La parole à Olivier Haguenauer, responsable du développement de la plate-forme de distribution MFEX, basée à Stockholm

Gouvernance produit, rétrocessions, affichage des coûts et charges : la directive MIF 2 modifie les relations entre distributeurs et producteurs.

Le constat provient de l’édition 2017 de l’étude Global Alternatives Survey menée par Willis Towers Watson. L’encours sous gestion des 100 plus grands gestionnaires d’investissements alternatifs mondiaux a atteint 4.000 milliards de dollars, soit une hausse de 10 % par rapport à 2016. L’étude révèle ainsi que sur les 100 plus grands gestionnaires alternatifs, les spécialistes de l’immobilier se taillent la part du lion (35 % des actifs, soit plus de 1.400 milliards dollars), suivis par les fonds de private equity (18 %, soit 695 milliards) et les hedge funds (17 %, soit 675 milliards).

« Une reconnaissance des efforts et des sacrifices considérables faits par le peuple grec »

La parole à Charles de Quinsonas, gérant chez M&G Investments

c’est la proportion des fonds d’actions françaises gérés activement dont la performance dépasse celle de l’indice S&P France BMI sur un an à fin juin 2017, selon S&P Dow Jones Indices. C’est une nette amélioration par rapport à fin 2016 alors qu’ils n’étaient que 33 % à surperformer le benchmark. La tendance s’améliore sur l’ensemble des marchés européens puisque 49,1 % des gestions font mieux que les indices contre seulement 19,6 % fin 2016.

« Nous sommes de plus en plus confiants sur le fait que l’inflation va finalement atteindre des niveaux conformes à notre objectif... »

Le statu quo n’est plus une option. Jusqu’à l’an dernier, les grands mariages dans la gestion d’actifs en Europe se comptaient sur les doigts d’une main. Les plus gourmands privilégiaient des acquisitions ciblées pour renforcer l’une ou l’autre de leurs expertises. L’exception est en passe de devenir la règle. Il n’est qu’à voir l’intérêt suscité par les réflexions en cours d’Axa sur l’avenir de son asset manager. Si ces approches devaient se concrétiser par une fusion d’envergure, tranchant ainsi avec la voie communément suivie par les pairs de l’assureur (lire le dossier), elles déclencheraient à n’en pas douter dans le secteur des répliques d’égale importance.

Ce sera l’événement de la semaine en Espagne. Ou peut-être pas ? La tenue, le 1er octobre, du référendum sur l’indépendance de la Catalogne, que Madrid juge illégal et souhaite empêcher, donne lieu à un bras de fer sans précédent entre le pouvoir central et la région autonome depuis la mort de Franco. Le portrait du Caudillo a donc refait son apparition sur les murs de Barcelone : avec le sens de la nuance qui les caractérise, les indépendantistes assimilent tout partisan de l’unité du pays au dictateur moustachu. Ainsi qu’à une autre triste figure du fascisme local, le colonel Antonio Tejero, représenté sur l’affiche centrale et devenu célèbre pour son putsch raté du 23 février 1981.

« Notre lumière » a été vendu 53 millions de dollars. Il a la taille, paraît-il, d’une balle de tennis et son âge est compris entre 2,5 et 3 milliards d’années. C’est le plus gros diamant au monde et c’est le négociant britannique Graff Diamonds qui vient d’en faire l’acquisition auprès de l’entreprise canadienne Lucara Diamond. Découvert en 2015, il sort d’une mine du Botswana et pèse 1.109 carats (1 carat = 2 décigramme). « Notre lumière » se dit « lesedi La Rona » en tswana. Le sort réservé à ce bien unique de l’humanité est d’être poli. Tout ce temps pour en arriver là. Triste sort…

Verena Ross, executive director, Esma, et Yves Perrier, CEO, Amundi à l’occasion du Global Invest Forum organisé par L’Agefi les 12 et 13 octobre à Paris.

Après Eleva Capital en juin, la société de gestion relance le mouvement des retours à Paris dans le cadre du Brexit.

Chaque jeudi, L’Agefi livre ses indicateurs clés de crédit pour suivre l'évolution des marchés. Cette semaine : la dette financière.

Stratégie de communication digitale, processus de sélection de fonds, politique en matière de recrutement... Meyer Azogui, président, et Stéphan Chenderoff, directeur de la communication de Cyrus Conseil répondent aux question de la rédaction de Distrib Invest dans le cadre du questionnaire de la 3e édition des Coupoles.

