Philippe Berthelot, directeur gestion crédit & crédits structurés de Natixis Asset Management

La Banque du Japon pourrait détenir la moitié des titres à 10 ans fin 2016. Les spécialistes en valeur du Trésor sont pris à la gorge.

La majorité des champs ont un point mort d'exploitation compris entre 50 et 65 dollars, ce qui semble exclure une forte remontée des prix à moyen terme.

Le rythme mensuel de créations d'emplois se situe à son plus haut niveau depuis juin 2000, avec un taux de chômage à 5,6%.

Alors qu'elle pourrait lancer un QE, l'institution verra la légalité de son programme OMT discutée mercredi

Stéphane Waldisberg, directeur de la gestion privée chez Olympia Capital Gestion

Matthieu Louanges, managing director et responsable de la gestion assurantielle en Europe chez Pimco

Benjamin Melman, directeur allocation d'actifs et dettes privées chez Edmond de Rothschild AM

Axa Private Management a été créée en 2010 par Axa France pour servir la clientèle privée du groupe. Après quatre ans d’existence, les encours sous gestion ressortent à 1 milliard d’euros dont la moitié est déléguée à des sociétés de gestion du groupe comme Axa Investment Managers (IM) ou Alliance Bernstein et l’autre moitié est gérée en interne à travers un process de multigestion.

Contrairement à d’autres, Pierre-Jean Marcon, responsable de la multigestion chez Axa Private Management, n’est pas tombé tout petit dans la marmite des marchés financiers. « J’ai toujours eu un profil généraliste, ni complètement littéraire ni complètement scientifique, ce qui ne m’a pas amené naturellement dans une voie précise », avance-t-il.

Des investisseurs sur les ETF de BlackRock estiment que ce dernier ne partagerait pas assez de ses profits tirés de l'activité de prêt de ses titres sous-jacents.

La démission fracassante de Bill Gross, parti en septembre de Pimco, a rappelé aux investisseurs le rôle des personnalités clefs dans les sociétés de gestion.

L’encours des crédits aux particuliers a progressé de 2,7% en France en novembre sur une base annuelle, un rythme légèrement en retrait par rapport à celui d’octobre (+2,8%), selon les données brutes publiées vendredi par la Banque de France. La croissance de l’encours des crédits à l’habitat s’est inscrite à 2,5%, contre 2,6% un mois plus tôt, mais le recul de celle des crédits à la consommation a été plus marqué (+1,3% après +1,9%).

Le nombre d’emplois non agricoles a augmenté de 252.000 le mois dernier après un bond de 353.000 en novembre, a précisé le département du Travail, qui ajoute que le taux de chômage a reculé de 0,2 point de pourcentage, à 5,6%, un plus bas depuis six ans et demi. Les économistes interrogés par Reuters avaient anticipé 240.000 créations d’emplois en décembre et un taux de chômage de 5,7%. Pour le mois de novembre, le nombre de créations d’emplois avait initialement été estimé à 321.000. En revanche, les statistiques de l’emploi américain ne se traduisent pas par une inflation des salaires, avec une croissance du salaire horaire limitée à 0,2% sur le mois et 1,7% sur un an.

Le fonds obligataire de Janus Capital Group dont le gérant vedette Bill Gross a pris la direction en octobre, a enregistré en décembre des entrées nettes de 176 millions de dollars (149 millions d’euros), total en nette baisse par rapport aux 769 millions du mois précédent, selon des estimations publiées vendredi par Morningstar. A fin décembre, le Janus Global Unconstrained Fund dirigé depuis trois mois par Bill Gross totalisait 1,375 milliard de dollars d’actifs sous gestion, contre 13 millions au moment de l’arrivée du gérant.

p { margin-bottom: 0.1in; line-height: 120%; } The asset management boutique Ethenea Independent Investors has announced the recruitment of Peter Steffen as portfolio manager. He will work alongside Luca Pesarini, Arnoldo Valsangiacomo, Guido Barthels and Daniel Stefanetti. Steffen previously worked at Deutsche Asset & Wealth Management (DeAWM), where he managed the DWS Global Value and DWS Top Dividende funds.

p { margin-bottom: 0.1in; line-height: 120%; } Cristobal Mendez de Vigo y zu Loewenstein has joined the management at C-Quadrat. Since 1 January, he has served as CFO and will be responsible for development and M&A. One of his primary missions will be to support the international development of the Austrian-German asset management firm. De Vigo y zu Loewenstein has worked for a number of international asset management firms. He served as group head of distribution and business development at the British company F&C. Since September 2011, he had been managing partner at Blulicap in London.

