P { margin-bottom: 0.08in; } Klaus Mühlbauer at the end of May left Fidelity Germany after eight years, Das Investment reports. Mühlbauer had been director of distribution and the firm is looking for a successor to him.

P { margin-bottom: 0.08in; } Handelsblatt reports that the Düsseldorf-based private bank Trinkhaus & Burkhardt (T+B) has decided to close its two Luxembourg affiliates, one private bank and HSBC Trinkaus Investment Managers, which manages institutional funds (Spezialfonds).The managers have not yet determined whether the affiliates, which generate abut EUR20m in pre-tax profits (about one tenth of all profits at T+B) will be sold or liquidated.This will affect 200 employees, some of whom may be transferred within Germany or transferred to other HSBC affiliates.

P { margin-bottom: 0.08in; } The private equity firm Turenne Capital on Monday, 24 June announced the arrival of Laurent Dumonteil as director of development and a member of the board of directors. Turenne Capital plans to develop partnerships with various banking networks, private asset management firms and independent financial advisers (IFAs) and to extend its range of investment products (FCPR, etc.). Dumonteil will focus on all institutional and retail fundraising at Turenne Capital and investor relationships, a statement says. He will be assisted by Aude Ferrien, Marketing account manager. Dumonteil, 38, began his career at Société Générale Asset Management as salesman for partnerships in France and head of the IFA unit, and then as France and Benelux partnerships salesperson for key clients at Edmond de Rothschild Asset Management. He then joined Lombard Odier Darier Hentsch Gestion as head of development for external distribution for France & Luxembourg, and then head of development for partnerships at Mandarine Gestion.

AXA today announced the departure of Dominique Carrel-Billiard, Chief Executive Officer of AXA Investment Managers and a member of the AXA Group’s Executive Committee, who has decided to leave the Group. He will be replaced by Andrea Rossi, Chief Executive Officer of AXA Assicurazioni, who will also join AXA Group’s Executive Committee. Frédéric de Courtois, Chief Executive Officer of AXA MPS, will take the lead of AXA’s main insurance operations in Italy.These appointments will be effective July 22nd, 2013.

P { margin-bottom: 0.08in; } Tim Pynchon has left Pioneer Investment Management, where he had worked since 2000, to join Oppenheimer Asset Management Inc., an affiliate of Oppenheimer Holdings as managing director and portfolio manager for tax-exempt high yield funds. He is based in Boston.

Axa Investments Managers (Axa IM) a annoncé, lundi 24 juin au soir, le départ de Dominique Carrel-Billiard qui, selon un communiqué, «a décidé de quitter le groupe pour d’autres projets professionnels.» A compter du 22 juillet 2013, l’actuel directeur général de la société de gestion filiale d’Axa, sera remplacé par Andrea Rossi, aujourd’hui directeur général d’AXA Assicurazioni. Ce dernier rejoindra également le comité exécutif du Groupe AXA. Frédéric de Courtois, directeur général d’AXA MPS, lui succèdera à la tête des principales filiales d’assurance d’AXA en Italie. Dominique Carrel-Billard est resté sept ans à la tête d’Axa IM. Lors de la présentation des derniers résultats trimestriels, la société de gestion a fait état d’une collecte nette de 8,4 milliards d’euros répartie entre 6,5 milliards d’euros chez AXA IM et 1,9 milliard d’euros chez AllianceBernstein. Par ailleurs, ses actifs sous gestion étaient en hausse de 2% par rapport au 31 décembre 2012.

P { margin-bottom: 0.08in; } The ETP provider Source has announced that Faisal El-Hakim, Philippe Secnazi, Dennis Bergot and Gemma Steel are joining the firm, bringing new expertise to sales, marketing and legal teams.El-Hakim will be responsible for institutional investors in the Middle East and North African region. Secnazi will be in charge of institutional investors in France, Luxembourg, Belgium and Monaco. Bergot joins the marketing team as an analyst, with a particuar focus on content in the German language.Steel joins the legal department, and will assist in cases concerning the launch and oversight of products, as well as general and compliance questions. These additions to the teams at Source reflect needs related to an extension of their client base.Before joining Source, El-Hakim was executive director of an investment firm specialised in vestments and commercial relations between the Middle East and the Far East.Secnazi was previously for more than two years responsible for institutional clients, including private banks and funds of funds, in France and Monaco, for Robeco in Paris.Before joining Source, Bergot worked as a product manager for publicly-traded structured investment products at Westpac Banking Corporate in Sydney, where he began his career.Steel previously worked at Morgan Stanley Private Wealth Management, where she was responsible for legal questions concerning asset management, distribution, the development and launch of products, lending, and new regulations.

