On 18 April, Deutsche Bank and LGT announced that they had completed negotiations toward a sale of the Liechtenstein financial group, an affiliate of BHF-Bank, which the German bank acquired in its bailout of Sal. Oppenheim in autumn 2009.The statement says that the two partners had reached an agreement on the details of the transaction, but the plans were called off when the supervisory authorities were consulted. “In order not to unduly prolong the current climate of uncertainty for partners and clients,” the managing board at Deutsche Bank has decided to call off the disposal process. Deutsche Bank will now focus on building its private wealth management (PWM) and asset management activities.This may mean that Deutsche Bank will at least initially hold onto the fund management firm Frankfurt Trust (EUR7.62bn in assets in open-ended securities funds, and EUR4.69bn in institutional funds).

After 21 years of work in the company, Jean-Baptiste de Franssu is leaving Invesco, where he has been CEO for Europe for 15 years. In a letter to his “European colleagues” at the US management firm, he has announced his departure. «I have agreed with Marty Flanagan [chairman and CEO of Invesco] that I will be pulling back from the day-to-day management of the business by the end of April, and will be leaving the company at the end of June to allow me to help James [Robertson] through the transition period», Jean-Baptiste de Franssu writes. James Robertson is leading the combined UK, Continental European and Middle Eastern business. The departure appears to be linked to a reorganisation at Invesco, which aims to strengthen the firm’s presence in continental Europe. «As many of you know and in order to increase our chances of winning significant market share, we have undertaken since November last year and at my request, a review of our presence in Europe. Its purpose is to ensure that we are in a position to fully leverage the strengths of our global company to continuously bring the best of Invesco to our clients», de Franssu says in his letter. In a separate letter, Marty Flanagan also discusses Invesco’s strategy in continental Europe at length. He says that the departure of de Franssu in June will give time to ensure a smooth transition of his responsibilities. He adds that Robertson will continue to lead a combined UK, Continental European and Middle Eastern business. . The management firm had no other comment when contacted by Newsmanagers. De Franssu will also remain as president of Efama until the end of his term, which will coincide with the date of his final departure from Invesco, Peter de Proft, CEO of the European association, has confirmed to Newsmanagers. A successor will be elected on 17 June in Lucerne.

David Jane is preparing to launch the TM Darwin Multi Asset Fund, the first offering from his new management boutique, Darwin Investment Managers, Investment Week reports. The fund will be modelled on the M&G Cautious Multi Asset fund, which Jane created when he was head of equity investments at M&G.

GLG Partners will close its market neutral fund to new investors when it grows beyond USD1bn – expected to be in the next few weeks – Steve Roth, the fund’s manager, has told the Financial Times. The size of the fund may have a negative impact on performance above this level.

Fundweb reports that First State Investments is preparing to launch a range of bond funds aimed at British investors. The product line would be released by the end of 2011. Recruitments will accompany the launch, Fundweb states.

As its P-ETC Physical Gold fund has already topped USD1bn in assets under management, Source announced on 18 April that it is launching three exchange-traded products (ETP) backed by physical stocks of three other precious metals stored in the J.P. Morgan vaults in London.The funds are the P-ETC Source Physical Silver (IE00B43VDT70), P-ETC Source Physical Platinum (IE00B40QP990) and P-ETC Source Physical Palladium (IE00B4LJS984).The new P-ETC funds charge 0.39%, and are listed on the London Stock Exchange.

HSBC Global Asset Management has recently launched four new ETFs on the London Stock Exchange, which provide acess to Asian markets. They are the ETF HSBC MSCI Korea, HSBC MSCI Indonesia, HSBC MSCI Malaysia, and HSBC MSCI Taiwan. Management fees total 0.6%, Money Marketing states.

The CNMV has issued a sales license for Spain for the Euro High Yield Short Term (LU0517222054, capitalisation shares, LU0517221833, distribution shares) sub-fund of the Luxembourg Sicav Petercam L Bonds, from the Belgian management firm Petercam. The product charges 0.7%, and was launched nine months ago (see newsmanagers of 14 September 2010). Assets now total nearly EUR50m.

Following warnings from regulators that synthetic ETFs may represent a threat to the stability of financial markets, ETF providers are on the counter-attack, Financial Times Fund Management reports. Alain Dubois, chairman of Lyxor Asset Management, says that most ETFs are simple products regulated by the UCITS directive, which are more transparent than most other funds. He claims that use of derivatives in UCITS funds is already very well regulated.

