The Azimut group has appointed four managing directors for its wealth management division: Luigi Ardissone, Enrico Canazza, Massimo Collina and Paolo Cosmelli, Bluerating reports, citing Il Mondo. They will aim to bring growth to the division, through the recruitment of high-level private bankers. The objective is to increase assets at Azimut Wealth Management beyond EUR5bn by 2015.

The Caisse de dépôt et placement du Québec, one of the largest pension funds in the world, with CAD160bn, will increase its allocation to real estate from CAD30bn to CAD40bn in the next 18 months, the Financial Times reports. It becomes one of the most recent examples of an institutional investor moving away from bonds, which offer very low returns, towards real estate.

The financial ratings agency Fitch Ratings on 28 January announced that it is raising its very short-term negative outlook for the credit rating of the United States, citing a decision by the Republican opposition to allow the Obama administration to exceed the legal debt ceiling for a period of four months. The report removes the danger of a downgrade from AAA for the United States in the very short term, which the agency on 16 January had warned could be revised down from the top rank, which it still accords to the world’s largest economy, if th US Congress failed to reach an agreement to raise the country’s debt ceiling. Now free of the short-term financing crisis the Federal government had faced, Congress and the Obama administration now have latitude to concentrate on the substantial budgetary choices necessary to set public finances on a viable mid-term and long-term course, the ratings agency explains. The agreement on a credible mid-term deficit reduction plan with a viable recovery of the economy will probably result in a confirmation of the country’s AAA rating, and an upgrade of the long-term outlook for the rating from negative to stable, Fitch says. In the absence of a plan, however, the current negative outlook will probably lead to a ratings downgrade at the end of 2013.

The number of strategies available in the UCITS hedge fund universe has topped 300 following the launch of several new funds in fourth quarter. Between October and December last year, 13 new funds were released, while 5 funds were closed in the same period, according to statistics from compiled by the Luxembourg-based firm Alceda Asset Management. There are now 307 funds, compared with 299 at the end of third quarter 2012. Long/short equity strategies were primarily offered in fourth quarter, accounting for five of the 13 new funds launched in the quarter. Alceda also notes that global macro funds represent 17% of all available funds, with 54 funds, representing 40% of all assets under management in the sector, or EUR34.7bn, out of a total of EUR86bn.

Following the Schroder GAIA CQS Credit, Schroder GAIA Egerton Equity, Schroder GAIA QEP Global Absolute and Schroder GAIA Global Macro Bond funds, Schroders will in February launch a fifth fund (the third external fund) on its GAIA (Global Alternative Investor Access) platform, the Schroder GAIA Sirios US Equity fund, manage by Sirios Capital Partners II, L.P.The fund already has an initial license from the Luxembourg regulatory authority, CSSF. The long/short equity fund will primarily invest in US mid and large caps, with potential exposure to Asia and Europe, reproducing the strategy of the Sirios long/short equity hedge fund in a UCITS framework.The product will invest in shares in businesses with attractive growth and valuation, and will short-sell shares in businesses whose fundamentals are deteriorating and whose balance sheets are weak.Management will be carried out by a team of ten investment professionals, led by John Brennan, co-founder of Sirios and managing director.As of 30 September, assets in funds on the GAIA platform totalled USD1.53trn.

The British asset management firm Veritas Asset Mangement has topped the most recent monthly rankings of European asset management firms by Asset Management Competition Reports (AMCR), the specialist website e-fundresearch reports. Veritas AM’s rise to the top is largely due to the long-term outperformance of the Veritas Global Euqity Income Fonds equity fund. In the rankings as of the end of December, Veritas AM finishes ahead of Carmignac Gestion SA, with its flagship fund Carmignac Patrimoine, First State Investments (UK) Limited, First State Investments (Hong Kong) Ltd and JO Hambro Capital Management Ltd.

