Allianz Global Investors is to launch in the second quarter an infrastructure debt fund in the UK – the first of its kind – to help build schools, hospitals and roads, according to the Financial Times. The fund will raise GBP1bn initially, but has the potential to raise more. AllianzGI also plans to launch a similar sized infrastructure debt fund in Europe in the summer.

At closing time on 11 January, the Turner International Growth fund was “adopted” by John Hancock Funds (Manulife group), and renamed John Hancock International Growth Equity Fund (ticker JTIGX for the A share class, and JTTIX for I shares). The fund is available to retail investors via their financial advisers.The portfolio is composed of 60 to 80 positions, on international growth equities with cap sizes “generally” over USD2bn.Since 2007, the fund has been managed by Mark Turner, chairman and co-founder of Turner Investments (USD11.6bn as of the end of September), who remains at the helm. Assets as of 31 December 2012 totalled USD32.5m.

Pascal Koenig is an Asset Management financial industry partner at Deloitte. He discusses the challenges faced by French asset management firms with Newsmanagers. This specialist in the sector says they will need to adopt a more industrial approach, particularly to the construction of their product ranges and customer relationships.

Ennio Doris, head of Mediolanum, has announced that he is prepared to sell the firm’s stake in the Italian private bank Banca Esperia, which is 50/50 owned by Mediolanum and Mediobanca, Bluerating reportts. “If anyone is interested in the Italian market and would like a little treat, we can take them into consideration,” he said.

A study undertaken by the Kommalpha agency for the German BVI association of asset management firms has found that 134 institutional investors surveyed (with assets totalling EUR380bn) would like to reduce their allocations to institutional funds specialised in fixed income products to 40%, from 60% currently, the Frankfurter Allgemeine Zeitung reports.When asked about the impact of regulations, they say that their allocation to government debt would fall to 9% from 18% currently if laws or regulations did not require them to invest in this asset class. They would also double their allocation to equities to 24%, and would increase their allocation to real estate funds, private equity and corporate bonds, to the detriment of government bonds, Pfandbriefe and liquid assets such as money market funds.

On Friday, the website of Standard Life Investments in Germany showed an “awaiting photo” message for its investment director for Germany and Austria. This appears to confirm reports in Fondsprofessionell that the business has parted ways with Michael Geier, who has served in the position until recently. Apparently, the role will be occupied for the interim by Asa Norrie, joint head of European business and head of the Nordic region.

Emerging markets are no safe haven. At a time when they figure in investment themes for 2013, emerging markets are not inspiring enthusiasm at M&G. Anthony Doyle, investment specialist director at M&G, who was on a visit to Paris on 18 January, says the time to avoid emerging marktes has come, particularly in the area of government debt. Emerging economies are doing well, Doyle admits, but valuations are often ahead of fundamentals. Therefore, caution is necessary. Some markets, and not small ones, are also the subject of some concern. These include China, where growth may fall back to a more moderate pace of 5% to 7%, at a time when inflation remains at high levels. China may continue to base its development on credit, and will need to move to a consumer-driven growth model. These reservations will not, however, prevent the firm from investing in some asset classes, such as emerging market corporate bonds. Another concern is inflation, which if not immediately, at least in the mid-term, is expected to return to the foregrouns, Doyle says, added that inflation does not appear to be a top concern for central banksers, who are more worried about weak growth and rising unemployment. Doyle cites the famous saying of Milton Friedman that “inflation is always and everywhere a monetary phenomenon,” and estimates that rising volumes on money markets, fed by hitherto unseen levels of quantitative easing, will eventually need to be corrected for.

Assets under custody and administration at State Street as of the end of December 2012 totalled USD24.371trn, up 4% compared with the end of September, State Street announced at a release of its quarterly results. Assets under custody alone as of the end of December totalled USD17.806trn, compared with USD17.827trn. Assets under management as of the end of December totalled USD2.089trn, up 1.2% compared with the end of September 2012. Commissions related to services rose 4.5% in fourth quarter to USD1.2bn. Management commissions, for their part, totalled USD260m, up 3.6% quarter on quarter, due to an increase in performance comissions and the good performance of international equity markets.

