Un porte-parole de la Deutsche Bank a indiqué lundi à la Börsen-Zeitung que la due diligence des comptes de Sal. Oppenheim est désormais achevée, ce qui est confirmé par ce dernier. D’après les proches du dossier, les pourparlers sur les détails de la prise de participation de la Deutsche Bank dans la banque privée commenceront la semaine prochaine.

Lundi, Fitch Ratings a annoncé qu’elle confirme la note M2+ de gestionnaire d’actifs national de Fortis Haitong Investment Management (FHIM) en Chine (54 milliards de yuans d’encours fin juin). FHIM est une coentreprise de Haitong Securities (51 %) et Fortis Investment Management (groupe BNP Paribas). L’agence met entre autres en exergue la stabilité des équipes d’investissement par rapport aux autres gestionnaires d’actifs chinois ainsi que la profondeur de la recherche «propriétaire» de FHIM.Fitch relève également que FHIM affiche des encours plus importants que les autres coentreprises du nouveau groupe en Chine (SYWG BNP Paribas). De plus, la fusion opérationnelle de Fortis Investment Management et de BNP Paribas Investment Partners (BNPP IP) devrait avoir une incidence limitée sur FHIM, ce qui reflète l’indépendance relative de la société.

Suite à l’arrivée de Jean-François Boulier à la présidence du directoire d’Aviva Investors France et dans le cadre du changement d’organisation de l’entreprise, Pascal Heurtault, actuellement responsable actions de la société, accède au poste de directeur de l’investissement.

Christian Desbois, actuel directeur général d’UFG Investment Managers, est nommé directeur financier du Crédit Mutuel Nord Europe (CMNE). Il garde ses fonctions chez UFG IM, filiale du CMNE, jusqu’à la fin du mois, précise le communiqué annonçant sa nomination. Ensuite, une nouvelle organisation sera mise en place, s’inscrivant dans le cadre du rapprochement d’UFG et de La Française des Placements. Christian Desbois avait rejoint le groupe UFG en 2002. Auparavant, il était directeur général de CPR Gestion, après avoir notamment été chez Fimagest et Fortis Investment Management.

Selon Les Echos, la banque d’affaires Lazard doit annoncer prochainement la nomination des deux associés Matthieu Pigasse et Erik Maris à la direction générale déléguée des activités françaises. Bruno Roger devient PDG de Lazard Frères SAS.

Selon Les Echos, Jacques Ripoll va remplacer Jean-Pierre Mustier à la tête du pôle GIMS de la Société Générale, qui regroupe les activités de gestion d’actifs (SGAM), les services aux investisseurs (SGSS), la gestion privée (SG Private Banking), le courtage (Newedge) ainsi que Boursorama. Sa nomination a été annoncée la semaine passée en interne. Jusqu’ici directeur de la stratégie, ce diplômé de Polytechnique, âgé de quarante et un ans, sera notamment chargé de finaliser la fusion des activités de gestion d’actifs de la banque (SGAM) avec celles du Crédit Agricole (CAAM) et de définir la stratégie des activités de conservation de titres.

Aux termes d’un accord tripartite «en cours de finalisation» et impliquant l’Etat français, le capital investisseur H.I.G. Capital pourrait reprendre Molex France à Molex US et préserver le site de Villemur-sur-Tarn, indique un communiqué.

SG Private Banking a annoncé le 14 septembre qu’elle s’associait à 1858 Limited Art Advisory afin de répondre à l’intérêt croissant des particuliers fortunés pour l’art et offrir à ses clients internationaux des prestations de conseil en art."Les spécialistes en art de 1858 Limited Art Advisory conseilleront et assisteront les clients de la banque privée en toute impartialité et discrétion sur les divers aspects de la gestion de leur patrimoine artistique», précise un communiqué de SG Private Banking. L’offre de services comprendra la sélection, l’estimation et la négociation d’oeuvres d’art, permettant notamment d’obtenir des réductions significatives de charges transactionnelles; le conseil dans l’achat et la vente d’objets d’art ; la constitution et la valorisation de collections d’art ; la gestion logistique des expéditions, de la restauration, de l’accrochage et du stockage des oeuvres ; la représentation au sein des maisons de vente ; l’organisation de ventes privées ; ainsi que le conseil en philanthropie.

