As of 31 March, Henderson had assets under management of GBP60.5bn, a decrease by GBP 1.2billion during the first quarter. This was driven by the previously notified transfer of GBP1.5 billion of cash funds to DB Advisors. DB Advisors were appointed as investment manager of the Henderson Liquid Asset Fund (HLAF) from October 2010 and subsequently investors approved the merger of HLAF into the Deutsche Managed Sterling Fund. Favourable market and currency movements of GBP406 million were partially offset by net outflows of GBP100 million. Henderson also recalls that the acquisition of Gartmore was completed on 4 April 2011. Gartmore AUM as at 31 December 2010 was GBP17.2 billion (GBP16.5 billion net of notified redemptions). During the period, Gartmore experienced GBP 1.2 billion of net outflows (net of notified redemptions) and market levels were broadly neutral. This resulted in a take-on AUM of GBP 15.7 billion (GBP 15.3 billion net of notified redemptions) bringing Henderson’s pro forma AUM at 31 March 2011 to GBP 76.2 billion before notified redemptions. In April, Gartmore had net outflows (net of notified redemptions) of approximately GBP 100 million. As regards the integration process, staff have moved to our offices and now operate on Henderson systems and processes. The majority of fund mergers and the integration of third party administrators are expected to complete by the end of 3Q11.

BNY Mellon Asset Management has strengthened its institutional business development team with the appointment of Kenneth Tomlin as director of UK institutional business.He joins BNY Mellon Asset Management from Dimensional Fund Advisors, where he worked as head of institutional business development for the UK & Ireland. He has more than 20 years experience in investment management. For the last 13 years he has worked in institutional sales and business development roles.Kenneth Tomlin will be responsible for leading UK institutional business development with responsibility for existing as well as new relationships with corporate and local authority pension funds and endowments. He will report to Jonathan Lubran, Executive Director of Institutional Business for BNY Mellon Asset Management.

UK investment boutique J O Hambro Capital Management (JOHCM) has acquired Silver Metis Capital Management, a Singapore based asset management boutique specialising in Asian equities that was founded in 2007 by Samir Mehta. The latter will join the UK asset manager, with Cho-Yu Kooi, in advance of the launch of two Asia ex Japan equity funds in late September. Samir Mehta’s new fund will offer a concentrated, all cap approach managed with a long-term return philosophy. Cho-Yu Kooi will manage a small/mid-cap fund with a similar philosophy. Both strategies will also be available to institutional investors on a segregated account basis.Samir Mehta and Cho-Yu Kooi will be based in Singapore where they will be assisted by dedicated analyst and trading support. The Singapore office will become an important location to support JOHCM’s Global Equities and Emerging Markets Equities teams, complement the London-based dealing capability in Asian markets and enhance sales and client servicing in the region.

ETF Securities early this week announced that it has extended its range of Exchange Traded Commodities (ETC) based on physical metals. The ETFS Physical Aluminium, ETFS Physical Plomb and ETFS Physical Zinc funds are now listed on the London Stock Exchange (LSE).

Threadneedle has promoted Simon Brazier, who joined earlier this year from Schroders, to head of UK equities. With immediate effect, he will assume sole responsibility for leading the UK equity team. Previously, Simon co-managed the UK team with Leigh Harrison who will continue to manage the UK income franchise, in conjunction with his role as head of equities.

The Swiss Vontobel group on 4 May announced the launch of a new family of structured products with benchmark bonds, which will aim to profit from the management of debitor risks. In a statement, the bank cites the example of a newly-launched protected capital instrument based on the SMI index, with a Holcim benchmark bond. The bond “allows the fund to bring its participation in the evolution of the SMI to 100%, where a traditional structured product, with no benchmark bond, would only have been able to participate in half of the gains of the index,” the bank explains.

The SIX Swiss stock exchange has welcomed State Street Global Advisors (SSgA) as a new ETF provider. The management firm on 4 May listed twelve SPDR products based on regional and sectoral indices, bringing the number of ETF listed on the Swiss exchange to 675. The market maker for the new products will be Commerzbank.The ETFs in question are the SPDR MSCI Europe Consumer Staples, Europe Energy, Europe Consumer Discretionary, Europe, Europe Financials, Europe Health Care, Europe Industrials, Europe Information Technology, Europe Materials, Europe Small Cap, Europe Telecommunication Services and Europe Utilities. A statement comments that “State Street Global Advisors will in the future aim to extend its ETF product range on SIX Swiss Exchange.”

