BlackRock en France a annoncé, mardi 28 septembre, le recrutement de Gad Amar en tant que responsable de la relation commerciale auprès de la clientèle Distribution en France et à Monaco. De 2007 à 2009, l’intéressé exerçait la fonction de responsable de la vente pour la clientèle Distribution & CGPI chez JP Morgan Asset Management à Paris, société qu’il avait rejointe en 2003 en tant que commercial sur la clientèle Institutionnelle & Distribution.

«Après 9 mois de congés forcés», Christian Bito, ancien associé-gérant de Rothschild & Cie Gestion, a obtenu l’agrément AMF pour la nouvelle société de gestion, CBT Gestion, qu’il monte avec Vladimir Danesi, ancien directeur de la multigestion chez Rothschild & Cie Gestion, et Jean-Luc Fargin, ex-trésorier de l’institut Pasteur, qui est le responsable administratif et financier de la nouvelle entité.Compte tenu de l’expérience particulière de ses créateurs, CBT Gestion a vocation à proposer des produits en multigestion traditionnelle, suffisamment liquide et diversifiée, avec des solutions spécifiques dans le domaine du contrôle du profil de risque d’un portefeuille.L’offre s’adressera aux CIF, sous forme de fonds ou de mandats, et aux institutions financières. «Les projets concernent dans un premier temps les gestions diversifiées, de style patrimonial, et les portefeuilles d’actions zone euro et PEAbles», indique Christian Bito, PDG de la nouvelle structure. Ce dernier, qui a développé une gestion pilotée par le degré de risque (la volatilité) explique que cette formule «permet une meilleure adéquation des produits aux attentes des investisseurs. Surtout, la prise en compte des anticipations et du comportement des Bourses donne des résultats très performants dans des marchés «en tôle ondulée» qu’il faudra peut-être supporter pendant quelques années encore».

Selon Les Echos, les conditions d’un rapprochement de Dexia avec La Banque Postale pourraient bien être réunies. «Aucune décision n’a été prise, les modalités juridiques restent à discuter mais le projet est sur la table, précise une source proche. Il semble qu’il y ait un alignement entre la Caisse des Dépôts, La Poste et l’Etat sur l’intérêt d’un tel rapprochement dans le cadre de la recapitalisation de La Poste», souligne cette source. Selon «Le Figaro», un partenariat stratégique serait à l'étude, qui consisterait à créer une coentreprise entre Dexia et La Banque Postale afin de servir la clientèle des collectivités locales en France. Dexia apporterait son expertise dans le domaine de la logistique et de la production des prêts. La Banque Postale assurerait une partie du refinancement.

CDC Climat, filiale de la Caisse des Dépôts dédiée à la lutte contre le changement climatique, se dote d’une filiale de gestion, CDC Climat Asset Management, rapporte Les Echos, qui va gérer pour sa maison mère un mandat de 60 millions d’euros, avec l’objectif d'éviter l'émission d’au moins 7 millions de tonnes de CO2. L'équipe dirigeante est composée de Guido Schmidt-Traub, recruté pour l’occasion, ancien associé du cabinet suisse South Pole Carbon et de Marianne Paris, en charge de la gouvernance des sociétés cotées dans lesquelles la CDC a déjà des participations.

La Compagnie Financière Edmond de Rothschild a annoncé, mardi 28 septembre, l’ouverture à Lille d’un bureau pour la région Nord, ce qui lui permet de poursuivre son ancrage sur le territoire français. L'équipe constituée est placée sous la direction de Edouard Herbo et Anthony Watine et proposera l’offre de la banque en associant ses expertises en matière de gestion de patrimoine et de conseils dédiés aux chefs d’entreprises (gestion de portefeuille et gestion sous mandat, ingénierie patrimoniale, solutions de capital développement et LBO, fusions-acquisitions, évaluations d’entreprises), précise un communiqué.

