Pour janvier-mars 2012, le gestionnaire américain Nuveen Investments accuse une perte nette de 42,6 millions de dollars contre un bénéfice net de 5,3 millions pour la période correspondante de l’an dernier.L’encours ressortait au 31 mars à 226,72 milliards de dollars contre 220,09 milliards trois mois plus tôt et 206,1 milliards un an auparavant.Nuveen a accusé au premier trimestre des sorties nettes de 6,41 milliards de dollars contre des souscriptions nettes de 4,95 milliards pour janvier-mars 2011, l’essentiel des remboursements étant imputable aux comptes gérés institutionnels avec presque 5,25 milliards de dollars. A ce sujet, le gestionnaire précise que le départ du co-president et CIO de la filiale Tradewinds Global Investors s’est traduite par un gonflement des sorties sur les produits value internationaux qui ont atteint 9,9 milliards de dollars. Cette hémorragie a pu être en partie compensée par les souscriptions nettes enregistrées par les fonds municipaux et à l’inclusion des flux de Gresham, une société de gestion dont Nuveen a acheté 60 % en début d’année.

La société de gestion Qualium Investissement a annoncé le 16 mai le recrutement de trois chargés d’affaires, Julie Khayat, Antoine Schricke et Nicolas Mutschler.Julie Khayat travaillait précédemment chez Morgan Stanley, Antoine Schricke chez Vestar Capital Partners, et Nicolas Mutschler à la Compagnie des Alpes.Qualium Investissement gère 1,5 milliard d’euros apportés pas son sponsor la Caisse des dépôts et plus de 40 investisseurs institutionnels, investis dans des PME à fort potentiel de développement.

KKR a annoncé le 16 mai avoir investi 150 millions de dollars en fonds propres dans la banque d’images Fotolia pour 50% de son capital. KKR, TA Associates ainsi que les actionnaires de Fotolia se sont par ailleurs rapprochés de KKR Capital Markets et de différentes banques pour mettre en place une ligne de financement de premier rang de 150 millions de dollars. Ces investissements devraient permettre à Fotolia de poursuivre sa stratégie de croissance et de diversification de son offre.Créée en 2004 par deux entrepreneurs français, Fotolia propose une collection en ligne de plus de 17 millions de photos, d’illustrations vectorielles et de vidéos HD libres de droits.

Axa Investment Managers (Axa IM) a annoncé le 16 mai avoir obtenu l’autorisation des autorités locales pour ouvrir un bureau de représentation en Chine qui vient renforcer le dispositif d’Axa IM en Asie. «Le bureau de représentation d’AXA IM à Pékin aura pour objectif de réaliser des études de marché et de bâtir et entretenir des relations avec des investisseurs institutionnels chinois», explique précise AXA IM dans un communiqué. AXA IM entend ainsi prendre part au développement rapide de l’industrie de la gestion d’actifs en Chine – environ 3 500 milliards d’euros d’actifs gérés, essentiellement pour le compte de clients institutionnels –, où la compétition s’intensifie et où l’offre à destination des clients particuliers et institutionnels s’étoffe très rapidement.Ying Du a été nommée responsable du bureau de représentation. Elle est rattachée à Terence Lam, responsable des ventes et du marketing d’AXA IM en Asie.Ying Du a rejoint AXA IM en 1998. Elle y a successivement occupé différentes fonctions avant de rejoindre, en 2005, l’équipe de Relations clients de Hong Kong, au sein de laquelle elle dirigeait l’équipe en charge des clients institutionnels.

Le nouveau CEO de Bellevue Group, Urs Daniel Baumann, vient de racheter la participation d’un peu moins de 3% détenue par l’un des fondateurs de la société, Hans Jörg Graf, selon des informations de la Bourse suisse SIX.Le mois dernier, un autre pilier de la banque, Dieter Albrecht, avait indiqué avoir réduit sa participation au capital de la banque à moins de 3%.

Dès le 1er juin 2012, les actions de la Banque Cantonale Vaudoise (BCV) ainsi que les actions du groupe immobilier Swiss Prime Site (SPS) entreront au segment MSCI de la Bourse suisse.

Filiale de Vontobel Asset Management, Harcourt a recruté Jan Viebig et Georg Wessling comme head of alternative investments et deputy head of alternative investments, respectivement.Jan Viebig, actuellement head of ermerging market equities chez Credit Suisse, remplace l’ancien CEO d’Harcourt, Stephan Fritz, qui a décidé de quitter Vontobel Asset Management.Quant à Georg Wessling, il est actuellement head of hedge fund advisory chez Harcourt.

