On Friday, the last day of Mark Fetting’s term as CEO of Legg Mason, Nelson Peltz sold 1.82 million shares in the asset management firm for about EUR12.9m, and his stake now totals 9.54%, compared with 10.9% previously, Mutual Fund Wire reports, citing a notification from Trian, Peltz’s firm, to the SEC.Mutual Fund Wire observes that Peltz has signed a standstill agreement with Legg Mason until 30 November. This will then allow him to buy further shares if he would like to follow up on his efforts to take control of the firm, and then dismantle it.For his part, Ross Kerber, of Reuters, says that the headhunting agency Korn/Ferry has been selected by Legg Mason to seek a successor to Fetting.The press agency reports that the three names cited for the position of CEO are Ronald O’Hanley, head of the asset management division at Fidelity Investments, Sallie Krawcheck, who was head of the asset and wealth management unit at Bank of America, and Peter Ciezko, one of the executives of American Century Investments, who has already previously worked at Legg Mason.

Between January and August, Raiffeisen Capital Management has posted inflows of about EUR450m in Italy, Donato Giannico, head for Italy at the Austrian asset management firm, has announced in an interview with Soldi&bluerating. The firm is also planning to launch hree funds on the Italian retail market: a strategic allocation fund, a bond fund which will manage duration, and a fund of bond funds composed solely of Raiffeisen funds.

City Financial has acquired the asset management unit of Eden Financial, FundWeb reports. Under the terms of the operation, the head of Eden Financial, Ed Rosengarten, will join City Financial in the same role as other members of the board, such as Leigh Himsworth, UK equity manager, and Mark Harris, multi-asset class fund manager. The acquisition comes only a few days after the announcement of the acquisition of the wealth management unit of Eden Financial by Canaccord Financial.

The optimism of asset managers about the evolution of their activities has increased for the third consecutive quarter, despite difficult conditions in the financial services sector, according to the “Financial Services Survey” by the Confederation of British Industry (CBI), in partnership with PwC.Growth in activities is expected to accelerate in the next quarter, as profits have continued to increase for the third consecutive quarter, under the effects of falling costs and rising fees and commissions.As a consequence of this clear confidence, asset management firms are planning to increase their spending on marketing and their investments in IT systems in the next twelve months.

GLG, the regulated investment manager division of Man Group, has hired Jon Mawby as a senior portfolio manager within the global credit and convertibles team.He joins from European Credit Management Limited where he was lead credit portfolio manager focused on multi-asset class credit portfolios and a member of the investment, sector strategy and peer group review committees. He joind ECM in 2005 from Gartmore Investment Management, where he was a portfolio manager and a fixed income trader within the institutional credit group.Reporting to Steve Roth, head of credit at GLG, Jon will assume the position of lead portfolio manager of the UK-domiciled GBP166m GLG Global Corporate Bond Fund and the GBP189 GLG Strategic Bond Fund from the beginning of October.

Dominik Kremer, who has been head of European distribution at Threadneedle Investments for slightly over two years, dedicated more than three quarters of his time to developing Threadneedle’s business in continental Europe. The results have been rather good. With a team of 30 people, 23 of whom are dedicated to sales, Kremer finds that the results have been all the more satisfactory as the environment remains cacophonous. Since the beginning of the year, net inflows total in the hundreds of millions of pounds as of the end of August, in continental Europe alone. The figures for the United Kingdom are even better, but the difference from the continent is not as marked as in the past. As of 30 June 2012, assets under management totalled about EUR92bn, compared with nearly EUR88bn as of the end of December 2011. The cause of this performance is, firstly, the quality of the funds offered on both sides of the channel by Threadneedle, which as of the end of August, had far outperformed their benchmark indices. For example, 78% of assets under management in equity funds have outperformed their benchmarks as of the end of August, while the percentage is 74% year on year, 88% over three years, and 95% over five years. The independent ratings agency Feri ranks Threadneedle at the top of all asset management firms in all the countries it covers (Austria, Germany, France, Italy, Switzerland, Sweden, the United Kingdom). The most popular products currently include US funds, with two or three star products, commodities, and European equities. Then there is the important work Kramer has done to develop Threadneedle’s business in continental Europe. “Our presence was too narrow. We had not really developed in several years,” says Kremer. The head of Euorpean distribution therefore set up an analysis grid which takes into account the various European markets, the various client segments (institutional, wholesale and retail), and the appropriateness of products for clients. This tool has allowed Threadneedle to approach continental Europe must more agressively, and Kremer hopes to gradually position the company among so-called “Tier One” clients, or major institutional investors. Threadneedle opened an office in Sweden this May, in the hopes of developing a presence for the firm in the wholesale segment, including major distribution networks, with an offering in equities, an asset class which is traditionally very popular in Sweden. A proximity strategy has been adopted in Italy for the past two years, with the establishment of strategic partnership agreements with major distribution networks such as Fineco, Montepaschi and Generali. For the German market, however, Kremer claims that the retail market, which is already overworked, does not offer much in the way of prospects. Hence the choice to instead develop the institutional market, with the recent appointment of an “institutional sales director,” Hartwig Rosipal, who has already brought home at least one major mandate. On the French market, Threadneedle, with a team of three people since the recruitment earlier this year of Philippe Lorent, is continuing its efforts in the institutional and major network client segments, but is also planning to develop on the retail market. “We are currently exploring the possibility of developing on the retail market, but we haven’t yet taken that step,” says Kremer. Meanwhile, Kremer is considering other initiatives which may favour development in Europe. The UK asset management firm is now hoping to enrich its product range, with a drive in two strategic areas: multi-asset management, with the recent launch of a multi-asset class fund, and global opportunities bonds.

