Un juge du Connecticut a ordonné à UBS de mettre de côté 35,5 millions de dollars pour couvrir un éventuel jugement dans une affaire concernant des titres de dette complexes que les employés de la banque qualifiaient de « merdique » et de « vomi », rapporte le Wall Street Journal. Le hedge fund Pursuit Partners avait porté plainte contre UBS estimant que la banque, sachant que les titres de dette investment grade allaient être dégradés, les lui avaient vendus en 2007.

In July, net outflows from funds of hedge funds registered in Geneva totalled USD2bn, compared with USD500m in June, according to Eurekahedge. Since the end of 2007, assets for these products have fallen by 74% to USD14.2bn, Handelsblatt notes. Redemptions have been four times higher than average, and Geneva banks have been unable to regain the confidence of investors in the wake of the Madoff scandal. In Geneva, outflows were higher, as this market is specialised in high net worth private clients, who had to liquidate positions to pay off loans.

La Tribune reports that Lloyd Blankfein, president and CEO of the bank Goldman Sachs, yesterday argued that it was necessary to resist the temptation to overreact with protective measures in the wake of a financial disturbance which only hits once every hundred years. The head of the US bank also made several suggestions for ways to improve the system, the newspaper reports.

Statistics from the BVI association of asset management firms reveal that as of the end of July, assets in diversified funds represented 14% of all assets under management at open-ended funds, or EUR89bn (excluding funds of funds) out of EUR618bn, the Frankfurter Allgemeine Zeitung reports. One year previously, the proportion of assets represented by these funds represented about 9%. In July, when open-ended funds saw net outflows of EUR0.5bn overall, equities funds saw net redemptions of EUR2.5bn, while diversified funds saw net subscriptions of EUR1.2bn. This increase in the popularity of these funds is related to their strong returns. In the newspaper’s sample, only two diversified funds are showing losses, while the Carmignac Patrimoine A shows gains of nearly 20% in the past twelve months.

The National Bank of Abu Dhabi (NBAD) is planning to launch the first Middle East ETF in the next two months. The fund will be listed on the Abu Dhabi Securities Exchange (ADX), The National reoprts. The product will replicate an index provided by one of the major index specialists, and will include 50 major companies of the Gulf, says Giyas Gokkent, co-head of asset management and chief economist at NBAD.

The offices of Credit Suisse in Dubai are releasing the sub-fund of the Luxembourg-registered SICAV One (Lux) Equity Middle East and North Africa for sale. The product was launched on 21 July, and will be offered to retail and institutional investors, Gulfnews.com reports. The management of the portfolio of 40-60 positions will be undertaken by Farid Samji, who will direct the team in Dubai.

The planned alternative management directive (AIFM) is continuing to draw sustained fire from critics. The German asset management association (BVI) in a statement published on 8 September welcomed the desire of the Swedish European presidency to revise the Commission’s draft for the directive. The Association claims that the application of the bill to open-ended and dedicated funds without distinction is “problematic for the Swedish presidency.” Also on 8 September, the German alternative management association (BAI) called the working document published by the Swedish presidency “more than appropriate.” On the same date, the British management association (IMA) claimed that the proposed directive in its current form would limit pension funds’ investment in alternative assets, and called on directors of institutional investors to participate in the lobbying effort to bring about a fundamental revision of the Commission’s draft.

The Hennessee Hedge Fund Index has gained 1.85% in August, following gains of 3.11% in July. Performance since the beginning of the year totals 17.30%, Since the beginning of the year, only the short bias strategy has posted a loss (of 11.47%). The strongest gains have been for convertible arbitrage (34.53%), and funds specialised in Latin America (34.01%), followed by emerging markets funds (27.97%).

On the basis of provisional statistics, the HFRI Weighted Composite index has posted returns for August of 1.65%, bringing gains since the beginning of the year to 14.1%. The sector is thus on track to earn its best results since 1999 (31.3% for the year).

Gamco Investors (USD21.4bn in assets) has announced the appointment of Kevin V. Dreyer as assistant portfolio manager at the Gabelli Asset Fund (USD2bn), the first open-ended fund from Gabelli Funds, launched in March 1986. He joins Mario J. Gabelli, who since the launch of the fund has been its only manager, and will help to manage a part of its assets. This is the first time that Gabelli has shared responsibility for the management of the fund. Kevin Dreyer joined Gamco in June 2005 as a research analyst.

Morningstar on Wednesday released ratings and in-depth research profiles for 20 of the largest target-date fund promoters. The Vanguard Target Retirement got the best rating, due to its low fees, high level of transparency, and prudent management. The worst rating went to Oppenheimer, due to its agressive asset allocation and serious problems with underlying bond investments, which led to very poor performance in 2008. Losses for investors were aggravated by high commissions. Oppenheimer charges the highest fees of any of the product ranges monitored by Morningstar.

