Dans un communiqué, OFI Private Equity Capital a annoncé mercredi 19 mai que le bureau de recherche ODDO NextCap, filiale d’ODDO Securities, vient d’initier la couverture de la société. Le premier rapport de recherche a été publié le 12 mai 2010. Depuis juillet 2007, la société est suivie par les analystes de la Société Générale et de JP Morgan Cazenove.

Société Générale Private Banking a annoncé l’ouverture de deux nouveaux centres régionaux à Strasbourg et Rennes. Ces centres, situés au 29 boulevard Tauler à Strasbourg et au 14 rue Le Bastard à Rennes, sont dirigés respectivement par Benoît Teutsch et par Frédéric Largeron. Société Générale Private Banking est installée en région depuis 2008 à Bordeaux, Lyon et Marseille et depuis 2009 à Lille.Société Générale Private Banking proposera notamment aux cadres dirigeants, entrepreneurs et professions libérales de les accompagner dans leurs démarches de cession ou de transmission d’entreprises et leur offrira également ses services pour les opérations de haut de bilan. Elle offrira également à la clientèle fortunée installée en régions l’accès à l’intégralité de son offre d’investissements et de services financiers.Les équipes de conseillers en gestion de fortune et d’ingénieurs patrimoniaux de Société Générale Private Banking s’appuieront sur la bonne connaissance du tissu économique local des collaborateurs du réseau de la banque de détail, soit plus de 185 agences d’Alsace, Lorraine, Franche Comté et Champagne Ardennes et 300 agences de Bretagne, Pays de la Loire, Basse Normandie et Centre.

Le Crédit Coopératif annonce le lancement en collaboration avec la Fondation Nicolas Hulot pour la Nature et l’Homme du fonds de partage «Agir avec la Fondation Nicolas Hulot». Il s’agit d’une part de son FCP Confiance Solidaire, gérée par Ecofi Investissements, la société de gestion du Crédit Coopératif."Agir avec la Fondation Nicolas Hulot» est géré selon une approche ISR (investissement socialement responsable). Le portefeuille sera composé d’obligations émises par des entreprises privées de la zone euro et sélectionnées en fonction de critères financiers et extra-financiers (sociaux, environnementaux et de gouvernance), ainsi que d’OPCVM de trésorerie dynamique gérés par Ecofi Investissements et investis pour l’essentiel en emprunts d’Etat. 5 % à 10% de l’actif est investi dans des «entreprises solidaires» agréées par l’Etat, soit des organismes non cotés à forte utilité sociale et/ou environnementale (micro-finance, habitat très social, développement Nord-Sud, insertion par l’activité économique, protection de l’environnement), précise le communiqué. 50% des revenus annuels distribuables sont reversés sous forme de dons à la Fondation Nicolas Hulot. Caractéristiques : Code Isin : FR0010807875Première souscription minimale : 1 partValeur d’origine de la part «Agir avec la Fondation Nicolas Hulot» : 150 eurosCommission de souscription : aucuneCommission de rachat : aucuneFrais de gestion : 0,60 % TTC (maximum) de l’actif net

Oddo Asset Management a annoncé le lancement du Fonds d’investissement de proximité (FIP) «Ecoplanète 2010" dédié aux énergies renouvelables. Son objectif est d'être investi en PME éligibles (permettant la réduction d’impôt ISF de 50 %) à concurrence de 80% - dont 20% dans des entreprises de moins de 5 ans.Dans le détail, 80 % des investissements seront exclusivement tournés vers le financement de projets d’électricité renouvelable, essentiellement solaires, avec systématiquement la signature par la société financée d’un contrat de rachat avec EDF finalisé avant l’investissement, précise le communiqué de la société de gestion. Oddo Asset Management regardera également de façon plus opportuniste le secteur de l’éolien ou encore les centrales biomasse produisant de l’électricité renouvelable en transformant les déchets agricoles.Les 20% restants seront investis dans des actifs diversifiés dont des produits monétaires, de taux et jusqu'à 10% de l’actif, dans des produits actions et diversifiés.Oddo AM utilisera les services de Akuo qui figure parmi les leaders du développement de projets en énergies renouvelables en France et co-investira aux côtés de la société de gestion. Concrètement, les équipes sélectionneront 8 à 10 projets en fonction de leurs objectifs de rendement et la visibilité des revenus. Les gérants de Oddo Asset Management pourront néanmoins investir dans davantage de projets en fonction des disponibilités.CaractéristiquesCode ISIN : Part A : FR0010888180 /Part B : FR0010893883 Durée du fonds : 8 ans prorogeable deux fois de 1 anPériode de bloquage : 8 à 10 ansDroits d’entrée : 5 % TTCCommission de gestion : 3 % TTC Période de souscription : jusqu’au 15 juin 2010Montant de la part : 1 000 € par partValorisation : semestrielleMontant minimum d’investissement : 1 000€Réduction d’impôts ISF : 50% du montant de la part déclarée par le fonds affectée à l’investissement dans les PME éligibles. Réduction plafonnée à 20 000 € pour un couple (foyer fiscal), en contrepartie d’une durée de blocage des rachats de 8 à 10 ans.

