Daniel Phillipson, senior vice president, product management, est venu récemment à Paris pour promouvoir l’Unconstrained Bond Fund, un produit de droit irlandais lancé par Pimco en décembre 2008 et qui affichait fin octobre un encours de 8,3 milliards de dollars, dont 2 milliards de souscriptions nettes depuis le début de cette année.Si le gestionnaire constate une «demande croissante» pour ce produit, «adopté déjà par des investisseurs institutionnels et des distributeurs», la France n’est manifestement pas encore le marché où ce fonds obligataire coordonné a connu le plus de succès alors qu’il affiche une performance de 7 % depuis le début de l’année, pour la part en euros couverte du risque de change (8 % pour celle en dollars). Le spécialiste produit a expliqué à Newsmanagers que la gestion très active du fonds (avec plusieurs centaines de lignes), dirigée par Chris Dialynas «se focalise sur le risque et sur résultat plutôt que sur un indice». Le fonds peut investir dans le monde entier sur toutes les classes obligataires et les devises. Le portefeuille peut être au maximum long de 8 ans et court de trois en duration et, historiquement, la volatilité du produit a été inférieure à 3 %. Comme argument supplémentaire, Daniel Phillipson souligne que ce portefeuille affiche une corrélation basse avec le haut rendement et négative avec les actions.

BlackRock has appointed Bart Geer as principal manager of its UCITS-compliant US large cap fund BGF US Basic Value, Citywire reports. Bart Geer, who joined BlackRock in summer, in this role replaces Kevin Rendino, who is retiring. The BGF US Basic Value fund, whose assets under management total USD1.1bn, in the past three years has earned returns of 44.34%, compared with 65.21% in the same period for the S&P 500 TR.

La Suisse refuse toute nouvelle concession sur l’accord fiscal avec l’Allemagne, a prévenu la présidente de la Confédération Eveline Widmer-Schlumpf, dans un entretien paru le 2 décembre dans l’hebdomadaire allemand «Der Spiegel». Le texte a été rejeté il y a huit jours par la chambre haute du Parlement allemand. «De nouvelles concessions ne sont pas envisageables», a-t-elle dit au journal. «L’Allemagne et la Suisse ont négocié un contrat équitable et juste, avantageux pour les deux parties et pour lequel des concessions ont dû être faites de part et d’autre. Ce sera cet accord et pas un autre», a mis en garde Eveline Widmer-Schlumpf.

The Swiss UBS group is reportedly very close to reaching an agreement with the US and British authorities int eh Libor manipulation scandal. UBS may pay a fine of over USD450m to settle the case, according to the New York Times, citing sources familiar with the matter.A spokesperson for the major Swiss bank declined to comment on the news, but confirmed that UBS is well on the way to completing talks with US and British authorities.

The Swiss Federal financial market surveillance authority (Finma) at the beginning of last week published a statement on the consequences of a verdict by e Federal court in late October in the commission case. The five-page document leaves no doubt: commissions are subject to a requirement that they be repaid to the client. “Agent’s commissions retained by banks in their role as wealth managers belong to the client,” Finma writes, summarizing the verdict of the Federal court.The Federal court has found in favour of a claim from a UBS client, and has cited a 2006 precedent in the area of commissions. Banks will not be allowed to retain commissions except when they have a declaration from the client allowing it. As a result, Finma is now requiring banks concerned to take four actions: first, they must immediately adjust their current activities to reflect the decision of the Federal court. Secondly, banks must contact all potential clients who may have been affected, to make them aware of the verdict of the court.Thirdly, banks must inform clients of their service at the bank who may need to provide them with further clarifications on these repayment obligations. Lastly, clients are entitled to be informed on request about the amounts of commissions which they may be repaid.

