Aladdin Credit Partners, a joint venture born of the partnership of co-founders Luke Gosselin and Victor Russo, and Aladdin Capital Holdings, on 1 March announced the closure of its two opportunity-driven funds, Aladdin Credit Partners and Aladdin Credit Offshore Fund, with USD573m in assets.

Amundi announced on 2 March that the French-registered CAAM mutual fund range and the Luxembourg-registered Sicav CAAM Funds will be renamed as Amundi nd Amundi Funds, respectively. For French-registered OPCVM mutual funds whose names begin with CAAM, only products which are aimed at all Amundi clients will adopt the Amundi prefix instead of CAAM. Other French-registered mutual funds bearing the CAAM name specially designed for the Crédit Agricole network will also be changing names, and will now be known simply as CA. The name changes took effect on 2 March 2010, and are already reflected on the websites amundi.com and amundi-funds.com, as well as in the legal and sales documentation (prospectus, reporting, product summary, etc), where the group’s visual identity is also deployed. The management process for the funds will remain unchanged, as will their ISIN codes, says Amundi.

Natixis Global Associates has announced the forthcoming launch, in partnership with Absolute Asia Asset Management, of a multi-cap equities fund. The new vehicle, Absolute Asia Dynamic Equity Fund, will invest in Asian markets outside Japan through a US mutual fund. The product will be the first fund distributed in the United States by the management team which has been based in Singapore for ten years. The fund will invest at least 80% of its assets in 30 to 40 businesses which are based in or operate in Asia. The minimal initial investment in the product has been set at USD2,500 for A and C share classes, and USD100,000 for Y shares.

The Geneva-based management firm Bedrock Group has launched a fund of hedge funds, Bedrock Brazil, which will be wholly dedicated to Brazil, Hedge Week reports. The vehicle is a multi-strategy fund of hedge funds (macro, equity long/short bias, equity long only and multi strategy), which will offer investors low-cost access to the major Brazilian funds, which are largely closed to new investors. The fund will be advised by Bedrock Advisors, in partnership with the Brazilian firm JGP.

The private equity investor Warburg Pincus has announced that it will invest USD230m in a stake of about 23% in Primerica Inc, a life insurance and mutual fund distribution affiliate of Citigroup, the Wall Street Journal reports. Warburg Pincus has also obtained an option to invest a further USD100m at the price of the IPO. Citigroup is planning to retain a 50% stake in Primerica.

Les Echos reports that British legal consulting firms are winning over a growing number of private clients by offering to transfer their money, currently held in Swiss numbered accounts, into trusts in offshore tax havens such as Delaware or the Channel Islands. Trusts are costly vehicles, as it costs USD25,000 to open one, but they are discreet, which is important to this population.

The US Justice Department has launched an investigation into whether hedge funds might have banded together to drive down the value of the euro, people familiar with the matter say according to the Wall Street Journal. In a letter dated February 26, the department has asked hedge funds including SAC Capital Advisors LP, Greenlight Capital Inc., Soros Fund Management LLC and Paulson & Co. to retain trading records and emails relating to the euro, say people who have seen the letter.

In 2009, GAM Holding, the former asset management activities of Julius Baer, saw a 60% decline in net profits compared with 2008, to CHF149.6m. Pre-tax profits totalled CHF188.7m, a 58% decline. Assets under management at the Swiss management firm increased, however, by 15% over the year as a whole to CHF114bn, an increase of CHF14.8bn. This growth is primarily due to positive market effects (CHF10.9bn). Net subscriptions totalled CHF0.4bn, of which CHF2bn were in second half, and which compensated for CHF1.6bn in net redemptions in the first six months of the year.

Due to poor sales of ETF products, with European market share vegetating at 4%, Credit Suisse is planning to abandon the Xmtch brand name in second quarter, in favour of a name which gives a clearer indication of the brand’s connection to the Swiss banking group, Das Investment reports, citing Ignites. The relaunch of ETF activities has already started, with the recent recruitment of Dan Draper (see Newsmanagers of 2 February).

