Fidelity Worldwide Investment lance deux fonds de dette émergente sur le marché français, annonce la société le 27 mai.Le premier, FF Emerging Market Corporate Debt Fund, lancé le 20 mars 2013, est un fonds d’obligations d’entreprises émergentes géré par Andrei Gorodilov. Il est investi dans 150 à 200 obligations émises par des entreprises domiciliées principalement dans les pays émergents incluant l’Amérique latine, le Sud-est asiatique, l’Afrique, l’Europe de l’est (Russie comprise) et le Moyen-Orient. Le second, le fonds FF Emerging Market Local Currency Debt Fund, lancé le 12 avril 2013 et géré par Steve Ellis (gérant principal) et Eric Wong (co-gérant) vise à générer de la performance en investissant dans des obligations émergentes libellées en devise locale et émises principalement par des pays émergents incluant l’Amérique latine, le Sud-Est asiatique, l’Afrique, l’Europe de l’est (Russie comprise) et le Moyen-Orient.Désormais, la gamme dette émergente de Fidelity compte quatre fonds, en incluant le FF Emerging Market Debt Fund et le FF Emerging Market Inflation-Linked Bond Fund.Les deux fonds sont des compartiments de la Sicav de droit luxembourgeois Fidelity Funds.Caractéristiques : FF Emerging Market Corporate Debt Fund : Code ISIN : LU0900495697FF Emerging Market Local Currency Debt Fund : Code ISIN : LU0900493726L’investissement minimum est de 2 500 USD pour les parts de classe A (commission de gestion annuelle de 1,2 %).

Le FCPR dédié aux infrastructures Eurofideme 2, à travers sa participation dans Wotan S.A, a annoncé le 27 mai la création d’une joint-venture détenue à 50% avec le groupe forestier suédois Holmen, destinée à la construction et à l’exploitation d’une ferme éolienne de 51 MW dans le comté de Stockholm. Le FCPR est géré par Mirova Environment and Infrastructure, filiale de Natixis Asset Management. Le projet, développé par Holmen sur ses terrains à Norrtälje, prévoit la construction d’un parc de 17 éoliennes Vestas 112-3MW, correspondant à une production annuelle estimée à 165 GWh. Ce parc devrait être lancé fin 2014 et permettra à Holmen d’exploiter ses grandes capacités de production d’électricité de source éolienne sur ses propriétés forestières.Avec un investissement total de 76 millions d’euros, la ferme éolienne onshore est située sur la seule zone qualifiée d’intérêt national dans le comté de Stockholm.

A l’issue de l’Assemblée générale du 15 mai 2013, le Général de Corps Aérien Pierre Bourlot a été élu Président du GMPA (Groupement Militaire de Prévoyance des Armées). Pierre Bourlot occupait précédemment le poste de secrétaire général adjoint de la Défense et de la Sécurité nationale (service du Premier Ministre), avant de rejoindre, en tant que délégué général, le Groupement des Industries Françaises Aéronautiques et Spatiales (fédération professionnelle regroupant plus de 300 sociétés spécialisées dans l’étude, le développement, la réalisation et la commercialisation de tous programmes et matériels aéronautiques et spatiaux).

L’ancien ministre de la santé sud-coréen Choi Kwang a été nommé président directeur général du fonds de pension sud-coréen (NPS), dont les actifs sous gestion s'élèvent à plus de 360 milliards de dollars, rapporte Asian Investor.Cette nomination s’inscrit dans le cadre du remaniement en cours dans la haute administration coréenne, engagé par le nouveau président Park Geun-hye. Choi Kwang devait prendre ses fonctions le 27 mai, son prédécesseur, Jun Kwang-woo ayant démissionné le 18 avril dernier.

P { margin-bottom: 0.08in; } According to the CSSF, employement at asset management firms in Luxembourg has risen by 1.17%. The number of positions has increased form 2733 in December 2012 to 2765 as of 31 March this year. This number remains lower than the 2765 jobs recorded at the end of June 2012, at the peak of a surge in the past two years, between March 2011 and March 2013.

P { margin-bottom: 0.08in; } The UK HM Revenue & Customs last week launched a consultation on strategies to combat ways of disguising employment relations as part of limited liability partnership structure, and the manipulation of allocation of profits and losses for tax advantage, Financial Times fund management reports. Joe Seet, senior partner at Sigma Partnership, explains that the latter tactic is widely used by hedge funds to avoid paying taxes on performance commissions, totalling an estimated USD20bn per year.

