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16/02/2009

Espagne - Le fonds de pension des fonctionnaires a perdu 8,67 % en 2008

Le fonds de pension des fonctionnaires de l"Administration générale de l"Etat, créé en 2004 et comptant 571.155 adhérents (dont 16.119 nouveaux en 2008) affichait fin décembre un encours de 333 millions d"euros, indique Expansión. Il est administré par Gestora de Previsión y Pensiones (GPP), qui est contrôlée par le BBVA et compte comme associés les syndicats Commissions Ouvrières et UGT. Pour l"exercice 2008, il a accusé une perte de 8,67 % après une performance de 2,86 % en 2007. Sa perte est inférieure à celle subie en moyenne par les fonds de pension d"entreprise (10,60 %).
16/02/2009

Espagne - Le BBVA débourse ? 1,66 milliard pour maintenir à flot son fonds Propriedad

Pour éviter d"avoir à vendre des actifs du portefeuille, le BBVA a choisi l"an dernier d"absorber en compte propre les demandes de rachat auxquelles était confronté son fonds immobilier BBVA Propriedad, rapporte Expansión. Il y a consacré plus de 1,66 milliard et détient ainsi 95 % des parts. Ces parts seront conservées jusqu"à novembre 2010. Le nombre de porteurs est tombé à un peu plus de 3.000 contre quelque 46.800 pendant que l"encours ne baissait que de 30 %. La perte a été 4,35 %
16/02/2009

Royaume-Uni - Endeavour va fermer son fonds phare

Selon le Financial Times, Endeavour, un hedge fund londonien de 3 milliards d’euros qui a perdu un quart de sa valeur en un jour en mars dernier, est sur le point de fermer son fonds vedette, Barclays Global Investors ayant renoncé à le sauver. La société, qui a licencié la quasi-totalité de ses salariés, espère néanmoins se reconstruire autour d’un fonds appelé Pembroke.
16/02/2009

Pays-Bas - Van Lanschot réduit ses charges

Après avoir décidé un abaissement de 10 %¨de la rémunération fixe des membres du directoire, Van Lanschot a indiqué vendredi qu"une mesure similaire sera appliquée aux administrateurs (membres du conseil de surveillance) tandis que les émoluments du senior management seront réduit de 7 %. En outre, il ne sera pas versé cette année de prime générale au titre de 2008. La banque, qui réagit ainsi à la baisse de ses recettes du fait de la déprime boursière, a aussi l"intention de supprimer environ 150 postes équivalent temps plein (FTEs) en regroupant des activités de mid-office, principalement dans l"administration des hypothèques et le traitement des demandes de crédits. Cela se traduira par «plusieurs douzaines» de licenciements et des pourparlers ont déjà été entamés avec les syndicats pour la mise en place d"un plan social.
16/02/2009

France - Bonus : les professionnels dubitatifs

Selon Les Echos, les professionnels des marchés se disent plutôt favorables au débat sur les bonus mais estiment que la réforme fait néanmoins planer un risque double. En premier lieu, celui de la compétitivité de la place de Paris, avec le risque d"une amplification de la fuite des cerveaux. Deuxième risque : les distorsions de concurrence entre établissements, au sein d’une même place. Pour être efficace, le cadre doit s’appliquer aux banques mais aussi aux fonds de capital-investissement ou aux «hedge funds». Ce qui promet d'être complexe, les métiers étant fort différents.
16/02/2009

Espagne - Les titres garantis par l?Etat peuvent entrer à 100 % dans un fonds

La CNMV a précisé que les fonds peuvent être autorisés à franchir la limite des 35 % du portefeuille pour les obligations bancaires émises avec la garantie de l"Etat, comme celles des tout récents emprunts de 2 milliards d"euros de La Caixa et de 3,5 milliards de Caja Madrid. Toutefois, cela doit être expressément mentionné dans le prospectus. Funds People souligne qu"il serait donc en théorie possible de lancer des fonds investis en totalité dans les titres garantis par l"Etat de l"une ou l"autre entité.
16/02/2009

Monde - Credit Suisse condamné à verser 400 millions à STMicro

Selon Le Temps, l"organe de règlement des différends de la Finra, une autorité américaine de surveillance des courtiers, a condamné Credit Suisse à verser 400 millions de dollars (464 millions de francs à STMicroelectronics, «immédiatement». Entre mai 2006 et août 2007, le groupe franco-italien de composants électroniques avait confié plus de 450 millions de dollars à Credit Suisse avec pour mandat de placer cette somme sur des titres sans risque, comme les prêts aux étudiants avec une garantie publique. Les millions vont toutefois finir dans des véhicules liés au marché des «subprime», et par être perdus. Les courriels qui rendent compte des opérations sont falsifiés, peut-on lire dans la plainte que STMicro avait déposée en août dernier, en parallèle à la procédure arbitrale, devant la Cour de New York. La banque, qui a fait part dimanche de son désaccord avec la sentence prononcée le 12 février, a provisionné 407 millions de francs au cours des 3e et 4e trimestres 2008.
16/02/2009

