La société de gestion de capital investissement Calao Finance lance trois fonds éligibles à la réduction d’impôt sur le revenu : le FIP Expertise Duo et les FCPI Art de Vivre Innovation Stratégique. Ces fonds sont majoritairement composés de PME (capital développement) et minoritairement d’OPCVM pour équilibrer l’allocation générale (La Française, Carmignac Gestion…) D’une durée minimum de 6 ans, le FIP Expertise Duo investit dans des sociétés de distribution spécialisée, gastronomie, édition, sécurité des biens et des personnes, tourisme, etc. Avec une durée d’au moins 5,5 ans, le FCPI Art de Vivre investit dans le créneau du bien-être, produits de luxe, e-commerce, loisirs, multimédia, etc. Enfin, le FCPI Innovation Stratégique s’intéresse au domaine de l’efficacité énergétique, aquaculture, imagerie, robotique, sécurité, informatique, etc. Caractéristiques :FIP Expertise Duo : FR0011122043 FCPI Art de Vivre : FR0011007327FCPI Innovation Stratégique : FR0010992941 Pour les 3 fonds :Commission de souscription : 5% de droits d’entrée maxFrais de gestion : 3,95% Valeur de la part : 100 euros Montant minimum à la souscription : 10 parts minimum (1 000 euros)

Dans le cadre de la campagne IR 2011, la société Inocap vient d’annoncer le lancement d’une offre globale engagée sur les valeurs de l’emploi en France et du rayonnement de la France à l'étranger. «Depuis l’origine, notre engagement reste le même», souligne le directeur général d’Inocap, Olivier Bourdelas, «le financement des PME innovantes exportatrices, développant leur activité dans des secteurs porteurs et intemporels, qui ne sont pas soumis à des phénomènes de mode, par nature temporaires».Inocap propose tout d’abord un FIP traditionnel, «Made in France 2011", avec des investissements en PME régionales qui seront principalement constitués de sociétés industrielles non cotées ayant leur activité dans les régions Ile-de-France, Bourgogne, Rhône-Alpes et réalisant au moins 25% de leur chiffre d’affaires à l’international et/ou affichant au moins 75% de leur masse salariale en France.La société propose en outre deux FCPI. Le fonds mixte «11.5", dans la lignée des millésimes précédents, est affranchi de toute contrainte sectorielle dans la lignée des millésimes précédents. Il privilégie des investissements équilibrés au sein de PME innovantes cotées et non cotées, source de complémentairté des profils de maturité.L’autre FCPI, «Santéau 2011", qualifié de dynamique, qui investit dans le coté, se fonde sur la conviction forte que l’eau et la santé sont des secteurs porteurs, acycliques et intemporels. A noter par ailleurs que l’exercice 2010-2011 d’Inocap s’est terminé sur une collecte de 27,5 millions d’euros, dont 20 millions dans le cadre de l’offre IR. La société, qui gère plus de 70 millions d’euros pour le compte de 9.000 clients, vient de réaliser son premier exercice «fortement bénéficiaire» après quatre ans d’existence.

L'équipe parisienne du Service clients d’Edmond de Rothschild Asset Management (Edram), dirigée par Benoît Durand, a été complétée d’un neuvième collaborateur avec Johannes Berghoff. Ce dernier sera chargé de la clientèle internationale et en particulier des partenaires de distribution et des clients germanophones.Le nouveau chargé de clientèle était auparavant chez BNP Paribas Securities Services en tant que spécialiste du développement et de la commercialisation de reportings financiers à l’international..

Ancien global head de la distribution internationale de BNY Mellon Asset Management, Paul Feeney devrait rejoindre début janvier Old Mutual pour remplacer Bob Head comme CEO de la gestion d’actifs au sein de la division Long Term Savings (LTS), rapporte Investment Week.Il aura dans ses nouvelles fonctions la responsabilité de la gestion d’actifs de Skandia Investment Group (SIG) et d’Old Mutual Investment Group South Africa ainsi que de la gestion d’actifs nordique.Paul Feeney sera subordonné à Paul Hanratty, CEO de la division LTS.

