A compter du 1er juin, Michel Lusa, directeur et membre du comité exécutif de la Banque Privée Edmond de Rothschild, prendra la direction par intérim du pôle banque privée. En effet, Sylvain Roditi, directeur général adjoint et vice-président du comité exécutif, responsable de la banque privée quittera ses fonction le 30 septembre 2012. Il crée sa propre structure dédiée à la gestion de fortune.

Le bâlois Sarasin (groupe Safra) a annoncé que ses émissions de dioxyde de carbone (C02) de 2011 (4.000 tonnes) sont compensées par des investissements dans un projet d'énergie éolienne situé à environ 90 km au nord de Shenyang dans le district de Kangping, dans la province du Liaoning au nord-est de la Chine.» Le projet d'éoliennes de Liaoning Kangping Furaoshan «comprend 66 turbines dont la production annuelle moyenne atteint 97.486 megawatts/heure. Ce parc éolien contribue à réduire les émissions de CO2, en ce sens qu’il remplace des usines électriques reliées au réseau du nord-est de la Chine qui fonctionnent avec des énergies fossiles», précise un communiqué.Le groupe helvétique rappelle qu’il est «neutre en carbone» depuis 2008 et que les « émissions de CO2 inévitables ou qui ne peuvent pas être réduites davantage au travers de mesures écologiques sont compensées par la promotion de projets de protection du climat. Ces compensations financières sont versées au nom du Groupe Sarasin par Rabobank, qui reste l’actionnaire majoritaire de la Banque Sarasin & Cie SA jusqu'à la finalisation de la vente de la participation de Rabobank à Safra».

Rabobank a nommé Barclays pour le conseiller sur une vente possible de son activité de gestion d’actifs, Robeco, selon le Financial Times qui cite des personnes proches du dossier. Parmi les prétendants figure le britannique Resolution. Ces informations sont d’abord parues dans le Sunday Times, précise le FT.

L'Europe est en panne et les solutions pour remettre cette zone économique majeure sur les rails de la croissance ne sont pas d'ordre technique. Plutôt politique. En attendant, il faudra compter sur les pays émergents et la première économie mondiale. Après avoir planté le décor, Franck Dixmier, interrogé par Newsmanagers, revient sur le comportement des investisseurs institutionnels et leur appétence justifiée pour le crédit. En revanche, en dépit du fort développement des ETF, l'heure pour le dirigeant d'Allianz Global Investors France est clairement favorable à la gestion active...

Mark Boulton et Stephen Burrows, chargés de gérer le futur fonds Pictet-Emerging Markets High Dividend, ont indiqué que ce fonds de droit luxembourgeois à distribution mensuelle, annuelle ou en capitalisation ambitionne de servir un revenu régulier de 4 % l’an. Actuellement, le portefeuille affiche un rendement moyen des dividendes de 6 %, ce qui laisse de la marge pour les prélèvements fiscaux et la rétribution des distributeurs ainsi que pour une éventuelle hausse des marchés. Le multiple moyen se situe aux alentours de 10,5 % actuellement.Les commissions de gestion se situent à 1,80 % pour les parts P et à 2,60 % pour les parts R. Le portefeuille comportera environ 135 lignes, le taux de rotation devrait être inférieur à 50 %

Cinq embauches permettent à Natixis Global Asset Management (NGAM, 562 milliards d’euros d’encours au 31 mars) de renforcer ses équipes de ventes et de marketing en Europe «du Nord» placées sous la direction de Jörg Knaf, managing director et head of Northern Europe de NGAM International Distribution.Vincent Kroft, ex senior sales & marketing manager chez BNPP IP, a ainsi rejoint NGAM Pays-Bas comme sales director of wholesale distribution tandis qu’Emilie Autissier, ex head of marketing & sales dans le pôle gestion d’actifs de Palaedino Group, devient sales managers chez NGAM Suisse.Par ailleurs, NGAM précise avoir recruté Dominka Bartosiewicz comme manager du bureau NGAM de Francfort, chabeli de Kom comme marketing & sales assistant chez NGAM Pays-Bas et Adriana Pérez Ramboux comme sales & administrative assistant chez NGAM Suisse.

Selon La Tribune, les sociétés de capital-investissement cotées peuvent s’attendre à des assemblées générales houleuses. Le hedge fund Laxey Partners, qui détient un peu moins de 1% du capital de 3i, réclamera par exemple lors de l’AG de juillet un virage à 180 degrés dans la stratégie du fonds britannique de private equity. Selon les analystes de Numis, cités par le quotidien, «la décote boursière dans le secteur est telle qu’un nombre croissant d’actionnaires va militer pour une hausse de leur rémunération». Depuis 2008, Les fonds de private equity accusent des décotes boursières de l’ordre de 30%.

