L’Union Financière George V (groupe Crystal), plate-forme patrimoniale dédiée aux courtiers et CGPI, a annoncé la nomination de David Edmond au poste de directeur général adjoint. Il était jusqu'à présent directeur du développement de la structure.L’intéressé reste en charge de l’ensemble des équipes commerciales et opérationnelles, y compris le middle office. Dans ses nouvelles fonctions, il aura comme mission principale le pilotage du marketing opérationnel et du déploiement des nouveaux produits et services de la société.

Cécile Imbert, l’ancienne gérante de Prigest qui avait quitté en février dernier la société de gestion de Christian Cambier où elle est restée neuf ans, rejoint l’équipe de gestion d’actifs du groupe Pgc. Elle y occupera la fonction de gérante, en charge de la partie américaine de la gestion des portefeuilles actions, et gèrera en particulier le fonds Pgc Amérique, indique un communiqué. Le groupe Pgc est constitué de deux sociétés, Pgc Société Privée de Gestion et de Conseil et Pgc Colonne Vendôme, et affiche près de 600 millions d’encours sous gestion.

Le fonds d’actions luxembourgeois Morgan Stanley Investment Funds (MSIF) Global Quality Fund, lancé il y a plus d’un mois (lire Newsmanagers du 2 août) a obtenu les agréments de commercialisation pour différentes classes de parts en dollars et/ou en euros dans six pays européens.Les parts A en dollars (LU0955010870) sont désormais disponibles en Allemagne, en Irlande, aux Pays-Bas, en Suède et au Danemark tandis que les parts AH en euros (LU0955011506) sont accessibles en Allemagne, en Irlande et aux Pays-Bas. Les parts en dollars I (LU0955011175) et Z (LU0955011258) peuvent être commercialisées en Irlande, aux Pays-Bas, au Danemark et en Suède. Les parts Z sont aussi disponibles au Portugal.

Les fonds commercialisés en Europe ont enregistré en juillet des souscriptions nettes de 33,6 milliards d’euros en juillet, renouant avec la collecte après des rachats de plus de 70 milliards d’euros en juin, selon les dernières statistiques de Lipper.La classe d’actifs ayant remporté le plus de suffrages est celle des actions, avec des souscriptions nettes de 14,8 milliards d’euros sur les fonds de cette catégorie. Les fonds obligataires viennent ensuite, avec 10,8 milliards d’euros, suivis par les fonds diversifiés (8,8 milliards d’euros).Comme en juin, les fonds monétaires ont accusé les plus forts rachats (-1,4 milliard d’euros).Depuis le début de l’année, les fonds en Europe ont enregistré des souscriptions nettes de 149,3 milliards d’euros, grâce aux fonds obligataires (+94,9 milliards d’euros), aux fonds diversifiés (+57 milliards d’euros) et aux fonds actions (+45,5 milliards d’euros). En revanche, les fonds monétaires ont vu sortir 52,3 milliards d’euros.D’un point de vue géographiques, les marchés ayant connu les plus fortes collectes en juillet sont l’Allemagne (+2,9 milliards d’euros), l’Espagne (+2,7 milliards d’euros) et l’Italie (1,9 milliard d’euros). En revanche, la Belgique (-1,6 milliard d’euros), la Suisse (-0,9 milliard d’euros) et la Turquie (-0,6 milliard d’euros) décollectaient le plus.Enfin, côté sociétés de gestion, c’est BlackRock qui a enregistré les meilleures ventes de fonds hors monétaires, avec 4,3 milliards d’euros de souscriptions nettes, devant JP Morgan Asset Management (+1,3 milliard d’euros) et Prudential/M&G (+1,2 milliard d’euros).

