La BaFin a délivré son agrément de commercialisation en Allemagne au nouveau fonds d’actions Axa WF Framlington LatAm créé le 14 mai et géré par Julian Thompson, global head of emerging markets d’Axa Framlington (lire Newsmanagers du 15 juin).Distribué par Axa Investment Managers (Axa IM), ce fonds de droit luxembourgeois (LU0746602159) est chargé à 1,5 % pour les particuliers (pas de minimum de souscription) et à 0,75 % pour les institutionnels (à partir de 0,5 million d’euros).Axa IM précise avoir l’intention de solliciter l’agrément de commercialisation dans d’autres pays européens.

Le premier versement aux porteurs du fonds immobilier allemand CS Euroreal (6 milliards d’euros fin avril) que Credit Suisse a décidé de liquider sera effectué le 3 juillet. Il sera de 4,50 euros pour chaque part en euros (*) et de 6,70 francs pour chaque part en francs suisses (**). Au total, Credit Suisse distribuera ainsi 446,9 millions d’euros, soit 7,7 % de l’encours du fonds.Le versement suivant interviendra avec la distribution annuelle du dividende en décembre 2012. Son montant dépendra d’un côté du volume des cessions d’actifs et de l’autre du résultat des négociations sur les possibilités de remboursement anticipé des crédits avec les banques. Comme pour tout crédit, les créanciers doivent être servis avant les actionnaires. (*) DE0009805002 (**) DE0009751404

Jeudi, la Deutsche Börse a admis à la négociation sur le segment XTF de sa plate-forme électronique Xetra l’ETF iShares DJ Emerging Markets Select Dividend, un fonds de droit allemand suivi vendredi par deux produits de droit luxembourgeois d’UBS Global Asset Management.Cela porte à 984 le nombre des ETF cotés à Francfort. Un ajustement a dû avoir lieu récemment, puisque l’on dénombrait en fait déjà 983 produits le 18 juin et même 986 le 10 juin...Caractéristiques Dénomination: iShares Dow Jones Emerging Markets Select DividendCode Isin: DE000A1JXDN6Indice de référence: Dow Jones Emerging Markets Select DividendTFE: 0,65 %Dénomination: UBS-ETF MSCI Pacific (ex Japan) ICode Isin: LU0446734799Indice de référence: MSCI Pacific ex JapanTFE: 0,30 %Dénomination: UBS-ETF FTSE 100 ICode Isin: LU0446735176Indice de référence: FTSE 100TFE: 0,23 %

Après être parvenu non seulement à stabiliser sa base de clientèle haut de gamme, mais à l'élargir quelque peu, Lazard Frères Gestion (LFG) passe résolument en mode "conquête" et vise désormais celle de ses concurrents. En misant sur une approche de gestion dédiée pour chacun de ses clients.

L’exposition des fonds monétaires américains aux banques européennes a continué de diminuer en mai pour s'établir à environ 12% du total des actifs des fonds, indique l’agence d'évaluation financière Fitch Ratings dans sa dernière étude sur les fonds monétaires («U.S. Money Fund Exposure and European Banks: Disengagement Continues»).La légère augmentation de l’exposition des fonds monétaires américains aux banques européennes durant les deux premiers mois de l’année n’aura finalement été qu’un feu de paille alors que les inquiétudes des investisseurs sur la situation dans la zone euro sont très vite revenues sur le devant de la scène.Depuis la fin novembre 2011, l’exposition du monétaire américain aux banques européennes s’est ainsi en moyenne maintenue autour de 12% après une forte baisse de cette exposition dans la première partie du second semestre 2011.A noter que pour la première fois, Fitch Ratings propose des séries temporelles de données sur la part des prises en pension collatéralisées par des titres du Trésor.

