Le luxembourgeois IPConcept a annoncé le lancement pour le 3 juin 2013 du fonds SPI Bangladesh, qui sera disponible en deux classes de parts*, rapporte Fondsweb.Le portefeuille sera investi exclusivement en actions figurant dans le MSCI Bangladesh Investable Market Index TRN, avec un plafond fixé en règle générale à 49 % pour la poche de cash, mais cette proportion pourra être dépassée en cas de besoin.* parts I: LU0756285440, parts R: LU0756283072

Le britannique Jupiter Asset Management a officiellement notmmé Peter Swarbreck comme head of Asia-Pacific Business (lire Newsmanagers du 19 avril). Il dirigeait le bureau de Hong-Kong de BlackRock avec en plus la responsabilité des plus gros clients du gestionnaire américain en Asie.L’intéressé est basé à Hong Kong dans le nouveau bureau de Jupiter et travaillera avec Tony Yu qui a rejoint Jupiter comme sales director (Hong Kong) en janvier et David Conway, sales director à Sngapour depuis 2009.

Selon Les Echos, Jamie Dimon le PDG de JP Morgan, est convoqué par les régulateurs cette semaine pour expliquer en quoi le contrôle des risques s’est amélioré depuis le scandale de la «baleine de Londres». «De nouvelles sanctions sont attendues», a reconnu Jamie Dimon dans une récente lettre aux actionnaires A ce titre, le cabinet ISS, qui conseille les actionnaires de la banque, suggère d’instaurer un réel contre-pouvoir à Jamie Dimon en séparant ses fonctions de président et de directeur général. Il réclame aussi la démission de trois directeurs jugés inaptes à contrôler les risques de la banque.

Kempen Capital Management vient de faire enregistrer à la vente en France le fonds Kempen (Lux) European High Dividend. Le portefeuille de ce fonds qui ciblent les sociétés européennes cotées présentant un rendement du dividende élevé est composé d’une soixantaine de titres et sont toutes plus ou moins équipondérées. Il a pour objectif de générer un rendement supérieur à son indice de référence, le MSCI Europe Total Return Index, dividendes nets réinvestis. Une allocation sectorielle variée permet de limiter le risque, indique un communiqué. Le compartiment pourra être souscrit par les investisseurs institutionnels (classe I) et les particuliers (classe A) et devrait être éligible au PEA d’ici quelques semaines.Ce compartiment qui s’ajoute aux quatre autres fonds de Kempen CM commercialisé en France a été lancé le 15 mai 2009, et affiche un encours de 72,2 millions d’euros et une performance annualisée de 11,05% sur trois ans. Caractéristiques : Classe I Code Isin: LU0427930275Frais d’entrée Max. : 2.50%Frais de sortie Max. : -Frais de gestion : 0,70%Classe ACode Isin: LU0427929939Frais d’entrée Max. 2,50 % Frais de sortie Max. 1,00 %Frais de gestion : 1,50%

Gerfried Krifka, qui était membre de la direction générale de Matjka & Partner Asset Management chargé de l’allocation d’actifs, de la gestion du risque et du contrôle financier, a été nommé membre de la direction générale de HSBC Global Asset Management (Österreich) GmbH, aux côtés de Jörg Westebbe, qui a été nommé en 2011.Les deux hommes sont responsables du pôle gestion d’actifs et ont pour mission de développer la clientèle institutionnelle et les relations avec les intermédiaires.HSBC Global Asset Management (Österreich) est une filiale à 100 % de HSBC Global Asset Management (Deutschland) GmbH.

Ashvin Chhabra, qui a été head of wealth strategies & analytics de Merrill Lynch entre 2001 et 2007, avant de rejoint l’Institute for Advanced Study à Princeton comme CIO, a été réintégré par Merrill Lynch Wealth Management comme CIO, head of investment management & guidance (IMG), annonce un communiqué.L’intéressé coiffera la fourniture de conseils et de stratégies d’investissement aux conseillers financiers et à leurs clients. Il sera en outre responsable du pôle IMG pour la due diligence sur les gérants, l’analyse des investissement et les équipes de conseil en investissement ainsi que du Ultra high net worth investment office.

