Columbia Management veut faire économiser 30 millions de dollars aux investisseurs présents dans ses fonds, grâce à des économies réalisées par la baisse des frais et la fusions de certains produits. Les fonds concernés sont les suivants : Columbia High Income Fund, sera absorbé par le Columbia Income Opportunities Fund Columbia Asset Allocation Fund par le Columbia LifeGoal Balanced Growth Portfolio Columbia Asset Allocation II Fund par le Columbia LifeGoal Balanced Growth Portfolio Columbia Liberty Fund Columbia par le Columbia LifeGoal Balanced Growth Portfolio RiverSource Portfolio Builder Total Equity Fund par le Columbia LifeGoal Growth Portfolio RiverSource Income Builder Enhanced Income Fund avec le Columbia Income Builder Fund RiverSource Income Builder Moderate Income Fund avec le Columbia Income Builder Fund Columbia S&P 500 Index Fund, VS avec le RiverSource Variable Portfolio - S&P 500 Index Fund Columbia Large Cap Growth Fund, VS avec le Seligman Variable Portfolio Growth Fund La fusion entre ces fonds devrait être effective avant la fin du premier semestre 2011, indique un communiqué de la société de gestion américaine.

La société de gestion alternative Man Group envisage de lancer un fonds de fonds long/short sur les actions européennes, selon Citywire.Le fonds newcits puisera dans un univers de quelque 300 fonds long/short européens pour construire un portefeuille de 8 à 12 fonds. Le nouveau véhicule sera géré par Robin Lowe, responsable actions du groupe qui estime que, malgré des perspectives incertaines pour les marchés européens, il existe encore des opportunités, tout particulièrement pour un gérant long/short, en raison notamment de la progression des activités de fusions/acquisitions, d’entreprises présentant des bilans solides et de valorisations modérées.

Au 30 juin, Aviva Investors affichait environ 5,2 milliards d’euros (4,5 milliards de livres) d’actifs ISR contre 2 milliards d’euros voici un an (lire notre article du 15 octobre 2009). L'équipe dédiée que dirige Peter Michaelis intègre 13 analystes et gérants, auxquels il faut ajouter six spécialistes du gouvernement d’entreprise (à Londres) spécialistes de l’exercice des droits de vote, puisque le gestionnaire britannique est convaincu non seulement que l’ISR, avec de bons gérants, peut produire de la surperformance, mais que les détenteurs de capitaux doivent utiliser leur pouvoir de propriétaires pour faire évoluer les entreprises dans le bon sens et «améliorer le capitalisme».Lors d’une présentation à Paris, Peter Michaelis a souligné d’une part qu’Aviva Investors a toujours privilégié une approche combinant thématiques multiples et engagement. Et que l’ISR n’est pas un style cantonné aux actions, mais s’applique à toutes les classes d’actifs, ce qui se traduit par une large gamme de produits, dont 16 fonds ouverts.Pour sélectionner les valeurs en fonction de critères extra-financiers, Aviva Investors applique une matrice de durabilité et se focalise ensuite sur les meilleures entreprises pour leur appliquer la grille de lecture traditionnelle. Actuellement, environ 75 % des actifs gérés en ISR couvrent quatre thèmes principaux : le changement climatique/efficacité énergétique (par exemple SMA et Iberdrola Renovables), la qualité de vie (Teva et Fresenius Medical Care), la consommation durable (Itron, Umicore) et la gouvernance (Bureau Veritas, Inditex).En matière «d’engagement» au sens anglais du terme, Aviva Investors vote directement ou indirectement dans toutes les assemblées générales des sociétés en portefeuille, et assure un suivi qui a permis de déterminer que 50 % des firmes auxquelles des suggestions ont été faites présentent des signes d’amélioration en responsabilité sociale, environnementale et de gouvernance dans l’année qui suit les recommandations émises par le gestionnaire.D’autre part, Aviva Investors lancera en novembre, avec un collectif de grands investisseurs pesant 3.000 milliards de dollars, une initiative d’engagement collaboratif visant à demander aux Bourses d’exiger l’intégration du reporting développement durables dans les conditions de cotation (lire notre article du 14 septembre), a rappelé Jean-François Boulier, président du directoire d’Aviva Investors France (AIF) et directeur général Europe d’Aviva Investors.Ce dernier a par ailleurs annoncé qu’AIF va à son tour adhérer aux Principes de l’investissement responsable des Nations-Unies (UN-PRI), tout comme Aviva Investors l’a déjà fait depuis quelque temps déjà.AIF gère «financièrement» des fonds obligataires ISR, avec l’aide extra-financière de Londres, alors que l'équipe britannique se garde pour l’instant les fonds actions. La gestion obligataire ISR se concentre uniquement sur la dette d’entreprises.Récemment, AIF a relancé sous forme ISR l’Aviva ISR Court Terme (635,3 millions d’euros fin août). Le gestionnaire français a aussi lancé le fonds ID AFER qui sera commercialisé début 2011. C’est un fonds diversifié avec 40 % d’actions et 60 % d’obligations.

