US prosecutors have given SAC Capital until November to settle criminal accusations that the hedge fund founded by Steve Cohen is facing; otherwise, it may have to pay more than the offer of USD1.8bn which is on the table, the Financial Times reports, citing sources familiar with the matter. Lawyers for SAC Capital met with representatives of the attorney general’s office in Manhattan last month, and are said to have been unhappy with the size of the fine. They are expected to make a counter-offer.

Deutsche Börse on 8 October finally announced that it has admitted two equity ETFs on the XTF segment of the Xetra electronic trading platform, ComStage ETF FTSE China A50 UCITS ETF and ComStage ETF MSCI World with EM Exposure Net UCITS ETF, which charge fees of 0.40% and 0.50% respectively (see Newsmanagers of 4 October). The number of ETFs listed in Frankfurt is now 1,033.

On 9 October, ALPS Advisors is launching the RiverFront Strategic Income Fund (ticker: RIGS), an actively-managed bond ETF, for which the management firm applied for its first license from the SEC nearly three years ago, Index Universe reports. The portfolio is composed of bonds from the entire world with total durations of 2 to 10 years, with various ratings and in various currencies. The management team may also invest in corporate and government bonds.The total expense ratio is set at 0.22%.

The French asset management boutique Sucomore Asset Management is planning to make its long/short equity fund aailable in UCITS format beyond its home market, Citywire Global reports. The Sycomore L/S Opportunities fund, managed by Gilles Sitbon, with assets under management of EUR84m, is currently registered for sale only in France. As the strategy celebrates its third birthday, Sycomore has recently registered it in Germany and Switzerland and the United Kingdom is on the list of the countries in which the fund may soon be registered. The fund has earned returns of nearly 26% in the three years to the end of September 2013, compared with average returns of 10.73% for the Alternative UCITS Long/Short Equity sector.

Natixis Global Asset Management has launched the ASG Tactical US Market Fund, an open-ended fund dedicated to equities designed by AlphaSimplex Group (ASG). The fund will aim to participate in rising periods on US equity markets, while minimising the impact of falling periods. The exposure of the fund to the market is determined by a proprietary loss risk indicator developed by ASG. If the indicator is favourable, the fund may use derivatives to increase its beta up to 1.3.

The iShares range of ETFs with hedging for currency risks has been enlarged with the launch of the Irish-registered, UCITS-compliant fund MSCI Japan USD Hedged UCITS ETF. The fund invests in Japanese equities so as to protect investors against fluctuations in the dollar/yen exchange rate. It is a physical replication ETF, which uses currency futures to reduce currency risks. The fund offers monthly coverage. David Benmussa, director of clients at iShares in Paris, says that the range of equity and bond ETFs hedged for currency risk now includes six funds registered in France. Characteristics Name: iShares MSCI Japan USD Hedged UCITS ETFBenchmark index: MSCI Japan Index(SM)ISIN code: IE00BCLWRG39 Total expense ratio: 0.64%

NYSE Euronext on 8 October announced that it has admitted the Lyxor ETF CSI3000 A Chinese equities, which replicates the CSI 300 Net Total Return index. The total expense ratio is set at 0.40%. The European markets of NYSE Euronext now list 564 ETFs 654 times.

The future Norwegian prime minister, Erna Solberg, has announced that her government is planning to create a fund with NOK100bn in the next five years, which will be dedicated to infrastructure in the country, the Wall Street Jounral reports. The move comes as part of plans to boost spending by the government on roads, railways, high-speed Internet, etc. Unlike the USD750bn oil fund, which invests in equities, bonds and foreign real estate, the new USD16bn fund will offer stable capacities for projects within the borders of Norway. It is not yet known whether the government will take money from the Oil Fund to create the new vehicle.

Charles Schwab has announced that it has decided to postpone the launch of its 401 (k) retirement platform using ETFs, a project it had announced in March 2011, IndexUniverse reports. Some observers are still asking whether it is useful to be able to trade ETFs on a daily basis for retirement plans, but none deny that the transparency and low cost of ETFs would be welcome in the 401(k) universe. The firm had planned to launch the platform in late 2013. After having to delay the launch, Charles Schwab is no longer setting a date. Regulatory questions remain in suspense and the firm simply states that the launch may come by the end of the year or later.

