p { margin-bottom: 0.1in; line-height: 120%; }a:link { } With assets of EUR215bn as of mid-2014, the German open architecture market is a champion of the euro zone. This represents a considerable weight in the region, which is worth considering alongside the EUR540bn invested in mutual funds by German households. And in addition to that, there is management outsourced to third parties and other strategic partners, which represents about EUR40bn. Richard Bruyère, chairman of the Indefi group, has taken up an invitation to Newsmanagers TV to discuss the major characteristics of the market and its recent evolution. “The open architecture market is very isolated, which explains the absence of institutionals in this area,” says Bruyère. This is largely a retail and fund salers market. In the conclusion of his study, Bruyère insists that the structure of the German market is undergoing profound changes. “Due to its nature, this market composed of advisories and fund distributors has very quickly shown itself to be sensitive to regulatory changes, particularly MiFID II, and to administrative burdens related to regulations,” he says. “All this is the basis for the migration of business models to various distribution channels, with traditional actors such as funds of funds, retail banks and private banks running out of steam on another hand. New players, such as independent management companies known as Registered Investment Advisors, insurers, and online bankers, are taking over from them. You can watch the video by clicking on the following link: http://www.newsmanagers.com/NewsManagersTV/unexpertvousparle.aspx?id=944

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The combined wealth of about 300 of the richest families and individuals in Switzerland continued to increase this year. It is estimated at CHF671.7bn, CHF44m more than in 2013, according to the rankings published on 28 November by Bilan magazine. At EUR671.7bn, the combined wealth of the families and individuals in the Bilan rankings are not far off reaching equivalence with the annual gross domestic product (GDP) of Switzerland. Of the 350 people in the Bilan survey, the wealth of 250 remained stable, the economic magazine explains. For 56 more, the movement was upward; 32 of these are already billionaires. The 2014 edition of the rankings lists 153 billionaires. Eight new members have joined this ultra-rich class.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } The Canada Pension Plan Investment Board (CPPIB) and its partner Goodman Group have announced an addition investment of USD500m in their Chinese joint venture, Goodman China Logistics Holding. USD400m will come from tbe CPPIB, while Goodman will supply the rest. With the addition of this investment, the total staked by the two partners now comes to USD2bn, a sum which “will be allocated to investment in logistical areas of top quality in continental China, and their development,” the two firms say in a statement. This is the fourth additional investment by the partners in Goodman China Logistics Holding since its creation. The joint venture, founded in 2009 with initial capital of USD300m, has already invested in 27 logistical projects in 10 Chinese markets. Its portfolio represents an occupancy rate of 97%.

Depuis son arrivée à la tête d'Axa IM l'année dernière, Andrea Rossi a accéléré le développement à l'international de la société de gestion, véritable leitmotiv du groupe. Le dirigeant détaille ici le plan de bataille qu'il entend poursuivre pour asseoir la marque de sa maison au niveau mondial, sans éluder les points que la société de gestion doit encore améliorer. A commencer par le "faire savoir" de son "savoir-faire". Une ambition qui passe aussi par une réorganisation des forces commerciales d'Axa IM, dont l'objectif est de conduire à une meilleure connaissance des besoins de ces clients.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } BNP Paribas Investment Partners has added to the product range from its Luxembourg Sicav, with the addition of the Parvest Flexible Bond Euro sub-fund. The new fund, which invests in European bonds, is managed flexibly. The sub-fund is aimed at retail investors, has no benchmark, and aims to generate long-term returns, allowing the manager to adapt the allocation of the portfolio to varying market conditions. The management of the sub-fund has already been registered in several European countries, including Belgium, France, Luxembourg and Italy, and has been entrusted to Patrick Barbe, head of euro sovereign and aggregage managemement.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } According to data released on 28 November by the Irish Funds Industry Association (IFIA), assets in funds domiciled in Ireland reached a record EUR1.6trn as of 30 September 2014, up by 19% since 1 January 2014. Assets under management in UCITS funds rose 22%, while assets in Qualifying Investor Alternative Investment Funds (QIAIF) were up 27% in the first nine months of the year. This strong growth was driven largely by the launch of more than 500 funds in the country since the beginning of the year. Better, as of the end of September 2014, net inflows had doubled since the same period in 2013, with a total of EUR113bn, of which EUR93bn were for UCITS vehicles, and EUR20bn for hedge funds.

