The first UCITS-format funds managed by a Saudi asset management firm were created in Dublin this month, Financial Times Fund Management reveals. NCB Capital will launch two equity funds to invest in Saudi Arabia and the Gulf Co-operation Council region, managed according to the principles of Sharia law.

WestLB Mellon Asset Management, founded in 2006 as a 50/50 joint venture of the German public sector bank WestLB (which has become Portigon AG) and BNY Mellon, has recently become BNY Mellon Investment Management Holdings (Germany) Limited, since the US group acquired the 50% controlled by Portigon. At the beginning of December, the asset management firm, which employs about 170 people and whose assets total EUR26bn, has adopted the name Meriten Investment Management GmbH.Werner Taiber, chairman of the board at Meriten, states that the name of the business was selected following intensive research and analysis work. In German, it means “merits,” and is intended to mean that Meriten focuses on the creation of value for clients, bringing in many prizes for the quality of its products.

Andreas Schmid, director of wholesale for Germany at Fidelity Investments, has joined Pimco as vice president in charge of clients in the global wealth management Germany and Austria team, led by Marco Grzesik.Erik Crawford, for his part, is leaving his position as head of multi-asset management at HQ Trust to become vice president in charge of clients in the institutional account management team at Pimco, also for Germany and Austria.

BNL, the Italian bank of the BNP Paribas group, is planning to create a network of financial advisers, Bluerating reports, citing a mention in newspaper Il Mondo. The plans are reported to have been placed in the responsibility of Marco Tarantola, head of the retail and private division at the consulting firm At Kearney. BNL has previous experience in financial advising with the BNL Investimenti brand, until 2004.

Edward Bramson will be ceasing day-to-day management at F&C Asset Management, the British asset management firm of which it took control in 2011, at a time when it is preparing to make acquisitions, Financial News reports. For that, it has raised more than GBP200m on the AIM In London via a new vehicle, and has obtained the support of George Soros, Ruffer and Jupiter Asset Management. A source close to F&C has told Financial News that Bramson will remain as non-executive chairman of F&C, and will take a management role in the new vehicle. F&C has initiated a search for a new CEO.

Bond issues denominated in Chinese yuan on the Hong Kong market, or “dim sum bonds,” currently appear to be becoming popular with investors again, Les Echos reports. In November, these bonds hit a four-month high. International groups in particular appear to be won over by the bonds once again, as they have raised CNY5.4bn for this class in November, compared with CHF1.2bn in October. This rebound in interest owes much to conjuncture, as China publishes statistics nearly every week which point to a stabilisation, or a real rebound in its economy this autumn.

A spokesperson for the Cantonal Bank of Zurich (ZKB) has confirmed to finews that on 1 January 2013 it will create a “key clients” department for its high net worth clients within its private banking division.The new service will be aimed at indivisuals seeking to invest at least CHF10m. The key clients department will be led by Bruno Ammann, who is currently regional director of private banking for the banks of lake Zurich.

The HSBC bank in Geneva has seen several departures of personnel by mutual agreement following a simultaneous dismantling in Paris and Geneva of a money-laundering network operating between France and Switzerland, according to the 30 November issue of the newspaper La Tribune of Geneva. Two Swiss citizens of Moroccan origin have been detained in Geneva, on suspicion of involvement in a drug money laundering network. They are charged with professional and gang money laundering, violation of narcotics law, and securities fraud, the prosecutor says. Meyer Elmaleh, who is being held by Swiss authorities, had been deputy director of the Swiss wealth management firm GPF SA, which dismissed him following his arrest. One of his brothers, a manager at the HSBC bank in Geneva, has also been arrested. Another brother living in France is being held in Paris.

