Au 31 décembre, les actifs gérés par Goldman Sachs ressortaient à 828 milliards de dollars, soit 7 milliards de plus qu’au 30 septembre et 12 milliards (ou 1 %) de moins qu’un an auparavant. La baisse par rapport aux 840 milliards de fin 2010 résulte de sorties nettes de 17 milliards pour les fonds d’actions et obligataires, partiellement compensées par 5 milliards d’effet de marché positif et de souscriptions nettes pour les fonds monétaires.Le chiffre d’affaires de la gestion d’actifs a porté pour l’an dernier sur 5.034 millions de dollars contre 5.014 millions pour 2010. Cette stabilité s’explique par une augmentation des recettes de commissions qui reflète une évolution positive de l’assortiment des produits compensée par une baisse des rentrées de commissions de performance. Le bénéfice net du groupe Goldman Sachs est ressorti pour sa part à 2,51 milliards de dollars contre 7,71 milliards l’année précédente.

Philippe Maupas, associé co-fondateur et directeur du développement de la société Quantalys, quitte l’entreprise après y avoir passé six ans, pour devenir dans le courant du mois de février, directeur général de La Cote Bleue, une filiale française de Kneip.Jean Paul Raymond, associé co-fondateur et directeur de la recherche, prend la responsabilité du développement de Quantalys et met en place une nouvelle organisation. Vincent Weil, associé co-fondateur et directeur administratif et financier, prend la responsabilité du suivi des clients existants. Quant à Noëlle Vigan, présente depuis la création de l’entreprise, elle reprend l’Observatoire de la Gestion Flexible. Quantalys qui, en 2011, a enregistré une croissance de son chiffre d’affaires avec une progression de 45% par rapport à 2010, développe des outils d’analyse, de diagnostic, d’optimisation et de suivi de portefeuilles à destination des professionnels de la distribution et de la sélection de fonds et des investisseurs privés autonomes. «Ces outils sont accessibles sur le site de Quantalys (www.quantalys.com) et sont également intégrés dans les sites extranet de grands distributeurs de fonds en architecture ouverte : Cholet Dupont Partenaires, Finaveo, Financière du Capitole, Generali Patrimoine, Nortia, Sélection 1818,» précise un communiqué. La société est aussi une base de données référençant les OPCVM commercialisés en France (près de 21 000) et les principaux contrats d’assurance vie multisupports.

SwissLife Banque Privée vient de recruter Benjamin Nicaud au poste de responsable de la Conformité et du Contrôle Interne (RCCI). Il sera responsable du programme de contrôle de la société de gestion visant à évaluer la conformité et l’efficacité de son organisation, de ses politiques et de ses procédures internes. «Benjamin Nicaud sera également en charge du dispositif de maîtrise des risques et du contrôle de la bonne application des procédures. Par ailleurs, il exercera un rôle de conseil et d’assistance auprès du personnel de la société de gestion en matière de suivi des recommandations, d’adaptation des procédures internes et de respect des obligations professionnelles notamment dans la construction de toute nouvelle offre», précise un communiqué.Benjamin Nicaud, 30 ans, a débuté sa carrière au sein de La Compagnie Financière Edmond de Rothschild Banque en 2006 en tant que Contrôleur des risques opérationnels puis a rejoint Edmond de Rothschild Investment Managers en 2007 où il a exercé les fonctions de Contrôleur interne puis de Responsable adjoint de la conformité et du contrôle interne.Peu auparavant, dans le cadre d’une mobilité interne, Christian Parrain, précédemment en charge du middle office de la société de gestion de SwissLife Banque Privée, a rejoint la banque pour exercer les fonctions de contrôleur des activités bancaires et des services d’investissement.

