Selon les résultats de la 4ème édition du Baromètre sur « les jeunes actifs et la retraite », initié par Amundi en partenariat avec TNS Sofres, Pierre Schereck, son directeur de l’épargne entreprise a confirmé que les jeunes actifs, pessimistes concernant l’avenir du système, souhaitent épargner, mais cherchent encore la solution. 80% d’entre eux méconnaissent également l’intérêt des mécanismes d’épargne salariale. Dans ce cadre, Amundi entend les accompagner dans leur démarche d’épargne retraite. Aussi, la société de gestion qui affiche 31,34 milliards d’euros d’encours en épargne salariale, via plus de 78 600 entreprises clientes et 3,8 millions de salariés porteurs de parts, compte poursuivre son développement autour de plusieurs axes : 1. L’accompagnement du salarié épargnant tout au long de son processus de décisions grâce à une offre d’e-services. Il s’agit notamment de simulateurs permettant l’identification du projet du salarié, la définition de son profil d’investisseur, le choix de solutions d’épargne adaptées et l’estimation de son niveau de retraite. 2. L’accompagnement du développement du marché du PERCO dont Amundi est convaincu de l’intérêt en complément de retraite et ce auprès des entreprises de toute taille. 3. Le développpement d’une offre de placements adaptée à tous les besoins. Amundi propose plusieurs offres avec un produit totalement flexible comme Amundi Prem Opportunités, ou un fonds alliant sécurité (garantissant 90% du capital) et participant à la performance potentielle des marchés avec Amundi Protect 90. Récemment, Amundi a aussi lancé Perco Intégral, première solution d’épargne totalement garantie aux échéances, dédiée à la retraite et à sa préparation. Par ailleurs, Amundi entend développer une dynamique commerciale tant sur la clientèle des entreprises de taille intermédiaire que des professionnels et des agriculteurs. Cette opération se fera avec l’appui de ses réseaux partenaires, précise un communiqué qui note que la société de gestion souhaite conforter son leadership en actionnariat salarié en développant sa présence en Europe.

Le groupe suisse Lombard Odier souhaite conclure de nouvelles alliances avec des intermédiaires financiers japonais, pour doubler ses actifs sous gestion dans l’archipel d’ici cinq ans à 200 milliards de yen (2 milliards de francs), rapporte l’agence Bloomberg. La banque genevoise coopère déjà avec quatre organismes japonais, dont Shizuoka Bank Ltd. et Yamaguchi Financial Group Inc, et veut conclure des arrangements similaires avec cinq autres banques, explique Norbert Joue, président du bureau tokyoïte de Lombard Odier.

Lombard Odier Investment Managers (LOIM) s’est adjoint les services de deux collaborateurs clés qui viennent étoffer ses équipes de vente en Europe dans l’optique de développer ses activités en se rapprochant de sa clientèle.Frédéric Cruzel a été nommé responsable des ventes en France pour LOIM, basé à Paris, et Donato Savatteri, responsable des ventes en Italie, dans un nouveau bureau basé à Milan, sous réserve d’approbation par les autorités compétentes. Frédéric Cruzel, 49 ans, était auparavant directeur des ventes adjoint pour la France chez Amundi Asset Management. Le dernier poste occupé par Donato Savatteri a été celui de directeur commercial de Franklin Templeton Investments en Italie. Tous deux travailleront sous la direction de Marius Wuergler, responsable des ventes européennes. Quant à Géraud Dambrine, il s’occupera désormais des clients stratégiques de la Maison en Europe et demeurera directeur général de Lombard Odier Darier Hentsch & Cie Gestion France S.A. Frédéric Cruzel s’appuiera dans ses nouvelles fonctions sur Patrick Lajoinie, qui joue un rôle stratégique dans le développement de l’activité de LOIM en France. Donato Savatteri travaillera pour sa part avec Alessandro Fonzi qui joue un rôle déterminant dans le développement de l’activité stratégiquement importante de LOIM en Italie à partir du bureau de Londres. A fin mars, LOIM, l’unité de gestion institutionnelle de Lombard Odier Darier Hentsch & Cie, dont le siège est à Genève, gérait plus de 28 milliards d’euros pour le compte de ses clients.

