P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The Swiss private bank Frey is planning to submit a license application in the United States to assist its US clients from offices in the US, the Reuters news agency reports on the basis of information from sources in Switzerland. The United States operation would allow the bank to avoid potential lawsuits by US authorities who suspect Frey of assisting US clients to evade US taxes. The bank says that it is prepared to help US authorities with its investigations, as well as being prepared to open a United States arm of the busines.s Assets under management at Frey total slightly over CHF2bn.

P { margin-bottom: 0.08in; } After 1.03% in January, 0.14% in February and a fall to 0.41% in March, the average returns for UCITS-compliant hedge funds in April fell to 0.21%, according to the UCITS Alternative index calculated by the Swiss firm Alix Capital. Since the beginning of the year, the average gains totalled 1.80%. Four strategies out of twelve, as in March, showed losses in the month under review. Three are the same as in the previous month: commodities (-1.05%), equity market neutral (-0.28%) and volatility (-0.77%), while fourth place this time was currencies (FX), with a loss of 1.23%. The strongest gains were for CTA funds, with gains of 1.81%. Total assets in UCITS-compliant single hedge funds as of the end of April totalled EUR160bn, compared with EUR147bn as of the end of March, EUR143bn as of the end of February, and EUR141bn as of the end of January.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Due to a lack of financing, the Swiss firm Naisscent Cpaital has published what will be the final edition of its Alternative UCITS Performance Guide. It lists 963 UCITS-compliant single hedge funds and 108 UCITS-compliant funds of hedge funds in 175 pages, with summary statistics. Luxembourg its the European country in which the largest number of UCITS-compliant hedge funds are domiciled, with 51.3% of the total, followed by 20.6% for Ireland and 10.8% in France. The strategies with the largest number of products are equity long/short, with 198 funds, and bonds, with 180 funds, far ahead of multi-strategy funds of funds (73) and multi-asset class (69).

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The German consulting firm Faros Pension & Asset Advisory has announced that it has created a wealth management structure dedicated to institutional invetors, Faros Fiduciary Management, based in Frankfurt, Das Investment reports. It is a sort of family office open to businesses, churches, charities and pension funds. Faros will handle the investment process for its clients, from strategic asset allocation to the selection of indices and managers, including risk management and financial controlling. Faros is planning to extend its range of services for insurers in 2014.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Mirae Asset Management is planning to make its ETFs available internationally, more precisely on US, Latin American and South Asian markets, Asian Investor reports. So far, 130 house ETFs are available in several countries, of which 75 are available on the Toronto market. Mirae AM is planning to enter the US market with niche products, and will aim primarily at institutionals.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } Caroline Kuhnert, head of Central 7 Eastern Europe & Turkey at UBS Wealth management, has been promoted to head of Emerging Markets UHNW from 1 June, and will now be responsible for maintaining relationships with ultra-high net worth clients in emerging markets, finews.ch reports. Kuhnert will be base din Zurich, and will report to Jow stadler, global head of UHNW, and Paul Raphael, head wealth management global emerging markets.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The British firm RWC Partners on 8 May announced plans to launch the RWC Global Horizon Fund in June, managed by Louise Keeling, who was recruited in March from Marathon Asset Management (see Newsmanagers of 24 April), to found a long-only global equity management team. The product will be a UCITS-compliant, Luxembourg-registered contrarian long-only fund with no constraints, which will be part of a range of UCITS-compliant funds with USD2.5bn in assets, out of USD5.8bn managed by RWC overall. The Global Horizon Fund will chage a very low management commission, and a performance commission over a rolling 5-year period.