P { margin-bottom: 0.08in; } Bedlam Asset Management has closed three funds in order to concentrate on its global equity strategies, which represent most mandates from its clients, Fundweb reports. The three funds concerned are the Bedlam UK, whose assets under management total GBP3.2bn, Bedlam Europe (GBP2.4m), and Bedlam Japan (GBP2.1m), totalling just 2% of total assets under management at the firm.

P { margin-bottom: 0.08in; } As a complement to its OEIC emerging market debt fund, launched in October, Standard Life Investments (SLI) on 24 June announced the launch of the Emerging Market Local Currency Debt Fund USD, a Luxembourg-registered fund denominated in local currencies, managed by Kieran Curtis, whose benchmark index is the JPMorgan BGI EM Global Diversified. The currency of reference for the fund is the US dollar.Characteristics:Emerging Market Local Currency Debt Fund USD A AccEmerging Market Local Currency Debt Fund USD A IncISIN codes: LU0913259262 (A shares)LU0913259346 (Inc shares)Minimal subscription: GBP1,000Front-end fee: 5%Withdrawal penalty: 1%Management commission: 1.90%

P { margin-bottom: 0.08in; } The Frankfurt-based investment boutique Veritas Investment GmbH, a pioneer of ETF funds in Germany, on 24 June announced that it will be reducing its product range from 14 to 10 funds on 18 September, and that it will be lowering its commissions from 1 October. Mergers will allow for less costly and more attractive management for institutional investors, says Kerstin Behnke, CEO responsible for distribution and customer relationship management. The A2A Wachstum and ETFDachsfonds Renten funds will be absorbed into the A2A Defensiv funds, which will become known as the Veri ETF-Allocation Defensive while the ETF Dachfonds Quant will be absorbed at the same time as the ETF-Dachfonds Emerging Markets Plus Money into the ETF-Dachfonds Aktien, which will become known as the Veri ETF-Allocation Emerging Markets.Veritas has announced the creation of institutional share classes available from EUR1m for which the management commission will be reduced by half. As of 1 October, the management commissions for various products of the range will vary from 1% to 1.5%. The front-end fee for the A2A Defensiv will be discontinued from 1 October, to that three Veritas funds will be available with no front-end fee.For wealth management funds, Veritas has already reduced the performance commission to 10% (the calculation does not only take into account the high watermark, imposed by new German legislation , but also a hurdle rate), and the manager plans to discontinue this charge for equity funds.A2A WACHSTUM (ISIN: DE0005561641) ETFDACHFONDS RENTEN (ISIN: DE 0005561690) A2A DEFENSIV (ISIN: DE0005561666) new name: Veri ETF-Allocation DefensiveETFDACHFONDS QUANT (ISIN: DE0005561625) ETFDACHFONDS EMERGING MARKETS PLUS MONEY (ISIN: DE0009763326)ETF-DACHFONDS AKTIEN (ISIN: DE0005561682) new name: Veri ETF-Allocation Emerging Markets

P { margin-bottom: 0.08in; } On 24 June, BNY Mellon Asset Servicing has announced that its BNY Mellon Beta & Transition Management unit has created a registered investment advisor to offer transition management services to key investors, such as insurers, who use external management services for all or part of their investment strategies.BNY Mellon has already been offering transition management services to pension funds, sovereign wealth funds, foundations and other institutional clients since 1983.

P { margin-bottom: 0.08in; } Beyond governance in the strict sense, institutional investors are putting the priority on issues related to objectives and strategy at businesses when they have an engagement policy, according to the most recent report by the British Investment Management Association (IMA) on the application of the Financial Reporting Council’s (FRC) Stewardship Code by asset owners, asset managers and service providers.According to Liz Murrall, director of the IMA for reporting and corporate strategy, “institutional investors are engaged over a wide range of issues related to strategy and long-term objectives of businesses. Case studies concerning the acquisition planned by G45 and the Xstrata/Glencore merger are examples of the ways that investors have succeeded in engaging and contributing to the management of businesses to protect or create value for shareholders, the real end clients.”The report also notes that the number of signatories of the FRC governance code is growing, from 75 in 2010 to 241 in 2012.

