Selon la Tribune, le fonds d’investissement américain KKR qui dispose de 61 milliards de dollars d’actifs sous gestion a déclaré, mardi 16 mars, avoir plus de 11 milliards de dollars (soit 7,9 milliards d’euros) à investir dans le monde.

James K. «Kim» Miller, qui justifie de 20 ans d’ancienneté dans la gestion de portefeuilles focalisés sur la préservation du capital chez Fidelity Investments, s’est vu confier la gestion du nouveau Fidelity Conservative Income Bond Fund, qui est comme son nom l’indique un fonds obligataire investissant prioritairement (au moins 80 %) dans les instruments du marché monétaire ainsi que dans des titres de dette de haute qualité et de qualité investissement, avec des durations courtes.L’indice de référence est le Barclays Capital 3-6 Month U.S. Treasury Bills Index et l'échéance moyenne du portefeuille sera en temps normal de 9 mois ou moins. Le produit est disponible en deux classes de parts, une pour le retail (FCONX) et l’autre pour les investisseurs institutionnels (FCNVX).Kim Miller souligne que le vieillissement démographique des Etats-Unis et la volatilité récente des marchés d’actions aussi bien qu’obligataire ont renforcé chez les investisseurs la demande de produits d’investissement à échéance plus courte qui les aide à mieux gérer le risque de leur portefeuille.Le Fidelity Conservative Income Bond Fund s’adresse à des clients relativement conservateurs, axés sur le revenu sur un horizon de 6 mois à un an qui recherchent une exposition à des titres de dette de grande qualité et qui sont prêts à accepter quelque fluctuation de la valeur liquidative, précise le gérant. Ce dernier a géré de 2003 à 2011 le VIP Money Market Portfolio et le Fidelity Institutional Money Market Portfolio, parallèlement au managed Fidelity Institutional Prime Money Market Portfolio (2004-2010).

Le capital-investisseur The Blackstone Group et la banque d’investissement Dahlman Rose & Co ont annoncé avoir signé un accord pour la fourniture conjointe de services de conseil financier à une clientèle d’entreprises du secteur du transport maritime qui cherchent à se recapitaliser ou à restructurer leur bilan. Cette initiative commune permettra d’allier le savoir-faire de Blackstone dans le domaine des restructurations avec la connaissance du secteur maritime et le réseau international de Dahlkman Rose, a souligné Flip Huffard, senoir managing director de Blackstone. La plate-forme ainsi constituée entame son activité immédiatement et elle bénéficiera d’une équipe de spécialistes chevronnés recrutés chez chacun des deux partenaires.

Le fonds de pension californien CalPERS a indiqué le 15 mars qu’un comité interne avait décidé de recommander le maintien à 7,75% de son taux de rendement annuel. Le conseil d’administration devrait approuver cette recommandation ce mercredi 16 mars.Au cours des vingt dernières années, rappelle CalPERS, le taux de rendement avant frais et commissions s’est inscrit en moyenne à 7,9% par an. Pour l’exercice au 30 juin 2010, le taux de rendement s’est établi à 13,3%

Selon L’Agefi, des fonds alternatifs américains, dont Greenlight Capital et Tiger Global, ont déposé une plainte à l’encontre de Porsche, faisant état d’un milliard de dollars de pertes du fait d’un défaut d’information de la part du constructeur automobile à l’occasion de son rachat avorté de Volkswagen en 2008.

Le gestionnaire new-yorkais Van Eck Global a annoncé le 15 mars le lancement d’un nouvel ETF consacré aux actions colombiennes, Market Vectors Colombia ETF dont l’acronyme sur NYSE Arca est COLX. L’objectif est de répliquer avant commissions et frais la performance du Market Vectors Colombia Index (MVCOLXTR) développé par 4AssetManagement.Cet indice couvre non seulement des sociétés domiciliées et cotées en Colombie mais des entreprises étrangères qui tirent une majorité de leurs revenus ou qui détiennent une majorité de leurs actifs en Colombie. Au 10 mars, 74 % des sociétés dans l’indice étaient colombiennes. Parmi les 27 sociétés de l’indice, 51 % sont des grandes capitalisations, 36 % des moyennes et 13 % des eptites.Le fonds est chargé 0,75 %.

