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25/03/2009

Etats-Unis - Deux nouveaux départs chez Merrill

Deux grands noms de l"analyse quittent Merrill Lynch, rapporte le Financial Times. Ainsi, David Rosenberg, l"économiste nord américain de Merrill, va partir en mai et retourner à Toronto où il rejoindra la société Gluskin Sheff & Associates. Richard Bernstein, chief investment strategist et patron du comité de recherche en investissement de la clientèle privée mondiale, est aussi sur le départ.
25/03/2009

Allemagne - Les fonds dédiés en perte de vitesse

Les fonds dédiés souffrent d’une désaffection significative depuis l’automne dernier. Sur l’ensemble de l’année 2008, la collecte nette s’est inscrite en baisse de 25% à 8,32 milliards d’euros, selon les chiffres communiqués par la fédération professionnelle des fonds fermés (VGF Verband Geschlossene Fonds). Si les fonds placés dans l’assurance vie ou le private equity affichent des reculs de respectivement 58% à 359 millions d’euros et 60% à 742 millions d’euros, les fonds placés dans l’aéronautique font un bond de 165% à 703 millions d’euros. Les deux plus grosses lignes, l’immobilier et le maritime marquent des reculs de respectivement 26% à 3,05 milliards et de 22% à 2,48 milliards. Les réseaux de CGPI et les banques ont cumulé l’an dernier une part de marché de 81% dans la distribution des fonds dédiés
25/03/2009

Allemagne - Les particuliers ont redécouvert l'action Deutsche Bank

A fin 2008, indique le rapport annuel de la Deutsche Bank, le capital de la banque était détenu à 71 % par des institutionnels et 29 % par des particuliers, rapporte la Frankfurter Allgemeine Zeitung. Les actionnaires allemands sont redevenus majoritaires (55 % contre 45 % un an plus tôt). Le nombre d’actionnaires a augmenté de 60 % à un record de 582.000 environ, un gonflement qui est presque exclusivement attribuable aux particuliers allemands, qui ont surtout investi au quatrième trimestre, donc après la faillite de Lehman, lorsque le titre a plongé de 44 %. La rémunération du directoire a plongé de 86 % à 4,5 millions d’euros, le bénéfice net record de 6,5 milliards d’euros de 2007 ayant été suivi d’une perte record de 3,9 milliards pour 2008.
25/03/2009

Allemagne - La Deutsche Bank espère être bénéficiaire en 2009

Josef Ackermann, président du directoire, indique dans le rapport annuel publié mardi que la Deutsche Bank compte redevenir bénéficiaire cette année après la perte record de 3,9 milliards d’euros subie en 2008, rapporte le Handelsblatt. Cela s’il n’y a pas de nouvelles turbulences sur les marchés des capitaux comme après la faillite de Lehman Brothers et si la récession ne s’avère pas plus sévère qu’on ne l’escompte déjà.
25/03/2009

Allemagne - Les fonds dédiés en perte de vitesse

? Les fonds dédiés souffrent d’une désaffection significative depuis l’automne dernier. Sur l’ensemble de l’année 2008, la collecte nette s’est inscrite en baisse de 25% à 8,32 milliards d’euros, selon les chiffres communiqués par la fédération professionnelle des fonds fermés (VGF Verband Geschlossene Fonds). Si les fonds placés dans l’assurance vie ou le private equity affichent des reculs de respectivement 58% à 359 millions d’euros et 60% à 742 millions d’euros, les fonds placés dans l’aéronautique font un bond de 165% à 703 millions d’euros. Les deux plus grosses lignes, l’immobilier et le maritime marquent des reculs de respectivement 26% à 3,05 milliards et de 22% à 2,48 milliards. Les réseaux de CGPI et les banques ont cumulé l’an dernier une part de marché de 81% dans la distribution des fonds dédiés
25/03/2009

Allemagne - Forte baisse des rémunérations du management

La Deutsche Bank indique dans son rapport annuel que les rémunérations du directoire ont totalisé pour l’exercice écoulé 4,48 millions d’euros contre 33,18 millions en 2007. Le président du directoire, Josef Ackermann, a vu sa rémunération tomber à 1,39 million d’euros contre 13,98 millions en 2007.
25/03/2009

Allemagne - Hannover Ruck compte sur ? 600 millions de bénéfice

En 2008, Hannover Rück (Hanovre Ré) a accusé la première perte de son histoire, avec 127 millions d’euros. Ce réassureur, dont Talanx détient 50,2 %, vient d'être promu dans le Dax, mais cela ne satisfait pas son président du directoire Wilhelm Zeller, qui aurait préféré que le titre reste l’un des premiers du MDax, comme il l’indique à Die Welt. Le manager prévoit pour cette année un bénéfice net de 600 millions d’euros. Tous les risques ont désormais été sortis du portefeuille et l’allocation aux actions, qui était de 8 % fin 2007, est désormais pratiquement tombée à zéro.
25/03/2009

United Kingdom - Mellon Transition Management recruits five specialists from Citi TM