On October 8th, STOXX Limited announced the launch of the STOXX Global Strong Quality 50, STOXX Europe Strong Quality 30, STOXX Asia/Pacific Strong Quality 30 and STOXX USA Strong Quality 50 indices, which represent strong quality companies in the respective region. The new indices are designed to act as an underlying for exchange-traded products and other investable products, and as a benchmark for actively managed funds that share the same investment philosophy, according to a press release.The index universe for the STOXX Strong Quality Indices is the STOXX Global 1800 Index. Each of the new regional indices is derived from the respective regional base index, i.e. the STOXX Europe 600, STOXX Asia/Pacific 600 and STOXX North America 600 indices. For the STOXX USA Strong Quality 50 Index, all Canadian stocks in the base index are excluded from the index universe.To be eligible for inclusion in the STOXX Strong Quality Indices, companies must have a minimum 3 month average daily trading volume of EUR10m for the global and USA indices, and EUR5m for the remaining indices. Furthermore, a set of strict numerical thresholds must be passed in order to establish desired company profitability and liquidity levels, and to build an investment margin of safety. Firstly, a company’s return on capital must be positive for each fiscal year during the last 36 months.Secondly, their operating liquidity - as measured by trailing 12 month current ratios - must be greater than one.Lastly, individual company EBITDA/EV readings are evaluated against the US AAA Bond Yield (where all companies with negative relative valuation yields are excluded).Companies are ranked from most to least attractive in each of the above three categories, and an average of the three is calculated. Companies with the best ranking are then selected for index inclusion until the respective number of components for the index is met.

The asset management services provider Kneip on 8 October announced that it is moving to new offices in Brussels. The new location on Avenue Louise will bring Kneip closer to the regulatory authorities and participants such as the European fund and asset management association (EFAMA), the firm says in a statement. The change will also allow Kneip to modernize its infrastructure.

Lyxor Asset Management on 8 October listed two exchange-traded funds (ETF) based on euro zone government bond on the Swiss SIX stock exchange. The operation allows investors to participate in the evolution of the bond ETF of the EuroMTS Investment Grade Eurozone Government Bonds index family, a statement says. The series of indices replicates euro zone government bonds with ratings of BBB- to AAA. The two ETFs are distinguished by the uration of the bonds which make up the index. The bonds concerned are invested in via physical replication and have a total duration to maturity of 10 to 15 years and more than 15 years. With the listing of these two new products, Lyxor now offers 19 bonds ETFs on SIX. In Europe, Lyxor is the third-largest issuer of ETFs, with assets under management of about EUR30bn.

Funds People reports that the Andorran group Crédit Andorrà, which has been present in Switzerland since 2003 via the Geneva-based wealth management firm Private Investment Management, has announced that it will initially be acquiring a 9.9% stake in the Banque Genevoise de Gestion, founded in 1988 by Anastasio Aleman. Assets as of the end of 2012 total CHF406.6m, or EUR331.3m.

Assets under management by the Swiss Syz group now total about EUR27bn, up by a little less than 15% during the current year, the group says, though it has not published official statistics for the end of September. The increase since the beginning of the year is one third due to market effects and two thirds to inflows, a spokesperson for the group tells Newsmanagers. Assets in the Oyster invesftment fund are stable at about EUR5bn, including EUR1.64bn for the Oyster European Opportunities fund, which has posted returns of nearly 14% since the beginning of the year. During a presentation in Paris on 8 October, Eric Bendahan, who also manages the strategy, cites the lower exposure of the fund to emerging marktes, and the increased weight of Southern Europe and the euro zone, to the detriment of the United Kingdom and Switzerland. It is also notable that the Value theme (47% of the portfolio) has been reinforced with banks and domestic cyclical equities.

