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11/01/2012

Lyxor does not escape job losses

Among 880 job cuts announced by SG CIB, Agefi has learned that the bank will be gradually cutting its sales and support functions. 189 jobs will be affected in market activities, of which 38 will be at Lyxor, which according to iShares had outflows of USD8.4bn in eleven months. In general, the newspaper reports, voluntary layoffs before 1 October will receive severance packages totalling at least EUR30,000 and 30 months of salary. In addition to that, there may be a bonus of EUR20,000 to EUR60,000 for departure in the first month, plus 20% (up to EUR40,000) if they go by 2 July.
11/01/2012

Carlyle Group to be listed on Nasdaq

Carlyle Group on Tuesday announced that it will be listed on the Nasdaq following its initial public offering, the Financial Times reports. The firm, which has USD148bn in assets under management, hopes to debut on the market this year.
11/01/2012

2011: year when the markets proved Carmignac right

Last year will go down in history at the French asset management firm Carmignac as the year when the market proved it right, although results were somewhat frustrating, Didier Saint-Georges, a member of the investment committee, tells Funds People. The manager says the most satisfying point is that all funds in the Patrimoine range achieved their objective to preserve capital: bonds behaved as expected, while some equities even performed better than at the competition. Currently, Funds People reports, assets total EUR45bn, 18% less than one year previously.
11/01/2012

Tobam sells Pilot software to SunGuard

The US firm SunGuard has announced that it has acquired the Pilot software package from Tobam (over USD2bn in assets) for an undisclosed amount which “is not expected to have a noticeable impact” on its financial results. A statement says that “the Pilot solution, developed and used by Tobam, complements the Asset Arena range from SunGruad (launched on 21 November), which includes the major functions required by the asset management industry, including management of investments, monitoring of operations, and investor services.”
11/01/2012

Credit Suisse hands over data to Swiss authorities

Credit Suisse (CS) has handed over data concerning US clients to Swiss authorities, and also information about clients who are not US citizens. The bank was responding to a demand from the US government for assistance, according to an article published in the Neue Zürcher Zeitung (NZZ). In addition to information concerning five US citizens, the major bank also handed over information concerning 125 other clients of various nationalities. The data is said by the newspaper also to have been disclosed to third parties. A law firm will now handle the case, and has filed a lawsuit against CS, the NZZ reports.
11/01/2012

Credit Suisse hands over data to Swiss authorities

Credit Suisse (CS) has handed over data concerning US clients to Swiss authorities, and also information about clients who are not US citizens. The bank was responding to a demand from the US government for assistance, according to an article published in the Neue Zürcher Zeitung (NZZ). In addition to information concerning five US citizens, the major bank also handed over information concerning 125 other clients of various nationalities. The data is said by the newspaper also to have been disclosed to third parties. A law firm will now handle the case, and has filed a lawsuit against CS, the NZZ reports.
11/01/2012

US ETF market reaches saturation

79% of the 109 ETF funds launched in the United States in the first six months of the year attracted less than USD30m in assets, a profitability threshold for the sector, according to statistics from XTF prepared for the Financial Times. In 2010, the percentage was 62%, and in 2009, it was under 50%. Professionals say the decline in popularity is due to increasing saturation of the market, the FT remarks.
11/01/2012

Berenberg merges private banking and asset management units

Tindaro Siragusano, who since early 2009 had been head of the asset management unit, in late 2011 took over as director of the private banking sector of activity, and is now director of both areas at Berenberg Bank. Markus Taubert, who had been head of private banking since September 2009, has resigned.
11/01/2012

Ökorenta recruits a director of distribution

Sandra Berghoff, who has worked for Allianz and for Hanseatische Capitalberatungsgesellschaft, is joining the SRI asset management firm Ökorenta Finanz as director of distribution, Fonds professionell reports. She will be more particularly in charge of sales for closed funds and placement of sustainable development insurance products.
11/01/2012

Klaus-Dieter Böhme becomes head of institutional at Deka

Klaus-Dieter Böhme, who since 1 May 2008 has been head of savings banks clients, has been appointed as head of all institutional clients of DekaBank, the central asset management firm for the German savings banks, from 1 January 2012. The position had been held in the interim by Oliver Behrens, a managing board member responsible for institutional clients.Excluding mandates, as of the end of November the Deka group managed EUR50.96bn in institutional funds (Spezialfonds) of real estate and securities, according to statistics from the German BVI association of asset management firms. Deka prefers to cite a total of EUR46.6bn for Spezialfonds and mandates, and assets of EUR11.2bn in open-ended funds used by institutionals, for a total of EUR57.9bn.
11/01/2012

