The Wall Street Journal reports that David Sheehan, the lawyer for Irving Picard, court-appointed receiver for the business interests of Bernard Madoff, is now seeking to convince the US District Judge Jed Rakoff that there are grounds to apply the Racketeer Influenced and Corrupt Organizations Act (RICO), which had originally been designed to be used against the Mafia and drug gangs. The RICO law allows victims to seek triple the damages they underwent. In the event, this would mean three times USD19.6bn, although the total losses have since been revised down to USD17.3bn.Picard is thus seeking USD59bn from Madoff, his accomplices, and beneficiaries of his Ponzi scheme. He is targeting UniCredit and the Austrian banker Sonja Kohn, among others. According to Picard, Kohn, who founded Bank Medici in Vienna, channeled USD9bn to Madoff via 6 feeder funds and secret or illegal channels since 1985.

Irving Picard, the court-appointed receiver for the business interests of Bernard Madoff, on 5 October announced that he has begun sending out the first reimbursements to the victims of the fraud, and that he will pay out a total of USD312m to 1,230 investors, Die Welt reports. That corresponds to an amount of 4.6 cents for every dollar lost.So far, Picard has recuperated USD8.7bn of Madoff assets from beneficiaries of the Ponzi scheme he orchestrated. This represents half of the USD17.3bn which Madoff victims were seeking to claw back.

Proposed revisions to the Markets in Financial Instruments Directive (MiFID) include some clauses which the AFG (the French asset management association) says are a subject of “concern,” in relation to actors as well as products. In particular, the association strongly opposes proposals by the European Commission to forbid makers of financial products from paying mandated managers and independent financial advisers.“The proposal, whose logic is understandable, does not work in practice. It would also drastically stunt the development of open architecture. In other words, the Commission would run against what it has previously supported,” says Paul-Henri de La Porte du Theil, president of the AFG. The proposals would also not benefit investors, he says, whereas complete and transparent information before the transaction would be the best way to ensure protection.The AFG is also concerned about proposals to distinguish between UCITS-compliant funds which are considered complex, and funds which are not complex. The proposal would significantly weaken the UCITS label, which is internationally recognised as a label for funds available to retail clients. From this point of view, the criterion of comprehension is the “promise” that should be retained, for all savings products and policies.The AIFM directive, whose level II dispositions are in the process of being composed, is not a source of comfort either. “Serious” concerns about the European passport for non-European players remain.The only point on which the association says it is satisfied is the legal framework for UCITS IV funds, which had now been transposed into French law, bringing increased legibility for French fund product ranges.

In a press release on October, 4th, BNY dismissed the charges in the civil lawsuit filed by the Office of the New York Attorney General according to which the bank would have overcharged its foreign exchange (FX) services to various customers, especially pension funds (see Newsmanagers of October, 5th). It stresses that these claims are «flat out wrong, both on the law and on the facts». It recognizes that capitulating to the Office’s demands might avoid some nasty headlines, but refuses «to be coerced into admitting to and paying for wrongdoing that does not exist».The statement stresses that BNY Mellon executed transactions within fully disclosed, daily guaranteed pricing ranges and that, anyway, the decision to use the company’s FX services rested solely with institutional clients and their investment managers who could opt out on daily basisBNY Mellon also insists ont the fact that these services offer institutional clients and investment managers attractive «cholesale» prices which otherwise would not be available for «retail» size trades. And, finally, the bank says that the lawsuit reflects «inappropriate overreaching into commercial relationships».

In the United States, ETFs which bet against the S&P 500 have posted net subscriptions of USD890m in August, and of USD885m in September, the Financial Times reports. These are the second and third-largest months in terms of net subscriptions ever, and represent more than double the average monthly inflows since 2008, according to XTF.

Putnam Investments has launched a new fund which makes it possible to manage risk by increasing the range of asset classes used in a portfolio, while reducing exposure to equity risks. The Putnam Dynamic Risk Allocation Fund is managed by the Global Asset Allocation team at Putnam, led by Jeffrey L. Knight.

