p { margin-bottom: 0.08in; } Deka Immobilien announced on 25 January that it has sold the office building Carrea in Munich (11,2000 square metres ) to Competo Bestandsfonds Plus. The property was acquired for the open-ended real estate fund Deka ImmobilienEuropa in 2003.

p { margin-bottom: 0.08in; } Credit Suisse Germany has managed to sell the Schloss Arkaden building in Brunswick (55,481 square metres) to the Deka ImmobilienEuropa fund at a price above the EUR228.3m it was most recently valued at. It is the fourth consecutive sale of a property from the CS Euroreal fund (which has been closed to redemptions for 8 months) at a price higher than its market value; the previous one was the sale at the end of December of a 9,764 square metre building located at Quai Galliéni in Suresnes to the French real estate fund Viveris REIM. The market value of that property was EUR61.8m. Previously, in mid-December, Allianz Real Estate acquired two properties in Paris, also above their market value.After these four sales, gross liquidity in the CS Euroreal fund represented EUR1.03bn, of which EUR1.01bn were available for potential redemptions, which comes to 16.7% of assets (EUR6.05bn as of the end of December). Since the suspension of redemptions on 19 May 2010, net liquidity in the fund has increased by EUR727m, or 11.9 percentage points.

p { margin-bottom: 0.08in; } In second half 2010, the number of people holding shares in equities funds, diversified funds or both categories of funds in Germany fell by about 140,000 compared with first half, at slightly under 5.97 million, or 9.2% of the population, according to an NFO Infratest survey for the Deutsches Aktien Institut (DAI). Compared with the 2001 record, the total is down by 3.8 million, or 38.9%, but it remains 3.7 million people, or 158.6%, higher than in 1997.

p { margin-bottom: 0.08in; } Bank Austria Real Invest Immobilien KAG in 2010 remained the largest real estate fund management firm in Austria by far, with assets as of the end of December of EUR1.5bn, or over 63% of the total EUR2.4bn market. The second-largest is Raiffeisen Immobilien KAG, with EUR391m, or 16% of the market.In total, real estate funds had EUR2.4bn in assets under management, or EUR481.7m more than at the end of December 2009. EUR445.2m of this increase comes from net subscriptions, and EUR65m from capital gains, while distribution of dividends totalled EUR29m.

p { margin-bottom: 0.08in; } According to figures from the Austrian VÖIG association of management firms, total assets under management in securities funds as of the end of December totalled EUR145.2bn, compared with EUR136.7bn twelve months previously. That represents an increase of EUR8.5bn, or 6.2%, resulting from gains of EUR8.9bn, and EUR2bn in net subscriptions, though distribution of dividends totalled over EUR2.5bn.The top three management firms remain unchanged: Raiffeisen KAG (RCM) posted an increase of 9.25% to its assets, to EUR29.4bn, giving it a market share of 20.2%, while Erste Sparinvest saw its assets stagnate at EUR26.7bn, with a market share of 18.4%. The third-largest management firm by assets is Pioneer Investments Austria (Bank Austria, UniCredit group), with a 1% decline in its assets under management, to EUR19.4bn, and a market share of 13.3% Allianz Invest and Kepler Fonds are in fourth and fifth place, with EUR10.7bn and EUR10bn in assets, respectively.

p { margin-bottom: 0.08in; } According to figures from the Austrian VÖIG association of management firms, total assets under management in securities funds as of the end of December totalled EUR145.2bn, compared with EUR136.7bn twelve months previously. That represents an increase of EUR8.5bn, or 6.2%, resulting from gains of EUR8.9bn, and EUR2bn in net subscriptions, though distribution of dividends totalled over EUR2.5bn. The top three management firms remain unchanged: Raiffeisen KAG (RCM) posted an increase of 9.25% to its assets, to EUR29.4bn, giving it a market share of 20.2%, while Erste Sparinvest saw its assets stagnate at EUR26.7bn, with a market share of 18.4%. The third-largest management firm by assets is Pioneer Investments Austria (Bank Austria, UniCredit group), with a 1% decline in its assets under management, to EUR19.4bn, and a market share of 13.3% Allianz Invest and Kepler Fonds are in fourth and fifth place, with EUR10.7bn and EUR10bn in assets, respectively.

