P { margin-bottom: 0.08in; } Holger Naumann, a member of the executive committee at DWS Investment, has been unanimously elected to the position of chairman of the managing board at the German BVI asset management association. He had already been a member of this board since 2011, and from 1 July will replace Thomas Neiße, chairman of the executive committee at Deka Investment, who will remain as a board member at BVI. Neiße had been chairman of the managing board at BVI since 2010. The managing board at BVI includes Georg Allendorf (RREEF Investment), Barbara Knoflach (SEB AM), Holger Naumann (DWS Investment), Thomas Neiße (Deka Investment), Tobias C. Pross (Allianz Global Investors Europa), Alexander Schindler (Union AM Holding), Karl Stäcker (Franfkurt Trust) and Bernd Vorbeck (Universal-Investment).

After encountering some difficulties in selling off its institutional management unit, Deutsche Bank, with its new management team in place (June 2012), has decided to regroup as a single platform, Deutsche Asset & Wealth Management (DeAWM), with no less than 23 different entities or “silos,” to build a platform including asset management, wealth management (including Sal. Oppenheim), and corporate banking & securities operations, including ETFs from db x-trackers. According to the head of the division, Michele Faissola, this represents “a EUR1trn startup.” DeAWM is composed of six business lines: lending & deposits, wealth products, active management, passive management, alternatives/real assets and alternative/fund solutions. The main thrust will be on insurance companies, alternative investmenets,, high net worth and ultra-high net worth retail clients worldwide, and tracker products.The objective is to generate pre-tax profits by 2015 of EUR1.7bn, compared with EUR700m in 2012, and to improve the cost/income ratio from 80% last year to 65% in 2015.The reshuffle began in September 2012 has already resulted in staff cuts of 12%, to slightly over 6,000 people worldwide (this Malthusian process has already been completed) and to cost savings investment programs for EUR400m in the period from September 2012-September 2015. As of 31 March 2013, these programmes wera ahieved to the tunes of EUR100m and EUR150m, respectively.In January-March 2013, the new division posted its first net subscriptions since 2011 (EUR6bn), which contributed to an increase in assets of EUR29bn, to EUR973bn, while the remainder of the increase is due to market and forex effects.After three highly discrete years, the Deutsche Bank group has concluded that the restructuring is sufficiently well along to provide some information about the volumes of management activities.As of 31 December 2012, active management had EUR529bn in assets (52% of which was in bonds, 16% in equities, 10% in multi-assets and 22% in money markets) with 400 investment professionals. It attracted a net EUR5bn in first quarter 2013, its head, Wolfgang Matis, told Newsmanagers.Passive management (50 investment professionals) had EUR98.5bn, and its head, Reinhard Bellet, is expecting EUR150bn by 2015, “without external growth.”The alternatives/fund solutions business, with 215 specialists led by Stéphane Farouze, has EUR44bn in assets (and USD1.5bn in net inflows in the first five months of 2013), while alternatives/real assets, led by Pierre Cherki, has EUR51.8bn, with 500 investment professionals. Wealth management, for its part, has EUR297bn.

P { margin-bottom: 0.08in; } In May, funds on sale in Sweden recorded net inflows of SEK9.1bn, or slightly over EUR1bn, bringing total inflows since the beginning of the year to SEK46.3bn (EUR5.3bn), according to statistics from the Swedish fund association, Fondbolagens Förening. In April, they posted inflows of SEK10.7bn (EUR1.2bn). All fund categories were in positive territory but it was primarily balanced funds which were favoured by investors, with SEK6.2bn in May (EUR0.7bn), and SEK26.7bn since the beginning of the year (EUR3bn). Equity funds are next, with SEK1.2bn (EUR0.1bn), and SEK 21.5bn since the beginning of the year (EUR2.46bn). Bond and money market funds each show net inflows of EUR0.7bn, and hedge funds of EUR0.4bn. As of the end of May, assets in funds on sale in Sweden totalled SEK2.289trn (EUR262bn), about 55% of it in equity funds.