Merchant House Group a lancé le Russian Phoenix Ucits fund, qui prend qui postions long/short sur les actions russes, rapporte Citywire.Le fonds, qui a été lancé avec 40 millions de dollars d’actifs sous gestion, réplique le Spectrum Russian Phoenix fund, une stratégie long/short offerte par Spectrum Partners Group. Le fonds, lancé sur la plate-forme Ucits de la société, offre une liquidité hebdomadaire. Il est disponible en dollar, en euro et en sterling, avec un investissement minimum de 20.000 dollars, euros ou livres. Ce fonds est le premier d’une série de cinq, les quatre prochains devant être lancés d’ici au mois d’octobre.

Alvaro Setién va quitter l'équipe espagnole de BlackRock dirigée par Armando Senra pour devenir directeur des ventes institutionnelles et retail pour l’Amérique du Sud hors Brésil, ce pays étant couvert par le bureau de Santiago du Chili. Il reste subordonné à la fois à Armando Senra comme responsable mondial des marchés hispaniques et à Axel Christensen, directeur général au Chili, rapporte Funds People.Ricardo Comín, qui a rejoint BlackRock Ibérie voici deus mois, succède à Alvrao Setién comme directeur des ventes.Actuellement, BlackRock affiche un encours de 5,1 milliards d’euros en Espagne et au Portugal. L’ensemble des actifs du groupe en Ibérie et en Amérique latine se situent à 42 milliards de dollars contre 35 milliards fin 2010, le Mexique représentant à lui seul 16 milliards de dollars.

According to the 2010 annual report from Rothschild & Cie, which has not been rendered public, the firm as a whole earned net earnings for the part of the group in fiscal year 2010 of EUR85m, up more than 21% year on year, Les Echos reports. Earnings also increased 21% to EUR301m. These figures include all consolidated activities in France, particularly advising, which belongs to Rothschild & Cie, management, and private banking, at Rothschild & Cie Gestion, and the group’s other participations. Asset management activities generated earnings up 9.3%, to about EUR105m for 2010. In a complex market environment, “our company has also succeeded in earning positive inflows for products overall,” the bank writes. Average assets under management have thus “returned to all-time highs, at nearly EUR19bn.”

According to the 2010 annual report from Rothschild & Cie, which has not been rendered public, the firm as a whole earned net earnings for the part of the group in fiscal year 2010 of EUR85m, up more than 21% year on year, Les Echos reports. Earnings also increased 21% to EUR301m. These figures include all consolidated activities in France, particularly advising, which belongs to Rothschild & Cie, management, and private banking, at Rothschild & Cie Gestion, and the group’s other participations. Asset management activities generated earnings up 9.3%, to about EUR105m for 2010. In a complex market environment, “our company has also succeeded in earning positive inflows for products overall,” the bank writes. Average assets under management have thus “returned to all-time highs, at nearly EUR19bn.”

According to sources familiar with the matter, the Wall Street Journal reports, Warren Buffett’s firm Berkshire Hathaway has joined a consortium put together by Centerbridge Partners and Leucadia National Corp to acquire CitiFinanial (consumer credit) from Citigroup. The transaction may total over USD8bn.

In keeping with an agreement signed two months ago, BNY Mellon has closed its acquisition of the wealth management activities of Talon Asset Management (see Newsmanagers of 2 May), and has appointed Michael DiMedia as regional president of its new location in Chicago.The transaction, whose financial details have not been disclosed, adds more than USD800m to assets at BNY Wealth Management, which now total USD171bn.The former Talon partners Terry Diamond, Alan Wilson and Edwin Ruthman are joining BNY Mellon Wealth Management in Chicago. They will be accompanied by Steven Appell, newly appointed as senior director, representing family offices in the region.

The Norwegian sovereign fund (Government Pension Fund - Global) on 5 July announced its first acquisition in France, with the acquisition from the Axa group of a 50% stake in seven large real estate properties in Paris and the inner suburbs, for a total of EUR702.5m.The seven properties, which had previously been 100% owned by Axa, and most of which are office properties, represent a total of 156,000 square metres, located at prestigious addresses near the Champs-Elysées, the major boulevards, and the business district at La Défense, the public fund says in a statement.It is the second investment in real estate for the fund, and its first in France, the Norwegian central bank says in a statement. The first real estate investment for the Norwegian fund was made in London in April, with the acquisition of 25% of the Crown Estate Regent Street portfolio.Assets in the Norwegian fund as of the end of March totalled NOK3.102trn, about EUR396bn, their highest level ever.

