p { margin-bottom: 0.08in; } In 2010, merger and operation activities in France increased 40.1% year on year, according to statistics from mergermarket. With 542 transactions, activity volume of EUR36.4bn means a spectacular increase of 90.6% in the value of operations. They have not yet returned to pre-crisis levels, as French mergers and acquisitions remain 75.7% below their 2007 levels, which measured EUR149.9bn in total. Cross-border mergers and acquisitions, which are three times higher than in 2009 with a total volume of EUR15.6bn, prove that France is attracting foreign investment once again, mergermarket says. French businesses are also more interested in foreign markets than last year. They made 18% more deals than in 2009.

p { margin-bottom: 0.08in; } As of the end of December, assets under management or administration at Universal-Investment totalled EUR130bn, EUR18bn more than one year previously. Net subscriptions totalled EUR11.2bn, compared with EUR8.1bn for institutional funds and masterfunds, and EUR3.1bn for open-ended funds. Universal manages about EUR9.3bn for institutional investors in “Spezialfonds,” protected or overlay products.The Frankfurt-based asset management firm has also announced that Stefan Rockel was promoted on 1 January as a member of the board of directors. He will be in charge of development for the Luxembourg affiliate and investment product structuring, with the assistance of the local securitisation affiliate created in 2010.André Jäger and Oliver Schmucker, who have previously been heads of departments, are promoted as central directors. The former is now head of risk control and investment compliance. He becomes the central risk manager for the Universal-Investment group as a whole, with the additional mission of developing all reporting functions.Schmücker is now responsible for development of internalisation activities (administration and fund accounting, surveillance of respect for limit thresholds) and process management. Universal-Investment currently has about EUR20bn under administration for German, Austrian and Luxembourg clients.

p { margin-bottom: 0.08in; } As of 1 January, Christopher Hönig, head of key accounts at SAM Sustainable Asset Management, has joined the asset management firm GAM in Germany as client director, Fondsprofessionell reports. With Karolyn Krekic, he will serve intermediaries and institutional investors.

p { margin-bottom: 0.08in; } Christoph Schumacher, director of indirect investments and structured products at Generali Deutschland Immobilien, CEO of Generali Deutschland Immobilien Verwaltungs and CEO of Generali Immobiliare Asset Management, will on 1 March 2011 become a member of the board of directors at Union Investment Institutional Property. He will be in charge of fund structuring and client relationship management.

p { margin-bottom: 0.08in; } The British distribution platform Cofunds has topped GBP340bn in assets under administration, according to Money Marketing. In 2010, the platform attracted GBP7.2bn. In third quarter 2010, Cofunds was the best-performing British platform for the sixth consecutive quarter.

p { margin-bottom: 0.08in; } Taking advantage of the crisis which has rocked Banca della Svizzera Italiana (BSI, Generali group), Pictet has recruited a private banking team from BSI in Spain, Cotizalia reports. The four-member team has been led since 2004 by Luis Sánchez at Lamadrid, and includes Enrique Sendagorta, Ignacio Estevas and Gustavo Pardo. The new arrivals join the private banking division of Pictet for Spain.

Le gestionnaire londonien Polar Capital Holdings (3,1 milliards de dollars d’encours fin septembre) a decidé de commercialiser ses fonds auprès des investisseurs institutionnels allemands, annonce Das Investment. Polar a chargé Statum Capital de prendre en charge toutes les activités de marketing et de distribution en Allemagne pour son compte.

Au 24 janvier, les quelque 90.000 porteurs de parts du fonds immobilier offert au public DEGI Europa (Aberdeen) percevront 9,70 euros par part dans le cadre de la liquidation programmée de ce fonds (lire notre article du 25 octobre 2010). La distribution portera sur 254,1 millions d’euros soit plus de 20 % de l’encours net de 1.267,7 millions d’euros au 31 décembre.Le prochain remboursement interviendra en juillet 2011. Son montant dépendra du résultat des cessions d’actifs (lire notre article du 18 janvier 2011).

A fin décembre, l’encours sous gestion ou administration d’Universal-Investment a atteint 130 milliards d’euros, soit 18 milliards de plus qu’un an auparavant. Les souscriptions nettes ont porté sur 11,2 milliards d’euros contre 8,1 milliards pour les fonds institutionnels et les «masterfonds» et 3,1 milliards pour les fonds offerts au public. Universal gère environ 9,3 milliards d’euros pour des investisseurs institutionnels dans des «Spezialfonds», des produits protégés ou en «overlay».Le gestionnaire francfortois annonce par ailleurs que Stefan Rockel a été promu au 1er janvier membre de la direction générale. Il est chargé du développement de la filiale luxembourgeoise et de la structuration des produits d’investissements, notamment avec l’aide de la filiale de titrisation créée en 2010.André Jäger et Oliver Schmucker, jusqu'à présent chefs de secteur, sont pour leur part promus directeurs centraux. Le premier dirige à présent le contrôle du risque et la conformité des investissements. Il devient ainsi le principal gestionnaire du risque pour l’ensemble du groupe Universal-Investment, avec la mission en outre de développer toutes les tâches de reporting.Quant à Oliver Schmücker, il est désormais chargé du développement des activités d’internalisation (administration et comptabilité du fonds, surveillance du respect des limitations) et de la gestion des process. Universal-Investment administre actuellement quelque 20 milliards d’euros pour le compte de clients allemands, autrichiens et luxembourgeois.

