Fédéris Gestion d’Actifs a annoncé le 27 mars une extension de sa démarche d’investissement responsable à tous ses investissements directs, OPCVM et mandats, à l’exception toutefois d’une partie des OPCVM Taux Etats. Les investissements concernés représentaient plus de 11 milliards d’euros à fin décembre 2013, au-delà la gamme de fonds ISR qui comptait déjà plus de 1 milliard d’euros d’encours.Pour Fédéris, la prise en compte des critères ESG permet d’une part de donner d’un sens aux investissements et d’autre part, d’identifier les risques et opportunités que la seule analyse financière ne permet pas d'évaluer. D’où l’engagement dans une démarché d’intégration de ces critères à l’ensemble de la gestion financière.La notation extra-financière des entreprises représente 20% dans le modèle de sélection de valeurs, en complément des critères financiers (croissance, valorisation…) pour la majorité des portefeuilles actions en direct. «Par cet effort de généralisation de notre approche ISR, nous avons l’ambition de continuer à améliorer notre gestion financière, mais également de mieux servir nos clients en renforçant l’adéquation entre leurs attentes identitaires et les investissements réalisés», a indiqué Philippe Aurain, directeur général délégué de Fédéris, à l’occasion d’un point de presse.Fédéris exclut de ses investissements en OPCVM Actions et Taux en direct les entreprises impliquées dans la production, le stockage et la commercialisation de mines antipersonnel et de bombes à sous-munition, ainsi que les titres dont le pays de l'émetteur ou le pays d'émission est considéré comme non coopératif. Sont également exclus les émetteurs dont les pratiques les plus contestées et à risques sur quatre critères ESG prépondérants : la lutte contre la corruption, le respect des droits humains, la prévention et la pollution et la qualité des mécanismes d’audit et de contrôle.La démarche responsable de Fédéris s’est également traduite récemment par la création de deux nouveaux fonds ISR. Outre Fédéris Pro Actions ISR Euro, la société a lancé Fédéris Entreprises en partenariat avec Oddo AM, une stratégie best-in-universe investie dans les actions de la zone euro de petites et moyennes capitalisations, qui permet de bénéficier d’une méthodologie ISR de création de valeur.Fédéris a par ailleurs acquis une base de données (Asset4) qui va lui permettre de formuler une appréciation concrète de la démarche durable des entreprises, avec par exemple le nombre d’emplois créés ou encore la production de CO2.

Oddo Asset Management a annoncé aux porteurs de part du fonds Oddo Rendement 2017 sa fusion absorption par le fonds Oddo Optimal Income. L’opération sera réalisée le 7 avril 2014 sur la base des valeurs liquidatives datées du même jour. Les demandes de souscription et de rachat des parts du fonds seront définitivement suspendues le 2 avril 2014, précise la société de gestion. La société de gestion justifie cette opération en indiquant aux détenteurs des parts d’Oddo Rendement 2017 que, compte tenu de la maturité restante et de la faiblesse des taux corporates, «le fonds Oddo Rendement 2017 a réalisé la majeure partie de la performance initialement recherchée et offre désormais un potentiel de performance plus limité». Créé le 30 septembre 2011, Oddo Rendement 2017 affiche au 19 mars 2014 une performance cumulée depuis création de +27,80%, soit +10,45% en performance annualisée.Pour sa part, le fonds Oddo Optimal Income est investi au travers d’une allocation cible à 75% en produits de taux (obligations, instruments du marché monétaire) d’entreprises essentiellement européennes, toutes qualités de crédit confondues et à 25% en actions européennes. L’exposition aux obligations et aux actions peut être en partie ou intégralement couvertes.

Deutsche Asset & Wealth Management (DeAWM) lance un ETF permettant à l’investisseur de s’exposer à l’intégralité du marché obligataire mondial en répliquant l’indice Barclays Global Aggregate. Baptisé db X-trackers II Barclays Global Aggregate Bond Index UCITS, il sera coté à partir de 28 mars. Il offre une exposition à plus de 15.000 titres sous-jacents. «Il est à ce jour le seul ETF répliquant tout l’univers obligataire investment grade, comprenant les obligations souveraines et supranationales, les obligations d’entreprise, et les titres adossés à des actifs (ABS et MBS), sur toutes les maturités et avec une notation de crédit investment grade (de BBB à AAA)», souligne DeAWM. Liste et caractéristiques db x-trackers II Barclays Global Aggregate Bond UCITS ETF 1C – Unhedged Isin : LU0942970103Total frais sur encours : 0,30 % db x-trackers II Barclays Global Aggregate Bond UCITS ETF 2C – USD hedged Isin : LU0942970285 Total frais sur encours : 0,30 % db x-trackers II Barclays Global Aggregate Bond UCITS ETF 4C – CHF hedged Isin : LU0942970442 Total frais sur encours : 0,30 % db x-trackers II Barclays Global Aggregate Bond UCITS ETF 5C – EUR hedged Isin : LU0942970798 Total frais sur encours : 0,30 %

