La société de gestion indépendante Amaïka Asset Management renforce son offre de gestion avec deux nouveaux FCP : « Optimum » et « Maxima », en fait la reprise de la gestion des fonds «EFG Optimum» et «EFG Maxima», précédemment pilotés par les deux fondateurs d’Amaïka AM, David Kalfon et Christophe Berger, au sein d’EFG AM France. La société de gestion, qui vient de fêter son premier anniversaire, propose désormais à la clientèle privée et aux professionnels de la gestion de patrimoine quatre OPCVM distincts : Optimum, Amaïka 60, Altiflex et Maxima.Optimum [code ISIN : FR0010813329] est un fonds de fonds diversifié, multi- stratégie et multi-gestionnaire. Il offre un accès privilégié à des stratégies d’investissement recherchant une performance absolue, tout en offrant une grande transparence, une liquidité quotidienne et en limitant l’exposition au risque actions à 20%. Optimum propose notamment l’accès à des stratégies diversifiées telles que des stratégies de portage et lesstratégies d’ « alpha portable ».Maxima [code ISIN : FR0010148007] est un FCP diversifié investi principalement en actions européennes et éligible au PEA. Son exposition aux marchés actions varie de -20% à 150%. L’objectif est d’offrir à ses souscripteurs sur un horizon minimum de placement de cinq ans une valorisation du capital supérieure à 6% annualisée. Le FCP sera à tout moment investi pour au moins 75% de son actif en instruments financiers éligibles au PEA.

L’agence de notation chinoise présente aujourd’hui à Pékin une alliance avec l’américaine Egan-Jones Ratings et la russe RusRating, rapporte L’Agefi. Objectif: créer une nouvelle agence indépendante, Universal Credit Rating, qui s’attachera à «ne représenter les intérêts d’aucun pays ou groupe en particulier». Le système actuel aurait en effet «prouvé son incapacité à produire des notations responsables et fiables».

Fundweb rapporte que Source a fermé quatre ETP qui n’ont pas suffisamment collecté depuis leur lancement en 2009, à savoir: Cyclicals European Source, Consumer Discretionary European Source, Defensives European Source ETF et Consumer Staples European Source ETF.

Tradeweb Markets a annoncé le 23 octobre le lancement d’une plate-forme électronique de négociation dédiée aux ETF cotés en Europe par le biais de son opérateur de MTF, Tradeweb Europe Limited.Une initiative inédite en Europe qui pourrait donner un nouveau coup de pouce au segment des ETF qui a déjà connu une croissance de près de 40% par an au cours des dix dernières années et dont les actifs sous gestion s'élevaient au troisième trimestre à 309 milliards de dollars, selon le cabinet de recherche ETFGI.Une part significative de ces actifs sont négociés de gré à gré en raison de la fragmentation de ce marché. Tradeweb lance une plate-forme dédiée afin de fournir un accès privilégié à un pool consolidé de liquidités pour l’ensemble des ETF cotés en Europe. Onze dealers proposent d’ores et déjà de la liquidité au marché. Le nouveau dispositif devrait notamment permettre une meilleure formation des prix des transactions de gré à gré.Selon Adriano Pace, responsable des dérivés actions de Tradeweb, la plate-forme propose un processus intégré de négociation et un certain nombre de fonctions qui réduisent le risque d’erreur et améliorent le bon fonctionnement du marché dans des proportions substantielles.

Le Groupe Tikehau et Société Générale ont annoncé le 23 octobre la conclusion d’un accord définitif en vue de la prise de contrôle de Salvepar par Tikehau Participations & Investissements, société d’investissement dont l’objectif est d’investir en fonds propres dans des sociétés cotées et non-cotées, nouvellement créée par le Groupe Tikehau.Salvepar est une société d’investissement cotée sur le marché réglementé Euronext Paris dont la mission est de prendre des participations minoritaires - entre 5% et 20% - dans des sociétés cotées et non cotées, en privilégiant des sociétés en développement.Aux termes de l’accord signé le 22 octobre, Tikehau Participations et Investissements doit acquérir à un prix de 86,24 euros par action, les 51,42% du capital et des droits de vote de Salvepar détenus par le groupe Société Générale qui poursuit ainsi son recentrage, notamment en cédant ses activités non stratégiques. La finalisation de l’opération devrait intervenir dans les prochains jours.A l’issue de l’acquisition du bloc de contrôle, Tikehau Participations et Investissements déposera une offre publique d’achat simplifiée, conformément à la réglementation applicable, sur le solde des actions Salvepar, au même prix par action. L’offre publique sera soumise à la conformité de l’Autorité des marchés financiers. Tikehau Participations et Investissements ne demandera pas la mise en oeuvre d’un retrait obligatoire à l’issue de l’offre publique.Avec cette acquisition, «le Groupe Tikehau affirme sa volonté de développer, avec Tikehau Participations et Investissements, son activité de capital développement et d’investissement en fonds propres, en parallèle de son activité de gestion pour compte de tiers sur les marchés du crédit développée depuis 2007 à travers Tikehau Investment Management», souligne un communiqué.Selon Antoine Flamarion, président du Groupe Tikehau, « l’acquisition de Salvepar est une étape importante dans le développement du Groupe. Nous renforçons ainsi notre présence dans le domaine de l’investissement en capital avec désormais plus de 1,4 milliard d’euros d’actifs. Le portefeuille de Salvepar est constitué de participations solides dont nous souhaitons accompagner le développement pour faire de Salvepar une société d’investissement performante et leader sur son marché. »

