Cela se concrétise par la prise en charge de la thématique développement durable par Sophie Fiszman, directeur général délégué.

Deux gérants sont en cours de recrutement.

BNP Paribas Factor, société d"affacturage et filiale du groupe BNP Paribas spécialisée dans la gestion du poste clients annonce avoir obtenu la certification ISO 14001 pour ses activités et ses trois sites d"exploitation. Elle «démontre l"engagement de BNP Paribas Factor pour la maîtrise des effets de son activité sur l"environnement et reconnaît sa démarche pour en réduire les impacts via des actions de réduction de consommation de papier et de consommables, de maîtrise de CO2 rejeté dans l"air au travers d"une politique de transports et de communication adaptée, et de valorisation de ses déchets», précise le communiqué.

Le Groupe Banque Populaire annonce le lancement de FructiZen 2, fonds commun de placement à capital garanti à l"échéance. La durée de placement est de 6 ans et 11 jours. L’objectif de gestion est d"offrir au porteur à l"échéance de la formule 100 % de la valeur liquidative de référence, majorée de 50% de la performance moyenne finale de l"indice. L"investisseur est assuré de récupérer le montant de son investissement initial, s"il conserve ses parts jusqu"à l"échéance. Fructizen 2 peut être souscrit jusqu’au au 27 août 2009. Jusqu'à cette date, la commission de souscription maximale s'élève à 2,5 %. Les frais de gestion annuels facturés sont de 2 % TTC, la commission de rachat est nulle à l"échéance de la formule.

La London Investment Banking Association (Liba), un groupement de banques créé après la première guerre mondiale, va fusionner avec la partie européenne de la Securities and Financial Markets Association (Sifma), association basée aux Etats-Unis et représentant 650 banques, courtiers et gestionnaires d"actifs, selon le Financial Times.

La publication le 30 avril du rapport annuel de la Banque Fédérative du Crédit Mutuel (BFCM) confirme, selon l"Agefi, que le groupe porte une quantité non négligeable d’actifs illiquides et risqués. Le Crédit Mutuel, qui a été l’une des banques françaises les plus affectées par la faillite de Lehman Brothers, a d’ailleurs profité de l’assouplissement des normes comptables pour en transférer 18,8 milliards d’euros dès le 1er juillet 2008 vers ses portefeuilles de prêts et d’actifs disponibles à la vente, l"objectif étant d"éviter des dépréciations. Au deuxième semestre 2008, la valeur de marché de ces titres a baissé de 969 millions d"euros.

Selon l"Agefi, des investisseurs italiens s’apprêtent à demander réparation à la filiale transalpine de la banque française. Ils s"estiment lésés en raison de la fermeture du fonds immobilier, Crescita, prévu le 30 juin prochain. BNP Paribas conteste ces accusations, qui n’en égratigent pas moins son image en Italie.

Thierry Aulagnon, qui dirige la banque d"investissement et des entreprises de la Société Générale (SG CIB), compte que les banques et les Etats asiatiques vont vouloir acquérir des entreprises en Europe, en Afrique et au Proche-Orient. Ils auront donc besoin de l"aide de banque d"investissement et c"est pourquoi Thierry Aulagnon veut développer la banque d"investissement de la SG en Asie, souligne le Handelsblatt. La crise est une aubaine : les banques d"investissement américaines et européennes sont disparues ou ont été nationalisées, et leurs nouveaux propriétaires ne veulent pas prendre de risques à l"étranger. C"est dans cette brèche que la SG veut s"insinuer.

La Sicav Oyster Funds de la banque suisse Syz & Co devrait compter prochainement deux compartiments supplémentaires, un fonds d’obligations convertibles confié à Advent Capital Management et un fonds de performance absolue utilisant une stratégie déjà mise en ?uvre pour les clients institutionnels de Syz, rapporte Das Investment.

Constellation Growth Capital, l"ex-groupe de capital investissement de Bear Stearns spécialisé sur les medias, la communication et les technologies liées à ces secteurs, a rejoint Highbridge Capital Management, la société de hedge funds contrôlée par JPMorgan Chase, rapporte le Financial Times. Cela s"inscrit dans le cadre des efforts de Highbridge de bâtir une activité de gestion d"actifs diversifiée, aux côtés de ses investissements alternatifs.

Dans une lettre à ses investisseurs obtenue par le Financial Times, TPG dévoile qu"il a envisagé 140 LBO ces mois derniers, et n"en a accepté aucun, illustrant le fait que cette structure d"investissement est utile à certains moments du cycle mais pas à d"autres. «Lorsque la dette est mal évaluée et bon marché, comme c"était le cas avant 2008, cela a du sens de remplacer les actions par de la dette (?). Aujourd"hui, cela fait sens de remplacer la dette par des actions, ce qui conduit à des restructurations et des recapitalisations», peut-on lire dans la lettre.

