On 20 March, Pictet Asset Management (PAM) will officially launch its Luxembourg-registered Pictet-Global Flexible Allocation fund, which is the first transposition to the world of open-ended UCITS funds of its asset allocation expertise, which has been operating internally or on behalf of Swiss pension funds since 1967, and which already has assets of EUR6.2bn.The fund, which was registered in France on 17 February, reflects a completely discretionary management defined by a committee on the last Wednesday of each month, based on the opinions of 23 investment professionals in the PAM Strategy Unit, with flexibility of about one quarter for tactical overlay. The management team, led by Olivier Guinguené, CIO for asset allocation and quantitative management, and including Eric Rosset, head of the balanced management team and manager of the pension fund for Pictet employees, and Steve Donzé, macroeconomist, may invest without constraint in all asst classes allowed under the UCITS directive, largely via indices, but also via derivative instruments, and as a last resort, live shares (when there are no appropriate liquid instruments). In order to avoid being classified as a fund of funds, the Flexible Allocation fund will not invest in other funds or ETFs for more than 10% of its assets.In theory, the fund is managed with an absolute return objective of at least 10% returns if the stock markets are rising by more than 20%, with a minimum of % in normal markets, with protection for assets if markets fall by a proportion of less than 10%. The anticipated average volatility is 8%.CharacteristicsName: Pictet-Global Flexible AllocationISIN codes:LU0726358681 (I shares)LU0726358764 (P shares)LU0726358921 (Pdy shares)LU0726359069 (R shares)LU0726360075 (HI USD shares)LU0726360158 (HP USD shares)Management fees:0.45% (I and HI USD shares)0.90% (P, Pdy and HP USD shares)1.80% (R shares)Estimated TER:0.75% (I shares)0.80% (HI USD shares)1.20% (P and Pdy shares)1.25% (HP USD shares)2.10% (R shares)Performance commission: 10% with high watermarkHurdle rate: Citigroup 3 month in euros

The US asset management firm Index IQ on 6 February submitted a form S-1 to the SEC to apply for a license to launch the first ETF investing in physical diamonds (which will be stored in Anvers), the IQ Physical Diamond Trust. The underlying assets will be industry-standard, 1-carater diamonds and diamonds parcels in various sub-categories. Index IQ is planning to use unly diamonds certified by the Geological Institute of America (GIA) after 1 January 2006.

Lazard Frères Gestion on 7 March announced that its SRI equities Sicav fund, Objectif Ethique Socialement Responsable, is changing its legal name, to become Objectif Investissement Responsable (ISIN codes: C shares: FR0000003998; D shares: FR0010990606).Objectif Investissement Responsable invests in euro zone large caps and adheres strictly to extra-financial criteria to construct a concentrated portfolio of 40 to 50 positions.“Objectif Investissement Responsable has a 10-year track record covering several phases of the economic cycle, from the Internet bubble to the recent crisis, including periods of market growth. Over this period, our management has outperformed the Eurostoxx index by 6%, with good regularity and low volatility. We select primarily profitable businesses, so as not to sacrifice economic performance,” says Axel Laroza, manager of the Sicav fund since its creation.

The US firm Oaktree Capital Management has raised a EUR3bn fund which will focus on European distressed businesses, the news agency Bloomberg reports. The vehicle, the European Principal Fund III, has raised 20% more than its initial objective of EUR2.5bn. According to Henessee Group, investment funds investing in distressed assets worldwide earned returns of 3.2% in January, compared with 2.1% one year earlier.

Mirae Asset Global Investments, the US affiliate of the Korean asset management firm, is now offering US investors its Global Dynamic Bond Fund. The product is the first bond fund from the firm to be offered in the United States. Mirae manages over USD50bn worldwide.

The alternative management firm The Gargoyle Group, specialised in equity options strategies, has launched a market neutral fund with a continuous hedging mechanism based on index options, FINalternatives reports. The fund uses a number of proprietary elements for the vehicle, which have contributed to the success of the flagship fund from Gargoyle, the Gargoyle Hedged Value Fund. The fund seeks to earn alpha from stock-picking and the addition of premiums from the sale of overvalued call options.

Georges Gagnebin has become the new chairman of the board of directors at the independent Banque Pâris Bertrand Sturdza (PBS), according to an announcement appearing in Le Temps. The former CEO of UBS Wealth Management from 2000 to 2004, appointed to the position on 6 March, is returning to service four years after leaving a position as vice chairman of the board of directors of Julius Baer, which he had held in the meanwhile.

