L’Agefi rapporte que les fonds Blackstone et Ivanhoé Cambridge (Caisse des dépôts du Québec) se posent comme futurs actionnaires de référence de la foncière française Gecina. Les deux fonds continuent à acheter la dette des familles Rivero et Soler, qui détiennent respectivement 16,11% et 15,24% du capital de l’entreprise via deux holdings qui ne peuvent faire face au refinancement de leur dette de 1,6 milliard d’euros, garantie par leurs actions Gecina. Blackstone et Ivanhoé Cambridge ont annoncé hier soir détenir 64,7% de cette dette, soit environ 1,04 milliard d’euros, indique le quotidien.

L’Agefi rapporte que Jean-Laurent Bonnafé, directeur général de BNP Paribas, a bénéficié l’an dernier d’une rémunération de 2,87 millions d’euros (et touché effectivement 1, 93 million d’euros). Ce package qui comprend les salaires fixe et variable, les jetons de présence et avantages en nature est en hausse de 42 % par rapport à l’exercice précédent. Jean-Laurent Bonnafé était alors directeur général délégué, avant d'être promu le 1er décembre 2011. Son salaire fixe, qui était de 820.000 euros en 2011, a été porté de 1,05 million d’euros à 1,25 million d’euros le 1er juillet dernier. Sa rémunération totale a quant à elle progressé de 31%, pour atteindre 3,18 millions d’euros.

Sur l’ensemble de 2012, l’encours géré par Natixis Global Asset Management (NGAM) a augmenté de 47 milliards d’euros pour atteindre 591 milliards, les plus fortes souscriptions nettes provenant des Etats-Unis, avec 4,5 milliards d’euros, rapporte la Börsen-Zeitung. Pierre Servant, directeur général de NGAM, précise que le holding est dirigé depuis 2000 de Paris et de Boston. Comme le marché mondial de la gestion d’actifs se situe à 50 % aux Etats-Unis et à 30 % en Europe, il est très important d’être franco-américain, souligne le manager.

Les sociétés de private equity Blackstone, Lone Star et Starwood Capital ont manifesté leur intérêt pour racheter tout ou partie d’Eurohypo, la branche immobilière de la Commerzbank, dans le cadre d’une opération estimée à 5 milliards de livres, selon le Financial Times qui cite des sources proches du dossier.

Dans un communiqué boursier du 11 mars, Llodys Banking Group a annoncé son intention de vendre au minimum 102 millions d’actions ordinaires du gestionnaire d’actifs St James’s Place (33,8 milliards de livres d’encours fin décembre), soit envrion 20 % du capital en circulation. Cela permettrait de réduire la participation de Lloyds Banking Group dans St James’s Place à 37 %. Le vendeur escompte de cette transaction une plus-value de 350-400 millions de livres.

Investment Week croit savoir que Threadneedle AM s’apprête à fermer partiellement (soft-close en anglais) aux souscriptions le Pan-European Smaller Companies Fund géré par Philip Dicken et dont l’encours est passé de 500 millions de livres 2012 à 1 milliard actuellement.

Le hedge fund Brevan Howard va donner 20,1 millions de livres sur huit ans à la Imperial College Business School à Londres afin de créer un centre de recherche en économie financière, le Brevan Howard Centre for Finance, rapporte le Financial Times. Ce don est l’un des plus importants jamais octroyé à une école de commerce britannique. Il a été initié par Alan Howard, fondateur du hedge fund et ancien élève de l’établissement.

Michelle Andrews, marketing director, va reprendre les fonctions de head of investment marketing qui seront vacantes d’ici à la fin du mois avec le départ de Graham Bentley, rapporte Fundweb. Les relations avec les groupes de gestion de fonds, que dirigeait également le partant, seront transférées à l’équipe de solutions d’investissement de James Millard.

Les actifs totaux de la gestion de fortune britannique ont atteint le niveau record de 527 milliards de livres au quatrième trimestre 2012 malgré les inquiétudes relatives à la rélgmentation RDR qui aurait pu freiner la collecte, selon des statistiques de ComPeer reprises par Investment Week.La collecte a progressé de 9,2% au quatrième trimestre 2012 par rapport à fin décembre 2011 et de 3% par rapport au troisième trimestre 2012. Le gestionnaire moyen a réussi à diminuer ses coûts de 3%, ce qui peut surprendre compte tenu de l’augmentation des dépenses liée à l’introduction au 1er janvier de la réglementation RDR.

Le 11 mars, Aberdeen Asset Management (193 milliards de livres fin décembre) a lancé la commercialisation d’un OEIC de droit britannique, l’Aberdeen Strategic Bond Fund qui est géré en mode sélection de titres (bottom-up) par l'équipe d’Oliver Boulind, head of global credit & global high yield.Le portefeuille sera investi mondialement en instruments de dette catégorie investissement et/ou spéculative, des obligations d’Etats, d’entreprises, d’agences gouvernementales et d’institutions supranationales. L’allocation d’actifs sera dynamique.La commission de gestion se situe à 0,5 % et la souscription minimale à 500 livres.

