Le spécialiste de la gestion actions long/short David Tovey a été nommé cogérant principal du fonds European Absolute Return de BlackRock après la décision de Vincent Devlin d’arrêter la gestion active de cette stratégie, rapporte le site spécialisé Citywire. Ce dernier indique que David Tovey est le meilleur gérant de sa catégorie sur trois ans dans le segment Citywire Alternative Ucits - Long/Short Equity. Il travaillera aux côtés de Stefan Gries pour gérer le fonds de performance absolue dont les actifs sous gestion dépassent le milliard d’euros.

Le gestionnaire d’actifs américain Neuberger Berman a annoncé, ce 27 juin, la signature d’un accord de partenariat avec Becon Investment Management, un distributeur tiers indépendant dédié aux marchés d’Amérique latine. Sa gamme de fonds Ucits sera désormais disponible auprès des banques privées, des gestionnaires de fortune et des multi family offices de la région. « De plus en plus de clients et d’intermédiaires financiers d’Amérique latine auront désormais un meilleur accès aux stratégies d’investissement de Neuberger Berman», a commenté Maximiliano Rohm, responsable du développement pour l’Amérique latine chez Neuberger Berman en Argentine.

A l’occasion de sa première conférence annuelle, qui s’est tenue ce 27 juin, la société de gestion espagnole Cobas AM, dirigée par Francisco Garcia Parames, a annoncé le lancement prochain d’un hedge fund concentré sur 20 valeurs, rapporte le site spécialisé Funds People. Le nom de ces valeurs n’a pas toutefois pas été dévoilé ni la date de lancement de ce fonds. En parallèle, Cobas AM a également annoncé l’enregistrement à venir d’une sicav espagnole, sans donner plus de détails sur le calendrier. D’autres projets sont toutefois plus avancés. Ainsi, la société de gestion va lancer ses fonds de pension dans la première quinzaine du mois de juillet. En outre, elle enregistrera en Espagne sa sicav de droit luxembourgeois avant le mois d’août.Enfin, Francisco Garcia Parames a profité de cet événement pour présenter son conseil d’administration composé de Luis Enrique Palencia, Maria Angeles Leon, Miguel del Riego et Valeriano Hernandez-Tavera.

p { margin-bottom: 0.1in; line-height: 120%; } As part of regular work, the French financial market authorities, the Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de résolution (ACPR), yesterday released a new list of actors who are offering investments in France on the unregulated currency (forex) markets without a license. Here is a list of the newly-identified sites: www.x90.com / X90 www.mt4invest.com / MT4 INVEST www.gss-fi.eu / GSS FINANCIAL www.boomforex.net / BOOM FOREX www.promfx.com / PROMFX

p { margin-bottom: 0.1in; line-height: 120%; } Passively-managed US equity funds in May posted net inflows of USD13.1bn, compared with USD17.1bn the previous month, according to statistics released by Morningstar. However, in active management, US equity funds posted net outflows of USd16.2bn, compared with USD16.8bn in April. Bond funds were most popular in May, with inflows of USD36.9bn, followed by international equity funds (USD35.7bn).

p { margin-bottom: 0.1in; line-height: 120%; } The real estate asset management firm LaSalle Investment Management and the investment company Ardian have teamed up to complete the acquisition of the Europa building in Levallois-Perret from the Lagardère group, on behalf of two pan-European funds. This is the first acquisition by Ardian Real Estate in France. Europa, located at 145-149 rue Anatole France in Levallois-Perret, is an office building with large floors and 2,700 square metres, over eight stories. The property will undergo a major renovation after the departure of the Lagardère group, to reposition the property as a “Grade A” building, the two partners say in a statement. The sale price has not been disclosed.

p { margin-bottom: 0.1in; line-height: 120%; } La Financière Responsable has announced that it has joined the network of investors in the Paris financial industry: Paris Europlace. The asset management firm highlights the fact that it is one of the first asset management micro-companies to join the organisation. The work of Paris Europlace in the field of sustainable finance appears to have won the firm over. “In this way, La Financière Responsable can contribute to efforts taken by Paris Europlace, institutional investors and large French businesses,” it explains. The asset management firm points to its environmental, social and governance (ESG) approach to management, with a proprietary extra-financial database, Empreinte Ecosociale, and also notes that it has been selected for the Emergence Sicav.

