On Wednesday, NYSE Euronext announced that it has admitted the HSBC MSCI JAPAN ETF, from HSBC ETFs, to trading. The Irish-registered product (IE00B5VX7566) charges 0.40% fees, and replicates the MSCI Japan index. The addition brings the number of ETFs listed on the specialised segment of NYSE Euronext to 486, as the new fund becomes the 37th ETF to be added to the listings since the beginning of this year.

According to a study by the British responsible investment research agency Eiris (Eiris Country Sustainability Profiles 2010), China, Egypt and Vietnam receive the worst scores in terms of respect for ESG criteria among emerging countries. However, South Korea, Brazil and Mexico are at the top of the list of countries which take ESG criteria into account.

At the end of 2009, there were 270 real estate funds in Italy, compared with 29 in 2004, with assets of EUR40.6bn, Il Sole – 24 Ore reports, citing a study by Scenari Immobiliari (“I fondi immobiliari in Italia e all’estero”). This makes the industry in Italy the third-largest in Europe, after Germany and the Netherlands. Scenari Immobiliari estimates that in 10 years, the Italian real estate fund industry will be the largest in Europe by volume, but that it will have different characteristics. Consolidation is expected in this sector.

The Swedish asset management firm East Capital, a specialist in Eastern Europe markets, has concluded its acquisition of Asia Growth Investors, after being granted permission by the Swedish financial market authority. It now controls 100% of the management firm, which is also based in Stockholm, and which is focused on China. The acquisition will allow East Capital to extend its investment horizons, while remaining focused on emerging markets, and to add the EUR240m managed by AGI to its own EUR2.4bn in assets. As a part of the operation, Karine Hirn, a partner at East Capital, will move to Shanghai. She will aim to study the Chinese market, and eventually to strengthen AGI’s management teams. East Capital has also announced the appointment of Johan Björkstén as an advisor and member of the board of directors at AGI. Björkstén is the founder of Eastwei Relations, one of the largest communications agencies in China, which has more than 100 employees in four Chinese cities, and a client base composed of multinationals such as IKEA and Sony.

Funds People reports that the Global ETF Fund, which is in the process of being licensed in Luxembourg, will be the first Spanish ETF fund of funds to cover money markets, corporate bonds, government bonds, inflation-linked bonds, equities, REITs, private equity, hedge funds and commodities, with forex risks hedged via derivatives. The new product from Triple A Investment Advisors, led by David Gonzalvo, will be managed by Adepa. The objective is absolute returns over 3 to 5 years, with returns 500 basis points higher than the Euribor 1-month, annualised volatility of 7%, and monthly liquidity. Minimal subscription will be EUR5,000, and the management commission will be 1.5% for retail investors, and 0.75% for institutionals. A performance commission of 10% will also be charged on performance exceeding the Euribor 1 month.

On 11 June, the CNMV registered three French funds of funds from Edmond de Rothschild Investment Managers, who have already registered the Multigest Select Alpha in Spain (see Newsmanagers of 14 May). Now it is the turn of the Multigest Rendement, Multigest Réactif Monde and Multigest Patrimoine funds, which will be sold by Banco Inversis, CM Capital Markets Bolsa, and Tressis.

According to a survey conducted by Fidelity Investments between 10 and 17 March of 350 investors and 217 financial advisors, investors have stood by their financial advisers and brokers since the low point in March 2009, as one investor out of five says that relations have significantly improved since then. The survey also finds that 70% of advisers estimate that relations with clients have improved in the past 12 months, compared with 38% in 2009. Advisors also say that the two major drivers of change in the next twelve months will be increased taxes and new regulations. The survey also finds that if there should be another financial crisis, more than one third of investors hope that their advisor will help them to make money, while 55% are expecting their adviser to help limit losses. For their part, 69% of advisers estimate that the priority of the client will be to limit losses, while only 24% see their mission as to improve profits.

Russell Investments has announced a series of recruitments to add to the alternative management firm’s firepower. Samantha Steele will join the Syney office as a senior analyst specialised in real estate and private equity in Asia. She previously worked at KBC Asset Management. In Europe, Tom Richardson, previously of Cushman & Wakefield, has been recruited as a real estate analyst, and will focus on the valuation of European real estate funds. Russell has also recruited three alternative specialists who will be based in North America: Cameron McVie, previously of BlackRock Alternative Advisors, is appointed as a senior research analyst, and will focus on hedge funds. Also from BlackRock Alternative Advisors, Brett Deits will focus primarily on funds of funds, while Wade Millen, previously of Wurts & Associates, will concentrate on funds of hedge funds.

