p { margin-bottom: 0.08in; } Schroders has announced the recruitment of Martha Metcalf to the position of high yield manager in its fixed income team in the United States. She was previously director of the US High Yield department at Credit Suisse in New York. Metcalf has 22 years of experience in high yield and emerging markets management, a statement says.

At an auction held by the liquidator, AmpegaGerling Asset Management GmbH (EUR84bn) won a 32.59% stake in the German-Austrian management firm C-Quadrat Investment AG which had previously belonged to the AvW AG group, and which had been held by Capital Bank since AvW encountered financial difficulties, at a price of EUR12.60 per share (reserve price: EUR12.50).As the stake in question represented slightly over 1.42 million shares, the price paid by AmpegaGerling comes to EUR17.92m. Compared with the EUR4.9bn in total assets at C-Quadrat (EUR4.9bn, of which EUR3bn are in asset management), this represents a price equivalent to 1.1% of assets.The transaction is still on hold pending approval from the Austrian financial market supervisory authority (FMA). However, the board of C-Quadrat has welcomed AmpegaGerling’s engagement, calling the firm a “strategic partner for the long term,” with which the business has worked for several years.

In third quarter 2010, the Asset Management division of JPMorgan had net inflows of USD38bn, of which USD27bn went to liquidity products, and USD11bn to long-term products.However, in the 12-month period to the end of September, the firm has seen net outflows of USD42bn. Assets under management totalled USD1.3trn as of the end of September, a stable level compared with the previous year, due to net outflows from liquidity products, which were offset by net inflows to long-term products and rising markets. Assets under supervision totalled USD1.8trn.The asset management activity at JPMorgan in third quarter earned net income of USD420m, a slight decline of 2% compared with the previous year. Revenues totalled USD2.2bn, 4% more than last year. These were divided between USD1.2trn for private banking (+9%), USD506m for institutional (-5%), and USD485m for retail (+3%).The bank as a whole earned net income up 23% to USD4.4bn in third quarter.

p { margin-bottom: 0.08in; } Asian Investor reports that the former regional head of sales and marketing from Lyxor Asset Mangement will be joining Credit Suisse, where he will rejoin his former Lyxor colleague, Dan Draper. Ho, who left Lyxor on 30 September, will be operational next February at Credit Suisse, where he will take up the newly-created position of regional head of ETFs, based in Hong Kong. He will report to Draper, global head of ETFs for Credit Suisse, based in London.

p { margin-bottom: 0.08in; } Eaton Vance Management on 12 October announced the launch of the Eaton Vance Richard Bernstein Multi-Market Equity Strategy Fund, an absolute return mutual fund which will be managed by Richard Bernstein, CEO and CIO of Richard Bernstein Advisors LLC (RBA) as sub-advisor. The management strategy combines top-down and customized portfolio construction approaches based on evaluation of a full range of exclusive and non-exclusive indicators by RBA, as well as analysis and the macroeconomic sentiment of the manager. The portfolio may invest in all cap sizes, in US or international equities, from emerging or developed markets. Stock-picking will be based on quantitative filtering and an optimisation stage to achieve the desired market exposure while managing risks specific to each position.

p { margin-bottom: 0.08in; } Citywire reports that Michael Clements on 1 October took over management of the Franklin European Growth fund, previously managed by Edwin Lugo. Lugo will continue to advise the fund.

p { margin-bottom: 0.08in; } According to a report by Plus24, the money supplement of Il Sole – 24 Ore, and Interactive Data Kler, of Italian-registered funds, in 2009, asset management firms paid their distribution channels commissions of over EUR1.4bn out of EUR2bn in management fees. This amounts to an average of 71.44%. The fund management companies who are most generous with their distributors are banking affiliates. At the top of the rankings is Amundi Sgr, which pays out an average of 84% in commissions to its networks.

p { margin-bottom: 0.08in; } On 16 August 2010, Bank of America Merrill Lynch obtained a sales license from the Irish regulator for its locally domiciled Sicav BofAML Invest Funds Plc, including the commodities sub-funds MCLX Agriculture Optimal Crop Fund and MLCX Commodity Alpha Fund. The UCITS-compliant Sicav is now also registered for sale in Spain, with a license from the CNMV.

p { margin-bottom: 0.08in; } The CNMV on 8 October registered three French-domiciled funds from Aviva Investors: Aviva Investor Crédit Europe, Aviva Investors Monétaire and Aviva Investors Valeurs Europe. The products will be sold in Spain by Aviva Investors Global Services Ltd, the group’s Spanish affiliate.

