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04/09/2009

Changement de président à l'EPRA

L’EPRA (European Public Real Estate Association) annonce la nomination de Guillaume Poitrinal, président du conseil d’administration et PDG d’Unibail-Rodamco, à la tête de l’Association. Il remplace Serge Fautré et dispose d’un mandat de deux ans.
04/09/2009

Un diplomate canadien fait les frais de ses liens avec UBS

Les autorités fiscales canadiennes avaient annoncé leur volonté de faire la lumière sur les activités d’UBS, soupçonnée d’avoir assisté l’évasion fiscale de ses clients. Mais avant de s’en prendre à UBS, le gouvernement canadien a obligé Michael Wilson, 71 ans, a rendre les clés de l’ambassade du Canada aux Etats-Unis. Il avait occupé le poste de vice-président d’UBS Canada de 2001 à 2006. « Soit précisément la période de la fraude mise en place par la banque », note Le Temps.
04/09/2009
Fonds

SWIP lance trois compartiments marchés émergents

Scottish Widows Invesment Partnership (SWIP) a annoncé jeudi le lancement de nouveaux compartiments de sa Sicav luxembourgeoise marchés émergents. Le fonds Emerging Markets Infrastructure sera géré par Divya Mathur, le Emerging Markets Smaller Companies par Alastair Reynolds et le Latin American par Jeff Casson.Kim Catechis, head of global emerging markets a souligné que si l’univers des actions des pays émergents semble devoir continuer à supporter une certaine volatilité sur le court terme, SWIP est d’avis qu’il existe des tendances lourdes offrant des perspectives attrayantes aux investisseurs de long terme.
Fonds
04/09/2009

Ashley Wilson rejoint Barclays Capital

Barclays Capital vient de nommer Ashley Wilson en tant que managing director, responsable des «prime services» (financement actions, obligations, futures et plate-forme de courtage multigestion), Europe, Moyen Orient et Afrique (EMEA). Ashley Wilson sera basé à Londres et sera rattaché directement à Ajay Nagpal. Précédemment chez Bank of America Merrill Lynch, Ashley Wilson était managing director et responsable global market financing and services pour la région EMEA.
04/09/2009

La gouvernance de la société de groupe d'assurances mutuelles se met en place

La Tribune rapporte que la structure de gouvernance de la société de groupe d’assurances mutuelles (Sgam) prend forme. Chargé de controler sa gestion, le conseil d’administration compterait une quinzaine de membres (à raison de cinq par établissement). Une présidence tournante entre les trois patrons des mutuelles - Macif, Matmut et Maif - serait également instaurée, d’une durée de deux ans pour chacun. Enfin, le directeur général serait choisi à l’extérieur du groupe.
04/09/2009

Bientôt un nouveau patron pour Aon France

D’après l’Agefi, le conseil d’administration du courtier devrait nommer lundi 7 septembre Robert Leblanc, président du comité d'éthique du Medef, pour succéder à Damien Guermonprez.
04/09/2009

Barclays débauche chez Deutsche Bank

Iñigo Calderón, qui était jusqu'à présent numéro deux de la banque privée chez Deutsche Bank pour l’Espagne, rejoint Grupo Barclays comme patron de la division banque privée et gestion de fortune, en remplacement de José María Gamazo, qui quitte l'établissement pour suivre d’autres projets professionnels.Le nouvel arrivant coiffera 130 professionnels dans 12 bureaux en Espagne. Il sera subordonné à Emmanuel Fievet, responsable de la banque privée pour l’Europe, le Moyen-Orient et l’Afrique, ainsi qu'à Pedro Fernández de Santaella, qui est l’administrateur délégué de Barclays pour la banque de gros en Espagne et au Portugal.
04/09/2009
Fonds

Trois filiales de Manulife préparent des ETF

John Hancock Advisers, John Hancock Investment Management Services et MFC Global Investment Management, trois filiales de Manulife, ont déposé auprès de la SEC une demande d’agrément pour le lancement d’une gamme d’ETF sur des valeurs mobilières américaines et étrangères, rapporte Mutual fund Wire. Pour l’instant, il n’a pas été précisé sous quelle marque des ETF seront proposés ni quels indices ils répliqueront. Chacune des trois entités devrait être conseiller d’un des nouveaux Fonds.
Fonds
04/09/2009

