P { margin-bottom: 0.08in; } According to figures by the economic newspaper Napi Gazdaság relayed by Fondsprofessionell, the portfolios of bond funds by the star manager Michael Hasenstab at Franklin Templeton single-handedly control about 10% of Hungarian public debt, with EUR10.3bn as of the end of March. This generates annual revenues for the US asset management firm of USD500m.

P { margin-bottom: 0.08in; } “With the upgrade to Baa3 from Baa1 on Thursdayof the rating assigned to Turkey by Moody’s (see elsewhere in today’s Newsmanagers), following an upgrade to BBB- by Fitch in November, now allows the country to be truly considered ‘investment grade’ by pension funds,” Murat Mercan, vice-minster for Energy, tols a small press conference in Istanbul on Friday morning.According to Aziz Unan, who since its inception (on 3 January 2006) has managed the Irish UCITS-compliant Ottoman Fund, a Griffin product which was “adopted” in July 2012 by the Russian Renaissance Asset Managers, the vein of Turkish businesses has become sufficiently promising that this emerging European portfolio of 70 positions includes 43 Turkish companies. Eight out of the top 10 positions of the portfolio are Turkish companies, including banks (Vakiflar, Is, Garanti, Halk and Akbank) as well as the mobile telephone operator Turkcell, to profit from a rise in consumer spending by households in a country where 50% of the population of 75.6 million people are aged under 30, and from a nominalisation of interest rates as inflation falls. The Ottoman Fund has for several years also held shares in the auto manufacturer Tofas, which has had astonishing performance on the stock market, and is distributing 109% of its profits in 2012.The fund also invests in businesses such as Tupras (oil), which is aiming to reduce the energy dependency of the country, and Petkim Petrokimya (petrochemicals). Unan is betting on the growth of the rail industries, with Kardemir (steel), and on the media, with Dogan (which controls Hürryiet).According to information obtained by Newsmanagers, Renaissance (USD3bn in assets, of which USD700m are in UCITS-compliant funds), is now planning to extend its product range with the launch of a country fund dedicated especially to Turkey, for institutionals, sovereign fund and platforms in particular. An analyst is expected to arrive to support Unan in Istanbul.The turnover rate has historically totalled 70% to 100% (78% in 2012). The minimal potential for gains over 12 months required by the asset management firm to invest in a share is 25-30% for large caps, 50% for midcaps, (USD1-5bn in capitalisation), and at least 100% for small caps. Assets in the fund have now risen to USD78m, and the manager expects to be able to absorb subscriptions of up to USD250m without having to change its way of constructing the portfolio.For commercial reasons the Renasset Ottoman Fund uses the MSCI Emerging Europe 10/40 index (40 positions) as its benchmark, but Unan covers a much larger universe of 210 businesses in emerging Europe, as he estimates that, in markets which have hitherto been underexploited, “the indices should be considered as simple measurement instruments, but they are certainly not appropriate as portfolio construction tools.” No position accounts for less than 1% of assets, as this is a conviction fund, as also demonstrated by the fact that the portfolio only contains one third of the companies in the universe selected. Since its “adoption,” annual performance totals 26.4%.CharacteristicsName: Renasset Ottoman FundISIN codes:IE00B0T0FN89 Retail EURIE00B72Y2S04 Retail USDIE00B8G12179 Institutional EURIE00B4XYZP84 Institutional USDIE00B87PYK12 Institutional GBPFront-end fee (retail): Maximum 5%Management commissions:1.75% (retail share class)1.25% (institutional share class)Minimal initial subscriptionEUR5,000 (retail share class)EUR1m (institutional share class)

P { margin-bottom: 0.08in; } Real estate investments topped sovereign wealth funds’ investments in 2012, according to a report published by the Sovereign Wealth Center at Institutional Investor, Bloomberg reports.Real estate represented 26% of investments made by SWFs in 2012, compared with 14% the previous year. It is followed by financial services and commodities, which two sectors accounted for 23% each, compared with about 30% the previous year. SWFs have increased their alternative investments, not only in real estate, but also in private equity. This trend is expected to continue this year, due to the economic environment, the Sovereign Wealth Center predicts.In a perfect illustration of this trend, the Norwegian SWF’s (GPFG) exposure to the real estate sector totals slightly under 1%, and is expected to increase in the coming years to 5%.Total investments made and publicly announced by SWFs fell by 17% last year, however, to USD53.3bn, with Europe attracting 53% of this total, followed by the Asia-Pacific region (18%) and North America (9%).

