Paulson & Co, a hedge fund that made billions of dollars betting against subprime mortgages via CDOs, has received a request for information from the Securities and Exchange Commission in connection with an investigation into complex securities at the heart of the financial crisis, according to people familiar with the matter cited by the Financial Times. The people said they believed that Paulson & Co was not a target of any investigation.

The Swiss Vontobel group announced on 1 February that last month it signed up to the United Nations Principles for Responsible Investment (PRI). The move emphasizes the increasingly central place that the group devotes to sustainable development issues in its investment process. The Principles for Responsible Investment were established by an international group of institutional investors in response to the growing importance of environmental, social and governance (ESG) issues at businesses for investment processes.

In third quarter of its fiscal year ending 31 March, net earnings from asset management at Nomura totalled JPY17.2bn, for pre-tax profits of JPY4.1bn. The group points out in a statement that it has seen a “significant” increase in assets under management in Asia, as well as on Islamic markets and in Europe. In the first nine months of the fiscal year, pre-tax profits are up 99.6% to JPY13.7bn (about EUR110m), while assets under management have risen JPY2.8trn since the end of March, to JPY23.1trn (EUR183.92bn).

Sapin’s Santander has created a position for a director of development for asset management in Hong Kong, and appointed Alexander de Laiglesia, who has been present in Hong Kong for several months, Asian Investor reports. De Laiglesia will be in charge of sales to local fund managers and distributors in Asia of funds from Santander Asset Management (EUR120bn), produced in Latin America and Europe.

The Committee for Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organisation of Securities Commissions (IOSCO) on 2 February announced that they have launched a complete examination of existing standards for market infrastructures, such as payment and settlement systems. Three sets of standards will form particular focus points: basic principles for payment systems (2001), recommendations for payment systems (2001/2), and recommendations for central chambers of compensation (2004). Market infrastructures have generally withstood the financial turbulence with success, but in light of hte time which has passed since the publication of these standards, the committees considered it useful to look over them and to modify them if necessary with the aim of strengthening them. The International Monetary Fund (IMF) and the World Bank will also participate in the process, which is a part of a larger effort by the Financial Stability Committee to reduce risk in the global financial system. A draft of the revised standards will be released for consultation in early 2011. A statement adds that the two committees have already made considerable progress in the revision of the 2004 standards for central chambers of compensation, and that a consultation document will be released in the next few months. The accelerated pace of the examination is related to the recent opening of chambers of compensation for OTC derivatives and of trade repositories.

Mariano Rabadán, president of the Inverco association of asset management firms, has stated that the savings rate for Spanish households increased to 20% in 2009 from 11% in 2008, but that the increase profited bank savings, which increased by EUR38bn, despite a fall in returns (1.79% for the two years deposit at the end of December, compared with 5.15% in October 2008), Cinco Días reports. In contrast, securities funds saw net redemptions of EUR11.64bn, though in the past ten years these funds earned average returns of 4.93%. Inverco is predicting an increase of 10.1% in assets this year, to EUR179bn, while the increase for the asset management sector as a whole (including foreign asset management firms and Sicav funds) may total 9.3% compared with their levels at the end of 2009, to EUR246.25bn. Net subscriptions may total EUR12bn, the association hopes. Rabadán also welcomes government proposals to raise the retirement age to 67 from 65, and claims it is the most important and sensible proposal of the past 15 years.

Assets under management at the South African investment firm Investec Asset Management as of 31 December 2009 totalled a record GBP41bn, thanks to record inflows of GBP3.7bn in the first nine months of the year. Since their low point in March last year, assets under management at Investec have risen 43%, Investment Week reports.

Antonia Saiz, who was head of mixed fund management at BBVA Asset Management, has been recruited by Bansabadell Inversión as director of investment strategy. Meanwhile, Xavier Blanquet, who was head of a team of six equities analysts, has been appointed as director of client and investment product strategy. Funds People relays reports in Expansión that Cirus Andreu, deputy CEO of Sabadell and director of investment, savings products and research, says the bank is no longer planning to sell off its asset management affiliate, but will instead seek opportunities for an acquisition in this area.

