As of 30 September, assets in long-term mutual funds managed by Virtus Investment Partners totalled more than USD23.61bn, compared with nearly USD21.13bn as of 30 June. This increase is primarily due to net subscriptions of nearly USD1.6bn and a positive market effect of USD912m.

A survey by Greenwich Associates of 232 head traders and traders at several buy-side institutions (asset management firms, corporate treasuries, pension funds, charities, hedge funds, banks and insurance companies) finds that about 20% of respondents in 2012 reduced the budget they allocate to their market trading activities compared with 2011, while 30% have increased it. However, Greenwich Associates notes that 44% of hedge funds in the sample have reduced their budgets, and that 40% have maintained them unchanged. This result shows that hedge funds are moving much more aggressively than other institutional investors to reduce the size and cost of their market trading activities in the midst of a general slowdown in securities trading activities.

Gabelli Securities, an affiliate of GAMCO Investors, has announced that Daniel M. Miller has been elected as chaiman of the institutional asset management affiliate Gabelli & Company. Miller succeeds Jim Webster but retains his role as coordinator of institutional research. He will also assist the incoming new president of Gabelli & Company.Miller is also portfolio manager for the best ideas fund Gabelli Focus Five Fund, and managing director of GAMCO Asset Management.

M&G Investments in France has topped EUR3bn in assets under management, three times more than the target the Paris team had set five years ago when the Parisian office opened.This level was achieved largely thanks to an “exceptional” year in 2012, says Brice Anger, head of the sales team at M&G France, in an interview with Newsmanagers. Since the beginning of the year, the office, with nine members, has posted net subscriptions of EUR1bn in France, largely from private banks, for mandated and advised management, and from independent financial advisers.In terms of funds, the M&G Optimal Income has been the basis for the success of the French team. The flexible bond fund represents half of assets in France for the firm, and has been very popular with IFAs since the beginning of the year. But Anger says the firm does not depend on a single product, and points out that in France, six funds represent over EUR100m in assets, and three more have assets between EUR50m and EUR100m. “Overall, nine funds are regularly subscribed to by our clients,” says Anger. These lead products also include the Global Dividend and Macro Bond funds.Anger is particularly pleased with the development of M&G in the IFA market. ‘We are now the second-place firm in terms of reputation and recognition with IFAs in the MyFlow and Apredia rankings.” These clients now represent 20% of assets. Most assets are in discretionary management (private banks, funds of funds), while the remaining 20% are for institutionals, a client base which M&G is targeting largely through its partnership with the Compagnie Financière Jacques Cœur.Given this strong start for M&G, what can one expect in the years to come? Anger says it is difficult to make predictions in numbers, as we are living in a world that has become more complex and volatile. But he hopes to remain one of the asset management firms that count in France.

The European SRI market, which is highly diverse in terms of strategies, ranging from best-in-class to shareholder dialogue and exclusion, is currently dominated by exclusionary and ESG integration approaches, according to the most recent Eurosif “European SRI Study.” Between 2009 and 2011, assets subject to an exclusionary approach more than doubled, while integration grew by more modest proportions. The study also finds that growth in socially responsible investment strategies reviewed were in every case higher than those in the management market between 2009 and 2011, with a special mention for normative exclusionary filtering, which had spectacular growth of 138%, compared with 118.9% for exclusion and 113% for best-in-class. La Française AM, whose assets under management in open-ended SRI funds total nearly EUR700m, is studying the possibility of setting up normative exclusionary filtering. In this encouraging context, the penetration rate for the retail segment remains very weak. “Aside from the employee savings segment, the figures even show a collapse in the retail segment in Europe,” Anne-Catherine Husson-Traore, CEO of Novethic, says on 10 October at the launch of the third annual SRI week in France. The French asset management association (AFG), which is highly active in the area of socially responsible investment, esitmates that the situation in France is developing in a positive direction. “France is the country in Europe which has gone furthest with SRI. We might estimate that 30% of management applies processes which refer to ESG criteria,” the president of the AFG, Paul-Henri de La Porte du Theil, states. France is also the only country where a transparency code (AFG-FIR) has been put in place.

