Actuellement, La Financière Responsable affiche quelque 90 millions d’euros d’actifs gérés contre 62 millions en fin d’année dernière, et a collecté en net environ 20 millions d’euros depuis le début de 2013. Le «FCP historique» de la maison, LFR Euro Développement Durable, pesait fin septembre 51,43 millions d’euros et était exposé à 99,5 % aux actions, dont 61,3 % de valeurs françaises.Depuis le 31 décembre 2009, le fonds enregistre une performance de 22,30 % contre une perte de 2,42 % pour l’EuroStoxx 50 Price et un gain de 11,06 % pour l’EuroStoxx 50 Total Return, avec une volatilité sur 52 semaines de 12,59 % contre respectivement 14,99 % et 14,94 %. Le portefeuille compte 35 lignes et le taux de rotation se situe aux alentours de 33 %.Ces résultats sont cohérents avec la stratégie ISR de La Financière Responsable, telle qu’elle a été rappelée mardi par Olivier Johanet, son président : «au bout du compte, l’ISR est une affaire de performance financière». Cela posé, il faut se convaincre que l’extra-financier n’est pas contre le financier et la difficulté pour le gérant ISR ou ESG est d’obtenir des renseignements extra-financiers, puis d’enrichir les données (LFR travaille désormais sur 63 indicateurs) et ensuite de rendre compte de l’extra-financier, en le justifiant.Les critères de base (personnel, actionnaires, sociétés, environnement, partenaires, fournisseurs, clients, gouvernance) permettent de calculer une empreinte éco-sociale qui est fondue ensuite avec le jugement financier. La convention d'étude veut que pour la constitution de portefeuille soit effacé le biais de capitalisation ou de pondération, précise Stéphane Prévost, directeur général.

Dexia Asset Management annonce le lancement du fonds Ucits IV Equities Global Optimum. Le fonds, qui s’adresse principalement à une clientèle d’investisseurs institutionnels de type caisses de retraite, mutuelles et compagnies d’assurance, peut à travers une allocation flexible être exposé aux actions de 0% à 200%. Le portefeuille est investi dans des actions mondiales au travers des dérivés, principalement des options. L’objectif du produit est notamment de «permettre aux investisseurs institutionnels soumis aux contraintes imposées par la réglementation de bénéficier des marchés actions tout en limitant la charge de capital», précise le communiqué."Prenons le cas des assureurs : alors que l’investissement traditionnel en actions implique un SCR à 39%, la stratégie de gestion mise en œuvre dans Equities Global Optimum limite le SCR à moins de 25% tout en recherchant une performance supérieure au MSCI World couvert en Euro et dividendes réinvestis», précise Nagi Nasr, responsable des solutions d’investissement alternatives chez Dexia AM. Caractéristiques Code ISIN : FR0011535897 (capi). Frais d’entrée 1,00%Frais de sortie 1,00% Frais courants : 1,45 %

CPR Asset Management annonce le lancement du fonds CPR Consommateur Actionnaire, fonds d’actions européennes éligible au PEA. Le produit a pour principal objectif de tirer parti de la consommation des ménages au niveau mondial. les gérants du fonds, Nicolas Johnson et Caroline Canard, sélectionnent les entreprises européennes les plus performantes au sein des secteurs touchés par les dépenses des ménages. «L’univers d’investissement de CPR Consommateur Actionnaire ne se cantonne pas au ‘panier de la ménagère’ mais s’intéresse à l’ensemble des secteurs directement impactés par la consommation des ménages dans le monde. C’est un fonds dont la vocation est de suivre l’évolution «des tendances» en respectant le profil de consommation des ménages. La particularité de la stratégie d’investissement consiste à construire le portefeuille en adéquation avec le poids des différents postes de dépense des ménages», souligne un communiqué. Actuellement, une dizaine de postes sont recensés (logement – transports – santé - articles d’habillement - loisirs, culture et éducation – communication…).CaractéristiquesCode Isin : Part P FR0010258756 / Part I FR0011554237Commission de souscriptions non acquises au FCP 3% MaxCommission de rachats non acquises au FCP Part P et I : NéantFrais de gestion fixes annuels maximum Part P : 1.50% TTC (part P) / Part I : 1% TTC (Part I)Commission de surperformance Part P & I - 20 % TTC de la part de performance supérieure au MSCI Europe,dans la limite de 2% de l’actif net

