Pimco has approached the data provider Lipper to request that its inflow figures be published separately from those of its sister company Allianz Global Investors, and the request has been accepted, an article from Ignites republished in the Financial Times reports. The two firms together were ranked seventh in the list of asset management firms with the highest sales in Europe in 2011. Pimco, treated separately, would have been fourth. Together, Pimco/AGI show net subscriptions of EUR3.5bn in 2011. But that conceals a contrasted reality: EUR9.8bn in net inflows for Pimco, and net outflows of EUR6bn for AGI.

The equity funds DWS Top Dividende and DWS Invest Top Dividend have now topped EUR10bn in assets, which represents about one third of assets under management in “dividend” funds in Europe, the affiliate of Deutsche Bank has announced, adding that the two products have attracted over EUR2bn since the beginning of the year.Overall, assets in all DWS dividend funds are now over EUR12bn.

The Belgian Financial Services and Markets Authority (FSMA) has issued a warning in relation to the activities of BP Holdings, a firm which claims to offer investment services. “BP Holdings only has a license as an investment business in Belgium. It is thus not authorised to provide investment services in Belgium or from Belgian territory,” the FSMA states.The FSMA recommends against responding to any offers of financial services from BP Holdings, or making any payments to any bank accounts identified by this firm.BP Holdings claims to be based in Spain, at 28042 Madrid, BP Business Center, Calle de Jerez de los Caballeros, and in Hong Kong, at 16/F Miramar Tower, 132 Nathan Road, Tsim Sha, Tsui, Kowloon.The authority states that the warning does not relate to BP plc.

After Oddo AM and Alliance Bernstein, Aberdeen AM has become the next to launch a custom fund for Banca Generali, the Italian website Bluerating reports. The product, entitled Emerging Markets Bond & Currency Opportunity, invests in emerging market funds from the Aberdeen range, either in strong currencies, local currencies, or invested in corporate bonds. It will be a sub-fund of the Luxembourg Sicav from Banca Generali, BG Selection.

On the basis of figures released by 2,999 hedge funds, total assets in the sector as of the end of August came to USD1.7trn, a level 28.7% lower than their peak of USD2.4trn in June 2008. They have also fallen compared with USD1.87trn as of the end of July, BarclayHedge and TrimTabs report.However, in August, funds have posted net subscriptions of USD5.1bn, compared with net outflows of USD9.2bn in July, putting net redemptions in the first eight months of the year at USD13.2bn, or 2% of assets.In addition, BarclayHedge reports, average performance was limited to 4.8% in January-August, while the S&P 500 index showed gains of 10.1%.

Stephen Lee has been appointed as sales director for the United Kingdom at Investec, IPE.com reports. He joins from UBS Global Asset Management, where he was head of British institutional development.

Assets under management at the AIM-listed asset management firm Polar Capital as of the end of September totalled USD5.30bn, up 4.3% compared with the end of March 2012, and 34.5% year on year, according to the most recent quarterly report from Polar Capital. In the first half of its 2012-2013 fiscal year to the end of March, net inflows totalled USD405m, of which USD371m were for long-only funds, and USD34m for hedge funds, partly offset by negative market effects of USD186m.

Old Mutual Wealth has announced 200 layoffs, at a time when the firm is in the process of merging its activities with Skandia, Investment Week reports. As a part of the move, Nick Dixon, director of marketing, and Andy Davies, director fo sales at Skandia UK, will be leaving the firm with immediate effect. Michelle Andrews has been appointed as the new director of marketing, and will report to Hylton Donelly, director of sales at Old Mutual Wealth. Steve Powell will remain as director for sales, and will report to Peter Mann, managing director.

Assets under administration and management at Hargreaes Lansdown rose by GBP2.2bn in the quarter to 30 September, to total GBP28.5bn, the firm announced on 12 October.

Former GLG shareholders Pierre Lagrange, Emmanuel Roman and Noam Gottesman, former shareholders in GLG Partners, have undergone a virtual loss of USD220m, two years after their firm was acquired by Man Group, the Financial Times reports. From Monday, the three men, who traded in their stakes in GLG for Man shares in October 2010, will be able to sell off one third of their shares if they so desire. Since the merger two years ago, Man shares have fallen from 264 pence per share to 90 pence on Friday. Lagrange and Roman are not planning to sell shares, according to sources familiar with the matter cited by the FT. Gottesman could not be reached for comment.

