Le regain des fonds actions aura été de courte durée. Six mois après le retour de l’appétit pour les actions, les investisseurs européens sont revenus sur les obligations. Pour le troisième mois consécutif en mars, selon les dernières statistiques de Lipper, les souscriptions nettes aux fonds actions ont décliné (-9 milliards d’euros en mars), tandis que les fonds obligataires ont vu leur collecte nette s’améliorer (+4,7 milliards d’euros). Et si l’on retire l’impact positif des ETF, les fonds actions accusent des rachats nets de près de 10 milliards d’euros.Le gros des souscriptions aux fonds obligataires (3,3 milliards d’euros) a été placé sur cinq fonds seulement, ceux de Templeton, Alliance Bernstein, Storebrand et Pimco. Dans ce contexte, Franklin Templeton est ressorti premier du classement des sociétés de gestion en termes de souscriptions nettes en mars avec 2 milliards d’euros, devant UBS (1,6 milliard) et BlackRock (1,2 milliard), sachant que ces deux derniers ont été les deux groupes ayant enregistré les plus fortes collectes actions.A noter que les fonds matières premières ont enregistré des souscriptions nettes de 830 millions d’euros en mars, portant le total à 2,7 milliards d’euros au premier trimestre, dont 1,4 milliard sur des ETF. Au total, sur le mois, les fonds vendus en Europe ont enregistré des souscriptions nettes de 330 millions d’euros hors fonds monétaires, soit le plus faible niveau depuis 10 mois, et des rachats nets de 8,9 milliards en les incluant.

La firme de conseil en investissement Vertex Capital Management a lancé un nouveau fonds au format Ucits, le Vertex Evolution Ucits Fund, sur la plate-forme SEB Prime Solutions, dédiés aux véhicules coordonnés, selon Hedgeweek.Il s’agit du quatrième fonds accueilli sur la plate-forme depuis sa création en septembre 2010. Le fonds proposé par Vertex CM est un fonds multi-classes d’actifs associé à un portefeuille de gérants systématiques externes.

Schroders vient de lancer un fonds qui offre aux investisseurs une exposition au marché obligataire «corporate» européen, tout en réduisant les risques liés aux relèvements de taux d’intérêt, rapporte FundWeb. Le Schroder ISF Euro Credit Duration Hedged Fund, piloté par Adam Cordery, le patron des stratégies de crédit britanniques et européennes, visera en effet à maintenir le risque de duration proche de zéro. Selon Adam Cordery, les deux compartiments les plus intéressants du marché sont la dette subordonnée des banques et les obligations des entreprises.

Legg Mason a annoncé le 12 mai le lancement de sa première application mobile qui permettra aux clients de suivre facilement leurs investissements et de rester à tout moment informés de l’actualité des marchés.Développée et mise en oeuvre par Kurtosys Systems Limited, l’application Legg Mason propose aux investisseurs les analyses des spécialistes de la gestion d’actifs, ainsi que des informations concernant la performance des fonds, notamment les valeurs liquidatives quotidiennes. L’application est disponible sur les systèmes iOS d’Apple, Blackberry et Android de Google. Parmi les services disponibles au moment du lancement figurent notamment des mises à jour régulières de flash d’actualité incluant les dernières analyses des gérants de Legg Mason, des informations sur les cours de la gamme de fonds domiciliés à Dublin, au Luxembourg, et au Royaume-Uni ainsi que des webcasts présentant les dernières téléconférences organisées avec les gérants.

State Street Corporation vient d’être nommé par Manulife Asset Management Limited Toronto pour fournir des services d’investissement à Manulife Asset Management Pooled Funds et Manulife Canadian Real Estate Funds, qui totalisent 2,2 milliards de dollars canadiens d’actifs.