Au 1er janvier, Christopher Hönig, head of key accounts chez SAM Sustainable Asset Management, a rejoint comme client director le gestionnaire GAM en Allemagne, rapporte Fondsprofessionell. Avec Karolyn Krekic, il est chargé de la desserte des intermédiaires ainsi que des investisseurs institutionnels.

Directeur des investissements indirects et de produits structurés chez Generali Deutschland Immobilien, directeur général de Generali Deutschland Immobilien Verwaltungs et directeur général de Generali Immobiliare Asset Management, Christoph Schumacher deviendra au 1er mars 2011 membre suppléant de la direction générale d’Union Investment Institutional Property. Il sera responsable de la structuration de fonds et du suivi de la clientèle.

Pour les municipalités et les fondations allemandes, la HypoVereinsbank (HVB) vient de lancer le fonds luxembourgeois Kommunal- & Stiftungsfonds Defensiv (*) géré par UniCredit Luxembourg, rapporte la Börsen-Zeitung. Ce fonds flexible se distinguera par sa transparence avec des reportings spécifiques réguliers. L’allocation aux actions ne pourra dépasser les 25 % mais celle aux obligations pourra monter à 100 %. L'équipe de gestion pourra utiliser des futures et des options pour la couverture et le pilotage de la duration. Le fonds pourra être investi en titres vifs, en ETF, en ETC et dans d’autres fonds.(*) Code isin : LU0555949709 / LU0555949964

Le Munichois Conrad Mattern, un conseiller de fonds bien connu qui dirige l’agence d’analyse Conquest, présente ce 19 janvier à Francfort le Prosperia Mephisto I, un fonds qui investit dans les sociétés symbolisant les sept péchés capitaux, rapporte le Handelsblatt. Pour l’orgueil, il choisit des valeurs du luxe, pour la cupidité et l’avarice, il opte pour les financières et les discompteurs ; pour l’envie, la jalousie, le conseiller favoriser les valeurs de «lifestyle», tandis que le thème de la colère est représenté par les exploitants de prison. Pour la luxure, le gérant retiendra les «distractions pour adultes», pour la gourmandise, il s’intéresse aux firmes des secteurs de l’alcool et du tabac. Enfin, pour la paresse, il sélectionne les titres du secteur des loisirs.

Les fonds du gestionnaire austro-allemand C-Quadrat affichaient en fin d’année 2010 des actifs totaux de 3,34 milliards d’euros, ce qui représente un accroissement de 26 % par rapport aux 2,66 milliards d’euros du 31 décembre 2009. D’autre part, les souscriptions nettes se sont accrues de 23 % sur 2009 pour atteindre 804 millions d’euros.C-Quadrat précise par ailleurs avoir obtenu en fin d’année de la SEC le statut d’investment adviser, ce qui lui permettra de gérer ou de conseiller des fonds américains pour des investisseurs basés aux Etats-Unis.

Profitant de la crise qui secoue la Banca della Svizzera Italiana (BSI, groupe Generali), Pictet a recruté toute l'équipe de banque privée de BSI en Espagne, rapporte Cotizalia. Cette équipe de quatre personnes est dirigée depuis 2004 par Luis Sánchez de Lamadrid et se compose d’Enrique Sendagorta, Ignacio Estevas et Gustavo Pardo.Les nouveaux entrants rejoignent la division banque privée de Pictet pour l’Espagne.

Larry Pitkowsky et Keith Trauner, deux anciens gérants du fonds Fairholme, lancent leur propre société de gestion, rapporte The Wall Street Journal. Ils indiquent vouloir utiliser la même approche «value» qu’ils employaient chez GoodHaven Capital Management et qui a permis au fonds Fairholme de devenir le troisième meilleur fonds de la catégorie large cap pour les dix ans à fin décembre, avec un rendement annualisé de 11,5 %.

Le gérant d’actifs américain Pimco va reprendre l’activité de distribution de ses produits assurée jusqu’ici par Allianz Global Investors, pôle de gestion de l’assureur allemand, explique l’Agefi. Après l’aval des autorités de régulation pour ouvrir une branche d’opérateur de marché (broker/dealer), Pimco Investments, la nouvelle entité, gérera cette distribution depuis New York à compter du 11 avril prochain.