Lombard Odier Investment Managers (LOIM) has recruited two key employees as additions to its sales team in Europe, with the goal of developing its activities by forging closer ties to clients.Frédéric Cruzel has been appointed as head of sales for France at LOIM, based in Paris, and Donato Savatteri as head of sales in Italy, in a new office based in Milan, pending the approval of the relevant authorities. Cruzel, 49, was previously deputy director of sales for France at Amundi Asset Management. The most recent position occupied by Savatteri was that of head of sales at Franklin Templeton Investments in Italy.Both will report to Marius Wuergler, head of European sales. Géraud Dambrine will now focus on strategic clients of the management firm in Europe, and will remain as CEO of Lombard Odier Darier Hentsch & Cie Gestion France S.A.Cruzel will have the assistance in his new role of Patrick Lajoinie, who plays a strategic role in the development of LOIM’s activities in France. Savatteri will work with Alessandro Fonzi, who plays a determining role in the development of LOIM’s strategically important activities in Italy, and is based in the firm’s London offices.As of the end of March, LOIM, the institutional management unit of Lombard Odier Darier Hentsch & Cie, whose headquarters are in Geneva, managed over EUR28bn for its clients.

According to a cooperation agreement signed with sole Berlin’s asset management firm, Landesbank Berlin Investment GmbH (LBB-Invest), the Frankfurt-based asset management firm Acatis Investment will become the advisor to the LBB-Invest VermögensManagement program, a unit-linked wealth management formula. The head of advising activities for LBB-Invest will be Hendrick Leber, CEO and founder of Acatis.The product will be made available in two variants: a prudent version, with at least 50% invested in bonds, and a dynamic version, for which the percentage invested in bonds may not fall below 30%.

The Bavarian wealth management firm Wilhelm von Finck AG (based in Grasbrunn) on 5 July announced that it is merging its activities with immediate effect with those of the Frankfurt-based Deutsche Family Office GmbH. The move allows the firms to construct an independent actor which remains within the orbit of, and the powerful support of, the Deutsche Bank group. The product range from the new entity will be aimed primarily at high net worth retail investors with an entrepreneurial background, and to charities in the German-speaking countries.The new group, which manages over EUR4bn in assets, will be lead by the heads of the two entities it is being created from: Stefan Freytag, chairman of the board at WvF, and Laus Kluder, CEO of Deutsche Family Office.

According to a survey of 44 fund managers, German asset management firms have become increasingly critical of IPOs, and 90% of them are planning to analyse businesses which turn to the open markets more critically than in the past, the Frankfurter Allgemeine Zeitung reports, adding that foreign institutional investors will pick up the slack.German asset managers recommend to candidates for IPOs that they go on “pre-IPO roadshows,” in order to spread the word to investors. Three quarters of respondents also recommend that businesses get an independent valuation before turning to banks to set up IPOs.Fund managers estimate that the new introductions should total at least EUR150m and 40% float.Four fifths of respondents thing that failures of IPOs in the past can be blamed on an unconvincing equity story. Managers are particularly sceptical of companies launched on the markets by private equity firms.

Stoxx Limited on 5 July announced the launch of the iStoxx World Select index, a basket of indices which includes the Euro Stoxx 50, Stoxx USA 50, and Stoxx Japan 50, and which provides access to the world’s major markets in a single index. Within the basket of indices, exposure is distributed between the three underlying indices, which makes it possible to reduce the generally excessive influence of US companies in the weighted global indices by market capitalisation. The index is rebalanced on a quarterly basis, in March, June, September and December.

In second quarter 2011, the number of initial public offerings worldwide rose 29% compared with the previous quarter, to 378 offerings, according to the quarterly barometer published by Ernst & Young. Capital raised has also increased 39% quarter on quarter, to USD64.6bn, a level not seen since second quarter 2007 (USD94.6bn). In the first six months of the year, there were 672 offerings, which raised USD111.1bn, an increase of 10% compared with first quarter 2010. On European markets, capital raised between April and the end of June 2011 were up 534% compared with the previous quarter, to USD17.7bn, largely, it is true, fur to the initial public offering of Glencore in London (USD10bn). The number of operations has also increased, though more modestly, by 76% quarter on quarter, to 95. The US stock markets in second quarter raised USD13.8bn, in 46 offerings. There were 28 operations on the NYSE, totalling USD9.9bn, an increase of 177% compared with second quarter 2010. But emerging markets continued to drive the market in second quarter, with 67% of total transactions, and 55% of total capital raised. BRIC markets registered 125 offerings, totalling USD24.8bn, 34.8% of the total raised in second quarter. Asian issuers, for their part, raised USD25.3bn, 39% of the total, in 173 operations. 79% of initial public offerings worldwide in second quarter were within their initial price range, compared with an average over ten years of 74.3%. Only 13% of IPOs went ahead below their initial price range, and 8% above. In other words, nearly 9 out of 10 offerings took place within or above their initial price range.