Le 1er février, Barclays Wealth managers España a fait enregistrer par la CNMV le fonds Barclays Renta Fija 2018, un fonds avec échéance au 1er février 2018 et dont la rentabilité non garantie doit être de 2,7 % annuels par rapport à la valeur liquidative du 15 mars 2013, date de clôture des souscriptions. Il sera principalement investi en obligations souveraines et d’entreprises espagnoles.CaractéristiquesDénomination: Barclays Renta Fija 2018, FICode Isin: ES0118845009Droit d’entrée 2 %Commission de gestion 1 %Pénalité de sortie anticipée: 1 %

La société d’investissement basée en Arabie saoudite Sedco Capital vient de lancer une plate-forme d’investissement dédié aux institutionnels conforme à la charia, rapporte Investment Europe.La plate-forme donne accès à sept fonds, dont les actifs sous gestion s'élèvent d’ores et déjà à plus de 1 milliard de dollars. Deux nouveaux fonds ont été lancés en même temps que la plate-forme, à savoir le SC Income Fund qui est doté de 100 millions de dollars, et le SC Global Markets Sentiement Fund, qui débute avec 150 millions de dollars. Ces deux fonds, gérés par Credit Suisse, s’adressent à une clientèle haut de gamme, particuliers fortunés, family offices, investisseurs institutionnels et distributeurs qualifiés.Ces fonds viennent s’ajouter à d’autres fonds domiciliés au Luxembourg si bien que Sedco Capital Global Funds comprend désormais 15 fonds dont les actifs sous gestion cumulés s'élèvent à plus de 1,6 milliard de dollars.

UBS a annoncé dans un communiqué publié le 12 mars que son conseil d’administration proposera lors de la prochaine assemblée générale du 2 mai 2013 de nommer Reto Francioni comme nouvel administrateur. L’ancien patron de Lufthansa, Wolfgang Mayrhuber, ne se représentera pas.Reto Francioni occupe depuis 2005 le poste de président du directoire de la Bourse allemande (Deutsche Börse). Auparavant, il a notamment été chef de la Bourse suisse (SWX Swiss Exchange).

P { margin-bottom: 0.08in; }A:link { } The Saudi Arabia-based investment platform Sedco Capital has launched an investment platform dedicated to Sharia-compliant institutional investors, Investment Europe reports. The platform provides access to seven funds, whose assets under management already total over USD1bn. Two new funds have been launched at the same time as the plaform, the SC Income Fund, which has USD100m in assets, and the SC Global Markets Sentiement Fund, which is starting out with USD150m. The two funds, managed by Credit Suisse, are aimed at high-end clients, high net worth retail investors, family offices, institutional investors and qualified distributors. The funds come in addition to other Luxembourg-domiciled funds, meaning that Sedco Capital Global Funds now includes 15 funds, with cumulative assets under management of over USD1.6bn.

P { margin-bottom: 0.08in; } Although most Spanish funds were hurt by the financial crisis, which led to a fall on the markets and an exodus of subscribers, some original products, so-called “author funds,” have already made it through this difficult period, Cotizalia notes.The Pegasus fund from Renta4 (managed by Miguel Jiménez), has seen its assets which rise since 2007 from EUR14m to EUR60m, while the net asset value has increased by nearly 40%.Bestinvest, with the Bestinfond fund managed by García Paramés, Álvaro Guzmán and Fernando Bernad, has seen an increase in its NAV of 27% since 2007, as has the EDM Ahorro, managed by Karina Sirkia. The Cartesio X fund, managed by Cayetano Cornet and the BK Kilimanjaro by Vicente López, now has a NAV 20% and 9.7% higher than in 2007, respecitvely.The situation is, of course, more difficult for funds specialised in Spanish equities exclusively, since the Ibex index has lost a total of more than 40%. Even the BPA Fondo Ibérico Acciones, by Gonzalo Lardiés, has a NAV 21% lower than its pre-crisis levels.

P { margin-bottom: 0.08in; }A:link { } The Future Fund, which manages AUD80bn in assets (EUR62.5bn) in public employee pensions, at the end of February announced that it would be pulling its capita out of all makers of of tobacco worldwide, Les Echos reports. That represents about AUD222m (EUR174.2m, or 0.3% of assets), invested in 14 tobacco producers, including the global leaders Philip Morris and Imperial Tobacco. The decision follows a review of responsible management policies.

