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17/08/2009

Deux anciennes star d’UBS ciblent l’immobilier

John Costas et Mike Hutchins, anciens banquiers stars d’UBS, vont cibler l’immobilier dans le cadre de leur nouvelle boutique PrinceRidge, rapporte le Financial Times. Le duo a recruté 50 personnes. John Costas avait monté un hedge fund, Dillon Read Capital Management, qu’UBS a fermé il y a deux ans, rappelle le FT.
17/08/2009

BNP Paribas se distingue parmi les gestionnaires français

«Parmi les sociétés financières françaises ayant déjà publié leurs comptes semestriels, BNP Paribas est la seule à tirer son épingle du jeu dans la gestion d’actifs», analyse L’Agefi. Sans compter Fortis, ses encours augmentent de 9,2 % depuis fin 2008, à 249 milliards d’euros. Axa et Société Générale continuent en revanche à voir fondre leurs actifs, poursuit le quotidien
17/08/2009

Près de 50 millions pour dix salariés chez BNP Paribas

La Tribune rapporte que les 10 salariés les mieux rémunérés chez BNP Paribas ont perçu 49,9 millions d’euros en 2008, a indiqué samedi la banque. Cette somme inclut les bonus des traders versés au titre de 2007 et une partie des indemnités et participations dans la banque aux salariés de la filiale PAI Partners dont BNP Paribas s’est séparée en 2003. La banque a précisé que pour 2009, le montant total des 10 plus grosses rémunérations ne devrait pas dépasser 15 à 16 millions d’euros.
17/08/2009
Fonds

L’ETF US Natural Gas cherche à contourner les règles de la CFTC

L’ETF US Natural Gas Fund cherche un moyen d'éviter les règles de la Commodity Futures Trading Commission qui limiteraient la taille de ses positions dans le gaz naturel, rapporte le Wall Street Journal. Le fonds envisage notamment de se tourner vers des marchés de l’énergie offshore. L’ETF pèse 4,5 milliards de dollars et ses positions représentent désormais 30 % de tous les contrats de futures sur le gaz naturel en circulation, ce qui suscite des inquiétudes sur son influence sur les prix.
Fonds
17/08/2009

Carl Icahn est l’arroseur arrosé

Pendant des années, Carl Icahn a investi dans des entreprises puis publiquement harangué leurs dirigeants qui n’en faisaient pas assez pour doper la valeur des actions. Mais aujourd’hui, l’homme d’affaires est lui-même la cible d’une plainte d’investisseurs, rapporte le Wall Street Journal. Un hedge fund, R2 Investments, affirme que Carl Icahn, en tant qu’administrateur et actionnaire majoritaire de XO Holdings, a pénalisé les actionnaires en repoussant trois approches pour acquérir la société de télécommunications en difficulté, ce qui aurait pu doper le cours de l’action.
17/08/2009

Un ancien de Pequot chez Blackstone

Byron Wien rejoint la société de placements alternatifs Blackstone en tant que vice president de Blackstone Advisory Services. L’intéressé était précédemment chief investment strategist de la société de hedge funds Pequot Capital, actuellement menacée d’une plainte de la part de la Securities and Exchange Commission.
17/08/2009

Few women in private equity

Women represent only 10% of the 747 investment professionals at Europe’s 10 largest private equity firms, the Wall Street Journal reports, citing Prequin. 3i Group, Permira, and Axa Private Equity had the highest numbers of female staff.
17/08/2009

Record assets in ETFs

At the end of July, the 1,768 ETF funds worldwide monitored by Barclays Global Investors had total assets of USD862bn, the highest levels ever observed. The previous record was set in April 2008, when funds had assets of USD805bn. Since the beginning of the year, assets have increased by 21.2%, a larger increase than the MSCI World index in US dollars (+13.5%). The number of ETF funds, for its part, has gained 11.1% since January, as 240 new ETFs have been created, while 74 were closed. This growth is set to continue, according to BGI, as 780 more new ETFs are currently in the works. The market is shared by 94 providers, but iShares, which is now owned by BlackRock, continues to be the largest purveyor of ETFs, both in terms of the number of products on offer (391 ETFs) and assets (USD414.4bn). The firm controls nearly half of the market (48.1%). State Street Global is far behind, with 15.2% of the market, followed by Vanguard (7.8%). In Europe, assets in ETF funds set a record in July, with USD183bn, beating the previous record set in May 2009 by 8.4%. As of the end of the month, 753 ETFs were on sale, 12.8% more than at the beginning of the year. iShares also dominates the European market, with a market share of 39.6%. Its main competitors are Lyxor, with 20.5%, and db x-trackers, with 16.3%.
17/08/2009

