P { margin-bottom: 0.08in; } Intech Investment Management, an affiliate of Janus Capital Group, has launched strategies benchmarked against the MSCI Emerging Markets and All Country World indices as part of its absolute volatility product range. The new products aim to meet the expectations of institutional investors seeking to diversify their market allocation, while displaying potential for capital appreciation and an absolute risk profile lower than that of the cap size-weighted index. The Emerging Markets Managed Volatility strategy from Intech, for example, aims to outperform the benchmark index by 3% to 4%, while generating risk which is lower than the index by about 25% on average. The Emerging Markets Low Volatility strategy has a performance objective near that of the market, but seeks to generate an average risk about 35% lower than the MSCI Emerging Markets index. Relative performance strategies, for their part, aim to generate returns of 3% to 4% and the lowest tracking error possible.

P { margin-bottom: 0.08in; } ING Investment Management has reconstructed its emerging market debt team, dispersed at the beginning of this year. “We have virtually reconstituted … the entire team,” Hans Stoter, CIO of ING Investment Management since February, tells Newsmanagers. “Out of a team of 35 people taking into account portfolio managers, analysts, traders, and various support functions, we had only 16 people in February, after 19 people left. There are now 25 of us, with two more people on gardening leave,” says Stoter. The reconstruction is also related to a new architecture which has reduced the size of the team from 35 to 28. “Through efficiency gains and taking into account the loss of a few accounts, especially in Asia, we have set up a new structure of 28 people, instead of 35 previously. With 25, we are very near 28. We are waiting for an answer from one candidate and the two remaining vacant positions are expected to be filled in the next few weeks,” says Stoter. In four months, ING has reconstructed virtually all of its emerging market debt team. “We have experts in each sector. We are still missing a portfolio manager specialised in local currencies, a manager for Asia, and a credit analyst. The new team has average experience of over 12 years, with a top head, Jeremy Brewin, who was recently qualified by Citywire as number 1 in the EMD HC sector. It was essential for us to act rapidly without compromising quality. We are known on the market for our expertise in emerging markets. We wanted to retain this expertise,” says Stoter. The success of the reconstruction has not prevented some erosion of assets. “Following the departures, we were not able to prevent the loss of some assets. We were not able to avoid it even though we had improved our performance. Assets under management in emerging market debt (EMD) totalled EUR12.9bn at the beginning of the year. We are now at about EUR8.5bn and we may stabilise at about EUR7bn. In other words, we are still a very important manager in the EMD sphere and in light of the quality of our new team, we are planning to build from there,” says Stoter. The new head of ING IM does not plan any fundamental changes to strategy. “There are no fundamental changes to our strategy, which is based around our multi-boutique architecture. We would like to maintain our strong presence in fixed income, with recognised expertise in corporate bonds, either investment grade or high yield. We would like to grow in multi-asset which seems to us to be underdeveloped in continental Europe.” More products may be offered in the next few months. “In the near future, we are going to launch an opportunistic credit strategy. Later, probably in fourth quarter, we are going to launch a frontier market debt strategy.”

P { margin-bottom: 0.08in; } Two of the oldest private bank in Europe, the Swiss firm Landolt 7 Cie and the Belgian firm Degroof S.A., have announced that they have formed a strategic partnership, according to a statement released on 4 July. The partnership resulted in the merger on 1 July this year of Landolt & Cie and the Swiss affiliate Degroof, Luxembourg, which is a subsidiary of Degroof S.A. The new firm, which will retain the name of Landolt & Cie, is headquartered in Switzerland and will remain a Swiss private bank. Landolt & Cie is a bank founded in 1780. It has changed its legal format, and became a limited company on 1 January this year, rather than a limited partnership, in which managing partners were indefinitely liable for the business with their own assets. Swiss shareholders are majority shareholders in the new entity born of the merger with Degroof Switzerland. Landolt & Cie has “more than two centuries of exclusive management of the private wealth of Swiss and international clients.” “From century to century, Landolt & Cie, which is headquartered in Lausanne, has been able to adapt to many changes in the political, economic and legislative environment,” it says. Banque Degroof, founded in 1871, 100 years later than Landolt & Cie, is an independent private and business bank. It is present in seven countries, while Landolt & Cie is present only in Switzerland. Total assets under management have not been disclosed.

