As of the end of April, total assets at Franklin Templeton Investments came to USD602.5bn, compared with USD586.8bn one month earlier, USD553.5bn as of the end of 2009, and USD421bn twelve months earlier. Of this total at the end of April, equities funds represented USD264.6bn, compared with USD255.8bn at the end of last year, and USD192bn as of 30 April 2009, while diversified funds accounted for USD109.4bn, compared with USD104bn as of 31 December and USD80.1bn twelve months previously. Bond assets totalled USD222.6bn, compared with USD187.6bn four months previously, and USD140.5bn as of 30 April last year.

BNP Paribas Investment Partners BNPP IP on Tuesday, 19 May announced the appointment of Michael Gordon as head of equities investments for the multi-specialist investment centre BNP Paribas Asset Management (BNPP AM). He will report to Christian Dargnat, head of the multi-specialist investment centre and CEO of BNPP AM, a statement from the bank says. Before joining BNP Paribas Investment Partners in London, Gbordon served as global head of institutional investments at Fidelity Investments International.

BNY Mellon has announced the appointment of Lawrence Hughes as chief executive officer of BNY Mellon Wealth Management. Hughes will report to Robert Kelly, chairman and chief executive officer at BNY Mellon. Hughes, who has worked at BNY Mellon for nearly 20 years, replaces David Lamere, who has submitted his resignation.

On 19 May, Credit Suisse is launching an Irish-registered product on the SIX Swiss Exchange entitled CS ETF (IE) on S&P 500 – just two days after a similar product from HSBC was launched. The introduction of the product on the XTF segment of hte Xetra platform from Deutsche Börse is scheduled for 26 May. Credit Suisse is the leader for ETFs on the Swiss market, with assets of CHF11.2bn. In Europe, Credit Suisse ETFs have posted net subscriptions of CHF1.4bn since the beginning of the year (as of 7 May). Characteristics Name: CS ETF (IE) on S&P 500 ISIN: IE00B5BMR087 Management commission: 0.09%

State Street Global Advisors (SsgA) on Tuesday, 18 May announced the recruitment of Lynn Blake as head of the index-based equities management unit. She succeeds Paul Brakke, who will retire on 31 December 2010, and will report to Rick Lacaille, global director of equities management, according to a statement. Blake, 45, joined SSgA in 1987, and has served in several management positions. Most recently, she has held the position of head of the structured products group for non-US markets. She has also been manager of several non-US index-based equities management portfolios.

L’Echo reports that the popularity of high yield corporate bonds is such that BlackRock, the largest fixed income asset management firm in the world, has created an affiliate which will allow its managers direct access at lower cost to net issues of corporate bonds. Last year, the firm bought and sold over USD3.4trn in corporate bonds on behalf of its clients.

Agefi reports that Pierre Cailleteau, director of the sovereign risk group at the ratings agency Moody’s, is leaving his job. The firm states that he is leaving of his own accord, but does not give reasons for the choice.

The Frankfurter Allgemeine Zeitung reports that Barbara Knoflach, CEO of SEB Asset Management, representing real estate fund management firms at the German BVI association of management firms, has suggested that funds should be allowed to operate according to different general conditions corresponding to three categories of clients: professionals, semi-professionals, and retail clients. Matthias Danne, CEO for real estate funds at DekaBank, does not completely reject the government’s proposal to introduce a minimum investment duration period, but he says that in this case, a withdrawal fee should be levied on retail clients. Management firms are seeking to retain daily liquidity for real estate funds at any price, and unanimously oppose government plans to impose an across-the-board 10% reduction to the declared value of assets in their portfolios.

A team of credit managers from Lombard Odier Darier Hentsch (LODH) are leaving the firm to join Dutch fixed income boutique IMC asset management, says Citywire. They include Rodrigo Araya, Oscar Jansen, Robert Manning and Henk Wiersman.

Investment Week reports that Vanguard is planning to introduce float-adjusted benchmarks for nine of its bond index funds (Global Bond Index; U.K. Government Bond Index Accumulation; U.K. Investment Grade Bond Index Accumulation; Euro Government Bond Index; Euro Investment Grade Bond Index; Japan Government Bond Index; U.S. Government Bond Index; U.S. Investment-Grade Credit Index, and U.S. Mortgage-Backed Securities Bond Index). The modifications will take effect from 30 June.