Paul Brain, leader fixed income chez le britannique Newton, gérera le fonds obligataire BNY Mellon Global Dynamic Bond Fund sur le modèle du fonds de droit britannique Newton Global Dynamic Bond Fund. Newton (67 milliards de dollars d’encours) est une filiale de BNY Mellon. Le nouveau produit sera un compartiment de l’irlandais BNY Mellon Global Funds plc.L'équipe de gestion investira en obligations d’Etat, en dette souveraine émergente et en obligations d’entreprises, mais pourra utiliser des dérivés pour produire une duration négative sur les titres d’Etat durant les périodes de hausse des rendements obligataires. L’essentiel de la protection du capital et des gains potentiels proviendra de l’allocation entre les différents types de marchés obligataires.

La société de gestion indépendante A Plus Finance spécialisée dans le capital investissement vient de lancer A Plus Planet 10, un fonds d’investissement de proximité (FIP)dédié à la filière bois. Le FIP A Plus Planet 10 est centré sur le développement durable à travers la filière bois dans toutes ses composantes et s’intéresse aux PME qui profitent, dans la construction et l’immobilier, de la mise aux normes Haute Qualité Environnementale (HQE). Le fonds s’inscrit dans le cadre du mécénat avec la fondation GoodPlanet et aura une durée de vie de 7 ans. Caractéristiques : Code Isin : FR0010925115 Commissions de souscription : 5 % Frais de gestion : 3,95 % max/an Montant de la part : 100 euros Minimum à la souscription : 1 000 euros

La holding de Albert Frère, la Compagnie Nationale à Portefeuille (CNP), a annoncé, mercredi 29 septembre, la cession de sa participation au sein de Tikehau Capital Advisors (TCA) qui représentait 47,5% pour un montant de 17,7 millions d’euros - faisant l’objet d’un crédit vendeur. La part en question est rachetée par les dirigeants de Tikehau, Antoine Flamarion et Mathieu Chabran – respectivement président de Tikehau Capital Advisors et directeur général de Tikehau Investment Management (TIM) – tous deux déjà détenteurs d’une part de 47,5 % - à laquelle s’ajoutent les 5 % appartenant à Bruno de Pampelonne – président de TIM. Le communiqué de presse de CNP précise que l’objectif de cette opération est de permettre à TCA de poursuivre son développement sous la forme d’un partnership intégralement détenu par son management. En fait, le rachat des 47,5 % permettra également aux gestionnaires de Tikehau de céder 5 % à des personnes internes à la société de gestion et également à des personnes extérieures. En chiffres, la CNP dégage de l’opération une plus-value de 8,5 millions d’euros en consolidé restreint et de 7,4 millions d’euros en consolidé. Soit un taux de rendement annuel composé qui s’élève à 12% sur la période de détention de 4 ans."Cela dit», précise Antoine Flamarion interrogé par Newsmanagers, «la CNP conserve, en tant qu’actifs disponibles à la vente, des intérêts dans Tikehau Capital Partners regroupant les participations dans l’immobilier non coté d’une valeur de quelque 19 millions d’euros ainsi que dans divers fonds gérés par Tikehau Investment Management pour un montant de 48 millions d’euros.» Et sauf opportunités, compte tenu du profil de rentabilité attendu, ces intérêts seront détenus jusqu’à leur maturité prévue...

