Emergence, le véhicule de place pour l’amorçage des fonds d’investissement vient de sélectionner le fonds Eiffel Investment Group (Eiffel IG) pour réaliser son premier investissement, rapporte L’Agefi. La sicav contractuelle investit via son compartiment «performance absolue» une enveloppe de 30 millions d’euros qui permettra au fonds crédit d’Eiffel de porter ses actifs à près de 70 millions d’euros. Eiffel IG vise des investissements à la fois sur le marché primaire et sur le marché secondaire de la dette obligataire corporate.

Pour janvier-mars 2012, le bénéfice net des activités conservées d’Ameriprise Financial, maison-mère des sociétés de gestion Columbia et de Threadneedle, est ressorti à 245 millions de dollars contre 312 millions pour la période correspondante de l’année dernière, le bénéfice d’exploitation se situant à 335 millions de dollars contre 344 millions.Le bénéfice avant impôt du pôle gestion d’actifs s’est situé à 108 millions de dollars contre 107 millions pour les premier et dernier trimestres de 2011.Au 31 mars, l’encours du pôle gestion d’actifs se situait à 463 milliards de dollars contre 465 milliards un an plus tôt, dont 344 milliards contre 363 milliards pour Columbia Management et 123 milliards contre 107 milliards pour Threadneedle.Threadneedle a enregistré des souscriptions nettes de 260 millions de dollars au premier trimestre contre des sorties nettes de 2,97 milliards pour la période correspondante de 2011 alors que Columbia subissait des sorties nettes de 5,12 milliards de dollars contre 2,3 milliards.

The German asset management firm Deka Immobilien, which had already recently acquired a London property for EUR285m (see Newsmanagers of 20 April), has announced that it has invested EUR133m in the office and retail property One Southampton Row (11,500 square metres) in London. The property, built in 2009, is mostly leased to the French firm Sodexo; it was sold by the developer, Grandsoft, and will now be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa.With this deal, the proportion of UK assets in the portfolio of the fund rises to 12.2%, from 11.1% previously.

Investec Asset Management will be closing three of its Africa funds due to a lack of demand from clients for these strategies, Investment Week reports. The Luxembourg-registered funds GSF Africa & Middle East and Middle East & North Africa will be merged into the Investec Africa Opportunities. The offshore fund Africa & Middle East will be closed.

Kurt Feuerman, who left Caxton Associates to join AllianceBernstein in June 2011, is managing the new Luxembourg-registered fund AB Select Absolute Alpha Portfolio (LU0736558973), whose portfolio is composed of 60 to 120 positions, with the help of five analysts.The product is an absolute return fund with no benchmark, which invests in US equities.

In the past month, Spanish security funds have seen continuing net redemptions totalling EUR673m, compared with EUR427m in March, EUR4m in February and EUR401m in January. This is, therefore, according to statistics from the Inverco association of asset management firms, the 13th consecutive month of net redemptions.Total assets have declined by EUR2.343bn in one month, to a total fo EUR127.221bn as of the end of the month. In the first four months of the year, assets have declined by EUR510m, or 0.4%. Market effects are to blame for 79% of the decline in assets under management in April, compared with 21% due to net redemptions.Of the 14 largest asset management firms by asset volumes, only three show net subscriptions: Popular Gestión, which attracted EUR70.8m, Bankinter Gestión de Activos (with EUR60.95m), and Bestinver (EUR0.36m).On the opposite side, Santander Asset Management ande BBVA Asset Management have seen net redemptions of EUR135.9m and EUR175.5m, respectively. But the largest net outflow was from Invercaixa Gestión, with EUR218.6m.

Assets under management at Man group as of 31 March totalled USD59bn, compared with USD58.4bn as of the end of December 2011, according to statistics released by the British group.First quarter ended with outflows of USD1bn, as subscriptions of USD3.1bn were not enough to compensate for redemptions totalling USD4.1bn. Market effects totalled USD2bn, with gains of 5% or more for many strategies. There was also a negative currency effect of USD400m.

