L’Agefi rapporte que la SEC a approuvé le lancement par le géant de la gestion collective d’un fonds indiciel coté (ETF) dédié au cuivre, qui sera coté sur la plateforme Nyse Arca. L’autorité de marché a autorisé en décembre la commercialisation d’un produit comparable géré par JPMorgan. Certains industriels du cuivre ont émis des craintes de perturbation du marché du fait du lancement de ces ETF.

«Si tout se passe en trajectoire nominale cette année, nous atteindrons 1.812 millions d’euros de collecte brute fin décembre, ce qui représentera depuis 2007 une croissance annuelle de 34 % dont 6 points pour les acquisitions et 28 pour l’organique. L’encours total du groupe se situait fin 2012 à 5,2 milliards d’euros, alors que le départ a été pris en 2007 avec 1,8 milliard. Et nous devrions normalement atteindre 7,1-7,2 milliards fin 2013", a déclaré vendredi à Newsmanagers Patrick Petitjean, directeur général de Primonial, un groupe qui se veut le numéro un des maisons indépendantes en matière de solutions de placement.Le manager précise que si Primonial consacre environ 60 millions d’euros par an à l’aspect administratif de son activité, l’avalanche de réglementations nouvelles constitue aussi une barrière à l’entrée dont profitent des maisons de relativement grande taille et bien équipées comme Primonial."Comme la distribution coûte cher, la solution consiste à «verticaliser». C’est ainsi que nous avons avec Primonial Asset Management une société d’assemblage de portefeuilles intelligents tandis qu’avec Primonial Real Estate Investment Management (PREIM) nous avons lancé il y a dix-huit mois une structure qui pèse déjà 1 milliard d’euros et qui atteindra les 2 milliards cette année», poursuit Patrick Petitjean.Concernant la gestion d’actifs, Primonial a lancé le «projet Voltaire», qui est piloté par François Barthélémy, le dirigeant de Primonial Asset Management. A la base, «le concept repose sur la constatation qu’en France beaucoup de gérants gèrent bien, mais ne collectent pas, et que le succès du gérant vient du monde des indépendants avant d'être confirmé par la demande institutionnelle. Nous avons déjà la maîtrise de la distribution, nous connaissons les indépendants et nous possédons de bons produits. L’idée consiste à réaliser l’acquisition d’une série de petits gérants pour les aider à distribuer. Mais, attention, des gérants ayant déjà fait leurs preuves. Nous leur apportons la machine de guerre pour qu’ils soient connu», insiste le directeur général.Dans ce contexte, «Primonial a déjà pris une participation de 70 % dans Roche-Brune, spécialiste des actions européennes, que dirige Bruno Fine, «et nous comptons ajouter à notre pépinière un à trois nouveaux gestionnaires, ou fonds par an ; ils conserveront leur marque, comme Roche-Brune. Nous profitons de leur savoir-faire, tandis que les gérants, déchargés du souci de l’intendance, peuvent se focaliser sur ce qu’ils savent faire le mieux, gérer. Et ils peuvent au passage s’enrichir, eux aussi», souligne Patrick Petitjean, qui annonce aussi son intention de créer cette année une plate-forme de distribution au Luxembourg.Pour l’heure, Primonial AM qui compte 20 personnes dont 8 gérants gère un peu moins d’un milliard d’euros en multigestion et en allocation stratégique sous forme de mandats, «la règle du jeu étant de protéger le capital du client et de lui faire gagner de l’argent lorsque le marché s’y prête», indique François Barthélémy. Ce dernier a par ailleurs annoncé que Primonial comptait compléter assez prochainement sa gamme d’OPCVM avec un fonds de matières premières.

Richard Sullivan, US district judge à Manhattan, a interdit à Apple de faire procéder à un vote bloqué en assemblée générale sur trois résolutions, notamment celle donnant au groupe l’autorisation d’émettre des actions préférentielles, rapporte The Wall Street Journal. Le gestionnaire alternatif Greenlight Capital, que dirige David Einhorm, s’oppose à cette disposition, parce qu’il souhaite que le vote permette aux actionnaires d’obtenir leur part des 137 milliards de dollars de cash accumulés par Apple.Les deux parties ont un délai jusqu’au 1er mars pour faire de nouvelles propositions.

