Le fonds de pension de Total en Belgique a retenu Union Bancaire Privée (UBP) pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’est appuyé sur le consultant bfinance. A terme, le mandat pourrait compter jusqu'à 30 millions d’euros, en arbitrant au détriment des actions et certains segments obligataires. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.

Parmi les actifs alternatifs, les Cats Bonds, nous intéressent beaucoup, ils pourraient être une voie de diversification, ils seraient logés dans la poche de performance. Il n’est pas exclu que nous en fassions dans le futur, selon l’analyse de Philippe Aurain, à Next Finance, peu de temps avant son départ. Nous voulons comprendre ce que nous achetons. Nous souhaitons augmenter lentement notre périmètre d’investissement, mais surtout, nous voulons à chaque fois bien maîtriser ce que nous prenons en portefeuille, avoir les inventaires, regarder ligne par ligne. Nous voulons bien prendre des risques, mais nous souhaitons avant tout comprendre les risques que nous prenons. Si nous investissons un jour dans des Cats Bonds, nous aurons besoin d’une totale transparence.

In April, European ETPs suffered net outflows of USD5bn, according to BlackRock, which reduced net subscriptions in the first four months of this year to USD2.2bn. Of this total, USD4.3bn in net outflows have been from ETFs investing in German equities.In April, the top three providers all suffered net redemptions, totalling USD4.3bn from iShares (BlackRock), USD1.3bn from db x-trackers (Deutsche bank), and USd0.7bn for Lyxor Asset Management (Société Générale). In January-April, iShares has posted net outflows of USD0.4bn, db x-trackers has posted net redemptions of USD0.8bn, and Lyxor has posted net redemptions of USD0.2bn. The heaviest net subscriptions in the first four months of the year were from Source (USD1.5bn) and UBS Global Asset Management (USD1.1bn).However, all the major asset management firms have posted increases in their assets since the beginning of the year, with the largest increases at iShsres (USD8.5bn), db x-trackers (USD3bn), UBS GAM (USD2.4bn) and Lyxor (USD2.2bn).As of the end of April, iShares remains the far-and-away leader by assets under management, with USD114.3bn, followed by db x-trackers (USD46.1bn) and Lyxor (USD40.3bn).

The Financial Stability Board (FSB) on 10 May announced the creation of a working group dedicated to improving information from financial institutions about exposure to risk and risk management practices, known as the Enhanced Disclosure Task Force (EDTF). The co-chairmen of the working group are Hugo Bänziger, chief risk officer and member of the board of directors at Deutsche Bank, Russell Picot, group general manager and group chief accounting officer at HSBC Holdings, and Christian Stracke, managing director, member of the investment committee and global head of credit research group at Pimco. The working group also includes 25 heads and experts representing financial establishments, analysts, ratings agencies and external auditors. These 25 members also include Gérard Gil, senior adviser at BNP Paribas. The top objectives of the working group are to develop principles to improve published information, including the compatibility of this information, and to identify major information about risk presented in 2011 annual reports. The working group’s recommendations will be published in October 2012.

The new chairman of the board of directors at UBS, Axel Weber, is planning to respond to criticism by some shareholders of the group’s pay policies, by adjusting the bonuses paid to senior executives. At a conference held on Thursday in London, Weber announced that he has commenced talks with the goal of balancing management pay scales and the needs of shareholders in a manner that the latter would consider fair. “From day one, I initiated a broad process with shareholders and our employees.” The objective is to reach a model which would balance the interests of employees and shareholders. Last week, at the firm’s general shareholders’ meeting, many shareholders had lively criticism for the bonuses paid to heads of the firm, and no less than 40% of shareholders voted against a report on pay scales. Last year, 36% voted against it.

The Hong Kong stock market regulatory authority yesterday unveiled proposed reforms which would significantly toughen sanctions against business banks which were underwritten for an initial public offering (IPO) by a firm which falsifies its accounts, Les Echos reports. By the proposed regulations, which have been submitted for consultation for a two-month period before being debated by Parliament, various actors supporting the IPO process for Hong Kong businesses may not only be subject to civil, but also to criminal charges. Individuals who recommend an IPO which turns oiut to be fraudulent may face up to three years in prison. This would bring local legislation into line with regulations in place in the United States, but would put the Hong Kong stock market ahead of its major rival, the Singapore stock exchange.