L’Agefi rapporte que mercredi 19 mai, le tribunal de commerce de Paris a donné son aval au plan de sauvegarde présenté par Orco Property Group, mettant un terme à la période d’observation ouverte le 25 mars 2009. Les créances seront remboursées sur 10 ans selon le calendrier exposé fin mars. Il s’agit d’une victoire pour le management et le PDG Jean-François Ott car un long bras de fer a opposé l'équipe de direction à certains actionnaires et certains obligataires, précise le quotidien.

Pax World Management a annoncé mercredi le lancement de sa gamme d’ETF baptisée ESG Shares, des produits utilisant uniquement une approche développement durable et répliquant des indices intégrant les facteurs ESG (environnementaux, sociaux et de gouvernance).Le premier, ESG Shares® North America Sustainability Index ETF (acronyme NASI), a été lancé le 19 mai. Il reproduit l’indice FTSE KLD North America Sustainability qui regroupe des sociétés américaines et canadiennes affichant une performance ESG supérieure à la moyenne selon la notation de KLD Research & Analytics. Il est chargé à 0,50 %.Ce fonds sera suivi vendredi (21 mai) du ESG Shares® FTSE Environmental Technologies (ET50) Index ETF (ETFY), et il répliquera l’indice FTSE ET50 des 50 plus grandes entreprises mondiales purement environnementales.Enfin, le 25 mai, Pax World lancera le ESG Shares® Europe Asia Pacific Sustainability Index ETF (EAPS) reproduisant l’indice FTSE KLD Europe Asia Pacific Sustainability.Ces deux fonds sont assortis d’une commission de gestion de 0,55 %. Le gérant de portefeuille pour les trois produits est Chris Brown, le CIO de Pax World.

Invesco PowerShares a déposé mardi auprès de la SEC une demande d’agrément pour un ETF d’obligations d’entreprises répliquant l’indice S&P International Corporate Bond. Ce produit, chargé à 0,50 %, devrait être lancé dans deux mois sous le nom de PowerShares International Corporate Bond Portfolio. Il sera géré par Peter Hubbard, Philip Fang et Jeffrey Kernagis.

Pour le semestre au 30 avril, Eaton Vance Corp a déclaré un bénéfice net de 97,53 millions de dollars contre 52,27 millions pour la période correspondante de l’an dernier. Les actifs sous gestion sont ressortis à 176,2 milliards de dollars, ce qui représente une progression de 9 % sur les 161,6 milliards de fin janvier et de 39 % par rapport à fin avril 2009 (127,24 milliards). Sur ce total, les mandats (separate accounts) représentaient 66,6 milliards. Au 30 avril 2010, l’encours des fonds d’actions représentait 61 milliards de dollars, celui des fonds obligataires 29,4 milliards.Les souscriptions nettes du trimestre à fin avril ont porté sur 5,3 milliards de dollars contre 3 milliards pour le trimestre à fin janvier et des rentrées nettes de 0,8 milliard pour la période correspondante de l’an dernier.