In 2009, Banque Sarasin (Rabobank group) earned net profits of GBP51.5m, compared with CHF106.8m the previous year, following a one-time write-down of CHF70.2m for depreciation of its 40% stake in NZB Holding “due to a policy of precaution.” In adjusted terms, net profits increased 6% to CHF121.7m. Assets under management rose by CHF24bn last year to a total of CHF93.7bn, compared with CHF69.7bn. Of this total, net subscriptions represented CHF12.5bn (on an objective of CHF7bn), while market and currency effects corresponded to nearly CHF11.9bn. Joachim H. Straehle, CEO of Banque Sarasin & Cie SA, estimates that assets under management may reach CHF100bn in first half. The group has a target of CHF150bn by 2015. Assets invested according to sustainable criteria totalled CHF11.9bn, compared with CHF6bn in 2008. This increase is due both to the decision to manage mandates from private clients in Switzerland with a sustainable approach and by the acquisition of new mandates and subscriptions to sustainable fund shares from Sarasin. The annual statement says that the firm “has planned to develop its business on Asian growth markets in the next 18 months: the Hong Kong office has recently obtained a banking licence, and will become the first foreign arm of Banque Sarasin. The Avaloq IT system, which has been in successful use in Switzerland since July 2003, will be introduced at the Hong Kong and Singapore locations.”

Assets under management at the management affiliate of the Bellevue group as of 31 December totalled CHF5.5bn, virtually unchanged from the previous year. The group has said in a statement that its efforts to enrich its product range did not have the full desired effect due to a persistent aversion to risk on the part of clients. The affiliate reduced its losses to CHF1.4m for 2009, from a negative bottom line of CHF6.1m the previous year.

In 2009, assets at Allianz Global Investors (AGI) increased by 28% or EUR258bn, of which EUR91.2bn were in net subscriptions (a new record), to a total of EUR1.178trn as of the end of December. In 2008, assets under management were down by EUR50bn. Meanwhile, operating profits increased by 51% to a record total of slightly over EUR1.36bn, compared with EUR904m. The previous record, set in 2007, was EUR1.32bn. AGI states that its US affiliate Pimco (USD1,000.1bn as of the end of December) saw strong demand for bond products and excellent performance, allowing it to turn in “exceptionally good” results. Joachim Faber, CEO of AGI, says that the group has profited from a regain in demand for actively-managed products, particularly in the area of bonds.

Axel Hörger, previously head of asset management for Germany and continental Europe at Goldman Sachs, has been recruited as CEO for wealth management by UBS Deutschland. He will take on his new responsibilities from 1 June, and will join the managing board, replacing Stephan Zimmermann, who will take charge of internal auditing at the UBS group in Zurich. Zimmermann is also chairman of the board, and his successor in this position will be appointed by 31 May at the latest.

BNY Mellon Asset Management has announced that Maurice Wren, group head of investment solutions, died on Saturday. He suffered a stroke in the office last week.

The Université de Versailles Saint-Quentin-en Yvelines (UVSQ) and the Ecole Européenne d’Intelligence Economique (EEIE) on 2 March announced that they have merged to create a new professional Master’s qualification in economic intelligence and sustainable development. The double diploma will be launched in September 2010.

The Catella MAX fund, launched by Catella Real Estate AG KAG (an affiliate of the Swedish Catella group), will be the first German-registered open-ended real estate fund to be focused exclusively on a single city or region. The city will be Munich and its adjacent Landkreise or districts. The product will have a highly diversified sectoral portfolio, which will include a high proportion of residential properties, and will be aimed at retail as well as smaller institutional investors.

Roberto Lampl, senior investment manager at ING Investment Management, has been recruited by Baring Asset Mangement as head of Latin America equity (a newly-created position) from 1 March. He will be based in London, and will report to Tim Scholefield, head of equities. Currently (as of 31 January), Barings has assets of GBP11.6bn on emerging markets, of which GBP1.1bn are in Latin American equities. With his team, Lampl with be in charge of managing Latin American allocations for all segregated and pooled products from the British group, including the Baring Latin America Fund (USD836m).