Le fonds d’investissement Serena Capital vient d’annoncer un investissement dans le groupe spécialisé dans la vente privée de marques de luxe EspaceMax, aux côtés d’Amundi, Masseran Gestion et des actionnaires historiques, rapporte l’Agefi. Serena Capital compte également boucler deux autres opérations d’ici un mois.

C’est entre Singapour et Hong Kong que naitra le pôle asiatique de Generali dans la gestion d’actifs, selon Il Sole – 24 Ore, qui rapporte les propos de l’administrateur délégué Giovanni Perissinotto. A partir de l’année prochaine, la joint venture créée avec le partenaire chinois Guotai sera opérationnelle à Hong Kong. Singapour sera le lieu du siège asiatique de BSI, la structure suisse du groupe spécialisée dans la banque privée.

Le programme brut à moyen long terme atteindra 186 milliards d'euros en 2011

Le programme brut à moyen long terme atteindra 186 milliards d'euros en 2011

Les régimes de croissance des pays de la zone euro étaient très différents avant la crise. Ils le restent aujourd’hui, puisqu’on distingue: ceux dont la croissance a été principalement tirée par le crédit et qui doivent corriger aujourd’hui un excès d’endettement, privé (Espagne, Irlande, Portugal) ou public (Grèce); ceux qui ont modérément utilisé le levier d’endettement mais axé leur croissance sur la demande domestique (France) et les exportations intra-Union (Italie); enfin ceux qui n’ont pas tiré leur croissance de l’endettement mais des exportations hors de l’Union, voire hors G7 (Pays-Bas) et ont renforcé la compétitivité-coût au détriment de la demande domestique (Allemagne, Autriche).

p { margin-bottom: 0.08in; } According to reports in Die Welt, the crisis which on Monday provoked the suspension of redemptions from the real estate fund of funds Premium Mangaement Immobilien-Anlagen (PMIA) from Allianz Global Investors was brought on by Commerzbank, which was exclusive distributor of the fund, and which on Thursday decided to lower its rating to “uninteresting.” In addition, the bank is recommending that its clients transfer their assets to two open-ended real estate funds from its affiliate Commerz Real, with a reduced front-end fee of 3% instead of 5%. In one day, the move triggered outflows of more than EUR520m from PMIA. In addition, the fund of funds was invested in two real estate funds from Commerz Real. Before the suspension of redemptions, the EUR216m investment in the hausInvest europa was successfully liquidated. But Commerz Real refused to reimburse more than EUR40m from the hausInvest global.

p { margin-bottom: 0.08in; } The asset management unit of the US bank Wells Fargo is now offering an equities fund dedicated to emerging markets, in the form of a Luxembourg Sicav, Investment Week reports. The Wells Capital Management (WCM) Emerging Markets Equity fund is a portfolio of 80 to 150 shares, managed by Jerry Zhang. It has a 13-year track record, and shows annual performance of 11% since 1997, compared with returns of 7.5% for the benchmark index, the MSCI Emerging Markets Free index. Zhang says that it is not too late to get involved in emerging markets, though they did surge 74% last year, according to data from Bloomberg. EFPR statistics show net inflows of USD45bn since the beginning of the year.

p { margin-bottom: 0.08in; } As of 30 September 2010, assets under management at Man Group are expected to total USD39.5bn, compared with USD38.5bn as of the end of June. This total, however, compares with a level of USD44bn at the end of September 2009, according to provisional figures published on 28 September. The British management firm has also reported a reduction in net outflows in the second quarter of the year to USD0.6bn, which reflects an increase in inflows due to institutional mandates and an increase in demand for onshore regulated products. There was a positive investment movement of USD0.8bn in the second quarter of the fiscal year. Pre-tax profits for the half ending on 30 September are expected to total USD215m, compared with USD292m for the corresponding period of last year. Net revenues from commissions fell to USD205m from USD245m, due to a reduction in average assets during the period. Net revenues from performance commissions fell to USD10m from USD47m, as most AHL products were above the high watermark. The regulatory capital surplus totalled over USD1.5bn, with USD2.5bn in liquidity, though this regulatory capital surplus is expected to shrink to about USD300m with the completion of the acquisition of GLG, expected to go through on 12 October.