Mercredi, Barry Asset Management (650 millions de livres d’encours) a annoncé que Jamie McLeod deviendra CEO le 1er septembre en remplacement de Jamie Berry, qui prendra les fonctions de chairman. Jamie McLeod, l’ancien CEO de Skandia Investment Group (SIG) jusqu’en septembre 2009, achètera aussi 20 % de Berry AM à la banque privée suisse Bordier & Cie.

L’ancien head of product marketing, development and communications d’Invesco Perpetual, Alistair Campbell, qui s'était mis à son compte l’an dernier, deviendra head of UK retail marketing le 1er juin chez Fidelity International, rapporte Money Marketing.Il sera subordonné à Gary Shaughnessy, UK managing director, et aura pour mission de développer la clientèle de CGPI et la distribution «wholesale» tant pour FundsNetwork que pour la gamme de fonds Fidelity.

Impax, la société de gestion spécialisée dans l’environnement et cotée sur l’AIM, a vu ses encours sous gestion augmenter de 40 % à 1,767 milliard de livres entre le 30 septembre 2009 et le 31 mars 2010. Depuis, ils ont encore augmenté pour s’établir à 1,909 milliard de livres au 30 avril.Les revenus du premier semestre ont augmenté à 6,31 millions de livres, contre 4,5 millions sur la période correspondante de l’année dernière. Le bénéfice avant impôt non audité s’est établi à 1,67 million de livres, contre 1,02 million un an plus tôt.

Alongside its two major global platforms, Pimco for bonds and RCM for equities, Allianz Global Investors has built up two regional organizations: one for the United States, entitled Allianz GI Capital (including Nicholas Applegate, NFJ and Oppenheimer Capital), and one for Europe, entitled Allianz Global Investors Investments Europe, including management firms in France (59 investment professionals, EUR72bn in assets) and Italy (36 professionals and EUR36bn in assets). The entity has been functioning in practice for six months, but AGI has preferred to perfect its system before unveiling it. The new structure, with Giovanni Bagiotti as CEO, will later be joined by other, smaller European affiliates, Switzerland, with a specialty in Swiss bonds, has EUR10bn in assets, while Austria is oriented to the emerging markets of Europe, and has EUR5bn under management, a size similar to that of the Netherlands, while Spain has EUR3bn to EUR4bn, according to Michel Haski, a member of the executive board at AllianzGI Europe Holdin, and CEO of AllianzGI France. The alternative management affiliate may be sold off. SRI capacities will be scaled up. This discipline represents EUR5bn in assets, of which EUR1bn is in the former AGF product Valeurs Durables.

The Institute of International Finance (IIF) has warned against the impact of the future Basel III solvency standards. “Nobody contests the need to strengthen capital and liquidity at banks, but the macroeconomic effects should be very finely calibrated,” warns Stephen Green, president of HSBC and the IIF in a statement. With this in mind, the IIF has launched impact studies, whose findings will be published on 10 June.

The market of French resident SRI investors has grown from EUR30bn as of the end of 2008 to nearly EUR51bn as of the end of 2009, an increase of 70%. According to Novethic, which publishes the statistics, this is a “spectacular” rate of growth, higher than in previous years (+37% in 2008, and +30% in 2007). However, this growth of EUR21bn comes largely from conversion of traditional funds, many of them money market funds, to SRI (with these conversions accounting for EUR7.8bn). Inflows to SRI Sicav funds, for their part, came to EUR3.4bn, compared with EUR2bn in 2008. More than half of these inflows went to equities funds. The remainder of growth in assets comes from new institutional management mandates, an increase in internally managed assets, and positive market effects. The other remarkable fact in the year 2009 is a large increase in retail investors. Assets from retail savers rose 111% to EUR15.6bn. Novethic says “this sudden development reveals, on the one hand, the efforts of major banking and insurance networks, which are beginning to sell SRI products to this type of investors, largely via life insurance policies, and on the other hand, growth in SRI employee savings, which have nearly doubled between 2008 and 2009, to EUR6.5bn.”

Invesco PowerShares on Tuesday submitted an application to the SEC for a license for a corporate bond ETF replicating the S&P International Corporate Bond index. The product, which charges 0.50% fees, should be launched in two months’ time, under the name PowerShares International Corporate Bond Portfolio. It will be managed by Peter Hubbard, Philip Fang and Jeffrey Kernagis.

