Le Fonds Stratégique d’Investissement (FSI) a annoncé mardi 28 juin qu’il participe à l’augmentation de capital d’environ 150 millions d’euros de l’entreprise Soitec. Cette participation s’inscrit dans le cadre de la réalisation d’un programme d’investissement pluri-annuel de 250 millions d’euros de la société de haute technologie internationale spécialisée dans le secteur des matériaux semi-conducteurs. . Ces investissements, en France et à l’étranger, permettront de développer l’ensemble des métiers de la société.Dans un communiqué, le FSI précise qu’il fera «l’acquisition de droits préférentiels de souscription auprès de Monsieur André-Jacques Auberton-Hervé, président-directeur général et fondateur de Soitec, et de la société japonaise Shin-Etsu Handotaï, droits que le FSI exercera pour participer à l’augmentation de capital. Monsieur André-Jacques Auberton-Hervé utilisera le produit net de cette cession afin de financer l’exercice du solde de ses droits préférentiels de souscription. Le FSI se réserve également la possibilité d’acquérir des droits préférentiels de souscription complémentaires ou des actions sur le marché ou hors marché, ainsi que de souscrire à titre réductible à l’augmentation de capital.» Enfin, le FSI et M. André-Jacques Auberton-Hervé ont signé un pacte d’actionnaires afin d’affirmer leur engagement de long terme pour le développement de la société et l’implication du FSI dans ses organes de gouvernance.

La Compagnie Financière Edmond de Rothschild a annoncé, mardi 28 juin, le renforcement de sa direction financière avec l’arrivée de Cynthia Tobiano au poste de directeur Finance et Développement. «La nouvelle promue a pour mission d’accompagner le groupe dans sa politique de croissance, notamment à l’international», relève un communiqué qui précise que l’intéressée prendra ses fonctions au terme d’une période de transition avec l’actuel directeur financier, Jean-Louis Chemarin, qui part à la retraite. Agée de 34 ans, Cynthia Tobiano, a fait sa carrière chez Goldman Sachs à Londres et à Paris dans le domaine de la banque d’investissement. Elle était dernièrement associée à Paris avant de devenir vice-présidente de l’équipe Fusions & Acquisitions Paris-Londres.

Le groupe JP Morgan a annoncé le 27 juin qu’il avait été sélectionné par Pimco pour distribuer cinq des ETF de Pimco enregistrés aux Etats-Unis sur la Bourse mexicaine.Les cinq ETF concernés sont PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ), PIMCO Broad U.S. TIPS Index Fund (TIPZ), PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ), PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ) et PIMCO Investment Grade Corporate Bond Index Fund (CORP).

Standard Life Investments a annoncé le 28 juin la nomination de Séverine Laffineur en qualité de gérante du portefeuille européen. Séverine Laffineur, qui travaillait précédemment chez LaSalle Investment Management à Paris, rejoindra le bureau parisien de standard Life Investments le 18 juillet prochain.Séverine Laffineur sera responsable de l’origination et des acquisitions dans l’immobilier européen ainsi que de l’asset management des investissements existants. Les actifs immobiliers de Standard Life Investments s'élèvent à 11,4 milliards d’euros.

Alors qu’elle est confrontée au défi majeur des retraites, l’industrie européenne de la gestion d’actifs manque cruellement d’efficience, a estimé en substance James Broderick, CEO de J.P. Morgan Asset Management Europe, à l’occasion de la première séance plénière du Fund Forum International qui se tient jusqu’à jeudi à Monaco. Pour lui, il y a trop de sociétés de gestion et trop de fonds en Europe. «Nous devons trouver un moyen de réduire le nombre de sociétés de gestion et de fonds», a-t-il martelé.L’une des solutions pourrait être, selon Jamie Broderick, une réglementation qui obligerait les sociétés de gestion à procéder à un audit de leurs fonds lorsqu’ils ne respectent plus certains critères en termes de taille, de rentabilité et de performance. Aujourd’hui, les obstacles à la réduction du nombre de fonds sont principalement d’ordre fiscal, a rappelé Elizabeth Corley, CEO d’Allianz Global Advisors Europe. Elle note également que la plupart des petits fonds sont gérés par des maisons de taille modeste. Enfin, dernier frein, les fusions de fonds doivent faire l’objet de consultations. Concernant la concentration des sociétés de gestion elles mêmes, le processus est ralenti par le fait que le secteur est peu consommateur de fonds propres. «Ainsi, le coût pour une banque ou un assureur de garder une société de gestion est très faible», explique Elizabeth Corley. En outre, le prix payé pour une société de gestion est faible car le marché évalue les actifs et non la société en tant que telle. «A moins que vous n’y soyez obligés, vous n’êtes pas incités à vendre», indique Elizabeth Corley. A cela s’ajoutent également les pressions politiques dans certains pays qui souhaitent conserver des champions nationaux. Interrogé à ce sujet par Newsmanagers, Martin Gilbert, CEO d’Aberdeen Asset Management, pense lui aussi que l’offre de fonds est trop abondante, alors que seule une infime partie draine des souscriptions. Quant à savoir si les sociétés de gestion sont trop nombreuses, il estime qu’en tout cas il y en a beaucoup qui sont mal gérées, car elles ont des marges d’exploitation trop faibles...