Comme nous l’annoncions le 8 mars, la société de gestion Calao Finance va lancer cette semaine un FCPI Art de Vivre, un fonds éligible à la réduction d’ISF 2011 investissant dans des PME évoluant sur six domaines d’activités porteurs : accessoires haut de gamme (HBJO*, maroquinerie, prêt-à-porter de luxe…), cosmétique (parfums, services, soins...), décoration & design (art de la table, mobilier...), gastronomie( œnologie, produits régionaux haut de gamme, services...), loisirs et sport ( équipement, infrastructure, textile technique...) et multimédia ( applications Smartphone, e-commerce, édition...). Les entreprises cibles ont comme caractéristiques communes un savoir-faire reconnu, une forte R&D et une dimension exportatrice, indique la société de gestion.Pour se préserver une marge de manœuvre, et faire face à des aléas sur plusieurs années tels que le refinancement éventuel des participations ou les sorties anticipées des souscripteurs l’allocation ne dépassera pas 80% de PME – autorisant une réduction d’ ISF limitée à 40%.(*) : Horlogerie, Bijouterie, Joaillerie, OrfèvrerieCaractéristiques Période de souscription : jusqu’ au 14/06/2011 Droits d’ entrée : 5% maximum Frais de gestion maximum : 3,95% TTC/ an durée de vie du fonds : 6 ans minimum (prorogeable 2 ans, sauf cas légaux).Valeur d’ origine des parts A : 100 € / Souscription minimale : 10 parts Valorisation : semestrielle Allocation : 80% dans des PME éligibles à la réduction d’ ISF et 20% dans une allocation OPCVM diversifiée avec UFG-LFP

Fabienne Pasquet vient de rejoindre UFG-LFP en tant que responsable des relations banques. Elle était précédemment chez Rothschild & Cie Gestion, où elle occupait le poste de sous-directeur, responsable de la distribution – banques privées.

Comme nous l’annoncions en juin 2010, Harewood Asset Management, créé en 2004 à l’initiative des équipes de dérivés actions de BNP Paribas CIB, a été fusionné avec l’équipe Sigma de BNP Paribas Asset Management. Appelé Theam, l’ensemble issu de ce rapprochement désormais effectif devient une filiale à 100 % de BNP Paribas Investment Partners, a annoncé mardi Philippe Marchessaux, administrateur directeur général de BNP Paribas IP, au cours d’une conférence de presse. Ses encours sous gestion se montent à près de 50 milliards d’euros avec les 44,3 milliards de Sigma et les 4,7 milliards de Harewood. Un montant que Philippe Marchessaux espère doubler au cours des cinq prochaines années, grâce notamment au développement de la clientèle Asie et Amérique du Nord. Les effectifs, quant à eux, ressortent à 120 personnes, tandis que la structure est dirigée par Gilles Guérin, arrivé le 1er juillet pour conduire la fusion en provenance de HDF Finance où il était vice-président du directoire. L’activité de Theam se structure autour de quatre spécialités, sachant que Sigma apporte son savoir-faire dans les gestions indicielle et garantie, l’allocation de risque et les stratégies de performance absolue, tandis que Harewood était spécialisé dans l’offre de fonds systématiques et la multigestion alternative. La plus importante en termes d’encours (25,1 milliards d’euros) est la gestion de fonds garantis et protégés. Vient ensuite l’activité ETF et gestion indicielle, comprenant notamment la gamme EasyETF, avec 15,9 milliards d’euros. Le troisième pôle est la gestion alternative, qui représente 5,4 milliards d’euros. Elle se fera en direct au travers des stratégies discrétionnaires quantitatives logées dans des fonds Ucits III ou bien en architecture ouverte via des fonds de multigestion alternative. Enfin, avec 2,4 milliards d’euros, Theam compte aussi un pilier gestion systématique active. S’agissant de l’offre, Gilles Guérin indique que les deux gammes étaient plutôt complémentaires et qu’il n’y aura sans doute qu’une seule fusion de fonds (sur la volatilité). Par ailleurs, quelques ETF qui n’étaient pas suffisamment flexibles ont été éliminés, mais de nouveaux seront créés. Le seul grand changement, hormis des lancements de fonds, sera selon lui l’adoption du nom Theam pour les fonds Harewood. Notons tout de même que les fonds Opportunity et Serenity de Fauchier Partners, qui ont été rouverts, ont été repris par Theam et que d’autres fonds pourraient être transférés. Si la société devient filiale à 100 % de BNP Paribas IP, quittant ainsi le giron de la banque d’investissement, Theam sera dotée d’un conseil de surveillance commun aux deux grands métiers. La société sera présidée par Dominique Hoenn. Et Gilles Guérin sera assisté de Denis Panel (CIO), responsable investissement et structuration, et d’Alexandre Mojaisky (COO), responsable des ventes et des fonctions supports. Philippe Marchessaux, qui présidera le conseil de surveillance, souligne par ailleurs que pour son développement commercial, Theam s’appuiera sur les forces de vente de BNP Paribas IP et celles de BNP Paribas CIB. D’ailleurs, ce projet commun à la gestion d’actifs et à la banque d’investissement ne sera sans doute pas le dernier. BNP Paribas CIB travaille également par ailleurs à un projet avec BNP Paribas Securities Services pour le clearing d’OTC.

