Vigeo announced on Tuesday that it has lowered its ratings for BP. “The downgrade comes after several weeks of examination of the behaviour of BP and investigations by the US authorities following the ecological disaster in the Gulf of Mexico,” the extra-financial ratings agency explains. “Due to serious reports about the weak level of diligence and doubts about the sincerity of communications by the business about the safety of its offshore installations and the volumes of oil being leaked, Vigeo is again revising its opinions about the integrity of environmental management systems and the security of the group downward to a minimal level,” the agency says.

UBS Global Asset Management has launched the UBS (Lux) Key Selection Sicav – Global Alpha Opportunities, the first UCITS III hedge fund from the Swiss firm to be released in Italy, Bluerating reports.

On June 18th, the CNMV registered the Luxembourg Sicav Aberdeen Global II. It has 26 sub-funds, most of them bond products. The British asset management firm (EUR161.8bn in assets) is planning to aim largely at institutional investors in Spain and Portugal.

European management firms will need to step up their preparations ahead of the introduction of the Key Introduction Document (KID), the investor information document imposed by the UCITS IV directive, according to a study by PricewaterhouseCoopers (PwC) and the European management association (Efama). The study, entitled “UCITS IV: Time for Change,” says that many major European asset management firms have not yet understood the importance of KIDs and are inadequately prepared to confront the impact of them. The study finds that 58% of respondents have not yet understood the repercussions in terms of cost which the modifications which will be needed to bring their control systems into compliance will involve. “Currently, asset management firms are not yet aware of the effects of the introduction of the KID. This will change the way in which funds are perceived, and many management firms may, due to its introduction, find themselves with incomplete product ranges,” says Thierry Blondeau, a partner at PwC Luxembourg and UCITS IV Project Leader for Europe at PwC. “Those who are not yet prepared for the consequences in terms of costs and preparations which will be made necessary by the changes are in danger of having an ugly surprise when July comes, as the European Commission will likely pass application measures. Managers will need to start adapting their ways of working without delay if they don’t want to be caught on the wrong foot.”

The governments of France, the UK and Germany are proposing to impose a tax on banks, based on their balance sheets, the French government announced in a statement released on 22 June. The French finance minister says that the future British banking tax is included in the budget presented yesterday, and that France will reveal details of its banking tax in its next draft finance law. Germany, for its part, has been announcing since the end of March that a banking taxation framework will be imposed, and will introduce draft legislation to the council of ministers this summer. “All three taxes will aim to ensure that banking establishments will contribute in line with the risks to which they expose the financial system and the economy in general, and will encourage them to make the necessary adjustments to their balance sheets to reduce these risks,” the statement from the French government says. The precise details of each tax may vary depending on the context and tax framework in each country, but the level of taxation will take into account the need to guarantee equitable conditions. The French, British and German governments have agreed to follow an ambitious program of reforms to the financial sector defined by the G-20, which will include all aspects of the industry, and look forward to more discussion of the proposals with their international partners at the G20 summit in Toronto on 24 June, the statement adds.

Asset management may see average growth of 6.2% in assets in the period from 2009-2012, Dexia Asset Management estimates in a report submitted to Funds People, but which the management firm will not release in France until autumn. All the catalysts are in place, with strong potential for emerging markets, rising influence of sovereign funds, a need to increase retirement savings in Europe, and an increase in savings in Asia. The sector theoretically has fairly large potential for growth at the top, as the five largest global actors (Barclays Global Investors, State Street Global Investors, BlackRock, Allianz Global Investors avec Pimco and JPMorgan Asset Management) add up to a market share of only 9%, compared with 21% for the five largest auto makers, or 30% for the five largest pharmaceutical companies. On average, the market share for the five largest actors in a sector (banks, lon-life insurance, food & beverage, vehicles, asset management, pharmaceuticals) is 22%.