La holding de management de Patrimoine Management & Associés (PM&A) et de Primonial FundQuest a annoncé la création du Groupe Primonial en acquérant, avec l’aide de Naxicap Partners, la totalité des actions de Patrimoine Management & Associés et Primonial FundQuest. «Le nouveau groupe ainsi constitué a pour ambition de devenir un acteur indépendant incontournable dans la conception, la gestion et la distribution de produits de placement», souligne un communiqué publié le 28 septembre.Patrimoine Management & Associés (PM&A), société spécialisée sur tous les aspects de la gestion de patrimoine auprès des investisseurs privés et des professionnels du patrimoine, était depuis 2005 filiale de BNP Paribas Assurance qui détenait 56,1% du capital. Primonial FundQuest, détenu à hauteur de 58,5% par BNP Paribas IP, est une société de multigestion dédiée aux professionnels du patrimoine. L’évolution capitalistique de Primonial FundQuest, qui devrait s’accompagner du changement de dénomination en Primonial Asset Management, est subordonnée à l’agrément des autorités de contrôle.Le management du nouveau Groupe Primonial possède désormais 75% du capital, et est accompagné à hauteur de 25% par Naxicap Partners (filiale de Natixis), premier opérateur français en Capital Développement pour les PME.« PM&A a toujours bénéficié d’une certaine indépendance nécessaire à la qualité de son innovation, ce qui nous a permis de nous développer fortement, passant d’une collecte de 250 millions d’euros à 500 millions d’euros en moins de quatre ans, de surcroît par temps de crise. Notre nouvelle ambition consiste à devenir l’un des acteurs leaders de la concentration du marché de l’épargne », déclare Patrick Petitjean, directeur général du groupe Primonial, cité dans le communiqué.« Aujourd’hui, l’accélération de notre développement nous conduit à réfléchir à des acquisitions tant dans le domaine de la gestion que dans le domaine de la distribution», indique pour sa part André Camo, président du groupe Primonial.

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Gartmore is poised to lose one of its flagship investment trusts – the Gartmore Growth Opportunities trust - after the departure of fund manager Gervais Williams. The GBP 51m trust said that it planned to combine with Artemis Alpha Trust. The enlarged vehicle will be managed by Artemis’ John Dodd and Adrian Paterson.

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } The Financial Services Authority has fined Fabio Massimo de Biase, a former broker for TFS Derivatives, more than GBP250,000 and banned him for life from working in the financial services industry, says the Financial Times. The former broker paid kickbacks to a hedge fund trader - Anjam Ahmad at AKO Capital - in return for broking business.

p { margin-bottom: 0.08in; } The fund management firm Northern Trust has announced the migration of the hedge funds, funds of funds and independent offshore funds managed by Signina Capital AG, a Swiss independent management firm, to Luxembourg. Signina Capital has recently called in the fund management services of Northern Trust, in particular for its fund administration solutions and the Hedge Fund Monitor service, which allows clients to track and analyse their hedge fund investments in real time. “In the area of hedge funds, we see growing interest in the launch of UCITS and non-UCITS funds in jurisdictions such as Luxembourg and Ireland,” says Ian Headon, head of product development for the EMEA hedge fund and alternative fund of fund division fo Northern Trust.

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p { margin-bottom: 0.08in; } According to Expansión, cited by Funds People, Axa Investment Managers last week fired Iñigo Bilbao-Goyoaga, who had been its head for Spain and Portugal since 2002. The fund management firm, whose Spanish office employs four portfolio managers and has assets under management of EUR585m as of the end of August, has launched an internal and external search for candidates to replace Bilbao-Goyoaga. His successor will also be responsible for developing activities in Latin America. Since the beginning of the year, Axa IM has posted net subscriptions of EUR260m in Spain.

p { margin-bottom: 0.08in; } The Spanish Allfunds Bank (Santander and Intesa Sanpaolo) on 21 September launched its Islamic Services Unit, a completely automatised B2B fund platform, which so far is the only one to be completely compliant with Sharia Islamic law, and certified by a fatwa signed by four members of the Sharia Board of Amanie Dubai. Allfunds Bank offers over 80 Sharia-compliant funds from 15 providers based in Luxembourg, Ireland, the United Arab Emirates and Saudi Arabia. Meanwhile, Allfunds Bank is also extending its Islamic fund research services, to better assist its clients to select Islamic funds. This will involve the launch of a website dedicated to providing complete information about these funds.

p { margin-bottom: 0.08in; } It’s “a real trend,” according to the CEO of Novethic, Anne-Cathering Jusson-Traore, who on 28 September presented the second edition of the SRI Label, for management firms which this year confirmed their interest in the label for funds whose management systematically take into account environmental, social and governance (ESG) criteria and which meet high standards for transparency. The management firms which received the label last year all used the label in at least one communication, saus Husson-Traore, who says the number of applicants increased 50% in 2010. The range of funds with SRI labels has also widened. It now includes 50 more funds from 32 management firms, compared with 25 in 2009. The 142 funds to receive the label represent EUR22.7bn, or 54% of assets in SRI funds on sale in France as of the end of June 2010. In terms of asset classes, there are 91 equities funds, 24 bond funds, 17 money market funds, and 10 diversified funds. Among the 182 funds for which an application was submitted are all the funds which received labels in 2009, except four funds which have since been closed. With more than 80 new applications, the interest of management firms in the label is clear. Many of them applied with more funds than in 2009, and Amundi, the management firm for the LCL and Crédit Agricole groups, which did not apply in 2009, has requested the label for all of its retail SRI funds.