Many management firms appeal to their clients’ consciences by offering them ecological investments, yet BP shares continue to figure in the portfolios of many sustainable development funds, despite the Gulf of Mexico oil disaster, Handelsblatt reports, providing a list of 10 funds which remain invested in BP (3 from Dexia, one from GLG, one from Parvest, one from UBS, one from Pictet, one from SAM, one from MEAG, and one from Liga-Pax/Union). The paradox is explained on the one hand by the fact that portfolios have not yet been updated, and on the other by good rankings for BP in “best-in-class” analyses. Some funds are different, though. Swisscanto rejects shares related to the exploitation of unrenewable fossil fuels on principle, and the Natur-Aktien-Index committee has also excluded the entire fossil fuel sector. Though in practive BP uses the slogan “Beyond Petrol” in its publicity, the firm does earn most of its revenues from oil, which is fundamentally not sustainable.

Aside from dedicated short bias, which has lost 2.95%, the other 12 hedge fund strategies monitored by Edhec risk posted positive results in April, with the highest returns for distressed securities (2.49%) and convertible arbitrage (2.13%). Since the beginning of the year, dedicated short bias has also been the only strategy to post a loss (8.5%), while distressed has gained 8.3%. Since January 2001, no strategy shows losses, and the highest average annual returns have been for emerging markets (12.6%) and distressed securities (11.6%).

The Spanish affiliate of DWS Investments, DWS Investments (Spain) SGIIC, on 14 May registered the absolute return fund of funds DB Evolution One with the CNMV. The product aims for returns 200 basis points above the Eonia 1 month, while retaining a level of volatility lower than or equal to 10%. The recommended investment duration is three years. Minimal initial subscription is set at EUR6.01. Management commission is 1.5%, and depository banking commission is 0.1%. In normal market conditions, assets in the fund will be 30% to 75% invested in equities or equities funds, primarily large and midcaps. The fund is managed by DWS Spain, and was launched on 7 May.

Particularities of the French tax regime which began in 1992, with the introduction of the equities savings plan reserved for French-registered funds invested primarily in French equities, and were later extended in 2003 to equities of the European Commnity, has led Carmignac Gestion to offer a range of three funds invested in European equities. This range is perhaps slightly too large, according to directors of the asset management firm, who on 7 May obtained permission from the French regulatory authority, the Autorité des marchés financiers (AMF), to merge two of the three funds. The Carmignac Euro-Entrepreneurs fund will absorb the Carmignac Euro-Investissement fund. As regulations require, shareholders in the latter fund will have one month to approve the operation, which is slated for completion on 30 June. If they do not accept the merger, they will be permitted to redeem their investment free of charge. The Carmignac Euro-Entrepreneurs, the fund which will absorb its counterpart in the merger, is composed of equal parts small and midcaps, while the Carmignac Euro-Investissement fund, which will be absorbed, is an “all caps” fund, nearly half of whose portfolio consists of European large caps. At the conclusion of the operation, the Carmignac Grande Europe – a European mid- and large-cap fund, will exist alongside the new fund, which will be billed as a “small and midcaps” fund.

Agefi reports that Warren Buffett is tidying up the portfolio of its investment holding company Berkshire Hathaway. His stakes in health insurance and insurance companies have been reduced. Buffett is also reducing his stakes in large caps, such as the food supplier Kraft Foods, which is considering selling off its pizza division to Nestlé, in a deal which Buffett calls “idiotic.” Buffett has also reduced his positions in the oil group ConocoPhillips, and in the pharmaceutical and personal hygiene product group Johnson&Johnson. The multiple sales of assets may go to finance large-scale deals. Buffett is planning trips to India and Japan next year in search of opportunities, the newspaper states.

