P { margin-bottom: 0.08in; } Pictet Asset Management has announced the recruitment of Eric Borremans for the position of sustainable development specialist in the unit responsible for socially responsible investment (SRI) and quantitative managemnet, under the leadership of Laurent Nguyen. Borremans joined the team on 15 July 2013. In this position, he replaces Christoph Butz, who had been in the position since joining Pictet in 2002. Butz will now, with Gabriel Micheli, dedicate himself entirely to the management of the Timber fund, which has USD900m in assets. Eric Borremans had previously been head of corporate social responsibility development and SRI at BNP Paribas Investment Partners.

P { margin-bottom: 0.08in; } In partnership with Aena, Axa Private Equity is buying the stake held by Albertis in London’s Luton airport, Agefi reports. The transaction totals EUR502m for a 90% stake. The stake was sold through the sale by TBI Holding to a consortium controlled 51% by Aena and 49% by Axa PE.

P { margin-bottThe asset management unit at Axa published net subscriptions for first half of 2013 of EUR12bn, according to results released by the insurer on Friday, 2 August. Net inflows total EUR10bn at AXA IM, from its two largest segments, institutional and retail investors. AllianceBernstein has posted net inflows of EUR2bn, largely due to a significant increase in net subscriptions from institutionals (EUR6bn), partially offset by outflows to retail and private clients. Assets under management are up by EUR19bn compared with 31 December 2012, and total EUR922bn, of which EUR354bn are for AllianceBernstein and EUR568bn for Axa IM. Earnings from asset management are up 12%, to EUR1.741bn, largely due to an increase in management commissions related to growth in assets under management, as well as an increase in distribution and research commission at AllianceBernstein, and an increase in real estate transaction commissions and performance commissions at AXA IM, the Axa group states.

P { margin-bottom: 0.08in; } Denise Simon and Arif Joshi, managing directors and portfolio managers on the emerging market debt team at Lazard Asset Management LLC (LAM), have been made responsible for managing the new Lazard Explorer Total Return Portfolio (tickers LETIX and LETOX). The new funds use a total return unconstrained strategy on all asset classes within emerging market debt (government debt in hard or local currencies, quasi-sovereign bonds, corporate and/or inflation-linked bonds) on the basis of global macroeconomic analysis and fundamental analysis of sovereign risks.

P { margin-bottom: 0.08in; } After the TCW Emerging Markets Income Fund (TGEIX/TGINX), which has USD6.6bn in asset, the TCW Emerging Markets Local Currency Income Fund (TGWIX/TGWNX), with USD403m, and the TCW Worldwide Opportunities Fund, with assets of USD492m, TCW Group in early July launched the TCW Emerging Markets Multi-Asset Opportunities Fund (TGMAX/TGMEX). The portfolio of the new multi-asset class product may be invested in all areas of emerging markets: government or corporate bonds denominated in US dollars or local currencies and equities. The fund is managed by Dave Robbins and Penny Foley, who already manage other emerging market products of the range. They invest in 30 to 40 emerging markets, including several frontier markets.

P { margin-bottom: 0.08in; } Index Universe reports that Van Eck has applied for a license from the SEC for four new “quality” non-US equity ETFs, which means that the firms have high returns on owners’ equity, steadily rising profits year on year and low debt. These four funds, for which no ticker or total expense ratio has been announced, use the MSCI Emerging Markets index as a benchmark in two cases, and the MSCI ACWI ex USA for the other two. The 21 emerging markets included in the Market Vectors MSCI Emerging Markets Quality ETF and the Market Vectors MSCI Emerging Markets Quality Dividend ETF are the following: South Africa, Brazil, Chile, China, Colombia, South Korea, Egypt, Hungary, India, Indonesia, Malaysia, Morocco, Mexico, Peru, Philippines, Poland, Czech Republic, Russia, Taiwan, Thailand and Turkey. The Market Vectors MSCI International Quality ETF and the Market Vectors MSCI International Quality Dividend ETF cover 44 countries, including the 21 emerging markets mentioned earlier, plus Germany, Austria, Belgium, Canada, Denmark, Spain, Finland, France, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Norway, New Zealand, the Netherlands, Portugal, the United Kingdom, Singapore, Sweden and Switzerland.