The US asset management firm Vanguard has carried out its plans to cross the Atlantic. On 16 May, it announced that it is planning to release its first five ETFs on the London Stock Exchange, as they have recently received licenses from the Irish central bank. TERs for the funds range from 0.09% to 0.45%, which Vanguard highlights by terming them “low cost.” All of the funds rely on physical replication. Assets in the Vanguard group’s tracker funds total GBP741bn, while ETFs represent GBP109bn. Fund AMC/TER LSE Ticker (GBP) LSE Ticker (USD) Vanguard FTSE 100 ETF 0.10% VUKE --- Vanguard S&P 500 ETF 0.09% VUSA VUSD Vanguard FTSE All-World ETF 0.25% VWRL VWRD Vanguard FTSE Emerging Markets ETF 0.45% VFEM VDEM Vanguard UK Government Bond ETF 0.12% VGOV ---

Allianz Global Investors (Allianz GI) has launched four multi-asset class funds with risk objectives aimed at British investors, Investment Europe reports. Elizabeth Corley, chief executive at Allianz GI, claims that definitions and understanding of risk vary significantly from one European country to another, to the point that it is not realistic to launch a standard cross-border product. Allianz GI already has about GBP33bn in continental assets in similar strategies, but in formats which allow for easier adaptation to client needs. The four funds launched in the UK aim at various risk levels, from 7% to 11% per year for the defensive strategy, 10% to 14% for the conservative strategy, 12% to 17% for the moderate strategy, and 15% to 20% for the growth strategy.

The British bank HSBC on 17 May announced that it has already completed more than half of its plan to save USD3.5bn per year by 2013. The plan, announced in 2011 under pressure from shareholders calling for higher dividends, resulted in numerous layoffs and a reorganisation of some activities. At an investors’ day in London, HSBC claimed that after one year, it has secured USD2bn in savings on operating costs. “Investors were sceptical about our ability to bring HSBC under control. I think we have proved we can do it,” said CEO Stewart Gulliver.

Sir David Cooksey, former chairman of UK Financial Investments, the structure in charge of the British government’s stake in banks bailed out during the crisis, has joined the board of advisors at Strategic Value Partners, a hedge fund founded by a former Merrill Lynch employee, with assets under management totalling about USD4bn, the Financial Times reports.

Santander Asset Management has recruited David Stewart as chief investment officer, Investment Week reports. Stewart will succeed John Bearman, who is leaving the firm, and will take on similar responsibilities at Thomson Miller Investment. Stewart previously worked at Butterfield Bank as chief investment officer and senior vice president.

As part of its rationalisation strategy, the British asset management firm F&C Asset Management will be discontinuing the Thames River Capital brand in first half 2013. The Thames River brand was created in 1998 and had an excellent reputation, even after the acquisition of the boutique by F&C in 2010. According to Charlie Porter, co-founder of Thames River and head of funds and trusts at F&C, “it is altogether logical to have only one brand. We are not large or rich enough to operate under several brands.”

Scottish Widows Investment Partnership (SWIP) has announced the appointment of Ian March as head of marketing. March will be head of marketing strategy, including communications with clients, advertising and brand management. March previously worked at BlackRock, where he was managing director in charge of marketing for the Europe, Middle East and Africa (EMEA) region.

According to sources familiar with the matter cited by the Wall Street Journal, the alternative asset management firm Magnetar Capital is being investigated by the SEC over trades it made on collateral debt obligations which contributed to the outbreak of the financial crisis. If the investigation results in civil charges, it will be the first time a hedge fund goes to court over a case related to CDOs.

The division responsible for trading losses at JP Morgan Chase now estimated at about USD3bn has built up a portfolio of over USD100bn in ABS and structured products, the Financial Times reports. This portfolio comes in addition to credit derivatives which provoked trading losses at the centre of investigations by regulators on both sides of the Atlantic.

The billionaire investor Warren Buffett and the chief executive of Goldman Sachs, Lloyd Blankfein, are two of the heads who will potentially testify in the insider trading case against the former head of McKinsey, Rajat Gupta, the Financial Times reports.

The financial ratings agency Fitch on 17 May cut its long-term debt ranting in currencies and in euros for Greece to CCC from B- previously, citing “increased risk” of an exit from the euro zone. The currency short-term debt rating has also been reduced to C from B previously. “The lowering of the sovereign debt ratings for Greece reflect increased risk that Greece may not be able to maintain its participation in the European economic and monetary union,” Fitch explains. “The high result for anti-austerity parties in the parliamentary elections of 6 May and the subsequent failure to form a government are a sign of lack of political and public support for the EUR173bn European Union and IMF programme,” the agency adds.