p { margin-bottom: 0.08in; } The Munich-based TMW Pramerica Property Investment GmbH on 28 September announced that the net asset value of shares in its open-ended real estate fund TMW Immobilien Fonds (whose redemption freeze has just been extended on 15 September) has been revised downward by 61 cents, to EUR50.48, a depreciation of 1.19%. The move was rendered necessary by a new expert opinion on the value of the Concord Terrace building, located in Sunrise, Florida. The property, previously valued at USD10.6m, is now listed on the books with a value of EUR0, as it has failed to attract tenants. The property was leased in 2006 to Nortel Networks, until March 2017. But since then, Nortel has gone bankrupt, and vacated the premises on 31 October 2009, at the hight of the real estate crisis in south Florida.

p { margin-bottom: 0.08in; } On 28 September, iShares (BlackRock) admitted three new German-registered equities ETFs to trading on the XTF segment of the Xetra electronic platform, bringing the number of products listed in Frankfurt to 707. The first two, which charge fees of 0.59%, replicate the MSCI Australia (DE000A1C2Y78) and MSCI Canada (DE000A1C2Y86). The third, based on the MSCI South Africa (DE000A1C2Y94), carries a management commission of 0.74%.

p { margin-bottom: 0.08in; } Facing a fall in total assets to USD21bn, from USD40bn in 2008 (and to USD17bn compared with USD35bn for hedge funds alone), D.E. Shaw & Co has decided to lay off 150 people, about 10% of its staff, the Wall Street Journal reports.

p { margin-bottom: 0.08in; } CDC Climat, an affiliate of the Caisse des Dépôts dedicated to fighting climate change, has founded a management affiliate, CDCClimat Asset Management, Les Echos reports. The firm will manage a EUR60m mandate for its parent company, with the objective of preventing the emission of at least 7 million tons of CO2. The management team includes Guido Schmidt-Traub, who has been recruited for the position, a former partner at the Swiss law firm South Pole Carbon, and Marianne Paris, in charge of governance at publicly-traded companies in which CDC already holds stakes.

p { margin-bottom: 0.08in; } “After 9 months of enforced holiday,” Christian Bito, former managing partner at Rothschild & Cie Gestion, has obtained a license from the AMF for his new management firm, CBT Gestion, which he is founding with Vladimir Danesi, former head of multi-management at Rothschild & Cie Gestion, and Jean-Luc Fargin, former treasurer of the Pasteur institute, who is administrative and financial head of the new firm. Due to the particular expertise of its founders, CBT Gestion will aim to provide traditional multi-management products, with adequate liquidity and diversification, with specific solutions in the area of portfolio risk profile control. The range will be aimed at CIFs (investment advisers), in the form of funds or mandates, and at financial institutions. “Our plans will initialls concern diversified management, wealth style, and Euro zone, PEA eligible equities portfolios,” says Bito, president and CEO of the new firm. Bito, who has developed a management technique based on risk levels (volatility), explains that the formula “allows for better adaptation of products to the expectations of investors. In particular, taking into account the expectations and behaviour of the markets gives high performance results on turbulent markets which need perhaps a few more years to stabilise.”

The asset management firm Ecofi Investments, an affiliate of the Crédit Coopératif group, has acquired a 58% stake in the capital of Financière de Champlain, a firm specialised in sustainable development, for an undisclosed amount. The shares were acquired from two “sleeping” partners, former employees of the small firm, who had been seeking to exit for some time already, each of whom represented 17% of capital, and a group of shareholders. Jean-François Descaves, president and founder of Champlain, has sold 17%, to allow Ecofi a majority stake. But he retains a 34% interest in the capital, alongside employees who control 8%, and will remain as chairman of the firm.The deal comes as Financière de Champlain has seen a decrease of EUR200m in its assets in one year, to EUR95m currently. However, Descaves refuses to call it a “bailout,” and insists that the firm has been profitable every year since 2004, and that it will be profitable in 2010. “We could very well have continued to survive as an independent,” he says. However, as Descaves admits, joining Ecofi will provide Financière de Champlain with the means to develop, and to reach new clients in the institutional investor category, which makes up most of Ecofi’s client base. The complementarity in terms of management is also another powerful argument for the operation.