L’assureur français Axa présentera le 30 avril prochain lors de son assemblée générale annuelle, plusieurs résolutions dont la nomination comme nouveaux administrateurs, de Deanna Oppenheimer et de Paul Hermelin, en remplacement de Anthony Hamilton et Michel Pébereau dont les mandats arrivent à échéance à l’issue de la prochaine assemblée.Deanna Oppenheimer est CEO de la société de conseil CameoWorks (Etats-Unis), après avoir passé 25 ans dans le secteur bancaire, aux Etats-Unis et en Europe, tandis que Paul Hermelin est président directeur général de Capgemini, groupe qu’il a rejoint en 1993.Par ailleurs, le versement d’un dividende en augmentation à 0,72 euro sera proposé à l’assemblée, précise Axa.

Le management de Victory Capital Management (144 personnes et 22,1 milliards de dollars d’encours sous gestion ou conseil fin décembre) va prendre le contrôle de la société avec l’aide du capital-investisseur Crestview Partners, en achetant l’entreprise pour 246 millions de dollars, soit 1,1 % des actifs gérés, auprès de KeyCorp qui indique réaliser avec cette transaction une plus-value nette comprise entre 145 et 155 millions de dollars.La transaction devrait être bouclée durant le troisième trimestre. Les deux dirigeants de Victory, David Brown et Christopher Ohnmacht, restent à la tête de l’entreprise, le premier en tant que CEO et le second comme president.

Le gestionnaire bostonien Affiliated Managers Group Inc (AMG, 432 milliards de dollars d’encours fin décembre) a annoncé le 21 février l’ouverture d’une bureau de distribution à Zurich et le recrutement de Patrick Sege, head of sales & business developement Switzerland de Liongate Capital Management comme director, head of distribution Switzerland, Austira and Liechtenstein. Il sera basé à Zurich.D’autre part, AMG a recruté chez Fidelity Investment Management, où il était director of sales & relationships, institutional clients, et devient director, head of distribution, Germany chez AMG. Il sera également basé à Zurich.

Bank am Bellevue a annoncé le 22 février le recrutement du spécialiste des actions suisses Michael Heider, en tant que responsable de la recherche actions.Michael Heider a pris ses fonctions le 1er février dernier. Il a la responsabilité d’une équipe de recherche d’une douzaine d’analystes. Très souvent récompensé pour sa recherche sur les actions suisses, Michael Heider travaillait précédemment chez Helvea, où il occupait dernièrement le poste de co-responsable de la recherche actions.

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 Luxembourg stock exchange on 22 February announced a cooperation agreement with Altus to develop a market infrastructure for investment funds.The market infrastructure will provide services to support, facilitate and standardize cross-border distribution of funds, a statement says.The perimeter of services will initially be limited to transaction management and reporting and information services. The Luxembourg market will be the first one covered.The new infrastructure is expected to be operational by third quarter 2013.

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; } Agefi reports that the SEC has approved the launch of an exchange-traded fund (ETF) by the collective management giant BlackRock dedicated to copper, which would be listed on the NYSE Arca platform. The market authority in December licensed the sale of a comparable product managed by JPMorgan. Some copper industrials have expressed concerns that the market will be disturbed by the launch of these ETF funds.

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; } Citywire reports that the Emerging Market Equity sub-fund of the Luxembourg Sicav Vontobel Funds is now closed to new investors. Existing clients may continue to invest in the fund, managed by Rajiv Jain, which has USD4.8bn in assets. For about one year, the Swiss asset management firm has been making efforts to slow subscriptions to the fund.

