Le Premier ministre grec a exprimé de sérieux doutes sur le vote par le parlement du plan d’austérité réclamé par les créanciers internationaux, a déclaré jeudi le Premier ministre slovaque Iveta Radicova à la commission parlementaire slovaque chargée des Affaires européennes. «Le Premier ministre lui même ne peut pas garantir que les propositions qu’il soumettra trouveront le soutien du parlement.»

Le secteur privé de la zone euro a vu sa croissance ralentir en juin et serait retombé en contraction sans le soutien de l’Allemagne et de la France, montre l’enquête Markit auprès des directeurs d’achats. L’indice composite «flash» de la zone s’est établi à 53,6 en juin (consensus 55,1) contre 55,8 en mai, touchant ainsi son plus bas niveau depuis octobre 2009. Dans les services l’indice PMI flash a reculé à 54,2 (consensus 55,5) contre 56 en mai, et touche un plus bas depuis décembre 2010. Côté industrie, l’indice PMI flash a également baissé à 52,0, au plus bas depuis décembre 2009, après 54,6 en mai.

The Wealth Management Solutions unit of the US group Prudential Financial has announced the appointment of John Yackel as senior vice president in charge of sales and clients. He previously worked at Fortigent.

Institutional portfolios in Asia excluding Japan grew by 20% last year, to USD7.4trn, from USD5.4trn previously, as the percentage of assets given to external managers came to 15% of the total, or USD1.1trn, compared with 11% of the total in 2010, according to estimates from the research agency Greenwich Associates, released at an investor forum organised by Asian Investor and FinanceAsia. Not counting central banks and commercial banks, which manage most of their assets internally, the percentage of Asian institutional assets which are allocated to external managers accounts for more than 30% of the total. For the first time since 2008, investors have increased their allocation to equities for an average portfolio to 22%, compared with 13% last year. They have virtually doubled allocation to alternative management to 11%, compared with 6% previously. All of this works to the detriment of bond allocations. This trend is likely to continue in the next three years.

Just before the “Entretiens de l’AF2i», the French association of institutional investors AF2i held its ordinary general meeting on 22 June 2011, and at its conclusion, elected Jean Eyraud, head of the asset management division at EDF SA as president of the association.In this position Eyraud succeeds Jean-Pierre Grimaud, chief investment officer at SwissLife France, and chairman of Swiss Life Asset Management (France), who did not stand for another term, after four and a half years as head of AF2i. He will remain, to the satisfaction of his successor, as a trustee of the Association.At the AGM, four new trustees were elected: Philippe Desfossés, representing ERAFP, Jean Eyraud, representing EDF, Olivier Mareuse, representing the CDC, and Hubert Rodarie, representing SMABTP.At the conclusion of the «Entretiens», Grimaud drew the attention of participants to two subjects of concern for institutional investors in the months and years to come: on the one hand, the “damaging” effects of high frequency trading, and on the other, misuse of ratings in the regulatory system.

At the “Entretiens de l’AF2i» held on Wednesday in Paris, Francis Weber, CFO of Réunica and vice president of the French association of institutional invetors AF2i, announced that assets in the sector had risen to EUR2.1075trn as of the end of December (considerably higher than France’s annual GDP), compared with EUR1.9733trn twelve months previously, and EUR1.6839trn as of the end of 2008. The rate of growth fell, however, to 6.8% in 2010, compared with 12.6% in 2009.Meanwhile, a trend to concentration in the sector continued, with an 11% decline to 1,129 actors, compared with 1,268 as of the end of 2009. There were 1,712 as of the end of 2006.Vincent Ribuot, chief investment officer at the Union Mutualiste Retraite and vice president of AF2i, for his part, presented the 6th annual AF2i survey of its members. The survey received responses from 55 of them, or slightly over 75% of members representing over 90% of assets. According to estimates in the study, assets are likely to increase this year, barring any accidents, by 5.2%, to nearly EUR2.214trn (110% of France’s GNP).The survey finds that allocation to equities will remain stable (for 84% of respondents), and that 35% of heads surveyed are planning to lower exposure to government bonds, while 70% are planning to increase their exposure to corporate bonds. Meanwhile, 44% are planning to increase their allocation to real estate, and 41% are planning to increase their exposure to private equity.In the equities asset class, 65% of respondents are planning to increase their exposure to SRI, and 39% are planning to increase allocations to emerging markets.The study finds that institutional investors surveyed say they contract out management of 57% of their assets. Of management which is contracted out, 44% goes to mandates, 29% to mutual funds, and 23% to dedicated funds.