The board of trustees of the Californian pension fund CalPERS has announced the appointment of Alan W. Milligan as chief actuary. Milligan, previously deputy chief actuary at CalPERS, succeeds Ron Steeling, who retired in March of this year.

Veronica Vieira, who previously worked at Berenberg, has joined Syz & Co in sales for the French market. She will work with Axel Plichon, who is also “sales France.” Though they will focus on the French market, both will be based in Geneva.

Baring Asset Management (Barings) has announced the appointment of Naoki Toyoda as head of distribution for mutual funds and client services in Japan. Toyoda was previously at Aberdeen Asset Management in Japan, where he was a senior manager for development of activities.

Isaac Volin, le nouveau country head de BlackRock pour le Mexique, a estimé que les actifs gérés dans ce pays devraient pouvoir doubler par rapport aux 13 milliards de dollars actuels sous trois ans grâce à la demande d’ETF émanant des investisseurs étrangers et institutionnels, rapporte The Wall Street Journal. Le principal produit de BlackRock au Mexique est la gamme des ETF d’iShares, dont 133 sont accessibles par la Bourse de Mexico. Douze sont cotés directement sur place, dont six fonds d’actions mexicaines et six d’obligations d’Etat et d’obligations d’entreprises locales. Le iShares Naftrac ETF réplique l’indice principal IPC (actions) et constitue un support d’investissement majeur pour les fonds de pension locaux.

Lombard Odier on 17 June announced the arrival of Gergor Macintosh in its bond department. Macintosh is appointed head of fixed income, and will be based in Geneva. He will report to Stéphane Monier, head of the bonds and currencies division, a statement from the firm says. Macintosh had previously been head of interest rates at Standard Life Investments. Sandro Croce will take over as head of the client portfolio management team. Croce, a member of the bond department at Lombard Odier since 2004, previously served as head of interest rates in the specialised portfolio management department for institutional mandates. He will also be based in Geneva.

BlackRock aims to double its $13 billion portfolio in Mexico within the next three years on the back of demand by institutional and foreign investors for exchange-traded funds, Isaac Volin, who became BlackRock’s Mexico country head earlier this month, said in an interview. The main business of in Mexico is the iShares family of ETFs. BlackRock.

Investment Week reports that Premier has transferred management of its Alpha Growth fund (GBP23m) from Bill Mott to the former Gartmore manager Simon King. King joined Pioneer in April of this year to manage the UK thematic and UK Smaller Companies funds, which were previously managed by Mike Jennings and Chris Wright.

Liontrust has decided to reduce its dividends, following the announcement of pre-tax profits of GBP796,000 for the year to the end of March, compared with GBP14.3m previously. Dividends are set at 2.5 pence per share, compared with 10 pence the previous year. Assets under management at Liontrust most recently totalled GBP1.06bn, compared with GBP1.15bn as of the end of March.

Jupiter Asset Management has announced that the share price for its initial public offering has been set at 165 pence per share, which is at the bottom end of the initial price range set at 150 to 210 pence per share. The top directors of Jupiter, Tony Nutt, Philip Gibbs, Edward Bonham and John Chatfield-Roberts, will control 14% of capital after the offering, which is equivalent to GBP105m at current valuations.

The administration services provider BNY Mellon Asset Servicing has been selected by the Norwegian bank guarantee fund to provide international custody services for a portfolio of about EUR3bn.

Mandarine Gestion has announced that it has released Mandarine Unique, a sub-fund of its Luxembourg Sicav Mandarine Funds, launched three months ago, for sale in France. The sub-fund, composed of European small and midcaps, and managed by Joëlle Morlet-Selmer and Diane Bruno, is a thematic fund. The two managers focus on businesses which offer “unique stories” of growth, out of a universe of large caps, totalling between EUR300m and EUR5bn. The “unique” businesses are defined by an original business model which has no comparable equivalent traded in Europe, and are often leaders in their sector, with an overall market share of over 25%, or may have developed a technology which is liable to create or change a market, a statement from the firm says. Out of an investment universe of over 300 unique stories, the managers undertake a qualitative and bottom-up screening process. The fund is composed of 40 to 50 firms, with a particular emphasis on liquidity, due to the presence of small caps. Characteristics ISIN Code: LU0489687243 (R shares)/ LU0489687326 (I shares)Minimal initial subscription: 1 share (R shares)/ EUR500,000 (I shares)Front-end fee: Maximum 2% (R shares)/ Maximum 2% (I shares)Management fees (TTC) : 2.20% (R shares)/ 0.9 % (I shares)Minimal subsequent subscription: 1% of one share (R shares)/ D1% of one share (I shares)Initial net asset value: EUR500 (R shares)/ EUR5,000 (I shares)Decimalisation: yes, ten thousandths (part R)/ Yes, ten thousandths (I shares)Current capitalisation: EUR16m (seed money)

