On 13 June, Camilla Crowe began in her new position as head of consultant relations at Threadneedle, in which she reports to Madeline Forrester, head of global institutional business. She will be based in London, and joins from DB Advisors (Deutsche Bank group), where she was in charge of relations with consultants and institutional investors in the United Kingdom.

Few groups have not dedicated a part of their time in presentations at general shareholders’ meetings this year to the subject of sustainable development and CSR, according to the AGM 2011 survey by DLA Piper and Capitalcom. Year after year, sustainable development is occupying an increasingly large place in addresses by directors, who, as in 2010, dedicated an average of 7 minutes to the topic, nearly twice as much time as in 2009, and in discussions with shareholders, with a total of 10% of questions asked. Most of the time, the subject was in connection with strategy presentations. A growing number of businesses are presenting extra-financial indicators and quantitative objectives at their general shareholders’ meetings.In 2011, businesses continued their pedagogical efforts in their presentations on governance, with a large number of groups making an effort to raise the awareness of their shareholders about the composition and functioning of their boards, and to show them a summary of their efforts.What is surprising is that again this year, even in the midst of an unprecedented crisis, risk management was largely absent from directors’ speeches at general shareholders’ meetings. Businesses which dared to present a map of their risks, or to lay out their procedures to anticipate and manage risks remain a minority. However, directors did not hesitate to speak on topics which are often considered sensitive, such as changes to growth rates in Europe and newer economies.

To settle legal proceedings, the board of Bank of America (BoA) is reported to have voted on 28 June to approve a settlement with 22 investors, including BlackRock, MetLife and the Fed of New York, who hold mortgage securitisations sold by the bank initially for USD105bn, before the residential real estate crisis, the Wall Street Journal reports. BoA is reported to have agreed to pay USD8.5bn to these “high profile” investors. BoA will be presenting its second quarter results this Wednesday.The deal may well encourage mutual fund managers, insurers and investment partnerships to seek similar arrangements with major banks in the US, on the grounds that billions of dollars in securitisations purchased before the collapse of the real estate markets did not fulfil the promises of the vendors, or that they were badly managed.

Tressis on 28 June unveiled Tressis Gestión, the asset management firm which will replace Valorica, and which is starting up with EUR75m in assets under management, Cinco Días reports. Jacobo Blanquer, «delegate chairman», says he is confident the firm will have over EUR100m in assets by the end of this year.Tressis has taken over management of the two Spanish-registered hedge funds Valorica Global and Valorica Macro, which are now entitled Adriza. In addition, the firm manages the diversified fund Harmatan Global, which replicates the conservative portfolio Tressis SV, and which had previously been managed by BPA Global Funds Asset Management, Expansión reports.

The European bond trading platform MTS announced on Tuesday, 28 June that it has granted an exclusive license to DB x-trackers to create ETFs replicating its Italian government bond indices. The DB x-trackers ETFs will be based on three MTS Italy ex-Bank of Italy indices, a statement says: MTS Italy BTP ex-Bank of Italy, MTS Italy BOT ex-Bank of Italy, and MTS Italy Aggregate ex-Bank of Italy.

The two groups Humanis and Novalis Taitbout on 28 June announced that they have taken a “decisive step” to move forward with their plans to merge. In line with an agreement dating from July 2009, a merger agreement, unanimously approved by the two associations at general assemblies and each of their member institutions, has been sent to the Agirc Arrco and CTIP federations, meaning that consultations with representatives of employees of the two groups may now begin.The move comes as part of an ongoing cooperation project between the groups, which have known one another and worked together for some time, including the creation of ALCARA (the Agirc Arrco Factory Retirement scheme), joint projects in the area of social action, deployment of the Pléi@de personal insurance IT system, and development of international insurance activities via the Welcare company.The two partners say that they are planning to join forces to build one of the top groups in social protection.The merger plans arise from the firms’ will to found a new group on the basis of their joint mutualist model. While respecting the requirements of the market, the group will aim to satisfy clients (businesses, active and retired employees) in the best service of their interests, while also valuing employees. There is a strong and federative social contract for the 6,516 employees throughout France.Decision-making powers have unanimously decided that due to its symbolism, the name HUYMANIS will be the one used for the future group. As a name, HUMANIS carries the message of engagement, to “place the human being at the core of our strategy,” of the group as a whole.

Standard Life Investments on 28 June announced that it has appointed Séverine Laffineur as European portfolio manager. Laffineur, who previously worked at LaSalle Investment Management in Paris, will join the Paris office of Standard Life Investments on 18 July. Laffineur will be responsible for instigating acquisitions in European real estate as well as asset management for existing investments. Real estate assets at Standard Life Investments total EUR11.4bn.

