According to sources familiar with the matter, Bank of New York Mellon is in the final phase of negotiations to acquire PNC Global Investment Servicing from PNC Financial Services Group for USD2.5bn, the Wall Street Journal reports. PNC GIS employs 4,450 people and provides back-office services to IFAs, fund managers and brokers. Profits fell to USD63m in 2009, from USD122m in 2008, and assets under administration total about USD1.8trn, in 75 million accounts.

Despite the fact that fourth quarter ended in net profits of USD110.9m, up from USD105.2m in third quarter and USD31.9m in the corresponding period of 2008, Invesco finished 2009 with a 33% contraction in profits to USD322.5m, compared with USD481.7m the previous year. As of 31 December, assets totalled USD423.1bn, compared with USD357.2bn, an increase of 18.4%, with net subscriptions of USD9bn to long-term funds, positive market effects of USDUSD46.1bn, and currency effects of USD10.9bn.

For the British group Schroders, 2009 was probably one of the best years ever in terms of both profits and inflows. And Europe contributed largely to this performance, according to the earliest available data ahead of the publication of results for the group in mid-February. According to data to the end of November released by Lipper Feri, net inflows (excluding money market funds) at Schroders in Europe totalled nearly EUR16bn, putting the British group at the top of the rankings, ahead of Carmignac Gestion (EUR14.66bn) and Deutsche Bank (EUR13.15bn). “Europe drove growth at the group in 2009,” said Nuno Teixera, deputy CEO of Schroders in France, at an investors’ meeting yesterday, adding that bonds attracted EUR5bn in investments, while high yield attracted about EUR2bn. In France, assets increased from about EUR1.8bn at the end of 2008 to about EUR3bn one year later, with net subscriptions of about EUR850m, largely to corporate bonds.

Christine Lagarde, French minister of economy, industry and labour, and Álvaro Garcia, Uruguayan minister of economy and finance, on 28 January signed an agreement to exchange information related to taxation. The signature of the agreement allows the two parties to concretise their common desire to apply the internatinoally recognized information exchange principles defined by the OECD. “France welcomes the engagement of Uruguay in international cooperation in fiscal matters, in keeping with its commitment last April,” says a statement by the French government.

The California Public Employees’ Retirement System (CalPERS) on 28 January announced that it has signed an open letter which calls on financial establishments to hold a consultative vote of shareholders on management pay scales (“say on pay.”) 30 investors have co-signed the letter, addressed to 17 financial institutions who are called on to apply the “say on pay” principle, which is considered indispensable for good corporate governance. From this standpoint, “we congratulate Goldman Sachs, State Street and Bank of New York for showing the way,” says Joseph Dear, CIO of CalPERS, in a statement.

Lombard Odier has announced the launch of a themed fund, whose objective is to profit from demographic aging trends, entitled LO Funds - Golden Age. The product invests in businesses which are best positioned to respond to this demographic evolution, on the basis of demographic, political, regulatory, economic, and thematic considerations. To achieve this, the management team has assembled a universe of about 300 businesses. “Following primary research, based on participation in medical conferences on the topic of aging, managers have constructed a portfolio of 35 to 60 positions, from among those which will be the most favourably connected to this theme,” the management firm states. Risks are limited to a maximal loss which is defined for each position. The managers of the fund also rely on scientific advising from six internationally renowned specialists from the industrial and academic worlds, who are active in medical technologies, research, and treatment of illnesses related to aging. The fund, which was launched on 16 November 2009, has attracted over EUR100m in investment. Characteristics Name of fund: LO Funds - Golden Age ISIN Codes: in EurosCat. P: LU0161986921; Cat. P dis: LU0161987739;Cat. I : LU0209992170; Cat. I dis : LU0209992683 in US dollarsCat. P: LU0431649028; Cat. Pd: LU0431649291;Cat. I: LU0431649374; Cat. Id: LU0431649457 Annual management commission, P class: 0.75%. Annual management commission, I class: 0.75% . Performance commission: 15% of performance exceeding the benchmark

Delaware Investments (Macquarie Group) vient de lancer le Delaware Macquarie Global Infrastructure Fund aux Etats-Unis. Seront proposées les parts A, C, R et I. Le produit sera accessible aux investisseurs institutionnels et particuliers et permet d’investir dans la stratégie maison «global infrastructure securities investment» de Macquarie, précise Hedgeweek. Macquarie Capital Investment Management apportera le conseil en investissement et la stratégie d’investissement pour le nouveau produit.