Investment Week reports that Henderson Global Investors (HGI) may at least partially freeze subscriptions to the Henderson European Special Situation fund, which, with GBP510m, has passed the GBP500m mark which its manager, Richard Pease, had announced not long ago would be an upper limit, in order to protect the interests of existing shareholders, Investment Europe reports. The fund had GBP393m as of the end of May 2012.Another fund which has fallen victim to its own success and the major shift to equities (the «Great Rotation») is the Fidelity UK Smaller Companies Fund, managed by Alex Wright, which has GBP157m in assets. A soft closing may be held at GBP250m, probably in three months.

The ETF specialist IndexUniverse and Structured Solutions on 29 January announced the launch of a series of currency indices. These are primarily a series of indices which measure the performance of the US dollar against various baskets of currencies. The flagship index, the IU – Solactive U.S. Dollar TW Index, includes a weighted index of 26 currencies, including the Chinese RMB, which represents 20.37% of the index. The US Dollar Index, which was created in 1973, includes only six currencies, including the euro, which represents 57.60%. All of the new indices are available on Bloomberg. -IndexUniverse–SolactiveDollar TW Index (Long USD) (IUSLATL.Index) -IndexUniverse−Solactive U.S. Dollar TW Index (Short USD) (IUSLATW Index) -IndexUniverse–Solactive Developed Markets Currencies TW Index (IUSLADTW Index) -IndexUniverse–Solactive Emerging Markets Currencies TW Index (IUSLAETW Index) -IndexUniverse–Solactive -Pacific Currencies TW Index (IUSLAATW Index)

Globally at least USD 13.6 trillion worth of professionally managed assets incorporate environmental, social and governance (ESG) concerns into their investment selection and management, according to a report on the size and trends within the sustainable investment industry released yesterday by the newly created Global Sustainable Investment Alliance (GSIA).This represents 21.8 percent of the total assets managed professionally in the regions covered by the report - Europe, the United States, Canada, Australia, Asia, Japan, and Africa.Europe is the largest region with about 65 percent of the known global sustainable investing assets under management. Europe, along with the United States and Canada, account for 96 percent of SRI assets.The most common strategy used globally is negative/exclusionary screening, with USD 8.3 trillion in assets. Norms-based screening is also significant at USD 3.0 trillion, but this approach is currently only found on a large scale in Europe.Positive/best-in-class screening stands at just over USD 1.0 trillion, with the US market contributing most of the global assets invested in positive screening.Assets utilizing ESG integration are at USD 6.2 trillion.Approaches to corporate engagement/shareholder action varies greatly across regions, but this is the third-most common strategy, at USD4.7.trillion.Impact investing and sustainability themed investments are comparatively small at USD 89 billion and USD 83 billion respectively. The release of this report also launches the Global Sustainable Investment Alliance (GSIA) and its website at www.gsi-alliance.org.The GSIA is a collaboration of the seven largest sustainable investment membership organizations in the world: Association for Sustainable & Responsible Investment in Asia (ASrIA ), European Sustainable Investment Forum (Eurosif), Responsible Investment Association Australasia (RIAA), Social Investment Organization (SIO) in Canada, UK Sustainable Investment and Finance Association (UKSIF), US SIF: The Forum for Sustainable and Responsible Investment, and Vereniging van Beleggers voor Duurzame Ontwikkeling (VBDO) in the Netherlands. The mission of GSIA is to deepen the impact and visibility of sustainable investment membership organizations at the global level.

The Frankfurt-based independent asset management firm Universal Investment has announced that assets in its institutional funds (Spezialfonds) had risen by EUR18bn in the first eleven months of 2012, to EUR116.3bn. They have risen by more than EUR50bn in the past five years.In the past twelve months, assets under management by Universal in open-ended funds incerased by EUR3.3bn, to a total of EUR17.4bn.

A study by the Berlin-based agency Scope Ratings has found that on average, euro zone bond funds gained 26.1% in the past five years, while euro zone equity funds have lost an average of 25.9%.In the past three years, bond funds have gained an average of 12.7%, while equity funds have made 2.3%.But, in the past twelve months, bond products gained only 8.4%, while equity funds gained 18.3%.This year, Scope concludes, the extremely low level of interest rates is expected to continue to favour equity investments.

