Dexia Asset Management vient de recruter en Suisse Patrick Kern au poste de Senior Relationship Manager Institutional Clients pour la partie germanophone du marché, indique finews.ch. Il était auparavant responsable de l’acquisition clients pour la Suisse alémanique de Reyl Asset Management.

Le groupe suisse Partners Group vient de clôturer son programme immobilier mondial, Partners Group Global Real Estate 2011, à 800 millions de dollars. Pamela Alsterlind, codirectrice de la division Private Real Estate précise que 2.200 projets ont été analysés et 43 exécutés pour ce programme. D’autres doivent encore être finalisés.

La banque italienne Intesa Sanpaolo cherche des opportunités de croissance externe sur le marché suisse, révèle finews.ch. Elle souhaiterait racheter une structure de gestion de fortune, avec des encours sous gestion entre 5 et 10 milliards de francs suisses.

Le new yorkais Market Vectors ETF (25,1 milliards de dollars d’encours) a annoncé que son conseiller en investissements Van Eck Associates Corporation a conclu un accord avec Australian Index Investment (Aii) pour créer la coentreprise Market Vectors Australia Pty Ltd (30 millions de dollars australiens) dans laquelle le partenaire américain aura la majorité.Les équipes d’Aii seront transférées à la nouvelle entité, qui sera dirigée par Annmaree Varelas, CEO d’Aii.Market Vectors Australia commercialisera et distribuera des ETF, y compris les six fonds sectoriels de ce type existant dans la gamme Aii S&P (financials, financials x A-Reit, resources, industrials, energy et metals & mining). Tous ces produits Aii répliquent des sous-indices du ASX 200, sauf le dernier, qui suit un compartiment de l’ASX 300.Le marché australien des ETF n’est pas encore très développé, avec seulement 70 fonds et un encours total de 5 milliards de dollars alors que les actifs gérés par l’ensemble des fonds représentent 1.800 milliards de dollars australiens.

JO Hambro Capital Management va lancer un fonds Global Opportunities alors que son fonds UK Opportunities, géré par les mêmes gérants, va être provisoirement fermé aux nouvelles souscriptions, rapporte Investment Week. Le portefeuille britannique a actuellement un encours de 900 millions de livres et approche vite de sa limite de 1 milliard.Les deux fonds sont gérés par John Wood et Ben Leyland.

La société de gestion britannique Liontrust Asset Management a vu ses encours atteindre 2,1 milliards de livres le 18 juin 2012, annonce la société dans son rapport annuel. Le 31 mars, ils ressortaient à 1,5 milliard de livres, en hausse par rapport au niveau de début avril 2011, où ils étaient à 1,343 milliard de livres.C’est notamment le résultat de souscriptions nettes de 152 millions de livres, de l’acquisition d’Occam et d’un effet marché positif.Liontrust a accusé une perte de 200.000 livres, contre une perte de 4,6 millions de livres en 2011. Le bénéfice ajusté avant impôts est ressorti à 1 million, contre une perte de 1,7 million en 2011.

«Profitant de la forte demande actuelle d’immeubles entièrement loués à Londres», l’allemand Deka Immobilien a réalisé une plus-value non divulguée en revendant à Zara (groupe Inditex) l’immeuble Lumina sur Oxford Street et Bond Street pour 190 millions d’euros. Cet actif de 7.000 mètres carrés de magasins et de bureaux faisait partie du portefeuille du fonds immobilier offert au public Deka-ImmobilienEuropa.

Baring Asset Management va lancer le fonds Baring emerging market corporate debt qui sera géré par Faisal Ali, lequel a rejoint la société de gestion en août 2011, rapporte Money Marketing. Le produit investira au moins 70 % de ses actifs dans des obligations d’entreprises émergentes, basées dans différents pays et notées investment grade ou non.