Jeffrey Kautz has ceased to manage the Perkins US Strategic Value fund, Citywire reports. Thomas Perkins, who was previously co-manager of the fund, will now manage it with Todd Perkins. Kautz will remain as chief investment officer at Perkins, which is owned by Janus.

New York-based asset management firm Van Eck Global on 14 April announced the launch of the Market Vectors Russia Small-Cap ETF (NYSE Arca acronym: RSXJ), which it claims is the first ETF to allow US investors direct investment in a Russian small caps product, whereas available funds have previously focused on large caps.The Market Vectors Russia Small Cap ETF fund replicates the evolution of the Market Vectors Russia Small-Cap Index (MVRSXJTR), which as of 13 April consisted of 35 companies with an average market capitalisation of USD2.3bn. Of this total, utilities represent 18%; materials, 19%, and energy, 17%.The new fund charges fees of 0.67%.

The New York-based Dreyfus Corporation (USD400bn), an affiliate of BNY Mellon Asset Management, has announced the launch of the Dreyfus India Fund, a country fund which invests in Indian equities and bonds. The product will be sub-advised by Hamon U.S. Investment Advisors Limited, a Hong Kong firm specialised in Asian equities, which is controlled by Hamon Investment Group Ptd, in which BNY Mellon owns 19.9%.

AXA Real Estate Investment Managers (EUR39.9 billion of assets under management as of December 2010) has raised on behalf of its pan-European debt fund, Commercial Real Estate Senior 1 an additional EUR180 million from a number of European insurance companies at second close. CRE1 is advised by AXA Real Estate’s regulated entity, AXA REIM SGP. CRE1 has now attracted total equity of EUR530 million, following the EUR350 million raised in January 2011. The Fund has already exceeded the minimum fundraising target and expects a final close before the summer 2011 with a number of potential investors from Europe currently at advanced stages of due diligence. AXA Real Estate’s debt programme now reaches EUR2.7 billion.Since January 2011, AXA Real Estate on behalf of its clients has invested through eight different loans with a total value of EUR375 million. These are backed by various types of real estate assets including office, retail, and hotels that are located in the United Kingdom and continental Europe. The average all-in spread over swap rate stands at 275bps, above the 250bps Fund target. All these loans are senior exposures, secured by stable prime properties with an average LTV of below 60%, characterized with strong cash flow streams. AXA Real Estate has now invested on behalf of its clients 25% of the equity it raised at the first closing of CRE1 and is currently working on a number of potential investments with a total value of over EUR500 million.

The short-term bond fund AXA IM Euro Fixed Income Moderato, from AXA Investment Managers, released in November 2010 (see Newsmanagers of 29/11/2010), is now available in Germany. Permission to sell the fund in Germany was received on 25 March 2011, a statement says. The OPCVM fund, managed by the money market management team at Axa IM in Paris, aims for annualised net returns equal to the Eonia plys 25 basis points for shares in the I class, reserved for institutional investors.

As of 31 March, assets under management at Invesco Ltd totalled USD641.9bn, compared with USD641.1bn as of the end of February, and USD616.6bn as of 31 December 2010. Assets excluding ETFs and passive products totalled USD550.2bn, compared with USD552.4bn one month earlier, and USD535.7bn as of the end of last year.Legg Mason, for its part, has announced assets of USD677.6bn as of the end of first quarter, compared with USD671.8bn as of 31 December 2010; one year earlier, assets totalled USD684.5bn. Assets in long-term products totalled USD546.2bn three months previously.

Richmond Park Capital Holdings Limited, the parent company of Richmond Park Partners LLP, on 11 April 2011 completed its acquisition of the French asset management firm Olympia Group, previously controlled by Sagard Private Equity Partners and its other shareholders. The transaction was approved by the French and British regulatory authorities, the AMF (Autorité des Marchés Financiers) and FSA (Financial Services Authority). The acquisition will result in the full payment of all of the Olympia Group’s debts, a press statement says.

Russell Investments has announced the recruitment of Brian Burke as risk management officer, and Lance Babbit as senior portfolio manager. The two men will join the team dedicated to hedge funds, a statement says. Burke was previously executive director and head of the analysis team at Measurisk. Babbit was head of North America portfolio hedge fund of funds in the Alpha Strategies team at Credit Suisse.