At a presentation of its “quarterly outlooks” for Q3 on 28 June, Groupama Asset Management took a generally calm attitude in the face of many ambient uncertainties worldwide and on the markets. In the words of Philippe-Henri Burlisson, director of fundamental management, “we shouldn’t expect the same bad news twice.”Ultimately, explains Antoine de Salins, CIO, “we have picked up a few more equities, and we have 5% cash.” Compared with the Management and Strategy newsletter published the same day on the management firm’s website, it appears that the model portfolio has developed a little more in favour of equities, which are decidedly inexpensive at present, with an exposure of 52% in a balanced allocation, while the percentage was limited to 43%, down from 47%, for fixed income (while money market instruments continue to represent 5%).Specialists at Groupama are “selectively” positive about equities, and neutral on credit. Overall, they remain prudent, as they have been since the beginning of this year, which has brought the consensus gradually into line with the outlooks laid out by the team based in Paris in rue de Miromesnil.

La Compagnie Financière Edmond de Rothschild announced on Tuesday, 28 June that it has added to its financial management with the recruitment of Cynthia Tobiano as director of finance and development. Tobiano “will aim to assist the group with its growth policy, particularly internationally,” a statement says, adding that she will begin in her new role after a transitional period in conjunction with the current director, Jean-Louis Chemarin, who is retiring. Tobiano, 34, has spent her carrer thus far at Goldman Sachs in London and Paris in investment banking. She was previously a partner in Paris, before becoming vice president of the mergers and acquisitions team in Paris and London.

Lisa O’Connor, who had been associate director, UK institutional sales at Russell Investments, has been recruited as European head of consultant relations for Axa IM, in the team which now includes five people led by Tim Gardener, global head of consultant relations. Gardener says that the team is now complete, and is organised by global regions: North America, Europe, and Asia. O’Connor will aim to develop and maintain relations with consultants throughout Europe.

UBS on 27 June announced that it has listed the new MSCI Agriculture SF swap-based ETFs in Swiss francs, euros and US dollars, and the MSCI Emerging Markets swap-based ETF in US dollars, on the SIX Swiss Exchange. The objective of the MSCI Agriculture SF swap-based ETF is to reproduce the performance of the UBS Bloomberg CMCI Agriculture Total Return index. The fund synthetically replicates the performance of the index by investing in a swap. UBS says that all of the fund’s exposure to swap counterparties are 105% covered with collateral which is eligible for OPCVM mutual funds. The objective of the MSCI Emerging Markets swap-based ETF is to reproduce the absolute net performance of the MSCI Emerging Markets index.

The JP Morgan group on 27 June announced that it has been selected by Pimco to distribute five ETFs from Pimco, which are registered in the United States, on the Mexican stock exchange. The five ETFs concerned are the PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ), PIMCO Broad U.S. TIPS Index Fund (TIPZ), PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ), PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ) and PIMCO Investment Grade Corporate Bond Index Fund (CORP).

The current second in command at Credit Suisse Geneva will be joining UBS on 1 July this year, Agefi Switzerland reports. Jean-François Demierre has been appointed as head of the Private Wealth Management (PWM) segment and the Executives & Entrepreneurs (E&E) desk. He will thus be leaving his position as assistant to the head of the onshore private banking entity of Credit Suisse in Geneva, where he has been for over seven years, and his position as head of the centre of expertise including real estate financing and Wealth Planning activities.

The US group Invesco announced on 27 June that it has recruited Fredrick Cygnaeus as head of wholesale distribution for Scandinavia. Cygnaeus, who will be based in Invesco’s new offices in Stockholm, will begin on 16 August this year. Before joining Invesco, Cygnaeus spent nine years at Fidelity as head of retail and institutional clients for Scandinavia.

At a time when retirements are presenting a major challenge, the European asset management industry is cruelly inefficient, James Broderick, CEO of J.P. Morgan Asset Management Europe, has said at the first plenary session of the Fund Forum International, being held this Tuesday to Thursday in Monaco. Broderick claims that there are too many management firms and too many funds in Europe. “We need to find a way to reduce the number of management firms and funds,” he opined.One of the solutions, says Broderick, may be to introduce regulations which would require management firms to undertake an audit of their funds when they fail to respect certain criteria for size, profitability and performance.Currently, the obstacles to a reduction in the number of funds are largely fiscal, says Elizabeth Corley, CEO of Allianz Global Advisors Europe. She also points out that most small funds are managed by small management firms. Another factor holding back mergers of these funds is that funds must approve such moves in shareholder votes.Concerning concentration of management firms themselves, the process is being held back by the fact that the sector does not require much in the way of owners’ equity. “Thus, the cost for a bank or insurer of retaining a management firm is very low,” explains Corley. The price paid for a management firm is low, as the market values the assets and not the firm in and of itself. “The less you are obliged to do it, the less you will be inclined to sell,” Corley says. In addition to that, there are political pressures in some countries which want to retain their national champions.When asked about this issue by Newsmanagers, Martin Gilbert, CEO of Aberdeen Asset Management, responds that the funds now on offer are too abundant, while only a small portion of the funds on sale attract subscriptions. As to whether there are too many management firms, Gilbert responds that there are many firms which are poorly managed, at any rate, as they have very low operating margins.

