P { margin-bottom: 0.08in; } The Dow Jones Sustainable Indices (DJSI) range is being extended to emerging market equities, with the launch of the Dow Jones Sustainability Emerging Markets Index (DJSI Emerging Markets), launched in cooperation with RobecoSAM.The resource allows investors to monitor the evolution of the price of shares in companies that RobecoSAM has identified as the most “sustainable” in their sectors.The indices are available in US dollars and euros.Dow Jones Sustainability Emerging Markets USD (price), Bloomberg ticker DJSEMUP Dow Jones Sustainability Emerging Markets USD (total), DJSEMUNDow Jones Sustainability Emerging Markets EUR (price), DJSEMEPDow Jones Sustainability Emerging Markets EUR (total), DJSEMEN

P { margin-bottom: 0.08in; } For the Luxembourg Sicav Eurozone Select Real Estate Fund, Fidelity Real Estate Investment Management, which serves institutional clients, has invested EUR65m in an office and commercial property in Berlin, a logistical centre in Ostfildern, near Stuttgart, and an office property in Hoofdorp, the Netherlands.The asset management firm is planning other acquisitions in the EUR150m-EUR200m price range in the next few months, says Keith Sutton, director of European real estate at Fidelity Munich. The performance objective for the fund is about 8% per year.

P { margin-bottom: 0.08in; } Jean-Philippe Rouchon has since 18 February been serving as an SRI analyst at the additional retirement establishment for public sector employees (ERAFP). Rouchon, previously a senior extra-financial analyst at the extra-financial ratings agency Vigeo, is specialised in the environmental, social and governance evaluation of businesses in the energy sector (oil, gas, electricity, renewable energy, water, waste) and the themes of business integrity (corruption, competition, lobbying, tax havens). At ERAFP, he will contribute to the monitoring and controlling of application of the establishment’s SRI policy, management and monitoring of the shareholder engagement policy of ERAFP, and the completion of studies.

P { margin-bottom: 0.08in; } Assets under management at Dexia Asset Management, which on 12 December last year was sold to GCS Capital for a total of EUR380m, totalled EUR77bn as of 31 December 2012, stable compared with 1 September 2012, and slightly down compared with the end of 2011 (-1.5%), according to statistics disclosed by Dexia at a publication of its annual results. Dexia Asset Management received positive net subscriptions to its long-term investment products, as well as positive market effects. However, this growth was counterbalanced by net outflows from short-term money market products, and by transfers of capital to other affiliates of the Dexia group. At EUR44m, pre-tax profits at Dexia Asset Management are down -26%, largely due to one-time elements. Commissions are down 7%, following the slight mentioned decline in assets under management and a slight deterioration in the average margin. The French-Belgian bank has also reported a net loss of EUR2.86bn from the group, largely due to the impact of the sales in the period, and the high cost of financing. Costs related to the use of the European Central Bank’s (ECB) emergency facility and a temporary guarantee from the Belgian, French and Luxembourg governments totalled nearly EUR1bn. The impact of sales of assets totalled EUR1.60bn. In 2011, Dexia underwent losses of EUR11.63bn.

P { margin-bottom: 0.08in; } AXA Investment Managers (AXA IM) on February 21 announced the appointment of Christian Gissler as global head of risks and controls. Based in Paris, Christian assumes overall responsibility for a division which combines risk management, legal affairs, compliance, and lobbying. He reports to Christophe Coquema, Global COO of AXA IM. Christian Gissler has 20 years of experience in risk management and joins AXA IM from CNP Assurances, where he was Head of Investment Strategy and built broad knowledge of issues specific to insurance companies. Prior to this he was Head of Risk at Natixis and Head of Risk of IXIS Corporate & Investment Bank.

P { margin-bottom: 0.08in; } The central asset management firm for the German co-operative banks, Union Investment, has reported pre-tax profits of EUR307m for 2012, compared with EUR266m the previous year, EUR372m in 2010, EUR204m in 2009, and EUR143m in 2008.As of the end of December, assets totalled a record EUR191bn, compared with EUR170bn as of the end of 2011, EUR177bn at the end of 2010, EUR166bn at the end of 2009, and EUR144bn at the end of 2008.Net subscriptions totalled EUR9.9bn, compared with net outflows of EUR1.5bn the previous year, EUR8.7bn in 2010, and EUR10.7bn in 2009. Of this total, institutional net inflows represented EUR8.8bn, compared with EUR2.1bn in 2011, EUR11.3bn in 2010 and EUR8.3bn in 2009, while retail brought in EUR1.1bn in net subscriptions, following net redemptions of EUR3.6bn the previous year, and EUR2.6bn in 2010, and EUR2.4bn in net inflows in 2009. Retail investors placed EUR1.8bn in open-ended real estate funds, and EUR1.4bn in new guaranty funds.Most net inflows went to corporate bonds, dividend strategies, emerging market bonds, and real estate funds. Overall, many clients are willing to accept slightly more risk in order to optimise their returns. Union also points out that assets in products related to sustainable development solutions as of the end of December totalled EUR5.8bn, compared with EUR4.5bn at the end of 2011, EUR3.5bn one year earlier, and EUR2.1bn at the end of 2001.