p { margin-bottom: 0.08in; } A survey by Expansión of major international investors reveals that foreigners are not enthusiastic about the idea of buying stakes in Spanish savings banks. They would like to have a say in matters at the target firms, and therefore would expect seats on the boards of directors, or else they would buy the assets only at a considerable markdown.Among the firms which are potentially interested, but who are awaiting more clarification from the Spanish government, are investors such as Carval, Varde, Fortress, Cerberus, Apollo (which is setting up a team in Spain under the name Lapithus), TPG, Macquarie, Och-Ziff, Lone Star, and Patron.

p { margin-bottom: 0.08in; } Manuel Cereijo has been appointed as director of the new family office division that Popular Banca Privada has created for high net worth clients with financial assets of over EUR10m, Funds People reports. The new service will cover all of Spain, and Banco Popular has made a pledge to its 100 current clients to maintain a maximum of 20 clients per adviser.

p { margin-bottom: 0.08in; } The Spanish securities commission (CNMV) says that it is expecting changes “in the short to mid-term” in the structure of at least 7 out of the 24 asset management firms in which the savings banks hold stakes, Cinco Días reports. 17 out of the 45 savings banks in the country are expected to disappear. Experts say that in order to be viable, a management firm needs at least EUR500m in assets; however, in December, this was true at only 40% of them.

p { margin-bottom: 0.08in; } Funds People reports that Groupama Asset Management has decided to end the exposure of its money market fund Groupama Eonia to debt from peripheral countries of the Euro zone. The exposure to “PIGS” will mature at the end of February, and will not be renewed. The fund (EUR850m) will then be a solely “core” product. As of 17 January, 46% of the portfolio was invested in A-rated, and 27% in AA-rated securities.

p { margin-bottom: 0.08in; } In 2010, the overall volume of calls for proposals to select a manager for French institutional investors totalled EUR30.5bn, an increase of 57% compared with EUR19.4bn the previous year, while the number of consultations remained relatively stable (89, compared with 85). These are the findings of the most recent bfinance study of delegated institutional management. The market has topped its previous record of EUR27bn, set in 2007. bfinance estimates that this vitality is due to a renegotiation of major bond management mandates, numbering 19 and totalling EUR23bn, and many revisions of strategic allocations. As in 2009, the French national pension fund, the Fonds de réserve pour les retraites (FRR) dominates the market. It represented 59% of volumes in play last year, with EUR18bn. The second market leader, Medicis, was far behind, with EUR1.33bn. In terms of asset classes, bond mandates accounted for the lion’s share of the market, as in 2009. Equities mandates came to only EUR1.8bn (for 13 mandates). Emmanuel Léchère, head of market intelligence Group, says that consultations mostly involved Euro zone equities. French institutionals appear totally uninterested in emerging markets equities, unlike their international counterparts.

For 2010, net profit at BlackRock totalled USD2.06bn, compared with USD875m the previous year, an increase of 136%. In fourth quarter, this profit totalled USD657m, compared with USD551m in third quarter and USD256m in the corresponding period of 2009. Operating margin for the year 2010 comes to 34.8%, including the impact of USD90m in costs related to the integration of Barclays Global Investors (BGI) on 1 December 2009. In the past year overall, BlackRock recruited over 1,000 employees.At the end of the year, total assets came to USD3.56097trn, 3% more than at the end of September, and USD214.7bn, or 6% more than one year previously (USD3.34626trn).Net subscriptions in 2010 totalled USD57.76bn, while outflows imputable to the integration of BGI represented USD120.97bn and those due to reclassifications totalled USD6.16bn. Market appreciation accounted for USD267bn, and forex positive impact came to USD17.1bn.Accounts reveal that iShraes (ETFs) posted net subscriptions of USD13.4bn in October-December, and USD42.9bn for the period as a whole. Assets in iShares products as of the end of December totalled USD448.16bn for equities products, and USD123.1bn for bond products, compared with USD381.4bn and USD102.49bn, respectively, one year previously.