According to a study by Pablo Fernández, professor of finance at the ESE business school, based on Inverco statistics, Bestinver (an affiliate of Acciona) is the top Spanish management firm for returns in the past 15 years, with average performance of 12%, followed by Metagestión, with 9.9%, and Mutua Madrileña with 4%, Cinco Días reports. The worst-performing investment firms lost money; for example, Acapital Finanzas (-3.6%).

Macquarie Funds Group, the asset management division of the Macquarie group, has launched three funds. They are sub-funds of the Luxembourg Sicav Macquarie Funds Solutions. The Macquarie Emerging Markets Opportunities Fund, managed by David Dali, is invested in shares on the most promising emerging markets. Its benchmark is the MSCI Emerging Markets index. The Macquarie Emerging Markets Infrastructure Fund focuses on shares in businesses which are active in emerging market infrastructures. It is managed by David Ong, and its benchmark is the MSCI Emerging Markets Infrastructure Sector Capped Index. The Macquarie and Rogers China Agriculture Fund provides exposure to the evolution of the Macquarie and Rogers China Agriculture Index, which reproduces the prices of certain commodities in China.

BNY Mellon announced on 2 February that it has signed a definitive agreement to acquire the Global Investment Servicing affiliate of PNC for USD2.31bn (see Newsmanagers of 29 January, 2010). The acquisition allows BNY Mellon to increase its product range and market share serving managers and independent financial advisers. According to a statement, with this acquisition BNY Mellon becomes the world’s second-largest provider of fund administration and transfer agency services, and the third-largest actor in the hedge fund administration business. BNY Mellon will increase its portfolio of Usd855bn in assets under administration, including USD460bn in assets in custody. The transaction, which will be funded by a round of fundraising for more than USD800m, will be completed in third quarter 2010.

From this Wednesday, Fidelity will no longer charge commissions for its ETF Fidelity Composite Index Tracking Index and 25 of the 200 ETF funds bearing the iShares brand (BlackRock), which it currently offers for sale. The agreement with BlackRock will be valid for at least three years, a spokesman for Fidelity, Adam Banker, has told Mutual Fund Wire.

According to a survey by Handelsblatt of the ten largest ETF providers, assets in these products in Europe may increase from EUR156bn at the end of 2009 to EUR200bn as of 31 December 2010, and EUR480bn in five years.

State Street Global Advisors (SSgA) vient de publier son panorama 2009 des ETF ainsi que les perspectives d'évolution du secteur en 2010. La synthèse de SSgA souligne notamment que 2009 a été la troisième année consécutive où la collecte nette d’ETF a dépassé la barre des 100 milliards de dollars, les investisseurs délaissant les grosses capitalisations américaines et les actions internationales des pays développés pour accroître leur exposition aux ETF donnant accès aux classes d’actifs défensives, y compris l’or, les obligations corporate en catégorie d’investissement et les titres du Trésor américain indexés sur l’inflation.En 2010, l’encours des ETF pourrait dépasser la barre des 1.000 milliards de dollars contre 767 milliards (estimation) en 2009. Certains thèmes apparus en 2009 devraient continuer de structurer l’industrie en 2010, entre autres l’utilisation tactique des ETF par les investisseurs, l’arrêt de la croissance des ETF inversés et à effet de levier, la poursuite du développement des ETF fixed income, ou encore l'émergence des ETF actifs.

Commerzbank announced on 2 February that it has completed the sale of its 74% stake in the capital of the Austrian Privatinvest Bank to the Cantonal Bank of Zürich. The Austrian bank, with 50 staff, had assets under management of EUR600m as of the end of June 2009.

According to Index Universe, Dan Draper, former global head of ETFs at Lyxor, is to join Credit Suisse. Separately, it was reported that Andrea Morresi, head of European sales at iShares, has resigned from the firm.