Le bureau parisien de M&G Investments a annoncé le 18 janvier le renforcement de sa gamme de fonds dédiée aux CGPI avec la création d’une part retail sur le fonds M&G Global Dividend. « Avec le fonds M&G Global Dividend, nous complétons notre gamme de fonds ouverte aux CGPI à travers une thématique très porteuse, celle du rendement dans les actions. Les CGPI sont un segment clientèle prioritaire dans notre plan de développement. Nous souhaitons à moyen terme être le gestionnaire d’actifs étranger leader sur cette clientèle en France », souligne Brice Anger, directeur du développement de M&G France.Lancé en juillet 2008, le fonds M&G Global Dividend affiche une performance de 9% depuis son lancement et des actifs sous gestion de 2,09 milliards d’euros. Sa stratégie cible des sociétés mondiales visant une croissance à long terme mais surtout une croissance solide des dividendes plutôt que la simple recherche de rendement. S’appuyant sur une approche « bottom-up » de sélection de valeurs, le gérant du fonds Stuart Rhodes se concentre sur les fondamentaux des sociétés mondiales tournées vers la distribution et l’augmentation des dividendes pour les actionnaires. Stuart Rhodes, sélectionne les sociétés au potentiel de croissance des dividendes le plus élevé, à partir de trois catégories principales : «qualité», des sociétés bien gérées et caractérisées par la croissance constante des dividendes; « actifs », soit des sociétés disposant d’actifs et appliquant une gestion rigoureuse de leurs capitaux dans des industries cycliques; « croissance rapide », qualifiant des sociétés capables de traduire leur croissance soutenue en flux de dividendes. Cette stratégie a ainsi permis au fonds de dégager une performance positive de 0,3% sur l’année 2011 alors que le FTSE World Index affiche un recul de 3.4% à fin 2011.

La société de gestion colombienne Bolsa y Renta (ByR) va lancer en Europe sa gestion en actions colombiennes dans un format Ucits, rapporte Citywire. Le Colombia Equity fund, conseillé par Casa4Funds à Luxembourg, répliquera la stratégie déployée localement depuis février 2007. Le fonds sera géré par Alejandro Correa, qui a rejoint ByR en début d’année dernière.

Le groupe britannique Man a fait état pour le troisième trimestre de son exercice 2011-2012 d’une décollecte nette de 2,5 milliards de dollars. Les souscriptions du trimestre se sont élevées à 3,1 milliards de dollars mais les rachats ont totalisé 5,6 milliards de dollars. On observe toutefois une ralentissement des rachats qui avaient atteint 7,3 milliards de dollars durant le trimestre au 30 septembre.A fin décembre, les actifs sous gestion des hedge funds s’inscrivaient à 47,7 milliards de dollars contre 55,1 milliards de dollars au 31 mars 2011. Les stratégies long only totalisaient 10,7 milliards de dollars contre 14 milliards de dollars fin mars. Les hedge funds ont enregistré sur la période une collecte nette de 300 millions (13,9 milliards de souscriptions pour 13,6 milliards de rachats) alors que les fonds long only subissaient une décollecte nette de 1,8 milliard de dollars (2,8 milliards de souscriptions pour 4,6 milliards de rachats). Au 31 décembre 2011, les actifs sous gestion s'élevaient à 58,4 milliards de dollars contre 64,5 milliards au 30 septembre 2011 et 69,1 milliards de dollars à fin mars 2011. Autrement dit, sur les neuf premiers mois de son exercice, les encours du groupe ont fondu de plus de 10 milliards de dollars. Le bénéfice avant impôts des neuf premiers mois de l’exercice s’inscrit à 257 millions de dollars contre 599 millions de dollars pour l’exercice au 31 mars 2011. Le groupe souligne dans qu’il va poursuivre ses efforts de réduction des coûts, pour un montant de 75 millions de dollars qui viennent s’ajouter aux 40 millions déjà mis en œuvre.

Threadneedle Investments vient de lancer un fonds d’actions européennes à rendement absolu, le Threadneedle (Lux) European Absolute Alpha Fund, dans un format Ucits. Géré par Paul Doyle, il sera calqué sur le Threadneedle Apex European Fund, domicilié en Irlande (et sur le Threadneedle Crescendo fund, qui a été fermé). Le gérant prendra des positions acheteuses et vendeuses sur les actions européennes et cherchera à dégager le gros de sa performance via la sélection de titres.Threadneedle gère plus de 1,6 milliard d’euros dans des stratégies à rendement absolu (31 décembre 2011).

The Colombian asset management firm Bolsa y Renta (ByR) will be offering its management of Colombian equities in Europe in UCITS format, Citywire reports. The Colombia Equity fund, advised by Casa-Funds in Luxembourg, will replicate the strategy deployed locally since February 2007. The fund will be managed by Alejandro Correa, who joined ByR at the beginning of last year.

