Au 5 septembre, Ossiam, le nouveau gestionnaire d’ETF filiale de Natixis global Asset Management, affichait déjà, malgré les turbulences actuelles des Bourses, près de 186 millions d’euros d’encours. Sur ce total, environ 110 millions d’euros sont allés aux produits long-only «minimum variance» (minvar) censés minimiser les risques en réduisant considérablement la volatilité, le reliquat se portant sur des fonds répliquant des indices equipondérés qui lissent les expositions sectorielles et atténuent la prédominance des grandes capitalisations caractéristiques des indices fondés sur les capitalisations.En marge d’une présentation chez Euronext, Isabelle Bourcier, directeur du développement, a indiqué mardi soir à Newsmanagers que d’autres ETF sont d’ores et déjà en préparation ou en phase d’agrément aussi bien dans la filière «minvar» sur des variantes d’indices réclamées par la clientèle que dans celle des fonds sur des indices équipondérés concernant d’autres zones géographiques. Ossiam prévoit aussi d’appliquer ses indices intelligents au monde obligataire en lançant un ou des produits vers la fin de cette année ou début 2012.

Groupama Asset Management vient d’annoncer un «partenariat stratégique» avec DPA Invest, une petite société de gestion française spécialisée dans la gestion dynamique de l’allocation d’actifs. Concrètement, la filiale de l’assureur français va reprendre la gestion du fonds de la boutique, DPA Gestion Privée, qui n’affiche qu’une dizaine de millions d’euros d’encours au compteur. Un dossier a été déposé à l’Autorité des marchés financiers (AMF) à cet effet. Le produit continuera à être géré par DPA Invest, à qui sa gestion sera déléguée. Mais il sera intégré dans l’offre de Groupama AM et devrait d’ailleurs être renommé Groupama Risque Premium, sous réserve de l’agrément du régulateur. Les quatre membres de la petite structure, dont Thierry Pujol et Olivier Davanne, respectivement président et directeur général, rejoindront également les locaux de Groupama AM. Le partenariat s’arrête là puisqu’il n’implique pas de prise de participation de Groupama AM au capital de DPA Invest, détenue à 100 % par ses dirigeants. Et la société reste autonome et indépendante. Mais rien n’est exclu dans un avenir proche ou lointain, indique Jean-Marie Catala, directeur du développement chez Groupama AM, interrogé par NewsManagers : «l’histoire nous dira si ce partenariat nous emmène plus loin».En attendant, même s’il n’en est pas une, ce partenariat ressemble à une prise de contrôle, d’autant que DPA Invest va travailler en exclusivité pour Groupama AM. Son activité de conseil, qui constituait le gros de son chiffre d’affaires, a été abandonnée. De plus, sans parler de nécessité absolue, les deux parties ont reconnu que la petite structure française avait besoin d’un partenaire pour se développer commercialement. C’est en tout cas le premier accord de ce genre en gestion financière pour Groupama AM, mais ce pourrait bien ne pas être le dernier. «Avec 90 milliards d’euros d’actifs, nous ne pouvons pas être partout», explique Jean-Marie Catala. Et parmi les autres domaines dans lesquels Groupama AM souhaiterait se développer figurent les marchés émergents, aussi bien les obligations que les actions, le high yield européen, la thématique inflation et la gestion sous contrainte de passif (LDI).

Le gérant du fonds European Growth (641 millions de livres d’actifs) de Royal London Asset Management (RLAM), Kevin Lilley, va rejoindre Old Mutual Asset Management (OMAM).Kevin Lilley devrait prendre ses fonctions le mois prochain. Il va piloter le fonds d’actions européennes (European Equity fund) dont les actifs sous gestion s'élèvent à 71 millions de livres. Kevin Lilley, qui pratique une gestion de conviction, devrait également aider le groupe à développer son offre de fonds d’actions. Le fonds European Growth, que Kevin Lilley gère depuis juillet 2001, a dégagé un rendement annualisé de 5% sur dix ans. Sur la même période, le European Equity fund, lancé en 1998, a réalisé une performance annualisée de 4,4%.

