A la suite de l’enquête menée par la Direction nationale de vérification des situations fiscales (DNVSF) sur les dirigeants et ex-dirigeants de la holding Wendel (voir Newsmanagers du 03/01/2011), l’Agefi rapporte que la société affiche une certaine sérénité.En soulignant dès dimanche 2 janvier dans un communiqué que les démarches du fisc ne visaient que des situations personnelles, elle a précisé n’avoir reçu aucune notification fiscale, ni de l’Urssaf (qui peut réclamer le paiement des charges si les sommes perçues par les dirigeants sont requalifiées en salaires).Or, en matière fiscale comme de cotisations sociales, les délais de prescriptions sont de trois ans - soit la date couperet du 31 décembre 2010.

L’Agefi rapporte que selon plusieurs documents relayés par Reuters, BNP Paribas Investment Partners a lancé la restructuration de deux fonds de hedge funds domiciliés au Luxembourg à la suite de demandes «significatives» de rachats.Tandis que les fonds «Opportunity» et «Serenity» visent respectivement, sur un horizon d’investissement recommandé de quatre ans, une performance annuelle de Libor + 6% et Libor +3% sur un horizon de trois ans, ils affichaient respectivement à fin novembre des pertes de 5,75% et 1,9% depuis le début de 2010.Comme l’avait rapporté Le Canard Enchaîné la semaine dernière, BNP Paribas IP a décidé de geler ces deux fonds, une mesure qualifiée de technique et administrative et que l'établissement ne lie d’aucune manière à ces demandes de rachats. Selon la banque, ces fonds ont toujours été en situation de liquidité, les fonds détenant 333 millions de dollars (249 millions d’euros) d’actifs liquides disponibles pour faire face à 75 millions de dollars (56 millions d’euros) de demandes de rachat. Reste que selon un courrier daté du 8 décembre, BNP Paribas IP a informé ses clients du transfert des deux fonds concernés de Fauchier Partners, filiale détenue à 50%, à Harewood Asset Management, une société contrôlée en totalité. Une mesure destinée à «modifier leurs conditions de liquidité», précise le document.

La société de gestion Convictions AM a annoncé lundi 3 janvier le recrutement de Yohan Kadri-Caillaux en qualité de gérant de mandat de portefeuille dans le cadre de l'équipe de gestion privée.Yohan Kadri-Caillaux était précédemment associé-gérant de la société de gestion de patrimoine H Capital Portfolio Management (2007-2009).

Selon l’Agefi, le groupe taïwanais de sécurité domestique a proposé à AIG une détention commune de sa filiale d’assurance vie. Taiwan Secom, qui a le soutien de la société d’investissement de Hong Kong Primus Financial, n’a pas participé au premier tour d’enchères organisé le mois dernier par l’assureur américain, ajoute le quotidien.

L’Agefi rapporte qu’à l’issue de quelques semaines de négociations, les directeurs indépendants du fonds immobilier australien coté ING Industrial Fund (IIF) ont approuvé l’offre de reprise formulée par un consortium d’investisseurs internationaux, dirigé par l’australien Goodman Group, émanation de Macquarie Bank.L’opération porte sur un portefeuille d’actifs logistiques évalué à 2,5 milliards de dollars australiens (1,9 milliard d’euros), dont une reprise de dette de 1,1 milliard par le consortium. Goodman Group détiendra une participation minoritaire de 19,9% du nouvel ensemble, appelé à devenir un fonds privé sous la dénomination de Goodman Trust Australia (GTA), précise le quotidien.

Selon les professionnels de la gestion interrogés par Plus 24, dans un futur proche, l’épargne des Italiens sera entièrement aux mains d’étrangers. Rien ne semble pouvoir aller contre cette tendance. «En août 2008, la Banque d’Italie avait réuni les experts du secteur autour d’une table. A cette occasion, une liste de choses à faire avait été dressée», rappelle Alberto Albertini, administrateur délégué de Banca Albertini Syz. «Depuis, je crois que l’on a réalisé seulement 5 % de ce qui avait été décidé». Il faut dire que le système bancaire ne semble pas motivé à aider le secteur de la gestion d’actifs. Pour Manuela D’Onofrio, directeur des investissements de la banque privée d’UniCredit : «le secteur de la gestion d’actifs a toujours été considéré comme un appendice à l’égard duquel les banques italiennes n’ont jamais eu de vision stratégique et ont toujours eu une attitude opportuniste».