Mellon Transition Management (MTM), an affiliate of BNY Mellon, on Tuesday announced the recruitment of Tim Wilkinson and the team of six people he leads. The seven new arrivals, who all join the firm from Citi Transition Management, the transition management activity from Citigroup Markets, will be based in London, and will strengthen an operation which already has 50 employees worldwide.Tim Wilkinson was managing director at Citi, where he was responsible for Asia-Pacific and the Europe-Middle East-Africa (EMEA) region. At MTM, he becomes managing director for the EMEA region.
25/03/2009

Europe - Hedge fund regulations will have to become tougher without becoming exhaustive

Frank Dornseifer, legal director of the German alternative investment association (BAI), says the G20 summit in London will result in stricter regulation of hedge funds in the EU, but, even if the proposals of the European Commission are adopted, German chancellor Angela Merkel will not obtain complete and systematic control of all the financial markets, products and market actors, the Frankfurter Allgemeine Zeitung reports. Dornseifer points out that not all hedge funds are alike, and that one third of them use no leverage.
25/03/2009

United States - Pimco and BlackRock welcome Geithner plan

On Wall Street, shares in management firms gained ground after the announcement of the Geithner toxic asset buyback program, from which these firms would be the primary beneficiaries. Two management firms specialised in bonds, Pimco (Allianz group) and BlackRock, have already announced that they will participate in the plan, the Frankfurter Allgemeine Zeitung reports. Bill Gross, one of the heads of strategy at Pimco, says this is the first political initiative to remedy the crisis which will benefit all parties concerned. Laurence Fink, CEO of BlackRock, states that although the Geithner plan is not a panacea, it will at least have the positive effect of removing some excess supply from the market.
25/03/2009

United States - Wamco lays off 10% of staff

A spokesperson for Legg Mason has confirmed to Pensions & Investments that its affiliate, Western Asset Management (Wamco) has reduced its personnel by about 100 people, or 10%. The job cuts are largely in administrative services and operations. As of 31 December, assets at Wamco were down 13% compared with the end of September, at USD513bn, and down 19% over one year.
25/03/2009

France - BNP Paribas investigated in connection with Madoff case

French authorities are investigating funds with ties to the Madoff fraud case, the International Herald Tribune reports on 22 March. The Journal du Dimanche reports that one of these investigations concerns BNP Paribas. According to the French newspaper, the investigations are seeking to determine whether the bank deceived some investors with the subscription documentation for the fund.
25/03/2009

United States - Heavy write-downs to come for banks

The government plan to buy up toxic assets from banks will require companies such as Citigroup, Bank of America and Wells Fargo to write down large amounts on their loans, which will require them to raise more capital, according to directors in the sector and analysts cited by the Financial Times.
25/03/2009

United Kingdom - Man Group to lower commissions

High net worth investors in guaranteed hedge funds from Man Group are paying commissions of 8.5% per year, according to a UBS study cited by the Financial Times. The bank is not sure that the management firm will be able to maintain its current fee levels, given falling returns.
25/03/2009

United Kingdom - Bob Diamond will make money on iShares sale

Bob Diamond, the chairman of Barclays, is one of a number of directors who would make millions of pounds if the bank sells iShares for GBP6.5bn, the Financial Times reveals. Diamond, who is also chairman of Barclays Global Investors, is part of a virtual employee incitement program, in which he and 200 other directors own 4.5% of BGI Holdings.
25/03/2009

World - State Street confidence index down after three months of strong increases

From 48.2 in December, the global index of investor confidence calculated by State Street Global Markets rose to 72.7 in February (adjusted from a previously-announced level of 72.9). In March, the index is down to 70, due to a fall of 4.8 points to 59.4 for confidence of institutional investors in the United States, and of 3.2 points to 64.5 for European institutional investor confidence. However, the Asian index is up 2.5 points, to 86.6.From 26 May 2009, the index will provide additional information about the level of institutional investors’ appetite for risk. The base level of the index will be recalculated, so that a level of over 100 indicates a stronger exposure to high-risk assets, while a figure below 100 will indicate a lesser exposure to these assets.
25/03/2009

United States - iShares losing ground in US market

The sale of iShares by Barclays comes at a time when the ETF firm’s influence in the US market is beginning to weaken, the Wall Street Journal claims. The newspaper considers that several other ETF firms made far more impressive gains than iShares in 2008.
25/03/2009

Italy - Mediolanum sees 15% fall in assets

Mediolanum has finished 2008 with net profits of EUR23.6m, compared with EUR212m in 2007. Pro forma, i.e. excluding the effects of the Lehman Brothers bankruptcy, profits are down 38% to EUR131m. Assets under management are down 15% to EUR29.5bn, while net inflows were positive to the tune of EUR2.49bn.
25/03/2009

Italy - Losses of EUR330m at BPM

Banco Popolare de Milano is reported to have finished the year 2008 with losses of EUR330m, Il Sole - 24 Ore reports. The bank has applied for government aid totalling EUR500m, and announced an issue of convertible bonds for EUR700m.
25/03/2009

