Suite au départ de José-Bernard Djen, directeur des relations partenaires de Sycomore AM, la société de gestion a annoncé mercredi 20 octobre son remplacement par Olivier Chamard. L’ensemble de l’équipe commerciale est donc constitué d’Olivier Chamard, directeur des Relations Partenaires / région Sud, Pierre Fournier, responsable région Paris, Alain Benso, responsable région Nord et Maryline Louvet, assistante commerciale, précise un communiqué. Par ailleurs, Olivier Chamard et Pierre Fournier assureront conjointement la relation avec les plateformes.

Une nouvelle société de gestion indépendante vient de voir le jour en France. Spécialisée dans l’immobilier de centre ville, Urban Premium a obtenu l’agrément de l’Autorité des marchés financiers en juin dernier. Elle est dotée d’un capital social d’un million d’euros, détenu directement ou indirectement par ses quatre associés personnes physiques, dont Franck Temim, président et directeur de la gestion. Ce dernier, âgé de 42 ans, avait fondé Cogexa Finance, société spécialisée dans la gestion de patrimoine et avait été à l’origine de la première SCPI Malraux, selon sa biographie.La nouvelle société de gestion couvrira l’immobilier commercial au travers d’OPCI. Deux produits sont d’ailleurs en cours d’agrément pour cette année. Cette gamme sera gérée et dirigée par Lionel Nicolas et Nino Amor, deux gérants immobiliers seniors.Urban Premium s’occupe aussi d’immobilier d’habitation via plusieurs SCPI, dont Urban Patrimoine.

UFG –SIPAREX, société née de l’intégration au sein du groupe Siparex d’UFG Private Equity en septembre 2010 a annoncé, mercredi 20 octobre, son organisation en directoire et conseil de surveillance en détaillant leur composition. Le directoire est présidé par Denis Rodarie. Agé de 53 ans, il a été nommé en janvier 2008 président du directoire de la société de gestion de l’ensemble de ces fonds de proximité et depuis janvier 2009, membre du directoire de Sigefi. Depuis septembre 2010, il est aussi co-dirigeant de l’activité « Proximité et Innovation ». Olivier Denigot est membre du directoire. A 42 ans, il est entré chez UFG-LFP en 2005. Arnaud Filhol est membre du directoire. Agé de 38 ans, il a rejoint le Groupe UFG en 2008. Antoine Puget est membre du directoire. A 47 ans, il a intégré la société Sigefi à Nantes en 1994Guillaume Toussaint est membre du Directoire. A 33 ans, il a rejoint le groupe UFG en 2003 dans la division Private Equity à Paris. Enfin le conseil de surveillance est présidé par Xavier Lépine. Ce dernier est par ailleurs président du directoire de UFG-LFP depuis 2006, groupe d’asset management avec 33 milliards d’euros sous gestion. Il est également co-fondateur et président de FP Consult, président de Fortis Investment Management France et président de Multifonds, Alteram, Nord Europe Private Equity.

Syz & Co compte poursuivre son développement en Europe. En France plus précisément, Xavier Guillon, nommé récemment CEO de sa division de fonds d’investissement Oyster Funds (voir Newsmanagers du 13/10/2010) a notamment l’intention de renforcer la présence du groupe via l’ouverture d’un bureau prévu d’ici un an. «Nous prévoyons soit de nous associer en priorité à une société de gestion locale, comme nous l’avons fait en Autriche, en Italie ou en Espagne, soit si nous ne trouvons pas le bon partenaire, de le faire seuls», indique Ricardo Payro, directeur de la communication et porte parole de Syz&Co.Par ailleurs, le groupe bancaire suisse Syz & Co a annoncé mercredi 20 octobre l’intégration de toute son offre de gestion institutionnelle sous la bannière unique de sa nouvelle division Syz Asset Management. Dirigée par Patrick Bédat Syz AM regroupera la gestion de tous les mandats institutionnels du groupe, aussi bien traditionnels qu’alternatifs, ainsi que des fonds d’investissement. Créé en début d’année, Syz Asset Management a pris son envol au printemps, avec l’intégration des activités de gestion obligataire institutionnelle en francs suisses de State Street Global Advisors (voir Newsmanagers du 21/04/2010). «C’est d’un côté la reconnaissance de l’importance de l’activité dédiée aux institutionnels et une réponse à une demande émanant de cette clientèle, qui préfère toujours avoir une entité dédiée et indépendante pour répondre à ses besoins», explique Ricardo Payro. Le regroupement de la gestion traditionnelle et de la gestion alternative dans Syz AM répond quant à lui à un besoin de polyvalence des services de gestion aux investisseurs institutionnels.» Nous assistons actuellement à une convergence entre le monde de l’investissement traditionnel et celui de la gestion alternative, avec une forte demande des institutionnels pour des produits absolute return notamment», ajoute Ricardo Payro.

