Fabio Caiani has been appointed as head of distribution at Nordea in Italy, Bluerating reports. Caiani will retain his position as head of retail activities at the Scandinavian asset management firm, which he has held since 2007.

According to estimates by Santander Asset Management for Spainsif, the Spanish socially responsible investment forum, the 13 SRI funds managed in Spain have posted returns of 3.45% in first half 2013, compared with an average of 1.98% for all funds (including 13 SRI funds), Funds People reports.However, these funds represent only EUR184m in assets, equivalent to 0.14% of the Spanish market.In 2009, 2010 and 2012, SRI funds had already outperformed, with gains of 7.5%, 1.08% and 6.7%, respectively, compared with 4.93%, 0.12% and 5.15%, according to statistics from the Spanish Inverco association of asset management firms. In 2011, however, SRI funds, with a more aggressive profile, lost 1.59%, at a time when the industry had posted losses of only 0.52%.

With the Banco Madrid Sicav Selección, Banco Madrid Gestión de Activos (Banca Privada d’Andorra group) on 11 September registered a fund with the CNMV to invest in the best Spanish Sicavs, with a way to include some particularly well-performing funds in the portoflio. That will allow subscribers to profit from the best talents in Spanish asset management, as it invests the money of high net worth clients, says Rafael Valera, CEO of Banco Madrid.The fund will invest at least 50% in Spanish Sicavs or Spanish and/or foreign funds, and the proportion of equities will total between 10% and 70%. The portfolio will inclue 20 to 30 positions.Among the investments which have already been made are Elcano Inversiones Financieras (manages by Credit Suisse Gestión), Bestinver Internacional (Bestinver Gestión) and Torrenova de Inversiones (Banca March).Backtesting over the past 12 months reveals that the portfolio would have earned double the returns of its benchmark index (50 AFI FIM an 50% Eurostoxx 50), with 20.2% compared with 10%, with a volatility nearly haf (5.10% compared to 9.30%), according to Cotizalia.CharacteristicsName: Banco Madrid Sicav Selección, FIISIN code: ES0170614004Management fee: 2.03%Performance commission: 9%

As of 1 October, two people will join the management at the Munich-based UBS Real Estate KAG.Gabriele Merz, director of accounting for German and Luxembourg real estate funds since 2007, will replace Christine Bernhofer as chief financial officer. Bernhofer will be leaving the business at the end of the month to dedicate herself to charitable activities in Africa.Meanwhile, UBS Real Estate KAG has recruited Axel Vespermann, who had been head of the entire commercial real estate portfolio at Allianz Real Estate GmbH. He will be responsible for portfolio management, acquisitions and sales, asset management, construction and development.The other two members of the general management are Tilman Hickl (CEO) and Jörg Sihler.

Companies of the CAC 40 will redistribute half of their profits (excluding one-time entries) to shareholders: EUR39.9bn in dividends will be paid out in 2014 for the 2013 fiscal year, Les Echos reports. This figure is up 5%, according to estimates by FactSet, processed by PrimeView. The 2014 year will also be the second year of growth in coupons from stock market giants, after a fall in dividends paid for the 2011 fiscal year. The rise will bring them virtually back to their levels in the 2010 fiscal year (EUR40.2bn). This increase in payments to shareholders is supported by an improvement in the accounts and some confidence in the future. Analysts anticipate a rise of 16% in recurrent profits, to more than EUR80bn, in the 2013 fiscal year.

The wealth management firm Brooks Macdonald has posted pre-tax profits for its fiscal year to the end of June of GBP10.4m, up 22% compared with the previous year. Its assets under discretionary management are up 45%, to GBP5.11bn. This development is attributed to acquisitions (Spearpoint), strategic allegiances, and also organic growth and market effects.

First State Investments has made several changes to the management of its emerging market funds, Fund Web reports. Tom Prew will succeed Glen Finegan as head of the First State Global Emerging Markets Leaders fund (GBP4.4bn in assets), which he will co-manage with Jonathan Asante. Glen Finegan will also work with Asante as co-manager of the First State Worldwide Equity fund (GBP35m), Nick Edgerton no co-manages the First State Worldwide Sustainability fund with David Gait (GBP71m). Lastly, Gait becomes co-manager of the First State Asia Paciic fund, whose assets under management total GBP861m.

Mark Walker, an equity analyst for the telecom and satellite sectors in Europe at Goldman Sachs, has joined the British firm RWC Partners, where he will work with Louise Keeling as an analyst for the Luxembourg fund RWC Global Horizon Fund (see Newsmanagers of 10 May).Keeling herself joined RWC in April as a partner, to set up a global equity team. She comes from Marathon Asset Management, where she worked with Jeremy Hosking to manage a global equity portfolio. The assistant for the global equity desk is Alice Jarman, who will this month join RWC from Searchlight Capital Partners, after working at Artemis Investment Management. Currently, RWC has assets of USD6.4bn, compared with USD4.8bn as of the end of December.

