Goldman Sachs Asset Management (GSAM) a lancé un fonds dette émergente qui aura une allocation active entre les obligations d’entreprise, les obligations gouvernementales et les devises, rapporte Investment Week. Le fonds domicilié au Luxembourg, Goldman Sachs Growth and Emerging Markets Debt Blend, est géré par Yacov Arnopolin aux côtés du CIO dette émergente Sam Finkelstein.

Richard Saunders, l’ancien directeur général de l’Investment Management Association au Royaume-Uni, est redevenu administrateur non exécutif d’Investec Asset Management, rapporte Financial News.

Henderson Global Investors a rouvert sa stratégie UK Absolute Return, géré par l’ancien duo de Gartmore Luke Newman et Ben Wallance, révèle Investment Week. La stratégie, qui inclut un OEIC et une sicav luxembourgeoise, avait été fermé aux nouveaux investisseurs en novembre 2011 lorsque les encours avaient atteint un pic de 1,8 milliard de dollars.

Troy Asset Management vient de lancer une version offshore de son Trojan Income fund, piloté par Francis Brooke et Hugo Ure, mais dont la stratégie onshore a vu son accès limité aux investisseurs le mois dernier, rapporte Investment Week.Dénommé Trojan Income Feeder fund, ce fonds n’appliquera pas de frais d’entrée. Le fonds investira au moins 85% de ses actifs dans le fonds onshore, exposé à des actions britanniques et internationales ainsi qu'à des obligations et à des OPC. Le mois dernier, Troy a tenté de limiter l’accès au fonds onshore, dont les actifs sous gestion s'élèvent à quelque 1,2 milliard de livres, en imposant un droit d’entrée de 5%. Au cours des douze derniers mois, les actifs sous gestion de ce fonds ont progressé de plus de 500 millions de livres.

Le fonds Baring Multi-Manager Properties Companies, domicilié à Dublin, devrait être formellement fermé le 30 août prochain, en raison de l’intérêt trop timide des investisseurs.A fin avril 2013, les actifs sous gestion dans ce fonds qui avait été lancé en janvier 2008 s'élevaient à 217.000 livres. Le fonds a perdu 33,64% depuis son lancement contre 46,44% pour son indice de référence le FTSE 350/Real Estate CR.

Le gestionnaire de fonds alternatifs Grosvenor soutenu par Hellman & Friedman négocie l’acquisition du « Customized Fund Investment Group » de Credit Suisse, selon Private Equity International que cite L’Agefi. L’activité gère 28 milliards de dollars d’actifs.

P { margin-bottom: 0.08in; } BlackRock will become the first asset management firm to launch an ETF in bonds denominated in renminbi in Hong Kong on 18 June, Asian Investor reports. The group on Friday received approval from the local financial market authority for the iShares RMB Bond Index ETF. It will be exposed to bonds denominated in renminbi issued by Chinese businesses and government agencies listed outside China (dim sum bonds).

P { margin-bottom: 0.08in; } ING IM on Monday, 3 June announced two senior appointments to its emerging market debt (EMD) team. Jerry Brewin joins as head of emerging market debt strategy, while Marcelo Assalin becomes lead portfolio manager of emerging market debt strategies in local currency. Three credit analysts will also join the corporate emerging market debt team. Since 2001, Brewin had been head of emerging market debt at Aviva in London. He will be based in the Hague, and will report to the chief investment officer of ING IM, Hans Stoter. He will be responsible for the overall management, the investment process, and the investment results of all EMD portfolios and strategies globally, as well as providing leadership to his team, a statement says. After Brewin’s arrival, Sylvain de Ruijter, interim head of emerging market debt since January 2013, will return to his position as head of Core Fixed Income, ING IM states. For his part, Marcelo Assalin had previously served as senior vice president and head of EMD Sovereign Debt at the affiliate ING US Investment Management. He will join ING IM International Atlanta, and will serve as senior manager for emerging market debt strategy in local currency, and will report to Brewin. The EMD team at ING IM, whose assets under management total USD12bn, now includes 24 specialists. The asset management firm states, however, that it plans to make further recruitments in order to bring the total number of members in its team to 28. Hans Stoter, CIO of ING Investment Management International, states that “the recruitments of Brewin and Assalin confirm that emerging market bonds are and will remain an important asset class for ING Investment Management. We aim to offer a complete range of EMD strategies … and continue to develop our vast range of products in order to meet the changing needs of our clients,” he added. The appointments come at a time when Rob Drijkoningen and Gorky Urquieta, who were co-heads of the emerging market debt team at ING IM as well as managers Bartvan der Made, Raoul Luttik and Prashant Singh left the firm earlier this year to join Neuberger Berman (USD205bn, of which USD96bn are in bonds).

