The research firm Eiris, the Centre for Australian Research (CAER) and Survival International have announced in a statement that they are supporting a program which aims to “facilitate engagement between investors and businesses in which they invest, to promote and respect the rights of indigenous peoples worldwide.” The initiative follows a recent Eiris study of the challenges and opportunities which major businesses are facing in regions of the world where the rights of indigenous peoples are threatened. Bob Walker, VP Sustainability at Ethical Funds of Canada, claims that risks of opposition by indigenous peoples to specific projects of are real for investors. But the businesses, he says, have a real opportunity to seize by contributing to economic and community development in regions where they are present.

Investors’ exposure to emerging markets is too low, according to Bryan Collings, managing partner at Hexam Capital Partners, an asset management boutique based in London and specialised in emerging markets, partly owned by Ignis Asset Management. “In the United Kingdom, investors tipycally hold no more than 5% in emerging markets. Emerging markets have the majority of the world’s growth, the world’s land, the world’s resources, 80% of the world’s population and the world’s savings with about 75% of global foreign exchange reserves,» he explains in a newsletter. «It makes no sense to have so low an allocation to such a large and important part of the world.» He points out that the International Monetary Fund predicts that developed economies will contract by 2% in 2009, while emerging economies will grow by 3.3%, at constant exchange rates. In the emerging world, Bryan Collings estimates that the markets that will perform best are those whose fundamentals remain intact. He mentions China, Brazil and Russia, which he says are intrinsically “safer” than the developed world.

Vincent Tchenguiz has ousted the board of directors at Bramdean Alternatives, which may be the prelude to a liquidation of assets, the Financial Times reports. The real estate entrepreneur was supported by Man Group, Progressive Asset Management and Brit Insurance, among others. In total, 56% of shareholders voted in favour of the replacement of the directors.

Fred Goodwin, former head of RBS, has agreed to a reduction of his pension, La Tribune reports. His annual benefits will be reduced from GBP703,000 to GBP212,500.

Citywire reports that Thomas Romig, recently appointed director of funds of funds at Allianz Global Investors, will be joining Union Investment, which is seeking to rebuild its multi-management activities.

The investment committee at Carmignac Gestion has recently decided to increase the exposure to India for several funds, Citywire reports. Managers at the firm are enthusiastic about recent political developments in the country.

The US private equity firm KKR is considering cancelling plans for an initial offering on the New York stock exchange, according to people familiar with the matter cited by the Financial Times. KKR had planned to merge its activities with KKR Private Equity Investors, listed on Euronext, and to list the merged entity on the New York Stock Exchange.

Fitch Ratings has updated its ratings methodology for asset management firms, following the recent financial crisis. The goal is to “reflect the evolution of the asset management sector and the lessons learned from recent events on the markets.”The ratings agency will now place the emphasis on the financial condition and “sustainability” of asset management firms. A bad rating for this criterion will result in a low overall rating. Fitch points out that the crisis has put an end to rapid growth in the asset management sector, which at its peak had USD70trn. Assets fell by about 20-25% in 2008. “As a result, the viability of many asset managers’ business models is under pressure (…). In such an environment, which is expected to last, evaluating the vulnerability of an asset management firm has never been as important,” says Aymeric Poizot, head of EMEA funds at Fitch’s Asset Manager Rating Group.The revised methodology also gives increased weight to governance, organisation and participants in the management firm, and the integration of risk management into portfolio management.Fitch has also unified its ratings scales for Asset Manager Ratings. All managers rated by the agency (traditional managers, fund of hedge fund managers, CDO managers and real estate managers) will now be rated from “M1” to “M5,” with “M1” the highest rating on the scale.

The market making activities of Bernard Madoff, which operated for years alongside his Ponzi scheme, have been relaunched under the name Surge Trading, the Financial Times reports. The entity will be directed by Frank Petrilli, former CEO of TD Waterhouse, and will become an equities market maker listed on the NASDAQ and the NYSE. The firm has no intention of reviving Madoff’s investment activities, which were in fact a fraud.

