JP Morgan Asset Management (JP Morgan AM) vient de lancer une classe de part couverte en renminbi pour son fonds JP Morgan Asia Equity Dividend, soit la première classe de part en renminbi introduite par le gestionnaire américain pour sa gamme de fonds, rapporte The Asset.com. Le montant minimal d’investissement dans cette nouvelle classe de part est fixé à 16.000 renminbi, soit 2.589 dollars) et les souscriptions peuvent être réalisées via n’importe quel compte bancaire en renminbi.

La société de gestion italienne Azimut va acquérir, via AZ International Holdings, 70 % du capital de Notus Portfoy Yonetimi, une société de gestion indépendante basée en Turquie et gérant 55 millions d’euros.L’opération, annoncée lundi, comportera le rachat de parts aux associés fondateurs de la société turque, à hauteur de 1,5 millions d’euros, et la souscription à une augmentation de capital, pour une contre-valeur de 0,8 million d’euros, afin de financer le business plan. Les accords prévoient aussi des options d’achat et de vente. Enfin, Azimut et les actionnaires de Notus ont signé des accords de coopération pour développer ensemble l’activité en Turquie sur le moyen-long terme.Azimut a déjà une présence en Turquie, avec la coentreprise AZ Global Portföy, et propose une gamme de fonds turcs.Avec Notus, la société italienne acquiert une société fondée en 2011 par trois associés et gérant 45 mandats pour des clients privés et institutionnels, et deux fonds de droit turc investis sur les marchés locaux.

La BHF-Bank, récemment cédée par la Deutsche Bank à Kleinwort Benson-Group, espère enregistrer dans les prochaines années une collecte de «plusieurs milliards d’euros» grâce aux quelques 30 accords de coopération conclus ces derniers mois avec des gestionnaires de fortune, des assureurs, des sociétés de gestion, des intermédiaires indépendants et des banques universelles."La BHF-Bank est de retour», souligne dans un entretien à la Börsen-Zeitung le porte-parole du directoire de la société de gestion, Björn H. Robens, qui estime que la société a retrouvé sa dynamique de croissance des années 2006 à 2008. A côté des actifs sous gestion, qui s'élèvent actuellement à environ 36 milliards d’euros, la rentabilité devrait également être au rendez-vous avec déjà d’excellents résultats sur les deux premiers mois de l’année. L’an dernier, le résultat d’exploitation s’inscrivait très légèrement dans le rouge.

Entre août et novembre 2013, EDHEC-Risk Institute a interrogé 109 investisseurs institutionnels européens - des régimes de retraite et des fonds de réserve, des assureurs et des institutions de prévoyance et leurs filiales de gestion d’actifs - afin de sonder leurs attentes et leurs exigences en matière de transparence des indices. L’objectif étant de faire de ces données les principales orientations du débat réglementaire en cours sur les benchmarks et les indices de référence, il est ressorti de l'étude (*) d’Edhec-Risk que : • Les investisseurs considèrent la transparence de l’indice à la fois logique et indispensable. Une grande majorité des répondants (85,2%) juge que la transparence est aussi le meilleur élément pour réduire les conflits d’intérêts. 12% seulement estiment que la bonne gouvernance de l’indice est suffisante pour faire face à ces conflits .• La transparence est actuellement insuffisante et perçue comme telle par les investisseurs. Seulement environ un tiers des répondants sont très (4,6%) ou assez satisfaits (30,3%) du niveau actuel de transparence des indices. Cette perception est compatible avec les observations de l’EDHEC-Risk. «A une exception près», indique l’institut : les fournisseurs d’indices analysés ne donnent pas accès aux constituants historiques des indices, et pour un nombre important d’indices bêta intelligents, les méthodologies décrites ne permettent pas aux indices d'être répliqués.• Le poids de plus en plus important des indices de stratégie rend la transparence encore plus importante (77,1% des réponses). Par ailleurs, l’opacité réduit fortement la crédibilité des track records des indices (80,8 % vs 17,4%), en particulier pour les nouvelles formes d’ indices .• La transparence ne nuit pas aux intérêts des fournisseurs d’indices, car il développe la confiance et accélère l’adoption de nouveaux indices. Il ne conduit pas à la multiplication de services gratuits et de problème de rentabilité. Il existe des outils juridiques et contractuels adaptés, ajoute l’institut pour défendre les fournisseurs d’indices contre une utilisation non autorisée de leurs méthodologies et données. A ce titre, l’Autorité européenne des marchés financiers a limité la transparence des acteurs et des pondérations pour les périodes précédant le dernier rééquilibrage dudit indice. • Les investisseurs apportent un soutien très fort (70,6 % vs 21,1%) à la proposition que les règles de transparence de l’AEMF devraient être étendues aux produits et aux mandats non coordonnés .“Index Transparency – A Survey of European Investors’ Perceptions, Needs and Expectations”