Secteur d’activité désormais majeur, qui représente un chiffre d’affaires de plus de 100 milliards de dollars, la biotechnologie présente de nombreuses opportunités liées notamment au caractère innovant des entreprises de cet univers."Il n’y a jamais de mauvais moment pour investir en biotechnologie dès lors que les valorisations sont basses», a estimé le 10 mai à l’occasion d’un point de presse Rudi Van den Eynde, responsable du pôle «Thematic Global Equities» chez Dexia Asset Management. C’est le cas actuellement. Les valorisations du secteur sont historiquement basses. Alors que la création de cashflow disponible est en croissance malgré la crise, elles se situent dans la lignée de celles du marché actions au sens large. «Il s’agit en outre d’une thématique faiblement corrélée aux tendances de marchés ou aux fluctuations de taux. La croissance dans les pays émergents et les opérations de fusions et acquisitions au sein du secteur vont soutenir la dynamique de marché», indique Rudi Van den Eynde. Le fonds Dexia Equities L Biotechnology, dont les encours s'élèvent à environ 150 millions de dollars, affiche ainsi un rendement annualisé de plus de 10% depuis son lancement en avril 2000. Les marchés émergents devraient contribuer à la croissance du secteur en raison de la progression soutenue dans ces régions de cas de maladies dites «de civilisation» comme le diabète. En outre, «notre fonds enregistre la sixième acquisition depuis le début de l’année avec l’offre d’achat d’AstraZeneca sur Ardea Biosciences fin avril», remarque Rudi Van den Eynde. Le spécialiste relève par ailleurs l’intérêt d’adjoindre le fonds à un portefeuille. Durant les trois dernières années, en ajoutant le Dexia L Biotech à un portefeuille d’actions internationales, il a été possible de réduire la volatilité, et ce jusqu'à une pondération de 35% du secteur de la biotechnologie, tout en améliorant considérablement les performances, de 190 points de base par ans pour une pondération du secteur biotechnologique de 10%.

Are corporate credit markets on the verge of an unprecedented disaster? Standard & Poor’s predicts that in the next four to five years, massive financing needs to restructure bank balance sheets and confront difficulties in the United States and the euro zone may represent an explosive cocktail. Refinancing needs related to bonds and securities issued before the crisis and now maturing are estimated by the agency at about EUR30trn, of which about 30% is for European businesses, Standard & Poor’s reports in a study published on 9 May. In addition, a further USD13trn to USD16trn would be needed to finance growth. Standard & Poor’s estimates that most businesses will manage to refinance via banks and capital markets. However, restricted credit may limit capacity to finance new growth. Confronted with the danger of more trouble on the debt markets, the manoeuvring room for governments; and central banks’ is now more restricted, the agency says, adding that even less risky borrowers may suffer as a result.

About EUR40bn were raised last year in the European private equity sector, a level not seen since 2008, and up 80% on 2010, an annual report from the European private equity association (EVCA Yearbook 2012) notes. About 65% of funds raised came from European countries, with 35% originating from other countries worldwide. Three major regions, the United Kingdom and Ireland, Scandinavia, and France and Benelux manage more than 83% of funds raised in 2011.

Barclays Wealth, the Swiss private banking affiliate of the Barclays group, has published losses on the Swiss market for the second consecutive year. In 2011, Barclays Wealth Switzerland posted a loss of CHF31m, according to finews, compared with CHF13m in 2010.

Funds on sale in Sweden have recorded net inflows in April of SEK5.2bn (about EUR0.58bn), of which EUR5.1bn went to money market funds, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Bond funds have also posted inflows, totalling SEK2.6bn (EUR0.3bn). However, after three months of net subscriptions, equity funds had outflows of SEK3bn in April. The heaviest redemptions were to Swedish funds and funds investing in growth markets. Since the beginning of the year, equity funds have posted total inflows of SEK24.1bn (EUR2.7bn), half of which has gone to passive funds, while inflows to funds overall total SEK12bn (EUR1.3bn). Equity funds still account for the majority of investments from Swedish clients to funds, at SEK1.065trn or EUR119bn (54%), out of total assets of SEK1.957trn, or EUR219bn as of the end of April.

In first quarter 2012, earnings from asset management at Axa (Axa IM and AllianceBernstein) have fallen 10% to EUR771m, largely due to a decline in management commission and commissions for institutional research activities at AllianceBernstein, and lower commissions on real estate transactions at AXA IM, a statement says. Assets under management are up by EUR18bn compared with 31 December 2011, and total EUR865bn. Net outflows total EUR5.4bn in first quarter. These outflows included -EUR2.7bn from AllianceBernstein, largely to institutional clients, partly offset by net inflows of EUR2bn for an advising mandate for AXA Japan, and -EUR2.7bn at AXA IM, largely due to the voluntary withdrawal of unprofitable employee shareholding plans (-EUR4bn), and net outflows at Axa Rosenberg (-EUR1bn), partially offset by a positive net inflow at AXA Fixed Income, Axa Private Equity and Axa Framlington. A market effect of +EUR37bn has also been shared by AllianceBernstein and AXA IM.

