Selon le Journal du Dimanche, Natixis discute avec les syndicats d’un accord portant sur la suppression de 500 à 700 postes. L’accord négocié avec les organisations syndicales, que le JDD s’est procuré, favorise les départs par la mobilité et en préretraite. La direction s’est engagée à ne procéder à aucun licenciement contraint pendant trois ans. En cas de plan de départs volontaires, les indemnités seront limitées à 32 mois de salaire et 250.000 euros.

Credit Suisse a vendu sa filiale de private equity Customized Fund Investment Group (CFIG) à la société américaine Grosvenor Capital Management. CFIG gère près de 18 milliards de dollars (16,8 milliards de francs suisses). Le montant de la transaction n’a pas été dévoilée. Cette cession s’inscrit dans le cadre des désinvestissements stratégiques de Credit Suisse annoncés en juillet de l’an passé pour renforcer ses fonds propres, rappelle Le Temps.

L’américain Brown Brothers Harriman a lancé un troisième fonds de droit luxembourgeois. Selon Citywire, baptisé BBH Global Core Select, il s’agit d’un fonds miroir de celui proposé sur le marché américain depuis mars. Pour le moment le nouveau produit de droit luxembourgeois a reçu l’agrément de commercialisation en Allemagne, au Royaume-Uni, en Italie et en Espagne. Géré par Timothy E. Hatch et Regina Lombardi, le portefeuille du fonds est investi dans 30 à 40 titres de sociétés américaines ou non-américaines. Le portefeuille doit à tout moment être exposé à trois différents pays et au moins 40 % des titres doivent être des actions de pays hors Etats-Unis.

Grégory Erphelin (lire son portrait), directeur financier de Crédit Agricole Assurances à la rédaction de www.institinvest.com : Crédit Agricole Assurances souhaite aujourd’hui diversifier plus largement ses placements. « Nous avons été parmi les premiers à réaliser des placements privés pour les entreprises qui n’ont pas la taille critique pour avoir accès au marché obligataire, rappelle Grégory Erphelin. Nous avons ainsi participé aux émissions de Bonduelle et de Plastic Omnium par exemple en 2012 avec, à chaque fois, des tickets compris entre 100 et 150 millions d’euros. Ces émetteurs nous paraissent plutôt bien valorisés par rapport au risque réel et offrent une prime d’illiquidité intéressante dans un contexte de taux bas. Au total, en 2012, ce sont plus de 10 milliards d’euros qui ont été investis par Crédit Agricole Assurances dans l'économie française dont 3 milliards en financements innovants dans des actifs de diversification non cotés et dans des actifs taux non notés par les principales agences de notation ». Ainsi, Crédit Agricole Assurances souhaite être un acteur actif dans le financement de l'économie. L’année dernière, il a financé des collectivités locales aux côtés des banques du groupe en prenant une part importante dès l’origination des crédits par les caisses régionales. Début 2013, l’assureur a ainsi achevé sa troisième opération dans ce domaine. Enfin, son portefeuille contient également 2% de dettes infrastructures et de private equity et 2% de gestion alternative. Retrouver le portrait de Grégory Erphelin Lire le détail de la gouvernance financière du Crédit Agricole Assurances

Dans une position, l'autorité intègre les orientations préconisées par l'Esma en matière de rémunération des hedge funds

Après un premier geste en mai, la banque centrale devrait encore baisser son taux directeur demain pour contrer le ralentissement de l'économie

Dans un communiqué publié à l’issue du dernier Conseil des ministres, l’Etat dit souhaiter se doter d’une «doctrine de gestion active de ses participations», afin de «clarifier sa présence directe au capital d’entreprises». Le gouvernement pourrait décider de réduire de nouveau le niveau des participations de l’Etat dans les entreprises, sans «affecter significativement» son influence ni «bouleverser» son portefeuille global. «La présence de l’Etat dans le capital de grandes entreprises contribue à protéger les intérêts économiques et patrimoniaux du pays», ajoute le texte, qui précise que «les ressources publiques en capital pour financer l’investissement doivent pouvoir être mobilisées sans recourir à l’endettement». Enfin, l’Etat «n’entend pas bouleverser la dimension de son portefeuille de participations, dont la taille actuelle peut être estimée à environ 100 milliards d’euros et qui produit de l’ordre de 4 milliards d’euros de recettes budgétaires».

L'économiste Leo Leiderman a renoncé vendredi au poste de gouverneur de la Banque d’Israël, devenant ainsi le deuxième candidat à se retirer en moins d’une semaine pour le plus grand embarras du gouvernement. Le chef économiste de Bank Hapoalim a expliqué au Premier ministre Benjamin Netanyahu qu’il ne souhaitait pas occuper un mandat public qui le placerait sous les feux des projecteurs.