In response to a European Commission request, the European Securities and Markets Authority has published on June 3 its Technical Advice evaluating the impact of regulation on short selling and certain aspects of credit default swaps on European financial markets.Notwithstanding the review’s limitations in terms of data and timespan, the Esma has found that there were mixed effects on liquidity of EU stocks, with a slight decline in volatily, a decrease in bid-ask spreads and no significant impact on traded volumes. No compelling impact on the liquidity of EU single name CDS and on the related sovereign bonds markets could be noticed. The liquidity in European sovereign CDS indices has been somewhat reduced.The technical advice key recommendations include : some technical improvements in the method for calculating net short positions in shares and a change of the method of calculation of net short positions in sovereign debt; an alternative approach to draw up this list of shares exempted from the regulation on the basis of turnover calculations. The Esma also suggests emergency measures in case of a significant fall in price.

P { margin-bottom: 0.08in; } Russell Investments is launching the Multi-Asset Growth Strategy fund, a multi-managed, multi-asset class fund, in Italy, Bluerating reports. The product allows access to 55 managers specialised in 20 different investment strategies. It aims for capital growth in line with the equity market, but with lower volatility.

The Swiss private bank Julius Baer and Milan-based Kairos Investment Management SpA, with approximately EUR 4.5 billion of assets under management, on June 3 announced that they have reached a major milestone with the completion of the transaction on 31 May 2013. The combined business in Italy operates under the name ‘Kairos Julius Baer SIM SpA’ as of 1 June 2013.Julius Baer has acquired a stake of 19.9% in Kairos to which it contributed its Italian asset management company Julius Baer SIM in line with the announcement on 12 November 2012. During the integration phase the combined business will apply for a banking licence to the Bank of Italy in order to set up a new private bank in Italy. Both parties together will decide on a future increase of Julius Baer’s strategic participation «after a few years,» accprding to a press statement. Boris F.J. Collardi, CEO of Julius Baer, commented: “Since November both partners have closely and successfully collaborated to reach this important milestone. Now we look forward to jointly developing a truly dedicated wealth management business which will significantly strengthen our long-term position in Italy.”Paolo Basilico, founding partner of Kairos, added: “I am excited to shape the future of ‘Kairos Julius Baer SIM’, with the clear goal to become a major force in the Italian wealth management market. The vast combined expertise and experience of both partners will result in a powerful offering and outstanding service for our clients.”

French giant Amundi on June 3 announced the signing of an agreement to acquire U.S. based Smith Breeden Associates, an institutional asset management firm specializing in the major U.S. fixed income sectors with an AUM of USD6.4 billion. The amount of the transaction has not been disclosed.For the French asset manager with close to EUR750 bn in assets, the acquisition of the U.S. boutique has three key objectives: offering an asset management expertise in U.S. dollar products to its institutional and corporate clients in Europe, Asia and the Middle East; strengthening the U.S. component of its global fixed income expertise; and enhancing the development of Amundi’s expertise in the U.S. Founded in 1982, Durham, NC-based Smith Breeden Associates provides full discretion fixed income asset management services to pension funds, endowments, foundations, funds-of-funds, and central and supranational banks. Focusing primarily on the major U.S. fixed income sectors (MBS, ABS, CMBS, corporate bonds, Treasurys) its product line includes a variety of long-only and absolute return strategies. Upon the closing of this transaction, Smith Breeden will be renamed Amundi Smith Breeden, and be a fully-owned and controlled subsidiary within the Amundi group. Patrick Pagni, currently Amundi’s senior regional officer for North America, will serve as executive chairman of Amundi Smith Breeden, and Mike Giarla will continue to manage the company as chief executive officer. “All key people within Smith Breeden expressed their support of the transaction,” according to a press release. The company will be part of Amundi’s fixed income organization; there will be no change in Smith Breeden’s investment process or personnel.“The integration of Smith Breeden constitutes a new step in Amundi’s development. It will enhance the range and the quality of our fixed income offerings for our clients, thanks to the expertise of the Smith Breeden team, which shares with Amundi common values based on a long term commitment to the clients and the delivery of sustainable performance through a disciplined research-driven investment process,” stated Yves Perrier, chief executive officer of Amundi.

