A partir du 23 janvier, deux nouveaux ETF de Lyxor sur les pays émergents arrivent à la Bourse de Milan. Il s’agit du Lyxor ETF Msci Indonesia (*), sur l’Indonésie, et du Lyxor ETF Thailand (**), sur la Thaïlande. La société de gestion est le premier gestionnaire d’ETF sur Borsa Italiana aussi bien en termes de contrats (68 %) que de contrevaleur (57 %). (*) FR0011067511(**) FR0011067529

EQT, la société nordique de capital investissement gérant 18 milliards d’euros, a annoncé que ses futurs fonds ne seraient plus gérés dans des paradis fiscaux, compte tenu de la clarification de la réglementation en Europe sur la gestion alternative. «Un certain nombre d’étapes ont été franchies dans l’Union européenne pour introduire un cadre harmonisé pour la réglementation des gestionnaires de fonds d’investissement alternatifs, comme le private equity. L’environnement réglementaire a été rendu beaucoup plus clair et le cadre va permettre à EQT de gérer ses futurs fonds onshore».La société précise qu’elle pourra domicilier ses fonds au Royaume-Uni, aux Pays-Bas, au Luxembourg et éventuellement dans d’autres pays comme la Suède.

Selon les proches du dossier, JP Morgan Chase, State Street et Ameriprise Financial figurent parmi les finalistes pour l’acquisition de la gestion d’actifs de la Deutsche Bank, rapporte le Handelsblatt. Il semble probable d’ailleurs que la banque allemande va finalement vendre cette division par appartements, ce qui serait plus rentable que tout céder d’un bloc.

Axa IM négocie actuellement avec les investisseurs institutionnels qui détiennent 100 % du fonds immobilier offert au public Axa Immosolutions (352 millions d’euros) en vue de transformer ce produit en fonds institutionnel, selon la Börsen-Zeitung. De son côté, Hartmut Leser, président du directoire d’Aberdeen Asset Management, considère qu’une transformation de cet ordre est l’unique chance réaliste pour sauver le fonds DEGI German Business (242 millions d’euros). En revanche, UBS Allemagne a renoncé à convertir le 3 Sector Real Estate Europe (348 millions d’euros) en fonds institutionnel, parce qu’il compte encore 20 % de particuliers parmi ses porteurs de parts, une clientèle que le gestionnaire veut ménager.

Uwe Zöllner, head of Pan European equity chez Franklin Equity Group, dirige l'équipe de gestion du Franklin European Dividend Fund (LU0645132811) qui vient d’obtenir l’agrément de commercialisation de la BaFin pour l’Allemagne et de la FMA pour l’Autriche. Il s’agit d’un fonds long-only qui investit dans des actions européennes qui laissent espérer un rendement du dividende supérieur à la moyenne. L’horizon d’investissement pour ce produit qui n’a pas d’indice de référence est de 3 à 5 ans.

En six mois, la société de gestion italienne Arca Sgr a réduit ses effectifs de 180 salariés à 70, rapporte Il Sole – 24 Ore. Cela s’inscrit dans le cadre d’une réorganisation, qui a aussi conduit à un changement de gouvernance. «La société devait changer radicalement pour ne pas être liquidée, vu le recul progressif des souscriptions nettes depuis 2001", explique le président de la société, Guido Cammarano. A fin 2011, les encours d’Arca ressortaient à 12,4 milliards, contre 31,6 milliards en 2001.

Oxfam, la confédération de lutte contre la pauvreté, lance son premier fonds, rapporte le Financial Times. Le Small Enterprise Impact Investment Fund est une initiative commune entre Oxfam GB et Symbiotics, un spécialiste suisse de la microfinance. Il sera investi dans des intermédiaires financiers ayant pour mandat de soutenir des petites et moyennes entreprises en Afrique et en Asie.

