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23/03/2009

United States - Fidelity recruits an executive from Goldman Sachs AM

Fidelity Investments has annoucned that it has recruited Christopher Sullivan, who was previously managing director and co-head of US fixed income at Goldman Sachs Asset Management, where he was in charge of about USD150bn in assets, as president of its bond group. Sullivan will report to Michael E. Wilens, head of asset management, and will lead a team in charge of managing more than USD170bn in assets (as of the end of February).
23/03/2009

Spain - 427 funds with less than EUR3m at risk of closure

Expansión reports that 427 investment funds currently have assets of less than EUR3m, the minimum established by the CNMV. If they cannot bring their assets above this level within one year after falling below it, they may be liquidated at the order of the regulator. The only exception to the EUR3m is a 6-month extension for newly-launched funds. Between November 2008 and February 2009, the number of funds in Spain fell from 3,060 to 2,881. In addition, there are about 300 funds with total assets of EUR3m-EUR5m, which are therefore vulnerable if the market continues its downward trajectory.Average assets under management are EUR60m in Spain, compared with EUR160m elsewhere in Europe, and more than EUR1bn in North America. And 10% of funds worldwide are Spanish, although they account for only 2% of assets.About half of all the funds with less than EUR3m in assets come from only 10 promoters, of whom Ahorro Corporación (57), La Caixa (45) and Santander (29) top the list.
23/03/2009

Germany - AGI to bury cominvest brand name

Allianz Global Investors (AGI) is planning to complete its integration of cominvest by the end of 2010; the cominvest brand will then disappear, Financial Times Deutschland reports. In 2008, open-ended funds from AGI saw net redemptions of nearly EUR10bn, while cominvest managed to bring in net subscriptions. AGI and cominvest together had assets as of the end of 2008 of more than EUR300bn in assets, which makes it the top German asset management firm. But, as AGI’s clients are largely institutional investors, the integration of cominvest will not bring it higher than fourth place in the rankings of open-ended fund providers. With EUR70bn, AGI trails behind Deka (savings banks), DWS (Deutsche Bank), and Union Investment (co-operative banks).
23/03/2009

France - Three new managers awarded A ratings by Citywire

Three French managers have been given their first Citywire ratings this month: Céline Lemaitre, who manages the Liberté Euro PEA at Dubly Douilhet Gestion; Olivier Rudez, for the Optalis Expansion at CAAM, and Stéphane Furet, for Dorval Manageurs at Dorval Finance. All three received an A rating, Citywire reports.
23/03/2009

United States - Vanguard innovates

Vanguard has launched the Vanguard FTSE All-World ex-US Small-Cap Index Fund, for which initial subscriptions will close on 2 April. The fund offers a share class for retail investors, with a TER of 0.60%, and a class for institutional investors with a TER of 0.35%, and an ETF share class with an 0.38% TER. The fund will replicate the performance of the FTSE Global Small Cap ex US index (3,300 shares from 47 countries), which, says Vanguard, is currently the only index which provides exposure to small caps in developed countries outside the United States and emerging markets.Vanguard says that minimal subscription for the retail and institutional share classes are USD3,000 and USD5m, respectively. An exit fee of 0.75% will be charged.The management firm says that assets in tracker products currently represent about USD400bn, and that in 2008, its tracker funds and ETFs posted subscriptions of USD50bn.
23/03/2009

World - ETF assets down

In January 2009, assets in ETFs worldwide fell by USD52.2bn compared with their levels at the end of December, for a total of USD658.8bn, a 7.3% decline, which is less than the 8.8% decline for the MSCI World index in US dollars, according to figures by Deborah Fuhr and her team at iShares (Barclays Global Investors). At the end of January, there were 1,602 ETF funds listed 2,683 times, from 83 providers, and listed on 42 stock markets. In January, 14 new ETFs were launched, while 613 were under development.In Europe, assets in ETFs totalled USD135.73bn, in 633 funds (1 more than at the end of 2008), from 29 issuers, listed on 20 markets. Assets under management fell 5% in January, while the MSCI Europe index lost 11.4% in US dollars.
23/03/2009

Germany - Distributors put DWS, Carmignac and DJE at top of list

According to a survey by MC4MS and the University of Mainz of 374 distributors, the three management firms with the best image in the eyes of external distributors in Germany are, in order, DWS (Deutsche Bank), Carmignac Gestion, and DJE Kapital. Carmignac Gestion even takes first place for its reputation among primary decision-makers, Fondsprofessionell reports. Respondents assign most importance to the quality of products, ahead of brand image and product range. However, price and distinctions play only a secondary role for external distributors.
23/03/2009