Ancien co-CEO d’Allianz Global Investors Deutschland de début 2007 à septembre 2009 (avec Thomas Wiesemann), poste auquel il a été remplacé par James Dilworth (ex-Morgan Stanley, lire notre article du 28 septembre 2009), Horst Eich, qui a été depuis lors CEO d’Allianz Global Investors Product Solutions tout en étant co-CEO d’Allianz Global Investors (AGI), a démissionné de ses fonctions et quitté le groupe à la fin de 2010, «en parfaite entente avec les dirigeants d’Allianz».AGI affiche un encours mondial de 1.425 milliards d’euros, dont 400 milliards en Europe ; en Allemagne, elle gère 358 milliards d’euros.

Le gestionnaire hambourgeois Hansainvest, filiale de l’assureur Signal-Iduna, a lancé le 30 décembre 2010 le fonds coordonné de droit allemand Hansawerte qui se spécialisera sur les métaux précieux. Son benchmark est composé à 50 % du prix de l’or, à 30 % de celui de l’argent et à 10 % respectivement de ceux du platine et du palladium. Il s’agit d’un produit en dollars à gestion active qui utilise des ETC, des dérivés et des indices et qui s’adresse particulièrement aux investisseurs institutionnels, même si la souscription minimale est fixée à 50 euros, ce qui l’ouvre également aux particuliers. Le gérant est Nico Baumbach.CaractéristiquesDénomination : HansawerteCode Isin : DE000A0RHG59Droit d’entrée : 5 %Commission de gestion annuelle : 0,75 %

Avec l’aide du luxembourgeois Axxion, le gestionnaire de fortune Catus de Nuremberg a complété le 22 novembre sa gamme de fonds profilés Infinus (Relaxed, Balanced et Dynamic, voir notre article du 4 septembre 2009) d’un produit patrimonial de développement durable, le Infinus - ecoConsort Fund.Ce produit a obtenu fin 2010 l’agrément de commercialisation en Allemagne de la part de la BaFin. Il est géré par Manfred Wiegel et Ernst Rudolf. Ce fonds sans indice de référence peut augmenter en cas de besoin sa poche de numéraire au détriment des actions. Un budget de risque permet de définir d’avance la perte maximale tolérable, l’objectif étant toutefois de générer une performance stable sur longue période et d'éviter les fortes fluctuations habituelles des fonds de développement durable qui peuvent résulter d’une spécialisation trop poussée.Caractéristiques :Dénomination : Infinus - ecoConsort FundCode Isin : LU0548331643Monnaie de référence : euroDroit d’entrée : 5 % maximumCommission de gestion : jusqu'à 1,90 %Souscription minimale : 500 euros

Du fait de crashes à répétition, les gestionnaires d’actifs allemands sont confrontés à une désaffection des particuliers pour les fonds d’investissement, et l’encours est retombé en 2010 à son niveau de 2006, constate Klaus Kaldemorgen dans une interview à la Börsen-Zeitung.L’ex-patron de DWS (jusqu'à fin décembre), qui se concentre désormais sur la gestion de fonds d’actions, indique que, dès lors, la filiale de la Deutsche Bank mise à présent sur des produits assortis de commissions plus élevées, comme des fonds multi classes d’actifs.D’autre part, DWS va désormais obliger ses gérants de fonds à investir personnellement dans les produits qui leur sont confiés, pour une plus forte motivation.

Selon Carlo Gentili, administrateur délégué de Nextam Partners, il n’y a aucune place pour les petites sociétés de gestion indépendantes au sein d’Assogestioni, l’association italienne des professionnels de la gestion, rapporte Plus 24. «Assogestioni devrait être une association technique qui nous aide sur les aspects les plus complexes. Elle devrait nous fournir assistance et conseil de façon à standardiser les pratiques et les usages au sein du secteur. Tout cela manque», a-t-il déclaré.

p { margin-bottom: 0.08in; } The German sustainable investment consulting firm versiko has announced that its Luxembourg fund management affiliate, ökoworld Lux, on 1 November recruited Tobias Geyer as a financial market analyst specialised in emerging markets. He joins the team formed by portfolio managers Alexander Fund and Felix Schnella, after serving as a buy side analyst specialised in emerging markets at Deka Investment and Cominvest Asset Management.Geyer’s expertise will be put to use for the ökovision Classic, ökovision Europe, ökovision Grant 20, ökoworld Klima and ökoworld Water for Life funds.Geyer will report directly to Alfred Platow, chairman and founder of ökoworld Lux.

