On 3 September, Universal-Investment launched the defensive diversified fund 4Q-Income Fonds, which invests primarily in debt securities, with an average maturity managed on the basis of quantitative data, Fondsprofessionell reports. The average duration is currently 42 months. The portfolio may be composed of up to 25% equities and equity certificates.CharacteristicsName: 4Q-Income Fonds Universal RISIN code: DE000A1JUV78Adviser: Packenius, Mademann & Partner GmbHFront-end fee: 3%Management commission: 1.70%Depository banking commission (Bankhaus Lampe): 0.10%

Allianz Global Investors on 11 September announced that from 1 October, Ralf Walter, an equity fund manager, will succeed Heidrun Heutzenröder as manager of the oldest German investment fund, Fondak (ISIN code: DE0008471012), launched in 1950, with assets now totalling slightly over EUR1.967bn (as of 7 September).Heutzenröder, who had managed the fund for 14 years, wanted to retire from management of the fund. During the period that she managed the fund, it generated average annual performance of over 5%, compared with 3% for the Dax index.

According to reports in Die Welt, the board of directors at DekaBank, the central asset management firm for the German savings banks (EUR88bn) will this Wednesday appoint Victor Moftakhar, 45, as head of the operational affiliate Deka Investment, alongside Thomas Neiße, 64, whose term will end in August 2013. The appointment will take effect from 1 October. Deka had no comment on the reports.The position of head of investment strategy will pass from Moftakhar to Frank Hagenstein, 47, who is presently head of bond fund management.Neiße will also retain his position as chairman of the BVI association of asset management firms, and his role as trustee at Deutsche Börse.

Thomas Freese has been appointed as director of marketing at the German financial services provider MLP, and will report directly to the chairman of the board, Uwe Schroeder-Wildberg. Freese had most recently been head of marketing corporate clients & specialized finance at WestLB.

From the beginning of October, the real estate fund management firm Deka Immobilien will work only with seven major property management firms for 179 of its 235 office and commercial properties in Germany, compared with 19 previously. Following a request for proposals, Deka will now work only with Hochtief Solutions, HSG Zander, OM-Service, Sauter FM, Strabag Property and Facility Services and WISAG, whose contracts have been renewed, and with RGM FM, which has recently been added to this group of strategic partners.Assets in open-ended real estate funds from Deka total EUR23bn (as of 30 June).

The private bank Hauck & Aufhäuser (USD27bn in assets) on Tuesday confirmed the resignation of the chairman of its board and managing partner, Michael Schramm, the Frankfurter Allgemeine Zeitung reports. The departure is said to be due to a disagreement with one of the firm’s most influential managers, Jürgen Heraeus.The bank will initially be led by the only remaining managing partner, Jochen Lucht, in charge of finance and IT. It is likely that the two partners, Michael Bentlage and Stephan Rupprecht, will be quickly promoted to the position of managing partners. Bentlage is the head of the asset management unit (175 funds) and relationships with independent wealth managers.

The 2015 strategic plan unveiled on Tuesday by the two co-chairmen of the board at Deutsche Bank, Anshu Jain and Jürgen Fitschen, calls for cost savings of EUR4.5bn per year until 2015, and a reduction of the cost/income ratio below 65%.In organisational terms, Deutsche Bank will create a fourth fully integrated unit, asset and wealth management (AWM), alongside private & business clients (PBC), corporate banking & securities (CB&S), and global transacton banking (GTB). AWM will combine active and passive management with retail asset management in a single division, to fully exploit the potential of its approximately EUR900bn in assets.After examining the case, the German group has called off plans to sell off DWS Americas and DB Advisors, Deutsche Insurance Asset Management and RREEF, which will be integral parts of AWM. The new unit will also include passive management and third-party asset management activities for CB&S, such as ETFs (db x-trackers and db ETC).The objective is to create an efficient platform, by eliminating as many redundancies as possible. This will make it possible to double pre-tax profits from AWM to about EUR1.7bn in 2015, compared with EUR08bn in 2011, and to increase assets to about EUR1trn.

Credit Suisse has appointed Serge Fehr as head for the Geneva region, Agefi Switzerland reports. He succeeds Manuel Jetzer, who wanted to serve in other positions at the bank. Fehr, 46, takes charge of the Geneva region, where Credit Suisse has about 1,200 employees. He will also be responsible for private banking activities for the entire canton, and the district of Nyon. Fehr, who joined Credit Suisse in 1996, has nearly 30 years of professional experience in banking and finance, especially in client advising.

