Handelsblatt reports that on Thursday, a Stuttgart court sentenced the asset management firm Debi Select Verwaltungs GmbH to repay all of the EUR12,000 invested by a client in the Debi Select Flex Fonds. The verdict is largely due to the point that the prospectus was full of irregularities, particularly as it did not mention that the fund had EUR115m inveted in Teldafax, a alternative energy provider in the energy sector which went bankrupt.Direct creditors of Teldafax, for their part, have been waiting for their money since August 2011. According to the firm, the value of the assets has depreciated by 90%.

After a consultation with 65 asset management professionals, Morningstar has decided not to alter the track records for the various fund share classes after the transition to the new RDR regime, following the introduction of new RDR regulations in the United Kingdom, Investment Week reports.In its White Paper Presentation of Past Performance Post-RDR, Morningstar said: «Whilst this approach sacrifices any accounting for the performance boost that would be provided by the lower costs on the new class, it does remove any risk of overstating the performance the RDR share class might have achieved had it existed».

Standard Life Investments is planning to launch a fund of emerging market debt denominated in local currencies, and an inflation-linked emerging market debt fund for Richard House and his team, Citywire reports. A first emerging market debt fund was launched in October.

The alternative asset management firm Matterhorn Investment Management, based in London, is planning to launch a hedge fund dedicated to emerging markets next year, Investment Europe reports. Matterhorn is hoping to raise USD30m initially for the new fund, which will invest as a top priority in investment opportunities in banking, the consumer sector and infrastructure in Indonesia and the Philippines. Assets under management at Matterhorn total about USD400m.

Talks have been held with banks and brokers over a sale of the brokerage firm Newedge, co-owned by Société Générale and Crédit Agricole according to market sources cited by the newspaper Les Echos on Friday. A sale in several parts could be a possibility. Separating clearing and restructuring is a possibility which could be under study, the newspaper adds. Among the suitors, the US group BGC Partners, owner of the Aurel broker in France, is reported by the newspaper to be interested in the intermediation portion of the business. “But it is not alone. The names of BNP Paribas and State Street are also circulating on the market. A buyout by the management of Newedge has also been contemplated, but without results for the moment,” the newspaper adds.

The pension fund Ohio Public Employees Retirement System is planning to invest USD440m in three hedge funds, Pension & Investments reports. The pension fund, whose assets under management total USD76.4bn, has dedicated USD160m to the Brigade Leveraged Capital Structures Fund, a credit fund, USD160m to the relative value strategy from Saba Capital Partners, and USd120m to the KLS Diversified Fund.

Following an exceptional year in 2011, with USD1.4bn in net inflows as of 15 September, BNY Mellon Asset Management has had a “good” year so far, with net inflows of USD500m since the beginning of the year, Anne-Laure Frischlander, CEO of the Paris office, has told Newsmanagers. However, the declared asset volume remains stable at USD3bn.The products whih contributed the most to net inflows were emerging market debt and euro zone bonds, the Global Return fund and absolute return products from the boutique Insight.Frischlander also sees a timid recovery in demend for equity funds in niche products such as those of the boutique Walter Scott, international equities, and Brazil.

Carmignac Gestion has launched a mobile website (http://mobile.carmignac.com), available for all types of smartphone. Clients of the asset management firm may monitor the performance and characteristics of funds of the range, and read materials from the asset management firm (news, monthly newsletter, editorial). The site also provides immediate and personalised access to a selection of 5 funds selected by the client.

Per Sommerlou joins the Stockholm office of Ethix SRI Advisors, advisor to institutional investors in the area of sustainable and responsible investment (SRI), on 26 November as chief client officer. He will be responsible for the overall relationship between Ethix and its clients. Per Sommerlou has prior experience from private banks and asset managers such as Erik Penser Bank, HQ Bank and SEB.

A growing number of asset management firms are developing products dedicated to emerging markets, according to Cerulli Associates. The latest trend analysis in the mutual fund and ETF sector («The Cerulli Edge-U.S. Monthly Product Trends») finds that diversified funds dedicated to emerging markets are beginning to appear on the market. According to a Cerulli survey, 38% of international and global product development has bee dedicated to bond and equity strategies on emerging markets in the past twelve months. In terms of inflows, emerging market bond funds were in fifth place in 2012, while they stood at tenth place in 2010.

