OFI InfraVia a annoncé le 10 janvier que « InfraVia », son premier fonds d’infrastructure, a finalisé l’acquisition de 55 % du capital de la société ADTiM qui était détenue par ETDE, Axione et Eiffage. les 45 % restants sont détenus par la Caisse des dépôts (30 %) et eTde/axione (15 %). Le groupe Crédit agricole a également financé l’acquisition via une tranche de dette senior.ADTiM est la société concessionnaire retenue depuis 2008 pour concevoir, réaliser, exploiter et développer une infrastructure télécom haut débit/très haut débit sur les départements de la Drôme et de l’Ardèche dans le cadre d’une délégation de Service public. Axione, filiale de Bouygues Construction, conserve la responsabilité de l’exploitation et du développement du réseau.

L’Erafp, l’établissement de retraite additionnelle de la fonction publique représentant 14 milliards d’actifs, rejoint l’Initiative pour la Transparence des Industries Extractives et le Groupe des Investisseurs Institutionnels sur le Changement Climatique Paris, annonce l’investisseur le 10 janvier 2013.L’Initiative pour la Transparence des Industries Extractives (ITIE), créée en 2002, cherche à développer un système efficace d’information sur les paiements versés aux gouvernements des pays riches en ressources naturelles par les entreprises des secteurs miniers, pétrolier et gazier. Le Groupe des Investisseurs Institutionnels sur le Changement Climatique (Institutional Investor Group on Climate Change - IIGCC), quant à lui, rassemble des investisseurs institutionnels autour de l’enjeu du changement climatique. Par cette démarche commune, ils entendent agir en faveur d’une économie faible en carbone, notamment à travers le partage d’expériences sur les pratiques d’investissement et soutenir les politiques publiques internationales qui vont dans ce sens.L’Erafp est déjà signataire des PRI, les Principes pour l’Investissement Responsable des Nations Unies.

Ron Redell, president de DoubleLine Funds Trust et executive vice president de DoubleLine Capital, a indiqué à Mutual Fund Wire que la société créée par Jeff Gundlach compte procéder à un certain nombre de recrutements pour faire face à la forte expansion de son activité. DoubeLine recherche ainsi cinq analystes pour assister les deux gérants de portefeuille actions Brendt Stallings et Husam Nazer récemment embauchés (lire Newsmanagers du 3 janvier).La société de gestion envisage aussi des recrutements dans le suivi de clientèle (client service), notamment pour le wholesale, et dans les fonctions administratives (juridique, conformité, comptabilité et opérations).

Northern Trust annonce avoir été sélectionné par Bridgewater Associates comme fournisseur de services de middle et back-office pour les 140 milliards de dollars d’encours de ses hedge funds (75 milliards pour les strategies «pure alpha» et 65 milliards pour ses fonds «all weather»). Ces services concernent différents processus administratifs, le traitement des transactions, la valorisation, le reporting en temps réel, la gestion de trésorerie, la comptabilité et la gestion du collatéral.Ce contrat va permettre à Northern Trust (4.800 milliards de dollars sous conservation et 749,7 milliards sous gestion au 30 septembre) de créer 100 emplois à Chicago ainsi qu'à Stamford (Connecticut).

Primonial REIM et Emerige ont annoncé une opération de «Sale and Lease Back» sur des locaux commerciaux situés en pied d’immeuble, au 170 boulevard Haussmann, Paris 8ème. Le montant total de la transaction s’élève à 10 millions d’euros. Cette opération est réalisée pour le compte d’une SCPI géré par Primonial REIM.

Viveris REIM, la société spécialisée dans la gestion d’actifs immobiliers,a annoncé le jeudi 10 janvier que la phase d’investissement en cours d’un OPCI spécialisé qu’elle a lancé fin 2011 s’est concrétisée récemment par la signature de deux acquisitions et un contrat de réservation pour des résidences étudiantes situées à Grenoble et à Marseille. Le tour de table compte six investisseurs institutionnels au closing de décembre, indique un communiqué. La première résidence est localisée à l’entrée du pôle universitaire de Grenoble. L’actif, composé de 180 lots et d’une brasserie, représente un investissement de 15,5 millions d’euros et sera livré en juin 2014. Deux résidences sont également situées dans le centre de Marseille, l’une de 91 studios et l’autre de 92 studios. L’investissement total s’élève à 12,5 millions d’euros pour une livraison prévue en juin 2014.D’autres actifs sont actuellement à l’étude notamment à Lyon, Strasbourg et en Ile de France, ce qui représente un sourcing global d’une valeur de 100 millions d’euros.