French association in favour of creation of specialised ratings agencies for economic sectors

The French association of institutional investors (AF2I) has stated its position on proposed amendments to ratings agency regulations currently under consideration by the European parliament. While it is in favour of some proposals, such as the development of internal analysis, transparency standards for billing by agencies and measures to promote the issuance of unsolicited ratings, the AF2I disapproves of the principle of a required rotation of agencies, as their methodologies are not comparable, unlike account plans. The quality of the rating is closely tied to a very good long-term knowledge of issuers. The association also disapproves of the fact that a public regulatory authority should have the power to license, control and contest this or that point in global methodologies. This European particularism would appear not to make any sense on this point, to say nothing of the fact that it would run against intellectual freedom, the AF2I states, adding that it would prefer for the major ratings agenvies to continue to issue and widely distribute their methodologies, while also consulting on revisions to them. This is genuine progress, the AF2I claims, and hopes that the practice will become more established.
11/01/2012

New wealth fund from LBB Invest

On 16 January, LBB Invest will launch the multi-asset class fund PMIM Multi-Asset-LBB-Invest, whose management will be outsourced to the Hamburg firm Pall Mall Investment Management (PMIM).With the product, LBB Invest is offering institutional and also retail investors a resolutely conservative strategy assisted by the IT system “Risk@Work,” developed by PMIM, which aims to control and limit portfolio risks.Capital at risk shall initially be limited to 7% of the volume of the portfolio, and the objective is to outperform the Eonia by 200 basis points every year.At the time of launch, the fund will be about 50% invested in German government bonds and Pfandbriefe. The composition of the portfolio will be regularly optimised.CharacteristicsName: PMIM-MultiAsset-LBB-InvestISIN code: DE000A1CXYQ0Management commission: currently 0.9%
11/01/2012

Second closing for a Henderson real estate fund

As the Henderson German Retail Income Fund (HGRIF) has managed to raise another EUR90m, Henderson Global Investors has decided to hold a second closing. Supplementary subscriptions to the institutional fund, a German-registered real estate product specialised in warehouse facilities for retail commerce, will have added firepower of EUR180m (including leverage). The total volume of the fund is now EUR350m.The portfolio is managed on behalf of 12 investors, most of whom are German insurers and corporate pension funds. The return objectives are at least 6% per year, with a final portfolio to include 12 to 15 properties. Four properties were acquired since the first closing in summer 2011; they represent an investment of EUR60m.
11/01/2012
Gestion d'actifs

Le Fonds de pension de Bank of New York mène actuellement une revue complète de son allocation stratégique d'actifs

Le Fonds de pension de Bank of New York en Belgique est confronté à une diminution de sa base de cotisants en Belgique. Pour cette raison, le Fonds a décidé de mener une étude stratégique sur son allocation stratégique d’actifs avec l’aide de son consultant. L’allocation actuelle est la suivante: 62.5% d’obligations, 35% d’actions et 2.5% d’immobilier. Le Fonds a choisi la Banque Degroof comme unique gérant externe. Il n’est pas prévu d’en changer, ni de remettre en cause l’approche prudente du Fonds.
Gestion d'actifs
11/01/2012
Gestion d'actifs

La MGEN a créé un Comité des placements présidé par un économiste, Philippe Waechter

Une caractéristique des mutuelles par rapport aux autres acteurs du monde de l’assurance : la gouvernance de leur gestion d’actifs. « Grâce à la nouvelle réglementation, nous avons vu la naissance de comités financiers, de comités de placements avec une vraie réflexion des administrateurs sur l’allocation d’actifs, ce qui était moins marqué il y a quelques années », remarque Nicolas Demont, directeur général d’Egamo, société de gestion d’actifs qui gère une dizaine de mandats du monde de l'économie sociale. La MGEN a par exemple créé un Comité des placements, présidé par l'économiste Philippe Waechter. Nous avons tenu à cet ??il expert, explique Fabrice Henry, Trésorier général de la MGEN. Le comité est composé de techniciens, mais aussi de certains membres du conseil d’administration. Il semble logique que les responsables mutualistes soient très attentifs à ces aspects, qu’ils suivent les évolutions économiques et financières. Cela fait partie de notre volonté de transparence au niveau des élus, et de notre volonté d’acculturation aux problèmes économiques.
Gestion d'actifs
11/01/2012