The British management firm F&C has announced that it has been granted a license by the Austrian financial market authority (FMA) to sell its Active Return Fund, managed by Stephen Crewe and Chris Childs, both members of the alternative management team at F&C, in Austria. The Luxembourg-registered product offers daily liquidity, complies with the UCITS III directive, and currently has assets of about EUR62m. It uses derivative strategies which are already also in use for other funds, including a hedge fund, and its performance from launch on 8 October 2008 until the end of December comes to 7.375, with volatility of only 1.85%.

On Thursday, Fitch Ratings announced that it has confirmed its M2+ rating for the London-based asset management activities of European Credit Management Ltd (ECM), with about EUR12bn in assets as of the end of December. ECM is indirectly controlled by Wells Fargo. Among the elements highlighted as reasons for the maintenance of the rating, the agency cites the stability of management and personnel at the management firm. It also factors in the challenges associated with returning to sustainable net inflows, as well as implementing modest refinements to the investment process designed to further enhance top down and relative value portfolio construction. The rating also takes into account challenges in maintaining a sustainable recovery in net subscriptions, and in bringing about a slight improvement in the investment process to further strengthen top-down portfolio construction and relative value.

Christophe Belhomme, CIO of FundQuest (BNP Paribas group), has announced that the platform is planning to launch a fund of hedge funds, and has opted for a UCITS III-compliant format, Investment Week reports. The management is concerned about whether all hedge fund managers will be able to replicate the same performance in a UCITS environment, but Fund Quest has found a few funds which will be likely to provide satisfying performance.

In 2009, Florian de Sigy and Javier Rodriguez founded Gamma Finance, which has recently been granted a license by the FSA. The new entity will offer “innovative” services in the world of alternative investment. Thanks to a relatively wide client base, Gamma Finance is planning to create and supply markets and secondary transactions on shares in less liquid hedge funds, the firm’s website explains. The idea is to take advantage of sales of fund shares by investors seeking to reprofile their portfolios, or who have set up gates and side pockets. Previously, de Sigy was European Head of Structured Equity Sales at the Institutional Client Group of Deutsche Bank Global Markets in London, while Rodriguez was senior strategist and head of strategic accounts at the Client Solutions Group (CSG) of Barclays Global Investors (BGI).

Le Temps reports that UBS will give evidence for the US Justice Department in criminal trials in the United States of its former clients. The pledge to US prosecutors was confirmed to the Swiss newspaper Le Temps on Thursday by the US Federal prosecutor in charge of UBS cases in the Florida district court, Jeffrey Neiman. The “promise” by UBS is part of a secret agreement to settle a case between the US and UBS, signed on 18 February 2009, by which the bank agreed to pay a fine of USD790m, to put an end to 18 months of legal wrangling.

For 2009, Union Bancaire Privée (UBP) has announced consolidated net profits of CHF216m, compared with CHF431m in 2008, when profits were already down 15.6% compared with 2007. Assets contracted to CHF75bn as of the end of December, compared with CHF100.7bn one year previously. This decline was wholly due to alternative management, where assets fell by CHF26bn to a total of CHF19.45bn, from a previous total of CHF45.45bn. However, net subscriptions totalled CHF6.7bn (largely from emerging countries), compared with CHF700m in 2008. UBP states that “adequate provisions related to the fraud perpetrated by Bernard Madoff have been taken into account.”

The Swiss firm SAM Sustainable Asset Management (USD14.8bn in assets, Robeco group), has announced the establishment of a “sustainable” system of charges for institutional clients. It will include on the one hand, a set payment to cover the costs of the establishment and operation of mandates, and on the other hand, a commission based on performance, at a percentage established in agreement with the client and in accordance with the client’s long-term investment objectives, with the more ambitious objectives translating to proportionally higher fees. This implies that the investor awarding the mandate and the management firm will agree about the investment horizon before setting up the investment strategy, and that the investment firm may receive a performance commission throughout the market cycle. This new fee structure will be made available through segregated accounts. Fee levels will be set on the basis of the number and complexity of services which the client selects, with each strategy carrying its own fee rate. All custom services, such as desiderata on the basis of region and cap size, will give rise to supplemental charges.