The US firm Van Eck Global has announced that it has added six ETFs listed on NYSE-Arca to the list of depository receipts for ETFs of the Market Vectors range now available to qualified investors in Mexico. The market maker will be Deutsche Securities Casa de Bolsa. This brings the number of Market Vectors ETFs available to qualified investors in Mexico to 30.The new listings are the following:Market Vectors Intermediate Municipal Index ETF (acronym: ITM) Assets: USD641.6mMarket Vectors High-Yield Municipal Index ETF (Ticker: HYD): USD924.4mMarket Vectors Long Municipal Index ETF (MLN): USD106.6mMarket Vectors Morningstar Wide Moat Research ETF (MOAT) USD63.4mMarket Vectors Mortgage REIT Income ETF (MORT) USD90.2m, andMarket Vectors Short Municipal Index ETF (SMB) USD175.4m

Avec le BBVA Ahorro Garantía, BBVA AM a “packagé” sous forme de fonds (pour des raisons fiscales et de possibilité de transferts à d’autres produits) un plan d’épargne permettant de faire face aux “contingences de la vie”, attendues ou non, comme les études des enfants, le chômage ou l’incapacité de travail, rapporte Funds People.Ce fonds sur une période initiale de sept ans est accessible à partir de 30 euros mensuels et garantit la rémunération des premiers versements à 3,25 %. Pour les versements ultérieurs, la rémunération sera fonction des conditions de marché prévalant au moment où il seront effectués.Ce produit offre une liquidité mensuelle.

NYSE Euronext has announced that it admitted two more ETFs from Lyxor Asset Management to trading on its Amsterdam market on 30 November.The funds are the Lyxor ETF VIX USD (LU0832435621), which replicates the S&P 500 VIX Futures Enhanced Roll index, and the Lyxor ETF VIX EUR (LU0832435464) fund, replicating the S&P 500 VIX Futures Enhanced Roll.The two funds each charge 0.60%.

The German open-ended real estate fund CS Euroreal, whose liquidation by 30 April 2017 was decided in May by Credit Suisse Asset Management Immobilien KAG, will on 11 December distribute EUR4.40 per share to its shareholders, equivalent to about EUR455m, the asset management firm states. The distribution includes the proceeds of the sales of two properties which have already been completed, but which must still be finalised by 31 December.Including the first half-yearly payment in July 2012, the fund will have paid out a total of EUR900m to investors, and EUR214m in credit.As of 15 November, assets at CS Euroreal totalled about EUR5.3bn, with 97 properties on 50 sites in 11 countries. Further sales to supply distributions scheduled for the end of first half 2013 are in the process of being negotiated.

Changes are happening now, but changes take time. This may be one of the conclusions of a European Solvency II survey by Ernst & Young on the state of progress at insurance companies in implementing the directive.The survey was undertaken in spring 2012 (in 19 European countries, covering 160 insurance companies, with Germany, France (18 companies) and Spain the best-represented), before the meeting of the European Parliament on 18 September this year, at which the European Council and the European Commission raised the possibility of a postponement in the implementation of Solvency II until 1 January 2015, or 2016.This postponement would be welcome insofar as insurance companies overall have made some progress, but are still far from completing the task. The Netherlands and the United Kingdom are the best-prepared, followed closely by Germany, Italy and France. The major players are the furthest along, including the process of validating the internal model, which most of them have already commenced.In terms of preparations for Pillar 1 (quantitative requirements), progress appears satisfactory, with French insurers within the European average, and progress on Pillars 2 (qualitative requirements and control requirements) and 3 (information for the supervisor and the public) lag behind.In terms of Pillar 2, the level of preparation of French insurers is “mitigated, slightly below the European average. French insurers in particular are less advanced then their European counterparts in the areas of risk strategy, remuneration, tolerance for Own Risk and Solvency Assessment (ORSA).Pillar 3 overall is less advanced throughout Europe overall, with French insurers this time slightly ahead of their European counterparts.More than one third of French companies surveyed are expecting to comply with the requirements of Solvency II within the year 2013, while the remainder expect to do so in 2014. Nearly 90% of European insurers are planning to be in compliance by 1 January 2015. “This vision appears to be a target rather than a realistic evaluation in light of the work remaining to be done,” Ernst & Young estimates.