Le new yorkais Van Eck Global a annoncé le 12 mai le lancement du Market Vectors LatAm Aggregate Bond ETF (acronyme sur NYSE Arca : BONO). Ce nouveau fonds s’efforce de répliquer avant frais l'évolution du BofA Merrill Lynch Broad Latin America Bond index (LATS) qui couvre un portefeuille d’obligations souveraines et d’entreprises émises par des emprunteurs latino-américains et libellées en dollars américains, en euros et en monnaies locales. La commission de gestion ressort à 0,49 % en net, et elle est plafonnée contractuellement à ce niveau jusqu’au 1er septembre 2012.L’indice comporte 453 émissions ; le Brésil pèse 36,52 %, le Mexique, 29,03 %, la Colombie, 12,19 %, le Venezuela, 6,50 % et l’Argentine, 4,17 %.Le nouveau produit est le 34ème ETF de la marque Market Vectors et le huitième produit obligataire de cette gamme.

David Decker, le gérant du Janus Contrarian Fund, quittera Janus Capital Group le 30 juin pour créer sa propre société de gestion. Pour lui succéder à la gestion de ce fonds et pour piloter le développement de Janus dans les produits alternatifs, la société américaine a réembauché David Kozlowski, qui arrivera le 13 juin. Ce dernier, qui avait en effet déjà travaillé chez Janus entre 1999 et 2008, est le fondateur de Plaisance Capital, une boutique d’investissement dans l’alternatif basée à Chicago. Il continuera à gérer le hedge fund de Plaisance et participera à l’ensemble de la gestion des produits à rendement absolu et alternatifs qui seront conçus pour les investisseurs institutionnels. Hiroshi Yoh, qui a rejoint le bureau de Singapour en avril en tant que gérant des stratégies actions asiatiques, contribuera aussi à la gestion des produits alternatifs.Suite au départ de David Decker, Janus a également procédé à plusieurs changements au sein de la gestion. Ainsi, Dan Riff, co-gérant du Janus Fund et du Janus Long/Short Fund, s’occupera de la gestion du Janus Long/Short Fund. Il sera remplacé pour le Janus Fund par Barney Wilson, directeur assistant de recherche et gérant de portefeuille du Janus Global Technology Fund, en tant que co-gérant. Et le Janus Global Technology Fund sera repris par Brad Slingerlend, assistant de gérant de portefeuille et ancien co-gérant du fonds.

Avec le Global X Fishing Industry ETF (acronyme : FISN), chargé à 0,69 %, la société de gestion Global X Management se targue d’avoir lancé le tout premier ETF consacré au secteur de la pêche à l'échelon mondial. Ce fonds réplique le Solactive Global Fishing Index dont, au 29 avril, les trois plus grandes composantes étaient Cermaq ASA, Marine Harvest et Toyo Suisan Kaisha Ltd. A noter que les deux branches principales de l’industrie de la pêche sont la pêche commerciale et l’aquaculture.

Les actifs sous gestion du groupe Old Mutual s’inscrivaient à fin mars à 303,1 milliards de livres, en hausse de 1% par rapport au 31 décembre 2010. Dans un communiqué publié le 12 mai, le groupe indique toutefois que le trimestre s’est terminé sur une décollecte nette de 2,6 milliards de livres.Les activités de gestion d’actifs aux Etats-Unis se sont soldées par une décollecte nette de 3,7 milliards de livres. En revanche, la collecte sur les marchés émergents a progressé de 13% à 115 millions de livres, et la plate-forme britannique SIS a drainé un montant 1,4 milliard de livres, en progression de 6%. Au 31 mars dernier, les actifs sous gestion de Skandia UK affichaient une progression de 14% à 34,5 milliards de livres, dont 17,7 milliards de livres issus de la plate-forme SIS.