p { margin-bottom: 0.08in; } The financial management industry will soon include over 600 businesses. According to the most recent statistics from the AFG, this dynamic of firm creations continued in 2010, with 44 new firms, while net growth in the number of firms comes to 25. Staff numbers remained stable, according to a study to be published by the association in one and a half months. The association points out that French management firms, regardless of size, are increasingly active internationally, where they are gaining market share. Two French groups rank in the top 10 management firms worldwide, and four are in the top 20 (Amundi, Natixis, Axa and BNP Paribas). France has retained its place as the largest manager of OPCVM mutual funds in Europe, with a market share of 20.6%, but it is closely rivalled by Germany (19.4%), and to a lesser extent the United Kingdom (16.9%). But an examination of the variation in assets under management in Europe reveals highly contrasted situations, with gains of more than 10% for Germany (the CAC lost 2%, and the Dax has gained 10%), 17% for Luxembourg, 27% for Ireland, and 30% for the United Kingdom (though, it is true, with a larger market effect in the UK due to the higher proportion of equities funds).

p { margin-bottom: 0.08in; } For its 25th anniversary, HDF Finance on Tuesday, 25 January announced several developments at the firm. In terms of staff, the firm on Monday, 24 January announced the arrival of a new CEO, Pierre Lenders. Lenders, 48, served from 2008 to 2010 at Lafayette as head of risks, and then as co-CIO. In addition to this recruitment, the firm has also recruited Joseph Naayem, a long/short fund of fund manager who knows dedicated mandates well and has worked at Harcourt and other firms, effective the same day. In terms of services, the firm is also planning to offer new custom services to its clients, 85% of whom are institutionals, including choice and management of drivers of performance, a statement says. The last development announced by HDF Finance is that the management firm is planning to set up a new communications plan to make itself more widely known by private clients.

p { margin-bottom: 0.08in; } BlackRock announced on 24 January that it has recruited Nancy Everett to the newly-created position of managing director, head of the US entity Fiduciary Management Solutions (FMS), which offers management, advising and outsourcing solutions to major institutional clients. Everett previously worked as CEO of Promark Global Advisors (ex-General Motors Asset Management), which has about USD140bn in assets under management.

p { margin-bottom: 0.08in; } The British management firm ETF Securities (ETFS, USD26.4bn in assets) has announced that it has recently received validation of its passport for the European community, which will allow it to establish operations in Spain, where it is planning to sell over 200 exchange-traded products (ETP), including commodities (ETC) and other currency products, Funds People reports. Luis Puertas, head at the firm for the Iberian peninsula and Latin America, says that ETFS products will be available in Spain via the Bankinter, Renta 4, Inversis and GVC Gaesco platforms.

p { margin-bottom: 0.08in; } BNY Mellon on 25 January announced the appointment of Eleni Wang as head of client management for the Asia Pacific region, replacing Jai Arya, who has recently been promoted to director of the newly-created sovereign institutions group. Wang was previously managing partner of the alternative management firm Adept Capital Partners, where she was head of strategy and development.

p { margin-bottom: 0.08in; } Overall assets under management (in mandates and mutual funds) increased 1.7% in 2010, to EUR2.656trn, near its 2007 levels, according to the most recent statistics from the French financial management association (AFG). Although mandates are continuing to grow (+6%, to EUR1.418trn), French-registered funds (-2.6%, to EUR1.339trn) have been affected by a major decline in assets in money market funds, which have suffered from very low short-term interest rates, but id not get a boost from the rebound that has recently come for the markets of Northern Europe. “The figures are holding stable, but are doing no more than that. Our domestic market is much less promising than it used to be. This is a genuine subject of concern,” said Paul-Henri de La Porte de Theil, president of the AFG, on 25 January at a press conference. Though net assets in French-registered mutual funds have fallen by EUR36bn over the year, excluding money market funds there has nonetheless been an increase of about EUR50bn (+5.6%). Assets under mandated management, which are very largely invested in fixed-income products, increased by about 6% from EUR1.059trn to EUR1.123trn. This increase comes 40% from positive market effects, while inflows accounted for 60%, mostly from the insurance sector. Financial management of foreign-registered OPC funds, for its part, is expected to grow to EUR194bn (+9%). The positive evolution of net assets in bond and equities oriented funds (equities, diversified and other funds; FCPE, FCPR and FCIMT) was offset by a decline in assets in money market funds (-EUR86.7bn), low short-term interest rates, and considerable need for liquidity at banking establishments, which led to transfers either to bank savings accounts, or to other categories of funds, such as bond funds, and to a lesser extent diversified funds. Bonds are the only category to have seen net inflows in 2010 (+EUR18.5bn).

