p { margin-bottom: 0.08in; } Allianz Real Estate Germany GmbH has announced that it has acquired the Triton office building (29,000 square metres) in the Westend of Frankfurt for about EUR200m, on behalf of IVG Institutional Funds. The vendor is OVG Real Estate.

p { margin-bottom: 0.08in; } Credit Suisse (Deutschland) and Deutsche Börse on 9 September announced that they had admitted 13 new Irish-registered ETFs focused on emerging countries or regions to trading on the XTF segment of the Xetra platform. Total expense ratios range from 0.50% to 0.75%. The new products bring the number of ETFs now listed on Xetra to 693. Credit Suisse says the ETFs represent a new generation, as with these products the group is launching its first synthetic replication products, unlike the other 32 funds already listed in Frankfurt, which use exclusively physical replication. The 13 funds are meant to ally the advantages of synthetic replication with the transparency of physical replication products. Synthetic replication has the advantage that it more precisely and efficiently replicates indices with low levels of liquidity, which is particularly valuable in the case of emerging markets. The composition of the portfolio will be published daily on the website. The counterparty for swaps is the Credit Suisse group itself. The new ETFs are: Name ISIN total expense ratioCS ETF (IE) on CSI 300 IE00B5VG7J94 0.50%CS ETF (IE) on MSCI South Africa IE00B4ZTP716 0.65%CS ETF (IE) on MSCI EM EMEA IE00B5W0VQ55 0.65%CS ETF (IE) on MSCI Russia IE00B5V87390 0.65%CS ETF (IE) on MSCI EM Latin America IE00B5KMFT47 0.65%CS ETF (IE) on MSCI Brazil IE00B59L7C92 0.65%CS ETF (IE) on MSCI Chile IE00B5NLL897 0.65%CS ETF (IE) on MSCI Mexico Capped IE00B5WHFQ43 0.65%CS ETF (IE) on MSCI India IE00B564MX78 0.75%CS ETF (IE) on MSCI Korea IE00B5W4TY14 0.65%CS ETF (IE) on MSCI Taiwan IE00B5VL1928 0.65%CS ETF (IE) on MSCI EM Asia IE00B5L8K969 0.65%CS ETF (IE) on MSCI Australia IE00B5V70487 0.50%

p { margin-bottom: 0.08in; } The European Central Securities Depositories Association (ECSDA) has opened its first permanent office in Brussels. Soraya Belghazi, who has been appointed as the first secretary general of the professional association, will be in charge of the Brussels office.

p { margin-bottom: 0.08in; } The ACI III fund from the German management firm Alternative Capital Investment (ACI), which attracted EUR19m in subscriptions, will soon enter bankruptcy; it lost EUR37.7m in 2009, Handelsblatt reports. It is likely that other ACI funds which also invest in Dubai are facing the same fate. In total, the Gütersloh asset management firm has launched seven such funds, which attracted EUR210m in investment from about 6,000 investors, attracted by advertising campaigns featuring Boris Becker, Michael Schumacher and Niki Lauda. Meanwhile, the Bielefeld prosecutor is investigating allegations of investment fraud against ACI’s founder, Hanns-Uwe Lohmann, and his son Robin.

p { margin-bottom: 0.08in; } The Securities and Exchange Commission has opened an enquiry to determine if entities which charge commissions to channel subscriptions from investors to hedge funds are acquitting themselves correctly in their duty to ensure the safety of their clients’ investments and avoiding potential conflicts of interest, sources familiar with the matter say. The Wall Street Journal reports that the sweep exam by the SEC Office of Compliance Inspections and Examinations is focusing on a dozen entities, but that the scope of the investigation may be broadened to include investment advisors specialising in private equity or serving pension funds. The firms initially targeted by the SEC have assets of USD100m to USD15bn each.

p { margin-bottom: 0.08in; } Citywire reports that the emerging markets specialist Dariusz Sliwinski will be leaving Martin Currie on 10 September after 13 years at the firm. Since Martin Currie’s recruitment of four members of the emerging markets team from SWIP, Sliwinski had been in talks with the management about the evolution of emerging market clients, and his position within the organisation.

p { margin-bottom: 0.08in; } The Börsen-Zeitung reports that Wolfgang Kirsch, chairman of the managing board, has announced that DZ Bank, one of the two major central entities of the German co-operative banks, has ambitions to acquire private banking portoflios which Luxembourg banks will be required by the European Union to sell off. DZ Bank, which has recently launched services for high net worth clients with the creation of DZ Privatbank, is willing to invest in the development of this activity.

