P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Ning Jing, manager of the BGF China fund, on 21 June left the asset management firm BlackRock. She had been manager of the fund for over five years, Asian Investor reports. Following the departure of the manager, the fund, which has USD1.27bn in asets, is currently managed by Andrew Swan, head of the Asian fundamental management team, and Emily Dong, co-manager of the BGF Asian Growth Leaders Fund. Asian Investor does not report where Ning has gone.

P { margin-bottom: 0.08in; }A:link { } GenCap Ventures, which acquired FactorShares last year, has filed an application with the SEC to launch actively-managed ETFs, and hopes to receive a license to launch such a product of Mongolian equities in the near future, IndexUniverse reports.

P { margin-bottom: 0.08in; }A:link { } GenCap Ventures, which acquired FactorShares last year, has filed an application with the SEC to launch actively-managed ETFs, and hopes to receive a license to launch such a product of Mongolian equities in the near future, IndexUniverse reports.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } CPR AM has announced the launch of CPR Global Return Bond, a flexible fund of international bonds, aimed at all types of investors (institutional, corporate and wealth management). It is a transformation of the FCP fund CPR World Capi as of 1 July 2013. “We think the bond market has entered a new phase, which will eventually certainly bring interest rate increases. Although short-term rates appear to be at a coherent level to us, long-term rates are far too low, and we estimate that they can be expected to reach about 4% in 2-3 years. Also, we have considered a type of approach which allows us to exploit the diversity of sources of returns in the international bond universe without being subject to risks related to rising interest rates,” says Eric Bertrand, deputy director of investments and director of fixed income and credit management at CPR AM. The management of the fund combined a “carry active” engine, which is based on a quantitative process that aims to select 85 positions from a large international universe (nominal interest rates, real interest rates, credit, currencies, inflation, arbitrage curves, geographical trades, etc.) which offer the best potential for returns. Then, the “classic discretionary” engine managed according to a traditional approach based on the fixed income management process at CPR AM select according to macroeconomic and financial scenarios by managers and strategists. Dynamic allocation between the two portions can vary significantly, according to the outlooks of managers, in order to prefer the “carry active” approach where possible (0% to 80% of the portfolio), or the “classic discretionary” approach (0% to 100% of the portfolio). CPR Global Return Bonds aims to outperform the JPM Government Bond Global Index hedged in euros over the long term. The maximal tracking error is 6% compared with its benchmark index. The actively-managed sensitivity range for fixed income can vary from -6 to +12. Characteristics Date of introduction of new management process: 01/07/2013 ISIN codes: I share class: FR0011486661 P share class: FR0010325605 Minimal initial subscription: I share class: one share – P share class: 0.001 of one share Subscription commissions: I share class: none – P share class: 3% Redemption commission: I share class / P share class – none Annual management fees: I share class: 0.80% including all taxes / P share class: 1.40% Performance commission: P and I share classes: 20% including all taxes, on performance exceeding the benchmark index, earned by the fund during the fiscal year, limited to 2% of assets including all taxes.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Fundweb reports that JPMorgan Asset Management (JPMAM) has decided to liquidate eight Luxembourg subfunds as part of a major clean-up of its fund range. The products will be liquidated on 30 August, and shareholders have already been notified. The products are the Global Agriculture fund, Global Infrastructure Trends fund, Global Mining fund, Japan Small Cap fund, Pacific Technology fund, UK Equity fund, Japan Behavioural Finance Equity fund and JP Morgan Series II fund.

P { margin-bottom: 0.08in; }A:link { } Fondsnieuws reports that the Netherlands-based asset management firm ING IM is releasing the Luxembourg-registered sub-fund ING (L) Renta Fund First Class Yield Opportunities (LU0922504583), managed by Ewout van Schaik, head of multi-asset strategies, and Roel Jansen, head of European investment grade credit, for sale.The two execs are responsible for asset allocation, with total freedom to invest in investment grade corporate bonds, high yield (worldwide) or emerging markets. The fund was launched on 9 July, and its assets total EUR35m.

