Charlemagne Capital vient d’annoncer le lancement d’un fonds de rendement sur les marchés émergents, le Magna emerging Markets Dividend Fund. Il y a quelques jours, Charlemagne avait déjà lancé le Magna Undervalued Assets Fund.Le nouveau fonds au format Ucits III domicilié en Irlande se propose d’investir dans 30 à 40 sociétés des marchés émergents affichent des dividendes élevés et une forte croissance de leurs bénéfices. L’objectif de rendement est de 6%.

Les six fonds Spectrum de Skandia Investment Group (SIG) sont désormais disponibles auprès des conseillers financiers utilisant les outils d’analyse des risques de Distribution Technology.Ces fonds n'étaient jusqu’ici disponibles que sur la plate-forme de Skandia.

Selon Fund Strategy, le board du fonds de hedge funds F&C Balanced Alpha a décidé de retirer le fonds de la cote de la Bourse irlandaise (Irish Stock Exchange). Le fonds sera officiellement rayé de la cote le 30 juin prochain.Un autre fonds devrait sortir de la cote, le F&C UK Select investment trust.

Confronté à une demande croissante des hedge funds pour une conservation indépendante de leurs actifs, Goldman Sachs International (GSI) a fait appel à BNY Mellon pour lui fournir des services de sous-conservation à destination de la clientèle de prime brokers de GSI.

La fusion des activités japonaises d’Amundi est effective à compter du 1er juillet. Les actifs sous gestion de la nouvelle entité, Amundi Japan, issue du rapprochement de CAAM Japan et de SGAM Japan, s’élèvent à quelque 29 milliards d’euros. CAAM était présent au Japon depuis 1986, SGAM depuis 1971.Christian Romeyer, précédemment en charge de CAAM Japan, prend les rênes d’Amundi Japan, qui emploie un effectif de quelque 250 personnes.

Selon Russell Investments, le taux de couverture des fonds de pension américains va reculer d’environ 10% en 2011. Autrement dit, estime Russell, de nombreux fonds de pension pourraient alors se trouver «en risque» («at risk») et seront alors contraints d’envisager des augmentations significatives des cotisations ou/et des révisions à la baisse des prestations.

Selon Russell Investments, le taux de couverture des fonds de pension américains va reculer d’environ 10% en 2011. Autrement dit, estime Russell, de nombreux fonds de pension pourraient alors se trouver «en risque» («at risk») et seront alors contraints d’envisager des augmentations singificatives des cotisations ou/et des révisions à la baisse des prestations.

D’après une étude de FundQuest portant sur 31.991 mutual funds américains avec plus de 7.000 milliards de dollars d’encours et sur la période janvier 1980-février 2010, les gestionnaires actifs surperforment dans plusieurs configurations de marchés et notamment durant 66 % des hausses, rapporte le Financial Times. Cette surperformance s’entend après ajustement pour le risque et après commissions. En revanche, la gestion active sous-performe dans 68 % des cas dans les marchés baissiers.

Mardi soir, JP Morgan a confirmé que Richard Berliand va prendre sa retraite au bout de 23 ans d’ancienneté et qu’il abandonne ses fonctions de global head of prime services. Il sera remplacé par Sandie O’Connor, global head of financing and market products. Elle aura pour mission en particulier de développer l’activité de courtier principal en Europe, au Moyen-Orient et en Asie tout en conservant la direction du «prime custody solutions group».

Invesco Asset Management a annoncé mardi 29 juin la simplification de sa gamme de fonds actions européennes en procédant à la fusion de Invesco Actions Europe, fonds investissant sur les actions pan-européennes et Invesco Euro Equity, fonds d’actions de la zone euro. Le premier va absorber le second et adoptera une nouvelle dénomination, Invesco Actions Euro. Cette nouvelle sicav qui investira sur les actions de la zone euro ne connaîtra de changement dans le style de gestion, précise le communiqué de la société de gestion, les deux sicav étant gérées par Jeffrey Taylor, responsable de l’équipe de gestionactive en actions européennes. L’opération sera effective le 1er juillet 2010.Caractéristiques Codes ISIN : FR0010145193 (part A)/FR0010145201 (part C)/ FR0010135871 (part E)Droits de souscription maximums : 4,5 % Frais annuels de gestion : (A) 1,55%; (C) 0,95%/(E) 2,40%Montant minimum d’investissement (A) 1 500 euros ; (C) 250 000 euros; (E) 500 eurosIndice de référence MSCI EMU Dividendes nets réinvestis

