Le cabinet allemand de conseil en investissements durables versiko a annoncé que sa filiale luxembourgeoise de gestion de fonds, ökoworld Lux, a recruté le 1er novembre Tobias Geyer comme analyste des marchés financiers spécialiste des marchés émergents. Il rejoint l'équipe formée par les gérants de portefeuille Alexander Funk et Felix Schnella, après avoir été analyste buy side spécialiste des marchés émergents chez Deka Investment et Cominvest Asset Management.Les compétences du nouvel arrivant seront mises à contribution pour les fonds ökovision Classic, ökovision Europe, ökovision Grant 20, ökoworld Klima et ökoworld Water for Life.Tobias Geyer est subordonné directement à Alfred Platow, président et fondateur d'ökoworld Lux.

p { margin-bottom: 0.08in; } The German sustainable investment consulting firm versiko has announced that its Luxembourg fund management affiliate, ökoworld Lux, on 1 November recruited Tobias Geyer as a financial market analyst specialised in emerging markets. He joins the team formed by portfolio managers Alexander Fund and Felix Schnella, after serving as a buy side analyst specialised in emerging markets at Deka Investment and Cominvest Asset Management.Geyer’s expertise will be put to use for the ökovision Classic, ökovision Europe, ökovision Grant 20, ökoworld Klima and ökoworld Water for Life funds.Geyer will report directly to Alfred Platow, chairman and founder of ökoworld Lux.

p { margin-bottom: 0.08in; } On 23 December, BS Gestión launched the Spanish fund Global Value Selection (ES0142338005), a bond product with no benchmark index which was registered with the CNMV on 30 December. The fund may invest up to 100% in investment funds. Management commission is 0.9%, and performance commission is 9%. The fund is advised by GBS Finanzas Investcapital.

p { margin-bottom: 0.08in; } Funds People reports that Renta 4 has launched the hedge fund SwingTrading KA’U Value, managed by KA’U Gestión de Activos, on the Spanish market. The fund charges fees of 1.5%, and a performance commission of 10%.The management team will aim for returns 1,000 basis points higher than the Euribor 12 month, with total volatility of 6% to 9%.The fund, specialised in equities, will invest in CFDs on 5 to 30 underlying shares from the Dax 30, Euro Stoxx 50, and/or Ibex 35 indices. It may also invest part of its assets in investment funds, particularly value style funds.Minimal subscription is set at EUR50,000.

p { margin-bottom: 0.08in; } In the two years to the end of November, the number of Spanish funds fell to 2,473 from 2,941, a contraction of 15.91%, the CNMV reports.The process slowed down in 2010, however, with a decline of 4.6% in the first eleven months of the year, compared with 11.8% between the end of November 2008 and the end of December 2009.For the most part, rationalisation of product ranges involved mergers of similar products. The largest decline was 50.3% to 251 “global” funds.

p { margin-bottom: 0.08in; } On 30 December, the CNMV granted a sales license for Spain to the British fund M&G European Inflation Linked Corporate Bond Fund (EUR A class, GB00B3VQKJ62; EUR C class, GB00B41DM324), a product focused on European inflation linked bonds. The product will be available from Allfunds Bank.

p { margin-bottom: 0.08in; } The investment bank arm of J.P. Morgan Chase has registered the absolute return convertible fund JP Morgan Mansart Investment CQS Convertible Alpha, which received a license from the Irish regulator nine months ago (see Newsmanagers of 2 April 2010), with the CNMV. The fund offers daily liquidity and complies with the UCITS III directive, and its assets total about EUR125m.

p { margin-bottom: 0.08in; } Once again in 2010, investment funds were sacrificed by Spanish banks and savings banks, which dedicated their sales efforts to capturing savings, to the detriment even of the management firms owned by them, in a phenomenon known as the “deposit war.”On Monday, Ahorro Corporación (savings banks) and the Inverco association of Spanish asset management firms both announced that assets last year fell 14.7% to EUR145.2bn, according to the former, and EUR138.64bn, according to the latter. This is relatively coherent with the decline of 15.35% to EUR144.54bn announced by VDOS Stochastics as of 24 December (see Newsmanagers of 3 January).Ahorro Corporación states that since 2007, when assets were at their highest level (EUR250bn), assets under management have fallen nearly 42%, while Inverco estimates that the contraction totals EUR115bn since the end of 2006.

