La nouvelle sicav luxembourgeoise que fait enregistrer l’espagnol Abante Asesores s’appelle Abante Global Funds est les gérants basés en Espagne des cinq compartiments utiliseront la technologie de l’andorran Andbank et les services de Banque Privée Edmond de Rothschild comme dépositaire, indique Funds People.Les compartiments seront gérés par Ramón Iturriaga, Juan Manuel Mazo et Alberto Espelosín. S’y ajouteront le nouveau fonds d’actions européennes de grandes capitalisations de Josep Prats et le fonds de fonds Global Selector.

KBL European Private Bankers (KBL epb) a annoncé jeudi 21 février la désignation de Yves Stein au poste de chief executive officer, private banking, pour le groupe. Sa nomination vient à la suite de l’annonce récente par KBL epb d'élargir son comité de direction et mieux répondre à l'évolution des besoins du groupe et de ses clients. Dans son nouveau rôle chez KBL epb, Yves Stein aura pour objectif de dynamiser la croissance du réseau de banques privées en Europe et à l’international du groupe. Il prendra ses nouvelles fonctions au sein de KBL epb en mars 2013. Le poste sera basé à Luxembourg.Auparavant, Yves Stein a occupé le poste de chief executive officer chez Union Bancaire Privée (Europe) à Luxembourg et a également occupé le poste de directeur général, private banking, chez BNP Paribas (Suisse).

P { margin-bottom: 0.08in; } The Dow Jones Sustainable Indices (DJSI) range is being extended to emerging market equities, with the launch of the Dow Jones Sustainability Emerging Markets Index (DJSI Emerging Markets), launched in cooperation with RobecoSAM.The resource allows investors to monitor the evolution of the price of shares in companies that RobecoSAM has identified as the most “sustainable” in their sectors.The indices are available in US dollars and euros.Dow Jones Sustainability Emerging Markets USD (price), Bloomberg ticker DJSEMUP Dow Jones Sustainability Emerging Markets USD (total), DJSEMUNDow Jones Sustainability Emerging Markets EUR (price), DJSEMEPDow Jones Sustainability Emerging Markets EUR (total), DJSEMEN

P { margin-bottom: 0.08in; } For the Luxembourg Sicav Eurozone Select Real Estate Fund, Fidelity Real Estate Investment Management, which serves institutional clients, has invested EUR65m in an office and commercial property in Berlin, a logistical centre in Ostfildern, near Stuttgart, and an office property in Hoofdorp, the Netherlands.The asset management firm is planning other acquisitions in the EUR150m-EUR200m price range in the next few months, says Keith Sutton, director of European real estate at Fidelity Munich. The performance objective for the fund is about 8% per year.

P { margin-bottom: 0.08in; } According to the Finews-JobDirectory-Index, 16,587 job vacancies were advertised online by Swiss banks in 2012, 12.5% less than in 2011. UBS published the largest number of vacancies (1,643, down 10% year on year), followed by Credit Suisse (1,556, -22%) and Raiffeisen (586 positions, -29%). The traditional banking professions were particularly hard-hit by this decline in job offers (-18.6%), while announcements of positions in the insurance professions were down 4.5%.

P { margin-bottom: 0.08in; } The integrated provider of structured investments EFG Financial Products has posted net profits of CHF20.5m in 2012, up 56% compared with the previous year. Trading volumes totalled CHF12.1m, compared with CHF10.4m in 2011. The net margin is 106 basis points, compared with 100 one year ago.After the launch of a new location in Singapore, overall operating profits for EFG Financial Products in Asia rose 45% in 2012, while the EU remains “well above expectations, with income up 23% year on year,” a statement says.

P { margin-bottom: 0.08in; } According to finews, Neal Kutner, originally of Bern, has left his job as managing director of the Swiss affiliate of BNY Mellon Asset Management. He had been head of the firm for 15 years. It appears that his abrupt departure may be due to disagreements with the European headquarters of the group in London.

P { margin-bottom: 0.08in; } On 8 February, Charles Schwab Investment Management (CSIM) has announced, the 15 equity and bond ETFs of the Schwab range topped USD10bn in assets, at USD10.02bn. The first of these funds was launched on November 2009.Schwab clients had a total fo USD152n in ETFs as of 31 December 2012, a statement says.

P { margin-bottom: 0.08in; } Index Universe reports that IndexIQ has filed for a license from the SEC to sell the IQ Fastest Growing Companies ETF and IQ Innovation Leaders ETF, which have no ticker or TER, but which both replicate inhouse indices.The first of these funds will invest in 50 US businesses with the strongest growth in earnings, net profit, growth in cash flow and total return performance.The second fund will cover 100 shares considered “highly innovative” interms of high earnings, spending on research & development, profits not distributed to shareholders, investments, and intangible assets.IndexIQ manages 13 other ETFs.