Le 8 octobre, la CNMV a enregistré le fonds Renta 4 Accurate Global Equity qui investit en actions du monde entier et vise une performance annuelle de 10 % grâce à une méthodologie VaR avec un risque de change qui peut varier de 0 à 100 % et une volatilité ex-ante de 10-20 % par an.Le portefeuille se composera principalement de valeurs de la zone euro, des Etats-Unis, du Japon, de Suisse et du Royaume-Uni ainsi que d’autres pays de l’OCDE sans pour autant bannir les actions de pays émergents. L’exposition aux actions sera obtenue principalement au moyen de dérivés sur indices. Le gestionnaire espagnol se réserve la possibilité d’investir en «repo» ainsi que - dans la limite supérieure de 10% - en parts de fonds d’investissement coordonnés ou non.CaractéristiquesDénomination : Renta 4 Accurate Global EquityCode Isin : ES0173173008Commission de gestion : 1,35 %Commission de performance : 9 %

Avec le Global ETF Fund (Euro), Adepa Asset Management, société de gestion espagnole implantée dans le Grand-Duché (500 millions d’euros d’encours), a lancé un produit qui investit exclusivement de manière tactique et à l'échelon mondial dans un portefeuille équilibré de 15 à 20 ETF, l’objectif étant de dégager une performance absolue et stable sur 3 à 5 ans, rapporte Funds People.Le fonds est un compartiment du FCP UCITS II Incometric Fund enregistré au Luxembourg. Il est conseillé par Triple A Investment Advisors, société luxembourgeoise dirigée par David Gonzalvo.

Selon L’Agefi suisse, China Investment Corp (CIC), le principal fonds souverain chinois, a ouvert son premier bureau hors des frontières de la Chine continentale, à Hong Kong, afin d'étendre ses opérations et gagner ses galons de groupe financier mondial. «En raison de sa proximité avec la Chine continentale et son statut de centre financier international, Hong Kong est le meilleur endroit pour ouvrir une branche», a déclaré Frederick Ma, membre du comité de conseil du groupe qui gère quelque 300 milliards de dollars.

Le nouveau fonds coordonné allemand Estlander & Partners Freedom Fund UI lancé par Universal-Investment avec le spécialiste finlandais du négoce Estlander & Partners réplique dans un format OPCVM III le concept utilisé par l’Estlander & Partners Freedom Fund qui investit dans quatre classes d’actifs (indices d’actions, taux d’intérêt, devises et indices de matières premières). L’encours d’Estlander se situe à environ 600 millions de dollars.La gestion «managed futures» développée par le finlandais sur une base quantitative d’analyse des prix de marché et d’informations fondamentales se traduit par l’achat ou la vente de futures et d’options qui permettent de profiter des hausses comme des baisses avec des total return swaps répliquant l'évolution de l’indice Global Systematic d’Estlander & Partners, qui utilise les services de la plate-forme NewEdge. Cette stratégie a généré une performance annuelle moyenne de 14 % sur les 19 dernières années avec une marge de fluctuation de 16 %.CaractéristiquesDénomination : Estlander & Partners Freedom Fund UICodes Isin : DE000A1CSUT2 (part A retail)/DE000A1CSUV8 (part C institutionnelle)/DE000A1CSUW6 (part D institutionnelle)Droit d’entrée : 5 % maximum (A) /1% maximum (C)/ 0 % actuellement (D)Commission de gestion : 2,25 % (A)/1,5 % (C)/1,25 % (D)Commission de performance 20 % avec high watermarkSouscription minimale initiale : 1 part (A)/1 million d’euros (C)/5 millions d’euros (D)

Selon Les Echos, le marché allemand des banques dépositaires est à l’aube d’une vague de concentration. D’une cinquantaine à ce jour, il pourrait n’en subsister qu’une vingtaine dans cinq ans. BNP Paribas, leader outre-Rhin de la conservation pour les institutionnels avec un volume de dépôts de plus de 120 milliards d’euros, s’attend à «profiter de la consolidation qui s’annonce dans le secteur», selon Dietmar Roessler, manager de la clientèle des détenteurs d’actifs chez BNP Paribas Securities Services à Francfort. L'élément déclencheur réside dans de nouvelles normes «post-Madoff», édictées par le régulateur allemand, la Bafin, et reflétant un mouvement européen.