Le fonds de pension californien CalPERS a annoncé le 3 janvier le transfert fin 2010 de son portefeuille immobilier NOP (National Office Partners) de Hines à CommonWealth Partners.Ce portefeuille, qui pèse près de 1 milliard de dollars (998 millions), comprend plus de 5 millions de m2 de bureaux dans toutes les grandes villes américaines. Son transfert entre dans le cadre de la politique de redéploiement des investissements immobiliers de CalPERS. Le fonds californien continue de collaborer avec Hines aux Etats-Unis, dans l’immobilier durable, mais également à l’étranger au travers d’autres partenariats, notamment en Amérique latine (Brésil).

Axa Real Estate compte lever 1 milliard d’euros pour son premier fonds dédié à la dette immobilière, rapporte le Financial Times. La société a déjà réuni 350 millions d’euros pour ce véhicule auprès d’un certain nombre de compagnies d’assurances européennes ainsi que de sa maison mère. En plus du fonds, Axa a des engagements additionnels de plus de 1,15 milliard d’euros, portant la somme qu’elle peut investir dans la dette immobilière à environ 1,5 milliard.

Equities funds dedicated to emerging markets attracted a record net total last year of slightly over USD92bn, compared with USD83.29bn the previous year, according to statistics from EPFR Global. In fourth quarter alone, net inflows to emerging markets equities totalled about USD39.6bn.Among the various categories, equities funds dedicated to frontier markets posted record net inflows of USD2.65bn, while the previous year they saw a slight outflow (USD216m). However, BRIC funds attracted a total of USD1.02bn, compared with USD5.63bn the previous year.Interest in African funds, which with net inflows of USD1.14bn, compared with outflows of USD66m in 2009, are an illustration of a trend toward higher-risk markets.Equities funds in developed markets registered a net outflow of USD62.36bn, compared with outflows of USD73.97bn in 2009. European funds, undermined by the debt crisis, underwent net outflows of USD22.1bn in 2010, where they had seen net inflows of USD1.24bn the previous year.In sector terms, commodities funds attracted a good part of inflows, with a total of USD29.44bn for the year, compared with USD19.94bn in 2009. Funds dedicated to consumer goods and real estate also did well, with inflows of USD3.21bn and USD7.02bn, respectively. Despite concerns related to Irish, Spanish, Greek and Portuguese government debt, funds dedicated to financials came back with strong inflows in fourth quarter to finish the year in positive territory, with a total of USD2.19bn, compared with outflows of USD1.16bn in 2009.Despite outflows in the final weeks of the year, bond funds finished the year with record inflows of USD372.45bn in 2010, following Usd302.64bn in 2009. High yield bonds attracted USD30.19bn, following USD31.78bn in 2009, and international bonds attracted USD110.73bn, compared with USD27.38bn in 2009.Money market funds had their second consecutive year of massive outflows, totalling USD485.13bn, compared with USD512.75bn in 2009.

p { margin-bottom: 0.08in; } In the first 10 months of 2010, net subscriptions to ETFs in the German market declined to EUR6.8bn, compared with EUR10.4bn in the year 2009 as a whole, and EUR20.2bn in 2008 overall, the Kommalpha agency reports. Still, the number of ETFs listed in Germany has continued to increase at a constant pace of about 40% per year. In other words, ETF product offerings are increasing faster than the proportion of assets in open-ended funds these products represent (which currently comes to about 8.6%, with assets of EUR59.7bn).The Hanover-based specialists also observe that actively-managed funds in January-October of last year saw net subscriptions of EUR14.8bn, twice the volume of ETF subscriptions. In plain words, if their net inflows continue to decline, ETF promoters will have to compete doggedly with active management firms.However, the trend for passively-managed products has not yet reached all asset classes, which offers good potential for ETF managers. Among the specialists who are not yet fully covered by ETFs are eastern European equities, global equities, and east Asian equities, including Japan, as well as corporate bonds, global mid-range maturity bond funds, and emerging market bond funds. In these categories, the proportion of ETFs as a part of total assets is below 5%, except for eastern European equities (8.8%) and corporate bonds (5.1%).In contrast, penetration is very high for emerging market equities funds (41.4%), North American equities funds (35.8%), and German equities funds (24.7%), and also for Euro-denominated long-term bond funds (20.1%).

