Natixis Global Asset Management a présenté aux Etats-Unis et dans quelques pays européens hors la France, la plate-forme Durable Portfolio Construction qui permet aux différents segments de clientèle (particuliers, CGPI et investisseurs institutionnels) de gérer leur allocation d’actifs en fonction principalement du risque et de la volatilité, de diversifier au maximum la gamme des classes d’actifs et des stratégies d’investissements, y compris dans l’alternatif, et d’utiliser au plus intelligemment les classes d’actifs traditionnelles.La plate-forme prend en compte le désir des investisseurs d’obtenir un rendement acceptable dans toutes les phases de marché en minimisant les pertes et en supportant un risque également aceptable. NGAM fournit aux clients l’assistance d’une équipe d’experts en gestion de portefeuille et d’analystes, dont Matthew Coldren, directeur adjoint du client solutions group et Marina Gross, numéro deux du conseil en portefeuille et de la recherche. Les équipes sont censées apporter aux investisseurs des informations et des jugements sur les portefeuille, sans préconiser de produits concrets.

Trois collaborateurs de la société de gestion britannique Neptune Investment Management, John Lester, responsable des partenariats stratégiques, Dennis Pellerito, responsable des partenariarts stratégiques au Royaume-Uni, ainsi qu’un employé junior dans la vente, ont quitté la société pour rejoindre une boutique d’investissement récemment créée, rapporte Investment Week.

Tom Williams a été recruté comme «structureur» par Schroders pour son équipe portfolio solutions spécialiste de la gestion sous contrainte de passif (LDI). Il est subordonné à Mike Hodgson, head of structuring.Le nouvel arrivant vient de chez Jefferies International où il était trader sur les dérivés de taux d’intérêt.

The French federation of insurance companies (FFSA) and the Italian association of insurance companies (ANIA) on 4 April signed a joint manifesto explaining the reasons for supporting long-term savings in Europe and means to do so. A few weeks before the French presidential elections, and one year before Italian legislative elections, as the European Omnibus 2 directive (which is a complement to Solvency 2) is under negotiation in Brussels, insurers claim that it is important to “raise their voice, and express their vision of a modern economic and social strategy, based on a savings and investment policy oriented to the long term,” a statement says. In the «Manifesto for a long-term savings policy,» French and Italian insurers call on European countries to “consider the long term an economic priority” as a way out of the major economic crisis now underway. ‘It is necessary to support the development of long-term savings in European economies, on the one hand, to protect households against risks related to ageing, and on the other hand, to make investments that our economies need in order to support economic growth,” they write.

94% of private equity firms surveyed by PwC claim that environmental, social and governance (ESG) activities may create investment value. PwC surveyed 17 private equity firms about measures taken by the private equity sector in socially responsible investment, Among these firms, six rank among the world’s top 10, while 11 are among the world’s 50 largest private equity firms. Several respondents even cited cost savings and additional revenues due to new socially responsible products, in addition to improved reputation. Doughty Hanson claims that it has made EUR21m in additional revenue due to its socially responsible investment programme.88% of firms claim that socially responsible investment should attract higher levels of interest in the next five years.But despite this enthusiasm, half of private equity firms surveyed currently have no ESG or socially responsible investment policy. Only 40% of them have set up systems to create value through ESG activities, and 47% do not publicly report on their ESG programmes.

Sovereign funds are calling for modifications to their investment practices, in order to account for short-term constraints (such as limiting maximal losses allowed in a given time period, or minimal performance objectives), according to a study by the Edhec-Risk Institute undertaken last year by a research chair supported by Deutsche Bank.The study finds that sovereign funds find asset liability management (ALM) techniques to be relevant for their financial management, and that management of risks related to the United States is a part of their mission. The specific characteristics of their asset liability management is that it needs to cover not only liability risks, but also contribution risks. Sovereign funds estimate that the asset management sector does not provide liability-driven investment (LDI) solutions which are adapted to their particular situation.With this in mind, the study proposes a dynamic asset liability management model developed to guide allocation and risk management decisions by sovereign funds.

Natixis Global Asset Management has unveiled its Sustainable Portfolio Construction platform in the United States and several European countries not including France. The solution allows various client segments (retail, IFA and institutional investor clients) to manage their asset allocation prmarily as a fuction of risk and volatility, in order to maximally diversify the range of asset classes and investment strategies they invest in, including alternative investments, and to use traditional asset classes more smartly.The platform takes into account a desire on the part of investors to earn adequate returns in all market phases, while minimising losses and maintaining acceptable risk levels. NGAM provides clients with assistance from portfolio management experts and analysts, including Matthew Coldren, deputy director of the client solutions group, and Marina Gross, the firm’s second-highest ranking professional in portfolio advising and research. The teams aim to provide investors with information and judgements on portfolios, without recommending specific products.