Que personne ne croie que les hedge funds ont beaucoup mieux survécu à la crise financière que les banques, écrit la Frankfurter Allgemeine Zeitung. Par exemple, RAB Capital, introduit sur le LSE à 25 pence en 2004, est passé par un pic de 125 pence juste avant la crise et ne vaut plus aujourd’hui que 7 pence.Après la levée au bout d’un an du gel des remboursements, l’encours du RAB Special Situations Master, est tombé ce printemps à 371 millions de dollars contre 1,4 milliard. Il a même fondu à présent à 99 millions. Et le gérant-vedette des fonds RAB Energy et RAB Octane, Gavin Wilson, est parti après que ses produits aient connu un sort similaire.Gartmore, de son côté, ne s’est pas remis de la suspension par la FSA de Guillaume Rambourg. Dégoûté, Roger Guy, le gérant du fonds de grandes capitalisations européennes, va quitter l’entreprise ce mois-ci. Et Gartmore a été acheté par Henderson à un prix de 366 millions de livres, ce qui est de 54 % inférieur à celui de l’introduction en 2009.

The New York-based Van Eck Global on 12 May announced the launch of the Market Vectors LatAm Aggregate Bond ETF (acronym on NYSE Arca: BONO). The new fund aims to replicate the evolution of the BofA Merrill Lynch Broad Latin American Bond index (Late), before fees; the index covers a portfolio of government and corporate bonds from Latin American borrowers, denominated in US dollars, euros, and local currencies. Management commission is a net 0.49%, and is contractually limited to this level until 1 September 2012.The index includes 453 issues: Brazil accounts for 36.52%, Mexico for 29.03%, Colombia for 12.19%, Venezuela for 6.50%, and Argentina for 4.17%.The new product is the 34th ETF of the Market Vectors brans, and the eighth bond product from the range.

With the Global X Fishing Industry ETF (acronym: FISN), which charges fees of 0.69%, Global X has launched what it claims is the first ETF ever dedicated to the global fishing industry. The fund replicates the Solactive Global Fishing Index, in which the three largest components as of 29 April were Cermaq ASA, Marine Harvest, and Toyo Suisan Kaisha Ltd. The two major branches of the fishing industry are commercial fishing and aquaculture.

The high yield management specialist Muzinixh has posted a net inflow in the first four months of the year of over EUR200m in France. These inflows went to all portions of the asset class. Assets under management in Paris as of the end of April totalled over EUR1bn, of which 50% were from France itself, and 50% from the other French-speaking countries of Europe (Switzerland, Belgium, and Luxembourg). Total net inflows to UCITS III funds have totalled USD1.7bn since the beginning of the year, for total assets of USD5.2bn. Assets in the Short Duration High Yield sub-fund, launched in October 2010, totalled about USD1.13bn, putting total assets under management at Muzinich as of the end of April at USD13.5bn. At a press conference, the director of the Paris office, Eric Pictet, pointed to investors’ growing interest in the asset class, particularly on the part of pension funds and insurers in France. Since the beginning of the year, financing activities (refinancing of existing bonds or loans) represented about two thirds of all issues (USD130bn). Muzinich estimates that in the next twelve months, traditional horizon funds will earn returns of 4% to 9%, barring any external shocks, and that horizon funds with a duration of less than two years will earn 2% to 6%.

The reorganisation of BBVA Asset Management (see Newsmanagers of 14 January) has led to the appointment of Gonzalo Meseguer Muñoz as director of sales and marketing. Muñoz will be in charge of promoting sales of funds and retirement savings plans via the network, brokers, and other distribution channels, in Spain and the rest of Europe, in keeping with the new geographical division of the market into three regions (Europe, Mexico, and Latin America).

Au 30 mai, Wilfred Sit, qui était head of Asia Pacific invesment strategy et CIO régional pour Asie-Pacifique chez Mirae Asset Global Investments rejoindra Baring Asset Management Asie LTD au poste nouvellement créé de CIO, à Hong-Kong. Il s’agit d’un retour aux sources, l’intéressé ayant déjà été directeur et head of Asian equities chez Barings entre 2004 et 2007.Dans ses nouvelles fonctions, ils travaillera avec Colin Ng, head of Asian equities, et Agnes Deng, head of Hong Kong China Equities. Il sera subordonné à Tim Scholefield, head of equities de Barings.La maison britannique gère plus de 13 milliards de dollars d’actions asiatiques (au 31 mars) dans des fonds et des mandats, dont 3,4 milliards de dollars dans le Baring Hong Kong China et 300 millions de dollars dans le Baring ASEAN frontiers fund.

