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22/01/2009

Monde - Merrill Lynch : moindre pessimisme des gérants

Les investisseurs affichent un moindre pessimisme mais restent très liquides, indique la dernière enquête mensuelle (janvier) réalisée par Merrill Lynch auprès des gérants de fonds. L"indicateur composite de Merrill Lynch sur les perspectives de croissance a progressé à 30 en janvier, contre 25 en décembre et 17 en octobre. Par ailleurs, les gérants sont plus nombreux à prévoir plutôt un scénario inflationniste que déflationniste. On observe ainsi que 35% des personnes interrogées tablent désormais sur une augmentation des taux à long terme au cours des douze prochains mois, contre seulement 10% en décembre.En Europe, le pessimisme reste dominant, la totalité des personnes interrogées prévoyant une récession contre 91% en décembre. Dans ce contexte, les positions en cash ont atteint en Europe leur plus haut niveau depuis 2001. Prudence oblige, 42% des personnes interrogées dans la zone sont surpondérés en cash contre 29% en décembre. A noter par ailleurs que pour la première fois depuis sept ans, la livre sterling est considérée comme sous-évaluée.
22/01/2009

Monde - Le DJ salue Obama

Saluant le premier jour de Barack Obama à la Maison Blanche, le DJ a progressé de 279,01 points 8.228,10 points, soit une hausse de 3,51%, à l"issue de la séance du mercredi 21 janvier.
22/01/2009

Allemagne - TMW Pramerica maintient son Weltfonds fermé aux remboursements

Le gestionnaire munichois TMW Pramerica Property Investment a annoncé à son tour être dans l’incapacité de rouvrir son fonds immobilier offert au public TMW Immobilien Weltfonds aux remboursements. La fermeture avait eu lieu le 28 octobre. Pour faire face aux demandes de remboursement, le fonds (1 milliard d’euros fin octobre) doit vendre des actifs. Afin de ne pas brader ses immeubles, le gestionnaire proroge jusqu'à fin octobre 2009 la suspension des rachats, tout en se réservant le droit de prolonger alors cette mesure d’un an supplémentaire. TMW Pramerica a décidé de reprendre en revanche le versement des plans de sortie en rente, mais en puisant sur ses fonds propres et non sur l’encours du fonds, pour se conformer à une disposition édictée par l’Autorité de surveillance financière (BaFin).
22/01/2009

Etats-Unis - Fortes pertes pour deux hedge funds de la Deutsche Bank

La Süddeutsche Zeitung rapporte que les hedge funds Deutsche Bank CQ Capital et Deutsche Bank Distressed Opportunities, commercialisés auprès des particuliers fortunés aux Etats-Unis, ont accusé pour 2008 des pertes respectives de 47,2 % et de 42,4 % (alors que l’indice HFRX des hedge funds affiche une perte moyenne de 23,3 % pour l’an dernier). La souscription minimale pour ce type de fonds se situe à 250.000 dollars. L’ensemble des hedge funds de la Deutsche Bank commercialisés aux Etats-Unis représentent un encours de l’ordre de 8 milliards de dollars.
22/01/2009

Espagne - Le Santander révise la valeur du portefeuille de son fonds immobilier

Le fonds Santander Banif Inmobiliario ne ferme pas, mais la valeur de son portefeuille va faire l’objet d’une actualisation extraordinaire qui impactera sa valeur liquidative, rapporte Cinco Días. Il s’agit du plus gros fonds immobilier espagnol, avec 69.000 souscripteurs et un encours de 3,4 milliards d’euros qu’il faut ajuster à la réalité d’un marché en crise.
22/01/2009

Etats-Unis - Andrew S. Doman devient CEO de Russell Investments

Russell Investments a annoncé qu’Andrew S. Doman a été nommé CEO et membre du board avec effet au 2 février. Il remplacera John Schlifske qui est president and CEO et qui retourne prendre ses fonctions d’executive vice president chez Northwestern Mutual, la maison-mère de Russell après avoir assuré l’intérim à la tête de la société de gestion (150 milliards de dollars d’encours à fin décembre) après le départ de Craig Ueland.En dernier lieu, Andrew S. Doman a été le directeur fondateur de l’activité asset management Europe de Mc Kinsey au Royaume-Uni.
22/01/2009