Le 21 octobre, iShares a fait admettre à la négociation sur le London Stock Exchange l’ETF coordonné iShares MSCI ACWI (all country world index) investissant dans des titres de sociétés de 24 pays développés et de 21 marchés émergents. Ce produit a réplication physique est de droit irlandaisCaractéristiquesDénomination : iShares MSCI ACWI (SSAC)Code Isin : IE00B6R52259TFE : 0,60 %

Les fonds ISR coordonnés Vanguard SRI Global Stock Fund et Vanguard SRI European Stock Fund ont été dotés de parts en livres sterling. La gamme de Vanguard Asset Management au Royaume-Uni se compose ainsi désormais de 21 produits, en comptant ceux domiciliés au Royaume-Uni et en Irlande.Le Vanguard SRI Global Stock Fund, un produit de droit irlandais, réplique l'évolution du FTSE All-World Developed Index ; il est chargé à 0,40 %. De son côté, le Vanguard SRI European Stock Fund, également domicilié en Irlande, s’efforce de reproduire la performance du FTSE All-World Developed Europe Index. Le TFE est fixé à 0,35 %. Ces deux fonds excluent les actions de sociétés qui violent les principes du Pacte mondial des Nations-Unies (UN Global Compact) en matière de droits de l’homme, de normes de travail, de dégradation de l’environnement et d'éthique/corruption. L'équipe de gestion bannit également du portefeuille les actions de sociétés impliquées dans la fabrication d’armes anti-personnels, d’armement nucléaire et/ou de bombes à sous-munitions. Les pondérations sont optimisées de manière a préserver les caractéristiques fondamentales et de risque de leur indice de référence.

RWC Partners va transformer son hedge fund britannique Pilgrim en un produit au format Ucits qui sera plus facilement accessible aux investisseurs britanniques. Le 28 octobre, le fonds des îles Caïman sera redomicilié au Luxembourg et logé dans la sicav à compartiments de RWC.Le fonds Pilgrim a dégagé un rendement de 2,5% sur l’année au 30 septembre à comparer à une perte de 4,4% pour l’indice FTSE All Share. Depuis son lancement en octobre 2000, la performance monte à 99% contre 24% pour l’indice de référence. Après la conversion, le fonds prendra une nouvelle dénomination, RWC UK Pilgrim, avec des actifs sous gestion de 22 millions de livres.

Royal London Asset Management vient de recruter Neil Wilkinson pour prendre en charge la gestion du Royal London European Growth Fund, dont les actifs sous gestion s'élèvent à un peu plus de 550 millions de livres.Neil Wilkinson, précédemment chez Hermes Fund Managers, prend la succession de Kevin Lilley, parti chez Old Mutual Asset Managers pour gérer un fonds d’actions européennes (Old Mutual European equity fund).

Trois anciens traders de Brevan Howard Asset Management prévoient de lancer un hedge fund ressources naturelles début 2012, selon les informations de Financial News. Il s’agit de Tim Whyte, Carl Linderum et Ben Belldegrun.

Directeur de banque privée chargé de la gestion des grandes fortunes chez Banco Urquijo depuis 2006, Alvaro Riera Junco rejoint l'équipe espagnole de Lombard Odier comme banquier senior. Il avait été auparavant associate dans la division private wealth management de Morgan Stanley.

A la demande du suisse Clariden Leu (groupe Credit Suisse), le régulateur espagnol CNMV a enregistré pour commercialisation en Espagne les fonds coordonnés Clariden Leu (Lux) I- Global Convertible Bond Fund et Clariden Leu (Lux) I Global High Yield Bond Fund qui sont gérés par Oaktree Capital Management, partenaire de Clariden Leu, rapporte Funds People.Ces produits à liquidité journalière affichent des encours respectifs de 350 millions et 320 millions de dollars, avec des classes de parts en euros.