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 third week of February saw nearly every major EPFR global-tracked fund group post inflows as cash pulled from US money market funds at the fastest clip since mid-3Q11 looked for new investment ideas. Overall, money market funds saw USD32.1bn pulled out during the week ending February 20 – with USD25.8bn of that coming from US funds. Meanwhile, equity funds absorbed a net USD8.58bn, bond funds USD3.47bn, balanced funds USD1.11bn and alternative funds USD710m.Year-to-date flows into EPFR Global-tracked Emerging Markets Equity Funds pushed past the USD33bn mark in late February as they extended their current inflow streak to 23 weeks. Once again the diversified Global Emerging Markets (GEM) Equity Funds took in the lion’s share of the new money with Asia ex-Japan Equity Funds a distant second while EMEA Equity Funds posted outflows for the fourth time in the past five weeks.

Since the irruption of ETFs into the European market and the beginning of the price war for these products in the United States in 2012, Europeans have been asking about the intentions of the giant Vanguard (USD2trn in assets). Newsmanagers speaks to its head of institutional activity for Europe.

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; } At a time when many acedemic studies have considered the question of the performance of actively-managed funds, Lyxor Asset Management has found that studies measuring the performance of tracker funds such as ETFs do not exist. The tools used are primarily for measuring the performance of actively-managed funds, and are not adapted to passive funds, which require the use of information ratios to measure tracker funds. These ratios are only pertinent to compare the performance of ETFs, Lyxor says in a study (attached).The study, by Marlène Hassine and Thierry Roncalli of Lyxor AM, proposes another performance measure based on value at risk, which is “perfectly appropriate for passive management and ETFs,” the authors say. On the basis of three parameters, the difference in performance between the fund and the index, the volatility of tracking error and the liquidity spread, “measurement can help investors to more easily choose between different products,” Lyxor explains.The study also discusses the importance of the liquidity spread to measure the effectiveness of an ETF, particularly for institutional investors, who invest larger amounts in ETFs.

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; } Amundi will be closing three of its commodity ETFs in the coming weeks, the Financial Times website reports, citing Ignites Europe. The Amundi ETF Commodities S&P GSCI Agriculture, Amundi ETF All Commodities S&P GSCI Light Energy and Amundi S&P GSCI Non Energy ETF represent total assets of EUR18.7m. The Crédit Agricole affiliate says that the decision was taken several months ago, and that it is not a reaction to a recent report by Oxfam France, which accused French asset management firms of speculating on hunger with such products.

P { margin-bottom: 0.08in; } As announced more than two months ago, State Street Global Advisors (SSgA) on 21 February finally officially launched two SPDR-branded ETF funds reproducing Russell low volatility indices which had been used as underlying for ETFs closed by Russell (see Newsmanagers of 21 August and 7 December 2012), Index Universe reports.They are the SPDR Russell 1000 Low Volatility ETF (acronym LGLV on NYSE Arca), which will charge 0.20%, and the SPDR Russell 2000 Low Volatility ETF (SMLV), whose ter is 0.25%.

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 stock exchange SIX has fined the Swiss group Weatherford International CHF200,000, SIX Exchange Regulation has announced in a statement released on 22 February. The group, active in oil exploitation services, was found guilty of violating a requirement to disclose management transactions, violating event notification rules, and violating rules concerning listing procedures.

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; } Bank am Bellevue on 22 February announced the recruitment of the Swiss equity specialist Michael Heider as head of equity research. Heider began on 1 February this year. He is responsible for a research team of 12 analysts. Heider, who has often won awards for his Swiss equity research, previously worked at Helvea, where he most recently served as co-head of equity research.

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 Boston-based asset management firm Affiliated Managers Group Inc (AMG, USD432bn in assets as of the end of December) on 21 February announced the opening of a sales office in Zurich, and the recruitment of Patrick Sege, head of sales & business development Switzerland at Liongate Capital Management, as director, head of distribution Switzerland, Austria and Liechtenstein. He will be based in Zurich.AMG has also recruited a director of sales & relationships, institutional clients, Germany, from Fidelity Investment Management. He will also be based in Zurich.

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 Alternative Investment Management Association (AIMA) has announced the appointment of two deputy chairmen: Andrew Bastow (Winton Capital Management) and Chris Pearce (Marshall Wace Asia). Robert De Rito, head of financial risk management at APG Asset Management US becomes investor-appointee for the association.

