Le gestionnaire d’actifsaméricain PineBridge Investments va vendre son activité de mutual funds en Inde à Kotak Mahindra Asset Management, filiale du groupe bancaire local Kotak Mahindra Bank. PineBridge gère 108 millions de dollars (6,6 milliards de roupies) sur le marché indien. Kotak Mahindra Asset Management a indiqué souhaiter se renforcer par la croissance externe et être à la recherche de nouvelles cibles d’acquisition, selon le Wall Street Journal.

p { margin-bottom: 0.1in; line-height: 120%; } Hedge funds are once again popular with institutional investors, Das Investment reports. Their total assets at the end of first half came to USD2.8trn, a record. Since the first Hedge Fund Research data, hedge funds in the first six months of the year have posted inflows of USD57bn, nearly as much as the USD63.7bn in inflows they posted in all of 2013. Hedge funds are especially popular with US and Scandinavian institutional investors, Das Investment notes, while German institutionals prefer investments in bonds, for regulatory reasons.

p { margin-bottom: 0.1in; line-height: 120%; } The data provider Morningstar has announced the launch of a system of ETP classification in order to help invetsors to better identify, compare and analyse beta investment products. Morningstar has meanwhile published its first global guide to strategic beta ETPs («A Global Guide to Strategic Beta Exchange-Traded Products»). Morningstar defines strategic bets as a class of investment products which replicates indices which seek either to improve returns, or to modify the level of risk compared to a standard benchmark. The Morningstar platforms dedicated to institutional investors and advisers, Morningstar Direct, Morningstar Office, and Morningstar Advisor Workstation, will now be integrated into the new classification system.

p { margin-bottom: 0.1in; line-height: 120%; } Insurance networks are the lifeline for open architecture. In these terms, Richard Bruyère, head of the consulting firm Indefi, concluded his most recent study into the open architecture market in France. This market, which has a total of EUR200bn in assets, has grown 12.5% since 2011, but this growth should not give any illusions. The additional EUR25bn in this space over the past three years are the fruit of market effects and growth in clients from institutional investors in France, and retail clients abroad. These EUR200bn are distributed between integrated financial groups with an external fund selection department, who represent 61% of the total, domestic accounts including asset management firms and independent private banks or regional or decentralised networks, which represent 24%, and IFAs via platforms, for the remaining 15%. In this role, the study finds an average open architecture rate which fell between 2011 and 2014 from 36% to 32%. To explain this decline, Bruyère points to several phenomena: firstly, post-crisis sales policies on the part of major groups, which privileged savings on the balance sheets for their clients, to the detriment of asset management products. Then, from 2013, which marked a turning point with the comeback of life insurance, due to a preference for in-house offerings from major firms, “for questions of profitability and rosk control,” Indéfi says. The study notes that insurance networks and distributors with limited degrees of openness are now the key area for open architecture. In addition to an erosion in the competitiveness of funds in euros, the open architecture rate between 2011 and 2014 rose by 6 basis points in insurance networks, to 13% currently, while it has risen by only one basis point for banking networks, to 5% presently. That insurance networks offer attractive developments for open architecture is one thing. That they offer a panacaea is another. In unit-linked accounts, Indéfi notes, on the basis of a study covering 21 networks (including banks and insurers), open architecture accounts for an average of 37% of assets. Up to that level, the study finds that this architecture can be considered a factor in the conversion of clients to unit-linked accounts, while above that level, open architecture ceases to be a differentiating factor. The Indéfi study also compares the French market to its neighbours. With an open architecture level of 32% of household savings, France lags behind: far behind Switzerland (43%), Spain and Italy (38%), and Germany (35%). Among establishments that do well, Indéfi finds six French firms among the top 10, and four British and American firms, of which three are from the US. Carmignac Gestion has a market penetration rate of 56%, putting it well in the lead, followed by DNCA (51%), Fidelity Investments (37%), EdRAM (36%) and Financière de l’Echiquier (36%). A deeper study of the evolution in commercial penetration rates over the past three years confirms the dominance of DNCA and Carmignac Gestion. These two firms have gained 25% and 15%, respecitvley. In third place, Fédéral Finance-Schleicher Prince shows growth of 11%.

p { margin-bottom: 0.1in; line-height: 120%; } Mutual funds and ETFs distributed on the US market attracted USD32.6bn in the month of August, according to statistics released by Morningstar. International equity and bond funds were highly popular, while mutual funds and ETFs dedicated to US equities saw outflows of USD4.1bn. Mutual fund assets and long-term ETFs totalled USD13.9trn as of the end of August. The majority of these assets are invested in actively-managed funds, while passive strategies have posted growth of 11% over 12 months, compared with an increase of only 2% for activey-managed funds. Morningstar reports that bond mutual funds and ETFs have since the beginning of the year posted net inflows of USD99.2bn, while mutual funds and ETFs dedicated to US equities attracted only USD3.5bn. Among providers of actively-managed funds, J.P. Morgan tops the rankings for inflows in the past 12 months, followed by Goldman Sachs and Oakmark. Vanguard, however, continues to lead for global inflows due to the strength of its passive product offerings.

