P { margin-bottom: 0.08in; } Frankfurt-based SEB Asset Management on 15 March completed the sale of a diversified real estate portfolio with 137,200 square metres in property, in a total of 11 properties located in Germany, for about EUR420m, or 95% of its book value, to Dundee International REIT, in a transaction which was announced more than a month ago (see Newsmanagers of 6 February).The German asset management firm has also announced that it has sold the office property Andel Park B in Prague, which had been in the portfolio of SEB InnoInvest, to a fund managed by GLL Real Estate Partners GmbH.Since the most recent distribution of EUR145m on 28 December (see Newsmanagers of 11 December). SEB AM has sold 13 properties, for a total of EUR710m.

P { margin-bottom: 0.08in; } Despite returns of about 12% last year, the coverage rate for German pension funds deteriorated considerably in 2012, largely due to a 140 basis point decline in the discount rate, to 3.35%, Towers Watson Germany finds in its study entitled “German Pension Finance Watch Jahresrückblick 2012.” However, Towers Watson points out that beginning in January 2013, the discount rate has risen back to 3.7%, which may be the first sign that the situation is normalising.The decline in the discount rate triggered a revaluation of liabilities for Dax companies at the end of December, from EUR259bn to EUR317bn, and for MDax companies from EUR34bn to EUR41bn. These correspond to respective coverage rates of 57.9% and 43.9% as of the end of 2012, compared with 65.6% and 48.9% as of the end of 2011, with dedicated reserves of EUR183.8bn, compared with EUR169.6bn for Dax companies, and EUR18.1bn compared with EUR16.1bn for MDax companies.

P { margin-bottom: 0.08in; } Asset managers have increased their marketing and professional ethics spending dedicated to social networks by more than 60% between 2011 and 2012, according to a study by Cerulli Associates, published in the March issue of “Cerulli edge-US Asset Management Edition.” More precisely, marketing recruitments increased 62% year on year, at a time when recruitments in compliance rose 76%. More than half of asset managers currently have a person to deploy their social network strategy. Responsibilities devolved to social networks are generally in the marketing departments, with 32% in marketing and corporate communications, 32% in digital strategy, and 26% in a marketing and retail communications unit.

P { margin-bottom: 0.08in; } The billionaire John Paulson has announced that he has no plans to move his residence to Puerto Rico, denying reports in the Financial Times (Newsmanagers of 12 March).The alternative asset management firm released a statement to this effect, stating that Paulson was planning investments in Puerto Rican real estate, and that he had visited the island, but that he had no plans to establish a permanent residence there.

P { margin-bottom: 0.08in; } The NYSE Arca platform will soon accept six new ETFs from Charles Schwab, for which the asset management firm has recently filed for a sales license, and which will replicate Russell fundamental indices. Five of these are clones of existing mutual funds, IndexUniverse reports.The acronyms have already been set, but Schwab has not yet disclosed total expense ratios.The new products are as follows:•Schwab Fundamental U.S. All Company ETF, acronym FNDB, replicating the Russell Fundamental U.S. Index•Schwab Fundamental U.S. Large Company ETF, FNDX, Russell Fundamental U.S. Large Company Index.•Schwab Fundamental U.S. Small Company ETF, FNDA, Russell Fundamental U.S. Small Company Index•Schwab Fundamental International Large Company ETF,FNDF, Russell Fundamental Developed ex-U.S. Large Company Index•Schwab Fundamental International Small Company ETF, FNDC, Russell Fundamental Developed ex-U.S. Small Company Index and•Schwab Fundamental Emerging Markets Large Company ETF, FNDE, Russell Fundamental Emerging Markets Large Company Index

P { margin-bottom: 0.08in; } Threadneedle Investments has licensed the Threadneedle (Lux) US Contrarian Core Equities fund, a fund of undervalued US equities, in France The product is managed by Guy W Pope, manager of Columbia Management, a Threadneedle sister company based in the United States and owned by the Ameriprise Financial group.

P { margin-bottom: 0.08in; }A:link { } Lyxor AM on Monday announced the launch of a UCITS fund which aims to replicate the Winton Capital Management “Diversified Program,” whose strategy is focused on scientific research applied to financial markets, and which is piloted by David Harding, one of the pioneers of systematic trading in Europe.The Winton CM strategy is based on the hypothesis that, over the long term, it is possible to profit from futures markets by applying statistical research to market activities, a statement says.The investment philosophy of the fund is to identify market behaviours and trends which mauy be exploited. The product will privilegel analysis of prices and volumes on the market, in order to capture trends via liquid financial instruments, including futures contracts and forex futures.The fund will be available on the Alternative UCITS platform from Lyxor, and will be denominated in euros, dollars and pounds sterling, as well as other currencies at the request of investors. Investors will also receive weekly liquidity and Lyxor risk management.

