Meridiam and CNP Assurances announced today the closing of the Meridiam Transition fund, with 425 million euros raised in six months from French institutional investors. This fund will finance and support infrastructure projects dedicated to environmental and energy transitions.

While US equity markets are setting new all-time highs and inflows into emerging markets are picking up, spurred by the global improvement in the macroeconomic news flow, the Natixis risk perception index (RPI), covered at regular intervals in our publications, has declined to more than 2-year lows, camping below 20% since the start of August.

The Lyxor Hedge Fund index was up a healthy +0.7% since the beginning of August, with progress in most strategies, supported by the positive performance of risky assets. The Bank of England's activism and the Brexit timeline getting pushed back contributed toward easing investors' fears. Meanwhile, a patient Fed kept the dollar and yields under pressure.

Net New Assets (NNA) during this month amounted to EUR8.2bn, more than twice the year to date monthly average level. Total Assets under Management are up 5% vs. the end of 2015, reaching EUR474bn, and including a limited market impact...

Global stocks are up year-to-date, having shaken off worries about the strength of the global economy in the wake of the UK's Brexit vote. But we believe further gains require a meaningful improvement in corporate earnings, particularly in developed markets.