Le bénéfice net du secteur gestion de patrimoine de la Banque Royale du Canada ou Royal Bank of Canada (RBC) s’est établi au deuxième trimestre au 30 avril de l’exercice 2012/2013 à 225 millions de dollars canadiens, soit un résultat en hausse de 13 millions, ou 6 %, par rapport à l’exercice précédent, qui tient à la hausse de la moyenne des actifs liés aux services tarifés des clients découlant des ventes nettes et de l’appréciation du capital, et à l’accroissement des volumes de transactions, selon un communiqué publié le 30 mai. Comparativement au dernier trimestre, le bénéfice net a toutefois diminué de 8 millions de dollars, ou 3 %, résultat qui tient au fait que la hausse de la moyenne des actifs liés aux services tarifés des clients a été en grande partie neutralisée par le caractère saisonnier des honoraires liés au rendement comptabilisés principalement aux premier et troisième trimestres.Les actifs sous gestion s’inscrivaient fin avril à 370 milliards de dollars canadiens, en hausse de 5% par rapport au trimestre précédent et de 15% par rapport à l’année précédente. Les actifs de long terme, qui avaient atteint fin avril 124,1 milliards de dollars, affichent une progression de 22% depuis mars 2011. Les actifs sous administration s'établissaient fin avril à 605 milliards de dollars, en progression de 2% par rapport au trimestre précédent et de 8% sur un an.Le bénéfice net du secteur services aux investisseurs et trésorerie s’est établi à 67 millions de dollars canadiens, comparativement à une perte nette de 121 millions à l’exercice précédent. En excluant certains éléments liés à RBC Services (ex-RBC Dexia Investor Services) aux investisseurs, le bénéfice net s’est élevé à 98 millions de dollars, soit une hausse de 17 millions, ou 21 %, qui tient principalement aux résultats améliorés de RBC Services aux investisseurs et aux revenus supplémentaires liés à la participation additionnelle de 50 % dans RBC Dexia Investor Services. Ces facteurs ont été neutralisés en partie par la réduction des revenus liés à la gestion des liquidités et du financement. Comparativement au dernier trimestre, le bénéfice net a diminué de 13 millions de dollars, ou 16 %. En excluant la charge de restructuration comptabilisée ce trimestre, le bénéfice net s’est accru de 18 millions de dollars(1), ou 23 %, résultat qui reflète les résultats à la hausse de RBC Services aux investisseurs.

P { margin-bottom: 0.08in; }SIX Financial Information has won SuperDerivatives as new client, a global leader for cloud-based real-time market data, derivatives technology and valuation services for the financial and commodity markets. SuperDerivatives relies on SIX’s real-time pricing data for its market data platform, DGX.

P { margin-bottom: 0.08in; } Net profits for the wealth management unit of the Royal Bank of Canada (RBC) in the second quarter of its 2012/2013 fiscal year, ending on 30 April, totalled CAD225bn, up CAD13m or 6% compared to last year, resulting from net sales and capital appreciation, and higher transaction volumes, according to a statement released on 30 May. Compared to last quarter, net income was down CAD8 million or 3%, as higher average fee-based client assets was more than offset by the seasonality of performance fees recognized primarily in the first and third quarters. Assets under management as of the end of April totalled CAD370bn, up 5% compared with the previous quarter, and 15% compared with the previous year. Long-term assets, which as of the end of April totalled CAD124.1bn, are up 22% since March 2011. Assets under administration as of the end of April totalled CAD605bn, up 2% compared with the previous quarter, and 8% year on year. Investor & Treasury Services net income was CAD67 million compared to a net loss of CAD121 million a year ago. Excluding certain items related to RBCIS, net income of CAD98 million increased CAD17 million or 21%, largely due to improved results in RBCIS and incremental earnings related to our additional 50% ownership, which were partially offset by lower funding and liquidity revenue. Compared to last quarter, net income was down CAD13 million or 16%. Excluding the restructuring charge this quarter, net income increased CAD18 million or 23%, reflecting improved results in RBCIS.