Le groupe de retraite et de prévoyance Apicil ne s’intéresse que de loin à l’ISR, mais il a en revanche développé une politique de vote stricte pour l’ensemble de sa gestion actions. En tant qu’institution paritaire, nous estimons être un lieu de débat pertinent sur la politique de vote, explique Bertrand Jounin, directeur des activités financières du groupe Apicil, dans le cadre d’une conférence organisée par l’Agefi. Nous n’hésitons pas à voter contre certaines résolutions soumises au vote des assemblées générales. Il s’agit donc d’une démarche de responsabilité actionnariale, réalisée en partenariat avec Proxinvest. C’est une façon d’intégrer des critères extra-financiers à notre gestion, sans pour autant faire de l’ISR proprement dit.

The New York firm Market Vectors ETF (USD25.1bn in assets) has announced that its investment adviser, Van Eck Associates Corporation, has signed an agreement with Australian Index Investment (Aii) to create a joint venture entitled Market Vectors Australia Pty Ltd (AUD30m), in which the US partner will control a majority stake.Teams at Aii will be transferred to the new entity, which will be led by Annmaree Varelas, CEO of Aii.Market Vectors Australia will release and distribute ETFs, including the six existing sectoral funds of this type in the Aii S&P range (financials, financials x A-Reit, natural resources, industrials, energy and metals & mining). All of these Aii products replicate sub-indices of the ASX 200, except the last one, which tracks a sub-index of the ASX 300.The Australian ETF market is not yet highly developed, with only 70 funds, and total assets of AUD5bn, while assets under management by funds overall total AUD1.8trn.

The UK asset management firm Liontrust Asset Management reached total assets of GBP2.1bn on 18 June 2012, the firm announced in its annual report. On 31 March, assets totalled GBP1.5bn, up since the beginning of April 2011, when they totalled GBP1.343bn. The increase is the result of net subscriptions totalling GBP152m, the acquisition of Occam and positive market effects. Liontrust has reported losses of GBP200,000, compared with losses of GBP4.6m in 2011. Adjusted pre-tax profits came to GBP1m, compared with losses of GBP1.7m in 2011.

Lionel Aeschlimann, a partner at Mirabaud and head of the asset management operation, has told Funds People that the Swiss firm is continuing to add to its private banking team in Spain. The objective is to reach total assets in this area of EUR1bn to EUR1.5bn in three years. However, recruitments will not be made at the expense of profitability.

“Taking advantage of strong current demand for wholly-leased properties in London,” the German asset management firm Deka Immobilien has earned an undisclosed capital gain from a sale of the Lumina building on the corner of Oxford Street and Bond Street to Zara for EUR190m. The 7,000 square metre office and retail property had been a part of the open-ended real estate portfolio Deka-ImmobilienEuropa.

Baring Asset Management is going to launch the Baring emerging market corporate debt fund, which will be managed by Faisal Ali, who joined the asset management firm in August 2011, Money Marketing reports. The product will invest at least 70% of its assets in emerging market corporate bonds, issued by businesses based in various countries, rated investment grade or below.

JP Hambro Capital Management will be launching a Global Opportunities fund, while its UK Opportunities fund, managed by the same managers, will be soft closed to new subscriptions, Investment Week reports. The British portfolio currently has assets of GBP900m, and is fast approaching its GBP1bn limit. The two funds are managed by John Wood and Ben Leyland.

In April 2012, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was EUR10 billion lower than in March 2012, according to statistics released by the European central Bank. This decrease was due to a decline in share/unit prices.The amount outstanding of shares/units issued by euro area investment funds other than money market funds decreased to EUR6,056 billion in April 2012, from EUR6,066 billion in March 2012. Over the same period, the amount outstanding of shares/units issued by euro area money market fundsincreased to EUR967 billion, from EUR951 billion.Transactions1 in shares/units issued by euro area investment funds other than moneymarket funds amounted to EUR1 billion in April 2012, while transactions in shares/units issued by money market funds amounted to EUR10 billion.In terms of the breakdown by investment policy, the annual growth rate of shares/units issued by bond funds was 3.2% in April 2012. Transactions in shares/units issued by bond funds amounted to EUR11 billion in April 2012. The annual growth rate and transactions of equity funds were -2.4% and minus EUR13 billion respectively. For mixed funds, the corresponding figures were -0.2% and EUR3 billion.