Credit Suisse négocie l'acquisition de Mesirow Advanced Strategies

Selon les proches du dossier, Credit Suisse Group, qui veut se renforcer dans le secteur des hedge funds, est en négociations avec Mesirow Financial pour acquérir Mesirow Advanced Strategy, dont l’encours représente 11 milliards de dollars. Cela permettrait au groupe helvétique de presque doubler ses actifs sous gestion dans des hedge funds et qui se monte à 14,5 milliards de dollars, rapporte The Wall Street Journal. Mesirow est aussi intéressant pour Credit Suisse parce qu’il est très présent chez les gestionnaires de hedge funds en Asie.
04/09/2009

Lewis A. Sanders va lancer sa propre société de gestion

Selon les informations de Pensions & Investments, Lewis A. Sanders, qui a pris sa retraite de CEO d’AllianceBernstein Holdings et a été remplacé à ce poste par Peter Kraus, va créer sa nouvelle société de gestion dès janvier. Il sera rejoint par John Mahedy, actuellement CIO pour les actions value US et nord américaines chez AllianceBernstein.Gerry Paul et David Yuen deviendront co-CIO pour les grandes capitalisations value américaines d’AllianceBernstein, le premier étant par ailleurs CIO unique pour les actions nord-américaines value.
04/09/2009

Finance minister orders audit of active management at Government Pension Fund - Global

Andrew (Columbia Business School), Stephen Schaefer (London Business School) and William N. Goetzmann (Yale School of Management) have been selected by the Norwegian finance minister to evaluate the active management of the Government Pension Fund - Global by the Bank of Norway. The national bank has been ordered to compile a detailed document on active management, with a description of the main strategies used to earn outperformance. Lastly, the consulting firm Mercer has been asked to create a report on the use of active management by other major funds worldwide.
04/09/2009

Elbit removed from portfolio of Norwegian government pension fund as Thales returns

The Norwegian finance minister has excluded the Israeli firm Elbit Systems from the portfolio of the Government Pension Fund - Global, following a recommendation from the Council on Ethics. An investment in Elbit (the fund held NOK35.4m in shares) was deemed to carry an unacceptable risk of serious violations of fundamental ethical criteria, as the business is entirely integrated in the construction of the separation wall between Israel and the Palestinian territories.On the other hand, the Norwegian finance minister has accepted the recommendation of the Council on Ethics to reintegrate shares in Thales SA and DRD Gold Ltd into the list of shares eligible for investment by the fund. The shares were removed in 2005 and 2007, respectively, and they have been granted the reintegration because the businesses are no longer involved in the activities which motivated their exclusion: manufacture of cluster bombs and significant environmental violations in Papua-New Guinea, respectively.
04/09/2009

Climate Change Capital to manage a fund for Russell

Russell Investments will release a climate change fund via its Dublin-based single manager platform OpenWorld, which will be managed by the global equities team of Paul Udall and Ronnie Lim at Cimate Change Capital (CCC), Hedge Week reports.
04/09/2009

ComStage covers ETF funds against default risks

Commerzbank announced on Thursday that its synthetic replication ComStage ETFs will now (from 1 September) carry excess coverage of 130% against risks of default, using government bonds and other assets as collateral to protect themselves against the possible default of a partner on a swap. In compliance with the UCITS III directive, the proportion of swaps in the funds may not exceed 10% of the net asset value of the funds, though in practice they represent a far lower percentage.
04/09/2009

Fund managers strike back in excessive fee hearings

The Investment Company Institute (ICI) and Harrris Associates claim in court briefs filed with the Supreme Court that established norms are sufficiently strict to protect investors from excessive fees. The claims follow a lawsuit by Jerry N. Jones against Harris Associates, claiming that Oakmark Funds was charging excessive management commissions of its retail clients. The ICI and Harris claim that competitive pressure helps to maintain fees at a low level, and that it doesn’t make much sense to compare the commissions paid by institutionals with those charged to retail clients. In addition, the boards of mutual funds may be effective in limiting management fees.
04/09/2009

Legal fallout of subprime crisis for Morgan Stanley, Moody's and S&P

US district judge Shira Sheindlin has authorised the Abu Dhabi Commercial Bank and King County to file a class action lawsuit against Morgan Stanley, Moody’s and Standard & Poor’s, Reuters reports. The plaintiffs accuse the defendants of concealing the risks of investments in the Cheyne Structural Investment Vehicle (SIV), which went bankrupt in August 2007, due to its investments in subprime loans.
04/09/2009