The bank Julius Baer is continuing its crusade to settle the issue of funds which are undeclared to tax authorities. In Europe, it is calling on all of its clients, where applicable, to regularize their situation, and is requiring supplementary documents, CEO Boris Collardi has told Finanz und Wirtschaft magazine. In Germany and France, the approach is working well, In Switzerland, by the end of the year, there will be virtually no German clients left who have not settled up with the tax authorities. In the case of the United Kingdom and Austria, tax issues have been resolved and the CEO is expecting progress in Italy as well after the political situation has stabilised. According to Collardi, the issue of funds not declared to tax authorities is expected to be settled by 2015, and he says he is serene with respect to Europe.

Funds controlled by the US BlackRock group control a cumulative stake of 5.13% in Telecom Italia, according to statistics released on 8 October by Consob, the regulatory authority of the Milan stock exchange. The Italian telecommunications operator has a market capitalisaiton of EUR11.7bn, according to statistics from Thomson Reuters.

According to Fonds Nieuws, Threadneedle Investment has launched the Z share class of fund shares without commissions to distributors in the Netherlands. It comes in addition to retail (R) and institutional (I) shares. A small number of funds have no Z share class, but I shares, also without commissions, are available in these cases.

Generali Investments Europe, the asset management firm of the Generali Group, has recruited Wilfrid Pham as director of the equity department, and Vivek Watadey as head of credit research. Pham had previously been CIO and director of the equity department at Natixis Asset Management in Paris. He will reinforce the current organization of the equity management team, composed of over 20 people. Tawadey was previously head of research and strategy, in charge of a team of 15 people at BNP Paribas in Paris. His mission will be to consolidate expertise in the credit research team. Generali Investments Europe has assets under management of EUR320bn.

The Chilean group HMC Capital is preparing to launch a fund management firm in Luxembourg to structure and distribute funds from Latin American asset management firms in UCITS format. The objective is to give institutional clients access to niche strategies, and to asset management firms in boutique format which offer products which stand out and have a convincing track record.

Germen Schreurs, who has spent 12 years at KPMG Advisory as head of provider services and investment management, is joining the institutional sales team at BlackRock in the Netherlands, Fonds Nieuws reports.

The insurance group Allianz is planning to develop its asset liability management (ALM) capacities in Asia, with plans to install experts in this area at several entities in the region, Asian Investor reports. Allianz has live insurance activities in Korea, Thailand, Taiwan, Malaysia, Indonesia, China, India, Sri Lanka and Laos. Assets under management in the general account in Asia, particularly in life insurance, total about USD25.6bn.

A group of asset managers and owners have joined forces with the University of Cambridge in a three-year project designed to promote «understanding of how investors can realise positive long-term investment returns by understanding and managing for environmental and social factors,» according to a press statement. The Investment Leaders Group (ILG) currently comprises twelve members: Allianz Global Investors, Aviva Investors, Chandler Corporation, First State Investments, Loomis Sayles, Natixis Asset Management, Nordea Life & Pensions, PensionDanmark, PIMCO, Standard Life Investments, TIAA-CREF Asset Management and Zurich Insurance Group.The group, chaired by Philippe Zaouati, deputy CEO of Natixis Asset Management, head of Mirova investment division, «will work together to explore the degree to which economic, social and environmental factors can influence long-term value creation and become a more integral part of the investment process». Through a series of workstreams, the ILG will identify and test new investment practices involving evidence review, model development, empirical testing, engagement and thought leadership reports. The first workstream will concentrate on developing an understanding of the value of environmental and social factors in investment, while the second will look at how investors could measure and communicate how environmental and social factors can contribute towards a more stable economy and society. Through these activities, the group seeks to create outcomes that will influence the future of the investment industry by improving on current practices.

The Lyxor index of the hedge fund ector gained 1.13% in the month of September, and has gained 3.17% since the beginning of the year, the most recent Lyxor alternative management barometer indicates. Among the best performances last month were L/S Equity-Variable Bias strategies, with gains of 2.28%, L/S Equity – Long Bias, with +1.99%, and Event Driven – Special Situations, with +1.95%.

