Le 20 décembre, Julius Baer a annoncé qu’il avance au 1er janvier 2013 le «réalignement» des comités exécutifs de Julius Baer Group et Bank Julius Baer annoncé en août 2012 dans le cadre de l’acquisition auprès de Bank of America des activités internationales de gestion de fortune de Merrill Lynch hors des Etats-Unis.Gregory F. Gaterman, qui a été nommé chief operating officer, rejoindra le groupe au 1er février 2013, date prévue du bouclage officiel de l’acquisition.

Ossiam, the asset management firm specialised in the development of smart beta ETFs, will after 18 months in existence reach EUR600m in assets, after posting net inflows in 2012 of over EUR300m. The asset management firm is planning to rapidly increase its assets under management in 2013. From first quarter, its product range will grow, with the release of a Commodities ETF.

The US firm John Hancock Funds (USD77.8bn in assets), an affiliate of the Canadian firm Manulife, has announced the recruitment of Karen A. McCafferty as senior vice president and head of marketing. McCafferty joined the firm on 10 December from Sovereign Bank, an affiliate of the Spanish firm Santander, where she had been senior vice president, director, marketing, communications & corporate affairs.McCafferty will report to Andrew G. Arnott, president & CEO of John Hancock Funds.She replaces Carey Foran Hoch, who left the business in November to work at Fidelity.

finews.ch relays reports in Reuters that State Street Global Advisors (SSgA) is rumoured to have pulled out of the running to acquire the ETF unit of Credit Suisse, which has total assets of about USD17bn. BlackRock would then be the only remaining declared candidate for the acquisition.

East Capital, an independent asset management firm specialised in emerging markets of Eastern Europe and China, on December 19th announced that it has registered two Chinese equity funds: East Capital (Lux) China East Asia Fund and East Capital (Lux) China Fund. The two funds are part of the UCITS IV-compliant Luxembourg fund range from East Capital, and have been managed since their creation by Gustav Rhenman, with the assistance of a team of four analysts based in Stockholm and Shanghai.Characteristics:East Capital (Lux) China East Asia Fund A (EUR) (ISIN code: LU0212839673)East Capital (Lux) China Fund A (EUR) (ISIN code: LU0289591256)

Christoph Braun, 48, a founding member of Lupus alpha in 2000, has decided to free up some time, and has resigned from operational duties as a managing board member at the Frankfurt-based independent asset management firm from 31 December. He will remain a partner and adviser to the business.The investor services activities for which Braun is responsible will be taken over by Ralph Lochmüller, also a founding member, who is chairman of the managing board.

As of 19 December, the XTF segment of the Xetra electronic platform (Deutsche Börse) set a record, with 1,011 ETFs admitted for trading, following the arrival of the first physical replication equity ETFs from db x-trackers, three of which were released on the London Stock Exchange on 14 December (see Newsmanagers of 17 December). In addition to these products, db x-trackers has launched a physical replication ETF on the Dax, and a synthetic replication bond ETF on the Markit iBoxx EUR Liquid Covered Bond index.Physical replication ETFs are indicated by the suffix DR. The issuer now offers both physical and synthetic replication ETFs, based on the three major lines of indices, Dax, Euro Stoxx 50 and FTSE 100.Name: db x-trackers DAX UCITS ETF (DR)ISIN: LU0838782315TER: 0.15%Benchmark: DaxName: db x-trackers EURO STOXX 50 UCITS ETF (DR)ISIN: LU0846194776TER: 0.15%Benchmark: Euro Stoxx 50Name: db x-trackers FTSE 100 UCITS ETF (DR)ISIN: LU0838780707TER: 0.30%Benchmark: FTSE 100Name: db x-trackers EURO STOXX 50 ex Financials UCITS ETF (DR)ISIN: LU0835262626TER: 0.20%Benchmark: Euro Stoxx 50 ex FinancialsName: db x-trackers II iBOXX EUR Liquid Covered Index UCITS ETFISIN: LU0820950128TER: 0.20%Benchmark: Markit iBoxx EUR Liquid Covered Index

In December 2012, assets in the open-ended real estate fund KanAm grundinvest represent only EUR3.4bn of owners’ equity, compared with EUR3.9bn one year previously. Since then, the fund has distributed EUR200m (EUR2.80 per share) in April, then EUR94m (EUR1.30 per share) on 8 October, and EUR72m (EUR1 per share) on 26 November. That corresponds to a total fo EUR366m.The fund, whose liquidation by 31 December 2016 was resolved on 29 February 2012, still holds a real estate portfolio valued at EUR4.5bn, compared with EUR6.4bn at the end of 2011. Asset sales totalled about EUR1.9bn.Credit volume has meanwhile been reduced to EUR1.5bn, from EUR2.3bn at the end of last year, through sales of assets.

