F&C Asset Management a accusé des rachats nets de 1,715 milliard de livres au premier trimestre 2012, malgré des souscriptions nettes de 13 millions dans les fonds retail. La décollecte a été tirée par les partenaires stratégiques, à hauteur de 972 millions de livres.Malgré tout, grâce à un effet marché positif, la société de gestion britannique a vu ses encours augmenter de 1,7 milliard de livres à 101,8 milliards au 31 mars.F&C indique par ailleurs que le résultat de la seconde phase l’audit actuellement mené sur la stratégie du groupe sera présenté le 15 mai.

D’après les dernières statistiques de l’association allemande BVI des sociétés de gestion, les fonds de valeurs mobilières offerts au public ont enregistré pour le premier trimestre des souscriptions nettes de 868,5 millions d’euros, après des remboursements nets de 8,62 milliards en octobre-décembre et de 4,49 milliards pour la période correspondante de l’an dernier.Seules deux des grandes maisons affichent des souscriptions nettes durant la période sous revue : Allianz Asset Management, avec presque 4,54 milliards d’euros, et Union Investment (banques populaires) avec 825,6 millions. Cela signifie donc que tous les autres grands acteurs sont dans le rouge, avec des sorties nettes de 2,04 milliards pour Deka (caisses d'épargne) et de 460 millions pour les gestionnaires d’actifs du groupe Deutsche Bank.Même les promoteurs d’ETF subissent des remboursements nets, dont iShares (1,24 milliard), ComStage (410 millions), de même que db x-trackers (363 millions). En revanche, ETFlab (Deka) a enregistré des rentrées nettes de 173 millions d’euros.

Entre les 9 et 18 mai, l’allemand Credit Suisse Asset Management (CSAM) Immobilien collecte les ordres de remboursement de parts de son fonds immobilier offert au public CS Euroreal (6 milliards d’euros au 31 mars), car le gel de remboursements sera levé le 18 mai au bout de deux ans. Le 21 mai, si les rachats n’excèdent pas les liquidités disponibles (les cessions d’actifs ces deux dernières années ont généré 1,5 milliard d’euros, soit 25 % de l’encours) les ordres seront exécutés. Sinon, aucun ordre ne sera exécuté et le fonds sera liquidé. Cette formule a été validée par la BaFin.Credit Suisse reproduit donc exactement le scénario qu’avait choisi SEB Asset Management pour son fonds ImmoInvest. Comme SEB AM, CSAM Immobilien précise que si les demandes de rachat n’excèdent pas les liquidités disponibles, le fonds poursuivra son activité, mais sous le régime de la nouvelle loi de protection des épargnants Anlegerschutz- und Funktionsverbesserungsgesetz (AnsFuG) qui ne ménage qu’une seule fenêtre de liquidité par an, au lieu d’une liquidité journalière.CS EUROREAL EUR ISIN: DE0009805002CS EUROREAL CHF ISIN: DE0009751404

Les hedge funds ont reculé de 0,36% en avril, selon les statistiques communiquées le 9 mai par Hedge Fund Research (HFR). Ce recul fait suite à une progression de 4,79% au premier trimestre, la meilleure depuis 2006. L’indice HedgeFund Intelligence Global Composite a pour sa part reculé de 0,03% en avril mais affiche un gain de 3,34% sur les quatre premiers mois de l’année.Les performances du mois sous revue ont été plutôt contrastées, les stratégies de relative value arbitrage, de fixed arbitrage, de volatility arbitrage ayant contribué positivement à la performance de l’indice par ailleurs déprimé par les stratégies equity hedge, macro ou encore event driven. Les fonds de fonds ont subi un recul de 0,26% en avril, la première baisse mensuelle depuis le début de l’année mais aussi le deuxième mois consécutif qui se solde par une surperformance de l’indice HFRI FOF par rapport aux single managers dans l’indice HFRI Fund Weighted Composite.

