As of the end of May, European ETPs had assets of USD296.9bn, EUR1.7bn or 0.6% less than at the end of December, according to the BlackRock Institute. According to ETFGI, the consulting firm founded by Deborah Fuhr, assets under management in European ETFs totalled USD265.6bn as of 31 May, USD2bn or 0.7% less than five months earlier.In terms of subscriptions and redemptions, the BlackRock Institute reports net inflows of USD5.3bn, and net inflows for European ETPs in January-May, though ETFGI counts only USD5bn in net subscriptions for European ETFs.iShares places first for net subscriptions, with USD4.5bn according to the BlackRock Institute, and USD4.7bn according to ETFGI. Source is in second place with USD1.6bn and USD1.7bn, respectively. Third place according to the BlackRock Institute is UBS Global Asset Management, while ETFGI Puts SPDR in third place with USD1.1bn.For net redemptions, BlackRock and ETFGI rank db x-trackers (Deutsche Bank) in first place, with USD0.9bn and USD1.3bn, respectively. BlackRock then puts Lyxor Asset Management in second place with USD0.7bn, and Commerzbank third with USD0.6bn, while ETFGI cites EasyETF with net outflows of USD0.7bn, and then Lyxor with net redemptions of USD0.6bn.

Redemptions from equity funds (-EUR8bn) were the main drag on sales activity in the European funds industry in April, according to Lipper. One interesting twist on the disappointing equity figures is that ETFs were a significant drag on this total, with redemptions from equity-based ETFs totalling -EUR4.5bn, 56% of the equity total. EUR4bn was withdrawn from one ETF (iShares DAX) alone. Bond funds have dominated sales activity so far this year and this continued this month with inflows of EUR11.1bn, with Emerging Market and Global products to the fore. Flows into the European funds industry reached EUR20.3bn in April, taking the year-to-date total to EUR112bn. At group level, sales of two institutional index tracking funds saw UBS surprisingly top the charts with EUR3bn of inflows, ahead of Allianz/PIMCO (EUR1.8bn) and AXA (EUR1.2bn).Eight actively managed funds attracted inflows of more than EUR400m this month, again headed by AllianceBernstein’s American Income Portfolio (EUR500m), and followed by Dimensional’s Global Short Dated fund and Allianz US High Yield.

The Hennessee hedge fund index lost 1.98% in the month of May, the worst result since September 2011. Since the beginning of this year, the index shows gains of 2.15%. During the month under review, the long/short equity index has lost 1.89%, while the arbitrage/event driven index has lost 1.09%. But these two indices have since the beginning of the year shown gains of 2.27% and 3.47%, respectively. The emerging markets index has also lost 7.44% for the month, and 2.91% since the beginning of the year.

Sky Harbor Capital Management, LLC, société indépendante de conseil en investissement basée dans le Connecticut créé en septembre 2011, a annoncé le 12 juin que ses actifs sous gestion avaient atteint 1,09 milliard de dollars le 31 mai 2012. Les actifs sous gestion de la société ont donc augmenté de 30 % depuis la fin du mois d’avril (831 millions de dollars) et de 50 % depuis la fin du premier trimestre 2012. Cette montée en puissance s’explique par l’obtention de nouveaux mandats auprès d’investisseurs institutionnels et par le lancement en Europe de SKY Harbor Global Funds. Cette SICAV, domiciliée au Luxembourg, propose aux investisseurs non américains deux compartiments investis sur le marché américain des obligations à haut rendement, dont un adoptant une stratégie de duration courte.

In May, US-based Muzinich attracted USD250m in net new money, of which USD120m in Paris (along with Geneva, Luxembourg and Monaco). Outflows in the month to date are limited to USD12m, Eric Pictet, head of the Paris office said.Muzinich’s six UCITS funds are changing this week from UCITS III to UCITS IV. They have raised USD2.2bn in NNM for the group, of which USD650-700m for Paris and presently reach an AUM of USD8.7bn (i.e. 52% of the group’s total AUM), of which USD2.5bn for the Paris rep office.

