Avec l’Espa Vinis Bond Euro-Corporate, Erste Sparinvest (groupe Erste Bank, caisses d'épargne) est le premier gestionnaire autrichien à lancer un fonds d’obligations d’entreprises sélectionnées selon des critères de développement durable. Ce nouveau produit a été créé le 1er mai 2011 et son portefeuille comporte actuellement 55 lignes (uniquement des titres libellés en euros), les plus importantes étant des obligations de France Télécom, National Grid USA, Schneider Electric, Michelin, Schering Plough et Verbund. Actuellement, le rendement moyen des titres détenus par l’Espa vinis Bond Euro-Corporate se situe à 4,1 % avec une échéance moyenne résiduelle d’environ cinq ans.C’est le onzième fonds offert au public dans la gamme des produits de développement durable d’Erste Sparinvest qui totalisent environ 600 millions d’euros d’encours. CaractéristiquesDénomination : ESPA VINIS Bond Euro-CorporateCodes Isin :AT0000A0PHH8 (part A, distribution)AT0000A0PHJ4 (part T, capitalisation)Droit d’entrée : 3,50 %Commission de gestion : 0,60 %

Hedge fund managers predict global macro strategies will deliver the best returns in 2012 and they continue to see Brazil, China and India as the most rewarding regions for investing, according to a GAIM survey of 185 members of the hedge fund industry who currently manage assets ranging between less than USD100 million to more than USD5 billion. . More hedge fund managers think global macro will outshine 17 other competing strategies in 2012, the survey found. Of the 55 hedge fund managers who responded to the 2011 GAIM GMA Hedge Fund Sentiment Survey, 22% picked global macro, followed by event-driven (11%) and commodities-based strategies and U.S. long/short equity (9%). Global macro was also chosen most often by investors in hedge funds as most likely to outshine other approaches (23%).

According to provisional statistics from Hedge Fund Research, cited by the Financial Times, hedge funds lost an average of 4.1% in August, making it the fourth-worst month ever for the sector.

On 15 July, MEAG Munich Ergo KAG launched the German-registered, European bond fund MEAG RealReturn, which aims to generate returns for the investor over the long term which are both consistent and protected against inflation.The concept for the diversified product, called a “strategy” fund, is to invest at least 51% of its assets in inflation-linked bonds from European issuers. The remainder may be placed in traditional bonds, but also in commodities markets.CharacteristicsName: MEAG RealReturnISIN code: DE000A0HMMW7Front-end fee: 3.5%Management commission: 0.80%Depository banking commission: 0.025%Minimal initial subscription: EUR1,200

As of 30 June, the 363 sustainable investment funds in the German-speaking countries (Germany, Austria and Switzerland) monitored by the Sustainable Business Institute (SBI) had about EUR34bn in assets under management, about as much as the 354 funds on the list at the beginning of the year. Overall, 23 funds with a volume of EUR2bn were added to the SBI database, while 14 others were closed or merged.Most assets as of the end of first quarter, at EUR22bn, were in 205 equity funds. Funds which had already been active as of the end of December earned returns in first half ranging from gains of 5% to losses of 22%.The other major contingent is 55 bond funds, with EUR6bn in assets, and total returns ranging from +6% to -6%.The SBI also counts EUR4.7bn in 65 diversified funds, and EUR150m in 15 funds of funds. 20 sustainable ETFs managed EUR697m, and the three micro-finance funds had EUR484m in assets.

