Achim Küssner, directeur général de l’allemand Schroder Investment Management GmbH, a annoncé que le groupe britannique a désormais obtenu l’agrément de commercialisation en Allemagne et en Autriche du compartiment Euro High Yield (*) de sa sicav luxembourgeoise Schroder International Selection Fund (Schroder ISF) qui a été lancé le 14 novembre. Le droit d’entrée est plafonné à 3 % Ce fonds est déjà autorisé à la vente au Luxembourg, au Royaume-Uni, en Espagne et en France (lire Newsmanagers du 30 janvier). (*) codes Isin : LU0849399786 (parts A, capitalisation), LU0849400543 (parts A distribution)

A peine 41% des fonds d’actions allemandes parviennent à battre leur indice de référence, le DAX 30 TR, sur une période de 5 ans, selon une étude réalisée par e-fundresearch.Cette étude prend en compte les fonds d’actions allemandes distribués au 10 mai 2013 dans au moins un des trois pays de l’espace germanophone européen, Allemagne, Suisse et Autriche, et disposant d’un historique de performance d’au moins 5 ans.Les cinq meilleurs fonds d’actions allemandes sont les suivants : Code Isin/Dénomination du fonds LU0247468282 DB Platinum III Platow R1CLU0158903558 ACATIS CHAMPS SEL - ACATIS AKTIEN DEUTSCHLAND ELMLU0068841302 GS&P Fonds Deutschland aktiv GAT0000A07SN5 Aktienfonds Deutschland Spezial R VADE0009752303 Pioneer Investments German Equity A ND Côté suisse, seulement 17% des fonds sur cinq ans ont réussi à battre leur indice de référence, le Swiss Market Index (SMI). Le meilleur fonds est le DM Swiss Equities Assymetric Fonds, qui devance le UBS MSF Equities Switzerland et le Mirabaud Fund Swiss Equities.

Mirabaud is adding a new capability to its intermediation service with the formation of the Mirabaud M&A Advisory Group. The group will provide advice on corporate acquisitions and disposals, as well as related financing and strategic advice.Mirabaud has appointed, as partners of Mirabaud Securities LLP, four senior M&A practitioners, Maneksh Dattani, Ian Macfarlane, Paul Schultz and Nicolas Thum, previously partners at Europa Partners, to spearhead the new initiative. They each have more than 20 years’ experience in international mergers and acquisitions. Their existing clients range from FTSE 100 companies (and their equivalents) to financial sponsors and family-owned businesses. The team’s expertise covers a range of sectors and their transactions have been across four continents. The team will be based in London and will work closely with Mirabaud’s existing equity capital markets, debt capital markets and alternative capital teams, as well as Asset Management and Private Banking, throughout Mirabaud’s network.Maneksh DattaniDattani specialises in real estate and private equity related transactions, including financings. Prior to joining Mirabaud, Dattani was a partner at Europa Partners. Ian MacfarlaneMacfarlane specialises in financial institutions and industrials as well as the Nordic Region. Prior to joining Mirabaud, Macfarlane was a partner at Europa Partners. Paul SchultzSchultz specialises in the financial institutions sector. Prior to joining Mirabaud, Schultz was a partner at Europa Partners. Nicolas ThumThum specialises in the transportation & logistics sector. Prior to joining Mirabaud, he was a partner at Europa Partners.

P { margin-bottom: 0.08in; } Richard M. Weil, CEO, has announced that as Ron Sachs has resigned and left the firm on 31 May, Janus Capital Group has recruited Doug Rao from Marsico Capital Management to manage the Jany Forty and Aspen Forty funds.Marc Pinto, who has spent 19 years as a part of the large cap growth equities team at Janus, has been appointed from 13 May as portfolio manager for the Janus Twenty Fund (a fund which is currently closed to new investors), also replacing Sachs. Pinto will also remain as co-portfolio manager of the Janus Balanced Fund and a portfolio manager of the Janus Growth & Income Fund.Also from 13 May, Jonathan Coleman has been appointed as a portoflio manager at the Janus Triton Fund. With Maneesh Modi, an equity analyst, Coleman will also be co-manager of the portfolio of the Janus Venture Fund. They replace Chad Meade and Brian Schaub, who will be leaving the business after a period of transition, in order to allow the new managers to take over command of the fund. Coleman joined Janus in 1994 and Modi in 2008. As a part of the reorganization, Jonathan Coleman will be leaving the management of the Janus Fund and the Aspen Janus Portoflio, which he had co-managed, to Barney Wilson, who joined Janus in 2005 and who had been the other co-manager of the two products.

