Le gestionnaire américain Russell Investments a annoncé la commercialisation en Allemagne du Russell Global Defensive Equity Fund (GDEF) destiné aux investisseurs intéressés par la performance mais avec une modération des risques de baisse dans un environnement de volatilité plus faible que celle des autres fonds d‘actions. L’indice de référence est le Russell Global Defensive Index (RDI), mais le portefeuille est géré de manière active, ce qui permet d’utiliser plusieurs stratégies défensives et d’éviter les segments surachetés.

Spécialiste du conseil pour les fonds de matières premières, l’allemand Stabilitas GmbH vient d’obtenir de la BaFin l’agrément de commercialisation en Allemagne pour son fonds luxembourgeois Stabilitas Growth-Small Cap qui ne pèse que 1,8 million d’euros. La société de gestion est le luxembourgeois IP Concept Fund Management.Le fonds est investi principalement en actions dans les secteurs de l’or et des matières premières, en combinant les titres de producteurs fortement bénéficiaires avec ceux de «juniors» et de firmes d’exploration pour limiter le risque. Le portefeuille est complété par des actions des secteurs de l’argent, des métaux de base et de l'énergie.CaractéristiquesDénomination : Stabilitas Growth-Small CapCodes Isin :LU0280294629 (parts P)LU0261105992 (parts I)Droit d’entrée : 5 % maximumCommission de gestion : 2,50 % maximumCommission de performance : 15 % de la hausse de la valeur liquidative avec high watermark

Avec le luxembourgeois IP Concept, le gestionnaire allemand Eyb & Wallwitz vient de lancer un nouveau fonds de sa gamme Phaidros, le Fallen Angels, qui investit principalement en obligations d’entreprises de catégorie investissement dont la note est abaissée et tombe en catégorie spéculative.CaractéristiquesDénomination : Phaidros Funds Fallen Angels ACode Isin : LU0872913917 Droit d’entrée: 4 % maximumCommission de gestion: 1,43 %.

La société de gestion suédoise East Capital a connu une excellente fin d’année et a repassé fin décembre la barre des 4 milliards d’euros d’actifs sous gestion, contre 3,4 milliards d’euros fin 2011 et un pic à 5,7 milliards d’euros juste avant la crise de 2008, selon les derniers chiffres disponibles. La collecte est très largement responsable de cette évolution même si l’effet marché a aussi contribué à ce résultat, a précisé le 7 février la société à l’occasion d’une conférence à Paris .Les premières semaines de l’année sont également très satisfaisantes en termes de collecte, les investisseurs s’intéressant plus particulièrement à la Turquie et aux Balkans. En ce début d’année, les portefeuilles d’East Capital sont surpondérés sur la Russie, presque à un niveau record. L’Europe centrale est largement sous-pondérée, la Turquie étant légèrement sous-pondérée. En revanche, les Balkans et les pays de la Baltique sont surpondérés. Plus généralement, East Capital souligne un intérêt très marqué pour les marchés frontières, avec toutefois des perspectives contrastées.

Fidelity a lancé son fonds Fidelity Funds – Global Strategic Bond Fund en Suède, rapporte Fondbranschen. Le fonds est investi en obligations d’Etat, obligations indexées, obligations d’entreprises, obligations à haut rendement et dette émergente, précise Petter Edwinson, responsable marketing et communications de Fidelity pour le Nord de l’Europe.

Peter Harrison retourne chez Schroders en tant que responsable global des actions, après le départ de Ken Lambden. Ce dernier a démissionné et quittera la société de gestion britannique le 15 mars après y avoir passé 15 ans, dont 9 à ce poste.Peter Harrison était jusqu’ici président et directeur général (CEO) de la société de gestion britannique RWC où il était arrivé en 2006. Avant, il a travaillé chez Deutsche Asset Management et chez J.P. Morgan Asset Management. Il avait commencé sa carrière chez Schroders en tant qu’analyste actions. Chez RWC, Dan Mannix, l’ancien responsable du développement, prendra la succession de Peter Harrison en tant que directeur général. Mais ce dernier reste président non-exécutif, selon la presse britannique.