Following an agreement signed on 4 November between the Malaysian securities commission and the Irish central bank, the Malaysian business CIMB-Principal Islamic Asset Management has for the first time launched an international fund platform in Dublin which complies with Sharia law, Investment Europe reports.Three UCITS-compliant equity funds will be offered by CIMB-Principal Islamic Asset Management (Ireland) Public Limited: Islamic Global Emerging Markets Fund, Islamic Asia-Pacific ex-Japan Fund, and Islamic ASEAN Equity Fund. They will eventually be offered in the United Kingdom, Switzerland, Germany, Saudi Arabia, Bahrain, the United Arab Emirates, and Singapore.

In December, emerging market strategies offered by hedge funds showed a loss of 1.30%, according to hedge fund indices calculated by the Edhec-Risk Institute. For the year, these strategies are down 10.8%. Long/short equity has lost 0.57% for the month, and 6% over twelve months.However, fixed income arbitrage strategies have earned gains of 0.42% in December, and 3.9% for the year as a whole. Short-selling is up 0.20% for the month, and 6.5% for the year. CTA Global strategies are up 0.29% in December, but show losses of 3.5% for the year.Funds of funds, which lost 0.53$% in December, have finished the year with negative returns of 5.9%.

Five managers from Pioneer Investments Deutschland have now teamed up in Munich as a single multi-asset class tam, led by Peter Königbauer, in charge of all commodity strategies, who joined the group in 2005.He will be assisted by Francesco Sandrini (multi-asset classes and real value), who began at the firm in 1998, Alfred Grusch (precious metals equities and commodities), who joined in 1990, and Johannes Sienkneckt (multi-asset), who has worked at Pioneer since 2006, and Andreas Marcinkowski (quantitative strategies and commodities), recruited in 1997.However, Markus Steinbeis has decided to leave the business, and will be replaced as manager of the Pioneer Substanzwerte fund ( DE0009792002) by Sandrini.

Ralf Bartl has been recruited by Natixis Global Asset Management (NGAM) as director of development for distribution activities in Germany, largely serving family offices, wealth managers, fund of fund managers and private banks, Investment Europe reports.Bartl had previously been head of distribution for equity, bond and real estate funds in Germany and Austria at SEB Asset Management.He will report to Joerg Knaf, managing director Northern Europe.

The financial services provider MLP has asked a Frankfurt court to dismiss a claim by some former shareholders in Feri AG, who are seeking an EUR51.1m increase in the price of the 43.4% stake in its capital sold to MLP in April 2011 for EUR50.6m.Negotiations over a variable portion of the price, in addition to the amount paid at the time, were unsuccessful at the time, but the agreement was accepted by a large majority of the former shareholders, including the current management of the firm.MLP acquired its first 56.6% stake in Feri in autumn 2006.

Because it is not a bank but rather an asset management firm, Fidelity would not be subject to the Volcker rule, but Alexander Marx, head of global bond trading at the firm, has nonetheless expressed his opposition to the proposed rule in its current form, because it could have major undesired consequences which would penalise millions of investors.In the written version of his testimony before two financial services subcommittees of the US House of Representatives, Marx says he is concerned by the fact that the Volcker rule would impose a heavy burden on principal trading at banks, which could reduce the efficiency of the markets in which Fidelity operates every day. In addition, the Fidelity executive says that the new regulations could slow economic growth, and would increase the cost for US businesses of raising capital and developing their activities.

The investment firm LPO Ventures on 18 January launched an online platform which allows professionals to invest in European private, unlisted, businesses, an initiative presented as the first of its kind. The platform, entitled FirstPEX, plans to handle a total volume of EUR1bn to EUR2bn over the next three years.The objective is set in light of a similar platform that already exists in the United States. Overall, the firm values the volume of trades expected in this sector in Europe at more than EUR10bn by 2015. The idea is that all investors (banks, wealth managers, funds, etc.) who sign up for the platform will be able to buy shares in a firm registered on the platform at auction.

The board of directors at the Piguet Galland bank (BCV group) appointed Daniel Varela as a member of the board of directors on 1 January 2012, Agefi Switzerland reports.Varela, who has experience in investment strategy and institutional management, will oversee the ongoing development of these activities, according to the bank’s new strategy.Varela joined Banque Piguet & Cie in Geneva in 1999, as sub-director, in charge of analysis for bond markets, bond management, and institutional management. Varela has been a director since April 2011, and is chief investment officer (CIO) at Piguet Galland.

