Le gestionnaire central des caisses d'épargne allemandes, DekaBank, a annoncé le 25 octobre le lancement d’une «solution de retraite immédiate» pour la prévoyance vieillesse destinée à la tranche des 60-67 ans. Le Deka-RenteDirekt permet, moyennant un versement unique d’au minimum 10.000 euros, de percevoir des prestations viagères à minimum garanti combinées avec un des investissements souples.Les placements se poursuivent jusqu’au 85ème anniversaire dans des fonds de Deka Investment tandis que les prestations suivent d’abord un plan de remboursements avant de passer à une rente viagère servie par Öffentliche Versicherung Braunschweig à partir du 85ème anniversaire.Les frais de dossier se situent à 10 euros par an. Au moment du démarrage du plan de remboursement, les souscripteurs devront acquitter un droit qui sera fonction des différents fonds utilisés. Sur la base de l’allocation de départ ( 1/3 actions Deka-ZukunftsPlan I et 2/3 obligations RenditDeka), le droit d’entrée est de 2,7 %. Quant aux frais de gestion, ils peuvent évoluer en fonction de l’allocation aux actions entre 0,48 et 0,52 % par an.

Depuis le 25 octobre, la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) compte un 1.006ème ETF avec l’admission à la négociation du SPDR Dow Jones Global Real Estate ETF de State Street Global Advisors (SSgA).Ce produit de droit irlandais réplique le Dow Jones Global Select Real Estate Securities Index. Il s’agit d’un ETF d’actions de sociétés immobilières du monde entier. C’est le 43ème ETF de SPDR a être coté en Europe et il marque l’ouverture de cette gamme à une nouvelle classe d’actifs. Il s’agit d’un fonds à réplication physique qui bénéficie aussi d’agréments de commercialisation pour l’Irlande, l’Italie, la France, les Pays-Bas, la Suède et le Royaume-Uni.CaractéristiquesDénomination : SPDR Dow Jones Global Real Estate ETFCode Isin : IE00B8GF1M35TFE : 0,40 %

Le 25 octobre, la Deutsche Bank a annoncé la nomination d’un comité des rémunérations indépendent présidé par Jürgen Hambrecht, ancien président du directoire de BASF, qui est actuellement président du conseil de surveillance de Fuchs Petrolub et administrateur de Daimler, Lufthansa et Trumpf.Les autres membres du comité sont Michael Dobson (CEO de Schroders), Morris W. Offit, président d’Offit Capital et administrateur indépendant d’AIG, Michael Otto, président du conseil de surveillance d’Otto Group et Theo Waigel, député CSU et ancien ministre fédéral des Finances.

Nouvellement admise à la cotation, EFG Financial Products a annoncé avoir été avisée le 19 octobre que le fonds souverain Government of Singapore Investment Corporation Pte. Ltd (GIC) et JPMorgan Chase, par le biais de JPMorgan Asset Management et JPMorgan Investment Management, ont franchi le seuil des 3 % de son capital et détenaient respectivement 3,38 % et 3,24 % des titres émis et en circulation.

Schroders a annoncé que Philipp Mallinckrodt, group head of private banking, a pris avec effet immédiat le poste de CEO de Schroders Private Bank laissé vacant par la démission de Rupert Robinson, rapporte Fundweb.De son côté, Investment Europe annonce que Klaus Oestergaard a quitté le gestionnaire alternatif Brevan Howard (36,7 milliards de dollars), dont il était un des associés.

Andreas Dahl a quitté Cheuvreux pour rejoindre l’équipe gérant le hedge fund Carve au sein de la société suédoise Brummer & Parters, rapporte Realtid.se. Carve est géré par quatre gérants sous la direction de Per Josefsson.

En douze mois, l’encours des fonds du Banco Sabadell s’est accru de 4,2 % pour atteindre au 30 septembre 8,56 milliards d’euros tandis que celui des fonds de pension gonflait de 32,2 % à 3,58 milliards d’euros. Ces hausses sont dues selon Funds People à l’intégration de la caisse d’épargne CAM et ne proviennent pas d’une action délibérée, au contraire.De fait, le Sabadell a incité ses clients à se porter sur des produits de passif, sur des dépôts. D’ailleurs, le montant des commissions de gestion a diminué durant les neuf premiers mois de l’année de 15,9 % à 76,1 millions d’euros, justement pour cette raison, a expliqué l’administrateur délégué Jaime Guardiola.Le groupe Sabadell a enregistré pour janvier-septembre une chute de 56,3 % son bénéfice net à 90,6 millions d’euros, en raison des provisions liées à l’immobilier.

Selon le rapport trimestriel du groupe Santander, le bénéfice net du pôle gestion d’actifs est ressorti pour les fonds d’investissement à 48 millions d’euros sur les neuf premiers mois de l’année, soit 49,9 % de plus que pour janvier-septembre 2011, tandis que celui dégagé sur les fonds de pension, à 7 millions d’euros, progressait de 7,6 %.L’encours au 30 septembre ressortait à 140,1 milliards d’euros, soit 1 % de plus que fin 2011, dont 103 milliards en fonds d’investissement et fonds de pension. La gestion traditionnelle représentait un volume de 137 milliards d’euros, l’alternatif les quelque 3 milliards restants.A l’échelon du groupe Santander, le bénéfice net des trois premiers trimestres accuse une chute de 66 % à 1.804 millions d’euros, après 3.475 millions d’euros de provisions destinées à couvrir les risques immobiliers en Espagne.

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).

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+.

A regulatory requirement for all constant net asset value European money market funds to switch to a partial variable net asset value model would have little impact on fund ratings, Fitch Ratings says. Fitch thinks a move to partial variable net asset value (VNAV) funds - where assets with a residual maturity of less than three months continue to be priced on an amortised cost basis - along with new rules to combat liquidity risk, are among the most likely outcomes of the reviews of MMF regulation taking place in Europe. Liquidity risks could also be subject to new rules. The main uncertainty would be the reaction of investors and whether the switch could lead to significant disruption or outflows from a EUR500bn market segment. Fitch will be conducting a survey of investors in the coming weeks to identify the main implications of any regulatory changes.

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 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.

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.

EFG Financial Products, which has recently been admitted to trading, has announced that on 19 October it was notified that the sovereign fund Government of Singapore Investment Corporation Pte. Ltd (GIC) and JPMorgan Chase, via JPMorgan Asset Management and JPMorgan Investment Management, have passed the 3% threshold in its capital, and now control 3.38% and 3.24% of shares in circulation, respectively.

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