p { margin-bottom: 0.08in; } In the context of a dynamic global economic environment (4.2%, according to IMF estimates), but marked by considerable disparities, the French asset management firm Dorval Finance is predicting a shift of investment opportunities in 2011 from fixed income towards equities, as well as a rebalancing from emerging markets towards developed countries, including Europe, where share prices are now very low. The management team predicts a continued increase in long-term interest rates, from a historically low level. The movement, which will result in a better than anticipated economic trend for developed countries, will lead to a reduction in risk premiums on equities, and will favour a reallocation of investments towards this asset class. In terms of geographical choices, Dorval recommends a rebalancing in favour of developed markets. The potential upward revision of growth outlooks as well as very low prices mean that European equities, outside the banking sector, whose outlooks are downgraded and hardly visible, are recommended. In this region, managers prefer exporter companies which are expected to continue to profit from demand in emerging markets, particularly in the equipment, luxuries and premium consumer goods sectors. One of the key themes of 2011 will be recovery for businesses via investments and M&A. Businesses have a historically high cash generation level, which will support both equipment and international mergers and acquisitions at a high level, or accelerate them. In emerging markets, Dorval Finance retains a prudent outlook for 2011, largely for valuation reasons. The conjunction of tightening monetary conditions in these countries, appreciation of their currencies, and rising local business structuring costs, will initially limit the expected potential for increasing results, although economic growth will remain strong.

p { margin-bottom: 0.08in; } The independent management firm Dorval Finance last year earned net inflows of EUR90m, of which slightly over EUR50m were for Dorval Manageurs, whose assets now total EUR167m, the firm announced on 4 January at a press conference. Assets under management now total over EUR350m in management mandates and mutual funds. These assets are evenly divided between institutionals, private bankers and independent financial advisers, who represent one third of assets each. In addition to its distribution partnership with Natixis AM, Dorval Finance is planning to develop its presence internationally, via new partnerships with insurance platforms and release of its mutual funds in Belgium, Italy, Luxembourg and Switzerland. Dorval Finance is, however, not planning to extend its fund range in the near future. In addition to Dorval Manageurs, the range includes Dorval Convictions (EUR128m in assets under management), Dorval Convictions PEA (EUR14m), Dorval Flexible Monde (EUR9m), and Dorval Flexible Emergents (EUR8m). And despite the financial crisis, returns are decent. Dorval Managers has earned returns of 16.4% on one year (compared with -3.3% for the CAC 40) and 38.4% since its inception in 2005 (compared with -6.1%). Dorval Convictions earned gains of 1.1% last year (compared with -5.8% for the EuroStoxx50), and 8.7% since its creation in 2007 (compared with a loss of 36.5% for its benchmark index.

p { margin-bottom: 0.08in; } A few weeks after the arrival of Laurent Le Grin, Edmond de Rothschild Asset Management has announced a further recruitment for its convertible bond management team. Christina Jarrin also comes from Fortis Investments, a firm which was recently taken over by BNP Paribas Investment Partners. She was initially a product specialist for convertible bonds, before becoming manager of a convertible bond fund dedicated to the US, with EUR800m in assets. At Edram. Jarrin will be involved in the management of the Saint-Honoré Global Convertibles fund, which invests in Europe, Asia, and the United States. Her arrival is a part of a drive at Edmond de Rothschild Asset Management to add to its international convertible bond management team, led by Kris Deblander. This team, which had assets under management of EUR1.2bn as of 31 December, now has four managers. In addition to Jarrin and Le Grin (who is more specifically responsible for the Saint-Honoré Convertibles fund), the team also includes Nicolas Schrameck (who manages Saint-Honoré Emerging Convertibles).

p { margin-bottom: 0.08in; } Hervé de Montlivault has been appointed head of advisory activities and services for French private clients worldwide at Credit Suisse. François Essertel becomes CEO for private banking activities in France.De Montlivault, who joined Credit Suisse in 2005, was previously CEO of private banking activities in France and chairman of the board at Credit Suisse France. Essertel joined Credit Suisse Banque Privée France as head of private clients and a member of the board.

p { margin-bottom: 0.08in; } OFI Asset Management on 4 January announced the appointment of Haiyan Li-Labbe as head of projects for Asia. In this role, she becomes head of investment and development projects for the OFI group in the region. Li-Labbe joined the firm ADI Alternative Investments in 2004, to develop investments in Asian markets. Since ADI was taken over by the OFI group in 2008, Li-Labbe has set up partnerships with local Chinese partners.

p { margin-bottom: 0.08in; } Chairman Philippe Delienne on 4 January told Newsmanagers that assets at Convictions Asset Management totalled about EUR850m at the end of 2010, and that net subscriptions totalled about EUR450m, while market effects for their part were not significant in scale. The management firm now offers a contractual fund similar to Convictions Premium in the form of a private investment, but without a volatility constraint (see Newsmanagers of 27 September), and is now moving into management mandate activities. In general, these mandates will be ventilated one third to funds from Convictions AM, and two thirds to external funds, all of which are either products with good resistance in periods of crisis, or funds which meet conjunctural needs, such as merger and acquisition specialist funds.