Access Capital Partners (« Access »), le gérant européen de fonds spécialisés en non coté, a été sélectionné pour la troisième fois consécutive pour la gestion d’un mandat de capital investissement de taille conséquente, par le plus grand Fonds de pension allemand, Bayerische Versorgungskammer (« BVK »).

The AMP, première plateforme de bureaux et services entièrement dédiée aux métiers de la gestion à Paris vient d'annoncer l'ouverture de son deuxième espace 9 avenue Franklin Roosevelt après celui de la rue Vivienne.

Après Eleva Capital en juin, la société de gestion relance le mouvement des retours à Paris dans le cadre du Brexit.

Le S&P Dow Jones a réalisé son étude semestrielle sur les indices S&P en les comparants aux résultats de la gestion active des fonds actions européennes sur la période de juin 2016 à juin 2017.

La deuxième édition du championnat des CGPI en allocation d’actifs organisé par Capital et Generali avec le soutien de Inocap Gestion, M&G Investments, Russell Investments et Sycomore AM a pris fin le 15 septembre dernier. Le vainqueur détaille sa stratégie d'allocation.

L’OICV (Organisation internationale des commissions de valeurs), mobilise plus de 50 autorités de régulation financière autour de la première édition de la « Semaine mondiale de l’investisseur » . A cette occasion, l’AMF a lancé sa première application mobile pour l'éducation financière et la protection des investisseurs individuels.

Lyxor has launched two new ETFs on the Milan stock exchange: Lyxor EUR 2-10Y Inflation Expectations UCITS ETF and Lyxor EURO STOXX 50 UCITS ETF, Bluerating reports. The first of these is exposed to projected inflation. The second provides a way to invet in the 50 largest stocks of the euro zone.

Azimut Wealth Management, the department of Azimut Capital Management dedicated to high net worth clients, has reached EUR10bn in assets under management, Bluerating reports. The department was created in late 2009 with EUR1.2bn. The number of wealth mangers has since been quintupled.

La Française Real Estate Partners International has acquired a prime office property located at 25 Mühlenstrasse, in the Mediaspree district of East Berlin, on behalf of the real estate investment partnership (Société Civile de Placement Immobilier, SCPI) Epargne Foncière from La Française. The property (entitled M-Eins) has nearly 13,300 square metres of office space, and a 400 square metre rooftop terrace. It was completed in second quarter 2017, and is leased wholly to Zalando, an online fashion sales platform, on a long-term lease. The portfolio now has 19 investments in Germany.

The global State Street Investor Confidence Index (ICI) for September 2017 stands at 104.4, down 2.4 points compared with its level of 106.8 (in corrected data) in August. A decline in North American confidence of 6.3 points is responsible for this global downturn in investor confidence. However, the European index has risen by 4.7 points to 93.7, and the Asian index is up 3.7 points, to 102.8. “Analysed by region, the investor confidence index reveals more divergent trends this month,” says Kenneth Froot, one of the designers of the index. “Based on positive economic conjuncture, confidence in Europe and Asia has strengthened. However, in North America, confidence has weakened, with new geopolitical concerns and a major decision by the FOMC to gradually reduce its portfolio by USD4.5bn.” “In the past few months, appetite for risk has gravitated around the monetary policy statements issued by the major central banks,” adds Rajeev Bhargava, managing director and director of research into investor behavoiur at State Street Associates. “At a time when global stock markets have been upset by the statements of the Fed concerning reductions to its balance sheet, the general confidence of investors is diminishing.”

Edesia Asset Management, the asset management affiliate of the Louis Dreyfus Holding group, on Tuesday announced that it is ceasing all asset management activities by 31 December, in order to refocus on its physical operations. “In difficult market conditions, our flagship products have generated cumulative net returns of 42% and 70% since their creation,” says Ian McIntosh, CEO of Edesia Asset Management. “We expect our net asset values at closing of the fund to be at their all-time highs, or near that level.” Edesia Asset Management, ex-Louis Dreyfus Investment Group (Commodities), was founded in 2008, and manages more than USD1.4bn (EUR1.18bn) in assets.