Net subscriptions for German funds

Since the beginning of 2009, German funds have posted net subscriptions of EUR16.5bn, Citywire reports, citing Portfolio International and statistics from the BVI. Allianz topped the rankings, with net subscriptions of EUR1.6bn.
17/08/2009

Pequot veteran joins Blackstone

Byron Wien has joined the alternative investment firm Blackstone, as vice president of Blackstone Advisory Services. He was previously chief investment strategist at the hedge fund firm Pequot Capital, which is currently facing a legal challenge by the Securities and Exchange Commission.
17/08/2009

Pimco recommends active management of TIPS

Pimco (Allianz group) has found that, although index-based management is a great way to manage equities, the same is not true of Treasury inflation-protected securities (TIPS), the Wall Street Journal reports. For these assets, passive management may result in missed opportunities and hidden costs. The Pimco study comes as the iShares Barclays TIPS ETF is proving highly successful, with nearly USD5.6bn in inflows in 2009, the WSJ reports.
17/08/2009

BNP Paribas bucks trend for French asset managers

“Of the French financial firms that have already published their results for first half, BNP Paribas is the only one in positive territory in asset management,” L’Agefi notes. Not counting Fortis, its assets have increased by 9.2% since the end of 2008, to EUR249bn. However, Axa and Société Générale are still experiencing decreasing asset volumes, the newspaper reports.
17/08/2009

Tables are turned on Carl Icahn

For years, Carl Icahn has made a habit of investing in companies, and then outspokenly and publicly criticizing their directors, for not doing enough to boost the share price. But now, the businessman is himself the object of similar criticisms on the part of investors, the Wall Street Journal reports. A hedge fund, R2 Investments, claims that Icahn, as director and majority shareholder in XO Holdings, has made choices which are not in shareholders’ best interests by refusing three offers to buy the distressed telecommunications firm, which would have boosted the share price.
17/08/2009

Vontobel returns to profitable territory

Vontobel Group has returned to profitability in first half, with net profits of CHF62.4m, compared with losses of CHF1.2m the previous half. This is nonetheless lower than the profits of CHF114.7m earned one year earlier. The Swiss firm has posted net subscriptions of CHF0.8bn in first half, of which CHF0.6bn comes from private clients, and CHF0.2bn from institutional investors. In total, assets under management have increased by 4% in the six-month period under review to CHF65bn. But for the one-year period, they are lower than the CHF74bn posted in June 2008.
17/08/2009

US Natural Gas ETF runs up against CFTC regulations

The US Natural Gas Fund ETF is looking for a way around rules put in place by the Commodity Futures Trading Commission, which limit the size of permitted positions on natural gas, the Wall Street Journal reports. The fund is planning to turn to offshore energy markets. The ETF weighs in at USD4.5bn, and is positions now represent 30% of all natural gas futures in circulation, which is causing concerns about its influence on natural gas prices.
17/08/2009

Offshore islands removed from 'grey list'

According to Les Echos, which cites an announcement by the Organisation for Economic Co-operation and Development (OECD) on Friday, the British Virgin islands and the Cayman Islands have been removed from a “grey list” of tax havens, after signing twelve international tax information sharing conventions.
17/08/2009

Large banks will have to pay

According to a declaration by a spokesperson for the US Treasury, reported in La Tribune, the financial product consumer protection agency now in the process of being created will be paid for by taxes on banks with assets of over USD10bn.
17/08/2009

Madoff's mistress comes forward

Bloomberg reports that Sheryl Weinstein, a 60-year-old accountant who publicly accused Bernard Madoff of stealing the savings of her family, has written a book which will go on sale on 25 August. In the work, entitled “Madoff’s Other Secret: Love, Money, Bernie, and Me,” Weinstein reveals that she had an extramarital affair with the man, whom she met 21 years ago, when he was CFO of Hadassah, an American Zionist women’s organisation. “She is entitled to free speech,” says Ira Sorkin, Madoff’s lawyer. For his part, Peter Chavkin, Ruth Madoff’s lawyer, had no comment.
17/08/2009

