The heads of OFI AM unveiled yesterday major plans for the short to mid-term, which will include additions to its range of asset managemnet products and development internationally and in France. In terms of investments, after pointing out the firm’s three-way approach, with a product range managed either internally, or via multi-management, or through partnerships, Gérard Bourret, CEO, has announced that his asset management firm would soon be offering its institutional clients a range of alternative multi-management products. “To that end, we will in the next few weeks announce a partnership with an English-speaking firm larger in size than ourselves,” Bourret confirmed. Bourret plans to provide a clearer product range for investors, with a segmented range that offers value products that also deliver returns, as well as European growth products and proximity management of investments in growth small and midcaps in France and the euro zone. Another desire expressed by management is to bring more regular and higher performance to these equity products. As the French market offers limited opportunities, the group is now planning to make itself heard elsewhere in Europe. “We are going to hire the services of a third-party marketer (TPM). The fund range will be selective, focused on niche products where the firm has excellence to foreground.” But that’s only a beginning, says Bourret. “In three years, we will be able to say that we have begun.” In terms of inflow objectives, Bourret says that in a closed and virtually saturated French market, OFI AM in 2012 had planned to earn total net inflows of EUR1.5bn to EUR2bn. As of the end of the month of March, assets at the OFI group totalled EUR50.6bn, up 7% compared with the end of last year (EUR47.23bn).

About EUR40bn were raised last year in the European private equity sector, a level not seen since 2008, and up 80% on 2010, an annual report from the European private equity association (EVCA Yearbook 2012) notes. About 65% of funds raised came from European countries, with 35% originating from other countries worldwide. Three major regions, the United Kingdom and Ireland, Scandinavia, and France and Benelux manage more than 83% of funds raised in 2011.

Secteur d’activité désormais majeur, qui représente un chiffre d’affaires de plus de 100 milliards de dollars, la biotechnologie présente de nombreuses opportunités liées notamment au caractère innovant des entreprises de cet univers."Il n’y a jamais de mauvais moment pour investir en biotechnologie dès lors que les valorisations sont basses», a estimé le 10 mai à l’occasion d’un point de presse Rudi Van den Eynde, responsable du pôle «Thematic Global Equities» chez Dexia Asset Management. C’est le cas actuellement. Les valorisations du secteur sont historiquement basses. Alors que la création de cashflow disponible est en croissance malgré la crise, elles se situent dans la lignée de celles du marché actions au sens large. «Il s’agit en outre d’une thématique faiblement corrélée aux tendances de marchés ou aux fluctuations de taux. La croissance dans les pays émergents et les opérations de fusions et acquisitions au sein du secteur vont soutenir la dynamique de marché», indique Rudi Van den Eynde. Le fonds Dexia Equities L Biotechnology, dont les encours s'élèvent à environ 150 millions de dollars, affiche ainsi un rendement annualisé de plus de 10% depuis son lancement en avril 2000. Les marchés émergents devraient contribuer à la croissance du secteur en raison de la progression soutenue dans ces régions de cas de maladies dites «de civilisation» comme le diabète. En outre, «notre fonds enregistre la sixième acquisition depuis le début de l’année avec l’offre d’achat d’AstraZeneca sur Ardea Biosciences fin avril», remarque Rudi Van den Eynde. Le spécialiste relève par ailleurs l’intérêt d’adjoindre le fonds à un portefeuille. Durant les trois dernières années, en ajoutant le Dexia L Biotech à un portefeuille d’actions internationales, il a été possible de réduire la volatilité, et ce jusqu'à une pondération de 35% du secteur de la biotechnologie, tout en améliorant considérablement les performances, de 190 points de base par ans pour une pondération du secteur biotechnologique de 10%.