On 21 June, the CNMV registered the French flexible fund of funds Groupama FP Flexible Allocation (see Newsmanagers of 15 June) from Groupama Asset Management. G, I, N and S class shares in the product are now available in Spain from BNP Paribas Securities Services, sucursal en España.The performance objective for the fund is 7% per year over a 5-year horizon, with maximal volatility of 8% and maximal losses of 10%.

Following a SEC filing on 10 June, Pimco on 21 June launched a new bond ETF, the Pimco 0-5 Yeah High Yield Corporate Bond Index Fund, which charges fees of 0.55%. The product is managed by Vineer Bhansali, and replicates the BofA Merrill Lynch 0-5 Year US High Yield Constrained Index, with coupons reinvested (total return), before fees.

Despite the ongoing and rapid development of the European high yield bond market, record demand for these securities is outstripping supply, which could pose a potential risk of deterioration in the quality of credit, according to a study published on 22 June by the ratings agency Standard & Poor’s (“Investors’ Thirst for Yield Continues to Fuel Europe’s High-Yield Bond Market”). Due to the fact that prospects of a recovery in Europe since the beginning of the year have been looking down, investors in high yield bonds may get much less back than expected in case of default. In the first months of the year, nearly 60% of the guaranteed senior bond market has an average recovery rate of 30% to 50%, compared with only 11% in 2009. Investors are also tending to take more risks. As of 15 May this year, 70% of businesses active on the European high yield bond market fall into the “B” grade bond category, compared with only 51.5% in 2009.

Swiss-based Alix Capital on 20 June published its UCITS Alternative Index Industry Survey of second quarter, based on 118 responses to a questionnaire sent out on 9 June. It finds that investors consist 40% of fund of hedge fund managers and 16% of hedge fund managers, while 17% are direct investors, and 125 are service providers.The survey finds that 77% of respondents are already invested in UCITS-compliant hedge funds, and that 32% no longer invest in products of this type, while 82% who were already invested in these funds in second quarter are planning to increase their exposure to these vehicles in third quarter.Preferred strategies include long/short equity, CTA and macro; investors would like to see more event-driven or commodities UCITS-compliant hedge funds.One third of respondents say that the OPCVM mutual fund structure is not more costly than offshore formats.

Bayerische Versorgungskammer (BVK), Germany’s biggest public pension fund with EUR48bn assets under management, has chosen F&C Investments to provide shareholder engagement services across its investment portfolio of equities and corporate bonds through F&C’s Responsible Engagement Overlay (reo®) programme. The goal is to improve the management of ecological, ethical, social and corporate governance risks affecting the companies they invest in. Additionally F&C will also implement a voting programme at all shareholder meetings for companies that are held in BVK’s equity portfolio.The mandate is part of a plan to establish a sustainability strategy in the investment portfolio of BVK. Accordingly, the Bayerische Versorgungskammer signed up to the UN Principles of Responsible Investment (UNPRI) as the first German pension fund in April this year.