P { margin-bottom: 0.08in; } Weinberg Capital Partners has announced the first closing of its second real estate fund WREP #2, at EUR80m. “The fund has received the support of several long-term investors, and has been able to attract new French and international institutional investors and families,” a statement says. The target size is EUR150m, with due diligence in progress for French and international investors. The WREP#2 strategy comes as a successor to the first fund, WREP#1, raised in 2008/2009, which primarily invests in off-market operations with users, families and providers.

P { margin-bottom: 0.08in; } The Munich-based ETF-based wealth management specialist Avana Invest, the firm founded in 2009 by Götz Kirchhoff (one of the founders of IndexChange, which has become iShares), now on its website mentions the existence of three types of services for institutional investors. The first, Avana Asset Management, is composed of five ETF or ETC funds, using a trend-monitoring system to reduce maximum drawdown, or MDD. The second, Avana Selection, is offering a selection of partners for alternative strategies and asset classes (details will be published soon). Lastly, Avana Solutions allows clients to benefit from Avana’s expertise in international structuring in several countries, particularly in the area of white-label products both for UCITS funds and for alternative investment funds. Avana also announces that it has recruited Brigit Eichhorn as a member of management, responsible for developing financial products, maintaining contact with wealth managers and investment advising. After working as part of the management at Deka Fund Master, Eichhorn had recently been a partner at the Munich-based asset management firm Dr. Bauer & Co Vermögensmanagement, in which position her LinkedIn profile still lists her.

P { margin-bottom: 0.08in; } Butterfield Bank has recruited James McNeill and Nicholas Rilley. They will both serve as investment managers, Investment Week reports. This is a new position within the firm. They will advise clients on portfolio construction and the selection of funds. McNeill and Rilley previously worked for Vintage Asset Management and Prospect Wealth Management, respectively.

P { margin-bottom: 0.08in; } Horace Hung has been appointed by Legal & General Investment Management as senior credit analyst for emerging markets. Hung will be specialised in Asia Pacific and other emerging markets. He will be based in Hong Kong, Fundweb states. Hung had previously been senior director of credit in charge of high yield research at Manulife Asset Management.

P { margin-bottom: 0.08in; } Fundweb reports that Aviva Investors has appointed Abigail Herron as head of engagement in its global responsible investment team. She had previously been head of corporate governance and environment / social / governance (ESG) themes at Co-Operative Asset Management.She now reports to Steve Waygood, chief responsible officer.

P { margin-bottom: 0.08in; } With the Credit Suisse MLP Inde Ucits Fund sub-fund of Custom Markets Plc, Credit Suisse is offering an Irish-registered ETF which replicates the Cushing MLP Market Cap Index, which includes 30 US publicly-traded Master Limited Partnerships (MLP), with a limit of 7.5% per MLP at each rebalancing. The ETF uses synthetic replication, with Credit Suisse International (CSI) as the total return swap partner. Characteristics Name: Credit Suisse MLP Index UCITS Fund ISIN Code:IE00B9CQHY16 (retail)IE00B9BBBL23(institutional) Total expense ratio 1% (retail) 0.5% (institutional)

P { margin-bottom: 0.08in; } Morgan Stanley Investment Management (MSIM) has announced the launch of the Morgan Stanley Investment Funds (MS INVF) Global Quality Fund. The portfolio of the fund is invested in companies which are deemed to be “of high quality, characterised by their ability to generate revenue, with a solid competitive advantage, an experienced management team and strong intangible asset, for example, brands and retail chains,” a statement says. To construct the portfolio of assets and determine their quality, a team of portfolio managers analyses firms on the basis of certain criteria, including resistance of earnings, attractiveness of profit margins and sustainability of returns over the complete economic cycle. The team will then meet with the management of the firm in order to understand its culture and its long-term strategy. The process provides a means to evaluate the sustainability of the performance of the business. The last measurement tool is the valuation level,which must be attractive in order to justify an investment.

