Investors withdrew nearly USD900m in one day alone form the largest gold ETF in the world, the SPDR Gold Trust ETF, Investment Week reports. Redemptions of this scale have not been seen since August 2011. Following a sharp decline in the value of the metal, the SPDR Gold Trust ETF on 22 May saw redemptions totalling a net USD897m. This could be a sign of a change in investors’ approach to long-term outlooks for gold, some claim. As of 24 May, gold was down 12% compared with its peak in February (USd1.785), after peaking at over USD1,900 last year.

“We don’t currently like govies: government bonds are either too expensive, or too risky,” says Andreas Höfert, economist in chief and global head of wealth management research at UBS, at a presenation in Paris. The major Swiss firm is now seeking to be “agressive for the corporate and high yield bond markets, and defensive on equities, preferring the United States, the United Kingdom, health, basic consumer goods and sustainably high dividends.” However, Höfert is “less fond” of cyclicals and the financial sector.In general, UBS recommends a neutral position on emerging markets, and expects the euro to fall against the US dollar and other currencies, due to the flaw of construction in the currency area, which results in “a risk of default in addition to a risk of inflation.” Höfert prefers Scandinavian currencies, the Polish zloty, the Czech crown and the Canadian dollar, as well as the Singapore dollar and the Korean won.

The Swiss firm UBS Wealth Management has increased its presence in Russia with the recruitment of Marco Pavoncelli as senior client adviser, Wealthbriefing reports. He will be based in Moscow, and will dedicate most of his energy to the monitoring and development of activities serving ultra-high net worth clients in the region. Pavoncello previously worked at Credit Suisse, also in Moscow, where he was in charge of relationships with major clients.

Mark Boulton and Stephen Burrows, managers of the Pictet-Emerging Markets High Dividend fund to be launched on June, 7th (see Newsmanagers of 24 May), have announced that the Luxembourg-registered fund with monthly or annual distribution, or capitalisation, are hoping to pay out regular dividends of 4% per year. Currently, the portfolio has average dividend returns of 6%, which leaves room for withholding tax and for kickbacks to distributors, as well as potential gains on the market. The average PER of the portfolio is about 10.5% currently (for the Japan fund which Pictet is currently cloning).Management commissions are 1.80% for P shares and 2.60% for R shares. The portfolio will include about 135 positions, with a turnover rate of under 50%.

Swiss publicly-traded companies last year stagnated in terms of their corporate governance, according to a study by zCapital published on 25 May. The fund management firm reviewed 130 small and midcaps from the extended SPI index, as well as the 20 businesses of the main SMI index on the basis of 59 criteria. On average, the businesses reviewed earned 67 points out of a maximum of 100, compared with 68 last year. Among the SPI businesses, Geberit won the highest score, with 86 points. The sanitation technology specialist placed ahead of the Valora group and the chemistry firm Lonza. For the SMI, the Zurich-based technology group ABB tops the rankings with 83 points, followed by the cement maker Holcim and the agricultural chemical group Syngenta. Richemont and Swatch Group round out the market with 52 and 51 points, respectively. In addition to their information policies, zCapital analysed firms’ shareholder structure, and the composition and remuneration of the board and the council of directors. Nearly one third of small and midcaps restrict the rights of their shareholders with shares that include voting rights or limitations to voting rights, or via a shareholders’ register. A revision of the shareholding law pays little attention to the principle of “one share, one vote,” zCapital regrets. The study, however, finds that there has been some progress, as Clariant, APG, SGA and MondoBiotech. Another improvement is that consulting votes on pay scale reports at SPI businesses increased to 31% from 23% one year previously. Information available to shareholders has become more detailed. Businesses have admitted that shareholders are more vigilant and more engaged, zCapital finds. Attendance at general shareholders’ meetings has also increased slightly. It now totals 58% for businesses of the SPI, compared with 56% previously. For the SMI, participation is 57% (52%).

The technical committee of the international organisation of securities commissions (IOSCO) on 25 May published a consultation document on ratings agencies, Credit Rating Agencies: Internal Controls Designed to Ensure the Integrity of the Credit Rating Process and Procedures to Manage Conflicts of Interest. The document treats internal controls and procedures which agencies use to promote the integrity of the ratings process and avoid conflicts of interest. The consultation will be open until 9 July.