P { margin-bottom: 0.08in; } Carolina Minio-Paluello is joining Lombard Odier Investment Managers (LOIM, CHF38bn in assets as of the end of December) as deputy CIP, in London, where she will report to Jan Straatment, CIO. She was previously head of Europe, Middle East & Africa for equity & private investor solutions at Citigroup, after 11 years at Goldman Sachs, most recently as managing director for quantitative investment strategies. She will be primarily responsible for directing risk-managed institutional portfolio construction.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } The US firm Vanguard, whose assets under management total about USD2.4trn, is about to list its first ETF domiciled in Hong Kong, based on the FTSE Asi ex Japan index, Asian Investor reports. The ETF received approval from the Hong Kong supervisory authorities on 24 April.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The British firm Jupiter Asset Management has officially appointed Peter Swarbreck as head of Asia-Pacific Business (see Newsmanagers of 19 April). He had been head of the Hong Kong office of BlackRock, with additional responsibility for the largest clients of the US firm in Asia. Swarbreck is based in Hong Kong in the new Jupiter offices, and will work with Tony Yu, who joined Jupiter as sales director (Hong Kong) in January, and David Conway, sales director in Singapore since 2009.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } After the departure of 19 members of the emerging market debt team to Neuberger Berman (see Newsmanagers of 3 May), ING Investment Managers is planning to increase personnel in the unit to 28 people, Hans Stoter, CIO since February, has told Citywire. The reconstruction of the team will be based on transfers from other bond teams and the elimination of redundancies, limiting the position of co-head of department to a single position. Some repsonsibilities in the area of emerging market bonds have been transferred to the multi-asset class team. However, ING IM has already begun to recruit for fund management, with the arrival of Marco Ruijer (see Newsmanagers of 9 April). Stoter declined to state how much assets have been lost since the departure of the team to Neuberger Berman. At the beginning of the year, ING IM had USD16bn under management in emerging markets.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } As Javier Marín has been promoted to deputy director of Santander, the group has appointed the director of marketing, the private banking division, asset management and insurance, Luis Moreno García, to replace him as head of the unit, Funds People reports. García will be replaced by Maria Dolores Pescador Castrillo. Two other changes will be made in the division: José Salgado Fuertes de Villavicencio becomes global head of private banking, while Óscar Villoslada becomes head of the insurance arm, which had previously been the responsibility of Jorge Morán. Juan Alcaraz remains as head of asset management.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The French independent asset management firm Oaks Field Partners has received a license from the NCMV to release its first fund in Spain, OFP 400, an absolute return product with daily liquidity, Funds People reports. There are also plans to register the OFP 150 fund. The OFP 400, launched in 2009, aims for outperformance of 400 basis points above the Eonia, with total volatility of 4% to 6%. It is managed by Emeric Challier, Abbas Benboubker, Joséphine Hicter and Sébastien Le Berre. OFP is the third foreign asset management firm to start up in Spain since the beginning of this year, after J. Chahine Capital and Ellipsis AM.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } According to quarterly reports from ING, the asset management firm ING Investment Management (ING IM) in first quarter underwent net redemptions in Europe and Asia totalling EUR0.4bn for retail and EUR2.8bn for institutional. Assets as of the end of March totalled EUR45.7bn for retail and EUR61bn for institutional, Fondsnieuws reports. In the United States, retail at ING IM also saw net outflows of EUR0.4bn in January-March, but institutional generated net inflows of EUR1.1bn.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The index provider S&P Dow Jones Indices on 6 May announced the launch of the S&P 500 Buyback Index, an index to measure the performance of the top 100 equities with the highest buyback ratios of the S&P 500 index in the past 12 months. “Buybacks may be considered an important indicator of the health of businesses. Like dividends, redemptions are another means for businesses to deliver value to shareholders. In 2012, companies of the S&P 500 bought back USD399bn in shares, and continue to hold record amounts of cash.”

P { margin-bottom: 0.08in; } The hedge fund manager Philip Falcone, who is being sued for misusing client assets to pay taxes, is settling with the SEC, Agefi reports. He will step down from his position as investment adviser for two years, and his firm, Harbinger Capital Partners, will pay a fine of USD18m. The agreement has yet to be approved by the Department of Justice and commissioners from the regulatory authority.