Aviva a annoncé mardi 29 juin la nomination de Robert Lough en tant que directeur de la stratégie et du développement d’Aviva Europe, à compter du 1er juillet 2010. L’impétrant rejoindra également le Comité exécutif européen sous la direction d’Andrea Moneta, président d’Aviva EMEA.Robert Lough sera également responsable de la stratégie, du développement et des équipes en charges des fusions-acquisitions dans le cadre des activités européennes d’Aviva, précise un communiqué de l'établissement qui possèdent d’importantes franchises dans la région avec des marchés en croissance tels que la Pologne, la Turquie et la Russie.Robert Lough était auparavant chez Pioneer Global Asset Management, l’activité de gestion d’actifs du groupe UniCredit, où il occupait le poste de directeur financier et de responsable de la stratégie.

Goldman Sachs International (GSI), facing growing demand for hedge funds which provide independent custody of assets, has turned to BNY Mellon to provide sub-custodian services for prime broker clients of GSI.

The index provider FTSE has announced the launch of a line of carbon emission indexes, the FTSE CDP Carbon Strategy Index Series, established jointly by the Carbon Disclosure Project, which represents over 500 institutional investors worldwide, and ENDS Carbon, the provider of ratings and performance indices of carbon emissions. Initially, FTSE will offer two UK indices, the FTSE CDP Carbon Strategy All-Share Index, and the FTSE CDP Carbon Strategy 350 Index. “The two indexes were designed to respond to rising awareness of the potential impact of climate change on the profitability of investments,” the index provider says in a statement. On the basis of the FTSE All-Share Index, the Unilever group places top for carbon emissions, followed by BY Group, Morrison Supermarkets, and Rolls-Royce.

According to a study published on 29 June by Lipper FMI (“Zen and the Art of Mutual Fund Maintenance,”) management firms would do well to think twice before launching new products. In ten of the most popular sectors in 2009, only one fund on average attracts more than one third of net inflows. The study points to the “phenomenal success” of Carmignac Patrimoine, which has attracted 98% of net inflows to diversified funds. In other words, distributors are still, it seems, subject to strongly gregarious instincts, which should lead management firms to be more prudent about launches of new products. The study also finds that performance does not necessarily influence inflows. In the first year of existence for a fund, certainly, and then in 85% of the periods considered, funds in the top quartile saw the strongest net inflows. But this percentage falls to 75% if the track record covers three years, and to only 33% after five years. Another lesson of the Lipper FMI study is that competition has not necessarily favoured a fall in commissions, particularly as the asset management sector is a market which is mediated, either by independent financial advisers (IFAs) in the UK, private banks in Switzerland, or retail banks in Germany or Spain, while the vast majority of retail investors do not invest directly through management firms themselves. According to the Lipper data, management fees for retail share classes most recently totalled 1.58%, compared with 1.38% at the end of 1999. But for institutionals, management fees most recently totalled 0.85%, compared with 0.99% at the end of 1999. According to Ed Moisson, the author of the study, “the way in which funds are distributed in Europe has played an important role in the development of the commission levels practised for retail investors. The evolution of the active/passive product mix for fund ranges, the rise of UCITS III funds, and new opportunities with UCITS IV, all suggest a rising volume in the debate over management fees. But a seismic shock will be needed to change the asset manager/distributor dynamic.”