p { margin-bottom: 0.08in; } State Street Global Advisors (SSgA) announced on 24 September that it has selected the management firm Smith, Graham & Co to assist it in the management of MBS (mortgage-backed securities) for the US Department of the Treasury. As an agent of the US Treasury, SSgA manages a portfolio of about USD180bn in MBS issued by Fannie Mae and Freddie Mac. Smith, Graham will provide expertise in the areas of portfolio analysis and reporting.

p { margin-bottom: 0.08in; } State Street Corporation on 28 September announced that it has extended its mandate with Lloyds Banking Group. The mandate now includes the provision of custody services, fund accounting, financial reporting, and clearing for three SICAVs containing 27 Luxembourg-domiciled funds. The funds are currently valued at nearly EUR2.4bn in assets. As a part of the extension of the mandate, ten Lloyds TSB employees will join State Street in November.

p { margin-bottom: 0.08in; } As of 30 September 2010, assets under management at Man Group are expected to total USD39.5bn, compared with USD38.5bn as of the end of June. This total, however, compares with a level of USD44bn at the end of September 2009, according to provisional figures published on 28 September. The British management firm has also reported a reduction in net outflows in the second quarter of the year to USD0.6bn, which reflects an increase in inflows due to institutional mandates and an increase in demand for onshore regulated products. There was a positive investment movement of USD0.8bn in the second quarter of the fiscal year. Pre-tax profits for the half ending on 30 September are expected to total USD215m, compared with USD292m for the corresponding period of last year. Net revenues from commissions fell to USD205m from USD245m, due to a reduction in average assets during the period. Net revenues from performance commissions fell to USD10m from USD47m, as most AHL products were above the high watermark. The regulatory capital surplus totalled over USD1.5bn, with USD2.5bn in liquidity, though this regulatory capital surplus is expected to shrink to about USD300m with the completion of the acquisition of GLG, expected to go through on 12 October.

p { margin-bottom: 0.08in; } According to reports in Die Welt, the crisis which on Monday provoked the suspension of redemptions from the real estate fund of funds Premium Mangaement Immobilien-Anlagen (PMIA) from Allianz Global Investors was brought on by Commerzbank, which was exclusive distributor of the fund, and which on Thursday decided to lower its rating to “uninteresting.” In addition, the bank is recommending that its clients transfer their assets to two open-ended real estate funds from its affiliate Commerz Real, with a reduced front-end fee of 3% instead of 5%. In one day, the move triggered outflows of more than EUR520m from PMIA. In addition, the fund of funds was invested in two real estate funds from Commerz Real. Before the suspension of redemptions, the EUR216m investment in the hausInvest europa was successfully liquidated. But Commerz Real refused to reimburse more than EUR40m from the hausInvest global.

p { margin-bottom: 0.08in; } The asset management unit of the US bank Wells Fargo is now offering an equities fund dedicated to emerging markets, in the form of a Luxembourg Sicav, Investment Week reports. The Wells Capital Management (WCM) Emerging Markets Equity fund is a portfolio of 80 to 150 shares, managed by Jerry Zhang. It has a 13-year track record, and shows annual performance of 11% since 1997, compared with returns of 7.5% for the benchmark index, the MSCI Emerging Markets Free index. Zhang says that it is not too late to get involved in emerging markets, though they did surge 74% last year, according to data from Bloomberg. EFPR statistics show net inflows of USD45bn since the beginning of the year.

p { margin-bottom: 0.08in; } CPR AM has announced the launch of CPR Global Infrastructures, a themed fund investing in international equities, with the objective of profiting from the dynamic infrastructure industry. The investment universe is large, including both emerging and developed markets at 50% each. CPR AM explains that the composition was selected because the two regions have different drivers of growth: demographic and economic growth on the one hand, and the “green revolution” on the other. “Whatever phase of the economic cycle they are situated in, developed and emerging countries engage in infrastructure investment programs which largely concern long-term projects (highways, rails, airports, electricity). The United States, for example, is about to launch a cast investment program in highway, airport and rail infrastructure, totalling nearly USD50bn,” says Cyrille Collet, director of equities management. Emerging markets, for their part, have considerable structural needs, particularly for transport, telecommunications networks, energy, and social infrastructure. The CPR Global Infrastructures Fund prefers a wider sectoral approach, in 23 sectors related to the infrastructure theme (heavy infrastructure, energy, communication, and social infrastructure). The final portfolio is diversified, and will invest in 150 to 200 shares. CharacteristicsISIN code:P shares: FR0010922633 I shares: FR0010922641 Subscription commission: 3% maximum for P & I sharesAnnual management fees:P shares: 1.80% max I shares: 0.90% max Performance commission: For P & I shares: 20% of performance exceeding the MSCI World + MSCI Emerging Markets composite index up to 1.50% of net assets (net dividends reinvested). Benchmark index: A composite of 50% MSCI World + 50% MSCI Emerging Markets

