«Tirant profit d’une possibilité anticyclique d’investir dans un actif très bien situé», l’allemand Deka Immobilien a acquis auprès d’un family office l’immeuble Ronda de Sant Pedro 5 situé à Barcelone.Cet actif de 4.000 mètres carrés, dont 2.600 mètres carrés de bureaux et 1.400 mètres carrés de boutiques, a été acquis pour 19 millions d’euros et affecté au portefeuille du fonds immobilier offert au public WestInvest InterSelect (DE0009801423).

Senior associate partner de l’équipe «charities» chez Sarasin & Partners, Tracy Collins rejoindra en juillet 2013 Rothschild Wealth Management, comme director dans l’équipe «charities». Elle sera basée à Londres et subordonnée à Nadu Patel, head of charities au sein du pôle gestion de fortune au Royaume-Uni. Nadu Patel est lui-même arrivé de chez Morgan Stanley Private Wealth Management en 2010.Parallèlement, Mark Kary, qui a rejoint Rothschild en 2010 et a été nommé head of wealth management en 2012 (c’est l’ancien CEO de Polar Capital), a annoncé le recrutement de Charles Costa Duarte et Jake van Beever pour constituer une équipe de conseillers clientèle en gestion de fortune. Tous deux travaillaient jusqu’à présent chez TSB Private Banking, où ils étaient chargées du suivi de clients particuliers de très haut de gamme (UNHW).

Le groupe Aberdeen Asset Management a annoncé le bouclage de l’acquisition du gestionnaire de fonds américain Artio Global Investors, selon un communiqué publié le 22 mai. Aberdeen a déboursé 179,7 millions de dollars sur la base d’un prix de 2,75 dollars par action et d’une prime de 46,3 millions de dollars par rapport à la valeur de l’actif net au 31 mars 2013. Cette opération permet à Aberdeen de développer ses activités en Amérique du Nord, avec une extension de son réseau de distribution et un renforcement de ses capacités dans le fixed income. Les actifs sous gestion d’Artio s'élevaient à 10,6 milliards de dollars à la date du 17 mai 2013, pour l’essentiel dans l’obligataire.

La société de gestion Newton, qui fait partie de BNY Mellon Investment Management, a annoncé le recrutement de Khuram Sharih au poste nouvellement créé d’analyste high yield au sein de l'équipe Global Fixed Income, selon un communiqué publié le 21 mai.Khuram Sharih travaillera aux côtés de Sebastien Poulin, qui a rejoint l'équipe en février 2012. Il sera directement rattaché à Parmeshwar Chadha, qui pilote plus de 1 milliard de livres d’actifs sous gestion dans l’obligataire high yield. Khuram Sharih travaillait précédemment chez Cairn Capital en tant qu’analyste senior sur le crédit.

Occitan Capital Partners, une société de hedge funds créée par d’anciens traders de Nomura et Boussard & Gavaudan, ferme ses pertes après deux ans de pertes, rapporte Financial News, citant quatre personnes proches du dossier. La société avait obtenu un investissement de Reservoir Capital Group et de Nomura.

Le suisse Partners Group (28 milliards d’euros) indique avoir revendu sa participation dans le britannique Cabot Credit Management (7,7 milliards de livres d’encours) à une filiale du capital investisseur J. C. Flowers & Co, pour un montant qui n’a pas été divulgué.En avril 2011, Partners Group avait acquis une participation dans Cabot conjointement avec AnaCap Financial Partners, pour faciliter la fusion entre Cabot Financial et Apex Credit Management, une transaction qui devrait être bouclée dans un très proche avenir.

Vanguard vient de lancer sur le London Stock Exchange quatre nouveaux ETF à réplication physique, renforçant sa gamme déjà composée de cinq ETF sur le marché européen. Ces nouveaux fonds domiciliés en Irlande couvrent l’Europe, l’Asie hors Japon, le Japon et le monde : Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF et Vanguard FTSE All-World High Dividend Yield UCITS ETF.Le total des frais sur encours (TFE ou TER en anglais) de ces fonds «low cost» s’échelonne entre 0,15 % et 0,29 %. Vanguard a drainé près de 290 milliards de dollars d’encours sur les ETF depuis le lancement de son premier produit en 2001.

Emiel van den Heiligenberg, CIO du groupe solutions multiclasses d’actifs chez BNP Paribas Investment Partners (BNPP IP), va rejoindre plus tard cette année Legal & General Investment Management (LGIM) comme directeur de l’allocation d’actifs en remplacement de David North qui a quitté l’entreprise au bout de douze ans d’ancienneté, rapporte Fundweb.