p { margin-bottom: 0.1in; line-height: 120%; } The Swiss federal financial market surveillance authorities (Finma) have opened bankruptcy proceedings against the private bank Banque Privée Espírito Santo. In a statement released on 19 September, it announced that it has found that the firm, which went into volutnary liquidation in July 2014, is over-indebted. Due to its liquidation, the bank has been obliged to undertake a re-evaluation of its assets, taking into account the provisions necessary to constitute its sales activity, until its banking license is restored Finma explains. As the assets of the Swiss bank were no longer adequate, and a recapitalisation by shareholders, who are themselves insolvent, was impossible, Finma has declared the bank bankrupt, and appointed a bankruptcy trustee. This liquidator will be responsible for reimbursing privileged deposits, meaning assets in accounts with up to CHF100,000, the surveillance authority says. According to the available information, the current assets at the bank were sufficient to completely cover the redemption of these savings, but not assets exceeding CHF100,000. Finma states, however, that “the majority of client deposits with the bank will be privileged under this bankruptcy procedure.” The opening of the bankruptcy proceedings has no impact on the enforcement procedure initiated against the bank on 3 September. This procedure will aim to determine the role of the Swiss firm in the distribution of securities and financial products from Espirito Santo, Finma states.

Moody’s Investors Service has today launched the first edition of its Quarterly China Shadow Banking Monitor. The Monitor draws on publicly available data sources to provide an overview of trends and developments in this important component of the Chinese financial system. Moody’s notes that recent improvements in publicly available data have enhanced the transparency of the sector as a whole, allowing a somewhat more realistic assessment of the risks associated with it.The Moody’s report notes that significant risks remain due to rapid growth and lending concentration. «Despite the authorities’ efforts to rein in the growth of credit, this new publication shows that shadow banking activity on the Mainland continues to clock faster growth than nominal GDP, indicating that related leverage in the economy is still rising,» says Michael Taylor, a Moody’s Managing Director and Chief Credit Officer for Asia Pacific."We estimate that shadow banking assets reached RMB37.7 trillion at end-2013, or around 66% of GDP compared with 52% at end-2012,» says Taylor. «While comparable figures for 2014 are not yet available, in recent quarters the data suggests that credit growth associated with the shadow banking sector has begun to stabilize and that traditional bank lending has instead increased faster,» adds Taylor.

Wall Street’s self-funded regulator Finra unveiled a list of proposals on Friday to bolster rules governing alternative trading platforms like «dark pools,» computerized high-speed trading, and price transparency in the corporate bond market.

Moody’s Investors Service has announced on Friday its decision to maintain the negative outlook on France’s government bond rating, which it has affirmed at Aa1. The agency’s decision to affirm France’s Aa1 rating reflects Moody’s view that, despite negative credit pressures, the country retains significant credit strengths, including the size and wealth of the economy, as well as its affordable debt burden despite a continuous, gradual erosion of its economic and fiscal strength. The affirmation is also supported by renewed government commitment to accelerating the pace of structural reform, introducing a more consistent approach to economic policy, and proceeding with its budget saving plans.That said, Moody’s decision to maintain a negative rating outlook reflects the rating agency’s view that the execution risks associated with implementing the government’s proposed structural reform initiatives are significant, given the strength of vested political interests that might oppose them and the poor track record in implementing such reforms.

p { margin-bottom: 0.1in; line-height: 120%; } Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, announced mid-september that it has established a joint venture with Shenzhen Hua Xia Ren He Capital Management to conduct a private fund business in the Qianhai Economic Zone in Shenzhen, China. The city of Shenzhen has granted a license to the joint venture, called Nomura China Asset Management, to sponsor and manage a Qualified Foreign Limited Partner (QFLP) fund. QFLP funds allow non-resident investors to invest in private equity funds and venture capital funds domiciled in China. The joint venture plans to explore business opportunities with high net worth and institutional investors in China and provide investment strategies to foreign investors through the QFLP framework. Nomura Asset Management sees the joint venture as a key entry point into the growing Chinese market and aims to enhance its presence and develop new businesses in China.

p { margin-bottom: 0.1in; line-height: 120%; } Generali Investments Europe has recently opened the Generali Investments SICAV Absolute Return Credit Strategies fund to new investments. Assets under management in the strategy currently total EUR520m. The straetgy invests primarily in investment grade, high yield, emerging markets and convertible bond strategies. The fund is managed by a team led by Filippo Casagrande, chief investment officer at Generali IE. The performance objective for the fund is 4% per year.

p { margin-bottom: 0.1in; line-height: 120%; } The Swiss Pictet group has recruited Frans Annokkee as senior business development manager, the specialist website Fondsnieuws reports. Annokkee, previously at Syntrus Achmea, will be responsible for the Netherlands institutional market, and will report to Udo von Werne, head of institutional clients for continental Europe.

