Standard Chartered has agreed to pay USD340m to retain its banking license in New York and avoid legal action by the New York state regulator, Les Echos reports. The Department of Financial Services (DFS) had accused Standard Chartered of undertaking USD250bn in illicit trades with Iran over the past decade. The firm is also subject to another investigation by the US Treasury, the Department of Justice and the Federal Reserve. Peter Sands, head of the firm, is seeking a global settlement with US authorities.

The exposure of Paulson & Co (USD21bn in assets) to GLD, a gold-backed ETF, increased 26% in second quarter, to 21.8 million shares, or USD3.4bn, the Financial Times reports. In early 2011, the asset management firm held 31.5 million shares in GLD. Over the same period, sales of equities not related to mining have had the consequence that 44% of Paulson’s US equities portfolio are related to gold.

The consulting firm Mercer has announced plans to include environmental, social and governance (ESG) ratings in its reports distributed to clients. The decision reflects the growing importance of ESG criteria for long-term investors, and increasingly pronounced interest in all of these issues on the part of clients. Mercer points out, however, that this increasing interest of institutionals in ESG criteria is not shared by managers, a relatiely small number of whom integrate these factors into their management processes. The list of signatories to the United Nations Principles for Responsible Investment (UN PRI) are continuing to increase, but only 9% of more than 5,000 investment strategies rated by Mercer receive top ratings for integration of ESG criteria.

Investor sentiment has risen sharply from the lows of July and fund managers have increased allocations to equities, real estate and commodities, according to the BofA Merrill Lynch Survey of Fund Managers for August (an overall total of 232 panelists with USD640 billion of assets under management participated in the survey from 3 August to 9 August). A net 15 percent of the 173 panelists participating in the global survey believe that world economy will get stronger in the coming 12 months. This represents a monthly swing of 28 percentage points, the largest leap in confidence since April to May 2009. In July, a net 13 percent said the economy would weaken. A corrolary of this development is that fears about the outlook for corporate profits have reduced since July. A net 21 percent of the panel expects profits to deteriorate in the coming year, down from a net 38 percent a month ago. The fresh optimism comes amid growing expectations of intervention by the European Central Bank (ECB). The proportion of the panel ruling out more quantitative easing by the ECB has halved to 9 percent, while 38 percent expect the ECB to act during the third quarter (up from 29 percent in July). BofA Merrill Lynch reports that this surge in confidence seems to be more a triumph of policy projection and potential than positive economic data. In other words, the risk is now that inaction by policy makers would lead to a negative reaction in global markets. Investors’ positions remain highly prudent: bond allocations remain high and investors are shunning the most cyclical equity sectorsHaving turned their backs on Europe, especially the eurozone, for much of 2012 investors are becoming far less bearish on the region. A net 5 percent of investors want to underweight eurozone equities – down from a net 18 percent in July. A net 9 percent wants to underweight the U.S., compared with a net 6 percent looking to overweight U.S. equities in July.

Francisco Gómez-Trenor y García del Moral has joined Mirabaud Finanzas as CEO of wealth and asset management for Spain, Funds People reports. He had previously been director of Bankia Banca Privada.

The Spanish BBVA group has recently announced the creation of a new division, Banca Retail, which includes retail banking activities worldwide and South American affiliates. The new structure will be led by Ignacio Deschamps, who had previously been CEO of the Mexican affiliate BBVA Bancomer. Deschamps will be replaed in this position by Vincente Rodero, who had previously been director of the South American operations of the BBVA group.Banca Retail will include the areas of insurance, means of payment, private banking, consumer credit and asset management.

In first half, Santander Asset Management has generated a net profit of approximately EUR32m, or 28.6% less than in the corresponding period of 2011, and assets fell 1% compared with the end of December, to EUR137.5bn, of which EUR107bn were for investment and pension funds, EUR7bn for dedicated portfolios and institutional mandates, and EUR23bn in management mandates for other entities of the Santander group.The quarterly report states that traditional management as of the end of June represented about EUR134bn, 85% of it in four countries (Brazil, the United Kingdom, Spain and Mexico), while in “non-traditional” management (real estate funds, hedge funds and private equity), the volume remained stable at EUR3.5bn.Funds People, for its part, on 8 August announced that Santander am is planning to create a branch office in Frankfurt to manage portfolios and provide investment advising.