Les entreprises françaises ont créé de la richesse en 2012 mais dans un environnement toujours difficile, elles ont constitué un important matelas de liquidités à hauteur de 20% du cash flow des entreprises du SBF 120 à fin décembre 2012, selon la deuxième édition de l'étude sur le partage de la valeur réalisée par Havas ww Paris qui a élargi le périmètre de ses travaux à l’ensemble des entreprises du SBF 120. Fin 2011, la quasi-totalité de la richesse créée par le SBF 120 était employée, les liquidités alors disponibles ne représentant que 3% de la richesse.Tous les postes de dépenses sont réduits, sauf la masse salariale qui progresse de 2% pour le SBF 120 et les investissements de production qui augmentent de 3% en moyenne. Les entreprises privilégient l’emploi et la nécessaire mobilisation de leurs collaborateurs, mettant ainsi sous tension les autres parties prenantes comme les actionnaires, dont la rémunération (dividendes et rachats d’actions) baisse de 11% en 2012.Le désendettement n’est plus la priorité. Les entreprises réduisent de moitié leurs échéances de remboursement, rééchelonnent les dettes avec les créanciers, profitent de la baisse des taux d’intérêt ou restructurent leurs crédits. Tirant même les leçons de 2009, les entreprises organisent leur autonomie par rapport aux banques. Les entreprises du CAC 40 ont ainsi multiplié les lignes de crédit ouvertes, constitué des réserves et développé leur présence sur le marché obligataire.La croissance externe des entreprises du SBF 120 est toujours très ralentie, inférieure de moitié à celle de 2011. La valeur des opérations des entreprises du CAC 40 affiche une baisse de 56% à novembre 2012 par rapport à 2011 et celle des entreprises du Next 80 de 11%.L'étude souligne que l’ensemble de ces choix est spécifiquement français. Sur le chapitre des liquidités par exemple, les entreprises allemandes consacrent aussi une part croissante de la richesse créée, mais dans une proportion moindre, 8% du cash flow des entreprises du DAX contre 35% pour le CAC 40. Les entreprises britanniques du FTSE et les entreprises américaines du S&P 500 consacrent quant à elles l’intégralité de la richesse créée aux investissements de croissance externe après une pause entre 2009 et 2011.

La société de gestion basée à Chicago, Citadel, a annoncé des rendements annuels d’environ 25 % pour ses deux hedge funds, Wellington et Kensington, dans une lettre aux investisseurs, rapporte le Financial Times. Les encours sous gestion de la société ont augmenté à 14 milliards de dollars, contre 11 milliards en 2011.

Pragma Capital, la société de gestion de deux fonds communs de placements à risques a pris une participation fin 2012 dans la holding patrimoniale de Jacques de Chateauvieux, fondateur du groupe Bourbon, rapporte L’Agefi. L’augmentation de capital s’est établie à 53 millions d’euros, dont les deux tiers pour Pragma Capital qui devient le deuxième actionnaire de la holding.

Cinco Días rapporte que le Banco Popular a cédé les 264 millions d’euros de créances sur les sociétés Alteco et Mag Import de Joaquín Rivero et Bautista Soler à des fonds du capital-investisseur Blackstone. Cette dette est garantie par des actions Gecina.

Depuis la fermeture du bureau en Espagne, c’est Domingo Torres-Fernández, responsable des relations commerciales institutionnelles avec les clients européens, qui dirige, depuis Paris, la distribution en Espagne des produits du gestionnaire français Lazard Frères Gestion (10,8 milliards d’euros d’encours), rapporte Funds People.

Investment fund assets worldwide increased by 2.5 percent to EUR 21.95 trillion in the third quarter of 2012, according to statistics from the European fund and asset management association (EFAMA). In U.S. dollar terms, worldwide investment fund assets increased 5.3 percent during the quarter to USD 28.38 trillion. This difference reflects the depreciation of the US dollar vis-à-vis the euro during the quarter. Total worldwide net inflows into investment funds amounted to EUR 167 billion during the third quarter, up from EUR 99 billion in the previous quarter. This increase was achieved thanks to stronger net inflows into balanced and bond funds. Long-term funds (all funds excluding money market funds) registered increased net inflows during the quarter of EUR 175 billion, up from EUR 141 billion in the second quarter. Bond funds continued to enjoy strong net inflows (EUR 146 billion), up from EUR 121 billion in the second quarter. Balanced/mixed funds registered a large increase in net sales to EUR 38 billion, compared to EUR 2 billion in the previous quarter. Equity funds however recorded the fifth consecutive quarter of net outflows (EUR 43 billion, up from EUR 14 billion in the previous quarter). Money market funds registered net outflows of EUR 9 billion, down compared to the second quarter (EUR 42 billion). The United States registered net inflows of EUR 29 billion during the quarter, marking a turnaround compared to the second quarter when net outflows amounted to EUR 53 billion. On the other hand, Europe registered net outflows of EUR 31 billion, up from EUR 1 billion in the previous quarter. At the end of the third quarter, assets of equity funds represented 37 percent and bond funds represented 24 percent of all investment fund assets worldwide. The asset share of money market funds was 16 percent and the asset share of balanced/mixed funds was 11 percent.

