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07/01/2009

United States - Millennium appoint independent administrator

Millennium Management, a New York hedge fund with USD11bn in assets, managed by Izzy Englander, has appointed an independent firm to reassure investors in the wake of the Madoff fraud, the Financial Times reports. The administrator is GlobeOp, which will provide valuation and independent controlling of Millennium’s assets.
07/01/2009

Spain - Managers remain cautious of markets

A monthly Lipper survey of the major Spanish managers finds that despite a relative comeback on the equities markets in December, 15.38% of fund managers are underweight in this asset class, compared with 7.69% in December, while the average exposure to cash has increased to 34.05% from 33.09%, Cinco Días reports.
07/01/2009

World - Private equity expected to announce losses

Private equity firms are expected to warn clients in the next few weeks that their investments have depreciated, the Financial Times reports. The newspaper estimates that losses may be in the 20%-30% range.
07/01/2009

Canada - RBC AM and PH&N post net subscriptions for December

In December, RBC Asset Management (RBC AM) and Philips, Hager & North (PH&N) posted net subscriptions of CAD680bn, the sum of CAD1.1bn in net subscriptions for money market funds and net redemptions of CAD433m for long-term funds. Asset increased by CAD0.7bn, or 0.8%. At the end of December, RBC AM and PH&N had CAD92bn in assets in investment funds, plus CAD48bn in assets under management in other forms, for retail and institutional investors.
07/01/2009

Europe - Stephan Heitz officially joins Axa IM

Axa Investment Managers Germany announced on Tuesday that Stephan Heitz has begun in his new position as head of Northern Europe at the Axa IM group, as announced last year (see Newsmanagers of 15 July 2008). Heitz will be based in Frankfurt, and will be in charge of the German, Austrian, Swiss, Belgian, Luxembourg, and Netherlands markets. In addition, he will serve as CEO of Axa Investment Managers Deutschland. Heitz was previously CEO of Swiss Life Asset Management (SLAM) in Zurich.
07/01/2009

France - Savings investors prepare assault on UBS

On Thursday, four French law firms representing out-of-pocket savings investors met their correspondents in Luxembourg to define the legal strategy they would adopt against UBS, which was the depositary bank for the Luxalpha American Selection and Luxinvest US Equity funds, which are linked to the Madoff scandal, Les Echos reports.
07/01/2009

World - John D. Rogers becomes president & CEO of CFA Institute

Jeff Diermeier has left his job as president and CEO of the CFA Institute, which he had held since January 2005. His successor, who was elected by the Board of Governors, and who began in his new job immediately, is John D. Rogers. Rogers was president and CEO of Invesco Institutional; he left Invesco, which he joined in 1997, in 2007, to found Jade River Capital Management.
07/01/2009

United States - Bernard Madoff's secret accounts

Les Echos reports that the discovery of USD830m in liquid assets in bank accounts in the name of Bernard Madoff’s company, Bernard Madoff Investment Securities (BMIS), has reopened the question of reimbursement of victims, which has been hanging over the case for a long time.
07/01/2009

Germany - Griffin recruits Jens Mueller

The British management firm Griffin Capital Management on Tuesday announced the recruitment of Jens Mueller as head of sales, in charge of investor relationship management for the German-speaking countries (Germany, Austria, and Switzerland). He will be responsible in particular for distribution partners and institutional investors for sales of traditional UCITS III-compliant funds and long/short products that invest in western and eastern Europe. Mueller held a similar position from 2006 at the London-based management firm Atlas Capital, after serving as head of marketing & development wholesale Europe at F&C Asset Management.
07/01/2009

Switzerland - Benno Flury joins Nationale Suisse as CIO

Following the resignation of Rodolfo Lindner, the insurance firm National Suisse has recruited Benno Flury to succeed him as chief investment officer (CIO). He will join the firm on 1 April. Currently, Flury is managing director and head of fixed income at Swiss Re, where he is in charge of the European and Asian bond portfolios.
07/01/2009

