La compagnie d’assurances Friends Life a recruté l’équipe spécialisée dans l’obligataire de LV=Asset Management pour diriger les stratégies de cette classe d’actifs dans sa nouvelle entité dédiée à la gestion d’actifs, Friends Life Investments, qui sera lancée l’an prochain, rapporte Investment Week.Michael Wright, précédemment responsable de l’obligataire chez LV=AM, devient directeur pour le fixed income. Il sera à ce titre chargé de l’allocation d’actifs et de la gestion en direct des stratégies d’obligations souveraines. John Hampton continuera de s’occuper de portefeuilles d’obligations d’entreprises en tant que responsable crédit. Il supervisera l’ensemble des portefeuilles corporate institutionnels sous la direction de Michael Wright. Purna Bhudia et Nigel Bradshaw, qui travaillaient précédemment avec John Hampton, poursuivront leurs activités chez Friends Life Investments en tant que gérants de fonds d’obligations corporate.

Lundi, Lombard Odier Investment Managers (LOIM, 33,7 milliards de francs suisses d’encours fin septembre) a annoncé avoir embauché Jan Straatman comme directeur des investissements (CIO). Il s’agit d’une création de poste.Basé à Londres, l’impétrant prendra ses nouvelles actions le 1er mars 2012 et sera subordonné à Hubert Keller, associé-gérant de Lombard Odier et co-responsable de LOIM avec Thierry Lombard.Ces deux dernières années, Jan Straatman a été CIO du groupe ING où il supervisait la gestion par 800 professionnels de l’investissement sur 32 sites de 330 milliards d’euros d’encours pour le compte de clients.Entre 2006 et 2008, Jan Straatman a été CEO et CIO de Pearl Group à Londres et, de 2001 à 2006, CIO du marché des capitaux du fonds de pension néerlandais ABP Investments. Mark Weber, actuellement membre du comité directeur chez ING IM Etats-Unis, remplacera Jan Straatman comme CIO d’ING en reprenant la responsabilité de l’Europe et de l’Asie.

Standard Life a ajouté 12 fonds indiciels de Vanguard à sa plate-forme de retraite. Les nouveaux fonds, actions et obligataires, seront accessibles aux clients particuliers et entreprises à compter du 16 décembre (à l’exception du SL Vanguard US Equity Pension Fund qui sera disponible fin janvier 2012).“Standard Life sera la première plate-forme à contributions définies au Royaume-Uni à proposer des fonds Vanguard”, commente Tom Rampulla, managing director de Vanguard UK.

Le London Stock Exchange (LSE) a annoncé lundi avoir signé un accord avec le groupe Pearson pour lui racheter sa participation de 50 % dans FTSE International. La transaction, qui porte sur 450 millions de livres (527 millions d’euros), doit être réalisée au premier trimestre 2012. Elle permet au LSE de devenir l’unique propriétaire du fournisseur d’indices, dont il détenait déjà l’autre moitié.

Legg Mason Asset Management a lancé son fonds Brandywine Global Opportunistic Fixed Income, de 34 millions de dollars, sur le marché britannique, rapporte Investment Week. Le fonds avait été originellement lancé en juin 2010 pour une période d’essai auprès d’un nombre limité d’investisseurs. Il a désormais été ajouté à la Sicav irlandaise LMGF.

L’Association Française des Investisseurs en Capital (Afic) et Ernst & Young ont interrogé 2. 086 entreprises implantées en France et accompagnées par les acteurs français du capital investissement sur leur croissance en 2010. Premier enseignement de l'étude «Poids économique et croissance des entreprises accompagnées par les acteurs français du Capital Investissement en 2010", ces sociétés ont affiché l’an dernier une forte augmentation de leur chiffre d’affaires et de leur effectif , «une progression supérieure à celle de l’ensemble des entreprises françaises», note l’association. Ces entreprises ont en effet enregistré une augmentation de leur chiffre d’affaires de 8,9%, et de leurs effectifs de 4,2%, alors que les entreprises du CAC Mid & Small progressaient sur ces critères de respectivement 6,9% et de 2,8%. L’Afic constate notamment un fort dynamisme des sociétés accompagnées par le capital risque : elles ont en 2010 affiché un chiffre d’affaires et un effectif en hausse respectivement de 21% et de 10,9%, «ce qui représente la progression la plus rapide des catégories examinées», note l'étude. Les sociétés suivies par le capital développement progressent de 8,9% en chiffre d’affaires et de 6,6% en effectifs ; celles en phase de transmission de 6,5% en chiffre d’affaires et de 1,2% en effectifs. L'étude dans son intégralité est disponible en pièce jointe (PDF).

