Pour le deuxième trimestre 2013, le pôle gestion d’actifs de JPMorgan Chase a réalisé un bénéfice net de 500 millions de dollars contre 487 millions pour janvier-mars et 391 millions en avril-juin 2012. Sur le premier semestre, le bénéfice a gonflé de 27 % à 987 millions de dollars.Entre début avril et fin juin de cette année, JPMorgan a enregistré des souscriptions nettes de long terme de 25 milliards de dollars, signant ainsi son dix-septième trimestre consécutif de collecte nette. Les actifs gérés au 30 juin, avec 1.500 milliards de dollars, ont marqué une hausse sur un an de 123 milliards ou de 9 %, grâce à la fois aux souscriptions nettes pour les produits de long terme et à l’effet de marché, partiellement compensés par des sorties nettes sur les produits monétaires.Pour les douze mois à fin juin, les souscriptions nettes ont porté sur 67 milliards de dollars grâce à 84 milliards de dollars de rentrées nettes sur les produits de long terme minorées par 17 milliards de sorties nettes sur le monétaire. Au deuxième trimestre, les souscriptions nettes ont été de seulement 3 milliards de dollars, grâce aux 25 milliards de dollars pour les fonds de long terme mentionnés plus haut, qui ont plus que compensé les remboursements nets de 22 milliards sur le monétaire.Au total, le bénéfice net de JPMorgan chase est ressorti pour avril-juin à 6.496 millions de dollars contre 6.529 millions en janvier-mars et 4.960 millions pour la période correspondante de 2012.

La sicav actions euro flexible BBM-Flex de Montpensier Finance est rebaptisée BBM-VFlex* avec l’intervention comme conseil de CBT Gestion. Le DICI précise que l’objectif de gestion de l’OPCVM (éligible au PEA) consiste, au travers d’une gestion discrétionnaire, à rechercher une performance, sur la durée de placement recommandée de 5 ans, supérieure à l’indicateur composite 50% EuroStoxx 50 (dividendes nets réinvestis) + 50% Eonia capitalisé, et diminuée des frais de gestion de 1,794%, par une gestion de type « bottum-up » privilégiant la recherche de la qualité intrinsèque des titres .Cette gestion discrétionnaire, selon la méthode Best Business Models ou BBM de Montpensier Finance, sera combinée à une stratégie d’allocation flexible de l’exposition actions qui pourra varier de 0 à 100% de l’actif net de la sicav par l’utilisation d’instruments dérivés, notamment de contrats futures dans un but de couverture, en s’appuyant sur le conseiller CBT Gestion. Ce dernier interviendra en amont du processus de gestion pour fournir au gérant un avis consultatif sur le niveau d’exposition aux actions de la zone euro de la sicav, en fonction d’indicateurs fondés sur la volatilité des marchés, de la volatilité implicite contenue dans le prix des options.L’autre innovation introduite avec le BBM-VFlex consiste à ne prélever la commission de surperformance de 20 % sur une période annuelle que si la moyenne du couple rentabilité/risque de la sicav s’avère supérieure à celle de l’indice de référence, une «application concrète du principe de recherche de performance dans le respect du couple rentabilité/risque attendu par l’investisseur» précise un communiqué.Cette innovation est proposée à la fois sur des parts (de capitalisation et de distribution) destinées aux investisseurs institutionnels et sur des parts destinées aux investisseurs privés. La sicav est commercialisée par les deux sociétés et totalise aujourd’hui 38 millions d’euros d’encours. CBT gère par ailleurs en direct quelque 165 millions d’euros.* Nouvelles parts : Action AC - ISIN : FR0000286072 (capitalisation)Action AD - ISIN : FR0011020130 (distribution)

Au titre du deuxième trimestre, Wells Fargo & Company a déclaré le 12 juillet un bénéfice record de 5,5 milliards de dollars contre 5,2 milliards pour janvier-mars et 4,6 milliards pour la période correspondante de 2012. De la sorte, le bénéfice net du premier semestre ressort à 10,7 milliards de dollars contre 8,9 milliards pour les six premiers mois de l’an dernier.La division gestion de fortune/courtage/retraite a pour sa part réalisé un bénéfice net de 434 millions en avril-juin contre 337 millions le trimestre précédent et 348 millions pour la période correspondante de 2012.Au 30 juin, l’encours de la gestion de fortune représentait 203 milliards de dollars, ce qui représente une progression de 3 % sur le niveau enregistré douze mois auparavant.

