A Londres, State Street Global Advisors (SSgA) a annoncé le 22 janvier le lancement du SSgA Flexible Asset Allocation Fund et du SSgA Flexible Asset Allocation Plus Fund. Ce sont deux produits multi-classes d’actifs qui peuvent s’investir sur les actions, les obligations et des supports alternatifs comme les matières premières, l’immobilier ou les infrastructures.Ces fonds d’allocation tactique dynamique utiliseront le modèle exclusif Market Regime Indicator (MRI) de SSgA qui permet de convertir des signaux de marchés en indications sur le sentiment de marché.Les deux fonds seront gérés par l’Investment solutions group de SSgA, qui compte une bonne cinquantaine de professionnels de l’investissement répartis sur plusieurs sites dans le monde. SSgA Flexible Allocation Codes Isin : parts P : FR0011345990 parts I : FR0011363779 TFE : 0,90 % (P) 0,50 % (I) objectif : cash + 200pb SSgA Flexible Allocation Plus Codes Isin : FR0000027377 (P) FR0011368166 (I) TFE : 1,20 % (P) 0,85 % (I) objectif : cash + 400 pb FR0011368166

Le hedge fund Core Macro, créé par Cantab Capital à Cambridge, a réduit ses frais, à 0,5 % du capital investi chaque année à 10 % des gains, contre une norme de 2 % et 20 % pour le secteur, rapporte le Financial Times. Le fonds utilise les mêmes stratégies que Man Group, Winton Capital et BlueCrest. Pour le FT, les hedge funds devraient revoir leurs frais dans les années qui viennent sous la pression des investisseurs institutionnels.

Muzinich & Co a recruté le gérant dette émergente Warren Hyland à Londres, rapporte Citywire. Il vient de Schroders où il travaillait depuis 2001.

Eric Helderlé, directeur général de Carmignac Gestion, est revenu mardi 22 janvier lors d’une conférence de presse à Paris sur les projets qu’entend mener la société de gestion en 2013. A l’international, la maison devrait se doter d’une présence physique en Suisse, sous la forme d’une succursale à Zurich. Par ailleurs, le développement de la clientèle institutionnelle figure sur les tablettes de la société de la Place Vendôme qui compte en faire un axe de développement via ses fonds spécialisés. Le responsable a également rappelé que Carmignac Gestion qui emploie deux cents personnes devrait recruter vingt personnes supplémentaires au cours du premier trimestre. Eric Helderlé est également revenu en détail sur la collecte de la société de gestion et sur sa répartition. Le dirigeant s’est notamment félicité du fait que sur les 4,5 milliards d’euros de souscriptions nettes, Carmignac Patrimoine, le fonds phare de la gamme, avait représenté deux milliards d’euros, soit moins de 50 % de l’ensemble. Pour sa part, Carmignac Emerging Patrimoine a collecté en net 1,5 milliards d’euros, a-t-il également indiqué. Enfin, dernier motif de satisfaction pour Eric Helderlé : le classement Feri 2012 en matière de distribution sur l’Europe place Carmignac Gestion à la huitième place par les flux et en dixième position par les actifs gérés.

IDFC Asset Management Company, filiale de Natixis Global Asset Management (NGAM), a annoncé le 22 janvier le lancement d’IDFC India Equities Fund, un fonds d’actions toutes capitalisations placé dans Natixis International Funds (LUX) I, la sicav luxembourgeoise de droit européen de NGAM.Le fonds (14 millions de dollars d’actifs sous gestion au 31/12/2012) utilise une stratégie d’investissement à fortes convictions dans les actions toutes capitalisations qui vise à tirer profit de la croissance tendancielle à long terme de l’économie indienne. Il investira dans un portefeuille de 35 à 45 actions d’entreprises de premier plan ainsi que dans des entreprises de secteurs disposant d’un fort potentiel de croissance en Inde. Le fonds identifiera les principaux thèmes et tendances macro par une approche «top-down» associée à une sélection des titres «bottom-up».