European Credit Management, the specialist fixed income asset manager, has launched the ECM High Yield Fund, the objective of which is to provide investors with consistent annual returns of 8-10 % p.a. (net of fees) through a combination of current income and capital appreciation. The ECM High Yield Fund, a Luxembourg registered UCITS IV compliant SICAV, will invest in high yield bonds and related products. It will be managed by Andre Mazzella, lead portfolio manager. He will be supported by Henry Craik-White, high yield analyst.The ECM High Yield Fund will have a European focus, though it will also invest on a global basis.

Axa Investment Managers has announced the launch of Axa WF Framlington Global High Income, an equity fund designed to capture opportunities from high quality companies with strong dividend yields and structural growth. The fund is managed by Anu Narula, portfolio manager, Axa Framlington.The fund targets between 1.5-2.5 times the dividend yield of the MSCI AC World index. The manager has the ability to further enhance the yield through the implementation of an option overlay strategy. Axa WF Framlington Global High Income which launched on 31 August 2011 is UCITS III compliant and domiciled in Luxembourg. The fund has both retail and institutional share classes with no minimum investment into the retail share class and EUR5 million into the institutional share class. The fund is not currently registered for sale in any other jurisdiction other than Luxembourg but Axa IM is considering registration across a number of countries in Europe.

In France, third-party asset management generates a total of 83,000 jobs, according to a study entitled “Jobs in third-party management,” from the French financial management association (AFG).In addition to the 15,000 jobs directly at private asset management firms (SGP), each position at these structures “supports five more jobs in the professional ecosystem,” the AFG points out. Private asset management firms are also the source of nearly 11,000 further jobs at providers.Product distribution, particularly for mutual funds, “represents by far the largest source of jobs resulting from revenues generated by SGPs,” creating the equivalent of 48,300 full-time jobs, the study finds.Lastly, SGP activities create at least 9,000 jobs in the associated professions, the AFG notes, such as depository/custodians (3,750 jobs), accounting professions (1,250) and brokers (4,000).With 600 asset management firms and more than 11,000 investment funds, the third-party management profession has over EUR2,65trn in assets under management in France, of which EUR1.5trn are invested in French and foreign funds, and EUR1.15trn in the form of live asset mandates, the AFG adds.The study also treats the demographic structure of the third-party management industry in France (type, structure by age, level of education), and reviews the various professions and functions which make up the management value chain.

In third quarter, UBS delivered a pre-tax profit of CHF 1 billion despite a trading income loss of CHF 1.8 billion resulting from the unauthorized trading incident reported in September and significant volatility in global financial markets. Wealth management businesses recorded combined net new money broadly in line with the prior quarter. Wealth Management’s pre-tax profit was CHF 888 million, compared with CHF 672 million in the previous quarter. When adjusted for the sale of positions from treasury-related investments, the gross margin remained resilient at 97 basis points. Net new money inflows were CHF 3.8 billion compared with CHF 5.6 billion in the previous quarter. International wealth management reported net inflows of CHF 3.9 billion compared with CHF 5.5 billion in the prior quarter, with continued net inflows in the Asia-Pacific region and emerging markets, as well as globally from ultra high net worth clients. European onshore business reported net outflows, reflecting outflows of approximately CHF 1.5 billion related to the departure of client advisors who had joined our firm as part of a past acquisition in Germany. Excluding this, our European onshore business reported net inflows. Our European cross-border business recorded net outflows, mainly from the cross-border business related to neighboring countries of Switzerland. Wealth Management Americas’ pre-tax profit decreased 1% to CHF 139 million from CHF 140 million. In US dollar terms, the pre-tax profit rose slightly as higher operating income was almost entirely offset by higher operating expenses. Third quarter net new money was CHF 4.0 billion compared with CHF 2.6 billion in the second quarter. Financial advisors employed with UBS for more than one year and net recruiting of financial advisors contributed to the improvement in net new money. Global Asset Management’s pre-tax profit was CHF 79 million compared with CHF 108 million in the prior quarter. Net inflows totalled CHF1.5bn, from third parties, excluding money market flows. Excluding money market flows, net new money inflows from third parties were CHF 1.5 billion compared with inflows of CHF 5.7 billion in the second quarter. Net inflows were recorded in Asia Pacific, Switzerland and Europe, Middle East and Africa and net outflows in the Americas. Net outflows, excluding money market flows, from clients of UBS’s wealth management businesses were CHF 2.8 billion compared with net outflows of CHF 2.2 billion. The majority of these net outflows were recorded in booking center Switzerland as investors remained cautious in the volatile market environment and tended to move into cash and equivalents.