15% of shareholders in Man Group rejected the firm’s 2011 annual report on remuneration at a general shareholders’ meeting on Tuesday, the Financial Times reports. The firm has missed its objectives on six key performance indicators set by the board of directors last year. Despite that, Peter Clark, CEO, was proposed a USD7m pay. The hedge fund firm, listed in London, nonetheless managed to see off a larger rebellion by promising to improve in the coming months, the FT adds.

Aberdeen has posted a 14% increase in its underlying pre-tax profits for the first half of its fiscal year (ending on 31 March 2012) compared with March 2011, at GBP162.2m. Its earnings totalled GBP413.1m, up 7%. The Scottish asset management firm has posted assets under management as of the end of March of GBP184.7bn, up from GBP181.2bn at the end of March 2011. Compared with GBP169.9bn at the end of September 2011, Aberdeen has also seen an increase in its assets, largely due to positive market and interest rate effects. The firm has seen net redemptions, however, of EUR0.4bn in first half, despite net subscriptions of GBP4.9bn to equities.

Schroders announced on Friday that its wholly owned subsidiary, Schroder Singapore Holdings Private Limited, has reached agreement to acquire 25 % of the share capital of Axis Asset Management Company, the Indian asset management business of Axis Bank Limited.Longer term, in addition to distributing Axis AMC’s funds internationally, there will be an opportunity to distribute Schroders funds in India through Axis’ distribution network, according to a press release.Axis AMC was founded in 2009 and has assets under management of circa USD2.3 billion.The transaction is subject to regulatory approval and is expected to complete during 2012.

Alliance Trust Investments has recruited the bond manager Juan Valenzuela from SWIP, to manage a new bond fund, Investment Week reports. He will join the firm in May.

Jean-Pierre Mottura, directeur général de la Capssa dans un entretien accordé à Newsmanagers: Au 30 mars, notre portefeuille était composé de 79,18 % de monétaire, dont 4,83 % en certificats de dépôt d’une grande banque avec un rendement de 2,11 % sur neuf mois. Nous avions aussi 0,5 % de trésorerie dynamique (monétaire plus actions), 7,4 % en obligataire, dont 5% en duration courte de 3 ans avec des notations comprises entre A- et BBB+. Notre portefeuille affichait aussi environ 2 % de produits de gestion alternative court terme (arbitrage de risques, VaR2 etc.) et 0,8 % en hedge funds multi gérés sans délais de préavis trop longs. Il y avait par ailleurs 6,1 % en actions, dont 35 % en marchés émergents, 1,4 % en immobilier pierre, 2,2 % en private equity et 0,4 % dans un OPCI institutionnel. Notre allocation est du type 80 % monétaire, 10 % actions et 10 % obligataire. Nous souhaiterions à terme une répartition du type 60/20/20. Et nous avons en principe une visibilité à 10 ans... J’ai pensé qu’il nous fallait augmenter notre allocation aux actions pour améliorer notre rendement. Nous ne sommes certes toujours pas aux 25-30 % que j’avais théoriquement en tête, mais nous conservons le cap avec une approche coeur/satellite, le coeur étant monétaire et le reste étant dédié à la performance pour la performance. Nous ne nous sommes pas soumis au dogme de la gestion sous contrainte de passif (asset-liability management ou ALM) toujours en vogue actuellement, ni à l’allocation-type 60/40 obligations/actions. Nous recherchons davantage la performance que la sensibilité sur notre poche risquée (10%) et notre portefeuille, s’il a un horizon moyen de 8,5 ans (contre 9 ans et 6 mois lorsque je suis arrivé en avril 1999) n’est pas construit dans une approche de long terme. Cela nous a permis de passer finalement sans encombre les années 2008 et 2011.