Philippe Oddo, managing partner at the eponymous firm, discusses a variety of subjects with Newsmanagers which are directly related to his business today. In addition to its financial health, he talks about its partnership with La Banque Postale, which, despite its announced end, will, says Oddo, have been an occasion for the firm to do remarkable work. The head also takes the occasion to detail the firm's international strategy and to give a satisfactory report on the firm's asset management activities.

The Spanish telecommunications giant Telefonica, which is pursuing a debt-reduction strategy, on 12 October announced the sale of its after-sales service activity Atento to the US fund Bain Capital for EUR1.039bn.Telefonica has “signed a final agreement with businesses controlled by Bain Capital to sell its customer relations operation Atento,” the Spanish market authority CNMV announced in a statement.Atento has 152,000 employees in over 15 countries, and earned EUR1.8bn in 2011, with a net debt of EUR175m as of the end of June 2012.

The board of the Association of Investment Companies (AIC) has elected Andrew Bell to be the new Chairman succeeding Sarah Bates. He will take up his new role as Chairman of the AIC from 24 January following the completion of Sarah Bates’ two years in office.Andrew Bell has been a director of the AIC since 2006, and a deputy chairman since 2011. He has been the chief executive of Witan Investment Trust plc since early 2010, and is a non-executive director of Henderson High Income Trust plc. The Association of Investment Companies was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed ended investment companies, incorporating investment trusts and other closed ended investment companies and VCTs.

Michael Clark, manager of the FF European Dividend fund, the Fidelity MoneyBuilder Dividend fund and the Fidelity Enhanced Income fund, is currently working on the pilot of a future “enhanced” dividend fund, Fundweb reports. It will be a version which will include the investment ideas of the FF European Dividend fund, and will use covered call writing.

Henderson Global Investors will be closing the Luxembourg-registered fund Henderson Gartmore US Opportunities fund as part of an overhaul of its fund range, Fund Web reports. The fund, with USD12.7m in assets, is part of the Gartmore range. It is managed by Brandon Geisler at Marsico Capital.

Senrigan Capital, a hedge fund specialised in Asia supported by the Blackstone group, has decided to withdraw five investments from its portfolio to place them in a dedicated vehicle (a “special purpose vehicle,” or SPV) – professionals refer to these as “side pockets” – after heavy losses since the beginning of the year, the news agency Reuters reports.Assets at Senrigan, which totalled about USD1bn last year, have been halved, while performance since the beginning of the year has been some of the worst in its regional hedge fund category. The fund has lost about 15% in the first nine months of the year, which has driven investors to withdraw from the fund.Senrigan, launched in 2009 with initial capital of USD150m from Blackstone, was one of the few hedge funds specialised in Asia whose assets were over USD1bn. The event-driven hedge fund had already lost 8.6% in 2011, which completely wiped out its gains in 2010 (5.85%).

The Alternative Investment Management Association (AIMA), the global hedge fund association, has announced the launch of a Middle East initiative. AIMA is seeking to create a network for managers and service providers in the Middle East that can give the local industry a voice in terms of engaging with investors and its relations with policymakers and regulators. The initiative will be spearheaded by former AIMA Chairman and current AIMA EMEA Regional Advisory Council member Sohail Jaffer of FWU Group, who is based in Dubai. The focus of AIMA’s Middle East initiative will be investor engagement given the increasing interest in hedge funds from the region’s investors, including sovereign wealth funds, family offices and private clients. A series of educational and networking events are planned in the region, with the first one likely to take place next month. An initial AIMA Middle East group meeting has been held in Dubai. “The Middle East is a strategically significant region for the global hedge fund industry,” said Andrew Baker, AIMA’s CEO.

As of the end of September, assets in Spanish funds totalled EUR127.981bn, according to VDOS. These assets have thus fallen by more than EUR5bn since the end of 2011, as positive market effects of EUR3.519bn since the beginning of the year were more than offset by net redemptions of EUR8.468bn, Funds People reports.The rankings for the top asset management firms remain unchanged, with a market share of 17.25% for Santander, 15.09% for BBVA, and 13.29% for La Caixa.

