Fort d’un encours de 220 millions de dollars au 28 juin, le compartiment Low Duration US High Yield Bond Fund (LU0602537069) de la sicav luxembourgeoise Nordea 1 vient d’obtenir l’agrément de commercialisation en Allemagne, en Autriche et en Suisse. C’est pour l’instant le second fonds dont Nordea délègue la gestion à MacKay Shields, après le US High Yield Bond Fund (1,4 milliard de dollars fin mai) qui avait été lancé en 2008.Il s’agit comme son nom l’indique d’un fonds qui investit dans des obligations à haut rendement américaines et avec une duration courte et qui est géré par Dan Roberts, le gérant du US High Yield Bond Fund. Cela doit permettre d’insensibiliser le portefeuille à un environnement de hausse de taux et d'élargissement des Spreads. De plus, l'équipe de gestion peut recourir dans des proportions limitées à des ventes à découvert de futures sur les Treasurys, pour piloter la duration. La duration moyenne sera inférieure à 1 an mais pourra être majorée pour de courtes périodes à deux ans maximum.Le fonds comporte également une classe de parts couverte du risque de change (LU0602536764) destinée aux investisseurs institutionnels (souscription minimale 75.000 euros).

Récemment, Abante Asesores avait présenté son nouveau fonds de gérants performants, Smart-ISH (lire notre dépêche du 7 juin). A présent, le gestionnaire a dévoilé le nom des 16 premiers fonds et sicav «d’auteur» retenus pour faire partie du portefeuille (qui peut aller jusqu'à 20 lignes).Il s’agit, dans l’ordre décroissant de pondération, de :- Belgravia Beta Sicav, de Carlos Cerezo- Bestinver Internacional, de Francisco García Paramés, Álvaro Guzmán et Fernando Bernad- Ibercaja Alpha, de Alberto Espelosín- Koala Capital Sicav, de Marc Garrigasait- Ángulo Verde Sicav, de Alejandro Muñoz et Guillermo Nieto- Elcano Inversiones Financieras, de JJ Fernández et Marc Batlle- Cartesio Y, de Juan Antonio Bertrán, Cayetano Cornet et Álvaro Martínez- Arenberg Asset Management Sicav, de Pablo González- Valor Absoluto Sicav, de Luis Bononato et Olivier Tinguely- Equilibria Investments, de Carlos Arenillas- BPA Fondo Ibérico Acciones, de Gonzalo Lardiés- Espinosa Partners, de Jaime Espinosa et Íñigo Espinosa - Gesconsult Renta Variable Flexible, de Alfonso de Gregorio- Mutuafondo Bolsa, de Ricardo Cañete- Solventis Eos Sicav, de Christian Torreset de Toro Capital Sicav, de Javier Bohórquez et Jorge Cruz

Tressis a présenté le 28 juin Tressis Gestión, la société de gestion qui remplace Valorica et qui démarre avec 75 millions d’euros d’actifs sous gestion, rapporte Cinco Días. Jacobo Blanquer, l’administrateur délégué, a indiqué être sûr de dépasser les 100 millions d’euros d’encours pour la fin de cette année.Tressis a repris la gestion des deux hedge funds de droit espagnol Valorica Global et Valorica Macro, qui s’appellent à présent Adriza. De plus, la société gère le fonds diversifié Harmatan Global, qui réplique le portefeuille conservateur de Tressis SV et qui était jusqu'à présent géré par BPA Global Funds Asset Management, précise Expansión.

Avec le Pension Plus 2, Barclays Espagne propose jusqu’au 19 juillet un plan d'épargne-retraite de CNP Barclays Vida y Pensiones qui garantit à la fois le capital et un rendement de 16 % au bout de cinq ans, soit 3,01 % de TEG, rapporte Funds People. La clôture des souscriptions pourra intervenir dès que l’encours aura atteint les 30 millions d’euros.

L’assemblée générale mixte des actionnaires d’Assya, compagnie financière réunie le 27 juin 2011 a entériné le rapprochement entre les sociétés Assya, compagnie financière et Eurocorp SA (cf. Newsmanagers du 03/05/2011), une entreprise d’investissement basée en Grèce couvrant trois grands domaines d’activité : la gestiond’actifs, le corporate finance et l’intermédiation actions et dérivés. Nicolas A Vernicos, le vice-président d’Eurocorp SA est nommé membre du Conseil de Surveillance d’Assya, compagnie financière tandis que Ion Koufopandelis, président d’Eurocorp, est nommé membre du directoire.Cette décision fait suite à celle de l’autorité de tutelle grecque, l’Hellenic Capital Market Commision, qui a délivré son agrément sur l’opération le 14 juin dernier.En chiffres, Assya, compagnie financière détient désormais 21,48 % du capital de la société, devant Gilles Boyer, président du directoire, 5,84 % et Raphaël Real Del Sarte 5,79 %.