P { margin-bottom: 0.08in; } The Luxembourg-based firm Alceda Fund Management, a specialist in fund administration (EUR5.4bn) on 24 July announced that with the US firm Afina Holdings of Philadelphia it has signed a strategic partnership to provide both sales of investment strategies from fund managers elsewhere in the world on the Latin American market in the form of UCITS funds, and to welcome interested Latin American fund managers onto the Alceda UCITS platform (AUP).As a part of the process, Afina will provide its assistance in the selection and construction of a secure investment vehicle, as well as in the entry to all major Latin American markets.Alceda says that several Latin American pension funds will potentially be interested in access to the UCITS fund market. The Chilean public pension fund has already invested more than 80% of its USD150bn in products which comply with the UCITS directive. Other pension funds have significant resources in the region, including in Peru, Colombia, Mexico and Brazil, where the proportion of local investments remains predominant.

P { margin-bottom: 0.08in; } After more than two months of investigation, the Spanish securities commission (CNMV) has nearly completed its reconstruction of orders issued on 23 May, when Bankia shares lost 51.4% of their value in trading volume of 49.4 million shares, five times its float. Cinco Días reports that, according to the chairwoman of the CNMV, Elvira Rodriguez, those at fault are foreign institutional investors “who will be punished as God commands.” The European Securities Markets Authority (ESMA) has also been notified.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } The Financial Conduct Authority (FCA), which on 1 April took over the responsibilities of the former Financial Services Authority (FSA) not assigned to the new Prudential Regulations Authority (PRA), has published a first report on the implementation of Retail Distribution Review (RDR) regulations, and has found that the majority of firms subject to the regulations have made progress and are willing to adapt to the new rules.However, three common points continue to pose problems for many firms surveyed. On the one hand, the fact that commissions are expressed as percentages rather than cash amounts confuses many consumers. On the other hand, several businesses which say they are independent have a tendency in reality to select only a restricted number of products and providers. Lastly, many clients complain that they do not receive clear explanations of the service they receive for the commissions they pay.The report is the first of three which are planned throughout the year to judge the progress that advising firms are making in investing to comply with the requirements of RDR regulations. In parallel to the survey, the FCA is publishing the findings of a study it commissions which examines the extent to which documents and material provided by advising firms genuinely help consumers to understand the fees they will pay and the service they can expect. The study points to the need to provide clear and concise information if it is desired that consumers be in a position to understand and compare services and prices.The FCA is also sending a fact sheet to more than 6,000 financial advising firms to help them determine whether the shared preoccupations of the sector that have been identified apply to them as well.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } BNP Paribas Securites Services on 25 July announced that it is acquiring the depository banking activities of Commerzbank dedicated to mutual funds and institutional funds domiciled in Germany, as well as open-ended real estate funds. 80 employees of Commerzbank involved in these activities “will have the opportunity to join BNP Paribas Securities Services,” a statement says. As of the end of April 2013, assets retained at the depositary banking activity of Commerzbank represented about EUR93bn. “This expansion confirms our status as a leader on the German market, and allows us to strengthen our position on the mutual fund segment through our mandate to Allianz Global Investors, one of the largest asset management firms in Germany, and on the other hand, to develop a new range of services to real estate funds,” says Gerald Noltsch, head of BNP Paribas Securities Services in Germany.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } NexT Advisor, an affiliate of La Française dedicated to assisting independent players in the distribution of financial savings product in France and internationally, has announced that it has signed an initial partnership to acquire a minority stake in the capital of Groupe Crystal, founded in 1992 by Bruno Narchal and Yves Martin. The Groupe Crystal has three main entities, Crystal Finance, Union Financière George V and Assinter Assurance Internationales. “This first partnership at Next Advisor is particularly emblematic of our ambitions: to provide ourselves with the means to set up minority distribution partnerships, and to assist leading actors on the market with their distribution and development strategy,” says Patrick Rivière, CEO of La Française. La Française currently has a total of over EUR37bn in assets under management. The Groupe Crystal has 15,000 clients and nearly EUR800m in assets controlled.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } After a disappointing start to the year, Lazard yesterday released adjusted net profits up 81% year on eyar, to USD59.9m (EUR45.3m). In second quarter, its operating revenues reached a recordf EUR511m (+12%).According to Agefi, this peak is due to the good health of asset management, which has set revenue records at USD243m (+18%). Lazard has, however, seen a decline of 5% in assets under management, which now total USD163bn as of 30 June. Assets were affected by a net outflow of USD4bn, due to an underperforming equity fund, according to the bank.The second key area for Lazard and the trademark of the French-US firm, mergers and acquisitions (M&A), and other advising professions, were up 9% year on year, to USD263m.