P { margin-bottom: 0.08in; } The 13th annual Global Wealth Report from Boston Consulting Group (BCG) finds that last year, private wealth increased by 7.8%, to USD135.5trn, after increases of 3.6% in 2011, and 7.3% in 2010. The acceleration of the increase is primarily due to the positive evolution of share prices in second half.The number of millionaire households in US dollars reached 13.8 million at the end of last year, 0.9% of the total number. The highest density of billionaires is in Qatar, with 143 households out of 1,000.The BCG also finds that offshore wealth in 2012 increased by 6.1%, to USD8.5trn. It is expected to increase “modestly” to USD11.2trn as of the end of 2017, due to intense pressure by tax authorities.Wealth managers are facing reduced growth and profitability in the next five years, and are expected to take measures to react. Growth is moving to developing markets, clients are becoming more demanding, regulations are becoming stricter, margins are shrinking, and business is becoming increasingly complex.As a result, wealth managers are expected to move to high-growth markets, where there are a significant percentage of high net worth clients. They will have to offer targeted solutions, industrialize their operations, and strive for lean front-to-back business processes.

RobecoSAM and S&P Dow Jones Indices on May 30 announced the launch of the Dow Jones Sustainability Diversified Indices Family (DJSI Diversified Family). The new offering provides investors with a family of indices designed to have risk/return characteristics similar to standard global equity benchmarks, but with significantly greater representation to more sustainable companies.The DJSI Diversified Family follows the same construction approach used in standard benchmark index families. It covers 26 developed market and 20 emerging market countries and replicates the regional and sector allocation of the S&P Global LargeMidCap Index while taking sustainability performance into account. Companies’ sustainability profiles are evaluated using RobecoSAM’s proprietary Corporate Sustainability Assessment (CSA) methodology.The DJSI Diversified index family includes Dow Jones Sustainability World Diversified Index Dow Jones Sustainability World Developed Diversified Index Dow Jones Sustainability Emerging Markets Diversified Index Dow Jones Sustainability Europe Diversified Index Dow Jones Sustainability North America Diversified Index Dow Jones Sustainability Asia Pacific Diversified Dow Jones Sustainability Emerging Markets Plus Diversified Index Dow Jones Sustainability World Developed ex Korea Diversified Index

P { margin-bottom: 0.08in; } Artemis Investment Management has hired Richard Pursglove as head of retail from September this year. Strengthening Artemis’ existing sales team and reporting to Artemis’ head of asset gathering, Dick Turpin, he will be responsible for the future development and delivery of Artemis’ retail distribution strategy. Richard Pursglove had been head of UK third party distribution at Goldman Sachs Asset Management since October 2011.

P { margin-bottom: 0.08in; } UBS Wealth Managers has recruited four client advisers for wealth management on the British market, Finews repors. Matt Hoyne joins UBS in Edinburgh, from Lloyds. Simon Pearson and Richard Walker will be added to teams in Manchester. They had previously worked for Lloyds and Brown Shipley, respectively. Lastly, Carl Tremlin joins from Lloyds Mayfair Private Banking, and will work in London, serving clients in the South of England. The recruitments come in a favourable context for UBS on the British market, particularly in areas outside London. Assets under management by UBS Wealth Managers have increased by 50% in the past four years.

The European Securities and Markets Authority (ESMA) on May 30 announced that it has approved co-operation arrangements between EU securities regulators, with responsibility for the supervision of alternative investment funds (AIFs), including hedge funds, private equity and real estate funds, and 34 of their global counterparts. ESMA has negotiated the agreements on behalf of all 27 EU Member State securities regulators as well as the authorities from Croatia, Iceland, Liechtenstein and Norway. While ESMA has negotiated the MoUs centrally, they are bilateral agreements that must be signed between each EU securities regulator and the non-EU authorities. These co-operation arrangements are a key element in allowing EU securities regulators to supervise efficiently the way non-EU alternative investment fund managers (AIFMs) comply with the rules of the Alternative Investment Fund Managers Directive (AIFMD), and are a pre-condition in allowing non-EU AIFMs access to EU markets or to perform fund management activities on behalf of EU managers.

Vanguard Asset Management has launched the Vanguard U.K. Short-Term Investment Grade Bond Index Fund, which offers income and accumulation shares. The new tracker fund is designed for investors seeking diversification of their fixed income allocation with a portfolio of high-quality bonds with shorter maturities. The fund’s target benchmark is the Barclays Global Aggregate 500MM U.K. Non-Government 1-5 Year Float Adjusted Bond Index, the pound sterling subset of the broader parent index, the Barclays Global Aggregate Float Adjusted Bond Index. The total expense ratio (TER) is 0.20%. The fund complements Vanguard’s existing all-maturity U.K. Investment Grade Bond Fund and expands its sterling-denominated fixed income mutual fund range to six.

