The annual retirement savings barometer by Union Investment for 2012, launched in 2007 and undertaken by the Forsa institute, on the basis of a survey of 500 German household financial decision-makers, finds that 62% of respondents say they have made adequate arrangements to avoid financial restrictions during their retirement. About one fifth of respondents, however, say they have not built up enough money for retirement.56% of respondents say that they will be able to allow themselves the same level of spending in retirement as they had during their active lives, while 44% claim that their additional savings will not be enough to maintain their lifestyle.Meanwhile, 94% of those surveyed say that they have at least en approximate idea of the amounts they will receive when they retire, while 21% say that it’s not worth for them to worry about complementary retirement savings.On the subject of Riester subsidized retirement saving plans, 43% of respondents say they have signed up for such policies, but 16% feel they are not necessary.

The German asset management firm Barings Asset Management GmbH has announced the recruitment of Sebastian Haimerl as sales manager, in charge of relationship management for wealth management and fund of fund manager clients in Germany and Austria. He had previously been a retirement management specialist at ebase. Haimerl joins the team led by Oliver Morath, CEO of Barings Germany and head of sales for Europe & Middle East in Frankfurt.

Andrew Bosomworth, CEO of Pimco for Germany, announced in early June that the US asset management firm no longer held more than a negligible exposure to German federal government bonds (bunds) in its portfolio, not so much because the returns on these securities has fallen as because the level of fiscal risk (in light of the European rescue) reduces their quality, Fondsprofessionell reports.Meanwhile, the cash allocation for open-ended funds ranges from 5% to 15%, while the percentage before the crisis was only 1% to 5%.

James Dilworth, CEO of Allianz Global Investors (AGI) has told Handelsblatt that the names of the independent brands RCM, Nicholas Applegate and NFJ, which exist alongside that of Allianz Global Investors Europe, will gradually disappear.AGI is seeking to increase its visibility, now that Pimco is no longer its ‘own’ affiliate, but has been promoted to become a direct affiliate of the German insurer, and has thus become a sister company of AGI.Pimco now itself offers bond products even in Germany, and AGI is in the process of strengthening its own bond team. Concentration on one brand may help the firm to more easily keep up with Pimco.

Leaders in the asset management industry in terms of profits are going to enlarge the gap with their rivals, a new McKinsey study of the asset management industry funds.In 2013 and beyond, the top 25 percent (top quartile) of players in terms of profitability will capture up to 70% of a potentially contracting profit pool, expected to fall to a total level of EUR7.2bn to EUR11.2bn.In 2011, players in the top quartile had already increased their share of total profits in the sector, which contracted to EUR9.6bn, to 58%, compared with only 25% in 2007, though at the time, profits represented a total of EUR13.7bn.Players in the second and third quartiles will share an increasingly slender slice of a shrinking cake: 10% in 2013, compared with 44% in 2007.In 2013, profit margins are expected to vary from 11.9 to 13.9 points, depending on the evolution of the markets, compared with 10.8 in 2011 and 16.6 in 2007.

In the first four months of this year, open-ended funds in Germany have seen net outflows of nearly EUR4.33bn, compared with EUR4.18bn in the corresponding period of 2011, with net redemptions of EUR6.67bn in April, partly due to net redemptions of EUR3.8bn from the iShares Dax (followed by net inflows of EUR3.6bn to the same ETF in May), and to the transfer of a product range weighting EUR3.1bn from the Oppenheim group to a newly-created affiliate.The German BVI association of asset management firms states that institutional funds (Spezialfonds), however, attracted EUR18.62bn in January-April, compared with EUR14.36bn in the first four months of 2011, of which EUR4.27bn, compared with EUR4.11bn, were in April.Mandates raised EUR3.31bn in the first four months of the year, compared with net outflows of EUR514.5m last year, of which EUR2.84bn were in April, compared with outflows of EUR2.2bn in the corresponding month of 2011.In terms of open-ended securities funds, net redemptions in January-April totalled EUR5.8bn. But Allianz has raised a net total of nearly EUR5.94bn, putting it ahead of Union Investment, which has seen inflows of EUR1.31bn. Net outflows topped EUR5.27bn at BlackRock (iShares ETFs), EUR404.9m for Comstage (ETFs from Commerzbank), EUR2.38bn for Deka (German savings banks), and EUR1.61bn for DWS/DB Advisors/Deutsche Bank group (with net outflows of EUR1.29bn for ETFs from db x-trackers). ETFlab (Deka) attracted EUR604.4m in the first four months of the year.

