Syz AM, la société de gestion institutionnelle du groupe Syz, a rendu deux de ses fonds en actions italiennes éligibles au plan d’épargne individuel (piano individuale di risparmio ou PIR), rapporte Funds People Italia. Il s’agit des fonds Oyster Italian Opportunities e Oyster Italian Value, gérés par Alfredo Piacentini et Alessandro Pacchiani, respectivement.

Le fonds souverain norvégien, qui gérait fin 2017 quelque 880 milliards d’euros, estime qu’il pourrait perdre plus de 40 % de sa valeur en une seule année si les marchés plongeaient et que la couronne norvégienne se renforçait dans le même temps, montre un rapport sur les rendements et les risques publié mardi par l’investisseur.Dans ce rapport, le fonds indique que l’allocation d’actifs est le principal risque du fonds. Le mandat du fonds est d’investir entre 50 % et 80 % de son portefeuille en actions ; cette poche a graduellement augmenté entre 2007 et 2009, passant de 40 % à 60 %. Le fonds souverain norvégien, dont les ressources sont issues de la vente de pétrole par la Norvège, a gagné 13,7 % en 2017, ce qui représente 1.028 milliards de couronnes norvégiennes ou 106 milliards d’euros. Il s’agit de la troisième meilleure performance annuelle du fonds en pourcentage et la plus forte jamais enregistrée en couronnes depuis le lancement du fonds.

p { margin-bottom: 0.1in; line-height: 115%; } The British asset management firm Winton has signed a new distribution agreement with Allfunds Bank for a launch of the Winton Diversified Fund (Ucits) on the European platform. The agreement will allow Italian institutional investors to gain long-term access to the Diversified Program at Winton. The Winton Diversified Fund, launched in July 2017, tracks the multi-strategy approach of Winton, offering weekly liquidity. Winton is a systematic investment company.

p { margin-bottom: 0.1in; line-height: 115%; } Schroders has added to its range of funds eligible for the Italian individual savins plan, with the launch of Schroder ISF Multi-Asset PIR Italia, Bluerating reports. The strategy invests in primarily Italian equities and bonds. The fund is managed by the multi-asset investment team at Schroders, with Ugo Montrucchio as head of asset allocation and risk management. For the equity portion, Montrucchio will benefit from the assistance of the European equity team, and Hannah Piper, manager of the first PIR fund from Schroders, Schroder ISF Italian Equity. Anthony Earnshaw and the Advanced Bond Beta team will be responsible the Italian corporate bond allocation.

p { margin-bottom: 0.1in; line-height: 115%; } Syz AM, the institutional asset management firm of the Syz group, has made two of its Italian equity funds eligible for the individual savings plan (piano individuale di risparmio, or PIR), Funds People Italia reports. The Oyster Italian Opportunities and Oyster Italian Value funds are managed by Alfredo Piacentini and Alessandro Pacchiani, respectively.

Indosuez Wealth Management has announced that it is significantly expanding its local footprint and employee base in Spain with the opening of new offices in Seville and Barcelona, bringing its number of offices in the country to six. The Group’s offices in Madrid and Valencia have bolstered their teams with hires of experienced executives and managers. Iñigo Calderón has been named Head of Central Region of Indosuez Wealth Management [Spain] and will lead the Wealth Managers team in Madrid. He previously worked at Deutsche Bank and will be joined in Madrid by Diego Rosillo, Letizia Beca, Enrique Revuelta, Andrés Francoy and Ignacio Guzmán. The newly opened office in Seville will be led by Carlos Gálvez, who joins Indosuez as Regional Director of Andalusia and Extremadura, and Juan Gómez Millán, who joins the company as Senior Wealth Manager. In Barcelona, Carlos Sensat, as new Regional Head, and Javier de Andrés as well as Jordi Solsona have joined the team, and Indosuez’s Valencia office added David Nogués as new Regional Head and Manuel Martínez.

