The most popular investment criterion for institutional investors in 2013 will be the quality of results announced by businesses, before macroeconomic data is taken into account, according to the most recent European Corporate Survey by Crédit Agricole Cheuvreux, conducted between 23 October and 6 November, of 270 international investors in 28 countries. More than 50% of international investors, and 78% of US investors, say that profits at businesses will be the most important criterion in their investment decisions in 2013. Only 24% of investors estimate that macroeconomic criteria will be important, compared with 32% currently. The survey finds that 81% of investors surveyed estimate that the Euro Stoxx 50 index will rise until 30 June 2013, while 46% estimate that the index will remain in a range of 0 to +10%, and 35% predict that the index will gain at least 10%. One third of investors hope to increase the number of corporate meetings in 2012, as “corporate access” is now indissociable from the investment decision. 50% of US investors who participated in the study would like to increase the number of corporate meetings in the next 12 months. British and French investors value these contacts: 43% and 34%, respectively, meet with more than 60 companies per year (compared with an average of 27).

Partners Group on 16 January announced net inflows of EUR4.9bn in 2012. This amount is at the high end of the EUR4bn to EUR5bn range targeted by the private equity group, a statement says. Assets under management at the end of December totalled EUR28.6bn. The firm has also confirmed its projections of a total inflow of EUR4bn to EUR6bn in 2013.

Oscar Andreu, who had most recently served as head global emerging markets sales & distribution at UBS until the end of 2012, has been appointed as head of sales at Fidelity Switzerland, finews.ch reports. He will be responsible for overseeing banking/insurance and wealth management clients.

Borrowing by sustainable industrialised or emerging countries overall has evolved more positively than sovereign borrowing by countries that are not considered sustainable. The availability of resources shows every sign of having gained importance as a parameter in the evaluation of government debt These are the findings of the sustainability analysis department of Banque Sarasin, in its most recent commentary on the sustainability of governments and the valuation of their borrowing. The evolution of sustainable and unsustainable industrialised countries, which had previously been nearly synchronous, has become clearly differentiated since the outbreak of the debt crisis in Europe. With a difference of 27.3 percentage points compared with unsustainable countries, sustainable economies had done considerably better as of the end of December 2011. In 2012, the difference fell to 12.4 percentage points, but the valuation difference remained substantial over the entire period. Taking sustainability criteria into account also paid off in the selection of emerging market government debt. This conclusion is drawn from a consistent decline which peaked during the international financial crisis in 2008, as borrowing from sustainable emerging countries such as Brazil, Peru and Indonesia developed considerably more favourably than those of unsustainable countries such as China or South Africa. At the end of December 2012, the performance difference peaked at 77.0 percentage points. In the context of the current market, the risk looms as large as the performance in the evaluation of an investment. Aside from returns and volatility, the sustainability analysis team at Banque Sarasin therefore also calculated the Sharpe ratio for the countries under study. Sustainable countries also clearly stand out from the others in this area.

Swiss-based wealth management firm GAM is reorganising. It is moving from a financial holding company structure to a much more strongly integrated structure. This is not expected to result in any one-time restructuring costs, according to a statement released on 16 January.The current chairman and CEO of the holding company, Johannes de Gier, will now concentrate entirely on his responsibilities as chairman of the board of directors. David Solo, currently CEO of the two operational business units, will take over as CEO for the group.The finance and risk departments will be combined, and will now report to a chief financial officer for the group, in the person of Marco Suter, currently chief risk officer. The CFO of Gam Holding, Andrew Wills, will oversee the transition before leaving the group. The changes will be effective from 17 April this year.At the next general shareholders’ meeting, de Gier, Dieter Enkelmann, and Hugh Scott-Barrett will stand for new terms. Their current terms will end in April this year. Tanja Weiher is proposed as a new independent member, the board of directors would then grow from five to six members.

