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21/09/2009

Banks in emerging markets take an interest in climate change

As debates develop over the issue of climate change, a new report from Ceres reveals that banks in emerging markets are beginning to integrate climate change issues into their decision-making processes. Despite this rising awareness, the report points out, few banks in emerging regions participate in financing clean energy projects or in carbon emissions trading programs. “A growing number of banks in emerging markets are realising that climate change is a big deal, but so far, their responses have been derisive and have only scratched the surface,” says Mindy S. Lubber, president of Ceres, and author of the report (“Addressing Climate Risk : Financial Institutions in Emerging Markets”).
21/09/2009

AllianceBernstein changes head of US retail

Harold Hughes, head of private clients at AllianceBernstein in London, has been appointed head of US retail, replacing Brian Gallary, who was national sales manager, and who will now become head of sub-advisory, Mutual Fund Wire reports.
21/09/2009

AllianceBernstein announces commercial real estate division

AllianceBernstein has announced the creation of a real estate investment division, which will be led by Brahm Cramer and Jay Nydick. Cramer, who will join the Axa affiliate in first quarter 2010, was co-head of real estate principal investment at Goldman Sachs Group. Nydick has been president of iStar Financial since 2004. The product range will be “opportunistic,” and will initially focus on the commercial real estate market in the United States. The new division, which will be operational from the middle of next year, will be aimed at high net worth private clients and institutional investors.
21/09/2009

BBVA to distribute funds via Allfunds

BBVA Asset Management has been making its funds available to institutional investors for several months via Allfunds Bank, the joint platform from Santander and Intesa Sanpaolo. This week, Expansión has learned, the agreement will be extended to include clients of the approximately 200 branches of the private bank, who will also gain access to BBVA funds. Currently, external distribution accounts for only 3% of assets under management at BBVA. The new agreement with Allfunds will increase this percentage.
21/09/2009

Changing of the guard at Credit Suisse

Bruno Aguilar has been relieved of his duties as CEO for management at Credit Suisse Asset Management for Spain, as part of a reshuffle following the acquisition of Aberdeen Asset Management for GBP250m, Funds People reports. The new head of management for Spain, Portugal and Latin America is Pedro Domenech, who created the asset management activities of Lehman Brothers in Spain. The appointment will have no impact on the locally-registered asset management affiliate, Credit Suisse Gestión, whose assets total EUR1bn in Sicav funds and EUR850m in regular funds.
21/09/2009

Growing number of management firms founded

Wealth managers are distancing themselves from financial groups, and are creating their own independent firms, Handelsblatt observes. Roman von Ah, former head of asset management at Julius Bär, has founded Zurich Swissrock, with the former CFO of AWD, Ralf Brammer, and an insurance specialist, Klaus Mutschler. They manage EUR230m, and are now seeking new clients. Alpine Capital has been operational for two months, with a diversified active management fund, The firm is led by Dirk Schaper, former chairman of the board at Concord Investmentbank, and Peter Böhnke, co-founder of Main-First Bank. Bernd Borgmeier, who was head of asset management at Sal. Oppehneim and who was most recently a partner at the Warburg bank, has founded Bay Investment, which already has EUR1bn in assets under management for institutional investors.
21/09/2009

BNP Paribas private banking developing in Germany

According to Les Echos, BNP Paribas on Monday will make its entry to the German private banking industry official. The French firm is currently forming a team of 15 to 20 people based in Frankfurt anf Munich, to develop wealth management activities in collaboration with its direct bank, Cortal Consors. The business will be led by Pascal Grundrich, a veteran of Crédit Lyonnais who was hired by BNP Paribas in 2008. BNP Paribas has also studied a potential acquisition of Sal. Oppenheim, but it has visibly withdrawn from the sales process.
21/09/2009

Luxembourg funds lead for subscriptions

According to statistics from Lipper FMI, European funds have posted net subscriptions in first half of EUR34.82bn, following net redemptions of EUR272bn in July-December 2008. Of this total, Luxembourg funds alone attracted EUR21.5bn, Funds people reports. The two salient points in the first six months of the year are the popularity of corporate bond funds, particularly the BlueBay Investment Grade Bond and the Schroder ISF-Euro Corporate Bond, and the extraordinary growth of Carmignac Patrimoine, which has drawn about EUR5bn in subscriptions in the period under review.
21/09/2009

