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24/03/2009

Europe - Le patron d'ING demande aux salariés de renoncer aux primes

Selon L"Echo, le président du conseil de surveillance d’ING, Jan Hommen, a lancé dans le quotidien «De Volkskrant» un «appel moral» aux 1.200 plus hauts dirigeants du groupe afin qu’ils renoncent à leurs primes 2008. S’il est impossible selon lui d’annuler la totalité des 300 millions d’euros distribués au titre de l’exercice écoulé, il assure toutefois que les managers du groupe sont prêts à y renoncer. ING a également reporté le versement de primes pour 2009 jusqu'à la mise en place d’une nouvelle politique de rémunération prévue en 2010.
24/03/2009

France - Les dirigeants de BNP Paribas devraient renoncer aux stock-options

Selon Les Echos, les mandataires sociaux de BNP Paribas (le président, Michel Pébereau, le directeur général, Baudouin Prot, ainsi que Jean Clamon, Jean-Laurent Bonnafé et Georges Chodron de Courcel) devraient annoncer le 27 mars qu’ils renoncent aux stock-options. AXA renvoie à la publication de son document de référence le 27 mars et SCOR maintient sa politique de distribution.
24/03/2009

Monde - Consultation de l'OICV sur le short selling

L’organisation internationale des commissions de valeurs lance une consultation sur la réglementation des ventes à découvert. Le rapport préparé par le comité technique de l’OICV est soumis à consultation jusqu’au 4 mai et propose quatre grands principes pour une régulation efficace.Tout d’abord, les activités de short selling devraient être soumises à des contrôles appropriés afin de réduire les risques potentiels qui pourraient affecter le fonctionnement et la stabilité des marchés financiers. Deuxième principe, les ventes à découvert devraient être soumises à un régime de reporting produisant de l’information pertinente pour le marché et pour les autorités de marché. Troisième point, les ventes à découvert devraient être soumises à un système efficace de surveillance. Autrement dit, les régulateurs doivent s’assurer qu’ils disposent de moyens suffisants pour analyser les informations disponibles, rechercher des informations manquantes afin d’identifier les abus éventuels et les risques systémiques. Enfin, la régulation des ventes à découvert devrait autoriser des exceptions pour certains types de transactions qui contribuent au bon fonctionnement et au développement efficace du marché.En d’autres termes, l’OICV souhaite maintenir les avantages liés à la pratique du short selling (formation des prix, liquidité du marché?) tout en essayant de prévenir les stratégies abusives susceptibles de fausser le bon fonctionnement des marchés.
24/03/2009

Suisse - Rémunérations : vers un système de bonus/malus

Selon L"Agefi suisse, l"Autorité de surveillance des marchés financiers (Finma) travaille sur un projet de directive visant à encadrer les rémunérations dans le secteur financier. Le texte qui pourrait être bouclé d"ici à la fin de l"année, veut «instaurer un cadre général et des standards minimaux que les institutions financières devront respecter, sans se limiter à la question des rémunérations variables». La Finma souhaite notamment que les parties variables des rémunérations soient versées sur une période de plusieurs années. Corollaire de ce principe, les rémunérations variables seraient bloquées pendant un certain temps, cinq ans par exemple. Par ailleurs, les risques pris par les collaborateurs dans le cadre de leur activité devraient être en ligne avec la stratégie globale de l"entreprise, qu"elle soit une banque ou une assurance.
24/03/2009

France - Stock-options : il faut passer par la loi

Dans un entretien aux Echos, le secrétaire général de l"UMP, Xavier Bretrand, estime que le code de bonne conduite de l"Afep et du Medef n"est pas suffisant «puisque leurs recommandations ne sont pas suivies d’effet par tous les patrons. Quand le contrat ne suffit pas, il faut passer par la loi. L’UMP soutiendra les initiatives législatives du gouvernement ou sera à l’initiative de textes parlementaires. D’ailleurs, en avril, nous présenterons nos propositions pour favoriser un meilleur partage de la valeur dans l’entreprise, qui seront issues des travaux d’Eric Besson et de Frédéric Lefebvre. Nos propositions iront très loin. Je crois aussi au développement de l’actionnariat salarié. Il faut impulser de vrais changements de comportements».
24/03/2009

Liechtenstein - Vaduz propose de coopérer avec Berlin en matière fiscale

Vendredi, un premier entretien a eu lieu entre les représentants de la Principauté du Liechtenstein et le ministère fédéral des Finances à Berlin. Vaduz offre une coopération fiscale assez complète, rapporte la Frankfurter Allgemeine Zeitung. De son côté, le prince héritier Alois a précisé à Bild que la Principauté pourrait encaisser les impôts sur les fondations, les offices et les particuliers pour le compte de l’Allemagne, mais que la protection des données serait préservée. Un porte-parole du gouvernement de Vaduz a précisé que cela ne signifie pas que les procédures resteront anonymes. De plus, le Liechtenstein n’est pas forcément hostile à l’idée non seulement de taxer les revenus futurs du capital mais aussi de reverser des impôts qui auraient été prélevés sur des capitaux non déclarés par le passé.
23/03/2009

