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17/03/2009

Suisse - Les banques allemandes dans l?expectative

Selon L"Agefi suisse, les attaques répétées du gouvernement allemand contre le secret bancaire et la décision, vendredi, de Berne de renforcer l"échange d"informations avec d"autres pays sur «demande concrète et justifiée» inquiètent les filiales suisses des banques allemandes. Les groupes allemands attendent déjà de voir si la Suisse va signer un accord unique pour l"ensemble des membres de l"Union européenne ou si des ententes seront négociées pays par pays. Deutsche Bank emploie la bagatelle de 1000 salariés à Zurich, Genève, Lugano et St. Moritz. Ses filiales, Bank (Switzerland) Ltd et Rüd, Blass & Cie, gèrent, à elles seules, un portefeuille d"actifs supérieur à 55 milliards de francs. Depuis son rachat par Commerzbank, Dresdner Bank a vu ses effectifs passer à 293 collaborateurs en Suisse. L"an dernier, son bénéfice a bien résisté à la crise puisqu"il a baissé de 4% à 28,8 millions de francs pour un total d"actifs de 9,4 milliards de francs.
17/03/2009

Suisse - Secret bancaire : une facture de 75 milliards de francs

Selon L"Agefi suisse, une étude de Citigroup avance que le nouvel accord avec l"OCDE sur le secret bancaire pourrait entraîner une baisse des actifs sous gestion des cinq plus grandes banques de Suisse de quelque 75 milliards de francs. L"accord devrait concerner près de 31 % de la clientèle «private banking» d"UBS, soit 269 milliards de francs sur une masse totale de 870 milliards. Les auteurs estiment la perte potentielle encourue à environ 4 % de la somme globale pour le premier établissement suisse, correspondant donc à quelque 35 milliards de francs. Pour son concurrent Credit Suisse, la facture serait inférieure à 20 milliards. Julius Bär et EFG International seraient les établissements les plus touchés par l"assouplissement des conditions-cadres. Près de 30 % des bénéfices totaux de ces dernières dépendraient de sites offshore en Europe et aux Etats-Unis. L"impact se monterait à 11 % des actifs sous gestion dans le private banking pour Julius Bär, et à 7 % chez EFG International. La perte potentielle pour les deux groupes atteindrait respectivement 7 % et 6 %.L"impact reste toutefois limité puisque les affaires offshore européennes d"UBS et Credit Suisse ne comptent plus que 24 % à 29 % de leurs actifs en gestion de fortune, contre plus de 50 % en 2001.
17/03/2009

Suisse - La Finma refuse une side-pocket pour le Matterhorn

L’Autorité suisse de surveillance des marchés (Finma) a rejeté la demande de la banque privée Reichmuth de créer une side-pocket pour son fonds de hedge funds «madoffé», le Matterhorn, rapporte la Börsen-Zeitung. De ce fait, le fonds de fonds a été dissous.
17/03/2009

Suisse - La place doit s?inspirer de modèles financiers reconnus

Dans un entretien à L’Agefi suisse, le président de l"Association des banques étrangères en Suisse (AFBS), Alfredo Gysi, estime que les filiales étrangères implantées en Suisse ne risquent pas de perdre leur avantage compétitif " à partir du moment où toutes les places financières concurrentes de la Suisse s"adaptent aux mêmes conventions. A mon avis, le pays gagne même en attractivité en suivant le courant dominant ". De son point de vue, «cette évolution était nécessaire pour conserver le secret bancaire en tant que secret professionnel du banquier. Elle n"entraîne absolument pas la fin de la protection de la sphère privée ". Toutefois, «le pays n"a aucun avantage à aller plus loin que ce qui existe déjà. La Suisse a simplement intérêt à importer et adapter des modèles reconnus par la communauté internationale. Le système des trusts à l"anglo-saxonne me paraît une alternative convaincante. Au vu des négociations prochaines, il faudra également préparer des concepts qui reposent sur le principe de la retenue à la source. De manière plus générale, le monde bancaire suisse doit s"atteler à développer des modèles où le secret professionnel et la protection de la sphère privée sont bien distinct de l"évasion fiscale, de manière à ce que le pays ne puisse pas être attaqué sur ce front, à l"avenir».
17/03/2009

