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04/03/2009

Italie - Generali pourrait renoncer à la bancassurance

Selon La Tribune, l’assureur italien va probablement choisir de ne pas renouveler son partenariat avec la première banque italienne Intesa Sanpaolo pour la vente de produits d’assurance-vie et il devrait l’annoncer lors de son conseil d’administration du 20 mars prochain. De même, poursuit le quotidien, l’accord avec la Commerzbank ne serait pas renouvelé en 2010.Du fait des résultats décevants dans la bancassurance, " Generali préfère muscler ses propres réseaux de distribution», explique notamment La Tribune.
04/03/2009

France - Le bénéfice de Crédit Agricole SA s'écroule

Par voie de communiqué, le Crédit Agricole SA a indiqué mercredi matin que son bénéfice 2008 recule de 75% à 1,024 milliards d’euros, du fait de provisionnements et d’une perte au T 4. Au 4ème trimestre 2008, le résultat net part du Groupe est négatif de - 309 millions d’euros. Le ratio Ratio Tier 1 se monte à 9,1 %, dont 8,0 % pour le Core Tier 1. Concernant le groupe Crédit Agricole, le résultat net part du Groupe 2008 ressort à 2,5 milliards d’euros. Le produit net bancaire recule de 3,9% sur un an à 28,5 milliards d’euros, le dynamisme commercial des activités de Banque de détail compensant l’impact négatif des marchés.Le Conseil d"administration proposera à l"Assemblée générale du 19 mai 2009 un dividende de 0,45 euro par action, payable en numéraire ou en actions.
04/03/2009

France - L'Edhec lance une chaire sur les fonds souverains

L’Edhec Risk and Asset Management Research Centre a annoncé la création d’une chaire de recherche en gestion des fonds souverains dans un cadre actif-passif (#ALM and Sovereign Wealth Fund Management#), en partenariat avec Deutsche Bank, sous la responsabilité scientifique du professeur Lionel Martellini, directeur scientifique de l’EDHEC Risk and Asset Management Research Centre.Cette chaire de recherche comprendra les développements suivants : introduction d’un modèle dynamique formel d’allocation d’actifs qui incorporera les facteurs les plus importants dans la gestion des fonds souverains ; analyse empirique des facteurs de risque ayant un impact sur les flux de trésorerie entrants et sortants des fonds souverains ; conception de solutions dédiées pour les fonds souverains basées sur l’ingénierie financière visant à faciliter la mise en ?uvre des exigences de couverture des fonds souverains relatives à la présence d’une variété de facteurs de risque.
04/03/2009

Suisse - Secret bancaire : des aménagements envisagés

Selon L"Agefi suisse, la Confédération ne veut pas mettre fin à ses «bonnes vieilles habitudes» en matière de secret bancaire mais elle semble prête à accepter certains aménagements. Pierre Mirabaud. Le président de l"Association suisse des banquiers, Pierre Mirabaud, a reconnu pour la première fois qu"il n"est peut-être «pas nécessaire» de faire une distinction entre fraude fiscale et évasion fiscale. Le déclic qui semble avoir poussé les responsables suisses à pencher vers un compromis est la menace des pays les plus riches d"inscrire la Confédération sur la liste noire des paradis fiscaux lors de la réunion des pays du G20 qui se tiendra le 2 avril à Londres.
04/03/2009

Royaume-Uni - La FSA avance l'entrée en vigueur des déclarations de CFD

La Financial Services Authority (FSA) a annoncé mardi qu’elle avant au 1er juin l’entrée en vigueur de la nouvelle réglementation sur la déclaration des CFD qui était initialement prévue pour le 1er septembre. Les CFD et les instruments financiers similaires concernant une même société devront être déclarés comme les actions et seront pris en compte pour le franchissement du seuil des 3 %. Cela devrait garantir qu’ils ne seront pas utilisés subrepticement pour influencer la gouvernance ou pour gonfler des participations dans les entreprises.
04/03/2009

Monde - Secret bancaire : la Suisse doit faire des concessions

Dans un entretien à L"Agefi suisse, Cédric Tille, professeur en macroéconomie à l"Institut de hautes études internationales et du développement, estime que «la Suisse doit faire des concessions. La distinction entre évasion et fraude fiscale est difficile à justifier auprès de nos partenaires». Un seul point ne semble pas négociable: la protection des noms des clients, qui fait la réputation de la place financière. Pour le reste, la Suisse pourrait reverser plus d"argent aux Etats-Unis et à l"Union européenne. A l"heure actuelle, les banques cèdent 25% du rendement sur le capital aux autorités fiscales étrangères. «Une option de négociation serait d"étendre cette contribution, par exemple en imposant la fortune», propose Cédric Tille. Mais de telles concessions devront s"accompagner de contreparties. «Il faut maintenant chercher un accord global avec l"Union européenne et les Etats-Unis qui redéfinisse les règles du jeu», selon Cédric Tille.
04/03/2009

