The German firm Deka Immobilien has bought the 40,000 square-metre Gemini office building in Prague, for its open-ended real estate fund Deka-ImmobilienEuropa (EUR10bn). The acquisition price is about EUR110m. The vendor is the Austrian Sparkassen Immobilien AG.

The CNMV has issued its first authorisation to group together orders for investment funds and pension funds to Fonditel, Expansión reports. The manager of investment funds and of the Telefónica pension fund (EUR363m in assets as of the end of October) will be the first Spanish asset management firm to be allowed to make combined transactions for both the former and the latter, a practice which was previously considered irregular, as it was considered necessary to maintain a strict separation (Chinese walls) between pension fund and investment fund activities, in order to avoid conflicts of interest in asset allocation. Luis Peña, CEO of Fonditel, explained to Expansión that this aspect is overseen by an external risk manager.

The market for over-the-counter derivative products grew by 10% in the first six months of the year compared with the previous half, to a total of nearly USD604.6trn, the Bank of International Settlements (BIS) has announced in its most recent semiannual report. The markets for derivative instruments based on fixed income, currencies, and equities all grew in the period under review, while assets in contracts based on commodities stabilised. The CDS market continued to contract, losing 14% to USD36trn, following a 27% contraction in the second half of 2008.

European hedge funds will be confronted with more severe restrictions in terms of pay scales than banks, under last-minute changes to the draft directive on alternative management (AIFM). The most recent version of the bill, obtained by the Financial Times, now includes a three-page appendix of provisions restricting pay policies.

The Organisation for Economic Cooperation and Development (OECD) has removed Liechtenstein from its “grey list” of countries which refuse to exchange tax information. The OECD is still monitoring 28 countries which, in many cases, have engaged to comply with OECD standards for tax information sharing, but have not yet done so in practice.

The chairman of the board of trustees at CalPERS, Rob Feckner, has called on his colleagues on the board to militate for strengthened legislation to regulate the activities of placement agents or organizations which use their services, in order to make them subject to the same ethical and reporting standards which apply to lobbying groups. CalPERS says in a statement that Feckner has sent a letter to this effect to the 13 members of the board of trustees, following recent events in which placement agents attempted to unduly influence the California pension fund’s investment decisions.

The Global Classic, Global Dynamic, Global Challenge, Global Balance, Global Discovery and Stable Value sub-funds of the Luxembourg Sicav BG Umbrella Fund will be liquidated on 1 January 2010, as a result of the Madoff scandal. Subscribers will be able to redeem their investments at this time, LRI Invest announces.

At the request of the Financial Services Authority (FSA), the Serious Fraud Office (SFO) is investigating Dynamic Decision Fund Management, an alternative asset management firm based in the Cayman Islands, which managed GBP500m, Handelsblatt reports. The FSA and the SFO have both been flooded with complaints from subscribers about investment practices at Dynamic Decision. Investigators are focusing on the Dynamic Decisions Growth Premium Master Fund, the firm’s main hedge fund, which was closed last year after suffering heavy losses.

Hedge Fund Research reports that in second quarter, 182 new hedge funds were launched worldwide, while 148 were launched in the first three months of the year.

Due to a recent modification of the regulations governing investment funds, which allow ETFs to have the status of Sicavs, Barclays Global Investors is now able to register its iShares products in Spain. Initially, Funds People reports, the manager will apply for licenses for twelve ETF products. The products replicate equities indices for developed markets, including the DJ Euro Stoxx 50, S&P 500, FTSE 100, MSCI Japan and MSCI World. Other products will replicate equities indices of emerging markets: FTSE BRIC 50, MSCI Latin America, FTSE/Xinhua China 25, MSCI AC Far East ex-Japan, MSCI Brazil, MSCI Eastern Europe 10/40, and MSCI Emerging Markets. The funds will be sub-funds of the iShares Public Limited Company and iShares II Public Limited Company Sicav vehicles.

iShares announced on 12 November that it has launched three new bond ETF products, which will be available to French investors: iShares Barclays Euro Government Bond 5-7, iShares Barclays Euro Government Bond 10-15, and iShares Barclays Euro Treasury Bond. The three new funds are additions to the iShares bond ETF range, which now includes 21 products registered for sale on the French market. In this range, a statement says, the iShares € Corporate Bond (based on the iBoxx Euro Liquid Corporate Bond index), launched in March 2003, has been particularly successful, and is now the largest bond ETF in Europe, with more than EUR3bn in assets. More recently, iShares launched the iShares Barclays Euro Corporate Bond fund, which already has assets of EUR325m after only 7 months of existence. This fund, like the three new products, is part of the Barclays Capital Aggregate fund, which previously bore the Lehman Brothers brand name, and which is among the most popular in the world.

