La coentreprise chinoise de Lyxor Asset Management attend un rendement de 15 à 20% sur son nouveau fonds CTA lancé avec Winton Capital Management

Le Royaume-Uni proposera sans doute vendredi que le Libor soit rattaché à des transactions réelles et que l’Association des banques britanniques (BBA) perde son rôle de supervision, ceci pour tenter de rétablir la confiance dans ce taux interbancaire de référence au cœur d’un scandale de manipulation des cours. Le directeur de la FSA, Martin Wheatley pourrait recommander que les employés chargés d’établir les taux du Libor soient approuvés par ses services.

La Cour d’appel de Paris a annulé une décision de la Commission des sanctions de l’AMF de mars 2009 en invoquant des erreurs dans la procédure. La décision condamnait la société de jardinage Nortene et l’un de ses dirigeants pour diffusion d’information trompeuse et inexacte ainsi la société Kelly et son président du directoire pour manquement d’initié. Les peines allaient de 5.000 à 150.000 euros.

Le gérant alternatif a récolté plus de 800 millions de dollars dans le cadre de son troisième fonds de placement collectif coté dédié à l’investissement dans le crédit corporate à haut rendement, baptisé Blackstone/GSO Strategic Credit Fund. L’activité crédit de Blackstone affichait quelque 50,5 milliards de dollars d’actifs sous gestion à la fin du mois de juin.

Russell Investments is planning to launch a UCITS-compliant version of its institutional multi-asset class growth fund, Citywire Global reports. The Dublin-domiciled fund, Russell Multi Asset Growth Strategy, is pending regulatory approval for launch potentially by the end of October. The non-UCITS-compliant strategy has been in operation since 2009, and its assets under management total over EUR1bn.

The French asset management boutique Amilton Asset Management, which has recently acquired the multi-management group Swan Capital, is planning to launch three funds, the head of Amilton, Marc Favard, has told Citywire Global. These may include a growth fund, two flexible funds, an international equity fund and an international bond fund, which would be additions to the Amilton small caps fund. Assets under management at Amilton currently total EUR400m.

BNP Paribas Securities Services has launched a tool for pension funds to allow them to monitor market risks for their entire portfolio. Calculating the market risks for each holding in a portfolio, the tool determines market risk more exactly on the basis of external sources which are necessarily diverse, BNP Paribas SS explains in a statement.

Lazard Frères Gestion is launching Objectif Oblisphère Emergente 2018, a horizon FCP fund which will invest primarily in corporate debt from emerging countries. The fund will also include 20% European high yield securities with a significant portion of their margins in emerging countries. However, it excludes government and convertible bonds. Issues are exclusively denominated in euros and US dollars with systematic hedging of the US dollar exposure. The fund is managed by Lionel Clément, co-director of fixed income management, with Alexia Latorre. The sales period will extend from 17 September to 19 December 2012, inclusive. After that date, the fund will be closed to subscriptions. ISIN codes C share class FR0011308220 D share class FR0011308246 Management fee: 1.30% of net assets, including all taxes, excluding OPCVM Front-end fee not paid into FCP: maximum 2% including all taxes Withdrawal penalty: none Minimal subscription: 1 share

GSO/Blackstone, the credit unit of the US private equity firm, has announced that its new credit fund, the GSO Strategic Credit Fund, has raised USd834.8m in ordinary shares, an amount which could be increased to USD960m if all greenshoe shares are subscribed to. The fund is listed on NYSE under the acronym BGB.This is the third closed fund from GSO/Blackstone. The lead managers of the underwriting syndicate were Morgan Stanley, Citigroup, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities.