La Caisse de pensions de la République et Canton du Jura (CPJU) (950 millions de Francs Suisse) a sélectionné un nouveau gérant, Mirabaud & Cie, à qui a été confié un mandat de gestion semi passive sur les actions Suisses. La Caisse a suivi les conseils du cabinet PPCmetrics à Zurich. Le régime a aussi approuvé une nouvelle stratégie d’allocation d’actifs proposée par PPCmetrics mais doit attendre des décisions politiques à propos du Fonds avant de l’exécuter. Concernant ses investissements core, la Caisse a délégué un mandat de gestion passive d’actions internationales à Pictet Asset Management, un mandat d’obligations en devises étrangères à Valiant Privatbank et le mandat à Mirabaud cité ci dessus. L’actuelle stratégie d’investissement est la suivante : 11% en obligataire en Francs Suisses, 14% en obligataires non Suisses, 15% en actions locales, 18% en actions internationales, 4% en actions pays émergents, 22% en immobilier Suisse, 3%en immobilier international, 6% en Hedge Funds, 7% en matières premières gérées passivement.

The transposition of the UCITS IV directive into Italian law is becoming a major ordeal, Plus 24, the weekly supplement of Il Sole – 24 Ore reports. After a long delay, the Italian council of ministers on 6 April approved a decree to transpose the directive. But since then, the decree has still not been published in the Italian official journal (Gazette Ufficialle), which would allow Consob, the Italian financial regulator, to make modifications to its rules.

In its Market Vectors series of ETFs, Van Eck on 25 April launched its Market Vectors Morningstar Wide Moat Research ETF (acronym on NYSE Arca: MOAT). The fund aims to replicate the Morningstar Wide Moat Focus Index (MWMFTR), which uses Morningstar research to identify businesses which will be likely to retain their competitive advantage for at least 20 years.The index includes 20 shares whose valuations are the most attractive according to the Morningstar methodology. From its launch in February 2007 until the end of March 2012, the index has generated annualised returns of 8.4%, compared with 1.7% for the S&P 500 index.The MOAT fund, which becomes the 48th Market Vectors ETF, has a TER capped to 0.49% until at least 1 May 2013.

BlackRock has announced that it has launched two new ETFs from iShares on the BATS platform on 26 April. The products invest in US corporate bonds in specific credit quality categories, and come as additions to the iShares AAA-A rated Corporate fund (acronym: QLTA), launched in February.The funds are the iShares BAA-BA rated Corporate Bond Fund (QLTB), and the iShares B-CA Rated Corporate Bond Fund (QLTC), which charge 0.30% and 0.55%, respectively.

According to a survey by PerTrac, the number of single-manager hedge funds and funds of hedge funds as of the end of 2011 came to 13,395, 3.73% more than one year previously, while total assets, at USD2.245trn, were up 3.37% in one year. The number of single-manager hedge funds increased by 6.98% in 2011, to 10.007, with assets up 4.2% to USD1.798trn.More than half of these hedge funds and funds of hedge funds are denominated in US dollars, and 77% are denominated either in US dollars or in euros.PerTrac also finds that single-manager hedge funds with assets of over USD1bn represent only 3.9% of funds which publish results, but control more than 60% of the total AUM. As of the end of last year, there were 322 single-manager hedge funds in this class, with total assets under management of USD1.080trn, which represents an increase of only 1.40% in one year.In the same period, the number of funds of hedge funds with assets under management of over USD1bn rose by nearly 18%, while the total number of funds of hedge funds fell 4.8%, to 3,388.In geographical terms, the PerTrac study funds that single-manager hedge funds and funds of hedge funds based in the United States as of the end of 2011 account for about USD950bn, or 42.3% of global assets, while the United Kingdom ranks second with USD574bn, or 25.6% of the total.

European equity and bond funds have undergone significant redemptions in the week to 25 April, due to tensions on European markets related to the victory of François Hollande in the first round of French presidential elections, as investors have been preferring US or emerging market bond funds. Bond funds have posted net inflows of USD4.8bn in the week to 25 April, with subscriptions to US bond funds representing 90% of this total, EPFR Global reports. For their part, emerging market bond funds have attracted a net total of USD540m. Equity funds, meanwhile, have seen redemptions totalling USD7.4bn. European equity funds have posted net outflows of USD4.6bn. Emerging market equity funds finished the week with outflows of USD377.6m, bringing net inflows since the beginning of the year to USD20.7bn. Lastly, inflows of USD2.8bn to European money market funds have more than offset redemptions from US money market funds.