Quelques mois après son arrivée chez Threadneedle en provenance de Schroders, Simon Brazier a été promu au poste de responsable actions britanniques (head of UK equities), avec effet immédiat. Jusqu’ici, il partageait la direction de l’équipe UK avec Leigh Harrison. Ce dernier continuera à gérer la franchise «income UK» en plus de son rôle de responsable actions.

Amundi ETF on 4 May announced the listing of four new products on NYSE Euronext in Paris, bringing the total number of available products over 100. Amundi ETF has added to its bond range with two ETFs based on corporate bond indices. Amundi ETF Euro Corporate Financials iBoxx aims to replicate the performance of the Markit iBoxx EUR Liquid Financials bond index, a total return index, as closely as possible, both in rising and in falling trends. The index is composed of bonds denominated in euros, issued by private financial sector businesses, and selected largely on the basis of liquidity criteria and ratings higher than or equal to BBB- (Standard & Poor’s). The second fund, Amundi ETF Euro Corporate Ex Financials iBoxx, aims to replicate the evolution of the Markit iBoxx EUR Liquid Non-Financials index, a total return index, in rising and in falling trends. The ETF offers investors exposure to a portfolio of securities denominated in euros, issued by private, non-financial sector businesses. Two new equities products have also been added to the emerging markets range from Amundi ETF, which already offers exposure to the major emerging markets and to some leading regions or countries. The products, which are eligible for PEA tax status, are available at a lower total expense ratio (TER) than their competing European products. Amundi ETF MACI EM Asia aims to replicate the performance of the MSCI Emerging Markets Asia index, in rising and in falling trends, with dividends reinvested (net return), denominated in US dollars. The index allows investors exposure to over 500 securities from 8 countries (China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan and Thailand). The ETF is available at a competitive TER of 0.45%, compared with an average of 0.65% for similar products from competing European management firms. Amundi ETF MSCI EM Latin America aims to replicate the evolution of the MSCI Emerging Markets Latam index, in rising and falling markets, with dividends reinvested (net return), denominated in USD. The index is composed of over 100 equities from five Latin American countries: Brazil, Mexico, Chile, Colombia and Peru. The ETF has a TER of 0.45%, compared with an average of 0.68% for similar competing European products.

The United States on 4 May announced that the Swiss bank UBS has agreed to pay USD160m in damages and interest to settle charges of anti-competitive practices on municipal bond markets. The Department of Justice and the Securities and Exchange Commission (SEC) say in a statement that UBS had admitted to manipulating the procedure for awarding public contracts to manage these bonds. UBS conspired with other financial institutions between 2001 and 2006 to divide US clients and inflate charges.

The United Nations Conference on Trade and Development (UNCTAD) on 4 May published a series of proposed principles to promote responsible investment in the buying and selling of sovereign debt securities. The proposals, which have already been the subject of detailed discussion with participants and experts, will in the next few months be presented to governments, in order to foster a broad consensus around the principles.

Deka Immobilien has acquired the Occidens office building in Frankfurt for its open-ended real estate fund WestInvest ImmoValue, from the Groß & Partner group. The property, with 9,700 square metres in area, is slated for completion by the end of 2011, and is already 75% leased to Boston Consulting. It was sold for about EUR75m.

Assets under management at the US management firm Legg Mason totalled USD677.6bn as of 31 March 2011, at the end of the firms 2010-2011 fiscal year, representing an increase of 1% compared with the end of December 2010, but a decline of 1% compared with the end of March 2010. In the fourth quarter of the fiscal year, ending 31 March, positive market effects were partially offset by an outflow of EUR8.7bn. Bonds represented 53% of assets as of 31 March, compared with 28% for equities, and 19% for money market funds. Net profits at Legg Mason for the fiscal year ending 31 March totalled USD253.9m, or USD1.63 per share, compared with USD204.4m, or USD1.32 per share, for the year ending in March 2010.

