P { margin-bottom: 0.08in; } J.P. Morgan Ventures Energy Corporation, an affiliate of JPMorgan Chase, on 30 July accepted the terms of an administrative settlement with the U.S. Federal Energy Regulatory Commission (FERC) to settle an investigation by the agency and its Office of Enforcement into potential manipulation of electricity markets in California and the Midwest, for USD410m. The group has neither confirmed nor denied the accusations.The case was related to the acquisition of Bear Stearns by JPMorgan in 2008.

P { margin-bottom: 0.08in; } According to Index Universe, the Securities & Exchange Commission has begun relaxing several of its requirements with relation to self-indexing, or “affiliated” indices for ETFs, which may lead ETF providers to opt for a self-indexing model, meaning that an ETF product will replicate an index developed by the same issuer or a provider close to it.

Funds People rapporte qu’au 30 juin l’encours de la gestion d’actifs du Santander se situait à 156,5 milliards d’euros, soit 2 % de plus que fin décembre et 14 % de plus qu’un an auparavant.Sur ce total, la gestion traditionnelle représentait 153,7 milliards d’euros, dont 98,1 milliards pour des fonds des sicav et des plans de retraite. En Espagne, les actifs gérés se situaient à 54,5 milliards d’euros, contre 43,6 milliards au Brésil, 24,3 milliards au Mexique et 10,8 milliards au Mexique.Quant à la gestion non traditionnelle (immobilier, hedge funds et private equity), l’encours est resté stable à 3 milliards d’euros.Funds People indique aussi que le bénéfice net de la gestion d’actifs au sein du pôle gestion d’actifs/assurances (lire Newsmanagers du 31 juillet), est ressorti pour le premier semestre à 57 millions d’euros, ce qui représente une progression de 7,7 % sur janvier-juin 2012, grâce à la hausse des actifs administrés et à la baisse des charges d’assainissement.

The private banking, asset management and investor services unit of the Société Générale group has published net banking revenues for second quarter 2013 of EUR501m, up 10.5% compared with the same quarter last year. In first half 2013, it posts EUR958m (+3.7% compared with first half 2012).The unit includes four activities: Société Générale Private Banking, asset managing with Amundi and TCW, sold on 6 February 2013, Société Générale Securities & Services, and the brokerage affiliate Newedge.Société Générale states that the asset management and investor services unit for second quarter 2013 shows “a net contribution to the ongoing profits of the group, the best performance since first quarter 2011.”For the Société Générale group as a whole, net banking revenues and net profits for the quarter total EUR6.233bn and EUR955m, respectively. For first half 2013, net banking revenues total EUR11.321m, and net distributable profits of the group total EUR1.319bn.P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-siz

P { margin-bottom: 0.08in; } Standard Chartered Bank has announced that it has launched a fund distribution platform in China. According to Asian Investor, this will allow the firm to sell Chinese financial products to local investors. So far, the bank has signed seven partnerships, with China Asset Management, E Fund, China Southern Fund Management, Bosera Asset Management, Guangfa Fund Management, China Universal Asset Management, and Bank Of Communications Schroder Fund.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Possibly by the end of this week, Credit Suisse may announce an agreement with Grosvenor Capital Management (USD23bn in assets invested in hedge funds) to sell the Chicago business its private equity unit, which has USD20bn in “revenue-generating assets,” the Wall Street Journal reports.The transaction would be for “over USD200m in cash,” plus considerationss based on the subsequent performance of its PE investments.

P { margin-bottom: 0.08in; } Zeno Staub, CEO of Vontobel, on 31 July stated at a presentation of results for first half that in the space of 24 months, the contribution from private banking and asset management to the group’s profitability has increased from 33% to 65%. Net profits in January-June 2013 totalled CHF76.1m, compared with CHF60.9m in second half 2012, and CHF63.2m in the corresponding period of last year.The asset management unit has posted net subscriptions of CHF7.4bn, out of a total of CHF8.2bn for the group, while net inflows due to private banking total CHF0.7bn.Asset management assets as of 30 June total CHF69.3bn, while private baking totals CHF29.7bn. Overall, assets at the group total CHF160.2bn.