p { margin-bottom: 0.08in; } A new third-party marketing (TPM) firm has been founded in Paris. Following the launch of Aloha Finance by BlackRock veterans, it is now the turn of Alain Cuenot to crate his own firm, entitled Dream Team Finance. Cuenot, previously director of external distribution at Finance SA, and previously employed at Convictions AM, Axa, Aviva, JPMorgan Fleming AM, and the Compagnie Financière Edmond de Rothschild, will offer his services to asset management firms and life insurance companies to assist in their commercial development. “In a word, it will be an outsourced sales/marketing team,” a statement says. His first clients will include Finance SA and Lutetia Capital.

p { margin-bottom: 0.08in; } The Stoxx600 Banks index, which includes 53 European banking sector shares, lost 11.57% in 2010, Les Echos reports. It has underperformed nearly all the European indices, including the Euro Stoxx50, which lost 5.81% in 2010. Regulatory reforms and exposure to debt from some governments weighed down the sector. In an interview with the newspaper, Marie-Pierre Peillon, director of financial analysis at Groupama AM, says the banking sector “appears really inexpensive compared with its historic multiples. But when you look more closely at the fundamentals, there are still a lot of unknown quantities. Most of all, the sector is not highly transparent. Despite the size of annual reports, information is released in such a way that it is incomprehensible. This sector is likely to inspire investor scepticism.”

p { margin-bottom: 0.08in; } The French asset management firm Convictions AM on 3 January announced the recruitment of Yohan Kadri-Caillaux as portfolio manager. In his new role, Kadri-Caillaux will be in charge of management of portfolios and mandates in the private management team. Kadri-Caillaux was previously managing partner of the wealth management firm H Capital Portfolio Management (2007-2009).

Equities funds dedicated to emerging markets attracted a record net total last year of slightly over USD92bn, compared with USD83.29bn the previous year, according to statistics from EPFR Global. In fourth quarter alone, net inflows to emerging markets equities totalled about USD39.6bn.Among the various categories, equities funds dedicated to frontier markets posted record net inflows of USD2.65bn, while the previous year they saw a slight outflow (USD216m). However, BRIC funds attracted a total of USD1.02bn, compared with USD5.63bn the previous year.Interest in African funds, which with net inflows of USD1.14bn, compared with outflows of USD66m in 2009, are an illustration of a trend toward higher-risk markets.Equities funds in developed markets registered a net outflow of USD62.36bn, compared with outflows of USD73.97bn in 2009. European funds, undermined by the debt crisis, underwent net outflows of USD22.1bn in 2010, where they had seen net inflows of USD1.24bn the previous year.In sector terms, commodities funds attracted a good part of inflows, with a total of USD29.44bn for the year, compared with USD19.94bn in 2009. Funds dedicated to consumer goods and real estate also did well, with inflows of USD3.21bn and USD7.02bn, respectively. Despite concerns related to Irish, Spanish, Greek and Portuguese government debt, funds dedicated to financials came back with strong inflows in fourth quarter to finish the year in positive territory, with a total of USD2.19bn, compared with outflows of USD1.16bn in 2009.Despite outflows in the final weeks of the year, bond funds finished the year with record inflows of USD372.45bn in 2010, following Usd302.64bn in 2009. High yield bonds attracted USD30.19bn, following USD31.78bn in 2009, and international bonds attracted USD110.73bn, compared with USD27.38bn in 2009.Money market funds had their second consecutive year of massive outflows, totalling USD485.13bn, compared with USD512.75bn in 2009.

p { margin-bottom: 0.08in; } Carlo Gentili, deputy director of Nextam Partners, says there is no place for small independent asset management firms in Assogestioni, the Italian association of asset management professionals, Plus 24 reports. “Assogestioni should be a technical association which helps us with more complex issues. It should provide us with assistance and advice on standardising practices and usage across the sector. All of that is missing,” he says.