France - P. Ponmaret (CIP) : "Un ordre professionnel pour officialiser le statut de CGP"

Patrice Ponmaret est président de la Chambre des indépendants du patrimoine (CIP). Dans un entretien aux Echos, il indique vouloir donner un cadre d’exercice au conseil en gestion de patrimoine. Il mise sur un ordre professionnel pour officialiser ce statut particulier. Les associations devraient voir leur rôle #limité à celui de centrales syndicales qui défendent et représentent les adhérents#, ajoute Patrice Pontmaret.
16/02/2009

France - French sovereign fund makes first investments

Les Echos reports that a new French sovereign fund, known as the Fonds stratégique d’investissement, may announce its first investments as early as next week. The fund unofficially aims for total returns of 10%, with various targets for different sectors, the newspaper says.
16/02/2009

Europe - LCH.Clearnet wades into CDS settlement market

Les Echos reports that the French-British settlement and processing agent LCH.Clearnet on Friday pledged to extend its product range to include CDS (credit default swaps, credit derivatives). ?LCH.Clearnet’s plans extend to CDS issued in the Euro zone, which would be managed in Paris by LCH.Clearnet SA, the group’s French arm, and not by LCH.Clearnet Ltd, the British entity,? the newspaper reports.
16/02/2009

World - Internal rate of return down for private equity

In the third quarter of 2008, the IRR index for private equity from State Street analytics, established on the basis of data from its Private Edge team, posted a loss of 8.35%, compared with 1.51% in April-June. Over one year, losses total 6.86%, while the index shows returns of 11.59% on three years and 15.89% on five years.
16/02/2009

Germany - MetallRente attracts 2,200 more business members

In 2008, the inter-business pension fund for the mechanical and electronics industries MetallRente signed up 2,200 new business as members, bringing the total number of businesses covered to about 15,000. Gross revenues increased 15% to EUR325m, while assets under management increased by 4% to EUR1.4bn, and the pension fund portion posted losses of only 16.1% (compared with losses of 2% in 2007), and asset allocations were reduced in the meanwhile to about 11-11.5% at the beginning of the year, down from the usual 20%.Payouts for 2008 will remain unchanged at 5.1% for the insurance portion (MetallDirektVersicherung) and 4.5% for the MetallPensionskasse.
16/02/2009

United Kingdom - N Rock: hedge funds lose court bid

SRM Global and RAB Special Situations, two hedge funds suing the government over the near-collapse of Northern Rock, were on Friday dismissed by the High Court as mere speculators who made a bad investment decision, according to the Financial Times.
16/02/2009

Spain - Public servants' pension fund lost 8.67% in 2008

The pension fund for public servants in the general administration, which was founded in 2004 and has 571,155 members (of whom 16,119 joined in 2008), had assets as of the end of December of EUR333m, Expansión reports. The fund is managed by Gestora de Previsión y Pensiones (GPP), which is controlled by BBVA and has the labour unions Commissions Ouvrières and UGT as partners. In 2008, the fund lost 8,67%, after performance of 2.86% in 2007. The losses are more moderate than the average for corporate pension funds (10.60%).
16/02/2009

Europe - Private equity code for Europe

According to the Financial Times, Europe"s private equity leaders will offer to create a unified code of conduct for the region when they appear before a European Commission conference next week. Javier Echarri, secretary-general of the European Private Equity and Venture Capital Association (EVCA), said the industry would agree to combine the elements of the national, regional and international guidelines into a single pan-European code for the industry.
16/02/2009

Austria - Bank Medici puts "for sale" sign

Bank Medici’s supervisory board on Friday decided to proceed with the talks about the sale of the company. Meanwhile, Bank Medici will continue its operations and «the bank will do its maximum possible to support investors and business partners affected by Mr. Madoff.» The bank is 25% owned by Bank Austria (UniCredit) and 75% by its founder, Sonja Kohn.
16/02/2009

Spain - BBVA spends EUR1.66bn to keep its Propriedad fund afloat

To avoid a fire sale of assets in the portfolio, BBVA last year chose to absorb redemption demands itself for shares in its real estate fund BBVA Propriedad, Expansión reports. It spent more than EUR1.66bn on the buybacks, and owns 95% of shares, which it will retain until November 2010. The number of shareholders in the fund fell to slightly over 3,000 from about 46,800, while assets have declined by only 30%. Losses are estimated at 4.35%.
16/02/2009

Norway - Finance minister puts two ethical screening mandates up for grabs

On behalf of the Ethical Council of the Norwegian government pension fund (formerly known as the Oil Fund), the Norwegian finance ministar has launched a call for tenders for two four-year mandates to provide ethical screening of businesses in the fund’s portfolio, IPE reports. One of the mandates concerns Internet monitoring of the 8,000 businesses in which the fund is invested, while the second covers complementary screening of respect for ethical standards at about 2,300 businesses based in China, Taiwan, Hong Kong and Japan in which the fund holds shares.
16/02/2009

