The Swedish asset management firm RPM Risk & Portfolio Management AM (USD6bn in advised assets) has received a sales license from the Luxembourg regulator (CSSF) for the UCITS fund RPF Directional Fund, launched on 1 September in cooperation with Alceda Fund Management SA, Hedge Week reports. The multi-strategy fund will rely primarily on trend-following models and short-term fundamental strategies. Allocations of the portfolio will be subject to dynamic monitoring, and will be adjusted according to the evolution of the markets.

After seven years as deputy CEO of SBI Fund Management, a joint venture of the State Bank of India and Amundi, Didier Turpin has moved to Madrid as CEO of Amundi Iberia, which provides distribution management and advising to Amundi in Spain, and serves as the development platform for the group in Portugal, Andorra, and Latin America, with a total of EUR5bn under management.Turpin will be assisted by Nuria Trip, who joined Crédit Agricole Asset Management (CAAM) in 2001, as deputy CEO in charge of sales, marketing and products.Alexandre Lefebvre, who joined Amundi Iberia in 2010 as director of controlling and development, is promoted to deputy CEO, in charge of controlling and development. He left IDEAM in 2005 to join CAAM.

On 1 September, the CNMV registered the former BBVA Propriedad real estate fund as its ninth “real estate investment firm” (SII), the Spanish equivalent of REITs (see Newsmanagers of 14 June). The new entity, managed by BBVA Asset Management (ES0108933005), was created on 13 July, and starts up with capital of over EUR1.03bn. Annual management commission is set at 1.5%.

The pension fund APG Group, which manages about EUR275bn in assets, and the ministry of Internal Affairs have announced that on 1 November, Tjerk Kroes will become director of strategy at APG Group (APG, Cordares and Loyalis), IPE reports. For the past nine years, Kroes has been employed at the ministry of Social affairs and Labour, for the past six years as director of the labour market and socioeconomic affairs.

The CNMV has recently issued a sales license for Spain to the Euro Covered Bonds (LU0629527333) sub-fund of the General Investments Sicav, Funds People reports.The product, launched on 6 July, has assets of EUR85m. It invests primarily in investment-grade covered bonds denominated in euros, excluding German Pfandbriefe (which reduces the universe to about 500 securities), but the manager, Guido Favaretto, may also adopt tactical positions on other UCITS-compliant funds (up to 10%), interest rate derivatives, currencies, cash, government bonds, money market instruments, or savings accounts, up to a maximum of 30% of assets.Generali Investments manages about EUR24bn in covered bonds. The benchmark index for the fund is the BofA Merrill Lynch Euro Non-Pfandbriefe Covered Bond Index.

Enrique Chang, CIO, on 1 September announced that the American Century Growth, American Century Focused Growth and VP Growth funds, which represent a total of about USD14bn in assets under management, have been closed to new investors from 31 August.The move aims to protect the performance of these growth strategy products, but existing subscribers will be allowed to continue to acquire shares in the funds and to reinvest their dividends.American Century states that clients who had not been invested in the funds which have been closed to subscriptions, but who would like to take up positions on growth large caps may still invest in the American Century Select or American Century Ultra funds.

BaFin has issued a license for the sale in Germany of a fund from the Swiss firm Bellevue Asset Management, focused on shares in Asian publicly-traded entrepreneurial businesses. The fund is the BB Entrepreneur Asia (Lux), which was launched on 30 April 2011, and whose portfolio includes 50 to 70 positions. It comes as an addition to a product range which already includes the BB Entrepreneur Europe and the BB Entrepreneur Switzerland funds.Bellevue Asset Management will be assisted for the management of the Asia fund (whose currency of reference is the US dollar) by the HSZ Group, a management boutique based in Hong Kong.CharacteristicsName: BB Entrepreneur Asia (Lux) FondsISIN codes: LU060528926 (shares in US dollars)LU0605289775 (shares in euros)Benchmark index: MSCI AC Asia ex JapanFront-end fee: Maximum 5%Management commission: 1.60%Performance commission: 10%, with high watermark

