Selon Z-Ben Advisors, E-Fund Management a enregistré un succès spectaculaire en drainant 19 milliards de yuans ou 2,8 milliards de dollars pour son ETF nourricier Shenzhen 100 ETF. Cela permet à E-Fund de passer en deuxième position des gestionnaires de fonds en Chine, reléguant ainsi Bosera et Harvest en troisième et quatrième positions. Bosera devrait toutefois pouvoir regagner du terrain parce qu’elle a obtenu ce lundi l’autorisation de lancer un ETF sur les méga-capitalisations de Shanghai ainsi qu’un fonds nourricier.

La Deutsche Börse a annoncé lundi matin qu’elle prendra au 8 janvier 2010 une participation de 75 % plus une action dans Tradegate Exchange GmbH, qui exploite la plate-forme hors Bourse (MTF) Tradegate lancée en 2001 et qui opérera à compter du début de l’an prochain comme marché régulé au sens de la directive MIF (MIFID en anglais). La Deutsche Börse prendra également 5 % dans Tradegate AG Wertpapierhandelsbank, qui sera l’un des teneurs de marché sur le marché des futures de Tradegate, avec la possibilité de monter au maximum à 20 % dans le capital.La Deutsche Börse indique qu’elle investit dans ces deux opérations un montant à un seul chiffre en millions d’euros.

Selon les milieux financiers, Wilhelm von Haller, membre de la direction de la banque des entreprises/Allemagne et de management committee/Allemagne de la Deutsche Bank, aurait quitté ses fonctions pour devenir très prochainement fondé de pouvoir général de Sal. Oppenheim, rapporte la Frankfurter Allgemeine Zeitung. L’intéressé, qui jouit d’une solide réputation d’expert de la banque privée et de la banque des entreprises, sera chargé de coordonner les différentes activités de Sal. Oppenheim et de positionner l'établissement pour qu’il demeure perçu comme une banque privée même après l’acquisition par la Deutsche.Des quatre principaux dirigeants actuels de Sal. Oppenheim, seul le baron Christopher von Oppenheim, le patron de la gestion de fortune, devrait rester en place afin que la banque conserve un visage vis-à-vis de l’extérieur, mais on ne sait pas encore à quel poste il oeuvrera.

Dans le cadre d’une augmentation de capital réservée sur la base d’une nouvelle action pour six anciennes, la quirin bank compte émettre près de 6,16 millions d’actions proposées à 1,70 euro l’unité. La souscription est ouverte du 30 novembre au 14 décembre 2009. «Des investisseurs financiers» se sont engagés à acquérir les actions qui n’auraient pas été souscrites lors de ce placement privé, précise un communiqué.La banque, qui se rémunère uniquement sous forme d’honoraires, précise par ailleurs que, depuis le début de l’année, ses actifs sous gestion ont augmenté de moitié à 1,5 milliard d’euros tandis que le nombre de clients atteint à présent 5.100 contre 3.000 fin décembre 2008.Enfin, quirin bank annonce la nomination de l’ancien membre du directoire de la Dresdner Bank Heinrich Linz comme administrateur. L’intéressé représente les intérêts du capital-investisseur RHJ International, dont il est managing director depuis 2007 et qui détient depuis quelques semaines une participation de 20 % dans quirin (lire notre dépêche du 30 octobre).

Thomas Muhlberger et Jens Finkbeiner ont créé ensemble f+m Financial GmbH, une nouvelle société de gestion qui se spécialisera sur l’approche de performance absolue et qui devrait être en mesure de lancer son premier fonds d’investissement, avec une tranche de parts institutionnelles début 2010. Les deux associés, spécialistes des dérivés, étaient jusqu'à présent gérants chez Lupus alpha, une société de gestion francfortoise créée fin 2000 par des transfuges d’Invesco.f+m Financial aura l’exclusivité de l’utilisation du modèle W.I.S.E développé par l’Université Johann Wolfgang Goethe de Francfort en coopération avec la nouvelle société de gestion. Selon les initiateurs du projet, le W.I.S.E se cractérise par une grande fiabilité des prévisions sur l'évolution des marchés pertinents, ce qui permettrait donc d’optimiser l’allocation dans le cadre du couple rendement/risque recherché. Le système comporte une part élevée de placement sûrs sous forme d’obligations d’Etat, mais aussi des couvertures et des stratégies d’optimisation de la performance sur des marchés à terme comme Eurex ou le CME.

