Arrivé en janvier sur le marché français, Wegelin Asset Management, département de la banque privée suisse Wegelin, a posé tout au long de l’année les jalons de son développement dans l’Hexagone. En France, Wegelin AM se concentre en premier lieu sur les investisseurs institutionnels qui gèrent leurs fonds propres, tout comme elle le fait en Suisse, où elle a une importante base de clientèle de fonds de pension et de caisses d’assurance. Mais pour réussir sur le marché français, Wegelin a voulu aller plus loin. Pour approcher les autres investisseurs professionnels (fonds de fonds, banques privées etc), la société de gestion a récemment conclu un partenariat avec la société de tierce partie marketing (TPM) Aloha Finance. «Cette approche est adaptée au marché français, qui est très morcelé mais où les investisseurs particuliers peuvent avoir des besoins proches des institutionnels. Ils sont donc également très intéressés par nos stratégies de gestion», note Pierre-Yves Cahart. Si cette double approche fonctionne en France, qui fait pour l’instant office de «laboratoire» pour ce type de modèle, l’expérience pourrait être renouvelée dans d’autres pays européens, notamment en Italie. «A condition de trouver les bons partenaires pour nous développer», souligne le responsable de la clientèle institutionnelle France et francophonie de Wegelin AM.En attendant le développement vers de nouveaux horizons, Wegelin AM met en avant sa stratégie actions «Active Indexing», gérée par Daniel Leveau, directeur de l'équipe de gestion quantitative. Après l’agrément AMF obtenu en juillet, la commercialisation active de la gamme, qui combine gestion active et gestion indicielle de «market picking» et se décline en trois fonds UCITS III de droit luxembourgeois, a débuté en novembre cette année. La réponse des institutionnels français au lancement de la gamme est très positive, selon le gérant. «Il faut dire que ce sont les institutionnels français eux-mêmes qui ont exprimé un intérêt pour ces produits, ce qui nous a poussé à les proposer en France», confirme de son côté Pierre-Yves Cahart. D’autres stratégies devraient être proposées aux clients français dans le futur, notamment la stratégie «Global Diversification», pas encore agréée en France. «Nous constatons en effet une forte demande pour des produits incluant une exposition prédéfinie aux différentes sources de risque», confirme Pierre-Yves Cahart.

Edmond de Rothschild Asset Management (Edram) a annoncé le 7 décembre le recrutement au sein de l'équipe commerciale de Benjamin Durand, qui sera en charge des conseillers en gestion de patrimoine indépendants, notamment à Paris et dans l’Ouest de la France. Son arrivée s’inscrit dans la stratégie d’Edram de renforcer sa présence auprès de ces professionnels.Benjamin Durand, 29 ans, travaillait précédemment chez Gaspal Gestion (Groupe Quilvest Private Bank) à Paris en tant que responsable commercial.

Par une notification à la Bourse de Sydney (ASX) en date du 7 décembre, le gestionnaire australien Hastings Funds Management confirme son intention annoncée lors de l’assemblée générale du Australian Infrastructure Fund (AIX) le 17 novembre d’explorer tous les moyens pour réduire l'écart entre son cours boursier et la valeur liquidative de son portefeuille.Cela pourrait concrètement se traduire entre autres par la cession des participations de l’AIX dans les aéroports de Düsseldorf, Hambourg, Sydney et Athènes, où Hastings est présent avec le groupe de BTP et de services allemand Hochtief. Toutefois aucune décision finale n’a été prise et «il n’y aucune certitude sur le fait qu’AIX va recevoir des propositions concernant l’acquisition de tout ou partie de ces actifs».

Au moyen de la carte «Tarjeta de Autor», qui fait partie du programme de fidélisation mis en place par La Caixa Banca Privada, les particuliers haut de gamme clients de La Caixa pourront obtenir une réduction de 15 % pour tout achat chez un créateur de mode espagnol affilié à l’Asociación Creadores de Moda de España (ACME), rapporte Cinco Días. Ces ristournes vaudront dans des magasins exclusifs et les ateliers pour des vêtements sur mesure et même des robes de mariées. Les signataires de l’accord du côté de l’ACME sont Ailanto, Alma Aguilar, Amaya Arzuaga, Ana Locking, Ángel Schlesser, Antonio Alvarado, Custo Barcelona, Davidelfín, Devota & Lomba, Duyos, Francis Montesinos, Hanníbal Laguna, Javier Larrainzar, Jesús del Pozo, Juanjo Oliva, Lemoniez, Lydia Delgado, Miguel Palacio, Pedro del Hierro, Roberto Torretta, Roberto Verino et Victorio & Lucchino.L’accord entre la Caixa et l’ACME a aussi un volet éthique, puisqu’en coopération avec la Fondation de La Caixa, des actions de formation seront financées au profit de personnes en risque d’exclusion sociale, personnes qui auront été sélectionnées par les créateurs et les membres de l’ACME.