The earliest initial estimates had already suggested that 2009 would be a very strong year for the management firm M&G. Inflows last year are estimated to have totalled EUR15bn, a 296% increase year on year. For retail activities, net sales totalled EUR8.3bn, a new record, and 259% higher than the previous year. Activities were particularly dynamic on the British market, with net inflows of EUR6.7bn. Bond funds accounted for the lion’s share of inflows throughout the year. For institutional products, net sales totalled EUR6.7bn, a 354% increase year on year, including a fixed income mandate totalling EUR4.4bn. Gross sales also set a new record, at EUR27.7bn, of which EUR15.1bn were for retail products. M&G points out in a statement that the exceptional performance observed last year will not be reproducible in 2010. Inflows are expected to return to their previous usual levels. For 2009 overall, assets under management are up 23% to EUR193bn, thanks to exceptional inflows but also to positive market effects. Assets for external clients totalled EUR77.8bn as of the end of 2009, 40% of total assets. Operating profits totalled EUR197m, 22% down year on year. But excluding exceptional elements, underlying profits are up 14% to EUR202m.

As a complement to its climate change fund (SISF Global Cimate Change Equity) and a fund focused on increasing demand for energy in emerging countries (SISF Global Energy), Schroders is planning to launch the Global Wealth Dynamics fund, which will focus on demographic change, in the next few months, Funds People reports. Gavin Marriot, international equities manager, will concentrate on businesses which respond to the needs of developing countries, such as the Mexican firm Homex, or which are in a position to profit from the new demographic configurations taking shape there. In the area of health, the manager prefers technologies which aim to identify and prevent illness, which will boost the growth of emerging countries, to investments in businesses in developed countries.

Le comité des régulateurs européens prône une déclaration dès le franchissement du seuil de 0,2 %

Les gestions de la banque verte et de Natixis creusent l’écart avec leurs rivales en termes d'encours et de collecte

Selon Fitch, ces décisions sont bénéfiques aux détenteurs de titres de dette Windermere XII, aux autres créanciers subordonnés et CMBS français

Avec des souscriptions de 20,8 milliards d’euros au quatrième trimestre, le secteur italien de la gestion d’actifs a terminé 2009 sur une collecte nette de plus de 35 milliards d’euros, rapporte Assogestioni, l’association italienne des professionnels de la gestion. A fin 2009, les encours sous gestion de l’ensemble du secteur atteignent 950 milliards d’euros, dont 82 % gérés par des groupes italiens. Les fonds ouverts finissent l’année avec un encours de 438 milliards d’euros, grâce à des entrées nettes de 6,4 milliards. Assogestioni souligne à cet égard que les encours des fonds de droit étranger sont désormais supérieurs à ceux de droit italien : 52 % pour les premiers avec 226 milliards d’euros et 48 % pour les seconds avec 212 milliards.

La banque privée britannique RBS Coutts, qui a perdu l’an dernier quelque 70 collaborateurs à Singapour, reconstitue ses forces dans la région avec le déménagement à Hong Kong de Nick Cringle, co-chief investment officer de l’entité londonienne, dans les prochaines semaines.Selon Asian Investor, RBS Coutts a également nommé Manfred Liechti en tant que responsable de l’Asie du Sud-Est.

L’ancien gérant de hedge fund Paul Absalom vient de rejoindre Standard Chartered, selon Asian Investor, pour occuper le poste nouvellement créé de responsable de la distribution à Singapour. Il sera directerment rattaché à Adrian Walkling, responsable international de la distribution auprès des institutions financières.Dans ses nouvelles fonctions, Paul Absalom sera responsable des grands comptes dans la zone asiatique et de la clientèle servie à partir de Singapour.Paul Absalom a travaillé auparavant pour HSBC à Hong Kong en tant que responsable des ventes auprès des hedge funds et des Banques centrales.

Eftychia (La) Fischer, qui a été global head of financial markets services & treasury et group chief risk officer chez EFG International, a rejoint le comité exécutif de l’Union Bancaire Privée en tant que directrice générale de l’unité trésorerie et trading. L’intéressée a auparavant exercé des fonctions de haut niveau chez Julius Baer, JPMorgan et UBS. Elle a aussi dirigé sa propre société de gestion d’actifs.

