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05/02/2009

Allemagne - La LBBW risque un retour sur le marché des Pfandbriefe

La Landesbank Baden-Württemberg (LBBW) fait office de poisson-pilote : elle a placé mercredi une émission de Pfandbriefe d’un milliard d’euros à cinq ans et 3,75 %, ce qui est le premier «jumbo-Pfandbrief depuis le 26 août 2008. Le spread se situe à 75 points de base par rapport aux midwaps, alors que Crédit Agricole et BNP Paribas avaient dû payer plus de 100 points de base sur leurs covered bonds lancés depuis le début de l’année. L'émission de la LBBW est adossée à des crédits aux pouvoirs publics alors que celles des deux banques françaises l'étaient à des crédits hypothécaires. L’opération LBBW a été sursouscrite trois fois.
05/02/2009

Allemagne - Les fonds immobiliers collectent malgré la fermeture

D’après l’association allemande BVI des sociétés de gestion, les fonds immobiliers offerts au public qui ont dû suspendre leur remboursements fin octobre ont enregistré en novembre et décembre des souscriptions nettes proches d’un demi-milliard d’euros, rapporte la Börsen-Zeitung.
05/02/2009

Espagne - Bankinter offre des Netbooks pour attirer de nouveaux clients

Bankinter espère capter 500 millions d’euros de dépôts avec une offre promotionnelle de 10.000 netbooks Toshiba, rapporte Cinco Días. Ces ordinateurs portables sont promis aux clients qui transféreront d’un autre établissement à Bankinter un portefeuille de titres d’au moins 100.000 euros ou bien qui feront domicilier leur salaire et achèteront un produit de la banque pour 25.000 euros.
05/02/2009

Allemagne - Dresdner Kleinwort : ? 8 millions d'indemnités de départ pour l'ex CEO

Selon les informations de Die Welt que ni la Commerzbank ni la Dresdner Bank n’ont voulu commenter, Stefan Jentzsch, le CEO limogé de la banque d’investissement Dresdner Kleinwort a perçu 8 millions d’euros comme indemnité de licenciement, malgré les mauvais résultats de l'établissement qu’il dirigeait. Cela tient au fait que son contrat Allianz était blindé.
05/02/2009

Europe - Bonuses fall in investment banking

Investment bankers in Europe are likely to see reductions in their annual bonuses of at least 50%, the Financial Times estimates. Senior employees and those who work with derivatives will see the deepest cuts.
05/02/2009

Germany - Asset and wealth management at Deutsche Bank suffers

The Asset & Wealth Management (AWM) division of Detusche Bank has posted pre-tax losses of EUR860m in fourth quarter 2008, compared with EUR169m one year previously. For last year as a whole, pre-tax losses total EUR525m, compared with profits of EUR913m in 2007. Invested assets as of the end of December represented EUR628bn, a contraction of EUR73bn compared with the end of September, and of EUR121bn in one year. Falling markets alone caused a decline of EUR44bn in Q4 and EUR109bn for the year as a whole.For 2008, net redemptions totalled EUR22bn in asset management, while wealth management showed net inflows of EUR10bn.Revenues for the AWM division fell 47% in Q4 to EUR588m, and 25% to EUR3.3bn for the year as a whole. The decline in October-December is due to falling revenues from commissions due to the declining equities markets, a slowdown in client and RREEF activities, and amortisations of EUR164m in Seed Capital and other investments. In addition, the bank paid EUR92m to support several money market funds.
05/02/2009

Germany - Munich Re remains profitable

The financial crisis has not spared the largest insurer in the world, but Munich Re still posted net profits for 2008 of EUR1.5bn, compared with EUR3.9bn the previous year, and dividends will remain unchanged at EUR5.50 per share, the Frankfurter Allgemeine Zeitung reports.In fourth quarter, Munich Re wrote down EUR400m on its securities portfolio. The group’s CFO, Jörg Schneider, states that the equities allocation has been reduced to less than 2% of the EUR175bn invested in securities, while allocations to government bonds and the highest-rated corporate bonds has been increased. To avoid any surprises due to the high fluctuations in interest rates, Munich Re has also issued anticipatory warnings on its bond portfolio.
05/02/2009