Mapfre is set to launch a co-investment real estate vehicle to invest in prime offices in a number of Europe’s main markets. The objective is to achieve returns of between 4% and 6% annually, while at the same time diversifying the portfolio against other types of financial assets, said a press release. This move is part of the company’s strategy to gradually increase its portfolio of alternative investments.Mapfre has partnered with real estate expert GLL to invest up to 300 million euros in prime office space in the Eurozone’s key markets within two or three years. The investment focus will be large cities in Germany and France, as well as other nearby markets such as Amsterdam, Brussels, Milan and Luxembourg.The vehicle, which is open to other institutional investors from the insurance world, will be managed by GLL, which is one of the main investors in office buildings for insurance companies. The company has an asset volume of €7 billion, and a team of more than 110 professionals, with offices in 12 countries.Mapfre already has a portfolio of unique real estate properties in Spain, such as Plaza de la Independencia in Madrid, Torre Mapfre in Barcelona, and other emblematic buildings in different countries, such as Torre Mapfre , in the Paseo de la Reforma in Mexico City, and One Winthrop Square building in Boston

p { margin-bottom: 0.1in; line-height: 115%; } From 1 May 2018, the Chom Capital Active Return Europe UI fund, open both to institutional and to private investors, will no longer be available to new investors, Universal Investment announced in a statement on 6 March. “With this soft closing, we remain faithful to our philosophy of privileging the interests of our investors, and not giving priority to objectives such as strong growth in assets under management. Our strategy is to select a limited number of businesses for our portfolio independently of an index, on the basis of analysis of fundamentals,” says Christoph Brenner, co-founder of Chom Capital, cited in the statement.

p { margin-bottom: 0.1in; line-height: 115%; } Benny Buchardt Andersen, former chief investment officer for the Danish pension fund Pensam, has become a partner at the private equity firm Greystone, AMWatch reports, citing Børsen. At the same time, Henrik Heideby, former CEO of PFA, has resigned from the private equity firm.

Two British asset management firms, Hermes Investment Management and Jupiter Fund Management, have in the past few days released their “gender pay gap” report, describing the difference in pay between men and women.At Hermes, women are paid 30.2% less than men, while at Jupiter, the gap is smaller, at 25%.The two firms admit that they need to do more to reduce the gap. “We recognise that to reduce the pay gap between men and women of 30.2%, we need to increase representation of women in senior positions at the firm, including management and development,” Hermes says in its 6-page report. At Jupiter, the CEO, Maarten Slenderbroek, admits that the firm “could do better” in this area. “We don’t have enough women employed and working at top levels on our fund management teams and in sales teams, which are the main reasons for the gap in pay between men and women.”Jupiter, however, does have an equal number of male and female representatives on the board of directors.The British government is now requiring employers with over 250 employees to disclose the pay gap each year between men and women. So far, only a few asset management firms have published their report have published their report ahead of the 5 April deadline. Franklin Templeton has announced a 31.4% gap, while Standard Life and Aberdeen Asset Management have announced figures of about 31%.

On 1 February 2018, the International Organization of Securities Commissions (IOSCO) issued recommendations and good practices for liquidity risk management for open-ended funds. Against this backdrop, the Autorité des Marchés Financiers (AMF) continues its efforts to update the French framework. It invites management companies to consider the option of introducing, in their regulatory documents, the ability to use redemption gates to manage liquidity crises in the interest of unit-holders or shareholders.Liquidity risk is the risk of an excessive mismatch between the liquidity of the assets in which a fund has invested and the redemption terms for investors. In the context of a sharp rise in assets under management worldwide and the growing share of regulated open-ended funds, the report published by IOSCO on 1 February 2018 aims to supplement the standards published in 2013 on liquidity risk management, taking into account the January 2017 recommendations of the Financial Stability Board (FSB). These documents strengthen the overall framework for liquidity risk management tools, while giving the national authorities broad discretion to select the tools that are made available to operators.Against this backdrop, in early 2017 the AMF authorised the use of redemption gates and also published an instructional guide on stress tests. Additional regulatory changes will take effect in the coming weeks. The industry has been awaiting these changes, which will further expand the range of tools available to French funds. The framework applicable to the following tools will be clarified: - the establishment of subscription and/or redemption notice periods, which give fund managers more flexibility to execute orders on certain markets that might be less liquid (for example, the small-cap or high-yield bond markets) and therefore prevent portfolio distortion, in the interest of the fund’s unit-holders or shareholders; - redemptions in kind, i.e. directly in portfolio assets, when certain professional investors request them and certain conditions are met; and - the full or partial closing of subscriptions (soft or hard close), for example when a fund becomes too big for its reference market. The funds affected by the update to the regulatory framework for liquidity risk management are as follows: UCITS, retail investment funds, funds of alternative funds, professional investment funds and employee investment undertakings.

