In 2011, banks remain the top partner for European savings investors seeking to purchase financial products and services, according to a Fidelity annual survey of European and French investor confidence. This pre-eminence appears as a sign of the current times, as investors appear to prefer the “known” and “reassuring” in financial products as well as partners. Among the factors predictive of stability and loyalty, long-term relationships are the number 1 motive cited, mentioned 37% of those who say that they have reasons to remain loyal to their providers, followed by quality of advising (35%). Although the study finds that 68% of Europeans have subscribed to a financial product in the past 12 months via a bank, in France the propensity is considerably higher, as 78% of investors preferred their bank as interlocutor. Compared with 2010, the European average is down by 6 points (to 68% from 74%), while French investors have remained at the same level (78%). It is interesting to note that independent financial advisers are the second-favourite interlocutor in 7 out of 14 countries, ahead of insurers, and after banks. 15% of more autonomous investors prefer online brokers. Beyond stability and fidelity, the study also reveals some fragility. The confidence of European savings investors in their financial intermediaries overall has been considerably shaken in 2011. Nearly one third (31%) say they have less confidence in their financial intermediary since the crisis in 2008, while 33% say so in France. Aside from Poland, all countries show a decline in confidence (averaging 11 points more respondents than those who say that they have more confidence). In addition to the quality of advising which savings investors find may not be of the highest quality in the current environment, a lack of reactiveness (the top criterion at 25%) and poor listening skills (the last criterion, with 22%) are also mentioned. In general, the distributor appears to have less influence in investment decisions. 45% of European investors say that their bank or insurer has some influence over their choices, while the study finds that 53% feel this way in France. Financial advisers are in distant second place (16%), followed by provider websites (12%) and family and friends (8%). However, one reassuring finding is that 47% of Europeans and 48% of French investors say they have good reasons to stay with their financial intermediary, and no reasons to change. 43% (and 38% in France) say they also have reasons to change, while only 10% (and 14% in France) have more reasons to leave their financial intermediary than to remain with them. It is high fee levels (for 41% in Europe and 37% in France) and quality of advising (30%) which would lead them to change (see article in today’s Newsmanagers).

The German asset management firm GF Westfälische Grundbesitz und Finanzverwaltung AG on 30 September announced that it has sold a portfolio of 21 residential properties and shops to the real estate fund Captiva Capital Partners III ELP, managed by Natixis Capital Partners.The sale includes properties totalling 43,500 square metres, constructed between 2008 and 2011, in the German regions of North Rhine-Westphalia, Lower Saxony, Hesse and Bavaria. They had been owned by three dedicated companies controlled by WGF.

La Tribune reports that the Japanese public pension fund GPIF (USD1.5trn in assets under management) will invest in emerging markets equities by the end of the year. The objective is to diversify the fund’s assets in order to achieve better returns to pay pensions, the newspaper explains.

Citywire reports that Patrick Pittaway has left URAM to join another asset management firm based in Geneva. He co-founded the firm with Dominique Casaï in 2007.

The former head of retail distribution for Germany and Austria at Axa IM, Bernhard Klocke, who left the firm one year ago (see Newsmanagers of 14 October 2010), with three members of the high yield credit team who left Axa Investment Managers at the end of June (see Newsmanagers of 28 June), Hannah Strasser, Anne Yobage and Thomas Kelleher, have founded the investment boutique Sky Harbor Capital Management, in Greenwich, Connecticut, Fonds Professionell reports. Stone Point Capital is the strategic partner of the new entity.

Romain Bournand, who with Patrice Courty is co-director of Moneta Asset Management, is not planning to alter his approach to strategy. Moneta is an independent boutique which plans to remain independent and which hopes to avoid growing at any price. The management of equities mutual funds is the only profession at Moneta, and its major challenge is to “continue to manage existing funds well.”

Olivier Gourragne has revealed the name of his new employer. It is the French bank Crédit Mutuel Arkéa, a firm which the former chairman of Fidelity International France has joined as director of financial markets. Gourragne will be based in Brest, in the Support and Development unit at the bank, a statement says. Gourragne, 47, spent 15 years at Fidelity.