p { margin-bottom: 0.08in; } Rothschild & Cie Gestion on Friday, 10 September announced the arrival of Philippe Louisadat as director and head of external distribution for France and Spain. Louisadat, 34, began his career at Oddo Asset Management as an external distribution salesperson for France, Switzerland, Luxembourg and Spain, and was then appointed in 2007 as head of distribution for France and Spain at Oddo AM.

p { margin-bottom: 0.08in; } On Thursday, Dexia Asset Management (EUR82.7bn in assets as of the end of June) announced that it has acquired a license for the RiskManager application from RiskMetrics, provided by MSCI Inc. The application will allow the asset management firm to better apprehend all risks generated by all of its asset classes and various financial instruments, through detailed and daily risk reports including reports designed specifically for alternative investment funds. RiskManager is used to calculate ad hoc indicators of market and credit risk for all mutual funds and mandates managed by Dexia Asset Management. The application also makes it possible to enlarge the track record and scenario possibilities in stress tests.

p { margin-bottom: 0.08in; } Banque Postale on Thursday, 9 September announced its results for first half 2010, with consolidated net banking proceeds of EUR2.64bn (+7.6% on a comparable basis, compared with the same period of 2009), and consolidated net profits for the part of the group of EUR379.5m (+31.7%). Savings client and savings account assets totalled EUR280bn (+1.6%). As of 30 June 2010, La Banque Postale Asset Management (LBPAM), the asset management firm for the bank, which manages EUR122.5bn in assets, saw outflows for first half 2010, in keeping with the overall trend for the mutual fund market. LBPAM nonetheless posted positive inflows for the first eight months of the year of EUR954.5m, “largely due to a strong increase in inflows to legal entities in the month of August 2010,” a statement says. La Banque Postale Gestion Privée, the mandated securities portfolio management firm, which is 51% owned by La Banque Postale and 49% by Oddo & Cie, in its third complete year of distribution opened nearly 3,500 new accounts as of the end of June 2010. Assets under management increased from EUR505m as of the end of 2009 to EUR722m as of the end of June 2010.

p { margin-bottom: 0.08in; } Leonardo Mathias, former CEO of Schroders for Spain and Portugal, has teamed up with the Portuguese financier Joaquim Luiz Gomes to found the management firm Dunas Capital, which has already been granted a license by the Bank of Portugal, and which will acquire Valor Alternativo/New Globe, in Lisbon, Funds People reports. The new firm, which is born with assets of EUR130m, will provide consulting, discretionary portfolio management, investment fund management and manager selection services. The objective is to achieve EUR300m in assets under management by the end of 2012. Dunas Capital is in negotiations with Credit Suisse to launch a UCITS-compliant fund in Luxembourg, which would be made available in Portugal, Spain, and Italy.

p { margin-bottom: 0.08in; } BlackRock has announced that it has been awarded a fiduciary management mandate by Stichting Pensioenfonds Medisch Specialisten (SPMS), the pension fund for specialist doctors in the Netherlands, to define an investment and risk management strategy with the pension fund. BlackRock’s fiduciary activities in Benelux represent EUR20bn, a statement says.

p { margin-bottom: 0.08in; } Macquarie Private Wealth Asia (MPWA) announced on 8 September that it has appointed three senior wealth management specialists, as additions to the bank’s expertise in Asia. James Mak, previously of JP Morgan, has been appointed as regional head for co-investments and strategic advising. Robin Harris, previously managing director of Equity Trust, has joined MPWA to lead development of strategic partnerships, while Leonard Tan, a former private banker from Morgan Stanley Private Wealth Management, has been recruited as a client advisor, specialised in South-East Asian markets.

p { margin-bottom: 0.08in; } Richard Leeson has left Prudential International to join Axa Wealth International, as director of marketing and sales, Money Marketing reports.

p { margin-bottom: 0.08in; } Asian Investor reports that Christophe Lee, chairman of the Hong Kong/China arm of the Alternative Investment Management Association (AIMA), has joined the hedge fund FrontPoint Partners (Morgan Stanley) in Hong Kong, as managing director in charge of developing its activities in the Asia-Pacific region. In the newly-created position, Lee, who previously worked at SHK Fund Management as CEO, will be in charge of 15 FrontPoint funds.