Peter Elston, who for four years has been head of investment strategy in Asia, based in Singapore, for Aberdeen, has been promoted by the Scottish asset management firm to head of Asia-Pacific strategy & asset allocation, a newly-created position. He will continue to be based in Singapore, and will report to Hugh Young, head of Asian activities in Singapore, and Mike Turner, head of global strategy & asset allocation, who is based in Edinburgh.Aberdeen states that Elston will work in close collaboration with Asian equity and bond teams at Aberdeen, who will continue to manage the underlying asset classes used for existing multi-asset class mandates.

Despite falling markets in 2011, La Française AM has maintained its asset levels, and posted positive inflows. As of the end of December, assets under management totalled EUR34.7bn, compared with EUR34.8bn one year previously.Net inflows have not exceeded EUR1bn, as they did in 2010, but they did come to about EUR450m, excluding money market and insurance mandates at the group, Nicolas Duban, head of development at La Française AM, has told a meeting of investors.

As of 31 December, assets under management at Goldman Sachs totalled USD828bn, USD7bn more than as of 30 September, and USD12bn (or 1%) less than one year previously. The decline compared with a total of USD840bn at the end of 2010 is the result of new outflows of USD17bn from equity and bond funds, partially offset by USD5bn in positive market effects and net subscriptions to money market funds.Net revenues from investment management last year totalled USD5.034bn, compared with USD5.014bn in 2010. This stability is the result of an increase in commission revenues, due to a positive evolution in the product mix offset by falling incentive fees. Net profits for the group as a whole totalled USD2.51bn, compared with USD7.71bn the previous year.

As of the end of December, assets under management by BNY Mellon Corporation, excluding securities lending, represented USD1.26trn, 8% less than one year previously. Compared with 30 September, that corresponds to an increase of 5%, due to rising equity markets and net subscriptions.Profits from consolidated activities in the area of investment management funds for the year 2011 were down to USD150m, from USD167m.Revenues from management and performance commissions contracted by 9%, to USD730m, due to an increase in waivers for money market funds, a decline in earnings from performance commissions, and falling international share prices, which were only partly offset by net subscriptions.BNY Mellon also states that its assets under management and administration increased last year by 3%, to USD25.80bn as of the end of December.Overall, BNY Mellon has earned net profits for 2011 of USD2.516bn, compared with USD2.518bn in 2010.

The proposed European Union financial transaction tax (FTT) could lead to a significant decrease in cross-border trading of financial instruments in the EU, undermining the single market, according to the Alternative Investment Management Association (AIMA), the global hedge fund association. AIMA, which has carried out a comprehensive analysis of the proposed FTT, said there would be a significant slowdown in trading of financial instruments like shares, bonds and derivatives in the EU.The AIMA analysis concluded that the FTT would have widespread, unintended damaging consequences. As well as undermining the EU’s single market, the FTT would be likely to reduce EU taxpayers’ savings and pensioners’ incomes, lead to a reduction in the level of investment in the real economy, send asset prices lower, widen spreads, hinder efficient price discovery and increase market volatility.The Commission’s own studies concluded that the FTT would leave the EU worse off by tens of billions of euros annually. It estimated that the FTT’s annual revenues would be approximately EUR25bn-€43bn, but there would also be a reduction in EU-wide GDP of between 0.53% (EUR86bn) and 1.76% (EUR286bn).Even that considerable cost may have been underestimated, AIMA said, because it did not fully take account of the “cascade” effect of taxes being applied to every constituent part of a particular trade.

Manuel San Salvador, director of the new Madrid office of Lazard Frères Gestion in Madrid (see Newsmanagers of 11 January), has recruited Borja Fernández-Galiano, head of sales for Oyster funds in Spain and Portugal since the end of 2008 at Nmas1 Syz, and Francisco Quintano, who a few months ago left BNP Paribas, where he had been head of equities for private banking, a position in which he will be serving at Lazard, Funds People reports.

The alternative investment firm Altin SA in fourth quarter 2011 reduced its leverage from 116.7% to 115%, according to a statement published on 18 January. Tensions in the peripheries of the euro zone, and speculation over the political response to these issues, have been a determining factor in the performance of the markets in the period, Altin reports.In the context of continuing tightening of financing conditions related to increasing concern about the health of the financial system, investors’ aversion to risk has continued to increase, the firm says.

