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16/01/2009

Etats-Unis - Citigroup : perte d?au moins 6 mds de dollars en vue

Selon le Financial Times, Citigroup devrait annoncer une perte comprise entre 6 et 10 milliards de dollars au quatrième trimestre et la perspective de devoir recourir une nouvelle fois à l"aide de l"Etat se rapproche dangereusement. Cela ne ferait que renforcer la position du gouvernement et entraînerait sans doute de fortes pertes pour les investisseurs. La révélation mercredi de la cession de la filiale de courtage et de gestion d"actifs de Citi n"a fait que renforcer les craintes quant à l"avenir de la banque.
16/01/2009

Etats-Unis - Le plan de soutien à l'économie ferait USD 825 milliards

The Wall Street Journal rapporte que les Démocrates à la Chambre des représentants ont publié le détail du plan de relance de 825 milliards de dollars qui est censé selon eux de combattre la crise la plus grave depuis la Grande Dépression. Toutefois, l’impact économique immédiat est incertain, et le plan sera probablement amendé par le législateur avant d'être promulgué. Les gagnants seront les constructeurs de maisons et les bailleurs de crédits hypothécaires ainsi que les producteurs d'énergies renouvelables, les perdants les banques, les constructeurs automobiles et les credit unions. Il s’agit d’un programme de deux ans qui s’articule grossièrement sur 550 milliards de dollars de dépenses nouvelles et sur 275 milliards d’allègements fiscaux.
16/01/2009

Etats-Unis - Le Sénat débloque la seconde partie du TARP

Jeudi, le Sénat a donné le feu vert nécessaire pour que le président élu, Barack Obama, puisse accéder à la seconde moitié du fonds de sauvetage financier de 700 milliards de dollars, rapporte The Wall Street Journal. Afin de surmonter les objections, l’administration Obama entrante s’est engagée à consacrer 50-100 milliards de dollars à un programme permettant d'éviter les expropriations. La nouvelle équipe a aussi indiqué qu’elle va imposer des modalités plus contraignantes aux banques bénéficiant de l’aide. Elles seront tenues de prêter de l’argent, d’adopter des restrictions plus sévères sur la rémunération de leurs dirigeants et de réduire leurs dividendes.
16/01/2009

Etats-Unis - Le Trésor va injecter USD 20 milliards de plus dans BofA

Plombée par des pertes de Merrill Lynch qui n’avaient pas été dévoilées, Bank of America (BofA) a obtenu en urgence une injection de 20 milliards de dollars de la part du Trésor, rapporte the Wall Street Journal. L’annonce des pertes de Merrill a fait en tous cas plonger l’action BofA de 18 %, à son niveau le plus bas depuis 1991, ce qui ramène la capitalisation de la banque à 41,8 milliards de dollars, soit moins que les 46 milliards offerts initialement pour l’acquisition de Merrill. Sur les sept dernières séances, le titre a chuté de 40 % et les actionnaires mécontents se demandent pourquoi le CEO Ken Lewis n’a pas découvert le pot aux roses avant l’annonce de l’opération le 15 septembre et aussi pourquoi il ne les a pas révélées avant l’AGE du 5 décembre ou avant le bouclage de la transaction au 1er janvier.
16/01/2009

Allemagne - Malaise pour le patron de la Deutsche Bank

Officiellement pour une indisposition alimentaire, Josef Ackermann, président du directoire de la Deutsche Bank, a été brièvement admis à l’hôpital de la Bundeswehr de Berlin, indique Die Welt. Le malaise s’est produit quelques heures après que l’intéressé ait annoncé une perte record de la banque.
16/01/2009

Allemagne - Manroland prévoit d'importants licenciements

Le constructeur de machines d’imprimerie Manroland, l’ancienne MAN Roland dont Allianz Capital Partners détient depuis peu 65 % tandis que MAN en conserve 35 %, va procéder selon le président du comité central d’entreprise à la suppression de 1.000 de ses 8.800 emplois, rapporte le Handelsblatt. La société est impactée par la déprime conjoncturelle, notamment dans la publicité. Les licenciements vont toucher les sites d’Offenbach et de Mainhausen, spécialistes des rotatives à feuilles, alors que les usines d’Augsbourg et de Plauen, spécialistes des machines pour les journaux, ne seront que peu touchées.
16/01/2009