Selon des sources proches du dossier, la Deutsche Bank aurait recruté Caroline Kritidis comme responsable des particuliers haut de gamme aux Etats-Unis, rapporte le Handelsblatt. Il s’agit d’une prise de choix, l’intéressée ayant dirigé chez Goldman Sachs une équipe qui créait des dérivés pour les particuliers et les institutionnels.

La banque australienne Macquarie s’apprête à céder au fonds norvégien Altor 77% du groupe grenoblois Rosssignol. Altor détiendra 80% du capital contre 10 % pour Weber Investissement et 9% environ pour le PDG Bruno Cercley et son équipe.

L’allemand Deka Immobilien indique avoir revendu pour un montant non divulgué l’immeuble de bureaux (17.000 mètres carrés) et de commerces (2.000 mètres carrés) «BAC Colonnade» de Miami à TA Realty Associates.Cet actif faisait depuis 2008 partie du portefeuille du fonds immobilier offert au public Deka-Immobilien Global.Cette transaction permet à Deka Immobilien de se désengager d’un actif situé en périphérie de Miami à un moment où sa stratégie consiste désormais à acquérir des immeubles bien situé en centre ville dans les métropoles américaines.

Le fonds de private equity Dyal Capital Partners, géré par Neuberger Berman, a acheté pour un montant non divulgué une participation minoritaire passive dans le gestionnaire alternatif new-yorkais Waterfall Asset Management (2,3 milliards de dollars) auprès du fonds incubateur de private equity M.D. Sass-Macquarie Financial Partners géré par M.D. Sass-Macquarie Financial Strategies.Waterfall restera dirigé par ses co-fondateurs, Jack Ross et Tom Capasse et conservera le plein contrôle de son activité et de son processus d’investissement. La transaction est structurée de manière à permettre aux cadres clés de la société d’augmenter leur participation au capital.

Au total, l’encours des quatre gestionnaires américains publiant à peu près simultanément des statistiques mensuelles (AllianceBernstein, Franklin Templeton, Invesco et Legg Mason) avait plongé au 30 juin de 82,3 milliards de dollars sur fin mai, à un total de 2.600,1 milliards de dollars.La diminution la plus forte, avec 31,5 milliards de dollars à 815 milliards, a été subie par Franklin Templeton, dont les encours de fonds actions ont baissé de 13,1 milliards (à 313,5 milliards) pendant que ceux des fonds obligataires se contractaient de 16,1 milliards (à 365,7 milliards).Chez Invesco, la fonte a été de 24 milliards, à 705,6 milliards de dollars, avec une diminution de 9,3 milliards à 321,4 milliards pour les actions et de 4,9 milliards pour les obligations à respectivement 321,4 milliards et 173,1 milliards, les fonds monétaires reculant à 77,8 milliards contre 82,7 milliards.Le recul chez AllianceBernstein s’est situé à 17 milliards, pour revenir à 435 milliards de dollars, dont 13 milliards de contraction pour les produits obligataires, à 257 milliards de dollars.Legg Mason affiche pour sa part une diminution de de 9,8 milliards de dollars en juin, à 644,5 milliards, à cause notamment d’une chute de 11,8 milliards pour les fonds obligataires à 351 milliards, mais les fonds monétaires ont collecté vu leur encours augmenter de 3,8 milliards, à 129,1 milliards.

BNY Mellon prévoit de renforcer son équipe distribution en Asie, indique Asian Investor. La première étape a consisté à recruter récemment Mark Speciale au poste de responsable de la distribution auprès des institutionnels dans la région. Basé à Singapour, ce dernier a désormais pour mission de dynamiser les encours et de renforcer l'équipe locale. L’intéressé était auparavant chez Capital Management, où il était dernièrement vice président responsable des ventes et des services clients pour l’Asie Pacifique hors Japon.