Only 52 companies, out of a universe of 4,001 worldwide in 2010, published a complete report on sustainable development, a study commissioned by Aviva Investors and undertaken by CK Capital has found («Trends in Sustainability Disclosure: Benchmarking the World’s Composite Stock Exchanges.») This figure is down compared with 2008, at a time when several European stock markets are requiring publicly-traded businesses to include detailed reporting on sustainable development in their financial reports. The figure, however, conceals a varied reality. Some countries stand out in comparison to others. The countries that are highest-ranked in terms of publicly-traded businesses releasing information on sustainable development are the Netherlands, Denmark, Finland, Spain, and South Africa. The Scandinavian countries place particularly well, with four of them in the top ten. Among emerging countries, two stand out particularly: South Africa (5th) and Brazil (9th). The rankings vary depending on the criteria analysed (energy, greenhouse gas emissions, water consumption, waste management, lost time due to work accidents, salaries, and staff turnover), and sectors of activity. By sector, the companies that most closely guard their sustainable development information are financial sector businesses, which are ranked bottom on all seven indicators (energy, grenhouse gas emissions, water consumption, waste management and time lost due to workplace accidents). At the other extreme, utility companies dominate the rankings on most indicators, and take 1st place for release of information about greenhouse gas emissions, water consumption, waste management, and staff turnover. Steve Waygood, director of management at Aviva Investors in London, says “we think that it would be highly opportune for public powers to intervene and define a universal palette of sustainable development indicators.”

Invesco Real Estate has announced the arrival of Timothy Bellman as head of global research, at its Dallas offices. In the global research team, Bellman will focus on global asset allocation and co-ordinating research activities undertaken by regional heads of research in North America, Europe and Asia-Pacific. Before joining Invesco Real Estate, Bellman, 50, spent seven years at ING Real Estate Management, where he was global head of research and strategy, after serving as head of research and strategy for the Asia-Pacific region.

Carmignac Gestion no longer holds any German government bonds (Bund), Les Echos reports. For the past 2 years, the firm, which manages about EUR48bn in assets, has not held any other euro zone government bonds except Bunds. Carmignac Gestion estimates that German government debt “essentially represents a risk management tool. The idea of a larger role for Germany in undertaking the financial risks of the euro zone has been getting bandied about. As a result, the use of Bunds as a refuge security against European risk will be likely to become less effective,” Didier Saint-George, a member of the investment board, explains to Les Echos. Saint-George does not rule out the possibility of “using this management tool again in the future, even if it is not quite as effective as a year ago, when rates had much further to fall than they do now.”

Tiffani Potesta, head of third-party insurance and DC I-0 divisions at DWS Investments, and previously a director at First Eagle Funds, is joining Schroders as head of advisory sales for the United States, Mutual Fund Wire reports. Potesta will report to Erin Brennan, head of intermediary key accounts.

Institutional investors are showing a growing interest in alternative management, which allows them to support their investment objectives, such as diversification and generating alpha, according to the most recent annual study by Russel Investments of alternative management (“2012 Global Survey on Alternative Investment.”)“In an environment characterised by low returns, a high level of economic uncertainty, and volatility on financial markets, alternative solutions represent an essential component of a multi-asset class diversified [approach]. With ongoing volatility and market shocks in mind, institutional investors are seeking to protect their portfolios by structuring them in such a way as to favour prudent risk management, while also seeking to earn returns in various market environments,” says Julia Cormier, director, head of alternative investments at Russell Investments.Institutional investors who participated in the Russell Investments study are highly exposed to alternative investment, with an average of 22%. Among the major reasons for this exposure, diversification is cited by 90% of investors. This is followed by volatility management and low correlation with traditional investments, cited by 64% of investors, and potential returns, cited by 45%.A large majority of respondents to the study say that they are planning to maintain or increase their allocations in the next three years to all alternative categories. 32% of participants are planning to increase their investments in hedge funds and private real estate, 28% for private infrastructure, 25% for private equity, 20% for commodities and 12% for infrastructure and public real estate.The study finds that 49% of investors in single hedge funds use the fund of fund vector, but a considerable proportion of them are planning to set aside this traditional model in favour of specific solutions.Private equity is dominant in North American portfolios, but Europe is not far behind. On both sides of the Atlantic, investors tend to prefer small or mid-sized buyout funds.Lastly, the study finds that investors overall are seeking further training in alternative management. Meanwhile, 91% of North American investors (compared with 68% worldwide) say that they undertake exhaustive due diligence before making new investments.

