P { margin-bottom: 0.08in; }A:link { } BNP Paribas Investment Partners has launched the Parvest Diversified Dynamic sub-fund of its Parvest Sicav on the Italian market, Investment Europe reports. The multi-asset class fund is managed by Andrea Mossetto. It invests in European, US, Japanese and emerging market equities. The bond allocation is concentrated on European, US and emerging market securities.

P { margin-bottom: 0.08in; }A:link { } In first half, assets under management by emerging market debt funds from ING IM fell from EUR13bn to EUR5.5bn, and US institutionals were the first to pull out, Istvan Fritsche, client portfolio manager, tells Fondsnieuws.Not all funds have been affected in the same manner by the phenomenon, which is partly due to the departure of 19 managers out of 35 (who joined Neuberger Berman): ING Patrimonial EMD Opportunities and ING Renta EM Corporate Debt Fund were virtually unaffected, but the two largest funds, ING Renta Fd EM Debt Hard Currency and ING Renta Fd EM Debt Local Currency, saw outflows of about 40%.

P { margin-bottom: 0.08in; }A:link { } The Swiss federal financial market supervisory authority (FINMA) on 17 July announced that it has signed co-operation agreements with the surveillance authorities in 28 countries of the European Union and the European Economic Area. The agreements apply to collaboration and exchange of information concerning surveillance of alternative investment fund managers. These agreements represent one of the preconditions for the management of European hedge funds to be outsourced to Swiss investment management firms, or for Swiss hedge funds to be eligible for sale to professional investors in EU member countries. The agreements will come into effect on 22 July 2013, at the same time at the alternative investment fund management directive (AIFMD).Since December last year, FINMA and the European Securities Markets Authority (ESMA) had reached an agreement on the terms of their collaboration in the area of hedge funds. To this end, ESMA, negotiating in the name of all national securities regulatory agencies in the EU and EEA, reached an agreement with Finma. Last week, that collaboration took concrete form as bilateral memoranda of unerstanding (MoU) signed between the national securities regulatory agencies in the EU and EEA, on one side, and Finma on the other (see list below).• Autoriteit Financiële Markten (Netherlands) • Central Bank of Ireland (Ireland) • Comissâo do Mercado de Valores Mobiliarios (Portugal) • Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) • Autorité des marchés financiers (France) • Autorité des services et marchés financiers (Belgium) • Comisión Nacional del Mercado de Valores (Spain) • Financial Supervisory Authority (Romania) • Commission de Surveillance du Secteur Financier (Luxembourg) • Cyprus Securities and Exchange Commission (Cyprus) • Česká národní banka (Czech Republic) • Finansinspektionen (Sweden) • Finanssivalvonta (Finland) • Finanstilsynet (Denmark) • Finansu un kapitâla tirgus komisija (Latvia) • Finanzmarktaufsichtsbehörde (Austria) • Finansinspektsioon (Estonia) • Polish Financial Supervision Authority (Poland) • Financial Conduct Authority (United Kingdom) • Financial Supervision Commission (Bulgaria) • Hellenich Capital Market Commission (Greece) • Lietuvos bankas (Lithuania) • Malta Financial Services Authority (Malta) • Narodna Banka Slovenska (Slovakia) • Pénzügyi Szervezetek Állami Felügyelete (Hungary) • Fjármálaeftirlitið (Iceland) • Finanstilsynet (Norway) • Finanzmarktaufsicht Liechtenstein (Liechtenstein)

P { margin-bottom: 0.08in; }A:link { } James Clunie has from 1 September 2013 been appointed as manager of the Jupiter Absolute Return fund (GBP482m in assets). In this position he replaces Philip Gibbs, who will be retiring in October 2014. Gibbs was previously manager of the SWIP UK Flexible Strategy Fund long/short fund. Before 2007, eh had been head of global equities at Aberdeen Asset Management.

P { margin-bottom: 0.08in; }A:link { } As an addition to its product range, Legal & General Investment Management (LGIM) is preparing to launch several funds, the first of which is expected to be an inflation-linked tracker product, the Global Inflation Linked Bond Index fund, to replicate the Barclays World Government Ex UK Inflation Linked Bonds TR Hedged GBP Index, Invstment Week reports.However, a spokesperson for LGIM states that the effective launch of new funds will depend on the outcome. The release days have not yet been announced.