Les actifs sous gestion de Moneta Asset Management ont dépassé fin 2012 la barre du milliard d’euros, contre moins de 800 millions d’euros à fin décembre 2011, a indiqué le 22 janvier Patrice Courty, gérant du fonds Moneta Long Short à l’occasion d’une présentation.L’effet marché a contribué pour environ 75% à cette évolution, la collecte ayant redémarré progressivement au second semestre. Patrice Courty relève que, malgré le rebond, les actifs sous gestion restent environ 10% en dessous de leur plus haut niveau atteint dans le courant de 2011 (1,15 milliard d’euros). Patrice Courty a par ailleurs souligné la bonne tenue du fonds qu’il gère, le Moneta Long Short, dont les actifs s'élèvent à environ 45 millions d’euros, et qui a dégagé sur six ans une performance moyenne de 4,5% contre 1,5% pour les quatre fonds long short français disponibles. De son point de vue, les préoccupations macroéconomiques sont moins sévères que l’an dernier, le marché moins risqué, si bien que «le stock-picking va revenir sur le devant de la scène».

En 2012, Amundi ETF a annoncé mardi 22 janvier avoir collecté en net 1,4 milliard d’euros. Les actifs sous gestion ont progressé, pour leur part, de 37 % en passant de 6,5 milliards d’euros à fin décembre 2011 à 8,9 milliards d’euros à fin 2012. Cette tendance se poursuit en ce début d’année 2013, avec le franchissement du seuil des 9 milliards d’euros sous gestion, indique un communiqué.

Le 6 décembre, La Banque Postale Asset Management (LBPAM) a lancé son FCP de droit français LBPAM Obli Crossover. Le fonds a déjà atteint 120 millions d’euros d’encours sans cannibaliser pour autant son aîné, le LBPAM Obli Crédit, dont l’encours est désormais supérieur à 400 millions d’euros, comme l’a indiqué Samir Bederr, responsable de la gestion credit et convertibles. L’OPCVM a déjà reçu un bon accueil de la part des institutionnels, des multigérants et des gestions privées, pour lesquels il constitue une diversification bienvenue dans l’univers du crédit, avec davantage de rendement et un risque maîtrisé.Le portefeuille se ventile sur au moins 50 % sur des titres libellés en euros de catégorie investissement et au maxium 50 % sur des papiers de catégorie spéculative (BB), avec une extension strictement plafonnée à 10 % pour le «single B». La notation moyenne se situe à BBB- et Vincent Cornet a bien insisté lors d’une présentation le 22 janvier sur la nécessité pour l'équipe de gestion de ne pas trop augmenter le risque en évitant les queues de distribution et de ne pas pénaliser la consommation de fonds propres des clients assujettis potentiellement à la directive Solvabilité II (ratios prudentiels ou SCR). Dans cette optique, l’allocation au triple B est plafonnée à des échéances de 5 ans, celle aux double B à trois ans. Et le gérant évite le «high yield dur», comme le précise Vincent Cornet.Pour ce fonds, LBPAM a renforcé ses capacités ses capacités en gestion «5B» ou crossover avec le recrutement d’un gérant spécialisé (Arnaud Colombel) et d’un analyste focalisé sur le haut rendement. La maison s’est créé un univers de 280 émetteurs privés pour un gisement de 650 milliards d’euros. Mais les indices de références pour les deux univers sont des produits Barclays.L’objectif consiste à surperformer de 0,50 %, net de frais de gestion, l’indicateur de référence comprenant pour 50 % le Barclays Euro Aggregate 500 MM corporate BBB 1-5 ans et pour 50 % le Barclay Euro High Yield BB 1-3 ans.CaractéristiquesDénomination : LBPAM Obli CrossoverCode Isin : FR0011350685Valeur liquidative d’origine 10.000 eurosFrais de gestion internes et externes réels : 0,50 % (part I)Souscription initiale minimum : 1 million d’eurosDurée minimale de placement conseillée : 3 ans.

