The French-registered fund EdR Millésima 2016, launched by Edmond de Rothschilid Investment Managers on 15 November 2011, was registered for sale in Spain by the CNMV on 25 November. The horizon fund (maturing on 31 October 2016) is based on carry trade strategies on senior industrial and financial sector bonds, with a maximum of 35% in high yield. Subscriptions are open until 29 February 2012. The fund will be available from Allfunds Bank and Banco Inversis.

Financière de l’Echiquier has announced the arrival of Bertrand Merveille as head of compliance and internal control (RCCI). Merveille, 31, had previously been director of the investment services providers division of the French financial market regulator, the Autorité des marchés financiers (AMF). At the AMF, where he began in 2003 as a mutual fund analyst, Merveille then took charge of portfolio management firms, and then become deputy head of the investment services providers division, and then director of the division, in 2009.

Invesco Real Estate has added to its team dedicated to Europe, in order to improve solutions and services to international clients interested in investing in Europe. Sébastien Daguenet joins the team as fund and product manager – France. In this newly-created position, he will be in charge of the develpopment and management of funds in France, with the goal of offering French clients investment solutions from Invesco Real Estate. Daguenet, 34, had worked at CNP Assurances since 2004, where he served as a real estate portfolio manager for three years, and then as responsible for investments in non-publicly traded real estate funds. Tom Emson, currently head of transactions in France and Belgium, joins the New York office of the firm from 2 January 2012, to provide his European experience to international clients of Invesco Real Estate seeking to diversify their real estate portfolios in Europe, a statement says. Stéphanie Bensimon, who had previously been at CarVal Investors, where she was a specialist in opportunistic and high added value operations, joins the Paris office of Invesco Real Estate, replacing Emson as director of transactions for France and Belgium.

On 1 December, the Spanish regulator CNMV registered the Convictions Premium fund from the French asset management firm Convictions AM, the fifteenth foreign asset management firm to enter the Spanish market since the beginning of this year.Patrick Serre, a member of the executive committee and head of investor relations, tells Newsmanagers that Convictions is not opening an office in Spain for the moment, but that it has signed a partnership with the Madrid company Selinca AV, and with Pablo Chiodi in Paris.The French asset management firm, about 17% of whose EUR800m in assets come from abroad, is planning to register its other two flexible funds (Europactive and ActivInflation) in Spain, when they have EUR100m in assets and an adequate track record.Convictions is methodically continuing its expansion beyond the borders of France. Its flagship fund has been registered in Italy (March), Switzerland (September) and Germany (October), and the manager has recruited an Italian and a German in Paris to serve the Italian and German-speaking markets. Serre is optimistic about the firm’s penetration abroad, as the Premium fund has a “strong” qualitative rating from Fitch, and a AA+ from the German ratings agency Telos.

The Hartford and Wellington are scaling up their collaboration. Recently, the US insurer announced that Wellington will now be the sole sub-advisor for its 77 funds. The agreement also concerns bond funds from The Hartford, for which the sub-advisor had previously been its own asset management affiliate, Hartford Investment Management Company.

U.S. Bancorp Fund Services has launched ETF-Fusion, which offers a variety of services aimed at ETF professionals. The DASH interface puts providers and distributors in touch, while the GENUIS database offers inventory and accounting services.

“Our forecasting model is currently as bearish as it was at the start of autumn 2008, in spite of the optimism that spread through markets in October,” says Hans-Olov Bornemann, head of the quantitative team at the Swedish bank SEB and manager of SEB Asset Selection, a managed futures fund. “The problem in Europe is that it has been borrowing money for 30 years, and hasn’t been using that money to invest, but to spend. This problem applies to governments as well as to individuals,” says Bornemann in an interview with Newsmanagers. There is no easy fix to combat the perverse effects of this “addiction to consumption,” and whatever the solution is, it will be painful. According to the head of quantitative management at SEB, the only way to get out of the cycle is to confront reality and to attack the debts. The second major problem to sort out is the lack of competitiveness of some countries, such as Italy and Spain. The solution will need to involve considerable budgetary cutbacks and a clearing-out of the balance sheets of financial institutions, which will have an impact on demand and corporate profits, and means that we can look forward to several difficult years. But for Bornemann and his SEB Asset Selection fund, it’s not that important whether the markets are rising or falling when there is a clear underlying trend. His fund seeks to earn returns both long and short, via derivative instruments based on four asset classes (equities, bonds, currencies and commodities). SEB Asset Selection continues to be positioned for a negative equity market development, a positive bond market development, an appreciation of safe haven currencies such as the USD & JPY and a declining commodity market. SEB Asset Selection, launched in October 2006 by the quantitative management team at the Swedish bank, now represents assets of about EUR1.5bn.

