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24/04/2009

Agreement on staff reduction plan at Franklin Templeton

Negotiations between Franklin Templeton International Services SA and representatives of its personnel on 21 April concluded in an agreement over a cutback plan. Staff will be reduced by 16 people, out of a total of 141, of which 14 will be involuntary departures; 17 involuntary departures had initially been planned.
24/04/2009

Deborah Doyle McWhinney to lead PWM division of Citi

Citigroup has announced the appointment of Deborah Doyle McWhinney as head of Citi Personal Wealth Management, which includes both the existing network of agency-based financial advisors in the United States and other financial planning and wealth management services. McWhinney was president of Charles Schwab Institutional until 2007, and then served as CEO and president of the Dennis and Phyllis Washington Foundation.
24/04/2009

Fidelity buys stake in Deutsche Borse

Fidelity has bought a 2.91% stake in Deutsche Börse via its British affiliate, the German stock market company has confirmed, according to reports in Handelsblatt. Fidelity becomes the second investor to become known since it was learned that the hedge funds TCI and Atticus had sold their stakes (totalling 16%), Handelsblatt notes. The first was the American management firm Wellington, which acquired slightly over 3% of capital in the firm.
24/04/2009

Brian Hogan promoted to head of equities management at Fidelity

Two weeks after the announcement of the departure of its equities CIO, Walter Donovan, to Putnam Investments, Fidelity Investments has announced that the new chief investment officer for equities fund management (USD491bn in assets) will be Brian Hogan, who has 15 years’ seniority, and who has served as vice president of equity research since 2006, the Wall Street Journal reports.
24/04/2009

Assets down at Schroders in Q1

In first quarter 2009, Schroders has seen a decline in its assets under management of GBP7bn compared with the end of 1008, to GBP103.1bn. The management firm has undergone redemptions of GBP2.4bn from institutional investors.In the first three months of the year, pre-tax profits and exceptional elements in Asset Management and Private Banking are down to GBP35.9m, compared with GBP77.8m in first quarter 2008. After one-time elements are taken into account, profits total GBP12.2m, compared with GBP42.2m in Q1 2008. This decline in profits is largely due to Asset Management, while results for the private bank have remained relatively stable.Schroders notes that the ?level of volatility on the financial markets in first quarter is expected to persist, and will continue to affect demand on the part of investors.? In this context, ?we have reduced our personnel costs, which will lead to a reduction in other costs later in the year and in 2010.?
24/04/2009

Arobas Finance launches a platform

The independent wealth management platform Arobas Finance will launch a platform for FCPI, FIP, SOFICA, and SCPI products dedicated to IFAs. ?We will offer a base for prospective clients and targeted clients, which will direct them to agencies geographically near to them. This will allow us to bring us closer to our clients,? says a statement. ?We are also on the lookout for ‘investments or acquisitions of agencies with which we would be able to cooperate’ in a commercial and administrative partnership to provide optimal continuation of our activities,? the statement continues. The announced objective is to sign ?25 quality agreements? in the next 18 months.
24/04/2009

Albert Cobti leaves Natixis Multimanager

Citywire reports on 23 April that Albert Cobti has left Natixis Multimanager, where he was CIO. Xavier Laurent will now become head of long only multi-management, the website reports.
24/04/2009

BNP Paribas to sell asset management activities of Fortis

The Financial Chronicle reports that BNP Paribas may sell the asset management activities of Fortis in India, following its acquisition of the Belgian bank. The two groups currently have separate fund management activities in the country, which is not allowed by Indian law, Dow Jones reports.
24/04/2009

UBS Global AM to release a fund of funds for institutionals

UBS Global Asset Management has announced that it will be releasing a fund of funds in Germany, which has already been on sale in Switzerland for 10 years. The fund invests in 15-20 funds, and 120 brownfield infrastructure properties worldwide, fondsweb reports. The product, aimed at institutional investors, is entitled UBS AFA Global Infrastructure Multi-Manager (AFA is an abbreviation for Alternative Funds Advisory). 20% of the portfolio is reserved for greenfield infrastructure projects.
24/04/2009

Mubadala publishes its first annual report

Mubadala, one of the most active investment vehicles in Abu Dhabi, has published its first annual report, the Financial Times reports. The investor reports losses of EUR2.5bn in 2008.
24/04/2009

