P { margin-bottom: 0.08in; } Banco Madrid Gestión de Activos is adding to its product range. The asset management firm, an affiliate of the Spanish banking group, has launched a new passive, non-guaranteed target return fund, Funds People reports. The Premium Plan Rentabilidad VII fund will invest in European high yield bonds, including public or private debt with ratings of under BBB- issued by Spanish municipalities, Spain, Portugal, Italy and the United Kingdom. The new fund, whose performance objective is not guaranteed, aims to return the full initial investment in January 2020, plus an annual return of 3%.

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners (IP) is planning to launch an asset management firm in Mexico in 2014, as part of its development policy in Latin America, Ligia Torres, head of Asia-Pacific and emerging markets, announced at a press conference held in Singapore, cited by Bloomberg. The asset management arm of BNP Paribas would also like to launch activities in Colombia and Peru.

P { margin-bottom: 0.08in; } Assets under management at BayernInvest (Bayerische Landesbank group) last year rose 13.4%, to a total of EUR48.8bn, according to a statement from the firm. This double-digit growth is related largely to strong activities for institutional funds and mandates, with growth of EUR5.7bn, or 16.1%. However, assets under management in open-ended funds have remained stable. Pre-tax profits were up 13.8%, to over EUR7bn. The cost/income ratio improved to 77.5%, from 78.8% the previous year. The firm this year hopes to top EUR50bn in assets under management, with an enrichment of its range of products and services. The client portfolio at BayernInvest includes 40% insurance companies, savings banks (20%), pension funds (19%) and corporates (about 11%).

P { margin-bottom: 0.08in; } Rubicon Fund Management has recruited the former Citigroup analyst Sean Wolpert, Financial News reports. Wolpert rejoins his former colleague Richard Cookson, who joined the macro hedge fund firm as head of research, after leaving the US bank about one year ago.

P { margin-bottom: 0.08in; } Guillaume Jalenques de Labeau, chairman of Mansartis calls the recent events at his asset management firm not a revolution, but a new ambition. For starters, it has a new name – Mansartis – which replaces the title PGC. Mansartis has also added to its OPCVM management team. Two senior managers have joined the team: Cécile Imbert, ex-Prigest, who arrived in late 2013, who managed the Prigest US fund, and Sébastien Lemonnier, formerly of Tocqueville Finance, who was co-manager of the Tocqueville Value Europe fund. The change of names will allow the asset management firm to gain visibility, but is also a sign of new ambitions at the group. It is true that in 2013, Mansartis posted slightly positive total inflows of “between EUR5m and EUR10m,” which, in combination with favourable market effects (+6%), took assets under management at the firm to “about EUR550m to EUR600m.” The 6 public funds alone represent half of these total assets. In 2014, Mansartis is betting on total inflows of EUR40m to EUR50m, of which, according to its chairman, one quarter has already been achieved. External development comes next. But here, no surprises are on the horizon: the growth model at Mansartis is based on a highly concentrated client base (under 400 clients) in 2 categories: individuals on the one hand, and foundations, charities and NGOs on the other. Overall, 90% of these clients are French.

P { margin-bottom: 0.08in; } Morgan Stanley Investment Management has performed a series of recruitments to add to its distribution team for North America, Financial News reports, citing an internal memo. To cover instituitonals, the firm has recruited Mike Chambers (formerly of Columbia Management), Christina Barren (Corbin Capital) and Greg Best (Kayne Anderson Rudnick). Kevin Breen, who had been at Santa Barbara AM, will also serve institutional and wealth management clients as executive director. Doug Johnsoton and Alex Marashlian also join MSIM.

P { margin-bottom: 0.08in; } John Klein has left his position as chairman of the asset management firm Guggenheim Investmetns, a spokesperson for the firm has confirmed to Mutual Fund Wire.com. Klein joined Guggenheim Investments in 2012, after being a partner at Citigroup Private Equity since 2007. He was previously a partner at Jupiter Partners. The reasons for his departure have not been revealed. However, according to an article in Barron’s, Klein is said to have resigned amidst suspicions of sexual harassment, and is replaced by Scott Minerd, currently chief investment officer at Guggenheim Partners.

