Mardi soir, l’AG de la Deutsche Bank a voté parmi les résolutions présentées par le directoire l’autorisation d'émettre jusqu'à 342 millions d’actions, ce qui correspond, sur la base des cours actuels de presque 48 euros, à une enveloppe de 16 milliards d’euros, note le Handelsblatt. Cela posé, la banque disposait encore d’une autorisation d'émission de 112 millions d’actions.

Selon Les Echos, le courtier CA Cheuvreux centralise à Londres l’exécution des ordres sur les grandes capitalisations. L'équipe, qui se comptait sur les doigts d’une main, va grossir pour atteindre environ 25 personnes.

Selon Les Echos, la Banque Postale vient d’entrer en discussions avec la Mutuelle Générale pour conclure un partenariat dans l’assurance-santé. Comme elle l’a fait avec la Société Générale pour le crédit à la consommation et Groupama pour l’assurance-dommages, la filiale de La Poste prévoit de créer avec la Mutuelle Générale une filiale commune dans l’assurance-santé, dont elle détiendrait la majorité du capital. Elle apporterait son réseau de distribution et la mutuelle apporterait son savoir-faire.

BNP Paribas Asset Management et BNP Paribas Asset Management Luxembourg ont signé le 20 mai un accord par lequel AXA Investment Managers Paris et AXA Funds Management S.A. leur transfèrent la gestion opérationnelle des trackers EasyETF matières premières, immobilier, sectoriels, crédit et infrastructure, représentant 22 fonds et un encours total de 1.3 milliard d’euros au 30 avril 2009 ; il s’agit de produits de droits français ou luxembourgeois. Cela met fin à un partenariat qui existait entre les entités depuis 2005.Au terme de cette transaction, toute la gamme EasyETF sera intégrée et gérée par une seule équipe de gestion, au sein de SIGMA, le département de gestions indicielles, produits structurés et allocation d’actifs de BNPP AM. La gamme EasyETF comporte désormais 55 fonds, dont 54 cotés sur Euronext Paris, 8 sur Deutsche Börse, 2 sur la Bourse suisse (SWX) et 7 sur la Borsa italiana avec des actifs sous gestion de 3,37 milliards d’euros. La transaction devrait être bouclée d’ici à la fin 2009, après approbation des autorités réglementaires françaises et luxembourgeoises.Le communiqué précise que «la gamme de trackers EasyETF est le fruit d’une combinaison unique d’expertises en gestion de fonds, market-making et distribution». Seulement, Thibaud de Vitry, responsable global d’AXA IM Investment Solutions souligne que «l’évolution de l’environnement et le renforcement de certains choix stratégiques pour AXA IM» a poussé ce dernier "à reconsidérer la pertinence de (sa) présence sur le marché des ETF. A ce stade de maturité de la gamme EasyETF, il est d’ailleurs souhaitable qu’il y ait un seul pilote, et nous nous réjouissons que ce pilote soit BNPP AM."Denis Panel, responsable de SIGMA, insiste sur le fait que «BNP Paribas met les trackers au centre de son développement en réunissant l’ensemble des expertises de son pôle de gestion d’actifs et de son pôle de banque d’investissement.»

La société de gestion Cholet Dupont AM et le Crédit Agricole AM viennent de décider la suppression des droits de sorties acquis au fonds obligataire à échéance CD Obligations 2012. Commercialisé jusqu’au 30 juin 2009, ces frais étaient au lancement de 1,2 % en année 1 – 0,8 % en année 2 – 0,4 % en année 3 et 0 % à l’échéance. A noter que les frais de gestion maximum de ce fonds sont de 1,20% et le montant de la part de 2.000 €.

Carmignac Gestion (15,23 milliards d’euros d’encours à fin mars) a mis en ligne son nouveau site Internet, comportant quatorze rubriques principales, dont «bien sûr» l'éditorial d’Edouard Carmignac, les lettres mensuelles, un espace partenaire et une rubrique gestion privée.Outre un accès aux actualités des fonds, la page comporte un module configurable de suivi des performances. Ce nouveau site permet également de personnaliser «Mon espace Carmignac» autour de nouvelles fonctionnalités.