Although German investors have a reputation for being sensitive to environmental and social issues, savings investors pay virtually no attention to these aspects when they make their investment decisions. According to a recent study by Faktenkontor, only 4% of Germans choose their financial products on the basis of ethical criteria (ecological, social, governance, etc). Security remains the dominant criterion, with 49% of respondents prefering less volatile products. Performance tops the list of concerns for 21% of German investors.

The Financial Times reports that, according to sources familiar with the matter, as part of an overhaul to the top management at Deutsche Bank announced on Wednesday, the investment banker Michele Faissola will become the head of a new unit dedicated to asset and wealth management. [This profession already exists within the group, but as part of a larger unit known as PCAM, for private client & asset management -ed].

Since 1 March, the external distribution team at Pioneer Investments Germany has taken on two newly-appointed sales directors. They are Ronny Alsleben (former portfolio manager at Top Vermögen) and Reinhold Dirschl (formerly of MEAG Munich Ergo KAG).Alsleben will focus on wealth management clients, some banks and family offices, while Dirschl will focus on savings and co-operative banks.

Assets under management at the private bank of the DZ group, DZ Privatbank, as of the end of 2011 totalled EUR12.7bn, up EUR2.2bn year on year.In addition to an increase in assets related to the merger with WGZ Bank (EUR0.7bn) and the acquisition of a significant stake in UniCredit Luxembourg (EUR2.1bn), net inflows in Germany have totalled over EUR1bn. This has largely offset the impact of negative market effects.

Deka Immobilien has acquired the Suite Novotel in Hamburg for one of its institutional real estate funds, from the German asset management firm iii-investments, for an undisclosed sum. The 8,700 square metre property has 186 rooms.

BNP Paribas on March, 8th announced it will sell 28.7% or 54.43m shares of Klépierre to Simon Property Group for EUR28 per share.This deal is part of BNP Paribas’ adaptation plan to increase its common equity Tier 1 ratio by 100bp to reach 9% on a fully-loaded Basel 3 basis by 1 January 2013. The disposal of 28.7% of Klépierre’s share capital will generate a capital gain of approximately EUR1.5bn for the group and will contribute 32bp to this target.BNP Paribas will retain 22.2% of Klépierre’s share capital. and plans to remain a «significant shareholder» in the company. Therefore, BNP Paribas has committed to keeping this entire stake for at least one year.

Societe Generale has appointed Jean-François Mazaud as head of Societe Generale Private Banking. He replaces Daniel Truchi, «who has decided to pursue new opportunities in the financial sector outside Societe Generale group», according to a press release. Jean-François Mazaud joins the executive committee of the Private Banking, Asset Management & Securities Services division and reports to Jacques Ripoll, Head of the division. He also becomes a member of the General Management Committee of Societe Generale group. Meanwhile, Patrick Folléa has been appointed deputy head of Societe Generale Private Banking. He retains his existing functions as CEO of Societe Generale Private Banking France and supervisor of the private bank’s activities in Belgium. Yves Thieffry, currently deputy head of Societe Generale Private Banking, will be taking up another position within the private bank. In the meantime, he and Patrick Folléa will work closely together during the hand-over period. These appointments will take effect on 10 March 2012. Jean-Francois Mazaud became deputy head of Global Finance for Societe Generale Corporate & Investment Banking in 2008 and a member of Societe Generale Corporate & Investment Banking’s executive committee in 2009. Yves Thieffry has been Deputy CEO of Societe Generale Private Banking since 2007. In 2011, he became a member of the private bank’s executive committee, with responsibility for supervising Luxembourg, Switzerland, Monaco and the Middle East.

Kathleen C. Joaquin, director of operations and distribution, has been promoted to chief industry operations officer at the Investment Company Institute (ICI), replacing Donald Boteler, who retired at the beginning of March.In her new role, Joaquin will be the director of operational personnel at the ICI, with responsibility for numerous tasks related to transfer agencies, shareholder services, clearing and settlement, custody, fund accounting, reporting, and technological questions. Joaquin will report directly to Paul Schott Stevena, chairman and CEO of the ICI.

Lyxor has listed 3 more ETF funds based on AAA-rated euro zone government bonds on the Italian stock exchange, FonciOnline reports. The range thus grows to 4 ETF funds, each of them specialised in different maturities (1-3 years, 5-7 years and all maturities). Government bonds to which the ETFs are exposed are issued by Germany, France, the Netherlands, Austria and Finland.

