EFG Financial Products (Europe) will very soon be opening a branch office in Paris, specialised in distribution of structured products from the EFG Financial Products group. The group, based in Zurich, has already opened a branch office in London, which will distribute the group’s structured products on the British market. EFG Financial Products (Europe) GmbH is a wholly-owned subsidiary of EFG Financial Products Holding AG. The Paris office of EFG Financial Products (Europe), which has been licensed for the French market since April 2011, offers investment services to its institutional clients. EFG Financial Products AG, the main operational section of the EFG Financial Products group, is the tenth-largest issuer of investment products on the Swiss stock exchange (SIX).

As of the end of October, assets under management by Franklin Templeton Investments (Franklin Resources) totalled USD694.1bn, compared with USD659.9bn as of the end of September, and USD664.3bn one year previously. Assets are thus up by USD34.2bn or 5.2% in October.At Invesco, assets under management increased in one month by USD37.3bn, or 6.2%, in October, to finish the month at USD635.7bn.Equity assets at Franklin Templeton increased yo USD281.9bn, compared with USD254.2bn one month earlier, while Invesco’s equity assets totalled USD279.5bn, compared with USD253.2bn as of the end of September.

Despite losses of EUR24m for the part of the group in third quarter, due to depreciation of Greek government debt, the “asset management, insurance and private banking” unit of Amundi has earned net profits for the part of the group of EUR766m in the first nine months of the year, down 32.4% compared with the first nine months of 2010. Excluding the impact of the European bailout plan for Greece, net profits for the part of the group totalled EUR479m for the quarter, and EUR1.35trn for the first nine months of this year, a statement from the firm says.

Amundi (including the asset management operations of BFT acquired on 1 July 2011) showed its good ability to adapt in a weakened environment, according to Crédit Agricole. Growth in new inflows continued in the institutional investor segment, with 7.7 billion euros in the first nine months of 2011, driven primarily by sovereign funds. Inflows from employee savings rose to a record high of 3.4 billion euros. These two segments partly offset outflows from the branch networks and third-party distributors, which amounted to 16.2 billion euros, including outflows of 8.1 billion euros from money market funds. Outflows from the corporate segment were 6.5 billion euros, including 7.2 billion euros from money market funds. Furthermore, the negative market and currency impact came to 19.3 billion euros in line with market trends since the beginning of the year. Net income for the asset management at Crédit Agricole was 324 million euros in the first nine months of 2011, up 5.1% compared to the same period one year ago. Revenues moved down 9.1% owing to the decline in performance-based commissions, while management fees proved resilient. Expenses fell by 4.9% (excluding restructuring costs in 2010), reflecting the full effect of synergies linked to CAAM-SGAM merger. The cost/income ratio was held down to a competitive 56.4%. In the third quarter, netincome was 79 million euros, registering a bigger decline of 32.2% compared with the second quarter of 2011. This downturn must be weighed against severe deterioration in the markets: the CAC 40 lost 25% in the third quarter alone, which cut into assets under management and performance-based commissions. To limit the impact, Amundi continued efforts to lower the breakeven point and reduced expenses by 13.5% between the second and third quarters of 2011.

Bond funds had greater outflows in September, increasing from -EUR13.0bn in August to -EUR17.4bn, according to Lipper. Emerging market debt (outflows of EUR3.4bn) and Global bonds (-EUR3.0bn) were the hardest hit, while different High Yield sectors of various currencies suffered again (redemptions of EUR5.9bn brought the total over the last four months to -EUR18.6bn). By contrast, corporate bonds denominated in USD and GBP picked themselves up off the canvas and pulled in EUR840m and EUR500m respectively.Equities were also badly hit, with redemptions of EUR21.2bn, which was nonetheless an improvement on last month. Long-term funds in Europe suffered redemptions of EUR46.2bn in September. The European industry as a whole suffered outflows of EUR60.7bn (the worst since Oct 2008).Prudential/M&G attracted the largest proportion of sales by one group (EUR600m), ahead of Comgest (EUR430m) and Threadneedle (EUR370m).

The Continental European Equity Fund (LU020915757), a sub-fund of the Luxembourg Sicav Henderson Horizon, has been renamed, under an application submitted on 7 October, to become the “Euroland Fund” (LU0011889846) as of 8 November, and at the same time the investment strategy of the manager is being changed. As the new name of the fund indicates, the portfolio will now focus on solid and undervalued equities from euro zone equities, rather than on continental Europe. The euro-denominated product will invest at least 75% in shares in businesses domiciled in the euro zone, or which realise most of their activities there. The benchmark index will now by the MSCI EMU Net Return Index, instead of the FTSE World Europe ex UK Index. The new manager is Nick Sheridan, who replaces Paul Casson. As of the end of September, assets in the fund, launched in July 1984, totalled EUR46.18m.

