ETF Securities a annoncé en début de semaine avoir élargi son offre d’Exchange Traded Commodities (ETC) reposant sur des métaux industriels physiques : l’ ETFS Physical Aluminium, l’ETFS Physical Lead et l’ETFS Physical Zinc sont désormais cotés sur le London Stock Exchange (LSE).

Quelques mois après son arrivée chez Threadneedle en provenance de Schroders, Simon Brazier a été promu au poste de responsable actions britanniques (head of UK equities), avec effet immédiat. Jusqu’ici, il partageait la direction de l’équipe UK avec Leigh Harrison. Ce dernier continuera à gérer la franchise «income UK» en plus de son rôle de responsable actions.

Au 31 mars 2011, les encours d’Henderson Group ressortaient à 60,5 milliards de livres, soit une baisse de 0,018 % par rapport aux 61,6 milliards de livres du 1er janvier 2011. Cela s’explique principalement par le transfert annoncé du fonds monétaire Henderson Liquid Asset Fund, pour 1,5 milliard de livres, à DB Advisors. Ce fonds a par la suite été fusionné dans le Deutsche Managed Sterling Fund, précise la société de gestion britannique. Henderson a aussi accusé des rachats nets de 100 millions de livres au premier trimestre, qui ont néanmoins été contrebalancés par un effet marchés et changes positif de 406 millions de livres. La société de gestion note néanmoins avoir enregistré sur la période des souscriptions nettes de 319 millions de livres dans ses fonds retail et de 174 millions dans des fonds à rendement absolu. En incluant les encours de Gartmore, qui ne sont pas comptabilisés dans les résultats à fin mars, Henderson affiche un encours total de 76,2 milliards de livres. Gartmore gérait en effet au 31 mars 15,7 milliards de livres, après avoir accusé des rachats nets de 1,2 milliard de livres au premier trimestre. En avril, la société a encore vu sortir 100 millions de livres, sans compter les demandes de remboursement notifiées.Concernant le rachat de Gartmore, bouclé le 4 avril, Henderson précise que la majorité des fusions de fonds devrait être achevée d’ici à la fin du troisième trimestre 2011.

BNY Mellon Asset Management vient de nommer Kenneth Tomlin en tant que directeur de l’activité institutionnelle au Royaume-Uni. Il vient de Dimensional Fund Advisors, où il était responsable du développement institutionnel pour le Royaume-Uni et l’Irlande. Il affiche au total une expérience de 20 ans dans la gestion d’actifs et a notamment travaillé chez Société Générale Asset Management comme responsable des ventes institutionnelles au Royaume-Uni. Chez BNY Mellon AM, Kenneth Tomlin sera placé sous la direction de Jonathan Lubran, directeur exécutif de l’activité institutionnelle de la société.

The United States on 4 May announced that the Swiss bank UBS has agreed to pay USD160m in damages and interest to settle charges of anti-competitive practices on municipal bond markets. The Department of Justice and the Securities and Exchange Commission (SEC) say in a statement that UBS had admitted to manipulating the procedure for awarding public contracts to manage these bonds. UBS conspired with other financial institutions between 2001 and 2006 to divide US clients and inflate charges.

Amundi ETF on 4 May announced the listing of four new products on NYSE Euronext in Paris, bringing the total number of available products over 100. Amundi ETF has added to its bond range with two ETFs based on corporate bond indices. Amundi ETF Euro Corporate Financials iBoxx aims to replicate the performance of the Markit iBoxx EUR Liquid Financials bond index, a total return index, as closely as possible, both in rising and in falling trends. The index is composed of bonds denominated in euros, issued by private financial sector businesses, and selected largely on the basis of liquidity criteria and ratings higher than or equal to BBB- (Standard & Poor’s). The second fund, Amundi ETF Euro Corporate Ex Financials iBoxx, aims to replicate the evolution of the Markit iBoxx EUR Liquid Non-Financials index, a total return index, in rising and in falling trends. The ETF offers investors exposure to a portfolio of securities denominated in euros, issued by private, non-financial sector businesses. Two new equities products have also been added to the emerging markets range from Amundi ETF, which already offers exposure to the major emerging markets and to some leading regions or countries. The products, which are eligible for PEA tax status, are available at a lower total expense ratio (TER) than their competing European products. Amundi ETF MACI EM Asia aims to replicate the performance of the MSCI Emerging Markets Asia index, in rising and in falling trends, with dividends reinvested (net return), denominated in US dollars. The index allows investors exposure to over 500 securities from 8 countries (China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan and Thailand). The ETF is available at a competitive TER of 0.45%, compared with an average of 0.65% for similar products from competing European management firms. Amundi ETF MSCI EM Latin America aims to replicate the evolution of the MSCI Emerging Markets Latam index, in rising and falling markets, with dividends reinvested (net return), denominated in USD. The index is composed of over 100 equities from five Latin American countries: Brazil, Mexico, Chile, Colombia and Peru. The ETF has a TER of 0.45%, compared with an average of 0.68% for similar competing European products.

