Jusqu’au 4 février 2011, BNP Paribas lance Yosemite, un fonds garantissant le capital à l'échéance fixée au 21 février 2017. La performance du fonds est liée à l'évolution d’un panier d’actions internationales, plafonné à 37% maximum - soit un rendement actuariel maximum de 5,34 %.Concrètement, le panier est composé de 20 valeurs sélectionnées parmi les plus grosses capitalisations des indices représentatifs des marchés actions de la zone euro, américain et chinois. Dix valeurs sont issus de l’Euro Stoxx 50, 5 du S&P 500 et 5 du FTSE Xinhua China 25. Le 8 février 2017, la performance de chacune des actions du panier est calculée par rapport à l’origine. Pour chaque action, on retient : - sa performance positive dans la limite de 37%, si l’action est en hausse,- sa performance positive équivalente, si l’action est en baisse de 15% maximum. Si la performance de l’action est comprise entre -15% et 0%, sa performance retenue sera donc comprise entre 0% et 15%,- sa performance réelle, si l’action est en baisse de plus de 15%.A l'échéance, le 21 février 2017, la performance finale est alors égale à la moyenne arithmétique des 20 performances retenues, sans pouvoir être négative. CaractéristiquesCode ISIN : YOSEMITE - FR0010941617Les performances sont calculées dividendes non réinvestis.Eligible dans le cadre d’un contrat d’assurance vie ou de capitalisation des sociétés d’assurance du groupe BNP Paribas jusqu’au 28 février 2011 inclus

Lazard Frères Gestion a annoncé mardi 9 novembre le renforcement de ses équipes commerciales dédiées au marché des conseillers en gestion de patrimoine indépendants (CGPI) et à la banque privée en France. Dans le détail, à Paris, Grégory Maes, âgé de 38 ans, a rejoint le pôle de développement commercial CGPI le 3 mai dernier pour développer la collecte et les relations auprès des CGPI et des plates-formes d’assurance. Précédemment, il était responsable commercial CGPI au sein des équipes Distribution d’AXA Investment Managers et ce, depuis 2006. A Lyon, Sébastien Janin a rejoint le pôle de développement commercial CGPI et Gestion Privée. Agé de 38 ans, il était précédemment responsable commercial pour le grand Sud Est au sein d’UBS depuis 2006. A Bordeaux, Anne Brouard, 36 ans, a rejoint le pôle de développement commercial Gestion Privée, CGPI et Gestion Institutionnelle. Elle était précédemment responsable du bureau de Bordeaux pour la Banque Privée Neuflize OBC depuis 2006. En région Paca et Languedoc-Roussillon, Christian-Pierre Larnaudie a pris, au 1er avril, ses fonctions de senior advisor. Sa mission, précise un communiqué, sera d’accompagner Lazard Frères Gestion dans son développement en gestion privée et d'étudier l’intérêt d’une implantation locale. Agé de 61 ans, Christian-Pierre Larnaudie était au cours des dix années précédentes directeur au bureau d’UBS à Marseille, puis directeur régional à Bordeaux.

Alors que la Directive UCITS IV et ses textes d’application prévoient le remplacement à compter du 1er juillet 2011 du prospectus simplifié par le KII. Société Générale Securities Services (SGSS) a annoncé mardi 9 novembre le lancement d’une nouvelle offre de services, destinée aux sociétés de gestion, pour prendre en charge à leur place les démarches réglementaires relatives au remplacement du prospectus simplifié des OPCVM par le Key Investor Information (KII)*. Cette offre de services prend en charge les principaux aménagements réglementaires et les contraintes administratives, et s’occupe également des calculs des différents indicateurs demandés par KII tel que l’indicateur de risque et de rendement, précise un communiqué. De fait, les sociétés de gestion peuvent ainsi se concentrer sur la préparation des informations concernant les objectifs et politiques d’investissement des OPCVM, données qui sont également concernées par le KII. * KII ou KIID ou KID ou DICI : Document d’Information clés pour l’investisseur

