Le 12 octobre, l’allemand MainFirst Asset Management lancera son premier fonds obligataire, un produit de dette émergente corporate domicilié au Luxembourg, le MainFirst Emerging Markets Corporate Bond Fund Balanced. Ce produit a obtenu l’agrément de commercialisation de la BaFin (Allemagne), de la FMA (Autriche) et de la Finma (Suisse).Le portefeuille, géré par Thomas Rutz et Cornel Bruhin, sera investi en émissions d’entreprises d’Amérique latine, d’Europe de l’Est, d’Afrique et d’Asie. Le fonds sera «équilibré» parce qu’il sera placé en titres à haut rendement mais aussi en obligations de qualité investissement et parce que la pondération par pays sera plafonnée, de même que le poids de chaque ligne (à 3 %).Le risque de change est ciouvert pour toutes les parts, qu’elles soient en dollars, en euros ou en francs suisses.CaractéristiquesDénomination : MainFirst Emerging Markets Corporate Bond Fund BalancedCodes Isin RetailParts A (en USD) : LU0816909013Parts A1 (en CHF) : LU0816909286Parts A2 (en EUR) : LU0816909369Souscription minimale : 2500 USD/CHF/EURCommission de gestion 1,2 %InstitutionnelsParts C (USD) : LU0816909955Parts C1 (CHF) : LU0816910292Parts C2 (EUR) : LU0816910375Souscription minimale : 500.000 USD/CHF.EURCommission de gestion : 0,8 %

Fidelity Worldwide Investments se propose de fusionner deux fonds de multigestion, le Fidelity MultiManager Balanced Portfolio et le Fidelity MultiManager Income Porfolio, rapporte Fund Web.Plus précisément, le premier fonds, dont les actifs sous gestion s'élèvent à 3 millions de livres, sera intégré dans le second dont les actifs sous gestion s'élèvent à 106 millions de livres. Le véhicule issu de la fusion changera d’indice de référence. Il prendra celui déjà utilisé par le Fidelity MultiAsset Strategic fund qui est constitué d’une exposition à 50% aux actifs de croissance (actions, matières premières et immobilier) et à 50% à des actifs value (obligations). La fusion doit encore être approuvée par les actionnaires et l’autorité de tutelle.

Natixis Global Asset Management a recruté deux personnes pour son pôle produits internationaux, rapporte Investment Europe. James Beaumont vient de Standard Life Investment et il est nommé head of product consulting and solutions, durable portfolio consultant. Catherine Morat vient de Wellington Management. Elle devient responsable de l’équipe marketing produits. Ils seront basés à Londres

Teresa Poy, qui était directrice de la conformité pour l’Europe et l’Amérique du Nord chez TT International, rejoint Legal & General Investment Management (LGIM) comme chief compliance officer. Elle sera surbordonnée à Paul Sweeney, head of legal & regulatory affairs. Teresa Poy est diplômée de criminologie de l’Université Victoria de Wellington (Nouvelle-Zélande).

La banque privée Julius Baer a présenté le 9 octobre un supplément d’informations sur l’intégration des activités de gestion de fortune de Merrill Lynch hors des Etats-Unis. Julius Baer précise notamment que 80% des actifs sous gestion liés à cette transaction auront été transférés d’ici à la fin 2013.A l’occasion d’une journée investisseurs à Londres, Julius Baer devrait également indiquer que les suppressions d’emplois liées à l’opération devraient représenter entre 15% et 18% de ses effectifs et que le coefficient d’exploitation de ses activités de gestion de fortune l’international (IWM) devrait s’inscrire autour de 70%.L’impact de la transaction sur le bénéfice par action devrait être neutre en 2014 mais favoriser une progression de 15% en 2015. A fin août 2012, les actifs sous gestion de Julius Baer s’inscrivaient à 184 milliards de francs suisses, en progression de 14 milliards de francs ou 8% par rapport à fin décembre 2011.

Selon finews, les postes libres dans le secteur de la finance fin septembre sont en baisse de 3 % par rapport à la même date il y a un an. Les banques, assurances et sociétés de services financiers recrutent actuellement 3.337 postes sur leurs sites internets respectifs, contre 3432 en septembre 2011.