BNP Paribas IP a annoncé sur son site la dissolution début avril de deux fonds à capital garanti Panka et Panka PEA commercialisés du 4 décembre 2007 au 14 mars 2008. Ces fonds arrivés à échéance garantissaient chacun une valeur liquidative égale à la Valeur Liquidative de Référence, majorée de la Performance Finale, liée à l’évolution de trois paniers d’indices internationaux (un dit Classique, un autre dit Croissance et un dernier dit Global). En pratique, la performance moyenne d’un panier est égale à la moyenne arithmétique de ses 20 performances trimestrielles calculées à chacune des 20 dates de constatation trimestrielle depuis l’origine. Si la Performance Finale est négative, elle est considérée comme nulle.Au teme du contrat, les performances de ces indices ont été fortement négatives sur la plupart des dates de constatation, par rapport à leur cours du 18 mars 2008 (cours de référence dans le calcul de la Performance Finale). Par conséquent, les trois paniers ont enregistré chacun une performance moyenne négative. La Performance Finale a donc considérée comme nulle, indique un communiqué.

Mirae Asset Management veut rendre accessibles ses ETF à l’international, plus précisément sur les marchés américain, latino-américain et sud-asiatique, indique Asian Investor. Pour le moment, 130 ETF de la maison sont vendus dans plusieurs pays, dont 75 sur le marché de Toronto. Mirae AM veut aborder le marché américain à travers des produits de niche et s’adressera principalement aux institutionnels.

Javier Marín ayant été promu administrateur délégué du Santander, le groupe a désigné le directeur du marketing, de la division banque privée, gestion d’actifs et assurances, Luis Moreno García, pour le remplacer à le tête de ce pôle, rapporte Funds People.L’intéressé sera remplacé par María Dolores Pescador Castrillo.Deux autres changements interviennent dans la division : José Salgado Fuertes de Villavicencio devient le patron mondial de la banque privée tandis qu'Óscar Villoslada prend la tête de la branche assurances, direction assurée jusqu'à présent par Jorge Morán.Juan Alcaraz demeure le responsable en chef de la gestion d’actifs.

L’américain Vanguard, dont les actifs sous gestion s'élèvent à quelque 2.400 milliards de dollars, est sur le point de coter son premier ETF domicilié à Hong Kong qui réplique l’indice FTSE Asia ex Japan, rapporte Asian Investor.L’ETF a reçu le feu vert des autorités de tutelle de Hong Kong le 24 avril dernier.

Après le départ chez Neuberger Berman de 19 membres de l'équipe dette émergente sur 35 personnes, ING Investment Managers compte remonter l’effectif de ce pôle à 28 personnes, a indiqué à Citywire Hans Stoter, CIO depuis février.Cette reconstitution s’effectuera par des mutations en provenance d’autres équipes obligataires et la suppression des doublons, en limitant à un seul le poste de co-chef de département. Certaines des prérogatives en matière d’obligations émergentes ont par ailleurs été transférées à l'équipe multi-classes d’actifs.Cela posé, ING IM a déjà commencé à recruter pour la gestion de fonds, avec l’arrivée de Marco Ruijer.Hans Stoter a refusé de préciser combien d’encours ont été perdus depuis le départ de l'équipe chez Neuberger Berman. En début d’année, ING IM gérait 16 milliards de dollars en dette émergente.

D’après les résultats trimestriels d’ING, la société de gestion ING Investment Management (ING IM) a subi au premier trimestre des remboursements nets en Europe et en Asiede 0,4 milliard d’euros pour le retail et de 2,8 milliards pour l’institutionnel. Les encours à fin mars sont ressortis à 45,7 milliards d’euros pour le retail et 61 milliards pour l’institutionnel, rapporte Fondsnieuws.Aux Etats-Unis, le retail d’ING IM a également supporté des sorties nettes de 0,4 milliard en janvier-mars, mais l’institutionnel a généré une collecte nette de 1,1 milliard d’euros.