Myra Capital, a recently-founded Austrian asset management firm, is planning to launch a multi-asset class fund in January dedicated to the German market, Citywire reports. The fund, domiciled in Luxembourg, will have a strategy similar to the one used by the founder of Myra, Gökhan Kula, at his former employer, Walser Private Bank, where he initiated the use of passive strategies in multi-asset class allocation, in order to minimise risks of loss. The new fund will not take into account projected results, but will automatically adjust its exposure depending on market trends. The fund will have initial allocations of 45% to the DAX index, 45% to German government bonds, and 10% to gold ETFs.

The Axa WF Universal Inflation Bond sub-fund of the Luxembourg Sicav Axa Funds Management, created on 17 July 2012, is now open to French investors, after receiving a license from the French financial market regulator, the Autorité des marchés financiers (AMF), on 5 November. The product, launched in July, has also received a sales license for the United Kingdom. The fund, whose assets total USD63m, invests in government debt, 70% of which is issued by developed countries, and the remainder in debt from emerging countries denominated in local currencies. The release for sale in France, which follows the recently-announced launch in Germany, comes at a time when Jonathan Baltora, the manager of the fund, explained at a press conference yesterday that the markets of developed economies are not anticipating enough inflation, and that it is also possible to capture it on emerging markets.

After receiving sales licenses in Spain and France, the Henderson Horizon Euro High Yield Bond Fund (LU0828815570) has now received a license for Germany. The high yield bond fund is managed by Stephen Thariyan and Chris Bullock, the two managers of the Henderson Horizon Euro Corporate Bond fund, which has increased from EUR100m to EUR1bn in eleven months (see Newsmanagers of 19 and 21 November).

Net subscriptions to non-money market mutual fund shares in the euro zone totalled EUR75bn in third quarter 2012, while net redemption from money market mutual fund shares totalled EUR24bn, according to statistics from the European Central Bank (ECB). Assets in securities issued by non-money market mutual funds in the euro zone were up, to EUR6.338trn as of September 2012, compared with EUR6.069trn in June 2012. This increase of EUR269bn quarter on quarter is largely due to an increase in the value of shares. In the same period, assets in shares issued by euro zone money market mutual funds fell, from EUR969bn to EUR942bn. Net subscriptions to non-money market mutual fund shares in the euro zone totalled EUR75bn in third quarter 2012, while net redemptions from money market mutual fund shares totalled EUR24bn. In terms of ventilation by investment strategy, the annual rate of growth for shares issued by bond funds totalled 8.7% in September 2012, and net subscriptions totalled EUR53bn in third quarter 2012. In the case of equity fund, the annual rate of growth totalled -1.7%, and net redemptions totalled EUR1bn in the same period. For mixed funds, the rate of growth totalled1.3%, and net subscriptions totalled EUR25bn.

According to the UCITS Alternative Index Global, calculated by the Swiss-based Alix Capital, UCITS-compliant hedge funds in October saw losses of 0.17%, following gains of 0.29% in September. Since the beginning of the year, returns have fallen to 0.81% from 0.98% as of 30 September. UCITS-compliant funds of hedge funds lost as much as 0.54%, following gains of 0.11% in September; they have seen losses in the first ten months of 2012 of 1.90%.Of the six strategies (out of eleven) which show losses in October, three show significant losses: CTA (-2.85%), commodities (-1.95%), and event-driven (-1.53%). These are also the strategies which show the largest losses in the first ten months of the year: CTA has lost 4.65%, commodities, 1.90%, and event-driven, 2.01%. However, the fixed income strategy has gained 4.19%, and emerging markets have gained 3.25% in ten months.As of 31 October, assets in UCITS hedge funds totalled EUR137bn, for about 870 funds and funds of funds.

Argentina has angrily criticised a decision by a US court, which awarded creditor hedge funds over USD1.3bn, the Financial Times reports. Judges on Wednesday ordered Argentina to pay hedge funds creditors (led by Elliott Associates and Aurelius Capital) by mid-December. Unlike most creditors to the country, hedge funds had not agreed to debt exchange deals in 2005 and 2010, instead choosing the legal avenue. If it is confirmed, the decision

The European securities markets authority (ESMA) early this week published a non-binding but steering position which would limit the instruments in which UCITS-compliant funds are authorised to invest.ESMA found it useful to state its interpretation of article 50(2)(a) of the UCITS directive, which deals with the famous trash ratio that allows UCITS funds to invest up to 10% of their net assets in securities or money market instruments, other than the eligible assets listed in article 50(1). Some national regulators, such as the Irish central bank, have interpreted article 50(2)(a) as leaving the door open to investment in unregulated investment funds, including hedge funds.From ESMA’s perspective, the article refers only to securities and money market instruments or UCITS-compliant funds which invest in other UCITS funds which are subject to supervision equivalent to those of UCITS funds, and which provide protection equivalent to that of UCITS funds.From this point of view, UCITS funds which invested in hedge funds should consider redeeming the assets in the best interest of investors by 31 December 2013, ESMA states.

