Le fonds de pension californien CalPERS a annoncé le 26 juin avoir engagé 50 millions de dollars dans Clearlake Capital, un capital investisseur californien. Cet investissement est l’un des dix tickets pris par CalPERS l’an dernier dans le cadre de son programme d’investissement dans le private equity.Clearlake a déjà fait partie d’un programme d’investissement de CalPERS consacré aux nouveaux gérants par le biais d’une exposition à un fonds de fonds. Le nouvel engagement est investi directement dans le fonds Clearlake Capital Partners III, qui s’intéresse en priorité aux PME en difficulté.CalPERS a investi 36,7 milliards de dollars dans des sociétés de capital investissement entre 2006 et 2008, approuvant plus de 130 fonds. Depuis, le fonds de pension a investi 5,2 milliards de dollars dans 23 fonds.

Avec le nouveau Global Allocation Fund, le gestionnaire de Baltimore T. Rowe Price vient de lancer son fonds d’allocation d’actifs avec le spectre le plus large d’une gamme dont l’encours représentait fin mars 138 milliards de dollars.Il s’agit d’un mutual fund dont le portefeuille pourra être investi dans une vingtaine de segments d’actifs, en général à 60 % en actions, 30 % en obligations et numéraire et 10 % en alternatif. Environ 40 % de l’encours seront placés en actions et obligations internationales de pays développés aussi bien qu’émergents.La gestion du fonds est confiée à Charles Shriver assisté de Stefan Hubrich.CaractéristiquesDénomination: Global Allocation FundAcronymes:RPGAX (investor class)PFGAX (advisor class)Taux de frais sur encours :1,05 % (investor class)1,15 % (advisor class)Souscription minimale :2.500 dollars:ou 1.000 dollars pour les plans de retraite

Les PME cotées affichent encore des performances économiques flatteuses en 2012. C’est ce qui ressort de l'étude des comptes des petites et moyennes sociétés cotée à Paris, réalisée par IDMidcaps pour Les Echos. Tant sur le plan des performances économiques que boursières, elles sont parvenues à limiter l’impact de la crise dans leurs états financiers et font mieux que le CAC 40. Le résultat net, part du groupe, agrégé de 242 valeurs de l’indice CAC Mid & Small, affiche même un bond de 41 % en 2012, à presque 5 milliards d’euros. Cependant, Areva fausse un peu l’analyse, relève le quotidien. Le groupe nucléaire avait enregistré une perte historique en 2011, résultant de dépréciations passées à la suite du rachat d’UraMin, de la catastrophe de Fukushima et de retards d’un chantier. Aussi, en retraitant les résultats d’Areva, les bénéfices du CAC Mid & Small baisseraient de 15 %. Une performance tout à fait honorable, puisque les entreprises du CAC 40, sur une base équivalente, ont vu, elles, leurs résultats fondre de 23 %, entre 2011 et 2012.

Après un exercice 2011 relativement bon en termes de résultats, les entreprises du CAC 40 ont-elles poursuivi sur leur lancée l’an dernier ? Selon le Profil Financier du CAC 40, publié ce jour par Ricol & Lasteyrie et fondé sur l’analyse des états financiers 2012 publiés au printemps 2013, il apparaît, au contraire, que presque tous les indicateurs de performance sont orientés à la baisse en 2012 : résultat net, résultat opérationnel, rendement des capitaux propres...La dégradation de l’environnement économique a conduit les entreprises du CAC 40 à déprécier pour près de 17 milliards d’euros d’actifs, un record depuis la création du Profil Financier du CAC 40 qui souligne la perception du caractère durable du ralentissement économique.Depuis deux ans, le montant d’actifs dépréciés s’élève à 30 milliards d’euros. Alors que les entreprises avaient relativement peu déprécié leurs actifs au plus fort de la crise économique en 2009, cet accroissement témoigne d’un changement de perspective. Face à la faiblesse durable de l’activité économique, nombre d’entreprises reconnaissent désormais que certains volets de leurs plans d’affaires doivent être revus à la baisse. Les goodwills constituent le premier poste (72 %) concerné par les dépréciations.La rentabilité des entreprises s’est fortement détériorée en 2012. Hormis le chiffre d’affaires qui affiche une légère progression (en périmètre pro-forma), les autres indicateurs d’activité sont en baisse : les bénéfices chutent de 28 %, la marge opérationnelle revient à 8,2 %, un niveau proche de son plus bas de 2009, le rendement des capitaux propres est tombé à 6,5 % pour l’indice CAC 40, et même à 2,7 % dans le secteur Banques et Assurances.Le Profil souligne par ailleurs que le CAC 40 poursuit son internationalisation. Les sociétés de l’indice ont réalisé 30 % de leur chiffre d’affaires en France en 2012 contre 31 % en 2011. La part du chiffre d’affaires réalisée en Europe est stable à 62%.