Corrado Passera, CEO of Intesa Sanpaolo, has announced that the firm has already made a decision to reintroduce the management firm Banca Fideuram to public trading, and that the offering may take place next month, the Börsen-Zeitung reports. The case will be studied by the directors of Intesa Sanpaolo at one of its next meetings, but the CEO has declined to state whether this will take place in early February. According to analysts, Fideuram may be worth up to EUR3.5bn. The business was withdrawn from public trading in autumn 2006, when it was absorbed by Eurizon, which was then an affiliate of Sanapolo IMI.

Reality has caught up with German open-ended real estate funds, Handelsblatt reports: none of them achieved the 4.7% returns observed in 2008, nor the 5.7% of 2007: 18 funds out of 23 generated returns of slightly over 2%. The best of them was SEB Immoinvest, with performance of 4.1% in 2009. But all of them were dragged down by losses of over 12% for the P2 Value fund from Morgan Stanley, which had to revise its valuation of its portfolio downward. The P2 Value is one of five funds which has currently suspended redemptions. The situation is expected to deteriorate further in the sector this year, with rents on a downward trajectory. Meanwhile, though low interest rates may help to resolve financing difficulties, they complicate the job for managers, who have considerably increased their positions in cash.

The Netherlands-based Robeco group is launching a new offensive in Asia, where it has signed several distribution agreements, institutional mandates, and advising partnerships in recent months. Asian Investor reports that the Robeco Teda Sustainable Private Equity Fund was granted a sales license in December, and the firm has also been granted a license by the National Development and Reform Commission (NSRC), which makes the fund eligible to be selected by insurers, pension funds and Chinese government funds. The Robeco fund is the only product dedicated to clean technologies and sustainable development to have been approved by the commission. Robeco has also made inroads in Taiwan, where it is expecting final agreement from the authorities to distribute its funds.

As of 30 September 2009, global assets in investment funds (in 45 countries) totalled EUR15.281trn, an increase of 6.2% over the end of June, and of 12.4% compared with 31 December 2008, according to statistics compiled by Efama and the Investment Company Institute (ICI) for the International Investment Funds Association. Net subscriptions to long-term funds represented EUR508bn in the first nine months of last year, compared with net outflows of EUR400bn in the corresponding period of 2008. However, money market funds saw net redemptions of EUR305bn, compared with net subscriptions of EUR637bn. For Europe, assets as of the end of September totalled EUR6.8401trn, in 52,715 funds, including EUR5.1573trn in in 36,588 UCITS funds and EUR1.6828trn in 16,127 non-UCITS funds.

According to a survey conducted between 17 November and 1 December, of 411 independent financial advisers (IFA) at the ABC of Bonds roadshow organised by Axa Investment Managers, Baring Asset Management and Cazenove Capital (see Newsmanagers of 1 October 2009), 66% of respondents estimate that market conditions will be promising for bonds in 2010, while 20% are planning to recommend that their clients increase their exposure to this asset class in the next twelve months, while 17% will recommend reducing exposure, and 54% feel that the current allocation is correct. One of the defining characteristics of this year will be increased diversification, with 86% of IFAs stating that they will recommend diversification in bonds. 65% will recommend strategic bond funds, while 57% will recommend absolute return bond funds, and 53% will recommend corporate bond funds. Half of all advisers estimate that their clients will allocate 11% to 25% of their portfolios to bonds, and 35% estimate that a 35% exposure is appropriate. The study also shows that 85% of clients expect their bond portfolios to turn in performance of 3% to 5%, while one in eight expects 6% or more.

La banque de la rue d'Antin devance Barclays Capital et Société Générale, comme en 2008. Natixis entre au palmarès tandis qu’UBS en sort

Selon les Echos, BforBank, le site d'épargne en ligne lancé par les caisses régionales du Crédit Agricole en octobre dernier, a attiré 15.000 clients, pour un encours total de 800millions d’euros à fin décembre2009. BforBank a axé l’essentiel de son offre depuis octobre sur un livret d'épargne rémunéré à 5 % brut pendant trois mois pour toute ouverture avant le 15 février.En parallèle, BforBank propose une assurance-vie montée avec l’assureur Dolcéa, dont le rendement net s’est établi à 4,5% en 2009. Le site a toutefois repoussé le lancement d’un service global de transactions boursières et de distribution d’OPCVM, annoncé à l’origine pour fin octobre 2009.