Guernsey’s fund servicing industry fell by less than 4% to reach USD278.7 billion at the end of June 2010, with the total number of funds and subfunds standing at 1,949, says Lipper.Encouragingly non-domiciled funds serviced in Guernsey rose again to reach US$42.3 billion. For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (USD47.7 billion).Private equity/venture capital funds now account for 47% of assets domiciled on the Island, with USD110.9 billion.

The Swiss banking group Syz & Co announced on Wednesday, 20 October that it has integrated its institutional management offerings within the new single division Syz Asset Management. Syz AM, led by Patrick Bédat, will include management of all institutional mandates from the group, including both traditional and alternative management, as well as investment funds. Syz Asset Management, created early this year, took off in spring, with the integration of the institutional bond management activities in Swiss francs from State Street Global Advisors (see Newsmanagers of 21/04/2010).“On the one hand, this is a recognition of the importance of activities dedicated to institutionals, and a response to demand from those clients, who still prefer to have a dedicated and independent entity to respond to its needs,” explains Ricardo Payro, director of communications and spokesman for Syz & Co. The bringing together of traditional and alternative management at Syz AM is a response to a need for polyvalency in management services to institutional investors. “We are currently seeing a convergence between the world of traditional management and that of alternative management, with strong demand from institutionals for absolute return products,” Payro addsSyz & Co will also continue its development in Europe. In France, Xavier Guillon, who has recently been appointed CEO of the Oyster Funds investment fund division (see Newsmanagers of 133/10/2010) is planning to strengthen the presence of the group in France, where the opening of an office is planned. “In one year, we are planning either to partner up with a local management firm as a first priority, as we did in Austria, Italy and Spain, or, if we find the right partner, to go it alone,” says the spokesman for Syz & Co.

p { margin-bottom: 0.08in; } In the future, no business will be able to get by without a good and healthy sustainable development strategy, according to the findings of a global survey by Accenture of heads of businesses that have signed up to the United Nations Global Compact. Despite economic turbulence on a scale not seen for a century, the engagement of businesses in sustainable development remains very high: 93% of CEOs estimate that sustainable development will represent an essential ingredient in the success of their business in the next few years. The financial crisis has further increased the importance of sustainable development for 80% of business leaders. 81% of heads already say that sustainable development is an integral part of their strategy, compared with only 50% in 2007. As reasons for their engagement in sustainable development, nearly three quarters of heads point to brand reputation and trust. Then come potential for growth, cost reduction, employee motivation, and client expectations. In the next five years, new technologies will play a central role in the deployment of new sustainable objectives, more than 90% of business heads say.

p { margin-bottom: 0.08in; } The asset management unit at Morgan Stanley has earned pre-tax profits for third quarter of USD279m, compared with losses of USD124m in third quarter 2009. As of 30 September this year, assets under management totalled USD273bn, compared with USD150bn one year previously. This increase is the result of market effects and net inflwos of Usd2.9bn in third quarter, compared with net outflows of USD7.4bn one year earlier. The wealth management unit, for its part, has posted pre-tax profits of USD281m for third quarter, compared with USD280m in third quarter 2009. Total client assets came to USD1.6trn as of the end of third quarter. The group has posted a net quarterly loss of USD91m, compared with profits of USD498m one year previously.

p { margin-bottom: 0.08in; } Assets under management in France by the Belgian management firm Petercam now total EUR1.4bn, compared with EUR1bn at the end of December 2009. 25% of inflows of EUR400m were due to market effects. Of the aforementioned EUR300m in inflows, one third was invested in Euro zone bonds, one third in absolute return strategies, and one third in equities portfolios, particularly thematic US equities strategies.

BlackRock has felt little impact from the price war currently being fought by US ETFs providers, according to its chief executive, Larry Fink. Fees lowered on its gold ETF has led to increased inflows, but lower than expected, says the Financial Times. Larry Fink also thinks there could be “great demand” for an asset allocation iShares product.

p { margin-bottom: 0.08in; } Following the departure of José-Bernard Djen, director of partner relations at Sycomore AM, the management firm announced on Wednesday, 20 October that he has been replaced by Olivier Chamard. The entire sales team thus consists of Olivier Chamard, director of partner relations for the Southern region, Pierre Fournier, head for the Paris region, Alain Benso, head for the Northern region, and Mayline Louvet, sales assistant, a statement says. Chamard and Fournier will jointly handle relations with platforms.

