As of the end of December 2012, La Française AM had EUR37.2bn in assets under management, of which EUR27.6bn were in securities, and EUR7.8bn in real estate. The asset management firm, led by Xavier Lépine, last year posted net subscriptions of over EUR1.6bn. Inflows have come in equal measure to securities (EUR800m) and non-public real estate (EUR810m). In 2012, 27% of inflows to the group were outside France, bringing assets under management internationally to over 4% of total assets at La Française AM, a statement says. The asset management firm says that it won “significant tenders” from French and international institutionals last year, for an overall total of over EUR535m. In retail markets, target-date funds, flexible funds and PEA equity funds drove inflows in 2012. For SCPI private real estate funds, La Française AM has posted more than EUR380m in gross inflows, for total assets of EUR6.2bn.

In the first quarter of this year, Amplégest is planning to launch an international equity fund and a reactive feeder fund associated with Amplégest Multicap, the firm, whose assets under collective and private management have risen to EUR560m, from EUR550m in November, and EUR300m at the end of 2010, has announced.Asset management activities, whose assets total EUR220m, have risen rapidly in the course of the past few years, and 50% of assets are held by instituitional investors. The flexible fund Patrimoine International, launched at the end of December 2012, and managed by Xavier d’Ornellas, manager in the flexible and dedicated fund unit, already has assets of EUR15m as of the end of January.“While 2011 and 2012 were structuring years for Amplégest, the next three years will be years of development and growth in our two professions,” Arnaud de Langautier, chairman of Amplégest since 9 July 2012, says in a statement.

Aston Asset Management, based in Chicago, has renewed the custody, accounting, sub-administration, regulatory administraton and transfer agency mandate which has for the past 16 years been awarded to BNY Mellon Asset Servicing. The mandate covers the 25 funds from the firm, which represent assets of USD12bn.

Private equity investor Dyal Capital Partners (managed by Neuberger Berman), which aims to acquire minority stakes (15-20%) in hedge funds reserved for professionals, has recently entered the capital of two such companies, MKP Capital Management and Halcyon Asset Management, Pension & Investments reports.MKP has about USD6bn in assets under management in global macro, credit and fixed income strategies, while Halcyon has USD12bn under management in multi-strategy hedge funds based primarily on credit and distressed assets. Its majority shareholders have agreed to reinvest 80% of net profits from the sale of their shares to Dyal in the firm’s multi-strategy funds, for at least three years.Halcyon is the sixth investment for Dyal, which has already acquired stakes in CFM, MAST, Pinnacle, Scopia and MKP.

Financière de l’Echiquier, a French asset management boutique founded in 1991 by Didier Le Ménestrel, will this morning announce its acquisition of 100% of Acropole AM, a specialist in convertible bonds, Les Echos reports. The firm, founded in 2006 by three former Fortis employees, including its chairman, Jacques Joakimides, now has EUR780m in assets under management. The acquisition price has not been disclosed, but is said to be “reasonable” by Le Ménestrel, and is probably near 3% of total assets under management. Acropole AM had been supported by UFG (which has since become La Française AM), which controlled 14.5% of its capital, Cheyne Capital and Matmut, with 33.5% and 1% stakes. All three are selling their stakes to Financière.

The real estate specialist boutique from BNY Mellon, Urdang, has announced the appointment of P.J. Yeatman to the newly-created position of head of private real estate, with the mission of setting up and developing a strategy for the sector. Yeatman recently founded a consulting firm specialised in real estate, CoveredBridge Ventures. Urdang has about USD6.4bn in assets under management in publicly-traded real estate, via Urdang Securities Management, and USD2.3bn in private real estate, with Urdang Capital Management.

If statistics released on 29 January by Morningstar are to be believed, French asset management firms on the whole in 2012 had a “difficult” year, wih net inflows in all strategies combined of EUR7bn to open-ended funds domiciled in France.This bottom-line figure conceals more significant disparities, as money market funds were able to post net subscriptions of EUR19bn, and long-term fund suffered net outflows of EUR12bn.Aside from money market funds, only a few asset management firms managed to do well, such as Axa IM and Oddo AM (primarily for fixed income funds), Carmignac Gestion (for diversified funds) and TOBAM (for equity funds).Among the most severely affected French asset management firms are banks, as in 2011: BNP Paribas, Amundi, Dexia, Lyxor and Creidt Mutuel. BNP Paribas has seen the heaviest net outflows of any European asset management firm, with redemptions totalling EUR7.53bn. Edmond de Rothschild takes fourth-to-last place in the rankings, with net outflows of EUR2.146bn.To complete the picture, Sandander has seen outflows of EUR3.593bn, Anima has suffered outflows of EUR2.354bn, and Fidelity has seen redemptions of EUR1.845bn.