Selon une étude de l’agence Kommalpha, environ quatre cinquièmes des actifs gérés dans les ETF en Allemagne proviennent d’investisseurs institutionnels. Un sondage auprès de 122 d’entre eux montre que 70 % s’attendent que ce genre de produit gagne en importance dans les mois et les années qui viennent. Cependant environ 90 % du panel sont investis à moins de 20 % en ETF, ce qui paraît ménager un important potentiel de croissance.D’après les données fournies par la Deutsche Börse, on compte actuellement en Allemagne 463 ETF pour un encours de 90,06 milliards d’euros, les actifs unitaires moyens se situant à 194,51 millions d’euros, ce qui est inférieure à la moyenne observée aux Etats-Unis mais nettement supérieur à la moyenne européenne. La catégorie comptant le plus de produit est celle des ETF sectoriels, avec 97 fonds, mais un encours moyen de seulement 49,34 millions d’euros.Quant à la commission de gestion, elle se situe en moyenne à 0,38 %, avec un plus bas à 0,15 % pour les ETF monétaires et de Pfandbriefe et un plus haut de 0,70 % pour les ETF alternatifs.

La Banque Triodos, fondée en 1980 aux Pays-Bas autour du concept de développement durable, vient de faire enregistrer en France une Sicav luxembourgeoise qu’elle envisage donc de commercialiser une fois qu’elle aura trouvé des partenaires.Cette banque, «qui a inscrit le développement durable dans ses statuts», selon Pierre Aeby, membre du comité exécutif, dispose aujourd’hui de succursales en Belgique, au Royaume-Uni et en Allemagne. La France est un marché qui l’intéresse aussi, pour peu qu’elle trouve des partenaires motivés pour monter un tel projet. «Triodos finance des sociétés, des institutions et des projets à dimension culturelle et sources de bienfaits pour les gens et l’environnement et ce, grâce au soutien des déposants et des investisseurs désireux d’encourager les entreprises à assumer leur responsabilité sociale et de promouvoir une société durable», a expliqué Pierre Aeby, lors d’une conférence organisée par Novethic.

Axa France a annoncé, vendredi 27 novembre, la nomination d’Etienne Bouas-Laurent au poste de directeur de la direction de la gestion privée et des partenariats (DGPPF) d’AXA France. Il prendra ses fonctions à compter de mars 2010 - en remplacement de Eric Franc - et sera rattaché à Marc Raisière, membre du comité exécutif de l'établissement. Etienne Bouas-Laurent occupait depuis quatre ans le poste de directeur de la communication financière du groupe AXA. Créée en 2002, la DGPPF représente un chiffre d’affaires de près de 3 milliards d’euros et un encours sous gestion proche de 20 milliards d’euros, précise un communiqué de l'établissement. Elle regroupe trois pôles dédiés à la gestion de patrimoine haut de gamme : - AXA Gestion Privée est dédiée aux clients fortunés des réseaux d’AXA France (Agents Généraux, Agents Patrimoine et Prévoyance, réseau salariés) et courtiers généralistes.- AXA THEMA anime un réseau de 1 500 Conseillers en Gestion de Patrimoine Indépendants.- AXA Partenariats Bancaires & Financiers distribue des produits d’épargne aux clients de près de 100 acteurs bancaires nationaux et régionaux (banques à réseaux et maisons de gestion de fortune).

Selon le Figaro du vendredi 27 novembre qui cite le site Wansquare, Allianz qui a pris le contrôle d’AGF, n’a pas trouvé de synergies entre sa filiale de private equity Allianz PE et celle d’AGF. Aussi, l’assureur se serait décidé à vendre cette dernière. Une «short list» de repreneurs potentiels serait en cours de constitution, note le quotidien.