Le groupe américain Invesco a annoncé le 27 juin le recrutement de Fredrick Cygnaeus en qualité de responsable de la distribution de gros (wholesale) dans les pays nordiques.Fredrick Cygnaeus, qui sera basé dans la nouvelle implantation d’Invesco à Stockholm, prendra ses fonctions le 16 août prochain. Avant de rejoindre Invesco, Fredrick Cygnaeus a travaillé pendant neuf ans chez Fidelity en tant que responsable des clientèles retail et institutionnelle pour la région nordique.

Lisa O’Connor qui était associate director, UK institutional Sales chez Russell Investments, a été recrutée comme European head of consultant relations par Axa IM, dans l'équipe de désormais cinq personnes que dirige Tim Gardener, global head of consultant relations. Ce dernier a d’ailleurs précisé que l'équipe est désormais au complet, avec une organisation par grandes régions : Amérique du Nord, Europe et Asie.Lisa O’Connor aura pour mission de développer et d’entretenir les relations avec les consultants dans toute l’Europe.

Avec le Pension Plus 2, Barclays Espagne propose jusqu’au 19 juillet un plan d'épargne-retraite de CNP Barclays Vida y Pensiones qui garantit à la fois le capital et un rendement de 16 % au bout de cinq ans, soit 3,01 % de TEG, rapporte Funds People. La clôture des souscriptions pourra intervenir dès que l’encours aura atteint les 30 millions d’euros.

Récemment, Abante Asesores avait présenté son nouveau fonds de gérants performants, Smart-ISH (lire notre dépêche du 7 juin). A présent, le gestionnaire a dévoilé le nom des 16 premiers fonds et sicav «d’auteur» retenus pour faire partie du portefeuille (qui peut aller jusqu'à 20 lignes).Il s’agit, dans l’ordre décroissant de pondération, de :- Belgravia Beta Sicav, de Carlos Cerezo- Bestinver Internacional, de Francisco García Paramés, Álvaro Guzmán et Fernando Bernad- Ibercaja Alpha, de Alberto Espelosín- Koala Capital Sicav, de Marc Garrigasait- Ángulo Verde Sicav, de Alejandro Muñoz et Guillermo Nieto- Elcano Inversiones Financieras, de JJ Fernández et Marc Batlle- Cartesio Y, de Juan Antonio Bertrán, Cayetano Cornet et Álvaro Martínez- Arenberg Asset Management Sicav, de Pablo González- Valor Absoluto Sicav, de Luis Bononato et Olivier Tinguely- Equilibria Investments, de Carlos Arenillas- BPA Fondo Ibérico Acciones, de Gonzalo Lardiés- Espinosa Partners, de Jaime Espinosa et Íñigo Espinosa - Gesconsult Renta Variable Flexible, de Alfonso de Gregorio- Mutuafondo Bolsa, de Ricardo Cañete- Solventis Eos Sicav, de Christian Torreset de Toro Capital Sicav, de Javier Bohórquez et Jorge Cruz

Tressis a présenté le 28 juin Tressis Gestión, la société de gestion qui remplace Valorica et qui démarre avec 75 millions d’euros d’actifs sous gestion, rapporte Cinco Días. Jacobo Blanquer, l’administrateur délégué, a indiqué être sûr de dépasser les 100 millions d’euros d’encours pour la fin de cette année.Tressis a repris la gestion des deux hedge funds de droit espagnol Valorica Global et Valorica Macro, qui s’appellent à présent Adriza. De plus, la société gère le fonds diversifié Harmatan Global, qui réplique le portefeuille conservateur de Tressis SV et qui était jusqu'à présent géré par BPA Global Funds Asset Management, précise Expansión.

