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04/05/2009

Warren Buffett's portfolio hit by recession

Les Echos reports that operating profits for Warren Buffett’s company, Berkshire Hathaway, have fallen by 12% from USD1.9bn to USD1.7bn. The value of assets in the portfolio are down 6% in first quarter. The publication of complete results for first quarter has been delayed until 8 May, the newspaper reports.
04/05/2009

Colony Capital negotiates investment in Orco

The real estate promotion firm Orco Property, traded in Paris, has entered exclusive negotiations with the fund Colony Capital, Les Echos reports. The investment fund ?may subscribe to a reserved capital increase of EUR25m before the end of second quarter 2009, and for an added amount of up to EUR140m after safeguarding procedures,? the newspaper reports.
04/05/2009

Profits up at Morningstar

In first quarter, Morningstar Inc has reported a decrease of 6.9% to tis revenues to USD116.7m, a decrease in operating profits to USD34.6m, and an increase of USD25m (51 cents per share) in net profits, from USD23.1m (47 cents) previously. Excluding acquisitions and negative currency effects of USD5.9m, revenues declined by 7.1%.Revenues generated by the investment information division declined 0.3% to USD96.2m, while revenues for the investment management division fell 29.2% to USD20.5m. Revenues in commissions on advised assets fell, as these assets totalled USD63.3bn as of 31 March, compared with USD66.8bn as of the end of December, and USD95.8bn one year earlier.Morningstar, which reduced its spending and cut bonuses by USD7.3bn in January-March, states that its liquidity as of 31 March totalled USD286m, compared with USD297.6m as of 31 December.
04/05/2009

United States - Who will succeed Buffett?

The question of who will succeed Warren Buffett, 78, as head of Berkshire Hathaway is the subject of speculation, the Financial Times reports. At a general shareholders’ meeting on Saturday, the investor declared that there were three internal candidates to replace him as CEO, and four candidates who may come from inside or outside the firm to take over as CIO.
04/05/2009

Bramdean Alternatives reported to have received a takeover offer

The Financial Times reports that Vincent Tchanguiz has called an extraordinary general shareholder’s meeting at Bramdean Alternatives. The management firm (USD181.65m in assets as of the end of March) has announced that it has been contacted by a potential buyer. Capitalisation stands at over GBP75m, the Telegraph reports. Bramdean Alternatives is managed by Nicola Horlick, who invested 10% of the firm’s assets in Madoff in late 2008. The major shareholders are Tchanguiz (28.7%), Hampshire Country Council Pension Fund, RMF Investment Management, Merseyside Pension Fund, and Tilney Investment Management. Horlick selected Cenkos Securities as financial advisor to define strategic options which may include a sale of the firm in whole or in parts.
04/05/2009

BoNY increases alternative asset sales staff

Bank of New York Mellon has recruited three people as additions to its global alternative investment and brokerage client relations team in London, led by David Aldrich, managing director, Europe, global client management financial institutions division.Julian Poodhun, head of the prime brokerage group in Boston and the international prime brokerage client assistance team at Merrill Lynch in New York, becomes lead client executive for the alternative investment sector.Huw Rees and Kelly Wilson join the firm from Lehman Brothers. Rees will be head of the client executive team for the investment banking sector in Europe, while Wilson becomes client executive for broker dealers, and will work in close collaboration with Rees.
04/05/2009

M&G outsources fund accounting to State Street

State Street Corporation announced on Thursday that it has eben awarded an administration mandate for GBP5.8bn in assets from M&G Investments (GBP141bn in assets under management), an affiliate of Prudential Group. State Street Corp will be in charge of the valuation of assets and accounting for several M&G funds authorised to invest in complex bonds and non-publicly traded derivatives (OTC).
04/05/2009

Fund managers affected by national cultures

Les Echos reports that a study comparing the attitudes and behaviours of fund managers in four countries - the United States, Germany, Japan, and Thailand - finds that managers do not escape the effects of the culture, values, and norms in their home countries. These influence their investment decisions, and have effects on organisation and work styles.
04/05/2009

Lyxor offers simplified access to corporate bonds

The ETF Euro Corporate Bond, listed on NYSE Euronext since only 7 April, has already attracted more than EUR150m (EUR153.47m as of 30 April), which Lyxor considers a sufficient volume to justify an official introduction of the product to investors on Thursday evening.The French-registered FCP fund, with a management commission of 0.20%, is the ninth product in the bond ETF range from Lyxor, which has about EUR5.3bn in assets under management. The fund synthetically replicates the Markit iBoxx EUR Liquid Corporates index, which includes the 40 most liquid Euro-denominated corporate bonds (with a minimal issue size of EUR750m, and a minimal duration to maturity of 1.5 years), with the same diversified sector weighting as the larger index of 1,200 bonds. The underlying portfolio weighs banks at 45.6%, the automotive industry at 12.1%, telecommunications at 9.5%, and utilities at 8.4%. The index is updated every three quarters.
04/05/2009