Le groupe Amundi a annoncé, mardi 6 septembre, le lancement d’une nouvelle série de huit ETF sur le marché britannique, ce qui porte à quarante-et-un le nombre total de produits de la maison disponibles sur le London Stock Exchange (« LSE »). Dans le détail, sept produits, indexés sur les indices MSCI, offrent des expositions aux marchés émergents différentes dont certains à un seul marché tandis que d’autres se calent sur des régions émergentes et qu’un dernier ETF a pour exposition les marchés émergents mondiaux. Ainsi, l’offre est composée de : - Amundi ETF MSCI Brazil , Amundi ETF MSCI China et Amundi ETF MSCI India qui permettent aux investisseurs de s’exposer aux indices composés de titres phares dans ces trois pays. Ces ETF sont offerts avec un total frais sur encours (TFE) de 0,55 %. - Amundi ETF MSCI EM Asia, Amundi ETF MSCI EM Latin America et Amundi ETF MSCI Eastern Europe ex Russia qui offrent une exposition aux principales régions à travers le monde. Ces trois ETF sont proposés avec un TFE de 0,45 %.- Amundi ETF MSCI Emerging Markets qui vise à répliquer la performance de son indice de référence, le MSCI Emerging Markets. Cet ETF permet de s’exposer à près de 20 pays émergents et couvre environ 85% de la capitalisation boursière de chaque pays. Son TFE est de 0,45 %. D’autre part, Amundi ETF lance Amundi ETF Real Estate REIT IEIF, qui donne une exposition au marché immobilier européen en ayant pour objectif de répliquer l’évolution de l’indice Euronext IEIF REIT Europe. Cet indice est composé d’un panier de près de 25 valeurs liquides foncières européennes cotées ayant opté pour le régime REIT (Real Estate Investment Trust). Les caractéristiques des ETF peuvent être consultées en cliquant sur le lien : www.amundietf.com .

Gareth Lewis a été recruté comme head of investment management chez Bestinvest, rapporte Fundweb. L’intéressé était head of investment management chez UBS pour le Royaume-Uni.Cela posé, Graham Frost a signé le 6 septembre son «Market Update» en tant que CIO de Bestinvest.

Le groupe de capital-investissement britannique 3i, dont l’action vient d'être radiée du Footsie, souffre de la désaffection des marchés pour toutes les valeurs financières, mais se tient moins bien que ses pairs, rapporte Les Echos. Certains analystes estiment néanmoins la baisse du cours exagérée.

EFG Asset Management (EFGAM) UK a officiellement ouvert ses portes le 6 septembre. Il s’agit de la nouvelle filiale d’EFG International dont le CIO, Moz Afzal, basé à Londres, est également le CEO, rapporte Fundweb.

Marco Strimer reprendra la direction des opérations de la Banque Sarasin & Cie SA à compter du 1er novembre, a annoncé la société le 6 septembre dans un communiqué. Il était précédemment le CEO de SIX x-clear SA. Marco Strimer succède à Julius Zuercher, qui prendra sa retraite à la fin 2011 après 44 ans d’activité dans le secteur bancaire, dont douze à la Banque Sarasin.

Compared with the most recent official statistics from the BVI association of asset managers, for June, German equity funds saw a decline in August of more than 20% in their assets. Assets under management have also declined for other asset classes. On the basis of average commissions, experts at the Kommalpha agency in Hanover estimate that fund “producers” have seen an arithmetic loss in their revenues of EUR500m in annualised terms, due to the turbulence on the financial markets. This loss will aggravate pressure on asset managers which in the recent years have undergone a noticeable erosion of their margins and a deterioration in their profit situation.In first half, total assets in funds in Germany (including institutional funds, or Spezialfonds), increased by EUR5.01bn, to a total of EUR1.52753trn. Assets under management in Spezialfonds increased by EUR20.18bn in six months, to EUR832.66bn. Overall, funds have seen net subscriptions of EUR13.33bn (but Spezialfonds have attracted EUR16.95bn), while market effects have been negative overall by EUR8.32bn (though the figure was positive by EUR3.23bn for Spezialfonds).Kommalpha also observes that professional and institutional investors are currently tending to withdraw from open-ended funds, or to partially trade these in favour of ETFs. However, retail investors are more radical in their decisions: as in the period from 2008 to 2009, many of these investors are tending to completely withdraw from funds. In the last crisis, the asset management sector lost 1.3 million retail clients.

Franklin Templeton Investments controls 2% of the Italian asset management firm Azimut Holding, within its asset management activities, Bluerating reports, citing the Italian market regulator, Consob.