Why are savings in financial assets on the decline? According to a survey undertaken by the European asset management association (EFAMA) of its members, two-thirds (65%) of industry participants thought that in current market dynamics lack of trust, market risk and poor performance were the most relevant factors behind the trend.The majority of the industry believes that better communication (81%), better advice (75%) and better understanding of investor needs (74%) is required at a distribution level to strengthen trust over market risk, highlighting the importance of investor education.91% of respondents believe that retail investors still need to become aware of the benefits of long-term savings, most importantly of the fact that long-term savings tend to generate higher returns than short-term savings. More than three-quarters (77%) of industry experts polled said the most relevant reason for this is because long-term savings provide access to equity risk premium and liquidity premium.The majority (72%) of members surveyed believe the most relevant way for the asset management industry to raise awareness of the importance of long-term savings is through convincing authorities at EU and national level to encourage long-term /retirement savings. The European industry also supported (58%) the idea of launching a common information initiative on long-term savings benefits to help raise awareness.Finally, the poll looked at factors that would encourage asset managers to develop funds specifically targeting long-term savings, 82% of respondents felt the most relevant factor would be to create greater incentives for retirement savings, followed by greater household demand for long-term savings products (65%) and 54% felt that a common EU framework dedicated to long-term investments for retail investors is needed.

The CIO of Thames River, Mike Warren, has left the firm, Investment Week reports. His departure comes four days before he was to become head of retail activities at F&C.

Several big names in alternative management, such as Steve Einhorn (Omega Avisors), Harvey Eisen (Oak Advisors) and Michael Novogratz (Fortress) have agreed at a conference in New York that it is time to migrate bond assets to equities, Forbes reports.According to Novogratz, “Bernanke has told investors that he will push interest rates on bond instruments to such low levels that they will be forced to invest in riskier assets.”This opinion is shared by Eisen, who claims that the migration being considered could take some time, particularly for pension funds, which will not modify their allocations from one day to the next.According to a survey of the audience at the conference, which included hedge fund and institutional managers, European equities are expected to post the best returns in 2013, followed by US equities and gold.

Morgan Stanley has changed the name of its wealth management activities within Morgan Stanley Smith Barney, which will become Morgan Stanley Wealth Management. The activity was founded in 2009 as a joint venture of Morgan Stanley and Smith Barney. The broker-dealer activities will retain their current name of Morgan Stanley Smith Barney LLC.

The French pension fund FRR has launched a limited request for proposals process with a view to selecting up to three investment service providers to manage its transition process. The Transition Manager’s role and responsibilities shall be as follows: - to manage one or more portfolios assigned to it by the FRR during the transition periods. - to execute and, potentially, receive and transmit buy and sell orders on financial instruments originating from the FRR’s asset Managers for execution during the transition periods, subject always to the strictest confidentiality. The aim of these tasks will be to reconfigure the portfolios in accordance with the wishes expressed by the asset managers acting on behalf of the FRR to whom such portfolios will subsequently be transferred and reduce the overall costs that are customarily associated with such operations. In March 2010 the FRR appointed Goldman Sachs International and Russell Implementation Services Limited to carry out the same tasks. As this contract expires in March 2013, it is now necessary to relaunch a new selection process. The FRR estimates, on a purely indicative basis, that the amount of funds involved in the transition could fall within a spread of between one hundred million euros and two billion euros. Applications must reach the FRR before Monday 5th November 2012, 12.00, French time, on the terms and conditions set forth in the consultation regulations. All documents relating to this request for proposals are available on the dedicated platform http://www.achatpublic.com/accueil/frr/medias/ or on the FRR’s website www.fondsdereserve.fr

The French national pension fund, the Fonds de réserve pour les retraites (FRR), which has recently launched a request for proposals (see elsewhere in today’s Newsmanagers), has published the results of a request for proposals to select active management mandates investing in developed country equities exposed to growth in the emerging economies.The request for proposals launched on 23 November 2011 comprised two lots:1. Active management mandate with an investment universe comprising European companies. 2. Active management mandate with an investment universe comprising companies from throughout the world. Following this selection process, the FRR has decided to accept the following proposals: Lot 1 : European universe 1. BlackRock Investment Management (UK) Limited 2. Edmond de Rothschild Asset Management 3. La Française AM Lot 2 : World universe 1. J.P. Morgan Asset Management (UK) Limited 2. Schroder Investment Management Limited The indicative overall amount of funds earmarked for these mandates may be in excess of 200 million euros for each lot.