p { margin-bottom: 0.08in; } In the first 10 months of 2010, net subscriptions to ETFs in the German market declined to EUR6.8bn, compared with EUR10.4bn in the year 2009 as a whole, and EUR20.2bn in 2008 overall, the Kommalpha agency reports. Still, the number of ETFs listed in Germany has continued to increase at a constant pace of about 40% per year. In other words, ETF product offerings are increasing faster than the proportion of assets in open-ended funds these products represent (which currently comes to about 8.6%, with assets of EUR59.7bn).The Hanover-based specialists also observe that actively-managed funds in January-October of last year saw net subscriptions of EUR14.8bn, twice the volume of ETF subscriptions. In plain words, if their net inflows continue to decline, ETF promoters will have to compete doggedly with active management firms.However, the trend for passively-managed products has not yet reached all asset classes, which offers good potential for ETF managers. Among the specialists who are not yet fully covered by ETFs are eastern European equities, global equities, and east Asian equities, including Japan, as well as corporate bonds, global mid-range maturity bond funds, and emerging market bond funds. In these categories, the proportion of ETFs as a part of total assets is below 5%, except for eastern European equities (8.8%) and corporate bonds (5.1%).In contrast, penetration is very high for emerging market equities funds (41.4%), North American equities funds (35.8%), and German equities funds (24.7%), and also for Euro-denominated long-term bond funds (20.1%).

p { margin-bottom: 0.08in; } Handelsblatt has published a profile of Wolfgang Matis, who has now become head of DWS not only for Germany, but for the entire world, with assets of EUR274bn.The new top man at DWS is unknown to the wider public, but among specialists, he has a reputation as a professional who knows capital markets thoroughly.With his new powers, Matis will be expected to drive DWS’ international expansion, as in Germany, where the market is already «distributed», the largest provider is deemed to lose ground to the savings banks and co-operative banks, which have competitive rival networks.Matis’ other strength is that he is an investment banker, while Deutsche Bank is planning to bring its portfolio managers and investment bank nearer together, as managers increasingly use derivatives which can only be found at the investment bank.

p { margin-bottom: 0.08in; } Horst Eich, the former CEO of Allianz Global Investors Deutschland from the beginning of 2007 to September 2009 (alongside Thomas Wieseman), a position in which he was replaced by James Dilworth (formerly of Morgan Stanley; see Newsmanagers of 28 September 2009), and who has since then been CEO of Allianz Global Investors Product Solutions, while remaining co-CEO of Allianz Global Investors (AGI), resigned from his positions and left the group at the end of 2010, “in complete understanding with the directors of Allianz.” AGI has global assets of EUR1.425trn, of which EUR400bn are in Europe; in Germany, it manages EUR358bn.

p { margin-bottom: 0.08in; } Les Echos reports that the largest bank in the United States, Bank of America, has paid USD2.62bn to the two public real estate mortgage organisms, Freddie Mac and Fannie Mae, which accuses the bank of selling them high-risk debts via its affiliate Countrywide Financial. The settlement, which will require BofA to write down USD2bn on its books for fourth quarter, does not settle other, separate private suits.

The New York State Supreme Court has approved the first payment to investors in the Ariel Fund Limited, which was previously managed by J. Ezra Merkin and has been tied to Bernard Madoff’s investment vehicle, according to The Wall Street Journal.The cash distribution, totalling USD167 million, was paid by the end of 2010 to investors who suffered losses through the fund.

p { margin-bottom: 0.08in; } The California pension fund CalPERS on 3 January announced that at the end of 2010 it transferred its real estate portfolio National Office Partners (NOP) from Hines to CommonWealth Partners. The portfolio, with nearly USD1bn in assets (USD998m), includes more than 5 million square metres of office space in all major US cities. Its transfer comes as part of a redeployment policy for CalPERS’ real estate investments. The Californian fund will continue to collaborate with Hines in the United States in sustainable real estate, and also in other countries via other partnerships, particularly in Latin America (Brazil).

p { margin-bottom: 0.08in; } Agefi reports that, according to several documents relayed by Reuters, BNP Paribas Investment Partners has begun restructuring two funds of hedge funds based in Luxembourg, following “significant” redemption demands. While the “Opportunity” and “Serenity” funds are aimed at a recommended investment horizon of four years, and annual returns of Libor +6% and Libor +3% on a three-year horizon, respectively, as of the end of November they had lost 5.75% and 1.9% since the beginning of 2010. As Le Canard Enchaîné reported last week, BNP Paribas IP has decided to freeze the two funds, in a move which it claims is technical and administrative, and which the firm says has no connection to the redemption demands. The bank says the funds are still in a condition of adequate liquidity. In a message dated 8 December, BNP Paribas IP informed its clients that the two funds concerned are being transferred from Fauchier Partners, an affiliate controlled at 50%, to Harewood Asset Management, a firm which is wholly owned by BNP Paribas. The move is intended to “modify liquidity conditions” for the funds, the message says.