According to the EFAMA association of European asset management firms, European UCITS-compliant funds in first quarter 2012 saw net subscriptions of EUR91bn, compared with net redemptions in October-December, which reflects increasing investor confidence after long-term liquidity was released by the European Central Bank.Net inflows to UCITS-compliant funds totalled EUR70bn (of which EUR49bn went to fixed income funds, and EUR9bn to equity funds), compared with net redemptions of EUR61bn in the previous quarter. Money market funds attracted a net total of EUR22bn, compared with EUR11bn in October-December.As of the end of March, assets in UCITS-compliant funds represented EUR5.961trn, an increase of 5.8% compared with the end of December. All European funds (UCITS compliant and non-UCITS compliant) increased in the quarter by 5.3%, to EUR8.362trn as of the end of March.

Wilhelm von Finck Deutsche Family Office AG has launched a sustainable development institutional fund for German foundations (minimal subscription: EUR0.5m). The WvF Performance und Sicherheit fund includes “additional protection” of assets against sudden turbulence on the financial markets.This protection is generated through the use of risk management by the wealth management unit at Deutsche Bank. This results in an additional risk budget of 5% per year on a month-to-month rolling basis (which is not guaranteed). Allocation to bonds and money markets is expected to represent at least 70% of assets, while exposure to more volatile assets such as equities or themed funds will be more limited.Meanwhile, respect for environmental, social and ethical criteria is assured by the Munich-based firm oekom research.Investors seeking to subscribe to the fund in large volumes will have access to the investment committee and will pay a reduced front-end fee. Management commission is 0.65%.

The wealth management firm VSP of Wiesbaden on 24 May announced that on 16 April it launched an asset allocation fund, the VSP Sachwertfonds, a Luxembourg-registered product which complies with the UCITS directive and which follows an absolute return strategy. The portfolio may be invested in equities, convertible bonds, commodities, real estate and/or precious metals.Initially, the management team will make a functional allocation on the basis of the macroeconomic scenario, with investments partly to protect against inflation and crises, and to hedge portfolio risks. Then, after quantitative filtering, VSP will set the allocation of the fund to each asset class, totally excluding government bonds, but investing in future volatility via ETFs.The final decision on the composition of the portfolio will be made by the investment committee. VSP states that with a minimal investment of EUR1,000, retail investors will have access to institutional-type management.CharacteristicsName: VSP SachwertfondsISIN code: LU074881707 (R share class)Front-end fee: maximum 5%Management commission: 0.90%

Foreign funds have not abandoned the Milan stock exchange, Il Sole – 24 Ore reports. The season of general shareholders’ meetings has concluded with the participation of two thirds of international investors present in Italian firms, up compared with 2011, according to statistics from the law firm Trevisan. In 2012, participation of foreign funds increased at Fiat, Lottomanica, Prysmian and Azimut, but fell at Finmeccanica, Mediaset and Autogrill. In the majority of cases, international investors voted in favour of accounts, but were more selective about pay scales.

On 28 May, Standard Life Investments (SLI) announced the launch of an OEIC fund specialised in emerging markets equities, the Global Emerging Markets Equity Fund, whose manager is Alistair Way, and whose portfolio will include 60 to 100 holdings, with limits per share, per sector, per country and per tracking error.The fund will invest in shares in companies domiciled in emerging markets worldwide, or which earn a significant part of their revenues and profits in Asia, Eastern Europe, Africa or Latin America.

Fundweb reports that Novitas Loans has launched a fund which aims to become a source of replacement financing for retail investors who need help to bear the financial burden of a divorce.The Novitas Divorce Litigation Fund, managed by Jason Reeve, will lend up to GBP250,000 to clients of approved solicitor firms, with repayment to come after the conclusion of legal proceedings, from matrimonial assets.Minimal subscription is set at GBP20,000, and the annual coupon will be 8%.

