Sur la plate-forme parisienne de NYSE Euronext, Lyxor Asset Management vient de faire admettre à la négociation deux ETF «risk balanced» de droit français répliquant des indices MTS sur la dette souveraine français et italienne pour un à trois ans.Il s’agit des fonds LYXOR ETF MTS 1-3Y France Government Bond C-EUR (FR0011313733) et LYXOR ETF MTS BTP 1-3y Italy Government Bond C-EUR (FR0011313741), chargés chacun à 0,165 %.

Thomas Steyer, l’un des meilleurs gérants de hedge funds, a annoncé qu’il quitter Farallon, la société de 20 milliards de dollars qu’il gère depuis 27 ans, rapporte le Financial Times. Dans une lettre aux investisseurs, l’homme âgé de 55 ans indique qu’Andrew Spokes, co-managing partner, lui succèdera à la fin de l’année. Depuis son lancement, le fonds vedette de Farallon a dégagé un rendement annuel moyen de 13,4 % pour les investisseurs, après frais.

Natixis et l’EDHEC-Risk Institute ont annoncé hier avoir ouvert une chaire de recherche intitulée « Caractéristiques d’investissement et de gouvernance des instruments de dette infrastructure ». L’objectif de cette chaire est de contribuer à clarifier la nature et les caractéristiques d’investissement de la dette infrastructure pour pallier l’insuffisance de données disponibles sur le sujet, indique un communiqué. Cette chaire se concentrera en particulier sur les caractéristiques du profil de risque et du rendement des instruments de la dette infrastructure et leur apport en termes de diversification de portefeuille pour les investisseurs institutionnels. Le programme de recherche sera dirigé, au sein de l’EDHEC-Risk Institute, par le directeur de recherche Frédéric Blanc-Brude, qui a publié de nombreuses études sur le sujet. Il présentera la chaire et ses premiers travaux à l’occasion du premier colloque « European Infrastructure Day » organisé par Natixis le 23 octobre à Paris.

L’activité aux Etats-Unis du courtier lausannois Gottex Brokers Alternative sera dorénavant exercée par Gottex Brokers Alternative USA, qui vient d’ouvrir un bureau à Los Angeles, rapporte Investment Europe. La filiale américaine sera dirigée par Bruno Bardavid. Elle prodiguera ses services aux hedge funds, aux fonds de fonds, aux family offices, aux gérants externes, aux établissements publics, aux fonds souverains, aux banques privées et d’investissements, aux conseillers en investissements et aux fonds de pension.

La société de capital risque 360 Capital Partners vient de finaliser un premier closing de 60 millions d’euros pour son nouveau fonds qui réunira à terme plus de 100 millions d’euros. Ajouté aux fonds précédents, cela porte ses actifs sous gestion à plus de 300 millions d’euros, précise un communiqué.Le nouveau fonds est destiné à financer des start-ups innovantes, particulièrement en phase d’amorçage, pour des montants compris entre 100 000 euros et 1 million d’euros, et en phase de forte croissance pour des montants entre 1 million et 5 millions d’euros.

Marie-Jeanne Missoffe rejoint Mandarine Gestion pour renforcer l’équipe de gestion «Actions croissance». L’ancienne gérante actions européenne de la SPGP intègre l’équipe de Joëlle Morlet-Selmer et Diane Bruno, respectivement gérante et co-gérante du fonds actions croissance Mandarine Opportunités et du fonds Mandarine Unique - European Small & Mid cap.Marie-Jeanne Missoffe avait quitté SPGP en début d’année. Elle y gérait le fonds Cap Grande Europe. Auparavant, elle avait occupé les postes de co-responsable de la gestion Small & Mid cap européenne chez Ixis AM et gérante actions européennes chez CDC Gestion."L’arrivée de Marie-Jeanne Missoffe au sein de Mandarine Gestion va nous permettre de renforcer notre offre de gestion sur les actions de croissance pour répondre à la demande croissante de nos investisseurs qui montrent aujourd’hui un véritable appétit pour ce type de gestion», commente Rémi Leservoisier, directeur général de Mandarine Gestion.

La Française Real Estate Managers (REM) annonce avoir fait l’acquisition en VEFA auprès de la société Adim Ouest, pour le compte de ses SCPI, de l’ensemble « Nouvelle Vague » située sur le Mail Pablo Picasso dans la ZAC Euro Nantes à Nantes.L’immeuble en R+7 compte une surface utile de 9.397 m² à usage de bureaux avec 125 places de parking. Les travaux de construction ont débuté en juin 2012 et la livraison est programmée pour le premier trimestre 2014.