Dennis G. Lopez, CEO of Sun Real Estate since 2008, has been appointed global CIO of Axa Real Estate Investment Managers (Axa REIM, EUR39.5bn in assets). Lopez, who after this redefinition of the job description for the position will take over the responsibilities previously assigned to Christian Delaire (who was global head of fund management), will be in charge of supervising all fund management activities at Axa REIM “with a particular emphasis on the quality and coherence of investment services, as well as the realisation of performance objectives.” He will be based in London, and will report to Pierre Vaquier, CEO of Axa REIM.

The South African private equity investor Pallinghurst Resources has decided to relaunch the Fabergé brand. It will avoid the high costs of a distribution network by focusing on Internet sales, the Frankfurter Allgemeine Zeitung reports. The new site went up on Wednesday. The collection includes 100 pieces, whose prices vary from USD40,000 to USD7m.

Jason Collins, who was one of the founders of the multi-management boutique Maia Capital, is joining SEI as head of UK and European Equities, in London. He will report to Kevin Barr, head of the investment management unit at SEI, and will be in charge of directing research, portfolio construction and manager selection for all manager of manager funds from SEI for the United Kingdom and Europe.

Baring Asset Management (Barings) has announced the creation of a position for a head of operations and technology, whose first occupant will be Laura Ahto. Ahto will report directly to COO John Misselbrook. Ahto, who was previously senior vice president, head of operations, administration and European funds at Pimco Europe (Allianz group), is based in London. She will be in charge of investment operations, IT, and change and date management for the entire group.

With its acquisition of the Cologne-based Gen Re Capital GmbH and EUR11bn of assets from the insurer Kölnische Rück (Gen Re group), the private bank Sal. Oppenheim is increasing the size of its assets under management for institutional clients by more than 26%, to EUR53bn. The portfolio of Kölnische Rück will now be managed by General Re New England, the other asset management firm of the Gen Re group. The transaction, whose amount was not divulged, allows Sal. Oppenheim to develop institutional activities at its affiliate Oppenheim Kapitalanlagegesellschaft (OKAG). In addition, the group is acquiring a new asset management services insourcing activity. Gen Re manages all of the securities portfolios of several German insurers, and offers a full range of services from liability-driven management modelling through responsibility for reporting to regulatory authorities, and including portfolio management. Sal. Oppenheim is planning to take on a large part of the staff and infrastructure of Gen Re Capital, to ensure continuity without damaging the activities.

Deutsche Bank announced on Wednesday that Holger Naumann has been appointed COO Europe at DWS Investments. Since December 2005, he had been head of REEF Alterantive Investments for Germany, in which position he will be succeeded by Georg Allendorf, who was previously head of customer relations for Germany, Austria and Switzerland, and of Spezialfonds. Naumann’s predecessor, Boris Liedtke, takes over a head of Asian activities at Deutsche Asset Management (DeAM) in Singapore.

Whitehall group, the real estate fund group of Goldman Sachs, has made its first investment in European debt since the onset of the crisis, the Financial Times reports. It has acquired about 900 non-performing and sub-performing loans backed by Italian residential property originally valued at about EUR120m.

Les Echos reports that a study undertaken by the recruitment agency Russell Reynolds Associates, in partnership with the governance advising agency Finca, has found that the average salary at companies belonging to the benchmark index came to EUR55,000 in 2008, an increase of 15% in two years. This amount is nonetheless half that of average pay for directors of top British firms.

EUR80bn were spent by the state in the Netherlands to support financial establishments affected by the crisis without any impact on the public deficit, La Tribune reports, citing the Netherlands national office of statistics (CBS) on Wednesday, 9 September.

Following the departure of Rosa Alegriá “to begin a new stage in her professional life outside the group,” BBVA has appointed Eugenio Yurrita as head of its insurance affiliate, BBVA Seguros, Cinco Días reports. As Yurrita was previously head of the asset management affiliate, BBVA Asset Management, the group has appointed one of his deputies, Luisa Gómez Bravo, to take over as president of the various fund and pension fund management firms from BBVA Spain.

AEW Europe (Natixis Global AM group) announced on Wednesday that its European Property Investors Special Opportunities (EPISO) fund is continuing to invest on a British real estate market which has seen the largest correction in all of Europe since the onset of the crisis. It has recently acquired an office building in Wimbledon from Prupim for GBP40m, bringing its total investments to GBP600m, while the EPISO fund closed with GBP788m in capital, corresponding approximately to a EUR2bn portfolio including leverage. The Wimbledon property, which includes commercial space and parking, provides initial net returns of 10%.

According to reports in Tijd, cited by L’Echo, investigators from the financial crimes unit in Belgium are looking at Belgian bank accounts in which some proceeds of the fraud perpetrated by the American Bernard Madoff may have been deposited.

La justice donne aux propriétaires de l'immeuble jusqu’en 2014 pour rembourser leur dette

Avec l’arrivée de Quote MTF en Hongrie, les bourses seraient-elles entrées dans l'ère du low-cost ? s’interroge la Tribune. Cette plate-forme alternative n'échappe pas à la directive Marchés d’instruments financiers mais profite d’un marché du travail aux conditions plus intéressantes.Pas question de se couper de la communauté financière pour autant, précise le quotidien. Quote MTF a fait le choix de placer son outil informatique à Londres. Mais pour mieux attirer les intervenants, la plate-forme casse un peu plus les prix.

