The Wall Street Journal reports that Cerberus Capital Management has obtained a restructuring from its lenders of debt on its USD1.3bn portfolio of six luxury hotel complexes. Among the properties in the “Kyo-ya” portfolio are the Sheraton Waikiki Hotel in Honolulu, the Palance Hotel in San Francisco, and the Royal Hawaiian hotel in Honolulu. Cerberus has obtained a two-year extension on repayment of USD77m in principal.The deal is a sign that investors are regaining confidence in the hospitality sector, and that valuation of properties in May actually valued the Kyo-ya portfolio at USD1.8bn.

The Bavarian firm BayernInvest on 6 July launched an emerging markets debt fund for institutional investors. It is legally a “semi-passive” open-ended, UCITS-compliant fund, whose benchmark index is the J.P. Morgan EMBI Global Diversified Index, using the stratified sampling method, so that representative issues of the index represent only 50% of the portfolio. The management team will focus on heavyweights of the index, and will optimise the process with a per-country allocation. Currencies exposure corresponds to bonds denominated in US dollars, but there are also share classes hedged for currency risks in US dollars and euros, and a non-hedged class in euros.CharacteristicsName: BayernInvest Emerging Markets Select Bond FondsISIN codes: DE000A1C78A0 (USD)DE000A1C778CE (EUR-hedged)DE000A1C78D4Front-end fee: 5% maximum (currently 3%)Redemption commission: 5% maximum (currently 3%)Management commission:USD: 0.40%EUR-hedged: 0.43%EUR-unhedged: 0.40%Depository banking commission: 0.05%Minimal subscription: EUR25,000Daily liquidity

The British management firm ETF Securities (ETFS) has listed a German-registered ETC denominated in euros and trading in copper (DE000A1K3AZ2), which charges fees of 0.69%, on the Xetra platform of the Deutsche Börse.The fund is the ETFS Physical Copper (acronym PHCU), which invests in physical metal stored at the London Metal Exchange (LME). Annual insurance contribution is 0.12%. The benchmark is the price of copper on the LME (cash settlement).

Eric Le Maire, CEO of Hugau Gestion, has announced that the final version of its key investor information document (KIID) will be presented on the evening of 12 July to the French financial watchdog, the Autorité des marchés financiers (AMF). If it is approved by the regulator, the fund will become one of the first products on the French market to comply with this point in the UCITS I directive, with auditing by Deloitte.In addition, the EUR490m product, which expects to generate returns of 2% this year, already complies with the new standards which will apply from next year to money market funds, as its portfolio includes no securities rated A3.Hugau Gestion has stable assets of about EUR900m, in seven funds, of which EUR320m are for the Obli 1/3 fund, and EUR62m for the Obli 3/5 fund. However, the manager has attracted about EUR50m in net subscriptions since the beginning of the year (following outflows in late 2010), and it has already collected EUR12m for the Hugau High Yield Recovery fund, launched a month and a half ago (see Newsmanagers of 16 May).That latter product has raised hopes at Hugau Gestion, which has been making efforts with its «parking» strategy, for that fund and for other funds which aim to diversify the asset management firm’s client base in the direction of corporate treasurers who are not overly dependent on their banks.The asset manager will also be launching a website in English in September, and the fund prospectus documents are already available in English.

The Frankfurter Allgemeine Zeitung reports that a New York district court dismissed the German bank Bayern LB in its case against Aladdin Capital, in which it was seeking USD60m. The Munich-based Landesbank accuses the US management firm of misleading it in the sale of a CDO as a safe investment. The grounds for the verdict have not yet been published.

Last year, third-party funds intermediated by the Bankinter network totalled EUR1.2bn, compared with EUR600m as of the end of 2009, Funds People reports. The third-party fund selection team, led by Raúl Moreno, has been detached from Bankinter Gestión de Activos, and instead attached to the global analysis department. A partnership agreement has recently been signed with Allfunds Bank.As of the end of June 2011, Bankinter Gestión had assets fo EUR3.8bn, in 95 funds and funds of funds, which may also invest in third-party funds.