Les investisseurs en position d’attente. La nette baisse des marchés ce mois de novembre a été profitable aux fonds de trésorerie de droit français. Ainsi, selon les données d’Europerformance-SIX Telekurs, leur encours a progressé de 3,32 milliards d’euros, soit une variation de 1,1 %. Seuls dans cette famille, les fonds de type «monétaires dynamique plus» ont vu leurs actifs sous gestion baisser de 5,3 % avec une décollecte de 140 millions d’euros. Cela étant, les plus fortes variations à la baisse sont à trouver du côté des fonds obligataires. La crise souveraine a nettement pesé sur les fonds de la zone euro qui ont perdu 1,16 milliard d’euros le mois dernier. Avec un effet de marché négatif de 1,99 %, ces fonds ont enregistré une baisse de leurs encours de 4,3 %. Les OPCVM investis en obligations internationales ont été également affectés. Ils ont subi une décollecte de 150 millions d’euros ce qui, avec une performance moyenne négative de 2,90 %, a entraîné une baisse des actifs sous gestion de 4,8 %. Pour les fonds composés d’obligations à haut rendement, la collecte positive de 2 millions d’euros n’a que partiellement compensé la perte moyenne de ces fonds (-4,66 %).Concernant les fonds investis en actions, les résultats ont nettement différé d’une catégorie à l’autre. La plus touchée a sans doute été celle des fonds de la zone euro. Ils ont enregistré une décollecte de 370 millions d’euros ce qui, ajouté à la perte moyenne de 2,63 %, a entrainé une variation de l’encours de 4 %. Les fonds d’actions européennes pour leur part ont vu leurs actifs sous gestion baisser de 3,2 % avec une décollecte de 350 millions d’euros et un effet marché négatif de 1,73 %. Dans cet environnement, les fonds d’actions françaises ont tiré leur épingle du jeu. Les souscriptions nettes de 1,06 milliard d’euros ont limité la baisse de l’encours à 1,3 %, la performance moyenne de cette catégorie de fonds ayant été de - 3,88 %. Pour leur part, les fonds Asie/Pacifique n’ont pas recette ce mois de novembre. La décollecte a atteint 190 millions d’euros et les fonds ont, en moyenne, perdu 2,93 %. Leur encours ont ainsi baissé de 6,1%. Finalement, seuls les fonds investis sur le marché américain ont fait exception. La décollecte de 140 millions d’euros a été plus que compensée par l’effet de marché de 2,90 %. Leur encours a ainsi progressé de 1,4 %.

La société de gestion Viveris REIM a annoncé avoir réalisé près de 600 millions d’euros d’acquisitions en 2011 et environ 360 millions d’euros de cessions d’actifs immobiliers pour le compte de ses fonds d’investissements. Ce volume global de transactions marque une hausse de 92% par rapport à 2010. Dans le détail, les acquisitions ont porté sur des immeubles de commerces (80%) et de bureaux (20%) localisés essentiellement en province (67%).De leur côté, les cessions concernent 6 immeubles dont 3 actifs de bureaux, un local commercial de plus de 10.000 m² et 2 immeubles d’habitations situés en région parisienne. A fin 2011, les encours devraient atteindre 2,7 milliards d’euros avec une collecte approchant les 150 millions d’euros de capital. Sur l’année, quatre OPCI dédiés pour des investisseurs corporate ou foncières ont été crées."En 2012, Viveris REIM compte poursuivre l’investissement de son fonds de résidences étudiantes et développera de nouveaux fonds immobiliers sur des stratégies diversifiées telles que le repositionnement d’actifs de bureaux de qualité ou les résidences de retraite, dans un contexte de développement à l’international», précise un communiqué.