The British Gregory Eckersley, who was responsible for the management of global & large cap growth equity portfolios at AllianceBernstein from 2006 to 2011, before founding his own asset management firm, 1770 Capital Partners, has been recruited by the sovereign fund Abu Dhabi Investment Authority (ADIA) as its global head of internal equities, effective immediately, a statement dated 15 January states.He is responsible for direct investment in equities, and will lead one of the seven units at ADIA, while the other six are dedicated to tracker funds, equity investments via funds, real estate/infrastructure, bonds/treasury, private equity, and alternative investments.In his new role, Eckersley will report to Mohamed Darwish Al Khoori, executive director of the internal equities department.

Investors in 2013 are looking for the best terms possible, with an appetite for risk not seen in nine years, according to the latest BofA Merrill Lynch survey of a sample of 354 respondents representing cumulative assets under management of USD754bn, undertaken between 4 and 0 January.Global investors have entered 2013 in buoyant but not yet exuberant mood. The new year sees asset allocators assigning more funds to equities than at any time since February 2011, while their confidence in the world’s economic outlook has reached its most positive level since April 2010.Investors’ appetite for risk in their portfolios is now at its highest in nine years, while an increasing number judge equities as undervalued – particularly in Europe. Moreover, investors have reduced cash holdings to 3.8 percent from 4.2 percent in December.Participants’ perception of the U.S. fiscal crisis as the biggest “tail risk” for asset markets has calmed (down nearly 20 percentage points in two months), though it remains their largest concern. Views of China remain very positive, with a net 63 percent still anticipating a stronger economy this year, but one in seven sees a Chinese hard landing as their number one risk.Investors’ bullishness reflects a growing confidence in economic recovery. A net 59 percent now expect the global economy to strengthen this year, compared to a net 40 percent a month ago. This marks the panel’s most positive outlook since April 2010. An increasing proportion of respondents expect inflation to pick up as well.The panel has shifted its stance on financial stocks strongly, moving to its first net overweight in global bank names since February 2007 following a 15 percentage move versus last month. Nevertheless, banks are still perceived as the global equity market’s most undervalued sector. The existing overweight in insurance has also been extended, particularly in Europe, and now stands its highest level since January 2007.

The SS&C GlobeOp hedge fund performance index posted a gross return of 1.27% in December, Investment Europe reports. The index of net inflows (Capital Movement Index), for its part, shows a decline of 2.58% in the month of January. Assets under administration by the GlobeOp platform currently represent about 10% of assets invested in the hedge fund sector.

The Dow Jones Credit Suisse hedge fund index gained 1.48% in December, following gains of 0.64% in November. For the year as a whole, the index is up 7.67%. All strategies of the index contributed to this performance, except the dedicated short bias strategy, which lost 2.95% in December, and more than 20% for the year. Among the best results of the month are emerging market strategies, with 2.3% in December and 10.28% for the year as a whole, and event-driven, which was up 1.98% for the month, and 10.63% for the year.

In a difficult fundraising environment, a growing number of new hedge fund firms is setting up shop in New York, where they estimate that it is easier to get noticed, the Wall Street Journal reports. Of the new hedge fund firms opening in Manhattan or Greenwich or Stamford in Connecticut, about 86% have chosen New York, on average, between 2003 and 2008, accorsing to eVestment. In 2009 and 2010, Manhattan accounted for 92% of fund launches. 2011 data indicate that the trend has continued.

The Préfon association on 15 January announced that its Préfon-Retraite pension scheme has generated inflows of EUR430m in the past twelve months, an increase of 3.4% year on year. The leader in elective retirement savings for public employees has also announced that the number of new members joining the Préfon-Retraite scheme rose 15% in 2012 compared with the previous year, with 8,500 new subscriptions. As of the end of September 2012, assets at Préfon-Retraite totalled about EUR11.2bn.