After a slight decline in 2011, the cumulative wealth of the 300 richest people in Switzerland has begun to increase again. It is estimated at CHF560bn, CHF16bn more than the previous year, according to the most recent rankings by Bilan. The increase in overall wealth is largely due to 13 of the 17 families which control wealth of over CHF6bn Bilan explains in its 30 November issue. The vast majority of the riches individuals saw their fortune stagnate in 2012. Billionaires once again do best (+CHF44.4bn). The Bilan rankings include 137, a number which has remained stable for several years. Together, they have over CHF480bn. Ingvar Kamprad, 96, remains by far the richest living man in Switzerland. The wealth of the Swedish citizen, who resides in Epalinges, in the mountains of Lausanne, is estimated at CHF38bn to CHF39bn, up CHF3bn since last year. In second place is Jorge Lemann, with wealth of CHF17bn to CHF18bn (+CHF9bn). The son of a cheese-maker from Emmental emigrated to Brazil, and there saw his fortune rise due to the 15% stake he owns in the world’s largest beer maker, Anheuser-Busch InBev. According to Bilan, he is the richest Swiss citizen in the world. The 73-year-old businessman, who spends a large part of the year on the banks of lake Zurich, is one of the largest buyers and resellers of businesses in the world. The Hoffmann and Oeir families, which control the Basel-based pharmaceutical giant Roche, are in third place, with CHF16bn to CHF17bn (+CHF2.8bn). Claude Dauphin has also joined the highly exclusive circle of billionaires based in Switzerland. The Frenchman is the co-founder of the trading business Trafigura, based in Geneva, which is one of the largest businesses in Switzerland in terms of revenues. His wealth is estimated at CHF1bn to CHF1.5bn. However, the Swiss largely dominate the rankings, with 168 people, followed by the French (43) and the Germans (37).

A burst of optimism about the likelihood of US lawmakers cobbling together some kind of budget deal before a raft of spending cuts and tax increases kick in, saw investor attention shift to the biggest economy. During the fourth week of November EPFR Global-tracked US equity funds attracted over USD10 billion in net inflows, their best showing in more than a year. Overall, EPFR Global-tracked equity funds recorded inflows of USD14.86 billion during the week ending Nov. 28 -- their second highest total year-to-date -- while bond funds took in a net USD5.17 billion and money market funds USD5.87 billion.

Hedge fund capital invested in emerging markets globally expanded to USD127.8 billion, an increase of +8.5 percent YTD 2012, according to the latest HFR Emerging Markets Industry Report. Meanwhile, the number of hedge funds investing in emerging markets increased to 1,085, an increase of +4.8 percent YTD through 3Q12 to a record high. The HFRX Emerging Markets Composite Index has gained +5.3 percent YTD through October, with positive contributions from all constituent regions. The volatile HFRX India Index gained over +12.0 percent in 3Q and over 20 percent YTD, topping the gain of the Sensex 30.

The British regulator, the Financial Services Authority (FSA), will investigate the asset management industry as part of a review of bribery, corruption, sanctions and money laundering risks, according to the law firm Dechert, cited by Investment Europe. 22 firms have already been identified for the study. The agency warns: “All asset management firms, whether or not they expect to receive a visit from the FSA, must review their compliance in these areas.”

The Italian asset management firm Arca is launching a target-date bond fund, Arca Cedola Bomd 2017 Alto Potenziale VI, Blurating reports. It invests in bonds issued by euro zone countries and supra-national issuers, in corporate bonds and well-rated ABS, and in bonds from emerging sovereign issuers who may have a ratings lower than investment grade. The fund will be distributed by FinecoBank, Banca Mps, Banca Ipibi, Bper, Veneto Banca, Banca Popolare di Sondrio and Banca Popolare di Vicenza.

East Capital Baltic Property Fund II has acquired Gedimino 9, the most well-known high street shopping centre in the heart of Vilnius. The shopping centre has an excellent location on Gedimino Avenue featuring an area of close to 17 000 sqm. It is the largest real estate deal in Vilnius to date this year. Earlier this year East Capital Baltic Property Fund II acquired a newly built logistics property of 40 000 sqm in Tallinn. East Capital Explorer, the Swedish investment company, is the anchor investor in the fund.