Lors d’un passage à Paris, Paul Read, gérant du Invesco Euro Corporate Bond Fund, a indiqué que ce produit de droit luxembourgeois (2,45 milliards d’euros, 186 lignes de 109 émetteurs) âgé de six ans affiche une surperformance substantielle par rapport à l’indice de référence (Mstar GIF OS EUR Corporate Bond) avec 39,71 % sur cinq ans au 30 mars contre 15,76 % pour le benchmark."Nous nous efforçons de générer le maximum possible de revenu tout en maintenant la duration le plus bas possible», explique Paul Read, qui précise que le fonds est géré de manière prudente : «Actuellement, notre poche de cash représente environ 260 millions d’euros, ce à quoi il faut ajouter environ 70 millions d’euros d’obligations arrivant à échéance sous deux mois. Cette proportion élevée de numéraire est destinée à la fois à faire face à d'éventuels remboursements, puisque le fonds a une liquidité journalière, et à pouvoir acheter des obligations bon marché lorsque l’environnement devient difficile».Et, de fait, poursuit Paul Read, «je trouve que les obligations d’entreprises sont devenues chères, parce que les émissions se raréfient et que les entreprises ont désormais des bilans sains. Il n’y a pas suffisamment de rendement dans le papier de qualité en catégorie investissement.».Il reste cependant de la valeur dans un segment que dédaignent de nombreux gérants. Pour l’Invesco Euro Corporate Bond Fund, «nous avons actuellement une prédilection marquée pour les banques, qui représentent au bout du compte un peu plus de 45 % du portefeuille. Pour 27 points, il s’agit de dette senior, essentiellement dans la gamme des 1-3 ans, et pour 19 points de dette subordonnée».*LU02343958047

Henderson Global Investors annonce le lancement de Henderson Horizon Total Return Bond, un compartiment UCITS de la sicav de droit luxembourgeois Henderson Horizon. Le produit est investi dans des actifs obligataires internationaux : obligations d’état des marchés développés et émergents, obligations d’entreprise, crédits sécurisés (prêts et ABS) et liquidités.L’objectif à long terme est de réaliser un rendement total supérieur à celui d’un portefeuille d’obligations de type «investment grade» géré de manière active.Le fonds est piloté par le comité stratégique d’investissement obligataire d’Henderson, présidé par le directeur des investissements, David Jacob.Caractéristiques :ISIN : LU0756065164 (part retail accumulation) Frais d’entrée : 5% maximum Frais de gestion annuels : 1% (part retail accumulation)

Avec effet au 9 mai, l’allemand db x-trackers (groupe Deutsche Babnk) a fusionné deux de ses ETF de droit luxembourgeois spécialistes du marché britannique, le Sonia Total Return Index ETF (LU0321464652, 15,74 millions de livres) qui est intégré au db x-trackers II Sterling Cash ETF (LU0321464652, 22,3 millions de livres).Cette fusion-absorption est censée «permettre une meilleure efficacité économique au profit des porteurs de parts»

Au moment où SEB Asset Management annonçait la liquidation du SEB ImmoInvest, le gestionnaire central des caisses d'épargne allemandes, DekaBank, indiquait que ses fonds immobiliers offerts au public (Deka-ImmobilienEuropa, Deka-ImmobilienGlobal et WestInvest InterSelect) ont enregistré sur les quatre premiers mois de l’année des souscriptions nettes de 660 millions d’euros contre 205 millions d’euros pour la période correspondante de l’an dernier.

Le 9 mai, Amundi a fait admettre à la négociation sur le segment XTF de la plate-forme Xetra (Deutsche Börse) le fonds Amundi ETF S&P 500 EUR Hedged Daily*, chargé à 0,28 %. Ce produit réplique le S&P 500 EUR Daily Hedged Strategy Index.Il s’agit du 969ème ETF coté sur XTF.* code Isin : FR0011133644

Franklin Templeton et Allianz Global Investors viennent chacun de faire enregistrer un fonds en Italie, rapporte Bluerating. Pour Franklin Templeton, il s’agit du FTIF Templeton Emerging Markets Balanced, un fonds investi sur les actions et les obligations des pays émergents. Allianz Global Investors a fait agréer, de son côté, le fonds Allianz RCM Renminbi Currency, un fonds qui permet de profiter du renforcement du renminbi par rapport au dollar.

La gamme Pioneer Fondi Italia s’enrichit de trois nouveaux compartiments obligataires à distribution semestrielle, rapporte Bluerating. Le Pioneer Euro Governativo Medio Termine est investi principalement dans des titres obligataires et monétaires émis par des gouvernements européens et d’une duration supérieure à 2 ans, tandis que le Pioneer Obbligazionario Corporate America se concentre principalement sur les obligations d’entreprises américaines avec une notation investment grade. Pioneer Obbligazionario Globale High Yield se compose d’obligations émises par les sociétés et les gouvernements internationaux avec une notation en dessous de l’investment grade. Parallèlement, Pioneer lance Pioneer Obbligazionario Sistema Italia, un fonds spécialisé sur les obligations gouvernementales et d’entreprises italiennes.