Le gestionnaire indépendant français Oaks Field Partners a obtenu de la CNMV l’agrément pour la commercialisation en Espagne d’un premier fonds, l’OFP 400, un produit de performance absolue à liquidité journalière, rapporte Funds People. Il est prévu de faire enregistrer également l’OFP 150.L’OFP 400, lancé à en 2009, vise une surperformance de 400 points de base par rapport à l’Eonia, avec une volatilité comprise entre 4 et 6 %. Il est géré par Emeric Challier, Abbas Benboubker, Joséphine Hicter et Sébastien Le Berre.OFP est le troisième gestionnaire étranger à débarquer en Espagne depuis le début de cette année, après J. Chahine Capital et Ellipsis AM.

La gestion d’actifs américaine d’Old Mutual commence bien l’année 2013. La division US Asset Management a affiché au titre du premier trimestre des souscriptions nettes de 2,6 milliards de livres. Old Mutual Wealth et l’activité marchés émergents ont enregistré des souscriptions nettes de 0,4 milliard chacun, selon un communiqué.Au total, le groupe Old Mutual a affiché des souscriptions nettes de 3,9 milliards, en hausse de 7%, ce qui a contribué à une progression du total des actifs sous gestion à 288,4 milliards de livres.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } According to the BlackRock Institute, European ETPs overall in April had net outflows of USD0.8bn, which brings their net subscriptions in the first four months of the year to USD6.7bn. As of the end of April, assets in 2,142 ETPs domiciled in Europe totalled USD376.8bn, USD9.3bn more than at the end of December. Three of the ten largest asset management firms in April nonetheless showed net subscriptions. They are Source (USD0.4bn), iShares (USD0.3bn) and Amundi (USD0.1bn). Since the beginning of the year, net inflows from iShares totalled USD6.5bn, followed by Source (USD0.9bn), UBS (USD0.7bn), Amundi (USD0.6bn), and Deutsche Asset & Wealth Management (db x-trackers), with USD0.3bn. However, Lyxor Asset Management and Credit Suisse in January-April underwent net outflows of USD1.1bn each, followed by ZKB with USD0.9bn, and ETF Securities (USD0.8bn).

