P { margin-bottom: 0.08in; } Of EUR6.35bn in assets in the open-ended real estate fund ImmoInvest (DE0009802306) in May 2012, SEB Asset Management has now redeemed EUR1.707bn, or 29% of total assets, to shareholders in the fund, which is planned to be liquidated by 30 April 2017. On 1 July, it distributed EUR3.16 per share, following EUR1.24 on 28 December, and EUR10.25 on 29 June 2012. The July payment represents EUR368m, after EUR145m six months ago, and EUR1.195bn in mid-2012.The 1 July distribution was made possible by sales of assets, including those of a Germany portfolio to Dundee International REIT, two hotels in Berlin to Artic (Al Faisal Holding group) and two other buildings, one in Berlin, and one in Prague.

Japan’s financial services group Orix announced on July 1st that the acquisition of Robeco has been completed sooner than expected. Orix has acquired approximately 90.01% of the equity in Robeco from Rabobank. The total sale price as a result of adjustment to reflect Robeco’s most recent financial position was 1,937 million EUR.One of Orix’s and Robeco’s priorities will be to further develop the growth opportunities which exist in pension and asset management markets in Asia and the Middle East, where Orix has an established network. The Japanese group and Rabobank also will consider joint expansion in new business fields as strategic partners.Robeco’s management board will remain in their current roles with Roderick Munsters continuing as CEO.

P { margin-bottom: 0.08in; } The asset management firm Azimut has launched the first actively-managed index of China, via AZ Investment Management, according to Bluerating, citing Milano Finanza. The AZ CSI 300 has been based on the CSI 300 index, and redistributes it more evenly in sector terms in order to avoid excessive concentration on the financial sector.

P { margin-bottom: 0.08in; } The Australian Macquarie group has added to its fixed income, currency and commodities (FICC) unit, with the appointment of Thierry Albert Wizman as globla interest rates and currencies strategies, the style specialist wealthadviser reports. Wizman, who will be based in New York, previously worked at the emerging market specialist Artha Capital as a senior analyst and director of research.

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has introduced new tax-transparent fund structures, in order to bring British regulations into line with the terms of the AIFM directive, which will come into effect on 22 July this year. As part of the rollout of the AIFM directive in the UK, the FCA has introduced two new legal co-ownership and limited partnership structures, to facilitate investment in British funds.

P { margin-bottom: 0.08in; } Amundi (EUR750bn in assets under management) has recruited Nicholas Melhuish as head of global equities, a newly created position. He will be based in London, and will aim to develop international equity management at the French asset management firm.Before joining Amundi, Melhuish worked at UBS Global Asset Management (2007-2012), where he was head of global equity management.

P { margin-bottom: 0.08in; } At its latest working seminar, on 18 and 19 June in Montreal, the International Organisation of Securities Commissions (IOSCO) decided to focus more on behavioural economics and social networks, according to a statement released on 1 July. Participants in the seminar cited means that regulators could use to strengthen trust and encourage informed decisions by retail investors. They have also analysed the opportunities and risks that social networks represent in the financial sphere, and for market regulators. The members of the board have decided to integrate behavioural finance into the IOSCO regulatory approach, and to use it to improve the effectiveness of regulation. The board has also given its agreement for social networks to be used as an instrument to influence investor behaviour, to gather information, and to identify market trends.

P { margin-bottom: 0.08in; } Despite a very difficult economic environment, ultra-high net worth clients in the countries at the heart of Europe, France, Italy, Germany and Switzerland (FIGS), are growing in number and in wealth, according to statistics released by Wealth-X in its 2012-2013 annual report. As of June 2013, the number of ultra-high net worth (UHNW) clients in FIGS totalled 29,000, with cumulative wealth of over USD3.9bn. This total is higher than the GDP of most major economies on the planet, with the exception of the United States, China and Japan. For Europe as a whole, the number of ultra-high net worth clients is down 1.9% to 53,440 with assets of USD6.950trn (-2.7%). Six German cities are in the top ten FIGS cities, while the population of ultra-high net worth clients in Germany (15,770) is higher than that of China (11,245).

