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16/03/2009

Etats-Unis - L'appel de Madoff examiné le 19 mars

Après l’incarcération de Bernard Madoff, son avocat Ira Lee Sorkin a fait appel de la décision du tribunal fédéral de New York. L’appel de l’ex-courtier sera examiné jeudi 19 mars. Les Echos rappelle que l’ampleur de la fraude a été révisée à la hausse de 50 à 65 milliards.
16/03/2009

Monde - Fonds souverains, leurs atouts pour traverser la crise

Si les fonds souverains n’ont pas été épargnés par la crise, «ils apparaissent toutefois moins affectés que les autres investisseurs et disposent d’atouts que n’ont pas les autres pour traverser la tempête», analyse Les Echos. Leurs actifs auraient progressé de 18 %, à 3.900 milliards de dollars, en 2008.Et à la différence des hedge funds, ils utilisent peu l’effet de levier.
16/03/2009

France - Natixis : remous autour des bonus

Le montant des bonus versés aux collaborateurs de Natixis étaient attendus pour le 13 mars mais ils n’ont pas été dévoilés, rapporte l’Agefi. L’enveloppe de bonus a été réduite de 70 % à 75 % dans la BFI, avec une partie différée et, «épouvantés par la minceur de l’enveloppe proposée aux équipes (?), certains chefs de desk auraient décidé de négocier avec la direction», poursuit le quotidien. Certains contrats étrangers et l’impact du plan social sur le montant global des sommes à verser aux collaborateurs réduisent d’autant les sommes à répartir, précise l’Agefi, ce qui provoque un certain malaise social, notamment en France.
16/03/2009

Monde - Alex Stanic quitte BNY Mellon

Alex Stanic, gérant du Newton Global Opportunites, a démissionné et devrait rejoindre la boutique britannique River & Mercantile en tant que nouveau patron des actions, rapporte Citywire le 12 mars. L’intéressé gère aussi le BNY Mellon Global Equity et le BNY Mellon Global Intrepid.
16/03/2009

Autriche - Sonja Kohn (Medici) : "Je suis une victime de Madoff"

Dans un entretien téléphonique à Il Sole ? 24 Ore, Sonja Kohn, la fondatrice de Bank Medici, la banque autrichienne qui a perdu plus de 2 milliards d"euros dans la fraude Madoff, déclare : «je suis moi aussi une victime de Madoff, pas une complice». Celle qui fut «l"amie» de Bernard Madoff dément les rumeurs selon lesquelles elle se serait enfuie. «Je suis à mon poste à la banque et en contact continu avec les autorités américaines, notamment la SEC», affirme-t-elle.
16/03/2009

Etats-Unis - Faillie, AIG prime tout de même ses anciens responsables financiers

Selon Le Figaro, citant le Wall Street Journal qui a révélé l’information, l’assureur américain AIG va verser quelque 450 millions de dollars de primes aux responsables de ses activités financières pourtant à l’origine des pertes abyssales du groupe : 99,3 milliards de dollars l’an dernier. #Dans les hautes sphères de l’administration américaine, l’information a provoqué la colère des principaux conseillers économiques de Barack Obama#, assure Le Figaro.
16/03/2009

Etats-Unis - ING IM fusionne deux fonds immobiliers fermés

ING Investment Management a annoncé que les boards of trustees des fonds immobiliers fermés ING Clarion Real Estate Income Fund et ING Clarion Global Real Estate Income Fund ont approuvé la fusion de ces fonds. Ces derniers sont gérés par ING Clarion Real Estate Securities (11 milliards de dollars d’encours fin 2008).
16/03/2009

Etats-Unis - Depart du senior vice président de Legg Mason

Le vice-président exécutifs de Legg Mason, Peter Bain, va quitter la banque à la fin du mois, indique efinancial news. Les responsabilités de celui qui dirigeait la division asset management et qui a décidé de «saisir d’autres opportunités», seront partagées entre plusieurs personnes en interne.
16/03/2009

Etats-Unis - Daniel Sontag rejoint le board de BlackRock

Daniel C. Sontag, president de Merrill Lynch Global Wealth Management, a été nommé membre du conseil d’administration de BlackRock (1,3 billion de dollars d’encours fin décembre). Avec Brian T. Moynihan, president of blogal banking and wealth management de Bank of America, il remplace comme administrateur John Thain et Gregory J. Fleming, démissionnaires.
16/03/2009

Belgique - Fortis : expiration de la convention avec Ping An

Selon le site Boursorama, citant Reuters, Fortis a indiqué dimanche que la convention signé en 2007 avec l’assureur chinois Ping An et qui détient 4,99% de son capital, a expiré en fin de semaine dernière sans préciser les conséquences de cette implication.
16/03/2009

Belgique - Fortis : pas de dividende en 2008

Selon le site Boursorama, citant Reuters, Fortis a indiqué dimanche qu’il ne versera pas de dividende au titre de l’exercice 2008, lequel devrait se conclure par une perte de 22,5 milliards d’euros.
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.

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