Mercredi, un juge a estimé que le Reserve Primary Fund devait distribuer aux souscripteurs les actifs qui lui restent au prorata, rapporte le Wall Street Journal. Autrement dit, les investisseurs ayant demandé le remboursement de leurs parts à 1 dollar chacune le 15 septembre, soit un jour avant que le fonds annonce que sa valeur liquidative avait chuté en deçà de 1 dollar, ne recevront pas plus que ceux ayant fait leur demande après cette date. Cette décision devrait être contestée par les investisseurs ayant voulu sortir avant le 16 septembre.

Private bank Clariden Leu (Credit Suisse group) has pleased many clients by registering its range of funds domiciled in Guernsey in Luxembourg. Previously, only 4 funds were registered in the Grand Duchy. Funds People reports that the move will allow the bank to increase its range of products on offer in Spain, where 13 Clariden Leu funds are registered with the CNMV: there are plans to register 10 more in the next few months, including Asia, Europe, United States, Eastern Europe and Latin America equities funds. Clariden Leu manages about USD20bn in its funds, and its range includes about 80 products.

According to a study by the Kommalpha agency, about four fifths of assets under management in ETF funds in Germany come from institutional investors. A survey of 122 of them finds that 70% expect this type of product to grow in volume in the coming months and years. However, about 90% of respondents are less than 20% invested in ETFs, which could represent an area of considerable growth. According to data from Deutsche Börse, in Germany there are currently 463 ETF funds with assets of EUR90.06bn, while the average per fund comes to EUR194.51m, which is lower than the average observed in the United States, but much higher than the European average. The category with the largest number of products is sectoral ETF funds, with 97 products, but assets in these funds average only EUR49.34m. Management fees average 0.38% with a low of 0.15% for money market and Pfandbriefe ETFs, and a high of 0.70% for alternative ETFs.

The American private equity investor Carlyle, which owns the Spanish certification organization Applus+ and the travel agency and tour operator Orizonia, has teamed up with Magnum, the fund founded by the former deputy CEO of Santander, Ángel Corcóstegui, to bid in an auction to provide service to 300,000 natural gas customers whom Gas Natural has to sell off in order to finalise its acquisition of Unión Fenosa, Expansión reports. The other potential buyers include Morgan Stanley, Macquarie, and CVC Partners. According to financial industry sources, the operation for over EUR500m is also expected to interest the Portuguese Galp group, as well as the infrastructure fund RREEF (Deutsche Bank).

Thirty global financial institutions make up a list drawn up by regulators under the auspices of the Financial Stability Board, in an effort to preempt systemic risks from spreading around the world in any future financial crisis, the Financial Times has learnt. The list includes six insurance companies – Axa, Aegon, Allianz, Aviva, Zurich and Swiss Re – and 24 banks from the UK, continental Europe, North America and Japan. Société Générale and BNP Paribas are part of the list.

Three quarters of French and British institutional investors feel that pay scales for corporate management should be limited, and they are of the opinion that they themselves, as shareholders in the businesses, should be the ones to do it, according to a recent study by Novethic in partnership with BNP Paribas Investment Partners, which surveyed 60 French and British investors.* Investors in the two countries consider that shareholders should require corporations to supply clear information about their remuneration systems. Only half of them think that the subject should be raised at general shareholders’ meetings, with the British slightly more in favour of this than their French counterparts. However, “activism” should be nuanced, according to the study, which also found that there has been a net decrease in the level of desire on the part of institutional investors to influence environmental, social and governance policies at businesses in the 2009 study compared with 2008. 58% of respondents in France are in favour of doing so, compared with 71% last year, while 48% in the United Kingdom do, compared with 72% in 2008. Anne-Catherine Husson Traore, CEO of Novethic, comments that “this decrease is undoubtedly due to the fact that investors were surveyed in October 2008, at the most critical moment of the financial crisis.” However, all French investors and 84% of British investors say they are concerned about environmental, social, and governance (ESG) issues, and the reason given by 90% of them is reduction of long-term risks. Improved financial performance is also a factor cited, although the French are more reserved than the British on this question. Despite this common ground between perspectives in the two countries, cultural differences persist, particularly in relation to the importance given to ESG issues, Novethic says. 65% of French investors consider these three areas in a global perspective, while only 45% of British respondents do so. For 19% of French respondents, social issues are the most important, while the British are not concerned with these. They also differ on the environment, which is a priority for only 35 of French and 10% of British investors. Lastly, only 13% of French investors consider governance important, compared with 45% of British respondents. * «Les investisseurs institutionnels sont-ils des actionnaires sensibles aux enjeux environnementaux, sociaux et de gouvernance»