According to a study by the BdB association of German private sector banks, the financial savings of Germans increased 5% last year compared with 2009 to a total of EUR4.93trn. The portion of this amount dedicated to investment funds represented only EUR587bn, or 12%.This is not hugely surprising, given that according to the BVI association of asset management firms, the average portfolio of shares in investment funds increased 8.9% last year, but the amount held in investment funds per person, at EUR8.650, remains far below that of American (EUR29,081) or French investors (EUR19,427). Swedish, British and Austrian investors also have a higher average than Germans (see newsmanagers of 17 May).The most common forms of savings in Germany are cash, savings accounts, negotiable order of withdrawal deposits, and fixed term deposits (EUR1.868trn). Allocation to insurers also comes to EUR1.386trn. Direct investment in bonds and equities total EUR403bn and EUR231bn, respectively.

The Hamburg-based closed real estate fund management firm Wölbern Invest KG has announced that it has selected max.xs as its exclusive partner for distribution of its products to institutional clients.Wölbern manages 92 funds, with owners’ equity of EUR1.8bn, representing an investment volume of EUR3.5bn.

JPMorgan passe à la vitesse supérieure dans les services aux hedge funds, rapporte L’Agefi. La banque d’investissement dispose aujourd’hui de l’infrastructure nécessaire pour proposer à ses clients l’ensemble de ses produits cash et synthétiques. Pour ce faire, JPMorgan a musclé son équipe dirigeante en vue de ce déploiement.Cela dit, précise le quotidien, les lignes devraient continuer à bouger. BNP Paribas, qui a repris le prime brokerage de Bank of America aux Etats-Unis en juin 2008, a l’intention de déployer cette activité en Europe et en Asie. L’opération pourrait se faire à partir du second semestre 2011.

The CAC 40 has passed the threshold of 20% women on the boards of directors of its businesses, with a percentage of 20.8% in 2011. Of 573 board seats (compared with 573 in 2010), 105 women occupy 119 seats (compared with 88 in 2010), according to the annual Capitalcom barometer of the gender mix on boards. Among these, six women were elected by employees, independently of general shareholders’ meetings. More than half of CAC 40 businesses have already topped 20% women on their boards. Publicis, a new entry to the CAC 40 this year, tops the rankings, with 43.8% women on its board. According to Caroline de la Marnierre, chairwoman of Capitalcom, “the trend is on! The rapid rise in the power of women on boards is impressive, as the rate has simply doubled in the space of 2 years, from 10.5% to 20.8%. The recommendations of AFEP-Medef, followed soon after by the passage of the Cope-Zimmermann law, clearly initiated and accelerated the trend. This is proof that regulation in this area was more than necessary!” The gender balance on boards had been in stagnation for at least five years, when the first Gender Balance Barometer put it at about 10%. The other major trend is a rise in the percentage of women on boards of directors: nearly 60% in 2011, compared with only 46% previously, which has resulted in increased involvement and responsibility, which has also been necessary for this trend to take hold. Publicis has also announced at its general shareholders’ meeting that it has created a strategy board which will be 100% women.

As Greece faces a potential default, some US regulators and congressmen are concerned about the exposure of US money market funds to European banks, the Wall Street Journal reports. Direct investment by the largest funds in Greek debt is minimal, but they hold about USD1trn in debt issued by the major European banks, such as BNP Paribas, Barclays and Deutsche Bank, analysts say. These establishments are holding a lot of Greek and European bonds in their portfolios, which exposes them to losses if the government debt crisis gets more severe.

The China Securities Regulatory Commission (CSRC) on Tuesday published a new regulation applicable to investment fund distribution, which will come into force on 1 October. The regulation will allow new actors such as independent financial advisers and foreign banks to enter the market, which is currently dominated by major local banks.The text stipulates that independent financial advisers will be required to have registered capital of at least CNY20m, while foreign banks will be subject to the same requirements as their Chinese counterparts, Z-Ben Advisors reports.

Since 20 June, Michael Lee has joined Scottish Widows Investment Partnership (SWIP) as head of consultant relationships. He will report to Gordon Philips, interim head of institutional sales, and will be in charge of development for UK institutional clients. Lee has recently left BlackRock London, where he was global consultant relationship director in charge of relations with all UK consultants, with a particular emphasis on defined contribution retirement savings plans.