The asset management unit at the JP Morgan group in third quarter earned net profits of USD443m, up 13% compared with the previous quarter, and 15% compared with third quarter 2011, according to figures released by the group on 12 October. Net banking proceeds totalled USD2.5bn, up 6% year on year, including USD1.4bn for private banking (+5%), USD563m for institutional management (+18%), and USD531m for retail (-2%). Assets under management as of the end of September totalled USD1.4trn, up by USD127bn or 10% compared with the previous year, due to market effects and inflows to long-term products. Net inflows for the quarter totalled USD4bn, while long-term subscriptions (USD21bn) offset redemptions from short-term vehicles (USD17bn). Over twelve months, total net inflows totalled USD43bn. The group has reported record profits for the quarter of USD5.7bn, up 34% year on year.

The Banque de Gestion Privée Indosuez (BGPI), an affiliate of Crédit Agricole, is changing its name to CA Indosuez Private Banking, and hopes to become “the leader in wealth management in France,” according to a statement released on 12 October. The new name is now being used for the bank’s development service for high net worth individuals in France. The choice of the new name represents the membership of CA Indosuez Private Banking in an international network of private banks. The identity also expresses the new vitality which the bank is hoping to introduce to its development, the statement says. With over EUR22bn in assets under management as of 31 December 2011, CA Indosuez Private Banknig is one of the largest French private banks dedicated exclusively to wealth management for multiple clients (entrepreneurs, senior management, large families, charities and foundations). An advertising campaign dedicated to the launch of the brand kicked off on 12 October. The website of the bank is now available at the address http://www.ca-indosuez.fr/.

As of 30 September, Tikehau Investment Management, an asset management firm specialised in debt markets, has posted assets of EUR1.2bn, up 65% since the beginning of the year. This increase benefited from market effects and net subscriptions of EUR450m in the period under review, which primarily benefited the Tikehau Credit Plus and TK Rendement 2016 funds. Institutional clients represented 50% of inflows, as the asset management firm has won a number of private debt management mandates for French institutionals.Due to the success of these target-date funds, Tikehau IM is now considering creating more horizon funds, on the same model as TK Rendement 2016, the asset management firm tells Newsmanagers.

In third quarter, profits for the Wealth, Brokerage & Retirement division of Wells Fargo have posted net profits of USD338m, compared with USD343m in April-June, and USD290m in the corresponding period of last year.Assets for wealth management clients as of the end of the period totalled USD199bn, which represents an increase year on year of 4%. Total net profits for Wells Fargo totalled USD4.98bn in July-September, compared with USD4.6bn in the previous quarter, and USD4.1bn in July-September 2011. In the first nine months of the year, net profits for the group totalled USD13.8bn, compared with USD11.8bn for January-September last year.

The asset management unit of the Swedish bank SEB has registered four sub-funds of its Luxembourg Sicav with the Autorité des marchés financiers (AMF) in France. The products have a more or less pronounced Scandinavian bias in common. The first fund is the most emblematic from the asset management firm. The SEB Nordic Focus is a best ideas fund of Nordic equities. The product is made of five portfolios of five holdings, entrusted to five managers, each of whom represents a different area: Swedish large caps, Swedish small and midcaps, Norwegian equities, Danish equities and Finnish equities. The fund is managed by Caroline Forsberg in Stockholm, who weighs the assets in the final portfolio depending on opportunities and risks. The fund was launched in 2007, and has assets of EUR60m. “This is a concentration of SEB’s asset management,” says Laurent Farcy-Briant, head of sales for France and French-speaking Switzerland at SEB Asset Management. Another highly Scandinavian fund which has been registered in France is the SEB Nordic Small Cap, a Nordic small caps product managed in Stockholm by Per Trygg. The fund, launched in 2009, has about EUR40m in assets under management. These two funds come as a complement to the SEB Nordic fund, which is already licensed for sale in France, and which is invested in Nordic equities whatever the size. The third fund released on the French market is the SEB Danish Mortgage Bond, a fund of Danish mortgage-backed securities. The EUR140m product is managed in Copenhagen by a team with EUR9bn in assets under management (and particularly Lars Juelskaer). “The Danish mortgage-backed securities market is the second-largest in Europe, with EUR326bn as of 31 May 2012, as virtually all real estate in Denmark is financed through the issuance of these securities,” Farcy-Briant explains. He adds that this is a niche area, but that it is currently highly attractive to investors seeking quality bonds. The last new release, the SEB Corporate Bond Fund EUR, is undoubtedly the most traditional: it is a fund of investment grade-rated corporate bonds denominated in euros. The EUR400m fund, managed in Stockholm by Thomas Kristiansson, is now 25% invested in Nordic bonds, compared with less than 7% for the benchmark index. But this overweight, which has historically worked well, will not be permanent, and may be discontinued when the time comes, says Farcy-Briant. With these four new funds, SEB now has a range of nine funds on sale on the French market, with a strong Nordic identity. But the firm is not planning to stop there, and will be launching one or two more by the end of the year, and others in 2013.

