Fund distribution through private banks, direct sales and proprietary channels (such as distribution agreements with banks) is set to increase significantly during the next 12 months, according to a research by the Luxembourg-based Kneip, a provider of services to the investment fund sector, undertaken in April this year, and covering 47 asset management firms, fund administrators, and providers. The survey finds that 42.9% of respondents are planning to increase to use private banks more, compared with only 14% in 2010. This development may be a result of a desire on the part of asset management firms to develop their activities serving high net worth clients. The study also finds that 34.3% of respondents would like to focus more on direct sales, a 14% increase over the level last year, and that 31.4% would like to use “proprietary” channels, such as distribution agreements with banking establishments. This latter solution has seen a 26% increase in the past 12 months. Unsurprisingly, the survey also finds that 94% of respondents cited that UCITS IV would have the most impact on the fund management industry in the next 12 months, up from 83% from last year. Europe remains the preferred investment region for 74.3% of respondents. This percentage is 9% lower, however, than the previous year. Investors are showing a growing interest in South America (Brazil, Chile) and Australia, the survey says, due to market growth as well as the opening of these markets to foreign funds in recent years.

According to the first annual rankings of family offices by Bloomberg, HSBC Private Wealth Solutions takes first place for assets under management, with USD102bn in assets at their 18 offices worldwide. In second place is Bessemer Trust, with USD44.5bn in assets. Seven out of the ten largest providers of family office services are controlled by or affiliated with major banks, such as UBS, Wells Fargo and Sun Trust Banks. Combined assets under management at the top 50 family offices rose by 17% last year compared with 2009, to a total of USD477bn.

The index provider S&P Indices on 9 August announced the launch of the S&P Systematic Global Macro Index (SGMI), which aims to reflect the movements of liquid global futures contracts covering the global macro strategies universe as well as managed futures and CTAs. The index includes the six most-traded sectors on the markets: commodities, energy, fixed income, currencies, short-term interest rates, and equities indices.

Lawyers for Raj Rajaratnam, the founder of Galleon Group, who was convicted on insider trading charges, are seeking to obtain a prison sentence shorter than the 24 years sought by prosecutors for their client, the Financial Times reports. They @font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } asked for leniency, citing his generosity and failing health. They are also critical of the way in which the gains Rajaratnam is said to have made from the insider trades have been calcultated. The government estimates that figure at USD63.8m, while his lawyers estimate it at USD36.3m. The sentence will be pronounced on 27 September.

Jacqueline Lommen has joined Robeco from Aon Hewitt in Amsterdam to take charge of the management firm’s expansion in the European pension fund market, according to reports in IPE. Lommen has been appointed as senior vice president, in charge of development on the European pension market.

Goldman Sachs Group has announced that the Securities and Exchange Commission is undertaking an investigation to determine whether it has violated anti-corruption laws. According to reports in the Wall Street Journal, the regulator is examining the bank’s relations with the Libyan sovereign fund, the Libyan Investment Authority. In 2008, Goldman made options trades for the fund, but they suffered losses of more than USD1 billion. The SEC is now looking into a commission of USD50m which the bank agreed to pay in order to help the fund make back its losses. Although the sum was never paid, Goldman may still be accused of an infraction of the corruption law.

The investment committee of the California Public Employees’ Retirement System (CalPERS) will hold a workshop on Monday, August 15, to examine how best to integrate environmental, social and governance issues into the pension fund’s investment process in order to enhance risk managementThe committee also will hear the key findings of a study on the integration of ESG at other financial institutions. Among other things, the study, commissioned by CalPERS and conducted by Mercer Consulting, offers an overview of international developments in ESG.

Several fund distribution platforms among the largest in the sector on 9 August announced plans to join forces to create the Fund Platform Group (FPG), a Luxembourg-registered association which will have international reach and focus. Among the founding members of the association are RBC-Dexia Investors Services, Fund Channel, Moventum, MFEX, Altrax, Swisscanto London and Société Générale Securities Services. The Kneip agency, an associate member, made the initiative possible by facilitating and encouraging efforts on the part of businesses to found the association. The founding members are all financial institutions which act as third-party fund distribution platforms, which meet a number of criteria which have been established for membership in the FPG. The association’s mission is to establish relations and encourage higher levels of understanding between all participants in fund distribution internationally, with three major objectives. In order to improve the effectiveness and fluidity of transactions, the association will first of all seek to develop professional standards of quality, on the basis of initiatives now underway, for contractualisation, exchange of information, processing of securities transactions (OST), and settlement and delivery of cash and securities. In response to the major changes taking place in the distribution and more generally asset management professions, the association will then seek to be the representative voice for its members to contribute to regulatory changes taking place, by explaining the unique needs of the profession and increasing awareness of the specific challenges faced by platforms. The association also plans to help to develop and promote best practices on the part of its members and actors in the profession more generally to serve investors. Edouard Bokuetenge, director of Distribution Support at RBC-DEXIA Investor Services and president of the FPG, says that “fund distribution platforms are essential participants in the changes underway in distribution of financial products worldwide. We created this association to serve as a catalyst and encourage advances, at a time when major developments are favouring the development of cross-border distribution on one hand, while making the operational context more complex on the other hand. We hope that a representative, strong and dynamic international association will be able to actively contribute to that process.”

