Selon la chaîne financière CNBC, face à la prudence des investisseurs, à la veille de sa cotation au Nasdaq, la firme de capital-ivnestissement Carlyle s’apprête à fixer un prix d’introduction de 22 à 23 dollars par action, contre une fourchette initiale de 23 à 25 dollars, rapporte Les Echos. L’opération la valorise entre 6,7 et 7,5 milliards de dollars, contre un objectif initial de 8 milliards. La prudence des dirigeants s’explique notamment par les déconvenues de son concurrent californien Oaktree Capital, entré en Bourse début avril sans réussir à placer l’intégralité des titres proposés à la vente.

Schroders vient de recruter quatre personnes dans son équipe obligataire afin de développer son savoir faire dans la dette émergente «relative return». Ainsi, James Barrineau a rejoint le bureau de New York de la société de gestion cette semaine en tant que responsable de l’obligataire en Amérique latine et co-responsable de l’EMD (emerging market debt) Relative – aux côtés de Rajeev de Mello, responsable de l’obligataire asiatique. Le nouveau venu travaillera sous la direction de Karl Dasher, responsable mondial de l’obligataire.Fernando Grisales est par ailleurs arrivé dans l’entreprise en tant que gérant senior et Alec Moseley en tant que gérant senior et analyste recherche souveraine. Ils seront placés sous la direction de James Barrineau. Ces trois professionnels viennent d’Ice Canyon, une société de gestion californienne spécialisée dans les marchés émergents et les stratégies global crédit. Avant, ils travaillaient ensemble chez Alliance Bernstein.En plus de ces trois personnes, Chris Tackney rejoindra Schroders le mois prochain en tant que gérant senior, obligations d’entreprises marchés émergents, sous la direction de Wes Sparks, responsable obligataire US. Il vient de Credit Suisse où il était trader crédit Asie.

Comme il l’avait annoncé, le gestionnaire américain Pimco (groupe Allianz) a créé le 30 avril le Pimco Global Advantage Inflation-Linked Bond Strategy Fund, son second ETF à gestion active après la version ETF du Total Return Fund (lire Newsmanagers du 27 avril).Le nouveau produit, dont l’acronyme boursier est ILB, affiche un Total Frais sur Encours (TFE) plafonné à 0,60 %. Le gérant de ce fonds d’obligations indexées sur l’inflation est Mihir P. Worah.Le portefeuille comporte actuellement 38 lignes avec une échéance effective moyenne de 11,18 années et une duration effective de 7,01 années.

TCW, la société de gestion américaine du groupe Société Générale, a enregistré au premier trimestre 2012 des souscriptions nettes de 1,7 milliard d’euros, selon le communiqué financier de la banque publié ce jeudi. Après prise en compte d’un effet « marché » de +4,5 milliards d’euros, d’un effet « change » de -2,8 milliards d’euros et d’un effet périmètre de +1,4 milliard d’euros, les actifs sous gestion s’établissent fin mars à 95,9 milliards d’euros (contre 91 milliards d’euros fin décembre 2011). A 85 millions d’euros, les revenus sont en retrait de -7,6% (-4,5% en données courantes) par rapport au T1-11, en liaison avec une baisse des commissions de performance. Le résultat brut d’exploitation ressort à 1 million d’euros au T1-12 contre 11 millions d’euros au T1-11. Après prise en compte de la contribution d’Amundi (37 millions d’euros), la contribution de la ligne- métier gestion d’actifs au résultat net part du Groupe s’établit à 37 millions d’euros contre 40 millions d’euros au T1-11.

