As announced in February 2009, Banco Sabadell has absorbed redemption and subscription demands for its real estate fund Sabadell BS Inmobiliario, Expansión reports. The result has been an investment of EUR279m, 29% of assets in the fund. Though 1,400 investors have left the fund, about 13,000 investors remain. Sabadell has done similarly to BBVA, which spent EUR1.6bn to keep its BBVA Propriedad fund afloat.

The global hedge fund industry will have USD1.86trn of assets at the end of December 2010, according to a report on 2010 hedge fund themes by Lipper cited by Hedge Week. Global hedge fund assets were estimated at USD1.55trn at the end of September 2009. Lipper believes the global hedge fund industry will be at about USD1.86trn at the end of December 2010, under the assumption of an average ten per cent annual performance in 2010 and USD100bn net inflows.

Gains for the Credit Suisse/Tremony hedge fund index in December totalled 0.88% (putting the index at 416.28), while provisional estimates had put it at 0.39% (see Newsmanagers of 14 January). Gains had totalled 2.11% in November. For the year as a whole, average performance totalled 18.57%, the best results in ten years. For the year, only two strategies out of 13 show losses in 2009: dedicated short bias, with losses of 25.03%, and managed futures, which are down 6.57%. As for other hedge fund indexes, the two strategies which show the best results are convertibles arbitrage (+47.35%), and emerging markets (+30.03%).

On Tuesday, E-Fund announced that it had concluded a round of findraising with USD600-650m for its first QDII product, an Asia ex Japan fund which will be distributed by ICBC, Z-Ben Advisors reports. E-Fund generally ignores retail investors when it launches its products, preferring to concentrate on institutional investors and those who are likely to remain invested for a longer term. The management firm may turn to the retail market in three to six months, once a track record has been established for the product.

As of the end of 2009, db x-trackers, the ETF platform from Deutsche Bank, had assets of EUR27bn, in 125 products; this is EUR6.6bn more than 12 months previously. Of this total, 85% come from institutional investors, Thorsten Michalik, head of db x-trackers, tells Newsmanagers. In 2010, the objective of db x-trackers is to become the number two ETF provider in Europe, overtaking Lyxor Asset Management (Société Générale). The firm is planning to launch about 50 ETFs based on numerous asset classes. Meanwhile, db x-trackers will this year start up an activity in the area of exchange traded commodities (ETC). A first line of products based on individual commodities and on baskets of commodities as well as “short” ETC products, will be launched by Deutsche Bank in spring, for which the bank will also serve as market-maker, as it does for its ETFs. All ETCs will be backed by gold. There are plans to list the products in Germany, the United Kingdom, Italy, and in Asia.

Invesco Perpetual will on 1 February launch a tactical bond fund, which may invest in the full range of bond products, Money Marketing reports. The managers of the fund, Paul Causer and Paul Read, co-heads of fixed income, may make short-term allocations, which may theoretically include positions of up to 100% cash. The risk profile of the fund may change very rapidly. At its launch at the beginning of February, the fund will be primarily invested in high yield, and will have limited positions on government bonds. Invesco Perpetual, which is not concerned that investors’ current limited appetite for bond products may limit the fund’s appeal, says the launch of the fund is not a short-term project. The subscription period will run from 25 January to 1 February. Front-end fees have been set at 55, and management commission is 1.25% per year.

On the third anniversary of its launch, Baring Asset Management has announced that its multi-asset class institutional fund Dynamic Asset Allocation (DAA) now has over GBP1.7bn in assets (more than GBP1.74bn as of 13 January), and that the number of mandates now exceeds 50, with 26 new mandates and GBP536m assigned to the firm in 2009. Assets under management totalled GBP1.03bn as of the end of 2008, and GBP360m as of the end of 2007. Since launch, cumulative performance totals 23.76%, compared with losses of 3.89% for the FTSE All Share index.

Graham Birch has decided not to rejoin BlackRock at the end of his sabbatical, which will conclude at the end of March. Evy Hambro, co-manager, will remain as manager of the BlackRock Gold & General fund (GB0005852396, GBP2.14bn as of the end of November). The direction of the equities/natural resources team at BlackRock will be shared between Hambro and Robin Batchelor, who had already held the position since the departure of Graham Birch. Hambro will be responsible for gold and mines, while Batchelor will be in charge of energy and new energies.