AXA Global P&C annonce avoir placé 350 millions d’euros d’obligations catastrophes auprès d’investisseurs institutionnels, soit la plus importante émission d’obligations catastrophes en euros à ce jour. Cette émission se divise en deux classes : la Classe A, de 185 millions d’euros à échéance janvier 2017, et la Classe B, de 165 millions d’euros à échéance janvier 2018, chacune permettant de couvrir des niveaux de risque différents.Cette nouvelle opération réalisée par l’intermédiaire d’un nouveau véhicule (Calypso Capital II Limited, un special purpose vehicule de droit irlandais) apporte à AXA Global P&C deux niveaux de protection pluriannuelles et entièrement collatéralisées contre le risque de tempêtes de grande ampleur en Europe. Les obligations utilisent comme fait déclencheur un indice fondé sur les pertes assurantielles rapportées par PERILS à la suite d’une tempête européenne. Le taux d’intérêt versé initialement pendant la période de risque s'élève à 2,60% par an pour la Classe A et 2,90% par an pour la Classe BUn nouveau mécanisme dit de «variable reset» a par ailleurs été introduit pour permettre à AXA Global P&C d’ajuster à chaque nouvelle période de risque sa couverture dans des limites de risque prédéfinies, en contrepartie d’un ajustement du taux d’intérêt dans des conditions prédéterminées lors de l’émission, précise un communiqué.

Fondations Capital et CM-CIC Capital Finance ont annoncé mardi 15 octobre la signature, la veille, d’un accord en vue de l’acquisition par Fondations Capital de 90% du capital de CM-CIC LBO Partners, CM-CIC Capital Finance conservant le solde. Créée fin 2004, CM-CIC LBO Partners gère deux Fonds communs de placement à risques (FCPR) CIC LBO Fund et CIC LBO Fund II avec plus de 200 millions d’euros sous gestion. Cette opération permettra à l’équipe de CM-CIC LBO Partners de poursuivre et développer l’activité de la société de gestion avec un nouveau partenaire reconnu, avec l’intention de lancer un troisième fonds en 2014, indique un communiqué. De son côté, avec cette acquisition, Fondations Capital va porter l’encours des fonds gérés à près de 500 millions d’euros.La finalisation de l’opération, soumise à l’approbation des autorités de la concurrence et de l’AMF, devrait intervenir avant fin 2013. Filiale « haut de bilan » (Capital Investissement et Conseil en Fusions et Acquisitions) du groupe Crédit Mutuel-CIC, CM-CIC Capital Finance souhaite recentrer ses activités d’investissement sur ses outils de gestion pour compte propre. Il s’agit principalement des SCR CM-CIC Investissement et CM-CIC Capital Innovation (2 milliards d’euros de capitaux, 420 participations, plus de 45 investisseurs). Son activité de gestion pour compte de tiers sera dorénavant essentiellement dédiée aux clients particuliers du groupe via des FIP et FCPI gérés par CM-CIC Capital Privé (26 fonds, 360 millions d’euros sous gestion).

La banque Syz & Co a été mise en examen au début de mois d’octobre en France, a confirmé lundi à l’agence suisse ats le porte-parole de la banque privée genevoise Ricardo Payro, confirmant une information des sites Internet de la «Tribune de Genève» et de «24 heures». L’affaire est liée à un conflit du droit du travail à la suite du licenciement d’un employé français en juillet 2009. «Il s’agit simplement d’une nouvelle étape procédurale, sans aucune décision ni préjugé sur le fond. C’est une affaire ancienne, qui se limite à des questions assez techniques de droit du travail et ne concerne qu’un seul ancien collaborateur chargé de commercialiser des fonds de placement auprès d’une clientèle institutionnelle», précise Ricardo Payro.L’agence ats précise que selon le porte parole, la procédure n’a aucun impact sur la commercialisation des fonds de la banque en France. «Le litige porte sur la proportion du temps de travail passée en France par un ancien collaborateur qui, contrevenant à ce que prévoyait son contrat de travail, a, de sa propre initiative et pour des raisons d’ordre purement personnel, passé en France plus de temps que demandé. Licencié en juillet 2009, cet ancien collaborateur prétend qu’il aurait dû être soumis au droit du travail français», ajoute-t-il.