The HFRI Fund Weighted Composit inde gained 1.6% in September, its largest gains since the beginning of the year, and its best performance in the past 19 months, according to the data provider Hedge Fund Research (HFR). In the month under review, Equity Hedge strategies earned gains of 2.6%, also the highest since January this year. The performance in the first nine months of he year is 9.2%. Event-driven strategies also stood out, with returns of 2% for the month and 9% for the first nine months of the year. Activist strategies show gains of 3.2% in September, and 11.2$ in the first three quarters of the year. Macro funds lost 0.2% in September, while gains for Discretionary Maco funds partly wiped out losses for commodity and systematic strategies.For its part, the Lyxor index of the hedge fund sector gained 1.13% in the month of September, and has gained 3.17% since the beginning of the year, the most recent Lyxor alternative management barometer indicates. Among the best performances last month were L/S Equity-Variable Bias strategies, with gains of 2.28%, L/S Euqity – Long Bias, with +1.99%, and Event Driven – Special Situations, with +1.95%.

HSBC Global Asset Management has recruited the high yield bond specialist Mary Bowers as a senior member of its global fixed income team, Citywire reports. Bowers, who joins the bond team based in New York, previously worked for Aberdeen Asset Management/Artio Global Investors, where she managed about USD4bn in high yield strategies. In her new role at HSBC, Bowers will manage the HSBC GIF Global High Yield Bond fund, whose assets under management total USD1.1bn, and which was previously managed by Guy Dunham since its launch in 2012. Bower will also assume responsibility for the HSBC GIF Global Short Duration High Yield Bond fund, launched in July this year, whose assets under management total USD20bn.

HSBC Global Asset Management has recruited the high yield bond specialist Mary Bowers as a senior member of its global fixed income team, Citywire reports.Bowers, who joins the bond team based in New York, previously worked for Aberdeen Asset Management/Artio Global Investors, where she managed about USD4bn in high yield strategies.In her new role at HSBC, Bowers will manage the HSBC GIF Global High Yield Bond fund, whose assets under management total USD1.1bn, and which was previously managed by Guy Dunham since its launch in 2012. Bower will also assume responsibility for the HSBC GIF Global Short Duration High Yield Bond fund, launched in July this year, whose assets under management total USD20bn.