Putnam Investments has announced the launch of three US equity funds covering all cap sizes, which will be fully available by the end of September. The new Putnam Multi-Cap Value Fund will be the former Putnam Mid-Cap Value Fund; the change of name and strategy will take place on 1 September, to allow the fund to invest in all cap sizes. The fund will continue to be managed by James Polk, who has managed the portfolio since 2004. The Putnam Multi-Cap Core Fund is a new fund, which will be available from the end of September, pending approval from the SEC. The product will be managed by Gerard Sullivan, who already manages the Putnam Investors Fund, with a “core/blend” approach. Lastly, the Putnam Multi-Cap Growth Fund results from a transformation of the Putnam New Opportunities Fund. The change of name will come on 1 September. In addition, at the end of September, the product will absorb the current Putnam Vista Fund. It will be managed by Robert Brookby, who is also manager of the Putnam Growth Opportunities Fund.

The Belgian asset management firm Petercam will on 21 June launch the Petercam Bonds EUR Investment Grade, a sub-fund which will invest in Euro zone government bonds, to meet the requirements of clients and the limited prospects for exclusively investment grade investments. The new product will be an alternative to the Petercam Bond EUR, which will continue to invest in Euro zone issuers, regardless of their rating. The launch of the sub-fund comes following the degradation of the ratings of some Euro zone countries by several ratings agencies. After Greece was downgraded to junk bond status by S&P, and then by Moody’s, the management team at Petercam found itself facing a dilemma, between a desire to invest in countries with investment grade ratings, and the possibility of adopting a neutral position with relation to the benchmark index, the JPM EMU All Maturities, which has maintained Greece in the portfolio. “The rules of JPM do not stipulate and minimal rating condition, but define the investment universe in relation to liquidity criteria. Therefore, Greece has no reason to be leaving the index in the near future,” says Petercam. “Therefore, it was decided that the Petercam Bonds EUR Sicav will maintain its referent as the JPM EMU All Maturities, and will not invest in Euro zone government bonds denominated in Euros, regardless of the rating of issuing countries. The prospectus for the sub-fund has been modified to reflect this,” the Belgian management firm continues. The Petercam Bonds EUR Investment Grade will be invested in government and assimilated bonds denominated in Euros, whose issuers must be rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s, and BBB- by Fitch.

Burren Capital, the hedge fund manager set up by the former BNP Paribas trader Andrew McGrath, has raised more than USD500m for its first fund, says the Financial Times. Burren will manage clients’ money from Gibraltar. He will specialise in event-driven investing.

The five commissioners of the SEC on Wednesday unanimously passed a requirement for target-date funds to state as a tag line next to the fund’s name the percentage of assets which are expected to be allocated to each asset class at maturity, the Wall Street Journal reports. The changes, which will now be open for public comment before being introduced, would also require that marketing materials include complete statements of what types of assets the fund will invest in over its entire life. The documentation will be considered misleading if it uses any single factor, such as age or tax bracket, to determine if the investment is suitable for the investor.

Fitch Ratings says in a special report published on Wednesday that the Committee of European Securities Regulators’ (CESR) recently-published guidelines on pan-European money market funds (MMFs) offer greater clarity to investors and, in many respects, point to a global convergence of standards for short-term MMFs.Fitch’s report reviews the CESR guidelines for a harmonised European MMF definition in the context of other MMF standards, highlighting how these guidelines are a major step towards greater market transparency and clarity for the approximate EUR1.3trn European MMF universe. Fitch also believes that the guidelines address the two main issues raised by the current financial crisis for MMFs, namely asset maturity and liquidity, the latter being partially and indirectly tackled through restrictions on maturity. The guidelines, which crystallise a two-tier approach by creating two MMF categories, also confirm a global convergence of standards for short-term MMFs, as per the CESR’s first category."A trend towards global convergence of standards for short-term MMFs is more firmly emerging with this European framework, notably with respect to interest rate and spread risk exposure,» says Charlotte Quiniou, a Director in Fitch’s Fund and Asset Manager Rating group. «However, notable differences remain with respect to defining minimum standards for portfolio liquidity and credit risks for such funds.»

