P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } In only six months, CVC Capital Partners has received commitments for more than EUR14bn from investors, the Financial Times reports. The private equity firm raised EUR11.8bn for its new fund for a new closing expected in mid-July, and another EUR2.5bn to EUR4.0bn for a final closing at the end of the year.

P { margin-bottom: 0.08in; }A:link { } Dirk de Vlaam, head of marketing & sales at Franklin Templeton for the Netherlands, has told Fondsnieuws that the asset management firm is now offering two share classes with no commissions in the Netherlands, to comply with new regulations that forbid commissions.The “z” share class has been available since last year, and is aimed at financial advisers who do not pass through a platform and who order shares directly from Franklin Templeton. The formula is available from EUR5,000.Franklin Templeton is now launching “w” shares, which are aimed more particularly at banks and wealth managers, with the minimal subscription in this case set at EUR3m.Currently, 26 funds are available in “w” shares, and 36 in “z” shares.

The Asian asset management affiliate of Prudential in the United Kingdom and sister company of M&G, Eastspring Investments, is preparing to open an office in London after settling in Luxembourg in April this year. The objective is to set out to conquer European clients. Despite the European origins of its parent company, 90% of clients of the Hong Kong and Singapore-based firm are Asian.In order to develop in Europe, Eastspring Investments has not needed to create ad-hoc products. The Asian firm has already had a Luxembourg Sicav since the mid-2000s. It has been used to serve Asian clients, the UCITS format being an effective passport in this market. In addition to a track record of several years, the Sicav with 45 sub-funds already has assets of USD20bn, while the firm has nearly USD100bn in assets under management (of which 60% are managed for its parent company, 33% for retail and 7% for institutional clients).Development in Europe (and the United States), however, were preceded by a rebranding of the Asian asset management affiliate of Prudential. The firm, which is present in 11 Asian countries, had been using a variety of different names related to its parent company. The decision was taken in February this year to unify these and to select a single brand, Eastspring Investments.“The choice of a brand was a major step in our international development process,” Guy Strapp, the new CEO of Eastspring Investments, says at the Fund Forum International in Monaco. Two other reasons are cited as reasons for the timing of the new location in Europe: the need to have a sufficiently long track record for European investors, and the maturity of the market towards investments in Asia.In Europe, the main target countries are the Nordics, with the registration of the Sicav in Sweden, these countries are more sensitive than others to investment in emerging markets. For France, as for Germany and Italy, some hurdles still need to be cleared. Nonethtless, Strapp is planning to move step by step and gradually build a presence in Europe. Although he remains discreet about objectives, he does not conceal his admiration for the success of sister company M&G in Europe...

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The CNMV has issued a sales license for Spain to Legg Mason Global AM for the equity funds Legg Mason Clearbridge Tactical Dividend Income and Legg Mason ClearBridge US Equity Income and for the bond fund Legg Mason Brandywine Income Optimiser.Funds People notes that, according to Bernardo Rivero de Aguilar, co-head of sales at Legg Mason for Spain, the three products have in common the characteristic of delivering regular income, “but not at any price.”

P { margin-bottom: 0.08in; }A:link { } Finews reports that with the JB Industrial Metals Funds for aluminium, copper, nickel and zinc, Swiss & Global Asset Management has launched a series of funds backed by physical deposit of industrial metals. Shares are available in Swiss francs, euros, pounds sterling and US dollars. Funds are aimed at qualified investors.Physical deposits prevent losses for investors from rolling positions. In addition, the articles of association forbid lending of metals, meaning that investors are not exposed to counterparty risks.

P { margin-bottom: 0.08in; }A:link { } In the month to 24 June, the Chinese State Administration of Foreign Exchange (SAFE) has issued extensions for QFII quotas totalling USD900m, compared with USD680m in May.Legg Mason Investments (Europe) Limited, AEGON USA Investment Management, LLC, UBS Global Asset Management (Hong Kong) Ltd., ICBC Investment Management Company Limited and HSBC Global Asset Management (Taiwan) Limited have each received a license for USD100m, while the sovereign fund Korea Investment Corporation and the Swedish Andra AP-Fonden (AP2) have quotas totalling USD200m each.According to Z-Ben Advisors, the increase in volume for additional contingents is largely due to the fact that SAFE expects a decline in global liquidity due to a reduction in quantitative easing in the United States.