P { margin-bottom: 0.08in; } With the Source Morningstar US Energy Infrastructure MLP UCITS ETF, an Irish-registered product whose launch was officially announced on Monday, UK provider Source is now offering what it claims is the first publicly-traded European vehicle to offer exposure to energy infrastructure via master limited partnerships (MLPs).The fund, listed on the London Stock Exchange, replicates the Morningstar MLP Composite IndexSM (TR) and invests in MLPs specialised in shale oil and gas, for example via equipment which makes it possible to access reserves that may contain oil and gas, storage and rail facilities, Ted Hood, CEO of Source, recently explained to Newsmanagers. These MLPs, which are listed and traded on US stock markets like conventional equities, are authorised to function virtually tax-free on the condition of distributing high dividends. They have regular cash flows.The benchmark index, created by Morningstar in 2010, covers 97% of the MLP universe, and currently has 39 positions.CharacteristicsNames:Source Morningstar US Energy Infrastructure MLP UCITS ETF A (capitalisation)Source Morningstar US Energy Infrastructure MLP UCITS ETF B (quarterly distribution)ISIN codes:A share class: IE00B94ZB998B share class: IE00B8CJW150 TER : 0.50%

The Central Bank is ready to receive applications for authorisation under this new non-UCITS regulatory regime. This is particularly important for those firms aiming to have AIFMD-compliant structures on 22 July 2013, when the AIFMD comes into effect. The Central Bank of Ireland issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD). In addition to the application forms, the Central Bank has published a new format ‘AIF Rulebook’ which sets out text for the conditions which will be applied when authorisations are issued. The Central Bank has also published a Q&A document which addresses the key questions about how the transition to the new regime will operate. This Q&A provides important guidance on exactly what firms must do by July 2013, what they may do during the transitional period between July 2013 and July 2014 and how they can plan for achieving AIFMD compliance while maintaining the continuity of their business in the interim. Key developments include:The Central Bank intends to authorise AIFs which have non-EU AIFM; The Central Bank will allow AIFMs benefitting from the transitional arrangements to launch AIFMD-compliant AIFs; During the transition period, AIFMs may rely on depositories that do not have an AIFMD-compliant authorisation; Umbrella QIFs authorised under the old regime can continue to issue sub-funds during the transition period without having to transition to the new regime. The Central Bank has also set up a one-stop-shop AIFMD web page where all information relevant to the new AIFMD regime can be accessed here.The Central Bank will update the Q&A as questions requiring a public response are received.

Daniel Gallagher, a member of the Securities and Exchange Commission, said on Friday in Dublin there should be a global code of conduct for proxy advisers, according to Reuters. He backed European efforts to ensure advisory firms give unbiased guidance on how to vote at shareholder meetings. «Clearly this code is an idea that should be rolled out globally,» Gallagher told.

P { margin-bottom: 0.08in; } Rating agency Standard & Poor’s has placed Swiss banks at the top of its rankings for risk, particularly with regard to the stability of its deposits, according to a statement released on 17 May.The Swiss banking sector has been ranked in group 1 of its Banking Industry Country Risk Assessment (BICRA) rankings, which evaluate the risks for the sector by country, the agency says in a statement.Currently, Switzerland is the only country in this category. The closest partners of Switzerland, including France and Germany, are ranked as BICRA 2, the same sa Canada, Hong Kong, Singapore, Liechtenstein, Finland, and Australia.The rating agency explains that the decision is related to the high levels of deposits and a contained appetite for risk, in addition to a minimal dependence on external financing and the support which the national debt market provides.Standard & Poor’s has also cited the flexibility and competitiveness of the Swiss economy and the solidity of public finances. It has, however, issued a warning over the real estate market, which may pose credit risks in the future, despite a conservative culture of risk and lending.

P { margin-bottom: 0.08in; } Mikhail Mora has left Principal to join Santander Asset Management in the United States as director of fund distribution, Mutual Fund Wire reports. Currently, the Spanish firm has no presence on the US fund market, but the firm is reportedly targeting the private equity firms Warburg Pincus and General Atlantic.

