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30/04/2009

Laurent Mignon proposé à la direction générale de Natixis

Après deux années passées chez Oddo, Laurent Mignon rejoint Natixis. Sa nomination en tant que directeur général sera proposée au Conseil de Natixis qui se tiendra le 30 avril 2009 à l"issue de l"assemblée générale des actionnaires du même jour, a indiqué Natixis mercredi dans un communiqué. Il sera également membre du comité de direction générale. Natixis indique par ailleurs que, sur décision de François Pérol, président du directoire de la Caisse Nationale des Caisses d"Epargne (CNCE) et directeur général de la Banque Fédérale des Banques Populaires (BFBP), le renouvellement de Dominique Ferrero comme directeur général de Natixis ne sera pas proposé au conseil d"administration du 30 avril appelée à statuer sur le mode d"administration de la société. Dominique Ferrero sera nommé conseiller de François Pérol, président du conseil d"administration du nouvel organe central.
30/04/2009

Les candidats potentiel à la présidence de la SG en lice

Daniel Bouton, président de la Société Générale, présentera sa démission au conseil d’administration le 6 mai. Selon Les Echos, celui-ci pourrait désigner Anthony Wyand, l’un de ses administrateurs. Une solution externe n’est pas exclue, admet le quotidien, et le nom de Philippe Lagayette, président de JP Morgan France, est évoqué. Parmi les autres candidats possibles figure Jean-Martin Folz, ex-patron de PSA préside le comité de sélection et de rémunération de la Société Générale.
30/04/2009

BNP Paribas mandaté pour lancer trois "sukuks"

Selon La Tribune, BNP Paribas annonce qu’elle a obtenu des mandats de la part de trois sociétés du Golfe en vue d’arranger des émissions d’obligations islamiques (maturité entre 3 et 5 ans, pour des montants compris entre 200 et 300 millions de dollars). BNP Paribas espère pouvoir lancer les émissions d’ici la fin du mois de juin.
30/04/2009

Henri de Castries (Axa) ne prévoit pas de faire une augmentation de capital

Dans un entretien aux Echos, Henri de Castries, le président du directoire d’Axa, défend la solidité de son groupe. " AXA a dégagé 8 milliards d’euros de cash-flow en assurance-vie, gagné plus de 1 million de nouveaux contrats individuels en dommages et dégagé un résultat net de près de 1 milliard d’euros», souligne-t-il. Il s’explique également sur les résolutions soumises ce jeudi à l’assemblée générale des actionnaires l’autorisant à émettre pour 2 milliards d’euros d’actions préférentielles. Malgré cette résolution, Henri de Castries affirme ne pas avoir l’intention de faire une augmentation de capital.
30/04/2009

Blackstone renforce son équipe parisienne

Jean-Manuel Richier rejoint Jean-Michel Steg pour développer l’activité de Blackstone Advisory en France et en Europe. En dernier lieu managing director et deputy head of investment banking chez Citigroup pour la France, il intégère le bureau de Paris de The Blackstone Group comme senior managing director. On peut s’attendre que le bureau parisien, d’ouverture tout récente, compte assez vite quelque cinq personnes.
30/04/2009
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Carmignac Gestion lance Carmignac Market Neutral

Carmignac Gestion lance Carmignac Market Neutral, l"un des compartiments de la Sicav luxembourgeoise UCITS III Carmignac Portfolio. Il s’agit d’un produit d’actions internationales à objectif de performance absolue, géré par Keith Ney.Il a obtenu l’agrément de l’AMF le 3 avril. #Grâce à la mise en ?uvre de stratégies d"immunisation du portefeuille et à l"utilisation de couvertures spécifiques, Carmignac Market Neutral bénéficie d"une exposition nette aux marchés d"actions en moyenne proche de zéro#, explique le communiqué de presse.#Cette gestion décorrélée des marchés vise à obtenir un rendement positif, quelle que soit la direction prise par les marchés. Carmignac Market Neutral cible une volatilité annualisée comprise entre 4 % et 6 %#, poursuit le document.Le fonds bénéficie d"une liquidité quotidienne et fera l"objet d"un reporting hebdomadaire. Il s"adresse à tout type de clientèle, tant retail qu"institutionnelle.
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30/04/2009