L’opérateur espagnol d’autoroutes à péage Abertis a annoncé le 22 juin la cession d’une participation supplémentaire de 7% dans l’opérateur de satellites Eutelsat au fonds souverain chinois China Investment Corporation (CIC) pour un montant de 385,2 millions d’euros. Cette opération de cession va générer une plus-value de 237 millions d’euros, précise Abertis dans un communiqué qui ajoute que sa participation dans Eutelsat n’est plus désormais que de 8,35% à l’issue de la transaction.

La pression concurrentielle dans le secteur institutionnel de la gestion d’actifs a atteint un tel niveau que les clients ont commencé à réagir aux périodes de sous-performance en demandant des réductions de frais, selon un article de Financial News. Et dans de nombreux cas, ils les obtiennent.

Lespécialiste hambourgeois des investissements durables Pure Blue GmbH lance son premier fonds spécialiste des forêts, le fonds fermé Pure Forest I, avec une échéance de 15 ans qui servira son premier dividende d’environ 8 % dans quatre ans, rapporte Fondsprofessionell. Cette visibilité est due au fait que le portefeuille sera investi dans des surfaces forestières de teck déjà plantées (depuis entre 4 et 17 ans) dans la province panaméenne du Chiriqui. L’objectif est de promouvoir après l’abattage des bois précieux la plantation d’une forêt aux essences diversifiées. La souscription minimale est fixée à 5.000 euros, plus 5 % de droit d’entrée.

L’autrichien conwert Immobilien Invest SE a annoncé jeudi qu’il a été retenu pour gérer un troisième fonds immobilier résidentiel fermé de l’allemand DWS (groupe Deutsche Bank), le DWS Access Wohnen III, qui investira exclusivement dans des immeubles de logements existants en Allemagne et dont le volume doit être de 120 millions d’euros. Les souscripteurs peuvent escompter un dividende de 6 % annuels à compter de 2014.Le concept du DWS Wohnen III consiste à détenir 70 % des actifs pendant une période de 10 ans, les 30 % restant faisant partie du portefeuille de négoce.Jusqu’à présent, le fonds a investi 24 millions d’euros sur neuf sites, notamment à Berlin, Potsdam et Leipzig.Comme pour les fonds DWS Access Wohnen I et II, conwert assume toutes les tâches depuis l’acquisition des actifs jusqu'à la vente de chaque appartement en passant par l’administration et le développement. Il assure aussi la totalité de la gestion des actifs du portefeuille.

Selon le baromètre mondial Coller Capital publié ce lundi, les investisseurs s’inquiètent de la situation dégradée du capital-risque. Un tiers des investisseurs ont perdu leur mise dans des fonds de capital-risque européens ou ont obtenu moins de 5 % de rendement. Aux Etats-Unis, le retour moyen est plus élevé, entre 6 et 10 %, quand l’Asie se place bien au-dessus, de 11 à 15 %. Les trois quarts des investisseurs admettent du coup que, en Europe, les fonds dédiés à l’innovation ne survivront pas sans un soutien significatif du gouvernement. Les investisseurs asiatiques et américains se montrent néanmoins plus sceptiques.

Aberdeen Asset Management established the presence of Fujitsu Technology Solutions SA in the building River Plaza in Asnières ( 92 ), through a green lease of 6 years. This building, property of the DEGI Europa Fund, is currently 92 % let to 4 prime tenants.

