The Taiwan-based management firm Fubon Asset Management, which a few months ago received an allocation of USD100m as a qualified foreign institutional investor (QFII), will launch an ETF at the end of September which will replicate the Shanghai Stock Exchange (SSE) 180 Index, and will be listed on the Taiwan stock exchange, Asian Investor reports. Fubon hopes to raise TWD3bn, more or less equivalent to the USD100m quota it has received.

The British management boutique Jupiter Asset Management on 17 August announced that it is adding to its distribution team in Germany and Austria, with the recruitment of Bernard Vogel as Sales Manageer, Germany & Austria. Vogel, who was responsible for the acquisition of funds from Axa Lebensversicherung, will report to Martina Günzl, Sales Director, Europe. The recruitment follows the opening of an office in Munich in 2010, which aimed to improve services to existing clients and to develop new opportunities for growth.

After three years as a specialised investment adviser at Deutsche Bank, Holger Schröm on 1 August returned as director of sales at JPMorgan Asset Management (JPMAM) in the Distribution Sales Team focused on financial advisers, which is led by Christoph Bergweiler. The press spokesperson for Frankfurt Trust has also joined JPMAM as head of public relations. He will report to Jean Guido Servias, head of marketing for the German-speaking countries (Germany, Austria and Switzerland).

The Austrian management firm FTC Capital GmbH, a specialist in managed futures, has announced the recruitment of Helmut Spitzer, who for a long time was one of the directors of Superfund. Spitzer will become Director Business Development, both for institutional client advising and for development of distribution via partners.

The US firm BNY Mellon Asset Servicing has been selected by the China Construction Bank (CCB) as international custodian for the QDII (Qualified Domestic Institutional Investor) fund which will be launched in China by Manulife Teda Fund Management Co (Manulife Teda FMC), entitled Manulife New Economic Pattern Fund. Manulife Teda FMC is a joint venture founded in 2002, which already manages 16 funds.

The Zurich-based wealth-management firm VZ Holding on 18 August announced inflows of CHF528m in first half 2011. Assets under management as of the end of June totalled CHF8.1bn, compared with CHF7.8bn previously. Net profits at VZ Holding were up 8.4% in first half, to CHF25.1m. In the past few months, the wealth management firm has opened four new locations in Switzerland and Germany, and increased its personnel by 20, to 522.

Lloyds International Wealth has announced that it is adding to its executive board, with the appointment of Alex Tsikouras as Head of Customer Management, Agefi Switzerland reports. Tsikouras, who was previously employed at Deutsche Bank, joined Lloyds TSB Private Banking two years ago as Head of International Affluent team. He will be based in Geneva, and will be in charge of setting up a new client management function, and will be responsible for activities to acquire new clients. Chris Gowland becomes Proposition Director. He joins the executive board from the UK Retail Products division of the bank, where he was previously Acquisition Director for the Lloyds Banking Group Mortgages division.

As of the end of June, assets under management by the Swiss alternative management firm Harcourt (Vontobel group) totalled USD4.9bn, compared with USD4.8bn as of the end of 2010. The firm says that growth in assets under management has been slowed by adverse market conditions. Harcourt has reported net subscriptions for its two flagship funds, Blevista Commodity and VONDA Ucits, as well as for the Belmont Commodity Trading Fund. Most inflows are coming from institutional clients.

Assets under management at the Banque cantonale vaudoise (BCV) increased by 3%, or about CHF2.4bn, in first half 2011, to a total of CHF78.2bn, the bank announced on 18 August in a statement. The impact of the consolidation of the Banque Franck Galland totalled CHF3bn. Net inflows in first half totalled CHF854m. Net profits rose 6% to CHF154m.

The Frankfurter Allgemeine Zeitung reports that Swiss Life has announced that it has reduced the proportion of its investment portfolio (totalling CHF114bn overall) dedicated to equities from 3.1% to 1.1% in first half, in order to invest more in corporate bonds and real estate. This reduction corresponds arithmetically to CHF2.3bn, or CHF2bn. As of 30 June, the equities portfolio was composed 51% of Swiss shares, 35% of French shares, and 16% of German shares. However, Swiss Life faces a considerable currency risk on its corporate bond portfolio, as 50% of it is denominated in euros, and 25% in US dollars.

