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31/12/2010

MiFID directive: CESR publishes a vademecum on publicly traded equities

p { margin-bottom: 0.08in; } The Committee of European Securities Regulators (CESR), which on 1 January will become the European Securities and Markets Authority (ESMA), on 30 December published a series of rules and a practical guide for the publication of certain information related to publicly traded equities to fulfil transparency requirements laid out in the MiFID directive. In the guide, the CESR details the various information to provide about equities, and the calculations to undertake, and indicates that the results of all these efforts will be made public. In order to respond to the requirements of the directive, the CESR has also set up a dedicated database on its website.
31/12/2010

Axa continues development in eastern Europe

p { margin-bottom: 0.08in; } The Axa group announced on 30 December that it has acquired an 80% stake in the Belorussian firm B&B Insurance, as part of its effort to develop in central and eastern Europe. The acquisition price has not been disclosed to the public. “The acquisition of B&B is an excellent opportunity for AXA to enter the Belorussian market, which is growing rapidly. Here, we would like to reproduce the success of AXA in Ukraine, where we have become the largest insurance provider in only three years, by relying on the geographical and cultural ties between the two countries,” Cyrille de Montgolfier, CEO of AXA central and eastern Europ, explains in a statement. The Belorussian market offers the French insurer major potential for growth, as less than 15% of households now have home insurance. The second-largest Belorussian insurer by size, and the largest private insurer in Belarus, with an overall market share of 10%, B&B Insurance offers exclusively damage insurance products. Premiums issued in 2009 totalled EUR29m. The operation will be finalised in first quarter 2011.
31/12/2010

Romain Boscher takes over as head of equities management at Amundi

p { margin-bottom: 0.08in; } Next month, Romain Boscher will join Amundi, the asset management affiliate controlled 75% by the Crédit Agricole group and 25% by Société Générale, in January, as global head of equities, a newly-created position, Amundi, according to different sources. Boscher, whose departure from Groupama Asset Management was announced earlier this week, will be based in Paris, and will oversee all equities management operations worldwide (London, Paris, Tokyo, Singapore, and Hong Kong). As of 30 September 2010, assets under management in equities totalled EUR95.7bn. In Paris, equities management will continue to be overseen by Eric Turjeman, former head of equities management at SGAM, before its merger with Amundi.
31/12/2010

Vatican creates an authority to combat money-laundering

p { margin-bottom: 0.08in; } The Vatican on 30 December announced that it has published a decree creating a Financial Information Authority (AIF) to combat money-laundering and financing for terrorism, and to ensure compliance with European legislation of the Vatican’s transactions. The publication of the decree, signed by the Pope, comes three months after an investigation was opened in September by the Italian financial authorities into two directors of the Vatican Bank (IOR). The investigation began with the seizure of EUR23m in an account belonging to the establishment. The president of the bank and its CEO are suspected of violations of money-laundering laws. “Peace is unfortunately threatened today by improper use of the market and the economy, and the terrible and destructive violence of terrorism,” Pope Benedict XVI regrets in the preamble to his law (“motu proprio”) creating the financial information authority (AIF). The Vatican says the move is a sign of “transparency, honesty and responsibility,” its spokesman, father Federico Lombardi, explained to the press. In an “apostolic letter” laying out the motives for the law, the Pope says he “approves the engagement of the international community to prevent and combat the phenomenon of money-laundering and financing for terrorism.” “The Holy See plans to make these rules its own,” Pope Benedict XVI adds.
31/12/2010

Wellcome Trust to remain opportunistic

p { margin-bottom: 0.08in; } The Wellcome Trust, which finances medical research in the United Kingdom and developing countries, now manages over GBP14.5bn, the Financial Times reports. Its chief investment officer, Danny Truell, would like to remain faithful to an opportunistic allocation, in order to achieve performance objectives of 6% per year set by the fund. While more than 40% of returns in the past three years are the result of investments in distressed private equity funds, Truell says good opportunities are becoming scarce, particularly in Europe and the United States. Truell is now turning to distressed debt funds and direct investment in currencies.
31/12/2010

