BNP Paribas Real Estate a annoncé le 24 janvier le regroupement de ses six lignes de métiers à Issy-les-Moulineaux dans son nouveau siège, au 167 quai de la Bataille de Stalingrad, en bord de Seine, face à l’Ile Saint-Germain. Le déménagement se fera en quatre étapes, entre le 24 janvier et le 14 février prochain.Ces métiers et fonctions transverses ainsi regroupés sont la promotion, la transaction, l’expertise, le conseil, le property management et l’investment management et les fonctions transverses et l’ensemble des fonctions support.

Il y a environ un an, la société de gestion britannique Jupiter faisait son entrée sur le marché français en nouant un partenariat avec la société de third party marketing Alfi Partners. Un an après, Eric Bonneville, partenaire fondateur, indique avoir levé «plusieurs centaines de millions d’euros» pour le compte du gestionnaire londonien auprès d’investisseurs professionnels. Une tâche qui n’a pas été facile dans un marché frileux à l’égard des actions, la classe d’actifs privilégiée de Jupiter. «Nous avons principalement bénéficié d’arbitrages, notamment de la part de la multigestion», explique Eric Bonneville, qui précise que ce sont les actions européennes qui ont été les plus prisées, notamment dans le cadre du fonds European Growth géré par Alexander FC Darwall qui a progressé de 26,84 % en 2010. Le fonds New Europe, sur l’Europe centrale et orientale, et le Global Convertible, sur les actions convertibles mondiales, ont aussi suscité l’intérêt des investisseurs, selon Eric Bonneville. Ces produits font partie de la sicav luxembourgeoise qui a été créée en 2001 pour permettre à Jupiter de se développer en Europe continentale. Cette sicav a d’ailleurs vu ses encours passer de 700 millions d’euros à 1,3 milliard d’euros, alors que les encours totaux ont progressé de 23 milliards fin 2009 à 28,4 milliards d’euros au 31 décembre 2010.En 2011, Alfi Partners espère que les investisseurs se dirigeront un peu plus vers les actions, ce qui bénéficierait à Jupiter. Le TPM travaille aussi avec la société de gestion américaine indépendante Brown Advisory et espère nouer de nouveaux partenariats prochainement afin d’élargir la gamme de produits à sa disposition.

La société de gestion italienne Azimut, qui gère 14 milliards d’euros d’encours, compte s’implanter en Asie, rapporte Il Sole – 24 Ore. Son pôle asiatique sera opérationnel d’ici à la fin de l’année.La société attend pour l’instant les autorisations nécessaires pour lancer sa nouvelle activité. En Chine, le groupe transférera trois de ses gérants basés au Luxembourg, qui rejoindront quatre associés locaux pour un investissement total estimé à une dizaine millions d’euros.Les projets d’expansion d’Azimut ne s’arrêtent pas à l’Asie : «nous voulons avoir des gérants pas uniquement en Europe mais dans le monde entier. D’ici à quatre ans, un salarié sur trois travaillera à l’étranger», indique Pietro Giuliani, numéro un d’Azimut. La société regarde principalement le Brésil et la Turquie.Enfin, la société pourrait réaliser des acquisitions et a d’ailleurs des contacts avec une société dans un pays proche de l’Italie.

Le gestionnaire indépendant Altira Group a annoncé le 24 janvier avoir recruté le Suisse Jens Schleuniger, qui gérait le fonds DWS Invest Afrika (340 millions d’euros). L’intéressé était également gérant du fonds DWS GO Frontier Markets et co-gérant du DWS Türkei.Ce recrutement doit permettre à Altira de muscler son offre de produits actions spécialistes de l’Afrique et de distribuer aussi le fonds VCH Africa.Avec le futur fonds d’actions Afrique, Altira pourra compléter son offre qui comprend déjà un volet private equity avec l’African Development Corporation créée en 2007. De plus, Jens Schleuniger pourra collaborer avec les experts des matières premières et des actions de sociétés de matières premières du groupe, qui gèrent 110 millions d’euros.