From 1 July this year, the asset management firm Finance SA will take over management of four funds from Robeco Gestions. The French asset management boutique, which yesterday received clearance from the French financial market regulator, the Autorité des marchés financiers (AMF), applied to take over the management of open-ended equity and multi-management funds managed by Robeco Gestions in Paris, following a decision by its parent company, Rabobank, to pull out of the city and close down its management operations there. According to reports received by Newsmanagers, fewer than four establishments expressed an interest in the operation.The transaction, for an amount which has not been disclosed, involved an “attractive” sum, according to François Delgorgue, CEO of Finance SA. It will allow the management boutique to double its assets under management, from EUR75m to USD150m. In detail, the two funds taken over invest in equities: Robeco Actions France and Robeco Small Cap Euro. In addition to this, there are two diversified and flexible funds of funds: Robeco Actif Quant Allocation and Robeco Selection Dynamique. The four funds will be renamed: the two equity product will become known as Expert Actions France and Expert Small Caps Euros, while the two funds of funds will be known as Activ Quant and Expert Sélection, respectively.The takeover of management of the funds by Finance SA may appear as a surprise, given the size of the company, whose team includes only 7 people, and the Robeco name, but the characteristics in terms of management show significant points in common. Like the equity funds taken over, Finance SA has two mutual funds of this type, based on stock-picking, Finance Réaction and Finance Europe, with assets under management of EUR10m and EUR5m, respectively.

Avenir Finance Investment Managers has announced a spinoff of its OFP management team. The team, and the AFIM OFP funds (AFIM OFP 150, AFIM OFP 400 and AFIM OFP Euro Sovereign Bond Fund) will be transferred to Oaks Field Partners, via a capital increase. At the conclusion of the transfer and pending final permission from the AMF, AFIM will hold 33.34% of capital in OFP, and Emeric Challier, chairman of OFP, will control 66.66%, a statement says. In addition to its 33.34% stake, AFIM will assist OFP over the long term, with middle and back-office teams at AFIM which will continue to provide services to OFP, and with sales teams at AFIM, which will continue to distribute products managed by OFP.

Plutôt que l’appellation de TPM ou «tierce partie marketeur», Yves Bruttin préfère celle de VDSI, «Vendeur de sicav indépendant» pour Actif Manager, la structure entrepreneuriale qu’il a présentée mardi soir et qui comprend trois autres personnes.Ayant travaillé depuis plus de 25 ans avec les CGPI, Yves Bruttin a souhaité mettre son expérience au service de ce public. Il a exploré le marché et retenu quatre sociétés de gestion complémentaires comme partenaires : Agicam (16 milliards d’euros) avec une forte dimension SRI, Federal Finance, filiale du Crédit Mutual Arkea (36 milliards), Palatine Asset Management (environ 5 milliards) et la maison entrepreneuriale Wiséam (coentreprise de Witam et de 123 Venture) avec quelque 130 millions d’euros.Actif Manager aura deux missions principales. D’un côté, s’occuper des relatins avec les assureurs qui ont un département, une plate-forme ou une direction tournés vers les CGPI, élaborer l’offre produit et marketing, et de l’autre assurer la commercialisation auprès de CGPI dans le cadre du partenariat avec les quatre gestionnaires mentionnés plus haut.

The California Public Employees’ Retirement System’s (CalPERS) chief investment officer Joe Dear was elected to Chair the U.S. Securities and Exchange Commission’s (SEC) newly formed Investor Advisory Committee.The committee was established under 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act. It is charged with advising the SEC on regulatory priorities; the regulation of securities, trading strategies and fee structures; the effectiveness of disclosure; and initiatives to protect investors and promote confidence in the financial markets.

The chairman and CEO of the US bank Morgan Stanley, James Gorman, on 12 June announced at a conference with analysts that its brokerage joint venture with Citibgroup, Morgan Stanley Smith Barney, would be renamed as Morgan Stanley Wealth Management, as the firm was preparing to take full control of it.Gorman said that the wealth management business is a global leader, in first or second place, with over USD1.7trn in assets under management worldwide, which, he predicts, should ensure margins of over 15%.On 31 May, Morgan Stanley, which already controlled 51% of Smith Barney, confirmed that it was planning to exercise its buy option on a further 14% stake in the business. The business bank would then be able to acquire a further 15% stake in the business in 2013, and the remaining 20% in 2014. Morgan Stanley in 2009 merged its retail brokerage activities with those of its rival Citigroup in a new business known as Morgan Stanley Smith Barney.Gorman also stated that Morgan Stanley had earned 49% of its earnings in asset and wealth management, compared with 315 in 2007, with 36% in sales and brokerage in its own name, compared with 48% before the crisis, and 14% at the business bank (compared with 16%).