Alvaro Setién will be leaving the Spanish team at BlackRock, led by Armando Senra, to become director of institutional and retail sales for South America excluding Brazil, as the latter country is covered by the office based in Santiago, Chile. Setién will report both to Armando Senra as global head of Hispanic markets, and to Axel Christensen, CEO for Chile, Funds People reports.Ricardo Comín, who joined BlackRock Iberia two months ago, will succeed Setién as head of sales.Currently, BlackRock has assets of EUR5.1bn in Spain and Portugal. The group’s total assets in Iberia and Latin America total USD42bn, compared with USD35bn as of the end of 2010, while Mexico alone represents USD16bn.

The ratings agency Fitch has awarded a rating of AA- to BNP Paribas Securities Services. The rating reflects a high probability that BNP Paribas will receive support if required, given the integration of BNP Paribas Securities Services into the group, and the strategic importance of the unit to BNP Paribas. The rating has a stable outlook.

Following the departure of Frances Chang, who had been CEO for Greater China and South-East Asia, on 30 June, Robeco has appointed Tony Edwards as CEO of Robeco Asia-Pacific, from 1 September. He will be based in Hong Kong. Since October 2009, Edwards had been CEO of Neuberger Berman for Asia-Pacific ex Japan. His appointment at Robeco is pending permission from the Securities and Futures Commission (SFC).

According to the New York-based research agency Strategic Insight, North American and European investment funds last year invested about USD100bn in Asian equities, Asian Investor reports. Strategic Insight points out, however, that Asian mutual funds have made very limited investments in equities in the region, which is an illustration of the problems in the asset management sector in the region. In 2011, Strategic Insight adds, redemptions from emerging markets resulted in a zero level of inflows. Flows were 90% down on last year. However, the New York firm estimates that about USD1trn will be invested in Asian markets (including bonds) in the next ten years. It remains to be seen whether Western management firms will continue to dominate these markets, and if funds based in Asia will continue to avoid them. Asian represents only about 7% of about USD30trn in assets under management worldwide, while it accounts for 25% of global GNP, and 30% of global market capitalisation.

The US group Prudential Financial has announced that it has concluded the sale of its global commodities activities to Jefferies Group for USD419.5m. The sale, announced on 7 April this year, includes FCM, Prudential Bache Commodities LLC, Prudential Securities LLC, Bache Commodities Limited, and Bache Commodities (Hong Kong) Ltd.

Jasper Gilbey Mrics is joining the French office of Henderson Global Investors as a Fund Manager, an addition to the team at Henderson Property France, the firm announced in a statement on 5 July.He will be primarily in charge of strategy and management of the AUB French Logistics fund, launched in 2005, and dedicated to industrial and logistical real estate in the major French cities. He will make timely interventions in the real estate investment portions of some funds and the management of other real estate funds, and will also contribute to the development of Henderson Property in France.Gilbey, 30, was previously Director of Invista REIM France.

The Swiss group Lombard Odier is seeking to sign new partnerships with financial intermediaries in Japan, to double its assets under management in the country in five years to JPY200bn (CHF2bn), the news agency Bloomberg reports. The Geneva bank is already cooperating with four Japanese organisations, including Shizuoka Bank Ltd. and Yamaguchi Financial Group Inc, and has signed similar agreements with five other banks, Norbert Joue, chairman of the Tokyo office of Lombard Odier, explains.