Le 24 janvier, Pimco Source a lancé ses deux premiers ETF de droit irlandais qui sont exclusivement cotés à Francfort sur le segment XTF de la plate-forme Xetra de la Deutsche Börse. Il s’agit d’une part du PIMCO European Advantage Government Bond Index Source ETF (IE00B5VJLZ27) chargé à 0,30 %. Il réplique le PIMCO European Advantage Government Bond Index qui est pondéré en fonction des PIB pour ne pas surpondérer les pays les plus endettés, comme cela peut être le cas pour les indices par capitalisation. L’autre nouveau produit est le PIMCO EUR Enhanced Short Maturity Source ETF (IE00B5ZR2157) qui est géré activement et dont l’indice de référence est l’Eonia. Ce produit chargé à 0,35 % s’adresse aux investisseurs qui détiennent des positions cash importantes et qui veulent bonifier la performance sans perdre de vue la préservation du capital et la liquidité. Le portefeuille géré activement se compose de titres obligataires diversifiés d’une échéance pouvant aller jusqu'à un an.

Le 764ème ETF coté sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse est le db x-trackers S&P 500 (EUR) ETF (LU0490619193), qui réplique le S&P 500 Total Return Net Index. Ce fonds est couvert du risque de change sur la parité euro/dollar. Le taux de frais sur encours se situe à 0,30 %.

Oliver Morath, directeur général de Baring Asset Management Deutschland, a été nommé avec effet immédiat head of Europe & MENA. Il reste basé à Francfort et «rapporte» à George Harvey, head of sales, client service & business development.Son successeur comme head of sales de Barings Allemagne est Howard Luder, qui était jusqu'à présent director of business development, asset servicing, Germany, chez RBC Dexia.Parallèlement, Barings a créé les postes de head of Switzerland et de head of Northern Europe, qui seront pourvus ultérieurement.

p { margin-bottom: 0.08in; } Fundstrategy reports that JP Morgan Asset Management is to launch a fund dedicated to the mining sector on 1 February, only a few weeks after the closure of the JPM Global Natural Resources fund, domiciled in Luxembourg, to new investors.The new fund will invest in mining companies, or companies whose activities are related to the mining sector, as its top priority. The number of positions will be between 50 and 100, and businesses may be of any size.

p { margin-bottom: 0.08in; } The Swiss management firm GAM will launch two funds of funds that comply with UCITS III, entitled GAM Star Composite Global Equity and GAM Star Composite Equity and Trading, Hedgeweek reports.The funds will be managed by Graham Wainer, head of private clients and portfolio manager.

p { margin-bottom: 0.08in; } On 24 January, Pimco Source launched its first two Irish-registered ETFs, which are listed exclusively in Frankfurt on the XTF segment of the Xetra platform from Deutsche Börse. These include the PIMCO European Advantage Government Bond Index Source ETF (IE00B5VJLZ27), which charges 0.30%. It replicates the PIMCO European Advantage Government Bond Index, which is weighted according to GDPs, so as not to give excessive weight to countries with high levels of debt, as capitalisation-based indices may do.The other new product is the PIMCO EUR Enhanced Short Maturity Source ETF (IE00B5ZR2157), which is actively managed, and whose benchmark is the Eonia index. This product charges 0.35%, and is aimed at investors who have significant cash positions and who would like to improve performance without losing sight of capital preservation and liquidity. The actively-managed portfolio includes diversified bonds with maturities that may range up to one year.

p { margin-bottom: 0.08in; } In the week to 19 January, investors steered clear of US municipal bond funds, while European bonds were also not on the agenda due to the government debt crises still raging there, according to the most recent statistics from EPFR Global. The week to 19 January ended with outflows of USD1.7bn.Outflows from US municipal bond funds totalled a record USD3.6bn. Since 11 November, investors have pulled USD17.6bn out of these funds.Inflows to equities funds, meanwhile, totalled USD10.1bn, of which USD6.9bn went to US equities funds. In other words, it was a sixth consecutive week of inflows for US equities funds, which have attracted USD17.3bn since the beginning of December, largely for large cap funds.Emerging market equities funds had total inflows of USD1.7bn for the week, while money market funds lost a further USD30bn.