Société Générale Private Banking on 12 June announced the launch of a unique and innovative service which provides its private clients with access as retail investors to the CEOs and CFOs of major French publicly-traded companies, similar to the access available to institutional investors.At a time when the weight of investment by private clients is estimated at nearly 9% of French market capitalisation (about EUR110bn invested in all companies of the CAC – All Tradable), these businesses do not have the level of relationships with private clients that exist between institutional investors and corporate management.A study by OpinionWay, undertaken in fist quarter 2012 for Société Générale Private Banking and Citigate Dewe Rogerson finds that although issuers are unaware of the proportion of private investors in their shareholder structrure, 75% feel that it would be useful to develop relationships with these shareholders.On the strength of these findings, Société Générale Private Banking is aiming the new service at private clients who, as part of their investment in equities or bonds, would like to better understand the strategies pursued by issuers.

The recently-founded asset management firm Cantor Fitzgerald Investment Advisors (part of the US Cantor Fitzgerald group) is planning to develop its activities serving hedge funds, including credit in Asian countries, Asian Investor reports.The co-head of the firm, John Trammell, would like to create hedge funds for clients and counterparties of Cantor Fitzgerald. With this in mind, Cantor may develop its fund of fund activities, acquired last year, with assets under management totalling about USD600m.But Cantor would also like to co-invest or assist existing or new alternative managers, particularly those active in credit strategies.Geographical preferences explain the longstanding presence of Cantor Fitzgerald in Asia, with offices in China, Korea, Japan, Hong Kong, Singapore and Australia.

The planned integration of Olympia Capital Management with Kenmar would place the combined group in a better position to ultimately achieve operating profitability, according to Fitch Ratings. This is thanks to a more critical and visible combined size (USD3.3bn of assets at end-April 2012, with a target of 65 staff in the integrated organisation), combined with potential cost synergies in the organisational, investment and operational domains. The combined entity would also benefit from a geographically-diversified investor base and a more competitive product offering, notably through Kenmar’s managed account platform and segregated mandate capabilities. Fitch Ratings says that the announced merger between Olympia Capital Management and Kenmar Group addresses part of the key challenges the agency has identified that Olympia is facing, notably enlarging operations to optimise operating profitability, diversifying its investor base and strengthening analytical research capabilities. Fitch identifies the main risks related to the integration process as including a risk that the transaction does not follow through and the departure of key staff. As such, the retention of key investment professionals will be a critical success factor through the integration process.

JP Morgan Asset Management has recruited Robet Stark for the newly-created position of head of the strategy and development team, Mutual Fund Wire reports. Stark had previously worked at Russell Investments, where he served in a similar role. He will report to the chief financial officer of JP Morgan AM, David Brigstocke.

The Bank of America group on 13 June announced plans to dedicate USD50bn over ten years to conserving the environment and combating climate change.The new investment programme follows a similar ten-year programme, also with a budget of USD20bn, which was wholly exhausted four years before its official end.

Crédit Agricole SA on 13 June announced plans to appoint Xavier Musca, former secretary general of the French Presidency under Nicolas Sarkozy, as deputy CEO of the bank, the publicly-traded entity of the Crédit Agricole group.The bank says in a statement that in this position, Musca will be responsible for the international activities of the retail bank, asset management and insurance.His appointment will be subject to approval by the group’s board of directors on 17 July. “The final appointment of Musca will come after a consultation with the deontology commission,” the bank says.

La Française AM on 13 June announced that in association with a team of experienced founders from finance and investment banks, it is creating a new firm known as La Française IS, with capital of EUR10m, 65% controlled by La Française AM and 35% by its four founders. A license will be applied for from the AMF for the firm.The objective for the new operation is to be able to offer investors a range of funds which includes quantitative and alternative management techniques, and custom investment solutions (including liability-driven investment approaches, need for asymmetrical and diversifying solutions, etc.) via funds or dedicated mandates.

According to BarclayHedge and TrimTabs, hedge funds saw net redemptions in April of USD5.1bn, or 0.3% of their assets, following net subscriptions of USD2.8bn in March. On the basis of results disclosed by 3,042 funds, total assets as of the end of April totalled USD1.7trn as of 30 April, which represents an increase of 1.6% in the first four months of the year.In the twelve months to the end of April, hedge funds posted net outflows of over USD12.7bn, with net redemptions in six months during that period.

For an undisclosed sum, Banca March has acquired a stake of an unknown size in Consulnor, an independent financial products and services firm, serving private banking and institutional investor clients, Funds People reports.Consulnor manages about EUR900m, of which more than one third are in 43 Spanish Sicav funds. The new merged entity with Banca March represents about EUR7.5bn in assets under management in private banking.