Le groupe japonais Sparx a indiqué avoir bouclé la cession de ses activités de fonds de hedge funds (quelque 150 millions de dollars) à MCP Asset Management, un spécialiste de l’investissement dans les fonds de fonds basé à Hong Kong.Le montant de l’opération n’a pas été divulgué mais l’accord la vente comprend un contrat de distribution des fonds de fonds de MCP par le groupe Sparx.

Frank Henze rejoint State Street Global Advisors, la division de State Street Corporation spécialisée dans la gestion d’actifs, au poste nouvellement créé de responsable des ETF pour la région Asie Pacifique. Il était précédemment responsable mondial du développement des ETF chez HSBC. Avant, il avait passé cinq ans chez iShares en Europe, où il assumait dernièrement les fonctions de responsable Europe pour le développement des produits.Chez SSgA, Frank Henze sera basé à Hong Kong et chargé de la mise en œuvre d’une stratégie de développement des ETF en Asie, «avec notamment pour priorité d’augmenter la gamme des fonds SPDR® de SSgA et d’en accroitre sa visibilité sur le marché Asie Pacifique», selon un communiqué. Il rapporte à Bernard Reilly, responsable des activités de SSgA en Asie Pacifique, et à James Ross, responsable mondial des fonds indiciels cotés chez State Street Global Advisors.Aujourd’hui, SSgA dispose de 12 ETF cotés en Asie — Hong Kong, Australie, Japon et Singapour.

En novembre, les fonds commercialisés en Italie ont subi des rachats nets de 2,6 milliards d’euros, alimentés par la décollecte sur les fonds monétaires (-1,9 milliard), rapporte Il Sole – 24 Ore. Depuis le début de l’année, les fonds italiens ont vu sortir 21 milliards d’euros. A fin novembre, le secteur des fonds gérait en tout 451 milliards d’euros, soit une baisse de 0,7 % par rapport au mois précédent.

L’indice composite des hedge funds de Lipper affiche pour octobre un gain de 1,80 %, ce qui porte la performance depuis le début de l’année à 5,13 %. En glissement annuel, la hausse atteint 6,13 %.La stratégie long bias affiche des gains de 2,78 % pour octobre et de 8,06 % pour le mois, tandis que la stratégie marchés émergents s’adjuge 2,28 % sur le mois et 7,36 % pour janvier-octobre.

Le 7 décembre, HSBC Global Asset Management a annoncé avoir atteint fin septembre un encours de 103 milliards de dollars sur les marchés émergents, ce qui représentait à l'époque environ un quart de ses actifs sous gestion totaux de 444,6 milliards de dollars.De fait, précise le gestionnaire, ces 103 milliards correspondent à des investissements dans des pays qui composent l’indice MSCI Global Emerging Markets. Si on inclut les fonds investis sur des marchés à croissance rapide comme Hong Kong et Singapour, les actifs sous gestion s’élèveraient à 135 milliards de dollars (à fin septembre 2010).

p { margin-bottom: 0.08in; } The Lipper composite hedge fund index has posted gains of 1.80% in October, bringing performance since the beginning of the year to 5.13%. In yoy terms, growth comes to 6.13%.The long bias strategy has posted gains of 2.73% in October and 8.06% for the year, while the emerging market strategy has earned 2.28% for the month and 7.35% for January-October.

p { margin-bottom: 0.08in; } The Japanese group Sparx has announced that it has completed the sale of its fund of hedge fund activities (about USD150m) to MCP Asset Management, a specialist in investment in funds of funds based in Hong Kong. The sale price has not been disclosed, but the sales agreement includes a distribution contract for MCP funds of funds from the Sparx group.

p { margin-bottom: 0.08in; } Frank Henze is joining State Street Global Advisors, the division of State Street Corporation specialised in asset management, in the newly-created position of head of ETFs for the Asia-Pacific region. He was previously global head of ETF development at HSBC. Before that, he spent five years at iShares in Europe, where he most recently served as head of product development for Europe. At SSgA, Henze will be based in Hong Kong and will be in charge of deploying an ETF development strategy in Asia, “which will aim as a top priority to add to the range of SPDR® funds from SSgA and increase visibility on the Asia-Pacific market,” a statement says. He will report to Bernard Reilly, head of SsgA’s activities in Asia-Pacific, and James Ross, global head of ETFs at State Street Global Advisors. SSgA currently has 12 ETFs listed in Asia, in Hong Kong, Australia, Japan, and Singapore.