Fidelity has launched the FF European Dynamic Value Fund. The new fund fills a gap within its European equity product range and offers investors the opportunity to invest in a European equity value fund. It will be managed by Neil Madden, who has been at Fidelity for nine years. FF European Dynamic Value Fund seeks to identify cheap and disliked stocks with improving fundamentals. Stocks in the portfolio have an asymmetric return profile: downside is limited because bad news has at least already been priced in; upside potential is significant as even a marginal improvement will trigger earnings upgrades and an improvement in sentiment and valuation. Neil Madden aims to hold between +3% to +5% overweight holdings in his high conviction ideas and at least +1% active position in his other holdings. The fund will be concentrated, with between 35 - 50 names.

Guillaume de Corbiac, gérant du fonds AXA WF Framlington Emerging Markets Talents, a quitté la société de gestion. Son fonds a été repris par Charles Firmin-Didot, fondateur et CIO des fonds Talents, a indiqué un porte-parole d’Axa Investment Managers à Newsmanagers.Guillaume de Corbiac avait rejoint l’équipe Talents, dédiée à la fois à la recherche d’entrepreneurs, en mars 2004 après deux années d’expérience professionnelle en France et à Singapour. Il était gérant du fonds AXA WF Framlington Emerging Markets Talents depuis début 2009, après l’avoir suivi en tant que gérant back-up entre sa création en septembre 2005 et fin 2008.

Edmond de Rothschild Asset Management has recruited Pascal Luccini as head of its newly-created team for reporting and clients. In addition to the director, the team includes six people. The French asset management firm is hoping to strengthen “its ability to assist and the quality of its service to French and international institutional clients.”Luccini joins from Allianz Global Investors, a firm which he joined in 1996, where he became head of client services in 2002.

US money market funds reduced their exposure to euro zone banks for the second consecutive month in August, the Financial Times reports. Some funds have begun to completely avoid French institutions. Legg Mason says that its money market teams have considerably reduced their exposure to euro zone banks due to headline risks and not credit issues.

Guillaume de Corbiac, manager of the AXA WF Framlington Emerging Markets Talents fund, has left the asset management firm. His fund has been taken over by Charles Firmin-Didot, founder and CIO of the Talents funds, a spokesperson for Axa Investment Managers has told Newsmangers.De Corbiac joined the Talents team, which is dedicated to the search for entrepreneurs, in March 2004, following two years of professional experience in France and Singapore. He had been manager of the AXA WF Framlington Emerging Markets Talents fund since early 2009, following a period in which he was a back-up manager for the fund, from its creation in September 2005 to late 2008.

UCITS funds in second quarter posted a net inflow of EUR18bn, compared with EUR30bn in first quarter, according to statistics from the European Fund and Asset Management Association (EFAMA). This development is largely due to redemptions from money market funds totally EUR30bn in second quarter, compared with EUR9bn in first quarter.Long-term UCITS funds, or all funds excluding money market funds, however posted a net inflow of EUR48bn in second quarter, compared with EUR39bn in first quarter, with net subscriptions for all categories of long-term funds. Net inflows to equities funds totalled EUR8bn, compared with EUR5bn in first quarter. Net inflows to bond funds totalled EUR10bn (compared with EUR7bn), while diversified funds posted inflows of EUR23bn (compared with EUR20bn).In the first six months of the year, net inflows to UCITS funds totalled EUR48bn, compared with EUR55bn in first half 2010. Long-term UCITS funds attracted EUR87bn in first half, compared with EUR142bn in first half 2010. This development is the result of a loss of investor confidence due to ongoing destabilising events (such as the Arab spring, the Japanese earthquake and tsunami, and concerns about government debt).EFAMA reports, however, that UCITS funds domiciled in France saw a net outflow of EUR23bn in second quarter, largely due to redemptions from money market funds totalling EUR20bn. In the first six months of the year, outflows totalled EUR37.6bn. However, Ireland finished the half with inflows of over EUR39bn, and Luxembourg had inflows of EUR31.6bn.

