Le gestionnaire central des banques populaires allemandes, Union Investment, a annoncé le 1er septembre que sa filiale hambourgeoise Union Investment Institutional Property a lancé au 30 juin le fonds immobilier institutionnel Residential Value dont elle assure principalement l’administration, la gestion étant déléguée au berlinois Dupuis GmbH & Co. Asset-Management KG. Comme premier investissement et pour un montant non divulguée, ce fonds vient d’acquérir «auprès d’une société immobilière française cotée en Bourse», un ensemble résidentiel de 223 logements (18.313 mètres carrés), le Ortlergarten situé à Berlin-Steglitz.Union vise à moyen terme un encours de 250 millions d’euros. Le fonds sera géré avec un biais «conservateur».

Dans un entretien avec la Börsen-Zeitung, Terence Johnson, qui dirige chez Legg Mason l'équipe de distribution à l'étranger, indique que le gestionnaire américain (670 milliards de dollars) s’est fixé comme objectif stratégique de porter à 50 %, contre 30 % actuellement, la part de ses actifs gérés provenant d’ailleurs que des Etats-Unis.Legg Mason, qui est présent à Francfort depuis 2008, compte donc se renforcer notamment en Allemagne non seulement avec de bons produits, mais également avec une information régulière de la clientèle sur les thèmes économiques d’actualité.

La société amLeague vient de communiquer les performances au mois d’août des différentes sociétés de gestion qui participent aux championnats qu’elle organise. Sans surprise, aucun établissement concourant dans des catégories actions «full invested» n’a enregistré des performances positives. Sur l’Europe, les meilleurs – respectivement Aberdeen AM, Invesco AM et Bestinver – affichent des pertes de 7,51 %, 7,53 % et 8 %, tandis que les derniers ont enregistré des baisses peu ou prou deux fois plus élevées: Mandarine Gestion, CCR AM et Fédéral Finance ont perdu respectivement 15,80 %, 14,31 % et 14,01 %. A titre de comparaison, l’indice de référence, le MSCI Europe (-10,19 %), a également été difficile à battre, seules six sociétés de gestion sur dix-neuf y étant parvenues. Une plus ou moins forte exposition au marché et un choix de valeurs payant ou non expliquent globalement les raisons de la réussite ou de la déconvenue des gérants (voir tableau ci-joint).Une fois n’est pas coutume, la catégorie actions investie sur la zone euro présente de grandes similitudes avec la précédente. Plus de sept points séparent les premières sociétés de gestion – Swiss Life AM (-7,88 %), Aberdeen AM (-9,62 %) et Petercam (-11,94 %) - des dernières du classement – Mandarine Gestion (-15,30 %), Fédéral Finance (-14,85 %) et CCR AM (-14,46 %). Parmi les résultats remarquables dans cette catégorie, on notera que le portefeuille de CM-CIC a affiché une «tracking error» de 1,88 pour une perte de 13,27 % alors qu'à titre de comparaison, Lombard Odier affiche un résultat assez proche (-14,30 %) mais avec une tracking error de… 7,63 %. Huit sociétés de gestion ont aussi fait mieux que l’indice de référence (l’Eurostoxx en recul de 12,85 %). Du côté des catégories «flexibles», les sociétés de la catégorie «Europe Equity Flexible» n’ont pas vraiment su stopper l’hémorragie du mois d’août. A la première place, la société Roche Brune AM a enregistré une perte de 7,01 % et la dernière – avec une tracking error de 9,32 %, soit près du double de celle du premier – une baisse de 14,38 %. Au sein du mandat Euro Equity Flexible, l'écart entre premier et dernier n’est pas plus réduit – onze points les séparent – mais le meilleur ce mois d’août - UFG-LFP - parvient à limiter la perte à 4, 07 % avec une faible exposition au marché (0,56 ) et une très forte tracking error (12,29 %). En revanche, en bas de tableau, Ecofi Investissements (-15,87 %) affiche des caractéristiques quasi inverses avec une exposition au marché de 1,04 et une tracking error de 4,49 %. A noter enfin que dans la catégorie «Asset Allocation Long Only», une seule société de gestion a réussi a afficher, ce mois-ci, une performance positive : Fédéral Finance (0,09 %) ! Quant à l'écart entre le premier et le dernier - plus de 6,5 points de pourcentage -, il s’agit aussi du plus faible de tous les mandats (Ecofi Investissements ayant perdu 6,74 %).