FIL Investment Management has announced that the equities fund Fidelity Deutschland Select (DE000A0D8C60), which was launched on 1 March 2005, and which is managed by Alexandra Hartmann, will be liquidated on 30 June 2010. As of 30 April, the fund had only EUR25m in assets. As of 21 June 2010, the fund had earned 8.83% since the beginning of the year, and 31.53% since its launch, but had lost 30.13% over three years.

As announced more than two months ago (see Newsmanagers of 7 April), Nomura Asset Management Deutschland has renamed the funds of its Maintrust range, replacing the MAT prefix with Nomura, from 23 June. In addition, the new names are intended to provide more transparency as of the objectives of the funds. The ISIN Codes will remain unchanged. Former name New name MAT Asia Pacific Fonds Nomura Asia Pacific FondsMAT Japan Aktien Nomura Japan Equity FondsMAT Fundamental Japan Nomura Fundamental Japan FondsMAT Fundamental Europa Nomura Fundamental Europe FondsMAT Asian Bonds Nomura Asian Bonds Fonds MAT Euro Plus Nomura Euro Convertible FondsMAT Real Return Nomura Real Return FondsMAT Real Protect Nomura Real Protect FondsMAT Medio Rent Nomura Medio Rent Fonds MAT APO LIQUID Nomura APO LIQUID Fonds Nomura AM Deutschland is also planning to import open-ended Luxembourg and Irish funds to Germany.

Feri EuroRating Services has found in a study of 60 insurers covering 90% of the unit-linked insurance policy market that of the 2,994 funds on offer, only about one quarter of them are rated A or B (the highest ratings), or in other words, that only one quarter of products have a sustainably higher-than-average performance with relatively low risk. Feri EuroRating adds that insurers tend to rely on flagship funds in the sector, which often have performance issues. The most used fund, offered by 37 out of 60 insurers, is the European Growth fund from Fidelity Funds, followed by the Templeton Growth (Euro), offered by 35 providers, DWS Vermögensbilgundsfonds I (24), and the BGF World Mining Fund from BlackRock (22). However, the Templeton Growth is rated D (the only one of the top 15 funds). But the DWS Akkumula, Carmignac Patrimoine and Investissement funds and the South East Asia Fund from Fidelity are all rated A. Meanwhile, many insurers tend to use their own funds in policies, while as a general rule the quality of in-house funds is lower than that of third-party products: the percentage of funds rated A or B among in-house funds is only 16%, while it comes to 29% for third-party funds.

UBS reports that the UBS-IS CMCI Oil ETF is the only oil ETF available on the European market to date. The product, launched on 18 June and listed on the Swiss stock exchange, synthetically replicates the UBS Bloomberg Constant Maturity Commodity Index (CMCI), which aims to limit the influence of rolling positions. The fund is denominated in US dollars and is aimed primarily at high net worth retail investors. The counterparty for the swap if the UBS investment bank, and this risk is 100% covered. UBS has already planned to launch shares in the fund denominated in US dollars for institutional investors, as well as shares in Euros hedged for forex risks, for both retail and institutional investors. CharacteristicsName: UBS-Index Solutions - CMCI Oil ETF (USD) SF-A ISIN: CH0109967858 Currency of fund: USD Trading currency: USD Management commission: 0.45%

Credit Suisse and Dow Jones Indexes have signed an agreement which covers the calculation, licensing, branding and marketing of the hedge fund indexes formerly known as the Credit Suisse/Tremont Hedge Fund Indexes. The joint venture between Credit Suisse and Tremont Capital Management, Inc. has been dissolved. Under this agreement, the indexes will be branded Dow Jones Credit Suisse Hedge Fund Indexes, and Dow Jones Indexes will calculate, distribute and market the indexes, while Credit Suisse affiliates will continue to manage the financial products linked to them. Credit Suisse and Dow Jones Indexes intend to keep the methodologies and rules for each of the existing indexes consistent with past practices. The Dow Jones Credit Suisse Hedge Fund Indexes are a family of hedge fund indexes which include broad market and investable indexes, all designed to track hedge fund performance. The indexes are constructed from a database of more than 5,000 hedge funds. The index family presently consists of 17 indexes. Dow Jones Indexes will discontinue its existing hedge fund indexes as of June 30.