The asset management firm for Erste Bank and the Austrian savings banks, Erste Sparinvest (EUR23.2bn in assets) ,on Thursday announced the launch on 1 July of a fund which aims to protect investors against possible increases in inflation. The product, the Espa Inflation Protect 2014, will invest exclusively in inflation-indexed bonds of the best quality (German and French government bonds). At maturity, in five years’ time, the investor will receive all initial capital, plus a real return which as of 29 May 2009 totalled 1.2%. Subscriptions will close on 30 June, but investors may subscribe after that date. Details Name: Espa Inflation Protect 2014 ISIN Code AT0000A0DNZ4 (distribution) AT0000A0DP03 (capitalisation) Maturity 1 July 2009- 30 June 2014 Initial value EUR100 as of 1 July 2009 Front-end fee 2.00% Management commission 0.40% Exit fee 0.25% (contributed to the fund)

Crédit Agricole Asset Management is reportedly planning to charge performance commissions for traditional money market funds aimed at institutional investors of about 50% on the outperformance over the Eonia. To offset the poor performance of money market investments, portfolios will take on short-term bonds, as some enhenced money market Sicav funds were doing before the crisis.

On Thursday, target-date funds sustained a barrage of criticism due to their poor performance recently, at a hearing organised by the SEC and the US Department of Labour. Funds which mature in 2010 lost 22.5% in 2008, according to Morningstar, while others which mature in 2011 to 2015 lost as much as 28%. The highly conservative Putnam RetirementReady 2010 Fund lost 26%, while one of the most aggressive funds, the T. Rowe Price Retirement 2010 Fund, lost 27%.According to the Wall Street Journal, the problem has become quite critical because, since 2006, employers have been encouraged to automatically sign their employees up for 401(k) savings plans and invest their contributions in funds of this type. Assets totalled USD164bn at the end of 2008, compared with USD71bn in 2005.Representatives of the asset management firms defended products of this type, pointing out that in general, they have generated the expected returns. John Ameriks of Vanguard Group pointed out that target-date funds are not inteded to be risk-free or to provide a guaranteed amount for retirement.

Selon la dernière «Etude en bref» : «Les fonds immobiliers français " de l’Institut de l’Epargne Immobilère et Foncière, les OPCVM immobiliers ont enregistré une décollecte de 888 millions d’euros en 2008. Ce chiffre est à rapprocher de la capitalisation globale de l’ensemble de ces fonds, qui l’an dernier, s’élevait à 2,542 milliards d’euros.

Mary Schapiro, chairwoman of the Securities and Exchange Commission, announced on Wednesday that the agency is still studying a law that would require hedge funds to register with the regulator, the Wall Street Journal reports. The proposal is not part of Barack Obama’s proposed legislation.

Les Echos reports that some impatient investors, seeing that lawsuits against the Swiss firm UBS, depository for the Luxembourg Sicav Luxalpha, are proving fruitless, are turning against their intermediaries. Several claims have already been heard in court. Crédit Mutuel, Dexia, Natixis and BNP Paribas have already been named in lawsuits.

JP Morgan Asset Management (JPMAM) on Thursday announced the release in Germany of five bond funds, three of them government bond funds launched on 20 February, and two corporate bond funds launched on 27 February. All of them are sub-funds of the Luxembourg Sicav JPMorgan Funds. In addition to the JPM Euro Government Bond Fund, launched in April 2008, the US manager now offers the JPM Global Bond Fund, the JPM Euro Government Short Duration Bond Fund, and the JPM Global Government Short Duration Bond Fund. The funds are managed by David Tan under the responsibility of the global CIO, fixed income and forex, Bob Michele.JPMAM is also offering the JPM Global Corporate Bond Fund and the JPM Euro Curprorate Bond Fund, managed by Lisa Coleman, head of global credit. The actively-managed funds invest in investment grade bonds and avoid all investment in ABS, MBS, and CDOs.