State Street Global Advisors (SSgA) a annoncé le 1er septembre la nomination de Ben Clissold en qualité de gérant de portefeuilles LDI senior (liability-driven investment ou gestion sous contraintes du passif) au sein de l’équipe Investment Solutions Group. Ben Clissold sera basé à Londres sous la direction de Raymond Haynes, responsable LDI pour l’Europe.Ben Clissold travaillait précédemment chez P-Solve Asset Solutions, où il a exercé les fonctions de directeur adjoint des investissements, ayant consacré plus de quatre années à développer, mettre en oeuvre et gérer des solutions LDI pour 70 clients. SSgA gère des solutions LDI adaptées pour un grand nombre de clients depuis 2005 et détient actuellement 201 milliards de dollars d’actifs sous gestion (au 30 juin 2011) à travers ses différentes stratégies d’allocation multi-classes d’actifs.

Le déficit des fonds de pension de General Motors (GM) risque de remettre en cause le versement d’un dividende ainsi que ses velléités de rachat d’actions, rapporte L’Agefi. Le trou des fonds de pension du constructeur automobile américain pourrait atteindre 35 milliards de dollars sur la base d’une baisse des rendements des actifs ainsi que du taux des versements anticipés. Au total, selon certains analystes, précise le quotidien, ce sont 30,7 milliards qui pourraient manquer au constructeur de Detroit d’ici à la fin de l’année, alors que la valeur de marché de GM est tombée à 33,1 milliards le mois dernier.

BNY Mellon Asset Management a annoncé le recrutement de Christopher Sheldon au poste de chief investment officer de The Dreyfus Corporation, une filiale de la société de gestion. L’intéressé succède à Phil Maisano, qui a pris sa retraite cette année. Christopher Sheldon était auparavant directeur des investissements chez BNY Mellon Wealth Management.

Suite à la démission de Robert P. Kelly, qui abandonne son poste de chairman et CEO de BNY Mellon pour cause de désaccords avec le conseil de direction sur la gestion de la société, c’est Gerald L. Hassell qui reprend l’ensemble des fonctions. L’intéressé était auparavant président et membre du conseil de BNY Mellon depuis 1998.

According to information received by Newsmanagers, David Loggia, one of the star managers at the management firm Carmignac Gestion, who took a six-month leave of absence last year, and whose contract expired this May, has left the management firm based in the place Vendôme in Paris. Loggia had been co-manager of the Carmignac Grande Europe fund.

The Swiss Partners Group has announced the opening of an office in Paris (10 rue Labie, 75017), which will be led by Gilbert de la Ferrière. France is an important market for Partners Group, which has already invested EUR800m in the country (including 10 direct investments), and the group is clearly planning to increase its activity there further. The private equity investors, which says that it already has several French institutional investors among its clients, is planning to extend its client base by highlighting the promising potential of private investment.

State Street Global Advisors (SSgA) on 1 September announced the appointment of Ben Clissold as a senior liability-driven investment (LDI) portfolio manager in the Investment Solutions Group. Clissold will be based in London, and will report to Raymond Haynes, head of LDI for Europe. Clissold previously worked at P-Solve Asset Solutions, where he served as deputy chief investment officer, and spent more than four years developing, deploying and managing LDI solutions for 70 clients. SSgA has been managing custom LDI solutions for a large number of clients since 2005, and currently has USD201bn in assets under management (as of 30 June) in its various multi-asset class allocation strategies.

AXA Investment Managers on September 1 announced the appointment of Katrin Boström as head of Nordic Sales. Reporting to Irshaad Ahmad, head of UK and Nordics, she will be responsible for building on AXA IM’s presence in the region. Katrin Boström, who will be based in the region, working from AXA IM’s office in Stockholm, commences her role on 1 September 2011. Katrin Boström joins from Morgan Stanley Investment Management where she was executive director, head of sales and business development, Nordic Region. Before that, she was executive director, institutional sales and business development, Nordic region for Goldman Sachs Asset Management, London.

BNY Mellon Asset Management has announced the recruitment of Christopher Sheldon as chief investment officer at The Dreyfus Corporation, an affiliate of the management firm. Sheldon succeeds Phil Maisano, who retired this year. Sheldon was previously chief investment officer at BNY Mellon Wealth Management.

French boutique Sycomore Asset Management has announced the recruitment of Arnaud d’Aligny as analyst-portfolio manager for European equities. He will assist with the Sycomore Eurocap fund (EUR555m as of 31 July), alongside Emeric Préaubert and Frédéric Ponchon. After three years at HSBC – CCF Charterhouse as assistant vice president in the structured finance department, d’Aligny joined the Goldman Sachs investment bank in 2002 as executive director in charge of the Building & Construction and Business Services sectors. Sycomore AM has nearly EUR2bn in assets under management.

The German asset management association (BVI) on 1 September announced that it has created a mediation framework for investment funds. The framework includes a mediation office, located in Berlin, with two independent lawyerrs. The choice of Berlin is a sign of the will on the part of the professional association to have a larger presence in the German capital, the BVI says in a statement.