p { margin-bottom: 0.08in; } With the “Tarjeta de Autor” card which is a part of the loyalty program set up by La Caixa Banca Privada, high net worth private clients of La Caixa will be able to get a 15% reduction on any purchase from any Spanish fashion designer affiliated with the Asociación Creadores de Moda de España (ACME), Cinco Días reports.These discounts will be valid in exclusive shops and boutiques for custom clothing and even wedding dresses. Signatories of the agreement on the ACME side include Ailanto, Alma Aguilar, Amaya Arzuaga, Ana Locking, Ángel Schlesser, Antonio Alvarado, Custo Barcelona, Davidelfín, Devota & Lomba, Duyos, Francis Montesinos, Hanníbal Laguna, Javier Larrainzar, Jesús del Pozo, Juanjo Oliva, Lemoniez, Lydia Delgado, Miguel Palacio, Pedro del Hierro, Roberto Torretta, Roberto Verino and Victorio & Lucchino.The agreement between La Caixa and ACME also has an ethical dimension, as in cooperation with the Fondation de La Caixa, training sessions will be financed for people at risk of social exclusion, selected by the designers and members of the ACME.

p { margin-bottom: 0.08in; } Invesco PowerShares announced on Tuesday, 7 December, that it is planning to extend its range of ETFs in Europe with the development of expertise in the area of swaps. These will allow the management firm to reproduce indices which cannot be replicated with the usual physical replication methods. As a part of this project, two physical replication ETFs based on emerging markets will be converted into synthetic replication ETFs: PowerShares Middle East North Africa NASDAQ OMX Fund (listed in France and Italy) PowerShares FTSE RAFI Emerging Markets Fund (listed in Italy, France, Germany, and Switzerland). From 5 January 2011, the two ETFs will be in a position to use derivative instruments, and will reproduce the total returns of the benchmark index solely through derivatives, which means by using over-the-counter swaps rather than directly acquiring the shares in the index, a statement says. The modifications will generate cost savings and improve the replication of the indices. As derivative instruments guarantee a total return equivalent to that of their benchmark index, the synthetic replication funds will be in a better position to post returns similar to their indices. The maximal annual management commission for each synthetic replication fund will be reduced, from 0.955 to 0.75% for the PowerShares Middle East North Africa NASDAQ OMX Fund, and from 0.85% to 0.65% for the PowerShares FTSE RAFI Emerging Markets Fund.

p { margin-bottom: 0.08in; } In November, funds on sale in Italy saw net outflows of EUR2.6bn, driven by outflows from money market funds (-EUR1.9bn), Il Sole – 24 Ore reports. Since the beginning of the year, Italian funds saw outflows of EUR21bn. As of the end of November, the Italian fund industry managed a total of EUR4551bn. Down 0.7% compared with the previous month.

p { margin-bottom: 0.08in; } Investment Week reports that Chris Bowie, head of the British credit management firm Ignis, has announced that the firm has reduced its exposure to Santander by GBP200m due to concerns related to the potenial impact of the government debt crisis on the Spanish banking group. Ignis now has an exposure to Santander of under GBP50m, out of total exposure to Spain of GBP135m. Out of a portfolio of nearly GBP15bn, Ignis’ exposure to Ireland is GBP100m, while exposure to Portugal is only GBP10m.

p { margin-bottom: 0.08in; } The management firm Pimco (Allianz Global Investors) has announced that it has signed the new British code of conduct known as the Stewardship Code. In a statement, Pimco explains its way of deploying the various principles of the British code. On the controversial subject of engagement, Pimco also states that as a long-term investor, it engages actively with the firms in which it holds stakes on behalf of its clients. “Our analysts and portfolio managers consider the financial implications of risks related to corporate governance as an integral part of the fundamental research process,” Pimco says.

p { margin-bottom: 0.08in; } The index provider FTSE and the emerging markets specialist EPFR Global on 7 December announced the launch of a new index dedicated to emerging markets, the FTSE EPFR EM Fund Flows Index.The index aims to take into account, in addition to a weighted index of market capitalisations, capital movements in funds covering emerging stock markets. “Emerging markets represent an increasingly large proportion of the portfolios of investors, and the new FTSE-EPFR index aims to improve country allocations within emerging markets equities portfolios,” a statement says.