Lors de son discours mercredi 27 janvier à Davos, le président français a affirmé pour la première fois qu’il avait demandé la démission de Daniel Bouton après l’affaire Kerviel. Il a déclaré qu’il n'était pas normal qu’un président d’une grande banque française reste en place après le détournement d’un trader qui a coûté plusieurs milliards à l'établissement.

Société Générale Securities Services (SGSS) a annoncé, mercredi 27 janvier, avoir été mandatée pour fournir de nouveaux services à CNP Assurances.Les services en question incluent la valorisation indépendante du portefeuille de produits structurés et complexes sur taux d’intérêts. Depuis août 2007, SGSS offre à CNP Assurances des services de valorisation sur des produits structurés actions et hybrides. Le nouveau mandat de SGSS a pour particularité de partager conjointement avec CNP Assurances au travers d’une bibliothèque, l’analyse de la description des pay-offs, le choix des modèles de valorisation et les méthodes de diffusion des reportings, précise un communiqué de l'établissement.

Yves Perrier, Directeur Général d’Amundi, a annoncé le 27 janvier la nouvelle gouvernance de la société. Celle-ci est organisée autour de quatre pôles :- Le Métier Réseaux partenaires & Solutions d’épargne : il a pour mission de mettre à disposition des réseaux des groupes Crédit Agricole et Société Générale ainsi que des autres réseaux partenaires une gamme de produits et de solutions d’investissements performante, dédiée aux spécificités de la clientèle de chacun de ces réseaux, ainsi qu’un dispositif d’appui commercial et de marketing. - Le Métier Institutionnels et Distributeurs tiers : il a pour mission de mettre à disposition de la clientèle institutionnelle et des distributeurs l’ensemble des expertises d’Amundi (Taux, Actions, Performance Absolue, Solutions d’investissement…). Il s’appuie sur un coverage commercial couvrant l’ensemble des pays et un service clientèle focalisé sur la qualité du service. - Les Fonctions Support et Développement (Informatique et Opérations, Ressources Humaines, Marketing, Développement et Communication) dont le rôle est d’appuyer les métiers dans leur stratégie de développement et d’assurer un reporting performant pour les clients individuels et institutionnels.- les Fonctions de Pilotage et Contrôle (Finances, Risques, Juridique, Audit) dont la mission est d’assurer une maîtrise efficace des risques et un pilotage rigoureux de la gestion de l’entreprise. - Le Comité Exécutif, présidé par Yves Perrier, a pour missions principales de définir la stratégie du groupe, les principales orientations de gestion et de politique commerciale et de contrôler leur mise en oeuvre. Il comprend : - Xavier Barrois, Directeur des Systèmes d’Information et des Opérations - Laurent Bertiau, Directeur Adjoint du Métier Institutionnels et Distributeurs tiers en charge du commercial et du marketing - Pascal Blanqué, Directeur du Métier Institutionnels et Distributeurs tiers et Chief Investment Officer Groupe - Patricia Bouchard, Directeur Financier - Bernard Carayon, Directeur des fonctions de Pilotage et Contrôle - Jean-François Choiseau, Directeur des Ressources Humaines - Bruno Crastes, Directeur Adjoint du Métier Institutionnels et Distributeurs tiers. Il supervisera les gestions Global Fixed Income, Performance Absolue ainsi que les gestions Action Europe, Monde et Emergentes - Fathi Jerfel, Directeur du Métier Réseaux partenaires & Solutions d’épargne - Jean-Paul Mazoyer, Directeur des fonctions Support et Développement - André Pasquié, Directeur Adjoint du Métier Réseaux partenaires & Solutions d’épargne en charge du développement commercial et marketing - Alain Pitous, Directeur Adjoint du Métier Réseaux partenaires & Solutions d’épargne en charge des gestions, Chief Investment Officer Adjoint et Directeur Général de S2G Alain Berry, Directeur de la Communication d’Amundi, assiste au comité exécutif et en assure le secrétariat.