At the end of 2012, short bets by hedge funds on Spanish equities represented only 0.376% of capital overall, compared with 0.475% when a prohibition on short-selling was introduced on 23 July. That represents a decline of 20.8%, Cinco Días reports.The newspaper stresses that the Spanish securities commission (CNMV) has already published its annual report on the financial markets in 2012, only two weeks after the year ended. In this the influence of the new chairwoman of the CNMV, Elvira Rodriguez, who decided to strengthen the communication and transparency policies of the regulator, may be discerned.

The Norwegian asset management firm Odin has reshuffled its teams, following its decision to repatriate the management of its funds to Oslo, Citywire Global reports. Management had previously been divided between Oslo and Stockholm. Vegard Søraunet will take over as manager of the Odin Sverige/ODIN Sverige II, and Carl Erik Sando will take over the ODIN Eiendom/ODIN Eiendom I, following the departure of Tomas Ramsälv. Søraunet will no longer manage the Odin Global/ODIN Global II and Odin Global SMB funds, which will be taken over by Oddbjørn Dybvad and Harald Nilssen.

The European Commission will by this summer set out proposed legislation to et up a joint mechanism to resolve banking crises, the president of the Commission, José Manuel Barroso, announced on 15 January. “Following the adoption of the single supervision mechanism, the Commission will make a legislative proposal for a shared resolution mechanism for the banking sector before summer. I consider that an absolute priority,” Barroso said. Barroso, who was speaking before the European Parliament in Strasbourg, welcomed the compromise reached in December between European finance ministers to set up a joint banking supervision mechanism for the euro zone and other countries of the European Union (EU) that wish to participate. “Talks over the bill are in progress with Parliament, and I hope that the final step in its passage is coming within a matter of weeks, not months,” he said.

A research chair for equity investments and benchmarking in the area of infrastructure has been created in Singapore by the Edhec-Risk Institute with Meridiam Infrastructure (EUR2.8bn in assets) and Campbell Lutyens. It will employ up to three senior researchers at the Edhec campus in Singapore in the next three years.

The asset management firm ECM Asset Management, an affiliate of the Wells Fargo banking group, has appointed Jens Vanbrabant as co-manager of two of its largest funds in the Sicav range, Citywire reports. Vanbrabant becomes the third manager of the European Credit Fund Sicav-Elbe, whose assets under management total EUR467m, and co-manager of the European Credit Fund Sicav-Danube (EUR82m). The managers in place for these strategies, Henrietta Pacquement and Derek Hynes, will retain their positions, but will now be supported by Vanbrabant. Despite these new duties, Vanbrabant will continue to manage the three funds that he currently manages, one European bond fund (European Credit Fund Sicav-Interlaken), one corporate bond fund (European Credit Fund Sicav – European Corporate), and one European bond mandate for Universal Investment.

In its “interim management statement” for the period from 1 October to 31 December 2012, Liontrust Asset Management Plc on 15 January announced that its assets increased in the period under review yo GBP2.530bn, from GBP2.364bn, thanks to GBP64m in net subscriptions, and a positive market effect of GBP102m. As of 11 January, assets totalled GBP2.584bn.Assets under management for institutionals fell to GBP542m, compared with GBP570m as of 1 October, with net outflows of GBP53m, while retail represented GBP1.978bn, compared with GBP1.756bn, with net subscriptions of GBP147m. In the nine months to the end of December, net inflows totalled GBP253m, compared with GBP74m in the corresponding period of 2011.Liontrust also confirmed that Michael Mabbutt (formerly of Thames River) has been appointed on 2 January as head of global credit, and announced that Felix Martin will join the global credit division in February, also from Thames River.Lastly, the group has announced the forthcoming launch of the Liontrust GF Global Strategic Bond Fund in February, pending approval from the authorities. The product will represent a diversification of the product range, which is currently highly concentrated on UK, European and Asian equities.

According to one of its executives, Mutuelle Médicis (EUR2.5bn) has recently called off plans to launch a cross-border pension financing organisation (OFP) in Belgium, “because that is not any more in line» with its strategy, IPE reports.