Les Echos reports that José Manuel Barroso has appointed Michel Barnier the new French member of the European Commission, as head of internal markets, including financial services. The choice is being viewed as a victory for French president Sarkozy, who considers the decision a “triumph” for the French perspective on financial regulation. “The English are the big losers in the affair,” the French president told Le Monde.

The De Agostini group is in exclusive talks with the Italian co-operative banks to take control of Arca Sgr, an asset management firm with assets of about EUR18bn, whose major shareholders include Banco Popolare (28%), Ubi Banca (23%), Bper (20.18%), Popolare Vicenza (10.92%), and Popolare di Sondrio (5.8%), Il Sole - 24 Ore reports. The potential buyer is negotiating to acquire a majority stake in the asset manager, but only on condition that it be allowed to retain a distribution agreement for Arca products via branches of the banks which would remain as minority shareholders. It is also asking for the co-operative banks to include their own asset management firms in the sale along with Arca.

Anthony Bolton, who will once again take on the management of a portfolio of Chinese equities, has stated that he will cap asset volumes for the Fidelity China Fund, which will be launched in March, if subscriptions prove higher than expected, Moneymarketing reports. In terms of the fund’s approach, it will be more aggressive than the existing Chinese equity funds from the management firm. Bolton says that the strategy will be close to that of the Fidelity Special Situations Fund, which he has managed for more than 30 years.

Z-Ben Advisors reports that E-Fund Management has scored a spectacular success with CNY19bn, or USD2.8bn, in subscriptions to its feeder ETF fund Shenzhen 100 ETF, making E-Fund the second-largest fund management firm in China, and relegating Bosera and Harvest to third and fourth place, respectively. Bosera is expected to regain some ground, however, as on Monday it was issued a license to launch an ETF based on Shanghai mega-caps, as well as a feeder fund.

According to financial industry sources, Wilhelm von Haller, a board member at the corporate banking operation and a member of the management committee for Germany at Deutsche Bank, is said to have quit his job to become deputy CEO of Sal. Oppenheim, where he is expected to be officially appointed in the very near future, the Frankfurter Allgemeine Zeitung reports. Von Haller, who has a solid reputation as an expert in private and corporate banking, will coordinate Sal. Oppenheim’s various activities, and will aim to position the firm in order to keep its reputation for it as stand-alone private bank, even after its acquisition of Deutsche Bank. Of the four top management personnel currently serving at Sal. Oppenheim, only Baron Christopher von Oppenheim, head of wealth management, will remain in his position, in order to ensure that the bank will present a consistent visage to the outside world, but it is not yet known what position he will hold.

As part of a limited capital increase which will involve the issue of one new share for every six existing shares, quirin bank is planning to issue nearly 6.16 million shares, at EUR1.70 each. Subscriptions will be open from 30 November until 14 December. “Financial investors” have pledged to buy shares that are not subscribed to in the private placement, according to a statement. The bank, whose revenues come solely from commissions, also states that since the beginning of the year, its assets under management have increased by 50%, to EUR1.5bn, while its clients now number 5,100, compared with 3,000 at the end of December 2008. Lastly, quirin bank has announced the appointment of the former Dresdner Bank board member Heinrich Linz as director. Linz will represent the interests of the private equity investor RHJ International, of which he has been managing director since 2007, and who has held a 20% stake in quirin since a few weeks ago (see Newsmanagers of 30 October).

On Tuesday, 1 December, the Netherlands-based Triodos Bank will launch a campaign to gain market share in the area of sustainable development products from the German savings and co-operative banks, with the opening of its first branch in Frankfurt. In an interview with the Börsen-Zeitung, Georg Schürmann, head of retail activity for Germany, says the market potentially includes 4-8 million people in the country.