Après 603 millions de perte au T4 de 2008, Erste Group affiche pour janvier mars un bénéfice net de ? 232 millions, ce qui est supérieur aux attentes des analystes ( 172 millions en moyenne), rapporte la Börsen-Zeitung. A l’exception de celle d’Ukraine, les filiales dans les huit pays où la banque autrichienne est présente ont affiché des résultats positifs. Les provisions pour risques ont plus que doublé à 370 millions d’euros et les moins-values sur le portefeuille de ? 54,8 milliards d’ABS et CDO ont fait baisser le bénéfice de 26,5 % en glissement annuel.

After pre-tax profits on its ongoing activities of GBP1.4m in 2007, Integrated Asset Management, which has recently sold its 51% stake in Altigefi to Sal. Oppenheim France (see separate article), has posted losses for last year of GBP2.3m. Its assets as of the end of December totalled USD1.21bn, compared with USD2.89bn.

Mary Schapiro, chairman of the SEC, has announced that the regulator is investigating target-date funds to ensure that they provide accurate information about their asset allocation. The Wall Street Journal reports that Schapiro finds it troubling that the 31 funds with maturity dates in 2010 have lost an average of 25%.

The French market regulator, the Autorité des marchés financiers (AMF), has handed down a fine of EUR1m to Ulf Werner, director of the Swiss firm Center-Tainment, for distributing ?imprecise and misleading? information in November 2006, when his firm launched a hostile takeover bid for Euro Disney. The sanctions committee described the ?extraordinarily serious? crimes committed by Werner, who used ?a carefully orchestrated and staged? scheme to generate ?considerable illegitimate gains.?

The Frankfurt-based management firm Fundmatrix has announced that it has signed an agreement with the Swiss management firm Exchequer Capital to sell its products in Switzerland and Germany; it will also provide customer assistance.Initially, Fundmatrix will distribute a fund of hedge funds invested solely in global macro funds, and a trading fund, advised by 3Oaks Capital. In both cases, the products are Luxembourg-registered funds aimed at institutional investors. Exchequer Capital is planning to launch a fund of hedge funds this year which will invest in products from top traders in the commodities sector, as well as a Gulf distressed Real Estate Fund and a managed accounts platform, Exchequer Managed Accounts SPC.

The Global Asset Management business unit of UBS has posted a loss for first quarter of CHF59m, compared with profits of CHF236m, largely due to a goodwill overvalue of CHF191m related to the sale of UBS Pactual. Operating revenues increased to CHF502m, compared with CHF478m, largely due to an increase in performance commissions and a decline in operating losses.Net outflows from the Global Asset Management unit fell to CHF7.7bn from CHF27.6bn. Net outflows of new investments from institutionals fell from CHF16.7bn to CHF1.1bn. Excluding flows related to money market investments, capital outflows were down from CHF22.7bn to CHF9.2bn. Net outflows in the Wholesale Intermediary segment fell from CHF10.9bn to CHF6.6bn. Excluding flows related to money market investments, capital outflows from Wholesale Intermediary fell from CHF16.6bn to CHF8.7bn.

Luis Puertas Jiménez is leaving his job in the sales service at Bloomberg in London to join ETF Securities as head for Spain, Portugal and Andorra, Funds People reports.

It is unlikely that investment in equities will mobilise French insurers, La Tribune predicts. From a 20% exposure to equities, Groupama will lower its exposure to between 5% and 7%, says Helman le Pas de Sécheval, CFO, and the 2% of assets invested in private equity will be reduced to 0. At Axa, exposure to equities has already been reduced, and exposure to private equity will be maintained at its current levels, says Henri de Castries, chairman of the board at Axa. French insurers are also seeking to incorporate measures to comply with the European prudential regulations included in the Solvency 2 legislation.

It is unlikely that investment in equities will mobilise French insurers, La Tribune predicts. From a 20% exposure to equities, Groupama will lower its exposure to between 5% and 7%, says Helman le Pas de Sécheval, CFO, and the 2% of assets invested in private equity will be reduced to 0. At Axa, exposure to equities has already been reduced, and exposure to private equity will be maintained at its current levels, says Henri de Castries, chairman of the board at Axa. French insurers are also seeking to incorporate measures to comply with the European prudential regulations included in the Solvabilité 2 legislation.

As Newsmanagers reported in March, the Belgian asset management firm Petercam is planning to found a management firm in Paris. The operation has begun, and will be completed by the end of this summer.The Belgian group has been ?commercially? present in France since 2004. It sells its funds in the country through the efforts of Ives Hup, sales and account manager, who is based in Brussels, but often on the road in France. French clients now represent as much as EUR2bn in assets, or slightly more than 10% of total assets, making France one of the most promising markets for the Belgian group. The decision to open a physical location in Paris is primarily due to the group’s desire to develop its presence among French institutional investors, who are increasingly seeking dedicated funds to manage their assets. These products must be registered in France. It is certainly possible to outsource such projects to intermediaries, but this solution is costly and complicated. Another practical advantage of having a physical location in France is that it lets Petercam show its attachment to the French market. This will also give the firm an opportunity to develop its management of new asset classes, particularly those which French investors are showing demand for. The creation of an asset management firm requires the presence of managers, clearly. Petercam will therefore take the opportunity to recruit two professionals in France specialised in professions which the firm does not practice at present: bonds and convertibles. The recruitment process is underway for these two managers. Once the firm has been launched, a product will be placed on the market, with assets housed in products which Petercam already offered, which will come from different funds. It has not been ruled out, if the project is successful, to launch other products in France, which would be managed in the country. These might include a enhenced money market fund or a tactical asset allocation fund.