Avec l’EDHEC, l’Etablissement de retraite additionnelle de la Fonction publique (ERAFP) travaille sur un indice ISR des PME françaises fondé sur le budget de risque plutôt que sur les capitalisations, rapporte Responsible Investor. Une fois cet outil au point, l’ERAFP lancera un appel d’offres pour gérer un fonds de quelques dizaines de millions d’euros utilisant l’indice comme référence, selon le directeur général Philippe Desfossés, qui précise que l’ERAFP est disposé à ouvrir cet indice à d’autres gestionnaires.

Directeur général et directeur des investissements d’Aviva Investors France, Jean-François Boulier occupera les fonctions de président du directoire d’Aviva Investors France à compter du 21 septembre prochain. Il remplace Eric Duval de la Guierce qui poursuivra son activité au sein d’Aviva Investors France en tant que conseiller d’Alain Dromer, chief executive d’Aviva Investors, et de Jean-François Boulier. Eric Duval de la Guierce demeurera membre du comité exécutif d’Aviva Investors jusqu’à fin 2009 et membre du comité exécutif d’Aviva France jusqu’à juin 2010.De son côté, Jean-François Boulier deviendra membre du comité exécutif d’Aviva Investors tout en restant membre du comité exécutif d’Aviva France. Interrogé par Newsmanagers, Jean-François Boulier a confirmé que son objectif était de poursuivre le plan ambitieux mis en place - à l'échelle mondiale - il y a plusieurs mois par Aviva Investors. «Nous avons deux axes de développement majeurs», a t-il expliqué : «la gestion pour compte de tiers de la société, et l’internationalisation de l’activité de la société». Dans les faits, les investisseurs institutionnels, les banques, les entreprises, les family-office font partie des clientèles «ciblées» dans le premier cas tandis que «l’exportation» de produits gérés par Aviva Investors France fait partie des objectifs annoncés. Quelles que soient les classes d’actifs (monétaires, actions ou obligataires), Jean-François Boulier compte s’appuyer sur une équipe de gestion dont il souligne le potentiel et l’expérience. Enfin, il compte également utiliser les compétences du groupe partout où elles se trouvent, et dans différents domaines, notamment l’investissement socialement responsable dont l'équipe basée en Grande-Bretagne a obtenu un mandat de gestion du Fonds de réserves pour les retraites (FRR).

Selon Mutual Fund Wire, Peter Cieszko, président de Fidelity Investment Institutional Services (FIIS), a nommé Jim Supple à la tête de la distribution. Il était jusqu'à présent national sales manager de l’entreprise, qui a recruté récemment Scott Couton chez Evergreen Investments comme head of product management. FIIS dessert environ 4.500 clients avec des encours supérieurs à 100 milliards de dollars.

J.P. Morgan a annoncé la création du Prime-Custody Solutions Group, une équipe qui fournira, notamment aux gérants de hedge funds, des services intégrés de courtage principal (prime brokerage) et de conservation. Ce service sera dirigé par Devon George-Eghdami, qui dirigeait auparavant le pôle Hybrid Capital Trading. L’intéressé, basé à New York, est subordonné conjointement à Michael Minikes, CEO de J.P. Morgan Clearing Corp au sein de Prime Services, et à Sandie O’Connor, global head of financing & markets dans la ligne de métiers Treasury & Securities Services.J.P. Morgan explique que la mise sur pied du nouveau service intervient à un moment où les hedge funds lancent des fonds long-only et recherchent des structures qui leur permettent de domicilier certains actifs auprès de conservateurs alors que les gestionnaires d’actifs traditionnels mettent en place des stratégies long/short qui exigent d'être financées par un prime broker.

Fidelity Investments a attribué des actions et des options pour 268 millions de dollars à un peu moins de 300 salariés, soit moins de 1 % de ses effectifs, rapporte le Boston Business Journal. Le journal pense que la société de gestion avait besoin de récompenser un groupe de seniors ayant rejoint la société ces deux dernières années.

According to the website of the Swedish newspaper Dagens Industri, Nasdaq OMX and HQ Bank are planning to launch ETFs on the Stockholm stock exchange in October. The first products will track the OMXS30 and Nasdaq 100 indexes. HQ Bank has recruited Jacob Sternius, an ETF expert, from Handelsbanken, Dagens Industri recalls.

SG Private Banking announced on 14 September that it is teaming up with 1858 Limited Art Advisory to meet a growing interest on the part of high net worth private clients in art, and is preparing to offer international clients art advising services. “Art specialists at 1858 Limited Art Advisory will advise and assist clients of the private bank in all impartiality and discretion on various aspects of the management of their artistic wealth portfolios,” says a statement from SG Private Banking. The range of services will include selection, estimation and trading of artworks, so as to achieve significant reductions in transactional costs; advising on purchase and sales of artworks; constitution and valuation of art collections; logistical management of expeditions, restoration, hanging and storage of artworks; representation at auction houses; organisations of private sales; and advising on philanthropy.