Are corporate credit markets on the verge of an unprecedented disaster? Standard & Poor’s predicts that in the next four to five years, massive financing needs to restructure bank balance sheets and confront difficulties in the United States and the euro zone may represent an explosive cocktail. Refinancing needs related to bonds and securities issued before the crisis and now maturing are estimated by the agency at about EUR30trn, of which about 30% is for European businesses, Standard & Poor’s reports in a study published on 9 May. In addition, a further USD13trn to USD16trn would be needed to finance growth. Standard & Poor’s estimates that most businesses will manage to refinance via banks and capital markets. However, restricted credit may limit capacity to finance new growth. Confronted with the danger of more trouble on the debt markets, the manoeuvring room for governments; and central banks’ is now more restricted, the agency says, adding that even less risky borrowers may suffer as a result.

Barclays Switzerland has reported a net loss of CHF30.8m for 2011, compared with a net loss of CHF13.2m the previous year, according to reports from the news agency Bloomberg. This result is in line with the bank’s projections, as the development of wealth management requires high levels of investment, the firm says. Assets under management last year increased by 2% to a total of CHF10.4bn.

The Austrian-German asset management firm C-Quadrat Investment and its largest shareholder, the German AmpegaGerling Investment, on 10 May announced that on 1 June, they will initiate Ampega-C-Quadrat Fondsmarketing GmbH, a 50/50 joint venture which will focus on distribution of products from the two firms to institutional clients. The new joint venture will be headquartered in Frankfurt, and will be led by Winfried Stürzbecher and Jörg Bernd Hudemann, who are already the heads of institutional distribution at AmpegaGerling and C-Quadrat respectively.

In January-March 2012, the German financial services provider MLP has posted a net profit of EUR9.4m, compared with EUR4.7m for the corresponding period of 2011. Earnings before interest and taxes (EBIT) were up 44% to EUR12.4m, which the group attributes to the positive effects of its “efficiency programme,” which in first quarter of last year resulted in a one-time charge of EUR3.2m.As of the end of March, largely due to positive evolution of assets under management by its affiliate Feri, total AUM came to EUR20.5bn, compared with EUR20.2bn three months earlier.

As of 30 April, Franklin Templeton Investments has posted a slight increase in its assets under management, of the four major asset management firms regularly monitored by Newsmanagers: assets have increased to USD7267.4bn, from USD725.7bn as of the end of March, due to bonds (+USd3.7bn, to USD320.3bn) and money markets. Elsewhere, assets at Legg Mason have fallen slightly, by USD4bn in one month, to USD639.3bn, while Invesco has seen a decline of USD4.4bn to USD668.4bn. Lastly, assets under management at AllianceBernstein have fallen by USD1bn, to USD418bn.

The Austrian Philip Baar-Baarenfels has been appointed as director of the new representative office of Axa Investment Managers Germany in Vienna, from 7 May 2012. He had most recently been head of distribution at Henderson Global Investors (HGI) for Austria and the countries of central and eastern Europe, after serving as head of distribution for Baring Asset Management in Austria, Liechtenstein, the Czech Republic and Hungary.The new recruit will report to Uwe Diehl, head of distribution of Axa IM for Germany and Austria.

The US alternative management firm AlphaHedge Capital Partners has announced the launch of a managed accounts platform, which offers a range of long/short equity strategies to investment advisers, consultants, family offices, broker dealers and institutional investors. The initiative is a response to growing furstration on the part of investors after a decade of high volatility and low returns on equity markets. Long/short strategies may allow financial advisers to reduce the equity risk profiles of their clients without reducing their underlying allocations.

Since the beginning of the year, the Euronext IEIF REIT Europe index has gained 10.3%, after losses of 11% in 2011, while the Euronxt IEIF SIIC France index has gained 9.2%, following a decline of 12.2% in 2011. Real estate indices continue to outperform benchmarks. In the same period, the Dow Jones Stoxx 50 index has gained only 3.6%, while the CAC 40 index has gained 2.3%. The negative evolution of the European stock markets has been attenuated for European real estate indices. In the month of April, the Euronext IEIF REIT Europe index has lost more than 1%, while the Euronext IEIF SIIC France index has lost more than 3.5%. The Dow Jones Stoxx 50 has posted negative performance of 3.2% in the same period, while the CAC 40 index has lost more than 7.2%. “At a time when stock markets have been unsettled in April, publicly-traded real estate has once again proven its merits as a refuge asset in a context of increased volatility,” the real estate and property savings institute (IEIF) argues.