La banque privée Notenstein est de plus en plus présente sur le marché suisse des produits structurés. Elle a recruté Sinah Wolfers et Claudio Topatigh, qui viennent tous les deux de la Banque cantonale de Zurich et qui sont spécialisés dans ce domaine, indique Finews. Claudio Topatigh sera head of sales produits structurés, Sinah Wolfer viendra renforcer l'équipe sell side.

La CNMV a enregistré le 5 juillet le fonds Ohana Europe lancé par Renta 4 Gestora et conseillé par Saúl Sala Peñalver au travers de la société Epomanager. Ce produit diversifié utilise comme indices de référence de Stoxx Europe 600 Price pour les actions et l’Eonia + 200 points de base pour la partie obligataire. Le portefeuille sera investi en titres cotés et émis dans l’UE.Le gérant est autorisé à placer au maximum 10 % de l’encours dans d’autres fonds d’investissement coordonnés ou non, le reliquat étant investi en actions et en obligations sans pourcentage prédéterminé.CaractéristiquesDénomination : Ohana Europe, FICode Isin : ES0167198003Commission de gestion : 1,4 %Commission de banque dépositaire : 0,1 %

Dans une notification à la CNMV, Banca March a annoncé avoir décidé de faire usage de son droit de préemption et d’acheter pour 217,4 millions d’euros Banco Inversis, dont la vente au Banco Privado Andorrano (BPA) pour plus de 200 millions avait déjà été pratiquement conclue. Banca March évite ainsi qu’Inversis ne tombe dans l’escarcelle d’un concurrent direct, BPA étant la maison-mère de Banco Madrid.Jusqu'à présent, Banca March détenait 5 % d’Inversis contre 38,4 % pour Bankia, 15,1 % pour le Sabadell, 12,98 % pour Indra, 9,9 % pour El Corte Inglés, 8,9 % pour Cajamar et 5,2 % pour Telefónica.Simultanément Banca March a indiqué avoir conclu un accord pour la revente des activités de banque de détail de Banco Inversis à Andbank (rivale du BPA) pour 179,8 millions d’euros.Une fois cette scission opérée, Banca March vendra une participation de 50 % dans Banco Inversis au groupe portugais Orey Antunes.Inversis affiche un encours sous gestion de 40,6 milliards d’euros, dont 4,5 milliards pour le compte de particuliers.

P { margin-bottom: 0.08in; } The CNMV on 5 July lissued a license for the Ohana Europe fund, launched by Renta 4 Gestora, and advised by Saúl Sala Peñalver, via the Eopmanager company. The diversified product uses the Stoxx Europe 600 Price as a benchmark for equities, and Eonia + 200 basis points for the bond portion. The portfolio will be invested in publicly-traded securities issued in the European Union.The manager is permitted to invest a maximum of 10% of assets in other investment funds, either UCITS-compliant or not, while the remainder will be invested in equities and bonds without pre-determined proportions.CharacteristicsName: Ohana Europe, FIISIN code: ES0167198003Management commission: 1.4%Depository banking commission: 0.1%

P { margin-bottom: 0.08in; } The Australian bank Macquarie is planning to sell 77% of the Grenoble-based Rossignol group to Altor. Altor will control 80% of capital, compared with 10% for Weber Investment and about 9% for the chairman and CEO, Bruno Cercley, and his team.

P { margin-bottom: 0.08in; } According to sources familiar with the matter, Deutsche Bank is reported to have recruited Caroline Kritidis as head of high net worth retail investors in the United States, Handelsblatt reports. Kritidis is a choice catch, as at Goldman Sachs she led a team that created derivatives for retail and institutional investors.

