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20/07/2009
Fonds

Tassement du chiffre d'affaires de CeGeReal

Pour le premier semestre 2009, le chiffre d’affaires (IFRS) de la SIIC CeGeReal a baissé à 34 millions d’euros contre 34,9 millions. Le résultat d’exploitation a diminué pour sa part à 25,22 millions contre 26,89 millions.L’actif net réévalué a été pénalisé par la baisse de valeur théorique du patrimoine, en ligne avec les tendances de marchés. Les valeurs d’expertise des immeubles fournies par CBRE sont passées de 938 millions d’euros au 31 décembre 2008 à 848 millions d’euros au 30 juin 2009 du fait de taux de rendement prudents en l’absence de transaction comparable.Par ailleurs, CeGeReal rappelle la volonté de Commerz Real de réduire sa participation en dessous du seuil de 60% d’ici à la fin de cette année afin de permettre à la société de se mettre en conformité avec les aménagements «SIIC 5".
Fonds
20/07/2009
Fonds

Citi a des problèmes avec deux fonds de private equity

Selon le Wall Street Journal, Citigroup a des problèmes avec deux fonds de private equity qui étaient sous la responsabilité de Michael Froman, le patron des opérations de Citigroup Alternative Investments avant qu’il ne rejoigne en janvier l’administration Obama. Selon le journal, les clients du premier fonds, qui avait amassé 3,4 milliards de dollars pour investir dans des projets d’infrastructures, lui ont interdit de procéder à de nouveaux investissements après le départ du co-dirigeant et l'échec de plusieurs opérations, affirment des sources proches du dossier. Un second fonds, plus petit, et dédié aux projets développement durable, n’a pas attiré suffisamment de clients et a été fermé.
Fonds
20/07/2009

Nouveau CEO chez Fortress

Fortress Investment Group vient d’annoncer la nomination de Daniel H. Mudd, l’ancien président et CEO de Fannie Mae, en tant que CEO, à compter du 11 août 2009. Il conservera son siège au conseil d’administration de la société d’investissement. Par ailleurs, Peter L. Briger et Wesley R. Edens deviennent co-présidents du conseil d’administration de Fortress.
20/07/2009

Golden Cate remporte Eddie Bauer aux enchères

Les enchères pour le distributeur Eddie Bauer Holdings ont été remportées vendredi aux petites heures du matin par le capital investisseur Golden Gate Capital, qui propose 286 millions de dollars en cash en plus de la reprise de plusieurs centaines de millions de dollars de dette, rapporte The Wall Street Journal. Il y avait au total huit candidats repreneurs. Golden Gate Capital a l’intention de conserver au moins 300 des 370 magasins Eddie Bauer.
20/07/2009
Fonds

Legg Mason lance un fonds obligataire

Selon Investment Week, Legg Mason lance un fonds obligataire, Global Blue Chip Bond, qui sera géré par son partenaire Western Asset Management. Le véhicule domicilié à Dublin investira dans des émissions obligataires bien notées en catégorie d’investissement et qui affichent des spreads de crédit historiquement élevés. L’exposition à la dette senior des secteur de l’assurance, de la banque et de immobilier est plafonnée à 10%. Le fonds vise un rendement annuel de 5% à 6%. L’indice de référence sera le Merrill Lynch US Treasuries 1-10 Year. Le fonds sera essentiellement investi dans les pays développés.
Fonds
20/07/2009

Citi having trouble with two private equity funds

According to the Wall Street Journal, Citigroup is experiencing difficulties with two private equity funds which were under the responsibility of Michael Froman, former operations chief of Citigroup Alternative Investments before joining the Obama administration in January. The newspaper reports that clients in the first fund, which had amassed USD3.4bn in assets to invest in infrastructure projects, have not been allowing the fund to make new investments after its co-head quit, and several deals collapsed, according to people familiar with the matter. A second, smaller fund, dedicated to sustainable investment projects, did not have a sufficient number of clients and had to be closed.
20/07/2009