Créée en mars 2009, la Banque Pâris Bertrand Sturdza, qui propose du conseil de gestion et sous-traite les activités annexes de la gestion privée, souhaite se développer en Suisse et en Europe occidentale, avec l’ouverture de bureaux à Zurich et au Luxembourg, rapporte L’Agefi suisse.Des équipes spécialisées sur l’Asie et le Moyen-Orient pourraient être recrutées en 2012. BPBS, qui emploie 34 collaborateurs et continue de recruter, est également en discussion avec des gérants indépendants, «qui pourraient être intégrés en tant que collaborateurs, voire futurs associés», précise Olivier Bertrand, l’un des deux associés opérationnels, avec Pierre Pâris.Projet phare de 2012, la création de PBS Investment, une unité qui sera «le cœur de gestion de PBS», reposant sur une approche systématique multi-asset class mise au point en interne. La société ne communique pas le montant de ses actifs sous gestion qui auraient progressé de 85% l’an dernier après avoir doublé en 2010.

Greg Mills, Dafydd Lewis and Donatas Uzkurelis are joining the frontier markets team at Lloyd George Management (LGM), Das Investment reports. Mills will be in charge of strategy; he had previously been national director of the South African institute for international affairs, and continues to serve as director of the Brenhurst Foundation in Johannesburg, which is dedicated to economic development in Africa. Lewis had been head of frontier market research at an investment firm in Dubai, and will be a specialist in the finance sector, while Uzkurelis will focus on the consumer goods sector, after serving for six years as an analyst at a European bank in Lithuania.

Oxfam, a charity to fight poverty, is launching its first fund, the Financial Times reports. The Small Enterprise Impact Investment Fund is a joint initiative of Oxfam GB and Symbiotics, a Swiss microfinance specialist. It will invest in financial intermediaries with the goal of supporting small and mid-sized businesses in Africa and Asia.

In the space of six months, the Italian asset management firm Arca Sgr has reduced its staff from 180 to 70, Il Sole – 24 Ore reports. The changes come as part of a restructuring, which has also involved a change of governance. “The firm needed to radically change in order not to be liquidated, in light of the ongoing decline in net inflows since 2001,” the chairman of the firm, Guido Cammarano, explains. As of the end of 2011, assets at Arca totalled EUR12.4bn, compared with EUR31.6bn in 2001.

The Swiss asset management firm Prosper Professional Services will advise and promote the fund Prosper Stars & Stripes, a UCITS-compliant version of a US long/short equity hedge fund. The product will be managed in Denver by the team at Independence Capital Asset Partners (ICAP) which is responsible for the original fund, Hedge Week reports. The fund will soon be registered in Switzerland, and will be aimed primarily at institutional clients.

The asset management firm Lazard Asset Management has created a fund based on an existing strategy dedicated to emerging markets, to be managed by Kai Jacob, Fund Web reports. The Dublin-based fund, Lazard Emerging Markets Allocation, may rely on Lazard’s offerings in equities, debt and emerging market currencies. The new fund, derived from the portfolio of the Lazard Emerging Markets Multi-Strategy fund, which Jacob has managed since 2009, places the emphasis on growth and value equities, fixed income and currencies, in order to benefit from developments in the economic environment. Currently, the fund’s largest geographical allocation is to Brazil, where nearly 12% of the fund is invested, followed by Russia (11%) and China (8%).

Skandia Investment Group (SIG) has awarded Tim Steer of Artemis a mandate in the Skandia Global Best Ideas Fund worth GBP38 million and a mandate within the Skandia UK Best Ideas Fund worth GBP24 million. His appointment to the two Best Ideas funds sees him taking over the reins from Audrey Ryan of Kames Capital.Tim Steer is well known to SIG having managed a mandate for UK Best Ideas when at New Star. Additionally, he currently manages a mandate in UK Strategic Best Ideas.

