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02/04/2009

Suisse - Julius Baer taille dans sa banque privée

Le directeur financier Dieter Enkelmann a indiqué que si les affaires du groupe continuent d'évoluer comme durant les deux premiers mois de l’année, les dépenses devront être réduites de 10-15 %, rapporte The Wall Street Journal. Cela équivaudrait à économiser CHF 279 millions, entre autres par une réduction d’effectifs dans la division banque privée qui a bénéficié depuis 2006d’une coûteuse expansion initialement couronnée de succès. Actuellement, Julius Baer emploi 4.335 personnes, dont 69 % dans le private banking.
02/04/2009

Royaume-Uni - OppenheimerFunds revoit son organisation

OppenheimerFunds va procéder à un certain nombre de modifications afin de renforcer ses activités de gestion. Parmi les mesures annoncées figurent notamment un renforcement des structures d’investissement et des fonctions de gestion du risque. La société envisage également des évolutions des fonctions de marketing et de vente qui permettront une communication plus efficace auprès de la clientèle. La société va ainsi créer deux nouvelles fonctions, un responsable des investissements (CIO) Equities et un responsable des investissements Fixed Income qui rendront compte directement auprès du CEO Bill Glavin. Le CIO actuel, Kurt Wolfgruber, a décidé en conséquence de quitter la société le 30 avril prochain.
02/04/2009

Suède - Un hedge fund s'ouvre aux particuliers

Brummer & Partners a abaissé le seuil d’entrée de son hedge fund multistratégies Brummer Multi-Strategy de 100.000 couronnes suédoises à 10.000 couronnes afin de permettre aux investisseurs particuliers d’y accéder, rapporte Privata Affärer.
02/04/2009

United States - First lawsuit against a Madoff feeder fund

The Massachusetts state market regulator has filed a vibil suit against Fairfield Greenwich, one of the feeder funds invested in Madoff, the Financial Times reports. William Galvin, the regulator, says there was a ?profound disparity? between the due diligence which Fairfield claimed it was carrying out and what it genuinely undertook.
02/04/2009

Italy - Management firms have less influence over businesses

In one year, assets in Italian equities funds have been halved, from EUR10bn to EUR4.6bn in January 2009, Il Sole - 24 Ore reports. This has had the effect of minimizing the influence of asset management firms belonging to the Assogestioni association on Italian businesses, particularly in terms of governance.
02/04/2009

Switzerland - Julius Baer scales back private bank

Julius Baer CFO Dieter Enkelmann has announced that if business at the group continues to evolve as it has in the first two months of the year, spending will have to be cut by 10-15%, the Wall Street Journal reports. That would mean cutting CHF279m in spending, partly through staff reductions in the private banking division, which since 2006 has been the subject of a costly and initially highly successful expansion. Currently, Julius Baer employs 4,335 people, of whom 69% are in private banking.
02/04/2009

Denmark - PFA acquires Nordic AM

PFA Pension in 2008 earned pre-tax profits of SEK3.5bn, or EUR460m, on its investments, thanks to an increase to its allocation to bonds, IPE reports. This has allowed the insurer (SEK219bn in assets) to acquire Nordic Asset Management (SEK28bn), making the firm able to offer asset management services to institutional investors.
02/04/2009

Switzerland - Net profits contract at Rothschild

The annual report from the Banque Privée Edmond de Rothschild SA, published on Thursday, shows net profits down 18.4% in 2008 to CHF201m, and a decline in returns on owners’ equity to 17.8%, compared with 22.3% in 2007. Net inflows contracted to CHF5.4bn, from CHF10.2bn, and total assets, including CHF8.45bn in assets counted twice, fell at the end of December to CHF82.3bn, from CHF100.27bn twelve months earlier, which represents a decline of 17.9%.The board of directors is proposing to pay an unchanged dividend of CHF1,200 per share to shareholders, for a total distribution of CHF108m.
02/04/2009

Switzerland - Net profits contract at Rothschild

The annual report from the Banque Privée Edmond de Rothschild SA, published on Thursday, shows net profits down 18.4% in 2008 to CHF201m, and a decline in returns on owners’ equity to 17.8%, compared with 22.3% in 2007. Net inflows contracted to CHF5.4bn, from CHF10.2bn, and total assets, including CHF8.45bn in assets counted twice, fell at the end of December to CHF82.3bn, from CHF100.27bn twelve months earlier, which represents a decline of 17.9%.The board of directors is proposing to pay an unchanged dividend of CHF1,200 per share to shareholders, for a total pay-out of CHF108m.
02/04/2009

France - LCF Rothschild: Bank of China pulls out

The Bank of China announced on Thursday that it will be calling off plans to acquire a 20% stake in the Compagnie Financière Edmond de Rothschild for EUR236.3m, of which EUR126m would have been tied to a capital increase, as the necessary regulatory approval was not obtained in time, according to Reuters. The transaction was announced on 18 September 2008, when it was announced that the Chinese bank would buy up shares in LCF Rothschild which had been held for three and a half years by the Caisse de Dépôt et de Placement du Québec.
02/04/2009

