Rainer Fritzsche, directeur depuis huit ans de la distribution et de la communication du gestionnaire alternatif britannique Man Investments pour l’Allemagne et l’Autriche, quittera ses fonctions fin février 2013, rapporte Das Investment. Selon ce site, l’intéressé est victime du programme d'économies de son employeur qui a accusé des sorties nettes de 4,6 milliards de dollars sur les neuf premiers mois de l’année et qui a annoncé une réduction de ses coûts de 100 millions de dollars sur les dix-huit prochains mois.

Matthias Schellenberg, qui était head of business development Europe & Latin America depuis fin octobre 2008 chez ING Investement Management, prendra début janvier les fonctions de head of Germany, Austria & Eastern Europe chez UBS Global Asset Management. Il succède à Andreas Varnavides, dont le mandat s’achève fin décembre.Sous réserve d’un agrément de la BaFin, Matthias Schellenberg devrait également faire son entrée au directoire d’UBS Deutschland AG. D’ici là, c’est le président du directoire d’UBS Deutschland, Axel Hörger, qui sera par intérim le responsable d’UBS Global AM au sein de ce directoire.

En janvier-octobre, les 2091 ETP européens ont collecté 24,2 milliards de dollars en net, dont 4,6 milliards pour octobre, ce qui a permis à leur encours de gonfler de 51,4 milliards de dollars pour atteindre 349,9 milliards, selon les estimations du BlackRock Investment Institute complétant celles publiées la veille.Sur les 24,2 milliards drainés durant les dix premiers mois de cette année, 13,2 milliards sont allés à iShares (groupe BlackRock), 4 milliards à Source et 2,6 milliards à ETF Securities. Les encours de ces trois acteurs ont augmenté de respectivement 23,9 milliards, 4,7 milliards et 4,2 milliards de dollars.Pour leur part, db x-trackers (Deutsche Bank) et Lyxor Asset Management (Société Générale) ont attiré respectivement 0,7 milliard et 0,1 milliard de dollars de souscriptions nettes pour janvier-octobre, et leurs actifs sous gestion ont augmenté de 5,1 milliards et 2,5 milliards.Au 31 octobre, iShares affichait avec 129,8 milliards d’encours une part de marché de 37,1 %, soit 1,6 point de plus que fin décembre, tandis que les parts de marché de db x-trackers et de Lyxor diminuaient de 0,7 (à 13,8 %) et de 1,2 point (à 11,6 %) avec des actifs sous gestion de 245 milliards et 230 milliards de dollars respectivement.Trois ETP européens ont affiché des souscriptions nettes supérieures à 1,2 milliard de dollars en janvier-octobre : il s’agit du Physical Gold source P-ETC (1.284 millions), du GBS Bullion Securities (1.232 millions) et du iShares Barclays Capital Euro Corporate Bond ex-Financials (1.203 millions). Six des dix meilleures ventes sont des produits iShares.En revanche, seule le iShares eb.rexx Government Germany 1.5-2.5 (DE) a subi des sorties nettes supérieures au milliard de dollars (1.018 millions).

RWC a annoncé le 7 novembre le lancement d’un fonds activiste qui sera géré par l'équipe European Focus qui a récemment quitté Hermes pour rejoindre RWC.L'équipe dirigée par Maarten Wildschut et Petteri Soininen est actuellement responsable d’un peu plus de 300 millions de dollars d’actifs investis dans un fonds actions paneuropéen activiste. Le nouveau fonds, qui prendra la forme d’un véhicule maître-nourricier établi aux îles Caïman, investira sur le long terme dans un portefeuille concentré de 10 à 20 sociétés combinant des éléments value, de private equity et event driven.

Après une année 2011 difficile, les fonds d’actions immobilières globaux ont enregistré un rebond au premier semestre, selon S&P Capital IQ Fund Research.Le fonds de référence de ce groupe a progressé de 12,6% au premier semestre alors qu’il avait affiché des baisses de 7,8% en 2011 et de 10,5% en 2010. Les fonds d’actions immobilières ont connu deux trimestres consécutifs de hausse, la bonne tenue du secteur au deuxième trimestre étant due notamment à l’Asie développée, entre autres la Chine.