Le Fonds Stratégique d’Investissement (FSI) a annoncé mardi 28 juin qu’il participe à l’augmentation de capital d’environ 150 millions d’euros de l’entreprise Soitec. Cette participation s’inscrit dans le cadre de la réalisation d’un programme d’investissement pluri-annuel de 250 millions d’euros de la société de haute technologie internationale spécialisée dans le secteur des matériaux semi-conducteurs. . Ces investissements, en France et à l’étranger, permettront de développer l’ensemble des métiers de la société.Dans un communiqué, le FSI précise qu’il fera «l’acquisition de droits préférentiels de souscription auprès de Monsieur André-Jacques Auberton-Hervé, président-directeur général et fondateur de Soitec, et de la société japonaise Shin-Etsu Handotaï, droits que le FSI exercera pour participer à l’augmentation de capital. Monsieur André-Jacques Auberton-Hervé utilisera le produit net de cette cession afin de financer l’exercice du solde de ses droits préférentiels de souscription. Le FSI se réserve également la possibilité d’acquérir des droits préférentiels de souscription complémentaires ou des actions sur le marché ou hors marché, ainsi que de souscrire à titre réductible à l’augmentation de capital.» Enfin, le FSI et M. André-Jacques Auberton-Hervé ont signé un pacte d’actionnaires afin d’affirmer leur engagement de long terme pour le développement de la société et l’implication du FSI dans ses organes de gouvernance.

La Compagnie Financière Edmond de Rothschild a annoncé, mardi 28 juin, le renforcement de sa direction financière avec l’arrivée de Cynthia Tobiano au poste de directeur Finance et Développement. «La nouvelle promue a pour mission d’accompagner le groupe dans sa politique de croissance, notamment à l’international», relève un communiqué qui précise que l’intéressée prendra ses fonctions au terme d’une période de transition avec l’actuel directeur financier, Jean-Louis Chemarin, qui part à la retraite. Agée de 34 ans, Cynthia Tobiano, a fait sa carrière chez Goldman Sachs à Londres et à Paris dans le domaine de la banque d’investissement. Elle était dernièrement associée à Paris avant de devenir vice-présidente de l’équipe Fusions & Acquisitions Paris-Londres.

Standard Life Investments a annoncé le 28 juin la nomination de Séverine Laffineur en qualité de gérante du portefeuille européen. Séverine Laffineur, qui travaillait précédemment chez LaSalle Investment Management à Paris, rejoindra le bureau parisien de standard Life Investments le 18 juillet prochain.Séverine Laffineur sera responsable de l’origination et des acquisitions dans l’immobilier européen ainsi que de l’asset management des investissements existants. Les actifs immobiliers de Standard Life Investments s'élèvent à 11,4 milliards d’euros.

Le groupe JP Morgan a annoncé le 27 juin qu’il avait été sélectionné par Pimco pour distribuer cinq des ETF de Pimco enregistrés aux Etats-Unis sur la Bourse mexicaine.Les cinq ETF concernés sont PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ), PIMCO Broad U.S. TIPS Index Fund (TIPZ), PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ), PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ) et PIMCO Investment Grade Corporate Bond Index Fund (CORP).

Alors qu’elle est confrontée au défi majeur des retraites, l’industrie européenne de la gestion d’actifs manque cruellement d’efficience, a estimé en substance James Broderick, CEO de J.P. Morgan Asset Management Europe, à l’occasion de la première séance plénière du Fund Forum International qui se tient jusqu’à jeudi à Monaco. Pour lui, il y a trop de sociétés de gestion et trop de fonds en Europe. «Nous devons trouver un moyen de réduire le nombre de sociétés de gestion et de fonds», a-t-il martelé.L’une des solutions pourrait être, selon Jamie Broderick, une réglementation qui obligerait les sociétés de gestion à procéder à un audit de leurs fonds lorsqu’ils ne respectent plus certains critères en termes de taille, de rentabilité et de performance. Aujourd’hui, les obstacles à la réduction du nombre de fonds sont principalement d’ordre fiscal, a rappelé Elizabeth Corley, CEO d’Allianz Global Advisors Europe. Elle note également que la plupart des petits fonds sont gérés par des maisons de taille modeste. Enfin, dernier frein, les fusions de fonds doivent faire l’objet de consultations. Concernant la concentration des sociétés de gestion elles mêmes, le processus est ralenti par le fait que le secteur est peu consommateur de fonds propres. «Ainsi, le coût pour une banque ou un assureur de garder une société de gestion est très faible», explique Elizabeth Corley. En outre, le prix payé pour une société de gestion est faible car le marché évalue les actifs et non la société en tant que telle. «A moins que vous n’y soyez obligés, vous n’êtes pas incités à vendre», indique Elizabeth Corley. A cela s’ajoutent également les pressions politiques dans certains pays qui souhaitent conserver des champions nationaux. Interrogé à ce sujet par Newsmanagers, Martin Gilbert, CEO d’Aberdeen Asset Management, pense lui aussi que l’offre de fonds est trop abondante, alors que seule une infime partie draine des souscriptions. Quant à savoir si les sociétés de gestion sont trop nombreuses, il estime qu’en tout cas il y en a beaucoup qui sont mal gérées, car elles ont des marges d’exploitation trop faibles...