BaFin on Thursday issued a sales license for Germany to the Delta Lloyd Asian Participation Fund, launched in May in the Netherlands (EUR57m in assets), the Börsen-Zeitung reports. The fund, like its Netherlands and European counterparts, invests in stakes of at least 5% in Asian small and midcaps which are currently underpriced and which pay high dividends.

One year after its release for sale, the British management firm Herderson Global Investors on 1 September announced the official launch of its German-registered institutional real estate fund, the Henderson German Retail Income Fund (HGRIF). The manager has already collected about EUR85m in investments from German insurers and pension funds, and from one Austrian institutional investor. That gives the fund an investment capacity of EUR170m, with leverage. The objective is to raise EUR150m in subscriptions, to invest EUR300m, largely in shopping centres. The objective is to generate a return on investment of at least 6% per year, with a portfolio which would include 10 to 15 properties. Meanwhile, Henderson has announced that it has acquired the Tuna Park Shopping Centre (126,400 square metres) in Eskiltuna, Sweden, for SEK558m, or EUR61m, from Alecta Pensionsförsäkring Ömsesidigt. The property will be added to the portfolio of the European Core Property Fund No. 1 from its German affiliate Warburg-Henderson.

The central management firm for the German co-operative banks, Union Investment, on 1 September announced that its Hamburg-based affiliate Union Investment Institutional Property on 30 June launched the institutional real estate fund Residential Value, for which it primarily provides administration, as management has been outsourced to the Berlin-based Dupuis GmbH & Co. Asset-Management KG. The fund has recently acquired a 223-unit residential complex (18,313 square metres), the Ortlegarten, located in Berlin-Steglitz, as an initial investment, for an undisclosed amount, “from a publicly-traded French real estate company.” Union is targeting assets of EUR250m in the long term. The fund will be managed with a “conservative” bias.

Since the beginning of this year, UBS has recruited more than 300 people in the Asia-Pacific region for its wealth management activities, according to Kathryn Shih, director of the UBS wealth management division for Asia-Pacific, Asian Investor reports. The recruitments are continuing. UBS has also recruited Alan Branigan, previously head of a consulting firm he founded, as head of the corporate advisory group in Singapore.

As of the end of August, assets under management in Spanish securities funds totalled slightly over EUR130.9bn, EUR3.25bn or 2.42% less than at the end of July. As of the end of December, assets totalled EUR138.08bn. This decline is partly due to new net outflows of EUR699m, for the fifth consecutive month, following net redemptions of EUR570m in July, and EUR1.19bn in June. Every month of 2010 was marked by net outflows, while in 2011, net inflows were observed in February and March. The heaviest net redemptions were from Mutuactivos (EUR230.94m), Santander Asset Management (EUR148.77m), and Invercaixa Gestión (EUR105.97m), followed by BBVA Asset Management (EUR85m). However, the only two management firms to post net subscriptions out of the top nine by assets are Bankia Fondos, with EUR23.84m, and Bansabadell Inversion, with EUR38.5m. The top three management firms by assets under management, Santander AM (EUR21.92bn), BBVA AM (EUR20.23bn), and Invercaixa Gestión (EUR15.92bn) alone account for 44.4% of total assets in securities funds as of the end of August.

Four years after quitting the business and moving to cominvest (which has since become Allianz Global Investors), Frank Rudert is returning to Threadneedle Germany. He will be operational manager, a position midway between distribution and back-office. He will report to the Austrian Werner Kolitsch, head of Germany and Austria.

Sabine Stöhr has been appointed as head of wealth management clients for Germany at Franklin Templeton Germany. The asset management firm is now seeking a replacement for Stöhr as head of IFA clients, savings banks and co-operative banks for Bavaria. The distribution team at Franklin Templeton includes 24 members.

Following the departure of Rolf Wiswesser, who will be moving to the insurer Ergo to restore order in its distribution division (see Newsmanagers of 23 August), Swiss Life has opted for an internal promotion for its financial services affiliate AWD Germany. Götz Wenker, 60, director of distribution, has been appointed as chairman of the board. He will be responsible for strategy, distribution, training, press and public relations, as well as client services and assistance. Thomas Bilitewski, 48, becomes head of the products professional areas, and of relations with partners and advising activities. He is also CEO of Horback, an AWD affiliate specialised in advising university graduates.

