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12/02/2009

France - Gestion : Edmond de Rothschild pourrait regrouper EDRMM et EDRFS

Selon La Tribune, la Compagnie Financière Edmond de Rothschild Banque (LCFR) s’apprête à restructurer certaines de ses activités de gestion d’actifs. # Selon nos informations, Olivier Neau et Guillaume Poli, respectivement président du directoire d’Edmond de Rothschild Multi Management (EDRMM) et d’Edmond de Rothschild Financial Services (EDRFS), ont entamé des discussions pour rapprocher leurs activités#, rapporte le quotidien. A terme, si le projet abouti, LCFR aura, avec EDRAM, deux sociétés de gestion, ajoute notamment La Tribune.
12/02/2009

Allemagne - HRE, le tonneau des Danaïdes

L’Etat allemand fournit une garantie supplémentaire de 10 milliards d’euros à Hypo Real Estate (HRE), ce qui porte le total les aides publiques au géant du crédit immobilier à plus de 100 milliards d’euros, indique la Frankfurter Allgemeine Zeitung.
12/02/2009

Belgique - Perte de 2,48 milliards pour KBC

KBC a fait état jeudi matin d’une perte nette de 2,48 milliards d’euros pour 2008 contre un bénéfice net de 3,28 milliards pour 2007. Corrigé de l’impact direct de la crise et d’autres facteurs exceptionnels, le bénéfice net sous-jacent se contracte de 28 % à 2,27 milliards d’euros. Pour le T4, les comptes sont dans le rouge de 2,62 milliards contre un bénéfice net de 708 millions ; hors exceptionnels, le bénéfice s’est situé à 176 millions contre 834 millions.
12/02/2009

Irlande - L'état perfuse Allied Irish bank et Bank of Ireland

Selon La Tribune, après les 2 milliards d’euros perçus en décembre, Allied Irish bank et Bank of Ireland vont à nouveau recevoir 3,5 milliards chacune sous forme de capitaux Tier 1 de la part du gouvernement irlandais. En échange de cette aide, les banques se sont notamment engagées à réduire d’au moins un tiers la rémunération des dirigeants, précise le quotidien.
12/02/2009

Royaume-Uni - La FSA éjecte son numéro 2

Selon La Tribune, James Crosby, le vice-président du régulateur financier britannique, proche de Gordon Brown, le Premier ministre britannique, a démissionné hier, car il était suspecté d’avoir été trop laxiste quand il était à la tête de HBOS. James Crosby, était directeur de HBOS jusqu’en 2006, c’est-à-dire avant sa nationalisation.
12/02/2009

Royaume-Uni - Arques achète BSM au groupe Aviva

Le capital-investisseur allemand Arques Industries indique avoir acquis pour un montant non communiqué la société d’auto-écoles British School of Motoring Ltd auprès de RAC plc, filiale d’Aviva. Il s’agit d’un réseau employant environ 2.700 moniteurs et exploitant une centaine de centres de services. C’est le leader sur le marché britannique, avec une part de marché d’environ 10 % et un chiffre d’affaires de 34 millions de livres en 2008. Arques précise que, conformément à son business model, il a repris BSM sans dette. Pour Aviva, cette cession entre dans le cadre d’une politique de centrage sur son c?ur de métier.
12/02/2009

Suède - Le fonds AP1 accuse une perte de SEK 48 milliards

le fonds de pension public Första AP-fonden (AP1) indique avoir réalisé pour 2008 une perte de 48 milliards de couronnes (moins de 4,6 milliards d’euros) ou de 21,9 % sur ses investissements, son encours à fin décembre ressortant à un peu moins de 172 milliards de couronnes contre 219 milliards.Le fonds a l’intention de réduire l’effectif dédié à la gestion active pour se focaliser sur son c?ur de métier, l’allocation d’actifs stratégique. Cela se traduira par la suppression de 20 emplois et par une diminution de 25 % par an des charges d’exploitation une fois cette réorganisation parachevée.
12/02/2009