Qannas Investments Ltd is planning to seek admission of its shares to the AIM market in London. The proceeds of the IPO, which is aimed primarily at institutional investors, will be used as a feeder for a new fund managed by Abu Dhabi Capital Management, but issued by a new firm based in Jersey, Hedge Week reports.The objective is to generate an internal rate of return of at least 20%, by investing for 3 to 5 years in a portfolio of undervalued equities and debt primarily from countries of the Gulf Cooperation Council (GCC). Assets in the new fund are not to exceed USD200m.

The Paris office of M&G Investments on 18 January announced that it is adding to its range of funds dedicated to IFAs, with the creation of a retail share class of the M&G Global Dividend fund. “With the M&G Global Dividend fund, we are adding to our range of funds open to IFAs with a highly promising theme: dividends on equities. IFAs are a priority client segment in our development plan. We would like to be the leading foreign asset management firm serving these clients in France in the mid-term,” says Brice Anger, director of development at M&G France.The M&G Global Dividend fund, launched in July 2008, has earned 9% since its launch, and has assets under management of EUR2.09bn. Its strategy targets global companies aiming for long-term growth, but particularly targets companies with solid growth in dividends, rather than a mere search for returns.

Four new Luxembourg-registered ETF funds from Lyxor have been admitted to trading on the XTF segment of the Xetra platform, using sub-indices of the S&P GSCI as their underlyings. The products include one fund based on a soft commodities index and one for industrial metals, each of which comes in a 3-month and an inverse 1-month version. The reverse funds charge fees of 0.40%, while long funds charge 035%.Overall, the XTF segment now lists 912 ETF funds.

UK-based Man group reports outflows for the third quarter of its 2011-2012 fiscal year of USD2.5bn. Subscriptions in the quarter totalled USD3.1bn, but redemptions totalled USD5.6bn. However, there has been a slowdown in redemptions, which totalled USD7.3bn in the quarter to 30 September.As of the end of December, assets under management in the hedge funds totalled USD47.7bn, compared with USD55.1bn as of 31 March 2011. Long-only strategies totalled USD10.7bn, compared with USD14bn as of the end of March. Hedge funds have posted net inflows in the period of USD300m (USD13.9bn in subscriptions, compared with USD13.6bn in redemptions), while long-only funds have seen net outflows of USD1.8bn (USD2.8bn in subscriptions and USD4.6bn in redemptions).As of 31 December 2011, assets under management totalled USD58.4bn, compared with USD64.5bn as of 30 September 2011, and USD69.1bn as of the end of March 2011. In other words, in the first nine months of the fiscal year, assets at the group fell by more than USD10bn. Pre-tax profits for the first nine months of the fiscal year totalled USD257m, compared with USD599m for the fiscal year ending on 31 March 2011.

On Wednesday, the FBI made four arrests in the morning and filed charges against three people in an insider trading case which is alleged to have earned illegal profits of USD61.8m for a network, including gains of more than USD50m on shares in Dell, the Wall Street Journal reports.In addition to Anthony Chiasson (Level Global Investors), Jon Horvath (Sigma Capital) and Todd Newman (Diamondback Capital Management), authorities have arrested Sanny Kuo (Whittier Trust).The FBI has not taken into custody Spyridon “Sam” adondakis (Level Global), Jesse Tortora (Diamondback) or Sandeep “Sandy” Goyal (Neuberger Berman Group), the analysts who have pleaded guilty and cooperate with investigators.

The FBI has arrested four hedge fund directors suspected of insider trading, Handelsblatt reports. They are Anthony Chiasson, co-founder of Level Global Investors, who voluntarily turned himself in to authorities, Todd Newman (Diamond Capital Management), and Jon Horvath (Sigma Capital). The name of the fourth manager has not yet been disclosed.

On 20 January, Lombard Odier is planning to launch two funds whose management will be outsourced to US firms that are not available in Europe. Citywire reports that one of these new products will be the LO Funds – Sands US Growth, which will be managed by Frank Sands Jr, Thomas Ricketts and Perry Williams at Sands Capital Management (USD19bn), based in Arlington, Virginia.Lombard Odier will also be replacing Baron with Neuberger for the management of the LO NB US Core Equity Fund, which will be managed by Arthur Moretti.