The British asset management firm Schroders has announced the launch of three funds in Germany and Austria specialised in emerging market debt. The funds were launched in France in October last year (see Newsmanagers of 3 October 2012). They are the Schroder Emerging Market Sovereign Bond, which invests in government bonds, Schroder Emerging Market Corporate Bond, which is focused on corporate bonds, and the Schroder Emerging Market Bond. The latter fund has a combination of JPM indices as its benchmark, reflecting the hybrid character of the fund.

The US asset management firm ProShares (USD21bn in 139 ETF funds, mostly inverse or leveraged ETFs) has filed a license application to the SEC for an infrastructure ETF, the ProShares Global Direct Infrastructure ETF, which would replicate the NMX 30 Infrastructure Global Index from the Zurich-basedd firm LPX GmbH, which covers the 30 largest publicly-traded companies in the sector worldwide, Index Universe reports.So far, ProShares has not announced the acronym or TER for the product.

OFI InfraVia on 10 January announced that InfraVia, its first infrastructure fund, has finalised its acquisition of a 55% stake in the capital of the ADTiM company, which had been owned by ETDE, Axione and Eiffage. The remaining 45% are controlled by the Caisse des dépôts (30%) and eTde/axione (15%). The Crédit Agricole group also financed the acquisition via a line of senior debt. ADTiM is the concessionary firm which has held a contract since 2008 to complete, operate and develop a high/very high broadband telecommunications network for the Drôme and Ardèche provinces under a contract from the public utilities. Axione, an affiliate of Bouygues Construction, retains responsibility for the operation of network developments.

A group of copper users may appeal a decision by the Securities and Exchange Commission to approve the first investment product in the United States to invest in copper, the Financial Times reports. The move would delay the launch of the ETF by JPMorgan. Copper users claim that the SEC had insufficient evidence to conclude that the launch of the product would not affect supplies of the metal.

The Herbalife company, which has been accused by William Ackman of Pershing Square of being a giant pyramid scheme, has received the powerful support of another activist funds with USD10bn in assets, Third Point by Dan Loeb, Les Echos reports. In a letter to investors dated 9 January, which Les Echos has obtained, Loeb gives a 3-page justificatino for his investment in 8.2% of capital in the business, purchased when the stock price fell 40% in four days in late December. Loeb finds the presentation by his colleague “long” but “lacking anything new,” and claims that it provided “no proof that the group has crossed a line which would lead regulators to close down the firm.” Herbalife should thus be able to respond to its detractor and to convince Wall Street. Third Point claims that shares in the firm are worth USD55 to USD68 each, compared with slightly over USD40 at the start of trading yesterday.

The Libor interest rate manipulation scandal has led to more lawsuits, including actions against the banks Barclays and UBS by eight Californian cities, and other public institutions have also filed suit, according to reports by the news agency Bloomberg published on 9 January. There is also a class action lawsuit by owners of real estate properties in New York against 12 banks, including UBS. The agency has counted 30 other lawsuits in the United States filed by homeowners and others, who say they have been disadvantaged by the manipulation. UBS in late December pleaded guilty and must pay a fine of CHF1.4bn to various financial regulatory authorities. Barclays got off with a fine of USD450m.

Simon Frank, who had been a portfolio manager in the multi-asset class team at DWS (Deutsche Bank) has joined the Frankfurt-based multi-family office Focam as a specialist in allocation, fund selection and stock-picking, Das Investment reports.At his previous employer, where he managed among others the Luxembourg fund DWS BestSelectBranchen (LU0107864448), Frank focused on equities, convertible bonds and alternative investments in the area of fund selection and of funds of funds management.

According to the German BVI association of asset management firms, net subscriptions in January-November of EUR17.713bn for all reporting open-ended security funds, with the Allianz group alone posting net inflows in this area fo EUR24.3409bn, of which EUR19.5209bn went to Pimco.The other major firm to show inflows is Union Investment (co-operative banks), which attracted a net EUR2.7562bn in the period under review.However, Deka (savings banks) has seen outflows of EUR4.2967bn, and Deutsche Bank as a whole has seen net outflows of EUR3.383bn.Only ETFlab (Deka group) has done well in the ETF segment, with net subscriptions of EUR530m in January-November. However, BlackRock has seen net outflows from iShares of EUR1.4652bn, just slightly more than EUR1.3889trn in outflows from db x-trackers (Deutsche Bank). ComStage (Commerzbank) has posted net redemptions of EUR1.0203bn in the first eleven months of the year.

