The Swiss Partners Group has closed its global real estate programme, Partners Group Global Real Estate 2011, with USD800m in assets. Pamela Alsterlind, co-director of the Private Real Estate division, says that 2,200 projects have been analysed, and 43 executed under the programme. Others will be finalised soon.

The Italian bank Intesa Sanpaolo is seeking external growth opportunities in the Swiss market, finews.ch reports. It would like to acquire a wealth management firm, with total assets under management of CHF5bn to CHF10bn.

Dexia Asset Management poursuit l’extension de ses activités en Suisse, avec la nomination de Patrick Kern en tant que senior relationship manager, rapporte L’Agefi suisse. Il sera en particulier chargé de la clientèle institutionnelle en Suisse alémanique. Patrick Kern était dernièrement en charge de la succursale zurichoise de Reyl Asset Management, où il était responsable de l’acquisition de clients en Suisse alémanique, Allemagne, Autriche et au Liechtenstein.

The UK asset management firm Liontrust Asset Management reached total assets of GBP2.1bn on 18 June 2012, the firm announced in its annual report. On 31 March, assets totalled GBP1.5bn, up since the beginning of April 2011, when they totalled GBP1.343bn. The increase is the result of net subscriptions totalling GBP152m, the acquisition of Occam and positive market effects. Liontrust has reported losses of GBP200,000, compared with losses of GBP4.6m in 2011. Adjusted pre-tax profits came to GBP1m, compared with losses of GBP1.7m in 2011.

Only 52 companies, out of a universe of 4,001 worldwide in 2010, published a complete report on sustainable development, a study commissioned by Aviva Investors and undertaken by CK Capital has found («Trends in Sustainability Disclosure: Benchmarking the World’s Composite Stock Exchanges.») This figure is down compared with 2008, at a time when several European stock markets are requiring publicly-traded businesses to include detailed reporting on sustainable development in their financial reports. The figure, however, conceals a varied reality. Some countries stand out in comparison to others. The countries that are highest-ranked in terms of publicly-traded businesses releasing information on sustainable development are the Netherlands, Denmark, Finland, Spain, and South Africa. The Scandinavian countries place particularly well, with four of them in the top ten. Among emerging countries, two stand out particularly: South Africa (5th) and Brazil (9th). The rankings vary depending on the criteria analysed (energy, greenhouse gas emissions, water consumption, waste management, lost time due to work accidents, salaries, and staff turnover), and sectors of activity. By sector, the companies that most closely guard their sustainable development information are financial sector businesses, which are ranked bottom on all seven indicators (energy, grenhouse gas emissions, water consumption, waste management and time lost due to workplace accidents). At the other extreme, utility companies dominate the rankings on most indicators, and take 1st place for release of information about greenhouse gas emissions, water consumption, waste management, and staff turnover. Steve Waygood, director of management at Aviva Investors in London, says “we think that it would be highly opportune for public powers to intervene and define a universal palette of sustainable development indicators.”

Institutional investors are showing a growing interest in alternative management, which allows them to support their investment objectives, such as diversification and generating alpha, according to the most recent annual study by Russel Investments of alternative management (“2012 Global Survey on Alternative Investment.”)“In an environment characterised by low returns, a high level of economic uncertainty, and volatility on financial markets, alternative solutions represent an essential component of a multi-asset class diversified [approach]. With ongoing volatility and market shocks in mind, institutional investors are seeking to protect their portfolios by structuring them in such a way as to favour prudent risk management, while also seeking to earn returns in various market environments,” says Julia Cormier, director, head of alternative investments at Russell Investments.Institutional investors who participated in the Russell Investments study are highly exposed to alternative investment, with an average of 22%. Among the major reasons for this exposure, diversification is cited by 90% of investors. This is followed by volatility management and low correlation with traditional investments, cited by 64% of investors, and potential returns, cited by 45%.A large majority of respondents to the study say that they are planning to maintain or increase their allocations in the next three years to all alternative categories. 32% of participants are planning to increase their investments in hedge funds and private real estate, 28% for private infrastructure, 25% for private equity, 20% for commodities and 12% for infrastructure and public real estate.The study finds that 49% of investors in single hedge funds use the fund of fund vector, but a considerable proportion of them are planning to set aside this traditional model in favour of specific solutions.Private equity is dominant in North American portfolios, but Europe is not far behind. On both sides of the Atlantic, investors tend to prefer small or mid-sized buyout funds.Lastly, the study finds that investors overall are seeking further training in alternative management. Meanwhile, 91% of North American investors (compared with 68% worldwide) say that they undertake exhaustive due diligence before making new investments.

