iShares on Friday released four new bond ETFs to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, two of which are in ultra-short term bonds. On the same say, db x-trackers has listed two other bond ETFs. In total, the listings on the XTF segment now include 1,042 ETFs.CharacteristicsName: iShares $ Short Duration Corporate Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid Investment Grade 0-5 IndexISIN code: DE000A1W4WC9Total expense ratio: 0.20% Name: iShares $ Short Duration High Yield Corporate Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid High Yield 0-5 Capped IndexISIN code: DE000A1W4WD7Total expense ratio: 0.45%Name: iShares $ Ultrashort Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid Investment Grade Ultrashort IndexISIN code: DE000A1W4WE5Total expense ratio: 0.20%Name: iShares Euro Ultrashort Bond UCITS ETFBenchmark index: Markit iBoxx EUR Liquid Investment Grade Ultrashort IndexISIN code: DE000A1W4WF2Total expense ratio: 0.20%Name: db X-trackers II Australia SSA Bonds UCITS ETFBenchmark index: DB Australia SSA Bonds Total Return IndexISIN code: LU0494592974Taux de frais sur encours: 0,25 %Dénomination : db X-trackers EUR Liquid Corporate 12.5 UCITS ETFIndice de référence: DB Euro Liquid Corporate 12.5 IndexCode Isin: IE00B3Z66S39Total expense ratio: 0.35%

The performance of the investments of the Nobel foundation fell from 8.6% per year in the 1990s to 1.1% since 2000, which appears to be due to alternative investments, which as of the end of 2012 represented about 33% of assets totalling SEK3.1bn, according to figures from Bloomberg relayed by the Frankfurter Allgemeine Zeitung.Since then, the unit Nobel prize has been reduced to SEK8bn from SEK10bn, and the amount spent on the official banquet in honour of the laureates has been reduced. The Foundation is now considering seeking donations in the next few years, but a decision has not yet been taken.

The real estate debt index (CREDI) offered by the Swedish firm Catella in thid quarter rose 4.4 point t a record 69.3. In other words, the trend remains very positively oriented for the next few months. During the summer, real estate activities on the Swedish market showed good growth, led by an improvement in the financial environment.

The alternative investment solutions (AIS) division of State Street Global Services will open an office in Shanghai next month, following the recruitment of Eric Chow, who will lead development of fund administration activities as head of customer relationship management at AIS< Asian Investor reports. Chow, who joined the firm last month, will oversee the Shanghai office from Hong Kong, and will develop the product range at AIS in China and northern Asia.

The activist hedge fund TCI, created by Christopher Hohn, has been one of the best-performing hedge funds in 2013. According to Institutional Investor, the flagship fund from the firm, The Children’s Investment Master Fund, has posted returns of 8.81% in September. This makes for a return in the first nine months of the year of 32.48%. TCI has beaten its record set in 2012, when the fund posted returns of 30%.

From the beginning of the year to the end of August, assets under management in funds of funds in the United Kingdom gained about 9%, to about GBP83bn, according to statistics released by the British investment management association (IMA). In the past 10 years, assets under management have risen by over 600%, according to estimates from Money Marketing. Demand has accelerated over the years, with the only decline in assets at the time of the financial crisis, between 2007 and 2008. In 2003, funds of funds barely accounted for 5% of assets. According to the most recent available statistics as of the end of August, assets in funds now represent over 11% of the total.

In the United States, iShares on 17 October launched the short term bond ETFs iShares 0-5 Year Investment Grade Corporate Bond ETF (ticker: SLQD) for investment-grade securities, and the iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) for high yield bonds, on NYSE Arca.The funds are short-term and shorter duration versions of the bond funds iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). They aim to allow for returns offered by corporate bonds to be captured while reducing exposure to rising interest rates.The SLQD fund replicates a Markit index including 1,183 issues, with an average duration og 2.56 years, and charges 0.15%, while the SHYG replicates a Markit index covering 354 securities, with an average duration of 2.2 years. The product has a total expense ratio of 0.50%.