p { margin-bottom: 0.08in; } Handelsblatt has published a profile of Wolfgang Matis, who has now become head of DWS not only for Germany, but for the entire world, with assets of EUR274bn.The new top man at DWS is unknown to the wider public, but among specialists, he has a reputation as a professional who knows capital markets thoroughly.With his new powers, Matis will be expected to drive DWS’ international expansion, as in Germany, where the market is already «distributed», the largest provider is deemed to lose ground to the savings banks and co-operative banks, which have competitive rival networks.Matis’ other strength is that he is an investment banker, while Deutsche Bank is planning to bring its portfolio managers and investment bank nearer together, as managers increasingly use derivatives which can only be found at the investment bank.

p { margin-bottom: 0.08in; } Horst Eich, the former CEO of Allianz Global Investors Deutschland from the beginning of 2007 to September 2009 (alongside Thomas Wieseman), a position in which he was replaced by James Dilworth (formerly of Morgan Stanley; see Newsmanagers of 28 September 2009), and who has since then been CEO of Allianz Global Investors Product Solutions, while remaining co-CEO of Allianz Global Investors (AGI), resigned from his positions and left the group at the end of 2010, “in complete understanding with the directors of Allianz.” AGI has global assets of EUR1.425trn, of which EUR400bn are in Europe; in Germany, it manages EUR358bn.

p { margin-bottom: 0.08in; } The French asset management firm Convictions AM on 3 January announced the recruitment of Yohan Kadri-Caillaux as portfolio manager. In his new role, Kadri-Caillaux will be in charge of management of portfolios and mandates in the private management team. Kadri-Caillaux was previously managing partner of the wealth management firm H Capital Portfolio Management (2007-2009).

p { margin-bottom: 0.08in; } A new third-party marketing (TPM) firm has been founded in Paris. Following the launch of Aloha Finance by BlackRock veterans, it is now the turn of Alain Cuenot to crate his own firm, entitled Dream Team Finance. Cuenot, previously director of external distribution at Finance SA, and previously employed at Convictions AM, Axa, Aviva, JPMorgan Fleming AM, and the Compagnie Financière Edmond de Rothschild, will offer his services to asset management firms and life insurance companies to assist in their commercial development. “In a word, it will be an outsourced sales/marketing team,” a statement says. His first clients will include Finance SA and Lutetia Capital.

p { margin-bottom: 0.08in; } The Stoxx600 Banks index, which includes 53 European banking sector shares, lost 11.57% in 2010, Les Echos reports. It has underperformed nearly all the European indices, including the Euro Stoxx50, which lost 5.81% in 2010. Regulatory reforms and exposure to debt from some governments weighed down the sector. In an interview with the newspaper, Marie-Pierre Peillon, director of financial analysis at Groupama AM, says the banking sector “appears really inexpensive compared with its historic multiples. But when you look more closely at the fundamentals, there are still a lot of unknown quantities. Most of all, the sector is not highly transparent. Despite the size of annual reports, information is released in such a way that it is incomprehensible. This sector is likely to inspire investor scepticism.”

p { margin-bottom: 0.08in; } According to a survey undertaken by Funds People, 15 foreign managers entered the Spanish market in 2010. They are ACPI IM, Alken Funds, Andbanc, Banque de Luxembourg, Brandes IP, Belgrave Capital Management, Fundlogic Global Solutions, Gamex Management, Harewood AM, IT Asset Management, Iveagh, Marshall Wace, Muzinich, Reyl, and SEB Asset Management. In addition to this, two Spanish asset management firms registered Luxembourg funds in Spain: Auriga Securities and A&G (AFG group). Lastly, five new “local” management firms set up in Spain: Amistra, Fineco Patrimonios (BBK), Lombard Odier, Merrill Lynch Wealth Management and Nmas1 AM.