In partnership with EDHEC, the French civil servants pension fund ERAFP (Etablissement de retraite additionnelle de la Fonction publique) is working on an SRI index of SMBs, based on risk budget rather than capitalisation, Responsible Investor reports. Once the index has been created, ERAFP will launch a RFP to manage a fund worth a few tens of millions of Euros, which would use the index as a benchmark, says CEO Philippe Desfossés, who adds that ERAFP is likely to open the index to other asset management firms.

Mutual Fund Wire reports that Peter Cieszko, president of Fidelity Investment Institutional Services (FIIS), has appointed Jim Supple as head of distribution. He was previously national sales manager at the business, which has recently recruited Scott Couton from Evergreen Investments as its new head of product management. FIIS serves about 4,500 clients with assets of over USD100bn.

Following the arrival of Jean-François Boulier as chairman of the board at Aviva Investors France and a change in the organisation of the business, Pascal Heurtault, currently head of equities at the firm, has been appointed CIO.

J.P. Morgan has announced the creation of the Prime-Custody Solutions Group, a team which will provide integrated prime brokerage and custody services, largely to hedge fund managers. The service will be headed by Devon George-Eghdami, who was previously head of the Hybrid Capital Trading unit. George-Eghdami, based in New York, will report to both Michael Minikes, CEO of J.P. Morgan Clearing Corp. for Prime Services, and Sandie O’Connor, global head of financing & markets for the Treasury & Securities Services division. J.P. Morgan explains that the establishment of the new services comes at a time when hedge funds are launching long-only funds and are seeking structures which would allow them to domicile certain assets with custodians, while traditional asset management firms are starting up long/short strategies which need to be financed by a prime broker.

Fidelity Investments has disclosed stock-based awards totaling USD268 million to fewer than 300 people, which is less than 1 percent of its work force, according to the Boston Business Journal. The newspaper thinks that Fidelity needs to make happy a senior group of leaders that have joined the company in the past two years.

The CEO and CIO of Aviva Investors France, Jean-François Boulier, will become chairman of the board at Aviva Investors France from 21 September. He replaces Eric Duval de la Guierce, who will continue his activities at Aviva Investors France as advisor to Alain Dromer, chief executive of Aviva Investors, and to Boulier. Duval de la Guierce will remain a member of the executive board at Aviva Investors until the end of 2009, and will continue to be a member of the executive board at Aviva France until June 2010. Boulier, for his part, will become a member of the executive board at Aviva Investors, and will remain a member of the executive board at Aviva France. Boulier has confirmed to Newsmanagers that his objective is to continue the ambitious plan put in place globally by Aviva Investors a few months ago. “We have two major areas of development,” he explains: “management on behalf of third parties outside the firm, and internationalisation of the firm’s activities.”

Christian Desbois, currently CEO of UFG Investment Managers, has been appointed CFO of Crédit Mutuel Nord Europe (CMNE). He will retain his duties at UFG IM, an affiliate of CMNE, until the end of the month, a statement announcing his appointment states. Then, a new organisation will be put in place, as part of the merger process between UFG and La Française des Placements. Desbois joined the UFG group in 2002. He was previously CEO of CPR Gestion, and also worked at Fimagest and Fortis Investment Management.

On Monday, Fitch Ratings announced that it is confirming its rating of M2+ (China) for Fortis Haitong Investment Management (FHIM) in China (CNY54bn as of the end of June). FHIM is a joint venture from Haitong Securities (51%) and Fortis Investment Management (BNP Paribas group). The agency points to the stability of investment teams compared with other Chinese asset management firms, and the depth of “proprietary” research at FHIM. Fitch also points out that FHIM has more assets under management than the other joint ventures of the new group in China (SYWG BNP Paribas). In addition, the operational merger of Fortis Investment Management and BNP Paribas Investment Parthers (BNPP IP) will have a limited impact on FHIM, which reflects the comparative independence of the firm.

