La banque privée genevoise Lombard Odier devrait accueillir dès le premier janvier prochain un huitième associé-gérant en la personne d’Arthur Caye. Agé de 41 ans et né à Paris, il est actuellement associé auprès du gestionnaire Capital Group à Genève, où il a notamment été responsable de la recherche financière et d’investissements, plus spécifiquement dans les domaines de la finance et de la nutrition.

Les monétaires reprennent des couleurs en avril. Selon les statistiques d’Europerformance-SIX Telekurs portant sur les fonds de droit français, l’encours de cette catégorie a progressé de 1,1 %, soit 2,97 milliards d’euros, dont 1,97 milliards pour les seuls fonds monétaires classiques. Les fonds obligataires, pour leur part, ont connu des évolutions diverses. Ceux investis dans des titres de la zone euro ont vu leur encours reculer de 0,4 % en raison d’une décollecte nette de 420 millions, partiellement compensée par un effet marché de 0,33 %. En revanche, les fonds d’obligations à haut rendement ont enregistré une hausse de leur encours, les souscriptions ayant progressé de 6,4 % (+110 millions d’euros) auquel il faut ajouter un effet marché de marché positif de 1,19 %.S’agissant des fonds actions, à l’exception de ceux investis sur les marchés américain et d’Asie Pacifique, ces OPCVM ont en moyenne vu leurs actifs sous gestion progresser. De 2,8 % pour les fonds d’actions françaises et de 3,6 % pour les fonds investis sur la zone euro. Mais attention aux effets trompeurs. Pour les catégories d’actions françaises et de la zone euro, l’encours a augmenté en avril grâce à un effet marché positif – de 3,30 % sur le marché français et de 3,36 % sur la zone euro. En revanche, ces catégories ont enregistré des décollectes nettes – de 70 millions d’euros et 280 millions respectivement.A l’opposé, les fonds américains et ceux investis sur l’Asie-Pacifique ont collecté (70 millions et 80 millions respectivement) mais l’effet marché a pesé (-1,11 % et -2,63 % respectivement). Seules exceptions : les fonds actions Europe qui ont collecté (+570 millions d’euros) tout en enregistrant des performances positives (+2,91 %) et les fonds investis en actions internationales qui affichent une collecte nette de 140 millions (+0,1 % de l’encours) mais ont pâti d’un effet marché négatif (-0,18 %).

Comme Newsmanagers l’annonçait le 12 janvier dernier, Entheca Finance va lancer Entheca Top European Manager, un fonds de fonds exposé aux actions européennes via la détention de parts d’OPCVM (jusqu’à 100% de l’actif net) gérés par des sociétés de gestion entrepreneuriales et indépendantes. L’objectif est de profiter de stock-pickers de talent intervenant tant sur les grandes que sur les moyennes et les petites capitalisations. A noter également que les différents styles de gestion seront représentés (croissance, value, rendement). Au final, le fonds vise une performance supérieure à celle de l’indice MSCI Europe, sur une durée d’investissement minimale de 7 ans. En termes de gestion du risque, chaque OPCVM ne peut excéder 20% de l’actif total du fonds et 80% des OPCVM sélectionnés présentent une liquidité quotidienne. Caractéristiques : Code isin : Part I : FR0010999771/ Part R : FR0011021112Commission de souscription : 2 % maximumFrais de gestion annuels : 1,8 % + 20 % de la performance au-delà de celle du MSCI EuropeMontant de la part : Part R : 100 €/ Part I : 1 000 000 € Montant minimum d’investissement : Part R : 100 €/ Part I : 1 000 000 € Indicateur de référence : MSCI Europe

Convictions Asset Management vient de recruter Stéphane Petit et Emmanuel d’Ythurbide, deux spécialistes des conseillers en gestion de patrimoine indépendants (CGPI) qui travaillaient précédemment pour l’actionnaire à 30 % de la société de gestion, UFG-LFP. Avec ce duo qui fait équipe depuis une dizaine d’années, la boutique française, qui gère plus de 1 milliard d’euros, crée une équipe dédiée aux relations avec les CGPI, auprès desquels elle indique se développer fortement. Stéphane Petit, nommé responsable des relations partenariat, était préalablement en charge de la clientèle CGPI et Partenaires à La Française des Placements. En 2009, il a pris la responsabilité du développement CGPI de la région Ouest de la France pour UFG-LFP. Emmanuel d’Ythurbide, en charge des relations partenariats, s’occupait précédemment de l’animation de l’activité CGPI au sein de La Française des Placements (2000-2009). En 2009 il a pris la responsabilité du développement CGPI de la région Sud-Ouest de la France pour UFG-LFP.