NYSE Euronext on 18 December announced that it is admitting the ETF Volatility Arbitrage US (EVAUS), from EasyETF, to trading on the Paris exchange. The fund replicates the BNP Volatility Arbitrage US ER index, and charges 0.70%.

In order to open access to low-cost Admiral shares in index-based funds more broadly to retail investors, advisers and institutional investors, Vanguard on 16 Octoebr announced that it will be opening that class of shares to retail investors in eight funds, by converting Signal shares reserved for institutional investors and advisers. Additionally, the Valley Forge-based manager is removing a minimal subscription requirement of USD10,000 for Admiral shares in 24 index-based funds, as well as 17 index-based funds whose Signal shares have been conerted into Admiral shares.83 funds from Vanguard, including 49 tracker funds, are now available in Admiral shares, some of which charge only 0.05%, which also directly competes with the company’s own ETFs. The asset management firm is also planning to gradually phase out Signal shares which had been created before 2006.Bill McNabb, CEO, says that overall, Admiral shares represent over USD700bn in assets, nearly one third of total Vanguard assets, which total USD3.4trn (including USD300bn in ETFs).Vanguard is also planning to issue Admiral shares in December for the Vanguard Dividend Appreciation Index Fund (USD20bn), with a commission of 0.10%.The asset management firm has lastly announced that transaction fees will be lowered for three of its funds (see attached table).

Sycomore AM has posted inflows of slightly over EUR200m since the beginning of the year, the asset management firm announced on 18 October at a press conference. Assets under management totalled about EUR1.8bn as of the end of September.The asset management firm, which has posted inflows of about EUR150m to the two Novethic branded equity and bond funds, has also announced that it is launching an annual SRI day, in order to promote the added value of extra-financial analysis. The conference, entitled ISR Way, aims to demonstrate the strategic development challenge for sustainable development at businesses.Extra-financial analysts at Sycomore stands out for its proprietary model, with 85 criteria, supplied uniquely with gross data from businesses and meetings with executives. Sycomore also stands out for its expertise in SMEs, which are often remote from SRI management.The chairman of Sycomore, Laurent Deltour, also announced in his second CSR report on the asset management firm that a company foundation is also in the works. “We have initiated the project for a Sycomore company foundation which will be set up by the end of the year,” Deltour says.

Highland Capital Management has recruited for its retail team with the appointment of a director of marketing. Ondina Purcell had previously been executive director at UBS Financial. The new recruit will be based in New York, and will report to Brad Ross, chairman of Highland Capital Management Fund Advisors.

In the Wealth Management division of Morgan Stanley, assets under management which generate commissions rose 22% in third quarter compared with the previous year, to a total of USD652bn, according to a statement released on 18 October. Inflows totalled USD15bn.Pre-tax profits in the division totalled USD668m in third quarter, comapred with USD655m in second quarter 2013, and USD247m one year previously.Assets under management in the Investment Management division of Morgan Stanley as of the end of September totalled USD360bn, compared with USD331bn one year earlier. Net inflows totalled USD1.8bn.Pre-tax profits in the division totalled USD300m in third quarter, compared with USD160m in second quarter 2013, and USD198m one year previously.The group has reported net profits in third quarter of USD906m, or 45 cents per share, where they showed a loss of USD1.02bn, or 55 cents per share in third quarter 2012.

The Credit Suisse hedge fund index in September gained 1.27%, as eight strategies of the index finished the month in positive territory. The long/short equity strategy tops the rankings of perforamnce for the month, with gains of 2.64%, compared with gains of 1.4% for event-driven, 1.42% for multi-strategy, and 1.28% for emerging markets.

On 1 November, the Berlin-based quirin bank will launch the internet advising platform quirion, which it claims is “the most inexpensive wealth management offering on the German market,” as it will be available with an investment of EUR10,000 and a fee of 0.38% of the total invested. The management of the online portfolio will carry no commissions and no transaction fees.If, over and above that, the client wishes to receive personalised assistance from an expert, quirion advisers will be available at any time, rapidly and without complications, for a fee of at least EUR37.50.