p { margin-bottom: 0.08in; } On 28 September, NYSE Euronext admitted shares in four French-registered ETF funds launched by Lyxor Asset Management to trading. The funds replicate sectoral strategy indices from Stoxx Ltd, bringing the number of ETFs listed to 481. Since the beginning of this year, 81 new ETFs have been listed on the European markets of NYSE Euronext. The new funds, all of which have a TER of 0.45%, are: Lyxor ETF STOXX Europe 600 Oil & Gas Daily Short (FR0010916809)Lyxor ETF STOXX Europe 600 Basic Resources Daily Short (FR0010916783)Lyxor ETF STOXX Europe 600 Banks Daily Short (FR0010916767)and Lyxor ETF STOXX Europe 600 Automobiles & Parts Daily Short (FR0010916759)

p { margin-bottom: 0.08in; }a:link { } The Hartford is reducing fees for six of its bond mutual funds, in order to make them more attractive to IFAs and investment experts. The reduction will take effect from 1 November. The funds concerned are the following: The Hartford High Yield FundThe Hartford High Yield Municipal Bond FundThe Hartford Income FundThe Hartford Inflation Plus FundThe Hartford Short Duration FundThe Hartford Total Return Bond Fund Details of the fee reductions may be found at the address http://ir.thehartford.com/releasedetail.cfm?ReleaseID=511229

p { margin-bottom: 0.08in; }a:link { } The Hartford is reducing fees for six of its bond mutual funds, in order to make them more attractive to IFAs and investment experts. The reduction will take effect from 1 November. The funds concerned are the following: The Hartford High Yield FundThe Hartford High Yield Municipal Bond FundThe Hartford Income FundThe Hartford Inflation Plus FundThe Hartford Short Duration FundThe Hartford Total Return Bond Fund Details of the fee reductions may be found at the address http://ir.thehartford.com/releasedetail.cfm?ReleaseID=511229

p { margin-bottom: 0.08in; } On 27 September, Putnam Investments announced that it will be launching a series of three funds of all cap sizes specialised in US equities, with value, growth and blend approaches. The new fund in the range is the Putnam Multi-Cap Core Fund (PMYAX), which brings together growth and value styles. It is managed by Gerard Sullivan, who is also manager of the Putnam Investors Fund. The Putnam Multi-Cap Value Fund (PMVAX), a specialist in value shares, is managed by James Polk. It is the former Putnam Mid-Cap Value Fund, whose investment strategy has been extended to allow it to invest in all cap sizes. The Putnam Multi-Cap Growth Fund (PNOPX) is a conversion of the Putnam New Opportunities Fund. It is managed by Robert Brookby, who also manages the Putnam Growth Opportunities Fund. Putnam says its Vista Fund was absorbed during September into the new Multi-Cap Growth fund.

p { margin-bottom: 0.08in; } The Munich-based TMW Pramerica Property Investment GmbH on 28 September announced that the net asset value of shares in its open-ended real estate fund TMW Immobilien Fonds (whose redemption freeze has just been extended on 15 September) has been revised downward by 61 cents, to EUR50.48, a depreciation of 1.19%. The move was rendered necessary by a new expert opinion on the value of the Concord Terrace building, located in Sunrise, Florida. The property, previously valued at USD10.6m, is now listed on the books with a value of EUR0, as it has failed to attract tenants. The property was leased in 2006 to Nortel Networks, until March 2017. But since then, Nortel has gone bankrupt, and vacated the premises on 31 October 2009, at the hight of the real estate crisis in south Florida.

p { margin-bottom: 0.08in; } On 28 September, iShares (BlackRock) admitted three new German-registered equities ETFs to trading on the XTF segment of the Xetra electronic platform, bringing the number of products listed in Frankfurt to 707. The first two, which charge fees of 0.59%, replicate the MSCI Australia (DE000A1C2Y78) and MSCI Canada (DE000A1C2Y86). The third, based on the MSCI South Africa (DE000A1C2Y94), carries a management commission of 0.74%.

