P { margin-bottom: 0.08in; }A:link { } As of 30 June, assets at T. Rowe Price Group totalled USD614bn, which represents a decline of USD3.4bn compared with 31 March. Of this total as of the end of June, USD379.5bn correspond to mutual funds sold in the United States, while USD234.5bn correspond to “other portfolios.”Positive market effects of USD4.6bn were more than offset by net outflows of USD8bn in second quarter 2013. However, total assets under management remain considerably higher than the USD576.8bn recorded at the end of June 2012.For the second quarter, the firm has announced net profits of USD247.8bn, compared with USD241.9bn in first quarter, and USD206.8m in April-June 2012. For first half as a whole, net profits increased to USD489.5m, compared with USD404.3m in the corresponding period of last year.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Lyxor Asset Management has announced the appointment of Matthieu Mouly as director of ETF strategy, and recruitments for its sales team dedicated to ETFs in France. Mouly had previously been head of ETF sales for French-speaking countries, since 2010. He now becomes responsible for distribution, marketing and product development for the ETF industry and tracker funds. He is a member of the board of directors at Lyxor ETF, alongsite Arnaud Llinas, Clarisse Djabbari, deputy director, and Raphael Dieterlen, director of ETF and index-based management.Alongside the promotion, Lyxor Asset Management is also recruiting for its sales team dedicated to ETFs. Damien Cardillon is appointed as institutional salesman for ETFs. He will serve France and Monaco. He joined Société Générale in 2007 as an equity salesperson, and contributed to the success of the team servng French institutional clients.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } As of the end of the first quarter of the 2013-2014 fiscal year, ending on 30 June 2013, assets under management by Legg Mason Inc totalled USD644.5bn (see Newsmanagers of 15 July), for a decline of USD9.3bn compared with the end of May, and of USD20.1bn compared with the end of March.The contraction observed in April-June is due to both negative performance and currency effects of USD11.6bn, as well as to net outflows of USD8.7bn from liquidity products (which represent 20% of total assets), at a time when long-term assets posted net inflows of USD0.2bn. Compared with 30 June 2012 (USD631.8bn), assets under management are up 2%.The quarterly report also shows that Legg Mason in April-June earned net profits of USD47.8m, which represents an increase of 64% compared with USD29.2bn in January-March. In the corresponding period of 2012, the firm lost USD9.5m.

P { margin-bottom: 0.08in; }A:link { } The Austrian firm Erste Asset Management has announced that it has signed the Investor Statement on Bangladesh dated 16 May 2013, promoted by the Interfaith Center on Corporate Responsibility, which aims to require heads in the textile industry sector to promote better practices in terms of labour rights and safety for their employees.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } For an undisclosed total, TCMG Asset Management, an affiliate of the private bank Notenstein (Raiffeisen group) has acquired a majority stake in Vescore Solutions, a specialist in dynamic asset allocation, absolute returns and alternative investments. The transaction allows TCMG to continue its multi-boutique policy and to take advantage of Vescore’s locations to feed its growth in Germany (via Vescore Deutschland), Switzerland and internationally.A statement says that via its multi-boutique strategy, TCMG AM works to acquire stakes in asset management firms active in innovative investment solutions, with attractive track records. The objective is to participate in growth and consolidation on the asset management market. As a part of that strategy, the various asset management boutiques will retain their own brands and independence to a great extent.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } In second quarter 2013, the private banking and wealth management unit of Credit Suisse, which includes wealth management clients, the corporate & institutional clients segment and asset management, earned pre-tax profits of CHF917m, comapred with CHF881m in January-March, while remaining below the CHF977m in the corresponding period of last year.For wealth management, pre-tax profits represents CHF529m, compared with CHF511m in January-March, with net inflows of CHF7.5bn, compared with CHF5.5bn in first quarter. As of 30 June, assets totalled CHF1.297trn, 7% higher than one year previously.For its part, asset management posted net subscriptions of CHF1.5bn, compared with CHF6.4bn in first quarter.Credit Suisse, whose pre-tax net profits totalled CHF1.045bn in second quarter, compared with CHF1.303bn in first quarter, and CHF788m in April-June 2012, states that net inflows from wealth management are due to persistent net subscriptions from emerging markets and high net worth individuals partially offset by capital outflows from Western Europe. In asset management, inflows were primarily to credit products, hedge funds, bonds and equities as well as multi-asset class solutions, but index-based strategies saw net redemptions. In addition, Credit Suisse saw net redemptions of CHF1bn from operations which it has decided to abandon.