Threadneedle Investments has hired Patrick Steiner as head of European insurance sales. He joins the asset manager from Conning Asset Management where he had been a business development director with a focus on European insurance clients since 2012.Patrick Steiner, who is based in Zurich, joined Threadneedle on 6 January and will report to Andrew Nicoll, Threadneedle’s Global Head of Insurance.Threadneedle currently has over EUR55 billion under management from insurance clients across Europe covering a range of investment strategies.

p { margin-bottom: 0.1in; line-height: 120%; } Fidelity Worldwide Investment has recruited Bram Pouwels as sales managere for the markets of Benelux, Fondsnieuws reports. Pouwels had previously worked at Deutsche AWM.

p { margin-bottom: 0.1in; line-height: 120%; } The Spanish asset management firm Bestinver has announced the recruitment of Benito Artiñano, previously director of bond management at Fonditel, from 15 January. Artiñano will work to manage all bond funds from Bestinver, and will report to Beltran de la Lastra, CEO responsible for investments at the Spanish asset management firm. With 20 years of experience in the asset management industry, Artiñano previously worked at Allianz Seguros and at Société Générale in Paris. Though specialised in equity management, Bestinver has a small range of fixed income products in its range, with one bond fund, Bestinver Renta FI, one mixed fund, Bestinver Mixto FI, and one international mixed fund, Bestinver Mixto Internacional FI.

p { margin-bottom: 0.1in; line-height: 120%; } The Netherlands asset management firm Robeco has appointed Maureen Schlejen as head of sales to institutionals, in charge of Benelux and Scandinavian countries, InvestmentEurope reports. Schlejen will be based in Amsterdam, and will lead a team of account managers and will be responsible for development the customer base for Robeco in the Netherlands, Belgium, Luxembourg and the countries of Northern Europe. She replaces Eric van der Maarel, who has left the asset management firm to join Aegon. Schlejen has been working at Robeco since 1995, most recently as senior account manager institutional clients.

p { margin-bottom: 0.1in; line-height: 120%; } Natixis Global Asset Management (NGAM) has recruited Juan José Gonzalez de Paz as senior consultant in its international analysis and portfolio advising department, Funds People reports. De Paz will work in London, and will report to James Beaumont, head of the international analysis department. His role will be to develop the activities of this department in Spain and Latin America, by undertaking analysis and evaluations of portfolios for Spanish-speaking clients. De Paz, who has over 10 years of experience in the asset management sector, joins from BBVA AM, where he served as a portfolio manager for multi-asset class funds at the Spanish asset management firm. Before that, he served at Mercer Investment Consulting in Spain and at RBS Private Banking in the United Kingdom.

Pimco and Research Affiliates LLC, a specialist in asset allocation strategies and in «smart beta» solutions, are extending their longstanding relationship to include a global range of seven additional equity strategies. The collaboration builds on an almost decade-long equity management relationship between the two firms, representing USD30 billion in equity assets under management (as of September 30, 2014) in the Pimco Fundamental IndexPLUS AR range of strategies.The seven strategies select stocks using Research Affiliates’ RAFI Fundamental Index® methodology, which picks and weights securities based on fundamental measures of company size rather than security price, and then refine weights using additional measures and processes designed to enhance risk-adjusted returns.Rob Arnott, Chairman and Chief Executive Officer of Research Affiliates commented: «PIMCO was the first to adopt our Fundamental Index methodology in mid-2005, so this arrangement is a natural evolution of our longstanding relationship.” Said PIMCO’s Chief Executive Officer Douglas Hodge: «The expansion of PIMCO’s and Research Affiliates relationship to these seven equities strategies increases the range of equity solutions we offer clients incorporating Research Affiliates’ innovative approach.» Douglas Hodge added: «For more than a decade, PIMCO and Research Affiliates have worked together to provide investment solutions based on a shared vision to help investors navigate complex, challenging and fast-changing global markets."Combined with PIMCO’s high active share equity offerings and StocksPLUS strategies, PIMCO’s equity solutions now total more than USD55 billion in assets under management (as of September 30, 2014). The seven equity strategies involved in the expanded collaboration between Research Affiliates and PIMCO will cover US Large, US Small, International, International Small, Emerging Markets, Global, and Global ex-US.