P { margin-bottom: 0.08in; }A:link { } The Austrian firm Erste Asset Management has announced that it has signed the Investor Statement on Bangladesh dated 16 May 2013, promoted by the Interfaith Center on Corporate Responsibility, which aims to require heads in the textile industry sector to promote better practices in terms of labour rights and safety for their employees.

P { margin-bottom: 0.08in; }A:link { } The universe of the RMB (renminbi or yuan) currency pool is continuing to grow with new opportunities for (non-Chinese) asset management firms being issued as quotas, Z-Ben Advisors reports.Teams at HSBC AM have received permission from regulators in Beijing for an RQFII license. Z-Ben Advisors estimates that a larger number of individual licenses will follow by the end of the year.

P { margin-bottom: 0.08in; } Société Générale has announced the sale of its private banking activity in Japan to the Japanese bank Sumitomo Mitsui Banking Corporation (SMBC). According to Agefi, the transaction covers USD3.1bn (EUR2.3bn) in assets under management. “We had accepted a spontaneous bid from Sumitomo,” says a spokesperson for Société Générale Private Banking (SGPB), which had EUR87.9bn in assets under management as of the end of March 2013. “We decided to invest them in order to concentrate on the centres of expertise where we are best positioned to grow,” meaning in Europe, China-Singapore and the Middle East.

P { margin-bottom: 0.08in; }A:link { } Assets under management by Janus Capital Group as of 30 June totalled USD160.6bn, compared with USD163.8bn three months earlier, although they remain higher than USD152.4bn as of the end of June 2012. The decline in assets in second quarter is due to net outflows of USD5.4bn from long-term products, which were only partially offset (USD2.2bn) by market appreciation.Janus has also reported net profits in April-June up to USD15.8bn, compared with USD28m in January-March and USD23.4m in the corresponding period of last year.Parallel to this presentation of quarterly results, Janus has announced that its chief financial officer (CFO), Bruce Koepfgen, has been promoted to the newly-created position of chairman. As CFO, he will be replaced by Jennifer J. McPeek, currently senior vice president and treasurer, who joined Janus in 2009 from ING Investment Management – Americas Region where she was senior vice president of strategic planning. The two promotions take effect from 1 August 2013.