P { margin-bottom: 0.08in; } Erdinç Benli at the end of May left AMG Analysed & Anlagen to return to Swiss & Global Asset Management, where he will be responsible for the emerging market equity management team, where he had previously led the European equity management team from April 2005 to October 2008, Citywire reports. Benli replaces Andrzej Blachut, who is leaving his position as head of emerging market equities to concentrate on portfolio management. Benli will take over management of the JP Global Emerging Markets Stock fund (USD25m).

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } BNP Paribas Investment Partners (BNPP IP) on Wednesday unveiled a surprise action plan for its asset management activities. Its outflows totalled EUR19bn in second quarter, due to a disaffection with money market funds. To reverse the trend, BNP Paribas is hoping to bring in inflows of EUr40bn by 2016 (see Newsmanagers of 31 July 2013) “in high added value segments.” According to Agefi, 47% will come from institutionals, the most “attractive” potential market, according to Jean-Laurent Bonnafé, CEO of BNP Paribas; 36% from Asia-Pacific with a “more long-term horizon,” and 17% from distribution to retail and private banking clients, largely in continental Europe, via “partnerships with banking networks or distributors” and “industrialisation of processes.” Agefi points out that with EUR375m as of the end of June, assets are now below EUR400m for the first time since the acquisition of Fortis in 2009. This represents a decline of EUR40bn since the end of 2012, and of EUR82bn compared with their peak at the end of 2010.

P { margin-bottom: 0.08in; } The real estate investment division of the asset & wealth management unit Deutsche Asset & Wealth Management (DeAWM) of Deutsche Bank on 31 July announced that it has sold one of its funds’ 70% stake in the department store chain Le Printemps to “private interests in Qatar.” The sale price has not been disclosed.< Le Printemps was acquired in October 2006 from Kering (formerly PPR), through a joint venture with Borletti Group SCA. Following the acquisition, DeAWM reorganized the business, initially composed of 12 stores which it owned and a distribution activity, selling seven stores to investors to lease back. DeAWM also set up a global strategic plan “which transformed Le Printemps from a traditional high-street retail chain into a luxury destination,” a statement says. The repositioning strategy “helped to improve earnings and the EBITDA margin for the firm.”

P { margin-bottom: 0.08in; } For second quarter as for first half, the asset management unit at Lazard Ltd has posted record earnings of USD243m (+18% year on year) and USD483m (+16%), respectively.However, assets as of 30 June totalled USD163bn, which represents a decline of 5% compared with the end of March, due to a negative market effect and net outflows of USD4bn during the quarter, primarily due to global equity strategies and the loss of a local equity mandate. As of the end of June 2012, assets under management totalled USD148bn, meaning that total assets are up by USD15bn, or slightly over 10% year on year.Adjusted net profits for second quarter 2013 totalled USD60m, compared with USD33m in the corresponding period of last year, but according to GAAP accounting standards, they remain unchanged at USD31m.

P { margin-bottom: 0.08in; } As of 30 June, assets at AllianceBernstein totalled USD434.6bn, which represents a decline of USD8.6bn compared with the end of March, and an increase of USD27.3bn compared with their level twelve months earlier. In second quarter 2013, the asset management firm has posted net subscriptions of USD0.2bn, due to institutional net inflows of USD4.7bn, offset by USD3.2bn in net redemptions to retail, and USD1.3bn in net redemptions to private clients.Net profits distributable to shareholders in AllianceBernstein LP (the operating partership) totalled USD120.7m for first quarter, compared with USd114.52m in January-March, and USD74.18m in the corresponding period of 2012.For AllianceBernstein Holding LP (the publicly-traded partnership), net profits total USD40.62m, compared with USD38.47m in first quarter, and USD21.34m in April-June 2012, respectively.AllianceBernstein Holding will on 29 August pay a dividend of 41 cents per share (compared with 38 cents in January-March and 21 cents for the second quarter of last year) to shareholders registered as of the close of trading on 12 August 2013.

