L’organisation future de l’entité issue de la fusion entre UFG et La Française des Placements sera connue le 15 juillet, a indiqué Nicolas Duban, directeur général délégué de LFP, qui, dans la nouvelle configuration s’occupera du commercial institutionnel. Le 30 juillet, les opérations capitalistiques devraient être bouclées. L’agrément de l’Autorité des marchés financiers devrait être obtenu à l’automne. Au total, le rapprochement devrait se concrétiser au plus tard le 1er janvier 2010. «L’opération se fait très rapidement, parce qu’il y a une vraie complémentarité entre les deux groupes, et des affinités historiques et personnelles», affirme Nicolas Duban, qui rappelle que le groupe CMNE, actionnaire d’UFG, avait une participation dans LFP à sa création, et que les dirigeants d’UFG IM et de LFP ont travaillé ensemble par le passé. Le directeur général délégué de La Française des Placements estime par ailleurs que LFP conservera son identité au sein du groupe UFG, et notamment son esprit entrepreneurial puisque les salariés de LFP, qui ont des parts au capital, deviendront actionnaires du groupe UFG. D’ailleurs, le capital sera aussi ouvert à certains salariés d’UFG. Nicolas Duban souligne par ailleurs qu’aucun plan social n’est prévu dans le cadre du rapprochement. Concernant les sociétés de gestion dont LFP détient des participations minoritaires (Metropole Gestion, Pythagore Investissement, Financière de la Cité, Delff Management, Alpha Mining, La Financière Responsable, Convictions AM et Debory), il semblerait qu’elles aient toutes accepté de garder ce lien, alors qu’elles ont la possibilité de racheter les parts de LFP en cas de changement d’actionnaire.
Selon Romandie.com, la banque suisse UBS a indiqué dans une prise de position relayée par le magazine «Eco» de la télévision alémanique, qu’elle regrette que son comportement ait exposé la Suisse aux feux de la critique internationale et que la réputation du groupe ait souffert suite aux infractions aux droits suisse et américain.
MyPrivateBanking.com plateforme indépendante d’information en réseau destinée aux clients des banques privées et à ceux des gestionnaires de patrimoine vient de réaliser une enquête à partir d’une sélection de vingt des plus importantes banques privées d’Europe. Objectif : évaluer la qualité de leur interface clients, leur offre d’investissement et le coût total de leur gestion d’actifs. Pour ce faire, les analystes sont entrés en relation avec les banques en question en se faisant passer pour des clients, afin de les noter. Pour assurer la comparabilité des résultats, les analystes n’ont contacté que les filiales suisses de ces banques. A ce jeu, c’est la banque Nordea, avec un total de 79 points sur 100 qui est arrivée en tête devant Sal. Oppenheim et UBS. A noter que le score moyen s’élève à 52 points et que la majorité des banques se situant entre 50 et 70 points. Plus du quart d’entre elles ont réalisé un total inférieur ou égal à 40 points mettant en évidence certaines conclusions selon lesquelles la plupart des banques présentaient des faiblesses considérables dans au moins un ou plusieurs domaine(s) d’évaluation.
Selon la Tribune, l’ex-géant américain de l’assurance, AIG, a conclu la vente de sa filiale russe de crédit à la consommation à Banque PSA Finance, filiale à 100 % de PSA Peugeot-Citroën.
A partir de la fin du mois, l’association des sociétés de gestion Inverco compte lancer une «offensive médiatique» pour mettre en exergue les atouts des fonds d’investissement et des fonds de pension, a indiqué à El País Mariano Rabadán, président d’Inverco. Il souligne que l’hémorragie subie par les fonds d’investissement est désormais arrêtée et que les souscriptions reviennent fortement. Quant aux fonds de pension, Mariano Rabadán «a l’impression» qu’ils ont bien évolué au deuxième trimestre tant en nombre d’adhérents qu’en matière de performances.
Au 30 juin, KBC Asset Management transfère la gestion de ses compartiments de la Sicav belge KBC Equity Fund Central Europe, Eastern Europe et Turkey à KBC Group NV CSOB Asset Management de Prague ; les objectifs d’investissement et les frais demeurent inchangés. Cette démarche répond à une volonté de mieux utiliser les compétences locales, KBC AM disposant de filiales en République tchèque, en Hongrie, en Slovaquie et en Pologne. L’encours en Europe centrale et orientale se situe à 14 milliards d’euros.
