Gestionnaires de patrimoine

High yield bonds are positioning themselves cautiously in the spotlight as recession fears recede and credit quality improves. While junk bonds perform best during periods of robust economic growth, a region that’s closely flirting with a recession is seen as having the most potential.

Luca Pesarini, founder and senior portfolio manager of Ethenea Independent Investors, does not mince his words, and so the management of the Ethna-AKTIV fund he helped found in 2002 is no nonsense. For instance, in a recent interview, he shows that he does not have a good word to say about European Central Bank policy and expects a return of inflation. He therefore preaches short-term paper for bonds. For equities, he is not negative but still quite cautious (Ethna-AKTIV fund). 

Switzerland-based investment house Lombard Odier has reported a 4% increase in assets under management since the end of December 2022, reaching 198 billion Swiss francs of assets at the end of June 2023. The result is due in part to “solid contributions” due to new net inflows in its private clientèle and asset management units, the firm stated.

At the same time, the firm says it is pursuing strategic investments in its operations. At the end of June 2023, the total assets of the Group’s clients reached 308 billion Swiss francs.

In recent years, the regulatory framework for the duties and responsibilities of the board of directors or management board and for the control functions within Luxembourg investment fund managers has evolved significantly. Among others, CSSF Circular 18/698 has tightened the regulatory requirements for the authorisation and organisation of Luxembourg investment fund managers («IFMs»).

« Nous sommes traditionnellement surpondérés sur les États-Unis. Après un premier semestre solide, nous avons légèrement réduit cette position en faveur de l’Europe. Nous restons par contre prudents à l’égard de l’Asie », explique Victor Zwart, fondateur et CEO de Wealtheon.

« Nous avons connu un bon premier semestre. D’un point de vue historique, les valorisations sont élevées, mais nous avons connu des pics nettement plus importants par le passé. De même, les taux d’intérêt ne sont pas exceptionnellement élevés dans une perspective historique », affirme Victor Zwart, fondateur et CEO de Wealtheon.

SFDR Article 8 has become a ragbag of investments that can be both green and grey, several experts say. Fund houses offering Article 8 products do not seem to set the bar very high.  

While Article 8 products promote environmental or social features, they do not have a sustainable investment objective. While this does not detract from the fact that such products can still be green, fund houses do not seem very ambitious in their sustainability goals for Article 8 funds.

La récente commercialisation par Goldman Sachs Asset Management (GSAM) de l’Eltif de marché privé démontre que la société est désireuse d’élargir l’horizon pour les investisseurs privés. Donner accès au segment de détail à sa plateforme d’alternatives de 420 milliards de dollars n’est pas une simple expérience, mais fait partie d’un «engagement grand et audacieux», selon Barry Fricke, responsable de la distribution de la gestion de patrimoine en alternatives EMEA chez GSAM. Goldman Sachs AM veut lancer un nouvel Eltif de marché privé chaque année.

Le groupe Indosuez Wealth Management a signé un accord en vue d’acquérir une participation majoritaire dans Degroof Petercam. L’actionnariat de la plus grande banque privée de Belgique avait déjà connu plusieurs remaniements au cours des derniers mois. 

Indosuez, the wealth management arm of French bank Credit Agricole, has agreed to acquire a majority stake in Degroof Petercam, marking a significant shift in the ownership of Belgium’s largest private bank in recent months. The deal completes an intense process that started in May when Degroof confirmed some its major family shareholders wanted to sell their stake.