P { margin-bottom: 0.08in; } The hedge fund manager Sven Nyman is one of the men being proposed as a new member of the board of directors at the Swedish bank SEB, Investment Week reports. Nyman is the CEO and founder of RAM Rational Asset Management and RAM One.

P { margin-bottom: 0.08in; } Barclays is undertaking a structural reshuffle of its wealth management division, in order to take into account the strong growth of its activities in Southern Asia, Asian Investor reports. The bank has extended the duties of Vikram Malhotra, who becomes head of the Global South Asia Community, and becomes responsible for teams in Dubai, London and Singapore. Malhotra is already head of South Asia for the wealth and asset management division.

P { margin-bottom: 0.08in; } The Market Vectors Vietnam ETF (VNM), which is one of the funds offered under the Market Vectors brand name from Van Eck, has gained 26% since the beginning of the year, IndexUniverse reports. VNM, whose assets under management total USD446m, is the only ETF dedicated exclusively to Vietnamese equities. Net inflows since 1 January total USD52m. The fund has strong momentum related to China, which is losing many manufacturing jobs to Vietnam.

P { margin-bottom: 0.08in; } The California-based asset management firm Franklin Templeton, with nearly USD5bn in assets under management in France, is continuing its development in several European countries, including Italy, its largest market, with USD35bn. Sergio Albarelli, senior director, Southern Europe & Belelux, told Newsmanagers on 21 February in Paris that the US group, which has 27 employees in Milan, will soon be opening offices in Rome, Padua and Florence, with one person in each location to begin with.Meanwhile, in Belgium, where assets already total about USD3bn, Franklin Templeton is planning to recruit two people for a new office.In the Netherlands, where assets total USD2bn, the group is planning to develop its currently highly institutional activities in the direction of distribution. In Luxembourg, Franklin Templeton is present primarily in the private banking segment, with about USD3.5bn.In Spain, the Madrid office has 15 people, and also serves the Iberian peninsula, in partnership with Santander and Banco de Bilbao, with assets of about USD4bn.

P { margin-bottom: 0.08in; } The Frankfurt-based third-party marketer (TPM) Accelerando Associates has been selected by Sberbank Asset Management (formerly Troika Dialog AM) to sell its Russian equity and bond funds in Germany and Europe, Investment Europe reports. The funds were launched by Sberbank in April 2012, each with seed capital of USD50m.

P { margin-bottom: 0.08in; } Benros Capital, an event-driven hedge fund created by two former proprietary traders at Goldman Sachs, is closing down, Financial News reports. The news comes following reports that the Swedish asset management firm Brummer & Partners, which had been supporting the project, has decided to redeem USD300m in assets due to poorer than expected performance.

P { margin-bottom: 0.08in; } The French fund incubator NewAlpha Asset Management, and its Asian partner Woori Absolute Partners have announced the first strategic investment by their Asian incubator fund, Woori NewAlpha Fund LP in Mosaic Asset Management, a new asset management firm based in Singapore, specialised in Asian equities, the website Opalesque reports. Mosaic was founded by two Australian asset management specialists who have known each other for more than 25 years, Tristan Edwards and Greg Laughlin.

P { margin-bottom: 0.08in; } AmundiETF on 21 February announced that the AMUNDI ETF NASDAQ- 100 EUR HEDGED DAILY fund is being made available on NYSE Euronext Paris. The product is aimed at investors seeking a position on US tech stocks, while maintaining a daily hedge against currency risks. The ETF, benchmarked against the NASDAQ-100 Currency Hedged EUR strategy, with net dividends reinvested, combines exposure to the US tech sector with daily hedging against euro/dollar currency risks. The ETF is offered with a TER2 of 0.35%. The new product comes as a complement to the range of currency-risk hedged products, which includes the AMUNDI ETF S&P 500 EUR HEDGED DAILY and AMUNDI ETF TOPIX EUR HEDGED DAILY funds. Primary characteristics ISIN code: FR0010949479 Total epense ratio (TER): 0.35%

P { margin-bottom: 0.08in; } Luke Dugdale is joining RBC Wealth Management in London as director of the team in charge of private clients, Investment Europe reports. He will be responsible for managing and developing relationships with the ultra-high net worth (UHNW) segment, family offices and corporate directors. Dugdalte previously worked for Deutsche Bank Private Wealth Management, where he was responsible for the London desk in charge of the UHNW segment.