In January-October, net subscriptions to mutual funds in the United States represented USD314.1bn (of which USD40.3bn were in October), while net redemptions in the corresponding period of last year totalled USD154.2bn, according to statistics from Morningstar. For ETF funds, net inflows have totalled USD63.9bn in the first ten months of the year, of which USD8bn were in October.The strongest net subscriptions in January-October were USD81.96bn for Vanguard and USD56.14bn for Pimco Funds, Fidelity and Franklin Templeton, which attracted USD17.08bn and USD14.37bn. However, American Funds saw net redemptions of USD21.28bn.

The US affiliate of the German firm Evonik Industries, Evonik Degussa Corporation, has selected Prudential Retirement to manage all its corporate retirement savings plans. Prudential which was already one of the providers of defined-benefit solutions to Evonik Degussa Corp, will now administer all of Evonik Degussa’s programs, including defined-benefit and defined-contribution as well as other programs. These now represent more than USD650m, manages for about 11,000 active and retired employees.

The German press has been invited by Credit Suisse to a breakfast press conference on 17 November, where it will present its range of ETF products under the Xmtch brand name, which has recently been enlarged (see article in Newsmanagers of 6 July). The Swiss management firm is planning to list the products on the XTF segment of the Xetra electronic trading platorm from Deutsche Börse. Credit Suisse is also planning to list the Xmtch products, which have previously been available only in Switzerland, in other European countries beyond Germany.

The most ethical investors in Europe are the Belgians, the French and the Swiss, measured by the percentage of assets in responsible investing screened funds (which take a positive investment approach such as best in class) relative to the size of the national fund industry, Lipper states. However, the proportions remain low, at 6%, 2%, and 2%, respectively. In terms of sales activity this year, France and Switzerland were joined by the United Kingdom this year, while Belgium slipped marginally into the red. At the bottom end of the rankings, the worst countries in Europe in terms of socially responsible funds were Spain and Italy, with less than 0.5% of assets in RI screened funds. And there, the situation is only getting worse, as the two countries have withdrawn more assets than they have invested from socially responsible funds, Lipper reports. In total, nearly EUR5bn have been invested since the beginning of the year in socially responsible investment funds, 65% more than in all of 2008, Lipper states. The level of assets in these funds has increased by more than 25% to EUR48.8bn this year. More than EUR1.4bn have been placed in 47 new funds, while there is a total of 671 such funds. The largest European providers of socially responsible funds by assets are KBC, Allianz, BNP Paribas, Natixis and Dexia.

In September, flows to European funds totalled EUR2bn, according to the most recent Fund Flash from Lipper FMI. This weak result is partly due to outflows of EUR21bn from money market funds in France. Excluding money market funds, inflows totalled EUR31bn, half of which went to equities funds (EUR14bn). The asset management firm with the strongest net inflows in September both for all asset classes combined and for equities alone was Deutsche/DWS.

DWS Investment is launching DWS Sachwerte, a diversified fund which invests in asset classes which provide the investor the best possible protection in case of steep inflation. The portfolio is composed of equities, stakes in real estate properties, commodities, metals (particularly gold), inflation-indexes bonds, and currencies. The equities portion will not exceed 10% of the portfolio, says DWS.

On Thursday, the FBI estimated that the Ponzi type pyramid fraud scheme operated by lawyer Scott W. Rothstein probably ran to over USD1bn, the Wall Street Journal reports. On Monday, the US government filed a civil case against the high-profile Florida lawyer, accusing him of selling investors participations in fictitious legal settlements, promising double-digit returns. The fraud began in 2005, and only came to light in October, when investors complained of not having been paid. The FBI says the investigation will take time, and criminal charges are not expected to be filed for several more weeks.

On Thursday, the Sarasin group announced the launch of an Islamic wealth management range, including the full spectrum of private banking products and services compatible with Sharia law. This includes inheritance and wealth transmission planning, financing, and wealth management, as well as money market investments and structured products based on wakala, murabaha, and maraya. Sarasin’s compliance with the precepts of Sharia law will be guaranteed by an independent committee of specialists.

Independent asset management firm Weston Capital Management LLC has announced the creation of a joint venture with the Swiss asset management firm Harcourt Investment Consulting, to form a hedge fund incubator. The joint venture will bring together Weston CM’s expertise in hedge funds in the early stages of development and in marketing, with Harcourt’s abilities in manager selection, due diligence, and risk management. The goal is to create a fund with USD250m in assets.Harcourt and WR Group Holdings have also agreed to combine their managed accounts platforms. The Swiss firm, specialised in alternative investment solutions for institutional investors, will allow access to its managed accounts platform and will provide exclusive due diligence services to funds of the WR Group platform. It will also provide analysis and portfolio construction services.The objective is to create a single platform to serve institutional investors with products from 50 managers; this will be increased to 75 managers in first quarter 2010. Currently, the platform from WR Group includes 30 managers, with assets of USD200m, while Harcourt has 15 managers and USD150m.