L’AMF a reçu le 31 janvier 2013 notification de commercialisation en France du compartiment Baring Euro Dynamic Asset Allocation Fund de la sicav irlandaise Baring Investment Funds Plc. «Ce fonds est une version «vue d’Europe continentale» du fonds institutionnel britannique Dynamic Asset Allocation (DAA) qui affiche à présent 6,3 milliards de livres d’encours et qui a collecté en net environ 1,7 milliard de livres en 2012" a indiqué à Newsmanagers Percival Stanion, head, global multi asset group, de Baring Asset Management.Ce fonds est géré dans une optique de performance absolue avec en ligne de mire l’Euribor plus 300 points de base. «C’est un produit conservateur avec une approche de faible volatilité, qui est géré avec une tolérance asymétrique au risque ; le fonds est «long-only», il ne recourt pas l’effet de levier et, pour cette nouvelle version, notre plancher d’exposition à l’euro est de 50-60 %. Par ailleurs, nous nous sommes fixé comme limite supérieure 70 % pour la poche actions», précise Percival Stanion.En fait, depuis le lancement de la stratégie il y a une dizaine d’années, la performance a été supérieure à celle des actions avec une volatilité de moitié de celle de cette classe d’actifs. Et, depuis le lancement du fonds principal en 2007, le rendement annuel a été de 7 % avec une volatilité de 40 % de celle des actions.En plus du DAA, Barings affiche 313 millions de livres sur la même stratégie pour un produit retail au Royaume-Uni, 50 millions de dollars pour la version américaine et 40 millions de dollars pour l’asiatique ainsi que 230 millions de livres sur le fonds marchés émergents. A cela s’ajoutent des mandats. Au total, la stratégie «multi-asset» pèse aux alentours de 8 milliards de livres.Actuellement, le portefeuille du DAA est ventilé sur 30 % d’obligations, 25 % d’actions britanniques et 25 % d’actions internationales, 11 % d’alternatif et 9 % de cash. Code Isin : IE00B7Z2JW43 (part A) Frais de gestion : 1,25 %

Le spécialiste de l’investissement Marc Seidner a pris les rênes du tout jeune pôle actions de Pimco, afin d’assurer l’intérim après le départ récent de Neel Kashkari, rapporte Citywire.Marc Seidner devrait occuper ces fonctions jusqu'à la nomination d’un successeur à Neel Kashkari.

L’espagnol Abante (1,2 milliard d’euros sous conseil) vient de faire enregistrer au Luxembourg la sicav Abante Global Funds qui comporte quatre compartiments ainsi aisément commercialisables hors d’Espagne, rapporte Funds People.La sicav comprend le fonds d’actions Spanish Opportunities géré par José Ramón Iturriaga comme ses fonds espagnols Okavango et Kalahari Alpha, un clone du Maral Macro géré par Juan Manuel Mazo, le fonds flexible Abante Pangea géré par Alberto Espelosín et enfin le fonds de fonds Global Selector, clone du Abante Bolsa Absoluta, géré par l’équipe d’Ángel Olea.

Les actifs sous gestion du groupe VP Bank (Banque Privée de Gérance) s'élevaient fin décembre à environ 28,5 milliards de francs suisses, contre 27,4 milliards de francs fin 2011, selon un communiqué publié le 6 février. La banque prévoit néanmoins un recul de la collecte nette d’environ 65 millions de francs.Le bénéfice net du groupe devrait s'établir à environ 47 millions de francs suisses, contre 5,3 millions pour l’exercice 2011.

Le britannique Threadneedle lance sur le marché allemand le Columbia Threadneedle SICAV-SIF Absolute Commodities Fund, un fonds de performance absolue investissant dans le domaine des matières premières dont l’objectif de performance sur une base annuelle, nette de frais, se situe à 10-15 % pour un horizon de long terme.Ce fonds, géré par Nicolas Robin, n’est pas coordonné mais vient d’obtenir l’agrément de la CSSF. Il est réservé aux investisseurs qualifiés et professionnel.

With the Schwab ETF OpenSource, Charles Schwab on 7 February released a platform which provides investors and US advisers what the firm claims is free access to the largest number of ETFs in the country.So far, Schwab clients can buy and sell shares in 105 ETFs with no trade commissions. This includes products from issuers such as State Street SPDR, Guggenheim Investment, Invesco PowerShares, ETF Securities, United States Commodity Funds, and of course, Charles Schwab.

The US asset management firm Rusell Investments has announced the release in Germany of the Russell Global Defensive Equity Fund (GDEF), aimed at investors interested in returns but also with reduced risks in a lower volatility evironment than other equity funds. The benchmark index is the Russell Global Defensive Index (GDI), but the portfolio is actively-managed, which allows for the use of several defensive strategies and the avoidance of over-invested sectors.

In December, inflows to African equity funds totalled USD878.4m, the highest level in two years, and four times the previous month’s level, according to EPFR, cited by the Financial Times. This is a sign of demand on the part of investors seeking exposure to the region, the newspaper remarks.

The Spanish firm Abante (EUR1.2bn in assets under advising) has registered the Abante Global Funds Sicav, which includes four vehicles that may easily be sold outside Spain in this form, in Luxembourg, Funds People reports. The Sicav includes the equity fund Spanish Opportunities, managed by José Ramón Iturriaga, as are the Spanish funds Okavango and Kalahari Alpha, a clone of the Maral Macro fund managed by Juan Manuel Mazo, the flexible fund Abante Pangea, managed by Alberto Espelosín, and lastly, the Global Sector fund, a clone of the Abante Bolsa Absoluta, managed by a team led by Angel Olea.