Etats-Unis - BNY réduit le nombre de ses fonds

BNY Mellon va réduire son offre de fonds, annonce Ignites Europe. Une porte-parole de la société de gestion précise que la rationalisation va concerner sa gamme de fonds internationale pour les fonds ayant moins de 10 millions d"euros d"encours.
22/01/2009

Etats-Unis - CalPERS renouvelle son état-major

Le fonds de pension des fonctionnaires de Californie, CalPERS (178 milliards de dollars d’encours), a depuis le 12 janvier, un nouveau CEO en la personne d’Anne Stausboll en remplacement de Ken Marzion, qui assurait l’intérim depuis le départ de Fred Buenrostro en juin. Elle avait repris des fonctions chez CalPERS en tant que chief investment operating officer, puis, en avril 2008, comme CIO par intérim après le départ de Russell Reed. Auparavant, elle a été chief deputy Treasurer de l’Etat de Californie.D’autre part, CalPERS annonce pour mars l’arrivée comme CIO de Joseph A. Dear, executive director du Washington State Investment Board (WSIB) et chairman du Council of institutional investors. Il aura la responsabilité de 220 professionnels de l’investissement.
21/01/2009

World - Cerberus lays off 10% of staff

The private equity investor Cerberus, which employs 275 people worldwide, has announced job cuts representing 10% of its staff, Handelsblatt reports. Although many investment funds have already announced layoffs, Cerberus, which owns 80% of the troubled American car maker Chrysler, and a majority stake in its financing branch, GMAC, now on the brink of bankruptcy, is particularly hard-hit.
21/01/2009

France - SG: Asset management penalised by outflows

In fourth quarter, ?results in asset management continued to be penalised by outflows of invested assets and by depreciations affecting certain asset classes (alternative management and ?seed money,?) the Société Générale group announced in a statement published Wednesday morning, in which it announces estimated results for 2008. The French bank states that its final results will be published on 18 February, and says that it expects to post a net result for the part of the group totalling EUR2bn for last year as a whole. In fourth quarter 2008, estimated net results for the part of the group are expected to be near zero, the firm notes, and provides more detailed estimates for each profession. ?In finance and investment banking, the Group is expected to post net results near zero for the quarter,? SocGen estimates.
21/01/2009

World - Merrill Lynch bets on corporates

In its client portfolios, Merrill Lynch is taking overweight positions on high quality corporate bonds, to the detriment of high yield and equities, AGEFI Switzerland reports.
21/01/2009

World - Dollar rallies

La Tribune reports that, buoyed by the inauguration of Barack Obama and a lack of long-term outlooks for European growth, the US dollar hit a six-week high against the Euro on Tuesday, 20 January, at USD1.2895 to the Euro, and ?there is no reason not to thing that the dollar could rise as far as its recent peak at the end of November, at USD1.2390 to the Euro,? the newspaper reports.
21/01/2009

World - CTAs perform well

In December, hedge funds posted performance of 0.64%, according to the Lyxor Hedge Fund Index, calculated on the basis of performance and assets in funds on the Lyxor platform (Société Générale group). This did not prevent results from being negative for the year as a whole, at -10.10%.In 2008, the alternative strategies that performed best were ?L/S Equity Short Bias? (+32.32%), ?CTAs Long Term? (+31.39%), and ?CTAs Short Term? (+10.07%). The least good performance was for the Credit Arbitrage Index strategy, which lost 51.27% for the year.Edhec confirms that CTAs have performed well (+15.65%) for the year as a whole. Excepting short selling (+31.7%), all other strategies posted losses, which remain nonetheless less severe than for the S&P. The worst results are for emerging markets (-33.8%), which have nonetheless gained 9.6% since 2001. Since January 2001, average performances are positive, and range from 2.2% to 8.8%.Edhec also notes that after six months of losses, the convertible arbitrage strategy managed to post positive returns (+1.70%) in December. The CTA strategy also posted its fourth consecutive month of gains (+1.45%). The positive orientation of the markets favoured equities strategies, such as equity market neutral and long/short equity. Event driven managed to reduce its losses, but remains negative (-0.7%).
21/01/2009