Les gérants du fonds Oddo Cibles et leaders sont optimistes. Après des débuts difficiles (le lancement remonte à 2006), le fonds a terminé l’année 2009 sur une performance de 47,81% contre 21,37% pour le DJ Euro Stoxx 50.Le fonds pèse désormais quelque 160 millions d’euros et Emmanuel Chapuis, responsable de la gestion Actions thématiques chez Oddo Asset Management, et Guillaume Delorme, gérant actions, estiment que le fonds, qui a doublé de taille depuis le début du rally boursier, en mars 2009, pourrait encore tirer son épingle du jeu cette année. «Si la croissance économique mondiale est au rendez-vous, on devrait voit revenir un courant d’opérations de fusions/acquisitions significatif», estime Emmanuel Chapuis qui mise sur un reprise plutôt au second semestre 2010.Le fonds privilégie les leaders susceptibles de «ramasser " des parts de marché à prix cassés, et les secteurs ayant une excellente solidité financière pouvant ainsi recourir à des opérations de fusions/acquisitions comme accélérateur de croissance, avec un intérêt grandissant pour certains secteurs en surcapacité pour lesquels le M&A de restructuration devient un axe stratégique. Dans cette perspective, l’automobile et les produits de base sont deux secteurs qui s’imposent : ils sont dépréciés et affichent un besoin impérieux de réduction de leurs surcapacités. Le fonds s’intéresse aussi à la banque/assurance qui pourrait connaître une vague de consolidation «défensive» ainsi qu’aux secteurs santé et technologie eu égard à leur trésorerie disponible.Actuellement, le portefeuille, européen, compte 34 lignes, les principales étant ING (6%), Sanofi (5,2%), Société Générale (4,7%) Fresenius (4,7%) et Thyssen Krupp (4,2%). Le taux de rotation est assez élevé à 1,5.

Le Fonds de réserve pour les retraites a annoncé le 27 janvier qu’il avait attribué deux mandats de gestion d’opérations de transition à Goldman Sachs International et Russell Implementation Services Limited (Groupe Frank Russell Company).Les deux mandats, attribués à l’issue d’une procédure d’appel d’offres restreinte lancée le 20 mai 2009.La mission de ces gestionnaires consistera à négocier, pour le compte du FRR, des instruments financiers de manière centralisée, afin de constituer des portefeuilles d’actifs financiers et ce, dans les meilleures conditions possibles de coût et de confidentialité.

Selon L’Agefi suisse, les encours sous gestion du sélectionneur et gestionnaire de fonds alternatifs Gottex ont diminué une nouvelle fois au dernier trimestre 2009. Ils sont revenus de 8,23 milliards de dollars en septembre à 8,13 milliards à la fin de l’année. La performance des placements est toutefois positive. Gottex évalue leur contribution à 10 millions sur la dernière période et à 635 millions sur 2009.La fin des turbulences étant en vue, Gottex formule à nouveau des objectifs ambitieux. La bonne performance de ses principaux produits devrait lui permettre de capturer une partie du retour de fonds institutionnels attendu pour cette année. Sa principale stratégie, le market neutral, devrait dépasser son pic atteint en juin 2007 au cours du second semestre, signifiant ainsi le retour aux commissions de performance.Gottex s’est également mis au développement de produits conformes aux normes UCITS III, avec un premier lancement dans les prochains mois.

Le fournisseur d’indices Dow Jones Indexes, a annoncé mercredi 27 janvier l’homologation par Credit Suisse AG du Dow Jones Industrial Average pour servir de base à un de ses ETF, le XMTCH (IE) Dow Jones Industrial Average. A cela s’ajoute l’homologation de l’indice Dow Jones EURO STOXX 50 Index pour le XMTCH (IE) Dow Jones EURO STOXX 50. Ces deux ETF seront disponibles sur la bourse suisse.

Selon L’Agefi suisse, le fonds Multi Stratégies de Jabre Capital sera bientôt fermé, afin que sa taille ne pénalise pas la performance. Il sera fermé à tout investissement additionnel pour une durée de deux ans quand il atteindra 2,5 milliards de dollars, contre 2 milliards actuellement. Ce fonds a dégagé une performance de 85,11% en 2009, après une perte de 36% en 2008.

Le hedge fund AHL du gérant alternatif Man Group a perdu plus de 700 millions de dollars la semaine dernière, rapporte le Financial Times. Le fonds, qui a 21,7 milliards de dollars d’encours, a perdu 3,57 % d’actifs nets entre le 18 et le 22 janvier. Cette chute fait suite à une année 2009 très difficile pour le fonds, seule année négative pour le fonds en 23 ans. Le mois dernier, AHL avait déjà subi une perte hebdomadaire de la même ampleur (-4,3 % la première semaine de décembre). Ces pertes mettent Man dans l’embarras, alors que la société de gestion tente de faire grimper ses encours. Man a d’ailleurs récemment lancé deux versions UCITS du AHL ouverts au public retail.