The Abu Dhabi sovereign fund, Abu Dhabi Investment Authority, has appointed the former CEO of Carrefour Property, Pascal Duhamel, as its new head of real estate investments in Europe, Financial News reports.

The provider of services to fund managers Kneip on 9 February announced that it has completed the production and distribution of Key Investor Information Documents (KIID) and the submission of regulatory documents for Skandinaviska Enskilda Banken AB Publ (SEB). Kneip’s services apply to all mutual funds from SEB on the Swedish market and the international product hub, based in Luxembourg. SEB’s KIID documents have been translated and producted by Kneip in 12 languages (German, English, Danish, Spanish, Estonian, French, Italian, Latvian, Lithuanian, Dutch, Norwegian and Swedish). Kneip then simultaneously released all the KIIDs over the SEB distribution network, which is present in 19 countries in the group’s target markets.

The Australian Macquarie group is planning to cease its structured product activities in Europe due to unfavourable market conditions, Investment Europe reports. The decision follows the departure of Todd Steinberg, global head of the structured products unit, who left the firm in September last year. The structured products unit, Macquarie Securities Group, has about 1,500 employees worldwide, with the European activities based largely in Frankfurt. Pending a final decision, Macquarie had last week already ceased to issue structured products in Europe.

JP Morgan reports, cited by l’Agefi, that US money market funds increased their banking assets in the euro zone in January, for the first time since April 2011. They took on USD27bn in euro zone banking sector debt for their portfolios last month, of which USD23bn were from French banks alone.

Joe Kawbabani, chief investment officer of MENA Equity investments of Franklin Templeton Investments Limited, has left the firm. The strategies will continue to be managed by a local portfolio management team at FTIMEL, and the asset manager does not anticipate any change in the investment philosophy, process, strategy or client service for clients investing in those strategies. Joe Kawbabani will be leaving the company to pursue other opportunities, he but will not be going to a competitor, adds Franklin Templeton.

Assets under management by the Canadian Manuvie group (SFM, for Société Financière Manuvie) increased by USD1.7bn in 2011, to a total of USD178.1bn, the firm announced in a statement on 9 February. Taking into account assets under management in the general fund from Manuvie, assets are up by USD2.3bn to USD211.4bn. In the United States, subscriptions to mutual funds from John Hancock (“Fonds JH”) totalled USD12.5bn in the 2011 fiscal year, up 29% compared with USD9.7bn in 2010. Assets under management in Fonds JH totalled USD35.5bn as of 31 December 2011, up 4% compared with the end of December 2010. The retirement planning sector at John Hancock has retained its leading position on the market, with a market share of 21% in the segment for retirement regimes with under 500 members as of 30 September 2011, down 3 points compared with the corresponding period of the previous year. Assets under management in this sector totalled USD62.8bn as of 31 December 2011, down 1% compared with 31 Dcember 2010, with positive net subscriptions more than offset by unfavourable performance of investments in 2011. The group finished the fiscal year with net profits of USD129m, an improvement of USD1.8bn compared with 2010.

The Liechtensteinische Landesbank (LLB) has reported an 86.2% decline in its net profits last year to CHF15m, according to a statement released on 9 February. The firm says that it suffered from a difficult market environment. Net inflows totalled only CHF0.6bn, compared with CHF2.7bn in 2010. Assets under management as of the end of December totalled CHF48.1bn, down 3.4% year on year.

In 2011 the Asset Management unit at Credit Suisse Group had CHF 0.9 billion net asset outflows. In the fourth quarter of 2011, net outflows stood at CHF 9.6 billion in Asset Management.Asset Management reported income before taxes of CHF 87 million in 4Q11, down 52% compared to 4Q10 and 5% compared to 3Q11. Net revenues of CHF 455 million were down 26% from 4Q10 and 3% from 3Q11. Fee-based revenues were CHF 464 million, down 13% compared to 4Q10, and down 5% compared with 3Q11, reflecting lower asset management fees, lower performance fees and carried interest, partially offset by higher placement, transaction and other fees. Investment-related gains were CHF 6 million compared to gains of CHF 101 million in 4Q10 and losses of CHF 17 million in 3Q11. In 4Q11, realized and unrealized gains included revenues in the industrial and transportation sectors, partially offset by unrealized losses in the energy and commodities sector.Total operating expenses of CHF 368 million were down 16% compared to 4Q10 and 3% compared to 3Q11, reflecting lower compensation and benefits and lower general and administrative expenses.