La société de gestion Dorval Finance, a annoncé, mardi 15 mars, le renforcement de son équipe de gestion d’allocations d’actifs avec l’arrivée de Gustavo Horenstein en tant que gérant des fonds flexibles internationaux. En pratique, avec sa double compétence d’économiste et de gérant allocataire, il devient co-gérant des fonds flexibles Dorval Flexible Monde et Dorval Flexible Emergents et sera notamment en charge du pôle «allocation d’actifs» aux côtés de Sophie Chauvellier, précise un communiqué.Âgé de 37 ans, Gustavo Horenstein était auparavant analyste-gérant depuis 2006 au sein de la division gestion diversifiée et multigestion de Oddo Asset Management, société qu’il a intégré en 2000 en qualité d’économiste de Oddo Securities.

p { margin-bottom: 0.08in; } James K. “Kim” Miller, who has 20 years’ seniority in portfolio management focused on capital preservation at Fidelity Investments, has been handed the management of the new Fidelity Conservative Income Bond Fund, which as its name indicates is a bond fund investing primarily (at least 80%) in money market instruments as well as high-quality debt and investments, with short durations. The benchmark index is the Barclays Capital 3-6 Month U.S. Treasury Bills Index, and the average duration to maturity for the portfolio under normal conditions will be 9 months or less. The product is available in two share classes, one for retail investors (FCONX), and one for institutional investors (FCNVX). Miller says that the ageing demographic of the population in the United States and the recent volatility of equities and bond markets have increased investors’ demand for investment products with shorter durations to maturity, which enable them to better manage their portfolios. The Fidelity Conservative Income Bond Fund is aimed at relatively conservative clients, focused on income in the 6-month to one-year time frame, who are looking for exposure to high-quality debt assets and who are prepared to accept some fluctuation in net asset value, the manager says. From 2003 to 2011, he managed the VIP Money Market Portfolio and the Fidelity Institutional Money Market Portfolio, alongside the managed Fidelity Institutional Prime Money Market Portfolio (2004-2010).

p { margin-bottom: 0.08in; } The New York-based management firm Van Eck Global on 15 March announced the launch of a new ETF dedicated to Colombian equities, Market Vectors Colombia ETF, whose acronym on NYSE Arca is COLX. The objective is to replicate the performance, before commissions and fees, of the Market Vectors Colombia Index (MVCOLXTR), developed by 4AssetManagement. The index includes not only companies domiciled and listed in Colombia, but also foreign companies which earn a majority of their revenues or own a majority of their assets in Colombia. As of 10 March, 74% of businesses in the index were Colombian. Among the 27 companies of the index, 51% are large caps, 36% are midcaps, and 13% are small caps. The fund charges 0.75%.

p { margin-bottom: 0.08in; } As of the end of December, assets in ETFs in Europe total EUR228bn, which represents an increase of EUR56bn in one year, half of which comes from net subscriptions, State Street Global Advisors (SSgA) reports in a study (see pdf below). Equities ETFs continue to dominate the market, with 70% of assets.In 2010, subscribers concentrated on emerging markets equities, commodities, US, German and Japanese equities, as well as European government bonds, and ETFs which provide exposure to variations on the VIX. However, euro zone equities saw net outflows of EUR1.1bn, and money market ETFs in euros saw net redemoptions of over EUR1.5bn.The products which attracted the largest inflows were the iShares MSCI Emerging Markets ETF and the db x-trackers MSCI emerging market TRN ETF, with net subscriptions of EUR2.01bn and EUR1.28bn, respectively. The iPath S&P 500 VIX Short-Term Futures ETN attrracted over EUR1.6bn. For products based on the Dax, the iShares and db x-trackers products attracted EUR1.12bn and EUR800m, respectively. This tends to prove that investors prefer physical replication products, such as the iShares product, to synthetic replication products like the db x-trackers fund, SSgA says.For 2011, specialists at SSgA predict continued internationalisation of portfolios, with an increase in the proportion invested in uncorrelated asset classes such as equities and emerging markets bonds. In addition, as investors are frustrated with the low returns on bonds, this year may bring an increase in subscriptions to ETFs which focus on high dividend equities.