Assets in pension funds worldwide (1) recovered by 15% last year to a total of over USD23trn, according to a study published on 2 February by Towers Watson. The development, which was not enough to offset losses of more than 21% in 2008, is largely due to positive market effects and pension funds’ strong exposure to equities. Assets at pension funds rose by an average of more than 16% in 2009, after a decline of 11% in 2008, bringing the ten-year growth rate to nearly 7%. Despite losses of market share in the past ten years for the United States, Japan and the United Kingdom, these countries remained the largest markets on the planet, representing 57%, 14% and 8% of global assets, respectively. The United States and Japan together account for more than 70% of assets in pension funds. The smallest markets are, in order, Brazil (USD392bn), South Africa (USD201bn), France (USD178bn), Ireland (USD102bn), and Hong Kong (USD23bn). Assets in pension funds now total 70% of average global GNP, compared with 76% ten years ago, a strong increase over the figure of 58% for 2008. The Netherlands have the largest assets in pension funds as a proportion of GNP, with a ratio of 120%, compared with 113% for Switzerland and 93% for Australia. Bond allocations for seven countries included in the study (Australia, Canada, Japan, the Netherlands, Switzerland, the United Kingdom and the United States, which represent more than 94% of total assets), rose from 25% in 2005 to 32% in 2008, then fell back to 27% in 2009. Meanwhile, allocations to equities hit 54% in 2009. In the past five years, other asset classes, such as real estate, and to a lesser extent hedge funds and private equity, have increased from 12% to 17%. In detail, allocations to equities last year varied from 27% (Switzerland) to 72% (Brazil), with levels of 33% in France and 61% in the United States, while for bonds, the figures range from 13% (Australia) to 62% (Germany), with 46% in France, 55% in Japan, and 48% in the Netherlands. The study also finds that in the ten years from 1999 to 2009, actuarial rates for defined benefit funds totalled 6%, compared with a rate of 2% for defined contribution assets. Defined-contribution assets now represent 42% of assets in pension funds, compared with 32% ten years ago. Australia has the highest percentage of defined-contribution assets (82%, compared with 78% in 1999). The countries with higher proportions of defined-contribution assets includ the United States, Australia and Switzerland, while Japan and Canada are nearly 100% in defined-benefit schemes. France has 75% of its assets in defined-benefit schemes. (1) The thirteen largest markets are Australia, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, the Netherlands, south Africa, Switzerland, the United Kingdom, and the United States.

In 2009, assets in open-ended mutual funds which adhere to a socially responsible investment (SRI) approach on sale in France rose 68%, to a total of nearly EUR34bn, according to the most recent statistics from Novethic. This growth was largely driven by SRI money market funds, whose assets increased by 132.2% over the course of the year to EUR14.6bn, and which now have more assets than equities funds (EUR13.9bn). The number of money market funsd has increased form 16 to 23, out of a total of 268, though these funds were largely created through conversions of existing funds. In total, conversions of traditional products into SRI funds represented EUR8.6bn in 2009, meaning that they accounted for most of the increase in assets, though subscriptions totalled EUR2.2bn. The remainder of asset growth (EUR3bn) is due to positive market effects. Novethic notes that “best in class” type selection remains the norm in France, though there is now increased interest in thematic and normative exclusionary approaches.

Joaquin Almunia va demander aujourd'hui à la Grèce d'accentuer son effort de baisse des déficits

Le rebond économique en Europe n'étant pas acquis, S&P juge possible une nouvelle détérioration de la qualité de crédit des actifs sous-jacents au sein des titrisations

Société Générale Securities Services (SGSS) a indiqué le 1er février avoir été choisie par la National Asset Management Association (Nama), basée à Dublin, pour fournir des services de valorisation sur différents types de dérivés (options, swaps sur taux d’intérêts, swaptions, caps et floors). L’association a été créée mi-2009 par le gouvernement irlandais afin d’acquérir les emprunts et dérivés immobiliers de certaines institutions financières du pays et ainsi leur permettre d’assainir leurs bilans.