Ray Jovanovich, CIO at Amundi Asia in Hong Kong, will soon be retiring, and Ayaz Ebrahim will be replacing him in the position, Asian Investor reports. Ebrahim, currently CIO at HSBC Asset Management in Hong Kong, held the position of CIO at Crédit Agricole Asset Management until 2002, until Jovanovich replaced him. He is thus returning to his old job, though Ebrahim’s responsibilities will now be wider, as he will also become vice CEO for equities and balanced mandates.

The new banking group Quilvest Wealth Management has received permission to commence activities, Agefi Switzerland reports. On 9 December 2010, the Compagnie de Banque Privée and Groupe Quilvest announced plans to merge their Wealth Managment activities, via a strategic merger of their businesses Quilvest Switzerland Ltd. in Zurich, Quilvest Banque Privée S.A. in Paris, and Compagnie de Banque Privée S.A. in Luxembourg. The transaction has now received permission from the supervisory authorities. Quilvest Wealth Management has USD13bn in assets under management and custody, with 270 employees, led by Michel Abouchalache, CEO of Groupe Quilvest, and Marc Hoffmann, deputy director of Quilvest Wealth Management.

Among “small” firms, with 8 to 24 funds rated by Feri EuroRating Services in seven European countries (Germany, France, the United Kingdom, Italy, Switzerland, Sweden and Austria), the managers with the highest percentage of products rated A or B are JO Hambro IM, which finishes top in the United Kingdom with 88.9% of funds receiving one of the top two ratings, followed by Lazard AM, which finished first in France, with 81%, and Carmignac Gestion, first in Italy, with 77.8%.The rankings are naturally more diverse for small management firms than they are for large firms (see article in today’s Newsmanagers). However, Lyxor finishes 10th in Germany, 6th in the United Kingdom, 5th in Italy, and second in Switzerland.In France, Lazard AM finishes ahead of Pro BTP (78.6%) and Financière de l’Echiquier (61.5%). Carmignac Gestion is 8th , in a tie at 50% with Palatine AM, Janus Group and Oyster Funds.

Feri EuroRating Services has published its rankings of the top management firms in seven European countries (Germany, France, the United Kingdom, Italy, Switzerland, Sweden and Austria), with one ranking for “large” firms, with over 25 rated funds each, and one for small firms, with 8 to 24 rated funds each. Rankings are awarded on the bases of the percentage of funds in the range which earned the top ratings (A or B).Except in Germany and Sweden, British and American management firms win the top places in the rankings. Four of them – Threadneedle, Schroders, Franklin Templeton and BlackRock – are in the top ten of the national rankings in virtually all the countries studied by Feri (see attached table).The exceptions, local management firms which earn high rankings, are LBB-Invest and Union Investment, which place first and second in Germany, respectively, with 58% and 51.2% of their funds rated A or B. In France, Rothschilid & Cie Gestion and Oddo AM are the only firms to place in the top ten, with Rothschild in 2nd place, with 51.3% of its funds rated A or B, and Oddo is 8th, with 43.3%. However, the British firms Threadneedle and Schroders are both leaders in the United Kingdom. In Sweden, the top two are Swedbank and Banske Invest, with scored of 61.5% and 54.5%.