Robeco, the asset management unit of Rabobank, recorded net cash inflows of EUR17bn in the first half year, against EUR7.6bn for the entire year 2011.“Net cash inflow from institutional clients was strong, deriving particularly from the Netherlands and increasing the proportion of institutional assets to Robeco’s total assets under management to 51% from 46% in the first half of 2011,” according to a press release.Assets under management increased to EUR 179bn at 30 June 2012, vs EUR 150bn at the end of 2011.But net profit decreased to EUR 97m, against EUR 105m one year earlier.Commenting on the half year results, Roderick Munsters, CEO of Robeco Group said: “The 19% growth in assets under management in the first half of 2012 is supported by a combination of significant net cash inflows and strong investment performance, giving us confidence in this period in which Robeco is working closely with Rabobank on the strategic review of the business”.

The wealth management firm GAM on 14 August announced a 4% increase in its assets under management in first half 2012, to CHF111.1bn, compared with CHF107.0bn as of the end of December 2011. “This growth primarily reflects a decline on the market of CHF2.9bn, positive currency effects (CHF0.3bn), and appreciation of currencies (US dollar, pound sterling) against the Swiss franc, which offset the falling euro,” GAM says in a statement. Meanwhile, net inflows totalled CHF0.9bn, compared with CHF0.6bn in first half 2011 and redemptions in second half 2011. Net operating profits totalled CHF70.2bn, compared with CHF100.4bn, while pre-tax profits totalled CHF87.1m (CHF124.7m), which corresponds to a decine of 30% in both cases.

Assets under management and administration at the Banque cantonale de Genève (BCGE) increased in first half by CHF0.4bn, to a total of CHF18.5bn, according to a statement released on 14 August. The BCGE says in a statement that its “commercial and financial solidity” allowed it to earn gross profits of CHF70.2m, up 26.3% compared with first half 2011, and a net profit, after a write-down of provisions for general banking risks, of CHF36.5m (+31.56%).

Since the dismissal of Franz Waas on 2 April, Oliver Behrens has been serving as interim chairman of the managing board at DekaBank. He now becomes vice-chairman of the board (a newly-created position), and will report to Michael Rüdiger, who has been appointed by the board of directors as chairman of the managing board.Rüdiger, who will be joining the firm “as soon as possible,” had previously been CEO for Central Europe at Credit Suisse, in charge of private banking, asset management and investment banking.The board at the central asset management firm for the German savings banks, which is now complete, includes, in addition to the chairman and vice-chairman, Friedrich Oelrich, Matthias Danne and Georg Stocker (who began in the position on 1 August). As of the end of June, Deka had EUR88.4bn in assets in open-ended securities funds, EUR21bn in open-ended real estate funds, EUR50bn in institutional securities funds, EUR1.73bn in institutional real estate funds, and EUR10.74bn in securities mandates.

Between 16 July and 6 August, Union Investment Real Estate (UIRE) has announced six different deals, two of them property sales, and four purchases.The German asset management firm, an affiliate of Union Investment (co-operative banks), has announced that its institutional fund DEFO-Immobilienfonds 1 has sold three office properties in Münster, Nuremberg and Berlin, for a total of EUR20.1m, at prices higher than their most recent expert valuations.UIRE has sold the office and commercial property Bell Trinity Square (86,616 square metres) in Toronto to Northern Realty Advisors for CAD368.5m. The transaction took place t a higher price than the most recent expert valuation, seven years ago. Bell Trinity Square had been owned by the open-ended real estate fund UniImmo: Global (65%), and the instutional fund UniInstitutional European Real Estate.Among its recent acquisitions, UIRE has acquired a logistical complex measuring 7,681 square metres in Hamburg from Schroder Property Investment Management GmbH. The property will be added to the portfolio of the open-ended real estate fund UniImmo-Deutschland, but the total sale price has not been disclosed.UIRE has also purchased two office properties under construction in Bois-Colombes, near Paris, from Sefri-Cime. The properties, with a total area of 38,000 square metres, are slated for completion in 2013, and are being constructed under a contract from Axa Real Estate.Finally, UIRE has announced that it has acquired the office property under construction Eventes Business Garden (14,133 square metres) in the western suburbs of Helsinki. The vendor of the property, slated for completion in mid-2014, which will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland, is the Finnish developer Peab Oy.