Après le rachat de Salvepar il y a quelques mois, Tikehau, jeune société spécialisée en capital-investissement et gestion d’actifs doit annoncer, ce matin, une prise de participation de 35 % dans le britannique Duke Street, rapporte Les Echos. Le montant de l’opération, réalisée par augmentation de capital, n’est pas dévoilé. Une option est prévue pour une montée majoritaire dans le capital à long terme. Duke Street est actif en France depuis une dizaine d’années et était entré par exemple dans le capital de Marie Brizard (de 2000 à 2006) ou des hôtels B&B (de 2003 à 2005). Gérant environ 3 milliards d’euros, Duke Street compte encore grandir, relève le quotidien.

Barclays Capital envisage de fermer son Barclays Capital Radar fund lancé il y a quatre ans en raison du peu d’intérêt manifesté par les investisseurs pour cette stratégie, rapporte Fundweb.Les actifs sous gestion de ce fonds de rendement s'élèvent à tout juste 9,8 millions de dollars et ses performances n’ont manifestement pas été à la hauteur des attentes des investisseurs.

Funds Europe rapporte que M&G Real Estate va ouvrir sa stratégie d’investissement sur l’immobilier britannique aux investisseurs étrangers. Cette activité pèse 580 millions de livres d’encours gérés depuis 1971 pour le compte d’investisseurs institutionnels britanniques, sous la responsabilité, actuellement, de Dermot Kieman.Selon ce dernier, l’immobilier commercial britannique est devenu beaucoup plus attrayant pour les investisseurs étrangers depuis la dépréciation de la livre contre plusieurs devises depuis 2007. De plus, les prix de l’immobilier au Royaume-Uni sont à présent à 30 % en-dessous de leur niveau le plus élevé.

Legal & General Assurance Society vient d’acquérir la société britannique spécialisée dans les contrats d’"annuities» Lucida auprès de LCM Holdings pour un montant de 151 millions de livres, rapporte Investment Week.La transaction, qui devrait être bouclée au troisième trimestre, s’inscrit dans la volonté du groupe britannique d’accélérer sa croissance.

P { margin-bottom: 0.08in; }A:link { } The Luxembourg-based firm Alceda Fund Management (EUR5.4bn in assets under administration) on 26 June announced that it has signed a cooperation agreement with the Australian firm APN Property Group which will soon result in the release of a Special Investment Fund (SIF) which will be the re-domiciled UCITS-compliant version of the Asian REIT Fund.APN (USD2.1bn in assets) is a specialist in high yielding securities from the Asia-Pacific region, with a particular emphasis on REITs and equities in companies of the undervalued infrastructure and public services sectors, and offering long-term visibility.

P { margin-bottom: 0.08in; } The former head of communication at Hauck & Aufhäuser, Felix Höpfner, has since early June been serving as director of marketing at BHF-Bank (Deutsche Bank group). It is a newly-created position, Das Investment reports.

P { margin-bottom: 0.08in; }A:link { } The former head of retail distribution at BlackRock for Germany, Austria and Eastern Europe until October 2012, Andrej Brodnik, has been recruited by Jupiter Asset Management as director of distribution for Germany, Austria and Switzerland, Das Investment reports.