Peter Schwicht has recently been promoted to CEO at JPMorgan Asset Management Europe/Middle East/Africa, following the departure of Jamie Broderick. The new head sums up the year 2012 as it nears its end for Newsmanagers, and discusses the major challenges asset managers are facing. Regulatory issue may be restrictive, but they open new prospects and put the investor back at the heart of the profession.

The Italian asset management firm Arca is launching a target-date bond fund, Arca Cedola Bomd 2017 Alto Potenziale VI, Blurating reports. It invests in bonds issued by euro zone countries and supra-national issuers, in corporate bonds and well-rated ABS, and in bonds from emerging sovereign issuers who may have a ratings lower than investment grade. The fund will be distributed by FinecoBank, Banca Mps, Banca Ipibi, Bper, Veneto Banca, Banca Popolare di Sondrio and Banca Popolare di Vicenza.

Following the resignation of Jennifer Young, who will remain as a consultant during the transition, Intech Investment Management has promoted CIO Adrian Banner to CEO. Young had herself been promoted to chairman and CEO in January 2012. Intech, an affiliate of Janus Capital managed independently, has assets of USD41.9bn.

U.S. prime money market funds (MMFs) increased their exposure to Eurozone banks, although the fund holdings still remain well below mid-2011 levels, according to Fitch Ratings. As of end-October, MMF holdings of Eurozone banks were 13%, a 24% increase on a dollar basis since end-September 2012. French bank exposure also rose and represents 5% of MMF assets, the highest level since end-October 2011. Fitch notes that MMF Eurozone bank exposure remains approximately 63% below end-May 2011 allocations, with French bank exposures more than 70% below past levels. Fitch believes several factors are likely to inhibit a full return to past allocations, including European banks’ diminished desire for this form of short-term, potentially volatile wholesale funding. Furthermore, new Basel III liquidity rules will constrain banks’ use of short-term funding. The 15 largest exposures to individual banks collectively represent 43% of total MMF assets, with only two Eurozone institutions on the list, including Societe Generale, which enters the top 15 for the first time since end-July 2011. Australian, Canadian and Japanese banks continue to represent the majority of names within the top 15.

The pension fund for California teachers, CalSTRS, on 29 November announced the launch of a joint venture with the Sarofim Realty Advisors company, which will be dedicated to urban real estate. Engagements to the joint venture may total as much as USD250m. The website IP Real Estate reports that CalSTRS in third quarter realised USD400m in investments in real estate strategies and student residences. CalSTRS has invested USD100m in the Invesco Core Real estate USA fund, an open-ended fund with USD3.8bn in assets, managed by Invesco Real Estate. Assets under management at CalSTRS as of the end of October totalled USD154.8bn.

Virtu Financial has submitted a bid for the ETF market maker Knight Capital Group, which rivals the one launched by Getco. Virtu is offering an entirely cash transaction which values Knight at USD3 per share, while Getco is offering USD3.50 in case for about half of the shares in Knight, plus shares in the new entity emerging from the merger, according to Indexuniverse, citing the Wall Street Journal.

Bond issues denominated in Chinese yuan on the Hong Kong market, or “dim sum bonds,” currently appear to be becoming popular with investors again, Les Echos reports. In November, these bonds hit a four-month high. International groups in particular appear to be won over by the bonds once again, as they have raised CNY5.4bn for this class in November, compared with CHF1.2bn in October. This rebound in interest owes much to conjuncture, as China publishes statistics nearly every week which point to a stabilisation, or a real rebound in its economy this autumn.

A spokesperson for the Cantonal Bank of Zurich (ZKB) has confirmed to finews that on 1 January 2013 it will create a “key clients” department for its high net worth clients within its private banking division.The new service will be aimed at indivisuals seeking to invest at least CHF10m. The key clients department will be led by Bruno Ammann, who is currently regional director of private banking for the banks of lake Zurich.

