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10/04/2009

Etats-Unis - JPMorgan critiqué pour son attitude à l?égard de Chrysler

Des activistes sociaux appellent à un boycott de JPMorgan Chase afin de protester contre l"attitude de la banque, qui refuse de faire grâce d"une partie de la dette Chrysler afin que le constructeur puisse se maintenir à flot comme le lui demande le gouvernement, rapporte le Financial Times. Les activistes, emmenés par le blog Firedoglake et le Progress Michigan, estiment qu"ayant reçu des milliards de dollars de la part des contribuables, JPMorgan doit aider à sauver des emplois chez Chrysler.
10/04/2009

Espagne - L'argent ne fuit plus hors des fonds

L’hémorragie subie par l’encours des fonds enregistrés en Espagne commence à se calmer, rapporte Cinco Días. Selon le directeur pour l’Espagne d’un grand gestionnaire international, les remboursements ont à présent cessé et les souscriptions reprennent parce que les dépôts bancaires ne rapportent presque plus rien et que les gens sont à l’affût de la moindre parcelle de rentabilité.
10/04/2009

Etats-Unis - Goldman Sachs va augmenter son capital

Afin de rembourser le prêt de 10 milliards de dollars que lui a fait le gouvernement, Goldman Sachs Group a l’intention de profiter des bonnes disposition du marché pour procéder à une augmentation de capital de plusieurs milliards de dollars qu’il pourrait -selon les proches du dossier- annoncer dès la semaine prochaine, rapporte The Wall Street Journal.
10/04/2009

Allemagne - Berlin envisagerait de créer une "bad bank"

L"Allemagne étudie la création d"une structure de cantonnement pour remettre sur pied Hypo Real Estate, les banques publiques ainsi que Commerzbank, indique L"Agefi. Toutefois ce projet doit être approuvé par le gouvernement de coalition.
10/04/2009

Asie - Les pays de l'ASEAN finalisent le montage de leur fonds d'urgence

Jeudi, les pays de l’ASEAN se sont mis d’accord au sommet de Pattaya sur le montant de leurs contribution au pool de devises qu’ils avaient décidé en février d’augmenter de moitié, à 120 milliards de dollars, rapporte Channelnews Asia. Le ministre des Finances thaïlandais a précisé que ce pool servira de ligne de crédit d’urgence pour les membres de l’ASEAN, qui fournira 20 % du montant total et qu’il sera créé avec l’assistance de la Chine, du Japon et de la Corée du Sud, lesquels apporteront le reliquat. L’Indonésie, la Malaisie, Singapour et la Thaïlande fourniront chacun 4,76 milliards de dollars et les Philippines apporteront 3,68 millions. Les cinq autres membres, à savoir Brunei, le Cambodge, le Laos, la Birmanie (Myanmar) et le Vietnam contribueront chacun en fonction de leurs réserves.
10/04/2009

Allemagne - Berlin envisagerait de créer une "bad bank"

L"Allemagne étudie la création d"une structure de cantonnement pour remettre sur pied Hypo Real Estate, les banques publiques ainsi que Commerzbank, indique L"Agefi. Toutefois ce projet doit être approuvé par le gouvernement de coalition.
09/04/2009

Luxembourg - Assets in funds down by nearly 30% last year

As of the end of 2008, assets in funds domiciled in Luxembourg totalled USD2.15trn, for a contraction of nearly 30% in one year, Lipper reports. The agency states that the number of funds increased at the same time by 10%, to a total of 12,102, in a sign of the continued interest of issuers in Luxembourg as a financial centre, despite the turbulence in financial markets. Assets under management in money market and ETF funds increased by 16% to EUR561.9bn, and by 59% to USD32bn.For specialised investment funds (SIF), assets fell to USD179.6bn, in 1,712 vehicles, compared with EUR205.4bn one year earlier. At the end of 2006, analogous products had only EUR104.7bn.The major fund administrators as of 31 December were JP Morgan Bank, with USD300.7bn in assets, followed by RBC Dexia and Fastnet, which had USD165.3bn and USD157.7bn, respectively. UBS Fund Services and European Fund Administation (EFA) placed fourth and fifth with USD132.5bn and USD129.8bn.
09/04/2009

France - FRR launches a RFP for a global exposure mandate

The French national pension fund, the Fonds de réserve pour les retraites (FRR), has launched a RFP to select a provider of financial management for a ?global exposure? mandate. ?The portfolio is intended to serve as an exposure tool for all asset classes the FRR invests in, according to need. It will be activated when it becomes necessary to temporarily replace deficient or lacking managers, or to allow rapid exposure to certain asset classes,? a statement explains. Interested management firms have until 15 May 2009, at 12:00 Paris time, to respond to the FRR.
09/04/2009