Mandarine Gestion ne pouvait laisser passer l’occasion. Alors que le dispositif PEA-PME doit voir le jour à la fin de l’année, dans le cadre de la Loi de Finances pour 2014, la société de gestion qui a bâti une bonne part de sa réputation sur son savoir-faire en matière de sélection de petites et moyennes capitalisations a annoncé, mardi 8 octobre, son intention de proposer un OPCVM éligible à l’enveloppe fiscale. Compte tenu des modifications pouvant intervenir d’ici à la fin décembre, la maison avance néanmoins prudemment. Cela étant, Rémi Leservoisier, son directeur général, a d’ores et déjà annoncé que le fonds serait un produit pur actions, quand bien même les produits de taux pourraient réglementairement y figurer à hauteur de 50 % maximum. «Notre compétence n’est pas là», a précisé à Newsmanagers le responsable. De la même façon, le fonds ne sera pas un produit de «private equity». «Il n’accueillera que des titres cotés, et se donne l’Europe pour univers d’investissement», à t-il ajouté. En chiffres, cela fait un vivier de 800 valeurs dont la capitalisation est supérieure à 150 millions d’euros, les «small & midcaps» hexagonales d’une capitalisation supérieure à 100 millions représentant environ 400 titres. Dans la pratique, comme c’est déjà le cas avec les trois fonds de la gamme Mandarine Gestion qui incluent dans leur portefeuille des petites et moyennes valeurs, le fonds PEA-PME investira dans des idées communes à l’un ou aux deux autres OPCVM. Par ailleurs lors de l’annonce de la sortie de ce fonds à la fin de l’année, les deux gérantes Joëlle Morlet Selmer et Diane Bruno sont également revenues sur le parcours de Mandarine Unique, leur fonds européen «small & midcaps» qui vient de passer son troisième anniversaire. L’OPCVM affichait à fin août un encours de 200 millions d’euros, après avoir enregistré une collecte nette de 130 millions d’euros. Joëlle Morlet Selmer a insisté sur le succès du fonds en Europe, notamment en Autriche et en Allemagne, mais aussi à l’autre bout du monde, en Australie, où, selon la gérante, l’Europe aiguise les appétits. La responsable du fonds a également rappelé que les investisseurs institutionnels représentaient 80 % des détenteurs de ce fonds. Au 30 août, le fonds, dont le portefeuille est plutôt concentré avec 45/55 valeurs triées à partir d’un univers de 350 valeurs environ, avait progressé depuis sa création de 73,5 % contre +39,51 % pour le Stoxx small 200 dividendes réinvestis. En 2013, son gain a été de 20,40 % contre 16,481 % pour la référence. A noter que la performance de 2013 a été réalisée en dépit du fait que près de 40 % du portefeuille sont investis hors zone euro, la Grande-Bretagne représentant (30,15 %) et la Suisse (7,18 %). Or, l’effet devise, non couvert, n’a pas été favorable à la gestion cette année. Cela étant, Joëlle Morlet Selmer et Diane Bruno se sont dites convaincues que la superformance de cette classe d’actifs allait persister, et que des opérations de croissance externe au sein de cette classe d’actifs pourraient même intervenir et doper les valorisations de certaines d’entre elles. Enfin, les deux gérantes ont indiqué l’importance de la liquidité pour ce type de fonds. Elles en ont profité pour expliquer que la liquidité dépend plus du flottant que de la capitalisation, et que le fonds est construit de telle manière que 50 % de son portefeuille puisse être liquidé en trois jours au minimum. Une proportion amenée à 70 % aujourd’hui.

Le groupe d’assurance Agéas, via sa division Ageas Continental Europe, et Avenir Finance sont entrées en négociations exclusives, a t-on appris mardi 8 octobre. Le projet est composé de trois volets : une augmentation à hauteur de 65% de la participation d’Ageas France dans le capital de Sicavonline et de Sicavonline Partenaires ; le transfert des activités «front office» et «middle office» du Réseau Salariés d’Ageas France à Avenir Finance Gestion Privée, le réseau commercial d’Avenir Finance ; et une prise de participation de 35% d’Ageas France dans Avenir Finance Gestion Privée,Ces négociations exclusives ont pour objectif de permettre aux deux partenaires de poursuivre leur développement stratégique tout en renforçant le partenariat commercial entre les deux maisons.Ageas France a pour objectif stratégique d’accroître sa position de fournisseur majeur de solutions patrimoniales, notamment pour les conseillers en gestion de patrimoine indépendants. Le projet de montée au capital de Sicavonline, fournisseur de produits et services patrimoniaux hors assurance des CGPI d’Ageas depuis 2009, permettrait d’atteindre cet objectif. Avenir Finance garderait une participation minoritaire de 35% dans Sicavonline.Avenir Finance a pour objectif stratégique de poursuivre le développement de sa capacité de distribution sur deux piliers : les partenariats avec les principales banques privées de la place et son réseau de distribution propre. Le transfert du réseau salariés d’Ageas France permettrait d’augmenter significativement sa capacité de distribution propre. La prise de participation d’Ageas France dans Avenir Finance Gestion Privée serait minoritaire. Elle viserait à maintenir un partenariat commercial privilégié dans le domaine de l’assurance Vie et n’aurait pas vocation à augmenter.L’ensemble de ce projet sera présenté pour consultation aux institutions représentatives du personnel des entités concernées.

L’Agefi rapporte que le groupe Wendel attend cette semaine la remise des offres pour le premier tour d’enchères organisé par les banques BNP Paribas et Rothschild pour la vente de Parex, l’une des divisions du groupe de chimie de spécialités pour la construction Materis. Wendel, qui détient 75,5% de Materis, a annoncé fin août la mise en vente de Parex, spécialiste des mortiers, pour désendetter le groupe.