On 11 September, Juilus Baer Group announced that it has successfuly placed, after a short book-building process, CHF 250 million of subordinated, unsecured debt with institutional and private investors. The perpetual non-cumulative Additional Tier 1 Securities carry a coupon of 5.375% and include an optional redemption call on 19 March 2018 and any interest payment date thereafter. The bonds will be issued in denominations of CHF 5,000. The proceeds will be used for the partial financing of the acquisition of Merrill Lynch’s International Wealth Management business outside the US and Japan.

Bond funds on sale in Sweden recorded net inflows in August of SEK2.5bn (EUR0.3bn), according to statistics from the Swedish fund association, Fondbolagens Förening. It is the only category of funds to have posted inflows for the month. Equity funds have seen outflows of SEK0.6bn, while balanced funds had outflows of EUR0.8bn, and money market funds SEK1.2bn. Overall, Swedish funds have seen net redemptions of SEK0.8bn in August. Since the beginning of the year, bond funds also stand out, as they account for all inflows: SEK13.5bn (EUR1.6bn), out of overall inflows of EUR13bn. Equity funds and balanced funds show net inflows of SEK4.5bn each. As of the end of August, assets under management by Swedish funds totalled SEK1.922trn (EUR226.5bn), compared with SEK1.935trn as of the end of July, of which 52% are in equity funds.

The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) GBP9,533,100 for failing to protect client money adequately by not putting trust letters in place for certain money market deposits, and for failing to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money.The FSA’s client money rules are designed to protect client money in the event of a firm’s insolvency, reminds a press release. A firm must have a trust letter from any bank holding its client money to ensure that, in the event of the firm’s insolvency, client money is clearly identifiable and is ring-fenced from the firm’s own assets so that it can be promptly returned.Between 1 October 2006 and 31 March 2010, BIM failed to obtain such letters in relation to some of the money market deposits it placed with third party banks, explains the UK regulator. The error occurred as a result of systems changes that followed on from BlackRock group’s acquisition of BIM, which had previously been known as Merrill Lynch Investment Managers Limited. These changes rendered BIM’s procedures for setting up trust letters ineffective. The average daily balance affected by this failure was over £1.36 billion. Had the firm become insolvent at any time during this period, clients would have suffered delay in securing the return of their funds and may not have recovered their money in full.In determining the penalty the FSA took into account that the misconduct was not deliberate, and that the firm reported the issue to the FSA and has since remedied the situation and put in place robust systems and controls relating to client money protection. No clients suffered any losses as a result of the error. The firm agreed to settle with the FSA at an early stage. In doing so it qualified for a 30% discount on the financial penalty. Had it not been for this discount the penalty would have been GBP13,618,800.

A former UBS banker, Bradley Birkenfeld, who helped the US government to launch an international crackdown against tax evasion, has received a reward of USD104m, the Wall Street Journal reports, adding hat this is the largest sum ever paid to a whistleblower. Birkenfeld began to cooperate with the US authorities in 2007, when he was still employed at the Swiss bank. He revealed the tax evasion tactics used by UBS and its high net worth clients. Birkenfeld was also tried and sentenced to a 40 month prison term.

The asset management firm KBL Richelieu Gestion is working on a short-term fund for investors who are seeking higher returns than those available from money market funds, and who are prepared to accept slightly higher volatility in performance, Roland Fernet, CEO of KBL Richelieu Gstion, announced on 11 September at a press conference. The strategy will have fewer constraints than KBL Monétaire, in the choice of signatories, and an option to include private and high yield businesses. The minimal recommended investment duration is expected to be two years, and on a scale of 1 to 7, the risk profile is expected to be level 3. Fernet also tells Newsmanagers that assets under management are approaching EUR1bn, at about EUR950m, compared with EUR870m as of the end of December 2011. Outflows from equities, which came largely earlier this year, have been offset by subscriptins to fixed income and positive market effects.

In an effort to compete with the major private banking groups, Bankinter has decided to reshuffle its private banking unit, and to break it down into smaller parts, Funds People reports. Bankinter will be creating a personal banking arm for clients with total financial assets of EUR75,000 to EUR1m, led by Jorge Sánchez-Mayendía, and a private banking arm, led by Adela Martin, to serve clients with over EUR1m.Currently, assets at Bankinter in private banking total about EUR11bn.Martin had previously been head of the personal finance segment, while Sánchez-Mayendía was head of the sales network.

Standard Life Investments has announced that Wesley McCoy has rejoined the company as an investment director in the global equities team.Having joined Standard Life Investments in 1999, Wesley McCoy left in 2008 to pursue charity work in Malawi with the Microloan Foundation. Since his return, he has worked for Odey Asset Management on their global multi asset hedge fund.

