Financière de l’Echiquier a annoncé lundi 9 septembre un nouveau renforcement de ses effectifs. La société de gestion, qui a déjà embauché cet été deux anciens de BNP Paribas IP, vient de recruter une nouvelle gérante pour son pôle actions européennes de cinq milliards d’encours sur les 7,5 milliards environ qui constitue l’encours de la société. Stéphanie Bobtcheff s’apprête ainsi à rejoindre l’équipe spécialisée sur les valeurs moyennes européennes en tant que co-gérante, après 16 ans d’expérience dans l’asset management en France et à l’international. Elle travaillait auparavant chez Pascal Investment Advisers en Suisse, en tant que gérant de portefeuille, et a également exercé ces fonctions chez Oddo AM et au Crédit Agricole. Par ailleurs, toujours au sein du pôle actions, deux anciens analystes ont également été promus au poste de co-gérant. Guillaume Puech devient ainsi co-gérant du fonds Echiquier Value pour épauler Damien Mariette arrivé cette année. De son côté, Gilles Constantini est promu co-gérant, aux côtés d’Adrien Dumas pour piloter le fonds Echiquier Global investi dans l’univers des grandes valeurs leaders internationales.Le pôle fonds diversifiés et taux qui représentent plus d’1,7 milliards d’actifs aujourd’hui va lui aussi voir son équipe de gestion étoffée prochainement. Responsable du pôle, Olivier de Berranger, qui pilote notamment le fonds Arty dont la collecte a bondi de près de 100 millions d’euros en 2013, doit recevoir le soutien d’un analyste crédit, actuellement en cours de recrutement. Seul le troisième pôle dédié aux obligations convertibles qui représente aujourd’hui 700 millions d’euros reste «en l’état». L'équipe de gestion est composée de trois anciens d’Acropole AM, racheté par Financière de l’Echiquer en avril dernier : Emmanuel Martin, ancien directeur général de la société de gestion spécialisée dans la gestion des convertibles en est le responsable avec, à ses côtés, Julien Chauveau et Benjamin Schapiro.Au total la société de gestion dispose désormais d’une équipe d’une trentaine de gérants et d’analystes, indique un communiqué.

Depuis la fin de semaine dernière, Fructifonds Valeurs du Japon offre une part supplémentaire. «Afin de favoriser le développement du fonds et l’arrivée de nouveaux porteurs, Natixis Asset Management a créé une part « H-I » destinée aux investisseurs institutionnels Cette part bénéficie d’une couverture de change systématique qui a pour objectif de limiter l’impact de l’évolution du taux de change Euro / Yen japonais sur la performance, indique un communiqué sur le site de la société de gestion.Caractéristiques :Code ISIN : FR0011556174Commission de souscription et de rachat : néant Frais de gestion : 1,43% maximum Minimum de souscription de 50.000 € et de 1/10.000° de part pour les souscriptions suivantesValeurs liquidative initiale : 10.000 eurosDécimalisation en dix-millième de partDevise : Euro

HSBC prévoit de fermer tous ses ETF cotés à Hong Kong, sauf le ABF Hong Kong Bond Index, deux ans après leur lancement, rapporte Financial News. Les fonds MSCI Golden Dragon ETF, MSCI Hong Kong ETF, MSCI China ETF et MSCI Taiwan ETF devraient être liquidés en raison d’un encours trop faible. HSBC GAM conserve tout de même son activité ETF en Asie.

Poursuivant le rééquilibrage de son portefeuille d’actifs dans des conditions de prix qu’il juge favorables, l’assureur Groupama a annoncé lundi 9 septembre le succès du placement privé auprès d’investisseurs institutionnels de ses actions Eiffage, représentant environ 6,9 % du capital de la société, soit la totalité de sa participation. Le produit de ce placement s’élève à environ 250 millions d’euros, indique un communiqué.

Deux ans après avoir fermé son fonds Calamos Convertible Fund aux souscriptions, Calamos a annoncé la réouverture du produit, rapporte Mutual Fund Wire. Le gestionnaire estime que l’environnement est particulièrement favorable aux convertibles. Le fonds, lancé en 1985, pèse 1,2 milliard de dollars.

