European investors are returning to bond funds and moving away from stocks only six months after a revival in equity appetite seemed to have taken hold, says Lipper FMI in its latest Fund Flash. For the third month in a row net sales declined for the latter asset class (-EUR9bn) and improved for the former (EUR4.7bn). Indeed equity funds would have suffered outflows of nearly EUR10bn if the positive impact of ETF activity is excluded.On the fixed income side, EUR3.3bn moved into the five most successful funds (from Templeton, Alliance Bernstein, Storebrand and Pimco). On this basis it was not surprising that Franklin Templeton, a group that has the most successful bond products, again led the group rankings in terms of sales with EUR2bn. But it was UBS’ and BlackRock’s equity sales that helped them to second and third places with respectively +EUR1.6bn and +EUR1.2bn, says Lipper FMI.Commodity funds generated net sales of EUR830m in March, bringing net sales for the first quarter to EUR2.7bn, of which EUR1.4bn came from ETFs.European fund sales barely scraped into positive territory in March at EUR330m (excluding money market funds), a ten month low. With money market activity included, total industry flows fell to -EUR8.9bn.

Schroders has launched a fund which offers investors exposure to the European corporate bond market, while reducing risks related to rising interest rates, FundWeb reports. The Schroder ISF Euro Credit Duration Hedged Fund, managed by Adam Cordery, head of British and European strategies and credit, will aim to maintain long-term risks at a zero level. According to Cordery, the two most attractive segments of the market are subordinate debt from banks and corporate bonds.

The investment advising firm Vertex Capital Management has launched a new UCITS-compliant fund, the Vertex Evolution Ucits Fund, on the SEB Prime Solutions platform, dedicated to UCITS-compliant vehicles, Hedgeweek reports. It is the fourth fund to be added to the platform since its creation in September 2010. The fund from Vertex is a multi-asset class fund associated with a portfolio of external quant managers.

The New York-based Van Eck Global on 12 May announced the launch of the Market Vectors LatAm Aggregate Bond ETF (acronym on NYSE Arca: BONO). The new fund aims to replicate the evolution of the BofA Merrill Lynch Broad Latin American Bond index (Late), before fees; the index covers a portfolio of government and corporate bonds from Latin American borrowers, denominated in US dollars, euros, and local currencies. Management commission is a net 0.49%, and is contractually limited to this level until 1 September 2012.The index includes 453 issues: Brazil accounts for 36.52%, Mexico for 29.03%, Colombia for 12.19%, Venezuela for 6.50%, and Argentina for 4.17%.The new product is the 34th ETF of the Market Vectors brans, and the eighth bond product from the range.

With the Global X Fishing Industry ETF (acronym: FISN), which charges fees of 0.69%, Global X has launched what it claims is the first ETF ever dedicated to the global fishing industry. The fund replicates the Solactive Global Fishing Index, in which the three largest components as of 29 April were Cermaq ASA, Marine Harvest, and Toyo Suisan Kaisha Ltd. The two major branches of the fishing industry are commercial fishing and aquaculture.

The high yield management specialist Muzinixh has posted a net inflow in the first four months of the year of over EUR200m in France. These inflows went to all portions of the asset class. Assets under management in Paris as of the end of April totalled over EUR1bn, of which 50% were from France itself, and 50% from the other French-speaking countries of Europe (Switzerland, Belgium, and Luxembourg). Total net inflows to UCITS III funds have totalled USD1.7bn since the beginning of the year, for total assets of USD5.2bn. Assets in the Short Duration High Yield sub-fund, launched in October 2010, totalled about USD1.13bn, putting total assets under management at Muzinich as of the end of April at USD13.5bn. At a press conference, the director of the Paris office, Eric Pictet, pointed to investors’ growing interest in the asset class, particularly on the part of pension funds and insurers in France. Since the beginning of the year, financing activities (refinancing of existing bonds or loans) represented about two thirds of all issues (USD130bn). Muzinich estimates that in the next twelve months, traditional horizon funds will earn returns of 4% to 9%, barring any external shocks, and that horizon funds with a duration of less than two years will earn 2% to 6%.