According to sources familiar with the matter cited by the Frankfurter Allgemeine Zeitung, the private equity investor Bridgepoint has acquired the Swiss firm Infront, a specialist in sales of broadcast rights for sporting events, which in 2010 made more than EUR600m in revenues, for EUR550m. The vendors are Andreas Jacobs and Nicole Junkermann, who had held 60% and 40% of capital in the firm, respectively.

Banque Alterantive Suisse SA on 2 September announced the appointment of Martin Lukas Rohner as its CEO, from 1 January 2012. He had previously been director of the Max Havelaar foundation, a statement from the bank says. Rohner succeeds Sven Thali, who left the bank in March due to differences over the strategic direction and positioning of the bank. Assets under management at the bank as of the end of December 2010 totalled CHF935m.

Ulrich Hax, who had spent 22 years at Sal. Oppenheim, most recently as director of alternative investments, has been recruited as director of the private equity team at UBS Germany, Das Investment reports.

Investors discouraged by slowing growth on both sides of the Atlantic are remaining interested in emerging markets, and in hedge funds dedicated to this asset class. Hedgeweek reports that the most recent statistics from Hedge Fund Research reveal that hedge funds dedicated to emerging markets have seen an increase in their assets of USD1.4bn in second quarter, due to net inflows of USD300m and gains of USD1.1bn due to positive returns. After three consecutive quarters of rising levels, assets in hedge funds dedicated to emerging markets have reached a record USD123bn. Macro hedge funds with an emerging markets bias have performed particularly well in second quarter, with gains of 9%, while global macro strategies lost 1.67% in the same period. However, in the first six months of the year, hedge funds dedicated to emerging markets have not performed outstandingly overall. The HFRI Emerging Markets (Total) Index, which showed zero gains as of the end of June, as of the end of July showed gains of only 0.22%.

First State Investments has announced that it has decided to limit access by new investors to five funds specialised on Asia-Pacific and emerging markets, in order to protect the interests of existing investors. The funds affected are the First State Asia Pacific (GBP229m), First State Indian Subcontinent (GBP293m), First State Global Emerging Markets Sustainability (GBP161m), First State Latin America (GBP117m), and First State Greater China Growth (GBP623m).

According to information obtained by Newsmanagers, Michel Bernard is leaving F&C. Bernard, who is based in London, was head of F&C for France, and was responsible for institutional investor clients of the UK asset management firm in particular. He took up the position following the departure of Aurélien Lafaye in late 2010, and was also in charge of other markets, including the Scandinavian countries. When asked about the departure, a spokesperson for F&C states that institutional activities in France “and in other markets where F&C does not have a local presence” are overseen by Julian Lyne, global head of consultants, and his 13-member team. One person dedicated to the French market will be appointed «in due course», the spokesman adds.

The British firm Barclays Wealth has recruited a former manager from Goldman Sachs, Kevin Shone, who will join the team dedicated to UHNW clients, Wealthbriefing reports. Shone will join the team as managing director in November. Since 2008, he had worked as managing director at Goldman Sachs Private Wealth Management.

Assets under management at Hargreaves Lansdown rose 41% in the year to 30 June, to total GBP24.6bn, the firm has announced in a statement.This development is the result of an increase in net inflows to GBP3.5bn, compared with GBP3.3bn the previous year, and to positive market effects of GBP3.6bn.The asset management firm has seen a 46% in its pre-tax profits, to GBP126m.

Ignis Asset Management is planning to launch a credit version of its absolute return fund, an emerging market debt fund, and a global equity fund and an emerging market equity fund with a growth strategy, Investment Week reports. The launches come as additions to the range of house funds from the asset management firm.

