Since the beginning of the year, ING Investment Management has seeninflows of EUR200-300m for high dividend yield equities management, following inflows of EUR450-500m in 2009. As of 31 August, the asset management firm had EUR9bn in assets under management in this strategy, out of total assets under management of EUR376bn (30 June). ING IM’s dividend strategy, launched in 1999, is now divided into several geographical regions: Europe, global, United States and Asia.

p { margin-bottom: 0.08in; } Anthony Serhan, who was previously managing director of Ibbotson Associates Australia, an affiliate of Morningstar, has been appointed CEO of Morningstar Australasia Pty Ltd., where he was previously head of adviser and research. He will continue to serve as director of Ibbotson Associates Australia, which will now be led by Daniel Needham, who has served as CIO for several years.

p { margin-bottom: 0.08in; } The Credit Suisse group on 6 October announced that it has launched a new real estate fund, the Credit Suisse Real Estate Fund Hospitality (CS REF Hospitality), which is the first real estate fund in Switzerland to invest in a diversified manner in Swiss hospitality properties. Only qualified investors may participate in the first issue, which is planned for November or December 2010, Credit Suisse says in a statement. In addition to the acquisition of existing properties, the fund may undertake construction projects. Real estate investments are diversified by operator, type of property, age, building type and situation. Initially, only qualified investors may subscribe to the CS REF Hospitality. Institutional investors whose treasury is professionally managed and high net worth retail investors are included in this category. The statement explains that the term “hospitality” includes the hotel industry in the broad sense. The hospitality business, previously limited only to hotels, now includes a much wider range of services, from residences with hotel services to student campus residences, health sector properties, residences, and various forms of hotels.

p { margin-bottom: 0.08in; } The range of hedge funds focused on Eastern Europe from the Swedish asset management firm Emeralt Investments has grown with the addition of Opal, a long/short Russian and CIS equities product which combines stock-picking and macro analysis, Hedge Week reports. The fund, which has started up with considerable seed capital, will be managed by Johan Ekström, who has returned to Emeralt after a period at the Russian Alfa Bank. The fund will invest in sectors other than oil and gas, with the objective of generating outperformance compared with long-only Russia funds and global emerging markets funds.

p { margin-bottom: 0.08in; } The Observer 2010 study from the Spanish Inverco association of asset management firms, covering the period 2007-2009, finds that Spanish investors withdrew a total of EUR438m from Spanish equities funds in 2007, while the Ibex index of the Madrid stock exchange gained 7.3% that year. In 2008, when the Ibex lost 32.1%, net redemptions totalled nearly EUR2.9bn. In 2009, when the index gained 52.8%, net subscriptions totalled only EUR21m. The conclusion drawn from this is that many investors pulled out in 2008 and missed out on the rally in 2009. At the height of the crisis, from the end of 2007 to the end of 2008, the number of subscribers fell by 552,000, to nearly 308,000.

p { margin-bottom: 0.08in; } The British hedge fund management firm Parvus Asset Management has announced to the SEC that it has acquired a 10% stake in the US firm Liberty Acquisition Holdings Corp., the structure set up by Nicholas Berggruen (who owns 9.87% of the firm) to bail out the Spanish Prisa group, for USD132m, Cotizalia reports. Among the other shareholders in Liberty Acquisition are The Children Investment group (TCI), Pentwater Capital, Tig Advisors, Fir Tree and Centaurus Capital. Together, Goldman Sachs, Deutsche Bank, Citigroup and Credit Suisse control 12% of Liberty.

p { margin-bottom: 0.08in; } As of 1 February, Clemens Reuter, a member of the senior management team, head of member relations and head of stock market activities at SIX Swiss Exchange will become head of the ETF operation at UBS Global Asset Management, in cooperation with the business units for investment banking and wealth management. Reuter will continue to be based in Zurich, and will report to Martin Thommen, head of UBS Funds for Switzerland and interim head of ETF activities.

