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24/08/2009

BBVA Compass prend le contrôle de Guaranty Bank

Samedi, l’espagnol BBVA a confirmé que sa filiale américaine BBVA Compass a acheté à la Federal Deposit Insurance Corporation (FDIC) la Guaranty Bank d’Austin (Texas). Compass acquiert ainsi 12 milliards de dollars de total de bilan et 11,5 milliards de dollars de dépôts, 300.000 clients, 106 succursales au Texas et 58 autres en Californie. Cela permet aussi à Compass (750 agences, désormais) de se renforcer dans la banque de détail, la banque des entreprises et la gestion de fortune.
24/08/2009

La croisade du patron d'AIG

Robert Benmosche a confié sur Bloomberg qu’il a accepté de devenir le patron d’AIG après qu’un de ses amis lui ait confié que les Etats-Unis devenait socialiste. Après avoir refusé trois fois le poste, Robert Benmosche a finalement donné son accord afin, selon lui, de l’aider à redonner confiance dans le capitalisme.
24/08/2009

Eva Joly s'en prend à BNP Paribas

Le quotidien Les Echos rapporte que, lors d’une conférence de presse durant les Journées d'été des Verts et Europe-Ecologie à Nîmes, l’eurodéputée Eva Joly (Europe-Ecologie) a interpellé vendredi la banque française BNP Paribas sur sa présence dans les paradis fiscaux. Elle a souhaité savoir ce que la banque française «a gagné», notamment dans ses «21 filiales aux Iles Caïman». Selon le journal, Eva Joly a précisé que le choix de la BNP n'était pas un hasard, la banque étant apparue très souvent en Afrique dans des montages sur le pétrole qui permettaient aux chefs d’Etat de dégager des fonds dans leurs propres comptes ouverts dans les paradis fiscaux. La présidente de la commission développement au Parlement européen a annoncé que Europe-Ecologie allait prendre l’initiative d’interpeller ces multinationales, souhaitant la «création d’une commission d’enquête chargée d'établir le rôle des paradis fiscaux en matière de développement».
24/08/2009

PAI Partners nomme Lionel Zinsou directeur général après le retrait de Dominique Mégret

Remaniement à la tête de PAI Partners (PAI). Selon L’Agefi, Lionel Zinsou, entré en juillet 2008 chez PAI Partners (PAI), va remplacer Dominique Mégret au poste de directeur général. Ce dernier quittera également l’année prochaine son poste de président. Son départ sera accompagné de celui de Bertrand Meunier, membre du comité exécutif du fonds et chez PAI depuis 27 ans.
24/08/2009
Fonds

iShares fait coter cinq ETF allemands

Poursuivant sa stratégie de cotations croisées, iShares (Barclays Global Investors, groupe BlackRock) a fait admettre à la négociation de la Bolsa Mexicana de Valores (Mexico) cinq de ses ETF de droit allemand. Il s’agit du iShares DAX (DE), du iShares DJ Stoxx 600 (DE) et de trois produits obligataires, iShares eb.rexx Government Germany (DE), eb.rexx Government Germany 1.5-2.5 (DE) et iShares eb.rexx Government Germany 2.5-5.5 (DE).En mai, iShares avait repris l’ETF NAFTRAC à la banque mexicaine Nacional Financiera.
Fonds
24/08/2009
Fonds

Augmentation de la liquidité nette du Axa Immoselect

Au 31 juillet, la liquidité nette du fonds immobilier offert au public Axa Immoselect, qui demeure fermé aux remboursements depuis fin octobre 2008, ressortait à 493 millions d’euros contre 380 millions au 30 juin (lire notre article du 24 juillet). Cela tient entre autres à la vente au-dessus de la valeur de marché d’un immeuble sur la «Kö" de Düsseldorf, après celles de l’immeuble de magasins O 7 de Mannheim et d’un immeuble d’habitations et de commerces à Cologne.Actuellement, par ailleurs, le taux d’occupation des immeubles appartenant au fonds se situe à 96,4 %.
Fonds
24/08/2009
Fonds