Six Financial Information on 7 February announced that it is adding to its valuation activities, with the installation of a new valuation team in Frankfurt. The creation of the team will allow Six Financial Information to better meet growing demand from specialised consultants present in all the major financial markets on the planet, who are responsible for evaluating OTC products and financial instruments in the fixed income and derivative segments.

Despite the challenges presented by the current environment, Asian hedge fund managers should continue to invest capital and get involved in new strategies, according to BNY Mellon. Hedge fund management firms with a reputation in the market will attract moderate inflows from their traditional investors, as US insitutionals and newcomers turn to ultra-high net worth investors and family offices, says Aidan Houlihan, managing director of alternative investment services at BNY Mellon. Fund launches are expected to be fewer in the next few months, which would not prevent Asian hedge fund managers from exploring new strategies. Coe managers already offer highly sophisticated macro or credit strategies, as well as multi-strategy funds. Long/short funds still represent about 75% of assets in hedge funds, down from 90% a few years ago.

The Swedish asset management firm East Capital had an excellent end to the year, and as of the end of December, was back above the EUR4bn threshold for assets under management, up from EUR3.4bn at the end of 2011, and compared with a peak of EUR5.7bn just before the 2008 crisis, according to the most recent available statistics. Inflows were primarily responsible for this development, although market effects also contributed to the result, the firm stated at a press conference in Paris on 7 February.The first week of the year was also highly satisfactory in terms of inflows, as investors took a particular interest in Turkey and the Balkans.At the beginning of the year, portfolios at East Capital were overweight on Russia, at near record levels. Central Europe is considerably underweight, and Turkey is slightly underweight. However, the Balkans and the Baltic countries are overweight. More generally, East Capital says that there is a highly marked interest in frontier markets, with contrasted outlooks.

The real estate fund division of the Asset & Wealth Management (AWM) unit of Deutsche Bank, RREEF Real Estate, has announced that last year it made transactions totalling EUR2.2bn, compared with EUR1.9bn in 2011, an increase of 15%.Assets in open-ended real estate funds as of 31 December totalled EUR3.701bn for the grundbesitz europa, and EUR2.315bn for the grundbesitz global. One year previously, the asset management firm reported EUR3.2bn and EUR2.3bn, respectively, in assets under management by the two funds.RREEF also had a total of over EUR3.8bn in assets under management in over 70 institutional funds (Spezialfonds). One year previously, that amount stood at EUR3.3bn. Georg Allendorf, executive chairman of RREEF Real Estate Deutschland, states that the two open-ended funds last year acquired properties totalling a net EUR629m, and sold nine properties for EUR499m, in a process which earned significant capital gains. Closed-end funds invested EUR998m in 18 properties (at a time when sales were limited to 4 properties for EUR78m), due to significant net subscriptions from institutional investors.RREEF points out that in July 2012 it make its first mezzanine debt investment for an institutional real estate fund investment in a subordinate mortgage on a property located at 717 Fifth Avenue in New York City, for USD290m.

Assets under management by the VP Bank group ((Banque Privée de Gérance) as of the end of December totalled about CHF28.5bn, compared with CHF27.4bn at the end of 2011, according to a statement released on 6 February. The bank is nonetheless predicting a decline in net inflows of about CHF65m. Net profits for the group are expected to total about CHF47m, compared with CHF5.3m for the 2011 fiscal year.

Groupama Asset Management on Thursday, 6 February announced the arrival of Christophe Morel as part of its economic analysis unit, in the position of Chief Economist. He will report to Marie-Pierre Peillon, head of Research.The unit aims to monitor and generate conjunctural and sturctural scenarios for the evolution of the macroeconomic and financial environment. It is also responsible for monitoring country risks, a statement says.From 2004 to 2006, Morel was head of the Strategic Allocation and Overlay Management departments at the French national pension fund, the Fonds de Réserve pour les Retraites. Then, from 2006 to 2008, he was director of Tactical Allocation management at Natixis Asset Management. In 2008, he joined Odier Investment Managers as Deputy CIO of the Asset Allocation group.

Investment specialist Marc Seidner has taken over control of the fledgling equity unit at Pimco for the interim, following the recent departure of Neel Kashkari, Citywire reports.Weidner will serve in the role until a successor to Kashkari can be appointed.

Assets under management by the Investment Management and Advisory Services unit of Prudential Financial as of the end of December 2012 totalled USD827bn, compared with USD717.8bn as of the end of December 2011, according to statistics released by the group. Institutional assets as of the end of December totalled USD313.7bn, compared with USD271.8bn as of the end of September 2012, as retail assets totalled USD138.7bn, compared with USD119.3bn. Net inflows in fourth quarter totalled USD8.4bn for institutionals, as inflows in the retail segment totalled USD3.4bn. For the year, institutional inflows totalled USD17.2bn, and retail inflows totalled USD12.8bn. The group has reported annual net profits fo USD2.96bn, compared with USD2.84bn in 2011.

