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20/03/2009

United States - UBS affair: Swiss lawyers and accountants targeted

US federal authorities are now planning to extend their investigations to include lawyers and accountants in Switzerland and the United States who are thought to have advised UBS on the best financial tricks to avoid having to expose its American clients, the New York Times reports on its website. The investigation will focus on three people.
20/03/2009

Italy - Intesa will not pay dividends

Intesa Sanpaolo has decided not to pay a dividend, Il Sole - 24 Ore has learned. The decision is reported not to be related to results, as the firm is expected to turn a profit, but rather to a decision to give more priority to strengthening the group’s financial underpinnings. In addition to this, the firm is expected to receive up to EUR4bn in funds from the Italian government, via a bond issue.
20/03/2009

France - Allocation to equities at Carmignac Patrimoine close to a net 0%

Eric Le Coz, chief strategist at Carmignac Gestion, explains in an interview with Die Welt that the Carmignac Patrimoine fund, which has earned 10% returns since the Lehman bankruptcy while the Dax has lost 40%, continues to have a highly defensive orientation. About 80% of the portfolio is invested in bonds, mostly in various government bonds. The issuers include, in large part, France, Germany, and to a lesser extent the United States. The average duration of government bonds in the portfolio has been reduced to account for risks related to rising government debts.In addition to this, the fund is invested in corporate bonds.The 20% allocation to equities is covered by contracts on indices, meaning that the final proportion of equities in the portfolio is close to 0%. This percentage will not increase until Carmignac concludes that the financial system and real estate markets in the English-speaking countries have stabilised.
20/03/2009

Austria - Bank Medici shuts down

Bank Medici announced on Thursday that one day earlier it notified the Austrian financial market surveillance authority (FMA) that its supervisory board had taken the decision to discontinue the banking license of the ?Madoffed? establishment.A statement on the firm’s website says that the Madoff fraud caused significant damage to the bank, and that in the current environment, it is not possible to develop substantial new banking activities that would be able to compensate for those which have been lost.Bank Austria (UniCredit group) has announced that its 25% stake in Medici has fallen to EUR1.5m in value, for its part, the Standard estimates that Medici’s real exposure to Madoff was not EUR2.1bn, but more than EUR3.6bn, of which EUR2.5bn belonged to the Herald USA fund, and EUR1.1bn to the Thema International fund.
20/03/2009

Germany - cominvest overhauls product range

cominvest Asset Mangement, which passed into the ownership of Allianz Global Investors (AGI) on 1 January 2009, on Thursday announced the closure of eight funds, including three Luxembourg funds (CB World Funds EURO STOXX 50 Basket A, CB World Funds EURO STOXX 50 Basket cominvest I and CB World Funds USA DJI 30 Basket A) on 31 May. Five German-registered funds will be liquidated in second half: on 30 September, the GlobalMastersFund and the cominvest Incofonds will close, and then on 31 December, cominvest will close the cominvest GreatSelection 50, the cominvest Kommunal-Corent, and a product from Main Kapital entitled MK Asia-Pazifik.The management firm has also announced that on 15 March, it will merge the six horizon funds of the cominvest-Life-Liberty range with two classes of shares in the Commerzbank allstars-anlage Chance P.
20/03/2009

United States - SEC sues former CIO of a major pension fund

Pensions & Investments reports on Thursday that the SEC has filed a lawsuit in a New York court against David Loglisci, former CIO of the pension fund New York Common Retirement Fund (USD138.4bn in assets), and Henry Morris, a political advisor, for accepting bribes totalling several million dollars from private equity firms and hedge funds between 2003 and 2006. The payments were intended to incite the pension fund to invest in the funds concerned. Morris alone is claimed to have pocketed USD15m in kickbacks.
20/03/2009

United States - Mihir Worah (Pimco): Now is the time to buy TIPS

Mihir Worah, manager of the Pimco Real Return Fund (PPRIX, USD11.28bn), says projected buybacks of US Treasury bonds by the Fed will increase the appeal of bonds which offer protection against inflation, the Wall Street Journal reports. By buying these TIPS, the Fed is seeking to avoid the threat of deflation. On Thursday, the break-even rate for 10 years, which is the spread between normal Treasury bonds and TIPS, stood at 132 basis points; it has risen by 10 bp since the announcement of the Fed’s buybacks on Wednesday, and it was negative at the end of last year, when deflationary fears were at their peak. The Pimco (Allianz group) manager predicts that the TIPS break-even rate will stabilise somewhere in the 100-150 bp range in the next months, and will top 200 bp in 12 months. The PPRIX returned 7.46% for the three months to the end of February, compared with 4.64% for the benchmark, the Barclays Capital U.S. TIPS Index.
20/03/2009

