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17/11/2009
Fonds

Diminution de l'encours des fonds à prestations définies

D’après les calculs d’Aon Consulting, l’encours des fonds de pension britanniques à prestations définies s'était contracté fin octobre à 489 milliards de livres contre 507 milliards un mois plus tôt, essentiellement en raison de la baisse des marchés d’actions, rapporte The Independent. Les actifs de ces fonds avaient en fait atteint leur niveau le plus élevé depuis 16 mois début octobre, avec 520 milliards de livres.
Fonds
17/11/2009

Lehman réclame 10 milliards de dollars à Barclays

Les avocats représentant les biens de Lehman Brothers ont porté plainte lundi contre Barclays Capital, pour chercher à récupérer jusqu’à 10 milliards de dollars qui auraient été, selon eux, indûment transférés à la banque britannique l’année dernière dans les jours qui ont suivi la faillite de l'établissement, rapporte le Financial Times.
17/11/2009

Sentinel recrute son patron du marketing chez Legg Mason

Charlie R. Shaw, head of product marketing & equity product management chez Legg Mason, rejoint Sentinel Investments comme senior vice president, national marketing director, en remplacement de Bruce Hoffmann, qui a quitté la société au printemps dernier.
17/11/2009

Une équipe de Fortis rejoint Hermes

Hermes Fund Managers vient de recruter une équipe de six spécialistes des actions mondiales venant de Fortis. Basée à Boston, elle est dirigée par Lode Devlaminck et John Chisholm, et affiche une expérience moyenne de 19 ans.Cette embauche s’inscrit dans le cadre des projets de la société d'être un gestionnaire d’actifs multi spécialistes. Ainsi, l’ex-équipe de Fortis va créer une société spécialisée sur les actions mondiales sous forme de partenariat qui sera détenu à majorité par Hermes et en partie par les partenaires et les employés. Après approbation de la Securities and Exchange Commission (SEC), l'équipe va initialement se concentrer sur les besoins du BT Pension Scheme, qui investira 500 millions de dollars. Ensuite, elle cherchera aussi à vendre son savoir-faire à des tiers.
17/11/2009

John Paulson reste dans le secteur bancaire... mais change de cheval

Bloomberg rapporte que John Paulson a révélé en fin de semaine dernière que sa société de gestion - qui gère des hedge funds - a acquis des actions de Citigroup Inc pour un montant de 300 millions de dollars. Dans le même temps, elle a vendu la totalité de sa participation chez Goldman Sachs. Dans le détail, Paulson - qui a gagné l’année dernière près de deux milliards de dollars, en partie en pariant sur l’effondrement du marché de l’immobilier américain - a investi dans des titres bancaires qui ont plongés en 2008 lors de la crise financière. Ensuite, il a vendu ses actions Goldman Sachs er JP Morgan & Co au troisième trimestre 2009 tandis que, simultanément, il a pris une participation dans Citigroup, une banque qui reste en partie détenue par les autorités publiques.
17/11/2009

Nominations à l'état-major de RiverSource-Columbia

Selon les informations de Mutaul Fund Wire, Beth Brown, qui dirige la distribution retail chez Columbia Management, sera nommée directrice des ventes retail pour la gamme combunée de RiverSource et de Columbia, en remplacement de Jeffrey McGregor, president de RiverSource Distributors, qui ne conservera la responsabilité que des annuities et des produits d’assurance. Beth Brown sera subordonnée à Mike Jones, president de Columbia Management, qui va devenir president des activités de gestion d’actifs d’Ameriprise pour les Etats-Unis.D’autre part, Jeffrey Peters, actuellement senior vice president & head of global institutional distribution chez Columbia, sera nommé patron des ventes institutionnelles du nouvel ensemble sous la responsabilité de Mike Jones tandis que Christopher Keating, head of institutional sales chez RiverSource, quittera le groupe au printemps 2010.
17/11/2009