Since 2011, the number of money market UCITS funds has declined steeply in the euro zone (519 over two years), partly due to their new definition under the ECB/2011/13direcgive, which is better suited to surveillance ends, the European Central Bank has announced, in parallel with the publication of statistics about Monetary Financial Institutions (MFI), of which UCITS-compliant funds are a subsector. The central bank has also observed that the contraction in the UCITS fund subsector continued in 2012, more particularly in Luxembourg (-128) and in France (-84). As of 1 January 2013, the vast majority of MFIs in the euro one consisted of credit establishments (commercial banks, savings banks, postal banks, credit cooperatives, etc.) which represent 85.5% of the total (6,019), while money market UCITS funds represent 14% (987). Central banks (18, including the ECB) and other institutions (35) represent a combined 0.2% of all MFIs in the euro zone.

Assets under management at Moneta Asset Management were over EUR1bn at the end of 2012, compared with less than EUR800m at the end of December 2011, Patrice Courty, manager of the Moneta Long Short fund announced at a conference on 22 January. Market effects accounted for about 75% of this evolution, as inflows gradually took of in second half. Courty states that despite the rebound, assets under management remain about 10% below their peaks in 2011 (EUR1.15bn). Courty also noted that the fund he manages, the Moneta Long Short, is doing well, with assets of about EUR45m, and average performance over six years of 4.5%, compared with 1.5% for four available French long/short funds. From his point of view, macroeconomic concerns are less severe than last year, and the market is less risky, meaning that “stock-picking will return to the foreground.”

On 22 January, Amundi ETF announced that in 2012 it posted net inflows of EUR1.4bn. Assets under management, for their part, rose 37%, from EUR6.5bn as of the end of December 2011, to EUR8.9bn at the end of 2012. This trend is continuing in early 2013, as assets under management have passed EUR9bn, a statement says.

The commodity ETF specialist ETF Securities is seeking a successor to Nigel Phelan, is head of sales for the Asia-Pacific region, who is leaving the firm to return to his native Australia for personal reasons, Asian Investor reports. The firm, based in London, is also planning further recruitments during the year. Assets under management at ETF Securities last year rose 17% to a total of USD28.9bn.

The firm affiliated with Legg Mason dedicated to emerging markets, Esemplia Emerging Markets, has recruited two investment specialists in London, and is planning recruitments in Hong Kong, Asian Investor reports. Steve Triantafilidis, previously of Vontobel Asset Management, is joining Esemplia as principal, in charge of investment. Michael Bourke, preivously of FPP Asset Management, is joining the firm as a portfolio manager for long-only strategies for global emerging market equities. Both will be based in London. Esemplia is also planning recruitments in Hong Kong, where the former CIO of Esemplia, Aquico Wen, is leaving the firm during the first half of 2013. As of the end of December 2012, assets under management at Esemplia totalled USD2.5bn.

The UK asset management firm Neptune has recruited Nick Webb as head of intermediated sales for central England and East Anglia, Money Marketing reports. Webb worked at Skandia until the end of 2012 as sales manager.

Pierre Andurand, co-founder of BlueGold Capital Management, has founded Andurand Capital Management, which already manages a managed acount, and will launch a fund in February, Financial News reports. His hedge fund will specialise in oil derivatives.