Conformément à un accord de principe conclu avec Philippe Oddo mais qui doit encore obtenir l’autorisation de l’Autorité de contrôle prudentiel et de résolution (ACPR), Allianz France cédera progressivement sa participation de 21 % au capital d’Oddo et Cie.Avant la fin de l’année, une première cession des titres Oddo et Cie ramènerait la participation d’Allianz France à moins de 10% du capital d’Oddo et Cie. La cession du solde interviendrait au plus tard fin 2016.Cette opération «s’inscrit en cohérence avec la stratégie actuelle d’investissement du groupe visant à une réduction de l’exposition au secteur financier et bancaire», précise un communiqué d’Allianz France.Allianz France et Oddo et Cie continuent, par ailleurs, leur collaboration dans l’assurance vie.

Le fonds d’entrepreneurs Agregator Capital va avaler neuf fois plus gros que lui. La plate-forme d’investissement soutenue par plus de 400 dirigeants et qui gère environ 40 millions d’euros dans une quinzaine de participations actives, s’offre OTC Asset Management, avec 360 millions d’euros à son actif, rapporte Les Echos. Dans l’opération, le fondateur d’OTC conservera l’activité d’investissement immobilier de la société de gestion. Toutes les autres, dont les fonds fiscaux, FIP et FCPI, basculent dans le giron d’Agregator Capital.

L’Agefi rapporte que les fonds d’investissement américains Sun Capital Partners et Open Gate Capital, candidats à la reprise de l’entreprise pétrochimique Kem One, ont obtenu un délai supplémentaire pour déposer leurs offres devant le tribunal de commerce de Lyon. L’ancienne filiale d’Arkema a déposé son bilan fin mars et se trouve actuellement en redressement judiciaire, neuf mois seulement après son rachat à Arkema par le groupe suisse Klesch.

Arrivé en 2011 à la tête de Fidelity en France, Christophe Gloser a récemment conduit deux missions importantes: la cession de la plateforme Fidelity Vie et le changement d'image de la société de gestion, très actions et trop peu obligataire. Aujourd'hui, chiffres à l'appui, il peut considérer ces deux missions réussies. Ce qui lui donne, entre autres, la possibilité d'étoffer ses équipes commerciales et de mettre en avant les bons résultats de la gestion hexagonale. Une caractéristique que Fidelity à Londres sait apprécier...

Le gestionnaire belge Petercam a publié le 9 septembre une note mettant en exergue que toutes les sociétés dont les actions figurent dans son fonds Equities World 3F (pour Foundation for the Future) se conforment aux dispositions du Pacte Mondial des Nations-Unies (Global Compact). Toutes les lignes du portefeuille géré par Bart Baetens sont examinées chaque trimestre à l’aune des dix principes du Global Compact. Cette analyse est effectuée en externe par l’agence de notation extra-financière Sustainalytics.

The Bayerische hypoVereinsbank (HVB, UniCredit group) is releasing a version of its long/short cross-commodity strategy from its affiliate onemarkets, without the soft commodities. The Luxembourg-registered fund Cross Commodity Long/Short ex AL Fund, which replicates the Cross Commodity Long/Short IV Excess Return Index, covers 15 sectroal indices of the Dow Jones UBS Commodity indices in the areas of energy, industrial metals and precious metals, but not soft commodities or livestock.CharacteristicsName: Cross Commodity Long/Short ex AL FundISIN Code: LU0944771152Minimal initial subscription: EUR500,000Management commission: 0.90%Performance commission: 15% on performance exceeding the hurdle rate (Eonia + 150 basis points) with high watermark

Like other index providers, Lyxor Asset Management reports that hedge funds on average have posted losses in August, with a loss of 1.13% for the main index. Of the 13 indices (one global, 11 strategy and thematic), only three continue to show gains, the L/S Credit Arbitrage (+0.51%), the Convertible Bonds Arbitrage Index (+0.26%) and the Event Driven – Merger Arbitrage Index (+0.04%). The heaviest losses were from CTA long term (-3.99%) and L/S Equity variable bias (-1.91%).However, in the first eight months of the year, hedge funds have continued to show positive results, with average returns of 2.02%. Although CTA long term and short term have posted losses of 6.58% and 60.4% respectively, the losses for the global macro fund are limited to 1.01%, and all other indices are in positive territory, with gains of 8.94% for the L/S Equity Long Bias index and returns of 6.92% for special situations, as well as 6.81% for merger arbitrage, in particular.

