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06/02/2009

Spain - Record losses for Santander real estate fund

In January, the Santander Banif Immobiliaro posted losses of 4.21%, the heaviest losses in its history. The firm is also predicting similar developments in February, and potentially worse, as the results of a one-time audit of the portfolio which began on 1 January will be announced, Expansión reports. The liquidity window has been open since Monday, but subscribers who wish to exit from the fund will have to request redemptions without knowing what price they will get.
06/02/2009

United Kingdom - Fund assets fell by GBP107.2bn last year

According to statistics from the Investment Management Association, assets in British funds at the end of December totalled GBP360.7bn, compared with GBP379.6bn at the end of September, and GBP467.9bn twelve months previously, which corresponds to a decline of 22.9%. In the fourth quarter of last year, net subscriptions to retail products totalled GBP2.05bn, compared with net outflows of GBP528.2m in third quarter, and net inflows of GBP207.5m in October-December 2007, while net outflows from ISAs totalled GBP145.7m, compared with GBP992.7m in July-September, and GBP826m in the corresponding period of the previous year.For funds of funds, which had total assets under management of GBP30.3bn as of the end of the year, compared with GBP31.5bn and GBP34.4bn, three and twelve months previously, net subscriptions in fourth quarter 2008 totalled GBP304m, compared with GBP527.8m in the previous quarter, and GBP839.2m in October-December 2007.
06/02/2009

France - Acropole AM launches two horizon funds

Acropole Asset Management, a management firm specialised in convertible bonds, is launching two horizon funds with maturity in three years, as additions to the firm’s credit product line (see Newsmanagers of 16 January 2009). The two products will be ?based on credit-type convertible bonds, to allow investors to profit from the nice opportunities which are now offered by the convergence between convertible bonds and credit,? the asset management firm explains.To manage these funds, Acropole AM, which was previously focused primarily on mixed convertible bonds, is scaling up its partnership with Chayne Capital, an alternative management firm based in London, which is also one of the largest shareholders in the management firm, with a 33% stake. The British entity, which manages USD2bn in investment grade credit, out of a total of USD7bn in assets, has a 30-member team in the area of credit.The first fund in the new range, Acropole Convertibles Optimum, is a French-registered FCP fund, with a maturity date of 31 January 2012, and a perforamnce objective of 12% to 13% annually (before fees). It is invested in international convertible bonds (Europe, USA, Asia, and Japan), and currency risks are hedged for currencies other than the Euro. The fund will be managed by teams at Acropole AM, with the support of Cheyne Capital for credit analysis.The second product, Acropole 2012, is a Luxembourg-registered sub-fund, licensed by the CSSF, which complies with UCITS III, and matures on 30 June 2012, with a performance objective of 8% to 9% annually (before fees). The portfolio, invested in primarily European investment grade convertible and corporate bonds, will be managed by Acropole AM and advised by Cheyne Capital.
06/02/2009

World - All-star list of Madoff victims

What do Larry Silverstein (the architect of the World Trade Center), the Bank of Austria, and the American Jewish Congress have in common? They are all, along with thousands of other names, on the 163-page list of clients of Bernard Madoff, which was rendered public by a court in the US state of New York on Wednesday. The list includes the full names and mailing addresses of clients, most of whom are domiciled in the United States. Among them are the children and brother of Madoff, who is accused of orchestrating a global fraud that ran to more than USD50bn. His current lawyer, Ira Sorkin, and the two account managers Jerome Horowitz and David Friehling, formerly employed by his business, are also on the list of clients.The list also includes major banks such as Citigroup, Citibank and Bank of America, as well as charities, such as the Fondation Wunderkinder, founded by the film director Steven Spielberg, and Columbia University.American celebrities have not been spared; they are represented, for example, by the television presenter Larry King and the baseball player Sandy Koufax.Across the Atlantic in France, clients of Madoff include the Groupement Financier Français, BNP Paribas, and Oddo et Oddo as well as Access International Advisors, whose co-founder, Thierry de la Villehuchet committed suicide in December. The Halley family, which owns 13% of the Carrefour group, is listed under the name of the structure Halley Invest; the list also includes Financière Agache, the holding company for Bernard Arnault.
06/02/2009

United States - State Street cuts dividends

State Street announced on Thursday that it will be reducing its dividends and bonuses for its top management, the Financial Times reports. Dividends will be reduced to 1 cent per share, from 24 cents previously.
06/02/2009

United Kingdom - SSgA builds up European portfolio management team

Michael Arone, formerly senior portfolio manager in Boston in the quantitative and active equities management team in Boston, has been appointed to the London-based position of vice president and head of product engineering for Europe, the Middle East and Africa at State Street Global Advisors (SSgA). Brett Collins has also moved from Boston to London, where he will become vice president and product engineer in the enhanced equities products group. The two vice presidents will be assisted by three new recruits: Philip Barleggs (ex Insight Investment), Jennifer Hole (ex BGI), and Monica Fan (RBC Capital Markets).The product engineering team will aim to help teams to contact clients and prospects, in collaboration with the Advanced Research Center and with development specialists, to improve investment strategies and solutions for clients.
06/02/2009