The European Commission on April 9 adopted measures to improve the corporate governance of around 10 000 companies listed on Europe’s stock exchanges. This would contribute to the competitiveness and long-term sustainability of these companies. Other proposals would also provide cost-efficient company law solutions for SMEs which operate across borders. The package of measures implements key actions identified in the Communication on the long-term financing of the European economy of 27 March.The proposal to revise the existing Shareholder Rights Directive (Directive 2007/36/EC) would tackle corporate governance shortcomings relating to listed companies and their boards, shareholders (institutional investors and asset managers), intermediaries and proxy advisors (i.e. firms providing services to shareholders, notably voting advice). Too often, as the crisis showed, shareholders supported managers’ excessive short-term risk taking and did not monitor closely the companies they invested in.The proposals would both make it easier for shareholders to use their existing rights over companies and enhance those rights where necessary. This would help ensure shareholders were more engaged; better hold the management of the company to account and act in the long-term interests of the company. A longer term perspective creates better operating conditions for listed companies and improves their competitiveness. Key elements of the proposal include stronger transparency requirements for institutional investors and asset managers on their investment and engagement policies regarding the companies in which they invest as well as a framework to make it easier to identify shareholders so they can more easily exercise their rights (e.g. voting rights), in particular in cross-border situations (44% of shareholders are from another EU Member State or foreign). Proxy advisors would also have to become more transparent on the methodologies they use to prepare their voting recommendations and on how they manage conflicts of interests.For the first time, a European «say on pay» would be introduced. Today, there is an insufficient link between management pay and performance and this encourages harmful short-term tendencies. The proposals would oblige companies to disclose clear, comparable and comprehensive information on their remuneration policies and how they were put into practice. There would be no binding cap on remuneration at EU level but each company would have to put its remuneration policy to a binding shareholder vote.The policy would need to include a maximum level for executive pay. It would also need to explain how it contributes to the long-term interests and sustainability of the company. It would also need to explain how the pay and employment conditions of employees of the company were taken into account when setting the policy including explaining the ratio between average employees and executive pay.Eurosif (the European Sustainable and Responsible Investment Forum) has welcomed the European Commission’s proposal to amend the Shareholders’ Rights Directive. In the coming weeks, it will consult its members to analyse the details of the proposal and will publish a more comprehensive response in due course.

P { margin-bottom: 0.08in; } Prudential will launch a global emerging market fund of funds, which will give investors access to five emerging market funds, including some which are closed to new investors. The funds concerned are the First State Global Emerging Markets Leaders, Aberdeen Emerging Markets, M&G Global Emerging Markets, Fidelity Emerging Markets and JP Morgan Emerging Markets Income funds.

P { margin-bottom: 0.08in; } Premier Asset Management has promoted Nick Kelsall to the position of investment manager on its multi-asset class team, Fundweb reports. Kelsall previously worked on the team responsible for portfolio management for private clients at Premier. He previously worked at the wealth management firm Rensburg Sheppard, which is now an affiliate of Investec Wealth.

P { margin-bottom: 0.08in; } Giovanni Carriere, one of the partners at Autonomous, a financial research company, will join JP Morgan Asset Management, Financial News reports. He will be a buy-side analyst responsible for financial sector shares in emerging market, according to three sources familiar with the matter.

P { margin-bottom: 0.08in; } Temasek, the Singapore sovereign fund, on Wednesday announced the launch of a vehicle for institutional investors, and eventually retail investors, who would like to co-invest with it in the area of private equity, Pensions & Investment reports.

P { margin-bottom: 0.08in; } A growing number of North American and European non-life insurance companies, as well as small or mid-sized life insurance companies are outsourcing part of their asset management activities, according to a Moody’s study published on 9 April (“Asset Managers Benefit from Insurers’Growing Outsourcing Trend”). The financial ratings agency calls this trend positive in terms of credit for asset managers, as growth in external assets under management will represent a stable source of revenue in the long term. Largely due to constraints related to Solvency II, the study explains that many insurers need the expertise of asset management firms to implement new strategies, for example in the non-traditional bond segment. With an asset management partner, insurers can also develop strategic and tactical investment solutions which are better adapted to their strategy. Overall, the agency estimates that asset management specialists can offer insurers their investment expertise, investment ideas, flexibility, and lastly, cost savings.

P { margin-bottom: 0.08in; } JP Morgan Asset Management has chosen to slow inflows to its Luxembourg-registered fund US Small Cap Growth, which is approaching USD400m in assets, Citywire Global reports. The fund, launched in 2003, has been managed by Etyan Shapiro since its creation.