The HSBC bank in Geneva has seen several departures of personnel by mutual agreement following a simultaneous dismantling in Paris and Geneva of a money-laundering network operating between France and Switzerland, according to the 30 November issue of the newspaper La Tribune of Geneva. Two Swiss citizens of Moroccan origin have been detained in Geneva, on suspicion of involvement in a drug money laundering network. They are charged with professional and gang money laundering, violation of narcotics law, and securities fraud, the prosecutor says. Meyer Elmaleh, who is being held by Swiss authorities, had been deputy director of the Swiss wealth management firm GPF SA, which dismissed him following his arrest. One of his brothers, a manager at the HSBC bank in Geneva, has also been arrested. Another brother living in France is being held in Paris.

After a slight decline in 2011, the cumulative wealth of the 300 richest people in Switzerland has begun to increase again. It is estimated at CHF560bn, CHF16bn more than the previous year, according to the most recent rankings by Bilan. The increase in overall wealth is largely due to 13 of the 17 families which control wealth of over CHF6bn Bilan explains in its 30 November issue. The vast majority of the riches individuals saw their fortune stagnate in 2012. Billionaires once again do best (+CHF44.4bn). The Bilan rankings include 137, a number which has remained stable for several years. Together, they have over CHF480bn. Ingvar Kamprad, 96, remains by far the richest living man in Switzerland. The wealth of the Swedish citizen, who resides in Epalinges, in the mountains of Lausanne, is estimated at CHF38bn to CHF39bn, up CHF3bn since last year. In second place is Jorge Lemann, with wealth of CHF17bn to CHF18bn (+CHF9bn). The son of a cheese-maker from Emmental emigrated to Brazil, and there saw his fortune rise due to the 15% stake he owns in the world’s largest beer maker, Anheuser-Busch InBev. According to Bilan, he is the richest Swiss citizen in the world. The 73-year-old businessman, who spends a large part of the year on the banks of lake Zurich, is one of the largest buyers and resellers of businesses in the world. The Hoffmann and Oeir families, which control the Basel-based pharmaceutical giant Roche, are in third place, with CHF16bn to CHF17bn (+CHF2.8bn). Claude Dauphin has also joined the highly exclusive circle of billionaires based in Switzerland. The Frenchman is the co-founder of the trading business Trafigura, based in Geneva, which is one of the largest businesses in Switzerland in terms of revenues. His wealth is estimated at CHF1bn to CHF1.5bn. However, the Swiss largely dominate the rankings, with 168 people, followed by the French (43) and the Germans (37).

WestLB Mellon Asset Management, founded in 2006 as a 50/50 joint venture of the German public sector bank WestLB (which has become Portigon AG) and BNY Mellon, has recently become BNY Mellon Investment Management Holdings (Germany) Limited, since the US group acquired the 50% controlled by Portigon. At the beginning of December, the asset management firm, which employs about 170 people and whose assets total EUR26bn, has adopted the name Meriten Investment Management GmbH.Werner Taiber, chairman of the board at Meriten, states that the name of the business was selected following intensive research and analysis work. In German, it means “merits,” and is intended to mean that Meriten focuses on the creation of value for clients, bringing in many prizes for the quality of its products.

Andreas Schmid, director of wholesale for Germany at Fidelity Investments, has joined Pimco as vice president in charge of clients in the global wealth management Germany and Austria team, led by Marco Grzesik.Erik Crawford, for his part, is leaving his position as head of multi-asset management at HQ Trust to become vice president in charge of clients in the institutional account management team at Pimco, also for Germany and Austria.

A burst of optimism about the likelihood of US lawmakers cobbling together some kind of budget deal before a raft of spending cuts and tax increases kick in, saw investor attention shift to the biggest economy. During the fourth week of November EPFR Global-tracked US equity funds attracted over USD10 billion in net inflows, their best showing in more than a year. Overall, EPFR Global-tracked equity funds recorded inflows of USD14.86 billion during the week ending Nov. 28 -- their second highest total year-to-date -- while bond funds took in a net USD5.17 billion and money market funds USD5.87 billion.