p { margin-bottom: 0.08in; } Convertible bonds are apparently so complex that German management firms are not investing in them, the Frankfurer Allgemeine Zeitung reports. Aside from DWS (Deutsche Bank), only Union Investment (co-operative banks) has a fund of respectable size. This is all the more surprising since convertibles appear to be designed specially for German investors, who are averse to risk. The DWS Convertibles, with assets of nearly EUR1bn, is highly invested in the United States (Gilead Sciences, Intel, Symantec), where there is a richer vein on offer. In Germany, its largest position is on Qiagen. Among the few management firms to invest exclusively in European convertibles are Flossbach von Storch, but with only EUR27.5m, it is necessarily more agile.

p { margin-bottom: 0.08in; } On Wednesday, 13 October, EU member states failed to reach agreement on the hedge fund directive (see previous editions of Newsmanagers), and it will now devolve on the finance ministers of the 27 member states to debate the bill next Tuesday, Agefi reports. At the monthly meeting of the Ecofin council in Luxembourg, they will be required to reach a consensus in order for Europe to present its legislation at the G20 summit in Seoul on 12 November.

Despite the slowdown in economic growth, sustainable and responsible investment (SRI) has grown considerably in the past two years. According to the most recent edition of the Eurosif annual study, “European SRI Study 2010,” assets under SRI management have increased from EUR2.7trn as of the end of 2007 to EUR5trn as of the end of 2009, an increase of about 87% in the space of two years. The financial crisis probably contributed to this evolution, as it revealed to investors the importance of taking ESG criteria into account, and accentuated demand for transparent products.The study, undertaken with the cooperation of Ideam Amundi Group, BNP Paribas Investment Partners, Crédit Agricole Cheuvreux and Edmond de Rothschild Asset Management, finds that the “core SRI” segment, which includes normative exclusions based on value or other types of positive selection, totals EUR1.2trn, while “broad SRI” (simple exclusion, engagement and integration approaches) weigh in at EUR3.8trn.The study confirms that the market continues to be dominated by institutional investors, who represent 66% of total assets under management, but the proportion from retail investors has increased in virtually all the countries covered by the study.The preferred asset class for SRI investors is now bonds, which account for 53%, compared with 33% for equities.

p { margin-bottom: 0.08in; } According to IPE.com, Rudolf Apenbrink has been appointed CEO of the European division of HSBC Asset Management, following the promotion of Joanna Munro to the position of CEO for Asia-Pacific, a position which he had previously occupied.

p { margin-bottom: 0.08in; } The most recent statistics from the European asset management association (EFAMA), for the month of August, suggest that prudence is on the rebound for investors who steered clear of equities and instead invested in bonds and returned to money markets. Long-term UCITS funds (excluding money markets) posted a record net inflow of EUR38bn in August, compared with EUR16bn in July. Bond funds contributed largely to this evolution, with net inflows of EUR23bn, compared with EUR9bn in July.Net inflows to diversified funds, for their part, totalled EUR7.3bn, compared with EUR2.7bn. Net inflows to equities, however, were down to EUR0.6bn, compared with EUR4.8bn the previous month. For the first time in a long time, money market funds were in positive territory, with net inflows of nearly EUR16bn, while they showed net outflows of EUR10.8bn in July. UCITS funds as a whole showed a net inflow fo EUR53.7bn in the month of August, compared with EUR5.4bn in July. Outside the UCITS perimeter, dedicated funds attracted nearly EUR11bn in the month of August, compared with EUR7.3bn in July, while inflows of real estate funds fell to zero, from EUR1bn in July.

Allan Conway, head of global emerging market equities at Schroders (USD26bn in assets under direct management), announced in Paris on 13 October that the British management firm has posted very strong subscriptions to its ISF Global Emerging Markets (GEM) fund. In this case he observes a development which he considers symptomatic: flows are no longer dominated by retail, but instead by institutional investors. Emerging market equities have become a strategic rather than a tactical investment for these clients, with a tactical overlay.The BRIC fund has already had a soft closing at EUR9bn. In a few weeks, the same fate attends the ISF Global Emerging Markets Opportunities (GEMO), which is a concentrated, long-only collection of the best ideas from GEM, without the constraints of a benchmark and with a performance objective of 15% per year, and the ability to increase exposure to 30% cash and 30% developed market bonds, in a concentrated portfolio of 60 positions from only 12 countries (compared with 120-130 shares and 20-25 countries for the GEM).Since the beginning of this year, the GEMO fund has attracted about USD300m in net subscriptions, which, with market appreciation, has increased its assets by USD500m, to USD1.2bn. Because a major investor is planning to make a large investment in the fund, assets under management are expected to rapidly reach USD1.5bn, which will lead Schroders to announce a soft closing for this fund as well.When asked about plans to extend the product range, Conway says that the firm is studying the possibility of launching a frontier fund, which will carry over 55-60% of the investment ideas of the Middle East fund (USD250m), launched three years ago. The product will likely initially be a British-registered investment trust, which may open at Christmas time or in early 2011. There are also plans for a Luxembourg-registered version of the product, but the terrain must be prepared, bringing together the first potential investors before the operation begins.

