P { margin-bottom: 0.08in; } The market operator Nasdaq OMX on 27 January announced that it is opening an office in India, in Bangalore. The new location will be responsible for developing new technologies and improving the existing range. It will work to develop the next generation of platforms dedicated to investor relationships.

Le gestionnaire francfortois Source for Alpha (S4A) a nommé Peter Vogel et Richard Sopp au poste de responsables des ventes des fonds offerts au public et des mandats de gestion de fortune, indique das investment. Peter Vogel était jusqu'à présent directeur de V-Fonds, alors que Richard Sopp travaillait auparavant pour le magazine Institutional Money.

Vontobel Asset Management a nommé Christian Hoeg responsable pour le marché allemand de la société de gestion, rapporte das investment. Il occupera également le poste de responsable de la gestion obligataire. L’intéressé remplace à son nouveau poste Beate Meyer, qui sera à partir d’avril en charge du partenariat entre Vontobel et le groupe bancaire australien ANZ.

M&G Investments a enregistré le fonds M&G Income Allocation Fund à la vente en Allemagne, selon un communiqué publié le 27 janvier. Ce fonds, géré par Steven Andrew, vise une performance annuelle de 4%.Cette stratégie, lancée en novembre dernier, est déjà disponible dans de nombreux pays européens, notamment en France.

Deutsche Asset & Wealth Management (DeAWM) a annoncé le 27 janvier le lancement du db x-trackers Mittelstand & MidCap Germany UCITS ETF (DR), qui investira directement dans les grosses et moyennes entreprises allemandes.L’ETF va ainsi investir dans l’ensemble des 70 valeurs de l’indice sous-jacent, un indice donc plus large que les autres indices comme le MDAX qui ne comprend que 50 valeurs.DeAWM précise qu’environ 30% de l’indice est constitué d’entreprises dans lesquelles les fondateurs ou le management détiennent au moins 5% du capital. Frais annuels : 0,40% Code ISIN/WKN IE00B9MRJJ36 / A1T795 Code Bloomberg XDGM GY

M&G Real Estate a recruté Ng Chiang Ling, une ancienne cadre de Goldman Sachs, au poste nouvellement créé de directeur des acquisitions en Asie-Pacifique, révèle Asian Investor. Basée à Singapour, elle a pris ses fonctions le mois dernier avec pour mission de superviser les acquisitions de M&G Real Estate en Australie, à Singapour et à Hong-Kong.Précedemment, Ng Chiang Ling a officié pendant 15 ans chez Goldman Sachs dans sa division «merchant banking» où elle travaillait déjà à l’acquisition d’actifs pour les fonds immobiliers de la banque en Asie.

La société de gestion néerlandaise Kempen Capital Management vient de faire agréer six fonds à la commercialisation en Italie, selon un communiqué diffusé lundi en Italie. Il s’agit de Kempen (Lux) European Small Cap Fund, Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Plus Fund, Kempen (Lux) European High Dividend Fund, Kempen (Lux) Global Property Fundamental Index® Fund e Kempen (Lux) Global Sovereign Fundamental Index® Fund.Ces compartiments, qui font partie de la Sicav de droit luxembourgeois Kempen International Funds, seront accessibles aux investisseurs institutionnels et aux investisseurs particuliers.Cor Dücker, international business development manager en Italie, estime que l’Italie sera un marché de plus en plus important pour Kempen.

State Street Global Advisors (SSgA) vient de faire admettre à la Bourse de Milan sept nouveaux ETF, rapporte Bluerating. Cela inclut trois ETF obligataires à duration courte : SPDR Barclays 0-3 year US Corporate Bond UCITS ETF, SPDR Barclays 0-3 year Euro Corporate Bond UCITS ETF et SPDR Barclays 0-5 year US High Yield Bond UCITS ETF. Les autres sont trois ETF à hauts dividendes (SPDR S&P Global Dividend Aristocrats UCITS ETF, SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF et SPDR S&P UK Dividend Aristocrats UCITS ETF). Le dernier nouveau venu est le S&P 400 US Mid Cap UCITS ETF.