Institutional investors, including pension funds, insurers and sovereign funds, are prepared to increase their exposure to real estate as an asset class, according to the findings of the Vision Focus study “Real Estate: New Opportunities for Institutional Investors,” published by State Street Corporation. But these investors, made awake to risks by the financial crisis, are demanding more control and flexibility for their exposure to this market. “Investors want closer relationships with fund managers, and are demanding more information, not only at the start, but also over the life cycle of the fund,” State Street says. Institutionals are also looking for more transparency in their underlying investments and management fees. Investors are becoming more prudent, and are taking their time to make a final decision, and paying much more attention to the due diligence process. Since 2007, the typical length of time between the start and the completion of an agreement has nearly doubled, State Street notes. These expectations taken together will lead to increased reporting requirements for asset management firms. According to State Street, major fund managers may respond to these requirements by strengthening their internal systems. Others, meanwhile, may decide to outsource their operations to service providers. Consolidating these functions with other fund managers may allow for economies of scale.

The British asset management firm Aberdeen has confirmed to Newsmangers reports in Investment Week that the multi-management funds Aberdeen Multi-Manager Equity Managed Portfolio (GBP56m) and Aberdeen Multi-Manager Multi-Asset Distribution Fund (GBP16m) will be absorbing two and three other funds, respectively.The former fund will take over the assets of the Multi-Manager UK Growth fund (GBP17m), Multi-Manager International Growth (GBP25m), and the Multi-Manager Emerging Markets (GBP12m). The second fund will take over the assets of the Multi-Manager UK Income (GBP21m) and the Multi-Manager Sterling Bond (GBP14m).

The Dutch pension fund ABP (EUR240bn in assets) has filed suit against the investment bank JP Morgan Chase over losses on MBS investments, IPE.com reports. According to a spokesman for the bank, the firm alleged to the fund that CDOs were less risky than they actually were.

Agefi relays reports in the Journal du Dimanche that the Caisse des dépôts et placements du Québec (CDPQ) is said to be at an advanced stage in negotiations to acquire Axa Private Equity for EUR500m. Axa would retain a minority stake in the affiliate.

Agefi relays reports by the news agency Reuters that China is planning to create another investment vehicle, which will aim to provide it with higher returns than its traditional investments. The vehicle will be controlled by the central bank, and will manage two funds, one of which will invest in the United States, and the other in Europe, with combined total assets of USD300bn. The new Chinese sovereign fund will have to outperform the CIC. Since its inception four years ago, the CIC fund has earned average annual returns of 6.4%.

Fitch Ratings has affirmed Schroder Investment Management’s (Schroders) ‘M1' Asset Manager rating. The rating covers the company’s London-based investment activities with the exception of the alternative asset management business. Asset manager operations in the ‘M1' category demonstrate the lowest vulnerability to operational and investment management failure. According to the ratings agency, Schroders’ key strengths reside in its global, diversified, long-established franchise and a solid risk management framework. Disciplined, research-driven investment processes across asset classes and a robust operational infrastructure also differentiate Schroders from peers.

Bloomberg reports that three German real estate funds, facing liquidation in spring, are seeking to sell EUR2.7bn in top-quality assets, including properties on Potsdamer Platz in Berlin, and the London headquarters of the European Bank for Reconstruction and Development (EBRD), Agefi reports. The three funds, managed by KanAm Grund and the dedicated affiliates of Credit Suisse and the Swedish firm SEB (Skandinaviska Enskilda Banken), had total assets of EUR16.4bn in May 2010, when they were frozen.

Ahead Wealth Solutions AG has announced that it has become the first local asset management firm to have been issued a license under UCITS standards from the Liechtenstein Financial Market Authority (FMA), concluding an application process of several months and a reorganisation to meet the requirements of the authority.Ahead may now create and administer investment funds in the 30 countries of the European Economic Area (EEA), where its previous license had limited it to Liechtenstein. In addition, compliance with the European directive allows the firm to sell its funds to retail investors in all EEA countries without seeking local licenses.As part of the move to European standards, the managing board at Ahead has been enlarged from two to four members, CEO Wolfgang Mayer says.