From 31 December 2012, UBS Global Asset Management will offer B-class shares in all of its retail funds domiciled in the United Kingdom, Investment Week reports. They will comply with the Retail Distribution Review, and will be available from GBP50 per month, or GBP1,000 as a single investment. Annual fees will vary from 0.4% to 1.1%, depending on the strategy.

According to reports in Investment Week, Fidelity Worldwide Investment is planning to launch an income fund in 2013 which will focus on Asian high-dividend equities. The product would aim to compete with similar funds from Newton, Liontrust, Schroders and Henderson.

In a letter to the CEOs of 24 providers, networks and IFAs, the FSA points out it is likely certain distribution deals are in breach of RDR rules and it is probable the regulator will take action against them, Money Marketing reports.Nick Poyntz-Wright, head of department, life insurance, declined to reveal what specific action the FSA could take but added there were a range of options available.Examples of inducements that are concerning include:- providers contributing to the costs of adviser training, conferences and seminars. - providers paying advisers for help with promoting the provider’s retail investment products. - payments from providers to distributors for the development of software as part of an integrated provider/distributor IT solution.

The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has announced the formation of a new AIMA Council, its board of directors. The new non-executive chairman was named by AIMA last week as the former US Securities and Exchange Commissioner Kathleen Casey. She replaces out-going AIMA non-executive chairman Todd Groome, who had been in the role since 2009. Kathleen Casey is joined on the new AIMA Council by Olwyn Alexander, Partner, PwC; Mark O’Sullivan, Partner, Ernst & Young LLP; Phil Schmitt, President, Summerwood Capital Corp.; and Henry Smith, Global Managing Partner, Maples and Calder. Those continuing their Directorships of AIMA are Andrew Baker, Chief Executive Officer, AIMA; Andrew Bastow, General Counsel, Director of Government & Regulatory Affairs, Winton Capital; James G. Dinan, Founder, Chairman & CEO, York Capital Management; Chris Pearce, Asia COO, Marshall Wace Asia Ltd; Paul Sater, Partner, Ernst & Young; and Phil Tye, Co-Founder and Managing Director, DragonBack Capital Limited.

Mutual Fund Wire has reported on a BlackRock “ViewPoint” which issues proposals for money market reforms. The proposals seek a compromise with the Treasury and the SEC, particularly in accepting the notion of short-circuits, similar to the “gates” which Secretary fo the Treasury Tim Geithner has proposed to protect money market funds from massive capital outflows. Meanwhile, BlackRock has adopted a more conciliatory attitude to proposals by Mary Schapiro, chairwoman of the SEC, to introduce floating net asset value: a study is said to have shown that these proposals “would change but not destroy” the sector.

The French firm Amundi ETF has announced that it has registered two bond products in Spain, the Amundi ETF Euro Corporates Financials iBoxx, which replicates the Markit iBoxx EUR Liquid Financials Index (TR), and the Amundi ETF Euro Corporate Ex Financials iBoxx, which aims to track the evolution of the Markit iBoxx EUR Liquid Non-Financials Index (TR).The two products, which charge 0.16% each, bring the number of ETFs from Amundi registered in Spain to eight. The first five were licensed in March, and the sixth in July.

