Avec le compartiment Credit Suisse MLP Index Ucits Fund du fonds Custom Markets Plc, Credit Suisse a lancé un ETF coordonné de droit irlandais répliquant le Cushing MLP Market Cap Index qui regroupe une trentaine des principales Master Limited Partnerships (MLP) américaines cotées, avec un plafond fixé à 7,5 % par MLP à chaque repondération.Il s’agit d’un ETF à réplication synthétique, le partenaire du total return swap étant Credit Suisse International (CSI).CaractéristiquesDénomination: Credit Suisse MLP Index Ucits FundCode Isin: IE00B9CQHY16 (retail)IE00B9BBBL23(institutionnels)Taux de frais sur encours1 % (retail)0,5 % (institutionnels)

Index Universe rapporte que Van Eck a sollicité l’agrément de la SEC pour quatre nouveaux ETF d’action non-américaines «de qualité», ce qui signifie que les sociétés affichent des rendements des fonds propres élevés, une augmentation stable des bénéfices en glissement annuel et un faible levier.Ces quatre fonds, pour lesquels aucun acronyme et taux de frais sur encours n’a été communiqué, utilisent comme indice de référence le MSCI Emerging Markets pour deux d’entre eux et le MSCI ACWI ex USA pour les deux autres.Les 21 pays émergents concernés par le Market Vectors MSCI Emerging Markets Quality ETF et le Market Vectors MSCI Emerging markets Quality Dividend ETF sont les suivants: Afrique du Sud, Brésil, Chili, Chine, Colombie, Corée, Egypte, Hongrie, Inde, Indonésie, Malaisie, Maroc, Mexique, Pérou, Philippines, Pologne, République tchèque, Russie, Taiwan, Thailande et Turquie.Le Market Vectors MSCI International Quality ETF et le Market Vectors MSCI International Quality Dividend ETF couvrent 44 pays, dont les 21 émergents mentionnés plus haut, plus l’Allemagne l’Australie, l’Autriche, la Belgique, le Canada, le Danemark, l’Espagne, la Finlande, la France, la Grèce, Hong-Kong, l’Irlande, Israël, l’Italie, le Japon, la Norvège, la Nouvelle-Zélande, les Pays-Bas, le Portugal, le Royaume-Uni, Singapour, la Suède et la Suisse.

Denise Simon et Arif Joshi, menging directors et gérants de portefeuille au sein de l’équipe dette émergente de Lazard Asset Management LLC (LAM), ont été chargés de gérer le nouveau Lazard Explorer Total Return Portfolio (acronymes LETIX et LETOX).Ce nouveau fonds met en œuvre une stratégie sans contrainte de total return sur l’ensemble des classes d’actifs composant la dette émergente (souverains en monnaies dures ou locales, quasi-souverains, obligations d’entreprises et/ou indexées sur l’inflation) sur la base d’une analyse marcoéconomique mondiale et d’une analyse fondamentale des risques souverains.

Après le TCW Emerging Markets Income Fund (TGEIX/TGINX), qui pèse 6,6 milliards de dollars, le TCW Emerging Markets Local Currency Income Fund (TGWIX/TGWNX) et ses 403 millions ainsi que le TCW Worldwide Opportunities Fund dont l’encours représente 492 millions, TCW Group a lancé début juillet le TCW Emerging Markets Multi-Asset Opportunities Fund (TGMAX/TGMEX).Le portefeuille de ce nouveau produit multi-classes d’actifs pourra être investi dans tous les domaines des marchés émergents, obligations souveraines ou d’entreprises en dollars ou en monnaies locales et actions. Le fonds est confié à Dave Robbins et Penny Foley, qui gèrent déjà les autres produits émergents de la gamme. Ils investiront dans 30 à 40 pays émergents, dont plusieurs marchés frontières.

Weinberg Capital Partners a annoncé le premier closing de son deuxième fonds immobilier WREP#2 à 80 millions d’euros. «Le fonds a reçu le soutien de plusieurs investisseurs historiques et a su attirer de nouveaux investisseurs institutionnels français et étrangers et des familles», précise le communiqué. La taille visée est de 150 millions d’euros avec des due diligence en cours d’investisseurs français et internationaux. La stratégie de WREP#2 s’inscrit dans la ligne du premier fonds WREP#1 levé en 2008/2009 et vise à réaliser principalement des opérations hors marché avec des utilisateurs, des familles et des promoteurs.