P { margin-bottom: 0.08in; } Edmund Wandeler, senior sales manager and director at DWS Switzerland in charge of German-speaking Switzerland and Liechtenstein, has joined Aberdeen Asset Managers Switzerland in Zurich for senior business development in charge of German-speaking Switzerland. Aberdeen has CHF17.3bn in assets under management in Switzerland.

Mirabaud Asset Management has recruited Simon Götschmann in Zurich to complete its Swiss equity team, announced the Swiss bank on July 4. He joined on 1 July 2013 and completes the team consisting of Matthias Egger, specialist for Swiss small- and mid-caps, and Nicolas Bürki, specialist for Swiss large-caps.Götschmann will initially be the analyst for Swiss equities, supporting both Egger and Bürki on the management of the Swiss equity products.The Swiss equity team manages close to CHF 800m, consisting of three funds: Mirabaud – Equities Swiss Small and Mid, Mirabaud Fund (CH)Swiss Equities, DM Swiss Equity Asymmetric, as well as Swiss equity mandates.Götschmann joins from Helvea where he was an analyst covering Swiss equities.

P { margin-bottom: 0.08in; } According to the Financial Services Register of the Bank of England, Kleinwort Benson on 26 June recruited Fadi Zaher as head of bonds & currencies. He will report to Mouhammed Choukeir, CIO. Zaher was previously head of fixed income sales & trading at Barclays Wealth & Investment Management. At his new employer, he will be responsible for designing solutions for ultra-high net worth individuals (UNHWI) in the United Kingdom and the Channel Islands.

P { margin-bottom: 0.08in; } For USD285m, or GBP185m in case, the US firm The Hartford is selling its variable annuities operation in the United Kingdom (USD1.75bn, or GBP1bn, under administration) from its affiliate Hartford Life International Limited (HLIL) to Columbia Insurance Company, a company of the Berkshire Hathaway group led by Warren Buffett.The transaction, which is pending the approval of regulatory authorities, would bring a net loss for The Hartford of about USD110m in second quarter 2013.

P { margin-bottom: 0.08in; } In its “interim management statement” for the quarter ending on 30 June, Liontrust Asset Management Plc has announced that despite volatility on equity and bond markets, net subscriptions have totalled GBP302m, more than triple the level in the corresponding period of last year (GBP93m). Assets as of 28 June totalled GBP265m, compared with GBP3.039bn as of 1 April. Market effects were negative in the quarter under review byGBP76m, Institutional assets were down by GBP21m between 1 April and 30 June, to GBP480m, while real assets in the United Kingdom totalled GBP2.352bn, compared with GBP2.263bn. The volume in offshore funds increased to GBP433m from GBP275m.

P { margin-bottom: 0.08in; } RBC Wealth Management, of the Royal Bank of Canada group, has announced the appointment of Mike Moodie as vice president and managing director, Ultra High Net Worth, RBC Wealth Management – British Isles and Caribbean, Investment Europe reports. Moodie, previously head of RBC Management in the United Kingdom, will continue to be based in London and will begin in his new role on 1 September 2013.

P { margin-bottom: 0.08in; } Allianz Global Investors has launched its new conviction equity fund Allianz Europe Equity Growth Select in Italy, Bluerating reports. The fund, managed by Thorsten Winkelmann and Matthias Born, is composed of 30 to 45 positions.

P { margin-bottom: 0.08in; } Natixis Asset Management has announced on its website that from 5 July, modifications will be made to the Mirova Euro Sustainable Equity fund (M share class: FR0010653733 / S share class: FR0011194224 / IC share class: FR0010653725 / RC share class: FR0000970840 / RD share class: FR0010653741) and on its feeder fund Fructi Euro ISR (C share class: FR0010032169).In practice, the FCP can now make investments in European equities not denominated in euros for up to 10% of net assets. The mutual fund may carry a currency risk of up to 10% of net assets. The minimal investment and minimum exposure to euro zone equities will increase from 75% to 80% of net assets.

P { margin-bottom: 0.08in; } Although many hedge funds finished the month of June with losses, some funds did well, with positive returns at the end of June, Institutional Investor Alpha reports. Among the good ones are Caxton Global Investment, up 2.25% in June and 15.9% since the beginning of the year. If the fund continues on this path, 2013 will be the best year since 2002. Other hedge funds which have done well in June include Kensington and Wellington from Citadel, managed by Kenneth Griffin, up 1.3% in June.