P { margin-bottom: 0.08in; } With the Liquid Alternative Beta fund from the Credit Suisse One (Lux) Sicav, Credit Suisse is offering a UCITS IV-compliant fund whose objective is to replicate the performance of hedge funds with liquid instruments. The management team may use short positions, derivatives, and leverage.The new product, which is available in six share classes (R class shares in USD, CHF and EUR, I class shares in USD, and S class shares in CHF and EUR), is part of a range of liquid, UCITS-compliant hedge fund products which already has assets of USD500m, and Credit Suisse points out that its UCITS-compliant hedge fund and fund of hedge fund platform has over USD1.5bn in assets.R shares carry fees of 1.40%; I and S shares 1%. The fund is already registered in Germany, Austria, Spain, France, Italy, Liechtenstein, Luxembourg, and Switzerland.CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta B USD LU0858674822 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta R CHF LU0858675043 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta R EUR LU0858675126 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta I USD LU0858675399 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta S EUR LU0858675472 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta S CHF LU0858675555

The new Luxembourg registered Franklin Templeton Shariah Funds (FTSF) Sicav will initially (from March, 25th) have thre subfunds aimed at investors seeking investments that follow Islamic investing principles: Franklin Templeton Global Sukuk Fund, Templeton Shariah Global Equity Fund et Templeton Shariah Asia Growth Fund.The Franklin Templeton Global Sukuk Fund is managed by Mohieddine (Dino) Kronfol, Dubai-based chief investment officer for MENA Fixed Income and Global Sukuk, and Stephen Dover, international chief investment officer of Franklin Templeton Local Asset Management Group. Franklin Templeton reports that the fund focuses on fixed and floating rate Shariah-compliant securities issued by government, government-related and corporate entities. The fund may include both investment-grade and non-investment grade securities and allocations to developed and emerging markets.Templeton Shariah Global Equity Fund is managed by Alan Chua, executive vice president, portfolio manager and research analyst with Templeton Global Equity Group while the Templeton Shariah Asia Growth Fund is managed by Mark Mobius, executive chairman, and supported by Dennis Lim and Allan Lam, senior managing directors and portfolio managers of the Templeton Emerging Markets Group. “The fund is designed to uncover compelling opportunities in the largest emerging markets in the world by investing at least 80% of its net assets in securities of companies located in the Asia region (excluding Australia, New Zealand and Japan)”, according to a press release.All three Franklin Templeton Shariah funds are independently reviewed and endorsed by the Amanie International Shariah Supervisory Board. “The Amanie Scholars provide initial approval on investment objectives and strategy, as well as on going supervisory and monitoring services to ensure continuous adherence to internationally accepted Shariah principles and standards”, the release says.

P { margin-bottom: 0.08in; } In Luxembourg and Germany, BayernInvest is releasing the BayernInvest Deutsche Middelstandsanleihen UCITS ETF fund for sale, in partnership with the Stuttgart stock exchange, the first ETF of bonds from German SMEs. Initial subscriptions are open from 18 to 28 March.Oliver Schlick, CIO and board member at BayernInvest, states that the management team constructs the portfolio according to a series of criteria, including adequate issue volume and external ratings above a certain threshold. In addition, bonds must be listed on a specialist SME segment of a German stock market.CharacteristicsName: BayernInvest Deutscher Mittelstandsanleihen UCITS ETFISIN code: LU0903441706Total expense ratio: 1.05%

P { margin-bottom: 0.08in; } Duri Prder, a former private banker at Vontobel, will take over as director of Lienhardt & Partner Privatbank Zürich, finews reports. He will begin in his position as CEO designate and managing partner on 1 June. After a period as a board member, in 2014 he will become CEO for all of the bank’s activities. Prader succeeds Markus Graf, who had been director of the bank for 17 years. Graf will continue to collaborate with the bank, and will be responsible for key accounts and special projects.

P { margin-bottom: 0.08in; } Buyers, sellers and platforms for European funds estimate that the MiFID II directive will have the most significant impact of all upcoming regulations, according to a survey by Cerulli Associates and the Platforum on behalf of the European fund platform association FPG (Fund Platform Group).It is followed by UCITS IV for fund buyers and platforms, and Solvency II for fund sellers.The MiFID II and UCITS IV directives have also been identified as the regulations that will have the most significant impact in the future on fund buyers and sellers’ potential to generate revenue. Professionals on platforms, for their part, estimate that the AIFM directive will have a more marked impact on revenue.