Baring Asset Management (Barings) has appointed Wilfred Sit to the new role of chief investment officer – Baring Asset Management Asia Limited. He will be based in the firm’s Hong Kong office when he joins on 30th May.Wilfred Sit joins Barings from Mirae Asset Global Investments where he was head of Asia Pacific Investment Strategy and regional chief investment officer - Asia Pacific, before becoming head of emerging markets investment strategy. He is returning to Barings, having been director and latterly head of Asian equities at the firm between 2004 and 2007. In his new role at Barings, Wilfred Sit will lead the Hong Kong based equity team. He will work with Colin Ng, Barings’ head of Asian equities, and Agnes Deng, head of Hong Kong China equities, to build on the investment record and historic franchise of Barings in Asian investment markets. He will report to Tim Scholefield, Barings’ Head of Equities.

In a sign that China is genuinely intending to play a more active role in the organisation, Jin Liqun, chairman of the supervisory board at China Investment Corp (CIC), has accepted an appointment as chairman of the International Forum of Sovereign Wealth Funds (SWF), an organisation which weighs in at USD4trn (according to Preqin), and includes about two dozen mega-funds, the Wall Street Journal reports.The Chinese head was elected for a two-year term, and succeeds David Murray, president of Australia’s Future Fund.The Forum has also begun the process of creating a position for a permanent secretary. Members will agree to provide the necessary funding on a voluntary basis.

German investors’ propensity to acquire equities in April reached its highest level in two years, according to the comdirect Brokerage index, which came in at 126.6 for last month, compared with 99.9 in March. A value of over 100 means that investors have an appetite to acquire the securities in question. The index (January 2005-December 2009 = 100) does not take into acocunt any institutional orders.The global index, which is established on the basis of buy and sell orders from 700,000 clients of comdirect bank, came in at 107.4, compared with 95.7 in March. The same was true fro bonds, with the index at 106.7 in April, and 93 the previous month. Germans also bought more shares in equities funds, with the index at 72.5, compared with 50.3 the previous month.In its comments, comdirect observes that German retail investors invested in equities at an appropriate time, as quarterly results were to be published, and that this allowed them to participate in the recovery on the equities markets. They also took advantage of periods of correction to increase their stakes. Investors with the most inclination to risk acquired bonds, which is the reason for the increase in the corresponding sub-index.

In first quarter 2011, net profits at MLP increased to EUR4.6m, compared with EUR2m in January-March 2010, on total earnings of EUR130.8m, compared with EUR121.2m.The German financial services provider, which has recently acquired the remainder of Feri, reported profits before taxes and financial charges of EUR8.6m, compared with EUR4m, despite a one-time charge of EUR3.2m, related largely to severance payments as a part of its rationalisation programme.As of the end of March, assets under management totalled EUR19.9bn, compared with EUR19.8bn as of the end of December.

In January-March, Allianz has seen a 42.9% decline in its net profits year on year, to EUR915m. Despite the natural disasters which generated the highest costs in two decades, operating profits fell by only 4.2% in first quarter 2010, to EUR1.66bn.Third-party assets under management in the asset management unit as of 31 March totalled EUR1.138trn, compared with EUR1.023trn one year previously; however, they were down compared with EUR1.164trn as of the end of December 2010. Net inflows from third parties totalled EUR14bn in first quarter 2011.Operating profits in January-March rose 13.3%, to EUR528m, while net profits were up 116%, to EUR309m. The cost-income ratio deteriorated only marginally, to 58.5%, compared with 58.2% for the corresponding period of last year.