Bolsas y Mercados Españoles (BME) on 12 December announced that it has admitted the first inverse ETF with leverage of 2 based on the Ibex 35 index to trading. The fund is the Lyxor ETF Ibex 35 Doble Inverso Diario, issued by Lyxor Asset Management (Société Générale group). The product replicates the inverse of the daily evolution of the Ibex 35 index (2x), with dividends reinvested.The product is registered in France (FR0011042753) and charges fees of 0.40%. It becomes the 67th ETF listed in Madrid.

In November, balanced funds were the only category of funds to have recorded net inflows in Sweden. They have posted net inflows of SEK7.6bn, or EUR0.84bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. This comes despite the fact that the industry for funds on sale in Sweden has seen net outflows of SEK3.4bn (EUR0.37bn), driven by outflows of SEK9bn from equity funds (nearly EUR1bn). Since the beginning of the year, the balanced fund category has recorded inflows of SEK20.1bn, or EUR2.22bn, while the industry for funds on sale in Sweden has seen outflows of SEK7.7bn (EUR0.85bn). These outflows are entirely due to equity funds, which have seen redemption demands of SEK69.2bn, or EUR7.65bn. In addition to balanced funds, the other popular category since the beginning of 2011 has been money market funds, which have seen inflows of SEK34.8bn (EUR3.84bn). As of the end of November, assets in the sector totalled SEK1.782trn, or about EUR197bn, of which 52% remain in equity funds, Balanced funds, for their part, represent SEK380bn, or EUR42bn. Since the beginning of the year, assets have fallen by SEK182bn (EUR20bn).

Hedge funds are expected to finish the year 2011 on a positive note. The Globe Op Capital Movement Index of hedge funds for December 2011 shows 141.01 points, 1.55 points more than in November. Growth is due to gains of 3.41% in assets under administration for clients of GlobeOP for subscriptions, and an increase in 1.86% in redemptions. In the past twelve months, the index has gained 14.40 points.

PowerShares has recently launched two new ETNs, Mutual Fund Wire reports. The funds, entitled PowerShares DB U.S. Inflation ETN and DB U.S. Deflation ETN, track the difference between inflation-linked Treasury bonds (TIPS) and Treasury bonds with the same durations.

On 12 December, Axa Investment Managers Germany announced that the UCITS-compliant fund AXA WF Framlington Global High Income (see Newsmanagers of 25 October) has received a sales license for Germany from BaFin. It has also been licensed for sale in Austria.The product aims for 1.5 to 2.5 times the return in dividends from the MSCI AC World index. Minimal subscription is set at EUR5m for institutional investors. There is no minimal investment for retail clients.

The db Immoflex fund (DE000DWS0N90) will be liquidated on 16 November 2012, DWS (Deutsche Bank group) has announced, according to Das Investment. The fund, which suspended redemptions on 16 May, is invested in nine open-ended real estate funds, whose redemptions have been frozen, five of which are in the liquidation process.As of 30 November, liquidity in the fund was limited to 10.3%, which is insufficient for redemptions to be reopened.Fees of 0.9% per year have been lowered to 0.1%.

The open-ended real estate fund CS Euroreal (EUR6.2bn in assets as of the end of October) will not reopen redemptions before 31 Decmber 2011, as had long been pledged by Credit Suisse Asset Management Immobilien: the asset management firm is now aiming to reopen redemptions from the fund before the two-year deadline for the redemption freeze (18 May 2012), although liquidity has now been increased back to 25% of assets, with EUR1.25bn as of 9 December, the Market Update newsletter for December 2011 announces.CSAM states that due to liquidation of real estate funds by two rivals, and uncertainty due to the euro zone debt crisis, it has opted for more conservative management, and would like to create an additional liquidity cushion. Talks are underway over sales of properties for a total of EUR850m.ISIN code: DE0009805002

More than 26,000 people at AXA, representing more than 23% of staff concerned, have signed up for “Shareplan 2011,” the 2011 employee shareholding plan, announced by the insurer on 23 August.Total subscriptions come to over EUR332m, corresponding to the issue of nearly 37 million new shares, subscribed to at a price of EUR8.43 per share for the traditional offering, and EUR9.10 for leveraged shares. The new shares are eligible for dividends from 1 January 2011, a statement says.At the conclusion of this year’s campaign, employees at AXA control about 7.4% of its capital and 8% of voting rights.