Autriche - L'encours des fonds s'est contracté de 23 %

A fin décembre, l’encours des fonds d’investissement autrichiens représentait 126,04 milliards d’euros, ce qui représentait une contraction de 37,7 milliards d’euros ou de 23 % par rapport au niveau atteint un an auparavant.D’après l’association VÖIG des sociétés de gestion, la chute des encours est imputable pour 2,9 milliards d’euros à la distribution de dividendes, pour 15,3 milliards aux remboursements nets et pour 19,6 milliards aux moins-values sur les marchés. En décembre, toutefois, l’encours s’est accru de 345,4 millions d’euros, grâce à 1,4 milliard d’euros de souscriptions nettes. Au total, le VÖIG a recensé pour 2008 le lancement de 223 fonds, dont 106 offerts au public. Les 24 sociétés de gestion alignaient 2.300 fonds de valeurs mobilières, dont 1.168 offerts au public, 433 fonds destinés à de #grands investisseurs# et 699 fonds institutionnels.Les cinq sociétés de gestion de fonds immobiliers affichaient fin décembre un encours de 1.713,88 millions d’euros, soit 112,8 millions de moins que douze mois plus tôt. A fin septembre, pourtant, l’encours était encore en hausse de 120,3 millions d’euros, mais les remboursements nets de 250,8 millions d’euros au dernier trimestre ont provoqué la baisse constatée.
16/01/2009

Espagne - Colonial peine à vendre Riofisa

En 2008, Inmobiliaria Colonial s'était engagée vis-à-vis de ses créanciers à émettre des obligations convertibles, à vendre des participations dans FCC et SFL et à revendre Riofisa, achetée en 2007 pour 2 milliards d’euros, rappelle Cinco Días. Les deux premières promesses sont maintenant tenues. Mais Colonial a du mal à vendre Riofisa à cause de l’endettement de 500 millions d’euros que porte cette filiale. La société intéresse pourtant plusieurs fonds d’investissement, dont un des fonds de Carlyle, ainsi que le groupe néerlandais Corio, spécialiste des centres commerciaux. Les offres reçues par Colonial ne permettent pas de couvrir la dette de Riofisa, indiquent les proches du dossier.
16/01/2009

Allemagne - Commerzbank et Dresdner Bank ont souffert au T4

Martin Blessing, président du directoire de la Commerzbank, a averti selon la Börsen-Zeitung que son établissement, de même que la Dresdner Bank, n’a pas pu échapper aux turbulences sur les marchés financiers au quatrième trimestre. Il a laissé entendre que les deux banques, à présent sous le même toit, ont accusé de fortes pertes.
16/01/2009

Allemagne - Les conseillers clientèle reperdent le moral

Après une hausse de 1,5 point en novembre, l’indice mensuel BSI de la confiance des conseillers clientèle en Allemagne calculé par TNS Infratest (350 conseillers clientèle de banques, de caisses d'épargne et de banques populaires) a rebaissé de 1 point en décembre, à 89,7, indique Robeco Deutschland.De fait, seul 25 % des participants ont estimé que leurs ventes de parts de fonds offerts au public allaient augmenter dans les six mois à venir, contre 29 % en novembre. C’est le niveau le plus bas depuis le début de la série de sondages en mai 2003. Pour les fonds d’actions, la proportion d’optimistes sur les ventes des six prochains mois a diminué de 4 points, à 32 %. Concernant les hedge funds, Robeco constate une situation exceptionnelle : aucun des conseillers clientèle du panel n’a jugé positive le niveau actuel de ses ventes. En revanche, il y a une très légère amélioration sur les perspectives pour les six prochains mois : une seule des personnes interrogées s’attend à une hausse des ventes? contre 0 en novembre.
16/01/2009