Invesco Real Estate annonce avoir investi 75 millions d’euros dans deux immeubles, en France et au Royaume-Uni pour le compte de iii-BVK Europa-Immobilien-Spezialfonds, un fonds institutionnel allemand que la société de gestion gère depuis 2000 pour la Bayerische Versorgungskammer (BVK). Il s’agit d’un bureaux à Edimbourg, acquis pour la somme d’environ 65 millions d’euros, et un projet d’extension d’une plate-forme logistique existante à Orléans, acheté 10,5 millions d’euros.

CCR Asset Management, née de la fusion au 30 juin 2009 des filiales de gestion du Groupe CCR avec UBS Global Asset Management (France) SA et filiale à 100 % du Groupe UBS, a transformé le 1er juillet son fonds Centrale Actions Europe en CCR Actions Engagement Durable. Avec ce nouveau fonds, investi sur toutes les capitalisations boursières de la zone euro, la société de gestion veut offrir une gestion extra financière se distinguant des approches dites «Best in Class» ou «Thématiques». A la gestion financière «value» est notamment associée une démarche d’engagement qui consiste à dialoguer de façon durable avec les sociétés pour les faire progresser vers une pratique de la gouvernance plus respectueuse des enjeux ESG (environnement, social et gouvernance), explique Axylia, qui a conseillé CCR AM dans la création de ce produit. La démarche extra-financière privilégie aussi l’exclusion de certaines pratiques et de certains secteurs au regard de leurs coûts induits pour la société et l’inclusion dans le processus d’investissement de la dimension ESG. Pour ce fonds, CCR s’appuie à la fois sur ses propres forces et notamment sur une équipe dédiée de 7 analystes gérants ISR, et sur des ressources externes.

Selon l’Agefi, BNP Paribas pourrait lever jusqu'à 300 millions de dollars pour un fonds de capital-investissement basé dans la région du Golfe afin de saisir place des opportunités nées de la crise financière. La levée des fonds pourrait se faire en deux fois pour deux parts égales. BNP Paribas abondera le fonds à hauteur de 25 %, précise le quotidien.

Au premier semestre 2009, les filiales de gestion de La Banque Postale ont fait des étincelles. L'établissement a bénéficié du «développement soutenu» de ses filiales, indique le groupe dans un communiqué. Ainsi, la collecte nette de La banque Postale Asset Management (LBPAM) affiche sur le semestre une collecte nette de 4,24 milliards d’euros.Au 30 juin 2009, LBPAM gérait 118,1 milliards d’euros, contre 109 milliards d’euros au 31 décembre 2008, soit une progression de 8,35%. Elle se situe ainsi au sixième rang des sociétés de gestion sur le marché français. Selon les données d’Europerformance-SIX Telekurs, la part de marché de La Banque Postale en OPCVM est en progression à 4,23% fin juin 2009, contre 3,93% fin 2008. La Banque Postale souligne qu’après une année record en termes de collecte nette sur les OPCVM en 2008 avec plus de 6,5 milliards d’euros, l’activité auprès des institutionnels a été particulièrement dynamique au premier semestre 2009. La collecte nette a dépassé les 4,6 milliards d’euros contre 1,4 milliard au premier semestre 2008.De son côté, La Banque Postale Gestion Privée, n’a pas été en reste, bien au contraire. A la faveur de sa deuxième année d’activité, la société dédiée à la gestion sous mandat et détenue à 51% par La Banque Postale et 49% par Oddo & Cie, a enregistré «un très bon premier semestre», a souligné hier le président du directoire de La Banque Postale, Patrick Werner. Pour sa deuxième année complète de distribution active, la filiale de gestion privée enregistre l’ouverture de près de 1 100 nouveaux mandats de gestion, pour une collecte brute de 94,2 millions d’euros, soit une croissance de 71% par rapport à fin juin 2008. Les encours sous gestion sont passés de 180 millions d’euros à fin 2008 à 330 millions à fin août 2009.La Banque Postale souligne aussi qu'à fin juin 2009, l’ensemble des profils de gestion à dominante actions proposés par La Banque Postale Gestion Privée ont réalisé une surperformance comprise entre 580 et 620 points de base par rapport à leurs indices de référence. Evoquant les discussions engagées pour racheter la majorité du capital de Tocqueville Finance, Patrick Werner a précisé que La Banque Postale serait dans tous les cas majoritaire et que les négociations devraient aboutir d’ici à la fin de l’année. Par ailleurs, Patrick Werner a confirmé son intérêt pour un rachat éventuel de la Banque Palatine, filiale du groupe BPCE (Banque Populaire-Caisse d’Epargne). «Ce dossier continue de nous intéresser», a indiqué Patrick Werner, soulignant qu’il fallait attendre les conclusions de la revue stratégique en cours engagée par le groupe BPCE.