On 6 December, La Banque Postale Asset Management (LBPAM) launched the French-registered FCP fund LBPAM Obli Crossover, which has already passed EUR120m in assets, without cannibalising its elder sibling, LBPAM Obli Crédit, whose assets now total over EUR400m, said Samir Bederr, head of credit and convertible management. The fund has already been well-received by institutionals, multi-managers and private managers.The portfolio is at least 50% invested in securities denominated in euros rated investment grade, and up to 50% in junk (BB) bonds, with an extension limited strictly to 10% for single B-rated securities. The average rating is BBB-, and CIO Vincent Cornet insisted at a press conference on 22 January that the management team will be required not to raise risk excessively. With this in mind, allocation to triple-B rated securities is limited to 5-year maturities, while double-B securities are limited to three years.For the fund, LBPAM has increased its “5B,” or crossover, management capacities, with the recruitment of a specialist manager (Arnaud Colombel), and an analyst focused on high yield. The firm has created a universe of 280 private issuers for up to EUR650bn.The objective is to outperform a benchmark composed 50% of the Barclays Euro Aggregate 500 MM corporate BBB 1-5 year, and 50% of the Barclay Euro High Yield BB 1-3 year, by 0.50%, after management fees.CharacteristicsName: LBPAM Obli CrossoverISIN code: FR0011350685Initial net asset value: EUR10,000Real internal and external management fees: 0.50% (I share class)Minimal initial subscription: EUR1mMinimal recommended investment duration: 3 years

IDFC Asset Management Company, an affiliate of Natixis Global Asset Management (NGAM), on 22 January announced the launch of the IDFC India Equities Fund, an equity fund of all cap sizes belonging to the Natixis International Funds (LUX) I, the UCITS-compliant Luxembourg Sicav of NGAM. The fund (USD14bn in assets under management as of 31 December 2012) uses a strong conviction-based investment strategy for equities of all cap sizes, with the objective of profiting from long-term growth trends in the Indian economy. It will invest in a portfolio of 35 to 45 top calibre equities as well as business in sectors with strong potential for growth in India. The fund identifies major themes and macro trends with a top-down approach coupled with bottom-up stock-picking.

JP Morgan Asset Management has launched share classes which pay a periodical coupon (of a predefined amount in euros) for three of its products: JPM Global Strategic Fund, JPM Italy Flexible Bond Fund, and JPM Income Opportunity Fund, Bluerating reports. The coupon will be distributed on a quarterly basis.

The open-ended real estate fund WestInvest InterSelect from Deka Immobilien has resold a 16,400 square metre warehouse, office and production complex, located at Lindberghstraße 2 in Hallbergmoos (30 minutes from Munich), to a private investor. The entire area is leased to BMW.Deka Immobilien has not disclosed the sale price, but states that the fund made a gain. In addition, this allows the fund to renew its portfolio, as Lindberghstraße 2 was delivered in 1996.

Eric Helderlé, CEO of Carmignac Gestion, on Tuesday, 22 January at a press conference in Paris discussed the asset management firm’s plans for 2013. Internationally, the firm is planning to create a physical presence in Switzerland, in the form of a branch office in Zurich. Developing institutional clients is also one of the firm’s top priorities, which it is planning to make a core area of development, via its specialised funds. The head also states that Carmignac Gestion, which has 200 employees, is expected to recruit 20 more people in first quarter. Helderlé also provided detailed information about inflows to the asset management firm and their distribution. The director welcomed the news that of EUR4.5bn in net subscriptions, Carmignac Patrimoine, the flagship fund of the range, with EUR2bn, represented than 50% of the total. For its part, Carmignac Emerging Patrimoine has seen net inflows of EUR1.5bn, he also announced. Helderlé also expressed satisfaction that the Feri 2012 distribution rankings for Europe place Carmignac Gestion in eighth place for flows, and in tenth place by assets under management.

Timo Wolf, who for the past four years has been CEO of Polares Real Est Asset Management GmbH and a board member at TAG Gewerbeimmobilien AG, will on 1 March join Lloyd Fonds Real Estate Asset Management GmbH as CEO. He succeeds Hanno Weiß, who had been director of the real estate unit since 2006 and is retiring. The Hamburg-based Lloyd Fonds has 11 closed real estate funds, whose properties are all wholly leased.

