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19/10/2009

US government bonds continue to attract investors

While the US economy is showing signs of recovery but remains weak, Agefi notes, foreign investors acquired USD28.6bn in long shares in the month of August, according to the US treasury. For the third month in a row, foreign investors have increased their investments in US bonds. The pace of increase has, however, slowed, in a context of recovering investor appetite for risk. Net acquisitions of these bonds have gone from USD100.5bn in June to USD23.9bn in August. Japan, the UK, Hong Kong and Russia have increased their exposures to US government bonds. China has slightly reduced its position, the newspaper states.
19/10/2009

Norwegian pension fund goes into green investment

The Norwegian government pension fund, with more than EUR280bn (NOK2.385trn) in assets under management, is planning one of the largest injections of capital ever into green investment, in a NOK20bn program which will invest in businesses which are attentive to their environment for a five-year period. The fund will also address climate change issues with Sir Nicholas Stern, the author of a report on the costs of global warming. The Norwegian finance minister has confirmed that the investments are planned for 2010, with an allocation of over NOK4bn, or nearly EUR500m, to be invested next year according to environmental criteria.
19/10/2009

Hans-Peter Schupp fund launched in Austria

Veteran German deep value manager Hans-Peter Schupp has now launched his flagship fund Fidecum SICAV - Contrarian Value Euroland in Austria, says Citywire. The fund was originally registered in Germany and Luxembourg.
19/10/2009

HSBC launches a fund of funds

The Chinese-British HSBC group is about to launch the Ucits AvantEdge fund of funds, which will be available to retail and institutional investors seeking absolute return investment opportunities, Hedge Week reports. The launch is planned for late November, and the fund of funds will include only blue chip stocks with a solid track record and robust infrastructure.
19/10/2009

National Express: Cosmen family and CVC call off takeover

On Friday, the Cosmen family and the private equity investor CVC Partners have announced in a market statement that they have withdrawn their GBP765m bid to take over National Express. The Cosmen family owns 18.5% of the British firm.
19/10/2009

New Star real estate fund attracting subscribers once again

New Star’s flagship retail property vehicle (now owned by Henderson Global Investors) has begun to look for new investments for the first time since 2007, marking the return of retail investors to the commercial real estate sector. At its peak, the fund was larger than GBP2bn, and this has been reduced to just GBP650m through the combination of asset falls and selling of its units. But the fund is now taking in between GBP20,000 to GBP50,000 every day on an overall net basis, giving it cash to invest again.
19/10/2009

Commerz Real places a closed solar energy fund

Commerz Real has announced the release for sale of shares in the closed fund CFB-Fonds 174 Solar – Deutschlandportfolio I, available with investments of EUR10,000 and up (plus a 5% front-end fee). The fund will mature in 2029. The fund, which will have EUR18.6m in capital, and which will invest EUR75.3m in a portfolio of four solar energy plants, including three in Bavaria and one in Saxony-Anhalt, with a maximum output of 23.5 megawatts. Returns will increase progressively from 7.5% to 36%.
19/10/2009

German equities funds return to positive performance

According to statistics published on Friday by the BVI association of management firms, German equities funds posted returns of only 22.6% in the first nine months of the year, which is 4.6 points higher than the Dax. However, over one year, these funds show gains of only 0.3%, as they had suffered losses over 12 months to 31 March of 40.31%, and losses of 26.6% to 30 June. Over 30 years, average annual performance comes to 8.2%. The best results for the 12 months to 30 September has been for corporate bond funds, at 9.3%, while real estate funds and money market funds generated returns of 2.7% and 1.2%.
19/10/2009

Middle Eastern investors have become more cautious

Since the onset of the financial crisis, the major families and sovereign funds of the Middle East have cut back their investments and required more attractive terms from private equity funds. David Rubenstein, CEO of Carlyle group, has told the Financial Times that the time when big investors received the same treatment as other subscribers is passing. Emirates Industrance Company is planning to gradually reduce its exposure to private equity funds, while Omar Lodhi, director of investor relations at the private equity firm Abraaj Capital, estimates that it is still possible to raise capital locally, but that funds in the process of being created will probably not achieve initial targets of USD4bn, both because the target assets are less expensive and because investors have become more cautious.
19/10/2009