The XTF segment of the Xetra electronic trading platform (Deutsche Börse) gained ten listings on 29 August, of equities ETF sub-funds of the UBS ETF Sicav. Eight of these Luxembourg-registered products replicate the SRI versions of the MSCI World index or institutional and retail versions, as well as the North American, Europe/Middle East and Pacific regional indices.The last two products track the MSCI Turkey index in institutional and retail versions.The total expense ratio (TER) for these funds vary from 0.28% to 0.70% (see details below).With the addition of these new UBS products, the XTF segment now lists 868 ETF funds. Name of fund ISIN code TER UBS-ETF MSCI Europe & Middle East Socially Responsible A LU0629460675 0.45% UBS-ETF MSCI Europe & Middle East Socially Responsible I LU0629460758 0.28% UBS-ETF MSCI North America Socially Responsible A LU0629460089 0.50% UBS-ETF MSCI North America Socially Responsible I LU0629460162 0.33% UBS-ETF MSCI Pacific Socially Responsible A LU0629460832 0.70% UBS-ETF MSCI Pacific Socially Responsible I LU0629460915 0.53% UBS-ETF MSCI World Socially Responsible A LU0629459743 0.55% UBS-ETF MSCI World Socially Responsible I LU0629459826 0.38% UBS-ETF MSCI Turkey A LU0629459404 0.60% UBS-ETF MSCI Turkey I LU0629459669 0.43%

According to Innkeepers USA Trust, which operates hotels in the United States under the Hyatt and Marriott brand names, the private equity investor Cerberus Capital Management and Chatham Lodging Trust on 5 August called off plans to buy the hotel group only as a ploy to drive the price down, from a previously-agreed USD1.12bn.Inkeepers argues that the courts should require the buyers to consumate the deal at the agreed price, or to pay an agreed forfeit of USD20m for defaulting on the deal.

With the Espa Vinis Bond Euro-Corporate fund, Erste Sparinvest (Erste Bank group, savings banks) has become the first Austrian asset management firm to launch a fund of corporate bonds selected according to their sustainable development characteristics. The new product was created on 1 May 2011, and its portfolio now includes 55 positions (all of them denominated in euros), with the largest positions on bonds from France Télécom, National Grid USA, Schneider Electric, Michelin, Schering Plough and Verbund.The product is the eleventh open-ended fund in the range of sustainable development products from Erste Sparinvest, which has a total of about EUR600m in assets. The average returns on securities held by the Espa Vinis Bond Euro-Corporate fund is now 4.1%, with an average remaining duration to maturity of about five years.CharacteristicsName: ESPA VINIS Bond Euro-CorporateISIN codes:AT0000A0PHH8 (A share class, distribution)AT0000A0PHJ4 (T share class, capitalisation)Front-end fee: 3.50%Management commission: 0.60%

The Moroccan tourism development fund (FMDT), which is supported by capital from the nation’s government as well as the private sector, has been created in order to propel the country along on its Vision 2020 initiative to double the number of visitors to the country, Agefi Switzerland reports. The FMDT will have initial capital of MAD1.5bn (EUR130m), which will be increased to MAD10bn over ten years. The fund will aim to consolidate financing for the tourism sector, raise international financing, and orient institutional savings to the tourist industry.

Is it the time of truth for absolute return funds and flexible multi-asset class funds? Perhaps not, but the market trouble of summer has subjected them to a test of a magnitude they had not seen since the collapse of Lehman Brothers. This is true for absolute return funds in particular, which are supposed to earn positive returns in all market environments. According to a study by the ratings agency Fitch Ratings, European absolute return funds and European flexible multi-asset class funds in the first three weeks of August have seen losses of 2.5% and 7%, respectively. Since the beginning of the year, these funds show negative performance of -3.5% and -8.9%, respectively. Since the beginning of the year, 77% of absolute return funds show losses. The study says that many managers were taken by surprise by the size of the drop on the markets, and some protection mechanisms, macro hedging and extreme risks were not effective in these cases. “The volatility of the market observed in August increased the dispersion of returns from funds, particularly in falling market phases. Compensating for losses in 2011 has become an absolute priority for many absolute return and flexible funds, which will need to stay within very strict risk budgets,” the agency says.

Too few British pension funds have adopted a socially responsible investment approach, including funds which are promoted by businesses that are on the cutting edge in sustainable development, Financial Times Fund Management reports, citing the UK Sustainable Investment and Finance Association (UK SIF). In this environment, UKSIF is planning to ask businesses to convince their pension funds to improve their practices.