Pax World Management on Wednesday announced the launch of its ETF range entitled ESG Shares, including products which rely solely on a sustainable development approach, and replicate indexes which integrate ESG (environmental, social and governance) factors. The first of these products, ESG Shares® North America Sustainability Index ETF (acronym NASI), was launched on 19 May. It replicates the FTSE KLD North America Sustainability index, which includes American and Canadian firms with higher-than-average ESG performance according to ratings by KLD Research & Analytics. It charges fees of 0.50%. The fund will be followed on Friday, 21 May by the ESG Shares® FTSE Environmental Technologies (ET50) Index ETF (ETFY), and will replicate the FTSE ET50 index of the 50 largest purely environmental firms worldwide. Lastly, on 25 May, Pax World will launch the ESG Shares® Europe Asia Pacific Sustainability Index ETF (EAPS), replicating the FTSE KLD Europe Asia Pacific Sustainability index. The two funds will charge management commissions of 0.55%. The portfolio manager for all three products is Chris Brown, CIO of Pax World.

Russell Invesments on 18 May announced that its contract with Rayan Investment Management for representation and distribution of multi-management products from OpenWorld® by Russell Investments (Russell) in the Middle East has been extended. Since 2002, Rayan has offered Russell investment solutions to investors in the Middle East. “The extension of this collaboraion will allow investors in the region to access the advising services of Russell, and will permit existing clients to profit from its assistance in restructuring their international investments and defining top-quality policies, directives and investment solutions,” a statement from Russell Investments says. The success of the partnership has contributed to growth at Rayan, and to the recent appointment of Jean Abi-Mouad to the position of Managing Director.

According to final statistics, the Credit Suisse/Tremont index has posted growth of 1.24% in April. Nine strategies out of 10 have posted positive returns. The best returns were earned by managed futures (+1.89%), event driven (also 1.89%), and global macro (1.65%) strategies. Dedicated short bias, however, lost 4.37%.

In a very thorough study of the socially responsible investment (SRI) market (available at http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD000000000025760…), Deutsche Bank Research points out that the market is currently 90% controlled by institutional investors, but that the proportion of retail investors is increasing. However, DB Research also points out that beyond questions of comparing pure and extra-financial performance, and the fact that the number of providers of SRI products is increasing (the circle is no longer restricted to a small number of specialised institutes), the range of products is also getting broader. Previously, the range of products on offer had largely been limited to equities, but the centre of gravity is now expected to move more towards bonds and similar securities, due to the fact that the largest investors are institutionals. DB Research also predicts that there will be an increase in the supply of indirect investments in real estate, in an environment where real estate professionals will themselves need to confront stricter environmental standards.

The Swiss bank Syx & Co, which has controlled 50% of the Spanish bank N+1 since July 2009, will own 50% of a new Spanish private bank which will be very similar to the old AB Asesores, according to financial industry sources. Expansión reports that the remaining 50% will be shared, 25% by N+1, which will not make its family office operations part of the new business, and 25% for four former directors of AB Asesores: Javier Arruti, Alfonso Gil, Ignaico Macro-Gardoqui, and Ana Beobide.The new entity will have both a fund management firm and a Sicav, and will also include the N+1 brokerage firm.

In 2009, the average commissions earned by Spanish funds fell to 0.90%, compared with 0.97% in 2008, and 1.68% fifteen years ago, according to the Inverco association of management firms. On the basis of a figure of EUR160bn in assets, this means that revenues from commissions arithmetically diminished last year by 7.2% to EUR144m.

In the half to 30 April, Eaton Vance Corp has announced net profits of USD97.53m, compared with USD52.27m in the corresponding period of last year. Assets under management totalled USD176.2bn, which represents a 9% increase over the total of USD161.6bn as of the end of January, and 39% up on the end of April 2009 (USD127.24bn). Of this total, separate accounts represented USD66.6bn. As of 30 April 2010, assets in equities funds represented USD61bn, while bond funds came to USD29.4bn. Net subscriptions in the quarter to the end of April totalled USD5.3bn, compared with USD3bn in the quarter to the end of January, while net inflows totalled USD0.8bn in the corresponding period of last year.