p { margin-bottom: 0.08in; } fundstrategy reports that Jeremy Lang and William Pattison, two former chief investment officers from Liontrust, are returning to management with three absolute return funds from their new firm, founded a few months ago, Ardevora Asset Management. The two managers, whose depature from Liontrust in January 2009 provoked a spectacular drop of more than 30% in the share price of the asset management firm in the space of a single trading day, are hoping to receive the go-ahead from the Financial Services Authority (FSA) by the end of the month.

p { margin-bottom: 0.08in; } Edmond de Rothschild Asset Management (EDRAM) has announced the recruitment of Maria Kahane as deputy to the marketing director, in charge of product engineering and calls for offers. Kahane joins the firm along with Florence Dard, director of institutional sales, and Patrick Péris, deputy CEO in charge of development, who will aim to develop the institutional arm of EDRAM and grow the firm’s international presence, a statement says. The “product engineering and calls for offers” team now includes 5 people within the marketing team, under the leadership of Sébastien Nantas. Since 2005, Kahane served as senior RFP Manager and senior corporate strategist at the Axa Investment Managers group.

p { margin-bottom: 0.08in; } Steve Pitkin, global head of investor relations at Citco Fund Services, has been appointed as head of investor services in the hedge fund services division of the global transaction services unit at Citigroup. He will report to Mike Sleightholme, global head of hedge fund services.

p { margin-bottom: 0.08in; } The responsible performance specialist Vigeo has announced in a statement that the Aspi committee on 2 September undertook its quarterly revision of the Aspi Eurozone® index, which includes the 120 top-ranked publicly-traded companies in the Eurozone on the basis of Vigeo ratings. The following eleven firms are added to the index: Assicurazioni Generali, BCO Comercial Portugues, CGG Veritas, Corio, Ebro Foods, Erste Group Bank, Rautaruukkik, SBM Offshore, Suez Environnement, Unibail-Rodamco and Veolia Environnement. The following eleven stocks have been removed from the index: Aegon, Ageas, Bouygues, Casino Guichard, Ferrovial, KPN, Metso, Natixis, Pernod Ricard, Saint Gobain and Stora Enso R. Vigeo states that changes in the composition of the index will be undertaken after the end of trading on 17 September 2010, and will become effective from the opening of the following trading day.

p { margin-bottom: 0.08in; } From 1 September Christina Rustemeier, who has left Credit Suisse, has joined the sales team at BNP Paribas Investment Partners (BNPP IP), serving managers of funds of funds, large banks, private banks, family offices and wealth managers. The team includes two other people. In total, the sales team at BNPP IP currently includes 12 people, half of whom are in retail and half in institutional. In Germany, BNPP IP employs a total of 30 people, including former Fortis employees, led by Martin Theisinger, head of distribution Deutschland, who led Schroders Germany before becoming head of client relationship management for Germany at Fortis Investments. BNPP IP’s local asset management team in Frankfurt includes 5 people, and manages total assets of EUR7bn to EUR7.5bn, with EUR20bn as its objective within the next three years.

p { margin-bottom: 0.08in; } Gottex Fund Management Holdings Ltd has announced a net loss for first half of USD1.6bn, on gross earnings down 29% to USD32.9m. In July of this year, Gottex reported an 8.3% decline in its assets under management as of the end of June, compared with the previous quarter, at USD7.26bn.

p { margin-bottom: 0.08in; } The British financial market regulator (FSA) announced on 9 September in a statement that it has fined the US bank Goldman Sachs GBP17.5m, or over EUR21m, for failing to inform the British market that it was under investigation for fraud in the United States. The sentence was expected (see Newsmanagers of 9 September). The fine, one of the largest ever handed down in the UK, is related to the case of Abacus, a sub-prime real estate credit derivative product whose sale was the subject of an investigation by the US market regulator, the Securities and Exchange Commission (SEC). “Goldman Sachs International did not seek to conceal anything, but its deficient systems and controls are a sign that the level and quality of communication with the FSA were far below what is expected of a licensed business,” Margaret Cole, director of the FSA, says in a statement.

