Les actifs sous gestion des fonds de placement suisses se sont élevés à 707,8 milliards de francs suisses en octobre, soit une augmentation d’un mois sur l’autre de 1,2 milliard de francs suisses, selon les statistiques communiquées par la Swiss Funds Association (SFA) et Lipper.La collecte nette s’est élevée à près de 4 milliards de francs suisses en octobre contre moins de 300 millions de francs en septembre. Les fonds obligataires ont ainsi drainé 3,4 milliards de francs suisses, les fonds actions collectant 2,2 milliards de francs et les fonds spécialisés sur les matières premières 0,2 milliard de francs. Les fonds monétaires ont en revanche subi une décollecte de 1,6 milliard de francs.

Après Safran qui, à la mi-octobre, a vu le fonds britannique TCI prendre 3% de son capital, Danone a vu début novembre le fonds Trian Partners de l’activiste Nelson Peltz acquérir près de 1 % de son capital, rapporte Les Echos. Cela dit, la France n’est pas le terrain de chasse préféré des activistes, qui repartent souvent bredouilles.

Arkéa Banque Entreprises et Institutionnels et l’assureur Suravenir, toutes les deux filiales du Crédit Mutuel Arkéa, s’associent pour le lancement d’un fonds commun de titrisation. Le FCT Collectivités «met l’épargne directement au service des projets locaux en fédérant des investisseurs impliqués dans le secteur public et désireux de financer l’économie réelle», précise un communiqué. Crédit Mutuel Arkéa ajoute que le Crédit Social des Fonctionnaires (CSF) est le premier à rejoindre ce fonds.Le montage prend la forme d’un contrat de prêt à taux fixe standard (1A selon la Charte Gissler). Il se veut une réponse aux besoins de financement du secteur public qui doit faire face au déficit des financements bancaires traditionnels sur ce marché. Selon Crédit Mutuel Arkéa, ce fonds commun répond aussi à une attente de la part des investisseurs institutionnels, qui sont de plus en plus nombreux à souhaiter intervenir dans le financement des collectivités en investissant pour soutenir directement l’économie des territoires.

Ignis Asset Management vient de recruter Roger de Passe en tant que directeur régional pour le Benelux dans son équipe commerciale européenne sous la direction de Philip Goldsmith, managing director Europe. Il remplace Ghislaine Fournigault qui a quitté la société de gestion écossaise. Elle était arrivée en 2009 lors de la constitution de l’équipe européenne par Philip Goldsmith avec lequel elle avait travaillé chez New Star. Roger de Passe vient de Generali Investments Luxembourg où il était responsable des ventes institutionnelles pour l’Europe du Nord. Chez Ignis AM, il sera chargé de développer les ventes au Benelux en se concentrant notamment sur la clientèle wholesale et institutionnelle. L’une de ses attributions sera de nouer des contacts avec les fonds de pension néerlandais, sachant que le néerlandais est l’une des langues qu’il parle couramment, avec le français et l’anglais.

M&G Investments a signé un nouvel accord avec Skandia, leader de l’assurance vie en Italie, rapporte Bluerating. Les fonds de la société de gestion britannique pourront être utilisés dans les unités de compte du groupe. Parmi eux figurent M&G European Corporate Bond, M&G Global Dividend et M&G Global Macro Bond.

Catherine Vialonga, directeur des investissements et Thibaud Sybillin, chargé de la sélection des sociétés de gestion de l’ERAFP dans un article publié dans l’Agefi Hebdo : Nous menons une réflexion sur le private equity mais il est trop tôt pour en parler puisque cela impliquerait une modification de notre cadre réglementaire. Tous les investissements du régime étant placés dans le respect d’une politique 100% ISR, nous imposons aux candidats d'être capables d’intégrer dans leur processus de gestion notre référentiel dans ce domaine.

From two in the red in September, the number of hedge fund strategies monitored by the Edhec-Risk Institute has increased to four in October. CTA Global in particular has lost a further 3.22%, following 1.05% in September. Global macro and merger arbitrage score 0.94% and 0.91% respectively, while funds of funds have lost 0.24%. The strongest performer is distressed secutities, with gains of 1.35%, following 1.71% in September.The maximal spread between returns since the beginning of the year has further increased, from losses of 14.4% for dedicated short bias to gains of 10% for distressed securities.