Alliance Trust on 21 June announced the appointment of Ilario Di Bon as head of its international equities unit. Di Bon will start in his new position on 1 July, and will report to Katherine Garrett-Cox, chief executive at Alliance Trust. He previously worked at Fidelity International as head of the Institutional Global Equities unit, where he managed the Global Opportunities fund, whose assets under management went from USD250m to over USD1bn in less than two years.

Man Group has launched the Man GLG Multi-Strategy fund – the first combined UCITS fund to result from Man’s acquisition of GLG Partners, Inc. in 2010.The open-ended fund, which offers daily dealing, has raised more than EUR100m in commitments. It is designed to give both retail and institutional investors access to a complimentary portfolio of 10 to 15 Man-run UCITS funds, including industry-leading GLG and AHL strategies, as well as Man’s Man Systematic Strategies, Man Convertibles and Ore Hill strategies.A dedicated investment team, led by Luke Ellis, chief investment officer of Man’s Multi-Manager division, will actively allocate to the strategies and group them into three core portfolio components – equity long/short strategies (50-80%), risk seeking strategies (10-35%) and diversifying strategies (5-25%) – with risk capital judiciously allocated between them. This latest open-ended fund has a low minimum investment of UER1,000 and no extra layer of management or performance fees beyond the underlying fund fees.

The manager of the European Income fund from Jupiter, Malcolm Millar, is leaving the firm, and leaving his fund to Cedric de Fonclare, Investment Week reports.

iShares now has 43 ETF funds listed on the London Stock Exchange, with the addition of the iShares Barclays Capital Emerging Market Local Govt Bond (SEML) fund, an Irish-registered product which closely replicates the Barclays Capital Emerging Markets Local Currency Core Government Index, to trading on 21 June. The fund was launched on 17 June.CharacteristicsName: iShares Barclays Capital Emerging Market Local Govt BondISIN code: IE00B5M4WH52Management commission: 0.5%

Lombard Odier Investment Managers has appointed Ian Clarke as deputy chief investment officer for its fixed income and currencies business. He will report to Stéphane Monier, chief investment officer of fixed income and currencies and focus on developing the unit’s investment processes. Ian Clarke was most recently head of internal fixed income at Abu Dhabi Investment Authority in Abu Dhabi, where he worked since 2003, including three years with Stéphane Monier. He was also head of fixed income and currencies at the investment authority, and prior to joining that business, worked at Deutsche Asset Management in London, where he was chief investment officer of fixed income (UK). The appointment underscores LOIM’s determination to continue building its London-based expertise; the firm already has more than 20 staff in London.Geneva-based LOIM, a unit of private bank Lombard Odier Darier Hentsch & Cie., managed 35.8 billion Swiss francs on behalf of clients at the end of March, of which 13.6 billion francs was in fixed income strategies.

Since the beginning of the year, the number of businesses which were downgraded to the speculative category by the ratings agency Standard & Poor’s came to 21, which is already a larger number of ‘fallen angels’ than in all of the 2010 fiscal year. Japan’s Tepco has become the most recent, and the largest, issuer to be downgraded to the speculative category. These 21 ‘fallen angels’ represent USD219.4bn (or about EUR152.2bn) in debt. Contrarily, 19 businesses are ‘rising stars,’ which have been upgraded to the investment category, with slightly over USD60bn in debt.

The Asia-Pacific region now has more high net worth individuals than Europe. According to the 15th edition of the study by Merrill Lynch Wealth Management and Capgemini, Asia-Pacific has 3.3 million millionaires, compared with EUR3.1m in Europe. The number of high net worth individuals in Asian countries rose 9.7% last year, compared with 6.3% in European countries. In Hong Kong, the number of millionaires rose 33.3% in 2010. India, with a 20.8% increase, has made its first entry into the global Top 12 countries with the most millionaires. In France, the number of high net worth individuals has risen by only 3.4%. Although Europe has returned to near its pre-crisis levels, the number of individuals with over USD1m in assets in Asia-Pacific is considerably higher than in 2007, and is exceeded only by the number in North America, where there are 3.4 million millionaires (compared with 3.3 million in 2007, and an increase of 8.7% year on year). Globally, the population of millionaires worldwide rose 8.7% last year, to 10.9 million. Three countries – the United States, Japan, and Germany – still account for 53% of the population of millionaires worldwide, but this percentage is likely to fall. The financial wealth of millionaires, for its part, was up 9.7% to USD42.7trn, following an increase of 18.9% in 2009, putting it above its peak in 2007 (USD40.7trn).

