Morgan Stanley Investment Management (MSIM) a annoncé le lancement du fonds Morgan Stanley Investment Funds (MS INVF) Global Quality Fund. Le portefeuille du fonds est investi dans des sociétés jugées comme étant «de haute qualité, caractérisées par leur capacité à générer des revenus, ayant un avantage compétitif solide, une équipe dirigeante expérimentée et des actifs immatériels forts, par exemple des marques et des réseaux de distribution», détaille le communiqué. Pour construire le portefeuille d’actifs et déterminer leur qualité, une équipe de gestionnaires de portefeuille analyse les sociétés à partir de certains critères, dont la résistance du chiffre d’affaires, des marges attractives et des performances durables sur l’ensemble du cycle économique. L’équipe rencontre ensuite la direction de la société afin de comprendre sa culture et sa stratégie de long terme. Ce processus permet d’évaluer la soutenabilité des performances de l’entreprise. Le dernier outil de mesure est le niveau de valorisation, qui doit être attractif pour justifier un investissement.

Avec le compartiment Credit Suisse MLP Index Ucits Fund du fonds Custom Markets Plc, Credit Suisse a lancé un ETF coordonné de droit irlandais répliquant le Cushing MLP Market Cap Index qui regroupe une trentaine des principales Master Limited Partnerships (MLP) américaines cotées, avec un plafond fixé à 7,5 % par MLP à chaque repondération.Il s’agit d’un ETF à réplication synthétique, le partenaire du total return swap étant Credit Suisse International (CSI).CaractéristiquesDénomination: Credit Suisse MLP Index Ucits FundCode Isin: IE00B9CQHY16 (retail)IE00B9BBBL23(institutionnels)Taux de frais sur encours1 % (retail)0,5 % (institutionnels)

Spécialiste munichois de la gestion de fortune à base d’ETF, Avana Invest, la société créée en 2009 par Götz Kirchhoff (l’un des fondateurs d’IndexChange devenue iShares) mentionne désormais sur son site Internet l’existence de trois sortes de services destinés aux investisseurs institutionnels.Le premier, Avana Asset Management, se compose de cinq fonds d’ETF ou ETC en utilisant un système de suivi de tendance pour réduire la perte maximale (maximum drawdown ou MDD).Le deuxième, Avana Selection, propose une sélection de partenaires pour des stratégies et des classes d’actifs alternatives (le détail en sera publié prochainement.Enfin, Avana Solutions permet aux clients de bénéficier de la compétence de structuration internationale d’Avana sur plusieurs pays, notamment dans les domaines des produits blancs tant pour les fonds coordonnés que pour les fonds d’investissement alternatifs.Par ailleurs, Avana a annoncé avoir recrute Brigit Eichhorn comme membre de la direction générale, chargée du développement de produits financiers, du suivi des contacts avec les gestionnaires et fortune et du conseil aux investisseurs. Après avoir travaillé à la direction de Deka Fund Master, elle était jusque ces derniers temps associée de la société de gestion de fortune munichoise Dr. Bauer & Co Vermögensmanagement, fonction qui figure toujours sur son compte LinkedIn.

Le présent appel à manifestation d’intérêt porte sur la sélection de la société de gestion (pour une durée de 7 ans reconductible) chargée de la gestion de la SAS Nord France Amorçage, de ses relations avec les investisseurs (sélection et suivi des partenaires) ainsi que du contrôle, de la mise en ??uvre de la stratégie et du plan d’investissement, de l'étude des projets, du suivi des participations et de l’accompagnement des PME. Nombre d’offres reçues : 2 A l’issue de l’appel d’offres, la société de gestion retenue est : Siparex Proximite Innovation 27 rue Marbeuf 75008 Paris

Le Japon essaiera de ne pas augmenter ses émissions de dette durant les deux prochaines années, selon un projet de rapport du gouvernement qui doit donner la marche à suivre pour résoudre l’épineuse question de l’endettement, avec une dette publique qui atteint à présent 240% du PIB. Ce rapport doit être présenté le 8 août.

Le rythme de la croissance de l’activité manufacturière aux Etats-Unis a accéléré en juillet à un plus haut niveau depuis juin 2011, tirée par la hausse des nouvelles commandes, montrent les résultats de l’enquête ISM. L’indice est remonté à 55,4 contre 50,9 en juin. Quant à l’indice PMI manufacturier, établi par Markit, il est ressorti à 53,7 en juillet, contre 53,2 en première estimation et 51,9 en juin.