According to the Swiss asset management firm Swisscanto Asset Management (GBP57.6bn), the Swisscanto (LU) Bond Invest CoCo fund, which will be launched on 1 June, and for which initial subscriptions are slated to open from 23 to 31 May, will be the first specialist investment fund of “contingent” convertible bonds (CoCo for short). The Luxembourg-registered fund is registered for sale in Switzerland, Liechtenstein, Luxembourg, and Austria.CoCo issuance is likely to increase, due to toughening of regulatory equity requirements for banks under Basel III. CoCos may only be converted into equities in cases of financial difficulty of the issuer; as they present higher risks than external capital, they may not simply be counted as part of the bond allocation in a portfolio (they are part of the alternative class), which restricts the circle of potential investors, but also generates higher returns. Performance projections for CoCos currently put them at 8% to 10%, and they are thus attractive both for institutional and for private investors.Since the range of CoCos on offer is currently relatively limited, the Swisscanto (LU) Bond Invest CoCo will initially invest only 6% of its assets in securities of this type. The proportion allocated to these bonds will increase as the market grows. Meanwhile, the fund will invest in subordinated banking sector bonds.The new product is available in capitalisation shares for private investors (B class) and for institutionals (J class), in Swiss francs, euros, and US dollars. Currency risks are hedged for all currencies, and there will be no performance commission. CharacteristicsName: Swisscanto (LU) Bond Invest CoCoISIN code: B class: retail; J class: institutional sharesB class CHF: LU0599119533 J class CHF: LU0599119616B class EUR: LU0599119707 J class EUR: LU0599119889B class USD: LU0599119962 J class USD: LU0599120036Management commission: 1.40% (B class)0.80% (J class)

In an effort to make transactions in China, Western firms are working to launch funds denominated in Chinese yuan, on the assumption that the Chinese authorities will be less restrictive in their treatment of vehicles denominated in local currency and capital raised from local investors, than for US dollar funds from foreign investors, the Wall Street Journal reports.Goldman Sachs on Thursday signed an agreement with the Beijing municipal government to launch a fund denominated in yuan, with the objective of raising CNY5bn, or USD770m. The vehicle will be managed by the private equity unit of the US group. The Beijing municipal government already has a similar partnership with Carlyle.Morgan Stanley, for its part, will next week announce a partnership with Hangzhou Industrial & Commercial Trust Co, in which it already controls 20%. The partnership will lead to the launch of a private equity fund.The Wall Street Journal points out that TPG and Blackstone have also launched funds denominated in Chinese yuan.

European investors are returning to bond funds and moving away from stocks only six months after a revival in equity appetite seemed to have taken hold, says Lipper FMI in its latest Fund Flash. For the third month in a row net sales declined for the latter asset class (-EUR9bn) and improved for the former (EUR4.7bn). Indeed equity funds would have suffered outflows of nearly EUR10bn if the positive impact of ETF activity is excluded.On the fixed income side, EUR3.3bn moved into the five most successful funds (from Templeton, Alliance Bernstein, Storebrand and Pimco). On this basis it was not surprising that Franklin Templeton, a group that has the most successful bond products, again led the group rankings in terms of sales with EUR2bn. But it was UBS’ and BlackRock’s equity sales that helped them to second and third places with respectively +EUR1.6bn and +EUR1.2bn, says Lipper FMI.Commodity funds generated net sales of EUR830m in March, bringing net sales for the first quarter to EUR2.7bn, of which EUR1.4bn came from ETFs.European fund sales barely scraped into positive territory in March at EUR330m (excluding money market funds), a ten month low. With money market activity included, total industry flows fell to -EUR8.9bn.

Schroders has launched a fund which offers investors exposure to the European corporate bond market, while reducing risks related to rising interest rates, FundWeb reports. The Schroder ISF Euro Credit Duration Hedged Fund, managed by Adam Cordery, head of British and European strategies and credit, will aim to maintain long-term risks at a zero level. According to Cordery, the two most attractive segments of the market are subordinate debt from banks and corporate bonds.

The investment advising firm Vertex Capital Management has launched a new UCITS-compliant fund, the Vertex Evolution Ucits Fund, on the SEB Prime Solutions platform, dedicated to UCITS-compliant vehicles, Hedgeweek reports. It is the fourth fund to be added to the platform since its creation in September 2010. The fund from Vertex is a multi-asset class fund associated with a portfolio of external quant managers.

