Joseph Linhares, managing director, has announced that iShares is currently considering launching ETFs of equity and bond ETFs.The head of the firm for the Europe, Middle East and Africa (EMEA) region has revealed that the asset management firm is considering importing asset allocation solutions to Europe based on quantitative models, which would invest in ETFs without necessarily being ETFs themselves. iShares may also design products using fundamental methods, but that would probably pose both legal and industrial secrecy issues, related to timing disclosure of the composition of portfolios so as not to reveal the alpha signal too quickly. But this would be something near active management...However, Linhares is hostile to the notion of launching reverse and/or leveraged ETFs, which may be dangerous for retail investors, who find it difficult to understand the methodology and performance of these products over the long term.

The Liechtenstein private bank Frick has obtained permission from the British authorities to open an office in London, Agefi Switzerland reports. The bank is hoping to make it possible for British taxpayers to legalise their worldwide savings which are not subject to tax.

BlackRock has announced that Paul Tebbit has joined its UK Real Estate team as a director. He will take a leading role in the management of BlackRock’s strategic joint venture investments, as well as sourcing new opportunities for the UK Property Fund. He will report to Jeff Morton, head of investment and managing director in BlackRock’s Real Estate team. Most recently Paul Tebbit worked as a director for Telereal Trillium, which is part of the William Pears Group, and specialised in the origination of real estate and corporate investment opportunities, debt raising, valuation and transaction structuring.

Polar Capital has announced the appointment of Ton Tija, who will be in charge of launching a European Market Neutral strategy for the group. Tija will also contribute more generally to enriching the UCITS product range in the next few months. Tija previously worked at Ratio Asset Management, where he managed a European strategy. Polar Capital has also announced the launch of a long-only fund dedicated to US equities, which will be managed by two managers who arrived at the firm in August this year from Threadneedle, Andrew Holliman and Richard Wilson. The Polar Capital North American fund, which will be domiciled in Dublin as a UCITS fund, will be launched on 15 November.

Assets under management at Man Group as of 30 September totalled USD64.5bn, compared with USD69.1bn as of the end of March 2011, the group announced in its interim report on the half year to the end of September, on 3 November. The decline in assets reflects subscriptions of USD1bn, redemptions of USD2.5bn, negative market effect of USD1.4bn, and other movements totalling -USD1.7bn. Assets under management at AHL as of the end of September totalled USD24.4bn, compared with USD23.9bn as of the end of June, while GLG Alternatives had USD16.5bn, compared with USD20.2bn, long-only funds had USD10.9bn, compared with USD13.7bn, and the multi-management unit had USD12.7bn, compared with USD13.2bn. The group emphasizes that redemptions slowed in October, Assets under management totalled USD63.5bn as of 31 October 2011. Pre-tax profits in the six months to the end of September totalled USD154m, compared with USD115m in the half-year to the end of March 2011.

Ashmore Investment Management Limited, specialist manager of emerging market debt and equity securities, with assets under management of USD58.9 billion has announced the launch of the Ashmore SICAV Emerging Markets Global Equity Fund and the Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund, which further complement its existing SICAV fixed income funds. These two new SICAV funds bring the total of equity-focused Ashmore SICAV funds to three and complement the existing Ashmore SICAV Emerging Markets Fixed Income range of 13 funds, with a total of USD6.4bn of assets under management across all SICAVs. All Ashmore funds focus exclusively on emerging markets. The emerging markets fixed income strategies include external debt, local currency, local currency bond as well as corporate debt, blended debt (“total return”) and multi strategy investing. The Ashmore SICAV Emerging Markets Global Equity fund will invest in equities issued by corporates and quasi-sovereigns whereas the Ashmore SICAV Emerging Markets Global Small-Cap Equity fund will invest in equities issued by small-cap corporates with a market cap of up to USD2 billion and quasi-sovereigns. The funds will be managed by AshmoreEMM, a member of the Ashmore Group.

Ashmore, the London based emerging markets asset manager, has appointed Dominick Peasley as head of European third party distribution. Reporting directly to Christoph Hofmann, Ashmore’s global head of distribution, he is based at Ashmore’s London office and responsible for establishing key relationships with retail and wholesale distributors. Dominick Peasley joins Ashmore from Goldman Sachs Asset Management where he was an Executive Director, heading UK third party distribution. This recruitment is part of the ongoing effort to complement Ashmore’s predominantly institutional business. Approximately 87% of Ashmore’s assets under management (USD58.9bn) are from institutional investors from across the globe, including central banks, sovereign wealth funds, public and corporate pensions and insurance companies.