InverCaixa Gestión étoffe sa gamme de produits. La société de gestion vient de lancer sur le marché espagnol un nouveau fonds de gestion passive avec un objectif de rendement non garanti, baptisé FonCaixa Valor 90 Eurostoxx et lié à l’indice boursier européen EuroStoxx 50, révèle Funds People. Selon la documentation officielle adressée au régulateur local, la CMNV, si à échéance du fonds en avril 2019, la variation de l’EuroStoxx 50 est positive, la valeur liquidative augmentera de 75 % par rapport à cette évolution de l’indice. En revanche, si la variation est négative, la valeur liquidative diminuera de 100 % par rapport à cette évolution.Ce nouveau véhicule investira dans des obligations publiques émises ou avalisées par l’Etat espagnol. Le montant d’investissement minimum initial est de 600 euros. Par ailleurs, ses commissions de gestion, de dépôt, de souscription et de remboursement sont fixées respectivement à 1%, 0,1%, 4% et 4%.

D’après le site Asia Asset Management, Fullgoal Fund Management, basé à Shanghai, est en passe de lancer son premier fonds de pension après que le ministère des Ressources Humaines et de la Securité Sociale ait accepté sa demande d’agrément pour un produit de retraite à valeur stable.Selon les médias chinois, le benchmark de ce nouveau produit de retrait est équivalent au taux de dépôt à terme à un an plus 200 points de base. Ce fonds pourra allouer jusqu’à 30 % de ses actifs aux actions. Cependant, il ne pourra pas investir dans des actifs obligataires ayant une notation inférieure à AA.

Lors de son assemblée générale annuelle du 15 mai, Partners Group proposera la nomination de Peter Wuffli pour prendre sa présidence, rapporte Les Echos. De ce fait, le gérant de fonds – qui est actuellement à la tête de plus de 30 milliards d’euros d’encours – sera dirigé par une personnalité qui siège à son conseil depuis 2009 et qui a été à la tête d’UBS jusqu’en 2007.

P { margin-bottom: 0.08in; } InvesrCaixa Gestión is adding to its product range. The spanish asset management firm has launched a new passive management fund on the market, with a non-guaranteed performance objective, entitled FonCaixa Valor 90 Eurostoxx, and tied to the European EuroStoxx 50 stock market index, Funds People reports. According to official documents submitted to the local regulator, the CNMV, when the fund matures in April 2019, if the variation of the EuroStoxx 50 is positive, the net aset value will increase by 75% of the evolution of the index. However, if the variation is negative, the net asset value will be reduced by 100% of this valuation. The new vehicle will invest in public bonds issued or backed by the Spanish government. The minimal initial investment is EUR600. However, management, deposit, subscription and redemption commissions are set at 1%, 0.1%, 4% and 4%.

P { margin-bottom: 0.08in; } Following the sale by TA Associates of its 10.6% stake in the capital of Jupiter Fund Management on 5 March, Michael Wilson will be leaving the board of directors at the British asset management firm on 21 March, Citywire reveals. As it no longer has any capital relationship with Jupiter, TA Associates is no longer in a position to appoint a director to the board, even in a non-excutive capacity. The news comes as Maarten Slendebroek officially takes over as CEO of Jupiter, replacing Edward Bonham-Carter, who will retain a role as vice-chairman of the board at the asset management firm.

P { margin-bottom: 0.08in; } The Italian asset management firm Azimut will via AZ International Holdings acquire a 70% stake in Notus Portfoy Yonetimi, an independent asset management firm based in Turkey with EUR55m in assets under management. The deal, announced on Monday, will include the acquisition of shares from the founders of the Turkish firm, totalling EUR1.5bn, and subscription to a capital increase for a total of EUR0.8bn, to finance the business plan. Agreements also include buy and sell options. Azimut already has a presence in Turkey, with the joint venture AZ Global Portföy, and offers a range of Turkish funds. With Notus, the Italian firm is acquiring a firm founded in 2011 by three partners, which manages 45 mandates for private and institutional clients, and two Turkish funds investing in local markets.