In the week to 16 October, equity funds worldwide monitored by EPFR Global posted net subscriptions of USD17.2bn, of which more than USD10bn went to US equity funds, as the Congress of the largest economy in the world reached an agreement to postpone questions over the Federal budget and debt ceiling, putting them off until first quarter 2014.The last-minute agreement did not have an immediate effect on the exodus which has continued to penalise US money market funds or the acceleration of flows in the direction of funds focused on Europe and China. Money market funds have undergone a considerable outflow of USD69.7bn, while bond funds have seen net outflows of USD3.25bn.However, the quest for markets which have less political drama has led to funds flowing towards Japanese, Chinese and European equiies, as net subscriptions in the two latter categories reached their highest levels in 36 and 111 weeks, respectively.

According to Le Temps, the former head of wealth management at UBS, Raoul Weil, who is subject to an international arrest warrant, has been arrested by the Italian police in Bologna. From 2002 to 2007 he oversaw the foreign department at UBS, which has about 20,000 US clients. The US courts accuse him of organizing tax fraud totalling USD20bn, and is seeking his extradition.

A decorrelated asset class, returns higher than traditional bonds, an absence of volatility, recurrent cash flows: the success of loan funds with institutional investors is undoubtedly due to these factors, and justifies the recent creation by La Banque Postale AM for its clients of an activity of this nature. At its helm, René Kassis discusses the characteristics of the infrastructure and real estate sub-funds he manages with Newsmanagers. He does not fail to mention that although the activity is profitable, it imposes needs for resources which are no less significant.

The French financial regulator, the Autorité des marchés financiers (AMF), on Friday, 18 October published an agreement on its website concluded on 11 July 2013 with the company Hottinguer & Cie - Gestion Privée. The asset management firm has agreed to pay EUR180,000 following a control at the conclusion of which several charges were laid. Firstly, by allowing two significant investors in the Crystal Scav to directly or indirectly participate in the management decisions for the fund, the asset managemet firm did not act independently in the management of the mutual fund. It also did not establish or operationally maintain a mechanism to preserve the confidentiality of information concerning investment decisions. A second complaint concerns inadequate risk control mechanisms at the firm, with respect to mandated management, collective management and the implementation of valuation systems. As part of the agreement, the firm has agreed to disallow investors in a SICAV from being involved in the management decisions for the SICAV, and to this end, has set up a procedure to allow for adherence with the prohibition to be controlled, and concerning collective management, to control adherence with certain mutual fund regulations and statutes for funds which it manages independently of their depositories.

L’indice des hedge funds de Credit Suisse a progressé en septembre de 1,27%, huit des dix stratégies de l’indice terminant en territoire positif.La stratégie long/short equity arrive en tête des performances du mois avec un gain de 2,64%, à comparer à des hausses de 1,45% pour l’event driven, 1,42% pour la multi-strategy et 1,28% pour les marchés émergents..

Rolf Hans Elsener, qui dirigeait l'équipe client service management d’Invesco Asset Management (Suisse), a rejoint début octobre l'équipe de T. Rowe Price à Zurich en tant que relationship manager, rapporte finews.ch.

J.P. Morgan a obtenu l’autorisation de la part des autorités chinoises de vendre des fonds locaux en Chine, rapporte The Wall Street Journal. La banque va commencer par offrir un fonds monétaire libellé en renminbi aux institutionnels chinois et aux entreprises.