Skandia UK, an affiliate of Old Mutual Wealth Management, on 3 November announced that in the first nine months of this year, it registered net subscriptions of GBP1.8bn, 5% less than in the corresponding period of 2010, while net subscriptions to retail funds in the United Kingdom overall fell by 26%.Net subscriptions for the Skandia Investment Solutions platform increased 4% year on year, to GBP2.8bn.As of the end of September, total assets at Skandia UK came to GBP32.2bn, 5% less than at the end of December 2010, while the FTSE 100 index in the same period lost 13%.

Le fonds de dotation du Louvre (120 millions d’euros d’actifs) s’intéresse aux actions des marchés frontières. La fondation envisage également de modifier la répartition de ses actifs de 30 à 40 % d’actions. Nous réfléchissons à la meilleure façon d’investir dans les marchés émergents a déclaré le directeur du fonds de dotation, Thierry Brevet au site d’informations Mandatewire. Il affirme sa préférence pour l’investissement dans des entreprises implantées au sein des marchés émergents plutôt que les multinationales qui y sont exposées, en privilégiant l’investissement dans les moyennes entreprises. Mais identifier ce type d’investissement avec un quelconque degré d’incertitude s’avère compliqué ajoute-t-il. Le plus efficace à ce stade serait d’investir dans un fonds Monde, tout en surveillant la qualité des actions qu’il contient. Le fonds de dotation est déjà présent sur les marchés émergents de manière passive avec de la société de gestion BlackRock. Son directeur souhaiterait plus activement détenir des encours sur ces marchés. De plus, la fondation a élargit son horizon jusqu’en 2016 et a revu à la hausse la proportion d’actions dans son portefeuille, afin de passer de 30 à 40 %. Pour Thierry Brevet, une période plus longue autorise de prendre un peu plus de risques et permet ainsi de profiter d’actifs plus attractifs. En contrepartie, la part obligataire du portefeuille a été réduite du côté de la dette souveraine pour ne conserver que des encours d’excellente qualité. En septembre, la proportion de dette souveraine dans le portefeuille de la fondation était de plus de 35 %. L’allocation stratégique est désormais composée de 40 % d’actions (large et mid caps mondiales, small caps aux Etats-Unis en Europe et dans les pays émergents) et 60 % d’obligations (à taux fixe, les obligations gouvernementales étant indexées sur l’inflation en euros ou en obligations couvertes et les entreprises en euros ou couverts).

Emergence, le fonds d’incubation pour les sociétés de gestion, devrait être lancé officiellement fin novembre, rapporte L’Agefi Hebdo. Le fonds était quasiment prêt fin juillet pour un lancement en septembre. Toutefois, après l'été complexe traversée par la Bourse, ce n'était plus le moment, explique Alain Leclair, qui pilote le projet Emergence en tant que membre du comité de direction de Finance Innovation et président d’honneur de l’Association française de gestion financière (AFG). En plus de la Caisse des dépôts, qui a immédiatement manifesté son intérêt, plusieurs compagnies d’assurances et caisses de retraite vont également prendre part au projet. Nous avions initialement envisagé de lever 250 millions d’euros de capitaux mais nous allons nous lancer avec 100 millions, puis effectuer un deuxième appel début 2012, expose Alain Leclair.

The largest savings bank in Hamburg, Hamburger Sparkasse, or Haspa, has awarded an institutional fund administration mandate to BNY Mellon Service KAG, to monitor investment limits on assets of EUR1.4bn. The bank becomes the eighth German client to outsource its funds administration to the German affiliate of the BNY group.

Assets under management at the alternative management firm Och-Ziff Capital Management Group as of the end of September totalled USD28.8bn, compared with USD29.8bn as of 30 June 2011, and USD26.5bn as of the end of September 2010. Growth of USD2.3bn, or 9%, year on year reflects net inflows of USD1.6bn and performance-related appreciation of USD767.6m. Och-Ziff in third quarter earned profits of USD49.9m, compared with USD52.1m in third quarter 2010.

For third quarter 2011, Prudential Financial has announced net profits of USD1.5bn, compared with USD1.16bn in the corresponding period of last year. Operating profits for the asset management activity totalled USD123m, compared with USD148m in July-September 2010. Assets in the asset management division as of 30 September totalled USD599.4bn, up 16% (USD518.1bn) year on year. For the group as a whole, assets totalled USD871bn, compared with USD784bn as of the end of December, and USD750.1bn as of the end of September 2010.