P { margin-bottom: 0.08in; } About 60% of advisers estimate that RDR regulations have resulted in an increase in outsourcing of management of their portfolios, according to a survey undertaken by FundsNetwork, the Fidelity investment services platform in the United Kingdom dedicated to advisers and their clients, FundWeb reports. The survey states that 51% of advisers are planning to increase their use of template portfolios, and 47% prefer managed funds. Custom portfolios are no longer popular, as more than one third of advisers say they use them less in the post-RDR environment.

P { margin-bottom: 0.08in; } The Wall Street Journal reports that the hedge fund manager Bridgewater Associates, which built up an empire of USD150bn in assets with its hedge funds, has been hit by recent market reversals.The All Weather Fund (USD70bn) has lost 6% since the beginning of the month, and 8.5% since the beginning of the year, according to sources familiar with the matter. The group’s flagship product, the Pure Alpha Fund (a risk parity product with about USD80bn), has lost money in June and remains flat since 1 January, while the S&P 500 has gained 10.3%.

P { margin-bottom: 0.08in; } The Hamburg-based Aquila Capital on 24 June announced the release in Germany of its risk parity bond fund ACQ – Risk Parity Bond Funds, whch is managed by the Luxembourg platform Alceda Fund Management (see Newsmanagers of 25 April). The fund, which aims for performance more than 300 basis points higher than the money market rate, with ex ante volatility of 3% regardless of the market environment, may invest in government bonds, corporate bonds, inflation-linked bonds and emerging market currencies. The lead manager of the fund is Torsten von Bartenwerffer, senior portfolio manager in the Aquila Capital quant team.CharacteristicsName: ACQ – Risk Parity Bond FundISIN codes:Institutional share classes: EUR A (LU0891409947) / EUR C (LU0891410101)Wholesale share classes: EUR B (LU0891410010) / EUR D (LU0891410283)Minimal subscription:EUR50,000 (institutional share classes)EUR1,000 (wholesale share classes)Ongoing fees: management 0.45% + distribution 0.30%

P { margin-bottom: 0.08in; } The Netherlands-based Kempen Capital Management (KCM) has obtained a sales license for Germany for seven sub-funds of its Luxembourg Sicav Kempen International.They are the Kempen (Lux) European Small Cap Fund, Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Non-Financial Credit Fund, Kempen (Lux) European High Dividend Fund, Kempen (Lux) Global High Dividend Fund, Kempen (Lux) Global Sovereign Fundamental Index Fund and Kempen (Lux) Global Property Fundamental Index Fund.These products are available both to institutional investors (I and D share classes) and for retail investors (A, B and AD share classes).

P { margin-bottom: 0.08in; } The US-based asset management firm Horizons ETFs Management has announced that NYSE Arca has admitted the Horizons S&P 500(R) Covered Call ETF to trading with the ticker HSPX. The fund, which charges fees of 0.65%, will offer monthly liquidity. It will employ a physical replication strategy and while selling call options on the same eligible securities, a technique known as “covered call writing.”Horizons USA, which is an affiliate of the South Korean Mirae, has also announced that Adam Felesky has been promoted to head of the Americas for the group’s ETF business in the United States, Canada, and Latin America. He had previously been CEO of Horizons ETFs Management (Canada) Inc.

P { margin-bottom: 0.08in; } BlackRock is planning to shorten its product range by 250 funds in order to concentrate on products which represent a larger percentage of revenues, FTfm reports. BlackRock points out that the 50 largest funds at BlackRock account for 99% of revenues from funds.

P { margin-bottom: 0.08in; } The International Organization of Securities Commissions (IOSCO) on 24 June published its final report on principles for ETF regulations. The report lays out nine major principles to guide regulations of ETFs and to promote better practices in the use of these products.Assets managed in ETF structured totalled about USD1.9trn as of the end of January 2013, equivalent to roughly 7% of the global mutual fund market, IOSCO notes, adding that the growing importance of the market has drawn the attention of regulators and even raised large-scale debate in 2008-2009.IOSCO concentrated its recommendations primarily on ETFs which are structured as collective securities investment organisms. The document deals with classification of ETFs, in order to correctly evaluate similarities and differences with other products. It encourages the publication of information on fees and commissions, including the potential impact of securities lending as well as the potential use of complex strategies that may involve the use of leverage.The IOSCO document also deals with the structuring of ETFs, including potential management of conflicts of interest and counterparty risks related to the two major replication methods: physical and synthetic. IOSCO encourages regulators to impose requirements that ETFs handle risks related to exposure to counterparties and management of collateral appropriately.