Comme annoncé par Newsmanagers le 08/03/2012, la direction de Société Générale Private Banking a subi cette année une réorganisation. C’est dans ce cadre que la nomination d’Yves Thieffry en tant que directeur général de Société Générale Private Banking (Suisse) vient d'être annoncée par la société. L’intéressé est responsable de la gestion et du développement des activités de Société Générale Private Banking (Suisse) et de ses filiales.Yves Thieffry succède à Guillaume Lejoindre, nommé président du conseil d’administration de Société Générale Private Banking (Suisse) SA en remplacement de Jean-François Mazaud, directeur de la ligne métier de banque privée du groupe Société Générale, qui reste membre du conseil d’administration en tant que vice-président de Société Générale Private Banking (Suisse).

Le groupe bancaire zurichois EFG International lance le processus d’introduction à la Bourse suisse de son unité dédiée aux produits d’investissement structurés. Le prix de souscription des actions est compris entre 40 et 50 francs, avec un premier jour de cotation le 19 octobre.L’opération de placement d’EFG Financial Products, annoncée le 25 septembre, devrait apporter entre 51 et 64 millions de francs à EFG International. En cas d’activation totale de l’option de surallocation, le montant devrait atteindre une fourchette oscillant entre 63 et 78 millions, a indiqué le 8 octobre l’entreprise dans un communiqué. Le produit n’aura aucune incidence sur le bénéfice d’EFG International dans la mesure où l’entité placée en Bourse continuera d'être pleinement consolidée au sein du groupe, précise le communiqué. Les fonds propres seront au passage améliorés, avec un ratio BRI du capital total augmentant à 17% environ. Une fois l’introduction en Bourse sous toit, EFG International contrôlera encore au moins 20% du capital d’EFG Financial Products Holding, contre quelque 58% actuellement. La participation demeurera bloquée dans un délai de douze mois à compter du premier jour de négoce. L’opération porte sur une offre de base de 2.937.137 actions nominatives au maximum. EFG International vendra au plus 1.270.472 des titres existants qu’il détient. Les souscripteurs pourraient profiter d’une surallocation de 293.713 actions au maximum, une option à exercer dans les 30 jours après le 19 octobre. La constitution du livre d’ordres débute ce lundi pour s’achever le 18 octobre à midi. Le prix d'émission sera arrêté le vendredi 19 octobre avant l’ouverture du marché. La capitalisation initiale devrait se situer entre 267 et 333 millions de francs, avec un flottant de 44%, ou 49% avec l’option de surallocation.

The Netherlands became the first country to implement the AIFM directive, after approval of the law by Parliament, IPE.com reports. “With the new legislation, asset management firms based in the Netherlands may optimally apply a relaxation of tax rules in order to reduce unnecessary costs in existing fiscal and legal structures,” says Marco Frikkee, of KPMG.

On 5 October, the CNMV issued sales licenses for Spain to the Bankinter Renta Fija Jade Garantizado, Ibercaja BP High Yield 2015-2 and Taltrack Alternative Investment funds.The Spanish regulator also issued licenses to the foreign-registered products Amundi Treso 3 mois and Treso Eonia ISR, to several sub-funds from iShares Germany (iShares Dax, Divdax, Dow Jones-UBS commodity Swap, EB Rexx Money Market, MDax, Stoxx Europe 600, and TecDax) , to Julius Baer Special Funds and to the LFP Credit Flexible International and LFP Rendement 2017 funds.

More than 80% of pension funds based in the Netherlands will have to reduce their payments to pensioners for the first time from April next year, unless they can improve their financial situation by then, Financial Times Fund Management reports. The Netherlands central bank is requiring assets at pension funds to represent at least 105% of liabilities by the end of 2013. In order to achieve that objective, 81% of them will have to reduce benefits to current pensioners, according to the most recent available figures.

Natixis Global Asset Management has recruited two people for its international products unit, Investment Europe reports. James Beaumont joins from Standard Life Investment, and becomes head of product consulting and solutions, durable portfolio consultant. Catherine Morat joins from Wellington Management. She becomes head of the product marketing team. Both will be based in London.

A senior member of the product structuring and financing group at Man Investments in Switzerland, Nicolas Samaran, has been appointed head of investment content at Source (EUR11.5bn in AUM at end-September).Samaran will have responsibility for the search and selection for new and innovative investment content from external providers and report to Peter Thompson, head of distribution and strategy.