Deux fois par mois, Newedge livrera désormais pour les lecteurs de « L'Agefi » son analyse de la volatilité sur les actions et les obligations

A en croire les humeurs publiques d’Axel Weber, les dernières décisions de la Banque centrale européenne (BCE) semblent avoir été prises dans la douleur et du bout des lèvres. Quoi qu’il en soit, ce sont deux bonnes idées. Enfin !

Moyennant 235 millions de dollars ou 169 millions d’euros, le Santander a obtenu de l’administrateur judiciaire (receiver) Irving H. Picard chargé de liquider les actifs de Bernard L. Madoff Investment Securities l’abandon de toutes les poursuites judiciaires entamées aux Etats-Unis contre la banque espagnole, rapporte Cinco Días. Cet accord à l’amiable doit encore être approuvé par le tribunal des faillites.Irving Picard a reconnu que la conduite du Santander dans l’affaire Madoff n’a pas été frauduleuse et qu’il n’y a pas lieu de lui réclamer des réparations, pas plus qu'à ses fonds Optimal.

Des milliers d’investisseurs se sont brûlé les ailes avec les produits structurés. Mais les courtiers américains, tablant sur la mémoire courte des épargnants, poussent à nouveau la vente de ces produits à fortes commissions, en mettant en avant leur sécurité, constate le Wall Street Journal. Au total, les investisseurs ont acquis des produits structurés pour 5,9 milliards de dollars au T4 de 2008, en chute de 75 % par rapport au 1er trimestre 2008, selon mtn-i. Les ventes ont désormais commencé à rebondir, en hausse de 7 % par rapport au T4.

Cinco Días reports that the Economic committee of the Spanish Congress has decided to send a bill to reform the rules governing disclosure of “significant participations” in banks and asset management firms operating on the Spanish market to the Senate for a vote. The bill includes modifications which would include fund managers, and which would double the threshold at which “significant participations” are subject to obligatory disclosure to the CNMV to 20%. Subsequent thresholds come at 30% and 50%.

Deutsche Börse announced on Tuesday that it has admitted five new German-registered iShares ETF products to trading on the XTF segment of the Xetra electronic platform. This brings the number of ETF products listed on Xetra to 450. The five funds have been listed since March on the London Stock Exchange. The new funds include four bond products and one equities ETF. The first of the bond funds, the iShares Barclays Euro Aggregate Bond ETF, carries a management commission of 0.25%. The other three, which charge management commissions of 0.20%, are the iShares Barclays Euro Corporate Bond ETF, the iShares Barclays Euro Treasury Bond 0-1 ETF, and the iShares Citigroup Global Government Bond ETF. The equities fund is the iShares MSCI GCC Countries Ex-Saudi Arabia ETF, which is an addition to the range of emerging markets products, and invests in countries belonging to the Gulf Cooperation Council (GCC), excepting Saudi Arabia, with a marked preference for the financial sector. Management commission is set at 0.80%.

Accoring to the Spanish market regulator, CNMV, Spanish funds had about EUR15.5bn in shares or non-publicly traded participations as of 30 November which could present risks due to insufficient liquidity, Expansión reports. This represents 8.6% of total assets. Among others, products at risk include the Parvest Dynamic ABS from BNP Paribas and the Credit Suisse Monetario fund. The CNMV also says the major victims of the decline in assets in 2008 were foreign asset management firms, whose assets under management fell 51.4% to EUR18bn, largely due to redemptions by Spanish asset management firms that had previously been their best clients. The largest fund platforms at the end of 2008 were Banif (Santander), followed by Allfunds (Santander and Sanpaolo Intesa) and JPMorgan.

Funds People reports that the Accurate Global Assets from Próxima Alfa, a systematic quant hedge fund manager, is the best Spanish-registered hedge fund, with performance of 9.33% from 1 January to 20 May, and a volatility of 7.57%, which is equivalent to a Sharpe ratio of over 2.5. The product has daily liquidity, is managed by Igor Alonso, Juan Pablo Calle and Narciso Vega, and may invest in 72 different underlying assets, in liquid and uncorrelated markets. The BBVA decided in February to liquidate the Próxima Alfa platform, and managers are seeking a partner to continue the adventure. They are planning to launch a range of funds under the Accurate brand if possible.