Treize fonds de sept sociétés de gestion ont enregistré sur les deux premiers mois de l’année des souscriptions nettes supérieures à 100 millions d’euros, selon les données de Morningstar Direct citées par Funds People Italia. Le fonds à horizon Gestielle Cedola Multi Asset de Gestielle arrive à la première place avec une collecte record de 2,3 milliards d’euros. En deuxième position on trouve deux autres fonds à horizon : Anima Traguardo 2019 Multiasset avec 659 millions d’euros et Eurizon Gestione Attiva Class Apr 2019 avec 542 millions d’euros.

P { margin-bottom: 0.08in; } The Russian fund Russia Direct Investment Fund, which was founded by Vladimir Putin three years ago, has raised capital from Chinese and Middle Eastern sovereign funds, while US and European investors are turning away from the country, the Financial Times reports. The USD10bn fund is acquiring a USD200m stake in Sodrugestvo, alongside Chinese and Middle East funds including China Investment Corp.

P { margin-bottom: 0.08in; } La Banque Postale Asset Management (LBPAM) has announced the arrival of LBPAM Convertibles Opportunités in its range dedicated to key clients and businesses. The French-registered vehicle, created at the end of December 2013, is much more free and offers “unconstrained exposure to equities, management of bond sensitivity and credit sensitivity, and use of geographical diversification within a limit of 30% diversification outside the European Economic Area, primarily the United States and Japan, with 10% for emerging markets,” says Christina Delagrave, convertible manager at LBPAM. The fund adopts unconstrained stock-picking, with a maximum of 10% with ratings strictly below B-/B3. Lastly, it uses “management of exposure to currencies,” the asset management firm says; it will monitor stock selections according to their potential for a rise in valuation and their technical profile. The objective for the new product, whose minimal initial subscription amount is set at EUR1m for Part I, is to earn returns higher than those of the convertible bond benchmark for European issuers, the Exane Convertibles Index (ECI) Europe. Assets in the fund are currently EUR40m.

P { margin-bottom: 0.08in; } The bank Pictet on 27 March announced the opening of an office in Munich. The expansion is related to the development of the bank in Southern Germany. “We feel that the opening of an office in Munich is a logical decision, after the satisfactory development of our relationships with clients in Munich and Southern Germany in the past few years,” says Marc Pictet, partner at the Geneva bank. The new site is legally a branch of the bank based in Frankfurt, which is in turn owned by the umbrella firm Pictet & Cie (Europe), the parent company responsible for all banking activities of the Pictet group in Europe, with headquarters in Luxembourg.

AXA Real Estate Investment Managers has led, on behalf of a SPC (Special Purpose Company) fully invested by AXA Life Insurance Co., Ltd in Japan, the acquisition of Nakano Central Park East, a core office building in Tokyo from a vehicle in which Tokyo Tatemono Co. Limited, a leading Japanese developer, is a majority shareholder. The acquisition is one of the largest real estate transactions in Japan in the last twelve months. Nakano Central Park East is a 39,025 sqm (GFA), prime office building situated beside Nakano Shikinomori Park. The property, which was built in March 2012 as part of an extensive redevelopment project, is one of two tower buildings on the site and comprises 12 floors, including 2 basements levels, of 2,800 sqm standard floor plates. The building also incorporates approximately 700 sqm of commercial space providing restaurants, cafes and convenience stores.

P { margin-bottom: 0.08in; } Lyxor Asset Management on 27 March announced the appointment of Alexandre Werno as executive vice general manager of Fortune SG Fund Management Co. Werno will be based in Shanghai, and will be specifically responsible for overseeing sales to institutionals and mandates, both to the Chinese and international markets and risk management. Werno was senior adviser to the general manager Fortune SG since May 2013, prior to this appointment. Fortune SG, a joint venture founded in 2003, combining Fortune Investment (Groupe Baosteel) and Lyxor Asset Management, is present in the areas of alternative and quantitative management. “In 2014, Fortune SG will diversify and extend its product range, particularly in new sector equity funds and index-based solutions,” a statement says. Fortune SG will also offer innovative cross-border solutions and alternative management strategies to its clients, both for hedge funds and hedge fund managed accounts.