After five years at DB Advisors (Deutsche Bank), in the fiduciary management/pensions division, Christian Storck on 1 October joined Frankfurt Trust (an affiliate of BHF-Bank, Deutsche Bank group), as director of the corporations, public institutions and retirement solutions department in the institutional unit. The unit has posted net inflows of about EUR200m since the beginning of the year, and has about EUR8.5bn in assets under management.

The US hedge fund management firm Caxton Associates LP is planning to reduce the management commission for its USD7.5bn hedge fund from 3% to 2.6%, and to cut the performance fee to 2.75% from 3%, the Wall Street Journal reports.The move is a sign that even the oldest management firms are having to give in to pressure from investors in an environment of lackluster performance and low interest rates. Even after these cuts, Caxton will remain more expensive than other hedge funds which apply the 2%/20% formula.Since the beginning of this year, Caxton has lost 3%, while other macro hedge funds have gained an average of 0.6%.

The French asset management boutique Exane Asset Management has recruited Ingrid Allemand, an analyst specialised in the telecommunications sector, to strengthen its research capacities for its long/short equity fund, Exane 1-Archimedes Fund. The fund, with assets under management of about EUR820m, has an exposure of less than 5% to the telecommunications sector.

Lionel Paquin, head of the managed accounts platform at Lyxor Asset Management, is confident. “In first half, assets under management on our managed accounts platform rose 1%, to USD11.2bn, while the sector as a whole lost 1%,” Paquin says.This positive trend is continuing in second half. “The market is resilient and even growing in our perimeter,” Paquin says, adding that about 55% of clients are institutional investors, and 45% private banks, family offices and funds of funds, mostly in Europe, but also with growing interest on the part of Asian and North American investors.Lyxor esimates that it has reached critical mass, and has achieved a certain legitimacy. “Our unique characteristics are our strength. Our platform is probably one of the largest in terms of size, and is 14 years old. In other words, we have critical mass and we have the legitimacy which is granted to institutions which have survived several crises,” sas Paquin. Another strength is that “we are an asset management firm which resonates culturally with our institutional clients.”Last but not least, “we rely on open architecture with eleven prime brokers, 20 counterparties and three administrator. And in these relationships, size gives us considerable negotiating power,” Paquin adds.Access to a managed accounts platform has its cost, of course. “The cost structure for a managed accounts platform is similar to the structure for a corresponding hedge fund (for example, fees of 1.5%/20%), with an additional charge for our service. Like managers, we value the size and engagement of our investors for the long term. These fees are generally discounted on larger volumes, and are never over 70 basis points,” Paquin says.

There has been another defection from VP Bank. According to Asian Investor, the CEO for Asia, Ian Pollock, has tendered his resignation. He joined VP Bank earlier this year to develop the group’s activities. Seven recently-recruited client service representatives have also resigned.VP Bank has also announced that Pollock will not be replaced, but denies that it is pulling out of the region, and has reaffirmed its desire to develop its wealth management activities in Asia.

The funds from Vega AM will be taken over by Arca Sgr, Bluerating reports. The deal was completed in the past few days, following the announcement of an agreement on 26 April this year.

Since the beginning of this year, the Italian independent asset management firm Azimut has posted net inflows for asset management of over EUR1.1bn. In September, the firm had inflows of EUR51m, including more than EUR70m for sub-funds of the Luxembourg-registered AZ Fund 1 and AZ Fund Multi Asset. Also in September, Azimut launched six sub-funds: Bond Target Dicembre 2016, Marco Volatility, Renminbi Opportunities Fixd Income, Global Growth Selector, Market Neutral and Global Macro. The last two funds will be overseen by the new team led by Gianluca Gabrielli, who will be based in Lugano at a new Azimut affiliate.