Luxembourg - Le régulateur demande la liquidation de Luxembourg Investment Fund

La Commission luxembourgeoise de surveillance du secteur financier (CSSF) a décidé, le 27 février dernier, de retirer la Sicav Luxembourg Investment Fund, exposée à Bernard Madoff, de la liste officielle des organismes de placement collectif, et de demander sa liquidation judiciaire. Cela s’inscrit «dans le cadre de l"établissement des responsabilités des différents intervenants en relation avec Luxembourg Investment Fund et sa banque dépositaire UBS (Luxembourg) S.A. et afin de sauvegarder au mieux les droits des investisseurs», précise le communiqué.
03/03/2009

World - 2009 will be the worst year of declining dividends since 1938

US investors are facing the worst year of falling dividends since 1938, according to estimates by Standard & Poor’s, cited by the Financial Times. Big businesses worldwide are cutting back their dividend payments to shareholders. The most recent firms to have done so are HSBC, PNC Financial, and International Paper.
03/03/2009

France - Blackstone recruits Gérard Errera as special advisor

On Monday, Blackstone announced that Gérard Errera, who for the past two years has been secretary general at the French foreign ministry, will take over on 1 April as special advisor to the group. He will be based in Paris, and will be a member of the international advisory board at the private equity investment firm. In his new role, Errera will focus primarily on the development of Blackstone’s activities in France and continental Europe. He is currently also a member of the boards of directors at EDF and Areva.
03/03/2009

France - AMF approval for Reyl France

Reyl France on Monday announced that it has received a new license from the French market regulator, the Autorité des marchés financiers (AMF), to select and incorporate hedge funds into its dynamic management mandates, which will allow it to optimise the diversification of portfolios. The management firm says it ?succeeded in demonstrating that the human and electronic procedures deployed internally ensure that clients will receive optimal management of risks related to indirect alternative management activities.?However, Dorothée Marty, chair, says that in the short term, Reyl France is in ?no hurry? to make use of alternative management products.
03/03/2009

Spain - Infobolsa will distribute information on VDOS funds

Infobolsa, a 50/50 joint venture by Bolsas y Mercados Españoles (BME) and Deutsche Börse, has signed an agreement with the Spanish firm VDOS Stochastics to make all information on investment funds, Sicav funds, foreign management firms, and retirement savings plans produced by VDOS Stochastics available on Infobolsa terminals in Spain. Cinco Días states that Infobolsa and VDOS will launch join commercial activities, to serve management professionals and distribute services and investment fund analysis tools.
03/03/2009

Spain - More losses for retirement savings

According to Mercer, Spanish retirement savings plans suffered average losses of 2.3% in February, bringing losses since the beginning of the year to 4.1%, Expansión reports. The worst results were for plans specialised in Euro equities, which lost 11.7% in February and 19.1% in the first two months of 2009. Over one year, these plans show losses of 34%.
03/03/2009

United Kingdom - RBS gives stock options to chairman

Sir Philip Hampton, chairman of the Royal Bank of Scotland, a bank in which British taxpayers control a majority stake, has been granted GBP1.5m in stock options, in addition to his GBP750,000 salary, the Financial Times reports.
03/03/2009

United States - Contrafund from Fidelity lost 37.2% in 2008

The Wall Street Journal reports that the Contrafund (USD45.9bn), reopened in mid-December by Fidelity Investments, after being closed to new investors since April 2006, suffered losses of 37.2% last year, which corresponds to roughly the same amount as the S&P 500 lost in the same time, but outperforms other Fidelity heavyweight products, such as the Magellan Fund and the Growth & Income Portfolio. The manager, Will Danoff, admits that he kept his bets on stocks such as Google, Apple, and RIM for too long. However, he correctly adopted an underweight position on IT shares, and performance was considerably improved by a strong exposure to Genetech.
03/03/2009

United States - Hopes fade of recovering assets invested with Stanford

Ralph Janvey, the administrator designated to liquidate the assets of Sir Allen Stanford, announced on Monday that he would probably only recuperate a few hundreds of millions of US dollars for investors, instead of the billions which he had originally hoped to recover, due to the ?appalling? condition of the financial empire built by the Texan businessman, the Financial Times reports. The announcement comes as a Federal judge has extended a freeze on Stanford investors’ accounts for a further 10 days.
03/03/2009

United States - ?Bad banks? idea evolves towards public-private partnerships

The Obama administration is abandoning its idea of creating a class of ?bad banks,? since it would be the only investor left to buy up toxic assets, and would overpay for them with taxpayers’ money, the Wall Street Journal reports. According to sources close to the government, plans are now developing more in the direction of a public-private partnership, which would create several funds managed by private managers, who would agree to invest in the funds themselves, and which would be supported jointly by part of the USD700bn bailout plan, the Fed, and an issue of government-guaranteed shares. Other investors such as pension funds would also be allowed to participate in the funds, and the government would work to encourage subscriptions and to minimise risk for retail investors.
03/03/2009

