Selon La Tribune, après dix années de procédures civiles, les épargnants du Cref seront indemnisés. La Cour d’appel de Paris a condamné l’ex-mutuelle de retraite de la fonction publique (MRFP), qui gérait le Cref, pour défaut d’information vis-à-vis de ses adhérents. Elle devra payer aux requérants une indemnité correspondant environ à 10 % des sommes demandées par les plaignants, soit un montant de 1.000 à 2.000 euros par personne en moyenne.

Calao Finance poursuit son recrutement de spécialistes et annonce la nomination de Jean-Paul Gillyboeu, qui devient conseiller aux investissements de la société de gestion française spécialisée dans la gestion de fonds de capital investissement généralistes et thématiques. Cet ingénieur général de l’armement, ancien directeur général des systèmes d’informations et de communication du Ministère de la Défense apportera son expertise à l'équipe du FCPI Innovation Stratégique dans l’analyse des PME développant des hautes technologies stratégiques ou sensibles dans les domaines de l’aérospatial, des télécommunications et dans les applications technologiques dites « duales ».

La société indépendante Assya compagnie financière a indiqué le 2 mai à l’occasion de la publication de ses résultats annuels, qu’elle se préparait à franchir une nouvelle étape majeure dans son développement avec non seulement l’intégration d’une entreprise d’investissement indépendante basée en Grèce, Eurocorp Securities, mais aussi avec l’ouverture de deux nouvelles filiales dédiées à la gestion de fortune à Genève et à Monaco.Ces nouveaux développements modifient significativement le périmètre du groupe au premier semestre 2011 avec désormais la consolidation de l’activité «Asset Management» avec près de 350 millions d’euros d’encours sous gestion et un positionnement sur les principales places de gestion d’actifs, souligne le groupe dans un communiqué. L’an dernier, le résultat net part du groupe s’est élevé à 3,3 millions d’euros contre un résultat net négatif de 9,1 millions d’euros l’année précédente. La plus-value de cession de sociétés du groupe Privera (participations non stratégiques) associée à la revalorisation d’actifs immobiliers du groupe pour un montant global de 10,2 millions d’euros participent pleinement à cette performance, précise le communiqué. La société relève enfin qu’elle compte «poursuivre sa stratégie de croissance externe, saisir les opportunités de création de valeur autour des services financiers et fédérer des acteurs indépendants autour de son projet d’expansion».

Crédit Agricole Cheuvreux a annoncé le 2 mai la nomination de Luca Solca en tant que responsable de la recherche Europe. Basé à Paris, l’intéressé sera rattaché à la direction générale de CA Cheuvreux. Luca Solca a occupé, pendant six ans, le poste de responsable sectoriel Luxe et Distribution chez Sanford C. Bernstein.

A fin décembre, DekaBank Luxembourg (720 millions d’encours, dont 680 millions sous forme de fonds Deka) a acheté LBBW Lux et WestLB International. A présent que les caisses d'épargne allemandes sont les seuls actionnaires de DekaBank, elles ont demandé à leur gestionnaire central, selon la Frankfurter Allgemeine Zeitung, d’acheter aussi la LB Lux, filiale de la BayernLB.Comme les Landesbanken ont reçu des subventions, Bruxelles les contraint à se défaire de leurs filiales et les caisses d'épargne veulent éviter que ces banques privées lucratives soient rachetées par la concurrence. L’idée est alors de constituer au Luxembourg un pôle de banque privée crédible auquel les caisses d'épargne allemandes pourraient adresser leurs clients haut de gamme peu convaincus de leur professionnalisme en Allemagne. En partageant les commissions à 50/50.

Suite à l’accord conclu entre les sociétés de gestion américaine Brandes Investment Partners et danoise Sparinvest en début d’année (voir NewsManagers du 13/01/2011), un nouveau fonds vient de voir le jour ce lundi 2 mai : Sparinvest - Corporate Value Bonds. Il s’agit d’un OPCVM d’obligations d’entreprises value géré conjointement par les deux entités. Les émetteurs nord-américains sont sélectionnés par Brandes, basée à San Diego, alors que Sparinvest choisit les émetteurs du reste du monde. Le portefeuille du fonds compte entre 80 et 120 titres de toutes catégories.Caractéristiques : Code ISIN (classe R) : LU0620744002Code ISIN classe EUR I : LU0620744770 Frais de gestion classe R (client privé): 1 % Frais de gestion classe I (client institutionnel): 0,55%Droits d’entrée : jusque 2 % pour la classe R %, 0% pour la classe IDroits de sortie : 0% pour les deux classes