P { margin-bottom: 0.08in; }A:link { } In second quarter, net profits for the global wealth & investment management (GWIM) business unit of Bank of America totalled USD758m, compared with USD720m in January-March, and USD548m in the corresponding period of last year, on assets of USD743.6bn as of the end of June, compared with USD745.3bn as of the end of March and USD667.5bn one year previously.The bank states that its GWIM division in April-June has posted record earnings, pre-tax profits, net profits and management commission revenues.The Bank of America group overall has announced net profits for second quarter of USD4.012bn, compared with USD1.483bn in first quarter, and USD2.463bn in April-June 2012.

P { margin-bottom: 0.08in; }A:link { } In its informational newsletter Gestion Info for the month of July, recently placed online, the French financial management association AFG has announced the following changes to its board of directors: Ghislaine Bailly (outgoing) and Ludovic Jacquier (incoming) - Covea FinanceAndrea Rossi (outgoing) and Jean-Louis Laforge (incoming) - AXA IM ParisDidier Deleage (outgoing) and Mattéo Pardi (incoming) - HSBC Global AM FranceChantal Lory (incoming) - LBPAM Inés de Dinechin (outgoing) and Cédric Florentin (incoming) - Lyxor AMLorenzo Gazzoletti (incoming) - Oddo AM The association has also announced that Phillimore and FRI Rhône-Alpes Gestion have joined the association.

P { margin-bottom: 0.08in; }A:link { } In Genoa, Banca Carige SpA has announced that, following an examination of final bids submitted to it for the entirety of its stake in Carige Asset Management SGR SpA (EUR4.32bn in assets as of the end of May), it has decided to open an exclusive consultation period until 9 August 2013 with Arca SGR SpA (EUR19.98bn). According to the Italian press, the other candidates for the acquisition had been Natixis, Anima and Amundi. Arca is reported to have bid EUR80m, or 1.85% of assets.

P { margin-bottom: 0.08in; }A:link { } For an undisclosed total, DekaBank, the central asset management firm for the German savings banks, will acquire both the asset management firm LBB Invest (about EUR10bn in assets) and trading activities on behalf of clients from Landesbank Berlin (LBB).Deka agrees to retain LBB Invest as an independent entity and to retain the Berlin location. Personnel from the trading activity (traders and salespersons) will be transferred from LBB to Deka.LBB and Deka are both controlled by the financial grouping of the German savings banks, which with the managing boards of the two entities determins their respective strategic orientations and their implementation.

P { margin-bottom: 0.08in; }A:link { } Roman Loebsch has been recruited by the real estate unit at Henderson Global Investors (which has EUR15bn in assets) as a senior portfolio manager in Vienna. He will report to Clemens Rumpler, head of property investment Austria, and will be largely responsible for investing the remaining capital raised by the real estate fund Warburg-Henderson Austria Fund Nr. 2.Loebsch had been responsible for commercial real estate transactions at Conwert Immobilien Invest SE. He had previously spent six years in Hamburg with HIH Global Invest, a real estate affiliate of MM Warburg.

P { margin-bottom: 0.08in; }A:link { } FIL Fondsbank (FFB), an affiliate of Fidelity Worldwide Investments in Germany, on 17 July announced that it will be taking over securities accounts management from Oppenheim Fonds Trust (OPFT) from 1 January 2014. This represents about 82,000 accounts, with a volume of EUR3.1bn. Sal. Oppenheim has been using the IT infrastructure of FFB since 2003 to administer these accounts.

P { margin-bottom: 0.08in; }A:link { } Anil Dala, who had for six years been head of solution development for the wealth management and financial advising divisions at Pershing (a boutique of the BNY Mellon group), has been appointed as market manager in the treasury services unit for Europe, the Middle East and Africa (EMEA) at BNY Mellon. He will be based in London and will report to Peter Hazou, head of EMEA Market Management, Treasury Services.He will be responsible with sales teams for developing product lines of solutions aimed at French non-banking institutions, including sales of various multi-currency compensation services from BNY Mellon and the internationalisation of a variety of products in the procurement chain sourced exclusively from BNY Mellon.