The international wealth management firm LGT Group has posted a consolidated net profit of CHF82m in first half, down 18% compared with first half 2010, due to the volatility of financial markets and the strength of the Swiss franc. Despite the difficult market environment, net inflows in first half 2011 totalled CHF5.7bn, or 6.6% of assets under management. In first half 2010, net inflows totalled CHF3.1bn. Despite the unfavourable evolution of currency rates, assets under management rose by CHF2bn compared with the end of December 2010, to CHF88.1bn. LGT Group estimates that it is well-positioned for growth in second half, due to the diversity of its international activities. The group has recently received a complete banking license in Hong Kong, meaning that it now has a second accounting platform in Asia, after Singapore.

Julius Baer and Credit Lyonnais Securities Asia (CLSA) have formed a research partnership to conduct studies of consumer spending and the behaviour of high net worth individuals (HNWI) in Asia, Agefi Switzerland reports. The alliance will produce exclusive and in-depth analysis of the high net worth individual market in this region, the strong foothold of CLSA in this region is a considerable boon for Julius Baer Group, which considers Asia its second domestic market. On the basis of relatively conservative growth projections for Asia, the number of HNWI in the region could increase by 19% per year. Wealth in Asia may potentially grow by 23% on average. At this pace, the number of HNWI will be doubled in five years from its 2010 levels, from about 1.2 million to about 2.8 million people. The estimated value of these individuals in US dollars will nearly triple, from USD5.6trn to USD15trn, according to CLSA and Julius Baer.

The sovereign fund Qatar Invesment Authority (QIA), which already controls 4% of Greece’s Alphabank, will control 17% of the establishment resulting from the merger of Aphabank with EFG Eurobank in December (which will take place through an exchange of shares, on the basis of five Alphabank shares for 7 shares in EFG Eurobank), the Frankfurter Allgemeine Zeitung reports. The QIA will contribute to the recapitalisation of the banking group with a subscription of EUR500m to convertible bonds. The Qatari sovereign fund is already a major shareholder in Barclays and Credit Suisse.

Raj Thamotheram has left AXA Investment Managers, where he had been a senior advisor for three years, in order to launch an consultancy in the area of sustainable investment entitled Raj Thamotheram Associates, IPE.com reports. He will work with institutional investors.

The number of independent financial advisers working in banks, insurance companies and independent firms fell by nearly 14,000, or 4.1% of the overall total, according to a study by Cerulli Associates, the Reuters news agency reports. Morgan Stanley Smith Barney, Bank of America Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas have lost advisers and clients to independent broker-dealers or to other firms, the study finds.

According to information received by Newsmanagers, Thierry Rigoulet has left ING Investment Managers. Since summer 2008, he had been CEO of ING IM France, after spending several years at Fortis Investments. The search for a successor is reportedly underway.

In the week to 23 August, hedge funds and other major US investors increased their net long positions on 11 futures contracts on soft commodities by 15%, the Frankfurter Allgemeine Zeitung reports, citing figures collected by Bloomberg from the CFTC. These net long positions have not been at such a high level since early May, and may be due to projections that corn and soy harvests will be smaller than expected, leading to high prices for the grains due to the shortage. A similar trend has also been observed on wheat futures markets.

David Kalfon, chief investment officer at EFG Asset Management France, an affiliate of EFG Banque Privée, has left the firm, “in order to take his career in a new direction,” according to a press statement. According to reports on H24 on 29 August 2011, he is expected to participate in the creation of a new management firm. Meanwhile, at EFG AM, Antoine Lacourt, CEO of EFG AM France, will become CIO, replacing Kalfon. The collective management team also gains the addition of two new managers: Cédric Cerf and Nathalie Megarbane. Cerf, formerly of Viel-Tradition, has been appointed as head of flexible management. Megarbane, previously in the mandated management department at EFG Asset Management France, is appointed as a junior manager. The changes are effective from Tuesday, 16 August 2011.

Bill Gross, founder of Pimco (Allianz Global Investors) and manager of the Total Return Fund, has admitted that he lost sleep over the bad timing of a bet on US Treasurys, the Wall Street Journal reports. The star manager confesses that his decision to liquidate all positions on US Treasurys in order to then use derivatives to bet against government bonds in March was a “mistake.”From the beginning of the year to Wednesday, the Total Return Fund had generated returns of 2.99% for investors, putting it in 157th place out of 179 products in Lipper’s intermediate-term bond funds. For the past month through last Friday, the fund had lost 0.59%, while the benchmark had gained 2.01%.