p { margin-bottom: 0.08in; } M&G Investments has launched an inflation-linked bond fund, co-managed by Jim Leaviss and Ben Lord, Money Marketing reports. Among the 150 names in the portfolio are direct participations in over 30 issuers, including Tesco, Thames Water and Toyota.

p { margin-bottom: 0.08in; } Standard Life Investments (SLI) announced on 13 October that it has won a RFP to sub-advise a 25% allocation from the UBS PACE Alternative Strategies Investments fund, which comes out to USD116.5m. The management methodology used for the SLI mandate will be the technique known as Global Absolute Return Strategies (GARS). The objective is to generate absolute returns similar to those expected from equities over the long term, but with a significantly lower risk budget, with a multi-asset class, multi-market approach that combines traditional and non-traditional sources of performance. Currently, GARS Portfolios have over USD8bn in assets (30 August), on behalf of 260 institutional clients. The strategy has produced gross annualised returns of 10.75% over the past three years, with volatility of 6.4%. Over the same period, the MSCI World TR GBP index lost 1.26% per year, with volatility of 20.33%.

Avec 1,6 million de m² commercialisés au cours des neuf premiers mois de l’année, le marché se replace dans la moyenne décennale

L’amélioration des conditions de financement et l’attractivité du rendement immobilier ont permis un retour des capitaux sur le marché

Dans un article consacré à l’activité des gestionnaires étrangers bien supérieur à celle des espagnols (lire par ailleurs), Cinco Días montre que les maisons françaises ont été les plus actives cette année. Le nombre de fonds français est passé de 122 en 2007 à 201 actuellement.Ainsi Lyxor (Société Générale) a commercialisé 11 ETF sur le marché espagnol depuis le début de l’année, contre 3 pour l’an dernier à la même date. Axa a lancé trois fonds et décidé de les faire distribuer par Allfunds Bank, Banco Inversis et Catalunya Caixa, en plus d’Axa Ibercapital. Saint-Honoré a mis sur le marché 13 fonds, au travers d’Allfunds, contre 7 l’an dernier. LFP a lancé trois fonds..

D’après le palmarès de Citywire, note Expansión, Bestinver (4,4 milliards d’euros), la société de gestion du groupe espagnol Acciona, est le second gestionnaire mondial en matière de performance, grâce surtout à son fonds Bestinver Internacional, qui a gagné 33,5 % depuis l’effondrement de Lehman (15 septembre 2008). Le numéro un est le HMG Finance - Globetrotter, qui a signé un bond en avant de 44,7 %.

Alors que le secteur de la gestion d’actifs en Espagne perd des encours à toute vitesse, les fonds étrangers gagnent du terrain et résistent à la crise en Espagne, en surmontant les obstacles comme celui de la concurrence des dépôts bancaires, constate Cinco Días.Les gestionnaires étrangers ont lancé depuis de début de l’année 103 fonds, contre 54 pour la période correspondante de l’an dernier. Et ils totalisent désormais 21 % du volume des fonds espagnols contre 14 % en 2007.En 2009, leurs actifs sous gestion ont gonflé de 38 % sur 2008 et au premier semestre, ils ont encore augmenté de 28 % sur fin 2009 alors que ceux des fonds espagnols ont baissé de 3 % en 2009 et 11 % à fin juin.

Moyennant une souscription minimale de 10.000 euros jusqu’au 30 novembre 2010, DWS propose à ses clients le fonds fermé DWS Access Wohnen 2, dont la capacité est fixée à 120 millions d’euros, avec un effet de levier de 50 %. Il fait suite au Access Wohnen 1, d’un volume de 100 millions d’euros. En cas de besoin, le volume du fonds pourra être porté à 250 millions d’euros.Le nouveau produit est investi au démarrage dans 19 actifs avec 451 logements répartis sur neuf villes allemandes et la gestion en est confiée à alt+kelber Immobiliengruppe GmbH.Le droit d’entrée est fixé à 5 % et la distribution pour 2012 sera de 6,25 % du capital investi, avant impôt. Il est prévu que la distribution augmente progressivement chaque année pour atteindre 7 % en 2020.