Henderson will re-open the New Star International Property Fund for dealing on Friday 12 February 2010 following a successful asset disposal programme. Dealing in the fund was suspended on 25 November 2008 following unusually heavy redemptions. Since suspension, a programme of asset disposals has been undertaken, with the objective of ensuring that the fund could re-open for dealing as soon as reasonably practicable, while still maintaining a diverse and well-balanced portfolio of assets. The Financial Services Authority has approved the introduction of a restricted redemption share class for investors whose holding is worth more than GBP7.5 million. Should these investors wish to sell shares they will need to give one month’s written notice or pay a redemption charge of 10% of the value of the redemption. These stricter redemption procedures for large investors should allow the fund manager greater control over liquidity. The mid to long term target liquidity for the fund will be in the region of 15 to 20%. However, immediately upon re-opening, the fund will hold more than this to ensure we meet existing redemption requests.

Thames River Capital has launched a UCITS III absolute return fund of funds with GBP47m already raised. The Thames River Absolute Return Fund will be managed by alternatives specialist Ken Kinsey-Quick and assistant fund manager, James Rous, supported by the Multi-Alternative team. The fund will invest on a global basis, across multiple asset classes with a bias towards more liquid asset classes and the developed world. Initially the portfolio will be biased toward market neutral equity and macro funds reflecting the team’s outlook for equities which, they believe, will struggle to break their 2007 highs, and that volatile financial markets will suit macro managers. The Thames River Absolute Return Fund has a target return of 5-10% with a 5% volatility target and weekly liquidity. The fund will aim to outperform global bonds as measured by the Barclays Aggregate Bond Index and will invest in a diversified portfolio of 20-40 absolute return funds.

Invesco on 18 January announced the launch of the Invesco Global Investment Grade Corporate Bond fund. The investment universe will include the three largest corporate debt markets, including issues in US dollars, Euros and pounds Sterling. The OPCVM will aim to outperform the Barclays Global Aggregate Corporate fund. To achieve this, it will invest at least 70% of its assets in investment grade corporate bonds. The remainder of assets (up to a maximum of 30%) may be invested in cash. Interest rate and currency risks will largely be managed in line with the benchmark. The manager may, however, to some extent modulate the portfolio’s exposure to these two risks, in order to generate alpha. The duration of the portfolio will be actively managed, and will represent a secondary source of performance. Characteristics ISIN codes:(A distribution) LU0432616141 /(A capit., hedged in €) LU0432616570/ (C distribution) LU0432616224/(C capit., hedged in €) LU0432616653/(E capitalisation) LU0432616497Maximum front-end fees: (A and C) 5.25%; (E) 3.0928%Annual management fees (TTC): (A) 1%; (C) 0.65%; (E) 1.25%Minimum investment: (A) USD1,500; (C) USD250,000; (E) EUR500 or equivalent in other currenciesBase currency: USD

Dexia Asset Management has launched a UCITS III fund, Dexia Long Short Emerging Debt, which invests in arbitrage strategies on emerging market debt and currencies. The fund will aim to earn absolute returns higher than the EONIA, with average volatility of 10%, on an investment horizon of over 3 years.

Charles Schwab, which launched its first four ETFs on 3 November, followed by two more on 11 December, on Thursday listed the Schwab Emerging Markets Equity ETF (SCHE) and the Schwab International Small-Cap Equity ETF (SCHC), both of which charge fees of 0.35%. the former replicates the FTSE All-Emerging Index, while the latter is based on the FTSE Developed Small Cap ex US Liquid Index. As of 12 January, ETF assets at Charles Schwab totalled USD419m.

Lyxor AM, an affiliate of the Société Générale group, is launching its first ETFs based on publicly-traded real estate on NYSE Euronext in Paris. The four products will replicate MSCI Real Estate indices. These indices offer exposure to global publicly-traded real estate and to 4 regions (World, Europe, the United States, and Asia ex Japan).

Emmanuelle Court, previously director of sales of Société Générale Asset Management (SGAM), has joined CPR Asset Management as director of sales. Meanwhile, Bertrand Paul, who was previously head of development for the Harewood Asset Management product range at BNP Paribas, has been hired as head of marketing and communication at the asset management firm. These two positions were previously occupied by Etienne Clément, deputy CEO of CPR AM, who has left the firm to join Amundi. In addition to these new arrivals, CPR AM has announced two promotions within its ranks, one of which has involved the creation of a new position for a chief investment officer. Arnaud Faller becomes CIO at CPR AM. Faller joined the firm in 1993, and since 1999 has been head of balanced management, a position which will now be taken over by Malik Haddouk, who has been at CPR AM since 1994. He previously served as head of the global equities management unit; this position will now be taken over by Cyrille Collet, head of equities.