Les classements fournis par amLeague concernant ses deux mandats de gestion lancés le 30 juin 2010 – Europe equity fully invested et Euro equity fully invested – consacrent, sur le vieux Continent, Mandarine Gestion. Sur le mois d’avril, depuis le début de l’année (*) et depuis l’origine du championnat, la société de Marc Renaud occupe systématiquement la première place avec un gain de 4,95 %, 8,65 % et 24,65 % respectivement. A l’opposé, la dernière place est occupée par OFI AM sur le mois dernier (-0,73 %), ainsi que depuis le 30 juin 2010 (+16,72 %) tandis que sur l’année 2011, c’est Aberdeen AM qui figure dans le bas du classement (+3,59 %). Compte tenu de ces données, il ressort que l'écart entre les sociétés de gestion les plus et les moins performantes restent assez proches sur avril et depuis le début de l’année – de l’ordre de 5 points de pourcentage . En revanche, depuis le 30 juin 2010, la différence est plus proche des 8 points de pourcentage. Dans ce cadre, sur un mois, cinq sociétés de gestion ne réussissent pas à battre l’indice de référence (le MSCI Europe TR) tandis qu’une seule d’entre elles n’y parvient pas sur 2011 (Aberdeen AM) et sur les dix derniers mois (OFI AM). Sur le mandat de la zone euro, la situation est différente. En avril, Allianz GI affiche la progression la plus forte (+4,60 %) tandis que sur 2011 et depuis l’origine, la palme revient à CCR AM avec un gain de 11,76 % et 27,87 % respectivement. A l’autre extrémité, le «turn over» a été plus important. Trois établissements différents ont occupé la dernière place : Invesco AM sur le mois (+1,25 %), Somangest sur l’année 2011 (+4,65 %) et Barclays (+16,25 %) sur les dix derniers mois. Avec des écarts de 3,35, 7,11 et 11,29 points de pourcentage sur un mois, depuis le début de l’année et sur dix mois, le mandat sur la zone euro est plus différenciant. Et l’indice (l’Eurostoxx NR) est également plus difficile à battre pour la gestion active. Sur un mois, huit sociétés de gestion n’y parviennent pas (sur 13) et elles sont neuf dans ce cas sur 2011. En revanche, elles sont cinq à ne pas y parvenir depuis le 30 juin 2010 (sur 10). (*) Chiffres arrêtés au 29 avril 2011

Selon L’Agefi qui reprend une information du Wall Street Journal, la société d’investissement ETF Securities envisagerait une introduction en Bourse d’un montant proche du milliard de dollars (675 millions d’euros). Graham Tuckwell, le fondateur, PDG et principal actionnaire du groupe qui dispose de plus de 28 milliards de dollars sous gestion a indiqué être en situation de «cash flow positif et apte à grossir dans un marché en forte croissance».

47 % des gérants de hedge funds et 45 % des banquiers d’investissement pensent que les conditions de travail et les perspectives sont pires au Royaume-Uni que dans d’autres juridictions, selon un sondage de plus de 9.000 membres de la CFA Society du Royaume-Uni relayé par le Financial Times Fund Management.

Audley Capital, société de hedge funds londonienne dirigée par Julian Treger, va rouvrir son fonds vedette aux souscriptions après avoir subi des retraits de la part d’investisseurs de long terme, selon des informations du Financial Times. Il s’agit du European Opportunities fund, dont les encours s'élèvent à 750 millions de dollars, et qui a affiché une performance de 140 % en 2009 et de 100 % l’an dernier. Audley envisage aussi de modifier les conditions de liquidité du fonds.

Currently, EUR28bn are invested in open-ended real estate funds in Germany whose redemptions are suspended. And in 2010, German real estate funds saw average losses of 2.7%. The best of them, the Inter Immoprofil from iii, earned only 3.6%, Die Welt reports.By comparison, Swiss real estate funds (CHF24.9bn, or EUR19.3bn in total assets), in which Germans are easily able to acquire shares, look like a field of dreams: in 2010, they generated returns of over 10%. There is, however, evidently currency risk.Nonetheless, unlike German real estate funds, Swiss funds invest primarily in Switzerland, not abroad, and they have a lot of residential properties on their books, which are less vulnerable than office properties to fluctuations in conjuncture.In addition, since its beginnings in 1938, Switzerland has adopted well-adapted legislation in this area. Shares in real estate funds may be redeemed only once per year on a set date, with an advance notice of at least one year. In addition, funds may issue shares only if they need capital in order to acquire a property.