The Calastone company, a specialist in fund re-registration, has obtained investment from the private equity investors Accel Partners, and its shareholder Octopus Investments, totalling USD18m, Fundweb reports. Calastone claims that these investments will be used to accelerate the growth of Calastone’s activities in the Asia-Pacific region and in Europe, where the firm works for SEI, Transact, Novia and Axa Elevate.

Peter Harrison, the new head of UK equities at Schroders, has told Financial News that activist shareholding will become an asset class in its own right in the next few years. “Strategic engagement with the business to think about the way you can earn value for shareholders is also a good thing for returns, as is corporate responsibility, and that is a change which the sector has not yet taken into account,” he says.

The US authorities have opened a criminal investigation into the Zurich-based private bank Rahn & Bodmer for failure to declare assets in the United States. The bank was informed in late August, Christian Rahn, managing partner at the bank, has told the newspaper Neue Zürcher Zeitung. Rahn & Bodmer says that in 2008 it decided no longer to accept undeclared US assets, and to encourage its US clients to voluntarily disclose their assets. This allowed the US authorities to discover the names of many of its clients, Rahn states. Rahn & Bodmer manages CHF12bn in assets, and has 20 employees.

Norway’s Skagen has hired Hilde Jenssen as a new portfolio manager in the Skagen Kon-Tiki fund team from 1 October 2013.She joins Skagen from Skyview Investment Advisors in the US, where she has been a partner and portfolio manager since 2009. In addition to Kristoffer Stensrud, lead portfolio manager, Skagen Kon-Tiki is managed by Knut Harald Nilsson, Cathrine Gether and Erik Landgraff.

According to Reuters, a source involved in the deal yesterday told IFR that the Norwegian sovereign fund, the Government Pension Fund – Global, managed by Norges Bank Investment Management, the asset management affiliate of the country’s central bank, has put 13 million shares in EDF, representing 0.7% of capital in the French group, up for sale, Agefi reports. The unit price for the sale adds up to a total amount for the operation of nearly EUR280m.

A slight improvement in macroeconomic conjuncture in Europe may result in a narrowing of the gap between ratings upgrades and downgrades for businesses in Europe, the Middle East and Africa (EMEA), the ratings agency Moody’s Investors Service says in a study released on 12 September. “The percentage of ratings with a negative outlook or ratings under negative ratings watch is down slightly, to about 26% for the first time for several quarters, due to a slight improvement in the macroeconomic context in Europe, reflectd in a quarterly growth in GDP in the euro zone of 0.3% in second quarter 2013,” says Jean-Michel Carayon, Senior Vice President at Moody’s and author of the report, entitled “EMEA Non-Financial Corporates: Fewer Downgrades Likely to Follow Improvement in Europe’s Macroeconomic Trends.” “If we continue to anticipate a higher number of credit upgrades than downgrades in third quarter, a virtual rebalancing of the ratio would appear likely in fourth quarter, unless a marked and unexpected deterioration in activities in sectors exposed to cyclical fluctuations such as the mining, chemical or steel industries.”

After an apathetic month in August, the debt issues market appears once again effervescent, Les Echos reports. Since 1 September, European non-financial sector businesses raised abut EUR22bn, according to statistics from Dealogic. In total, 40 operatins have taken place. All participants on the market are aware that they are in a transitional phase, due to the reversal which the Federal Reserve is preparing to carry out, certainly by 18 September. Since May, the Fed has been preparing investors for a reduction in its quantitative easing, a prelude to a round of monetary policy tightening (although this is not planned before 2015). This explains the fact that the European credit market rates have already climbed on the secondary market, following returns on US and German government bonds.

The alternative asset management boutique Adelante Asset Management has closed a global emerging market debt fund, launched 14 years ago, as it estimates that its investment style is no longer adapted to the current environment, Financial News reports. The fund in question, Adelante Emerging Debt Fund, whose assets under management total USD80m, was closed at the end of July. The fund posted negative returns of 2% in the first seven months of the year. However, it has posted annualised returns of over 15% from its launch in July 1999 to its closure.

According to El Confidencial, Ignacio Sarría, founder and deputy CEO until 31 August of the Spanish firm Arcano Capital (EUR1bn in assets) has been recruited by New Mountain Capital (USD10bn). He will be a member of the development team, as the US asset management firm would like to strengthen its private equity platforms, while boosting the dynamism of sales of its hedge fund and its corporate bond fund.