As of the end of November, asset management firms in Germany had an all-time record total of EUR2.00999trn in assets under management, compared with 1.98969trn one month earlier, and EUR1.75574trn one year previously, statistics from the professional association BVI reveal.In the first eleven months of the year, the sector posted net inflows of EUR77.82bn, compared with EUR24.81bn in January-November 2011. In the month of November alone, net inflows totalled EUR10.8bn, with EUR5.75bn for open-ended funds, nd EUR5.67bn for institutional funds (Spezialfonds), but a net outflow of EUR622.6m from mandates outside funds.The BVI stresses that open-ended funds have posted their strongest net subscriptions since January 2009.

Sönke J. Siemßen, who joined Sal. Oppenheim on 1 April 2012 as head of management for fixed income portfolios (see Newsmanagers of 7 May 2012), on 2 January 2013 became «head of investment» at Nomura Asset Management Deutschland KAG in Frankfurt. Newsmanagers understands Siemßen replaces Hanno Kühn, who was MD and «CIO».

The Chicago-based asset management firm Citadel has announced annual returns of about 25% for its two hedge funds, Wellington and Kensington, in a letter to investors, the Financial Times reports. Assets under management at the firm increased to USD14bn, from USD11bn in 2011.

Julien Moutier is joining Groupama Asset Management as a manager/analyst. He joins the directional multi-management teams of the investment solutions department, and will report to Henri Chabadel. Since 2007, Moutier had been a senior multi-manager at FundQuest (an affiliate of BNP IP), with a particular focus on fixed income and absolute return strategies. The firm recently reorganized, abandoning fund management to become a consulting structure. Moutier is a graduate of IESEG. He has also been a professor at SFAF(Société Française des Analystes Financiers) since 2005.

Northern Trust has announced that it has been selected by Bridgewater Associates to provide middle- and back-office services for USD140bn in assets in its hedge funds (USD75bn for pure alpha strategies,a nd USD65bn for all-weather funds). The services include various administrative processes, transaction processing, real-time reporting, cah management, accounting and collateral management.The contract will allow Northern Trust (USD4.8trn in assets under custody and USD749.7bn in assets under management as of 30 September) to create 100 jobs in Chicago and Stamford, Connecticut.

ERAFP, the additional retirement establishment for French public sector employees, with EUR14bn in assets, is joining the Initiative for Transparency in the Mining Industries and the Institutional Investor Group on Climate Change Paris, the investment firm announced on 10 January 2013. The Initiative for Transparency in Mining Industries (ITIE), founded in 2002, seeks to develop an efficient system of information on payments to governments of countries rich in natural resources by mining, oil and gas sector businesses. The International Investor Group on Climate Change (IIGCC) brings together institutional investors over the issue of climate change. The joint initiative intends to promote a low-carbon economy, through sharing of experiences on investment practices, and supporting international public policies to this end. ERAFP is already a signatory to the United Nations Principles for Responsible Investment (PRI).

Ron Redell, chairman of DoubleLine Funds Trust and executive Vice president of DoubleLine Capital, has told Mutual Fund Wire that the firm founded by Jeff Gundlach is planning to make a number of recruitments to confront strong growth of its activities. DoubleLine is for instance seeking five analysts to assist the two equity portfolio managers Brendt Stallings and Husam Nazer, who have recently been recruited (see Newsmanagers of 3 January).The asset management firm is also planning recruitments for client service, including wholesale, and for administrative positions (legal, compliance, accounting and operations).

Cinco Días reports that Banco Popular is selling EUR264m in debt from the Alteco and Mag Import companies from Joaquín Rivero and Bautista Soler to Blackstone private equity funds. The debt is guaranteed by shares of the French RE firm Gecina.

Since the closure of its Spanish office, Domingo Torres-Fernández, head of institutional commercial relationships with European clients, has become head of distribution for Spain for products from the French asset management firm Lazard Frères Gestion (EUR10.8bn), and is based in Paris, Funds People reports.

Aberdeen Asset Management has acquired two residential real estate properties in Södertälje, a city in the Stockholm region of Sweden, for about SEK90m, Realtid.se reports, citing fastighetsvärlden. The properties were acquired for the Aberdeen Residential Sweden fund, which has raised SEK970m from institutional investors.