La Française AM has registered two more funds in Finland, in addition to the LFP R2P Global Credit, the Swedish website Fondbranschen reports. The funds are the LFP JKC China Value and LFP JKC Asia Value. The two funds are managed by JK Capital Management, a La Française AM company based in Hong Kong.

Sella Gestion Sgr, the asset management firm of the Banca Sell firm, is launching Star Collection, a fund of funds which invests in the best international asset management firms, FondiOnline reports. The fund will be composed of five sub-funds: mid to long-term euro bonds, diversified emerging markets, global multi-asset class, international bonds, and international equities.

Once again, three British asset management firms, the same ones as at the end of September (see Newsmanagers of 12 November) have won the top three spots in the national rankings by Feri EuroRating Services of seven countries: the winners are Threadneedle, Schroders and Aberdeen. The rankings are determined by the proportion of funds rated A or B of the total number of funds rated in each market, which number over 25 for “large” asset management firms, or 8 to 24 funds for “small” firms.Threadneedle finishes first in Germany, Austria, Italy, Sweden (in the 8-24 fund category) and the United Kingdom, second in France, and fourth in Switzerland. For its part, Schroders finishes top in France, and second in Germany, Austria, Italy and the United Kingdom, third in Sweden, and fifth in Switzerland.Aberdeen takes second place among large asset management firms in Switzerland, and fourth in the United Kingdom. It is third among small firms in Austria and Sweden, and fourth in France and Italy, but in each case with levels of funds rated A or B above 60%, meaning with average scores higher than those of the top two in the rankings, although the 77.80% rate Threadneedle achieves in Sweden in the small firm category is hard to beat, except by DNCA Finance in France (88.9%), and First State in Germany, with 87.5%, also in the small firm category.In France, Covéa Finance takes third place among large firms, with 60.7% of funds rated A or B, while Axa IM takes sixth place, with 47.5%, and Lazard Am is seventh, with 46.9%. Among small operators, DNCA Finance, previously cited, finishes ahead of the Groupe le Conservateur (72.7%) and Comgest, as well as ProBTP, in eighth place with 53.3%.

Investec Asset Management has apppointed an analyst, Antoon de Klerk, as co-manager of the Alternative UCITS fund for currencies, the Investec GSF EM Currency Alpha, Citywire Global reports. He will manage the fund alongside Werner Grey van Pittius.

The euro zone crisis provoked a marked change in the landscape for funds in Europe. Bond vehicles saw unprecedented growth in 2012, Morningstar finds in an analysis of the major trends on the European market. Investors placed a record total of EUR176.5bn in these funds in 2012, for their best year since 2007. This change in the behaviour of investors may undoubtedly be interpreted as a sign of a quest for returns as well as an abandomment of European government bonds, which are no longer seen as a refuge asset. The size of these bond investments was exceptional in 2012, with a total equivalent to nearly ten times the total net inflows in the category in 2007 to 2011. With such flows of liquidity which took off in such a short time on sometimes cramped bond markets (such as convertibles), the excellent returns of bond funds in all categories in 2012 may easily be understood. Unlike in the United States, where investors’ interest in bonds dates back to 2007, the attraction of fixed income assets for Euorpean investors is a recent and more sudden trend. Before 2012, inflows in Europe were distributed fairly evenly between bond and equity funds. From 2007 to 2011, equity funds had higher inflows than bond funds, with a total of EUR28.4bn, compared with EUR18.6bn for bonds in the five-year period. This appetite for bond funds in 2012 was undoubtedly favoured by accommodating policies on the part of central banks, both at the short end of the interest rate curve (prime rates of nearly 0%), and unusually, also at the long end (quantitative easing in the USA, and OMT by the ECB). The study finds a wave of popularity of bond funds in the largest Morningstar categories, as 8 of the 10 largest categories in terms of net inflows in 2012 were bond funds. Inflows were driven by the “other bonds” category, a mixed group which includes flexible and target-date bond funds. This group of funds saw net inflows of EUR44.1bn, followed by emerging markets, with net inflows of EUR18.5bn to emerging market equities and EUR15bn for emerging market debt.

The Munich-absed Xaia Investment (formerly Assénagon Crédit Management) on 16 January transferred its four funds, which represent assets of about EUR2bn, to the Universal-Investment platform.Among these products, three are open-ended, the XAIA Credit Basis (LU0418282348), XAIA Credit Basis II (LU0462885483) and XAIA Credit Debt Capital (LU0644385733), for retail shares.The last of these is the only one which remains open to subscriptions, with a front-end fee of up to 3%, and a management commission of up to 1.11%. The withdrawal penalty, currently 0.5%, will be reduced to 0.25% on 30 September. The fund also carries a 20% commission on performance exceeding the hurdle rate (Euribor 3-month + 200 basis points), with high watermark.