P { margin-bottom: 0.08in; } A sustained interest in Japanese equities, which have posted record subscriptions in the week to 15 May, have helped to strengthen inflows to equity funds overall.According to statistics from EPFR Global, equity funds finished the week ending on 15 May with net inflows of USD14.16bn. Bond funds, for their part, posted net inflows of USD3.4bn, while money market funds posted redemptions totalling USD15.7bn.Since the beginning of this year, equity funds posted inflows of USD176.36bn, while bond funds had inflows of USD165.1bn.

P { margin-bottom: 0.08in; } According to sources familiar with the matter, US prosecutors are planning to press criminal charges against the alternative management firm SAC Capial Advisors LP as part of an insider trading investigation, the Wall Street Journal reports.On Friday, SAC told its clients, without giving a reason, that it will no longer be co-operating unconditionally with the directors of the investigation.Assets at SAC total about USD15bn, more than half of which is managed on behalf of the founder, Steven A. Cohne, and employees of the group.

P { margin-bottom: 0.08in; } On 28 June, seven funds from Union Investment will be liquidated, the central asset management firm for the German co-operative banks has announced. This includes the following products:- UniConvertibles- UniEM China & Indien- UniEM IMMUNO 90- UniEM Middle East & North Africa- UniEuroRenta Governments- UniFlexInvest: EuroAktien and- UniRentaEurolandPlus 5JUnion has also decided to merge six funds into the UniGlobal II, without cost to shareholders. They are the following products:- UniProInvest: Aktien- UniProInvest: Aktien -net-- UniSector: ConsumerGoods- UniSector: Finance- UniSector: GenTech and- UniSector: MultiMedia

P { margin-bottom: 0.08in; } The Luxembourg Sicav HSBC Global Investment Fund (GIF) has a new sub-fund, an emerging market equity fund, which is intended to combine the advantages of active and passive investments, HSBC Global Asset Management (Deutschland) has announced. The firm is now offering the HSBC GIF Economic Scale Indexation Global Emerging Markets Equity fund (ISIN codes: AC share class: LU0819120683; AD share class: LU0819120766) in Germany.It is the first fund in a series of smart beta products using optimised indices. The equity indices are improved by a modification of weighting factors, and these smart indices are then replicated by a passive fund. This modification in weighting is expected to allow the indices to outperform traditional indices without taking additional market risks.

P { margin-bottom: 0.08in; } The Wall Street Journal reports that iShares will in June close the iShares Diversified Alternatives Trust (ticker: ALT) which has USD57m in assets. It will be the firm’s first liquidation of an ETF in over a decade. The fund is an actively-managed product.

P { margin-bottom: 0.08in; } The managers of Artemis, Adrian Frost and Adrian Gosden have taken positions on shares in Lloyds Banking Group, which is approaching the value of 61.2 pence per share at which the state entered the capital of the bank during the financial crisis, Investment Week reports. The two managers estimate that the banking group may return to its dividend distribution policy as it returns to profitability. Shares in Lloyds Banking Group have gained nearly 100% in the past year, with a price of over 60 pence at closing on 16 May, for the first time since April 2011. At a general shareholder’s meeting held in London on 16 May, the CEO of the bank, Antonio Horta-Osorio, predicted a return to profitability in 2013, after a loss of GBP570m in 2012.

P { margin-bottom: 0.08in; } finews reports, citing Bloomberg, that Felipe Cruz, Arnaud Langlois and Mark Napp are leaving UBS O’Connor to join the London offices of the New York hedge fund management firm Millennium, while their colleagues Bernard Khkong and Rabin Tambyrajasont are moving to the London-based BlueCrest.UBS O’Connor has USD6bn under management out of CHF28bn in alternative and quantitative assets at the Swiss group. The string of departures are apparently due to a bonus limit imposed in February as part of a new remuneration structure applicable to the entire UBS group.

P { margin-bottom: 0.08in; } Polar Capital is planning to launch an investment trust dedicated to major international banks, for its two manangers John Yakas and Nick Brind, in order to exploit the highly attractive valuations of banks worldwide, Investment Week reports. The launch may come in late June, with an objective of under GBP100m. The trust will have a 7-year horizon, and will invest primarily in banks worldwide, with an allocation reserved for insurers and asset managers.