Hausse de l'encours de Putnam au troisième trimestre

A fin septembre, indique Great-West Lifeco, filiale du canadien Compagnie Financière Power, l’encours de Putnam Investments ressortait à 113,6 milliards de dollars contre 102,78 milliards au 30 juin. Cependant, ce total est inférieur à celui constaté à fin septembre 2008, où il s'élevait à 136,59 milliards de dollars.Durant le troisième trimestre 2009, Putnam a subi des remboursements nets de 1,8 milliard de dollars contre 8,76 milliards en avril-juin et, pour les neuf premiers mois de l’année, les sorties nettes ont porté sur 13,31 milliards de dollars contre 9,71 milliards.Cependant, l’effet de marché a été positif de 12,62 milliards en juillet-septembre contre 12,99 milliards pour le deuxième trimestre. Pour janvier-septembre, l’effet de marché a été positif de 21,21 milliards de dollars alors qu’il avait été négatif de 32,21 milliards pour la période correspondante de l’an dernier.Putnam Investments accuse pour le troisième trimestre une perte de 10 millions de dollars contre 26 millions au deuxième trimestre, ce qui porte la parte nette de janvier-septembre à 45 millions de dollars contre 4 millions pour les neuf premiers mois de 2008.
16/11/2009

SGAM victime d'une fraude interne

Le contrôle interne de la Société Générale a mis au jour une fraude au sein de SGAM Banque, l’une des filiales du pôle de gestion d’actifs SGAM, a appris l’Agefi de sources concordantes. Cette fraude, réalisée sous forme de fausses factures de frais généraux, porterait sur un montant de 1,8 million d’euros dont une partie aurait été récupérée depuis.
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16/11/2009

Serious Fraud Office opens investigation of Gilher

On Friday, the Serious Fraud Office (SFO) announced that with the assistance of the Surrey police force, it has undertaken a search of the business premises of Gilher Inc. There were no arrests. The investigation is focusing on the firm’s relations with British expatriate citizens resident in Majorca. Following a complaint from a retail client, the SFO launched an investigation into the investment fund, which has attracted GBP20m in investments through promises of guaranteed returns of 20% per year.
16/11/2009

150 victims of suspected Gilher fraud

The Sunday Times reports that the Serious Fraud Office (SFO) investigation of the investment fund Gilher Inc, operated by the British financier John Hirst, has uncovered a GBP20m fraud which claimed more than 150 victims, many of them British expats living in Majorca. Gilher Inc is registered in Cyprus and the Seychelles. An organisation to defend the interests of 40 victims has been formed under the leadership of Jan Fitzgerald, who personally invested EUR80,000 with Gilher. Hirst is believed to have returned to the United Kingdom, and had claimed to be suffering from leukemia.
16/11/2009

Bonuses: Bill to be announced Wednesday

Les Echos reports that the British prime minister, Gordon Brown, yesterday pledged to unveil proposed legislation to “transform” pay scales at financial sector businesses. The bill, which will grant the regulatory authorities new powers to sanction banks who abuse bonuses, will be announced on Wednesday in the Queen’s speech.
16/11/2009

RepRisk publishes list of businesses reputed for poor environmental and social practices

In September and October, a list of businesses to be avoided from an environmental and social perspective, published by RepRisk, a specialist in reputational risk, was headed by Vedanta, Chevron, Nestlé, Shell, Red Industries, Bhushan Power & Steel, ExxonMobil, Beef Products, Greater Omaha Packing co, Lone Star Beef Processors, and Cargill. The ‘black list’ is based on the RRI index of reputational risk, which is extrapolated directly from the incidence of negative reports in the press.
16/11/2009

Van Eck Global launches a gold mining ETF

Van Eck Global is launching a second ETF fund of shares in gold mining firms. The Market Vectors Junior Gold Miners ETF has been listed on the NYSE Arca exchange since Wednesday, and tracks small and midcaps of the gold mining sector. As of 30 September, Van Eck had 22 ETF funds on sale, and managed USD9.7bn in assets.
16/11/2009