Les investisseurs ont retiré près de 900 millions de dollars en une seule journée du plus gros ETF sur l’or de la la planète, le SPDR Gold Trust ETF, rapporte Investment Week. Du jamais vu depuis août 2011.A la suite d’un repli très marqué du métal, le SPDR Gold Trust ETF a subi le 22 mai des rachats pour un montant net de 897 millions de dollars. Peut-être le signal d’un changement du point de vue des investisseurs sur les perspectives à long terme de l’or, estiment certains.L’or affichait le 24 mai un recul de 12% par rapport à son sommet de février (1.785 dollars) après avoir culminé à plus de 1.900 dollars l’an dernier.

On 28 May, Standard Life Investments (SLI) announced the launch of an OEIC fund specialised in emerging markets equities, the Global Emerging Markets Equity Fund, whose manager is Alistair Way, and whose portfolio will include 60 to 100 holdings, with limits per share, per sector, per country and per tracking error.The fund will invest in shares in companies domiciled in emerging markets worldwide, or which earn a significant part of their revenues and profits in Asia, Eastern Europe, Africa or Latin America.

Fundweb reports that Novitas Loans has launched a fund which aims to become a source of replacement financing for retail investors who need help to bear the financial burden of a divorce.The Novitas Divorce Litigation Fund, managed by Jason Reeve, will lend up to GBP250,000 to clients of approved solicitor firms, with repayment to come after the conclusion of legal proceedings, from matrimonial assets.Minimal subscription is set at GBP20,000, and the annual coupon will be 8%.

Investment Europe reports that State Street Global Advisors (SSgA) has added four SPDR-branded funds to trading on the London Stock Exchange (LSE) based on British indices, which were launched in Frankfurt the previous week (see Newsmanagers of 21 May). The products include the following funds: SPDR Barclays Capital Sterling Corporate Bond ETF, SPDR Barclays Capital UK Gilt ETF, SPDR Barclays Capital 1-5 Year Gilt ETF and SPDR Barclays Capital 15+ Year Gilt ETF.

Foreign funds have not abandoned the Milan stock exchange, Il Sole – 24 Ore reports. The season of general shareholders’ meetings has concluded with the participation of two thirds of international investors present in Italian firms, up compared with 2011, according to statistics from the law firm Trevisan. In 2012, participation of foreign funds increased at Fiat, Lottomanica, Prysmian and Azimut, but fell at Finmeccanica, Mediaset and Autogrill. In the majority of cases, international investors voted in favour of accounts, but were more selective about pay scales.

Since tension over Greece has picked up again, the Ro-Ro (risk-on, risk-off) risk indicator again shows disoriented and worried markets, Les Echos reports. The index, which measures the correlation between asset classes, has gone haywire in the face of risks of a Greek exit from teh euro. According to the Ro-Ro, all assets, or at any rate many of them, are in the same boat. What’s happening in Greece will have globla repercussions (growth, systemic risks, etc.) and impact on many markets, many of them far away, due to the danger of a domino effect. In the eyes of operators, few markets are protected from the danger of a global collapse.

Since August 2011, the French financial market regulator, the Autorité des marchés financiers (AMF) has negotiated eight financial transactions, Les Echos reports. Under the special rules, finance professionals who are in default of their professional obligations can avoid a hearing before the sanctions commission. The AMF will be required to disclose the names and nature of the agreements reached with professionals, and what they were for, in early June.

The French financial market regulator, the Autorité des marchés financiers (AMF), which had already taken on board nearly all of the guidelines issued by the European Securities Markets Authority (ESMA) on the subject, has now issued AMF instruction 2011-15, putting it in full compliance. The AMF comes into compliance with European guidelines relative to evaluation of risk and calculation of overall risks for some types of structured mutual funds. The guidelines, which are a part of extended work by IOSCO published in July 2010 (CESR/10-788) and the ESMA Final Report (ESMA/2011/112), come as addition to requirements in relation to the calculation of overall risk for derivative products. The AMF had already transposed virtually all guidelines in relation to surveillance practices in articles 411-80 and 411-81 of its general rules, and in article 11 of AMF instruction number 2011-152. This latter article has been amended by terms related to information to be included in the prosepctus. This addition finalises the integration of ESMA guidelines.

Vanguard has announced the provisional closure of its High-Yield Corporate fund to new subscriptions. This will aim to limit an excessive increase in assets. In the past six moths, the fund has attracted USD2bn in assets, and now has USD16.9bn in assets.