P { margin-bottom: 0.08in; } The hedge fund manager Sven Nyman is one of the men being proposed as a new member of the board of directors at the Swedish bank SEB, Investment Week reports. Nyman is the CEO and founder of RAM Rational Asset Management and RAM One.

P { margin-bottom: 0.08in; } Barclays is undertaking a structural reshuffle of its wealth management division, in order to take into account the strong growth of its activities in Southern Asia, Asian Investor reports. The bank has extended the duties of Vikram Malhotra, who becomes head of the Global South Asia Community, and becomes responsible for teams in Dubai, London and Singapore. Malhotra is already head of South Asia for the wealth and asset management division.

P { margin-bottom: 0.08in; } The Market Vectors Vietnam ETF (VNM), which is one of the funds offered under the Market Vectors brand name from Van Eck, has gained 26% since the beginning of the year, IndexUniverse reports. VNM, whose assets under management total USD446m, is the only ETF dedicated exclusively to Vietnamese equities. Net inflows since 1 January total USD52m. The fund has strong momentum related to China, which is losing many manufacturing jobs to Vietnam.

P { margin-bottom: 0.08in; } The French fund incubator NewAlpha Asset Management, and its Asian partner Woori Absolute Partners have announced the first strategic investment by their Asian incubator fund, Woori NewAlpha Fund LP in Mosaic Asset Management, a new asset management firm based in Singapore, specialised in Asian equities, the website Opalesque reports. Mosaic was founded by two Australian asset management specialists who have known each other for more than 25 years, Tristan Edwards and Greg Laughlin.

P { margin-bottom: 0.08in; } The long-term investment green book will be published in a few weeks, the European commissioner in charge of the internal market and services, Michel Barnier, announced on 21 February at a FESE-CFA round table on “financing long-term investment in the European economy.” A public consultation will be launched with the objective of “supporting the broadest and deepest debate possible on the best ways to remove barriers to long-term investment, and translate good ideas into concrete political proposals,” Barnier says. Without disclosing the contents of the green book, he has laid out four areas of reflection which may “usefully be opened.” Firstly, it is a good idea to evaluate the capacity of financial institutions to channel savings to long-term investment projects. In terms of banks, “we need to continue to minutiously calibrate our prudential rules in order to avoid any negative repercussions on long-term financing,” Barnier says. The European commissioner also pointed out the role which other financial institutions can play from this perspective, also in a long-term perspective, such as insurance companies, reinsurers and pension funds. A second area for reflection is the efficiency of financial markets and intermediation of investment. Beyond the impact of the revised MIF directive for long-term investment, Barnier pointed to reflections about means and developing bond markets in Europe to breathe new life into securitisation markets, which in particular requires “setting up the necessary incitements to investment over long periods of time, adopting appropriate benchmarks, and ensuring that credit ratings are not limited to an annual horizon.” The third area for reflection is access to financing for SMEs. Beyond European proposals for venture capital funds, which would become official in March, Barnier suggests other areas for reflection, including opportunities to create a special accounting regime for publicly-traded SMEs to improve access to fiancing, including long-term. The last area for reflection is the role of public institutions, for example, in tax incentives for long-term investment, which include taxation of companies and savings.

P { margin-bottom: 0.08in; } Luke Dugdale is joining RBC Wealth Management in London as director of the team in charge of private clients, Investment Europe reports. He will be responsible for managing and developing relationships with the ultra-high net worth (UHNW) segment, family offices and corporate directors. Dugdalte previously worked for Deutsche Bank Private Wealth Management, where he was responsible for the London desk in charge of the UHNW segment.

P { margin-bottom: 0.08in; } The California-based asset management firm Franklin Templeton, with nearly USD5bn in assets under management in France, is continuing its development in several European countries, including Italy, its largest market, with USD35bn. Sergio Albarelli, senior director, Southern Europe & Belelux, told Newsmanagers on 21 February in Paris that the US group, which has 27 employees in Milan, will soon be opening offices in Rome, Padua and Florence, with one person in each location to begin with.Meanwhile, in Belgium, where assets already total about USD3bn, Franklin Templeton is planning to recruit two people for a new office.In the Netherlands, where assets total USD2bn, the group is planning to develop its currently highly institutional activities in the direction of distribution. In Luxembourg, Franklin Templeton is present primarily in the private banking segment, with about USD3.5bn.In Spain, the Madrid office has 15 people, and also serves the Iberian peninsula, in partnership with Santander and Banco de Bilbao, with assets of about USD4bn.