World - Eurosif and sister organisations call for sustainability incentives

Six organisations dedicated to responsible investment, including Eurosif, the European sustainable investment forum, have called on global leaders meeting in London for the G20 to integrate sustainability and social responsibility measures into their packages of economic incentive measures to bring short-term boosts and long-term reforms to the credit and investment markets. The other organisations are ASrIA, RIAA, Social Investment Forum, SIO and UKSIF.
02/04/2009

Spain - At least 60 funds exposed to CCM risk

The Bank of Spain’s bailout of the Caja Castilla-La Mancha (CCM) is good news for about 60 Spanish investment funds which held preferred shares in the savings institution as of the end of December worth about EUR325m, according to statistics from the CNMV reported in Expansión. Many of its funds are reputed to be managed conservatively, particularly bond and money market products, and especially the BBVA Dinero range. Expansión observes that, the number of funds concerned in the Lehman and Madoff affairs, respectively, were 129 and 39.
02/04/2009

Spain - Fund crisis seems to be nearing its end

After a dark year in 2008 in which assets fell by 30%, net redemptions in the first quarter for funds distributed in Spain were limited to EUR4.33bn (of which EUR1.59bn were in March), compared with EUR13.1bn in January-March last year, Cinco Días reports. This is not only due to the rebound of the stock markets: banks are putting less sales pressure on capturing savings deposits to the detriment of investment funds. According to Ahorro Corporación, the decline in assets may be limited this year to 15% to 20%, with totals of less than EUR150bn at the end of December, compared with EUR161.89bn at the end of March.
02/04/2009

France - FRR awards mandates for US and European equities

The French national pension fund, the Fonds de Réserve pour les Retraites (FRR), on Wednesday announced the results of two restricted RFPs launched in 2008 to renew some of its expiring mandates.For US equities (value style management), the FRR has selected Robeco Institutional Asset Management (financial management outsourced to Robeco Investment Management, Boston), and Wellington Management International (financial management outsourced to Wellington Management Company, Boston). The mandate is for a 4-year term, and the indicative overall total capital placed under management is approximately EUR500m.For its RFP for European equities (active small caps management), the FRR has selected Allianz Global Investors France (financial management outsourced to RCM, Frankfurt), Kempen Capital Management, Montanaro Fund Managers, Scottish Widows Investment Partners, and Threadneedle Asset Management.The mandate is also for a 4-year term, and the indicative total capital placed under management is approximately EUR600m.
02/04/2009

World - Hedge funds once again find favour with investors

Investors are returning to hedge funds, the Financial Times reports. Highbridge Capital Management, which was once the largest hedge fund in the world, has posted net subscriptions of USD1bn this year, of which USD225bn have come from its majority shareholder, JPMorgan. It finished the quarter with USD20bn in assets.
02/04/2009

Spain - Redemptions continue

Once again, assets in securities funds on sale in Spain fell in March. They contracted by EUR952m or 0.6% in one month, bringing them to a total of EUR161.89bn. Net redemptions totalled nearly EUR1.59bn, compared with EUR1.13bn in February, and EUR1.81bn in January, according to statistics from the Inverco association of fund management firms. That makes March the 21st consecutive month of net redemptions and declining assets.The top ten management firms in the country have all seen net outflows in March, with the heaviest outflows at Santander Gestión de Activos (-EUR664.25m, with EUR30.65bn in assets as of the end of February), Bansabadell Inversión (EUR244.44m, and EUR5.26bn), and BBVA Asset Management (EUR224.39m and EUR32.70bn).
02/04/2009

United States - Investors' appetite for risk is intact

Institutional investors in the United States have not lost their appetite for risk. A study by Casey Quark, cited by Financial Times Fund Management, finds that among traditional asset classes, active and aggressive strategies attracted more than USD300bn in the last three months of 2008.
02/04/2009

Italy - UIRE invests in Monza

Union Investment Real Estate on Wednesday announced that it has acquired the Monza shopping centre for about EUR142.6m from ImmobiliarEuropea SpA. The wholly leased property measures 28,000 square metres; it will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland. The primary tenant, with a 15-year lease, is the Auchan retail group.
02/04/2009

Sweden - Hedge fund opens to retail investors

Brummer & Partners has lowered the minimal investment for its multi-strategy hedge fund Brummer Multi-Strategy to SEK100,000, to allow retail investors access to it, Privata Affärer reports.
02/04/2009

Germany - AmpegaGerling adds to sales staff

AmpegaGerling, the fund management affiliate of the Talanx insurance group, announced on Wednesday that it has recruited Hauke Höfer as «Vertriebsdirektor». In his new position, he will be in charge of distribution of AmpegaGerling funds and funds of funds, as well as white-label funds. For the past ten years, Höfer has been one of the heads of ACMBernstein Germany.
02/04/2009