Rathbone Brothers has acquired a 19.9% stake in Vision Independent Financial Planning, a financial advising company, and its sister company, Castle Investment Solutions, for GBP2m. The specialist in wealth management is planning to acquire all of the two entities by 2015, Investment Week reports.

The Paradigm group is planning to launch an asset management operation which will include the fund product range from Paradigm, discretionary fund management services, and model portfolios.The firm is currently in the process of recruiting an investment team to manage third-party fund mandates.

The Julius Baer private bank on 9 October released an informational supplement on the integration of wealth management activities of Merrill Lynch outside the United States. Baer states that 80% of assets under management related to this transaction will have been transferred by the end of 2013.At an investor day in London, Julius Baer will also announce that job cuts related to the operation will represent 15% to 18% of staff, and that the cost-income ratio for international wealth management (IWM) activities will come in at about 70%.The impact of the transaction on per-share profits is expected to be neutral in 2014, but to favour an increase of 15% in 2015.As of the end of August 2012, assets under management at Julius Baer total CHF184bn, up CHF14bn, or 8%, compared with the end of December 2011.

As announced by Newsmanagers on 3 August 2012, the management of Société Générale Private Banking has this year undergone a reorganisation. As a part of this process, the appointment of Yves Thieffry as CEO of Société Générale Private Banking (Switzerland) has recently been announced by the firm. Thieffry is responsible for the management and development of Societe Generale Private Banking (Suisse) SA and its subsidiaries. Yves Thieffry succeeds Guillaume Lejoindre, who becomes chairman of the board of directors of Société Générale Private Banking (Switerland) SA, replacing Jean-François Mazaud, head of the Société Générale Private Banking, who remains a member of the board of director in Switzerland and becomes its vice president.

The Zurich-based banking group EFG International is launching an IPO process on the Swiss stock exchange for its unit dedicated to structured investment products. The subscription price for equities will total between CHF40 and CHF50, with the first day of listing scheduled for 19 October.The placement operation for EFG Financial Products, announced on 25 Sptember, will bring in CHF51m to CHF64m for EFG International. If the full greenshoe option is activated, the total will be in a range from CHF63m to CHF78m, the company announced in a statement on 8 October.The proceeds will have no impact on profits at EFG International, insofar as the entity placed on the stock market will continue to be fully consolidated within the group, a statement says. Tier 1 equity will be improved with the move, with a BRI total capital ratio up to about 17%.Once the IPO is complete, EFG International will still control at least 20% of capital in EFG Financial Products Holding, compared with about 58% currently. The stake will continue to be locked in for a 12-month period starting from the first day of trading.The deal is based on a basic offering of a maximum of 2,937,137 shares. EFG International will sell 1,270,472 at most of the existing shares it holds. Subscribers may profit from a greenshoe option of 293,713 shares at most, within 30 days from 19 October.The bookbuilding began on Monday, and will complete on 18 October at noon. The issue price will be set on Friday, 19 October, before the market opens. The initial capitalisation will total between CHF267m and CHF333m, with a float of 44%, or 49% with the greenshoe option.

According to Swiss-based Alix Capital, UCITS-compliant hedge funds in September posted average performance as measured by the global UCITS Alternative Index of 0.29%, following a gain of 0.18% in August. In the first nine months of the year, it shows gains of 0.98%. The index of UCITS-compliant funds of hedge funds gained 0.11%, following 0.12% the previous month, but it shows losses of 1.36% in the first nine months of this year.Of the eleven strategies measured by sub-indices, four show losses for last month, with losses of 2.39% for commodities and 0.98% for CTAs. The best returns in September were for emerging markets (+1.78%).In January-September, the two heaviest losses were for CTAs (-1.85%) and commodities (-1.74%), with the strongest gains for fixed income with 3.77%, followed by emerging markets (+2.67%).

The global default rate for speculative-grade debt increased 0.1 percentage point during the third quarter to 3 percent in September, the highest level in almost two years, according to Moody’s Investors Service. U.S. junk-rated defaults increased to 3.5 percent in September from a 3.2 percent rate in the second quarter. In Europe, the pace of high-yield defaults fell to 2.6 percent last month from 2.8 percent in the second quarter, Moody’s said. High-yield global corporate defaults will end 2012 unchanged at 3 percent, before decreasing to 2.9 percent by September 2013, according to Moody’s. Since the beginning of the year, 46 companies defaulted, compared with 17 in the corresponding period of 2011.