P { margin-bottom: 0.08in; } The service provider S&P Capital IQ has launched a new tool to improve the ability of users to identify systemic and counterparty risks, while reducing operating expenses.The new tool, Business Entity Cross Reference Service, provides ways to collate information on more than two million public and private entities, on the basis of standard and proprietary identifiers, including international identifiers for legal entities (LEI).

P { margin-bottom: 0.08in; } Retail alternative products, meaning investment strategies traditionally used by hedge funds or private equity firms, which are restructured for retail clients, mot often in UCITS format, represent a new and fast-growing market segment, according to a study published by SEI. Assets in mutual hedge funds in the United States have more than doubled since 2008, and now represent over USD550bn in 883 portfolios. Alternative UCITS funds have followed a similar trajectory. The study also finds that nearly three out of four financial advisers uses alternative strategies, an an equivalent percentage of advisers says that they have increased their use of these strategies in the past 12 months. Well-known private equity groups, such as AQR, Morgan Stanley Alternatives Investment Partners, Blackstone Group, Carlyle Group, Apollo Global Management and Visum Asset Management, have already launched or have submitted applications for licenses to launch such products. Analysts of the sector, including McKinsey, estimate that the number of alternative strategies in the US mutual fund segment may double between 2010 and 2015. Alternative strategies may then represent nearly one quarter of all retail revenues by the end of that period.

P { margin-bottom: 0.08in; } The Irish green finance promotion firm Green International Financial Services Centre (GIFSC) on 11 June announced the creation of Amarenco, a firm investing in renewable energies. Amsrenco, whose offices will be located in Dublin and London, will concentrate on investments in solar electricity in Europe. The firm is in the process of finalising the creation of a fund dedicated to solar electricity with EUR150m in assets, which will invest as a priority in assets located in the South of England and in France. The founder of the firm, John Mullins, former CEO of Bord Gais, is assisted by Kevin Lynch, chief investment officer, Alain Desvigne, chief operating officer, Nick Howard, company treasurer, and Kevin McNamara, chief financial officer. Staff at Amenco, which currently totals six people, may increase to as many as 20 employees. The partners at Amenco are the independent wealth management firm Davy, as investment manager, DHKN, a wealth management services firm, and Investec, both of which provide financial services and origination.

P { margin-bottom: 0.08in; } As announced by Newsmanagers in mid-May, La Financière Tiepolo this week announced the release for sale of the Tiepolo Europe Rendement fund. The fund, managed by Dominique Dequidt, invests in equities from countries of the European Community and other European countries (Switzerland, Norway, and others). It focuses on research into companies which have offered shareholders the best regular dividends and growth in past years. The fund will have a low turnover rate and will be composed of a maximum of 40 positions. Characteristics: ISIN code: FR0011465681 Management fees: net 2% Eligible for investment from PEA and life insurance policies

P { margin-bottom: 0.08in; } According to sources familiar with the matter cited by the Wall Street Journal, Carlyle Group is planning to set up a USD4bn fund to invest in real estate in the United States. It will be its seventh fund of this type.The private equity investor is seeking to profit from positive publicity surrounding its recent sales, with capital gains of about USD500m for the resale of 650 Madison Avenue, and of USD350m on 666 Fifth Avenue.