The combined assets of UCITS and non-UCITS surpassed the EUR 11 trillion mark for the first time ever to end the quarter at EUR 11,057 billion, according to the European Fund and Asset Management Association (EFAMA). UCITS recorded increased net inflows of EUR 130 billion in the third quarter of 2014, up from EUR 126 billion in the second quarter of the year. This marked the third successive quarter of UCITS net sales surpassing the EUR 100 billion mark. So far in 2014, UCITS attracted EUR 405 billion in net inflows, more than double the EUR 178 billion attracted over the same period in 2013.Long-term UCITS, i.e. UCITS excluding money market funds, continued to register strong net inflows of EUR 117 billion, albeit down compared to EUR 148 billion in the second quarter. Demand for bond funds remained high in the third quarter (EUR 47 billion compared to EUR 56 billion in the second quarter). Net sales of balanced funds also posted strong net inflows during the quarter (EUR 52 billion compared to EUR 56 billion in the second quarter). On the other hand, equity fund net sales fell to EUR 14 billion, from EUR 24 billion in the second quarter, owing to rising geopolitical and economic uncertainties during the quarter.Money market funds posted net inflows of EUR 13 billion in the third quarter, against net outflows of EUR 22 billion recorded in the second quarter. Total net assets of UCITS increased by 4.3 percent during the third quarter to stand at EUR 7,807 billion at end September 2013. Net assets of balanced funds increased 5.9 percent during the quarter, followed by bond funds with growth of 4.7 percent. Total net assets of non-UCITS increased by 3.1 percent in the third quarter to stand at EUR 3,250 billion at end September 2013. Assets of special funds reserved to institutional investors grew by 3.3 percent during the quarter.

Partnering with local managers looks to be an ongoing theme for foreign asset managers who are genuinely interested in establishing a footprint in Asia. Business models that work well in Western countries tend not to work in Asia, according to Cerulli. Foreign managers seeking to establish a footprint in Asia should assess how they can forge partnerships with local players in order to gain access to retail investors.One type of partnership that is often neglected is the partnership that managers have with end-investors. With mutual fund penetration rates so low in Asia, managers will do well to consider how to best engage retail investors too. Based on a recent Cerulli survey of about 4,000 retail investors in China, Taiwan, Hong Kong, and Singapore, there is a lack of awareness of mutual funds at the lower wealth tiers and the upper wealth tiers. Some 43% of mass retail investors and nearly 40% of high-net-worth investors are not investing in mutual funds, because they do not know what mutual funds are, and probably have not heard of them before. This has contributed to a mutual fund penetration rate, measured as a percentage of household financial assets, of only 5% in Asia.It is not ideal, and the time is ripe for foreign managers to build partnerships with end-investors, in order to raise mutual fund penetration rates in the region.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Pioneer Investments is preparing to found a new company in Hong Kong, Pioneer Global Hong Kong, Bluerating reports, citing Il Messaggero. The objective is to obtain a license in time for first quarter 2015 to sell funds, raise capital for third parties and provide financial advising. According to plans at Pioneer, which has EUR140bn in assets, the Chinese arm of the firm is expected to complete 2015 with net subscriptions of nearly EUR100bn, and 2019 with about EUR650m. The dead point is expected to be reached in 2016. Pioneer Global AM will finance the launch of the firm with EUR5m.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Deutsche Börse has announced the launch on the same day of a new actively-managed bond ETF issued by Pimco Fixed Income Source ETFS Plc and listed for trading on the Xetra platform from 28 November. The Pimco Low Duration Euro Corporate Bond Source Ucits ETF allows investors to benefit from the returns on corporate bonds issued in euros. At least 90% of its investment portfolio consists of investment grade corporate bonds denominated in euros. Up to 20% of the assets in the fund may be invested in emerging markets. Currency risk may total up to 10% due to investment in corporate bonds not denominated in euros.

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } Allianz Global Investors has announced that as of 25 November 2014, two funds of its range have been merged. The Allianz Inflationsschutz A (EUR) (LU0202944186) fund has been merged into the Allianz Global Investors Fund - Allianz Euro Inflation-linked Bond A (EUR) (LU0988442017).

p { margin-bottom: 0.1in; line-height: 120%; }a:link { } In October, financial adviser networks in Italy recorded net inflows of EUR2bn, a growth of 25.3% since September, and 54% since October 2013, according to the latest statistics from Assoreti, the Italian financial adviser association. Net inflows to asset management products totals slightly under EUR1.6bn, while the balance of movements to products under administration is positive to the tune of EUR439m. In asset management, investments have continued to be concentrated on insurance products (EUR1.4bn). Mutual funds have received only EUR13.8m.

Artemis Investment Management has appointed James Martinelli as head for France and Spain. The asset manager has already appointed James Young as head of German speaking countries. James Martinelli joined Artemis IM in 2006 to grow international clients. He was responsible of long only and hedge funds clients.