Germany - Number of fund-based Riester policies tops 2.4 million

According to statistics from the BVI association of management firms, the number of Riester type government-sponsored retirement savings funds at the end of December was 2.39 million, up from 1.92 million one year previously. The million policy threshold was crossed between September and December 2006. Riester policies have been available since first quarter 2002.
16/02/2009

Scandinavia - SRI becomes a standard

?The current crisis has thrown light on the poor practices at businesses, such as a lack of transparency and short-termism, ? For investors, it is an occation to found a new form of more sustainable investment,? Ulrika Hasselgren, founder and CEO of Ethix, an SRI advising firm based in Stockholm, declared at a press conference Thursday in Paris.She says the current crisis could drive an increase in socially responsible investment in Europe, similar to the crises of 2000 in Scandinavia. Led by the major pension funds, the SRI market took off in 2002 after the collapse of the Internet bubble.
16/02/2009

United States - Genworth FWM to release SPDR

State Street Global Advisors (SSgA) on Friday announced that it has been selected as a portfolio strategist by Genworth Financial Wealth Management (USD100bn) for management of its six tactical asset allocation profiled portfolios using ETFs of the SPDR brand from State Street. The products will be made available to high net worth private clients through the IFA network affiliated to Genworth.The SSgA asset allocation team at the end of December managed USD170bn. Assets in 82 State Street ETFs as of the same date totalled USD159bn.
16/02/2009

Netherlands - Van Lanschot reduces costs

Van Lanschot, which already had decided to cut the fixed salary of its managing board members by 10%, on Friday said the same measure will apply to members of the supervisory board. Senior management’s pays will be decreased by 7%. The bank also plans to cut about 150 FTEs, which will translate into several dozens of redundancies.
16/02/2009

Austria - Sonja Kohn (Bank Medici) denies receiving Madoff payments

Sonja Kohn, the head of Bank Medici that lost USD3.5bn in the alleged Bernard Madoff fraud, denied statements by Massachusetts Secretary of State that she received personal payments of USD87,792 a year during six years from Cohmad Securities, a brokerage owned by Maurice Cohen and Bernard Madoff.
16/02/2009

Germany - Funds ramp up Porsche case

According to the Financial Times, hedge funds have gained more ammunition for their legal complaints against Porsche after the German sports carmaker revealed it had made almost EUR400m by placing bets on several German blue-chip shares. Some funds have filed legal complaints against Porsche, alleging that its trading activities in VW, which inflicted large losses on investors, ran counter to its own company statutes.
16/02/2009

World - Internal rates of return down for private equity

In the last quarter of 2008, the IRR index for private equity from State Street analytics, established on the basis of data from its Private Edge team, posted a loss of 8.35%, compared with 1.51% in April-June. Over one year, losses total 6.86%, while the index shows returns of 11.59% on three years and 15.89% on five years.
16/02/2009

Asia - Heavy decline in hedge fund assets

Between the beginning of 2008 and the end of the year, assets in Asian hedge funds declined by USD40bn, to USD71bn in total, according to HFR, Hedgeweek reports. In fourth quarter, the contraction totalled USD15.6bn, of which USD8.6bn were due to net redemptions, and USD7bn to market effects. Nonetheless, Asian funds posted gains in December.
16/02/2009

Spain - Government-guaranteed shares may represent 100% of a fund's portfolio

The CNMV has announced that funds may be authorised to raise their exposure to bank bonds issued with government guarantees, including recent bond issues for EUR2bn from La Caixa and EUR3.5bn from Caja Madrid, above the current limit of 35% of the total portfolio. However, this must be explicitly mentioned in the fund prospectus. Funds People says that this would make it theoretically possible to launch funds which are totally invested in government-guaranteed securities from one or the other of these entities.
16/02/2009

United Kingdom - Endeavour close to shutting flagship fund

According to the Financial Times, Endeavour, a USD3bn London hedge fund which lost a quarter of its value in a day last March, is in the final stages of shutting its flagship fund after Barclays Global Investors walked away from a planned rescue. However, Endeavour ? which has laid off almost all its staff ? hopes to rebuild its business around a fund called Pembroke.
16/02/2009

World - BNY Mellon offers hedge funds a liquidity management tool

BNY Mellon has launched a service entitled MarginDirect, combining custody services and MoneyFunds Direct, which will provide hedge funds with a means to manage their margin positions and reduce their counterparty risks, Hedgeweek reports. MarginDirect will allow client funds to create several accounts for each counterparty for a hedge fund; the system also provides integrated straight-through processing and ?robust? reporting on the hedge fund to its counterparties via regular periodical traditional reports, and through an online system.

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