L’Agefi Switzerland reports that Franck Berlamont, head of the wealth management firm Geneva Partners, on 9 March filed criminal charges against Optimal Investment Services, an affiliate of the Spanish bank Santander. Geneva Partners accuses Optimal Investment Services of securities fraud with the objective of financial gain, says Carlo Lombardini, counsel for Mr. Berlamont, confirming reports published on Thursday in Le Temps. The independent wealth management firm had placed a part of the assets of its clients in funds designed by Optimal Investment Services (OIS). In total, Optimal Investment Services placed over USD3bn (CFH3.25bn) with Bernard Madoff. In January, Santander agreed to pay USD235m to clients, to settle suits filed by the court-appointed liquidator for Madoff’s assets, Irving Picard. But this offer, limited to account-holders at the Spanish bank, did not include institutions which had money invested with Optimal Investment Services.

Sovereign wealth fund China Investment Corp (CIC) is planning to invest USD500m in the hedge fund division of Blackstone Group, which manages about USD26bn, the Wall Street Journal reports. On Tuesday, the CIC made its first real estate investment, placing AUD200m with Goodman Group. The CIC also invested USD3.2bn in a USD4bn fund managed by J.C. Flowers & Co, which aims to exploit opportunities in the financial sector.

La Tribune reports that Moody’s has placed 21 Italian banks out of 47 banks rated by the agency on Rate Watch Negative.

Sir Allen Stanford, the Texas billionaire accused of an USD8bn fraud, was arrested on Thursday evening in Richmond, Virginia, by federal law enforcement officials, the Financial Times reports. Stanford will be brought before a court on Friday morning to respond criminal charges.

Le FRR va diminuer la part investie en actions et se donner plus de souplesse

Le FRR va diminuer la part investie en actions et se donner plus de souplesse

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de mai 2009. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.

Le graphique ci-contre compare les densités de probabilité des surperformances des fonds actions européennes sur deux sous-périodes récentes : décembre 2008 - février 2009 et mars 2009 - mai 2009. Ces deux sous-périodes correspondent à des conditions de marché très différentes puisque la performance moyenne des fonds est respectivement de -15,8 % et de 30,8 % sur les deux périodes considérées.

Selon Les Echos, Jacques Chazelle, employé par Crédit Agricole Asset Management (CAAM), arrive en tête du palmarès France des analystes «buy-side» de l’enquête Thomson Reuters Extel, devant deux autres analystes de CAAM, Francine Lenoir et Ingrid Allemand. Société Générale Asset Management et AXA Investments Managers arrivent respectivement à la 2e et 3e place, tandis que Natixis AM passe du 2e rang en 2008, au 4e.

Selon l’Agefi quotidien, le pôle capital-investissement de la Société Générale passe au Crédit Agricole. SGAM AI Private Equity sera transféré dans un premier temps au sein de CAAM, pour être ensuite rebasculé chez CAPE (Crédit Agricole Private Equity). Selon une source proche du dossier cité par le journal, «CAAM ne sait pas quoi faire de SGAM AI PE, qui dispose de beaucoup d’hommes et génère peu d’argent».