La Sicav luxembourgeoise BlackRock Global Funds (BGF) de BlackRock compte depuis le 19 juin un compartiment supplémentaire avec le BGF Global Inflation Linked Bond Fund qui est destiné à des souscripteurs avec un horizon de long terme et qui investira principalement en obligations indexées sur l’inflation émises dans le monde entier.Le nouveau produit sera cogéré par Brian Weinstein et Adam Bowman. La monnaie de base est le dollar américain, mais des parts «euro-hedgées» seront disponibles. La duration moyenne sera supérieure à 7 ans et le benchmark est le Barclays Capital World Inflation-Linked Bond Index (USD hedged).Actuellement BlackRock gère 15,2 milliards de dollars d’encours (fin mars) dans des portefeuilles d’obligations indexées pour le compte d’institutionnels, dont 9,7 milliards de dollars dans des mandats.
Selon les chiffres officiels, la fraude de Bernard Madoff semblerait avoir causé peu de victimes en Italie, constate Il Sole – 24 Ore. L’enquête de la Consob (commission italienne des valeurs mobilières) sur la gestion d’actifs, montre que l’exposition au plan Ponzi des fonds, des portefeuilles patrimoniaux et des contrats d’assurance se monte à seulement 187 millions d’euros au total. Mais le quotidien italien estime que l’impact Madoff en Italie est bien plus important parce que de nombreux Italiens ont investi depuis la Suisse ou d’autres pays.
Un gérant de fortune indépendant suisse a été inculpé fin mai par un juge madrilène pour blanchiment d’argent et évasion fiscale, indique Le Temps. Le quotidien suisse, qui connaît le nom du gérant mais qui ne publie que son initiale, G., précise qu’il est accusé d’avoir assisté l’entrepreneur espagnol Francisco Correa dans l’établissement des circuits financiers offshore ayant permis la corruption de plusieurs dirigeants provinciaux espagnols. La société de gestion de fortune de G. a pignon sur rue à Genève depuis près de 30 ans et gère entre 1 et 2 milliards de francs suisse, précise Le Temps.
Carlyle Group a annoncé mardi avoir levé 1,04 milliard de dollars pour un nouveau fonds - Carlyle Asia Growth Partners IV - ciblant des investissements dans des sociétés asiatiques affichant une croissance rapide, rapporte le Wall Street Journal.
JPMorgan Chase ferme un fonds de private equity de plus de 600 millions de dollars - Brysam Global Partners - géré par les anciens dirigeants de Citigroup Robert Willumstad et Marjorie Magner, rapporte le Financial Times. La fermeture de ce fonds, lancé en 2007 avec de l’argent de JPMorgan et de ses fondateurs, ne marque pas la fin de la carrière des deux dirigeants.
Selon la Tribune, la crise a contraint Natixis Global Asset Management (NGAM) a se séparer de Delafield Asset Management (DAM), société de gestion américaine «value» détenue par Reich & Tang Asset Management, filiale à 100 % de NGAM. Tocqueville Asset Management (TAM), société basée à New York et gérant environ 5 milliards de dollars, reprend donc les 400 millions de dollars d’actifs de DAM.
At the annual conference at the London Business School, held yesterday in the British capital, a question asked of Stephen Hester, the new head of the Royal Bank of Scotland (RBS) gave rise to energetic discussions. Hester received permission from his board of directors to receive a maximal salary of GBP9.7m (EUR11.4m), of which only GBP1.6m is set, and the rest consists of bonuses which depend on the share price of RBS. However, the newspaper reports, some in the financial sector consider the pay unjustified at a time when, “to finance the bailout of the bank, taxes have increased,” as one of them says. La Tribune goes on to report that John Kingman, director of UK Financial Investments, the government agency in charge of managing the British government’s investment in the banks, says the state owns 70% of capital in RBS, and approved the pay scale since the bank’s success “depends enormously on the success fo Stephen Hester.” But Julian Franks, a professor of finance at the London Business School, says it would be more fair if “managers had something to lose if they failed.”
According to Les Echos, the US receiver of Madoff’s assets, Irving Picard, is seeking to recuperate money withdrawn by funds and investors in the weeks preceding the broker’s arrest. He is said to have sent the liquidators of the Luxalpha Sicav a statement indicating that Luxalpha must return USD535m, corresponding to all withdrawals during autumn 2008. To defend his interests in Luxembourg, he has retained the law firm Schiltz & Schiltz. The Swiss firm UBS, depository for Luxalpha, is clearly facing a risk of legal action, and is already under pressure from French investors, who are filing a growing number of suits in Luxembourg demanding to be reimbursed.