The Californian pension fund CalPERS on 12 December announced that it has renewed its real estate consulting contract with the Pension Consulting Alliance (PCA), whose mandate was expiring. As of 30 September 2011, the value of the real estate portfolio of CalPERS totalled USd19.1bn, up 26% compared with the first nine months of the previous year.

Currently, assets at the Spanish asset management firm Bestinver (Acciona group) total EUR6.1bn, in seven investment funds, four pension funds, and eight Sicav funds, as well as management mandates such as the one reiceved earlier this year from the Norwegian sovereign fund (Government Pension Fund-Global), Funds People reports. The total amount managed for foreign investors represents 30% of total assets.For investment funds, assets at Bestinver remain virtually unchanged compared with the EUR2.96bn recorded at the end of 2010, while Spanish funds on the whole have seen a fall of 9.3% in their assets under management.

UCITS-compliant funds continued to post redemptions in the month of October, related to outflows from long-term UCITS funds and money market funds. The month ended with net outflows of EUR30bn, compared with EUR49bn in September, according to statistics from the European financial and asset management association (EFAMA).This slowdown in outflows has been observed in virtually all asset classes. Long-term UCITS funds, meaning all funds excluding money markets, have posted outflows in October of EUR19bn, compared with EUR37bn in September, and EUR55bn in August.The same trend may be observed for equity funds, where outflows halved in October to EUR8bn, from EUR17bn in September (and EUR27bn in August).Bond funds finished the month under review with net outflows of EUR5bn, compared with EUR12bn in September. Diversified funds have seen outflows of EUR5bn, compared with EUR10bn previously.Money market funds, for their part, have seen net outflows of EUR10bn, compared with EUR12bn in September, as banks continue to compete with money market funds to attract investors to savings accounts.Total assets in UCITS-compliant funds as of the end of October totalled EUR5.487trn, up 2.2% due to rebounding markets. For non-UCITS funds, the increase totals 1%, to EUR2.13trn.

In the next five years, Fiona Frick, CEO of Unigesdtion, would like to grow the firm’s business by 10-15% per year, half of which will come from existing clients, and the other half from new clients, Financial Times Fund Management reports. A large part of these inflows will come from Europe, where the Swiss firm has a strong presence. But Unigestion has recently opened an office in Asia, and is looking at the United States. “One day we may take the jump,” says Frick.

The Swiss asset management firm Partners Group has announced several promotions. Andreas Baumann has been appointed as a partner. He is co-head of the Singapore office, which is in charge of all investments in the Asia Pacific region. Dr. Michael Studer, who also becomes a partner, is in charge of the portfolio & risk management team. The following people, members of management teams, have been promoted to managing director: Christian Ebert, Scott Essex, Sergio Jovele, Raphael Meier, Dr. Raymond Schnidrig, Alex Cho, Robert Collins.

JP Morgan Asset Management on 12 December announced that it is adding to its range of products aimed at Swiss investors, with an offer of new investment funds hedged in Swiss francs. “Following the high fluctuations in the currency market and the sharp rise of the Swiss franc (CHF) in the past few months, Swiss investors are increasingly exposed to undesirable currency risks on their foreign investments. Portfolios are exposed to unusually high fluctuations, and currency losses are reducing most profits made on international investments to near zero. Many Swiss investors have said that they would like a solution adapted to local needs, aimed at investors who think in terms of Swiss francs, without wanting to sacrifice the recognized advantages of investment abroad,” JP Morgan AM explains in a statement. JP Morgan Asset Management has recently added to its “CHF hedged” product range on the Swiss market, with the following offerings: -JPMorgan Investment Funds – Income Opportunity Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Strategic Bond Fund A (cap) – hedged in CHF -JPMorgan Funds – Highbridge Diversified Commodities Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Consumer Trends Fund A (cap) – hedged in CHF