The board of directors at DekaBank on 28 January approved a redistribution of responsibilities among its board, as well as the appointment of Martin K. Müller, a board member at Landesbank Berlin (LBB), with whom DekaBank is planning to pool its market trading and asset management activities, as a board member from 1 April 2013.Müller becomes CFO/COO. As CFO, he will assume responsibility for treasury and finances, which is currently held by Matthias Danne, in addition to his role as a board member responsible for asset management in the area of real estate and credit. As COO, he will become responsible for operations, which will allow Friedrich Oelrich to concentrate on his role as chief risk officer (CRO).The other members of the board will retain their responsibilities. Michael Rüdiger remains as chairman of the board, with Oliver Behrens as vice chairman, while Georg Stocker retains responsibility for marketing and distribution.

The Cologne-based wealth management firm Flossbach von Storch has confirmed to Das Investment that it now has over EUR10bn in assets, less than five years after its launch on the retail market. Of total assets under management, investment funds represent EUR5.2bn, of which EUR2.91bn are for the diversified fund FvS Multiple Opportunities.

In a summary document which concludes three years of research with the support of Caceis into improved awareness of non-financial risks in the collective management industry in Europe, the Edhec-Risk Institute has laid out a series of recommendations to limit these risks, whose emergence in 2007-2008 marred the quality reputation of the UCITS label.According to the Edhec-Risk Institute, the sophistication of UCITS funds is one of the main causes of the increase in non-financial risks. These risks do not derive directly from positions on financial markets, but are the result of the functioning of a value chain in the collective management industry.In this environment, the Edhec-Risk Institute proposes that regulations and improved practices be put in place for financial risks, based on three major themes. The first is reinforcement of information on non-financial risks, including a requirement to describe the risks and their controls in the KIID, and to include a synthetic indicator of net risks for funds. Similarly, advising requirements under MiFID should be strengthened in the area of non-financial risks.The second area is to increase accountability for all actors in the fund management industry. The new accountability regime would lead parties to improve their management of non-financial risks, by tying the level of regulatory capital requirements to the level of residual non-financial risks taken by the principal actors in the value chain.Last but not least, the document recommends that in counterbalance to the high level of sophistication of UCITS funds permitted by evolving regulations, and exploited to the hilt by NewCITS, a “Restricted UCITS” label should be created, for a category of UCITS products whose fields of investment would be limited to what may genuinely be conserved, and that the depository in this role should have a complete guarantee for non-financial risks. The “Restricted UCITS” label would make it possible to sell these products not only to European retail investors, but also worldwide, as UCITS funds worthy of the name in terms of safety.

The Chinese authorities have authorised a first group of five qualified foreign institutional investors (QFII) to trade on futures indices, Asian Investor reports. This would theoretically allow investors to more easily provide absolute returns in falling markets. The identities of the members of this first group have not been disclosed.

A New York court on 28 January authorised the US tax authorities to demand data on all US clients of UBS who are reported to have transferred their assets to the Wegelin private bank. It has filed a John Doe Summons to obtain the data.Wegelin at the beginning of this month pleaded guilty to assisting US citizens to evade the tax authorities in their country. As the private bank had no affiliate in the United States, it is reported to have made the transactions via a “correspondence account” with UBS.According to the lawsuit filed on Monday, two other banks which are not named are accused of using this correspondence account to secretly launder the money of US taxpayers.

AXA Investment Managers (AXA IM) on Monday 28 announced the launch of the AXA WF Framlington Global Small Cap which will invest in equities and equity-related securities issued by small and medium sized companies worldwide.The fund is managed by Isabelle de Gavoty, head of the European small and mid caps investment team at AXA Framlington. AXA Framlington currently manages EUR1.8 billion in dedicated regional small and mid cap strategies.The fund will target companies that benefit from structural global growth themes, such as cloud computing and mobile payments, in addition to pure domestic opportunities, such as emerging market consumers. Stock selection is expected to be the primary source of added value.The AXA WF Framlington Global Small Cap which launched on 7th January 2013 is UCITS IV compliant and domiciled in Luxembourg. The fund has both retail and institutional share classes with no minimum investment into the retail share class and EUR5 million minimum investment into the institutional share class. The fund is currently registered for sale in Luxembourg and AXA IM is considering registration across a number of other European countries.