Deka Immobilien invests in Goteborg and Hanover

On Thursday and Friday, the German management firm Deka Immobilien spent a total of EUR87m. On Thursday, it invested EUR46m on behalf of its dedicated fund Deka-S-PropertyFund No.1 in the acquisition of the Rosenquartier real estate complex in the centre of Hanover (2,500 square metres of commercial space, 5,210 square metres of offices, an Intercity hotel with 148 rooms, and 340 parking spaces). On Friday, EUR41m were spent to acquire the First Hotel G in Göteborg (13,600 square metres, 300 rooms). The property, leased for 25 years to First Hotels, will be added to the real estate portfolio of the open-ended real estate fund reserved for institutional investors WestInvest ImmoValue.
20/07/2009

FSA toughens attitude to compliance with regulations

The Financial Times reports that representatives of the Financial Services Authority (FSA) are now more frequently attending board meetings at banks, from whom they are demanding more financial information, and occasionally questioning the business plans. The regulator has also increased the number of businesses it considers strategically important by half, to 75.“In general, FSA inspectors are now much less confident in bankers,” says Lyndon Nelson, head of risk at the FSA. On the other hand, many bankers are raising questions about the level of competence of professionals at the regulatory authority, but Nelson responds that major training and recruitment efforts have been undertaken.
20/07/2009

Responsible and sustainable investment does not damage performance

A study of 165 responsible and sustainable investment (IRD) funds in the three-year period to the end of May 2009 by Altedia Investment Consulting has found that investing in this type of product does not necessarily imply a lower level of performance. “Best in Class” funds earn relative returns in line with comparable non-IRD market indexes. The concept appears to be convincing to investors. Despite a difficult market environment, more than half of all “best in Class” funds have posted net subscriptions for the period from May 2008 to May 2009, the study finds. For themed funds (water, renewable energies, etc.), relative returns are less stable than for Best in Class funds, Altedia IC finds. They may be noticeably different from the performance of market indexes, both in an upward and a downward direction, the study finds. Their performance nonetheless totals 6.3% over three years. From May 2008 to May 2009, the average performance of themed funds totalled -24.5%. Despite these losses, thematic funds committed to responsible and sustainable investment have continued to attract subscriptions, which have risen 51.3% in the past year, Altedia notes.
20/07/2009

US authorities express concerns over leveraged ETFs

Two investigations have recently been launched into leveraged ETFs, which FINRA, the body that regulates brokers in the United States, considers overly complex and therefore ill-suited to retail investors. Meanwhile, the State of Massachusetts has launched an investigation into the sales practices of three providers, Rydex Investments, Direxion Funds and ProShares, all of which rank among the top ten providers on the US market. In Europe, retail investors represent less than 10% of the market, compared with 60% of the US market.
20/07/2009

Madoff's accountant seeks plea bargain

The only individual besides Bernard Madoff to be charged with criminal offenses over the Madoff scandal, the accountant David Friehling, who signed off on year after year of fraudulent accounts, on Friday pleaded not guilty to charges of fraud under securities laws and disclosure to false information to the SEC. However, he declined to have his case heard by a grand jury, which suggests that he may be disposed to seek an out-of-court settlement with the prosecutor, the Sunday Times reports. On Friday, the judge set the date for the next hearings on 1 October, which gives the parties time to reach any potential agreements.
20/07/2009

Sustainable development generates alpha, according to a SAM study

In a study of about 400 companies worldwide, excluding Canada and emerging markets, the Swiss management firm SAM Sustainable Asset Management and the quantitative strategies department at Robeco (SAM’s parent company) have found that in the period from 2001-2008, investing in the firms most advanced in sustainable development generated average outperformance of 1.48 percentage points, with a positive information ratio of 0.47. Stephanie Feigt, CIO of SAM, says outperformance is the result of the analysis of “understudied” sustainable development factors, which have a positive impact on the value of companies in the long term. The creation of value results from a concentration on the part of these pioneers in sustainable development, as much as it does from the fact that they avoid investments in firms that lag behind. The outperformance of a long/short portfolio of this type would have been accentuated during the credit crisis in 2008. The study is available in English or German on request, from the email address com@sam-group.com.
20/07/2009