The index provider Dow Jones Indices will launch a new series of indices on 5 April which will serve as underlyings for structured products listed by UniCredit in Frankfrut and Stuttgart on the same day. The new indices, the Dow Jones Forecasted Dividend Plus Indexes, allow for measurement of equity indices which in the past have delivered top dividends and which are expected to serve sustainable dividends in the future. The new range of indices includes a regional index with 40 members, as well as three country indices with 20 members each. These are: · Dow Jones Europe Forecasted Dividend Plus Index· Dow Jones Germany Forecasted Dividend Plus Index· Dow Jones France Forecasted Dividend Plus Index· Dow Jones U.K. Forecasted Dividend Plus Index Equities included in the universe of the index must meet the following criteria in order to be considered eligible: Minimum daily trading volume over the past three months of USD10m for the regional index, and USD5m for the country indices Positive profits per share over the past 12 months Returns on owners’ equity above zero over the past three years Projected dividends of more than zero All eligible equities are then categorized according to the following criteria (with equal weighting): Projected dividends Ratio of projected dividends to average dividends over the past three years Percent increase in share price over the past three months

A spokesperson for the German finance ministry on 4 April announced that the final version of a controversial tax agreement with Switzerland “may be signed tomorrow,” on 5 April, pending a few “formal questions” from the Swiss government. The German and Swiss governments have been in negotiations for several months over a double taxation agreement to combat tax evasion by German taxpayers in Switzerland. The spokesman stated at a regular press conference that the agreement, a first draft of which had already been signed by the two governments, would include “an additional protocol” to address some reticence on the part of some German regional governments. “The basic talks are finished,” the spokesperson said, without stating what amendments have been adopted. The spokesperson said that he is “optimistic” about seeing the agreement ratified by the German parliament, to come into force on 1 January next year, ending a controversy over tax evasion which has clouded relations between the German and Swiss governments for years. The signature of the final version of the agreement, however, does not amount to final ratification, as several regional governments have expressed concerns about legislation they consider too lax. The recalcitrant German regional authorities may block the bill in the Bundesrat, the upper chamber of the German parliament.

The French financial market authority (AMF) has opened the “AMF savings observatory,” a resource which aims to provide an overview “of financial products on offer to non-professional investors, communications/publicity actions by financial product distributors, and trends in household financial investment,” a statement says. To this end, the AMF will be publishing a quarterly newsletter, which may also be viewed on its website, but has not ruled out “special issues” of the newsletter during the year.The first issue of the newsletter is dedicated to the pricing of financial products, and treats subjects such as following up visits to bank advisers. The findings are that fees are quoted spontaneously four times out of ten, and that in only one case in ten, fees paid to the adviser are distinguished from other types of fees (front-end fees, management fees, etc.)The AMF states that futures subjects to be covered in the newsletter will include communications by financial institutions, returns on investments, and investor behaviour.

The average coverage rate for the liabilities of US corporate pension funds increased by 3.6 percentage points in March, to 79.8%, after increases of 2.1 points in February and 1.6 points in January, according to estimates, by BNY Mellon Asset Management. This increase is due to the fact that equity markets saw their sixth consecutive month of gains in March. BNY Mellon states that assets in corporate pension funds increased by 1.3% in March, at a time when their liabilities decreased by 3.2%, due to a 25 basis point increase to 4.58% in the actualisation rate for AA-rated businesses.

As of the end of March, global ETP assets totalled USD1.7275trn, which represents an increase of EUR203bn, or 13.3% in one quarter, according to the BlackRock Institute. This increase is due to record net subscriptions of USD67.4bn, and positive market and forex effects of USD135.7bn. By comparison, net subscriptions in fourth quarter last year totalled USD44.8bn, and subscriptions in January-March 2011 totalled USD42.8bn. BlackRock states that 229 ETPs were launched in first quarter, and that these products raised a total of USD3.71bn, of which EUR300m went to the iShares Barclays US Treasury Bond Fund, and USD277m to the Pimco Total Return ETF. For ETFs alone, assets as of the end of March totalled USD1.5367trn, compared with USD1.3509trn as of the end of 2011.