Elliott Advisors (UK) Limited (“Elliott”) has an interest in ordinary and saving shares of Telecom Italia. The position in ordinary shares is such that it does not exceed, as of today, the thresholds mandating disclosure under applicable Italian laws.As an investor in Telecom Italia, Elliott has spent significant time and resources in recent months analysing the company and its strategic alternatives. In Elliott’s view, Telecom Italia’s governance, valuation, strategic direction and relationships with Italian authorities would be improved by replacing certain members of the board with new, fully independent and highly qualified directors. Accordingly, Elliott is considering taking steps towards achieving that goal.Although Elliott may further increase its interest in Telecom Italia (in which event it will disclose any threshold being crossed in compliance with applicable Italian laws), it is not seeking to and will not seek control of Telecom Italia.

p { margin-bottom: 0.1in; line-height: 115%; } A commercial offensive deployed by VP Bank last year has borne fruit. The private bank based in Liechtenstein, which last year recruited 24 senior client advisers, last year made net inflows of CHF1.9bn, while net inflows as of the end of 2016 totalled only CHF7m, according to a statement released on 6 March. The positive impact of markets and currencies has contributed CHF2.7bn to growth in assets. As of the end of December 2017, assets under management at the private bank totalled CHF40.4bn, compared with CHF35.8bn as of the end of 2016, an increase of 13% year on year. Net profits at the group totalled CHF65.8m, up 13.4%, for operating profits up by nearly 10%, to CHF300.1m. The cost/income ratio improved by 4.2 percentage points to 64.2%. VP Bank indicates that it plans to continue its commercial drive in 2018, and is planning to recruit a total of 75 client representatives by the end of 2019. Personnel grew last year by 8.3%, and VP Bank as of the end of December had 800 full-time employees.

p { margin-bottom: 0.1in; line-height: 115%; } The venture capital firm Sofinnova Partners on 6 March announced that it has led a round of flinancing for EUR4m at Micropep Technologies, a biotechnology firm which develops biological alternatives to agricultural chemical products. Sofinnova Partners becomes the largest shareholder in the firm, alongside the funds IRDInov and Toulouse Tech Transfer, a statement says. Financing from Sofinnova Partners has come from its recent fund dedicated to the ecological transition in the chemical industry, Sofinnova IB I, which, with assets of EUR125m, is now the largest fund in Europe dedicated to this new and fast-growing field, a statement says. Micropep Technologies, which is developing a new generation of non-OGM bioherbicides and biostimulants, is the third investment for the fund Sofinnova IB I, dedicated to industrial biotechnologies.

p { margin-bottom: 0.1in; line-height: 115%; } Geolid, a digital marketing platform for SMEs, mid-sized businesses and brand networks, has announced a capital increase of EUR15m, subscribed to by Idinvest. The fundraising will allow Geolid to accelerate its commercial development serving brand networks and to continue the development of its platform. Idinvest has about EUR9bn in private equity assets under management.

p { margin-bottom: 0.1in; line-height: 115%; } La Française now manages over EUR2.5bn in commercial real estate throughout Europe, according to a statement released on 6 March. The asset management firm “estimates that it is making a place for itself as an expert in this segment,” where it has been developing since 2012. That year, La Française, via its asset management affiliate La Française Real Estate Managers (REM), created a department dedicated to management of commercial property in France, led by Thierry Molton, director of real estate asset management at the company. Six experts, distributed by geographical region and led by Loïc Jardin, director of commercial asset management, manage nearly EUR1.7bn in assets, representing nearly 460 properties, over 800,000 square metres, and EUR98m in rent annually. The real estate assets managed by La Française REM cover all of France, with 50% in Paris and the Paris region, and 50% in the major provincial capitals. The properties include commercial spaces on the ground floors of buildings (42%), retail centres (27%) and supermarkets (29%). The remaining 2% is invested in commercial centres. In addition to these EUR1.7bn, La Française also manages EUR800m in commercial real estate properties via its affiliates La Française Real Estate Partners, an entity dedicated to the acquisition and management of realty, particularly under mandates for institutional clients, and La Française Real Estate Partners International, an entity dedicated to managing realty properties located outside France.