Bellecapital International, an affiliate of the Swiss Bellecapital group, has recruited Jochen Vogler. He joins the US team from Rothschild Bank in Zurich, where he had been co-director in charge of US clients of the bank, finews reports.

The Boston Company Asset Management, an asset management boutique affiliate of BNY Asset Management, has announced the appointment of Adam Joffe as head of alternative management. He will also serve as chief administration officer, a newly-created role at the business. Joffe had previously been chief financial officer at First Eagle Investment Management in New York.

The Financial Services Authority (FSA) has announced that it has sentenced Martin Currie Investment Management Limited and Martin Currie Inc (Martin Currie) to pay fines of GBP3.5m. The regulator accuses Martin Currie of failing to resolve a conflict of interest between two of its clients. Martin Currie advised one of its clients to invest in a fund from another client, which rescued this client from «serious liquidity concerns», a statement from the British regulator says.

Aviva Investors on May 10 announced the appointment of Paul Abberley as interim chief executive of Aviva Investors following the departure of Alain Dromer. Currently chief executive of Aviva Investors London and Global Investment Solutions, he will assume responsibility for the global business immediately and will join the Aviva group executive committee.Paul Abberley joined Aviva Investors on its launch in September 2008 as chief executive of Aviva Investors London (AIL). Patrick Regan chairman, Aviva Investors and chief financial officer, Aviva said: "(...) his interim appointment will facilitate a smooth transition following the departure of Alain Dromer»."Over the coming months we will be working through the process of recruiting a permanent CEO and will be considering both internal and external candidates for this role,» he added.

Roger Yates will step down as CEO of Pioneer Investments, the asset management unit of UniCredit, after two and half years. He will be replaced by Sandro Pierri, head of Western Europe & International, including Asia and Latin America, and CEO of Pioneer Investments, Italy."Roger Yates is going return home to London due to family commitments», according to a press release published by UniCredit on May 10. He will though remain on Pioneer Investments’ board as a non-executive director. This change will be effective July 24, 2012.At the same time, UniCredit announced the appointment of Sandro Pierri as the new head of Asset Management. A formal proposal of his appointment as CEO Pioneer Investments will be made to the Pioneer Investments’ board of directors in July. He will report directly to Federico Ghizzoni, CEO UniCredit.

M&G Investments has signed two distribution agreements for its funds in Italy, one with the wealth management division of Deutsche Bank, and one with Banca Sella, Bluerating reports. With these partnerships, M&G provides access to 27 funds registered in Italy for high net worth clients of the two banks. Among the products to be made available are M&G Optimal Income, M&G Global Macro Bond, M&G Dynamic Allocation, M&G Glboal Dividend and M&G Global Emerging Markets.

The ETF provider iShares has launched a series of funds offering exposure to bonds from several European countries. The funds replicate indices from Barclays which invest in physical securities, and which offer exposure to government bonds denominated in euros, with the same rating as their country of origin. List of funds offered iShares Barclays Austria treasury bond, iShares Barclays Belgium treasury bond, iShares Barclays Finland treasury bond,iShares Barclays France treasury bond, iShares Barclays Germany treasury bond, iShares Barclays Italy treasury bond,iShares Barclays Netherlands treasury bond,iShares Barclays Spain treasury bond. All of these products will be listed on the London Stock Exchange and will charge 0.2%.

Funds on sale in Sweden have recorded net inflows in April of SEK5.2bn (about EUR0.58bn), of which EUR5.1bn went to money market funds, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Bond funds have also posted inflows, totalling SEK2.6bn (EUR0.3bn). However, after three months of net subscriptions, equity funds had outflows of SEK3bn in April. The heaviest redemptions were to Swedish funds and funds investing in growth markets. Since the beginning of the year, equity funds have posted total inflows of SEK24.1bn (EUR2.7bn), half of which has gone to passive funds, while inflows to funds overall total SEK12bn (EUR1.3bn). Equity funds still account for the majority of investments from Swedish clients to funds, at SEK1.065trn or EUR119bn (54%), out of total assets of SEK1.957trn, or EUR219bn as of the end of April.

