Quilvest Copagest Finance, Fi Select Multigestion and Quilvest Gestion S.A.S. are merging to become Quilvest Gestion SA. The agreements were signed on 15 December 2011, after the group acquired all capital in Quilvest Copagest Finance, in which Xavier Leroy and Dominique Boisseau, the founders of the firm, had retained a 15% stake. Leroy is appointed as chairman of the board at Quilvest Gestion SA, and will be assisted in his duties by Boisseau and Eric Libault, both of whom are CEOs at the new firm. Leroy had previously been chairman of the board at the two asset mamagement firms of the group, while Boisseau was CEO. Libault had been chairman of the board at Fi Select Multigestion. Assets under management at Quilvest Gestion SA total EUR2.7bn. The group also includes teams at the three firms, including more than 30 professionals in fixed income, equities, multi-management, and employee savings.

The Edmond de Rothschild group has appointed Christophe de Backer as chairman of the executive committee at the Edmond de Rothschild private bank in Geneva from February 2012. De Backer will begin in his new role following the general shareholders’ meeting to be held on 26 April 2012. He will also become a member of the supervisory board at La Compagnie Financière Edmond de Rothschild in Paris. In this position, de Backer will succeed Claude Messulam, who will be appointed as director of the Banque Privée Edmond de Rothschild and of Edmond de Rothschild Holding, a statement says. Since January 2011, de Backer, 50, had served as group general manager and as a member of the board of directors at HSBC worldwide. From early 2010, he had been CEO of HSBC France, and from 2007, had served as deputy CEO, deputy to the CEO of HSBC France. Between 2005 and 2007, de Backer was chairman of the board at HSBC Private Bank France.

Nearly one year after opening its offices in Singapore, Bordier & Cie heas nearly CHF400m in assets under management in its Asian banking centre, Agefi Switzerland reports. The structure, led by Evrard Bordier, has 10 employees, staff which may double by the end of the year, depending on the evolution of the markets. The three-year objective is to reach CHF1bn in assets under management in Asia. Groupwide, staff increased slightly last year, from 195 to 205 employees. The same trend may be observed in assets under management, which currently total CHF9.8bn, compared with CHF9.5bn at the end of 2010. Net inflows have been positive for the past year, but will remain confidential.

Following the creation of a new department dedicated to Swiss clients last spring, led by Benoît Clivio, the Banque Privée Edmond de Rothschild (BPER) has now recruited the former semi-institutional management team from Wegelin & Co, Le Temps reports. Alexandre Michellod, Mathias Maradan and Céline Kuhn, three experts in the area of risk budgeting, began in their new roles on 1 January 2012.

The US firm SunGuard has announced that it has acquired the Pilot software package from Tobam (over USD2bn in assets) for an undisclosed amount which “is not expected to have a noticeable impact” on its financial results. A statement says that “the Pilot solution, developed and used by Tobam, complements the Asset Arena range from SunGruad (launched on 21 November), which includes the major functions required by the asset management industry, including management of investments, monitoring of operations, and investor services.”

On 16 January, LBB Invest will launch the multi-asset class fund PMIM Multi-Asset-LBB-Invest, whose management will be outsourced to the Hamburg firm Pall Mall Investment Management (PMIM).With the product, LBB Invest is offering institutional and also retail investors a resolutely conservative strategy assisted by the IT system “Risk@Work,” developed by PMIM, which aims to control and limit portfolio risks.Capital at risk shall initially be limited to 7% of the volume of the portfolio, and the objective is to outperform the Eonia by 200 basis points every year.At the time of launch, the fund will be about 50% invested in German government bonds and Pfandbriefe. The composition of the portfolio will be regularly optimised.CharacteristicsName: PMIM-MultiAsset-LBB-InvestISIN code: DE000A1CXYQ0Management commission: currently 0.9%

As the Henderson German Retail Income Fund (HGRIF) has managed to raise another EUR90m, Henderson Global Investors has decided to hold a second closing. Supplementary subscriptions to the institutional fund, a German-registered real estate product specialised in warehouse facilities for retail commerce, will have added firepower of EUR180m (including leverage). The total volume of the fund is now EUR350m.The portfolio is managed on behalf of 12 investors, most of whom are German insurers and corporate pension funds. The return objectives are at least 6% per year, with a final portfolio to include 12 to 15 properties. Four properties were acquired since the first closing in summer 2011; they represent an investment of EUR60m.