Credit Suisse and Dow Jones Indexes have teamed up to provide the alternative management indexes previously known by the name Credit Suisse/Tremont Hedge Fund Indexes. By the agreement, the indexes will be renamed as Dow Jones Credit Suisse Hedge Fund Indexes. Credit Suisse has also dissolved its joint venture with Tremont Capital Management. Dow Jones Indexes will now calculate, distribute and market the indexes, while affiliates of Credit Suisse will continue to manage the financial products associated with them. The two parters are planning to retain the existing methdologies and rules for each index. Dow Jones Indexes, for its part, will discontinue its own hedge fund indexes from 30 June. The Dow Jones Credit Suisse Hedge Fund indexes are a family of 17 hedge fund indices which seek to replicate the performance of hedge funds. They are based on data from more than 5,000 funds.

Despite a global eocnomic context which remains uncertain, the number of millionaires and the volume of their wealth are both rising, according to the 14th edition of the World Wealth Report, published on 22 June by Merrill Lynch Global Wealth Management and Capgemini. This population once again represented 10 million people in 2009; their wealth increased 18.95 to a total of USD39trn. The most wealthy of them saw a 21.5% increase in their wealth in 2009. These figures show that the return to better economic conditions has made it possible to offset losses in 2008, and to return to 2007 levels. “The past few years were particularly marked for high net worth investors. While in 2008, the wealth of millionaires fell unprecedentedly, one year later, we are already seeing signs that it is recovering, and that in some regions, it has fully returned to the levels of wealth seen in 2007,” explains Gilles Dard, president for private management activities in France and continental Europe at Merrill Lynch. “Emerging markets continued to drive this recovery, particularly India, China, and Brazil,” says Laurence Chrétien, in charge of the World Wealth Report for France at Capgemini Consulting. “The Asia-Pacific region was the only region where macroeconomic indicators and drivers of wealth creation developed significantly in 2009.” While the increase in the number of millionaires and their wealth was generally more marked in emerging countries, most high net worth individuals continue to be concentrated in the United States, Japan and Germany, which alone account for 53.5% of this population as of 2009 (54% in 2008). In France, the number of millionaires has increased 10.8% to a total of 383,000. North America still has the largest number of millionaires, at 3.1 million, which corresponds to 31% of the world’s millionaires.

Avec la défiance accrue des investisseurs vis-à-vis de la zone euro, le marché du financement structuré s'est refermé

Le plan d'austérité présenté hier a été accueilli positivement par les économistes et le marché

Grâce au plan d'austérité présenté hier, le Trésor a réduit de 20,2 milliards de livres les ventes de Gilts pour l’exercice 2010-2011 à 165 milliards

Alfred Ganter, le président exécutif de Partners Group, a déclaré au Financial Times que l’augmentation de la concurrence dans un marché de plus en plus étroit était un gros défi pour les fonds de fonds de private equity. Pour lui, c’est la fin des acteurs uniquement spécialisés dans ce domaine. Depuis la crise, les investisseurs institutionnels ont réduit les montants qu’ils investissent dans les nouveaux fonds de private equity et nombre d’entre eux préfèrent investir en direct.