Profits down at SEB Wealth Management

In first quarter, the Wealth Management division of the Swedish bank SEB, which includes institutional clients and private banking activities, saw a decline in operating income of 36% compared with the previous quarter, to SEK881m, ?largely due to a 10% fall in assets under management compared with the previous year, and falling revenues from performance and transaction fees,? explains a statement. Despite a 6% decline in operating expenses to SEK666m, operating profits were down 68% to SEK215m in the first three months of the year.Assets under management by the division dipped 1% compared with the end of last year to SEK1,128bn, ?largely due to the downturn on the markets.? ?The effects of exchange rates and net subscriptions of SEK8bn made it possible to limit this decline in assets,? the statement says.
24/04/2009

Wave of restructuring to come in asset management, says Fitch

In a special study published on Thursday, Fitch Ratings predicts that the German asset management sector will continue to experience difficult market conditions throughout 2009, both in terms of growth and profitability, and that this will result in a process of consolidation and strategic reorientation.Management firms have been noticeably affected by the global financial crisis, though they have conservative risk profiles, with a significant portion of their activities in money market, bonds, and protected capital funds, while the proportion of equities funds is low, and funds are using only limited levels of leverage.Roger Schneider, director of the fund & asset manager rating group at Fitch, says cost reductions to bring them in line with falling revenues are inevitable, and that asset managers will need to find a balance between adjusting their business models and the consequent costs without compromising the depth and quality of their research or their investment processes, which are decisive parts of their capacity to profit from a rebound on the markets at a later date. This pressure is opening the door to consolidation, and creating new horizons for more frequent cooperations and partnerships both nationally and internationally, which the sector has been reticent about in the past.
24/04/2009

Fidelity to close its multi-management funds

Ignites Europe reports on 23 April that Fidelity International will close its OEICS multi-management funds Special Situations and Equity Income. Subscribers will be offered a free transfer to other funds of the product range.
24/04/2009

Stanford assets were inflated

The value of most assets held by companies related to Sir Allen Stanford, the billionaire accused of operating a Ponzi scheme, was inflated, says Ralph Janvey, the liquidator appointed by US courts to supervise the group’s affairs, cited by the Financial Times.
24/04/2009

Inflows to life insurance rise

Life insurance contributions climbed 22% in March 2009 compared with the same month of the previous year, after 27 consecutive moths of decline since December 2006, according to the most recent internal study by the French federation of insurance companies (FFSA), viewed by La Tribune. Cumulative payments into policies in the first three months of the year are up 3% to EUR37.5bn, despite decreases in January and February.
24/04/2009

Banks reorganise fund management activities

As elsewhere in Europe, Spanish banks are planning to sell off or reshuffle their fund management activities, Cinco Días reports. For the moment, the only firm to have announced that it would like to sell its asset management unit is Santander, but the sale has not taken place, since the bank is asking EUR3bn, which is too much, and because some of the potential buyers are suffering due to the crisis. Meanwhile, Santander Asset Management has cut back the number of funds in its range by 10% since the end of 2007, and it is now beginning to merge funds which use the same strategies at different fee levels, depending on whether they are sold by Santander, Banesto or Banif. Sabadell, for its part, is reducing the number of its funds to 87 from 100, and has created a new affiliate, BanSabadell Securities Services, to manage the entire securities services process; the firm may provide securities services to other management firms also. Caixa Tarragona has opted for another solution, by outsourcing management of its funds (to Intermoney Valores), while continuing to offer its products and receiving the commissions for them.
24/04/2009

External distributors play a key role

Third-party distributors, particularly global banks and local financial advisors and brokers, are key partners in distribution of UCITS funds in all regions, according to a study entitled ?UCITS as a Global Brand,? undertaken by Lipper Feri on behalf of Efama, which surveyed 22 major asset management firms.The findings point to the importance of understanding the consequences of the financial crisis for third-party distributors and to the elaboration and redefinition of cross-border distribution of UCITS funds. Given this importance, Efama notes, participants in the study consider that one of the strategies that is helping them to confront the financial crisis is to seek new distribution partners. This concern comes after cost reductions, but before launches of new products.
23/04/2009