P { margin-bottom: 0.08in; } On 12 July, Fitch Ratings lowered its long-term rating of French government debt denominated in foreign exchange as well as in local currency to AA+ from AAA, while maintaining a stable outlook. The country had already lost its AAA rating from S&P and Moody’s last year.Among the motives for the downgrade, the ratings agency cites the fact that the debt/GDP ratio for France is now expected to reach a peak of 96% in 2014, up from 94% projected in December. Fitch also predicts that the ratio will fall only to 92% by 2017, rather than the 90% previously predicted.The fiscal projection range is primarily negative, due to uncertain growth outlooks and the persistent crisis in the euro zone, even supposing that there is no hesistation in the implementation of budgetary austerity.Meanwhile, economic activity and projections are substantially lower than when Fitch revised its outlook to negative in December 2011.

P { margin-bottom: 0.08in; } In second quarter, Wells Fargo & Company on 12 July announced record profits of USD5.5bn, compared with USD5.2bn in January-March, and USD4.6bn in the corresponding period of 2012. Net profits in first quarter totalled USD10.7bn, compared with USD8.9bn in the first six months of last year.The wealth management/brokerage/pension division, for its part, has seen net profits of USD434m in April-June, compared with USD337m the previous quarter, and USD348m in the corresponding period of 2012.As of 30 June, assets in wealth management totalled USD203bn, which represents an increase of 3% compared with the level recorded 12 months previously.

P { margin-bottom: 0.08in; } BNY Mellon is planning to add to its distribution team in Asia, Asian Investor reports. The first step is the recent recruitment of Mark Speciale as head of distribution to institutionals in the region. He will be based in Singapore, and will aim to bring dynamism to assets and recruit for the local team. Speciale joins from Capital Management, where he had most recently been vice president responsible for sales and customer service in Asia-Pacific ex Japan.

P { margin-bottom: 0.08in; } The private equity fund Dyal Capital Partners, managed by Neuberger Berman, has acquired a passive minotrity stake in the New York-based hedge fund firm Waterfall Asset Management (USD2.3bn) from the private equity incubator fund M.D. Sass-Macquarie Financial Partners, managed by M.D. Sass-Macquarie Financial Strategies.Waterfall will continue to be led by its founders, Jack Ross and Tom Capasse, and will retain full control of its activities and its investment processes. The transaction is structured in such a way as to allow key executives at the asset mangement firm to increase their stake in its capital.

P { margin-bottom: 0.08in; } In second quarter 2013, the asset management unit at JPMorgan Chase posted net profits of USD500m, compared with USD487m in January-March, and USD391m in April0-June 2012. In first half, profits increased 27%, to USD987m.Between the beginning of April and the end of June this year, JPMorgan poted long-term net subscriptions of USD25bn, for a 17th consecutive quarter of net inflows. Assets under management as of 30 June, at USD1.5trn, were up year on year by USD123bn, or 9%, due both to net subscription to long-term products and to market effects, partially compensated by net outflows from money market products.In the twelve months to the end of June, net subscriptions totalled USD67bn, due to USD84bn in net inflows to long-term products, minus USD17bn in net outflows from money markets. In second quarter, net subscriptions totalled only USD3bn, due to USD25bn for the aforementioned long-term funds, which more than offset net redemptions of USD22bn from money markets.Overall, net profits at JPMorgan Chase in April-June totalled USD6.496bn, compared with USD6.529bn in January-March, and USD4.960bn in the corresponding period of 2012.

P { margin-bottom: 0.08in; } The German firm Deka Immobilien has announced that it has resold the office (17.000 square metres) and commercial (2,000 square metres) property “BAC Collonade” in Miami to TA Realty Associates.The property had since 2008 been in the portfolio of the open-ended real esate fund Deka-Immobilien Global.The transaction will allow Deka Immobilien to unload a property located on the outskirts of Miami, at a time when its strategy is to acquire properties located in the centre of major US cities.