Société Générale has announced the appointment of Laurent Depus as CEO of Société Générale Private Banking Japan, from 1 October 2012. He will report to Jean-François Mazaud, director of Société Générale Private Banking, and replaces Christophe Billard, who will take on a new role at the bank. Depus will retain his position as country head for the Société Générale group for Japan, and the associated missions of the group, a statement says. Guillaume Burtschell will replace Depus as head of Société Générale Corporate & Investment Banking for Japan and as chairman of Société Générale Securities, Tokyo Branch (SGSNP). He will report to Hikaru Ogata, head of Société Générale Corporate & Investment Banking for the Asia-Pacific region.

The Swedish asset management firm Wiborg Kapitalförvaltning is closing the Consepio hedge fund, “which has recently disappointed both investors and portfolio managers,” the firm has announced. Since the beginning of the year, the fund has lost 17.14%. The fund was an equity long/short product, with a bias for Scandinavian markets. Its assets as of the end of April were SEK322m, Its average annual returns since launch on 1 February 2002 come to 6.14%, and its total returns to 88.75%. The fund was managed by Ragnhild Wiborg and Aline Reichenberg Gustaffson.

In London and Frankfurt, Goldman Sachs Asset Management (USD836bn in assets as of the end of June) on 1 October announced the release of the Goldman Sachs Liberty Harbor Opportunistic Corporate Bond Portfolio, a Luxembourg-registered long-only fund of corporate bonds with no constraints or benchmark index, managed actively by its affiliate Liberty Harbor. The team responsible for the fund (launched on 4 April) will aim to keep a short duration. The fund is now licensed for sale in Germany.CharacteristicsName: Goldman Sachs Liberty Harbor Opportunistic Corporate Bond PortfolioManagement commission: 1.50% for basic distribution shares in US dollars ( LU0727289802), for A shares (in US dollars, LU0751755405) and for E shares in euros hedged for currency rates (LU0751755231).A and E shares carry a distribution commission of 0.50%.Minimal subscription: USD5,000 for basic shares, and USD1,500 or EUR1,500 for A and E shares.

The central asset management firm for the German co-operative banks, Union Investment, has announced that it has already attracted EUR50m from institutional investors for its new Luxembourg-registered specialised investment fund (SIF), which will invest 70% of its portfolio in wind energy on land, and up to 30% of its assets in solar energy.Union will focus on countries at the core of Europe, such as Germany, France and the United Kingdom, and will add selective investments in Scandinavia and Poland.The objective is to reach EUR300m in owners’ equity, and annual returns averaging 6% to 8%. Initial subscriptions are set at EUR2.5m.

Les dépenses de construction ont diminué de 0,6% en août, un repli sans précédent depuis juillet 2011, au taux annuel de 837,1 milliards de dollars, a annoncé lundi le département du Commerce. Le chiffre de juillet a été révisé, montrant une contraction de 0,4%, moins grave que la baisse de 0,9% annoncée en première estimation. Les économistes interrogés par Reuters tablaient sur une hausse de 0,5% en août.

Réunis dans la capitale polonaise, les ministres des Affaires européennes des trois pays ont indiqué dans un communiqué commun être sur la même ligne pour agir rapidement afin de créer une véritable union bancaire. Les modalités de la formation d’une union bancaire restent toutefois à trouver. Le ministre allemand des Affaires européennes, Michael Link, a déclaré lundi que l’union bancaire ne serait pas créée début 2013 en raison d’obstacles techniques.

Les montants de recapitalisation publiés par Madrid sont inférieurs à ce que Moody’s juge nécessaire pour préserver la stabilité du secteur bancaire «dans un scénario négatif et extrêmement négatif». «Si les participants du marché sont sceptiques quant aux tests de résistance, le sentiment négatif risque de saper les efforts déployés par le gouvernement en vue de rétablir la confiance envers la solvabilité des banques espagnoles», explique l’agence de notation.

Le secteur manufacturier a connu en septembre sa première croissance depuis mai aux Etats-Unis, grâce à une accélération des commandes nouvelles et de l’emploi, suivant l’indice de l’Institut des directeurs d’achats (ISM) paru lundi. Il ressort à 51,5 contre 49,6 en août, dépassant le consensus qui le donnait à 49,7. La composante des commandes nouvelles ressort au plus haut depuis mai, à 52,3 contre 47,1, tandis que celle de l’emploi monte à 54,7 contre 51,6.