Assets under management at the French-US business bank Lazard as of the end of 2012 totalled a record USD167bn, up 18% compared with the end of December 2011, and up 4% since 30 September 2012, according to a statement released on 7 February. For the year as a whole, Lazard has posted a net inflow of USD2.7bn, but fourth quarter brought net redemptions totalling USD47bn. Management commissions last year totalled USD806bn, down 1% compared with 2011, as performance commissions, for their part, rose 66% 6o USD44m, due to the returns earned on certain traditional and alternative strategies. Lazard has also reported net profits in 2012 of USD84.3m, compared with USD174.9m the previous year, due to a restructuring charge of USD103m.

The British firm Threadneedle is launching the Columbia Threadneedle SICAV-SIF Absolute Commodities Fund, an absolute return fund investing in commodity markets, whose performance objective on an annual basis, after fees, is 10-15% over the long term, on the German market.The fund, managed by Nicolas Robin, is not UCITS-compliant, but has received a license from the CSSF. It is reserved for qualified and professional investors.

Fidelity has launched its Fidelity Funds – Global Strategic Bond Fund in Sweden, Fondbranschen reports. The fund invests in government bonds, inflation-linked bonds, corporate bonds, high yield bonds and emerging market debt, says Petter Edwinson, head of marketing and communications for Northern Europe at Fidelity.

Peter Harrison is returning to Schroders as global head of equities, following the departure of Ken Lambden. Lambden has decided to step down, and will leave the UK asset management firm on 15 March, after 15 years there and 9 yers in his current role.Harrison had previously been chairman and CEO of the British asset management firm RWC, which he joined in 2006. Before that, he worked at Deutsche Asset Management and J.P. Morgan Asset Management. He began his career at Schroders as an equities analyst.At RWC, Dan Mannix, former head of development, will succeed Harrison as CEO, but Harrison will remain as non-executive chairman, the British press reports.

The German asset management firm Eyb & Wallwitz has launched a new fund in its Phaidros range, the Luxembourg-registered IP Concept fund Fallen Angels, which invests primarily in investment grade corporate bonds whose rating has fallen to speculative grade. Characteristics Name: Phaidros Funds Fallen Angels A ISIN code:LU0872913917 Front-end fee: Maximum 4% Management commission: 1.43%

The German firm Stabilitas GmbH, a specialist in advising for commodity funds, has received a sales license for German from BaFin for its Luxembourg-registered fund Stabilitas Growth-Small Cap, which has only EUR1.8m in assets. The asset management firm is the Luxembourg-based IP Concept Fund Management. The fund invests primarily in equities of the gold and commodity sectors, combining production equities with high profits with junior shares and shares in exploration firms, in order to limit risks. The portfolio is complemented by shares in the silver, basic metal and energy sectors. Characteristics Name: Stabilitas Growth-Small Cap ISIN Codes: LU0280294629 (P shares)LU0261105992 (I shares) Front-end fee: Maximum 5% Management commission: Maximum 2.50% Performance commission: 15% of increases in net asset value, with high watermark

The AMF on 31 January 2013 received a sales notification for France for the Baring Euro Dynamic Asset Allocation fund, a sub-fund of the Irish Sicav Baring Investment Funds Plc. “This fund is a ‘continental European view’ of the British institutional fund Dynamic Asset Allocation (DAA), which now has GBP6.3bn in assets, and which had net inflows of about GBP1.7bn in 2012,” Percival Stanion, head, global multi asset group at Baring Asset Management, has told Newsmanagers.The fund is managed with absolute return objectives, aiming for the Euribor plus 300 basis points. “It is a conservative product, with a low-volatility approach, which is managed with asymmetrical risk tolerance; the fund is long-only, uses no leverage, and in this new version, our floor for exposure to the euro is 50-60%. We have also set a limit above 70% for the equity allocation,” Stanion says.Since the launch of the strategy ten years ago, performance has been higher than that of the equity markets, with volatility half what it is for that asset class. And since the launch of the main (UK) fund in 2007, annual returns have been 7%, with volatility 40% that of the equity markets.In addition to the DAA, Barings has GBP313m in the same strategy in a UK retail product, USD50m in the US version, and USD40m in the Asian version, as well as GBP230m in the emerging market fund. In addition to that there are mandates. In total, multi-asset strategies have about GBP8bn.Currently, the portfolio of DAA is 30% allocated to bond markets, 25% to British equities, 25% to international equities, 11% to alternative assets, and 9% to cash.