Le gérant d’actions américaines d’UBS Lawrence Kemp a quitté la société, rapporte Investment Week. Il gérait les stratégies UBS Large Cap Growth Equity. Il a été remplacé par Sam Console, Peter Bye et Paul Graham.

Heath Mottram, le responsable de l’activité fiduciary pension fund management chez Russell Investments, a quitté la société après y avoir passé un an pour rejoindre USS Investment Management, la société de gestion du fonds de pension britannique USS, rapporte Financial News. Il y sera responsable de l’obligataire et de la gestion sous contrainte de passif.

Argo Group a annoncé le lancement d’un hedge fund dédié aux marchés émergents qui investira dans des obligations et des devises d’un panier d’une quarantaine de pays émergents, rapporte Investment Week.Le fonds Argo Local Markets, qui devrait détenir entre 20 et 30 positions, dispose d’un capital de départ de 7 millions de dollars.

The trial of two hedge fund managers accused of insider trading began in the United States on Tuesday, the Wall Street Journal reports. Prosecutors told the jury that Todd Newman, former manager of Diamondback Capital Management, and Anthony Chiasson, co-founder of Level Global Investors, belonged to a “corrupt class” of individuals who made tens of millions of dollars on trades on the basis of confidential information about tech businesses. Lawyers for the defense responded that their clients took their decisions on the basis of legitimate research.

The US authorities on 13 November unveiled new proposed rules to reduce the risk that money market funds will reduce the stability of the financial and economic system. The Financial Stability Oversight Council (FSOC), which includes the major US financial watchdog organisations, “unanimously” voted to approve three proposed “structural reforms to attack the risks posed by” these mutual funds, the Treasury department says in a statement.The FSOC’s proposals follow two directions explored by the SEC and resisted by money market funds, with the addition of a third part put forth by the Treasury. The first would close an accounting loophole which money market funds exploit, so that the value of shares for their shareholders will be more in line with the real net asset value of the instruments held by the funds.The second would require funds to hold a marginal security capital in order to protect themselves against potential declines in their net asset value. The third proposal, put forth by the Treasury, would require money market funds to comply with stronger capital and liquidity requirements, which would potentially be associated with other corrective measures.The FSOC’s decision opens the way to reforms, with a two-month period for comment, during which participants may submit their opinions on the proposals to the authorities, and at the conclusion of which the Council may officially endorse one or more of the proposals.

An asset management affiliate of Bank of New York Mellon has paid USD210m to settle a lawsuit brought by the State of New York over a Ponzi scheme operated during the years of the Bernard Madoff fraud.New York Attorney General Eric Schneiderman has announced an out-of-court settlement for over USD210m with Ivy Asset Management, an affiliate of Bank of New York Mellon which had advised its clients to invest their money with Bernard Madoff, who is now serving a 150-year prison sentence.The agreement settles lawsuits brought by Schneiderman, the US Department of Labor and individual plaintiffs, according to a statement, which adds that the USD210m received, plus USD9m more from other defendants, will be returned to victims of the fraud.

The Pictet Emerging Markets High Dividend sub-fund of the UCITS-compliant Sicav Pictet Luxembourg will now be made available in the United Kingdom and the rest of Europe.The high-dividend emerging market equity product, managed by Mark Boulton and Stephen Burrows, follows a strategy deployed for Japanese investors since 2007, which had USD4.8bn in assets as of 6 November.The annual distribution level has been set at a prudent 4%, while the average returns on high-dividend equities in the portfolio as of the end of August stood at a gross 5.8% per year. Distribution may be monthly or annual; the subscriber may also choose a capitalisation formula.For the fund, Pictet uses an active management process which allows for selection of shares in companies which pay high and sustainable dividends, while avoiding businesses whose returns are not sustainable or whose equities have a weak outlook. The managers invest in growth businesses with a low debt to equity ratio and a consistent profit growth history.CharacteristicsName: Pictet-Emerging Markets High DividendISIN codes: LU0725970791 (P-USD shares)LU0725972227 (P-EUR shares)Management commission: 1.6%