Le groupe américain Prudential Financial a annoncé la signature d’un accord avec Verizon Communications portant sur le transfert d’un programme de pension portant sur un montant d’environ 7,5 milliards de dollars. Le transfert, qui concerne quelque 41.000 collaborateurs de Verizon, devrait intervenir en décembre prochain.

Frédéric Lorenzini ,qui occupe la fonction de directeur de la Recherche de Morningstar France, a annoncé son départ de la société à la fin du mois. Il y a travaillé pendant onze ans et y a débuté en tant que rédacteur en chef. Selon nos informations, le cadre entend mener un projet entrepreneurial. Depuis janvier 2012, Frédéric Lorenzini est membre de la commission Consultative Epargnant de l’Autorité des marchés financiers.

Comme annoncé la semaine dernière par Newsmanagers, la société de gestion Ossiam a complèté son offre «smart beta» en ayant lancé hier un nouvel ETF sur indice de stratégie minimum variance sur actions internationales issues des marchés développés. L’ETF réplique ainsi la performance de l’indice de stratégie Ossiam World Minimum Variance Index NR (Net dividendes réinvestis) dont l’objectif est de délivrer la performance d’une sélection des titres les plus liquides du S&P Global 1200® Index NR2, pondérés de façon à minimiser la volatilité du portefeuille. Le fonds, Ossiam ETF World Minimum Variance NR (*), est coté sur NYSE Euronext Paris, Borsa Italiana à Milan et sur la Deutsche Börse à Francfort.(où il est le 1.005ème fonds sur le segment XTF de la plate-forme électronique Xetra). Il sera coté à Londres le 29 octobre prochain.L’ETF affiche un TFE de 0,65% par an avec un total d’actifs sous gestion s’élevant à 15,7 millions d’euros en date du 18 octobre 2012.(*) code mnémonique WOMV ; code Isin LU0799656698

CM-CIC Securities a annoncé la semaine dernière avoir signé avec Afrifocus Securities, le deuxième courtier indépendant d’Afrique du Sud, un accord de recherche international. CM-CIC Securities offrira à ses clients la recherche en valeurs sud-africaines d’Afrifocus Securities aux Etats-Unis, au Canada et en Europe tandis que Afrifocus Securities distribuera les produits de recherche de CM-CIC Securities en Afrique du Sud. Une base de données financières et macroéconomiques commune ainsi qu’un format unique seront mis en place afin d’homogénéiser l’ensemble des études, précise un communiqué. Afrifocus Securities couvre 50 valeurs cotées sur le Johannesburg Stock Exchange (JSE), essentiellement dans les secteurs Banque, Finance et Matières Premières, avec une expertise forte sur les Small & Mid Caps. CM-CIC Securities complète ainsi son offre sur les ressources naturelles : mines, métaux, pétrole et gaz. En élargissant sa couverture à l’Afrique du Sud, la société souhaite créer un réseau de brokers africains. Il s’appuiera sur ses partenaires Afrifocus Securities et BMCE Capital Bourse présent au Maroc, ainsi que dans une quinzaine pays d’Afrique (Tunisie, Cote d’Ivoire, Bénin, Mali...) via Axis Capital, Actibourse, Bank of Africa, etc.

Au 30 septembre, les actifs gérés par les hedge funds ont atteint un nouveau record de 2.190 milliards de dollars, un record éclipsant celui de fin mars. L’encours a augmenté ainsi de 80 milliards de dollars durant le troisième trimestre et de 183 milliards depuis le début de l’année, selon les calculs d’Hedge Fund Research (HFR).Les souscriptions nettes ont représenté 10,6 milliards de dollars en juillet-septembre et 31 milliards sur les neuf premiers mois de l’année.Cependant, malgré ces résultats, HFR estime que si les souscriptions se poursuivent au même rythme durant le dernier trimestre, 2012 affichera les rentrées nettes les plus faibles depuis 2009, année où les investisseurs ont sorti en net 131 milliards de dollars des hedge funds.L’indice composite pondéré des hedge funds de HFR, le HFRI Fund Weighted Composite Index, a enregistré pour le troisième trimestre une hausse de 3 %, de sorte que l’effet performance a généré une augmentation d’environ 70 milliards de dollars du volume des encours.Dans le détail, HFR indique que la stratégie relative value arbitrage a collecté en net 12,6 milliards de dollars au troisième trimestre, portant le total des rentrées nettes à 35 milliards pour les trois premiers trimestres et l’encours à 586 milliards fin septembre… soit le même total que la stratégie equity hedge qui a subi des sorties nettes de 5,2 milliards de dollars en juillet-septembre.