p { margin-bottom: 0.1in; line-height: 120%; } The US private equity firm White Oak Equity Partners (White Oak) on 27 June announced the acquisition of a minority stake in the capital of Row Asset Management, a systematic and qualitative global macro asset management firm, which has over USD800m in assets under management. The details of the transaction have not been disclosed. The transaction “will allow Row Asset Management to improve its financial flexibility, to make it more opportunistic to increase its expertise and assets,” White Oak explains in a statement. At the conclusion of the transaction, Row Asset Management will continue to be led by Ryan O’Grady, co-founder and CEO, and Jeffrey Weiser, co-founder and president. The two will retain operational control of the business, and control of the investment and research process. “White Oak will play a strategic role in assisting Row Asset Management to achieve its mid- and long-term objectives of developing its trading and execution infrastructure, teams and assets under management,” the private equity firm states.

p { margin-bottom: 0.1in; line-height: 120%; } At its first annual conference, held on 27 June, the Spanish asset management firm Cobas AM, led by Francisco Garcia Parames, announced the forthcoming launch of a hedge fund concentrated on 20 stocks, the specialist website Funds People reports. The names of the stocks has not been disclosed, nor has the launch date for the fund. Meanwhile, Cobas AM has also announced the forthcoming registration of a Spanish Sicav, without providing more details about the dates. Other projects are more advanced. The asset management firm will be launching pension funds in the first two weeks of July. It will also register a Luxembourg Sicav in Spain by August. Lastly, Garcia Parames took the occasion to present the board of directors of the firm, composed of Luis Enrique Palencia, Maria Angeles Leon, Miguel del Riego and Valeriano Hernandez-Tavera.

p { margin-bottom: 0.1in; line-height: 120%; } Over 4,000 personal savings plans (PIR) have been signed in the space of three months by retail and institutional clients on the dedicated platform Online Sim, a securities intermediation company controlled by the Ersel group, launched in March, Bluerating reports. The platform makes over 30 funds eligible for PIR from 15 asset management firms available to investors. By the beginning of July, other funds will be made available.

p { margin-bottom: 0.1in; line-height: 120%; } The Swiss private bank Julius Baer is adding to its team in Frankfurt with the recruitment of Tobias Wehle as senior portfolio manager from 1 July. This is the sixth recruitment in Frankfurt, and the third asset management recruitment in the space of a few weeks. Wehle previously worked at Berenberg Bank in portfolio management.

ETFGI, an independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported that assets invested in ETFs/ETPs listed in Europe reached a new record high of USD682 billion at the end May 2017 surpassing the prior record of USD658 billion set at the end of April 2017. Year to date, ETF/ETP assets have increased by 19.1% from USD572 billion to US$682 billion.ETFs and ETPs listed in Europe gathered net inflows of USD12.65 Bn in May marking the 33rd month of positive net inflows. Year to date, net inflows stand at USD53.21 Bn. At this point last year there were net inflows of USD17.60 Bn. Equity ETFs/ETPs gathered net inflows of USD8.06 Bn in May, bringing year to date net inflows to USD32.27 Bn, which is greater than the net outflows of USD6.08 Bn over the same period last year. In May, European equity ETFs/ETPs gathered the largest net inflows with USD4.28 Bn, followed by ETFs/ETPs providing exposure to global equity indices with USD1.88 Bn, and emerging market equity ETFs/ETPs with USD1.55 Bn, while North American equity ETFs/ETPs experienced net outflows with USD229 Mn.Fixed income ETFs and ETPs experienced net inflows of USD3.52 Bn in May, growing year to date net inflows to USD12.38 Bn, which is less than the same period last year which saw net inflows of USD16.15 Bn. iShares gathered the largest net ETF/ETP inflows in May with USD6.25 Bn, followed by db x/db ETC with USD1.64 Bn and UBS ETFs with USD1.49 Bn net inflows.

p { margin-bottom: 0.1in; line-height: 120%; } Amiral Gestion has decided to suspend subscriptions to its FCP SEXTANT PME (FR0010547869 - FR0011171412 and FR0010556753) once the net asset value of the fund reaches EUR250m, the firm has announced. It explains that it is seeking to preserve “rigorous selection of our stocks and the specificities of the market of european small and midcaps eligible for PEA PME.” Assets in the fund totalled EUR220m as of 26 June 2017, the statement says. “This measure is being taken in the interests of shareholders in the FCP fund; the objective is to ensure the best management conditions. The universe of European small and midcaps, and liquidity management will be the primary factors creating value,” the statement says.