The board of directors at SG Private Banking (Switzerland) has approved the appointment of the firm’s vice-chairman, Daniel Truchi, as chairman. It has also approved the appointment of two new directors, Jean-Pierre Jacquemoud and Yves Thieffry, to replace Truchi and Philippe Setton.The appointments follow the acquisition by the Société Générale group last year of minority stakes owned by the directors of the Groupe René de Picciotto/Philippe Setton in the capital of SG Private Banking (Switzerland).

Constellation Growth Capital, the former private equity group from Bear Stearns specialised in media, communications and technologies related to these sectors, has joined Highbridge Capital Management, a hedge fund firm controlled by JPMorgan Chase, the Financial Times reports. The move comes as Highbridge attempts to construct a diversified asset management activity alongside its alternative investments.

In a letter to its investors which has been obtained by the Financial Times, TPG has revealed that it had planned 140 LBO operations in the past few months, but that it has not achieved any, illustrating the fact that this type of financial operation is used at certain points in the cycle but not at others. ?When debt is poorly valued and inexpensive, as it was before 2008, it makes sense to replace equities with debt. ? Now, it makes sense to replace debt with equities, which leads to restructuring and recapitalisations,? the letter says.

OFI AM, which signed the UN Principles for Responsible Investment (UN-PRI) last year, followed by its affiliate OFI Private Equity, is now making its sustainable development activities a key aspect of the brand, both for its products and internally. As part of this initiative, responsibility for sustainable development themed operations is being granted to Sophie Fiszman, deputy CEO, both at OFI AM and its affiliates, Sicavs, and management mandates. She will retain her responsibilities as manager of the OFI Core Energy fund, which invests in international large and midcaps related to the theme of the increasing scarcity of fossil fuels. A logical consequence of this move is that the director of multi-management, Jean-Lousi Mercadal, will replace Fiszman as CIO. He becomes deputy CEO, and will take over management of OFI AM, while retaining responsibility for the traditional multi-management unit, with the support of Éric Bouffort as deputy director. Bouffort has been deputy CEO of the OFI group since January 2007, and will support Mercadal, who will be increasingly absorbed by his functions as director of management.

Next year, says François Carlotti, chairman of the board since September 2008, Sal. Oppenheim France will move into wealth management with at least five people, who will be recruited by the end of 2009. In the near future, the new affiliate of Sal. Oppenheim (25 people) will position itself on the French market, developing a management centre with areas of expertise to complement those of the group, and distributing this expertise commercially along with a selection of other management products and services from the group, and extending sales of management solutions to other countries in Europe. Initially (beginning in third quarter), this will extend to Switzerland and Italy. A dedicated team of four people will be involved in this extension.In other words, the business model in France will be based on the deployment already prevalent in the German-speaking countries (Germany, Austria, Switzerland and Luxembourg), since, for its part, Sal. Oppenheim Jr. & Cie, the investment bank of the group, is already present in Paris, under the direction of Jefferson Count of Zeil, and has been active for slightly under two years (see Newsmanagers of 6 September 2007).

BNY Mellon Asset Servicing reports that in first quarter 2009, asset managers outperformed their benchmark indexes, and lost less than the FTSE All World Index, which fell by 10.2%. Asset managers lost an average of 9.2%, before fees.The last time managers as a whole outperformed the index was in fourth quarter 2006, the Wall Street Journal reports, when they earned an average of 4.4%, while the benchmark gained 4.1%.

Global real estate private equity funds have raised more than USD211bn in the past five years, though most of these funds were launched at the peak of the cycle in 2007, and will now have to write down the value of their investments, the Financial Times reports. According to a study by Private Equity Real Estate, two firms dominate the market: Blackstone and Morgan Stanley Real Estate, which have raised USD25.6bn and USD20.15bn, respectively, in the past five years.

Credit Suisse has announced that its Luxembourg-registered Asian funds CS Bond Fund (Lux) Asia, CS Equity Fund (Lux) Asian Tigers, CS Equity Fund (Lux) Asian Property, CS Equity Fund (Lux) Greater China et CS Equity Fund (Lux) Japan Megatrend have been transferred to Aberdeen Asset Management (AAM), as part of a sale of the Global Investors division to the British management firm. The Asia-Pacific products represented assets as of the end of March of about USD7.1bn, and Credit Suisse has received in exchange nearly 32.53 million ordinary shares in AAM. The conclusion of the sale will take place as planned at the end of June.

Privalto UK, an affiliate of BNP Paribas, has announced the launch of the Privalto Millenium Tracker Fund, which replicates the performance of the BNP Paribas Millenium 10 Europe Series 3 (Sterling Hedged) Total Return index. The index is composed of liquid shares including US, European and Asian equities, as well as commodities, real estate, and foreign currencies, Hedge Week reports.