Erste Sparinvest launches a corporate bond fund

Erste Sparinvest (EUR23bn in assets) is planning to launch a corporate bond horizon fund, which will aim for a distribution of at least 4.25% per year. The Austrian-registered product, ESPA Corporate Basket 2013, matures on 31 May 2012. The portfolio contains 100 positions, on investment grade bonds, with at least 50% of them rated BBB or better. Subscriptions will be open on 4 May, and closed permanently on 29 May. During the life of the fund, it will be passively managed. If the rating of a bond is altered, the bonds in the portfolio will not be changed, but rather retained until the fund matures. The fund is profiled so that a default rate of 0.85% per year in the portfolio will not affect the dividends targeted. If it is lower, then the distribution will be increased to up to 5%. If it is higher than this amount, the liquid value will be adjusted downward. Front-end fee and management commission are set at 2% and 0.40%, respectively. A penalty for early withdrawal of 2% will be applicable.
04/05/2009

Real estate fund commissions swallow up rental revenues

According to a report by the law firm Moreno-Luque, Spanish funds charge total management fees ranging from 1.6% (Segurfondo Inversión) to 3.4% (Santander Banif Inmobiliario), while their German counterparts as a general rule charge only 0.75%. These commissions swallow up the entirety of rental revenues earned by Spanish funds.The law firm states that in 2003-2008, the Santander Banif Inmobiliario earned commissions of EUR640m, which is equal to the total net amount of rental revenues.
04/05/2009

Money market funds receiving inflows but not benefiting from them

One of the few sectors in asset management to have had net inflows last year was money market funds, which now represent USD4trn in assets under management, the Financial Times reports. But firms which manage these funds do not benefit from these assets. Interest rates have fallen to nearly zero, and most funds have cancelled fees temporarily to allow investors to earn returns. Money market funds will also soon be subject to new regulations.
04/05/2009

Credit Suisse pulls out of joint venture with Woori

On Thursday, Credit Suisse announced that it will be transferring the 30% stake that it owns in the South Korean management firm Woori Credit Suisse Asset Management Co Ltd. to Woori Financial Group. The joint venture is ?solidly profitable,? says the Swiss bank, which will be retaining its other interests in South Korean asset management, and which will also continue its cooperation with Woori Financial Group.
04/05/2009

Credit Suisse: Alternative management in the service of asset management

L’Agefi Suisse reports that the British institutional fund management firm Aberdeen Asset Management on Friday announced that it had finalised the first part of a transaction with Credit Suisse Group agreed at the end of December, concerning the takeover of Asia-Pacific funds (ex Japan) with CHF11.5bn in assets. The operation allows the asset management division of Credit Suiise, which has been suffering from in-house problems for years, to reorient its activities in directions which are considered more promising.
04/05/2009

Morningstar acquires Andex Associates

Morningstar Research Inc., a Canadian affiliate of Morningstar Inc., which has recently announced its acquisition of two activities from the Canadian firm C.P.M.S. Computerized Portfolio Management Services (see Newsmanagers of 27 April), on Friday announced the acquisition of Andex Associates, based in Windsor, Ontario, a leading firm in the provision of financial graphs and communications material aimed at IFAs. The financial details of the transaction have not been disclosed. Andex Associates was founded in 1993 by Anthony DiMeo and Dexter Robinson. Andex serves most of the largest financial services firms in Canada, including BMO Financial Group, CIBC, Great West, Investors Group, London Life, RBC, Scotiabank and TD Canada Trust.
30/04/2009
Fonds

Hedge funds : la consolidation sans effet sur la croissance de l?industrie

Selon L"Agefi suisse, la croissance à long terme de l"industrie des hedge funds reste intacte alors que 40% des acteurs risquent de disparaître d"ici l"année prochaine. Après des retraits de fonds de 152 milliards dollars au 4ème trimestre 2008 et de 103 milliards au 1er trimestre 2009, les actifs gérés pourraient se stabiliser aux alentours de 1000 milliards de dollars, avant de repartir à la hausse, notamment en termes d"afflux nets de capitaux.
Fonds
30/04/2009
Fonds