p { margin-bottom: 0.08in; } Société Générale Private Banking announced on Wednesday, 6 October that it has teamed up with Copal Partners to strengthen its equities research and to build its services dedicated to high net worth retail clients. The agreement allows Société Générale Private Banking to double the number of securities covered by its equities research, and to extend its analysis to Latin America, the United States, Western and Eastern Europe, the Middle East, Africa and Asia, and to strengthen its abilities to respond to specific demand from private clients in relation to all publicly traded equities, a statement says. Société Générale Private Banking will retain supervision of all research produced by Copal Partners.

p { margin-bottom: 0.08in; } The US management firm Franklin Templeton on 5 October announced that it has added to its defined-contribution pension program sales team with the recruitment fo Tyler Johnson as DCIO Key Account Manager. Franklin Templeton has also revised its organisation to take into account changes which are taking place in the advising market, where consolidation is continuing, but where there is still a population of financial advisers who may occasionally sell pension plans, but who need assistance to do so.

p { margin-bottom: 0.08in; } The US management firm Lord, Abet & Co has announced the appointment of five partners: David J. Linsen and Thomas B. Maher, fund managers, Jonathan M. Morgan, director of institutional services, Lawrence B. Stoller, vice general counsel, and Stacy P. Allen, chief administrative officer.

p { margin-bottom: 0.08in; } Mutual Fund Wire reports that DWS Investments has appointed Jeffrey Diamond as director, senior national account manager and head of offshore distribution in the United States. Diamond, previously at UBS, will be based in New Jersey, and will report to Michael Woods, managing director, CEO and director of distribution in the United States.

p { margin-bottom: 0.08in; } The Boston-based management firm Eaton Vance has recruited Rob White, previously of Banquo Credit Management, as head of its new regional office in Singapore. Asian Investor reports that Eaton Vance is naturally planning to focus on major institutional investors, but that the management firm is also planning to develop its activities in a less traditional asset class: bank loans. Eaton Vance is hoping to obtain a license to operate on capital markets as well as a management firm license by the end of the year.

p { margin-bottom: 0.08in; } UBS has added to its team dedicated to the ultra-high net worth (UHNW) client segment through internal promotions and recruitments, Asian Investor reports. Amy Lo, previously head of the Hong Kong market and the UHNW segment, also in Hong Kong, has been appointed head of the UHNW segment for all of the Asia-Pacific region. UBS has made one internal promotion (Jean-Claude Humair) and one recruitment (Francis Liu) to replace Lo in Hong Kong. Lio, previously of Bank of America Merrill Lynch, will join UBS in December. Liu will work alongside Humair, currently head of wealth management in Japan at UBS.

Asia’s DBS Group is said by several sources to be in advanced talks to sell its asset management business or merge it with a strategic partner, according to Asian Investor. There are at least two firms in serious discussions regarding DBS Asset Management, including Tokyo-based Nikko Asset Management and an unnamed European fund manager, writes the Internet website. By buying DBS Asset Management, managing assets of EUR20bn, a European firm could acquire an almost instant, credible Asian investment platform.

p { margin-bottom: 0.08in; } According to statistics from VDOS Stochastics, total assets in 3,205 Spanish Sicav funds, a vehicle used primarily by Spanish high net worth families, as of 30 June totalled over EUR25.32bn, which represents a reduction of nearly 1.3% compared with their levels as of the end of December. As of the end of March, assets under management totalled EUR26.21bn (see Newsmanagers of 28 June).. BBVA Patrimonios was the top manager in terms of asset volumes, as in first quarter, with a market share of 11.14%, compared with 10.96%, and net subscriptions of EUR81m in April-June, compared with EUR77m in January-March. As in first quarter, its Morinvest Sicav ranks top, but its assets fell to EUR440m, from EUR452m.

p { margin-bottom: 0.08in; } Several sources cited by Asian Investor say that the Singapore-based DBS Group may sell its asset management activities, currently at DBS Asset Management, or merge them with those of a strategic partner. Among the candidates who are said to have already entered talks with DBS are Nikko Asset Management and a European management firm. Assets under management at DBS Asset Management currently total about USD20bn (SGD26bn).

