OFI Asset Management a annoncé le 4 janvier la nomination de Haiyan Li-Labbe en qualité de directrice des projets Asie. A ce titre, elle prend la responsabilité des projets d’investissement et de développement du groupe OFi sur cette zone.Haiyan Li-Labbe a rejoint la société ADI Alternative Investments en 2004 pour développer les investissements sur les marchés asiatiques. Depuis la reprise fin 2008 d’ADI par le groupe OFI, Haiyan Li-Labbe a mis en place des partenariats avec des acteurs locaux chinois.

Société Générale commercialise jusqu’au 31 mars 2011 Amoncello, un placement reposant sur une obligation de droit français émise dans le cadre du programme d’émission EMTN (Euro Medium Term note) du groupe Société Générale. A l’échéance, soit 8 ans plus tard, le placement assure la restitution du capital net investi majorée d’une partie de la performance de l’indice Euro Stoxx 50.La durée de placement pourra néanmoins être réduite en cas de marchés favorables. Après 2 ans, un remboursement anticipé du capital est prévu avec un gain de 10% (Taux de rendement actuariel annuel brut de 4,87%) si la somme des performances mensuelles retenues de l’indice calculée depuis l’origine atteint ou dépasse 5%. Après 4 ans, un remboursement anticipé du capital sera majoré d’un gain de 20% (TRAAB de 4,66%) si la somme des performances mensuelles retenues calculée depuis l’origine atteint ou dépasse son objectif de 10%. Enfin, après 6 ans, un remboursement anticipé du capital sera réalisé augmenté d’un gain de 30% (TRAAB de 4,46%) si la somme des performances mensuelles retenues calculée depuis l’origine atteint ou dépasse 15%.Si les conditions d’un remboursement à 2, 4 ou 6 ans n’ont pas été remplies, le placement est remboursé au bout de 8 ans. L’investisseur reçoit alors le capital net investi et un gain potentiel correspondant à 2 fois la “Performance Cumulée” positive de l’ indice Euro Stoxx 50 depuis l’origine (soit 96 constations mensuelles observées et retenues dans la limite de +4% à la hausse et sans limite à la baisse). Caractéristiques : Code ISIN : FR0010959411Eligible au compte-titres ordinaire ou sous forme d’unités de compte des contrats d’assurance vie et de capitalisation.

En fin d’année 2010, Petercam a officiellement annoncé le lancement du compartiment Real Estate Europe Dividend de sa sicav de droit belge Petercam B Fund (lire notre article du 17 novembre). Ce produit coordonné co-géré par Damien Marichal et Olivier Hertoghe investira principalement en actions européennes ou autres titres de sociétés actives dans le secteur immobilier au sens large.Les titres entrant en ligne de compte seront entre autres les actions de sicafi (REIT belges), les parts de certificats immobiliers et les actions de sociétés immobilières et d’entreprises actives dans la promotion immobilière. Le compartiment investira au moins 75% de ses actifs dans des titres distribuant un dividende supérieur à la moyenne du secteur immobilier européen.Les titres en portefeuille seront des actions du secteur de l’immobilier offrant un dividende supérieur à la moyenne (celle de l’indice FTSE EPRE/Nareit Developed Europe) sur les marchés les plus prometteurs que sont la France, la Belgique et les Pays-Bas, l’objectif étant de générer une performance brute de 6,75 %. Près 50 % du portefeuille seront investis dans l’immobilier «retail» comme les centres commerciaux, qui affichent des cash flows stables et des taux de vacance très faibles. D’autre part, plus de 10 % seront placés en immobilier logistique.Le Petercam Real Estate Europe Dividend bénéficiera par ailleurs d’un traitement fiscal avantageux sur les dividendes qu’il percevra, puisqu’un compartiment de sicav belge peut récupérer en totalité le «précompte mobilier» sur les dividendes d’actions de droit belge et partiellement celui sur les dividendes d’actions étrangères.CaractéristiquesDénomination : Petercam Real Estate Europe DividendCodes Isin : part B (capitalisation) BE6213839094 Part A (distribution) BE6213828088Droit d’entrée : 3 % maximumCommission de gestion : 1 %.