Abante Asesores has recently presented its new fund of high-performance managers, Smart-ISH (see Newsmanagers of 7 June). The management firm has now announced the names of the first 16 «artist’s» funds and Sicavs selected for the portfolio (which may include up to 20 positions).In decreasing order of weight, they are:- Belgravia Beta Sicav, by Carlos Cerezo- Bestinver Internacional, by Francisco García Paramés, Álvaro Guzmán and Fernando Bernad- Ibercaja Alpha, by Alberto Espelosín- Koala Capital Sicav, by Marc Garrigasait- Ángulo Verde Sicav, by Alejandro Muñoz and Guillermo Nieto- Elcano Inversiones Financieras, by JJ Fernández and Marc Batlle- Cartesio Y, by Juan Antonio Bertrán, Cayetano Cornet and Álvaro Martínez- Arenberg Asset Management Sicav, by Pablo González- Valor Absoluto Sicav, by Luis Bononato and Olivier Tinguely- Equilibria Investments, by Carlos Arenillas- BPA Fondo Ibérico Acciones, by Gonzalo Lardiés- Espinosa Partners, by Jaime Espinosa and Íñigo Espinosa - Gesconsult Renta Variable Flexible, by Alfonso de Gregorio- Mutuafondo Bolsa, by Ricardo Cañete- Solventis Eos Sicav, by Christian Torres- Toro Capital Sicav, by Javier Bohórquez and Jorge Cruz

Barclays Spain is offering the Pension Plus 2, a retirement savings plan from CNP Barclays Vida y Pensiones which guarantees initial capital and returns of 16% after five years, or 3.01% of TEG, until 19 July, Funds People reports. Subscriptions may be closed once assets reach EUR30m.

State Street Corporation on 27 June announced that Brandes Investment Partners has asked it to extend its services (custody, accounting, financial reporting, tax, securities lending, etc.) to its pooled funds, totalling CAD1bn in assets.

Le gouverneur de la Réserve fédérale de Dallas, Richard Fisher, a indiqué lors d’un discours à la Chambre de Commerce de Dallas que la croissance du PIB américain au deuxième trimestre pourrait se monter à 4%.

Un juge américain du tribunal des faillites a estimé que les fonds nourriciers ayant perdu de l’argent dans le montage de Ponzi orchestré par Bernard Madoff ne pouvaient pas être considérés comme des clients de l’escroc américain. Ces fonds ne sont donc pas éligibles à une aide maximale de 500.000 dollars provenant d’un fonds fédéral destiné à aider les clients de courtiers en faillite.

Le nouveau gouvernement de centre-droit a présenté au parlement un programme sur trois ans comprenant plusieurs cessions d’actifs

La ministre française de l'économie et des finances entamera son mandat à Washington le 5 juillet dans un contexte politique européen tendu

Le véhicule d’investissement du gouvernement mis en place par la ville de Shanghai destiné à financer la construction d’infrastructures et les investissements immobiliers, pourrait ne pas être mesure d’honorer ses échéances de dette de ce mois-ci et demander une extension, indique le Hong Kong Economic Journal qui ne cite pas ses sources.

80 % des détenteurs de la dette grecque arrivant à échéance d’ici à juillet 2014 devraient répondre présent pour que les propositions françaises soient efficaces.

Selon un document de la FBF, 80 % des détenteurs de la dette privée échue d'ici à 2014 devraient répondre présent pour que le plan soit efficace

La Finanzagentur placera au troisième trimestre 60 milliards d'euros contre 71 milliards annoncés, en taillant dans les volumes de bons du Trésor

Ils ont progressé en avril pour la première fois depuis huit mois. Mais le chemin vers la reprise du marché sera encore long

Des changements dans sa méthodologie vont amener des hausses de 1 à 3 crans pour la plupart des tranches seniors, de 1 à 5 crans pour les autres

Le poids de la dette des collectivités chinoises a progressé de 13 points à 27 % du PIB depuis 2008 pour une dette totale stable à 80 % du PIB

CDC Entreprises participe, pour le compte du FSI, au premier closing du FCPR Cathay Capital II. Dans la continuité de son prédécesseur, ce fonds de deuxième génération, investira dans des entreprises de croissance pour lesquelles il aura la conviction de contribuer à leur développement, notamment par leur internationalisation sur un axe France-Chine.