CPR Asset Management, an affiliate of Amundi, in mid-January converted its CPR Monétaire fund into a socially responsible money market fund. The fund, now known as CPR Monétaire SR, is a euro money market fund which aims for returns 10 basis points higher than the capitalised Eonia, and is managed according to socially responsible investment criteria. Governments, in order to be included in the portfolio, are required to respect six social, environmental and governance criteria. They must be signatories of the convention on human rights, the International Labour Organisation (ILO) convention, and the Kyoto Protocol; they must have legal frameworks for fighting corruption and discrimination, under the Kyoto protocol; and lastly, child labour and forced labour must be illegal. For businesses, a “best-in-class” process is used. The portfolio includes only issuers with the best ratings in each sector. The fund, with EUR123m in assets as of 31 March 2011, with a recommended investment horizon of over three months, is part of the money markets product range from CPR AM, which has been polished up to meet the requirements of new regulations. In terms of risk and investment horizon, the new product falls between the short-term euro money market fund CPR Cash (EUR4.5bn) and the money market fund CPR Moné Carry (EUR718m). The first of these, whose piority is liquidity, aims for performance equivalent to the Eonia, while the second, with a six-month horizon, aims for the capitalised Eonia plus 20 basis points. The last fund in the range is the CPR Oblig 12 mois, a fund of bonds and other international securities, which aims for the capitalised Eonia + 40 basis points, with a recommended horizon of 12 months.

Columbia Management (Ameriprise Financial group) has announced the launch of two absolute return multi-strategy funds. The Columbia Absolute Return Multi-Strategy Fund aimes for returns equivalent to those of investment grade bonds, but with lower volatility and lower correlation to the Barclays Capital U.S. Aggregate Bond index. The Columbia Absolute Return MultiStrategy Enhanced Fund aims to earn returns equal to the track record for equities, while reducing volatility and correlation to the S&P 500 index.

The Spanish high net worth investor Alicia Koplowitz, whose wealth is estimated at over EUR1.6bn, may be pleased with the performance of her hedge fund management firm, Omega Capital, whose Irish hedge fund Cerrado Fund last year posted gains of 12.5%, Expansión reports.Omega Capital, led by Oscar Fanjul, former chairman of Repsol, and Alberto Ruiz, manages over EUR750m in seven hedge funds, and half of that total comes from Koplowitz. The returns from other major hedge funds from Omega Capital are 2.2% for Laredo, 3.6% for Fractal and 5.2% for Alphaville.

Deutsche Börse has introduced risk control indices which provide a way to manage risks related to the benchmark index for the German market, on the basis of a hypothetical portfolio including an allocation to shares of the Dax as well as a money market allocation to the Eonia. The indices may be revised on a daily basis. The stock market company is offering several configurations, associated with volatility levels of 5%, 10%, 15%, and 20%.

After seven years at Pioneer Investments Germany, where he was most recently head of German and Luxembourg institutional client relationship management, Markus Rottler has joined Threadneedle Investments, as sales director for distribution via savings banks, and head of key accounts for wholesale distribution and institutional clients.Rottler will report directly to Werner Kolitsch, head of Germany and Austria.

In January-February, German open-ended securities funds overall saw net outflows of EUR1.5386bn (see Newsmanagers of 5 April). Among the major asset management firms, Allianz Global Investors saw net outflows of EUR2.1691bn, of which EUR581.5m for Pimco, while Deka (German savings banks) saw net outflows of EUR1.7196bn, and Union Investment (co-operative banks) had net redemptions of EUR220.6m.However, the DWS/DB Advisors/DB Guppe (Deutsche Bank) family saw net subscriptions of EUR645.9m, of which EUR43.8m went to ETFs from db x-trackers.Among the other ETF promoters, BlackRock saw net inflows of EUR573.1m for iShares products, and ComStage (Commerzbank) posted net subscriptions of EUR88.9m. But ETFs from ETFlab (Deka) naw net redemptions of EUR328.3m.