First State Investments is proposing to launch a growth fund dedicated to Australia, the First State Australian Growth fund. The fund, denominated in US dollars, will be doniciled in Ireland. It will be primarily dedicated to Australian firms, but also to firms which realise most of their activities in the Australian market. It will have 20 to 30 positions, and its benchmark index will be the S&P/ASX 100 index.

Morgan Keegan, a Tennessee investment bank, has agreed to pay USD210m to settle civil suits claiming that it defrauded investors in five bond funds, by overstating the value of mortgage securities during the financial crisis, the Financial Times reports. The Securities and Exchange Commission has now collected about USD1.6bn from major institutions over transactions related to the financial crisis. The settlement follows a deal on Tuesday with JP Morgan Chase, which paid USD154m to settle accusations related to CDOs.

First State Investments se propose de lancer un fonds de croissance dédié à l’Australie, le First State Australian Growth fund.La fonds libellé en dollars sera domicilié en Irlande.Le fonds vise en priorité les sociétés australiennes mais pourra aussi s’intéresser aux sociétés réalisant l’essentiel de leur activité sur le marché australien. Il comprendra de 20 à 30 lignes et son indice de référence sera le S&P/ASX 100.

Le 21 juin, la CNMV a enregistré le fonds de fonds flexible français Groupama FP Flexible Allocation (lire notre article du 15 juin) de Groupama Asset Management. Les parts G, I, N et S sont désormais commercialisables en Espagne par BNP Paribas Securities Services, sucursal en España.L’objectif de performance est 7 % en annualisé sur un horizon 5 ans, avec 8 % de volatilité maximale et 10 % de perte maximale.

Le CAC 40 vient de franchir le palier des 20% de femmes dans les conseils d’administration, en affichant un taux de mixité de 20,8% en 2011. Ainsi, sur les 573 mandats d’administrateurs (contre 573 en 2010), 105 femmes se partagent 119 mandats (contre 88 en 2010), selon le baromètre annuel Capitalcom sur la mixité dans les conseils. Parmi elles, six femmes ont été élues hors assemblée générale, par les salariés. Plus de la moitié des groupes du CAC 40 ont déjà atteint le palier des 20% de femmes administratrices. Publicis, nouvel entrant au CAC 40 cette année, arrive même en tête du palmarès avec un taux de mixité de son conseil de 43,8%. Selon Caroline de la Marnierre, présidente de Capitalcom, “la dynamique est lancée ! La très forte montée en puissance des femmes dans les conseils est impressionnante, puisque le taux de Mixité a tout simplement doublé en l’espace de 2 ans, passant de 10,5% à 20,8%. Les recommandations de l’Afep-Medef, suivies de près par le vote de la loi Copé-Zimmermann ont clairement initié et «boosté» cette dynamique. Preuve que la réglementation – dans ce domaine – était plus que nécessaire !» Le taux de Mixité au sein des conseils était en stagnation totale depuis au moins cinq ans, date du premier Baromètre sur la Mixité, et se situait aux alentours de 10%. L’autre évolution majeure concerne l’évolution de la part des femmes dans les comités d’administration : près de 60% en 2011, contre seulement 46% en 2010, ce qui traduit une implication et une prise de responsabilisation croissante, là encore nécessaire, pour que cette dynamique s’installe. A noter au passage que Publicis a annoncé à l’occasion de son assemblée générale la création d’un comité stratégique qui sera 100% féminin.