Crédit Agricole Assurance a annoncé avoir finalisé le rachat de la totalité d’Axeria Vie et de sa filiale April Patrimoine, rapporte l’Agefi. Axeria Vie affichait, à fin 2009, 187 millions d’euros de collecte et 251 millions d’euros d’encours. La réalisation de cette cession reste soumise à l’accord des autorités de contrôle

L’arrivée de François Carlotti chez Métropole Gestion (lire Newsmanagers du 07/09/10) au poste de directeur général délégué et directeur du développement – tandis que Eric Boutchnei devient directeur général délégué et directeur de la stratégie de la société de gestion - est une façon claire pour la maison présidée par François-Marie Wojcik d’afficher ses ambitions internationales. «Notre volonté», a-t-il expliqué mercredi 8 septembre lors d’une conférence de presse, «est de devenir la référence européenne de la gestion value». Et pour ce faire, Métropole Gestion s’est donc attaché les services de l’ancien président du directoire de Sal Oppenheim France et surtout ancien manager chez Franklin Templeton Investments - présenté comme la société de gestion leader mondial de la value. Le recrutement d’un responsable doté par son parcours d’une forte culture anglo-saxonne à la tête de la société de gestion doit aussi être suivie dans les mois à venir du renforcement de l'équipe commerciale/marketing. Les huit personnes supplémentaires qui sont attendues feront alors passer les effectifs de la société de 32 aujourd’hui à 40 collaborateurs – dont 15 personnes à la gestion. Pour justifier cette réorganisation et son «timing», François-Marie Wojcik a rappelé que la société crééé en 2002 devait d’abord faire ses preuves en France. Dont acte. Métropole Gestion affiche des actifs sous gestion de 1,9 milliard d’euros, avec des investisseurs institutionnels représentant 50 % de la clientèle tandis que les banques privées et le retail en représentent 20 % chacun, et la multigestion le solde. «En dépit de la crise», a insisté le président de la société de gestion, «les actifs moyens depuis 2008 ont progressé, avec également une collecte en 2010 légèrement positive». Cela étant, François-Marie Wojcik l’a aussi martelé : «il est désormais impossible d’exister si nous restons dans notre pré carré». D’où ce cap désormais à l'échelle du vieux Continent.Concrètement, l'établissement a d’ores et déjà tissé sa toile hors de France – l’international représentant 15 % des investisseurs – avec des contacts réguliers à Londres ainsi qu’une présence en Belgique, en Suisse et au Luxembourg opérée à partir de Paris par un professionnel «dont l’activité sera d’ici à la fin de l’année totalement dédiée à l’international». A cela s’ajoute depuis cette année l’ouverture d’un bureau en Allemagne comptant trois personnes et la volonté de couvrir les pays germanophones comme l’Autriche et la Suisse alémanique. La Suède est également sur les tablettes de la société de gestion ainsi qu’une zone dite «Middle East». Enfin, dans les deux-trois mois à venir, Métropole Gestion doit s’implanter en Italie, et plus précisément à Milan.Les objectifs de la société sont ambitieux. L'établissement parie sur des actifs sous gestion de trois milliards d’euros en 2012 – en hausse de 58 % par rapport à cette année – et de cinq milliards en 2015. Pour y parvenir, Métropole Gestion ne négligera pas pour autant la France. Elle compte d’ailleurs intensifier la promotion de ses produits et de sa gestion dans l’Hexagone auprès de ses clients (banque, assurance, multigestion et conseillers en gestion de patrimoine indépendants). En chiffres, le marché français doit, à ce titre, rester le plus important avec une part à terme estimée de 55 % (85 % actuellement) - contre 10 % pour l’Allemagne et 10 % pour l’Italie. Enfin, interrogé sur les produits qui seront mis en avant à l'étranger, François-Marie Wojcik a confirmé que c’est avant tout le marché qui décidera. Bien évidemment, les fonds actions constitueront l’offre principale de la société, mais le fonds patrimonial multigestionaire et le fonds d’obligations corporate (Métropole MM Convictions Patrimoine et Métropole Corporate Bonds) pourront faire aussi partie du lot. Y compris donc les fonds de droit français aux côtés de la sicav luxembourgeoise de l'établissement. En fait, la demande décidera, même si sur le sujet, les responsables de la société de gestion en sont convaincus : à l’extérieur, le «track record» est un élément essentiel. Ce dont profitent largement les fonds actions, et que doivent continuer à acquérir d’autres fonds de Métropole Gestion. A commencer par ses fonds multigestionnaires.

OFI Asset Management a annoncé, mercredi 8 septembre, l’arrivée de Jean-Philippe Dorp au sein des équipes de recherche et d’analyse crédit. L’intéressé sera en charge d’une équipe de recherche crédit transversale multi secteurs, qui sera composée de 6 personnes, précise un communiqué.Depuis 2006, Jean-Philippe Dorp travaillait chez Solent Capital Partners (Londres) où il était responsable de l’analyse crédit et gérant crédit.