United States - Failed trader leaves behind USD1.8bn hole in Deutsche Bank coffers

Of the USD5bn in losses announced by Deutsche Bank, USD1.8bn were caused by operations involving owners’ equity by Boaz Weinstein in New York, the Wall Street Journal reports. This loss more than wipes out the profits of USD900m and USD600m reported in 2006 and 2007 for the traders group Saba (Hebrew for wisdom), led by Weinstein. Weinstein left the bank this week to found his own hedge fund, which may be known as .. Saba.
06/02/2009

United States - TPG returns money to investors

TPG, which raised USD6bn to invest in companies in financial difficulty, has decided to return 25% of this amount to investors, the Financial Times reports. The move comes as some of the firm’s competitors are raising funds to invest in these businesses.
06/02/2009

Spain - Assets in retirement savings plans down in January

Funds People reports that, according to VDOS Stochastics, assets in individual retirement savings plans fell in January by EUR562m, or 1.16%, to a total of EUR47.88bn. EUR481m of this decline is due to negative market effects. The major actors in this area are BBVA Pensiones with a 16.49% market share, followed by Santander Pensiones (15.84%) and Vida Caixa (13.37%).
06/02/2009

Germany - Reimbursement of Lehman victims begins

The BdB association of private sector banks has announced that the deposit guarantee fund on Tuesday began the process of reimbursing investors whose money was caught up in the collapse of Frankfurt-based Lehman Brothers Bankhaus Aktiengessellschaft. So far, this has involved sending a message to the people and companies concerned. Deposits, including nominative savings coupons, are guaranteed for up to EUR285.1m per investor.
06/02/2009

Switzerland - SFA now has 145 members

In 2008, the Swiss Funds Association (SFA) recorded an 11% increase in the number of its members, to 145 in total. In the past five years, the number of members of the association, founded in 1992, have increased by 65%. Among the new active members, all of them based in Switzerland, are Axa IM Morgan Stanley, the Banque Cantonale Vaudoise, Caceis Fastnet, EIM, FundStreet, Gottex Wealth Management, Saint George Capital Management, and Union Investment.
06/02/2009

Italy - Mutual funds start 2009 in the red

In January, mutual funds on sale in Italy saw net redemptions of EUR4.9bn, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Outflows are continuing, it seems, for the Italian management sector, although the start of this year has proven slightly better than the EUR8.9bn in net outflows in December.The heaviest redemption demands affected bond funds, at -EUR2.3bn, and hedge funds, at -EUR1.2bn. Equities mutual funds saw outflows of only EUR108m.At the end of January, assets in mutual funds on sale in Italy totalled EUR404bn, a decline from the EUR408bn recorded at the end of December. At the end of 2007, assets totalled EUR618bn. Among the management firms which suffered most severely in January is Pioneer Investments, the second-largest management firm in Italy in terms of assets, which has seen net redemptions of EUR2.8bn. On the other hand, Mediolanum, BNP Paribas and Generali stand out with net subscriptions.
06/02/2009

United Kingdom - Skandia launches an online platform comparison tool

Skandia on Thursday announced the launch of PriceWatch, an online calculation tool which allows independent financial advisers to make specific comparisons between the fees charged by various platforms for each fund or portfolio of funds. It is also possible to integrate fees related to a rebalancing of the portfolio, with transfers from one fund to another, into the calculations. PriceWatch allows comparisons between the Transact, Cofunds, FundsNetwork, Nucleus and Standard Life platforms.
06/02/2009

Spain - BBVA AM launches a corporate bond fund

To take advantage of the current potential on the corporate bond markets, BBVA Asset Management is offering subscriptions until 6 March to the BBVA Bonos Corporatives 2011, which will be capped at EUR400m in assets. The product matures after 36 months, and will be invested in shares rated at least BBB- by S&P (it will not invest in securitisations). Minimal subscription is set at EUR10,000. Positions in currencies other than the Euro will not exceed 5% of assets.After one year, the fund will pay a 3% coupon. To avoid being forced into fire sales of assets made necessary by redemption demands, BBVA AM will charge a 5% penalty for early withdrawal, while the front-end fee for the fund is set at 2%. Annual management commission is set at 0.9%.
06/02/2009

United Kingdom - Ethical products suffer more than funds overall

In one year, assets in ethical funds in the United Kingdom fell 25% to GBP4.4bn, while funds overall fell by only 22.9%. According to statistics from the Investment Management Association, net subscriptions in fourth quarter totalled GBP54.8m, compared with GBP20.5m in third quarter and GBP99.7m in the corresponding period of 2007.
06/02/2009

