Between June 2009 and June 2010, assets under management in socially responsible investment funds in Europe increased 41% to EUR75bn, according to a Vigeo study of green, social and ethical funds. The number of funds also increased 29% to 879.France was the driver of this growth, with an increase of 92% in assets managed according to SRI principles. The country also retains its position as the leader in Europe, with a market share of 36%. Vigeo notes that Switzerland has seen a strong increase (+59%), followed by Sweden (+48%).SRI has grown in the United Kingdom and Germany as well, but to a lesser extent (+9% and +11%, respectively). Italy has returned to growth (+13%), after a year of stagnation. Belgium is the country with the largest number of SRI funds, which account for 10% of total assets under collective management in the country.Analysis of products by asset classes reveals a more marked growth for money market funds than for equities funds.

The 27 countries of the European Union on 19 October reached unanimous agreement on the planned AIFM directive, which will allow for the regulation of hedge fund managers. The bill will now go to a vote of the European Parliament at its session on 10 and 11 November, just before the Seoul G20 summit, which will be chaired by France.On the highly sensitive question of the European passport, the agreement will allow a passport for funds and asset management firms from countries outside Europe from 2013 for funds managed in the European Union, and from 2015 for funds registered in outside countries.France did not achieve its goal of making the new European financial market authority (ESMA) responsible for issuing the passport; approval may be granted by any of the 27 national supervisors in the Union. But ESMA will be systematically informed of all passport applications to a national supervisor, and will be able to step in to tell member state supervisors not to license or to suspend sales of foreign funds which threaten the security of investors or financial stability in Europe.

Edmond de Rothschild Asset Management announced on Tuesday, 19 October, that Alexandre Touma has joined the firm as a salesperson in the Institutionnel France team.Touma began his career in 2005 at Robeco. Since January 2008, he has served as an institutional salesperson for retirement, financial institutions and business clients. His arrival coincides with a desire at Edmond de Rothschild Asset Management to strengthen its presence in the French institutional market. The “Institutionnels France” team, with 4 members, is led by Florence Dard, a statement says.

Pierre-Edourard Coiffard on 15 October joined Olympia Capital Management as deputy chief investment officer in charge of strategic analysis. He is based in London, and will report to Guido Bolliger, chief investment officer.Coiffard was previously director of management at Altigefi, a unit of Sal. Oppenheim and Deutsche Bank, and created the Altipro range, which he has managed since 1998. He founded LC & Co, which then gave birth to Altigefi, in which he was one of the largest shareholders until its sale in late 2007.

p { margin-bottom: 0.08in; } In third quarter, Bank of America Corporation reposted net losses of USD7.3bn due to a one-time charge related to goodwill for its global activities and credit cards totalling USD10.4bn. Aside from this non-tax deductible charge, net profits totalled USD3.1bn, compared with USD1bn in third quarter 2009. Net profits for asset and wealth management (AWM) in July-September totalled USD313m, compared with USD356m for second quarter, and USD234m in the corresponding period of last year. Meanwhile, assets as of the end of September totalled USD624.1bn, compared with USD603.3bn as of 30 June, and USD739.8bn as of 30 September 2009. In the first nine months of the year, net profits for AWM totalled USD1.129bn, compared with USD1.123bn in the corresponding period of 2009. The division states that its assets under management increased in July-September due to rising markets and higher subscriptions for high-return products, which led to an increase of USD14bn in deposits and USD6bn in long-term assets.

p { margin-bottom: 0.08in; } As of 30 September, assets under management at BNY Mellon, excluding securities lending, totalled USD1.14trn, an increase of 9% compared with the end of June, and 18% year on year, while assets under custody and administration totalled a record USD24.4trn, 12% more than on 30 June, and 10% more than on 30 September 2009. These increases came largely from the acquisitions of Global Investment Servicing (GIS) on 1 July, and BHF Asset Servicing GmbH on 2 August. In third quarter, net inflows from asset and wealth management totalled USD11bn for long-term products, and USD18bn for short-term products. Group-wide, net profits available to holders of ordinary shares in third quarter totalled USD625bn, compared with USD688m in second quarter, and a loss of USD2.439bn in the corresponding period of last year.

p { margin-bottom: 0.08in; } In third quarter, Goldman Sachs has seen an increase of USD21bn in assets under management, to USD823bn, largely due to rising markets, which brought in USD34bn, and which offset net redemptions of USD13bn, largely from equities and money markets. Net revenues for the asset management division totalled USD1.02trn, 5% more than one year ago.