Invesco Perpetual is offering a new fund dedicated to financial sector equities, the Global Financial Capital fund, which will be managed by the co-heads of fixed income, Paul Causer and Paul Read, and CIO Nick Mustoe. The fund will seek to earn returns over the mid- to long term through investments in banks and other financial institutions across the globe, in order to benefit from regulatory developments such as Basel III and ongoing structural reforms. The fund will be launched on 25 January, with initial capital of GBP2m. Initially, the fund will be primarily a bond vehicle, with a total equities allocation of 0% to 5%, but allocation to equities may increase up to 40%.

The range of MyFolio profiled funds on offer from Standard Life Investments (SLI), which has already attracted GBP9000m since October 2010, has gained two families of five products, the multi-managed MyFolio Multi Manager Income I to V funds, and the income funds MyFolio Managed I to V. The Multi Manager products are by definition composed of funds from throughout the market, while Managed funds are largely built from SLI funds. The MyFolio range offers subscribers active or passive management, which is always weighted in terms of risk.

Porsche, which is facing lawsuits seeking damages and interest of EUR2bn from several US hedge funds which accuse the firm of misleading communications policies during a takeover bid by Volkswagen, has proposed to settle present and future cases for a sum in the hundreds of millions of euros, manager magazin reports. However, the plaintiffs are reported to have rejected the offer as too low. The heirs of Adolf Merckle are also seeking EUR250m in damages and interest from Porsche.

In the 12 months to the end of November, net subscriptions to Luxembourg-registered funds have totalled nearly EUR17bn, and the number of funds has increased 4.8%, to 3,833. However, according to statistics from the Luxembourg investment fund association (ALFI), assets as of the end of November totalled EUR2.05952trn, which represents a decline of EUR101.45bn year on year, due to falling markets. ALFI states in its annual report that “a rise in net issues and the number of funds has allowed Luxembourg to continue to create jobs in 2011.”

Pictet Asset Management has ambitions to develop on the high yield market. The firm, which is now offering its expertise on the European market in the form of the Pictet-Eur High Yield fund, with assets under management of abut EUR420m, is planning to add to its range in 2012 with the launch of the Pictet-Eur Short Term High Yield, first in Luxembourg and then in France in the next few weeks.The fund operates on a model similar to that of the Pictet-Eur High Yield fund, with at least one difference in the area of maturities, which are an average of 1 to 3 years, compared with two thirds of maturities totalling 3 to 10 years for the Pictet-Eur High Yield.In the context of the current market, with German rates below 2% and high volatility on the markets, investors are seeking returns and visibility. “We are convinced that the new fund meets this need,” Roman Gaiser, manager of the fund and head of the High Yield team at Pictet, said at a press conference on 20 January. Average returns for the asset class are about 8% per year. Historically, for the period from 2003-2011, the asset class has earned returns of near 8.5%, with volatility of 6%, compared with very slightly higher returns for the high yield asset class, but two times higher volatility (13%). The fund is also expected to be less sensitive to changes in the mood of investors, as the business selection process provides a three-year estimate of the evolution of corporate profits. “We have more visibility over two or three years. Unless there is a major crisis, the market element is in the foreground,” says Gaiser. Gaiser also states that the European short-term high yield market has achived critical mass. The number of bonds with short maturieis has increased strongly in the past ten years; it doubled between 2008 and 2011. There are now 108 bonds from 72 issuers, maturing in less than four years, totalling over EUR55bn, and this trend is rising.Main characteristics of the fundISIN code: LU0726357527Daily valuationMaturity: 1 to 3 years, maximum 4 yearsSimple positions: maximum 2 1/2 yearsWeight per sector: maximum 20%Senior and financial sector debt: maximum 10%No subordinate financial sector debtBB & B ratings: maximum 4%CCC: Maximum 2%Benchmark: Merrill Lynch Eur High Yield 1-3yr ExFin BB-B ConstrainedManagement fee: 0.90% vec des taux allemands en dessous de 2%et une forte volatilité des marchés, les investisseurs sont à la recherche de rendement et de visibilité. «Nous sommes convaincus que le nouveau fonds répond à ce besoin», a souligné le 20 janvier à l’occasion d’un point de presse le gérant du fonds et responsable de l'équipe High Yield chez Pictet, Roman Gaiser. Le rendement moyen de classe d’actifs est de l’ordre de 8% par an. Historiquement, sur la période 2003-2011, la classe d’actifs affiche un rendement proche de 8,5% avec une volatilité de 6% contre un rendement très légèrement supérieur pour la classe high yield mais une volatilité deux fois plus importante (13%). En outre, le fonds devrait être peu sensible aux variations des humeurs des invesitsseurs dans la mesure où le processus de sélection des sociétés permet d’estimer sur trois ans l'évolution de l’activité et des bénéfices des entreprises. «On a de toute façon davantage de visibilité sur deux ou trois ans. A moins d’une crise majeure, l'élément marché passe à l’arrière-plan», remarque Roman Gaiser. Par ailleurs, estime Roman Gaiser, le marché européen du high yield court terme a atteint la masse critique. Le nombre d’obligations à maturités courtes s’est fortement accru au cours des dix dernières années; il a même doublé entre 2008 et 2011. On compte désormais 108 obligations émanant de 72 émetteurs qui arriveront à maturité dans moins de quatre ans, pour un montant de plus de 55 milliards d’euros. Avec tendance à la hausse. Principales caractéristiques du fonds Code ISIN LU0726357527 Valorisation quotidienne Maturité entre 1 et 3 ans, maximum 4 ans Positions simples maximum 2 ans et demi Secteurs poids par secteur : maximum 20% Dette senior et financière : maximum 10% Pas de financière subordonnée Rating BB & B : max 4% CCC : max 2% Indice de référence Merrill Lynch Eur High Yield 1-3yr ExFin BB-B Constrained Frais de gestion 0,90%