The UCITS platform from Morgan Stanley has added an Irish-registered fund managed by Claritas Administração de Recursos Ltda, which practices a market neutral long/short equity strategy on a portfolio of 40-60 Brazilian equities. Net exposure to the market ranges from -20% to +20%.Minimal subscription is set at EUR1m.CharacteristicsName: MS Claritas Long Short Market Neutral UCITS FundISIN code: IE00B3MQJZ41Management commission: 1.50%Performance commission: 20%

The French association of institutional investors (AF2I) has stated its position on proposed amendments to ratings agency regulations currently under consideration by the European parliament. While it is in favour of some proposals, such as the development of internal analysis, transparency standards for billing by agencies and measures to promote the issuance of unsolicited ratings, the AF2I disapproves of the principle of a required rotation of agencies, as their methodologies are not comparable, unlike account plans. The quality of the rating is closely tied to a very good long-term knowledge of issuers. The association also disapproves of the fact that a public regulatory authority should have the power to license, control and contest this or that point in global methodologies. This European particularism would appear not to make any sense on this point, to say nothing of the fact that it would run against intellectual freedom, the AF2I states, adding that it would prefer for the major ratings agenvies to continue to issue and widely distribute their methodologies, while also consulting on revisions to them. This is genuine progress, the AF2I claims, and hopes that the practice will become more established.

Legal & General Investment Management (LGIM) and Source on 10 January unveiled a new vehicle to invest in commodities, LGIM Commodity Composite Source ETF, as announced by Newsmanagers in its 9 January issue. The fund will be a UCITS-compliant ETF fund, which replicates the LGIM Commodity Composite index, and which aims to provide diversified exposure to commodities via indices of representative commodity futures contracts. The LGIM Commodity Composite index aims to be a new type of benchmark index, with a broad exposure to commodities. Based on the expertise of LGIM as an index manager, and on its highly detailed quantitative and qualitative filtering, the index offers exposure to a wide selection of commodity type indices. At its launch, the LGIM Commodity Composite index includes the following indices: Barclays Capital Commodity Index Pure Beta TR (ticker : BCC1C1PT < Index>), Citi CUBES (Total Return) (CCUBDJTR < Index>), JPMCCI Ex-Front Month Energy Light (Total Return) (JMCXXELT < Index>), UBS Bloomberg Constant Maturity Commodity (CMCITR < Index>). Investors seeking to expose their portfolios to the LGIM Commodity Composite index may do so via the LGIM Commodity Composite Source ETF. The innovative ETF structure from Source combines physical investment in US Treasury bonds with a swap overlay that allows for more faithful replication of the index. In order to diversify counterparty risks and the composition of the index, the index relies on several sub-indices, and the fund will rely on several counterparties for its swaps. Source has named several swap counterparties for the product: Barclays Capital, Citigroup, J.P. Morgan and UBS. The LGIM Commodity Composite Source ETF is listed on the London Stock Exchange and traded in pounds Sterling and US dollars. It is licensed for sale in the United Kingdom, Ireland, Austria, France, Germany, Finland, Italy (only for institutional investors), Luxembourg, the Netherlands, Sweden, and Switzerland. Main characteristics of LGIM Commodity Composite Source ETF ISIN code: IE00B4TXPP71 Currency of reference: USD Currency of listing: GBP/USD Management fees: 0.40% per year Acronym: Bloomberg TGPLGCC Domicile: Ireland

Arca Sgr, the asset management firm for the Italian co-operative banks, is said to be in exclusive talks with Norvega (formerly Vegagest) to acquire its funds, according to reports in Milano Finanza. The operation would allow Arca to increase its assets from EUR15bn to EUR16bn. Arca Sgr, which is owned by Ubi, Popolare Emilia Romagna and Banco Popolare, was recently in danger of becoming an acquisition target.