Net inflows to British funds of funds in first half totalled GBP3.8bn, of which GBP2bn were in second quarter, according to statistics from the British investment management association (IMA). Assets under management in funds of funds as of the end of June totalled GBP63.5bn, representing 11% of all assets under management. They are up 37% compared with second quarter 2010. Inflows to tracker funds totalled GBP313m in second quarter, down compared with an average of GBP515m in the past four quarters. Assets under management totalled GBP40.5bn as of 30 June, up 33% compared with second quarter 2010. Ethical funds, for their part, posted net inflows of GBP94m, a level not seen since fourth quarter 2007. Assets under management in ethical funds as of the end of June totalled GBP7.1bn, up 23% compared with second quarter 2010.

The British management firm LV=Asset Management has finalised an operation to outsource the management of GBP8.5bn in assets to Threadneedle, under a “long-term” partnership, according to a statement published on 15 August. By the terms of the agreement announced last month, most of the funds transferred will retain their current structure. The transfer will be undertaken at the end of October.

In first half, Henderson underwent total net redemptions of GBP2.86bn, despite GBP575m in net subscriptions to its retail funds. Assets under management have nonetheless increased by GBP12.8bn, or 21%, since 31 December, to a total of GBP74.4bn, This is largely due to the integration of assets from Gartmore, which totalled GBP15.7bn when the acquisition was concluded.The firm has earned underlying pre-tax profits of GBP86.4bn, up 78% compared with first half 2010. But it has seen a pre-tax loss of GBP3.1m, due to one-time elements related to the Gartmore acquisition.

Peter Clarke has left the investment advising agency Calimere Point Advisors to join Scottish Widows Investment Partnership (SWIP) as of 8 August, as institutional sales director. He will be specialised in the British market, and will report to Gordon Phillips, Interim Co-Head of Distribution and Client Management.

Assets under management by the British management firm Liontrust Asset Management as of 30 June totalled GBP1.31bn, of which GBP414m were from institutional clients. As of 16 August, assets under management totalled GBP1.216bn, down 7.1% compared with 30 June, due largely to market movements. However, Liontrust has continued to attract capital for the fourth consecutive quarter, this time with net inflows of GBP13m. Between 1 July and 15 August, this growth continued, with net inflows of GBP28m.

The managing director of Bluefin Wealth Management, Suvan de Soysa, left the firm in May 2011 to pursue other interests in the United Kingdom and Australia. He has been replaced by Simon Hellier as head of the Axa group affiliate. Hellier was previously head of Oval Financial Services.

Fidelity is to offer commission-free shares in its generalist funds, in order to prepare itself for the Retail Distribution Review (RDR) reforms, Money Marketing reports. The management firm has recently introduced Y share classes for some funds, which charge fees of 1%, and carry no commissions.

Jonathan Polin, former director of sales and marketing at Ignis, will join Ashcourt Rowan as CEO, from 2 September, Investment Week reports.

According to a survey by TNS Infratest on behalf of the Deutsches Aktieninstitut (DAI), the number of shareholders in equities funds and/or diversified funds in Germany as of the end of June came to 6,085 million, which represents 9.4% of the population.Compared with the end of December 2010, this total is up by about 117,000, while the increase compared with the end of 1997 was 3.8 million, or 163.6%. However, this number is 3.7 million lower than the all-time record set in 2001, a decline of 37.7%.