Invesco Asset Management announced on Tuesday, 29 June that it is simplifying its range of European equities funds, with the merger of the Invesco Actions Europe, a fund which invests in pan-European equities, and the Invesco Euro Equity, a Euro zone equities fund. The former fund will aborb the latter, and will assume a new name, Invesco Actions Euro. The new Sicav, which will invest in Euro zone equities, will not change management styles, says a statement from the management firm, and the two Sicavs are managed by Jeffrey Taylor, head of the active European equities management team. The merger takes place on 1 July 2010. Characteristics ISIN codes: FR0010145193 (A share class)/FR0010145201 (C share class)/ FR0010135871 (E share class)Maximal subscription fees: 4.5% Annual management fees: (A) 1.55%; (C) 0.95%; (E) 2.40%Minimal investment: (A) EUR1,500; (C) EUR250,000; (E) EUR500Benchmark index: MSCI EMU with net dividends reinvested

Aviva announced on Tuesday, 29 June that it has appointed Robert Lough as director of strategy and development at Aviva Europe, from 1 July 2010. Lough will also join the executive board, under the leadership of Andrea Moneta, chairman of Aviva EMEA. Lough will also be in charge of strategy, development, and teams dedicated to mergers and acquisitions within Aviva’s European activities, according to a statement from the firm, which adds that the firm has significant franchises in the region, with growth markets such as Poland, Turkey and Russia. Lough was previously at Pioneer Global Asset Management, the asset management activity of the UniCredit group, where he was CFO and head of strategy.

On Tuesday night, JP Morgan confirmed that Richard Berliand will be retiring after 23 years at the firm, and that he will be leaving his role as global head of prime services. He will be replaced by Sandie O’Connor, global head of financing and market products. She will particularly aim to develop prime brokerage activities in Europe, the Middle East and Asia, and will retain responsibility for the prime custody solutions group.

According to State Street Global markets, the global investor confidence index increased 1.3 points in June, to 89.7, compared with a corrected level of 88.4 in May. The year’s highest score so far was recorded in March, at 107.4. The confidence of institutional investors continued to fall in North America, where it is down 6.3 points, putting the regional index at 92.2. However, the regional indices for Europe and Asia are up, by 5.4 points to 97.7, and 1.7 points to 102.6, respectively. According to Harvard professor Ken Froot, one of the architects of the index, North American institutional investors remained nervous through the month of June, and their appetite for risk fell back to levels seen in spring 2009.

Charlemagne Capital has announced the launch of a dividend fund focused on emerging markets, the Magna Emerging Markets Dividend Fund. A few days ago, Charlemagne also launched the Magna Undervalued Assets Fund. The new UCITS III-format fund, domiciled in Ireland, will invest in 30 to 40 firms in emerging markets which pay high dividends and which are showing rapid growth in profits. The performance objective is 6%.

The British Conservative party on 29 June created a working group to consider the creation of a green investment bank, which would be the first of its type in the UK. The idea of a green investment bank was put forward in the public report released the same day by a government commission (the Green Investment Bank Commission), which finds that the investments necessary to confront climate change in the UK will total as much as GBP550bn by 2020. The report suggests that the bank could issue green bonds, which could be attractive to pension funds, which for several years have been reducing their equities allocations in favour of bonds.

The Investeam third party marketer (TPM) now intermediates EUR450m in assets for 61 distributor clients and 15 products from five management firms, Frédéric Smith and Didier Jug, partners at the French firm, have told Newsmanagers. Investeam is seeking to add to its product range, and is still missing an Asian or Japanese emerging markets fund, and/or an African and/or North African fund. The Canadian sister company intermediates about CAD400m, and Jug tells Newsmanagers that talks are underway to open offices in Spain, Germany, Singapore and Brazil. The most recent addition to the range is an equities fund of shares in gold producers, a Canadian product managed as a sub-fund of a Luxembourg Sicav, by Robert E. Cohen of Goodman & Company (Dundee Wealth group). The sub-fund, Dynamic Precious Metals Fund (LU0357130771), currently has only EUR32m in assets, as Dundee Wealth (CAD38.1bn in assets under management, and CAD25.2bn in assets under administration) has not seen fit to provide seed capital for a product which already works very well in Canada and the United States. The European product as of 31 May showed returns of 121.27% since 6 May 2008, while the S&P/TSX Global Gold Index in Euros gained only 43.24%. In the first five months of the year, the fund has earned returns of 33.24%, compared with 26.65% for the benchmark index.