In the equity universe, midcaps in general, and US midcaps in particular, are not taken adequately into account, claims Steven Pollack, manager of the Robeco Boston Partners Mid Cap Value Equity fund at Robeco for more than 10 years. “A US pension fund will look at large caps as a first priority, or at small caps with an eye to diversification, but in few cases will they look specifically at midcaps,” Pollack opined last week on a visit to Paris. The Los Angeles-based manager, whose midcaps fund has nearly USD2bn in assets, and whose strategy has been available since September 2011 as a Luxembourg Sicav, U.S. Select Opportunities (USD50m in assets as of the end of May), claims that the US midcaps universe, made up of over 2,000 companies, and exploited in the United States by mutual funds, is too neglected by institutional investors, even though it offers real opportunities, and historically better returns than small or large caps. The fund managed by Pollack, which is highly diversified, with about 120 holdings, is primarily interested in companies which meet three requirements: attractive valuation, solid fundamentals, and growth outlooks. “If one of these three selection criteria deteriorates, we sell,” says Pollack. Currently, the fund’s largest position is CBS, at 2%, followed by Moody’s (1.6%) and Wesco (1.6%). Overweight sectors include consumer services, health and technologies. However, the fund is underweight in utilities, energy and transport. Since the beginning of the year, the fund has earned net performance after commissions of 5.21% compared with 3.98% for the Russell Midcap Value Index. It has earned annual returns of 19% over three years, compared with 18.57% for the benchmark index, and nearly 12% since its launch in May 1995, compared with 10.38% for the benchmark.

BaFin has issued a sales license for Germany to the equity fund Axa WF Framlington LatAm, created on 14 May, and managed by Julian Thompson, global head of emerging markets at Axa Framlington (see Newsmanagers of 15 June).The Luxembourg-registered fund, distributed by Axa Investment Managers (LU0746602159), charges fees of 1.5% to retail investors (no minimal subscription), and 0.75% for institutional investors (from EUR0.5m).Axa IM states that it is planning to apply for a sales license in other European countries.

The Euorpean hedge fund manager Brevan Howard Asset Management is currently seeking to get USD20m together for a debt fund, Bloomberg reports. The fund, Brevan Howard Credit Value Master Fund, will invest in mortgage-backed securities (MBS), CDOs backed by real estate, and illiquid shares which are trading below their intrinsic value, Brevan Howard says in sales documentation obtained by the news agency.

Exposure of US money market funds to European banks continued to fall in May, to a total of about 12% of assets in funds, the financial ratings agency Fitch Ratings reports in its latest study of money market funds (“U.S. Money Fund Exposure and European Banks: Disengagement Continues.”) The slight increase in the exposure of US money market funds to European banks in the first two months of the year was ultimatel a sop, quickly wiped out when investor concerns about the situation in the euro zone returned to the foreground. Since late November 2011, the exposure of US money market funds to European banks have remained at about 12%, after a steep fall in this exposure level in the first part of second half 2011. For the first time, Fitch Ratings is offering a temporal data series for the proportion of pension assets collateralised with US Treasury debt.

The first payment to shareholders in the German open-ended real estate fund CS Euroreal (EUR6bn in assets as of the end of April), which Credit Suisse has decided to liquidate (see Newsmanagers of 22 May) will be made on 3 July. It will be EUR4.50 for each share in euros (DE0009805002) and CHF6.70 for each share in Swiss francs (DE0009751404). Overall, Credit Suisse will distribute EUR446.9m, or 7.7% of total assets in the fund.The next payment will come with the fund’s annual distribution in December 2012. Its total amount will depend on the volume of properties sold off, on the one hand, and on the results of negotiations over potential early repayment of bank loans, on the other. As for all credit, lenders must be paid off before shareholders.

On Thursday, Deutsche Börse admitted the iShares DJ Emerging Markets Select Dividend ETF to trading on the Xetra electronic trading platform. On Friday, the German-registered product was followed by two Luxembourg-registered products from UBS Global Asset Management.The new additions bring the number of ETFs listed in Frankfurt to 984. This represents some recent stagnation, as the number of products was 983 on 18 June, and 986 on 10 June.CharacteristicsName: iShares Dow Jones Emerging Markets Select DividendISIN code: DE000A1JXDN6Benchmark index: Dow Jones Emerging Markets Select DividendTER: 0.65%Name: UBS-ETF MSCI Pacific (ex Japan) IISIN code: LU0446734799Benchmark index: MSCI Pacific ex JapanTER: 0.30%Name: UBS-ETF FTSE 100 IISIN code: LU0446735176Benchmark index: FTSE 100TER: 0.23%