In the space of three years, the Paris office of M&G Investments (EUR230.4bn in total assets as of the end of December), led by Brice Anger, has posted a considerable increase in its assets under management, which stood at over EUR1.6bn as of the end of April. As of the end of March, assets were 38.1% invested in bond funds, 21.8% in regional funds, 19.5% in international equities funds, 11.5% in international convertible funds, and 9% in UK funds.This strong growth has been accompanied by growth in staff numbers, to a total of 5 presently. It has also allowed the local office of the British asset management firm to plan a move from their current location at 90, Champs-Elysées, to a more spacious location at 34, avenue Matignon, at the end of May.The Paris team held two presentations on 4 May, one for IFAs, and one a lunch for institutional investors, in order to promote three products of the range, including the bond fund M&G Optimal Income Fund, managed by Richard Woolnough, and the M&G Global Basics Fund, managed by Graham French.The third fund is a multi-asset class product, managed by Juan Nevada and Tony Finding, which aims for returns similar to those of equities, but with a volatility level closer to that of bonds. The M&G Global Dynamic Allocation Fund (GB00B56H1S45), which targets a euro zone client base, has only EUR15m in assets (it was launched on 4 December 2009), but replicates a larger fund aimed at the British market, a strategy with EUR80m in asstes. The fund will now be actively promoted by M&G in France.Nevada explains that he has set a performance objective of 5-10% in the mid-term, with volatility of 5-12%, and positive returns over a rolling three year period. To achieve this, he will rely on the resources of behavioural finance. The fund is currently 110% invested, although the managers use leverage only when it may limit volatility.

Asset management earnings at Axa were up 1% in first quarter, to EUR827m, with published average assets under management at a higher level, up from EUR846bn in first quarter 2010 to EUR861bn in assets as of first quarter 2011, Axa announced on 5 May in a statement. However, assets under management totalled EUR852bn as of the end of March 2011, down EUR26bn compared with 31 December 2010. Several factors contributed to this development, including a net outflow of EUR13bn, compared with about EUR23bn in fourth quarter 2010, largely due to outflows from AllianceBernstein from the institutional client segment. Outflows at AXA Investment Managers (-EUR2bn), a voluntary moratorium on unprofitable collective retirement policies (-EUR2bn) and money market products (-EUR1bn), were partly offset by positive net inflows to other areas of expertise, particularly Fixed Income (+EUR2bn) and AXA Framlington (+EUR1bn). Market effects totalled EUR13bn, due to a rebound on equities markets. Currency effects results in a EUR26bn gap to fill, largely due to depreciation of the US dollar against the euro. Total earnings for the group remained stable at EUR28bn, down 2% on a comparable basis.

The new banking group Quilvest Wealth Management has received permission to commence activities, Agefi Switzerland reports. On 9 December 2010, the Compagnie de Banque Privée and Groupe Quilvest announced plans to merge their Wealth Managment activities, via a strategic merger of their businesses Quilvest Switzerland Ltd. in Zurich, Quilvest Banque Privée S.A. in Paris, and Compagnie de Banque Privée S.A. in Luxembourg. The transaction has now received permission from the supervisory authorities. Quilvest Wealth Management has USD13bn in assets under management and custody, with 270 employees, led by Michel Abouchalache, CEO of Groupe Quilvest, and Marc Hoffmann, deputy director of Quilvest Wealth Management.

Among “small” firms, with 8 to 24 funds rated by Feri EuroRating Services in seven European countries (Germany, France, the United Kingdom, Italy, Switzerland, Sweden and Austria), the managers with the highest percentage of products rated A or B are JO Hambro IM, which finishes top in the United Kingdom with 88.9% of funds receiving one of the top two ratings, followed by Lazard AM, which finished first in France, with 81%, and Carmignac Gestion, first in Italy, with 77.8%.The rankings are naturally more diverse for small management firms than they are for large firms (see article in today’s Newsmanagers). However, Lyxor finishes 10th in Germany, 6th in the United Kingdom, 5th in Italy, and second in Switzerland.In France, Lazard AM finishes ahead of Pro BTP (78.6%) and Financière de l’Echiquier (61.5%). Carmignac Gestion is 8th , in a tie at 50% with Palatine AM, Janus Group and Oyster Funds.