According to the last survey by the German BVI association of asset management companies, 79% of the properties in the portfolios of German opend ended real estate funds are aged less than 15 years, which keeps maintenance costs low and helps performance. Of the 26.7m square meters in 1,637 properties (EUR87.0bn in market value) on September, 30th, 28.9% were located in Germany, 18.6 % in France and 9.8% in the UK. BVI also stated that RE funds invested more than EUR8.84bn in 290 properties (of which 209 abroad) during the first nine months of last year while they sold 202 properties (of which 138 locatyed in Germany) for EUR4.29bn.

p { margin-bottom: 0.08in; } The real estate and investment group IVG Immobilien has created a corporate social responsibility & research division. It will be led by Tomas Beyerle, who left Aberdeen Immobilien at the end of September in a rehuffle at the German affiliate of the British group (see Newsmanagers of 1 September). Beyerle, who was global head of research at Aberdeen, a position which has been moved to London and given to Andrew Smith, global head of property, will be primarily in charge of developing and deploying a sustainable strategy for the IVG group, in addition to developing market research.

p { margin-bottom: 0.08in; } Christian Gansmüller, who was head of legal, regulations and accounting driven solutions for German and Austrian institutional clients at Amias Berman, on 1 January joined Société Générale Corporate & Investment Banking (SG CIB) as managing director and head of institutional sales fixed income, currencies & cross asset solutions for Germany and Austria. Berman will be based in Frankfurt, and will report to Frank Burnhardt, head of global markets for Germany and Austria, as well as Eric Viet, head of pension and insurance Europe, and David Knott, global head of financial institutions sales, both of whom are based in London. The creation of the position Gansmüller now assumes is a sign that SG CIB is planning to add significantly to its global markets platform in Frankfurt.

p { margin-bottom: 0.08in; } Peter Raab, head of product management at Allianz Global Investors Product Solutions (whose CEO, Horst Eich, has recently resigned, see Newsmanagers of 4 January), has been appointed CEO of operations for the management firm WestLB Mellon Asset Management KAG. He replaces Hans-Rudof Rittinghaus, who is returning to the WestLB group. WMAM KAG is a 50/50 joint venture of WestLB and BNY Mellon. Its assets total EUR25.5bn, managed on behalf of institutional investors and wholesale clients.

According to Financial News, State Street Global Advisors plans to launch a series of ETFs in Europe to boost its weak position in the region.

Equities ETFs listed in Europe attracted USD803m last week, and a record total of USD2.1bn, TrimTabs Invesment Research announced on 3 January. European equities funds listed in the United States, for their part, posted inflows equivalent to 0.4% of assets last week.This marked interest in ETFs may be a sign that retail investor confidence may be excessive, TrimTabs says. This is all the more so as inflows to equities ETFs in the United States are a strong indicator of a contrarian trend: in other words, the recent rise in inflows may represent a negative sign for equities.

p { margin-bottom: 0.08in; } L’Echo reports that a decision as to the sale of ING Real Estate Investment Management, an affiliate of the Dutch banking and insurance group ING, will be taken in the next few months. The unit may be sold as a whole or in parts, a spokesperson for the group explained.

JO Hambro Capital Management has poached a pair of European fund managers from Thames River - Trygve Toraasen and Carlos Moreno - to launch a dynamic European fund in February, Investment Week writes.

p { margin-bottom: 0.08in; } At the end of 2010, Petercam officially unveiled the Real Estate Europe Dividend sub-fund of its Belgian Sicav Petercam B Fund (see Newsmanagers of 17 November). The UCITS-compliant product, co-managed by Damien Michael and Olivier Hertoghe, will invest primarily in European equities, or other shares in companies active in the real estate sector in the larger sense. Assets in the firing line will include shares in Sicafi (Belgian REITs), real estate certificates and shares in real estate companies and businesses active in the promotion of real estate. The sub-fund will invest at least 75% of its assets in shares which distribute a higher-than-average dividend in the European real estate sector.Shares in the portfolio will include equities of the real estate sector which pay a higher than average dividend (from the FTSE EPRA/Nareit Developed Europe index), from the most promising markets in Europe, which are France, Belgium and the Netherlands, with the objective of generating gross returns of 6.75%. Nearly 50% of the portfolio will be invested in retail real estate, such as shopping centres, which have stable cash flows and very low vacancy rates. Meanwhile, more than 10% will be placed in logistical real estate.The Petercam Real Estate Europe Dividend fund also benefits from an advantageous tax status for dividends, as a sub-fund of the Belgian Sicav can recuperate all of the one-off withholding tax on dividends on Belgian equities, and part of the tax on dividends from foreign equities.CharacteristicsName: Petercam Real Estate Europe DividendISIN codes: B shares (capitalisation) BE6213839094; A shares (distribution) BE6213828088Front-end fee: 3% maximumManagement commission: 1%