Andrew Formica, CEO of Henderson Global Investors, has told Newsmanagers that he hopes to recruit one or more global emerging market equity specialists by the end of the year, and that he would like to add a team dedicated to US equities. Emerging market debt is also an area which interests him, he said at the International Fund Forum in Monaco.The plans aim to diversify the expertise of the British asset management firm, and follow several operations of this type. Henderson has recently acquired 33% of the Australian asset management firm 30 West Asset Management, a specialist in international natural resources, and has recruited a US credit team.However, major deals such as an acquisition of New Star or Gartmore are a thing of the past. Formica says the prices are now too high in the asset management industry. “They have doubled in five years. We paid 5 times EBIT for New Star, and now, prices are about 9 times.”This price rise reflects the improved situation for asset management firms. “Formidable opportunities are opening up to us today. Firstly, clients, who are concerned about having too much cash, are looking for new sources of returns. Meanwhile, as banks disengage from sectors, new activities are becoming available to us, such as direct lending, real estate, infrastructure debt, etc.” the operation recently initiated by Henderson with TIAA-CREF in real estate is an indication of this trend.With respect to the Retail Distribution Review, it can be expected to penalise asset management businesses in the short term, but benefit them in the long term. “RDR will have an impact on volume. The money will move to ETFs, to the detriment of active management. But at the same time, that will remove barriers to entry. In addition, rather than working with all companies, advisers will prefer only a few asset management firms. That will also promote better dialogue with clients,” Formica concludes.

P { margin-bottom: 0.08in; } The British firm GLG Partners would like to recruit James Ind as an addition to its Macro and Relative Value teams, and launch a new total return fund, Investment Week reports. The new fund, which will be domiciled in the United Kingdom, will be a value strategy which will aim for returns of Libor + 5%. It will be managed by the macro team, conisting of Jamil Baz and Sudi Marappa, who has recently left Pimco to join GLG. Ind previously worked at Russell Investments, where he was a portfolio manager for multi-asset class strategies.

P { margin-bottom: 0.08in; } Mark Mobius, the legendary bond manager at Franklin Temlpeton, has told Financial Times Fund Management that he has no intention of retiring, although he is nearly 77 years old. He admits, however, that the firm has begun to prepare for his eventual departure. “We have a succession plan. It’s a large organisation, and I have two people on the team who have been with me since the beginning in 1987. In fact, there are 20 people who could easily replace me tomorrow if I got hit by a bus,” he tells FTfm.

P { margin-bottom: 0.08in; } Monika Ritter, head of relationships with consultants and institutional clients for the past six years at ING Investment Management, after spending three years at Goldman Sachs Private Wealth Management and Asset Management, is joining Axa Investment Managers (Axa IM) in Germany as senior institutional sales manager.She will be responsible for both advising businesses and foundations and contacts with consultants. She will report directly to Jörg Schomburg, head of instutional sales for Germany.

P { margin-bottom: 0.08in; } Last year, clients of Brummer & Partners were not celebrating: their largest hedge fund, Lynx, lost 5.14%, Dagens Industri reports. The second-larget fund, Brummer Multi Strategy, exposed to all hedge funds managed by the Swedish firm, earned 4.4%. Nonetheless, the four owners of Brummer & Partners earned SEK300m, DI.se reports.

Fidelity Worldwide Investment has announced that Mike Nikou will assume the role of managing director, South-East Asia, based in Singapore, with effect from 15 July 2013. He will be responsible for developing the overall business strategy and implementing plans to grow the retail and institutional businesses in Singapore and surrounding key South-East Asian countries. In addition, he will take responsibility for Asia ex-Japan product development. Mike Nikou has been with Fidelity for over 16 years and his last appointment with Fidelity was in the role of the managing director, Northern and Southern Europe within the Continental European region, overseeing distribution across the Nordic Region, Poland, Benelux, Italy, Spain and Latin America. In 1996, he started Fidelity’s Nordic business by opening up an office in Stockholm. The office has grown steadily and now has 12 employees, covering institutional and wholesale business across the Nordic region.

P { margin-bottom: 0.08in; } The Netherlands are preparing to limit bonuses in the financial sector more strictly than in Europe, Financial Times Fund Management reports. Jeroen Dijsselbloem, the Netherlands Finance minister, would like to reduce the limit for variable pay scales from 100% of fixed salary currently (which is in line with European projects) to 20% from January 2015. That could also apply to employees of Dutch groups based in the United States or Asia. Banks would be affected, as well as insurers, pension funds, and asset management firms.