Feri EuroRating Services has published its rankings of the top management firms in seven European countries (Germany, France, the United Kingdom, Italy, Switzerland, Sweden and Austria), with one ranking for “large” firms, with over 25 rated funds each, and one for small firms, with 8 to 24 rated funds each. Rankings are awarded on the bases of the percentage of funds in the range which earned the top ratings (A or B).Except in Germany and Sweden, British and American management firms win the top places in the rankings. Four of them – Threadneedle, Schroders, Franklin Templeton and BlackRock – are in the top ten of the national rankings in virtually all the countries studied by Feri (see attached table).The exceptions, local management firms which earn high rankings, are LBB-Invest and Union Investment, which place first and second in Germany, respectively, with 58% and 51.2% of their funds rated A or B. In France, Rothschilid & Cie Gestion and Oddo AM are the only firms to place in the top ten, with Rothschild in 2nd place, with 51.3% of its funds rated A or B, and Oddo is 8th, with 43.3%. However, the British firms Threadneedle and Schroders are both leaders in the United Kingdom. In Sweden, the top two are Swedbank and Banske Invest, with scored of 61.5% and 54.5%.

The 2010 fiscal year brought net profits for the Lampe private bank of EUR14m, compared with EUR12m the previous year. The Oetker group, which owns the firm, has decided to add all of these profits to their reserves, in order to bring the core regulatory capital above 10% (compared with 8.5%), in order to meet in advance the requirements of Basel III legislation.Assets under management increased 27%, to EUR15bn, of which EUR6bn (+40%) were at the affiliate Lampe Asset Management.

Ray Jovanovich, CIO at Amundi Asia in Hong Kong, will soon be retiring, and Ayaz Ebrahim will be replacing him in the position, Asian Investor reports. Ebrahim, currently CIO at HSBC Asset Management in Hong Kong, held the position of CIO at Crédit Agricole Asset Management until 2002, until Jovanovich replaced him. He is thus returning to his old job, though Ebrahim’s responsibilities will now be wider, as he will also become vice CEO for equities and balanced mandates.

According to the Business Standard, relayed by Handelsblatt, the Indian Forward Markets Commission (FMC) is reportedly planning to ask all ETF issuers no longer to accept subscriptions to gold ETFs, and no longer to launch such products.The FMC, which is the regulatory authority for commodities, is concerned about the influence these funds have on the gold markets, although the Securities and Exchange Board of India (SEBI), which supervises investment funds, has thus far not reacted to the demands of the FMC.

From 1 June, the Vienna Stock Exchange will release two emerging markets indices created by Erste Bank, entitled “rising markets,” which will aim to take into account economic growth as well as demographic evolution, as well as minimal standards in terms of the fight against corruption (Corruption Perception Index) and quality of life.The Austrian management firm Erste Sparinvest, an affiliate of Erste Bank, will on 1 June launch two Austrian funds, the Espa Bond Rising Markets and Espa Stock Rising Markets, each with three share classes. The products will replicate rising markets indices. Initial subscriptions will be closed on 31 May.Front-end fees will be 3.5% for the bond product, and 4% for the equities fund. The total expense ratio (TER) will be 1.2% for the former, and 2% for the latter product.

A compter du 1er juin, la Bourse de Vienne publiera deux indices de 25 pays émergents* créé par Erste Bank sous l’appellation de «rising markets». Ils tiendront compte à la fois de la croissance économique, de l'évolution démographique et du niveau de vie, mais également de normes minimales en matière de lutte contre la corruption (Corruption Perception Index). Par ailleurs, l’autrichien Erste Sparinvest, filiale d’Erste Bank, va lancer le 1er juin deux fonds de droit autrichien, l’Espa Bond Rising Markets et l’Espa Stock Rising Markets qui répliqueront les indices rising markets. Caractéristiques des fonds : Droits d’entrée : 3,5 % pour l’Espa Bond Rising Markets/4% pour l’Espa Stock Rising Markets Souscription initiale close le 31 maiTaux de frais sur encours : 1,2 % pour l’Espa Bond Rising Markets/2 % pour l’Espa Stock Rising Markets * Chine, Inde, Brésil, Mexique, Indonésie, Russie, Turquie, Arabie saoudite, Egypte, Thaïlande, Malaisie, Argentine, Afrique du Sud, Colombie, Pologne, Vietnam, Philippines, Pérou, Algérie, Chili, Kazakhstan, Ukraine, Roumanie et Maroc.

Le gestionnaire allemand VSP lance deux fonds d’allocation d’actifs, accessibles à partir d’un investissement minimum et unique de 25.000 euros. Le VSP Sachwertportfolio Relaxed et le VSP Sachwertportfolio Advanced sont investis dans les actions, les matières premières et les métaux précieux ainsi que dans des indices de volatilité pour contrer les baisses des marchés.