P { margin-bottom: 0.08in; } Following the recent departures in February of Christian Wrede, managing director, and then of Klaus Mühlbauer, director of distribution, in June, Fidelity Germany has confirmed to fondsprofessionell that Marion Dreßler is leaving the position of head of corporate & marketing communications Germany & Austria.Until a permanent successor can be found, Dreßler will be replaced by Ellen Posch, head of Continental Europe Marketing in Luxembourg since 1 July 2012 (see Newsmanagers of 9 July and 16 October 2012).So far, Fidelity Germany does not appear to have found a successor for the positions of CEO and director of distribution.On Wednesday afternoon, Das Investment has reported for its part that Stephan Volkmann, director of private wealth and private banking, also left the business, effective immediately.

P { margin-bottom: 0.08in; }A:link { } Six experts in the ETF sector are seeking to popularise the investment vehicle on the Swiss market through an organisation of “ETF Ambassadors” who seek to familiarise investors with the ETF universe and improve their knowledge of the subject with a website (etfambassadors.ch) and monthly seminars. Among the experts behind the initiative are Christian Gast, head of iShares for Switzerland, Frank Mohr, head of ETF-Sales Trading at Commerzbank, Alain Picard, head of Product Management at SIX Swiss Exchange, and Marcel Wagner, head of Index Selection at Credit Suisse. Only 3.7% of assets in European funds are invested in passive investment products.

P { margin-bottom: 0.08in; } The Spanish Arcano group has appointed José Luis der Río as deputy director of its asset management unit. He will be responsible for developing the launch and management of investment products aimed at Spanish and foreign institutional investors, Funds People reports. He will co-operate closely with the four partners at Arcano who are specialised in asset management, Ignacio Sarría, Manuel Mendivil, Pedro Hamparzoumian and Yuliya Kaspler.Luis del Río was a founder of N+1. He is leaving the positions of chairman of N+1 gestión and N+1 Patrimónios.Arcano Asset Management has EUR2.5bn in assets under advisory and management in private equity.

P { margin-bottom: 0.08in; }A:link { } The annual general meeting of the Spanish Inverco association of asset management firms on Wednesday elected Javier Palomar (Ibercaja Gestión) as chairman of the group of investment funds, replacing Lázaro de Lázaro (Santander AM), Funds People reports. It has also elected Miguel Colombás (Allianz Popular Pensiones) as president of the group of pension funds. He succeeds Rocio Eguiran (Bankia Pensiones).

L’association britannique des gestionnaires d’actifs (IMA) envisage de mettre en place une déclaration de principes qui gouvernera les activités de ses membres tout en servant de référence pour le développement du secteur.Le directeur général de l’association professionnelle, Daniel Godfrey, a publié sur son blog une série de propositions qui s’inscrivent dans la volonté de l’association de restaurer la confiance des investisseurs, «sérieusement écornée» au cours des cinq dernières années.Outre la déclaration de principes, l’IMA souhaite publier un document de recommandations sur internet qui identifie «les dossiers critiques que doivent traiter les gestionnaires d’actifs là où la nécessité de gérer les conflits d’intérêts est la plus forte».L’IMA souhaite donc recueillir l’avis de ses membres sur ses problématiques tout en travaillant parallèlement à la rédaction du document avec le CFA Institute et le Chartered Institute for Securities and Investment.