Bruno Gatella, directeur de la distribution wholesale chez Clariden Leu et Credit Suisse Asset Management, a rejoint au 1er octobre DJE Finanz, filiale suisse du groupe munichois Dr Jens Erhardt (DJE Kapital) comme directeur de la distribution de fonds en Suisse, rapporte finews. DJE Kapital gère environ 10 milliards d’euros (au 30 septembre).

Enregistrée depuis quelques jours à la même adresse que les locaux de la banque Vontobel à Genève, une filiale de la banque devrait être opérationnelle prochainement, rapporte L’Agefi suisse. Vontobel Swiss Wealth Advisors, dont le siège est à Zurich, est une entité exclusivement dédiée au conseil en investissement pour les «US persons».Contacté par L’Agefi suisse, l’entreprise ne souhaite pas pour l’heure commenter l’ouverture de cette succursale. D’après les quelques documents disponibles, Vontobel Swiss Wealth Advisors fait partie des rares sociétés de gestion européennes enregistrées auprès de la SEC (Securities and Exchange Commission, l’autorité des marchés financiers américaine). Elle semble également réservée aux HNWI (high net worth individuals) puisque l’investissement minimal requis est de un million de francs pour les programmes de conseil.

Bruno Gatella, director of wholesale distribution at Clariden Leu and Credit Suisse Asset Management, on 1 Octber joined DJE Finanz, the Swiss affiliate of the Munich-based Dr. Jens Erhardt group (DJE Kapital) as director of fund distribution in Switzerland, finews reports. DJE Kapital manages about EUR10bn (as of 30 September).

Assets under management in sovereign wealth funds are approaching the USD6trn threahold, according to statistics communicated by the SWF Institute.In October this year, assets under management in SWFs totalled USD5.9998trn. Of this total, slightly over USD3.500trn were in sovereign funds depending on oil and gas resources.

The bank Syz & Co was placed under investigation at the beginning of October in France, a spokesperson or the Genevan private bank, Ricardo Payro, confirmed the Swiss agency ATS on Monday, confirming reports on the website of the Geneva Tribune and 24 heures. The affair is related to a labour conflict following the dismissal of a French employee in July 2009. “this is simply a further procedural step, without any ultimate decision or prejudice. It is an old case, which is limited to rather technical questions of labour law and which concerns only one old employee responsible for selling investment funds to instituitonal clients,” says Payro.

To widespread surprise, Lithuania, which currently holds the European Union presidency, has accelerated the process of the UCITS V directive, increasing the likelihood that the controversial measure to cap bonuses will be dropped, Financial Times fund maangement reprts. In July, the European parliament rejected a proposal to limit bonuses to 100% of fixed salaries and to forbid performance commissions for UCITS funds by a vote of 348 to 341. Due to the tightness of the vote, many thought that it might be overturned by the parliament formed after the elections in May 2014. Lithuania has formed a working group for 21 October, which suggests that the planned directive may be completed by spring, meaning that the new parliament will not have a chance to review it.

State Street Global Advisors has suggested that it may double the number of ETFs which is manages in Europe, Ignites, a service from the Financial Times, reports. Scott Ebner, global head of product development at SSgA, thinks that there is room for about “100 ETFs” in the range from the company. SPDR, the ETF arm of the firm, currently has 52 products, compared with 13 when it restarted its European activities in 2010.