Pour son fonds immobilier offert au public WestInvest ImmoValue, Deka Immobilien a acheté au groupe Groß & Partner l’immeuble de bureaux Occidens de Francfort. Cet actif de 9.700 mètres carrés, qui doit être achevé fin 2011 et qui est déjà loué à 75 % à Boston Consulting, change de mains pour environ 75 millions d’euros.

L’exercice 2010 s’est soldé pour la banque privée Lampe par un bénéfice net de 14 millions d’euros contre 12 millions d’euros pour l’année précédente. Le groupe Oetker, qui possède l'établissement, a décidé d’affecter la totalité de ce bénéfice aux réserves pour faire passer le quotient de fonds propres de premier rang au-dessus de 10 % (contre 8,5 %) dans la perspective de Bâle III.Les actifs sous gestion ont opéré un bond en avant de 27 % à 15 milliards d’euros, dont 6 milliards (+ 40 %) pour la filiale Lampe Asset Management.

Les actifs sous gestion de l’américain Legg Mason se sont inscrits à 677,6 milliards de dollars au 31 mars 2011, terme de l’exercice 2010-2011, en progression de 1% par rapport à fin décembre 2010 mais en recul de 1% également par rapport à fin mars 2010.Durant le quatrième trimestre de l’exercice au 31 mars, l’effet marché positif a été partiellement effacé par une décollecte de 8,7 milliards de dollars. L’obligataire représentait 53% des actifs au 31 mars, contre 28% pour les actions er 19% pour les fonds monétaires. Le bénéfice net de Legg Mason pour l’exercice au 31 mars s’est inscrit à 253,9 millions de dollars ou 1,63 dollar par action contre 204,4 millions de dollars ou 1,32 dollar par action pour l’année à fin mars 2010.

Soutenus par une amélioration des marchés et une valorisation de 6,5 % de son portefeuille de private equity, les résultats de KKR annoncés mercredi 4 mai se sont affichés au premier trimestre (fin mars) en hausse de 10 % à 742,5 millions de dollars. Les encours sous gestion sont passés à 61 milliards de dollars, contre 54,7 milliards au 31 mars 2010.

A l’occasion d’une conférence de presse consacrée à la stratégie d’investissement de Rothschild & Cie Gestion, Didier Bouvignies et Philippe Chaumel, respectivement directeur de la gestion et co-responsable de l’allocation d’actifs et de la gestion des portefeuilles actions et diversifiés, sont revenus sur les trois thématiques qu’ils privilégient actuellement. La première, ont-ils expliqué, consiste à rester exposée aux secteurs générateurs de «free cash flows» élevés et aux entreprises dont la croissance bénéficiaire par actions a été défaillante en 2010. Les sociétés en question offrent, selon la gestion, des perspectives positives compte tenu de leur possibilité d’utiliser désormais de façon plus agressive leurs liquidités. Les gérants, qui ont insisté sur l'écart de rémunération significativement plus important entre les secteurs concernés et l’actif sans risque depuis 2008, citent, entre autres, l’univers des télécoms et de la santé européen. L’exposition au secteur bancaire constitue le deuxième thème privilégié par la gestion, ce qui en accroît encore la stratégie «contrarian». Après avoir noté que la maison était longtemps restée sous-investi en matière de titres bancaires, Didier Bouvignies a relevé trois raisons justifiant un retour vers ce secteur. Tout d’abord, un impact finalement limitée de la crise de la dette souveraine sur les banques; un renforcement des fonds propres dont le coût sera répercuté sur les clientèles des établissements (activités «retail», etc); enfin, la baisse à venir du coût du capital.Le troisième thème de Rothschild &Cie Gestion est celui d’une grande sélectivité dans le choix des titres appartenant à l’univers des valeurs cycliques. En faisant preuve de prudence sur la chimie par exemple et en se focalisant sur les valeurs dont le redressement apparaît décalé dans le temps. A l’image d’entreprises issues du secteur des technologies ou du loisir-voyage. Didier Bouvignies a rappelé le caractère contre-intuitif pour les investisseurs de ce début d’année 2011 où l’Europe et en particulier les pays du sud étaient à privilégier. La gestion a ainsi relevé l’attrait du marché italien (avec un prix sur l’actif net relatif Italie/Europe proche de 0,6) et a aussi noté qu’il fallait préférer les valeurs bancaires aux industrielles. Enfin, Didier Bouvignies a insisté sur les atouts du fonds Elan Euro Valeurs aujourd’hui, avec un vieux Continent en retard par rapport aux Etats-Unis. Dans le détail, au sein du portefeuille du fonds, les surpondérations sectorielles en 2011 par rapport à l’indice Euro Stoxx atteignent 9 % pour la banque, 5,3 % pour les medias et 3,4 % pour la technologie. A l’autre extrémité, la chimie, l’energie et l’alimentation sont souspondérées de 6,7 %, 3,2 % et 2,9 % respectivement. En matière de performances, le fonds a progressé de 6,88 % contre 4,48 % pour l’Euro Stoxx depuis le 31 décembre.Une partie de la réunion a aussi été consacrée au fonds obligataire R Crédit. A ce titre, pour la gestion, 2011 devrait être une année «crédit». En chiffres, depuis le début de l’année, l’indice obligataire iBoxx EUR Corporates a subi un effet duration qui a coûté 1,89 % tandis que l’effet crédit a rapporté 1,94 %. Alors que le fonds peut être investi en partie sur du high yield, Didier Bouvignies a émis des réserves sur l’intérêt de cette classe d’actifs actuellement dont la prime de risque est conforme à la moyenne historique. Si les obligations high yield sont désormais chères, les obligations «investment grade» sont, pour leur part, bien rémunérées, a noté Christophe Peyraud le gérant de R Crédit. Au sein du portefeuille très diversifié (210 lignes) et affichant une faible sensibilité (0,8 % contre 1,86 % pour l’indice de référence), la gestion privilégie les durations courtes et les financières plus rémunératrices que les cycliques et les défensives. Enfin, en matière de performances, le fonds a progressé de 5,48 % en 2010 et 2,49 % en 2011 au 21 avril, contre respectivement 3,06 % et 0,58 % pour son indice de référence.