In the first six months of the year, the gold strategy of Tocqueville Asset Management has continued to post gains in a highly volatile environment. Assets under management as of the end of October totalled about USD3.3bn, compared with USD2.7bn as of the end of December 2011, Doug Groh, co-portfolio manager for gold, stated on 13 November during a visit to Paris.Net inflows totalled about USD450m, including a large mandate of slightly over USD250m in Europe, while the remainder is due to market appreciation. 70% of investors in the strategy are still retail clients, but institutional customers are increasingly interest in gold for reasons of diversification.Groh says gold still has good growth potential. After averaging USD1,650 per ounce in first half 2012, gold may rise to about USD1,750 in the next few weeks, and then approach or even pass its previous record of USD2,300. In other words, gold still has good growth potential, which will largely depend on the evolution of interest rates, Groh says.Among the other factors supporting gold, Groh points to the very low gold reserve levels at central banks, and a desire on the part of emerging markets to increase their reserves. Mexico has increased its gold reserved to 4.3% of its total resered in third quarter 2012, compared with 3.5% in 2011, while the percentage is 15.4% for Turkey, compared with less than 11% in 2011.Gold portfolios generally include about 35 gold mines, while some portfolios include as much as 65 positions on gold mines, due to the integration of small companies in the process of exploration or development, which offer better valuation outlooks than larger, better-established firms. The performance of Tocqueville Gold since its inception is 136.77% with dividends not reinvested as of 31 October 2012, compared with 72.04% for the Philadelphia Gold & Silver index.

Maximilian Zimmerer, membre du directoire d’Allianz chargé du portefeuille d’investissements, indique à la Börsen-Zeitung qu’il souhaiterait doubler à 16 % la part allouée aux placements non cotés. Il est en revanche sceptique à l’encontre des obligations d’Etat allemandes.

Allianz is planning to invest about EUR10bn in real estate in the next five years, to offset weak returns from more conventional investments, Reuters reports.The German group currently manages a portfolio of EUR498m, more than 90% invested in fixed-rate securities whose returns have fallen since the onset of the financial crisis. It would therefore like to invest about EUR2bn per year in real estate over the next five years, to bring the weight of this asset class in its portfolio to EUR30bn Maximilian Zimmerer, a member of the board of directors in charge of investment strategy, has told several journalists.He says it would be “desirable” to double the percentage of the portfolio dedicated to alternative investments such as real estate, corporate debt and private equity to 16%. “That would allow us to extend our investment base, while earning higher returns than those we can currently earn on the market,” he explains.

Michele Faissola, head of the new asset & wealth management (AWM) division of Deutsche Bank, on Tuesday announced that RREEF is a central element of the division, in an environment in which demand for all forms of alternative investments is increasing, particularly for real estate and infrastructure, Handelsblatt reports. This is a complete change in strategy, since at the beginning of the year, the group was still planning to sell RREEF.The affiliate has just made a capital gain of EUR40m from the sale of the 95% stake which the open-ended real estate fund grundbesitz global had held in the office property The Pinnacle in California, estimated at EUR159m. After the transaction, the fund still has 41 properties under management, and its assets total nearly EUR2.4bn.

Heath Mottram, the head of fiduciary pension fund management activities at Russell Investments, has left the firm after one year there, to join USS Investment Management, the asset management firm for the British pension fund USS, Financial News reports. He will be responsible for bonds and liability-driven management.

The British Financial Services Authority (FSA) has fined the wealth management firm Ashcourt Rowan GBP412,000, for failing to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients. The faults observed concern Savoy, a unit of Ashcourt Rowan which had not reacted to previous injunctions by the FSA in relation to this case. In the wake of the decision, Ashcourt Rowan states that the head of asset management, Christopher Jeffrey, and the head of professional ethics Mark Smith have resigned. In the six months to the end of September, Ashcourt Rowan posted a pre-tax loss of GBP1.2m, compared with a similar loss in the half to the end of September 2011.

Assets under management at UniCredit totalled EUR156.9bn as of 30 September 2012, up by EUR3bn since second quarter, according to figures released by the Italian banking group.Market appreciation offset a slight net outflow.

Argo Group has announced the launch of a hedge fund dedicated to emerging markets, which will invest in bonds and currencies form a basket of 40 emerging countries, Investment Week reports. The Argo Local Markets fund, which will hold about 20 to 30 positions, has initial capital of USD7m.

