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16/03/2009

World - Eleven ?sustainable? banks create an international alliance

At a meeting in the Netherlands from 2 to 4 March, eleven banks with strong commitments to sustainable development founded the Global Alliance of Banking on Values, which will aim to deliver a social, ecological and sustainable economic response to the global financial crisis. The establishments in the alliance have assets of over USD10bn, and more than 7 million clients in 20 countries.The alliance includes the following banks: Alternative Bank ABS (Switzerland), Banca Popolare Etica (Italy), GLS Bank (Germany), Banex (Nicaragua); BRAC Bank (Bangladesh), Mibanco (Peru), Merkur Bank (Denmark); New Resource Bank and ShoreBank Corp (United States), Triodos (Netherlands) and XacBank (Mongolia).
16/03/2009

United Kingdom - Paulson made more than USD300m money by shorting Lloyds and HBOS

Fondsprofessionell relays Bloomberg reports that the alternative management firm Paulson & Co has earned gains since September of GBP311m by short-selling shares in Lloyds Banking Group and HBOS. Paulson also declared a short position amounting to 1.17% of capital in Barclays, whose shares have since fallen by two thirds.
16/03/2009

United States - Daniel Sontag joins board at BlackRock

Daniel C. Sontag, chairman of Merrill Lynch Global Wealth Management, has been appointed as a member of the board of directors at BlackRock (USD1.3trn in assets as of the end of December). He and Brian T. Moynihan, president of global banking and wealth management at Bank of America, will replace John Thain and Gregory J. Fleming, who have resigned.
16/03/2009

Germany - Mirror, mirror, on the wall...

DWS (Deutsche Bank), Deka (savings banks) and Allianz Global Investors are all claiming to be the number one management firm in Germany. All three of them are right, in their way. In the case of DWS, it is true in terms of asset volumes in securities funds; for Deka, it is true if funds of funds and house funds in which they are invested are included in the count; and for AGI, it is true counting assets under management for the insurance group. Union Investment (co-operative banks), meanwhile, is number one for assets in Reister retirement savings accounts, the Frankfurter Allgemeine Zeitung reports. But the question of which firm has the most assets under management doesn’t say anything about which one is the best.
16/03/2009

Germany - Talanx to buy stakes in Swiss Life and MLP

According to financial industry sources, Talanx is preparing to buy a 10% stake in Swiss Life, and to buy up 10% of the 24% stake in MLP held by the insurer, the Frankfurter Allgemeine Zeitung reports. The Talanx group incudes Hannover Rück (Hanovre Ré), HDI-Gerling and Aspecta, the latter two of which already cooperate with AWD and MLP in life insurance distribution. Swiss Life owns 100% of AWD; its stake in MLP was diluted by a capital increase which Axa and Allianz subscribed to.
16/03/2009

Germany - Hedge funds may sue Porsche

The Financial Times reports that hedge funds belonging to the Alternative Investment Management Association are considering a lawsuit against Porsche over its involvement in the spectacular rise in the share price of Volkswagen last year which caused the funds billions of dollars in losses.
16/03/2009

United Kingdom - Centaurus launches a fund

The hedge fund Centaurus Capital, managed by former BNP Paribas traders Bernard Oppetit and Randy Freeman, will launch a new merger arbitrage fund, the Financial Times reports. The new product will charge 1.5% per year in fees and 15% of profits, which is less than the 2% and 20% usually charged in the sector. The fund will offer total transparency as to its positions and will allow monthly withdrawals with 30 days’ advance notice.
16/03/2009

United States - ING IM merges two closed-ended real estate funds

ING Investment Management has announced that the boards of trustees of the closed real estate funds ING Clarion Real Estate Income Fund and ING Clarion Global Real Estate Income Fund have approved the merger of the two funds. The funds are managed by ING Clarion Real Estate Securities (USD11bn in assets as of the end of 2008).
16/03/2009

United States - Departure of Legg Mason senior vice president

The executive vice-president of Legg Mason, Peter Bain, will be leaving the bank at the end of the month, eFinancialNews reports. Bain was head of the asset management division, but has chosen to ?pursue other opportunities.? His responsibilities will be redistributed to several other team members internally.
16/03/2009

Germany - Management firms call for transparent and liquid corporate bond market

Handelsblatt reports that Deka (savings banks) and Union Investment (co-operative banks) are willing to support an initiative led by DWS (Deutsche Bank), which is calling on Deutsche Börse to provide more transparent and liquid trading of corporate bonds, a market on which trading now takes place largely on an ad-hoc basis by telephone. DWS would like the stock market enterprise to appoint a market maker, who would be respnsible for setting firm prices and executing the corresponding orders at these prices. It would also be possible to separate price formation and execution. But banks see these plans as difficult to realise at a time when they are in the midst of efforts to reduce debt, a spokesman for the Sifma banking association says.
16/03/2009

Europe - Private equity in the red

The European Private Equity and Venture Capital Association will announce on Friday that the European venture capital sector lost 26.4% in 2008, the Financial Times reports.
16/03/2009

United Kingdom - RAB changes managers of UK fund

The hedge fund manager RAB Capital has replaced the managers of its British fund, Mark Darell Brown and Steve Thompson, as the fund’s assets have fallen from USD400m two years ago to less than USD5m currently, the Financial Times reports. Nearly all the fund’s clients left in the wake of 31% losses last year. The fund will now be managed by Simon Acton and Alex Codrington, the managers of the RAB European fund.
16/03/2009