Le pôle gestion d’actifs d’Axa a publié au titre du premier semestre 2013 des souscriptions nettes positives de 12 milliards d’euros, selon les résultats publiés par l’assureur ce vendredi 2 août. La collecte nette s’élève à 10 milliards d’euros chez AXA IM, auprès de ses deux segments les plus importants, les investisseurs institutionnels et les particuliers. AllianceBernstein a enregistré une collecte nette de 2 milliards d’euros, principalement grâce à une forte augmentation des souscriptions nettes auprès des institutionnels (6 milliards d’euros), partiellement compensée par une décollecte auprès des particuliers et des clients privés.Les encours sous gestion sont en hausse de 19 milliards d’euros par rapport au 31 décembre 2012 et s'établissent à 922 milliards d’euros, dont 354 milliards pour AllianceBernstein et 568 milliards pour Axa IM.Le chiffre d’affaires de la gestion d’actifs s’affiche en hausse de 12 % à 1.741 millions d’euros, principalement en raison de la hausse des commissions de gestion liée à la croissance des actifs moyens sous gestion, ainsi qu’une hausse des commissions de distribution et de recherche chez AllianceBernstein, et une augmentation des commissions de transaction immobilières et des commissions de performance chez AXA IM, indique le groupe Axa.

Fundweb rapporte qu’Aviva Investors a nommé Abigail Herron head of engagement dans son équipe d’investissement responsable mondial. Elle était responsable du gouvernement d’entreprise et de la thématique environnement/social/gouvernance (ESG) chez Co-Operative Asset Management.Elle est désormais subordonnée à Steve Waygood, chief responsible officer.

Horace Hung a été nommé par Legal & General Investment Management analyste crédit senior sur les marchés émergents. L’intéressé sera spécialisé sur l’Asie Pacifique et autres marchés émergents. Il sera basé à Hong Kong, précise Fundweb. Auparavant, Horace Hung était senior director of credit responsable de la recherche high yield chez Manulife Asset Management.

Butterfield Bank a recruté James McNeill et Nicholas Rilley. Ils seront tous les deux investment managers, rapporte Investment Week. Il s’agit d’un nouveau poste au sein de la société. Ils conseilleront les clients sur la construction de portefeuille et le choix de fonds. Les intéressés travaillaient auparavant respectivement pour Vintage Asset Management et Prospect Wealth Management.

Pedro Mas, qui était jusqu’à présent directeur général de Bankif Gestión, rejoint au sein du groupe la nouvelle entité de gestion et de conseil du pôle banque privée du Santander, rapporte Funds People. L’intéressé sera subordonné à Carlos Díaz, directeur de l’activité produits et market intelligence de la banque privée au sein de la division banque privée, gestion d’actifs et assurances du Santander dirigée depuis mai par Luis Moreno.Dans le cadre de la réorganisation du Santander et de l’absorption de la banque privée Banif, Santander Private Banking Gestión prendra en charge toutes les sicav qui étaient auparavant gérées par Banif Gestión, Santander AM et Banesto Banca Privade Gestión, ce qui représente au total 534 sicav et un encours de l’ordre de 4 milliards d’euros.

Spécialiste munichois de la gestion de fortune à base d’ETF, Avana Invest, la société créée en 2009 par Götz Kirchhoff (l’un des fondateurs d’IndexChange devenue iShares) mentionne désormais sur son site Internet l’existence de trois sortes de services destinés aux investisseurs institutionnels.Le premier, Avana Asset Management, se compose de cinq fonds d’ETF ou ETC en utilisant un système de suivi de tendance pour réduire la perte maximale (maximum drawdown ou MDD).Le deuxième, Avana Selection, propose une sélection de partenaires pour des stratégies et des classes d’actifs alternatives (le détail en sera publié prochainement.Enfin, Avana Solutions permet aux clients de bénéficier de la compétence de structuration internationale d’Avana sur plusieurs pays, notamment dans les domaines des produits blancs tant pour les fonds coordonnés que pour les fonds d’investissement alternatifs.Par ailleurs, Avana a annoncé avoir recrute Brigit Eichhorn comme membre de la direction générale, chargée du développement de produits financiers, du suivi des contacts avec les gestionnaires et fortune et du conseil aux investisseurs. Après avoir travaillé à la direction de Deka Fund Master, elle était jusque ces derniers temps associée de la société de gestion de fortune munichoise Dr. Bauer & Co Vermögensmanagement, fonction qui figure toujours sur son compte LinkedIn.