Alors que le gouvernement a mis en place la réforme mettant fin aux rétrocessions des commissions par les sociétés de gestion envers leurs distributeurs, et en particulier les conseillers financiers indépendants, ING IM a lancé la riposte en inaugurant début janvier FitVermogen, une plate-forme en ligne sur laquelle les investisseurs paieront seulement 50 à 70 points de base de commissions pour investir dans 65 fonds d’ING IM sur les actions, obligations, immobilier et multi-actifs, révèle Les Echos. En moyenne les frais de gestion sont compris entre 150 et 200 points de base en Hollande, rappelle le quotidien économique.ING IM a déjà lancé ce concept en Pologne et si le succès est au rendez-vous dans son marché domestique il n’exclut pas de le tester également en Belgique et en Italie.

Funds People rapporte que Mutuactivos a notifié à la CNMV, le régulateur espagnol, sa décision de liquider volontairement son fonds d’obligations d’entreprise, Mutuafondo Bonos Corporativos, lancé en juin 2009. La société justifie sa décision par le fait que, même si le fonds a atteint son objectif d’une rentabilité annuelle de 4% ou plus, «les perspectives du marché obligataire n’offrent pas de fortes opportunités» d’investissement. A fin décembre, ce fonds affichait seulement 62,5 millions d’euros d’actifs sous gestion, selon les chiffres d’Inverco, l’association professionnelle de la gestion d’actifs espagnole.

L’offre de fonds ne cesse de s’enrichir sur le marché espagnol. Trois sociétés de gestion viennent ainsi de lancer de nouveaux produits dans le pays. BBVA Asset Management vient ainsi d’enregistrer un fonds obligataire libellé en euro, baptisé BBVA Bonos 2024. Ce nouveau véhicule, dont l’échéance est fixée à août 2014, investira directement ou indirectement dans des dettes privées et publiques. Il pourra également inclure jusqu’à 20 % de dépôts et entre 50 à 100 % de dettes émises par l’Etat espagnol, le solde étant investi le cas échéant dans des obligations publiques ou privées émises par les Etats de l’OCDE. Les titres devront avoir une notation d’au moins BBB- ou équivalente à celle de l’Espagne. Le montant minimal d’investissement est fixé à 600 euros et les commissions de gestion seront de 0,95 %.En parallèle, Crédit Agricole Mercagestión et Santander AM ont chacun enregistré auprès de la CNMV, le régulateur local, un fonds dont l’objectif de performance n’est pas garanti contractuellement (rentabilitad objetivo). Ainsi, le produit du groupe bancaire français, baptisé CA Bankoa Objetivo 2019, investira dans des obligations privées et publiques (y compris des dépôts ou des instruments liquides du marché monétaires) avec un niveau de solvabilité équivalent ou supérieur à celui de l’Espagne et avec la possibilité d’avoir jusqu’à 25 % en qualité de crédit de trois échelons inférieurs à celle du pays. Tous les autres émetteurs devront être des pays de l’OCDE. Ses commissions de gestion sont arrêtées à 0,47 %. Enfin, Santander AM a lancé Santander Objetivo Rendimiento Europa II qui se veut la seconde version d’un fonds lancé courant 2013. Il investira dans les obligations publiques et privées des Etats de l’Union européenne et des communautés autonomes et jusqu’à 35 % en dette privée de l’Union européenne. Son investissement minimal est fixé à 20.000 euros pour des frais de gestion de 1,14 %.

P { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, Hugau Gestion is planning to launch Hugau Actions Monde, a new fund for which it has received a license from the Autorité des marchés financiers (AMF). The fund invests in international large caps and will likely be managed by Catherine Hugel. The target asset allocation is 80% composed of equities, and 20% of 1-3 year corporate bonds. To start out, the fund will privilege the United States and Europe, and will underweight emerging markets, where the purge is not yet complete, according to Hugau Gestion. From a sectoral standpoint, the fund will overweight financials and euro zone equities, where “there is some catching up to do.”

P { margin-bottom: 0.08in; } The Financial Conduct Authority has discovered that at least six asset management firms have misused client money to pay brokers to hold meetings with directors of businesses in the past five years, Financial Times fund management reports. The regulator did not disclose the names of the six asset management firms concerned.

P { margin-bottom: 0.08in; } The Financial Conduct Authority is reviewing the way in which online fund platforms are preparing to prohibit the acceptance of commissions from product providers, and the way in which changes to their remuneration will be communicated to consumers, the Financial Times reports. The regulator indicates that its “thematic review” aims to study the timetable and implementation of changes, the impact on the business models of companies and the effect on consumers.