Allocations to ETFs have increased by nearly 6 percentage points since 2008, according to estimates by Cerulli (“The Cerulli Edge-Managed Accounts Edition.”).The proportion of ETFs in portfolios increased from 2.8% in 2008 to 8.7% as of the end of second quarter 2012. Assets under management in ETFs now total about USD1.16trn, compared with USD532bn as of 2008. In managed accounts, ETFs total USD220bn, compared with USD39bn previously.The study also finds that there is an increased need for due diligence, insofar as a greater number of managers are now offering actively-managed ETFs. Cerulli also points out that a growing number of broker-dealers now have ETF strategists responsible for helping advisers develop tactical strategies for their clients’ portfolios.

With 10 years of experience in the area of corporate trusts at BNP Paribas Securities Services, Christopher Meitzner is joining BNY Mellon as senior relationship manager for corporate trust activities in Germany, Austria and Switzerland. He will report to Thomas Brand, head of investment services at BNY Mellon for Germany.Chris Strakosh remains as sales manager for corporate trusts.

The asset management firm Sanlam Investment Management has acquired a majority stake in the Bermuda-based investment firm P2 International, Fund Web reports.The acquisition will allow clients of Sanlam to have access to international bond and equity strategies. For its part, P2 International may develop its activities in Africa, Asia, Europe and the Middle East.

APG, a Netherlands-based asset management firm with EUR314bn in assets under management, is planning to lay off 800 employees in the next four years, IPE.com reports. Of the 200 jobs to be eliminated each year, 120 will be through “natural turnover,” while the remaining 80 will be layoffs. APG has 4,155 employees, of whom 3,850 are full-time.

Alberto Espelosín, director of research at Ibercaja Gestión and manager of the multi-asset class fund Ibercaja Alpha since its launch, is joining Abante Asesores, where he will manage a similar fund which will be launched in the next few weeks, Funds People has announced.

Pictet & Cie Europe S.A. has announced that it has been granted a full banking license by the Hong Kong Monetary Authority (HKMA), and on 24 September announced the official opening of its local branch office. The Swiss group has been serving Hong Kong clients since 1986.Claude Haberer, head of Asia-Pacific at Pictet Wealth Management, tells the South China Morning Post that the branch will not practice any retail or corporate banking activities: it was opened to serve the growing base of millionaire clients in continental China. The Pictet private bank accepts Asian clients only with USD3m in assets or above. It will recruit private bankers with at least 15 years of experience, “who have a long-term vision.”

Guy Phillips, who had previously been head of global consumer & retail at the UBS investment bank, will now work in wealth management at the Swiss banking group. He will be responsible for the family offices team in emerging markets, Finews reports. Phillips’ former position will be taken over by Nick Hassall.

Swiss-based Partners Group has announced that it has led a financing operation for an acquisition of the Douglas group. Partners Group acted as the mandated lead arranger for mezzanine financing for a takeover bid presented by Beauty Holding Three (a subsidiary of Advent Capital) to shareholders in Germany’s Douglas Holding, the private investment group announced on 22 October.

A group representing investors including British charities and pension funds is planning to target 350 FTSE companies identified as slow to enact measures to reduce their greenhouse gas emissions, Financial Times Fund Management reports. The investors are focusing on companies in the utilities and mining industries.

Payments of dividends in the United Kingdom totalled GBP23.2bn in third quarter, up 10.4% compared with last year, according to statistics from Capita Registrars, Money Marketing reports.For the year as a whole, dividends may total a record GBP78.6bn, while the previous pre-crisis record was GBP77bn.

The wealth management unit at Deutsche Bank in London has recruited two client advisers, Matthew Garnham and Corin George, Investment Europe reports.Both will be responsible for developing high net worth banking clients in the City.Garnham previously worked at Lombard Odier, while George joins from Coutts.

Collateralised loan obligations, the complex products at the core of the financial crisis, are making a comeback, as investors seeking returns are investing in the exotic instruments again, the Financial Times reports. The number of asset management firms creating CLOs has doubled in the United States, and total flows to these products now come to USD34.7bn, more than all of the past four years put together.