The South Korean sovereign fund, the Korea Investment Corporation (KIC), is planning to increase its allocation to alternative investments to 20% of its portfolio, from 7% currently. Asian Investor reports that the chief investment officer at KIC, Scott Kalb, estimates that “we are at the beginning of a positive cycle in distressed debt,” particularly in real estate, credit, and private equity. Last year, the fund earned returns of 18.7%, but it lost 13.7% in 2008. Since its launch in 2005, the fund has earned gains of 12%. KIC will initially go overweight in venture capital and LBO.

Société Générale Private Banking has announced the opening of two new regional centres in Strasbourg and Rennes. The centres, located at 29 boulevard Tauler in Strasbourg and 14 rue Le Bastard in Rennes, will be directed by Benoît Teutsch and Frédéric Largeron, respectively. Société Générale Private Banking has been present in the French provinces since 2008, with offices in Bordeaux, Lyon and Marseilles, and in Lille since 2009. Société Générale Private Banking will offer assistance to executives, entrepreneurs and those in the liberal professions in the sale or transmission of their businesses, and will also offer them high-end services. It will also offer high net worth clients located in the provinces access to the full range of investments and financial services.

The London-based management firm Newton, an affiliate of BNY Mellon, has announced that Newton Investment Management has won an active management mandate for European equities from the Chinese national social security fund.

In its very first report on socially responsible investment (2009), the Danish pension fund ATP has announced that it is excluding Nissan Motor from its investment universe, due to its sale of weapons in Sudan via a joint venture with the Chinese firm DongFeng Motor. The social responsibility committee at ATP decided to exclude the firm in May 2009. The Chinese businesses DongFeng Motor and DongFeng Automotive are also excluded, as is Hyundai Motor, due to corruption allegations.

The Committee of European Securities Regulators (CESR) on 19 May published its recommendations for harmonised classifications of European money market funds. The recommendations aim to improve investor protection and to define applicable criteria for all funds applying to be labelled as money market funds at sale, with at least two requirements: invested capital must be protected, and withdrawals must be allowed on a daily basis. As several professional associations have sought, the CESR has divided the classification of money market funds into two major categories: short-term money market funds and money market funds. The former category of funds will invest in assets with a residual duration of less than 397 days, with a weighted average maturity (WAM) of a maximum of 60 days, and a weighted average life (WAL) of no more than 120 days. For “longer-term money market funds” (by the CESR terminology in a previous consultation), the respective maturities would be two years, six months, and twelve months. The CESR adds that for the two categories of funds, specific information materials would clearly explain the consequences of investment in this type of fund. The recommendations would come into force at the same time as the UCITS directive, on 1 July 2011, with a transitional period to allow for the adjustment of existing portfolios.

Impax, the AIM quoted specialist investment manager dedicated to the environmental markets sector, has announced its interim results for the six month period ended 31 March 2010. Assets under management and advisory increased 40 per cent from GBP1,263 million on 30 September 2009 to GBP1,767 million on 31 March 2010 and rose further to GBP1,909 million by 30 April 2010. Revenue in the first half of the year increased to GBP6.31 million. This compares favourably to revenue for the same period last year of GBP4.50 million (plus GBP0.95 million of exceptional, non-recurring fees). Unaudited profit before tax in the first half was GBP1.67 million, compared to profit for the same period last year of GBP1.02 million (plus GBP0.52 million from exceptional, non-recurring fees).

The former head of product marketing, development and communications at Invesco Perpetual, Alistair Campbell, who left his job last year to set up a venture of his own, will become head of UK retail marketing at Fidelity International on 1 June, Money Marketing reports. He will report to Gary Shaughnessy, UK managing director, and will aim to develop IFA clients and wholesale distribution for FundsNetwork and the Fidelity fund product range.

On Wednesday, Barry Asset Management (GBP650m in assets) has announced that Jamie McLeod will become CEO on 1 September, replacing Jamie Berry, who will become chairman. McLeod, former CEO of Skandia Investment Group (SIG) until September 2009, will also acquire 20% of Berry AM from the Swiss private bank Bordier & Cie.