France - IT Asset Management soon to launch a convertible bond fund

As part of its redeployment (see Newsmanagers of 7 January), IT Asset Management is planning to launch a convertible bond fund by the end of the month in Luxembourg, for which a license has also been applied for in France. The product will be managed by Geneviève Werner, who joined IT Asset Management as deputy CEO at the end of 2008 (she was previously CEO and director of management at Financière Centuria), and by Bertrand Billé, bond manager, who also joins the firm from Financière Centuria.The product will have daily net asset value reporting, and will carry a front-end fee of a maximum of 2%, while management and administration fees will total 0.80% for the institutional asset class and 1.50% for the ?classic? share class.
16/01/2009

France - Acropole diversifies credit product range

Acropole Asset Management, a specialist in convertible bonds, will be launching two funds with fixed maturity dates focused on credit. The management firm had previously made mixed convertible bonds its specialty. But after ?a terrible year in 2008? fo convertible bonds, and due to ?an exception situation on fixed income markets,? according to the executives of Acropole, the firm has decided to extend its product offerings. To achieve this, the firm will strengthen its partnership with Cheyne Capital, an alternative mangement firm based in London, which is one of the major shareholders in Acropole, with a 33% stake. The British firm, which manages USD2bn in investment grade credit, out of a total of USD7bn in assets, has a team of 30 staff in credit.The new product range, which is still in the licensing process, will include Acropole 2012, a fund which matures on 30 June 2012, with a performance target of 8-10%. It will invest in convertible and corporate bonds of the investment grade category, primarily in Europe. The fund will be registered in Luxembourg and advised by Cheyne, and will be launched on about 5 February.The second product, Acropole Convertibles Optimum, will mature on 31 January 2012, with slightly higher performance objectives of 12-14%. It will be 100% invested in European and international convertible bonds. The fund will be registered in France, and will be launched in late January.The two products, which will each start out with EUR30m in assets, will offer a period of preferred subscriptions, They join a large number of funds with set maturity dates now being launched by management firms such as CCR-UBS, La Française des Placements, UFF, and others.
16/01/2009

Italy - Clessidra to invest in Cavalli

Roberto Cavalli, CEO, has announced that the private equity investor Clessidra may very soon take up a stake in the Florentine fashion label bearing his name, of 15-20%, Börsen-Zeitung reports.
16/01/2009

Austria - Medici president claims Madoff was not a friend

Sonja Kohn, president of Bank Medici in Austria, which may have lost more than USD3bn due to Bernard Madoff, has declared that she was a victim of the fraud like all the others, the Financial Times reports. In a letter obtained by Bloomberg, and later confirmed by the bank, Kohn claims she did not know that Madoff had orchestrated a vast fraud. She adds that Madoff was not a personal friend.
16/01/2009

Europe - Small ray of hope for funds in November

The European asset management sector calmed slightly in November, Lipper FMI indicates in its most recent publication. Funds registered net subscriptions of EUR10bn, after outflows of no less than EUR278bn in the two previous months.These outflows were largely due to money market funds, Lipper FMI observes. Equities funds also registered positive inflows of EUR589m, but investors largely went for ETF funds (+EUR4bn in net). However, the fixed income category continues to be cannibalised by an urgent need on the part of banks to boost savings deposits, Lipper FMI indicates. Net redemptions may have slowed, but they remain at EUR11bn.Despite this positive month, since the beginning of the year, the European management sector has seen net redemptions totalling EUR305bn. Assets had fallen as of the end of November to slightly over EUR4trn, a level not seen since mid-2005.In November, the firm which registered the strongest net subscriptions was Barclays, with EUR2.4bn (excluding money market funds and funds of funds). In the equities category, Société Générale stands out, probably thanks to ETF funds, with EUR855m in subscriptions.
16/01/2009