The Swiss private bank Wegelin on 5 July confirmed that it is going to part with its US clients as a result of new tax regulations in preparation in the United States, which it estimates will make it unprofitable to serve these clients, AGEFI Switzerland reports. “With the entry into force of the new rules, known as FATCA (Foreign Account Tax Compliance Act), in 2013, the question must be asked as to whether it is profitable to have US clients due to the considerable regulatory work involved,” Albena Björck, a board member at the firm, has told AFP. “If we can no longer conduct activities in a manner which is acceptable in terms of costs and revenues, we will need to part with them,” she adds, confirming reports that had appeared in the daily newspaper Tages-Anzeiger.

A year ago, the hedge fund management firm FrontPoint Partners had USD10bn in assets. Now, its assets have fallen to USD1.5bn, the Wall Street Journal reports. In the meanwhile, in November, there was an insider trading scandal related to a French doctor. The drop in assets shows that although FrontPoint was not itself charged with wrongdoing in the case, pension funds have absolutely no tolerance for insider trading. The flagship fund and nine other smaller funds have had to be liquidated.

In one of the first cases filed under the 2010 Dodd-Frank law, which forbids companies from engaging in retaliations against whistleblowers, the Wall Street Journal reports, Roseanne Ott, former manager of the Alger Health Sciences fund, has filed a lawsuit in New York against Fred Alger Management for authorising CEO Daniel Chung and other directors to make profits on their own behalf, in advance, on the same trades that the fund she managed was about to make (front-running). The directors had required that the manager declare her plans ahead of time, and passed them by other portfolio managers for approval before she was allowed to make the trades for the fund. The private trades damaged the performance of the fund, and profited the other portfolio managers, the case claims.

The German firm Commerz Real has announced, without disclosing the purchase price, that it has acquired the third building in the Edison Park Center (12,000 square metres), located in the Sesto San Giovanni office district of Milan, from Nexity. The property will be added to the portfolio of the open-ended real estate fund hausInvest, 6% of whose assets are invested in Italy.Commerz Real states that it has already concluded in the past transactions with Nexity in Madrid, Brussels and Milan.

Cass Business School has announced that it has become the first British academic establishment to become an academic partner of the Chartered Alternative Investment Analyst (CAIA) Association. The partnership means that students at Cass will receive a training precisely in line with the professional criteria and practices of the alternative management sector (hedge funds, private equity, real estate, commodities, and structured products). This means a competitive advantage for Cass students aiming to make a career in this sector. Cass Business School, already a partner of the CFA (Chartered Financial Analyst) Institute, has added another key to its chain with the partnership. The school awards an MSc (Master of Science) in Investment Management, including training in professional investment practices. “As an internationally recognised independent qualification, the CAIA designation is a safe bet in the area of alternative investments,” says Susan Roth, director of MSc programs at Cass.

The new IAS 19 standards published last month, which seek to clarify the financial conditions of companies with regards to their overall costs and risks related to pension regimes, may lead companies to revise their asset allocation strategies covering social engagements, and investors may be led to revise their estimates of the impact of risks related to pension regimes for the companies in question, according to Mercer. Mercer is pleased to observe that the emphasis is on questions of risk management, and points out that the new rules, which will come into force from 2013, may encourage companies to adjust the way in which they invest billions of dollars in coverage assets in their social engagements. Eric Morin, a senior consultant in the international activity at Mercer, says that “investments of coverage assets from pension schemes in equities will not mechanically lead to a rise in profits for companies, although the equities will generate higher returns over the long term, according to the consensus of analysts.” Mercer estimates that the phenomenon will accelerate a trend at many companies which are asking if taking risks with pension schemes creates value for shareholders. An asset allocation which depends less on equities and more on bonds tends to increase the stability of key performance indicators. “Overall, the accounting changes may encourage companies to adopt better risk management for their pension liabilities,” Morin continues.

Since 15 December 2010, Joanna Shatney has been manager of the US Equity Alpha sub-fund of the Luxembourg Sicav Schroder ISF, which has recently received a sales license for Germany, Austria and Switzerland. The fund has a concentrated portfolio of 20-35 positions, dedicated to US equities with a market capitalisation of over USD1bn. There is no benchmark index, and in many ways it is a best ideas fund from the Schroders US equities team, which currently manages USD2.18bn in assets (as of 31 May). Since its launch, the fund shows performance, also as of 31 May, of 12.16%, 4.02 percentage points higher than the S&P 500 composite index. Characteristics Name: Schroder ISF US Equity AlphaISIN code: LU0562796101Front-end fee: 5%Management commission: 1.50%Minimal subscription: EUR1,000