Despite a persistently difficult market environment, the savings management professions in the asset management, insurance and private banking unit of Amundi have maintained their total assets under management of nearly EUR1.042trn as of the end of March 2012. This total is a slight decline of 1.9% year on year, but a 3.5% increase compared with the end of December 2011, as inflows have begun to pick up again in first quarter 2012, particularly at Amundi. Excluding assets counted twice, total assets in the unit totalled over EUR836bn as of 31 March 2012.In first quarter 2012, Amundi contiued to post good operational performance, and has also made a one-time capital gain of EUR60m from the sale of a minority stake in the United States. Not counting this one-time gain, net banking proceeds are down 4.4% year on eyar, penalised by a decline in assets in this period, but are up by nearly 7% compared with fourth quarter 2011, largely due to an increase in performance commissions.

The heads of OFI AM unveiled yesterday major plans for the short to mid-term, which will include additions to its range of asset managemnet products and development internationally and in France. In terms of investments, after pointing out the firm’s three-way approach, with a product range managed either internally, or via multi-management, or through partnerships, Gérard Bourret, CEO, has announced that his asset management firm would soon be offering its institutional clients a range of alternative multi-management products. “To that end, we will in the next few weeks announce a partnership with an English-speaking firm larger in size than ourselves,” Bourret confirmed. Bourret plans to provide a clearer product range for investors, with a segmented range that offers value products that also deliver returns, as well as European growth products and proximity management of investments in growth small and midcaps in France and the euro zone. Another desire expressed by management is to bring more regular and higher performance to these equity products. As the French market offers limited opportunities, the group is now planning to make itself heard elsewhere in Europe. “We are going to hire the services of a third-party marketer (TPM). The fund range will be selective, focused on niche products where the firm has excellence to foreground.” But that’s only a beginning, says Bourret. “In three years, we will be able to say that we have begun.” In terms of inflow objectives, Bourret says that in a closed and virtually saturated French market, OFI AM in 2012 had planned to earn total net inflows of EUR1.5bn to EUR2bn. As of the end of the month of March, assets at the OFI group totalled EUR50.6bn, up 7% compared with the end of last year (EUR47.23bn).

The Austrian-German asset management firm C-Quadrat Investment and its largest shareholder, the German AmpegaGerling Investment, on 10 May announced that on 1 June, they will initiate Ampega-C-Quadrat Fondsmarketing GmbH, a 50/50 joint venture which will focus on distribution of products from the two firms to institutional clients. The new joint venture will be headquartered in Frankfurt, and will be led by Winfried Stürzbecher and Jörg Bernd Hudemann, who are already the heads of institutional distribution at AmpegaGerling and C-Quadrat respectively.

In January-March 2012, the German financial services provider MLP has posted a net profit of EUR9.4m, compared with EUR4.7m for the corresponding period of 2011. Earnings before interest and taxes (EBIT) were up 44% to EUR12.4m, which the group attributes to the positive effects of its “efficiency programme,” which in first quarter of last year resulted in a one-time charge of EUR3.2m.As of the end of March, largely due to positive evolution of assets under management by its affiliate Feri, total AUM came to EUR20.5bn, compared with EUR20.2bn three months earlier.

Barclays Switzerland has reported a net loss of CHF30.8m for 2011, compared with a net loss of CHF13.2m the previous year, according to reports from the news agency Bloomberg. This result is in line with the bank’s projections, as the development of wealth management requires high levels of investment, the firm says. Assets under management last year increased by 2% to a total of CHF10.4bn.

As of 30 April, Franklin Templeton Investments has posted a slight increase in its assets under management, of the four major asset management firms regularly monitored by Newsmanagers: assets have increased to USD7267.4bn, from USD725.7bn as of the end of March, due to bonds (+USd3.7bn, to USD320.3bn) and money markets. Elsewhere, assets at Legg Mason have fallen slightly, by USD4bn in one month, to USD639.3bn, while Invesco has seen a decline of USD4.4bn to USD668.4bn. Lastly, assets under management at AllianceBernstein have fallen by USD1bn, to USD418bn.