France - UFG to take over La Française des Placements

According to information obtained by Newsmanagers, Alain Wicker, 64, chairman of La Française des Placements, is preparing to sell off the management firm which he founded to the UFG group. Patrick Rivière and Alain Gerbaldi, two veterans of the management firm Fimagest, which Wicker also created in 1986, hold the positions within the UFG group of vice-chairman of the board and CEO in charge of institutional development, respectively.
30/04/2009

Spain - Two directors leave Caja Madrid to found a family office

A brain drain has taken hold at Caja Madrid: two directors, the heads of portfolio management, Juan Fernández Jaquotot, and of the bond division, Carlos Barceló Mendiguchía, have left the savings bank to found the family office Attitude, according to sources close to the firm, cited by Expansión. The firm will start up with assets of about EUR100m. Attitude will apply to the CNMV for a license to practice as a financial advisor (EAFI).
30/04/2009

Germany - HAIG outsources a fund to Mayr Investment Managers

The Munich-based wealth management firm Mayr Investment Managers has been granted a mandate to consult to the WM Fund Sachwertportfolio fund, which was launched in April by Hauck & Aufhäuser Investment Gesellschaft (HAIG), Das Investment reports. The fund invests in businesses in sectors which are relatively resistant to the crisis, and which have the least possible connection to the financial sector. Target businesses also must have low levels of debt, the value of the business must include physical assets, and their cash reserves must be minimal. The objective of the fund is not performance, but rather to construct a portfolio which would be likely to survive an economic and financial crisis.
30/04/2009

France - SGSS: ?SGAM represents less than 10% of our revenues?

?For us, the merger of Société Générale Asset Management and Crédit Agricole Asset Management doesn’t change anything,? Etienne Deniau, director of custody and depository services at Société Générale Securities Services, has stated in the opening address at a conference.?It has been agreed that each provider (SGSS on one side and CACEIS on the other) will retain its separate market share,? he explains.He also emphasizes that SGAM represents less than 10% of revenues. ?SGAM is a major client, but at the same time, if we lost it, we would survive.?As to a potential merger with CACEIS, Deniau declares that, just because two activities within a single group are merging, it doesn’t necessarily mean that all activities within those groups should do likewise.
30/04/2009

Germany - Organizational questions at DWS

Initially, DWS (Deutsche Bank) was expected on Wednesday morning to assert its control of the second-largest German fund management firm. But the announcement has been delayed, probably to next Tuesday, due to last-minute consultations within the group about the global organizational role of the head of DWS within asset management activities at the bank, according to sources close to the firm, cited by Handelsblatt. The newspaper says that part of the problem is due to the fact that, although asset management activities at the group have lost money (EUR173m in first quarter, and EUR525m in 2008), DWS has earned profits of over EUR100m, and losses are due to poor investments made outside Germany, under the watch of Kevin Parker, global head of asset management. Stefan Kunze, who was head of European activities at DWS, had to leave the group at the beginning of the month, apparently because he did not allow Parker to make cuts in his part of the group, on the grounds that his activities were profitable.
30/04/2009

United Kingdom - Skandia IG recruits Marc Bulstrode

Marc Bulstrode, director of wealth management activities at Barclays, will join Skandia Investment Group (SIG, GBP53bn) as chief commercial and finance officer. He will report to Jamie MacLeod, CEO of SIG.
30/04/2009

Germany - ETFs contain net outflows from funds in January-March

In first quarter, open-ended securities funds have undergone net outflows of EUR2.1bn, according to the German BVI association of management firms. Of the major providers, only DWS/DB (Deutsche Bank) has posted net subscriptions, of EUR2.01bn, but this is due solely to net inflows of EUR2.2bn for db x-trackers ETF funds. Barclays Global Investors, with iShares, has attracted EUR96m, and ETFlab (Deka, savings banks) has raised EUR169.36m. However, even taking into account the acquisition of cominvest from Commerzbank, Allianz Global Investors (AGI) shows net outflows of EUR1.43bn, while Pioneer (UniCredit) and Union Investment (co-operative banks) hasve posted net redemptions of EUR655m and EUR419m, respectively. The heaviest outflows, however, were form Deka, at EUR2.62bn.For assets, DWS/DB ranks top, with EUR117.36bn as of 31 March, ahead of Deka (EUR98.34bn), Union (EUR74.4bn), and AGI IEUR69.56bn).
30/04/2009

