Pour l’exercice au 30 septembre, Hennessy Advisors, Inc affiche un bénéfice net de 0,97 million de dollars contre 1,21 million pour l’année précédente.L’encours des mutual funds à fin septembre est ressorti à 919,26 millions de dollars contre 749,31 millions douze mois plus tôt ; la hausse est surtout attribuable à un effet de marché positif. Cependant, l’encours moyen durant l’exercice a baissé à 823 millions de dollars contre 883 millions.Cela posé, au 26 octobre 2012, Hennessy Advisors a acquis la gamme de FBR Funds, ce qui a porté les actifs gérés à 3,1 milliards de dollars.

CDC Entreprises, en charge de la gestion du Fonds National d’Amorçage (FNA), associée à France Angels, la fédération des réseaux de business angels, a annoncé mardi 11 décembre la création du fonds commun de placement à risques (FCPR), Angel Source. Géré par iSource, une société de gestion de fonds de capital-risque spécialisée dans les secteurs technologiques, le FCPR constitue le premier fonds national de co-investissement avec des réseaux de business angels. Il est dédié au financement de jeunes sociétés innovantes et sera doté à terme de 30 millions d’euros."Angel Source investira ainsi en priorité dans des sociétés en phase d’amorçage agissant dans les domaines des technologies de l’information et de l’économie numérique (télécommunications, logiciels, microélectronique, Internet,…) ainsi que leurs applications dans les cleantechs et la santé. Il a pour objectif de réaliser entre 15 à 20 participations d’ici 2016", précise un communiqué.Le fonds interviendra aux côtés de business angels affiliés aux réseaux de France Angels. Les co-investisseurs interviendront à parité et aux mêmes conditions qu’Angel Source. Angel Source doublera ainsi les montants disponibles pour financer les jeunes sociétés technologiques les plus prometteuses avec l’intervention des réseaux de business angels. Il interviendra conjointement avec les business angels dès le premier tour de table, pour des montants de 0,5 à 1,5 million d’euros.Angel Source, doté de 20 millions d’euros dès son premier closing, a été lancé avec le soutien du Fonds National d’Amorçage (FNA), géré par CDC Entreprises, pour le compte de l’Etat, dans le cadre du Programme d’Investissements d’Avenir. La période de souscription d’Angel Source est ouverte jusqu’à l’été 2013, avec l’objectif de porter la taille définitive du fonds à 30 millions d’euros par l’arrivée de nouveaux souscripteurs personnes physiques et institutionnels.

BNP Paribas Real Estate a annoncé le 11 décembre une série de nominations dont celle de Henri Faure, directeur général délégué et membre du directoire, chargé de la supervision de l’activité d’Investment Management, placée sous la responsabilité de David Aubin. Il remplacera à compter du 1er juillet 2013 François Benfeghoul, directeur général délégué et membre du directoire, en charge de l’ensemble des Fonctions Centrales, qui a décidé de faire valoir ses droits à la retraite.Par ailleurs, Philippe Zivkovic, président du directoire de BNP Paribas Real Estate, en accord avec le conseil de surveillance, nomme Barbara Koréniouguine et Thierry Laroue-Pont, actuellement membres du directoire de BNP Paribas Real Estate, directeurs généraux délégués, et ce à partir du 1er janvier 2013. Barbara Koréniouguine continuera de diriger l’ensemble des activités de Promotion en Immobilier d’Entreprise et en Résidentiel.Thierry Laroue-Pont prendra la responsabilité des activités de Transaction, Expertise et Conseil (Advisory) tous pays confondus. Il conservera la direction opérationnelle des équipes Advisory France.A noter enfin que la ligne métier Property Management, sous la responsabilité de Lauric Leclerc, sera directement rattachée à Philippe Zivkovic

Le groupe Tikehau a annoncé l’arrivée de trois nouveaux collaborateurs au sein de l’entreprise. Au sein de Tikehau Investment Management (TIM), Etienne Gorgeon, auparavant CIO Fixed Income chez Edmond de Rothschild Asset Management est nommé directeur des investissements fonds ouverts et mandats. Frédéric Sallerin a été recruté au poste de commercial clientèle institutionnelle. Il était dernièrement en charge du développement de la distribution auprès des investisseurs institutionnels chez Sparinvest à Paris. Chez Tikehau capital Advisors (TCA), Vincent Favier devient directeur de participations. Il était depuis 2006 directeur général, responsable du bureau français de la société Amber Capital.