P { margin-bottom: 0.08in; } In second quarter, net subscriptions at Invesco Ltd fell to USD1.4bn, compared with USD18.7bn in first quarter, and a net outflow of USD8.5bn in the corresponding period of last year.Despite that, assets as of 30 June were down to USD705.6bn as of 30 June (see Newsmanagers of 15 July), compared with USD707.7bn as of the end of March. As of the end of June 2012, assets under management totalled USD627.6bn.Invesco explains in its quarterly report that the decline in assets as of the end of June is due to a negative market effect of USD1.3bn in April-June (though it was positive to the tune of USD30.5bn in January-March), and a decline of USD2.6bn due to currency effects (compared with USD8.9bn in first quarter). As to financial results, Invesco has declared net profits distributable to ordinary shareholders in second quarter down to USD223.7m, from USD225.5m in January-March. However, this total represents a 24.2% increase compared with USD180.1m recorded for the corresponding period of last year.

P { margin-bottom: 0.08in; } The Swiss food and beverage group Nestlé has retained Pimco to manage an Irish-registered global credit fund, the Robusta Global Credit Bond fund, through a cooperation between Robusta Asset Management and the US asset management firm, Citywire reports. The fund has been in existence since December 2004, and the agreement took effect on 31 July. Robusta AM is responsible for the management of the pension fund and other liquidity for the Nestlé group, and its assets as of the end of 2012 totalled CHF8.8bn. In February 2012, Robusta awarded management of an emerging market fund to Schroders.

P { margin-bottom: 0.08in; } Funds People reports that as of 30 June, asset management assets at Santander totalled EUR156.5bn, 2% higher than at the end of December, and 14% higher than one year previously. Of this total, traditional management represents EUR15.7bn, of which EUR98.1bn were for Sicavs and pension plans. In Spain, assets under management totalled EUR54.5bn, compared with EUR43.6bn in Brazil, EUR24.3bn in Mexico, and EUR10.8bn in Mexico [sic]. Non-traditional management (real estate, hedge funds and private equity) had stable assets of USD3bn. Funds People also reports that net profits from asset management in the asset management/insurance unit (see Newsmanagers of 31 July) in first half totalled EUR57m, which represents an increase of 7.7% compared with January-June 2012, due to a rise in assets under administration and a decline in recovery costs.

P { margin-bottom: 0.08in; } The State Street Investor Confidence Index was up by 0.8 points in July 2013, to 107.6, compared with a corrected level of 106.8 for June. It was largely appetite for risk on the part of investors in Asia which was the cause of this increase, as the regional index rose from 89.3 points ot 100.8. To a lesser extent, the appetite for risk on the part of European investors also increased, form 98.2 to 105.7. However, investors in North America became slightly more conservative, resulting in a slight decline for the index from 114 to 113.7. “This month, North American investors were concerned about the rapid rise of equities and interest rates,” says Mr. Froot, co-author of the index. “The risk-on outlook of last month was betting on the fact that the rise in interest rates could not ibe interpreted as ndicating future inflation or growth – it would simply be a reduction in the distortion of the interest rate curve caused by the Fed’s QEIII programme. Investors have returned to a more realistic concern: with or without distortion, an increase in the normal or real interest rate would result in less credit being offered, less leverage, and slower growth. This was shown by the most recent quarterly results, which were mixed. This is also a sign that the previous predictions about growth are, so far, unverified.” Mr. O’Connell, another co-author of the index, says that “the most decisive bet in the scenario which has been playing out since the beginning of the month is what is happening with European and Asian investors. … We are finally seeing the light at the end of the tunnel with adjustments for Chinese growth, where they are acting gently, and taking the occasion to accelerate growth in order to balance their books. As a result, the range of repercussions of real economic growth is, in reality, more limited than it has been for a long time.”

Monceau Assurances est en train de transférer ses fonds gérés jusqu'à présent par La Française AM pour les confier à de nouvelles sociétés de gestion. Ainsi, « Monceau Ethique » est désormais géré par la Financière Responsable, « Monceau Trésorerie », et « Monceau Sélection Internationale » par Financière de la Cité. Les derniers à avoir été transférés sont le fonds « Monceau Sélection France Europe » (200 millions d’euros d’encours) chez Métropole Gestion et le fonds « Monceau Convertibles » (70 millions d’euros d’encours) chez Financière de la Cité. Instit Invest avait fait part, dès le 22 avril dernier, de la dégradation des relation entre la mutuelle et le gérant (cf. rubrique Gouvernance, Article Une journée chez Monceau Assurances). A l'époque, Gilles Dupin nous avait déclaré : « Nous travaillons avec La Française AM mais nous n’en sommes plus actionnaires. Pour l’instant, nous continuons à leur confier la gestion de fonds actions mais nous trouvons que la société a perdu un peu son esprit entrepreneurial depuis son rapprochement avec le groupe UFG ».