A survey by Schroder Property KAG of 112 German professional investors has found that one third of institutionals is planning to liquidate its investments in open-ended real estate funds in the next 12 months. About 65% of these investors currently have fund shares in their portfolios, but only 33% are planning to increase their exposure to these products in the next 12 months.In other words, new legislation which came into force in April 2011 (see Newsmanagers of 14 February) has not convinced respondents: 47% of specialists claim that the measures adopted are inadequate overall, and 84% say that the measures do not justify an increase in exposure to these funds.These results may complicate plans on the part of management firms to reopen 11 open-ended real estate funds which were obliged to freeze redemptions. Four managers have already decided to liquidate their products. The combined total assets in funds which are frozen or in a liquidation phase come to about EUR30bn.In the 12 months to 30 June 2011, total assets in open-ended real estate funds fell by EUR3bn, to EUR85.03bn. This is probably due in part to the fact that open-ended real estate funds last year suffered an average loss of 2.7% although property prices had been rising. But the price increase was mainly concentrated on residential estates, whilst funds are mainly invested in commercial properties.

With Fondsservice Hannover, the Hanover stock exchange on 17 August launched a segment on which investors may initially buy shares in 1,100 funds at the net asset value indicated by the asset management firm, without paying a front-end fee. The price will be a flat EUR15, regardless of the size of the order. Among the funds on offer are products from promoters such as DWS, Fidelity and Franklin Templeton.Unlike on the Hamburg stock exchange, there will be no all-day listing, and orders will be grouped at the end of each trading day and executed at the next fixing.

According to an annual survey by Fidelity International which since 2004 has covered funds of funds with a sales license in Germany, assets under management in these products increased again last year, by 8.7%, to a total of EUR52.5bn, in comparable figures. The figures in fact come from a study by Morningstar, which, in its October and April revisions, considerably reduced the perimeter of products with the right to be called funds of funds. By way of comparison, Fidelity International one year ago (see Newsmanagers of 25 August 2010) reported an increase of 15% in assets under management, to EUR52.6bn as of the end of 2009, from EUR44.9bn at the end of 2008.The survey also finds that the percentage of third-party funds of funds or funds which invest primarily in external funds was 65.2% (EUR34.23bn), compared with 64.2% (EUR30.99bn) one year earlier, while assets in these funds increased 10.5%, compared with only 5.6% growth for funds which focus completely or mostly on “inhouse” funds.The top three promoters of funds of funds as of the end of December were Deka/International Fund Management (savings banks) with EUR16.03bn, compared with EUR15.5bn one year earlier, for a market share of 30.5% compared with 32.1% as of the end of 2009, putting it far ahead of DWS (Deutsche Bank), with EUR5.23bn, compared with EUR4.75bn and 9.96% of the market, compared with 9.85%, and Union Investment (co-operative banks), with EUR2.62bn, compared with EUR2.01bn, for a market share of 4.99%, compared with 4.17%.For funds used as investment vehicles by funds of funds, the leader is Deka, with EUR8.27bn in 629 products, compared with EUR7.97bn in 597 funds one year earlier; but this asset management firm operates almost exclusively with a closed architecture model. It is followed by DWS, with EUR3.26bn, compared with EUR2.96bn (541 funds compared with 560), and JPMorgan, with EUR1.62bn, compared with EUR1.3bn, and 340 funds, up from 327. The only ETF issuer in the top 15 providers is iShares (BlackRock), with EUR1.62bn. Carmignac is in sixth place, with EUR1.28bn and 122 funds, compared with EUR1.08bn and 154 funds last year.

Insead OSEE Data Services (IODS), created under a partnership signed in late 2010 by the Insead Foundation, the European savings observatory, the Caisse des dépôts and the Viel group, has launched the first European portal for economic and financial data aimed at researchers, as well as to finance professionals.The data available at http://www.iods-data.eu/ is organised into four major areas: Market data Financial data about European businesses Data about financial products, with particularly detailed information about each investment fund Data about savings and credit These data will be updated regularly, and access will be available to over 35 years of past data.

The German open-ended real estate fund HausInvest has resold the office building Stampede Station (15,100 square metres) in Calgary, which it acquired for CAD74m two years ago, to Artis REIT for CAD90m. Gains on the sale price thus come to 22%, the management firm, Commerz Real, claims.