P { margin-bottom: 0.08in; }A:link { } Union Bancaire Privée Asset Management has signed a partnership agreement with Allfunds Bank (Santander and Intesa Sanpaolo) which opens access for all its UCITS-compliant funds to retail distribution networks of the Allfunds platform, Investment Europe reports.This affects 38 sub-funds of the Luxembourg Sicav UBP in Italy, including six share classes which are hedged for currency risks.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Funds People reports that in first half 2013, assets in investment funds at Bankia increased by 15.7% to a total of EUR7.473bn, which represents an increase of EUR1.013bn in six months. For investment funds, Bankia is aiming in fund management for a share of 8-9%, as in other markets, though it currently has only 5%.As to pension funds, assets were up 40.1% in six months, to EUR4.260bn, but this largely reflects the firm’s acquisition of the remaining 50% stake in Aseval.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } The alternative asset management firm SAC Capital Advisors is now subject to criminal charges, as the public prosecutor’s office accuses it of having been in on insider trading activities as “a magnet for market cheaters,” the Wall Street Journal reports.In a civil suit which was filed simultaneously, the government indicates that its objective is to recover all assets from the firm (those of Steve A. Cohen and employees of SAC), which it estimates at USD10bn, out of a total of USD14bn, according to sources familiar with the matter.The bold move comes as the prosecutor’s office has recently determined that it does not have sufficient evidence to personally indict Steve A. Cohen, the founder and CEO of SAC.US Attorney Preet Bharara states that the government has not frozen any assets, and declines to comment on the sum that the authorities are seeking to recuperate.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } At the conclusion of the quarter ending on 30 June, the wealth management firm Books Macdonald has assets of GBP5.11bn under management, compared with GBP3.52bn as of 30 June 2012. Compared with the previous quarter, the increase in assets represents 2.8%. Since the beginning of the year, the increase is 45% (25.6% not including assets related to the acquisition of Spearpoint). Real estate activities, housed at Braemar Estates, have seen an increase in their assets under administration of nearly 20%, to GBP1.04bn, from GBP865m as of the end of second quarter 2012.

P { margin-bottom: 0.08in; }A:link { } According to a survey undertaken by Baring Asset Management, two thirds (66%) of pension fund managers are currently concerned about the high level of volatility on the markets, and 22% of them are of the opinion that increases in volatility are becoming more of a concern than an opportunity.In addition, Barings has been able to determine that nearly two fifths (38%) of professionals surveyed are planning to ease the impact of volatility by moving their portfolio to multi-asset class products, while 19% of pension funds are already invested in funds of this type. Overall, 70% of pension funds are using multi-asset class strategies, which include a performance objective, a diversified growth allocation and a dynamic asset allocation. Only 65% of respondents said so in the November 2012 survey. Lastly, Barings reports that 46% (compared with 43%) of pension fund managers have increased their exposure to diversified growth funds. The survey also finds that pension funds tend to position themselves on emerging markets via multi-asset class vehicles: 14% use this means to expose themselves to emerging market equities, compared with 11% in the previous survey.

P { margin-bottom: 0.08in; }A:link { } GenCap Ventures, which acquired FactorShares last year, has filed an application with the SEC to launch actively-managed ETFs, and hopes to receive a license to launch such a product of Mongolian equities in the near future, IndexUniverse reports.

