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30/01/2012

Pantheon remains active in Europe

The British fund Pantheon (USD25bn in assets under management) is not planning to hold itself aloof to the European fund market, despite the euro crisis. “There is clearly a crisis, but we are vigilant and we are watching the fundamentals. We will continue our investment strategy focused on SMEs worldwide, but we see particularly attractive niche opportunities in certain regions of Europe, such as Scandinavia, and in investment segments or sectors, such as recovery funds and agribusiness,” Elly Lingstone, a partner at Pantheon, tells Les Echos.
30/01/2012

Deutsche Bank preparing a fund to invest in distressed hedge fund assets

The Financial Times reports that Deutsche Bank is preparing a fund to snap up investors’ illiquid or damaged holdings in hedge funds that have failed to recover since the financial crisis..The bank claims that assets of this type may represent up to USD100bn for investors. But they also have good long-term potential, particularly for pension fund investors. The fund would be launched by Deutsche Bank with Rosebrook Capial, and would aim to raise at least USD500m, according to sources familiar with the project.
30/01/2012

Britain's 3i launches a new Europe fund

The 3i group on 27 January announced that it will be seeking investors in late 2012 to launch a single fund dedicated to LBOs and venture capital. In order to follow a regional allocation approach, the fund will invest only in Europe and the United States. In all other countries where it has seen growth vectors in recent years, such as China and India, 3i si preferring to raise funds locally. It is preparing to raise a second fund for infrastructure in India with USD2bn, and is the only European fund to have received permission from the Chinese government to launch a USD100m convertibles fund in local currency.
30/01/2012

FSA and Finma would sue UBS

The Wall Street Journal reports that British (FSA) and Swiss (Finma) regulators are preparing to file legal actions against UBS for shortfalls which allowed a trader at the firm, Kweku Adoboli, to make unauthorised trades which led to USD2.3bn in losses.
30/01/2012

British government unveils financial reforms

The British government on 27 January published its Financial Services Bill. Under the new legislation, the FSA will cease to exist, while the Bank of England will inherit extended powers, and will become responsible for strengthening financial stability and supervising banks, Agefi reports. Three new organisations will be created: the Financial Policy Committee, whose role will be to contribute to the stability objectives of the Bank of England and to monitor systemic risks; the Prudential Regulation Authority, which will be the future authority to oversee the British banking system, replacing the FSA; and the Financial Conduct Authority (FCA), which will concentrate on protecting consumers and markets.
30/01/2012

Australia's Ascalon in vests in Asian hedge funds

The Australian fund incubator Ascalon Capital Managers, a specialist in the alternative management sector, has invested in two Asian hedge funds, Asian Investor reports. Earlier this month, Ascalon bought a 30% stake in the Singapore-based firm Singapore Canning Park Capital, which manages a long/short equity fund. In December, Ascalon bought a 355 stake in Athos Capital in Hong Kong, which is planning to launch an event-driven strategy. In Australia, Ascalon has already invested in seven boutiques whose cumulative assets under management total USD4.5bn.
30/01/2012

“We want to be representative, to be listened, and heard”

MiFID, Basel III, Solvency II, a tax on financial transactions, ratings agencies : Jean Eyraud, elected on 22 June 2011 as president of the Af2i, is not limiting himself to the association market, but talks to Newsmanagers about the major topics of the day.
30/01/2012

IASB and FASB want to harmonise classification of financial instruments

The developer of international accounting standards IASB, and the US accounting auditor FASB on 27 January announced that they have reached an agreement to attempt to reduce disparities between their respective classification and measurement models for financial instruments.The talks will be part of the discussions underway on a proposed update of IFRS 9 standards for financial instruments, published in November 2009 and amended in October 2010.
30/01/2012