P { margin-bottom: 0.08in; } The Frankfurt-based third-party marketer (TPM) Accelerando Associates has been selected by Sberbank Asset Management (formerly Troika Dialog AM) to sell its Russian equity and bond funds in Germany and Europe, Investment Europe reports. The funds were launched by Sberbank in April 2012, each with seed capital of USD50m.

P { margin-bottom: 0.08in; } Benros Capital, an event-driven hedge fund created by two former proprietary traders at Goldman Sachs, is closing down, Financial News reports. The news comes following reports that the Swedish asset management firm Brummer & Partners, which had been supporting the project, has decided to redeem USD300m in assets due to poorer than expected performance.

P { margin-bottom: 0.08in; } The integrated provider of structured investments EFG Financial Products has posted net profits of CHF20.5m in 2012, up 56% compared with the previous year. Trading volumes totalled CHF12.1m, compared with CHF10.4m in 2011. The net margin is 106 basis points, compared with 100 one year ago.After the launch of a new location in Singapore, overall operating profits for EFG Financial Products in Asia rose 45% in 2012, while the EU remains “well above expectations, with income up 23% year on year,” a statement says.

P { margin-bottom: 0.08in; } According to the Finews-JobDirectory-Index, 16,587 job vacancies were advertised online by Swiss banks in 2012, 12.5% less than in 2011. UBS published the largest number of vacancies (1,643, down 10% year on year), followed by Credit Suisse (1,556, -22%) and Raiffeisen (586 positions, -29%). The traditional banking professions were particularly hard-hit by this decline in job offers (-18.6%), while announcements of positions in the insurance professions were down 4.5%.

P { margin-bottom: 0.08in; } According to finews, Neal Kutner, originally of Bern, has left his job as managing director of the Swiss affiliate of BNY Mellon Asset Management. He had been head of the firm for 15 years. It appears that his abrupt departure may be due to disagreements with the European headquarters of the group in London.

P { margin-bottom: 0.08in; } On 8 February, Charles Schwab Investment Management (CSIM) has announced, the 15 equity and bond ETFs of the Schwab range topped USD10bn in assets, at USD10.02bn. The first of these funds was launched on November 2009.Schwab clients had a total fo USD152n in ETFs as of 31 December 2012, a statement says.

P { margin-bottom: 0.08in; } Index Universe reports that IndexIQ has filed for a license from the SEC to sell the IQ Fastest Growing Companies ETF and IQ Innovation Leaders ETF, which have no ticker or TER, but which both replicate inhouse indices.The first of these funds will invest in 50 US businesses with the strongest growth in earnings, net profit, growth in cash flow and total return performance.The second fund will cover 100 shares considered “highly innovative” interms of high earnings, spending on research & development, profits not distributed to shareholders, investments, and intangible assets.IndexIQ manages 13 other ETFs.

P { margin-bottom: 0.08in; } The Swiss private bank Reyl & Co has opened an office in London in order to set up a corporate consulting business, the Financial Times reports. It would like to make the City its “second centre of gravity” for the next 5 to 10 years, François Reyl, CEO, tells the newspaper. The London-based unit of the Swiss bank will be led by the former Morgan Stanley banker Ladislas Safyurtlu. He will initially focus on wealth management.

Le gestionnaire californien Franklin Templeton, qui gère près de 5 milliards de dollars en France, poursuit son développement dans plusieurs pays européens, notamment en Italie, son plus gros marché avec 35 milliards de dollars. Sergio Albarelli, senior Director, Southern Europe & Benelux, a indiqué à Newsmanagers le 21 février à Paris que le groupe américain, qui emploie 27 personnes à Milan, va ouvrir prochainement des bureaux à Rome, Padoue et Florence, avec une personne pour commencer sur chaque site.Parallèlement, en Belgique, où l’encours ressort déjà à quelque 3 milliards de dollars, Franklin Templeton compte embaucher deux personnes pour un nouveau bureau.Aux Pays-Bas, où l’encours se situe à 2 milliards de dollars, le groupe compte développer son activité actuellement très institutionnelle en direction de la distribution. Au Luxembourg, Franklin Templeton est surtout présent sur le segment de la banque privée, avec environ 3,5 milliards de dollars.Enfin l’Espagne, où le bureau de Madrid compte quinze personnes et couvre aussi la péninsule ibérique tout en assurant la liaison avec le Santander et le Banco de Bilbao, l’encours se situe à quelque 4 milliards de dollars.