France - M&G Investments adds to team dedicated to IFAs

M&G Investments has announced the arrival of Violaine de Serrant, who is joining the team in Paris as head of distribution. The recruitment is strategic for the asset management affiliate of the Prudential group, which is planning to capitalise on its experience with independent financial advisers in Great Britain to strengthen its presence in the French IFA market.De Serrant worked previously at Rothschild & Cie Banque, where she was head of development at Sélection R, in charge of selection and leadership of a sales team serving 60 IFA agencies.
21/01/2009

United States - Prosecutors very interested in what Frank DiPascali Jr? will say

Frank DiPascali Jr was the closest lieutenant to Bernard Madoff for more than thirty years. He was the head of trading for equities options, and the point man for investment-advisory clients, who were told he executed their trades, the Wall Street Journal reports. He is now a potential point man for the fraud investigation into Bernard Madoff - but he himself is not named as a suspect, whereas Madoff is facing criminal charges for securities fraud, and claims that he acted alone.
21/01/2009

Switzerland - New manager for Oyster World Opportunities

The Swiss banking group Syz & Co is changing the manager of the Oyster World Opportunities fund. The fund, previously managed by Rajeev Bhaman at Oppenheimer Funds in New York, will now be entrusted to Roberto Magnatantini at Banque Syz & Co, based in Geneva. ?The transition, which was long prepared for by teams at SYZ & Co, proceeded smoothly and transparently for investors,? says a statement.
21/01/2009

Switzerland - Frank Keller becomes CFO at Banque Julius Baer

Frank Keller, senior finance office private banking for Asia Pacific at Credit Suisse, has joined Banque Julius Baer as head of finance. He has left Singapore for Zurich, and in his new position will report directly to Boris Callardi, COO.
21/01/2009

Russia - Appointment of deputy director of fund custody at Rosbank

Matthieu Maurier has been appointed deputy director of the fund custody department at Rosbank, in which Société Générale is the majority shareholder. Maurier will be based in Moscow, and will be in charge of international commercial development for the department, and its integration into Société Générale Securities Services (SGSS). Maurier comes from the Société Générale group.
21/01/2009

Russia - Appointment of deputy director of fund custody at Rosbank

Mathieu Maurier has been appointed deputy director of the fund custody department at Rosbank, in which Société Générale is the majority shareholder, and which is led locally by Mikhail Bratanov. Maurier will be based in Moscow, and will be in charge of international commercial development for the department, and its integration into Société Générale Securities Services (SGSS). Maurier comes from the Société Générale group.
21/01/2009

United States - Profits down at State Street

State Street has announced a 71% decline in its net profits to USD65m, or 15 cents per share, from USD223, or 57 cents per share, in the corresponding period of last year, the Financial Times reports. The results are worse than expected.
21/01/2009

Germany - P2 Value fund from Morgan Stanley remains closed to redemptions

The German open-ended real estate fund Morgan Stanley P2 Value, which suspended redemptions on 30 October, initially for three months, will be extending the freeze on redemptions for up to 12 months more, Morgan Stanley Real Estate Investment GmbH announced on Tuesday. The suspension of redemptions for the CS Euroreal from Credit Suisse was also extended on Friday for only nine months. At the time that redemptions were suspended, the P2 Value had assets of about EUR1.7bn, but an increase in redemptions reduced liquidity reserves below the legal minimum of 5% of assets.
21/01/2009

Luxembourg - Madoff: Lawyers seek to avoid conflicts of interest

According to information obtained by Ignites Europe, Wildgen, a law firm representing investors in Madoff funds, is going to leave the Luxembourg association of banks and bankers, in order to avoid any conflicts of interest and preserve its independence.
21/01/2009

United Kingdom - New Star sued by former manager

The Financial Times reports that a former fund manager at New Star Asset Management, Patrick Evershed, is suing the asset management firm. He accuses his former employer of provoking his resignation. He will argue that he was persecuted.
21/01/2009