Contrairement à son concurrent JPMorgan, Citigroup montre davantage de signes de faiblesse dans ses activités, révèle l’Agefi. Ses revenus ont reculé de 5,1% en 2010, à 86,6 milliards de dollars, notamment en raison des activités de marché. Ainsi, ses revenus dans le trading obligataire ont chuté de 58% entre le troisième et le quatrième trimestres, alors que JPMorgan a limité la baisse de cette activité à 8%.

La plate-forme de distribution britannique Cofunds a franchi la barre des 30 milliards de livres d’actifs sous administration, selon Money Marketing. En 2010, la plate-forme a drainé 7,2 milliards de livres.Au troisième trimestre 2010, Cofunds était la plate-forme britannique la plus performante pour le sixième trimestre consécutif.

Jeffrey Weingarten, ancien directeur des investissements de Goldman Sachs Asset Management International, vient d’être nommé directeur général (chief executive) de Grosvenor Fund Management, la société de gestion du groupe immobilier britannique Grosvenor gérant 3,6 milliards de livres, afin de succéder à Stuart Beevor. Dans le même temps, James Raynor, actuel administrateur de GFM, en charge de l’Europe continentale, a été promu au poste nouvellement créé de directeur des investissements (chief investment officer). Robert Davis, actuel directeur financier, devient chief operations officer. Ils gardent néanmoins leurs attributions actuelles. Toutes ces nominations prendront effet le 17 mars. Jeffrey Weingarten avait rejoint GFM en tant que président non-exécutif en septembre 2010 après deux ans comme consultant. Le rôle de président sera repris par Mark Preston, directeur général de Grosvenor.

Henderson Global Investors a annoncé le 17 janvier que son équipe dédiée à l’investissemnet socialement responsable vient de recruter Bridghet Boulle en qualité d’analyste ISR. Bridget Boulle travaillait précédemment chez PIRC.Henderson a également nommé Harriet Lamb membre de son comité consultatif sur l’ISR. Harriet Lamb est actuellement executive director de la Fairtrade Foundation britannique.

p { margin-bottom: 0.08in; } The Asia specialist hedge fund Central Asset Investments (CAI), based in Hong Kong, will open a research office in Shenzhen, China, this Tuesday, 18 January, Asian Investor reports. The office will be led by Bill Tsai, former managing partner at Longridge Capital, and will include three new analysts: Alex He, Ferry Feng, and Franky Xie.

p { margin-bottom: 0.08in; } Henderson Global Investors announced on 17 January that its team dedicated to socially responsible investment has recruited Bridghet Boulle as an SRI analyst. Boulle previously worked at PIRC. Henderson has also appointed Harriet Lamb as a member of its SRI consulting committee. Lamb is currently executive director of the British Fairtrade Foundation.

Grosvenor has appointed Jeffrey Weingarten, who was the chief investment officer and managing director of Goldman Sachs Asset Management International, to the role of chief executive of Grosvenor Fund Management, which offers a range of sector and regional specialist property investment funds. He succeeds Stuart Beevor.At the same time James Raynor, currently GFM’s director, Continental Europe, has been appointed to the new role of GFM’s chief investment officer. Robert Davis, currently GFM’s finance director, will become GFM’s chief operations officer. These appointments are effective 17 March 2011. James’ and Robert’s existing responsibilities are unaffected by the changes: James will continue to lead GFM’s Continental European team and Robert will continue to run GFM’s finance team.Jeffrey Weingarten joined GFM as non-executive chairman in September 2010, following two years as a consultant to the business. The role of chairman will now be resumed by Mark Preston, group chief executive of Grosvenor.

p { margin-bottom: 0.08in; } On 24 January, the roughly 90,000 shareholders in the open-ended real estate fund DEGI Europa (Aberdeen) will receive EUR9.70 per share, as part of a planned liquidation of the fund (see Newsmanagers of 25 October 2010). The distribution will total EUR254.1m, or more than 20% of the EUR1.2677bn in assets in the fund as of 31 December. The next redemption will come in July 2011. The total amount will depend on the outcome of sales of assets (see Newsmanagers of 18 January 2011).

p { margin-bottom: 0.08in; } For German municipal authorities and charities, HypoVereinsbank (HVB) has launched the Luxembourg-registered Kommunal- & Stiftungsfonds Defensiv fund (LU0555949709, LU0555949964), managed by UniCredit Luxembourg, the Börsen-Zeitung reports. The flexible fund is notable for its transparency, with specific, regular reporting. Allocation to equities may not exceed 25%, though allocation to bonds may go up to 100%. The management team may use futures and options to hedge for currency risks and manage durations. The fund may invest directly in securities, as well as in ETFs, ETCs, and other funds.