Credit Suisse muscle son équipe de distribution institutionnelle asset management

Mercredi, à New York, Credit Suisse a annoncé avoir #largement achevé# le renforcement de son équipe #Asset Management Global Institutional Distribution# avec le recrutement de 18 professionnels senior dans le monde, qui seront placés sous la responsabilité de Mark Bourgeois, managing director et head of distribution for asset management.Neuf de ces nouveaux arrivant auront le titre de managing director, dont Jamal Al Naif à Dubaï (ex Citi) chargé du Moyen-Orient et de l’Afrique, Richard Johnson à New York (ex Graham Capital Management) chargé de l’Est et du Centre des Etats-Unis et Remy Kawkabani à Londres (ex co-head du private funds group de Credit Suisse) qui aura la responsabilité de l’Europe hors Suisse. Par ailleurs, Dave Mc Cann, à Toronto, quitte le Canada Pension Plan Investment Board tandis que Mark Memmert rejoint à partir de Credit Suisse Investment Bank et sera responsable de l’Allemagne et de l’Autriche à partir de Londres. Alex Ricchebuono, chargé de la France et de l’Italie, rejoint son poste à Londres en provenance d’Investec Asset Management. Les trois autres nouveaux managing directors sont Filo Sedillo (ex Citi), à Sydney, Akira Takahashi à Tokyo (il était précédemment responsable de la distribution des produits alternatifs au Japon pour Credit Suisse) et enfin Conrad Yan, à Hong-Kong,chargé de la région Asie-Pacifique, qui vient de chez AIG.
23/04/2009
Fonds

Les rachats continuent pour les hedge funds

Les investisseurs ont continué de racheter des actifs des hedge funds au premier trimestre de 2009, pour un montant de 104 milliards de dollars, soit 7,4% des actifs de cette spécialité, à comparer avec les retraits records d’un montant de 152 milliards de dollars au dernier trimestre de 2008, selon Hedge Week citant les données de Hedge Fund Research. Les retraits des fonds de hedge funds ont été particulièrement importants, avec 85 milliards de dollars à T1, soit un montant supérieur aux 50 milliards de dollars retirés au dernier trimestre 2008. Les fonds de hedge funds ont toufefois procuré un gain moyen de 0,47% au premier trimestre, en phase avec l’ensemble du secteur, selon Hedge Fund Research.
Fonds
23/04/2009

Credit Suisse Group affiche un bénéfice net de CHF 2 milliards pour le T1

Pour janvier-mars, le groupe Credit Suisse a annoncé jeudi un bénéfice net de 2 milliards de francs suisses contre des pertes de 6,02 milliards pour octobre-décembre et de 1,97 milliard pour la période correspondante de l’année dernière. Le retour sur fonds propres (ROE) s’inscrit à 22,6 % contre - 62 % et - 20,8 %, tandis que les charges d’exploitation sont ressorties à 6,32 milliards de francs contre 6,34 milliards le trimestre précédent et 5,36 milliards pour janvier-mars 2008. Le ratio de fonds propres de premier rang se situe à 14,1 % fin mars contre 13,3 % fin décembre et 9,8 % fin mars de l’an dernier. L’activité de banque privée a généré un bénéfice avant impôt de 1 milliard mais la gestion d’actifs affiche une perte de 0,5 milliard reflétant principalement des pertes non réalisées dans le private equity.
23/04/2009

Hausse trimestrielle de l'encours et souscriptions nettes pour Credit Suisse

Credit Suisse Group affichait fin mars des actifs sous gestion de CHF 1.121,7 milliards contre 1.106,1 milliards trois mois plus tôt (+ 1,4 %) et 1.297,5 milliards au 31 mars 2008 (- 13,5 %). Les rentrées nettes ont porté sur CHF 8,8 milliards contre des sorties nettes de 12,6 milliards en octobre-décembre et de 5,2 milliards pour la période correspondante de 2008. Sur les CHF 11,4 milliards de rentrées nettes enregistrées par la banque privée au premier trimestre, 9 milliards environ sont attribuables à la gestion de fortune. En revanche, la gestion d’actifs a accusé des sorties nettes de CHF 3,5 milliards, malgré des souscriptions nettes de 1 milliard pour les produits alternatifs.
23/04/2009