Selon L’Agefi suisse, la banque genevoise Gonet & Cie a décidé de recruter un troisième associé en la personne de Serge Robin, directeur de Merrill Lynch Suisse, qui rejoindra l’établissement le 1er mai prochain. Nicolas Gonet, l’un des deux associés de la banque, souligne que Gonet & Cie est engagée dans une dynamique de croissance qui doit être renforcée avec cette nomination. Gonet & Cie n’a pas d’obligation de publication de ses résultats mais indique que ses avoirs sous gestion ont progressé de plus de 35% en 2009.

Selon Les Echos, la chambre franco-britannique de compensation LCH.Clearnet a choisi un financier versé dans les risques systémiques pour diriger les travaux de son conseil d’administration, Jacques Aigrain, l’ancien directeur exécutif du réassureur helvète Swiss Re qui remplacera Chris Tupker, dont le départ était connu depuis plusieurs mois, à partir du 6 avril prochain.

En 2009, les fonds Ucits ont collecté 123 milliards d’euros, contre des sorties de 356 milliards d’euros enregistrées en 2008, selon les statistiques de l’Association européenne de la gestion d’actifs (Efama). L’association souligne que cette dynamique de croissance, initiée en avril 2009, ne s’est pas démentie depuis. Les fonds Ucits domiciliés au Luxembourg et au Royaume-Uni ont représenté 81% de ces 123 milliards de collecte, avec des parts de respectivement 54% et 27%, largement devant l’Allemagne, la France et la Suède, tous trois affichant une part de 7% chacun.Les fonds Ucits de long terme (hors fonds monétaires) ont enregistré une collecte nette de 165 milliards d’euros sur l’ensemble de l’année, grâce à des flux positifs de 66 milliards d’euros pour les fonds actions, de 72 milliards pour les fonds obligataires et de 44 milliards pour les fonds diversifiés.L’érosion des fonds monétaires s’est traduite par des sorties de 43 milliards d’euros après une collecte de 64 milliards en 2008. La demande de fonds non-Ucits a en revanche été forte : les fonds dédiés réservés aux institutionnels ont collecté 48 milliards d’euros en 2009, les fonds immobiliers 4 milliards d’euros. Au cours du seul quatrième trimestre, seize pays ont enregistré une collecte positive, notamment le Luxembourg (13,6 milliards d’euros) et le Royaume-Uni (7,4 milliards d’euros). En revanche, la France a subi une décollecte nette de 27,7 milliards d’euros, sous l’effet des sorties nettes des fonds monétaires pour près de 35 milliards d’euros.Sur l’ensemble de l’année 2009, l’encours des fonds d’investissement en Europe a enregistré une croissance de 15,6% à 7.039 milliards d’euros, les fonds Ucits représentant 75% du total. L’Efama souligne que le statut international des fonds Ucits a contribué à la forte progression des ventes en dehors de l’espace européen, notamment en Asie. Les donneurs d’ordres de la région Asie-Pacifique ont ainsi représenté 35% du total des volumes de commandes enregistrés l’an dernier au Luxembourg. Une progression de cinq points de pourcentage par rapport à l’année précédente.

Le résultat imposable des activités de private banking du groupe HSBC s’est inscrit en baisse de 21% l’an dernier à 1,1 milliard de dollars. «Confrontés à une période de très grande incertitude, les clients de la banque privée ont réduit leur appétit pour le risque en termes d’investissements ainsi que leur demande de crédits, ce qui a entraîné une baisse de nos revenus», explique HSBC dans un communiqué.La collecte nette globale s’est repliée l’an dernier mais le groupe, qui a renforcé sa présence dans les zones émergentes, souligne que la collecte nette des pays émergents et intra-groupe a totalisé 6,6 milliards de dollars.Les actifs sous gestion se sont accrus de 6% à 460 milliards de dollars.Le résultat imposable du groupe HSBC s’est pour sa part replié de près de 24% à 7,1 milliards de dollars.