L’Assemblée Générale de Gruppo Banca Leonardo a nommé en tant qu’administrateurs de Gruppo Banca Leonardo Gian Giacomo Attolico Trivulzio et Paolo Langé - directeur de la gestion de patrimoine pour Banca Leonardo - en remplacement de Giuseppe Vita et Cesare Castelbarco Albani.Pour les commissaires aux comptes, Emanuele Rimini, président, et Salvatore Spiniello, commissaire aux comptes titulaire, ont été nommés en remplacement de Pietro Manzonetto et Pietro Mazzola. Par ailleurs, le conseil d’administration, qui a suivi l’assemblée générale qui s’est tenue hier, a approuvé la nomination de Gerardo Braggiotti en tant que président du conseil d’administration - en remplacement de Giuseppe Vita - et celle de Claudio Moro en tant que directeur général. Franco Cesa Bianchi a été nommé, ce jour, Président de G.B.L Fiduciaria S.p.A.. D’autre part, un communiqué de la banque a également annoncé l’ouverture d’un nouveau bureau “Investment Banking” à Stockholm prévue pour juillet 2012. Ce nouveau bureau, qui couvrira les marchés scandinaves, proposera des services de conseil en fusions-acquisitions, en dette et en capital. Il sera initialement composé de 10 banquiers et viendra s’ajouter à ceux d’Amsterdam, Bruxelles, Francfort, Madrid, Milan, Paris, Rome et Zurich. Enfin, Banca Leonardo a signé un accord pour acquérir COFIB - Compagnia Fiduciaria di Beni S.p.A., une société indépendante basée à Rome. Son dirigeant, Alessandro Maria Rinaldi, siègera au Comité de Gestion de patrimoine de la banque et ce afin de renforcer la structure « Private Banking » du Groupe. L’accord reste soumis à l’approbation de la Banque d’Italie.

Créé début 2012 avec le soutien de sept grands investisseurs institutionnels et géré par NewAlpha Asset Management, le compartiment Performance Absolue de la SICAV Emergence annonce la signature de son premier partenariat d’incubation avec la société Eiffel Investment Group. A l’issue d’un processus rigoureux de sélection associant étroitement les investisseurs, Emergence investira 30 millions d’euros dans le fonds d’Eiffel Investment Group spécialisé sur le crédit européen, portant ses actifs à près de 70 millions d’euros, et lui permettant d’atteindre plus rapidement la taille critique pour se développer en France et à l’international. Lancé fin 2011, ce fonds investit dans les instruments de dette d’entreprises et d'établissements financiers européens et vise à dégager une performance absolue, peu corrélée à l'évolution des marchés financiers. La stratégie mise en oeuvre par ce fonds s’inscrit pleinement dans un contexte de désintermédiation du marché du crédit, de bouleversement de la hiérarchie habituelle des emprunteurs et d'évolutions réglementaires affectant les prêteurs traditionnels. Le renforcement des règles prudentielles applicables aux banques, principales sources de financement des entreprises, crée notamment un besoin urgent d’autres formes de financement des entreprises. En mobilisant davantage l'épargne privée et institutionnelle, le secteur de la gestion d’actifs assure ainsi un lien prépondérant entre les entreprises et les investisseurs. L'équipe de gestion du fonds est dirigée par Emmanuel Weyd, en charge des stratégies de crédit chez Eiffel Investment Group depuis 2009. Emmanuel Weyd a 20 ans d’expérience sur les marchés de crédit européens, notamment acquis chez J.P. Morgan en tant que co-responsable de la recherche crédit pour l’Europe, puis responsable des marchés de dette pour la France, le Benelux et la Suisse et enfin en tant que managing director dans l'équipe d’investissement sur fonds propres. Auparavant, il avait passé 4 ans chez Standard & Poor’s en analyse crédit. Agréée par l’AMF en 2010 et basée à Paris, Eiffel Investment Group est une société de gestion et d’investissement issue d’un spin-off du Groupe Louis Dreyfus. Détenue majoritairement par Jacques Veyrat, l’ancien Président Directeur Général du Groupe Louis Dreyfus, elle est dirigée par Fabrice Dumonteil, qui était auparavant directeur financier de Neuf Cegetel. Eiffel Investment Group a l’ambition de devenir un acteur important de la gestion à performance absolue en France et en Europe. Les actionnaires initiaux du fonds de place Emergence comptent parmi les principaux investisseurs institutionnels français et totalisent plus de 1.200 milliards d’euros de réserves financières En lançant Emergence début 2012, l’industrie de la gestion française, leader en Europe par le montant des capitaux gérés (2.700 milliards d’euros fin 2011), et reconnue pour son expertise, sa capacité d’innovation, et son dynamisme entrepreneurial, s’est dotée d’un fonds, destiné à faciliter la création et le développement en France des meilleurs talents de la gestion d’actifs. Le projet Emergence s’inscrit dans un contexte d’accélération de la compétition européenne et mondiale où l’incubation des gérants les plus talentueux devient un enjeu capital pour les investisseurs institutionnels en quête de performance et de transparence. Emergence contribue aussi à renforcer le métier de la gestion d’actifs en France (plus de 80 000 emplois aujourd’hui) dans une optique de long terme. Le fonds Emergence Performance Absolue est géré par NewAlpha Asset Management, un des leaders européens de l’incubation, récompensé à plusieurs reprises pour sa capacité à détecter et accompagner les gérants les plus talentueux au niveau international.