UBS may integrate its proprietary equity trading activities into its asset management unit, the CFO at the Swiss group, Tom Narabil, has told Bloomberg. The plans may be put into action in the coming few quarters, and would affect about 50 employees.

The Avenir Finance group in 2011 earned revenues of EUR34.2m, a strong increase compared with 2010 (+27%). The Asset Management unit, for its part, had earnings of EUR20.6m, up strongly (+41%) compared with 2010. Despite falling financial markets, the Private Management unit had earnings of EUR13.6m, up 11% compared with 2010.

By US-GAAP accounting standards, the private equity investor KKR & Co in 2011 earned net profits of USD1.9m, compared with USD33.2m, while economic net income (ENI) totalled USD750.9m compared with USD2.1398bn.Assets under management as of 31 December totalled USD59bn, compared with USD58.72bn as of the end of September and USD61bn one year previously. Fee-paying assets under management totalled USD46.4bn as of the end of 2011, compared with USD46.2bn three months earlier, and USD46bn as of the end of December 2010.

La Française AM on 9 February announced that it has acquired a 20% stake in the capital of OpenMind Asset Management, a new asset management firm specialised in absolute returns. Via its affiliate Nouvelles Expertise et Talents (NexT), La Française AM is continuing its policy of minority partnerships in firms founded by entrepreneurs hoping to develop new product ideas, approaches and distribution. So far, 20 participations totalling EUR7bn in assets under management have been created. The new asset management firm, which received a license in December from the AMF, was founded by Tristan Abet and Xavier Trilling. Abet was previously macro-strategist in charge of quantitative research at CA Cheuvreux, while Trilling was in sales of equities to institutionals, also at CA Cheuvreux. They have been joined by Fabien Georges, who had previously been a flexible diversified fund maanger at Avenir Finance.The management of OpenMind Asset Management is in line with the company’s name: its creators say that it has a truly open spirit. “The starting idea is simple: that open spirit has to be retained in order to earn returns. In our case, we want to understand what makes markets move, what they are playing at, and to help them in that direction in order to perform,” explains Trillint at a presentation.A first fund – OpenMind Alpha Sector (UCITS IV) – has already been launched, and its objective is to generate absolute returns by capturing sectoral trends in Europe. These trends, the result of sustained leadership of certain sectors compared with others, are, says Abet, a characteristic of European equity markets. The expertise of managers at OpenMind Asset Management is in identifying sectoral cycles, largely on the basis of valuation cycles.The OpenMind Alpha Sector fund has seed capital of EUR20m, of which EUR15m come from the incubation fund NexT Invest (Nouvelles Expertise et Talents), managed by La Française des Placements. The directors of OpenMind, who had already been closely involved in advising Europeaan investors, are planning to double the assets in OpenMind Alpha Sector in the next few months. Their inflow objective is EUR120m in the first fiscal year.Major characteristics of the fundISIN code: FR0011175660 (I share class) FR0011175678 (P share class)Front-end fee: 2%Management fee: 1.25% and 15% commission on performance exceeding the Eonia (I)2% and 15% commission on performance exceeding the Eonia (P)Minimal investment: EUR100,000

