Agefi reports, citing information from Reuters, that Deutsche Börse and Nyse Euronext are prepared to sell off their equity options activities in Europe and let their competitors into Euroex Clearing, in order to lessen their dominant position on derivatives markets. The date on which the European Union is to review the proposal has been delayed from 22 December to 23 January, the newspaper reports.

The Vietnamese government on 16 September announced that from next year, it will allow transactions on commodities ETFs on the Hanoi stock exchange, Handelsblatt reports. The corresponding regulations are expected to be passed by the end of this year. The objective is primarily to attract institutional investors.

Legg Mason Capital Management (LMCM) and its star manager, Bill Miller, on 17 November announced that from 30 April 2012, Peters will become the sole manager of the Value Trust and Value Equity strategies, and CIO of LMCM, while Bill Miller will remain as chairman of LMCM.Miller, who has managed the Value Trust since its inception on 16 April 1982, will continue to manage the LMCM Opportunity Trust with Samanths McLemore as co-manager. McLemore will remain as manager of the Opportunity Fund portfolio, domiciled in Dublin.Peters, who had been co-manager of the Value Trust fund for six months (see Newsmanagers of 22 May), will remain as co-manager of the Special Investment Trust and the MidCap strategy, with Albert Grossman.Chris Gay will remain as assistant portfolio manager of the Value Trust fund, and manager of the Irish Value Fund portfolio and the US Equity Fund, domiciled in London.

Scott Ebner, global head of development for SPDR ETF at State Street Global Advisors, who was in Paris on 17 November 2011 along with Marco Fusco, head of SSgA France, did not come to the city empty-handed. At a press conference, the two heads announced the launch of three new ETFs in France. The funds include one ETF – SPDR Barclays Capital 1-3 Year Euro Government Bond ETF, which is listed on Deutsche Börse and which invests in European short-term government bonds – and two ETFs – SPDR S&P US Divident Aristocrats ETF and SPDR S&P Emerging Markets Dividend ETF – which both invest in equities that produce high dividend returns.The SPDR Barclays Capital 1-3 Year Euro Government Bond ETF replicates the Barclays Capital 1 – 3 Year Euro Treasury Bond Index, which includes about 75 investment grade bonds from public entities with set rates, from countries in the European single currency area. Only investment grade bonds issued in euros or in a pre-existing currency with a residual maturity of one to three years are included, a statement adds. The SPDR S&P US Dividend Aristocrats ETF replicates the S&P High Yield Dividend Aristocrats Index, which includes 60 equities from the S&P Composite 1500 Index, which have paid a high dividend every year for the past 25 years. The individual positions are limited to 4% of the portfolio each, in order to ensure diversification. Lastly, the SPDR S&P Emerging Markets Dividend ETF replicates the S&P Emerging Markets Dividend Opportunities Index, which includes 100 liquid equities that serve high dividends, from 20 emerging countries, which have shown stable or positive evolution in their dividend levels in the past three years. The individual positions are limited to 3%, while concentration by country and sector is limited to 25%, in order to ensure diversification. CharacteristicsSPDR Barclays Capital 1-3 Year Euro Govt Bond ETF ISIN code: IE00B6YX5F63 SPDR S&P Emerging Markets Dividend ETF (GBP) ISIN code: E00B6YX5B26 SPDR S&P Emerging Markets Dividend ETF $ (USD)ISIN code: IE00B6YX5B26SPDR S&P US Dividend Aristocrats ETF (GBP) ISIN code: E00B6YX5D40 SPDR S&P US Dividend Aristocrats ETF$ (USD)ISIN code: IE00B6YX5D40

Henderson Global Investors France has sold an office and commercial property from the portfolio of the Warburg-Henderson Pan-Europa Nr.1 fund. The net sale price for the building is EUR22.2m. The property, which has a usable floor area of about 2,500 square metres, had been acquired by Warburg-Henderson KAG in September 2005. Henderson states that the returns earned on the property were 8.6% per year, with an internal rate of return of nearly 30%.

In the face of difficulties with its value and growth strategies, AllianceBernstein is playing the diversification card, and is currently putting its weight behind thematic management, which often brings returns when exited from during turbulent market times. “This is not a time for us to abandon value or growth approaches, which represent cumulative assets of more than USD130bn as of the end of September, and which are still an integral part of our product range, but with an eye to diversification, we feel that a thematic approach could make is possible to identify companies likely to benefit from the innovative ideas of tomorrow,” says Catherine Wood, senior vice president at AllianceBernstein and head of thematic management, on a visit to Paris. In this thematic management, Wood manages about USD5bn in two major funds, one of which is focused on the United States, the Alliance US Thematic Research fund, which has about USD4bn in assets, and the other international, Alliance Global Thematic Research (USD1bn). The international strategy has been available to European investors since late 2009, while the US strategy has been available since July 2010, with assets of USD170m and USD80m, respectively. The thematic portfolio includes six major areas: the genome revolution, transformation of energy, reform to the financial system, intensification of cyclical markets, web 2.0, and reemergence of the middle classes. The criteria used in the selection of themes include their global and long-term character, their power to rupture existing ways with profound changes, and their multi-sectoral implications.