Le groupe américain Invesco a annoncé le 27 juin le recrutement de Fredrick Cygnaeus en qualité de responsable de la distribution de gros (wholesale) dans les pays nordiques.Fredrick Cygnaeus, qui sera basé dans la nouvelle implantation d’Invesco à Stockholm, prendra ses fonctions le 16 août prochain. Avant de rejoindre Invesco, Fredrick Cygnaeus a travaillé pendant neuf ans chez Fidelity en tant que responsable des clientèles retail et institutionnelle pour la région nordique.

Lisa O’Connor qui était associate director, UK institutional Sales chez Russell Investments, a été recrutée comme European head of consultant relations par Axa IM, dans l'équipe de désormais cinq personnes que dirige Tim Gardener, global head of consultant relations. Ce dernier a d’ailleurs précisé que l'équipe est désormais au complet, avec une organisation par grandes régions : Amérique du Nord, Europe et Asie.Lisa O’Connor aura pour mission de développer et d’entretenir les relations avec les consultants dans toute l’Europe.

With the Dow Jones Global Commodity Equity 100 Index, the first product in a new family of indices, Dow Jones Indexes has unveiled an instrument to measure the performance of equities in companies which are active in exploration for or production of commodities which are both scarce and renewable. The sectors represented in the index are agriculture, energy, industrial metals, precious metals, and water.The new index includes four sub-indices:•Dow Jones Global Equity Agriculture Index;•Dow Jones Global Equity Energy Index;•Dow Jones Global Equity Scarcity Index, and•Dow Jones Islamic Market Global Equity Commodity Index.

In the wake of the financial crisis, a growing number of institutional investors, especially pension funds and sovereign funds, are investing directly in hedge funds, according to an international survey undertaken by Citi Prime Finance, covering a sample of 60 major investors, representing over USD1.7trn in assets, and hedge fund managers with USD186bn in assets under management (“Global Pension and Sovereign Wealth Fund Investment in Hedge Funds: The Growth and Impact of Direct Investing,” June 2011). This development may be working to the disadvantage of traditional funds of funds. Contrary to the received idea that funds allocated directly go mostly to the major hedge fund managers, the survey finds that smaller hedge funds, with total assets of USD1bn to USD5bn, saw the most net growth in 2010. Hedge funds in this range are the favourites of allocators; the range may go as low as USD500m in developed countries, and USD250m in emerging markets. However, hedge funds with assets of USD250m to USD500m pose problems of size for direct allocators, who often have legal or discretionary limitations, and whose allocations may not exceed 10% to 25% of the total assets in a hedge fund. In terms of the size problem, there are also a growing number of obstacles to overcome in order to serve the institutional market. Being selected for a list by a consultant is no longer as easy, as consultants tend to favour larger managers, with assets under management of over USD5bn.

Following a brief but spectacular rise in May, to 104.3 from 97.3 in the previous two months, the global institutional investor confidence index from State Street Global Markets fell to 99.2 in June. The sharpest decline was in North American institutional investor morale, which fell to 100.4 from 106.2 in May. Asian investors also showed less appetite for risk, with the index down to 93.2 from 96.9.State Street expresses surprise, however, at the 8.5 pt rise in the index for Europe, to 87.9. Cumulatively since March, the European index has risen 21 points, but from a very low starting point. “At 87.9 points, the index still shows aversion to risk, and sales of equities are continuing, but European institutions have slowed the pace of their equities selloffs, perhaps recognizing the fact that recent price movements have created more attractive valuations in some sectors,” says Paul O’Connell, one of the designers of the State Street index.