Peter Butler, 63, founder and CEO of Governance for Owners, a British asset management firm specialised in shareholder engagement, is leaving his job. He will remain involved in the firm half-time, as founding partner emeritus. Stephen Cohen will replace Butler as the firm’s new CEO. He joined the firm this week, to provide a period of transition ahead of a handover of powers on 24 July, at a meeting of the board of directors. Cohen had been head of the hedge fund firm Troika Dialog, which he founded, and COO of Montanaro Asset Management. He also worked for Mercury Asset Management, Zurich Scudder and Putnam Investments. Before founding Governance for Owners, Butler was CEO of Hermes Focus Asset Management, part of the BT pension fund.

ISAM, the hedge fund launched by Lord Fink, former CEO of Man Group, has doubled its assets to USD1bn in the past 12 months, despite difficult markets, the Financial Times reports. The London-based firm has also recruited Darren Upton, former head of trading at AHL, the Man fund, to head its research, according to sources familiar with the matter.

ISAM, le hedge fund lancé par Lord Fink, l’ancien directeur général de Man Group, a vu ses encours doubler à 1 milliard de dollars sur les 12 derniers mois, malgré les marchés difficiles, rapporte le Financial Times. La société basée à Londres a de plus débauché Darren Upton, l’ancien responsable de la recherche trading d’AHL, le fonds de Man, pour diriger sa recherche, selon des personnes proches du dossier.

Agé de 63 ans, Peter Butler, fondateur et CEO de Governance for Owners, une société de gestion britannique spécialisée dans l’engagement actionnarial, quitte ses fonctions. Il restera néanmoins impliqué dans la société à mi-temps en tant qu’associé fondateur émérite.Stephen Cohen le remplacera en tant que nouveau CEO. Il a rejoint la société cette semaine pour assurer une période de transition jusqu’à la passation de pouvoirs le 24 juillet prochain, lors du conseil d’administration.Stephen Cohen dirigeait l’activité de hedge funds de Troika Dialog, qu’il avait créée, et était le COO de Montanaro Asset Management. Il a aussi travaillé pour Mercury Asset Management, Zurich Scudder et Putnam Investments.Avant de fonder Governance for Owners, Peter Butler était CEO d’Hermes Focus Asset Management au sein du fonds de pension de BT.

Les leaders du secteur de la gestion d’actifs en termes de rentabilité vont creuser l’écart avec leurs concurrents, montre une nouvelle étude de McKinsey sur la gestion d’actifs*.Ainsi, en 2013 et au-delà, les 25 % d’acteurs les plus rentables vont capter 70 % des bénéfices totaux du secteur, alors même que ces derniers sont appelés à baisser à un niveau compris entre 7,2 milliards d’euros et 11,2 milliards d’euros.En 2011, les acteurs du premier quartile avaient déjà augmenté leur part des profits totaux du secteur - lesquels s’étaient contracté à 9,6 milliards d’euros - à 58 %, contre seulement 25 % en 2007 alors que les bénéfices représentaient à l'époque un total de 13,7 milliards d’euros.Les acteurs des deuxième et troisième quartiles vont quant à eux devoir se partager une part de plus en plus faible d’un gâteau de moins en moins gros : 10 % en 2013 contre 44 % en 2007.En 2013, les marges bénéficiaires devraient être comprises entre 11,9 et 13,9 points, en fonction de l’évolution des marchés, contre 10,8 en 2011 et 16,6 en 2007.*Lire le document en PJ

Selon nos informations, la Mutuelle de la Société Générale (SG) a lancé en mai, un appel d’offres restreint avec l’aide du consultant Fixage sur les convertibles, les actions euro et un mandat obligataire type assurantiel, pour un montant total de 120 millions d’euros. Les trois FCP concernés avaient été lancés en janvier 2007. Alain Saulay, président de la Mutuelle de la Société générale, explique : il était convenu de remettre en jeu leur gestion après cinq ans de fonctionnement. Une fois les prestataires désignés, la mutuelle de la Société générale s’assurera du transfert des fonds d’ici fin 2012. Le président de la mutuelle précise l’agenda : le changement de gérants n’est pas pressé, nous allons prendre notre temps car nous souhaitons mettre en place un nouveau système de gestion avec nos partenaires. L’objectif étant de disposer, en amont, de davantage de réactivité et d’un meilleur contrôle, dans la logique de Solvabilité II. Selon une source proche du dossier, sur les convertibles et actions euro, la recherche porte sur un gestionnaire de fonds ouverts, pour un investissement compris entre 10 et 20 millions d’euros. Le mandat obligataire de type assurantiel se verra allouer plus d’actifs. La réception des dossiers est désormais terminée. Le comité financier de la mutuelle s’est réunie la semaine dernière pour sélectionner 9 candidats parmi les 15 pré-sélectionnés par leur consultant. Elle procèdera mercredi 13 juin à la dernière phase d’audition des candidats retenus à l’issue de la phase écrite. Les critères de gestion prépondérants seront la rentabilité, la performance et la réactivité des gestionnaires. Dans la restructuration de son mode de fonctionnement, la mutuelle de la Société générale met en place une commission financière et une commission d’audits pour la gestion de ses encours.

