P { margin-bottom: 0.08in; } Redemption demands submitted by investors to hedge funds in the month of January fell compared with the previous month. The SS&C GlobeOp Forward Redemption Indicator, an advanced monthly indicator expressed as a percentage of assets under administration, has fallen to 2.67%, after peaking at 5.9% in December. The indicator has thus reached its lowest level since January 2013, when it stood at 2.04%.

P { margin-bottom: 0.08in; } Nearly 40 European institutional investors who use index-based management say that they apply a socially responsible investment strategy to it, on assets totalling EUR360bn, according to the findings of a new study by Novethic which surveyed 160 investors. This challenges a popular notion that index-based management is incompatible with environmental, social and governance criteria. The most widespread practice is to use indices which exclude controversial weapons (26% of investors surveyed), or indices which exclude business which are considered responsible for violations of international standards (23%). To do that, investors rely on a range of indices or use custom indices. A minority (6%) practice index-based voting and engagement. But, although it has the merit of existing, this movement remains a minority one, and does not account for much in an enormous and fast-growing index-based management industry. Novethic also admits that the use of socially responsible investment (SRI) indices is not widespread, either in index-based or benchmarked management. The number of ETFs which replicate SRI indices amounts to only 20 worldwide. These represent only EUR1.2bn in assets under management, a drop of water in the ETF market, which is estimated at USD2.17trn worldwide as of the end of Octber, ETFGI reports. SRI indices, of which Novethic counts 160, are more used by rating sagencies “as a means to encourage businesses to respond to questionnaires that allow them to establish their environmental, social and governance (ESG) ratings, or to incite them to improve their ESG practices, while providing a means to communicate their corporate social responsibility (CSR) policies,” the agency says.

P { margin-bottom: 0.08in; } Assets under management at Liontrust Asset Management in fourth quarter rose by 6%, to a total of GBP3.6bn, the asset management firm indicates in a statement. Liontrust states, however, that this development is largely due to the acquisition of North Investment Partners at the end of 2013, which brought additional net inflows of GBP123m, Aside from the acquisition, Liontrust has seen a net outflow of GBP73m, largely due to the defection of a single investor from the Liontrust Glboal Strategic Bond Fund, for a total of GBP106m.

P { margin-bottom: 0.08in; } The algorithmic brokerage specialist Quantitative Brokers, based in New York, has opened an office in London, the magazine Traders reports. At the same time, the firm is recruiting a seasoned veteran of alternative management, Jonathan Field, to lead its activities in the Europe, Middle East and Africa (EMEA) region. Field previously worked at AHL, a European hedge fund, where he led the Trading Analytics team.

P { margin-bottom: 0.08in; } Last year managers had a choice in order to bring net inflows to French-registered fund ranges: they needed either to work at a generalist asset management firm affilated with a bank, or at a specialist firm, so long as the asset class was not equities. The other alternative was to engage in a particular management style, specifically quantitative. The top firms attracted EUR2.806bn, while specialists brought in EUR2.397bn. Quants attracted EUR632m. In the category of specialists, but a cut above them, asset management firms which practice asset allocation and multi-management and firms dedicated to managing absolute return proucts attracted net subscriptions of EUR546m and EUR331m, respectively. These figures may be deceptive. In the family of funds affiliated to banks, one example is CPR AM. This asset management firm controlled by Amundi alone had net inflows of EUR2.945bn in 2013, of which nearly EUR2bn were for money market products, compared with EUR339m for equity funds and EUR197m for bond funds. Inflows recorded by Europerformance from specialists primarily invested in equities include Métropole Gestion (+EUR931m), Financière de l’Echiquier (+EUR816m), Moneta AM (+EUR644m) and Fidelity (+EUR417m). However, this asset management firm profile was not an “all risk” guarantee. Comgest, with its emerging market bias, suffered due to a return in interest in Europe on the part of investors (-EUR800m). Mandarine Gestion (-EUR180m) and Tocqueville Finance (-EUR129m) also suffered. In quantitative management, Tobam is the asset management firm which benefited most from a rebound in investor interest. Net inflows totalled EUR681m. It is also notable that very strong inflows from DNCA Finance went to allocation funds. These absorbed virtually all of the EUR1.1bn in inflows at the firm.

P { margin-bottom: 0.08in; } Northwestern Mutual has confirmed in a statement that it is considering a sale of its affiliate Russell Investments, according to the US press. The firm is “exploring strategic alternatives, including a possible sale, for its majority stake in Russell Investments.” Analysts estimate that Russell Investments is worth USD2bn.