A survey by Cerulli Associates of 14 highly diverse pan-European asset management groups (The Cerulli Edge—Europe Edition) finds that specialists surveyed are concentrating their efforts on global strategies rather than on country funds, in segments where their product ranges have gaps.The survey predicts that in the next twelve months, product launches will focus on actively-managed funds in the areas of global high yield, global high-return equities, and global absolute return.The new funds will be complex and UCITS-compliant. One of the dominant trends observed by Cerulli is that institutional and retail investors are avoiding long-only in favour of long/short strategies.At any rate, says Barbara Wall, a director at Cerulli, “the emphasis is clearly on active management,” and there’s no point in waiing for the world’s big names in asset management to massively move to the ETF segment. Sales efforts are primarily targeting institutional clients, then wholesale, followed by discretionary and retail-drivenarchitecture, while large-scale retail distribution “remains a distant and inaccessible dream.”Cerulli notes with surprise that in an environment in which the notion of branding represents a decisive element in the marketing strategy of many asset management firms, the use of social media is still relatively limited.

Pension funds worldwide are planning to diversify their portfolios, via exposure to emerging markets, infrastructure and smart beta, according to the eighth edition of the bfinance semiannual study of pension fund asset allocation, covering a group of institutional investors in Europe, North America and the Middle East representing global assets under management of USD350bn. In terms of equity and bond investments, the survey finds a general trend among institutionals toward investment in emerging markets, largely to the detriment of government bonds in the first half of 2013, and to the detriment of developed market equities and government bonds on a longer, three-year horizon. In net terms, 17% and 24% of respondents say that they are planning to increase their exposure to emerging market equities in the first half of 2013, and in three years, respectively. The percentages with investment intentions are virtually identical (+17% and +35%) for emerging market debt. The survey also finds that a reallocation of bond portfolios, as part of a search for returns, are working to the advantage of the credit asset class. Over three years, investors are planning to reduce their exposure to equities from developed countries and government bonds, in favour of emerging market equities, credit bonds, real assets and hedge funds. Management based on efficient indices (smart beta), such as low volatility/minimal variance strategies and risk-weighted strategies, will continue to be in high demand, with 43% of institutionals planning to reallocate a part of their passive management to these strategies. Among alternative assets, infrastructure, venture capital and absolute return management such as dynamic asset allocation funds and diversified growth funds have the highest percentage of investment intentions, both for the first half of 2013 and for three years. Despite a trend for positive investment in alternative management, institutionals are avoiding funds of hedge funds. Alternative multi-management receives a net negative balance of investment intentions of 7% for three years.

Societe Generale Private Banking has announced the appointments of Eddy Abramo as global market manager for Middle East clients, and Jean-Paul Rame as global market manager for Africa. As global market manager for Middle East clients, Eddy Abramo will lead and coordinate the commercial teams dedicated to this demanding clientele, which are located in Dubai, Abu Dhabi, Geneva, London, Luxembourg and Monaco. He remains chief executive officer and commercial director at Societe Generale Private Banking Middle East in Dubai. Jean-Paul Rame will oversee all the private bank’s activities for African clients. Working with local commercial heads, he will be responsible for defining the global marketing approach and associated action plans for these clients, whilst also proactively building synergies with other Societe Generale group businesses in Africa. He retains his existing role as manager of the African Desk for Societe Generale Private Banking Switzerland. Gonzague de Cerval becomes head of the Middle East and Africa desk at Societe Generale Bank & Trust in Luxembourg and Nicolas Métivier is appointed head of Societe Generale’s Representative Office in Abu Dhabi.

M&G Investments has signed a new agreement with Skandia, a life insurance leader in Italy, Bluerating reports. Funds from the British asset management firm may now be used for unit-linked products from the group. These include M&G European Corporate Bond, M&G Global Dividend and M&G Global Macro Bond.

On 19 November, Luxor Asset Management (Société Générale group) announced that it has admitted 14 of its most liquid ETFs on the London Stock Exchange (LSE).The 14 ETFs already listed on the London market replicating the same indices will be merged into the new funds. Investors holding shares in the ETFs already listed on LSE will automatically receive the corresponding number of shares in the new funds.