Deutsche Asset Management has announced a reinforcement of its Paris teams, with the arrival of several employees joining its real estate activities in France. Stéphane Begue joins the firm as senior asset manager France & Belux. Begue spent nine years at Rynda Property Investors LLP, an independent third party asset management structure. Caroline Evain has also been recruited as senior asset manager for France & Belux, after 10 years spent at Klépierre. She previously worked for five years at Icade Conseil. Morgan Derrien is appointed as asset manager France & Belux. He joined the Deutsche Bank group in 2014, and has already served in several roles there. Thierry Wargnier joins the team as debt originator. Wargnier had since 2015 worked at Deutsche Asset Management in London. He was previously at Crédit Agricole CIB in the European CLO structuring team, and then as a portfolio manager in the distressed activities department.

As JP Morgan AM prepares to launch its first ETFs in Europe in the very near future, it yesterday announced the recruitment of John Adu as head of ETF distribution for the United Kingdom, and Tom Stephens as head of ETF capital markets. Adu and Stephens will both be based in London, and will report to Bryon Lake, who was appointed in March this year as international ETF director. They will begin immediately. As head of ETF distribution for the United Kingdom, Adu will be responsible for developing relationships with protessional investors in the United Kingdom and for distributing the ETF product range from J.P. Morgan Asset Management to clients. In this role, Stephens will be responsible for directing the department dedicated to capital markets, steering capital market strategy, stengthening relationships with Authorised Participants (AP) and market makers, and for working closely with distribution and customer service teams. Adu joins from Deutsche Bank, where he had been responsible for cross-asset distribution of alternative, active and passive strategies to clients in the United Kingdom. He worked at Source from 2010 to 2014, and contributed to the constructing the client base in the United Kingdom, and to the development of the smart beta product range aimed at all client segments. Adu previously worked at IlliquidX, Welbeck Consulting and Barclays Global Investors. Stephens joins from Société Générale Corporate and Investment Banking (SGCIB), where he had been responsible for execution and sales of ETFs for Europe. In addition to his responsibilities in the field of ETFs, he has worked in the Cash Sales Trading and Program Sales Trading teams. Before his nine years at SGCIB, Stephens worked as part of the iShares Capital Markets team, and was specialised in ETF liquidity on primary and secondary markets.

Schroders has hired Charles Prideaux in the new role of head of solutions, reporting into Richard Mountford, global head of the product division.Prior to joining Schroders, Charles Prideaux worked for BlackRock and its former companies since 1988, where his past roles included being head of institutional client Business for EMEA, and most recently as head of active investments for EMEA (Equities, Fixed Income and Multi-Asset).Charles Prideaux, who joins Schroders on 02 October, will be responsible for Schroders Solutions business which delivers strategic advice, customisation and risk management to institutional and intermediary investors globally.Charles Prideaux’ appointment follows a decision by John McLaughlin to retire from the asset management industry at the end of this year.

Open funds on sale in Italy have continued to post inflows in August, attracting EUR4.9bn, following EUR5.7bn in inflows in July, the most recent statistics from Assogestioni, the Italian association of asset management professionals, show. Since the beginning of the year, Italian funds have posted net inflows of EUR54.7bn, far higher than the EUR34.5bn posted in 2016 alone. Inflows in August went largely to flexible funds (+EUR1.7bn), bond funds (+EUR1.3bn) and diversified funds (+EUR1.3bn). Equity funds have taken in only EUR184bn. With the addition of closed funds and mandated management, inflows in August have totalled EUR8.6bn. Assets total EUR2.031trn, of which EUR972bn have gone to open funds. The group to have posted the strongest inflows in August was the Italian firm Intesa Sanpaolo, with EUR1.88bn, followed by Poste Italiane, which attracted EUR1.87bn. Amundi takes third place, with EUR997m. Among the few firms to have posted outflows in August are Lyxor, with outflows of EUR171.8m, Franklin Templeton (-EUR64.2m), and Montepaschi (-EUR30.7m).

Vatel Capital, which traditionally invests in Corsica, has launched its first proximity investment fund (fonds d’investissement de proximité, FIP) to invest in French overseas territories. It is entitled Mascarin Capital n°1. «Drawing on a vast network of 30,000 small and mid-sized businesses based in the French overseas departments (départements d’outre-mer, DOM), the investment strategy of Vatel Capital will be focused particularly on sectors known well to the management team: agribusiness, tourism, renewable energy and corporate services,” a statement explains. The fund is expected to offer the same tax advantages as for Corsican funds. Vatel Capital has also indicated that two of its FCPI funds this year went into liquidation, and have commenced distributions. Eight out of the 10 FCPI funds managed by Vatel Capital currently show positive performance, excluding tax breaks.