Axa Real Estate targets EUR1 bn for its first dedicated real estate debt fund, the Financial Times says. The real estate manager has already raised EUR350m for the vehicle from a number of European insurance companies as well as its parent insurance group. Separately from the fund, the group has additional commitments of more than EUR1.15bn, taking the total war chest to invest in real estate debt to almost EUR1.5bn at present.

p { margin-bottom: 0.08in; } Once again in 2010, investment funds were sacrificed by Spanish banks and savings banks, which dedicated their sales efforts to capturing savings, to the detriment even of the management firms owned by them, in a phenomenon known as the “deposit war.”On Monday, Ahorro Corporación (savings banks) and the Inverco association of Spanish asset management firms both announced that assets last year fell 14.7% to EUR145.2bn, according to the former, and EUR138.64bn, according to the latter. This is relatively coherent with the decline of 15.35% to EUR144.54bn announced by VDOS Stochastics as of 24 December (see Newsmanagers of 3 January).Ahorro Corporación states that since 2007, when assets were at their highest level (EUR250bn), assets under management have fallen nearly 42%, while Inverco estimates that the contraction totals EUR115bn since the end of 2006.

p { margin-bottom: 0.08in; } Funds People reports that Renta 4 has launched the hedge fund SwingTrading KA’U Value, managed by KA’U Gestión de Activos, on the Spanish market. The fund charges fees of 1.5%, and a performance commission of 10%.The management team will aim for returns 1,000 basis points higher than the Euribor 12 month, with total volatility of 6% to 9%.The fund, specialised in equities, will invest in CFDs on 5 to 30 underlying shares from the Dax 30, Euro Stoxx 50, and/or Ibex 35 indices. It may also invest part of its assets in investment funds, particularly value style funds.Minimal subscription is set at EUR50,000.

p { margin-bottom: 0.08in; } In the two years to the end of November, the number of Spanish funds fell to 2,473 from 2,941, a contraction of 15.91%, the CNMV reports.The process slowed down in 2010, however, with a decline of 4.6% in the first eleven months of the year, compared with 11.8% between the end of November 2008 and the end of December 2009.For the most part, rationalisation of product ranges involved mergers of similar products. The largest decline was 50.3% to 251 “global” funds.

p { margin-bottom: 0.08in; } On 30 December, the CNMV granted a sales license for Spain to the British fund M&G European Inflation Linked Corporate Bond Fund (EUR A class, GB00B3VQKJ62; EUR C class, GB00B41DM324), a product focused on European inflation linked bonds. The product will be available from Allfunds Bank.

p { margin-bottom: 0.08in; } The investment bank arm of J.P. Morgan Chase has registered the absolute return convertible fund JP Morgan Mansart Investment CQS Convertible Alpha, which received a license from the Irish regulator nine months ago (see Newsmanagers of 2 April 2010), with the CNMV. The fund offers daily liquidity and complies with the UCITS III directive, and its assets total about EUR125m.

p { margin-bottom: 0.08in; } On 23 December, BS Gestión launched the Spanish fund Global Value Selection (ES0142338005), a bond product with no benchmark index which was registered with the CNMV on 30 December. The fund may invest up to 100% in investment funds. Management commission is 0.9%, and performance commission is 9%. The fund is advised by GBS Finanzas Investcapital.

p { margin-bottom: 0.08in; } Agefi reports that, according to several documents relayed by Reuters, BNP Paribas Investment Partners has begun restructuring two funds of hedge funds based in Luxembourg, following “significant” redemption demands. While the “Opportunity” and “Serenity” funds are aimed at a recommended investment horizon of four years, and annual returns of Libor +6% and Libor +3% on a three-year horizon, respectively, as of the end of November they had lost 5.75% and 1.9% since the beginning of 2010. As Le Canard Enchaîné reported last week, BNP Paribas IP has decided to freeze the two funds, in a move which it claims is technical and administrative, and which the firm says has no connection to the redemption demands. The bank says the funds are still in a condition of adequate liquidity. In a message dated 8 December, BNP Paribas IP informed its clients that the two funds concerned are being transferred from Fauchier Partners, an affiliate controlled at 50%, to Harewood Asset Management, a firm which is wholly owned by BNP Paribas. The move is intended to “modify liquidity conditions” for the funds, the message says.