With the UniGarant: Erneubare Energien (2018), the central asset management firm for the German co-operative banks, Union Investment, will be launching a guaranty fund on 20 June which focuses on renewable energies. The subscription period, which will remain open until 30 April, will conclude on 15 June. Union guaranteed a redemption at maturity (22 June 2018) of the initial investment, minus the front-end fee, deposit costs, intervening distributions and potential withholding taxes. In addition, the fund will pay a portion of the average evolution of an international index of shares in operators in renewable energies, wind farm operators, solar power farms, hydroelectric power plants and geothermal installations.The portfolio will be managed by Thomas Deser.As of the end of February, Union Investment managed about 90 guaranteed funds, with total assets of EUR16,1bn. CharacteristicsName: UniGarant: Erneuerbare Energien (2018)ISIN code: LU0729215185Front-end fee: 4%Management commission: 0.80% (maximum 1.5%)Penalty for early withdrawal: 2%

From 25 April to 6 May, the German asset management firm SEB Asset Management is accepting redemption requests for the open-ended real estate fund SEB ImmoInvest (DE0009802306), with EUR6.3354bn in assets as of the end of March. Redemptions have been frozen for nearly two years. On 7 May, either gross liquidity (over 30% of assets) will be sufficient to honour all redemption demands, and all demands will be honoured, or else no redemptions will be given out.If enough shareholders wish to remain invested in the fund, the fund will not be liquidated, but will instead come under the new investor protection law (Anlegerschutz- und Funktionsverbesserungsgesetz or AnsFuG), which means that ImmoInvest will no longer be subject to daily liquidiy requirements, but will be allowed to issue redemptions only once per year. Ultimately, says Barbara Knoflach, Ceo of SEB AM, investors will decide the fate of the ImmoInvest fund.SEB Asset Management states that as a precaution, the net asset value per share has been reduced by 5%.The fund has already sold off 17 properties for over EUR1bn. SEB AM also adds that the fund’s Berlin properties on Potsdamer Platz should not be regarded as a single asset, unlike what reports in the press may have suggested, but are divided in 19 different properties corresponding to various uses (office, retail, residential, etc).

On 30 April, Deutsche Börse announced that it has acquired the remaining 15% of Eurex Zürich AG from the SIX Swiss Exchange/SIX Group, for EUR295m and 5.3 million shares in Deutsche Börse (equivalent to 2.7% of capital in the German firm). Deutsche Börse had previously controlled 85% of Eurex, compared with 50% at the time of the launch.The transaction is retroactive to 1 January 2012, since the initial contract, signed on 7 June 2011, was supposed to apply only after the merger between Deutsche Börse and NYSE Euronext would be signed.The Eurex futures market will continue to be operated by Eurex Zürich AG.

Artio Global Investors made its initial public offering in September 2009, raising USD650m. Since then, the asset management firm owned by Julius Baer has seen tough times, the Wall Street Journal reports. Assets under management have fallen 48% in first quarter to USD26.6bn, compared with the previous year, particularly under the effect of client net redemptions. Since its IPO, the decline has totalled 52%. Its two flagship funds, two of them international equity products, underperformed in 2011.

In the fiscal year ending on 31 March, Legg Mason, Inc has earned net profits of USD220.8m, compared with USD253.9m in 2010-2011, but Mark Fetting, chairman and CEO, says that the asset management firm has now completed its streamlining program, with annual savings of USD140m on its costs, and a redistribtion to shareholders of USD440m in the form of share repurchases and dividends.As of the end of March, assets totalled USD643.3bn, compared with USD627bn as of the end of December, as positive market effects (USD24.4bn) were partially offset by net redemptions of USD4.9bn, and dispositions totalling USD3.2bn. Compared with the end of March 2011, when they totalled USD677.6bn, assets under management are down by 5%.Legg Mason states that total assets consisted 55% of bonds, 26% of equities and 19% of liquidity as of 31 March. 63% of assets under management came from the United States.