Finance and utilities were the most sought-after sectors for sovereign wealth funds (SWFs) in first half. According to statistics from the SWF Institute, sovereign funds invested USD7.09bn in the financial sector between January and June 2011, and USD3.13bn in utilities.The countries which have attracted the most investment from sovereign funds since the beginning of the year were Spain, with a total of USD8.41bn, followed by France (USD6.76bn), China (USD6.61bn), and the United Kingdom (Usd6.25bn). The United States, Brazil and Canada were also popular destinations for sovereign funds, but for smaller investments.Sovereign wealth funds have also increased their investments in real estate.

A group of institutional investors representing about USD1.3trn in assets on 6 September announced the launch of Principles for Responsible Investment for agriculture, entitled “Farmland Principles,” with the objective of improving sustainable development, transparency and accountability aspects of investments in agriculture. The principles have been developed and adopted by several major institutions, including the Swedish fund AP2, the Netherlands’ ABP and APG, the Danish ATP, the British BT Pension Scheme and Hermes EOS, the Dutch PGGM, and the American TIAA-CREF, all of which are signatories to the United Nations Principles for Responsible Investment (UN-PRI).

Marco Strimer will take over as chief operations officer at Banque Sarasin & Cie SA from 1 November, the firm announced in a statement on 6 September. Strimer had previously been CEO of SIX x-clear SA. Strimer succeeds Julius Zuercher, who will be retiring in late 2011 after 44 years of activity in the banking sector, including twelve years at Banque Sarasin.

Henderson Global Investors (HGI) now has a seven-member sales team in Frankfurt, to serve the German market and to sell products of the Henderson and Gartmore brands, Das Investment reports.The Frankfurt office will be led by Lars Albert, director of distribution, who worked at HGI from 2004 and 2006, and who returned to the firm in January 2010 after a period at SEB Asset Management. Albert will be assisted by Daniela Brogt, who until October 2008 worked at Gartmore Investment (which has since been acquired by Henderson), before joining the sales team at Aviva Investors in Germany.Alexander van den Berg was recruited in July 2010 as head of wealth management clients, funds of funds, and independent financial advisers; he had previously served in the wholesale distribution service at SEB Asset Management.The three heads of sales will be assisted in client relationships by four sales staff.

Carlos Aparicio Belmonte, who is responsible for trading and account management for the UK and Spain at CMC Markets in London, is joining the sales team of Massachusetts Financial Services (MFS) as senior salesperson for Spain and Portugal, Funds People reports. He will report to Juan Martín, director of sales for two countries, and since 2005, director of the Madrid branch. All MFS funds have a sales license for Spain from the CNMV.

Hermes BPK Partners, the alternative management advising boutique from Hermes, on 5 September announced plans to contribute seed capital and to assist candidates to create activities in the hedge fund sector, once the climate appears to have improved for start-ups. The specialised unit of Hermes will aim to identify and provide strategic and financial assistance to new players in the industry via an established platform, in partnership with Northern Lights Capital Group. Assets under management at Hermes BPK Partners as of 30 June totalled USD1.6bn.

M&G on 6 September announced the appointment of Adrien Barbanchon as co-head of distribution in its Paris team. He joins the team dedicated to intermediated sales (platforms, IFAs, etc), which consists of Benjamin de Frouville and Agathe Proust. Before joining M&G Investments, Barbanchon, 30, spent four years in the sales and distribution team at Edmond de Rothschild Asset Management. He has also served in sales roles at Schroders and ACI-Financement.

As of 5 September, Ossiam, the new ETF boutique from Natixis Global Asset Management, already had nearly EUR186m in assets, despite the current market turbulence. Of this total, about EUR110m have gone to minimum variance (“minvar”) products, which aim to minimise risks by considerably reducing volatility, while the remainder went to funds which replicate equal-weight indices which aim to even out sectoral exposures and to reduce the predominance of large caps which characterises indices based on market cap.At a presentation at Euronext, Isabelle Bourcier, head of business development, on Tuesday evening told Newsmanagers that other ETFs are now in preparation or in a license application phase. These include both minvar funds based on variants of indices in demand by clients, and funds based on equal-weight indices for other geographical regions. Ossiam is also planning to create funds on smart indices for the world of bonds, with the launch of one or more products late this year or early in 2012.