Blackstone vise l’immobilier commercial

La société de private equity a annoncé l’acquisition (en association avec le fonds dédié à l’immobilier DDR à hauteur de 5%) d’un portefeuille de 46 centres commerciaux répartis dans 20 Etats américains pour 1,43 milliard de dollars, y compris 640 millions de dette. Une transaction réalisée par le biais du fonds Blackstone Real Estate Partners VII auprès d’EPN, filiale de la holding israélienne Elbit Imaging.
11/01/2012

Le marché mondial des émissions de CO2 en hausse

Selon les analystes de Thomson Reuters Point Carbon, le marché mondial des permis d'émission de dioxyde de carbone s’est élevé à 96 milliards d’euros l’an dernier, en hausse de 4% par rapport à 2010. Dans l’Union européenne, premier marché pour les émissions de carbone, la valeur du Système communautaire d'échanges de quotas (SCEQE ou ETS en anglais), a crû de 6% pour atteindre 76 milliards d’euros.
11/01/2012

L’AF2i prend position sur les agences de notation

En réaction au projet d’amendement à la règlementation des agences de notation soumis au Parlement européen, l’AF2i indique qu’elle désapprouve le principe d’une rotation obligatoire des agences, lui préférant la création d’agences spécialisées par secteur économique avec dans ce cas, un agrément partiel. L’association demande également que les notes fassent l’objet d’un mode de publication périodique à dates fixes sous forme d’un état trimestriel exhaustif.
11/01/2012

Apax mandate des banques pour Orange Suisse

Selon des sources citées par Bloomberg, la société de private equity a mandaté six banques - Citigroup, Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley et UBS - pour monter un financement LBO nécessaire au rachat pour 1,6 milliard d’euros de la filiale suisse de téléphonie mobile d’Orange.
11/01/2012

Nyse Euronext n’a pas encore reçu de réponse de Bruxelles

L’opérateur boursier a indiqué hier soir ne pas avoir encore reçu de décision officielle de la Commission européenne concernant sa demande de fusion avec Deutsche Börse. Le groupe souligne que des concessions substantielles et tangibles ont été soumises pour atténuer les inquiétudes de Bruxelles. Selon le Financial Times, le commissaire européen à la Concurrence Joaquin Almunia a fait part aux deux opérateurs boursiers de sa volonté d’opposer son veto.
11/01/2012

Le Japon en quête de pétrole

Tokyo a demandé à l’Arabie Saoudite et aux Emirats arabes unis (EAU) de lui fournir davantage de pétrole en cas de pénurie provoquée par de nouvelles sanctions occidentales contre l’Iran, a déclaré hier le ministre japonais des affaires étrangères. «Les EAU ont réagi de manière positive à la requête japonaise. Le Japon sera prioritaire en cas d’augmentation de la production des EAU», a ajouté Koichiro Gemba.
11/01/2012

La BCE s'en tiendra à un discours accommodant

Après deux baisses des taux fin 2011, les économistes n’attendent pas de nouveau geste de la banque centrale lors de sa réunion demain. Mais son président Mario Draghi devra s’expliquer sur l’efficacité de l’injection de fonds à 3 ans, que les banques préfèrent déposer à la BCE.
11/01/2012

Guy Hands n’obtient pas gain de cause

La Haute Court de Justice britannique a rejeté la demande du patron de Terra Firma de voir publier les rapports de valorisation et les communications écrites par PricewaterhouseCoopers et ses conseillers à l’occasion de la prise de contrôle d’EMI par Citigroup en février dernier. PwC était alors administrateur du groupe d’édition musicale.
11/01/2012

Tokyo veut créer un fonds dédié à l’énergie

La chaîne de télévision japonaise croit savoir que le gouvernement de l’agglomération de la capitale nipponne envisage la création d’un fonds d’investissement dédié à l’énergie d’un montant de 20 milliards de yens, l’équivalent d’un peu plus de 200 millions d’euros. Le fonds consacrerait ses investissements notamment à l’éolien. Les autorités elles-mêmes investiraient 3 milliards.

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