President depuis 1997 et CEO depuis 2006, Kyle Prechtl Legg quitte ses fonctions chez Legg Mason Capital Management (LMCM) ce mardi 30 juin, rapporte Global Pensions. Elle restera comme consultant jusqu'à la fin de l’année et sera remplacée par Jennifer Murphy, actuellement vice president responsable de la recherche, de la gestion du risque et des nouveaux produits. Ces attributions seront ventilées entre plusieurs dirigeants de LMCM, une société de gestion dont l’encours se situait à 12 milliards de dollars fin mars contre 70 milliards fin juin 2007.
The product range from Sal. Oppenheim (France) now includes the Multi Invest OP, a reactive fund of funds which was granted a license by the French market regulator, the Autorité des Marchés Financiers, at the end of April 2009. The management process for the fund, created in 1999, was modified in 2003. Since then, the product has been a reactive fund of funds, whose allocation may vary from a 100% money market portfolio to a portfolio invested 100% in equities. Despite having the composition of a diversified portfolio, the objective of the fund is to outperform the MSCI World index on a five-year horizon. Allocation is determined by a quantitative model which analyses a number of factors, primary among them the behaviour of the markets, including intra-day volatility, based on a multi-asset class approach (geographical and sectoral). 60 different asset classes are analysed. When the model recommends investment, the allocation procedure is to select the most attractive asset classes, up to a maximum of ten, and then to invest with equal weighting in each of these asset classes, with each of them limited to 10% in order to diversify the portfolio. Characteristics (R-class shares) Name of fund: Multi Invest OP ISIN Code: LU0103598305 Subscription commissions: 5.25% maximum Management fees: Set: 1.80% Variable: 15% on annual performance exceeding 8% Value of one share: EUR42.77 (as of 31/05/09) Minimal subscription: none
Kyle Prechtl Legg, president since 1997 and CEO since 2006, is leaving his job at Legg Mason Capital Management (LMCM) this Tuesday, 30 June, Global Pensions reports. She will remain as a consultant until the end of the year, and will be replaced by Jennifer Murphy, currently vice president in charge of research, risk management, and new products. These responsibilities will be distributed between several heads at LMCM, a management firm with assets of USD12bn as of the end of March, compared with USD70bn at the end of June 2007.
La Tribune reports that the crisis has obliged Natixis Global Asset Management (NGAM) to part with Delafield Asset Management (DAM), an American value-style management firm owned by Reich & Tang Asset management, a 100% subsidiary of NGAM. Tocqueville Asset Management (TAM), a firm based in New York which manages about USD5bn, will take over DAM’s USD400m in assets.
Harewood Asset Management, a management firm owned 100% by BNP Paribas, is launching the Harewood Quant’ Guru Europe Equity fund, an international equities FCP fund compliant with UCITS III and eligible for PEA. The fund is available to all types of investors (institutional and retail). The FCP fund is exposed to the BNP Paribas GURU Equity Europe Long Total Return strategy index. “The strategy is inspired by the approach developed and long used by the best managers, the ‘financial gurus,’ who have shown an ability to stand out consistently in terms of performance over several decades. The rigorous approach is based on fundamental analysis of companies,” a press statement explains. “The strategy used by the fund concentrates on three essential questions, which must be asked of all investments: 1) Is the business profitable? 2) Are its outlooks favourable? And 3) Is it attractively priced?” the statement continues. The portfolio for the strategy is reviewed on a monthly basis and is composed of an average of 120 European businesses. In highly volatile markets, often characterized by periods of decline, the strategy may reduce its exposure to equities to preserve value. Characteristics Name of fund: Harewood Quant’ Guru Europe EquityISIN Code: FR0010730077 (A-class, institutional shares) Subscription commission: 3% maximum Management fees (as a percentage of net assets): 1% maximumValue of one share: EUR1,000Minimal subscription: 250 shares
JPMorgan Chase is closing a private equity fund with more than USD600m in assets, Brysam Global Partners, managed by former executives of Citigroup Robert Willumstad and Marjorie Magner, the Financial Times reports. The closure of the fund, launched in 2007 with money from JPMorgan and its founders, does not mark the end of the career of the two executives.