Germany - Poor subscription levels for open-ended funds in first quarter

In January-March, management firms which disclose statistics to the German BVI association of management firms have posted net subscriptions of EUR4.24bn, compared with net outflows of EUR40.59bn in October-December, and net subscriptions of EUR18.86bn in the corresponding period of last year. However, this positive net result is due to EUR5.32bn in subscriptions to institutional funds (Spezialfonds), while open-ended funds have seen net redemptions of EUR1.07bn, while real estate funds have attracted EUR1.03bn. Securities funds have seen net outflows of EUR2.1bn. The same is true of equities funds (EUR509.7m), bond funds (EUR1.79bn), diversified funds (EUR1.19bn), and money market funds (EUR1.59bn). However, hybrid funds and guaranteed funds have posted net subscriptions, of EUR1.32bn and EUR682.9m, respectively, while hedge funds have received EUR657.3m.
30/04/2009

France - BNP Paribas mandated to manage three sukuk issues

La Tribune reports that BNP Paribas has announced that it has been awarded mandates by three Gulf companies to arrange issues of Islamic bonds, with maturities of 3 to 5 years, for total amounts of USD200m to USD300m. BNP Paribas is hoping to be able to undertake the issues by the end of June.
30/04/2009

United Kingdom - FSA bars Loic Albert Antoine Montserret from professional practice

Loic Albert Antoine Montserret, who was manager of the hedge fund BlueCrest Multi Strategy Credit Fund (USD60m), has become the first private individual to be sentenced by the FSA to both a professional ban and a fine, the Wall Street Journal reports. Montserret, a portfolio manager, falsified positions in April and May 2008 totalling USD12bn on several funds from BlueCrest Capital Management Limited, in order to conceal losses from his employers and thus keep his job.
30/04/2009

Germany - Allianz projects loss in first quarter

La Tribune reports that Michael Diekmann, head of the German insurance group Allianz, announced on Wednesday at a general shareholder’s meeting of the group that charges related to the sale of its American affiliate, Dresdner Bank, would result in a loss for Allianz in first quarter.
30/04/2009

Asia - Mubadala borrows EUR2bn

The Abu Dhabi sovereign fund, Mubadala, will soon issue USD2bn of debt on the international market, which is a first for a sovereign fund. The first lot (5 years) will pay 400 basis points above the rate for US Treasuries, while the second lot (10 years) offers returns 470 basis points above US paper, Handelsblatt reports. The issue was arranged by Citigroup, Goldman Sachs and Royal Bank of Scotland. Mubadala’s USD14bn in investments include stakes in Ferrari and AMD. Mubadala also has partnerships with EADS, General Electric and Rolls-Royce.
30/04/2009

France - Candidates for chairman of SG line up

Daniel Bouton, chairman of Société Générale, will announce his resignation to the board of directors on 6 May. Les Echos reports that the board may then appoint Anthony Wyand, a director at the firm, as its new chairman. An external solution has not been ruled out, the newspaper adds, and names Philippe Lagayette, chairman of JP Morgan France, as a possibility for the role. Other possible candidates include Jean-Martin Folz, former head of PSA , and head of the selection and remuneration committee at Société Générale.
30/04/2009

France - Blackstone adds to Paris-based advisory team

Jean-Manuel Richier is joining Jean-Michel Steg to develop the activities of Blackstone Advisory in France and throughout Europe. Richier, who was most recently managing director and deputy head of investment banking at Citigroup for France, will join the Paris office of the Blackstone Group as senior managing director. The Paris office, which has recently been opened, is expected to grow to a total staff of five in the near future.
30/04/2009