Petercam IAM has posted net inflows of about USD250m in France since the beginning of the year. For the year as a whole, assets under management at the firm, which currently total EUR15.3bn, may come out to about EUR16bn.In other words, says Yves Hup, senior sales & account manager France and Italy, levels are EUR3bn to EUR4bn below where they were before the crisis, but the important thing is perhaps not asset levels but maintaining a long-term relationship of trust with investors. “permanent contact with clients through the crisis, and efforts to be transparent about strategy, pay off in the long term,” he says.France is now at the core of the Belgian management firm’s strategy, and it has recently scaled up its sales presence in France with the recruitment of Thierry Minet as sales & account manager for France (see Newsmanagers of 2 September). Hup does not conceal the fact that the team may take on further additions in the next few months.Petercam is also working to develop new products, which could be offered by the end of the year or early 2011. A global metals & mining themed strategy is planned, as well as a real estate strategy, and early next year, a wealth fund.Meanwhile, assets in the Petercam L Bonds Euro Short Term High Dividend fund, launched recently, total USD27m. The fund is a complement to the Petercam L Bonds Higher Yield, launched ten years ago, with assets near EUR1bn.

Jersey’s fund servicing industry rose to 1,688 funds and subfunds at the end of June 2010 (1,654 funds a year ago), with total net assets of USD232.0 billion, says Lipper. Ed Moisson, Head of UKI & Cross-border Research, Lipper, said, “Confidence in the Jersey funds industry can be seen with the rise in the number of schemes being serviced there, despite the continued difficult market conditions.”The largest administrator of funds serviced in Jersey is State Street, with US$76.6 billion under administration. The largest asset classes of funds domiciled are private equity/venture capital funds (USD43.6 billion) and real estate funds (USD37.3 billion), together representing 57% of fund assets domiciled on the Island. The rise in interest in ETFs can also be seen with exchange traded commodity funds reaching assets of USD12.2bn.

The ratings agency Standard & Poor’s on 19 October announced that it has revised the rating of Man Group downward to BBB/A-2, from a previous BBB+/A-2, with an outlook which has moved from negative to stable.The decision follows the acquisition of GLG Partners by Man Group. The agency says that the deal, announced on 14 October, has resulted in weakened financial stability for the group, which is nonetheless expected to find an improved profile once it has completed its integration of GLG Partners.

p { margin-bottom: 0.08in; } Graham Campbell, the founder of Edinburgh Partners who left the firm in December, has been appointed CEO of Saracem Fund Managers. Campbell will acquire a significant stake in the capital of the firm, which is moving its headquarters from Glasgow to Edinburgh, Investment Week reports. Saracem will soon be extending its range with the launch of new absolute return and fixed income products.

In the three months to 30 September 2010, Jupiter experienced net inflows of GBP734m. Cumulative net inflows in the first nine months of the year were GBP1,548m. AUM increased to GBP22.2bn as at 30 September 2010, up 12% from GBP19.8bn as at 30 June 2010.Separately, Jupiter has received regulatory approval to launch a global emerging markets unit trust in the fourth quarter. It will be managed by Kathryn Langridge who joined as an emerging markets fund manager in July.

p { margin-bottom: 0.08in; } Fund Strategy reports that Royal London Asset Management (RLAM) has recruited David Billyard, head of sales at Premier Asset Management, as business development manager. Billyard will be primarily in charge of promoting retail funds on the wholesale market, and will focus on London and South-West England.

Le régulateur américain va demander aux acteurs du marché de communiquer leurs positions, un prélude à leur limitation

Pour la première fois depuis décembre 2007 la banque centrale chinoise relève le loyer de l’argent en décidant d’une hausse de 25 points de base

La mise en place du passeport européen s'étalerait jusqu'en 2018. Un vote au Parlement européen est attendu début novembre

L’objectif est d’éviter l’effet contango. Mais attention aux coûts des stocks engendrés par l’achat en direct des métaux industriels

Nationwide Building Society préparerait via Silverstone la vente de 1,14 milliard d’euros équivalents de RMBS avec des tranches offertes en euros et en dollars

La hausse surprise de 25 pb des taux directeurs est la première depuis décembre 2007

Avec des perspectives de croissance revues à la baisse, l’Irlande devrait avoir à réaliser entre 11 et 15 milliards d’euros d’économies d'ici à 2014

Les autorités ont relevé deux taxes afin de limiter les afflux de capitaux, en particulier à court terme. En Asie, la tendance est la même

Le groupe brésilien d’ingénierie Odebrecht a indiqué que sa division pétrole OOG avait bénéficié d’un investissement de 400 millions de dollars de la part du fonds souverain singapourien. OOG souhaite investir 3,5 milliards au cours des cinq prochaines années pour accompagner le dynamisme des services pétroliers au Brésil.