Pioneer Investments has announced two new senior hires to lead U.S. intermediary distribution and U.S. marketing and product development. Mark Spina has been named executive vice president and head of U.S. intermediary distribution, effective January 5, 2015. He will lead internal and external wholesaling, business development, and relationship management teams focused on building relationships with leading financial intermediaries, including wealth management firms, independent financial planners, registered investment advisors, and retirement plan platforms. He will be responsible for distributing Pioneer’s investment solutions, including mutual funds, sub-advisor services and closed-end funds. He is a member of the firm’s U.S. management committee and reports to Lisa Jones, president and CEO of Pioneer Investment Management USA Inc. Mark Spina joins Pioneer from Voya Investment Management, where he served as head of intermediary distribution since 2008. Prior to that role, he was head of strategic marketing and head of business development at Voya (formerly ING US Investment Management), where he worked since 2001.In the meantime, Erik Gosule has been named senior vice president and head of marketing and product development for the U.S. Division, effective December 15, 2014. He is responsible for developing an integrated marketing platform for Pioneer’s investment solutions across all channels, including intermediary and institutional. He will also lead the U.S. division’s product development efforts. Erik Gosule is a member of the firm’s U.S. management committee and also reports to Lisa Jones. Before joining Pioneer Investments, Erik Gosule was head of client and product solutions at PanAgora Asset Management, where he was responsible for overseeing strategic and tactical marketing initiatives including product development, and for communicating PanAgora’s investment capabilities through a variety and distribution channels around the world.

PImco and Research Affiliates LLC, a specialist in asset allocation strategies and in "smart beta" solutions, are extending their longstanding relationship to include a global range of seven additional equity strategies. The collaboration builds on an almost decade-long equity management relationship between the two firms, representing $30 billion in equity assets under management (as of September 30, 2014) in the PImco Fundamental IndexPLUS AR range of strategies. The seven strategies select stocks using Research Affiliates' pioneering RAFI Fundamental Index® methodology, which picks and

p { margin-bottom: 0.1in; line-height: 120%; } BNY Mellon Wealth Management, the wealth management affiliate of the US financial group BNY Mellon, has recruited Yolande Escher as director for Europe, responsible for sales and development of activities serving the entire continent, InvestmentEurope reports. Escher will be based in London, and joins the international wealth management activity led by Jeroen Kwist. Before joining BNY Mellon, Escher served as director at Barclays Wealth and Investment Management in London, where she led a sales team with nine members dedicated to the British “non-domiciled resident” market. Before that, she worked at UBS Global Wealth Management.

p { margin-bottom: 0.1in; line-height: 120%; } The funded status of the typical U.S. corporate pension plans in December fell 2.6 percentage points, to a total of 87.3%, according to the most recent statistics released by the BNY Mellon Investment Strategy and Solutions Group, a division of the Bank of New York Mellon. In the month under review, assets contracted by 0.4%, while liabilities increased by 2.5%. For the year as a whole, the funded status is down by nearly eight points.

p { margin-bottom: 0.1in; line-height: 120%; } Calamos Investments has launched two new mutual hedge funds, the Calamos Global Convertible Fund and the Calamos Hedged Equity Income Fund. The two vehicles represent a logical extension of the product range from Calamos, which continues to exploit its expertise, particularly in the sector of convertible strategies aimed at institutional clients, which the firm has been covering for several decades.

p { margin-bottom: 0.1in; line-height: 120%; } The British asset management firm Liontrust Asset Management (Liontrust AM) on 8 January announced that it had posted net inflows of GBP708m for the year 2014, including GBP424m in fourth quarter. This performance brings assets under management to GBP4.3bn as of 31 December 2014, compared with GBP3.61bn as of the end of March 2014, and GBP3.81bn as of 30 September 2014. In detail, as of the end of 2014, assets under management by retail clients topped GBP3bn, while assets under management for institutional clients topped GBP1bn.

«The European Exchange Traded Product (ETP) market seems destined to break USD500 billion of assets in 2015,» says Ted Hood, CEO at Source, as investors continue to be attracted to the transparency, relatively low costs and breadth of investment opportunities. The industry has gathered USD61.8bn of net new assets in 2014. «Smart beta ETFs are taking off and we also believe it will be the year that actively managed ETFs become more prominent, with several very large managers rumoured to be looking into using the ETF space. Smart beta and actively managed ETF assets could treble in size this year."Of the 13 ETFs that Source launched in 2014, eight were either actively managed or smart beta. New funds gathered approximately USD1 billion. Michael John Lytle, chief development officer, also sees changing trends in the fixed income space. “Globally, almost a third of inflows went into fixed income funds in 2014, and the percentage was even higher in Europe. Many pension funds and other large groups of institutional investors are looking to reduce the costs of their portfolios, especially regarding underlying fund management fees. ETFs provide clear opportunities to do this. We believe investors should also consider their allocation within asset classes. For instance, in fixed income, we believe high yield and emerging market debt offer compelling yield enhancements over Gilts and high grade credit. Smart beta and actively managed fixed income ETFs provide such exposure at typically lower cost than mutual funds.