AllianceBernstein, Franklin Templeton, Invesco and Legg Mason in May experienced a drop of a cumulative USD108.2bn in their AUM.The steepest fall was for Franklin Templeton, whose AUM at May, 31st, landed at USD683.5bn, which is USD42.9bn less than on April, 30th, mainly because a sharp fall in equity AUM. This is also the case for Invesco, with USD632,1bn (- USD36,3bn), Legg Mason, with USD627.4bn (-USD11.9bn) and AllianceBernstein, with USD400bn (-USD18bn)

The German asset management firm Oppenheim Asset Management Services has announced the launch of the Luxembourg-registered Chinese offshore bond fund (denominated in CNY or Hong Kong yuan), SOP AnleihenChinaPlus, for which the outsourced manager is Bank of Chian Hong Kong Asset Management (BOHCK) in Hong Kong. The portfolio may also be invested in Asian bonds denominated in US dollars, hedged for forex risks against the yuan. Mangaement will be undertaken by a team led by Ken Hu. BOHCK is the only authorised compensator for yuan trades in Hong Kong. Characteristics Name: SOP AnleihenChinaPlus ISIN codes: I Eur H share class: LU0776284365R EUR H share class: LU0776283714I USD share class: LU0776284878R USD share class: LU0776284522 Front-end fee: 3% (R EUR H and R USD shares) Management commission: 0.60% (I EUR H and I USD shares) 1,20% (R EUR H and R USD shares)

The US asset management firm Wells Fargo Asset Management (of the Wells Fargo banking group) is planning to develop its presence on the European and Asian markets, Investment Europe reports. “The US market is not growing as fast as other regions of the world, and ultimately, Europe represents 35% of assets in mutual funds worldwide,” explains Karla Rabusch, president of Wells Fargo Advantage Funds, one of the units of the Asset Management division, and head of Wells Fargo Funds Management, the unit which will lead the offensive in Europe, from London. The target markets are Germany, France and Italy, with new offices to be created in these three countries by the end of the year. Wells Fargo will primarily focus on IFAs, platforms, private bankers and other intermediaries. The Wells Fargo product range in Europe is currently limited to seven sub-funds of an umbrella fund in UCITS format, domiciled in Luxembourg. The aim is to quickly double the number of available sub-funds. Assets under management at Wells Fargo total about USD450bn.

The Financial Times reports that BlackRock plans to lend directly to commercial property developers in Europe, taking advantage of a slowdown in lending by European banks. To this end, the asset manager is planning to launch a property fund, Jack Chandler, head of global real estate business à BlackRock said. The fund will be part of BlackRock Alternative Investors, which manages USD118bn.BlackRock also intends to purchase single family homes and rent them out in partnership with a property manager.

EFG Asset Management (EFGAM), the asset management arm of EFG International, has made two key Hong Kong-based appointments: Nigel Sze has been appointed as head of Asia. He moves from being deputy CEO of EFG Bank Asia and head of Private Banking in Hong Kong, roles he has undertaken since 2009. Harmen Overdijk has been promoted to the role of head of investments, responsible for discretionary portfolio management services across the region. He joined EFG Bank in Hong Kong in 2008. The appointments reflect EFGAM’s strong commitment to the Asian region, and follows the recent appointment of top China equity fund manager, Mansfield Mok, who will be responsible for equity investing in China. EFGAM is represented in Asia in Singapore and Hong Kong.

Fears of a global economic slowdown have come sharply back into focus, and expectations of decisive action by policy makers have grown, according to the BofA Merrill Lynch Survey of Fund Managers covering an overall total of 260 panelists with USD689 billion of assets under management from 31 May to 7 June. A net 11 percent of the global panel believes that the global economy will deteriorate in the coming 12 months – the weakest reading since December 2011. Last month, a net 15 percent believed the economy would strengthen and the negative swing of 26 percentage points is the biggest since July-August 2011 as the sovereign crisis built.The outlook for corporate profits has suffered a similarly negative swing. A net 19 percent of the panel believes that corporate profits will fall in the coming 12 months. Last month, a net 1 percent predicted improving corporate profits. Investors have adopted aggressively “risk off” positions. Average cash balances are at their highest level since the depth of the credit crisis in January 2009 at 5.3 percent of portfolios, up from 4.7 percent in May. “Investors have taken extreme ‘risk off’ positions and equities are oversold, but we have yet to see full capitulation. Low allocations in Europe are in line with perceptions of growing risk levels in the eurozone,” said Gary Baker, head of European Equities strategy at BofA Merrill Lynch Global Research. A net 48 percent of the global panel believes global equities are undervalued, matching the lowest level since the survey began. The view is even more concentrated in Europe. A net 45 percent of the global panel sees Europe as the most undervalued region - an all-time high reading and up from 27 percent in May.Last month’s growing optimism about China’s economy has halted in June’s survey. Broadly, sentiment towards emerging markets has softened. A net 17 percent of global asset allocators are overweight Global Emerging Market equities – down from a net 34 percent in May.