p { margin-bottom: 0.08in; } In a letter to subscribers, Threadneedle has announced that it has been granted permission by the FSA to propose to an extraordinary general shareholders’ meeting which will be held on 20 October at the Menzies Hotel Swindon, at 1:30 pm local time, that the management firm be authorised to use serivatives and futures transactions for its UK Accelerando fund, which will not alter the fund’s performance objective or investment policy, while better allowing it to hedge risks for a portfolio which will remain concentrated and focused on British equities. According to information obtained by Newsmanagers, the letter includes not only a request for permission to change the name to UK Extended Alpha Fund, but also a request for permission to end the limited issue status for the shares. Threadneedle’s proposals require a majority of at least 75% of votes cast.

p { margin-bottom: 0.08in; } On 27 September, Putnam Investments announced that it will be launching a series of three funds of all cap sizes specialised in US equities, with value, growth and blend approaches. The new fund in the range is the Putnam Multi-Cap Core Fund (PMYAX), which brings together growth and value styles. It is managed by Gerard Sullivan, who is also manager of the Putnam Investors Fund. The Putnam Multi-Cap Value Fund (PMVAX), a specialist in value shares, is managed by James Polk. It is the former Putnam Mid-Cap Value Fund, whose investment strategy has been extended to allow it to invest in all cap sizes. The Putnam Multi-Cap Growth Fund (PNOPX) is a conversion of the Putnam New Opportunities Fund. It is managed by Robert Brookby, who also manages the Putnam Growth Opportunities Fund. Putnam says its Vista Fund was absorbed during September into the new Multi-Cap Growth fund.

p { margin-bottom: 0.08in; } On 28 September, NYSE Euronext admitted shares in four French-registered ETF funds launched by Lyxor Asset Management to trading. The funds replicate sectoral strategy indices from Stoxx Ltd, bringing the number of ETFs listed to 481. Since the beginning of this year, 81 new ETFs have been listed on the European markets of NYSE Euronext. The new funds, all of which have a TER of 0.45%, are: Lyxor ETF STOXX Europe 600 Oil & Gas Daily Short (FR0010916809)Lyxor ETF STOXX Europe 600 Basic Resources Daily Short (FR0010916783)Lyxor ETF STOXX Europe 600 Banks Daily Short (FR0010916767)and Lyxor ETF STOXX Europe 600 Automobiles & Parts Daily Short (FR0010916759)

p { margin-bottom: 0.08in; } CPR AM has announced the launch of CPR Global Infrastructures, a themed fund investing in international equities, with the objective of profiting from the dynamic infrastructure industry. The investment universe is large, including both emerging and developed markets at 50% each. CPR AM explains that the composition was selected because the two regions have different drivers of growth: demographic and economic growth on the one hand, and the “green revolution” on the other. “Whatever phase of the economic cycle they are situated in, developed and emerging countries engage in infrastructure investment programs which largely concern long-term projects (highways, rails, airports, electricity). The United States, for example, is about to launch a cast investment program in highway, airport and rail infrastructure, totalling nearly USD50bn,” says Cyrille Collet, director of equities management. Emerging markets, for their part, have considerable structural needs, particularly for transport, telecommunications networks, energy, and social infrastructure. The CPR Global Infrastructures Fund prefers a wider sectoral approach, in 23 sectors related to the infrastructure theme (heavy infrastructure, energy, communication, and social infrastructure). The final portfolio is diversified, and will invest in 150 to 200 shares. CharacteristicsISIN code:P shares: FR0010922633 I shares: FR0010922641 Subscription commission: 3% maximum for P & I sharesAnnual management fees:P shares: 1.80% max I shares: 0.90% max Performance commission: For P & I shares: 20% of performance exceeding the MSCI World + MSCI Emerging Markets composite index up to 1.50% of net assets (net dividends reinvested). Benchmark index: A composite of 50% MSCI World + 50% MSCI Emerging Markets