Le projet de taxer les transactions financières dans 11 Etats de l’Union européenne à partir de 2014 est illégal, selon un rapport d’experts juridiques de l’UE qui risque de porter un coup fatal à cette initiative controversée.Les conclusions des juristes, dans un avis en date du 6 septembre et dont Reuters a eu connaissance, ne sont pas contraignantes mais compliqueront la tâche de l’Allemagne, de la France et des autres partisans de cette mesure censée rapporter aux Etats quelque 35 milliards d’euros par an.Leur rapport sera soumis à une date indéterminée aux ministres des Finances de l’UE (Ecofin), à qui reviendra la décision d’enterrer la taxe ou d’opter pour un prélèvement plus simple comme celui que le Royaume-Uni impose aux transactions boursières (droit de timbre).Le Royaume-Uni, soucieux de défendre la City, et plusieurs autres Etats membres s’opposent au projet, compliquant déjà sa mise en oeuvre. Outre l’Allemagne et la France, l’Italie, l’Espagne, l’Autriche, le Portugal, la Belgique, l’Estonie, la Grèce, la Slovaquie et la Slovénie soutiennent la taxe.Dans leur avis, les services juridiques des Etats membres expliquent que le projet va au-delà de la juridiction des Etats et n’est pas compatible avec le traité européen puisqu’il empiète sur les compétences d’Etats membres non participants en matière de fiscalité.L’instauration d’une taxe dans certains Etats seulement serait en outre «discriminatoire et de nature à conduire à des distorsions de concurrence au détriment des Etats membres non participants», ajoutent les experts. Ils estiment encore que la taxe constituerait un «obstacle» à la libre-circulation des capitaux et des services au sein du marché unique, deux piliers du traité fondateur de l’UE.L’Allemagne a d’ores et déjà réagi en réaffirmant son soutien à la mesure. «Le gouvernement allemand préconise une introduction rapide de la taxe sur les transactions financières pour de bonnes raisons. Nous souhaitons que le secteur financier contribue de manière adéquate au coût de la crise financière», a déclaré le ministère de l’Economie dans un communiqué. «Rien n’a changé. Les inquiétudes d’ordre juridique doivent être réglées et dissipées le plus vite possible.»

Au 30 juin, l’encours géré par le spécialiste des marchés émergents Ashmore Group a atteint 77,4 milliards de dollars, affichant un gonflement de 22 % sur le niveau atteint douze mois plus tôt, tandis que le bénéfice avant impôt de l’exercice au 30 juin ressortait à 257,6 millions de livres contre 243,2 millions pour 2011-2012 (+ 6 %). Le bénéfice après impôt marque une hausse de 9 % à 201,6 millions de livres contre 185,7 millions.Les souscriptions nettes sont ressorties à 13,4 milliards de dollars contre 1,3 milliard pour l’exercice précédent.

Le gestionnaire sud-africain Momentum Global Investment Management a annoncé selon Investment Europe le lancement du Africa Fixed Income Fund, un produit obligataire destiné aux investisseurs institutionnels désireux de tirer avantage des fondamentaux économiques et démographiques de l’Afrique.Ce fonds utilisera plusieurs gérants basés au Royaume-Uni et en Afrique, sous la direction de David lashbrook, secondé par Zee de Gersigny.

Equity funds sold in Sweden have recorded net outflows of SEK1.8bn (EUR207m) in August, according to the Association of Swedish investment funds association Fondbolagens Förening.Outflows were concentrated on Eastern Europe equity funds (-SEK867m), Swedish/global equity funds (-SEK554m) and Asian equity funds (SEK509m). However European equity funds ammassed net inflows of SEK1.12bn.So far in 2013, equity funds have recorded a total net inflow of SEK 17 billion, of which Global funds, North American funds and Sweden funds accounts for the largest net deposits. Investment funds recorded a total net inflow of SEK 1.4 billion in August. Balanced funds recorded net deposits of SEK 1.7 billion and money market funds had a net inflow of SEK 1.3 billion.The total fund assets in Sweden decreased in August by SEK 20 billion and amounted at the end of the month to SEK 2 279 billion. Of the total fund assets, SEK 1 237 billion (equivalent to 54 percent) was invested in equity funds.

The Swedish bank SEB has launched the SEB Microfinance Fund, which will invest in microfinance institutions worldwide, Dagens Industri reports. The fund, managed by Viktor Andersoon, will be closed in five years. 20 institutions had previously invested in the fund.

Tikehau IM on September 9th disclosed that its assets under management at end-August have been north of EUR2bn, of which more than EUR700m in net sales for its closed-end en open-end funds, co-investment vehicles and mandates.The increase in AUM for the FCP funds has been higher than 60 % year to date. The Tikehau Crédit Plus, a high yield fund, has reached EUR110m while the Tikehau Taux Variables is now over EUR120m.The asset manager also said that it has gained an AIFM license which will allow it to grow faster abroad.

Cécile Imbert, former manager of Prigest, who in February this year left the asset management firm of Christian Cambier, where she spent nine years, is joining the asset management firm at the PGC group. She will serve as manager responsible for the US portion of equity portfolio management, and will manage the Pgc Amérique fund, a statement says.The Pgc group is composed of two firms, Pgc Société Privée de Gestion et de Conseil and Pgc Colonne Vendôme, and shows a total of about EUR600m in AUM.

Axa Private Equity (AXA PE) on Tuesday, 10 September announced the appointment of Juan Angoitia as managing director of its Infrastructure team. The team is based in Paris, and advises or manages USD4bn in assets, a statement says.Before joining Axa Private Equity, the new recruit, who has over 15 years of experience in the infrastructure sector, spent five years at Citi Ifnrastructure Investors (CII) as chief investment officer in London. He managed investments in Kelda, a holding company for Yorkshire Water in the United Kingdom, and at Itinere Infrastructuras SA in Spain.