United States - Two new chiefs at Fidelity

Fidelity Investments announced on Tuesday that two executives have joined its teams. Peter Ciezko, former president and CEO of Evergreen Investments, has been appointed president of Fidelity Investments Institutional Services Company, which manages USD272bn in assets and provides investment services through more than 1,000 financial institutions and 44,000 client advisors. Meanwhile, Ed Orazem, former managing director of Global Wealth Management at Citigroup, becomes president of Fidelity Family Office Services, an entity which offers wealth management products and services to 70 family office clients representing assets of more than USD9bn.Ciezko will join Fidelity in January 2009, and will report to Michael K. Clark, president of Fidelity Institutional Products Group. Orazem will join the firm in February, and will report to Charles G. Goldman, president of Institutional Platforms for Fidelity Institutional Products Group.
07/01/2009

United States - Madoff attempted to avoid disaster

Ten days before his arrest, Bernard Madoff obtained USD250m from Carl Shapiro, the billionaire who helped him at the beginning of his career in 1960, the Wall Street Journal reports. On 5 December, Madoff also received USD10m from Martin Rosenman, president of a fuel company in the Bronx. And just before Thanksgiving, Madoff contacted two eminent investors, Langone and Holzmann, to announce to them that he was planning to launch a new USD500m to USD1bn fund very soon.
07/01/2009

China - Beijing government may introduce REITs

Qi Jin, Chinese vice-minister for housing, has announced at a press conference that banking regulators are working on plans to introduce REITs to stimulate the local real estate market, the Financial Times reports.
07/01/2009

United States - Tom Forester: a rising star

The Wall Street Journal reported on the reasons that Tom Forester, who has his own management firm, which manages a small diversified US equities fund with USD60m in assets, was the only manager to post positive returns in 2008 (0.4%), in a category that includes 2,800 funds. Most of the atypical manager’s secret consists in the face that he focuses on potential losses (downside). In addition, he did not hesitate to hold onto a 30% allocation to cash (he is currently 100% in cash), and he has no benchmark, which saved him from having to invest in the financial sector. Over five years, the S&P 500 has lost 19%, while Forester’s fund has earned 11%.
07/01/2009

France - LFP now offers a full range of credit products

This year, La Française des Placements (LFP) is planning to dedicate high-visibility efforts to developing sales of credit products, an area in which it now offers a full range of funds, from investment grade to high yield, including convertible bonds and money market funds, Pascale Auclair, deputy CEO for management, has announced.
07/01/2009

United Kingdom - Pension funds profit from falling pound

The fall of the pound sterling last year came as a blessing for British pension funds: it enabled them to make up for losses on equities markets, the Financial Times reports. According to State Street, pension funds in the United Kingdom showed average losses of about 13% in 2008, far better than the 30% fall on UK equities markets, and the 40% drops seen in the United States, Japan, and Europe.
07/01/2009

United States - Some ETFs managed to make money despite conditions in 2008

As a general rule, ETFs lost money last year, since they replicate the evolution of the markets. However, in the equities ETF fund class, the ProShares UltraShort S&P 500, which uses short positions and leverage, posted performance of 61%, the Wall Street Journal reports. In bond funds, the iShares Lehman 20+ Year Treasury Bond Fund and the SPDR Lehman Long Term Treasury ETF gained 34% and 24%, respectively, according to Morningstar.
06/01/2009

Espagne - Le Santander veut réorganiser ses fonds immobiliers

Le groupe Santander a convoqué en assemblée générale extraordinaire les actionnaires de quatre de ses six fonds immobiliers, rapporte Cinco Días. L’objet est d’approuver un nouveau business model pour les cinq prochaines années. En clair, il s’agit de trouver une utilisation rentable pour des encours de 400 millions d’euros.
06/01/2009

Espagne - UIRE achète le Pórtico à Marsans

Pour un montant non communiqué, le gestionnaire allemand Union Investment Real Estate (UIRE) a acheté au Grupo Marsans l’immeuble de bureaux Pórtico de Madrid (20.700 mètres carrés, 400 places de parking). Cet actif, versé au portefeuille du fonds immobilier offert au public UniImmo: Deutschland, est loué jusqu'à 2016 au voyagiste espagnol dans le cadre d’un contrat #sale & lease-back#.
06/01/2009

