P { margin-bottom: 0.08in; } Last year, clients of Brummer & Partners were not celebrating: their largest hedge fund, Lynx, lost 5.14%, Dagens Industri reports. The second-larget fund, Brummer Multi Strategy, exposed to all hedge funds managed by the Swedish firm, earned 4.4%. Nonetheless, the four owners of Brummer & Partners earned SEK300m, DI.se reports.

P { margin-bottom: 0.08in; } Long-term funds in Europe posted net redemptions of EUR39.095bn in May, compared with EUR40.334bn in April, bringing the total for the first five months of the year to EUR195.743bn, according to statistics from Morningstar. Meanwhile, money market funds have seen net redemptions of EUR3.578bn, compared with net subscriptions of EUR677m the previous month, meaning that the January-May period resulted in net outflows for this class of EUR7.692bn.By asset class, the strongest net subscriptions in May were for bond funds (EUR20.047bn, compared with EUR26.540bn in April) and allocation funds (EUR11.404bn, comapred with EUR10.700bn in April), which have posted their best month to date. Hedge funds attracted EUR2.663bn, compared with EUR3.062bn the previous month. In the first five months of the year, bond products have seen net inflows of EUR90.172bn, while allocation funds have attracted EUR51.800bn and hedge funds show net inflows of EUR14.505bn.In terms of groups, the strongest net inflows were to Franklin Templeton (EUR3.625bn in May and EUR7.796bn in the first five months of the year), followed by JPMorgan (EUR3.399bn and EUR7.094bn), In May, BlackRock posted net inflows of EUR1.735bn, compared with EUR1.732bn for BNP Paribas, EUR1.677bn for Pimco, and EUR1.399bn for DWS.

P { margin-bottom: 0.08in; } Four out of 19 former employees of ING IM will manage new UCITS-compliant emerging market debt funds launched by Neuberger Berman, Fundweb reports.Bart van der Made will be responsible for the Neuberger Berman Emerging Market Debt – Hard Currency fund, while the Neuberger Berman Emerging Market Debt – Local Currency fund will be managed by Raoul Luttik. The Neuberger Berman Emerging Market Debt Corporate Debt fund will be led by Nish Popat and Jennifer Gorgoll.

P { margin-bottom: 0.08in; } The European Commission on 1 July sent a letter of complaint to 13 major European banks, including BNP Paribas, and US banks suspected of having conspired to prevent rivals from trading on the credit derivative swap (CDS) market, or to delay their entry into this market. In addition to BNP Paribas, the establishments concerned are Bank of America Merrill Lynch, Barclays, Bear Stearns (acquired since then by JP Morgan Chase), Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Credit Suisse, UBS and Royal Bank of Scotland, as well as the largest provider of financial information on the CDS market, the consultant Markit and the international derivative association ISDA, the Commission says in a statement. “It would be unacceptable if banks collectively blocked trades in order to protect their revenues in the over-the-counter derivatives sector,” the European commissioner, Joaquin Almunia, says in a statement.

The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD). The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.

P { margin-bottom: 0.08in; } Kay Swinburne, a member of European parliament and a member of the economic and monetary affairs committee, has called on the European Commission to identify the important asset management firms from a systemic point of view, Financial News reports. While she recognises that the sector does not present systemic risks, she says “we are seeing much larger growth of big asset management firms, several of which are exploring new business opportunities which may fundamentally alter their business model and in time increase their systemic importance,” the website says.

P { margin-bottom: 0.08in; } Declining markets in June led to a fall of EUR180m in assets in Spanish funds, to EUR137.780bn as of 30 June, Expansión reports. This represents the first decline since the beginning of the year, according to Ahorro Corporación. However, net subscriptions have continued. They have totalled EUR2.140bn, due to EUR2.2bn in net inflows to bond funds. Guaranty funds have seen further net redemptions of EUR410m.

P { margin-bottom: 0.08in; } Funds People reports that the asset management affiliate of Inversis Banco, Inversis Gestión, has launched its third umbrella fund (after Fongrum Fi and Gestión Multiperfil), Gestión Boutique SI, which has received a license from the CNMV and consists of five funds managed by four Spanish-registered financial advisory firms (EAFIs): C2 Asesoramiento Patrimonial, GInvest Patrimonis, Bissan Value Investing and GP Invest.C2 asesoriamento Patrimonial manages a prudent fund (C2 Estrategia Equilibrada, maximum 20% equities), and a higher-risk fund (C2 Estrategia Dinámica, maximum 40 % equities). GInvest Patrimonis manages the GinvestSmart 9primarily diversified fund, 35-65% international equities), while Bissan Value Investing is responsible for the Bissan Value Fund, an international equity sub-fund managed with a quantitative approach.GP Invest EAFI manages the GPI Global Investment Allocation, which invests 70% of its assets in third-party funds and 30% in equities, bonds and derivatives which are expected to generate outperformance.