P { margin-bottom: 0.08in; } On 30 April, assets under management by Franklin Resources (Franklin Templeton Investments) totalled USD847.5bn, compared with USD823.7bn as of the end of March, largely due to incrases of USD6bn for equities (to USD325.9bn) and especially USD14.5bn (to USD383.7bn) for bond products.Assets at Invesco increased by USD19.2bn in April to finish the month at USD748.6bn, with the increases distributed over the various fund ranges (equities, bonds, balanced, money market and alternative). AllianceBernstein’s AUM increased by USD10bn, to a total of USD453bn as of the end of April, due to an increase of USD7bn for bonds (to USD272bn), and a gain of USD2bn (to USD145bn) for equities.Lastly, assets at Legg Mason fell to USD655.4bn as of the end of April, compared with USD664.6bn as of the end of March, largely due to a decline of USD16.4bn in assets in money market funds, while long-term funds were up by USD7.2bn, to USD534.1bn.

P { margin-bottom: 0.08in; } Jean-Philippe Olivier has left his position as head of the delegated management department at the French pension fund Fonds de Réserve pour les Retraites (FRR), the website IPE reports. He left the public establishment, whose assets total about EUR36.6bn, last month, in order to take up a position as chief investment officer at Coface. Olivier had been working at the FRR since 2006.

P { margin-bottom: 0.08in; } Lawrence Remstedt, a portfolio manager at Axa Rosenberg, which he joined in 2008 after working at American Century Investments since 2003, has been promoted to head of institutional development & relations at Axa Investment Managers for the United States.

P { margin-bottom: 0.08in; } Fundweb reports that Natixis Global Asset Management (NGAM) on 4 April launched the Loomis Sayles US Leaders Fund with seed capital fo USD5m from Aberdeen Asset Management via the Aberdeen Multi-Manager Constellation Portfolio. NGAM has contributed the same amount. It is the second offshore fund imported to the United Kingdom by NGAM, after the Loomis Sayles Strategic Income Fund.The manager at Loomis Sayles is vice president Aziz Hamzaogullari. The portfolio is composed of 30 to 35 positions on US growth large caps.

P { margin-bottom: 0.08in; } “In order to protect the interests of existing shareholders,” First State Investments has announced plans to restrict access by new subscribers to its First State Global Emerging Market Leaders funds. The decision is related to significant inflows to the funds, which is managed by Jonathan Asante, head of global emerging markets, and Glen Finegan, portfolio manager.From 7 September 2013, First State will charge a front-end fee of 4% on the fund of the British range, while the fund in the Irish range will cease to accept new subscriptions. Regular savings investors who maintain their subscriptions to one fund or the other will not be affected by the measures. First State is planning to credit the funds concerned with the front-end fees announced.

P { margin-bottom: 0.08in; } According to the most recent Pridham report, inflows from retail investors in the United Kingdom were disappointing in first quarter 2013, although some asset management firms did better than well, Money Marketing reports. Statistics from the British Investment Management Association also indicate that retail net inflows in first quarter totalled GBP2.7bn, their lowest level in 5 years. The economic environment and austerity measures probably did not favour investment, and RDR regulations manifestly contributed to a downturn in inflows, the Pridham report estimates, citing low levels of investment into ISA accounts. However, Standard Life Investments has topped the rankings for retail inflows in first quarter with GBP917.3m, followed by BNY Mellon (GBP658m), Cazenove (GBP498.1m) and BlackRock (GBP352.2m).