P { margin-bottom: 0.08in; }A:link { } Asset management firms are up in arms against European plans to enforce a maximum 1:1 ratio of bonus to salary for fund managers, the Financial Times reports. The plans, which would also require up to 60 per cent of the variable pay element to be deferred and largely paid in units of the funds the asset manager runs, focus on Ucits. Some executives of asset management firms are concerned that it will lead to job losses. The parliament’s main parties support inserting the curbs into a year-old reform proposal for Ucits funds, the Financial Times reports. All political blocs are expected to support the limit in a formal vote on Thursday.

P { margin-bottom: 0.08in; }A:link { } The hedge fund firm SAC Capital, with USD15bn in assets under management, on Monday warned investors that a payment of USD614m to settle civil insider trading suits will not prevent further legal action by regulators, the Financial Times reports. In a 20-minute telephone conference with clients, Tom Conheeney, chairman of SAC, called the agreement “an important first step,” but added that he didn’t want to give the impression that everything was settled.

P { margin-bottom: 0.08in; } Guido Giubergia, chairman and deputy director of Ersel, has left his position as chairman of the corporate governance committee at Assogestioni, the Italian association of asset managers. The Italian website Bluerating cites divergences in point of view as a factor in the decision. Following the move, Mario Vicinanza (of the Arca group) will co-ordinate the management committee until a new chairman can be found for the governance committee.

P { margin-bottom: 0.08in; } Funds People reports that BNP Paribas Gestión de Inversiones has decided to close its two remaining funds of hedge funds, and absorb the BNP Paribas Alternativo Diversificado and BNP Paribas Selección Hedge into the BNP Paribas Conservador. The liquidated products had only EUR6m in assets.There are now only 13 hedge funds on the market registered with the CNMV, with total assets of EUR298m as of the end of February. The providers are Altex Partners, BanSabadell Inversión, Deutsche Bank, ICR, J.P.Morgan, La Caixa and Santander.

P { margin-bottom: 0.08in; } The three largest asset management firms control more than half of the EUR300bn in assets which pass via platforms in Germany, Italy, Sweden and the Netherlands, according to Financial Times Fund Management, citing data from the Platforum. In France and Spain, the percentage is 40%, while in Switzerland and Austria, the proportion is two thirds. In the United Kingdom alone the percentage is low, at about 24%. In this environment, it is difficult for small asset management firms to attract business, FTfm suggests.

P { margin-bottom: 0.08in; } Italy’s Generali has announced that its group board of directors is now complete, following the recruitment of a CIO and a COO.Generali has recruited the Singapore native Nikhil Srinivasan, group CIO for Allianz Investment Management (see Newsmanagers of 29 November 2010) as group chief investment officer (CIO). Srinivasan joined the Allianz group in 2003.Carsten Schildknecht, who on 31 March will leave his position as chairman of the supervisory board at Sal. Oppenheim (where he will be replaced by the head of DWS, Wolfgang Matis), and who had been global COO of the asset and wealth management (AWM) division for Germany at Deutsche Bank, will join Generali on 1 April as COO.The two appointments have yet to be approved by the board of directors at Assicurazioni Generali.

P { margin-bottom: 0.08in; } Dario Prunotto, currently head of private banking at the UniCredit group, may be leaving the bank to join Banca Esperia, ilmonde.it reports. The bank was created as a joint venture of Mediobanca and Mediolanum, led by Andrea Cingoli.

P { margin-bottom: 0.08in; } First State Investments is said to have ceased actively selling its Asia Pacific Leaders fund, whose assets under management total about GBP7.4bn, Investment Week reports. First State has asked wealth managers no longer to place large bets on the fund, which it is planning to close to new investors in the next few months. In the five years to 1 March, the Asia Pacific Leaders fund earned returns of 73.4%, compared with an average return of 50.7% for the IMA Asia Pacific ex Japan sector.

P { margin-bottom: 0.08in; } The British asset management firm Milton Group is planning to launch a series of British equity funds, after seeing a strong increase in its assets under management last year, Investment Week reports. Assets under management by Milton Group, previously known as MAM Funds, last year rose 7.2% to GBP1.79bn. The group, which had posted a pre-tax loss of GBP0.4m in 2011, returned to profitability last year, with profits of GBP0.9m. The new strategies planned will be dedicated to British small and mid cap equities.