La société de gestion Prigest, en collaboration avec son actionnaire principal, SwissLife Banque Privée, vient de lancer un fonds à échéance à dominante actions internationales. Swiss Life Funds (F) Prigest World 2020 se donne deux leviers de performance, explique la gestion : tout d’abord un retour à la moyenne historique du «price to book» à 1,7 alors qu’il est actuellement à 0,9. Ensuite, un effet rendement qui atteint 4,75 % aujourd’hui, la gestion tablant cependant sur 3,5 % sur la durée. Compte tenu de son éligibilité aux contrats d’assurance vie de SwissLife Banque Privée, l'échéance du fonds a été fixée à 2020. D’une durée de huit ans donc, son objectif de performance est de 7 % par an. Code Isin : FR0011312073

Les fonds immobiliers italiens ont enregistré des souscriptions nettes de 1,4 milliard d’euros au premier semestre, selon les dernières statistiques d’Assogestioni. Le volume d’activité a été supérieur à 42 milliards d’euros, soit une hausse de 4,2 % par rapport au semestre précédent. L’encours des 185 fonds immobiliers recensés s’est établi autour de 26 milliards d’euros.L’offre du secteur se compose à hauteur de 88 % de fonds réservés, à la tête d’un encours de 21 milliards d’euros. Les fonds retail, soit 12 % de l’offre, pèsent 5 milliards d’euros, note Assogestioni.Par ailleurs, 54 % des investissements sont concentrés dans de l’immobilier de bureaux, tandis que l’immobilier commercial pèse 16 % et le résidentiel 9 %.

Stefano Calvi, l’ancien directeur exécutif et responsable de la banque privée de Vontobel en Italie, rejoint Cassa Lombarda, rapporte Bluerating. L’intéressé y travaille déjà en tant que banquier privé.

Tradeweb Markets on 23 October announced the launch of an electronic trading platform dedicated to ETFs listed in Europe via its MTF operator, Tradeweb Europe Limited. This is an unprecedented initiative in Europe, which may give a new impetus to the ETF segment, which has already seen growth of nearly 40% per year over the past ten years, and whose assets under management as of third quarter totalled USD309bn, according to the research agency ETFGI. A significant proportion of these assets are traded over the counter due to the fragmentation of this market. Tradeweb is launching a dedicated platform in order to provide privileged access to a consolidated liquidity pool for all ETFs listed in Europe. Eleven dealers are already offering liquidity to the market. The new framework will also allow better price formation for over-the-counter transactions. Adriano Pace, head of equity derivatives at Tradeweb, says the platform offers an integrated trading process and several functions which reduce the risk of errors and improve the efficiency of the market substantially.

The president of trustees at the IFRS foundation, Michel Prada, who oversees the activities of the IASB, the body responsible for the IFRS international accounting standards, claims that the United States is in a position to consider a transition to IFRS standards. At a release of an analytical report by the Securities and Exchange Commission (SEC) on international accounting issues as seen from the United States, including IFRS as international accounting standards, the IASB, as designer of these standards, and the challenges for a transition to IFRS standards in the US, Prada expresses optimism. “While admitting the difficulty of the task, analysis by the IFRS foundation shows that there are no insurmountable obstacles to the adoption of IFRS standards by the United States,” Prada says. “The United States are well-placed to succeed in their transition to IFRS standards, which would achieve an objective which has been confirmed many times by the G20,” the former AMF president says. The trustees have also announced the appointment of Christoph Hütten, replacing the Frenchman Patrice Marteau, as vice-chairman of the consulting committee. Hütten is the chief accounting officer of SAP AG. The French Sylvie Matherat is also leaving the consulting committee.

