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12/03/2009

France - Les commissaires aux comptes en conseil des ministres

Le conseil des ministres du 11 mars a examiné le projet de loi ratifiant l"ordonnance du 8 décembre 2008 transposant la directive 2006/43/CE du 17 mai 2006 et relative aux commissaires aux comptes (ministère de la justice). L"ordonnance ratifiée, prise sur le fondement de la loi du 3 juillet 2008 portant diverses dispositions d"adaptation du droit des sociétés au droit communautaire, a parachevé la transposition de la directive du 17 mai 2006, en précisant les prérogatives du Haut Conseil du commissariat aux comptes en matière de contrôle et de coopération internationale et en prévoyant l"application de conditions plus rigoureuses au contrôle légal des comptes des entreprises les plus sensibles (sociétés cotées, établissements de crédit, entreprises d"assurance).
12/03/2009

France - Rémunérations : le code du Medef a peu d?effets

Selon Les Echos, les personnalités auditionnées hier par la commission des Lois du Sénat sur la rémunération des dirigeants ont toutes demandé aux parlementaires, avant de légiférer, de patienter que le code de bonne conduite édicté il y a maintenant cinq mois par le Medef et l’Association française des entreprises privées (Afep) produise ses effets. Le président de l’AMF a annoncé qu’il produirait un bilan «de principe» en juillet du code du Medef.
12/03/2009

Etats-Unis - CalPERS demande davantage de régulation

CalPERS, et plusieurs fonds de pension américains pesant au total plus de 900 milliards de dollars d’actifs, se sont associés selon Les Echos pour réclamer davantage de régulation. Leurs demandes sont résumés en cinq principes. Ils visent à «accroître la transparence, renforcer l’indépendance des régulateurs, donner plus grande importance à la voix de l’actionnaire, identifier en amont les sujets qui pourraient poser des risques aux marchés financiers et préserver la liberté des investisseurs institutionnels dans leurs choix d’investissement», précise le quotidien.
12/03/2009

Europe - Jersey : accord d'échange d'informations avec Londres

Le premier ministre de Jersey, Terry Le Sueur, a signé mardi 10 mars à Londres un accord d'échange d’informations fiscales avec le Trésor britannique alors que s’intensifie l’offensive contre les paradis fiscaux. Jersey doit passer des accords du même type avec la France et l’Irlande. Des négociations sont en cours avec l’Espagne et l’Italie. Jersey a déjà signé des accords similaires avec les Etats-Unis, les Pays-Bas, l’Allemagne et les pays scandinaves. L’accord entrera en vigueur lorsque seront bouclées les différentes procédures de ratification en vigueur.
12/03/2009

Suisse - Nouveau CIO pour Julius Baer

Venkatraman Anantha-Nageswaran (connu sous le nom de #Dr Van#) a été nommé avec effet immédiat chief investment officer de Bank Julius Baer, fonction qu’il exercera tout en conservant son rôle de CIO régional pour l’Asie-Pacifique qu’il exerce depuis 2006. Il est subordonné à Boris F. J. Collardi, CEO Investment Solutions Group de Banque Julius Baer.
12/03/2009

Espagne - 90 % de ses clients "madoffés" acceptent l'offre du Santander

A mercredi, la proportion de clients de banque privée du Santander sinistrés dans l’affaire Madoff au travers du fonds Optimal Strategic US Equity ont accepté l’offre de dédommagement qui leur a été faite par la banque, rapporte Cinco Días. En revanche, les clients institutionnels du Santander, auxquels il n’a été proposé aucune compensation, réclament un milliard d’euros au Santander devant un tribunal de Miami, selon le cabinet d’avocats Labaton Sucharow.
12/03/2009

Suisse - HSBC GAM va ouvrir un bureau à Genève

Selon Ignites Europe du 11 mars, HSBC Global Asset Management va se lancer de manière autonome en Suisse. Actuellement, la société est rattachée à la banque privée. Un bureau sera ouvert à Genève dans les deux prochains mois, selon Heinz Hofmann, patron du bureau de Zurich de HSBC GAM.
12/03/2009