Schroders has recruited two former employees of Axa Investment Managers for its sales teams based in Paris. Aurore Wannesson-Raynaud, who had previously been director, senior product specialist, fixed income at Axa IM, has been appointed as head of sales for institutional clients. She will report to Mustapha Bouheraoua, director of institutional clients at Schroders France. Thomas Strievi, who had served as product specialist at AXA IM in the Invesments Solutions division, becomes head of commercial distribution. He will report to Alexandre Gabus, director of distribution at Schroders France. The recruitments, which were expected, follow a reorganisation of the sales team at Schroders in Paris (see Newsmanagers of 27 April 2011).

PAI Partners on 3 November announced the arrival of Charles Bouaziz in the consumer goods activity based in Paris. He will oversee the Portfolio Performance Group, which is dedicated to optimising the operational performance of companies in the PAI portfolio. Bouaziz had previously been senior adviser to PAI for nearly a year. From 1991 to 2010, he was one of the major architects of growth at PepsiCo in Europe, where he began as head of the French franchise and eventually became CEO for western Europe.

Eaton Vance Management has announced the launch of a mutual fund investing in a wide range of asset classes. The Eaton Vance Multi-Strategy All Market Fund may invest in equities, bonds, and alternative investments, allocating the fund’s assets to portfolios from Eaton Vance. The product is managed by the Eaton Vance Customized Solutions Group team, which reports to Jeffrey Rawlins and Dan Strelow. Target volatility for the Eaton Vance Multi-Strategy All Market Fund is 4% to 14% per year, a statement adds.

La perspective d'une récession modérée en fin d'année a poussé la BCE à une baisse de 25 pb

La perspective d'une récession modérée en fin d'année a poussé la BCE à une baisse de 25 pb

Une dizaine de pays s'engagent à accroître leurs contributions. Les sherpas des chefs d'Etat planchaient toujours hier soir sur les moyens de l'EFSF

L'autorité bancaire européenne les encourage à réduire leur exposition souveraine. Les rendements italiens restent supérieurs à 6 %

Georges Papandréou, qui demande ce soir la confiance du parlement, est prêt à abandonner le projet contre un gouvernement d’union nationale.

La banque a massivement vendu ses positions, notamment en dette italienne, essuyant au passage plus de 800 millions d’euros de pertes en quatre mois. La baisse de son bilan lui coûtera par ailleurs au moins 750 millions de résultat brut en année pleine, dont les deux tiers en BFI.

Six députés italiens jusqu’ici fidèles à Silvio Berlusconi ont appelé dans une lettre à la formation d'un nouveau gouvernement

Georges Papandréou, qui se soumet ce soir à un vote de confiance, cherche à former un gouvernement d'union nationale avec l'opposition

Le nouveau plan quinquennal chinois va élargir le spectre des secteurs ciblés pour favoriser la constitution de « champions globaux »

L'Agence France Trésor a émis pour près de 7 milliards d'euros de titres hier à des rendements attractifs pour les investisseurs

La croissance du PIB chinois au quatrième trimestre pourrait ralentir à environ 8,8%, selon le China Securities Journal qui cite le directeur des prévisions économiques au centre d’information de l’Etat chinois, Fan Jianping. Ce dernier estime que l’enjeu est de trouver un équilibre entre la croissance et la maîtrise des prix.

Avec une baisse de 51% depuis le début de l’année, le hedge fund coté a pris la mesure du mal qui ronge son cours de Bourse. Il a fait part de sa décision de racheter 150 millions de dollars d’actions et a assuré que les rachats sont revenus à des niveaux normaux depuis octobre. Au troisième trimestre, ils ont atteint 7,3 milliards de dollars. Sur le premier semestre, le bénéfice avant impôts est tombé à 195 millions de dollars, contre 227 millions un an plus tôt.

Au 30 juin, les encours gérés des Perco atteignaient 4,8 milliards d’euros. Plus de 890.000 salariés ont déjà effectué des versements, soit une progression de 30 % sur 6 mois et 40 % sur un an, selon un communiqué de l’AFG. Du 1er janvier au 30 juin, les flux d’alimentation se sont élevés à 807 millions d’euros, ce qui marque une progression de 21 % par rapport à la même période de 2010.

Les autorités européennes n’ont pas encore réclamé à Nyse Euronext et à Deutsche Börse des concessions que les intéressés jugeraient inacceptables pour pouvoir sceller leur fusion, selon Duncan Niederauer, le directeur général de Nyse Euronext. Les deux opérateurs ont jusqu’au 17 novembre pour faire des propositions de compromis. Nyse Euronext a fait état d’un bénéfice trimestriel de 186 millions de dollars, en hausse de 54%.