Lyxor is for the third time in less than two months reducing management fees on its money market ETF, the Lyxor ETF Euro Cash, to 0.065%. The firm had already lowered its commission by 0.15% to 0.085% on 1 August, and to 0.075% on 3 September.

If the ETF price war kicked off in the United States by management commissions being cut at Vanguard (which has also negotiated a reduction in index costs by leaving MSCI) ever crosses the Atlantic, it will be at the initiative of BlackRock, which is now in a comfortable position with MSCI, says Detlef Glow, of Lipper, cited in Handelsblatt. And if BlackRock manages to get MSCI to lower its prices, all European promoters who use indices from this provider will profit.However, there should be few illusions: retail investors in ETFs in Europe should hardly hope to profit in the near future from the price war now raging in the United States. Even if promoters manage to get a reduction in the fees charged by purveyors of indices, retail investors may never profit at all, as promoters are not obliged to pass on cost savings.

AXA on 8 October announced the appointment of Cyrille de Montgolfier as director of European and institutional affairs for the group. De Montgolfier, previously head of the Central and Eastern European region, replaces Jérôme Hamilius, who has decided to leave the group. In his new role, he will report to Denis Duverne, deputy CEO of the Axa Group.Jef Van In is taking over as director of the Central and Eastern European region. These new responsibilities come in addition to his current responsibilities as CEO of AXA Bank Europe. In both cases, he reports to Jacques de Vaucleroy, CEO for the Northern, Central and Eastern European region, and international head of life, savings, retirement and health insurance activities.The two appointments will take effect from 15 October 2012.

BNY Mellon on Monday announced it has appointed Navin Suri as Asia-Pacific (APAC) Head of Intermediary Distribution to spearhead the expansion of the company’s distribution partnerships in the region. He will be responsible for developing and managing the build out of the APAC intermediary sales strategy and distribution channel network and relationships, mainly new partnerships with consumer banks, private banks and family offices, insurance and pension providers, securities companies, IFAs and other financial intermediaries.Based in Hong Kong, Suri will report into Alan Harden, CEO for BNY Mellon’s APAC investment management business, and to PeterPaul Pardi, BNY Mellon’s head of global distribution, based in London. Suri joins BNY Mellon’s APAC Investment Management Executive Committee and BNY Mellon’s APAC Operating Committee.Suri joins BNY Mellon from ING Investment Management where he was MD and CEO for the firm’s business in India.

The HFRI Fund Weighted Composite hedge fund index has gained 1.1% in the month of September, putting gains for third quarter at 2.9%, according to statistics from HFR.In the first nine months of the year, the index shows gains of 4.7%.In September, strategies related to equities generally progressed well, with the HFRI equity hedge index showing gains of 1.94%, and positive contributions from both growth and value strategies. The HFRI emerging markets index, for its part, earned returns of 3.1% in September.The Lyxor hedge fund index, for its part, has posted gains of 0.2% in September, while 11 Lyxor strategy indices finished the month with gains.

Following the departure of Ángel de Molina (see Newsmangers of 4 October), Tressis has promoted Javier Monjardin as director of analysis, and Montserrat Formoso as director of management, thus dividing the responsibilities of the outgoing man, who has joined Santander Asset Management as director of market intelligence.

PriorNilsson Fonder, a Swedish asset management firm which manages two hedge funds, is launching a Swedish equity fund, Fondbranschen reports. The management firm is hoping to attract investors with active management and competitive fees (1% management fees).

The Fondo Pensione per il Personale della Banca di Legnano, the pension fund of Banca di Legnano’s staff, announced it has recently awarded a custody, portfolio valuation and depositary bank mandate to RBC Investor Services.

On 15 November, the Swedish group Länsförsäkringar, specialised in insurance, will be outsourcing the management of its funds of funds to Alfred Berg, the Scandinavian affiliate of BNP Paribas. These activities represent assets of SEK4.8bn. The fixed income and asset allocation team, led by Stefan Gothenby, will be responsible for managing the funds.

HedgeWeek reports that Bryan, Garnier Asset Management (BGAM) has recently launched the Bryan Garnier Umbrella Fund SICAV plc domiciled in Malta and managed by Paris-based BGAM. This platform aims to introduce a range of US hedge funds into the UCITS universe. The first US sub-fund to join the platform is Denver-based Madison Street Partners (USD175m in AUM), an equity long/short shop