The European agency Vigeo, a specialist in the analysis of environmental, social and governance (ESG) risks, on 30 September announced that it has opened an office in London.“The United Kingdom is a highly dynamic market which has a leading position in the area of responsible investment. With this local office, we will be better able to strengthen our relationships with local clients, and to bring added value to our research in the various areas of responsible investment,” the chairman of Vigeo, Nicole Notat, says in a statement.Along with the opening of this office, Vigeo has also announced the recruitment of Lindsay Smart as head of development for Vigeo on the British market. Smart, who will be based in London, was previously head of communication and sustainable development initiatives at Citi Global Transaction Services. She was also in charge of marketing for SRI and environmental investment products for the asset management firm RCM (Allianz Global Investors).

Crédit Agricole Cheuvreux on 30 September announced the publication of the second in a series of guides, which provided a synthesis of the increasingly pressing expectations of investors for transparency on the part of companies about environmental, social and governance (ESG) issues.The guide aims primarily to help listed companies to strengthen their transparency and the pertinence of their extra-financial communication, in order to meet the demands of a new generation of investors who would like a way to integrate ESG criteria into their investment selection process, either with a social responsibility or an investment discipline outlook.The publication of the guide comes at a time when initiatives are converging, including the Grenelle law in France, and proposals by the European Commission and the G20, to standardise reporting about environmental, social and governance topics.The guide foregrounds the need for listed businesses to continue to progress in the precision and pertinence of their extra-financial communication, adapting this communication to the dynamics and changes in the behaviour of asset managers, to engage in proactive dialogue with investors in order to communicate about performance in sustainable development terms, and to improve comprehension by the market of the reality and fundamental nature of issues beyond purely financial items.

Mandatory registration with the Securities and Exchange Commission (SEC) for all hedge funds with assets of over USD150m may apply to a larger number of hedge funds than expected. According to the Wall Street Journal, mid-sized hedge funds may also be affected by the clause in the Dodd-Frank law.The cause for the extension of the perimeter of application of the law is the definition of assets, which are not limited to net inflows. According to the SEC, the USD150m threshold applies to gross assets, which also include the leverage used by the firm. In other words, a hedge fund which declares net assets of USD75m would be required to register by the end of March 2012, when the Dodd-Franck law comes into effect, if it uses leverage of two.

Savings have high expectations of financial intermediaries, with higher requirements for clarity of information, listening and the quality of advice, transparency on fees, and these expectations apply at every step of the relationship, according to an annual study by Fidelity about European and French investor confidence.In the current context of low returns and high volatility, fees are often a catalyst for debate. They are at the core of transparency demands on the part of savings investors, while transparency on fees is an essential deciding criterion for 37%, and a majority (72%) would like to know more.A significant percentage of savings investors (56%) would not yet countenance the charging of advising fees, a practice which has hitherto remained marginal. The top reason for this cited by savings investors (59% of European and 71% of French investors) is a sense that financial advisers are already paid by the company that employs them. The 44% who say they would be open to being billed for advising say that they would require a certain level of personalised advising and transparency about fees.However, the quality of information received from advisers is perceived as excellent or good by 64% of European and 66% of French investors. One quarter (26% of Europeans and 22% of French investors) consider it mediocre or poor. In terms of comprehension of an investment, the major reasons cited by Europeans is the investment horizon (30%), the notion of the liquidity of a product (27%) and the level of risk (26%).French clients mention a way to get their investment back without a withdrawal fee (26%), tax advantages (22%) and an equivalent level of expected risk and returns (20%). Among those who say they do not understand well, difficulty in comparing information (26%) and use of technical vocabulary (18%) are the most-cited reasons.As to advising, seven out of 10 savings investors say they are satisfied overall with the quality of advising they receive, while 10% say they are “fully” satisfied. In France, the situation is slightly more delicate, with 6 out of 10 savigns investors satisfied overall, and 7% fully satisfied. A more alarming finding is that 1 European client out of every 5 feels that their financial adviser puts his or her interests above their own. In Italy and France, the percentages of respondents who say this are highest, at 32% and 31% of respondents, respectively, with respondents also questioning the morals of advisers.

The singer Bob Geldof is not out seeking more donations for Africa: he is looking for investors for the “8 miles” fund, so named because Africa is only 8 miles away from Europe. He is being paid USD100,000 per year to bring in subscriptions for the fund, which is aiming for EUR1bn in assets, Die Welt reports. This amount will be sustainably invested in African businesses which pledge to respect European labour standards. The fund will prefer stakes in companies in the commercial and consumer goods sectors, the two sectors which are expected to drive development on the continent.