Les dépenses de construction ont diminué contre toute attente en juin aux Etats-Unis, signe probable que les réductions budgétaires conjuguées à la hausse des taux d’intérêt freinent l’activité dans l’immobilier. Le Département du commerce a fait part d’un repli de 0,6% de cet indicateur au rythme annuel de 884 milliards de dollars.

En pleine audition du Premier ministre devant les députés, le pays a placé pour 3,22 milliards d'euros d'obligations à des taux en baisse

La BoE publiera le 7 août ses conclusions sur les mérites de l'adoption d'une telle politique. Elle a maintenu le statu quo

Les taux resteront «à leurs niveaux actuels, voire plus bas, pour une période prolongée», a martelé Mario Draghi, le président de la Banque centrale européenne, même si l'économie de la zone euro commence à montrer des «signaux timides» d’amélioration.

Confirmé à 0,5%, le taux refi restera à ce niveau pour une «période prolongée», a réaffirmé Mario Draghi, malgré de «timides signaux» d'amélioration

Il a estimé que 50 points de base n'est pas un plancher pour le taux refi et que certains indicateurs économiques restent orientés à la baisse en zone euro

P { margin-bottom: 0.08in; } J.P. Morgan Ventures Energy Corporation, an affiliate of JPMorgan Chase, on 30 July accepted the terms of an administrative settlement with the U.S. Federal Energy Regulatory Commission (FERC) to settle an investigation by the agency and its Office of Enforcement into potential manipulation of electricity markets in California and the Midwest, for USD410m. The group has neither confirmed nor denied the accusations.The case was related to the acquisition of Bear Stearns by JPMorgan in 2008.

P { margin-bottom: 0.08in; } According to Index Universe, the Securities & Exchange Commission has begun relaxing several of its requirements with relation to self-indexing, or “affiliated” indices for ETFs, which may lead ETF providers to opt for a self-indexing model, meaning that an ETF product will replicate an index developed by the same issuer or a provider close to it.

P { margin-bottom: 0.08in; } The Swiss food and beverage group Nestlé has retained Pimco to manage an Irish-registered global credit fund, the Robusta Global Credit Bond fund, through a cooperation between Robusta Asset Management and the US asset management firm, Citywire reports. The fund has been in existence since December 2004, and the agreement took effect on 31 July. Robusta AM is responsible for the management of the pension fund and other liquidity for the Nestlé group, and its assets as of the end of 2012 totalled CHF8.8bn. In February 2012, Robusta awarded management of an emerging market fund to Schroders.

P { margin-bottom: 0.08in; } The US Department of Justice (DoJ) and the south district court of New York have signed a non-prosecution agreement with the Liechtensteinische Landesbank (LLB), by which the Liechtenstein bank agrees to pay USD23.8m as a fine under previously determined ad-hoc conditions.The agreement concludes several months of negotiations concerning an investigation by the US authorities into knowing whether LLB Vaduz clients violated US tax and/or market regulations, and if the bank itself may have been implicated in these deeds.By the agreement, the US authorities expressly foreswear any legal action and any subsequent fines.LLB states that it will now continue talks to obtain a settlement of the same type for LLB (Schweiz) AG, the Swiss affiliate, as well as for swisspartners Investment Network. These firms have already built up cash reserves to confront any administrative reviews of their accounts for first half 2013 and 2012.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } According to Agefi, A. R. Schmeidler & Co and Goelzer Investment Management will be required to pay a fine of USD1.5m for failing to apply best execution rules for the benefit of their clients. Goelzer states that it has created a full-time position for an independent head of compliance.

P { margin-bottom: 0.08in; } Assets under management at the British wealth management firm St. James’s Place as of the end of June totalled GBP39.9bn, up 29% since the beginning of the year, the firm announced in its interim report on 31 July. Net inflows in first half totalled GBP1.99bn, compared with GBP1.51bn in the same period of the previous year. The number of advisers rose 6.5% in the half, and 12% over one year.

Although Friends Life withdrew GBP6bn in bond assets as of the end of June, assets from “strategic partners” managed by F&C Asset Management fell by only GBP4.77bn in first half, to GBP53.71bn. Meanwhile, assets from “consumers and institutionals” increased over the six-month period to GBP1.85bn, to GBP38.6bn. The latter point is due to net subscriptions of GBP432m, a positive performance effect of GBP360m, and a positive currency effect of GBP1.06bn.Overall, assets under management by F&C as of the end of June represented GBP92.31bn, compared with GBP95.22bn six months previously.Richard Wilson, CEO, points out that F&C has perfectly maintained its savings plan, to save GBP48.8m by 2015.Pre-tax profits for the group in first half increased to GBP37.4m, compared with GBP51.9m in July-December 2012 and GBP22.1m in the corresponding period of last year.