Royaume-Uni - Standard Life dédommage les clients d'un fonds

Standard Life va dépenser 100 millions de livres pour dédommager les investisseurs du Pension Sterling Fund, un fonds monétaire supposé être sûr mais qui a en fait perdu de l’argent en étant investi sur des produits exotiques, rapporte le Financial Times. En un jour, le fonds a perdu 4,8 %, lorsque Standard Life a réévalué les ABS qui constituent la moitié du portefeuille.
12/02/2009

Royaume-Uni - La FSA avait des craintes sur HBOS depuis 2002

La Financial Services Authority s'était inquiétée de la gestion du risque de HBOS dès 2002 a-t-on appris mercredi, rapporte le Financial Times. Dans le même temps, Sir James Crosby, ancien directeur général de la banque, a démissionné de son poste de vice-président de la FSA après avoir été accusé d’ignorer les alertes concernant la croissance rapide de HBOS.
12/02/2009

Luxembourg - Le régulateur demande la liquidation de Herald (Lux)

La Commission luxembourgeoise de surveillance du secteur financier (CSSF) a décidé, le 10 février, de retirer de la liste et de demander la liquidation judiciaire de la Sicav Herald (Lux), dont le compartiment US Absolute Return Fund est exposé à Bernard Madoff.Cela s’inscrit «dans le cadre de l"établissement des responsabilités des différents partis en relation avec Herald (Lux) et sa banque dépositaire HSBC Securities Services (Luxembourg) S.A. et afin de sauvegarder au mieux les droits des investisseurs», explique le régulateur.
12/02/2009

United States - Harvard endowment reduces exposure to equities

The Harvard University endowment (which weighed USD36.9bn at the end of June) declared a portfolio to the SEC of 70 positions on shares and publicly traded funds, totalling USD571m, as of the end of December, compared with about 200 positions on shares and other vehicles worth USD2.9bn three months previously, the Wall Street Journal reports.
12/02/2009

United States - Merrill paid large bonuses

Nearly 700 directors at Merrill Lynch got cash bonuses of more than USD1m each for 2008, the Financial Times reports. Andrew Cuomo, the attorney general of New York, called the bank’s decision to pay nearly USD4bn to its employees a ?surprising display of irresponsibility.? An investigation will be launched into pay policies at Merrill Lynch.
12/02/2009

France - LFP woos wealth management professionals

Confronted with the rise of IFAs and distribution platforms, also known as wealth management professionals, in private management, La Française des Placements (LFP) has built a sales team which already includes three specialists (Emmanuel d’Ythurbide, Stéphane Petit et Percilia Antunes), and which has recently gained a director, in the person of David Edmond, who from 2000 to 2008 was head of partnerships at Les Assurances Saint-Honoré Patrimoine (Groupe LCF Rothschild).LFP now has a special range of funds dedicated to wealth management professionals, consisting of P-class shares in funds launched between 10 January 2001 (LFP Obligations Latitude) and 5 September 2008 (LFP Activinflation). It also includes the Convictions Premium LFP, LFP Avantages Compétitifs and LFP Allocation funds, as well as several horizon funds.The management firm states that an action plan has been put in place, which calls for a strengthening of partnerships with platforms and a high profile in assisting wealth management agencies, including direct meetings with them, and organising roadshows in Paris and the French provinces.
12/02/2009

United States - Mrs. Madoff withdrew USD15m before her husband's arrest

The wife of Bernard Madoff, Ruth, withdrew a total of USD15.5m from Cohmad Securities, a Massachusetts broker which supplied clients to her husband, in the three weeks before his arrest on 11 December, according to evidence submitted by the Massachusetts state market regulators, the Financial Times reports.
12/02/2009

United States - Marc Mayer (ex AllianceBernstein) takes over as head of GMO

Pensions & Investments reports that Grantham Mayo von Otterloo (GMO) on Wednesday evening confirmed the appointment of Marc Mayer as CEO. Mayer, who spent 20 years at AllianceBernstein (Axa IM group), where he was most recently executive vice president and CIO for the asset allocation group, will join GMO in March. He will be the first CEO of GMO with more than 10 years of experience in a pension-oriented management setting.At AllianceBernstein, Seth J. Masters will replace Mayer as head of the defined contribution division.
12/02/2009