P { margin-bottom: 0.08in; } The Netherlands-based asset management firm Kempen Capital Management has licensed six funds for sale in Italy, according to a statement released in Italy on Monday. They are the Kempen (Lux) European Small Cap Fund, Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Plus Fund, Kempen (Lux) European High Dividend Fund, Kempen (Lux) Global Property Fundamental Index® Fund and Kempen (Lux) Global Sovereign Fundamental Index® Fund. The sub-funds, which belong to the Luxembourg-registered Sicavv Kempen International Funds, will be available to institutional and retail investors. Cor Dücker, international business development manager for Italy, estimates that Italy will be an increasingly important market for Kempen.

P { margin-bottom: 0.08in; } Ronald Gaultier is joining Allianz Global Investors in Paris as infrastructure debt manager, under François-Yves Gaudeul, director of infrastructure debt. Gaultier joins from the Project & Public Finance team at PwC, where for five years he participated in financial and legal structuring of infrastructure projects. The infrastructure debt team at Allianz Global Investors, formed in July 2012 and led by Deborah Zirkow, chief investment officer, includes 8 investment professionals located in London and Paris. In France, AllianzGI carried out two initial infrastructure debt operations in 2013 on behalf of Allianz: the Musical City of Ile Seguin, and the Rocade L2 in Marseille.

P { margin-bottom: 0.08in; } Scor Global Investments (Scor GI), the asset management affiliate of the French reinsurer, tripled its assets under management for third parties in 2013, and is now expecting it to double in 2014, L’Agefi reports. Last year, the firm posted inflows of EUR200m, bringing its assets under management for third parties to EUR330m. In 2014, Scor GI hopes to double its assets under management for third parties, to EUR600m. In the hopes of achieving critical mass on a highly competitive market, Scor GI has set itself the goal for the completion of its strategic plan at the end of 2016 of having EUR1.5bn in assets under management for third parties, in addition to the EUR15bn it manages for Scor.

P { margin-bottom: 0.08in; } CSOP Asset Management, an affiliate of China Southern Asset Management, is preparing to launch the first ETF of Chinese treasury bonds under an RQFII (Renminbi Qualified Foreign Institutional Investor) license, after receiving permission from the Securities and Futures Commission (SFC) for its fund CSOP China 5-year Treasury Bond ETF on 24 January, Asia Asset Management reports. The new ETF will be listed on the Hong Kong stock exchange in early February. The permission comes two weeks after the announcement of a partnership between CSOP and the European ETF specialist Source to launch the CSOP Source FTSE China A50 UCITS ETF in London on 9 January.

P { margin-bottom: 0.08in; } L’Agefi reports that the private equity firm KKR has taken control of Sedgwick Claims Management Services, for USD2.4bn. Sedgwick is one of the largest personnel claims and services management firms in the United States, which also provides monitoring of medical and disability benefits.

P { margin-bottom: 0.08in; } The rumours are proving true: Christophe Boulanger, CEO of Edmond de Rothschild AM, will soon be leaving his job. The departure is rumoured to have been decided in agreement with the heads of the firm. In a letter sent to investors, Laurent Tignard, global CEO of asset management at the group on Monday, 27 January paid homage to the work carried out by Boulanger, who served for 17 years at the asset management firm. Boulanger will not be replaced in the new composition of the board at the firm, which Philippe Uzan, director of long-only management, and Nicolas Dubourg, CEO for investment solutions, are joining. In addition to Tignard, they join Guillaume Poli, deputy CEO in charge of asset management development for the group.

Myriad changes--macro and micro--support a Japanese institutional move to award mandates to foreign managers. Sub-advised funds accounted for 65% of investment trust assets under management at June 30, 2013, up from 61% in 2008, according a joint report from Cerulli Associates and Nomura Research Institute, Ltd (NRI). Sub-advisory arrangements can take two basic forms, either in a discretionary mandate (¥12.4 trillion, US$126.5 billion, as of June 30, 2013), or a fund of funds brief (¥15.0 trillion). Hybrid arrangements account for another ¥12.1 trillion assets under management (AUM). The sub-advisory market offers ample opportunities for foreign managers, particularly in areas like foreign equity and foreign real estate investment trusts where sub-advised funds account for more than 90% of AUM. «Gradual diversification of Japanese banks’ portfolios from Japanese Government Bond (JGB) to foreign securities and changes to pension fund governance spell greater opportunities for foreign managers,» said Yoon Ng, Asia Research Director at Cerulli Associates.