Par rapport à fin septembre, l’encours mondial des ETF s’est accru de 57,7 milliards de dollars et a ainsi atteint au 31 octobre un montant de 1.239 milliards de dollars, selon les estimations de BlackRock. Les actifs ont ainsi gonflé de 19,6 % depuis le début de l’année (1.036 milliards de dollars). Pour octobre, les souscriptions nettes des ETF et ETP se sont chiffrées à 21 milliards de dollars.Le nombre d’ETF a augmenté pour sa part de 30 unités en un mois, à 2.409 fonds, qui sont cotés 5.335 fois contre 5.204 fin septembre). Depuis début janvier, le nombre d’ETF a gonflé de 23,9 %, avec 514 lancements et 50 radiations.Actuellement, il existe des projets de lancement pour 1.038 ETF.Les trois principaux promoteurs d’ETF demeurent iShares, State Street Global Advisors (SSgA) et Vanguard. Le premier comptait fin octobre 466 ETF pour un encours de 556,1 milliards de dollars, soit 44,9 % de part de marché contre 45,3 % un mois plus tôt. SSgA, avec 113 fonds et 170,7 milliards de dollars, affiche une part de marché de 13,8 % contre 13,9 % fin septembre. Quant à Vanguard, avec 64 produits et 135,2 milliards de dollars, il voit sa part de marché progresser à 10,9 % contre 10,6 %.

Santander Pensiones, filiale du Santander spécialiste des fonds de pension, est le dernier établissement en date à avoir signé les Principes de l’investissement responsable des Nations-Unies (UN-PRI). Parmi les maisons qui ont récemment adhéré figurent trois françaises, Activa Capital, Iris Capital et UFG-LFP.Au nombre des autres signataires de poids figurent l’allemand Union Investment (banques populaires), l’américain Thomson Reuters et le canadien Alberta Investment Management Corp.

Selon Reuters, la banque américaine Goldman Sachs et la française Natixis avaient l’intention mardi 9 novembre de régler à l’amiable leur différend au sujet de CDS (credit default swaps ), illustration des désaccords très fréquents nés de contrats de dérivés de crédit conclus avant la crise financière. Au centre du conflit, l’annulation par Natixis d’une transaction sur trois CDS avec Goldman Sachs qui réclame des dommages-intérêts pour rupture de contrat.

L’indice de fonds alternatifs Lyxor Hedge Fund Index a enregistré une hausse de 1,44 % en octobre, portant la performance depuis le début de l’année à 4,30 %. Les stratégies ayant obtenu les meilleures performances sont Lyxor CTAs Long Term Index (+3,21 %), Lyxor Global Macro Index (+3,03 %), et Lyxor L/S Credit Arbitrage Index (+2,16 %). La stratégie la moins performante en octobre a été Lyxor L/S Equity Short Bias Index, qui a chuté de 2,21 %.

Sur les neuf premiers mois de l’année 2010, plus de 600 hedge funds ont été lancés dans le monde, indique Eurekahedge. Les encours du secteur dépassent ainsi, à fin octobre, la barre des 1.600 milliards de dollars.En termes de performances, octobre a encore été un bon mois pour les hedge funds, l’indice Eurekahedge gagnant 2,26 %, portant les gains depuis le début de l’année à 7,31 %. Les fonds Asie hors Japon ont affiché les rendements les plus élevés, à +3,11 %.

Dans le cadre de sa politique de développement sur le marché des conseillers en gestion de patrimoine Indépendants (CGPI) et de la banque privée, Lazard Frères Gestion vient d’annoncer quatre recrutements au sein de son équipe commerciale en France. A Paris, Grégory Maes a rejoint le pôle de développement commercial CGPI au mois de mai, en provenance des équipes distribution d’AXA Investment Managers. A Lyon, Sébastien Janin a rejoint le pôle de développement commercial CGPI et gestion privée pour développer la collecte et les relations auprès des CGPI et des clients privés. Il était précédemment responsable commercial pour le grand Sud Est au sein d’UBS depuis 2006. A Bordeaux, Anne Brouard a rejoint le pôle de développement commercial privée, CGPI et gestion institutionnelle. Elle était précédemment responsable du bureau de Bordeaux pour la Banque Privée Neuflize OBC depuis 2006. En région Paca et Languedoc-Roussillon, Christian-Pierre Larnaudie a pris, au 1er avril, ses fonctions de senior advisor avec la mission d’accompagner Lazard Frères Gestion dans son développement en gestion privée.