P { margin-bottom: 0.08in; } Italian clients at BNY Mellon AM now represent assets of EUR4bn, according to Marco Pallacino, managing director of the firm in Italy, in a filmed interview with Bluerating. The firm is present in the fast-growing retail and the institutional segments.

P { margin-bottom: 0.08in; } A few days before the general assembly of the Italian association of asset managers, Assogestioni, which will be electing a new president, it seems that an internal solution has been reached with the nomination of Giordano Lombardo, Bluerating reports. Lombardo, vice-chairman of Pioneer Investment Management (UniCredit group), is already serving as interim president of the Italian asset management association. The position of president of Asogestioni has been vacant since the departure of Domenico Siniscalco due to conflicts of interests.

P { margin-bottom: 0.08in; } As recently announced by Newsmanagers, Pictet Asset Mangement has recruited a head of sales for independent financial advisers in France (GCPI). Mohammed Amor will work to develop French clients such as banks, networks and independent wealth management advisers. He will report to Hervé Thiard, CEO responsible for asset management activities at Pictet in France. Amor had previously since 2012 worked as head of commercial development at Turgot Asset Management.

Wells Fargo Asset Management is opening a new office in Paris, the business’s first office in continental Europe, and has appointed Alexandre Dussaucy as sales director. The French office will bring the US asset management firm closer to customers based in France and will enable the company to build capacity to provide more services in the long term. Wells Fargo AM has already EUR2 billion of assets under management in France - out of USD487bn globally and USD30-35bn internationally. «As Europe’s largest market for investment funds, France has always been an important destination for Wells Fargo Asset Management,» notes Ludger Peters, managing director, international business development, at Wells Fargo Asset Management. «For almost 10 years we have successfully managed assets for global financial institutions based in France; in fact, our largest international client is a French business. We also registered our UCITS IV-compliant Luxembourg funds in France in January 2013, making our investment strategies available to retail investors in France."The registration of the funds in France coincided with the arrival of Alexandre Dussaucy at Wells Fargo AM in London to cover French speaking countries. He is now responsible for business development and sales throughout France, Belgium, Luxembourg, Monaco and French–speaking Switzerland and will focus on expanding the institutional and wholesale client base and creating sub-advisory opportunities.This French office is Wells Fargo AM’s first office in continental Europe, but it might not be the last. Asked about other offices openings, a spokesperson for the asset management company answered: «we believe it vital for our success in Europe to have an on-the-ground presence in all of the countries we serve.»

The California Public Employees’ Retirement System (CalPERS) on March 17 announced that it will allocate an additional USD200 million to its emerging manager program in the Private Equity asset class. CalPERS will utilize a new fund-of-funds to deploy the capital, focusing on high-potential emerging manager funds. The new allocation will be deployed over four years and is in addition to a USD100 million commitment made in 2012. CalPERS has been investing with emerging managers directly and through fund-of-funds for more than 20 years. It has nearly USD12 billion invested with 395 emerging managers across all of its emerging manager programs.

La Française announced on Monday the appointment of Guillaume Dhamelincourt as head of sales for Asia. His goal will be to expand business in Asia through third party institutional distribution networks and directly with institutional investors.Guillaume Dhamelincourt has extensive experience, through JK Capital Management Ltd., in which La Française owns a minority stake, in Asian value equities. His appointment is coming as La Française is registering funds for local distribution.Guillaume Dhamelincourt will be working out of JK Capital Management Ltd headquarters located on Connaught Road Central in Hong Kong. Before joining JK Capital Management in 2011, Guillaume Dhamelincourt was investment director at HSBC Specialist Investments in London (now InfraRed Capital Partners), the property and infrastructure private equity arm of HSBC.

