La confiance des ménages français a progressé en octobre, inversement aux attentes des économistes, montre une enquête mensuelle de l’Insee publiée mardi. L’indicateur synthétique de la confiance des ménages ressort à 82, en hausse de deux points par rapport à septembre.

Lundi 24 octobre, Jean-Pierre Denis, président du Crédit Mutuel ARKEA, a présenté la nouvelle filiale de capital investissement du groupe : Arkea Capital Partenaire. Détenue en totalité par le Crédit Mutuel Arkea, la S.A. ARKEA Capital Partenaire se positionne à contre-pied des tendances du marché par l’injection de fonds propres et quasi fonds propres. Sa capacité d’investissement s'élèvera à 400 millions d’euros sur trois à cinq ans, financée pour moitié par un apport du Crédit Mutuel ARKEA. Une ligne obligataire souscrite par la compagnie d’assurance vie du groupe, Suravenir, permet quant à elle de financer les 200 millions d’euros restants. Centré de façon non exclusif sur la Bretagne, le Massif Central et la région Aquitaine/Sud Ouest, l’objectif est de participer au développement de grandes entreprises familiales non cotées qui occupent des positions significatives sur leur marché et disposent d’un réel potentiel stratégique. Au regard du contexte économique difficile, Jean-Pierre Denis entend mettre en gestion extinctive les activités purement financières pour se concentrer sur le soutien de l'économie réelle : « En tant que banque territoriale, nous entendons réaffirmer notre rôle d’investisseurs en fonds propres dans les entreprises à potentiel de croissance. » La filiale entend investir sur du long terme avec des tickets unitaires allant de 10 à 70 millions d’euros, sans pour autant être intrusive. ARKEA Capital Partenaire souhaite ainsi être impliquée de façon minoritaire mais significative dans la gouvernance des cibles (administrateur, membre du conseil de surveillance, ou encore participation possible aux comités d’audit ou de stratégie). Avec un niveau de participation pouvant aller jusqu'à 35 %, la gestion sera rigoureuse et sélective ; les entreprises devront faire état d’une rentabilité opérationnelle et d’un chiffre d’affaires supérieur à 50 millions d’euros. La logique est de « bâtir une rentabilité raisonnable et durable dans le temps », explique Jean-Pierre Denis qui insiste sur l’importance attachée par le Crédit Mutuel ARKEA de ne pas se situer dans un univers de capital-risque classique. ARKEA Capital Partenaire est composée d’un comité d’administration, présidé par Jean-Pierre Denis, et d’un comité d’investissement, avec à sa tête Bertrand Méheut, président du directoire du groupe Canal +. Lancée le 31 mai 2011, la filiale compte déjà une prise de participation à hauteur de 25 % au sein du groupe agroalimentaire Le Graët. Trois projets d’investissement sont actuellement à l'étude et devraient aboutir avant fin 2011.

Société Générale Private Banking on 24 October announced the appointment of Paul Vaillancourt as Chief Executive Officer at Canadian Wealth Management (CWM Group Inc.), its wealth management affiliate in Canada. In his new role, Vaillancourt will aim to continue development of wealth management activities for the private bank in Canada. He will also retain his role as Chief Investment Officer, which he had held at CWM Group since 2010. Assets under management at Société Générale Private Banking totalled EUR84.2bn as of the end of June 2011. CWM Group, based in Calgary, has 30 employees.

The Fonds de Garantie, an indemisation entity which fulfils missions in the national public interest, has contracted Caceis for the valuation and institutional accounting of its two funds, FGAO and FGTI, Caceis announced in a statement on 24 October. “This choice is the product of a longstanding partnership of confidence between the Fonds de Garantie and Caceis, which is its primary custodian,” Caceis says in a statement. Assets under custody at Caceis total EUR1.2bn for the FGAO and EUR800m for the FGTI fund. Caceis also provides custody, valuation and legal support for three Sicav funds from the Fonds de Garantie, and middle office for two self-managed Sicav funds.

The Paris-based client service team at Edmond de Rothschild Asset Management (Edram), led by Benoît Durand, has taken on a ninth colleague in the person of Johannes Berghoff. Berghoff will be in charge of international clients and particularly of distribution partners and German-speaking clients.The new client relationship manager had previously been at BNP Paribas Securities Services, as a specialist in international development and sales of financial reporting.

At the request of the Swiss asset management firm Clariden Leu (Credit Suisse group), the CNMV has registered the UCITS-compliant funds Clariden Leu (Lux) I- Global Convertible Bond Fund and Clariden Leu (Luc) I Global High Yield Bond Fund, which are managed by Oaktree Capital Management, a Clariden Leu Partner, for sale in Spain, Funds People reports.The products offer daily liquidity and have assets of USD350m and USD320m, respectively, with share classes in euros.