P { margin-bottom: 0.08in; } The bank J. Safra Sarasin has appointed Karsten Junius as chief economist, from 1 April 2014. He will become director of the Economic Research division, according to a statement released on 27 March. Kunius had previously been principal economist at the International Monetary Fund (IMF). He succeeds Jan A. Poser, who will now dedicate himself entirely to his position as director of asset management at the Basel-based bank.

The European Commission on March 27 adopted a package of measures to stimulate new and different ways of unlocking long-term financing and support Europe’s return to sustainable economic growth. Significant long-term investment will be needed under the Europe 2020 strategy and the 2030 climate and energy package, in infrastructure, new technologies and innovation, R&D and human capital. Investment needs for transport, energy and telecom infrastructure networks of EU importance alone are estimated at EUR1 trillion for the period up to 2020 as identified by the Connecting Europe Facility.The economic and financial crisis has affected the ability of the financial sector to channel funds to the real economy, in particular to long-term investment. Europe has always relied heavily on banks financing the real economy (two-thirds of funding comes from banks, compared to one-third in the US). As banks are deleveraging, there is less funding available to all sectors of the economy – for example less than one-third of Dutch and Greek SMEs and only around half of Spanish and Italian SMEs got the full amount of credit they applied for in 2013. It is essential to act to restore the conditions for sustainable growth and investment and in part that means finding new ways to channel funds to long-term investment. The Commission’s Green Paper consultation on the long-term financing of the European economy of March 2013 initiated a broad debate and lead to replies from all segments of the economy. The package of measures adopted today includes a communication on the long-term financing of the economy, a legislative proposal for new rules for occupational pension funds and a communication on crowdfunding. The actions can be grouped around six main areas:1. Mobilising private sources of long term financing: the actions include finalising the details of the prudential framework for banks and insurance companies in a way that supports long-term investments in the real economy, mobilising more personal pension savings and exploring ways to foster more cross-border flows of savings and the merits of a possible EU savings account.In this context, today’s legislative proposal for new rules on occupational pension funds (IORP 2) should contribute to more long-term investment. The proposal has three main objectives: to ensure that pension scheme members are properly protected against risks; to fully reap the benefits of the single market for occupational pensions by removing obstacles to cross-border provision of services; to reinforce the capacity of occupational pension funds to invest in financial assets with a long-term economic profile and thereby support the financing of growth in the real economy.2. Making better use of public funding: fostering the activity of national promotional banks (financial institutions, created by governments, that provide financing for the purposes of economic development) and promoting better cooperation among existing national export credit schemes (institutions that act as an intermediary between national governments and exporters to issue export financing). Both of these play an important role in long-term financing.3. Developing European capital markets: facilitating SMEs’ access to capital markets and to larger investment pools by creating a liquid and transparent secondary market for corporate bonds, reviving securitisation markets with due consideration to the risks as well as to the differentiated nature of such products, and improving the EU environment for covered bonds and private placement.4. Improving SMEs’ access to financing: the actions set out in the communication on long-term financing include improving credit information on SMEs, reviving the dialogue between banks and SMEs and assessing best practices on helping SMEs access capital markets. Raising awareness and providing information on projects are also among the key elements of the actions put forward in the communication on crowdfunding adopted today, in which the Commission proposes to: promote industry best practices, raise awareness and facilitate the development of a quality label closely monitor the development of crowdfunding markets and national legal frameworks and regularly assess whether any form of further EU action – including legislative action – is necessary. The goal is to identify the issues that may need to be addressed in order to support the growth of crowdfunding.5. Attracting private finance to infrastructure to deliver on Europe 2020: increasing availability of information on infrastructure investment plans and improving the credit statistics on infrastructure loans.6. Enhancing the wider framework for sustainable finance: improving the corporate governance regime for long-term financing, for example regarding shareholder engagement (by revising the Shareholders’ Rights Directive – proposal due to be adopted shortly), employee ownership, corporate governance reporting, and environmental, social and governance (ESG) issues.