Selon Fundweb, Lloyds Banking Group procède à la vente de 15 % supplémentaires du gestionnaire St James’s Place (SJP) pour 500 millions de livres, afin de renforcer son capital.Une participation de 20 % avait déjà été vendue en mars, mais le groupe doit observer une période de blocage de 180 jours au minimum avant de pouvoir vendre les 21 % de SJP qu’il détient encore.

P { margin-bottom: 0.08in; } The head of distribution to professionals at FPM Frankfurt Performance Management, Oliver Fischer, will on 3 June join Charlemagne Capital as head of Germany/Austria, the German media is reporting. Fischer will replace Davut Deletioglu, who has decided to leave the company after 10 years.

P { margin-bottom: 0.08in; }A:link { } Cinco Días reports that, since the close of trading on 29 April, Bankia shares have lost 87.6% of their value. Although retail investors were not able to play on this decline by selling shares as there were no more shares available to be lent, the British hedge fund management firm GLG Partners on 17 April declared a short position representing 0.52% of capital in Bankia, or 103,700 shares.Without any leverage, shares which were worth EUR12 and have now fallen to EUR1.40 will have brought GLG capital gains of EUR1.1m in slightly over one month.

P { margin-bottom: 0.08in; }A:link { } Seven French-registered, UCITS-compliant ETFs replicating EuroMTS investment grade bond category indices have been moved by Lyxor Asset Management from a synthetic replication formula to a physical replication formula, fondsweb.de reports.The products are the following:LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE (FR0010222224)LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE (FR0010037234)LYXOR ETF EUROMTS 5-7Y INVESTMENT GRADE (FR0010411413)LYXOR ETF EUROMTS 7-10Y INVESTMENT GRADE (FR0010411439)LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE (FR0010037242)LYXOR ETF EUROMTS 15+ Y INVESTMENT GRADE (FR0010481093) andLYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE (FR0010028860)

P { margin-bottom: 0.08in; }A:link { } Swiss Life Asset Managers has posted net inflows in first quarter of CHF1.6bn, according to figures released on 23 May by the insurance group Swiss Life.The firm has continued its growth in the area of wealth management serving external clients, thanks to additional mandates.The group has posted net returns for non-annualised investments of 1.4% between January and March, compared with 0.9% in the corresponding period of 2012.

P { margin-bottom: 0.08in; } In first quarter 2013, 435 funds were launched in Europe, whilst a total of 600 funds (396 liquidations and 204 mergers) were withdrawn from the market during the same period, as the industry continues to consolidate its fund ranges, according to Lipper.During the first three months of the year, 435 funds were launched in Europe, the lowest number for Q1 results of the last five years. This reflects a decrease of 46% compared with the peak in Q1 2010 and a decrease of 14% compared to the same period in 2012, when 506 funds were launched.The number of liquidations is also at its lowest Q1 level for the past five years. The 396 liquidations in first quarter 2013 were 30% fewer than the peak of 566 in first quarter 2009. Compared with first quarter 2012, the number of funds decreased by 20%.As at the end of March 2013, there were 31,854 mutual funds registered for sale in Europe, including 8,581 in Luxembourg and 4,907 in France.Equity funds continued to dominate the fund market in Europe, with 37% of the funds available for sale, followed by mixed-asset funds at 25%. Bond funds stood at 22%, whilst money markets represented 5%.

P { margin-bottom: 0.08in; } The Scandinavian firm Tundra Fonder has launched an Asia ex-Japan equity fund for the former BankInvest emerging market specialist Jon Scheiber, Citywire Global reveals. Scheiber left BankInvest in May 2012, and joined Tundra in early 2013. The fund will have a quantitative approach, and will be entitled Tundra QuAsia fund.

P { margin-bottom: 0.08in; } The range of WisdomTree high dividend equity ETFs on 22 May gained an additional reference, in the WisdomTree U.S. Dividend Growth Fund (NasdaqGM ticker: DGRW).The product aims to replicate the fundamental weighting index WTDGI, which covers about 300 companies which pay dividends and combine the best characteristics for growth and quality as measured by long-term growth outlooks and returns on owners’ equity.The total expense ratio is 0.28%.

P { margin-bottom: 0.08in; } NYSE Euronext has announced that on 22 May, two ETFs from Lyxor Asset Management were admitted to trading on the Paris stock exchange, bringing the total number of ETFs listed on European markets of NYSE Euronext to 660, of which 576 are primary listings.The products, both of which charge fees of 0.40%, are the LYX Unlev VIX EUR (ticker: ULVO), which replicates the S&P VIX Futures Enhanced Roll, and the LYX Unlev VIX USD (ULVX), which uses the same index.