Quatre nouveaux ETF de stratégie à Francfort

La Deutsche Börse a annoncé l’admission à la négociation sur le segment XTF de sa plate-forme électronique Xetra de quatre nouveau ETF «de stratégie» proposé par ETF Securities. Ce sont tous des produits de droit allemand.Il s’agit du ETFS DAX 2x Long Fund, qui réplique l'évolution du LevDAX x2 Index, du ETFS DAX 2x Short Fund, qui se réfère au ShortDAX® x2 Index et du ETFS Dow Jones EURO STOXX Double Short (2x) Fund, dont le benchmark est le Dow Jones EURO STOXX 50 Double Short Index. La commission de gestion pour ces trois ETF est de 0,60 %.Le quatrième nouveau produit est le ETFS Dow Jones EURO STOXX 50 Leveraged (2x) Fund, qui reproduit l'évolution du Dow Jones EURO STOXX 50 Leveraged Index et pour lequel la commission de gestion se situe à 0,40 %.Avec ces produits, la cote du segment XTF comprend 481 ETF.
Fonds
24/08/2009

Five funds post performance of over 60%

According to VDOS Stochastics, The BBVA Bolsa Europa Finanzas, whose benchmark index is the DJ Stoxx 600 Banks, has posted the best performance of any Spanish fund since the beginning of the year, with returns of 68.83%, compared with 68.25% for the Accion FTSE Latibex Brasil (68.25%), Cinco Días reports. The Sabadell BS America Latina Bolsa has earned 64.59%, and the Bestinvest Hedge Value Fund comes fourth, with 63.06%. The Eurovalor Iberoamerica comes in fifth place, with returns of 61.99%, with the Renta 4 Latinoamerica in sixth place, at 58.83%.
24/08/2009

Four new strategy ETFs listed in Frankfurt

The Deutsche Börse has announced that it has admitted four new “strategy” ETFs from ETF Securities to trading on the XTF segment of its Xetra electronic platform. All four are German-registered products. The products are the ETFS Dax 2x Long Fund, which replicates the evolution of the LavDAX x2 Index, the ETFS Dax 2x Short Fund, which is based on the ShortDAX® x2 Index, and the ETFS Dow Jones EURO STOXX Double Short (2x) Fund, whose benchmark is the Dow Jones Euro STOXX 50 Double Short Index. Management commission for the three ETFs is 0.60%. The fourth new product is the ETFS Dow Jones EURO STOXX 50 Leveraged (2x) Fund, which reproduces the evolution of the Dow Jones EURO STOXX 50 Leveraged Index, for which management commission is set at 0.40%. With the addition of these new products, the XTF segment now lists 481 ETFs.
24/08/2009

Assets in hedge funds continue to increase

In July, hedge funds posted their third consecutive month of rising assets, Eurekahedge reports. Assets rose by nearly USD11bn in the month, to a total of USD1.350trn. This increase is largely related to positive market effects, while net subscriptions totalled USD2.1bn. About USD15bn were invested in hedge funds, but USD12.9bn were withdrawn.
24/08/2009

Spain opens market to other ETF promoters

According to Expansión, the Spanish government has decided to modify its regulations to bring the tax regime applicable to ETFs registered in the form of Sicav funds into line with the regime for traditional funds. This has previously been the largest obstacle to the entry of iShares (BlackRock) and db x-trackers (Deutsche Bank), among others, into the Spanish market. Currently, only BBVA and Lyxor are active on this market.The Spanish government is also planning to cancel minimal subscriptions of EUR50,000 for professional investors to local hedge funds, and to authorize real estate funds to invest in other real estate funds and in SOCIMI (Spanish REITs), which would make it possible to launch real estate funds of funds.
24/08/2009

Sicavs and funds may invest in foreign private equity

The Spanish government is planning to allow Spanish fund and Sicav managers to invest in foreign private equity funds, Expansión reports. The rule could come into effect as soon as fourth quarter of this year. Currently, funds and Sicavs are allowed to invest only in Spanish private equity funds, from their discretionary investment allocation limited to 10% of assets.
24/08/2009