Fidelity Worldwide Investment vient de nommer Mike Nikou au poste de managing director pour l’Asie du Sud-Est, basé à Singapour, avec effet le 15 juillet 2013. Il aura pour mission de développer la stratégie et de mettre en oeuvre les projets de croissance de l’activité retail et institutionnelle de la société à Singapour et dans les pays de l’Asie du Sud-Est. En outre, il prend la responsabilité du développement produits pour l’Asie hors Japon. Mike Nikou travaille chez Fidelity depuis 16 ans, dernièrement comme managing director pour l’Europe du Nord et du Sud. Il supervise notamment la distribution en Europe du Nord, en Pologne, en Italie, en Espagne et en Amérique latine. En 1996, il avait notamment monté l’activité de Fidelity en Europe du Nord en créant un bureau à Stockholm. Ce dernier compte désormais 12 personnes.

L’allemand HSBC Global Asset Management (Deutschland) GmbH a annoncé le 1er juillet le lancement du compartiment Mexico Equity Fund de sa sicav luxembourgeoise HSBC GIF, un fonds d’actions mexicaines libellé en dollars et géré par Aline de Souza Cardoso.L’univers d’investissement du fonds comporte 127 valeurs de sociétés exerçant leur activité principale au Mexique. Le portefeuille comportera entre 30 et 50 lignes sélectionnées selon une approche «bottom up». La gérante prend en compte des critères de gouvernement d’entreprise ainsi qu’un volume journalier de transactions de 0,4 million de dollars.CaractéristiquesDénomination : HSBC GIF Mexico Equity FundCode Isin : LU0877824093 (classe de parts AC)Droit d’entrée : 5,54 %Commission de gestion : 2,15 %

Monika Ritter rejoint Axa Investments Managers (Axa IM) en Allemagne comme senior institutional sales manager. Elle était responsable ces six dernières années des relations avec les consultants et de la clientèle institutionnelle chez ING Investment Management après avoir passé trois ans chez Goldman Sachs Private Wealth Management et Asset Management,Elle sera chargée à la fois du conseil aux entreprises et aux fondations et des contacts avec les consultants. Elle est subordonnée directement à Jörg Schomburg, head of institutional sales pour l’Allemagne.

Sur les 6,35 milliards d’euros d’encours du fonds immobilier offert au public ImmoInvest* en mai 2012, SEB Asset Management a désormais remboursé 1,707 milliard d’euros ou 29 % du total aux porteurs de ce fonds qui doit être liquidé d’ici au 30 avril 2017. En effet, au 1er juillet, il a été distribué 3,16 euros par part, après 1,24 euro au 28 décembre et 10,25 euros au 29 juin 2012. Le versement de juillet représente 368 millions d’euros après 145 millions il y a six mois et 1.195 millions à la mi-2012.La distribution du 1er juillet a été rendue possible par les cessions d’actifs, notamment celles d’un portefeuille Allemagne à Dundee International REIT, de deux hôtels berlinois à Artic (groupe Al Faisal Holding) et de deux autres immeubles, l’un à Berlin, l’autre à Prague. * DE0009802306

Spécialiste de la clientèle des gestionnaires de fortune indépendants depuis 2001, d’abord chez UBS, puis chez Hauck & Aufhäuser Privatbankiers (H&A), Michael Gillessen a été recruté à compter du 1er juillet 2013 comme directeur de la clientèle des gestionnaires de fortune de la banque privée Berenberg, sous les ordres de Tindaro Siragusano, responsable de la banque privée et de la gestion d’actifs.Berenberg a l’intention de développer son activité au service des gestionnaires de fortune, clientèle avec laquelle elle travaille déjà en tant que banque dépositaire (transactions boursières et reporting). Elle monte déjà des fonds d’investissement pour certains opérateurs et exerce des activités de conseil ,notamment pour la planification et la réalisation de successions.

Le groupe australien Macquarie vient de renforcer son pôle fixed income, devises et matières premières (FICC) avec la nomination de Thierry Albert Wizman en qualité de stratégiste global interest rates et currencies, rapporte le site spécialisé wealthadviser.Thierry Wizman, qui sera basé à New York, travaillait précédemment chez le spécialiste des marchés émergents Artha Capital en tant qu’analyste senior et directeur de la recherche.