The founder of Microsoft, Bill Gates, has consolidated his stake in the Geneva-based group Givaudan. According to a publication from the Swiss stock exchange (SIX Exchange Regulation), Gates now controls 10.29% of the world’s largest perfume and scent manufacturer. Gates made his first entry into the capital of the Swiss group in mid-February 2011, with an acquisition of a 3.3% stake indirectly via Cascade Investment LLC, Bill and Melinda Gates Foundation and Harris Associates. He then increased his stake to 5.24% in July this year.

Legg Mason Asset Management has launched its Brandywine Global Opportunistic Fixed Income fund, with USD34bn in assets, in the UK, Investment Week reports. The fund had originally been launched in June 2010 to a limited number of investors for a trial period. It has now been added to the Irish range LMGF.

The London Stock Exchange (LSE) on Monday announced that it has signed an agreement with the Pearson group to acquire its 50% stake in FTSE International. The transaction, which is valued at GBP450m (EUR527m), will be completed in first quarter 2012, and will make LSE the sole proprietor of the index provider, in which it had already controlled the other half.

The insurance firm Friends Life has recruited the bond specialist team from LV=Asset Management, to direct strategies for this asset class, at a new entity dedicated to asset management, Friends Life Investments, which will be launched next year, Investment Week reports. Michael Wright, previously head of bonds at LV=AM, becomes director for fixed income. In this role, he will be in charge of asset allocation and direct management of government bond strategies. John Hampton will continue to handle the corporate bond portfolios as head of credit. He will oversee all institutional corporate portfolios, under the direction of Wright. Purna Bhudia and Nigel Bradshaw, who had previously worked with Hampton, will continue in their roles at Friends Life Investments as corporate bond fund managers.

Standard Life has added 12 of Vanguard’s core index funds to its pensions platform. The new funds will be available to both retail and corporate clients.The funds, which include both bond and equity index funds, will be available on the platform from 16 December 2011, with the exception of the SL Vanguard US Equity Pension Fund which will become available from the end of January 2012.Tom Rampulla, managing director at Vanguard UK comments: «Standard Life will be the first defined contribution (DC) platform in the UK to offer Vanguard funds».

On Monday, Lombard Odier Investment Managers (LOIM, CHF33.7bn in assets as of the end of September) announced that it has recruited Jan Straatman as chief investment officer (CIO). It is a newly-created position.Straatman will be based in London, will begin in his new role on 1 March 2012, and will report to Hubert Keller, managing partner at Lombard Odier and co-head of LOIM with Thierry Lombard.For two years, Straatman had been CEO and CIO of Pearl Group in London; from 2001 to 2006 he was CIO for capital markets at the Dutch pension fund ABP Investments.Mark Weber, currently a member of the managing committee at ING IM United States, will replace Straatman as CIO of ING, and will take on responsibility for Europe and Asia.

The British Financial Services Authority (FSA) on 12 December published its report on the bankruptcy of the Royal Bank of Scotland (RBS). The report claims that the bankruptct may be explained as the result of six factors: the “significant” weakness of owners’ equity at the bank, as a result of management decisions and an inappropriate regulatory framework, excessive dependence on short-term financing, concerns about the quality of underlying assets of RBS, substantial losses in credit trading activities, the acquisition of ABN Amro, undertaken without the necessary precautions, and lastly, a general systemic crisis. The FSA also admits its own lack of rigour and errors of judgement in the case.

GE Capital Real Estate has raised EUR400m from third-party investors, Agefi reports, to create a new vehicle entitled “Gateway,” which will invest in office properties in London, Paris, Berlin, Hamburg, Frankfurt, and Munich. The total size of the asset base will be EUR1bn, with an investment period of two years, which may be extended by one year, the newspaper reports.