With Universal-Investment, the German private bank Berenberg between 11 and 14 May (for institutional I-class and retail R-class shares, respectively) launched the bond and strong currencies fund Berenberg Hartwährungsanleihen, managed by Dirk Springer, director of the bond and private management team at Beremberg. To be included in the portfolio, bonds must be issued by a country whose debt level is under 80% of GNP, the annual deficit is under 4%, and the internal inflation rate is under 3%. The local bond market must also be large and liquid. Consequently, the fund invests in countries such as China, Brazil and Mexico, as well as Switzerland, Norway and Canada. Duration, issuers and currencies are actively managed. Characteristics Name: Berenberg Hartwährungsanleihen Asset management firm: Universal-Investment Manager: Berenberg Bank ISIN codes:Retail (R) shares: DE000A1JUU12 Institutional (I) shares: DE000A1JUU20 Front-end fee: 5% (R share class) Management commission: R share class: 1.10% I share class: 0.50% Minimal subscription: I share class: EUR1m

The chairman of Consob, the Italian financial market authority, Giuseppe Vegas, has warned against the dangers of trading “naked” CDS, high frequency trading and ETFS at his annual meeting with the financial community, FondiOnline reports. On the subject of ETFs, Vegas claims that these funds may cause a systemic shock. He has called on regulators to avoid that.

Au premier trimestre 2012, le résultat net part du Groupe Crédit Agricole, pour le métier Assurances s'établit à 264 millions d’euros intégrant l'échange des titres grecs au premier trimestre 2012. L’impact de cet échange est un coût du risque de 53 millions d’euros constaté lors de l'échange des titres (soit un impact en résultat net part du Groupe de - 35 millions d’euros). La gestion financière reste prudente et intègre l’environnement de marché : des titres souverains portugais, italiens et espagnols ont ainsi été cédé pour une valeur nette comptable de 2,9 milliards d’euros durant le premier trimestre.

In April, the on-book daily trading volumes for ETFS on the European markets of NYSE Euronext incrased to EUR297.1m, compared with EUR253.3m in March and EUR237.3m in February. But these volumes are down 14.8% compared with the corresponding month of last year. Total on-book trading volumes have risen 1.3% month on month, to EUR5.6bn. Bloc trades accounted for EUR840.9m in March and EUR992.6m in February, represdenting 12.7% of trading volumes, compared with 13.1% the previous month, and 16.6% in February. The number of ETFs listed (695) has not changed compared with March (see Newsmanagers of 12 April). The median spread was 29.58 basis points in April, as in March.

The 29 largest international banks will need to raise anotehr USD566bn, or reduce their balance sheets by about USD5.5trn by 2018 in order to comply with the new Basel III regulations, according to a study by the financial ratings agency Fitch Ratings, published on 17 May. This additional owners’ equity will represent a 23% increase compared with the level of owners’ equity observed at the end of 2011. These estimates are the first to attempt to measure the impact of Basel III, including supplementary measures for establishments considered systemic.

In an update to an international study of ETFs (“Synthetic ETFs Under the Microscope: A Global Study,”) Morningstar claims that the degree of protection for investors is improving. A large majority of synthetic ETFs worldwide are subject to regulations which limit counterparty risks. Most providers manage their funds in a way that offers far higher protection than required by local regulations. In general, synthetic ETFs have better total expense ratios (TER) than traditional ETF funds, with the notable exception of a few Asian ETFs, and better tracking errors, which measure risks. This is particularly true of ETFS whose underlying asset classes are more limited and/or less liquid, such as emerging markets equities, for example. However, in all regions studies, transparency and security represent a priority, both in the eyes of investors, providers and regulators. From this point of view, and despite warnings from numerous regulators, common standards are still sorely missing in the classification of synthetic ETFs, transparency and collateral held, counterparties and costs. In some cases, particularly in Hong Kong, regulators have taken steps in this direction. Elsewhere, such as in Europe, the question has not yet been raised: it remains to be seen, therefore, where regulators will initiate the process which will move towards more harmonisation and better practices.