P { margin-bottom: 0.08in; } Pedro Mas, who had previously been CEO of Banif Gestión, is joining the group at the new management and advising entity of the private banking unit at Santander, Funds People reports. Mas will report to Carlos Diaz, director of the private banking product and market intelligence activity within the private banking, asset management and insurance division at Santander, which since May has been led by Luis Moreno. As part of a reshuffle at Santander and the absorption of the Banif private bank, Santander Private Banking Gestión will be responsible for all Sicavs which had previously been managed by Banif Gestión, Santander AM and Banesto Banca Privade Gestión, which represent a total of 534 Sicav and assets of about EUR4bn.

P { margin-bottom: 0.08in; } JPMorgan Asset Management is selecting a new fund of fund manager for its Fusion range. Nicholas Roberts will work under the principal manager, Tony Lanning. Roberts joins JPMorgan AM from North Investment Partners, where he was a fund of fund manager. The fusion range includes five funds of funds with various risk levels, Fundweb states.

P { margin-bottom: 0.08in; } The market regime indicator (MRI) for second quarter, released on 1 August by State Street Global Advisors, shows an extreme level of aversion to risk. The indicator at the end of June topped its “crisis” peak. The increase in volatility, particularly for equities and currencies, in the quarter “put an end to investors’ appetite for risk,” SSgA states. A presentation by the chairman of the US Federal Reserve, Ben Bernanke, and concerns related to a slowdown in Chinese growth, helped to increase this volatility. But SSgA is careful to add: “In the month of July, we have already observed a reduction of the factors which triggered this extreme rise in aversion to risk,” the firm notes, adding that “this phenomenon is coherent since, empirically, when the MRI enters a crisis period it is often due to an excessive reaction on the part of investors; the odds of a return to a comparatively normal regime are thus high.”

P { margin-bottom: 0.08in; } “The ‘emerging market debt’ asset class currently has a total of about USD3.5trn, of which USD1.1trn are in corporate bonds. Issues in hard currencies account for USD600bn, while the remainder is in local currencies; about USd1.5trn in local currency are genuinely tradeable,” Claire Husson-Citana, portfolio manager Emerging Markets Debt Research Analyst at Franklin Templeton Fixed Income Group, tells Newsmanagers. The specialist also points out that emerging market debt is an asset class in which there are four major risks: liquidity, convertibility, currency and sovereign risk. Exogenous risks can also be very high. At Franklin Templeton, emerging market debt accumulated since 1996 now represents about USD10bn, of which 25% is in local currencies, in the form of US-registered funds, including one USD690m Nasdaq fund, one trust, one Cayman Islands fund and one Canadian fund, and also separate accounts and an Irish-registered fund (USD800m) and another Luxembourg fund (less than USD400m). The cash allocation as of the end of May represented 8-10%, but in the past few weeks this has bee reduced to 5%. When asked about current strategy, Husson-Citanna explans that the “sweet spots” are currently Africa and local currencies, where the difference between the returns on issues in hard currencies is not lucrative enough. After the recent correction, there are entry points due to this “repricing.” In general, the portfolio manager prefers cross-border government bonds, steers clear of high beta securities (such as BRIC). She focuses on initial entrants in Africa, Central Asia and Latin America (Paraguay, Rwanda and Mongolia) and particularly on issues in local currencies, and then in US dollars (Nigeria, Uganda, Tanzania). She is also curiously awaiting an issue in Bangladesh in preparation.] However, Husson-Citanna explains that, in general, “Franklin Templeton is not in the business of being the only borrower in a country.” The emerging market debt team works with brokers that have local affiliates, as well as with “not too large” banks.