United States - Two more departures from Merrill

Two big names in analysis are leaving Merrill Lynch, the Financial Times reports. David Rosenberg, the North American economist for Merrill, will be leaving in May, and will return to Toronto, where he will join the firm Gluskin Shef & Associates. Richard Bernstein, chief investment strategist and head of the investment research committee for global private clients, is also leaving the company.
25/03/2009

France - EDRAM scales up European equities team

The European equities management team at Edmond de Rothschild Asset Management, led by Philippe Lecocq under the responsibility of Bruno Vanier, director of equities management, consists of ten managers, one management assistant, and one analyst. As of 30 January 2009, it managed nearly EUR5bn in assets, and has recently been strengthened by the arrival of Olivier Huet, who will join the two managers specialised in large caps. Since October 2000, Huet has been an equities manager at OFI Asset Management.The European large caps equities team manages the Europe Rendement, Saint-Honoré Europe Synergie, Selective Recovery Europe, and Saint-Honoré Euro Opportunités funds. It also participates in the management of the Ecosphere Europe and Selective Recovery funds.
25/03/2009

Germany - Profits at AWD evaporate

For 2008, profits at AWD Holding AG totalled EUR2.1m, compared with EUR55.2m the previous year (a fall of 96.2%), while pre-tax profits fell 73.7% to EUR22.7m, on earnings down ?only? 11.8% to EUR633m. The financial services provider, which is now owned by Swiss Life, will not distribute a dividend. The number of advisors has fallen 4.7% in one year to 6,009.
25/03/2009

Europe - ETF assets up by more than 17% in 2008

According to Lipper, assets under management in European ETF funds increased last year by 17.05%, to EUR108.42bn, while assets in equities ETFs, the most common type of ETF fund, increased by only 0.07%. However, ?other asset class? categories saw an increase of 130.16% to their assets, thanks in part to the success of come strategies such as short-selling, Funds People reports.
25/03/2009

Asia - Franklin Templeton acquires 40% stake in Algebra Capital

Franklin Resources, better known under the brand name Franklin Templeton Investments, has announced that it has increased its stake in Algebra Capital (Dubai), in which it purchased a 25% stake in September 2007, to 40%. In addition, William Y Yun, executive vice president of alternative strategies at Franklin Templeton, will become the director of Algebra Capital, alongside two other representatives of the American management firm. The operation will strengthen Franklin Templeton’s presence in the Middle East/North Africa (MENA) region. The two partners have already launched five MENA equities funds. Franklin Templeton is planning to continue its cooperation with Algebra to develop products.
25/03/2009

United Kingdom - Liontrust hires a bond team from Ilex AM

Liontrust Asset Management (GBP1.9bn as of 23 March) on Tuesday announced the recruitment of five partners from the European bonds team at Ilex Asset Management, and the takeover of a long/short credit fund from Ilex (Ilex Credit Fund, GBP41m), domiciled in the Cayman Islands. The firm’s CIO, Simon Thorp, senior portfolio manager James Sclater, the co-heads of research, Paul Owens and Quentin Peacock, and the COO, Gareth Roblin, will all join Liontrust.Liontrust has also announced that Jeremy Lang and William Pattisson, who managed three funds, will be leaving the firm on 15 April. They will be replaced by Gary West, James Inglis-Jones, Anthony Cross, and Julian Fosh, who were recruited by Lang and Pattisson (whose B-class shares in the firm will be repurchased by Liontrust). West and Inglis-Jones will take over the management of the Liontrust First Income and Liontrust First Large Cap funds, while Cross and Fosh will manage the Liontrust First Growth Fund. The appointments will take effect on 25 March.
25/03/2009

World - Short selling: AIMA welcomes pragmatism of IOSC

Satisfaction all round. The Alternative Investment Management Association (AIMA) has welcomed the initiative by the International Organisation of Securities Commissions (IOSC) to create an improved framework and harmonize regulations governing short-selling activities. The professional association is particularly pleased with the IOSC’s recognition of the role played by short-selling in capital markets. It also agrees that it is necessary to introduce some discipline in the settlement of short-selling transactions, particularly in the case of uncompleted transactions.
25/03/2009

Germany - Dedicated funds going out of style

Dedicated funds have become significantly less popular since last autumn. For the year 2008 as a whole, net inflows were down 25% to EUR8.32bn, according to data reported by the professional federation for closed funds (VGF, for Verband Geschlossene Fonds). Though funds invested in life insurance or private equity are down by 58% to EUR359m and 60% to EUR742m, funds invested in aerospace are up 165% to EUR703m. The two largest positions, real estate and maritime, are down by 26% to EUR3.05bn, and 22% to EUR2.48bn, respectively. IFA networks and banks last year accumulated a market share of 81% in the distribution of dedicated funds.
25/03/2009

Asia - Prudential AM cuts staff

Prudential Asset Management has announced that it has reduced its staff by slightly under one quarter in Hong Kong, while Singapore staff has been reduced by 8%. The manager disputes reports in Asian Investor, which cited rumours that the firm had cut 10 out of 20 jobs in Hong Kong, and that one third of staff had been laid off on 20 March (which would amount to more than 20 layoffs).

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