The Swiss affiliate of the German private bank Berenberg, Berenberg Bank (Schweiz), has teamed up with the Luxembourg affiliate of the German firm Universal-Investment to launch the Berenberg Renminbi Bond Opportunities UI, a fund of corporate bonds denominated in Chinese yuan with an overlay that allows for indirect investments in yuan via Asian corporate bonds denominated in US dollars. The investment strategy is determined by Berenberg Bank (Schweiz), but the operational management of the fund is provided by specialists at Goldman Sachs Asset Management in London.CharacteristicsName: Berenberg Renminnbi Bond Opportunities UIISIN codes: LU0679891803 (R EUR shares)LU0679891639 (R USD shares)Front-end fee: Maximum 3%Management commission: Currently 1.70%

The British investment platform Hargreaves Lansdown has reported record profits for the second half of 2011 of GBP72m, up 28% compared with the half to the end of December 2010. Net inflows in the half totalled GBP1.16bn, Assets under administration as of the end of December totalled GBP23.4bn, compared with GBP24.6bn as of 30 June 2011.

As part of a cost reduction plan, Jason Hollands, head of corporate affairs at F&C, will be leaving the firm, Money Marketing reports. The other members of the communications team have also been informed that their positions are endangered. A consultation with employees is underway.

The Brazilian investment bank BTG Pactual and the Chilean asset management firm Celfin Capital on 8 February announced that the two firms had signed a merger agreement to create a new heavyweight in Latin American asset management. Once the merger is complete, BTG Pactual will have USD69bn in assets under management in its asset management unit, and USD28bn in assets under management in its wealth management unit. BTG will now be active in the three countries where Celfin is already present: Chile, Peru and Colombia. The new group will focus initially on these markets, as well as Brazil, Argentina and Mexico, the two markets where BTG Pactual is planning to develop. In Latin America, the asset management sector has total assets under management of about USD1.24trn.

Dans le cadre de la remise à plat de sa gestion dédiée diversifiée, la Mutuelle Médicis a procédé, avec l’aide de son consultant Insti 7, à une série d’appels d’offres restreints dont les principaux lots concernent, d’après nos informations: La Multigestion traditionnelle OCDE: 2 fonds dédiés de 18 millions d’euros chacun Les actions internationales large cap (MSCI World couvert en euro): 2 fonds dédiés (95 millions d’euros + 10 millions d’euros) La gestion crédit Investment Grade avec échéance 2017, pouvant intégrer jusqu'à 40% de High Yield et de Convertibles: deux fonds dédiés (65 millions d’euros + 130 millions d’euros) Les actions small et mid cap Europe: un fonds dédié de 25 millions d’euros La gestion diversifiée flexible avec un poids maximal des actions de 60% dont la majorité devra être investie en Europe et OCDE: 3 fonds dédiés de 50 à 60 millions d’euros chacun avec pour indice de référence 50% MSCI EMU et 50% Ibox. Les FCP devront être investis en obligations OCDE, en euro. Le dépositaire et valorisateur est CACEIS. Les candidats avaient jusqu'à vendredi 3 février 12h00 pour répondre.

Le groupe Agrica qui gère 5,3 milliards d’euros s'éloigne des obligations américaines (US) et britanniques. Les obligations de ces deux zones, d’après Jean Claude Guimiot (Directeur général délégué d’Agrica Epargne), ne sont pas un reflet précis de la réalité économique outres Manche et Atlantique. Le groupe préfère investir dans la zone Euro, limitant les obligations Allemandes pour se focaliser sur la France. Agrica travaille principalement avec Amundi et Groupama AM pour gérer son portefeuille obligataire. Le Fonds a aussi réduit son exposition aux actions en préparation de Solvabilité 2, même si cette poche est actuellement plus importante que ce qu’elle ne devrait l'être. Les cinq institutions au sein d’Agrica (CAMARCA, Agrica Retraite AGIRC, Agri Prévoyance, CPCEA, CCPMA Prévoyance) ont sept portefeuilles puisque deux d’entre elles proposent des retraites supplémentaires. En moyenne, l’allocation stratégique de ces sept portefeuilles contient 6% d’immobilier, 24% d’actions et d’actifs diversifiés et 76% d’obligations corporate et d'état. Agrica investit actuellement 85,6% de ses actifs selon des critères ISR. Le groupe ne travaille avec aucun consultant si ce n’est Vigeo qui l’accompagne sur les stratégies ISR.