La Commission Gestion privée de l’AFG pilotée par Guillaume Dard, président directeur général de Montpensier finance, se modernise, a annoncé l’association dans sa lettre de novembre. Cette commission accueille en son sein aussi bien des sociétés de gestion que des banques privées de manière à traiter de manière globale et approfondie l’ensemble des enjeux de l’activité de la gestion privée en France. Qu’ils soient liés au modèle économique, à la règlementation ou à la commercialisation des produits.

Au troisième trimestre 2010, le résultat imposable du pôle Epargne de Natixis, qui comprend la gestion d’actifs, l’assurance vie, la banque privée et le capital investissement pour compte de tiers, s’est élevé à 116 millions d’euros, en progression de 7% par rapport au troisième trimestre 2009, pour des revenus en hausse de 12% à 431 millions d’euros.Les revenus de la Gestion d’Actifs progressent de 12% (+5% à change constant) par rapport au troisième trimestre 2009 à 350 millions d’euros. Les encours s’élèvent à 527 milliards d’euros au 30 septembre 2010 (+3% à change constant par rapport à fin juin 2010). En Europe, les encours atteignent 321 milliards d’euros, en hausse de 1% sur le trimestre. La décollecte est concentrée sur les supports monétaires (-3,7 milliards d’euros). Hors fonds monétaires, la collecte est positive à 1,1 milliard d’euros, portée notamment par les produits d’assurance vie. Aux Etats-Unis, les encours s’établissent à 279 milliards de dollars, en hausse de 7% par rapport au 30 juin 2010. La collecte est positive à 0,9 milliard de dollars.L’Assurance vie bénéficie d’une bonne dynamique commerciale. Les encours au 30 septembre 2010 atteignent 36,1 milliards d’euros, en augmentation de 11% par rapport au 30 septembre 2009. L’activité a été soutenue au troisième trimestre, portée notamment par le réseau des Banques Populaires. Le chiffre d’affaires Vie progresse de 33% par rapport au troisième trimestre 2009 à 1 012 millions d’euros et le chiffre d’affaires Prévoyance de 35% à 93 millions d’euros.Dans la Banque Privée, la collecte s’élève à 0,2 milliard d’euros au troisième trimestre, avec une contribution de tous les réseaux de distribution. Sur 9 mois, elle atteint 0,8 milliard d’euros contre 0,1 milliard d’euros sur 9 mois 2009. Les encours sous gestion augmentent de 3% par rapport au 30 septembre 2009, à 15,1 milliards d’euros. Les revenus progressent de 9% par rapport au troisième trimestre 2009, grâce à la bonne tenue des commissions sur encours.Le groupe Natixis confirme son redressement avec un résultat net de 305 millions au troisième trimestre et de 1,29 milliard sur neuf mois alors qu’il accusait une perte de 2,23 milliards d’euros sur les neuf premiers mois de 2009.

p { margin-bottom: 0.08in; } The largest European companies are the most engaged worldwide in reporting and management of carbon emissions, according to the Carbon Disclosure Project (CDP) Europe 300 list for 2010, published on 9 November. However, on the basis of annual projections for the 300 largest European companies, Europe will still not achieve the emission limits set out by the European Union Emission Trading Scheme (EU-ETS) for 2020. If these firms achieve their annual objectives, they may achieve a reduction in annual emissions of only 1.5% per year. These reductions are lower than the absolute reductions required by the EU-ETS of 1.9% per hear on average until 2013 and 2020, and up to 4.1% if the European Union decides to set an objective of a 30% reduction in greenhouse gas (GES) emissions throughout Europe. The analysis, undertaken by CA Cheuvreux, reveals that nearly 80% of businesses which responded to the CDP questionnaire have set emissions reduction targets, most of which will expire in 2012, and less than one quarter of businesses have set objectives beyond 2015. In order for businesses to extend these horizons and achieve the higher objectives required, the report recommends that a clear long-term regulatory framework be defined. For all activity sectors, nearly nine companies out of ten see regulatory opportunities emerging from climate change policy.

p { margin-bottom: 0.08in; } iShares, the ETF platform from BlackRock, has listed the iShares JP Morgan $ Emerging Markets Bond fund on the Milan stock exchange, bringing the number of its ETFs listed in Italy to 98. The ETF, which provides investors with exposure to emerging market debts denominated in US dollars, has assets of over USD1bn.