Credit Suisse Asset Management is going to convert four of its ETFs based on swaps to physical replication, according to Financial Times Fund Management. The firm is also planning to transform other products where possible.

The Luxembourg-based Gamax Management is planning to appoint a representative by the end of the year in the United Kingdom, and is hoping to find a partner in Scandinavia in first quarter 2012.The affiliate of the Italian Mediolanum group now manages about EUR500m in assets, and offers funds managed by DJE Kapital for sale in Germany and Austria. Since the beginning this year, Gamax has also entered the Italian and Spanish markets.In the United Kingdom and Scandinavia, Gamax is planning to target primarily institutional clients.

The director of private banking in charge of managing high net worth clients at Banco Urquijo since 2006, Alvaro Riera Junco, is joining the Spanish team at Lombard Odier as a senior banker. He had previously been a partner in the private wealth management division of Morgan Stanley.

On 21 October, iShares added the UCITS-compliant iShares MSCI ACWI (all country world index) ETF to trading on the London Stock Exchange. The fund invests in shares in companies from 24 developed countries and 21 emerging markets.The physical replication product is registered in Ireland.CharacteristicsName: iShares MSCI ACWI (SSAC)ISIN code: IE00B6R52259TER: 0.60%

The UCITS-compliant SRI funds Vanguard SRI Global Stock Fund and Vanguard SRI European Stock Fund now offer shares denominated in pounds Sterling, so that the product range from Vanguard Asset Management in the United Kingdom now includes 21 products, including products domiciled in the United Kingdom and Ireland.The Vanguard SRI Global Stock Fund, an Irish-registered product, replicates the evolution of the FTSE All-World Developed Index; it charges fees of 0.40%.For its part, the Vanguard SRI European Stock Fund, which is also domiciled in Ireland, aims to reproduce the performance of the FTSE All-World Developed Europe Index. Its TER is 0.35%.The two funds exclude shares in firms which violate the principles of the United Nations Global Compact in the areas of human rights, labour standards, environmental protection and ethics and corruption. The management team also bans firms from the equity portfolio which are involved in the manufacture of anti-personnel weapons, nuclear arms, or cluster bombs. Weighting is optimised in order to preserve the fundamental risk profile of their benchmark indices.

RWC Partners will convert its British hedge fund Pilgrim into a UCITS-compliant product, which will be more easily available to British investors. On 29 October, the Cayman Islands-registered fund will be redomiciled in Luxembourg, and made a sub-fund of the RWC Sicav. The Pilgrim fund earned returns of 2.5% for the year to 30 September, compared with a loss of 4.4% for the FTSE All Share index. Since its launch in October 2000, the performance has totalled about 99%, compared with 24% for the benchmark index. After its converion, the fund will become known as RWC UK Pilgrim, with assets under management of GBP22m.

According to a notification to the CNMV, Santander has recuperated EUR248m of its total exposure of EUR2.33bn to funds managed by Bernard Madoff via the Optimal Strategic US Equity fund, Expansión reports. Of this total, EUR2.11bn correspond to investments made by institutional investors, while the remaining EUR320m are in private banking client portfolios.

Royal London Asset Management has recruited Neil Wilkinson to take over as manager of the Royal London European Growth Fund, whose assets under management total slightly over GBP550m. Wilkinson, previously of Hermes Fund Managers, succeeds, Kevin Lilley, who has moved to Old Mutual Asset Managers to manage a European equity fund (Old Mutual European equity fund).

Three former traders from Brevan Howard Asset Management are planning to launch a natural resources hedge fund in early 2012, according to reports in Financial News. They are Tim White, Carl Linderum and Ben Belldegrun.

The former global head of international distribution at BNY Mellon Asset Management, Paul Feeney, will join Old Mutual in early January, where he will replace Bob Head as CEO of asset management in the Long Term Savings (LTS) division, Investment Week reports.In his new role, he will serve as head of asset management for Skandia Investment Group (SIG) and Old Mutual Investment Group South Africa, as well as Nordic asset management.Feeney will report to Paul Hanratty, CEO of the LTS division.

The small Frankfurt-based boutique Verianos has teamed up with BNP Paribas Real Estate to launch the institutional real estate fund VREF II - France, which will aim to invest EUR500m in French real estate, the Börsen-Zeitung reports.Verianos is responsible for the design of the fund and subscriptions, while its partner will handle activities in France, including acquisitions of properties, project development, and property management.