The British fund Lion Capital is in excclusive negotiations to acquire the stakes held by the two largest external shareholders in the French optics group Afflelou, with a view to acquiring the group, according to a joint statement released on Monday evening. The capital in Afflelou is currently 57.05% controlled by the investment fund Bridgepoint, 20.14% by the Apax fund, and 21.97% by the holding company of the family of the founder, Alain Afflelou. In February, Bridgepoint and Apax announced that they were putting their stakes up for sale. According to the financial newspaper Financial Times, citing sources familiar with the matter, the transaction is expected to proceed on the basis of a valuation of Afflelou at EUR780m.

Morgan Stanley Smith Barney has announced the launch of its “Investing with Impact” responsible investment platform. The platform allows retail investors and their advisers to select their investments on the basis of environmental and social criteria. MSSB has about 4 million clients, with over USD1.7trn in financial assets, a statement says.

City National Bank has announced that it has signed an agreement to acquire the asset management firm Rochdale Investment Management (USD4.8bn in assets). Rochdale will merge with City National Asset Management to create a entity with over USD18bn in assets, to be known as City National Rochdale Investment Management.

UBS has announced first quarter adjusted pre-tax profit of CHF2.2bn, with “improved profits in all business divisions,” according to a statement released on 2 May. Net profits totalled CHF827m, compared with CHF1.8bn one year previously. Performance nonetheless showed a net improvement compared with fourth quarter 2011, when they totalled CHF319m.Net inflows to wealth management activities totalled CHF11.3bn. Assets under management as of 31 March totalled CHF2.115bn, compared with CHF2.088bn as of the end of December 2011.In the Wealth Management unit, which earned profits up 70% at CHF803m, net new money more than doubled to CHF 6.7 billion on strong inflows in Asia Pacific, emerging markets and Switzerland, as well as globally from ultra high net worth clients, the bank states. Assets invested totalled CHF772bn as of 31 March 2012, up by CHF22bn compared with 31 December 2011, due to net inflows and rising stock markets.Wealth Management Americas record pre-tax profit up 34% to USD 209 million; cost/income ratio improved further to 87%; net new money more than doubled to USD 4.6 billionPre-tax profits in Global Asset Management in first quarter 2012 totalled CHF156m, compard with CHF118m in fourth quarter 2011. Excluding flows related to money market investments, net outflows from third-party funds totalled CHF2.9bn, compared with inflows of CHF0.3bn in the previous quarter, as a large number of institutional clients reduced or cancelled their mandates as part of portfolio realignments. Excluding flows related to money market investments, inflows of new money from wealth management clients totalled CHF0.3bn, compared with outflows of CHF0.8bn in fourth quarter.

Piguet Galland & Cie SA, an affiliate of the Banque Cantonale Vaudoise (BCV),will have a new chairman of its board of directors, in the person of Gérard Haeberli, BCV announced in a statement on 1 May. Haeberli will succeed Olivier Steimer, who has served in the position for three years alongside his role as chairman of the board of directors of the BCV group, which he will retain. The group recently announced the appointment of Olivier Callaud as CEO of Piguet Galland, and the establishment of a new development strategy for the activities of the affiliate in French-speaking Switzerland. In these circumstances, Steimer felt that his term, which expires on 25 May this year, was complete. The board of directors at Piguet Galland will thus propose to a general shareholders’ meeting to be held on the same date to elect Haeberli as chairman of the board.

The most famous Chinese portfolio manager in the world, Wang Yawei, has left the largest asset management firm in the country, China AMC, Asian Investor reports, adding that the reports were confirmed by a director of the firm. Wang resigned from his position. The local media are speculating as to his future destination, which may be abroad. Wang, who spent 14 years at China AMC, built a name for himself as manager of the China AMC Large-Cap Select Fund, which has earned returns since its launch in 2004 of 1,176%, as of 27 April 2012.

The star bond manager at Franklin Templeton, Michael Hasenstab, has increased the exposure of the Templeton Global Bond Fund (USD60bn in assets) to Hungarian government debt, Funds People reports. The US asset management firm now holds over 10% of Hungarian debt in the Global Bond Fund and the Templeton Emerging Markets Bond fund, with 5.99% and 6% of assets, respectively. Since the beginning of the year, Hungarian government bonds have generated returns of 12% in US dollars.Hasenstab remains favourable to Hungarian debt, which enjoys good long-term fundamentals and a negative attitude on the part of many investors.