Institutional investors in the Asia-Pacific region are increasingly taking an interest in ETFs, but the market is still very far from the sophistication to be found in the United States, according to a survey undertaken by Greenwich Associates on behalf of State Street Global Advisors (SSgA).Asian institutionals make most of their ETF investments offshore, generally in ETFs listed in the United States: four institutionals out of ten say that they acquire ETFs on foreign markets. This is unsurprising, since in this market segment, liquidity and products are more abundant in North America, and especially on the New York stock exchange. Assets in ETFs on the Tokyo Stock Exchange total USD44.5bn, a fraction of those in ETFs listed in New York, which represent about USD1.2trn. However, the Korean Stock Exchange is the most liquid in terms of annual trading volumes. But the US market is clearly much deeper than the Asian market, with the 10 largest ETPs representing 38% of ETP assets on the New York stock exchange, and the 10 largest ETPs in Tokyo accounting for 97% of assets.When asked about their ETF selection criteria, 85% of Asian institutional investors cite liquidity and trading volumes, followed by tracking error (61%) and total expense ratio (53%). This is followed by track record (44%), diversity of products (43%), and far behind, the company and team responsible for products (13%). Investment in ETFs is still an anonymous activity in Asia, and clients are not particularly interested in the issuer, the survey finds.The use of ETFs in Asia ex Japan is also much less sophisticated than in the United States. The major objectives sought are, firstly, core/satellite portfolio allocation (66% of respondents), followed far behind by risk management and hedging (38%). For US users, ETFs are used largely for tactical adjustments, portfolio rebalancing and transition management.According to Kevin Quigg, global head of the SPDR ETF strategy and advisory at SSgA, a large portion of the use of ETFs in the United States “is less about ‘F’ and more about ‘ET,’ and that influences the market, since ETFs have shown that they are effective for resolving market difficulties.”But Asian institutional investors are expected to gradually follow in the footsteps of their American counterparts. 40% of them want to increase their use of ETPs in the next few years, while 46% say they want to maintain their current allocations.

Thomas Steyer, one of the top hedge fund managers, has announced that he is leaving Farallon, the USD20bn firm which has led for 27 years, the Financial Times reports. In a letter to investors, the 55-year-old man says that Andrew Spokes, co-managing partner, will succeed him at the end of the year. Since its launch, the flagship fund from Farallon has earned average annual returns of 13.4% for investors, after fees.

For the first time in 17 years, US equities have outperformed most major asset classes, at a time when growth is slowing and profits are at their lowest levels since 2009.The Standard & Poor’s 500 index has gained 14% since the beginning of the year, outpacing US Treasury bonds, corporate bonds, commodities, the US dollar and Asian and European equities, according to statistics from the news agency Bloomberg.Treasuries have gained only 3.3% since the beginning of the year, compared with 9.9% for US investment grade corporate bonds, and 14% for high yield debt, according to figures from Barclays. The S&P GSCI commodity index has gained 1.7%, while the dollar index (DXY), which measures the US currency against six major trading partners, is down 0.7%.The last time US equities ranked on top, in 1995, the S&P 500 posted the strongest annual growth in the past 50 years. With a price to earnings ratio similar to the one currently observed, the index gained 93% in the two and a half years that followed.

US group Prudential Financial has announced that it has signed an agreement with Verizon Communications to transfer a pension scheme with a total of USD7.5bn in assets.The transfer, which will affect about 41,000 Verizon employees, is expected to take place in December this year.

Activities in the United States of the Lausanne-based Gottex Brokers Alternative will now be operated by Gottex Brokers Alternative USA, which has opened an office in Los Angeles, Investment Europe reports. The US affiliate will be led by Bruno Bardavid. It will offer services to hedge funds, funds of funds, family offices, third-party managers, public institutions, sovereign wealth funds, private and investment banks, investment advisers and pension funds.

Marie-Jeanne Missoffe is joining Mandarine Gestion as an addition to its “growth equities” management team. The former European equity manager at SPGP joins a team that includes Joëlle Morlet-Selmer and Diane Bruno, who are manager and co-manager, respectively, of the growth equity fund Mandarine Opportunités and Mandarine Unique - European Small & Mid cap funds. Missoffe left SPGP early this year. She was manager of the Cap Grande Europe fund. She had previously served as co-head of European small & midcap management at Ixis AM and European equity manager at CDC Gestion. “The arrival of Marie-Jeanne Missoffee at Mandarine Gestion will allow us to strengthen our management product range in growth equities, to respond to growing demand on the part of our investors, who are now showing a real appetite for this type of management,” says Rémi Leservoisier, CEO of Mandarine Gestion.