Since the beginning of this year, assets under administration by BNY Mellon Fund Servicing (Ireland) Ltd have increased 8%, and the increase since 1 January 2010 is 50.16%, for a total of over USD500bn. The increase is largely due to increasing demand on the part of investors for ETFs and money market funds, the group says, but it is of course also related to the acquisition of PNC Global Investment Servicing in July 2010, which allowed the firm to double its assets under administration in hedge funds in Europe.

Aberdeen Asset Management, which not long ago was highly active on the mergers and acquisitions markets, is calmer now in that area. That is not expected to change in the next few months, Martin Gilbert, CEO of Aberdeen Asset Management, has told Newsmanagers at the Fund Forum International, being held from Tuesday to Thursday this week in Monaco. “We are doing very well at growing organically,” he explains, adding that he does not feel the need to make new acquisitions. “In addition, the prices are now very high, and banks are not selling anything off anymore.”In the United States, where an acquisition had been planned not long ago, Gilbert estimates that Aberdeen AM needs to build its fund distribution activities. He feels that the products are good, but warns against poor management of some of them, particularly synthetic ETFs, which may do damage to the UCITS brand.Gilbert, who was one of the founders of Aberdeen, which now manages GBP181bn in assets, says that the key to success for management firms is to ensure comfortable operating margins and to be able to retain talent. In order to retain good managers, being independent, as his firm is, is manifestly an advantage, as it means that employees can be offered a stake in the firm’s capital.

On 13 June, Camilla Crowe began in her new position as head of consultant relations at Threadneedle, in which she reports to Madeline Forrester, head of global institutional business. She will be based in London, and joins from DB Advisors (Deutsche Bank group), where she was in charge of relations with consultants and institutional investors in the United Kingdom.

The current second in command at Credit Suisse Geneva will be joining UBS on 1 July this year, Agefi Switzerland reports. Jean-François Demierre has been appointed as head of the Private Wealth Management (PWM) segment and the Executives & Entrepreneurs (E&E) desk. He will thus be leaving his position as assistant to the head of the onshore private banking entity of Credit Suisse in Geneva, where he has been for over seven years, and his position as head of the centre of expertise including real estate financing and Wealth Planning activities.

UBS on 27 June announced that it has listed the new MSCI Agriculture SF swap-based ETFs in Swiss francs, euros and US dollars, and the MSCI Emerging Markets swap-based ETF in US dollars, on the SIX Swiss Exchange. The objective of the MSCI Agriculture SF swap-based ETF is to reproduce the performance of the UBS Bloomberg CMCI Agriculture Total Return index. The fund synthetically replicates the performance of the index by investing in a swap. UBS says that all of the fund’s exposure to swap counterparties are 105% covered with collateral which is eligible for OPCVM mutual funds. The objective of the MSCI Emerging Markets swap-based ETF is to reproduce the absolute net performance of the MSCI Emerging Markets index.

The JP Morgan group on 27 June announced that it has been selected by Pimco to distribute five ETFs from Pimco, which are registered in the United States, on the Mexican stock exchange. The five ETFs concerned are the PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ), PIMCO Broad U.S. TIPS Index Fund (TIPZ), PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ), PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ) and PIMCO Investment Grade Corporate Bond Index Fund (CORP).

State Street Corporation on 27 June announced that Brandes Investment Partners has asked it to extend its services (custody, accounting, financial reporting, tax, securities lending, etc.) to its pooled funds, totalling CAD1bn in assets.

The US group Invesco announced on 27 June that it has recruited Fredrick Cygnaeus as head of wholesale distribution for Scandinavia. Cygnaeus, who will be based in Invesco’s new offices in Stockholm, will begin on 16 August this year. Before joining Invesco, Cygnaeus spent nine years at Fidelity as head of retail and institutional clients for Scandinavia.