State Street Corporation on 27 June announced that Brandes Investment Partners has asked it to extend its services (custody, accounting, financial reporting, tax, securities lending, etc.) to its pooled funds, totalling CAD1bn in assets.

Stoxx Ltd on 28 June announced that it has issued Barclays Capital an exclusive license for the new Euro Stoxx 50 Volatility-Balanced index. The index provides a risk-adjusted picture of the performance of the Euro Stoxx 50 index, replicating a portfolio which combines the Euro Stoxx 50 and volatility of equities represented by the Vstoxx Short-Term Futures Index (an index of futures traded on Eurex).The Euro Stoxx 50 Volatility-Balanced Index dynamically adapts the allocations to equities and volatility depending on the prevailing market environment, increasing exposure to volatility in periods of instability, and inversely, reducing it in times of rising markets and stability. Ambient volatility is measured by comparing short-term market expectations for volatility with present volatility.

The German firm Medion AG, which the Chinese company Lenovo is seeking to acquire for EUR629m, or EUR13 per share, announced on Tuesday that the hedge fund management firm Elliott Asset Management now controls 6.04% of its capital, Handelsblatt reports.

On 30 November 2011, Reinhard Kruse will be retiring from his position as a member of the board of directors at Talanx Immobilien Management GmbH, formerly AmpegaGerling Immobilien Management GmbH. He will be replaced by Thomas Fiebig, who joined the firm on 1 June, and who will be responsible for real estate investments. Fiebig was previously director of acquisitions and sales of real estate properties in Germany for ING Real Estate Investment Management GmbH.

UBS on 27 June announced that it has listed the new MSCI Agriculture SF swap-based ETFs in Swiss francs, euros and US dollars, and the MSCI Emerging Markets swap-based ETF in US dollars, on the SIX Swiss Exchange. The objective of the MSCI Agriculture SF swap-based ETF is to reproduce the performance of the UBS Bloomberg CMCI Agriculture Total Return index. The fund synthetically replicates the performance of the index by investing in a swap. UBS says that all of the fund’s exposure to swap counterparties are 105% covered with collateral which is eligible for OPCVM mutual funds. The objective of the MSCI Emerging Markets swap-based ETF is to reproduce the absolute net performance of the MSCI Emerging Markets index.

The JP Morgan group on 27 June announced that it has been selected by Pimco to distribute five ETFs from Pimco, which are registered in the United States, on the Mexican stock exchange. The five ETFs concerned are the PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ), PIMCO Broad U.S. TIPS Index Fund (TIPZ), PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ), PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ) and PIMCO Investment Grade Corporate Bond Index Fund (CORP).

The current second in command at Credit Suisse Geneva will be joining UBS on 1 July this year, Agefi Switzerland reports. Jean-François Demierre has been appointed as head of the Private Wealth Management (PWM) segment and the Executives & Entrepreneurs (E&E) desk. He will thus be leaving his position as assistant to the head of the onshore private banking entity of Credit Suisse in Geneva, where he has been for over seven years, and his position as head of the centre of expertise including real estate financing and Wealth Planning activities.

Aberdeen Asset Management, which not long ago was highly active on the mergers and acquisitions markets, is calmer now in that area. That is not expected to change in the next few months, Martin Gilbert, CEO of Aberdeen Asset Management, has told Newsmanagers at the Fund Forum International, being held from Tuesday to Thursday this week in Monaco. “We are doing very well at growing organically,” he explains, adding that he does not feel the need to make new acquisitions. “In addition, the prices are now very high, and banks are not selling anything off anymore.”In the United States, where an acquisition had been planned not long ago, Gilbert estimates that Aberdeen AM needs to build its fund distribution activities. He feels that the products are good, but warns against poor management of some of them, particularly synthetic ETFs, which may do damage to the UCITS brand.Gilbert, who was one of the founders of Aberdeen, which now manages GBP181bn in assets, says that the key to success for management firms is to ensure comfortable operating margins and to be able to retain talent. In order to retain good managers, being independent, as his firm is, is manifestly an advantage, as it means that employees can be offered a stake in the firm’s capital.