USS pulls out of Cintra

In reaction to the imminent absorption into Cintra into its parent company, Ferrovial, the British pension fund Universities Superannuation Scheme (USS) has liquidated its stake of about 25 (about EUR95m) in the infrastructure firm, Cinco Días reports. With the Australian funds CP2 and Magellan, as well as the New Jersey Division of Investment, USS made the decision to divest as it considered the group too exposed to the construction sector, and because it was not pleased that the terms of the deal had been disclosed to the press. USS, which also holds stakes in the capital of BBVA and Telefónica, ultimately preferred to withdraw its investment.
19/10/2009

Madoff: HSBC sued as depository

La Tribune reports that HSBC is being sued in its role as depository for the Irish-registered fund Thema International, which was affected by the Madoff scandal. About 50 suits have been filed in Ireland in the wake of losses at the fund.
19/10/2009

British government to claim a share of bank profits

Agefi reports, citing the Sunday Telegraph, that the British government is planning a “tax raid” on the profits of British banks, all of which have profited directly or indirectly from the support lent by the government to the financial sector. The profits to be announced by banks are reported to have provoked “black anger” on the part of the authorities. Finance minister Alistair Darling is reported to be planning to include the plans in his draft budget, which will be announced to Parliament in six weeks, and would bring the UK government several hundred million pounds. The Labour government is also seeking to modify the system of taxation for banks, which currently allows them to spread out compensation for their losses over several fiscal years.
19/10/2009

UBS 'gives away' identities of US clients to tax authorities

UBS has issued a warning to those of its US clients in danger of figuring in a list of 4,450 cases which the bank will be required to hand over to the US tax authorities, in a registered letter which is clearly marked with the name of the sender. As the US postal service is a government entity, the IRS will have no difficulty in obtaining the names of these parties without waiting for official disclosure, the weekly newsmagazine Sonntag reports. The lawyer for several of these clients, Andreas Rüd, estimates that UBS acted deliberately, and is planning to file suit against the Swiss bank.
19/10/2009

US consumer lending eats into Bank of America profits

Bank of America (BoA) has posted a net loss of USD1bn for third quarter, Agefi reports, compared with profits of USD1.18bn one year previously. The results come despite the fact that net banking profits increased by 32%, to USD26bn, as a result of the integration of Merrill Lynch and Countrywide. The degradation of BoA’s retail lending and credit card activities are primarily responsible for this counterperformance, although the bank is a leader in these markets in the United States.
19/10/2009

Asset management bonuses down

Bonuses at asset management firms are likely to be reduced by up to 35%, due to falling assets, the Wall Street Journal reports, citing a study by Russell Reynolds Associates.
19/10/2009

DundeeWealth launches first products on US market

One of Canada’s largest independent wealth-management firms, DundeeWealth, is launching its first mutual funds in the U.S. The six new funds are: Dynamic Infrastructure Fund, Dynamic Gold & Precious Metals Fund, Dynamic U.S. Growth Fund, Dynamic Discovery Fund, Dynamic Contrarian Advantage Fund and Dynamic Energy Income Fund.
19/10/2009

Derivatives: Towards supervised clearing in Europe

Les Echos reports that in a draft communication to be passed this week, the EU government is planning to subject clearing houses, which the major market actors have agreed to set up, to a European system of supervision, which the Union is in the process of creating following the recommendations of the Larosière report. The EU is proposing to be in full supervision of their activities by mid-2010. They will be required to obtain licenses from a future European market authority to conduct business in the European Union. They will then be supervised, with the support of the European body, by national regulatory authorities. To incite banks to use centralised clearing houses, the Commission will require that clearing pass through such chambers for standardised derivatives. Owners’ equity requirements will also be raised for operations which will continue to be cleared on a bilateral basis.
19/10/2009