One year after launching the DWS Top Dividende fund in France, DWS Investments is adding to its range of dividend funds available to French investors. The asset management firm on Wednesday, 5 October announced the launch of the DWS Invest Emerging Markets Top Dividend Plus fund, managed by Andreas Wendelken, in France.The sub-fund of its Luxembourg Sicav (EUR184m in assets as of the end of August), which is based on a thematic and regional approach, invests in equities in emerging markets which are likely to bring higher dividend returns than the market average. “The region has a wide variety of companies with stable earnings and solid balance sheets, and whose dividend policies are consistent. Opportunities are primarily int eh ASEAN countries, such as Indonesia, and Taiwan, which has the most attractive dividend rates of all emerging markets,” the fund manager says.The dividend strategy of DWS Investments has more than EUR8bn in assets under management.CharacteristicsISIN code: LU0329760002Front-end fee: maximum 5%Management fee: 1.5% per year

Francois Gouws and Yassine Bouhara, co-heads of global equities activities at UBS, have resigned in the wake of the recent scandal over unauthorised trading operations which resulted in losses of USD2.3bn for the Swiss bank. Their resignations are said in a statement to be due to “the overall responsibility which they had for the effective management of the Equities unit.”Mike Stewart, who joined UBS in July, has been appointed global head of Equities at UBS.

Barclays Wealth, the division of Barclays Bank dedicated to wealth management, via its affiliate Barclays Bank (Switzerland), based in Geneva, on 5 October announced the appointment of Isaac Topel as managing director, and Andres Cazenave as director in the International Private Bank, Latin America division, Agefi Switzerland reports. The two men will both be in charge of continuing the expansion of Barclays Wealth’s strategy in Latin America, serving high net worth and ultra high net worth clients from Geneva. For nearly ten years, Topel has served in a variety of positions at JP Morgan, most recently that of senior banker in the Swiss private banking division, for high net worth clients in the Latin American region. Cazenave, who is also a former senior banker in the same division at JP Morgan, has spent the past four years alongside Topel in wealth management for some key Latin American clients, from Geneva. Both men will report to Thomas Roiz, Market Head for Latin America, International Private Bank, Europe, Middle East and Africa division.

Michael Heijmeijer, founder of Cfinancials, has launched a platform dedicated to structured products, which is bringing managers and their clients genuine transparency for these products in the form of research and analysis aid tools, Agefi Switzerland reports. The interfaces are constructed to the custom needs of clients, banks or asset management firms, on the basis of a universe of 12 million financial products, including 2 million structured products, which are already available on the platform. The sub-set of structured includes all products available in Germany and Switzerland, through a partnership between Cfinancials and Scoach. Under the name Product Mastering, the service provides access to all pertinent information about a product, as well as detailed information and analysis of underlyings.

Gonet & Cie, whose headquarters are located in Geneva, opened a branch office in the canton of Vaud on 3 October, Agefi Switzerland reports. From 1 November, Pierre-Alain Devaud and Roy Kienast, who had previously been members of the board of directors of the Banque de Dépôts et de Gestion (BDG), will be in charge of developing the activities of the new Vaud office. They will have a team of five employees by the end of the year. A Gonet office in Singapore will also be operational in the next few weeks. A team of seven people has been recruited to serve South-East Asia in particular. The group, which currently has 83 employees, is expecting to hit 100 staff in first quarter 2012.

Old Mutual Asset Management (OMAM), the U.S.-based global asset management business of Old Mutual, has appointed Julian Ide as head of OMAM Global Distribution and Chief Executive Officer of Old Mutual Asset Managers (UK) Limited (OMAM UK). He succeeds Peter Baxter who is leaving the firm to pursue other opportunities. OMAM UK is a London-based investment boutique and affiliate of OMAM with approximately GBP4.5 billion of assets under management. Julian Ide will report to Peter L. Bain, Chief Executive Officer of OMAM and will complete the formation of Mr. Bain’s executive team. As part of his role, he will spearhead OMAM’s global distribution efforts in Europe, Asia and the Middle East to support the continued growth of OMAM’s affiliate managers. In addition, he will oversee OMAM UK’s investment teams, product offerings and successful retail and institutional distribution efforts. Julian Ide’s arrival is coupled with OMAM’s simultaneous announcement today of its divestiture of its U.S. retail mutual fund business. He joins from BBVA Asset Management where he was head of Institutional business.