P { margin-bottom: 0.08in; }A:link { } The European asset and fund management association (EFAMA) has sent a letter to the members of the Economic Commission of the European Parliament to express concerns about the most recent developments concerning the planned PRIPS investment product regulations. It is true that the project, which is fundamental for the protection of investors and the creation of a more consistent space for the sales of retail products, has been on the negotiating table since 2007. EFAMA regrets that recent talks about PRIPS in the European Parliament have been increasingly distanced from the initial regulatory approach, which was that of the Commission, threatening the feasibility of the project overall. Among other things, says EFAMA, an extension of the perimeter to non-packaged products and the introduction of rules concerning eligible assets could render the bill inapplicable. It is also unlikely that a compromise will be found on reasonable time-frames, due to the divergences surrounding the parliamentary debate on a corpus of over 700 amendments. The new areas for discussion, which are not based on impact analysis, have not been subject to consultation either, which may be expected to considerably delay passage of the PRIPS regulations, the professional organisation predicts. EFAMA reiterates its commitment to the initiative and estimates that the Commission’s proposals represent a balanced basis, which could nonetheless be improved on some points, but which should not be completely thrown into question with an entirely new regulatory approach. EFAMA therefore invites members of European parliament to put the priority objectives of the project at the centre of their concerns, namely the publication of high-quality, standardised product information. The text of the letter published on the EFAMA website is attached: http://www.efama.org/Publications/Public/PRIPS/EFAMA_Letter_Industry_vo…

P { margin-bottom: 0.08in; }A:link { } With the new Global Allocation Fund, the Blatimore0based asset management firm T. Rowe Price has launched an asset allocation fund with the wider spectrum in a range whose assets as of the end of March totalled USD138bn.It is a mutual fund, whose portfolio may be invested in 20 asset segments, generally with 60% in equities, 30% in bonds and cash and 10% in alternative assets. About 40% of assets will be placed in international equities and bonds from developed and emerging countries.The management of the fund is provided by Charles Shriver with the assistance of Stefan Hubrich.CharateristicsName: Global Allocation FundTickers:RPGAX (investor class)PFGAX (advisor class)Total expense ratio:1.05% (investor class)1.15% (advisor class)Minimal subscription:USD2,500 or USD1,000 for pension plans

P { margin-bottom: 0.08in; }A:link { } For its open-ended real estate fund Deka-Immobilien Europa (ISIN code: DE0009809566; assets of EUR12.19bn as of 31 March), Deka has acquired the La Fayette office building in Paris from the Canadian firm Ivanhoé Cambridge.The total sale price for the property, with 28,700 square metres, of which 27,400 square metres are offices rented to Arevaet, and 1,300 square metres of housing, has not been disclosed.

P { margin-bottom: 0.08in; } The New York-based hedge fund management firm Direxion (USD6.5bn as of 31 Mrch) has announced the launch on NYSE Arca of the ETF Direxion Daily Japan Bull 3x Shares (acronym: JPNL), and the direxion Daily Japan Bear 3x Shares (JPNS).They are triple and inverse leveraged products, replicating the MSCI Japan Index, which covers equities in Japanese companies listed in Tokyo, Osaka and Nagoya, as well as on the Jasdaq.The total expense ratio for both funds is 1.08%.

P { margin-bottom: 0.08in; } Van Eck Global on 26 June announced the admission to trading on the NYSE Arca platform of the Israel ETF, under the ticker ISRA. It is the most recent product of the Market Vectors range which includes 53 products.The fund will aim to replicate the BlueStar Israel Global index (BLST), which is primarily composed of businesses listed on the Tel Aviv stock exchange. The three major sectors as of 24 June were IT (29.9%), healthcare (26.3%) and finance (19.1%).The total expense ratio (TER) of a gross 0.73% is limited to 0.59% until 1 May 2015, which is slightly below the TER of the iShares MSCI Israel Capped Investable Market Index Fund (ticker EIS), which charges 0.60%.

P { margin-bottom: 0.08in; }A:link { } The French pension fund, Fonds de réserve pour les retraites (FRR), has launched a request for proposals to select one to three providers of financial management for active management mandates invested in Japanese equities. For this bidding process, the public market procedure selected is that of a restricted request for proposals. The request for proposals concerns the active management of one to three mandates, which will implement exposure to Japanese equities of all cap sizes. For purely indicative purposes, the FRR estimates that the total amount of funds placed for management may be set at EUR400m. Each mandate in the present round of bidding is signed for a period of four years from notification, with a possible one-year extension. Interested asset management firms have until 24 July 2013, at 12:00 Paris time, to respond to the FRR within the conditions specified by the consultation rules.