P { margin-bottom: 0.08in; } In first quarter 2013, hedge funds dedicated to emerging markets posted net inflows of USD1.8bn, according to the most recent edition of the HFR Emerging Markets Hedge Fund Industry Report. Inflows totalled USD3bn in fourth quarter 2012. Assets under management by emerging market hedge funds set a new record at over USD151bn, up by USD12bn compared with the end of December 2012. The HFRX Multi-Emerging Markets index gained 5.9% in the first four months of the year. Despite declines for the Chinese (Shanghai Composite) and Korean (Kospi) stock market indices, the HFR China and HFRX Korea indices have posted respective gains of 8.8% and 10%.

P { margin-bottom: 0.08in; } The CNMV has issued a sales license for Spain to Eurizon MM Collection, a Luxembourg-registered Sicav umbrella fund from the Italian firm Eurizon Capital, with three sub-funds specialised in Japan, China and Brazil, respectively, Funds People reports. They are Daiwa Equity Japan, managed by Daiwa AM, Itaú Equity Brazil Domestic Dynamics, managed by Itaú Unibanco, and Guosen RMB Fixed Income, managed by Guosen Securities.

P { margin-bottom: 0.08in; } In first quarter 2013, net profits for the private banking unit at ABN Amro totalled EUR35m, compared with EUR57m in the corresponding period of last year, which was marked by significant one-time profits. In addition, the decline is due to a slight decline in margins and a higher level of pension costs.As of 31 March, assets in the private banking unit totalled EUR165.1bn, compared with EUR163.1bn three months previously, with inflows and outflows evenly balanced.

P { margin-bottom: 0.08in; }A:link { } Tracy Collins, a senior associate partner in the charities team at Sarasin & Partners, will in July 2013 join Rothschild Wealth Management as director of the charities team. She will be based in London, and will report to Nadu Patel, head of charities in the wealth management unit in the United Kingdom. Patel joined from Morgan Stanley Wealth Management in 2010.Meanwhile, Mark Kary, who joined Rothschild in 2010 and was appointed as head of wealth management in 2012 (he is the former CEO of Polar Capital), has announced the recruitment of Charles Costa Duarte and Jake van Beever, to form a team of wealth management client advisers. The two men had previously worked at TSB Private Banking, where they were responsible for assisting ultra-high net worth (UHNW) retail clients.

P { margin-bottom: 0.08in; } The US investment firm Capital Group has opened a local branch in Milan as part of a development of its private management distribution in Europe, Investment Europe reports. At the same time, Vlasta Gregis has joined the firm as head of development for Italy. She had previously been at Aviva Investors. The move follows the recent appointment of Grant Leon, formerly of Aberdeen Asset Management, as head of sales for the Private Wealth Distribution activity at Capital.

P { margin-bottom: 0.08in; }A:link { } Lyxor is offering a new investment strategy in senior European debt, “Lyxor European Senior Debt,” which will be released by the British affiliate of Lyxor, Lyxor AM announced on 22 May at a press conference.The LBO loans market is not highly trafficked by institutional investors, who are generally exposed to senior loans via collateralized loan obligations (CLO). “The asset class is not highly present among institutionals, but the market is rather large to construct diversified portfolios,” says Thierry de Vergnes, head of debt management at Lyxor AM. The European loan market was driven by 245 businesses in 2011 and 2012, which borrowed a total of about EUR72bn. In first quarter 2013, EUR15bn in loans were issued.The financial crisis has resulted in the emergence of more favourable conditions for purchasers of loans at a time when investment capacity in CLOs is in the process of fading away. Weaker demand by European CLOs, whose reinvestment periods are generally maturing, and higher capital needs on the part of banks have led to an increase in margins on primary issues. This improvement in investment conditions has modified the investor base, as debt funds and direct investors are gradually replacing CLOs and banks. A considerable advantage compared with high yield bonds which have a set coupon is that loans have variable rate coupons, which represent partial coverage in the event of a rise in interest rates.The strategy offered by Lyxor, whose capacity may reach EUR200m, aims to generate annual returns 6% to 7% above the Eurbor 3-month rate on a 6 to 8 year horizon. Retail shares will aim to deliver annual revenues of approximately the Euribor 3-month +5%.

P { margin-bottom: 0.08in; } Stefan Paulus, a specialist in funds at Bank Julius Baer, has been recruited as senior relationship manager at Dexia Asset Management, to serve institutional clients in German-speaking Switzerland and Liechtenstein. About 80 funds (equities, bonds, SRI, hedge funds) from Dexia AM are licensed for sale in Switzerland.