The Netherlands-based asset management firm Robeco will open an office in Miami in the United States to strengthen its presence in Latin America, Investment Europe reports. The campaign will be directed from the Madrid office, led by Javier García de Vinuesa, who already oversees clients and products in Latin America. The office will be opened after summer, with fewer than five staff in Miami.

Fidelity Investment has announced that in first half it sold defined contribution retirement plans totalling USD25.2bn, up 36% compared with first half 2011. This is one of the best semiannual results in the past five years, Fidelity Investment says in a statement.

The Swiss private bank EFG Bank has appointed BNP Paribas Securities as its local and international custodian in several markets, including Australia and New Zealand. EFG Bank becomes the third client of BNP Paribas SS on the Australian market, where the group has been offering custody services since May 2012. Assets in custody at EFG Bank total about USD3bn.

According to Inverco statistics as of the end of June, Spanish funds had average assets of EUR50.2m, compared with EUR82m as of the end of 2007, and EUR76m in 2000. The largest average volumes were for Bestinver (EUR3.1bn in nine funds), with EUR344m per fund, followed by Cartesio (EUR134m), Funds People reports.As of the end of June, Inverco counted 2,447 investment funds, with a total of EUR122.84bn. Only eight of these products have assets under management of over EUR1bn; the top two are FonCaixa Estabilidad (EUR2.35bn) and Santander Banif Inmobiliario (EUR2.33bn). However, 435 funds have less than EUR5m in assets, and 211 of them have assets of under EUR3m, the minimal level required by the CNMV to be recognised as a collective investment vehicle.

Pimco has appointed Phil Michels of Schroders as account manager for the Benelux region, Investment Europe reports. He will be based in Schiphol. The recruitment aims to extend growth at Pimco in wealth management into the Benelux countries, as well as distribution networks for the retail market.

The US millionaire Carl Icahn has given USD3bn to two managers, including his son Brett Icahn and David Schechter, the news agency Bloomberg reports. Icahn junior and Schechter will invest the capital in stocks with market capitalisations of USD750m to USD10bn. The two managers have already managed about USD300m for Icahn Enterprises, whose assets under management total about USD24bn. Icahn junior joined his father’s business 10 years ago as an analyst. Schechter has been working for Icahn senior since 2004, following a period at Citigroup.

The ratings agency Moody’s on 15 August announced that it is lowering the long-term rating of Julius Baer to A1, from A3 previously. It has also reduced the financial solidity rating for the firm to C+ from B-. Moody’s explains in a statement that the decision comes due to an announcement by the Swiss bank that it has acquired the wealth management activities of Merrill Lynch outside the United States, and to increasing pressure on traditional private banking activities in Switzerland, which will require firms in the sector to revise their model based on offshore centres.

Since early July, the Chinese regulator (CSRC) has issued four new Qualified Foreign Institutional Investor (QFII) licenses, to BOC Group Life Assurance, Nan Shan Life Insurance, Hall Capital Partners and the Board of Regents of the University of Texas System. The new licenses bring the total number of QFII license holders to 176 as of 14 August, Z-Ben Advisors reports.

Le gouvernement brésilien a présenté mercredi un plan d’investissements d’un montant de 66 milliards de dollars pour la modernisation ou la construction de routes et de voies ferrées sur les 25 prochaines années.

Selon le Premier ministre Wen Jiabao, cité par des médias officiels, l'économie chinoise est confrontée à des vents contraires violents même si le ralentissement de l’inflation donne une plus grande marge de manœuvre en matière de politique monétaire. Ces déclarations font suite à la publication de statistiques montrant que la deuxième économie mondiale n’a pas retrouvé son rythme de croisière. «La pression pesant sur notre économie est toujours forte et les difficultés pourraient persister un certain temps», a déclaré Wen Jiabao.