HSBC Global Asset Management complète sa gamme de fonds alternatifs au sein de sa sicav luxembourgeoise avec le lancement du HSBC GIF European Equity Alpha et du HSBC GIF Global Emerging Markets Equity Alpha, deux fonds de type absolute return-Ucits III.L’objectif du fonds HSBC GIF European Equity Alpha est de dégager un rendement absolu régulier supérieur à celui de son indice de référence et décorrélé des rendements produits par les actions européennes. Géré par une équipe de quatre personnes dirigée par Vis Nayar, le fonds HSBC GIF European Equity Alpha dispose d’un univers de près de 700 titres et investit dans 80 valeurs environ, avec 45 positions courtes, afin de diversifier le risque, et 35 positions longues. L'équipe tentera de tirer parti des anomalies fondamentales de valorisation des actions, en utilisant de manière complémentaire des stratégies quantitatives et qualitatives.De son côté, le fonds HSBC GIF GEM Equity Alpha a pour objectif de dégager un rendement absolu régulier supérieur à celui de son indice de référence et décorrélé des rendements produits par les actions émergentes. Géré conjointement par Omar Negyal et Nick Timberlake, le fonds dispose d’un univers d’environ 700 valeurs, sélectionnées parmi les pays de l’indice MSCI Emerging Market et certains pays de l’indice MSCI Frontier Markets. Ensuite, HSBC GIF GEM Equity Alpha investira dans 70 titres avec 35 positions longues et 35 positions courtes. L’objectif sera de générer de l’alpha sur les deux volets du portefeuille.Caractéristiques Nom : HSBC GIF European Equity Alpha FundCode ISIN : Part M: LU 0489668292Part L: LU 0489666916Frais de gestion fixes : Part M: 1,5%Part L: 1%Liquidité : Quotidienne Souscription minimum :Investisseur particulier : 5000 eurosInvestisseur institutionnel : 1 million d’eurosNom : HSBC GEM Equity Alpha FundCode ISIN : Part M: LU 0489672138Part L: LU 0489671247Liquidité : Quotidienne Devise du compartiment : USDFrais de gestion fixes : Part M : 1,5%Part L : 1% Souscription minimum : Investisseur particulier : 5000 dollarsInvestisseur institutionnel : 1 million de dollars

OFI Private Equity Capital a indiqué le 8 septembre que le Conseil Scientifique des Indices de NYSE Euronext Paris, réuni le 3 septembre 2010, a pris la décision d’intégrer la valeur OFI Private Equity Capital dans les indices de cotation SBF 250, CAC Small 90 et CAC Mid & Small 190. Cette décision prendra effet à compter de la séance de bourse du lundi 20 septembre 2010. Fiche signalétique : Code : OPEC NYSE Euronext Paris, Compartiment C Code ISIN : FR0000038945 Nombre de titres : 10 545 500

Selon l’Agefi, l’Autorité des marchés financiers a annoncé avoir donné son feu vert à l’offre publique de retrait, suivie d’un retrait obligatoire, d’Eiffarie sur Autoroutes Paris Rhin Rhône. Eiffarie qui a déposé un projet d’OPR au prix de 54,16 euros par action, a demandé à pouvoir procéder au retrait obligatoire dès la clôture de l’OPR quel qu’en soit le résultat, précise le quotidien.

Selon Asian Investor, Paul Rubens a quitté le hedge fund basé à Singapour Black Horse pour rejoindre Franklin Templeton à New York.Dans ses nouvelles fonctions, Paul Rubens devrait notamment accompagner les équipes d’investissement de Templeton en Asie, entre autres les co-entreprises sur le sol chinois avec Sealand Securities et China Life Insurance, ainsi que les antennes au Japon, en Inde et en Corée du Sud. Il devrait également intervenir dans d’autres régions, comme l’Amérique latine.

Selon Asian Investor, deux sociétés de Hong Kong spécialisées en gestion d’actifs, la firme de conseil Convoy Asset Management et la société value Zeal Asset Management tentent de lever 100 millions de dollars de Hong Kong pour lancer un fonds d’actions négligées ou sous-évaluées afin de profiter de la croissance économique en Chine.Le fonds, Voyage Zelec China Fund, se propose d’investir dans 35 à 50 valeurs, dont 70% sont cotées à Hong Kong. Le reliquat sera constitué d’actions B à fort potentiel cotées à Shenzhen et à Shanghai. Le fonds devrait être lancé le 20 septembre prochain. Les frais de gestion ont été fixés 1,75% par an avec une commission de performance de 15% par an. Le montant minimal à la souscription est de 50.000 dollars de Hong Kong.