London-based asset manager Finisterre Capital has injected USD55m of seed capital into its new long/short bond fund dedicated to emerging market debt, the Finisterre Emerging Market Debt Fund, Citywire reports. It is an Irish-registered product which has a sales license in most European countries. The managers are Paul Crean, co-founder and CIO of Finisterre, and Christopher Watson.The portfolio will invest in all bond segments (government, corporate, high yield, hard or local currncies) with a more diversified long/short strategy and a lower turnover than for other hedge funds from Finisterre. It will also have a longer investment horizon.

Dexia Asset Management has announced the launch of the UCITS IV Equities Global Optimum fund. The fund, which is aimed primarily at institutinoal investor clients such as pension funds, mutuals and insurers, may be exposed via a flexible allocation ranging from 0% to 200%. The portfolio is invested in global equities via derivatives, primarily options. The objective for the product is to “allow institutional investors subject to the constraints imposed by regulations to benefit from equity markets while limiting capital charge,” a statement says. “Let’s take the example of insurers: while traditional investment in equities implies an SCR of 39%, the management strategy used for the Equities Global Optimmum limits the SCR to less than 25% while seeking returns higher than those of the MSCI World hedged in euros with dividends reinvested,” says Nagi Nasr, head of alternative investment solutions at Dexia AM. Characteristics ISIN code: FR0011535897 (capi). Front-end fee: 1.00% Withdrawal penalty 1.00% Ongoing fees: 1.45%

Dexia Asset Management has announced the launch of the UCITS IV Equities Global Optimum fund. The fund, which is aimed primarily at institutinoal investor clients such as pension funds, mutuals and insurers, bay be exposed via a flexible allocation ranigns from 1% to 200%. The portfolio is invested in global equities via derivatives, primarily optins. The objective for the produc is to “allow institutional investors subject to the constraints imposed by regulations to benefit from equity markets while limiting capital charge,” a statement says. “Let’s take the example of insurers: while traditional investment in equities implies an SCR of 39%, the management strategy used for the Equities Global Optimmum limits the SCR to less than 25% while seeking returns higher than those of the MSCI World hedged in euros with dividends reinvested,” says Nagi Nasr, head of alternative investment solutions at Dexia AM. Characteristics ISIN code: FR0011535897 (capi). Front-end fee: 1.00% Withdrawal penalty 1.00% Congoing fees: 1.45%

Currently, La Financière Responsable has about EUR90m in assets under management, compared with EUR62m at the end of last year, and has posted net inflows of about EUR20m since the beginning of 2013. The “historic FCP” from the firm, LFR Euro Développement Durable, as of the end of September had EUR51.43m, and was 99.5% exposed to equities, of which 61.3% were French stocks. Since 31 December 2009, the fund has posted returns of 22.30%, compared with losses of 2.42% for the EuroStoxx 50 Price, and a gain of 11.06% for the EuroStoxx 50 Total Return, with volatility over 52 weeks of 12.59%, compared with 14.99% and 14.94%, respectively. The portfolio includes 35 positions and the turnover rate stands at about 33%. These results are consistent with the SRI strategy of La Financière Responsable, while on Tuesday, its chairman, Olivier Johanet, declared that “at the end of the day, SRI is a question of financial performance.” With that said, it needs to be demonstrated that extra-financial considerations are not counter-financial, and the difficulty for SRI or ESG managers is obtaining extra-financial information, and then enriching the data (LFR is now working with 63 indicators), and then take into account and justify extra-financial factors. Basic criteria (personnel, shareholders, companies, environment, partners, providers, clients, governance) allow for a eco-social footprint to be calculated, which is then used as a basis for financial judgements. In the construction of portfolios, capitalisation and weight biases are eliminated, stresses Stéphane Prévost, CEO.

After an average loss of 0.54% in August, hedge funds covered by the BarclayHedge index in September posted average returns of 2.09%, bringing gains to 7.28% for the first nine months of the year. In September, only equity short bias (3 funds) has seen losses, of 3.55%, while the decline since the beginning of the year is 19.84%. However, equity long bias (202 funds) stand out with gains of 3.63% in September, and 15.23% for the first three quarters, while remaining behind the healthcare and biotech strategy (20 funds), whose performances total 4.27% and 20.93%, respectively. The 27 Pacific Rim funds have gained 17.20% in the first nine months of the year, but “only” 2.62% in September.