47% of hedge funds and 45% of investment bankers feel that working conditions and outlooks are worse in the United Kingdom than in other jurisdictions, according to a survey of over 9,000 members of the CFA Society of the United Kingdom, relayed by Financial Times Fund Management.

The Belgian asset management firm Petercam has licensed the Real Estate Europe Dividend sub-fund of its Belgian Sicav Petercam B Fund, which invests in equities in the real estate sector which offer higher than average dividends, with the goal of generating gross returns of 6.75%, in France.A few months after its launch in late 2010, the non-benchmarked sub-fund, co-managed by Olivier Hertoghe and Damien Marichal, has assets of EUR75m. It will be closed to new subscriptions when it reached EUR150m, as its investment universe is limited.Initially, the managers targeted “promising” markets for dividends, which included France, Belgium and the Netherlands, but they have subsequently found investment ideas in Germany, which has become a major country for the fund, as well as Italy and Switzerland. The portfolio now consists of 30 positions. It is not wholly invested, and the liquidity quotient, though it has been reduced, remains high at 10%.

The French affiliate of ING Investment Management (ING IM) has reported a net inflow of EUR300m in first quarter. Assets under management in France thus totalled EUR2.9bn as of 31 March this year, compared with EUR2.7bn as of the end of December. The difference takes into account a negative market effect of EUR100m. This result is “highly satisfactory,” says Thierry Rigoulet, CEO of ING Investment Management in France, who is still aiming for assets of about EUR5bn in the mid-term.French investors, 50% of whom are funds of funds and private banks, and 50% institutional investors, largely went for High Dividend trategies dedicated to Euro zone equities. Emerging market debt attracted EUR50m, while the remaining EUR100m went to a dedicated diversified fund and a contrarian opportunistic management fund.In a context in which investors are continuing to privilege the quest for returns, ING IM France has obtained a license from the AMF to release a strategy dedicated to European high yield bonds for sale in France.

The Dutch automotive firm Spyker Cars has announced that the asset management firm Gemini, based in the Bahamas, has lent it EUR30m for six months at 7%, to allow it to restart the activities of the Swedish car company Saab, Handelsblatt reports.Meanwhile, the CEO of Spyker, Victor Muller, is seeking “robust” investors in China who may be inclined to buy stakes in Saab. Talks are expected to conclude soon.

Following an agreement between the US based asset management firms Brandes Investment Partners and Sparinvest of Denmark earlier this year (see Newsmanagers of 13/01/2011), a new fund has been born. The two value style investment specialists announced on Monday, 2 May that they have launched the Sparinvest – Corporate Value Bonds fund, which will be jointly managed by the two firms. North American bond issuers will be selected by San Diego based Brandes, while Danish Sparinvest will select issuers from the rest of the world. The fund’s portfolio will include 80 to 120 bonds. Characteristics ISIN code (R share class): LU0620744002ISIN code (I (EUR) share class): LU0620744770 Management fees for R share class (private clients): 1% Management fees for I share class (institutional): 0.55% Front-end fee: up to 2% for R share class; 0% for I share class Exit fees: 0% for both share classes

During the week ending 27 April, a slowdown in US growth and continuing problems with sovereign borrowers on the periphery of the Euro zone showed little sign of dampening investors’ activities. According to EPFR Global, most fund categories posted net subscriptions, with USD3.04bn flowing into bond funds, USD7.89bn into equities funds, and nearly USD21bn – a level not observed for 20 weeks – into money market funds.Funds dedicated to emerging markets equities attracted USD1.8bn as of the end of April, though net outflows since the beginning of the year totalled USD7.4bn. Net inflows to Asia ex Japan equities ran to nearly USD3bn.Among the BRIC countries, interest in Russia has not let up, and net inflows to Russian equities funds since the beginning of the year have totalled over USD4.5bn.Concerns about the US dollar and inflation have continued to influence flows, with a particular interest being accorded to funds dedicated to gold and precious metals in the commodities sector, where, given the pace of subscriptions since the beginning of the year, assets may beat the all-time record set last year of USD32bn.Bond and emerging markets funds invested in local currencies have also posted a net inflows of USD403.7m, more than ten times higher than the inflows to funds of bonds denominated in major currencies. Assets in these funds now total USD52.8bn, higher than the total major currency bond assets (USD49.2bn).