P { margin-bottom: 0.08in; } The largest UK asset management firms are beginning to focus on growth in dividends, the Financial Times observes. Schroders and Jupiter Fund Management this month announced major increases in dividends, while F&C Asset Management and Henderson Global Investors have said that they are seeking to accentuate growth strategies, with the objective of rewarding investors.

P { margin-bottom: 0.08in; } The London-based Swede Gustaf Lindskog has left Soros Fund Management to join GLG Partners, the Swedish website realtid.se reports. He had previously worked for Highbridge.

P { margin-bottom: 0.08in; } Man Group is to limit cash bonuses for its top executives to 250 per cent of salary, the Financial Times reports. Non-cash awards at Man in the future are to be subject to a mandatory three- to five-year deferral period and subject to clawback arrangements. Man also said it would be paying no bonuses at all to its top executives for their performance in 2012. Peter Clarke, former CEO of Man, will receive no bonus for 2012, while the share price of the firm has lost 20%. He will also receive no golden farewell. The new CEO, Emmanuel Roman, will receive no bonus either for his work last year as chief operating officer.

P { margin-bottom: 0.08in; }A:link { } According to reports in the Sunday Times relayed by IFAonline, more than 20 fund managers are preparing to submit bids to acquire 315 bank branches which RBS is being required to sell. They will have until Thursday to do so. Among the potential buyers are Schroders, Invesco, Henderson and F&C.

Avec le compartiment Liquid Alternative Beta Fund de la sicav Credit Suisse One (Lux), le Credit Suisse vient de lancer un fonds coordonné (OPCVM IV) dont l’objectif est de répliquer la performance de hedge funds avec des instruments liquides. L'équipe de gestion pourra utiliser des ventes à découvert, des dérivés et un effet de levier.Le nouveau produit, disponible en six classes de parts (parts R en USD, CHF et EUR, parts I en USD) et parts S en CHF et EUR) s’inscrit dans une gamme de fonds alternatifs coordonnés liquides qui représente déjà un encours de 500 millions de dollars et Credit Suisse souligne que sa plate-forme de hedge funds et fonds de hedge funds coordonnés pèse près de 1,5 milliard de dollars. Les parts R sont chargées à 1,40 %, les parts I et les parts S à 1 %. Le fonds est déjà enregistré en Allemagne, Autriche, Espagne, France, Italie, Liechtenstein, Luxembourg, Suisse.CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta B USD LU0858674822 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta R CHF LU0858675043 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta R EUR LU0858675126 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta I USD LU0858675399 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta S EUR LU0858675472 CREDIT SUISSE SICAV One (Lux) Liquid Alternative Beta S CHF LU0858675555

Les trois principales sociétés de gestion contrôlent plus de la moitié des 300 milliards d’euros d’actifs qui transitent via les plates-formes en Allemagne, Italie, Suède et les Pays-Bas, selon le Financial Times fund management qui cite les données de The Platforum. En France et en Espagne, la proportion est de 40 %, tandis qu’en Suisse et en Autriche, elle monte aux deux-tiers. Seulement au Royaume-Uni la part est plus faible, autour de 24 %. Dans ce contexte, il est difficile pour les petites sociétés de gestion de drainer des souscriptions, analyse le FTfm.

La société de capital investissement AXA Private Equity a annoncé lundi avoir levé 1,75 milliard d’euros pour son fonds AXA Infrastructure Fund III. «Ce chiffre comprend 1,45 milliard d’euros d’engagements et plus de 300 millions d’euros de co-investissements», indique un communiqué. Il s’agit de la levée de fonds la plus importante réalisée par la société pour le secteur des infrastructures. L’équipe Infrastructure d’AXA Private Equity compte désormais plus de 3 milliards d’euros sous gestion. Un quart de ce nouveau fonds a déjà été engagé sur quatre transactions dont la prise de participation dans le fournisseur d’énergie Enovos auprès d’ArcelorMittal, ainsi que l’acquisition des fermes éoliennes françaises de Poweo auprès de Verbund.

BlackRock a l’intention de supprimer environ 300 emplois, soit près de 3 % de ses effectifs, a annoncé lundi la société de gestion à ses salariés, rapporte le Financial Times. L’objectif est de se défaire des collaborateurs les moins performants. Parallèlement, le groupe continuera à embaucher et devrait donc compter plus d’employés à la fin de l’année qu’aujourd’hui. Les suppressions de postes devraient intervenir à tous les niveaux.

Pour un montant non divulgué, la Deutsche Bank vend à US Bancorp son municipal bond trustee business qui couvre un encours de 57 milliards de dollars sur 1.100 contrats, rapporte le Handelsblatt. La transaction sera bouclée dans le courant du troisième trimestre.