U.S. prime money market funds (MMFs) increased their exposure to eurozone banks in April, although asset allocations to these institutions remain well below 2011 levels, according to Fitch Ratings. As of end-April 2013, MMF allocations to eurozone banks represented 15.1% of assets under management within Fitch’s sample of the 10 largest U.S. prime money funds, a 14% increase over the prior month. MMFs’ eurozone allocations have almost doubled since end-June 2012, a sign of improving investor sentiment toward the region. This resumption in eurozone allocations also suggests that the March decline was a tentative retreat given the brief market uncertainty after the Cyprus banking system failure.

P { margin-bottom: 0.08in; } The US manager Mary Chris Gay has left Legg Mason Capital Management, according to several sources. She has been replaced by her colleague, Sam Peters. Gay has since 1998 been manager of the Dublin-domiciled fund LMCM Value, whose assets under management total about USD2.3bn, and which had previously been managed by Bill Miller. Gay, who joined Legg Mason in 1988 as an analyst, would like to take her career in a new direction.

P { margin-bottom: 0.08in; } LHI Leasing has selected Caceis as a depository bank for its dedicated funds, in compliance with the AIFM directive and its expected transposition into the German law on capital investments (KAGB0, according to a statement released on 22 May. LHI and Caceis will soon be creating the necessary organisation to create two large funds in the areas of real estate and renewable energies. “Caceis, as part of its depositary banking services, offers all asset classes which are indispensable to the creation of funds, and may integrate other asset classes. This factor played a crucial role in our decision,” says Oliver Porr, CEO of LHI Leasing and chairman of the board of directors at the German dedicated fund association (VGF). In addition to real estate and renewable energies, LHI is planning to launch funds specialised in reactors and aircraft leasing, for which Caceis will serve as depository bank.

P { margin-bottom: 0.08in; }A:link { } After beating its objectives for the 2012-2013 fiscal year ending in March, the Paris office of Legg Mason, led by Vincent Passa, has gotten a rolling start to the new fiscal year. Assets under management may top USD1bn by 2014, possibly duing first quarter, Vincent Passa has told Newsmanagers, at the annual Legg Mason conference in London. Passa intends to achieve his objective, largely by pushing an absolute performance bond strategy managed by Brandywine, a Legg Mason entity specialised in fixed income. Brandywine, which has about USD38bn in assets under management in fixed income, launched a new version of the bond strategy about one year ago, which allows negative bets on durations and currencies. The strategy, which has assets of about USD2bn (including mandates) is in the process of being registered in France, and in other European countries. In addition to this new product range, which is expected to be made available in the next few weeks, Legg Mason also plans to foreground complementary strategies on US equities, which have proven their mettle and which can offer attractive outlooks in a context of recovery in the US economy. This is the case with the Clearbridge US Aggressive Growth fund, whose assets under management total slightly over USD700m, an all-cap size fund which will soon be 30 years old, and which invests only in businesses which will be likely to provide sustained growth across cycles. The fund is currently underweight in tech and overweight in the biotech sector. Passa is also counting on two other US equity funds, the Royce Small Cap Opportunities (over USD600m in assets under management), which is expected to performe very well in rebound phases, and the Legg Mason Capital Management Opportunity fund, managed by Bill Miller. In addition to US equity funds, Passa is also counting on a fund of Asian debt denominated in local currencies from Western Am, which is expected to deliver returns of about 8% to 9%, with volatility of 8%. “We would like to offer French investors products which are appropriate for the environment and which perform well. That is the case for the products which we are highlighting and which are also complementary,” says Passa. If current trends continue, the Paris office, which has three employees and covers not only France but also Monaco and Benelux, may also be enlarged.

P { margin-bottom: 0.08in; } The Taiwan-based asset management firm Yuanta Securities Investment Trust has signed an agreement with China Resources to create a joint venture in Shenzhen. A fixed income fund will be launched later in the year, Asian Investor states. In 2014, a cross-border ETF will be created. It will be traded in China, Hong Kong and Taiwan.

P { margin-bottom: 0.08in; } Eva Gottfridsdotter-Nilsson, CEO of Länsförsäkringar Fondförvaltning, the asset management activity of the Swedish bank Länsförsäkringar Bank, has been reelected as chair of the Swedish investment fund association, Fondbolagens Förening, for an additional year. Peter Branner, of SEB Fonder, has been reelected as vice-chairman. Three new members have been admitted to the board of directors at the association: Thomas Hedberg (Swedbank Robur), Javiera Ragnartz (Handelsbanken Fonder) and Maria Rengefors (Nordea Fonder). Fondbolagens Förening has also admitted two new companies: M&G Investments and KPMG.