Optimism has returned to multi-management firms, with the confidence index at 0.61, a level not seen since mid-2007, according to the most recent edition of a quarterly survey by Seeds Finance of managers of funds of hedge funds (Consensus Hedge Fund, Q2 2009, no. 30). “The mood is optimistic, but not euphoric,” says Seeds Finance, as this level corresponds to the average observed since the creation of the indicator in 2003, while the highest level observed was in late 2006-early 2007. Managers remain prudent, but the return of their appetite for risk is revealing itself, and is also resulting in an increasingly marked regain of interest in directional bets, with a bias towards long/short equity strategies, which now represent 20% of portfolios. Average gross exposure to this strategy is up strongly to 116% after record lows at the end of last year. At 10%, allocation to emerging markets equities remains low, but more than 40% of managers are planning to increase the weight of this region. The Seeds Finance survey also finds that there has been a net regain of interest in arbitrage strategies, to take advantage of a return of liquidity, as well as in credit arbitrage and event-driven distressed. “Managers are cautiously repositioning themselves on these strategies, fearing a disappearance of liquidity late this year,” Seeds Finance explains. However, long term CTAs, whose performance has been poor since the beginning of the year, are no longer popular with managers.

Erste Sparinvest (Espa) has opened subscriptions until 9 October to a target-date bond fund which will be launched on 12 October, entitled Espa New Europe Basket. The Austrian-registered fund will invest entirely in government bonds or in state-guaranteed securities from new EU member states or approved candidates for EU membership (such as Croatia and Turkey), and will retain the bonds, which must be rated at least BBB, until maturity. Espa is offering investors fixed returns of at least 5.25% per year. Espa estimates that the product is a fund “which will not cause any headaches.” The asset management firm for Erste Bank and the Austrian savings banks estimates that the economic situation and outlooks in the countries of central and eastern Europe have been subject to a much too severe treatment by the markets. The region is expected to return to positive growth in third quarter 2009, due to the benefits of EU and IMF assistance. In addition, the prospect of EU accession will cause optimism for investors in some countries. Characteristics Name ESPA NEW EUROPE BASKET 2014 ISIN Code AT0000A0EXL1 Subscription period 14/09/2009-09/10/2009 Fund launch 12/10/2009 Minimal returns on securities in the portfolio 5.75% Minimal distribution 5.25% Maturity 10/10/2014 Front-end fee 2.00% Management fee 0.50% Exit penalty 0.50%

On Monday, the US management firm T. Rowe Price announced the launch of the US Large Cap Core Fund, a sub-fund of its Luxembourg Sicav. The US large caps product has already been granted sales licenses for several European countries, including the United Kingdom. The portfolio of 50-75 positions will be supplemented by “best ideas” from more than 30 analysts, following a strictly “bottom-up” approach (stock-picking), and managed by Jeff Rottinghaus. As of 30 June, assets at T. Rowe Price in US large caps represented over USD133bn.

Nearly two-thirds of global fund managers, with USD7,000bn assets under management, expect to see greater use of performance fees, while three-quarters expect traditional management charges to fall in the next few months, according to research from Skandia Investment Group cited by Financial Times Fund Management. The trend comes at a time when the asset management industry understands it needs to align itself better with investors’ interests than it has in the past.

According to statistics from Lipper Feri, net subscriptions to funds in Europe in July totalled EUR46.6bn, compared with net outflows of nearly EUR9bn in June. In the first seven months of the year, total net subscriptions come to EUR102bn, Handelsblatt reports. Good results in July are due to equities and bond funds, whose net inflows totalled EUR12.3bn and EUR15.7bn respectively, meaning that assets nearly doubled in June for the former and quadrupled for the latter class of funds. Money market funds saw inflows of EUR16.4bn.

Man Investments has announced that with Dexion Capital Group, it is launching the Man AHL Aiversity fund, a trend-following fund which complies with the UCITS III directive, and which will be managed by AHL (USD20.4bn in assets as of the end of March), an affiliate of Man. The product, which is intended as a diversification brick, is aimed at qualified British institutional investors. It is denominated in pounds Sterling and minimal subscription is set at GBP100. The Man AHL Diversity fund will be exposed to more than 90 markets worldwide, on 29 markets which are open 24 hours a day, and the management team will be active in all asset classes, from currencies and fixed income to soft commodities and metals.

According to statistics from the Dutch central bank (DNB), assets in pension funds in the Netherlands increased 4.5% in second quarter to EUR560bn as of the end of June, largely thanks to gains of EUR16bn on equities and of EUR5.5bn on bonds, IPE reports. The central bank states that pension funds sold nearly EUR75m in bonds, and invested EUR72bn in investment funds, bringing total investments in these funds to EUR217bn as of 30 June.