On 1 January 2014, Erik Breen, chief investment officer for socially responsible investment at Robeco, will join the SRI team at Triodos Investment Management. He will be responsible for innovation. Breen is also a member of the board of governors and vice-chairman of the International Corporate Governance Network (ICGN). As of the end of 2012, Triodos Investment Management, an affiliate of Triodos Bank, had SRI assets of EUR2.2bn.

One in four Swiss respondents (24%) are unaware of which pension fund manages its second retirement pillar (professional retirement planning). Although interest in professional retirement planning appears to be higher than average in German-speaking Switzerland and Ticino, only two thirds of French-speaking Swiss are concerned about it, according to the second survey carried out by AXA Investment Managers. Overall, 29% of policyholders surveyed have no interest in retirement planning, according to the study “Knowledge of the Swiss population concerning pension funds 2013,” presented earlier this week in Zurich. More than one quarter of them consider themselves still too young to think about it. One respondent in five considers the subject too complicated for themselves, ways Werner Rutsch, head of the study by AXA Investment Managers. About 10% avoid the subject squarely on the grounds that they have no influence over their pension.

The financial ratings agency Moody’s has expressed criticisms of proposals by the European Commission concerning money market funds. According to the agency, maintaining an adequate rate of return for money market funds with set value per share would impose an increase in fees of at least 30 basis points. The Irish investment fund association, for its part, has called for European and US regulations to be brought into line.

The European Fund and Asset Management Association (EFAMA) on September 1 published a report entitled “The OCERP: a Proposal for a European Personal Pension Product,” on the establishment of a genuine European retirement savings product in line with the considerations undertaken for several years, and marked by the publication in 2010 of a white paper on pensions by the European Commission. The Officially Certified European Retirement Plan (OCERP) is intended as a blueprint for a “European brand” of personal pension products to be distributed on a cross-border basis. The product would allow individuals to choose between several investment options and ensure providers maintain a robust governance framework and administritive systems. Any product that meets these standards could be distributed throughout Europe with an EU passport. The report, which will be distributed to EU policy makers and institutions, contains a set of key recommended standards that a European personal pension product should comply with in order to be certified as an OCERP, and sold throughout Europe. It also presents different legislative approach scenarios to provide an EU passport to the OCERP and to regulate the conditions under which financial institutions could provide OCERPs across Europe. The creation of an EU framework for personal pension products would also contribute to channeling retail investors’ savings towards the proposed European Long-Term Investment Funds (ELTIFs) recently proposed by the European Commission. According to Peter De Proft, Director General of EFAMA, “the proposed high standards of consumer protection, governance and distribution will associate the OCERP with a high-quality EU label. As a blueprint for a European brand of personal pension products, the creation of the OCERP would help overcome the current fragmentation of the European pensions market and, thus, improve the cost-effectiveness of these products and their portability between Member States. By proposing that banks, insurers, pension funds and asset managers expand their product offering towards the OCERP, EFAMA proposes to follow an inclusive approach for the creation of personal pension products to serve the interests of all European citizens”.

La Société Générale envisage de vendre sa filiale asiatique de banque privée, a appris Reuters de plusieurs sources proches du dossier. Une vente de cette filiale basée à Singapour pourrait rapporter environ 450 millions d’euros au groupe, ont précisé les sources anonymes. Le marché asiatique de la banque privée est très concurrentiel, et les gestionnaires de taille limitée y souffrent de la hausse des coûts et de la concurrence. Le groupe français ne publie pas le détail par pays de ses activités de banque privée mais, en Asie, celles-ci pourraient représenter 10 à 12 milliards d’euros d’actifs sous gestion, estime Jean-Pierre Lambert, analyste de Keefe, Bruyette & Woods. La banque a déjà vendu cette année sa filiale japonaise de gestion privée à Sumitomo Mitsui Banking Corp pour un montant non dévoilé.

Le Trésor italien a émis pour 5,5 milliards d’euros d’obligations à moyen et long termes à des rendements en hausse par rapport aux précédentes opérations comparables, conséquence du regain de tension au sein de la coalition gouvernementale. Il a émis pour 4 milliards de titres à trois ans à un rendement moyen de 2,72%, au plus haut depuis octobre 2012, contre 2,33% lors d’une adjudication équivalente mi-juillet. Rome a également placé pour 1,4 milliard d’euros d’obligations à dix ans à un rendement de 4,88%, le plus élevé pour cette échéance depuis mars dernier.