Japan’s financial services group Orix announced on July 1st that the acquisition of Robeco has been completed sooner than expected. Orix has acquired approximately 90.01% of the equity in Robeco from Rabobank. The total sale price as a result of adjustment to reflect Robeco’s most recent financial position was 1,937 million EUR.One of Orix’s and Robeco’s priorities will be to further develop the growth opportunities which exist in pension and asset management markets in Asia and the Middle East, where Orix has an established network. The Japanese group and Rabobank also will consider joint expansion in new business fields as strategic partners.Robeco’s management board will remain in their current roles with Roderick Munsters continuing as CEO.

The European Securities and Markets Authority (ESMA) has formally approved the registration of Spread Research SAS, based in France, as a credit rating agency (CRA). The registration takes effect from 1 July 2013.There are currently 22 registered and two certified CRAs in the EU. Amongst the 22 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 35.

P { margin-bottom: 0.08in; } The Mirabaud group is following in the footsteps of Pictet and Lombard Odier. Yesterday, the group announced the launch early 2014 of a partnership limited by shares under Swiss law (“société en commandite par actions” or “SCA”) and the opening of a Luxembourg bank. Within the new partnership limited by shares Mirabaud & Cie SCA, the managing partners will define the global strategy and the objectives of all the Group entities. The managing partners will bear unlimited personal liability for the partnership limited by shares. The latter will be the parent company of all Group entities in Switzerland and abroad, including the Swiss bank Mirabaud & Cie that – subject to FINMA’s approval – will become a limited company. The three business lines, currently functionally organised, will be exercised within distinct legal entities. There will be no impact on the services provided, the group’s commercial structure or its personnel. The entities dedicated to Asset Management will remain under the high authority of Lionel Aeschlimann, managing partner and the Intermediation activities will continue to be run by Giles Morland, managing partner. Management of Banque Mirabaud & Cie Sa will also remain in the hands of Antonio Palma, managing partner.The new bank in Luxembourg, with an opening also scheduled for early 2014, will develop the private banking activities of the Group in Europe, and will head these activities in the United Kingdom, in France and in Spain. “This will allow Mirabaud to improve the range and the quality of its services in Europe,” the Mirabaud group states.

La banque Julius Baer a entamé lundi l’intégration des activités IWF de la banque Merrill Lynch en Grande-Bretagne, en Espagne et en Israël, a-t-elle indiqué dans un communiqué publié le 2 juillet. Cette étape, qui sera finalisée d’ici l'été 2014, fera de Julius Baer l’une des banques privées les plus importantes de Londres."Les activités en Grande-Bretagne représentent plus du quart des activités de gestion de fortune internationale (IWF)», indique Boris Collardi, directeur général, cité dans le communiqué. «Le marché britannique sera désormais le plus grand marché en dehors de Suisse», a-t-il précisé.Les activités en Grande-Bretagne étaient les «dernières grosses activités à transférer» dans le cadre de l’intégration au sein de la banque zurichoise des activités IWF de Merrill Lynch. En Espagne, Julius Baer va disposer désormais d’une franchise significative sur le marché local de la gestion de fortune. En Israël, Julius Baer va renforcer sa présence sur ce marché.Dans les trois pays, les conseillers financiers ont été transférés dès le 1er juillet. Les fonds de la clientèle vont être intégrés au sein des plateformes de la banque zurichoise d’ici ) l'été 2014. Les prochaines activités à être intégrées dans Julius Baer concerneront Bahreïn, le Liban et les Emirats arabes unis en septembre et en octobre.