Beginning at the end of this month, the Inverco association of managemnet firms is planning to launch a “media offensive” to highlight the advantages of investment funds and pension funds, Mariano Rabadán, president of Inverco, tells El País. He says the outflows from investment funds have now let up, and that subscriptions are rebounding strongly. As to pension funds, Rabadán “has the impression” that they developed nicely in second quarter in terms of the number of members and of performance.
L’Echo reports that the Netherlands activities of the Belgian bank Degroof will be taken over by its management. “The announcement is part of a larger refocusing of the Degroof bank on the group’s strategic activities, in Belgiu, Luxembourg and in France,” says a spokesperson for Banque Degroof based in Brussels. The Degroof affiliate which previously operated in the Netherlands under the name Degroof Vermogensbeheer will change its name to becme Stroeve en Lemberger Vermogensbeheer, from the beginning of July 2009.
La Tribune reports that the US private equity firm Blackstone has raised USD4.3bn for the Real Estate Partners Europe III fund, which will invest in European real estate.
On 24 June, MEAG Munich Ergo Asset Mangement launched the MEAG FairReturn fund, aimed primarily at charities. The product is a diversified absolute return fund investing primarily in Europe, which is managed with a sustainable development (ESG) approach. Minimal subscription is set at EUR10,000. The portfolio is largely composed of bonds, complemented by equities and derivatives. The strategy has already been in use since 2002 on behalf of Munich Re, and fund find generated returns of over 3% in 2008. MEAG is the management firm for Munich Re and the primary insurer Ergo. In this capacity it manages about EUR187bn in assets.
In the first five months of the year, the 46 open-ended real estate funds have posted net subscriptions of EUR2.28bn, of which EUR697.5m were in May. By comparison, open-ended securities funds attracted only EUR690.4m in investment in the same period. Total assets in real estate funds as of 31 May totalled EUR87.36bn. Of the 17 major asset management firms, which offer a total of 39 RE funds, only four have seen net redemptions, among them DEGI (Aberdeen group), with EUR280m, and RREEF (Deutsche Bank) with EUR256.8m. However, Commerz Real (Commerzbank) and Union Investment Real Estate (UIRE, co-operative banks) have posted net subscriptions, of EUR442.4m and EUR889.3m, respectively.
The Luxembourg Sicav fund from the management firm Standard Life Investments (SLI) is now available in Scandinavia via the investment fund market MFEX. According to SLI, MFEX is the largest independent fund market in Europe: 268 management firms from 15 countries offer funds for sale in countries such as Austria, Belgium, Finland, France, the Netherlands, Norway, Sweden, and Switzerland. The sub-funds in question already have licenses for retail sale in Denmark, Finland, Germany, Ireland, Luxembourg, Norway, Sweden, and the United Kingdom. The 18 sub-funds of the Standard Life Investments Sicav are already available via a number of major distributors throughout Europe, including Aktia in Finland, dwpbank and Fidelity FundsNetwork in Germany, Merrant in Sweden, and Nordea in the Scandinavian and Baltic coutnries.
In Germany, the passive management boom is not only apparent in the strong subscriptions to ETF funds. It can also be seen in subscriptions to institutional funds (Spezialfonds). Universal Investment reckons its assets in passively-managed Spezialfonds at nearly EUR8bn, the Börsen-Zeitung reports. State Street, for its part, manages about EUR12.4bn for German and Austrian institutional clients in passive mandates, which represent 65% of its assets in the region. DB Advisors, the institutional management specialist of the Deutsche Bank group, manages about EUR6.8bn in passive equities and bond mandates.
According to Romandie.com, the Swiss bank UBS has said in a statement reported by the German television news show “Eco” that it regrets that its behaviour exposed Switzerland to international criticism, and that the reputation of the group has suffered due to its infractions to German and United States law.
A Swiss independent financial advisor came before a judge in Madrid in late May on charges of money-laundering and tax evasion, Le Temps reports. The Swiss newspaper, which knows the name of the manager but has published only his initial, G., says he is accused of assisting the Spanish entrepreneur Francisco Correa to establish offshore financial circuits which several provincial Spanish directors were able to use to corrupt ends. The wealth management firm for which G. works has been present in Geneva for over 30 years, and manages between CHF1bn and CHF2bn, Le Temps reports.
La Tribune reports that the British fund Candover has ended discussions with potential buyers. A potential sale does not offer enough “certainty and value for shareholders,” the firm stated, according to the newspaper.