Lehman Brothers Europe submits request for repayments from US parent company

La Tribune reports that the liquidator of the former European headquarters of Lehman Brothers, PricewaterhouseCoopers (PwC) is preparing to demand “more than USD120bn” from the former parent company of the European outfit in the United States. The request is being made now due to the fact that the US Department of Justice has set a deadline of 22 September for creditors to submit their claims, the newspaper states.
21/09/2009

CME and Citadel call off plans for CDS platform

The CME Group and Citadel on Friday abandoned efforts to establish a trading platform for the USD27,000bn credit default swap market, says the Financial Times. They conceded that they could not attract any interest from the Wall Street banks.
21/09/2009

AllianceBernstein (AXA) owns 4.70% of Delhaize retail group

AllianceBewrnstein L.P., an investment firm owned by the AXA group, has reduced its stake in the capital of the Belgian retail group Delhaize below the 5% threshold, and now controls 4.70%. AXA Investment Managers Paris has announced that AllianceBernstein L.P. and its affiliates act independently of all other entities of the AXA group.
21/09/2009

Elliott & Page acquires Markland

Elliott & Page Ltd, an affiliate of Manulife Financial Corporation, has bought all shares in the Canadian firm Markland Street Asset Management Inc, as well as the retail fund activities of AIC Ltd, a unit of Markland. The price of the acquisition, which will be concluded on 30 September, has not been disclosed. Via Elliott & Page, Manulife becomes the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metal Corp. Markland, a specialist in structured financial products, had assets as of 31 August of USD114m. The fund management team at Markland will remain in place “for the moment.”
21/09/2009

Fitch confirms M2+ rating for ECM

On Friday, Fitch Ratings withdrew the London-based activities of the management firm European Credit Management Ltd (ECM) from its Rating Watch Evolving list, confirming the agency’s M2+ rating for the asset management firm. The move follows a clarification of ECM’s status following the integration of the management firm into the asset management activities of Wells Capital, after the acquisition of Wachovia by Wells Fargo in late 2008. Fitch emphasizes that Wells Capital has shown an intention to preserve the operational independence of ECM as a European credit management specialist within its multi-boutique framework. The agency also notes that activities at ECM (EUR12bn in assets as of the end of July), while they were affected by the turbulence on the credit markets last year, have withstood these difficult times relatively well compared to their competitors.
21/09/2009

Henderson New Star appoints a co-manager

Ainslie McLennan has been appointed co-manager of the New Star UK Property Unit Trust. McLennan will collaborate with Marcus Langlands Pearse, who joined Henderson after working for New Star. McLennan joined Henderson Global Investors in 2002. She was head of the European and British commercial real estate portfolio for institutional investors.
21/09/2009

Blackstone reduces stake in Cineworld and acquires 50% of Broadgate

Blackstone has announced that as part of a secondary placement, it has sold off 57% of its stake in the Cineworld chain of movie theatres for GBP62.9m, the Times reports. The private equity investor now holds a 20% stake in Cineworld. Meanwhile, Blackstone has confirmed its acquisition of a 50% stake in the Broadgate complex in the City of London from British Land for GBP77m. In addition, the private equity investor is taking over half of British Land’s debt, which totals GBP1.97bn.
21/09/2009

Paul Reichmann leaves Canary Wharf

The Canadian developed Paul Reichmann has sold his stake in Canary Wharf Group to Songbird Estates, the Sunday Times reports. Songbird now controls a 69.3% stake in Canary Wharf. Its affiliate Songbird Finance last week bought 54 million shares in Canary Wharf from Commerzbank for GBP112.5m.
21/09/2009

