Le pôle Global Multi-Asset de JP Morgan vient d’annoncer le lancement d’une nouvelle série de fonds à horizon comportant une composante passive.Les dix nouvelles stratégies proposées par JP Morgan, SmartRetirement Blend, utilisent les mêmes modèles d’allocation que ses fonds à horizon de référence, les fonds SmartRetirement, dont les actifs sous gestion s'élèvent à plus de 12 milliards de dollars. Ces derniers fonds sont gérés activement alors que les nouveaux fonds utiliseront des ETF sur indices pour certaines classes d’actifs, comme les actions américaines.

Le pôle gestion d’actifs d’Ameriprise Financial a dégagé au troisième trimestre 2012 un bénéfice avant impôt de 155 millions de dollars contre 119 millions pour la période correspondante de l’an dernier, et l’encours au 30 septembre ressortait à 461 milliards de dollars contre 417 milliards. Les actifs gérés par Columbia Management ont représenté 340 milliards contre 325 milliards tandis que ceux du britannique Threadneedle affichaient un gonflement de 28 % à 124 milliards de dollars.Néanmoins, en juillet-septembre, le groupe a encore accusé des remboursements nets de 3,5 milliards de dollars contre 5,2 milliards pour la période correspondante de l’année. Ces sorties sont imputables à la clientèle institutionnelle pour 2 milliards de dollars (dont 1,1 milliard chezThreadneedle), comme au troisième trimestre 2011, et à la clientèle des produits alternatifs, essentiellement des hedge funds, qui a retiré en net 1,6 milliard de dollars contre seulement 0,1 milliard en juillet-septembre 2011. En revanche, le retail a collecté en net 0,1 milliard de dollars contre des sorties nettes de 3,1 milliards, car les fortes souscriptions nettes de Threadneedle ont été presque entièrement compensées par des sorties nettes chez Columbia.Ameriprise indique que son bénéfice net pour juillet-septembre s’est situé à 174 millions de dollars contre 322 millions pour la période correspondante de l’an dernier, alors que son bénéfice d’exploitation est demeuré inchangé à 289 millions de dollars.

Pour l’exercice au 30 septembre 2012, Raymond James Financial déclare un bénéfice net record de 295,87 millions de dollars contre 278,35 millions qui comprend pour six mois l’activité de Morgan Keegan, acquise le 2 avril. Sans une charge avant impôt de 59 millions imputable à des acquisitions, le bénéfice net serait ressorti à 334,2 millions de dollars.Au 30 septembre, les encours sous gestion ressortaient à 42,8 milliards de dollars contre 32,1 milliards un an plus tôt et les encours sous administration totalisaient 390,3 milliards contre 255.7 milliards. Dans les deux cas, il s’agit -également- de records.

Pour les neuf premiers mois de 2012, T. Rowe Price Group a enregistré un bénéfice net de 647,8 millions de dollars, dont 247,3 millions pour juillet-septembre, contre 584,8 millions dont 185,5 millions pour les périodes correspondantes de l’an dernier.Au 30 septembre, les encours se situaient à un montant record de 574,4 milliards de dollars, dont 342,9 milliards dans des mutual funds américains. L’augmentation de 84,9 milliards par rapport aux 489,5 milliards de dollars de fin 2011 s’explique pour 21,4 milliards par des souscriptions nettes et pour 63,5 milliards par l’effet de marché.

La société de gestion Fideas Capital vient de lancer Betamax Emergents, un fonds investi en actions des pays émergents dont le «pilotage» reprend la méthode de gestion du risque de la société dite «Maximisation de la Variété ». Celle-ci, déjà utilisée dans la gestion du fonds Betamax investi dans différents actifs internationaux, vise l’amélioration du rapport rendement/risque grâce à la diversification du portefeuille. Betamax Emergents propose une allocation par pays ; chaque pays est représenté par une exposition à son indice local, indique un communiqué qui précise que l’objectif du fonds consiste à capter la prime de rendement des pays en question tout en recherchant «la meilleure diversification des risques individuels, l’abaissement des corrélations et, en conséquence, la réduction des risques». Cette diminution est de l’ordre de 20 à 30% sans préjudice de la performance, selon la gestion. En pratique, l’allocation retenue donne des résultats sensiblement différents de celle de l’indice global par capitalisation des pays émergents. A titre d’exemple, le portefeuille est peu exposé aux pays trop corrélés par les flux, notamment les BRIC, et se trouve plus diversifié que le MSCI Emerging Markets Global. Caractéristiques : Codes Isin : FR0011245117 (parts fondateurs)/ FR0011245117 (parts institutionnels)/ FR0011245083 (parts particuliers) Minimum à la souscription : Part fondateurs : 2 millions d’euros Part institutionnels : 500 000 eurosPart particuliers : sans Encours : 20 millions d’euros

Durant le troisième trimestre, les fonds d’investissements gérés par ABC Arbitrage ont drainé en net 21,5 millions d’euros de souscriptions, ce qui porte le total pour les neuf premiers mois de l’année à 250 millions d’euros. L’encours se situait fin septembre à 450 millions d’euros.La société précise que ces fonds «affichent des performances intéressantes au regard du contexte mais en dessous des objectifs de rentabilité du groupe».