With nearly 260 employees, Axa Investment Managers has EUR20bn under management in Asia-Pacific ex Japan, and is planning to develop in this fast-growing region, by presenting itself not only as a promoter of products, but also as a provider of solutions, foregrounding its own areas of expertise: Axa Fixed Income, Axa Framlington, Axa Rosenberg, Axa Funds of Hedge Funds, Axa Private Equity, Axa Real Estate and Axa Structured Finance, Jean-Pierre Leoni, a member of the executive board in charge of the Asia-Pacific region, explained in Paris on Wednesday.Assets in Asia ex Japan are 75% invested in bonds, 20% in equities, and 5% in alternative management. Net subscriptions since the beginning of this year have totalled EUR1bn, while the (“ambitious”) initial objective was EUR2bn for the year as a whole. However, “smart beta” and real estate projects may very quickly boost assets.The largest markets for Axa IM are Taiwan, Hong Kong, Singapore, Korea, China and Australia. The strongest growth in assets for Axa IM this year has been in Taiwan and South Korea.

Hedge Invest Sgr, société de gestion italienne spécialisée dans la gestion alternative, vient de lancer la Sicav Hedge Invest International Funds, rapporte Bluerating. Cette plate-forme de droit irlandais a été créée afin d’offrir aux investisseurs la possibilité d’investir dans des gérants alternatifs single manager avec tous les avantages du cadre Ucits. Le seuil d’entrée est en outre de 10.000 euros. Les deux premiers compartiments de la Sicav sont : HI Numen Credit Fund, un fonds long/short credit géré par Filippo Lanza et Kushal Jumar. HI Principia Fund, un fonds long/short actions européennes confié à Marc Chapman.

In Q2 2012, the total automation rate (ISO and proprietary files) of orders received by Luxembourg and Irish TAs reached 77%, compared to 75.6% in Q4 2011, according to a new report from the European Fund and Asset Management Association (EFAMA) published in cooperation with SWIFT,In Luxemburg, the total automation rate (ISO + proprietary ftp) increased by 2.9 percentage points to 73.1% in Q2 2012 compared to Q4 2011. The ISO standardisation rate reached 55.2% (+ 2.5 percentage points).In Ireland, the total automation rate increased by 0.4 percentage points to 84.6% in Q2 2012; while ftps still represent the bulk of it, the ISO adoption rate made a progression of 4.2 percentage points to 17.3% in Q2 2012. The ISO standardization rate has doubled in Ireland over the last two years, reaching 17.3% in Q2 2012 against 8.5% in Q2 2010.The total number of orders has stabilised at 11.9 million orders in the first half of 2012. The number of manually processed orders decreased by 7% to 2.8 million received faxes (against 3 million in H2 2011). This still represents a daily average of some 25,000 incoming faxes.

According to reports in Reuters cited by Agefi, The Netherlands-based Rabobank is studying three bids for its asset management arm Robeco. Two bids have come from a consortium of private equity funds (Advent, CVC) and the Japanese financial services group Ortix. The third, from the US giant AMG and the fund Permira, would separate activities in Europe and the United States. The valuation is said to exceed EUR2bn.

As part of its drive to build up and streamline its pan-European business, Allianz Global Investors (AllianzGI) announces new senior management roles. James Dilworth, CEO Europe at AllianzGI has created six corresponding units for European business development.Tobias Pross heads up institutional business development for Europe, Nick Smith is responsible for retail sales in Europe (ex-Germany), while retail sales in Germany is headed by Mathias Müller.The senior team will further consist of Thomas Linker, who will continue to manage the key relationships with the multinational distributors, Frank Wolfert who will be responsible for relations within the Allianz Group and Martin Keil whose ‘developing regions’ division will form an integral part of the new Europeanstructure. All six managers report to James Dilworth.

Global wealth is falling, according to the annual Global Wealth Report published by Credit Suisse Research Institute. Between mid-2011 and mid-2012, these assets have fallen 5.2% in US dollars, or USD49,000 per adult worldwide, to USD223trn. The decline has been steepest in Europe, with a decline in wealth of 13.6%. Credit Suisse predicts, however, that global wealth will rise by nearly 50% in the next fice years, to a total of USD330trn.As of mid-2012, the rankings of the richest countries by wealth per adult are topped by Switzerland, with average wealth of USD468,186 per person. The country is followed by Australia, Norway and Luxembourg. France is in sixth place in terms of average wealth, with USD265,463. Inherited wealth appears to represent 30% to 50% of total household wealth in OECD countries.The global population of ultra-high net worth individuals (UNHWI), with a net wealth of over USD50m, numbers 84,500 people. Of this total, 29,300 people have personal wealth of at least USD100m in assets, while 2,700 have wealth exceeding USD500m. North America dominates the regional rankings, with 40,000 UHNW residents (47%), while Europe has 22,000 (26%), and Asia-Pacific (excluding China and India) has 12,800 (15%).According to estimates by Credit Suisse, the number of millionaires worldwide is expected to increase by about 18 million people in the next five years, to a total of 46 million in 2017. The United States currently has the most millionaires, with 11.02 million, compared with 9.2 million in Europe. In France, there are 2.28 million millionaires, more than in the United Kingdom (1.5 million) and Germany (1.4 million).