The British asset management firm Aviva Investors has recruited Lim Ben-Eu in Singapore as director of development for institutional clients, a newly-created position. He will work to place alternative products to institutional investors in Asia, and will report to Erich Gerth, CEO global business development in London, as well as to Tahnoon Pasha, CEO of Aviva Investors Singapore.

On the basis of statistics from the Inverco association of Spanish asset management firms, Funds People has found that 29 funds posted net subscriptions of over EUR100m in first half. Among these “super-sellers” in January-June, Santander had two funds (Santander Select Prudente, with EUR487m, and Santander Select Moderado, with EUR329m), while BBVA had the Solidez IX BP (EUR278.3m), and Sabadell had the BS Garant. Fija 8 fund with EUR249.67m.However, the best-performing management firm in this area was La Caixa, with three products: Foncaixa Estabilidad (EUR2.55bn), Foncaixa Estabilidad Plus (EUR527.2m), and Foncaixa Asegurado (EUR398.85m).In total, Spanish funds in first half had net redemptions of over EUR3bn. Of the 25 best sellers, 20 were guaranteed funds, 19 of them bond funds.

Ossiam, an affiliate of Natixis Global Asset Management, has become the 20th provider to list its UCITS-compliant ETF products for trading on the London Stock Exchange (LSE). The French asset management firm is now offering four Luxembourg-registered equities ETFs in London (alongside 4 listings in Frankfurt and 6 in Paris): Ossiam iSTOXX Europe Minimum Variance, US Minimum Variance, EURO STOXX 50 Equal Weight and STOXX 600 Equal Weight (see Newsmanagers of 28 June and 5 July).

In the United Kingdom, Fidelity UK has launched an onshore version of its Emerging Asia fund, launched in April 2008 (USD687m). The product, with 80-120 positions on equities from emerging Asian markets, uses the SCI Emerging Asia Composite Index as its benchmark, and is managed by Tera Chanpongsang.Front-end fee and management commission, respectively, are 3.5% and 1.5%, and minimal subscription is set at GBP2,500.

iShares on Tuesday, 12 July, announced that it has registered the iShares physical replication fund Barclays Capital Emerging Market Local Govt Bond, which has already been listed on the London Stock Exchange since June 2011, in France.Taking advantage of the fact that many emerging countries issue bonds in two forms, one denominated in US dollars and one in local currency, with different risk and return profiles, the new iShares fund offers exposure to government debts at fixed interest rates and local currencies from emerging markets. The iShares Barclays Capital Emerging Market Local Govt Bond fund offers investors diversified exposure to debt from eight emerging countries.The iShares Barclays Capital Emerging Market Local Govt Bond fund comes as an addition to the product range from iShares, which already offers the iShares JPMorgan $ Emerging Market Bond.

Pimco has launched the Pimco GIS Siversified Income Duration Hedged Fund, whose objective is to provide investors with a support that will allow them to better manage increases in interest rates while offering diversified exposure to international credit markets.The fund adopts a flexible approach, which allows it to invest in several segments of the bond market, including investment grade and high yield corporate bonds, emerging markets debt, bank loans, convertible bonds, municipal bonds, and securitisations. It seeks to minimise interest rate risks by preferring securities with a floating and variable interest rate, short durations, and a combination of fixed-rate securities and derivative instruments.The fund is managed by Eve Tournier, executive vice-president and specialist manager of corporate bonds and bank loans.CharacteristicsName: PIMCO GIS Diversified Income Duration Hedged FundISIN codes: IE00B529XP53 (Part I)/ IE00B5MZQB05) (Part P)

The private equity investment firm BlackFin Capital Partners on Tueday, 12 July announced that it has raised EUR220m for its fund dedicated to financial services.On 30 June, BlackFin Capital Partners finalised its closing of the BlackFin Financial Services Fund, with commitments on the past of its investors – European institutionals and family offices – of EUR220m. The closing followed an initial closing in December 2009 at EUR60m, a statement says.The investment strategy for the fund is to take up influential stakes in SMBs in the financial sector (intermediation, asset management, electronic finances, distribution of financial products and insurance, service providers, etc), in France and continental Europe. Three investments have already been undertaken, at Owliance, a leader in services to insurance companies; Moneo, a leader in electronic wallets and multi-services; and Applicam, a provider of pre-paid card services.A fourth investment is underway, pending approval from regulatory authorities. BlackFin, with other investors, has announced that it is taking up a minority stake in Kepler Capital Markets, in order to finance its development.