David Decker, manager of the Janus Contrarian Fund, has decided to leave Janus on June 30, 2011, to establish an independent asset management firm. Dan Kozlowski, a former Janus portfolio manager, will return to the firm on June 13, 2011 to succeed him and to spearhead Janus’ alternatives product expansion. Dan Kozlowski, who was with Janus from 1999 until 2008, is the founder of Chicago-based Plaisance Capital, a boutique alternatives investment firm. He will continue managing Plaisance’s hedge fund and he will play «an integral role in managing absolute return and alternative investment products that will be developed for institutional investors», according to Janus. Veteran investor Hiroshi Yoh, who joined Janus’ Singapore office in April as manager of Asian equity strategies, will also contribute his expertise managing alternatives.During Kozlowski’s previous Janus tenure, he was an equity analyst as well as co-portfolio manager of the Janus Long/Short Fund with Decker.Janus also announced today several other portfolio management appointments, effective May 12, 2011. Dan Riff, co-portfolio manager of Janus Fund and Janus Long/Short Fund and related separate accounts, will be dedicated to managing Janus Long/Short Fund upon David Decker’s departure. Barney Wilson, assistant director of research and portfolio manager of Janus Global Technology Fund, has been appointed co-portfolio manager of Janus Fund, replacing Dan Riff. As assistant director of research, Wilson is instrumental in fostering collaboration among portfolio managers and analysts and enhancing the investment process. Brad Slingerlend, assistant portfolio manager and former co-portfolio manager of Janus Global Technology Fund, has been appointed portfolio manager of Janus Global Technology Fund, succeeding Wilson. Slingerlend’s previous tenure on Janus Global Technology Fund was from January 2006 until May 2007. He was head of the technology sector team from February 2003 until May 2007.

State Street Corporation has been appointed by Manulife Asset Management Limited Toronto to provide investment services to Manulife Asset Management Pooled Funds and Manulife Canadian Real Estate Funds, which have a total of CAD2bn in assets.

In an effort to make transactions in China, Western firms are working to launch funds denominated in Chinese yuan, on the assumption that the Chinese authorities will be less restrictive in their treatment of vehicles denominated in local currency and capital raised from local investors, than for US dollar funds from foreign investors, the Wall Street Journal reports.Goldman Sachs on Thursday signed an agreement with the Beijing municipal government to launch a fund denominated in yuan, with the objective of raising CNY5bn, or USD770m. The vehicle will be managed by the private equity unit of the US group. The Beijing municipal government already has a similar partnership with Carlyle.Morgan Stanley, for its part, will next week announce a partnership with Hangzhou Industrial & Commercial Trust Co, in which it already controls 20%. The partnership will lead to the launch of a private equity fund.The Wall Street Journal points out that TPG and Blackstone have also launched funds denominated in Chinese yuan.

The reorganisation of BBVA Asset Management (see Newsmanagers of 14 January) has led to the appointment of Gonzalo Meseguer Muñoz as director of sales and marketing. Muñoz will be in charge of promoting sales of funds and retirement savings plans via the network, brokers, and other distribution channels, in Spain and the rest of Europe, in keeping with the new geographical division of the market into three regions (Europe, Mexico, and Latin America).

Au 30 mai, Wilfred Sit, qui était head of Asia Pacific invesment strategy et CIO régional pour Asie-Pacifique chez Mirae Asset Global Investments rejoindra Baring Asset Management Asie LTD au poste nouvellement créé de CIO, à Hong-Kong. Il s’agit d’un retour aux sources, l’intéressé ayant déjà été directeur et head of Asian equities chez Barings entre 2004 et 2007.Dans ses nouvelles fonctions, ils travaillera avec Colin Ng, head of Asian equities, et Agnes Deng, head of Hong Kong China Equities. Il sera subordonné à Tim Scholefield, head of equities de Barings.La maison britannique gère plus de 13 milliards de dollars d’actions asiatiques (au 31 mars) dans des fonds et des mandats, dont 3,4 milliards de dollars dans le Baring Hong Kong China et 300 millions de dollars dans le Baring ASEAN frontiers fund.