P { margin-bottom: 0.08in; } Jean-Philippe Rouchon has since 18 February been serving as an SRI analyst at the additional retirement establishment for public sector employees (ERAFP). Rouchon, previously a senior extra-financial analyst at the extra-financial ratings agency Vigeo, is specialised in the environmental, social and governance evaluation of businesses in the energy sector (oil, gas, electricity, renewable energy, water, waste) and the themes of business integrity (corruption, competition, lobbying, tax havens). At ERAFP, he will contribute to the monitoring and controlling of application of the establishment’s SRI policy, management and monitoring of the shareholder engagement policy of ERAFP, and the completion of studies.

P { margin-bottom: 0.08in; } Assets under management at Dexia Asset Management, which on 12 December last year was sold to GCS Capital for a total of EUR380m, totalled EUR77bn as of 31 December 2012, stable compared with 1 September 2012, and slightly down compared with the end of 2011 (-1.5%), according to statistics disclosed by Dexia at a publication of its annual results. Dexia Asset Management received positive net subscriptions to its long-term investment products, as well as positive market effects. However, this growth was counterbalanced by net outflows from short-term money market products, and by transfers of capital to other affiliates of the Dexia group. At EUR44m, pre-tax profits at Dexia Asset Management are down -26%, largely due to one-time elements. Commissions are down 7%, following the slight mentioned decline in assets under management and a slight deterioration in the average margin. The French-Belgian bank has also reported a net loss of EUR2.86bn from the group, largely due to the impact of the sales in the period, and the high cost of financing. Costs related to the use of the European Central Bank’s (ECB) emergency facility and a temporary guarantee from the Belgian, French and Luxembourg governments totalled nearly EUR1bn. The impact of sales of assets totalled EUR1.60bn. In 2011, Dexia underwent losses of EUR11.63bn.

P { margin-bottom: 0.08in; } AXA Investment Managers (AXA IM) on February 21 announced the appointment of Christian Gissler as global head of risks and controls. Based in Paris, Christian assumes overall responsibility for a division which combines risk management, legal affairs, compliance, and lobbying. He reports to Christophe Coquema, Global COO of AXA IM. Christian Gissler has 20 years of experience in risk management and joins AXA IM from CNP Assurances, where he was Head of Investment Strategy and built broad knowledge of issues specific to insurance companies. Prior to this he was Head of Risk at Natixis and Head of Risk of IXIS Corporate & Investment Bank.

P { margin-bottom: 0.08in; } The central asset management firm for the German co-operative banks, Union Investment, has reported pre-tax profits of EUR307m for 2012, compared with EUR266m the previous year, EUR372m in 2010, EUR204m in 2009, and EUR143m in 2008.As of the end of December, assets totalled a record EUR191bn, compared with EUR170bn as of the end of 2011, EUR177bn at the end of 2010, EUR166bn at the end of 2009, and EUR144bn at the end of 2008.Net subscriptions totalled EUR9.9bn, compared with net outflows of EUR1.5bn the previous year, EUR8.7bn in 2010, and EUR10.7bn in 2009. Of this total, institutional net inflows represented EUR8.8bn, compared with EUR2.1bn in 2011, EUR11.3bn in 2010 and EUR8.3bn in 2009, while retail brought in EUR1.1bn in net subscriptions, following net redemptions of EUR3.6bn the previous year, and EUR2.6bn in 2010, and EUR2.4bn in net inflows in 2009. Retail investors placed EUR1.8bn in open-ended real estate funds, and EUR1.4bn in new guaranty funds.Most net inflows went to corporate bonds, dividend strategies, emerging market bonds, and real estate funds. Overall, many clients are willing to accept slightly more risk in order to optimise their returns. Union also points out that assets in products related to sustainable development solutions as of the end of December totalled EUR5.8bn, compared with EUR4.5bn at the end of 2011, EUR3.5bn one year earlier, and EUR2.1bn at the end of 2001.

P { margin-bottom: 0.08in; } The long-term investment green book will be published in a few weeks, the European commissioner in charge of the internal market and services, Michel Barnier, announced on 21 February at a FESE-CFA round table on “financing long-term investment in the European economy.” A public consultation will be launched with the objective of “supporting the broadest and deepest debate possible on the best ways to remove barriers to long-term investment, and translate good ideas into concrete political proposals,” Barnier says. Without disclosing the contents of the green book, he has laid out four areas of reflection which may “usefully be opened.” Firstly, it is a good idea to evaluate the capacity of financial institutions to channel savings to long-term investment projects. In terms of banks, “we need to continue to minutiously calibrate our prudential rules in order to avoid any negative repercussions on long-term financing,” Barnier says. The European commissioner also pointed out the role which other financial institutions can play from this perspective, also in a long-term perspective, such as insurance companies, reinsurers and pension funds. A second area for reflection is the efficiency of financial markets and intermediation of investment. Beyond the impact of the revised MIF directive for long-term investment, Barnier pointed to reflections about means and developing bond markets in Europe to breathe new life into securitisation markets, which in particular requires “setting up the necessary incitements to investment over long periods of time, adopting appropriate benchmarks, and ensuring that credit ratings are not limited to an annual horizon.” The third area for reflection is access to financing for SMEs. Beyond European proposals for venture capital funds, which would become official in March, Barnier suggests other areas for reflection, including opportunities to create a special accounting regime for publicly-traded SMEs to improve access to fiancing, including long-term. The last area for reflection is the role of public institutions, for example, in tax incentives for long-term investment, which include taxation of companies and savings.