In January-October, net subscriptions to ETFs domiciled in Europe totalled USD38.9bn. iShares (BlackRock) continues to lead the pack, with inflows of USD10.4bn, followed by db x-trackers (Deutsche Bank) with USD7.9bn, and Lyxor Asset Management (Société Générale), with USD4bn. As of the end of September, third place was held by Source, according to monthly statistics from BlackRock.In other words, db x-trackers, which attracted USD2.5bn out of a total of USD7.9bn in October, still lags behind iShares (Usd2.8bn), but outstrips Lyxor for at least the third consecutive month. Third place in the rankings in terms of net inflows in October is Swiss & Global Asset Management (USD0.1bn).Assets at iShares remain the largest by far, with 181 products and USD98.2bn in assets as of the and of October, ahead of Lyxor with 148 funds and USd49.9bn, and db x-trackers with 139 ETFs and USD47bn.In general, assets under management in ETFs domiciled in Europe represented USD274.1bn, compared with USD256.2bn as of the end of September, and USD226.9bn as of the end of December 2009. Assets have increased 20.9% in the first ten months of the year. The number of ETFs as of the end of October totalled 1,048, listed 3,512 times, compared with 1,030 funds as of the end of September.

p { margin-bottom: 0.08in; } A secondary offer of 43.57 million ordinary shares in BlackRock being resold by Bank of America Corporation (BofA) and 7.5 million ordinary shares held by PNC (see Newsmanagers of 4 November) will take place at a price of USD163 per share, BlackRock announced on Monday evening. The closing price of shares in the firm on 8 November was USD169.09.The asset management firm says that BofA has granted the market makers (BofA Merrill Lynch, Morgan Stanley and Barclays Capital) a greenshoe option of 5.2 million ordinary shares. In addition, in parallel with the completion of this transaction, BofA is planning to directly sell 2.45 million BlackRock shares to an institutional investor, at the secondary offer price. The placement agents for this second deal are BofA Merrill Lynch and Morgan Stanley. In total, the shares placed by BofA and PNC will represent a total of Usd8.33bn, in addition to which may come USD849.2m corresponding to the greenshoe option.

p { margin-bottom: 0.08in; } In third quarter 2010, the Intesa Sanpaolo group has posted net profits of EUR510m, compared with EUR1.002bn in April-June (which included EUR648m in net capital gains from sales of securities services activities). In the first nine months of the year, net profits are down 2.7% to EUR2.2bn, as retail activities in Italy were penalised by weak Euribor rates.Savings under management as of 30 September totalled EUR240bn, 1.4% more than at the end of June, 3.4% more than at the end of December, and 4.7% more than one year previously.The asset management affiliate Eurizon Capital posted net profits of EUR52m for January-September, of which EUR16m were in third quarter, compared with EUR41m in the first nine months of 2009.Banca Fideuram (private banking) earned net profits of EUR114m for the first three quarters (of which EUR41m were in third quarter), compared with EUR104m in January-September 2009.

p { margin-bottom: 0.08in; } Asian Investor reports that Credit Suisse Asset Management has signed an exclusive distribution agreement in Japan and elsewhere in the world with the Singapore-based alternative management firm Kimco International. The head of asset management at Credit Suisse Japan, Akira Takahashi, says that he is hoping to double or triple assets under management at Kimco in a short period of time; they currently total about USD200m. Kimco, founded in 2006, with 10 personnel in Japan, uses a long/short, bottom-up strategy on Japanese equities.

p { margin-bottom: 0.08in; } The Hong Kong-based management firm Quam Asset Management has appointed Richard Harris as chief executive officer, Asian Investor reports. Harris, previously chief executive of the consulting firm Port Shelter Investment Company, will be in charge of long/short strategy for China, Quan Greater China Fund, whose size he will endeavour to increase (currently USD50m). He will report directly to the president of the Guam group, Bernard Pouillot. Quam AM has recently launched a long-only fund dedicated to the Middle East, and is planning to put together an African team to launch a fund dedicated to Africa (Quam African Fund).