P { margin-bottom: 0.08in; }A:link { } For second quarter 2013, BNY Mellon has announced net profits of USD833m, compared with a loss of USD266m in January-March, and a profit of USD466m in April-June 2012.As of 30 June, assets under management totalled USD1.432trn, compared with USD1.429trn three months previously, and USD1.299trn one year previously. Assets under management and/or administration, for their part, represented USD26.2trn, compared with USD26.3trn as of the end of March, and USD25.2trn as of the end of first half 2012.In second quarter, long-term products received net subscriptions of USD21bn, while long-term funds saw net outflows of USD1bn. Net inflows from long-term funds profited liability-driven investments, and demand was concentrated on equity and bond funds.The increase in assets year on year is largely due to net subscriptions and positive market effects. Compared with January-March 2013 net subscriptions were cut short by a fall on bond markets.

P { margin-bottom: 0.08in; }A:link { } Marc Thatcher has been recruited as director, principal investments and advisory business at Kleinwort Benson. According to Fundweb, Thatcher had previously been managing director at Macquarie.

P { margin-bottom: 0.08in; }A:link { } Aviva Investors has divided its multi-asset class team into two, according to Investment Europe. There is now a retail team and an institutional team. The objective is to more easily respond to the various needs of each client. Multi-asset retail is led by Peter Fitzgerald, previously co-director of manager selection. The reshuffle comes following the departure of Justin Onuekwusi, previously lead manager of multi-asset funds, who left Aviva Investors at the beginning of summer for Legal & General. The institutional portion will be managed by Mirko Cardinale.

P { margin-bottom: 0.08in; }A:link { } The most recent survey by Bolsas y Mercados Españoles of ownership of Spanish equities finds that the percentage of households owning equities increasaed by 4 percentage points in 2012, to 25.1%, but that foreign funds hold a lot more shares thann Spanish funds.Overall, non-resident investors as of 31 December 2012 held approximately 39.2% of equities in publicly-traded Spanish companies. The 9,000 Spanish nd foreign investment and pension funds held EUR71.9bn in Spanish equities, of which EUR20.7bn were held by US fund, and EUR12.15bn by French funds. In other words, US funds as of the end of last year held four times more Spanish equities than their Spanish counterparts. In the case of France, it is more than double the EUR5.05bn held by Spanish funds.The largest foreign asset management firms with holdings in Spanish equities are Norges Bank investment Management (EUR6.73bn), BlackRock UK (EUR4.46bn), Lyxor (EUR3.43bn), BlackRock US (EUR2.86bn), Vanguard (EUR2.75bn) and Natixis AM (EUR2.13bn). Amundi takes tenth place, with EUR1.51bn. http://www.bolsasymercados.es/asp/doc.asp?id=esp&doc=/aspx/BME/Pren…

Cette baisse, qui prend effet au premier août, permettra aux organismes de logement social d'économiser près de 600 millions d'euros, a plaidé Pierre Moscovici.

Selon nos informations, à la suite d’un appel d’offres fermé, Apicil finalise la négociation avec Rothschild & Cie Gestion pour gérer un fonds de fonds dédié de 50 millions d’euros sur les actions de la zone d’euro. Le mandat qui porte sur un an minimum s’intègre dans le cadre de la gestion du portefeuille retraite. Russell Investments France devrait hériter du mandat stand by. Apicil devrait également retenir Allianz GI pour gérer un fonds classique (dédié) sur les actions euro, d’une durée d’un an minimum, portant sur 30 millions d’euros.

Les partisans de la poursuite d’une politique d’assouplissement quantitatif ont préféré attendre que la banque centrale clarifie sa communication sur les taux

Le patron de la Fed a rappelé que la fin du QE à la mi-2014 n'était pas du tout garantie

EuroCCP et EMCF espèrent toujours avoir terminé leur rapprochement pour lancer une nouvelle chambre actions d'ici à la fin de l'année

Le patron de la Fed a rappelé que la fin du QE à la mi-2014 n'était pas du tout garantie

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Le consortium mené par Axa Private Equity serait favori pour l’acquisition d’une part du groupe français de restauration collective après avoir relevé son offre de 250 millions d’euros le week-end dernier pour valoriser la cible à 3,7 milliards, selon Les Echos. Les concurrents CVC Capital et BC Partners auraient également relevé leur offre mais seraient distancés dans les pourparlers. Le quotidien croit savoir que les propriétaires actuels du groupe, au premier rang desquels Charterhouse et Chequers, pourraient conserver 51% du capital.