iShares a fait admettre vendredi quatre nouveaux ETF obligataires à la négociation sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse, dont deux d’obligations ultra-courtes. Le même jour, db X-trackers faisait coter deux autres ETF obligataires. Au total, la cote du segment XTF compte ainsi 1.042 ETF.CaractéristiquesDénomination : iShares $ Short Duration Corporate Bond UCITS ETFIndice de référence: Markit iBoxx USD Liquid Investment Grade 0-5 IndexCode Isin: DE000A1W4WC9Taux de frais sur encours: 0,20 %Dénomination : iShares $ Short Duration High Yield Corporate Bond UCITS ETFIndice de référence: Markit iBoxx USD Liquid High Yield 0-5 Capped IndexCode Isin: DE000A1W4WD7Taux de frais sur encours: 0,45 %Dénomination : iShares $ Ultrashort Bond UCITS ETFIndice de référence: Markit iBoxx USD Liquid Investment Grade Ultrashort IndexCode Isin: DE000A1W4WE5Taux de frais sur encours: 0,20 %Dénomination : iShares Euro Ultrashort Bond UCITS ETFIndice de référence: Markit iBoxx EUR Liquid Investment Grade Ultrashort IndexCode Isin: DE000A1W4WF2Taux de frais sur encours: 0,20 %Dénomination : db X-trackers II Australia SSA Bonds UCITS ETFIndice de référence: DB Australia SSA Bonds Total Return IndexCode Isin: LU0494592974Taux de frais sur encours: 0,25 %Dénomination : db X-trackers EUR Liquid Corporate 12.5 UCITS ETFIndice de référence: DB Euro Liquid Corporate 12.5 IndexCode Isin: IE00B3Z66S39Taux de frais sur encours: 0,35 %

Le 1er novembre, la banque berlinoise quirin ouvrira la plate-forme internet de conseil quirion, qu’il estime être «l’offre de gestion de fortune la moins chère du marché en Allemagne», puisqu’elle sera accessible à partir d’un investissement de 10.000 euros moyennant un honoraire de 0,38 % par an du montant investi. La gestion du portefeuille en ligne ne supportera aucune commission et aucun frais de transaction.Si, au-delà, le client désire obtenir l’aide personnalisée d’un expert, les conseillers de quirion seront disponibles à tout moment, rapidement et sans complication pour un montant d’au moins 37,50 euros.

Après des années de discussions et d’hésitations, Vietcombank Fund Management, en partie contrôlée par Franklin Templeton Investments, va prochainement lancer un mutual fund ouvert diversifié, qui sera le premier du genre au Vietnam, rapporte Asian Investor.Le VCBF Tactical Balanced Fund marque une étape importante dans le développement du secteur financier, le lancement de fonds ouverts étant en suspens depuis 2008/2009 en raison de la crise financière.

Une classe d'actifs décorrélante, des rendements supérieurs à ceux de l'obligataire traditionnel, une absence de volatilité, des cash-flow récurrents... Le succès des fonds de dette auprès des investisseurs institutionnels s'explique sans doute ainsi. Et justifie que La Banque Postale AM ait récemment créé pour ses clients une activité de cette nature. A sa tête, René Kassis revient pour Newsmanagers sur les caractéristiques des compartiments infrastructures et immobiliers qu'il gère. Non sans rappeler que si cette activité est rentable, elle n'en impose pas moins des moyens importants...

Afin d’ouvrir plus largement l’accès des parts Admiral à très faible coût de ses fonds indiciels aux particuliers, aux conseillers et aux investisseurs institutionnels, Vanguard a annoncé le 16 octobre qu’il ouvre cette classe de parts aux particuliers pour huit fonds en transformant des parts Signal réservées aux investisseurs institutionnels et aux conseillers. De plus, le gestionnaire de Valley Forge supprime la souscription minimale de 10.000 dollars pour les parts Admiral pour 24 fonds indiciels ainsi que pour 17 fonds indiciels dont les parts Signal sont transformées en parts Admiral.Désormais, 83 fonds de Vanguard, dont 49 fonds indiciels, sont disponibles en parts Admiral, dont certaines ne sont chargées qu'à 0,05 %, ce qui -au passage- concurrence directement les ETF maison. D’ailleurs, le gestionnaire a l’intention d'éteindre progressivement les parts Signal qui avaient été créées à partir de 2006.Bill McNabb, le CEO, a indiqué que dans l’ensemble les parts Admiral représentent plus de 700 milliards de dollars, soit presque le tiers de l’encours total de Vanguard qui se situe à 2.300 milliards (dont 300 milliards en ETF).Vanguard prévoit aussi d'émettre à partir de décembre des parts Admiral pour le Vanguard Dividend Appreciation Index Fund (20 milliards de dollars), pour une commission de 0,10 %.Enfin, le gestionnaire a annoncé un abaissement des frais de transaction sur trois de ses fonds (voir tableau ci-joint).