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 financial ratings agency Moody’s on 22 February announced that it is cutting its credit rating for the United Kingdom by one notch, from AAA to AA1, due to “continued weak mid-term outlooks” for the country. The agency says that it expects muted economic activity in the country “to extend into the second half of the decade.” Several factors have contributed to this development, including a process of reducing debt in private and public sectors, which probably bit into growth. Moody’s says, however, that the British economy is solid, has “extremely high” solvency, and the outlook for the country has been increased from “negative” to “stable.” The United Kingdom took a first step towards another recession, with a contraction in its gross domestic product of 0.3% in fourth quarter 2012. If this morose economy continues in the first three months of 2013, the UK would be in its third recessionary dip since the beginning of the financial crisis in 2008-2009.

P { margin-bottom: 0.08in; } With Ownership Capital, the Netherlands-based pension fund PGGM last month partnered with an SRI asset management firm specialised in equities, which is the only dependent entity of the group to invest actively. The firm is owned by its partners, including Antoinette van Lier and former 3m CEO Sir George Buckley, Fondsnieuws reports.The CIO of the firm is Alex van der Velden, and the portfolio is constructed on the basis of financial and ESG criteria, with only 20 positions on European or North American businesses whose revenues are over EUR1bn. Van der Velden, who joined PGGM in February 2008, claims that sustainable investment offers both better returns and reduced risks. Van Lier is responsible for analysing «soft» data such as corporate culture and the quality and reliability of 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; } Since Thursday, db x-trackers and db x-markets have been announcing on their websites that they belong to the asset & wealth management (AWM) unit of Deutsche Bank, which is a visible representation of an announcement that active (asset management) and passive (investment banking) management activities had been united in a single structure, the Frankfurter Allgemeine Zeitung reports Reinhard Bellet, who heads the passive management unit from London, says that passively-managed assets at Deutsche Bank total EUR98bn, of which 40% are in db x-trackers ETFs, 26% in options and certificates from db x-markets, and 9% in DB Platinum funds.Currently, Deutsche Bank is the fourth-largest provider of passively-managed products in Europe, after iShares (BlackRock), with EUR425bn, Legal & General with EUR300bn, and State Street with EUR203bn. Vanguard remains relatively modest in Europe, with EUR51bn. For ETFs, db x-trackers is second, after iShares.

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; } Les Echos reports that the Pinault-Printemps-Redoute (PPR) group will this Monday announce that it is in exclusive talks with the fund Nordic Capital to sell it Ellos the Scandinavian arm of its Redcats mail-order unit, for a value of EUR300m, 8 or 9 times EBITDA. The Nordic Capital fund is interested in the acquisition in order to acqhieve strategic consolidation on the market in Scandinavia.

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; } “If everything goes according to nominal trajectory this year, we will have EUR1.812bn in gross inflows by the end of December, which will represent annual growth since 2007 of 34%, of which 6% are due to acquisitions, and 28% are organic. Total assets of the group as of the end of 2012 come to EUR5.2bn, where we started out in 2007 with EUR1.8bn. And we are expecting to reach EUR7.1bn-EUR7.2bn by the end of 2013,’ Patrick Petitjean, CEO of Primonial, a group which claims to be one of the top independent providers of investment solutions, has told Newsmanagers.For asset management, Primonial has launched the “Voltaire project,” led by François Barthélémy, director of Primonial Asset Management. The concept is “based on the observation that in France, many managers manage well, but don’t get inflows, and the success of managers comes from the independent world, before it is confirmed by institutional demand. The idea is to acquire a series of small managers who have already proven themselves, to help them with sales.”In this context, “Primonial has already acquired a 70% stake in Roche-Brune, a specialist in European equities, led yb Bruno Fine “and we are planning to add one to three new managers or funds per year to our little collection; they will retain their brand names, like Roche-Brune. We profit from their expertise, while the managers, freed from having to worry about sales, can focus on what they do best: managing. And they can also make money themselves,” says Petitjean, who has also announced plans to create a distribution platform in Luxembourg this year.So far, Primonial AM (20 employees, including 8 managers) has slightly under EUR1bn in multi-management and strategic allocation in the form of mandates. Primonial is planning to add to its range of mutual funds soon with a commodity fund.