Pictet Asset Management a annoncé le recrutement d’Eric Borremans au poste de spécialiste en développement durable au sein de l’unité en charge de l’investissement socialement responsable (ISR) et de la gestion quantitative, sous la conduite de Laurent Nguyen. L’intéressé a rejoint la société au 15 juillet 2013. Il remplace dans cette fonction Christoph Butz, qui l’assumait depuis son entrée chez Pictet, en 2002. Ce dernier se consacrera désormais entièrement, avec Gabriel Micheli, à la gestion du fonds Timber, qui pèse 900 millions de dollars d’encours.Eric Borremans était auparavant responsable du développement de la responsabilité sociale de l’entreprise et de l’ISR chez BNP Paribas Investment Partners.

JP Morgan Asset Management choisit un nouveau gérant de fonds de fonds pour sa gamme Fusion. Nicholas Roberts travaillera sous la direction du gérant principal Tony Lanning. Nicholas Roberts rejoint JPMorgan AM en provenance de North Investment Partners où il était gérant de fonds de fonds. La gamme fusion est composée de cinq fonds de fonds avec différents niveaux de risque, précise Fundweb.

P { margin-bottom: 0.08in; } Denise Simon and Arif Joshi, managing directors and portfolio managers on the emerging market debt team at Lazard Asset Management LLC (LAM), have been made responsible for managing the new Lazard Explorer Total Return Portfolio (tickers LETIX and LETOX). The new funds use a total return unconstrained strategy on all asset classes within emerging market debt (government debt in hard or local currencies, quasi-sovereign bonds, corporate and/or inflation-linked bonds) on the basis of global macroeconomic analysis and fundamental analysis of sovereign risks.

P { margin-bottom: 0.08in; } After the TCW Emerging Markets Income Fund (TGEIX/TGINX), which has USD6.6bn in asset, the TCW Emerging Markets Local Currency Income Fund (TGWIX/TGWNX), with USD403m, and the TCW Worldwide Opportunities Fund, with assets of USD492m, TCW Group in early July launched the TCW Emerging Markets Multi-Asset Opportunities Fund (TGMAX/TGMEX). The portfolio of the new multi-asset class product may be invested in all areas of emerging markets: government or corporate bonds denominated in US dollars or local currencies and equities. The fund is managed by Dave Robbins and Penny Foley, who already manage other emerging market products of the range. They invest in 30 to 40 emerging markets, including several frontier markets.

P { margin-bottom: 0.08in; } Index Universe reports that Van Eck has applied for a license from the SEC for four new “quality” non-US equity ETFs, which means that the firms have high returns on owners’ equity, steadily rising profits year on year and low debt. These four funds, for which no ticker or total expense ratio has been announced, use the MSCI Emerging Markets index as a benchmark in two cases, and the MSCI ACWI ex USA for the other two. The 21 emerging markets included in the Market Vectors MSCI Emerging Markets Quality ETF and the Market Vectors MSCI Emerging Markets Quality Dividend ETF are the following: South Africa, Brazil, Chile, China, Colombia, South Korea, Egypt, Hungary, India, Indonesia, Malaysia, Morocco, Mexico, Peru, Philippines, Poland, Czech Republic, Russia, Taiwan, Thailand and Turkey. The Market Vectors MSCI International Quality ETF and the Market Vectors MSCI International Quality Dividend ETF cover 44 countries, including the 21 emerging markets mentioned earlier, plus Germany, Austria, Belgium, Canada, Denmark, Spain, Finland, France, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Norway, New Zealand, the Netherlands, Portugal, the United Kingdom, Singapore, Sweden and Switzerland.

P { margin-bottom: 0.08in; } Weinberg Capital Partners has announced the first closing of its second real estate fund WREP #2, at EUR80m. “The fund has received the support of several long-term investors, and has been able to attract new French and international institutional investors and families,” a statement says. The target size is EUR150m, with due diligence in progress for French and international investors. The WREP#2 strategy comes as a successor to the first fund, WREP#1, raised in 2008/2009, which primarily invests in off-market operations with users, families and providers.