From November, Investment Week reports, Simon Smith will become head of wholesale at Old Mutual Asset Managers (OMAM), after twelve years at Standard Live Investments (SLI), most recently as head of UK (wholesale) financial institutions. Money Marketing also reports that Old Mutual Wealth Management is currently seeking a new CEO, now that Bob Head will be leaving the group in October, after spending 18 months overseeing the integration of Skandia UK, Skandia International, Skandia Investment Group, and Skandia Continental Europe.

The UK Sustainable Investment Forum (UKSIF) on 2 September published its third report on the treatment of sustainable development issued by British pension funds, entitled “Responsible Business: Sustainable Pension 2011.” Two years after the publication of the last report, the current study finds that pension funds are continuing to deepen their practices in sustainable development. Not only interest in sustainable development, but also participation by pension funds cpvered by the study in sustainable development has increased to one in five, from one in eight two years ago. Sustainable investment now applies to a wider range of asset classes. Private equity, bonds and real estate have increased their use of sustainable development policies compared with 2009. Nearly one third of funds use specialised mandates to deploy their sustainable investment policies. This percentage has doubled since 2009, the report points out. These examples of improvement, which come in a wider context of improved frameworks for sustainable investment practices, and the publication of the Stewardship Code, are all positive signs which should not obscure the fact that the majority of pension funds still need to make the first move to set up sustainable investment practices that may effectively respond to the challenges presented by ESG issues. The report lays out a series of recommendations which it qualifies as urgent, including the governance of sustainable development, which would require the major funds to have at least one expert on sustainable development questions, transparency for the strategies put into use, signing the United Nations Principles for Responsible Investment, and integrating sustainable investment into negotiations on risk transfers. Meanwhile, three funds have already achieved excellence: the BT Pension Scheme, the Co-operative Pension Scheme (PACE), and F&C Asset Management Ltd. Pension Plan. Only one fund reached this level in the previous two editions of the study.

According to a study by Vanguard based on statistics from Morningstar covering the past 20 years, two thirds of actively-managed bond funds in the United States have underperformed the bond markets, the Wall Street Journal reports. 20 years ago, according to the Investment Company Institute, a bond fund cost an average of USD100 for every USD10,000 invested, and that amount would have generated an average annual revenue of USD825, if it were invested in 10-year US Treasury bonds, and USD1,050 if it were invested in corporate bonds rated Baa by Moody’s. In 2010, the average commission charged by bond funds was USD70 for every USD10,000 invested. But the same amount invested in 10-year US Treasury bonds or Baa-rated corporate bonds would now generate only USD330 and USD540 in annual revenue, respectively. However, the Wall Street Journal observes, investors can find better deals by subscribing to bond ETFs. Investors who subscribe to products such as the Vanguard Total Bond Market ETF, the iShares Barlays Aggregate Bond Fund or the SPDR Barclays Capital Aggregate Bond ETF will pay only USD11 to USD22 per year for every USD10,000 invested.

BlackRock Fund Advisors, Spruce ETF Trust and BlackRock Investments submitted a joint application to the SEC on 1 September, seeking an exemption from the Investment Company Act of 1940 to be allowed to launch a range of 13 actively-managed ETFs, which would be “non-transparent,” meaning that they would not publish the composition of their portfolio on a daily basis.The range would include the Large Cap Fund, Large Cap Value Fund, Large Cap Growth Fund, Large/Mid Cap Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Large Cap Long-Short Fund, Large Cap Value Long-Short Fund, Large Cap Growth Long-Short Fund, Large/Mid Cap Long-Short Fund, Large/Mid Cap Value Long-Short Fund, Large/Mid Cap Growth Long-Short Fund et Large Cap Growth Active Insights Fund. Indicative intraday value for the funds would be published in real time, but shares would be tradeable at their net asset value only once a day. This formula would avoid significant divergences between the buy and sell prices for the shares and the net asset value.BlackRock claims that the format of the funds would not pose new regulatory problems, but on the contrary, would limit front-running and free-riding risks which other actively-managed ETFs which publish the composition of their portfolios are exposed to.Each of the non-transparent ETFs would invest in or take short positions mainly on the 1,200 largest US caps, as defined by the Frank Russell Company.