Thomas Smith has been appointed as co-manager of the Neptune Latin America fund (GBP26m), managed by Felix Wintle, Citywire reports. The new co-manager joined Neptune Investment Management in July 2009 as an analyst.

F&C Investments has recruited Tracy Fennell as group head of marketing. She is set to join F&C in the autumn from Scottish Widows Investment Partnership (SWIP) where she is currently head of Marketing. Prior to this, she was head of marketing for the UK, Nordics, Middle East and Australia at AXA Investment Managers.At F&C Tracy Fennell will report to Charlie Porter, head of funds and investment trusts, and will be responsible for marketing activity across all areas of the group including the institutional business, funds and investment trusts and corporate brand building. Her initial priorities will include a comprehensive brand audit and a project to enhance the group’s online presence.

Baring Asset Management has appointed Faisal Ali as investment manager in its emerging markets debt team. He reports to Thanasis Petronikolos, head of emerging market debt.Faisal Ali joins Barings from Observatory Capital, where he was a portfolio manager in the emergingmarkets team, running the firm’s emerging market credit portfolio. Prior to this, he was with Credit Suisse in the emerging markets trading team in London and fixed income research team in Singapore.Faisal Ali will further strengthen Barings’ emerging market debt team, following the appointment of Thomas Kwan as head of Asian debt in April.

At a time when investors’ concerns are focusing on the United States’ rising debts, the Fed released a statement which drove the value of the US dollar into a nosedive, which will have the consequence of accelerating growth in the United States, and lowering returns on government bonds, calming concerns about the rising costs of financing the country’s debt, Agefi reports. The US Federal Reserve, as expected, maintained the Federal prime interest rate at between 0% and 0.25%, but for the first time surprised the markets with a pledge to maintain interest rates at an exceptionally low level until mid-2013. This is a sign that the Fed is planning to keep its interest rates at a near-zero level for at least 5 years. This is a paradoxical situation for a country which had been hoping to avoid a Japanese scenario at all costs, the newspaper notes.

The Hedge Fund Standards Board (HFSB), an association based in the United Kingdom which includes the major European hedge funds, has published a consultation document to widen the organisation’s international audience. The association, founded in 2008 to promote a high-level body of standards and practices in Europe, and based in London, where most actors in the hedge fund sector are located, was largely inspired by British regulations. Now that the major European actors have joined the association, which has 60 members, the association’s goal is to adapt its corpus of rules in order to attract American and Asian actors, the Board says in a statement. According to Dame Amelia Fawcett, chairwoman of the HFSB, “the standards are very widely accepted in the European market, and the major hegde fund managers in the United Kingdom and continental Europe are signatories to them. Investors would now like to see a wider adoption of these standards by managers in American and Asian markets.” In addition to the internationalisation of standards, the consultation is also an occasion to propose several amendments which would draw lessons from the financial crisis of 2007-2008, in areas such as risk management and transparency. The consultation is open until 28 October this year.

Le fonds de pension Amonis (1.3 milliards d’euros d’actifs) qui représente les médecins, dentistes et pharmaciens belges conduit actuellement une étude ALM avec l’ambition d’obtenir des résultats rapidement, dans quelques semaines. D’autre part, le fonds est en train de remplacer son gérant actions américaines, Axa Rosenberg Investment Management, par William Blair & Co . Si le fonds de pension ne va plus travailler avec Axa Rosenberg, c’est à cause de changements dans la structure de la compagnie. L’allocation stratégique d’actifs est actuellement la suivante : 40% en obligations, 5% en immobilier, 55% en actions et alternatifs.

Le gouvernement espère économiser 5 milliards d'euros en modifiant le calendrier de l'impôt sur les sociétés et en réduisant les dépenses de santé

La Réserve fédérale a décidé de maintenir ses taux directeurs jusqu'à mi-2013, soit au moins 5 ans de politique à taux zéro

La Réserve fédérale a décidé de maintenir ses taux directeurs jusqu'à mi-2013, soit au moins 5 ans de politique à taux zéro

Ayant en partie anticipé les tensions actuelles, les sociétés de gestion traditionnelles n’ont que marginalement modifié leurs stratégies d’allocation. Les valorisations des actions, qui ont fortement baissé ces dernières semaines, suscitent à nouveau un intérêt sélectif.