The financial product distributor DVAG, whose network includes over 37,000 independent financial advisers, in 2010 earned record profits of EUR150.1m, which represents an 8.1% increase over 2009, although earnings fell 2.8% to EUR1.07bn. The firm announced on 5 April that about 80% of its life insurance and retirement insurance policies intermediated by advisers are unit-linked. The volume intermediated in these areas in 2010 increased by 12% to EUR2.5bn, for a total up 13.7% to EUR15.5bn.

Eight foreign hedge funds have withdrawn their lawsuit seeking EUR17.35bn in damages from UniCredit and other entities, the Italian bank announced on Tuesday. The bank had not set any money aside for the claims, as it considered the lawsuit unfounded. The problem is that UniCredit is still named in other legal actions, Il Sole – 24 Ore remarks, and the EUR1.4bn set aside by the bank to cover potential costs may not be enough.

According to the latest quarterly bulletin from the CNMV, aggregate profits at Spanish fund management firms, which fell by 50% in 2009, rose 24.5% in 2010, to a total of EUR294m, although the number of firms showing a loss as of 31 December rose by 34 compared with 31 December 2009, and total assets contracted by 13%, to EUR178bn.

Saxo Bank A/S has announced that it has acquired nearly 5.13 million shares in the financial portal Euroinvestor.com from JCA Holding ApS and Soeren Almine Holding ApS, for DEK15 per share. Saxo Bank now owns 69% of Euroinvestor.com, and is planning to submit an offer to minority shareholders to buy their shares at the same conditions within the next four weeks.Euroinvestor.com will continue to be traded on the Nasdaq OMX stock exchange in Copenhagen.

BNY Mellon has appointed several heads for its Derivatives360Sm product range, which aims to help investors to execute and manage their currency trades. Jonathan Wowler has been appointed as business manager for the European, Middle East and Africa region, as well as for Asia Pacific. Chris Coleman will serve in the same role for the North America and Latin America regions. Laure Scala becomes chief administrative officer.