The UK fund manager Jupiter (GBP19.5bn in assets) on Tuesday confirmed that it is planning an initial public offering in London by the end of June. The deal will involve an issue of new shares totalling GBP220m, and sales of shares by some shareholders, while employees of Jupiter and TA Associates will retain a significant percentage of capital in the firm after the IPO. Jupiter is planning to use the proceeds of the share issue to buy back subordinated debt, reduce its bank debts and pay off the costs of the offering. The asset management firm also states that the IPO is a significant step in its development, and will strengthen its capacity to attract and retain talented managers.

Schroder Income A-rated duo Ian Lance and Nick Purves are set to leave the group, Citywire understands. The pair will be joining boutique RWC Partners. They will be replaced by Nick Kirrage and Kevin Murphy.

Standard & Poor’s on May 18th announced that the «BBB+/A-2» ratings of Man Group have been put under rating watch negative (RWN) after the announcement of the purchase of GLG Partners. The ratings agency suspects the deal might lessen the British group’s liquidty whilst uncertainties remain on GLG Partners’ contribution to the group in terms of activity and cash flow.

Citi Capital Advisors has appointed Mahmood Noorani as portfolio manager in its global macro strategies management team, which provides investment management services for the CCA Global Macro Fund. Moorani has 20 years of experience, including five years at Blue Crest Management, and 4 years at Credit Suisse.

Société Générale Asset Management (SGAM) will transfer its 49% stake in the Chinese joint venture Fortune SGAM to Lyxor Asset Management, an affiliate of Société Générale Corporate and Investment Banking (SGCIB). The announcement was made Wednesday morning by Z-Ben Advisors, the consulting firm contracted jointly by Crédit Agricole Asset Management (CAAM) and SGAM to assist them with a non-compliance issue arising from the fact that the two firms are merging their European activities into Amundi Asset Management. The Chinese regulator CSRC limits the number of asset management affiliates any foreign firm may hold in China to one. CAAM and SGAM already had one local affiliate each (ABC-CA, a joint venture of CAAM with Agricultural Bank of China, and Fortune SGAM). Rather than liquidating one of its two affiliates, as BNP Paribas did with its excess participations, SGAM preferred to transfer Fortune SGAM to SG CIB. There may still be some questions about the interpretation of the rules, as Société Générale still indirectly controls 8.33% of ABC-CA via the 25% participation of SGAM in Amundi.

Jonathan Clark, an analyst at Optimal, the hedge fund management firm from Santander, pointed to several suspicious details in the functioning of the management firm controlled by Bernard Madoff as early as 2006, which led him to suspect that there could be fraud involved, according to an internal document supplied to the US authorities, Cotizalia reports, relaying El Confidencial. Despite the dangers, Optimal continued its dealings with Bernard Madoff, and did not share its concerns with clients.

Les Echos reports that European finance ministers yesterday reached agreement over the planned AIFM directive despite reservations on the part of the United Kingdom. But the deal is a far cry from the version voted on the day before by the economic and monetary affairs committee of the Parliament, as the two European legislative bodies diverge on whether countries outside the Union would be allowed European passports. Ministers and MEPs will need to find common ground with the commission, in order to achieve a single text before the end of the Spanish presidency of the Union on 30 June. The compromise, which will then need to pass a formal vote by the Council, could then be ratified by a plenary session of Parliament as soon as July.

At a time when Europe is confronting unprecedented turbulence, investors have sought refuge in US equities, according to the most recent edition of the BofA Merrill Lynch survey of 202 managers with USD530bn in assets, undertaken between 7 and 13 May. International investors, who retain their confidence in the US dollar, are preferring US equities. The percentage of investors who are overweight in global equities has fallen to a net total of 30%, compared with 52% in April, but the United States are now investors’ region of choice, as 66% predict that the US dollar will be the reserve currency most likely to gain the most value in the next few months. The difference between investors’ predictions of profit outlooks in Europe and the United States has reached a seven-year high. Investors’ concerns were not limited to Europe, but also applied to emerging markets. The number of investors predicting a rise in global growth in the next twelve months fell to 42%, compared with 61% in April. The same was true of profits, with only 47% of respondents predicting an improvement, compared with 67% the previous month. Expectations for emerging markets have fallen, but it is Europe most of all which investors are moving away from. 46% predict a depreciation of the Euro, twice as many as the previous month, and 30% are planning to go underweight in Europe, compared with 13% in April.