P { margin-bottom: 0.08in; } Natixis Global Asset Management (NGAM) has launched a US equity fund on the British market, the Loomis Sayles US Leaders Fund, with an initial contribution of USD5bn from Aberdeen, Investment Week reports.The fund, managed by Aziz Hamzaogullari, was launched in early April with a contribution of USD5bn from Natixis.The new fund, the second onshore product offered by NGAM, is a conviction-based strategy based on a concentrated portfolio of 30 to 35 positions, largely growth large caps.

P { margin-bottom: 0.08in; }State Street Global Advisors (SSgA) has signed a new partnership with the SEI Master TrustSEI is now using SSgA’s index fund components to help power its investment offering within the SEI Master Trust. The SEI Master Trust is a fully bundled multi-employer occupational pension scheme, which can be used to meet auto-enrolment requirements and to buy-out DC benefits. SEI will be utilising a number of SSgA DC funds to help participating employees design appropriate and competitively priced default funds.

P { margin-bottom: 0.08in; } BNY Mellon Asset Servicing was up to now the provider of UK’s River and Mercantile Asset Management LLP (R&M) with global custody, trust, depositary banking, transfer agency and forex market operator services. The US group has now been retained on 13 May by R&M as provider a back and middle office services on assets totalling USD3.1bn. This includes nine OEIC type open-ended funds and all closed-end funds from R&M.BNY Mellon will also provide data management services concerning all assets at R&M for which technologies from Eagle Investment Systems, an affiliate of BNY Mellon, are used. The data are consolidated, checked and enriched by BNY Mellon before being delivered to R&M.

Baring Asset Management on May 13 announced the appointment of Marco Tang to the newly-created senior role of head of sales, client service and business development for mutual fund distribution, across Hong Kong, China and Singapore. He will be based in Hong Kong and report to Gerry Ng, chief executive officer, Asia ex Japan.Marco Tang joins Barings from JP Morgan Asset Management where he was executive director and head of intermediary business. Prior to this, he held various sales roles at Allianz Global Investors, HSBC Asset Management and Jardine Fleming Unit Trusts.

P { margin-bottom: 0.08in; } The Pennsylvania State Employees’ Retirement System (PASERs) has retained the Scottish firm Martin Currie Investment Management Ltd to manage USD250m, corresponding to a new global emerging markets (GEM) strategy for the pension fund. The mandate is managed by Kim Catechis, head of GEM, and the investment directors are Andrew Ness and Jeff Casson, whose team has assets of GBP487m, or USD739m.

P { margin-bottom: 0.08in; } Tolga Uzner, former international head of equities and corporate bonds at the chief investment office at JP Morgan, sadly known because of the “Whale of London,” left the bank last month, Financial News reports. He is preparing to launch a credit hedge fund, according to a source familiar with the matter. He has founded Brocade Capital Management, where he is CIO.

P { margin-bottom: 0.08in; } The volume of investments made last year in Switzerland according to sustainable or socially responsible investment (SRI) criteria rose by early 15% to CHF48.5bn, according to the most recent report released yesterday by a Swiss unit of the Forum Nachhaltige Geldanlagen (FNG), a forum for sustainable investments, Agefi Switzerland reports. It was mostly institutional mandates which made the largest contributions (+18.2%), although investment funds (+13.3%) remain the largest category (52.5% of the total) in this area, followed by management mandates (45% of the total), and far behind by structured financial products, which saw net outflows (-11%) from sustainable investment. The Swiss market for investments of this type is dominated by Banque Sarasin (38% of the market in question), followed by Ethos-Pictet (16%), Credit Suisse (including ResponsAbility 10.6%), RobecoSAM (8.8%) and Vontobel-Raiffeisen (7.7%). In addition, the proportion of institutional invetors (54%) far exceeds the retail market in Switzerland. This institutional proportion remains far lower than that observed in Germany (77%) and Austria (81%).