La Française Forum Real Estate Partners (LFF Real Estate Partners), la branche d’immobilier direct en Europe issue de la collaboration entre La Française – Forum, et le spécialiste de la gestion d’immobilier commercial Realm ont annoncé aujourd’hui avoir trouvé un accord en vue de lancer un fonds investissant dans les centres commerciaux au Royaume-Uni. «Le fonds a pour objectif d’atteindre un encours de 400 à 500 millions de livres sterling d’actifs sur une période d’investissement de 3 ans et privilégiera les actifs core-plus, avec des opérations dont le montant pourra aller de 35 à 100 millions de livres», précise un communiqué.

La branche immobilière du fonds de pension canadien Omers a dévoilé l’acquisition auprès de Carlyle et pour 263 millions d’euros de l’immeuble du 32 rue Blanche, dans le 9e arrondissement de Paris. Il s’agit de la toute première incursion d’Oxford Properties en Europe continentale, six ans après son arrivée à Londres. La foncière affiche son ambition de gérer d’ici trois à cinq ans un patrimoine parisien de plus d’un milliard d’euros.

La baisse du taux à 14 jours de 20 pb est la dernière mesure concédée par la PBOC pour soutenir une croissance chinoise en voie de fléchissement

Yves Berger, co-gérant du fonds Axa IM FIIS Europe Short Duration High Yield

Mathieu Pivovard et Maryannick Plomion, responsable et responsable adjointe de la gestion diversifiée et tactique chez Allianz Global Investors

La communauté autonome entend toujours organiser le 9 novembre un référendum sur l'indépendance, considéré comme illégal à Madrid

Dans le cadre des Assises de l’investissement la semaine dernière, l’Elysée a annoncé la création d’un nouveau véhicule juridique simplifié d’investissement en capital pour attirer les investisseurs étrangers. Ceux-ci souhaitent avoir plus de contrôle sur la gouvernance des fonds.

Dans le cadre des réflexions sur la compétitivité de la Place, il compte mettre en place un véhicule juridique simplifié d'investissement en capital

Alors que ses encours décollent, la boutique de gestion va davantage profiter du réseau commercial de Natixis Global AM

Certains économistes estiment même que la BoE pourrait entamer le relèvement de ses taux dès novembre, ce qui alimenterait la remontée de la devise

Faiblesse de la croissance européenne, aversion pour le risque de la clientèle et contraintes liées à l’environnement réglementaire poussent Edmond de Rothschild à réviser ses objectifs. «Nous maintenons nos objectifs chiffrés mais nous pourrions en revoir la trajectoire», indique son directeur général Christophe de Backer. Selon le quotidien, qui évoque un courrier interne aux salariés, le plan stratégique pourrait être décalé de deux ans. Présenté fin 2012, celui-ci prévoyait d’ici à 2016 une collecte d’actifs de 33 milliards d’euros supplémentaires (à 158 milliards d’euros) et un coefficient d’exploitation descendu à 66% (contre 80%).

Les Etats-Unis et le Canada réclament une action urgente. L'Allemagne défend la rigueur

Les Etats-Unis et le Canada réclament une action urgente. L'Allemagne défend la rigueur

Jérôme Schupp, responsable analyse et recherche, Syz Asset Management

Eric Bourguignon, directeur de la gestion taux et crédit de Swiss Life Asset Managers et DGD SL Asset Management

Benjamin Melman, directeur allocation d'actifs et dettes privées chez Edmond de Rothschild AM

Les 375 milliards de livres (476 milliards d’euros) de liquidités injectés par la Banque d’Angleterre dans le système financier britannique n’ont pas stimulé le crédit bancaire, conclut une étude de la banque centrale publiée vendredi, ajoutant toutefois qu’ils avaient profité à l'économie par d’autres voies (demande globale et inflation). La BoE a lancé ce programme dit d'«assouplissement quantitatif» («quantitative easing» ou QE) en mars 2009.

L’agence Moody’s a maintenu vendredi la note de crédit Aa1 de la France, qui reste néanmoins assortie d’une perspective négative en raison de la faiblesse persistante de la croissance et de l’ampleur des déficits. Dans un communiqué, l’agence de notation justifie sa décision en expliquant que, bien que soumise à des pressions défavorables, la France conserve des avantages importants, parmi lesquels «des taux de financement très bas, qui traduisent un socle d’investisseurs solide et diversifié (…)». Moody’s ajoute avoir également pris en compte «l’engagement renouvelé du gouvernement à accélérer le rythme des réformes structurelles». L’agence estime que «les niveaux de popularité historiquement faibles du gouvernement reflètent les pressions auxquelles il est soumis» mais note que «le récent vote de confiance parlementaire a réaffirmé son mandat législatif pour mettre en oeuvre une série de réformes susceptibles de favoriser la croissance».