Galleon chief arrested

Raj Rajaratnam, the manager of the Galleon hedge fund, has been arrested, along with two directors of the New Castly hedge fund, Danielle Chiesi and Mark Kurland, the director of the treasury at Intel Capital, Rajiv Goel, and Anil Kumar, a director at McKinsey & Co and a head of IT at IBM. They are accused of insider trading on shares in Google, IBM and AMD, Die Welt reports. The only operation involving Google brought more than USD20m in gains for the investors, of which Rajaratnam made USD8m. The court has set Rajaratnam’s bail at USD100m.
19/10/2009

One hedge fund in five distorts information disclosed to investors

More than 20% of hedge funds tent to distort important information supplied to investors about funds and their performance, according to Hedge Week, citing a study by Stephen Brown, professor of finance at NYU Stern. 28% of the sample of funds in the study (444 hedge funds and their due diligence reports) offer incorrect or unverifiable reports to their assets under management and returns, while 9% claimed not to face any legal or regulatory difficulties, at times when they were actually facing problems of this kind. Only 6% of the sample admitted to difficulties of this kind. “This study clearly shows that some funds are very reticent in their relations with their own clients and potential investors. This information deficit, this lack of transparency right across the industry, represents a real problem,”says Brown.
19/10/2009

Financial adviser morale improves marginally

The BSI index of the morale of independent financial advisers (IFAs) regarding outlook for sales of shares in retail funds has improved in third quarter by 2.4 points compared with April-June, to 98.4, according to Robeco Germany. Since first quarter 2009, the index has been calculated by TNS Sofres on a quarterly basis, although it was previously published monthly. The sample includes 350 IFAs at commercial banks, savings banks and co-operative banks. The percentage of advisors who are satisfied with the situation has risen to 23%, compared with 21%, which remains well below 50%, and more than was normal as of fourth quarter 2008. In addition, in terms of professionals’ predictions, only 415 expect to see sales increase in the next six months, compared with 45% the previous quarter.
19/10/2009
Fonds

Le fonds de Hans-Peter Schupp lancé en Autriche

Selon Citywire, le gérant allemand deep value Hans-Peter Schupp a lancé son fonds vedette Fidecum SICAV – Contrarian Value Euroland en Autriche. Ce fonds avait été originallement enregistré en Allemagne et au Luxembourg.
Fonds
19/10/2009
Fonds

Les investisseurs moyen-orientaux sont devenus frileux

Depuis la crise financière, les grandes familles et les fonds souverains du Moyen-Orient réduisent leurs investissements tout en exigeant des modalités plus favorables de la part des fonds de private équity. David Rubenstein, CEO de Carlyle Group, a indiqué au Financial Times que l'époque où les grands investisseurs jouissaient d’un traitement identique à celui des autres souscripteurs est en passe d'être révolue. Emirates Industrance Company prévoit pour sa part de réduire progressivement son exposition aux fonds de private equity tandis qu’Omar Lodhi, directeur des relations investisseurs chez le capital-investisseur régional Abraaj Capital, estime qu’il reste possible de lever des capitaux localement, mais que probablement le fonds en cours de constitution n’atteindra par les 4 milliards de dollars initialement prévus, à la fois parce que les actifs sont moins chers et parce que les investisseurs sont devenus plus frileux.
Fonds
19/10/2009

Le fonds de pension norvégien se lance dans l'investissement vert

Le fonds de pension du gouvernement norvégien, à la tête de quelque 280 milliards d’euros (2 385 milliards de couronnes norvégiennes), se propose de lancer l’une des plus importantes injections de capital dans l’investissement vert, avec un programme de 20 milliards de couronnes qui seront investis dans des sociétés attentives à leur environnement sur une période de cinq ans. Le fonds va également travailler sur les problématique du réchauffement climatique avec Sir Nicholas Stern, autour d’un rapport sur le coût du réchauffement.Le ministère des Finances a précisé les projets d’investissement pour 2010, avec une enveloppe de quelque 4 milliards de couronnes, soit près de 500 millions d’euros, qui seront investis l’an prochain en fonction de critères environnementaux.
19/10/2009