Asia - Heavy losses for Abu Dhabi sovereign fund

According to a study by the United States Council on Foreign Relations (CFR), the sovereign fund of the Emirate of Abu Dhabi, the Abu Dhabi Investment Authority, saw a decline in its assets last year of USD125bn, to USD328bn, due to losses on declining equities markets, and investments in emerging markets and private equity, the Frankfurter Allgemeine Zeitung reports.
16/01/2009

World - Hedge fund assets down sharply in 2008

According to hedgefund.net, as reported in Cinco Días, total assets under management worldwide in hedge funds contracted by 36% or USD1trn last year, to a total of USD1.84trn, or EUR1.45trn. The causes of the plunge were depreciation of portfolios, which wiped out USD512bn, and net redemptions of USD535bn.
16/01/2009

World - ETF assets down by only 10.8% last year

At the end of December, global assets in ETF funds totalled USD711bn, which represents a contraction of only 10.8% for the year as a whole, while the MSCI World index was down 42.08%, Deborah Fuhr, managing director and global head of ETF research & implementation strategy at Barclays Global Investors (BGI) notes. The number of ETFs on offer increased by 35.8%, or 472, to a total of 1,590 products: there are currently plans to launch 604 new products. The number of providers increased by 13.3% to 85, while the number of stock exchanges listing ETFs increased by 2.4% (i.e. one) to 42. Average daily turnover increased last year by 32.5% to nearly USD80.39bn. According to statistics from Strategic Insight, ETFs posted net subscriptions of USD187.5bn in the first ten months of the year, while non-ETF funds saw net outflows of USD256.7bn.
16/01/2009

World - Distressed asset indices down

Indexes which track the value of the vast quantities of ?distressed? assets that continue to pollute the balance sheets of banks have shown heavy losses this week, the Financial Times reports. The decline, a harbinger of a further wave of write-downs, suggests that banks will suffer again in first quarter of this year.
16/01/2009

Germany - Union Investment has 1.72 million Riester policies

Joachim Reinke, a member of the managing board at Union Investment, announced on Thursday that the number of Riester-type retirement savings policies distributed by the management firm for the German co-operative banks totalled 1.72 million at the end of 2008. Union remains the leader by far in this market, at least for unit-linked accounts. It is also interesting to note that the number of new policies opened in September-December, which was a time of major turbulence on the markets, was as high as 100,000, which represents about 40% of all new UniProfiRente policies in only one third of the year.
16/01/2009

Europe - Ratings agencies: suggestion of single European supervisory body

Les Echos reports that EU draft legislation relating to rating agencies unveiled in mid-November may give rise to heated debate in the European Parliament. In the preliminary statements submitted yesterday, the reporter on the bill, Jean-Paul Gauzès, welcomes Brussels’ initiative, but argues that the procedure the Commission proposes for registration and supervision of rating agencies by national regulatory authorities would be ?complicated.? He suggests that ?responsibility for registration and supervision should be entrusted to a single European body,? and calls for the CESR to be ?the turning-point in a regulatory deployment.?
16/01/2009

Austria - Austrian government may shut Bank Medici

Sources close to the Austrian finance ministry have told Il Sole - 24 Ore that Bank Medici (in which UniCredit owns a 25% stake) may be closed. The Austrian bank lost USD2.1bn on investments in Bernard Madoff.
16/01/2009

United States - Pimco puts brakes on MBS purchases

Pimco slowed its acquisitions of MBS last month, and increased its allocation to government bonds, after 11 months of reducing its exposure to them, the Wall Street Journal reports. The Total Return Fund from the management firm (USD132.267bn) reduced its allocation to MBS to 62% last month, from 81% in November, while allocation to US debt was raised to 9%.
16/01/2009

Switzerland - FINMA publishes document describing minimal standards for wealth management