Rapprochement surprise de Londres sur les bonus

L’Agefi rapporte que Londres s’est finalement rallié à Paris et à Berlin sur la question des bonus dans un courrier adressé hier au président du Conseil européen. Quelques nuances apparaissent néanmoins dans le courrier. Ainsi, « les bonus garantis doivent être évités » mais pas interdits. En outre, d’autres concessions ont été faites, notamment sur la limitation globale des bonus distribués en pourcentage des revenus des banques » et sur « une limitation des bonus les plus élevés ». Il n’est plus question non plus dans le projet commun de taxation des bonus. Pour limiter les excès, les Européens joueront plutôt la carte de l’augmentation des exigences en fonds propres « comme le recommande déjà le comité de Bâle ». Reste désormais à convaincre les Américains, ce qui promet des débats tendus, notamment sur la question des exigences en fonds propres (plus faibles outre-Atlantique). Interrogé hier lors d’un point presse, le secrétaire au Trésor Timothy Geithner a refusé de commenter les propositions européennes.
04/09/2009

EFAMA outlines strategic aims for 2009-2011

The European management association (EFAMA) is seeking to create an optimal environment for managers, and with this in mind, will undertake a strategic examination of product distribution in Europe, the president of EFAMA, Jean-Baptiste de Franssu, states on 3 September at a presentation of the organisation’s strategy for the next two years. In recent years, flows of investment into UCITS funds have been characterised by high volatility, and some market data suggests that redemption rates are structurally much higher in Europe than in the United States, EFAMA remarks. “The industry is aware of the potential impact of such volatility on final investors, and for this reason it is planning to examine distribution of products, with particular attention to investors,” the association says in a statement. It also plans to consider questions related to the role and responsibility of the depository. Last but not least, the association would also like to play a leading role in highly controversial projects for an alternative management directive.
04/09/2009

Surprise agreement of UK government to French bonus limit proposals

L’Agefi reports that the British government has finally lent its support to the position of the French and German governments on the question of bonuses, in a letter sent yesterday to the president of the European council. A few details appear in the letter. Among these, “guaranteed bonuses should be avoided,” but not forbidden. In addition to this, other concessions have been made, in particular on an overall limitation on bonuses distributed as a percentage of revenues at banks,” and “a limit on the highest bonuses” allowed. There is no longer any mention of joint bonus taxation schemes. To limit excessive bonuses, European countries are apparently opting to increase owners’ equity requirements, “as the Basel committee has already recommended.” Now the United States remains to be convinced, which will certainly involve tense debates, particularly over the question of owners’ equity requirements (which are lower in the US). Speaking at a press conference yesterday, US Treasury secretary Timothy Geithner declined to comment on the European proposals.
04/09/2009

Derivatives: Professionals warn against over-regulation

Representatives of the three largest professional associations, ISNA, SIFMA, and LIBA, on 3 September issued a warning to the European Commission over risks related to an overly sudden tightening of regulations. While welcoming the Commission’s interest in the derivatives market and citing the need for improved regualtory frameworks in this area, the three associations also point out that it could be counter-productive to seek to go too far, too fast in this area.“The real economy is facing a variety of risks, whose treatment will depend on publicly-traded derivatives markets. As the risks themselves are not standardized, custom financial instruments remain important,” says the executive director of ISDA (International Swaps and Derivatives Association). As a result, international cooperation is essential, and “we encourage the Commission to recognize that time is needed to set up robust market infrastructure and that solutions put in place too hastily, whether they be voluntary or imposed, may be counter-productive.”
04/09/2009

Three Manulife affiliates preparing ETFs

John Hancock Advisers, John Hancock Investment Management Services and MFC Global Investment Management, three affiliates of Manulife, have filed an application with the SEC for a license to launch a range of ETF funds based on US and foreign securities, Mutual Fund Wire reports. So far, it has not yet been stated what brand the ETF products will be offered under, nor what indexes they will replicate. Each of the three entities will manage at least one of the new fund products.
04/09/2009