P { margin-bottom: 0.08in; } Mandarine Gestion will recruit Thomas Vlieghe from Edmond de Rothschild Asset Management (Edram), Citywire Global reports. There, he will rejoin his former colleagues Françoise Rochette and Ludovic Dufour, who already joined the French boutique earlier this year. He will assist with the Mandarine Reflex fund.

P { margin-bottom: 0.08in; } Troy Asset Management has launched an offshore version of its Trojan Income fund, managed by Francis Brooke and Hugo Ure, but whose onshore strategy last month saw its access by investors limited, Investment Week reports. The fund, entitled Trojan Income Feeder, has no front-end fees. It invests at least 85% of its assets in onshore funds, exposed to British and international equities as well as bonds and OPCs. Last month, Troy sought to limit access to its onshore funds, whose assets under management total about GBP1.2bn, by imposing a front-end fee of 5%. In the past 12 months, assets under management by the fund have increased by over GBP500m.

P { margin-bottom: 0.08in; } The Baring Multi-Manager Properties Companies fund, domiciled in Dublin, will formally be closed on 30 August, due to a lack of interest from investors. As of the end of April 2013, assets under management in the fund, which was launched in January 2008, totalled GBP217,000. The fund has lost 33.64% since its launch, compared with 46.4% for its benchmark, the FTSE 350/Real Estate CR.

P { margin-bottom: 0.08in; } Henderson Global Investors has reopened its UK Absolute Return strategy, managed by a former duo from Gartmore, Luke Newman and Ben Wallace, Investment Week reveals. The strategy, which includes an OEIC and a Luxembourg Sicav, were closed to new investors in November 2011, when assets were at a peak of USD1.8bn.

P { margin-bottom: 0.08in; } All categories of bond funds in the United States lost money in May, at a time when interest rates are increasing, the Financial Times reports. US funds invested in top-rated bonds with average maturities of at least 10 years lost an average of 1.8% in May, their worst performance since October 2008, according to Lipper. The famous Pimco Total Return fund lost 2.2% in May, one of the worst results.

P { margin-bottom: 0.08in; } The recent volatility observed on some of the major global bond markets may call into question the mathematical value at risk (VaR) model, the Financial Times reports. A major international investment bank is reported already to have reached the risk threshold set for it by the model, after the Bank of Japan announced that it is deploying an expansionist monetary policy.

P { margin-bottom: 0.08in; } At a time when the British government is campaigning against tax evasion, Gibraltar has launched an information campaign to incite hedge funds based in London to move to a territory that offers highly favourable tax terms, the Guardian reports. Income taxes in particular could be capped at GBP30,000 per year, regardless of income level, while the marginal tax rate is 45% in the United Kingdom. To get that rate, a hedge fund manager would have to obtain the special tax status of “high-level director with particular abilities.” The prime minister of Gibraltar, Fabian Picardo, claims that Gibraltar is not a tax haven and that it respects all European tax regulations. The number of funds dommciled in Gibraltar has increased from 20 in 2006 to 150 currently, with assets of GBP3bn.

P { margin-bottom: 0.08in; } Richard Saunders, the former CEO of the Investment Management Association in the United Kingdom, has become non-executive director of Investec Asset Management, Financial News reports.

P { margin-bottom: 0.08in; } Goldman Sachs Asset Management (GSAM) has launched an emerging market debt fund which will have an active allocation between corporate bonds, government bonds and currencies, Investment Week reports. The fund, domiciled in Luxembourg, the Goldman Sachs Growth and Emerging Markets Debt Blend, is managed by Yacov Arnopolin, alongside CIO for emerging market debt Sam Finkelstein.

P { margin-bottom: 0.08in; } Commissions collected by asset management firms represent a growing part of the returns they earn for pension fund administrators, the Financial Times reports, citing a study by Lane Clark & Peacock. Commissions have remained stable while returns have fallen in recent years. As returns have continued to be lower than before, Mark Nicoll, a partner at LCP, predicts that administrators will need to call for a price cut. The study also finds that there is a considerable difference between the commissions charged by asset management firms. A pension fund with a GBP100m high-performance global equity mandate is liable to pay between GBP598,000 and GBP672,000 for management services.