Le Comité de Bâle a indiqué avoir identifié des failles dans les projets européen et américain visant à transposer les nouvelles normes de solvabilité et de liquidité dites Bâle 3. «Il y a maintenant une fenêtre d’opportunité pour que les manquements repérés soient réparés», a estimé Stefan Ingves, le président du Comité de Bâle. Le commissaire européen Michel Barnier a exprimé de son côté des «réserves» sur le travail du Comité, soulignant l’absence d’une «méthodologie bien définie».

En visite à Madrid, le commissaire européen aux Affaires économiques et monétaires, Olli Rehn, a indiqué que l’aide accordée aux banques espagnoles en difficulté devrait être attribuée au mois de novembre. S’exprimant après un entretien avec le ministre espagnol de l’Economie Luis de Guindos, il a également jugé que la mise en œuvre de la réforme du secteur financier espagnol progressait tout en appelant le pays à poursuivre avec détermination sa consolidation budgétaire. La Commission européenne donnera son avis sur le budget 2013 de l’Espagne le 7 novembre prochain.

Le projet de budget 2013 élaboré par le gouvernement grec table sur une contraction de l'économie de 3,8 à 4%, soit une sixième année de récession consécutive, a annoncé lundi un responsable gouvernemental. Le budget visera à dégager un excédent primaire de 1,1% du produit intérieur brut (PIB). Il doit être présenté ce lundi. Le budget comprendra une part importante des 11,5 milliards d’euros de coupes budgétaires actuellement négociés par Athènes avec ses créanciers internationaux.

AXA Real Estate lève 1,4 milliard d’euros de nouveaux capitaux et a pour objectif d’augmenter la taille de son activité financement de l’immobilier commercial jusqu’à 7 milliards d’euros d’ici à fin 2012. Un volume de transactions de 1,3 milliard d’euros au premier semestre 2012 et un objectif d’investissement de 2,4 milliards d’euros sur l’ensemble de l’exercice.

Le chômage a atteint un nouveau sommet en août dans la zone euro, a annoncé Eurostat, le taux inchangé par rapport au chiffre révisé de juillet masquant une hausse du nombre de personnes sans emploi.Le taux de chômage s’est élevé à 11,4% dans les dix-sept pays de la zone, un taux identique à celui de juillet (révisé de 11,3%). Au total, il y avait 18,2 millions de chômeurs dans la zone euro en août, un record depuis la création de la monnaie unique en 1999.

Selon le Journal du Dimanche, Maje, Sandro et Claudie Pierlot, trois marques réunies au sein du groupe SMCP, ont confié un mandat de vente à JPMorgan et la à La Compagnie Financière Edmond de Rothschild. Selon le journal, les vendeurs (dont le fonds L Capital, majoritaire, et les fondatrices) «en attendraient douze fois l’excédent brut d’exploitation». Le groupe a dégagéen 2011 un résultat de 50 millions d’euros.

Alors que l’opérateur boursier s’apprête à prendre une participation de 60% dans LCH.Clearnet, son directeur général Xavier Rolet s’inquiète des nouvelles règles façonnées par les autorités bancaires et boursières européennes. Elles pourraient contraindre le LSE à devoir trouver 225 millions d’euros pour renforcer la solidité financière de sa filiale. Au total, LCH.Clearnet pourrait avoir besoin de 300 à 375 millions d’euros supplémentaires.

L’Allemagne et la France ont demandé à la Commission européenne d’avancer sur la mise en œuvre de la taxe sur les transactions financières avec le soutien d’au moins neuf Etats membres, faute d’unanimité au sein de l’Union européenne. Selon un communiqué du ministère allemand des Finances, les ministres des Finances des deux pays ont remis vendredi une lettre à la Commission dans laquelle ils lui demandent d’activer un protocole de coopération qui nécessite le soutien d’au moins neuf Etats. Une porte-parole de la Commission a déclaré de son côté que l’exécutif européen était prêt à avancer «très rapidement» sur ce sujet,«dès que nous aurons le nombre minimum de demandes requises». La ministre finlandaise des Finances s’est prononcée samedi en faveur d’une telle taxe. Le gouvernement finlandais n’a pas encore discuté du sujet mais devrait arrêter sa position dans les prochains jours.

Dans un communiqué, la société d’investissement assure en réponse à un article publié hier par Le Parisien ne pas avoir, citant le quotidien, «proposé d’indemniser discrètement ses collaborateurs et même de financer le montent d’un éventuel redressement fiscal» et «ne pas les avoir autorisés à vendre pour ne pas attirer inutilement l’attention des autorités fiscales françaises».

Rassurés par les annonces de la BCE, les gérants anticipent majoritairement une stabilité des spreads