On 13 June, Camilla Crowe began in her new position as head of consultant relations at Threadneedle, in which she reports to Madeline Forrester, head of global institutional business. She will be based in London, and joins from DB Advisors (Deutsche Bank group), where she was in charge of relations with consultants and institutional investors in the United Kingdom.

Tressis on 28 June unveiled Tressis Gestión, the asset management firm which will replace Valorica, and which is starting up with EUR75m in assets under management, Cinco Días reports. Jacobo Blanquer, «delegate chairman», says he is confident the firm will have over EUR100m in assets by the end of this year.Tressis has taken over management of the two Spanish-registered hedge funds Valorica Global and Valorica Macro, which are now entitled Adriza. In addition, the firm manages the diversified fund Harmatan Global, which replicates the conservative portfolio Tressis SV, and which had previously been managed by BPA Global Funds Asset Management, Expansión reports.

The European bond trading platform MTS announced on Tuesday, 28 June that it has granted an exclusive license to DB x-trackers to create ETFs replicating its Italian government bond indices. The DB x-trackers ETFs will be based on three MTS Italy ex-Bank of Italy indices, a statement says: MTS Italy BTP ex-Bank of Italy, MTS Italy BOT ex-Bank of Italy, and MTS Italy Aggregate ex-Bank of Italy.

With a volume of USD220m as of 28 June, the Low Duration US High Yield Bond Fund (LU0602537069), a sub-fund of the Luxembourg Sicav Nordea 1, has received sales licenses for Germany, Austria and Switzerland. So far, it is the second fund whose management Nordea has outsourced to MacKay Shields, following the US High Yield Bond Fund (USD1.4bn as of the end of May), which was launched in 2008. As its name indicates, it is a fund which invests in US high yield bonds with short duration; it is managed by Dan Roberts, manager of the US High Yield Bond Fund. The product allows investors to reduce the sensitivity of a portfolio to an environment of rising interest rates and widening spreads. In addition, the management team may make limited use of short positions on Treasury futures, in order to manage duration. Average duration will be under 1 year, but may for short periods of time rise as far as 2 years at most.The fund will also be available in a share class hedged for currency risks (LU0602536764) aimed at institutional investors (minimal subscription EUR75,000).

The flagship fund Amundi Oblig Internationales [FR0010032573 (I-class shares) and FR0010156604 (P-class shares)] have received a sales license for Germany. The product, launched on 28 February 1980 and managed by Cédric Morisseau with a team of 25 people in the Global Bond & Currency Team based in London, has assets of over EUR1.5bn.Hubert Dänner, CEO of Amundi Germany, says that the first contacts with clients have been encouraging, in that many investors are seeking a bond fund which, like the Oblig Internationales, combines the advantages of active management and a wide variety of sources of performance. In addition, the fund has an attractive and very long-term track record.

According to financial industry sources, investors have been hesitant to acquire shares in the closed real estate fund DWS Access Deutsche Bank Türme, to which Deutsche Bank sold its freshly renovated twin tower headquarters in Frankfurt in March for EUR600m, Handelsblatt reports. Clients are not concerned that returns will be on the weak side, at only 5% per year, because the tenant is financially solid, the lease is very long-term and the properties are of high quality.

Abante Asesores has recently presented its new fund of high-performance managers, Smart-ISH (see Newsmanagers of 7 June). The management firm has now announced the names of the first 16 «artist’s» funds and Sicavs selected for the portfolio (which may include up to 20 positions).In decreasing order of weight, they are:- Belgravia Beta Sicav, by Carlos Cerezo- Bestinver Internacional, by Francisco García Paramés, Álvaro Guzmán and Fernando Bernad- Ibercaja Alpha, by Alberto Espelosín- Koala Capital Sicav, by Marc Garrigasait- Ángulo Verde Sicav, by Alejandro Muñoz and Guillermo Nieto- Elcano Inversiones Financieras, by JJ Fernández and Marc Batlle- Cartesio Y, by Juan Antonio Bertrán, Cayetano Cornet and Álvaro Martínez- Arenberg Asset Management Sicav, by Pablo González- Valor Absoluto Sicav, by Luis Bononato and Olivier Tinguely- Equilibria Investments, by Carlos Arenillas- BPA Fondo Ibérico Acciones, by Gonzalo Lardiés- Espinosa Partners, by Jaime Espinosa and Íñigo Espinosa - Gesconsult Renta Variable Flexible, by Alfonso de Gregorio- Mutuafondo Bolsa, by Ricardo Cañete- Solventis Eos Sicav, by Christian Torres- Toro Capital Sicav, by Javier Bohórquez and Jorge Cruz