The German Linde group announced in a statement to the market on 22 January that on 18 January, it received a notification from BlackRock Advisors Holdings that the US asst management firm had on 14 January fallen below the 5% threshold in the capital of Linde AG, and that its stake on that date totalled 4.996%.

Bianca Salzer, who had been institutional business director for Germany at Allianz Global Investors, is joining the distribution team at Métropole Gestion in the country as director for institutional clients. She will report directly to Markus Hampel, country head.

The Berlin-based asset management firm Laransa AG on 22 January announced the creation of Laransa Private Wealth Management GmbH, an independent wealth management firm aimed at high net worth clients with at least EUR500,000 in savings to invest.The new affiliate will aim to provide complete and personalised service according to the propensity of each client to risk. It will also assist clients with the selection of external advisers.Laransa PWM will charge 0.9% plus VAT on the average assets of the client, while all fees and kickbacks will be reimbursed or transferred to the client.

Private banks in Switzerland have continued to post inflows in recent year, but at a much more modest pace, and their profits are not what they once were, according to a survey by the agency PwC, Agefi Switzerland reports. Since 2007, earnings for private banks in Switzerland have declined sharply, largely due to a decline of an average of about 20% in assets under management from their peak in 2007 to the end of 2011. With considerably lower trading volumes and rising mistrust on the part of clients of overly complicated investment products, gross margins on assets under management are far lower (122 points in 2007, 104 in 2010 and 101 in 2011). The Swiss private banking market is increasingly under tax pressure. In this context, average income per employee has fallen 40%, from CHF656,000 in 2007 to CHF395,000 in 2011, PwC reports. A collapse in assets under management since 2007 is also a cause of negative investment performance in 2008 (-22.9%), 2010 -6.1%) and 2011 (-6.3%). Annual growth in net assets did not exceed an average of 1.4% from 2009 to 2011.

UBS is developing its Global Family Office (Gfo) activities in the Americas. GFO activities take the form of a joint venture between the Investment Bank and Wealth Management. The development strategy for GFO activities on three continents (Europe, Asia, and the Americas) has been completed, UBS announced on 22 January. UBS has GFO hubs in Zurich, Geneva, London, Hong Kong, Singapoore, Sydney and New York. GFO activities are managed in a manner similar to those serving institutional investors. Assets under management by these activities currently total USD50bn.

Peter Fanconi, former head of wealth management at Vontobel, is joining the microfinance specialist BlueOrchard as CEO, according to a statement released on 22 January by the Swiss firm. Fanconi will begin in his new role on Wednesday, 23 January. The current CEO, Wolfgang Landl, has decided to return to his advising activities. He will continue to be associated with BlueOrchard as an adviser for marketing and sales.

The cantonal bank of Zurich (ZKB) has announced that due to new challenges in fund management, administration and accounting, the board of directors at its Basel affiliate Balfidor Fonsleitung AG has been extended with the addition of Professor Peter Meier from the University of Winterthur, a specialist in collective management and real estate funds. Peter Bäumli has also been elected as a director representative of ZKB.ZKB board member Bruno Schranz will take over from 1 February as director of Balfidor Fondsleitung AG, as CEO. He will be assisted by Thomas Wiggli, who had previously managing director.Balfidor as of the end of December had assets of CHF38bn, in 96 funds and 4 ETFs. In 2007, assets under management totalled CHF15bn. Assets under administrration total CHF57bn. Balfidor has 76 employees.

BNP Paribas Real Estate has formed an alliance with the Robertson company to extend its range of services in Hungary. Robertson is one of the largest providers of real estate services in Hungary, able to assist clients throughout the territory. The new partnership includes Transaction, Consulting and Expertise in the areas of office and commercial property, a statement says.

After listing its first ETFs on the SIX Swiss Exchange in September 2012, ETF Securities on 22 January added a series of 28 new ETPs, which replicate Dow Jones UBS commodity indices. All of the new products are hedged for currency risks in Swiss francs.