The Austrian Philip Baar-Baarenfels has been appointed as director of the new representative office of Axa Investment Managers Germany in Vienna, from 7 May 2012. He had most recently been head of distribution at Henderson Global Investors (HGI) for Austria and the countries of central and eastern Europe, after serving as head of distribution for Baring Asset Management in Austria, Liechtenstein, the Czech Republic and Hungary.The new recruit will report to Uwe Diehl, head of distribution of Axa IM for Germany and Austria.

The US alternative management firm AlphaHedge Capital Partners has announced the launch of a managed accounts platform, which offers a range of long/short equity strategies to investment advisers, consultants, family offices, broker dealers and institutional investors. The initiative is a response to growing furstration on the part of investors after a decade of high volatility and low returns on equity markets. Long/short strategies may allow financial advisers to reduce the equity risk profiles of their clients without reducing their underlying allocations.

Since the beginning of the year, the Euronext IEIF REIT Europe index has gained 10.3%, after losses of 11% in 2011, while the Euronxt IEIF SIIC France index has gained 9.2%, following a decline of 12.2% in 2011. Real estate indices continue to outperform benchmarks. In the same period, the Dow Jones Stoxx 50 index has gained only 3.6%, while the CAC 40 index has gained 2.3%. The negative evolution of the European stock markets has been attenuated for European real estate indices. In the month of April, the Euronext IEIF REIT Europe index has lost more than 1%, while the Euronext IEIF SIIC France index has lost more than 3.5%. The Dow Jones Stoxx 50 has posted negative performance of 3.2% in the same period, while the CAC 40 index has lost more than 7.2%. “At a time when stock markets have been unsettled in April, publicly-traded real estate has once again proven its merits as a refuge asset in a context of increased volatility,” the real estate and property savings institute (IEIF) argues.

Bellecapital International, an affiliate of the Swiss Bellecapital group, has recruited Jochen Vogler. He joins the US team from Rothschild Bank in Zurich, where he had been co-director in charge of US clients of the bank, finews reports.

The Boston Company Asset Management, an asset management boutique affiliate of BNY Asset Management, has announced the appointment of Adam Joffe as head of alternative management. He will also serve as chief administration officer, a newly-created role at the business. Joffe had previously been chief financial officer at First Eagle Investment Management in New York.

Manulife Asset Management has recruited Sarah Lu for the newly-created position of head of asset allocation for Asia, Asian Investor reports. Lu, who will be based in Hong Kong, previously worked at Axa Rosenberg Investment Management Asia-Pacific.

Le quotidien assure que le patron de Terra Firma a versé quelque 20 millions de livres,un cinquième de sa fortune personnelle, à sa sociétéde private equity. Cela afin de garantir le versement de bonus confortables à certains salariés dont le dirigeant ne souhaite nullement se séparer. Les équipes d’investissement ont été réduites de 70% au cours des dernières années.

Qatar Holdings, bras armé de Qatar Investment Authority, souhaite selon le quotidien s’emparer d’une participation de plus de 10% au capital du groupe minier. Le fonds visait précédemment une participation au sein de Glencore. De quoi selon le quotidien apporter un «soutien crucial» au projet de fusion des deux groupes.

Dans un entretien accordé au quotidien, le président du fonds souverain China Investment Corp, Gao Xiqing, assure qu’il «ne peut ignorer l’Europe». Le dirigeant assure pourtant qu’il souhaite voir CIC allouer davantage de ressources financières à destination des marchés émergents, aux dépens d’investissements en Europe ou aux Etats-Unis, des économies matures parfois moins accueillantes pour les fonds chinois.

Le quotidien croit savoir qu’au moins quatre offres ont été présentées à Permira hier soir, date limite dé réception, concernant le rachat de l’activité de surgelés Birds Eye Iglo, propriété de la société de private equity depuis cinq ans à la suite de son acquisition auprès d’Unilever. La valorisation de la cible, dont le chiffre d’affaires a dépassé 1,1 milliard d’euros l’an passé, pourrait selon le quotidien approcher 3 milliards (précisément de 2,6 à 2,9 milliards, dont une dette nette de 1,4 milliard). Sont en lice Blackstone, Bain Capital, BC Partners et Clayton Dubilier & Rice, dont l’associé pour l’occasion, Vindi Banga, est un ancien cadre d’Unilever.

La Cour de justice européenne considère que la retenue à la source prélevée par l’administration fiscale sur les OPCVM étrangers est discriminatoire

L'activité de dérivés à l'étranger d'une succursale rattachée à une banque américaine serait plus strictement régulée que celle d'une filiale