Cometa, the Italian pension fund for mechanics and machinists, with EUR5.2bn in assets, has selected the asset management firms which will be responsible for managing its assets for the next five years from July. According to reports in Il Sole – 24 Ore, CAAM, Halbis, State Street, Russell and UBS have been selected, while BNP Paribas, Duemme and Axa lost out. Eurizon is coming back and Allianz, Generali and Pioneer have been confirmed. The Italian newspaper reports that Generali and Eurizon will be responsible for money market management, while Allianz and CAAM have been awarded active equities and bond management, with capital protection. The other firms received passive mandates, while Russell will handle currency risks.

La Tribune reports that AXA APH may withdraw its support for a takeover bid for the National Bank of Australia for USD11.59bn at the end of this month, if the conditions of the deal do not satisfy the Australian antitrust authorities.

Selon Les Echos, René Carron tient ce matin sa dernière assemblée générale en tant que président de la structure cotée de la Banque verte. Comme le veut la tradition, c’est Jean-Marie Sander, l’actuel président de la Fédération nationale du Crédit Agricole (FNCA), qui va prendre sa suite après le vote du nouveau conseil d’administration.

Un an après l’annonce de la fusion entre UFG et La Française des Placements, le nouveau groupe UFG-LFP est déjà en ordre de marche, ont assuré ses dirigeants lors d’une conférence consacrée au bilan du rapprochement. «Nous avons privilégié la vitesse à l’excès de réflexion», a justifié Patrick Rivière, directeur général d’UFG-LFP. Pour preuve, la société multiplie les projets. Parmi eux figure le développement à l’international. Pour commencer, elle a choisi de cibler les pays affichant une proximité culturelle en matière d'épargne avec la France, soit l’Espagne, l’Italie et le Bénélux. Une dizaine de personnes sont en charge de ce développement international, dont un commercial espagnol et un Italien. Lorsque ces deux derniers auront chacun levé 150 millions d’euros, UFG-LFP envisagera l’ouverture de bureaux dans les pays concernés. Outre ces commerciaux, UFG-LFP s’appuie sur une société de gestion luxembourgeoise, rachetée au groupe CMNE, et qui a été baptisée UFG-LFP International. La société dispose aussi d’une Sicav luxembourgeoise. Néanmoins, aujourd’hui, l’international représente encore une part négligeable des encours d’UFG-LFP, qui se montent à 33,5 milliards d’euros à fin avril, après des souscriptions nettes de 1 milliard d’euros depuis le début de l’année. L’autre axe de développement d’UFG-LFP est la gestion privée, qui représente aujourd’hui 600 millions d’euros après le regroupement des 300 millions gérés à Paris et des 300 millions gérés au Luxembourg via une banque privée acquise également dans le cadre de CMNE. La société de gestion envisage de renforcer ce pôle, éventuellement par le biais d’un partenariat ou d’un rapprochement. Parmi les quelques chantiers qui restent néanmoins encore en cours dans le cadre du rapprochement, Patrick Rivière a évoqué la fusion des gammes de gestion d’actifs d’UFG et LFP, qui devrait être achevée fin juin. «Nous allons réduire le nombre de fonds de 20 % et aboutir à environ 80 fonds», a-t-il précisé. Par ailleurs, d’un point de vue capitalistique, les anciens salariés d’UFG sont appelés à entrer au capital d’UFG-LFP via un PEE, ce qui devrait porter à terme la part des dirigeants, salariés et investisseurs institutionnels dans le groupe à environ 30 %.

Barclays a annoncé le 18 mai l’arrivée de Tony Blanco, 44 ans, au sein de Barclays Bank France en qualité de directeur général adjoint, directeur de la clientèle privée et membre du comité exécutif. Il est directement rattaché à Pascal Roché, directeur général de Barclays Bank France, country manager et responsable Europe de la clientèle Barclays Premier. Tony Blanco travaillait précédemment chez McKinsey dans le secteur des services fina nciers en France.Guillaume Touze, 39 ans, précédemment directeur de la clientèle privée, prend en charge la responsabilité nouvellement créée de directeur du métier d’Investissements pour l’Europe de l’Ouest. Il coordonnera dans ce cadre l’ensemble de l’offre en produits d’investissements destinée à la clientèle de particuliers. Il sera basé à Londres et continuera à rendre compte à Pascal Roché dans le cadre de ses responsabilités européennes.

