P { margin-bottom: 0.08in; } A sustained interest in Japanese equities, which have posted record subscriptions in the week to 15 May, have helped to strengthen inflows to equity funds overall.According to statistics from EPFR Global, equity funds finished the week ending on 15 May with net inflows of USD14.16bn. Bond funds, for their part, posted net inflows of USD3.4bn, while money market funds posted redemptions totalling USD15.7bn.Since the beginning of this year, equity funds posted inflows of USD176.36bn, while bond funds had inflows of USD165.1bn.

P { margin-bottom: 0.08in; } Eight of the 11 hedge fund indices from Newedge posted gains in April. The Newedge Trend Index in particular posted returns of 3.85% for the month, and 7.67% since the beginning of the year. The Newedge CTA has posted gains of 1.45% for the month, and 4.36% since the beginning of the year.The BarclayHedge CTA index, for its part, gained 1.11% in April, and 2.11% since the beginning of the year. Five of the eight BarclayHedge CTA indices finished the month with gains. The Financial & Metal Traders Index gained 1.47%, while the Currency Traders index lost 0.50%.In the first four months of the year, the Systematic Traders index has gained 2.46%, the Diversified Traders index 2.37%, the Financial & Metal Traders 2.28%, and the Currency Traders 1.06%.

P { margin-bottom: 0.08in; } Kames Capital has liquidated the Global Opportunities fund managed by Olaf van den Heuvel, following a strategic review of its rangs of bond funds, Citywire reports. The Dublin-based fund had about EUR7m in assets when it was closed in late April. It had lost 20.73% in three years to the end of March in euros.

P { margin-bottom: 0.08in; } The Swedish asset management firm Tundra, a specialist in emerging markets, is launching a Nigeria and sub-Saharan Africa fund entitled Tundra Nigeria and Sub-Sahara, Realtid.se reports.

P { margin-bottom: 0.08in; } According to sources familiar with the matter, US prosecutors are planning to press criminal charges against the alternative management firm SAC Capial Advisors LP as part of an insider trading investigation, the Wall Street Journal reports.On Friday, SAC told its clients, without giving a reason, that it will no longer be co-operating unconditionally with the directors of the investigation.Assets at SAC total about USD15bn, more than half of which is managed on behalf of the founder, Steven A. Cohne, and employees of the group.

P { margin-bottom: 0.08in; } The Wall Street Journal reports that iShares will in June close the iShares Diversified Alternatives Trust (ticker: ALT) which has USD57m in assets. It will be the firm’s first liquidation of an ETF in over a decade. The fund is an actively-managed product.

P { margin-bottom: 0.08in; } Mikhail Mora has left Principal to join Santander Asset Management in the United States as director of fund distribution, Mutual Fund Wire reports. Currently, the Spanish firm has no presence on the US fund market, but the firm is reportedly targeting the private equity firms Warburg Pincus and General Atlantic.

P { margin-bottom: 0.08in; } On 28 June, seven funds from Union Investment will be liquidated, the central asset management firm for the German co-operative banks has announced. This includes the following products:- UniConvertibles- UniEM China & Indien- UniEM IMMUNO 90- UniEM Middle East & North Africa- UniEuroRenta Governments- UniFlexInvest: EuroAktien and- UniRentaEurolandPlus 5JUnion has also decided to merge six funds into the UniGlobal II, without cost to shareholders. They are the following products:- UniProInvest: Aktien- UniProInvest: Aktien -net-- UniSector: ConsumerGoods- UniSector: Finance- UniSector: GenTech and- UniSector: MultiMedia

P { margin-bottom: 0.08in; } The Luxembourg Sicav HSBC Global Investment Fund (GIF) has a new sub-fund, an emerging market equity fund, which is intended to combine the advantages of active and passive investments, HSBC Global Asset Management (Deutschland) has announced. The firm is now offering the HSBC GIF Economic Scale Indexation Global Emerging Markets Equity fund (ISIN codes: AC share class: LU0819120683; AD share class: LU0819120766) in Germany.It is the first fund in a series of smart beta products using optimised indices. The equity indices are improved by a modification of weighting factors, and these smart indices are then replicated by a passive fund. This modification in weighting is expected to allow the indices to outperform traditional indices without taking additional market risks.