At Raymond James Asset Management International (RJ AMI), the newest addition to the product range, RJ Déploiement Durable, is making news for several reasons. In addition to the fact that the product, launched eight months ago, is structured in the new fund of fund format from the asset management firm, it is not a pure equities fund, setting it apart from all the other products in the range. It falls into the category of diversified products, and invests preponderantly in the bond asset class (at least 60%), with the remainder dedicated to equities. In practice, exposure to equities and fixed income risk for the RJ Déploiement Durable fund are controlled by futures contracts dependingon scenarios determined by the management firm. The new bond offering from RJ AMI may also soon be extended, as the heads of the firm are considering launching other funds which invest in fixed income. The asset management firm, founded in Paris in 1995, with assets currently over EUR360m, 40% from institutional clients, 40% from private clients and the remainder from employee savings, is undergoing a cultural change with the move into bond management. Before the RJ Déploiement Durable fund, management was based on a house process entitled Gestion Thématique Transversale, which aimed to identify and exploit three or four major transversal investment themes. There are two major families of themes, in practice: one includes structural themes which focus on current niches, such as “new champions,” or companies engaged in increased efforts in innovation, or “good captains,” or companies which have an investment strategy focused on a longer cycle, in order to position themselves better in the future. The second family of products is focused on conjunctural themes, integrating “hot” topics such as a rising US dollar, M&A, pricing power, and others. “Logically, the determination of themes is carried out by a steering committee, which uses a macroeconomic approach before the manager’s stock-picking stage,” explains Françoise Devaux, head of institutional clients. “Due to the imbrecation of the markets,” she says, “the committee has recently been extended with the addition of fixed income professionals.” On the committee, Raymond James Asset Manaagement has for over a year included Jack Lequertier, manager of the RJ Déploiement Durable fund and a specialist in fixed-income products (OAT, inflation-linked OAT, etc) – except for corporate bonds, which are outsourced. For this new activity in bonds, which has gained traction in the RJ AMI product range, the heads of the management firm are considering launching other OPCVM products investing in fixed income. The heads of Raymond James Asset Management, convinced that the new fund, which has earned 3.59% since its launch on 9 June 2010 (compared with 0.44% for the Eonia) will interest clients, are also aware that the fund will be likely to grow. Assets under management totalling EUR14m at present, are expected to increase, along with leverage ratios. “The asset management firm is also planning to step up marketing of the fund, firstly to family offices and private banks, and then more openly to institutionals,” Devaux says.Aside from this fund, Raymond James Asset Management International, with Isabelle Delattre as deputy CEO and director of management, has a range of equities funds in which RJ Europe Plus is the flagship product, with assets fo EUR85m (15.61% in 2010, compared with 8.63% for the Stoxx Europe 600). In addition to this, the Raymond James MicroCaps fund, has just celebrated its third birthday, with assets of EUR5.5m and returns of 17.27%, compared with 19.33% for its benchmark (CAC Small 90) The third European fund from the management firm is an SRI product. In practice, without claiming to have a best-in-class approach, the management firm initially factors in biases introduced by pressures on actors from governments or countries, cap sizes, sectoral authorities and minority stakeholders, in order to work exclusively with the “good will” of businesses in terms of sustainable development. Once this data is taken into account and biases corrected, the management team, with the help of a global rating, selects 40 shares to be included in the portfolio, “with more interest in businesses that go beyond what is required of them,” says Devaux. The head also admits that SRI should be used as a supplement to fundamental analysis in order to better apprehend risks. The fund gained 7.99% in 2010 (A shares), a result very close to that of its benchmark index (STX Sustain Eur, which gained 7.48%). Despite its specialisation in European management, the range from RJ AMI also includes a fund which invests in the American market entitled Vecteur Amérique, which comes in shares classes denominated in euros or US dollars. The former gained 20.74% in 2010 (21.59% for the S&P 500), while the latter gained 2.39%, compared with 5.53% for the US stock market benchmark index.

Eaton Vance has announced the recruitment of Rodrigo Soto as vice president in charge of institutional clients. He will be based in Seattle, and will cover the western United States and Canada. Soto was previously head of institutional sales for the western United States at State Street Global Advisors.

Le gendarme des marchés américains a publié hier une proposition de réglementation visant à freiner la volatilité. Les ordres devraient être placés au sein d’une certaine fourchette autour des prix récents. La nouvelle règle remplacerait les «coupe-circuits» actuellement en vigueur.

L’indice ISM des services aux Etats-Unis s’est replié nettement plus que prévu en mars, tout comme sa composante d’activité. L’indice ISM est ressorti à 57,3 en mars, après 59,7 en février. Les analystes attendaient en moyenne un recul modéré à 59,5, contre 59,5 en février. La composante de l’activité tertiaire passe quant à elle de 66,9 en février à 59,7 en mars, contre un consensus de 65,5.

L’agence a abaissé d’un cran la notation obligataire du Portugal, estimant que le nouveau gouvernement au pouvoir devra demander une aide financière d’urgence à l’Union européenne. Moody’s a ramené la note souveraine portugaise à long terme à Baa1, contre A3 auparavant, et a maintenu une perspective négative. «Moody’s estime que les coûts de financement actuels atteignent des niveaux insoutenables, même à court terme», précise le communiqué.

La Commission européenne a annoncé qu’elle autorisait le projet de restructuration de la banque néerlandaise ABN Amro, à la condition qu’il n’y ait aucune acquisition et qu’elle réalise certains objectifs de marge dans la banque privée. L’Etat néerlandais avait nationalisé ABN Amro et Fortis Bank Nederland en 2008 après l'échec spectaculaire d’une OPA sur ABN Amro montée par Royal Bank of Scotland, Fortis et Santander.