About 40% are not prepared for the impact of the AIFM directive, which will come into effect in July 2013, according to a survey recently undertaken by the fund sector service provider Kneip, Hedgeweek reports. Fund management firms place the AIFM directive at the top of their concerns, ahead of UCITS IV, Solvency II and the MiFID directive.

The European securities markets authority (ESMA) early this week published a non-binding but steering position which would limit the instruments in which UCITS-compliant funds are authorised to invest. ESMA found it useful to state its interpretation of article 50(2)(a) of the UCITS directive, which deals with the famous wastebasket ratio that allows UCITS funds to invest up to 10% of their net assets in securities or money market instruments, other than the eligible assets listed in article 50(1). Some national regulators, such as the Irish central bank, have interpreted article 50(2)(a) as leaving the door open to investment in unregulated investment funds, including hedge funds. From ESMA’s perspective, the article refers only to securities and money market instruments or UCITS-compliant funds which invest in other UCITS funds which are subject to supervision equivalent to those of UCITS funds, and which provide protection equivalent to that of UCITS funds. From this point of view, UCITS funds which invested in hedge funds should consider redeeming the assets in the best interest of investors by 31 December 2013, ESMA states.

At the request of the issuer, from 18 February, 24 ETFs from iShares (BlackRock group) will be withdrawn from ETF Plus, the segment of the Italian stock exchange dedicated to ETFs, FondiOnline reports. These include the iShares Dow Jones Eurozone Sustainability Screened, the iShares Stoxx Europe Large 200, the iShares Stoxx Europe Mid 200, the iShares Stoxx Europe Small 200 and the iShares Stoxx EU Enlarged 15, as well as an entire series of sector ETFs based on the Stoxx Europe 600.

The head of the China Securities Regulatory Commission (CSRC) have suggested for the first time that they are planning to increase the limit of USD1bn set for the quota allocated to qualified foreign institutional investors (QFII), Asian Investor reports. The Qatari sovereign fund QIA, which has submitted an application for USD5bn, may be the first to receive a quota of over USD1bn.

The Russian firm Sberbank Asset Management (a result of the merger of the asset management activities of Troika Dialog and Sberbank), will release two UCITS funds in Germany via the Frankfurt-based Accelerando Associates, Das Investment reports.The initial product range includes two institutional products, Sberbank Russian Equity and Sberbank Russian Fixed Income, which have not yet received sales licenses from BaFin.

René Zagolin, Directeur de la Caisse de Pension du Comité International de la Croix-Rouge lors d’une table ronde organisée par amLeague et Newsmanagers : « Une caisse de pension suisse est sensée faire de la gestion actif-passif et déterminer le risque qu’elle peut supporter. Pour notre part, notre allocation est composée d’obligations francs suisses (22%), d’obligations monde « hedged » et non couvertes contre le risque de change. La poche actions est exposée à 15 % de titres suisses, à 26 % d’actions monde. Enfin, nous avons de l’immobilier suisse pour 12%. L’encours total de notre caisse est de 900 millions de francs suisses, dont environ 10% qui sont gérés en immobilier direct en Suisse et France voisine, le reste étant réparti entre 5 mandats balancés actifs rigoureusement identiques dans les guidelines. Nous accordons généralement des périodes de 5 ans, avec des mesures très étroites de performances et de frais. Nous consacrons beaucoup d'énergie au controlling et peu d'énergie à la gestion car nous ne sommes pas compétents. Chacun son métier. Dans les mandats balancés, le gérant peut recourir dans une certaine mesure aux produits qu’il souhaite, pour autant qu’ils soient cotés et liquides. Mais il faut que ce soient des produits fiables, liquides et cotés comme les ETF. Jusqu'à présent, nous avons pu supporter une certaine volatilité du fait surtout de la structure de nos engagements. Mais maintenant, la Caisse et donc les engagements évoluant, il est clair que nous sommes de plus en plus sensibles à cette problématique. Nous devons mettre en place un certain nombre de moyens pour la réduire progressivement. De fait, au départ nous avions cinq mandats balancés actifs que nous sommes en train de faire évoluer. Après avoir retenu les meilleurs gérants, il est possible que certains mandats soient transformés en mandats passifs. En tous cas, d’instruments passifs, ou de véhicules passifs, avec une asset allocation légèrement active, voire même peut-être un mandat qui soit plutôt orienté « risque » (performance absolue). Nous avons un système de watching list de nos gérants, avec l’idée de ne faire que les changements absolument indispensables. Si nous voyons qu’un ou deux gérants sous-performent pendant une certaine période, nous procédons a des changements. Mais nous limitons au minimum nécessaire, car les changements coutent très cher.