p { margin-bottom: 0.1in; line-height: 115%; } The residential services specialist Nemea on 6 March announced that it is making changes to its capital structure, with the entry of Arkea Capital, BNP Développement, Grand Sud-Ouest Capital and Crédit Agricole Aquitaine Expansion, which jointly control about 40% of securities. This capital increase will allow Nemea to consolidate its tourism activity (60% of its earnings), and to add to its business and student branches. With 22 Appart’Etud residences in major student areas, and seven new locations opened in 2017, Nemea has set the objective of opening seven to 12 locations per year, for 44 Appart’Etud locations by 2020. Nemea will soon move and enlarge its headquarters, but will continue to be based in Mérignac, to make space for all of the personnel necessary for growth.

Benny Buchardt Andersen, l’ancien directeur des investissements du fonds de pension danois Pensam, est devenu associé de la société de capital investissement Greystone, rapporte AMWatch, citant Børsen. Dans le même temps, Henrik Heideby, ancien directeur général de PFA, a démissionné de la société de private equity.

L’assureur Mapfre a annoncé qu’il allait lancer un véhicule de co-investissement dans l’immobilier pour investir dans des bureaux de premier ordre («prime») sur plusieurs des principaux marchés européens. L’objectif est d’atteindre des rendements compris entre 4% et 6% par an, tout en diversifiant le portefeuille par rapport à d’autres types d’actifs financiers. Cette démarche s’inscrit dans la stratégie de la société d’augmenter progressivement son portefeuille d’investissements alternatifs.Mapfre, connu en France pour être récemment entré au capital de La Financière Responsable, s’est associé avec l’expert immobilier GLL pour investir jusqu'à 300 millions d’euros dans des surfaces de bureaux de premier ordre sur les marchés clés de la zone euro d’ici deux ou trois ans. L’accent sera mis sur les grandes villes d’Allemagne et de France, ainsi que sur d’autres marchés proches comme Amsterdam, Bruxelles, Milan et Luxembourg.Le véhicule sera ouvert à d’autres investisseurs institutionnels du monde de l’assurance. GLL gère déjà 7 milliards d’euros et compte une équipe de plus de 110 personnes, avec des bureaux dans 12 pays.En Espagne Mapfre possède déjà quelques biens immobiliers comme la Plaza de la Independencia à Madrid, Torre Mapfre à Barcelone, et d’autres bâtiments emblématiques dans différents pays, tels que Torre MAPFRE, sur le Paseo de la Reforma à Mexico, et l’immeuble One Winthrop Square à Boston.

Alors que Natixis Asset Management (NAM) a dévoilé ce matin sa nouvelle marque Ostrum AM, l’UFC-Que Choisir a annoncé dans la foulée avoir engagé une action de groupe à l’encontre de la société de gestion dans l’affaire des fonds à formule, «pour récupérer les 35 millions d’euros de préjucides». «Dans le prolongement de l’amende record prononcée par la commission des sanctions de l’Autorité des marchés financiers (AMF) contre Natixis Asset Management en raison de nombreux manquements dans la gestion de 133 fonds à formule, et faute de réponse satisfaisante de NAM à sa démarche amiable », l’association entame son action groupée devant le tribunal de grande instance de Paris «afin d’indemniser les consommateurs ayant souscrit à l’un ou plusieurs de ces fonds auprès des Banques Populaires ou Caisses d’Epargne».