M&G Investments has announced the appointment of Dario Carrano as a sales manager in the sales team in Milan, Bluerating reports. He joins a team of 10 people who will report to Matteo Astolfi, head of M&G Investments in Italy, and will be responsible for independent financial advisers and institutional management. Carrano had previously worked at Amundi, where he spent six years as a sales manager. Currently, assets under management at M&G in Italy total over EUR4bn, double their total at the end of 2011.

With the Kresge Foundation (USD3bn) and the Local Initiatives Support Corporation (LISC), Morgan Stanley is participating in the first investment fund (with USD100m in capital) to allow those with low income and limited economic resources to gain access to health care and affordable housing. The fund also aims to finance services to help achieve these objectives in more deprived areas.The fund has sufficient capital to construct 500 housing units with integrated health care services, as well as eight health care centres with Federal permits to serve 75,000 people. The structure will put health care providers and residential developers in contact, since these groups have not often worked together previously, even though they frequently serve the same low-income populations in the same areas.The fund ia managed by New Markets Support Company, an affiliate of LISC, and is expected to contribute initially to the creation of 2,200 jobs in particularly deprived areas.

The British firm M&G is planning to merge two UK equity funds, the UK Select, whose assets under management total GBP81m, and the UK Growth Fund (GBP546m), Money Marketing reports. The two funds are currently managed by Mike Felton, who took over as manager of the UK Growth Fund in December last year. Pending the approval of shareholders, the two funds will merge on 15 March this year.

The Australian asset management firm AMP Capital has announced recruitments for its alternative management team, with the appointments of Alistair Rew and Celine Nguyen as portfolio managers. Rew previously worked at XL Group, where he was most recently managing director. Nguyen, for her part, was an analyst at EIM Management, where she led due diligence missions for investments in hedge funds.

Le Parlement européen a adopté la nouvelle réglementation sur les agences de notation dont les défaillances et l’influence avaient été pointées du doigt après l'éclatement de la crise financière de 2007. Le texte, qui résulte d’un compromis trouvé entre le Conseil, la Commission et le Parlement européens, devrait entrer en vigueur cette année.

Les prix à la consommation ont augmenté de 0,4% en décembre dans la zone euro, en raison de la hausse des prix de l’alimentation principalement, selon des données publiées mercredi par Eurostat. Le taux d’inflation sur un an est ressorti à 2,2%, comme en novembre, a ajouté Eurostat en confirmant son estimation préliminaire communiquée le 4 janvier.

La banque suisse UBS a ouvert une filiale en nom propre en Chine mercredi, ce qui lui permettra de mener des opérations en yuans dans des domaines clefs comme la gestion de fortune. Une quarantaine de banques étrangères, dont JPMorgan Chase & Co, Morgan Stanley et HSBC ont déjà créé des filiales en Chine pour tirer parti de la croissance de la seconde économie mondiale.

La Chambre des représentants a approuvé mardi un plan d’aide de 50,5 milliards de dollars pour indemniser les victimes de l’ouragan Sandy et financer la réparation des dégâts commis lors de son passage sur le Nord-Est des Etats-Unis fin octobre dernier. La Chambre a ensuite approuvé l’allocation de 33,5 milliards de dollars affectés à des projets de reconstruction à long terme.

La disparition du risque de liquidités en Europe permet une détente constante des conditions de financement dans les pays du Sud et alimente le rebond

Le ministre de l’Economie et des Finances, Pierre Moscovici, a confirmé lors d’un entretien sur RTL mardi matin que le taux du Livret A passera bien de 2,25% aujourd’hui à 1,75% à partir du 1er février prochain. Cette annonce était attendue alors que le gouverneur de la Banque de France, Christian Noyer, avait recommandé un jour plus tôt d’adopter ce taux de 1,75% qui ne reflète que partiellement la baisse de l’inflation.

La députée, chargée d'un rapport par le gouvernement, estime que les besoins des PME et ETI se comptent en dizaines de milliards d'euros

La société de capital-investissement londonienne profite de la frilosité des banques sur le marché de la dette des entreprises moyennes