La Grèce a fixé le prix de sa nouvelle émission de 3 milliards d’euros de dette à cinq ans, sa première depuis son sauvetage en 2010 et sa restructuration de dette en 2012, à un taux de rendement de 4,95%. Le carnet d’ordres pour cette obligation, qui porte un coupon de 4,75%, dépasse les 20 milliards d’euros, de la part de plus de 550 investisseurs. Le taux définitif est en bas de la fourchette indicative qui se situait à 5% plus ou moins cinq points de base et inférieur à la fourchette initiale de 5% à 5,25% évoquée mercredi. De même, Athènes a levé plus que les 2,5 milliards d’euros initialement visés pour ces titres émis en droit britannique. Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan et Morgan Stanley ont dirigé l’opération.

Les prix à la consommation ont augmenté de 0,4% en mars en France sous l’effet du rebond des prix des produits manufacturés après les soldes d’hiver, selon les statistiques publiées jeudi par l’Insee. Sur un an, leur rythme de progression tombe toutefois à 0,6%, contre 0,9% à fin février. L’indice des prix harmonisé IPCH, qui permet des comparaisons avec les autres pays de la zone euro, a progressé de 0,5% le mois dernier et augmente de 0,7% sur 12 mois, au plus bas depuis octobre 2013.

Vinci Immobilier et SFR ont conclu avec Crédit Agricole Assurances, via sa filiale Predica, et avec Aviva France pour ses sociétés Aviva Vie et Afer Immo, la vente du Campus SFR situé à Saint-Denis, pour 680 millions d’euros. L’ensemble immobilier dispose d’une superficie totale de 134.000 mètres carrés, dont 74.000 livrés en décembre (le solde sera livré fin 2015). Il est loué en totalité à SFR pour 12 ans fermes. Il s’agit de la plus grande opération de bureaux du secteur privé en cours de réalisation en Ile-de-France.

BNP Paribas Investment Partners envisage d’ouvrir une société de gestion au Mexique en 2014, a indiqué lors d’un point presse à Singapour Ligia Torres, sa patronne de l’Asie-Pacifique et des marchés émergents, citée par Bloomberg. Le pôle de gestion d’actifs de BNP Paribas envisage aussi de lancer des activités en Colombie et au Pérou.

Le député a été nommé secrétaire d’Etat au Budget. Fleur Pellerin, auparavant à l’Economie numérique, s’occupera désormais du Commerce extérieur, de la Promotion du tourisme et des Français de l'étranger. Frédéric Cuvillier reste secrétaire d’Etat aux Transports. Harlem Désir intègre le gouvernement avec les Affaires européennes. Au total, le gouvernement de Manuel Valls compte 14 secrétaires d’Etat en plus des 16 ministres.

«La stabilité financière mondiale s’améliore (...) mais il est trop tôt pour crier victoire», résume José Vinals, directeur du département des marchés financiers du FMI dans le rapport semestriel de stabilité financière de l’institution. Le FMI met notamment en garde contre le «fardeau» grandissant des créances douteuses dans la zone euro à l’heure où le secteur financier européen est soumis à un examen de santé. Le stock de ces créances a doublé depuis 2009 et s'élève aujourd’hui à «plus de 800 milliards de dollars».

Le volume des transactions a chuté de 11% à 323.500 m2 à la fin du mois de mars, alors que les autres capitales européennes affichent des hausses

Sur le premier trimestre, la demande placée a rebondi de 19% sur un an pour se rapprocher du seuil des 2 millions de m2 sur douze mois

Décriés pendant la campagne présidentielle de 2012, ils sont aujourd'hui largement appréciés par les investisseurs français

Après quatre ans d’absence sur le marché obligataire, la Grèce doit placer aujourd’hui 2,5 milliards d’euros d’obligations à cinq ans. Si les économistes soulignent les progrès réalisés, ils insistent aussi sur le défi que représente la diminution du ratio d’endettement dans les années à venir.

Les émissions corporates en devises «dures» ont plus que triplé entre 2009 et 2013 pour atteindre près de 300 milliards de dollars

Athènes lance aujourd'hui une émission à cinq ans à hauteur de 2,5 milliards d'euros. La maîtrise de son ratio d'endettement relève de l'acrobatie

Les émissions corporates en devises «dures» (dollars, euros...) ont plus que triplé entre 2009 et 2013 pour atteindre près de 300 milliards de dollars, souligne le FMI dans son rapport de stabilité financière, avec les risques de change induits en cas de correction des devises locales.

Avant sa fusion juridique avec Allianz GI Europe, la structure française enrichit son expertise dans les produits de crédit

Le compte-rendu du dernier comité de la Fed révèle que certains de ses membres ont craint d’apparaître trop confiants quant à la solidité de l’économie

...