The tenth annual survey by the British investment management association (IMA) has found a steep decline in investors’ interest in British equities. Of the total invested in equities in 2011, only 37% was invested with an exposure to British equities, compared with 42% the previous year, and nearly 60% in 2006. International equities, North America, Japan and Asia-Pacific ex Japan, however, gained ground in the past twelve months, with a special mention for international equities. Exposure to international equities held out well, at 19.5% in 2011, compared with 20% the previous year.

The US asset management firm AllianceBernstein (USD230bn in FI assets under management as of the end of June) on 11 September announced that it is launching three emerging market bond funds, all of them Luxembourg-registered products.The AB Emerging Market Corporate Debt fund aims to profit from attractive returns on corporate bonds in emerging markets, while the AB Asia Pacfic Income Portfolio fund offers multi-sector exposure to government and private bonds, and to Asian currencies, and the AB Emerging Market Local Currency Debt fund bets on local currencies and interest rate cycles.Characteristics (retail share classes)Name: AB Emerging Market Corporate Debto Class A2 EUR H Shares (LU0736563114)Management fees: 1.10%o Class A2 USD Shares (LU0736563031)Management fees: 1.10%Name: AB Asia Pacific Income Portfolioo Class A2 EUR H Shares (LU0736556092)Management fees: 1.20%o Class A2 USD Shares (LU0736555797)Management fees: 1.20%Name: AB Emerging Market Local Currency Debto Class A2 EUR H Shares (LU0736561928)Management fees: 1.30% o Class A2 USD Shares (LU0736561761)Management fees: 1.30% The distributor may, at its discretion, charge a front-end fee of up to a maximum of 6.25% for the three funds.

Henderson is launching a European high yield bond fund, which will be managed by Stephen Thariyan and Chris Bullock, Investment Week reports. The fund, entitled Henderson Horizon High Yield Bond, will be launched in fourth quarter.

Investment professionals say eurobills, or short-term securities issued jointly by euro zone countries, may represent the next step in a roadmap for the euro zone toward issuing long-term euro-bonds, as they put in place the necessary guarantees and governance rules, a survey by the CFA Institute of its European and Swiss members on the viability of eurobills has found. Nitin Mehta, director of the CFA Institute for the Europe, Middle East and Africa region, says “79% of investment professionals surveyed thing that eurobills could be an appropriate first step towards long-term euro bond issues.Europbills would generally have a positive impact on short-term financing costs for member states. However, an overwhelming majority of 82% feel that eurobills should carry some conditions to limit the moral hazards (that some member states will lack the necessary budgetary discipline, knowing it would not have an impact on their financing costs), and to keep interest rates on eurobills low. One possibility would be limit access to eurobills by member states if they fail to adhere to the governance rules and recommendations of the euro zone.”

Morgan Stanley and Citigroup on Tuesday accepted the verdict of Perella Weinberg, which valued the wealth management operations of their joint venture, Morgan Stanley Smith Barney (MSSB), at USD13.5bn.On this basis, Morgan Stanley may acquire the 49% stake in MSSB held by Citi in instalments between now and 1 June 2015, beginning with a 14% stake and deposits of USD5.5bn, followed by instalments of 15% at a time until 1 June 2013. The remaining deposits to be transferred to Morgan Stanley will total about EUR48bn.Initially, Morgan Stanley had estimated the value at Smith Barnet at USD9bn, while Citi had valued it at USD22bn.

In the first seven months of this year, La Banque Postale Asset Management (LBPAM) has posted a net inflow of EUR3.5bn from institutions, the chairman of the board at LBPAM, Jean-Luc Enguéhard, has told Newsmanagers. This confirms a trend observed in first half, which ended with net inflows of EUR2.6bn from institutional investors. Net inflows overall totalled EUR2bn, due to redemptions of EUR600m to retail investors. Taking into account net inflows and positive market effects, assets under management at La Banque Postale as of the end of June totalled EUR130bn, compared with EUR125bn at the end of June 2011, an increase of 4% year on year. Earnings at La Banque Postale AM, for their part, rose 2.5% to EUR41m, due to inflows and volume effects on bonds and money markets. Overall, LBPAM has therefore done better than the market, despite the difficulties it has encountered in the retail segment. However, says Enguéhard,” LBPAM is not doing so badly on the retail market. Outflows to retail investors remain high, but they are lower than in first half 2011, when they were EUR878m. Given what continues to be a highly difficult environment for all of the sector, we have gained market share in retail. Our market share for mutual funds, excluding mandates, has risen from 3.89% as of the end of June 2011 to 4.08% at the end of June 2012.” Enguéhard says that LBPAM has ambitions to make additions to its mid/long term product ranges. This will include setting up a new debt management range in the infrastructure and real estate sectors. “This June, we recruited a team of three managers specialised in debt funds, led by René Kassis. The new range, which will be unveiled in the next few weeks, will give our institutional clients a new way to diversify,” says Enguéhard. LBPAM, which works directly with 325 key clients, is also hoping to develop its product range aimed at business clients of La Banque Postale, who will now be offered financing solutions. “We have a range which is complementary to that of La Banque Postale, whose pool of clients represents a real opportunity for us. La Banque Postale is only in its first year of financing activity, and we have already signed some significant investment agreements.” In this context, Enguéhard estimates that LBPAM already has a lot on its plate. “We don’t have any external growth plans as LBPAM. The expertise that we are building up gradually will allow us to continue our dynamic growth serving our clients,” says Enguéhard.