Smith Barney deal boosts asset management profits at Citi

The sale of Smith Barney to Morgan Stanley has generated net capital gains of USD6.7bn for Citi. Citi has also announced that earnings for its brokerage and asset management (BAM) division for second quarter totalled USD12.3bn, compared with USD2.5bn in the corresponding period of 2008, while net profits totalled USD6.8bn, compared with USD218m. As of 30 June, total assets came to USD56bn, which represents a decline of 14% from the end of December, which represents a desire on the part of Citi to reduce volumes in this activity. This amount includes about USD19bn managed at Nikko Cordial Securities, which is one of the activities up for sale. The sale of the Japanese affiliate was announced in May. Globally, Citi shows net profits in second quarter of USD4.3bn, or 49 cents per share.
20/07/2009

Subscribers complain as fees rise

As of 1 August, Allianz Global Investors will be introducing a performance fee for 19 of its funds, while it will be cancelling fees of this type for 16 others. At DWS, only one third of the product range charges fees of this type, while at Deka, there are plans to introduce performance commissions for all equity fund products next year. Union Investments has been charging commissions of this type for 15 of its funds since December, the Frankfurter Allgemeine Zeitung reports.Overall, the asset management sector has already lost 50% or more of its clients’ money, and now that in the mid-term gains are to be expected, these asset management firms are seeking to introduce percentage charges on gains. This is all proceeding as though banks and management firms had gone mad, one investor writes. This attitude is difficult to understand, since actors are finding themselves contronted not only by the consequences of the crisis, but also by the emergence of considerably more inexpensive competitors, in the form of ETFs. But it is true that they will also need to contend with rising costs.
20/07/2009

Standard Life appoints a new head of Corporate Pensions

The British insurance group Standard Life has appointed Hans-Werner Rölf as director of corporate pensions for Germany, effective immediately. Rölf joined the management team at Standard Life in 1998. He will retain his responsibilities as director business development.
20/07/2009

Apollo in talks to increase stake in Infineon

The US private equity investor Apollo is negotiating with several shareholders in the German semiconductor manufacturer Infineon, including the investment funds Dodge & Cox International Stock Fund (10.03%), Merrill Lynch, Capital Group and Franklin Templeton, to convince them not to participate in a capital increase which will begin this Monday, and which is set to conclude on 3 August (337 million shares at EUR2.15 each, compared with a current share price of EUR3.32). Die Welt reports that, if Apollo succeeds in convincing the firms, its stake in Infineon may increase to as much as 29.9%. With a minimum of 15%, it would have the right to control two seats in the firm’s management, including the chairman of the supervisory board. It is thought that in this case, Max-Dietrich Kley would be required to resign as chairman of the board, in favour of Manfred Puffer, formerly of WestLB. If the capital increase is concluded before the deadline and Apollo does not obtain a stake of 15% or more, Infineon will be required to pay the private equity investor a EUR21m retraction charge.
20/07/2009