Union Bancaire Privée (UBP) is initiating a new campaign in wealth management. “By the end of 2012, we want to complete the integration of ABN Amro Switzerland, launch our activities in Asia,a nd strengthen our management capacities for European clients in London and Luxembourg,” Michel Longhini, CEO of the private banking division of the Geneva-based business since September 2010, has told Agefi Hebdo. In Asia, the group has only one capital market license, in Singapore, and an asset management office in Hong Kong, where it has recently announced the creation of two joint ventures with a Taiwan insurer. In both markets, “we are preparing our applications for banking licenses,” the head of wealth management says. Asia represents 7% of assets, “and we would like to see local clients account for 10% to 15% of our assets in five years,” while UBP is aiming for total inflows of EUR10bn from its private clients.

Raoul Luttik, senior portfolio manager for emerging market debt at ING Investment Management, announced in a presentation in Paris on 5 October that despite the poor performance of the markets in September, which resulted in net redemptions to some retail subscribers (a phenomenon which will be likely to continue for some time, unless there is a significant reversal of the market trend), institutional investors clearly continue to have confidence in this asset class.There is no shortage of arguments in favour of emerging market debt, denominated either in “hard” or in local currencies, and these arguments have not been nullified by the events of September. Economic and fiscal fundamentals remain considerably more positive in general than in industrialised countries, while emerging market bonds present high returns, and securities denominated in local currencies a priori offer an additional upside through revaluation of the currencies.As of the end of August, thus before the heavy corrections and retail outflows of last month, ING IM had assets of EUR12bn for its emerging market debt strategy, compared with EUR10.9bn as of the end of December 2010. Assets under management in local currency funds, whose benchmark is the ELMI+ (money markets, futures), as of the end of June totalled over EUR2.93bn, for an average rating of BBB+. Local currency bond funds (average rating BBB-), benchmarked against the BGI-EM GD index, totalled about EUR1.54bn.

The performance of hedge funds in the past three months have been the rose since third quarter 2008, according to Hedge Fund Monitor, relayed by Les Echos. Average losses total 5.02% in the three months to 28 September. This is the reason for the major adjustments at Man Group, which will be laying off one employee in five by first quarter 2012. Smaller, more agile funds are doing better, however. “These are the funds which many final investors are looking for, since they are more agile and can buy or sell their positions more easily,” Anne-Gaëlle Pouille of PAAMCO, a fund of hedge funds, explains to the newspaper.

BlackRock, the global leader in ETFs with its iShares brand, has issued a call for greater transparency in the ETF market, and for consistent regulation, at a time when this activity is under the eye of regulators. The US management firm has made five more presice proposals for regulations and market reforms. Firstly, BlackRock calls for a clear labeling of product structure and investment objectives. "“ETF” has become a blanket term describing many products that have a wide range of different structures. This has led to confusion among investors. Investors should know what they are buying and what a product’s investment objectives are.This can be achieved by establishing a global standard classification system with clear labels to clarify the differences between products,» the firm explains.Another recommendation is frequent and timely disclosure of all holdings and exposures . “Investors also need to understand what the product holds. To that end, sponsors should be required to disclose a clear picture of what the product holds and any other financial exposures it has,” BlackRock comments.The asset management firm also calls for clear standards for diversifying counterparties and quality of collateral loans. “In addition to disclosure, standards should be established regarding counterparty exposure and the quality of collateral posted by counterparties.”Fourth, BlackRock would like to see disclosure of all fees and costs aid, including those to counterparties . “Investors should have complete clarity regarding all the costs and revenues associated with any fund they buy, so they can clearly establish the total cost of ownership. Thus, in addition to clearly stating the management fee paid by the fund to the sponsor, the disclosure should include any costs or fees that affect the investors’ holdings, including those paid to companies related to the fund provider such as swap counterparties and securities lending participants”.Lastly, the asset management firm recommends universal trade reporting for all equity trades, including ETFs.

In the first eight months of 2011, total assets under management (in mandates and mutual funds) “has shown a certain resilience,” limiting its losses to 3.2%, to EUR2.651trn, very slightly above its levels at the end of 2009, according to a report on the French financial management market presented on 5 October by the French asset management association (AFG). Assets in mandates continued the momentum they have shown in previous years. They may have risen less rapidly, but show gains of slightly under 1%, to a total of EUR1.411trn. This growth is nearly all due to market effects, while net inflows are near zero for the eight-month period, due to a slowdown in life insurance due to uncertainty about taxation and the impact of increased competition from banking products. French-registered funds, however, saw an outflow of 7.1% to total assets of EUR1.24trn. The very poor performance of the market in summer affected all categories of funds, while market effects were particularly negative for equities and diversified funds. For equities funds, whose assets as of the end of August totalled EUR232.5bn, compared with EUR279.2bn as of the end of 2010, market effects totalled EUR36.3bn, while outflows totalled EUR10.4bn. Money market funds have seen a sharp slowdown in inflows in the eight-month period, compared with the same period in 2010, to EUR16.6bn, compared with EUR48bn in the same period of 2010. The relative weight of money market funds, which in May 2009 reached record levels (42% of total assets under management), now represent about 30% of assets under management, a normal level historically.