According to a study released by Greenwich Associates and sponsored by iShares, institutional investors are increasing their use of ETFs in a variety of ways to help solve investment challenges. More than half of institutional investors plan to increase their use of ETFs by the end of this year.This fourth yearly edition of the survey outlines year-over-year changes in the behaviors of corporate and public pension funds, foundations and endowments, investment consultants, insurance companies and investment managers in the U.S.. For the first time, the study surveys investment consultants, insurance companies and Registered Investment Advisors (RIAs).Across all institutions participating in the study, 58% describe their use of ETFs as generally strategic or long-term in nature, a slight increase from 57% in 2012. In general, Greenwich Associates defines a strategic investment as any asset that is held for a year or longer. 70% of institutional ETF users employ ETFs for tactical portfolio adjustments, up sharply from 48% in 2012.The most common application for ETFs by institutions is used within the core of their portfolios. 72% of insurance company users and 67% of pensions, foundations and endowments that use ETFs employ these products to obtain passive exposures in the “core” component of their portfolios. Approximately 80% of RIAs that buy ETFs use them for passive “core” exposures, and 90% of investment consultants who advise their clients to make use of ETFs recommend using these products for passive exposure to complete core/satellite portfolio structures.Eventually, while nearly 90% of institutions use ETFs for domestic equities exposure and 74% use ETFs for international equity portfolios, ETFs are also gaining traction in fixed income. 55% of institutions invest in domestic fixed income ETFs. As one would expect, usage of domestic fixed income is most common among insurance companies at 78%. Interestingly, 74% of RIAs also employ ETFs in domestic fixed income.

P { margin-bottom: 0.08in; } US asset management at Old Mutual in first quarter posted net subscriptions of GBP2.6bn Emerging markets and Old Mutual Wealth posted inflows of GBP0.4bn each. Funds under Management (FUM) at the quarter end increased by 7% to £288.4 billion from £262.2 billion at 31 December 2012 due to positive market movements an net client cash flow of £3.9 billion across the Group

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; } Assets at hedge funds specialised in Asia rose by 7.6% in first quarter to a total of nearly USD95bn, its highest level since its peak in 2007, according to statistics released by HFR in its most recent HFR Asian Hedge Fund Industry Report. Net inflows for the quarter totalled over USD1.3bn, their highest level since third quarter 2011. The HFRX Japan index posted gains of 11.7% in first quarter, their highest level since fourth quarter 2005, which is nonetheless less than 19% gains for the Nikkei 225. HFR estimates that out of a total of about 1,150 funds, nearly 370 hedge funds invest in the Japanese market as a primary priority, in equities, bonds and currencies, while about 270 investment funds invest elsewhere in Asian developed and emerging markets, and more than 500 funds invest solely in emerging Asian markets. HFR states that more than 70% of assets under management in Asian hedge funds are dedicated to Equity Hedge strategies, compared with only 27% for the hedge fund sector worldwide. Only 5% of Asian hedge funds rely on macro strategies.

P { margin-bottom: 0.08in; } The Norwegian sovereign fund has noticeably accelerated its investments in real estate, Le Temps reports. Among its most recent investments are nearly EUR450m in offices in the United States in February. The fund now has about EUR5bn in real estate assets, which represents only 0.9% of the fund’s total assets, far below the 5% objective defined by the Ministry of Finance. But, Le Temps reports, this is already three times higher than in September 2012.

P { margin-bottom: 0.08in; direction: ltr; color: rgb(0, 0, 0); }P.western { font-family: «Times New Roman»,serif; font-size: 12pt; }P.cjk { font-family: «WenQuanYi Micro Hei"; font-size: 12pt; }P.ctl { font-family: «Lohit Hindi"; font-size: 12pt; }A:link { } The Fund Market Infrastructure project, a market infrastructure project dedicated to cross-border sales of investment funds, is now known as Fundsquare, the Luxembourg stock exchange announced on 6 May. The operational debut of the Fundsquare platform, which began as a project in 2012, is slated for third quarter 2013. By centralising data, standardising procedures for management of orders and reporting of data related to funds, Fundsquare aims to achieve significant economies of scle “while assuring transparency and simplification of communication flows,” a statement says. For its technical realisation, Fundsquare will rely on cutting-edge technologies developed by SWIFT and Altus. Lastly, for its deployment, Fundsquare will be supported by major players in the fund sector operating in Luxembourg, operating as a “User Group.” This group includes international distributors and transfer agents, most of whom operate in Luxembourg.

Fondsniewus rapporte que BNP Paribas Investment Partners aura réduit début juin sa gamme de fonds luxembourgeois, qui comportait 216 fonds BNPP IP et 79 fonds Parvest il y a un semestre, à 158 unités, dont 54 produits BNPP IP et 104 fonds Parvest, comme l’a annoncé Bart Vemer, directeur de la distribution de BNPP IP pour le Benelux.Les 54 fonds BNPP IP restants seront des fonds profilés commercialisés par la banque elle-même. Certains fonds BNPP IP seront fusionnés avec des fonds similaires de Parvest.