Bancomer launches a locally-registered ETF

In the form of Mexican-registered Certificados Bursátiles Fiduciarios (CBUR), BBVA Bancomer has launched the Mextrac ETF, which tracks the evolution of the Dow Jones Mexico Titans 20 index, Funds People reports. The index is adjusted quarterly in free float, and the weight of the shares as a part of the index is limited to 10% per issuer.
04/09/2009

EPRA appoints new chairman

The EPRA (European Public Real Estate Association) has announced the appointment of Guillaume Poitrinal, chairman of the board, president and CEO of Unibail-Rodamco, as head of the association. He replaces Serge Fautré, and will serve a two-year term.
04/09/2009

Barclays recruits a head of private banking from Deutsche Bank

Iñigo Calderón, who was previously second in command in private banking at Deutsche Bank for Spain, is joining Grupo Barclays as head of its private banking and wealth management division, replacing José María Gamazo, who is leaving the firm to pursue other professional projects. The new arrival will oversee 130 professionals in 12 offices in Spain. He will report to Emmanuel Fievet, head of private banking for Europe, the Middle East and Africa, as well as Pedro Fernández de Santaella, who is deputy head of wholesale banking at Barclays for Spain and Portugal.
04/09/2009

Credit Suisse negotiating acquisition of Mesirow Advanced Strategies

According to sources familiar with the matter, Credit Suisse Group, which is seeking to increase its presence in the hedge fund sector, is in negotiations with Mesirow Financial to acquire Mesirow Advanced Strategy, whose assets total USD11bn. This would allow the Swiss group to nearly double its assets under management in hedge funds, which total USD14.5bn, the Wall Street Journal reports. Mesirow is also attractive to Credit Suisse since it has a strong presence with Asian hedge fund managers.
04/09/2009

Lewis A. Sanders launches his own management firm

According to reports in Pensions & Investments, Lewis A. Sanders, who retired as CEO of AllianceBernstein Holdings and was replaced in the position by Peter Kraus, will found his own management firm in January. He will be joined by John Mahedy, currently CIO for US and North American value equities at Alliance Bernstein. Gerry Paul and David Yuen will become co-CIOs for US value large caps at AllianceBernstein, while the former will also be the sole CIO for North American value equities.
04/09/2009

Ashley Wilson joins Barclays Capital

Barclays Capital has appointed Ashley Wilson as managing director, head of prime services (equities financing, bonds, futures, and multi-management brokerage), Europe, Middle East and Africa (EMEA). Wilson will be based in London and will report directly to Ajay Nagpal. Wilson was previously at Bank of America Merrill Lynch as managing director and head of global market financing and services for the EMEA region.
04/09/2009

Julius Baer adds to range on British market

L’Agefi Suisse reports that Julius Baer is planning to launch a new multi-management vehicle next year, which will initially be reserved for the British market, and then offered in other markets. The director of development for the UK, Rainer Gruenig, estimates that there is a trend towards products of this type, and that Julius Baer “clearly has the capacity to manage one.” This type of structure brings together the most specialised managers in a market in a fund of funds, with absolute returns, detached from the performance of the markets, and a goal to outperform inflation by 6%. the multi-management vehicle will be based on the institutional product range from Julius Baer, including the Institutional Flexible and JP MultiStrategy funds.
04/09/2009

Axa Framlington recruits Mark Beveridge

Since August, Mark Beveridge, who since 2004 had been a managing partner, director of global equities at Goldman Sachs Asset Management in London, has joined the Axa Investment Managers (Axa IM) group as global head of Axa Framlington. He takes over as head of the integrated qualitative equities management unit, born of the combination of the dedicated teams in Paris and London. The appointment of Beveridge “indicates AXA IM’s desire to accelerate the development of its qualitative management franchise, as it did at AXA Rosenberg, its quantitative expertise centre,” says Axa IM. Beveridge will be based in London, and will report to Stéphane Prunet, global head of equities at Axa IM. At GSAM he was in charge of the management of about EUR20bn. The group has also announced the upcoming retirement at the end of this year of Robery Kyprianou, director of Axa Framlington London.
04/09/2009

Cosmen and CVC raise their bid for National Express

On Thursday, the Cosmen family and the private equity investor CVC Capital Partners increased their bid for the 84.1% stake in National Express which the Austrian family does not already own from 450 pence per share to 500 pence. The would-be investors say that the bid will not be raised any further. It values the business at about GBP765m, or EUR876m, and the total amount of the transaction, if successful, would be about EUR2.1bn, including debt.

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