP compte plus de 60 investisseurs dans le monde, dont des régimes de retraite publics et privés, des compagnies d’assurance et des fondations aux États-Unis, au Canada, en Europe, en Corée, au Japon et en Amérique du Sud.

La société de gestion d'actifs remanie la composition de son "investment institute".

Olivier Chabrier has joined Turgot Asset Management as head of partner relationships, his LinkedIn profile states. Chabrier joins from Palatine Asset Management, where he had been responsible for commercial distribution and independent adviser relationships and development of the Euro PP product range since May 2012. Before that, he was business development director at Aviva Investors and head of sales to IFAs and funds of funds at East Capital.

La société de gestion indépendante Atream, spécialisée dans la création, la gestion de fonds immobiliers et le conseil en investissement, a annoncé mercredi 24 avrilla nomination d’Assia Oudni, en qualité de directricedes relations investisseurs institutionnels. Rattachée au président de la sociétéPascal Savary,elle aura pour mission de renforcer et de développer les relations avec les investisseurs institutionnels. Arrivée en mars 2019, Assia Oudni a pour mission d’accélérer la croissance de la société de gestion en France et en Europe, sur l’ensemble des segments immobiliers développés par Atream : actifs adossés à l’industrie touristique, bureaux, commerces et résidentiels. La nouvelledirectricedes relations investisseurs institutionnels, a passé 11 ans chez Natixis Assurances où elle a endossé successivement les fonctions d’analyste, de chargée d’investissements immobilier et de senior investment manager en immobilier, infrastructure et private equity.

Olivier Chabrier a rejoint Turgot Asset Management en tant que responsable des relations partenaires, peut-on lire sur son profil Linked-In. L’intéressé vient de Palatine Asset Management où il s’occupait des relations commerciales distribution & conseillers indépendants et du développement de l’offre Euro PP depuis mai 2012. Avant cela, il était «business development director» chez Aviva Investors et responsable commercial CGPI et fonds de fonds chez East Capital.

Ryan Myerberg vient de Janus Henderson Investors.

Winton Group, one of the largest hedge fund companies in the world, will appoint its co-founder, Martin Hunt, as chairman of its board of directors, the Financial Times reports. Hunt will succeed Sir David Walker, former Barclays chairman, known for his report on governance at British banks. The change comes as Winton distances itself from its core profession, trend tracking, to concentrate on other quantitative models.

BlackRock was the most popular fund distributor in March in the European market, with net inflows of €6.28bn, followed by Pimco (€3.73bn) and Robeco (€2.89bn), according to statistics from the Lipper team at Refinitiv. They are followed by State Street (€2.18bn) and Axa (€1.79bn), the only French firm among the top 10. Analysts report that inflows at BlackRock were driven by money market products, which represented €4.4bn in (out of €6.28bn). Following on previous months, March brought net outflows of €18.8bn from long-term funds (excluding money market funds). Despite an unfavourable interest rate environment, bond funds continued to be most popular, with net subscriptions of €16.4bn. Real estate funds finished out the month in positive territory, with a positive balance of only €0.1bn, but all other categories finished in negative territory, including equity funds, which had net outflows of nearly €21bn, UCITS alternative funds (-€7.9bn), and diversified funds (-€5.5bn). Money market funds posted net outflows of €3.2bn, while open-ended funds on sale on the European market posted net outflows of €22bn in March, and €58.3bn in the first three months of this year.

Elle sera nommée directrice générale adjointe et responsable mondiale de l'investment management suite au départ de Barbara Knoflach

Scilla Huang Sun, former head of equity management at the Swiss GAM group, has joined the asset management division of reinsurer Swiss Re. The news has been reported by Citywire, and appears on Sun’s LinkedIn profile. She had been principal manager of the GAM Luxury Brands Equity Fund at GAM, which she joined in 2008. Sun will be based in Zurich.

Scilla Huang Sun ancienne responsable de la gestion actions du groupe suisse GAM a rejoint la division asset management du réassureur Swiss Re. L’information, dévoilée par Cytywire, est visible sur son profil Linkedin. Elle était notamment gérante principale chez GAM, qu’elle avait rejoint en 2008, du fonds GAM Luxury Brands Equity Fund. Scilla Huang Sun sera basée à Zurich.

Christian Lörincz vient de rejoindre Amundi en Autriche en qualité de responsable des ventes «Third Parties Distribution», a appris le site spécialisé e-fundresearch. Il a pris ses fonctions début avril, précise-t-on. L’intéressé rejoint Amundi en provenance de M&G Investments où il était depuis plus de huit ans directeur des ventes senior, basé à Vienne.Christian Lörincz a également travaillé chez Ökoworld Lux S.A. et chez DWS (Austria) Investment.

Invesco Deutschlandrenforce son équipe de distribution en Allemagne avec deux nouvelles recrues :Guido Hansmeyer au sein de l'équipe «Retail & Wholesale Sales» etAlexander Atobrhan au sein de l'équipe responsabledes ventes institutionnelles, rapporte le site spécialisé Fondsprofessionell. Guido Hansmeyer était précédemment responsable de l’activité wholesale chez F&C Asset Management, où il avait la responsabilité du redéploiement stratégique des activités allemandes. Depuis 2002 dans le secteur de l’investissement, Guido Hansmeyer a aussi travaillé chez WestLB Mellon Asset Management et chezBHW Invest. Alexander Atobrhan travaillait auparavant chezMetzler Asset Management, où il était dernièrement sur le front dela distribution institutionnelle. Il a également oeuvré chez Universal Investment et Baader Bank.