Pour rappel, le Ravgdt (régime d’allocations viagères des gérants de débits de tabac) a lancé un appel d’offres public européen de l’ordre de 350 millions d’euros, sur 2 FCP dédiés, de droit français de gestion diversifiée. Pour retrouver dans le détail la brève publiée le 6 février: cliquez ici Contactée par Instit Invest, le Ravgdt a reconnu avoir reçu 24 plis à ce jour. Seuls 9 participants maximum (5 au minimum) seront invités à répondre au questionnaire qui sera envoyé une fois que le service juridique de la CDC aura établi la conformité de chaque dossier de candidature. Une responsable estime que le nombre de candidatures est important, par rapport à la taille des fonds en jeu, et en comparaison avec l’appel d’offres de l’Ircantec, où 33 dossiers de candidature avaient été réceptionnés, pour un encours de 6 milliards d’euros au total. Outre le nombre plus faible de candidatures groupées, la responsable note un retard chez les acteurs étrangers dans la création de fonds avec le passeport européen, en dépit de la directive UCITS IV. Certaines sociétés de gestion de renom en Europe ont préféré ne pas répondre en raison de leur état d’impréparation en la matière.

As of 31 March 2012, overall net assets in collective investment organisms and specialised investment funds registered in Luxembourg totalled EUR2.217206trn, compared with EUR2.203159trn as of 29 February 2012, an increase of 0.64% month on month, according to statistics from the financial sector surveillance commission (CSSF). Over the past twelve months, net asset volumes have increased 1.20%. An increase of EUR14.04bn observed last month represents the remainder of positive net issues for EUR18.102bn (+0.82%), and unfavourable evolution of financial markets, for -EUR4.055bn (-0.18%).

State Street Corporation has created a protocol to standardise collection and transfer of risk information concerning hedge funds, entitled Open Protocol Enabling Risk Aggregation (OPERA). In combinatino with the TruView risk management platform, OPERA allows institutional investors to analyse their risks more exhaustively and to have a stable reporting framework for each of their hedge fund investments. The new protocol was developed in concert with a working group in which major hedge fund managers and institutional investors were represented. State Street states that as of 31 March, it had about USD895bn in alternative assets under management.

TCW, the US asset management company partly owned by Société Générale, enjoyed an inflow of EUR 1.7 billion in Q1. After taking into account a “market” effect of EUR +4.5 billion, a “currency” impact of EUR -2.8 billion and a “structure” effect of EUR +1.4 billion, assets under management totalled EUR 95.9 billion at end-March (vs. EUR 91 billion at end-December 2011). At EUR 85 million, revenues were down -7.6% (-4.5% in absolute terms) vs. Q1 11, due to a decline in performance commissions. Gross operating income came to EUR 1 million in Q1 12 vs. EUR 11 million in Q1 11. The asset management business line’s contribution to Société Générale Group net income was EUR 37 million (vs. EUR 40 million in Q1 11), including a EUR 37 million contribution from Amundi.

Schroders is expanding its fixed income team by appointing four senior professionals to develop its capabilities in the emerging market debt (EMD) relative return sector. James Barrineau has joined the New York office this week as head of Latin American fixed income and co-head of EMD relative (with Rajeev de Mello, head of Asian fixed income), Fernando Grisales as a senior portfolio manager and Alec Moseley as a senior portfolio manager and sovereign research analyst. James Barrineau will report to Karl Dasher, global head of fixed income and Fernando Grisales and Alec Moseley will report to James. These new appointments join from Ice Canyon, a California-based global investment management firm specialising in emerging markets and global credit investment strategies. Previously, they worked together at Alliance Bernstein where they shared responsibility for managing more than USD15 Billion in EMD relative return strategies. In addition, Chris Tackney will join next month as senior portfolio manager, emerging market corporate bond, reporting to Wes Sparks, head of US fixed income. Prior to joining Schroders he was an Asia credit trader at Credit Suisse, portfolio manager in the emerging market credit fund at Black River Asset Management and emerging markets portfolio manager at BlackRock Advisors.

According to the financial TV network CNBC, due to a cautious attitude on the part of investors ahead of an IPO for the private equity firm Carlyle on the Nasdaq stock exchange, the firm is preparing to set a price range for its IPO of USD22 to USD23 per share, down from an initially planned price range of USD23 to UDS25, Les Echos reports. The operation values the firm at USD6.7bn to USD7.5bn, down from an initial objective of USD8bn. The caution of directors is largely due to the poor outcome for its California-based rival Oaktree Capital, which held its IPO in early April and was not able to sell all the shares on offer.