Feri EuroRating Services vient de publier ses classements au 31 mars des sociétés de gestion dans sept pays européens (Allemagne, France, Royaume-Uni, Italie, Suisse, Suède et Autriche), avec deux palmarès : l’un pour les «grandes» sociétés, dont plus de 25 fonds sont notés, et un pour les «petites», avec entre 8 et 24 fonds notés. Les rangs sont attribués en fonction du pourcentage de fonds de la gamme ayant obtenu les meilleures notes (A et B).On constate qu'à l’exception de l’Allemagne et de la Suède, les gestionnaires Anglo-Saxons trustent les premières places et que quatre d’entre eux, Threadneedle, Schroders, Franklin Templeton et BlackRock, figurent parmi les dix premiers du classement national dans pratiquement tous les pays étudiés par Feri (voir tableau ci-joint).Les «exceptions» - les gestionnaires locaux bien classés donc - sont, en Allemagne, LBB-Invest et Union Investment, respectivement premier et deuxième avec 58 % et 51,2 % de fonds notés A et B. En Suède, les deux premiers sont Swedbank et Dankse Invest avec des scores de 61,5 % et 54,5 %.En France, Rothschild & Cie Gestion et Oddo AM sont les seuls a figurer dans le peloton de tête, Rothschild & Cie étant 2ème avec 51,3 % de fonds notés A et B, et Oddo 8ème avec 43,3 %. Enfin, au Royaume-Uni, on notera que ce sont les deux maisons britanniques Threadneedle (66,7 %) et Schroders (61,3 %) qui sont leaders.Pour le palmarès concernant les «petites» sociétés dont 8 à 24 fonds sont notés, les gestionnaires affichant la plus haute proportion de produits estampillés A ou B sont JO Hambro IM, premier au Royaume-Uni avec 88,9 % de fonds les mieux cotés, devant Lazard AM, 1er en France, avec 81 % et Carmignac Gestion, premier en Italie, avec 77,8 %.Même si les palmarès sont plus diversifiés pour les «petits» gestionnaires que pour les grands, des sociétés de gestion comme Lyxor AM parviennent à figurer à la fois 10ème en Allemagne, 6ème au Royaume-Uni, 5ème en Italie, et deuxième en Suisse. Enfin en France, Lazard AM se classe devant Pro BTP (78,6 %) et Financière de l’Echiquier 61,5 %. Carmignac Gestion est 8ème ex-aequo avec Palatine AM, Janus Group et Oyster Funds (50 %).