Legg Mason Global Asset Management vient de recruter Michele Giarrizzo en tant que sales manager au sein de son équipe italienne dirigée par le responsable pays Marco Negri, rapporte Bluerating. Il s’occupera principalement des investisseurs professionnels. Avant d’arriver chez Legg Mason, Michele Giarrizzo était «distribution client relationship manager» chez Axa Investment Managers en Italie.

Le dernier classement de Feri au 31 mars confirme que le britannique Threadneedle se maintient en pole position dans les sept pays européens pour lesquels l’agence allemande établit des classements en pourcentage de fonds les mieux notés (A ou B) sur le total des produits notés. En effet, Threadneedle se classe premier en Allemagne, en Autriche, en Italie, en France et au Royaume-Uni. Il arrive deuxième en Suisse ainsi que parmi les sociétés ayant entre 8 et 24 fonds notés en Suède.BlackRock, Fidelity et Schroders figurent eux aussi en bonne place dans au moins six des sept pays considérés (BlackRock n’apparaît pas dans les têtes de classements suisses). Concernant la France, Lazard AM est le seul gestionnaire local à figurer dans le groupe de tête, en deuxième position.Parmi les sociétés avec 8 à 24 fonds notés, Carmignac Gestion apparaît dans le groupe de tête sur quatre pays : il se classe deuxième en France, cinquième en Italie et neuvième tant en Allemagne qu’en Suisse.

The Swedish asset management firm East Capital, a specialist in emerging markets, has received a sales license for France and Germany for two Chinese equity funds. The two products, East Capital (Lux) China East Asia Fund and East Capital (Lux) China Fund, have been added to the Luxembourg Sicav from the Scandinavian firm, following the acquisition of an asset management firm specialised in China, AGI, in 2010. The first of these, launched in 2005, is invested primarily in Chinese businesses listed on the Hong Kong or continental Chinese stock exchanges (65.9% of the portfolio as of 30 March), in Korea, Singapore, Australia, Taiwan, Indonesia and Thailand. It currently has EUR223m in 50 holdings. The second fund, the China Fund concentrates on China (94.7% of the portfolio, with 5.3% invested in Taiwan). The fund, launched in 2007, now has EUR18m in 43 holdings. The two products are managed with a long-term approach and on fundamental analysis of businesses, like the Central and Eastern Europe funds from the product range at East Captial. They have been managed since their creation by Gustav Rhenman, who relies on a team of four analysts and one economist, based in Stockholm and Shanghai, and one consulting committee led by Karine Hirn, co-founder of East Capital, who has been based in China since 2010.At a presentation of its new fund to investors on Wednesday, Hirn and Kristina Sandklef, a macroeconomist specialised in Asia, sought to dispel a number of common misconceptions about China. They claim that they are not concerned about a slowdown of the Chinese economy, which was “desired and orchestrated by the government,” and are thus not concerned about a “hard landing.” Inflation is not a concern either, nor is dependence on exports, which is untrue, says Hirn. In the real estate sector, the founder of East Capital does not see speculation, and emphasizes that “it is so important that the government cannot let it slip.” She also points out that the government has been making efforts to stimulate the equity markets. China is facing some challenges related to its size, however, notes Sandklef, such as demographic issues, agriculture and the environment.

Oddo Asset Management is offering the Oddo Haut Rendement 2017 fund, a target-date fund investing in corporate and convertible bonds, to allow investors to benefit from growth opportunities on bond markets until 2017, for sale unilt 20 November 2012.The investment universe for the fund prefers securities estimated to have the strongest potential from the high yield bond universe (ratings of less than BBB-), or bonds with no rating. The target portfolio is composed of about 70 to 90 holdings, and can offer both sectoral diversification (all sectors of activity may be represented) and geographical diversification (may invest up to 50% outside Europe), a statement says. Gross annual returns at maturity are expected to be 7.52% as of 2 May 2012, barring default.Oddo Haut Rendement 2017 is managed by Xavier Hoche, Muriel Blanchier and Anne-Claire Daussun, who will be reinforced by the arrival of a new manager, Laure Desbrosses.CharacteristicsISIN codes: A class shares: FR0011237684/D class shares: FR0011249382/Part B FR0011237676Front-end fee: Maximum 4% including taxes on net assets not paid into OPCVMManagement fees: A and D share classes: maximum 1.4% including all tax on net assets; B class shares: maximum 0.6% of net assets including all taxesPerformance commission: 10% of outperformance exceeding 6 annual performance including all taxesBenchmark:: none