United States - WaMu drags down TPG

Handelsblatt reports that the latest fund from TPG, which raised USD19bn, has suffered losses of nearly half a billion dollars on its stake in Washington Mutual (WaMu). In total, the private equity investor invested USD1.35bn one year ago, from three funds, but the investment lost virtually all of its value when WaMu was bailed out by JP Morgan in September.
20/03/2009

United Kingdom - M&G posts EUR3.6bn in inflows in 2008

M&G Investments, an affiliate of the insurer Prudential, has posted net subscriptions of EUR3.6bn in 2008, while gross inflows totalled EUR17bn.?In open-ended fund activities, the group has experienced strong inflows to bond products (EUR1.5bn, compared with EUR200m), which have offset a slowdown in inflows to equities funds, which declined from EUR1.8bn in 2007 to EUR700m last year,? according to a statement.Due to the falling markets, M&G has nonetheless seen a decline in its assets of 15% to EUR148.5bn. Profits totalled EUR239m, an increase of 12% compared with the previous year.
20/03/2009

Germany - F&C releases Active Return fund

F&C Investments has added a product to its range available in Germany, entitled F&C Active Return (see Newsmanagers of 20 October 2008). The fund aims to generate outperformance, after fees, of 200-400 basis points over the risk-free rate. The product is a sub-fund of a Luxembourg-registered Sicav and is managed by Stephen Crewe and Chris Childs of F&C Alternative Investments, and has daily net asset value reporting and a simple fee structure, which differentiates it from hedge funds. Shares are available in pounds Sterling and in Euros for institutional investors, and in exclusively in Euros for retail investors. The managers will use three main strategies: first, they may use options as part of a market neutral approach; secondly, they may play volatility; lastly, they may bet on variance, correlation, and implicit dividends.For retail investors, front-end fees may be up to a maximum of 5%, and management commission is 1.5% (1% for institutional investors).
20/03/2009

Brazil - Anti-slavery initiative

HSBC Global Asset Mangement, Banco Real Asset Management and Unibanco Asset Management are part of a group of managers who will send a letter to all companies listed on the Brazilian stock exchange, Bovespa, to make them aware of the commercial, financial and publicity risks associated with slavery and indentured labour, Responsible Investor reports. The letter encourages publicly traded companies to sign up to a Brazilian national pact to eliminate slavery, which is being promoted by the International Labour Organization (ILO), Ethos, and the NGO Reporter Brazil. Managers are also calling on businesses to require their suppliers to adhere to the pact and to set up monitoring mechanisms.
20/03/2009

World - UNCTAD declares war on speculation

Heiner Flassbeck, chief economist for the United Nations Conference on Trade and Development (UNCTAD), wants to put an end to speculation. ?The war on excessive speculation will bring new rules to rein in the financial markets and their fictitious products. The UNCTAD also recommends that a monetary system be put in place that prohibits speculation on currencies,? Le Temps reports. The UNCTAD is also calling for new regulations to limit financial speculation on commodity markets, and is asking the United Nations, ?the only universal and credible institution,? to reform global governance.
20/03/2009

France - CAAM and SGAM favourites of institutional investors

In 2009, Crédit Agricole Asset Management tops the rankings of management firms by Amadeis, followed by Société Générale Asset Management, with which it will soon be merging. The eighth edition of the rankings is based on a survey conducted in January and February 2009 of 60 French institutional investors and distributors representing more than EUR500bn in assets.The two firms were also at the top of the list in 2008, although at that time SGAM was the leader.This year, the rankings puts affiliates of banking groups in all three top spots, with BNP Paribas in third place. The firm is appreciated for its money market management, while CAAM is top for Euro fixed income. Independent management firms are not absent from the rankings, with four such firms in the rankings by asset class. La Française des Placements is well-liked for its diversified management, Sycomore for Euro zone equities, Carmignac Gestion for international equities, and HDF for alternative management. UFG-Sarasin is in first place for SRI management, and Axa IM finishes first for marketing and sales.In the first months of 2009, investors have shown a strong interest in corporate bonds: three quarters of them are planning to increase their allocations to this area in 2009, Amadeis reports. 45% of respondents are planning to increase their allocation to equities. The crisis has strengthened interest in ETFs for 38% of investors in ETFs, and in responsible investment for 29%.
20/03/2009

France - Institutionals wary of Luxembourg funds

More than one out of two institutional investors (54%) say they are prepared to reconsider their investments in Luxembourg-registered funds, according to an Amadeis survey of 60 French institutional investors and distributors representing more than EUR500bn in assets. The Madoff scandal has affected funds of this type. Similarly, 50% of investors say they are now wary of alternative management.In addition to the Madoff fraud, the crisis has also affected the behaviour of institutional investors. Although the vast majority of institutional investors (81%) are happy with their relationships with management firms, 19% of investors are now unsatisfied with their providers, compared with 10% in 2008 and 3% in 2007. Poor performance is a leading cause of this dissatisfaction.However, the crisis has strengthened interest in ETFs for 38% of investors and in responsible investment for 29%.
20/03/2009