Steven Rattner buries the hatchet with State of New York

p { margin-bottom: 0.08in; } The Financial Times reports that Steven Rattner, former automotive industry advisor to Barack Obama. Has agreed to pay USD10m to settle a dispute with the State of New York over a corruption scandal. Rattner was accused of paying bribes in 2007 to obtain a USD150m by the state’s pension fund in the Quadrangle fund, which he co-founded and directed. The New York authorities were seeking at least USD26m and a permanent ban of Rattner from the state’s financial activities. They ultimately got USD10m and a five-year ban on any contact with the New York pension fund. The payment comes in addition to the USD6.2m which the former advisor to Obama had already agreed to pay the previous month in order to settle SEC lawsuits.
31/12/2010

Blackstone et Dinamia s’allient pour empocher Mivisa

Le fabricant espagnol de canettes a indiqué que les sociétés de private equity américaine et espagnole ont convenu de formuler une offre ferme donnant le signal d’un management buy out (MBO) du groupe. Aucun détail financier n’a été communiqué, si ce n’est la volonté de la part de Dinamia d’acquérir pour 9,5 millions d’euros au maximum une part pouvant aller jusqu’à 5% du capital de la maison-mère de Mivisa, Sofamen XXI.
31/12/2010

Rejet d'une plainte contre Porsche aux Etats-Unis

Un juge fédéral a rejeté hier une plainte déposée par dix hedge funds qui accusaient le constructeur automobile allemand d’avoir verrouillé le marché des actions de Volkswagen et qui lui réclamaient deux milliards de dollars de dommages et intérêts. Le juge a estimé que les fonds n’avaient pas qualité pour agir, évoquant un précédent juridique américain qui avait restreint la capacité des plaignants américains à lancer des poursuites dans le cadre d’affaires impliquant des parties non américaines devant la justice des Etats-Unis.
31/12/2010

L’Espagne tente de rassurer les marchés

Le Premier ministre espagnol, José Luis Zapatero, a affirmé hier qu’il mènerait à bien les réformes et que le pays «respectera ses engagements de réduction du déficit budgétaire en 2010 et 2011». Madrid compte réduire son déficit public de 9,3% en 2010 à 6% en 2011 puis 3% en 2013. En octobre, celui-ci a chuté de moitié à 2,71 milliards d’euros.
31/12/2010

Romain Boscher à la tête des actions d'Amundi

L’ancien responsable des gestions de Groupama Asset Management occupera une fonction nouvellement créée au sein du premier gérant français. Il chapeautera l’ensemble des bureaux actions à travers le monde, supervisant ainsi 96 milliards d’euros d’encours.
30/12/2010
Fonds

Les actifs du hedge fund CAI explosent

Selon Reuters, les actifs sous gestion du hedge fund spécialisé sur l’Asie Central Asset Investments (CAI) devraient passer la barre des 200 millions d’ici au mois de janvier, contre environ 70 millions de dollars à la fin 2009.Cette très forte progression de l’encours sous gestion est liée à la performance de 47% en 2010 du fonds multistratégie CAI Global Fund, dont la commecialisation aux Etats-Unis vient de commencer, la clientèle de CAI étant jusqu’ici essentiellement européenne et asiatique.
Fonds
30/12/2010
Fonds

Un nouveau fonds d'investissement pour les start-up provençales

Selon Les Echos, une trentaine de particuliers, la Société Marseillaise de Crédit (SMC), pour 25% des parts, et Vivéris Management, un acteur majeur du capital-risque local pour 15%, viennent de créer un fonds d’investissement, Capital Provence Business Angels (CPBA), doté de 1,2 million d’euros de capital. Une première destinée à consolider l’offre d’amorçage.
Fonds
30/12/2010