Les gestionnaires d’actifs et les hedge funds sont de plus en plus adeptes des offres d’externalisation, selon un rapport publié par Aite Group.Dans le sillage de la crise financière de 2008, les firmes d’investissement ont été contraintes de mettre en place des politiques d’efficacité et de réduction des coûts avec une vigueur renouvelée. La nécessité de maximiser la performance tout en diminuant les risques a poussé les gestionnaires d’actifs à trouver de nouvelles technologies et à modifier leurs infrastructures. En outre, les exigences réglementaires en constante évolution contraignent le secteur à davantage de flexibilité.Dans ce contexte, les offres d’externalisation se sont multipliées et les gestionnaires d’actifs sont de plus en plus enclins à externaliser une partie de leurs activités.

La CNMV a octroyé le 2 novembre son agrément de commercialisation au fonds Banif Revalorización Europea Euro II créé le 23 octobre par Santander Asset Management.Il s’agit donc de la deuxième édition d’un fonds obligataire lancé en mai (lire Newsmanagers du 15 mai) qui garantit au souscripteur, à échéance (2 novembre 2016), 95 % du capital initial plus, le cas échéant, 85 % de la hausse de l’indice EuroStoxx 50 entre le 17 décembre 2012 et le 24 octobre 2016. Autrement dit, le risque de perte maximale se situe à 1,31 % par an alors que le rendement avec un gain de 30 % de l’indice serait de 4,92 % par an (contre 5,20 % pour la première édition du produit).CaractéristiquesDénomination : Banif Revalorización Europea Euro IICode Isin : ES0113487005Droit d’entrée 5 %Commission de gestion : 0,3 % jusqu’au 17 décembre 2012 inclus, puis 1,6 %Pénalité de sortie : 5 %

Le groupe Credit Suisse a annoncé le 8 novembre le lancement de services de single family office en Inde. Cette nouvelle initiative devrait permettre de renforcer l’offre de produits sur le segment en forte croissance de la clientèle fortunée UHNW (Ultra-High-Net-Worth) et HNWI (High-Net-Worth-Individuals), souligne la banque dans un communiqué.L’indice compte actuellement quelque 158.000 millionnaires en dollars et ce chiffre pourrait progresser de 17% à 242.000 d’ici à 2017, selon le dernier Global Wealth Report de Credit Suisse.

Les actifs sous gestion du groupe Banque Cantonale Vaudoise (BCV) ont progressé de 6% ou 5 milliards de francs sur les neuf premiers mois de l’année pour atteindre 82,1 milliards de francs suisses, selon un communiqué publié le 8 novembre. La collecte nette s’est élevée à 718 millions de francs.Le bénéfice avant impôts a légèrement progressé à 364 millions de francs suisses pour janvier-septembre.

Andrew Lake, le patron de la gestion de portefeuilles haut rendement à Londres chez Aviva Investors, rejoindra le 3 janvier 2013 Mirabaud Asset Management à Londres, ce qui s’inscrit dans la stratégie de développement de la gamme de fonds de la maison genevoise qui s’est déjà concrétisée notamment avec le recrutement de Daniel Tubbs et de son équipe d’analystes pour les marchés émergents (lire Newsmanagers des 18 juin et 24 juillet).Le nouvel arrivant sera placé sous l’autorité de Lionel Aeschlimann, associé et responsable de la gestion d’actifs chez Mirabaud. Il est chargé de la gestion des solutions Global High Yield pour les clients de Mirabaud.Avant de rejoindre Aviva Investors, Andrew Lake a passé quatre ans chez F&C Asset Management après avoir débuté sa carrière dans le haut rendement auprès de Merrill Lynch Investment Managers (MLIM) en 1998.