p { margin-bottom: 0.08in; } On 15 March, the SEC filed charges against Eugenio Verzili and Arturo Rodroguez, the founders of the hedge fund management firm Juno Mother Earth Asset Management LLC, which it accuses of diverting about USD1.8m in assets from a fund managed by the firm, the Wall Street Journal reports. The two men are also accused of artificially inflating their assets and making false declarations to the regulator, including a claim that they had USD200m in assets under management.The money funnelled form the fund is said to have been used to cover Juno’s operating expenses.The financial authorities in the Cayman Islands and Liechtenstein cooperated with the SEC in the investigation.

p { margin-bottom: 0.08in; } Regulators in the United States, Japan and the United Kingdom have launched an investigation to determine whether major banks have conspired to “manipulate” the Libor, the index used to calculate the cost of billions of dollars in debt, the Financial Times reports. The investigation is focusing on a sample of 16 banks which help to British bankers’ association to determine the index. UBS revealed the existence of the investigation in its annual report, the FT states.

p { margin-bottom: 0.08in; } The Financial Services Authority (FSA) on Tuesday, 15 March sentenced the currency trading firm ActivTrades Plc to pay a fine of GBP85,750, for failing to protect client assets.As client assets need to be separated from the business with “trust status,” in order to protect the capital of savings investors, the FSA found that between 14 April 2009 and 2 September 2010, ActivTrust did not ensure that the amounts in client funds, ranging from GBP3.4m to GBP23.6m, and averaging GBP12.2m, were properly isolated in case the firm were to go bankrupt.

p { margin-bottom: 0.08in; } The British-registered fund (OEIC) Global Listed Infrastructure from First State Investments, launched on 31 October 2007, has returned 21.1% per year since its launch (retail A shares, before taxes), compared with 1.7% for the benchmark index, which until 1 June 2008 was the S&P Global Infrastructure Index, and since then has been the UBS Global Infrastructure & Utilities 50-50 Index. “In 40 months of existence, we have seen net redemptions in only two months,” Andrew Greenup, co-manager of the fund with Peter Meany, tells Newsmanagers.The product, whose assets totalled GBP210m as of the end of January, invests in 40 purely infrastructure businesses worldwide (including 7 French businesses which account for 12% of the portfolio), in all cap sizes, with 60% midcaps (from USD2bn to USD10bn), and 30% large caps. Only 4% are emerging markets equities (with a limit of 20%), and the turnover rate for the portfolio is low, “between 30% and 35%.”“These are not glamorous companies. They operate installations, their stable revenues offer good visibility, and they provide good insurance against inflation. In addition, they benefit from structural growth. And we pick good companies which are unjustly underpriced,” says Greenup.The infrastructure equities team at First State, which has seven members, “picks only the companies out of the 135 that it monitors which are likely to outperform the infrastructure asset class, for which returns are 12%, with dividends reinvested,” the manager says.The shares are analysed on the basis of their current cash flows (DCF) compared with the beta for the asset class and the category of similar shares, as well as on the basis of 25 qualitative criteria, including the three variables known as environmental, social and governance (ESG), which are important from a reputational risk point of view.

p { margin-bottom: 0.08in; } The financial information specialist firm GFM on 15 March announced that it has launched a new data service to which access will be free of charge. Globalfunddata includes profiles of over 34,000 funds, hedge funds, ETFs and long-only funds which submit their results to Morningstar. Users will have several possible ways to search for funds, e.g. by name, domicile, and legal format. In the next few months, GFM is planning to improve the service, with the addition of graphs and portfolio tools.