p { margin-bottom: 0.08in; } With the assistance of the Luxembourg firm Axxion, the Nuremberg-based wealth management firm Catus on 22 November added to its Infinus range of profiled funds (Relaxed, Balanced and Dynamic, see Newsmanagers of 4 September 2009), with a sustainable development wealth management product, the Infinus – ecoConsort Fund.The product was granted a sales license for Germany by BaFin in late 2010. It is managed by Manfred Wiegel and Ernst Rudolf. The fund, with no benchmark index, may in case of need increase its exposure to cash to the detriment of equities. A risk budget defines the maximal tolerable loss in advance, though the goal is to generate stable returns over a longer period, and to avoid the usual high fluctuations of sustainable development funds, which may result from overly high specialisation.CharacteristicsName: Infinus – ecoConsort FundISIN code: LU0548331643currency of reference: euroFront-end fee: maximum 5%Management commission: up to 1.90%Minimal subscription: EUR500

p { margin-bottom: 0.08in; } The Hamburg-based management firm Hansainvest, an affiliate of the insurer Signal-Iduna, on 30 December 2010 launched the German-registered UCITS-compliant fund Hansawerte, which will specialise in precious metals. Its benchmark is composed 50% of the price of gold, 30% of the price of silver, and 10% each those of platinum and palladium.It is an actively managed, US dollar-denominated product which uses ETCs, derivatives and indices, which is aimed primarily at institutional investors, although the minimal subscription is set at EUR50, which makes it also accessible to retail clients. The manager is Nico Baumach.CharacteristicsName: HansawerteISIN code: DE000A0RHG59Front-end fee: 5%Management commission: 0.75%

Axa Real Estate targets EUR1 bn for its first dedicated real estate debt fund, the Financial Times says. The real estate manager has already raised EUR350m for the vehicle from a number of European insurance companies as well as its parent insurance group. Separately from the fund, the group has additional commitments of more than EUR1.15bn, taking the total war chest to invest in real estate debt to almost EUR1.5bn at present.

p { margin-bottom: 0.08in; } More than 26,000 German taxpayers last year declared assets held offshore in Switzerland or Liechtenstein to the tax authorities, Les Echos reports. As a result, the federal, regional and local governments are estimated to have shared a total of nearly EUR2bn in added tax revenues, the German finance minister says. Proposed legislation will bring in stricter consequences for tax evaders who report their assets in future.

p { margin-bottom: 0.08in; } According to a survey undertaken by Funds People, 15 foreign managers entered the Spanish market in 2010. They are ACPI IM, Alken Funds, Andbanc, Banque de Luxembourg, Brandes IP, Belgrave Capital Management, Fundlogic Global Solutions, Gamex Management, Harewood AM, IT Asset Management, Iveagh, Marshall Wace, Muzinich, Reyl, and SEB Asset Management. In addition to this, two Spanish asset management firms registered Luxembourg funds in Spain: Auriga Securities and A&G (AFG group). Lastly, five new “local” management firms set up in Spain: Amistra, Fineco Patrimonios (BBK), Lombard Odier, Merrill Lynch Wealth Management and Nmas1 AM.

La loi de Finances pour 2011 durcit les règles de sous-capitalisation, ce qui va pénaliser les portefeuilles immobiliers. Selon le montage du financement, les investisseurs immobiliers risquent de ne plus pouvoir déduire fiscalement les intérêts d’emprunt.

En Europe, elle est détenue à 58 % par des investisseurs ne résidant pas dans le pays d'émission, dont 26 % situés hors de la zone euro

La loi de Finances pour 2011 durcit les règles de déductibilité des intérêts d'emprunts, ce qui va pénaliser les holdings immobilières

La valeur du portefeuille détenu par le fonds australien avoisine 2 milliards d’euros, pour près de 10 % en Europe

Selon « El Mundo », le pays estimerait avoir besoin de recapitaliser le Frob de 15 à 30 milliards d’euros et chercherait à lever 5 milliards sur le marché