The Cairo-based asset mangement firm EFG Hermes is in the process of creating a joint venture with the Qatar-based firm Qinvest, which would increase its asset management activities by about 50%. The joint venture, which would be operational by the end of this month, aims to increase assets under management from USD3.4bn currently to about USD5bn within the next few years, the managing director in charge of the asset management unit at EFG Hermes, Kashif Siddiqui, has told Reuters. Siddiqui says the joint venture, which would be 60% owned by Qinvest, would allow EFG Hermes to penetrate new markets, due to Qinvest’s access to major sovereign funds in the region and to Islamic finance.

Following the departure of Patrik Janovjak at the end of October, the management of the Sarasin Sustainable Bond EUR (LU0158938935) and Sarasin-Fairinvest-Bond-Universal-Fonds (DE0006623077 for the institutional share class, and DE000A1C2XF8 for the retail share class) SRI funds have been taken over by Oscar Alberte at the Luxembourg-based asset management firm Sarasin Fund Management S.A. The successor to the departing manager since 31 October has been Johannes Weisser, who on 1 September took over as director of the fixed income & absolute return team. Weisser began in portfolio management at the Basel-based Banque Sarasin more than eight years ago; he was most recently head of fixed income mandates.

Asset managers and hedge funds are increasingly adept at outsourcing offers, according to a report published by Aite Group. In the wake of the 2008 financial crisis, investment companies have had to put in place efficiency and cost reduction policies with renewed vigour. The need to maximise performance while reducing risk has driven asset managers to find new technologies and to modify their infrastructures. Constantly changing regulatory requirements are also demanding more flexibility of the sector. In this environment, outsourcing offers have increased, and a growing number of asset managers are inclined to outsource part of their activities.

European high net worth individuals have increased their exposure to sustainable and responsible investments by 58% in the past two years, to EUR1.15trn, the third Eurosif study on the subject, undertaken in partnership with Banque Sarasin shows. This compares to an 18% increase in overall European HNWI wealth over the same period. The growth mainly derives from inflow of new money from new clients (44%) and from existing clients deepening their commitment (37%). The report shows that the number of HNWIs with more than half of their assets attributed to sustainable investments has doubled over the last two years to reach 25% of respondents. Positive screening strategies (such as best-in-class) and sustainability-themed investments are still the most used. The most popular sustainability themes are clean energy, water and green technology. The study also covers impact investing for the first time. The survey shows that impact investing is common among HNWIs, with 1 out of 2 respondents allocating assets to this type of investment. The study also shows that the typical profile of a sustainable high net worth investor is a comparatively young woman, entrepreneur, with highly considerable financial resources. Looking to the future, 87% respondents continue to predict a steady or even sharp increase in sustainable investments by HNWIs, especially as more and more view sustainable investment as a financial discipline to be integrated across all assets.

RWC on 7 November announced the launch of an activist fund, which will be managed by the European focus team that has recently left Hermes to join RWC. The team led by Maarten Wildshut and Petteri Soininen is currently responsible for slightly over USD300m in assets invested in a pan-European activist fund. The new fund, which will take the form of a master-feeder vehicle registered in the Cayman Islands, will in the long term invest in a concentrated portfolio of 10 to 20 companies which combine value, private equity and event-driven elements.

In January-October, the 2091 European ETPs saw net inflows of USD24.2bn, of which USD2.4bn were in October, bringing assets up by USD51.4bn to USD349.9bn, according to estimates by the BlackRock Investment Institute in addition to those published yesterday.Of the USD24.2bn which these products attracted in the first ten months of the year, USD13.2bn went to iShares (BlackRock group), USD4bn to Source, and USD2.6bn to ETF Securities. Assets under management by these three providers have increased by USD23.9bn, USD4.7bn, and USD4.2bn, respectively. For their part, db x-trackers (Deutsche Bank) and Lyxor Asset Management (Société Générale) attracted USD0.7bn and USD0.1bn in net subscriptions in January-October, respectively, and their assets under management increased by USD5.1bn and USD2.5bn.As of 31 October, iShares had a market share of 37.1%, with USD129.8bn, 1.6 percentage points higher than at the end of December, while the market share for db x-trackers and Lyxor had fallen by 0.7% (to 13.8%) and 1.2% (to 11.6%), with assets under management of USD245bn and USD230bn, respectively.Three European ETPs have posted net subscriptions of over USD1.2bn in January-October: the Physical Gold Source P-ETC (USD1.284bn), GBS Bullion Securities (USD1.232bn), and iShares Barclays Capital Euro Corporate Bond ex-Financials (USd1.203bn). Six of the ten best-sellers are iShares products.However, only the iShares eb.rexx Government Germany 1.5-2.5 (DE) has seen outflows of over USD1bn (USD1.018bn).