Sarasin va émettre des COTO

L’AGO de la Banque Sarasin & Cie SA a accepté toutes les propositions du conseil d"administration. Au lieu d"utiliser le bénéfice résultant du bilan pour verser le dividende habituel, il a été décidé d"émettre des options sur cash ou sur titres (COTO) négociées en Bourse de 65 centimes par action nominative B. Sous cette forme, les COTO ne sont soumis ni à l"impôt fédéral anticipé, ni à l"impôt sur le revenu frappant les personnes physiques dont le domicile fiscal est en Suisse.En relation avec cette décision, l"assemblée a également approuvé la réduction simultanée de la valeur nominale de l"action ainsi que la création d"un capital conditionnel destiné à financer l"émission de COTO et d"un capital conditionnel supplémentaire qui lui permettra de faire face à un nouveau renforcement des exigences en matière de fonds propres. A noter par ailleurs que Pim Mol, responsable du Private Banking de Rabobank Nederland, a été élu administrateur en remplacement de Peter E. Merian, dont le mandat était arrivé à son terme. Rabobank occupe ainsi désormais trois des sept sièges du conseil d’administration.
23/04/2009

UBS victime de la faillite de Weavering Capital

Selon Financial News Online du 21 avril, UBS Global Asset Management figure parmi les victimes de la faillite de Weavering Capital. Le mois dernier, le gestionnaire a écrit aux investisseurs du Alternative Portfolio AG pour leur signaler une exposition de 0,9 % (soit 2 millions de francs suisses) au Macro Fixed Income Fund de Weavering, précise le quotidien électronique.
23/04/2009

La Banque Cantonale du Valais devient actionnaire de la BCG

La Banque Cantonale du Valais (BCVs)vient de prendre une participation de 20 % dans le capital de la Banque Genevoise de Gestion (BGG). Cette opération s’inscrit dans le développement de l’activité de gestion de fortune de la BCVs. De 1,41 milliard de francs suisses en 1993, les dépôts de ce type confiés à la gestion de la BCVs ont dépassé les 5 milliards de francs suisses au 31 décembre 2008.
23/04/2009

Résultats contrastés pour les gestions de fortune et d'actifs chez Credit Suisse

Avant impôt, la gestion de fortune du Credit Suisse a affiché pour le premier trimestre un bénéfice avant impôt de CHF 646 millions, ce qui représente une diminution de 25 % par rapport à la période correspondante de l’an dernier. En revanche, la gestion d’actifs a accusé une perte de CHF 490 millions contre 646 millions le trimestre précédent et 544 millions pour janvier-mars 2008. Ce résultat comprend des pertes pour la plupart non réalisées liées aux investissements de CHF 387 millions, principalement dans le private equity, contre des pertes de CHF 9 millions au premier trimestre 2008, ainsi que des pertes de CHF 21 millions liées aux titres achetés aux fonds monétaires du Credit Suisse, contre 566 millions de francs pour la période correspondante de 2008.
23/04/2009

Ultimatum d'Iberia à British Airways

Ce jeudi, le conseil d’administration doit décider d’adresser un ultimatum à British Airways pour obliger le britannique à trouver une solution au déficit de 4 milliards d’euros de deux de ses trois fonds de pension (ceux à prestations définies), rapporte Cinco Días. Ce sera une condition préalable et non négociable pour la poursuite des négociations de fusion entre les deux compagnies aériennes. Les actionnaires d’Iberia sont d’avis que l’opération ne serait pas viable sans cela.
23/04/2009
Fonds

Les fonds de hedge funds espagnols font confiance à Harbinger

Expansión rapporte que les fonds de hedge funds espagnols Banif Fairfield Impala, Banif Optimal Low Volatiliy, Optimal Arbitraje Plus, BNP Paribas Alternativo Diversificado et Renta 4 Minerva ont fait confiance à Philip Falcone et investi au total 4,5 millions d’euros dans des fonds de Harbinger Capital. Philip Falcone a vendu à découvert les banques espagnoles, américaines et britanniques. Il a notamment pris pour 500 millions d’euros de «shorts» sur le Santander, le Banco Popular et le BBVA.
Fonds

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