p { margin-bottom: 0.08in; } Insynergy Investment Management, which has recently launched the Absolute China and Absolute India funds, and recruited David Stead (ex Skandia) as business development director, has appointed Bambos Hambi as head of strategy and development. Hambi, who had been a full-time consultant for Insynergy since early August, was director of multi-management at Gartmore until May 2008.

p { margin-bottom: 0.08in; } Pioneer Investments has launched a guaranteed fund investing in the BRIC countries (Brazil, Russia, India and China), the Pioneer UniCredit a formula BRIC 4 dicembre 2015. The fund is aimed at savings investors seeking to invest in emerging countries, while benefiting from capital protection, the asset management firm says. The fund has a fixed duration, and may be subscribed to until 28 October. At maturity, the client is supposed to receive 30% of the performance of the S&P Bric 40 Risk Control 18% in Euros.

p { margin-bottom: 0.08in; } In September, mutual funds on sale in Italy saw net redemptions of EUR1.74bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Outflows were largely driven by money market funds, which saw outflows of EUR1.78bn, Flexible funds and hedge funds also came out with a negative balance of EUR191m and EUR176m, respectively. Bond funds, for their part, saw outflows of EUR4m. For the month, only equities and diversified funds show net inflows, of EUR224m and EUR155m, respectively. But those were not enough to compensate for redemptions from other categories of funds. Assogestioni also notes that foreign-registered funds posted net inflows of EUR619m, while Italian-registered funds saw outflows of EUR2.36bn. As of the end of the month, assets under management in the sector totalled EUR449.38bn, a very slight decrease compared with August. Of this total, 78.4% is managed by Italian groups, and 21.6% by foreign groups. For the month, the largest inflows went to Mediolanum (EUR137.2m) and Generali (EUR53.5m), while firms with the heaviest outflows were Intesa Sanpaolo (EUR611.9m) and Bipiemme (EUR279.2m).

p { margin-bottom: 0.08in; } The CNMV has recently registered the market neutral long/short fund GLG Alpha Select, a UCITS-compliant product domiciled in Spain, which invests in British bonds, Funds People reports. The fund with 70-100 positions replicates the strategy of a hedge fund managed by John White, domiciled in the Cayman Islands, in a UCITS III-compliant format. The fund was launched in February and is available in shares denominated in US dollars, euros, pounds Sterling and Japanese yen. Management commission is 2% for institutional investors and 2.75% for retail investors, while performance commission is 20%.

p { margin-bottom: 0.08in; } For six months, Alken Asset Management has been licensed by the CNMV (see Newsmanagers of 13 April). Now, the Luxembourg management firm founded by Nicolas Walewski following his departure from Syz/Oyster, has registered the Small Cap Europe fund managed by Jean-Pierre Mariaud, with assets of EUR32m, for sale in Spain, in addition to the firm’s flagship European Opportunities fund.

p { margin-bottom: 0.08in; } The aggregate hedge fund index calculated by HedgeCo has posted an average annualised performance of 7.14% for the first seven months of the year, compared with growth of 4.18% for the S&P 500. The long/short index has earned the best results, with returns of 7.58%.

According to the Financial Times, French officials now say that they are prepared to accept the principle of a passport for third-country funds, subject to strict conditions. In particular, Paris insists that it should be the new European Securities and Markets Authority which issues a passport to a third-country fund and then supervises that fund.

p { margin-bottom: 0.08in; } The Global Small Cap Energy sub-fund of the Luxembourg Sicav ISF (International Selection Fund) from Schroders, launched on 17 May 2010, has been issued a sales license for Germany by BaFin. The fund invests in small caps in the energy sector (USD50-500m) worldwide. The managers, John Coyle and Ben Stanton (who already manage the Schroder ISF Global Energy fund), are betting on the conjunction of economic recovery and a rise in demand with a lack of oil production capacity; they are also betting on an increase in mergers and acquisitions. The size of the fund (30-50 positions) will be limited to USD500m. Global Small Cap Energy will not rely on leverage, short-selling or direct investment in commodities.CharacteristicsName: Schroder ISF Global Small Cap Energy EURISIN code (A class shares): LU 0507598497Benchmark index: MSCI World EnergyFront-end fee: 5%Management commission: 1.5%Minimal initial subscription: EUR1,000