P { margin-bottom: 0.08in; } According to Asian Investor, Amundi is taking an increased interest in South-East Asian retail clients. The French asset management firm is currently working to register its equity and bond funds with various distribution platforms in Singapore. These efforts to serve retail clients are among Amundi’s projects which see in Asia strong potential for growth. Meanwhile, sales teams will be reinforced in Hong Kong and Taiwan.

P { margin-bottom: 0.08in; } The State Street Investor Confidence Index was up by 0.8 points in July 2013, to 107.6, compared with a corrected level of 106.8 for June. It was largely appetite for risk on the part of investors in Asia which was the cause of this increase, as the regional index rose from 89.3 points ot 100.8. To a lesser extent, the appetite for risk on the part of European investors also increased, form 98.2 to 105.7. However, investors in North America became slightly more conservative, resulting in a slight decline for the index from 114 to 113.7. “This month, North American investors were concerned about the rapid rise of equities and interest rates,” says Mr. Froot, co-author of the index. “The risk-on outlook of last month was betting on the fact that the rise in interest rates could not ibe interpreted as ndicating future inflation or growth – it would simply be a reduction in the distortion of the interest rate curve caused by the Fed’s QEIII programme. Investors have returned to a more realistic concern: with or without distortion, an increase in the normal or real interest rate would result in less credit being offered, less leverage, and slower growth. This was shown by the most recent quarterly results, which were mixed. This is also a sign that the previous predictions about growth are, so far, unverified.” Mr. O’Connell, another co-author of the index, says that “the most decisive bet in the scenario which has been playing out since the beginning of the month is what is happening with European and Asian investors. … We are finally seeing the light at the end of the tunnel with adjustments for Chinese growth, where they are acting gently, and taking the occasion to accelerate growth in order to balance their books. As a result, the range of repercussions of real economic growth is, in reality, more limited than it has been for a long time.”

IMA CEO Dan Godfrey on July 31st stated on his blog that the Association has just issued a public consultation on its “Statement of Recommended Practice” (SORP) for the Annual Report & Accounts of UK Authorised funds. This is supposed to represent a «significant milestone on the road to the provision of a simple, all-inclusive, pounds and pence number that will give investors a good sense of what the cost of holding units in a fund has been and which they can compare to their investment return to begin to get a sense of value». The SORP proposes that all Annual Report & Accounts should contain tables that set out, for a unit held throughout the course of the year, details of: ■The performance per unit ■The charges per unit for managing and operating the fund ■The amount per unit for all transaction costs incurred when the manager buys and sells holdings on the fund’s behalf. In combination, they produce a single pounds and pence figure that provides a clear view of the charges and costs of holding a unit and the value added to that unit throughout the accounting year. Customers will be able to dig deeper if they wish. The charges will be broken down to show the Annual Management Charge and all other charges for administration and operating the fund. Together these charges make up the ongoing charges figure. The transaction costs will be broken down into tax and dealing costs, with the dealing costs further sub-divided into execution and research costs. Dan Godfrey reports that the IMA has had «terrific support for this initiative» from its members and external stakeholders. He finally hopes that, if the details are agreed for the SORP by the end of the year, «we will start to see the data being introduced in the course of 2014".

P { margin-bottom: 0.08in; } Funds People reports that as of 30 June, asset management assets at Santander totalled EUR156.5bn, 2% higher than at the end of December, and 14% higher than one year previously. Of this total, traditional management represents EUR15.7bn, of which EUR98.1bn were for Sicavs and pension plans. In Spain, assets under management totalled EUR54.5bn, compared with EUR43.6bn in Brazil, EUR24.3bn in Mexico, and EUR10.8bn in Mexico [sic]. Non-traditional management (real estate, hedge funds and private equity) had stable assets of USD3bn. Funds People also reports that net profits from asset management in the asset management/insurance unit (see Newsmanagers of 31 July) in first half totalled EUR57m, which represents an increase of 7.7% compared with January-June 2012, due to a rise in assets under administration and a decline in recovery costs.