United Kingdom - No bonus for Lloyds CEO

Eric Daniels, CEO of Lloyds Banking Group, on Wednesday agreed not to receive his 2008 bonus of GBP2.3m, the Financial Times reports, even though Lloyds earned profits last year, excluding losses brought on by the merger with HBOS.
12/02/2009

United States - Eaton Vance appoints Niall Michael Quinn as head of international development

Eaton Vance Corp (USD124.9bn in assets as of the end of December) has announced the appointment of Niall Michael Quinn as managing director of Eaton Vance Management International in Boston, where he will be in charge of development the American management firm’s activities abroad. He will report to Lisa Jones, head of institutional. Quinn was previously head of business development at Gartmore Investment Management Ltd in London.
12/02/2009

United States - Elizabeth Hughes Eginton joins Van Kampen

Van Kampen Investments (USD84bn in assets under management or administration) has announced that it has recruited Elizabeth Hughes Eginton as managing director, head of product and marketing. She will report to Jerry Miller, president and CEO, and will be in charge of direction and development of products and marketing. She will be leaving Legg Mason Capital Management, where she was senior cive president and director of corporate strategy, after serving as head of asset management at McKinsey & Company.
12/02/2009

Sweden - Losses of SEK48bn for AP1

The public pension fund Första AP-fonden (AP1) has announced losses for 2008 of SEK48bn (less than EUR4.6bn), or 21.9%, on its investments, bringing assets as of the end of December to less than SEK172bn, from SEK219bn.The fund is planning to reduce staff dedicated to active management, to focus on its core profession, strategic asset allocation. This will result in the loss of 20 jobs and a 25% reduction in annual operating costs after the reduction.
12/02/2009

France - UFG withstands market conditions thanks to diversification

?The fact of being multidispliplinary has made us able to hold out fairly well,? said Xavier Lépine, chairman of UFG, on Wednesday. The management firm may have seen net redemptions of EUR1.86bn from alternative management in 2008, bringing total assets in this area down from EUR3.54bn at the end of 2007 to EUR1.49bn at the end of 2008, but these outflows were partly compensated for by net subscriptions in all other professions: real estate (+EUR402m), securities (+EUR664m), private equity (+EUR28m), and insurance (+EUR163m). In total, UFG had net redemptions for the year of only EUR612m, and has seen a decline in its assets to EUR19.5bn, from EUR21bn at the end of 2007.In January of this year, although outflows have continued for alternative management (-EUR84bn), UFG has posted net subscriptions of EUR812m, largely in securities, which have brought assets back above the EUR20bn threshold.In 2009, UFG will enrich its product range with a new theme: socially responsible investment. The firm has acquired a majority stake in Sarasin AM, the French affiliate of the Swiss firm Sarasin, from which it will create a management firm, UFG Sarasin, which will start out with EUR500m in assets.As a part of this project, all equities management at UFG will be ?SRIzed,? in the words of Bertrand Fournier, chairman of the board at Sarasin AM. But SRI is also applicable to other asset classes managed by UFG. In real estate, the firm has recently launched an SRI OPCI fund (see article dedicated to the subject). SRI projects are also under consideration in private equity and alternative management.
12/02/2009

United Kingdom - Deutsche Bank launches CROCI Asia-Pacific fund

Deutsche Bank Fund Solutions has raised USD24m since its launch on 19 January, and is now releasing its new DB Platinum CROCI Asia Pacific Fund, aimed at institutionals, in Luxembourg and Singapore. The product is available in other European and Asian countries in the form of a private investment.The fund replicates the Deutsche Bank CROCI Asia Pacific Fund (CROCI is an abbreviation for Cash Return on Capital Invested), which aims to identify equities for which the valuations are the most attractive in the Asia-Pacific region, excluding Japan. The portfolio includes 30 positions, from a universe of 150 shares with the largest floats.Deutsche Bank states that management commission for the institutional portion of the fund is 0.75%, and that the fund, in keeping with the UCITS III directive, offers daily net asset value reporting.
12/02/2009