La Banque d’Orsay a annoncé le 1er février le lancement d’un fonds diversifié d’allocation flexible qui sera géré par Vincent Lequertier.Le FCP, qui s’adresse à une clientèle patrimoniale (CGPs, plateformes, banques privées, family offices), a pour objectif d’obtenir, au moyen d’une gestion discrétionnaire de ses actifs, une performance annualisée supérieure à celle de l’indice composite suivant : 50% MSCI World en euros, 50% JP Morgan Global Euro Hedged sur un horizon de placement recommandé de 2 ans au minimum. L’exposition sera gérée activement entre 0% et 110% en fonction des anticipations du gérant.Vincent Lequertier gère déjà le fonds Orsay Opportunités Monde selon la même approche d’allocation flexible Top Down, avec une exposition actions toujours supérieure à 60% puisque classé en Actions internationales. Orsay Opportunités Monde s’est classé huit années consécutivement dans le premier quartile de sa catégorie Morningstar et bat le MSCI World de près de 80% sur 5 ans au 31 décembre 2009. CaractéristiquesCode ISIN : FR0010019034Frais de gestion : 2% par an (HT, non soumis) + 10% TTC de la performance du FCP excédant celle de l’indice

Groupama Asset Management a annoncé le 1er février que Christian Collin, directeur général Finance et Risques de Groupama, assure depuis le 1er janvier 2010 les fonctions de président du conseil d’administration de Groupama Asset Management. Il remplace à ce poste Helman le Pas de Sécheval, depuis le 1er janvier directeur général de la Caisse régionale Groupama Centre-Atlantique.Christian Collin a été nommé directeur général Finance et Risques de Groupama le mois dernier. A ce titre, lui sont rattachées les Directions Financement et Investissements, la Comptabilité groupe et la Réassurance et Pilotage, les fonctions risques, contrôle interne et actuariat groupe ainsi que les filiales financières du groupe dont Groupama Asset Management, Groupama Private Equity, Groupama Banque et Groupama Immobilier.

Pour 68 millions d’euros, l’allemand Deka Immobilien (caisses d'épargne) a acheté un immeuble de commerces rue Sainte-Catherine à Bordeaux pour son fonds immobilier offert au public WestInvest InterSelect. Le vendeur de cet actif entièrement loué (H&M, Fnac, Sephora Go Sport) sur le long terme de 16.700 mètres carrés est Corio France, filiale du néerlandais Corio.

Invesco PowerShares a annoncé le 1er février le lancement de deux ETF PowerShares FTSE Rafi cotés sur Nyse Euronext Paris permettant ainsi de couvrir de nouvelles zones géographiques.Il s’agit de l’ETF PowerShares FTSE RAFI Emerging Markets Fund reposant sur l’indice de stratégie FTSE RAFI Emerging Markets dont l’objectif est de représenter les performances des valeurs de grande capitalisation d’une vingtaine de pays émergents d’Asie, d’Amérique Latine et d’Europe de l’Est. L’ETF PowerShares FTSE RAFI Asia Pacific Ex-Japan Fund réplique pour sa part l’indice de stratégie FTSE RAFI Developed Asia Pacific Ex-Japan. Caractéristiques : ETF PowerShares FTSE RAFI Emerging Markets . Code Isin : IE0082309570. Indice sous-jacent : FTSE RAFI Emerging Markets. Univers : valeurs de grande capitalisation d’une vingtaine de pays émergents d’Asie, d’Amérique Latine et d’Europe de l’Est.. Composition de l’indice : 356 valeurs au 27/01/2010. Mode de réplication : physique par détention de la plupart des titres composant l’indice. Frais de gestion : 85 points de baseETF PowerShares FTSE RAFI Asia Pacific Ex-Japan. Code Isin : IE0082309463. Indice sous-jacent : FTSE RAFI Developed Asia Pacific ex Japan. Pays couverts : pays développés de la zone Asie Hors Japon. Composition de l’indice : 129 valeurs au 27/01/2010. Mode de réplication : physique par détention de la plupart des titres composant l’indice. Frais de gestion : 80 points de base