Société Générale Private Banking has appointed Philippe Boutron as regional chief investment officer for the Middle East. Boutron will be based in Dubai, and will report to Eddy Abramo, chief executive officer of Société Générale Private Banking (Middle East). Boutron, 40, joined Société Générale in 1993 as head of marketing and commercial development for the retail bank.

From 2 May until, probably, 24 June, Union Investment is offering the UniGarant: Emerging Markets (2018) fund for sale in Germany. The product will be launched on 30 June, and will mature on 22 June 2018.As its name indicates, the product is a fund which guarantees 100% of initial capital at maturity, minus a front-end fee of 4%, and a share of the average evolution of a basket of indices of equities from BRIC countries (Brazil, Russia, India, China), Latin America, and Asia. Early withdrawals are possible, but the guarantee does not apply in this case, and a 2% penalty will be charged and transfered to the fund.Union Investment (co-operative banks) is the German leader in guaranteed funds, with about 80 funds and assets as of the end of February of EUR16.6bn in this segment.CharacteristicsName: UniGarant: Emerging Markets (2018)ISIN code: LU0595487439Front-end fee: 4%Management commission: 1% (maximum 1.5%)

Dow Jones Indexes has announced that its Global Dow index, which measures the performance of the 150 largest corporations in the world by market capitalisation, will serve as the benchmark index for the SPDR® Global Dow ETF from State Street Global Advisors.

In its latest weekly newsletter, TrimTabs shows a marked optimism about US equities. The research agency says that it is optimistic (“100% long”), wher eit had previous been cautiously optimistic (“50% long”), largely due to a strong increase in equity purchases last week totalling USD35.1bn, the highest level since September 2008.In April, TrimTabs remarks, acquisitions (including acquisitions of businesses paid in cash and equity buyback operations), totalling USD55.5bn, were USD31.8bn larger in volume than sales deals (sales and insider sale operations), which totalled a net USD23.7bn.TrimTabs also points to two other factors favourable to US equities: purchases of Treasury bonds this week by the Federal Reserve, and favourable demand indicators. However, TrimTabs points out, rising inflation in a slow economic context means that optimism must be limited at this time.

The independent company Assya compagnie financière on 2 May announced at a presentation of its annual results that it is expecting to take a major step in its development with the integration not only of an independent investment business based in Greece, Eurocorp Securities, but also with the opening of two new affiliates dedicated to wealth management in Geneva and Monaco.The new development brings a significant extension of the group’s perimeter in first half 2011, which now includes Asset Management activities, with nearly EUR350m in assets under management, and a position in the major asset management markets, the group says in a statement.Last year, net profits for the part of the group totalled EUR3.3m, compared with a negative bottom line of EUR9.1m the previous year. Capital gains from sales of the companies of the Privera group (which were non-strategic participations), associated with the revaluation of real estate assets held by the group, totalling EUR10.2m overall, make a full contribution to this result, the statement says. The firm also states that it is planning to “continue its external growth strategy, seize opportunities to create value around financial services, and to bring independent actors into its federation built around its planned expansion.”

On 3 May, the Julius Baer group (CHF267bn in assets as of the end of December) announced that it has acquired a 30% stake in the largest independent wealth management firm in Brazil, GPS, which is the parent company of GPS Planejamento Financeiro Ltda. and CFO Administração de Recursos Ltda., for an undisclosed amount.GPS, which has 84 employees, has assets of BRL8.5bn, or USD5bn. The firm was founded in 1999 by José Eduardo Martins, Marco Belda and Roberto Rudge. The nine current partners at the firm will continue to direct its activities independently, with the same team, and will maintain the strategy employed thus far. Julius Baer will be represented by two members on the board of directors.The holding company which controls GPS and Pulsar Invest, which also includes a private equity and corporate finance division, via its Green Capital brand, that is not part of the partnership structured with Julius Baer.