The US firm Van Eck Global added the Emerging Markets High Yield Bond ETF (acronym HYEM) from its Market Vectors line to trading on NYSE-Arca on 9 May. The fund claims to be the first ETF listed in the United States to focus solely on the non-government high yield bond segment in emerging markets denominated in US dollars.HYEM aims to replicate the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY).The TER for the new product is capped to 0.40% until at least 1 September 2013.

The M&G group infirst quarter became the top British asset management firm in termsof assets under management, overtaking Perpetual, according to themost recent Pridham report published by Fundscape.Assets under managementat M&G totalled GBP41bn, as the firm continued to benefit fromits expertise in bonds to attract new inflows.M&G has postedgross inflows in first quarter of GBP3.15bn, putting it ahead ofBlackRock, with subscriptions totalling GBP1.87bn. Net inlfows at M&Gtotalled GBP1.38bn, putting it far ahead of Standard LifeInvestments.GroupGross retail sales (£m)M&G3,153.50BlackRock1,876.50Invesco Perpetual1,716.50Fidelity1,235.40Threadneedle1,179.10Standard Life1,146.20BNY Mellon1,131.00Jupiter915.3Schroders839.5HSBC732.Top ten managers by net retail sales in Q1 (£m)GroupNet retail sales (£m) M&G1,386.40Standard Life 483.5Threadneedle472.1BNY Mellon469BlackRock314.2Kames306HSBC273.2Cazenove271.2Investec200.8AXA 196.8

Franklin Templeton and Allianz Global Invetors have registered one fund each in Italy, Bluerating reports. In the case of Franklin Templeton, the fund is the FTIF Templeton Emerging Markets Balanced, a fund which invests in equities and bonds from emerging markets. Allianz Global Investors, for its part, has registered the Allianz RCM Renminbi Currency fund, which allows investors to benefit from a rising renminbi against the US dollar.

The Pioneer Fondi Italia range has gained three new bond sub-funds with half-yearly distribution, Bluerating reports. The Pioneer Euro Covernativo Medio Termine invests primarily in bond and money market securities issued by European governments with a duration of over 2 years, while the Pioneer Obbligazionario Corporate America concentrates primarily on US corporate bonds with an investment grade rating. Pioneer Obbligazionario Globale High Yield is composed of bond issued by international businesses and governments with a rating below investment grade. Meanwhile, Pioneer is launching the Pioneer Obbligazionario Sistema Italia, a fund specialised in Italian government and corporate bonds.

The proportion of revenues originating from securities lending by ETF operators varies from 5% to 50%, a Financial Times study finds. BlackRock made USD164m with this activity for ETFs listed in the United States by its iShares franchise last year. BlackRock kept USD57m, or 35%, in fees. State Street retains 15% of revenues generated by securities lending by its unit SPDR. Vanguard states that it pays 95% to its investors.

Hedge funds lost 0.36% in April, according to statistics released on 9 May by Hedge Fund Research (HFR). This decline follows gains of 4.79% in first quarter, the best results since 2006. The Hedge Fund Intelligence Global Composite index lost 0.03% in April, but shows gains of 3.34% for the first four months of the year. Performacne in the month under review have been mixed, with relative value arbitrage, fixed arbitrage, volatility arbitrage making positive contributions to the performance of the index, and equity hedge, macro and event driven strategies pulling it down. Funds of funds lost 0.26% in April, the first monthly losses since the beginning of the year, and the second consecutive month of outperformance of the HFRI FOF index compared with single managers n the HFRI Fund Weighted Composite index.

The most recent Feri rankings as of 31 March confirm that the British asset management firm Threadneedle remains in pole position in seven European countries in which the German agency maintains rankings of the percentage of funds with top ratings (A or B), out of all funds rated. Threadneedle ranks top in Germany, Austria, Italy, France and the United Kingdom. It is in second place in Switzerland, and among companies with only 8 to 24 funds rated in Sweden.BlackRock, Fidelity and Schroders also place well in at least six of the seven countries considered (BlackRock does not appear in the Swiss rankings).In France, Lazard AM is the only local asset management firm to place in the leading group, in second place.Among companies with 8 to 24 funds rated, Carmignac ranks in the leading group in four countries: it takes second place in France, fifth in Italy, and ninth in Germany and Switzerland.