Le nombre de demandeurs d’emploi dans la zone euro a baissé en juin pour la première fois depuis plus de deux ans. Selon Eurostat, le nombre de chômeurs inscrits s’est établi à 19,266 millions le mois dernier, en baisse de 24.000 par rapport à mai. Cette très modeste baisse n’a pas empêché le taux de chômage de s’inscrire au niveau record de 12,1% pour le quatrième mois consécutif.

L'économie belge a enregistré une croissance de 0,1% au deuxième trimestre par rapport au premier, selon les premières estimations de la banque centrale du pays. Sur un an, le produit intérieur brut a reculé de 0,1%. La Belgique est le premier pays du cœur de la zone euro à publier des indications sur son activité du deuxième trimestre.

Héritière de SGAM, Société Générale Gestion (S2G) a été condamnée par la commission des sanctions de l’AMF à une sanction de 280.000 euros pour avoir «méconnu des règles aussi importantes que celles relatives à la gestion des conflits d’intérêts, à la valorisation des actifs sous gestion et à l’information des porteurs». Le dossier, qui remonte à 2010, concerne des CDO logés dans un FCP.

Le président Barack Obama a décidé de nommer la gouverneure de la Fed Sarah Bloom Raskin au poste de sous-secrétaire d’Etat au Trésor. Si cette décision est confirmée par le Sénat, elle deviendra la première femme à obtenir un poste aussi élevé au sein du Trésor américain.

A.R. Schmeidler & Co et Goelzer Investment Management vont devoir s’acquitter d’une pénalité de 1,5 million de dollars faute d’avoir appliqué les règles de meilleure exécution au profit de leurs clients. Goelzer indique avoir mis en place un poste à plein temps de responsable indépendant de la conformité.

Une diminution des achats obligataires à compter de septembre reste une option

Après des sorties record au deuxième trimestre, BNPP IP vise 40 milliards d'euros de collecte nette sur des créneaux porteurs, d'ici à 2016

La banque a annoncé hier un plan d’action pour renouer avec la collecte de la gestion d’actifs, après des retraits records de 19 milliards d’euros au deuxième trimestre. Ses encours sont aussi à leur plus bas niveau depuis l’acquisition de Fortis en 2009.

Le Fonds chiffre à 11 milliards d'euros le déficit de financement pour 2014 et 2015. Il pourrait s'aggraver en cas de dégradation de l'économie

Une diminution des achats obligataires à compter de septembre reste une option

La société de gestion australienne AMP Capital se renforce dans la gestion obligataire en Asie. Une équipe de gestion spécialisée vient de voir le jour. Et pour la première fois elle n’est pas basée à Sydney mais à Hong Kong, souligne Asian Investor.Sonia Baillie, head of credit research, déménagera en septembre à Hong Kong où elle rejoindra Nam Nguyen. Ensemble, ils superviseront l’activité de gestion obligataire asiatique et les stratégies de taux.

Après avoir obtenu en juin l’agrément de commercialisation d’ETF à Hong Kong, Direxion a renforcé récemment son équipe commerciale, rapporte Asian Investor. Grace Chiu a rejoint l'équipe en provenance de Horizon Securities, où elle était membre de l'équipe de vente institutionnelle à Hong Kong. Grace Chiu parle cantonais et le mandarin.

Pour janvier-juin 2013, l’Union Bancaire Privée (UBP) a déclaré le 30 juillet un bénéfice net consolidé de 77,2 millions de francs suisses (62,7 millions d’euros) contre 70 millions pour la période correspondante de l’an dernier.Au 30 juin, l’encours sous gestion se montait à 81,1 milliards de francs ou 66 milliards d’euros contre 80 milliards au 31 décembre, ce qui reflète des souscriptions nettes et ne tient nécessairement pas compte des montants correspondant à l’acquisition, annoncée fin mai, de l’activité de banque privée internationale de Lloyds Banking Group, puisque cette transaction ne sera bouclée qu’au 31 octobre 2013.