P { margin-bottom: 0.08in; } The Swiss private bank Reyl & Co has opened an office in London in order to set up a corporate consulting business, the Financial Times reports. It would like to make the City its “second centre of gravity” for the next 5 to 10 years, François Reyl, CEO, tells the newspaper. The London-based unit of the Swiss bank will be led by the former Morgan Stanley banker Ladislas Safyurtlu. He will initially focus on wealth management.

P { margin-bottom: 0.08in; } The new Luxembourg Sicav registered by the Spanish firm Abante Asesores, entitled Abante Global Funds, is the Spain-based manager of five sub-funds which will use technologies from the Andorran Andbank and the services of Banque Privée Edmond de Rothschild as a depositary, Funds People reports.The sub-funds are managed by Ramón Iturriaga, Juan Manuel Mazo and Alberto Espelosín. They come in addition to a new European large caps equity fund managed by Josep Prats, and the Global Selector fund of funds.

P { margin-bottom: 0.08in; } KBL European Private Bankers (KBL epb) on Thursday, 21 February announced the appointment of Yves Stein as chief executive officer, private banking, for the group. His appointment follows the recent announcement by KBL epb that it is extending its board of directors to better meet the developing needs of the group and its clients, and the appointment of Marc Lauwers as chief operating officer for the group, a statement says. In his new role at KBP epb, Stein will work to dynamise the growth of the private banking network in Europe and internationally. Stein will begin in his new role at KBL epb in March 2013. The position will be based in Luxembourg. Stein previously served as chief executive officer at Union Bancaire Privée (Europe) in Luxembourg, and also served as CEO, private banking at BNP Paribas (Switzerland).

La Commission européenne a revu en forte baisse vendredi ses prévisions économiques pour la France et ouvert la voie à un possible report à l’an prochain de l’objectif de déficit public à 3% du PIB que le pays s'était engagé à respecter en 2013. L’exécutif européen n’anticipe plus qu’une croissance de 0,1% cette année en France, un niveau proche du consensus des économistes et nettement plus bas que l’hypothèse de 0,8% sur laquelle le gouvernement a bâti son budget. En conséquence, il estime que le déficit public de la France devrait atteindre 3,7% du produit intérieur brut fin 2013. Il continuerait à progresser à 3,9% à politique inchangée en 2014, année pour laquelle la Commission prévoit une croissance limitée à 1,2% pour la France, là où la loi de programmation des finances publiques tablait jusqu’ici sur 2%. Commentant ces chiffres lors d’une conférence de presse, le commissaire européen aux Affaires économiques et monétaires, Olli Rehn, a laissé entendre que l’Union européenne pourrait faire preuve d’indulgence pour la France cette année au vu de l’environnement économique difficile de la zone euro. Dans ses dernières prévisions, la Commission anticipe une dette publique de la France à 93,4% du PIB cette année et 95,0% l’an prochain.

La Commission européenne a étendu aux produits de taux d’intérêt sur le franc suisse son enquête sur les soupçons de manipulation qui pèsent sur les taux interbancaires Libor et Euribor, a annoncé le commissaire à la Concurrence, Joaquin Almunia. Il a en outre déclaré que la Commission européenne soupçonnait l’existence de cartels entre banquiers et courtiers sur les marchés de produits dérivés, et qu’elle privilégiait une approche globale, contrairement aux autorités de régulation américaines qui s’intéressent séparément à chaque banque impliquée.

L’activité industrielle de la région de Philadelphie s’est à nouveau, contre toute attente, contractée en février, tombant à son plus bas niveau en huit mois en raison d’une chute des prises de commandes, selon les données publiées par la Réserve fédérale de Philadelphie. L’indice «Philly Fed» est ainsi ressorti à -12,5 contre -5,8 le mois dernier.

Le PIB de Singapour a progressé de 3,3% en rythme annualisé sur les trois derniers mois de l’année dernière, après un recul de 4,6% au trimestre précédent. Un chiffre qui ressort largement au-dessus des anticipations de croissance de 2% du consensus et confirme le rebond de l’activité dans le pays, tiré par de meilleures perspectives en Chine et aux Etats-Unis.