L’Organisation internationale des commissions de valeurs a accordé aux banques des marges de manœuvre dans les méthodes de calcul des benchmarks comme le Libor. L’OICV tente de mettre en œuvre des recommandations à visée internationale afin de prévenir tout conflit entre pays. Après avoir évoqué sa forte préférence pour l’utilisation de données de transactions, l’organisation a indiqué hier que «cela ne veut pas dire que la détermination de tout indice de référence doit être basée uniquement» sur ces données effectives de marché.

L’investisseur revient sous les feux de la rampe par le biais de deux dossiers. Son véhicule d’investissement Trian Fund Management aurait tout d’abord selon CNBC constitué une «très grosse part» au capital du géant américain de la chimie DuPont. Nelson Peltz a refusé de commenter lors d’une conférence financière organisée par la chaîne de télévision. L’actionnaire activiste a tout de même mis en lumière un autre dossier en estimant que PepsiCo serait bien inspiré de mettre la main sur Mondelez. A raison de 35 dollars par titre selon l’investisseur, la transaction atteindrait 62 milliards de dollars. PepsiCo, qui a précédemment indiqué ne pas rechercher d’opérations majeures, ferait face à un «carrefour stratégique» et tout statu quo est «intenable». Faute de se lancer dans l’aventure, le groupe devrait selon l’actionnaire scinder ses activités de confiserie et de boissons.

Le promoteur immobilier italien Risanamento met en vente selon Le Figaro un portefeuille d’immeubles pour l’essentiel situés dans le Triangle d’or parisien et dont la valeur pourrait atteindre un milliard d’euros. La vente, sous la houlette de la banque Leonardo, a de quoi selon le quotidien «intéresser beaucoup d’acheteurs» comme des fonds souverains ou des compagnies d’assurance.

L’action de Charles Schwab Corp a perdu 3,3 % mardi à 21 dollars sur l’annonce que le bénéfice du deuxième trimestre a baissé à 256 millions de dollars contre 275 millions un an plus tôt, même si le résultat d’avril-juin 2012 comportait une recette exceptionnelle de 70 millions de dollars liée à l’issue favorable d’un contentieux avec un vendeur. Cela dit, même à 21 dollars, l’action Schwab est encore en hausse de 46 % par rapport au début de l’année, souligne The Wall Street Journal.Hors élément exceptionnel, le bénéfice net a augmenté de 11 %, mais le marché s’est focalisé sur le bénéfice par action (18 cents), qui s’est avéré inférieur d’un cent à la moyenne des attentes. De plus, Charles Schwab n’a pas réalisé d’économies sur ses dépenses, notamment les rémunérations, et les charges demeurent supérieures à l’objectif fixé pour 2013.

Au 30 juin, l’encours géré par Goldman Sachs se situait à 849 milliards de dollars contre 860 milliards fin mars et 839 milliards un an auparavant tandis que le volume des actifs «sous surveillance» (under supervision) ressortait à 955 milliards contre 968 milliards trois mois plus tôt et 916 milliards fin juin 2012.La baisse des actifs sous surveillance de 4 milliards pour les produits de long terme provient essentiellement d’un effet de marché négatif de 11 milliards notamment dans l’obligataire, qui a été partiellement compensé par des souscriptions nettes de 7 milliards de dollars. L’encours sous surveillance dans le domaine monétaire a baissé de 9 milliards de dollars. Entre actifs de long terme et monétaire, la baisse des encours sous surveillance a totalisé 13 milliards.Le bénéfice net du groupe Goldman Sachs est ressorti pour le deuxième trimestre 2013 à 1.931 millions de dollars contre 2.260 millions pour janvier-mars et 962 millions pour la période correspondante de l’an dernier. Sur les six premiers mois de cette année, Goldman Sachs déclare un bénéfice net de 4.191 millions de dollars soit 36 % que les 3.071 millions enregistrés pour janvier-juin 2012.

Le gestionnaire australien AMP Capital et l’assureur chinois China Life prévoient la création d’une joint venture, baptisée China Life AMP Fund Company. Soumise à autorisation réglementaire, cette dernière devrait voir le jour avant la fin de l’année, selon Asian Investor. Elle permettra à AMP d’offrir ses produits aux clients de l’assureur, qui bénéfice d’un réseau dense et différents de celui des banques chinoises.