Crédit Agricole Asset Management (CAAM) a déjà drainé à la mi-juin plus de 36 millions d’euros pour son fonds commun de placement d’entreprise (FCPE) CAAM Protect 90, lancé en novembre 2008 mais activement commercialisé depuis à peine deux mois. Ce produit présente l’avantage de protéger à tout moment 90 % de la valeur liquidative la plus élevée. Il ouvre l’épargne collective aux produits issus de l’épargne individuelle.Si l’on en croit Pierre Schereck, directeur commercial et marketing, épargne d’entreprise, CAAM a bien l’intention de poursuivre le développement de son offre en épargne salariale, où il est déjà l’un des deux leaders avec un encours de plus de 15 milliards d’euros (fin 2008), pratiquement à égalité avec Interépargne (Natixis et quelque 47.000 entreprises clients). En actionnariat salarié, CAAM est, depuis 2002, le premier acteur avec plus de 7 milliards d’euros d’actifs sous gestion.Sur le plan stratégique, CAAM se propose d’accompagner les salariés, et plus particulièrement les jeunes actifs, dans l’appropriation des dispositifs d’épargne salariale. Il a aussi l’intention d’accompagner les entreprises, dans la durée, tout au long de la vie de leur PERCO (Plan d’Epargne pour la Retraite Collectif).Concrètement, le CAAM Protect 90 ne devrait pas rester trop longtemps isolé. Le gestionnaire prévoit en effet une gamme de produits qui, souvent limiteront peut-être les gains mais permettront aux souscripteurs d’atteindre leurs objectifs en vue d’une sortie en rente viagère ou financière (sur 10-15 ans). Ces solutions protégées, désensibilisées en risque, fourniront donc une espérance de rentabilité acceptable avec une forte probablité d’atteindre un niveau escompté de revenu additionnel.Actuellement, CAAM met au point des fonds flexibles, mais peut aussi envisager des fonds à horizon et des fonds profilés (un peu comme ceux de la gestion pilotée de première génération). Tous ces produits existent déjà dans son offre et peuvent être «repackagés» pour l'épargne salariale.

Le compartiment Industries of the Future de la Sicav luxembourgeoise Henderson Horizon d’Henderson Global Investors (HGI, lire notre article du 27 mars) est désormais disponible en France. Il permet aux souscripteurs européens et asiatiques d’investir dans un fonds ISR qui est le clone du fonds britannique Henderson Industries of the Future dont la performance nette de frais se situe à 20 % pour la période allant du 1er mai 2005 au 31 janvier 2009.Le fonds (80-100 lignes) géré par Tim Dieppe, offre aux investisseurs une exposition mondiale et un processus d’investissement fondé sur 10 thèmes (énergies vertes, services environnementaux, santé, accès à la propriété et aux services financiers, transports écologiques, efficience, gestion de l’eau, éducation, sécurité et qualité de vie). L’objectif en matière d'écart de suivi se situe à 5-7 %. Environ 40-60% du fonds seront investis dans des titres du MSCI Monde et 20-30% auront une capitalisation boursière inférieure à 2 milliards de dollars. Caractéristiques Dénomination : Henderson Horizon Industries of the Future Code ISIN LU0410170319 (acc) et LU 0410170400 (inc) Droit d’entrée 5 % max Frais de gestion 1,2 % Souscription minimale 2.500 euros

Maintenant qu’il est indépendant des activités de banque d’investissement du groupe, Julius Baer Asset Management cherche à acquérir des sociétés de gestion de tailles petite et moyenne, rapporte Ignites Europe. Selon Michele Porro, patron des ventes et de la distribution de Julius Baer AM, «il y a des dizaines d’opportunités d’acquisition de gestionnaires d’actifs de petite ou moyenne tailles».

Swiss Life regroupe les compétences dans le domaine du suivi des caisses de pension et propose à ses clients des solutions globales. Un nouveau service dénommé Key Account Management a été créé à cet effet. A l’avenir, les clients bénéficieront d’une expertise combinant assurances et placements. Dans ce contexte, la Fondation de placement Swiss Life se positionne en tant que pilier central s’agissant de l’offre de placement destinée aux caisses de pension.Le concept de suivi intégré permet un traitement systématique et durable du marché des caisses de pension en Suisse. Les clients ont l’interlocuteur (Key Account Manager) adéquat pour répondre à leurs besoins et bénéficient d’une expertise combinée en assurance et en placement, indépendamment de la solution choisie. L’offre comprend un éventail de produits et de services destinés aux caisses de pensions : des solutions d’assurance modulaires pour les risques biométriques (contrats de risque forfaitaire, Stop Loss et d’assurance d’excédents), des solutions de placement via des mandats de gestion de fortune et des placements collectifs, de manière autonome ou en combinaison avec des produits d’assurance, des Asset Liability Services d’asset-liability et des prestations d’experts, indépendantes ou intégrées dans des concepts d’assainissement de caisses de pensions, et enfin des solutions de gestion modulaires pour les caisses de pension.