Following its acquisition of Morgan Keegan, completed on 2 April (see Newsmanagers of 12 January), Paul Reilly, CEO of Raymond James, has announced the composition of the management for its new combined bond unit.John Carson, CEO of Morgan Keegan, becomes head of the combined bond and public finance divisions. He will be chairman and a member of the executive board at the parent company.Kevin Giddis, president of the fixed income capital markets division of Morgan Keegan, will be head of fixed income, and Robert A. Baird will be head of public finance, while James P. Sickling becomes COO of fixed income, and will report to Giddis. Baird had previously been head of fixed income investment banking at Morgan Keegan, while Sickling had been head of the institutional taxable fixed income trading desk at Raymond James since 1993.

The president of the French capital investors’ association (AFIC), Hervé Schricke, will be handing over power at the professional association to Louis Godron, currently treasurer of AFIC, and also CEO of Argos Soditic. Godron has been chosen by the selection committee at AFIC, a message sent to members of the association on 3 April states. Godron will replace Schricke as head of AFIC following the association’s general meeting on 20 June. Godron, 45, is also chairman of the Capital Transmission/LBO committee at the association.

On 28 March, the US firm Russell Investments, which has about EUR3bn in assets under management in France, two thirds of that for distribution partners and one third for institutional investors, received an operating license from the AMF for a French-portfolio management firm, Russell Investments France, which will have Dominique Dorlipo as its chairman and Michaël Sfez as CEO. The firm is dedicated to custom multi-asset class, multi-style and multi-manager solutions. Pascal Duval, CEO of Russell for Europe, the Middle East and Africa, who opened the Paris office 17 years ago, on Wednesday told Newsmanagers that “the EUR150m in assets which Russell Investments France has at its outset correspond to repatriated mandates.’ I predict that we will have EUR500m by the end of the year, and that we will attract EUR1bn more in net inflows in 2013. Of this EUR1bn, I think that 50% will come form existing clients, and the rest from new investors, including insurers and retirement institutions.” Currently, Russell Paris has 30 clients. The objective is to double that number in the next two to three years, with new diversification offerings and high added value. The new clients must have at least EUR30m to EUR50m in assets. Currently, the average size is EUR150m to EUR200m, with several accounts of over EUR500m. Financial management will be provided by Alain Zeitouni and Alexandre Attal (see Newsmanagers of 13 March). The team will include 12 professionals, including the four named above, Bruce Botting (legal director for Europe) and Kate Skivington, head of compliance.

Joel Kim, head of Asian-Pacific fixed income at BlackRock, and Ramin Toloui, global co-head of emerging markets at Pimco, on Wednesday announced that they predict that the Chinese yuan will appreciate by as much as 3% this year, the Wall Street Journal reports.

Dedicated funds in February posted net inflows of EUR7.8bn, with engagements from institutionals outside investment funds representing an additional EUR3.4bn, according to statistics from the German financial management association (BVI). Open-ended funds, for their part, have posted only EUR0.7bn in subscriptions. Overall, net inflows total EUR12bn, a level not seen since January 2010, the professional association says in a statement. For open-ended funds, euro-denominated government bonds have become unpopular, with outflows of EUR1.2bn in February, while short-term bond funds have seen net redemptions of EUR2.8bn. However, corporate bond funds have seen net inflows of EUR2.3bn, and emerging market bond funds have seen subscriptions of EUR0.8bn. Real estate and diversified funds have posted subscriptions to0talling only EUR0.4bn and EUR0.2bn, respectively. However, equity and money market funds have seen redemptions totalling EUR0.1bn and EUR0.4bn, respectively. As of the end of February, assets under management in the sector totalled EUR1.859bn, of which EUR1.170bn were from institutional investors.

The British financial services authority (FSA) should launch an emergency consultation on unregulated collective invetment vehicles (UCIS) used by financial advisers, the financial services specialist consulting firm Aim Two Three claims, Investment Europe reports. The regulator already noted in a previous consultation that these vehicles should be limited to a very restricted set of retail investors due to their high risk levels. If this is the case, Aim Two Three claims, these vehicles should be removed from the list of retail investment products.

The British financial services authority (FSA) has published a consultation document warning firms which, in an effort to adapt their models to the new RDR legislation, may be tempted to convince their clients to agree to investment solutions which in its eyes are “unacceptable.” The regulator reviewed 181 investment cases in which centralised investment solutions were recommended to clients, meaning standardised investment approaches based on reference portfolios, or investment substitution solutions which migrate clients’ investments from one solution to another. Of these 181 cases, the FSA founded that in 108, the quality of the information was unacceptable, and in 103, the advising was virtually incomprehensible. Advising was deemed inappropriate in 33 cases. The FSA repeats in the document that all new investment solutions must be in the interests of and suit the needs of clients, based on the major factors which are the cost of the solution recommended, the performance of the aforementioned solution, and its taxation. In all cases, all the drawbacks as well as the advantages of a solution must be clearly explained.