Selon nos informations, le FRR ne communiquera qu’en décembre prochain le résultat final de l’appel d’offres marché public portant sur le renouvellement des mandats « Actions Europe ISR » constitués en 2006 et arrivés à échéance en décembre 2011. Un appel d’offres qui comporte deux lots : un mandat de gestion active ISR investi en small caps européennes pour 200 millions d’euros et un mandat de 150 millions portant sur des fonds collectifs thématiques. Ce dernier lot, pour lequel 10 candidats seraient encore en lice, demande une analyse plus approfondie et explique la longueur du processus de décision, d’après des sources internes au FRR.

Les derniers sondages créditent Convergencia i Unio (CiU, droite nationaliste) d’Artur Mas, président de la région, de 62 sièges, en deçà de la majorité absolue. Mais en ajoutant d’autres formations comme Esquerra Republicana (ERC, gauche), qui pourrait doubler sa présence avec 18 élus, les indépendantistes peuvent espérer recueillir les deux tiers des sièges. Le scrutin se déroule dimanche.

Selon des données de la Commission européenne, la confiance du consommateur a reculé davantage que prévu en novembre. Celle-ci est passée de -25,7 (chiffre révisé) en octobre à -26,9 ce mois-ci. Les économistes avaient tablé sur -25,7. Les dépenses des consommateurs comptent pour plus de la moitié du PIB de la zone euro mais avec les effets de la crise de la zone euro sur les revenus, les ménages n’ont guère pu contribuer à l’activité économique.

Le Parlement européen ne votera pas un compromis au rabais sur le budget de l’Union européenne pour les années 2014-2020, a averti son président, à quelques heures de l’ouverture à Bruxelles d’un sommet consacré à ce sujet épineux. «Même s’il y a un compromis sur la base des chiffres de Herman Van Rompuy ou en dessous, cela nécessite une majorité qualifiée au Parlement européen», a déclaré Martin Schulz.

L’agence de la dette irlandaise prévoit d'émettre l’an prochain environ 10 milliards d’euros d’obligations avant l’expiration, fin 2013, de son programme d’aide international de 85 milliards d’euros, a indiqué son directeur général. Dublin a déjà fait son retour sur le marché des capitaux au cours des derniers mois, sans pour autant émettre un nouveau titre de dette de référence à 10 ans.

Le crédit d’impôt pour la compétitivité et l’emploi (CICE) sera inclus dans le collectif budgétaire de fin d’année (PLFR) appelé à être voté le mois prochain, a rapporté Reuters de source gouvernementale. Le PLFR intègrera aussi bien la partie dépenses du CICE ; un crédit d’impôt de 20 milliards d’euros pour les entreprises prévu à partir de 2014 mais mobilisable dès l’an prochain pour les PME, que la partie recettes ; des hausses de deux taux de TVA qui entreront en vigueur le 1er janvier 2014.

L'économie de la zone euro est en train de vivre son plus mauvais trimestre depuis la récession du début 2009, montrent les premiers résultats des enquêtes mensuelles PMI. Cette évolution touche particulièrement le secteur des services, avec pour conséquence une érosion continue des effectifs. Dans l’industrie, la contraction de l’activité a été nettement moins forte qu’attendu en novembre. Mais au total, les résultats préliminaires des enquêtes réalisées par le cabinet Markit ne laissent guère de doute sur la capacité des Dix-Sept à échapper à une baisse du produit intérieur brut (PIB) au quatrième trimestre. L’indice PMI «flash» des services a reculé à 45,7 - au plus bas depuis juillet 2009 - contre 46 en octobre alors que les économistes interrogés par Reuters l’attendaient inchangé. Markit juge qu’il est trop tôt pour affirmer qu’il a touché son point bas. En France, où les indices sont ressortis en amélioration à 46,1 pour les services et 44,7 pour le secteur manufacturier, Markit prévoit un recul de 0,7% du PIB au quatrième trimestre. En Allemagne, la baisse d’activité s’est poursuivie pour le septième mois consécutif, atteignant dans les services son rythme le plus prononcé depuis trois ans et demi.