P { margin-bottom: 0.08in; } The Italian online fund supermarket Fundstore, in partnership with Morningstar, has launched the Investimeglio platform, aimed at independent financial advisers, Bluerating reports. The objective is to help advisers to manage the requirements of clients globally, from defining profiles to constructing profiles.

Le nombre de personnes recensées

BlackRock et Euroclear Bank ont annoncé aujourd’hui des projets de réforme du traitement et du règlement des opérations portant sur des fonds indiciels cotés (ETF), réalisées dans toute l’Europe en lançant le premier ETF iShares revêtant la forme d’un titre international. «Contrairement au règlement des opérations internationales dont font l’objet d’autres ETF, qui est actuellement effectué par les dépositaires centraux nationaux (DCN), le règlement des transactions portant sur le nouvel ETF d’iShares sera assuré pour la première fois par Euroclear Bank, un dépositaire central international», indique un communiqué.

Le Fonds monétaire international (le FMI) a revu en légère baisse mardi ses prévisions pour l'économie française en 2013 et 2014. Les économistes du Fonds anticipent désormais une contraction de 0,2% de l'économie française en 2013, contre une baisse de 0,1% du PIB dans leur précédente estimation d’avril. Ils ont également revu à 0,8%, contre 0,9% auparavant, leur prévision de hausse pour 2014, s’alignant ainsi sur celle publiée la semaine passée par l’OCDE. Dans un rapport sur l'économie française, le FMI salue les réformes amorcées ces derniers mois comme le crédit impôt compétitivité emploi ou l’accord des partenaires sociaux sur le marché du travail, mais invite le gouvernement à aller plus loin et à donner la priorité à la baisse des dépenses pour la poursuite de la consolidation des finances publiques.

Le membre du directoire de la BCE indique que l’autorité monétaire européenne émettra ses plus grandes réserves sur l’instauration d’une taxe sur les transactions financières si elle devait entrainer des distorsions sur les marchés financiers. «Si nous trouvons que le projet peut entrainer des distorsions sur les marchés de financement et monétaires européens, alors nous nous tiendrons prêts à inciter les gouvernements à trouver des mesures alternatives», a estimé Benoût Coeuré.

Nyse Euronext a annoncé que ses actionnaires s'étaient prononcés massivement en faveur de l’offre de reprise de 8,2 milliards de dollars (6,3 milliards d’euros) de l’opérateur boursier par IntercontinentalExchange. Le projet, qui prévoit une scission des activités européennes d’Euronext, avait été annoncé en décembre. Les résultats préliminaires de l’assemblée générale extraordinaire montrent que l’OPA a été approuvée à environ 99%, a indiqué Nyse Euronext. ICE, qui réunissait ses actionnaires au même moment, a de son côté annoncé que 99,67% des voix s'étaient portées en faveur de l’acquisition de Nyse Euronext. Le même jour, Nyse Liffe a confirmé qu’il compenserait ses dérivés à compter du 1er juillet sur ICE Clear Europe, la chambre de sa future maison-mère, et non plus comme aujourd’hui sur LCH.Clearnet.

Le Fonds monétaire international a réduit de moitié lundi, à 0,3%, sa prévision de croissance pour l’Allemagne en 2013, citant des incertitudes persistantes dans la zone euro. Dans ses perspectives mondiales publiées en avril, le FMI avait maintenu à 0,6% sa prévision de croissance du PIB allemand.

Le Premier ministre japonais compte exhorter le fonds public des retraites à augmenter ses investissements en actions et en actifs à l'étranger suivant une stratégie de croissance constituant le troisième axe mis en place par le gouvernement pour sortir le pays de la déflation et relancer la croissance, indique Reuters de sources proches. Le gouvernement devrait créer une commission en juillet pour examiner les stratégies d’investissement des fonds publics qui privilégient actuellement les achats d’emprunts d’Etat. Cette stratégie d’investissement plus dynamique concernerait non seulement le fonds public des retraites (GIPF), qui dépasse les 2.000 milliards de dollars d’actifs (1.530 milliards d’euros), mais aussi une centaine d’autres fonds publics et semi-publics. Une démarche qui devrait être officialisée aujourd’hui dans le cadre d’un plan global de relance budgétaire («third arrow»), qui vient renforcer une politique monétaire ultra-expansionniste.