Les produits nets des placements financiers s'élèvent à 290 millions d’euros en 2010. Les résultats de la gestion financière ont permis de consolider la solidité financière en abondant les fonds propres de plus de 29 millions d’euros. Le taux de couverture de la marge de solvabilité est de 216 % hors prise en compte des plus values latentes de 449 % après leur prise en compte. « Au cours de cette année 2010, les investissements se sont portés essentiellement sur des actifs obligataires pour 909 millions d’euros dont 485 sur les émetteurs privés afin de profiter des opportunités du marché du crédit tout en restant sélectif sur la qualité des signatures. Ces achats ont permis notamment de compenser les arrivées à échéances et de réorienter légèrement l’allocation d’actifs vers les actifs obligataires. Au global, la poche obligataire passe de 74,3 % fin 2009 à 76,01 % en valeur d’actif net au 31 décembre 2010. Sur l’année 2010, les investissements nets en actions et obligations convertibles représentent 64,4 millions d’euros. Quelques prises de bénéfices et arbitrages ont été réalisées sur la classe actions dégageant 20,72 millions d’euros de plus-values nettes. » annonce Robert Gravil, directeur du patrimoine.

L’an dernier, l’indice d’actions chinoises CSI 300 a perdu 12,5 %. Les fonds indiciels et les fonds d’actions chinoises l’ont suivi, avec respectivement des pertes de 11,73 % et une performance de 0,31 %, constate Z-Ben Advisors. Les fonds QDII (Qualified Domestic Institutional Investors), pour leur part, sont parvenus à afficher un gain de 5 % en moyenne, tandis que les fonds obligataires parvenaient à terminer l’année avec une performance moyenne de 7,02 %.Pendant que Huashang, un gestionnaire de taille relativement faible, parvenait à gagner 21,8 % sur son encours moyen, le poids lourd China AMC n’affiche que 1 % de performance. Les grands gestionnaires, du simple fait de leur taille ont eu davantage de difficulté à générer des rendements que les petites maisons. Soochow et Morgan Stanley Huaxin, également de petites sociétés, se situent d’ailleurs en deuxième et troisième positions pour la performance.Sur trois ans, toutefois, les grandes maisons que son China AMC et E-Funds demeurent en tête du palmarès des performances.

Juste avant Noël le National Council for Social Security Fund (NCSSF, 116 milliards de dollars d’encours) a indiqué avoir confié des mandats de gestion d’actions chinoises à huit maisons, rapporte Z-Ben Advisors. Les bénéficiaires sont quatre gestionnaires chinois, Dacheng, Guangfa, China Universal et Yinhua, trois coentreprises (fullgoal, ICBC CA et HFT) et une société de courtage, Citic Securities, qui possède en totalité China AMC, la plus grande société de gestion chinoise.Apparemment, le NCSSF a écarté de sa liste des gestionnaires quatre «rat traders», terme asiatique pour désigner des maisons qui ont la réputation de faire passer leurs propres intérêts avant ceux de leurs clients. Ces sociétés seraient China International, Invesco Great Wall, Rongtong and BoComm Schroders.

JO Hambro Capital Management vient de recruter deux gérants de Thames River, Trygve Toraasen et Carlos Moreno, pour lancer un fonds européen dynamique en février, rapporte Investment Week.

Selon Financial News, State Street Global Advisors prévoit de lancer une série d’ETF en Europe pour doper sa faible position dans la région.

TCW (Société Générale) a annoncé le 3 janvier un renforcement de son offre dédié aux marchés émergents avec le lancement d’un fonds de rendement, le TCW Emerging Markets Local Currency Income Fund.Ce fonds, géré par Dave robbins et Penny Foley, se propose d’investir dans les obligations souveraines et corporate libellées en monnaies locales des marchés émergents. Les actifs sous gestion de TCW s'élèvent à environ 110 milliards de dollars.

Le fournisseur de services d’investissement Nuveen Investments a annoncé le 3 janvier le bouclage le 31 décembre 2010 du partenariat stratégique entre FAF Advisors et Nuveen Asset Management. Dans le cadre de cette transaction, US Bancorp, la société mère de FAF Advisors, a pris une participation de 9,5% dans Nuveen Investments ainsi qu’une partie en cash en échange d’un engagement à long terme dans les activités de FAF Advisors.Les quelque 27 milliards de dollars gérés par FAF Advisors ainsi que les professionnels de l’investissement travaillant dans cette structure sont passés dans le giron de Nuveen Asset Management qui gère désormais plus de 100 milliards de dollars. Avec ses autres boutiques de gestion, Nuveen Investments gèrait au 31 décembre autour de 195 milliards de dollars.