On 23 September, Bankinter Gestión de Activos registered the Bankinter Plus 10 Garantizado fund with the CNMV. The product, for which initial subscriptions have been open since 26 September, and will remain open until 14 October, guaranteed a redemption of 100% of initial capital invested as of 17 October 2011 plus a set coupon of 10%, and potentially an additional dividend of 10% if the share price of Telefónica has risen by more than 25% since the start date, at maturity after a term of four years and four motnhs (19 February 2015).CharacteristicsName: Bankinter Plus 10 Garantizado, FIISIN code: ES0162940037Front-end fee: 5% from 17 October 2011Management commission: 0.20% until 17 October 2011, and 0.60% thereafterDepository banking commission: 0.10%Withdrawal penalty: 3% from 17 October 2011, except on liquidity window dates ( 02/02/2012, 04/02/2013, 03/02/2014 and 02/02/2015)Annual returns: Maximum 5.69%, minimum 2.89%Minimal initial subscription: EUR600

As of 30 September, assets in Spanish securities funds totalled slightly over EUR129.48bn, nearly EUR1.87bn, or 1.42% less than one month earlier.The Inverco association of asset management firms has calculated that September brought net outflows from funds of EUR681m, compared with EUR699m in August. It is the sixth consecutive month of net redemptions (see Newsmanagers of 2 September). Among the top ten asset management firms in the country by asset volumes, only Bankinter Gestión de Activos has posted net subscriptions, with a total of EUR0.38bn. The heaviest net outflows were from Invercaixa Gestión (EUR151.7m) and Santander Asset Management (EUR131.3m). Bansabadell Inversion and BBVA Asset Management, for their part, have seen net redemptions of EUR68.4m and EUR64.7m.Only three actors had assets of over EUR10bn as of the end of September. The leader remains Santander Asset Management, with nearly EUR21.6bn, followed by BBVA Asset Management (EUR20bn) and Invercaixa Gestión, with EUR15.69bn.

The Belgian asset management firm Petercam Institutional Asset Management (about EUR15bn in assets), which has recently received an SRI label from Novethic for its two flagship SRI funds, Petercam Equities Europe Sustainable and Petercam L Bonds Government Sustainable, on 30 September announced that they have signed the United Nations Principles for Responsible Investment (UN-PRI).Hugo Lasat, partner and head of institutional asset management, has announced that in addition to its in-house screening system for government bonds, the Belgian asset management firm has also recently developed its exclusive best-in-class SRI/ESG selection process (see Newsmanagers of 17 June and 7 September). The model is based on exclusion and ratings of businesses on the basis of quantitative SRI and ESG (environmental, social and governance) data, with differentiation by sector.On the basis of ESG elements which are decisive in determining the ESG performance of a business in a given sector, Petercam has defined six key ESG performance indicators for each sector. The overall rating combines six general SRI indicators, four corporate governance indicators, and the six key ESG performance indicators. By defining key ESG and SRI indicators for each sector, Petercam has combined an Anglo-American approach which considers ESG data in order to detect advantages in risk/return profiles, with a best-in-class SRI approach which more closely monitors the social values of various stakeholders.

The Canadian asset management firm AGF has increased its debt facility with an eye to acquiring an institutional asset management firm in Europe or the United States, Financial News reports. The announcement comes one year after the acquisition of Acuity, an asset management firm based in Toronto.

According to reports in the Financial Times, the hedge fund firm Man Group is now planning to lay off one out of five employees, a total of about 400 people, by first quarter 2012, twice as many as initially projected. The news comes after a difficult week for the firm, which saw its share price fall by 30% since the announcement of a drop in asset levels.

The London division of Mirabaud Asset Management has confirmed that it has hired Paul Boughton from Neptune Investment Management and Andrew Blair from Skandia Investment Group to strengthen its UK team.Both will take up the role of joint sales and marketing director for the group, and the appointments form part of Mirabaud’s initiative to build a strong UK and Continental European business. The appointments are expected to begin in November.Paul Boughton and Andrew Blair will report directly to Mirabaud Partner and head of Asset Management Lionel Aeschlimann in Geneva; and they will be based in the company’s London office on Grosvenor Place.