As of the end of March, total assets in the Franklin Resources group (Franklin Templeton Investments) totalled USd725.7bn, compared with USD670.3bn as of the end of 2011, and USD703.5bn one year previously. In the first three months of this year, assets under management increased 8%, or USD55.4bn, of which USD5.6bn was due to net subscriptions, following USD15.6bn of net outflows in October-December and USD8.4bn in net inflows in January-March 2011.As of 31 March, assets were distributed with USD299.9bn in equity products, USD103.5bn in hybrid products, USD316.6bn in bond products and USD5.7bn in money market products.In January-March 2012, Franklin Templeton earned net profits of USD503.2m, compared with USD480.8m in October-December and USD503.1m in the corresponding period of last year, putting net profits for the first six months of the fiscal year ending on 30 September at USD981.5m, compared with USD985.68m.

In first quarter 2012, T. Rowe Price has announced net profits of USD197.5m, compared with USD191.6m in October-December, and USD194.6m in the corresponding period of last year.Assets as of 31 March set an all-time record at USD554.8bn, USD65.3bn more than the USD489.5bn recorded at the end of December. USD12.4bn of this increase is due to net subscriptions, of which USD4.2bn are for target-date funds, and USd52.9bn are due to positive market effects.As of the end of March, assets under management included USD325.4bn for mutual funds on sale in the United States, and USD229.4bn for “other managed investment portfolios.” Target-date funds had assets of USD78.8bn.

In the half ending on 31 March, Raymond James Financial has posted net profits of USD136.2m, down 16% compared with USD162.6m in October 2010-March 2011.Net profits in the asset management unit have nonetheless increased to USD32.4m, compared with USD30.8m (+5%).

State Street Corporation has created a protocol to standardise collection and transfer of risk information concerning hedge funds, entitled Open Protocol Enabling Risk Aggregation (OPERA). In combination with the TruView risk management platform, OPERA allows institutional investors to analyse their risks more exhaustively and to have a stable reporting framework for each of their hedge fund investments.The new protocol was developed in cooperation with a working group in which major hedge fund managers and institutional investors were represented.State Street states that as of 31 March, it had about USD895bn in alternative assets under administration.

Assets under management at AllianceBernstein (Axa group) as of 31 March 2012 totalled USD419bn, up 3.2% compared with 31 December 2012, the firm announced in a statement on 2 May. Compared with 31 March 2011, assets under management were down 12.2%, or USd58.2bn. In first quarter 2012, the sale of Canadian and Australian activities at Axa resulted in outflows of USD5.8bn, following outflows of USD3.7bn in fourth quarter 2011. Total outflows in the quarter totalled USD12.1bn. However, positive market effects more than offset this development. The institutional unit (USD222.43bn in assets) finished the quarter with net outflows of USD12.9bn, but the retail unit (USD124.2bn in assets under management) posted net inflows of USD2.3bn.

Skandia Investment Group has closed its Paris office, according to information received by Newsmanagers. The British asset management firm has also dismissed Bogdan Popescu, who had been head of the office since its opening in May 2008. Popescu has not been a member of staff at Skandia for a month, and the communications firm which had worked with the firm in France has also not been working with the firm for a month. The closure may be related to a reorganization at Skandia Investment Group, as France no longer represents a core target market, although inflows in 2011 were good. French clients are reportedly now being redirected to Spain. The move comes at a time when the Skandia group has announced a merger betweem Skandia Investment Group and Old Mutual Asset Managers UK. Skandia Investment Group (which was then known as Skandia Global Funds) opened an office in Paris, France in 2008, with the intention of releasing its Best Ideas fund to institutional investors. The fund invests in the best investment ideas of several managers, and funds whose management had been outsourced to other asset management firms.

Fédéris Gestion d’Actifs, an asset management firm of the Malakoff Médéric Group, has appointed Philppe Aurain as CEO and head of management. Aurain had previously been CFO of the French national pension fund, the Fonds de Réserve pour les Retraites (FRR), after serving as chief investment officer, assistant head of delegated management and assistant CFO. Fédéris Gestion d’Actifs has assets under management of EUR25.2bn. Its securities management activities are undertaken as part of general mutual fund management mandates, and employee savings funds, a statement says.