At its third annual financial forum in Hong Kong, Paris Europlace, the association to promote the Paris financial centre, has unveiled its roadmap to contribute to the internationalisation of the renminbi (RMB) and to make Paris a European leader in access to the Chinese currency.Three priorities have been set. Firstly, existing financial services in Paris need to be strengthened and extended to assist French and European businesses, including SMEs. The objective is to allow them more control of interest and currency risks, and to improve their financing conditions. Then, Paris Europlace hopes to develop an offshore RMB liquidity unit, which would allow it to manage commercial flows in the Chinese currency, largely for transactions made between Chinese and African businesses, in light of French expertise in commercial trade with Africa. Lastly, the third priority is to offer the best liquidity to international banks active in the RMB market in Europe, particularly due to the complementary time zones in Hong Kong and Paris.To deploy this strategy, Paris Europlace is planning to undertake a series of concrete actions: inform and raise awareness at businesses, including SMEs, about opportunities for international growth in RMB, and to improve comprehension of the rules and practices on this market, promote services already developed by French and Chinese banks to serve European businesses and investors, and to strengthen mobilization of market players and French and European regulatory authorities to promote the internationalisation of the RMB.

Bild am Sonntag reports that a verdict has recently been published by a court in Düsseldorf, by which Credit Suisse, which was sentenced in late 2011 to pay a penalty of EUR148m plus a fine of EUR1m for providing active support for tax evasion to German clients.The settlement ends the legal action. The amount is exceptionally high since a member of the extended management at the bank was involved in the case.

BNP Paribas Securities Services has launched an alternative asset administration service for Australian institutional investors, to provide more effective management of their investments in private equity, infrastructure and real estate. The new range responds to demand from regulators and investors (pension funds, insurers) for more transparency in alternative investments.

According to VDOS, as of 22 November, Spanish funds have posted total assets of EUR126.691bn, EUR646m less than as of 31 October, Funds People reports. Positive market effects of EUR187m were largely offset by EUR833m in net redemptions.

La Grèce a dévoilé les modalités d’un plan de rachat d’obligations d’Etat de 10 milliards d’euros destiné à réduire l’encours de sa dette publique en profitant de la baisse de la valeur des titres. L’opération se fera par le biais d’enchère "à la hollandaise», une procédure dans laquelle les investisseurs proposent un prix auquel ils sont disposés à vendre leurs titres, en réduisant ce prix jusqu'à ce que l’acheteur l’accepte. Concrètement, les autorités grecques fixeront une fourchette de prix de rachat pour chacune des 20 lignes d’obligations visées, d’un montant global de 63 milliards d’euros.

Dans un entretien au Financial Times, le directeur général de Bank of Tokyo-Mitsubishi alerte sur l’exposition des banques japonaises au risque souverain du pays. « C’est la principale crainte des analystes». Selon la BRI, les détentions d’obligations souveraines japonaises par les banques du pays atteignent 9000% de leurs capitaux Tier 1, contre 25% pour les banques britanniques et 100% pour les banques américaines.

Le rendement des obligations sud-coréennes à 30 ans émises il y a trois mois assorties de la plus faible prime des pays du G20 (17 points de base de plus que le taux à 10 ans) s’est envolé de 18 pb à 3,20% depuis le 12 septembre, soit une hausse trois fois plus élevée que celle du taux à 20 ans. «Cela prendra du temps pour trouver un marché liquide sur les obligations à 30 ans et que les rendements se stabilisent» explique Kong Dong Rak, analyste chez Hanwha Investment & Securities.