Fitch Ratings expects credit markets to be less directional in the coming months. As a result, short duration, lower volatility and absolute return strategies with more performance contribution from bond picking will gain traction and are currently being launched by most advanced asset managers. As many funds can accommodate these strategies, Fitch expects to see the following fund types being launched: short duration high yield funds, diversified (i.e. multi credit sub-asset class), low volatility or target volatility funds, as well as absolute return credit funds. Asset class and region focused, low tracking error, long only credit funds should be less popular than in the recent past.

Italian real estate funds have posted net inflows of EUR1.4bn in first half, according to the most recent statistics from Assogestioni. The volume of activity was over EUR42bn, an increase of 4.2% compared with the previous half. Assets in the 185 real estate funds on record totalled about EUR26bn. The product range in the sector consists 88% of reserved funds, with assets of EUR21bn. Retail funds, which account for 12% of products, have EUR5bn, Assogestioni notes. 54% of investments are concentrated in office real estate, while commercial properties account for 16%, and residential properties, 9%.

Jérôme Kerviel, the former trader at Société Générale who has admitted to taking unauthorised and risky positions on futures contracts, totalling as much as EUR50bn in 2008, will learn his fate this Wednesday. The court of appeals will deliver its decision this afternoon, Les Echos reports. The defence has called for leniency, while the prosecution is seeking 5 years of firm prison time and EUR4.9bn in damages and interest.

Fundweb reports that Source has closed four ETPs which have not attracted adequate assets since their launch in 2009: namely, Cyclicals European Source, Consumer Discretionary European Source, Defensives European Source ETF and Consumer Staples European Source ETF.

The French firm Amundi Asset Management (EUR693bn in assets) has received a sales license from BaFin for the Absolute Volatility Arbitrage Plus (LU0722566899) sub-fund of its Luxembourg Sicav Amundi Funds (see Newsmanagers of 19 October).

The Chinese sovereign fund China Investment Corporation (CIC), which has USD410bn in assets under management, is in talks to buy the headquarters of Deutsche Bank in the City of London, for GBP250m, the Financial Times reports. According to sources familiar with the matter, Invesco will acquire the roughly 95,000 square metre property on behalf of the Chinese investor. The seller is KanAm.

Stephen Hayes, who was recruited in August as head of property securities, has lost no time in strengthening his team. First State Investments on 23 October announced the recruitment of three senior portfolio managers and one analyst.Two of the new portfolio managers joins from Perennial Real Estate: Tuan Pham, who has been head of Asia at his former employer, and who joins from First State to focus on Asian assets, and Boudewijn van Loen (head of Europe/UK at Perennial RE). The third portfolio manager is Daniela Lungu, who previously worked for CBRE Investments.The analyst is Josef Dagulo, who joins from First State as investment analyst for the Asia-Pacific region, and who will be based in Sydney, as will Pham.

The British press reports that Scottish Widows Investment Partnership (SWIP) has announced the recruitment of Lynda Shillaw as director of real estate, replacing Malcolm Naish, who has retired.Shillaw will join SWIP on 1 January from Lloyds Banking Group, where she had been managing director of corporate real estate for private and institutional banking since October 2010, and previously managing director of estates at the Co-operative Group.Shillaw will report to Dean Buckley, managing director, and will lead a team of 50 people with assets under management of about GBP8bn.

Barclays has announced the launch of share classes that comply with RDR regulations for its full range of actively0 and passively-managed funds. Annual management fees for these new share classes will total between 0.6% and 0.9% for equity funds and funds dedicated to bonds from developed countries. For risk-adjusted funds of the GlobalMarkets range, annual management fees have been set at 50 basis points.

To replace Rui Mota Guedes, who has left the firm, the Spanish asset management firm Siitnedif, led by Ricardo Seixas, has recruited Álvaro Llanza as manager of the Tordesillas fund, Funds People reports. He had previously been at JB Capital markets, after serving at Banif, Schroders and Citi. In 2001, he founded the asset management firm Dux Inversores.

On 19 October, the Spanish regulator, the CNMV, issued sales licenses for the Spanish funds Altan III Global and Foncaixa Objectivo Rantas, as well as to the foreign products Amundi Treso Corporate, Exane Funds 1, LFP S&P Capital IQ Fund and Seeyond Volatilité Actions.