On 18 December, Invesco Powershares Capital Management (USD74bn in assets) has announced, the board of trustees of PowerShares Funds approved the liquidation of 13 ETFs, whose assets represent less than 1% of total assets at the asset management firm. The last days of listing on NASDAQ and NYSE Arca will be 26 February 2013.The following funds will be affected:PowerShares Dynamic Insurance PortfolioPowerShares Morningstar StockInvestor Core PortfolioPowerShares Dynamic Banking PortfolioPowerShares Global Steel PortfolioPowerShares Active Low Duration PortfolioPowerShares Global Wind Energy PortfolioPowerShares Active Mega-Cap PortfolioPowerShares Global Coal PortfolioPowerShares Global Nuclear Energy PortfolioPowerShares Ibbotson Alternative Completion PortfolioPowerShares RiverFront Tactical Balanced Growth PortfolioPowerShares RiverFront Tactical Growth & Income PortfolioPowerShares Convertible Securities Portfolio

Apax has informed its investors in an email message that it anticipates a final close at the end of March even though it is only halfway through its target after 19 months marketing its new vehicle, the Financial Times, which has viewed the message, reports. The private equity firm had already warned that its objectives would not be met. This reflects fundraising difficulties in the private equity sector.

BlackRock and Federated Investors may close money market funds to protect them from a torrent of money coming in from US banks when Federal Deposit Insurance Corp. guarantees expire on about USD1.7trn in banking deposits, the Wall Street Journal reports. The major asset management firms are worried that this influx of money to the money market industry (totalling USD2.650trn) will bite into yields. If inflows are too high, BlackRock and Federated may therefore close some money market funds to new investors. Money market funds investing in US Treasury bonds are thought to have been the worst affected by inflows of new liquidity. They represent about USD399bn in assets, 15% of total assets in the money market fund industry.

NYSE Euronext has announced that it has admitted three ETFs from Lyxor Asset Management (Société Générale group) for trading in Paris. The European markets of NYSE Euronext now list 578 ETFs 668 times, compared with 590 funds 680 times at the end of November (see Newsmanagers of 11 December).The new products are as follows:Lyxor ETF BOT ITISIN code: FR0011360676Benchmark index: MTS Italy - Treasury BOT 6M IndexTER: 0.15%Lyxor ETF GOLD EURISIN code: LU0854423687Benchmark index: MSCI ACWI GOLD with EM DR 18% Group Entity CappedTER: 0.50%Lyxor ETF GOLD USDISIN code: LU0854423927Benchmark index: MSCI ACWI GOLD with EM DR 18% Group Entity CappedTER: 0.50%.

Mutual Fund Wire reports that State Street Global Advisors (SSgA) has submitted an application to the SEC for the SPDR Risk Aware ETF, SPDR SSgA Large Cap Risk Aware ETF and SPDR SSgA Small Cap Risk Aware ETF, all actively-managed ETFs which are expected to be admitted to trading on NYSE Arca, and which will be part of the SSgA Active ETF Trust, which already includes five other products.The three new ETFs will replicate Russell indices, and their portfolio will be adjusted according to the evolution of market risks expected by the managers, Gary Lowe, Simon Rowe and John O’Connell.

Funds People reports that Schroders has registered the Euro High Yield sub-fund of its Luxembourg Sicav Schroder ISD (see Newsmanagers of 14 December), whose benchmark index is the Bank of America Merrill Lynch Euro High Yield Constrained Index.

Société Générale Securities Services (SGSS) on 19 December announced that it has won a mandate in Ireland from the independent investment firm Frontier Asia Capital Hong Kong Ltd, in order to provide a complete range of services as part of a transfer of funds to Ireland.“SGSS will provide depository, custody and settlement services, as well as the accounting services required by the legal framework applicable to UCITS-compliant funds domiciled in Ireland, particularly preparation of regulatory documentation, including assistance in the composition of Key Investor Information Documents (KIID), and valuation and client reporting services,” a statement says.

72% of fund managers believe there is a link between a company’s ESG performance (environment, social and governance) and total returns for investors, an Aviva Investors survey of global equity and fixed income managers with combined assets under management of circa EUR5trillion shows.Potentially material factors cited include: the alignment of interest between management and investors in the company; the operational savings that can be achieved by managing companies with a long-term view and including ESG considerations; sector specific reasons – eg. safety performance in mining as key to smooth running of operations; reputation and brand protection, and revenue opportunities for companies with high ESG performance. 84% consider environmental, social and governance factors as part of their investment process and actively vote on holdings. 61% also publicly disclose their voting record.The survey revealed that a staggering 90% of managers consider ESG issues to be important to clients and consultants, with 79% saying these are likely to be incorporated in all mainstream funds in the future. However, despite these resounding statement, the survey results showed that 68% of asset managers do not have a board member who is responsible for ESG. Of those who have, only 19% have ESG goals tied to their remuneration. 52% of respondents also aren’t signatories to the UN PRI.