Axa Investment Managers (Axa IM) vient de nommer Qi Sun au poste d'économiste spécialiste de l’Asie émergente. Basé à Hong Kong, Qi Sun sera rattaché à Franz Wenzel, chef stratégiste d’Axa IM à Paris et sera en charge de l’analyse des marchés et de la recherche économique sur la zone Asie émergente. En tant que membre de l'équipe Recherche et Stratégie d’Investissement, dirigée par Eric Chaney, responsable de la recherche d’Axa IM et chef économiste du groupe Axa, il transmettra des analyses mondiales aux clients basés en Asie, indique un communiqué. Qi Sun était auparavant économiste à l’Autorité Monétaire de Hong Kong et était spécialisé sur les réformes économiques et financières de la Chine.

La marge d’exploitation de Franklin Resources Inc, gestionnaire connu sous la marque de Franklin Templeton Investments, a diminué pour l’exercice au 30 septembre à 35,4 % contre 37,3 % pour 2010-2011, mais le bénéfice net a progressé à 1.931,4 millions de dollars contre 1.923,6 millions.Au 30 septembre, l’encours ressortait à 749,9 milliards de dollars, contre 659,9 milliards un an auparavant. L’augmentation de 90 milliards de dollars ou de 14 % en un an est attribuable à l’effet de marché pour 96,4 milliards de dollars qui a été en partie compensé par 2,3 milliards de remboursements nets (contre 36,4 milliards de souscriptions nettes pour le précédent exercice).

The Global Multi Asset unit of JP Morgan has announced the launch of a new series of target date funds, with a passive management component. The ten new strategies offered by JP Morgan in the SmartRetirement Blend range use the same allocation models as its reference target date funds, the SmartRetirement range, whose assets under management total over USD12bn. The latter funds are managed actively, while the new funds will use ETFs based on indices to allocate to certain asset classes, such as US equities.

Acropole Asset Management this summer launched Acropole Patrimoine, a fund of funds developed on the basis of eight funds of its product range, with three allocations, to convertibles, credit and absolute returns. The asset management firm specialised in convertible bonds is planning to use the product as a bridgehead to retail clients, via private banks and independent financial advisers. Virtually all of its assets have hitherto come from institutional clients, who are more familiar with this relatively technical asset class. Acropole AM now holds a 7% market share in convertible bonds. But with the arrival of new competitors in this asset class, which is largely a province of institutional investors, the asset management firm needs to turn to new sales outlets for its products. It is hoping to bring in up to EUR50m for Acropole Patrimoine in the next 18 to 24 months. After a first foray into the French retail market, Acropole AM will next attach the European retail market, with this fund as the advance guard. Acropole AM currently has slightly under EUR800m in assets under management. “Net inflows have totalled EUR50m since the beginning of the year, while market effects have also come to EUR50m,” says Jacques Joakimides, chairman of the asset management firm. Characteristics of the fund ISIN code: I-class shares (minimal subscription: EUR100,000) FR0011263524, R-class shares FR0011263532 Management fees: I-class shares: 0.3%; R-class shares: 1.2% Variable management fees: 10% on performance exceeding the capitalised Eonia Subscription commission: Maximum 1%, not paid into the fund

The ratings agency Standard & Poor’s on 25 October lowered its rating of BNP Paribas by one notch, from AA- to A+, and placed it on a negative ratings watch, alongside other businesses such as BPCE, Crédit Agricole, Société Générale and Crédit Mutuel, among the major French brands. Standard & Poor’s explains that it took the measures due to a deterioration of conjuncture in France. In addition to BNP Paribas, the agency has cut its ratings for Banque Solfea, an affiliate of the energy group GDF Suez dedicated to financing housing renovations, from A+ to A, and for Cofidis, a consumer credit affiliate of Crédit Mutuel, from A- to BBB+.