La Française AM prépare le montage d’un club deal immobilier de 500 M€, qui porterait sur un portefeuille d’hôtels. L’an dernier, le gestionnaire d’actifs avait signé un portefeuille de 97 murs de supermarchés dans le cadre d’un sale & lease back auprès de Carrefour Market pour 365 M€. En 2010, il avait repris, via l’OPCI, Silverstone les murs de 158 hôtels Formule 1 pour 200 M€. Avec la concrétisation de ce club deal, La Française AM maintient un objectif de collecte de plus de 1 Md€ sur l’immobilier en 2012, sensiblement équivalent à 2011 où l’asset manager avait collecté 1,134 Md€. Sur les 5 premiers mois de l’année, La Française AM enregistre une collecte nette de 237 M€ (271 M€ de collecte brute). L’immobilier représente un peu plus de 7 Mds€ d’encours sur les 36,5 Mds€ revendiqués à fin mai. Dans sa stratégie de développement dans l’immobilier, la Française AM lance cette année un fonds de dette, avec une équipe dédiée animée par Bertrand Carrez. Le fonds se positionne sur des actifs sous-jacents défensifs, principalement de bureaux et de commerces en France, et va cibler les financements senior/senior + d’une maturité de 3 à 10 ans, offrant un spread de l’ordre de 250 points de base. « Nous ciblons des investissements unitaires de 10 à 30 M€ pour un objectif de plusieurs centaines de millions d’euros », a précisé Xavier Lépine, président du Directoire de La Française AM. Le fonds amorcé par La Française AM avec le soutien de son actionnaire principal, le Crédit Mutuel Nord Europe, devrait s’ouvrir aux investisseurs au 4e trimestre 2012. Parmi les autres développements dans l’immobilier, La Française AM ambitionne de doubler la taille de son premier OPCI sharia, avec un objectif de 100 M€ d’encours à fin 2012 pour le compte de son client dédié. La première transaction avait porté sur un immeuble de bureaux au 91 boulevard Saint-Michel (Paris 5e), loué à France Télécom pour 10 ans, et cédé par Foncière des Régions, pour 46 M€.

Selon Bloomberg, la société d’investissement a déjà sécurisé 2 milliards de dollars d’engagements pour un nouveau fonds baptisé Carlyle Partners VI. L’objectif final de 10 milliards de dollars est visé. Pour susciter l’intérêt des investisseurs, Carlyle aurait consenti des baisses de commissions.

Une étude d’AllianceBernstein mise sur une croissance annuelle de 13% du marché des fonds indiciels cotés aux Etats-Unis, qui pourrait s’élever à 6.000 milliards de dollars en 2025, contre 1.100 milliards aujourd’hui. Un dynamisme certain, même si cette estimation est inférieure au consensus. Selon l’étude, le rythme annuel de croissance pourrait atteindre 17% si les ETF se montrent capables de faire leur entrée en force sur le marché de l’épargne-retraite «401(k)».

La Chine envisage d’assouplir les restrictions pesant sur les émissions d’obligations à court terme, selon le Wall Street Journal. La loi actuelle en Chine limite la dette obligataire des sociétés à 40% de la valeur de leur actif net, mais en pratique les sociétés AAA sous tutelle de l’Etat sont autorisées à dépasser ce seuil en ne comptabilisant pas les titres de maturité inférieure ou égale à un an. Les autorités envisagent d’élargir cette exception à l’ensemble des sociétés (privées ou sous contrôle de Pékin) notées au moins AA.

Paris Fund Industry, qui rassemble quelque 600 acteurs de la gestion (sociétés de gestion, banques dépositaires, consultants, avocats, fournisseurs de données) basés dans la capitale, a lancé un nouveau portail web. Celui-ci, accessible à l’adresse www.parisfundindustry.com, contient notamment des informations sur le cadre réglementaire applicable en France.

Président de Citigroup de 2009 à 2012, Richard Parsons va rejoindre le conseil d’administration de la banque d’affaires franco-américaine. Sa prise de fonctions est immédiate, a précisé Lazard. Richard Parsons est également conseiller senior pour le compte du fonds de private equity Providence Equity Partners.

Après une baisse de la demande placée en 2011, les entreprises ont multiplié les mouvements, en particulier à Marseille et à Lille

Le gérant prendra 65% dans le pôle aux côtés de quatre fondateurs issus de la banque. Des encours de 6 milliards d’euros sont visés d’ici 2015

Après avoir touché un point bas, les rendements souverains se retendent dans l'attente de précisions sur l'avenir de la Grèce et de l'Espagne