Matthias Schellenberg, who since the end of October 2008 had been head of business development Europe & Latin America at ING Investment Management, will at the beginning of January begin as head of Germany, Austria & Eastern Europe at UBS Global Asset Management. He will succeed Andreas Varnavides, whose term will end at the end of December.Pending approval by BaFin, Schellenberg will also join the managing board at UBS Deutschland AG. Until then, the chairman of th managinge board of UBS Deutschland, Axel Hörger, will serve as interim head of UBS Global AM on the board.

Rainer Fritzsche, who for eight years has been director of distribution and communications at the British alternative investment firm Man Investments for Germany and Austria, will be leaving his job at the end of February 2013, Das Investment reports. According to the website, Fritzsche has been the victim of the cost reduction programme at his employer, which has seen net outflows of USD4.6bn in the first nine months of the year, and which has announced USD100m in cost reductions over the next 18 months.

Hedge funds brought down by mediocre corporate results lost 1.9% in the month of October, according to estimates by Bloomberg. As a result of these losses, hedge funds show gains of only 1.3% since the beginning of the year, while equities worldwide in the period have gained 13%. Macro funds lost 0.6% in October, and 1.3% since the beginning of the year. The flagship fund from Brevan Howard Management had lost 0.2% in the month to 19 October, which reduces gains since the beginning of the year to 1.5%. Multi-strategy funds, for their part, lost 2.5% last month, and 7.1% since the beginning of the year, while long/short equity funds lost 1.2%, limiting gains since the beginning of the year to 1.5%. The hedge fund index is also down 11% compared with its peak of July 2007.

After a tough year in 2011, global real estate equity funds have posted a rebound in first half, according to S&P Capital IQ Research. The benchmark fund from the group has gained 12.6% in first half, while it had lost 7.8% in 2011, and 10.5% in 2010. Real estate equity funds have had two consecutive quarters of gains, as the good performance of the sector in second quarter was largely due to developed Asia, including China.

The CNMV on 2 November issued a sales license for the Banif Revalorización Europea Euro II fund, created on 23 October by Santander Asset Management.This is the second edition of a bond fund launched in May (see Newsmanagers of 15 May), which at maturity (on 2 November 2016) guarantees the subscriber 95% of initial capital, plus, if applicable, 85% of gains for the EuroStoxx 50 index between 17 December 2012 and 24 October 2016. In other words, the maximal risk of loss is 1.31% per year, while the returns with a 30% gain for the index would be 4.92% per year (compared with 5.20% for the first edition of the product).CharacteristicsName: Banif Revalorización Europea Euro IIISIN code: ES0113487005Front-end fee: 5%Management commission: 0.3% up to 17 December 2012 inclusive, and 1.6% thereafterWithdrawal penalty: 5%

The professional association representing investment trusts, the Association of Investment Companies (AIC), on 7 November announced the publication of a new guide, calling on its members to publish all assets in their portfolios, fonce RDR regulations come into effect. The association suggests that members who are primarily invested in publicly-traded businesses should publish this information on a monthly basis, with a maximum delay of three months. For investors in private equity and more sophisticated asset classes, publication could be on a quarterly basis, with a delay of a maximum of three months.