Julius Baer announced on July 2 that the transfer of the UK, Spain and Israel businesses of Merrill Lynch’s International Wealth Management (IWM) started yesterday. This step will make Julius Baer one of the largest private banks in London. The process for these markets is expected to be completed by mid-2014.Boris F.J. Collardi, chief executive officer of Julius Baer Group Ltd., said: “Representing more than a quarter of IWM’s entire business in scope, the integration of the UK business is crucial to the transaction. The UK will be one of the biggest markets by client base outside Switzerland, thus being a key market for Julius Baer overall. In addition Spain and Israel will further enhance our footprint in the global private banking landscape.”The UK is now the last of the big businesses to transfer. In Spain, Julius Baer will gain a new foothold with a significant franchise in the local wealth management market, and in Israel the Bank will strengthen its presence in the local wealth management market.IWM’s financial advisers have transferred in all locations on 1 July 2013. Client relationships and related assets under management of the respective businesses will transfer to the Julius Baer platforms in stages and in line with appropriate regulations in the various jurisdictions. The next businesses to transfer, expected to occur in September and October, are in Bahrain, Lebanon and the UAE. The preparations for these transfers are well under way.

P { margin-bottom: 0.08in; } The conclusion of the sale process of Dexia Asset Management to GCS Capital, which was meant to complete last Friday, has been delayed, Dexia announced on Friday. When contacted by Agefi, the bank had no further comment. In December last year an agreement with the Asian fund GCS Capital was officially signed, for EUR380m, a total far lower than analysts’ estimates at the time, The operation is a major step in the court-ordered dismantling of Dexia, which is 95% controlled by the Belgian and Frech governments.

P { margin-bottom: 0.08in; } Chris Jackson, formerly product director at M&G for 10 years, has been appointed as head of international product at Natixis Global Asset Management, Fundweb reports. Jackson will report to Hervé Guinament, chairman & chief executive for international distribution, and to Mark Doyle, executive vice president of marketing and product. He will concentrate on global product strategy.

P { margin-bottom: 0.08in; } Amundi (EUR750bn in assets under management) has recruited Nicholas Melhuish as head of global equities, a newly created position. He will be based in London, and will aim to develop international equity management at the French asset management firm.Before joining Amundi, Melhuish worked at UBS Global Asset Management (2007-2012), where he was head of global equity management.

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has introduced new tax-transparent fund structures, in order to bring British regulations into line with the terms of the AIFM directive, which will come into effect on 22 July this year. As part of the rollout of the AIFM directive in the UK, the FCA has introduced two new legal co-ownership and limited partnership structures, to facilitate investment in British funds.

P { margin-bottom: 0.08in; } The Australian Macquarie group has added to its fixed income, currency and commodities (FICC) unit, with the appointment of Thierry Albert Wizman as globla interest rates and currencies strategies, the style specialist wealthadviser reports. Wizman, who will be based in New York, previously worked at the emerging market specialist Artha Capital as a senior analyst and director of research.

Andrew Formica, CEO of Henderson Global Investors, has told Newsmanagers that he hopes to recruit one or more global emerging market equity specialists by the end of the year, and that he would like to add a team dedicated to US equities. Emerging market debt is also an area which interests him, he said at the International Fund Forum in Monaco.The plans aim to diversify the expertise of the British asset management firm, and follow several operations of this type. Henderson has recently acquired 33% of the Australian asset management firm 30 West Asset Management, a specialist in international natural resources, and has recruited a US credit team.However, major deals such as an acquisition of New Star or Gartmore are a thing of the past. Formica says the prices are now too high in the asset management industry. “They have doubled in five years. We paid 5 times EBIT for New Star, and now, prices are about 9 times.”This price rise reflects the improved situation for asset management firms. “Formidable opportunities are opening up to us today. Firstly, clients, who are concerned about having too much cash, are looking for new sources of returns. Meanwhile, as banks disengage from sectors, new activities are becoming available to us, such as direct lending, real estate, infrastructure debt, etc.” the operation recently initiated by Henderson with TIAA-CREF in real estate is an indication of this trend.With respect to the Retail Distribution Review, it can be expected to penalise asset management businesses in the short term, but benefit them in the long term. “RDR will have an impact on volume. The money will move to ETFs, to the detriment of active management. But at the same time, that will remove barriers to entry. In addition, rather than working with all companies, advisers will prefer only a few asset management firms. That will also promote better dialogue with clients,” Formica concludes.

P { margin-bottom: 0.08in; } The British firm GLG Partners would like to recruit James Ind as an addition to its Macro and Relative Value teams, and launch a new total return fund, Investment Week reports. The new fund, which will be domiciled in the United Kingdom, will be a value strategy which will aim for returns of Libor + 5%. It will be managed by the macro team, conisting of Jamil Baz and Sudi Marappa, who has recently left Pimco to join GLG. Ind previously worked at Russell Investments, where he was a portfolio manager for multi-asset class strategies.