In France, Franklin Templeton (USD420bn in assets) was previously known largely for its Mutual Series and Templeton funds, with a value or deep value management style. Now, the US-based manager is planning to highlight another facet of its talent, under the Franklin Global Advisors brand (USD80.02bn, 60 investment professionals), which was previously largely oriented to the United States. The CIO of Franklin is Edward Jamieson, based in San Mateo, California, assisted by two directors for portfolio management, and a head of global equities research. The team also includes Coleen Barbeau, director for portfolio management, who is based in New York, and, since June 2007, Uwe Zoellner, who joins from the Templeton (Edinburgh) part of the company, and who is also director for portfolio management. European equities research currently employs three people, two of whom are in London, and the team may grow to seven by the end of the year, if the situation calls for it.

The German real estate management firm DEGI (EUR6bn in assets), an affiliate of Aberdeen Property Advisors since 27 March 2008, on Tuesday announced a cooperation agreement with EPM Assetis, one of the leading property management providers in Germany, which will take over the commercial and technical administration of all properties located in Germany in DEGI’s real estate portfolios. This will allow DEGI to focus on launching and managing real estate funds, says Bärbel Schomberg, chairman of the board of directors at DEGI. EPM Assetis, which belongs to Bilfinger Berger Facility Services, is no stranger to DEGI, as the two firms are already tied by a service agreement covering commercial, technical and “infrastructure” management of some DEGI properties. DEGI employees who were previously responsible for the duties now contracted to EPM Assetis will be transferred to the latter firm.

In a letter to its 3,900 employees, DekaBank, the central asset management provider for the German savings banks, has announced that it is planning to reduce its costs by EUR186m by 2011, a cut of about 20% from its 2008 expenses, the Frankfurter Allgemeine Zeitung reports. This will involve the elimination of 175 currently vacant positions, reduced use of part-time employees, and non-renewal of fixed-term work contracts, but, so far, no unilateral layoffs of full-time personnel.

At the bank’s AGM on Tuesday, Josef Ackermann, chairman of the managing board, announced that following pre-tax profits of EUR1.8bn in first quarter, Deutsche Bank has made robust progress in April and May, the Frankfurter Allgemeine Zeitung reports. Fund management, which had previously operated at a loss, will be profitable in the second half. By 2012, the chairman added, the bank is planning to open 400 new branches and to recruit 2,500 new advisors.

At yesterday’s Deutsche Bank AGM, Josef Ackermann, chairman of the managing board, announced that the launch process for new funds will be scaled back, and that settlement costs will be reduced, Handelsblatt reports. He stated that institutional management and open-ended fund activities will continue to be an integral part of the asset management division of the group, putting an end to speculation that DWS could be sold off or spun off. Back office procedures will be further streamlined, and Deutsche Bank will reduce the number of new funds, particularly in the area of thematic products.

Jean-Louis Nakamura, chairman of the managing board at Lombard Odier Darier Hentsch Gestion in Paris, says one of the centers of excellence chosen by the Swiss bank as an area of focus is emerging markets. Lombard Odier has not hesitated to put its resources into realizing its ambitions with the formation of an eight-member team, led by Chris Butler, who joined the firm last autumn, and who recruited most of his partners. The team includes two portfolio managers: one for Europe-Middle East-Africa (EMEA) and Latin America, and the other for Asia ex Japan. Following reclassifications and closures of funds, the range now includes four conviction-style products, one Global Emerging Markets fund (USD87m as of 12 May, 50-60 positions), a Pacific Rim fund (USD170m, 40-50 positions), a Greater China fund (USD75m), and an EMEA fund (USD24m); the last two of these products have 30-40 positions each. According to Curtis Butler, the new unit could eventually manage assets of up to USD5bn, the volume he previously managed at Batterymarch (Legg Mason). The universe includes about 2,000 equities.

SEB Asset Management has launched SEB Real Estate Portfolio, a Luxembourg-registered real estate fund of funds (part II) which has recently been licensed for sale in Sweden. The fund is an innovation on the local market, where open-ended real estate funds did not exist, says Barbara Knoflach, chairman of the board at SEB Asset Management Deutschland, the unit responsible for developing the fund, which manages EUR10bn in real estate assets. The new product, managed by Thorsten Schilling, formerly of Feri Rating & Research, who joined SEB AM in October 2006 as global real estate strategist and fund manager, will follow a defensive strategy. It will invest 60% to 90% of its assets in open-ended real estate funds, up to 20% in shares in real estate companies, and up to 20% in cash. In terms of sector allocation, the SEB Real Estate Portfolio will focus principally on office properties, over commercial and logistical/other properties.