Contre toute attente, l’activité manufacturière dans l’Etat de New York s’est contractée en août, pour la première fois depuis octobre 2011, affectée par une nouvelle chute des commandes. L’indice dit «Empire State» est tombé à -5,85 contre 7,39 en juillet. La composante des commandes nouvelles s’est de nouveau repliée, pour toucher un plus bas depuis septembre 2011 à -5,50 contre -2,69 le mois dernier, augurant d’une nouvelle baisse de l’activité le mois prochain.

L’inflation britannique a augmenté de manière inattendue à 2,6% en juillet après 2,4% en juin, en raison notamment d’un renchérissement des prix des billets d’avion de 21,7% sur le mois, selon les chiffres publiés par l’Office national de la statistique mardi. Les promotions sur l’habillement ont en outre été moindres car elles avaient été faites essentiellement en juin pour cause de climat anormalement pluvieux pour la saison.

L’indice RICS du marché immobilier britannique est ressorti à -24 au mois de juillet, après -22 le mois précédent, ce qui indique une accélération de la baisse des prix. «Un nombre élevé de vendeurs mettent leur bien sur le marché et les problèmes actuels d’accès à un financement abordable n’aident pas. Si les vendeurs souhaitent céder leur bien rapidement, ils doivent se montrer réalistes quant à leur attentes en matière de prix», indique Peter Bolton King, directeur chez RICS.

Bratislava a revu à la hausse son estimation des économies et recettes fiscales supplémentaires qu’elle devra dégager pour atteindre l’an prochain son objectif d’un déficit public ramené à moins de 3% du PIB. Ces économies représentent 0,8% du PIB slovaque, a estimé mercredi le vice-ministre des Finances, Peter Pellegrini, qui s’est engagé à minimiser leur impact sur les couches les plus modestes de la population. Le gouvernement espère afficher cette année un déficit de 4,6% du PIB.

Le Caire va demander au Fonds monétaire international (FMI) une aide supérieure de 50% à celle initialement réclamée, alors que le pays s’attend à manquer son objectif de déficit budgétaire cette année. Le ministre des Finances, Momtaz El-Saieed, a ainsi indiqué qu’il solliciterait un prêt de 4,8 milliards de dollars, au lieu des 3,2 milliards de dollars évoqués. Le déficit budgétaire pourrait dépasser de 135 milliards de livres égyptiennes (22 milliards de dollars) selon les prévisions gouvernementales.

Le nombre de Britanniques sans emploi est tombé à son niveau le plus bas depuis près d’un an sur les trois mois à fin juin, selon des données officielles publiées mercredi. En suivant les normes du Bureau international du travail (BIT), il a baissé de 46.000 sur les trois mois à fin juin, pour revenir à 2,564 millions. Le taux de chômage s’est établi à 8,0%, une amélioration vraisemblablement redevable en grande partie aux Jeux olympiques.

La confiance des promoteurs immobiliers aux Etats-Unis a progressé de manière inattendue en août, montre l’enquête mensuelle de la National Association of Home Builders (NAHB). L’indice NAHB-Wells Fargo du sentiment des promoteurs est monté à 37 contre 35 en juillet, à son plus haut niveau depuis février 2007. Il avait déjà enregistré en juillet sa plus forte hausse sur un mois depuis dix ans, passant de 29 à 35, et les économistes s’attendaient à ce qu’il reste stable en août. Cet indicateur a plus que doublé en un an. Mais il reste loin du seuil de 50, qui correspond à l'équilibre entre optimisme et pessimisme sur l'évolution du marché et qu’il n’a pas dépassé depuis avril 2006. Quant aux dépenses de construction, elles ont augmenté de 0,4% en juin, à 842 milliards de dollars en rythme annualisé. Les dépenses de construction résidentielle ont bondi de 1,3% en juin, illustrant le redressement du marché.

Les banques espagnoles ont emprunté un montant record de 402 milliards d’euros auprès de la BCE au mois de juillet, soit 10% de plus qu’en juin