Assets in securities issued by non-money market mutual funds of the euro zone in October 2012 were EUR32bn higher than those recorded one month earlier, according to statistics from the European Central Bank. Assets under management increased from EUR6.340trn in September to EUR6.372trn in October 2012.In the same period, assets in securities issued by euro zone money market mutual funds increased by EUR3bn, from EUR942bn to EUR945bn.Net subscriptions to euro zone non-money market mutual funds totalled EUR30bn in October 2012, while net subscriptions to money market mutual funds totalled EUR6bn.“The annual rate of growth for securities issued by bond funds totalled 9.8% in October 2012, and net subscriptions totalled EUR24bn, while for equity funds, the annual growth rate was 1.3%, and net subscriptions totalled EUR1bn. For mixed funds, the growth rate was 2.1%, and net subscriptions totalled EUR6bn, a statement from the ECB says.

In the absence of any guidance by the regulator, the Investment Management Association (IMA) o 19 December recommended that its member asset management firms use the performance of existing retail shares for the new RDR shares which will be released on 1 January 2013. This will harmonise practices.

Over three-quarters of Italian pension funds polled by RBC Investor Services agree that new regulations soon to impact the EUR94bn Italian pension fund market will mean depositary banks will play a more important role for them.New regulations from state pension regulator “Commissione Di Vigilanza Sui Fondi Pensione” (COVIP) will give custodians even greater responsibility as schemes will require their support to produce more transparent financial reporting and control systems and to alleviate the additional administrative burden on their own internal processes.Due to come into force by the start of 2013 for larger schemes, the new regulations require pensions providers to give greater information on their stated investment principles and the instruments they wish to invest in. They will also be asked to provide added detail on expected returns, performance appraisals and the control systems, assessment measures and procedures in place designed to achieve financial targets and safeguard existing holdings.All respondents agreed that the new regulations have a positive impact on financial governance models of pension funds, with 43% in strong agreement. A full 83% of those polled agreed that pension funds will require a partial structural reorganisation to comply with the new regulations, whilst 17% believed significant organisational changes would be required.Most respondents (74%) believed costs from the added administrative burden of the reforms were unlikely to rise above EUR100K. Only 17% thought the figure would be higher and almost 10% of our respondents saw no cost impact at all from the new regulations. For the future, mandatory subscription for new employees was rated as the most important factor which could help stimulate growth in Italian pension funds by 57% of respondents

The Scottish asset management firm Martin Currie has announced that it has won a man date for AUD140m from the Australian pension fund Hostplus (AUD11bn), for its global emerging market strategy. The mandate will be managed by Kim Catechis, head of emerging markets, and Andrew Ness, investment manager.Hostplus is the superannuation fund for the hospitality, leisure, tourism, sport and associated sectors, with over 1 million members.Martin Currie has already won mandates from three other Australian pension funds (Hesta, VicSuper and Energy Super) over the last six months.

As of the end of November, total assets in funds monitored by Swiss Fund Data and Lipper for the Swiss market totalled CHF706.13bn (of which CHF281.9bn are for institutional clients), compared with CHF708.22bn one month earlier. However, net subscriptions totalled CHF653.4m. The decline in assets under management is due to a negative market effect of CHF2.09bn.This net flow balance conceals significant disparities between product categories: bond funds have posted net inflows of CHF971.9m, and equity funds CHF752.7m. But money market funds have seen net redemptions of CHF1.13bn (following CHF1.16bn in October).The rankings of the top ten asset management firms by total assets remains unchanged compared with October. The top two asset management firms are UBS, with CHF162.92bn (unchanged), and Credit Suisse, with CHF114.88bn, compared with CHF117.8bn, for respective market shares of 23.07% and 16.27%. They are followed by Pictet (CHF50.41bn compared with CHF50.77bn) and a market share of 7.14%, Swisscanto (CHF41.79bn compared with CHF41.8bn), and 5.92% of the market. The Cantonal Bank of Zurich is in fifth place, with CHF36.5bn, compared with CHF36.2bn, and a market share of 5.17%.