Schroders lance en Italie trois fonds investis dans la dette émergente : Schroder ISF Emerging Market Bond, Schroder ISF Emerging Market Corporate Bond et Schroder ISF Emerging Market Sovereign Bond, rapporte FondiOnline. La société britannique va aussi proposer aux investisseurs italiens le Schroder ISF RMB Fixed Income, sur le crédit investment grade libellé en renminbi.

HSBC Global Asset Management a lancé en Italie le HSBC GIF India Fixed Income, un fonds investi dans les obligations souveraines et d’entreprises indiennes, rapporte Bluerating. Le fonds sera accessible aux investisseurs institutionnels et particuliers.

Après avoir finalisé le 4 décembre son augmentation de capital de 2,5 milliards d’euros, le Banco Popular annonce qu’il vient de céder son principal portefeuille de créances douteuses d’un montant de 1.143 millions d’euros, rapporte Cinco Días. Les acquéreurs sont les fonds Lindorff et AnaCap. Selon les milieux financiers, le Popular aurait réalisé sur cette transaction une plus-value nette de 35 millions d’euros.L’objectif des cessions d’actifs du Banco Popular est de générer au total 300 millions d’euros de plus-values.

Récemment, deux gestionnaires étrangers ont obtenu de la CNMV, le régulateur espagnol, l’agrément de commercialisation en Espagne pour des fonds qui n’y étaient pas encore enregistrés. Funds People rapporte ainsi que La Française Asset Management a fait homologuer le LFP Trend Opportunities, un compartiment ISR de la sicav La Française AM Fund.De son côté, iShares (BlackRock) a fait enregistrer les ETF iShares Global Corporate Bond et iShares Global Government AAA-AA Capped Bond.

Le 23 novembre, l’architecte vedette Santiago Calatrava, de Valence, a transféré sa société de portefeuille Calatrava & Family Investments (31 millions d’euros dans le canton de Zurich. Le nom devient Calatrava & Family Investments GmbH, rapporte Cinco Días.Santiago Calatrava est ambassadeur honoraire de la marque Espagne depuis 2011.

Henderson Global Investors has acquired a 19,000 square metre property in Bad Dürkheim (Rhineland-Palatinate) for its German Logistics Fund. The sale price has not been disclosed. The logistical complex is leased to Uniwheels.The fund, an institutional product, is the result of a partnership between the real estate division of HGI and Palmira Capital Partner. The performance objective is 8.5% with maximal leverage of 40%.

Pension funds have EUR38trn in assets, equivalent to 63% of global GDP, IEIF reports. Their potential is particularly strong in real estate investment. “Considering the long-term portfolio reallocation trends for pension funds and the growth of their assets, the investment volumes expected in real estate are about EUR380bn in the next five years,” the IEIF study predicts. Even after 15 years, “the proportion of real estate properties in pension funds will continue to increase,” the study adds. The weight of real estate in pension fund portfolios has increased from 4.9% in 1996 to 7.3% in 2011.In real estate portfolios held by pension funds, office properties represent 27% of total properties, while commercial properties total 19%.

Schroders is launching three funds in Italy which will invest in emerging markets debt: Schroder ISF Emerging Market Bond, Schroder ISF Emerging Market Corporate Bond, and Schroder ISF Emerging Market Sovereign Bond, FondiOnline reports. The British firm will also offer Italian investors the Schroder ISF RMB Fixed Income fund, which invests in investment grade credit denominated in renminbi.