KBL European Private Bankers (KBL epb) announced on July 1st the appointment of Jonathan Grosvenor, a financial services professional with over 25 years of international experience, as general manager, Global Financial Markets, based in Luxembourg.Offering a range of solutions for institutional investors and professional traders, the Global Financial Markets department is one of the pillars of KBL epb’s franchise, complementing the pan-European group’s core business of private banking.Most recently, Grosvenor served as the Hong Kong-based managing director, head of corporate clients, at BBVA, where he also began his professional career, serving first in London and then in Madrid. Between those two stints at the Spanish headquartered group, he served for over a decade at WestLB, rising to the position of joint head of global financial markets Asia, based in Singapore.

P { margin-bottom: 0.08in; } Aviva Investors has launched a high yield fund dedicated to the Asian market, Citywire reports. The fund, domiciled in Luxembourg, will be managed by Tim Jagger, senior vice president and bond portfolio manager based in Singapore. According to the prospectus, the Aviva Investors High Yield fund will largely invest in corporate high yield bonds issued by businesses located in Asian countries. At least two thirds of these companies must be either unrated or rated below BBB- by Standard & Poor’s or Baa3 by Moody’s. The fund, whose benchmark index is the JP Morgan USD Asian Non-Investment Grade Corporate, is licensed for sale in Luxembourg and Singapore.

Afin de familiariser les épargnants avec l’Investissement socialement responsable (ISR), ses promoteurs, l’AFG (Association française de la gestion financière) et le FIR (Forum pour l’investissement responsable) ont décidé d’en préciser la définition : «l’ISR est un placement qui vise à concilier performance économique et impact social et environnemental en finançant les entreprises et les entités publiques qui contribuent au développement durable quel que soit leur secteur d’activité. En influençant la gouvernance et le comportement des acteurs, l’ISR favorise une économie responsable». Pour la première fois, l’influence exercée par l’ISR et sur les impacts sociaux et environnementaux qui découlent de cette gestion ISR sont mis en avant. La feuille de route pour la transition écologique de la conférence environnementale de septembre 2012 a, pour la première fois, émis l’objectif d’élaborer un label ISR.

La RBA a maintenu mardi son taux directeur à 2,75%, son plus bas niveau historique, comme l’attendaient la plupart des économistes. Cette décision est notamment justifiée par le recul marqué subi par le dollar australien ces dernières semaines et par des signes traduisant une diffusion lente des dernières mesures d’assouplissement. Le dollar australien a cédé environ 10% de sa valeur depuis avril.

H.I.G. Capital annonce aujourd’hui le lancement réussi du Fonds H.I.G. European Capital Partners II, clos à 825 millions d’euros, soit un niveau largement supérieur à son objectif de départ. Le fonds poursuivra sa stratégie européenne centrée sur l’investissement en fonds propres au sein d’opérations d’acquisition (LBO) et de capital développement du segment du mid-market en Europe.

La banque centrale australienne a décidé ce matin de maintenir son principal taux directeur à 2,75% à l’issue de la réunion mensuelle de son comité de politique monétaire. Malgré une chute de 12% en trois mois, le gouverneur de la RBA a continué d’estimer que le dollar local «reste à un niveau élevé». Et d’ajouter qu’«il est possible que le taux de change se déprécie encore, ce qui aidera à engager un rééquilibrage de la croissance».

L’ancien président du Conseil italien Mario Monti a menacé hier de rompre avec le gouvernement d’union conduit par Enrico Letta, faute d’une accélération des réformes économiques. Cette menace a conduit le président du Conseil à convoquer une réunion jeudi avec ses partenaires de la coalition et les chefs des groupes parlementaires. La coalition centriste Choix citoyen de Mario Monti a néanmoins trop peu d'élus au Parlement pour faire tomber le gouvernement.

Les fonds Lion Capital, TDR Capital et Pamplona Capital Management sont candidats au rachat de la société de services funéraires OGF, ont confié à Reuters des sources proches du dossier. CVC a également été cité comme candidat potentiel pour le second tour du rachat de cette société détenue par Astorg Partners. Sur la base d’un Ebitda de 100 millions d’euros, OGF pourrait être valorisée entre 800 millions et un milliard d’euros.

Le London Metal Stock Exchange a fait des propositions visant à accélérer les retraits des stocks dans les entrepôts où les délais d’attente excèdent cent jours calendaires. Une consultation est ouverte jusqu’au 30 septembre, les propositions devant entrer en vigueur le 1er avril prochain en cas d’approbation. Le LME dispose d’un réseau de 765 entrepôts dans 36 lieux à travers le monde.