Investment Europe reports that State Street Global Advisors (SSgA) has added four SPDR-branded funds to trading on the London Stock Exchange (LSE) based on British indices, which were launched in Frankfurt the previous week (see Newsmanagers of 21 May). The products include the following funds: SPDR Barclays Capital Sterling Corporate Bond ETF, SPDR Barclays Capital UK Gilt ETF, SPDR Barclays Capital 1-5 Year Gilt ETF and SPDR Barclays Capital 15+ Year Gilt ETF.

Claire Chaves d’Oliveira, gérante actions européennes chez Groupama AM

Sabine de Lépinay, responsable de la gestion monétaire chez Robeco Gestions

Valérie Perez, responsable changes en France chez Deutsche Bank

Franck Nicolas, directeur investissement et solutions clients chez Natixis AM

Isabelle Rome, responsable de la stratégie crédit de Dexia AM

Elle vient de publier des propositions établies avec les entreprises. L'IASB pourrait s'en inspirer pour établir une norme comptable

Le quotidien cite une étude académique des universités de Yale et Maastricht soulignant un comportement de gestion toujours plus risqué de la part des fonds de pension publics aux Etats-Unis. En dépit d’une population vieillissante, les fonds tirent parti d’une réglementation floue afin d’atténuer leurs engagements à long terme. Cela à l’inverse des fonds de pension privés aux Etats-Unis et des fonds privés ou publics au Canada et en Europe, qui ont eux réduit leur degré de prise de risque. Les fonds publics américains ont bien «évolué dans la direction opposée», en augmentant leur allocation dans des actifs comme les actions ou le private equity.

GSessions devait faire ses premiers pas mi-mai. Le quotidien indique que la banque américaine a subi des «soucis logistiques» avec son projet de plateforme de trading obligataire, notamment des soucis liés à l’édition de rapports concernant les transactions. Goldman Sachs n’a pas souhaité commenter.

Les places de Tokyo et de Shanghai accueilleront dès vendredi prochain les premiers échanges directs entre le yen et le yuan

L'OAT a surperformé le Bund la semaine dernière, les investisseurs cherchant un peu plus de rémunération

L’indice pourrait aller tester la région des 2.800 points avant d’amorcer son retour vers les 3.600 points

Avant la pause d’hier, les taux français à 10 ans ont enchaîné huit séances de baisses consécutives. En une semaine, ils ont surperformé le Bund de 40 points de base (pb), réduisant l'écart avec la dette allemande à 102 pb. A l’opposée, les taux espagnols ne cessent de monter au-dessus de 6%.

Le cabinet d’avocats d’affaires vient de signer une convention organique internationale avec son confrère ASGV Advogados. Un comité de pilotage mixte a été mis en place afin d’assurer la mise en œuvre, l’animation, et la coordination, notamment stratégique et opérationnelle, du partenariat. D’autres accords sont actuellement en cours de négociation dans d’autres régions du monde.

Le groupe immobilier allemand reprend auprès de la banque britannique un portefeuille immobilier représentant 1,24 milliard d’euros. Dans ce portefeuille figurent environ 23.000 appartements situés dans ou à proximité de villes telles que Hanovre, Berlin et Magdebourg.

Les craintes entourant la zone euro ont conduit les investisseurs à injecter 11,45 milliards de dollars dans les fonds monétaires américains lors de la semaine close le 23 mai, selon les données d’EPFR Global. Même les fonds monétaires européens, impopulaires auprès des investisseurs la semaine précédente, ont attiré 2,31 milliards de dollars.

Selon un mémo obtenu par le Financial Times, la coentreprise de courtage entre la Société Générale et Crédit Agricole a décidé de quitter le marché boursier grec. Il a prévenu ses clients qu’il n’accepterait plus que des ordres de vente et cesserait de prolonger les appels de marge pour des positions existantes.

La transaction serait cette fois imminente, elle pourrait être annoncée aujourd’hui selon Reuters. Le groupe de négoce japonais serait sur le point de conclure l’acquisition de son concurrent américain pour plus de 5 milliards de dollars, y compris une dette voisine de 1,7 milliard. Les deux groupes sont en négociations avancées depuis le début du mois.