p { margin-bottom: 0.08in; } Paris Europlace, which has sought to extend its governance structures to a new generation of actors on the financial markets, on 27 September held the first meeting of its new Management Committee, chaired by Vivien Levy-Garboua, advisor to the chairman of BNP Paribas. The Management Committee will become a central organ, alongside the newly-created colleges of Businesses and Investors. It has redefined its missions in light of the work accomplished in the past year, and has set a new strategic objective, as France prepares to take over presidency of the G20. The missions defined by the new Management Committee are focused on three areas: aligning the visions of market actors (investors, issuers, bankers, cities and regions, and regulators) around a shared project and a collective dynamic, federating and coordinating market projects, and being a presence in proposals to the Paris Europlace Orientation Council and the High Market Committee (HCP). “Our strategy for this renewed and youthful committee is to put the Paris market and the financial power of the Euro zone at the service of economic actors and collective platforms. It is a good sign that the major market actors, such as Banco Santander, Commerzbank, Eurazeo, Goldman Sachs, Saint Gobain, … have joined Paris Europlace, confirming the vitality and necessity of its collective action,” Levy-Garboua says in a statement dated 28 September. The new members of the Management Committee are:- Stéphane Austry, legal partner, CMS Francis Lefebvre- Frédéric Bedin, president, Croissance Plus- Dominique Cerruti, deputy CEO, Nyse Euronext- Fabrice Demarigny, partner, Mazars- Sylvain de Forges, deputy CEO, AG2R- Stéphane Pallez, deputy CFO, France Telecom- Gilles Saint-Marc, lawyer, Gide Loyrette Nouel- Hervé Schricke, vice president, Association Française des Investisseurs en Capital (Afic)

p { margin-bottom: 0.08in; } CDC Climat, an affiliate of the Caisse des Dépôts dedicated to fighting climate change, has founded a management affiliate, CDCClimat Asset Management, Les Echos reports. The firm will manage a EUR60m mandate for its parent company, with the objective of preventing the emission of at least 7 million tons of CO2. The management team includes Guido Schmidt-Traub, who has been recruited for the position, a former partner at the Swiss law firm South Pole Carbon, and Marianne Paris, in charge of governance at publicly-traded companies in which CDC already holds stakes.

p { margin-bottom: 0.08in; } “After 9 months of enforced holiday,” Christian Bito, former managing partner at Rothschild & Cie Gestion, has obtained a license from the AMF for his new management firm, CBT Gestion, which he is founding with Vladimir Danesi, former head of multi-management at Rothschild & Cie Gestion, and Jean-Luc Fargin, former treasurer of the Pasteur institute, who is administrative and financial head of the new firm. Due to the particular expertise of its founders, CBT Gestion will aim to provide traditional multi-management products, with adequate liquidity and diversification, with specific solutions in the area of portfolio risk profile control. The range will be aimed at CIFs (investment advisers), in the form of funds or mandates, and at financial institutions. “Our plans will initialls concern diversified management, wealth style, and Euro zone, PEA eligible equities portfolios,” says Bito, president and CEO of the new firm. Bito, who has developed a management technique based on risk levels (volatility), explains that the formula “allows for better adaptation of products to the expectations of investors. In particular, taking into account the expectations and behaviour of the markets gives high performance results on turbulent markets which need perhaps a few more years to stabilise.”

The asset management firm Ecofi Investments, an affiliate of the Crédit Coopératif group, has acquired a 58% stake in the capital of Financière de Champlain, a firm specialised in sustainable development, for an undisclosed amount. The shares were acquired from two “sleeping” partners, former employees of the small firm, who had been seeking to exit for some time already, each of whom represented 17% of capital, and a group of shareholders. Jean-François Descaves, president and founder of Champlain, has sold 17%, to allow Ecofi a majority stake. But he retains a 34% interest in the capital, alongside employees who control 8%, and will remain as chairman of the firm.The deal comes as Financière de Champlain has seen a decrease of EUR200m in its assets in one year, to EUR95m currently. However, Descaves refuses to call it a “bailout,” and insists that the firm has been profitable every year since 2004, and that it will be profitable in 2010. “We could very well have continued to survive as an independent,” he says. However, as Descaves admits, joining Ecofi will provide Financière de Champlain with the means to develop, and to reach new clients in the institutional investor category, which makes up most of Ecofi’s client base. The complementarity in terms of management is also another powerful argument for the operation.

p { margin-bottom: 0.08in; } Facing a fall in total assets to USD21bn, from USD40bn in 2008 (and to USD17bn compared with USD35bn for hedge funds alone), D.E. Shaw & Co has decided to lay off 150 people, about 10% of its staff, the Wall Street Journal reports.