Le présent appel à manifestation d’intérêt porte sur la sélection de la société de gestion (pour une durée de 7 ans reconductible) chargée de la gestion de la SAS Nord France Amorçage, de ses relations avec les investisseurs (sélection et suivi des partenaires) ainsi que du contrôle, de la mise en ??uvre de la stratégie et du plan d’investissement, de l'étude des projets, du suivi des participations et de l’accompagnement des PME. Nombre d’offres reçues : 2 A l’issue de l’appel d’offres, la société de gestion retenue est : Siparex Proximite Innovation 27 rue Marbeuf 75008 Paris

Le Japon essaiera de ne pas augmenter ses émissions de dette durant les deux prochaines années, selon un projet de rapport du gouvernement qui doit donner la marche à suivre pour résoudre l’épineuse question de l’endettement, avec une dette publique qui atteint à présent 240% du PIB. Ce rapport doit être présenté le 8 août.

Le rythme de la croissance de l’activité manufacturière aux Etats-Unis a accéléré en juillet à un plus haut niveau depuis juin 2011, tirée par la hausse des nouvelles commandes, montrent les résultats de l’enquête ISM. L’indice est remonté à 55,4 contre 50,9 en juin. Quant à l’indice PMI manufacturier, établi par Markit, il est ressorti à 53,7 en juillet, contre 53,2 en première estimation et 51,9 en juin.

Les dépenses de construction ont diminué contre toute attente en juin aux Etats-Unis, signe probable que les réductions budgétaires conjuguées à la hausse des taux d’intérêt freinent l’activité dans l’immobilier. Le Département du commerce a fait part d’un repli de 0,6% de cet indicateur au rythme annuel de 884 milliards de dollars.

En pleine audition du Premier ministre devant les députés, le pays a placé pour 3,22 milliards d'euros d'obligations à des taux en baisse

La BoE publiera le 7 août ses conclusions sur les mérites de l'adoption d'une telle politique. Elle a maintenu le statu quo

Les taux resteront «à leurs niveaux actuels, voire plus bas, pour une période prolongée», a martelé Mario Draghi, le président de la Banque centrale européenne, même si l'économie de la zone euro commence à montrer des «signaux timides» d’amélioration.

Confirmé à 0,5%, le taux refi restera à ce niveau pour une «période prolongée», a réaffirmé Mario Draghi, malgré de «timides signaux» d'amélioration

Il a estimé que 50 points de base n'est pas un plancher pour le taux refi et que certains indicateurs économiques restent orientés à la baisse en zone euro

Au 30 juin, l’encours d’AllianceBernstein se situait à 434,6 milliards de dollars, ce qui représente une baisse de 8,6 milliards sur fin mars et une hausse de 27,3 milliards sur le niveau atteint douze mois plus tôt. De fait, pour le deuxième trimestre 2013, le gestionnaire affiche des souscriptions nettes de 0,2 milliard, provenant de rentrées institutionnelles nettes de 4,7 milliards de dollars érodées par 3,2 milliards de remboursements nets du retail et 1,3 milliard de rachats nets des particuliers.Le bénéfice net distribuable aux actionnaires d’AllianceBernstein LP (the operating partnership) s’est inscrit à 120,7 millions de dollars pour le deuxième trimestre contre 114,52 millions pour janvier-mers et 74,18 millions pour la période correspondante de 2012.Pour AllianceBernstein Holding LP (the publicly-traded partnership), le bénéfice net se situe à 40,62 millions de dollars contre respectivement 38,47 millions pour le premier trimestre et 21,34 millions pour avril-juin 2012.AllianceBernstein Holding servira le 29 août un dividende de 41 cents par actions (contre 38 cents pour janvier-mars et 21 cents pour le deuxième trimestre de l’an dernier) aux actionnaires enregistrés à la clôture du 12 août 2013.