The European Securities and Markets Authority (ESMA) on March 27 published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.These good practices that product providers could put in place to improve their ability to deliver on investor protection in particular focus on: the complexity of the structured retail products they manufacture and distribute; the nature and range of investment services and activities undertaken in the course of business; and the type of investors they target.

P { margin-bottom: 0.08in; } The Swedish asset management firm Tundra Fonder, a specialist in emerging and frontier markets, has appointed Jon Scheiber as its new CEO. Scheiber joined the firm in January 2013 as manager and partner, after working at HQ Fonder and BankInvest. Scheiber succeeds Chris Liljefors, who will be serving in a new role at the Swedish asset management firm. Tundra Fonder has SEK1bn in assets under management and seven employees. The firm most recently opened an office in Karachi, Pakistan.

P { margin-bottom: 0.08in; } For a new breed of activist investors, letting other investors in on it is part of the game, the Wall Street Journal reports. Activists, whose objective is to achieve changes at businesses or to make prices move, sometimes inform a small group of investors in their campaign a few days or weeks before the announcement of a large operation which may move prices. In this way, they build allies for their campaign. On the other hand, those who have received the information take advantage by positioning their portfolios the right way. A number of lawyers claim that there is no insider trading risk involved in the practice, since it does not involve confidential information.

P { margin-bottom: 0.08in; } For the CEO of Swiss Life Banque Privée in France, Tanguy Polet, growth is one of the priorities of the coming years. In the short term, the affiliate of the Swiss Life group in France is expected to complete its acquisition of Prigest by the end of June 2014. But Polet does not rule out other potential external growth deals. When asked about this possibility, he says the preferred targets are, firstly, private banks, followed by Prigest type asset management firms, which are sometimes burdened by the current added regulatory costs. And, Polet adds, why not IFA firms, which often act like a private banker. In terms of new products, Polet shows a measured interest in small cap PEA funds. Meanwhile, the firm last year hired five private bankers, and this year plans to recruit five or six more, which would put the equity team at about 25. Swiss Life Banque Privée in 2014 predicts growth of 50% in its net profits, which last year totalled EUR3.8m.

Amundi will acquire a 12.8% stake in the French asset management company Tikehau IM, in line with long standing partner Arkéa, and become a shareholder of Tikehau Capital Advisors, the head structure of the Tikehau group, with 7.3% of the capital, alongside its Partners and Unicredit. This double acquisition is part of a “strategic asset management partnership”, more specifically on private debt management, Tikehau’s specialty. The boutique has assets under management of EUR3bn.Amundi will provide its clients with access to Tikehau IM’s product range. Together, the two companies will also be able to launch new products marketed under the Amundi / Tikehau dual brand. Finally, “both companies will jointly explore future avenues of cooperation in all their areas of expertise,” according to a press statement. “This partnership is perfectly in line with Amundi’s product policy, offering its clients a broad range of high-quality expertise tailored to the needs of each client segment. In addition to its in-house asset management, Amundi will be able to offer products from external partnerships,” said Yves Perrier, chief executive officer of Amundi. As a reminder, Amundi already owns a stake in French boutique Tobam. “Thanks to this agreement, Amundi, the European leader in Fixed Income with more than EUR400 billion assets under management [out of almost EUR780bn as at end of 2013], reinforces its private debt funds offering, which already represents EUR4 billion. This operation also confirms Amundi’s commitment to develop Paris’ asset management industry together with its most innovative entrepreneurial players,” he adds. Last week, Crédit Agricole, Amundi’s parent company, announced that it was seeking “medium size” acquisitions in the asset management industry. Its aim is to reach EUR1.000bn in assets under management by 2016.

Aviva Investors, the asset management business of Aviva, today announces a definitive agreement to sell US equity manager River Road Asset Management to Affiliated Managers Group. The sale is subject to obtaining customary consents and approvals and completion is expected in the third quarter of 2014. “The transaction is in line with Aviva Investors’ strategy of simplifying its business and moving towards an integrated operating model and organisational structure,» said Jason Windsor, group chief strategy and development officer. «A simpler, more focused business will help Aviva Investors become a stronger third party manager and increase its contribution to the group. Aviva Investors is focused on becoming a fully-integrated asset manager offering products that deliver client outcomes with low volatility. A boutique US equity manager does not fit with this strategy. We look forward to a continued relationship with River Road,” he adds.River Road, based in Louisville, Kentucky was acquired in 2009. River Road (USD11bn as of the end of 2013) has a strong track record in managing US value equities and will remain the manager of Aviva Investors’ US Equity Income Funds.