p { margin-bottom: 0.08in; } According to initial estimates from the Institute of International Finance (IIF) about capital flows towards emerging markets in 2010, presented on Monday, USD908bn in private capital were injected into emerging economies and their markets, of which USD227bn went to China, La Tribune reports. These flows are expected to reach USD960bn in 2011, and USD1.009trn in 2012.As of the end of 2009, emerging market equities accounted for 13% of the MSCI all-country World index, compared with 4.5% in 2003, the newspaper reports.

p { margin-bottom: 0.08in; } BlackRock has recruited Lavin Mok as head of sales for Hong Kong and Singapore, Asian Investor reports. It is a newly-created position, which marks the group’s desire to offer more Asia-themed products.Mok previously worked at Edmond de Rothschild Asset Management (EDRAM), where he started in March 2010. When asked about his departure from Edram less than one year after his arrival, Mok said effectively that BlackRock had made him an offer he could not refuse.

p { margin-bottom: 0.08in; } About one year ago, the British asset management firm Jupiter entered the French market, with a partnership with the third party marketing firm Alfi Partners. One year later, Eric Bonneville, founding partner, says that “hundreds of millions of euros” have been raised for the London management firm from professional investors. This was no easy task in a market which is highly cautious of equities, Jupiter’s privileged asset class. “We largely benefited from arbitrages, particularly in multi-management,” explains Bonneville, adding that European equities were the most popular destination for investments, particularly the European Growth fund, managed by Alexander FC Darwall, which gained 26.84% in 2010. The New Europe fund, focused on central and eastern Europe, and the Global Convertible fund of global convertible equities were also popular with investors, Bonneville says. The products are part of the Luxembourg Sicav founded in 2001 in order to allow Jupiter to develop in continental Europe. The Sicav saw an increase in its assets from EUR700m to EUR1.3bn last year, while total assets have risen from EUR23bn at the end of 2009 to EUR28.4bn as of 31 December 2010. In 2011, Alfi Partners is hoping that investors will move a little more towards equities, which would work to Jupiter’s advantage. The TPM provider also works with the US independent management firm Brown Advisory, and is hoping to sign new partnerships in the near future in order to extend the range of funds it makes available.

At a press conference held on Monday, 24 January in Paris, Edouard Carmignac, chairman of the eponymous asset management firm, discussed the objectives for his management firm in 2011. As Eric Helderlé had told Newsmanagers a few days ago (see interview dated 20 January 2011), the release of a new fund, the Carmignac Emerging Patrimoine, will take place in the coming quarter – a rare occasion, says Carmignac, as the youngest fund currently in the firm’s range was launched in 2007.The new Luxembourg fund will invest in emerging markets, half in fixed income products and the other half in equities. The fixed income product portion, which will be managed by Charles Zerah, who joined the firm in October 2010. The other portion of the portfolio will be managed by Simon Pickard, and will be composed of shares in emerging market businesses, but may be hedged in times of turbulence.Carmignac Gestion aims the product at some clients in particular. “This fund may be especially suitable for investors who would like to invest in emerging markets, but who are not prepared to confront the volatility,” he explains. In an interview with Newsmanagers, Helderlé, CEO, and Carmignac say they are sure that the new fund will not cannibalise any of the other products in the range, including the Carmignac Patrimoine fund, which weighs in at nearly EUR28bn currently. Helderlé notes that the fund may very well form the lynchpin of a Carmignac product range in Asia, where the firm already has a representative office in Singapore, and where the firm is hoping to build a presence in the next three to four years.Carmignac has also confirmed the opening of a representative office in the United Kingdom, which will have three employees, and which will target independent financial advisers (IFAs) as well as pension funds.As of the end of 2010, assets at Carmignac Gestion totalled about EUR55bn, compared with EUR33bn as of 31 December 2009, with inflows of EUR16bn last year.