The Quilvest group (“Quilvest” or the “Group”) on 26 September announced that it has opened two new offices, one in São Paulo, Brazil, and one in Geneva, Switzerland. These offices, the twelfth and thirteenth Quilvest offices worldwide, reinfoce the international platform of the Group and provide a physical presence in two of the largest capital cities in the world. The two offices will be wholly integrated into the Quilvest global network and involved in the commercial development of its activities. The São Paulo office will concentrate on direct investments and co-investments in non-publicly traded companies and investments in private equity funds and private real estate, while the Geneva office will specialise in wealth management.

Rich Americans have started to abandon the prudence which had led them to hoard cash and bonds since the financial crisis, according to a new survey which will be published on Thursday by Merrill Lynch Wealth Management. Only 30% of respondents see themselves as conservative investors, compared with half in 2010.

Scottish Widows Investment Partnership (SWIP) has decided to close three funds which are not economically viable, Money Marketing reports. The funds concerned are the Japanese, European Income and UK Real Estate funds, which have seen a wave of redemptions which have penalised their net asset value. Investors on these three funds will be able to invest in other funds of the SWIP range without front-end fees. SWIP is also planning to merge the SWIP Pan-European Smaller Companies fund into the European fund.

Hermes Fund Managers has launched a US small and midcap equity fund based on a strategy managed by its US team for over 10 years. The product is managed by Robert Anstey and his team.

Renaissance AM has obtained sales licenses for five of its funds in Switzerland, following the opening of an office in Zurich in February, Investment Europe reports. The Russian firm already has several family offices as clients, but it is now targeting private banks. The funds registered are the following: • Renaissance Russian Debt Fund• Renaissance Russian Equity Allocation Fund• Renaissance Sub-Saharan Fund• Renaissance Cautious Managed Fund• Renaissance Frontier Markets Fund

The top heads of the largest Swiss publicly-traded companies have seen a decline in their pay scales of nearly one quarter in five years. From CHF9.3m, the average pay for the directors of 20 companies of the SMI index fell to CHF7.3m in 2011, according to a PwC survey.The median salary for SMI businesses, for its part, fell by slightly over 25%. Between 2007, the date of the first report, and 2011, the median level has fallen from CHF7.7m to CHF5.8m.Among the 30 businesses of the SMIM midcap index (not included in the SMI), the average pay has fallen 23% since 2007, from CHF3.8m to CHF2.9m last year. The median value has lost 13% to CHF2.4m.The study states that between 2010 and 2011, the average pay package for directors of SMI companies has nonetheless remained stable, The median, however, fell 22%. The best-paid directors earned only 7% more, while the most modest salaries fell a further 5%.

The head of Liontrust Asset Management, John Ions, claims that inflows to funds will in the future be controlled by “fewer and more powerful distributors,” Money Marketing reports. “Changes related to RDR regulations should not be underestimated. The accent is often placed on the prices and the consequences for the consumer, but these regulations also clearly indicate that the power in distribution is now crucial,” Ions says, adding that these developments represent “threats to take seriously for asset management firms of all sizes.”

The British authorities have arrested Kareem Serageldin, former global head of structured credit trading activities at Credit Suisse, the Wall Street Journal reports. He is one of three people facing criminal charges in the United States in a case in which he is accused of artificially inflating the value of mortgage-backed securities during the financial crisis. The United States will seek his extradition from the United Kingdom, where he resides. He has dual British and US nationality. The other two defendants in the case, Salmaan Siddiqui and David Higgs, have pleaded guilty.