The database Telekurs iD, a product from SIX Financial Information which monitors the markets and evaluates investment opportunities, is now offering data on improved security transactions, new benchmarking services, and optimised data packages, according to a statement published on 19 November by the Swiss market operator. Telekurs iD had previously refined its packages in order to address the use needs and requirements of clients. The change will allow for the products to be refocused on target areas, including new benchmarking services, reorganisation of CAP and Tullett Prebon contributions in the areas of forex and money markets, as well as a simplifications of integration of existing services. Alongside these improvements, data about the necessary security transactions to satisfy the requirements of the most recent tax withholding agreements will be available primarily from Telekurs iD. The ease of use and flexibility of the product play a major role in the effective implementation of taxation. “With the release of the next version, in early 2013, clients can expect services which will be even more rationalised and automated, in addition to the launch of new services,” a statement says.

The hedge fund manager Kyle Bass, who made gains of about USD500m by short-selling subprime mortgages during the crash in 2007, has announced that he will now be betting half of his money on a rebound of those assets, the news agency Bloomberg reports. Hayman Capital Management, the alternative management firm led by Bass, has invested more than half of his money in sub-prime bonds. Firms which concentrate their assets have earned 19% returns since the beginning of the year, compared with an average of 1.1% for the hedge fund sector overall, according to Bloomberg estimates. Assets under management at Hayman as of the end of September totalled USD1bn, according to a presentation by the firm, obtained by Bloomberg.

Franklin Resources has announced that it is paying a special dividend in cash, totalling USD3 per share, payable on 20 December to all shareholders in possession of ordinary shares at the close of the markets on 6 December. As of the end of October, assets under management at Franklin Resources totalled over USD753bn.

In the wake of the publication of quarterly results by US businesses, the database of the online portal Insider Monkey can identify the log positions of hedge funds and other major investors. Among the top ten most popular shares for hedge funds at the end of September were financial sector businesses, including Wells Fargo, which has no activity in investment banking, Bank of America and Citigroup, which are in reorganisation phases. The ten most popular shares for hedge funds also include the insurance group AIG and the banking giant JP Morgan Chase. Alongside these unexpected choices, hedge funds are also staying loyal to internet stocks such as Apple, Google and Microsoft.

Following Safran, which in mid-October saw the British fund TCI buy a 3% stake in its capital, Danone in early November saw the Trian Partners fund from activist investor Nelson Peltz acquire nearly 1% of its capital, Les Echos reports. France is not the preferred country for activist investors, however, who often emerge empty-handed.

Patrick de Fayet, former CEO of UBS Wealth Management and UBS Wealth Management France, has been placed under investigation for “complicity in illegal acts,” money-laundering and concealing stolen goods, AFP reports, citing a legal source. The investigation comes as part of an enquiry into allegations of tax fraud against the Swiss bank. It is the third investigation of a UBS executive in France since the outbreak of the scandal.

The Scottish firm Aberdeen AM, which already has 40 funds registered for sale in Spain, is planning to open an office in the country in 2013, Funds People report. The market had previously been served from London by Marina Poletto, who will help to set up the new structure.

Funds People reports that Pedro Domenech has left Credit Suisse Asset Management (CSAM), and that the management firm has decided to close its sales office in Madrid, and will transfer responsibility for the Spanish market to Andrea Sanguinetto, head of the CSAM distribution team in Milan. Sales efforts in Spain will now focus on alternative products and core products such as bonds and multi-asset class products. As of the end of June, assets totalled EUR165m.Credit Suisse still has an asset management subsidiary in Spain: Credit Suisse Gestión (EUR442m in funds as of the end of October, and EUR775m in Sicavs as of the end of June).

The South African Old Mutual group on 19 November announced that it is scaling up its distribution capacities on emerging markets, with the acquisition of a majority stake in AIVA Business Platforms (AIVA). The initiative will allow Old Mutual to strengthen its presence on certain emerging markets, particularly in Latin America. The transaction is still pending regulatory approval, but is expected to be completed in early 2013. AIVA is a family business based in Uruguay, with a distribution platform covering all of Latin America. The firm has 120 employees, and offers services to a network of independent financial advisers, wealth managers, and other establishments. Its assets under management total about USD800m. Old Mutual and AIVA have had a business relationship for over 15 years. The new agreement is expected to involve operational synergies between AIVA and the emerging markets unit of Old Mutual in Colombia and Mexico. As of the end of December 2011, assets under management at Old Mutual totalled GBP267bn.