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 management of Victory Capital Management (144 employees and USD22.1bn in assets under advisory or management as of the end of December) will take control of Victory, with the help of the private equity investor Crestview Partners. It will acquire the firm for USD246bn, 1.1% of assets under management, from KeyCorp, which says that it will make a total capital gain on the sale of USD145m to USD155m.The transaction will be completed in third quarter. The two heads of Victory, David Brown and Christopher Ohnmacht, will remain at the helm of the firm, the former as CEO and the latter as chairman.

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; } Richard Sullivan US district judge in Manhattan, has forbidden Apple from holding a bundled vote on three resolutions at its general shareholders’ meeting, including one which would allow the group to issue preferential shares, the Wall Street Journal reports. The alternative asset management firm Greenlight Capital, led by David Einhorn, is opposed to the move, as he would like a vote to be allowed to let shareholders get their share of USD137bn in cash accumulated by Apple.The two parties have until 1 March to make new proposals.

P { margin-bottom: 0.08in; } The US financial services group Catella is adding to its range of consulting services for German real estate, with the inclusion of debt consulting services, Investment Europe reports. The team will be led by Simone Schmidt, a specialist in structured finance, who previously worked for EAA, the real estate liquidation entity of West LB. Catella, which has about 440 employees in 12 European countries, has two major activity units: asset management and corporate finance. Real estate advising includes three major divisions, “Sales and Acquisitions,” debt and Equity,” and “Research and Valuation.”

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; } Rafaelle Costa, a former partner at GLG who is known as “Captain Magic,” will this week unveil the first fund from his new firm Tyndaris, the Financial Times reports. Tyndaris will begin to offer a commercial real estate fund managed by the former head of European CRE at Deutsche Bank, Heath Forusz, and former bankers from JP Morgan and Citigroup. The firm will also launch a Middle East fund focused on infrastructure, and may create a European hedge fund.

P { margin-bottom: 0.08in; } Threadneedle Investments is signing a distribution agreement with DBS Bank of Singapore, Citywire Global reports. Clients of the bank will have access to the Threadneedle (Lux) Emerging Market Short-Term Bonds fund from the asset management firm.

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 a very good year in 2012, the Swiss group Mirabaud is very seriously planning to recruit personnel in Paris. With 30 employees, the Paris office may add to its convertibles unit, which for slightly over one year has been led by Renaud Martin.The convertible strategy led by Martin also has delivered flattering results. The Mirabaud Convertible Bonds Europe A Cap (Eur) fund, launched in October 2011, last year earned returns of 16.6%, compared with 15.7% for the benchmark index, Exane Europe Convertible Bond Index. Its assets under management total about EUR175m.Another area for development is high yield, but in London, where Mirabaud will soon announce the recruitment of a person, Lionel Aeschlimann, a partner at Mirabaud, told Newsmanagers at a presentation in Paris. Andrew Lake, who manages the Mirabaud-Global High Yield Bonds fund (USD130m in assets under management) said at the presentation that the high yield segment will not return in 2013 to its exceptional levels of last year. However, it may earn returns of 6% to 7% in an environment in which volatility may remain high, and technical fundamentals for the segment remain very good.The evolution of Mirabaud’s activities in Paris are evidently not incompatible with recruitment plans, which may also affect sales teams. Last year assets in the French market totalled EUR1.4bn. In private banking, assets rose by about 9% to nearly EUR1bn, with 50% of the rise coming from the market and 50% from inflows. In institutional management, assets increased by about 25%, to EUR400m, two thirds of it due to inflows.For its two historic units, Mirabaud has for the past two and a half years been developing activities with IFAs via the Finaveo platform. “We are planning to intensify our relationships with our partners dedicated to IFAs and insurance platforms,” Raphaël Spahr, CEO of Mirabaud France, tells Newsmanagers.