P { margin-bottom: 0.08in; } Since the beginning of the year, Comgest has posted inflows especially in Europe, with subscriptions of about EUR600m, says Vincent Strauss, chairman of Comgest and head of management, at a press conference on 11 June. Comgest has also posted subscriptions to the Global/US unit. The Europe unit now has about EUR4bn in assets, compared with EUR3.2bn as of the end of 2012, and the Global/US unit has EUR1.5bn, compared with EUR1.2bn. This is a welcome development, says Strauss, as it helps to rebalance geographical regions. Meanwhile, the emerging markets unit, which continued to post inflows earlier in the year, has since seen significant redemptions. As a result, since the beginning of the year, Comgest shows outflows of about EUR150m, while assets under management remain stable at about EUR15.5bn. Citing the Global Equity strategy of Comgest, Strauss says that the growth in profits at Japanese firms is not yet a reality. Japan has strong GDP growth outlooks for 2013 and 2014 (48.3% and 19.3% according to Citigroup/Nomura), in comparison with emerging markets (14.5% and 11.3%) and the United States (7.4% and 11.3%), while the portfolios of major investors are often underweight on Japan.

P { margin-bottom: 0.08in; } OFI AM on Tuesday, 11 June announced the appointment of three directors. Xavier Micel is promoted to director of corporate strategy and director of group projects. Stéphane Ciccardini becomes legal director, and Charles Soullard director of sales. Soullard and Michel will be members of the executive board at the group, a statement says. Michel worked in business banking at Deutsche Bank from 1996 to 2009, and for one year, in 2010, at the office of the president of the National Federal of French Mutuals (FNMF) before joining the office of the legal director at OFI in 2011. Soullard began his career at BNP Paribas in 1999, and then at CDC Ixis AM in 2011 before joining the OFI group in 2005. Ciccardini began his career in 2001 in Morocco in the Tax & Legal departments of major consulting firms (Ernst & Young and Deloitte & Touche) before joining the office of the legal director at the OFI group in 2003.

La production industrielle de la zone euro a augmenté de 0,4% en avril par rapport à mars, alors que les économistes s’attendaient à une baisse. Le rythme de croissance a toutefois été freiné par une baisse de la production d'énergie et de produits de consommation durables. La production d'énergie des Dix-Sept a baissé de 1,5% par rapport à mars. Celle de produits de consommation durables (voitures, électroménager...) a diminué de 2,7% sur un mois. Sur un an, la production industrielle a baissé de 0,6% après une baisse révisée à 1,4% en mars, précise Eurostat.

Mirabaud, l’entité suisse spécialisée dans les services bancaires aux particuliers, de gestion d’actifs et de courtage, annonce l’ouverture d’une succursale espagnole de Mirabaud Securities LLP. Cette nouvelle succursale consolidera toutes les opérations de courtage réalisées pour la clientèle institutionnelle actuellement prises en charge par Mirabaud Finanzas en Espagne.

Le conseil de surveillance de Lyxor Asset Management a annoncé mercredi la nomination d’Inès de Dinechin comme président du directoire, à compter du 10 juin 2013. «Cette nomination fait suite à la décision d’Alain Dubois, président du directoire de Lyxor, de quitter prochainement Lyxor pour relever un nouveau défi professionnel à l'étranger», explique la filiale de la Société Générale dans un communiqué. Le mode de fonctionnement de la société et son modèle opérationnel demeurent inchangés par ailleurs, notamment les décisions et processus d’investissement qui restent sous la responsabilité des CIO Nicolas Gaussel et Lionel Erdely, sous la supervision d’Inès de Dinechin.

Le fournisseur d’indices a relégué hier la Grèce parmi les marchés émergents du fait du non respect de divers critères tenant à l’accessibilité du marché boursier local (notamment prêt-emprunt de titres ou vente à découvert). MSCI a en parallèle promu le Qatar et les Emirats Arabes Unis en tant que marchés émergents, catégorie de laquelle le Marco chute pour devenir «marché frontière».