On 21 September, the CNMV issued a sales licenses for the BBVA Bonos Patrimonio II, a guaranteed fund maturing on 22 July 2016 which aims for returns of 3.25% per year for shares subscribed to before 22 November 2012 at the latest. The portfolio will be invested in middle-quality bonds (BBB- rating) and in Spanish government bonds or guaranteed by the Spanish government, regardless of rating.CharacteristicsName: BBVA Bonos Patrimonio II, FIISIN code: ES0130357009Minimal subscription: EUR30,000Front-end fee: 5% from 23 November, or when assets reach EUR20mEarly withdrawal penalty: 0.03% until 22 November0.95% after 22 NovemberDepository banking commission: 0.02% until 22 November0.05% after 22 November

Harcourt Investment Consulting, an affiliate of the priate bank Vontobel, is seeking to strengthen its capacities in distribution in Asia with the recruitment of Claire Liou, a specialist in alternative management, finews reports. Liou will be based in Hong Kong, and will report to Ulrich Behm, CEO of Vontobel for the Asia-Pacific region. She will be in charge of developing the range of products and services from Harcourt in the region.

Azimut will in 2013 launch Italian-registered funds which will invest in Turkey, the Italian website Bluerating reports. The announcement was made at a press conference to present a partnership between the Italian asset management firm and the largest asset management firm in Turkey, Global Investment Holding. “We are planning to launch a fund for the Italian market which will primarily target Turkish rates,” explains Giorgio Medds, CEO of Azimut for the Turkish market. In February, Azimut invested nearly EUR6m to create AZ Global, a firm 60% controlled by Azimut and 40% by the Turkish partner.

The Italian asset management firm Anima Sgr has become a major shareholder in the Swiss insurer FonSai, with a 2.4% stake, Il Sole – 24 Ore reports. The move follows a capital increase at the insurance company.

The German government on 26 September has passed a bill to regulate high-frequency market transactions or high-frequency trading, to seek to control risks of “extreme and irrational price fluctuations” related to this technology.The practice concerns about 40% of financial transactions within the European Union, and more than half of market trades in the United States. In particular, it was responsible for the Wall Street “flash crash” of 6 May 2010, caused by runaway computer systems.According to the German finance ministry, high-frequency trading has caused a steep increase in the risk of “extreme and irrational price fluctuations, system overloads, and potential for market abuses.” The measures passed on Wednesday aim to instil “more transparency, security and supervision,” which will make “the financial system more resistant to crises,” a statement from the minister says.The bill requires a license for traders who practice high-frequency trading. These traders will also be required to configure their systems in such a way as to avoid chain reactions on the market, which could lead to extreme scenarios.The German government also plans to impose a tax on those who make excessive use of the practice, and to increase the rights to information and intervention of the German financial market regulator, BaFin.The bill will be presented to Parliament by the end of the year, to be passed by February 2013 at the latest. It would come into effect in mid-2013.

The Luxembourg financial sector surveillance commission (CSSF) on 26 September issued a warning over the activities of an entity entitled Worldwide Investors Portfolio (a clone of an existing company), which claims to be based at 4, rue Jean Monnet, L-2180 Luxembourg (website http://www.worldwideinvestmentsportfolio.com/). According to information in the possession of the CSSF, the entity offers investment and investment advising services to persons contacted.“The CSSF Informs the public that Worldwide Investors Portfolio does not have the necessary license to provide financial services in or from Luxembourg,” a statement says.

Le FRR a lancé le 23 novembre 2011 un appel d’offres portant sur la sélection de mandats de gestion active investis en actions des pays développés exposées à la croissance des économies émergentes. Cet appel d’offres est composé de 2 lots : Mandat(s) de gestion active sur un univers de sociétés européennes Mandat(s) de gestion active sur un univers de sociétés étendu à l’ensemble du monde. A l’issue du processus de sélection, le FRR a décidé de retenir les offres suivantes : Lot 1 : univers Europe BlackRock Investment Management (UK) Limited Edmond de Rothschild Asset Management La Française AM Lot 2 : univers Monde J.P. Morgan Asset Management (UK) Limited Schroder Investment Management Limited Le montant global indicatif des fonds confiés à ces gestions pourrait s'élever à plus de 200 millions d’euros sur chaque lot.