United States - Allen Stanford's fraud was a gigantic Ponzi scheme

In a new version of its charges against the Texan billionaire Sir Allen Stanford, the SEC has called the fraud a ?gigantic Ponzi scheme,? Les Echos reports. The newspaper explains that this type of fraud involves paying off existing investors in the scheme with money from incoming investors. An investigation by the US authorities has implicated Stanford and his CFO, James M. Davis. The two men are accused of skimming off billions of dollars and falsifying the accounts of Stanford International Bank (SIB), the newspaper reports.
03/03/2009

Italy - Advanced Capital launches a private equity fund of funds

Advanced Capital is launching a private equity fund of funds specialised in real estate, entitled AC Real Estate Global Opportunity fund, which will have EUR300m in capital, Il Sole - 24 Ore reports. The fund will be advised by Rèal Desrochers, recently mandated to manage alternative investments for the pension fund CalSTRS, and will be suppoerted by Mediobanca. Seth Lieberman, formerly of UBS, will be head of real estate.
03/03/2009

United Kingdom - iShares to launch five bond ETFs

?To satisfy strong demand from investors,? Barclays Global Investors (BGI) has decided to launch five physically-based ETF funds bearing the iShares brand by the end of the month. The products will be listed on the LSE, and include the iShares Barclays Capital Global Aggregate Bond, iShares Barclays Capital Euro Aggregate Bond and iShares Barclays Capital Euro Corporate Bond, based on the Barclays Capital Aggregate Bond indexes.The other two products are the iShares Barclays Capital Euro Treasury Bond 0-1, which will replicate the performance of a basket of fixed-rate government bonds denominated in Euros with maturities of 0 to 12 months, and the iShares Citigroup Global Government Bond, which covers 500 government bonds issued by G7 countries.
03/03/2009

Germany - Flowers parts with Renate Krummer

The private equity investment firm J.C. Flowers has announced the resignation of Renate Krümmer, with effect from 31 March. Krümmer has been director of the firm’s activities in Germany since early 2007, and was behind its disastrous investments in Hypo Real Estate (HRE) and HSH Nordbank, the Frankfurter Allgemeine Zeitung reports.
03/03/2009

Europe - Lombard Odier recruits a director from UBS

Lombard Odier has announced the appointment of Michael Kuenzi as director for eastern countries, including Eastern Europe, Russia, and Central Asia. Kuenzi joins the firm from UBS, where he was previously head of wealth management for Russia.
03/03/2009

United Kingdom - Knight Vinke says HSBC got what it deserved

In a statement published on 2 March, the activist investor Knight Vinke has claimed ?revenge? as HSBC has announced a write-down on its investment in Household International. ?For two years, Knight Vinke has asked HSBC to withdraw from the US subprime market ? to concentrate on markets where it had a real competitive advantage, ,? the statement says. ?The board of directors has finally admitted that its catastrophic investment in Household International, described not long ago by the board of directors as a ‘dream portfolio,’ was valueless.?Knight Vinke remains concerned, since it claims HSBC still overestimates the value of its US subprime assets by USD34bn.
03/03/2009

World - Reshuffle at Franklin Templeton

Vivek Kudva, president for India, has been appointed managing director of Franklin Templeton Investments, and will be in charge of India and also the entirety of Central and Eastern Europe, the Middle East, and Africa (CEEMEA), with effect from 1 March, Global Pensions reports. Harshendu Bindal will become president of asset management for India from 1 April; he was previously senior director for the CEEMEA region. Both will be based in Mumbai.
03/03/2009

United Kingdom - SEI launches new services for wealth managers

SEI announced on Monday that it has launched a new range of services aimed at wealth managers in the United Kingdom and available on its Global Wealth Platform, launched two years ago. The services will allow clients to more efficiently generate accounts for their clients, and will provide the necessary compliance characteristics in an evolving regulatory environment. Wealth managers will also be able to make grouped transactions involving all of their clients, and to create client reports grouped by family or by type of client. The new services will also provide wealth managers with risk configuration options and tools to improve pre- and post-trade compliance of investments.
03/03/2009

United States - KKR Financial Holdings in the red

The publicly traded fund KKR Financial Holdings has posted a loss for fourth quarter of USD1.2bn, or USD7.85 per share, compared with net profits of USD59.9m, or 52 cents per share, in October-December 2007. For last year as a whole, losses total USD1.1bn, or 7.68 per share, compared with net profits of USD100.2m, or USD1.11 per share, the previous year.The fund will pay no dividend for fourth quarter 2008, and is planning to pay no cash dividends in 2009. The directors estimate, however, that the fund has sufficient liquidity or access to liquidity to keep up with its financial liabilities for at least the next twelve months.

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