The 2010 fiscal year brought net profits for the Lampe private bank of EUR14m, compared with EUR12m the previous year. The Oetker group, which owns the firm, has decided to add all of these profits to their reserves, in order to bring the core regulatory capital above 10% (compared with 8.5%), in order to meet in advance the requirements of Basel III legislation.Assets under management increased 27%, to EUR15bn, of which EUR6bn (+40%) were at the affiliate Lampe Asset Management.

The Swiss Vontobel group on 4 May announced the launch of a new family of structured products with benchmark bonds, which will aim to profit from the management of debitor risks. In a statement, the bank cites the example of a newly-launched protected capital instrument based on the SMI index, with a Holcim benchmark bond. The bond “allows the fund to bring its participation in the evolution of the SMI to 100%, where a traditional structured product, with no benchmark bond, would only have been able to participate in half of the gains of the index,” the bank explains.

The SIX Swiss stock exchange has welcomed State Street Global Advisors (SSgA) as a new ETF provider. The management firm on 4 May listed twelve SPDR products based on regional and sectoral indices, bringing the number of ETF listed on the Swiss exchange to 675. The market maker for the new products will be Commerzbank.The ETFs in question are the SPDR MSCI Europe Consumer Staples, Europe Energy, Europe Consumer Discretionary, Europe, Europe Financials, Europe Health Care, Europe Industrials, Europe Information Technology, Europe Materials, Europe Small Cap, Europe Telecommunication Services and Europe Utilities. A statement comments that “State Street Global Advisors will in the future aim to extend its ETF product range on SIX Swiss Exchange.”

The Swiss BCV group on 5 May announced that it earned a gross profit of CHF118.5m in first quarter, up 4% compared with first quarter 2010. Earnings also increased by 4%, to CHF251.6m. These results include the integration of Banque Franck Galland & Cie SA, from February 2011, the group says. Half of the increase in earnings is related to the integration of the bank. Assets under management rose by 6.6%, or CHF5bn, to CHF80.8bn. This increase includes the contribution of assets managed by Banque Franck Galland & Cie SA, totalling CHF3.2bn. Net inflows totalled CHF900m.

The Swiss Vontobel group has announced plans to strengthen its responsible investment policy, with the adoption of a systematic engagement policy for the Global Trend and Global Responsibility funds. Vontobel, which has been offering responsible investment products for over 10 years, and which is a signatory to the United Nations Principles for Responsible Investment (UN PRI), has decided to roll out the policy in partnership with Hermes Equity Ownership Services (EOS). The Global Responsibility fund will integrate environmental, social and governance (ESG) criteria, while the Global Trend fund will concentrate on global trends, such as future resources, alternative energies, and clean technologies.

The United Nations Conference on Trade and Development (UNCTAD) on 4 May published a series of proposed principles to promote responsible investment in the buying and selling of sovereign debt securities. The proposals, which have already been the subject of detailed discussion with participants and experts, will in the next few months be presented to governments, in order to foster a broad consensus around the principles.

From 1 June, the Vienna Stock Exchange will release two emerging markets indices created by Erste Bank, entitled “rising markets,” which will aim to take into account economic growth as well as demographic evolution, as well as minimal standards in terms of the fight against corruption (Corruption Perception Index) and quality of life.The Austrian management firm Erste Sparinvest, an affiliate of Erste Bank, will on 1 June launch two Austrian funds, the Espa Bond Rising Markets and Espa Stock Rising Markets, each with three share classes. The products will replicate rising markets indices. Initial subscriptions will be closed on 31 May.Front-end fees will be 3.5% for the bond product, and 4% for the equities fund. The total expense ratio (TER) will be 1.2% for the former, and 2% for the latter product.

Deka Immobilien has acquired the Occidens office building in Frankfurt for its open-ended real estate fund WestInvest ImmoValue, from the Groß & Partner group. The property, with 9,700 square metres in area, is slated for completion by the end of 2011, and is already 75% leased to Boston Consulting. It was sold for about EUR75m.