US government announces bond issue

L’Agefi reports that USD112bn in government bonds, with maturity dates ranging from 2 to 7 years, will be put on the market this week in the United States. The last issue of this kind was in late August, when the US Treasury issued USD109bn in bonds in the space of a few days. Previously, indirect actors, including foreign central banks, had been involved in the process, the newspaper notes. The US Treasury will raise USD1.9trn for the 2009 fiscal year (which ends on 30 September), and then USD2.5trn the following year, according to projections from Barclays Capital. In 2011 and 2012, issues are expected to total USD2trn.
21/09/2009

Number of IFAs expected to fall

According to a report by Ernst & Young cited by the Financial Times, of the existing 35,000 independent financial advisers in the United Kingdom, only 10,000 will remain in three years’ time. A further 10,000 will switch to giving restricted advice. This will be the result of new rules which ban the commission-based system of remunerations and which requires more qualifications.
21/09/2009
Fonds

Les fonds d'actions enregistrent de fortes souscriptions

Selon Wolfgang Mansfeld, président de l’association allemande BVI des sociétés de gestion, a indiqué vendredi que pour les sept premiers mois de l’année les fonds d’actions ont enregistré des souscriptions nettes de 7,4 milliards d’euros, dont environ 50 % pour des ETF.
Fonds
21/09/2009

Banque privée: BNP Paribas se développe outre-Rhin

Selon les Echos, BNP Paribas va officialiser ce lundi son entrée sur le marché de la banque privée en Allemagne. L'établissement français est actuellement en train de constituer une équipe de 15 à 20 personnes basées à Francfort et à Munich pour se développer dans la gestion de fortune, en collaboration avec sa banque directe Cortal Consors. L’activité est placée sous la responsabilité de Pascal Grundrich, un ancien du Crédit Lyonnais recruté en 2008. BNP Paribas a par ailleurs regardé le dossier Sal. Oppenheim, mais est visiblement sorti du processus de vente.
21/09/2009
Fonds

TMW "verdira" progressivement son Immobilien Weltfonds

Pour tenir compte de l’importance croissante du développement durable dans le secteur immobilier, TMW Pramerica a décidé de transformer son fonds immobilier offert au public TMW Immobilien Weltfonds en premier produit de sa catégorie orienté développement durable selon un approche «best-in-class». Pour ce faire, TMW Pramerica s’est associé avec Ökorenta, l’un des pionniers de l’ISR, qui apportera son savoir-faire dans la conception du fonds et qui mobilisera sa force de vente. Les premiers contacts avec des investisseurs importants ont montré que ce projet est bien accueilli au point que certains ordres de rachat ont été annulés et transformés en promesses de souscriptions (le fonds est fermé aux remboursements depuis fin octobre 2008).En d’autres termes, le fonds pourra continuer d’acquérir des immeubles selon des critères économiques mais pas uniquement conformes au concept de développement durable, du moment qu’une évolution «écologique» ultérieure de ces actifs est prévue. Cela signifie que le TMW Immobilien Weltfonds ne deviendra «évidemment» pas du jour au lendemain un fonds vert.
Fonds
21/09/2009
Fonds

Les fonds d'actions allemands sont relativement chers

Selon Lipper, le taux de frais sur encours (TFE ou TER en anglais) des fonds d’actions allemands se situe en moyenne à 1,6 % contre 1,2 % pour les américains, rapporte la Frankfurter Allgemeine Zeitung. Si l’on pondère en fonction de la taille des fonds, les produits allemands sont chargés à 1,4 % contre 0,9 % pour les américains. Pour les fonds obligataires, le TFE est de 0,9 % en Allemagne et de 0,8 % aux Etats-Unis.
Fonds
21/09/2009

Les créations de sociétés de gestion se multiplient

Les gérants de fortune prennent leurs distances d’avec les groupes financiers et se mettent à leur compte, constate le Handelsblatt. Ainsi, Roman von Ah, l’ancien patron de la gestion d’actifs de Julius Baer a-t-il créé à Zurich Swissrock avec l’ancien directeur financier d’AWD Ralf Brammer et un spécialiste de l’assurance, Klaus Mutschler. Ils gèrent 230 millions d’euros et cherchent à présent de nouveaux clients.Alpine Capital est opérationnelle depuis deux mois avec un fonds diversifié de gestion active. La société est dirigée par Dirk Schaper, l’ancien président du directoire de Concord Investmentbank et Peter Böhnke, co-fondateur de la Main-First Bank.Bernd Borgmeier, qui a dirigé la gestion d’actifs chez Sal. Oppenheim et qui était en dernier lieu associé de la banque Warburg a créé Bay Investment, qui gère déjà 1 milliard d’euros pour des investisseurs institutionnels.
21/09/2009