Germany - Inflows to real estate funds despite closures

According to the German BVI association of management firms, open-ended real estate funds which were obliged to suspend redemptions at the end of October registered subscriptions in November and December of nearly half a billion euros, the Börsen-Zeitung reports.
05/02/2009

Spain - Fund managers keep clear of European stock markets

Spanish investors remain cautious, Cinco Días reports. According to a Lipper survey of the 14 largest Spanish management firms, 53.85% of managers in January were underweight on European equities and the average allocation to cash was 32.89%. Currently, 30.77% of firms say they are overweight in bonds, and 60.23% report that they are overweight in cash.
05/02/2009

World - HSBC reimburses some Madoff clients

The Irish affiliate of HSBC, depository for the Thema and Herald USA funds, has reimbursed EUR6m without comment to banks which managed the share portfolios in question, Das Investment reports. The Frankfurter Fondsbank got EUR1.2m. The sums were received by HSBC on 10 December, to be invested in Madoff funds on 15 December, but the fraud came to light on 12 December, and the transfers could have been cancelled.
05/02/2009

United States - Madoff: USD946m remains in coffers

According to Bloomberg, relayed by Fondsprofessionell, Irving Picard, the liquidator of Madoff Investment Securities, has found USD946.4m in cash and securities in the firm’s possession. These assets are deposited with several banks, including BNY Mellon and JPMorgan, which are prepared to hand them over. But some of the ?salvaged? shares are highly illiquid.
05/02/2009

World - Carlyle chief warns private equity firms

David Rubinstein, co-founder of Carlyle, has claimed at the Super Return convention in Berlin that many private equity investors could improve their image this year by avoiding responding to the economic difficulties being encountered by many of the companies in their portfolios with large-scale layoffs, the Frankfurter Allgemeine Zeitung reports. Private equity companies will also have to apply the same recipe to themselves that they impose on companies they control, by cutting staff and spectacularly reducing pay scales.
05/02/2009

World - Scepticism begins to affect government bonds

Franklin Templeton considers that the first signs of normalisation on the financial markets, investors’ increased propensity for risk-taking, and prospects of a massive increase in new bond issues raise questions about the recent rise in prices in this asset class, the Frankfurter Allgemeine Zeitung reports.Joost van Lenders, a strategist at Fortis Investments, has begun underweighting government bonds in diversified portfolios. He says there have been a number of warning signs, as spreads began to disappear on bunds and Treasuries at the end of October (they were 60 basis points at the beginning of September), there have been difficulties finding buyers for new bund issues, and ratings of Greek and Spanish government debt has been lowered, while spreads on Euro zone government bonds have increased compared with German bunds.
05/02/2009

Spain - January redemptions concentrated in guaranteed funds

According to statistics from Ahorro Corporación, net redemptions from funds on sale in Spain represented EUR2.7bn in January, Funds People notes. Of this total, about EUR2.5bn corresponds to guaranteed funds which are reaching their maturity dates, after which subscribers are not choosing to reinvest.
05/02/2009

Spain - Average assets in equities funds falls to EUR24m

The Inverco association of management firms estimates that average assets in the 112 Spanish equities funds fell last year to EUR24m, from EUR66m in 117 funds in 2007, and EUR86m and 115 funds in 2006. The number of funds whose assets under management were less than average was 77% of all funds in 2008, compared with 66% the previous year, and 79% in 2006.
05/02/2009

Germany - UI offers institutionals passively-managed corporate bond funds

Corporate bonds are now fashionable with investors, thanks to high spreads even for investment-grade rated issuers in Euros. Universal Investment (UI) has therefore decided to open this asset class to institutional investors, by offering them passively-managed Spezialfonds in three varieties, with fees lower than ETF funds, and the ability to individually adapt the product to the needs of each client. On average, fees for corporate bond ETFs are 20 basis points, and UI will be ?considerably less expensive,? says Bernd Obergfell, a spokesman for the management firm.UI Core Corporate Bonds products are available in three strategies. The replication process is the closest to ETF methodologies, and reproduces a liquid index in its entirety, in the form of physical bonds. For the ?spread-oriented? (Spread-Orientierung) strategy, UI uses credit spreads by combining CDS backed by corporate bond indices with physical bonds such as jumbo-Pfandbriefe, which allows for a reasonable diversification, even at limited volumes. As default risks remain limited and the product may be hedged easily, this strategy is suitable for guaranteed product concepts.Lastly, with the ?stratified sampling? strategy, UI reduces risk compared with very broad indices through a methodical progressive filtering process, which limits the investment universe to 100-150 bonds, so that the subscriber gets a portfolio of physical bonds with a high correlation to the benchmark, without the use of derivatives.
05/02/2009