Partners Group a repris pour le compte de ses clients la majorité de CSS Corp, valorisant cette dernière à 270 millions de dollars, a annoncé le 25 juin le gérant de fortune. La société CSS Corp est spécialisée dans les services technologiques offrant notamment des solutions mobiles et «cloud».Partners Group a précisé vouloir soutenir CSS Corp «dans sa phase de croissance», selon un communiqué. Partners Group n’a pas précisé le montant de sa participation.

Le géant brésilien Bradesco Asset Management (BRAM, 140 milliards de dollars) a obtenu de la CNMV l’agrément de commercialisation en Espagne pour les compartiments de sa sicav luxembourgeoise, trois fonds d’actions et trois produits obligataires. Ce sont tous des fonds coordonnés à liquidité journalière, précise Funds People.BRAM a déjà fait enregistrer ses fonds au Portugal et a déjà sollicité l’agrément du régulateur italien.

Le consultant Mercer a annoncé le 24 juin qu’Andrew Kirton, global CIO depuis 2010, a été nommé head of investments business pour l’Europe, en remplacement de Tom Geraghty, qui devient market leader et CEO pour l’Irlande.Par ailleurs, Jeff Shutes, global leader of manager research et head of investment business, Latin America, de Mercer, a été promu au poste nouvellement créé de head of investments business in the growth markets (Asie, Moyen-Orient, Turquie, Afrique et Amérique latine).Enfin, le poste nouvellement crée de head of retirement business, growth markets, a été confié à Akhil Sethi, qui était global COO, retirement business.Mercer précise que, malgré la crise de l’euro, son activité investissement en Europe a continué de se développer et dépasse à présent en taille son activité mondiale dans l’investissement de 2006.

Le gestionnaire américains Horizons ETFs Management a annoncé que NYSE Arca a admis à la négociation le Horizons S&P 500(R) Covered Call ETF sous l’acronyme de HSPX. Ce fonds, chargé à 0,65 %, procédera à des distributions mensuelles. Il mettra en œuvre une stratégie de réplication physique et vendra parallèlement des options d’achat sur ces mêmes titres, une technique appelée «covered call writing».Parallèlement, Horizons USA, qui est une filiale du sud-coréen Mirae, a indiqué qu’Adam Felesky a été promu head of the Americas pour les activités ETF du groupe aux Etats-Unis, au Canada et en Amérique latine. Il était jusqu’à présent CEO de Horizons ETFs Management (Canada) Inc.

The Wall Street Journal rapporte que les gestionnaire alternatif Bridgewater Associates, qui a constitué un empire de 150 milliards de dollars d’encours avec ses hedge funds, est malmené par les convulsions récentes des marchés.Ainsi, le All Weather Fund (70 milliards de dollars) a perdu 6 % depuis le début du mois et 8,5 % depuis le début de l’année, selon les proches du dossier. Quant au fonds-phare du groupe, le Pure Alpha Fund (un produit à parité de risque d’environ 80 milliards de dollars), il a perdu de l’argent en juin et reste «flat» depuis le 1er janvier alors que le S&P 500 a gagné 10,3 %.

Dans le cadre de l’OPA du Club Méditerranée par Axa Private Equity, le fonds chinois Fosun et le management du Club, la grogne de l’Association de défense des actionnaires minoritaires (Adam) ne cesse pas, rapporte L’Agefi. Sa présidente, Colette Neuville, conteste vivement l’absence d'égalité d’information et de traitement des actionnaires et demande à l’AMF de ne pas déclarer l’offre conforme en l'état.L’avis motivé du conseil du Club et le rapport de l’expert indépendant, Accuracy, attendus demain, devraient apporter des réponses à différentes questions posées par l’Adam. L’association s’interroge notamment sur l’intérêt de cette offre pour la société alors que les dirigeants et les principaux actionnaires demeureront en place, et que la stratégie sera maintenue. En outre, cette offre n’apportera aucun argent frais au groupe. Bien au contraire, puisqu’elle devra rembourser la dette LBO.