Since 25 October, the listings on the XTF segment of the Xetra electronic platform (Deutsche Börse) include a 1,006th ETF, following the admission to trading of the SPDR Dow Jones Global Real Estate ETF from State Street Global Advisors (SSgA).The Irish-registered product replicates the Dow Jones Global Select Real Estate Securities Index. It is an ETF of equities in realty firms worldwide, and the 43rd ETF from SPDR to be listed in Europe, marking the opening of this range to a new asset class. It is a physical replication fund, which is also licensed for sale in Ireland, Italy, France, the Netherlands, Sweden, and the United Kingdom.CharacteristicsName: SPDR Dow Jones Global Real Estate ETFISIN code: IE00B8GF1M35TER: 0.40%

The central asset management firm for the German savings banks, DekaBank, on 25 October announced the launch of an “immediate retirement solution” for retirement planning for those in the 60-67 age group. The Deka-RenteDirekt wrapper allows, with a single payment of at least EUR10,000, for a guaranteed minimum payment, combined with more flexible investment.Investments will continue until the 85th birthday of the saver into Deka Investment funds, while benefits will follow a redemption plan initially, and will then roll over into a life annuity from Öffentliche Versicherung Braunschweig, from the 85th birthday.Costs for the plan are EUR10 per year. At the start of the redemption plan, subscribers will pay a fee which will depend on the various funds used. On the basis of the initial allocation (1/3 Deka ZukunftsPlan I and 2/3 RenditDeka bonds), the front-end fee is 2.7%. Management fees may vary depending on asset allocation from 0.48% to 0.52% per year.

Andreas Dahl has left Cheuvreux to join the team managing the hedge fund Carve at the Swedish firm Brummer & Partners, Realtid.se reports. Carve is managed by four managers, led by Per Josefsson.

AXA Investment Managers (AXA IM) has appointed Qi Sun as an economist specialised in Asian emerging markets. Qi, based in Hong Kong, will report to Franz Wenzel, chief strategist at AXA IM in Paris, and will be responsible for analysis of markets and economic research in the emerging Asia region. As a member of the Research and Investment Strategy team, led by Eric Chaney, head of Research at Axa IM and chief economist for the AXA group, he will send global analyses to clients based in Asia, a statement says. Qi had previously been an economist at the Hong Kong Monetary Authority, and was specialised in economic and financial reforms in China.

The Italian asset management firm Arca SGR, with EUR16bn in assets under management, has signed a distribution agreement with the Italian bank Cassa di Risparmio di Ferrara. Under the agreement, funds will be offered for sale at the 137 branches of the affiliate establishment in Italy. The agreement has been signed for a period of 10 years.

Invesco has posted net inflows in September of EUR301m in Italy, Bluerating reports, citing Assogestioni. The US firm thus becomes the largest foreign actor in terms of net inflows for the second time in three months. Sergio Trezzi, managing director of Invesco for Italy, and co-head of European retail activities in Europe, estimates that the Italian market offers great opportunities for asset management firms able to stand out due to the quality of their products, their global product range and their independence.

The US bond team at Scottish Widows Investment Partnership (SWIP) in New York, focused on high yield, has been reinforced with the recruitment of three investment grade analysts. The new arrivals will report to Neil Murray, global head of credit.The new recruits are C. Ryan Miller, who had most recently been vice president & senior credit analyst at JPMorgan Chase Bank, Justin Ziegler (formerly of Keefe, Bruyette and Woods), and finally Martin McCudden, who has been transferred from the SWIP credit team in Edinburgh.

Janus Capital Group reports third quarter net income of USD25.1m vs USD23.4m in Q2; it is however down from USD27.4m for July-September 2011.As of September, 30th, AUM reached USD158.2bn from USD152.4bn three months earlier and USD141bn on September, 30th, 2011.The company states that the increase in assets during the third quart 2012 primarily reflects net market appreciation of USD7.8bn offsetby long-term net outflows of USD2bn. Fixed income and mathematical equity (managed by Intech) long-term net inflows totaled USD1bn and USD0.3bn respectively, while fundamental equity long-term net outflows totaled USD3.3bn