P { margin-bottom: 0.08in; }A:link { } The London Employment Monitor at the recruitment firm Morgan McKinley has reported a monthly increase of 11% in February 2013 in the availability of positions in the financial sector in London, to 2,583, compared with 2,331 in January. However, this result is 15% lower than the toal of 3,056 jobs, observed in February 2012.Morgan McKinley reports that the number of professionals who entered the labour market in February increased 4% compared with January, but is 13% down compared with the corresponding month of last year.Nonetheless, the rising trend in remunerations has continued, although not at such a fast pace as in January. In February, the increase was 10%, compared with 24% in January, and 7% in December.

P { margin-bottom: 0.08in; }A:link { } The hedge fund Brevan Howard will donate GBP20.1m over eight years to the Imperial College Business School in London, to create a research centre in financial economy, the Brevan Howard Centre for Finance, the Financial Times reports. The donation is one of the largest ever given to a British business school. It was initiated by Alan Howard, founder of the hedge fund and an alumnus of the school.

P { margin-bottom: 0.08in; }A:link { } In a market statement on 11 March, Lloyds Banking Group announced plans to sell at least 102 million ordinary shares in the asset management firm St James’s Place (GBP33.8bn in assets as of the end of December), about 20% of ordinary capital in circulation. That will reduce the stake of Lloyds Banking Group in St James’s Place to 37%. The vendor plans to bring in capital gains of GBP350-400m through the sale.

P { margin-bottom: 0.08in; } Last year, investors seeking returns as well as investments perceived as safe flocked to bonds. According to Morningstar statistics published in its first “Global Fund Flows Trend Report,” bond funds worldwide posted net inflows in 2012 of USD535bn, nearly 95% of long-term subscriptions, excluding money market funds. Total long-term inflows came to USD565bn, which corresponds to organic growth of nearly 4%. This is a significant inflows which, however, remains below 2009 and 2010 levels, when infloows came to USD746bn and USD672bn respectively. Vanguard and Pimco, respectively, attracted 16% and 18% of net subscriptions to mutual funds last year. US bonds were the largest global category of long-term assets, by far, with nearly USD2trn in assets under management. US investors contributed USD199bn to total bond inflows, which totalled USD227bn last year. Alongside this taste for bonds, the average management commission has fallen by spectacular proportions since 2007, meaning that investors are even more likely to seek lower-cost investments. Hence the growing interest in passive strategies. About 78% o mutual funds and ETFs worldwide are still actively-managed funds, but passive products have attracted 41% of net inflows, or about USD355bn. Excepting Australia and New Zealand, passive strategies have posted more rapid growth than actively-managed funds worldwide, where the clear winner is the United States. Morningstar observes that new funds, which do not yet have a three-year track record, attracted 87% of global inflows in 2012.

P { margin-bottom: 0.08in; }A:link { } Major asset management firms such as BlackRock, TCW Group and Pimco are preparing for the day when interest rates begin to rise again, the Wall Street Journal reports. But instead of trying to guess exactly when that time will come, they are making purchases which are intended to pay off when interest rates rise again. That includes buying up debt with floating interest rates, as well as interest rate swaps and inflation-protected bonds. Other investors are protecting themselves against potential bond losses by making negative bets on US Treasury bonds via derivatives.

The International Organization of Securities Commissions (IOSCO) published on March 11 the comment letters on the Consultation Report on Financial Benchmarks that was issued on 11 January 2013. The report sought comments from the public on policy issues arising from the work of its Board Level Task Force on Financial Market Benchmarks. More than 50 responses were received. The conclusions of the roundtable discussions the comment letters and the IOSCO Board deliberations in Sydney 21 – 22 March will inform the drafting of the final recommendations on financial benchmarks, after further public consultation in April.

P { margin-bottom: 0.08in; }A:link { } On 1 February, Barclays Wealth Managers España registered the Barclauys Renta Fija 2018 fund, a fund maturing on 1 February 2018 with non-guaranteed returns of 2.7% per year compared with its net asset value as of 15 March 2013, when subscriptions close, with the CNMV. It will invest primarily inSpanish government and corporate bonds.CharacteristicsName: Barclays Renta Fija 2018, FIISIN code: ES0118845009Front-end fee: 2%Management commission: 1%Early withdrawal penalty: 1%

P { margin-bottom: 0.08in; }A:link { } With the registration of the Digital Funds Luxembourg Sicav by the CNMV, J. Chahine Capital has become the first foreign asset management firm to enter Spain this year Funds People reports. The two sub-funds licensed by the Spanish regulator are the Digital Stars Europe and Digital Stars Europe Ex-UK.Funds People reports that 16 foreign asset management firms arrived in Spain in 2012.