German investors’ propensity to acquire equities in April reached its highest level in two years, according to the comdirect Brokerage index, which came in at 126.6 for last month, compared with 99.9 in March. A value of over 100 means that investors have an appetite to acquire the securities in question. The index (January 2005-December 2009 = 100) does not take into acocunt any institutional orders.The global index, which is established on the basis of buy and sell orders from 700,000 clients of comdirect bank, came in at 107.4, compared with 95.7 in March. The same was true fro bonds, with the index at 106.7 in April, and 93 the previous month. Germans also bought more shares in equities funds, with the index at 72.5, compared with 50.3 the previous month.In its comments, comdirect observes that German retail investors invested in equities at an appropriate time, as quarterly results were to be published, and that this allowed them to participate in the recovery on the equities markets. They also took advantage of periods of correction to increase their stakes. Investors with the most inclination to risk acquired bonds, which is the reason for the increase in the corresponding sub-index.

In first quarter 2011, net profits at MLP increased to EUR4.6m, compared with EUR2m in January-March 2010, on total earnings of EUR130.8m, compared with EUR121.2m.The German financial services provider, which has recently acquired the remainder of Feri, reported profits before taxes and financial charges of EUR8.6m, compared with EUR4m, despite a one-time charge of EUR3.2m, related largely to severance payments as a part of its rationalisation programme.As of the end of March, assets under management totalled EUR19.9bn, compared with EUR19.8bn as of the end of December.

In January-March, Allianz has seen a 42.9% decline in its net profits year on year, to EUR915m. Despite the natural disasters which generated the highest costs in two decades, operating profits fell by only 4.2% in first quarter 2010, to EUR1.66bn.Third-party assets under management in the asset management unit as of 31 March totalled EUR1.138trn, compared with EUR1.023trn one year previously; however, they were down compared with EUR1.164trn as of the end of December 2010. Net inflows from third parties totalled EUR14bn in first quarter 2011.Operating profits in January-March rose 13.3%, to EUR528m, while net profits were up 116%, to EUR309m. The cost-income ratio deteriorated only marginally, to 58.5%, compared with 58.2% for the corresponding period of last year.

According to the Swiss asset management firm Swisscanto Asset Management (GBP57.6bn), the Swisscanto (LU) Bond Invest CoCo fund, which will be launched on 1 June, and for which initial subscriptions are slated to open from 23 to 31 May, will be the first specialist investment fund of “contingent” convertible bonds (CoCo for short). The Luxembourg-registered fund is registered for sale in Switzerland, Liechtenstein, Luxembourg, and Austria.CoCo issuance is likely to increase, due to toughening of regulatory equity requirements for banks under Basel III. CoCos may only be converted into equities in cases of financial difficulty of the issuer; as they present higher risks than external capital, they may not simply be counted as part of the bond allocation in a portfolio (they are part of the alternative class), which restricts the circle of potential investors, but also generates higher returns. Performance projections for CoCos currently put them at 8% to 10%, and they are thus attractive both for institutional and for private investors.Since the range of CoCos on offer is currently relatively limited, the Swisscanto (LU) Bond Invest CoCo will initially invest only 6% of its assets in securities of this type. The proportion allocated to these bonds will increase as the market grows. Meanwhile, the fund will invest in subordinated banking sector bonds.The new product is available in capitalisation shares for private investors (B class) and for institutionals (J class), in Swiss francs, euros, and US dollars. Currency risks are hedged for all currencies, and there will be no performance commission. CharacteristicsName: Swisscanto (LU) Bond Invest CoCoISIN code: B class: retail; J class: institutional sharesB class CHF: LU0599119533 J class CHF: LU0599119616B class EUR: LU0599119707 J class EUR: LU0599119889B class USD: LU0599119962 J class USD: LU0599120036Management commission: 1.40% (B class)0.80% (J class)

Baring Asset Management (Barings) has appointed Wilfred Sit to the new role of chief investment officer – Baring Asset Management Asia Limited. He will be based in the firm’s Hong Kong office when he joins on 30th May.Wilfred Sit joins Barings from Mirae Asset Global Investments where he was head of Asia Pacific Investment Strategy and regional chief investment officer - Asia Pacific, before becoming head of emerging markets investment strategy. He is returning to Barings, having been director and latterly head of Asian equities at the firm between 2004 and 2007. In his new role at Barings, Wilfred Sit will lead the Hong Kong based equity team. He will work with Colin Ng, Barings’ head of Asian equities, and Agnes Deng, head of Hong Kong China equities, to build on the investment record and historic franchise of Barings in Asian investment markets. He will report to Tim Scholefield, Barings’ Head of Equities.