Monde - Stiglitz stigmatise les centres onshore

Selon Le Temps, la commission présidée par le prix Nobel américain, une initiative onusienne parallèle au G20, chargée de faire des recommandations pour sortir de la crise, s"intéresse également aux pratiques des places onshore. «Nous ne regarderons pas que les centres offshore comme ce sera probablement le cas au Sommet du G20. Il sera facile pour ce dernier d"accuser des pays qui ne seront pas représentés à Londres et qui ne pourront pas se défendre. Pour notre part, nous parlerons aussi de centres onshore qui sont tout aussi secrets et opaques», a indiqué hier à Genève Joseph Stiglitz qui estime que «nous ne pouvons pas, en Europe ou aux Etats-Unis, faire des discours décriant la corruption alors que nos places financières encouragent la fuite de capitaux». L"économiste américain juge par ailleurs les plans de relance déjà annoncés «largement insuffisants».
12/03/2009

Monde - Madoff : UBP veut rembourser ses clients

Selon Le Temps, l"Union Bancaire Privée (UBP), une des banques suisses les plus sévèrement touchées par la fraude du financier new-yorkais Bernard Madoff, fera une offre de remboursement à ses clients lésés d"ici à jeudi soir. Cette proposition ferait suite à des demandes insistantes de la part de clients institutionnels. UBP a reconnu être exposée à hauteur de plus de 1 milliard de francs dans des fonds Madoff.
12/03/2009

Monde - Paradis fiscaux : Jersey tente de se démarquer

Dans un entretien au Temps, Terry Le Sueur, le premier ministre de Jersey, estime que «la Suisse doit démontrer qu"elle est prête à coopérer. Pour l"instant, elle n"en a pas fait la preuve». L"île anglo-normande, qui est en train de signer dans l"urgence une série d"accords de transparence fiscale, cherche ainsi à se démarquer des autres paradis fiscaux d"ici à la réunion du G20 à Londres dans trois semaines. Evoquant la liste noire qui pourrait être dressée à cette occasion, Terry Le Sueur déclare : «Nous ne voulons pas y être et nous ne croyons pas que nous devrions y être. Nous sommes anxieux de montrer que Jersey coopère et que nous sommes ouverts».
12/03/2009

United Kingdom - Madoff ?laundered? money of London clients

The Wall Street Journal reports, citing government sources, that the London-based company owned by Bernard Madoff played a key role in the fraud orchestrated by him. The government claims that Madoff used the London-based structure to launder clients’ money. He transferred capital from New York clients to London, then shifted it back to the United States to support the operations of Bernard Madoff Investment Securities, and also to his own personal gain.
12/03/2009

Germany - Robeco adds to sales staff

Robeco Deutschland has announced the recruitment of Doris Galle-Rostami as senior account manager providing client assistance to IFAs, brokerage networks, platforms, and banks. She will report to Kai Röhrl, head of third party distribution, and will be leaving Franklin Templeton Investment Services, where she had similar responsibilities to those she will be taking up at Robeco.
12/03/2009

United Kingdom - BGI recruits a head of strategy for transition

David Gagnon, director of transition management for the Lehman Brothers group, and then vice president of Nomura International, has been recruited as director of transition strategy at Barclays Global Investors (BGI) in London. He will report to Lachlan French, head of transitions, Europe & Asia (ex Japan), Professional Pensions reports.
12/03/2009

United Kingdom - Steven Cohen enters capital of Sotheby's

According to a declaration to the SEC, the hedge fund manager Steven Cohen has built up a stake over the past quarter of 5.9% in Sotheby’s, via the management firm S.A.C. Capital Advisors, based in Anguilla, Handelsblatt reports.
12/03/2009

World - Hedge funds may have to redeem 30% of their assets in 2009

Morgan Stanley reoprts that hedge funds may face redemption demands this year adding up to 30% of their assets, which would bring assets under management to USD950bn, their lowest level since 2004, Funds People reports. Redemptions are expected to be primarily to US clients in first half.
12/03/2009