NYSE Euronext a annoncé le 18 décembre l’admission à la négociation sur la place de Paris de l’ETF Volatility Arbitrage US (EVAUS) lancé par EasyETF. Ce fonds répliquant l’indice BNP Volatility Arbitrage US ER est chargé à 0,70 %

Avec des souscriptions représentant un peu plus de 200 millions d’euros depuis le début de l’année, Sycomore AM affiche des actifs sous gestion autour de 1,8 milliard d’euros. Et une forte connotation ISR. La collecte nette sur les deux fonds actions et obligations d’entreprises labellisés Novethic, s’est ainsi élevée à 150 millions d’euros. Par ailleurs, la société de gestion entend exploiter son image d’acteur majeur de la gestion ISR de conviction. Vendredi 18 octobre, elle a fait part de son intention de lancer une journée annuelle dédiée à l’ISR afin de promouvoir la valeur ajoutée de l’analyse extra-financière. Intitulée ISR Way, cette conférence a pour ambition de démontrer l’enjeu stratégique du développement durable pour les entreprises.L’analyse extra-financière de Sycomore se différencie par un modèle propriétaire, riche de 85 critères, uniquement nourri par les données brutes des entreprises et les rencontres avec les dirigeants. Sycomore se distingue aussi par son expertise sur les PME, souvent écartées des gestions ISR. Selon Léa Dunand Châtellet, gérante ISR et responsable de la recherche ESG, «notre recherche ESG est particulièrement adaptée à l’univers des petites et moyennes valeurs. Elle n’est pas uniquement fondée sur la transparence mais qualifie la bonne adéquation entre les enjeux de développement durable et la stratégie globale d’une entreprise».Pour la première édition de la conférence ISR Way, Sycomore AM réunira les investisseurs institutionnels pour une visite de site d’une entreprise innovante «Blue Solutions», puis d’une table ronde réunissant des sociétés pionnières en la matière, BIC et JC Decaux. Dans le cadre du développement et du renforcement de ses relations avec les CGPI, qui manifestent un intérêt croissant pour les problématiques ISR, Sycomore propose à partir de décembre prochain une formation validante ISR.Par ailleurs, le président de Sycomore, Laurent Deltour, indique dans la présentation du deuxième rapport RSE de la société de gestion qu’un projet de fondation d’entreprise est en gestion. «Nous avons lancé le projet d’une fondation d’entreprise Sycomore qui va voir le jour d’ici la fin de l’année», précise Laurent Deltour.

Highland Capital Management a renforcé son équipe dédiée au retail avec la nomination d’une directrice marketing. Ondina Purcell était auparavant executive director chez UBS Financial. La nouvelle recrue sera basée à New York et travaillera sous la responsabilité de Brad Ross, président de Highand Capital Management Fund Advisors.

Aux Etats-Unis, iShares a lancé le 17 octobre sur NYSE Arca les ETF d’obligations de court terme iShares 0-5 Year Investment Grade Corporate Bond ETF (code mnémonique : SLQD) pour les titres de catégorie investissement et iShares 0-5 Year High Yield Corporate Bond ETF (SHYG).Ce sont des versions à échéance courte et plus faible duration des fonds obligataires iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) et iShares iBoxx $ High Yield Corporate Bond ETF (HYG). Ils doivent permettre de capturer le rendement offert par les obligations d’entreprises tout en réduisant l’exposition à une remontée des taux.Le SLQD réplique un indice Markit comportant 1.183 émissions avec une duration moyenne de 2,56 ans, et il est chargé à 0,15 % tandis que le SHYG réplique un indice Markit couvrant 354 valeurs, avec une duration moyenne de 2,2 ans. Ce produit affiche un taux de frais sur encours de 0,50 %.