A new independent management firm has been born in France. Urban Premium, specialised in real estate in city centres, obtained a license from the French market supervisory authority, the Autorité des marchés financiers (AMF) in June. It has social capital of EUR1m, which is directly or indirectly controlled by its 4 partners, including Franck Temim, president.The management firm will operate in commercial real estate via OPCI funds. Two products have already applied for licenses in 2010. The range will be managed and directed by Lionel Nicholas and Nino Amor.Urban Premium also deals in residential properties via several SCPI funds (including Urban Patrimoine).

p { margin-bottom: 0.08in; } For third quarter 2010, BlackRock on 20 October reported net profits of USD551m, compared with USD317m in April-June, and USD697m in the corresponding period of last year, with an operating margin of 33.8%. For the first nine months of the year, net profits have risen 127% to USD1.406trn, compared with USD619m.Total assets as of 30 Seoptember came to USD3.446trn, comapred with USD3.1506trn as of the end of June, and USD1.4348trn twelve months previously. BlackRock states that the total as of the end of September includes USD1.756trn in net assets related to acquisitions and active quantitative performance. In third quarter, net inflows totalled USD50.1bn, despite USD4.3bn in net distribution for assets advised. Long-term products attracted USD52.6bn, and cash management brought in USD1.8bn. As of 15 October, the pipeline of new contracts already financed or in the course of being financed came to USD46.1bn, of which USD40.7bn was for long-term products, and USD5.4bn for cash management.BlackRock states that AUM increased over the quarter by USD87.5bn for bonds, to USD1.168trn, while for equities assets rose by USD180.2bn, to USD1.563trn. Multi-asset class assets gained USD22.4bn, to USD170.6bn, while alternative management products rose by USD4.2bn to a total of USD105.7bn.

p { margin-bottom: 0.08in; } The State Street group has announced the launch of a new ETF transaction processing service. With the system, participants vouched for by market makers may invest in ETFs and identify the operations in the open market environment which interest them. The transactions will then be segregated and processed directly by State Street.

p { margin-bottom: 0.08in; } Genworth Financial Inc has acquired the Californian alternative management firm Altegris for about 1.75% of assets under management, or USD35m on assets of USD2bn. The acquisition price will be confirmed at the time of the acquisition, by the end of the year, and may be increased in an amount tied to performance. Genworth Financial Wealth Management (GFWM) and Altegris will together have assets of USD23bn.

Credit Suisse Group (CS) has seen a decline in its net profits to CHF609m in third quarter, compared with CHF1.59bn in second quarter, and CHF2.35bn in third quarter 2009.Net inflows for the quarter totalled CHF14.6bn, compared with CHF14.5bn in second quarter. Assets under management at the end of September totalled CHF1.251trn, compared with CHF1.243trn as of the end of June.The private banking unit earned pre-tax profits of CHF836m, compared with CHF874m in second quarter, while asset management earned pre-tax profits of CHF135m, compared with CHF22m previously.Over nine months, net profits totalled CHF4.3bn, while net inflows totalled CHF55.1bn.

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the most recent conjunctural study by the Fondation Genève Place Financière reveals that in first half 2010, funds managed in Geneva grew by 3% to 7% for the majority of the 152 financial intermediaries surveyed (44 banks and 108 independent managers). Financial actors of all sizes report positive inflows to funds, particularly from European clients, who represent a proportion ranging from 42% to 79% of total net inflows, according to respondents. Though the increase in deposits is not as marked for institutionals, the weight of European clients is as large for private funds, or higher, with 60% to 80% of net new institutional money coming from Europe. Financial intermediaries in Geneva are now looking at the future with serenity: they are expecting a slight increase or slight decrease in net profits for 2010, but a net increase for 2011 of between 3% and 7%.

p { margin-bottom: 0.08in; } Asian Investor reports that the Hong Kong Housing Authority has launched a call for bids from management firms operating in the territory for a multi-management mandate on a sum whose amount has not been disclosed. It is a portfolio composed of local equities and international bonds. Assets under management as of the end of 2009 totalled USD7.2bn.

p { margin-bottom: 0.08in; } With the Global ETF Fund (Euro), Adepa Asset Management, a Spanish management firm based in Luxembourg (EUR500m in assets), has launched a product which invests exclusively and tactically worldwide in a balanced portfolio of 15 to 20 ETFs, with the goal of earning absolute and stable returns over 3 to 5 years, Funds People reports. The fund is a sub-fund of the UCITS III-compliant FCP fund Incometric Fund, registered in Luxembourg. It is advised by Triple A Investment Advisors, a Luxembourg firm led by David Gonzalvo.