The Unigestion group on 12 June announced the recruitment of Frances Smyth as Director, Institutional Clients, United Kingdom. In close collaboration with the London team at Unigestion, Smyth will be responsible for developing relatinoships with institutional investors. She will be supported by the expertise of Unigestion in minumum variance solutions, funds of hedge funds and private equity funds of funds. Smyth previously worked at AllianceBernstein, where she was head of customer relationships, in charge of sales of institutional products and customer services. She worked previously at ITG Europe, Mercer Investment Consulting and McKinsey & Co.

The Liechtenstein-based LGT Capital Mangement on Tuesday confirmed to Newsmanagers that on 1 June it recruited Daniel Hausamann as head of the “dynamic shield/absolute return” sustainable development, commodities and absolute return unit. Hausamann had previously been director of the asymetric return solutions team at Bank Julius Baer, after serving as head of the total return solutions unit at Credit Suisse Asset Management.

L’association européenne des marchés financiers a lancé hier un label, appelé « Prime Collateralised Securities » (actifs mis en garantie de première qualité), qui doit garantir aux investisseurs et aux régulateurs la transparence et la simplicité des opérations de titrisation, dévoyées par les titrisations à plusieurs étages (les CDO 2) et les véhicules d’arbitrage (les SIV). « Les titrisations que nous labelliserons ne financeront que des actifs réels », insiste Ian Bell, le secrétaire général de l’initiative, comme des crédits à la consommation, immobiliers, des prêts automobiles, ou encore des créances clients. Pour assurer le sérieux de ce label, une structure ad hoc, indépendante des banques, a été créée qui diligentera des professionnels de l’audit et de la comptabilité pour vérifier le respect des critères.

Il doit permettre de restaurer la confiance des investisseurs dans ce marché. Les CMBS et les CDO ne pourront pas en bénéficier

Les conditions financières de l'aide à l'Espagne seront proches de celles obtenues par les deux autres pays

La société spécialisée sur les actions et la gestion diversifiée, et gérant quelque 75 millions d’euros d’actifs, va doubler ses encours via cette opération reposant sur la reprise de quatre fonds de la filiale française de Robeco, annonce son directeur général à L’Agefi.

Pour mettre fin à la crise que traverse la zone euro depuis trois ans, l'institution précise les prochaines étapes à mettre en œuvre

Alexis Tsipras, le dirigeant de la gauche radicale, indique ne pas vouloir sortir de l'euro mais entend imposer un «plan national de croissance»

Le circuit professionnel automobile s’apprête à renoncer formellement à une introduction en Bourse de Singapour prévue à la fin du mois, avance le quotidien de sources proches. Une annonce officielle par les actionnaires, emmenés par CVC Capital Partners, est attendue en début de semaine prochaine. L’opération serait pour l’instant simplement reportée, mais ne pourrait avoir lieu avant au moins septembre.

Le directeur général du London Stock Exchange, Xavier Rolet, a engagé les grandes manœuvres pour faire évoluer la direction de l’opérateur boursier. Ce dernier serait notamment selon le quotidien, qui cite des personnes proches du dossier, en quête d’un nouveau patron pour MilleniumIT, sa division technologique en forte croissance. Le dirigeant actuel, Tony Weeresinghe, devrait s’occuper du développement international du groupe.

Cette disposition contournera l'écueil d'une renégociation des contrats de travail. Les mandataires basés à l'étranger seront épargnés

Il s'inquiète du montant du plan de sauvetage bancaire et du fonds de secours qui sera utilisé

Il s'inquiète du montant du plan de sauvetage bancaire et du fonds de secours qui sera utilisé

Dans un entretien, l’associé dirigeant de Vector Capital, Alexander Slusky, assure au sujet de sa proposition auprès de Technicolor (lire page 8) qu’«habituellement, nous investissons pour cinq à sept ans». «Ce ne sera pas différent pour Technicolor» assure le dirigeant, qui avance que Vector est déterminé à soutenir son projet jusqu’au bout. Si JPMorgan présente une nouvelle offre, «nous étudierons bien sûr toutes les alternatives».