Le statu quo des banques centrales et les incertitudes sur les dettes souveraines européennes expliquent ce phénomène

Au troisième trimestre, 2,2 milliards de transactions ont été enregistrées, soit pratiquement l’équivalent du premier semestre selon Immostat-IPD

CPR Asset Management a lancé le premier octobre CPR Oblig 12 mois, qui vient compléter son offre de solutions d’investissement de trésorerie, principalement dédiée aux entreprises et aux institutionnels. Le FCP récupère l’enveloppe d’un ancien produit de la gamme obligataire, CPR Euro Bonds. Il s’agit d’une reconversion totale de ce FCP, et CPR Oblig 12 mois bénéficie d’un nouveau processus de gestion. Le fonds a pour objectif de réaliser, grâce à un portefeuille d’obligations et autres produits obligataires et monétaires de la zone OCDE, une performance annualisée supérieure de 0,40 % à celle de l’EONIA capitalisé sur la période de placement recommandée (12 mois). Le nouveau fonds, qui pèse 36 millions d’euros, vient s’ajouter à deux autres produits de trésorerie : CPR Cash (monétaire court terme avec un horizon jusqu'à 3 mois) et CPR Moné Carry (monétaire avec un horizon supérieur à 6 mois). CPR Oblig 12 mois a pour sa part un horizon de placement supérieur à 12 mois. Ce produit élargit donc la gamme vers des échéances un peu plus longues, afin de fidéliser une clientèle institutionnelle mais aussi de trésoriers d’entreprise qui regorgent actuellement de liquidités, ce qui devrait permettre de corriger en partie la décollecte simplement mécanique constatée depuis le début de l’année. Aux instruments traditionnels du CPR Cash (TCN, obligations, floaters, puttables, dérivés de taux) et Moné Carry (les mêmes, plus les dérivés de crédit), CPR ajoute les iTraxx et les CDX, très liquides, mais assez volatils. Piloté par Julien Daire, le responsable de la gestion crédit de CPR AM, et Florent Omnes, gérant monétaire, le portefeuille CPR Oblig 12 mois comportera des instruments dont les maturités des instruments seront sur du court et moyen terme, avec une maturité maximale de 5 ans et 3 mois. Les titres d’émetteurs feront partie de l’univers des signatures de catégorie Investment Grade, mais les gérants peuvent s’autoriser à investir jusqu'à 10 % de l’actif net en titres High Yield. Cela posé, compte tenu de la lecture présente des marchés par CPR, l'échéance résiduelle moyenne du nouveau fonds est actuellement limitée à 8 mois, et l’allocation aux titres à haut rendement se trouve plafonnée à 4 %, avec des titres notés BB «et sains», précise Julien Daire. Caractéristiques : CPR Oblig 12 Mois Part P : FR0010304089CPR Oblig 12 Mois Part I: FR0010934042 Commission de souscription non acquise au FCP : Parts P et I : 1%Commission de rachat non acquise au FCP : Parts P et I : 1%Frais de fonctionnement et de gestion : Part P : 0,70% TTC, Part I : 0,40 %Commission de surperformance : Part P et Part I : 30 % TTC de la part de la performance, supérieure à celle de l’indice EONIA +0,40%