La cérémonie de remise des récompenses du Grand Prix du Patrimoine organisée par l’Agefi Actifs et l’Association Française des Conseils en Gestion de Patrimoine Certifiés (CGPC) s’est déroulée lundi 1er février à Paris. Au cours de cette sixième édition, dix-huit prix ont été remis. Outre les trois premiers du classement général, les trios de tête présents au sein de cinq catégories distinctes (UV) ont été distingués.Dans le détail, les lauréats du Grand Prix du Patrimoine 2010 sont : 1er Prix : Pascale Tardieu, Conseiller en gestion de patrimoine indépendant (CNAF)2ème Prix : Isabelle Schmitt, Conseiller (GAN Patrimoine)3ème Prix : Xavier Chevallier, Conseiller en gestion de patrimoine indépendant (cabinet Agepa)De la même façon, dans les cinq catégories, le classement est le suivant :Droit et fiscalité du patrimoine1er Florence Rocchi, conseiller OPCVM, Lazard Frères Banque2e Yvan Viallon, CGPI, VYP Finance3e Michel Raguin, expert-comptableMarchés financiers1er Yves Pitois, CGPI, Orléans Finance2e Nicolas Chabanne, CGPI3e Isabelle Schmitt, conseiller, Gan PatrimoineInvestissement immobilier1er Laëtitia Roy, chargé d’affaires, Société Générale2e Bruno Guillaume, gérant privé, CIC-Banque Privée3e Pascale Tardieu, CGPI, CNAFAssurances et retraites1er Aurélie Leconte-Lambert, consultant chargé d’affaires, Le Conservateur2e ex aequo Sébastien Loeuil, conseiller, AllianzJean-Paul Yvrenogeau, expert-comptable, FicamexDiagnostic et conseil patrimonial global1er Pascale Tardieu, CGPI, CNAF2e Marc Pawlusik, CGPI, Isis Finance Consulting3e ex aequo Jean-Michel Manceau, conseiller, AllianzDamien Kreider, conseiller, AllianzElsa Obadia, chargée d’affaires professionnelles, BNP Paribas

Benoit Glorieux rejoint la Compagnie Financière Jacques Cœur, société française de third party marketing, en qualité de secrétaire général. L’intéressé a passé les 25 dernières années de sa carrière au sein du Groupe Malakoff puis Malakoff Médéric. Lors de la fusion des deux groupes, il a pris les fonctions de directeur général adjoint, directeur des investissements et des risques (21 milliards d’euros de capitaux sous gestion) puis de président du directoire de Fédéris Gestion d’Actifs (FGA), filiale de gestion d’actifs du groupe, qu’il a quitté dans le courant du mois de janvier.

JP Morgan Asset Management France a terminé 2009 avec un encours de l’ordre de 4 milliards d’euros contre 3,7 milliards un an auparavant. Les souscriptions se sont surtout concentrées sur le quatrième trimestre, avec un succès commercial centré sur les obligations convertibles mondiales, les marchés émergents ainsi que, dans une moindre mesure, sur les actions américaines, a indiqué à Newsmanagers Karine Szenberg, directeur général. Les souscriptions nettes ont porté sur 40 millions d’euros. Pour 2010, l’antenne parisienne du gestionnaire américain compte mettre l’accent sur les produits spécialistes des actifs «réels» comme les infrastructures et l’immobilier européen. Elle souhaite mettre aussi en exergue la dette émergente, avec un fonds géré par Pierre-Yves Barreau (lire notre dépêche du 28 août), sans négliger les actions émergentes.

Selon Les Echos, AXA Investment Managers va décliner son offre autour de nouvelles marques. La société devrait ainsi lancer des produits d’actions internationales sous la marque AXA Framlington. La promotion de sept marques fortes : AXA Fixed Income pour les obligations, AXA Rosenberg et AXA Framlington pour les actions, et enfin AXA Funds of Hedge Funds, AXA Private Equity, AXA Real Estate, AXA Structured Finance pour l’alternatif, constitue d’ailleurs un des axes de communication du groupe autour de ses expertises. La société de gestion va également mettre en place une nouvelle organisation commerciale afin de renforcer sa proximité avec les clients.

Apollo Management lance un fonds immobilier Asie Pacifique, avec un encours compris entre 500 millions et 1 milliard de dollars, pour cibler des biens immobiliers en difficulté dans la région, rapporte le Financial Times. Le fonds sera géré depuis Hong Kong par une équipe dirigée par Grant Kelley, qui était directeur général de Colony Capital Asia jusqu’à il y a un an.