United States - Madoff scandal will hurt scientific and medical research

According to experts in the world of philanthropy, the Madoff scandal will affect millions of people, since it will cost charities and endowments at medical and scientific research institutions in nearly all areas from diabetes to palliative care, the Wall Street Journal reports. The victims of the fraud include big names in philanthropy such as Mortimer Zuckerman, Leonard Feinstein and Carl Shapiro, and also... the Bernard L. And Ruth Madoff Foundation.
12/02/2009

Germany - Delta Index launches a German-language CFD platform

The Irish leveraged product broker Delta Index on Wednesday opened its German-language X-Deal platform for contracts for difference (CFD), on which it is possible to trade about 500 CFDs initially. Transaction costs for orders on X-Deal are 0.1% of the volume traded.Delta Index states that it has about 3,000 clients in Ireland, the United Kingdom, and Hungary.
12/02/2009

Germany - Results down at DekaBank

For 2008, DekaBank has posted ?economic? profits (the sum of pre-tax IFRS and total valuation of financial instruments) of EUR167.9m, which represents a fall of 67.3% from 2007 results, and, despite net losses ?of an amount in the low hundreds of millions of Euros,? the asset management firm for the German savings banks is planning to pay out an unchanged dividend, totalling about EUR30m.Net subscriptions fell 84.4% to EUR1.94bn (for securities as well as real estate), while assets as of 31 December totalled EUR142.5bn, which represents a 13.8% decrease in one year. Gross inflows to open-ended funds fell to EUR48bn, from EUR49bn in 2007.
12/02/2009

United States - Putnam to lay off 10% of staff

Robert L. Reynolds, president and CEO, announced on Thursday that Putnam Investments (USD101bn in assets) will be laying off 260 employees, equivalent to about 10% of its personnel. The measure will primarily affect distribution and operational areas, but some sales staff will also be cut, Pensions & Investments reports. In addition, Putnam will be scaling down its distribution efforts outside the United States.
12/02/2009

World - Credit Suisse/Tremont index up 0.8% in January

According to preliminary estimates on the basis of 58% of assets in the sample, the Credit Suisse/Tremont hedge fund index is estimated to have earned performance of 0.80% in January. The two strategies that have posted the best results are convertible arbitrage (+7.43%) and global macro (+2.54%), while the heaviest losses were for multi-strategy funds (-1.59%) and long/short equity (-1.17%).
12/02/2009

Luxembourg - Regulator calls for liquidation of Herald (Lux)

The Luxembourg financial sector surveillance commission (CSSF) on 10 February decided to withdraw the Sicav Herald (Lux) from trading and to require its liquidation. The US Absolute Return Fund, a sub-fund of the Sicav, was exposed to Bernard Madoff.The verdict comes as a part of an effort ?to establish the responsibilities of various parties in relation to the Herald (Lux) and its depository bank, HSBC Securities Services (Luxembourg) S.A., and to better safeguard the rights of investors,? the regulator explains.
12/02/2009

United Kingdom - Arques acquires BSM from Aviva group

The German private equity firm Arques Industries has announced that it has acquired the British School of Motoring Ltd for an undisclosed amount from RAC plc, an affiliate of Aviva. The driving instruction network employs about 2,700 monitors and operates 100 service centres. It is the leader on the British market, with a market share of about 10%, and revenues of GBP34m in 2008. Arques states that, in keeping with its business model, it has acquired BSM without debt. For Aviva, the sale is a part of a move to concentrate on its core activities.
12/02/2009

United States - Fidelity appoints interim bond CIO

Following the retirement of Dwight Churchill, 55, Fidelity Investments has appointed Charles Morrison as its interim CIO for bonds, Handelsblatt reports. Morrison will also continue to serve as head of money market fund management.
12/02/2009

United Kingdom - FSA had concerns about HBOS as early as 2002

The Financial Times reports that the Financial Services Authority was concerned about risk management at HBOS as early as 2002, it emerged on Wednesday. At the same time, Sir James Crosby, former CEO of the bank, resigned from his position as vice-chairman of the FSA, in the wake of accusations that he ignored warnings about the rapid growth of HBOS.

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