Agefi reports that China may authorise hedge funds to buy assets directly on its markets. So far, hedge funds seeking access to the Chinese market have had to pass through brokers who use their own QFII quotas to buy equities and bonds for the funds.

The Morgan Stanley director Zoee Cruz has announced to investors that she will be closing the hedge fund Voras Capital Management, which she launched two years ago, due to disappointing returns and a lack of popularity with investors, the Wall Street Journal reports, citing sources familiar with the matter. Her firm, based in New York, never raised more than USD200m.

Natixis yesterday evening presented its results for first quarter 2012, with an increase in revenues for the Savings unit of 8% compared with the corresponding period of last year, to EUR512m. Investments in asset management have also results in revenues up 12% (+9% at constant exchange rates), to EUR411m. These good results were driven by strong performance in the United States, the firm says.Assets under management totalled EUR562bn as of 31 March 2012, compared with EUR544bn as of 31 December 2012. Net inflows were negative by -EUR2.2bn. However, excluding net outflows of EUR6.8bn from money market products, net inflows were positive to the tune of EUR4.6bn.In Europe, assets total EUR312bn, up 2% compared with 31 December 2011. Outflows (-EUR5.1bn) have been concentrated on money market instruments, Natixis notes. Excluding money markets, net inflows were positive to the tune of EUR1.6bn.In the United States, assets totalled EUR327bn, up 8% compared with 31 December 2011. Quarterly net inflows totalled EUR3.2bn, largely driven by Loomis and Harris Associates.In private banking, assets under management have been holding out well at EUR19.5bn, driven by the favourable evolution of the stock markets. Earnings are up 3% compared with first quarter 2011, at EUR26m.

Olivier Chabrier on Wednesday joined Palatine Asset Management. He will handle commercial relationships with distributors (private banks, funds of funds, family offices) and independent fniancial advisers. Chabrier had previously been at Aviva Investors France, where he was head of external distribution. Previously, he had worked at East Capital.

OFI Asset Management is planning to increase its investments in Egypt by up to 20%, according to Mena FM. Astrid Fredericksen, manager of the OFI Multiselect Brica Fund, whose assets under management total about EUR70m, says that she hopes to dedicate more cash to Egypt in the near future.The OFI Multiselect Brica fund was originally launched as a traditional BRIC fund, whose perimeter was adapted in November last year to include Africa and the Middle East.“Currently, we are still prudent, as there are presidential elections in Egypt next moth. Currently, we have 15% exposure to Egypt, but we are prepared to increase our allocation, as we are highly interested in opportunities in the country. Consumer spending in particular is an investment opportunity,” Fredericksen explains.

BNP Paribas will pay its employees nearly EUR490m in bonuses for 2011, half the amount it paid last year, according to an updated reference document published by the French bank on 7 May. 3,479 emplpoyees at the bank will share EUR488.67m in bonuses, an average of EUR140.465 each. Last year, BNP Paribas paid EUR1bn in bonuses. The finance and investment bank (BFI) gets the largest slice of the pie, with total bonuses of EUR464.5m. The French firm says in its reference document that 2011 bonuses will be paid half in the form of shares in the firm and the other half in cash. As regulations require, two thirds of bonuses will be subject to deferred payments between September 2012 and September 2015.

Xavier Horasse, emerging market equity manager at Carmignac Gestion, says that emerging markets are the most promising markets in the long term. In the short term, he is more prudent about India, which is “rightly” rated BBB, investment grade, he says in Agefi Hebdo.“We are also overweight on equities from countries such as Indonesia, or countries known as “frontier” markets: Colombia, Peru, the Philippines and Saudi Arabia, which have low levels of debt, significant reserves, and robust growth outlooks,” he adds.Carmignac Gestion prefers countries in which the interest rate hike cycle has been completed, such as Brazil, and countries where monetary policy is beginning to loosen again, such as China.

With effect from 9 May, the German asset management firm db x-trackers (Deutsche Bank group) has merged two of its Luxembourg-registered ETF funds specialised in the British market, the Sonia Total Retuan Index ETF ((LU0321464652, GBP15.74m) and the db x-trackers II Sterling Cash ETF (LU0321464652, GBP22.3m). The merger/absorption aims to “allow for a better economic efficiency for shareholders.”