La société de gestion italienne Azimut vient de signer un accord pour acquérir, via sa filiale luxembourgeoise AZ International Holdings, 50 % du capital social de la Compagnie de Gestion Privée Monégasque, une société de gestion indépendante basée à Monaco qui affiche un encours sous gestion d’environ 800 millions d’euros (en comptant sa filiale italienne).Aux termes de l’accord, Azimut rachètera 30 % du capital au management de la société monégasque, qui conservera les 50 % restants, et 20 % à BSI Monaco, pour une contre-valeur de 15 millions d’euros payées en actions.Cette entrée au capital constitue le premier pas d’une collaboration plus ample entre Azimut et CGM, spécialisée dans la gestion pour une clientèle haut de gamme.

As Newsmanagers reported on 12 January this year, Entheca Finance has launched the Entheca Top European Manager fund, a fund of funds explosed to European equities via investments in shares in mutual funds (up to 100% of net assets). The funds selected are from entrepreneurial and independent asset management firms, with the objective of profiting from talented stock-pickers, in the large, mid and small cap segments. The various management styles are also represented (growth, value, and returns). The fund ultimately aims for returns higher than the MSCI Europe index, over a minimal investment duration of 7 years. In terms of risk management, each fund may represent no more than 20% of total net assets, and 80% of the funds selected must offer daily liquidity.CharacteristicsISIN code: I share class: FR0010999771/ R share class: FR0011021112Front-end fee: 2% maximumAnnual management fees: 1.8%, + 20% of performance exceeding the MSCI Europe indexShare size: R share class: EUR100 / I share class: EUR1mBenchmark index: MSCI Europe The new FCP fund is an addition to the fund range on offer from Entheca Finance, which also includes Entheca Régularité (ISIN: FR0010555920), an enhanced money market fund which aims to outperform the Eonia index by 1%, with regular management and low volatility; Entheca Pérennité (ISIN: FR0010550632), a balanced international diversified fund, which may be 0% to 75% exposed to equities markets; Entheca Rareté (ISIN: FR0010567438), an international equities fund which privileges sectors with strong growth potential, which are directly or indirectly involved in combating global warming, or in managing scarce resources.

Entheca Finance on 10 May announced the launch of the FCP Entheca Top European Manager, whose creation was reported by Newsmanagers earlier this year (12 January 2011). The new fund, which is eligible for PEA tax status, is exposed to European equities via investment in OPCVM mutual fund shares (up to 100% of net assets). The fund uses an original approach, which involves selecting exclusively mutual funds from entrepreneurial and independent management firms, meaning those firms which are not majority owned affiliates of institutional financial groups. The investment strategy is the result of two observations: on equities markets, the past decade was a “lost decade” for investors in index-based management. However, it was a partticularly strong period for investors in active and diversified management, due to the contribution of small and midcaps. The Entheca Top European Manager fund will select conviction-based managers, whose stock-picking on the basis of capitalisation size (small, medium and large caps) and management style (growth, value, returns) allows them to outperform the major indices over a complete market cycle. The fund aims for higher returns than the MSCI Europe index, over a minimal investment duration of 7 years.