p { margin-bottom: 0.08in; } On 7 December, HSBC Global Asset Management announced that as of the end of September, it has assets of USD103bn in emerging markets, which at the time represented about one quarter of total assets under mangaement of USD444.6bn.The asset management firm says that these USD103bn correspond to investments in the countries which make up the MSCI Global Emerging Markets index. Including funds invested in fast-growing markets such as Hong Kong and Singapore, assets under management would total USD135bn as of the end of September 2010.

p { margin-bottom: 0.08in; } The Lyxor Hedge Fund Index lost 0.78% in November. Year to date, the index shows returns of +3.49% (as of 30 November).For the month, the alternative strategies which performed the best were: Lyxor Distressed Securities Index (+1.17%), Lyxor Fixed Income Arbitrage Index (+0.78%), and L/S Equity Long Bias Index (+0.45%).

ETF Securities on Tuesday said a collection of exchange-traded commodity funds focused on copper, nickel and tin has been approved for trading on the London Stock Exchange, according to The Wall Street Journal. They are expected to commence trading on Friday.As a consequence, copper rose to a two-and-half-year high.

p { margin-bottom: 0.08in; } Since 3 December, the management of the Index Tracker fund from M&G Investments has been provided by Nigel Booth, head of index funds, who manages 20 tracker funds. The fund, which has GBP380.7m in assets, charges 0.3%, and tracks the FTSE All-Share index, was previously managed by State Street Global Advisors (SSgA).

La société suisse Unigestion a annoncé le 7 décembre un renforcement de son équipe de direction avec la nomination, au 1er janvier 2011, de Fiona Frick au poste de directeur général.Dans ses nouvelles responsabilités, Fiona Frick veillera à l’excellence des performances et des services assurés aux clients d’Unigestion. Dans cette nouvelle organisation, Régis Martin, actuel Directeur Financier (Chief Financial Officer), assumera la responsabilité additionnelle de directeur général délégué. Fiona Frick et Régis Martin seront appuyés par un Comité Exécutif, composé de cinq Managing Directors, responsable de la gestion opérationnelle d’Unigestion. Alexei Jourovski, actuellement adjoint de Fiona Frick, prendra sa succession en qualité de responsable actions. Il sera ainsi à la tête des 19 professionnels confirmés de l’équipe Minimum Variance, qu’il a rejointe il y a plus de dix ans.La stratégie Minimum Variance est une stratégie de gestion actions qui assure des rendements à long terme supérieurs au marché, tout en réduisant la volatilité. Fiona Frick restera fortement impliquée dans les développements de la stratégie Minimum Variance, en qualité de Présidente du Comité de Recherche et d’Investissement Minimum Variance, nouvellement créé. Actuel Directeur Général d’Unigestion, Patrick Fenal est appelé aux fonctions de Vice-Président du Conseil d’Administration. Aux côtés de Bernard Sabrier, Président, il se consacrera au développement stratégique de la société. Tous deux conservent leurs rôles dans les comités d’investissement Hedge Funds et Private Equity d’Unigestion.

p { margin-bottom: 0.08in; } By agreeing to reimburse victims of the Madoff fraud to the tune of up to USD500m (Newsmangers of 7 December), the Geneva-based bank Union Bancaire Privée (UBP), whose clients were the hardest hit by the fraud perpetrated by financier Bernard Madoff, was seeking to avoid a long legal battle. “We wanted to preserve the interests and the private sphere of our clients and avoid a lnog legal battle,” CEO Guy de Picciotto says in an interview with Finanz und Wirtschaft, published on 8 December. The bank may now concentrate exclusively on the future of its business, the CEO says. However, he had no comment on the potential damage to the brand, nor on losses caused to clients by the Madoff scandal. The total amount of the reimbursements will be based on reserves, the CEO says. The agreement with the bankruptcy trustee noes not endanger the stability of the bank in any way. Owners’ equity ratios remain very high, at over 20%.