Blackstone has raised USD13.3bn (EUR10.3bn) for a fund dedicated to real estate, Blackstone Real Estate Partners VII, Agefi reports. The fund represents the largest vehicle raised in this asset class, according to statistics from Preqin. The 250 investors in the fund are mostly US pension funds. “About 35% of capital in the fund has already been engaged or invested in a wide range of assets and geographical regions,” Blackstone said yesterday in a statement, adding that the group had USD50bn in real estate assets under management as of the end of September.

Norges Bank Investment Management (NBIM), via the Government Pension Fund – Global (GPFG), formerly the Norwegian Oil Fund, and its joint venture partner, the insurer Axa France, via Axa Real Estate Investments (Axa REIM), on 10 October announced the acquisition of two properties in Germany from RBS for EUR784m.The transaction grants a 50% stake in each of the properties (Die Welle, 81,600 square metres in Frankfurt, and Neues Kranzler Eck, 72,400 square metres in Berlin) to each partner, who will also share the investment cost evenly.This is the first investment for GPFG in Germany, though NBIM (the asset management affiliate of the Bank of Norway) founded the joint venture with Axa France in 2011. The Norwegian fund has already invested in Parisian real estate with Generali (see Newsmanagers of 6 July) and in the United Kingdom with The Crown Estate (see Newsmanagers of 9 October).

Mutual Fund Wire relays reports by Bloomberg that the ETF replicating the Total Return Fund, a bond fund managed by Bill Gross at Pimco, has already passed USD3bn in assets (exactly USD3.01bn as of 9 October), since its launch on 1 March.The fund has earned 10.4% since its launch, while the original product (USD278bn) has gained only 6.5% in the same period.

The US firm AllianceBernstein has announced that it has reimbursed investors in its AllianceBerinstein Legacy Securities fund, a public-private investment partnership (PPIP), including profits. The Treasury Department, which contributed 50% to the fund, for an investment of USD1.06bn, received a redemption of USD1.54bn, which represents an internal rate of return, after fees, of 18.7% since the creation of the PPIP in October 2009.The fund has also paid the Treasury USD12bn in proceeds from warrants, and repaid USD2.13bn in debt transferred to its by the Treasury, with interest.The fund was managed by AllianceBernstein, Greenfield Partners, Rialto Capital Management and Altura Capital Group.

Funds People reports that BNP Paribas Securities Services has been granted a custody and administration mandate on behalf of the Australian asset management firm AMP (AUD160bn in assets). The successful migration of 1,000 funds has taken nine months.

Par 490 voix contre 34, les députés français ont adopté le projet de loi organique qui met en œuvre le traité budgétaire européen et notamment la «règle d’or» interdisant les déficits publics. Le Sénat examinera à son tour ce projet de loi organique le 29 octobre. Il sera dans la foulée adopté définitivement par le Parlement.

Le Premier ministre britannique David Cameron a estimé que la réduction du déficit budgétaire et le retour à la croissance prendraient plus de temps que prévu. «Notre plan de réduction du déficit budgétaire n’est pas une alternative à un plan de croissance: c’est vraiment le fondement de notre plan de croissance», a déclaré David Cameron devant des militants conservateurs réunis à Birmingham.

Le gouvernement a présenté en conseil des ministres le projet de loi de financement de la Sécurité sociale pour 2013, qui prévoit 5 milliards d’euros de ressources nouvelles et plus de 2 milliards d'économies pour contribuer à l’objectif général de réduction des déficits publics. Ce projet table sur un déficit du régime général et du Fonds de solidarité vieillesse qui serait ramené l’an prochain à 13,9 milliards d’euros, soit 3,5 milliards de mieux que celui prévu en 2012.