P { margin-bottom: 0.08in; }A:link { } As of 30 June, assets at T. Rowe Price Group totalled USD614bn, which represents a decline of USD3.4bn compared with 31 March. Of this total as of the end of June, USD379.5bn correspond to mutual funds sold in the United States, while USD234.5bn correspond to “other portfolios.”Positive market effects of USD4.6bn were more than offset by net outflows of USD8bn in second quarter 2013. However, total assets under management remain considerably higher than the USD576.8bn recorded at the end of June 2012.For the second quarter, the firm has announced net profits of USD247.8bn, compared with USD241.9bn in first quarter, and USD206.8m in April-June 2012. For first half as a whole, net profits increased to USD489.5m, compared with USD404.3m in the corresponding period of last year.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Lyxor Asset Management has announced the appointment of Matthieu Mouly as director of ETF strategy, and recruitments for its sales team dedicated to ETFs in France. Mouly had previously been head of ETF sales for French-speaking countries, since 2010. He now becomes responsible for distribution, marketing and product development for the ETF industry and tracker funds. He is a member of the board of directors at Lyxor ETF, alongsite Arnaud Llinas, Clarisse Djabbari, deputy director, and Raphael Dieterlen, director of ETF and index-based management.Alongside the promotion, Lyxor Asset Management is also recruiting for its sales team dedicated to ETFs. Damien Cardillon is appointed as institutional salesman for ETFs. He will serve France and Monaco. He joined Société Générale in 2007 as an equity salesperson, and contributed to the success of the team servng French institutional clients.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } As of the end of the first quarter of the 2013-2014 fiscal year, ending on 30 June 2013, assets under management by Legg Mason Inc totalled USD644.5bn (see Newsmanagers of 15 July), for a decline of USD9.3bn compared with the end of May, and of USD20.1bn compared with the end of March.The contraction observed in April-June is due to both negative performance and currency effects of USD11.6bn, as well as to net outflows of USD8.7bn from liquidity products (which represent 20% of total assets), at a time when long-term assets posted net inflows of USD0.2bn. Compared with 30 June 2012 (USD631.8bn), assets under management are up 2%.The quarterly report also shows that Legg Mason in April-June earned net profits of USD47.8m, which represents an increase of 64% compared with USD29.2bn in January-March. In the corresponding period of 2012, the firm lost USD9.5m.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } In second quarter 2013, the private banking and wealth management unit of Credit Suisse, which includes wealth management clients, the corporate & institutional clients segment and asset management, earned pre-tax profits of CHF917m, comapred with CHF881m in January-March, while remaining below the CHF977m in the corresponding period of last year.For wealth management, pre-tax profits represents CHF529m, compared with CHF511m in January-March, with net inflows of CHF7.5bn, compared with CHF5.5bn in first quarter. As of 30 June, assets totalled CHF1.297trn, 7% higher than one year previously.For its part, asset management posted net subscriptions of CHF1.5bn, compared with CHF6.4bn in first quarter.Credit Suisse, whose pre-tax net profits totalled CHF1.045bn in second quarter, compared with CHF1.303bn in first quarter, and CHF788m in April-June 2012, states that net inflows from wealth management are due to persistent net subscriptions from emerging markets and high net worth individuals partially offset by capital outflows from Western Europe. In asset management, inflows were primarily to credit products, hedge funds, bonds and equities as well as multi-asset class solutions, but index-based strategies saw net redemptions. In addition, Credit Suisse saw net redemptions of CHF1bn from operations which it has decided to abandon.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } For an undisclosed total, TCMG Asset Management, an affiliate of the private bank Notenstein (Raiffeisen group) has acquired a majority stake in Vescore Solutions, a specialist in dynamic asset allocation, absolute returns and alternative investments. The transaction allows TCMG to continue its multi-boutique policy and to take advantage of Vescore’s locations to feed its growth in Germany (via Vescore Deutschland), Switzerland and internationally.A statement says that via its multi-boutique strategy, TCMG AM works to acquire stakes in asset management firms active in innovative investment solutions, with attractive track records. The objective is to participate in growth and consolidation on the asset management market. As a part of that strategy, the various asset management boutiques will retain their own brands and independence to a great extent.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Funds People reports that in first half 2013, assets in investment funds at Bankia increased by 15.7% to a total of EUR7.473bn, which represents an increase of EUR1.013bn in six months. For investment funds, Bankia is aiming in fund management for a share of 8-9%, as in other markets, though it currently has only 5%.As to pension funds, assets were up 40.1% in six months, to EUR4.260bn, but this largely reflects the firm’s acquisition of the remaining 50% stake in Aseval.

P { margin-bottom: 0.08in; }A:link { } Union Bancaire Privée Asset Management has signed a partnership agreement with Allfunds Bank (Santander and Intesa Sanpaolo) which opens access for all its UCITS-compliant funds to retail distribution networks of the Allfunds platform, Investment Europe reports.This affects 38 sub-funds of the Luxembourg Sicav UBP in Italy, including six share classes which are hedged for currency risks.

GenCap Ventures, qui a acheté FactorShares l’an dernier, a déposé auprès de la SEC une demande d’agrément pour lancer des ETF à gestion active et espère obtenir l’autorisation de lancer prochainement un tel produit sur les actions mongoles, rapporte IndexUniverse.