UBS to name 5,000 US clients

“UBS may reveal the identity of 4,500 to 5,000 of its US clients with secret accounts in Switzerland, under an agreement reached last week between the US government and the bank,” L’Agefi reports, citing the Swiss weekend press. The weekly newsmagazine NZZ am Sonntag states that the agreement in question, which is to be signed this week, will be modelled on a previous agreement reached in 1996.
17/08/2009

Recovery will likely remain fragile, according to Morgan Stanley

Morgan Stanley expects GDP growth in the euro area to stay close to the zero line in 3Q, after a number of countries, notably Germany and France, posted a surprising rise in 2Q GDP, and the euro area recorded a decline of 0.1% ahead of forecast. Aggressive destocking in 2Q and strong car sales could potentially create more positive surprises. Looking further ahead, however, the US bank thinks that recovery will likely remain fragile. “Consumer spending will likely weaken once subsidized car buying loses steam and deteriorating labour market conditions will likely dent income and confidence”.In the euro area, Morgan Stanley still looks for a marked contraction in 2009. “At -4.0%, on our revised estimates, the contraction in GDP is a tad smaller than the -4.4%Y we were showing before”, says the bank. Its full-year forecast for 2010 improves only marginally from 0.5%Y to 0.6%Y.
17/08/2009

Bonuses remain high despite crisis

According to a study by New Bridge Street, cited by the Financial Times, one fifth of the FTSE 100 companies paid out 90% of maximum possible bonuses to their top directors in 2008, even as nearly 90% of these companies suffered share price falls.
14/08/2009

Nomination chez Fortis

Fortis vient d’annoncer la nomination de Bruno Colmant, le patron d’Euronext Bruxelles, à la fonction de deputy chief executive officer, à compter du 1er septembre prochain. Sous la responsabilité de Bart De Smet, Chief Executive Officer, il dirigera les entités Finance et Legal et assurera la gestion de l’héritage de l’ex-Fortis.
14/08/2009

Fusion entre deux banques russes

Selon les Echos, la fusion entre les banques russes MDM et Ursa vient ainsi d'être finalisée représentant plus de 520 milliards de roubles d’actifs (11 milliards d’euros environ). Complémentaires, elles ne sont plus devancées que par Alfa, la principale banque privée russe. Parmi les actionnaires minoritaires, figure la Banque européenne pour la reconstruction et le développement (BERD) qui détient 5,2 % du capital. Premier signe de transparence, précise le quotidien, «les directeurs indépendants et investisseurs étrangers devraient composer la majorité du conseil d’administration de la nouvelle banque».L’objectif du président de la nouvelle entité, Oleg Viougine, consiste à augmenter de 25 % les prêts aux entreprises et aux particuliers d’ici à la fin de l’année.Cette fusion est une nouvelle étape de la consolidation d’un marché composé de plus de 1.200 banques.
14/08/2009
Fonds

RCM lance un fonds rendement absolu

RCM, filiale d’Allianz Global Investors, va lancer en octobre son premier fonds Ucits III, le Allianz RCM Discovery Europe fund, rapporte Citywire. Ce fonds, calqué sur une stratégie de hedge fund existante, vise un rendement annuel de 10 %. Il sera géré par Harald Sporleder.
Fonds
14/08/2009
Fonds

Skandia attribue un deuxième mandat à Cazenove

Skandia Investment Group a accordé un deuxième mandat à Cazenove pour son fonds UK Strategic Best Ideas, rapporte Investment Week. Plus précisément, le mandat a été confié à Neil Pegrum, qui gère des actions britanniques et des hedge funds.
Fonds
14/08/2009

BNY Mellon ne va pas fusionner Insight

Le vice-président de BNY Mellon Asset Management, Jon Little, a assuré qu’il prévoyait de garder Insight en tant qu’entité distincte et séparée des autres filiales, rapporte Investment Week.BNY Mellon AM a acquis Insight à Lloyds.
14/08/2009

Souscriptions record pour M&G

Au premier semestre, M&G a enregistré des souscriptions nettes record de 8,6 milliards de livres, soit 10,02 milliards d’euros, rapporte Citywire. La société de gestion du groupe Prudential voit ainsi ses encours passer à 149 milliards de livres (173 milliards d’euros). M&G a néanmoins vu son bénéfice d’exploitation baisser de 30 % à 102 millions de livres en glissement annuel (119 millions d’euros).

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