Invesco Real Estate has announced the arrival of Timothy Bellman as head of global research, at its Dallas offices. In the global research team, Bellman will focus on global asset allocation and co-ordinating research activities undertaken by regional heads of research in North America, Europe and Asia-Pacific. Before joining Invesco Real Estate, Bellman, 50, spent seven years at ING Real Estate Management, where he was global head of research and strategy, after serving as head of research and strategy for the Asia-Pacific region.

Carmignac Gestion no longer holds any German government bonds (Bund), Les Echos reports. For the past 2 years, the firm, which manages about EUR48bn in assets, has not held any other euro zone government bonds except Bunds. Carmignac Gestion estimates that German government debt “essentially represents a risk management tool. The idea of a larger role for Germany in undertaking the financial risks of the euro zone has been getting bandied about. As a result, the use of Bunds as a refuge security against European risk will be likely to become less effective,” Didier Saint-George, a member of the investment board, explains to Les Echos. Saint-George does not rule out the possibility of “using this management tool again in the future, even if it is not quite as effective as a year ago, when rates had much further to fall than they do now.”

Tiffani Potesta, head of third-party insurance and DC I-0 divisions at DWS Investments, and previously a director at First Eagle Funds, is joining Schroders as head of advisory sales for the United States, Mutual Fund Wire reports. Potesta will report to Erin Brennan, head of intermediary key accounts.

With the Emerging Markets Corporates sub-fund, DWS is releasing in France a further sub-fund of its Luxembourg Sicav DWS Invest in France. The product, focused on emerging market corporate bonds, has assets of about EUR155m. It is managed by Maruf Siddiquee.The German asset management firm has assets of over EUR5.1bn in emerging market bonds.CharacteristicsName: DWS Invest Emerging Markets CorporatesISIN code: LU0436052673Front-end fee: 3.00%Management commission: 1.10%

State Street Global Advisors (SSgA) on 19 June has announced that it has added two new SPDR brand ETFs to trading on the NYSE Arca platform: the SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (acronym: XOVR) and the SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD).The first of the two funds, which charges fees of 0.30%, replicates a BofA Merrill Lynch index of corporate bonds rated BBB and BB, denominated in US dollars and issued on the US market.The second fund, with fees of 0.50%, tracks the BofA Merrill Lynch Emerging Markets Large Cap Senior Corporate Index, which reflects the performance of senior secured bonds in US dollars, issued by emerging market businesses on US or European markets.

The US manager Huntington Asset Advisors has announced the creation of a range of actively-managed ETFs entitled Huntingdon Strategy Shares.The first product in the line will be the EcoLogical Strategy ETF (acronym HECO on NYSE Arca), which will charge fees of 0.95% managed by Brian Salerno, Vice President, Senior Portfolio Manager.The portfolio will invest at least 80% in shares in companies focused on the environment, and products positioned to profit from ongoing changes in legislation, behaviour of consumers, and corporate investments.The EcoLogical Strategies fund will be distributed by SEI Investments Distribution Co.

BaFin has issued a sales license for Germany for the Global Strategic Bonds (ISIN LU0746604445) sub-fund of the Luxembourg Sicav Axa WF from Axa Investment Managers (see Newsmanagers of 1 June 2012).

Michel Barnier appears to have some scheduling problems. The European Commissioner in charge of the internal market and services on 19 June announced that the proposed PRIPS legislation (retail investment products) will finally be unveiled in early July. Since last autumn, the publication of the bill, which has been th subject of constant controversy, has already been delayed several times.In addition to the PRIPS bill, Barnier also announced two other initiatives at a conference of the European insurance intermediaries’ federation (Bipar), which will be unveiled in early July. On the one hand, Barnier proposes to revise the rules on the protection of retail investors under the revised MiFID directive, including stricter consequences for losses by financial instruments held at a depository bank.A revised IMD directive will also be presented, which will aim to better protect consumers of insurance products, in line with revisions to the MiFID directive in the area of sales practices, “in order to ensure that practices are consistent for all investment products, including unit-linked life insurance products.”

According to a survey of 722 of its members in the EU and Switzerland by the CFA Institute, investment professionals are concerned that imposing a tax on financial transactions, a tax on financial activities or a bank levy, all three solutions under consideration by the European Commission, will actually result in costs that end users of financial services will ultimately pay: 75% of the total in the case of a transaction withholding tax, 60% in the case of a financial activity tax, and 59% in the case of a bank levy. Meanwhile, specialists also estimate that if the financial transaction tax is not applied worldwide, it will lead to regulatory arbitrage, and will hurt the competitiveness of the European financial sector.