A wave of new portfolio management firm creations has continued in 2011, according to a summary of activity on the French financial management market presented by the French asset management association on 5 October. 30 asset management firms have been licensed or are awaiting their definitive licenses, and 12 other firms are underway. At the end of September, the population of asset management firms active in France totalled over 600, compared with 592 at the end of 2010, and 567 at the end of 2009. The number of mutual funds, which has fallen sharply since mid-2008, began to rise again slightly in 2011, with creations offsetting the continuing rationalisation efforts. This increase in the number of mutual funds is said to be partly due to the launch of new product ranges to face up to the competition created by the entry into force of UCITS IV and sales efforts to adapt the product range and asset management strategies to new market conditions.

Le groupe de services financiers Aragon AG de Wiesbaden a annoncé avoir acquis auprès de la DAB-bank (27 milliards d’encours gérés ou administrés à fin juin) une participation de 82,25 % dans le berlinois SRQ FinanzPartner, le reliquat des parts demeurant détenu par le management, des conseillers en planification financière et des collaborateurs. Le montant de la transaction n’a pas été dévoilé. L’autorisation des autorités de surveillance est attendue pour avant la fin de cette année.SRQ FinanzPartner dessert environ 90 partenaires avec 10.500 clients de milieu de gamme (mass-affluent). Ses encours sous administration se situent à environ 1,4 milliard d’euros.

Le danois Saxo Bank a annoncé le 5 octobre l’ouverture d’un bureau à Moscou pour proposer aux clients russes des services de courtage et d’investissement au travers de sa plate-forme de négociation.Cette nouvelle implantation sera dirigée par Igor Dombrovan, qui a aussi été nommé COO de Saxo Bank.

Barclays Wealth, la division dédiée à la gestion de fortune de Barclays Bank via sa filiale Barclays Bank (Suisse) basée à Genève, a annoncé le 5 octobre les nominations d’Isaac Topel au poste de managing director et d’Andres Cazenave au poste de director, au sein de la division International Private Bank, Amérique latine, rapporte L’Agefi suisse. Ils seront tous deux chargés de poursuivre l’expansion de la stratégie de Barclays Wealth en Amérique latine, auprès des clients fortunés et extrêmement fortunés depuis Genève. Pendant près de dix ans, Isaac Topel a exercé différentes fonctions chez JP Morgan et occupait dernièrement le poste de senior banker au sein de la division banque privée suisse, région Amérique latine, pour les clients fortunés. Andres Cazenave, également ancien senior banker au sein de la même division chez JP Morgan, a consacré les quatre dernières années, aux côtés d’Isaac Topel, à la gestion de fortune de certains des plus importants clients latino-américains basés à Genève. Ils seront tous deux rattachés à Thomas Roiz, Market Head pour l’Amérique latine, division International Private Bank, Europe, Moyen-Orient et Afrique.

Gonet & Cie, dont le siège se trouve à Genève, a ouvert une succursale dans le canton de Vaud le 3 octobre, rapporte L’Agefi suisse. Dès le 1er novembre, Pierre-Alain Devaud et Roy Kienast, précédemment actifs au sein du comité de direction de la Banque de Dépôts et de Gestion (BDG), seront chargés de développer les activités depuis le nouveau pôle vaudois. Ils compteront sur une équipe de cinq collaborateurs d’ici à la fin de l’année. Une entité Gonet à Singapour sera également opérationnelle dans les prochaines semaines. Une équipe de sept personnes a été recrutée pour couvrir prioritairement l’Asie du Sud-Est. Le groupe, qui emploie actuellement 83 personnes, devrait atteindre la centaine de collaborateurs dans le courant du premier trimestre 2012.