P { margin-bottom: 0.08in; } The number of absolute return products in Europe fell last year, but funds with mediocre performance were mostly the ones to be closed, according to the most recent semiannual research by the German firm Lupus alpha. Last year, the number of funds fell from 619 to 505. The number of fund closures and mergers totalled 144, while the number of new vehicles is only 30. In 2012, closures (78) and creations of vehicles (77) were more or less balanced. Despite the decline observed last year, assets in absolute return funds rose 21% or EUR125.4bn, after a decline of 20% the previous year. The quality of returns over five years has also improved meanwhile, Nearly 99% of the 170 funds studied, which have a duration of five years or more, have posted a positive performance over 5 years of 3.67% per year. This is an improvement of about 25% over 2012, when the fund posted positive returns over five years of only 64.9%.

P { margin-bottom: 0.08in; } JP Morgan Asset Management (JP Morgan AM ) has launched a hedged share class in renminbi for its fund JP Morgan Asia Equity Dividend, the first share class in renminbi introduced by the US asset management firm in its fund range, The Asset.com report. The minimal investment for the new share class is RMB16,000 or USD2,589, and subscriptions may be made from any renminbi bank account.

P { margin-bottom: 0.08in; } Franklin Templeton has increased its stake in the capital of Lar España Real Estate, the real estate affiliate of the Spanish Lar group, to 6.37%, via the acquisition of equities representing 1.62% of capital, and a value of EUR6.9m, Cotizalia reports. Franklin Templeton now has 2.55 million shares, bringing the value of its stake to EUR27m. Other international funds are invested in the capital of the Spanish real estate firm, such as Pimco, which controls a stake of 12.5%, Marshall Wace (4.4%), and Ameriprise Financial (3.74%). Bestinver, the Iberian asset management firm of the Acciona group, controls 4.18% of capital, and UBS holds 3.5% of capital.

P { margin-bottom: 0.08in; } Ivy Funds has completed the merger of the Ivy Asset Strategy New Opportunities fund into the Ivy Emerging Markets Equity fund, to offer a single strategy for investment in emerging market equities throughout the world. Assets in the Ivy Emerging Markets Euqity Fund total about USD807m. Ivy Funds is also expected to register a debt fund denominated in local currency.

P { margin-bottom: 0.08in; } European banks are leading the decline in global bank debt issuance, according to a report published by Moody’s Investors Service («Global Bank Debt – 2013 Issuance Trends»). Global unsecured debt issuance by Moody’s-rated financial institutions declined by 11% in 2013, compared to 2012. European institutions’ unsecured debt issuance declined by 25% to USD528 billion in 2013, says Moody’s. This marks the sixth year of a decline in European banks unsecured issuance, now at 41% of its 2007 peak. «With many European countries still mired in slow economic growth and persistent pressure on banks to reduce leverage, balance sheets are shrinking, cutting funding needs and driving issuance volumes down,» said Robard Williams, a Moody’s Senior Credit Officer, and co-author of the report. «Sector consolidation coupled with restricted capital market access has also halved the number of banks issuing debt to only 122 in 2013, compared to 246 in 2007.» Within the overall decline, however, subordinated debt issuance is up 33% year-on-year to USD50 billion in Europe, as regulators and resolution authorities’ clarification efforts have helped market participants price these securities and boost issuance. In addition, issuance by North American firms has rebounded strongly since 2011, says Moody’s. Strong investor appetite driven by improving macroeconomic conditions and still-low interest rates have boosted unsecured debt issuance by 39% to $309 billion in 2013, says the rating agency. In addition, US subordinated debt issuance jumped to USD27 billion in 2013, from de minimis levels in 2011 and 2012.

P { margin-bottom: 0.08in; } After the launch of its new brand, the asset management firm Candriam (formerly Dexia AM) has announced that it will be renaming all of its funds. The process, which is expected to be completed by summer 2014, will initially involve the range of hedge funds. Dexia Index Arbitrage becomes Candriam Index Arbitrage, Dexia Long Short Credit becomes Candriam Long Short Credit and Dexia Diversified Futures is renamed as Candriam Diversified Futures. Funds based in France will now be entitled Candriam, as well as Belgian-registered funds based on traditional strategies. French-registered Sicavs will be renamed in late April 2014. Luxembourg-registered funds will see their names changed in a third phase during 2014, a statement says.

P { margin-bottom: 0.08in; } European rules to limit excessive pay scales for fund managers have been relaxed in order not to have a disproportionate impact on US and Assian assset management firms, Financial Times fund management reports. Lobbying efforts by the United Kingdmo resulted in a last-minute amendment which will now mean that the rules apply “proportionately” to those involved in managing a UCITS fund. Previously, they concerned “third parties to whom these roles are outsourced,” including non-European managers of UCITS funds.