Currently, assets at Hugau Gestion total over EUR900m, which represents an increase of EUR220m, or 28% since the beginning of the year, of which about EUR200m are net subscriptions.99% of these funds come from French institutional investors, of whom none have contributed more than 6% of assets, while the management firm now has over 80 subscribers. “The next step,” explains Eric Le Maire, CEO, “will be to capture French corporates, and then to consider possibly exploring foreign markets.” The important thing for Hugau Gestion is to “find loyal clients, who understand what we are doing, which implies that we also need to understand what they are doing. That is the doctrine we have followed for three years.”Management of the six mutual funds from Hugau, overseen by Catherine Huguel (including the Hugau Moneterme fund, with EUR450m, and Hugau Obli 1-3, with EUR335m), is highly transparent: 40-45 positions of direct investment, with no leverage, on large caps. Funds in the bond range have virtually no positions on government bonds.The results are encouraging, at least for the two major products under the brand name, as the Moneterme fund shows returns as of the end of October of 1.56% since the beginning of the year, compared with 0.34% fo rthe benchmark index (capitalised Eonia), while Obli 1-3 has gained 3.27%, compared with 1.32% for the EuroMTS 1-3 years.

Lazard Frères Gestion announced on Tuesday, 9 November that it has added to its sales teams dedicated to the IFA market and private banking in France.In detail, in Paris, Grégory Maes, 38, joined the IFA sales development unit on 3 May this year, to develop inflows and relations with IFAs and insurance platforms. Previously, he was head of sales to IFA in the Distribution teams at AXA Investment Managers, since 2006.In Lyon, Sébastien Janin has joined the IFA and private management sales development unit. Janin, 38, was previously head of sales for Southern and Eastern France at UBS, since 2006.In Bordeaux, Anne Brouard, 26, has joined the private management, IFA and institutional management sales development unit. She was previously head of the Bordeaux office of the Banque Privée Neuflize OBC, since 2006. In the Provence-Alpes-Côte d’Azur (PACA) and Languedoc-Roussillon regions, Christian-Pierre Larnaudie on 1 April took up a position as senior advisor. His mission, according to a statement, will be to assist Lazard Frères Gestion in its development in private management and to study the attractiveness of opening a local office. Larnaudie, 61, spent the previous ten years as director of the UBS office in Marseille, and then regional director in Bordeaux.

p { margin-bottom: 0.08in; } The Mutual Funds Against Cancer (MFAC) initiative has adopted the new name Expect Mircales Foundation – Financial Services Against Cancer, on the occasion of its end-of-year charity event (7th Annual Expect Miracles Wine & Spirits Charity Event in Boston). The founder and president of the foundation, Frank Strauss, says that the change comes because now, after five years, mutual funds are no longer the only ones to be contributing to the fight against cancer, which is now being taken on by the financial sector more broadly.

p { margin-bottom: 0.08in; } According to fondsprofessionell, the Austrian hedge fund management firm Superfund has laid off about one third of its personnel this year as part of a cost-reduction campaign to stem losses. It has also considerably reduced its sponsoring activities, and lowered its management fees by 20%. Assets are currently reported to total EUR880m, compared with over EUR1bn one year ago, and EUR1.5bn five years ago.

In a letter from the AFG dated November 2010, the association has announced that as a part of its work on the asset management industry, it will launch a study of employment. “This study, which will aim to be representative of the entire management ecosystem in France, will aim not only to provide data and analysis of the structure of direct employment which the major existing professions and functions at management firms provide, but also to estimate the number of jobs generated indirectly by their outsourced or delegated activities ,” the AFG says. The last study of this type was published in September 2008, covering management firms which belong to the AFG. Third-party asset management then generated 70,000 jobs, of which 13,000 were directly employed and nearly 10,000 outsourced, and about 47,000 jobs in distribution, brokerage, and other associated professions.