P { margin-bottom: 0.08in; } UBS Global Asset Management has listed a risk-weighted ETF for trading on the SIX Swiss Exchange, based on a multi-asset portfolio (MAP). The UBS-ETF MAP Balanced 7 UCITS ETF offers a way to invest simultaneously in equities, bonds, cash and commodities. Due to the concept of risk parity, all asset classes are weighted according to their volatility in order to contribute equally to the risk profile of the ETF. The product aims for stable performance and limited risk of loss. The ETF complies with the UCITS IV directive with synthetic replication. It is domiciled in Ireland and denominated in US dollars.Allocation is moderated to take into account market inclinations with the UBS Dynamic Euqity Risk Indicator (DERI). The DEIR is published by UBS Equity Research and measures inclinations and propensity to risk on global financial markets each trading day. During phases of market disturbance, the UBS MAP can convert its equity and commodity allocations to cash. The strategy relies on various indicators to measure market conditions day to day and limit losses, which are consequently far lower than with a comparable balanced portfolio.CharacteristicsName: UBS-ETF MAP Balanced 7 UCITS ETFISIN code: IE00B95FFX04Flat fee: 1.75%

P { margin-bottom: 0.08in; } Private equity funds investing in Asia have raised USD9bn in second quarter, of which USD6bn went to the Asian fund from KKR alone, according to statistics communicated by Preqin, Asian Investor reports. In second quarter 2012, Asian funds had raised USd9.8bn. Asia represented less than 10% of USD122bn raised worldwide by private equity funds in second quarter, compared with USD90bn in second quarter 2012. In Europe, private equity funds attracted USD32bn in second quarter, compared with USD17.7bn in second quarter 2012.

Switzerland ranks first among the most attractive international financial centres in 2013, according to a study by PwC. But Singapore may dethrone it in the next two years, while London is catching up. The private banking sector is also undergoing profound changes due to the economic context, as well as due to changes in the behaviour of its clients, according to the Global Private Banking Survey 2013. “Switzerland remains the most attractive financial centre in the eyes of clients,” according to the PwC study. But the Swiss financial centre is rivalled by “local financial centres in emerging countries» mainly due to the pressures to obtain more transparency According to the survey, Switzerland, and all major financial centers, will have to develop specific expertise to differentiate from each other, since the mounting pressure from transparency and regulation has somewhat lessened the differences that had been existing between financial centers.

Allianz Global Investors vient de lancer en Italie son nouveau fonds actions de convictions Allianz Europe Equity Growth Select, rapporte Bluerating. Ce fonds géré par Thorsten Winkelmann et Matthias Born est composé de 30 à 45 titres.

Les fonds de capital investissement en Asie ont levé 9 milliards de dollars au deuxième trimestre, dont 6 milliards de dollars pour le seul fonds asiatique de KKR, selon des statistiques communiquées par Preqin, rapporte Asian Investor. Au deuxième trimestre 2012, les fonds asiatiques avaient levé 9,8 milliards de dollars.L’Asie a ainsi représenté moins de 10% des 122 milliards de dollars levés dans le monde par les fonds de private equity au deuxième trimestre, contre 90 milliards au deuxième trimestre 2012.En Europe, les fonds de capital investissement ont drainé 32 milliards de dollars au deuxième trimestre contre 17,7 milliards de dollars au deuxième trimestre 2012.

AXA Private Equity, détenteur de 40% du capital d’HISI (Holding di Investimenti in Sanità e Infrastrutture), annonce aujourd’hui avoir signé un accord pour l’acquisition de la participation d’Unicrédit. A la suite de cette acquisition réalisée via ses fonds d’infrastructure, AXA Private Equity détiendra 80% du capital d’HISI. HISI est la holding qui possède 65% de la société Genesi Uno détentrice d’une concession de 28 ans pour la conception, la construction et l’exploitation d’un hôpital de 550 lits à Legnano en Lombardie.