Germany - SGSS won nine mandates in 2008

Société Générale Securities Services (SGSS) on Wednesday announced that it won seven mandates from Master KAG entities (centralised fund administrators for institutional investors), and two outsourcing mandates in Germany in 2008 for its local affiliate SGSS KAG. The new mandates bring total assets under administration by SGSS funds in Germany to EUR55bn as of the end of 2008, a 20% increase over their levels twelve months earlier.
02/04/2009

Spain - Popular gives financial incentives for defections from competitors

Banco Popular has decided to offer between 0.35% and 1.25% of the amount transferred as a reward for clients who transfer assets previously deposited in funds from other asset management firms. The 0.35% bonus applies to AAA-rated government bond funds, while the 1.25% bounty will apply to equities funds, Funds People reports. To take advantage of the offer, clients must agree to leave their money in the funds for at least one year, either in the Popular fund selected or else in other funds from Popular Gestión.
02/04/2009

United Kingdom - Allfunds adds to research team

Allfunds Bank (Santander and Sanpaolo IMI) hasannounced that it is scaling up its research team in London, with the transfer of Cristobel López, senior analyst, from Madrid to the British capital, Funds People reports. López will join a team of 15 people, says Jamie Pérez-Maura, director of investment advising. The research team also has personnel in Madrid, Milan, and Luxembourg.
02/04/2009

United States - Cerberus proves to be creative

The private equity investor Cerberus has shown its creativity in a time of crisis: according to Handelsblatt, it is planning to create a fund whose subscriptions will be used to honour redemption demands from clients of one of its hedge funds. The hedge fund lost 16% in the first 11 months of 2008, and assets contracted by 3% in January-February 2009, to USD1.99bn.
02/04/2009

United States - US government extends program for money market funds

The Department of Treasury has again extended its guarantee program for money market funds, which currently covers assets of over USD3trn, this time until 18 September 2009. The program would have expired in 31 December 2008, but was extended until 30 April 2009, the Wall Street Journal reports. 18 September is the deadline beyond which the Treasury does not have authority to extend the program.
02/04/2009

Germany - DEGI goes green

DEGI (Aberdeen Property Investors group) announced on Wednesday that it will invest about EUR40m in the ?ecological? modernisation of the WestendGate property in Frankfurt, which is home to the Marriott hotel. Energy consumption will be reduced by 20%, partly thanks to the integration of solar panels into the face of the tower, which will get a complete facelift. The hotel will continue to operate during the construction work.
02/04/2009

Ireland - Assets in pension funds down 23% in 2008

The Irish Association of Pension Funds (IAFP) has announced in its annual report on asset allocation that assets in Irish pension funds at the end of December totalled EUR66.7bn, compared with EUR86.6bn twelve months earlier. This represents a contraction of 23%.The equities allocation for the fund totalled 47.8% of assets under management, compared with 66.3% at the end of 2007; market effects alone reduced this proportion to 54%, which shows that managers reduced their exposure to high-risk assets. Irish equities at the end of December represented only 3.5% of assets, compared with 8.2% twelve months earlier, and 12.4% at the end of 2003. However, allocation to bonds rose to 25.6%, compared with 18.5% at the end of 2007, while the cash allocation weighed 11.4% compared with 3.8%.The IAPF states that 70.8% of assets were managed in defined benefit (DB) pension schemes, while 27.3% were in defined contribution (DC) schemes. The percentage of assets in the latter type of scheme has virtually doubled in two years, from 14% in 2006.
02/04/2009

United States - CalSTRS lost 26.2% in 2008

The California State Teachers’ Retirement System (CalSTRS) has announced losses of 26.2% in 2008, while its benchmark was down by 25.5%, Global Pensions reports. Losses totalled 40.1% for the equities portfolio, and 8.6% for the private equity allocation, while allocation to US bonds produced returns of 0.2%.On three and five years, the fund lost 1.3% and gained 3.7%, while its benchmark lost 2.4% and gained 2.4%, respectively. Over ten years, CalSTRS outperformed its benchmark by 90 basis points, with gains of 3.7%.
02/04/2009

World - Sustainable investments in emerging markets represent USD300bn

According to a survey entitled ?Gaining Ground: Integrating ESG factors into investment processes in emerging markets,? by Mercer and the IFC (International Finance Company), global managers invested more than USD300bn in sustainable assets in emerging countries, of which USD50bn were labelled as SRI investments, and the remainder were billed as complying with ESG criteria, Global Pensions reports. This means that 10% of capital invested in emerging markets take into account factors related to SRI in one way or another.
02/04/2009

Germany - RREEF recruits a director from Cerberus

RREEF Management GmbH, the real estate and alternative management arm of Deutsche Bank, has announced the recruitment of Robert Cervinka, managing director of Cerberus Deutschland, and co-head of the European Real Estate Group at the private equity investment firm, as head of asset management and transaction for the German-speaking countries (Germany, Austria, and Switzerland).

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