Ignis Asset Management has recruited Roger de Passe as regional director for Benelux in its European sales team, where he will report to Philip Goldsmith, managing director, Europe. He replaces Ghislaine Fournigault, who has left the Scottish asset management firm. Fournigault joined the firm in 2009 when the European team was being created by Goldsmith, with whom she had worked at New Star. De Passe joins from Generali Investments Luxembourg, where he was head of institutional sales for Northern Europe. At Ignis AM, he will be responsible for developing sales across the Belenux region, with a particular focus on both wholesale and institutional channels. Importantly, part of his remit will be to develop connections within the Dutch pensions market, as Dutch is one of the languages he speaks fluently, along with French and English.

Jürgen Betz and Ralf Piersig will take over the reins at LGT Multi Asset Dynamic Shield and LGT Sustainable Impact Europe Equity, respectively, which had been managed by Felix Niederer and Lars Knudsen, Das Investment reports. The two managers will be leaving LGT Capital Management in December.

Klaus Blaabjerg, head of the value bond management team at Sparinvest (EUR9bn in assets as of the end of September 2012), claims that investors’ current liking for ETFs which replicate corporate bond indices has led providers of these products to invest in corporate issuers who have issued a lot of debt.The phenomenon tends to boost the prices of bonds from the companies with the highest levels of debt in the universe. But excessive debt is precisely what as a value manager, Sparinvest seeks to avoid. Blaabjerg estimates that the ETF effect favours Sparinvest, since it creates investment opportunities in companies which issue bonds that are not part of the index (small companies), or companies which have only a minimal presence in the index, since they don’t issue much debt.Currently, Sparinvest continues to see solid value scenarios among financial sector businesses, European insurers and energy sector shares. “We are finding high yield bonds from some companies that are not included in the index,” the Danish manager concludes.

Several British news media are reporting that Natixis Global Asset Management has recruited Leigh Fisher (ex Neptune Investment Management) and Darren Pilbeam (ex Investec) for its London-based UK wholesale & retail team. They will report to Ed Farrington, head of global key accounts and UK wholesale.Fisher will become head of the advisory department, while the latter will lead the strategic alliances department.

In the UK, most independent financial advisers (IFAs, 63%) are planning to continue to serve clients with assets to invest ranging from GBP20,000 up to GBP75,000, according to a survey by the British Financial Services Authority (FSA), obtained by the Sunday Times. The survey is thus a formal reubuttal to those who were concerned about clients being massively excluded from advising when the new RDR regulations come into effect. 38% of advisers surveyed say they will continue to assist clients whose assets for management are less than GBP20,000.

On 16 November, the CNMV issued a sales license for Spain to the two guaranteed funds Banesto Garantia I (ES0113732004) and Mapfre Puente Garantia 1 (ES0160582005), which will mature on 3 February 2017 and 20 June 2017, respectively.The Bankinter product will deliver a maximal return, if the Euro Stoxx 50 index rises, of 3% above redemption of initial capital, while the Mapfre product will pay a total return of 0.66% to 5.31% per year.The two products charge a front-end fee of 5%, while the withdrawal penalty is 3% for the Banesto fund and 4% for the Mapfre product. The management commission will be 0.3% until 4 February 2013, and 1.25% thereafter, for the Banesto fund. For the Mapfre fund, the management commission will be 0.03% until 20 December 2012, and then 1.9%.

Assets under management by Swiss investment funds totalled CHF707.8bn in October, a month-on-month increase of CHF1.2bn, according to statistics from the Swiss Funds Association (SFA) and Lipper. Net inflows totalled nearly CHF4bn in October, compared with less than CHF300m in September. Bond funds attractedCHF3.4bn, while equity funds posted inflows of CHF2.2bn, and commodity funds attracted CHF0.2bn. Money market funds, however, had outflows of CHF1.6bn.

Katarina Melvan, who has been “authorised representative” (Generalbevollmächtigter) since 1 July, was on 15 November promoted to the position of general manager of BNY Mellon Service KAG, joining chairman Thomas Grünewald.Melvan had been managing director and head of operations at BNY Mellon Asset Servicing for the securities operations and client services units in Germany and continental Europe.Assets under administration at BNY Mellon Service KAG as of the end of October totalled EUR128.2bn, compared with EUR100.4bn as of the beginning of this year.