Following on the observation that the Paris market is poor in quantitative alternative management firms, QuantValley, an association with 20 founding partners, including eight asset management firms, academic institutions (Paris-Dauphine, Institut Louis Bachelier, Ensae), the competitiveness unit Finance Innovation and SMBs – has unveiled its initiative entitled “Paris: City of Quants 2020,” Agefi reports. The objective is to make this strategy represent 10% of assets under diversified management in France, as their percentage of assets in London is ten times higher. The initiative hopes to eventually make Paris the top centre in continental Europe for active quantitative management. On Thursday, 17 November, at the inception of the project, it was announced that a research project had been initiated, entitled “Development of quantitative management.” The research will be carried out by Paris-Dauphine university and ENSAE ParisTech.

On 17 November, Baring Asset Management announced the launch of the Baring India fund on 7 December. The fund will be managed by Ajay Argal, who was recruited in September in Hong Kong and who had previously been the lead manager of the India Advantage Fund and the India Excel Fund from the asset management firm Birla Sunlife.The portfolio will be at least 70% composed of equities or securities related to equities from companies listed in India, or which undertake most of their economic activities in the country. Argal may also invest up to 30% of the portfolio in companies listed outside India on the Indian subcontinent, which realise a significant percentage of their activities in India.The fund will have a relatively high concentration with 30 to 50 positions.As of the end of October, Barings managed USD288m in Indian equities.The Baring India Fund will be a sub-fund of the Irish-registered, UCITS-compliant OEIC fund Baring Investment Funds Plc. Management commission is 1.5% for the A share class, and 0.5% for the I share class.

According to the most recent study by the World Gold Council, central banks bought 148.4 tonnes of gold in third quarter 2011, taking advantage of a low price for the metal, Les Echos reports. For the year as a whole, their purchases, which already total 348 tonnes, may rise to as much as 450 tonnes. This level has not been seen since 1972, when the Bretton Woods system came to an end, and along with it free convertibility of currency into gold.

George Osborne, the British Chancellor of the Exchequer, on 17 November announced the sale of Northern Rock Plc, which was nationalised on 23 February 2008, to Virgin Money. The Treasury will see GBP747m on the sale, and that amount may increase in the future to GBP1bn.Virgin Money has pledged not to undertake any involuntary redundancies, in addition to those already announced, for the next three years following the conclusion of the transaction (which will be completed by 1 January 2012).On 1 January 2010, Northern Rock was spun off into two entities, Northern Rock Plc, and Northern Rock (Asset Management) Plc.

Dominic Grinstead, managing director of MetLife UK, has announced that the US group may launch an asset management firm in the United Kingdom by 2013, though no final decision has yet been taken, Money Marketing reports. The site adds that FriendsLife announced at the beginning of the month that it is launching an asset management affiliate in the United Kingdom, which it aims to have operational by the second half of 2012.

Europe Pension reports that the Netherlands federation of retirement institutions (OPF) has announced that pension funds will now notify their members and other beneficiaries of all costs related to management of pension savings and asset management. This is a simple recommendation, without any obligation, meaning that the Federation is asking its members to comply, or else to explain why they are not doing so.A better overall vision of costs makes boards more accountable and allows them to personalise communications for various target groups. However, as the Federation is aware that this innovation will require considerable effort on the part of pension funds, it recommends a gradual application.

Giles Swan will join the new association ICI Global, founded by the Investment Company Institute (ICI) to defend the interests of international investment fund managers, in January 2012. Swan, a specialist in policy related to collective investment plans at the British Financial Services Authority (FSA), will become director of global funds policy, and will report to Dan Waters, managing director, Investment Europe reports.Swan joined the FSA in May 2005. He was in charge of negotiations with the Council of Ministers and the European Parliament on the subject of the AIFM directive, and directed one of four task forces at the European Securities Markets Authority (ESMA). He was also in charge of supervision of asset management firms, before taking additional responsibility for supervision of the operations of the largest life insurers in Asia, the United States and Europe.

The Sanctions Committee of the French financial market regulator, the Autorité des marchés financiers (AMF), has fined SGAM (now integrated along with CAAM into Amundi) and SGAM AI (now part of Lyxor, in the SocGen group) EUR1m, with a pecuniary sanction of EUR1.5m. These penalties are linked to the way both affiliates of SocGen tried to fix the liquidity crisis after the 2007 forex crisis. The watchdog also charges the two asset management companies of breaching some compliance rules.

The Hollandhaus building in Bonn (11,000 square metres) has been resold by the open-ended real estate furm DEGI Global Business to IVG Institutional Funds, for an undisclosed price slightly low its most recent expert valuation, Aberdeen Immobilien KAG has announced. The property, the former, renovated embassy of the Netherlands to West Germany, is wholly leased to Deutsche Post Immobilien. It had been acquired for EUR17.2m in November 2007. Aberdeen Immobilien announced on 18 August that the DEGI Global Business fund would gradually be liquidated by 30 June 2014 at the latest.