Since 12 April, German investors may subscribe to shares in the new Luxembourg-registered, UCITS-compliant fund Robeco Emerging Conservative Equities, which Robeco Germany released for active sales on 10 May. Assets now total EUR21m.The fund of emerging markets equities has no benchmark index, and volatility of less than 30% on average, while retaining potential for outperformance. Investments are based on the “low value anomaly” theory developed by Pim van Vliet, who oversees risk management for the fund, and David Blitz; the theory demonstrated that a lower level of risk does not necessarily result in a reduction in performance. The manager in charge of stock-picking is Arlette van Ditshuizen.The fund is configured in such a way that it may be expected to outperform in falling, stagnant and slightly positive markets. However, in rapidly rising markets, the conservative equity method will tend to underperform, as it would have done in 1997 and 1999. The methodology has been in use since 2006 for the Robeco Global Conservative Equities fund, and since 2007 for the Robeco European Conservative Equity fund. Backtesting shows that the strategy would have nearly completely avoided losses in 2000 and 2002; in 2008, losses would have been considerably reduced.Robeco manages emerging markets funds totalling about EUR17bn (as of the end of April).CharacteristicsName: Robeco Emerging Conservative EquitiesISIN code: LU0582533245 (D share class)Front-end fee: 5% maximumManagement commission: 1.25%Service commission: 0.12%

As a part of a regular update of its product range, Union Investment on 31 May announced that its fund suite will be marginally redeployed. The UniConClusio: European Equities A fund, which is a share class in an institutional fund, with assets of only EUR12m, will be liquidated. Institutional shares will continue to exist, while retail investors may instead opt for the UnionGeldmarktFonds (EUR768m).The UniDoubleChance (EUR3m) fund will be absorbed into the UniValueFonds: Global A, with EUR354m, while the UniEuroFlex (EUR142m) will join the UniMoneyMarket: Euro (EUR1.39bn), and the UniEuroRenta Corporates T fund (EUR64m) will be merged into the UniEuroRenta Corporates A (EUR187m).

After two months of net outflows, savings in equity funds sold in Sweden showed positive inflows again in April, a total of SEK 9.3 billion (about EUR1bn), according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. A good part of inflows went to funds investing in Swedish equities, which took on slightly over SEK3bn (EUR335m). Balanced funds recorded net inflows of SEK 4.2 billion (EUR469m). Bond and money market funds, however, both recorded net withdrawals during the month of SEK900m and SEK5.7bn, respectively (EUR100m and EUR637m). Overall, in April, Swedish funds posted net subscriptions of SEK7bn (EUR782m). So far in 2011, total net sales of fund amounted to SEK 14.6 billion (EUR1.6bn). As of the end of April, the Swedish fund industry had assets of SEK1.968trn (EUR220bn), of which SEK1.178trn (EUR132bn) were managed in equities funds.

In the sustainable development section of its 2010 annual report, DekaBank, the central asset management firm for the German savings banks, says that total assets in its sustainable development funds, including the fund of funds DekaSelect Nachhaltigkeit, the equities fund Deka-UmweltInvest (environment) and the diversified fund Deka-Stiftungen Balance (aimed at charities), at the end of December had EUR1.2bn in assets, which represents an increase of 82% in one year.Deka has also announced that in March 2011 it officially signed the Equator Principles (which deal with project financing), and the United Nations Global Compact. The manager says that it has been internally adhering to the Equator Principles for two years already.

The Abu Dhabi sovereign fund, Abu Dhabi Investment House (ADIH, USD1.5bn in assets) has bought a 50% stake in the management firm Middle East Best Select, based in Bremen, the Frankfurter Allgemeine Zeitung reports.Initially, the German investment firm will raise USD50m for a cancer treatment centre in Abu Dhabi. Other funds totalling USD1bn are planned by the end of the year, to invest in real estate and realty projects, as well as in the healthcare sector in the Gulf region. The firm also plans to acquire minority stakes in German firms, involving German technologies in the healthcare, renewable energies and agricultural sectors, in order to help countries in the Gulf region to prepare for the “post-oil” era.

The US management firm BlackRock has announced the creation of a position in the United Kingdom for a head of nationals & networks. The position will be occupied by Sanjay Gobil, who was most recently in charge of relationship development for IFAs and IFA networks at Friends Provident. Gohil will report to Mark Elliott, head of UK retail sales.

Threadneedle has named Irina Miklavchich as fund manager of the GBP130m Threadneedle Global Emerging Markets Equity Fund from 1 May 2011, following her appointment to the company in February this year. The fund has been co-managed by Vanessa Donegan, head of Asia (ex Japan) and Global Emerging Markets Equities, and Rafael Polatinsky, fund manager, since September 2010. They will continue to support Irina Miklavchich with idea generation for the asset class through Threadneedle’s integrated team approach. Irina Miklavchich joined Threadneedle earlier this year from Goldman Sachs where she worked for eight years within the Global Emerging Markets and Principal Strategies groups. She will be taking responsibility for other Emerging Markets portfolios at a later stage.