United States - CalPERS targets four poorly performing companies

Global Pensions reports that the pension fund CalPERS has identified four firms which exhibit both poor performance and suboptimal governance. The companies are Eli Lilly, Hill-Rom Holdings, Hospitality Properties Trust, and ImsHealth. Rob Feckner, chairman of the board at CalPERS, argues that in the current economic climate, no company should oppose an improvement in corporate governance, which all four of these companies did.
23/03/2009

Spain - BlackRock registers European Absolute Return Strategies Fund

On Wednesday, BlackRock registered its absolute performance fund, European Absolute Return Strategies, a sub-fund of the Luxembourg Sicav BlackRock Strategic Funds (BSF), with the CNMV. The sub-fund has recently gone on sale in France, Germany and Austria (see Newsmanagers of 19 March).
23/03/2009

Germany - Heavy losses for MPC

The asset and wealth management firm MPC Capital, which is traded on the SDax, on Friday announced net losses of about EUR96m in 2008, compared with net profits of EUR38m in 2007. The deterioration is due not only to falling demand for investment products as a result of the crisis but also to a write-down of EUR80m on the firm’s stake in HCI Capital. Excluding one-time elements, operating results were positive but totalled under EUR10m.
23/03/2009

Spain - CalPERS and Hines reduce size of Spanish real estate fund

The pension fund CalPERS and the Texan real estate firm Hines have told the SEC that the HCS Interest fund, created in mid-2006 to invest in residential projects in Spain, will not receive its planned allocation of EUR183m. Cinco Días reports that, due to the financial crisis and the condition of the Spanish real estate market, the size of the fund will be limited to EUR35m.
23/03/2009

United Kingdom - Goldman Sachs puts plans to liquidate a fund of hedge funds to a vote

In April, shareholders int eh Goldman Dynamic Opportunities Fund (GBP370m) will vote at a general assembly on a proposal to liquidate the fund of hedge funds, whose net asset value has fallen in the past twelve months to less than 5% of the value of assets in the portfolio, Handelsblatt reports. Goldman Sachs has already warned that, if the product is liquidated, investors will receive only 90% of their capital by 2012, due to lock-ups of hedge funds in which the fund is invested. The remaining 10% corresponds to investments in funds which have completely ceased redemptions and for which it is not known when subscribers will be able to recuperate their investments.
23/03/2009

Europe - Santander, BBVA and Barclays overtake HSBC

In the 2008 rankings of net results at major European banks by Les Echos, Santander tops the list, with record profits (EUR8.88bn), ?despite its presence in two markets (the United Kingdom and Spain) heavily affected by the real estate crisis,? the newspaper observes. Santander has overtaken the Chinese-British HSBC group, which got a boost from its Asian activities last year, and which has fallen to fourth place. BBVA is in second place, followed by Barclays. Royal Bank of Scotland (RBS), Fortis and UBS are the big losers in the rankings, with losses of up to EUR25.6bn.
23/03/2009

Switzerland - Private banking: directors fear the worst

L’Agefi Switzerland reports that heads of private banks fear the sector may be entering the worst crisis wealth management has seen since the 1930s. They predict that there will be a major wave of consolidation, according to a study undertaken by the strategy consulting firm Booz & Company of 20 leading decision-makers in Swiss wealth management. Thus far, the effects of the crisis have had only a limited impact on the annual reports from private banks. Several firms have even posted major inflows of capital. But the real problems are yet to come. A heavy decline in assets under management and eroding margins have already impacted results. In the 2008 fiscal year, private banks saw a decilne of as much as 20% to their revenues. According to estimates by Booz, if the financial markets do not recover significantly in 2009, heavier losses are to be expected, of about 30%.
23/03/2009

United States - Madoff investigation far from over

Investigations into the Madoff fraud are far from finished, the Financial Times reports David Friehling, Bernard Madoff’s auditor for nearly 20 years, may be the only other person implicated in the case. But questions persist about four members of the Madoff family, who worked in the eponymous firm, and about long-standing employees of the consulting firm.
23/03/2009

United Kingdom - Lack of transparency at Weavering

The 2007 accounts for the lead hedge fund from Weavering Capital, audited by Ernst & Young, do not mention British Virgin Islands, the offshore company controlled by its founder, Magnus Peterson, which it has recently emerged was the fund’s largest underwriter, the Financial Times reports. BVI’s inability to fulfil its obligations caused the collapse of Weavering and its fund.
23/03/2009

United States - B. Bernanke: ?We have no other choice?