P { margin-bottom: 0.08in; } In partnership with Aena, Axa Private Equity is buying the stake held by Albertis in London’s Luton airport, Agefi reports. The transaction totals EUR502m for a 90% stake. The stake was sold through the sale by TBI Holding to a consortium controlled 51% by Aena and 49% by Axa PE.

P { margin-bottThe asset management unit at Axa published net subscriptions for first half of 2013 of EUR12bn, according to results released by the insurer on Friday, 2 August. Net inflows total EUR10bn at AXA IM, from its two largest segments, institutional and retail investors. AllianceBernstein has posted net inflows of EUR2bn, largely due to a significant increase in net subscriptions from institutionals (EUR6bn), partially offset by outflows to retail and private clients. Assets under management are up by EUR19bn compared with 31 December 2012, and total EUR922bn, of which EUR354bn are for AllianceBernstein and EUR568bn for Axa IM. Earnings from asset management are up 12%, to EUR1.741bn, largely due to an increase in management commissions related to growth in assets under management, as well as an increase in distribution and research commission at AllianceBernstein, and an increase in real estate transaction commissions and performance commissions at AXA IM, the Axa group states.

P { margin-bottom: 0.08in; } Pictet Asset Management has announced the recruitment of Eric Borremans for the position of sustainable development specialist in the unit responsible for socially responsible investment (SRI) and quantitative managemnet, under the leadership of Laurent Nguyen. Borremans joined the team on 15 July 2013. In this position, he replaces Christoph Butz, who had been in the position since joining Pictet in 2002. Butz will now, with Gabriel Micheli, dedicate himself entirely to the management of the Timber fund, which has USD900m in assets. Eric Borremans had previously been head of corporate social responsibility development and SRI at BNP Paribas Investment Partners.

P { margin-bottom: 0.08in; } JPMorgan Asset Management is selecting a new fund of fund manager for its Fusion range. Nicholas Roberts will work under the principal manager, Tony Lanning. Roberts joins JPMorgan AM from North Investment Partners, where he was a fund of fund manager. The fusion range includes five funds of funds with various risk levels, Fundweb states.

P { margin-bottom: 0.08in; } The market regime indicator (MRI) for second quarter, released on 1 August by State Street Global Advisors, shows an extreme level of aversion to risk. The indicator at the end of June topped its “crisis” peak. The increase in volatility, particularly for equities and currencies, in the quarter “put an end to investors’ appetite for risk,” SSgA states. A presentation by the chairman of the US Federal Reserve, Ben Bernanke, and concerns related to a slowdown in Chinese growth, helped to increase this volatility. But SSgA is careful to add: “In the month of July, we have already observed a reduction of the factors which triggered this extreme rise in aversion to risk,” the firm notes, adding that “this phenomenon is coherent since, empirically, when the MRI enters a crisis period it is often due to an excessive reaction on the part of investors; the odds of a return to a comparatively normal regime are thus high.”

P { margin-bottom: 0.08in; } “The ‘emerging market debt’ asset class currently has a total of about USD3.5trn, of which USD1.1trn are in corporate bonds. Issues in hard currencies account for USD600bn, while the remainder is in local currencies; about USd1.5trn in local currency are genuinely tradeable,” Claire Husson-Citana, portfolio manager Emerging Markets Debt Research Analyst at Franklin Templeton Fixed Income Group, tells Newsmanagers. The specialist also points out that emerging market debt is an asset class in which there are four major risks: liquidity, convertibility, currency and sovereign risk. Exogenous risks can also be very high. At Franklin Templeton, emerging market debt accumulated since 1996 now represents about USD10bn, of which 25% is in local currencies, in the form of US-registered funds, including one USD690m Nasdaq fund, one trust, one Cayman Islands fund and one Canadian fund, and also separate accounts and an Irish-registered fund (USD800m) and another Luxembourg fund (less than USD400m). The cash allocation as of the end of May represented 8-10%, but in the past few weeks this has bee reduced to 5%. When asked about current strategy, Husson-Citanna explans that the “sweet spots” are currently Africa and local currencies, where the difference between the returns on issues in hard currencies is not lucrative enough. After the recent correction, there are entry points due to this “repricing.” In general, the portfolio manager prefers cross-border government bonds, steers clear of high beta securities (such as BRIC). She focuses on initial entrants in Africa, Central Asia and Latin America (Paraguay, Rwanda and Mongolia) and particularly on issues in local currencies, and then in US dollars (Nigeria, Uganda, Tanzania). She is also curiously awaiting an issue in Bangladesh in preparation.] However, Husson-Citanna explains that, in general, “Franklin Templeton is not in the business of being the only borrower in a country.” The emerging market debt team works with brokers that have local affiliates, as well as with “not too large” banks.