Skandia Investment Group (SIG) has announced the appointment of a new sub-advisor for its USD363m USD Skandia Greater China Equity Fund, with the fund’s management changing from First State Investments to MIR Investment Management as of March 5 2012. James Millard, chief investment officer for Skandia Investment Group said: “First State has been an excellent investment partner, but we are in agreement that further asset growth could be a future constraint in sustaining performance (...).”

Daniel Tubba, manager of the BGF Emerging Markets fund, whose assets under management total USD1.1bn, has left the group, Investment Week reports.Tubba has been co-head of a team dedicated to emerging markets worldwide, which also includes Diren Shah and Sam Vecht.Emerging markets funds, both offshore and onshore, will now be managed by Shah and Luiz Soares, who has joined the group from Axiom International Investors.

The British asset management firm Jupiter Asset Management has reported net inflows of about GBP750m for the 2011 fiscal year, after GBP2.3bn in 2010. The major contributors were mututal funds, which attracted a net total of GBP500m (compared with GBP1.9bn the previous year).Assets under management as of the end of the year totalled GBP22.8bn, compared with GBP24.1bn as of the end of 2010, while mutual funds had assets of GBP`17.2bn, compared with GBP18.4bn as of the end of 2010.Pre-tax profits were up to GBP70.3m, compared with GBP42.4m in 2010. The head of Jupiter, Edward Bonham Carter, says that the company is hoping to increase its distribution capacities, particularly in both French and German-speaking Switzerland. With this in mind, Jupiter has opened a representative office in Zurich. Evelyn Lederle, previously of Clariden Leu, will be in charge of development for activities in German-speaking Switzerland as senior sales manager.

Parmi les six fonds enregistrés le 2 mars par la CNMV figure le Ahorro Corporación Garantizado Selección, un produit garanti par Banco Mare Nostrum (BMN) dont le rendement complémentaire peut évoluer entre 0 % dans le pire des cas et 5,09 % à échéance (7 mai 2015) en fonction de l'évolution des actions Telefónica, ENI, France Telecom, Inditex et TotalFina.CaractéristiquesDénomination : Ahorro Corporación Garantizado Selección, FICode Isin : ES0107438006Droit d’entrée : 5 %Frais de gestion : environ 1,08 %Pénalité de sortie : 5 %

L’ancien chief investment officer de Huatai Asset Management, Yang Yang, s’est associé avec un spécialiste des dérivés, Yiming Liang, pour lancer le Goldstream Absolute Return Fund, un hedge fund macro asiatique, notamment dédié à la grande Chine, rapporte Asian Investor.Le fonds, qui vise un rendement annualisé de 15% à 20%, devrait disposer de plus de 50 millions de dollars lors de son lancement en avril. Les capitaux ont été levés auprès de family offices, de clients fortunés et de fonds de fonds.

Le Financial Times relève que, selon les proches du dossier, le remaniement de l'état-major de la Deutsche Bank annoncé mercredi, va faire du banquier d’investissement Michele Faissola le patron d’un nouveau pôle à part entière consacré à gestion d’actifs et de fortune. [ndlr : ce métier existe déjà, mais au sein d’un pôle plus large, PCAM ou private client & asset management].

Georges Gagnebin est devenu le nouveau président du conseil d’administration de la discrète Banque Pâris Bertrand Sturdza (PBS), selon une information parue dans Le Temps. Nommé le 6 mars, l’ancien directeur général d’UBS Wealth Management, de 2000 à 2004, reprend du service. Quatre ans après avoir quitté la vice-présidence du conseil d’administration de Julius Baer occupée entre-temps.

Allianz Suisse a nommé Alexander Gebauer au poste de CEO de sa division Immobilier. L’actuel CEO, Stefan Brendgen, passe au conseil d’administration de la société, selon un communiqué de la filiale suisse du groupe d’assurance allemand.Alexander Gebauer occupe déjà le poste de COO depuis 2009 chez Allianz Real Estate Group, fonction qu’il continuera d’occuper par la suite. Dans sa nouvelle fonction, Alexander Gebauer poursuivra le renforcement du groupe sur le marché en se focalisant sur le domaine des investissements et de la gestion d’actifs.Le portefeuille immobilier d’Allianz Suisse Immobilien a une valeur d’environ 3,5 milliards de francs suisses. Il est composé à 60% de logements, le reste étant constitué d’objets à caractère commercial.