Two new funds with retail and institutional share classes managed by Parametric Portfolio Associates (USD41.9bn in assets) have been launched by Eaton Vance Corp (USD184.5bn). They are the Eaton Vance Parametric Structured Absolute Return Fund (acronyms: EPRAX and APRIX), and the Eaton Vance Structured Currency Fund (EAPSX and EIPSX). The funds are co-managed by David M. Stein, CIO of Parametric, and Thomas Seto, managing director, portfolio management, at Parametric.The first of these funds deploys a structured investment process proprietary to Parametric, with a market neutral approach. The objective is to profit from certain characteristics of the quantitative and behavioural market, to generate returns via adjustments to the weighting of a vast range of asset classes, including US and international equities, commodities, and currencies.The Currency Fund applied the Parametric investment process to investments in short-term instruments, which allow for exposure to currencies other than the US dollar. The goal is to protect funds from a falling US dollar through holding currencies from emerging and developed countries, with periodic rebalancing.

The Paris-based asset management firm Bernheim, Dreyfus & Co has selected the London-based third-party marketer Hyde Park Investment, which will seek to place EUR200m in shares in the Diva Synergy and Diva Synergy UCITS funds. Hyde Park Investment is regulated by the British FSA, while its sister firm, Hyde Park Investment International, is regulated by the Maltese financial services authority.

BlackRock is planning to launch an absolute return fund dedicated to US and Latin American equities, Fund Web reports. The Americas Diversified Equity Absolute Return fund will offer at least 70% exposure to the market via equities and equity related securities from Canada, Latin America, and the United States. The portfolio will be managed by Raffaele Savi, managing director and member of the scientific advising committee for equities. Front-end fees may range up to 5%, with an annual management commission of 1.5% and a performance commission of 20% with high watermark. The fund may be launched toward the end of first quarter.

According to statistics from BlackRock, there are two Dax ETFs in the rankings of the top five funds by net subscriptions for 2011. These are the iShares Dax ETF, which attracted a net total of USD11.6bn, and finished the year with USD13.96bn, and the db x-trackers Dax ETF, which attracted USD5.67bn, and had assets as of 31 December of USD7.55bn.The global leader remains the ETF SPDR S%P 500 from State Street Global Advisors (SSgA), whose assets under management as of the end of 2011 totalled USD95.28bn, and which has seen net inflows of USD6.57bn.The Dax ETFs from iShares and db x-trackers ranked 15th and 39th by asset volumes, respectively.