The board of supervisors (BoS) of the European Securities Markets Authority (ESMA) has elected Martin Wheatley, managing director, Conduct Business at the British FSA, as a member of its board. Wheatley replaces Alexander Justham, who was elected to the position in January, but who has recently left the FSA. Wheatley will become CEO of the Financial Conduct Authority. His term at the ESMA will run until July 2013. The board at the ESMA includes five members. In addition to its German chairman Karl-Burkhard Caspari, (BaFin), the board includes Jean Guill (CSSF), Raul Malmstein, of Estonia’s Finantsinspektsioon, Kurt Pribil (FMA, Austria) and Fernando Restoy (CNMV, Spain).

The Hamburg-based Hansinvest Hanseatische Invesment GmbH (Signal Iduna bank) on 15 September launched the National-Bank Stiftungsfonds 1, which as its name indicates, is aimed at charities. Minimal subscription is set at EUR25,000, and management commission totals 1.01%. Front-end fee is 3%. The German-registered product (DE000A1H44D5), actively managed by the National-Bank of Essen, is composed of a core portfolio which invests in top-rated bonds, and which therefore present low levels of risk, and a satellite allocation to be placed in corporate bonds, Pfandbriefe and value equities. Risk management relies on a dynamic overlay. The management team is permitted to use derivatives. The fund will distribute dividends twice a year, and the recommended investment duration is over 3 years.

The platform, which is the result of close cooperation between Syz Asset Management and UBS Investment Bank, features substantial advantages in terms of transparency, risk management and reporting. As part of this cooperation, Syz Asset Management will select managers to be included on the platform and will manage investment mandates as well as other investment vehicles. Syz Asset Management selected the UBS platform for the flexibility it offers to hedge fund managers, its extensive reporting and highly sophisticated risk management. Compared with competing structures, it is a high

Hyposwiss Private Bank is launching the Hyposwiss (Lux) Fund – African Daws (USD). The fund will be actively managed, and will invest in businesses whose headquarters are in Africa, or which are domiciled outside the continent, but which operate there. Management will be based on an optimistic scenario for Africa, due to several factors, a statement says. These include the demography of the continent and the fact that there are a lot of young people, who are increasingly better-educated, improvement in fundamentals, with limited levels of public debt; increasing capital flows, particularly from foreign direct investment from countries such as China and India, and from large businesses such as Siemens and Nestlé; the appearance of a new middle class, in the wake of urban development and urbanisation; and the development of infrastructures. Characteristics ISIN code: LU0653670769 Benchmark: DJ African Titans 50

After five months in a row of withdrawals, equity funds on sale in Sweden have returned to net inflows. In October, they recorded net inflows of SEK5.5bn (EUR0.6bn), according to the most recent statistics from the Swedish investment fund association. But they remain negative, at -SEK60.2bn (-EUR6.62bn) since the beginning of the year. Balanced funds had net inflows of SEK1.4bn (EUR0.15bn). However, bond funds saw outflows of SEK5.4bn (EUR0.59bn), while money market funds had outflows of SEK2.6bn (EUR0.28bn), and hedge funds lost SEK0.1bn (EUR0.01bn). Overall, the fund industry in Sweden had outfows in October of SEK1.1bn (EUR0.12bn). Since the beginning of the year, these funds have seen outflows of SEK4.2bn (EUR0.46bn). As of the end of October, the Swedish fund sector represented assets of SEK1.804trn, of which SEK958bn were in equity funds (about EUR198.5bn and EUR105.4bn, respectively).

Facing the continuing Euro zone debt saga, investors have recently shown a preference for US equity and bond funds. In the week to 9 November, net inflows to these funds totalled USD11bn, according to statistics from the agency EPFR Global. Inflows to US equity funds alone totalled USD7.3bn, while large cap ETFs represented about 80% of this total. Another winner on turbulence in the European markets is emerging market equity funds, which have earned net inflows of USD2.1bn. Equity funds overall have posted a net inflow of USD9.59bn, while bond funds have earned net subscriptions totalled USD4.07bn.US money market funds, for their part, have attracted USD23.8bn, despite returns of only about 0.02%. European money market funds have also been popular.

UniCredit is expected to unveil a capital increase of EUR7-7.5bn this Monday, and a three-year industrial plan based on drastic cost reductions, Il Sole – 24 Ore reports. Announcements are also expected about the future of Pioneer, the group’s asset management firm, which is one of the few companies to have remained outside the intra-group integration process of the past few years, the Italian newspaper reports.

Capital Strategies Partners, MCH Investment Strategies and Selinca AV, all three Spanish securities agencies specialised in distribution of funds from independent asset management firms in Spain, have decided to create a third-party marketing (TPM) association, to promote asset management firms of this type, Funds People reports. The association will be operational in early 2012, and the promoters of the idea invite all independent managers with a “regulated” presence in Spain to join.