Institutional and high net worth private investors in Germany and Austria will be exclusively able to subscribe to shares in the Luxembourg-registered, multi-strategy, UCITS-compliant Torrus-Multi-Strategy Fund (ISIN code LU0578765140), whose objective is to generate returns at least 300 basis points higher than the euribor 3-month. The fund was launched in February, but received a sales license only in April.The product is administered by Bank of America Merrill Lynch on the Torrus Funds platform, where it is the first fund of funds in residence (the platform has 11 UCITS-compliant hedge funds). The fund is managed by Ahmet Peker and Neil Sturrock at the German management firm Deka Investment.Advance notice periods for subscription and redemption are set at one week.

David Decker, manager of the Janus Contrarian Fund, has decided to leave Janus on June 30, 2011, to establish an independent asset management firm. Dan Kozlowski, a former Janus portfolio manager, will return to the firm on June 13, 2011 to succeed him and to spearhead Janus’ alternatives product expansion. Dan Kozlowski, who was with Janus from 1999 until 2008, is the founder of Chicago-based Plaisance Capital, a boutique alternatives investment firm. He will continue managing Plaisance’s hedge fund and he will play «an integral role in managing absolute return and alternative investment products that will be developed for institutional investors», according to Janus. Veteran investor Hiroshi Yoh, who joined Janus’ Singapore office in April as manager of Asian equity strategies, will also contribute his expertise managing alternatives.During Kozlowski’s previous Janus tenure, he was an equity analyst as well as co-portfolio manager of the Janus Long/Short Fund with Decker.Janus also announced today several other portfolio management appointments, effective May 12, 2011. Dan Riff, co-portfolio manager of Janus Fund and Janus Long/Short Fund and related separate accounts, will be dedicated to managing Janus Long/Short Fund upon David Decker’s departure. Barney Wilson, assistant director of research and portfolio manager of Janus Global Technology Fund, has been appointed co-portfolio manager of Janus Fund, replacing Dan Riff. As assistant director of research, Wilson is instrumental in fostering collaboration among portfolio managers and analysts and enhancing the investment process. Brad Slingerlend, assistant portfolio manager and former co-portfolio manager of Janus Global Technology Fund, has been appointed portfolio manager of Janus Global Technology Fund, succeeding Wilson. Slingerlend’s previous tenure on Janus Global Technology Fund was from January 2006 until May 2007. He was head of the technology sector team from February 2003 until May 2007.

State Street Corporation has been appointed by Manulife Asset Management Limited Toronto to provide investment services to Manulife Asset Management Pooled Funds and Manulife Canadian Real Estate Funds, which have a total of CAD2bn in assets.

Assets under management for the Old Mutual group as of the end of March totalled GBP303.1bn, up 1% compared with 31 December 2010. In a statement published on 12 May, the group states that the quarter ended with net outflows of GBP2.6bn. Asset management activities in the United States came out at a net outflow of GBP3.7bn. However, inflows to emerging markets rose 13%, to GBP115m, and the British platform SIS attracted a total of GBP1.4bn, up 6%. As of 31 March this year, assets under management at Skandia UK were up 14%, to GBP34.5bn, of which GBP17.7bn were from the SIS platform.

Let none suppose that hedge funds survived the financial crisis much better than banks, the Frankfurter Allgemeine Zeitung writes. For instance, RAB Capital, which held its initial public offering on the LSE at 25 pence per share in 2004, has gone from a peak of 125 pence per share just before the crisis, to no more than 7 pence per share now.Following the end of a redemption freeze after one year, assets in the RAB Special Situations Master fell this spring to USD371m, from USD1.4bn. The fund has now shrunk to USD99m. And the star manager of the RAB Energy and RAB Octane funds, Gavin Wilson, left the firm after his products met with a similar fate.Gartmore, for its part, has not recovered from the suspension of Guillaume Rambourg by the FSA. Roger Guy, the discontented manager of the European large caps fund, will be leaving the firm this month. And Gartmore was acquired by Henderson at a price of GBP366m, 54% lower than at its IPO in 2009.