The Swiss federal financial market surveillance authority (FINMA) has published a circular (*), which the Swiss Fund Association (SFA) calls a ?minimal standard for minimal standards? in wealth management. The document describes Finma ?guidelines? for minimal standards at professional organisations in terms of rules of conduct, particularly in areas such as obligations of loyalty to clients, due diligence, and information, as well as in relation to pay scales for wealth managers. It also calls for the establishment of a control process for rules of conduct at professional organisations.The publication is necessary since in Switzerland, wealth managers have several professional organisations, which have different approaches in terms of self-regulation. With this circular, FINMA has established a basis which may be recognised by the various governing bodies as minimal standards, so that a common minimal level may be assured.* http://www.finma.ch/f/regulierung/Documents/finma-rs-2009-01-f.pdf
16/01/2009

Europe - ETFs gain momentum

According to Barclays Global Investors (BGI), assets in its 632 European ETF funds at the end of December totalled USD142.82bn, which represents an increase of 11.2% for the year 2008 as a whole. According to Lipper Feri, ETFs registered net inflows in January-October of USD61.6bn, while all other categories of mutual funds showed net outflows, totalling USD505.7bn. BGI counted 219 newly launched funds last year. Daily trading volumes totalled USD2.03bn last year, which represents an increase of 21.6% over 2007 levels.
16/01/2009

Switzerland - Private banks to unload US clients

Swiss private banks cannot fight alone against the transparency demands from the US tax authorities (IRS), and they are seeking the support of banks in other countries, the Börsen-Zeitung reports. In addition, many Swiss private bankers are planning to withdraw completely from activities serving US clients.
16/01/2009

United States - Fidelity rates advice from independent brokers

Fidelity Investments has become the first management firm to launch a tool on its brokerage platform which allows its 12 million retail clients access to analysis of the performance of ten financial research providers, the Wall Street Journal reports. Among the ten firms rated are Ned Davis Research, Zacks Investment Research and Standard & Poor’s. The most recent studies from the establishments will be included for no charge on the Fidelity site, with a history of their buy and sell recommendations.
16/01/2009

Germany - Client advisor morale falls in December

After a rise of 1.5 points in November, the monthly BSI index of client advisor morale in Germany calculated by TNA Infratest (based on responses from 350 client advisors at bank, savings banks, and co-operative banks), fell back 1 point in December, to 89.7, Robeco Deutschland reports.Only 25% of respondents estimated that their sales of open-ended fund shares would increase in the next six months, compared with 29% in November. This is the lowest level observed since the beginning of the data series in May 2003. For equities funds, the proportion of optimists about sales in the next six months fell 4 points, to 32%. For hedge funds, Robeco has observed an unusual situation: none of the client advisors responding to the survey considered the current level of sales positive. However, there was a very slight improvement in outlooks for the next six months: only one of the respondents expects sales to increase - compared with 0 in November.
16/01/2009

Austria - Fund assets contract by 23%

At the end of December, assets in Austrian investment funds represented EUR126.04bn, which amounted to a contraction of EUR37.7bn or 23% compared with their level one year previously.According to the VÖIG association of management firms, EUR2.9bn of this decline in assets is due to dividend payments, while EUR15.3bn is due to net redemptions, and EUR19.6bn to losses on the markets. In December, however, assets increased by EUR345.4m, thanks to EUR1.4bn in net subscriptions.In total, VÖIG recorded the launch od 223 funds in 2008, of which 106 were retail funds. The 24 management firms on its roster operated 2,300 securities funds, of which 1,168 were retail funds, 433 funds aimed at ?large investors,? and 699 institutional funds.The five real estate fund management firms had assets at the end of December of EUR1,713.88m, EUR112.8m less than twelve months previously. At the end of September, assets were still up by EUR120.3m, but net redemptions of EUR250.8m in fourth quarter led to the contraction in assets observed for the year.
16/01/2009

France - Fitch Ratings downgrades CDO rating of SGAM AI

Fitch Ratings has lowered its CDO Asset Manager rating for Société Générale Asset Management Alternative Investments (SGAM AI) from CAM2+ to CAM2.The downgrade largely reflects the negative impact which the credit crisis has had on SGAM AI’s activities, and changes in its management personnel, the ratings agency states. It also takes into account possible instabilities which may result from the repositioning and restructuring of SGAM AI when it merges with Lyxor, Fitch Ratings adds.

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