With the CH2H (LU0616864012) share class, which charges total fees of 1.50%, and the CH4H (LU0616864285) share class, whose management commission totals 0.75%, DWS Schweiz on 21 October opened access to the DWS Top Dividend LC fund (LU0507265923), a product denominated in euros, to Swiss investors. The LC share class as of the end of September had assets of EUR402m.The fund is managed by Thomas Schüssler, with the assistance of Oliver Pfeil. The dividend return objective is 4-4.5% per year. The benchmark index is the MSCI World High Dividend Yield (RI).Harald Reczek, CEO at DWS Schweiz, points out that the DWS Invest fund has an asymetrical risk/return profile, and that in falling markets, the defensive product reduces losses by about two thirds, while allowing investments to participate in upward movements on equity markets.

M&G Investments (GBP300bn in assets under management) is reportedly about to open an office in Asia, probably in Hong Kong, Asian Investor reports. A head from Prudential, the parent company of M&G, has confirmed that staff is being transferred to Asia, without giving details of the size of the move or the projected time frame. Legal & General Investment Management (GBP320bn in assets under management) is also reported to have plans to set up shop in Asia, but has not yet settled on Hong Kong or Singapore. Heads at the two firms have spent time in Hong Kong and Singapore in the past few weeks in order to get a closer look at what is needed to enter the Asian market.

On 19 April 2012, Kaven Leung will join the Swiss firm Julius Baer as CEO North Asia, deputy CEO Asia and CEO for the Hong Kong branch. He will take over the responsibilities currently held for the interim by Thomas Meier in addition to his responsibilities as CEO Asia. Laung is currently a partner and co-head of the private wealth management activity for Asia ex Japan at Goldman Sachs.

In France, third-party asset management generates a total of 83,000 jobs, according to a study entitled “Jobs in third-party management,” from the French financial management association (AFG).In addition to the 15,000 jobs directly at private asset management firms (SGP), each position at these structures “supports five more jobs in the professional ecosystem,” the AFG points out. Private asset management firms are also the source of nearly 11,000 further jobs at providers.Product distribution, particularly for mutual funds, “represents by far the largest source of jobs resulting from revenues generated by SGPs,” creating the equivalent of 48,300 full-time jobs, the study finds.Lastly, SGP activities create at least 9,000 jobs in the associated professions, the AFG notes, such as depository/custodians (3,750 jobs), accounting professions (1,250) and brokers (4,000).With 600 asset management firms and more than 11,000 investment funds, the third-party management profession has over EUR2,65trn in assets under management in France, of which EUR1.5trn are invested in French and foreign funds, and EUR1.15trn in the form of live asset mandates, the AFG adds.The study also treats the demographic structure of the third-party management industry in France (type, structure by age, level of education), and reviews the various professions and functions which make up the management value chain.

iShares vient d’annoncer plusieurs lancements de produits aux Etats-Unis. Le premier, iShares Emerging Markets Local Currency Bond Fund, permet un accès aux obligations des pays émergents libellées en monnaie locale. A cela s’ajoutent quatre ETF pour aider les investisseurs à gérer le risque de leur portefeuille en limitant la volatilité. Il s’agit de : iShares MSCI Emerging Markets Minimum Volatility Index Fund, iShares MSCI EAFE Minimum Volatility Index Fund, iShares MSCI USA Minimum Volatility Index Fund et iShares All Country World Minimum Volatility Index Fund.

In third quarter, UBS delivered a pre-tax profit of CHF 1 billion despite a trading income loss of CHF 1.8 billion resulting from the unauthorized trading incident reported in September and significant volatility in global financial markets. Wealth management businesses recorded combined net new money broadly in line with the prior quarter. Wealth Management’s pre-tax profit was CHF 888 million, compared with CHF 672 million in the previous quarter. When adjusted for the sale of positions from treasury-related investments, the gross margin remained resilient at 97 basis points. Net new money inflows were CHF 3.8 billion compared with CHF 5.6 billion in the previous quarter. International wealth management reported net inflows of CHF 3.9 billion compared with CHF 5.5 billion in the prior quarter, with continued net inflows in the Asia-Pacific region and emerging markets, as well as globally from ultra high net worth clients. European onshore business reported net outflows, reflecting outflows of approximately CHF 1.5 billion related to the departure of client advisors who had joined our firm as part of a past acquisition in Germany. Excluding this, our European onshore business reported net inflows. Our European cross-border business recorded net outflows, mainly from the cross-border business related to neighboring countries of Switzerland. Wealth Management Americas’ pre-tax profit decreased 1% to CHF 139 million from CHF 140 million. In US dollar terms, the pre-tax profit rose slightly as higher operating income was almost entirely offset by higher operating expenses. Third quarter net new money was CHF 4.0 billion compared with CHF 2.6 billion in the second quarter. Financial advisors employed with UBS for more than one year and net recruiting of financial advisors contributed to the improvement in net new money. Global Asset Management’s pre-tax profit was CHF 79 million compared with CHF 108 million in the prior quarter. Net inflows totalled CHF1.5bn, from third parties, excluding money market flows. Excluding money market flows, net new money inflows from third parties were CHF 1.5 billion compared with inflows of CHF 5.7 billion in the second quarter. Net inflows were recorded in Asia Pacific, Switzerland and Europe, Middle East and Africa and net outflows in the Americas. Net outflows, excluding money market flows, from clients of UBS’s wealth management businesses were CHF 2.8 billion compared with net outflows of CHF 2.2 billion. The majority of these net outflows were recorded in booking center Switzerland as investors remained cautious in the volatile market environment and tended to move into cash and equivalents.