The departure of Mohammed El-Erian, CEO and co-CIO, is continuing to produce effects at Pimco. The asset management firm, an affiliate of the Allianz group, has made a series of appointments.Four senior managers were promoted to the rank of deputy chief investment officer. They are Mark Kiesel, Scott Mather, Mihir Worah and Virginie Maisonneuve. The first three had previously held the rank of managing director at the Newport Beach, California offices where Pimco is headquarered, while Maisonneuve (joining from Schroders) had been a managing director at the London office. The four managers will join Dan Ivascyn and Andew Balls, who are appointed as deputy chief investment officers following the resignation of El-Erian.Pimco has also announced the recruitment of Sudi Mariappa, who since 2002 had served at GLG Partners in charge of bond and absolute return product ranges, in the role of managing director and generalist portfolio manager, based in Newport Beach.The asset management firm has also announced the departure of Charles Lahr, who had previously been managing director and equity portfolio manager. He has decided to leave the firm to pursue other opportunities, “including spending more time with his family.” Marc Seidner, fund manager and managing director, is also outgoing as he has decided to “return to Boston to take up a position outside Pimco,” the firm has announced.

P { margin-bottom: 0.08in; } Meeschaert Asset Management has recruited Sophie Elkrief, who will be responsible for developing the range of asset management solutions offered by the group, including the creation of a range of absolute return products. She will report directly to Philippe Troesch, chairman of the board and director of management at Meeschaert Asset Management. The new recruit will also become a member of the board, and will work to assist with the growth of the firm and to contribute to its international development, a statement says. Elkrief has 12 years of experience in alternative asset management. She previously worked at Dexia Asset Management, where since 2009 she served as deputy head of alternative management, in charge of fundamental strategies, including special situations, long/short, credit, convertibles, emerging markets and commodities. She was one of the artisans of the growth of the alternative asset management firm, creating and developing several produts. She joined Dexia Asset Management in 2001, as a merger/acquisition arbitrage and special situations fund manager, with assets of as much as EUR3bn.

P { margin-bottom: 0.08in; } Inflows to retail funds in the United Kingdom last year totalled GBP20.4bn, compared with GBP14.3bn in 2012, according to statistics released by the British investment management association (IMA). Aside from one-time inflows in the post-crisis years of 2009 and 2010, these are the best results since 2000, the IMA says in a statement. This development is largely due to inflows to equity funds, which attracted GBP11.4bn, a level not seen since 2000 (GBP14.3bn). The equity asset class is the best-seller in every month since 2012, except for March 2013. However, bond funds, which in 2012 were the best-selling category, with inflows of GBP5.6bn, last year saw outflows of GBP17m. This is a first for the asset class, the professional association states, although the amount is modest. Assets under management as of the end of 2013 totalled GBP770bn, up 16% compared with their levels at the end of December 2013.

P { margin-bottom: 0.08in; } Schroders is planning to rename its range of Cazenove Capital multi-manager funds, and to merge the two series of multi-manager funds which it currently offers, several British specialist sites report. From 24 March 2014, the seven funds of the Cazenove range will be offered as Schroders MM funds. For example, the flagship fund Cazenove Multi-Manager Diversity fund will become the Schroder MM Diversity fund. In the wake of this name change, Schroders will merge a number of portfolios during second quarter 2014, in order to reduce the number of available strategies from ten to six. The Cazenove Managed Portfolio fund, which has been renamed as Schroder MM Managed Portfolio, will be merged with the Schroder MM diversity Balanced, which has now been renamed as the Cazenove Multi-Manager Diverity Balanced fund.

P { margin-bottom: 0.08in; } Investors hoping for a rival bid to take over F&C Asset Management have found a sizeable ally, the Financial Times reports. Elliott Associates has announced that it has acquired a 3.18% stake in F&C, which on Monday agreed to be bought out by the Bank of Montreal. The activist hedge fund paid 122.15 pence per share, a small premium over the BMO bid, at 122 pence per share. F&C shares have risen to 124.5 pence.

P { margin-bottom: 0.08in; } UBS Global Asset Management has recruited a new CEO for its Japanese affiliate, in the person of Keiichi Miki, who had previously served at Lazard Asset Management as head of their activity in the country, Asian Investor reports. He will report directly to Kai Sotorp, head of Asia-Pacific at the Swiss asset management firm. Miki will officially begin in the role on 3 February, replacing Susumu Okamura, who left UBS Global Asset Management in July to pursue other activities. Miki joined Lazard in March 2010, after eight years at JP Morgan Asset Management as head for Japan.

P { margin-bottom: 0.08in; } Fundraising by the Chinese venture capital fell 50% in 2013 compared with the previous year, to a total of USD1.97bn, Asian Investor reports. It was down by as much as 79% in fourth quarter 2013 comapred with the previous quarter, at USD182m. Investments made by the sector, however, were up 76% in fourth quarter, to USD1.5bn, deployed in 106 transactions. Over the year as a whole, there has nonetheless been a decline of 29% in capital invested, to USD3.5bn.