Raiffeisen takes over nearly all of Wegelin bank

Despite its repeated denials, Wegelin has ultimately decided to take drastic action. Growing threats to the situation at Wegelin & Co. private bankers in the United States have led management into a radical decision, to transfer the majority of clients and employees to the private bank Notenstein Private Bank Ltd., which Raiffeisen will acquire in its entirety. The transfer will bring lasting reinforcement to the position of Raiffeisen on the Swiss wealth management market. The sale price has not been disclosed.On 27 January 2012, Wegelin bank thus transferred most of its clients and employees to the private bank Notenstein SA. The transfer allows the bank to withdraw from asset management activities which had previously been conducted internally at the bank, and to combine them with Wegelin Fund Management Ltd in a dedicated entity, 1741 Asset Management SA, a wholly-owned subsidiary of Notenstein Private Bank Ltd., the bank says in a statement. The Swiss financial market supervisory authority, Finma, has announced that it will authorise the operation.Wegelin & Co. private bankers will remain active to manage US client contracts to their conclusion, and to participate in talks with the US penal authorities. “As a fully liable party, we will clearly assume our responsibilities,” explains Konrad Hummler, partner and director at the bank. “We wanted to confront the legal debates which await us. But at the same time, we had a duty to offer our clients and employees as much security as possible. All personnel at the bank are unanimous in this position.”
30/01/2012

BlackRock appoints a head of sales

BlackRock has announced the appointment of Jeremy Roberts as head of retail sales for the United Kingdom. He replaces Mark Elliott, who becomes head of strategic retail clients for Europe, the Middle East and Africa. Roberts had previously been head of the sales team for London and the Channel Islands, Investment Week reports.
30/01/2012

Assogestioni plans to lower ratings criteria for money market funds

The Italian asset management association, Assogestioni, is studying the possibility of lowering the minimal rating required for sovereign debt held by money market funds. The limit would be lowered to investment grade.The Italian association made the announcement in a statement. The decision would prevent managers from being required to divest the funds due to recent and future downgrades of the credit ratings of some governments on the part of ratings agencies.Assogestioni points out that by its rules, money market funds may hold bonds with a rating of at least A2 (Moody’s) or A (S&P).
30/01/2012

IASB et FASB veulent converger sur les instruments financiers

Les normalisateurs comptables IASB (International accounting standards board) et FASB (Financial accounting standards board) ont fait vœu dans un communiqué commun de travailler ensemble pour «réduire les différences» dans leur classification et leurs modèles d’évaluation des instruments financiers.
30/01/2012

Apollo lorgne une filiale d’El Paso

La société d’investissement, qui s’est associée pour l’occasion à Riverstone Holdings, mène des discussions avancées en vue du rachat de l’activité d’exploration pétrolière d’El Paso, a relayé le Wall Street Journal. Le montant d’une éventuelle transaction pourrait atteindre 7 milliards de dollars.
30/01/2012

La SEC enquête sur un CDO de Deutsche Bank

Le gendarme américain des marchés s’intéresse à une transaction autour d’un CDO pour lequel Deutsche Bank a autorisé le fonds d’arbitrage Paulson & Co à sélectionner des titres adossés à des créances hypothécaires, a rapporté Der Spiegel. Toujours selon le magazine, la banque allemande a par ailleurs reçu des régulateurs l’injonction de produire un rapport sur les possibles conséquences financières des procédures en cours aux Etats-Unis.
30/01/2012

La croissance américaine reste fragile

La progression de 2,8% du PIB américain au quatrième trimestre est surtout due à un effet stocks, ce qui rend les économistes prudents sur la reprise.
30/01/2012

Les fonds chinois réduisent leurs pertes

Le China Securities Journal indique, en citant des données de TX Investment Consulting, que les pertes cumulées par les 872 fonds d’investissement collectifs en Chine (investis à 78,5% en actions) s’élèvent au quatrième trimestre à 124 milliards de yuans, soit près de 15 milliards d’euros, en repli tout de même de 50% par rapport au trimestre précédent.

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