Oddo Asset Management has hired Luc Varenne, the head of convertible asset management at Neuflize OBC Investissements, and Frédéric Hertault, a fund manager in the same team, to fill the vacant ranks after the departure of Xavier Hoche and Murielle Blanchier, the company confirmed to Newsmanagers after a leak on the H24 Finance website. Hoche and Blanchier left Oddo AM to set up their own company, AltaRocca Asset Management (see Newsmanagers of 06/09/2013), a subsidiary of the Primonial group.Luc Varenne and Frédéric Hertault join the 14-strong Oddo AM’s fixed income team led by Alain Krief in November. The will be in charge of convertible bond funds and mandates, mainly Oddo convertibles Taux, Oddo Convertibles and Oddo Commodities Convertibles. Alain Krief is in charge with the target-date funds Oddo Haut rendement Monde 2018, Oddo Haut Rendement 2017 and Oddo Rendement 2017, with a total EUR1bn in AUM.

Northern Trust has opened an office in Riyadh, in Saudi Arabia, in order to better assist the firm’s rapidly-growing Middle Eastern client base in order to take advantage of investment opportunities in the region.The group is present in the Middle East since 1987, and already has an office in Abu Dhabi.

Unigestion has recruited Jussi Louekoski as director, institutional clients for Northern Europe.Louekoski had previously worked for Capital Dynamica as head of sales for Northern Europe and the Netherlands. During his career, he has also seved as senior head of sales at Amuni, HEX, Northern Trust and Deutsche Bank.“His recruitment underscores the importance which Unigestion attaches to the Scandinavian market, where the firm already has several strategic commercial relationships,” a statement from the Swiss asset management firm says.In his new role, Louekoski will be responsible for the development and management of relationships with clients, we asll as the promotion of the expertise of Unigestion in investment in the Danish, Finnish, Icelandic, Norwegian and Swedish markets. He is based in Zurich.Unigestion had EUR10.2bn in assets under management as of 30 June 2013.

Amundi has launched a bond ETF which has been admitted to trading on Euronext Paris and brings the number of products listed on European markets for the market company. With cross listings, the total is 648.Name: Amundi High Yield EUBenchmark index: Markit iBoxx EUR High Yield 30Total expense ratio: 0.40%

After the strong outflows of June – more than EUR70bn - the European fund industry returned to growth, with net inflows of EUR33.6bn for July 2013, according to Lipper. The asset class with the highest inflows for July was equity funds—stating net inflows of EUR14.8bn, followed by bond funds (+EUR10.8bn) and mixed–asset funds (+EUR8.8bn).As in June money market funds again had the highest net outflows (-EUR1.4bn) for July. Over the course of the year 2013 so far, the European fund industry enjoyed net inflows of EUR149.3bn, driven by net inflows into bond funds (+EUR94.9bn), mixed-asset funds (+EUR57bn), and equity funds (+EUR45.5bn). On the other side of the table money market funds showed the highest net outflows (-EUR52.3bn) for 2013 so far.Single fund market flows showed a mixed picture, with Germany (+EUR2.9bn net), Spain (+EUR 2.7bn), and Italy (+EUR 1.9bn) leading the table, while Belgium (-EUR 1.6bn), Switzerland (-EUR 0.9bn), and Turkey (-EUR 0.6bn) stood on the other side.Finally, BlackRock was the best selling group for long-term funds for July, with net sales of EUR4.3bn, ahead of JP Morgan Asset Management (+EUR1.3bn) and Prudential/M&G (+EUR1.2bn).

The real estate fund management firm Real I.S. GmbH, an affiliat of the Real I.S. Group, has announced that in three years it has exceeded EUR1bn in assets. This total is expected to increase strongly in the coming months, due to the fact that the business has about EUR1bn to invest. Talks have already been initiated to invest half of it, mainly in Germany and Western Europe. Real I.S. Group, which is a subsidiary of BayernLB, has some EUR8.5bn in total AUM.

The CEO of Helaba France, Roland Fuchs, has been appointed with effect from 1 October as head of European real estate finance at Allianz Real Estate GmbH, a newly-created position. He will be based in Paris, and will report directly to the CEO, Olivier Piani.With a team of specialists, and in cooperation with locations at Allianz Real Estate in France, Germany, Italy and other European countries, Fuchs will be responsible for developing real estate financing in Europe.