On 10 May, the SPDR Citi Asia Local Government Bond ETF (IE00B7GBL799) from State Street Global Advisors (SSgA) became the 970th ETF to be listed on the XTF segment of the Xetra electronic trading platform (Deutsche Börse). The bond fund, which replicates the Citi Asian Government Bond Investable Index, charges fees of 0.50%.

The Premiumsphere fund (A share class: FR0010509877) from Edmond de Rothschild Asset Management (EDRAM), managed by Adeline Salat-Baroux and Valérie Guelfi of the international equity team, has been issued a sales license for Germany by BaFin. The fund, which focuses on major global premium brands, posted outperformance as of 29 February 2012 of 113% compared with the MSCI AC World index, EDRAM reports.

Le fonds de pension de Total en Belgique a retenu Union Bancaire Privée (UBP) pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’est appuyé sur le consultant bfinance. A terme, le mandat pourrait compter jusqu'à 30 millions d’euros, en arbitrant au détriment des actions et certains segments obligataires. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.

Parmi les actifs alternatifs, les Cats Bonds, nous intéressent beaucoup, ils pourraient être une voie de diversification, ils seraient logés dans la poche de performance. Il n’est pas exclu que nous en fassions dans le futur, selon l’analyse de Philippe Aurain, à Next Finance, peu de temps avant son départ. Nous voulons comprendre ce que nous achetons. Nous souhaitons augmenter lentement notre périmètre d’investissement, mais surtout, nous voulons à chaque fois bien maîtriser ce que nous prenons en portefeuille, avoir les inventaires, regarder ligne par ligne. Nous voulons bien prendre des risques, mais nous souhaitons avant tout comprendre les risques que nous prenons. Si nous investissons un jour dans des Cats Bonds, nous aurons besoin d’une totale transparence.

Le déficit commercial des Etats-Unis s’est creusé plus que prévu en mars avec des importations qui ont atteint un niveau record, un autre signe laissant supposer que le gouvernement risque de devoir réviser en baisse sa prévision de croissance du premier trimestre. Le déficit a augmenté de 14,1% à 51,8 milliards de dollars. Les importations ont augmenté de 5,2% et les exportations de 2,9%.

Les taux directeurs sont restés inchangés hier à 1,5% en Norvège, au vu des troubles de la zone euro, mais la banque centrale a indiqué qu’elle pourrait les relever au printemps 2013 afin d'éviter que les entreprises et les ménages ne s’endettent trop. La Norges Bank anticipe un taux de croissance de 3,25% cette année, hors secteur pétrolier.

Pour la première fois la banque centrale allemande assouplit sa position en acceptant de tolérer une hausse des prix supérieure à l'objectif de 2%

L'effet de levier du Frob peut passer de trois à six sur décision du ministère des Finances. Sa capacité monterait alors à 90 milliards d'euros

Grâce au programme d'échange de dette de mars, elles ne sont plus guère exposées directement au pays, contrairement au secteur public

Le quotidien assure que le patron de Terra Firma a versé quelque 20 millions de livres,un cinquième de sa fortune personnelle, à sa sociétéde private equity. Cela afin de garantir le versement de bonus confortables à certains salariés dont le dirigeant ne souhaite nullement se séparer. Les équipes d’investissement ont été réduites de 70% au cours des dernières années.

Qatar Holdings, bras armé de Qatar Investment Authority, souhaite selon le quotidien s’emparer d’une participation de plus de 10% au capital du groupe minier. Le fonds visait précédemment une participation au sein de Glencore. De quoi selon le quotidien apporter un «soutien crucial» au projet de fusion des deux groupes.