KKR pulls together subscriptions for annex fund

After more than three months of negotiations, Kohlberg Kravis Roberts (KKR) has signed up subscribers to its European 2 fund, who will contribute slightly over EUR400m to an “annex fund,” according to reports in the Frankfurter Allgemeine Zeitung. KKR had initially hoped to obtain EUR730m in capital. The money will allow the private equity investor to address the financial situations of ProSieben Sat1, Kion and Pages Jaunes. This is the first time that KKR has made use of this approach involving annex funds.
24/08/2009

DEGI acquires P&G headquarters

Germany’s DEGI, an affiliate of Aberdeen Property Investors, has announced the acquisition for EUR110m of the Italian headquarters of Procter & Gamble (P&G). The 20,000 square metre property, whose sale was agreed in principle in July 2007, will be added to the portfolio of the open-ended real estate fund DEGI International. Real estate assets under management by DEGI in Italy total about EUR860m.
24/08/2009

iShares lists five German ETFs

Continuing its cross-listing strategy, iShares (Barclays Global Investors, BlackRock group) has added five German-registered ETF funds to trading on the Bolsa Mexicana de Valores (Mexico City). The funds now available on the Mexican stock exchange are the iShares DAX (DE), iShares DJ Stoxx 600 (DE), and three bond products: iShares eb.rexx Government Germany (DE), eb.rexx Government Germany 1.5-2.5 (DE) and iShares eb.rexx Government Germany 2.5-5.5 (DE).In May, iShares took over the NAFTRAC ETF from the Mexican bank National Financiera.
24/08/2009

Hedge fund directive: A long road ahead

Hedge funds may be facing a month of conflict over the European directive intended to impose constraints on them, the Guardian reports on its website. “The United Kingdom … has obtained the support of Sweden, which currently holds the European Union presidency, to rewrite the document. But that process will likely still be ongoing next year, when Spain takes over the presidency. And Spain, with 4 million unemployed and a minuscule hedge fund industry, will not be likely to make rewriting the directive a priority,” the British newspaper predicts.
24/08/2009

Fund assets at lowest levels since 2002

According to statistics from the Bank of Spain, Spanish households at the end of June had assets of EUR130.14bn in the form of shares in investment funds, 18.3% less than one year previously, and the lowest levels since September 2002, Cinco Días reports. However, the decline in annual terms is slowing: it was 20.7% in May, and 21.8% in April, while the steepest monthly contraction was in November 2008, at 29.2%.
24/08/2009

SRI funds represent only 0.52% of total assets

As of the end of June, assets in 27 SRI funds available on the Spanish market represented EUR844.8m, 12.3% less than one year previously, which represents only 0.52% of total assets, compared with USD1.3trn at the end of 2007. These products are available from 19 asset management firms, including, among others, Dexia (15 funds), Pictet (one fund), and Aviva (2 funds).
24/08/2009

Publicly-traded hedge funds under pressure

After a disastrous year in 2008, the publicly-traded hedge fund sector (in which most funds are listed on the London Stock Exchange) has continued to underperform, deapite a recovery in hedge funds and private equity in the past 7 months, the Financial Times reports. Publicly-traded funds of funds are doing worst of all. On average, funds of hedge funds are trading 18.2% below the value of their assets, according to an RBS study cited by the FT.
24/08/2009

Vice Fund outperforms Ave Maria Catholic Values Fund by a wide margin

Over the past five years, the Vice Fund from Mutuals, which invests at least 80% of its assets (USD80.3bn currently) in tobacco producers, breweries, casinos and weapons manufacturers, has posted returns of 185, while the Ave Maria Catholic Values Fund from Schwartz Investment Trust has earned virtually nothing, the Frankfurter Allgemeine Sonntagszeitung reports. For investors who are seeking higher-than-average returns rather than morally irreproachable investments, the Vice Fund is a better choice, says Marc Lederer of Hesse + Partner. But volatility is also considerably higher for the Vice Fund: currently, the fund has lost 43% since its peak in December 2007, after gaining 146% in its first five years of existence (since its launch in September 2002).
24/08/2009