United States - Monika Machon becomes CIO at AIG

American International Group (AIG) on Tuesday announced the appointment of Monika M. Machon as senior vice president and chief investment officer (CIO) in charge of portfolio management at the insurance company for all asset classes. Machon, who joined AIG in 1998, was previously global head of fixed income at AIG Investments, and chairperson of the board at AIG Investments Europe Ltd. She will report directly to Edward J. Liddy, chairman and CEO of AIG.Machon replaces Win J. Neuger, who will remain as chairman and CEO of AIG Investments, and will continue to serve as director of asset management activities for external clients. AIG is planning to sell off these activities.Meanwhile, Jeffrey J. Hurd, who is currently senior managing director, chief administrative officer and general counsel at AIG Investments, has been appointed senior vice president and head of asset management and restructuring, in charge of the sale of activities in asset management for third parties and the restructuring of asset management in the AIG group. He will also retain his current functions.
21/01/2009

Italy - Tax reforms for investment fund regime become urgent

UCITS IV will be a ?dead directive? in Italy if the tax regime for investment funds is not reformed, says Fabio Galli, CEO of Assogestioni (the Italian association of management professionals), in an interview with Ignites Europe. Many foreign asset management firms which have created funds in Dublin or Luxembourg may consider repatriating them to Italy if the tax regime makes it possible.
21/01/2009

Germany - Assets slide at Deutsche Bank

Handelsblatt reports that Kevin Parker, head of the asset management unit at the Deutsche Bank group, has estimated that assets managed by the group declined by about 6% in 2008, to EUR500bn. He says this is due to falling markets related to the financial crisis. The Börsen-Zeitung, for its part, states that DB Advisors, the institutional management branch of Deutsche Bank, had assets under management as of the end of November of EUR165bn, which represents an increase of 6% since the end of June, despite the market turbulence.
21/01/2009

Germany - Lupus alpha seeking new talent

Of the seven strategies put to the test two years ago in the ?talent hotel? created by Lupus alpha, three failed, two are still in a testing phase, and two succeeded, the Frankfurter Allgemeine Zeitung reports. One of the successes is a commodities strategy combining options and direct investment. The other is a quantitative model which makes short-term predictions about the evolution of share prices. Currently, Lupus alpha is seeking new candidates to replace the managers whose formulas did not succeed. There are about 100 candidates for the three places.
21/01/2009

World - Asset management divisions of banks interest many managers

Many banks are selling off their asset management activities to get hold of money and concentrate on their core professions, Handelsblatt reports. Independent managers with a healthy balance sheet such as BlackRock and Schroders, Aberdeen, Henderson, F&C and Invesco are potential buyers for these divisions, Kevin Pakenham, a partner at Jefferies Putnam Lovell in London, tells Handelsblatt. Legg Mason may also be a buyer, and Franklin Templeton has already announced that it is seeking opportunities for external growth.Benjamin Phillips, a partner at Casey, Quirk & Associates in New York, also cites private equity funds as potential buyers, or healthy banks such as JP Morgan US Bancorp, Mitsubishi, Sumitomo, and Deutsche Bank.
21/01/2009

Sweden - Investor reduces dividends

The private equity firm Investor AB, controlled by the Wallenberg family, announced on Tuesday that it is planning to reduce its dividends for 2008 to 4 Swedish kronor per share from 4.75 kronor, on consolidated net losses of SEK36.74bn, compared with SEK367m in 2007. As of 31 December, the net value of its assets added up to SEK115.34bn, compared with SEK155.2bn one year earlier. Net liquidity at the end of the year stood at SEK9.41bn, compared with a net debt of SEK3.58bn.
21/01/2009

Italie - La réforme du régime fiscal des fonds devient urgente

Ucits IV sera une «directive morte» en Italie si le régime fiscal des fonds n"est pas révisé, affirme Fabio Galli, directeur général d"Assogestioni (association italienne des professionnels de la gestion), dans un entretien à Ignites Europe. De nombreuses sociétés de gestion d"actifs étrangères qui ont créé des fonds à Dublin ou au Luxembourg pourraient envisager de les rapatrier en Italie si le régime fiscal le permettait.

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