World - SwissAnalytics forms partnership with BarclayHedge

The Zurich-based provider of due diligence for alternative investments, SwissAnalytics, announced on Wednesday that it has signed an exclusive distribution partnership for its products relating to hedge funds with the BarclayHedge platform, Hedgeweek reports. The goal is to offer clients totally independent due diligence reports as well as asset monitoring covering the full range of hedge fund strategies throughout the world, quickly and at reasonable cost, says Marc Enzler, CEI of SwissAnalytics.
05/02/2009

World - Hedge funds: winning strategies in 2009

In a recent study by Thomson Reuters Lipper, a panel of hedge fund and fund of hedge fund managers (33 managers worldwide) considers that the alternative strategies which did best in 2008 were managed futures, dedicated short bias, global macro and options arbitrage. As to 2008 results, the managers surveyed predict negative performance for the entire sector, in keeping with results published in the first nine months of the year, the survey finds.In 2009, alternative managers in the survey do not expect any major change in the environment in their sector. They predict that the most promising strategies next year will be distressed securities, global macro, managed futures and long/short equities, Lipper reports.
05/02/2009

United States - A majority of hedge funds are registered with the SEC

According to a study by Hedge Fund Research (HFR), reported in Hedgeweek, 55% of hedge fund managers based in the United States have already registered with the SEC as investment advisors, and management firms registered with the regulator manage about 71% of assets in all hedge funds based in the United States. In general, hedge fund managers registered with the SEC manage about 60% of assets in the sector, estimated at USD1.4trn. In addition, about two thirds of assets in funds of hedge funds are managed by SEC-registered firms.
05/02/2009

Sweden - SEB Wealth Management assets down 11%

The Wealth Management division of the Swedish SEB bank saw a decline in its assets of 11%, to SEK1.142trn in 2008.Operating profits for the division are down 8% compared with last year, to SEK4.687bn, reflecting the fall on equities markets.Operating expenses for the year increased 9% to SEK2.659bn, of which 6% were related to the acquisition of Key Asset Management, a fund of hedge funds firm based in London. Excluding this acquisition, costs increased 3% due to the expansion of the unit"s two professions (Private Banking and Institutional Sales), and the development of alternative management products, SEB notes in a statement.SEB states that it has continued to grow on the Swedish investment fund market. Net subscriptions totaled SEK6.5bn for the year, in a market which saw net redemptions of SEK17.5bn. Alternative management alone attracted net subscriptions of SEK8.6bn.New total net assets totalled SEK33bn, which partly compensated for declining equities markets.
04/02/2009

Royaume-Uni - RAB Capital revend Northwest aux dirigeants de ce dernier

RAB Capital annonce qu’il revend à George Philips et David Rogers la marque Northwest qu’ils ont dirigée et qui représente trois fonds spécialistes de l’Asie, Northwest Fund Limited, Northwest China Opportunities Fund Limited et Northwest Warrant Fund Limited, dont l’encours au moment du bouclage de la transaction (le 2 avril) se montera à environ 300 millions de dollars, sur la base des actifs sous gestion au 31 décembre et des rachats notifiés. La transaction porte sur 1 million de llivres en numéraire. De plus, George Philips et David Rogers renoncent à percevoir 6,7 millions d’actions ordinaires de RAB Capital sur les 13,4 millions prévus lors de l’acquisition de Northwest par RAB Capital. Ces 6,7 millions d’actions seront affectés à des mesures de motivation des salariés du groupe.Sur une base proforma, l’activité rétrocédée a généré en 2007 un bénéfice avant impôt de 9 millions de livres et devrait avoir accusé une perte en 2008.
04/02/2009

Europe - Davos : Bâle II accentue les effets de la crise bancaire

Selon La Tribune, les accords de Bâle II et le fameux ratio « tier one » ont été remis en cause par certains banquiers lors du forume de Davos. Selon Jamie Dimon, patron de JP Morgan Chase, il faut adapter les règles de Bâle II au contexte économique actuel car la réglementation actuelle serait « procyclique ». " (?) un texte visant à améliorer la définition du ratio de solvabilité devrait être présenté au Parlement européen», annonce d’ailleurs La Tribune.
04/02/2009