Dans un entretien à Die Zeit, le Premier ministre français Jean-Marc Ayrault admet qu’il faudra «sans doute plusieurs années» avant de pouvoir lancer des euro-obligations. A plus court terme, le chef du gouvernement estime que «nous devons aller vers une supervision bancaire commune, avec un système européen de garantie des dépôts. Nous pouvons aussi trouver des solutions pour faciliter l’accès au financement des Etats, par exemple par des émissions à court terme ou par la proposition des Sages allemands sur le fonds d’amortissement».

Le Fonds européen de stabilité financière a décidé de renforcer son obligation à 7 ans, lancée le 24 avril dernier, à hauteur d’un milliard d’euros. Le spread d’émission ressort à 75 points de base au dessus du taux mid swap, ce qui implique pour les investisseurs un rendement de 2,409%. Barclays, Deutsche Bank et SG CIB ont pris en charge l’opération.

La banque centrale norvégienne, qui a laissé son taux d’intervention à 1,5%, pense qu’il faudra ultérieurement les relever plus vite que prévu pour éviter une surchauffe économique. Elle voit son taux d’intervention autour de 1,7% d’ici la mi-2013 et de 2% d’ici la fin de l’année prochaine, alors qu’elle projetait en mars 1,54% et 1,87% respectivement.

Le chef de file de la formation conservatrice Nouvelle démocratie, Antonis Samaras, a indiqué au chef de l’Etat grec Karolos Papoulias qu’il était en mesure de former un gouvernement de coalition avec des formations de centre gauche. Vassilis Rapanos devrait être désigné au poste de ministre des Finances, selon la télévision publique NET.

L’Allemagne a adjugé 4,005 milliards d’euros de son emprunt à deux ans (Schatz), attirant une demande toujours plus forte malgré un coupon zéro alors que la crise de la dette en Europe pousse les investisseurs vers les actifs jugés les plus sûrs. La demande a représenté 1,9 fois le montant offert, contre 1,7 fois lors de la précédente opération de papier à deux ans. Le rendement moyen de l’adjudication est ressorti à 0,1%, en hausse par rapport à la précédente adjudication de ce type lors de laquelle le rendement était ressorti à 0,07%.

Le nombre de chômeurs au Royaume-Uni a progressé contre toute attente en mai, selon les données publiées par l’Office national de la statistique, une nouvelle indication de la mauvaise santé économique du pays. Selon ces chiffres, le nombre de demandeurs d’emploi a crû de 8.100 le mois dernier, alors que les analystes attendait 3.000 chômeurs de moins. Le nombre de personnes sans emploi au sens du BIT a cependant reculé de 51.000 sur les trois mois à fin avril pour s'établir à 2,615 millions. Le taux de chômage reste stable à 8,2%.

Moody’s Investors Service a annoncé mercredi avoir relevé d’un cran la note souveraine de la Turquie, qui passe de Ba2 à Ba1, juste en-dessous de la catégorie non spéculative et de la note de l’Espagne, qui est à Baa3. L’agence de notation maintient en outre sa perspective positive sur la note de crédit du pays, évoquant l’amélioration significative des finances publiques d’Ankara.

Les deux entités ont noué un partenariat commercial et marketing en Europe qui s’étendra sur 2 ans pour l’élaboration et la distribution de solutions d’investissements basées sur les fonds de la plateforme de comptes gérés de Lyxor. Koris International est une société de conseil en investissements financiers dédiée à la conception et au développement de modèles dynamiques d’allocation d’actifs. Sont notamment visés les clients institutionnels et fortunés.

Le Fonds de Modernisation des Equipementiers Automobiles (FMEA) de Rang 2 - un FCPR d’un montant initial de 50 millions d’euros - et le fonds régional bourguignon IDEB investissent 2,2 millions d’euros en fonds propres et quasi-fonds propres dans le groupe Embaltech, fabricant de pièces techniques en aluminium et spécialiste de la technique du filage par choc à froid. Cet investissement doit permettre à Embaltech de renforcer son outil productif. L’actionnaire historique conserve le contrôle en se réengageant.

Rachetée hier, Prisma assurait au 1er avril dernier la gestion de 7,8 milliards de dollars d’actifs. Ce segment de la gestion ne fait pourtant pas recette

La baisse des taux à 10 ans à 0,81% coïncide avec la hausse record du montant des obligations japonaises détenues par les investisseurs étrangers

Le véhicule d'émission choisi est moins complexe qu'avant. Mais les obligations ont la particularité d'offrir un coupon à taux fixe

Le rachat des activités non américaines de Merrill Lynch accroîtrait de 50% les actifs de la banque privée suisse, au bénéfice de l'Asie

Rome et Madrid prônent une mobilisation du FESF et du MES et une intervention directe de la BCE sur le marché secondaire de la dette souveraine

Les agences devraient publier chaque année les deux ou trois dates auxquelles elles pourraient modifier les notes des Etats