p { margin-bottom: 0.08in; } Carlo Mazzola, a financial consultant in Milan, has formed an association including 13% of investors in the Crescita real estate fund, to oppose BNP Paribas and its affiliate in Italy, BNP Paribas Real Estate Investment Management (REIM), Agefi reports.The group of investors is seeking sanctions against BNP Paribas REIM for violations of regulations, as the management firm liquidated the fund six months after its closing, at disadvantageous conditions. The association claims that investors were disadvantaged by the management affiliate of BNP Paribas, which also made EUR35m in commissions on the real estate fund. Investors estimate that the damages come to EUR700 per share, for a total of EUR6m.

p { margin-bottom: 0.08in; } The Italian sset management firm Azimut, which manages EUR14bn in assets, is planning to enter Asia, Il Sole – 24 Ore reports. Its Asian unit will be operational by the end of the year. The management firm is currently awaiting the necessary licenses to open its new activities. The group will transfer three of its managers currently based in Luxembourg to China, where they will join four local partners. Azimut’s plans for expansion don’t stop in Asia: “we would like to have managers not only in Europe but throughout the world. In four years, one employee our of three will be working abroad,” says Pietro Guiliani, head of Azimut. The firm is primarily looking at Brazil and Turkey. The firm may also make acquisitions, and in this connection, it is in contact with a company in a country close to Italy.

p { margin-bottom: 0.08in; } The independent asset management firm Altira Group on 24 January announced that it has recruited the Swiss Jens Schleuniger, who was manager of the DWS Invest Afrika fund (EUR340m). Schleuniger was also manager of the DWS GO Frontier Markets fund, and co-manager of the DWS Türkei.With the future African equities fund, Altira would be adding to a range which already includes a private equity fund, African Development Corporation, founded in 2007. In addition, Schleuniger may collaborate with experts in commodities and shares in commodity businesses at the group, who manage EUR110m in assets.

p { margin-bottom: 0.08in; } Oliver Morath, CEO of Baring Asset Management Deutschland, has been appointed head of Europe & MENA, effective immediately. He will continue to be based in Frankfurt, and will report to George Harvey, head of sales, client service & business development.His successor as head of sales at Barings Germany will be Howard Luder, who was previously director of business development, asset servicing, Germany, at RBC Dexia.Barings has also created positions for a head of Switzerland and a head of Northern Europe; the appointments will be made at a later date.

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) on 24 January announced the launch of a local currency emerging market debt fund, the Skandia Local Currency Emerging Market Debt, which will aim to profit from long-term outlooks for emerging market bonds and currencies.SIG has awarded a management mandate for the fund to the fixed income specialist Stone Harbor Investment Partners, to which Skandia had already assigned a mandate for USD60m in September 2008, for the Skandia Emerging Market Debt fund. The fund now has nearly USD500m in assets.The fixed income specialist at SIG, Anthony Gillham, says in a statement that three factors make the fund an attractive investment. Firstly, it offers a good way to capture growth in emerging markets; secondly, local currencies are undervalued; and lastly, the emerging markets in local currencies are three times larger than the emerging markets denominated in US dollars.

p { margin-bottom: 0.08in; } On 17 December 2010, Swiss & Global Asset Management launched a UCITS-compliant local currencies emerging markets inflation-linked bond fund, the Emerging Markets Inflation Linked Bond Fund, a sub-fund of the Sicav Julius Baer Multibond.The benchmark index is the Barclays Emerging Markets Government Inflation-Linked Bond Index ex Argentina, ex Colombia, constrained, unhedged USD. The reference currency is the US dollar, but the management firm also offers shares in Euros and Swiss francs, hedged for currency risks. The eligible investment universe totals USD350bn, and includes 10 countries.CharacteristicsName: Julius Baer Multibond - Emerging Markets Inflation Linked Bond FundISIN code: LU0564969805Front-end fee: 3% maximumManagement commission: 1.30%

p { margin-bottom: 0.08in; } On 21 January, UBS Global Asset Management registered the Global Equities UBS (Lux) Islamic Fund (LU0108058487), a product with 30-60 positions launched on 19 May 2000, with assets as of the end of December of USD33.27m, with the CNMV. The benchmark index for the product is the Dow Jones Islamix Market 100 Titans. The average annual performance of the product in the past five years was 2.18% in US dollars; in euros, the fund has lost an average of 0.42%.