According to Le Temps, the Swiss affiliate of Barclays has announced that it is planning to open a wealth management office in Zurich. The emphasis will be placed on high net worth private clients from Russia and former CIS countries, and other international markets, as well as Switzerland. Barclays Bank (Switzerland) is planning to recruit 20 to 30 people in the next 12 months.

The Swiss investment firm Partners Group on 2 May announced the acquisition of the Asian firm Trimco International Holdings, specialised in labels for clothing. The Trimco company, based in Hong Kong, has activities in China, India, Thailand and Singapore. Just before completing the acquisition, Trimco completed the acqusition of a provider of labels in the United Kingdom.

The French asset management firm Lyxor Asset Management (Société Générale group) has listed nine new French-registered ETFs replicating sectoral indicces of the S&P 500 on the XTF segment of the Xetra electronic trading platform (Deutsche Börse), bringing the total number of ETFs listed in Frankfurt to 965.All of these products charge 0.20%.A list of these funds is available as an attachment.

The Frankfurt-based independent asset management firm Lupus alpha, continuing the development of its absolute return activities, has appointed Alexander Raviol, the head of its 9-member absolute return team, and Stephen Steiger, to manage the new Luxembourg-registered fund Lupus alpha Volatility Opportunities, a second volatility product, which was launched on 29 February. Lupus alpha already manages over EUR1bn in funds of this type.The Volatility Opportunities fund aims to generate returns on the long term 450 basis points higher than the Eonia, using several strategies such as long/short vega (mean reversion), implied-realized spread, and relative value. The new fund will aim to offer institutional investors a product which provides stable revenues, even in difficult market periods.Ralph Lochmuller, managing partner and CEO, says that a third volatility strategy will be launched by the end of the year.CharacteristicsName: Lupus alpha Volatility OpportunitiesISIN code: LU0670235364Front-end fee: maximum 5%Management commission: 1%Performance commission: 20% of performance exceeding the Eonia hurdle rate + 350 basis points, with high watermarkMinimal subscription: EUR7,500

Sparinvest has announced the launch of two funds specialised in emerging markets. The two sub-funds of the Luxembourg Sicav, Sparinvest Emerging Markets Value and Sparinvest Ethical Emerging Markets Value, are co-managed by Kasper Billy Jacobsen and David Orr. The ethical fund Sparinvest Ethical Emerging Markets Value allows investors to exclude firms which violate United Nations standards in areas such as human rights, the environment, labour conditions, corruption, ro controversial sectors such as alcohol, gaming, tobacco, pornography, and weapons, Sparinvest states. Characteristics Sparinvest Emerging Markets Value ISIN code: R share class: LU0760140946 I share class: LU0760183672 Management fees: R share class (private clients): 1.75% I share class (institutional clients): 0.925% Front-end fee: Maximum 3% (for the institutional share class: 0%) Withdrawal penalty: 0% Sparinvest Ethical Emerging Markets Value ISIN code: R share class: LU0760183912 I share class: LU0760184134 Management fee: R share class (private clients): 1.75% I share class (institutional clients): 0.925% Front-end fee: Maximum 3% (for the institutional share class: 0%) Withdrawal penalty: 0%

Since 1 July, asset management companies are required to publish a synthetic risk and reward indicator (SRRI) in the key investor information document (KIID) for funds, which ranges from 1 for the lowest risk funds, and 7, for the most volatile ones. Lipper has calculated the figure, based on a volatility calculation, for over 21,400 funds or share classes in Europe, over a five-year period to the end of 2012. The finding is that in Europe, most funds, in the equity and bond categories, come out with one of only two SRRI levels. 94.5% of equity funds have an indicator of 6 or 7 (58.5% and 35.7% respectively). For bond funds, 74.4% measure a 3 or 4. Within the realm of equity funds, there is a distinct contrast between UK equities (93.1% in band 6) and Emerging Market or Asia Pacific equities (73.2% and 66.5% respectively in band 7). The SRRI is intended to allow investors to compare funds in a similar risk scale.