Assets under management for the Old Mutual group as of the end of March totalled GBP303.1bn, up 1% compared with 31 December 2010. In a statement published on 12 May, the group states that the quarter ended with net outflows of GBP2.6bn. Asset management activities in the United States came out at a net outflow of GBP3.7bn. However, inflows to emerging markets rose 13%, to GBP115m, and the British platform SIS attracted a total of GBP1.4bn, up 6%. As of 31 March this year, assets under management at Skandia UK were up 14%, to GBP34.5bn, of which GBP17.7bn were from the SIS platform.

Let none suppose that hedge funds survived the financial crisis much better than banks, the Frankfurter Allgemeine Zeitung writes. For instance, RAB Capital, which held its initial public offering on the LSE at 25 pence per share in 2004, has gone from a peak of 125 pence per share just before the crisis, to no more than 7 pence per share now.Following the end of a redemption freeze after one year, assets in the RAB Special Situations Master fell this spring to USD371m, from USD1.4bn. The fund has now shrunk to USD99m. And the star manager of the RAB Energy and RAB Octane funds, Gavin Wilson, left the firm after his products met with a similar fate.Gartmore, for its part, has not recovered from the suspension of Guillaume Rambourg by the FSA. Roger Guy, the discontented manager of the European large caps fund, will be leaving the firm this month. And Gartmore was acquired by Henderson at a price of GBP366m, 54% lower than at its IPO in 2009.

L’autorité américaine des marchés financiers ferait pression pour que des poursuites judiciaires soient engagées contre certains cadres ayant commercialisé les obligations indexées sur des créances hypothécaires ou même certains fonds d’investissement ayant titrisé ces produits et parié ensuite sur leur baisse, indique le journal qui cite des sources proches du dossier.

Le quotidien cite des sources diplomatiques pour avancer que les gouvernements de l’Union européenne s’apprêtent à sceller un accord visant à restreindre le champ d’action des ventes à découvert d’actions et de dette souveraine. Cela après avoir mis un terme aux inquiétudes que des évolutions des règles pourraient rendre plus difficile l’émission de dette par les Etats. Les gouvernements doivent pourtant encore négocier avec le Parlement, qui a entériné une version plus restrictive du projet, passant notamment par une limitation du trading sur dérivés de crédit liés à la dette souveraine. Le Parlement dispose d’un allié de poids en la personne de l’Allemagne.

Saint George Participations, actionnaire majoritaire de la société de conseil en immobilier d'entreprise, songe à racheter le solde du capital

Le quotidien indique, citant «plusieurs sources», que le Fonds stratégique d’investissement a «mandaté la banque Citi» afin d’«évaluer l’intérêt» de céder ses 8% au capital d’Aéroports de Paris. «C’est un mandat exploratoire, rien n’a été décidé» selon une source proche du dossier, une autre de l’entourage du FSI faisant valoir que «nous faisons ce genre d’examen régulièrement pour toutes nos participations».

Les actifs sous gestion de la banque privée progressent de 2% en 2011 à fin avril à 173 milliards de francs suisses

Les fondamentaux n'expliquent qu'en partie la chute des prix qui touche la classe d'actifs

D’après les données d’iShares pour « L'Agefi », les ETP émis en Europe ont absorbé 2,8 milliards d'euros de nouveaux flux en avril

Les fondamentaux n'expliquent qu'en partie la chute des prix qui touche la classe d'actifs

En évoquant cette option, le patron de l’institution pour l’Europe apporte une solution à Athènes qui ne pourra pas se financer sur le marché en 2012

L’institution financière confie à la filiale de la Caisse des dépôts la gestion de deux mandats de 15 millions d’euros chacun pour investir en Afrique

La Bourse de l’environnement, filiale de Nyse Euronext et de la Caisse des Dépôts, va mettre aux enchères 200.000 contrats CER (Credit Emission Reduction) le 18 mai pour le compte la Banque internationale pour la reconstruction et le développement (BIRD). Les unités seront vérifiées à leur source via l’initiative «Safe Harbour».

Le taux de chômage de la Grèce a grimpé à 15,9% en février contre 15,1% en janvier et 12,1% un an plus tôt, atteignant un nouveau record, selon les services statistiques nationaux. C’est le plus fort taux de chômage enregistré depuis que la Grèce a commencé en 2004 à publier chaque mois ses chiffres de l’emploi.