Barclays Spain is offering the Pension Plus 2, a retirement savings plan from CNP Barclays Vida y Pensiones which guarantees initial capital and returns of 16% after five years, or 3.01% of TEG, until 19 July, Funds People reports. Subscriptions may be closed once assets reach EUR30m.

Few groups have not dedicated a part of their time in presentations at general shareholders’ meetings this year to the subject of sustainable development and CSR, according to the AGM 2011 survey by DLA Piper and Capitalcom. Year after year, sustainable development is occupying an increasingly large place in addresses by directors, who, as in 2010, dedicated an average of 7 minutes to the topic, nearly twice as much time as in 2009, and in discussions with shareholders, with a total of 10% of questions asked. Most of the time, the subject was in connection with strategy presentations. A growing number of businesses are presenting extra-financial indicators and quantitative objectives at their general shareholders’ meetings.In 2011, businesses continued their pedagogical efforts in their presentations on governance, with a large number of groups making an effort to raise the awareness of their shareholders about the composition and functioning of their boards, and to show them a summary of their efforts.What is surprising is that again this year, even in the midst of an unprecedented crisis, risk management was largely absent from directors’ speeches at general shareholders’ meetings. Businesses which dared to present a map of their risks, or to lay out their procedures to anticipate and manage risks remain a minority. However, directors did not hesitate to speak on topics which are often considered sensitive, such as changes to growth rates in Europe and newer economies.

To settle legal proceedings, the board of Bank of America (BoA) is reported to have voted on 28 June to approve a settlement with 22 investors, including BlackRock, MetLife and the Fed of New York, who hold mortgage securitisations sold by the bank initially for USD105bn, before the residential real estate crisis, the Wall Street Journal reports. BoA is reported to have agreed to pay USD8.5bn to these “high profile” investors. BoA will be presenting its second quarter results this Wednesday.The deal may well encourage mutual fund managers, insurers and investment partnerships to seek similar arrangements with major banks in the US, on the grounds that billions of dollars in securitisations purchased before the collapse of the real estate markets did not fulfil the promises of the vendors, or that they were badly managed.

With the Dow Jones Global Commodity Equity 100 Index, the first product in a new family of indices, Dow Jones Indexes has unveiled an instrument to measure the performance of equities in companies which are active in exploration for or production of commodities which are both scarce and renewable. The sectors represented in the index are agriculture, energy, industrial metals, precious metals, and water.The new index includes four sub-indices:•Dow Jones Global Equity Agriculture Index;•Dow Jones Global Equity Energy Index;•Dow Jones Global Equity Scarcity Index, and•Dow Jones Islamic Market Global Equity Commodity Index.

In the wake of the financial crisis, a growing number of institutional investors, especially pension funds and sovereign funds, are investing directly in hedge funds, according to an international survey undertaken by Citi Prime Finance, covering a sample of 60 major investors, representing over USD1.7trn in assets, and hedge fund managers with USD186bn in assets under management (“Global Pension and Sovereign Wealth Fund Investment in Hedge Funds: The Growth and Impact of Direct Investing,” June 2011). This development may be working to the disadvantage of traditional funds of funds. Contrary to the received idea that funds allocated directly go mostly to the major hedge fund managers, the survey finds that smaller hedge funds, with total assets of USD1bn to USD5bn, saw the most net growth in 2010. Hedge funds in this range are the favourites of allocators; the range may go as low as USD500m in developed countries, and USD250m in emerging markets. However, hedge funds with assets of USD250m to USD500m pose problems of size for direct allocators, who often have legal or discretionary limitations, and whose allocations may not exceed 10% to 25% of the total assets in a hedge fund. In terms of the size problem, there are also a growing number of obstacles to overcome in order to serve the institutional market. Being selected for a list by a consultant is no longer as easy, as consultants tend to favour larger managers, with assets under management of over USD5bn.