Investors withdrew nearly USD900m in one day alone form the largest gold ETF in the world, the SPDR Gold Trust ETF, Investment Week reports. Redemptions of this scale have not been seen since August 2011. Following a sharp decline in the value of the metal, the SPDR Gold Trust ETF on 22 May saw redemptions totalling a net USD897m. This could be a sign of a change in investors’ approach to long-term outlooks for gold, some claim. As of 24 May, gold was down 12% compared with its peak in February (USd1.785), after peaking at over USD1,900 last year.

“We don’t currently like govies: government bonds are either too expensive, or too risky,” says Andreas Höfert, economist in chief and global head of wealth management research at UBS, at a presenation in Paris. The major Swiss firm is now seeking to be “agressive for the corporate and high yield bond markets, and defensive on equities, preferring the United States, the United Kingdom, health, basic consumer goods and sustainably high dividends.” However, Höfert is “less fond” of cyclicals and the financial sector.In general, UBS recommends a neutral position on emerging markets, and expects the euro to fall against the US dollar and other currencies, due to the flaw of construction in the currency area, which results in “a risk of default in addition to a risk of inflation.” Höfert prefers Scandinavian currencies, the Polish zloty, the Czech crown and the Canadian dollar, as well as the Singapore dollar and the Korean won.

According to the EFAMA association of European asset management firms, European UCITS-compliant funds in first quarter 2012 saw net subscriptions of EUR91bn, compared with net redemptions in October-December, which reflects increasing investor confidence after long-term liquidity was released by the European Central Bank.Net inflows to UCITS-compliant funds totalled EUR70bn (of which EUR49bn went to fixed income funds, and EUR9bn to equity funds), compared with net redemptions of EUR61bn in the previous quarter. Money market funds attracted a net total of EUR22bn, compared with EUR11bn in October-December.As of the end of March, assets in UCITS-compliant funds represented EUR5.961trn, an increase of 5.8% compared with the end of December. All European funds (UCITS compliant and non-UCITS compliant) increased in the quarter by 5.3%, to EUR8.362trn as of the end of March.

Swiss publicly-traded companies last year stagnated in terms of their corporate governance, according to a study by zCapital published on 25 May. The fund management firm reviewed 130 small and midcaps from the extended SPI index, as well as the 20 businesses of the main SMI index on the basis of 59 criteria. On average, the businesses reviewed earned 67 points out of a maximum of 100, compared with 68 last year. Among the SPI businesses, Geberit won the highest score, with 86 points. The sanitation technology specialist placed ahead of the Valora group and the chemistry firm Lonza. For the SMI, the Zurich-based technology group ABB tops the rankings with 83 points, followed by the cement maker Holcim and the agricultural chemical group Syngenta. Richemont and Swatch Group round out the market with 52 and 51 points, respectively. In addition to their information policies, zCapital analysed firms’ shareholder structure, and the composition and remuneration of the board and the council of directors. Nearly one third of small and midcaps restrict the rights of their shareholders with shares that include voting rights or limitations to voting rights, or via a shareholders’ register. A revision of the shareholding law pays little attention to the principle of “one share, one vote,” zCapital regrets. The study, however, finds that there has been some progress, as Clariant, APG, SGA and MondoBiotech. Another improvement is that consulting votes on pay scale reports at SPI businesses increased to 31% from 23% one year previously. Information available to shareholders has become more detailed. Businesses have admitted that shareholders are more vigilant and more engaged, zCapital finds. Attendance at general shareholders’ meetings has also increased slightly. It now totals 58% for businesses of the SPI, compared with 56% previously. For the SMI, participation is 57% (52%).

Mark Boulton and Stephen Burrows, managers of the Pictet-Emerging Markets High Dividend fund to be launched on June, 7th (see Newsmanagers of 24 May), have announced that the Luxembourg-registered fund with monthly or annual distribution, or capitalisation, are hoping to pay out regular dividends of 4% per year. Currently, the portfolio has average dividend returns of 6%, which leaves room for withholding tax and for kickbacks to distributors, as well as potential gains on the market. The average PER of the portfolio is about 10.5% currently (for the Japan fund which Pictet is currently cloning).Management commissions are 1.80% for P shares and 2.60% for R shares. The portfolio will include about 135 positions, with a turnover rate of under 50%.

The technical committee of the international organisation of securities commissions (IOSCO) on 25 May published a consultation document on ratings agencies, Credit Rating Agencies: Internal Controls Designed to Ensure the Integrity of the Credit Rating Process and Procedures to Manage Conflicts of Interest. The document treats internal controls and procedures which agencies use to promote the integrity of the ratings process and avoid conflicts of interest. The consultation will be open until 9 July.