Assets under management at the wealth management firm GAM Holding as of the end of September totalled CHF106.4bn, compared with CHF113.5bn as of the end of June, according to an interim statement from the asset management firm published on 25 October.Of this total, assets under management at Swiss & Global as of the end of September totalled CHF75.7bn, compared with CHF79.6bn as of the end of June. Negative market effects are the primary cause of this development.

In third quarter, pre-tax profits for the asset and wealth management unit (AWM) at Deutsche Bank more than doubled compared with July-September 2010, to a total of EUR186m, the German bank announced on 25 October.As of 30 September, assets in the AWM unit contracted by EUR17bn compared with 30 June, to EUR780bn. For private wealth management (PWM), the contraction totalled EUR10bn, to EUR264bn, largely due to negative market effects. Asset management, for its part, lost EUR7bn, to a total of EUR516bn in assets.The banking group posted a net profit of EUR77m for the third quarter vs EUR1.23bn in Apri-June and a loss of EUR1.17bn in the corresponding period of last year. For the first three quarters, net profit surged to EUR4.14bn vs EUR1.72bn in January-September 2010.

M&G Investments (200 milliards de livres d’actifs sous gestion) serait sur le point d’ouvrir un bureau en Asie, probablement à Hong Kong, croit savoir Asian Investor. Un responsable de Prudential, la société mère de M&G, a confirmé des transferts d’effectifs en Asie, sans toutefois donner de précisions sur l’ampleur du mouvement ou le calendrier prévu.Legal & General Investment Management (320 milliards de livres d’actifs sous gestion) aurait également des projets d’implantation en Asie mais n’aurait pas encore arrêté son choix sur Hong Kong ou Singapour. Des responsables des deux sociétés ont en tout cas séjourné à Hong Kong et Singapour ces dernières semaines pour évoquer justement les modalités d’entrée sur le marché asiatique.

Le 19 avril 2012, Kaven Leung rejoindra le suisse Julius Baer comme CEO North Asia, deputy CEO Asia et CEO de la succursale de Hong-Kong. Il reprendra les prérogatives exercées actuellement de façon intérimaire par Thomas Meier en plus de ses activités de CEO Asia.Kaven Leung est actuellement partner et co-head de l’activité private wealth management pour l’Asie hors Japon de Goldman Sachs.

Axa Investment Managers vient d’annoncer le lancement du fonds Axa WF Framlington Global High Income, un fonds actions investi mondialement dans des sociétés de qualité affichant un rendement du dividende élevé et une croissance structurelle. Le produit est géré par Anu Narula, gérant d’Axa Framlington.Le fonds cible entre 1,5 et 2,5 fois le rendement du dividende de l’indice MSCI AC Monde. Le gérant pourra renforcer la performance par le biais d’une stratégie overlay optionnelle.Lancé le 31 août, Axa WF Framlington Global High Income est un fonds au format Ucits III domicilié au Luxembourg. Il n’est actuellement pas agréé dans d’autres pays que le Luxembourg mais Axa IM envisage de le faire enregistrer dans plusieurs pays d’Europe.

Spécialiste de la gestion obligataire, European Credit Management vient de lancer ECM High Yield Fund, un fonds investi dans des obligations à haut rendement. Il aura un biais européen, mais pourra être investi dans le monde entier. Son objectif est de fournir un rendement annuel de 8-10 % (net de frais). Enregistré au Luxembourg au format Ucits IV, le fonds sera géré par Andre Mazzella, gérant principal, avec le soutien d’Henry Craik-White, analyste.

Credit Suisse Asset Management va transformer quatre de ses ETF basés sur des swaps en ETF à réplication physique, selon le Financial Times Fund Management. La société envisage d’en convertir d’autres dans la mesure du possible.