Thomas Muhlberger and Jens Finkbeiner have joined forces to found f+m Financial GmbH, a new management firm which will specialize in the absolute returns approach, and which will soon launch its first investment fund, including an institutional share class, in early 2010. The two partners, both derivatives specialists, were previously managers at Lupus alpha, a Frankfurt-based management firm founded in late 2000 by former Invesco managers. f+m Financial will be the exclusive provider of products using the W.I.S.E. Model developed by Johann Wolfgang Goethe University in Frankfurt, in cooperation with the new fund management firm. According to the initiators of the project, W.I.S.E. stands out for its highly reliable predictions of the evolution of relevant markets, which makes it possible to optimise allocation for the desired risk/reward ratio. The system includes a high proportion of investments in the form of government bonds, as well as hedging and performance optimisation strategies relying on futures markets such as Eurex and CME.

On Wednesday, a judge ordered the Reserve Primary Fund to distribute its remaining assets to subscribers on a pro-rata basis, the Wall Street Journal reports. In other words, investors who sought redemptions of their shares at USD1 each on 15 September, one day before the fund announced that its net asset value had fallen below USD1 per share, will not receive any more than subscribers who claimed redemptions after that date. The verdict is likely to be appealed by investors who sought redemptions before 16 September.

Russell Investments has announced the appointment of Chris Adolph as head of transition management for the Europe, Middle East and Africa (EMEA) region. He will be part of the Investments division and will be based in London. After serving at a number of financial institutions, including First Quadrant and State Street, Adolph most recently held the position of head of transition management for the EMEA region at UBS in London.

According to reports in Citywire, Gartmore, which is preparing for its IPO, will impose a lock-in period on shares held by key managers, including the European star manager Roger Guy. But managers will be allowed to sell one third of their shares each year at the time annual results are announced, beginning in 2011. Citywire, which has obtained a document prepared by one of the banks which is assisting with preparations for the initial public offering, reports that Guy is the largest shareholder among Gartmore employees, who own a combined total of 42% of the firm. The document points out that the manager, along with his co-manager Guillaume Rambourg, represent 44% of revenues for the firm, including performance commissions.

Kim Winser, the British fashion designer who transformed Pringle into a prestigious international brand name, has been recruited as a senior adviser by the private equity firm 3i, to advise it in the areas of retail and consumer goods. 3i also owns the lingerie brand Agent Provocateur and the Hobbs brand of women’s fashions and shoes, the Sunday Times reports. Winser may join the board of Agent Provocateur, and assist 3i in its future investments, but she will also retain the freedom to work with other private equity investors.

On Friday, Permira announced that it has acquired Just Retirement, a pension fund management firm founded in 2004 which specializes in retirement savings for employees who are elderly or who have health problems, for GBP228m (EUR253.3m) in cash, Cinco Días reports. It is the second acquisition this year for the private equity investor, which in February acquired NDS, a pay-per-view television operator.

The Skandia Investment Solutions (SIS) platform since last Friday offers access to 36 passively-managed funds. To satisfy demand from IFAs, this range has been enlarged by one fifth, with the addition of six BlackRock tracker funds, whose total expense ratios (TER) range from 0.22% to 0.29%. Skandia points out that with the addition of these new funds, its SIS platform is now able to offer passively-managed funds covering all the major markets. The addition of a seventh BlackRock fund, the Emerging Market Tracker Fund, is still being negotiated. The newly-added funds are: Name TER BlackRock Continental European Equity Tracker Fund 0.24% BlackRock Fixed Income Tracker Fund 0.22% BlackRock Japan Equity Tracker Fund 0.25% BlackRock North American Equity Tracker Fund 0.23% BlackRock Pacific ex Japan Equity Tracker Fund 0.29% BlackRock UK Equity Tracker Fund 0.22%

The Royal Bank of Scotland will not escape a nearly total nationalization, Agefi reports. The bank will issue GBP25.5bn (EUR28.5bn) in B-class shares without voting rights to the British Treasury. This will bring the British govenrnment’s stake in the group from 70.3% to 84.4%, while voting rights will remain at 70.3%. The Treasury may also provide an additional GBP8bn in urgent financing to the bank, if the core tier 1 owners’ equity ratio falls below of RBS falls below 5%, the newspaper notes.