The financial stability board (FSB) on 10 January announced that it has updated its roadmap for 2012, at a plenary meeting held the same day in Basel. The FSB is planning to extend the concept of a systemic establishment to include a wider circle of banking, and now also insurance, actors. “The FSB has discussed the work to be done to develop the Sifi model further, including an extension to major domestic systemic banks, insurance companies of international systemic important, and to other types of financial institutions,” the board says in a statement. Currently, banks considered systemic are required to maintain an owners’ equity ratio of at least 9%, up from 7% for other banks. The board has already identified 29 such entities worldwide. The FSB will by the end of this year also state the criteria to be included in resolution regimes applicable to systemic establishments. The organisation is also planning to continue its work in shadow banking, OTC and bank pay scales. As to the departure of the vice-chairman of the financial stability board, Philipp Hildebrand, in the wake of his resignation as chairman of the BNS, the chairman of the FSB, Mark Carney, stated that there will be no immediate replacement and that the decision will be taken in consultation with the G20, who appointed Hildebrand in November 2011.

According to the major index providers, hedge funds saw losses in December and for 2011 as a whole. Losses last month totalled 0.18% according to HFR, 0.21% according to Eurekahedge, and 0.60% according to Hennessee.For 2011 as a whole, losses range from 4.16% according to Eurekahedge and 5.28% according to BarclayHedge, while the other index shows losses of 4.27%.The HSBC Hedge Fund Performance Report has published a list of 20 hedge funds which posted the worst returns in 2011. The list includes big names such as Odey European (-22.7%), RAB Global Mining & Resources Fund (-26.35%), Paulson Advantage Plus (-47.77% as of 30 November), Henderson European ABS Return (-42.80%), SenVest Partners (-36.98%), and a hedge fund from Philippe Jabre, the Jabcap Balanced Fund, with -26.88%.

Credit Suisse (CS) has handed over data concerning US clients to Swiss authorities, and also information about clients who are not US citizens. The bank was responding to a demand from the US government for assistance, according to an article published in the Neue Zürcher Zeitung (NZZ). In addition to information concerning five US citizens, the major bank also handed over information concerning 125 other clients of various nationalities. The data is said by the newspaper also to have been disclosed to third parties. A law firm will now handle the case, and has filed a lawsuit against CS, the NZZ reports.

Credit Suisse (CS) has handed over data concerning US clients to Swiss authorities, and also information about clients who are not US citizens. The bank was responding to a demand from the US government for assistance, according to an article published in the Neue Zürcher Zeitung (NZZ). In addition to information concerning five US citizens, the major bank also handed over information concerning 125 other clients of various nationalities. The data is said by the newspaper also to have been disclosed to third parties. A law firm will now handle the case, and has filed a lawsuit against CS, the NZZ reports.

Le Fonds de pension de Bank of New York en Belgique est confronté à une diminution de sa base de cotisants en Belgique. Pour cette raison, le Fonds a décidé de mener une étude stratégique sur son allocation stratégique d’actifs avec l’aide de son consultant. L’allocation actuelle est la suivante: 62.5% d’obligations, 35% d’actions et 2.5% d’immobilier. Le Fonds a choisi la Banque Degroof comme unique gérant externe. Il n’est pas prévu d’en changer, ni de remettre en cause l’approche prudente du Fonds.