Europe - Vers un compromis sur les agences de notation

Selon l"Agefi, la présidence tchèque de l"Union européenne, prévoit la création de collèges de superviseurs pour les agences implantées dans plusieurs pays de l"Union, en particulier Moody"s, Standard & Poor"s et Fitch.
04/02/2009

France - Paris Europlace veut développer encore la finance islamique

La commission de Paris Europlace dédiée à la finance islamique a arrêté un plan d’action 2009 en huit points pour favoriser le développement de la finance islamique en France, Paris ayant déjà adopté ces six derniers mois des mesures qui lui permettent «d'être le «hub» de la finance islamique en Europe» et d'être «au moins aussi compétitive, voire plus compétitive» que Londres en la matière, notamment en raison de l’accès qu’elle offre à la zone euro.Parmi les mesures envisagées figurent la possibilité d'émettre des sukuk de droit français et d'étendre le régime du crédit-bail aux particuliers, notamment pour le résidentiel (ijara). Paris Europlace souhaite aussi développer un compartiment spécial pour la cotation de sukuk et autres obligations indexées sur Euronext Paris, créer un indice de valeurs charia à l’instar du Dow Jones ou du Footsie afin de permettre la création d’OPCVM investis dans des valeurs charia cotées sur Euronext Paris.
04/02/2009

France - WCP obtient l'agrément de gestion d'OPCI

Weinberg Capital Partners (WCP) indique avoir obtenu l’agrément de l’Autorité des marchés financiers société de gestion de portefeuille habilitée à gérer des OPCI RFA (organismes de placement collectif en immobilier à règles de fonctionnement allégées), ainsi qu"un agrément pour un premier OPCI RFA EL (OPCI RFA avec effet de levier). Cela permettra à WCP de réaliser des opérations dans le cadre fiscal préférentiel des OPCI au bénéfice des clients qu’il conseille, #notamment le fonds Weinberg Real Estate Partners #1 - ou lors de #club deals# avec d’autres investisseurs.#Laurent Halimi, associé responsable de l’activité immobilière, a souligné que WCP privilégiera #les opérations d’externalisation structurées avec des propriétaires-occupants, pour lesquelles l’OPCI présente de réels avantages.#
04/02/2009

Monde - Threadneedle conclut un partenariat stratégique avec StanChart

Threadneedle a annoncé mardi avoir acquis auprès de Standard Chartered Bank (StanChart) la gamme de fonds World Express dont l’encours représentait fin décembre 2,7 milliards de dollars. Cette transaction permet à Threadneedle de porter à 35 fonds le nombre de ses compartiments luxembourgeois, compte tenu des fonds déjà existants.D’autre part, Threadneedle (51 milliards de livres d’encours) a conclu avec StanChart un accord de distribution par lequel le gestionnaire devient le partenaire stratégique et le fournisseur mondial de fonds de la banque en Asie et en Europe. StanChart compte 1.700 agences réparties sur 70 pays.
04/02/2009

Royaume-Uni - Deka investit à Enfield

L’allemand Deka Immobilien a annoncé avoir investi 73 millions d’euros dans un centre logistique de 58.000 mètres carrés de stockage de 6.300 mètres carrés de bureau situé à Enfield, à 25 kilomètres du centre de Londres. Cet actif ,affecté au fonds immobilier offert au public Deka-ImmobilienEuropa (7,3 milliards d’euros), est loué en totalité à Sainsbury’s Supermarket Ltd.
04/02/2009

Royaume-Uni - Paul Griffiths sera transféré chez Aberdeen

Jusqu'à fin juin, Paul Griffiths demeure global head of fixed income de la division gestion d’actifs de Credit Suisse. Ensuite, il exercera ces mêmes fonctions à l'échelon d’Aberdeen Asset Management à Londres, où il sera également membre du management board, indique Professional Pensions. Paul Griffiths succèdera à Gary Bartlett, qui quitte Aberdeen. Dans l’intervalle, l’intérim sera assuré par Anne Richards, chief investment officer d’Aberdeen.

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