As of the end of June, the number of Riester subsidized unit-linked retirement savings policies totalled 2.88 million, compared with 2.71 million twelve months previously, and 2.48 million at the end of June 2009, the German BVI association of management firms reports. In the past two years, assets in Riester funds have more than doubled, from EUR3.54bn to EUR8.2bn. However, the number of policies has doubled only over the past four years, as it stood at 1.48 million at the end of first half 2007. The pace of increase in the number of Riester plans is slowing, as 170,000 new policies last year followed increases of 230,000 between June 2009 and June 2010, 360,000 between June 2008 and June 2009, and 640,000 between June 2007 and June 2008. The slowdown these figures would appear to indicate does not worry the BVI association, which maintains that the demographic evolution to be expected in Germany will require Germans to invest more in their individual retirement savings.

JDHM assure plus de 3000 entreprises et fait partie des 20 plus gros courtiers en France. Son activité est centrée autour de trois activités : le risque industriel (automobile, éoliennes, prévoyance), le patrimoine des chefs d’entreprises, et l’assurance vie. En 2009, la collecte du groupe était de 120 millions d’euros. Depuis septembre 2010, le site Assurancevie.com (qui appartient au courtier JDHM) propose le contrat Puissance vie. Instit Invest: Quel bilan tirez-vous depuis le lancement du site ? JDHM: Assurancevie.com a été lancé en septembre 2010, nous n’avons pas encore assez de recul pour juger de notre activité. Selon ACMN Vie, le site a réussi le meilleur départ et la proportion d’unités de compte représente 20% de la collecte. Surtout, nous avons eu l’opportunité d’acheter le nom de domaine assurancevie.com. En huit mois d¹existence, assurancevie.com est déjà bien référencé. Nous sommes vraiment là pour créer une marque, sans ce nom de domaine nous n’aurions jamais lancé le site. Instit Invest: Quel est le profil de votre clientèle ? JDHM: Aujourd¹hui le marché de l’Internet est principalement un marché d’initiés, une population qui représente 2% du marché global de l’assurance vie. Or, un tiers des Français utilisent Internet pour gérer leur compte bancaire. Notre objectif est de proposer un contrat plutôt haut de gamme à Monsieur tout le monde. Nous voulons aller chercher le mass market via Internet. Instit Invest: Pouvez-vous nous présenter votre nouveau partenariat avec Raiffeisen pour la création d’un fonds de fonds ? JDHM: La nouveauté c’est que ce fonds de fonds est sous jacent à notre contrat Puissance vie. Le gérant ne peut gérer son fonds qu’avec les unités de compte de notre contrat, une gestion privée en quelque sorte. L’avantage par rapport à une gestion pilotée, c’est que les arbitrages sont réalisés directement par le gérant. L’assureur n’a pas besoin de valider l’ordre du gérant. Mais la gestion sera toujours déléguée à Raiffeisen, la société de gestion autrichienne qui a mis en place ce fonds. On ne veut pas être juge et partie. Nous avons choisi de nous associer avec cette société de gestion capable de couvrir toutes les classes d’actifs et toutes les zones y compris les marchés émergents. Instit Invest: Comment sélectionnez-vous les fonds ? JDHM: La sélection des fonds est un axe très important de notre stratégie. Les frais sur Internet sont assez normés et les options des contrats sont exactement les mêmes, c’est l’un des moyens de nous démarquer. Pour sélectionner les fonds, nous choisissons d’abord les unités de compte demandées par les clients et déjà présents chez nos concurrents. Nous allons aussi chercher auprès de sociétés de gestion des fonds qui ne sont pas du tout sur le marché de l’assurance vie ou sur Internet. L’idée est d’avoir une offre beaucoup plus développée sur les marchés émergents. Les marchés France - Europe ne représentent pas plus de 50% de notre offre. Instit Invest: Envisagez-vous de développer un nouveau contrat sur Internet ? JDHM: Nous avons un seul contrat, c’est le contrat Puissance Vie en partenariat avec ACMN Vie. Actuellement, les fonds euros de cet assureur offrent de très bons taux de rendement, notamment Internet Opportunités et aucune autre compagnie ne propose des frais de gestion inférieur à 0.6%.