Assets under management at the wealth management firm GAM Holding as of the end of September totalled CHF106.4bn, compared with CHF113.5bn as of the end of June, according to an interim statement from the asset management firm published on 25 October.Of this total, assets under management at Swiss & Global as of the end of September totalled CHF75.7bn, compared with CHF79.6bn as of the end of June. Negative market effects are the primary cause of this development.

With the CH2H (LU0616864012) share class, which charges total fees of 1.50%, and the CH4H (LU0616864285) share class, whose management commission totals 0.75%, DWS Schweiz on 21 October opened access to the DWS Top Dividend LC fund (LU0507265923), a product denominated in euros, to Swiss investors. The LC share class as of the end of September had assets of EUR402m.The fund is managed by Thomas Schüssler, with the assistance of Oliver Pfeil. The dividend return objective is 4-4.5% per year. The benchmark index is the MSCI World High Dividend Yield (RI).Harald Reczek, CEO at DWS Schweiz, points out that the DWS Invest fund has an asymetrical risk/return profile, and that in falling markets, the defensive product reduces losses by about two thirds, while allowing investments to participate in upward movements on equity markets.

Société Générale Private Banking on 24 October announced the appointment of Paul Vaillancourt as Chief Executive Officer at Canadian Wealth Management (CWM Group Inc.), its wealth management affiliate in Canada. In his new role, Vaillancourt will aim to continue development of wealth management activities for the private bank in Canada. He will also retain his role as Chief Investment Officer, which he had held at CWM Group since 2010. Assets under management at Société Générale Private Banking totalled EUR84.2bn as of the end of June 2011. CWM Group, based in Calgary, has 30 employees.

The Fonds de Garantie, an indemisation entity which fulfils missions in the national public interest, has contracted Caceis for the valuation and institutional accounting of its two funds, FGAO and FGTI, Caceis announced in a statement on 24 October. “This choice is the product of a longstanding partnership of confidence between the Fonds de Garantie and Caceis, which is its primary custodian,” Caceis says in a statement. Assets under custody at Caceis total EUR1.2bn for the FGAO and EUR800m for the FGTI fund. Caceis also provides custody, valuation and legal support for three Sicav funds from the Fonds de Garantie, and middle office for two self-managed Sicav funds.

The Paris-based client service team at Edmond de Rothschild Asset Management (Edram), led by Benoît Durand, has taken on a ninth colleague in the person of Johannes Berghoff. Berghoff will be in charge of international clients and particularly of distribution partners and German-speaking clients.The new client relationship manager had previously been at BNP Paribas Securities Services, as a specialist in international development and sales of financial reporting.

M&G Investments (GBP300bn in assets under management) is reportedly about to open an office in Asia, probably in Hong Kong, Asian Investor reports. A head from Prudential, the parent company of M&G, has confirmed that staff is being transferred to Asia, without giving details of the size of the move or the projected time frame. Legal & General Investment Management (GBP320bn in assets under management) is also reported to have plans to set up shop in Asia, but has not yet settled on Hong Kong or Singapore. Heads at the two firms have spent time in Hong Kong and Singapore in the past few weeks in order to get a closer look at what is needed to enter the Asian market.