Absolute return funds, which are thought of as all-weather funds able to withstand falling markets, are undergoing an investor exodus, according to the most recent statistics from the British Investment Management Association (IMA). Net redemptions in August totalled GBP122m to retail clients. This is the worst month on record since April 2008. Equity funds, for their part, attracted net subscriptions of GBP515m in August, compared with net redemptions of GBP114m in July, but still below the GBP606m average over the past 12 months. In August, all asset classes combined saw subscriptions of GBP1.1bn overall, compared with GBP938m in July, the IMA notes.

Avec Bernhard Klocke, l’ancien patron de la distribution retail pour l’Allemagne et l’Autriche, parti voici un an (lire notre article du 14 octobre 2010), Hannah Strasser, Anne Yobage et Thomas Kelleher, trois membres de l'équipe crédit haut rendement qui avaient quitté Axa Investment Managers fin juin (lire notre dépêche du 28 juin) ont fondé la boutique d’investissement Sky Harbor Capital Management à Greenwich, dans le Conecticut, rapporte Fonds professionell. Stone Point Capital est le partenaire stratégique de la nouvelle entité.

L’Agefi rapporte que, selon le Sunday Times, la banque américaine Goldman Sachs pourrait quasiment réduire ses bonus à néant alors que l'établissement se prépare à une perte au troisième trimestre. Goldman Sachs se serait engagée à ne pas dépenser plus de 35 à 45% de ses revenus en éléments de rémunération, ajoute le journal.

Le 23 septembre, Bankinter Gestión de Activos a fait enregistrer par la CNMV le fonds Bankinter Plus 10 Garantizado. Ce produit, dont la souscription initiale est ouverte depuis le 26 septembre et jusqu’au 14 octobre, garantit à l'échéance, au bout de 3 ans et quatre mois (19 février 2015), le remboursement de 100 % du capital initial au 17 octobre 2011 plus un coupon fixe de 10 % assorti éventuellement d’un dividende additionnel de 10 % si le cours de l’action Telefónica s’est revalorisé d’au moins 25 % depuis le démarrage du fonds.CaractéristiquesDénomination : Bankinter Plus 10 Garantizado, FICode Isin : ES0162940037Droit d’entrée : 5 % à partir du 17 octobre 2011Commission de gestion : 0,20 % jusqu’au 17 octobre 2011, 0,80 % au-delàCommission de banque dépositaire : 0,10 %Pénalité de sortie : 3 % à partir du 17 octobre 2011, sauf les 02/02/2012, 04/02/2013 ,03/02/2014 et 02/02/2015 (fenêtres de liquidité)Rendement annuel : 5,69 % maximum, 2,89 % maximumSouscription minimale initiale : 600 euros

L’allemand WGF Westfälische Grundbesitz und Finanzverwaltung AG a annoncé le 30 septembre avoir revendu pour environ 65 millions d’euros un portefeuille de 21 immeubles résidentiels et de boutiques au fonds immobilier Captiva Capital Partners III ELP que gère Natixis Capital Partners.La cession concerne des actifs d’une superficie de 43.500 mètres carrés construits entre 2008 et 2011 et répartis sur la Rhénanie du Nord Westphalie, la Basse-Saxe, la Hesse et la Bavière. Ils étaient détenus par trois sociétés dédiées contrôlées par WGF.

Romain Burnand, qui co-dirige avec Patrice Courty Moneta Asset Management, n'a pas l'intention de modifier l'approche de sa stratégie. Moneta AM est une boutique indépendante qui compte bien le rester et qui ne souhaite pas faire du développement à tout prix. La gestion d'OPCVM actions est le seul métier de la maison et son principal défi consiste à "continuer à bien gérer les fonds existants"...

Olivier Gourragne vient de faire connaitre le nom de son nouvel employeur. L’ancien président de Fidelity International France, dont nous avions annoncé le départ le 12/09/2011, rejoint le Crédit Mutuel Arkéa en tant que directeur des marchés financiers. Olivier Gourragne sera basé à Brest au sein du pôle Supports et Développement de la banque, précise un communiqué. Agé de 47 ans, il est resté auparavant quinze ans chez Fidelity.