Une caractéristique des mutuelles par rapport aux autres acteurs du monde de l’assurance : la gouvernance de leur gestion d’actifs. « Grâce à la nouvelle réglementation, nous avons vu la naissance de comités financiers, de comités de placements avec une vraie réflexion des administrateurs sur l’allocation d’actifs, ce qui était moins marqué il y a quelques années », remarque Nicolas Demont, directeur général d’Egamo, société de gestion d’actifs qui gère une dizaine de mandats du monde de l'économie sociale. La MGEN a par exemple créé un Comité des placements, présidé par l'économiste Philippe Waechter. Nous avons tenu à cet ??il expert, explique Fabrice Henry, Trésorier général de la MGEN. Le comité est composé de techniciens, mais aussi de certains membres du conseil d’administration. Il semble logique que les responsables mutualistes soient très attentifs à ces aspects, qu’ils suivent les évolutions économiques et financières. Cela fait partie de notre volonté de transparence au niveau des élus, et de notre volonté d’acculturation aux problèmes économiques.

Onze banques helvétiques sont visées par la justice américaine. Le Conseil fédéral a dû modifier la convention de double imposition

Une nouvelle baisse de taux est plutôt envisageable en mars. Quelques jours plus tôt, la BCE aura procédé à sa nouvelle LTRO à trois ans

Après onze mois de révisions en baisse des anticipations de résultats, leur pessimisme se tempère en ce début d'année

Après deux baisses des taux fin 2011, les économistes n’attendent pas de nouveau geste de la banque centrale lors de sa réunion demain. Mais son président Mario Draghi devra s’expliquer sur l’efficacité de l’injection de fonds à 3 ans, que les banques préfèrent déposer à la BCE.

Après 21 ans passés au sein de la filiale hexagonale du géant britannique, il va présider le comité exécutif de l'établissement genevois

La transaction pourrait donner une indication positive pour le refinancement des prêts sous-jacents aux CMBS

La Haute Court de Justice britannique a rejeté la demande du patron de Terra Firma de voir publier les rapports de valorisation et les communications écrites par PricewaterhouseCoopers et ses conseillers à l’occasion de la prise de contrôle d’EMI par Citigroup en février dernier. PwC était alors administrateur du groupe d’édition musicale.

Mario Monti réclame dans un entretien à Die Welt des concessions de la part de l'UE, alors que l'Espagne tient aujourd'hui une «journée investisseurs»

La chaîne de télévision japonaise croit savoir que le gouvernement de l’agglomération de la capitale nipponne envisage la création d’un fonds d’investissement dédié à l’énergie d’un montant de 20 milliards de yens, l’équivalent d’un peu plus de 200 millions d’euros. Le fonds consacrerait ses investissements notamment à l’éolien. Les autorités elles-mêmes investiraient 3 milliards.

Dans un entretien accordé au journal, le premier ministre écossais, Alex Salmond, estime que le Royaume-Uni doit s’inspirer du modèle écossais en «protégeant les investissements publics, accélérer l’accès au financement, et en renforçant la sécurité économique pour restaurer la confiance (…) plutôt que d’accentuer nos différences et mettre en péril les emplois et la croissance».

Citant le conseiller de la Banque centrale chinoise Xia Bin, le 21st Century Business Herald indique que les autorités chinoises devront maintenir pendant encore une année ou deux les mesures contraignantes sur le marché immobilier, afin d’en assurer une stabilisation en douceur. La réduction des investissements dans le secteur constitue en effet un risque majeur pour l’économie.

Leur taux de défaut devrait toutefois rester stable autour de 3%, selon Moody’s. Les volumes d’émissions devraient baisser après deux années records

Tokyo a demandé à l’Arabie Saoudite et aux Emirats arabes unis (EAU) de lui fournir davantage de pétrole en cas de pénurie provoquée par de nouvelles sanctions occidentales contre l’Iran, a déclaré hier le ministre japonais des affaires étrangères. «Les EAU ont réagi de manière positive à la requête japonaise. Le Japon sera prioritaire en cas d’augmentation de la production des EAU», a ajouté Koichiro Gemba.