Apparently, the unanimous opposition of asset management firms to the proposed amendment to the regulations for open-ended real estate funds, which was published in early May, has been effective: the Börsen-Zeitung reports that the German federal finance ministry will soon unveil a new bill which will no longer mention the requirement that a 10% markdown be applied across the board to the expert valuations of properties in the portfolios of these funds. The publication of the bill in early May led to a freeze in redemptions from several funds, and to net outflows of EUR2bn. Meanwhile, in an interview with the newspaper, Thomas Neiße, the new president of the German BVI association of asset management firms, estimates that assets in the asset management sector in Germany may double, if investment funds are permitted as vehicles for corporate retirement savings.

The international website eFinancialCareers.fr, specialised in job offers in the banking, finance and insurance sectors, has sought to determine whether the Kerviel scandal has changed the way the financial sector works. According to an online survey between 2 and 15 June, nearly four out of ten respondents (39%) estimate that practices of traders at banks have not changed, while 28% think that strengthened controls will prevent cases of this type from ever happening again. Meanwhile, 20% are convinced that the case will lead to increased hiring in risk management and internal control, while 13% are resistant to the idea of an increase in supervision, and estimate that too much efforts in this area could damage the business world.

Mercredi, NYSE Euronext a annoncé avoir admis à la négociation le HSBC MSCI JAPAN ETF lancé» par HSBC ETFs. Il s’agit d’un produit de droit irlandais qui réplique l’indice MSCI Japon.Cela porte à 534 le nombre de cotations de 486 ETF sur le segment spécialisé de NYSE Euronext, où le nouveau fonds est le 37ème ETF à entrer dans la cote depuis le début de l’année.Caracétristiques :Code isin : IE00B5VX7566Frais de gestion annuels : 0,40 %

Le dernier Baromètre Utilisateurs BNP Paribas Real Estate-ESSEC portant sur les attentes des grandes entreprises en matière d’immobilier révèle que 73% des sondés se déclarent insatisfaits de leur situation immobilière. Le 1er motif d’insatisfaction est la surface occupée et le 2ème concerne le niveau du loyer, suivi en troisième position par la performance technique. Ces éléments, fortement corrélés, démontrent l’impact direct entre la surface occupée, le loyer et l’efficience générale de l’immeuble.En effet, les raisons qui motivent le sentiment général d’insatisfaction sont l’obsolescence et l’adaptation, ce qui pose selon BNP Paribas Real Estate, la question de l’adaptation du parc aux attentes des utilisateurs puisque 800 000 m² de bureaux sont disponibles à 1 an dans le neuf pour une surface totale de 1,8 million de m².Le baromètre relève que les problématiques liées au développement durable ne sont pas uniquement un sujet concernant les grandes entreprises. En effet, la thématique « verte » est désormais prise en compte par tous les utilisateurs, y compris les entreprises de moins de 1 000 salariés, ce qui marque une progression par rapport à 2009 : 55 % ont déjà pris en compte le Développement Durable et 17 % en font même leur priorité.Les occupants de bureaux HQE sont toutefois encore minoritaires : 13 % pour les entreprises de plus de 1 000 salariés disposent de locaux HQE contre seulement 3 % pour les moins de 1 000 salariés. Deux tiers des grands utilisateurs se projettent dans des bureaux HQE et considèrent dans leur grande majorité que les principaux bénéfices sont évidemment le respect de l’environnement. Ils n’en oublient pas pour autant l’impact sur leur image.