Russell Investments reports that the coverage rates for US pension funds will fall by about 10% in 2011. In other words, says Russell, many pension funds may be “at risk,” and may therefore be required to make significant increases to contributions, and/or significantly lower benefits.

According to a FundQuest study of 31,991 US mutual funds with more than USD7trn in assets over the period from January 1980 to February 2010, active managers outperformed the markets in several market configurations, and particularly in 66% of rising markets, the Financial Times reports. This outperformance is counted after adjustment for risk and commissions. However, active management underperformed falling markets 68% of the time.

On 17 June, Santander Asset Management launched the Santander 100 por 100 7 fund (ES0174942005), a guaranteed fund which will mature on 2 February 2015, and which was registered by the CNMV on 24 June. The amount of the investment on 9 August 2010 will be reimbursed at its value on 9 August 2010, plus four quarterly reimbursements of at least EUR60 each, from 10 November 2010, and a final reimbursement of EUR28.48 on 30 January 2015, on an investment of EUR6,000, for example, which represents an overall rate of return of 2.4875%. Until 9 August 2010, the fund will invest 75% of its assets in public repos rated at least A by S&P, while the remainder will be placed in public repos or corporate bonds rated at least A. The average duration to maturity for assets in the portfolio will be under 3 months, and all issuers will belong to the EU. From 10 August, the portfolio will be composed of liquid government bonds, but will also be permitted to invest up to 20% in corporate bonds. Minimal subscription is set at one share, and management commission will be 0.3% until 9 August, then 0.9% thereafter. The depository banking commission is 0.1%

According to data provided by the Spanish Inverco association of management firms, the number of subscribers to funds distributed in Spain reached a record high of more than 8.8 million at the end of 2006. Since then, the crisis has brought this number down to a total of 5.6 million as of the end of May, a contraction of 31%, Funds People reports. However, the number of subscribers has risen 0.14% since the beginning of the year. In the past two years, the number of subscribers per fund has fallen to 2,249 in May 2010, compared with 3,270 at the end of 2005.

Invesco on 24 June registered its Luxembourg Sicav Invesco Funds II with the CNMV, including eleven sub-funds. The Sicav is the receptacle for Morgan Stanley retail funds.

As of 24 June, according to statistics by VDOS reported by Expansión, assets in Spanish funds totalled EUR156.296bn, 2.05%, or EUR3.267bn less than at the end of May. In another article, the newspaper notes that assets under management in funds have fallen by more than EUR100bn since July 2007. Net redemptions from 1 to 24 June are estimated to have totalled EUR3.4bn, which would be the heaviest outflow since the Lehman Brothers bankruptcy. The two asset management firms most affected by the drop in assets this year are Santander and BBVA, which have seen respective net outflows since the beginning of the crisis of EUR34.26bn and EUR14.84bn. However, Invercaixa (La Caixa) has posted net subscriptions of EUR1.6bn in 2009, and EUR238m since the beginning of this year, particularly due to its most recent fund, Foncaixa Bienvenida, which captured more than EUR600m in June.

Fund Strategy reports that the board of the fund of hedge funds F&C Balanced Alpha has decided to withdraw the fund from trading on the Irish Stock Exchange. The fund will be officially removed from trading on 30 June. Another fund will also be removed from trading, the F&C UK Select investment trust.

The six Spectrum funds from Skandia Investment Group (SIG) are now available to independent financial advisers using the Distribution Technology risk analysis tools. The funds were previously available only on the Skandia platform.

La Tribune reports that in a letter from the liquidators of the Luxinvest Sicav, which collapsed in the Madoff scandal, to all shareholders in the fund, the liquidators say it is possible that the recuperation rate for shareholders will be zero, at the most unfavourable extreme.