P { margin-bottom: 0.08in; } The wealth manager Partners Group and the investment fund Equis Fund on 27 January announced an investment of USD250m in developing a solar platform in Japan. Other investors have joined the consortium, including Babson Capital, LGSuper and Quantas Superannuation; they will finance the construction of the photovoltaic installation. The site will begin to be operational in second half, Partners Group says in a statement. The installation will be operated by Japan Solar and Nippon Renewable Energy KK (NRE). Equis Fund is presented as one of the largest private investment funds in the energy and infrastructure sector, with about USD960m in assets under management in Tokyo, Hong Kong, New Delhi, Manilla, Bangalore and Chengdu.

P { margin-bottom: 0.08in; } The Asian asset management firm PCA Investments has decided to close a multi-strategy hedge fund, after a decision by the Chinese sovereign fund China Investment Corp (CIC), the only large investor in the strategy, to pull out of the fund, the Wall Street Journal reports. PCA Investments has also closed its Hong Kong office, which was primarily focused on investment in Asian equities. At least five jobs are rumoured to have been lost. The future of the Beijing office does not appear certain.

P { margin-bottom: 0.08in; } The British asset management boutique Aurum Funds is planning to launch a fund of hedge funds which will comply with the terms of the AIFM directive, Citywire reports. The new fund, dedicated to European professional investors, will be one of the first to comply with the directive. The fund is expected to invest in traditional assets, while guaranteeing low volatility and low correlation.

P { margin-bottom: 0.08in; } The Swiss insurance group Zurich is launching Zurich Horizon Investment Solutions, a new investment range consisting of multi-asset class funds with various risk profiles, which will be managed by Threadneedle Investments, Investment Week reports. Threadneedle Investments, which was in the past controlled by Zurich, manages a large proportion of the insurance and pension fund assets of the Swiss group.

P { margin-bottom: 0.08in; } M&G Investments has registered the M&G Income Allocation Fund for sale in Germany, according to a statement released on 27 January. The fund, managed by Steven Andrew, aims for annual returns of 4%. The strategy, launched in November last year, is already available in many European countries, including France.

P { margin-bottom: 0.08in; } Deutsche Asset & Wealth Management (DeAWM) on 27 January announced the launch of the db x-trackers Mittelstand & MidCap Germany UCITS ETF (DR), which will invest directly in German large and midcaps. The ETF will invest in all 70 shares of the underlying index, larger than other indices such as the MDAX, which includes only 50 companies. DeAWM states that about 30% of the index is composed of businesses in which the founders or management control at least 5% of capital. Annual fees: 0.40% ISIN/WKN code: IE00B9MRJJ36 / A1T795 Bloomberg code: XDGM GY

P { margin-bottom: 0.08in; } After four years as head of Allianz Global Investors for northern European countries, Johnan Hamilton has left the firm, the Swedish website Fondbranschen reports. Allianz Gi still has three employees in Stockholm, but it is unclear who will take charge of the office.

P { margin-bottom: 0.08in; } M&G Real Estate has recruited Ng Chiang Ling, a former Goldman Sachs executive, for the newly-created position of director of acquisitions in Asia-Pacific, Asian Investor reports. Ng will be based in Singapore, and last month began in her new role, in which she will oversee acquisitions by M&G in Australia, Singapore and Hong Kong. Ng previously served for 15 years at Goldman Sachs in the merchant banking division, where she already focused on acquiring assets for property funds in Asia.

P { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) has listed seven new ETFs on the Milan stock exchange, Bluerating reports. That includes three short duration bond ETFs: SPFR Barclays 0-3 year US US Corporate Bond UCITS ETF, SPDR Barclays 0-3 year Euro Corporate Bond UCITS ETF and SPDR Barclays 0-5 year US High Yield Bond UCITS ETF. Three more are high-dividend ETFs: SPDR S&P Global Dividend Aristocrats UCITS ETF, SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF and SPDR S&P UK Dividend Aristocrats UCITS ETF. The last new fund is the S&P 400 US Mid Cap UCITS ETF.