The widespread use of “value at risk” to measure the risk exposure of funds is a “time bomb” which could provoke a serious crash on the markets, according to Jeremy Monk, chief investment officer at Akro Investicni Spolecnost in Prague, cited by Financial Times fund management. He estimates that in the case of a fall on the equity markets and a rise in volatility, fund managers would have to sell equities, which would exacerbate the fall.

Specialist advisers manage nearly two times as many assets on average than advisers overall, according to a study carried out by Cerulli Associates in “The Cerulli Edge – Advisor Edition” (Fourth quarter). As of the end of June 2013, assets under management by specialists represented about 29% of total assets for advisers. “The great majority of financial advisers are generalists. Only 15% of advisers carry out their activities for a single client category, institutionals, corporate retirement programmes, or high net worth (HNW) investors,” says Bing Waldert, director at Cerulli. According to Cerulli, specialists clearly limit the market for an adviser but improve the degree of success in the development o the activity. By targeting a very small market and setting up a range of services which is tailored to it, advisers have more chances of winning requests for proposals when they are competing with a generalist.

German asset management firms posted net subscriptions in August of EUR3.4bn, of which EUR2.8759bn were for institutional funds, and EUR839.2m for open-ended funds, while mandates saw net outflows of EUR313.6m. In July, net inflows totalled EUR17.66bn, according to the German BVI association of asset management firms, of which EUR9.26bn went to Spezialfonds, EUR5.29bn to Publikumsfonds, and EUR3.1bn for mandates.However, in the first eight months of the year, net subscriptions totalled EUR62.4bn, comapred with EUR48.72bn in the corresponding period of 2012, of which EUR44.97bn, compared with EUR40.52bn for Spezialfonds and EUR16.87bn compared with EUR10.02bn for open-ended funds.The BVI states that as of the end of August, assets in open-ended and institutional real estate funds totalled EUR121bn, distributed over 3,300 properties in 35 countries. The portfolios include about 1,800 properties located in Germany, representing 63% of assets in institutional funds, compared with 42% of open-ended funds. France is the top destination country abroad, with 263 properties, followed by the Netherlands, with 247.In terms of asset management firms, Allianz Asset Management in the first eight months of the year has posted net inflows of EUR5.1447bn for open-ended securities funds, out of a total of EUR13.238bn for the sector overall. The Deutsche Bank group, for its part, has posted net inflows of EUR2.9254bn, less than Universal-Investment, a white label product specialist, which attracted EUR5.0364bn. These three asset management firms alone have thus posted more in net inflows than the entire profession combined.Union Investment is still has not put up with the loss of a mandate in April for EUR4.4bn outside the perimeter of the BVI, and shows net outflows of EUR2.1678bn. Deka has had net redemptions in the first eight months of the year which are down to EUR1.2741bn, from EUR1.38bn as of the end of July.

M&G Investments has registered its M&G Short Dated Corporate Bond fund in Italy, Bluerating reports. The fund is 80% invested in short duration investment grade corporate bonds (0-3 years).

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on October 15 published for public comment a consultative document on the Public quantitative disclosure standards for central counterparties. In order that the risks related to the use of central counterparties (CCPs) can be properly understood, CCPs need to make relevant information publicly available, as stated in the CPSS-IOSCO Principles for financial market infrastructures, published in April 2012. To provide guidance on what should be disclosed by a CCP and other financial market infrastructures, CPSS and IOSCO published a Disclosure framework in December 2012, primarily covering qualitative data that need relatively infrequent updating (for example, when there is a change to a CCP’s risk management framework). To complement that disclosure framework, the document now being published sets out guidance on the quantitative data that a CCP should disclose more frequently. Comments on the report are invited from all interested parties and should be sent by 13 December 2013.

The financial ratings agency Moody’s on 15 October launched a call for comments on proposed modifications to the ratings methodology for asset management firms. This would more systematically evaluate risk factors concerning alternative management firms, while also increasing the number of risk factors on the balance sheets of traditional asset management firms.