HSBC Global Asset Management has launched the HSBC GIF India Fixed Income fund in Italy. The fund invests in government bonds and Indian businesses, Bluerating reports. The fund will be available to institutional and retail investors.

Recently, two foreign asset management firms have received sales licenses for Spain from the CNMV for funds which were not previously registered. Funds People reports that La Française Asset Management has registered the LFP Trend Opportunities fund, an SRI sub-fund of the La Française AM Fund Sicav.iShares (BlackRock) has registered the ETF iShares Global Corporate Bond and iShares Global Government AAA-AA Capped Bond funds.

The Luxembourg investment fund association (ALFI) on 11 December published a guide to best practices for the domicile and administration of Islamic funds, in order to provide new understanding of the expectations and requirements in this fast-growing market segment.“2012 was a highly active year for the Islamic finance community in Luxembourg, with the launch of several new Sharia-compliant funds. Luxembourg is currently the leader in Europe and number 5 in the world for the number of Islamic funds, with 41 funds and EUR4bn in assets under management,” says Marc Saluzzi, chairman of ALFI, cited in a statement.The ALFI guide to best practices provides detailed information and advice about the legal format, domicile process and fund administration, and asset custody for Islamic funds in Luxembourg. The document also makes recommendations about compliance for Islamic financial instruments with Luxembourg UCITS regulations. This allows service providers who are already active in this area to better meet the expectations of the market and provides advice to new actors about all the aspects to consider.

Jennifer B. McHugh, who since 2009 had been senior advisor to outgoing Securities and Exchange Commission (SEC) chairwoman Mary L. Schapiro, and who had served as interim director of the investment management division of the Commission, on 11 December was appointed as senior adviser to Norm Champ, director of the investment management division for questions concerning mutual funds and investment advisers. She will begin in this position on 17 December.McHugh began at the SEC in 1999.

Royal London Asset Management (RLAM) on 11 December announced the appointment of Rob Williams as head of distribution. Williams, who will begin in his new role on 7 January 2013, will report to Andy Carter, CEO of RLAM. He will work to develop distribution and promotion strategies for the Royal London product range targeting wholesale and institutional clients. Williams previously worked at Skandia Investment Group, where he was responsible for distribution and marketing activities worldwide.

Newton Investment Management (GBP49bn of AUM) is introducing changes related to its UK equities team. Richard Wilmot (Investment Leader, UK Equities) has been named the new lead manager of the Newton Higher Income Fund. He also manages the Newton UK Equity Fund. Wilmot replaces Tineke Frikkee, who is in discussion with the company about her role at the firm.Newton also intends to make changes to the way it manages the Newton Higher Income Fund. It is to broaden the buy and sell discipline of the fund from buying at 115% of market yield and selling at the market yield, to buying at 75% of the market yield and selling at 50% of the market yield. Secondly, the firm intends to reduce the fund’s yield progressively over the next 18 months, with the aim of meeting at least a 10% premium per annum to the FTSE All Share yield over rolling three year periods.Newton also plans to make a number of changes to a range of its investment strategies that are sub-scale and non-viable in the longer term. Subject to shareholder and regulatory approval, the Newton Cautious Managed Fund will be merged into the Newton Managed Income Fund. The firm will also, subject to regulatory approval, close several small funds as follows: the Newton Discovery Fund, Newton Pan-European Fund and the Dublin-domiciled BNY Mellon UK Equity, BNY Mellon Sterling Bond and BNY Mellon Continental European Funds.

Karina Litvack, who is leaving her position as head of governance and sustainable investment at F&C Asset Management at the end of this month, will not be replaced, the Financial Times reports. “My position no longer exists,” she wrote in a goodbye letter, attributing the changes to restructuring brought in by Edward Bramson, the American activist shareholders who became executive chairman last October. Her responsibilities will be redistributed to several people.

Newton Investment Management, qui gère 49 milliards de livres à Londres, a remanié sa gamme de fonds actions britanniques, rapporte Financial News. Six petits fonds seront fermés et fusionnés. Dans ce cadre, la gérante Tineke Frikkee est en négociations avec la société au sujet de son avenir.