In a SEC filing dated 1 July, Credit Suisse Capital Funds announced that the boards of directors and trustees for the equities funds Credit Suisse Large Cap Blend I and II on 30 June approved a “reorganisation” of the funds, which will become the Aberdeen US Equity I and II. The decisions still need to be approved by an extraordinary general shareholders’ meeting.Credit Suisse Asset Management states that the funds sold to Aberdeen no longer fit in with its overall strategy.

La Banque Postale announced on Tuesday, 12 July that it is adding to its range of funds with the release of two new equities mutual funds: LPBAM Multi Actions Emergents, and LBPAM Actions Euro Flex.The former is a multi-management equities fund which invests in emerging markets via funds which are invested mostly in third-party mutual funds, in order to profit optimally from growth potential on emerging markets, and investment in local busineses, a statement says.The second fund, LBPAM Actions Euro Flex, is a flexible fund, whose objective is to capture rising trends on euro zone equities markets, while seeking to amortise falls on the markets when they occur.CharacteristicsName: LBPAM Multi Actions Emergents RISIN code: FR0010547117Subscription commission: maximum 2.5% TTC per yearManagement fee: maximum 3% TTCExit fee: noneinitial net asset value per share: EUR1,000Minimal subscription: EUR1,000 from CIF; none from life insurance policiesBenchmark: MSCI Emerging MarketsType of subscribers: AllName: LBPAM Actions Euro FlexISIN code: FR0011051689Subscription commission: maximum 2.5% TTC per yearManagement fee: maximum 2% TTC Initial net asset value: EUR1,000Minimal subscription: EUR1,000

Bill Gross, manager of the Pimco Total Return Fund (USD244bn), in June increased its exposure to US government bonds for the second consecutive month, as investors sought safety in Treasuries, the Financial Times reports. Allocation to these securities has become neutral, and the duration of the portfolio has been adjusted since the end of May to more closely resemble the Barclays Aggregate Bond index.

Crédit Agricole S.A. on Thursday, 11 July announced the arrival of Julien Fontaine as director of strategy. He will report to Michel Mathieu, deputy CEO of Crédit Agricole S.A., in charge of central funds of the group, insurance, and asset management. Fontaine will begin in his new position on 1 September 2011.Fontaine, 39, was previously at McKinsey & Company, where since 2009 he had been associate director in charge of financial services.

Agefi reports that Eric Le Coz, a member of the investment committee and supervisor of the risk, reporting and product engineering departments at Carmignac Gestion since 2007, has been appointed as deputy CEO.Le Coz will coordinate the management team, alongside Edouard Carmignac, founder and president of the firm, and will work to define performance objectives and improve risk analysis methodology for products, but will not influence the strategies and convictions of the managers, the firm says.The promotion of Le Coz may also reassure observers who were concerned that the management firm had become too dependent on its president, the newspaper notes. At 63, Carmignac is co-manager of Carmignac Patrimoine, and the sole manager of Carmignac Investissement, the firm’s two largest funds. The management firm has suffered from a fall in returns for its flagship funds, and in first half 2011 saw outflows of EUR4.67bn from French-registered funds.

As the first fund from Zencap AM, an affiliate of the OFI group (see Newsmanagers of 12 July) which primarily invests in over-the-counter structured products from banks which aim to meet regulatory capital requirements, has been closed to subscriptions, the OFI AM affiliate is now planning to create at least one new vehicle in 2012, Agefi reports.The new product could involve long/short strategies. “When we are more sure of slightly higher prices on the market and a slightly more advanced stage in the credit cycle, it will be time to seek coverage with short positions on other types of assets,” Richard Jacquet, president of Zencap AM, explains to the newspaper.