Natixis Asset Management devient Ostrum Asset Management à compter du 3 avril 2018, selon un communiqué publié ce matin par Natixis. «Dans le cadre du plan stratégique « New Dimension » de Natixis, Natixis Investment Managers, un des leaders mondiaux de la gestion d’actifs, a engagé un processus de mise en cohérence de ses marques. Ainsi, Natixis Asset Management devient Ostrum Asset Management à compter du 3 avril 2018», précise le communiqué. Selon Jean Raby, Directeur général de Natixis Investment Managers, « Ostrum Asset Management est notre plus grand affilié. Avec une marque distincte, Ostrum Asset Management clarifie son positionnement et intègre pleinement le modèle multi-affiliés de Natixis Investment Managers. Ses solutions d’investissement performantes s’inscrivent dans notre approche Active Thinking conçue pour accompagner nos clients dans l’atteinte de leurs objectifs quelles que soient les conditions de marché. »

BlackRock, George Soros et d’importants fonds souverains figurent parmi les investisseurs ayant manifesté leur intérêt pour une prise de participation dans DWS à l’occasion de l’introduction en Bourse (IPO) de cette filiale de gestion d’actifs de Deutsche Bank, a déclaré mardi une source proche à Reuters. Parmi les fonds souverains intéressés figureraient notamment Temasek (Singapour) et Public Investment Fund (Arabie saoudite). Les principaux actionnaires de la banque, la famille royale du Qatar et le conglomérat chinois HNA, devraient en revanche rester à l'écart de l’opération. DWS cherche des actionnaires de référence mais entend aussi assurer la liquidité de son titre, indique la source.

L’assureur espagnol Mapfre a annoncé mardi qu’il va lancer un véhicule de co-investissement qui ciblera l’immobilier de bureaux prime sur les grands marchés européens. Il a fixé un objectif de collecte à un maximum de 300 millions d’euros, qui sera investi sur deux ou trois ans. Le fonds, géré par GLL, est ouvert à d’autres investisseurs institutionnels du secteur de l’assurance. La priorité sera donnée aux grandes villes allemandes et françaises, complétées par d’autres marchés proches (Amsterdam, Bruxelles, Milan et Luxembourg). Mapfre espère un rendement compris entre 4% et 6%.

La filiale d'Amundi a collecté 5,6 milliards d'euros en 2017 et prépare le lancement de ses premiers fonds ISR.

La Commission devrait également provoquer une polémique sur la prise en compte de la planification fiscale dans le cadre du Semestre européen.

Les cours du pétrole ont terminé en légère hausse mardi sur le marché new-yorkais Nymex. Le contrat avril sur le brut léger américain WTI a gagné 0,05%, à 62,60 dollars le baril. Au moment de la clôture du Nymex, le Brent prenait 0,41%, à 65,54 dollars. Les signes de détente sur le dossier nord-coréen et les espoirs d’apaisement sur le front du libre-échange, qui ont favorisé le recul du dollar, ont soutenu les cours. Mais les anticipations d’une hausse des stocks de brut aux Etats-Unis, pour la deuxième semaine consécutive, les ont freinés.

La banque britannique a accepté de payer 500 millions de dollars pour les RMBS litigieux. Mais le plus gros reste à venir.

Les commandes à l’industrie ont baissé en janvier aux Etats-Unis après cinq mois consécutifs de progression, a annoncé mardi le département du Commerce. Elles se sont contractées de 1,4% en janvier. Il s’agit de la première baisse depuis juillet 2017. La statistique de décembre a été révisée en hausse de 0,1 point pour témoigner d’une progression de 1,8%. Sur un an, elles ont augmenté de 8,4% en janvier. Les commandes de biens d'équipement civils hors aéronautique, considérées comme un bon étalon des projets d’investissement des entreprises, ont reculé de 0,3% en janvier après une baisse de 0,5% le mois précédent. C’est la première fois depuis mai 2016 que ces commandes dites «core» se contractent deux mois de suite.

La société de gestion Natixis Asset Management, vient d'annoncer son changement de nom pour devenir Ostrum Asset Management. Un changement qui sera effectif à partir du 03 avril 2018.

La société de gestion met en place sa stratégie de développement en constituant une équipe composée de trois personnes expérimentées en distribution.