United Kingdom - Weavering Capital liquidates its fund

The hedge fund Weavering Macro Fixed, managed by Weavering Capital, went into liquidation on Thursday night, the Financial Times reports. The fund’s primary asset was a USD637m position on derivatives placed with an offshore firm controlled by the founder and CEO of the fund, Magnus Peterson.
20/03/2009

Italy - UniCredit open to sale of part of Pioneer

Alessandro Profumo, CEO of UniCredit, has stated that he is open to the idea of reducing the bank’s stake in its asset management affiliate Pioneer Investments, Ignites reports on 19 March, citing Reuters.
20/03/2009

United Kingdom - Two more New Star managers join Henderson

The multimanagers Mark Harris and Craig Henderson will join Henderson Global Investors (HGI) once the acquisition of New Star by HGI has been completed, which is expected in early April. According to Investment Week, the two new recruits will join Bill McQuaker, director of multi-management at HGI. Harris predicts that Robert Jeffree, who manages the Asian multi-management portfolio, and Brad Housom, an analyst, may also join HGI.However, Clare Bryant, who manages the European multi-management portfolio, has left New Star for Merer Consulting.
20/03/2009

World - Record number of hedge fund liquidations in 2008

In an environment in which net redemptions topped USD150bn in the period under review, 778 hedge funds were liquidated in fourth quarter, compared with 344 in third quarter, according to Hedge Fund Research (HFR). In total, Hedge Week reports, the number of liquidations in 2008 as a whole reached a record 1,471, 70% more than the previous record (848) in 2005. The number of funds of hedge funds liquidated also set a record last year, at 275.Meanwhile, the number of new hedge funds launched fell to 659, its lowest level since 2000. 2008 was also a record year for the range of different performances, with a difference of nearly 100 basis points separating the top and the bottom tenths of the scale.
20/03/2009

Switzerland - Reduction in losses at SBP

Société Bancaire Privée SA (formerly known as Société Financière Privée SA) on Thursday announced that its losses in 2008 were limited to CHF0.5m, compared with CHF6m in 2007. Other details of the firm’s annual results will be released in April, in time for the firm’s general assembly on 23 April. Since 2007, SBP has been majority owned by Banca Profilo, a firm based in Milan.In a statement, the firm said it had ?continued restructuring efforts in 2008, which allowed it to consolidate its position in the area of Private Banking and to ensure a healthy basis for future development.?
20/03/2009

United Kingdom - Bond funds still lead in sales

According to the Cofunds platform, bond funds in February continued to lead other categories for subscriptions in February. Among the five products most in demand are three funds from M&G - the Strategic Corporate Bund A Fund (1st), Corporate Bond A Fund (3rd) and Gilt & Fixed Interest Income A Fund (4th), while the Invesco Perpetual took second place with the Corporate Bond Fund, and fifth place, with the High Income Fund. As in January, four of the 20 top sellers, including the top three, were corporate bond funds. The number of pure bond funds in the rankings of the top 20 funds by sales nonetheless fell in February to 6, compared with 9 the previous month.
20/03/2009

United Kingdom - FSA seeks to regulate pay of IFAs and managers

The Financial Services Authority (FSA) on Wednesday published a consultation document which proposes to extend the obligation to respect its code of conduct in relation to pay scales to include fund managers and intermediaries such as IFAs. The market consultation will close on 18 June. In general, the code of conduct requires financial establishments to put in place pay policies which are compatible with effective risk management. The extended application of the code of conduct would aim to avoid conflicts of interest which may drive managers or IFAs to sell the products to clients which charge the highest fees, without regard to the interests of the investor.
20/03/2009

Etats-Unis - Pour Mihir Worah (Pimco), c'est le moment d'acheter des TIPS

Selon Mihir Worah, gérant du Pimco Real Return Fund (PPRIX, 11,28 milliards de dollars), les achats projetés d’obligations du Trésor américain par la Fed augmentent l’attrait d’obligations qui offrent une protection contre l’inflation, rapporte The Wall Street Journal. En achetant ces TIPS, la Fed cherche à éviter le danger d’une déflation. Jeudi, le break-even rate à 10 ans, qui est le spread entre les Treasuries normaux et les TIPS, est ressorti à 132 points de base (pb): il a augmenté de 10 pb depuis l’annonce des achats par la Fed mercredi. Et il était négatif en fin d’année dernière, lorsque les craintes d’une déflation étaient à leur pic. Pour le gérant de Pimco (groupe Allianz), le break-even rate des TIPS va se stabiliser dans une fourchette de 100-150 pb dans les prochain mois et dépasser les 200 pb à l’horizon de 12 mois. Le PPRIX affiche pour les trois mois à fin février une performance de 7,46 % contre 4,64 % pour le benchmark, le Barclays Capital U.S. TIPS Index.
20/03/2009