P { margin-bottom: 0.08in; } Standard Life Investments (SLI) has launched a higher volatility version of its Global Absolute Return fund, whose assets under management total about EUR22bn, Citywire reports. The absolute return fund, Global Focused Strategeis, will be managed by the multi-asset class team at SLI and will employ the risk management tool and investment style used for the GARS fund. The fund will be aimed at institutional investor clients and will aim for cash returns of +7.5% per year with total volatility of 6% to 12%. The fund started up in December with seed capital of EUR110m from pension fund managers and wealth managers. The Luxembourg-domiciled fund is registered for sale in Luxembourg and the United Kingdom.

P { margin-bottom: 0.08in; } Levels of European financial and non-financial corporate debt rated by Standard & Poor’s and maturing between 2014 and 2018 are expected to total USD4.1trn, representing about 46% of the USD8.9trn in debt maturing worldwide, acording to a study released on 17 March by the agency («European Refinancing Study : Over $4 Trillion of Rated Corporate Debt Is Expected To Mature By 2018"). Out of this total of slightly over USD4trn, USD866bn will mature in 2014. In the following years, the expected maturities are USD909bn for next year, USD863bn in 2016, and then USD754bn in 2017 and USD678bn in 2018. Financial sector firms represent 60% of debt maturing in Europe, and 86% of this debt is rated investment grade (BBB- and above), which is expected to contribute to moderating total refinancing risks in the region. However, debt levels with the lowest ratings remain non-negligible. More than USD10bn in debt rated B- and below are maturing in 2016, 2017 and 2018. Standard & Poor’s also notes that there is a considerable amount of leveraged debt which is not in the agency’s database.

P { margin-bottom: 0.08in; } Hermes Fund Managers is adding to its teams. The asset management firm has recruited Jennifer Stillman in London as director responsible for consultant relationships, Investment Europe reports. Stillman, who has 16 years of experience in the asset management industry, was previously head of development at Nightscape Capital. She previously worked successively at Caliburn Capital, Man Investments, PanAgora Asset Management and Clay Finlay.

P { margin-bottom: 0.08in; } According to Le Temps. UBS “confirms that it is reviewing” its precious metals activities, as “several authorities are investigating possible price manipulations.” These few lines are buried on page 424 of the bank’s annual report, published on Friday. This time, the Siwss bank does not appear to be on the frontlines of a scandal which was set off in December by an investigation by the German financial watchdog, BaFin. Along with its British counterpart, the agency is investigating the price of gold in London at five firms: Barclays, Deutsche Bank, HSBC, Société Générale and Bank of Nova Scotia.

Al Clark has been appointed by Nikko Asset Management (Nikko AM) to the newly created role of global head of multi-asset, the Japanese asset manager announced on Monday. Based in Sydney, he will be responsible for driving the growth of the multi-asset business globally.Al Clark has more than 21 years of experience in trading and portfolio management, and has worked for major asset management groups such as Macquarie Funds Management, BT Financial Group and Schroder Investment Management, in both Sydney and Singapore. He joins the Nikko AM Group from Schroder Investment Management (Singapore) Ltd, where he was responsible for growing the multi-asset business in Asia-Pacific.Al Clark will report to Yu-Ming Wang, based in Tokyo.

La société de gestion japonaise Nikko Asset Management (AM) a annoncé, le 17 mars, la nomination d’Al Clark au poste nouvellement créé de responsable mondial de l’activité multi-classe d’actifs. Basé à Sydney, il aura pour mission de piloter le développement et la croissance de ce métier à l’échelle mondiale.Al Clark, qui compte 21 ans d’expérience dans le secteur de la gestion, a travaillé au cours de sa carrière pour des grands noms de la gestion d’actifs comme Macquarie Funds Management, BT Financial Group et Schroders Investment Management, que ce soit à Sydney ou Singapour. Avant de rejoindre Nikko AM, Al Clark était responsable de l’activité multi-asset en Asie-Pacifique pour Schroder Investment Management.

Elle avait rendu une décision initiale en 2012 qui avait permis au mécanisme européen de stabilité, l'organe de renflouement de la zone euro, d'entrer en action