Le groupe sidérurgique a confirmé samedi qu’un accord avait été conclu avec le gouvernement français concernant l’avenir du site de Florange. Il investira bien 180 millions d’euros sur cinq ans sur le site lorrain «afin de consolider et de renforcer la position (...) de Florange en tant que fournisseur d’acier à haute valeur ajoutée». Le groupe présidé par Lakshmi Mittal maintiendra égalementles activités d’emballage à Florange. «Après plusieurs mois d’incertitude, il est positif que nous soyons parvenus à un accord sur l’avenir de nos activités à Florange», a déclaré Henri Blaffart, vice-président de Flat Carbon Europe. «Dans le cadre de l’environnement économique actuel, il s’agit d’un bon accord qui permet à l’aval de Florange de pouvoir continuer à se développer et à fournir des aciers à très haute valeur ajoutée», ajoute le dirigeant.

Dans un rapport annuel publié aujourd’hui, l’agence de notation menace de dégrader dès l’année prochaine les investisseurs détenant des obligations émises par les gouvernements locaux américains. L’indice Bond Buyer mesurant le rendement des «muni bonds» à 20 ans est tombé à 3,29% la semaine dernière, son plus bas niveau depuis 45 ans, contre 3,68% il y a un mois.

L’indice PMI officiel du secteur manufacturier chinois a atteint 50,6 en novembre, son meilleur niveau depuis sept mois, contre 50,2 en octobre, d’après le Bureau national des statistiques. Une tendance à la reprise de l’activité en Chine confirmée par l’indice analogue publié par HSBC qui affiche également un rebond d’un point au-dessus du seuil de contraction de l’activité, à 50,5 en novembre.

«Nous sommes dans une période où avoir des taux d’intérêt bas pour une période très longue serait utile», a estimé Charles Evans, président de la Fed de Chicago, lors d’une conférence organisée par le Becker Friedman Institute for Research in Economics. Le président de la Fed de Philadelphie, Charles Plosser, a en revanche estimé que le maintien d’un taux de chômage élevé pouvait signifier que les mesures de la Fed ne fonctionnent pas comme espéré.

Revenant ainsi sur l’une de ses principales promesses électorales, le gouvernement espagnol a annoncé qu’il n’indexerait pas en fin d’année les pensions de retraite sur l’inflation. Les pensions seront revalorisées de 1 à 2% en 2013, alors que l’inflation en Espagne a atteint 2,9% sur un an en novembre. Madrid espère ainsi économiser environ 3,8 milliards d’euros et limiter le déficit budgétaire à 6,3% du PIB cette année.

Le secrétaire américain au Trésor a misé sur un accord avec les républicains concernant une hausse de l’imposition des tranches de revenus les plus élevées. Il a toutefois déclaré ne pas pouvoir promettre que les Etats-Unis éviteraient le « mur budgétaire » qui se profile. Les républicains, qui restent majoritaires à la Chambre des représentants, refusent d’exclure les Américains les plus riches d’un renouvellement de baisses d’impôts.

Alors qu’aucune réunion n’est encore programmée à Bercy pour finaliser le projet de Bourse de l’entreprise, «nous appelons officiellement les pouvoirs publics à prendre leurs responsabilités», confie à L’Agefi Caroline Weber, directrice générale de MiddleNext. A défaut d’accord avec l’opérateur boursier Nyse Euronext, qui n’a toujours pas dévoilé ses intentions mais pourrait le faire lors de sa conférence du 5 décembre sur le marché boursier, le ministère des Finances se verra dans l’obligation de proposer des solutions alternatives. Bercy devrait prendre une décision la semaine prochaine. En attendant, MiddleNext «se félicite que le pacte de compétitivité reprenne à son compte les projets de Bourse de l’Entreprise, de PEA PME et d’offre obligataire pour les ETI», mais demande à Bercy de passer à la vitesse supérieure.

Elles constituent maintenant la moitié des portefeuilles, un niveau qui n’a pas été atteint depuis mars 2011

New Delhi est attendu sur la libéralisation de l'économie qui relâcherait la pression sur les prix et donnerait des marges de manœuvre à la RBI