"Non, non, non, le 130/30 n'est pas mort"

Avec la déroute des actions, les promoteurs de fonds 130/30, des produits très en vogue juste auparavant, ont mis la sourdine sur cette offre. Pourtant, Threadneedle, qui en avait lancé un le 31 octobre 2007, relance commercialement le thème en s'appuyant sur un historique de performance appréciable. Newsmanagers a ainsi rencontré George Szemere, spécialiste produits pour la gestion alternative, pour faire le point.
19/10/2009

LLoyds vend pour recouvrer sa liberté

Les banques britanniques, parmi les plus fortement touchées par la crise en Europe, cherchent à éviter une montée au capital du gouvernement, rapporte l’Agefi. Dans cette logique, Lloyds a cédé sa filiale déficitaire d’agences immobilières Halifax Estate Agencies au groupe immobilier LSL Property Services pour une livre sterling.
19/10/2009
Fonds

Le fonds immobilier de New Star attire à nouveau les souscripteurs

Le fonds immobilier retail de New Star (maintenant détenu par Henderson Global Investors) a pour la première fois depuis 2007 commencé à chercher de nouveaux investissements, ce qui marque le retour des particuliers sur l’immobilier commercial, rapporte le Financial Times. Le fonds avait atteint plus de 2 milliards de livres, puis avait fondu à 650 millions en raison de la chute des actifs et des rachats. Maintenant, il attire entre 20.000 et 50.000 livres chaque jour en net, ce qui lui donne des liquidités à investir.
Fonds
19/10/2009

National Express : les Cosmen et CVC jettent l'éponge

Vendredi, la famille Cosmen et le capital-investisseur CVC Partners ont annoncé dans un communiqué boursier avoir retiré leur offre de 765 millions de livres sur National Express. Les Cosmen détiennent 18,5 % de la firme britannique.
19/10/2009

Laurie Jaques quitte Henderson

La responsable britannique du wholesale, Laurie Jaques, a quitté la société pour poursuivre d’autres intérêts, selon Investment Week. Le départ de Laurie Jaques, qui avait rejoint Henderson en avril 2007, fait suite au recrutement de Simon Hillenbrand, Greg Jones et James Bowers (cf. NewsManagers du 7 octobre 2009).
19/10/2009

Chute du bénéfice de Renta 4

Pour les neuf premiers mois de l’année, le bénéfice net de Renta 4 a plongé de 33,9 % à 4,66 millions d’euros, malgré un gonflement de contraction 26,2 % au troisième trimestre, à 1,2 million d’euros.Toujours pour les trois premiers trimestres, les rentrées nettes ont porté sur 194 millions d’euros, de sorte que l’encours géré et administré au 30 septembre se montait à presque 4,19 milliards d’euros, soit 23 % de plus que fin décembre 2008.
19/10/2009
Fonds

Les fonds de pension se remettent à gagner quelque argent

A fin septembre l’encours des 968 plans d'épargne-retraite individuels ayant fourni leurs résultats à l’association Inverco des sociétés de gestion se situait à 42,49 milliards d’euros pour 7,27 millions de comptes. Cela représente approximativement 87 % des actifs totaux sous gestion.Inverco souligne aussi qu’en moyenne ces fonds ont affiché une performance annuelle pondérée de 3,66 % sur un an, de 0,28 % sur trois ans, de 2,15 % sur cinq ans et de 1,50 % sur 10 ans.Pour les neuf premiers mois de 2009, la performance a été de 6,16 %, grâce notamment au gain de 23,82 % affiché par les fonds d’actions, tandis que les fonds diversifiés à dominante actions généraient 12,45 %.
Fonds

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