S&P Dow Jones Indices on 29 January announced that it has granted a license for the new S&P SMIT 40 index to Commerzbank, to create an equity ETF as part of the ComStage ETF Sicav. The ComStage ETF S&P SMIT 40 Index TRN fund was admitted to trading the same day on the XTF segment of the Xetra electronic platform in Frankfurt (Deutsche Börse), where it becomes the 1,020th product listed. On 28 January, the listings on the XTF segment actually included 1,021 product, which means apparently that two ETFs disappeared in one day.The S&P SMIT 40 index covers the 40 largest firms of South Korea, Mexico, Indonesia and Turkey, the four largest emerging markets in the “Next Eleven” category made popular by Goldman Sachs Asset Management (GSAM).CharacteristicsName: ComStage ETF S&P SMIT 40 Index TRNISIN code: LU0860821874Benchmark index: S&P SMIT 40 Net Total Return EUR IndexTER: 0.60%

David Scammell has left his job as head of fixed income strategies for the UK and Europe at Schroders, Investment Week reports. He had worked at the asset management firm since 2004. His funds will be redistributed among several managers.

Legal & General Investment Management has announced the appointment of Aaron Meder as Global Head of Solutions Group. Meder, who had previously been responsible for the retirement solutions product range in the United States, succeeds Kerrigan Procter, who becomes Managing Director Annuities.

After the United Kingdom and Spain (see Newsmanagers of 14 and 20 December), Schroder has reelased the Schroder ISF EURO High Yield sub-fund of its Luxembourg Sicav Schroder International Selection Fund, or Schroder ISF, in France.The management of the strategy is provided by Konstantin Leidman, who is based in London and is already responsible for the management of the European high yield allocation of the Schroder ISF Global High Yield fund, a vehicle whose asses total over USD4.2bn.Name: Schroder ISF EURO High YieldA (retail) share class: LU0849399786Front-end fee:: 5.26315% (maximum)Management commission: 1 % (maximum)C (institutional) share class: LU0849400030Front-end fee: 1.01010% (maximum)Management commission: 0.60% (maximum)

Amundi ETF has launched an ETF that provides exposure to European non-financial sector shares on NYSE Euronext Paris. The product, entitled Amundi ETF MSCI Europe Ex Financials, replicates the evolution of the MSCI Europe Ex Financials index, which is composed of 330 positions. ISIN code: FR0011340413 TER: 0.30%

The sovereign fund of the government of Singapore (Government of Singapore Investment Corp, GIC) has invested in a mortgage programm which will provide loans to the British commercial real estate sector totalling up to GBP1bn, according to a statement released by Laxfield Capital. Assets under management at GIC total over USD100bn.

finews.ch reports that Peter Jeggle is becoming the principal manager of the Fisch Bond Value Fund (CH0023966747), whose assets under management as of 28 January totalled GHF128.15m. Jeggli was co-founder in 2003 of Independent Credit View, and joined Fisch one year ago. Fisch is planning to increase the management team for the high yield fund to five people by March. Meanwhile, the principal manager for the fund, Philipp Good, will concentrate on directing the credit team, and on managing the firms’ flagship product, the Fisch Bond Value Investment Grade Fund, whose assets have risen in one year from CHF640m to CHF1.125bn (+75%).

Money Marketing reports that Gemini Investment Management last week closed its MOSt India fund, launched in 2010, and managed by Manish Sonthalia deMotilal Oswal Asset Management, due to inadequate asset levels. Assts under management had fallen below USD5m.

Le munichois Xaia Investment (anciennement Assénagon Crédit Management) a transféré le 16 janvier ses quatre fonds sur la plate-forme d’Universal Investment, ce qui représente environ 2 milliards d’euros.Parmi ces produits, trois sont offerts au public, XAIA Credit Basis (LU0418282348), XAIA Credit Basis II (LU0462885483) et XAIA Credit Debt Capital (LU0644385733) pour les parts retail.Seul le dernier est encore ouvert aux souscriptions, avec un droit d’entrée de 3 % maximum et une commission de gestion de 1,11 % maximum. Actuellement de 0,5 %, la pénalité de sortie sera réduite à 0,25 % au 30 septembre. Le fonds comporte également une commission de 20 % sur la performance excédant le taux butoir (Euribor 3 mois + 200 points de base), avec high watermark.