John Paulson donates USD20m to his alma mater

John Paulson, founder and president of the alternative management firm Paulson & Co, has donated USD20m to the New York University Stern School of Business, his alma mater, Hedge Week reports. The donation will be used partly to finance renovations on campus, and partly to endow chairs named after Alan Greenspan and John Paulson.
16/11/2009

TPG offers investors reduction of exposure to financial sector fund

TPG is offering its investors an opportunity to reduce their commitments to its financial sector fund, in a sign of the trouble that private equity firms are having in acquiring distressed banks, the Financial Times reports. TPG Financial Partners had initially received commitments for a USD6bn funds in february 2008. The size of the fund was reduced to USD4.6bn in January. Now, investors may reduce their commitments to USD2.5bn.
16/11/2009

Money market funds take more risk

Some money-market funds are moving into longer-duration instruments, the Wall Street Journal observes. The average weighted maturity of the 100 largest money-market funds was 47 days in August 2008, then dipped to 43 days for two months, according to Crane. By February it was back up to precrisis levels and, currently, the weighted average maturity of the 100 largest money-market funds is 52 days. That’s the highest since April 2006.
16/11/2009

BGI to launch a "genocide-free" ETF fund

The range of socially responsible iShares products from Barclays Global Investors (BGI) will soon grow by one product with the addition of the iShares Genocide-Free ETF. The objective will be to offer investors a means to exclude all investments in firms worldwide who may be implicated in genocide, on the basis of an index calculated by a third-party provider. The date for the launch of the fund has not yet been set. Noel Archard, head of iShares research & development at BGI, says he was convinced that there may be demand for such a product following recent conversations with Investors Against Genocide and others.
16/11/2009

28% of management firms lost money in 2008

According to quarterly statistics from the CNMV, 34 out of 120 Spanish asset management firms made losses in 2008, of whom four have assets under management of over EUR1bn (Barclays, Credit Suisse, Urquijo and UBS). Net profits for the sector totalled EUR348m, or 0.17% of assets, of which EUR65m were for BBVA Asset Management, and EUR49.6m for Santander Asset Management. Bestinver, the asset management firm of the Acctiona group, has earned profits of EUR27.8m, which represents a margin of 1.42%, compared with 0.19% for BBVA AM and 0.14% for Santander AM.
16/11/2009

Emotional Assets launches first product

The London-based asset management boutique Emotional Assets Management & Research has launched its first fund, the Emotional Assets Fund I, which will invest in 15 “emotional assets,” including art, photography, contemporary design, antique rugs, musical instruments, antique jewelry, ceramics, architecture, rare coins, diamonds, rare stamps, maps and atlases, rare manuscripts, and rare antiquities. The objective for the closed fund is to achieve a five-year investment duration and returns of 15% per year, with regular volatility, while also conserving the initial investment. The product will be domiciled in Guernsey, and will use no leverage. The minimal investment for the product is GBP100,000.
16/11/2009

Assets in SRI funds down

According to statistics from Vigeo, assets in British SRI funds as of the end of June were down, due to a strong exposure to equities (74%) to EUR10.5bn, compared with EUR12.5bn one year earlier, while average assets under management come to EUR107m per fund, Investment Week reports.
16/11/2009

ETF issuers still leading other firms for subscriptions

At the end of September, securities funds on sale in Germany had seen net redemptions of EUR4.7bn since the beginning of the year. But ETF promoters saw net subscriptions during the same period of EUR8.37bn, due to subscriptions of EUR2.88bn for Commerz Derivatives, of which ComStage funds attracted EUR573m; db x-trackers (Deutsche Bank) with EUR3.75bn, ETFlab (Deka) with EUR1.51bn, and BGI (iShares) with EUR237.3m. Of the major asset management firms, only DWS/DB (Deutsche Bank) shows net subscriptions totalling EUR1.47bn. The other firms showing net redemptions in the period include Allianz Global Investors, with net redemptions of EUR2.61bn despite net subscriptions of EUR3.56bn to Pimco Europe, while Deka has seen net outflows of EUR6.1bn, Pioneer (UniCredit) and Union Investment (co-operative banks), for their part, have seen net redemptions of EUR993.9m and EUR792.8m.
16/11/2009