United States - Madoff appeal to be heard on 19 March

Following the incarceration of Bernard Madoff, his lawyer Ira Lee Sorkin will appeal the decision before a New York federal court. The former broker’s appeal will be heard on Thursday, 19 March. Les Echos reports that the estimated size of the fraud has been revised upward from USD50bn to USD65bn.
16/03/2009

United States - JPMorgan leads US managers

JPMorgan posted the largest subscriptions of any US management firm last year, with USD140bn, the Financial Times reports, citing Morningstar. But excluding money market funds, the management firm posted net redemptions of USD1.3bn in the twelve months to the end of February.
16/03/2009

United States - Oppenheimer recruits former Stanford managers

Not all is lost for the 1,000 former employees of Stanford who lost their jobs last week, says the Financial Times. 100 of them have been offered jobs at the financial services group Oppenheimer Holdings, which is hoping to grow by opening new branches in the United States.
16/03/2009

United States - Stanford's labyrinth

Compared to Bernard Madoff, Sir Allen Stanford is small fry. But he stands out for the size and complexity of his USD8bn fraud, the Financial Times reports. The Stanford group controlled at least 175 entities, including banks and restaurants in more than 100 cities, such as Houston, Montreal, Caracas, Quito, and St. Croix.
16/03/2009

United States - Proportion of overseas investments decreases for Loomis Global Bond Fund

Although it is supposed to be a ?global? product, David Rolley, Kenneth Buntrock and Lynda Schweitzer, co-managers of the Global Bond Fund (USD1.5bn) from Loomis, Sayles & Co (USD106bn), now have a ?recovery exposure? to the private sector in the United States, which accounts for 47% of assets, the Wall Street Journal reports.Although the fund’s largest positions are still in European bonds, the Euro is underweighted. The fund is only 10% invested in junk bonds, but none of the 283 assets it holds in this category present serious default risks.
16/03/2009

United Kingdom - Skandia selects Dalton Capital and SVM

Skandia Investment Group (SIG) has announced that, in order to exploit inefficiencies on the Japanese equities markets and ?under-researched? European businesses, it has selected two specialised management firms, Dalton Capital (Hong Kong) Ltd and the Scottish firm SVM Asset Management Ltd (Edinburgh), as subadvisors for the Skandia Japanese Equity Fund and the Skandia European Opportunities Fund, respectively.
16/03/2009

World - Gordon Brown: ?USA will help to regulate hedge funds?

At the conclusion of a summit with German chancellor Angela Merkel, the British prime minister Gordon Brown on Saturday declared that in his opinion the US is ready to support the Europeans in their efforts to regulate external establishments in the banking system, particularly hedge funds, Channelnewsasia.com reports.
16/03/2009

United Kingdom - Barclays puts iShares up for sale

Barclays and JPMorgan Cazenove are seeking a buyer for iShares, a division of Barclays Global Investors, the Sunday Times reports. The owners are hoping to raise GBP5bn, in order to avoid having to accept government assistance to cover losses related to toxic assets. Barclays is also seeking buyers for several large credit portfolios.
16/03/2009

United States - Madoff estimated his assets at USD823m

On Friday evening, a New York court published a list of assets declared to the SEC in December by Bernard Madoff and his wife. It comes out to USD823m, of which USD700m were held by the firm led by the confessed fraudster, Die Welt reports.
13/03/2009

Etats-Unis - Madoff est en prison

Selon La Tribune, le financier américain a été mis en détention immédiate, jeudi à New York. B. Madoff a plaidé coupable de 11 chefs d’inculpation et il risque jusqu'à 150 ans de prison. Sa condamnation est attendue pour le 16 juin.
13/03/2009

Etats-Unis - Oppenheimer recrute chez Deutsche Bank

Oppenheimer Funds Inc (OFI) annonce avoir recruté Krishna Memani comme senior vice president, head of the high grade fixed income team ; l’intéressé était en dernier lieu managing director, head of the US & European credit analyst team chez Deutsche Bank. Chez Oppenheimer, il sera responsible de la gestion des portefeuilles obligataires «high grade» comprenant en particulier l’Oppenheimer Core Bond Fund, l’U.S. Government Trust Fund et l’Oppenheimer Limited-Term Government Fund ainsi que des mandats.
13/03/2009

Belgique - Saison 3 pour le B Fund Best of Bonds de Fortis

Fortis Investments a annoncé jeudi qu’après le succès des B Fund Best of Bonds 1 et 2, qui ont drainé tous deux des souscriptions supérieures à 90 millions, il va lancer prochainement une troisième édition de ce compartiment de la Sicav B Fund de droit belge et conforme à la directive OPCVM III. Le produit est géré par l'équipe global credit & hybrids et allie un portefeuille de 25 obligations d’entreprises «sélectionnées avec soin» avec un rendement à échéance attrayant.
13/03/2009

Etats-Unis - Bill Gross (Pimco) revient sur les Treasuries

Bill Gross indique avoir remontée à 15 % l’allocation aux Treasuries dans le portefeuille du Total Return Fund de Pimco (groupe Allianz). C’est le niveau le plus élevé depuis juillet 2007, rapporte la Frankfurter Allgemeine Zeitung. Bill Gross, qui a aussi été acheteur de MBS était passé en négatif sur les Treasuries en janvier.

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