Selon des sources concordantes, l’autorité chinoise du Marché à terme aurait demandé à dix établissements de se préparer au lancement d’un projet pilote visant à réintroduire, après 17 ans d’interdiction, un marché secondaire des obligations d’Etat. Le marché obligataire chinois pèse 21.270 milliards de yuans (2.540 milliards d’euros), le cinquième au monde.

Selon une étude de Citigroup, les actions sur les marchés émergents devraient poursuivre leur rally en 2012, soutenues par les conditions de liquidité. Citigroup s’attend à ce que les gains soient surtout enregistrés en début d’année grâce à une inflation plus faible et à des taux d’intérêt en baisse sur les marchés émergents.

L’Autorité monétaire de Hong Kong (HKMA) a décidé d’assouplir ses règles afin que les banques puissent détenir davantage d’actifs libellés en yuan, lesquels rentrent dans le calcul d’un ratio de liquidité global. Pour justifier cette décision, HKMA souligne que le marché offshore en yuan est devenu plus mature après des années de développement.

Le rebond de l’excédent de la balance commerciale à 27,3 milliards de dollars en janvier, son niveau le plus élevé depuis six mois, a été permis par une première baisse depuis plus de deux ans des exportations de 0,5% sur un an, ainsi que par une chute de 15,3% des importations en glissement annuel. Le ministre du commerce, Chen Deming, avait alerté hier que le niveau des exportations en janvier n’était pas «de nature à nous rendre optimiste», alors que le FMI estimait qu’une récession plus forte que prévue en Europe pouvait faire tomber la croissance chinoise à 4,5% cette année. «La crise de la dette européenne va freiner les exportations chinoises qui pourrait ralentir à un rythme de croissance à un chiffre cette année» estime la Société Générale. D’autant que le rebond de l’inflation à 4,5% en janvier pourrait limiter les marges de manœuvre de la Banque Populaire de Chine pour assouplir sa politique monétaire.

Selon un avocat des actionnaires de l’opérateur de pipelines El Paso, Goldman Sachs vient d’être pris en flagrant délit de conflit d’intérêt, ce qui doit remettre en cause le projet de rachat de 21 milliards de dollars d’El Paso par son concurrent Kinder Morgan. La banque travaille en effet en tant que conseil de la cible alors qu’elle détient une part de 19% au capital du prédateur.

Selon JPMorgan, les fonds monétaires américains ont augmenté leurs actifs bancaires de la zone euro en janvier et ce pour la première fois depuis avril 2011, ce qui suggère que les craintes de voir la crise de la dette échapper à tout contrôle se sont apaisées. Ils ont ajouté 27 milliards de dollars de dette bancaire de la zone euro, dont 23 milliards pour les seules banques françaises, à leurs portefeuilles le mois dernier.

Le résultat économique net du groupe de private equity a baissé de 68% au quatrième trimestre, à 225,5 millions de dollars (33 cents par action). Les analystes du panel Bloomberg tablaient en moyenne sur un résultat de 75 cents. Les fonds n’ont crû que de 4% l’an dernier contre 33% en 2010.

Le programme d'achat d'obligations d'Etat est relevé de 50 milliards sur trois mois. Une nouvelle hausse de l'enveloppe en mai est encore incertaine

La Réserve fédérale de New York a cédé un portefeuille de 6,2 milliards de dollars de titres hypothécaires à Goldman Sachs

Avant le 15 février, Bruxelles va renforcer ses contrôles sur la mise en œuvre des réformes

Avant le 15 février, Bruxelles va renforcer ses contrôles sur la mise en œuvre des réformes

L’accord scellé hier après-midi autour du règlement Emir va permettre de transposer dès cette année les engagements du G20 sur les contrats dérivés