World - ETF assets down again in February

After a contraction of USD52.2bn in January, to USD658.8bn, assets in ETF funds worldwide fell again by USD67.77bn in February, to a total of USD593.03bn as of the end of the month, according to statistics from Barclays Global Investors (BGI). The number of ERTF funds totalled 1,603 compared with 1,602, with 2,720 funds, compared with 2,683, listed on 42 stock exchanges. Since the beginning of the year, assets under management in ETF funds fell 26.9%, while the MSCI World index in US dollars was down only 18.4%.With that said, net subscriptions to mutual funds other than ETFs represented USD152bn in January, while subscriptions to ETFs totalled USD12.9bn, Strategic Insight reports. As of the end of February, 679 ETF funds were in the process of planning or creation, compared with 613 one month earlier.
09/04/2009

World - Higher-risk funds perform well in first quarter

According to Morningstar, funds with higher risk profiles have performed well in first quarter, including high yield bond funds, equity small caps, and funds focused on Russia and Latin America.In specialised funds, the best performances were for precious metals, followed by technologies and industrial materials. Energy funds have also done well, with 0.65% gains.The contraction in the sector continued in the quarter under review, however. The number of share classes liquidated or merged has risen by more than 60% in one year, and merger and acquisition operations have increased.
09/04/2009

World - Hedge funds made gains in March, but less than US equities

The Wall Street Journal reports that the Hennessee group index of hedge funds shows performance in March of 1.4%, while US equities indices posted total gains of 7.7% and 11%. However, hedge funds largely managed to avoid the losses of January and February. This underperformance is due to the fact that sectors which had been sold short, such as financials, discretionary consumer products and materials, were the ones in which the rally was strongest.
09/04/2009

United States - Moody's revokes Berkshire Hathaway's AAA rating

On Wednesday, Moody’s downgraded its long-term rating of Berkshire Hathaway to ?AA2.? The issuer previously enjoyed a ?AAA? rating. The ratings agency explains that the downgrade is due to a degradation in the economic environment, and heavy declines on stock markets. The firm controlled by Warren Buffett has seen heavy losses on its portfolio, which includes financial sector shares such as Wells Fargo and American Express, the Wall Street Journal reports. Buffett is the largest shareholder in Moody’s, with a 20% stake.
09/04/2009

United States - Steven Niemczyk leaves UBS for BofA

Bank of America Merrill Lynch has announced that Steven Niemczyk will join the global corporate & investment banking division in June as global head of asset management investment banking in New York. Niemczyk was previously head of asset management investment banking at UBS in London. In his new position, he will report to Michael Rubinoff, head of global financial institutions corporate & investment banking.
09/04/2009

Switzerland - Partners Group to buy back equities

On Wednesday, Partners Group (CHF24bn in assets) released an announcement of its general assembly to be held on 30 April. It has been confirmed that dividends for 2008 will remain unchanged at CHF4.25 per share, and that Peter Wuffli, former CEO of UBS, is a candidate so succeed Robert Schenker as director.Partners Group is also proposing to undertake a round of share buybacks for up to a maximum of CHF140m, or 10% of capital, to cancel these shares, which will result in a corresponding decrease in capital.
09/04/2009

Spain - Half of funds made money in first half

According to VDOS Stochastics, about 50% of the 2,880 funds on sale in Spain finished first quarter in the black, particularly products specialised in emerging markets equities, which made an average of 4.42%, while international bonds made 1.9% and guaranteed/equities earned 1.12%, Cinco Días reports. However, many European equities funds suffered losses of over 20%. The best performance was for Altae Bricc, an emerging markets guaranteed fund from Caja Madrid, which earned a cumulative 24% in the first three months of the year. The fund which attracted the largest subscription volumes was BBVA Dinero FT Corto Plazo, with inflows of EUR521m in March.
09/04/2009

United Kingdom - iShares sale is imminent

The sale of iShares by Barclays to CVC Capital Partners may be announced as soon as Thursday, according to sources close to the deal cited by the Wall Street Journal. The operation will raise GBP3bn. The bank will retain a 20% stake in iShares, and will provide financing equivalent to 70% of the acquisition price.
09/04/2009

France - Economy shrank by an estimated 0.8% in Q1, according to BdF

Les Echos reports that the French central bank has lowered its ?negative growth? projection for first quarter to 0.8%, after a previous estimate of 0.6% negative growth in French gross domestic product. This estimate remains less pessimistic than Insee, who predicts negative growth of 1.5% in the first three months of the year.
09/04/2009