Greg Ehret, head of EMEA in London, was on Tuesday appointed to the newly-created position of global chief operating officer at the asset management firm State Street Global Advisors (SSgA). He will be responsible for sales, products, marketing and operations.Ehret’s successor in London as head of EMEA is Mike Karpik, head of UKMEA and Ireland and head of investment.

Schelcher Prince Gestion in July hired Fabrice Neyroumande as head of distribution, a newly-created position. He had previously been head of sales for France and head of investment solutions at AGF Asset Management and Allianz Global Investors. Neyroumande will work in close collaboration with Bruno Promonet, deputy CEO and director of development at Schelcher Prince Gestion, and will be in charge of operations and development for brokers and independent financial advisers (IFAs), private banks, platforms, funds of funds and multi-management.

Legg Mason announced on September 11 that Mark R. Fetting, chairman and chief executive officer, has decided to step down effective October 1, and will remain as a consultant to the company through year end. Lead independent director W. Allen Reed will become non-executive chairman and Joseph A. (Joe) Sullivan, head of global distribution, will become interim chief executive officer while the board conducts a search for a permanent CEO."The board has formed a search committee to consider both internal and external candidates and will be engaging a leading executive search firm to assist with the process,» according to a press release.Legg Mason is under pressure from activist investor Nelson Peltz to halt client withdrawals that have persisted for five years, according to the Financial Times.

Swiss Life has created a “private management insurer” unit, including teams dedicated to private banking and insurers. The unit will be led by Christophe de Vaublanc, previously director of banking partnerships and IFAs, who will report to the distribution director of Swiss Life. Swiss Life has two objectives. One is to provide better handling of wealth management clients with collective expertise and a global wealth management approach (private banking and insurance), while the other is to set up transverse processes and services with a segmented approach to distribution networks, including life insurance brokers, IFAs and private banks, a statement says. The new office of the director will operate more transversally between sales teams for various distribution networks, and will result in better capacity to share resources to support development of the wealth management client base, optimise contributions from the SwissLife Private Banking teams, and from its asset management firm, to develop the Company’s network of wealth management clients. It will also help to better co-ordinate network expectations in relation to other offices which are involved in the development of the wealth management client base: wealth management engineering, corproate finance, middle office, client services, legal, SwissLife AM, and others.

Aviva Investors closed its Italian office last February, Bluerating reports, in an article on the career of the former country head of the asset management firm. Gabriele Miodini has become an IFA in the Banca MPS network, the Italian website says.

The sovereign fund Qatar Holding, which controls more than 12% in the mining group Xstrata, on 11 September announced that it would carefully study the proposals of the commodity specialist Glencore to merge with its Swiss counterpart. Qatar Holding (QH) “has not yet decided whether or not it will accept the revised proposal” presented on Monday by Glencore, the fund has said in a brief statement. “QH will take its decision in due course, after carefully studying the implications of changes in management, other elements of the revised proposal, and the opinion of the board of directors at Xstrata,” it added.

Selon nos informations, à l’issue d’un appel d’offres lancé le 13 juin 2012 avec l’aide du consultant Fixage, la Mutuelle de la Société Générale a sélectionné Amundi et Oddo AM pour investir 15 millions d’euros sur deux OPCVM ouverts sur les obligations convertibles euro.

Les conditions attachées au plan d'aide de 78 milliards d'euros sont assouplies.

«Les stocks de pétrole brut de l’OCDE restent à des niveaux confortables, surtout sur le marché américain», estime l’Opep dans son rapport mensuel publié mardi. «En conséquence, toute pénurie pourrait être rapidement compensée par l’utilisation de capacités inemployées dans un marché où l’offre de brut est abondante». L’Opep précise avoir augmenté sa propre production de 254.000 barils par jour en août, en dépit de l’embargo européen sur les exportations de l’Iran.