Selon les estimations arrêtées au 30 décembre, le HFRX Global Hedge Fund Index est ressorti à 1.212,14 et a ainsi affiché sur 2010 une performance de 4,75 %, dont 1,93 % en décembre. Ce résultat se compare à un gain de 13,4 pour 2009 et à une perte de 23,25 % pour 2008.Les hedge funds spécialistes des actions ont gagné 8,01 % l’an dernier (13,14 % en 2009), contre 6 % pour le MSCI monde pendant que la performance des fonds événementiels ressortait à 1,87 % contre 16,59 % en 2009.Les produits de valeur relative ont gagné 7,41 % après 6,40 % l’année précédente.En revanche, les fonds global macro ont encore perdu 2,16 % après 8,78 % en 2009

Le 15 décembre, Schroders a lancé le compartiment Frontier Markets Equity de sa sicav luxembourgeois Schroder ISF (lire notre article du 23 novembre). Ce produit est dédié aux actions des marchés frontière, des marchés émergents de petite taille et souvent illiquides. La gestion en est assurée de Dubaï par Rami Sidani, directeur de la région Proche-Orient et Afrique du Nord (MENA) et co-gérant du compartiment Schroder ISF Middle East.Actuellement, le fonds est investi à 33,2 % au Koweit, 11,6 % au Qatar, ainsi que dans les Emirats arabes unis, au Nigeria, en Argentine et au Pakistan. Le portefeuille est construit à partir d’une pondération quantitative par pays à hauteur de 50 %, le restant étant constitué par sélection de valeurs. Le taux de rotation du portefeuille (50-70 valeurs) devrait être compris entre 80 et 100 %. Une version couverte du risque de change en euros sera disponible prochainement pour les investisseurs allemands, maintenant que le fonds en dollars vient d’obtenir son agrément de commercialisation en Allemagne.CaractéristiquesDénomination : Schroder ISF Frontier Markets EquityCode Isin : LU0562313402Indice de référence : MSCI Frontier Markets IndexDroit d’entrée : 5 %Commission de gestion : 1,5 %Souscription minimale : 1.000 dollars

p { margin-bottom: 0.08in; } Just before Christmas, the National Council for Social Security Fund (NCSSF, USD116bn in assets) announced that it has awarded Chinese equities mandates to eight management firms, Z-Ben Advisors reports. The firms to receive the mandates are four Chinese fund management firms, Dacheng, Guangfa, China Universal and Yinhua, three joint ventures (fullgoal, ICBC CA and HFT), and one brokerage firm, Citic Securities, which fully controls China AMC, the largest Chinese management firm.Apparently, the NCSSF has removed four “rat traders” from its list of managers. The Asian term designates asset management firms which have a reputation for placing their own interests before those of their clients. Those firms are reported to be China International, Invesco Great Wall, Rongtong and BoComm Schroders.

p { margin-bottom: 0.08in; } Last year, the Chinese equities index CSI 300 lost 12.5%. Index-based funds and Chinese equities funds followed the trend, with losses of 11.73% and returns of 0.31%, respectively, Z-Ben Advisors reports. QDII funds, for their part, earned gains of 5% on average, while bond funds finished the year with average returns of 7.02%.While Haushang, a relatively small management firm, earned 21.8% on its modest assets, the heavyweight China AMC earned returns of only 1%. The major management firms, due to the mere fact of their size, had a harder time generating returns than smaller firms. Soochow and Morgan Stanley Huaxin, also smaller firms, are in second and third place for performance.Over three years, however, the major firms, such as China AMC and E-Funds, remain at the top of the performance tables.

p { margin-bottom: 0.08in; } On 15 December, Schroders launched the Frontier Markets Equity sub-fund of its Luxembourg Sicav Schroder ISF (see Newsmanagers of 23 November). The product is dedicated to equities from frontier markets, emerging markets whose size and liquidity levels are smaller. The management of the fund is undertaken in Dubai by Rami Sidani, director for the Middle East and North Africa (MENA) region, and co-manager of the Schroder ISF Middle East sub-fund.Currently, the fund is 33.2% invested in Kuwait, 11.6% in Qatar, and also in the United Arab Emirates, Nigeria, Argentina, and Pakistan.The portfolio is constructed on the basis of a quantitative allocation to countries for 50%, while the remainder is selected through stock-picking. The turnover rate for equities in the portfolio (50-70 shares) will range from 80-100%. A version of the fund hedged for currency risks will soon be made available for German investors, now that the fund in US dollars has been granted a sales license in Germany.Characteristics Name: Schroder ISF Frontier Markets EquityISIN code: LU0562313402Benchmark index: MSCI Frontier Markets IndexFront-end fee: 5%Management commission: 1.5%Minimal subscription: USD1,000

p { margin-bottom: 0.08in; } According to estimates dated to 30 December, The HFRX Global Hedge Fund Index came to 1212.14, for performance in 2010 of 4.75%, of which 1.93% was earned in December. These results compare with gains of 13.4% in 2009 and losses of 23.25% in 2008.Hedge funds specialised in equities gained 8.01% last year (13.14% in 2009), compared with 6% for the MSCI World, while returns for event-driven funds totalled 1.87%, compared with 16.59% in 2009.Relative value funds earned 7.41%, after 6.40% the previous year.However, global macro funds lost a further 2.16%, after 8.78% in 2009.