La société de gestion britannique Liontrust Asset Management a annoncé le 5 octobre avoir bouclé l’acquisition de l’activité de gestion d’Occam Asset Management. Les actifs sous gestion d’Occam étant passés sous la barre des 150 millions de dollars, le prix d’acquisition a été revu à la baisse de 30%.Liontrust acquiert ainsi quatre fonds basés à Dublin et deux hedge funds domiciliés aux îles Caïman qui lui apportent deux nouvelles classes d’actifs : l’Asie et les marchés émergents.Les fonds dublinois ont été renommés, le fonds Occam Asia Absolute Return devenant Liontrust Asia Absolute Return, Occam Asia Focus devenant Liontrust Asia, Occam Europe Focus devenant Liontrust Pan European et Occam Emerging Markets Opportunities devenant Liontrust Emerging Markets Absolute Return. Les fonds des îles Caïman sont le Liontrust Sorbus et le Liontrust Diversity. Les actifs sous gestion (actions britanniques et européennes) de Liontrust s'élevaient à la mi-juin 2011 à 1,3 milliard de livres.

La société d’investissement immobilier Eurosic a annoncé le 5 octobre le lancement d’une augmentation de capital par attribution gratuite de bons de souscription d’actions (BSA) à ses actionnaires, pour un montant pouvant atteindre 221 millions d’euros. Monroe, Predica, ACM Vie et Covéa, se sont engagés à souscrire à l’augmentation à concurrence d’un montant global de 173 millions d’euros environ.

Depuis juillet, SEB Asset Management, la division de gestion d’actifs de la banque scandinave SEB, a un nouveau responsable des relations clients pour la France et la Suisse. Il s’agit de Laurent Farcy-Briant, qui succède à Charles Vernudachi. Ce dernier a quitté la société pour rejoindre Eaton Partners (lire article du 22 septembre 2011).La nouvelle recrue, qui a notamment été directeur commercial Europe d’Old Mutual Asset Managers et managing director Europe de HFR AM, compte tout d’abord installer la marque SEB dans le paysage français, aujourd’hui plus connue pour ses appareils électroménagers que pour ses fonds. Pour ce faire, Laurent Farcy-Briant a pioché dans la gamme de produits du groupe des savoir-faire se démarquant de l’offre standard. Ainsi, les cinq fonds agréés en France se composent d’un fonds de CTA, SEB Asset Selection, un fonds Russie, SEB Russia, un fonds de petites et moyennes capitalisations d’Europe de l’Est, SEB Eastern Europe Small, un fonds nordique, SEB Nordic, et un fonds de fonds Ucits, SEB Key Select. «L’idée est de mettre en avant des produits que l’on peut fortement associer à SEB», indique Laurent Farcy-Briant, interrogé par Newsmanagers. C’est notamment le cas du SEB Nordic dont la gestion vient d’ailleurs d’être reprise par Tommy Saukkoriipi, qui gérait un produit similaire chez le concurrent Nordea. Le responsable France et Suisse a également l’intention d’ajouter quelques autres produits à cette liste, toujours sur des expertises de niche, comme les obligations d’entreprises avec une exposition nordique.Avec cette gamme, Laurent Farcy-Briant veut cibler les fonds de fonds et banques privées, qui ont un cycle court, mais aussi les investisseurs institutionnels purs, de type caisses de retraite, mutuelles, ainsi que les gros cabinets de CGPI. Côté moyens, Laurent Farcy-Briant a réuni une «task-force» française de deux personnes francophones qui travaillaient déjà au sein du groupe. Il s’agit de Michele Chiabaud, marketing manager Europe, et Catherine de Coninck, service clients. Cette équipe se répartit entre Londres et Luxembourg. Mais il est évident que l’étape d’après, dans les trois à cinq ans qui viennent, et en fonction des résultats, est d’ouvrir un bureau à Paris.

L’agence Reuters rapporte que lors d’une conférence à Dubaï mercredi 5 octobre, Daniel Truchi, le directeur général du pôle banque privée de la Société Générale a déclaré que la banque pourrait envisager des acquisitions dans la banque privée dans la mesure où les valorisations ont baissé et où des banques pourraient envisager de céder leurs divisions «private banking» et «corporate banking». «Il n’y a actuellement pas besoin d’injection de capitaux et les fondamentaux de la banques sont stables», a-t-il dit. «Il y a un énorme contraste entre ce que nous avons à l’intérieur et ce que l’on pense que nous avons à l’extérieur.»