The Barclays Private Equity fund, a specialist in investment in non-publicly traded businesses, has been taken over by six executives, and will continue to operate in the future under the name Equistone Partners Europe, according to a statement released by the business on 11 November. The financial terms of the transaction have not been disclosed, but Barclays will remain an investor in funds managed by Equistone, “along with many other institutional investors.” The decision is a sign of the increasing disinterest of traditional banks in an activity that consumes capital, at a time when solvency requirements are requiring them to significantly increase their owners’ equity levels. Since 1996, Barclays Private Equity has invested EUR5.3bn in 214 transactions. The fund, which states that its investments have allowed it to earn “excellent returns on behalf of its investors,” is specialised in mid-sized businesses. Equistone operates out of six offices, in France, Germany, Switzerland and the United Kingdom, with 35 managers. The fund ia planning to focus on acqusitions with a total value of EUR50m to EUR300m, the statement says.

Ignis Asset Management has announced the appointment of Liisa Juntunen who will join Ignis’ distribution team in January 2012. She will take a leadership position in Ignis’ institutional business development team with a focus on consultant relations. With her experience she will also help to develop and position Ignis’ equity and real estate offerings. Liisa Juntunen has been responsible for marketing and sales, product development and consultant relations at AllianceBernstein since 2001 and has 17 years’ industry experience.She will report to Claude Chene, director and head of global distribution. The latter worked with Liisa Juntunen at AllianceBernstein prior to joining Ignis in October 2011.Ignis has made a number of senior appointments over the past 18 months and Liisa Juntunen’s appointment will help to further develop the company’s existing and future institutional offerings.

“Due to major growth in its international role in the Long Term Savings division at Old Mutual,” Skandia Investment Group (SIG) has decided to move to London, and to leave its head offices in Southampton. The move will be completed by the end of 2013. Currently, two thirds of the 57 employees at SIG are based in Southampton, while the others work in London, where SIG “hopes” that most Southampton employees will agree to move with the business.

The British Schroders group has earned net inflows in the first nine months of the year of GBP5.1bn, the firm announced in a statement on 10 November. In the quarter to 30 September, net inflows to institutional investors totalled GBP2.8bn, but at the same time, the sector saw net outflows of GBP2.7bn, and the private bank underwent net redemptions totalled GBP100m. As of 30 September, assets under management totalled GBP182.2bn. Groupwide, pre-tax profits in the first nine months of the year rose to GBP317.3m, compared with GBP282.7m in the corresponding period of 2010. Pre-tax profits at the asset management unit totalled GBP295.8m, compared with GBP263.2m.

Le vice-président exécutif de la Bourse de Shanghai, Xu Ming, a confié à Bloomberg à l’occasion d’un entretien que le marché était paré pour accueillir des titres d’émetteurs étrangers. Le calendrier n’est pas encore finalisé mais le dirigeant assure que les aspects technologiques et réglementaires sont clarifiés. De nombreux candidats sont pressentis, de Coca-Cola à HSBC.

Amundi a subi sur les neuf premiers mois de l’année une forte décollecte sur ses fonds monétaires. Entre janvier et septembre, la décollecte dans les réseaux et les distributeurs tiers atteint 16,2 milliards d’euros, dont 8,1 milliards d’euros sur les OPCVM monétaires, tandis que les rachats se sont élevés à 6,5 milliards d’euros, dont 7,2 milliards d’euros sur le monétaire, pour le segment corporate.

L'économie espagnole a cessé de croître au troisième trimestre par rapport au deuxième, une donnée susceptible de soulever des doutes sur la capacité du gouvernement à tenir son objectif de réduction du déficit budgétaire fixé pour 2011. D’une année sur l’autre le PIB de la quatrième économie de la zone euro affiche une hausse de 0,8% sur la période, contre une prévision des économistes de 0,7%.

L’Organisation mondiale du commerce (OMC) a approuvé jeudi les modalités de l’intégration de la Russie, à la suite de discussions ayant duré plus de dix-huit ans. Cette décision doit permettre aux ministres du Commerce de l’OMC d’approuver l’entrée de la Russie lors d’une réunion le 15 décembre à Genève.

La Banque nationale d’Autriche (OeNB) est devenue la première banque centrale non-asiatique à pouvoir investir dans des actifs en yuans. Le gouverneur de l’OeNB Ewald Nowotny et celui de la Banque populaire de Chine (BPC) Zhou Xiaochuan ont signé jeudi un accord bilatéral à Pékin. L’accord n’implique pas la BCE.

Les opérations exceptionnelles de refinancement de la BCE, et la récente baisse de taux, apaisent cependant nettement les tensions

Rome teste l'appétit des investisseurs au lendemain de l'arrivée aux affaires de Mario Monti

Emmanuel Morano, responsable de la gestion actions à la Française AM

Hadia Guergouri, analyste crédit chez Allianz Global Investors

Nadège Dufossé Blauwart, gérante chez Dexia AM

Eric Bourguignon, directeur général délégué de Swiss Life AM

Le président de la Bundesbank réitère son opposition catégorique à une intervention massive de la BCE sur le marché obligataire italien