Groupama Asset Management has announced a strategic partnership with DPA Invest, a small French asset manager specialised in dynamic asset allocation management. The affiliate of the French insurer will take over management of the fund from the boutique, DPA Gestion Privée, which has only EUR10m in assets under management. An application for this change has been submitted to the French financial market regulator, the Autorité des marchés financiers (AMF). The product will continue to be managed by DPA Invest, under a management outsourcing contract, but it will be integrated into the product range from Groupama AM, and will now become known as Groupama Risque Premium, pending approval from the regulator. The four members of the small company, including Thierry Pujol and Olivier Davanne, president and CEO, respectively, will join local teams at Groupama AM.The partnership will not involve any acquisition by Groupama AM of a stake in the capital of DPA Invest, which is 100% owned by its management. The firm will remain autonomous and independent, though nothing has been ruled out in the near or more distant future, Jean-Marie Catala, head of business development at Groupama AM, tells Newsmanagers. “Time will tell whether this partnership will lead us further,” he says.Meanwhile, although it is not an acquisition, the partnership looks like one, as DPA Invest will work exclusively with Groupama AM. Its advising activities, which accounted for most of its earnings, have been abandoned. In addition, though there has been no talk of absolute necessity, both parties have admitted that the small French company needed a partner in order to develop commercially.The move marks the first agreement of its kind in asset management for Groupama AM, but it may not be the last. “With EUR90bn in assets, we can’t be everywhere,” explains Catala. And among the other areas in which Groupama AM would like to develop are emerging markets, in bonds as well as equities, Euorpean high yield, the theme of inflation, and liability-driven investment (LDI).

Hedge fund managers are now extremely pessimistic about US equities. According to the most recent survey from BarclayHedge/Trim Tabs Investment Research, pessimistic outlooks on the part of hedge fund managers about the evolution of the S&P 500 rose to 42% in the month of August, compared with 27% in July. Only 27% of managers now predict that the market will rise, compared with 43% one month earlier. This is a highly marked evolution month on month, which is probably related to two factors: on the one hand, the S&P 500 fell by 16.8% between 22 July and 8 August, and on the other hand, the Federal Reserve announced on 9 August that it will be maintaining its low interest rate policy until mid-2013, due to less encouraging economic outlooks. In terms of the evolution of the US dollar, managers have become slightly more pessimistic in August, with an increase in pessimistic opinions to 34% in August, from 30% in July, while only 24% of managers have an optimistic outlook, compared with 33% previously. Managers also remain pessimistic about long-term interest rates, with 32% pessimistic compared with 15% optimistic.

The OFI group on 6 September announced the creation of an affiliate dedicated to independent financial advisers (IFAs), OFI Premium, which will offer wealth management professionals the full range of products and services from the group, via dedicated and personalised solutions. Annie Riaud, director of development at OFI Premium, says that “IFAs have become undeniably powerful actors in savings in France. That’s the reason we wanted to create a structure dedicated to them, which offers products, advice and personalised solutions. IFAs will receive an adapted and reactive service.” The range from OFI Premium will rely on all the expertise of the group: collective management, asset allcoation advising, mandated management, special products, and associated services. In order to assist IFAs in their considerations and investment choices, IFO Premium makes analysis and research available, via specific tools: newsletters, whose titles translate as “Between Us,” “Product Info,” and “Flash VL Weekly,” as well as training, events in cooperation with platforms, iPhone and iPad apps, and a new website. OFI Premium has a team of 10 people. The range of offerings from OFI Premium will be unveiled at the Patrimonia convention at the end of September in Lyon.

Chuck Baldiswieler, president and CO of TCW Funds, and director of MetWestFunds (Société Générale and Amundi), has announced that the MetWest Total Return Bond Fund topped USD15bn in assets in August (and has thus more than doubled in size since the acquisition of MetWest by TCW two years ago), and that the TCW Emerging Markets Income Fund has nearly reached USD3bn in assets under management, Mutual Fund Wire reports.Overall, the two asset managers have posted net subscriptions since the beginning of the year of USD4.6bn, which will allow them to recruit for the sales team.

The US private equity firm Carlyle on 6 September resolved to submit an application to the SEC, as part of plans that have been under consideration for several months, to offer its shares on the New York Stock Exchange, where it would join its major rivals KKR and Blackstone, Les Echos reports. Carlyle is planning to issue USD1bn in shares, even though several planned IPOs on NYSE totalling USD3.4bn have had to be revised in the past three months, Bloomberg reports.

The banking group Bank of America, which is facing major difficulties, on 6 September announced a reshuffle of its management team, with the appointment of two new chief operations officers, David Darnell and Tom Montag, both internal promotions. Meanwhile, the current head of the banking services to individual and small business clients division, Joe Price, and the head of the wealth management and investment divisions, Sallie Krawcheck, a Wall Street star, will be “leaving the firm” the establishment says in a statement. The bank says the most aims to “align the operational units of the business with its three major groups of clients: individuals, businesses, and institutional investors.” Darnell becomes head of the divisions in charge of individual clients, while Montag will oversee the divisions in charge of medium to large businesses and institutional investors. The move marks “an important step in the transformation” of the business, says chairman and CEO Brian Moynihan, cited in a statement. “Removing a level in operations management” and “simplifying the organisation” will allow for “a significant reduction in costs,” among other measures, Bank of America states.