p { margin-bottom: 0.08in; } In the wake of the recent explosion in oil prices, investors are showing some concern about the profitability of businesses and continued global growth, according to the latest survey by BofA Merrill Lynch, undertaken between 4 and 10 March, of a sample of 203 managers with slightly over USD600bn in assets under management.Only a net 32% of investors predict that corporate profits will increase, compared with 51% last month. 31% expect that the consensus on profits is too high. Though in January 10% predicted that margins would progress, now 24% of investors predict that margins will fall in the next twelve months.This low level of confidence also extends to macroeconomic outlooks. Only 31% of allocators predict that growth will accelerate in the next twelve months, compared with 51% last month. In the United States, the decline is even more marked, to 21% compared with 52% the previous month.The prospect of stagflation has risen again. In the space of two months, the proportion of managers who predict that growth will be below the trend and that inflation will be higher than the trend has doubled to 38%. Investors no longer believe that interest rates will be increased in the near future due to the rise in oil prices. Three quarters of respondents predict that rates will be raised in the next twelve months. But at the same time, the rate curve may flatten out, 35% of managers predict, compared with 14% in February. In Europe, no less than 72% of managers estimate that the ECB will raise its rates before July. In February, nobody predicted that this would be the case.However, the period of stagflation may be short if the price of oil falls back again. “There has not been a massive selloff. Investors are adopting a wait-and-see attitude,” says Bary Baker, head of European equities strategy at BofA Merrill Lynch Global Research.In this context, investors have increased their liquidity allocations: 18% say they are overweight in cash, while 3% of them were underweight the previous month. They have also reduced their allocation to equities and commodities. Only 45% are overweight in equities, compared with 67% in February. But this has not resulted in a regain of interest in bonds, as investors remain underweight in this asset class (59%).The erosion of confidence in emerging markets is also beginning to diminish. Only 15% of managers of funds which invest in this region predict that the Chinese economy will slow down, compared with 27% in February. Fears for the Chinese real estate market are also less marked than previously.

p { margin-bottom: 0.08in; } Vigeo announced on 15 March that the Aspi Committee, which undertakes the quarterly revision of the Aspi Eurozone® index, decided at its most recent session to remove Deutsche Postbank from the index. Deutsche Postbank was removed from the Euro Stoxx index on 1 February. The Spanish firm Criteria Caixacorp has been added to the Aspi index.The Aspi index includes the 120 best-rated publicly-traded businesses in the euro zone on the basis of Vigeo ratings. Changes affecting the composition and weight of shares in the index will take effect from the opening of trading on Monday, 21 March, Vigeo states.

p { margin-bottom: 0.08in; } M&G Investments has signed an agreement with Intesa Sanpaolo Private Banking, by which its funds will be offered for sale by the private banking network of the Italian banking group. The M&G Investments product range includes 25 funds registered in Italy. Among these are the M&G Global Basics Fund, a global equities fund managed by Graham French on the basis of major trends that might impact businesses, and the M&G Optimal Income Fund, a flexible bond fund managed by Richard Woolnough.

p { margin-bottom: 0.08in; } The index-linked bond funds Overseas Government Bond Tracker (GBP190m) and BlackRock Overseas Corporate Bond Trackerf (GBP160m) from BlackRock, which replicate the JP Morgan Global Government Bond ex UK index and the Barclays Capital Global Aggregate Corporate ex UK index, have now been added to the range of 12 British retail funds known as BlackRock Collective Investment Funds, in response to significant demand from investors. Management commission is limited to 0.52% for each product. The two funds invest physically in assets from the indices, but may also place a part of their portfolios in money market instruments or other funds. The managers may also use derivatives and futures transactions to more effectively manage the portfolio.

p { margin-bottom: 0.08in; } As part of its move to refocus on the performance of equity and bond portfolios, Alliance Trust Plc has announced that over the next few months will gradually wind down its operations in the area of private equity.Alliance Trust Equity Partners has six employees, and manages GBP110m in assets, 3.8% of total assets at the group as of the end of February.

p { margin-bottom: 0.08in; } Among the 218 people, including 53 managers, in the real estate division of Aviva Investors, there are two people in charge of developing a potential new line of “real asset” products, along with the parent company, Aviva, and institutional clients.Laurence Monnier and Ian Berry, fund managers, are focusing on infrastructure in order to offer clients funds that provide long-term visibility combined with low risk, with the objective of identifying profitable niches for each risk level.Three strategies are under study. One strategy works with external partners to create a product which is not a fund of funds, but which specialises on structuring and analysis to make direct investments in the area of renewable energies, focusing on operators rather than producers or providers of equipment.Meanwhile, the team is also hoping to release a fund of debt from regulated utilities or gas or electricity transport companies, which are low risk activities. For this project, specialists at Aviva Investors are cooperating with Hadrian’s Wall Capital. The two partners have signed an agreement to create a GBP1bn vehicle to finance projects in the United Kingdom and continental Europe.The third project under study is a management fund with no passive constraints, which would aim to bring in regular returns (Return Enhanced Asset Liability Management or REALM; see Newsmanagers of 10 March).