Assets under management at the US management firm Legg Mason totalled USD677.6bn as of 31 March 2011, at the end of the firms 2010-2011 fiscal year, representing an increase of 1% compared with the end of December 2010, but a decline of 1% compared with the end of March 2010. In the fourth quarter of the fiscal year, ending 31 March, positive market effects were partially offset by an outflow of EUR8.7bn. Bonds represented 53% of assets as of 31 March, compared with 28% for equities, and 19% for money market funds. Net profits at Legg Mason for the fiscal year ending 31 March totalled USD253.9m, or USD1.63 per share, compared with USD204.4m, or USD1.32 per share, for the year ending in March 2010.

In the space of three years, the Paris office of M&G Investments (EUR230.4bn in total assets as of the end of December), led by Brice Anger, has posted a considerable increase in its assets under management, which stood at over EUR1.6bn as of the end of April. As of the end of March, assets were 38.1% invested in bond funds, 21.8% in regional funds, 19.5% in international equities funds, 11.5% in international convertible funds, and 9% in UK funds.This strong growth has been accompanied by growth in staff numbers, to a total of 5 presently. It has also allowed the local office of the British asset management firm to plan a move from their current location at 90, Champs-Elysées, to a more spacious location at 34, avenue Matignon, at the end of May.The Paris team held two presentations on 4 May, one for IFAs, and one a lunch for institutional investors, in order to promote three products of the range, including the bond fund M&G Optimal Income Fund, managed by Richard Woolnough, and the M&G Global Basics Fund, managed by Graham French.The third fund is a multi-asset class product, managed by Juan Nevada and Tony Finding, which aims for returns similar to those of equities, but with a volatility level closer to that of bonds. The M&G Global Dynamic Allocation Fund (GB00B56H1S45), which targets a euro zone client base, has only EUR15m in assets (it was launched on 4 December 2009), but replicates a larger fund aimed at the British market, a strategy with EUR80m in asstes. The fund will now be actively promoted by M&G in France.Nevada explains that he has set a performance objective of 5-10% in the mid-term, with volatility of 5-12%, and positive returns over a rolling three year period. To achieve this, he will rely on the resources of behavioural finance. The fund is currently 110% invested, although the managers use leverage only when it may limit volatility.

Asset management earnings at Axa were up 1% in first quarter, to EUR827m, with published average assets under management at a higher level, up from EUR846bn in first quarter 2010 to EUR861bn in assets as of first quarter 2011, Axa announced on 5 May in a statement. However, assets under management totalled EUR852bn as of the end of March 2011, down EUR26bn compared with 31 December 2010. Several factors contributed to this development, including a net outflow of EUR13bn, compared with about EUR23bn in fourth quarter 2010, largely due to outflows from AllianceBernstein from the institutional client segment. Outflows at AXA Investment Managers (-EUR2bn), a voluntary moratorium on unprofitable collective retirement policies (-EUR2bn) and money market products (-EUR1bn), were partly offset by positive net inflows to other areas of expertise, particularly Fixed Income (+EUR2bn) and AXA Framlington (+EUR1bn). Market effects totalled EUR13bn, due to a rebound on equities markets. Currency effects results in a EUR26bn gap to fill, largely due to depreciation of the US dollar against the euro. Total earnings for the group remained stable at EUR28bn, down 2% on a comparable basis.

According to the Business Standard, relayed by Handelsblatt, the Indian Forward Markets Commission (FMC) is reportedly planning to ask all ETF issuers no longer to accept subscriptions to gold ETFs, and no longer to launch such products.The FMC, which is the regulatory authority for commodities, is concerned about the influence these funds have on the gold markets, although the Securities and Exchange Board of India (SEBI), which supervises investment funds, has thus far not reacted to the demands of the FMC.