P { margin-bottom: 0.08in; } With the Source Morningstar US Energy Infrastructure MLP UCITS ETF, an Irish-registered product whose launch was officially announced on Monday, UK provider Source is now offering what it claims is the first publicly-traded European vehicle to offer exposure to energy infrastructure via master limited partnerships (MLPs).The fund, listed on the London Stock Exchange, replicates the Morningstar MLP Composite IndexSM (TR) and invests in MLPs specialised in shale oil and gas, for example via equipment which makes it possible to access reserves that may contain oil and gas, storage and rail facilities, Ted Hood, CEO of Source, recently explained to Newsmanagers. These MLPs, which are listed and traded on US stock markets like conventional equities, are authorised to function virtually tax-free on the condition of distributing high dividends. They have regular cash flows.The benchmark index, created by Morningstar in 2010, covers 97% of the MLP universe, and currently has 39 positions.CharacteristicsNames:Source Morningstar US Energy Infrastructure MLP UCITS ETF A (capitalisation)Source Morningstar US Energy Infrastructure MLP UCITS ETF B (quarterly distribution)ISIN codes:A share class: IE00B94ZB998B share class: IE00B8CJW150 TER : 0.50%

The Central Bank is ready to receive applications for authorisation under this new non-UCITS regulatory regime. This is particularly important for those firms aiming to have AIFMD-compliant structures on 22 July 2013, when the AIFMD comes into effect. The Central Bank of Ireland issued the necessary application forms and accompanying rules to allow alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) to apply for authorisation under the new Alternative Investment Fund Managers Directive (AIFMD). In addition to the application forms, the Central Bank has published a new format ‘AIF Rulebook’ which sets out text for the conditions which will be applied when authorisations are issued. The Central Bank has also published a Q&A document which addresses the key questions about how the transition to the new regime will operate. This Q&A provides important guidance on exactly what firms must do by July 2013, what they may do during the transitional period between July 2013 and July 2014 and how they can plan for achieving AIFMD compliance while maintaining the continuity of their business in the interim. Key developments include:The Central Bank intends to authorise AIFs which have non-EU AIFM; The Central Bank will allow AIFMs benefitting from the transitional arrangements to launch AIFMD-compliant AIFs; During the transition period, AIFMs may rely on depositories that do not have an AIFMD-compliant authorisation; Umbrella QIFs authorised under the old regime can continue to issue sub-funds during the transition period without having to transition to the new regime. The Central Bank has also set up a one-stop-shop AIFMD web page where all information relevant to the new AIFMD regime can be accessed here.The Central Bank will update the Q&A as questions requiring a public response are received.

Daniel Gallagher, a member of the Securities and Exchange Commission, said on Friday in Dublin there should be a global code of conduct for proxy advisers, according to Reuters. He backed European efforts to ensure advisory firms give unbiased guidance on how to vote at shareholder meetings. «Clearly this code is an idea that should be rolled out globally,» Gallagher told.

P { margin-bottom: 0.08in; } Rating agency Standard & Poor’s has placed Swiss banks at the top of its rankings for risk, particularly with regard to the stability of its deposits, according to a statement released on 17 May.The Swiss banking sector has been ranked in group 1 of its Banking Industry Country Risk Assessment (BICRA) rankings, which evaluate the risks for the sector by country, the agency says in a statement.Currently, Switzerland is the only country in this category. The closest partners of Switzerland, including France and Germany, are ranked as BICRA 2, the same sa Canada, Hong Kong, Singapore, Liechtenstein, Finland, and Australia.The rating agency explains that the decision is related to the high levels of deposits and a contained appetite for risk, in addition to a minimal dependence on external financing and the support which the national debt market provides.Standard & Poor’s has also cited the flexibility and competitiveness of the Swiss economy and the solidity of public finances. It has, however, issued a warning over the real estate market, which may pose credit risks in the future, despite a conservative culture of risk and lending.