Funds sold by US asset management firms took 70% of total net subscriptions in Europe in the first six months of this year, equivalent to EUR63bn out of a total of EUR90.7bn, up from only 40% in 2010, Financial Times Fund Management reports, citing Lipper. Sales of global bond ETFs are the cause of the increase. Franklin Templeton (EUR16bn in net subscriptions) has been the most successful US asset manager in Europe, followed by BlackRock (EUR14.6bn) and Pimco (EUR7.5bn).

Au premier semestre 2011, Swiss Life Assurance Patrimoine a continué à investir principalement sur des obligations. Nos achats sont répartis également entre les emprunts d’Etats européens ou supranationaux (51% des achats), et les émissions d’entreprises industrielles notées de A à BBB- (49% des achats). Ces dernières nous permettent de profiter de « spreads » de crédit importants par rapport aux emprunts d’Etat français ou allemand. Le portefeuille obligataire et monétaire représente 83% des investissements. Le portefeuille obligataire est composé à 83,1% de titres notés au moins A. Notre politique d’investissement favorisant le crédit, la part des obligations notées AA ou moins a augmenté de 2.8% du 31/12/2010 au 30/06/2011. Cette évolution traduit des achats d’obligations du secteur privé concentrés sur des grandes entreprises industrielles de qualité, souvent des leaders mondiaux ou européens sur leur secteur d’activité. La duration du portefeuille est passée de 6,60 à 6,40 tandis que le gap de duration s’est légèrement accru à 0,17 année. L’exposition brute du portefeuille « actions » a légèrement augmenté à 4,57 % à fin juin contre 4,38% à fin décembre 2010. Cette augmentation est due à la hausse des marchés sur la période. Malgré les divers évènements des six premiers mois de l’année (printemps arabe, crise de dette souveraine européenne, catastrophes naturelles et industrielles au Japon), les investisseurs restaient, fin juin, confiants en la poursuite de la croissance mondiale et les résultats des entreprises cotées en bourse. Le portefeuille actions est systématiquement couvert par des instruments dérivés. Le montant des investissements « alternatifs » a légèrement augmenté au cours du semestre. En effet, dans le cadre de nos engagements de « Private Equity », nous avons répondu à des appels de fonds complémentaires et investi dans un nouveau fonds.

Dans un article paru dans Option Finance le lundi 5 septembre 2011, David-Olivier Tarac, directeur des opérations financières et des participations d’Aéroport de Paris (ADP) revient sur la gestion des excédents de liquidité du groupe: Nous sommes très conservateurs concernant nos choix de support et de contreparties. Le groupe investit quasi exclusivement dans des OPCVM monétaires et sur des horizons de placement de 6 mois au maximum. De manière générale, nous ne plaçons pas directement notre cash en certificats de dépôts ou billets de trésorerie. Cette politique n’a pas particulièrement évolué avec la crise puisque le groupe ne prenait déjà aucun risque auparavant. A cette occasion, nous avons en revanche renforcé nos outils de suivi de la qualité de crédit de nos principales contreparties bancaires, à travers des tableaux de bord quotidiens permettant notamment de suivre les notations et les CDS des banques. Il nous est ainsi arrivé, lorsque nous percevions certaines fragilités, de procéder à des réallocations dans les supports ou dans le choix de nos contreparties.

Appel d’offres général pour la gestion des titres provenant notamment des fonds dormants, pour le compte du SPF Finance, Caisse des dépôts et consignations de Belgique. Gestion des titres dormants déposés à la Caisse des dépôts et consignations en exécution du chapitre V de la loi du 24.7.2008 portant des dispositions diverses (I) (M.B. 7.8.2008, p. 41.191). Pour lire l’avis complet: cliquez ici