As of 31 March, Henderson had assets under management of GBP60.5bn, a decrease by GBP 1.2billion during the first quarter. This was driven by the previously notified transfer of GBP1.5 billion of cash funds to DB Advisors. DB Advisors were appointed as investment manager of the Henderson Liquid Asset Fund (HLAF) from October 2010 and subsequently investors approved the merger of HLAF into the Deutsche Managed Sterling Fund. Favourable market and currency movements of GBP406 million were partially offset by net outflows of GBP100 million. Henderson also recalls that the acquisition of Gartmore was completed on 4 April 2011. Gartmore AUM as at 31 December 2010 was GBP17.2 billion (GBP16.5 billion net of notified redemptions). During the period, Gartmore experienced GBP 1.2 billion of net outflows (net of notified redemptions) and market levels were broadly neutral. This resulted in a take-on AUM of GBP 15.7 billion (GBP 15.3 billion net of notified redemptions) bringing Henderson’s pro forma AUM at 31 March 2011 to GBP 76.2 billion before notified redemptions. In April, Gartmore had net outflows (net of notified redemptions) of approximately GBP 100 million. As regards the integration process, staff have moved to our offices and now operate on Henderson systems and processes. The majority of fund mergers and the integration of third party administrators are expected to complete by the end of 3Q11.

BNY Mellon Asset Management has strengthened its institutional business development team with the appointment of Kenneth Tomlin as director of UK institutional business.He joins BNY Mellon Asset Management from Dimensional Fund Advisors, where he worked as head of institutional business development for the UK & Ireland. He has more than 20 years experience in investment management. For the last 13 years he has worked in institutional sales and business development roles.Kenneth Tomlin will be responsible for leading UK institutional business development with responsibility for existing as well as new relationships with corporate and local authority pension funds and endowments. He will report to Jonathan Lubran, Executive Director of Institutional Business for BNY Mellon Asset Management.

UK investment boutique J O Hambro Capital Management (JOHCM) has acquired Silver Metis Capital Management, a Singapore based asset management boutique specialising in Asian equities that was founded in 2007 by Samir Mehta. The latter will join the UK asset manager, with Cho-Yu Kooi, in advance of the launch of two Asia ex Japan equity funds in late September. Samir Mehta’s new fund will offer a concentrated, all cap approach managed with a long-term return philosophy. Cho-Yu Kooi will manage a small/mid-cap fund with a similar philosophy. Both strategies will also be available to institutional investors on a segregated account basis.Samir Mehta and Cho-Yu Kooi will be based in Singapore where they will be assisted by dedicated analyst and trading support. The Singapore office will become an important location to support JOHCM’s Global Equities and Emerging Markets Equities teams, complement the London-based dealing capability in Asian markets and enhance sales and client servicing in the region.

ETF Securities early this week announced that it has extended its range of Exchange Traded Commodities (ETC) based on physical metals. The ETFS Physical Aluminium, ETFS Physical Plomb and ETFS Physical Zinc funds are now listed on the London Stock Exchange (LSE).

Threadneedle has promoted Simon Brazier, who joined earlier this year from Schroders, to head of UK equities. With immediate effect, he will assume sole responsibility for leading the UK equity team. Previously, Simon co-managed the UK team with Leigh Harrison who will continue to manage the UK income franchise, in conjunction with his role as head of equities.

La société a présenté l’extension de son offre d’ETC adossés à des métaux industriels physiques avec la cotation de l’ETFS Physical Aluminium, l’ETFS Physical Lead (plomb) et l’ETFS Physical Zinc sur la Bourse de Londres depuis le mardi 3 mai.

L’opérateur boursier allemand a fait part hier à ses actionnaires du lancement de son offre de fusion avec Nyse Euronext. Cette étape intervient après l’accord du régulateur boursier allemand (BaFin). L’offre est ouverte jusqu’au 13 juillet inclus. Elle concerne le rachat de l’ensemble des parts détenues par les actionnaires de Deutsche Börse par la future holding des deux groupes. Au moins les trois quarts des titres devront être apportés pour que l’opération réussisse.

Le directeur général d’IntercontinentalExchange Jeffrey Sprecher s’est attaqué hier au conseil d’administration de Nyse Euronext, qui rejette son offre conjointe avec Nasdaq OMX, aux dépens des actionnaires, selon lui. Il a déclaré que le conseil d’administration de Nyse «est le seul obstacle pour les actionnaires» à la conclusion d’un accord plus avantageux que l’offre émise par Deutsche Börse.