The board of directors at UniCredit on 12 July appointed the Viennese Helmut Bernkopf as head of its private banking division. He will begin in his new position on 1 August in Milan, and will report to CEO Roberto Nicastro. He will be a member of the business executive management committee, the Italian group announced on Monday.Bernkopf, who joined Bank Austria in 2004, has spent his entire career at the group. Since September 2008, he has been a member of the board of directors at bank Austria Creditanstalt, as head of corporate and investment banking Austria.The UniCredit private banking division serves about 235,000 clients, and manages about EUR167bn in assets.

Le portefeuille global des actions affiche un quota stratégique de 30% et est composé des compartiments actions monde et actions marchés émergents. En raison de la nécessité d’une expertise approfondie et d’une connaissance particulière au niveau des marchés émergents, une catégorie distincte à hauteur de 5% a été introduite. Au niveau des obligations, l’allocation stratégique présente une catégorie obligations monde de 25% couverte contre le risque relatif aux devises. Un même quota de 25% a été assigné aux obligations EUR. Etant donné que les obligations monde représentent une alternative aux obligations EUR, ce pourcentage identique permet une meilleure diversification au niveau du portefeuille obligataire global, se chiffrant donc à un total de 50%. Remarquons que les actifs relatifs aux prêts, cédés au FDC début 2009 par les anciennes caisses de pension, ont été incorporés dans la catégorie des obligations EUR étant donné que ceux-ci ressemblent fortement en termes de risque et de rendement à des titres à rendement fixe. Les liquidités représentent 5% du total des avoirs sous gestion. Le parc immobilier, jadis géré par les anciennes caisses de pension et transféré comme les prêts au FDC début 2009, représente environ 3% du patrimoine total et se situe entièrement au Grand-duché de Luxembourg. Pour intégrer au mieux ces actifs, la catégorie biens immobiliers Luxembourg a été implémentée et dotée d’un quota de 5%. Le compartiment biens immobiliers monde avec un quota identique de 5% permet de ne pas limiter le volet immobilier aux seuls aléas du marché luxembourgeois. Ainsi, le portefeuille global immobilier atteint 10%. Finalement, la catégorie investissements de diversification permettra d’améliorer la diversification au sein du portefeuille global sans pour autant changer fondamentalement le profil de risque et le rendement escompté de ce dernier. Elle pourra par exemple regrouper des actifs non traditionnels comme la microfinance ou encore les matières premières. L’implémentation de cette stratégie d’investissement est prévue pour décembre 2011. Pour consulter la liste des partenaires sociétés de gestion actuelles du FDC: cliquez ici

La hausse des rendements implique un renchérissement de plusieurs milliards d'euros. Le pays doit rembourser 175 milliards d'ici à fin 2011

La filiale Zencap investit uniquement sur des produits titrisés, de gré à gré ou sur le marché secondaire. Elle envisage un troisième fonds pour 2012

Les marchés se retrouvent à leurs niveaux de l’été 2009. La probabilité de la poursuite de la baisse est quasi nulle à brève échéance

Le mois de juin a été marqué par une décollecte de 25 milliards, en grande partie sur le monétaire. Juillet s'annonce mal

Alors que la Grèce s’achemine vers un défaut sélectif, Moody's a décidé hier de dégrader la note de l'Irlande en catégorie spéculative

Directeur général de State Street Global Advisors en France, Marco Fusco entend bien accélérer le développement dans le pays de la filiale de gestion d’actifs de la banque américaine. Il confie au quotidien son souhait particulier de s’appuyer pour ce faire sur la marque SPDR de gestion indicielle. «La société n’a jamais eu la volonté marketing et commerciale de (la) promouvoir. Mais ça va changer» assure le quotidien.

Carmignac Gestion annoncera ce matin, lors de sa conférence trimestrielle, la nomination d’Eric Le Coz au poste de directeur général adjoint. Il coordonnera les gérants au côté d’Edouard Carmignac, alors que la boutique, sortie grande gagnante de la crise, est en décollecte en 2011.

La crise de la zone euro n'a pas véritablement perturbé le marché monétaire mais la publication des stress tests pourrait créer des tensions

La hausse des rendements alourdira de plusieurs milliards le service de la dette de Rome