Au mois de juin, les contrats d’assurance vie ont subi des rachats à hauteur de 300 millions d’euros. Depuis le début de l’année, selon les chiffres de la FFSA, la collecte nette a représenté 7,7 milliards d’euros.L’encours des contrats d’assurance vie s’élève à 1.422,8 milliards d’euros soit une progression de 4% sur un an.Les prestations versées par les sociétés d’assurances au cours des six premiers mois de 2013 s'élèvent à 54,5 milliards d’euros, contre 64,2 milliards au premier semestre 2012. Le montant des cotisations collectées par les sociétés d’assurances pour janvier-juin 2013 est de 62,2 milliards d’euros (57,9 milliards sur les six premiers mois de 2012).

A la fin du premier trimestre de l’exercice 2013-2014, au 30 juin 2013, l’encours géré par Legg Mason Inc est ressorti à 644,5 milliards de dollars (lire Newsmanagers du 15 juillet) affichant ainsi une baisse de 9,3 milliards sur fin mai et de 20,1 milliards sur fin mars.La contraction observée pour avril juin s’explique à la fois par une moins-value et un effet de change négatifs de 11,6 milliards de dollars ainsi que par des sorties nettes de 8,7 milliards de dollars sur les produits monétaires (qui représentent 20 % de l’encours total) alors que les produits de long terme ont collecté en net 0,2 milliard de dollars. Par rapport au 30 juin 2012 (631,8 milliards de dollars), les actifs gérés sont en progrès de 2 %.Le rapport trimestriel indique aussi que Legg Mason a réalisé en avril-juin un bénéfice net de 47,8 millions de dollars, ce qui représente un bond en avant de 64 % par rapport aux 29,2 millions de dollars de janvier-mars. Pour la période correspondante de 2012, la société avait accusé une perte de 9,5 millions de dollars.

CPR AM a annoncé le lancement de CPR Global Return Bond, un fonds flexible d’obligations internationales, à destination de tout type d’investisseur (institutionnel, entreprise ou patrimonial. Il s’agit en fait de la transformation du fonds FCP CPR World Capi au 1er juillet 2013. «Nous pensons que le marché obligataire est entré dans une nouvelle phase qui, à terme, sera certainement haussière pour les taux. Même si les taux courts nous semblent à un niveau cohérent, celui des taux longs est nettement trop bas et nous estimons qu’ils devraient atteindre environ 4% à horizon 2-3 ans. Aussi, nous avons réfléchi à un type d’approche permettant d’exploiter la diversité des sources de rendement de l’univers obligataire international sans subir le risque de remontée des taux», commente Eric Bertrand, directeur adjoint des investissements et directeur de la gestion de taux et crédit de CPR AM.La gestion de ce fonds combine un moteur «carry actifs», qui repose sur un processus quantitatif visant à sélectionner, au sein d’un univers international large de 85 actifs (taux nominaux, taux réels, crédit, devises, inflation, arbitrages de courbe, arbitrages géographiques…), ceux qui offrent les meilleurs potentiels de rendement. Ensuite, le moteur «discrétionnaire classique» géré selon une approche traditionnelle classique repose sur le processus de gestion de taux de CPR AM, basé sur l’exploitation des scénarios macroéconomiques et financiers des gérants et stratégistes.L’allocation dynamique entre ces deux poches peut varier significativement, en fonction des vues des gérants, pour privilégier, le cas échéant, l’approche «carry actifs» (0% à 80% du portefeuille) ou l’approche «discrétionnaire classique» (0% à 100% du portefeuille). CPR Global Return Bonds a pour objectif de surperformer sur le long terme le JPM Government Bond Global Index couvert en euro. La contrainte de tracking-error maximum est de 6% par rapport à son indice de référence. La fourchette de sensibilité aux taux, gérée de manière active, peut varier de -6 à +12.CaractéristiquesDate de mise en œuvre du nouveau processus de gestion : 01/07/2013 Code Isin Part I : FR0011486661 Part P : FR0010325605 Montant minimum de souscription initiale : Part I : Une part – Part P : Millième de part Commission de souscriptions Part I : Néant - Part P : 3% Commission de rachats : Part I / Part P : Néant Frais de gestion annuels : Part I : 0,80% TTC – Part P : 1,40% Commission de surperformance : Part P et Part I : 20% TTC de la part de performance supérieure à celle de l’indice de référence réalisée par le FCP au cours de l’exercice. Plafonnée à 2% TTC de l’actif.