The Hamburg-based sustainable investment specialist Pure Blue GmbH is launching its first fund specialised in forestry, the closed fund Pure Forest I, to mature in 15 years, and to serve its first dividend of about 8% in four years, fondsprofessionell reports. This visibility is due to the fact that the portfolio will be invested in teak forests which have already been planted (for 4 to 17 years) in the Panamanian province of Ciriqui. The objective is to promote the plantation of bio-diverse forests after the valuable wood is harvested. Minimal subscription is set at EUR5,000, and front-end fee at 5%.

On Thursday, the Austrian firm conwert Immobilien Invest SE announced that it has been selected to manage a third closed residential real estate fund for DWS (Deutsche Bank group), the DWS Access Wohnen III, which will invest exclusively in existing housing units in Germany, with a volume expected to total EUR120m. Subscribers can expect a dividend of 6% per year from 2014.The concept of the DWS Wohnen III is to hold 70% of assets for a period of 10 years, while the remaining 30% will be in the trading portfolio. So far, the fund has invested EUR24m in nine properties, mainly in Berlin, Potsdam and Leipzig.As for the DWS Access Wohnen I and II funds, conwert will be responsible for all duties from acquisition of the properties to sale of each apartment, including administration and development. It also provides the entire asset management of the portfolio.

The Securities and Exchange Commission on Friday charged that a former broker in Orlando defrauded investors in an astrology-based Ponzi scheme.The SEC alleges that Gurudeo “Buddy” Persaud lured family, friends, and others into investing in his firm, White Elephant Trading Company LLC, by falsely guaranteeing their money would be safe and yield lofty returns ranging from 6 to 18 percent. Persaud told investors he would invest in the debt, stock, futures, and real estate markets, but did not reveal that his trading strategy was based on his belief that markets are affected by gravitational forces.According to the SEC’s complaint filed in U.S. District Court for the Middle District of Florida, Persaud used investors’ money to make payments to other investors, the hallmark of a Ponzi scheme. Persaud also lost USD400,000 of investor funds through his trading and diverted at least USD415,000 to pay for his personal expenses, the SEC alleged. The same month Persaud began receiving investor money, he started using some of that money for his personal expenses. The SEC said that Persaud created phony account statements to hide his trading losses and give investors a false sense of security.The SEC alleges that in making trading decisions, Persaud chiefly relied on an Internet service that provided directional market forecasts based on lunar cycles and gravitational pull. Persaud’s strategy was premised on the idea that gravitational forces affect mass human behavior, and in turn, the stock market. For example, Persaud believed that when the moon exerts greater gravitational pull on the Earth, people feel dejected and are more inclined to sell securities.In all, Persaud raised more than USD1 million from at least 14 investors between July 2007 and January 2010.

La Banque Postale Asset Management is opening up to the new asset class of debt funds, and on Monday announced that it has recruited three specialist managers. The team is composed of René Kassis, who will serve as director of management for debt funds, and in this role, head of current infrastructure and real estate fund projects. He also becomes a member of the board of directors at LBPAM. In the unit, Kassis works with Pierre Saeli, a specialist manager of real estate debt, and Pierre Bonnet, a manager specialised in infrastructure debt. The members of the team, who will report to Vincent Cornet, chief investment officer and a board member at LBPAM, all hail from the banking industry. Kasss, 44, had been head of infrastructure financing at Dexia, and since 2009, had served as deputy director of project financing at Dexia Crédit Local, while Saeli, 38, was in 2005 director of real estate financing at Royal Bank of Scotland, and then in 2012 joined Deutsche Pfandbriefbank. Lastly, Bonnet, aged 33, had served since 2008 as director of projects and co-head of public-private partnerships for France for direction of project financing, the infrastructure sector, and Dexia Crédit Local.