P { margin-bottom: 0.08in; } The CNMV has issued a sales license for Spain to the Gestión Multiperfil fund from Inversis, Funds People reports. The idea is to open access from EUR4,000 to the discretionary management service which it has been offering to high net worth clients for six years. However, the product is ideally aimed at those with financial savings of EUR30,000 to EUR200,000.The Gestión Multiperfil fund becomes the second Inversis umbrella fund, with five profiled funds of funds, Moderado, Equilibrado, Inversión, Dinámico and Agresivo, whose exposure to equities varies from 10% to 100%.

P { margin-bottom: 0.08in; } According to El Confidencial, the vulture fund Lone Star is seeking to negotiate the acquisition of the realty firm Vallehermoso for a symbolic price of one euro, plus the firm’s debt, from Sacyr. Vallehermoso is also of interest to Fortress, Cerberus, Centerbridge and Baupost.

P { margin-bottom: 0.08in; } The Ontario teachers’ pension fund OTPP has received permission from the Hong Kong authorities to conduct securities trading, advising and asset management activities, Asian Investor reports. OTPP, whose assets under management total about USD130bn, is in the process of creating a local office with two employees from Toronto and five recruitments which are currently in progress. Investments by the fund in the Asia-Pacific region currently total slightly over USD10bn.

P { margin-bottom: 0.08in; } In a long statement, Norges Bank Investment Management (NBIM), which manages the Norwegian Government Pension Fund – Global (GPFG), formerly known as the Oil or Petroleum Fund, refutes accusations against it and the Netherlands pension fund ABP/APG in a lawsuit filed by Lok Shakti Abhiyan, the South Korean cross-border transnational surveillance agency, Fair Green & Global Alliance and the Forum for Environment and Development over a planned development by the steel maker Posco for extraction of iron ore in the Indian state in Odisha.The Bank of Norway, which outsources management of the GPFG to NBIM, claims that it cannot be held responsible for potential failures by Posco to adhere to OECD directives governing multinational corporations, since it is only a minority investor in the business.

P { margin-bottom: 0.08in; } As of 31 March, three British asset management firms, Threadneedle, Schroders and Aberdeen, most often place in the top places in national rankings by Feri EuroRating Services, according to the percentage of funds rated A and B out of all products covered in seven European countries. The same firms took the top positions in the rankings on 30 September and 31 December.In detail, for asset management firms with over 25 funds, Threadneedle places top in the United Kingdom and Austria, second in France, Germany and Switzerland, third in Italy, and fourth among “small” actors (8-25 funds) in Sweden.Schroders is first in France, Italy and Sweden, second in Austria, third in Germany, and fifth in the United Kingdom and Switzerland.Aberdeen ranks top in Switzerland and among “small” firms in Sweden, second in the United Kingdom, and second among “small” firms in Austria, third in France, and third among “small” firms in Italy. It is also the eighth-best “small” firm in Germany.In France, the only local actor in the top ten firms is Covéa finance, in fifth place, but the top two places among “small” firms go to DNCA Finance and Groupe Le Conservateur. Comgest takes ninth place.Amundi finishes second among “large” asset management firms in Sweden, while Carmignac takes ninth place among “small” firms in Italy, and Lyxor is ninth among “large” firms in Germany, while Natixis takes eighth place among “small” firms in Switzerland.It is also interesting to note that in countries monitored by Feri, only half of “large” firms have at least 50% of their funds rated A or B. In France, Italy and Germany, the proportion is slightly higher, with seven and six firms, respectively, in the top ten.In France, Feri cites Schroders, Threadneedle, Aberdeen, Franklin Templeton, Covéa Finance and Pioneer, in a tie with Legg Mason, while in Italy, the top finishers are Schroders, Credit Suisse AM, Threadneedle, Fidelity in a tie with Franklin Templeton, Invesco and Pioneer. In Germany, Feri cites Investec, Threadneedle, Schroders, Franklin Templeton, Credit Suisse AM and Fidelity.Among countries with five firms that have at least of their funds rated A or B are the United Kingdom (Schroders, Aberdeen, Investec, Invesco, Schroders) and Austria (Threadneddle, Schroders, Pioneer, Franklin Templeton and Fidelity).Lastly, Feri counts four firms with over 50% A or B funds in Switzerland (Aberdeen, Threadneele, MFS and Balfidor fondsleitung). In Sweden, only Schroders has over 50%.