P { margin-bottom: 0.08in; } Thirteen funds from seven asset management firms in Italy have in the first two months of the year posted net subscriptions of over EUR100m, according to data from Morningstar Direct, cited by Funds People Italia. The target date fund Gestielle Cedola Multi Asset of Gestielle takes top spot for inflows, with a record EUR2.3bn. In second place are two other target date funds: Anima Traguardo 2019 Multiasset, with EUR659m, and Eurizon Gestione Attiva Class Apr 2019, with EUR542m.

P { margin-bottom: 0.08in; } Old Mutual is cutting back in Europe. The financial group on 27 March announced that it has sold Skandia’s activities in Germany and Austria, affiliates of Old Mutual Wealth, to an acquisition vehicle, Heidelberger Leben Group, which is controlled by the investment fund Cinven and the reinsurer Hannover Re, for EUR220m. The operation, which is subject to the approval of the regulatory authorities, may be finalised by the end of third quarter 2014. As of 31 December 2013, Skandia Germany and Skandia Austria had a total of EUR4.9bn in assets and funds under management and showed a pre-tax operating profit of EUR27m. The transaction comes as pat of a move initiated by Old Muual to “simplify operations in Europe and to concentrate on a restricted number of growth markets,” the financial group said in a statement.

P { margin-bottom: 0.08in; } Syz & Co Asset Management has launched its Oyster fund on the Raymond James Investment Services platform, Fund Web reports. The Swiss bank says this is the first partnership with a British distribution platform for its range of 15 sub-funds. The news follows the recruitment of a sales team for the United Kingdom and the launch of several dedicated funds for local investors.

P { margin-bottom: 0.08in; } Millennium Management, the hedge fund founded by Izzy Englander, has recruited Nick Xanders as a fund manager for its Millennium Capital Partners structure, eFinancial News reports, citing a source familiar with the matter. Xanders had for two years worked at the broker BTIG, and joined Millennium on 14 March this year, according to the British Financial Services Register.

P { margin-bottom: 0.08in; } Invesco Perpetual has reshuffled its equity team. The asset management firm has recruited John Richards, formerly of Mercury Asset Management and Société Générale Asset Management UK, to the position of UK equities product director, while Hilary Cook, who has been present in the company since 2011, is promoted to the same position, Fundweb reports. The changes come at a time when the firm has recently seen several departures from the British equity team. William Deer and Mitchell Fraser-Jones, formerly director for equities products, left the business last November. Meanwhile, Frederick Bouverat, a former employee at Numis Securities, has been recruited as UK equities investment analyst.

P { margin-bottom: 0.08in; } Assets in sovereign funds took off in 2014, with growth of 17%, putting them over USD6trn (USD6.106trn), according to estimates from the Sovereign Wealth Fund Institute, reported by Les Echos. In detail, sovereign funds gained nearly USD1trn, while it took them nearly four years to get from USD4trn to USD5trn. The strong rise in these assets is due to three factors: growth on stock markets, net new money, and lastly, a multiplication in the number of sovereign funds. In 2013, direct investments and strategic stakes by sovereign funds reached a record USD175bn in 2013, according to data from the Sovereign Wealth Fund Institute, far over the USD65bn in 2012, and the USD106bn recorded in 2009. Funds were particularly active in their preferred sectors – real estate, finance, infrastructure, etc. - but their geographical orientation is increasingly broad and no longer concerns only developed markets. Lastly, the economic newspaper observes that most sovereign funds have earned double-digit returns, citing the example of the Norwegian sovereign fund, which in 2013 posted the best returns in its history (16%).

Le fonds russe Russia Direct Investment Fund, qui a été créé par Vladimir Poutine il y a trois ans, a levé des capitaux auprès des fonds souverains chinois et du Moyen-Orient, alors que les investisseurs américains et européens se détournent du pays, rapporte le Financial Times. Le fonds de 10 milliards de dollars conduit l’acquisition d’une participation de 200 millions de dollars dans Sodrugestvo, aux côtés de fonds souverains, dont China Investment Corp.