As a part of its international development, Carmignac Gestion Luxembourg on Friday, 18 January announced that it was preparing to apply to the local regulator CSSF for an extension to its license as an asset management firm. “Currently, the Sicav is autonomous, and self-managed,” Eric Le Coz, managing director of Carmignac Gestion Luxembourg, explains to Newsmanagers. “Now, we have realised that our clients were asking who the manager was!” This is all the more regrettable for the firm based on Place Vendôme in Paris, since Luxembourg is the hub for the asset management firm’s European development. “We would like to make the structure of the group more legible, and easier to understand,” the head says.The entity in Luxembourg, which has historically been a global distributor, will become the asset management firm for the SICAV Carmignac Portfolio, which was launched in 1999, has seven sub-funds and assets of EUR5bn. In practice, the “new” asset management firm will be in a position to extend the activities of its affiliates beyond their roles as local promoters. “It is easy to find professionals who speak five or six languages in Luxembourg,” Le Coz says, “and our objective for the structure will be to attract talent which could then be sent to London, Frankfurt, Singapore, depending on our needs.”On the organisational chart, Le Coz and Davide Fregonese will become the two senior managers of the new, transformed Luxembourg-based entity, and will work in collaboration with Antoine Bruneau, currently Financial Controller for the group. Le Coz will retain responsibility for product development group-wide, and will remain a member of the investment committee, the strategic development committee, and the board of directors at Carmignac Gestion, a statement says. Fregonese will also remain responsible for the commercial development of the group, and will remain as a member of the strategic development committee and the board of directors of Carmignac Gestion.

Assets under management at the Société Privée de Gestion de Patrimoine (SPGP) as of the end of December 2012 totalled EUR800m. Net subscriptions totalled EUR23m. “The strongest subscriptions were for the Sélection High Yield 2015, Oblig Corporate 1-2 1/2 Y Euro, Sélection Action Rendement and Sélection Action Rendement International funds,” says Laurent Pluchard, director of sales for the French asset management firm.2013 will see the birth of a new product in the range. CBP Corporate has received a license from the AMF, and will be launched in first quarter 2013. Meanwhile, SPGP is continuing to restructure its range, which will be completed in March. Following various mergers of products, the range will include 17 funds, down from 25 previously. The objective is to “bring dynamism to the range,” says Pluchard, and to begin to offer a range of larger funds. Among the merged products is Neo Activa, which will be merged into Neo Arbitrage, the Emerging Commodities Fund, which will be merged into the Tectonic Fund, and the FP Dynamique and Sélection Flexible International fund of funds, which will be merged into the Gestion Diversifiée International. The restructuring comes at a time when SPGP has signed an amicable EUR100,000 settlement with the French financial regulator, the Autorité des marché financiers (AMF), over the FP Dynamique fund (see Newsmanagers of 18 January 2013). the AMF says SPGP charged higher fees than specified for the Sicav. The disappearance of the product following the merger is said by the asset management firm to have “no connection” with the AMF’s verdict.

Borsa Italiana a annoncé lundi le lancement d’Agrex, un segment de marché dédié aux dérivés de matières premières. La Bourse italienne va commencer par lancer un contrat future sur le blé dur, qui sert à la fabrication des pâtes, sur cinq échéances. Elle prévoit ensuite d'élargir son offre.

Ambroise Fayolle va succéder à Philippe Mills à la direction générale de l’Agence France Trésor (AFT), a appris lundi Reuters de source de marché. Agé de 47 ans, il est depuis 2007 administrateur pour la France au Fonds monétaire international et à la Banque mondiale. Jusqu'à sa nomination à Washington, Ambroise Fayolle avait effectué toute sa carrière à la direction du Trésor, qu’il a rejointe à sa sortie de l’Ena. Il a été notamment en poste à la direction de la dette et de la trésorerie de l’Etat, dont il a pris la tête en 1997 après en avoir été le numéro deux. Aucun commentaire n’a pu être obtenu dans l’immédiat du ministère de l’Economie et des Finances, qui est resté muet aussi sur la nomination de Philippe Mills à la tête de la nouvelle banque des collectivités locales.