Hedge fund capital invested in emerging markets globally expanded to USD127.8 billion, an increase of +8.5 percent YTD 2012, according to the latest HFR Emerging Markets Industry Report. Meanwhile, the number of hedge funds investing in emerging markets increased to 1,085, an increase of +4.8 percent YTD through 3Q12 to a record high. The HFRX Emerging Markets Composite Index has gained +5.3 percent YTD through October, with positive contributions from all constituent regions. The volatile HFRX India Index gained over +12.0 percent in 3Q and over 20 percent YTD, topping the gain of the Sensex 30.

Peter Schwicht a récemment été promu CEO de JPMorgan Asset Management Europe/Moyen-Orient/Afrique, suite au départ de Jamie Broderick. Le nouveau patron fait le bilan pour Newsmanagers d'une année 2012 sur le point de s'achever, et revient sur les grands défis posés aux asset managers. Notamment réglementaires qui, bien que contraignants, ouvrent de nouvelles perspectives et replacent l'investisseur au cœur du métier.

Le fonds East Capital Baltic Property Fund II de la société de gestion suédoise East Capital a acquis Gedimino 9, un centre commercial haut de gamme de 17.000 mètres carrés situé dans le centre Vilnius. Il s’agit de la plus grosse opération immobilière à Vilnius depuis le début de l’année, indique un communiqué d’East Capital.

BlackRock vient de nommer Bart Geer en qualité gérant principal de son fonds coordonné de grandes capitalisations américaines BGF US Basic Value, rapporte Citywire. Bart Geer, qui a rejoint BlackRock pendant l'été, remplace dans cette fonction Kevin Rendino, qui fait valoir ses droits à la retraite.Le fonds BGF US Basic Value, dont les actifs sous gestion s'élèvent à 1,1 milliard de dollars, a dégagé sur les trois dernières années un rendement de 44,34% contre 65,21% sur la même période pour le S&P 500 TR.

Virtu Financial a soumis une offre pour le market maker d’ETF Knight Capital Group qui concurrence celle lancée par Getco. Virtu propose une transaction entièrement en cash qui valorise Knight à 3 dollars par action, tandis que celle de Getco propose 3,5 dollars en numéraire pour environ la moitié des actions de Knight plus des actions dans la nouvelle entité issue de la fusion, selon Index Universe qui cite le Wall Street Journal.

Invesco PowerShares Capital Management a annoncé le 28 novembre avoir abaissé à compter du 21 novembre les taux de frais sur encours (TFE) sur six de ses ETF, dont quatre à pondération fondamentale répliquant des indices FTSE RAFI et deux de stratégie utilisant des indices S&P.Il s’agit dans le détail des fondsFTSE RAFI Developed Markets ex-U.S. Portfolio (acronyme PXF) Ancien TFE : 0,75 %, nouveau : 0,45 % FTSE RAFI Emerging Markets Portfolio (PXH) Ancien : 0,85 % ; nouveau 0,49 %FTSE RAFI Asia Pacific ex-Japan Portfolio (PÄF) Ancien : 0,80 % ; nouveau 0,49 %FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio (PDN Ancien : 0,75 % ; nouveau : 0,49 %S&P International Developed High Quality Portfolio (IDHQ) Ancien : 0,75 % ; nouveau 0,45 %S&P 500 High Quality Portfolio (SPHQ) Ancien : 0,50 % ; nouveau 0,29 %.

La Banque Postale Asset Management (LPBAM), qui est en passe de réaliser le premier bouclage de son fonds de dette immobilière et d’infrastructure, pourrait aussi créer un fonds dédié parallèle compte tenu des contraintes spécifiques de certains investisseurs institutionnels, rapporte L’Agefi. Par ailleurs, LBPAM va lancer ce mois-ci un fonds ciblant les émetteurs «crossover», à cheval entre les catégories investissement et haut rendement, de très belles sociétés étant désormais en dessous du triple B. Enfin, côté actions, la direction de LBPAM reconnaît que la société de gestion n’a pas encore suffisamment de fonds dédiés aux institutionnels et travaille sur une gestion plus segmentée.