Savills Investment Management on 24 April announced the recruitment of Alex Jeffrey as CEO. Jeffrey, who is expected to join Savills IM late in 2019, will be based in Singapore. He will also be a member of the executive board at the Savills group. Jeffrey will work to lead a new stage in the development of Savills IM, whose assets under management have risen from £5.6bn as of 2015 to over £16bn currently, with inflows of £2.4bn in 2018. Jeffrey joins Savills IM from M&G Investments, where he had been head for Asia-Pacific, and worked to develop the activities of the asset management firm in the region. He was previously head of M&G Real Estate, based in London, where he contributed to growth in assets from about £15bn in 2012 to over £30bn last year.

Savills Investment Management a annoncé ce 24 avril le recrutement d’Alex Jeffrey en qualité de directeur général. L’intéressé, qui devrait rejoindre Savills IM vers la fin de l’année 2019, sera basé à Singapour. Il sera également membre du comité exécutif groupe de Savills. Alex Jeffrey aura pour mission de piloter une nouvelle étape dans le développement de Savills IM, dont les actifs sous gestion sont passés de 5,6 milliards de livres en 2015 à plus de 16 milliards de livres actuellement, avec une collecte de plus de 2,4 milliards de livres en 2018. Alex Jeffrey rejoint Savills IM en provenance de M&G Investments où il était responsable de l’Asie-Pacifique avec pour mission de développer les activités de la société de gestion dans la région. Il a auparavant été directeur général de M&G Real Estate, basé à Londres, où il a contribué à la progression des encours de 15 milliards de livres environ en 2012 à plus de 30 milliards de livres l’an dernier.

Les actifs gérés totaux s'élèvent à 1.430 milliards de francs, en hausse de 6% par rapport à la fin du trimestre précédent.

Wendel has issued a €300m bondmaturing in April 2026 and bearing interest at 1.375%. The issue was over subscribed more than seventimes. Bonds were primarily placed with French (27%), German (14%) and British (12%) investors. Proceeds of this issue will be used for general corporate purposes and towards the early repayment in whole of bonds maturing in April 2020 and in January 2021 pursuant to their make-whole redemption provisions. The redemption is subject to the successful completion of the 2026 bond issue. Wendel will exercise the make-whole redemption option on bonds maturing in April 2020 and January 2021 in order to extend its debt maturities. These two transactions will enable Wendel to extend its debt maturities to 4.4 years while also reducing its gross debt to €2,312m.

Investors redeemed an estimated $14.92bn from hedge funds in Q1 2019. It was the fourth consecutive quarter of net outflows for the industry. AUM ended Q1 at $3.259trn. Macro, long/short equity and managed futures funds were responsible for the majority of redemption pressures in Q1, with respectively $6.15bn, $9.9bn and $5.6bn outflows. This group of funds produced some very disappointing results in 2018, according to evestment. Funds which ended Q1 with inflows are multi-strategy funds (+$3.9bn), event driven funds (+$2.4bn) and directional credit funds (+$2.2bn).

Nikko Asset Management has appointedsix senior corporate managing directors who will join Junichi Sayato, chairman and co-CEO, and Hideo Abe, president and co-CEO, in supporting the management of the company, effective as of 1May. The new members of the asset manager’s global executive committee are: Yuji Ooyagi, Hiroki Tsujimura, Osamu Morita (also named executive vice presidents), Kunihiro Asai, Stefanie Drews and Maho Nakada. In addition, Yuji Ooyagi will be in charge of Japan sales, and will oversee both the Japan retail businessand Japan institutional business divisions. Stefanie Drews will be appointed as the global head of the newly created international sales & strategy division. This will combine international sales, international planning, global ETF sales (excluding Nippon Institutional Securities), and international consultants. Stefanie Drews will also be appointed as the global head of two newly formed divisions: the products & solutions division and the sales support division. Hiroki Tsujimura and Yu-Ming Wang will be appointed as the co-CIOs, responsible for domestic and international investment management.

Tennis superstar Serena Williamsshared last weekthe details of her investment firm, calledSerena Ventures, according to Business Insider. The venture capital firm has been quietly backing companies since 2014 and has invested in more than 30 companies already. «I launched Serena Ventures with the mission of giving opportunities to founders across an array of industries,» Williams said inher announcement on Instagram.Serena Ventures was created to give opportunities to a diverse set of founders, the firm said, particularly women and people of color. Investments will go into early-stage companies that value «individual empowerment, creativity and opportunity,» according to thecompany’s website.

A KPMG survey has found outthat 65% of the UK’s population would not consider taking a role in financial services, the main reason being the perception that finance is boring. However, people working in finance are happier than average, with 87% of bank, insurance or asset management employees saying they like their job compared to 82% of workers in different sectors. Whilst people working in financial services are on the whole happier, the main driver for working in their current role is salary. When asked their motivation for being in their current role, over a third (31%) of financial services employees said salary, which was followed by ‘it’s interesting’ (16%) and ‘it has good progression opportunities’ (16%). These motivations are very different with those in other sectors, just 16% of whom listed salary as a key driver. KPMG’s study also highlighted that two fifths (41%) of financial services employees had parents who worked in the same industry, by contrast, across non-finance employees the figure stood at 12%. Commenting, Tim Howarth, Head of FS consulting, KPMG, says: “There’s clearly a gap between what the public think, and the realities of working in financial services. That has to be addressed if we are to attract the diverse mix of skills and experiences needed to navigate the changes going on in financial services and society. Technology and customer engagement is a priority for most of my clients right now, so people working in retail, leisure or IT could have a huge amount to offer. But, the sector has an image problem that’s putting off that talent.”