Europe - AGI launches Allianz RCM European Equity Income

Allianz Global Investors (AGI) had initially planned to launch its fund Allianz RCM European Index in January. But after consultation with its shareholders, the objective and management process of the fund have been revised. The fund will now be renamed as Allianz RCM European Equity Income, and will be officially launched on 30 March. The product, a British-registered OEIC, will be managed by Neil Dwane, CIO Europe at RCM, and Joerg de Vries-Hippen, co-CIO European equities at RCM. A Luxembourg version of the fund will also be released. Unlike the Allianz RCM European Equity Income, the Allianz RCM European Equity Dividend will be invested throughout Europe, while the British-registered fund will concentrate on assets in continental Europe.
12/03/2009

Germany - DWS launches two new horizon funds

The horizon fund DWS Renten Direkt 2013, which attracted EUR700m in subscriptions in three weeks, has been closed to new investors, but DWS (Deutsche Bank) on 30 March will launch the DWS Renten Direkt 2014, for which subscriptions will be open until 27 March. In both cases, the funds will invest in 25 corporate bonds or Pfandbriefe, which will be retained until maturity.The management firm will also close the DWS Unternehmensanleihen Direkt 2014 fund to new subscriptions on 13 March. This horizon fund invests in corporate bonds and may place up to 20% of its portfolio in subordinate bonds and high yield bonds. The fund will be launched on 16 March.In both cases, DWS will charge a penalty of 1.5% which will remain in the fund in case of early withdrawal.
12/03/2009

United Kingdom - Record deficits for defined-benefit pension funds

The roughly 7,800 defined-benefit pension plans (DB schemes) in the United Kingdom monitored on a regular basis by the Pension Protection Fund (PPF) at the end of February showed a record deficit of GBP218.7bn, compared with GBP 190.6bn one month earlier, Professional Pensions reports. One year previously, shortfalls were limited to GBP67.1bn. Surpluses for funds which are not underfinanced fell to GBP9.4bn, compared with GBP13.5bn at the end of January 2009, and GBP42.6bn at the end of February last year.
12/03/2009

United Kingdom - Matrix launches a wealth management affiliate

Matrix group has announced the launch of a wealth management division dedicated to high net worth private clients. The division, entitled Matrix Investment Management, will be led by the team which formerly reported to Mike Hollings, CIO of Ansbacher Investment Management. The team has been recruited specially for this purpose, Money Marketing reports.
12/03/2009

Switzerland - HSBC GAM to open a Geneva office

According to the 11 March edition of Ignites Europe, HSBC Global Asset Management is going to set up as an independent company in Switzerland. Currently, the firm is a division of the private bank. An office will be opened in Geneva in the next two months, says Heinz Hofmann, head of the Zurich office of HSBC GAM.
12/03/2009

United Kingdom - JPMAM collected USD4.2bn from institutionals in 2008

JPMorgan Asset Management has announced that last year in the United Kingdom it registered subscriptions of USD4.2bn from institutional investors, and that it signed on 23 new clients, including three local governments, bringing assets to USD15.4bn, Hedge Week reports. The strategy which attracted the largest inflows was funds of hedge funds, with 12 new clients, compared with 6 in 2007; inflows to this strategy totalled USD473m, bringing assets to USD755m.
12/03/2009

United Kingdom - Vanguard will have to fight an uphill battle

In an interview with Ignites Europe on 11 March, Todd Ruppert, CEO of T Rowe Price, claims that Vanguard is going to have trouble conquering the UK market. The major obstacle to the firm’s growth in the country is that British IFAs, who are the primary channel of distribution in the UK, still work with a commission-based system.
12/03/2009

Norway - A black year for the Oil Fund

In Norwegian Kroner, assets in the Government Pension Fund - Global, formerly known as the Oil Fund, increased to NOK2.275trn (about EUR257bn) at the end of December, compared with NOK2.019trn one year earlier, thanks to increased oil revenues and the weakness of the Norwegian currency, whose positive contributions amounted to NOK384bn and NOK506bn, while capital losses on the portfolio of 23.3% wiped out NOK633bn in assets under management (EUR72bn). Losses totalled about 40% for the equities portfolio and 0.5% for the bond portfolio.Allocation to equities were increased to 50% from 40%, and will continue to be increased to 60%, as decided in 2007. In total, the fund holds shares in 7,900 foreign companies, with the largest positions being Shell (NOK15.2bn) and Nestlé (NOK14.9bn). In bonds, the largest position is on Schätze from the German federal government, which account for nearly NOK95bn.
12/03/2009