On the occasion of the publication of the Water Discolure Global Report 2011 by the Carbon Disclosure Project (CDP), Norges Bank Investment Management (NBIM) has announced that it will be calling on companies whose shares feature in its portfolio to issue more appropriate communications on the subject of their exposure to “water” risk, and the measures they are taking to manage this risk in their operations and supply chain. NBIM, an affiliate of the Bank of Norway in charge of managing the Government Pension Fund – Global (GPFG), formerly known as the Oil Fund (DKK3.157trn), says that a survey undertaken this year of over 400 companies in its portfolio found that the companies that provide adequate information on water risks were far too few and far between, particularly companies which provide information about their supply chain. The asset management firm claims that although climate change issues are a global phenomenon which requires international action and regulations, water is a resource whose management is optimal on the local scale. The CDP report shows that shortages of water can have a negative influence on the activity and profitability of businesses, but that efforts to manage risks related to water remain far behind measures that aim to bring the effects of climate change under control.

The Dow Jones Credit Suisse Core Hedge Fund Index has bounced back off its losses in September to post returns of 1.85% in October, while long/short equity gained 5.27%. However, the index as a whole has lost 6.04% from the beginning of the year until 11 November. Managed futures and convertibles arbitrage were the only two strategies to show losses in October, running to 5.07% and 0.52%, respectively. However, all categories show a loss between 1 January and 11 November, particularly event-driven (-11.60%), global macro (-8.92%), convertibles arbitrage (-7.14%). Bond arbitrage is the only strategy in positive territory for this period, with a gain of 0.30%.

The US index provider Indxis has teamed up with the Swiss firm GAIA Capital Advisors to create the GAIA Farming Index, which will serve as the basis for an ETF or other structured products, Hedge Week reports. Backtesting reveals that the new product has earned annualised returns over three years of 20.29%. It brings together equities in companies worldwide which own or operate agricultural land, most often with a large vertical integration, in order to cover a significant segment of the value chain. The index will be administrated and calculated by Indxis, while GAIA will be in charge of the management of the index, which will include all sectors of production (meat, grains, cooking oils, dairy products, fish, diversified operations, plantations in all geographical zones).

L’IRCANTEC désignera fin mars 2012, les mandataires sélectionnés parmi les 33 candidats ayant répondu au questionnaire de la seconde phase, pour l’appel d’offres de prestation de services relative à la gestion d’actifs. D’une valeur de 6 milliards d’euros en septembre 2012, la gestion des actifs du portefeuille de valeurs mobilières sera active dès la notification du contrat, c’est à dire à partir du mois de mai 2012. A noter que l’IRCANTEC s’intéresse également aux classes d’actifs de diversification et pourrait lancer un ou plusieurs appels d’offres dans ce sens à partir de la fin du premier semestre 2012.

Le gérant vedette, célèbre pour avoir battu l’indice S&P 500 pendant quinze ans jusqu’en 2005, a décidé d’abandonner à compter du 30 avril la gestion de son principal fonds (Legg Mason Capital Management Value Trust), après avoir été distancé par l’indice lors de quatre des cinq dernières années. Sam Peters prendra la relève mais Bill Miller restera président de la filiale Legg Mason Capital Management.

À l’occasion de la quatorzième édition des ESG Leaders Awards organisée à Londres le 10 novembre, l’ERAFP a reçu, pour la deuxième année consécutive, le prix du meilleur investisseur ESG européen. Le fonds de pension public gère près de 12 milliards d’euros d’actifs financiers suivant une démarche 100% ISR.

Les deux opérateurs boursiers songeant à une fusion ont selon Reuters attendu le dernier moment, à savoir hier soir, pour présenter à la Commission européenne des solutions à leur position très forte sur les marchés dérivés. Ils envisagent de vendre leurs activités d’options sur actions en Europe et de donner accès à leur concurrents à Eurex Clearing. La date limite de revue de l’opération par Bruxelles est portée du 22 décembre au 23 janvier.

Jeff Ifrah, avocat de Full Tilt Poker, a confié à Reuters que le Département américain de la Justice avait conclu un accord avec Groupe Bernard Tapie ouvrant la voie à un rachat par ce dernier du site de jeu en ligne. Le Wall Street Journal a précisé que le montant de la transaction s’élève à 80 millions de dollars.

Avec un record de 4.660 milliards de dollars en septembre, les investisseurs étrangers détiennent désormais 48,4 % de la dette des Etats-Unis

QuantValley, qui regroupe des sociétés de gestion, des institutions académiques et des PME, entend promouvoir l'activité à Paris

Le gouvernement de l'ancien commissaire européen a obtenu la confiance du Palais Madame. De nouvelles mesures d'austérité sont envisagées

L'Espagne a emprunté à 10 ans à près de 7 %. Les adjudications de l'Agence France Trésor ont obtenu une demande plus soutenue

Acceptant une décote faciale de 50 % sur la dette grecque, les créanciers privés ont entamé les négociations avec Athènes

L’IIF espère un accord sur une décote faciale de 50 % dans les prochaines semaines. Elle aurait présenté deux options d'échange de dette à Athènes

Les prix immobiliers ont chuté dans 33 des 70 villes en octobre, et les banques sont appelées à «faire très attention» aux risques de crédits associés