P { margin-bottom: 0.08in; } The Australian pension fund AvSuper has awarded a mandate to the Martin Currie group, based in Edinburgh, to provide management of an allocation dedicated to global emerging markets, Citywire reports. It is the fifth mandate to be won by Martin Currie on the Australian market. The aviation fund AvSuper Fund will invest in a mandate managed by the head of emerging markets at Martin Currie, Kim Catechis, and the portfolio manager Andrew Ness. The amount of the mandate has not been disclosed. The Global Emerging Markets team at Martin Currie (6 people) manage about USD1bn in assets.

P { margin-bottom: 0.08in; } Neuberger Berman Europe has signed a distribution agreement in Italy with Skandia Vita, a life insurance platform, Bluerating reports. Three new funds from the US firm will be available to subscribers to insurance policies: Neuberger Berman Short Duration High Yield Bond Fund, Neuberger Berman China Equity Fund, and Neuberger Berman US Real Estate Securities Fund.

P { margin-bottom: 0.08in; } On 29 May, Fidelity Merrimack Street Trust filed an application (form N-1A) for the Fidelity Mortgage Securities ETF with the SEC. The fund currently has neither a ticker nor a TER.It will be an actively-managed fund, which will invest at least 80% of its assets in investment grade mortgages and repos of securities of this type. The portfolio may also invest in US public debt, and will endeavour to maintain a risk level similar to that of the Barclays US MBS Index.Exposure to risk will be adjusted through the use of leverage via derivatives (swaps, futures and options, futures contracts), and the management team may allocate assets to various market segments and maturities.

P { margin-bottom: 0.08in; } The investment firm Meridiam infrastructure on 30 May announced the financial closing of a project to construct and renovate 3,000 student residences in the United Kingdom for the University of Hertfortshie, and the Uliving consortium, which will be responsible for the deaign, financing, construction and operation of the units. The financial contribution from Uliving will be made through unincreased bonds for a total amount of GBP214m, or about EUR250m. The Uliving consortium joins Meridiam, majority shareholder with 55%, Bouygues Développement (13.3%), Centro Place Investments, an affiliate of Derwent Living (13,3%), the University of Hertfordshire (13.3%) and Legal & General Assurance Society (5%). The University of Hertfordshire is located in Hatfield, a Northern suburb of London and historic heartland of the British aeronautics industry.

P { margin-bottom: 0.08in; } NYSE Arca on Thursday admitted two ETFs from State Street Global Advisors (SSgA) to trading, the PDR Barclays 1-10 Year TIPS ETF (ticker TIPX), whose TER is 0.15%, and the SPDR S&P Global Dividend ETF (WDIV), which charges 0.58%.

P { margin-bottom: 0.08in; } The range of products from Turgot Asset Management was on 26 April complemented by the creation of Turgot Oblig Plus, which the firm is now offering for sale and which is led by Bertrand Billé, from Efigest.The fund, “managed in a flexible and wealth management manner,” may be invested according to opportunities in all types of international bonds (government, corporate, financials, convertibles, hybrids, etc.) and may hedge itself in case of interest rate increases (sensitivity to rates between -2 and +5).The non-benchmarked performance objective is to outperform the Eonia by at least 100 basis points. The fund is composed at least 50% of bonds rated investment grade by at least one of the big three ratings agencies (S&P, Moody’s, Fitch), and a maximum of 25% convertible bonds.CharacteristicsName: Turgot Oblig PlusISIN code: FR001120549Front-end fee: 2%Ongoing fees: 2.47%Performance commission: 30% of performance exceeding the Eonia + 100 basis points

P { margin-bottom: 0.08in; } HSBC Global Asset Management (HSBC GAM) has made two promotions on its Asian equity team: Sanjiv Duggal, who manages the largest Indian equity fund on the planet, the GIF Indian equity fund, with USD3.2bn, becomes head of the Indian and Asian equity unit. The senior portfolio manager Viresh Mehta has also been promoted to head of equities for the Indian market at HSBC GAM. The team dedicated to Indian equities is expected to be reinforced. The HSBC group has also announced that its prime brokerage team in Asia-Pacific would like to double its assets in hedge funds in the next 12 months. According to AsiaHedge, HSBC is the largest hedge fund administrator in the region.

P { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) has formally approved the registration of the Economist Intelligence Unit (EIU), based in the United Kingdom, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 3 June 2013. There are currently 20 registered and two certified CRAs in the EU. Amongst the 20 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 33.

P { margin-bottom: 0.08in; } The French association of investors for growth (AFIC) on 30 May issued a statement welcoming the adoption on the same date by the US private equity asspciations of European standards for reporting and evaluation of stakes. These standards are now globally applicable. The standards laid out by the International Private Equity and Venture Capital Valuation Guidelines Board (IPEV) have been officially adopted by the U.S. National Venture Capital Association (NVCA) and the Private Equity Growth Council (PEGCC), the organisations which include the major players in private equity in the United States. These standards, developed by French, British and European private equity associations (AFIC, BVCA and EVCA) are already shared by more than 40 national private equity associations in Europe, Asia, Africa, Oceania, and Canada. These are now also adopted by the largest private equity market in the world: the United States. “This step shows both the need to adopt common standards for all of the private equity industry, which is now largely converted by international investors who need a reference and a consistent means of evaluation between countries and continents. It is also a sign of the growing influence of Europe in matters of accounting benchmarks which are appropriate for private equity, while retaining their compatibility with US GAAP and IFRS standards,” the AFIC says in a statement.

P { margin-bottom: 0.08in; } According to Citywire, most German-registered funds from Sal. Oppenheim will be transferred to another Deusche Bank affiliate, DWS, while the Luxembourg-registered products will retain the Sal. Oppenheim brand name. Fondsprofessionell also reports that Amelie Harms was on 1 May promoted to director of wealth management for retail clients at Sal. Oppenheim, after four years as head of customer services at Oppenheim Fonds Trust (OPFT).

The private equity investors Warburg Pincus and General Atlantic will acquire 50% of the holding company for the asset management arm of Santander, Santander Asset Management (EUR152bn), for slightly over EUR1.023bn, which corresponds to nearly 1.35% of assets. The transaction, which is expected to be closed by the end of the year, will bring the Spanish group net capital gains of EUR700m, Santander says in a statement releaed on Thursday evening.Santander AM is present in eleven countries : Germany, Argentina, Brazil, Chile, Spain, Luxembourg, Mexico, Poland, Portugal, Puerto Rico and the United Kingdom. Its two major markets by assets under management are Spain, with EUR45.4bn, and the United Kingdom, with EUR24.4bn.

P { margin-bottom: 0.08in; } Sallfort Privatbank is launching its private banking service, “Private Banking Reloaded.” It is an offer aimed at young high net worth clients aged under 40, according to finews. It will be led by Mike Bauer, head of private banking, and Patrick Liotard Vogt, primary shareholder and chairman of the social network “AsmallWorld,” himself aged under 30. The Reloaded range will offer a selection of services including asset management, direct investments and coaching and advising in the creation of businesses.

P { margin-bottom: 0.08in; } The alternative asset management firm Gottex has founded a joint venture with the New Zealand firm Staples Rodway Asset Management Ltd (SRAM). The joint venture will be active in New Zealand under the name Gottex AR Funds Ltd (GSRF) and will offer multi-asset investment products to New Zealand investors seeking diversified international investment exposure, Gottex announced in a statement on May 30. Guy Holroyd is the managing director of GSRF, and the existing SRF International Capital Growth Fund, established in 2011, is being folded into the joint venture and rebranded as the Gottex SR Multi-Asset Global Fund. Bill Landes, senior managing director and CIO of Gottex Multi Asset business, will be closely involved in the management of the fund. The creation of the entity represents a further step in the development strategy of Gottex in Asia, and follows the announcement earlier in May of a new partnership with Astmax in Japan. SRAM is part of the Stables Rodway group, an association of six independent accounting firms through New Zealand, providing businesses and individuals with accounting advice and business related services. As of 31 March 2013, assets under management by Gottex totalled USD6.4bn.