According to reports in Citywire, RWC Partners has hired Davide Basile, vice president and head of convertibles at Morgan Stanley, to fill the position left vacant by the departure of Miles Geldard, head of convertibles.

Axa Investment Managers has announced the appointment of Jean-Pierre Leoni as director for the Asia-Pacific region. He will be based in Hong Kong, and will oversee development of the management firm’s presence in the Asia-Pacific region. He will begin in his new role from 1 January 2010, and will be a member of the executive board at Axa IM and Axa Rosenberg. Leoni joined Axa IM in 1998 as head of the credit expertise team, and in 2005 created a specialist products unit, which he has led until the present time. “The appointment of Jean-Pierre Leoni confirms our commitment to growing our activities in this region,” says Dominique Carrel-Billiard, CEO of Axa IM. To increase its presence in Asia, the asset management firm is also planning to strengthen its sales teams in the next few months.

Pour son fonds immobilier offert au public Deka-ImmobilienEuropa (10 milliards d’euros), l’allemand Deka Immobilien a acheté l’immeuble de bureaux Gemini à Prague, un actif de 40.000 mètres carrés. La transaction porte sur environ 110 millions d’euros. Le vendeur est l’autrichien Sparkassen Immobilien AG.

Axa Investment Managers vient d’annoncer la nomination de Jean-Pierre Leoni au poste de directeur de la région Asie Pacifique. Basé à Hong-Kong, il sera en charge du développement de la présence de la société de gestion dans la région Asie Pacifique. Il prendra ses nouvelles fonctions à compter du 1er janvier 2010 et sera membre du comité exécutif d’Axa IM et d’Axa Rosenberg. Jean-Pierre Leoni a rejoint Axa IM en 1998 en tant que responsable de l’expertise crédit et a créé en 2005, l’unité spécialiste produits dont il a pris la responsabilité jusqu’à aujourd’hui. "(…) la nomination de Jean-Pierre Leoni confirme notre engagement à faire croître nos activités dans cette zone», indique Dominique Carrel-Billiard, directeur général d’Axa IM. D’ailleurs, pour accroître sa présence en Asie, le gestionnaire d’actifs prévoit également le renforcement de ses équipes commerciales dans les mois à venir.

Les compartiments Global Classic, Global Dynamic, Global Challenge, Gobal Balance, Global Discovery et Stable value de la Sicav luxembourgeoise BG Umbrella Fund seront liquidés au premier janvier 2010 en raison de l’affaire Madoff et les souscripteurs pourront récupérer à ce moment là leurs actifs, indique LRI Invest .

Natixis a annoncé le 12 novembre que le résultat brut d’exploitation de son pôle Epargne avait progressé de 9% au troisième trimestre à 119 millions d’euros, avec un coefficient d’exploitation qui s’améliore de 2 points à 70%. Le résultat net part du groupe s’est ainsi inscrit à 82 millions d’euros, en hausse de 22% par rapport au deuxième trimestre 2009 et de 48% par rapport au troisième trimestre 2008.Le PNB de la gestion d’actifs s’élève à 318 millions d’euros, en hausse de 2 % grâce principalement à la forte progression des encours qui atteignent 495 milliards d’euros (+5,4% par rapport au deuxième trimestre 2009 à change constant). L’effet marché est très positif (+28 milliards d’euros par rapport au deuxième trimestre 2009).La collecte nette globale est légèrement négative (-1,4 milliard d’euros) sur le trimestre mais largement positive depuis le début de l’année (+12,4 milliards d’euros). La collecte se reprend aux Etats-Unis (+3,5 milliards de dollars de collecte nette) mais, en Europe, on enregistre une décollecte sensible sur les produits monétaires en raison de la saisonnalité et du niveau très bas des taux d’intérêt.Les encours de l’assurance vie atteignent 32,4 milliards d’euros, en hausse de 2% sur un an. Le chiffre d’affaires est en ligne avec le marché. Dans le domaine de la prévoyance, le chiffre d’affaires connaît une croissance de 23% sur un an.Les encours de la banque privée progressent de 6% sur le trimestre. Les charges du pôle baissent légèrement grâce à un contrôle strict des coûts. Le groupe Natixis a dégagé un résultat net de 268 millions au troisième trimestre mais accuse une perte de 2,45 milliards sur neuf mois.

La banque franco-belge Dexia a démenti jeudi en fin d’après midi l’information publiée par le Wall Street Journal au sujet d’un éventuel coup de force de la Commission la forçant à se séparer du Crédit Local de France.