p { margin-bottom: 0.08in; }a:link { } The Hartford is reducing fees for six of its bond mutual funds, in order to make them more attractive to IFAs and investment experts. The reduction will take effect from 1 November. The funds concerned are the following: The Hartford High Yield FundThe Hartford High Yield Municipal Bond FundThe Hartford Income FundThe Hartford Inflation Plus FundThe Hartford Short Duration FundThe Hartford Total Return Bond Fund Details of the fee reductions may be found at the address http://ir.thehartford.com/releasedetail.cfm?ReleaseID=511229

p { margin-bottom: 0.08in; }a:link { } The Hartford is reducing fees for six of its bond mutual funds, in order to make them more attractive to IFAs and investment experts. The reduction will take effect from 1 November. The funds concerned are the following: The Hartford High Yield FundThe Hartford High Yield Municipal Bond FundThe Hartford Income FundThe Hartford Inflation Plus FundThe Hartford Short Duration FundThe Hartford Total Return Bond Fund Details of the fee reductions may be found at the address http://ir.thehartford.com/releasedetail.cfm?ReleaseID=511229

p { margin-bottom: 0.08in; } State Street Corporation on 28 September announced that it has extended its mandate with Lloyds Banking Group. The mandate now includes the provision of custody services, fund accounting, financial reporting, and clearing for three SICAVs containing 27 Luxembourg-domiciled funds. The funds are currently valued at nearly EUR2.4bn in assets. As a part of the extension of the mandate, ten Lloyds TSB employees will join State Street in November.

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Gartmore is poised to lose one of its flagship investment trusts – the Gartmore Growth Opportunities trust - after the departure of fund manager Gervais Williams. The GBP 51m trust said that it planned to combine with Artemis Alpha Trust. The enlarged vehicle will be managed by Artemis’ John Dodd and Adrian Paterson.

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } The Financial Services Authority has fined Fabio Massimo de Biase, a former broker for TFS Derivatives, more than GBP250,000 and banned him for life from working in the financial services industry, says the Financial Times. The former broker paid kickbacks to a hedge fund trader - Anjam Ahmad at AKO Capital - in return for broking business.

p { margin-bottom: 0.08in; } Paris Europlace, which has sought to extend its governance structures to a new generation of actors on the financial markets, on 27 September held the first meeting of its new Management Committee, chaired by Vivien Levy-Garboua, advisor to the chairman of BNP Paribas. The Management Committee will become a central organ, alongside the newly-created colleges of Businesses and Investors. It has redefined its missions in light of the work accomplished in the past year, and has set a new strategic objective, as France prepares to take over presidency of the G20. The missions defined by the new Management Committee are focused on three areas: aligning the visions of market actors (investors, issuers, bankers, cities and regions, and regulators) around a shared project and a collective dynamic, federating and coordinating market projects, and being a presence in proposals to the Paris Europlace Orientation Council and the High Market Committee (HCP). “Our strategy for this renewed and youthful committee is to put the Paris market and the financial power of the Euro zone at the service of economic actors and collective platforms. It is a good sign that the major market actors, such as Banco Santander, Commerzbank, Eurazeo, Goldman Sachs, Saint Gobain, … have joined Paris Europlace, confirming the vitality and necessity of its collective action,” Levy-Garboua says in a statement dated 28 September. The new members of the Management Committee are:- Stéphane Austry, legal partner, CMS Francis Lefebvre- Frédéric Bedin, president, Croissance Plus- Dominique Cerruti, deputy CEO, Nyse Euronext- Fabrice Demarigny, partner, Mazars- Sylvain de Forges, deputy CEO, AG2R- Stéphane Pallez, deputy CFO, France Telecom- Gilles Saint-Marc, lawyer, Gide Loyrette Nouel- Hervé Schricke, vice president, Association Française des Investisseurs en Capital (Afic)