p { margin-bottom: 0.08in; } The Swatch Group SA will be filing a lawsuit against UBS, over losses of several millions Swiss francs for the watch maker due to financial products described as “Absolute Return” sold to it by the banking group. The suit will be filed within the deadline, Béatrice Howald, a spokesperson for Swatch, told the financial news outlet “Cash.” Efforts at mediation before a Zurich judge collapsed on 6 October. From that date, Swatch has a three-month period in which to file a suit in commercial court. The deadline will be in the near future, following the court’s holiday period.

Le montant total des levées de fonds a atteint 110 millions d’euros l’an dernier après un plus bas de 5 millions enregistré en 2009

Elles ont massivement investi dans le billet vert au troisième trimestre selon le FMI. En vendant parallèlement des euros

La nouvelle présidente, Dilma Rousseff, a annoncé son intention d’aborder le sujet lors de sa prochaine visite en Chine en avril prochain

Natixis s'attend à ce que les RMBS anglais et hollandais se placent correctement en cette année qui s'annonce encore compliquée pour les autres émissions

Les émissions d'obligations sécurisées témoignent de la différenciation entre les signatures bancaires

Alors que BNP Paribas a émis hier des covered bonds à dix ans avec une marge de 65 pb, BBVA a dû offrir 225 pb pour des titres à trois ans

L’inflation en zone euro a atteint son plus haut niveau depuis octobre 2008 à 2,2% en décembre. Elle s’élève à 1,9% en Allemagne, 2% en Italie et 2,9% en Espagne. Ses composantes ne seront connues que le 14 janvier, mais les économistes expliquent cette poussée par la flambée des matières premières: le prix du baril de pétrole exprimé en euros a par exemple progressé de 9,8% sur un mois en décembre. «La tendance à la hausse pourrait perdurer dans les prochains mois, mais avec la disparition des effets de base liés au prix du pétrole, le taux devrait ensuite décélérer, en ligne avec l’inflation sous-jacente», qui n’était que de 1,1% en novembre, rappelle Cédric Thellier, chez Natixis. Chômage et austérité ont plutôt des effets déflationnistes dans certains pays. «Les anticipations d’inflation demeurent toujours modérées et en ligne avec l’objectif de stabilité des prix fixé par la BCE (taux d’inflation proche mais en deçà de 2%)», ajoutent les économistes de BNP Paribas.

En dépit des signes d’amélioration de l'économie américaine, le Comité de politique monétaire attend davantage de données pour modifier sa politique.

Les positions nettes des acteurs non industriels ont touché un pic record de quatre ans à 217.046 contrats le 28 décembre

Le Comité de politique monétaire ne voit pas de raison suffisante de bouleverser son programme d’assouplissement quantitatif

La Banque centrale du Chili va acheter 12 milliards de dollars en 2011 pour mieux défendre ses exportations. L’intervention doit porter les réserves de change du Chili à hauteur de 17% du PIB.

L’inflation s’est révélée plus élevée que prévu dans la zone euro en décembre, dépassant pour la première fois en deux ans l’objectif de la Banque centrale européenne. L’inflation annuelle dans les 16 pays qui utilisaient alors la monnaie unique - l’Estonie les a rejoints le 1er janvier - ressort à 2,2% en première estimation, contre 1,9% en novembre, selon les chiffres publiés mardi par Eurostat.

Le nombre de chômeurs a augmenté en Allemagne au mois de décembre, pour la première fois depuis un an et demi, le froid intense ayant privé d’emploi un grand nombre d’ouvriers du BTP. Le pays comptait en décembre 3.000 chômeurs de plus qu’en novembre, en données corrigées des variations saisonnières, pour un total de 3,152 millions. Le taux de chômage ressort stable, à 7,5% de la population active.

Ancien co-CEO d’Allianz Global Investors Deutschland de début 2007 à septembre 2009 (avec Thomas Wiesemann), poste auquel il a été remplacé par James Dilworth (ex-Morgan Stanley, lire notre article du 28 septembre 2009), Horst Eich, qui a été depuis lors CEO d’Allianz Global Investors Product Solutions tout en étant co-CEO d’Allianz Global Investors (AGI), a démissionné de ses fonctions et quitté le groupe à la fin de 2010, «en parfaite entente avec les dirigeants d’Allianz».AGI affiche un encours mondial de 1.425 milliards d’euros, dont 400 milliards en Europe ; en Allemagne, elle gère 358 milliards d’euros.