P { margin-bottom: 0.08in; }A:link { } The Swiss Federal financial market surveillance authority (FINMA) has revised its document “Guidelines for wealth management.” The new version of the text states the duties of wealth managers in their relationships with their clients, including a requirement to report commissions. The most recent verdicts of the Federal court and a revision to the law on collective investments are taken into account. The revised guidelines come into force from 1 July 2013. The document “Guidelines for wealth management” (Circ.Finma 2009/1) defines the guidelines that Finma uses as reference criteria to admit rules of conduct for an organisation which is active in wealth management as minimal requirements. Verdicts handed down by the Federal court with respect to individual wealth management as well as the revised law on collective investments have been made necessary in the revised document. Research (client risk profile), information (information about risk) and diligence (updating of risk profile) requirements as well as a requirement to disclose commissions, are included.

P { margin-bottom: 0.08in; }A:link { } According to fondweb.de, Franklin Templeton has decided to close its equity product Templeton Frontier Markets Fund, managed by Mark Mobius snce 14 October 2008, to new investors from 28 June, 2013. Current shareholders will be allowed to continue to invest. The soft closing aims to protect performance for existing subscribers, to allow the management team to continue to deploy a value strategy. As of 31 March, the Luxembourg-registered fund had assets of USD1.836bn.

P { margin-bottom: 0.08in; }A:link { } The US firm First Trust Advisors is continuing its offensive in Europe. After launching its first three ETFs in April this year (see Newsmanagers of 11 April 2013), First Trust is planning to offer two new products in the AlphaDEX range, one of them dedicated to the euro zone, and the other to international high dividends equities, by September or slightly later, Martin Molère, head of sales at First Trust for continental Europe, has told Newsmanagers. The dividend ETF will offer quarterly liquidity. The ETFs already launched by First Trust, which are domiciled in Ireland and listed in London, are currently available in the United Kingdom, Ireland, and France. Switzerland and Benelux are expected to follow. All ETFs listed use the exclusive AlphaDEX methodology from First Trust, which is designed to select a combination of growth equities and attractive fundamental value. This methodology selects equities from a base universe, and separates them into growth and value categories. The weighting of equities held in ETFs is not based on market capitalisation, but on their AlphaDEX scores. The scores for growth equities are based on three measurements: price appreciation over three, six and twelve months, growth in sales, and their price/sale ratio. The scores for value equities are also based on three measurements: the book price/value ratio, their price/cash flow ratio, and returns on assets. As of 21 June, ETFs under management had USD12bn in assets, compared with USD8.1bn at the beginning of the year. Of this total, the AlphaDEX range currently represents USD5.8bn.

P { margin-bottom: 0.08in; }A:link { } Since the beginning of the year, the Vice Fund, which invests in shares in the alcohol, tobacco, weapons and gambling sectors, may have underperformed the S&P 500, with gains of only 9.47%, compared with 11.5% for the flagship indicator of the US market. But, El Confidencial remarks, over three years, the product from the asset management firm USA Mutuals has beaten the S&P 500, with gains of 16.5% compared with 10.6%.By way of illustration, an investment of USD10,000 in 2002 in the fund would as of 31 March 2013 have been worth USD27,691 for the Vice fund, compared with USD21,229 for the S&P 500.The Vice Fund is 15.6% invested in Altria, 5.6% in Philip Morris, and 4.7% in Lorillard, for tobacco, and 4.1% each in Las Vegas Sands and Galaxy Entertainment, for gambling.

P { margin-bottom: 0.08in; } Mandarine Gestion on Thursday, 27 June announced the arrival of Thomas Vlieghe on the asset allocation team led by Françoise Rochette, who currently manages the flexible portion of the Mandarine Reflex fund. Vlieghe previously, since 2011, worked on Rochette’s team at EdRAM, managing the fund from EdRAM.

P { margin-bottom: 0.08in; } Société Générale Securities Services (SGSS) in South Africa has won a mandate from Trifecta Capital Services to provide custodial services. These services are initially provided in South Africa, and will later be offered in other countries in which Trifecta Capital Services is present, a statement from SGSS says. SGSS has been selected by Trifecta Capital Services “for its recognized expertise as a provider of securities service in South Africa, as well as for its presence and development in sub-Saharan Africa. SGSS, which has been providing local securities services to domestic client for more than 20 years, has also been selected for its international reach and the extensive range of its international services, which includes services which have recently become available in Mauritius, Ghana and Tunisia.”