Family offices don’t like funds of funds much. They invest 26% of their portfolios in hedge funds, but only 1% in funds of funds, according to a survey by Infovest21 of a sample of family offices, mostly based in the United States, during July. Fees have not a demonstrable influence on the opinions of family offices about funds of funds, which nonetheless charge lower commissions than hedge funds (management commissions of 1%, instead of 1.6% for hedge funds, and performance commissions of 7.8% rather than 18.9%). Nearly 60% of family offices say that their commissions have held stable since last year, while 20% say that commissions have been lowered, and 20% that outperformance commissions have fallen. On average, family office managers have stakes in 23 hedge funds. Though they differ as to the primary purpose of these funds (absolute returns, risk reduction, diversification), family offices generally have a highly favourable opinion of hedge funds (two thirds). Only 4% have a negative opinion of them. The preferred products of family offices are long/short equities and event-driven products, as well as emerging markets strategies.

Several of the largest British management firms are making tens of millions of pounds from using their clients’ capital for securities lending, according to a study by the wealth management firm SCM Private, the Guardian newspaper reports. The SCM study finds that 19 of the 20 companies studied had terms and conditions in place which allow them to lend out up to 100% of their clients’ equities, and half of the sample had participated in securities lending. According to the research firm Data Explorers, global earnings from securities lending operations last year totalled about GBP4.5bn, of which about GBP850m were in the United Kingdom. Of this latter total, a considerable but unknown proportion involved retail funds. The co-founder of SCM, Gina Miller, tells the newspaper that many investors are not aware that management firms are legally authorised to put 100% of their capital at risk for these securities lending operations. “Complete and comprehensive information should be required in order to protect investors. From our point of view, the minimal levels of information and protection for retail investors under British legislation are completely unsuitable,” Miller says.

The number of British people planning to retire between the ages of 66 and 70 doubled last year, from 5% to 11% this year, according to a study by ICM on behalf of Baring Asset Management. The survey, undertaken by ICM, spoke to 1589 adult, actively employed British people between 1 and 3 July 2011. The study also finds that 10% of the active population, equivalen to about 3.5 million people, are not planning to retire, while 36% of them (12.8 million people) are unable to say at what age they will want to retire from active life. More than one third of active British people (37%) are planning to retire later than the age of 61. This is an 11% increase compared with last year’s figures. Meanwhile, the number of people planning to retire between the ages of 56 and 60 fell further this year, to only 11%, whereas more than 30% were planning to do so in 2008, before the financial crisis triggered by the collapse of Lehman Brothers. A more troublesome development is that among the active population aged 65 and over, one quarter of respondents, who would be equivalent to a population of nearly 260,000, say they have no plans to retire, and 10% of the 55-64 year old age range (514,000 people) say that retirement is an “impossibility.” The number of women planning to retire between the ages of 66 and 70 more than doubled between 2010 and 2011, from 4% last year to 9% this year. A lengthening life expectancy certainly has some relation to these developments, which the economic environment has probably accentuated. “The cost of living continues to increase, which is raising the cost of retirement, and driving a larger portion of the population to put of retirement for a few years,” says Marino Valensise, CIO of Barings, who predicts that the trend will continue.

Nick Little has been named, with effect from 1 September 2011, as co-manager of the BlackRock UK Fund, alongside existing manager, Mark Lyttleton. His promotion recognises his experience in managing Core UK equity portfolios over the past seven years for institutional clients, during his ten years with the company. The BlackRock UK Fund currently has GBP444 million assets under management having launched almost 20 years ago. The Fund’s investment philosophy will remain unchanged.

Dipankar Shewaram has resigned from Western Asset Management, an affiliate of Legg Mason specialised in bond management, where he had been head of non-US credit and manager of the Legg Mason Western Asset Global Credit Absolute Return fund, based in London. According to information received by Newsmanagers, Shewaram is planning to create a new entrepreneurial business. The management of Shewaram’s former fund will now be taken over by Mike Buchanan, head of global credit, and Prashant Chandran, global head of derivatives. They will adhere to the same management strategy, the management firm says.

RBC Dexia Investor Services has announced the expansion of its Market Products and Services team with the appointment of Paul Luff as director, portfolio solutions. Reporting to Blair McPherson, head of portfolio solutions, he will work with key clients to tailor bespoke offerings that leverage the breadth of portfolio solutions available from the company. Paul Luff joins RBC Dexia from UBS Investment Bank, where he was most recently a senior relationship manager in its FX business.

In November, John Brett, director of sales & marketing at Scottish Widows Investment Partnership (SWIP), will become global head of distribution at Aberdeen Asset Management, Fundweb reports. Brett will succeed Chris Ellyatt, global head of business development, who has resigned after nine years at the business.

Asset management bosses are unusually glum, the Financial Times observes. Not only are the markets in torment, but asset management companies are increasingly under pressure from clients who are turning to investments other than funds (ETFs, structured products), and are calling for lower fees. In private, asset management firm heads are concerned about erosion of their profits, due to falling returns and fees. Jupiter, for example, last month announced that it is it expects its average fee per asset under management to fall 2 to 3 basis points a year.