La croissance dans le secteur non manufacturier en Chine a progressé en juillet, les mesures récentes prises par Pékin pour soutenir les petites entreprises ayant amélioré le sentiment des acteurs. L’indice PMI des services, établi par le gouvernement auprès des directeurs d’achat, a atteint 54,1 le mois dernier après 53,9 en juin, a indiqué le Bureau national des statistiques.

Les progrès accomplis par Madrid dans la réforme et la correction de ses déséquilibres budgétaires et économiques soutiennent la stabilisation de l'économie mais des mesures rapides pour l’emploi et pour la croissance sont indispensables, estime le Fonds monétaire international, selon lequel le chômage, qui culmine à 28,3%, est trop élevé. Dans son rapport annuel, le FMI prévoit une contraction de l'économie de l’ordre de 1,6% cette année et une stagnation en 2014.

A en croire le Sunday Times, Marex Spectron Group négocie le rachat à JPMorgan de l’anglais Henry Bath & Sons, qui gère des entrepôts de métaux, alors que la banque américaine pourrait vendre ou scinder l’ensemble de sa division spécialisée dans les matières premières physiques.

Une plainte, que son principal artisan, l’aluminier Superior Extrusion, entend transformer en class action, accuse Goldman Sachs et le London Metal Exchange de restreindre volontairement l’approvisionnement du marché en aluminium afin de tirer les prix vers le haut. La plainte cite le chiffre de 1,5 million de tonnes d’aluminium bloquées dans les entrepôts du LME à Detroit, causant un délai d’attente de seize mois.

Le rythme de la croissance indonésienne a touché un creux de près de trois ans au troisième trimestre, ce qui semble confirmer que l'élan de l’un des pays les plus dynamiques d’Asie est peut-être en train de se briser. D’après des données publiées vendredi par le Bureau des statistiques, la hausse du PIB sur la période avril-juin a été de 5,81% sur un an, un plus bas depuis le troisième trimestre 2010.

P { margin-bottom: 0.08in; } JPMorgan Asset Management is selecting a new fund of fund manager for its Fusion range. Nicholas Roberts will work under the principal manager, Tony Lanning. Roberts joins JPMorgan AM from North Investment Partners, where he was a fund of fund manager. The fusion range includes five funds of funds with various risk levels, Fundweb states.

P { margin-bottom: 0.08in; } The market regime indicator (MRI) for second quarter, released on 1 August by State Street Global Advisors, shows an extreme level of aversion to risk. The indicator at the end of June topped its “crisis” peak. The increase in volatility, particularly for equities and currencies, in the quarter “put an end to investors’ appetite for risk,” SSgA states. A presentation by the chairman of the US Federal Reserve, Ben Bernanke, and concerns related to a slowdown in Chinese growth, helped to increase this volatility. But SSgA is careful to add: “In the month of July, we have already observed a reduction of the factors which triggered this extreme rise in aversion to risk,” the firm notes, adding that “this phenomenon is coherent since, empirically, when the MRI enters a crisis period it is often due to an excessive reaction on the part of investors; the odds of a return to a comparatively normal regime are thus high.”

P { margin-bottom: 0.08in; } “The ‘emerging market debt’ asset class currently has a total of about USD3.5trn, of which USD1.1trn are in corporate bonds. Issues in hard currencies account for USD600bn, while the remainder is in local currencies; about USd1.5trn in local currency are genuinely tradeable,” Claire Husson-Citana, portfolio manager Emerging Markets Debt Research Analyst at Franklin Templeton Fixed Income Group, tells Newsmanagers. The specialist also points out that emerging market debt is an asset class in which there are four major risks: liquidity, convertibility, currency and sovereign risk. Exogenous risks can also be very high. At Franklin Templeton, emerging market debt accumulated since 1996 now represents about USD10bn, of which 25% is in local currencies, in the form of US-registered funds, including one USD690m Nasdaq fund, one trust, one Cayman Islands fund and one Canadian fund, and also separate accounts and an Irish-registered fund (USD800m) and another Luxembourg fund (less than USD400m). The cash allocation as of the end of May represented 8-10%, but in the past few weeks this has bee reduced to 5%. When asked about current strategy, Husson-Citanna explans that the “sweet spots” are currently Africa and local currencies, where the difference between the returns on issues in hard currencies is not lucrative enough. After the recent correction, there are entry points due to this “repricing.” In general, the portfolio manager prefers cross-border government bonds, steers clear of high beta securities (such as BRIC). She focuses on initial entrants in Africa, Central Asia and Latin America (Paraguay, Rwanda and Mongolia) and particularly on issues in local currencies, and then in US dollars (Nigeria, Uganda, Tanzania). She is also curiously awaiting an issue in Bangladesh in preparation.] However, Husson-Citanna explains that, in general, “Franklin Templeton is not in the business of being the only borrower in a country.” The emerging market debt team works with brokers that have local affiliates, as well as with “not too large” banks.