According to Janvier Santiso, an economist who is in charge at the OECD Development Centre in Paris, sovereign wealth funds presently tend to shun developed countries an to focus on emerging economies, Le Temps repots. Presently, according to OECD figures, somme 69% of their AUM are invested in North America and Europe. SWFs now invest between 7 and 10% of their assets on equity markets in emerging countries..

According to Investment Week, New Star today will pay 17.66p per share to holders of the Heart of Africa fund, which has been sold to alternative fund manager Duet Group. This is a 21% mark-down on the fund’s NAV in February.

Santander has reached an agreement with Irving H. Picard, the court-appointed receiver to liquidate the assets of Bernard L. Madoff Investment Securities, totalling USD235m, or EUR169m, to settle all legal proceedings filed in the United States against the Spanish bank, Cinco Días reports. The agreement will now be sent to the bankruptcy court for approval. Picard has admitted that the conduct of Santander in the Madoff affair was not fraudulent, and that there are not grounds to sue the bank or its Optimal funds for damages.

Overlay Asset Management (OAM) has announced the appointment of Philip Bond as head of research; he will report to Hélie d’Hautefort, managing director and CIO. Bond, who joined the firm on 26 May, will be chairman of the research committee at OAM and a member of the investment and executive committees. In his 18-year career, Bond has worked for Credit Suisse and JP Morgan as an arbitrage trader, developed quantitative trading strategies at Brevan Howard, and managed a systematic trading platform at Peloton Partners. At the end of December 2008, OAM (BNP Paribas Investment Partners group) had USD14.3bn in assets.

The institutional investor confidence index calculated by State Street Global Markets came in at 106.3 points in May, compared with 103.2 in April and 95.2 in March. Though appetite for risk has declined in Asia, with a fall of 4.9 points to 93, risk appetite has risen strongly in Europe (to 84.3 from 76.8) and in North America (to 104.9 from 95.3). The index has been recalibrated, as announced last month (see Newsmanagers of 22 April), so that all values for the index above a “neutral” level of 100 indicate that institutional investors are increasing their allocations to high-risk assets, while all values below 100 indicate a reduction of those allocations. By the old units of measurement, the index would stand at 79.6 for April, compared with 70.2 in March.

According to estimates by the Spanish market regulator, CNMV, the impact of the Lehman Brothers bankruptcy on approximately 11,000 Spanish investors totalled nearly EUR1.5bn, and the firms which offered Lehman products for sale registered 733 claims between September and December 2008, Expansión reports. The companies which have been the most affected are Banif (the private bank of the Santander group), Citibank, Bankinter, Barclays and Deutsche Bank. In total, about 20 firms offered products with ties to Lehman. 87 clients lost more than EUR3m each. Santander and Fibanc have chosen to reimburse their clients for Lehman-related losses. In addition to EUR1.15bn in losses for banking clients, EUR300m were lost by about 450 investment funds.

On 1st September, Roderick Munsters, who has been a member of the executive board and chief investment officer (CIO) for the APG fund (an affiliate of the pension fund ABP) since 1 March 2005, will succeed George Möller as CEO of Robeco Groep (Rabobank group).

The tide has turned in first quarter 2009. According to statistics from the European asset management association EFAMA, UCITS funds have had net inflows of EUR22bn in first quarter, after six consecutive quarters of net outflows, since the first outbreak of the financial crisis in summer 2007. Net outflows from equities and bond funds have slowed considerably in January-March, while money market funds saw strong net inflows. Turbulence in February and March destabilized investors once again, but net outflows remained small. Assets in UCITS funds were down 1.4% in first quarter to EUR4.494trn. Assets in UCITS and non-UCITS funds were also down 1.4%, to EUR6.022trn.

Selon Michael John Lytle, directeur du marketing de Source, interrogé par Le Temps, deux problèmes freinent le développement des ETF en Europe : une grande fragmentation de la liquidité sur les produits, due à la multiplication des ETF sur un même indice, et le risque de contrepartie. Les banques cumulent en effet selon Hector McNeil, managing partner chez ETF Securities, le rôle d'émetteur, de promoteur et de contrepartie. «Mais si elles viennent à rencontrer un problème, le tracker va lui aussi souffrir», souligne-t-il.