The post-market solution provider Omgeo on 9 May announced the launch of a trading forum, the Hedge Fund Operations Forum (HOF), dedicated to the best operational practices for hedge funds based in the United Kingdom.Among the founding members of the forum are BlueBay Asset Management, Cairn Capital, Cheyne Capital, CQS, Marshall Wace, and RAB Capital.

Four funds out of eight will be maintained until next year in the portfolio of the guaranteed fund of funds Santander Superselección (EUR320m), when its annual mandates are renewed. The changes will come into effect on 13 May, and the next revision will take place in March 2012. The funds retained are The Alger American Asset Growth fund, with a weighting of 1.8% (compared with 4.5% until 13 May 2011), the Allianz RCM US Equit, at 18.8% (compared with 20.5%), the BGF Euro Bond Fund from BlackRock, at 29.4% (compared with 27.1%), and the BL Global Bond Cap from Banque du Luxembourg, at 5.8%, compared with 4.42% (see Newsmanagers of 10 May 2010).The new funds added to the portfolio are the Jupiter European Growth, at 11.2%, the Franklin European Growth, with 13.8%, the BNP Paribas Opportunities USA, with 4.4%, and the Schroders ISF Euro Bond, with 14.6%.Management commissions for the fund, which were raised last year to 1.66% from 1.61% in 2009, will be reduced this year to 1.5%.

In first quarter 2011, Corporación Financiera Alba, the investment vehicle for the March family, in a filing to the CNMV declared net profits of EUR187.3m, which represents a 137% increase over the corresponding period of last year. These profits came largely from a pre-tax capital gain of EUR187.5m, related to the sale of a 5% stake in ACS in early February for EUR535.2m. The investment generated an internal annual rate of return of 18.2% over 17 years. Alba remains the largest shareholder in ACS, with 18.3% of capital.In April, the firm paid out a one-time dividend of EUR3 per share, in addition to the ordinary dividend of EUR1.

Raiffeisen International Fund Advisory GmbH has received a sales license in Italy for the Raiffeisen 337 – Strategic Allocation Master I fund, Bluerating reports. The product is a flexible fund investing in Raiffeisen funds and funds from other management firms (including ETFs), global equities and bonds, as well as commodities and money market assets. The fund will be available from 130 distributors.

The Geneva private bank Lombard Odier on 1 January next year will welcome an eighth managing partner. Arthur Caye, 41, was born in Paris, and is now a partner at the management firm Capital Group in Geneva, where he was responsible for financial and investment research, more specifically in the areas of finance and nutrition.

The Hennessee hedge fund index gained 1.3% in April, while the S&P 500 index gained 2.9%. In the first four months of the year, the index has gained 3.8%, compared with 8.4% for the S&P 500.The Lyxor index also rose, with gains of 1.37% in April, and 2.14% since the beginning of the year.The HFRI Fund Weighted Composite index, meanwhile, gained 1.86% in April, with positive contributions from all strategies. Macro strategies were the best performers, with gains of 3.36%.

Investment Week reports that Royal London Asset Management has launched a UK ethical fund, which will be managed by Bradley Mitchell. The UCITS III-compliant fund will invest in a concentrated portfolio of 40 to 60 positions, and will aim for annual returns 2% to 3% higher than the FTSE All-Share index. Front-end fees are 4%, and management commissions are set at 1.4% per year for a minimum investment of GBP1,000.

FundWeb reports that Generation Asset Management (G2AM), the management firm founded about a year ago by the Geneva-based bank Generation Groupe and the Canadian firm Arrow Capital Management, is awaiting regulatory approval to launch its first fund. The new vehicle will be a UCITS-compliant fund, which will be based in Luxembourg and dedicated to emerging markets.

The Florida-based hedge fund Dunn Capital Management, a CTA fund with assets under management of about USD1bn, is planning to launch a UCITS III-compliant version of its flagship fund World Monetary and Agriculture (WMA), Citywire reports. The fund may be launched as soon as 1 July. Since its launch in 1984, the WMA fund has earned annualised returns of 14.61%.