Klaus Kaldemorgen abandonne la direction de DWS

La filiale de la Deutsche Bank dédiée à la gestion d’actifs, DWS, se dote d’une nouvelle structure de direction. Klaus Kaldemorgen quitte, de sa propre initiative, ses fonctions à la tête de la société pour se consacrer uniquement à la gestion d’actifs. Le nouvel homme fort de DWS est Wolfgang Matis, nommé nouveau porte-parole de la direction de DWS Investment et global CEO de DWS. Wolfgang Matis était précédemment responsable du pôle Global Markets Deutschland à la Deutsche Bank. Il est directement rattaché à Kevin Parker, Global Head Deutsche Asset Management. Klaus Kaldemorgen, déjà en charge des fonds DWS Vermögensbildungsfonds I et DWS Akkumula, prendra la responsabilité d’autres fonds, notamment de fonds de performance absolue. Asoka Wöhrmann devient, en qualité de CIO de DWS, responsable des pôles actions, obligations et multi-classes d’actifs, auparavant dévolus à Klaus Kaldemorgen. Deux autres mouvements sont à signaler : Ingo Gefeke, jusqu’ici membre de la direction de DWS, prend de nouvelles responsabilités au sein du pôle gestion d’actifs de la Deutsche Bank à New York tandis que Axel Schwarzer quitte DWS pour assumer de nouvelles responsabilités en dehors de la société.
30/12/2010
Fonds

Un mois de novembre difficile pour les hedge funds

Selon Hedgeweek, les dernières statistiques de Morningstar montrent que les hedge funds ont eu un mois de novembre difficile. L’indice Morningstar 1000 Hedge Fund s’est ainsi replié de 0,8% en novembre alors que le Morningstar MSCI Composite cédait 0,1%. Sur les onze premiers mois de l’année, ces indices affichent des gains de respectivement 6,1% et 7,2%. C’est beaucoup mieux que la performance des indices boursiers internationaux mais moins bien que les performances enregistrées en 2009 sur la même période.Les stratégies sur les actions européennes ont été parmi les plus affectées en novembre. Le Morningstar Europe Equity Hedge Fund Index a ainsi perdu 3,5% en novembre, ce qui a fait chuter la performance des onze premiers mois de l’année en territoire négatif. Les stratégies évenementielles ont encore fait moins bien que les stratégies actions, le Morningstar Global Trend Hedge Fund Index accusant un repli de 3,9% sur le mois.
Fonds
30/12/2010
Fonds

Embellie pour les fonds de pension publics américains

Le US Census Bureau a indiqué que la valeur des actifs détenus par les 100 principaux fonds de pension publics aux Etats-Unis dépassait 2.500 milliards de dollars au 30 septembre dernier, rapporte L’Agefi. Soit un gain de 6,2% d’un trimestre à l’autre et de 5,2% par rapport à la clôture du troisième trimestre 2009.
Fonds
30/12/2010
Fonds

Blackstone préparerait un LBO de 10 milliards de dollars

Selon L’Agefi qui cite le Wall Street Journal, le fonds américain Blackstone aurait déposé une offre portant sur les actifs américains de Centro Properties Group, un géant australien de l’immobilier dont la survie est menacée par une dette astronomique. En cas de succès, il s’agirait du plus gros LBO depuis la crise.
Fonds
30/12/2010

Tough month for hedge funds in November

p { margin-bottom: 0.08in; } Hedgeweek reports that the most recent Morningstar statistics reveal that hedge funds had a tough month in November. The Morningstar 1000 Hedge Fund index fell 0.8% in November, while the Morningstar MSCI Composite lost 0.1%. In the first eleven months of the year, these indices gained 6.1% and 7.2%, respectively. This is far better than the performance of international market indices, but much less than the returns posted in the same period of 2009. European equities strategies appear to have been the hardest hit in November. The Morningstar Europe Equity Hedge Fund Index lost 3.5% in November, which dragged down performance in the first eleven months of the year into negative territory. Event-driven strategies did even less well than equities strategies, with the Morningstar Global Trend Hedge Fund Index down 3.9% for the month.
30/12/2010

Basel Committee launches consultation on pay scales

p { margin-bottom: 0.08in; } The Basel Committee early this week released a consultation document which will aim to improve the transparency of the banking sector in the area of remuneration. The measures laid out with the participation of the financial stability committee will notably require banks to explain how they tie the performance of their employee to the levels of pay they receive. They will allow the market “to evaluate the quality of practices at banks in the area of remuneration and policies they involve that may incite employees to take risks,” says Fernando Vargas, president of the remuneration working group of the Basel Committee, cited in the statement. Vargas adds that the new requirements “should also help to promote a larger convergence and more coherence in the information published about remuneration.” The consultation is open until 25 February.
30/12/2010