Europe - Consultation du CESR sur les informations clés du futur prospectus

Le Comité européen des régulateurs de marchés (CESR) lance une consultation jusqu’au 15 mai sur des aspects techniques concernant le document d’informations clés (ou KID, Key Information Document), qui doit remplacer le prospectus simplifié dans le cadre de la directive Ucits. La consultation concerne plus particulièrement les informations sur les risques et avantages (avec l’option d’un indicateur synthétique), les données des historiques de performance et les scénarios de performance (pour les fonds structurés), et enfin, les commissions (coûts de transactions, commissions de performance, harmonisation des méthodes de calcul).A la lumière des résultats de la consultation et des tests réalisés par la Commission, le CESR formulera l’ensemble de ses propositions sur le document d’informations et envisage de lancer une consultation à ce sujet à l'été 2009.
17/03/2009

Monde - L'AMF sanctionne des délits d'initié sur le titre Diwan

Selon Les Echos, l’Autorité des marchés financiers (AMF) a détecté et sanctionné par une amende de 345.000 euros une série de manquements d’initiés sur le titre du Groupe Diwan, racheté en juillet 2006 par France Télécom. «L’affaire implique plusieurs membres et proches de la famille de Daniel Derderian, fondateur de cette PME de services de gestion et de sécurisation des infrastructures systèmes, réseaux et télécoms», explique le quotidien.
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

United States - Deutsche Bank attacks Reserve Management

Ignites relays reports in Financial Times Deutschland that Deutsche Bank is suing Reserve Management in the United States for a refund of USD72.2m which were invested in the Reserve Primary Fund. On the morning of 15 September, before the Lehman Brothers bankruptcy, the German bank ordered a redemption of USD500m, and received verbal consent - but they only got USD428m the next day.
16/03/2009

Norway - Government pension fund puts Siemens under surveillance

Kristin Halvorsen, the Norwegian finance minister, has decided to place Siemens under observation due to systematic large-scale corruption practiced by the group over many years. This may lead to the firm being expelled from the portfolio of the Government Pension Fund - Global, formerly known as the Oil Fund. ?Even so, Siemens is now in the eye of public opinion, and has begun rolling out a series of anti-corruption measures. Putting the firm under observation will allow the Fund to maintain pressure to incite the German group to continue its efforts in the fight against corruption,? the Norwegian minister stated.As of 31 December 2008, the Government Pension Fund - Global held NOK6.3bn in Siemens shares, which represent 1.34% of voting rights in the firm.
16/03/2009

Switzerland - SFA wants to see reciprocal agreements with EU markets

The Swiss Fund Association (SFA) on Friday welcomed propositions by the Federal Council to provide administrative assistance on tax-related questions. Gérard Fischer, chairman of the SFA, says that in return, the Swiss government should ask for access to markets for Swiss actors, in order to connect Switzerland to European OPCVM markets in particular. Matthäus den Otter, president of the SFA, declares that discrimination against Switzerland practised by other states such as Germany and Italy should be stopped.
16/03/2009

World - Alex Stanic leaves BNY Mellon

Alex Stanic, manager of the Newton Global Opportunities fund, has resigned, and is expected to join the British management boutique River & Mercantile as its new head of equities management, Citywire reports on 12 March. Stanic also managed the BNY Mellon Global Equity and the BNY Mellon Global Intrepid.
16/03/2009

Sweden - Funds post net subscriptions of SEK2bn

In February, Swedish funds posted net subscriptions of SEK2.1bn, largely thanks to net inflows of EUR1.1bn to equities funds, the Swedish investment fund association (Fondbolagens Förening) states.Hedge funds and diversified funds posted net inflows of SEK0.6bn and SEK0.2bn, respectively. Money market funds are also in positive territory (+SEK0.3bn), while bond funds have seen net outflows of SEK0.1bn.
16/03/2009

World - Hedge fund sector shrank in 2008

According to the most recent Investhedge Billion Dollar Club survey, assets in hedge funds contracted by about 30% in 2008, and losses averaged 16.63%. The largest funds of hedge funds, those with more than USD1bn in assets, had assets under management at the end of last year of USD744bn. There were 137 of them at the end of December, compared with 164 one year previously. The three actors with more than USD30bn in assets are UBS Global Asset Management with USD34bn, Union Bancaire Privée with USD33bn, and HSBC Alternative Investments with USD31.88bn.
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 - 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

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

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.

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