p { margin-bottom: 0.08in; } Conrad Mattern, a well-known fund adviser in Munich, who heads the analysis agency Conquest, will unveil the Prosperia Mephisto I fund this 19 January in Frankfurt, a fund which invests in firms symbolising the seven deadly sins, Handelsblatt reports. For pride, Mattern has chosen luxuries; for greed, he has chosen financials and discounters; for envy and jealousy, the advisor has chosen the lifestyle sector, while wrath is represented by prison operators. For lust, the manager has chosen “distractions for adults,” and for gluttony, he has chosen firms in the alcohol and tobacco sectors. Lastly, for sloth, the manager has selected shares in the leisure sector.

p { margin-bottom: 0.08in; } Positive economic sentiment has helped drive investor appetite for global equities to its highest level in 3 1/2 years, according to the BofA Merrill Lynch Survey of Fund Managers for January. A total of 199 fund managers, managing a total of USD562 billion, participated in the global survey from 7 January to 13 January. A net 55 percent of asset allocators say that they are overweight global equities, the highest reading since July 2007. It represents a significant increase from December when a net 40 percent was overweight the asset class. At the same time, bond allocations fell. A net 54 percent is underweight bonds, up from a net 47 percent a month ago. Behind this rise is growing confidence in the global economy and corporate profits. A net 55 percent of investors expect the world’s economy to strengthen in 2011 with 39 percent predicting «above trend» growth in the coming 12 months, the highest reading since the question was introduced in February 2008. A net 57 percent believes that corporate profits will rise 10 percent or more this year, up from 45 percent in December. A growing majority expects global inflation to increase this year - a net 72 percent in January, up from a net 48 percent two months ago. But higher inflation is not seen necessarily as a threat. A net 42 percent of investors believe monetary policy is «too stimulative,» fewer than in November. «The combination of growth optimism and a benign view towards higher inflation provide a potent case for equity investment,» said Gary Baker, head of European Equities strategy at BofA Merrill Lynch Global Research. «Investors believe monetary easing is working; in the absence of either tighter policy or weaker data, equity enthusiasm looks contagious,» said Michael Hartnett, chief Global Equity strategist at BofA Merrill Lynch Global Research. Growing belief in U.S. equities, already evident in December’s survey, has firmed significantly this month. A net 27 percent of the global panel is now overweight U.S. equities, the highest reading since November 2008 and surpassing December’s level of a net 16 percent. And a net 15 percent of the panel would like to overweight U.S. equities more than any other region, up from a net 7 percent in December. A net 43 percent expects the U.S. dollar to appreciate versus the euro or the yen on a trade-weighted basis, up from a net 14 percent two months ago. Japan has also benefited from improved sentiment. A net 57 percent of respondents to the regional Japanese survey expect the country’s economy to improve this year, up from a net 42 percent in December. Sentiment has improved steadily since September last year when there was an even split between those predicting a stronger economy and those expecting weakness. Since September, investors have consistently become more optimistic about Japan. Global emerging market support remains high but has continued to decline. A net 43 percent of asset allocators are overweight GEM equities, but this is lower than the net 56 percent two months ago. A net 20 percent of investors want to overweight GEM equities more than any other region. This reading has slipped from a net 31 percent in December. These lower readings come as belief in China’s economic prospects has eroded. A net 19 percent of respondents to the regional survey say that China’s economy will weaken this year. Two months ago, a net 16 percent forecast a stronger Chinese economy. Finally, European fund managers have started 2011 in stronger spirits. The proportion of the panel predicting a stronger European economy has leapt to a net 44 percent from a net 26 percent last month. An increasing number believe European companies will deliver improved earnings in 2011. This optimism comes as global concerns about EU sovereign debt fund risk have fallen away from the highs of December.

p { margin-bottom: 0.08in; } Absolute return funds returned to good health in the second half of 2010, after a difficult period for many of them, according to Standard & Poor’s Fund Services, Investment Week reports. After a weak second quarter, “the second half of the year was marked by a more vigorous equities market, which favoured the cleverer stock-pickers,” says Kate Hollis, director of fund research. The best-performing products were the Cazenove Absolute UK Dynamic, SVM UK Absolute Alpha, and Odey UK Absolute Return funds.

p { margin-bottom: 0.08in; } For the year 2010, the distressed securities strategy was the best performer in the hedge fund arena, with gains of 13.8%, just ahead of convertibles arbitrage (+12.2%), according to the Edhec-Risk Institute. The worst results were for the short selling strategy which lost 16.9% for the year. Fund of funds strategy gained 5.2%.