P { margin-bottom: 0.08in; } The branch of Cambridge Associates in Singapore has received a license from the monetary authority MAS to offer capital market services, which will allow it to offer local clients complete outsourcing of their asset selection and allocation processes, Asian Investor reports. The firm has also opened a second office in Singapore.

P { margin-bottom: 0.08in; } The Danish firm Sparinvest is preparing to launch the Sparinvest-Haitong Money Market RMB fund in August with Haitong Securities. It will be a money market fund denominated in yuan, whose management will be provided by Haitong International (USD10bn in Hong Kong), Citywire reports.The CEO of Sparinvest, Per Noesgaard, has also stated that by the end of the year, the Danish business will legally become a subsidiary of its Luxembourg office. He also states that due to cost reductions, net profits will double this year from EUR8.8m in 2012.

P { margin-bottom: 0.08in; } The Brazilian asset management firm Victoire Brasil Investimentos is launching its first fund in France, Victoire Brasil Select Funds UCITS, which invests in Brazilian equities. The Luxembourg-registered product will be available from Amadé Global Partners, a third party marketer with whom the Latin American structure has teamed up to develop on the French and Spanish markets. Victoire Brasil Select Funds UCITS, which is actively-managed, offers exposure to Brazilian equity markets. The investment universe is composed of all shares listed in Brazil without constraints as to sector, style or cap size. The portfolio, with assets of nearly EUR54m as of 30 March, is concentrated on 20 mid-sized companies. Victoire Brasil Investimentos, founded in 2004, is 100% owned by the team and manages over EUR800m as of 28 March 2013. The structure is not the first Brazilian asset management firm to enter France. Bradesco Asset Management, an affiliate of a major Brazilian bank, has also been serving French investors for several months.

P { margin-bottom: 0.08in; } Brian Schaub and Chad Meade, who have recently left Janus Capital Group (Newsmanagers of 14 May 2013), have joined the alternative asset management firm Arrowpoint Partners, based in Denver, as Janus is, and co-founded by their former colleague David Corkins, the news agency Bloomberg reports. The two managers will concentrate on investment opportunities in corporate small and midcaps, their area of expertise. At Janus, they had managed two of the best funds from the firm, the Triton fund (USD4.9bn under management) and the Venture Fund (USd2.3bn in assets under management). Assets under management at Arrowpoint total about USD2.2bn.

P { margin-bottom: 0.08in; } As a result of growing and expanding demand for fiduciary solutions (i.e. investment outsourcing) among corporate defined benefit plans, non-profits and healthcare systems, Russell is shifting two long-time Russell employees to new leadership roles in the company’s U.S. fiduciary solutions business, which has served clients for more than 30 years. Lisa Schneider, who has worked at Russell for 25 years, has been named to the role of managing director, non-profits and healthcare systems. To fill her former role, 25-year Russell veteran Bruce Clarke has been promoted to managing director, client service. Schneider is charged with developing the suite of investment strategies, products and reporting tools for Russell’s non-profit and healthcare system clients and prospects.Clarke is responsible for oversight of all national client service strategies and initiatives and leads the service team in the delivery of strategic advice, implementation solutions and administrative services to Russell’s investment management clients.

P { margin-bottom: 0.08in; } After the acquisition of the branches of Lloyds TSB in Spain, Banco Sabadell has acquired the onshore private banking activity of the British firm in Miami, Funds People reports. This will allow Sabadell to increase its assets managed by its international branch in Miami to USD5bn, and assets managed by the group in Florida to USD12bn, with Sabadell United Bank.

P { margin-bottom: 0.08in; } The founder of Skandia Best Ideas, Alan Durrent, and the former multi-manager from F&C and Architas Richard Philbin have teamed up to launch the new multi-manager activity from Harwood. Durrant will be CEO of the new activity, which will be a part of the Harwood Capital group. Philbin will be chief investment officer. Harwood Multi Manager, which has yet to receive regulatory approval, is planning to launch a series of multi-manager funds, which will be subject to a very strict volatility budget.

La société d’investissement française a bouclé un financement obligataire d’infrastructures novateur en consortium avec Bouygues. L’opération n’a nécessité ni garantie ni rehaussement ce qui constitue une première pour un «project bond». Cela ouvre la voie à d’autres émissions du même type.