La banque centrale indienne a annoncé avoir abaissé son principal taux directeur pour la première fois en neuf mois afin de soutenir une économie qui devrait connaître son plus faible taux de croissance depuis 10 ans. La Banque de Réserve d’Inde a toutefois ajouté qu’elle n’avait guère de marges de manœuvre pour assouplir davantage sa politique monétaire en raison des pressions inflationnistes. Le taux d’intervention a ainsi été abaissé de 25 points de base, à 7,15% En revanche, de manière plus inattendue, la banque centrale indienne a également abaissé son ratio de réserves obligatoires imposé aux banques de 25 points de base, à 4%.

Amplégest, primée parmi les cinq meilleures jeunes sociétés de gestion de moins de cinq ans par Morningstar, affiche une forte croissance de ses encours sur les deux dernières années avec une hausse de près de 87%. Amplégest, forte de 18 employés dont 10 associés, atteint 560 millions d’euros d’encours sous gestion cumulés dans ses activités de gestion privée et gestion collective à fin 2012, en comparaison avec 300 millions d’euros à fin 2010.

Rome a placé pour 8,5 milliards d’euros de bons du Trésor papier (BOT) à six mois, un montant qui correspond à son objectif, à un rendement de 0,731% contre 0,949% lors de la précédente adjudication. S’il s’agit du plus bas rendement pour du papier de ce type depuis mars 2010, les investisseurs estiment qu’il reste très attrayant en comparaison au retour quasi-nul offert par des titres de dette allemands de même échéance. Le ratio de couverture dans le cadre de cette adjudication de titres à échéance juillet 2013 a été de 1,646 contre 1,567.

Pour alléger leur bilan, les banques passeraient le relais aux sociétés de courtage en leur transférant des actifs

Les dirigeants du groupe étaient notamment à Bercy en fin de semaine dernière. L'idée de transferts de technologie a été évoquée

Près des deux tiers de l’univers est désormais classé « investment grade », et les performances sont corrélées au niveau des taux américains

Selon Dealogic, les entreprises espagnoles, portugaises et italiennes ont levé pour près de 61 milliards de dollars de dettes sur les marchés

Des élus ont rejeté les mesures de lutte contre le surplus de droits à polluer. Des analystes redoutent un carbone à 3 euros la tonne

Une cour a tranché en faveur de l'Islande qui avait refusé de rembourser les épargnants étrangers de la banque en faillite Icesave

Trian Fund Managament, fondé par l’investisseur activiste Nelson Peltz, a selon le quotidien cédé une part des titres de la banque, dont il détenait 2% environ à fin septembre dernier. Une opération à un cours bien inférieur à celui visé publiquement par l’investisseur si State Street voulait bien suivre son «plan d’action».

Dans un courrier adressé aux créanciers et aux actionnaires et faisant partie du rapport annuel non public de la société, le directeur général du courtier, Claude Dauphin, estime que l’effervescence des marchés de matières premières entre 2003 et 2007 apparaît comme un âge d’or perdu à jamais. L’extrême pessimisme subi en 2012 devrait se dissiper selon le dirigeant.

Cinq ans après son implantation à Paris, le gestionnaire britannique affiche 3,5 milliards d’euros d’encours et cible les institutionnels

Warburg Pincus pourrait se résoudre à une introduction en Bourse de Bausch & Lomb après que les candidats potentiels, parmi lesquels Sanofi, Johnson & Johnson ou Abbott, n’ont pas souhaité s’aligner sur la valeur d’entreprise de 10 milliards de dollars envisagée par la société de private equity sur les conseils de Goldman Sachs.