L’Irlande envisage son retour définitif sur les marchés obligataires en 2013, mais elle a besoin d’une aide pour alléger la dette de ses banques afin d’assurer sa sortie du plan de sauvetage international, a annoncé le Premier ministre, Enda Kenny. Dublin a déjà fait son retour sur les marchés de capitaux au cours des derniers mois, sans pour autant émettre un nouveau titre de dette de référence à 10 ans.

Le programme de financement publié jeudi par l’Agence France Trésor prévoit 169 milliards d’euros d'émissions de dette à moyen long terme en 2013. Les besoins de la France sur les marchés auraient en théorie approché les 190 milliards, mais les rachats de titres par l’AFT avant leur échéance ont été d’un montant de 23,5 milliards d’euros cette année. Cela a ainsi permis de réduire de 18 milliards les amortissements de la dette arrivant à maturité en 2013 et de commencer à réduire de 5 milliards les tombées de 2014. Le programme prévoit comme chaque année que les émissions d’obligations indexées, tant sur l’inflation française qu’européenne, représenteront environ 10 % des émissions nettes à moyen et long terme. Par ailleurs, le stock de bons du Trésor restera stable (-0,3 milliard).

L’indicateur avancé publié par l’institut américain du Conference Board sur l’activité en Chine a progressé de 1,1% au mois de novembre pour atteindre 248,5 points, après une hausse de 1,6% le mois précédent. «La soutenabilité d’une reprise économique stable et durable semble encore fragile avant de débuter 2013» estime Andrew Polk, économiste au Conference Board.

Selon l’Agence fédérale américaine pour le financement du logement (FHFA) citée par la presse, les manipulations du taux Libor auraient coûté plus de 3 milliards de dollars à Fannie Mae et Freddie Mac. Le rapport incite les deux organismes américains de refinancement hypothécaire à envisager des poursuites judiciaires contre les banques impliquées dans le trucage du taux interbancaire (lire aussi page 11).

Le ministre des Finances brésilien a annoncé une nouvelle série de mesures destinées à stimuler l’activité économique du pays, dont une baisse des charges salariales dans le secteur de la distribution et une prolongation des rabais fiscaux sur des produits d'électroménager. Guido Mantega exige une diminution des prix dans les magasins en contrepartie de l’abaissement des charges. En raison de cet abaissement de charges, le manque à gagner en recettes fiscales pour le gouvernement brésilien sera de 16 milliards de reais (5,8 milliards d’euros) en 2013. Après une croissance de 7,5% en 2010, le PIB Brésil n’a augmenté que de 0,6% au troisième trimestre 2012. Le gouvernement table toujours sur une croissance de 4% l’année prochaine. Guido Mantega a également déclaré que les impôts sur les produits industriels (IPI) allaient progressivement être remis en place sur les voitures en janvier, le marché automobile brésilien étant en voie de reprise.

Le Parlement a définitivement adopté hier soir le projet de loi créant la Banque publique d’investissement (BPI), qui disposera d’environ 40 milliards d’euros destinés aux PME. Après les députés, les sénateurs ont entériné la version mise au point par une commission mixte paritaire (CMP) Assemblée-Sénat du projet de loi présenté par Pierre Moscovici, le ministre de l’Economie et des Finances. Tous les groupes de gauche, y compris le Front de gauche, ont voté pour, de même que le groupe R-UMP. Le groupe UMP et les centristes de l’UDI (centriste) se sont abstenus. Pour Pierre Moscovici, il s’agit de créer «un outil de croissance offensif au service de l'économie réelle, des TPE, des PME, des PME industrielles et des établissements de taille intermédiaire (ETI) qui veulent se développer». Sa vocation première «sera d’apporter un soutien aux entreprises qui ont un projet de croissance, en agissant comme un levier pour les financements privés», a-t-il ajouté.

L’institut d’émission va de nouveau accepter à compter du 21 décembre la dette souveraine grecque comme garantie pour ses opérations de financement, levant ainsi une mesure de restriction imposée en juillet. La décision prend en compte les progrès récents accomplis par la Grèce en matière de réformes, de réduction des déficits et de privatisations, a expliqué la BCE dans un communiqué.

La candidate conservatrice Park Geun-hye a été élue présidente de la Corée du Sud, la première femme à occuper ce poste. Elle obtient 51,6% des voix contre 48% à son adversaire Moon Jae-in, et entendentamer le redressement économique du pays; la croissance étant tombée à un peu plus de 2% cette année.

Sous pression du futur nouveau Premier ministre Shinzo Abe poussant à un assouplissement monétaire illimité ainsi qu'à un objectif d’inflation porté à 2%, la Banque centrale du Japon a annoncé ce matin une nouvelle augmentation de la taille de son programme de rachats d’actifs de 10.000 milliards de yens (90 milliards d’euros) pour le porter à 101.000 milliards de yens.