P { margin-bottom: 0.08in; } Psigma Investment Management (PIM) has announced that it has acquired AXA Framlington Portfolio Management, the private client activity of Axa Framlington. The acquisition is subject to the approval of the regulator, who will announce a final verdict in September, according to a press release. PIM, an affiliate of De Punter Southall Group, has GBP1.5bn in assets under management.AXA Framlington Portfolio Management offers portfolio management services to private clients, on assets totalling GBP380m. The three managers, Rupert Hunter, Michael Firth and Jon Gould, with six employees in support positions, will all join PIM.The sale follows a strategic reshuffle decided on by Axa Framlington last year. The firm, which has over EUR50bn in assets, hopes to continue to grow serving retail and institutional clients.

P { margin-bottom: 0.08in; } As the unemployment rate in the United States remains 60 basis points above the level perceived as a trigger for a slowdown in bond repurchases by the US Federal Reserve, investors have partly focused on the corporate results season for second quarter, which began in early July, EPFR Global observes. Optimism about the outlooks for US and Japanese firms as well as for some European groups has allowed US and European equity funds to post their strongest net subscriptions since third quarter 2011 and second quarter 2012, respectively, while Japanese equity funds continued the inflows they had begun in mid-January.Overall, equity funds monitored by EPFR Global in the week to 10 July posted net inflows of USD13.6bn, while retail demand remained at its highest level in 21 weeks. Bond funds, for their part, posted net outflows of USD2.69bn. Money market funds, for their part, attracted USD34bn, the highest level in 27 weeks, while US products contributed over two thirds of net inflows.EPFR Global also comments that emerging market equity and bond funds have seen net redemptions of over USD3bn in total for the fifth time in the past six weeks.

P { margin-bottom: 0.08in; } At the end of this year, total asset management assets worldwide are expected to total USD70.400trn, which is USD20.000trn more than their nadir in 2008, Cerulli Associates estimates. The United States continue to drive this increase, but Euopre is expected to have increased the volume of its assets under mangement to USD5.900trn since 2008.The most recent study by Cerulli finds that as of the end of 2012, France stood in sixth place worldwide for household financial savings, with USD5.000trn, after the United States (USD30.000trn), Japan (USD18.000trn), the United Kingdom (USD7.200trn), China (USD6.8oootrn), and Germany (USD6.4000trn).In terms of assets in investment funds as a percentage of financial savings, France is in sixth place, with 16%, after the United States (38.8%), Canada (26.6%), Sweden (18.1%), Australia (17.7%), and Switzerland (17.5%).Cerulli has also released a projection of net revenue for fund management firms worldwide until 2017. For equities, it is expected to gradually rise to USD101.8bm, from USD66.1bn last year. For bonds, its projection shows USD48.3bn in 2017, compared with USD28bn in 2012.In the area of balanced funds, specialists at Cerulli project USD17.4bn in 2017, compared with USD12.2bn last year, while the “miscellaneous” category is expected to total USD9.2bn, up from USD6.5bn in 2012. For money markets, Cerulli predicts USD7.1bn, compared with USD8.3bn as of the end of last year.

P { margin-bottom: 0.08in; } The Russell Emerging Markets index lost nearly 1% between 1 July and 8 July, and since the beginning of this year, more than 7%, This development comes amidst increasing regional political instability and declining growth in China, a statement from Russell Investments states. The index has also posted negative growth of 8.4% in second quarter alone.Russell notes, however, that although the Russell BRIC index (Russia, Brazil, India and China) has fallen since the beginning of the year (-11.3%), as of 8 July, some markets also showed net increases, including the United Arab Emirates (+46%), Philippines (+8.1%) and Malaysia (+8.1%), the best-performing countries on the Russell Emerging Markets index from the beginning of the year to 8 July. At the other extreme, Brazil (-21%), Greece (-16.6%) and South Africa (-15.1%) saw the worst performance in this period.