Hedge fund clients of Credit Suisse currently have leverage of 2.5 times, compared with 2.4 times at the low point just after the crisis, while their cash holdings have fallen to 22% from 25% last summer, the Financial Times reports. However, two thirds of hedge funds are still below their high watermark, and 13% have earned no performance commissions since at least 2007.

EQT, the nordic private equity company with close to EUR18bn in raised capital, has decided to manage future EQT funds onshore in Europe, citing clarification of the European regulatory environment. «A number of steps have been taken within the EU to introduce a harmonized framework for the regulation of alternative investment fund managers, such as private equity. The regulatory environment has been clarified significantly and the framework will enable EQT to manage future funds onshore», explains the company in a press release.Potential new locations for management will be UK, the Netherlands and Luxembourg, but also other onshore alternatives, for instance Sweden, will be considered.

The prospect of an end to the euro zone debt crisis with the support of the International Monetary Fund have boosted European bond and Chinese equity funds, both of which are asset classes that have been unpopular recently.In the week to 18 January, Chinese equity funds posted a net inflow for the first time since the end of April 2010, of over USD600m, largely from institutional investor clients, according to weekly statistics from EPFR Global.European bond funds have posted their highest levels of subscriptions since the second week of July 2009, EPFR Global states, without giving specific figures. Bond funds overall have attracted USD4.35bn, while equity funds have posted inflows of USD2.8bn, and money market funds have finished the week with nearly USD12bn in net redemptions.Since the beginning of the year, bond funds have posted a net inflow of USD14.2bn, compared with USD2.9bn in the corresponding period of 2011, and equity funds have made USD7.4bn compared with over USD24bn, and money market funds have taken on USD5.9bn, while in the same period last year they saw outflows of over USD49bn.

From 23 January, two new Lyxor ETF funds focused on emerging countries will be listed on the Milan stock exchange. They are the Lyxor ETF MSCI Indonesia (FR0011067511), focused on Indonesia, and the Lyxor ETF Thailand (FR0011067529), focused on Thailand. The asset management firm is the largest ETF manager on the Borsa Italiana, both in terms of contracts (68%) and exchange value (57%).

The Advantage Fund from the hedge fund manager Paulson & Co has earned 4% from the beginning of the year to 17 January, while the S&P 500 gained only 2.9%. This is a stretch of barely two weeks, but it comes as a consolation after the loss of about 35% from the fund in 2011, with unlucky bets on Bank of America, Hewlett-Packard and Sino-Forest, the Wall Street Journal states. The performance early this year is related to the stocks selected by Paulson, which are expected to profit from the economic recovery.

The asset management firm Garnier Principal Investments has announced a partnership with the US secondary fund Saints Capital, to attack the French market and buy up LBO shares from banks, Les Echos reports. “In France, nearly EUR40bn are now invested in private equity, and a large part of that historically comes from banks and insurers. All of these have announced sales of assets and will be less active in the future. We are expecting at least 10% to 20% of this total to be sold on the market,” says Grégoire Revenu, CEO of Bryan Garnier. Saints Capital, which has been active for more than a decade in the US, manages about USD1.2bn in assets, and has made 50 deals to invest in more than 300 businesses. In France, Bryan Garnier and Saints Capital will make one or two deals a year for EUR100m, and a total of possibly up to EUR500m.

Vincent Gleyze, a specialist in quantitative management and head of Rivoli Finance, discusses the evolution of this type of management in 2011, and the development of his company this year. The firm's goals are ambitious: it is hoping, via various channels, to increase the presence of the asset management firm in France and in Europe, serving savings investors, and also to win over institutional investors.