Citywire reports that DUNN Capital Management, a hedge fund firm based in Florida, with USD1bn in assets under management, will launch a UCITS III-compliant version of its global money market and agriculture fund. The WMA UCITS Fund will be based on the MontLake UCITS platform from ML Capital.

State Street on 10 May announced the appointment of Craig Butterworth to the newly-created position of head of fixed income product sales for the Europe, Middle East and Africa (EMEA) region.Butterworth will be head of the sales team at State Street Global Markets dedicated to fixed income products, and will aim to develop fixed income activities serving existing clients and new clients. He will be based in London, and will report to Jon Thoresen, head of interest-bearing assets for fixed income products for Europe, the Middle East and Africa, and Peter Turk, global head of fixed income product sales.State Street Global Markets in 2010 launched its interest-bearing asset activities for fixed income products in response to demand from the market and to opportunities to integrate and diversify brokerage strategies. The operation, which provides interest transactions for fixed income products and sales coverage of institutional clients, now has over 60 professionals on the ground, largely in the United Kingdom and the United States.Butterworth was previously at Royal Bank of Scotland (RBS), where he spent seven years, most recently as CEO in charge of sales of interest rate flows for British funds and hedge funds.

Italian victims of the Bernard Madoff fraud have decided to join forces to file suit against Zolfo Cooper, the British trustee for the feeder fund Kingate Euro, in an effort to get their money back or participate in a distribution of USD9bn that has already been recovered in the United States, Il Sole – 24 Ore reports. Kingate Euro had assets of USD800m, of which USD500m came from Italian investors (institutionals, funds of funds, and private clients). The managers of the fund were two Italians, Carlo Grosso and Federico Ceretto.

Convictions Asset management has hired Stéphane Petit and Emmanuel d’Ythurbide, two specialists in relations with French independent financial advisers, who previously worked for the 30% stakeholder in the firm, UFG-LFP. With the two men, who have been working together for over 10 years, the French boutique, which has over EUR1bn in assets under management, is creating a team dedicated to relationships with financial advisers, a market segment in which it is hoping to grow strongly. Petit, who has been appointed head of partnership relationships, was preivously head of IFA clients and partners at La Française des Placements. In 2009, he became head of IFA development in the western France region for UFG-LFP. D’Ythurbide, who will take charge of partnership relationships, previously led IFA activities at La Française des Placements (2000-2009). In 2009, he became head of IFA development for the south-western France region for UFG-LFP.

The Italian asset manager Azimut, through its Luxembourg subsidiary AZ International Holdings sa, reached an agreement for the acquisition of a 50% stake in CGM (Compagnie de Gestion privée Monegasque sam), an independent asset management company which, also with its Italian subsidiary, holds total assets for around EUR800 million. According to the signed binding contract, Azimut will buy a total 50% stake, of which 30% from CGM’s current management (who will keep the remaining total 50%) as well as an additional 20% previously held by BSI Monaco. The consideration paid is around EUR15 million and it will be entirely constituted by treasury shares; the exact amount of these will be according the share price of Azimut Holding at the closing date, which will be after obtaining the regulatory approval. The entrance in the shareholding is the first step of a broader cooperation and partnership between CGM, (headquartered in the Principality of Monaco and characterised by services targeting UHNWI) and the Azimut Group, also in the perspective of its international expansion.

NiXEN Partners (plus de 60% du capital) et Crédit Agricole Private Equity (20% du capital) ont annoncé leur désengagement du fabricant de bouteilles, carafes et flacons en verre au profit d’Astorg Partners. La société, leader sur le créneau du haut de gamme, a réalisé un chiffre d’affaires de 280 millions d’euros en 2010. L’opération devrait être finalisée d’ici fin juin.

A l’occasion des discussions avec les Etats-Unis, la Chine a fait voeu de permettre un accès plus libre de son marché aux contrats intergouvernementaux ainsi qu’aux fonds de gestion collective américains. «Nous entrevoyons des évolutions très prometteuses de la part de la politique économique chinoise» s’est félicité le secrétaire américain au Trésor Timothy Geithner.