Le 5 octobre, Weinberg Capital Partners a annoncé la promotion de Jérôme Louvet et Nicolas Teboul au rang de directeurs associés. Les intéressés, tous deux diplômés de HEC, avaient rejoint Weinberg Capital comme directeurs adjoints, le premier (34 ans) à la création du fonds en 2005 et le second (33 ans) en 2007.Weinberg Capital Partners est une société de gestion de fonds d’investissement créée à l’initiative de Serge Weinberg, ancien président du directoire de PPR. Elle gère un fonds de capital investissement/LBO WCP#1, de 418 millions d’euros, qui vise à accompagner le développement d’entreprises françaises de taille moyenne, et un fonds d’investissement immobilier d’un montant de 83 millions d’euros.

La directrice de l’investissement responsable du Fonds de Réserve des Retraites (FRR), Nada Villermain-Lécolier, va rejoindre selon IPE la Caisse des Dépôts et Consignations où elle avait déjà travaillé pendant treize ans.Elle doit intégrer une nouvelle équipe dirigée par Catherine Mayenobe (ancienne secrétaire générale de la Cour des Comptes) chargée de gérer et de piloter une partie du programme Investissements d’Avenir de 35 milliards d’euros lancé en 2010 par le gouvernement français.Toujours selon IPE, Nada Villermain-Lécolier quittera le FRR le 14 octobre où elle était en poste depuis la création en 2003.

Un an après avoir lancé le DWS Top Dividende en France, DWS Investments renforce sa gamme de fonds dividende offerts aux investisseurs français. La société de gestion a annoncé mercredi 5 octobre le lancement dans l’Hexagone du fonds DWS Invest Emerging Markets Top Dividend Plus, géré par Andreas Wendelken. Le compartiment de sa sicav luxembourgeoise (184 millions d’encours à fin août), fondé sur une approche thématique et régionale, est investi en actions des marchés émergents susceptibles d’offrir des taux de dividendes supérieurs à la moyenne du marché. «La région regorge d’une large variété de sociétés aux chiffres d’affaires stables et aux bilans solides et dont la politique de dividendes est durable. Les opportunités résident avant tout dans la région des pays de l’ASEAN, notamment l’Indonésie et plus encore le Taiwan qui possède les rendements de dividendes le plus attractif de tous les émergents», souligne le gérant.La stratégie dividende de DWS Investments totalise plus de 8 milliards d’euros sous encours.Caractéristiques Code ISIN :LU0329760002Droits d’entrée : 5 % maximumFrais de gestion : 1,5 % par an

Au cours des huit premiers mois de 2011, l’encours des actifs globaux sous gestion (mandats et OPCVM) «a fait preuve d’"une certaine résilience» en limitant sa baisse à 3,2% à 2.651 milliards d’euros, très légèrement au-dessus du niveau de fin 2009, selon le bilan du marché français de la gestion financière présenté le 5 octobre par l’Association française de la gestion financière.L’encours des seuls mandats a même poursuivi sur sa lancée des années précédentes en progressant certes moins vite mais en affichant un gain d’un peu moins de 1% pour atteindre 1.411 milliards d’euros. Cette croissance résulte presqu’en totalité de l’effet de marché, la collecte nette, presque nulle pendant ces huit mois, pâtissant du ralentissement de l’assurance-vie suite aux incertitudes relatives à sa fiscalité et à l’impact de la concurrence accrue des produits de bilan bancaires. Les fonds de droit français ont en revanche subi un recul d’encours de 7,1% à 1.240 milliards d’euros. La très mauvaise tenue des marchés pendant l'été a eu pour conséquence que toutes les catégories de fonds ont été touchées, l’effet marché ayant été particulièrement négatif pour les fonds investis en actions et diversifiés. Pour les fonds actions, dont l’encours à fin août s’inscrivait à 232,5 milliards d’euros contre 279,2 milliards fin 2010, l’effet de marché s'élève ainsi à 36,3 milliards d’euros, la décollecte représentant 10,4 milliards d’euros. Les fonds monétaires ont connu une forte décélération de leur décollecte sur huit mois par rapport à la même période en 2010, de 16,6 milliards d’euros contre 48 milliards d’euros entre janvier et août 2010. Ainsi, le poids relatif des fonds monétaires, qui avait atteint vers mai 2009 des niveaux record (42% des encours gérés totaux, FCPE et FCPR compris), représente aujourd’hui environ 30% des encours gérés, un niveau historiquement normal.