P { margin-bottom: 0.08in; } Béatrice Belorgey is succeeding Sofia Merlo in the position of director of BNP Paribas Banque Privée France, BNP Paribas announced on Thursday, 27 June. In her new role, she will report to Marie-Claire Capobianco, a member of the executive board at the group, and director of networks for France, and Sofia Merlo, co-CEO of Wealth Management, a statement says. Belorgey, deputy director of private banking for France since March 2012, becomes a member of the executive board for retail banking in France (BDDF) and wealth management. She will aim to continue to develop private banking activities in France to strengthen the firm’s position as a market leader, with EUR73bn in assets under management. For her part, Merlo will continue to develop this strategic activity for the Group, dedicating herself entirely to new challenges on domestic and international retail banking markets (retail banks of the group outside the euro zone), where she will more particularly be responsible for France, Belgium, Italy, the United States, Turkey, Germany, Morocco, and others. Belorgey, a graduate of the Institut d’Etudes Politiques in Paris and a financial analyst (CEFA), began her career at BNP Paribas in 1986 as a credit analyst at the France retail bank. In 2009, she was head of investor relations and financial information for the group, and since 2012, she has been deputy director of BNP Paribas Banque Privée France.

P { margin-bottom: 0.08in; } TwentyTwo Real Estate on Thursday, 27 June announced that it has acquired a residential real estate portfolio valued at about EUR1bn from LBO France and Deutsche Asset and Wealth Management. This is the first transaction for TwentyTwo Real Estate founded by Daniel Rigny in 2012 previously a partner at Perella Weinberg Partners. The operation has been undertaken for a consortium of investors involving capital managed by Massena Partners and Farallon Capital Management.

P { margin-bottom: 0.08in; } Petercam has selected Caceis as a provider of Asset Servicing for its Luxembourg Sicav range. “The range of services from Caceis meets all the current needs of Petercam, particularly in terms of custody, depository banking, fund administration and transfer agency,” Caceis says in a statement. Caceis has been selected for the effectiveness of its range of services. It also has the experience to assist Petercam in the deployment of its development strategy for institutional management, which aims to increase its proximity with clients, by increasing locations in continental Europe. Hugo Lasat, a partner and member of the board of directors at Petercam, says: “After an in-depth analysis of various bids, we selected the bid from Caceis, which had the advantage of including the required added-value services to support our management capacities in a constantly-evolving financial environment.”

P { margin-bottom: 0.08in; } BlueCrest Capital Management, the US hedge fund whose assets under management total about USD14bn, lost 8.3% in the month of June, according to a note from investors obtained by Bloomberg. The hedge fund BlueTrend has lost 9.2% since the beginning of the year until 21 June. The hedge fund has earned average annual returns of 12.9% since its launch in 2004, and has never shown losses for a calendar year.

P { margin-bottom: 0.08in; } Insight Investment has recruited Philip Anker as global head of distribution, a new position arising from the firm’s desire to develop its activities internationally, Investment Week reports. The current head of distribution, Sarah Aitken, is leaving his job, but the recruitment is not directly related to his departure, as the new position has global reach. Anker, who previously worked at Paloma Partners, a US multi-strategy hedge fund, will be based in London and will join the management bodies at the firm.

P { margin-bottom: 0.08in; }A:link { } The Spanish asset management firm Bestinver (Acciona group) has decided to open a commercial representative and analytical office in London. The new office comes in addition to two other existing analysis and investment centres in Madrid and Shanghai. In the next two years, the MD and star manager at the asset management firm, Francisco García Paramés, will personally direct the London office, dedicating most of his time to analysis.From the point of view of sales activity, the decision marks a new step in the geographical diversification strategy for Bestinver investors. “This strategy, initiated four years ago, means that today, one third of total assets are of international origin, which guarantees better stability in our investments,” Beltrán Parages Reverter, director of sales at Bestinver Gestión, says in a statement.In terms of asset management, the London office will primarily allow Bestinver to be closer to companies in which it invests, and more generally to improve its access to information about businesses “which are, or which may be investment targets. London is the main European financial and investment centre, and we think that this location will help us in our management activity, since 80% of the wealth managed by the Bestinver group is invested in European businesses,” says Reverter.

P { margin-bottom: 0.08in; }A:link { } Pending the approval of the regulatory authorities, John Misselbrook has been appointed as interim CEO of Aviva Investors (GBP274bn as of the end of December 2012), replacing Paul Abberley, who becomes head of investments, effective immediately.Misselbrook had previously been non-executive director of Aviva Investors, and he has served in operational management roles in the financial services sector, including as COO of Barings.