The US asset management firm Neuberger Berman on 27 June announced that it has signed a partnership agreement with Becon Investment Management, an independent third-party distributor dedicated to Latin American markets. The range of UCITS funds will now be available to private banks, wealth management firms and multi-family offices in the region. “Financial intermediary clients in Latin America will now increasingly have better access to investment strategies from Neuberger Berman,” says Maximiliano Rohm, head of development for Latin America at Neuberger Berman in Argentina.

p { margin-bottom: 0.1in; line-height: 120%; } International Finance Corporation (IFC), a member of the World Bank group, has signed an agreement with Eastspring Investments, the Asian asset management affiliate of Prudential, to raise USD500m for a programe of infrastructure project financing for emerging markets. Eastspring Investments is the first Asian investor to participate in the programme, entitled MCPP Infrastructure. The objective is to raise a total of USD5bn from international institutional investors, to modernize infrastructure in emerging markets by 2021, particularly electrical, water, transportation and telecommunications infrastructure in these countries. Under the agreement, IFC, which is the largest development assistance institution in the world, will provide the sourcing of projects and investments, and will provide Eastspring Investments with co-financing opportunities in these projects, corresponding to the investment strategy of the asset management firm. The MCPP Infrastructure programme was designed for institutional investors seeking to increase their exposure to infrastructure in emerging markets. The programme already has another partner: the German insurer Allianz.

The Financial Conduct Authority (FCA) has yesterday published the final findings of its asset management market study and announced the package of remedies it will take forward to address the concerns identified in its interim report into the sector.Andrew Bailey, Chief Executive at the FCA said: “The asset management sector is important to the economy, managing the savings of millions of people and in the current low interest environment it’s vital we help people earn a return on their savings. We need a competitive sector, attracting investment into the United Kingdom which also works well for the people who rely on it for their financial wellbeing».The final report confirms the findings set out in the interim report published last year. This found that price competition is weak in a number of areas of the industry. Despite a large number of firms operating in the market, the FCA’s analysis found evidence of sustained, high profits over a number of years. The FCA also found that investors are not always clear what the objectives of funds are, and fund performance is not always reported against an appropriate benchmark. Finally, the FCA found concerns about the way the investment consultant market operates.Responses to the interim report from industry, investor representatives and others have helped the FCA develop the package of remedies. The remedies the FCA are taking forward fall in to three areas.To help provide protection for investors who are not well placed to find better value for money, the FCA proposes to:- strengthen the duty on fund managers to act in the best interests of investors and use the Senior Managers Regime to bring individual focus and accountability to this;- require fund managers to appoint a minimum of two independent directors to their boards;- introduce technical changes to improve fairness around the management of share classes and the way in which fund managers profit from investors buying and selling their funds. To drive competitive pressure on asset managers, the FCA will:- support the disclosure of a single, all-in-fee to investors;- support the consistent and standardised disclosure of costs and charges to institutional investors;- recommend that the DWP remove barriers to pension scheme consolidation and pooling;- chair a working group to focus on how to make fund objectives more useful and consult on how benchmarks are used and performance reported.To help improve the effectiveness of intermediaries, the FCA will:- launch a market study into investment platforms;- seek views on rejecting the undertakings in lieu of a market investigation reference regarding the institutional advice market to the Competition and Markets Authority;- recommend that HM Treasury considers bringing investment consultants into the FCA’s regulatory perimeter.The implementation of the remedies will take place in a number of stages. Some do not require consultation and are now being taken forward. The FCA has published a consultation paper, focussing on the remedies related to governance and technical changes to promote fairness for investors. The FCA has also published the consultation on rejecting the undertakings in lieu today.Some remedies will require further work in light of other legislative initiatives, including MiFID II and will be consulted on later in the year. Finally some of the measures are dependent on the outcomes of the proposed working groups. Full details of the timetable can be found in the final report.