The alternative asset management firm Brevan Howard, founded in 2002 and based in London, currently has assets of USD27bn, half of which is managed for institutional investors, and the other half for funds of funds. The proportion was previously 20% and 80%. At the end of last year, the British asset manager signed a partnership with OFI Asset Management, intended to give the firm an opportunity to develop its presence in the French market. The French management firm will distribute two UCITS III sub-funds: the Brevan Howard Macro FX Fund and the Brevan Howard Absolute Return Bond Plus Fund. Philippe Lespinard, a partner at Brevan Howard, says the British firm is also planning to open offices in Geneva, but that the move has nothing to do with plans to “flee” London; rather, it is part of a development strategy. Currently, the firm is present in New York, Hong Kong, Jersey, Washington and Dublin, in addition to London, with 329 employees. OFI AM also gives the firm a start in France.

The management firm Pimco has single-handedly amassed assets rivalling those of all the ETFs in the world put together (USD1.032trn as of the end of December, according to BlackRock): the affiliate of Allianz Global Investors declares assets under management as of 31 December 2010 of USD1.0001trn. Of this total, the Pimco Total Return Fund represents about USD202.3bn. Pimco has 1,247 employees, of whom 425 are investment professionals.

In November, European long-only funds saw a decline in net subscriptions of about EUR10bn compared with October, bringing them to EUR23.32bn, according to Lipper Feri. However, the total for the first eleven months of the year comes out to EUR200bn, compared with net redemptions of EUR305bn in January-November 2008, while net inflows for 2009 as a whole will probably total EUR220bn-EUR230bn, compared with net redemptions of EUR300.4bn the previous year.

Ignis Asset Management has announced the appointment of Tim Roberts as Chief Operating Officer. He will be joining Ignis on 18 January from McKinsey & Company, where he has worked since 1993 and has been a partner since 1999. Tim Roberts will report to Chris Samuel, Chief Executive, and will sit on both the group’s asset management executive committee and the Ignis board. He will work closely with Chris Samuel on strategy and will be dividing his time between Ignis’ London and Glasgow offices.

According to a document sent by the EU president to other member states on 11 January, the Spanish government is planning to carry on “the fantastic work” of the Swedish presidency in developing the draft AIFM directive and reconciling the points of view of the United Kingdom on one side, and France and Germany on the other. But, Expansión observes, a majority of specialists predict that the bill will only be passed at the end of 2010, after the term of Spanish presidency.

As part of a sale and lease back deal with the Czech affiliate of the British retail business Tesco (Tesco Stores CR), the German management firm deka Immobilien has bought the Tesco Distribution Center, located 14km outside of Prague, for EUR36m. The 60,100 square metre logistical property will be added to the portfolio of the Deka ImmobilienEuropa. Last year, the same fund invested about EUR34m in the acquisition of a Tesco property located in a suburb of Warsaw.

Les professionnels jugent ambitieux les projets de la France sur la dette corporate

Une cassure de cette zone ne ferait probablement que différer la hausse attendue jusqu’à 3.170 points

L’assureur-crédit mise sur une croissance mondiale de 2,7% en 2010, mais craint la bulle sur les Bourses et sur les matières premières

Abbey National et le Crédit Agricole ont dû renoncer à venir sur le marché. Les émissions devraient cependant se poursuivre

Selon Les Echos, quatre associés, à savoir les trois fondateurs de Fortuneo, Paul Mizrahi, Laurent Bouyoux et Eric May, ainsi que l’ancien PDG d’Aviva France, Bruno Rostain, viennent de lever 60 millions d’euros pour investir dans les PME du secteur financier. Leur société d’investissement, BlackFin, compte entrer dans le capital d’entreprises parfois issues de «spin-off», dans des activités aussi variées que la gestion d’actifs, l’intermédiation ou le courtage de produits financiers, en les aidant à passer un cap dans leur développement. D’ici à la fin de l’année, ils espèrent attirer 300 millions d’euros.

La Banque Privée 1818 a recruté Stéphane Girardot au poste de directeur du marketing, de la communication et de l’expertise patrimoniale. L’intéressé était auparavant directeur marketing et communication de Sal. Oppenheim (France) et directeur général délégué de Oppenheim Investment Managers, en charge du développement des produits. Il devrait travailler désormais aux côtés d’Eric Franc nommé directeur général de Banque Privée 1818 fin novembre 2008 et qui, au sein pôle épargne de Natixis, assure la responsabilité et le développement des métiers de gestion privée.