According to the most recent survey from Coller Capital, limited partners (LP) who have invested their assets with private equity funds remain confident for 2012.According to the study, undertaken in August and September, which covered 107 investors, 83% are planning to maintain or increase their allocation to the asset class in 2012, a percentage “similar to the intentions expressed in past years.” 24% of respondents are planning to increase their exposure. 68% of North American LPs and 56% of their European counterparts estimate that next year will be a good or excellent year.The study also finds that investors are planning to continue the skimming that they began two years ago. The study finds that 93% of LPs say they will refuse several managers «re-ups» in the next 18 months, meaning that they will not pledge them money for subsequent generations of a fund when requested.

The HFR composite weighted index of hedge funds in November has posted a loss of 0.92%, bringing losses since the beginning of the year to more than 4%, while the BarclayHedge index, which covers 1,034 funds that have submitted results as of 9 December, shows losses of 0.94%, and losses of 4.59% in the first eleven months of the year. The BarclayHedge index of (104) UCITS-compliant hedge funds lost 1.64% last month, and 8.20% in the first eleven months of the year.For hedge funds overall, only three strategies out of 17 show gains in November: 0.32% for equity market neutral; 0.07% for health/biotech, and 0.57% for merger arbitrage.In the first eleven months of the year, the heaviest losses have been for emerging markets, at 11.37%, followed by equity long bias (-8.56%). The two best-performing strategies were fixed income arbitrage, at 3.94%, and equity short bias (+3.40%).Among UCITS-compliant hedge funds, the heaviest losses in January-November were for the 12 emerging markets products, with 15.33%, and for 13 equity long bias funds, at 11.76%.

Of USD26.67bn in net inflows in January-November to European ETP products (ETF, ETC, and ETN), iShares (BlackRock) has accounted for EUR17.8bn, or two thirds. With EUR104.6bn in assets as of 30 November, the asset management firm has a market share of 33.9%, or 1.7 percentage points more than at the end of 2010.According to the most recent issue of the «ETF Landscape» newsletter from BlackRock, the second-best in terms of net subscriptions in the first eleven months of the year has been UBS Global Asset Management, with USD4.8bn in subscriptions, and assets as of the end of November of USD13.8bn. It is followed by Amundi ETF (USD2.6bn in net subscriptions and USD8.5bn in assets), Source Markets (USD2.5bn and USD7.6bn), and Credit Suisse Asset Management (USD2.3bn and USD16.2bn).db x-trackers/db ETC (Deutsche Bank) had net outflows of USD1.1bn in November, limiting net subscriptions in the first eleven months of the yar to USD1.8bn. Its assets totalled USD44.8bn as of 30 November, and its market share has fallen by one point since the beginning of 3011, to 14.5%. Lyxor Asset Management (Société Générale), with USD36.6bn as of the end of November, has seen a contraction of USD15.8bn in its assets under management from January-November, of which USD8.4bn were due to net redemptions. Its market share has fallen 4.7 percentage points, to 11.9%.

The financial ratings agency Moody’s on 12 December confirmed that it will be reevaluating its sovereign debt ratings for euro zone and European Union countries, in first quarter 2012, due to the lack of decisive action at the European summit last week. The lack of measures to staibilize the markets in the short term is a sign that the euro zone, and the European Union more broadly, continues to run the risk of more shocks, and the cohesion of the euro zone continues to be in danger, the agency explains in a statement.

In October, net redemptions from open-ended funds in Germany totalled EUR962.7m, compared with EUR2.766bn in September. In the first ten months of the year, outflows have totalled EUR8.56bn, compared with net subscriptions of EUR21.83bn. Since the beginning of 2011, institutional funds (Spezialfonds) have seen net inflows of EUR25.73bn, compared with EUR51bn, while mandates managed outside investment funds have seen outflows of EUR1.52bn, compared with EUR582m.In the first ten months of the year, the top score for net subscriptions goes to BlackRock, for its iShares ETFs, totalling EUR8.01bn, followed by Allianz Global Investors (AGI), with EUR1.98bn (thanks to EUR6.18bn for Pimco Europe). Meanwhile, Deka (savings banks) has seen net outflows of EUR6.59bn, followed by the DWS/DB Advisors/DB family, with EUR4.2bn, and Union Investment (co-operative banks, EUR2.14bn).Among the ETF promoters other than BlackRock, db x-trackers (Deutsche Bank) attracted EUR1.48bn, and ComStage (Commerzbank) took on EUR33.7m. ETFlab (Deka) has seen net outflows of EUR965m.