A former portfolio manager from the hedge fund firm Trafalgar Asset Managers, who left the firm late last year, has resurfaced at Maven Securities, an owners’ equity trading boutique, FinancialNews reports.

Tom Williams has been recruited as a structurer by Schroders, joining its specialist liability-driven investment (LDI) portfolio solutions team. He will report to Mike Hodgson, head of structuring.Williams joins the firm from Jefferies International, where he had been an interest derivative trader.

Three employees of the British asset management firm Neptune Investment Management, John Lester, head of strategic partnerships, Dennis Pellerito, head of strategic partnerships for the UK, and one junior sales employee, have left the firm to join a recently-founded investment boutique, Investment Week reports.

Christophe Akel is leaving GLG, where he had been manager of the GLG Global Corporate Bond and GLG Strategic Bond funds, for personal reasons, Investment Week reports. The two funds will be taken over by the head of credit, Steve Roth.

The majority of British independent financial advisers (IFAs) will increase their use of model portfolios and funds categorised according to their risks, as a result of new RDR legislation, according to a study by Skandia Investment Group. The study finds that nearly two thirds (65%) of independent financial advisers are planning to increase their use of reference portfolios and that more than half of them (53%) are planning to increase their use of risk-categorised funds. The other solutions preferred by advisers include multi-asset class funds (44% of respondents) and multi-management funds (42%). Custom portfolios are mentioned by only 35% of advisers. Notably, 57% of advisers have no plans whatsoever to offer more inexpensive funds due to upcoming regulatory changes. Among the advisers who are considering these more inexpensive solutions, the option cited by two thirds of advisers (66%) is actively-managed low-cost funds, followed by passively-managed funds (51%). ETFs are being considered by only 19% of IFAs.

MFPrévoyance, filiale du Groupe MFP Services, permet à une trentaine de mutuelles de la Fonction publique d’accéder à des offres de prévoyance statutaires ou facultatives. Elle permet ainsi aux Mutuelles des trois fonctions publiques de compléter leurs prestations en proposant des couvertures de prévoyance et notamment en termes de risques dits lourds. En 2010, MFP Services et CNP Assurances ont conclu un partenariat au terme duquel l’assureur coté a acquis 65 % de cette structure commune, dont les fonds propres s'élèvent à environ 126 M€. MFPrévoyance a le statut de SA, et réalise un CA de 300 millions d’euros (soit 1% de celui de CNP Assurances) pour 500 millions d’euros d’actifs gérés. La gestion financière est placé sous l'égide d’une équipe de deux personnes en plus du président du directoire, qui travaille de manière autonome par rapport à CNP Assurances. Ainsi, Gilles Céréol, le directeur technique comptable et financier de MFPrévoyance déclare que la SA MFPrévoyance marque une orientation stratégique majeure pour MFP services au sortir de la période de restructuration qu’elle a engagée depuis près de deux ans maintenant. Au niveau de l’allocation d’actifs, nous sommes passés d’une gestion hyper-prudente, marquée par un investissement quasi-exclusif sur du monétaire et de la dette souveraine vers un modèle d’allocation beaucoup plus diversifié. L’objectif étant de dégager plus de rendement sous la contrainte de respecter les normes strictes d’investissement propres à la CNP. Ainsi, nous avons opéré en 2011 plusieurs arbitrages dans la poche obligataire, au profit des obligations d’entreprises, en étant pro-actifs auprès de nos gérants délégataires. Par exemple, nous publions la liste des émetteurs interdits et nous échangeons quotidiennement sur le suivi des positions sachant qu’au final, nous sommes le seul décisionnaire en matière d’investissement ou de désinvestissement. En 2012, nous comptons revenir sur les actions, pour profiter d’un potentiel de performance qui apparaît plus élevé que sur les autres classes d’actifs. Eu égard à nos contraintes réglementaires, nous privilégions pour le moment les actions France. Nous étudions aussi d’autres opportunités sur les obligations corporates dans le cadre de l'élargissement de notre horizon d’investissement.

Les rendements espagnols repartent à la hausse, les flux issus des banques semblant se tarir

Les rendements espagnols repartent à la hausse, les flux issus des banques semblant se tarir

La Banque de Francfort a laissé ses taux inchangés. Même si la situation s'améliore elle juge très prématuré de parler de stratégie de sortie

Le nouveau Baromètre Allocation Actions L'Agefi - Axa IM révèle qu'un tiers des investisseurs français sont prêts à accroître leur exposition à ce marché

Présent depuis 1994 en France, le gérant, qui a obtenu l’agrément de l’AMF, vise une vingtaine de nouveaux clients