After opening offices in Milan and Zurich in 2011, Oddo Asset Management opened a branch office in Frankfurt in early May. The location, which will serve German and Austrian clients of the French asset management firm, is led by Evelyn Muth, who for 17 years was head of retail and institutional distribution at Fidelity in Germany and Luxembourg (see Newsmanagers of 4 November 2011), where she developed the firm’s open architecture range.

Five recruitments will allow Natixis Global Asset Management (NGAM, EUR562bn in assets as of 31 March) to add to its sales and marketing teams in northern Europe, led by Jörg Knaf, managing director and head of Northern Europe at NGAM International Distribution. Vincent Kroft, ex senior sales & marketing manager at BNPP IP, has joined NGAM Netherlands as sales director of wholesale distribution, while Emilie Autissier, ex head of marketing & sales in the asset management unit at Palaedino group, becomes sales manager for NGAM Switzerland. NGAM also states that it has recruited Dominika Bartosiewicz as manager of the NGAM office in Frankfurt, Chabeli de Kom as marketing & sales assistance at NGAM Netherlands, and Adriana Pérez Ramboux as sales & administrative assistance at NGAM Switzerland.

According to the most recent edition of the European Asset Allocation Survey by the consultant Mercer, 20% of 1,200 pension funds surveyed are planning to further reeduce their allocation to domestic or international equities, Investment Europe reports, stating that the percentage of British funds planning to reduce their exposure to British equities is as high as 38.8%, compared with 1.4% who are planning to increase it. Average allocation of British funds to equities is down 4 percentage points year on year, at 43%. The survey also finds that this year, 50% of resopndents are now invested in alternative assets, compared with 40% last year, but that exposure is generally limited to 3-5% per alternative asset class. Among continental pension funds, 20% have made an allocation to hedge funds, emerging markets and high yield bonds, while British funds prefer diversified growth funds, asset allocation hedge funds (GTAA) and funds of hedge funds.

According to a study by Yale and Maastricht academics, US corporate pension funds and corporate and public pension funds in Canada and Europe, have been responding to a rise in the number of beneficiaries and falling interest rates in the past 20 years by reducing risk on their investments, but US public pension funds have reacted inversely, increasing their allocations to high-risk assets such as equities, private equity and alternative assets, despite an increase in the number of beneficiaries, the Financial Times reports.This attitude is due to the “perverse incentives” of US regulations that allow US public pension funds to calculate their liabilities on the basis of the expected returns on their investments, typically 7.5% to 8% per year.

The broker Newedge, which is jointly owned by the French banks Société Générale and Crédit Agricole, has announced to its clients that it is pulling out of the Greek stock market, according to an internal document cited by the Financial Times on 28 May. The firm explains that it is seeking to minimise potential exposure as a part of its usual risk management procedures. The business is one of the largest providers of hedge fund services in Europe. According to the British newspaper, Newedge will no longer finance margin calls for funds invested in Greek equities.

The Basel-based Sarasin (Safra group) has announced that its emissions of carbon dioxide (CO2) in 2011 (4,000 tonnes) will be offset by investments in a wind power project located 90 km north of Shenyang in the Kangping district in the Liaoning province of north-east China.The Swiss group says that it has been “carbon neutral” since 2008, and that “CO2 emissions which are inevitable, or which cannot be reduced more via ecological measures are compensated for by the promotion of climate protection projects. These financial compensations are paid in the name of the Sarasin Group by Rabobank, which remains the majority shareholder in Banque Sarasin & Cie SA until the finalisation of the sale of Rabobank’s stake to Safra,” a statement says.

From 1 June, Michel Lusa, director and member of the executive board at Banque Privée Edmond de Rothschild, will become interim director of the private banking unit. Sylvain Roditi, deputy CEO and vice-chairman of the executive board and head of the private bank, will be leaving his job on 30 September 2012. He will be founding his own wealth management firm.

Commodity trading, which carries limited risk but requires enormous liquidity, could soon become a new preferred class of investment for some investors, Agefi Switzerland reports. Pension funds, insurers and family offices which are currently using risk-off strategies may be drawn to this alternative type of investment, which involves very limited risks when done by leading traders. Trafigura, the world’s second-largest trader of minerals and the number 3 trader of energy, earlier this month announced the launch of an investment vehicle trading securitisations of its commercial loans, a first in this sector of trading. Its Commodity Trade Finance fund, Galena, already has assets under management of nearly USD2bn, and is aiming to double them by the end of 2013.