P { margin-bottom: 0.08in; } Pedro Mas, who had previously been CEO of Banif Gestión, is joining the group at the new management and advising entity of the private banking unit at Santander, Funds People reports. Mas will report to Carlos Diaz, director of the private banking product and market intelligence activity within the private banking, asset management and insurance division at Santander, which since May has been led by Luis Moreno. As part of a reshuffle at Santander and the absorption of the Banif private bank, Santander Private Banking Gestión will be responsible for all Sicavs which had previously been managed by Banif Gestión, Santander AM and Banesto Banca Privade Gestión, which represent a total of 534 Sicav and assets of about EUR4bn.

P { margin-bottom: 0.08in; } In partnership with Aena, Axa Private Equity is buying the stake held by Albertis in London’s Luton airport, Agefi reports. The transaction totals EUR502m for a 90% stake. The stake was sold through the sale by TBI Holding to a consortium controlled 51% by Aena and 49% by Axa PE.

P { margin-bottThe asset management unit at Axa published net subscriptions for first half of 2013 of EUR12bn, according to results released by the insurer on Friday, 2 August. Net inflows total EUR10bn at AXA IM, from its two largest segments, institutional and retail investors. AllianceBernstein has posted net inflows of EUR2bn, largely due to a significant increase in net subscriptions from institutionals (EUR6bn), partially offset by outflows to retail and private clients. Assets under management are up by EUR19bn compared with 31 December 2012, and total EUR922bn, of which EUR354bn are for AllianceBernstein and EUR568bn for Axa IM. Earnings from asset management are up 12%, to EUR1.741bn, largely due to an increase in management commissions related to growth in assets under management, as well as an increase in distribution and research commission at AllianceBernstein, and an increase in real estate transaction commissions and performance commissions at AXA IM, the Axa group states.

P { margin-bottom: 0.08in; } Pictet Asset Management has announced the recruitment of Eric Borremans for the position of sustainable development specialist in the unit responsible for socially responsible investment (SRI) and quantitative managemnet, under the leadership of Laurent Nguyen. Borremans joined the team on 15 July 2013. In this position, he replaces Christoph Butz, who had been in the position since joining Pictet in 2002. Butz will now, with Gabriel Micheli, dedicate himself entirely to the management of the Timber fund, which has USD900m in assets. Eric Borremans had previously been head of corporate social responsibility development and SRI at BNP Paribas Investment Partners.

P { margin-bottom: 0.08in; } The Munich-based ETF-based wealth management specialist Avana Invest, the firm founded in 2009 by Götz Kirchhoff (one of the founders of IndexChange, which has become iShares), now on its website mentions the existence of three types of services for institutional investors. The first, Avana Asset Management, is composed of five ETF or ETC funds, using a trend-monitoring system to reduce maximum drawdown, or MDD. The second, Avana Selection, is offering a selection of partners for alternative strategies and asset classes (details will be published soon). Lastly, Avana Solutions allows clients to benefit from Avana’s expertise in international structuring in several countries, particularly in the area of white-label products both for UCITS funds and for alternative investment funds. Avana also announces that it has recruited Brigit Eichhorn as a member of management, responsible for developing financial products, maintaining contact with wealth managers and investment advising. After working as part of the management at Deka Fund Master, Eichhorn had recently been a partner at the Munich-based asset management firm Dr. Bauer & Co Vermögensmanagement, in which position her LinkedIn profile still lists her.

P { margin-bottom: 0.08in; } With the Credit Suisse MLP Inde Ucits Fund sub-fund of Custom Markets Plc, Credit Suisse is offering an Irish-registered ETF which replicates the Cushing MLP Market Cap Index, which includes 30 US publicly-traded Master Limited Partnerships (MLP), with a limit of 7.5% per MLP at each rebalancing. The ETF uses synthetic replication, with Credit Suisse International (CSI) as the total return swap partner. Characteristics Name: Credit Suisse MLP Index UCITS Fund ISIN Code:IE00B9CQHY16 (retail)IE00B9BBBL23(institutional) Total expense ratio 1% (retail) 0.5% (institutional)