Pour 2010, le bénéfice net de BlackRock est ressorti à 2,06 milliards de dollars contre 875 millions l’année précédente, soit un gonflement de 136 %. Au quatrième trimestre ce bénéfice est ressorti à 657 millions de dollars contre 551 millions au troisième et 256 millions pour la période correspondante de 2009. La marge d’exploitation sur l’ensemble de 2010 ressort à 34,8 % en incluant l’impact des 90 millions de dollars de coûts d’intégration liés à l’acquisition de Barclays Global Investors (BGI) au 1er décembre 2009. Sur l’ensemble de l’année écoulée, BlackRock a recruté près d’un millier de collaborateurs.En fin d’année, l’encours total se situait à 3.560,97 milliards de dollars soit 3 % de plus que fin septembre et 214,7 milliards ou 6 % de plus qu’un an auparavant (3.346,26 milliards).Les souscriptions nettes de 2010 ont porté sur 57,76 milliards de dollars pendant que les sorties imputables à l’intégration de BGI représentaient 120,97 milliards, celles dues à des reclassements se situant à 6,16 milliards. Par ailleurs, l’effet de marché positif a compté pour 267 milliards de dollars et l’effet de change positif pour 17,1 milliards.Les comptes font apparaître que iShares (les ETF) a enregistré des souscriptions nettes de 13,4 milliards de dollars pour octobre-décembre et de 42,9 milliards sur l’ensemble de l’exercice. L’encours de iShares à fin décembre ressortait à 448,16 milliards pour les produits actions et 123,1 milliards pour les produits obligataires contre respectivement 381,4 milliards et 102,49 milliards un an auparavant.

BlackRock a annoncé le 24 janvier le recrutement de Nancy Everett au poste nouvellement créé de managing director, responsable de l’entité US Fiduciary Management Solutions (FMS), qui propose des solutions de gestion, de conseil et d’externalisation aux grands clients institutionnels.Nancy Everett travaillait précédemment en qualité de CEO chez Promark Global Advisors (ex-General Motors Asset Management), à la tête de quelque 140 milliards de dollars d’actifs sous gestion.

Crédit Agricole Private Equity (CAPE) pourrait encaisser à terme jusqu’à 100 millions de dollars provenant de l’acquisition de l’américain BioVex (biotech spécialisée dans le traitement du cancer) par son compatriote Amgen. La transaction s’est effectuée sur une base d’un milliard de dollars: 425 millions payables immédiatement et jusqu’à 575 millions en fonction de l’obtention d’autorisations et de la réalisation d’objectifs commerciaux par BioVex. Entré au capital de la société en 2003, CAPE en détient près de 10% à ce jour.

Le gestionnaire d’actifs a dégagé au quatrième trimestre un bénéfice (hors exceptionnels) de 670 millions de dollars (3,42 dollars par action), en hausse de 77% par rapport à la période comparable de 2009. Les revenus ont dans le même temps bondi de 61%, à 2,49 milliards de dollars. Les commissions de performance des fonds alternatifs ont totalisé 326 millions de dollars, contre 125 millions un an plus tôt.

La société néerlandaise de capital-investissement AlpInvest Partners a convié la presse ce matin à 9h30 à Amsterdam pour une mise au point concernant la revue stratégique en cours. Carlyle est pressenti pour négocier le rachat, mais aucun détail n’a été fourni.

La banque centrale a procédé à un nouveau tour de vis monétaire de 25 points de base, portant son taux de refinancement à 6,5 %

Signe fort de confiance dans la pérennité de la zone euro, la demande pour la dette à 5 ans du Fonds de stabilité a atteint 45 milliards

Le Fonds européen de stabilité financière a levé hier 5 milliards d’euros de dette à 5 ans. L'émission inaugurale a attiré une demande record de 45 milliards.

Le marché des appels d’offres est toujours porté par la contribution du Fonds de réserve pour les retraites

30 % des transactions notées par l'agence, contre une fourchette de 40 à 50 % préalablement indiquée, risquent d'être rétrogradées

44 sociétés ont vu le jour en 2010, correspondant à une création nette de 25 entreprises. Leur nombre s’élevait à 592 à fin décembre, contre 571 et 567 en 2008 et 2009, selon les chiffres de l’AFG. L’an passé, les encours gérés par le secteur ont crû de 1,7% à 2.656 milliards d’euros.

44 sociétés ont vu le jour l'an dernier, pour 25 créations nettes. Leur nombre s’élevait à 592 à fin 2010, selon les chiffres de l’AFG