Selon Reuters, la banque néerlandaise examine trois offres pour sa branche de gestion d’actifs Robeco. Deux offres émanent d’un consortium de fonds de private equity (Advent, CVC) et du groupe de services financiers japonais Orix. La troisième, qui est formulée par le gérant américain AMG et le fonds Permira, prévoit une scission de l’activité qui se déploie à travers l’Europe et les Etats-Unis. La valorisation dépasserait les 2 milliards d’euros.

D’après le Daily Mail, BlackRock, qui est le premier actionnaire du gérant d’actifs alternatifs coté, pourrait conduire un consortium en vue de son rachat. Le prix évoqué est de 140 pence par action. Cette information a fait bondir le cours de l’action. Il progressait de plus de 4,6%, à 94,15 pence, en fin de séance. Les analystes restent toutefois dubitatifs devant un tel scénario, soulignant que les fonds de Man Group sous-performent les benchmarks et enregistrent des décollectes nettes.

Axa Real Estate, gérant d’actifs immobiliers au sein d’Axa IM, s’est entendu avec le fonds souverain norvégien (Norges Bank Investment Management) pour racheter deux immeubles à Francfort et Berlin. Montant de la transaction : 784 millions d’euros. Il s’agit de la plus importante opération d’immobilier commercial réalisée cette année en Allemagne. Les actifs ont été cédés par Royal Bank of Scotland. La finalisation de l’opération est attendue d’ici la fin de l’année.

L’Allemagne a adjugé mercredi 3,112 milliards d’euros de dette à cinq ans et a trouvé davantage d’acquéreurs que lors de la précédente émission, l’incertitude entourant l’Espagne encourageant la demande de valeurs-refuge. Le ratio de couverture s’est élevé à 2,2, contre 1,4 lors de l’adjudication de septembre, à contre-courant de la faible demande dernièrement observée pour les émissions allemandes, aux coupons historiquement bas. Le rendement moyen est de 0,53% contre 0,61% en septembre.

L’Italie a adjugé un montant total de huit milliards d’euros de bons du Trésor à trois mois et à un an (BOT), à des taux de rendement en légère hausse en raison de l’incertitude qui plane sur une demande d’aide de l’Espagne. Le rendement brut des bons à un an, échéance octobre 2013, est ressorti à 1,941%, son plus haut niveau depuis mi-août, contre 1,69% lors d’une adjudication similaire mi-septembre.

Le groupe de private equity s’apprête à introduire en Bourse Bright Horizons Family Solutions, le fournisseur de services liés à l’éducation et à l’enseignement (crèches, coaching, tutorat) racheté en 2008 pour 1,3 milliard de dollars. Selon Reuters, Bain a sélectionné des banques en vue de mener l’opération d’ici la fin de l’année.

Dans son rapport semestriel sur la santé de l'économie mondiale (GFSR), publié ce matin à l’occasion de son assemblée d’automne à Tokyo, le FMI a exhorté les pays de la zone euro à approfondir leurs relations budgétaires et financières, alors qu’il est urgent de restaurer la confiance à l'égard du système financier mondial. Le Fonds estime que les banques européennes devront céder pour 4.500 milliards d’euros d’actifs sur l’année 2013 si les gouvernements ne réussissent pas à contenir la crise. «L’intensification de la crise s’est manifestée dans les sorties de capitaux des pays périphériques vers les pays cœur de la zone» indique en outre le rapport. Et le FMI de prévenir par ailleurs que le programme de la BCE ne garantira pas «catégoriquement» le retour à une dette viable «en raison de l’impact incertain» des conditions imposées aux pays, qui peuvent parfois freiner encore davantage la croissance et aggraver les déficits.

Le taux d’inflation au Mexique a atteint 4,77% sur un an au mois de septembre, son plus haut niveau en deux ans et demi. Il dépasse désormais depuis quatre mois la limite de 4% fixée par la banque centrale. Mais les responsables de la politique monétaire estiment que cette évolution est transitoire. Le marché table d’ailleurs sur une stabilité des taux.

Les députés français ont adopté hier par 477 voix contre 70 le projet de loi qui autorise la ratification du traité sur la stabilité, la coordination et la gouvernance (TSCG) au sein de l’Union économique et monétaire. Le Sénat examinera à son tour ce projet de loi de ratification à partir de demain. Le texte sera définitivement adopté dans la foulée par le Parlement français.

Le rapport publié hier par Iosco contre l'avis de la SEC cible les fonds à valeur liquidative constante

La filiale de La Poste a recruté quatre spécialistes et lance un fonds qui comprend deux compartiments. Elle vise 500 millions d’euros d’ici à fin novembre