Pour le deuxième trimestre, les souscriptions nettes d’Invesco Ltd ont baissé à 1,4 milliard de dollars contre 18,7 milliards au premier et une sortie nette de 8,5 milliards pour la période correspondante de l’an dernier.Malgré cela, l’encours au 30 juins ressortait en baisse à 705,6 milliards de dollars au 30 juin (lire Newsmanagers du 15 juillet), contre 707,7 milliards fin mars. A fin juin 2012, les actifs gérés ressortaient à 627,6 milliards de dollars.Invesco explique dans son rapport trimestriel que la baisse de l’encours à fin juin s’explique par un effet de marché négatif de 1,3 milliard de dollars en avril-juin (alors qu’il avait été positif de 30,5 milliards pour janvier-mars) et par une baisse de 2,6 milliards imputable à l’effet de change (contre 8,9 milliards au premier trimestre).Concernant les résultats financiers, Invesco déclare pour le deuxième trimestre un bénéfice net distribuable aux actionnaires ordinaires en repli à 223,7 millions de dollars contre 225,5 millions pour janvier-mars. Néanmoins, ce montant représente un gonflement de 24,2 % sur les 180,1 millions enregistrés pour la période correspondante de 2012.

Aussi bien pour le deuxième trimestre que pour le premier semestre, le pôle gestion d’actifs de Lazard Ltd a affiché des chiffres d’affaires records de respectivement 243 millions (+ 18 % en glissement annuel) et 483 millions de dollars (+ 16 %).Cependant, les encours au 30 juin sont ressortis à 163 milliards de dollars, ce qui représente une diminution de 5 % sur fin mars, à cause d’un effet de marché négatif et de sorties nettes de 4 milliards de dollars durant le trimestre, principalement en raison d’une stratégie en actions mondiales et à la perte d’un mandat en actions locales. A fin juin 2012, les actifs gérés se situaient à 148 milliards de dollars, de sorte que l’encours total s’est accru de 15 milliards ou d’un peu plus de 10 % en un an.Le bénéfice net ajusté du deuxième trimestre 2013 s’inscrit à 60 millions de dollars contre 33 millions pour la période correspondante de l’an dernier, mais aux normes GAAP il demeure inchangé à 31 millions de dollars.

Le pôle Banque privée, Gestion d’Actifs et Services aux Investisseurs du Groupe Société Générale a publié au titre du deuxième trimestre 2013 un produit net bancaire de 501 millions d’euros, en progression de 10,5% par rapport au même trimestre l’an dernier. Au premier semestre 2013, il se situe à 958 millions d’euros (+3,7% par rapport au premier semestre 2012). Le pôle regroupe quatre activités : Société Générale Private Banking, la Gestion d’Actifs avec Amundi et TCW cédé le 6 février 2013, Société Générale Securities & Services et la filiale de courtage Newedge.Société Générale précise que le pôle Gestion d’Actifs et Services aux Investisseurs présente au deuxième trimestre 2013 «une contribution nette au résultat du groupe en progrès, la meilleure performance depuis le premier trimestre 2011".Les revenus du pôle ont particulièrement été soutenus par la reprise des activités de Banque Privée, en hausse de 35,8% entre le deuxième trimestre 2012 et le deuxième trimestre 2013, à 230 millions d’euros. Au premier semestre, cette activité publie un revenu de 436 millions d’euros en hausse de 19,2 % sur un an. La contribution d’Amundi est de 27 millions d’euros au deuxième trimestre, conte 24 millions d’euros au deuxième trimestre de l’an passé. Au titre du premier semestre, la contribution est de 53 millions d’euros contre 61 millions il y a un an. Les activités de courtage sont toujours pénalisées par un marché difficile. Un plan d’adaptation est en cours afin d’aligner l’organisation au nouvel environnement. Enfin les activités de Services aux Investisseurs «démontrent leur résilience dans un environnement de taux bas», avec des revenus trimestriels de 176 millions d’euros (-0,6% sur un an).Pour l’ensemble du groupe Société Générale, le produit net bancaire et le résultat net du trimestre s’élèvent respectivement à 6.233 millions d’euros et 955 millions d’euros. Au titre du premier semestre 2013, le produit net bancaire atteint 11.321 millions d’euros, et le résultat net part du Groupe 1.319 millions d’euros.