On May 8th, Stoxx Limited introduced the Euro Stoxx 50 BuyWrite 100% Index. The new index measures the performance of a hypothetical portfolio of a long position of the Euro Stoxx 50 Index and a sold call option based on the Euro Stoxx 50 Index. It is designed to underlie financial products such as ETFs and other investable products. The Euro Stoxx 50 BuyWrite 100% Index follows the methodology of the existing Euro Stoxx 50 BuyWrite Index, however the strike price for the Euro Stoxx 50 Index option is set to 100% instead of 105% as in the existing index. “The Euro Stoxx 50 index options achieved 280 million traded contracts at the end of 2012, which makes them the world’s third largest traded index options after the Kospi 200 Options and S&P CNX Nifty Index» Stoxx told in a press release. The Euro Stoxx 50 BuyWrite 100% Index combines the Euro Stoxx 50 Index and a call option on this index. These two components are held in equal amounts and are adjusted on a monthly basis.Historical data for the Euro Stoxx 50 BuyWrite 100% Index is available back to January 18, 2002. The index is calculated in euro and available in price and net return version.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The financial situation for pension funds improved overall in 2012, with average net returns of 7.4%, according to a statement released on 7 May by the professional retirement surveillance commission. The coverage rate improved, with 90% of retirement planning institutions with no state guarantee at the end of 2012 showing a coverage rat of at least 100%. Retirement planning institutions with no state guarantee also now measure their liabilities with more prudence. They have reduced their technical interest rate considerably, and now only 7% apply a rate of 4% or higher. Overall, only 4% of retirement planning institutions without a state guarantee still rank in the highest risk segment. However, 37% of these institutions without a state guarantee present a higher risk, due to promises of high-level services and reduced capacity to recover due to an increase in the proportion of annuitants at these institutions. Analysis also reveals that there are considerable differences between retirement planning institutions with no state guarantee and those with a state guarantee. This is unsurprising, since the two types of institution had previously been subject to different rules, particularly in relation to the requirement that they take recovery measures. Adaptations to new legal dispositions are also still ongoing. As of the end of 2012, only 27% of retirement planning institutions with a state guarantee had a coverage rate of at least 100%.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The Fund Market Infrastructure project, a market infrastructure project dedicated to cross-border sales of investment funds, is now known as Fundsquare, the Luxembourg stock exchange announced on 6 May. The operational debut of the Fundsquare platform, which began as a project in 2012, is slated for third quarter 2013. By centralising data, standardising procedures for management of orders and reporting of data related to funds, Fundsquare aims to achieve significant economies of scle “while assuring transparency and simplification of communication flows,” a statement says. For its technical realisation, Fundsquare will rely on cutting-edge technologies developed by SWIFT and Altus. Lastly, for its deployment, Fundsquare will be supported by major players in the fund sector operating in Luxembourg, operating as a “User Group.” This group includes international distributors and transfer agents, most of whom operate in Luxembourg.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Fondsnieuws reports that BNP Paribas Investment Partners, which at the beginning of June reduced its range of Luxembourg funds, which had included 216 BNPP IP funds and 79 Parvest funds half a year ago, to 158 products, including 54 BNPP IP products and 104 Parvest funds, Bart Vemer, director of distribution at BNPP IP for Benelux, has announced. The 54 remaining BNPP IP funds will be profiled funds sold by the bank itself. Some BNPP IP funds will be merged with similar Parvest funds.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The Luxembourg-based firm IPConcept has announced the launch of the SPI Bangladesh fund on June 2013, which will be available in two asset classes (I share class: LU0756285440, R share class: LU0756283072), Fondsweb reports. The portfolio will invest exclusively in equities of the MSCI Bangladesh Investable Market Index TRN index, with a limit as a general rule of 49% for the cash allocation, but this percentage may be raised in case of need.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The index provider S&P Dow Jones Indices on 6 May announced the launch of the S&P 500 Buyback Index, an index to measure the performance of the top 100 equities with the highest buyback ratios of the S&P 500 index in the past 12 months. “Buybacks may be considered an important indicator of the health of businesses. Like dividends, redemptions are another means for businesses to deliver value to shareholders. In 2012, companies of the S&P 500 bought back USD399bn in shares, and continue to hold record amounts of cash.”

P { margin-bottom: 0.08in; } The hedge fund manager Philip Falcone, who is being sued for misusing client assets to pay taxes, is settling with the SEC, Agefi reports. He will step down from his position as investment adviser for two years, and his firm, Harbinger Capital Partners, will pay a fine of USD18m. The agreement has yet to be approved by the Department of Justice and commissioners from the regulatory authority.

According to a study released by Greenwich Associates and sponsored by iShares, institutional investors are increasing their use of ETFs in a variety of ways to help solve investment challenges. More than half of institutional investors plan to increase their use of ETFs by the end of this year.This fourth yearly edition of the survey outlines year-over-year changes in the behaviors of corporate and public pension funds, foundations and endowments, investment consultants, insurance companies and investment managers in the U.S.. For the first time, the study surveys investment consultants, insurance companies and Registered Investment Advisors (RIAs).Across all institutions participating in the study, 58% describe their use of ETFs as generally strategic or long-term in nature, a slight increase from 57% in 2012. In general, Greenwich Associates defines a strategic investment as any asset that is held for a year or longer. 70% of institutional ETF users employ ETFs for tactical portfolio adjustments, up sharply from 48% in 2012.The most common application for ETFs by institutions is used within the core of their portfolios. 72% of insurance company users and 67% of pensions, foundations and endowments that use ETFs employ these products to obtain passive exposures in the “core” component of their portfolios. Approximately 80% of RIAs that buy ETFs use them for passive “core” exposures, and 90% of investment consultants who advise their clients to make use of ETFs recommend using these products for passive exposure to complete core/satellite portfolio structures.Eventually, while nearly 90% of institutions use ETFs for domestic equities exposure and 74% use ETFs for international equity portfolios, ETFs are also gaining traction in fixed income. 55% of institutions invest in domestic fixed income ETFs. As one would expect, usage of domestic fixed income is most common among insurance companies at 78%. Interestingly, 74% of RIAs also employ ETFs in domestic fixed income.

