The European Securities and Markets Authority (ESMA) has issued a report on its first examinations of credit rating agencies (CRAs), concluding internal processes at Fitch, Moody’s and S&P are “not sufficiently recorded.”

Didier Saint-Georges (pictured), member of Carmignac Gestion’s Investment Committee, says Italy, Spain and Greece should not be treated as severely as Greece, and the current austerity measures across Europe will lead to a lengthy recession.

Christophe de Backer, Edmond de Rothschild Private Bank’s newly appointed executive committee chairman, has been appointed director and general manager of Compagnie Financière Saint-Honoré, the French holding company of Edmond de Rothschild Group.

Lombard Odier has entered the Australian private banking market through a partnership with local private wealth management company, JBWere.

According to Fitch, small-sized Spanish banks are likely to face downward rating pressure in 2012 as the potential for losses grows, prompting them to merge.

Real estate advisor Savills has appointed Annabelle Joyaux to its valuation team in France as director where she will be responsible for the development of a range of valuation and analysis products.

Moody's Investors Service has maintained a stable outlook on asset managers, money market funds and closed-end funds in 2012 but the rating agency has changed its outlook on bond funds to negative.

Emerging markets hedge funds outperformed every other hedge fund strategy in February bringing year to date performance to 7.4%, the strongest returns posted by any of the 13 strategies tracked by Edhec Risk-Alternative Indexes.

German institutional investors Union Investment and Deka Immobilen have bought into the Amsterdam hotel market, amid growing interest in the sector.

Societe Generale Private Banking’s Dialogue & Asset Allocation method has been certified by French financial advisory company Associés en Finance.