Baisse de 21% des actifs gérés en Europe en 2008

La crise financière a entraîné un recul d’environ 21% de la valeur des actifs gérés en Europe (gestion sous mandat et fonds d’investissement) à environ 10.700 milliards d’euros à fin 2008 selon les premières estimations de l’association européenne de la gestion d’actifs (Efama). Dans son deuxième rapport annuel (avril 2009), l’association précise qu'à la fin 2007, les actifs gérés en Europe s'élevaient à 13.600 milliards de d’euros, dont 49% pour la gestion sous mandat.
Fonds
30/04/2009

Orange rachète les parts de sa filiale à ses partenaires bancaires

France Télécom ne déçoit pas autant que KPN ou Deutsche Telekom, mais cela ne veut pas dire que ses comptes aient été épargnés par la crise. Cela tient entre autres à l’Espagne, mais le groupe français n’en a pas moins désintéressé ses partenaires dans sa filiale locale Orange España (ex Amena), en l’occurrence le Credit suisse, la Deutsche Bank, le Santander, la CAM et Unicaja moyennant 1,37 milliard d’euros. Cinco Días rapporte qu’ainsi l’opérateur français acquiert 18,2 % supplémentaires de sa filiale, dont il détient 99,85 %. 618 millions sont allés à Credit Suisse et à la Deutsche Bank et 337,6 millions au Santader.
30/04/2009

BBK achète la société de gestion Fineco

Bilbao Bizkaia Kutxa (Caja de Ahorros de Bilbao y Vizcaya) a finalisé l’acquisition de 60% du capital de la société de gestion Fineco, qui devient désormais la banque privée de BBK. Fineco gère actuellement 20 fonds d’investissement pour un encours de 345 millions d’euros et 25 sicav. A la fin 2008, l’encours total de ses actifs sous gestion s'élevait à 1 milliard d’euros.
30/04/2009

Deux dirigeants quittent Caja Madrid pour créer un family office

Fuite des cerveaux de chez Caja Madrid : deux directeurs, celui de la gestion de portefeuille Juan Fernández Jaquotot et celui de la division obligataire Carlos Barceló Mendiguchía, ont quitté la caisse d'épargne pour créer la family office Attitude, selon des proches du dossier cités par Expansión. Ils démarreront avec un encours voisin de 100 millions d’euros.Attitude va demander à la CNMV son agrément comme conseiller financier (EAFI).
30/04/2009
Fonds

SIA Group ferme ses fonds à la souscription et en crée de nouveaux

SIA Group, une société de gestion indépendante helvético-suisse, a décidé de fermer certains de ses fonds à la souscription, qui continueront à être gérés, tout en en ouvrant de nouveaux du même type. La société se rémunère en effet au moyen de commissions de performance, qui s'élèvent par exemple à 15% pour son fonds Clasic, dont la performance a chuté de 67% l’an passé. Continuant dans leur style de gestion «value», les dirigeants Carlos Jarillo et Walter Scherck assurent que cette opération, autorisée par l’autorité de marché CNMV, n’entraînera aucun préjudice pour leur clientèle.
Fonds
30/04/2009
Fonds

Mubadala emprunte $ 2 milliards

Le fonds souverain d’Abou Dhabi, Mubadala est sur le point d'émettre un emprunt de $ 2 milliards sur le marché international, ce qui est une première pour un fonds souverain. La première tranche (5 ans) est rémunérée à 400 points de base au-dessus des Treasuries américains et la seconde, sur 10 ans, offre un rendement supérieur de 470 points de base au papier américain, rapporte le Handelsblatt. L'émission a été arrangée par Citigroup, Goldman Sachs et Royal Bank of Scotland. Parmi les 14 milliards investis par Mubadala figurent des participations dans Ferrari et AMD. Mubadala a aussi des partenariats avec EADS, General Electric et Rolls-Royce.
Fonds
30/04/2009

Nordea Bank confirme ses perspectives

Nordea Bank a publié une baisse de 8,7 % de son bénéfice net à 627 millions d"euros au premier trimestre, rapporte le Wall Street Journal. Ses résultats se sont avérés meilleurs que prévu et la banque nordique a confirmé ses perspectives annuelles.
30/04/2009

Generali abandonne ses projets dans l?alternatif

Il y a un an, Giovanni Perissinotto, administrateur délégué de Generali, annonçait un investissement de 8 milliards d"euros dans les hedge funds et le private equity. L"assureur envisageait même de lancer un hedge fund de droit italien. Crise oblige, ce projet a été annulé, annonce Il Sole ? 24 Ore. La joint venture créée à cet effet en partenariat avec Mangart, Mangart Capital Partners, s"est retirée de la liste des sociétés de gestion.

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