Philipp Orth, Nadejda de Lousanoff and Umberto Prandi have been recruited for the institutional sales team at Pimco for the German and Austrian markets, and will report to Frank Witt, executive vice president and head of institutional customer relationships for Germany and Austria.The first of these becomes vice president and CRO. He had previously been director of customer relationships at Vescore. De Lousanoff joins from Banesto, where she had been head of distribution of structured products in Germany and the Scandinavian countries for the Spanish firm Santander. She is appointed as head of clients at Pimco.Lastly, Prandi is leaving Infineon Technologies, where he had been manager for mergers and acquisitions, to become a client adviser at Pimco.

According to NDR info radio, the Landesbank of Schleswig-Holstein and Hambourg, HSH Nordbank, in August sold its division HSH Real Estate for a symbolic one euro. That includes real estate funds with assets of EUR2bn and properties valued at EUR320m. A spokesperson for HSH Nordbank declined to comment on the reports, Fondsprofessionell says.

Syed Elias Alhabshi, senior advisor at Threadneedle Investments in Singapore since September 2011, has been appointed as chairman for Malaysia by UK asset manager Threadneedle, which is planning to offer Sharia-compliant products to institutional investors (sovereign wealth funds, pension funds, insurers, government and semi-government entities, businesses and charities).Mohd Farid bin Kamarudin (CEO of Malaysia) is also taking over the duties of senior fixed income fund manager, and will be based in Malaysia. He will report to Clifford Lau, head of fixed income Asia Pacific, Alhabshi and Andrew Chan, chief administrative officer, Asia Pacific. He will be responsible for putting Sharia-compliant investment capacities in place. He will be a senior member of the global investment team. He had previously been executive director and head of sukuks and alternative investments at AMIslamic Funds Management in Malaysia.Lastly, Sabrina Wong has been recruited as a fixed income analyst in Malaysia, and will report to Mohd Farid bon Kamarudian and Clifford Lau. She was previously a fund manager at Investec Asset Management, and also at Bank Negara.

Hedge funds and “distressed” asset managers are buying Puerto Rican debt, taking advantage of sales by traditional investors, the Financial Times reports. “Many traditional funds are selling these securities at a discount, and since several entities in Puerto Rico sell bonds, the liquidity is good. That is unusual in the municipal bond market,” says one manager. The monthly trading volumes on Puerto Rican bonds have increased to USD30bn at the end of September, compared with an average of UDS3-5bn, according to Citigroup.

Norges Bank Investment Management manager of the Norwegian Government Pension Fund Global, and Axa Real Estate Investment Managers have entered a European commercial real estate loan co-investment programme.The programme will target investments in large size senior loans, of up to EUR600 million, with a primary focus on the United Kingdom, France and Germany.

CPR Asset Management has announced the launch of the CPR Consommateur Actionnaire fund, a European equity fund eligible for investment from PEA accounts. The product has the primary objective of benefiting from household consumer spending worldwide. The managers of the fund, Nicolas Johnson and Caroline Canard, select the best-performing European businesses in sectors which are affectd by household spending. “The investment universe of CPR Consommateur Actionnaire is not limited to the ‘household’ basket but takes an interst in all sectors directly affected by household consumer spending worldwide. It is a fund whose vocation is to track the evolution of ‘trends’ while respecting the profile of household consumption. The particularly of the investment strategy is to construct the portfolio with a balance between the weight of the varius household spending areas,” a statement says. Currently, 10 areas are listed (housing, transportation, health, clothing, leisure, clothing, eduction, consumer, etc.). CharacteristicsISIN code: P share class FR0010258756 / I share class FR0011554237Subscription commission not paid to the FCP maximum 3%Recemption commission not paid to the FCP P and I share classes: noneMaximum annual management fees P share class: 1.50% in cluding all tax / I share class: 1% including all taxPerformance commission P and I share clases: 20% including all tax on performance exceeding the MSCI Europe, up to 2% of net assets