Les actifs des fonds souverains ont connu un véritable décollage en 2013, enregistrant une progression de 17 % pour dépasser le seuil des 6.000 milliards de dollars (6.106 milliards), selon les estimations du Sovereign Wealth Fund Institute dévoilées par Les Echos. Dans le détail, ces fonds souverains ont gagné près de 1.000 milliards de dollars en un an alors qu’il leur avait fallu quatre ans pour passer de 4.000 à 5.000 milliards de dollars.La forte hausse de leurs encours s’explique par trois facteurs : la progression des marchés boursiers, les rentrées d’argent frais et, enfin, la multiplication du nombre de fonds souverains. En 2013, les investissements directs et prises de participation stratégiques des fonds souverains ont atteint le niveau record de 175 milliards de dollars en 2013, selon les données du Sovereign Wealth Fund Institute, bien loin donc des 65 milliards de 2012 ou même des 106 de 2009. Les fonds ont été particulièrement actifs dans leurs secteurs de prédilection – immobilier, finance, infrastructures – mais leur orientation géographique est de plus en plus large et ne concerne plus seulement les marchés développés.Enfin, le quotidien économique observe que la plupart des fonds souverains ont renoué avec des performances à deux chiffres, citant l’exemple du fonds souverain norvégien qui, en 2013 a enregistré le deuxième meilleur rendement de son histoire (16 %).

La banque Pictet a indiqué le 27 mars l’ouverture d’un bureau à Munich. Une expansion liée au développement de la banque en Allemagne du Sud."L’ouverture d’un bureau à Munich est pour nous une décision logique, après le développement très satisfaisant ces dernières années de nos relations avec la clientèle à Munich et dans le sud de l’Allemagne», indique Marc Pictet, associé de la banque genevoise.Le nouveau site est juridiquement un bureau de la succursale de la banque, basée à Francfort. Cette dernière est elle-même chapeautée par Pictet & Cie (Europe), la maison mère responsable de toutes les activités bancaires du groupe Pictet en Europe, dont le siège est au Luxembourg.

La banque J. Safra Sarasin a nommé Karsten Junius au poste de chef économiste, à partir du 1er avril 2014. Il reprend la direction de la division «Economic Research», selon un communiqué publié le 27 mars.Karsten Junius était auparavant «Principal Economist» au Fonds monétaire international (FMI). Il succède à Jan A. Poser, qui se consacrera désormais entièrement à son poste de directeur «Asset Management» de la banque bâloise.

Lyxor Asset Management a annoncé jeudi 27 mars la nomination d’Alexandre Werno en tant que directeur général adjoint de Fortune SG Fund Management Co., Ltd. Basé à Shanghai, le nouveau promu sera spécifiquement en charge de la supervision de la vente aux institutionnels et des mandats, à la fois pour le marché chinois et international et de la gestion des risques. Auparavant, Alexandre Werno était «senior adviser» auprès du «General Manager» de Fortune SG depuis Mai 2013.Co-entreprise créée en 2003, associant Fortune Investment (Groupe Baosteel) et Lyxor Asset Management, Fortune SG est présente dans les domaines de la gestion alternative et de la gestion quantitative. «Au cours de l’année 2014, Fortune SG va diversifier et élargir son offre, notamment sur de nouveaux fonds actions sectoriels ainsi que des solutions indicielles», indique un communiqué. Fortune SG va également proposer à ses clients des solutions transfrontalières innovantes et des stratégies de gestion alternative à la fois sur les fonds de hedge funds et les comptes gérés alternatifs.

Banque de Luxembourg Investments (BLI) vient de lancer un fonds obligataire centré sur les marchés émergents qui investira à la fois dans la dette souveraine et la dette d’entreprise, rapporte Citywire Global. Baptisé BL Emerging Markets Debt Fund, ce nouveau véhicule doit être lancé aujourd’hui, 28 mars, et sera géré par Jean-Philippe Donge. Le fonds sera libellé en euros et il investira principalement dans des obligations à devises fortes ainsi que dans des dettes en monnaie locale. Si ce produit investira en priorité sur l’Asie et l’Amérique latine, il aura également une exposition aux obligations de l’Europe de l’Est. Selon Citywire, Jean-Philippe Donge gère déjà deux autres fonds pour BLI, à savoir les fonds BL Bond Euro et le BL Global Bond.

Karel De Gucht, le commissaire européen au Commerce, a lancé hier une consultation sur la protection des investisseurs dans le cadre du TTIP (Transatlantic Trade and Investment Partnership), l’accord de libre-échange qui est en cours de négociation entre l’Union européenne et les Etats-Unis. La consultation porte plus spécifiquement sur le règlement des litiges opposant des investisseurs à un Etat devant les tribunaux d’arbitrage internationaux.