Il s’agit du troisième relèvement depuis janvier. Le chiffre de l’inflation pour le mois de mars est attendu en progression

Le cumul des mandats d'administrateurs non exécutifs est dans le viseur du régulateur européen, selon le Livre vert dévoilé hier

La hausse de l'inflation suscite des craintes au sein du comité de politique monétaire même si celle-ci ne devrait être que temporaire

Près d'un tiers de l'encours de titrisations non placées sur le marché et éligibles au repo de la BCE vient d’originateurs hispaniques

La société de gestion, qui gère quelque 250 millions d’euros, espère engranger entre 20 et 30 millions d’euros par mois, contre 10 actuellement

La banque centrale devrait annoncer demain un relèvement de son refi qui signalera l’ouverture d’un cycle haussier. Si les derniers indicateurs peuvent l’expliquer, ce changement de ton risque cependant de pénaliser davantage encore les pays les plus fragiles de la zone euro.

L'offre de la Bourse de Singapour sur son homologue australienne devrait être rejetée par les autorités locales au nom de l’intérêt national

L'organisation estime que la croissance devrait atteindre 3,1 % aux Etats-Unis, 3,7 % en Allemagne et 3,4 % en France au premier trimestre 2011

Le groupe de vins et spiritueux Pernod Ricard a réalisé avec succès l'émission d’une obligation d’un montant de 1 milliard de dollars, sous la forme d’un placement privé auprès d’investisseurs institutionnels. L’obligation, à échéance au 7 avril 2021, présente un coupon de 5,75%, a précisé Pernod, en ajoutant que le carnet d’ordres avait atteint «plus de 6 milliards de dollars». Il s’agit de la première émission obligataire libellée en dollars pour le groupe.

L’agence de notation Moody’s a abaissé d’un cran la notation obligataire du Portugal, estimant que le nouveau gouvernement au pouvoir devra demander une aide financière d’urgence à l’Union européenne. Moody’s a ramené la note souveraine portugaise à long terme à Baa1, contre A3 auparavant, et a maintenu une perspective négative. «Moody’s estime que les coûts de financement actuels atteignent des niveaux insoutenables, même à court terme», apprend-on dans un communiqué.

La croissance dans le secteur des services de la zone euro a accéléré à un rythme plus rapide que prévu en mars, mais les chiffres reflètent les différences persistantes entre les pays membres. L’indice PMI des services définitif est ressorti à 57,2 contre 56,8 en février. Il est supérieur à l’estimation flash de 56,9. Il s’agit de son plus haut niveau depuis août 2007.

La Banque centrale australienne a maintenu son taux directeur à 4,75%, comme l’attendaient les experts, la prudence des consommateurs et la vigueur du dollar australien permettant de contenir l’inflation alors que le pays bénéficie du boom minier et d’exportations vigoureuses.

«La croissance du premier trimestre sera sans doute plus élevée que prévu», écrit l’Organisation de coopération et de développement économiques (OCDE) dans ses prévisions intérimaires pour les Etats-Unis, l’Allemagne, la France, l’Italie, le Royaume-Uni et le Canada. L’OCDE anticipe une croissance moyenne de 3,2% au cours des trois premiers mois de l’année sur une base annualisée dans les pays du G7. Pour le deuxième trimestre, elle table sur 2,9%. Ces estimations excluent le Japon, dont l'économie va ressentir les effets des conséquences du séisme. L’OCDE estime que si la reprise commence à prendre son autonomie, les banques centrales de certains de ses membres sont sous la menace d’un «désancrage» de l’inflation. «Nous percevons des anticipations inflationnistes qui se faufilent un peu partout. Je dirais en Europe, aux Etats-Unis et au Royaume Uni», a déclaré Pier Carlo Padoan, chef économiste de l’OCDE.» En février, l’inflation dans la zone euro est ressortie à 2,6%, davantage que l’objectif de la BCE, qui souhaite une inflation légèrement inférieure à 2,0%.