Lyxor Asset Management a annoncé la nomination de Matthieu Mouly comme directeur de la stratégie ETF et le renforcement de son équipe commerciale dédiée aux ETF en France. Jusqu'à présent il était précédemment responsable de la vente ETF sur les pays francophones depuis 2010. Matthieu Mouly est désormais en charge de la distribution, du marketing et du développement produits de la filière ETF et fonds indiciels. Il est membre du comité de direction des ETF Lyxor, aux côtés d’Arnaud Llinas, Clarisse Djabbari, directeur adjoint, et Raphael Dieterlen, directeur de la gestion ETF et indicielle. Parallèlement à cette promotion, Lyxor Asset Management renforce son équipe commerciale dédiée aux ETF. Damien Cadillon est nommé vendeur institutionnel pour les ETF. Il couvrira la France et Monaco. Il a rejoint en 2007 Société Générale en tant que vendeur actions, notamment auprès de la clientèle institutionnelle française.

NExT Advisor, filiale de La Française dédiée à l’accompagnement des acteurs indépendants de la distribution d’épargne financière en France et à l’international annonce avoir conclu un premier partenariat pour une prise minoritaire au capital du Groupe Crystal, fondé en 1992 par Bruno Narchal et Yves Martin. Le Groupe Crystal compte trois entités principales que sont Crystal Finance, Union Financière George V et Assinter Assurance Internationales. «Ce premier partenariat dans le cadre de Next Advisor est particulièrement emblématique de nos ambitions : se donner les moyens de mettre en place des partenariats minoritaires de distribution et accompagner des acteurs leader du marché de la distribution dans leur stratégie de développement», commente Patrick Rivière, directeur général de La Française.La Française totalise actuellement plus de 37 milliards d’euros d’encours sous gestion. Le Groupe Crystal compte 15.000 clients et près de 800 millions d’euros d’actifs contrôlés.

Au 30 juin, les actifs gérés par l’Union Financière de France (UFF) affichaient une hausse en glissement annuel de 7 % à 7,3 milliards d’euros contre 6,8 milliards et le bénéfice net consolidé part du groupe a gonflé au premier semestre 2013 de 14 % à à 7,4 millions d’euros.La collecte nette de janvier-juin est affichée à 21 millions d’euros alors qu’elle avait été chiffré à 25 millions pour la période correspondante de l’an dernier (lire Newsmanagers du 27 juillet 2012). Compte tenu de cette collecte nette et d’un impact positif de la valorisation des actifs au cours du premier semestre, les actifs gérés ont progressé de 83 millions d’euros entre le 31 décembre 2012 et le 30 juin 2013 pour atteindre les 7,3 milliards mentionnés plus haut.Les commissions de gestion provenant des actifs (43,9 millions d’euros) augmentent de 2% entre le premier semestre 2012 et le premier semestre 2013. Cette évolution reflète d’une part l'évolution des actifs gérés moyens (+7%) et d’autre part «une déformation de la structure des actifs intervenue au cours de l’année 2012, avec une augmentation de la part des supports sécuritaires au détriment des actifs investis en OPCVM plus rémunérateurs», précise un communiqué.Le conseil d’administration qui s’est réuni le 23 juillet 2013 a approuvé les comptes et arrêté un acompte sur dividende de 45 cents par action. Il sera versé le 7 novembre 2013.Les fonds propres de la société, après distribution prévue de l’acompte au titre de 2013, s'élèveront à 146,8 millions d’euros.