Stolen banking information from the bank HSBC were handled by the French police before being returned to Switzerland. Modifications were introduced when the files were obtained by France, and subsequently returned to the Swiss authorities, the Nouvel Observateur reports. “An analysis of the files by the Swiss federal judiciary police found that the data had been modified, as there were differences between the contents of various files transmitted by the French authorities, though they were similar in all respects,” the Swiss Confederation public minister (MPC) states, confirming the reports in the Nouvel Observateur. The MPC had demanded a complete “forensic” copy of the information seized in France. Contrary to standard practice in IT, the authorities received a simple copy of the hard disks seized, without a serial number which would attest to the integrity of the data, an MPC spokesperson states. The list was leaked in 2007 by Hervé Falciani, who was then employed in IT at HSBC Private Bank in Geneva. He submitted the files to the French tax authorities, and to the public prosecutor in Nice, Eric de Montgolfier. The French courts seized the data in January 2009, but the scandal did not break until December 2009, when it provoked a crisis in relations between Switzerland and France. The French government ultimately agreed to return the documents.

The US Financial Industry Regulatory Authority (FINRA) on Wednesday announced that it has sanctioned Citigroup Global Markets, Morgan Stanley, UBS Financial Services, and Wells Fargo Advisors a total of more than USD9.1 million for selling leveraged and inverse exchange-traded funds (ETFs) «without reasonable supervision and for not having a reasonable basis for recommending the securities», according to a statement. The firms were fined more than USD7.3 million and are required to pay a total of USD1.8 million in restitution to certain customers who made unsuitable leveraged and inverse ETF purchases.FINRA found that from January 2008 through June 2009, the firms «did not have adequate supervisory systems in place to monitor the sale of leveraged and inverse ETFs, and failed to conduct adequate due diligence regarding the risks and features of the ETFs. As a result, the firms did not have a reasonable basis to recommend the ETFs to their retail customers. The firms’ registered representatives also made unsuitable recommendations of leveraged and inverse ETFs to some customers with conservative investment objectives and/or risk profiles. Each of the four firms sold billions of dollars of these ETFs to customers, some of whom held them for extended periods when the markets were volatile».FINRA sanctioned the following firms: Wells Fargo – USD2.1 million fine and USD641,489 in restitutionCitigroup – USD2 million fine and USD146,431 in restitutionMorgan Stanley – USD1.75 million fine and USD604,584 in restitutionUBS – USD1.5 million fine and USD431,488 in restitution

As announced, the US-based asset management firm Pimco (Allianz group) on 30 April created the Pimco Global Advantage Inflation-Linked Bond Strategy Fund, its second actively-managed ETF, following the ETF version of its Total Return Fund (see Newsmanagers of 27 April).The new product, whose stock market acronym is ILB, has a TER capped to 0.60%. The manager of the inflation-linked bond fund is Mihir P. Worah.The portfolio currently includes 38 holdings with an average effective maturity of 11.18 years, and an effective duration of 7.01 years.

China Investment Corporation (CIC), the federal participation and investment firm (SFPI/FPIM) and A CAPITAL, the largest fund manager for investments between China and Europe, on 2 May announced the creation of a fund which will invest in European groups which are leaders in their markets, with a view to accelerating growth in China. A CAPITAL is based in China and Euorpe, and is the General Partner of the A CAPITAL China Outbound Fund. CIC and SFPI will be the Limited Partners of the Fund, via a dedicated structure entitled China Belgium Mirror Fund. Koen Van Loo, CEO of SFPI, says: “We are very happt to participate in the creation of the Fund, and are convinced by its highly distinctive investment strategy. With the help pf CIC and A CAPITAL, we will allow Belgian and European firms to accelerate their growth in China. The creation of this fund confirms the close ties between Belgium and China, our ability to attract Chinese investors to the heart of Europe, and market a very important step for our economy.” A CAPITAL invests in European companies whose earnings are over EUR100m, which are leaders in their markets, and which have strong potential for growth in China. The preferred sectors are companies with highly technological activities, brands, distribution networks, and the environment. The particularity of A CAPITAL is that it co-invests with Chinese public or private investors in order to jointly ensure and accelerate potential growth. The objective is to create genuine strategic partnerships, to contribute to the solidity and the performance of European companies invested in, and to create value for all parties.

Since 2 May, Sean Chang has become head of Asian debt at Baring Asset Management in Hong Kong. He reports to Alain Wilde, head of fixed income and currency, and Wilfred Sit, CIO for Asia. Pending permission from the regulator, Chang will become manager of the Baring Asian Debt fund, and several Asian debt portfolios.Since 2007, Chang had been investment director at HSBC Global Asset Management, where he was responsible for Asian debt portfolios for retail and institutional investor clients. In his 16-year career in the area of fixed income in Asia, he has also worked at Mirae Global Investment Management, Hang Seng Investment Management and Invesco Asia.