P { margin-bottom: 0.08in; }A:link { } The Citywire db x-trackers Emerging Markets Sentiment Indicator (SEMI) was unveiled on 27 June. It aims to be the first predictive indicator in Europe of capital flows to emerging markets. It is calculated independently by Citywire, and is sponsored by Deutsche Asset & Wealth Management (DeAWM). The sentiment indicator reflects the opinion of fund management professionals about emerging markets, and is based on the results of a Citywire quarterly survey of 101 managers focused on emerging markets, with total assets of about EUR200bn. The most recent survey was carried out in March and April 2013.In detail, the EMSI is established on the basis of manager sentiment concerning ten markets: Brazil, China, India, Indonesia, Korea, Malaysia, Mexico, Russia, South Africa and Taiwan. For equities, bonds and diversified portfolios, Citywire asks managers about their current sentiment concerning markets as well as the evolution they expect for markets in the next twelve months, on one hand, and on the weighting of portfolios on a six-month horizon, on the other.The EMSI (base 1000) came out at 1009, which reflects a predominantly optimistic attitude. Among the markets under review, managers are preferring China and India for the next six months: 34% of managers are planning to increase allocation to China in their funds by at least 5% in the next 6 months, and the percentage stands at 32% for India.As a complement, Citywire is asking respondents how the MSCI Emerging Market Index will develop compared with the MSCI World Index. For the first edition of the EMSI, 49% of managers predict that the MSCI EM will outperform the MSCI World, while 31% hold the opposite opinion.Institutional investors may access the report for free upon request at the address http://www.etf.db.com/DE/DE/sentiment-indicator

P { margin-bottom: 0.08in; }A:link { } Hedge Week reports that BNP Paribas Securities Services has added to its range of collateral management services with Collateral Access, an all-in-one formula which aims to meet the needs of both buy-side and sell-side clients.Hélène Virello, head of collateral management, says that Collateral Access allows client to fully comply with new regulations with limited and short-term investments. It is an open model, connected to several counterparties, compensators, custodians and market structures. Collateral Access is a modular product available in stand-alone or as part of a multi-product range from BNPP SS.

P { margin-bottom: 0.08in; }A:link { } Following changes to the emerging market debt team at ING Investment Managers (ING IM), 20 members of which have joined Neuberger Berman, Danske Bank has decided to reallocate a USD1.6bn mandate for emerging market debt to a team led in London by Samuel Finkelstein at Goldman Sachs Asset Management (GSAM), Citywire reports.

P { margin-bottom: 0.08in; } Manulife Asset Management is in the process of adding to its team in charge of asset allocation in Asia, in the expectation of a “great rotation” in an environment of low interest rates and an ageing population, Asian Investor reports. The firm, with more than USD100bn in assets under management in allocation strategies with total assets under management of over USD250bn, last year installed a team of two people in Hong Kong, and is planning more recruitments during the quarter.

P { margin-bottom: 0.08in; }A:link { } NYSE Euronext and the Vigeo agency have announced that they are adding to their range of ESG indices with the launch of the Euronext Vigeo Benelux 20 Euronext Vigeo Eurozone 120 and Euronext Vigeo US 50 indices. The composition of the indices is established on the basis of the opinions of Vigeo and will be updated twice per year in May and November. The Euronext vigeo benelux 20, Euronext Vigeo Eurozone 120 and Euronext Vigeo US 50 indices include the largest market caps of the Netherlands, Belgium, Luxembourg, the euro zone and North America, respectively. Businesses included in the three new indices are the ones which receive the best ratings for control of their social responsibility risk and contribution to sustainable development. Performance is evaluated with the Equitics® methodology developed by Vigeo. The ratings are established on the basis of 38 criteria which take into account environmental policy, respect for human rights, and valuation of human capital at businesses, relationships with stakeholders (clients, providers, shareholders, etc.), corporate governance and business ethics, the integrity of influence and anti-corruption practices, the prevention of social and environmental dumping in the supply and subcontracting chain, a statement says.

Le rapport publié par EIOPA sur le traitement des garanties branches longues sous Solvabilité 2 n’est pas à la hauteur des enjeux, ont indiqué vendredi la FFSA et le GDV, les associations représentant les assureurs français et allemands. Tout en reconnaissant des avancées, les deux associations estiment que «les solutions avancées ne résolvent pas certains points essentiels, en particulier la volatilité des ratios de solvabilité. La FFSA et le GDV ne tirent donc pas les mêmes conclusions de cette étude qu’Eiopa».

En 2012, la balance des comptes courants a été déficitaire de 44,4 milliards. La Banque de France appelle à agir sur la compétitivité

Les magistrats redoutent que l'exécutif ne tienne pas ses objectifs de redressement des finances publiques malgré les augmentations d'impôt

La proximité des élections allemandes contraint les Vingt-Sept à repousser les débats de fond

Conformément à une réforme de 2011, six établissements, dont HSBC et Citi, ouvriront de nouvelles possibilités aux gestionnaires d'actifs

La proximité des élections allemandes contraint les Vingt-Sept à repousser les débats de fond