P { margin-bottom: 0.08in; } According to statistics from BarclayHedge and TrimTabs Investment Research, on the basis of results provided by 3,368 hedge funds, alternative funds posted their strongest net subscriptions in more than two years in May, with USD18.5bn, compared with only USD430m in April. Hedge funds overall posted inflows in first half of USD35.7bn, compared with barely USD484m in the corresponding period of last year.In June, the 1,498 funds who had released results as of 14 July saw average losses of 1.30%, which reduces the total for first half to 4.31%. Of the 17 sub-indices, only four showed gains in June, while the two strongest performances were for the 17 tech funds (+1.17%), and the 59 equity market neutral funds (+0.68%). The heaviest loses were from the 245 emerging market funds (-3.86%), and the 30 distressed securities funds (-2%).Since the beginning of the year, the heaviest losses have been from the three equity short bias funds (-15.80%), while the other strategy that showed losses was emerging markets (-0.29%). The best two strategies for first half overall were Pacific Rim emerging market equities (+13.08%) for 40 funds, and the healthcare & biotechnology segment, with 10.60% for 27 funds.

P { margin-bottom: 0.08in; } According to Morningstar, US long-term mutual funds in June saw net outflows of USD47.29bn, compared with net inflows of USD38.6bn in May and USD37.8bn in April. They are the heaviest redemptions since USD105.6bn in October 2008. In first half overall, long-term mutual funds posted net inflows of USD215.2bn.Outflows in June were largely due to taxable-bond funds with USD43.78bn in net outflows, and to municipal bonds, which saw net redemptions of USD16.37bn.The asset management firms most severely affected by net redemptions of open-ended fund shares in June were Pimco (USD14.48bn), Fidelity (USD5.14bn), and Vanguard (USD4.88bn). American Funds, Franklin Templeton and JPMorgan saw respective net outflows of USD3.9bn, USD2.01bn and USD1.01bn.Among the top ten promoters in terms of assets, only two show net subscriptions in June. They are Dimensional Fund Advisors (USD938m) and T. Rowe Price (USD118m).

P { margin-bottom: 0.08in; } Overall, assets for the four US asset management firms which release monthly statistics more or less simultaneously (AllianceBernstein, Franklin Templeton, Invesco and Legg Mason) fell by USD82.3bn as of 30 June compared with the end of May, to a total fo USD2.6001trn.The steepest decline, from USD31.5bn to EUR815bn, was at Franklin Templeton, whose assets in equity funds fell by USD13.1bn (to USD313.5bn) while bond funds contracted by USD16.1bn (to EUR365.7bn).At Invesco, the decline totalled EUR24bn, to USD705.6bn, with a decline of USD9.3bn to USD321.4bn for equities, and USD4.9bn for bonds, to USD321.4bn and USD173.1bn, respectively, while money market funds are down to USD77.8bn from USD82.7bn.The decline at AllianceBernstein totalled USD17bn, to USD453bn, of which USD13bn was contraction for bond products, to USD257bn.Legg Mason, for its part, shows a decline of USD9.8bn in June, to USD644.5bn, largely due to a decline of USD11.8bn for bond funds, to USD351gbn, but money market funds, due to an increase in assets of USD3.8bn, were up to USD129.1bn.

P { margin-bottom: 0.08in; } The Wall Street Journal reports that a group of victims of Bernard Madoff is rumoured to have accepted an out-of-court settlement by which the Connecticut Community Bank and its affiliate Westport National Bank would agree to repay a portion of the USD60bn lost by investors who attacked the two banks for tailing to detect the fraud by Bernard Madoff years before the scandal broke. The information comes from plaintiffs who did not accept the settlement.The bank is also facing a lawsuit from the court-appointed trustee for the business interests of Madoff, who is seeking USD28m.

P { margin-bottom: 0.08in; } The trial of French trader Fabricee Tourre, a former employee of Goldman Sachs, begins today in New York, Les Echos reports. The financier in 2007 created Abacus, a complex product, largely consisting of real estate securities. He crisscrossed Europe to sell the product to clients, and meanwhile teamed up with billionaire John Paulson to play the same product for a loss. The stratagem brought in USD1bn in capital gains for Paulson, and USD2bn in bonuses for Tourre. Investors, for their part, lost USD1bn. Tourre, who has left Goldman Sachs, unlike the bank, has refused all out-of-court settlements with the market authority. This would have involved a lifetime ban on practising in finance.