Ayant en partie anticipé les tensions actuelles, les gestions n’ont que marginalement modifié leurs stratégies d’allocation

La crise actuelle constitue une mise à l'épreuve du « principe de séparation » entre la politique de taux et la politique de gestion de liquidité de l'institution

La probabilité atteint 25 % selon une enquête Reuters, contre 20 % en juillet. Goldman Sachs ou BoA Merrill Lynch sont encore plus pessimistes

Alors que les rachats de dettes par la BCE constituent un véritable test de son «principe de séparation» entre ses politiques de taux et de gestion de la liquidité au sein de l’Eurosystème, les économistes commencent à reporter l’idée d’une hausse du refi à 2012, tandis que la courbe de l’Eonia anticipé va même jusqu'à suggérer une baisse du taux directeur.

L’Opep réduit ses prévisions de demande de brut, dont les cours ont baissé de 6% depuis début août. Seul l’or continue à briller

Face à la menace d’une dégradation de sa précieuse note «AAA», l’Etat français envisage de donner un nouveau tour de vis budgétaire. Le programme de stabilité prévoit de ramener les déficits à 4,6% du PIB l’an prochain et 3% en 2013, après 5,7% cette année et 7,1% en 2010. Si ces objectifs restent crédibles aux yeux des agences de notation, ils pourraient nécessiter des mesures plus sévères que prévu, selon la ministre du Budget, Valérie Pécresse. Dès le 14 juillet, son collègue de l’Economie, François Baroin, avait jugé «très probable» qu’il soit nécessaire de dépasser les 3 milliards d’euros de réductions des niches fiscales. La commission des Finances du Sénat les chiffrait dès juin entre 5 et 10 milliards. «L’engagement qui nous lie vis-à-vis de nos partenaires, c’est la réduction du déficit», a expliqué Valérie Pécresse sur RTL. «S’il faut faire davantage d’efforts pour atteindre ces 4,6%, nous ferons davantage d’efforts.»

Malgré les signes de ralentissement de l’économie, le taux de défaut a poursuivi sa baisse au cours du premier semestre de l’année à 2,17% au mois de juillet, soit le niveau de juin 2008, selon les données publiées par Standard & Poor’s. Ce taux était de 2,25% fin juin 2011 et de 5,55% en juillet 2010.

L’Agence d’information sur l'énergie (AIE) a abaissé sa prévision de demande mondiale 2011 de 60.000 barils par jour à 1,37 million de bpj. Elle a en revanche relevé sa prévision sur 2012 dans les mêmes proportions, à 1,64 million de bpj. «La croissance de la demande mondiale, menée par la Chine, devrait dépasser celle de l’offre des pays hors-Opep, ce qui mènera les marchés à s’appuyer pour combler l'écart à la fois sur des prélèvements dans les réserves stratégiques et sur des hausses de production dans les pays de l’Opep», indique l’organisme public américain.

Deven Sharma, le président de l’agence de notation, s’est justifié de la dégradation de la note «AAA» des Etats-Unis par le fait que «la dette est toujours en train d’augmenter». Et de préciser que le «processus est très important». L’agence a également tenu compte du risque politique à court terme provenant du manque de consensus entre démocrates et républicains, même quand il s’agit de prendre des décisions cruciales, telles que celle du relèvement du plafond de la dette.

Le ministre des Finances allemand, Philipp Roesler, a indiqué dans le journal Allgemeine Zeitung qu’il souhaitait la création d’un «conseil de stabilité» de la zone euro qui superviserait les réformes budgétaires entreprises par les pays débiteurs de l’aide européenne. Le conseil s’assurerait du vote d’un contrôle de la dette inscrit dans la constitution des Etats et leur ferait subir un «test de compétitivité».

A la recherche de valeurs refuge, les investisseurs se dirigent vers les pays les plus solides financièrement. Comme en témoignent les rendements suédois à 10 ans qui sont tombés hier à 2,196%, soit le plus bas rendement jamais enregistré selon les données de Thomson Reuters Datastream, qui démarrent en 1960. Les investisseurs anticipent également un relèvement des taux de la banque centrale suédoise.

La Belgique est en avance sur son plan de réduction du déficit budgétaire, qu’elle souhaite faire passer sous les 3% en 2012, affirme le ministre des Finances Didier Reynders. «Ce ne sera pas facile mais nous sommes en avance sur notre programme. C’est le meilleur signe que l’on puisse donner aux marchés.» Fitch et S&P ont prévenu qu’elles pourraient dégrader la note AA+ de la Belgique, dans la crainte que le gouvernement d’intérim soit incapable de réduire la dette du pays, qui s'élève à 97% du PIB.