France - CAAM et SGAM en tête des sociétés préférées par les institutionnels

En 2009, Crédit Agricole Asset Management arrive en tête du Palmarès des sociétés de gestion publié par Amadeis, juste devant? Société Générale Asset Management, avec laquelle elle va fusionner. Ce classement, dont c"est la huitième édition, est réalisé sur la base des opinions recueillies en janvier et février 2009 auprès de 60 investisseurs français -institutionnels et distributeurs- représentant plus de 500 milliards d’euros.Les deux sociétés étaient aussi sur les deux premières marches du podium en 2008, à la différence près que SGAM était devant. Cette année, le palmarès consacre les filiales de gestion de groupe bancaire, puisque BNP Paribas est classée troisième. La société se trouve aussi récompensée pour sa gestion monétaire, tandis que CAAM est première pour les taux euro. Les sociétés de gestion indépendantes ne sont pas en reste, puisque quatre d"entre elles se trouvent en tête des classements par classe d"actifs. Ainsi, La Française des Placements est prisée pour sa gestion diversifiée, Sycomore pour les actions euro, Carmignac Gestion pour les actions internationales et HDF pour la gestion alternative. A noter que UFG-Sarasin se classe première pour la gestion ISR et Axa IM pour le marketing-vente. En ce début d"année 2009, les investisseurs manifestent un intérêt fort pour les obligations d"entreprises : trois quarts d"entre eux envisagent de renforcer cette poche dans leur allocation d"actifs en 2009, note Amadeis. Ils sont 45 % à souhaiter se renforcer sur les actions. La crise a par ailleurs renforcé l"intérêt de 38 % des investisseurs pour les ETF et 29 % pour l"investissement responsable.
20/03/2009

Allemagne - F&C commercialise son fonds Active Return

F&C Investments a complété sa gamme disponible en Allemagne avec le F&C Active Return (lire notre dépêche du 20 octobre 2008) qui est censé générer une surperformance après frais de 200-400 points de base par rapport au taux sans risque. Le produit, compartiment d’une Sicav de droit luxembourgeois, est géré par Stephen Crewe et Chris Childs, de F&C Alternative Investments, et il affiche liquidité journalière ainsi qu’une structure de frais simple, ce qui le différencie d’un hedge fund. Les parts sont disponibles en livres et en euros pour les institutionnels, en euros uniquement pour le retail.Les gérants mettent en oeuvre trois stratégies principales : d’abord, ils peuvent utiliser les options dans une approche market neutral ; ensuite, ils travaillent la volatilité ; enfin, ils ont la possibilité de miser sur la dispersion, la corrélation et les dividendes implicites.Pour les particuliers, le droit d’entrée peut atteindre 5 % maximum et la commission de gestion ressort à 1,5 % (1 % pour les investisseurs institutionnels).
20/03/2009

Etats-Unis - Affaire UBS: des avocats et des comptables suisses visés

Les autorités fédérales américaines s"apprêtent à étendre leur enquête à des avocats et à des comptables en Suisse et aux Etats-Unis qui auraient avaient conseillé UBS sur les meilleures astuces fiscales pour ne pas déclarer des clients américains, affirme le New York Times sur son site internet. L"enquête se concentre sur trois personnes.
20/03/2009

Allemagne - DekaBank : pour l'instant pas de quitus pour le directoire

Le conseil d’administration de DekaBank a accepté jeudi la proposition du directoire de ne pas statuer sur le quitus aux membres du directoire tant que les deux enquêtes menées par PwC (pour le directoire) et Deloitte & Touche (à l’initiative du président du conseil d’administration) n’auront pas été entièrement bouclées. Jusqu'à présent, elles n’ont produit aucun indice d’entorse aux règles bilancielles, précise le communiqué.Le conseil d’administration du gestionnaire d’actifs des caisses d'épargne allemandes a par ailleurs approuvé les comptes de 2008 qui ont été révisés le 27 février et qui font apparaître un bénéfice économique de 71,5 millions d’euros au lieu des 167,9 millions annoncés le 12 février. Cette révision à la baisse du résultat a provoqué les deux enquêtes mentionnées plus haut.
20/03/2009

Allemagne - DekaBank change le COO de sa branche gestion d'actifs/immobilier

Burkhard Dallosch, l’un des dirigeants de l’Office de promotion de la construction de logements résidentiels de la NRW Bank, a été nommé COO de la division gestion d’actifs/immobilier (AMI) de DekaBank. Il remplace Josef Schultheis, qui part diriger Modalis Management à Berlin pour se spécialiser à nouveau sur les dossiers de restructuration.

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