P { margin-bottom: 0.08in; }A:link { } The best-selling fund of 2012 in Europe was the AllianceBernstein – American Income Portfolio fund from the Axa – Alliance Bernstein group, with net inflows of EUR8.23bn, according to the annual European fund report from Lipper, published on Monday.Pimco takes the next three places, with the Pimco GIS Total Return Bond Fund (EUR8.06bn0, the Pimco GIS Global Investment Grade Credit (EUR5.86bn) and the Pimco GIS Diversified Income Fund (EUR5.58bn).In fourth and fifth place are UK asset management firms: Standard Life and M&G, with the Standard Life Global Absolute Return Strategies (EUR5.49bn) and the M&G Optimal Income Fund (EUR5.14bn).In seventh and eighth place, the Axa group returns with two high yield bond funds, Axa IM FIIS – US Short Duration High Yield (EUR4.55bn) and AllianceBernstein – Global High Yield Portfolio (EUR3.79bn). Lastly, in tenth place is Pimco, with the Pimco GIS Unconstrained Bond Fund (EUR2.92bn). The rankings are clearly dominated by bond funds, which in 2012 recorded net sales of EUR22.62bn in Europe, while the sector overall had a net total of EUR225.2bn.The top equity fund places only 12th, with the M&G Global Dividend.Only two French groups place in the top 25 best-sellers: Axa, several times in the top ten, and Carmignac, with the Carmignac Patrimione, which in 2012 took in EUR1.97bn.The latter, however, remains the second-largest fund in Europe, with EUR2801bn as of the end of December. The largest fund has not changed: it is the Templeton Global Bond Fund, with EUR34.25bn. The Pimco GIS Total Return Bond Fund moves up from fourth to third place, with EUR25.83bn, overtaking the Templeton Global Total Return Fund.

P { margin-bottom: 0.08in; }A:link { } US firms such as Pimco, Franklin Templeton and BlackRock were the asset management firms to post the largest inflows in Europe in the past 10 years (excluding money markets and ETFs). Pimco has posted average annual subscriptoins of USD8.668bn over the decade, ahead of Franklin Templeton (EUR7.824bn) and BlackRock (EUR7.797bn). Jn fourth place is one of the only French firms in the top 25, Axa, with EUR5.386bn. The other French firm is Carmignac, which is in sixth place (after M&G), with average annual subscriptions of EUR4.053bn. Lipper notes that the 20 firms in the rankings of best-sellers over the past decade have a different profile. There are independent firms, private banks and affilates of banks.

P { margin-bottom: 0.08in; }A:link { } On 11 March, Aberdeen Asset Management (GBP193bn as of the end of December) released a British-registered OEIC fund, the Aberdeen Strategic Bond Fund, which is managed with a bottom-up, bond-picking style by the team led by Oliver Boulind, head of global credit & global high yield.The portfolio will be invested worldwide in investment-grade and/or speculative debt instruments, and bonds from governments, corporations, government agencies and supranational organisations. Asset allocation will be dynamic.Management commission is 0.5%, and minimal subscription is GBP500.

P { margin-bottom: 0.08in; }A:link { } Total British wealth management assets set a record at GBP527bn in fourth quarter 2012, despite concerns about RDR regulations, which might have slowed inflows, according to statistics from ComPeer, reported by Investment Week. Inflows rose 9.2% in fourth quarter compared with the end of December 2011, and 3% compared with third quarter 2012. The average asset manager succeeded in reducing its costs by 3%, which may be surprising given the increases in spending related to the introduction og RDR regulations on 1 January.

P { margin-bottom: 0.08in; }A:link { } Investment Week reports that Threadneedle is preparing to partially close the Pan-European Smaller Companies Fund, managed by Philip Dicken, with assets which have risen from EUR500m in early 2012 to EUR1bn currently, to subscriptions.

EDHEC-Risk Institute, in a statement published on March 11th, disagrees with the position of the ESMA Securities and Markets Stakeholder Group (SMSG) in its advice to ESMA dated 26 February 2013, which not only makes the assumption that the governance approach and transparency approach are substitutable and that therefore a lack of transparency could be compensated by an improvement in the rules of governance, but also presents the governance approach as the high road and transparency as a fallback solution enabling external monitoring to be carried out in the absence of “sound governance mechanisms.” As an academic institution, EDHEC-Risk Institute wishes to recall that the position of the SMSG is in total contradiction with research results which show clearly that the efficiency and integrity of a market are directly related to the quantity and quality of the information available and not to the goodwill displayed by participants in the market. Edhec also points out that smart beta indices contain exposures to different risk factors than cap-weighted indices and rely on methodologies that obviously present model and parameter estimation risks. It is therefore essential for investors to be able to carry out risk analysis easily and to avail of non-biased information on the quality of track records and the robustness of the performance displayed by index providers. Providing the public with the information required to independently replicate an index for evaluation or research purposes should not be misrepresented as denying index providers the right to protect and enforce their intellectual property rights. There are legal as well as contractual tools (e.g. licenses) to defend index providers against unauthorised uses of their methodologies and data, Edhec concludes.