P { margin-bottom: 0.08in; } Pedro Mas, who had previously been CEO of Banif Gestión, is joining the group at the new management and advising entity of the private banking unit at Santander, Funds People reports. Mas will report to Carlos Diaz, director of the private banking product and market intelligence activity within the private banking, asset management and insurance division at Santander, which since May has been led by Luis Moreno. As part of a reshuffle at Santander and the absorption of the Banif private bank, Santander Private Banking Gestión will be responsible for all Sicavs which had previously been managed by Banif Gestión, Santander AM and Banesto Banca Privade Gestión, which represent a total of 534 Sicav and assets of about EUR4bn.

P { margin-bottom: 0.08in; } The Munich-based ETF-based wealth management specialist Avana Invest, the firm founded in 2009 by Götz Kirchhoff (one of the founders of IndexChange, which has become iShares), now on its website mentions the existence of three types of services for institutional investors. The first, Avana Asset Management, is composed of five ETF or ETC funds, using a trend-monitoring system to reduce maximum drawdown, or MDD. The second, Avana Selection, is offering a selection of partners for alternative strategies and asset classes (details will be published soon). Lastly, Avana Solutions allows clients to benefit from Avana’s expertise in international structuring in several countries, particularly in the area of white-label products both for UCITS funds and for alternative investment funds. Avana also announces that it has recruited Brigit Eichhorn as a member of management, responsible for developing financial products, maintaining contact with wealth managers and investment advising. After working as part of the management at Deka Fund Master, Eichhorn had recently been a partner at the Munich-based asset management firm Dr. Bauer & Co Vermögensmanagement, in which position her LinkedIn profile still lists her.

P { margin-bottom: 0.08in; } With the Credit Suisse MLP Inde Ucits Fund sub-fund of Custom Markets Plc, Credit Suisse is offering an Irish-registered ETF which replicates the Cushing MLP Market Cap Index, which includes 30 US publicly-traded Master Limited Partnerships (MLP), with a limit of 7.5% per MLP at each rebalancing. The ETF uses synthetic replication, with Credit Suisse International (CSI) as the total return swap partner. Characteristics Name: Credit Suisse MLP Index UCITS Fund ISIN Code:IE00B9CQHY16 (retail)IE00B9BBBL23(institutional) Total expense ratio 1% (retail) 0.5% (institutional)

P { margin-bottom: 0.08in; } Morgan Stanley Investment Management (MSIM) has announced the launch of the Morgan Stanley Investment Funds (MS INVF) Global Quality Fund. The portfolio of the fund is invested in companies which are deemed to be “of high quality, characterised by their ability to generate revenue, with a solid competitive advantage, an experienced management team and strong intangible asset, for example, brands and retail chains,” a statement says. To construct the portfolio of assets and determine their quality, a team of portfolio managers analyses firms on the basis of certain criteria, including resistance of earnings, attractiveness of profit margins and sustainability of returns over the complete economic cycle. The team will then meet with the management of the firm in order to understand its culture and its long-term strategy. The process provides a means to evaluate the sustainability of the performance of the business. The last measurement tool is the valuation level,which must be attractive in order to justify an investment.

P { margin-bottom: 0.08in; } Butterfield Bank has recruited James McNeill and Nicholas Rilley. They will both serve as investment managers, Investment Week reports. This is a new position within the firm. They will advise clients on portfolio construction and the selection of funds. McNeill and Rilley previously worked for Vintage Asset Management and Prospect Wealth Management, respectively.

P { margin-bottom: 0.08in; } Horace Hung has been appointed by Legal & General Investment Management as senior credit analyst for emerging markets. Hung will be specialised in Asia Pacific and other emerging markets. He will be based in Hong Kong, Fundweb states. Hung had previously been senior director of credit in charge of high yield research at Manulife Asset Management.

P { margin-bottom: 0.08in; } Fundweb reports that Aviva Investors has appointed Abigail Herron as head of engagement in its global responsible investment team. She had previously been head of corporate governance and environment / social / governance (ESG) themes at Co-Operative Asset Management.She now reports to Steve Waygood, chief responsible officer.