P { margin-bottom: 0.08in; } Xing Hu is joining Edmond de Rothschild Asset Management as Head of Chinese Equities, the firm announced on 27 May. He will be based in Hong Kong and will report to the Head of Emerging Markets & Commodities. Hu, aged 40, a native of Shanghai with an MBA from the Universities of Paris-Dauphine and Québec, began his career in Paris in 1996 at Atlas Gestion (Salomon Oppenheim group) as a manager of funds specialised on the Chinese and Asia ex Japan markets. In 2008, Hu joined Manulife TEDA Asset Management in Beijing, as Head of the Global Investment Department. He is also responsible fro the Qualified Foreign Insisitutional Investor (QFII) Advising activity and manages operations for Qualified Domestic Institutional Advisers. The team dedicated to Emerging Markets and Commodities, with 12 members, is led by Thomas Gerhardt. Hu, head of Chinese Equities, will be responsible for management of the EdR Mainland China and EdR China funds.

P { margin-bottom: 0.08in; } The consumers’ association «foodwatch» has issued a statement welcoming news that DZ Bank has announced in a letter dated 13 May 2013 that, with its affiliate Union Investment, it is withdrawing completely from speculation on soft commodities.Foodwatch indicates that Lars Hille, a member of the board at DZ Bank, has also voiced his support for strict regulation of soft commodity markets, patticularly including the introduction of limits on effective positions on markets or settlement platforms. That would reduce the number of contracts traded on futures markets, in order to prevent excessive speculation. The banker also favours transparency measures to impose limits on over-the-counter (OTC) markets.

P { margin-bottom: 0.08in; } Funds People reports that the Spanish asset management firm Altex Partners, led by Guillermo Zunzunegui, Carlos Dexeus and Enrique Bailly Bailliere, has decided to liquidate its fund of hedge funds Altex Arb& Quant, whose assets total only EUR11m. It now manages only the Altex Man GLG (EUR3.8m). As a result, the range of funds of hedge funds on sale in Spain has fallen to 12 funds, with total assets of EUR316m as of the end of April.

P { margin-bottom: 0.08in; } Fidelity Worldwide Investment is launching two emerging market debt funds on the French market, the firm announced on 27 May. The first of these, FF Emerging Market Corporate Debt Fund, launched on 20 March 2013, is an emerging market corporate debt fund managed by Andrei Gorodilov. It invests in 150 to 200 bonds issued by companies based largely in emerging markets including Latin America, South-East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The second, the FF Emerging Market Local Currency Debt Fund, launched in 12 April 2013, is managed by Steve Ellis (principal manager) and Eric Wong (co-manager), and aims to generate returns through investment in emerging market bonds denominated in local currencies and issued primarily by emerging countries including those of Latin America South-East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The emerging market range from Fidelity now includes four funds, including the FF Emerging Market Debt Fund and the FF Emerging Market Inflation-Linked Bond Fund. The two funds are sub-funds of the Luxembourg Sicav Fidelity Funds. Characteristics FF Emerging Market Corporate Debt Fund: ISIN code: LU0900495697FF Emerging Market Local Currency Debt Fund: ISIN code: LU0900493726 The minimal investment is USD2,500 for the A share class (annual management commission of 1.2%).

P { margin-bottom: 0.08in; } Effective from 15 May, the German real estate asset management firm Aberdeen Immobilien Kapitalanlagegesellschaft mbH, into which the Degi funds had been integrated, changed its name, to become Aberdeen Asset Management Deutschland AG. It retains its license as a German-registered asset management firm (KAG), and has also absorbed all other firms of the Aberdeen group in Germany.In total, Aberdeen Deutschland now has assets of about EUR12.2bn, a statement released on 27 May states. Hartmut Leser, chairman of the managing board at Aberdeen Asset Management Deutschland AG, states that real estate remains a central area of expertise for the firm, which is planning to develop further in this area.