At a time when retirements are presenting a major challenge, the European asset management industry is cruelly inefficient, James Broderick, CEO of J.P. Morgan Asset Management Europe, has said at the first plenary session of the Fund Forum International, being held this Tuesday to Thursday in Monaco. Broderick claims that there are too many management firms and too many funds in Europe. “We need to find a way to reduce the number of management firms and funds,” he opined.One of the solutions, says Broderick, may be to introduce regulations which would require management firms to undertake an audit of their funds when they fail to respect certain criteria for size, profitability and performance.Currently, the obstacles to a reduction in the number of funds are largely fiscal, says Elizabeth Corley, CEO of Allianz Global Advisors Europe. She also points out that most small funds are managed by small management firms. Another factor holding back mergers of these funds is that funds must approve such moves in shareholder votes.Concerning concentration of management firms themselves, the process is being held back by the fact that the sector does not require much in the way of owners’ equity. “Thus, the cost for a bank or insurer of retaining a management firm is very low,” explains Corley. The price paid for a management firm is low, as the market values the assets and not the firm in and of itself. “The less you are obliged to do it, the less you will be inclined to sell,” Corley says. In addition to that, there are political pressures in some countries which want to retain their national champions.When asked about this issue by Newsmanagers, Martin Gilbert, CEO of Aberdeen Asset Management, responds that the funds now on offer are too abundant, while only a small portion of the funds on sale attract subscriptions. As to whether there are too many management firms, Gilbert responds that there are many firms which are poorly managed, at any rate, as they have very low operating margins.

Lisa O’Connor, who had been associate director, UK institutional sales at Russell Investments, has been recruited as European head of consultant relations for Axa IM, in the team which now includes five people led by Tim Gardener, global head of consultant relations. Gardener says that the team is now complete, and is organised by global regions: North America, Europe, and Asia. O’Connor will aim to develop and maintain relations with consultants throughout Europe.

Standard Life Investments on 28 June announced that it has appointed Séverine Laffineur as European portfolio manager. Laffineur, who previously worked at LaSalle Investment Management in Paris, will join the Paris office of Standard Life Investments on 18 July. Laffineur will be responsible for instigating acquisitions in European real estate as well as asset management for existing investments. Real estate assets at Standard Life Investments total EUR11.4bn.

The two groups Humanis and Novalis Taitbout on 28 June announced that they have taken a “decisive step” to move forward with their plans to merge. In line with an agreement dating from July 2009, a merger agreement, unanimously approved by the two associations at general assemblies and each of their member institutions, has been sent to the Agirc Arrco and CTIP federations, meaning that consultations with representatives of employees of the two groups may now begin.The move comes as part of an ongoing cooperation project between the groups, which have known one another and worked together for some time, including the creation of ALCARA (the Agirc Arrco Factory Retirement scheme), joint projects in the area of social action, deployment of the Pléi@de personal insurance IT system, and development of international insurance activities via the Welcare company.The two partners say that they are planning to join forces to build one of the top groups in social protection.The merger plans arise from the firms’ will to found a new group on the basis of their joint mutualist model. While respecting the requirements of the market, the group will aim to satisfy clients (businesses, active and retired employees) in the best service of their interests, while also valuing employees. There is a strong and federative social contract for the 6,516 employees throughout France.Decision-making powers have unanimously decided that due to its symbolism, the name HUYMANIS will be the one used for the future group. As a name, HUMANIS carries the message of engagement, to “place the human being at the core of our strategy,” of the group as a whole.

At a presentation of its “quarterly outlooks” for Q3 on 28 June, Groupama Asset Management took a generally calm attitude in the face of many ambient uncertainties worldwide and on the markets. In the words of Philippe-Henri Burlisson, director of fundamental management, “we shouldn’t expect the same bad news twice.”Ultimately, explains Antoine de Salins, CIO, “we have picked up a few more equities, and we have 5% cash.” Compared with the Management and Strategy newsletter published the same day on the management firm’s website, it appears that the model portfolio has developed a little more in favour of equities, which are decidedly inexpensive at present, with an exposure of 52% in a balanced allocation, while the percentage was limited to 43%, down from 47%, for fixed income (while money market instruments continue to represent 5%).Specialists at Groupama are “selectively” positive about equities, and neutral on credit. Overall, they remain prudent, as they have been since the beginning of this year, which has brought the consensus gradually into line with the outlooks laid out by the team based in Paris in rue de Miromesnil.

La Compagnie Financière Edmond de Rothschild announced on Tuesday, 28 June that it has added to its financial management with the recruitment of Cynthia Tobiano as director of finance and development. Tobiano “will aim to assist the group with its growth policy, particularly internationally,” a statement says, adding that she will begin in her new role after a transitional period in conjunction with the current director, Jean-Louis Chemarin, who is retiring. Tobiano, 34, has spent her carrer thus far at Goldman Sachs in London and Paris in investment banking. She was previously a partner in Paris, before becoming vice president of the mergers and acquisitions team in Paris and London.

The German firm Medion AG, which the Chinese company Lenovo is seeking to acquire for EUR629m, or EUR13 per share, announced on Tuesday that the hedge fund management firm Elliott Asset Management now controls 6.04% of its capital, Handelsblatt reports.