Selon l’enquête «Global Pension Asset Study 2010" réalisée par Towers Watson sur les 13 plus grands marchés mondiaux des retraites (Afrique du Sud, Allemagne, Australie, Brésil, Canada, Etats-Unis, France, Hong-Kong, Irlande, Japon, Pays-Bas, Royaume-Uni et Suisse), les actifs gérés par les fonds de pension à fin 2009 ressortaient à 23.290 milliards de dollars, ce qui correspond à un gonflement de 15,1 % par rapport à fin 2008 (où ils avaient chuté de 21 % sur fin 2007), même si ce total reste inférieur au niveau de 2007 (78 %). En proportion du PIB mondial, ces encours représentent 70 %, soit environ le niveau de 2003, contre 76 % dix ans auparavant, mais ils marquent une nette hausse sur les 58 % de fin 2008.En dollars, les actifs gérés ont augmenté sur tous les marchés couverts par l'étude. Les plus grands marchés sont les Etats-Unis (13.196 milliards de dollars), le Japon (3.152 milliards) et Hong-Kong (1.791 milliards), mais leur part au total des encours mondiaux a diminué. La France arrive onzième avec 178 milliards de dollars.L’encours des fonds de pension représente 120 % du PIB aux Pays-Bas, 113 % en Suisse et 93 % en Australie. En queue de peloton figurent l’Allemagne (12 %) et la France (6 %).Actuellement, poursuit Towers Watson, les actifs des fonds à contribution définie représentent 42 % du total, contre 40 % en 2004 et 32 % en 1999. Sur les sept plus grands marchés, l’allocation moyenne aux actions se situait fin 2009 à 54,4 % en actions, 26,9 % en obligations, 1,3 % en cash et 17,4 % en «divers» dont l’immobilier et d’autres investissements alternatifs.L'étude peut être consultée à l’adressehttp://www.towerswatson.com/assets/pdf/966/GPAS2010.pdf

Le 28 mai, Popular Gestión a lancé le fonds Eurovalor Garantizado Emergentes, un fonds garanti qui a été enregistré le 18 juin par la CNMV et qui garantit aux souscripteurs la valeur liquidative du 7 septembre 2010 à l'échéance, le 13 février 2014. En outre, les investisseurs percevront une participation à l'évolution de l’indice S&P BRIC40 Price Return correspondant à la moyenne des 41 observations mensuelles (avec un plafonnement à 1,10 % à la hausse et à 2 % à la baisse), de sorte que le rendement maximum garanti sera de 11,42 % et le taux minimum de 0 %.CaractéristiquesDénomination : Eurovalor Garantizado Emergentes FISouscription minimale initiale : 500 eurosCommission de gestion : 0,5 % jusq’au 6 septembre 2010 ; 2 % après le 6 septembre 2010Droit d’entrée : 4 %Pénalité de sortie : 4 % sauf les 04/09/12, 05/03/2013 et 03/09/2013, où elle ne sera pas appliquée

Bankinter Gestión de Activos lance du 21 juin au 30 septembre inclus une campagne durant laquelle il propose une bonification de 1 % pour tout transfert à ses fonds en provenance de ceux d’autres gestionnaires. Cette offre est valable pour tout transfert d’au moins 3.000 euros et la bonification est plafonnée à 1.500 euros, le souscripteur devant s’engager à maintenir son investissement du 30 septembre 2010 au 30 mars 2012 inclus.

Le 14 juin, la CNMV a annoncé avoir enregistré le sicav luxembourgeoise Pictet Targeted Fund ainsi que les fonds Corto Europe et Dragonfly, deux compartiments de cette sicav (lire notre dépêche du 18 juin). Cela fait suite à l’enregistrement par l’AMF en France de ces mêmes produits le 12 mai.Le Dragonfly est un fonds long/short coordonné similaire au Corto Europe (lire nos articles du 7 avril et du 1er juin) mais axé sur la Grande Chine et a priori plus directionnel que le produit européen. Il devrait faire l’objet d’une communication active à la rentrée.

L’espagnol UBS Gestión a créé le 10 juin le fonds de fonds RFMI Multigestión qui a été agréé par la CNMV le lendemain. Il figure dans la catégorie des fonds diversifiés internationaux à prédominance obligataire et peut investir jusqu'à 20 % dans des supports actions. L’objectif de gestion est de surperformer d’au moins 230 points de base l’indice espagnol des prix à la consommation, avec un volatilité inférieure à 10 % par an. Les «sous-gérants» retenus pour ce produit sont Credit Suisse Gestión, Lombard Odier Darier Hensch Gestión) (España) et BNP Paribas Asset Management Espagne.UBS Gestión impose un préavis de 10 jours pour les rachats supérieurs à 300.000 eurosCaractéristiquesDénomination : RFMI Multigestión FISouscription initiale minium : 6 eurosCommission de gestion directe : 0,4 %Commission de gestion indirecte : 2,5 %Droit d’entrée : 0,09 % jusqu'à 50 millions d’euros puis dégressivement jusqu'à 0,04 % à partir de 200.000.001 millions.