OTC Asset Management annonce le lancement de deux nouveaux fonds destinés aux particuliers. FCPI OTC Multi-Cibles 1, d’une durée de vie de 5 ans, et FIP OTC Multi-Proximité 1, d’une durée de vie de 8 ans. Ces produits défiscalisants permettent une réduction d’impôt sur le revenu de 6.000 euros pour un couple et 3.000 euros pour une personne seule, (réduction maximale cumulable en cas de souscription conjointe aux 2 fonds, équivalente à 25% de l’investissement réalisé). Pour les deux produits, les droits d’entrée s'élèvent à 5 % maximum. La commission de gestion est de 3,85 % nets de toutes taxes.

monabanq. vient de lancer une offre de fonds commun de placement dans l’innovation (FCPI) et de fonds d’investissement de proximité (FIP). Du côté des FCPI, il s’agit de NextStage Découvertes 2009/2010 qui investit jusqu’à 95 % dans des PME de croissance non-cotées ou cotées sur des marchés dédiés (AlterNext, Marché Libre) intégrant les nouvelles technologies dans leur cœur de métier. Autre fonds proposé : le FCPI 123MultiCap qui investit dans des PME innovantes non-cotées, en partenariat avec des sociétés de gestion externes travaillant pour le compte d’investisseurs institutionnels.Du coté des fonds d’investissement de proximité, monabanq. commercialise le FIP NextStage Sélection 2009 qui investit au minimum à 70 % dans des PME régionales non-cotées couvrant les régions Ile de France, Bourgogne, Rhône-Alpes et PACA. Il est également possible de souscrire le FIP 123Multi-Énergies qui finance l’exploitation d'énergies renouvelables (principalement des parcs solaires) par des PME non-cotées. Les projets d’exploitation se trouvent en Aquitaine, Midi-Pyrénées, Languedoc-Roussillon et PACA. Les fonds sont exonérés de droits de garde et de frais d’abonnement. Le minium à la souscription est de 1 500 euros ou 3 000 euros selon le produit.Caractéristiques :- FCPI 123MultiCap : FR0010653626- FCPI NextStage Découvertes 2009-2010 : FR0010778308- FIP 123Multi-Energies : FR0010653626- FIP NextStage Sélection 2009 : FR0010731505

Après le label Novethic pour les fonds socialement responsables, voici le label Diversum. Cette nouvelle distinction évolue elle aussi dans le champ de l’investissement responsable. Mais avec une composante originale : la culture. En effet, l’objectif de l’agence de notation Diversum SAS, filiale de l’association Diversum, qui délivre le label éponyme, est de garantir à un épargnant qu’une partie de son portefeuille sert au financement des entreprises et collectivités «qui favorisent la diversité des cultures», par le biais de formations du personnel ou de mécénat par exemple. L’association culture et développement durable peut étonner. Mais, «la culture prise dans sa diversité, c’est-à-dire l’environnement culturel de l’homme, est reconnue depuis 2005 par les Nations Unies comme un pilier du développement durable, au même titre que les questions écologiques, sociales et de gouvernance», ont expliqué mardi les intervenants de la cérémonie de remise des labels. Et Diversum a d’ailleurs été fondée en 2006 dans cette perspective, afin d’encourager les politiques de développement durable à prendre véritablement en compte la question culturelle. Plus concrètement, les fonds éligibles au label doivent investir au moins 25 % de leurs actifs dans des titres d'émetteurs ayant un impact favorable sur l’environnement culturel, selon sept critères définis par Diversum. Il se trouve que cinq fonds de quatre sociétés de gestion répondent à ces impératifs : Convictions Asset Management, Montbleu Finance, 360 Asset Managers et PGC*. Cela étant, il faut bien souligner que cela n’est qu’un constat a posteriori, que les sociétés de gestion qui ont été sollicitées pour recevoir le label n’ont jamais volontairement cherché à investir avec ce biais «culture» – et que la plupart des fonds primés ne sont pas des fonds ISR. Mais Jérôme Gouadain, président de Diversum, espère que l’attribution du label va permettre aux lauréats d'être un peu plus attentifs à ces aspects. Quoi qu’il en soit, les sociétés, pour obtenir le label, s’engagent à financer l’association. Reste maintenant à voir si ce label va prendre racine et se développer dans le secteur de la gestion d’actifs, voire également du côté des investisseurs institutionnels. Et à espérer, comme le dit Jérôme Gouadain, «que l’empreinte culturelle va devenir le pendant de l’empreinte carbone».* Les fonds concernés sont les suivants : FCP Convictions Premium (géré par Convictions Asset Management) FCP Montbleu Étoiles (géré par Montbleu Finance) FCP Octalfa 360 (géré par 360 Asset Managers) FCP PGC Europe (géré par Pgc - société Privée de Gestion et de Conseil) FCP PGC Investissements (géré par Pgc - société Privée de Gestion et de Conseil)