United Kingdom - Skandia to increase number of tracker funds on platforms

Skandia has announced that, at the request of IFAs, it is increasing the number of passively-managed tracker funds on its platform Selestia Investment Solutions, and in its Life and Pensions range, with 8 new funds from Pictet, bringing the total of 21 funds on offer. Ten other tracker funds will be added to Skandia’s range in the next few months.
23/03/2009

United Kingdom - Jupiter calls of plans to launch a fund dedicated to China

Jupiter Asset Management has ultimately decided not to launch the Jupiter China Sustainable Growth fund, as it has not achieved its target minimal volume of USD50m, Money Marketing reports. The project received the interest of come institutional investors, but the crisis clearly prevented the corresponding investments from materialising.
23/03/2009

World - State Street offers automated solution for management fees

State Street Corporation is launching an expense management solution which will allow providers of investment funds to reduce their operating costs and risks associated with their management fees. The expense management service offered by State Street will provide a complete solution which can replace manual or partially automated management processes used in client fund operations. The solution will be integrated with the global accounting system from State Street, and makes it possible to automate account regularisation, budgeting, and payment processing processes as part of cost management, to proide investment fund promoters with the scope, precision and flexibility necessary to manage their expenses effectively. The new service follows integrated solutions for fund administration which include legal, treasury, financial reporting, fiscal reporting, and compliance support, all of which are designed to help investment fund promoters to outsource a larger number of operations to provide increased adaptability.
23/03/2009

Luxembourg - BlackRock closes Global Capital Securities Absolute Return Fund

BlackRock Luxembourg has announced that it will be liquidating the Global Capital Securities Absolute Return Fund, which has assets of only USD37.56m, by 24 April at the latest, fondsweb.de reports. Subscriptions and redemptions of shares have already been suspended due to insufficient liquidity of assets in the fund. Liquidation costs will be charged on the administration commission.
23/03/2009

France - Oddo AM launches a diversified fund

Oddo AM is launching Oddo Opportunités, a diversified fund which aims to ?take advantage of attractive prices in all asset classes.? ?Whether it is corporate bonds or convertibles, value, thematic, or midcap equities, a wide variety of assets have been heavily punished by the markets, and are now undervalued. The mission of managers at Oddo AM is to select the shares which will be most likely to profit from a rebound on the financial markets,? a statement explains.Asset allocations will be targeted ?reactively? by the diversified management team, led by Mirela Agache. The team will also make use of forecasts determined by Group Oddo and Thierry Deheuvels, head of management.Currently, asset management privileges corporate and convertible bonds and also is invested in equities, though it highly selectively targets heavily devalued sectors. Commodities are being avoided at present. The fund has no exposure to currencies.Oddo Opportunités aims for high returns and is aimed at qualified investors willing to remain invested for the recommended period fo 5 years. In order to make it possible to direct asset allocation more coherently and to preserve outlooks for returns on investments, the fund has a limited subscription period and will be closed on 31 July 2009.
23/03/2009

United Kingdom - Hilton Nathanson made USD123.7m from sale of Marble Bar

The Australian businessman Hilton Nathanson pocketed USD123.7m from the sale of his alternative management firm, Marble Bar Asset Management (MBAM) to the Swiss management firm EFG International (see Newsmanagers of 3 December 2007). The Sunday Times reports that this amount was invested in the fund, which made money in 2008, at a time when hedge funds lost 18.3% on average.
23/03/2009

United Kingdom - Hellman & Friedman offers USD5bn for iShares

The Sunday Times reports that the private equity investor Hellman & Friedman, in partnership with Carlyle and two other private equity firms which may be TPG and Apax, are offering Barclays USD5bn fro iShares (USD1trn in assets). Bain Capital is also reported to be leading another consortium of interested buyers.Barclays is offering to finance 80% of the transaction, a sign that it would like to close the deal before 31 March in order to avoid being nationalised as a result of being compelled to rely on the UK government’s toxic asset buyback programme.
23/03/2009

Germany - Deka will have to make cutbacks

Although the chairman of the board, Franz Waas, has done much to restore stability at DekaBank since his arrival in early 2006, and he was wise enough to reduce the exposure of portfolios before the crisis began, he reinvested too soon, and worse, these investments went into derivative activities, which have suffered most heavily, the Frankurter Allgemeine Zeitung reports. The central management firm for the savings banks is now being required by its shareholders to cut back its portfolio of structured products, which represented EUR44bn in assets as of the end of June 2008. The firm will also have to call off plans to enlarge market activities, and it is not certain that the board’s term will be extended after the 2008 fiscal term.
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%.

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