p { margin-bottom: 0.08in; }a:link { } The CFA Institute on 24 January published a new study of questions related to market transparency and the workings of fair competition in the fragmented European equities trading markets. The study was released as part of a consultation over the MiFID directive to regulate markets for financial instruments, which runs until 2 February 2011, and at a time when the market is increasingly fragmenting.The study (http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2011.n3.1), which reviews the structure of European equities markets as well as the regulatory framework applicable to the various types of trading platforms (bilateral and multilateral), concentrates its analysis on the need for transparency on each platform. The report also empirically demonstrates a correlation between high levels of transparency and low trading spreads, a sign that investors would have a lot to gain from increased transparency in trading.The study also estimates that the quality and unity of post-transaction information could be improved, for example, by shortening the deadlines for the publication of information about transactions, as recommended by the CESR, and by setting up a consolidated tape system to collect market data.

p { margin-bottom: 0.08in; } Amundi and Natixis are the only two remaining candidates to acquire Pioneer, Financial News reports. Resolution has pulled out of the running. The newspaper reports that a deal will eventually fall in the EUR1.5bn price range, well below the valuation of the asset management firm on the books of its parent company UniCredit (EUR3bn).

p { margin-bottom: 0.08in; } Amundi and Natixis are the only two remaining candidates to acquire Pioneer, Financial News reports. Resolution has pulled out of the running. The newspaper reports that a deal will eventually fall in the EUR1.5bn price range, well below the valuation of the management firm on the books of its parent company UniCredit (EUR3bn).

p { margin-bottom: 0.08in; } On 24 January Allianz Global Investors made an implicit reply to the consumer defence association Stiftung Warentest (see Newsmanagers of 6 January 2011), with the announcement that its open-ended funds would not invest in businesses which are involved in the production of cluster bombs or land mines. In addition, the management firm has put in place the necessary procedures to avoid any investment in businesses of this type. For this, AGI Europe has set up a blacklist of businesses off limits to its open-ended funds. The list is updated regularly, to include the most recent information available on the subject.

p { margin-bottom: 0.08in; } The Danish asset management firm Jyske Invest International on 24 January announced that it has signed the United Nations Principles for Responsible Investment (UN PRI), fulfilling a decision which had been made in December 2010. Currently, 829 investors from 45 countries have signed the Principles.

Paulson & Co has made more than USD1bn from its stake in Citigroup over the past 18 months. “Citigroup gained 43 per cent in 2010 and was our most profitable bank position,” the USD36bn hedge fund manager said in a letter sent to investors in his Advantage fund. Paulson & Co expects US growth to accelerate this year.

p { margin-bottom: 0.08in; } The 764th ETF to be listed on the XTF segment of the Xetra electronic platform from Deutsche Börse is the db x-trackers S&P 500 (EUR) ETF (LU0490619193), which replicates the S&P 500 Total Return Net Index. The fund is hedged for currency risks on the euro/dollar currency pair. TER is 0.30%.

p { margin-bottom: 0.08in; } BNY Mellon Asset Management on Monday, 24 January, announced the launch in France of the BNY Mellon Evolution Global Strategic Bond Fund, a sub-fund of the Sicav BNY Mellon Global Funds composed of international bonds, managed flexibly. The product’s management is overseen by David Leduc, chief investment officer, at Standish Mellon Asset Management Company LLC, one of the boutiques from BNY Mellon Asset Management, specialised in bond management.The fund will seek to generate positive returns over a complete investment cycle, by investing in a wide range of sectors, particularly government bonds from developed and emerging countries, inflation-linked bonds, investment grade corporate bonds, high yield bonds, and currencies. In addition to this, there will be active management of duration via derivative products, in order to create value in period of rising bond yields.CharacteristicsISIN code: EUR (A) shares: IE00B4Z6HQ53; EUR © shares: IE00B4Z6LN01Management fees: A shares: 1.40%; C shares: 0.75%Minimal subscription: A shares : EUR5,000; C shares: EUR5m