Faurecia a annoncé le placement par One Equity Partners du solde de sa participation dans le capital de l'équipementier automobile, héritée d’une opération passée sur Emcon. Le fonds d’investissement affilié à JPMorgan cède son bloc de 13%, dans le cadre d’un placement accéléré auprès d’investisseurs institutionnels, pour un montant d’environ 275 millions d’euros, selon SGCIB citée par Les Echos. «Dans le cadre de cette cession, Faurecia a levé l’engagement de conservation souscrit par One Equity Partners dans le contrat d’acquisition d’Emcon Technologies signé en février 2010», a indiqué Faurecia dans un communiqué. One Equity Partners et le PDG d’Emcon, Lee Gardner, avaient déjà annoncé en mars dernier la cession de 4,8% du capital de Faurecia. One Equity était encore lié à Faurecia par un accord de conservation de sa participation résiduelle de 13% pendant 12 mois. Cet accord courait théoriquement à partir de février 2010.

Guido Mantega, le ministre des Finances brésilien, a annoncé de nouvelles mesures pour endiguer l’afflux de capitaux spéculatifs à court terme dans le pays. Le taxe sur les investissements non-résidents dans l’obligataire passera de 4% à 6%, une deuxième augmentation en un mois. Le 4 octobre, le Brésil l’avait portée de 2% à 4%, sans vraiment réussir à endiguer la hausse du real, qui s’est apprécié depuis de 1,4% face au dollar. La taxe sur les dépôts pour les appels de marge sur dérivés passera elle aussi à 6%, contre 0,38% aujourd’hui, pour les non-résidents.

Pékin envisage d’abaisser de 30% en 2011 ses quotas d’exportation des terres rares, selon le China Daily. La Chine représente plus de 90% de la production mondiale de cette famille de 17 métaux rares utilisés dans de nombreuses industries de pointe (moteurs hybrides, par exemple), et n’a cessé de réduire ses exportations depuis 2005.

La banque centrale chinoise a annoncé mardi le relèvement de 25 points de base de son taux de dépôt et de son taux de crédit, précisant que cette mesure serait effective à partir de mercredi.

Les exportations allemandes pourraient s'élever à 1.000 milliards d’euros pour la première fois l’année prochaine, grâce à un fort rebond de la demande étrangère en 2010, selon les prévisions de l’association BGA des exportateurs publiées mardi. Les exportations allemandes devraient progresser d’environ 16% cette année. Elles pourraient augmenter de 7% en 2011.

Par ailleurs, la société de gestion filiale du Crédit Mutuel Nord Europe poursuit ses discussions avec la société Cholet Dupont avec, entre autres points abordés, la reprise de la plateforme Cholet Dupont Partenaires dédiée aux conseillers en gestion de patrimoine indépendants.

Selon nos informations, HSBC devrait lancer avec la fin du mois d’octobre six nouveaux ETF qui seront cotés à Paris.

Amundi a annoncé, lundi 18 octobre, le lancement d’Amundi Funds Multimanagers Long/Short Equity au sein de sa sicav luxembourgeoise Amundi Funds. Le compartiment, géré par Amundi Alternative Investments, investit dans des fonds UCITS III mettant en oeuvre des stratégies « Long/Short » et/ou d’arbitrage d’actions, ainsi que de gestion de la volatilité. Amundi Funds Multimanagers Long/Short Equity a pour objectif d’offrir une performance absolue d’Eonia + 5% par an tout en affichant un objectif de volatilité annualisée ex-post en deçà de 8%. Il offre une liquidité hebdomadaire.La gestion du compartiment se déroule en 3 étapes. La première correspond à une analyse et une sélection de fonds et due diligence ; la seconde correspond à la construction et la gestion du portefeuille, via une approche «top-down» intégrant le scénario et les perspectives définies par les économistes et les stratégistes d’Amundi. Le portefeuille est ensuite optimisé en ajustant les différentes allocations en fonction des vues de marché du comité d’investissement et des contraintes prédéfinies du portefeuille. Enfin, la troisième étape correspond à la protection du portefeuille contre les risques extrêmes. Pendant les périodes de stress de marché notamment, le gérant peut choisir d’allouer 10 % des actifs du compartiment à des fonds spécialisés sur des stratégies de gestion sur la volatilité. Caractéristiques ::Codes ISIN :Classe (I) : Capitalisation: LU0487547670 /Distribution: LU0487547753 Capitalisation: LU0487547241 /Distribution: LU0487547324 (version en $)Classe S* (S) Capitalisation: LU0487547837 Commission de souscription maximale : 4,5 % (I) /2,5 % (en $) / 3 % (S)Frais de gestion direct annuel max : 1,3 % (I) / 0,99 % (en $) /1,5 % (S) Commission de surperformance : 20 % au dessus d’Eonia + % déduits des commissions applicables à chaque classe Commission de conversion maximale : 1 %Objectif de gestion : Eonia + 5 % diminué des frais de gestion applicables à chaque classe Souscription initiale minimale : Néant (I)/500 000 $ /Néant (S)