Spain - Private banking industry prepares for restructuring

In 2008, assets under management at private banks in Spain fell 20-30%, while profits fell by 79%, according to statistics published by the Spanish banking association, covering 10 institutions specialised in advising high net worth clients, Cinco Días reports. According to Luis Racionera, director of private banking at Banco Madrid, the sector is about to undergo a wave of concentration and cost reductions, which will involve staff cutbacks. Ana Figaredo, deputy director of Lombard Odier, agrees that excess competition will be likely to be reabsorbed, and that several private banks will be likely to opt for more specialised service, where they had previously tended to become product sales outlets. Manuel San Salvador, CEO at Banco Urquijo, also believes that there will be a wave of concentration. He predicts that salaries will be frozen, bonuses will be minimal, and fixed-term contracts will not be renewed, and early retirement will be enforced. In addition, the marketing budget will be cut by as much as 40%. Banif (Santander) admits that 2008 was a very negative year for the private bank; the bank is planning to listen more closely to clients and to recommend ?very safe» products.
09/04/2009

United States - CalPERS creates a risk management committee

Rob Feckner, chairman of the board of directors at CalPERS, has announced the creation of a new committee of the board in charge of the evaluation and management of risk in the governance and activities of the pension fund (USD174bn). The committee will include the chairs of the board’s other committees, George Diehr (investment), Henry Jones (investment policy), Priyah Matur (health benefits), Lou Moret (performance and pay scales), Tony Oliveria (finance) and Kurato Shimada (Benefits and Program Administration Committee). The first meeting of the new committee will be held on 20 April.
09/04/2009

United States - Eileen Rominger becomes global CIO of GSAM

According to an internal memo, Eileen Rominger, global head of fundamental equities management at Goldman Sachs Asset Management (GSAM) was appointed on Wednesday as global CIO, a position which did not previously exist, Pensions & Investments reports. Meanwhile, Steve McGuinness and Eric Lane have been appointed as co-COOs for the investments division, which includes GSAM and wealth management.
09/04/2009

United Kingdom - Skandia platform offers exclusive access to FAB+ Daily

Skandia Investment Group announced on Wednesday that it has obtained exclusive rights until at least September to distribute the Fulcrum Alternative Beta Plus Daily (FAB+ Daily) fund, which is now available on the Selestia Investment Solutions platform, along with the Life & Pension range of funds. The UCITS III compliant fund may invest in currencies, equities, commodities, and bonds, with the goal of outperforming the hedge fund universe. Fulcrum Asset Management is a management firm led by Gavyn Davies, former partner and chief economist at Goldman Sachs. The FAB+ Daily aims to offer the advantage of diversification in the alternative investment space, but at a lower price than those typical of hedge funds.
09/04/2009

Hong Kong - Church Pension Fund opens first office in Asia

Eric Mason is leaving Carlyle Group to manage the new office of the Church Pension Fund (USD8bn) in Hong Kong, according to sources close to the case. The Wall Street Journal reports that it is the first Asian office for the pension fund of the Episcopal Church, and than Eric Mason will work with the investment management team in New York in all asset classes, including hedge funds, private equity, and real estate. He will report to William Cobb, a former vice chairman of J.P. Morgan Investment Management, who has become CIO of the Church Pension Fund.
09/04/2009

United Kingdom - VCM cancels exit fees

The London-based alternative management firm VCM Fund Management, which has a strategic distribution agreement with Robeco, has announced that it is cancelling all fees on exit and transfer for the six single hedge funds on its platform, with immediate effect. Five of these funds posted positive returns in 2008.
09/04/2009

United Kingdom - Candover freezes investments in one of its funds

The UK private equity investor Candover has announced that its EUR3bn private equity fund launched in 2008 is suspending new investments, as revenues from sales of holdings are not enough to finance new investments, Handelsblatt reports. Meanwhile, Candover and Cinven are seeking an additional investor to take over a stake of less than 50% in the German publishing house Springer Wissenschaftsverlag for EUR500m, according to sources in financial circles. Candover and Cinven bought Springer from Bertelsmann six years ago for more than EUR1bn. They then merged it with Kluwer Academic Publishers, which had been previously acquired for EUR600m from Wolters Kluwer of the Netherlands.
09/04/2009

France - Wilfrid Pham appointed director of equities management at Natixis AM

Wilfrid Pham has been appointed director of equities management at Natixis Asset Management. Pham joined Natexis Asset Management in 2004 as head of international management. In 2007, he was promoted to head of modelled management and insurance management of European equities at Natixis Asset management, while maintaining charge of Japanese equities management. He then became co-head of equities management.
09/04/2009

Germany - comdirect acquires ebase

For EUR24.9bn, comdirect bank has acquired European Bank for Fund Services (ebase) from Commerz Asset Management Holding. The two entities belong to the Commerzbank group.ebase, which employs about 250 people, is a platform offering custodial services to independent financial services providers and insurance companies.With its acquisition of ebase, comdirect will have more than 2 million clients with assets of about EUR30bn.

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