P { margin-bottom: 0.08in; } Funds on sale in Sweden in April recorded net inflows of SEK10.7bn, equivalent to about EUR1.2bn, according to the local investment fund association, Fondbolagens Förening. Balanced funds took the lion’s share, with SEK5bn in inflows (about EUR0.6bn), while money market funds and equity funds took in SEK3.2bn (EUR0.4bn) and SEK2.1bn (EUR0.2bn), respectively. Bond funds took in only SEK0.8bn, and hedge funds showed slight outflows, with SEK0.4bn. Since the beginning of the year, funds on sale in Sweden have attracted no less than SEK37.1bn, or EUR4.3bn. Equity and balanced funds have each seen inflows of slightly over SEK20bn, or EUR2.3bn. As of the end of April, Swedish funds set records for asset levels with SEK2.241trn (about EUR260bn), of which about 55% were in equity funds.

P { margin-bottom: 0.08in; } Fondsnieuws reports that the US firm Invesco has appointed William Lam and Tony Roberts, who have seven and ten years of seniority, respectively, to assist Stuart Parks with the management of the Pacific Equity Fund, an equity fund with USD134m in assets. Roberts is a specialist in Japanese equities.

P { margin-bottom: 0.08in; } Nordea has recruited Mathias Leijon as head of Swedish and Scandinavian equity management, the Scandinavian firm has announced in a statement on its Swedish website. He joins from Pictet, where he had been a European equity manager. Leijon will begin in his new role at Nordea on 12 August 2013. He will also have ultimate responsibility for a dozen equity funds, the firm says.

P { margin-bottom: 0.08in; } Investment institutions are more acutely aware of the risks they face since the global financial crisis but many still need to improve the way those risks are communicated internally, according to new research by the Economist Intelligence Unit (EIU) commissioned by State Street Corporation.The survey of global asset managers and asset owners found that more than three-quarters of respondents (78 percent) said their organisation had a very risk-aware culture today. This compares with only 30 percent that made risk their highest priority in 2007. This shift represents a significant cultural change for investment institutions. The proportion of organisations placing risk management as their highest priority has more than doubled since before the 2008 financial crisis.The survey entitled, “Closing the communication gap: How institutional investors are building risk-aware cultures,” was conducted in the first quarter of 2013. Respondents included nearly 300 executives of investment institutions – 48 percent of which were asset managers, 35 percent asset owners and 18 percent intermediaries. Approximately 39 percent of respondents were headquartered in the Asia Pacific region, 33 percent were from Europe and 19 percent from North America.Reputational risk is now seen as one of the top risks for institutions, the survey found. More than half of all respondents (56 percent) ranked reputational risk equally with risk arising from market volatility (market risk) as among their organisation’s highest priorities. However, despite the greater awareness of risk, the study also found a disconnect between business and risk functions and differences of opinion about the role of the risk function at many institutions. The majority of non-risk staff (52 percent) think the risk function exists primarily to fulfill regulatory obligations, while less than a third (30 percent) of risk professionals think this.

P { margin-bottom: 0.08in; } The Börsen-Zeitung reports that before a Stuttgart court, 25 hedge funds, including Viking Global Equities, Glenhill Capital and Greenlight Capital, are seeking damages and interest from Porsche Automobile Holding SE of EUR1.36bn. They claim that they were not adequately infomed by Porsche during its takeover battle at Volkswagen (a takeover which ultimately failed).The Stuttgart prosecutor’s office has also filed suit against the former chief financial officer and former chairman of the managing board at Porsche, Holger Härter and Wendelin Wiedeking, for market manipulation.

P { margin-bottom: 0.08in; } As of 31 March, the 3,913 Spezialfonds, or German institutional funds, had assets of EUR1.01131trn, compared with EUR981.66bn as of the end of December, the BVI association of management firms reports. For their part, the 7,466 open-ended funds had assets under management of EUR687.52bn three months previously.Spezialfonds posted net inflows of EUR22.97bn, compared with EUR13.98bn for open-ended funds, and EUR1.98bn for mandates excluding funds.

P { margin-bottom: 0.08in; } According to statistics from the German BVI association of asset management firms, open-ended securities funds in first quarter attracted net inflows of EUR12.161bn.This time, the top of the class is no longer Allianz, with its EUR1.9289bn, but rather the Deutsche Bank galaxy, with EUR2.8743bn. Union takes third place, with net subscriptions of EUR1.7219bn. Deka has limited its net redemptions fo EUR414.7m for the first three months of the year.On the ETF front, the winner is db x-trackers, with net inflows of EUR890.3m, followed by iShares and BlackRock with EUR187.8m, and products from ETFlab (not consolidated with Deka) with EUR165.8m. However, ComStage (Commerzbank) suffered net outflows in first quarter of EUR116.8m.