Les taux longs des pays «cœur» de la zone euro amorçent une remontée. Cela pourrait engendrer une performance négative pour les détenteurs d'actifs AAA

Nicolas Forest, directeur de la stratégie taux et change chez Dexia AM

La Banque du Japon devrait annoncer demain de nouvelles mesures susceptibles d'affaiblir le yen

Le franchissement de la barre des 3.600 points a libéré un potentiel de hausse jusqu’à la région des 3.900 points

La banque a convenu de scinder son activité de capital investissement dédiée aux énergies vertes, selon le quotidien. Rebaptisée Glennmont Partners, cette activité continuera de compter BNP Paribas parmi ses investisseurs au sein du fonds de 430 millions d’euros levé en 2010. Le directeur général Joost Bergsma ne doute pas que la banque souhaitera distribuer le fonds à ses clients. Un signe de plus tout de même selon le quotidien du retrait des banques du private equity sous la pression réglementaire. Depuis 2007, l’équipe de Glennmont Partners a investi plus d’un milliard d’euros au sein de douze projets.

Allianz Global Investors s’apprête selon le quotidien à lancer un fonds de dette innovant spécialisé sur les infrastructures au Royaume-Uni. Il s’agirait d’une «initiative qui fera date» susceptible de créer des emplois et stimuler l’économie atone grâce au financement d’écoles, d’hôpitaux et de routes. La collecte-cible est d’un milliard de livres dans un premier temps.

La hausse de l’indice des prix à la consommation pourrait s’accélérer à 4% cette année, indique le China Business News qui cite Yu Bin, le directeur du Centre de recherche et de développement de l’Etat central. La réforme de l’indice contribuera à hauteur d’un point de pourcentage à cette hausse. Et Yu Bin d’estimer que la hausse de l’inflation aura peu d’effet sur la consommation.

La banque californienne a fait enregistrer son fonds à Paris, l'un des marchés prioritaires de son expansion européenne

La société prévoit de lever jusqu'à 1,4 milliard d'euros à l'occasion de son entrée à la Bourse de Francfort

Les titres du géant chinois de l'immobilier s'envolaient de 10% après son annonce de tranférer ses actions de classe B de Shenzhen vers Hong Kong

Henri Chabadel, directeur des solutions d'investissement chez Groupama AM

Julien Daire, responsable de la gestion crédit de CPR Asset Management

Didier Borowski, responsable de la stratégie et de la recherche économique chez Amundi

La Banque du Japon devrait annoncer demain de nouvelles mesures susceptibles d'affaiblir le yen

Pierre Guillemin, directeur gestion diversifiée et actions chez Swiss Life AM

Le Premier ministre britannique prononcera cette semaine son discours tant attendu sur ses projets de renégociation des conditions de l’appartenance de la Grande-Bretagne à l’Union européenne, selon le secrétaire au Foreign Office William Hague. Cette allocution, qui devait initialement être prononcée vendredi aux Pays-Bas, avait été reportée en raison de la crise des otages en Algérie.

La Chambre des représentants va réfléchir à un texte permettant de relever le plafond de la dette pour une durée de trois mois afin de contraindre le Sénat à majorité démocrate d’adopter un projet de budget, selon le chef de file des républicains à la Chambre, Eric Cantor.

La voie à une entrée en Bourse du réseau télévisé australien semble tracée après que ses créanciers ont approuvé un plan de recapitalisation de 3,6 milliards de dollars. Les fonds américains Oaktree Capital et Apollo Global Management échangent dans ce cadre de la dette contre 95,5% du capital. CVC Capital Partners perd gros en ne conservant que 1% du capital.