Le pôle de gestion d’actifs de Barclays, Barclays Capital Fund Solutions (BCFS), qui affichait 14,2 milliards de livres sterling d’encours fin août (soit 16,4 milliards d’euros), couvre trois expertises principales, a rappelé le 28 septembre Florent Guy-Ducrot, responsable des ventes BCFS France, Belgique et Luxembourg, lors d’une présentation de produits à Paris. Ces trois expertises sont «la gestion discrétionnaire (avec notamment le fonds RADAR (pour : research analysis driven absolute return, lire notre article du 12 juillet 2011), la gestion quantitative pilotée et l’allocation tactique d’actifs. Quelque 60 % de nos encours sont logés dans la catégorie multi-classes d’actifs et 20 % dans les matières premières».Après avoir présenté le RADAR aux investisseurs institutionnels français, BCFS promeut à présent dans notre pays deux de ses produits d’allocation tactique à dominante obligataire, le Barclays European Real Return (IE00B54RTM63) et le Barclays Real Return USD (IE00B4VBKF47).Un troisième produit, le Barclays World Tactical Opportunities (LU0574480322), plus agressif, vient tout juste de recevoir l’agrément de l’AMF. Il s’agit d’une combinaison de Real Return USD et d’overlay multi-classes d’actifs ayant un objectif de performance de 10 à 15 % par an pour une volatilité de l’ordre de 10 %.Ajay Jain, le gérant des trois fonds, explique que «les produits Real Return ont pour objectif de surperformer les indices obligataires tout en présentant une volatilité similaire». Le processus de gestion est clairement défini : «BCFS revoit près de 6.000 indicateurs économiques et techniques chaque mois. En suivant une démarche de type fondamentale, l'équipe de gestion retient alors entre 5 et 10 indicateurs pertinents qu’elle utilise pour définir un objectif de rendement sur certains actifs sélectionnés (par exemple : cours du pétrole, indices actions etc.), à un horizon d’un mois. Les signaux produits par une analyse technique menée en parallèle viennent ensuite confirmer/pondérer les recommandations d’investissement issues de l’analyse fondamentale. Dans une troisième phase, l'équipe de gestion optimise les portefeuilles Real Return de manière à minimiser les corrélations entre les composantes obligataires (indexées sur l’inflation ou non), matières premières et produits monétaires».Le fonds Barclays World Tactical Opportunities suit un processus de gestion analogue. Il est actuellement positionné de la façon suivante : «environ 10 % en cash, et les 90 % restants se subdivisent en 85 % de positions longues et 5 % de courtes», comme le précise Ajay Jain. «Le fonds est court (de 5 %) sur l’euro contre dollar et sur l’Eurostoxx. Par ailleurs, il est long d’actions américaines, japonaises et britanniques ainsi que sur les marchés obligataires (bunds, gilts, US Treasuries et TIPS)».

Groupe Revue Fiduciaire (GRF) et Fidroit, respectivement spécialisés dans la gestion de patrimoine et dans l’information juridique et fiscale, ont signé un partenariat afin d’enrichir leurs offres à destination de leurs clients, professionnels de la gestion de patrimoine (experts comptables, avocats, CGPI…). Les utilisateurs des outils Fidroit verront leurs contenus d’information en ligne enrichis d’actualités et de synthèses pratiques issus du Groupe Revue Fiduciaire. Par ailleurs, les experts comptables auront accès à une solution d’accompagnement dans le démarrage et le développement de leurs missions de conseil en gestion de patrimoine à partir des services Fidroit et complétés par la documentation GRF.

NadaVillermain-Lécolier quitte le Fonds de réserve pour les retraites (FRR), après huit ans à la tête de l’investissement responsable de l'établissement, rapporte Les Echos. A partir de la mi-octobre, elle travaillera à la mission programme d’investissements d’avenir (PIA), nouvellement créée à la Caisse des Dépôts et Consignations.

L’ex-gouverneur de la Banque de France, Jacques de Larosière, refuse le catastrophisme ambiant. «L’effondrement de la valeur boursière des banques défie la raison», explique Jacques de Larosière dans un entretien aux Echos. Les banques françaises ne souffrent pas d’un problème de fonds propres, évalue l’expert, qui s’est plongé dans les bilans des banques et qui s’inquiète surtout pour la finance américaine en raison notamment de l’état du marché immobilier aux Etats-Unis.

Selon les informations du Financial Times, la société de hedge funds Man Group prévoit désormais de supprimer un emploi sur cinq, soit environ 400 employés, d’ici au premier trimestre 2012, soit le double de ce qu’elle prévoyait initialement. Cette nouvelle arrive après une semaine difficile pour la société, qui a vu son cours chuter de 30 % depuis l’annonce d’une baisse de ses encours.