P { margin-bottom: 0.08in; } The financial ratings agency Standard & Poor’s on 13 May announced the publication of a special edition of its CreditWeek weekly newsletter dedicated to Africa, and particularly to the use of international capital markets by sub-Saharan African countries. Although a few years ago, South Africa was the only country in the region to be active on capital markets, seven other African countries have turned to international markets since 2007 for issues totalling nearly USD5bn. This trend has accelerated in the past two years. Standard & Poor’s has also published a study on regulations, now being created, for covered bonds in Morocco (“Morocco Looks To Covered Bonds To Support Housing Finance,”) which may serve as a basis for the first bond issues of this type in Africa.

Tolga Uzuner, l’ancien patron international des actions et des obligations d’entreprises de la direction des investissements de JP Morgan, tristement connue en raison des pertes de la « Baleine de Londres », a quitté la banque le mois dernier, rapporte Financial News. Il s’apprêterait à lancer un hedge fund crédit, selon une personne proche du dossier. Il a créé Brocade Capital Management, où il est CIO.

Natixis Global Asset Management (NGAM) vient de lancer sur le marché britannique un fonds d’actions américaines, le Loomis Sayles US Leaders fund, avec une contribution de départ de 5 millions de dollars émanant d’Aberdeen, rapporte Investment Week.Le fonds, géré par Aziz Hamzaogullari, a été lancé début avril avec une contribution de 5 millions de dollars également de Natixis. Ce nouveau fonds, le deuxième produit onshore proposé par NGAM, est une stratégie de conviction déclinée dans un portefeuille concentré de 30 à 35 valeurs, pour l’essentiel de grosses capitalisations de croissance.

Jusqu'à présent, BNY Mellon Asset Servicing était déjà chargé de fournir au britannique River and Mercantile Asset Management LLP (R&M) des services de conservation mondiale, de fiducie, de banque dépositaires, d’agent de transfert et d’opérateur sur les marchés des changes. Le groupe américain a en outre été retenu le 13 mai par R&M comme fournisseur de services de back et middle office pour des actifs d’un total de 3,1 milliards de dollars. Cela concerne neuf fonds ouverts de type OEIC et tous les fonds cantonnés de R&M.BNY Mellon assume également les services de gestion des données concernant tous les actifs de R&M pour lesquels est utilisée la technologie Eagle Investment Systems, une filiale de BNY Mellon. Les données sont consolidées, validées et enrichies par BNY Mellon avant d'être livrées à R&M.

Dans un entretien au Financial Times fund management, Andrew Formica, directeur général de Henderson, répond aux critiques dont sa société fait l’objet : elle n’a pas réussi à proposer une marque distinctive dans l’une ou l’autre classe d’actifs, elle s’est centrée sur sa réorganisation après les acquisitions de New Star et Gartmore et elle est surexposée à l’Europe. Le FT fm note aussi que Henderson est la société de gestion britannique cotée en Bourse la moins performante derrière F&C, avec 19,3 milliards de livres de rachats, soit 39 % des encours, depuis le 1er janvier 2009.Andrew Formica assure que la société se diversifie dans d’autres classes d’actifs et régions, notamment les Etats-Unis et l’Australie, et qu’elle cherche à s’imposer comme une maison pour « l’equity income ».

Le Pennsylvania State Employees’ Retirement System (PA SERs) a confié à l'écossais Martin Currie Investment Management Ltd un mandat de gestion 250 millions de dollars correspondant à la nouvelle stratégie marchés émergents mondiaux (global emerging markets ou GEM) de ce fonds de pension. Ce mandat est géré par Kim Catechis, head of GEM et les investment directors Andrew Ness et Jeff Casson, dont l'équipe affiche un encours de 487 millions de livres ou 739 millions de dollars.