Dans un article paru dans Option Finance, Denis Metzger, directeur financier de la Mutuelle Générale évoque les projets d’investissement en cours: Jusqu'à début septembre, nous n’avons ni vendu ni acheté de nouvelles positions. Par chance, notre politique de gestion d’actifs n’est pas contrainte par des rachats comme dans l’assurance vie. Cela nous a donc laissé le temps de repenser plus globalement notre allocation d’actifs. Nous avons ensuite donné de nouvelles orientations à cette dernière mi-octobre. Nous nous intéressons désormais à la dette émergente en devise locale. Les pays émergents sont souvent en bien meilleure santé financière, offrent des taux de rendement très intéressants et leurs devises s’apprécient contre le dollar. Ce sont donc des placements qui font vraiment du sens en termes de diversification. Nous souhaitons par ailleurs mettre en avant une deuxième catégorie obligataire, à savoir le high yield. Nous nous intéressons, plus particulièrement, aux titres notés BB ou B. Ils offrent des spread de 300 à 400 pb avec un taux de défaut très peu supérieur à celui de l’investment grade. Et de plus, crise aidant, on y trouve de très grands noms comme Renault, Lafarge, Peugeot... Du côté des actions, nous avons décidé d'être exposés aux pays émergents au sens large, c’est à dire l’Europe de l’Est, l’Amérique latine ou l’Asie du Sud Est à travers des fonds thématiques globaux. Nous allons donc diversifier notre allocation d’actifs avec ces nouvelles catégories qui pourront représenter un maximum de 5% de nos encours.

Le véhicule d’investissement créé par la banque centrale investira 300 milliards de dollars de réserves de change en Europe et aux États-Unis

De nouvelles contributions des pays européens au Fonds seront destinées à la zone euro en attendant que le MES fonctionne

Londres avait une main bien faible pour aborder cet historique sommet européen et David Cameron l’a mal jouée. Il est vrai que sa situation intérieure limitait sa marge de manœuvre et qu’après l’accord franco-allemand de lundi, celle-ci tendait vers le zéro absolu. Reste que l’idée que la Grande Bretagne pût espérer bénéficier d’une clause d’« opt out » tout en exigeant des engagements de ses partenaires en matière de régulation financière était inconcevable pour tout Etat continental tant soit peu conscient de ses intérêts. La logique du « un pied en dedans, un pied en dehors » a trouvé sa limite. Il n’est pas sûr que la City de Londres, qui a beaucoup poussé Downing Street à cette erreur, trouve son avantage à la perte d’influence dont le Royaume-Uni va souffrir à Bruxelles. Reste pour l’Europe à limiter les conséquences de cette rupture majeure dans l’histoire de l’Union. Pour que celle-ci ne signifie pas une rupture dans l’Histoire européenne tout court, il importe essentiellement que le dialogue avec Londres soit maintenu par tous les moyens possibles pour que notre voisin d’outre-Manche puisse, sans déchoir, retrouver quand il le décidera la place éminente qui est la sienne dans le concert européen. La France doit y veiller en premier lieu, elle dont les intérêts et l’influence s’entremêlent si inextricablement en toutes matières avec ceux de sa voisine, y compris dans la défense comme la victoire en Libye vient tout juste de le rappeler.

Même si elles vont dans le bon sens, les réformes annoncées ne provoquent pas de choc de confiance

Même si elles vont dans le bon sens, les réformes annoncées ne provoquent pas de choc de confiance

La fin du mythe des actifs sans risque pousse à la révision des ratios de liquidités de Bâle 3 et de certains principes de Solvabilité 2

François Collet, gérant obligataire chez La Française AM

Les acteurs du secteur financier ont diversement réagi à la décision du Premier ministre David Cameron de s’opposer à la modification du traité de l’Union européenne.

La ligne de démarcation entre ce qui s'inscrit dans ce nouveau traité et ce qui se fera dans le cadre du traité actuel n’est pas tracée