P { margin-bottom: 0.08in; }A:link { } GenCap Ventures, which acquired FactorShares last year, has filed an application with the SEC to launch actively-managed ETFs, and hopes to receive a license to launch such a product of Mongolian equities in the near future, IndexUniverse reports.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } CPR AM has announced the launch of CPR Global Return Bond, a flexible fund of international bonds, aimed at all types of investors (institutional, corporate and wealth management). It is a transformation of the FCP fund CPR World Capi as of 1 July 2013. “We think the bond market has entered a new phase, which will eventually certainly bring interest rate increases. Although short-term rates appear to be at a coherent level to us, long-term rates are far too low, and we estimate that they can be expected to reach about 4% in 2-3 years. Also, we have considered a type of approach which allows us to exploit the diversity of sources of returns in the international bond universe without being subject to risks related to rising interest rates,” says Eric Bertrand, deputy director of investments and director of fixed income and credit management at CPR AM. The management of the fund combined a “carry active” engine, which is based on a quantitative process that aims to select 85 positions from a large international universe (nominal interest rates, real interest rates, credit, currencies, inflation, arbitrage curves, geographical trades, etc.) which offer the best potential for returns. Then, the “classic discretionary” engine managed according to a traditional approach based on the fixed income management process at CPR AM select according to macroeconomic and financial scenarios by managers and strategists. Dynamic allocation between the two portions can vary significantly, according to the outlooks of managers, in order to prefer the “carry active” approach where possible (0% to 80% of the portfolio), or the “classic discretionary” approach (0% to 100% of the portfolio). CPR Global Return Bonds aims to outperform the JPM Government Bond Global Index hedged in euros over the long term. The maximal tracking error is 6% compared with its benchmark index. The actively-managed sensitivity range for fixed income can vary from -6 to +12. Characteristics Date of introduction of new management process: 01/07/2013 ISIN codes: I share class: FR0011486661 P share class: FR0010325605 Minimal initial subscription: I share class: one share – P share class: 0.001 of one share Subscription commissions: I share class: none – P share class: 3% Redemption commission: I share class / P share class – none Annual management fees: I share class: 0.80% including all taxes / P share class: 1.40% Performance commission: P and I share classes: 20% including all taxes, on performance exceeding the benchmark index, earned by the fund during the fiscal year, limited to 2% of assets including all taxes.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } Ning Jing, manager of the BGF China fund, on 21 June left the asset management firm BlackRock. She had been manager of the fund for over five years, Asian Investor reports. Following the departure of the manager, the fund, which has USD1.27bn in asets, is currently managed by Andrew Swan, head of the Asian fundamental management team, and Emily Dong, co-manager of the BGF Asian Growth Leaders Fund. Asian Investor does not report where Ning has gone.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «Droid Sans Fallback"; font-size: 12pt; }P.ctl { font-family: «FreeSans"; font-size: 12pt; }A:link { } BNP Paribas Securites Services on 25 July announced that it is acquiring the depository banking activities of Commerzbank dedicated to mutual funds and institutional funds domiciled in Germany, as well as open-ended real estate funds. 80 employees of Commerzbank involved in these activities “will have the opportunity to join BNP Paribas Securities Services,” a statement says. As of the end of April 2013, assets retained at the depositary banking activity of Commerzbank represented about EUR93bn. “This expansion confirms our status as a leader on the German market, and allows us to strengthen our position on the mutual fund segment through our mandate to Allianz Global Investors, one of the largest asset management firms in Germany, and on the other hand, to develop a new range of services to real estate funds,” says Gerald Noltsch, head of BNP Paribas Securities Services in Germany.

Le Financial Times avançait hier de sources proches que le fondateur de Thor Equities avait signé un accord avec une famille non identifiée du Moyen-Orient concernant l’acquisition pour 260 millions d’euros du 65-67, avenue des Champs-Elysées, un immeuble comprenant des commerces de détail, des bureaux et des logements.

L’opérateur boursier allemand a publié un bénéfice avant intérêt et impôts (Ebit) légèrement inférieur aux attentes au deuxième trimestre, à 256,3 millions d’euros, sous le coup de marchés difficiles ayant engendré un chiffre d’affaires en repli de 2% à 497,1 millions. Le plan de maîtrise des coûts annoncé en février se poursuit conformément aux prévisions.

La filiale de La Française dédiée à l’accompagnement des acteurs indépendants de la distribution d’épargne financière a dévoilé hier un premier partenariat capitalistique minoritaire, avec le Groupe Crystal. Un premier pas «particulièrement emblématique de nos ambitions», selon le directeur général de La Française, Patrick Rivière.

Le procureur de New York a engagé des poursuites pénales à l’encontre du gestionnaire alternatif fondé et dirigé par Steven Cohen

Le procureur de New York a engagé des poursuites pénales à l’encontre du gestionnaire alternatif fondé et dirigé par Steven Cohen. SAC Capital Advisors aurait mis en œuvre un système généralisé d’accès à des informations privilégiées lui permettant d’engranger des centaines de millions de dollars en profits illicites. Le gestionnaire risque la fermeture.

Elles redoutent l'isolement des activités de tenue de marché que pourrait imposer Bruxelles dans la lignée du rapport Liikanen

Le PIB a crû de 0,6% au cours des trois derniers mois, ce qui pourrait dissuader la Banque d'Angleterre de relancer les achats d'actifs

L’Agefi Quotidien Edition de 18h reprendra sa parution le 26 août

Le fonds souverain singapourien Temasek a un nouveau président, rapporte Finance Asia. Il s’agit de Lim Boon Heng, qui remplace au poste de chairman S. Dhanabalan, qui part à la retraite après 17 années à la tête de l’institution. Comme son prédécesseur, Lim Boon Heng est un ancien homme politique. Il a notamment été ministre.