On 19 April 2012, Kaven Leung will join the Swiss firm Julius Baer as CEO North Asia, deputy CEO Asia and CEO for the Hong Kong branch. He will take over the responsibilities currently held for the interim by Thomas Meier in addition to his responsibilities as CEO Asia. Laung is currently a partner and co-head of the private wealth management activity for Asia ex Japan at Goldman Sachs.

The small Frankfurt-based boutique Verianos has teamed up with BNP Paribas Real Estate to launch the institutional real estate fund VREF II - France, which will aim to invest EUR500m in French real estate, the Börsen-Zeitung reports.Verianos is responsible for the design of the fund and subscriptions, while its partner will handle activities in France, including acquisitions of properties, project development, and property management.

The director of private banking in charge of managing high net worth clients at Banco Urquijo since 2006, Alvaro Riera Junco, is joining the Spanish team at Lombard Odier as a senior banker. He had previously been a partner in the private wealth management division of Morgan Stanley.

iShares vient d’annoncer plusieurs lancements de produits aux Etats-Unis. Le premier, iShares Emerging Markets Local Currency Bond Fund, permet un accès aux obligations des pays émergents libellées en monnaie locale. A cela s’ajoutent quatre ETF pour aider les investisseurs à gérer le risque de leur portefeuille en limitant la volatilité. Il s’agit de : iShares MSCI Emerging Markets Minimum Volatility Index Fund, iShares MSCI EAFE Minimum Volatility Index Fund, iShares MSCI USA Minimum Volatility Index Fund et iShares All Country World Minimum Volatility Index Fund.

According to a notification to the CNMV, Santander has recuperated EUR248m of its total exposure of EUR2.33bn to funds managed by Bernard Madoff via the Optimal Strategic US Equity fund, Expansión reports. Of this total, EUR2.11bn correspond to investments made by institutional investors, while the remaining EUR320m are in private banking client portfolios.

On 21 October, iShares added the UCITS-compliant iShares MSCI ACWI (all country world index) ETF to trading on the London Stock Exchange. The fund invests in shares in companies from 24 developed countries and 21 emerging markets.The physical replication product is registered in Ireland.CharacteristicsName: iShares MSCI ACWI (SSAC)ISIN code: IE00B6R52259TER: 0.60%

The UCITS-compliant SRI funds Vanguard SRI Global Stock Fund and Vanguard SRI European Stock Fund now offer shares denominated in pounds Sterling, so that the product range from Vanguard Asset Management in the United Kingdom now includes 21 products, including products domiciled in the United Kingdom and Ireland.The Vanguard SRI Global Stock Fund, an Irish-registered product, replicates the evolution of the FTSE All-World Developed Index; it charges fees of 0.40%.For its part, the Vanguard SRI European Stock Fund, which is also domiciled in Ireland, aims to reproduce the performance of the FTSE All-World Developed Europe Index. Its TER is 0.35%.The two funds exclude shares in firms which violate the principles of the United Nations Global Compact in the areas of human rights, labour standards, environmental protection and ethics and corruption. The management team also bans firms from the equity portfolio which are involved in the manufacture of anti-personnel weapons, nuclear arms, or cluster bombs. Weighting is optimised in order to preserve the fundamental risk profile of their benchmark indices.

RWC Partners will convert its British hedge fund Pilgrim into a UCITS-compliant product, which will be more easily available to British investors. On 29 October, the Cayman Islands-registered fund will be redomiciled in Luxembourg, and made a sub-fund of the RWC Sicav. The Pilgrim fund earned returns of 2.5% for the year to 30 September, compared with a loss of 4.4% for the FTSE All Share index. Since its launch in October 2000, the performance has totalled about 99%, compared with 24% for the benchmark index. After its converion, the fund will become known as RWC UK Pilgrim, with assets under management of GBP22m.

Royal London Asset Management has recruited Neil Wilkinson to take over as manager of the Royal London European Growth Fund, whose assets under management total slightly over GBP550m. Wilkinson, previously of Hermes Fund Managers, succeeds, Kevin Lilley, who has moved to Old Mutual Asset Managers to manage a European equity fund (Old Mutual European equity fund).