Deutsche Bank Wealth Management announced today that it has appointed Michael Morley, the former Chief Executive of Coutts & Co, to lead and build its UK business, one of the first of around 100 front-office hires planned for this year in high-potential.Morley was CEO of Coutts, the UK’s largest private bank, from 2009 to May 2016 and spent seven years as Chairman of the Board of Royal Bank of Scotland International before stepping down in January this year. He is a Member of the Board of the British Bankers Association and Chair of its Private Banking and Wealth Management Advisory Panel, and a Board Member of the Personal Investment Management and Financial Advice Association (PIMFA).Fabrizio Campelli, the London-based Global Head of Deutsche Bank Wealth Management, said: “The UK is at the heart of the significant investments we are making in serving Deutsche Bank Wealth Management clients and Michael’s unparalleled experience as an executive and as a standard-bearer in the industry here make him the ideal leader for this new phase in our growth strategy. This is just the start.”Morley will join Deutsche Bank Wealth Management in July, working in the newly opened headquarters in the Zig Zag Building, in London’s Victoria. He will report to Peter Hinder, Head of Deutsche Bank Wealth Management Europe, Middle East and Africa (EMEA).Deutsche Bank Wealth Management, the wealth management unit of Deutsche Bank, announced earlier this month that it plans to hire around 100 new client-facing employees in high-growth markets this year and to invest an additional EUR 65m in new client-focused digital technology over the next 18 months.

p { margin-bottom: 0.1in; line-height: 120%; } The Canadian pension fund investment body CPP Investment Board (CPPIB) and Encino Energy, a US oil and gas company, have signed an agreement to create Encino Acquisition Partners (EAP), a body which will specialist in acquisitions of oil and gas assets in the United States. As part of the partnership, CPPIB will invest USD1bn, while Encino will make USD25m available to EAP. EAP will specialise in the acquisition of major, high-quality assets with well-established production sites in mature basins in the continental 48 states, the pension fund states. As part of the agreement, Encino agrees to target, evaluate and seize acquisition opportunities, and to operate the properties owned by EAP.

Le coût du démantèlement de deux banques de Vénétie à l’aide de fonds publics sera sans commune mesure avec les sommes «énormes» déboursées par l’Allemagne ou la Grande-Bretagne pour sauver leurs secteurs bancaires respectifs durant la crise financière mondiale, déclare le ministre italien des Finances. Dans une tribune publiée par l’hebdomadaire allemand Wirtschaftswoche, Pier Carlo Padoan défend la décision de l’Italie de démanteler Banca Popolare di Vicenza et Veneto Banca via une procédure qui pourrait nécessiter jusqu'à 17 milliards d’euros d’argent public. Il assure que cette décision était nécessaire pour sauver l'économie de la région.

Alors que 80 % de son portefeuille est remis en jeu par appels d’offres, la caisse de retraite commencera à étudier les premières réponses écrites des gestionnaires, dès juillet.

Le régulateur britannique veut améliorer la transparence tarifaire et renforcer la responsabilité des gérants.

L’Autorité de sûreté nucléaire a donné un avis provisoire favorable à la reprise de l’EPR de Flamanville, mais émet quelques réserves.

Chaque jeudi, L’Agefi livre ses indicateurs clés de crédit pour suivre l'évolution des marchés. Cette semaine : la dette souveraine.

Selon nos informations, Ampli Mutuelle a lancé un appel d’offres avec l’aide du consultant CAT & Associés pour la gestion des 55 millions d’euros d’obligations au sein de son portefeuille de fonds propres. Il s’agit d’un appel d’offres restreint auquel concourent Natixis AM, La Française AM, AXA IM et le gérant sortant Quilvest.

Dechert LLP, cabinet d'avocats américain, a conseillé NewAlpha Asset Management, spécialiste de l’investissement dans l’industrie financière entrepreneuriale à travers le monde, dans la structuration de son fonds de venture capital dédié aux fintechs.

Depuis le début de l’année, les petites et moyennes valeurs européennes surperforment le reste du marché, une caractéristique qui n’est pas nouvelle, puisque la classe d’actifs surperforme sur 3, 5 et 10 ans. Et en dépit de plusieurs années de surperformance, la classe d’actifs présente toujours des caractéristiques dignes d’intérêt pour les investisseurs. Retrouvez l'analyse de Clémence Dachicourt, portfolio manager au sein de Morningstar Investment Management (MIM) Europe.

Un décret a été publié au Journal officiel du 25 juin 2017 pour compléter le dispositif de l’article L.131-4 du Code des assurances relatif au blocage des opérations sur un contrat d’assurance sur la vie en unités de compte. Les modalités d’application sont enfin connues.

La direction de Patrimum Paris sera confiée à Anne-Charlotte Thèves.

Issu du monde du droit des affaires, Guillaume Lucchini, fondateur du cabinet Scala Patrimoine, pose un regard sans concession sur ses confrères CGPI. Selon lui, les indépendants du patrimoine ont tout intérêt à se positionner avant tout comme des experts du droit et de la fiscalité, plutôt que comme des professionnels de la finance.