Assets on the French fund market rose by 1.2% in October, for total assets under management of EUR767.7bn, up by EUR7.5bn. According to figures from Europerformance, this increase is largely due to the size of net inflows to treasury funds (+2.72%). Funds investing in equities have also posted a slight increase (+0.03%). For their part, convertible bond funds have seen a 1.95% increase in their assets. In detail, inflows to all bond funds of EUR181m come despite significant redemptions from an international bond fund (-EUR598m). Net inflows to other categories of funds have more than offset this movement. In the euro bond fund segment (+EUR462m in net inflows), only government bond funds showed an increase in demand, with EUR227m in net allocation. For their part, private debt funds attracted EUR237m. The European bond fund and US dollar-denominated bond fund segments show respective net outflows of EUR16m and EUR4m, the Europerformance study funds. High yield debt has attracted inflows totalling EUR223m, and emerging market debt funds show inflows of EUR105m. Market effects in bond categories had a positive effect on assets, except in the USD Bonds category. The EuroPerformance index is down 0.9%. However, the strongest increases were for the High Yield category (+1.7%). “In all categories combined, the returns earned in October have resulted in a gain for the month of EUR546m,” Europerformance notes. Assets under management in Equity mutual funds remained stable for the month. Outflows totalled EUR510m. “For the European Equity category (-EUR227m in redemptions), France and euro Equities showed outflows of EUR422m and EUR309m; these outflows were partly offset by an increase in demand for funds in the Europe Equity category, which attracted a net EUR471m,” the study funds. This is also the case for all categories of International Equities, including the Emerging Market Equity category, where outflows totalled -EUR300m. The Americas Equity category posted net outflows of -EUR6m. Demand for China Equity funds (+EUR101m) has continued to drive result for the Asia/Pacific Equity segment, whose net inflows are +EUR108m. Aside from European equity funds, which benefited from a positive market effect (+0.89%), the other categories were penalised, including International Equities (-1.1%), Asia/Pacific Equities (-1.1%), and Americas Equities (-2.4%). These returns brought only +EUR389m in gains for October. Convertible Bond mutual funds have done well, with EUR140m in net inflows in October. These inflows were largely to the euro Convertibles category (+EUR106m) and International Convertibles (+EUR76m), while the European Convertibles category continues to show net redemptions (-EUR41m this month). The EuroPerformance index of Convertible Bond mutual funds is up 0.61%. Market effects of EUR82m and net inflows have brought assets under management up by nearly 2% in one month (to EUR11.6bn).

Fédéris Gestion d’Actifs and Kepler have raised in France about EUR300m from institutional investors for the contractual target date fund Fédéris Core Euro Crédit 2018. The product invests in mid-sized business which are seeking to diversify their sources of financing through the use of the bond markets. Issuers are from countries in northern Europe (France, Germany, Benelux, Austria and Switzerland), and the banking and insurance sectors are excluded from the investment universe. Bonds are intended to be held until maturity. The subscription period ended on 31 October 2012.

The pension fund for New Jersey public employees, whose assets under management total over USD79bn, has retained Scopis Fund Management to manage a mandate of USD150m for a long/short equity hedge fund dedicated to small and midcaps, PIONline reports. The fund has also awarded a mandate of USD400m to SONJ Private Opportunities Fund II, a fund managed by BlackRock Private Equity Partners, which invests in private equity strategies worldwide. Lastly, a mandate of USD100m has been invested in the Golden Tree Credit Opportunities Fund, a debt fund managed by Golden Tree Asset Management.

Weintraub Capital Management, responsible for a long/short equity hedge fund whose assets under management total about USD1bn, has decided to return capital to investors, in order to transform itself into a family office responsible for managing the wealth of its founder, Jerry Weintraub, Bloomberg reports. Weintraub, who founded the firm in 1992, has not stated the reasons for the decision. From the beginning of the year to the end of October, Weintraub has gained 3%, and has only seen two years of negative performance in its two decades of existence. The average annual returns are about 3% to 5% since the creation of the firm.

As of the end of October, Franklin Resources (Franklin Templeton Investments) posted total assets of USD753.9bn, compared with USD749.9bn one month previously, largely due to the fact that its bond assets have increased by USD5.6bn in one month, to USD341.9bn.For its part, total assets at AllianceBernstein remain unchanged since the end of September, at USD419bn.Lastly, Invesco has seen a decline of USD5.6bn in its assets under management in one month, to USD677.4bn, due to a decline of USD8.3bn from its equity products, while assets at Legg Mason total USD645.5bn, compared with USD650.7bn one month earlier, largely due to a contraction of USD6.9bn in assets in its equity products, to USD146.5bn.

Goldman Sachs will close its Korean asset management unit, after five years of losses on the fifth-largest Asian fund market, the Financial Times reports. The division, which has 40 employees and manages USD4bn in assets, will be liquidated in the next six months. Goldman Sachs entered Korea in 2007, via the acquisition of a joint venture founded by Macquarie and IMM Asset Management for USD147m.

The pension fund for the Korean postal service (USD62bn in assets under management) has opened a request for proposals from local and international hedge fund managers to award tenders for four strategies, Asian Investor reports.The size of the allocations which will ultimately be awarded has not yet been determined.

Parametric Portfolio Associates, an affiliate of Eaton Vance since 2003 based in Seattle (USD53.1bn in assets as of the end of September) has announced the acquisition of the institutional asset management firm The Clifton Group Investment Management Company (Clifton, USd33.4bn), based in Minneapolis.Clifton had previously been 80% owned by non-employee shareholders, and 20% controlled by the three principals of the business, CIO Jack L. Hansen, Thomas B. Lee, senior portfolio manager, and Kip Chaffee, managing principal. Each of these three directors will trade in their shares for Parametric equities, and will retain their positions, under a long-term agreement which will be activated when the transaction is completed.Chaffee will report to Brian Langstraat, CEO of Parametric, while Hansen will continue to serve as chief investment officer at Clifton, and the firm will remain at its current headquarters.The release does not disclose any financial terms of the transaction, but does state that no changes are expected to personnel at Clifton due to the acquisition.