As of June 2011, total assets in shares in non-money market OPCVM mutual funds in the euro zone were EUR6bn lower than those recorded in the previous quarter, in March 2011, according to the most recent statistics from the European Central Bank. This decline is due to a fall in the value of shares, which was partially offset by net issues of shares in funds. Assets in shares in non-money market OPCVM mutual funds in the euro zone were down to EUR5.758trn in June 2011, from EUR5.764trn as of March 2011. In the same period, assets in shares in money market OPCVM mutual funds in the euro zone fell from EUR1.077trn to EUR1.050trn. Net subscriptions to non-money market OPCVM mutual funds shares in the euro zone totalled EUR60bn in second quarter 2011, while net subscriptions to money market OPCVM shares totalled -EUR21bn. In terms of ventilation by investment strategy, the annual pace of growth in shares issued by bond funds totalled 5.5% in June 2011, and net subscriptions totalled EUR9bn in second quarter. For equities funds, the annual growth rate totalled 4.9%, and net subscriptions came to EUR24bn. For mixed funds, the growth rate totalled 5.3%, and net subscriptions totalled EUR8bn. For assets in money market OPCVM funds in the euro zone, the annual variation rate for assets other than equities totalled -6.9% in June 2011, and net subscriptions were -EUR35bn in second quarter (within this category, subscriptions to securities from euro zone issuers totalled -EUR30bn).

Andrew Bosomworth, at Pimco (Allianz Global Investors), thinks the idea of “eurobonds,” which for the moment are not a part of the official French-German language, is very attractive, as the bonds would form the core of a large European bond market, Financial Times Deutschland reports.Johannes Müller, economist in chief at DWS (Deutsche Bank), estimates that with time, the segment may achieve a volume of EUR5trn, where the market for German federal government bonds (bunds) now represents only EUR1.1trn, or 12% of the US Treasury market.The DWS specialist has calculated that the average returns on all euro zone government bonds now comes to 3.1%, on a total average maturity of 8 to 10 years. In the same period, returns on Bunds are only 1.7% - and German inflation is 2.4%.The potential creation of eurobonds would thus mechanically result in an increase in returns on bonds from the top-rated countries, such as Germany.

Threadneedle will modify the investment policy for its managed funds, to allow managers to use more defensive strategies, and authorising a larger exposure to the long/short product range, Investment Week reports. From 1 October, managed funds may invest up to 20% of their portfolios in funds which rely on derivatives.

Mandats de gestion discrétionnaire de portefeuille dans un ou plusieurs thèmes d’investissement spécialisés: énergie (lot 1), agri-food (lot 2), real assets (lot 3), actions européennes large cap (lot 4), actions à haut dividend (lot 5). La valeur de marché (situation au 30.6.2011) de la part du portefeuille sur laquelle porte le présent marché, s'élève à 76 000 000 EUR. L'étendu du marché le nombre de points de base en fonction du patrimoine géré. Durée en mois: 60 (à compter de la date d’attribution du contrat) Pour lire l’avis complet: cliquez ici

Dans l’arbitrage entre croissance et inflation, la banque d’Angleterre fait le choix de sacrifier son mandat de garantir la stabilité des prix pour soutenir la croissance. Dans ses minutes, la BoE a en effet estimé que «le ralentissement de la croissance de la demande mondiale et les tensions accrues sur les marchés financiers signifient que la balance des risques de la perspective d’inflation à moyen terme s’est clairement orientée à la baisse». Deux membres du comité, Spencer Dale et Martin Weale, qui votaient en faveur d’une hausse de taux depuis six mois, se sont résignés à voter le statu quo lors de la réunion des 3 et 4 août. Seul Adam Posen a dit souhaiter des mesures d’assouplissement quantitatif, mais d’autres ont estimé que de nouveaux rachats d’actifs pourraient être nécessaires. Le taux de chômage a atteint 7,9% fin juin et l’inflation 4,4% avec un pic qui pourrait atteindre 5% cette année selon la BoE.

Le taux d’inflation annuel de la zone euro est ressorti à 2,5% en juillet contre 2,7% en juin. La variation mensuelle atteint ainsi -0,6%, conformément aux attentes du consensus Bloomberg. L’IPC de base a ralenti à 1,2% contre 1,6% projeté.