Les taux de rendement de la dette souveraine portugaise ont poursuivi leur détente vendredi après des propos jugés rassurants du Premier ministre Pedro Passos Coelho selon lesquels le gouvernement avait trouvé une solution permettant d’assurer la stabilité de la coalition gouvernementale. Toutefois, les investisseurs attendent d’en savoir plus sur cette «formule», dont le Premier ministre n’a fourni aucun détails. Le rendement de la dette portugaise à 10 ans retombe de 32 points de base (pdb) à 7,08% vers 11h40.

Les autorités chinoises ont suspendu la publication de l’indice PMI officiel mensuel des directeurs d’achat pour des raisons de temps nécessaire pour l’analyse d’un trop grand flux de réponse. « Nous avons à présent 3.000 réponses dans l’enquête, et d’un point de vue technique, le temps est limité », explique Cai Jin, vice-président de l’organisme de compilations des données du Bureau nationale des statistiques chinois.

L’Association bancaire japonaise a annoncé aujourd’hui la création d’une instance indépendante de surveillance opérationnelle du taux interbancaire local, le Tibor (Tokyo interbank offered rate). Des auditeurs externes seront mis à contribution afin d’améliorer la transparence quant aux modalités de détermination du taux nippon.

Si la Banque Populaire de Chine en a fait une priorité, la BCE estime qu'elle passe par une levée des contraintes pesant sur les marchés financiers

Le montant des actifs du fonds souverain de Singapour a progressé de 8,6% sur l’exercice à fin mars pour culminer à 130 milliards d’euros

Elle entre dans une nouvelle ère en adoptant une politique d'orientation des anticipations

Elle entre dans une nouvelle ère en adoptant une politique d'orientation des anticipations

La Banque d'Angleterre maintient sa politique inchangée mais se dit inquiète de la hausse des taux et se dirige vers l'orientation des anticipations

L’agence de notation chinoise veut devenir une alternative à S&P, Moody’s et Fitch mais sera payée par les émetteurs, comme ses concurrentes

Les conservateurs font pression en sens inverse sur le gouvernement. Le FMI réclame un rééquilibrage de l'ajustement budgétaire

Les actionnaires du numéro un français du coffret cadeau, qui réalise un chiffre d’affaires voisin de 400 millions d’euros, ont mandaté selon le quotidien la banque Lazard en vue d’une cession. Il s’agirait d’une «deuxième tentative après un premier round de discussions mené il y a dix-huit mois». Le fondateur Pierre-Edouard Stérin est le principal actionnaire avec son fonds Otium Capital.

Cédric Fouché, Gérant de fonds de fonds, AG2R La Mondiale à la rédaction de www.institinvest.com : Actuellement, il semble intéressant de privilégier les approches value. Ces dernières années, ce style a sous-performé par rapport à la gestion de croissance. Les bons gérants value devraient donc rattraper ce retard cette année en bénéficiant d’un retour à la moyenne dans les prochains mois. Je fais de la sélection d’OPCVM traditionnels et alternatifs de type Newcits et je participe à la construction et au suivi de fonds de fonds pour les unités de comptes du groupe AG2R - La Mondiale. Pour cela, nous avons une approche de type c??ur-satellite. Dans le c??ur (35 à 55% des encours) sont logés des fonds indiciels car nous croyons à l’efficience des marchés. Néanmoins, nous consacrons en moyenne 40% du portefeuille à la gestion stock-picking. Quand la volatilité est importante, nous avons tendance à renforcer nos investissements dans les fonds indiciels, ce qui nous permet de sécuriser une partie de nos profits. Et quand, à l’inverse, elle baisse, nous augmentons la part de nos investissements en stock-picking. Depuis octobre-novembre 2012, certains stock-pickers ont généré beaucoup d’alpha et nous avons ainsi pu en profiter. Nous préférons sécuriser notre c??ur en investissant dans des fonds indiciels et les fonds pressentant un faible « écart de suivi » par rapport à l’indice car les stock-pickers peuvent se tromper même quand les conditions de marché sont favorables. Nous ne pouvons pas prendre trop de risques si nous voulons continuer à pouvoir honorer nos engagements. Or, les stock-pickers qui arrivent à générer de la performance sur le long terme sont assez rares. Pour investir dans un fonds stock-picking long only, nous avons besoin que celui-ci affiche 120 millions d’euros d’encours. Pour un fonds long short, les ratios d’emprise sont moins importants. Par conséquent, le fonds peut afficher seulement 40 à 50 millions d’euros d’encours.