Moudy El Khodr, who had been one of the high dividend strategy managers at ING Investment Managers, has joined the Belgian asset management firm Petercam. He will dedicate himself to the dividend strategy in the institutional management team, with Olivier Hertoghe, who has been manager of the Petercam Equities Europe Dividend fund since its launch, and Kris Hermie, who joined the team in December 2010.At Petercam, El Khodr will manage a dividend fund dedicated to the United States, the US Dividend, which will soon be launched. In reality, the fund is the former North American Equities fund, which will be reconverted. The fund currently has assets of EUR15m, and comes as an addition to a range which already includes two funds, the Petercam Equities Europe Dividend, focused on Europe, with a total of EUR350m in assets as of the end of August, and the Petercam Real Estate Europe Dividend, focused on the European real estate sector, with EUR73m in assets. The family of products, logically enough, is expected to be complemented in the near future by a global dividend fund.The product range from Petercam will also gain a wealth-management fund, launched in early 2011, which will be released for sale in a year’s time. The Petercam L Patrimonial fund, managed by Maarten Geerdink, formerly of Brevan Howard, is currently in a testing phase, with EUR25m in seed capital from the Petercam private bank.The Brussels-based manager also states that in May it recruited an eleventh equities analyst. Bert Talloen becomes a buy-side analyst for the insurance and diversified financials segments (including asset management). He had previously been a financial analyst at Dexia AM.Lastly, the Belgian firm has signed up to the UN-PRI, and to the Eurosif principles for sustainable equity and government bond funds.Additions to sales forceIn sales, Petercam is also scaling up its teams. The Belgian asset manager now has two people in charge of responding to RFPs: Jurgen Vluijmans, Head of RFP & Communications joined last month, and Aurore Goethals, who was recruited earlier this year.Two sales staff have also recently been recruited: Amparo Ruiz Campo, who will work in Madrid with the support of the head of Spain, Brussels-based Tomás Murillo (who also covers the Belgian market), and Thomas Meyer, who will handle the German market from Frankfurt, as a support to Bernard Jans.Eventually, Petercam is planning to recruit two local employees for sales in Italy, where it plans to open an office, as it has planned for Spain and Germany. In addition, the Belgian asset manager is planning to recruit in Switzerland, where the group is already present via its private bank.

The wealth management unit of the Royal Bank of Canada, RBC Wealth Management, has appointed Hilary May as head of its Singapore arm, RBC Trust Company Singapore, which recived a license in July this year, Asian Investor reports. RBC Wealth Management, which has assets under administration of CAD575bn, and assets under management of over CAD300bn, is planning other senior recruitments in emerging markets.

After nearly a year in soft closing, subscriptions to the European High Yield Bond Fund, a sub-fund of the Luxembourg Sicav Nordea 1, were reopened on 5 September. Officially, the fund (LU0141799097), with EUR1.15bn in assets, is now no longer constrained by its size, due to the enlargement of the European high yield bond market due to a record number of issues. In practice, it also appears that assets have somewhat declined, which leaves more room for the fund to accept new subscriptions.Nordea observes that concerns about the solvency of some Western countries, and anticipation of a slowdown in global growth have provoked a sharp increase in spreads on the high yield bond market. The external management team, led by Henrik Østergaard, points out that in August, the Option Adjusted Spread (OAS) widened by 237 basis points, to 852 points. This spread level theoretically makes it possible to offset a default rate of over 10%, though the default rate is currently only 2%.

Gareth Lewis has been recruited as head of investment management at Bestinvest, Fundweb reports. Lewis had been head of investment management for the United Kingdom at UBS. Meanwhile, Graham Frost on 6 September signed his “Market Update” as CIO of Bestinvest.

The British private equity group 3i has been punished by the market’s disaffection with all financial sector shares, but is doing worse than its counterparts, Les Echos reports. Some analysts estimate that the drop in its share price is exaggerated, however.

EFG Asset Management (EFGAM) UK officially opened for business on 6 September. It is a new affiliate of EFG International, whose CIO, Moz Afzal, based in London, is also CEO, Fundweb reports.