Le rouble pourrait connaître ce lundi sa plus forte chute en une séance depuis la crise financière de 1998 en Russie en raison du recul continu des cours du pétrole. Vers 14 heures, la devise perdait plus de 5% face au dollar et à l’euro, à 52,19 pour un dollar et 64,87 pour un euro. Elle a perdu jusqu'à 8,98% face au billet vert et 9,27% face à l’euro en matinée. La monnaie russe est passée dès vendredi au-dessus des 50 roubles pour un dollar sans que la banque centrale n’intervienne. Avec la décision jeudi de l’Opep de laisser sa production inchangée et l’accumulation d’indicateurs suggérant un ralentissement de la croissance en Chine, les marchés intègrent progressivement le fait que les cours du pétrole resteront durablement bas.

L’agence a abaissé lundi la note souveraine du Japon d’un échelon, de Aa3 à A1, en arguant de l’incertitude croissante sur la capacité de l’archipel à atteindre son objectif de réduction de la dette publique. Cette annonce a provoqué un nouvel accès faiblesse du yen, qui a brièvement touché un nouveau plus bas de sept ans face au dollar américain à 119,14. «Les déficits et la dette du Japon restent très élevés et la consolidation budgétaire va devenir de plus en plus difficile à réaliser avec le temps au vu de la hausse des dépenses publiques, particulièrement pour celles tenant aux programmes sociaux liés au vieillissement rapide de la population», explique l’agence de notation.

L'annonce d'un plan d'achats de titres d'Etat pourrait intervenir dès le début de 2015, selon le Panel Taux.

Seules quatre gestions ont moins de la moitié de leurs investissements dédiés aux actions. La part de cash retombe sur son plus bas niveau de 2%.

Le refus de Bruxelles de trancher sur les budgets des Etats membres clôt une semaine marquée par le manque de moyens du plan d'investissement Juncker.

Le segment «investment grade» a continué d'attirer les investisseurs avec un mois record du marché primaire sur l'année.

Plus de trois quarts des électeurs ont voté contre l'idée de forcer la banque nationale à détenir au moins 20% de ses réserves sous forme d'or

L'annonce d'un programme d'achats de titres d'Etat pourrait intervenir dès le début de 2015, selon le Panel Taux.

Les flux entrants dans les OPCVM atteignent 405 milliards d’euros depuis le début de l’année, contre 178 milliards l’an dernier à la même époque.

Le rendement des obligations d'Etat japonaises à 2 ans est passé pour la première fois en territoire négatif mais l'inflation continue de refluer.

Les pays producteurs ne sont pas égaux face à la baisse des prix. Au-delà du médiatique cas russe, d'autres, comme le Nigeria, sont fragilisés

Le ministre Michel Sapin réunit aujourd'hui les acteurs du Comité Place de Paris 2020 pour faire les bilans des travaux menés depuis cet été.

Le CAC 40 est attendu en hausse de 8,5% dans un an, mais n’a pris que 2% depuis le début de l’année, alors que le S&P 500 a déjà engrangé 12%.

Dans le sillage de plusieurs grands acteurs étrangers, Royal Bank of Canada a décidé à son tour de céder ses activités de banque privée en Suisse. Selon des personnes proches de la transaction citées par la site internet, les actifs sous gestion de RBC (Suisse) s'élèvent à environ 10 milliards de francs suisses. Le mandat de vente a été confié à J.P. Morgan.

L’Agence France Trésor adjugera jeudi entre 3 et 4 milliards d’euros d’obligations assimilables du Trésor (OAT) de maturité longue pour profiter de conditions de financement très avantageuses. En décembre et en août, l’AFT se réserve traditionnellement la possibilité de procéder à une adjudication mensuelle unique pouvant combiner des OAT de long et moyen termes. Vendredi, le rendement de l’OAT de référence à 10 ans est tombé à un nouveau plus bas historique, à 0,971%.

Vienne a relancé la vente du réseau de banques balkaniques de l'établissement nationalisé Hypo Alpe Adria, a appris vendredi Reuters de sources proches du dossier. Le groupe était entré en négociations exclusives avec Advent et la Banque européenne de reconstruction et de développement (BERD). En raison de l’expiration jeudi soir d’un délai pour la signature formelle d’un accord, le processus est rouvert. La vente ne devrait maintenant pas intervenir avant la fin de l’année.

Pour la première fois en cinq semaines, les fonds monétaires ont renoué avec des sorties nettes, à hauteur de 10 milliards de dollars, sur les quatre jours ouvrables au 25 novembre. Une évolution qui contraste avec les autres catégories de fonds, actions, obligations et matières premières, qui ont enregistré des souscriptions nettes, montre une étude publiée vendredi par Bank of America Merrill Lynch Global Research qui cite des chiffres d’EPFR Global.