Mandarine Gestion a annoncé le début de la commercialisation en France de Mandarine Unique, un compartiment de la sicav luxembourgeoise Mandarine Funds lancé trois mois plus tôt. Composé de petites et moyennes capitalisations européennes, le compartiment géré par Joëlle Morlet – Selmer et Diane Bruno équivaut à un fonds à thème. Les deux gérantes s’intéressent aux entreprises offrant des «histoires uniques» de croissance sur un univers de capitalisations large - compris entre 300 millions d’euros et cinq milliards d’euros. Autrement dit, des sociétés «uniques» qui se définissent par un business model original sans comparable coté en Europe, qui sont souvent leader de leur secteur avec une part de marché mondiale supérieure à 25% ou qui ont développé une technologie de nature à créer/changer un marché, précise le communiqué de la société. Sur un univers d’investissement regroupant plus de 300 histoires uniques, les gérantes effectuent un processus de screening qualitatif et bottom-up. Le fonds se compose ainsi de 40 à 50 sociétés, avec un suivi particulier de la liquidité, en raison de la présence de petites valeurs. Interrogée par Newsmanagers, Joëlle Morlet-Selmer a rappelé la forte diversification du portefeuille, la plus forte pondération - de 2,5 % actuellement - ne pouvant jamais excéder 3 %-3,5 %. A ce propos, les deux principales lignes actuelles sont Zodiac et FLSmidth - une société internationale d’ingénierie fournissant des plantes d’une seule source, des systèmes et des services aux industries du ciment et des minéraux.A noter enfin que Mandarine Unique n’a - sauf coïncidence - aucun titre en commun avec le portefeuille de Mandarine Opportunités, un fonds «toutes capitalisations» que gère également également Joëlle Morlet-Selmer sur la France. Caractéristiques Code ISIN : LU0489687243 (part R) LU0489687326 (part I)Souscription initiale minimale : 1 part (part R) 500 000 euros (part I)Commission de souscription : Maximum 2% (part R) Maximum 2% (part I)Frais de gestion (TTC) : 2.20% (part R) 0.9 % (part I)Souscription ultérieure minimale : Dix millième de part (part R) Dix millième de part (part I)Valeur liquidative d’origine : 500 euros (part R) 5 000 euros (part I)Décimalisation : Oui dix millième Oui dix millième (part I)Capitalisation actuelle : 16 millions d’euros (seed money)

Lancé en novembre 2008 et bénéficiant de ce fait d’un timing presque idéal, le FCP de droit français Selective Recovery Europe, d’Edmond de Rothschild Asset Management (Edram) a atteint jusqu'à 150 millions d’euros d’encours fin décembre, et il est retombé transitoirement à 100 millions, à la fois en raison de l’effet de marché et des prises de bénéfices de souscripteurs satisfaits que le fonds ait généré une performance de 57 % au 15 juin, pour objectif initial de 50 % sur trois ans.A présent, les actifs sont remontés à 120 millions d’euros, mais sous un autre patronyme : le fonds a été rebaptisé Selective Europe, avec un changement de stratégie de gestion : le produit, géré par Philippe Lecoq et Olivier Huet, a quitté sa posture «deep value» qui se justifiait au moment du lancement initial -où la moitié des valeurs européennes se traitaient en dessous de leur valeur actif- pour chercher de la croissance «là où elle se trouve parmi les sous-jacents européens», explique Philippe Lecoq. Le fonds est commercialisé activement depuis lundi, les porteurs de la version Selective Recovery Europe ayant été avertis le 4 juin. Les codes ISIN (Part A : FR0010674929 et Part I : FR0010678409) demeurent inchangé. A présent que la «recovery s’est largement matérialisée», le portefeuille concentré de 30-50 lignes (48 à l’heure actuelle) sur un univers de 150-200 valeurs «éligibles», se focalise sur deux thèmes. L’un est structurel : il s’agit de choisir des titres de sociétés les plus exposées aux marchés en croissance ; l’autre est plus conjoncturel : Edram sélectionne en complément des valeurs exportatrices vers les pays émergents et qui sont susceptibles de surcroît de bénéficier d’un effet de change favorable. Le repositionnement de ce produit de «stock-pickers» n’a concerné en fin de compte qu’un tiers de titres d’un portefeuille désormais constitué à 80 % de grandes capitalisations contre 50 % dans l’ancienne formule. Les firmes françaises et allemandes représentent 50 % du fonds, lequel n’a aucune contrainte d’indice (la référence théorique est le MSCI Europe), et 80 % du fonds sont consacrés à la thématique marchés émergents. Le portefeuille n’a pas de valeurs des télécommunications, ni des services collectifs, ni de l’assurance et son exposition aux bancaires se limite à Standard Chartered et HSBC. En revanche, les gérants sont très présents sur les valeurs de la consommation, de l’agroalimentaire, du luxe et de la pharmacie ainsi que sur les titres des matières premières britanniques.