Spain - 90% of ?Madoffed? clients accept Santander offer

As of Wednesday this week, the percentage of clients of the Santander private bank who lost money in the Madoff affair due to having invested in the Optimal Strategic US Equity fund who have accepted the settlement offered to them by the bank came to 90%, Cinco Días reports. However, institutional clients of Santander, who have not been offered any compensation package, are demanding EUR1bn from Santander in a lawsuit filed in Miami, according to the law firm Labaton Sucharow.
12/03/2009

Spain - Outflows for hedge funds from Banco Madrid and Crédit Agricole

17 of the 19 hedge funds which disclose information about their results to the Inverco association of management firms saw a contraction in their assets in the first two months of the year, Funds People reports. Aside from products from BBVA and UBS which are in the process of being liquidated, the worst affected funds were the fund of hedge funds Copérnico from Banco Madrid, which lost 99% of its assets (to a total of EUR21,000 at the end of February), and the CAAM Multiestrategia Alternativa, whose assets fell 67.38% to EUR2m.Among single hedge funds, the Mosaic Iberia from Pictet and the Foncaixa Privadas Ideas lost 74% and 30% of their assets, respectively.
12/03/2009

Asia - ING IM selects RBC Dexia for administrative services

The firm ING Investment Management Asia-Pacific of Hong Kong has retained RBC Dexia Investor Services as its preferred provider of administrative services and as nominee to distribute ING Luxembourg funds in the Asia-Pacific region, where ING IM managed USD88.73bn at the end of December. The number of funds entrusted to RBC Dexia IS is increased with the move from 4 to 11, with more than 300 classes of shares on the Kong Kong, Taiwan, Singapore, Malaysian, and Philippines markets.
12/03/2009

France - SGAM climbs on horizon fund bandwagon

Société Générale Asset Management (SGAM) on Wednesday announced the launch on 16 March of the French-registreed FCP fund SGAM Invest Target Fund, a horizon fund which will include two sub-funds, ?Credit 2012,? which will mature in three years (on 25 May 2012), and ?Credit 2014,? which will mature in five years (30 May 2014). The products will aim to capture the potential currently offered by investment grade-rated corporate bonds, which are offering historic record premiums.The two sub-funds will provide sectoral diversification and offer active management of the selection of assets in the portfolio throughout the life of the fund. Initially, explains Eric Brard, director of fixed income management, the portfolio will include a sizeable dose of financial sector assets.Liquidity reporting will be on a daily basis. To limit the volatility of the assets throughout the life of the fund and to optimise prospects of returns, front-end fees (2%) and exit fees (on a decreasing scale, from a maximum of 4% between 29 May 2009 and 28 May 2010) will be put in place after the initial subscription period which will run from 16 March to 19 June 2009 for each sub-fund. Management commission for retail shares will be a maximum of 1.25%. The credit team at SGAM which manages these products includes five managers, with an average of 14 years of experience, along with ten credit analysts and 3 dedicated traders.
12/03/2009

Germany - Deutsche Borse lists its first hedge fund ETF

On Wednesday, Deutsche Börse admitted two ETFs from db x-trackers (Deutsche Bank) to trading on the dedicated XTF segment of tis electronic trading platform Xetra. These include the first ETF to replicate a hedge fund index. The db Hedge Fund Index ETF, a German-registered product, reproduces the evolution of the db Hedge Fund Index via a portfolio of futures contracts. The index, in turn, is composed of the sub-indices dbX-THF Equity Hedge Index, dbX-THF Event Driven Index, dbX-THF Credit and Convertible Arbitrage Index, dbX-THF Systematic Marco Index and dbX-THF Equity Market Neutral Index. Management commission is 0.90%. The second new fund is the db x-trackers Russell 2000 ETF, which replicates the Russell 2000 index of the smallest US small caps, which make up the small end of the Russell 3000. Management commission is 0.45%. The XTF segment now lists 413 ETF funds.

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