P { margin-bottom: 0.08in; } The Swedish Coeli Asset Management group has recruited two emerging market specialists as additions to its frontier market equity teams, Citywire reports. Jans-Henrik Skov and James Bannan previusly worked at BankInvest. The two managed the BI-SICAV New Emerging Markets Equities and BankInvest New Emerging Market Equities funds, both of which are currently the best funds over three years in their categories out of a sample of 448 in the Citywire database. The two specialists, who will direct the team at Coeli AM dedicated to frontier markets, will manage the new Coeli Frontier Markets fund, which is expected to be launched next month.

Selon une étude Mercer citée par L’Echo, les rendements financiers moyens dégagés par les actifs des fonds de pension belge."Les fonds de pension belges ont maintenant complètement essuyé les pertes qu’ils avaient subies entre juillet 2007 et mars 2009, période durant laquelle la valeur des fonds avait chuté de près de 30%. Le rendement sur les 10 dernières années s’élève en fin de compte à 4,9% par an,» explique Willy Santermans, responsable chez Mercer.

UBS Global Asset Management a recruté un nouveau directeur général pour sa filiale au Japon en la personne de Keiichi Miki, qui officiait jusque-là chez Lazard Asset Management en tant que responsable de son activité dans le pays, dévoile Asian Investor. Il sera placé sous la direction de Kai Sotorp, responsable de l’Asie-Pacifique pour la société de gestion suisse.Keiichi Miki doit officiellement prendre ses fonctions le 3 février en remplacement de Susumu Okamura qui a quitté UBS Global Asset Management en juillet pour poursuivre d’autres activités. Keiichi Miki avait rejoint Lazard en mars 2010, après huit années passées chez JP Morgan Asset Management en tant que responsable du Japon.

«Nous ne travaillons pas sur un contrôle des capitaux et ce n’est pas à l'étude», a déclaré jeudi un responsable gouvernemental turc à Reuters. Une précision qui fait suite aux propos du Premier ministre, Recep Tayyip Erdogan, déclarant que des initiatives «sortant de l’ordinaire» pourraient être rapidement annoncées afin d’endiguer la chute de la livre turque.

L’Espagne a enregistré une croissance de 0,3% de son produit intérieur brut (PIB) au quatrième trimestre 2013 par rapport au trimestre précédent, a annoncé jeudi l’institut espagnol de la statistique. Cette estimation préliminaire est conforme aux attentes des économistes interrogés par Reuters et à celles de la Banque d’Espagne. La croissance au troisième trimestre a été de 0,1%.

La société de gestion qui annonce 5,2 milliards d’euros d’actifs sous gestion lance une gamme de produits à performance absolue. Pour accompagner le développement de l’offre de solutions de gestion, Meeschaert AM a recruté Sophie Elkrief, qui occupait depuis 2009 la fonction de responsable adjointe de la gestion alternative chez Dexia AM. Nommée directrice des solutions d’investissement, elle siègera également au directoire.

Marquée par l’annonce récente du départ de son directeur général et co-responsable des investissements, Mohamed El-Erian, la société de gestion filiale d’Allianz a nommé quatre directeurs adjoints des investissements. Mark Kiesel, Virginie Maisonneuve (en provenance de Schroders), Scott Mather et Mihir Worah occupent actuellement des postes de directeurs exécutifs.

Les resserrements monétaires réalisés en Afrique du Sud, Turquie, Inde et Argentine n'ont pas enrayé le mouvement de chute de leurs devises

Le régulateur souligne que la conversion contre une monnaie ayant cours légal requiert un agrément de prestataire de services de paiement

Christophe de Backer, DG d’Edmond de Rothschild, veut séparer le développement commercial de la gestion de portefeuille dans sa banque privée en France. Une réorganisation qui bouscule les habitudes des banquiers privés de la maison et a déjà entraîné plusieurs départs

Christophe de Backer, le directeur général du groupe, entend moderniser le modèle de développement de la gestion privée

La dépréciation des devises émergentes contraint de plus en plus de banques centrales à relever les taux d’intérêt, parfois même brutalement comme en Turquie, et le durcissement monétaire n’est probablement pas fini. Doit-on pour autant craindre un effondrement de la croissance des émergents, similaire à celui de 1998-1999?

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Bruxelles a proposé hier un règlement qui contraindrait les acteurs du repo à transmettre des données sur leurs transactions aux régulateurs et aux investisseurs

L’Agefi dévoile en exclusivité le bilan 2013 de la gestion collective française réalisé par Europerformance

L’Agefi dévoile en exclusivité le bilan 2013 de la gestion collective française réalisé par Europerformance

Paul-François Fournier, à la tête de la direction de l’innovation de Bpifrance, va décliner aujourd’hui un plan d’action selon lequel la banque publique consacrera cette année un milliard d’euros de financement innovation, soit 30% de plus que l’année dernière. L’ambition de l’ancien patron du Technocentre d’Orange: «Que les pousses que nous aidons aujourd’hui à innover soient dans trente ans au CAC 40 !»