Stéphane Chossat has left Hixance Am to join Alexandre France. The asset management firm has confirmed reports on H24 Finance to Newsmanagers. He will manage the new “Patrimoine by Alexandre” fund, says Michel Peronne, chairman of Alexandre Finance. The new product “will invest 90% in euro zone bonds, and 10% in equities, but we will allow ourselves to increase the proportion of equities to 30% if the environment is right,” he adds. Alexandre Finance manages EUR150m, of which EUR65m are in private management. Jean-Noël Vieille will serve as fund manager at Hixance AM, for funds previously managed by Chossat.

BlackRock has announced that Susan L. Wagner, a founding partner of BlackRock, is retiring as a vice chairman of BlackRock and has been elected to BlackRock’s board of directors. She will retire at the end of this month and take her seat on the board at the October meeting. She also will continue to serve as a director of DSP BlackRock Investment Managers, the firm’s joint venture in India.In addition to serving as a vice chairman of BlackRock, Ms. Wagner serves as a member of BlackRock’s global executive committee and global operating committee.

JPMorgan Asset Management has announced that Chris Willcox will become global head of fixed income and currencies, Investment Week reports. He succeeds Seth Bernstein, who has been appointed by the asset management firm to direct its multi-asset class activities as part of a new group entitled asset management solutions.

Florent Combes, head of fixed income at Ecofi Investissements, has left the firm after nine years there, Citywire reports. He will be joining Crédit Mutuel as head of fixed income and currencies. Bernard Angéniol will be taking over his responsibilities at Ecofi. He is now chief investment officer at the asset management firm, Citywire reports. He had previously been chief risk officer.

It is still a little early to measure the effects of the UCITS IV directive, but “I can tell you at this stage that it’s not a revolution,” says the re-elected president of the French financial management association (AFG), Paul-Henri de La Porte du Theil, in an interview with Les Echos. “One year on, the passport for asset management firms is not widely-used. The product passport, an innovation of the previous directive, works better. However, the master/feeder framework, which was created to promote the recovery of certain financial management industries in France, has left us cold. Exports of French ‘feeder’ funds are now possible, but creations of master funds, unfortunately, are now happening more in Luxembourg than Paris. That’s where regulations face considerable competition: asset management is strategic for Luxembourg, and its regulator, the financial sector surveillance commission (CSSF),” the AFG president explains.

The money manager J. Exra Merkin has agreed to pay about USD410m to settle claims that he transferred billions of US dollars of investors’ money to Bernard Madoff, the Wall Street Journal reports. The agreement will be announced on Monday.

After managing not only to stabilize its high net worth client base, but also to enlarge it a bit, Lazard Frères Gestion (LFG) is resolutely moving into “conquering” mode and is now also targeting its rivals' customer base, with the choice of a dedicated management approach for each of its clients.

According to a survey by RBC Dexia undertaken on 31 May, thus after the presidential election, of 55 French asset managers, 78% said they have little or no confidence in the present government to bring about an economic recovery (see sttachment).A majority of 62% do not feel that governments worldwide are able to resolve the crisis either, and the majority of participants (60%) estimate that it will take another four to five years for the crisis to end, although 55% are of the opinion that outlooks in the current crisis are too pessimistic. French asset managers also believe the government estimate that austerity alone will not be enough to resolve the crisis in the euro zone: 65% do not feel that this strategy will be effective.Lastly, about 42% of those surveyed feel that the French equity market will rise by the end of 2013, compared with only 29% who think that it will fall, and 27% who predict that it will remain at current levels.

The Spanish toll motorway operator Abertis on 22 June announced that it is selling a further 7% of its stake in the satellite operator Eutelsat to the Chinese sovereign fund China Investment Corporation (CIC) for a total of EUR385.2m. The sale will generate gains of EUR237m, Abertis says in a statement, adding that its stake in Eutelsat now totals only 8.3% after the transaction.