Neuberger Berman launches a Greater China equities fund

The Irish umbrella fund Neuberger Berman Investment Funds Plc, which complies with the UCITS III directive, now includes a new sub-fund, the Greater China Equity Fund, which Neuberger Berman Group is planning to release for sale in Europe. The equities fund invests in equities in shares in companies that make more than 50% of their revenues from China. The portfolio will include companies of all sectors, but the management team is planning to place the emphasis on consumer sectors (food and beverages, agriculture, retail, pharmaceuticals, health, real estate, leisure) and infrastructure (mechanical, electrical equipment, alternative energies, coal, and electricity distribution companies). The fund is aimed at institutional investors and intermediaries in the United Kingdom, continental Europe and the Middle East. It is managed in Hong Kong by Yulin (Frank) Yao and Lihui Tang, with the assistance of a team of analysts based in Shanghai. The fund will aim for a tracking error of 3-5%, with a turnover rate of 100% to 150%. Management fees will total 1.50% for the institutional share class, and 1.20% for the “super-institutional” class, with minimum subscriptions of USD/GBP/EUR5m and USD/GBP/EUR25m, respectively.
20/07/2009

db x-trackers releases S&P U.S. Carbon Efficient ETF

Deutsche Börse has announced that the 461st ETF product was admitted to trading on Friday on the XTF segment of its Xetra electronic platform. It is the S&P U.S. Carbon Efficient ETF, a Luxembourg-registered product which db x-trackers has been offering on the London Stock Exchange for several days (see Newsmanagers of 15 and 17 July).
20/07/2009

Henderson adds to structured products team

To keep up with rising demand for structured products, Henderson Global Investors (HGI) has recruited three directors of loans, who will report to David Milward, head of loans. The new recruits are Elissa Johnson (ex Apollo Management International), Nicholas Ware-Frederiksson (ex Highland Capital Management Europe), and Stef Abelli (ex BayernLB). Dan Maynard (ex Morgan Stanley) joins the team as fixed income product specialist, while Jason Walker (ex Bank of Scotland Treasury) joined the firm on 6 July as an ABS portfolio manager.The structured product team (loans, CDO, ABS and Advisory) includes 19 people who report to Jim Irvine.
20/07/2009

Henderson profits down by half

Andrew Formica, CEO, has announced that as predicted, fragile confidence and weak investor demand have had a negative impact on revenues at Henderson Group. These negative elements were compensated for by cost reduction measures and the positive effect of the acquisition of New Star, but profits in first half will total GBP25-28m, including the contribution of New Star for one quarter, compared with GBP50.8m in January-June 2008.The CEO says that the integration of New Star is proceeding in a very positive manner and the contribution of this acquisition to the group’s profits will increase in second quarter. Henderson is pleased to have been able to retain the loyalty of the principal investment specialists and to have been able to retain 77% of assets under management. Meanwhile, Henderson has reduced its expenses on activities taken over from New Star to about 38% since 1 July 2009, while this level of reductions was planned by 1 January 2010.Lastly, the British asset management firm has announced that Toby Hiscock will be resigning from his position as CFO, effective from 1 September. He will be replaced by Shirley Garrood, COO.
20/07/2009

More than USD75m in losses for Bramdean

Bramdean Alternatives, the company led by Nicola Horlick, has lost more than USD75m on investments and currency movements, from its portfolio of GBP258m, in the twelve months to the end of March, the Financial Times reports, citing the financial statement. These losses include large write-downs related to the Madoff fraud.
20/07/2009

Schroders studying potential acquisitions in Europe

Le Figaro Economie reports that Massimo Tosato, vice president of Schroders, is on the lookout for potential acquisitions. “There are many opportunities for consolidation currently, due to global overcapacity in asset management. We are looking at some candidates in Europe, as this is a unique opportunity.” The director also says: “We are listed on the stock market in London, and we will not disclose our figures for first half until the end of the month, but I can already tell you that second quarter has been excellent for our company in terms of inflows.”
20/07/2009

Schroders regarde des dossiers en Europe

Selon le Figaro Economie, Massimo Tosato, vice-président de Schroders, est à l’affût d’acquisitions. «Il y a beaucoup d’opportunités de consolidation en ce moment en raison des surcapacités mondiales dans la gestion d’actifs. Nous regardons des dossiers en Europe car c’est une opportunité unique». Le dirigeant indique par ailleurs : «nous sommes cotés à Londres et nous ne communiquerons nos chiffres du premier semestre qu'à la fin du mois, mais je peux d’ores et déjà vous dire que le deuxième trimestre a été excellent pour notre société en termes de collecte».
17/07/2009