Le suisse Johannes Führ Vermögensverwaltungs AG (Bâle) a confié à l’allemand AmpegaGerling Investment GmbH le soin de lancer le Johannes Führ Mittelstands-Rentenfonds AMI, un fonds de droit allemand d’obligations de petites et moyennes entreprises qui a vu le jour le 12 octobre.L’objectif est de capter les rendements élevés que les PME doivent offrir pour se procurer des financements. Le portefeuille ne comportera au maximum que 20 % d’obligations non notées et chaque ligne sera plafonnée à 1 % de l’encours. L'évaluation de la solvabilité des entreprises émettrices est effectuée grâce au programme d’analyse exclusif assisté par ordinateur de Johannes Führ qui couvre 300 entreprises. Pour éviter tout risque de change, le gérant n’investira qu’en titres libellés en euros.CaractéristiquesDénomination : Johannes Führ Mittelstands-Rentenfonds AMICode Isin : DE000A0YAYG5 (part P)DE000A0YAYH3 (part I)Droit d’entrée : 3 %Commission de gestion : 1,15 %Souscription minimale : 500 euros

Evoquant les problèmes des fonds immobiliers offerts au public en Allemagne, The Wall Street Journal rapporte que les deux produits pour lesquels la situation est la plus critique sont le DEGI Europa, parce qu’Aberdeen, qui a racheté DEGI, n’a plus le débouché naturel du réseau Dresdner Bank, et le Morgan Stanley P2 Value.Le journal souligne que, selon les milieux financiers, les fonds de fonds immobiliers Allianz Premium Immobilien et DJE Real Estate détiendraient 15 % de l’encours du P2 Value et veulent se faire rembourser dès que possible, ce qui risque de compromettre la survie du fonds.

Le 12 octobre, ComState (groupe Commerzbank) a fait admettre à la négociation sur le segment XTF de la plate-forme électronique Xetra de Francfort quatre ETF de droit luxembourgeois utilisant le bund future comme sous-jacent et des indices de stratégie développés par la Commerzbank sur ce contrat. Tous ces nouveaux produits sont assortis d’une commission de gestion de 0,20 %.Il s’agit du ComStage ETF Commerzbank Bund-Future TR (LU0508799334), du ComStage ETF Commerzbank Bund-Future Leveraged TR (LU0530118024), du ComStage ETF Commerzbank Bund-Future Short TR (LU0530119774) et du ComStage ETF Commerzbank Bund-Future Double Short TR (LU0530124006).

Au titre de l’exercice au 30 juin 2010, KanAm a versé aux porteurs du fonds immobilier offert au public KanAm grundinvest un dividende de 1,25 euro par part, ce qui se compare à 2,50 euros pour l’exercice au 30 juin 2009 (lire notre article du 30 septembre 2009).La performance, pour sa part, est tombée à 1,1 % contre 5 %, mais le taux d’occupation s’est amélioré à 99,2 % contre 98,6 % un an plus tôt.Le gestionnaire munichois précise qu’environ 40 % des baux affichent des échéances à 2019 ou au-delà, tandis que seuls 4,8 % se termineront en 2011.

Le gestionnaire néerlandais de fonds de pension Achmea Beleggingsfondsen Beheer B.V., filiale du groupe d’assurances Achmea, a alloué un mandat de 230 millions d’euros à investir en obligations européennes à Standish Mellon Asset Management Company LLC, filiale de BNY Mellon Asset Management. Jusqu'à présent, la gestion du unit trust était confiée à un seul gestionnaire d’actif, mais Achmea a décidé de nommer deux gestionnaires supplémentaires. Standish est le seul étranger des trois. Le mandat sera géré par l'équipe de Standish spécialiste des obligations euro dirigée par David Leduc, managing director of global fixed income.Standish affiche un encours de 71 milliards de dollars.

Selon Asian Investor, Beonca Yip quitte Lyxor Asset Management pour rejoindre Prudential AM en qualité de responsable régionale de la distribution retail.De son côté, Sophina Hui, précédemment chez Amundi AM, a rejoint Schroder Investment Management en qualité de responsable de la clientèle institutionnelle à Hong Kong.

Selon l’Agefi, les fonds Blackstone, Permira, KKR, Providence et Apax Partners, qui détiennent 88% du capital de l’opérateur danois TDC, ont confirmé avoir mandaté un consortium de banques pour un passage en revue des options stratégiques, qui pourrait «mener ou non à la vente de tout ou partie de leurs titres TDC».