P { margin-bottom: 0.08in; } Investment in alternative asset classes, such as private equity and hedge funds, is popular with institutional investors, Preqin notes in its most recent 2013 edition of the Preqin Investor Network Global Alternatives Report.Family offices are most highly exposed, with an average of 24.5% of their portfolios invested in private equity. This exposure has increased significantly in the past few years, Preqin notes. In 2010, it was only 18.1%. However, it remains lower than the average exposure in 2011 (24.9%) and 2012 (24.7%). By comparison, endowment funds, such as the Yale University endowment, for example, have an average exposure of 12.9% to this asset class in 2013, compared with 12.2% last year, and 11% in 2011. In 2009, the average allocation to private equity was 8.3% for institutional investors of this type.For hedge funds, family offices remain the investors who are most attracted to this asset class, with an average of 19.1% of their allocation dedicated to them in 2013. Family offices have significantly increased their allocation to hedge funds in one year, from an average exposure in 2012 of 16.6%. Foundations also increased their exposure to hedge funds, from 16.6% in 2012 to 17.3% in 2013. Preqin reports that hedge fund assets also benefited form increased allocations from private sector retirement funds, which have increased from 7.2% in 2009 and 9.3% in 2012 to 9.6% this year. Assets under management in hedge funds total USD2.3trn.In the future, institutionals hops to give more space to hedge funds in their portfolios, as 80% of those surveyed by Preqin say they would like to maintain or increase their allocation to private equity in the next 12 months. The same proportion would like to maintain or increase their exposure to hedge funds.

P { margin-bottom: 0.08in; } The Italian private banking association AIPB has elected Maurizio Zancanaro as its new chairman, Bluerating reports. Zancanaro is CEO of Banca Aletti. He succeeds Dario Prunotto, who has been head of the association since 2010. The new chairman will be supported by vice chairmen Fabio Innocenzi (CEO of UBS Italia) and Andrea Ragaini (CEO of Banca Cesare Ponti).

P { margin-bottom: 0.08in; } On 28 May, Julius Baer announced that, in line with its initial projections, the transfer of activities from the International Wealth Management (IWM) unit of Merrill Lynch, based in Hong Kong and Singapore, had begun on 27 May, and are expected to be completed during first quarter 2014. The transfer will double the assets of the Swiss group in Asia. The activities transferred represent more than one third of total volume at IWM.

P { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Abu Dhabi Investment Authority, has reduced its minimum asset allocation to Europe from 25% to 20% in order to invest more in emerging markets, the Financial Times reports. This is the first reduction since it began publishing its annual report four years ago.

P { margin-bottom: 0.08in; } The former Korean health minister Choi Kwang has been appointed as chairman and CEO of the South Korean pension fund NPS, whose assets under management total over USD360bn, Asian Investor reports. The appointment comes as part of an ongoing shake-up of the upper Korean administration, initiated by the new president, Park Geun-hye. Choi will begin in his new role on 27 May, while his predecessor, Jun Kwang-woo, resigned on 18 April.

P { margin-bottom: 0.08in; } A group of hedge funds led by Equilibria Capital raises questions about the management of RHJI, the investment firm founded by Timothy Collins, in a letter sent on Monday to its board of directors, the Financial Times reports. The authors of the letter would like the current board of directors to be dismissed. That could lead to a sale or an IPO for the private bank Kleinwort Benson.

Dans sa lettre introductive au rapport annuel de la Banque

Les rendements de la dette italienne à deux ans sont tombés

Le gouvernement veut relancer le secteur des véhicules électriques, en dotant le pays d’un réseau national de bornes de recharge, avec un maillage à l’image des stations-service, indique le quotidien Les Echos. ERDF apparaît comme un candidat naturel pour la gestion de ce réseau, selon le journal, mais cette mission pourrait aussi intéresser Bolloré, Veolia, JCDecaux, voire Vinci.

Les prix de l'habitat au Royaume-Uni ont enregistré en mai leur plus forte hausse mensuelle depuis trois ans, selon le cabinet Hometrack

Adia, qui redouble de prudence envers l’Europe, souligne dans son rapport d’activité 2012 avoir eu moins recours aux gérants externes

Une majorité d'Etats membres de l'UE, dont l'Allemagne, s'oppose au plan de la Commission européenne qui doit entrer en vigueur le 6 juin

L'annonce d'un probable ralentissement des rachats d'actifs de la Fed renforce l'attrait pour les loans funds protégés des variations de taux

Selon la presse italienne, la Commission européenne va libérer l’Italie de la procédure contraignante de déficits budgétaires excessifs lancée en 2009. Cette décision pourrait permettre de desserrer l'étau sur un pays soumis à une cure d’austérité drastique, et détendre ses taux d’emprunt.