Bruno Vanier and Michel Audeban on 25 October officially launched their asset management firm, Gemway Assets, of which they are president and CEO, respectively, as Newsmanagers reported earlier this month. The presentation took place in the presence of Didier Le Menestrel, chairman of Financière de l’Echiquier, which controls 33.34% of capital, alongside BMVA, the holding company of Bruno Vanier and Michel Audeban (51.66%), and a group of 12 wealth management advisers to family offices (15%). Most of the presentation was dedicated to the first fund from Gemway Assets, GemEquity, which is managed by Vanier with Gerlel Majoros, formerly of Deka in Frankfurt, an then of UniCredito in London, until a third person can be recruited, which is expected during next year. With emerging markets as his chosen terrain, Vanier allies stock-picking mangement for two thirds of the portfolio with top-down management, with the help of two independent research organisations. In detail, the head limits the weight of cyclical stocks to one third of the fund, compared to 2/3 in indices, while the remaining two thirds are dedicated to investment in non-cyclical businesses. “This way,” says Vanier, “volatility is structurally lower.” For distribution, Gemway Assets is placing the emphasis on independent financial advisers, and is now listed on 20 platforms. However, the asset management firm is planning to approach institutional investors, and to enter international markets, where the firm can count on several investor “friends.” GemEquity currently has assets of EUR50m, of which EUR10m are from Financière de l’Echiquier, and has set an objective of EUR100m by the end of next year. Characteristics ISIN code: FR0011268705 (R share class)/FR0011274984 Front-end fee: maximum 3% Performance commission: 15% of positive performance exceeding the MSCI Emerging Markets NR index Size of shares: EUR100

Jean-François Tilquin has joined Convictions Asset Management as head of fixed income. More particularly, he is manager of the Convictions Classic fund, a new fund in the product range from the French asset management firm. Tilquin previously worked at the consulting firm CII Finance, where he was an investment and asset allocation adviser. Between July 2002 and 2008, he was chief investment officer at the Scor group. He has also been head of bond and diversified management business at Axa IM in Tokyo.

The Additional public function retirement establishment (ERAFP) has awarded two asset management mandated and four stand-by manager mandates under its policy to extend its investment universe, in line with its SRI charter. The ERAFP in February 2012 launched a restricted request for proposals, composed of two lots, with the objective of awarding convertible bond management mandates for the European region, with the ability to invest up to 20% outside Europe, in the Global region. Following the selection procedure, the ERAFP has decided to award the first lot, Convertible bonds in the European region – non-benchmarked SRI management, to the Schelcher Prince Gestion company. Acropole Am and Natixis Asset Management are the stand-by managers. Lot no. 2, Convertible bonds in the Global region – non-benchmarked SRI management, has been awarded to the Lombard Odier Gestion company. BNP Paribas Asset Management and Fisch Asset Management are the stand-by managers.

In third quarter, investment funds managed by ABC Arbitrage attracted a net total of EUR21.5m in net subscriptions, bringing the total in the first nine months of the year to EUR250m. Assets as of the end of September totalled EUR450m.The firm states that the funds “have posted attractive returns in light of the context, but below the group’s profitability objectives.”

For the fiscal year to September, 30th, 2012, Raymond James Financial reached a record USD295.87m net income vs USD278.35m, which includes 6 month of Morgan Keegan operations, a company that has been acquired on April 2nd, 2012. Excluding pre-tax, acquisition-related charges of USD59m, net income would have been USD334.2m.As of end-September, the company achieved record assets under management of USD42.8bn vs USD32.1bn and record assets under administration at USD390.3bn vs USD255.7bn

For the first nine months of this year, T. Rowe Price Group declares a net profit of USD647.8m, of which USD247.3m for Q3, versus USD584.8m and USD185.5m for the corresponding periods of 2011.As of September, 30th, AUM reached a record USD574.4bn, of which USD 342,9bn in US mutual funds. The USD84.9bn increase from USD489.5bn at end-2011 comes from USD.21.4 net new money and USD63.5bn in market appreciation. .

Franklin Resources (Franklin Templeton Investments) has reported an operating margin of 35.4% for the fiscal year to September, 30th, 2012, compared to 37.3% for 2010-2011, but its net income rose to USD1.9314bn vs USD1.9236bn.At end-September, AUM landed at USD749.9bn vs USD659.9bn twelve months before, the USD90bjn increase (14%) coming from USD96.4bn of market appreciation, minus mainly USD2.3bn in net outflows (vs USD34bn in net inflows for the preceding fiscal year).

Ameriprise Financial’s asset management operation delivered USD155m in pre-tax earnings for Q3, 2012, vs USD119m in the corresponding periode last year and assets under management as of September, 30th, reached USD461bn vs USD417bn. At Columbia Asset Management, AUM was USD340bn vs USD325bn while UK-based Threadneedle recorded a 28% rise to USD124bn.However, the group once again suffered net outflows, of USD3.5bn vs USD5.2bn, which is attributable to institutional investors for USD2bn (of which USD1.1bn at Threadneedle), just like for Q3, 2011, and to alternatives, mainly hedge funds, with outflows of USD1.6bn vs 0.1bn in July-September 2011. Retail net flows were slightly positive, with USD.0.1bn, as strong net inflows at Threadneedle were offset by net outflows at Columbia. Ameriprise Financial declared USD174m in net income for the quarter under review vs USD322m for Q3, 2011, while operating earnings remained unchanged at USD289m.