The private banking, asset management and investor services unit of the Société Générale group has published net banking revenues for second quarter 2013 of EUR501m, up 10.5% compared with the same quarter last year. In first half 2013, it posts EUR958m (+3.7% compared with first half 2012).The unit includes four activities: Société Générale Private Banking, asset managing with Amundi and TCW, sold on 6 February 2013, Société Générale Securities & Services, and the brokerage affiliate Newedge.Société Générale states that the asset management and investor services unit for second quarter 2013 shows “a net contribution to the ongoing profits of the group, the best performance since first quarter 2011.”For the Société Générale group as a whole, net banking revenues and net profits for the quarter total EUR6.233bn and EUR955m, respectively. For first half 2013, net banking revenues total EUR11.321m, and net distributable profits of the group total EUR1.319bn.P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-siz

P { margin-bottom: 0.08in; } Standard Chartered Bank has announced that it has launched a fund distribution platform in China. According to Asian Investor, this will allow the firm to sell Chinese financial products to local investors. So far, the bank has signed seven partnerships, with China Asset Management, E Fund, China Southern Fund Management, Bosera Asset Management, Guangfa Fund Management, China Universal Asset Management, and Bank Of Communications Schroder Fund.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Possibly by the end of this week, Credit Suisse may announce an agreement with Grosvenor Capital Management (USD23bn in assets invested in hedge funds) to sell the Chicago business its private equity unit, which has USD20bn in “revenue-generating assets,” the Wall Street Journal reports.The transaction would be for “over USD200m in cash,” plus considerationss based on the subsequent performance of its PE investments.

P { margin-bottom: 0.08in; } Zeno Staub, CEO of Vontobel, on 31 July stated at a presentation of results for first half that in the space of 24 months, the contribution from private banking and asset management to the group’s profitability has increased from 33% to 65%. Net profits in January-June 2013 totalled CHF76.1m, compared with CHF60.9m in second half 2012, and CHF63.2m in the corresponding period of last year.The asset management unit has posted net subscriptions of CHF7.4bn, out of a total of CHF8.2bn for the group, while net inflows due to private banking total CHF0.7bn.Asset management assets as of 30 June total CHF69.3bn, while private baking totals CHF29.7bn. Overall, assets at the group total CHF160.2bn.

P { margin-bottom: 0.08in; } Erdinç Benli at the end of May left AMG Analysed & Anlagen to return to Swiss & Global Asset Management, where he will be responsible for the emerging market equity management team, where he had previously led the European equity management team from April 2005 to October 2008, Citywire reports. Benli replaces Andrzej Blachut, who is leaving his position as head of emerging market equities to concentrate on portfolio management. Benli will take over management of the JP Global Emerging Markets Stock fund (USD25m).

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } BNP Paribas Investment Partners (BNPP IP) on Wednesday unveiled a surprise action plan for its asset management activities. Its outflows totalled EUR19bn in second quarter, due to a disaffection with money market funds. To reverse the trend, BNP Paribas is hoping to bring in inflows of EUr40bn by 2016 (see Newsmanagers of 31 July 2013) “in high added value segments.” According to Agefi, 47% will come from institutionals, the most “attractive” potential market, according to Jean-Laurent Bonnafé, CEO of BNP Paribas; 36% from Asia-Pacific with a “more long-term horizon,” and 17% from distribution to retail and private banking clients, largely in continental Europe, via “partnerships with banking networks or distributors” and “industrialisation of processes.” Agefi points out that with EUR375m as of the end of June, assets are now below EUR400m for the first time since the acquisition of Fortis in 2009. This represents a decline of EUR40bn since the end of 2012, and of EUR82bn compared with their peak at the end of 2010.

P { margin-bottom: 0.08in; } The real estate investment division of the asset & wealth management unit Deutsche Asset & Wealth Management (DeAWM) of Deutsche Bank on 31 July announced that it has sold one of its funds’ 70% stake in the department store chain Le Printemps to “private interests in Qatar.” The sale price has not been disclosed.< Le Printemps was acquired in October 2006 from Kering (formerly PPR), through a joint venture with Borletti Group SCA. Following the acquisition, DeAWM reorganized the business, initially composed of 12 stores which it owned and a distribution activity, selling seven stores to investors to lease back. DeAWM also set up a global strategic plan “which transformed Le Printemps from a traditional high-street retail chain into a luxury destination,” a statement says. The repositioning strategy “helped to improve earnings and the EBITDA margin for the firm.”