The ratings agency Moody’s announced on 17 May that it is lowering its long-term credit ratings of 16 Spanish banks, due to economic difficulties in the financial sector generally, public finance problems, and “restricted access to financing.” The reductions to the ratings vary from one to three notches, with Santander and BBVA, the two largest banks in the country, seeing their ratings lowered by three notches, to A3. The outlook is negative for ten of the banks. For the other six, the rating remains on watch. The ratings of the major Spanish banks “now range from A3 to Ba3, with an unweighted average of Baa2 to Baa3,” Moody’s says in a statement. “This average is lower than for most banking systems in Western Europe, which reflects the major repercussions on Spanish banks of difficult national conjuncture and the continuing euro zone debt crisis,” the agency says.

Global demand for gold fell by 5% in first quarter 2012, but Chinese demand has set record highs, topping even that of India, the World Gold Council (WGC) announced on 17 May. Demand for gold worldwide was down to 1,097.6 tonnes in the first three months of the year, valued at an estimated USD59.7bn, as the price of gold was 16% higher than in first quarter 2011, the WGC says in its report. Rising investment in gold could not compensate for a decline in demand on the part of central banks, jewellers and the IT sector. Chinese demand increased 10% in the first three months of the year, to a record 255.2 tonnes, topping India, due to investor concerns about inflation, the WGC observes. Indian demand is 29% down compared with first quarter 2011, at 207.6 tonnes, affected by a jewellers’ strike, a weak Indian rupee and government policy which aims to reduce the presence of gold and a large trade imbalance in the country.

Boon Sim, global head of merger and acquisition activities at Credit Suisse, has been recruited as president & head of North America at the Singapore sovereign fund Temasek Holdings, the Wall Street Journal reports. At the Swiss group, he will be replaced by Scott Lindsay, currently co-chairman of the glober mergers & acquisitions gorup with Steven Koch.

Kurt Jovy has joined UBS Real Estate in Munich as head of acquisitions & dispositions for Germany and central and eastern Europe. He had previously been vice president, acquisition & sales, at Credit Suisse Asset Management Immobilien in Frankfurt.

Insight Investment has launched a UCITS IV-compliant version of its absolute return bond fund, Investment Week reports. The new fund, BNY Mellon Absolute Return Bond Fund, managed by Peter Bentley, head of global and British credit, invests in government bonds (4%), investmnt grade corporate debt (8%), corporate high yield debt (11%), ABS (28%), emerging market debt (9%), cash and money market instruments (40%). Meanwhile, Standish Investment Management is reportedly about to launch an emerging markets debt fund which will be managed by Alexander Kozhemiakin, managing director of emerging debt, and his team. The fund will invest in emerging market debt denominated in US dollars as well as in local currency. Standish already manages three emerging market debt funds, whose cumulative assets under management total USD4.2bn.

In Europe, style ETFs, with a value, growth or cap size bias, remain marginal. Value/growth ETFs represent only USD0.45bn, while equity style ETFs have USD115bn in assets in the United States, Isabelle Bourcier, head of development at Ossiam, has said at a round table at the InsideETFs Europe conference, on investment based on risk factors. This difference is due first of all to the fact that US investors are more sensitive to management styles than Europeans, which reflects a more unified market on the American side of the Atlantic, and a more fragmented market in Europe. Boucier also cites the typology of European investors in ETFs, who are largely funds of funds, private bankers, etc. These investors are primarily interested in geographical diversification in Europe. But those who are interested in management styles may be put off by the heterogeneity of the methdologies of index providers, which leads to vastly different baskets of assets, which require an excess of work. “Investors who are seeking exposure to a style prefer to turn to active managers,” says Bourcier. The head of development at Ossiam also claims that ETFs based on risk factors (to which style ETFs belong as well as funds based on volatility, momentum, etc.) should be used more as a “toolbox,” in an opportunistic manner, rather than for long-term investments. Arne Stall, director, head of systematic strategies and tracker products for Europe at Barclays Capital, agrees. He feels that ETFs based on risk factors may be used ni a tactical manner, or to hedge a portfolio. “One must be aware that these ETFs cannot function over a whole market cycle.” He claims the combination of different types of factors makes sense. Paul Kaplan, CEO of Morningstar, claims that ETFs based on risk factors may both serve the interests of short-term investors and long-term invetors, for example, whose who estimate that a long-term investment in a value style will outperform. However, he estimates that some factoral ETFs, such as funds based on the VIX, commodities, and leveraged and inverse ETFs, which are rather ETFs for playing short-term trends, are absolutely not appropriate for retail investors. He points out that style ETFs are still bets against the market, and that investors need to be aware of that.