Fidelity Worldwide Investment has announced that Mike Nikou will assume the role of managing director, South-East Asia, based in Singapore, with effect from 15 July 2013. He will be responsible for developing the overall business strategy and implementing plans to grow the retail and institutional businesses in Singapore and surrounding key South-East Asian countries. In addition, he will take responsibility for Asia ex-Japan product development. Mike Nikou has been with Fidelity for over 16 years and his last appointment with Fidelity was in the role of the managing director, Northern and Southern Europe within the Continental European region, overseeing distribution across the Nordic Region, Poland, Benelux, Italy, Spain and Latin America. In 1996, he started Fidelity’s Nordic business by opening up an office in Stockholm. The office has grown steadily and now has 12 employees, covering institutional and wholesale business across the Nordic region.

P { margin-bottom: 0.08in; } The asset management firm Azimut has launched the first actively-managed index of China, via AZ Investment Management, according to Bluerating, citing Milano Finanza. The AZ CSI 300 has been based on the CSI 300 index, and redistributes it more evenly in sector terms in order to avoid excessive concentration on the financial sector.

La RBA a maintenu mardi son taux directeur à 2,75%, son plus bas niveau historique, comme l’attendaient la plupart des économistes. Cette décision est notamment justifiée par le recul marqué subi par le dollar australien ces dernières semaines et par des signes traduisant une diffusion lente des dernières mesures d’assouplissement. Le dollar australien a cédé environ 10% de sa valeur depuis avril.

H.I.G. Capital annonce aujourd’hui le lancement réussi du Fonds H.I.G. European Capital Partners II, clos à 825 millions d’euros, soit un niveau largement supérieur à son objectif de départ. Le fonds poursuivra sa stratégie européenne centrée sur l’investissement en fonds propres au sein d’opérations d’acquisition (LBO) et de capital développement du segment du mid-market en Europe.

Afin de familiariser les épargnants avec l’Investissement socialement responsable (ISR), ses promoteurs, l’AFG (Association française de la gestion financière) et le FIR (Forum pour l’investissement responsable) ont décidé d’en préciser la définition : «l’ISR est un placement qui vise à concilier performance économique et impact social et environnemental en finançant les entreprises et les entités publiques qui contribuent au développement durable quel que soit leur secteur d’activité. En influençant la gouvernance et le comportement des acteurs, l’ISR favorise une économie responsable». Pour la première fois, l’influence exercée par l’ISR et sur les impacts sociaux et environnementaux qui découlent de cette gestion ISR sont mis en avant. La feuille de route pour la transition écologique de la conférence environnementale de septembre 2012 a, pour la première fois, émis l’objectif d’élaborer un label ISR.

Les fonds Lion Capital, TDR Capital et Pamplona Capital Management sont candidats au rachat de la société de services funéraires OGF, ont confié à Reuters des sources proches du dossier. CVC a également été cité comme candidat potentiel pour le second tour du rachat de cette société détenue par Astorg Partners. Sur la base d’un Ebitda de 100 millions d’euros, OGF pourrait être valorisée entre 800 millions et un milliard d’euros.

Le London Metal Stock Exchange a fait des propositions visant à accélérer les retraits des stocks dans les entrepôts où les délais d’attente excèdent cent jours calendaires. Une consultation est ouverte jusqu’au 30 septembre, les propositions devant entrer en vigueur le 1er avril prochain en cas d’approbation. Le LME dispose d’un réseau de 765 entrepôts dans 36 lieux à travers le monde.

La banque centrale australienne a décidé ce matin de maintenir son principal taux directeur à 2,75% à l’issue de la réunion mensuelle de son comité de politique monétaire. Malgré une chute de 12% en trois mois, le gouverneur de la RBA a continué d’estimer que le dollar local «reste à un niveau élevé». Et d’ajouter qu’«il est possible que le taux de change se déprécie encore, ce qui aidera à engager un rééquilibrage de la croissance».

L’ancien président du Conseil italien Mario Monti a menacé hier de rompre avec le gouvernement d’union conduit par Enrico Letta, faute d’une accélération des réformes économiques. Cette menace a conduit le président du Conseil à convoquer une réunion jeudi avec ses partenaires de la coalition et les chefs des groupes parlementaires. La coalition centriste Choix citoyen de Mario Monti a néanmoins trop peu d'élus au Parlement pour faire tomber le gouvernement.

Les normes Bâle 3 et un changement de méthode chez S&P encourageront les banques à exercer leurs «calls» sur leurs titres tier 1, selon Morgan Stanley