The Belgian asset management firm Petercam on 9 September sent a note highlighting the fact that all companies whose equities feature in its Equities World 3F fund (for Foundation for the Future) comply with the terms of the United Nations Global Compact.All positions in the portfolio managed by Bart Baetens are examined every quarter for compliance with the ten Principles of the Global Compact. This analysis is carried out externally by the extra-financial ratings agency Sustainalytics.

The foreign Account Tax Compliance Act is at the top of the list of regulations that the major hedge fund managers consider most irritating, according to a survey by Sungard and Aite cited by Financial Times fund management. Regulations are considered a “major problem” for half of the 40 major hege fund managers with at least USD1bn in assets in Europe, the United States and Asia.

On 26 August, Driehaus Capital Management (USD10.3bn in assets as of the end of July) launched the Driehaus Event-Driven Fund (acronym DEVDX), a liquid mutual fund whose manager, K.C. Nelson, is aiming for a low correlation with the major asset classes, while offering lower volatility, but a risk-adjusted return higher than the S&P 500 index.The fund charges 2%. The minimal initial subscription is set at USD10.000.Driehaus states that its absolute return mutual funds currently have assets of about USD4.6bn.

According to IndexUniverse, Emerging Global Advisors has announced that it will be closing 12 ETFs, which represent about half of its range, but only 4% of its assets. The funds will no longer be traded from 4 October.The liquidation of the products is explained as a result of the fact that these ETFs have attracted very limited subscriptions, while other funds have posted significant inflows. Net sales of Emerging Global Advisors since the beginning of the year represented USD408m.The ETFs which will be closed are all from the GEMS range of sectoral emerging market ETFS, and the EGShares Emerging Markets Metals & Mining.

Rogge Global Partners, the global institutional fixed-income specialist, has appointed Gerard-Jan van Berckel as head of insurance and Northern Europe distribution. He will spearhead Rogge’s Insurance Investment capability. Based in London, he will also be responsible for growing the firm’s institutional investor base in Northern Europe.Van Berckel joins from Conning Asset Management Ltd. where since 2008 he was head of Continental European sales, responsible for institutional fixed-income product distribution and client relationship management. Rogge was founded in 1984 and has offices in London, New York, Singapore and Frankfurt, as well as joint ventures with Tokio Marine Asset Management in Japan and Alfi Partners in French-Speaking Europe. Rogge’s total assets under management as of 31st July 2013 are USD56 bn.

Schroders on September 9 announced the appointment of Divyesh Hindocha as global head of product and defined contribution from 1 November 2013.Divyesh joins from Mercer’s investments business, where he was senior partner and global director of consulting, responsible for Mercer’s strategic research capabilities globally. He will report to Massimo Tosato, executive vice-chairman.Divyesh takes over the role from Gavin Ralston who has covered the product role on an interim basis since his promotion to head of official institutions last year.

The former founders of the British ratings agency OBSR, Richard Romer-Lee and Nigel Whittingham, as well as the former director of Henderson, David Pickles, have founded a fund advisory and rating firm, Fundweb reports. It will be known as Square Mile Investment Research and Consulting, and is expected to be operational in 2014.

The activist fund Elliott Asset Management is threatening the takeover bid by Vodafone for Kabel Deutschland. The fund, led by Paul E. Singer, holds a 10.91% stake in the German cable operator. This position was doubled in the space of a few days, which makes Elliott the largest shareholder in Kabel Deutschland. So far, Singer has not revealed his intentions, but it is likely that they are not totally friendly. The investor, who has nearly USD15bn in assets under management, is known for his heavyweight stakeholding tactics.