Fabrice Kilfiger, directeur administratif et financier de Médicréa, un groupe spécialisé dans la conception, la production et la commercialisation d’implants vertébraux: Il y a quelques mois, notre groupe n’a pas consommé la totalité des fonds levés pour financer sa R&D et son développement transfrontalière, et a pu envisager de les placer. Mais le très fort niveau de BFR du groupe le conduit à être structurellement emprunteur. Dans un tel contexte, nous n’avons pris aucun risque sur notre trésorerie. Et dans la conjoncture de taux de ces deux dernières années, les placements que nous avons réalisés sur des durées de trois ou quatre mois - du long terme en ce qui nous concerne! - nous ont procuré un rendement proche de 0%. Si Fabrice Kilfiger avait aujourd’hui un même volant de liquidités à placer, il aurait recours aux comptes à terme (CAT). Source: L’Agefi Hebdo (numéro 288, du 25 au 31 août 2011)

Selon les données préliminaires tirées des chiffres publiés par six Länder allemands, l’inflation nationale aurait atteint 2,3% en août, plus que les 2% préconisés par la BCE, mais moins que les 2,4% du mois précédent. La hausse des prix a accéléré dans le secteur de l’alimentation, et décéléré dans celui de l’énergie parallèlement à la baisse récente des prix de pétrole.

Alan Krueger sera prochainement désigné au poste de président du Conseil économique de la Maison blanche, a annoncé un responsable de l’administration Obama. Spécialiste du marché du travail, il succédera à Austan Goolsbee dont la démission a été annoncée début juin.

Les promesses de ventes de logements ont diminué de 1,3% en juillet par rapport à juin, comme l’attendait le marché, selon les chiffres publiés par l’Association nationale des agents immobiliers. Elles avaient augmenté de 2,4% en juin.

Selon les statistiques publiées hier par le département du Commerce, les dépenses de consommation des ménages américains ont augmenté de 0,8% en juillet, après un recul de 0,1% en juin. Cette hausse a en partie été soutenue par celle du revenu des ménages (+0,3%).

Qu’on se le dise : la liquidité du secteur bancaire n’est pas un sujet. Les opérations de refinancement de l’eurosystème s'élèvent actuellement à 530 milliards d’euros pour des maturités allant d’une semaine à six mois, a indiqué hier Jean-Claude Trichet devant le Parlement européen. 470 banques y participent et 6.000 environ sont éligibles aux opérations de refinancement illimité à taux fixe de la BCE. Quant au montant total des collatéraux éligibles, il atteignait 14.000 milliards d’euros fin 2010, a ajouté son président. «C’est pourquoi, il n’y a pas de pénurie de liquidité ou de collatéraux dans le système bancaire européen». Et d’ajouter que la BCE avait été relativement mesurée dans ses opérations non conventionnelles, qu’il s’agisse de fourniture de liquidité ou de rachat de dette publique. Le bilan de l’eurosystème a augmenté de 77% seulement depuis juin 2007, quand ceux de la Fed et de la BoE ont triplé à respectivement 226% et 200%.

Le président de l’Eurogroupe a estimé hier que la querelle autour du collatéral ne porterait pas atteinte aux mesures décidés le 21 juillet dans le cadre du dossier grec. «Je n’aime pas ce mécanisme (défendu par la Finlande, ndlr) et je n’aime pas les arrangements bilatéraux qui ont été conclus entre différents Etats membres», a-t-il déclaré.

Brasilia a relevé son objectif d’excédent budgétaire annuel à 10 milliards de réaux (4,32 milliards d’euros), soit 0,25% à 0,3% du produit intérieur brut. Cette décision signifie aux marchés que le pays compte bien garder le contrôle de ses dépenses et qu’il ouvre la voie à une baisse des taux d’intérêt.