According to Financial News, State Street Global Advisors plans to launch a series of ETFs in Europe to boost its weak position in the region.

Equities ETFs listed in Europe attracted USD803m last week, and a record total of USD2.1bn, TrimTabs Invesment Research announced on 3 January. European equities funds listed in the United States, for their part, posted inflows equivalent to 0.4% of assets last week.This marked interest in ETFs may be a sign that retail investor confidence may be excessive, TrimTabs says. This is all the more so as inflows to equities ETFs in the United States are a strong indicator of a contrarian trend: in other words, the recent rise in inflows may represent a negative sign for equities.

p { margin-bottom: 0.08in; } The real estate and investment group IVG Immobilien has created a corporate social responsibility & research division. It will be led by Tomas Beyerle, who left Aberdeen Immobilien at the end of September in a rehuffle at the German affiliate of the British group (see Newsmanagers of 1 September). Beyerle, who was global head of research at Aberdeen, a position which has been moved to London and given to Andrew Smith, global head of property, will be primarily in charge of developing and deploying a sustainable strategy for the IVG group, in addition to developing market research.

p { margin-bottom: 0.08in; } Christian Gansmüller, who was head of legal, regulations and accounting driven solutions for German and Austrian institutional clients at Amias Berman, on 1 January joined Société Générale Corporate & Investment Banking (SG CIB) as managing director and head of institutional sales fixed income, currencies & cross asset solutions for Germany and Austria. Berman will be based in Frankfurt, and will report to Frank Burnhardt, head of global markets for Germany and Austria, as well as Eric Viet, head of pension and insurance Europe, and David Knott, global head of financial institutions sales, both of whom are based in London. The creation of the position Gansmüller now assumes is a sign that SG CIB is planning to add significantly to its global markets platform in Frankfurt.

p { margin-bottom: 0.08in; } Peter Raab, head of product management at Allianz Global Investors Product Solutions (whose CEO, Horst Eich, has recently resigned, see Newsmanagers of 4 January), has been appointed CEO of operations for the management firm WestLB Mellon Asset Management KAG. He replaces Hans-Rudof Rittinghaus, who is returning to the WestLB group. WMAM KAG is a 50/50 joint venture of WestLB and BNY Mellon. Its assets total EUR25.5bn, managed on behalf of institutional investors and wholesale clients.

p { margin-bottom: 0.08in; } In the context of a dynamic global economic environment (4.2%, according to IMF estimates), but marked by considerable disparities, the French asset management firm Dorval Finance is predicting a shift of investment opportunities in 2011 from fixed income towards equities, as well as a rebalancing from emerging markets towards developed countries, including Europe, where share prices are now very low. The management team predicts a continued increase in long-term interest rates, from a historically low level. The movement, which will result in a better than anticipated economic trend for developed countries, will lead to a reduction in risk premiums on equities, and will favour a reallocation of investments towards this asset class. In terms of geographical choices, Dorval recommends a rebalancing in favour of developed markets. The potential upward revision of growth outlooks as well as very low prices mean that European equities, outside the banking sector, whose outlooks are downgraded and hardly visible, are recommended. In this region, managers prefer exporter companies which are expected to continue to profit from demand in emerging markets, particularly in the equipment, luxuries and premium consumer goods sectors. One of the key themes of 2011 will be recovery for businesses via investments and M&A. Businesses have a historically high cash generation level, which will support both equipment and international mergers and acquisitions at a high level, or accelerate them. In emerging markets, Dorval Finance retains a prudent outlook for 2011, largely for valuation reasons. The conjunction of tightening monetary conditions in these countries, appreciation of their currencies, and rising local business structuring costs, will initially limit the expected potential for increasing results, although economic growth will remain strong.