Etats-Unis - Fortress pourrait se retirer de la cote

L"action de Fortress Investment Group a bondi lundi sur des rumeurs selon lesquelles la société pourrait se retirer de la cote, rapporte le Financial Times. Fortress avait été la première structure de private equity et de hedge funds à s"être introduite en Bourse il y a deux ans.
06/01/2009

Etats-Unis - JD Capital ferme le Tempo Master Fund

Selon The Wall Street Journal, le gestionnaire alternatif JD Capital Management LLC fondé par J. David Rogers (un ancien de Goldman Sachs), a décidé de liquider son hedge fund multistratégies Tempo Master Fund, qui a perdu 40 % en 2008 et qui avait affiché fin 2007 un encours de 1,3 milliard de dollars. JD Capital continue de gérer un fonds de volatilité lancé en juin et dont les actifs se montent à environ 100 millions de dollars.
06/01/2009

Allemagne - Fortis Investments renonce à son site de Dusseldorf

La Börsen-Zeitung rapporte que Fortis Investments ferme son bureau de Düsseldorf et concentre toutes ses activités pour l’Allemagne à Francfort. Huit collaborateurs quittent la capitale de Rhénanie du Nord-Westphalie pour la métropole financière hessoise. Ce regroupement doit permettre une importante réduction des frais généraux.
06/01/2009

France - Caisse des dépôts: la rémunération des cadres dirigeants individualisée

Selon La Tribune, les partenaires sociaux de la Caisse des dépôts se prononcent aujourd"hui sur un accord qui remet en cause le système automatique d’avancements et de promotions pour favoriser l"individualisation des rémunérations. «Cette évolution ne touche pour l’heure que les niveaux les plus élevés de l’encadrement, c’est-à-dire environ 160 personnes dont le revenu dépasse 6.600 euros par mois», précise le quotidien
06/01/2009

Allemagne - Le KanAm Spezial grundinvest affiche une performance de 6 %

Le gestionnaire munichois KanAm a annoncé lundi que son fonds immobilier institutionnel KanAm Spezial grundinvest a enregistré durant l’exercice au 30 septembre un gonflement de 50 % de son portefeuille immobilier, à 473,5 millions d’euros. Il a en effet procédé à deux acquisitions à Paris et une à Amsterdam, ce à quoi s’ajoute l’achèvement d’un projet à Rotterdam et l’achat du premier actif hôtelier en Suisse. Le taux d’occupation reste de 100 %.Le Spezial grundinvest, lancé le 25 janvier 2005, a réalisé sur trois ans une performance de 19,3 %, dont 6 % pour l’exercice écoulé (contre 6,1 % en 2006-2007) et a distribué au titre de 2007-2008 un dividende inchangé de 5,15 euros par part.
06/01/2009

Autriche - C-Quadrat : 50 millions d?euros de souscriptions en décembre

Le gestionnaire indépendant autrichien C-Quadrat indique avoir enregistré en décembre des souscriptions nettes de 50 millions d"euros pour sa gamme de fonds C-Quadrat ARTS, essentiellement destinée à une clientèle retail. Pour l"ensemble de l"année 2008, les souscriptions nettes se sont élevées à 154 millions d"euros, soit une hausse de 12 % par rapport à l"année précédente. Il s"agit de la meilleure année en termes de souscriptions depuis la création de la gamme, qui totalise aujourd"hui un encours sous gestion de 687 millions d"euros, souligne un communiqué.
06/01/2009

Etats-Unis - Robert McCann quitte Bank of America

Choc culturel : Robert McCann, qui dirigeait les 16.850 personnes de la division courtage de Merrill Lynch, a annoncé sa démission de Bank of America (BofA), l'établissement repreneur ayant indiqué en octobre que le futur poste de responsable du «global wealth and investment management» serait attribué à une autre personne que Robert McCann, qui était vice chairman et president of global wealth management. Son successeur devrait être son principal adjoint, Dan Sontag, ajoute The Wall Street Journal.Certains analystes et concurrents se demandaient comment la culture d'économie de coûts prévalant chez BofA pourrait s’accommoder des habitudes dépensières de Wall Street que personnifient les courtiers de Merrill chargés des relations avec des clients haut de gamme.

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