P { margin-bottom: 0.08in; }A:link { } The Californian pension fund CalPERS on 26 June announced that it has engaged USD50m in Clearlake Cpaital, a California-based private equity investor. The investment is one of ten made by CalPERS last year as part of its private equity investment programme. Clearlake has already been a part of a CalPERS investment programme dedicated to new managers with exposure through a fund of funds. The new engagement is invested directly in the Clearlake Capital Partners III fund, which focuses primarily on distressed SMEs. CalPERS invested USD36.7bn in private equity firms betweeen 2006 and 2008, approving more than 130 funds. Since then, the pension fund has invested USD5.2bn in 23 funds.

P { margin-bottom: 0.08in; } The investment boutique Rainier Investments, located in Seattle, has recruited the former UBS equity manager Sam Console, as an addition to the large caps unit, Citywire reports. Console, who left the asset management unit of UBS in April this year, joined Rainier in early May as a manager in the team dedicated to US equities, with a senior portfolio management function. Assets under management at Rainier Investments total about USD12.5bn.

P { margin-bottom: 0.08in; } Paul Hawtin, the founder of the Twitter hedge fund, which uses algorithms to detect investor moods on social networks and to invest as a result, is launching a new investment company which appears to be aiming to exploit the same vein, COOConnect reports. The Twitter hedge fund, entitled Derwen Absolute Return Fund, launched in 2011, was closed in February 2013 due to a lack of interest on the part of investors. The new strategy, Cayman Atlantic, launched last year, aims to detect investment opportunities on the basis of data collected from social networks in real time. It has gained 13.76% since its launch in July 2012.

P { margin-bottom: 0.08in; }A:link { } After the acquisition of Salvepar a few months ago, the young private equity and asset management specialist firm Tikehau is expected to announce this morning that it hs acquiring a 35% stake in the British firm Duke Street, Les Echos reports. The price of the acquisition, through a capital increase, has not been revealed. An option on a majority stake in capital in the long term is being offered.Duke Street has been active in France for 10 years, and has seen investments from Marie Bizard (from 2000 to 2006) and B&B hotels (from 2003 to 2005). With about EUR3bn in assets under management, Duke Street still plans to grow, the newspaper adds.

P { margin-bottom: 0.08in; } Barclays Capital is planning to close the Barclays Capital Radar fund, launched four years ago, due to the limited interest shown by investors in the strategy, Fundweb reports. Assets under management in the fund total barely USD9.8bn, and its performance has manifestly not been up to the level of investor expectations.

P { margin-bottom: 0.08in; } The fund of hedge fund unit of Man Group, FRM, has announced that it has signed a strategic partnership with CommEq Asset Mangement. FRM will provide seed capital to CommEq, to help the latter firm to launch an institutional asset management business.CommEq, which was founded by Christofer Solheim, a Norwegian entrepreneur in the IT sector, is seeking sources and flows of underexploited and inadquately structured data which could significantly influence the perception on the market of the businesses concerned, and thus the formation of prices of their securities. CommEq has to this end developed an artificial intelligence prediction engine whose objective is to generate outperformance on the basis of these sources through a systematic and scalable investment strategy.As part of the strategic partnership, FRM will provide CommEq with infrastructure and operational support as well as risk management via its managed accounts platform.

P { margin-bottom: 0.08in; } Funds Europe reports that M&G Investments will open its British real estate investment strategy to foreign investors. The strategy has GBP580m in assets managed since 1971 for British institutional investors, currently under the responsibility of Dermot Kieman.According to Kieman, British commercial real estate has become much more attractive for foreign investors with the depreciation of the pound against several currencies since 2007. In addition, real estate prices in the United Kingdom are now 30% below their peaks.

P { margin-bottom: 0.08in; } Legal & General Assurance Society has acquired the British annuities specialist firm Lucida from LCM Holdings, for a total of GBP151m, Investment Week reports. The transaction, which is expected to be completed in third quarter, comes as part of a desire on the part of the British group to accelerate its growth.