Le gouverneur de la Banque d’Angleterre, Mark Carney, a déclaré que l'économie britannique retrouve de la vigueur grâce aux mesures de soutien mises en oeuvre par la banque centrale. «L'économie se redresse et le soutien fonctionne (...) et bien qu’il soit encore tôt, nous nous attendons aussi à nous engager sur la voie d’un retour à une inflation de 2%», a-t-il déclaré devant la commission du Trésor du Parlement britannique.

Pour la deuxième fois en moins de quinze jours, l’Indonésie a relevé ses taux d’intérêt, dans le but de ralentir la chute de la roupie, qui a perdu 16% de sa valeur depuis le début de l’année. La banque centrale a porté son taux directeur de 7,00% à 7,25% alors que les économistes interrogés par Reuters attendaient une stabilité, à une semaine de la réunion de politique monétaire de la Réserve fédérale des Etats-Unis.

L’Union Mutualiste Retraite (UMR) a confié un mandat de quinze millions d’euros à OFI PE Multi-Managers pour investir dans la dette mezzanine. Cette somme sera placée par le multigestionnaire spécialiste du private equity dans un FPCI avec 70% en co-investissement et 30% en fonds mezzanine (avec un maximum de 10% investi hors France) « qui pourra par la suite accueillir d’autres investisseurs institutionnels » détaille Philippe Rey, directeur des investissements de la mutuelle. Le Corem, qui est déjà investi dans une quinzaine de FCPR de type equity (Edmond de Rothschild Investment Partners, EdRCP, LFPI...), se diversifie ainsi dans ce segment du non coté. « La stratégie d’investissement de ce fonds vise à allier sécurité et performance tout en offrant un rendement courant important » souligne Philippe Rey. Suivant la typologie des investissements retenus, l’objectif de rendement variera dans une fourchette comprise entre 12 à 15% se décomposant en intérêt contractuel (cash : euribor +5/7 %) et PIK (5/7%) et en BSA pour environ 2 à 3% de rendement supplémentaire. Retrouver la fiche de l’UMR dans Le Guide

Jean-Jacques Duchamp, directeur général adjoint de Crédit Agricole Assurances dans un article publié par l’Agefi : Nous avons réalisé 3 milliards d’euros d’investissement dont un milliard sous forme d’obligations via des Euro PP (placements privés), un milliard de prêts aux collectivités publiques via nos caisses régionales et, enfin, un milliard sous forme d’obligations hypothécaires. Une activité qui a le vent en poupe, le groupe ayant réalisé 1,5 milliard d’investissements supplémentaires au premier semestre. Désormais, l’assureur compte profiter des possibilités offertes par la réforme pour prêter davantage aux entreprises. Nous allons le faire via des fonds car c’est une démarche plus simple. Nous visons essentiellement des ETI car pour les autres entreprises, les montants de prêts sont trop petits. Nous allons rester dans l’idée de cette limite de 5 % de nos encours sachant que les 4,5 milliards d’investissements déjà réalisés vont également rentrer dans cet objectif. Ces crédits d’une durée de 5 à 7 ans offrent une rémunération attractive car le spread capté dans ces placements permet d’avoir un rendement de l’ordre de 3,5 % en moyenne, contre 2 % actuellement pour les dettes d’Etat.

La plate-forme de trading obligataire Tradeweb, contrôlée par Thomson Reuters, est selon l’agence Reuters en négociations exclusives pour l’acquisition de sa concurrente, détenue par Advent International. Le montant de la transaction pourrait atteindre 200 millions de dollars. Tradeweb l’aurait emporté face notamment à MarketAxess.

Une source impliquée dans l’opération a confié hier à IFR selon Reuters que le fonds souverain norvégien, Norges Bank Investment Management, entité de gestion d’actifs de la banque centrale du pays, a mis en vente 13 millions d’actions EDF, représentant 0,7% du capital du groupe français. La banque helvétique UBS est selon cette source teneur de livre unique de l’opération. Citant des sources de marché, Reuters croit savoir que le placement s’effectue au prix unitaire de 21,45 euros. Ce dernier représente une décote de 3,6% par rapport au cours de clôture de l’action de l’électricien français hier mercredi à la Bourse de Paris à 22,235 euros. Ce prix unitaire de cession équivaut à un montant total de l’opération de près de 280 millions d’euros. Le montant total des actifs du fonds souverain norvégien est d’environ 750 milliards de dollars.

Le projet européen de régulation des indices de marchés tels que les taux interbancaires ou ceux des marchés pétroliers et de matières premières ne prévoit pas de confier à une institution unique la supervision au quotidien de ces instruments, selon Reuters. Ce projet sera présenté le 18 septembre par le commissaire au Marché intérieur Michel Barnier.