Hedge fund managers highly optimistic about US equities

p { margin-bottom: 0.08in; } For hedge fund managers, the recovery of the US economy appears to be beyond the shadow of a doubt. According to the TrimTabs/BarclayHedge survey undertaken in December, about 46% of hedge fund managers surveyed last week are betting on an increase in the S&P 500, while only 19% are pessimistic. About 54% of managers are pessimistic about the evolution of 10-year Treasury bonds, while 39% predict that the dollar will rise. “Managers are betting aggressively on economic recovery. Although in most of 2010, markets oscillated between excessive fears of a double recession and irrational exuberance about a V-shaped recovery, a consensus is shaping up that 2011 will be a year of inflationary growth,” says Vincent Deluard, executive vice president of TrimTabs, cited in a statement. Managers also predict that precious metals are overvalued. This comes as little surprise for Deluard, who remarks that statstical data suggest that bonds are much more overvalued than precious metals. “If there is a bubble that’s going to pop in 2011, we think bonds are the most plausible candidate,” says Deluard.
30/12/2010

New investment fund specialises in Provence startups

p { margin-bottom: 0.08in; } Les Echos reports that 30 private investors, the Société Marseillaise de Crédit (SMC), with a 25% stake, and Vivéris Management, a major local private equity actor, with 15%, have recently created an investment fund entitled Capital Provence Business Angels (CPBA), with EUR1.2m in capital. This initial amount is intended to serve as seed capital.
30/12/2010

Assets boom at hedge fund CAI

p { margin-bottom: 0.08in; } Reuters reports that assets under management by the Asia specialist hedge fund Central Asset Investments (CAI) are expected to top USD200m by January, compared with about USD70m as of the end of 2009. This extremely steep increase in assets under management is related to returns of 47% in 2010 for the multistrategy fund CAI Global Fund, which has recently become available in the United States. Clients of CAI were previously largely European and Asian.
30/12/2010

Klaus Kaldermorgen gives up top position at DWS

p { margin-bottom: 0.08in; } The asset management affiliate of Deutsche Bank, DWS, has a new management structure. Klaus Kaldermorgen is quitting, on his own initiative, from his position as head of the firm, in order to dedicate his time exclusively to asset management. The new top dog at DWS is Wolfgang Matis, who has been appointed as the new spokesman for the management of DWS Investment and global CEO of DWS. Matis was previously head of the Global Markets Deutschland unit at Deutsche Bank. He will report directly to Kevin Parker, Global Head Deutsche Asset Management. Kaldermorgen, who was already manager of the DWS Vermögensbildungsfonds I and DWS Akkumula funds, will take responsibility for several other funds, including absolute return funds.
30/12/2010

Madoff: Trustee accused of illegal conduct

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee for the company formerly operated by Bernard Madoff, BLMIS, is under fire from US victims of the fraudster and the US Congress, Agefi Switzerland reports. The trustee has taken actions which contradict investor protection and bankruptcy laws, claims a member of the House of Representatives, who has recently proposed legislation which would indirectly limit the trustee’s manoeuvering room.
30/12/2010

Hermès: AMF to announce verdict in January on takeover bid

p { margin-bottom: 0.08in; } The College of the French financial market authority (AMF) will announce in January whether or not it will grant Hermès an exemption to the requirement to make a public bid to buy out the minority stakeholders in the luxury leather goods business, the secretary general of the AMF, Thierry Francq, has told Reuters. “The College will make its decision in January, after hearing the arguments of the various parties,” Francq says. In order to lock in capital in the face of the appearance and increasing presence of the hedge fund LVMH in its capital, the Hermès family decided in early December to create a holding company with control of over 50% of the capital in Hermès International. Legally, shareholders are required to make a takeover offer for the remaining stock if they increase their presence over one third of capital. But they may obtain an exemption from the AMF in some cases.

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