The two rival groups Citi and UBS have decided to join forces to create a joint venture specialised in post-market middle and back office services for broker-dealers in the Asia-Pacific region. Under the terms of the agreement, UBS will provide middle office services, including settlement, allocation and pre-matching, while Citi will provide clearance and custody services. The range of services appears to be particularly suited to the Asia-Pacific region, which continues to appear as a mosaic of highly fragmented markets.

The former Standard Chartered banker Sameer Sopori has been appointed as head of high yield capital markets for the Asian region at BNP Paribas, Finance Asia reports. He will be based in Singapore, and will report to Frank Kwong, head of syndicate Asia, and Chanant Charnchainarong, head of fixed income for South-East Asia.

Credit Suisse has appointed Paolo Mancini as head of ultra high net worth individuals in Italy, and managing director of the private banking division, Bluerating reports, citing the newspaper Milano Finanza. He replaces Francesco Lombardo di San Chirico, who has joined Citibank. Mancini had previously been managing director in the investment banking division at Credit Suisse, in charge of corporate clients in Southern Europe.

The German asset management firm Bantleon has registered two funds in Italy: the Bantleon Opportunities Fund S and L, Bluerating reports. The funds will be sold to retail clients. Bantleon is an independent asset management firm specialised in fixed income management.

Threadneedle has signed an agreement with Banca MPS Promozione Finanziaria in Italy for the distribution of 27 sub-funds of the Threadneedle (Lux) Sicav, Bluerating reports. Financial advisers at the MPS bank may now sell funds from the Sicav.

The Credit Suisse group on 8 November announced the launch of single-family office services in India. The new initiative will allow the group to build up its product range in the fast-growing ultra-high net worth (UNHW) and high net worth individual (HNWI) client segments, the bank says in a statement. The index currently incoudes about 158,000 US dollar millionaires, and this number may rise by 17% to 242,000 by 2017, according to the Global Wealth Report from Credit Suisse.

Assets under management at the Banque Centrale Vaudoise group (BCV) rise 6%, or CHF5bn in the first nine months of the year, to a total of CHF82.1bn, according to a statement released on 8 November. Net inflows totalled CHF718m. Pre-tax profits rose slightly, to CHF364m.

TCW recorded a EUR +2.1 billion inflow in Q3, announced Societe Generale in its quarterly financial information document published this morning. The US asset manager’s disposal to Carlyle Group and TCW’s management was announced in August 2012. At EUR 104.7 billion, TCW’s assets under management increased by EUR +13.7 billion since the beginning of the year. This included an inflow of EUR +4.0 billion, a “market” effect of EUR +7.9 billion, a “currency” impact of EUR +0.3 billion and a “structure” effect of EUR +1.4 billion. At EUR 91 million, the asset management business line’s revenues rose +11.0% vs. Q3 11, benefiting from the good level of performance commissions at TCW. Gross operating income came to EUR +22 million in Q3 12 vs. EUR -5 million in Q3 11. The business line’s contribution to Group net income was EUR +39 million in Q3 (vs. EUR +16 million in Q3 11), including a EUR +26 million contribution from Amundi. The business line’s contribution to Group net income came to EUR -92 million for the first nine months of the year. If goodwill write-down is stripped out, the business line’s contribution amounted to EUR 108 million in 9M 12. Private Banking, Global Investment Management and Services at Societe Generale posted increased earnings for Q3 2012 vs. Q3 11, in an unfavourable market environment. This was mainly due to its efforts to control costs. At EUR 521 million in Q3, the division’s revenues were down -6.5% vs. Q3 11, while operating expenses fell -7.4% over the same period. Gross operating income amounted to EUR 58 million, up +1.8% vs. Q3 11. The division’s Q3 contribution to Group net income came to EUR 63 million, vs. EUR 60 million in Q3 11. Net banking income totalled EUR 1,607 million for the first nine months of the year, down -6.3% vs. the previous year. Operating expenses were -6.1% lower. The contribution to Group net income came to EUR 15 million. When restated for the goodwill write-down in respect of TCW recorded in Q2 12, the division’s contribution to Group net income was EUR 215 million in 9M 12, in line with the figure for 9M 11.