Groupe Edmond de Rothschild et BBM Investimentos ont signé un accord stratégique de coopération au Brésil. L’opération a pour objectif de développer des opportunités en gestion d’actifs sur le marché brésilien, notamment à destination des fonds de pension. «Les fonds de pension brésiliens représentent approximativement 300 milliards de dollars d’encours sous gestion et sont autorisés à investir jusqu’à 10% de leurs encours sur des actifs non-brésiliens. A ce jour, leurs investissements vers des actifs étrangers sont encore très faibles», souligne le communiqué. La première étape pratique de cette alliance stratégique sera de lancer deux fonds de droit brésilien nourriciers du fonds Edmond de Rothschild Europe Synergy, un fonds actions européennes géré par Edmond de Rothschild Asset Management. Le premier fonds sera dédié aux fonds de pension tandis que le second s’adressera à une clientèle de banque privée.Les deux groupes pourraient dans un deuxième temps considérer la création d’un fonds actions brésiliennes géré par les équipes de BBM Investimentos et commercialisé à travers le monde (sauf aux Etats-Unis) par les équipes d’Edmond de Rothschild Asset Management, auprès des investisseurs institutionnels internationaux.

BNP Paribas Securities Services (BNPP SS) a fait part dans un communiqué publié le 24 juillet du décès de Hervé Bruyère, responsable de la Fonction Dépositaire, la semaine dernière. Il avait rejoint le Groupe BNP Paribas en 1978. Il a occupé plusieurs fonctions au sein du Groupe, notamment chez BNP PAM et chez BNP Paribas Securities Services.

Le conseil d’administration de Legg Mason Inc (645 milliards de dollars d’encours au 30 juin) a élu Dennis M. Kass comme président non executif. Il a rejoint le conseil comme administrateur en avril 2013 et continuera de faire partie des comités des nominations et de la gouvernance d’entreprise, ainsi que des comités des affaires financières et des rémunérations.L’impétrant a pris sa retraite en 2012 de chairman de la société de gestion Jennison Associates appartenant à Prudential Financial, après avoir été chairman et CEO de Jennison de 2003 à 2011.Dennis M. Kass remplace comme président non exécutif W. Allen Reed, qui était en poste depuis septembre 2012 et a mené le recrutement du nouveau CEO, Joseph A. Sullivan en février 2013. W. Allen Reed demeure administrateur et président du comité financier. Il est administrateur de Legg Mason depuis 2006.

Dexia a annoncé mercredi 24 juillet l’arrêt des négociations avec GCS Capital portant sur la cession de Dexia Asset Management. Dexia avait signé le 12 décembre 2012 un accord de vente de Dexia AM avec GCS Capital prévoyant la finalisation de la transaction au plus tard à la fin juin 2013, pour un montant de 380 millions d’euros.N’ayant pas pu finaliser la cession fin juin comme prévu, Dexia a concédé de poursuivre les négociations au delà de la date d’échéance initiale.A l’issue de discussions avec GSC Capital, et dans le respect de ses obligations contractuelles, «Dexia a décidé de dénoncer l’accord de cession le 15 juillet 2013. L’accord de vente prévoyant un préavis de 10 jours ouvrés, la rupture des négociations sera effective le 30 juillet 2013", précise un communiqué. Jusqu’à cette date, l’acheteur dispose de la possibilité de remplir ses obligations contractuelles et de finaliser la cession, ajoute Dexia. Le communiqué souligne que cette décision «ne remet pas en cause la volonté de Dexia de céder Dexia Asset Management».

Le 22 juillet, le gestionnaire new-yorkais KraneShares, qui dispose d’un bureau à Pékin, a lancé le premier des sept fonds focalisés sur la Chine pour lesquels il avait sollicité un agrément de la SEC. Il s’agit du KraneShares CSI China Five Year Plan ETF (acronyme sur NYSE Arca : KFYP ; code Isin : US5007672075) qui investira en temps normal au moins 80 % dans les valeurs de l’indice CSI Overseas China Five-Year Plan Index des sociétés qui sont susceptibles de bénéficier le plus des plans quinquennaux de la Chine.Ce fonds est chargé à 0,68 %. Il est investi à 35 % dans les technologies de l’information, à 16 % dans les biens de consommation discrétionnaire, à 14 % dans des valeurs industrielles et à 14 % en sociétés de biens de consommation courante.Les deux lignes les plus lourdes sont Tencent Holdings (13,64 %) et Baidu Com (11,41 %).