Following the Royal European Corporate Bond Fund in August, Royal London Asset Management (RLAM) has announced the launch of the Royal London Duration Hedged Credit Fund on 24 September. The product is a UCITS IV-compliant fund which is particularly well-suited to retirement savings plans, with the objective of earning outperformance of the Libor 3-month by 200 basis points regardless of market conditions, by investing in corporate bonds of various maturities, with the ability to retain British government bonds and other debt instruments.The management team (Paola Binna and Shalin Shah) may use derivatives to reduce interest rate risks, shortening the duration to a near-zero level. The portfolio includes 100 to 200 holdings.CharacteristicsName: Royal London Duration Hedged Credit FundISIN code: GB00B4K6P774Minimal initial subscription: GBP1mManagement commission: 0.50%

The London Stock Exchange is now listing the iShares Barclays Capital Euro Corporate Bond Interest Rate Hedged Fund, which charges fees of 0.25%, Fundweb reports. It is a physical replication ETF, which according to the issuer, is the fist to offer exposure to corporate bonds with mitigated interest rate risk, using futures on German government bonds as a hedge.

BlackRock has announced that it has registered a level of GBP65m in assets, primarily from institutional investors and wealth managers, for its new BlackRock North American Income Trust. The asset management firm has applied for the product to be listed on the London Stock Exchange (LSE), where its first day of listing would be 24 October, under the acronym BRNA. Investment Week reports that BlackRock was originally aiming for GBP100m in assets for the fund.Initially, BlackRock intends for the fund to generate returns on dividends of 4% after fees, with a quarterly coupon. The benchmark index will be the Russell 1000 Value, and the fund will be managed by the US equities team at BlackRock, based in Princeton (which managed USD38bn as of the end of August), led by Bob Shearer and Kathleen Anderson.

Cesar Gueikian, previously director of special situations at UBS alongside Theo Constantinidis, will be leaving the bank to create a hedge fund with his former colleague, Andres Scaminaci. Constantinidis will remain in his position.

According to a study by the German Sustainable Business Institute (SBI) relayed by the Börsen-Zeitung, assets in 380 open-ended sustainable development funds in Germany, Austria and Switzerland now total about EUR34bn, or EUR4bn more than at the end of 2011. In first half 2012, 40 funds were launched, while 17 others were liquidated. Overall, 205 equity funds have EUR21bn in assets under management.

OFI Infravia on 23 October announced the first closing of its new fund, InfraVia European Fund II, with about EUR150m in assets from French and European institutional investors. The fund aims for a target sie of about EUR400m. The fund offers investors a diversified investment strategy in the transport, energy, social infrastructures, utilities and communication infrastructures sectors. This core strategy is focused on European midcaps (particularly from the euro zone) and real brownfield assets (i.e. in operation) which generate ongoing returns.

The asset management firm Prigest, in partnership with its largest shareholder, SwissLife Banque Privée, has launched a horizon fund investing primarily in international equities, Swiss Life (F) Prigest World 2020, which is based on two drivers of performance, the management explains: firstly, a return to a historic price-to-book ratio of 1.7, from its current 0.9, and secondly, returns which currently total 4.75%, while management is predicting 3.55 over the long term.Due to its eligibility for life insurance policies from SwissLife Banque Privée, the maturity date for the fund has been set for 2020, giving it a lifespan of eight years. Its performance objective is 7% per year.ISIN code: FR0011312073

Amundi ETF on 23 October launched the Amundi ETF Topix EUR Hedged Daily fund which offers an innovative solution to investors seeking exposure to Japanese equities, with daily hedging against currency risks, on NYSE Euronext in Paris. The ETF is available with a TER of only 0.48%. Hedging for currency risks is managed and adjusted on a daily basis within the TOPIX Euro Daily Hedged (Total Return) strategy, through the use of forward contract maturing at the end of the current month. This daily revaluation reduced the influence of currency rate volatility, optimising hedging for currency risks. Primary characteristics Name: Amundi Topix HDG ISIN code: FR0011314277 Underlying index: Topix Euro Daily Hedged TER: 0.48%

Assets under management at GAM Holding as of the end of September totalled CHF116.8bn, up 5% compared with 30 June 2012, according to a statement released on 23 October. This development is related to net inflows and positive market effects for the two wealth management units. The GAM unit as of the end of September had CHF48.2bn in assets under management, compared with CHF45.4bn at the end of second quarter 2012. In addition to net subscriptions and positive market effects, this 6% increase is also the result of the integration of CHF742m in assets related to the acquisition of a majority stake in the Arkos Capital company in July 2012 for the first time. Assets under management at Swiss & Global Asset Management, for their part, totalled CHF87.4bn, up 6% compared with the end of June, due largely to net inflows “in line with objectives,” a statement says, without offering more details.