p { margin-bottom: 0.08in; } David Staton, former absolute return specialist at Goldman Sachs and Merrill Lynch, has launched his own asset management firm in London, Zedd Capital, Citywire reports. It will invest in shares of European companies, using a long/short strategy.

p { margin-bottom: 0.08in; } The new German UCITS-compliant fund Estlander & Partners Freedom Fund UI, launched by Universal-Investment with the Finnish trading specialist Estlander & Partners, replicates the concept used for the Estlander & Partners Freedom Fund in a UCITS-compliant format. The fund invests in four asset classes (equities indices, interest rates, currencies and commodities indices). Assets at Estlander total about USD600m.The managed futures management technique developed by the Finnish firm on the basis of a quantitative analysis of market prices and fundamental information will result in the purchase or sale of futures and options which allow the investor to profit from rising as well as falling markets through total return swaps which replicate the evolution of the Global Systematic index from Estlander & Partners, which uses the services of the New Edge platform. The strategy has generated average annual performance of 14% over the past 19 years, with a fluctuation margin of 16%.CharacteristicsName: Estlander & Partners Freedom Fund UIISIN code: DE000A1CSUT2 (retail A shares)DE000A1CSUV8 (institutional C shares)DE000A1CSUW6 (institutional D shares)Front-end fee: 5% maximum (A)1% maximum (C)0% currently (D)Management commission: 2.25% (A)1.5% (C)1.25% (D)Performance commission: 20% with high watermarkMinimal initial subscription: 1 share (A)EUR1m (C)EUR5m (D)

p { margin-bottom: 0.08in; } On 8 October, the CNMV registered the Renta 4 Accurate Global Equity fund, which invests in global equities, and which aims for annual performance of 10% through a value at risk (VaR) strategy, and currency risks that may vary from 0 to 100%, and ex ante volatility of 10-20% per year.The portfolio will be composed primarily of equities from the Euro zone, the United States, Japan, Switzerland, and the United Kingdom, as well as other OECD countries, without excluding emerging markets equities.Exposure to equities will be obtained largely through equities derivatives. The Spanish manager reserves the ability to invest in repos as well as in shares in UCITS-compliant, or non-UCITS investment funds, up to a limit of 10% of assets.Characteristics Name: Renta 4 Accurate Global Equity ISIN code: ES0173173008 Management commission: 1.35% Performance commission: 9%

p { margin-bottom: 0.08in; } On 6 October, Aviva Investors North America notified the SEC of the launch of the institutional funds Aviva Investors Core Aggregate Fixed Income and Aviva Investors High Yield Bond, for which management fees will total 0.30% and 0.50%, respectively. Total expense ratio (TER) is limited to 0.50% and 0.60%, respectively. Minimal subscription is set at USD1m for each fund. The former (150-250 positions) will invest at least 80% of its assets in bonds; the latter, at least 80% in high yield bonds.

p { margin-bottom: 0.08in; } The French asset management firm Seven Capital Management is launching Seven Fixed Income Fund, an absolute return bond fund that complies with UCITS III. The new fund may invest in all bond markets worldwide, in the context of a volatility risk centred on about 4%. The quantitative management process is derived from that of the Global Technical Asset Allocation (GTAA) and Global Risk Asset Allocation (GRAA), developed by Seven Capital Management. “The Seven Fixed Income Fund uses allocation techniques to ensure the optimal balance of risks between bond markets, as well as long and short positions, in order to maximise returns on a portfolio with a clear and transparent investment universe; dynamic rebalancing of the portfolio as a function of the evolution of market risk components; use of investment supports in each bond market with maximal liquidity, using primarily futures markets; seeking the best opportunities from a global universe,” says the product’s presentation document. The fund has daily adjustment of the strategic allocation by risk budget, per market. The fund has a volatility objective of 4%, max draw down of 4%, and a Sharpe ratio objective of about 1. The fund will develop in an average sensitivity range of 0 to +10. However, depending on the evolution of the bond markets, it may range from -25 to +25.

A l’invitation de LFPI, l’ancien fonds d’investissement de la banque Lazard, Barclays Private Equity France a fait part de son entrée au capital d’Aurénis, une société d’édition présente sur le marché des collections encyclopédiques. Il s’agit de la troisième opération en douze mois pour la branche française du fonds d’investissement européen éponyme, qui a été conseillée par Grant Thornton.