P { margin-bottom: 0.08in; } Andrius Isciukas, global high yield analyst at HSBC Asset Management, is joining M&G Investments to work with Stefan Isaacs and James Tomlins on high yield portfolios. He will also support Ben Lors in investment grade funds, Investment Week reports.

P { margin-bottom: 0.08in; } The financial ratings agency Moody’s on 16 May announced that it has raised its sovereign debt rating for Turkey by one notch, to Baa3, maring a return to the investment grade category. The new rating has a stable outlook.As support for the decision, the ratings agency cites an improvement in the economy and the better situation of public finances, which helps Turkey to hold up under external shocks.“Since the beginning of 2009, the Turkish debt burden has fallen 10 percentage points to a manageable level fo 36% of GDP, and Moody’s is expecting this improvement to continue in the coming years,” a statement says.

P { margin-bottom: 0.08in; } Eight of the 11 hedge fund indices from Newedge posted gains in April. The Newedge Trend Index in particular posted returns of 3.85% for the month, and 7.67% since the beginning of the year. The Newedge CTA has posted gains of 1.45% for the month, and 4.36% since the beginning of the year.The BarclayHedge CTA index, for its part, gained 1.11% in April, and 2.11% since the beginning of the year. Five of the eight BarclayHedge CTA indices finished the month with gains. The Financial & Metal Traders Index gained 1.47%, while the Currency Traders index lost 0.50%.In the first four months of the year, the Systematic Traders index has gained 2.46%, the Diversified Traders index 2.37%, the Financial & Metal Traders 2.28%, and the Currency Traders 1.06%.

P { margin-bottom: 0.08in; } Kames Capital has liquidated the Global Opportunities fund managed by Olaf van den Heuvel, following a strategic review of its rangs of bond funds, Citywire reports. The Dublin-based fund had about EUR7m in assets when it was closed in late April. It had lost 20.73% in three years to the end of March in euros.

P { margin-bottom: 0.08in; } The Swedish asset management firm Tundra, a specialist in emerging markets, is launching a Nigeria and sub-Saharan Africa fund entitled Tundra Nigeria and Sub-Sahara, Realtid.se reports.

Filiale de l’assureur britannique Standard Life, Standard Life Investments vient d’enregistrer ses trois premiers fonds en France. Pour autant, la société gère déjà 900 millions d’euros dans l’Hexagone, principalement dans l’obligataire et pour des institutionnels, confie Jennifer Richards, co-responsable du développement européen interrogée par NewsManagers. Cette stratégie française s’inscrit dans le cadre du développement des encours hors groupe, qui représentent désormais plus de 50 % des près de 180 milliards de livres gérés par SLI, contre 40 % en 2010 et... zéro il y a 13 ans.

Précédemment chez Principal, Mikhail Mora a rejoint Santander Asset Management aux Etats-Unis en tant que directeur de la distribution de fonds, rapporte Mutual Fund Wire. Actuellement, la société espagnole n’a pas de présence sur le marché américain des fonds, mais la société serait la cible des sociétés de capital investissement Warburg Pincus et General Atlantic.

Baptisé sans doute Novo, le fonds de Place créé sous l’impulsion de la CDC et de la FFSA par les grands assureurs français doit clôturer aujourd’hui l’appel à candidatures lui permettant de choisir prochainement une société de gestion pour investir jusqu'à 1 milliard d’euros en dette de PME et ETI françaises, rapporte L’Agefi. Le véhicule d’investissement prendra la forme d’un FCT (fonds commun de titrisations), la plus commode pour souscrire de la dette d’entreprise, tout en évitant la notation qui pose habituellement problème, note le quotidien.

The Wall Street Journal rapporte que iShares fermera en juin le iShares Diversified Alternatives Trust (acronyme: ALT) qui affiche 57 millions de dollars d’encours. Ce sera sa première liquidation d’un ETF depuis plus de dix ans. Il s’agit d’un produit à gestion active.