Sortie d'un fonds chinois pour BNP Paribas

L’Agefi rapporte que BNP Paribas est sur le point de céder sa participation dans le fonds ABN Amro Teda Fund Management en Chine. Cette décision est liée à la mise en conformité avec la réglementation du pays qui n’autorise pas les banques étrangères à détenir plus d’un fonds.
21/09/2009

Lehman Brothers Europe demande des comptes à sa maison aux Etats-Unis

La Tribune rapporte que l’administrateur de l’ancien siège européen de Lehman Brothers, PricewaterhouseCoopers (PwC), s’apprête à réclamer demain «plus de 120 milliards de dollars» auprès de l’ancienne maison mère aux États-Unis. La demande s’effectue maintenant sachant que la date butoir a été fixée par la justice américaine au 22 septembre pour que les créditeurs présentent leurs créances, précise le quotidien.
21/09/2009

CME et Citadel renoncent à leur plate-forme de CDS

Le CME Group et Citadel ont renoncé vendredi à créer une plate-forme de transactions pour le marché des CDS de 27.000 milliards de dollars, rapporte le Financial Times. La raison de cet abandon est le manque d’intérêt des banques de Wall Street.
21/09/2009

AllianceBernstein se lance dans l'immobilier commercial

AllianceBernstein a annoncé la création d’une division d’investissement immobilier qui sera dirigée par Brahm Cramer et Jay Nydick. Le premier, qui rejoindra la filiale d’Axa au premier trimestre 2010, a été co-head de la real estate principal investment area chez Goldman Sachs Group. Le second est president de iStar Financial depuis 2004.L’offre de produits sera «opportuniste» et se concentrera initialement sur le marché de l’immobilier commercial aux Etats-Unis. La nouvelle division, opérationnelle au milieu de l’an prochain, s’adressera aux particuliers haut de gamme et aux investisseurs institutionnels.
21/09/2009

AllianceBernstein change de patron pour le retail

Harold Hughes, head of private clients d’AllianceBernstein à Londres, a été nommé head of US retail, en remplacement de Brian Gallary, qui était «national sales manager» et qui prendra le poste de «head of sub-advisory», rapport Mutual Fund Wire.
21/09/2009
Fonds

SSgA lance un nouvel ETF

State Street Global Advisors (SSgA) a annoncé le lancement du SPODR Wells Fargo Preferred Stock ETF, qui est coté depuis le 17 septembre sur la plate-forme Arca du NYSE. Le fonds réplique l’indice Wells Fargo Hybrid & Preferred Securities Aggregate qui comprenait fin juillet plus de 160 valeurs. Il s’agit de valeurs mobilières préférentielles non convertibles cotées sur le NYSE ou sur Arco dont la valeur faciale est de 25 dollars. Elles sont notées investment grade par Moody’s ou S&P et leur volume de transactions mensuel a été d’au minimum 250.000 unités pendant les six derniers mois.
Fonds
21/09/2009

Les banques des marchés émergents s'intéressent au changement climatique

Alors que s’intensifie le débat sur le changement climatique, un nouveau rapport du Ceres montre que les banques des marchés émergents commencent à intégrer les problématiques climatiques dans leur processus de décision. Malgré cette prise conscience, souligne le rapport, les banques de la zone sont encore trop peu nombreuses à participer à des programmes de financement des énergies propres ou à des projets de trading des émissions de carbone."Les banques des marchés émergents sont plus nombreuses à se rendre compte que le changement climatique est une grosse affaire, mais, jusqu’ici, leurs réponses sont dérisoires et ne touchent que la surface des choses», selon Mindy S. Lubber, président du Ceres, à l’origine du rapport («Addressing Climate Risk : Financial Institutions in Emerging Markets»).

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