Popular, Bankinter and Ibercaja climb within the top ten

As of 31 March, Bankinter became the seventh-largest Spanish management firm, overtaking Sabadell. As of 30 June, Bankinter had assets of EUR5.33bn, compared with EUR5.19bn for Sabadell, Funds People reports. Popular began the year in sixth place, only EUR1m behind Gesmadrid, and during first half it overtook its competitor, and now claims a lead of EUR35m, with EUR7.59bn, compared with EUR7.56bn. It is catching up with Ahorro Corporación, whose assets stand at EUR7.78bn. Ibercaja, in tenth place as of the beginning of the year, is in ninth place at the end of June, with assets EUR3m higher than those of Barclays, both of which have EUR4.31bn overall.At the top of the rankings, BBVA is increasing its lead, with EUR32.62bn, compared with EUR28.46bn for Santander. The market share for the leader has increased to 20.37%, compared with 19.80%, while the market share for the number two in the rankings has fallen to 17.77% from 19.65%.
17/07/2009

Van der Moolen's CEO resigns amid losses

Van der Moolen Holding on Friday announced it is expecting a EUR7-8 millions operative loss for the second quarter. Because of the disappointing results, Richard den Drijver has decided, in the interest of the company, to step down as chairman of the Executive Board of Van der Moolen. After his resignation Mr. Den Drijver will however remain involved with the company as an advisor.The Supervisory Board shall for the foreseeable future act as Executive Board of Van der Moolen. Their focus will be to secure financing in the short-term, to return to the core activities and to continue to reduce costs, the company said in a statement.
17/07/2009

Capital increase at Janus

Janus Capital Group has announced that it is planning a capital increase for USD150m, in the form of ordinary shares, and USD150m in the form of convertible senior notes which will mature in 2014.The proceeds of the operation will be used to pass off up to USD400m of the company’s debts.
17/07/2009

S&P US Carbon Efficient ETF charges 0.5%

The newest ETF from x-trackers, which replicates the S&P US Carbon Efficient index, listed on the London Stock Exchange (see Newsmanagers of 15 July), carries a management commission of 0.50%. The product, registered in Luxembourg (LU0411076002), is based on an index which has a tracking error of 1.1% compared with the S&P 500, and which does not include the 100 companies of the S&P 500 that have the highest CO2 emissions relative to the size of the business. Db x-trackers also states that the benchmark index reproduces at least 50% of each sector of the S&P 500 index, and that the ETF invests in at least 375 companies of the S&P 500.
17/07/2009

Alarming deficit for British pension funds

Les Echos reports that a Deloitte study has found that businesses of the FTSE 100 will need a combined total of GBP300bn to cover deficits at their pension funds. This is more than double the GBP130bn shortfall observed at the beginning of the year. The trustees who supervise these pension funds have asked businesses to pay enormous amounts to cover losses on investments.
17/07/2009

Stefan Keitel moves up the ranks at CS Group

Stefan Keitel, already global CIO for the multi asset class solutions segment, has been appointed CIO and chairman of the investment committee for the private banking division of Credit Suisse. The appointment, announced on Thursday, is effective immediately. “Stefan Keitel will provide investment opinions and guidelines for short, mid, and long-term asset allocation for all client segments,” says a statement.Keitel will report to Vayloyan, head of private banking investment services and products, and will continue to report to Daniel Brupbacher, head of asset management multi asset class solutions.Keitel has worked at Credit Suisse since 2001. In 2004, he was appointed CIO for Credit Suisse business in Germany, and in 2008 he became CIO for all divisions in central Europe. From 2006 to 2009, Keitel was manager of Credit Suisse Asset Management Kapitalanlagegesellschaft GmbH and head of MACS in Germany.

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