Audley Capital, the London hedge fund run by Julian Treger, is to open up its flagship fund to new investments after withdrawals from long-term investors over the past few months, according to the Financial Times. The USD750m European Opportunities fund returned 140 per cent in 2009 and 100 per cent last year. Audley is also considering changing the liquidity terms on the fund.

Uwe Diehl, who was most recently country head Germany at Lombard Odier, after previously serving as director of distribution at Henderson Global Investors, on 1 May joined Axa Investment Managers Germany as head of wholesale/retail distribution for Germany and Austria. He replaces Bernard Klocke, who has left the business after seven years there.

UBS Global Asset Management has recruited Clemens Bertram as head of distribution partners for Germany.In this position he will actually be responsible for all wholesale activities of the Swiss asset management firm on the German market, which corresponds to the experience he has been able to build up during his four years at Schroder Investment Management Germany as head of key accounts & insurances, and previously five years as head of key accounts, private banks and insurers at BlackRock (and Merrill Lynch) Germany.Bertram will report locally to Andreas Varnavides, CEO Global Asset Management Germany & Eastern Europe, and functionally to Rob Lay, head of distribution partners Europe & Middle East.

As of the end of December, DekaBank Luxembourg (EUR720m in assets, of which EUR680m are in the form of Deka funds) acquired LBBW Lux and WestLB International. Now that the German savings banks are the sole shareholders in DekaBank, they have asked their central asset management firm to also acquire LB Lux, an affiliate of BayernLB, the Frankfurter Allgemeine Zeitung reports.As the Landesbanken have received government assistance, Brussels is requiring them to sell off their affiliates, and the savings banks would like to avoid letting these lucrative private banks be acquired by their competitors.The idea is to construct a credible private banking unit in Luxembourg, where the German savings banks could serve high net worth clients who remain sceptical of their professionalism in Germany. Commissions would be shared 50/50.

The first annual “national retirement planning day” (Giornata Nazionale della Previdenza) will be held in Milan, in the Piazza Affari (at the Borsa Italiana), on 4 and 5 May. The event will be the first major professional conference for actors in retirement planning, held jointly by the research institute Itinerari Previdenziali, Borsa Italiana, and the consultant Prometeia. The two major sponsors are Intesa Sanpaolo and ENI.The event will bring together four public insitutions, including Covip and the INPS (the pension fund and social retirement plan supervisory authorities, respectively), as well as 18 privatised retirement organisms, 18 pension funds, four health industry funds, and 35 banks, asset management and retirement planning firms. Among the asset management firms to be present are Aberdeen, Arca SGR, Axa IM, BNP Paribas IP, Carmignac Gestion, Eurizon Capital, JP Morgan AM, Lyxor AM, Man Investments, and State Street Global Advisors (SSgA).The program includes 3 institutional conferences and 23 seminar sessions. In order to get the younger generation involved in retirement planning issues, the event will be broadcast live to six Italian universities (Venice, Turin, Bologna, Rome, Naples, and Catania), where viewers in the audience will be able to address questions to the speakers.

Aequam Capital, une société de gestion quantitative indépendante, qui vient d’être créée par Arnaud Chrétien (ex-SGAM AI), propose une gamme de programmes d’investissement quantitatifs et systématiques, visant à tirer parti de tendances et d’opportunités d’investissement sur les principaux marchés à terme de taux, d’indices actions, de devises et de matières premières, selon un communiqué diffusé hier. L’équipe compte neuf collaborateurs.

Nasdaq OMX Group et IntercontinentalExchange ont lancé officiellement hier le processus d’une offre hostile de 11,1 milliards de dollars sur Nyse Euronext. Les deux prétendants ont donc choisi de s’adresser directement aux actionnaires. Cette décision était attendue après que le conseil d’administration a rejeté par deux fois les avances des deux groupes pour privilégier une offre de l’opérateur allemand Deutsche Börse à 10,3 milliards. «Le lancement de cette offre devrait convaincre le conseil d’administration de Nyse que nos intentions sont sérieuses», selon Robert Greifeld, directeur général de Nasdaq OMX. Le président du conseil d’administration de Nyse Euronext Jan-Michiel Hessels avait qualifié jeudi l’offre de Nasdaq OMX d'«illusoire». «Nous pensons que (Nasdaq OMX et ICE) n’obtiendront pas l’approbation nécessaire et nous pensons que leur offre est une stratégie pour entraver (notre fusion)», avait-il alors déclaré.