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.

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.

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 She has been replaced by her colleague, Sam Peters.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; }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; } 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.

P { margin-bottom: 0.08in; }A:link { } Fundweb reports that Lloyds Bnaking Group will be selling an additional 15% stake in the asset management firm St. James’s Place (SJP) for GBP500m, in order to increase its capital.A stake of 20% was already sold in March, but the group is required to observe a 180-day minimum lock-in period before being allowed to sell its remaining 21% stake in SJP.

P { margin-bottom: 0.08in; }A:link { } Emiel van den Heiligenberg, CIO of the multi-asset class solutions group at BNP Paribas Investment Partners (BNPP IP), will be joining Legal & General Investment Management (LGIM) later this year as head of asset allocation, replacing David North, who has left the business after twelve years, Fundweb reports.

Vanguard Asset Management has launched four new Irish-domiciled ETFs, complementing the five ETFs that it brought to the European market in 2012. The broadening of Vanguard’s ETF line-up underscores the firm’s commitment of providing low-cost, physically backed ETFs to investors, according to a press release. The four Vanguard ETFs newly listed on the London Stock Exchange are:Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF and Vanguard FTSE All-World High Dividend Yield UCITS ETF.

P { margin-bottom: 0.08in; } “Taking advantage of an anticyclical opportunity to invest in a very well-located property,” the German firm Deka Immobilien has acquired the Ronda building located at San Pedro 5 in Barcelona from a family office.The 4,000 square metre property, with 2,600 square metres of office space and 1,400 square metres of shops, was acquired for EUR19m, and will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect (DE0009801423).

La

Madrid

L’indice Nikkei a clôturé la séance en forte baisse de 7,32% à 14.483,98 points ce matin dans des volumes très importants,après la publication de l’indice HSBC traduisant les mouvements de l’activité manufacturière en Chine qui est tombé sous le seuil de contraction à 49,6 points pour le mois de mai, après 50,4 en avril. L’indice Topix plus large cédait de son côté 6,87% à 1.188,34 points.

Varsovie ne taxera pas avant 2020 la production de gaz de schiste extrait de son sol, a indiqué mercredi le ministre des Finances, afin de rendre son exploitation plus attractive après le retrait de plusieurs acteurs internationaux du secteur au cours des derniers mois. Une quarantaine de puits d’essai ont été creusés mais aucun d’eux ne devrait entrer en production avant 2015.

L’indice PMI du secteur manufacturier calculé par HSBC est tombé en zone de contraction de l’activité au mois de mai, à 49,6 points, après 50,4 en avril. Un chiffre décevant puisque le consensus tablait sur une stabilité de l’indice. «Il y a à présent une forte probabilité que la croissance du PIB chinois au deuxième trimestre soit plus faible qu’au premier», estime Ken Peng, économiste chez BNP Paribas.

L’activité de capital-investissement du groupe Quilvest annonce jeudi la clôture de trois levées de fonds : QS PEP 2012, QS REP II et QS Capital Strategies, pour des montants respectifs de 150, 300 et 230 millions de dollars. QS PEP est un fonds de fonds annuel de private equity mondial, QS REP intervient dans l’immobilier non coté, là aussi au niveau mondial, et QS Capital Strategies mise sur les entreprises américaines de taille moyenne. Les 80 millions de dollars engagés par des investisseurs dans ce dernier véhicule peuvent être abondés de 150 millions additionnels, via un financement en dette par la Small Business Administration (SBA) aux Etats-Unis, ce financement supplémentaire restant soumis à l’octroi d’une licence par les autorités américaines. Par ailleurs, Quilvest lance la levée de QS PEP Core, qui succédera à QS PEP, avec un objectif de 400 millions de dollars. A lire, l’entretien de Michel Abouchalache, patron du groupe, dans L’Agefi Hebdo du 23 mai.

Selon les données de la Caisse des dépôts et consignations, la collecte nette du Livret A s’est établie à 3,05 milliards d’euros en avril, après 1,83 milliard en mars. La collecte du Livret de développement durable a atteint pour sa part 1,56 milliard d’euros le mois dernier, après 960 millions en mars. L’encours des deux produits s’élevait à 363,3 milliards d’euros en avril.

Le fonds d’investissement et l’assureur Fidelity National Financial seraient de sources concordantes en négociations avancées pour l’acquisition du spécialiste des services en crédit hypothécaire Lender Processing. Le Wall Street Journal a le premier évoqué l’opération, misant sur une offre mixte équivalente à 33 dollars par action valorisant la cible à 2,9 milliards de dollars. Thomas H. Lee Partners prendrait 19,9% du groupe.

Les accords conclus entre l’Iran et les géants du courtage en matières premières Glencore Xstrata et Trafigura pourraient avoir aidé la République islamique à contourner les sanctions internationales prises en raison de son programme nucléaire, selon un rapport confidentiel d’experts de l’ONU dont Reuters a eu connaissance.

Un groupe de quatre sociétés d’investissement, emmené par Citadel Securities, a porté plainte contre cinq marchés boursiers les accusant d’avoir systématiquement surévalué le montant de certaines commissions sur transactions pendant des années. Sont mis en accusation le CBOE (Chicago Board of Options Exchange), l’ISE (International Securities Exchange, filiale de Deutsche Börse), les plateformes de Nyse Euronext Arca et Nyse Amex, ainsi que le Philadelphia Stock Exchange, propriété du Nasdaq. La plainte assure qu’«il n’y a aucun doute sur le fait que les marchés ont prélevé des commissions trop élevées pendant sept ans sur des millions d’ordres».

L’autorité japonaise a maintenu son programme de rachats d’actifs inchangé mais adaptera sa stratégie à la marge en cas de remontée des taux

Le véhicule, qui comprendra un FCP contractuel dédié aux institutionnels français, vise 200 millions d'euros et devrait voir le jour en juillet

L’échange automatique d’informations doit être mis en place au 1er janvier 2015 même si l’Autriche et le Luxembourg restent sur leurs gardes

Selon CreditSights, les émissions nettes annuelles de dette par les résidents en zone euro sont tombées dans le rouge, ce qui est une première

Après avoir été critiquées pour avoir sous-estimé l’impact des titres de créances adossés aux crédits hypothécaires (mortgage backed securities, MBS) avant la crise, les agences de notation sont une nouvelle fois sous le feu des critiques pour ne pas déceler correctement l’impact du rebond du marché immobilier américain qui pourrait permettre à certains MBS de revenir en catégorie investissement, indique le journal. Un retour qui permettrait aux fonds colectifs ou aux fonds de pension d’être en mesure d’acheter à nouveau ces titres. «Vous allez constater des milliers de hausse de notes dans les deux prochaines années», prédit ainsi Kyle Bass, de Hayman Capital.

Les principales économies de la zone euro cherchent à centraliser la collecte de l’impôt sur les transactions financières par le biais des infrastructures de marché européennes afin de s’assurer qu’elle réussisse également à capturer les transactions effectuées à la City de Londres, indique le journal qui cite un document confidentiel de la Commission européenne qu’il s’est procuré.

La filiale de la Société Générale, déjà présente sur le marché avec des CLO, espère collecter 200 millions d’euros sur un fonds de loans qui sera lancé en juillet, rejoignant ainsi Axa IM, Amundi ou BNP Paribas. Il comportera une poche destinée aux investisseurs institutionnels français.