Le 10 juin, le néerlandais Robeco a parachevé comme prévu (lire Newsmanagers du 7 mars) le transfert au Luxembourg de son fonds Rorento NV (Code ISIN : ANN757371433), enregistré à Curaçao. Le code ISIN devient LU0934195610. Les titres Rorento DH Eur Shares sont à nouveau cotés sur NYSE Euronext Paris.L’encours de ce fonds obligataire (titres souverains et obligations d’entreprises) se monte à environ 1,5 milliard d’euros.

L’Association européenne des gestionnaires d’actifs (Efama) a élu Christian Dargnat à la présidence de l’association professionnelle pour un mandat de deux ans, selon un communiqué publié le 24 juin. CEO de BNP Paribas Asset Management et CIO de BNP Paribas Investment Partners, Christian Dargnat, vice président de l’Efama, depuis juin 2011, prend la succession de Claude Kremer, président depuis 2011.La vice-présidence de l’organisation revient à Alexander Schindler, membre du comité exécutif de Union Asset Management Holding AG.La mission de l’Efama au cours des deux prochaines années sera notamment de soutenir la confiance des investisseurs et la confiance dans la gestion d’actifs au travers de la promotion de standards de gouvernance, de l’intégrité, du professionnalime et de la performance dans l’ensemble du secteur, souligne le communiqué. L’Efama s’efforcera aussi d’améliorer le fonctionnement du marché unique dans le secteur de la gestion d’actifs et de promouvoir un cadre harmonisé pour la distribution de produits d'épargne et d’investissement, de renforcer la compétitivité du secteur en termes de coûts et de qualité et enfin de promouvoir le secteur et la marque Ucits aux niveaux européen et mondial.

Henderson Global Investors et TIAA-CREF, société prestataire de services financiers, unissent leurs forces dans l’investissement immobilier. Les deux sociétés fusionnent leurs activités immobilières européennes et asiatiques en une nouvelle société de gestion qui sera baptisée TIAA Henderson Global Real Estate. Dans le détail, TIAA Henderson Global Real Estate sera composée de l’activité immobilière européenne de TIAA-CREF, des activités immobilières de Henderson GI en Europe et en Asie Pacifique, ainsi que d’une nouvelle organisation mondiale de distribution et de service à la clientèle. TIAA Henderson Global Real Estate lancera une plate-forme d’investissements immobiliers qui permettra également l’accès aux marchés obligataires «et accroîtra sa capacité à développer et à proposer de nouveaux produits», précise le communiqué.TIAA-CREF détiendra 60 % de la la nouvelle entité, Henderson GI 40 %. La société qui aura au total 63 milliards de dollars sous gestion, devrait officiellement voir le jour au premier trimestre 2014, sous réserve des approbations réglementaires. Tom Garbutt, responsable de l’immobilier mondial chez TIAA-CREF, deviendra Président du Conseil d`Administration de la nouvelle société, tandis que James Darkins, directeur général de l’immobilier chez Henderson, en deviendra le PDG. La société aura son siège social à Londres. En France, l’entreprise disposera d’un total cumulé d’environ 1,7 milliard d’euros d’actifs immobiliers sous gestion. «La stratégie pour la France consiste à doubler ses actifs sous gestion à l’horizon 2015, en répartissant essentiellement les investissements sur le secteur des bureaux et sur celui du commerce de détail», annonce un communiqué. Le bureau français continuera d'être dirigé par Peter Winstanley et Thibault Ancely.Parallèlement à la fusion des activités européennes et asiatiques des deux sociétés, TIAA-CREF acquiert 100 % de l’activité immobilière de Henderson aux États-Unis.

Tim Pynchon a quitté Pioneer Investment Management, où il travaillait depuis 2000, pour rejoindre Oppenheimer Asset Management Inc, filiale d’Oppenheimer Holdings comme managing director et gérant de portefeuille pour les fonds à haut rendement exonérés d’impôt. Il est basé à Boston.

L’Union Mutualiste Retraite/ Corem a présenté lundi 24 juin ses résultats annuels 2012 faisant état d’une collecte de 207,5 millions d’euros de cotisations et 8 milliards d’euros d’actifs gérés. L’UMR représente toujours 11% de l'épargne retraite individuelle volontaire en France, indique un communiqué.Le rendement net comptable du régime Corem s’établit à 5,25% et le rendement moyen ressort à 4,90% sur les dix dernières années.