Les spécificités fiscales du plan d'épargne en actions apparu en 1992 et d’abord réservé aux fonds de droit français essentiellement investis en actions françaises, avant de s’ouvrir, en 2003, aux titres de la Communauté européenne, ont conduit Carmignac Gestion à disposer d’une offre de trois fonds actions investis sur le vieux Continent. Une gamme un peu trop étendue, selon les responsables de la société de gestion qui a obtenu le 7 mai dernier de l’Autorité des marchés financiers (AMF) la possibilité de procéder à la fusion de deux des trois fonds en question. Concrètement, le fonds Carmignac Euro-Entrepreneurs va absorber le fonds Carmignac Euro-Investissement. Comme le prévoit la réglementation, les porteurs de parts de ce dernier fonds auront un mois pour accepter l’opération sachant que celle-ci sera achevée le 30 juin prochain. Dans le cas contraire, ils pourront toujours retrouver leur investissement sans frais.A priori, la question de récupérer ou non sa mise peut se poser dans la mesure où Carmignac Euro-Entrepreneurs – l’absorbant – est composé pour deux parts égales de petites et moyennes capitalisations tandis que Carmignac Euro-Investissement – l’absorbé – est classé «toutes capitalisations» et comprend, pour près de la moitié du portefeuille, des grandes valeurs européennes. La différence de nature des deux fonds est donc nette mais la société de gestion trouve logique de faire désormais cohabiter Carmignac Grande Europe – un fonds moyennes et grandes valeurs européennes - avec un fonds classé «petites et moyennes capitalisations». Quant à la raison pour laquelle les dirigeants de Carmignac Gestion n’ont pas réuni Grande Europe et Euro-Investissement, elle est d’ordre juridique. Le premier fonds est de droit luxembourgeois tandis que le second est de droit français, rendant de fait impossible pour le moment leur fusion. «Cela dit», objecte Eric Le Coz, directeur du développement, «nous sommes convaincus que les détenteurs de parts de Carmignac Euro-Entrepreneurs nous suivront. Tout d’abord l'équipe de gestion ne change pas. David Loggia qui gère Euro-Investissement et Jordan Cvetanovski, Euro-Entrepreneurs, co-gèrent Grande Europe. En outre, les deux fonds affichent sur les douze derniers mois une volatilité comparable – de 11 pour l’absorbé contre 11,5 pour l’absorbant tandis que leurs indices de référence respectifs s’affichent à 17 et 16". Sur trois ans en revanche, l'écart est plus important – 16,5 pour l’absorbé contre 22,5 pour l’absorbant. Reste que leurs portefeuilles respectifs dont les encours sont comparables – 180 millions d’euros – affichent 20 % de titres en commun. Leurs performances en revanche sont sensiblement différentes. Du moins sur cinq ans. Et cette fois, c’est l’absorbé qui est en retrait avec un gain de 12,5 % contre 29 % pour l’absorbant…

Selon Les Echos, le Crédit Mutuel de Bretagne entre au capital de Tikehau Investment Management, la boutique de gestion indépendante française spécialisée sur la dette, qui gère 370 millions d’euros d’actifs. La banque dispose d’une option pour monter à 34 % capital. Cette arrivée «va nous permettre d’accélérer notre développement sur le segment des investisseurs institutionnels, sur lequel nous sommes encore peu présents, notre clientèle étant aujourd’hui majoritairement composée de «family offices» et grandes fortunes. Cette opération va nous permettre de mieux comprendre et cerner les besoins des institutionnels français», souligne Antoine Flamarion, président du conseil de surveillance de Tikehau Investment Management. Crédit Mutuel Arkea comptait déjà parmi les actionnaires historiques de Tikehau Capital Partners, le holding, dont il détient 2,9 % du capital.