P2 Value real estate fund from Morgan Stanley hit hard on markets

Only four German open-ended real estate funds are maintaining their suspensions of redemptions put in place in late October 2008, the Frankfurter Allgemeine Zeitung reports. The most emblematic of these is the P2 Value fund from Morgan Stanley, whose assets totalled EUR1.4bn, but whose shares were trading on the Hamburg and Stuttgart stock markets at EUR42, though the fund’s net asset value as calculated by Morgan Stanley Real Estate Investment would be equivalent to about EUR46 per share. However, the undervaluation on the markets is slighter for the TMW Immobilien Weltfonds (EUR1bn).
16/11/2009

Hermes and ABI call Volkswagen management to task

In a letter date November 14th to Ferdinand Piëch, who is both chairman of the supervisory board at Volkswagen and one of the most infuential shareholders in Porsche, the British pension fund management firm Hermes criticized the insufficient level of information supplied to minority shareholders, and raised questions about a potential conflict of interests in Volkswagen’s proposed acquisition of Porsche, the Financial Times reports. The Association of British Insurers (ABI) has also sent a letter to Piëch, in which it calls for information about the way in which Porche’s business is being valued for the acquisition, and about the transaction’s economic rationale. The newspaper reports that, according to a Commerzbank analyst, Porsche is “ambitiously” valued at EUR12.4bn, while its fair value is nearer to EUR9bn.
16/11/2009

Hedge funds made more than 100% during equities' "lost decade"

Between 30 September 1999 and 2009, the MSCI World index has lost 7.54%, while in the same period, hedge funds earned average performance of 113%, according to CSFB/Tremont, Cinco Días reports. The MSCI World index does not take into account dividends paid by businesses. However, the S&P 500 index lost 17.59% in the period under review, not including dividends, and 1.53%, taking those dividends into account. Although hedge funds did not avoid losses in the most recent crisis, they lost only 19.07% in 2008, according to CSFB/Tremont, compared with 42% for the MSCI World index and 38.49% for the S&P 500. Average returns over ten years of 113% indicate stupefying returns over this period, as does a figure of 13,247% for the UBAM Dynamic US Dollar. Three funds focused on Russia made returns of over 800% during this period.
16/11/2009

Hedge funds show losses in October

Confirming a trend observed by other hedge fund indices, the Lyxor Global Hedge Fund Index also shows losses for October, totalling 0.96%. However, as of 10 November, the investible index continued to show gains of 5.38% since the beginning of the year. The two areas with the worst returns last month were emerging markets (-3.02%) and long term CTAs (-2.77%), while credit arbitrage showed returns of 4.54%, its best results since the beginning of the year (+48.33%). Equity short bias, for its part, shows the heaviest losses, at 27.43%.
16/11/2009

Recruitments at GSAM

The management team at Goldman Sachs Asset Management in Spain, led by Lucía Catalán, has recruited Diego Astarloa from SGAM, and Iván Gomero from Fidelity, Funds People reports, doubling the firm’s local personnel.
16/11/2009

DWS Go platform: going, going, gone

DWS is discontinuing its certificate activities. At the end of September, it liquidated 30 certificates, and will not launch further products on its DWS Go platform unless there are commitments for the products from clients, Das Investment reports. The platform still includes 125 products, with assets of EUR500m, The two architects of DWS Go have left the firm (though one of them, Matthias Liermann, has joined the X-Markets team at Deutsche Bank), and the head of sales for DWS Go, Eckhard Hülsmann, is rumoured to have lost his job, according to Financial Times Deutschland.

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