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS (California Public Employees’ Retirement System) on 9 November announced net return on investments of 13.3% for the year to 30 June 2010, an improvement of nearly 20 percentage points over initial estimates. The market value of CalPERS’ assets under management totalled USD200.5bn, USD500m higher than the figure announced in July, and a gain of over USD40bn since its low point in March 2009. As of 22 October this year, its market value totalled USD2018.2bn. Performance objectives were exceeded in all asset classes except real estate. Growth for the year to the end of June was 20.35% for fixed income, 23.88% for private equity, and 14.42% for equities. Real estate limited its losses of 10.76% compared with an initial estimate of over 37%. As of 30 June, average annualised returns for the past 20 years totalled 7.65%.

p { margin-bottom: 0.08in; } The Hartford Financial Services Group has announced net profits for third quarter 2010 of USD666m, compared with losses of USD220m for the corresponding period of last year, bringing total net profits in January-September to USD1.06bn, compared with losses of USD1.44bn. In wealth management, net profits in July-September totalled USD320m, compared with losses of USD335m, while assets totalled USD301bn as of 30 September, up 6% compared with second quarter and 3% compared with third quarter 2009.

p { margin-bottom: 0.08in; } In third quarter 2010, pre-tax profits for the Savings unit of Natixis, which includes asset management, life insurance, private banking and private equity for third parties, totalled EUR116m, up 7% compared with third quarter 2009, on revenues up 12% to EUR431m. Revenues for asset management are up 12% (+5% at constant exchange rates), compared with third quarter 2009, at EUR350m. Assets totalled EUR527m as of 30 September 2010 (+3% at constant exchange rates) compared with the end of June 2010. In Europe, assets totalled EUR321bn, up 1% for the quarter. Outflows were largely from money market supports (-EUR3.7bn). Excluding money market funds, inflows were positive to the tune of EUR1.1bn, driven largely by life insurance products. In the United States, assets totalled USD279bn, up 7% compared with 30 June 2010. Inflows were positive, at USD0.9bn. The Natixis group has confirmed its recovery, with net profits of EUR305m in third quarter, and EUR1.29bn in the first nine months of the year, while it had losses of EUR2.23bn in the first nine months of 2009.

p { margin-bottom: 0.08in; } ICFA Online reports that the Swedish pension fund Första AP-fonden (AP1) has filed suit against BNY Mellon in the Commercial Court in London. The pension fund accuses the bank of being responsible for a loss of USD35.5m due to investment decisions taken in 2008, which AP1 maintains did not correspond to the investment principles defined by the pension fund. The bank made investments in bonds issued by Sigma Finance, which was placed in legal administration in October 2008.

p { margin-bottom: 0.08in; } Compared with the end of September, global ETF assets increased by USD57.7bn for a total as of 31 October of USD1.239trn, according to BlackRock estimates. Assets have increased 19.6% since the beginning of the year (USD1.036trn). In October, net subscriptions to ETF and ETP funds totalled USD21bn.The number of ETFs has increased by 30 in one month, to 2,049 funds, which are listed 5,335 times, compared with 5,204 as of the end of September. Since the beginning of January, the number of ETF funds has increased 23.9%, with 504 launches and 50 funds removed from trading.Currently, there are plans to launch 1,038 ETF funds.The three major promoters of ETFs remain iShares, State Street Global Advisors (SSgA) and Vanguard. iShares as of the end of October had 446 ETFs with assets of USD556.1bn, or a market share of 44.9%, compared with 45.3% one month earlier. SSgA, with 113 funds and Usd170.7bn, has a market share of 13.8%, compared with 13.9% at the end of September. Vanguard, with 64 products and USD135.2bn, has seen its market share increase to 10.9% from 10.6%.

p { margin-bottom: 0.08in; } The Lyxor Hedge Fund index posted gains of 1.44% in October, bringing its performance since the beginning of the year to 4.30%. The strategies which earned the best returns were the Lyxor STAs Long Term Index (+3.21%), Lyxor Global Macro Index (+3.03%), and the Lyxor L/S Credit Arbitrage Index (+2.16%). The worst-performing strategy in October was the Lyxor L/S Equity Short Bias Index, which lost 2.21%.

Strong launch activity was seen in the first three quarters, with more than 600 hedge funds launched in 2010 so far, according to Eurekahedge. Global hedge fund assets crossed USD1.6 trillion. Hedge funds witnessed another month of strong gains in October amid a sustained rally in underlying global markets. The Eurekahedge Hedge Fund Index gained 2.26%1 for the month, bringing the year-to-date October returns to 7.31%. The MSCI World Index was up 3.65% in October.