Threadneedle vient de signer un accord de distribution avec la banque italienne Banca Sara, rapporte Bluerating. En vertu de cet accord, Banca Sara Private Financial Services distribuera 30 fonds Threadneedle via son réseau de conseillers financiers.

C’est ce mardi qu’Intesa Sanpaolo va prendre une décision concernant l’introduction en Bourse de son réseau de conseillers financiers Banca Fideuram, relate Il Sole – 24 Ore.Selon les dernières indiscrétions, il est fort probable que l’opération soit reportée à une date qui reste à définir. Le problème est celui du prix : Intesa Sanpaolo porte dans ses comptes la participation de 100 % de Fideuram à hauteur de 2,5 milliards d’euros et souhaite donc valoriser la banque à 3 milliards. Mais ce prix, dans les conditions actuelles, serait trop élevé.

Evans Randall Group a vendu pour environ 134,3 millions d’euros l’immeuble de bureaux et de commerces Condor House (12.221 mètres carrés) au fonds immobilier offert au public SEB ImmoPortfolio Target Return Fund de l’allemand SEB Asset Management. C’est le 44ème actif du fonds, un produit destiné aux investisseurs institutionnels et aux particuliers haut de gamme qui possède des actifs dans douze pays.

Les actions de Jupiter Fund Management ont bondi de 15 % lundi, lors de leur premier jour de cotation, à 190 ½ pence, rapporte le Financial Times. La société de gestion avait vendu ses titres à 165 pence, soit dans le bas de la fourchette de prix préétablie, mais son offre aurait été sursouscrite 2,5 fois.

Selon Investment Week, le fonds dédié à la Chine piloté par Anthony Bolton, le Fidelity China Special Situations, a émis 11 millions de titres supllémentaires, en priorité pour assister les trackers souhaitant acheter le véhicule après son introduction, le 21 juin, au FTSE 250.Le fort courant acheteur des trackers a débouché sur une prime de 5,3% pour le fonds par rapport à son actif net.

Le gérant de biotechnologies d’Axa Framlington, Andy Smith, a quitté la société, confiant ses responsabilités à Deane Donnigan, rapporte Citywire. Cela fait suite à une réogarnisation de l'équipe actions santé de la société de gestion.

L’ancien gérant vedette de JP Morgan, Ajay Gambhir, va lancer un fonds actions long/short au format Ucits III, le RWC Europe Absolute Alpha Fund. Ajay Gambhir a rejoint RWC en 2007 et mis son talent exclusivement au service de la clientèle haut de gamme au travers d’un hedge fund dédié à l’Europe, le Samsara.C’est la première fois qu’Ajay Gambhir revient sur le retail depuis son départ de JP Morgan.Le fonds vise un rendement annualisé d’au moins 10% à 15% et comporte une commission de surperformance de 20% avec «high watermark». Le véhicule mettra en œuvre les mêmes idées d’investissement que le hedge fund qui, depuis son lancement en 2003, a dégagé des rendements annuels de plus de 13,1% contre 3,7% pour l’indice MSCI Europe Equity, avec une volatilité inférieure à 8% contre 16% pour l’indice de référence.

Selon la Tribune qui cite plusieurs sources concordantes, le fonds Apax Partners discute avec BNP Paribas en vue du rachat de BNP Paribas Personal Finance Belgique, plus connu sous le nom de Cetelem Belgique. La banque française doit céder, à la demande de la Commission européenne, sa filiale de crédit à la consommation d’ici la fin du mois de juin, note le quotidien. Plusieurs acteurs du private equity ont regardé le dossier mais ne sont pas allés plus loin. Il s’agit d’Advent, KKR, Silverfleet et TPG.