EU - Private equity: bill deemed discriminatory by industry

The private equity industry feels that ?regulations proposed by the European Commission penalise and displace? it, Les Echos observes. Professionals are particularly critical of a threshold of EUR50m, ?which will require businesses in the portfolios of private equity firms to inform the regulator about their financial situation,? the newspaper states.
30/04/2009

Italy - Generali calls off hedge fund plans

One year ago, Giovanni Perissinotto, CEO of Generali, announced an investment of EUR8bn in hedge funds and private equity. The insurer had planned to launch an Italian-registered hedge fund. But the plans have been called off due to the crisis, Il Sole - 24 Ore reports. A joint venture founded for this purpose with Mangart, Mangart Capital Partners, has been removed from the national register of management firms.
30/04/2009

France - Carmignac Gestion launches Carmignac Market Neutral

Carmignac Gestion is launching Carmignac Market Neutral, a sub-fund of its Luxembourg-registered, UCITS III-compliant Sicav fund Carmignac Portfolio. The product is an absolute returns international equities fund managed by Keith Ney, and received a license from the AMF on 3 April.?Thanks to the deployment of portfolio immunization strategies and the use of specific hedges, Carmignac Market Neutral has an average net exposure to the equities markets of nearly zero,? explains a press statement.?This management, decorrelated from the markets, aims to achieve positive returns, regardless of the direction of the markets. Carmignac Market Neutral aims for total annual volatility of 4% to 6%,? the statement continues.The fund offers daily liquidity and will provide weekly reporting. It is aimed at all types of clients, both retail and institutional.
30/04/2009

United States - Questions raised about impartality of investment advice at State Street

The Wall Street Journal reports that the Massachusetts state securities commission has initiated an investigation to determine whether State Street misguided pension funds with claims that volatile products such as MBS were risk-free investment vehicles. State Street is named in a number of private lawsuits for having recommended investments in enhanced bond funds.
30/04/2009

United Kingdom - 3i investors critical of capital increase

Three of the 20 largest shareholders in 3i have attacked the private equity group’s plans to undertake a GBP700m capital increase, the Financial Times reports. These investors feel that 3i does not need the money now, and that it could pay off its debts by other means.
30/04/2009

France - Management reshuffle at Oddo & Cie

With the departure of one of its two managing partners, Laurent Mignon, for Natixis, Oddo & Cie will have to reshuffle its management, L’Agefi reports. ?Tarek Achich, executive director of operations, and Grégoire Carbit, manager of Oddo & Cie, secretary general and director, will have their responsibilities extended to include support functions and risk management, while Philippe Oddo will focus on operational activities,? the newspaper reports, citing sources close to the business.
30/04/2009

Spain - BBK buys Fineco

Bilbao Bizkaia Kutxa (Caja de Ahorros de Bilbao y Vizcaya) has finalised its acquisition of a 60% stake in the management firm Fineco, which will now become the private banking arm of BBK. Fineco currently manages 20 investment funds with assets of EUR345m, and 25 Sicav funds. As of the end of 2008, total assets under management at the firm came to EUR1bn.
30/04/2009

BCE : De l'audace !

Il faut être sourd pour ne pas entendre les avertissements répétés des membres de la BCE, annonçant que le taux repo trouverait bientôt un plancher à 1 %. Les voix qui justifient un tel niveau sont bien rares en revanche. Seul Axel Weber, le président de la Bundesbank, a énuméré publiquement les inconvénients de taux plus bas (rémunération des fonds monétaires et des assureurs) et en a dit l’inutilité (taux de marché monétaire actuellement plus bas que le taux repo).
29/04/2009
Fonds

Robert Morse prend la tête de Primus Financial Holdings

Robert Morse, qui était CEO du Asian institutional clients group de Citigroup devient le co-CEO d’un nouveau fonds de private equity, Primus Financial Holdings à Hong-Kong. Il sera rejoint par d’ancien collègues de Citi et se focalisera sur le secteur des services financiers. Il a indiqué avoir déjà levé $ 1 milliard de dollars auprès d’une famille asiatique, rapporte The Wall Street Journal. Le fonds succède au Primus Pacific Partners, un fonds de $ 500 millions également focalisé sur les services financiers en Asie, précise Wing-Fai Ng, l’autre co-CEO.
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