Exclusive talks with Guggenheim Partners over a potential sale of the US asset management firm RREEF (real estate and alternative investments) by Deutsche Bank have fallen through, and the two parties have agreed not to continue talk, Deutsche Bank announced on Wednesday evening. Since then, the German bank, which has not managed to sell any of the other parts of its asset management unit either (DWS in Germany, Europe and Asia), has announced that it will disclose its long-term strategy for ita Asset & Wealth Management division in September.

Dexia Asset Management has recruited Patrick Kern in Switzerland, for the position of Senior Relationship Manager Institutional Clients for th German-speaking part of the market, finews.ch reports. He had previously been head of new client acquisition for German-speaking Switzerland at Reyl Asset Management.

The Swiss Partners Group has closed its global real estate programme, Partners Group Global Real Estate 2011, with USD800m in assets. Pamela Alsterlind, co-director of the Private Real Estate division, says that 2,200 projects have been analysed, and 43 executed under the programme. Others will be finalised soon.

The Italian bank Intesa Sanpaolo is seeking external growth opportunities in the Swiss market, finews.ch reports. It would like to acquire a wealth management firm, with total assets under management of CHF5bn to CHF10bn.

Dexia Asset Management poursuit l’extension de ses activités en Suisse, avec la nomination de Patrick Kern en tant que senior relationship manager, rapporte L’Agefi suisse. Il sera en particulier chargé de la clientèle institutionnelle en Suisse alémanique. Patrick Kern était dernièrement en charge de la succursale zurichoise de Reyl Asset Management, où il était responsable de l’acquisition de clients en Suisse alémanique, Allemagne, Autriche et au Liechtenstein.

The CNMV on 15 June issued a sales license for the Luxembourg-registered fund Bantleon Opportunities, from the German bond manager Bantleon (EUR5.1bn in assets). The fund, with about EUR49m in assets, managed by the Swiss team at Bantleon Bank, will be distributed by Capital Strategies Partners A.V., SA.The portfolio of the product, launched in 2008, includes the highest-rated government bonds with total time to maturity of 0 to 7 years, covered bonds, and 10% to 20% large cap equities. The objective, in addition to absolute return, is gains of 4% per year.

Money market funds have been rescued by their parent companies more than 300 times since the 1970s, a study by the Securities and Exchange Commission cited by the Wall Street Journal has found. The unpublished document supports the thesis of Mary Shapiro, chairman of the SEC, that the industry, with USD2.6trn in assets, needs stronger regulation. Shapiro will present her case at a Senate debate on money market funds on Thursday, although she has not received the support of a majority of SEC commissioners.

BaFin has issued a sales license for Germany for the Global Strategic Bonds (ISIN LU0746604445) sub-fund of the Luxembourg Sicav Axa WF from Axa Investment Managers (see Newsmanagers of 1 June 2012).

With the Emerging Markets Corporates sub-fund, DWS is releasing in France a further sub-fund of its Luxembourg Sicav DWS Invest in France. The product, focused on emerging market corporate bonds, has assets of about EUR155m. It is managed by Maruf Siddiquee.The German asset management firm has assets of over EUR5.1bn in emerging market bonds.CharacteristicsName: DWS Invest Emerging Markets CorporatesISIN code: LU0436052673Front-end fee: 3.00%Management commission: 1.10%