Pour la sicav luxembourgeoise Eurozone Select Real Estate Fund, Fidelity Real Estate Investment Management, qui dessert la clientèle institutionnelle, a investi 65 millions d’euros pour un immeuble de bureaux et de commerces à Berlin, un centre logistique Ostfildern (près de Stuttgart) et un immeuble de bureaux à Hoofdorp, aux Pays-Bas.Le gestionnaire prévoit d’autres acquisitions pour 150 millions à 200 millions d’euros durant les prochains mois, a indiqué Keith Sutton, director of European real estate chez Fidelity à Munich. L’objectif de rendement du fonds est de l’ordre de 8 % par an.

Le tierce partie marketer (TPM) francfortois Accelerando Associates a été sélectionné par Sberbank Asset Management (l’ancien Troika Dialog AM) pour commercialiser en Allemagne et en Europe des fonds d’actions et d’obligations russes, rapporte Investment Europe. Ces fonds ont été lancés en avril 2012 et amorcés chacun à hauteur de 50 millions par Sberbank

Jean-Philippe Rouchon assure depuis le 18 février la fonction d’analyste ISR au sein de l’Etablissement de retraite additionnelle de la fonction publique (ERAFP). Auparavant analyste extra-financier senior au sein de l’agence de notation extra-financière Vigeo, Jean-Philippe Rouchon est spécialisé sur l’évaluation environnementale, sociale et de gouvernance des entreprises du secteur énergétique (pétrole, gaz, électricité, énergies renouvelables, eaux, déchets) et sur les thématiques d’intégrité des affaires (corruption, concurrence, lobbying, paradis fiscaux). Au sein de l’ERAFP, il contribuera en particulier au suivi et contrôle de l’application de la politique ISR de l’établissement, au pilotage et suivi de la politique d’engagement actionnarial de l’ERAFP, et à la réalisation d’études.

Le 8 février, annonce Charles Schwab Investment Management (CSIM), les quinze ETF actions ou obligations de la gamme Schwab ont franchi la barre des 10 milliards de dollars d’encours, à 10,02 milliards. Les premiers de ces fonds ont été lancés en novembre 2009.Les clients de Schwab détenaient au total des ETF pour 152 milliards de dollars au 31 décembre 2012, précise un communiqué.

Citigroup prend les devants pour amadouer les actionnaires sur les bonus. La banque américaine s’est félicité de pouvoir présenter après mûre réflexion «une nouvelle structure de rémunération qui lie davantage rémunération et performance, et renforce la gestion du risque, dans le respect des standards réglementaires». Selon L’Agefi, le document diffusé par Citigroup assure que les représentants de la banque ont dans le cadre de cette réflexion rencontré «près de vingt» actionnaires, qui ne sont pas identifiés mais représentent plus de 30% du capital.

AXA Investment Managers a nommé en novembre Christian Gissler au poste de directeur des risques et des contrôles, a annoncé la société le 21 février. Basé à Paris, l’intéressé prend la responsabilité globale d’un pôle regroupant les risques, le juridique, la conformité et le lobbying. Il est rattaché à Christophe Coquema, global COO d’AXA IM.Christian Gissler possède 20 années d’expérience en gestion des risques, acquises au cours d’une carrière réalisée dans différentes institutions financières comme CNP Assurances, dont il a été directeur de la stratégie d’investissement. Il a également occupé les postes de directeur des Risques du groupe Natixis de 2006 à 2009 et de directeur des Risques de la société IXIS Corporate & Investment Bank de 2005 à 2006.

Société Générale Securities Services (SGSS) a annoncé le 21 février avoir finalisé, en décembre 2012, la migration de ses activités de centralisateur et de donneur d’ordres sur OPCVM à la norme ISO 20022 (MX). La nouvelle norme SWIFT ISO 20022 pour l’activité de fonds, qui définit le standard international en matière de passage d’ordres de souscription et rachat, s’intègre dans un mouvement plus large entrepris mondialement par l’industrie des fonds, notamment sous l’impulsion des acteurs français. En 2015, le recours à cette norme dans le cadre de la messagerie SWIFT sera obligatoire.

Selon Index Universe, IndexIQ a sollicité de la Sec l’agrément de commercialisation pour les IQ Fastest Growing Companies ETF et IQ Innovation Leaders ETF, qui n’ont encore ni acronyme ni taux de frais sur encours mais qui répliqueront tous deux des indices maison.Le premier fonds investira sur 50 des sociétés américaines affichant la plus forte croissance en matière de chiffre d’affaires, de bénéfice net, de croissance des flux de trésorerie et de performance dividendes investis (total return). Le second couvrira 100 valeurs jugés «hautement innovatrices» en tenant compte de la hausse du chiffre d’affaires, des dépenses de recherche-développement d’actifs, de bénéfices non distribués, des investissements et des actifs intangibles.Index IQ gère déjà treize autres ETF.