The asset mangement firm Axiom Alternative Investments has launched Axiom 2018, a target-date fund investing in financial sector bonds (LT2 and senior debt ) issued by major European financial institutions (primarily banks) with a maturity close to December 2018. The fund may also invest in financial sector CDS with equivalent maturity. The fund also pursues a buy & hold logic, but arbitrages have not been ruled out if opportunities present themselves. Currnency risks are hedged.Axiom 2018 offers returns of over 5% per year (excluding potential default rates for the portfolio) on an investment horizon of 5 years, a statement says.CharacteristicsISIN Code: FR0011464361 (C share class)/FR0011464379 (I share class)Front-end fee: 2%Management fees: 1.5% (C share class) / 1% (I share class)Outperformance commission: 10% fort returns exceeding 5% / year

Verizon Communications is expected to turn to the markets for a bond issue of a record USD20bn, Investment Week reports.According to a document submitted to the Securities & Exchange Commission, the telecommunications giant is expected to offer graduated debt over 3 years to 30 years. The proceeds of this borrowing will contribute to financing a total of USD130bn for the acquisition of Verizon Wireless from the firm’s partner in the joint venture, Vodafone.

US-based insurer EMC Insurance Companies has outsourced all custody and investment analysis services, with assets of USD4bn, to State Street Corporation. The choice of this provider was made due to its expertise in the areas fo custody, accounting and reporting solutions, says Lisa A. Stange, vice president and chief invesment officer at EMC.

Alistair Lumsden, which last year left the alternative management firm CQS, where he was reponsible for a USD2.3bn hedge fund aimed at ABS, is in the process of setting up his own firm in London, which may start its activities in 2013, Bloomberg reports.The CQS ABS Fund earned average annual returns of 28% when it was managed by Lumsden, between October 2006 and 2012. Hedge funds dedicated to ABD have earned average returns 9.1% per year during this period, according to statistics from Hedge Fund Research.

As of June 30th, assets under management at EM specialist Ashmore Group reached USD77.4bn, a 22% yoy increase, while the profit before taxes was GBP257.6m for the fiscal year to end-June, vs GBP243.2m for 2011-2012 (+ 6 %). After tax profit rose 9% to GBP201.6m vs GBP185.7m.Net sales rocketed to USD13.4bn vs USD1.3bn for the preceding fiscal year.

GemShares is working with Nasdaq OMX to create a diamond index, the GemShares Global Investment Grade Standard Diamond Basket Index, IndexUniverse reports.The index is expected to offer a standard mechanism for setting prices to evaluate a basket of diamons including stones of various sizes and values. It is expected to be launched during fourth quarter 2014.GemShares would also like to launch a diamong ETF, which could of course use the index in the process of development as its basis.

Despite economic and geopolitical uncertainty, the worldwide ultra-high net worth (UHNW) population, whose net assets total at least USD30m, gained more wealth last year. The number of ultra-high net worth individuals also increased to a record 199,235, with total wealth of nearly USD28trn, increased o 6%, and USD2trn, according to Wealth-X and UBS World Ultra Wealth Report 2013.The report has also identified over 2,000 billionaires worldwide with assets of USD6.5trn, an amount equivalent to 23% of the wealth of the UHNW segment.The growth observed this year is primarily due to North America and Europe, as these two regions produced a net gain of nearly 10,000 UHNW individuals, for a total increase in their wealth of USD1.5trn.Asia has posted a rebount this year, with 44,505 high net worth individuals, compared with 42,89 last year. Their cumulative wealth comes to USD6.5trn, up 5.4% compared with the previous year.

KBL European Private bankers (KBL epb) has announced the appointment of Stefan Van Geyt to the position of Group Chief Investment Officer. With solid experience in the financial services sector, he will be based in Luxmebourg.For the past six years, Van Geyt has served as Chief Investment Offier for Belgium at BNP Paribas Fortis, where he supervised all investment activities for the Private Banking division in Brussels. With a team of 125 prodessionals, including 60 portfolio managers, he has been responsible for developing a range of products and discretionary management and advisory mandates.

PowerShares has launched two mutual funds on the Toronto Stock Exchange, which offer investors wider access to ETFs.The PowerShares Canadian Low Volatility Index Class and PowerShares US Low Volatility Index Fund offer investors exposure to portfolios of less volatile equities than the major indices.

The South African asset management firm Momentum Global Investment Management has announced the launch of the Africa Fixed Income Fund, according to Investment Europe. The bond prouct is aimed at institutional investors seeking to profit from economic and demographic fundamentals in Africa.The fund will use several managers based in the United Kingdom and Africa, under the leadership fo David Lashbrook, with the assistance of Zee de Gersigny.

The Government Pension Fund - Global (GPFG), the former Norwegian Oil Fund, has announced that it has acquired 455 of the office property Times Square Tower (115,200 square metres) in New York from Boston Properties, for USD684m. Boston Properties retains the remaining 55%.The acquisition comes as part of a rise in real estate investments in the portfolio of GPFG. The ministry of Finance has set an objective of increasing this to 5% of the fund’a ssets (NOK4.544trn).