Due to the success of the Aviva Investors US Equity Income Fund, launched in January 2011, which is expected to be soft closed in October, Aviva Investors has announced the release of a new version of the US equity product. The Aviva Investors US Equity Income Fund II is managed in the United States, in Louisville, Kentucky, by the same team at River Road Asset Management (Henry W. Sanders III and Thomas S. Forshea), with a performance objective of 1.5 percentage points over the Russell 3000 Value. River Road AM was acquired by Aviva Investors in January 2010.The asset management team will apply a so-called “absolute value” strategy.The management commission for RDR shares is set at 0.75%.

Banca Popolare di Vicenza has recruited Luca Vignoli as its new head of private banking, Bluerating reports, citing Magstat. He replaces Gianluca Talato, who joined Barclays in June. Vignoli has spent the past 11 years at Fineco Bank.

Earnings at the wealth management firm Partners roup were up 4.2% in first half to CHF222m, for an EBITDA up 3.8% to CHF135m. Net profits rose 30% to CHF156m, according to a statement released on 10 September. Assets under management as of the end of June totalled EUR30.3bn, up 11.8% year on year.

The Swedish centrist party has called on all of the country’s national pension funds (AP) to sell their stakes in fossil fuel businesses, so as to protect the value of their invetsments, Financial Times fund management reports. The four AP funds have assets of about USD146bn.

So-Yon Sohn, head of credit sales & fixed income sales for Asia-Pacific at Citi Private Bank (CPB) has been promoted to regional head of investments, a position that she will take up on 23 September, Finance Asia reports. She will continue to be based in Hong Kong, and will report to Eduardo Martinez-Campos, head of investments, and Bassam Salem, CEO of CPB Asia.Until a replacement can be found for her, Sohn will also continue to serve in her current role.

UBS Global Asset Management is preparing to launch two new bond ETFs on the Italian stock ecxhange which offer diversified exposure to bonds issued by foreign groups and denominated in Swiss francs, Bluerating reports. They are the UBS ETF SBI® Foreign AAA-BBB 1-5 OICVM ETF (CHF) A-dis and UBS ETF SBI® Foreign AAA-BBB 5-10 OICVM ETF (CHF) A-dis funds.

HSBC is planning to close all of its ETFs listed in Hong Kong, except the ABF Hong Kong Bond Index, two years after their launch, Financial News reports. The MSCI Golden Dragon ETF, MSCI Hong Kong ETF, MSCI China ETF and MSCI Taiwan ETF are expected to be liquidated due to low asset levels. HSBC GAM will retain its ETF activity in Asia, however.

The nationalised bank Novagalicia Banco (NCG) has announced that it will sell its affiliate EVO Banco for EUR60m to the US hedge fund Apollo Global Management, Cinco Días reports.The transaction with result in the transfer of 80 branches with 590 employees, EUR702m in credits and EUR1.603bn in savings and current account deposits.This is the fourth acquisition by the Apollo group (USD13bn in assets) in the Spanish financial sector, after the acquisition of MBNA from Bank of America, and consumer credit from Citibank and FinanMadrid (an affiliate of Bankia).

The successor to Ingrid Hengster as head of the German-speaking countries (Germany, Austria, Switzerland) at Royal Bank of Scotland (RBS) has been appointed: Joachim von Schorlemer, who had been CEO of BNP Paribas (BNPP) for Germany, will join the British group in mid-September, and will also be country executive for Germany and Austria.Ingrid Hengster, for her part, has been appointed as a member of the managing board at the German state-owned bank Kreditanstalt für Wiederaufbau (KfW) from April 2014.

Oliver Schuck on 1 September joined FPM Frankfurt Performance Management as head of distribution, Das Investment reports. He will be more particularly responsible for assisting wealth management clients, multi-managers and institutional investors in Germany, Luxembourg and Austria.Schuck joins from DWS (Deutsche Asset & Wealth Management, or DeAWM group), where he was director of distribution for the past five years, responsible for asset management firms, private banks, and major financial advising agencies.