Skandia has added Invesco Perpetual and Artemis to the list of asset management firms available as part of its Select fund range, which is expected to be launched next year, fundweb reports. The other firms are: Aberdeen, BlackRock, BNY Mellon, Fidelity, Henderson, JP Morgan, Schroders and Threadneedle. The new range will include 50 funds, which will cover all the major asset classes.

Craig Newman, director of sales at Invesco Perpetual for Northern England, and Simon Dale, sales manager, have both left the firm, fundweb reports.

The Tikehau group has announced the arrival of three new employees at the business. At Tikehau Investment Management (TIM), Etienne Gorgeon, previously CIO Fixed Income at Edmond de Rothschild Asset Management has been appointed chief investment officer for open-ended funds and mandates.Frédéric Sallerin has been recruited as a salesperson for institutional clients. He had previously been responsible for development of distribution to institutional investors at Sparinvest in Paris.At Tikehau Capital Advisors (TCA), Vincent Favier becomes director of stakholdings. Since 2006, he had been CEO in charge of the French office of the Amber Capital company.

BNP Paribas Real Estate on 11 December announced a series of appointments, including Henri Faure, deputy CEO and board member responsible for overseeing Investment Management activities, who will report to david Aubin. He will replace François Benfeghoul, Deputy CEO and board member in charge of all Central functions, from 1 July 2013, as Benfeghoui has decided to retire.

For the fiscal year to 30 September, Hennessy Advisors, Inc has posted net profits of USD0.97m, compared with USD1.21m for the previous year.Mutual fund assets at the end of September totalled USD919.26m, compared with USD749.31m twelve months previously. However, average assets in the period fell to USD823m from USD883m.As of 26 October 2012, Hennessy Advisors has acquired the FBR Funds range, which brings assets under management to USD3.1bn.

ING IM on 11 December announced the recruitment of Philippe Fidaire as director of institutional clients. Fidaire, a specialist in investment solutions for institutional investors who has spent his entire career at Allianz Global Investors, began in his new role on 3 December 2012.Fidaire’s expertise in investment solutions will allow ING IM to develop its solid expertise on the French market. ING IM has “historic” expertise as the asset management firm of the ING insurance group, which includes leading strategies such as emerging market debt, corporate or government, denominated in local or strong currencies. The ING IM Investment Solutions unit now has 116 employees.

Fundweb reports that Neptune Investment Management on 3 December launched a European version of its Global Long Short sector fund, founded in November 2011. The fund, whose benchmark index is the MSCI Europe ex-UK, is managed by Ted Alexander, who is already manager of the global fund with Robin Geffen. The sectoral strategy is managed by Rob Burnett.

The Japanese market authorities are planning to facilitate the fund merger process in order to reduce the number of products with low asset levels, Financial Times Fund Mnagement report. The article initially appeared in Ignites Asia, FTfm says. More than 4,000 funds are currently on sale to retail investors in Japan, but many are inactive. The large number of funds is largely due to the lack of a licensing system for fund launches. In Japan, to merge two funds, an asset management firm is required to obtain the consent of the majority of investors (50% or two thirds). The FSA is planning to abolish this requirement.

The British Financial Services Authority (FSA) on 11 December sent a letter to asset management firms to warn them anout the risks of outsourcing operational activities, Money Marketing reports. Despite the increasing use of outsourcing operations, the asset management sector has not set up effective resolution and recovery plans for potential default of outsourced service providers. The FSA therefore calls on all sectors to take the necessary measures and to conduct all due diligence operations to ensure that operations contracted out to external providers are conducted appropriately.

Tax investigators in Turin have discovered an organisation based in Switzerland which has defrauded at least 600 savings investors in Northern Italy as part of a Ponzi scheme, Il Sole – 24 Ore reports. More than EUR20m have been raised by the structure with the promise of princely returns of 6-7% per year.