Pour l’année 2011, la Caisse régionale du Crédit Agricole de Haute Loire a un programme d’investissement de 12 millions d’euros qu’elle n’a pas encore commencé à investir. Audrey Désormières, trésorière à la caisse régionale, explique : « Depuis le début de l’année, nous avons procédé à des arbitrages sur notre portefeuille sans faire d’allocations nouvelles car nous nous avons cédé nos fonds Japon dès le début de la crise avant d’avoir des moins values importantes ». Pourtant, la Caisse régionale compte bien investir et sa stratégie s’oriente sur les actifs risqués notamment vers les grandes capitalisations sur les marchés occidentaux et sans doute, sur des fonds actions constitués de paniers de matières premières. Ces investissements dépendront très fortement de la règlementation de Bâle III qui a déjà une influence directe sur le portefeuille obligataire de la caisse. « Nous avons déjà cédé 20 millions de monétaire pour investir dans des obligations d’Etat, précise Audrey Désormières. Cette décision liée aux problèmes de liquidité est directement la conséquence de Bâle III ». Stratégie qui force pourtant la caisse à revoir son rendement à la baisse. Concernant le portefeuille de placement, la caisse est dans l’expectative comme le confirme Audrey Désormières: « Pour l’instant les OPCVM sont exclus de la règlementation mais il semblerait que des pourparlers soient en cours pour faire rentrer les SICAV monétaires dans le ratio. Dans ce cas, même si on n’en avait pas prévu pour cette année, on allouera quelques millions sur du monétaire ».

Le groupe transatlantique souhaiterait exiger du Nasdaq OMX une indemnité de rupture de contrat de 2 milliards de dollars avant toute discussion de fusion

L’absence de ligne claire sur les déficits justifie la perspective négative sur le triple A du pays

Elle plongerait dans la crise le système bancaire local, et serait synonyme de pertes pour les pays de l'Union européenne

Bloquée par Berlin au nom de la lutte antiblanchiment, la banque doit renoncer à la vente de sa filiale au groupe LGT du Liechtenstein

L’absence de ligne claire sur les déficits justifie la perspective négative sur le triple A du pays

Dans un entretien accordé au quotidien, le président de la BCE a réaffirmé qu’il «n’accepterait pas les effets de second tour» dans la zone euro, conformément à son mandat d’assurer «la stabilité des prix à moyen terme». Il a néanmoins reconnu que s’il «y a des signes ici et là qui ne vont pas dans la bonne direction», il ne voit «pour le moment, pas de signes alarmant d’effets de second tour». L’inflation en zone euro a atteint 2,7% en mars, et l’indice sous-jacent est passé de 1 à 1,3%. Jean-Claude Trichet a appelé les pays européens à «prendre les devants et toutes les mesures nécessaires» pour assurer la stabilité budgétaire.

Le gestionnaire alternatif britannique, propriété de Man Group, va fermer au cours des prochaines semaines son fonds vedette market neutral aux nouveaux investisseurs, dès lors que ses actifs dépasseront un milliard de dollars. C’est ce qu’a confié au quotidien le gérant du fonds, Steve Roth, qui souhaite pouvoir préserver ses capacités de performance de gestion en maîtrisant la taille du fonds.

Jugée inéluctable à terme, une restructuration de la dette grecque pose dans l’immédiat beaucoup plus de problèmes qu’elle n’en résout, estiment les économistes

Trois fonds d'investissement ont porté plainte devant un tribunal de Manhattan, dénonçant un cartel dans le mode de fixation de ces taux

Les risques de récession augmentent quand une banque centrale remonte fortement ses taux. Schroders attend ceux de la BCE à 2 % en avril 2012

L’institut retient pour la France une croissance du PIB en volume de 1,9 % en 2011 puis de 1,8 % en 2012, tandis que Bercy prévoit encore 2% et 2,25%. Selon Coe-Rexecode, la progression du PIB mondial passerait de 4,8% en 2010 à 4,2% en 2011 et 2012. Les économies émergentes verraient leur rythme de croissance ralentir de 7,6% en 2010 à 6,6% en 2011 puis à 6,3% en 2012.

Annoncé en février dernier, le rachat du gestionnaire indépendant Olympia Capital Management par Richmond Park Capital Holdings Limited, la maison mère de Richmond Park Partners, a été finalisé le 11 avril. Parmi les cédants figure notamment Sagard Private Equity Partners. Approuvée par l’AMF et la FSA, cette acquisition se traduit par le désendettement total du groupe Olympia.