The US authorities have no other choice but to avoid the catastrophic bankruptcy of large financial institutions in the current market environment, Ben Bernanke stated on Friday, the Financial Times reports. The chairman of the US Federal Reserve said the central bank would buy up assets, including government debt, to support the economy, and that a time will come when this support will no longer be necessary.
23/03/2009

United States - Madoff to stay in jail

Bernard Madoff will remain in prison until his sentencing in June, the Financial Times reports. A federal appeals court in New York supported the verdict of a judge to immediately incarcerate Madoff following his guilty plea last week.
23/03/2009

United States - More layoffs to come at management firms

American management firms are preparing for another wave of layoffs, the Financial Times reports. Capital Group, the parent company of American Funds, has told its employees in an internal memo that it will be laying off more staff, following a reduction of 6% already announced.
23/03/2009

United States - Pimco pays dividends suspended by closed funds

Pacific Investment Management Co (Pimco, Allianz group) has announced that its closed funds Corporate Income and Corporate Opportunity would pay dividends on Friday which had been delayed due to the depreciation of auction-rate securities (ARS) in their portfolio, the Wall Street Journal reports. The High Income Fund already paid out its dividend on Thursday. The three funds, and the Floating Rate Strategy Fund, have announced that they will honour dividend payments slated for 3 April. In all four cases, redemptions of ARS by Pimco will begin on 30 March. ARS redemptions for the fifth closed fund, which has announced the suspension of its dividend for April, will begin on 1 April. The fund has not yet stated when it will reopen.
20/03/2009

Etats-Unis - Pour Mihir Worah (Pimco), c'est le moment d'acheter des TIPS

Selon Mihir Worah, gérant du Pimco Real Return Fund (PPRIX, 11,28 milliards de dollars), les achats projetés d’obligations du Trésor américain par la Fed augmentent l’attrait d’obligations qui offrent une protection contre l’inflation, rapporte The Wall Street Journal. En achetant ces TIPS, la Fed cherche à éviter le danger d’une déflation. Jeudi, le break-even rate à 10 ans, qui est le spread entre les Treasuries normaux et les TIPS, est ressorti à 132 points de base (pb): il a augmenté de 10 pb depuis l’annonce des achats par la Fed mercredi. Et il était négatif en fin d’année dernière, lorsque les craintes d’une déflation étaient à leur pic. Pour le gérant de Pimco (groupe Allianz), le break-even rate des TIPS va se stabiliser dans une fourchette de 100-150 pb dans les prochain mois et dépasser les 200 pb à l’horizon de 12 mois. Le PPRIX affiche pour les trois mois à fin février une performance de 7,46 % contre 4,64 % pour le benchmark, le Barclays Capital U.S. TIPS Index.
20/03/2009

France - CAAM et SGAM en tête des sociétés préférées par les institutionnels

En 2009, Crédit Agricole Asset Management arrive en tête du Palmarès des sociétés de gestion publié par Amadeis, juste devant? Société Générale Asset Management, avec laquelle elle va fusionner. Ce classement, dont c"est la huitième édition, est réalisé sur la base des opinions recueillies en janvier et février 2009 auprès de 60 investisseurs français -institutionnels et distributeurs- représentant plus de 500 milliards d’euros.Les deux sociétés étaient aussi sur les deux premières marches du podium en 2008, à la différence près que SGAM était devant. Cette année, le palmarès consacre les filiales de gestion de groupe bancaire, puisque BNP Paribas est classée troisième. La société se trouve aussi récompensée pour sa gestion monétaire, tandis que CAAM est première pour les taux euro. Les sociétés de gestion indépendantes ne sont pas en reste, puisque quatre d"entre elles se trouvent en tête des classements par classe d"actifs. Ainsi, La Française des Placements est prisée pour sa gestion diversifiée, Sycomore pour les actions euro, Carmignac Gestion pour les actions internationales et HDF pour la gestion alternative. A noter que UFG-Sarasin se classe première pour la gestion ISR et Axa IM pour le marketing-vente. En ce début d"année 2009, les investisseurs manifestent un intérêt fort pour les obligations d"entreprises : trois quarts d"entre eux envisagent de renforcer cette poche dans leur allocation d"actifs en 2009, note Amadeis. Ils sont 45 % à souhaiter se renforcer sur les actions. La crise a par ailleurs renforcé l"intérêt de 38 % des investisseurs pour les ETF et 29 % pour l"investissement responsable.

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