S&P Dow Jones Indices a annoncé le 29 janvier avoir accordé la licence du nouvel indice S&P SMIT 40 à la Commerzbank pour le lancement d’un ETF actions de ComStage ETF Sicav. Le fonds ComStage ETF S&P SMIT 40 Index TRN a d’ailleurs été admis à la négociation le même jour sur le segment XTF de la plate-forme électronique Xetra de Francfort (Deutsche Börse), où il est le 1.020ème produit coté. A titre de rappel, le 28 janvier, la cote du XTF comptait déjà officiellement 1.021 produits, ce qui signifie a priori que deux ETF ont disparu en un jour.L’indice S&P SMIT 40 couvre les quarante plus grandes sociétés de la Corée du Sud, du Mexique, de l’Indonésie et de la Turquie, c’est-à-dire les quatre plus grands marchés émergents dans la catégorie «Next Eleven» mise à la mode par Goldman Sachs Asset Management (GSAM).Caractéristiques Dénomination : ComStage ETF S&P SMIT 40 Index TRNCode Isin : LU0860821874Indice de référence : S&P SMIT 40 Net Total Return EUR IndexTFE : 0,60 %

Investec Asset Management a nommé un analyste Antoon de Klerk en tant que co-gérant du fonds Alternative Ucits sur les devises, le Investec GSF EM Currency Alpha, rapporte Citywire Global. Il pilotera le fonds aux côtés de Werner Gey van Pittius.

Selon les statistiques publiées le 29 janvier par l’Association luxembourgeoise des fonds d’investissement (Alfi), les encours des fonds domiciliés dans le Grand-Duché ont atteint le record de 2.383 milliards d’euros, ce qui représente une hausse de 13,7 % en un an, rapporte Investment Europe.Les souscriptions nettes ont porté durant 2012 sur 123,1 milliards d’euros et l’on recensait fin décembre 3.841 fonds avec 43.386 classes de parts.Marc Saluzzi, le président de l’Alfi, a souligné que cette évolution est la bienvenue pour le Luxembourg dans la mesure où le secteur des fonds d’investissement représente 8 % du PIB et génère 10 % des recettes fiscales.

En Chine, Goldman Sachs vient de céder 1,35 milliard d’actions ICBC à Hong Kong et profite ainsi du redressement boursier d’Industrial and Commercial Bank of China, rapporte L’Agefi. Goldman Sachs n’en est pas à son coup d’essai. En avril 2012, la banque avait cédé à Temasek un bloc de 2,5 milliards de dollars. Au total, la firme de Wall Street a déjà engrangé près de 8,8 milliards de dollars sur un investissement réalisé en 2006 pour un montant qui atteignait à l'époque 2,58 milliards, en direct ou à travers les fonds de sa gestion actions.

Selon finews.ch, Peter Jeggli devient le gérant principal du Fisch Bond Value Fund (CH0023966747) dont les actifs sous gestion au 28 janvier ressortent à 128,15 millions de francs. Peter Jeggli a été co-fondateur en 2003 d’Independent Credit View et a rejoint Fisch il y a un an. Fisch compte porter d’ici à mars à cinq personnes l'équipe de gestion de ce fonds haut rendement.En attendant, le gérant principal du fonds, Philipp Good, va se concentrer sur la direction de l'équipe crédit et sur la gestion du produit vedette de la maison, le Fisch Bond Value Investment Grade Fund, dont l’encours est passé en un an de 640 millions à 1.125 millions de francs suisses (+ 75 %) actuellement.

Géré par Neuberger Berman, le capital-investisseur Dyal Capital Partners, qui a vocation à prendre des participations minoritaires (15-20 %) dans des gestionnaires de hedge funds réservés aux professionnels, est entré récemment dans le capital de MKP Capital Management et Halcyon Asset Management, rapporte Pension & Investments.MKP gère environ 6 milliards de dollars dans des stratégies global macro, crédit et taux, tandis que Halcyon gère 12 milliards de dollars dans des hedge funds multi-stratégies à base de crédit et de «distressed» principalement. Ses actionnaires majoritaires se sont engagés à réinvestir 80 % du bénéfice net tiré de la vente de leurs parts à Dyal dans les fonds multistratégies de la société pour au moins trois ans. Halcyon est le sixième investissement de Dyal, qui a déjà pris des participations dans CFM, MAST, Pinnacle, Scopia et MKP.

David Scammell a quitté son poste de responsable des stratégies taux UK et Europe de Schroders, rapporte Investment Week. Il travaillait dans la société de gestion depuis 2004. Ses fonds vont être répartis entre plusieurs gérants.

Money Marketing rapporte que Gemini Investment Management a fermé la semaine dernière son fonds MOSt India lancé en 2010 et géré par Manish Sonthalia de Motilal, Oswal Asset Management, faute d’encours suffisant.Les actifs sous gestion étaient en effet tombés en-dessous des 5 millions de dollars.