CamGestion a indiqué sur son site en fin de semaine dernière que la rubrique « Principales catégories d’actifs utilisés » du fonds CamGestion Euroblig sera modifiée à compter du 27 mai 2013. A cette date, la société de gestion précise que « la notation minimale des titres de créances en portefeuille est de Ba3 (Moody’s) et/ou BB- (Standard & Poor’s). En outre, la part des titres de la catégorie « Non investment grade, spéculative », de Ba1 (Moody’s) et/ou BB+ (Standard & Poor’s) à Ba3 (Moody’s) et/ou BB- (Standard & Poor’s) ne représente pas plus de 20% de l’actif net du FCP. Enfin, la notation minimale des instruments du marché monétaire en portefeuille est : P1/A1. » Jusqu'à cette date, la rubrique « Principales catégories d’actifs utilisés » est rédigé comme suit : « La notation minimale des titres de créances en portefeuille est de Baa3 et/ou BBB- (Moody’s et Standard & Poor’s) La part des titres notés Baa3 et /ou BBB- ne dépassera pas 20% de l’actif net du FCP. La notation minimale des instruments du marché monétaire en portefeuille est de P1 / A1. »

Crédit Agricole Assurances, via sa filiale d’assurance de personnes Predica, vient de lancer Contrat Solidaire, un nouveau contrat d’assurance vie solidaire labellisé Finansol. Distribué par les Caisses régionales du Crédit Agricole, il conjugue épargne et bénéfice social.Ce contrat est solidaire dans ses trois composantes. Tout d’abord, il comprend un support Euro solidaire spécialement créé pour ce contrat comprenant 5% minimum d’investissements solidaires (FCP Finance et solidarité géré par Amundi). Le complément est géré selon les mêmes modalités que l’actif général de Predica. Il propose ensuite sept unités de compte solidaires, labellisées Finansol qui répondent aux trois critères d’attribution du label :- critère de solidarité avec 5% minimum de l’épargne collectée dédiés aux financements d’activités solidaires ;- critère de transparence et d’information ;- critère d’action commerciale, les objectifs commerciaux, de collecte font également partie des critères pris en compte. Enfin, il comporte une fonction de partage : 2% de frais sur versement fixes sont prélevés sur le contrat dont 50% sont reversés à une association. «Soutenir l’économie sociale et solidaire est une réponse concrète à la crise économique environnante et permet de créer des emplois et de l’activité à un niveau local où nous sommes fortement implantés avec le réseau des Caisses régionales du Crédit Agricole», indique Jérôme Grivet, Directeur général de Crédit Agricole Assurances et de Predica. «En lançant un contrat d’assurance vie solidaire labellisé Finansol, Predica s’inscrit dans une démarche d’innovation sociale unique».

Phitrust Impact Investors vient de constituer le FCPI Phitrust Innovation II, destiné aux souscripteurs « désireux de donner du sens à leur investissement, en finançant des PME innovantes qui visent à répondre à des enjeux sociétaux, dans le domaine social ou environnemental », selon un communiqué. Ce FCPI est actuellement ouvert à la souscription des particuliers qui souhaitent réduire leur ISF 2013 ou leur IR 2014 (à acquitter sur les revenus 2013).« Nous avons identifié aujourd’hui de nombreux projets développant des technologies innovantes et apportant une réponse à un enjeu sociétal dans les domaines de l’Internet, des technologies numériques, de la santé, de l’habitat social, avec des projets de développement ambitieux qui recherchent financement et accompagnement pour les aider à passer un palier de croissance », détaille Phitrust.Au sein du groupe Phitrust, Phitrust Impact Investors est une société de gestion qui réunit des investisseurs spécialisés dans le financement de jeunes entreprises innovantes et une équipe finançant des entreprises non cotées favorisant l’innovation pour répondre à un enjeu social.

Aujourd’hui, les actionnaires de JP Morgan doivent se prononcer, au cours de l’assemblée générale de la banque, à Tampa (Floride), sur une motion qui réclame la scission des fonctions de directeur général et de président du conseil d’administration. Lancé entre autres par un syndicat de fonctionnaires, l’AFSCME, dont le fonds de pension détient des titres de l'établissement financier, la proposition «vise évidemment la personne de Jamie Dimon», note Les Echos. Ce dernier quitterait vraisemblablement la banque plutôt que d’abandonner une de ses casquettes, prévoit le quotidien.

Allianz France souhaite sortir du capital d’Oddo & Cie, dont il détient actuellement 20 %, selon des informations des Echos. « Les représentants de la compagnie d’assurances l’ont encore affirmé lors de l’assemblée générale du groupe, réunie le 15 mai dernier », a indiqué au quotidien une source proche du dossier. Allianz France s’est refusé à tout commentaire.