La société de gestion de fortune suisse Semper a annoncé le recrutement de Jean-Evrard Dominicé au poste de chief investment officer de la structure. Il a également été nommé associé de la société. L’intéressé aura pour mission d’élargir la gamme de produits et de services d’investissement offerts à la clientèle «haut de gamme» de Semper. Jean-Evrard Dominicé reste associé commanditaire de Dominicé & Co, société de gestion fondée par son cousin Michel Dominicé qu’il avait rejoint en 2004. Parallèlement, il continuera de siéger au conseil d’administration d’Anaconda, autre gérant genevois de fonds alternatifs.

Pour un de ses fonds immobiliers institutionnels, Deka Immobilien a acheté le Suite Novotel de Hambourg auprès du gestionnaire allemand iii-investments pour un montant non divulgué. Cet actif de 8.700 mètres carrés comporte 186 chambres.

Depuis le 1er mars, l'équipe de distribution externe de Pioneer Investments Allemagne a reçu l’appoint de deux nouveaux sales directors. Il s’agit de Ronny Alsleben (ex gérant de portefeuille chez Top Vermögen) et de Reinhold Dirschl (ex MEAG Munich Ergo KAG).Le premier sera plus particulièrement chargé de la clientèle de gestionnaires de fortune, de certaines banques et des family offices tandis que le second se focalisera sur les caisses d'épargne et les banques populaires.

Les actifs sous gestion de la banque privée du groupe allemand DZ, DZ Privatbank, s’inscrivaient fin 2011 à 12,7 milliards d’euros, en progression de 2,2 milliards d’euros d’une année sur l’autre.Outre la progression des actifs liée à la fusion avec WGZ Bank (0,7 milliard d’euros) et l’acquisition d’une part significative d’UniCredit Luxembourg (2,1 milliards d’euros), la collecte nette en Allemagne s’est élevée à plus de 1 milliard d’euros. Ce qui a permis de largement compenser l’impact négatif du marché.

Le 20 mars, Pictet Asset Management (PAM) lancera officiellement son fonds luxembourgeois Pictet-Global Flexible Allocation qui est la première transposition à l’univers des fonds coordonnés ouverts d’une expertise d’allocation d’actifs exploitée en interne ou pour le compte de caisses de pension suisses depuis 1967 et qui pèse déjà 6,2 milliards d’euros.Le fonds, qui a été enregistré en France au 17 février, reflète une gestion totalement discrétionnaire fixée en comité le dernier mercredi de chaque mois en fonction des avis de 23 professionnels de l’investissement de la PAM Strategy Unit, avec une souplesse d’environ un quart pour l’overlay tactique. L'équipe de gestion dirigée par Olivier Guinguené, CIO de l’allocation d’actifs et de la gestion quantitative, et composée d’Eric Rosset, responsable de l'équipe de gestion «balancée» et gérant de la caisse de retraite du personnel de Pictet, ainsi que de Steve Donzé, macro-économiste, peut investir sans aucune contrainte dans toutes les classes d’actifs autorisées par la directive OPCVM au travers principalement d’indices, mais aussi d’instruments dérivés et, en dernier recours, de titres vifs (lorsqu’il n’existe pas d’instruments liquides appropriés). Pour éviter d'être classifié comme fonds de fonds, le Flexible Allocation n’investit pas dans d’autres fonds et ETF au-delà de 10 %.En principe, le fonds est géré dans une optique de performance absolue, avec un objectif d’au moins 10 % de rendement si les marchés boursiers sont en hausse de plus de 20 %, de 5 % «minimum» en marchés «normaux» et de protection des actifs si les marchés baissent dans une proportion inférieure à 10 %. La volatilité moyenne anticipée est de 8 %.CaractéristiquesDénomination : Pictet-Global Flexible AllocationCodes Isin :LU0726358681 (parts I)LU0726358764 (parts P)LU0726358921 (parts Pdy)LU0726359069 (parts R)LU0726360075 (parts HI USD)LU0726360158 (parts HP USD)Commissions de gestion :0,45 % (parts I et HI USD)0,90 % (parts P, Pdy et HP USD)1,80 % (parts R)TFE estimé0,75 % (parts I)0,80 % (parts HI USD)1,20 % (parts P et Pdy)1,25 % (parts HP USD)2,10 % (parts R)Commission de performance : 10 % avec high watermarkTaux butoir (hurdle rate) : Citigroup 3 mois en euros

Quelques mois après que son employeur, FrontPoint Partners, ait fermé boutique, Stephen Czech cherche à lever 1,5 milliard de dollars pour un nouveau hedge fund, relate le Wall Street Journal. Appelée Czech Asset Management, sa nouvelle société a comme spécialité d’accorder des prêts aux sociétés de taille moyenne (généralement entre 20 millions de dollars et 100 millions de dollars).