Things are improving, says Bernanke, but there is still a lot left to do

In his address on Friday, 21 August, to the annual meeting of economists at Jackson Hole, Wyoming, organized by the United States Federal Reserve, Ben Bernanke, its chairman, claimed that the US economy has “avoided the worst,” and that it appeared to be stabilizing, with “good” prospects of a return to positve growth in the short term, La Tribune reports. The rebound will likely be “relatively slow at the beginning,” in light of considerable difficulty in gaining access to credit for many households and businesses. Bernanke insisted that “a new financial regulatory framework” needs to be created in the United States and in the world, which would draw “lessons from the crisis, and which would prevent a repetition of the events of the past two years.” Jean-Claude Trichet, chairman of the European Central Bank, has also stated that there is a mountain of work to be done, and that regulatory changes are needed to restore the stability of the financial system.
24/08/2009

UN PRI delists five signatories

The United Nations Principles for Responsible Investment (UN PRI) has removed five signatories from its membership lists, as they did not fulfil their annual “reporting & assessment” obligations, which are required, though the signatories receive a one year grace period to comply. In total, 284 signatories participated in the PRI Report on Progress, 2009, which represents a 98% response rate.The institutions ejected from the initiative are DESBAN (Brazil), Christopher Reynolds Foundation (United States), Foresters Community Finance (Australia), Oasis Group Holdings and Trinity Holdings (South Africa). In addition, three institutions voluntarily left the UN PRI: Mennonite Mutual Aid (MMA), New York State Teachers’ Retirement System (NYSTRS), and Rapaki Property Group. 93 new members have meanwhile signed up for the charter. Currently, the PRI has 573 members, of whom 182 are “asset owners,” 282 are asset managers, and 109 are professional service partners.
24/08/2009

Morgan Stanley to sell Van Kampen

Morgan Stanley’s management is planning to sell the mutual fund activities operating from Van Kampen, Pensions & Investments reports. According to sources in financial circles, Invesco Ltd is the best-positioned of the potential buyers who have been invited to study the potential acquisition.
24/08/2009

BNP Paribas partly pulls out of Argentina

BNP Paribas will sell its retail banking divisionin Argentina to Banco Santander Río. The network consists of 17 locations in central and suburban Buenos Aires, serving over 30,000 retail and 900 business clients. The French bank will continue to have a presence in Argentina via its range of products and services available to businesses and investment companies.
24/08/2009

BBVA Compass takes control of Guaranty Bank

On Saturday, the Spanish firm BBVA confirmed that its US affiliate BBVA Compass has acquired the Guaranty Bank of Austin, Texas, from the Federal Deposit Insurance Corporation (FDIC). Compass takes on Guaranty’s entire balance sheet, totalling USD12bn, and USD11.5bn in deposits, 300,000 clients, 106 branch locations in Texas and 58 others in California. This will allow Compass (which now has a total of 750 branches) to strengthen its presence in retail banking, business banking, and wealth management.
24/08/2009

Delays to come for Lehman clients awaiting reimbursement

L’Agefi reports that the British high court which must approve a plan to accelerate the reimbursement of clients whose money was ensnared in the collapse of the US bank Lehman Brothers, proposed by PricewaterhouseCoopers (PwC), the administrator of the European assets of Lehman Brothers International (LBIE), has claimed it is not competent to give permission for reimbursements of USD9bn to begin in first quarter 2010.
24/08/2009

Goldman Sachs gives tips to key clients

Goldman Sachs distributes trading ideas to key clients, hurting other customers, says the Wall Street Journal. For exemple, «Goldman Sachs Group Inc. research analyst Marc Irizarry’s published rating on mutual-fund manager Janus Capital Group Inc. was «neutral» in early April 2008. But at an internal meeting that month, the analyst told dozens of Goldman’s traders the stock was likely to head higher, company documents show». «The next day, research-department employees at Goldman called about 50 favored clients of the big securities firm with the same tip, including hedge-fund companies Citadel Investment Group and SAC Capital Advisors, the documents indicate. Readers of Mr. Irizarry’s research didn’t find out he was bullish until his written report was issued six days later, after Janus shares had jumped 5.8%», says the WSJ.
24/08/2009

Dollar General plans return to public trading

The private equity investor KKR, Goldman Sachs, and the other investors in the consortium that bought Dollar General for USD7.3bn in 2007 are getting ready to pocket an special dividend of USD200m on the occasion of the retail group’s partial return to public trading on the stock market, the Börsen-Zeitung reports. The IPO will raise up to USD750m.

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