p { margin-bottom: 0.08in; } The independent management firm Dorval Finance last year earned net inflows of EUR90m, of which slightly over EUR50m were for Dorval Manageurs, whose assets now total EUR167m, the firm announced on 4 January at a press conference. Assets under management now total over EUR350m in management mandates and mutual funds. These assets are evenly divided between institutionals, private bankers and independent financial advisers, who represent one third of assets each. In addition to its distribution partnership with Natixis AM, Dorval Finance is planning to develop its presence internationally, via new partnerships with insurance platforms and release of its mutual funds in Belgium, Italy, Luxembourg and Switzerland. Dorval Finance is, however, not planning to extend its fund range in the near future. In addition to Dorval Manageurs, the range includes Dorval Convictions (EUR128m in assets under management), Dorval Convictions PEA (EUR14m), Dorval Flexible Monde (EUR9m), and Dorval Flexible Emergents (EUR8m). And despite the financial crisis, returns are decent. Dorval Managers has earned returns of 16.4% on one year (compared with -3.3% for the CAC 40) and 38.4% since its inception in 2005 (compared with -6.1%). Dorval Convictions earned gains of 1.1% last year (compared with -5.8% for the EuroStoxx50), and 8.7% since its creation in 2007 (compared with a loss of 36.5% for its benchmark index.

p { margin-bottom: 0.08in; } A few weeks after the arrival of Laurent Le Grin, Edmond de Rothschild Asset Management has announced a further recruitment for its convertible bond management team. Christina Jarrin also comes from Fortis Investments, a firm which was recently taken over by BNP Paribas Investment Partners. She was initially a product specialist for convertible bonds, before becoming manager of a convertible bond fund dedicated to the US, with EUR800m in assets. At Edram. Jarrin will be involved in the management of the Saint-Honoré Global Convertibles fund, which invests in Europe, Asia, and the United States. Her arrival is a part of a drive at Edmond de Rothschild Asset Management to add to its international convertible bond management team, led by Kris Deblander. This team, which had assets under management of EUR1.2bn as of 31 December, now has four managers. In addition to Jarrin and Le Grin (who is more specifically responsible for the Saint-Honoré Convertibles fund), the team also includes Nicolas Schrameck (who manages Saint-Honoré Emerging Convertibles).

p { margin-bottom: 0.08in; } Hervé de Montlivault has been appointed head of advisory activities and services for French private clients worldwide at Credit Suisse. François Essertel becomes CEO for private banking activities in France.De Montlivault, who joined Credit Suisse in 2005, was previously CEO of private banking activities in France and chairman of the board at Credit Suisse France. Essertel joined Credit Suisse Banque Privée France as head of private clients and a member of the board.

p { margin-bottom: 0.08in; } OFI Asset Management on 4 January announced the appointment of Haiyan Li-Labbe as head of projects for Asia. In this role, she becomes head of investment and development projects for the OFI group in the region. Li-Labbe joined the firm ADI Alternative Investments in 2004, to develop investments in Asian markets. Since ADI was taken over by the OFI group in 2008, Li-Labbe has set up partnerships with local Chinese partners.

p { margin-bottom: 0.08in; } Chairman Philippe Delienne on 4 January told Newsmanagers that assets at Convictions Asset Management totalled about EUR850m at the end of 2010, and that net subscriptions totalled about EUR450m, while market effects for their part were not significant in scale. The management firm now offers a contractual fund similar to Convictions Premium in the form of a private investment, but without a volatility constraint (see Newsmanagers of 27 September), and is now moving into management mandate activities. In general, these mandates will be ventilated one third to funds from Convictions AM, and two thirds to external funds, all of which are either products with good resistance in periods of crisis, or funds which meet conjunctural needs, such as merger and acquisition specialist funds.

p { margin-bottom: 0.08in; } L’Echo reports that a decision as to the sale of ING Real Estate Investment Management, an affiliate of the Dutch banking and insurance group ING, will be taken in the next few months. The unit may be sold as a whole or in parts, a spokesperson for the group explained.

According to the last survey by the German BVI association of asset management companies, 79% of the properties in the portfolios of German opend ended real estate funds are aged less than 15 years, which keeps maintenance costs low and helps performance. Of the 26.7m square meters in 1,637 properties (EUR87.0bn in market value) on September, 30th, 28.9% were located in Germany, 18.6 % in France and 9.8% in the UK. BVI also stated that RE funds invested more than EUR8.84bn in 290 properties (of which 209 abroad) during the first nine months of last year while they sold 202 properties (of which 138 locatyed in Germany) for EUR4.29bn.

p { margin-bottom: 0.08in; } According to CNMV statistics compiled by Funds People, 124 Spanish investment funds were launched in 2010, 32, or 35% more than the 92 funds launched in 2009. In 2008, there were 140 product launches, compared with 194 in 2007 and 279 in 2006.Of this total for 2010, 61 launches were of guaranteed funds, 19 were diversified funds, 16 were bond funds, 8 were absolute return funds, and 5 each were hedge funds and equities funds.The largest asset management firms were the most active: Santander AM put 22 new products on the market, while BBVA AM launched 20. The third most active was Renta 4, with seven new funds.