Ica Banken, a small Swedish bank owned by the supermarket chain of the same name, will launch a platform of 40 funds, Dagens Nyheter reports. The bank will offer external funds, but will also have three funds in its own name with various risk profiles. Other small banks are planning to enter the fund market, DN reports, including SBAB.

Confidence in the outlook for China’s economy has surged to a three-year high, underpinning broader optimism about the global economy and equity markets, according to the BofA Merrill Lynch Fund Manager Survey for November, undertaken between 2 and 8 November, of 248 panelists with USD695bn of assets under management.A net 51 percent of investors polled in across Asia Pacific, Global Emerging Markets and Japan believe that China’s economy will strengthen in the coming year, the highest reading since July 2009. The monthly upswing of 46 percentage points, from a net 5 percent in October, represents the largest single-month increase since February 2009.The survey suggests that optimism in the global economy is outweighing fears surrounding the U.S. fiscal cliff. A net 34 percent of the panel believes the world economy will strengthen in the next 12 months, the highest level since February 2011 and a monthly rise of 14 percentage points. A growing number of investors view the U.S. fiscal cliff as the biggest tail risk – 54 percent of the panel this month, up from 42 percent in October.Corporate profit expectations rose significantly for the second successive month. A net 4 percent of investors believe the outlook for profits will improve in the coming 12 months. This compares with net 28 percent predicting a worsening in corporate profits two months ago. Equity allocations are rising, and 42 percent of the panel says they will opt to sell government bonds to make way for higher beta equities, up from 37 percent in October. Reducing cash levels is the second preference.“Momentum has gathered behind the idea that we are on the cusp of a ‘great rotation’ out of bonds and into equities. The only missing ingredient is a resolution to the U.S. fiscal cliff,” Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research said. “While sentiment within Europe remains weak, rising allocations to global stocks tell us confidence in general is improving.

Hedge funds have posted a net inflow of USD3.4bn in September, following USD7.7bn in August, according to estimates by BarclayHedge ad TrimTabs Investment Research.Assets in the industry as of the end of September totalled about USD1.8trn, down 25.8% from a peak of USD2.4trn in June 2008.In the first nine months of the year, hedge funds earned returns of 6.1%, while the S&P 500 index gained 14.6%. In the past twelve months, the difference is even more pronouned, with gains of 7.8% for hedge funds, compared with a rise of 27.3% for the benchmark index.However, the top decile of hedge funds show returns of 27.8% on nine months, compared with 14.6% for the S&P 500. The bottom decile, meanwhile, shows losses of 25.6%. The best hedge funds have also posted higher subscriptions. The top decile attracted more than USD10bn in assets, more than 21% of total net inflows in the first nine months of the year, which total USD49.1bn.

The head of the Chinese market watchdog (CSRC), Guo Shuqing, has announced that he is planning to raise the quota reserved for qualified foreign institutional investors in RMB (RQFII) by RMB200bn, or about USD32bn, as the existing quota of RMB70bn is not adequate to meet demand, Asian Investor reports.The action of the CSRC, which has not provided a timetable for the quota increase, represents a favourable response to a request by the Hong Kong authorities.

Partners Group, the global private markets investment manager, announces that it has agreed to invest in SBF Group on behalf of its clients together with its investment partner for this transaction, GP Investments. The transaction is subject to customary regulatory approvals and is expected to close by year end. SBF is the leader in sporting goods retail in Brazil and operates through both store-based and online channels. The founding entrepreneur will retain a majority stake in the company and will remain as Chairman and CEO, running the day-to-day activities together with SBF’s first-class management team. Gonzalo Fernández-Castro, responsible for Partners Group’s private equity investments in Latin America, comments “We are pleased to support SBF’s team in continuing its success story. We believe SBF is uniquely positioned to benefit from the expanding middle classes in Brazil and from the upcoming sporting events taking place in the country, including the 2014 FIFA World Cup and the 2016 Summer Olympics.”

The financial services provider AWD generated earnings of EUR340.2m in the first three quarters of 2012, down 13% compared with the first nine months of 2011, when it earned EUR392m, Swiss Life has announced at a presentation of its interim results.Between January and September 2012, the group earned net returns on investments of its insurance portfolio of 3.8%, on a non-annualised basis, compared with 2.7% for the same period in the previous year.

As of 31 October, assets under management at the Julius Baer group totalled CHF187bn, 10% more than at the end of December 2011, largely due to net inflows which were at the upper end of the range which the institution had set as its objective.The Zurich-based bank on 14 November stated that the total assets of its clients were up 9% to CHF274bn, also as of 31 October.