P { margin-bottom: 0.08in; } Morgan Stanley Investment Management (MSIM) has announced the launch of the Morgan Stanley Investment Funds (MS INVF) Global Quality Fund. The portfolio of the fund is invested in companies which are deemed to be “of high quality, characterised by their ability to generate revenue, with a solid competitive advantage, an experienced management team and strong intangible asset, for example, brands and retail chains,” a statement says. To construct the portfolio of assets and determine their quality, a team of portfolio managers analyses firms on the basis of certain criteria, including resistance of earnings, attractiveness of profit margins and sustainability of returns over the complete economic cycle. The team will then meet with the management of the firm in order to understand its culture and its long-term strategy. The process provides a means to evaluate the sustainability of the performance of the business. The last measurement tool is the valuation level,which must be attractive in order to justify an investment.

P { margin-bottom: 0.08in; } Denise Simon and Arif Joshi, managing directors and portfolio managers on the emerging market debt team at Lazard Asset Management LLC (LAM), have been made responsible for managing the new Lazard Explorer Total Return Portfolio (tickers LETIX and LETOX). The new funds use a total return unconstrained strategy on all asset classes within emerging market debt (government debt in hard or local currencies, quasi-sovereign bonds, corporate and/or inflation-linked bonds) on the basis of global macroeconomic analysis and fundamental analysis of sovereign risks.

P { margin-bottom: 0.08in; } After the TCW Emerging Markets Income Fund (TGEIX/TGINX), which has USD6.6bn in asset, the TCW Emerging Markets Local Currency Income Fund (TGWIX/TGWNX), with USD403m, and the TCW Worldwide Opportunities Fund, with assets of USD492m, TCW Group in early July launched the TCW Emerging Markets Multi-Asset Opportunities Fund (TGMAX/TGMEX). The portfolio of the new multi-asset class product may be invested in all areas of emerging markets: government or corporate bonds denominated in US dollars or local currencies and equities. The fund is managed by Dave Robbins and Penny Foley, who already manage other emerging market products of the range. They invest in 30 to 40 emerging markets, including several frontier markets.

P { margin-bottom: 0.08in; } Index Universe reports that Van Eck has applied for a license from the SEC for four new “quality” non-US equity ETFs, which means that the firms have high returns on owners’ equity, steadily rising profits year on year and low debt. These four funds, for which no ticker or total expense ratio has been announced, use the MSCI Emerging Markets index as a benchmark in two cases, and the MSCI ACWI ex USA for the other two. The 21 emerging markets included in the Market Vectors MSCI Emerging Markets Quality ETF and the Market Vectors MSCI Emerging Markets Quality Dividend ETF are the following: South Africa, Brazil, Chile, China, Colombia, South Korea, Egypt, Hungary, India, Indonesia, Malaysia, Morocco, Mexico, Peru, Philippines, Poland, Czech Republic, Russia, Taiwan, Thailand and Turkey. The Market Vectors MSCI International Quality ETF and the Market Vectors MSCI International Quality Dividend ETF cover 44 countries, including the 21 emerging markets mentioned earlier, plus Germany, Austria, Belgium, Canada, Denmark, Spain, Finland, France, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Norway, New Zealand, the Netherlands, Portugal, the United Kingdom, Singapore, Sweden and Switzerland.

P { margin-bottom: 0.08in; } Weinberg Capital Partners has announced the first closing of its second real estate fund WREP #2, at EUR80m. “The fund has received the support of several long-term investors, and has been able to attract new French and international institutional investors and families,” a statement says. The target size is EUR150m, with due diligence in progress for French and international investors. The WREP#2 strategy comes as a successor to the first fund, WREP#1, raised in 2008/2009, which primarily invests in off-market operations with users, families and providers.

P { margin-bottom: 0.08in; } Butterfield Bank has recruited James McNeill and Nicholas Rilley. They will both serve as investment managers, Investment Week reports. This is a new position within the firm. They will advise clients on portfolio construction and the selection of funds. McNeill and Rilley previously worked for Vintage Asset Management and Prospect Wealth Management, respectively.

P { margin-bottom: 0.08in; } Horace Hung has been appointed by Legal & General Investment Management as senior credit analyst for emerging markets. Hung will be specialised in Asia Pacific and other emerging markets. He will be based in Hong Kong, Fundweb states. Hung had previously been senior director of credit in charge of high yield research at Manulife Asset Management.

P { margin-bottom: 0.08in; } Fundweb reports that Aviva Investors has appointed Abigail Herron as head of engagement in its global responsible investment team. She had previously been head of corporate governance and environment / social / governance (ESG) themes at Co-Operative Asset Management.She now reports to Steve Waygood, chief responsible officer.