L’Irlande, par la voix de son vice-Premier ministre Eamon Gilmore, a dit mardi ne pas être responsable des faibles impôts payés par Apple. « Le système fiscal irlandais n’est pas en cause, ce sont des questions qui concernent les systèmes fiscaux d’autres juridictions et qui doivent être réglées d’abord dans ces juridictions », a-t-il dit à la chaîne irlandaise RTE. Tim Cook, le directeur général d’Apple, est auditionné ce mardi par une commission du Sénat américain sur les pratiques fiscales du groupe qui lui ont permis, selon un rapport publié lundi, de garder des milliards de dollars à l’abri du fisc. Ce mémorandum de 40 pages identifie trois filiales d’Apple qui n’ont de domiciliation fiscale ni en Irlande, où elles sont enregistrées, ni aux Etats-Unis, d’où elles sont gérées. La principale d’entre elles, une holding qui inclut les magasins d’Apple dans toute l’Europe, n’a pas payé d’impôt sur les sociétés au cours des cinq dernières années. Or cette filiale, qui a une adresse postale à Cork en Irlande, a reçu 29,9 milliards (23,2 milliards d’euros) de dividendes d’autres filiales entre 2009 et 2012, représentant 30% des bénéfices nets réalisés par la firme à la pomme sur cette période, selon le rapport sénatorial. Apple nie avoir recours à des artifices et assure que l’existence de sa filiale « Apple Operations International » en Irlande ne l’empêchera pas de payer pour plus de sept milliards d’impôts aux Etats-Unis au titre de l’exercice clos le 31 mars 2013.

Le Trésor espagnol a placé mardi pour 3,5 milliards d’euros de bons à trois et neuf mois, ces deux opérations ont été marquées par une hausse du rendement. Pour le papier à trois mois, le Trésor a émis 0,892 milliard d’euros, le ratio de couverture ressortant à 4,3 contre 3,8 lors d’une précédente adjudication et le rendement remontant de 0,120% à 0,331%. Il a également émis pour 2,619 milliards d’euros de bons à neuf mois, avec un ratio de couverture de 2,2 contre 2,4 et un rendement à 0,789% contre 0,787%.

Allianz France souhaite selon le quotidien sortir du capital d’Oddo & Cie, dont il détient actuellement 20%. Le quotidien cite un «connaisseur du dossier» indiquant que « les représentants de la compagnie d’assurances l’ont encore affirmé lors de l’assemblée générale du groupe, réunie le 15mai dernier». Philippe Oddo, associé-gérant d’Oddo & Cie, envisagerait de reprendre la part d’Allianz France avec les salariés.

Nicolas Forest, directeur de la stratégie taux et changes chez Dexia AM

Jérôme Schupp, responsable des investissements traditionnels et absolute return, Syz Asset Management

La plupart des opérations de fusions-acquisitions concernent des boutiques, mais les fonds étrangers de capital-investissement sont à l’affût sur les gros dossiers.

Les banques sont moins restrictives, en attendant la montée en puissance de la Banque Postale

Marc Olivier, directeur général France de Nordea Investment Funds

Le vote de lundi soir renvoie la balle dans le camp des ministres des finances. Mais la négociation pourrait encore durer plusieurs mois

Dans un entretien accordé au journal, John McPartland, conseiller de la Fed de Chicago, indique qu’il devrait présenter dès aujourd’hui une proposition destinée à ralentir le flux d’exécution des ordres de trading. Il estime que le trading haute fréquence a conduit à une hausse des coûts de transactions, mais également à une restriction de la liquidité et un faussement du jeu des prix.

Un rapport mandaté par les autorités réglementaires et monétaires chinoises recommanderait la convertibilité des comptes de capitaux en yuan d’ici à la fin de l’année 2015, indique le 21st Century Business Herald. De son côté, un responsable universitaire chinois estime dans le Shanghai Securities News que le yuan, qui a atteint son niveau d’équilibre, devrait être entièrement convertible d’ici 5 ans.

Les économistes estiment que le relèvement de la note souveraine turque par Moody's devrait favoriser l'investissement de long terme dans le pays

L’appel d’offres ouvert auprès des sociétés de gestion est bouclé. Le fonds devrait bénéficier d’un montage et d’un champ d’intervention nouveaux

La plupart des transactions concernent des boutiques, mais les fonds de capital-investissement internationaux sont à l'affût sur les gros dossiers

Jean-François Perrin, stratégiste senior en allocation d’actifs au Crédit Agricole

Le président de la Fed est auditionné demain devant le Congrès, alors que les marchés semblent divisés sur les perspectives de l'économie américaine

Xavier Chapon, responsable de la gestion de taux chez Neuflize OBC Investissements