Le régulateur américain de l’industrie de la gestion d’actifs a lancé une mise en garde à l’intention des investisseurs contre les risques associés aux fonds communs de placement dits alternatifs. Ces derniers reposent sur des stratégies et des combinaisons d’actifs plus exotiques que leurs homologues traditionnels. En mai, ces fonds géraient 176,2 milliards de dollars, contre près de 33 milliards par rapport à 2008. Cette note d’alerte intitulée «Les fonds alternatifs ne sont pas vos fonds communs de placement habituels» encourage les investisseurs à étudier les risques spécifiques de ces stratégies d’investissement, telles que les options et le levier. Un environnement de taux bas et des craintes sur les marchés actions ont poussé les investisseurs à rechercher des alternatives à plus haut rendement. Mais la Finra estime que certains de ces investissements alternatifs pourraient être moins liquides que ne le pense un petit investisseur individuel.

Selon Reuters, le fonds de private equity est le dernier candidat encore en lice pour le rachat de Springer Science+Business Media. Il aurait fait une offre valorisant l’éditeur allemand autour de 3,5 milliards d’euros. Ses propriétaires doivent prendre d’ici la fin de la semaine la décision de vendre le groupe ou de l’introduire en Bourse.

ASX a levé 553 millions de dollars locaux (390 millions d'euros) destinés à renforcer ses activités de compensation et à rembourser ses lignes de dette

L'établissement allemand commence à tirer les fruits du rapprochement de ses entités de gestion et de banque privée et continue à baisser ses coûts

Afin de stabiliser la livre turque sous pression, la banque centrale du pays a annoncé des mesures visant à réduire la volatilité sur les marchés

La Commission recommande simplement un cadre non obligatoire. Mais les victimes de cartels pourront agir plus facilement en justice

Un an après avoir renoncé à vendre une partie de ses activités de gestion d’actifs, la banque allemande estime qu’elle pourrait battre son objectif de 1,7 milliard d’euros de résultat avant impôt en 2015 dans cette division. Celle-ci a réduit de 12% ses effectifs depuis septembre dernier.

Notre scénario de tôle ondulée se confirme. Toutefois, son ampleur reste insuffisante pour redevenir résolument optimistes à court terme

Le régulateur veut mieux encadrer les politiques salariales pour protéger les investisseurs

Le régulateur veut mieux encadrer les politiques salariales pour protéger les investisseurs

Citant des sources proches du projet, le quotidien indique que la société américaine de private equity souhaite engager cette année la levée d’un nouveau fonds immobilier, dont les actifs seraient situés aux Etats-Unis. Carlyle viserait un montant de quelque 4 milliards de dollars, espérant en premier lieu aller au-delà des 3 milliards du précédent fonds bouclé en 2007.

L'indice Nikkei poursuit sa baisse et les taux américains leur hausse, alors que des mouvements de vente mettent à mal les marchés émergents

Le Portugal a choisi JPMorgan comme conseiller financier en vue de mener à bien le processus de privatisation de son service postal national. Parpublica, holding du service postal CTT, a également retenu la banque publique CGD. Outre CTT, l’Etat portugais compte également privatiser cette année la filiale fret des chemins de fer Comboios de Portugal ainsi que l’activité d’assurance de CGD.

A en croire Reuters, l’Union européenne envisage de porter plainte devant l’Organisation mondiale du Commerce (OMC) contre les droits de douane chinois sur les importations de tubes en acier inoxydable. Pékin a pour sa part annoncé dans la foulée l’ouverture d’une enquête sur les importations de vin européen.

Export-Import Bank of Korea a ouvert une ligne de crédit de 20 milliards de dollars au profit du Mexique afin de contribuer au financement de projets d’infrastructure dans les domaines agricole ou pétrolier, a indiqué le ministère mexicain de l’Agriculture. Le président mexicain Enrique Peta Nieto prépare un plan d’infrastructure pluriannuel afin de stimuler le flux des exportations vers les Etats-Unis.

Dans son rapport mensuel de prévisions, l’Organisation des producteurs et des exportateurs de pétrole (Opep) estime que la demande mondiale va croître de 900.000 barils par jour sur les six derniers mois de l’année contre une croissance de 700.000 sur les six premiers. L’Opep cite une amorce de reprise économique et des effets saisonniers.