amLeague a dévoilé, mercredi 6 octobre, les premiers classements d’un championnat entre sociétés de gestion lancé le 30 juin 2010 à partir de portefeuilles investis en actions européennes et de la zone Euro. «L’objectif de ce championnat est de permettre aux investisseurs de disposer d’une mesure objective et pleinement comparable des performances de la gestion active», indique amLeague. Le cadre défini par amLeague afin de disposer d’une mesure efficace des gérants - dont profiteront les investisseurs institutionnels - s’inspire des mandats institutionnels. Concrètement, explique amLeague, " la société réunit des investisseurs au sein de son club, un «collège» qui définit les règles de gestion des mandats. Ces mandats donnent ainsi des contraintes communes à tous les gérants participants. Ensuite, les gérants communiquent leurs ordres en temps réel à amLeague via une plateforme technique de gestion sécurisée. La conformité des portefeuilles est ensuite contrôlée par amLeague, qui procède quotidiennement à leur valorisation et la communique à chaque asset-manager». Le classement est accessible sur le site www.am-league.com. On notera que sur l’Europe, en tête du championnat figurent la société de gestion Petercam et le gérant Guy Lerminiaux, devant Lombard Odier (Clemens Aichholzer) et Edmond de Rothschild AM (Philippe Lecoq). Sur la zone Euro, CM-CIC AM occupe la première place, devant Edmond de Rothschild AM (Olivier Huet) et Allianz GI (Catherine Garrigues). Enfin, du côté de la gestion flexible, Somangest (Franck Le Franc) devance Edmond de Rothschild AM (Françoise Rochette) et Allianz GI (Catherine Garrigues). Pour aller directement au classement : http://www.am-league.com/en/rankings/global-rankings ?

Le bureau parisien de M&G va entamer la commercialisation en France du M&G Global Dividend Fund, un fonds investi dans les entreprises du monde entier enregistrant une croissance de leurs dividendes. Ce produit, lancé en juillet 2008 et affichant un encours de 404 millions d’euros, se destinera aux investisseurs institutionnels et retail.Le gérant, Stuart Rhodes, s’efforce d’investir dans des entreprises qui vont augmenter régulièrement leurs dividendes dans le temps. Pour lui, les sociétés qui s’imposent une telle discipline ont tendance à éviter de dépenser leur argent à tort et à travers et être plus sélectives dans leurs projets de croissance. Les entreprises qu’il détient en portefeuille reversent aux actionnaires entre 40 % et 60 % en moyenne de leurs cash flows. «Au-delà de 70-75 %, les dividendes sont susceptibles de prendre la place de projets de croissance», indique le gérant. En revanche, Stuart Rhodes se focalise moins sur les rendements, qui ne constituent, pour lui qu’une donnée historique et qui ne donnent aucune indication sur la capacité des entreprises à verser des dividendes dans les années qui viennent. Son portefeuille se compose d’une cinquantaine de noms, sur 150 environ qui respectent ses critères, répartis sur plusieurs zones géographiques. Le turnover est de 25 % par an, une proportion appelée à diminuer dans les années qui viennent, la crise ayant provoqué un plus grand nombre de changements de valeurs que prévu. Le rendement du fonds est aujourd’hui néanmoins de 3,7 %, plutôt en ligne avec les moyennes mondiale (2,7 %) et européenne (3,6 %). Mais la croissance prospective du dividende des valeurs en portefeuille est bien supérieure: 16 %, contre 6,4 % dans le monde et 10,7 % en Europe. Caractéristiques : Type de fonds: OEIC Code ISIN: GB00B39R2S49

Suite à l’appel d’offres lancé le 9 février 2010 visant à sélectionner une agence de notation sociétale, l’Etablissement de retraite additionnelle de la fonction publique (Erafp) a annoncé avoir attribué à Vigeo trois contrats relatifs à la notation extra-financière de ses investissements.Vigeo appréciera le caractère socialement responsable des investissements de l’établissement sur les différentes classes d’actifs suivantes:Lot n°1: Notation ISR des actions cotées de grandes, moyennes et petites entreprises, des obligations crédit, des obligations émises par des organismes supranationaux et le cas échéant, notation ISR des obligations convertibles et des obligations à haut rendementLot n°2 (en partenariat avec Oekom): Notation ISR des obligations émises par les Etats membres de l’OCDE, des Etats de l’Union européenne non membres de l’OCDE et des pays candidats à l’adhésion à l’Union européenneLot n°3 (en partenariat avec Oekom): Notation ISR des obligations émises par des collectivités territoriales implantées dans des Etats membres de l’OCDE.