P { margin-bottom: 0.08in; } US asset management at Old Mutual in first quarter posted net subscriptions of GBP2.6bn Emerging markets and Old Mutual Wealth posted inflows of GBP0.4bn each. Funds under Management (FUM) at the quarter end increased by 7% to £288.4 billion from £262.2 billion at 31 December 2012 due to positive market movements an net client cash flow of £3.9 billion across the Group

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Assets at hedge funds specialised in Asia rose by 7.6% in first quarter to a total of nearly USD95bn, its highest level since its peak in 2007, according to statistics released by HFR in its most recent HFR Asian Hedge Fund Industry Report. Net inflows for the quarter totalled over USD1.3bn, their highest level since third quarter 2011. The HFRX Japan index posted gains of 11.7% in first quarter, their highest level since fourth quarter 2005, which is nonetheless less than 19% gains for the Nikkei 225. HFR estimates that out of a total of about 1,150 funds, nearly 370 hedge funds invest in the Japanese market as a primary priority, in equities, bonds and currencies, while about 270 investment funds invest elsewhere in Asian developed and emerging markets, and more than 500 funds invest solely in emerging Asian markets. HFR states that more than 70% of assets under management in Asian hedge funds are dedicated to Equity Hedge strategies, compared with only 27% for the hedge fund sector worldwide. Only 5% of Asian hedge funds rely on macro strategies.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The British firm M&G Investments has reported net inflows for first quarter of GBP2.4bn, up 38% compared with first quarter 2012, according to statistics released on 7 May at a publication of resuls for the Prudential group. Assets under management totalled a record GBP238.4bn, of which slightly over GBP119bn were in external funds. In the retail unti, net inflows from European investors totalled a record GBP2.9bn, nearly double the total for first quarter 2012. This substantial inflow was more than enough to offset weak inflows in the United Kingdom, related to a decision by M&G last summer to slow inflows to its tow large corporate bond funds. Retail assets under management increased 28% year on year to GBP61.4bn, as of 31 March 2012, of which GBP18.7bn were from European clients compared with GBP10.4bn as of the end of March 2012. On the institutional side, the quarter finished with a modest net outflow, as the loss of short-term segregated mandates wiped out the positive impact of contributions from the Alternative Credit team at M&G. Assets under management from external institutional clients as of the end of March totalled GBP57.7bn, up 27% year on year.

P { margin-bottom: 0.08in; } The Norwegian sovereign fund has noticeably accelerated its investments in real estate, Le Temps reports. Among its most recent investments are nearly EUR450m in offices in the United States in February. The fund now has about EUR5bn in real estate assets, which represents only 0.9% of the fund’s total assets, far below the 5% objective defined by the Ministry of Finance. But, Le Temps reports, this is already three times higher than in September 2012.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Ashvin Chhabra, who was head of wealth strategies & analytics at Merrill Lynch from 2001 to 2007, before joining the Institute for Advanced Study in Princeton as CIO, has been recruited by Merrill Lynch Wealth Management as CIO, head of investment management & guidance (IMG), a statement says. Chhabra will be responsible for providing strategic investment advising to financial advisers and their clients. He will also be responsible at the IMG unit for due diligence on managers, analysis of investments and investment advising teams, and the ultra high net worth investment office.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Gerfried Krifka, who had been a member of the board of directors at Matjka & Partner Asset Management, responsible for asset allocation, risk management and financial controlling, has been appointed as a director of the general management at HSBC Global Asset Management (Österreich) GmbH, alongside Jörg Westebbe, who was appointed in 2011. The two men are responsible for the asset management unit, and work to develop the institutional client base and relationships with wholesalers. HSBC Global Asset Management (Österreich) is a wholly-owned subsidiary of HSBC Global Asset Management (Deutschland) GmbH.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The US firm Vanguard, whose assets under management total about USD2.4trn, is about to list its first ETF domiciled in Hong Kong, based on the FTSE Asi ex Japan index, Asian Investor reports. The ETF received approval from the Hong Kong supervisory authorities on 24 April.