Swiss Life Asset Management annonce le lancement en France de Swiss Life Funds (Lux) Bond Inflation Protection. Destiné aux institutionnels comme aux particuliers, le fonds a pour objectif de protéger l’investisseur du risque inflationniste, mais pas seulement. Le produit veut également en tirer profit. Alors que le gérant de fonds indexés réduira l’exposition de son portefeuille quand il estimera que le marché sous-estime le risque d’une accélération de l’inflation, " le gérant de SLF (Lux) Bond Inflation Protection cherchera à augmenter la sensibilité de son portefeuille à l’inflation s’il partage cette même analyse du marché», souligne la société de gestion dans un communiqué. Géré par Dimitri Andraos et Sébastien Morin, SLF (Lux) Bond Inflation Protection n’a pas vocation a être exposé sur le marché du crédit. Son univers d’investissement est limité aux pays de la zone euro, aux Etats-Unis, au Canada et à l’Australie, ainsi qu’au Japon, à la Suède et au Royaume-Uni, pays notés au minimum A- par les agences de notation. Le fonds cherche à allouer l’essentiel de ses risques dans les zones géographiques où les anticipations d’inflation sont sous-estimées, et d’être moins présents sur les pays où les risques de dérapage des prix sont à ses yeux les plus faibles.Les marchés américain et anglais où les risques inflationnistes sont selon Swiss Life AM les plus marqués, représentent actuellement respectivement 62 % et 15 % de l’exposition du portefeuille. Le fonds est en revanche peu investi sur la zone euro «où la tolérance à l’inflation nous paraît inversement plus réduite», commente le communiqué.A fin novembre 2009, Swiss Life AM gère au total 7 milliards d’euros pour le compte de clients tiers en France et en Suisse.Caractéristiques : Code ISIN : LU0461808106 (Part I)/LU0461807983 (Part R)Frais de gestion (TTC): 0,45 %(Part I), 0,90 % (Part R)

Spécialisée dans l’investissement socialement responsable, La Financière Responsable (LFR) a voulu, plus de deux ans après sa création, mesurer la performance extra-financière de son fonds LFR Euro Développement durable (29 millions d’euros d’encours). Pour cette première tentative, la société de gestion s’est concentrée sur les critères sociaux et environnementaux, même si sa gestion financière prend aussi en compte d’autres aspects. Et sur 40 indicateurs recherchés, 19 indicateurs ont été retenus, une déperdition qui s’explique par l’absence, pour certains indicateurs, d’informations suffisantes. Pour chaque indicateur, LFR a sondé 103 entreprises, soit celles du portefeuille, mais aussi celles de l’univers figurant dans le CAC 40 et l’Eurostoxx afin d’avoir une base de comparaison. Le résultat de cette «empreinte écosociale» s’avère plutôt satisfaisant pour LFR. Il montre par exemple que, sur trois ans à fin 2008, les entreprises présentes dans LFR Euro Développement Durable créent plus d’emplois (+11,7 %) que celles de l’Eurostoxx (+11,06 %) et celles du CAC 40 (+7,47 %). Elles sont également plus performantes dans l’amélioration de la sécurité au travail. En effet, le taux de fréquence moyen des accidents du travail dans l’univers du fonds a baissé de 9 à 6,54 entre 2006 et 2008. Mais le portefeuille fait moins bien que l’univers de l’Eurostoxx 50 (6,54). Côté environnemental, l’univers LFR Euro Développement Durable affiche notamment deux fois moins d'émissions de gaz à effet de serre que sur l’univers Eurostoxx. Et l’efficience carbone du fonds est globalement de 20 % supérieure à celle de l’indice Eurostoxx 50. Au total, cela montre, pour Stéphane Prévost, qu’il est «possible de concilier dans le cadre de notre FCP LFR Euro Développement Durable un investissement en faveur de l’homme et la construction d’une performance financière sur le long terme équivalente aux marchés actions». Cette empreinte a vocation à être réalisée chaque année, en s’enrichissant de nouveaux indicateurs. Elle est aussi en train d'être réalisée pour le second fonds de la maison, LFR Actions Solidaires. Même si l'équipe de gestion ne se fixe aucun objectif en termes extra-financiers, il n’en reste pas moins qu’elle sera plus attentive à tous les critères qui ont été examinés à dans le cadre de cette empreinte écosociale. De plus, les informations compilées vont lui permettre de communiquer plus facilement avec les investisseurs.

Directrice commerciale de la banque privée chez BNP Paribas en France depuis février 2009, Sofia Merlo, 46 ans, a été nommée directeur de l’entité depuis le 1er janvier 2010. Elle succède à Marie-Claire Capobianco, qui assure désormais la responsabilité de BNP Paribas Wealth Management Networks, en charge du développement de l’activité banque privée dans tous les pays où BNP Paribas a une banque de réseau, précise le communiqué de la banque. Sofia Merlo aura pour objectif de poursuivre le développement de la banque privée en France de l'établissement qui gère 63 milliards d’euros et compte 120 000 clients. Elle est placée sous la supervision de François Villeroy de Galhau, membre du comité exécutif du groupe, responsable du pôle de la Banque de détail en France, et de Marie-Claire Capobianco.