Le luxembourgeois IPConcept a annoncé le lancement pour le 3 juin 2013 du fonds SPI Bangladesh, qui sera disponible en deux classes de parts*, rapporte Fondsweb.Le portefeuille sera investi exclusivement en actions figurant dans le MSCI Bangladesh Investable Market Index TRN, avec un plafond fixé en règle générale à 49 % pour la poche de cash, mais cette proportion pourra être dépassée en cas de besoin.* parts I: LU0756285440, parts R: LU0756283072

Carolina Minio-Paluello rejoint Lombard Odier Investment Managers (LOIM, 38 milliards de francs suisses d’encours fin décembre) comme «deputy CIO», à Londres, où elle est subordonnée à Jan Straatman, CIO. Elle était auparavant head of Europe, Middel East & Africa pour les equity & private investor Solutions chez Citigroup après avoir passé onze ans chez Goldman Sachs, en dernier lieu comme managing director for quantitative investment strategies.Elle sera principalement chargée de diriger la construction de portefeuilles institutionnels pilotés par le risque.

Le britannique M&G Investments a fait état pour le premier trimestre d’une collecte nette de 2,4 milliards de livres, en progression de 38% par rapport au premier trimestre 2012, selon les chiffres communiqués le 7 mai à l’occasion de la publication des résultats du groupe Prudential. Les actifs sous gestion ont ainsi atteint le niveau record de 238,4 milliards de livres dont un peu plus de 119 milliards de livres de fonds externes.Dans le pôle retail, la collecte nette auprès des investisseurs européens s’est élevée au niveau record de 2,9 milliards de livres, soit près du double du montant enregistré au premier trimestre 2012. Cette collecte substantielle a permis de compenser largement la faiblesse de la collecte au Royaume-Uni, liée à la décision prise l'été dernier par M&G de ralentir la collecte dans deux grands fonds d’obligations d’entreprises.Les actifs sous gestion retail ont augmenté de 28% sur un an à 61,4 milliards de livres au 31 mars 2012, dont 18,7 milliards de livres émanant de clients européens contre 10,4 milliards de livres à fin mars 2012. Du côté institutionnel, le trimestre s’est terminé sur une modeste décollecte nette, la perte de mandats court terme cantonnés effaçant l’impact positif de contributions positives liées notamment à l'équipe Alternative Credit de M&G. Les actifs sous gestion émanant d’institutionnels externes représentaient fin mars 57,7 milliards de livres, en progression de 27% sur un an.

Le britannique RWC Partners a annoncé le 8 mai son intention de lancer en juin le RWC Global Horizon Fund qui sera confiée à Louise Keeling, recrutée en mars auprès de Marathon Asset Management (lire Newsmanagers du 24 avril) pour créer une équipe de gestion actions mondiales long-only.Le produit sera un fonds contrarian coordonné de droit luxembourgeois long-only et sans contrainte qui prendra place dans une gamme de fonds coordonnés de 2,5 milliards de dollars d’encours, sur les 5,8 milliards que gère.RWC au total.Le Global Horizon Fund sera assorti d’une commission de gestion très faible et d’une commission de performance sur 5 ans glissants.

L’Agence France Trésor annonce l’adjudication, le lundi 13 mai, d’un montant global compris entre 6,8 et 8,0 milliards d’euros de bons du Trésor (BTF). Elle sera suivie le jeudi 16 mai, d’une adjudication d’un montant compris entre 7 et 8 milliards d’euros d’obligations assimilables du Trésor (OAT) de maturité moyenne. Ella adjugera le même jour entre 800 millions et 1,2 milliards d’OAT indexées sur l’inflation française (OATi) et sur l’inflation de a zone euros (OATei).

Poursuivi pour avoir utilisé à tort des fonds de la clientèle pour régler des taxes, le gérant de fonds alternatifs transige avec la SEC. Philip Falcone renoncera au statut de conseiller en investissement pour deux ans et sa société Harbinger Capital Partners s’acquittera d’une pénalité de 18 millions de dollars. L’accord doit encore être approuvé par la justice et les commissaires de la SEC.

La politique monétaire ne devrait pas évoluer avant l’arrivée en fonction de Mark Carney le 1er juillet prochain

Le taux de TVA va être relevé de deux points et quinze sociétés vont être privatisées