p { margin-bottom: 0.08in; } The publication fo solvency ratios for the Spanish savings banks last week by the Bank of Spain did not help the situation: now vulture funds are demanding rebates of as much as 70%, or 0.3 times book value, to enter the capital of the banks, Cotizalia reports. Investors called in to help increase the owners’ equity ratios at the banks include Apollo, Blackstone, Cerberus, J.C. Flowers and Paulson.The demands of these investors are virtually unacceptable: they have told the central bank that they estimate the value of real estate assets held by the banks at zero.

p { margin-bottom: 0.08in; } The head of the external fund analysis services and hedge fund products at Banco Banif for the past four years, José María Martínez-Sanjuán, has been appointed as head of a team of six analysts in the third-party fund selection service at Santander Asset Management. Banif is the private bank of the Santander group.The appointment will allow Santander AM to standardise its manager and third-party fund selection rules across the group.

p { margin-bottom: 0.08in; } KBC Goldstate, the Chinese management firm owned 51% by Goldstate Securities and 49% by KBC, has recruited Zhang Jiabin as general manager, replacing Yi Qiang, who left the firm on 24 February due to continued underperformance, Asian Investor reports. Last year, assets under management at the joint venture fell 60% to USD197m. Zhang, who began in his new role on 1 March, previously worked at Minsheng Royal FMC, which since March 2009 has launched six mutual funds (three equities funds, two fixed income funds and one balanced fund), with assets under management as of 11 March totalling about RMB3.7bn, or about USD563m.

p { margin-bottom: 0.08in; } From 16 March, 12 new RBS MarketAccess ETFs from the Royal Bank of Scotland will be listed on the ETFPlus market from Borsa Italiana. Ten of the funds have a monthly leverage factor of two. The other two are hedged for currency risks. The new ETFs are the following: ETFs with a monthly leverage of two:LongLeveraged FTSE MIB Monthly IndexEuro Stoxx 50 Monthly Leverage IndexLevDAX x2 Monthly IndexLeveraged FTSE 100 Monthly IndexS&P GSCI Capped Component 35/20 2X Leverage Monthly Index ShortShort FTSE MIB Monthly IndexEuro Stoxx 50 Monthly Double Short IndexShortDAX x2 Monthly Index Short FTSE 100 Monthly IndexS&P GSCI Capped Component 35/20 2X Inverse Monthly Index ETFs hedged for currency risks:S&P 500 EUR Hedged Index TOPIX EUR Hedged Index

As reported in Newsmanagers in June 2010, Harewood Asset Management, founded in 2004 by the equities management teams from BNP Paribas CIB, has been merged with the Sigma team of BNP Paribas Asset Management. The new entity born of the merger, entitled Theam, now becomes a wholly-owned affiliate of BNP Paribas Investment Partners, Philippe Marchessaux, administrator and CEO of BNP Paribas IP, announced on Tuesday at a press conference. Assets under management now total nearly EUR50bn, with EUR44.3bn from Sigma and EUR4.7m from Harewood. Marchessaux hopes to double this total in the next five years, through client development in Asia and North America. Staff total 120 people, and the structure is led by Gilles Guérin, who joined on 1 July to oversee the merger from HDF Finance, where he was vice-chairman of the board.Theam’s activities are structured around four specialties. The largest in terms of assets (EUR25.1m) is management of its guaranteed and protected funds. This is followed by ETF and index-based management, including the EasyETF range, with EUR15.9bn. The third unit is alternative management, which represents EUR5.4bn. This will be undertaken directly, with discretionary quantitative strategies contained in UCITS III funds, or in open architecture, via alternative multi-management funds. Theam also has an active systematic management operation.

p { margin-bottom: 0.08in; } Fabienne Pasquet has joined UFG-LFP as head of relations with banks. She was previously at Rothschild & Cie Gestion, where she served as sub-director, in charge of distribution to private banks.