United States - Losses for financial services at Prudential Financial

For the fiscal year ending on 31 December, Prudential Financial has declared a loss for its financial services operation of about USD1.1bn, compared with net profits of USD3.51bn in 2007, and a loss of USD1.64bn in October-December 2008, compared with profits of USD792m in the corresponding period of the previous year. Asset management, for its part, has posted operating losses of USD69m for October-December, compared with profits of USD198m the year before, while profits for last year as a whole are down to USD232m, from USD701m.As of 31 December, assets fell to USD395.4bn from USD438.5bn three months earlier. For the group as a whole, assets under management totalled USD558bn at the end of December, compared with USD648bn at the end of 2007.
06/02/2009

Germany - Deutsche Bank to court American bankers

Josef Ackermann, CEO of Deutsche Bank, thinks Barack Obama’s proposal to limit the pay scales for directors of US banks which accept government assistance to USD500,000 is a boon for his firm, as it will allow his bank to recruit American talents, the Financial Times reports. ?If US banks can only pay a bonus of USD500,000, I think the talent will be happy to work for us,? he says.
06/02/2009

World - Madoff: Investors take on auditors

Since it appears likely that Bernard Madoff’s firm and his personal assets will not be sufficient to reimburse investors, lawyers for the plaintiffs are turning to auditing firms, the Financial Times reports. Of the roughly 20 lawsuits filed since Madoff’s arrest, at least 11 name national subsidiaries of PwC, Ernst & Young, KPMG or BDO as codefendants. Only Deloitte appears to have been spared. None of the agencies directly audited Madoff, but they examined numerous hedge funds that invested with him.
05/02/2009

France - Communication financière : la SFAF sonde les entreprises

Selon La Tribune, La Société française des analystes financiers vient de réaliser un sondage auprès de ses membres d’où il ressort que les analystes souhaitent d’abord être fixés sur la maturité de la dette financière des sociétés qu’ils suivent. " Arrivent ensuite les « covenants » bancaires (clauses de respect de ratios financiers) qui ne sont pas sans provoquer actuellement quelques frayeurs à tous les acteurs boursiers.», précise le quotidien.
05/02/2009

Europe - Le fonds luxembourgeois Nobles Crus en forme

Selon L"Echo, le fonds luxembourgeois Nobles Crus de la société Elite Advisors affiche un return de +20,39 % pour l’année 2008. Un return réservé à des investisseurs «haut de gamme», prêts à miser 125.000 euros dans ce fonds créé à la fin 2007. Le fonds, mis sur pied par deux anciens dirigeants de Carmignac Gestion Luxembourg, Miriam Mascherin et Michel Tamisier, investit à hauteur de 70 % dans les grands crus et 20 % dans les primeurs, le solde de 10 % étant détenu en cash.
05/02/2009

Europe - Vers une nouvelle crise asiatique en Europe de l'Est ?

Selon l’Agefi, la Banque des règlements internationaux (BRI) estime qu’il y a une similitude entre les conditions financières et économiques actuelles dans l’Europe émergente et celles des économies d’Asie du Sud-Est avant la crise de 1997-98. En 8 mois, le rouble s’est dévalué de 54% face au dollar et le Forint hongrois de 61% contre l’euro. Toutefois, pondère notamment la BRI, le contrôle d’une grande partie du système bancaire d’Europe de l’Est par des acteurs étrangers financièrement solides est gage, de meilleures techniques de gestion du risque et de supervision.
05/02/2009

Europe - Chute des bonus dans la banque d?investissement

Les banquiers d"investissement en Europe devraient voir leurs bonus annuels être réduits d"au moins 50 %, estime le Financial Times. Les employés senior et ceux travaillant dans les dérivés devraient enregistrer les plus fortes baisses.
05/02/2009

Etats-UNis - Prix en hausse sur les débouclages de CDS

Selon l’Agefi, #la baisse du taux de recouvrement et la progression du taux de défaut se traduisent par une augmentation des pertes attendues pour les intervenants sur le marché des CDS#, lesquels, relèvent leurs marges pour compenser ce risque.
05/02/2009

Etats-Unis - La liste des clients de Madoff est rendue publique

Rédigée par le tribunal du commerce de Manhattan, la liste des clients ayant investi chez Bernard Madoff a été publiée ce mercredi. Elle comporte notamment les noms des deux commissaires aux comptes indépendants qui travaillaient pour Madoff, Jerome Horowitz and David Friehling. Y figurent aussi les enfants de Bernard Madoff, ainsi que son actuel avocat Ira Sorkin et des personnalités, ainsi que des banques (HSBC, UBS AG, J.P. Morgan Chase Bank, Bank of America Corp., BNP Paribas et Citigroup). Le Wall Street Journal précise que le document ne mentionne pas le montant des investissements pour chaque client.

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