p { margin-bottom: 0.08in; } From 1 January, Fiona Frick has been appointed chief executive officer of Unigesion. Frick, previously head of equities at the Geneva-based asset management firm, succeeds Patrick Fenal, who becomes vice-chairman of the board of directors. “Alongside Bernard Sabrier, chairman, he will dedicate himself to the strategic development of the firm. Both will retain their roles on the Hedge Funds and Private Equity investment boards at Unigestion,” says a statement from the Swiss firm, which manages EUR8bn.Meanwhile, in this new organisation, Régis Martin, currently chief financial officer, will assume the additional responsibilities of deputy CEO. Frick and Martin will be supported by an executive board, composed of five managing directors, in charge of operational management of Unigestion.Alexei Jourovski, currently assistant to Frick, will succeed her as head of equities. He will oversee 19 professionals in the Minimum Variance team, which he joined more than 10 years ago. Frick will continue to be “highly involved” in the development of Minimum Variance strategy, as chair of the newly-created Minimum Variance research and investment committee.

p { margin-bottom: 0.08in; } The Swiss management firm Unigestion announced on 7 December that it is adding to its management team with the appointment of Fiona Frick as CEO from 1 January 2011. In her new responsibilities, Frick will ensure the excellence of performance and services provided to Unigestion clients. In this new organisation, Régis Martin, currently Chief Financial Officer, will assume the additional responsibility of deputy CEO. Frick and Martin will be supported by an executive board, composed of five managing directors, in charge of the operational management of Unigestion. Alexei Jourovski, currently assistant to Frick, will succeed her as head of equities. He will oversee 19 professionals in the Minimum Variance team, which he joined over 10 years ago. The Minimum Variance strategy is an equities management strategy which ensures long-term returns higher than the market, while reducing volatility. Frick will remain highly involved in the development of Minimum Variance strategy, as chair of the newly-created Minimum Variance research and investment committee. The current CEO of Unigestion, Patrick Fenal, becomes vice-chairman of the board of directors. Alongside Bernard Sabrier, chairman, he will dedicate himself to the strategic development of the firm. Both will retain their roles on the Hedge Funds and Private Equity investment committees at Unigestion.

It has been a very good year for ING IM France. Net inflows at the firm, which nearly a year ago became the French arm of ING IM Europe, in the first 11 months of the year totalled about EUR350m, the director of ING IM France, Thierry Rigoulet, told Newsmanagers on 7 December. Assets under management, which as of the end of 2008 had fallen to EUR1bn, now total EUR2.7bn.The current environment is not the most promising ever, says Rigoulet. “We are in an arbitrage and replacement market, rather than an equipment market,” he says. However, the flagship funds from ING IM have still managed to make a large contribution to performance.The high dividend US equities strategy has attracted net inflows of EUR110m in France, out of total net inflows of EUR200m. With the help of positive market effects, assets in the fund have increased from EUR250m at the end of 2009 to EUR500m as of the end of November.A similar trend may be observed for emerging markets fixed income, for funds in local currencies (about EUR1bn) and hard currency (also about EUR1bn). Net inflows in France totalled over EUR200m, of which EUR150m went to funds in local currencies, and EUR70m to other funds.Rigoulet is not planning to let up when things are going so well. The objective is to increase total assets under management to EUR5bn in the next three years. With this in mind, several mandates are in the gestation phase, particularly for high yield strategies. “There are also a lot of businesses which are planning to outsource the managemement of their social liabilities,” says Rigoulet, who with the extension of the range and calls for proposals, foresees sustained activity in the early months of 2011.

p { margin-bottom: 0.08in; } Edmond de Rothschild Asset Management (EDRAM) on 7 December announced that it has recruited Benjamin Durand to its sales team. Durand will be in charge of independent financial advisers, particularly in Paris and the west of France. His arrival is a part of EDRAM’s strategy to strengthen its presence in the IFA market.Durand, 29, previously worked at Gaspal Gestion (Groupe Quilvest Private Bank) in Paris, as head of sales.

p { margin-bottom: 0.08in; } Agefi reports that the fourth-largest US bank by asset volume, Wells Fargo, is seeking to develop its wealth management activities. This activity is “under-optimised,” says the CEO of the bank, John Stumpf. As of the end of September, Wells Fargo was the third-largest US wealth manager, with USD1.1trn in assets under management for private clients.

p { margin-bottom: 0.08in; } From 7 December, two Luxembourg-registered ETFs from ComStage (Commerzbank group) based on the Portuguese PSI equities index (Euronext Lisbon) were admitted to trading on the XTF segment of the Xetra electronic trading platform (Deutsche Börse). They are the ComStage ETF PSI 20 and ComStage ETF PSI 20 Leverage.The two new products bring the number of ETFs listed on XTF to 759.CharacteristicsName: ComStage ETF PSI 20ISIN code: LU0444605215TER: 0.50%Name: ComStage ETF PSI 20 LeverageISIN code: LU0444605306TER: 0.60%