A new asset management firm has been created in Paris. Cedrus Asset Management specialises in multi-managed responsible and sustainable investment. Cedrus AM is planning to offer a range of actively-managed funds of funds which will be based on its expertise in responsible and sustainable investment. The asset management firm, specialised in SRI since 2004, has taken over the institutional advising mandates for sustainable investment of Cedrus Partners within the structure, which now has a total of EUR300m in assets under management. The new structure, led by Benoit Magnier, is 80% controlled by Cedrus Partners, an investment advising firm aimed at institutional investors. The remaining 20% are controlled by NexT AM, the stakeholding arm of La Française AM. The team has a total of five professionals, including the director of management and research, Annie Martinet-Villalon, former head of fund of fund management for European and global equities at Amundi. The first product of the range, the fund of funds Cedrus Sustainable Opportunities, has received its license. It will be officially launched in early November. The profile of the fund is “balanced,” and will combine equity management with money market management. Exposure to equities may vary from 0% to 100%, with an ambition to expose itself strongly to the equity markets when the market environment permits it. For risk management within the product, Cedrus AM has formed a partnership with the financial engineering firm Active Asset Allocation International Consulting (AAAIC). Together, the two firms will determine a model portfolio each month, to manage allocation to equity markets. The ambition of Cedrus AM is to “hit hard,” says Magnier at a presentation of the asset management firm. With EUR15m in seed capital from the NExT Invest FCP, Cedrus Sustainable Opportunities is expected to receive investments from several French institutional investors in the next few weeks. Magnier expects assets in the fund of funds to reach EUR100m by the end of the year. Cedrus AM is concentrating on French institutionals for the moment. “But in a few quarters, we will attack the foreign markets,” Magnier adds. The range is also expected to grow, as the new asset management firm’s ambition is to launch three mutual funds in the next three years.

The distribution of annual bonuses continues to be a powerful moment in the life of every finance professional. Expectations are not always the same on either side of the Atlantic. According to two recent studies carried out by eFinancialCareers, 41% of City professionals say they are “more worried” about this subject than they were in 2011. 29% of London-based financial professionals are expecting to receive lower bonuses than they did in 2011, and 18% expect not to receive a bonus at all. In 2011, only 11% predicted that they would not receive a bonus. Pessimism appears to have strongly taken root in the mood of the City, as 52% are expecting their bonuses to fall in the next three years. On the other side of the ocean, morale seems to be on the upswing. For 48% of finance professionals on Wall Street, 7 percentage points more than last year, 2012 bonuses will be higher than in 2011, they predict. Only 10% say they do not expect to receive a bonus this year, while 58% expect their bonuses to rise or remain stable in the next three years. Of those, 53% are expecting their bonuses to return to 2006-2007 levels. 44% of respondents in the United States consider money their main motivation to work.

Between third and fourth quarter, international fund managers have not altered their positions on equity and bond markets. 50% of participants in the most recent HSBC survey have maintained a neutral outlook on equity markets, and 60% have done so for bonds. Among respondents, 40% are overweight on equity markets, and 20% on bond markets. Overweight positions on money markets have been chosen by 30% of managers.In fourth quarter, for this asset class, North America receives fewer positive opinions than in the previous quarter (60% compared with 70%). The same is true for Europe excluding the UK (40% compared with 50%), Asia-Pacific ex Japan (33% compared with 40%) and Greater China equities (43% compared with 50%). On fixed income markets, 75% of managers are preferring an overweight position on Asian bonds in US dollars, and 63% on Asian bonds in local currencies (compared with 38% and 25% in third quarter 2012). High yield bonds (90% have an overweight position) and emerging markets (70% are overweight) retain the favours of most fund managers.Assets under management at the 13 global asset management firms surveyed total USD4.14trn as of the end of second quarter 2012, down 3.3% compared with the previous quarter, while most of the decline has been due to equity funds (80%). Equity funds have posted net outflows of USD34.2bn. This is the eighth consecutive quarter of redemptions, HSBC says.The 13 fund management firms participating in the survey are: AllianceBernstein, Allianz Global Investors, Baring Asset Management, BlackRock, Eastspring Investments, Fidelity Investment Management, Franklin Templeton Investments, HSBC Global Asset Management, Invesco Asset Management, Investec Asset Management, J.P. Morgan Asset Management, Schroders Investment Management et Lyxor Asset Management.The full statistics from the study are available as an attachment (pdf).