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10/03/2009

Germany - Axa IM posts net subscriptions in 2008

Axa Investment Managers Deutschland finished 2008 with assets of EUR49.6bn, compared with EUR56bn twelve months earlier. Despite net redemptions of EUR68m from open-ended funds, the manager has posted net subscriptions of EUR203m for last year, thanks to a 24.9% increase in institutional inflows to a net total of EUR271m. Axa IM says that this result compares with a 30% contraction in institutional subscriptions for the sector as a whole.
10/03/2009

Europe - Assets under management in ETF funds have fallen less than the MSCI Europe

Since the beginning of the year, assets in ETF funds in Europe fell 9.6%, to a total of USD129.17bn as of the end of February, according to statistics from Barclays Global Investors (BGI). The decline is less strong than for the MSCI Europe index, which fell 20.7% over the same period of time.Deborah Fuhr, managing director et global head of ETF research and implementation strategy at BGI (the issuer of ETF funds under the iShares brand), says that as of 28 February, there were a total of 643 ETF funds in Europe, which is 7 funds, or 1.7%, more than at the end of December. These products, from 29 different providers, were listed a total of 1,597 times on 20 stock markets.At the end of February, the three top actors in terms of assets on the European ETF markets were iShares (BGI) with USD48.12bn in 145 products, Lyxor Asset Management (Société Générale), with EUR28.71bn and 115 funds, and db x-trackers (Deutsche Bank), with EUR22.71bn. These sums correspond to respective market shares of 37.3%, 22.2%, and 17.6%, which means that the three management firms between them accounted for 77.1% of the market. With the addition of the next four largest issuers, Credit Suisse, the cantonal bank of Zurich, EasyETF (Axa IM and BNPP AM) and ETFlab (DekaBank), the total market share for the top seven actors adds up to 90.2%.According to Lipper FMI, says BGI, ETFs in Europe have posted net subscriptions for all of 2008 of USD76.5bn, while all other categories of funds posted net outflows of USD495.1bn.
10/03/2009

Spain - Managers reduce their exposure to equities

According to the latest monthly statistics from Lipper, the top Spanish management firms are planning to reduce exposure to equities in their portfolios and to increase the proportion of lower-risk assets in March. 61% of managers surveyed say that they are underweight in equities, and only 7.69% say they are overweight, Cinco Días says. Meanwhile, average allocations to cash increased to 34.65%, from 32.89%, in February. Cash now accounts for a higher percentage of portfolios than equities, which have fallen to 31.98% from 33.94%.
10/03/2009

World - Assets in sovereign funds rose 18% in 2008

According to a study by International Financial Services, London (IFSL), assets in sovereign funds (SWF) increased 18% last year to a total of USD3.9trn as of the end of December. Losses on some investments, particularly of USD60bn invested in American, Swiss and British banks, were more than compensated for by an increase in currency reserves in Asia and oil revenues in arab countries. Sovereign funds supplied by revenues from the exploitation of commodities had assets as of the end of 2008 of USD2.5trn, while the others, generally supplied by transfers of state currency reserves or from budget surpluses, had USD1.4trn.IFSL also reports that assets in sovereign funds may double to USD8trn by 2015, of which 55% (up from 35% in 2008) would be in funds of the second category.In addition to sovereign funds, the IFSL says there are USD5.5trn in other sovereign investment vehicles, such as retirement savings funds, development funds, and government business funds.
10/03/2009

Europe - Heavy net outflows from funds of hedge funds

According to statistics from Lipper Feri, funds of hedge funds in Europe underwent net redemptions in the last four months of 2008 of EUR15bn, Funds People reports. In the same period, dynamic money market funds saw net outflows of EUR19bn.
10/03/2009

World - Mohamed El-Erian (Pimco) predicts redistribution of influence between private and public entities

Mohamed El-Erian, CEO and co-CIO at Pimco, predicts that the balance of power will be redrawn between the private and public sectors, Financial Times Fund Management reports. ?This will affect price formation, risks, and the structure of capital,? he says. Secondly, he foresees a ?massive concentration in the financial sector, which will have an impact on all segments of the industry.? Lastly, the global environment in which the United States was the solitary driver of global growth will be replaced by one in which several developing economies contribute to driving growth.
10/03/2009

Germany - BHF-Bank is for sale after all

Matthias, Count of Krakow, chairman of the board of directors at Sal. Oppenheim, on Monday told Handelsblatt that ?if and when a decision is taken about the sale of BHF-Bank, it will depend on the potential partner and the price.? Sal. Oppenheim bought BHF from ING in early 2005 for EUR600m, but since then it has made back most of the money it laid out. Selling the Frankfurt-based bank would not present any difficulties, since the firm has always operated independently. However, the price of EUR1.3bn being mentioned in financial circles would certainly not be attainable today.
10/03/2009

World - Heavy outflows from hedge funds in October-December

In fourth quarter, net redemptions from the hedge fund sector rose 689% to USD146.95bn, Lipper Tass reports. According to Hedge Week, in 2008 overall, net outflows totalled USD158.91bn, which represents 11.43% of total assets as of the beginning of the year, compared with 0.86% in the first three quarters. Net redemptions in fourth quarter, adjusted for market effects, caused a decline in total assets of USD1.29trn as of the end of December, compared with USD1.59trn as of the end of September.The four strategies hit hardest by net outflows were long/short equity (USD42.52bn), futures (USD23.95bn), event-driven (USD22.27bn), and multi-strategies (USD16.64bn).
10/03/2009

Germany - ETFlab launches six ETFs based on Euro zone government bonds

The management firm ETFlab Investment GmbH, an affiliate of DekaBank (German savings banks) specialised in ETFs (EUR2bn in assets in 16 funds), on Monday announced the launch of six new German-registered bond products, the ETFlab iBoxx ? Liquid Sovereign Diversified 1-10, 1-3, 3-5, 5-7, 7-10 et 10+. The ETFs are backed by Euro zone government bonds, says the CEO of ETFlab, Andreas Fehrenbach. The underlying indices, with varying maturities, contain 25 bonds each, with a maximum of 4 issues per country. Management commission is set at 0.15%.
10/03/2009

Switzerland - Alpstar creates a credit restructuring team

Hedge Week reports that Alpstar, a specialist in credit funds, has announced the creation of a strategic team specialised in restructuring and the recuperation of assets in distressed debt cases. The group has been created to respond to demand from pension funds who were seeking assistance with issues of this kind.
10/03/2009

Australia - Ban on short-selling extended

The Australian Securities and Investment Commission (ASIC) on Thursday announced that its prohibition of short-selling financial sector stocks has been extended again, until 31 May. On 21 January, the Australian regulator had already extended the prohibition, which came into force on 13 November, until 6 March.
10/03/2009

World - Private equity short on staff

Stefan Hepp, CEO and founder of SCM Strategic Capital Management, says a study of 400 funds shows that 92% of private equity firms have five partners or fewer. Handelsblatt reports that 95% of firms employ no more than 30 investment professionals. For funds whose assets totalled EUR5bn to EUR10bn, the average number of partners is 10, and the number of investment professionals is 32.
10/03/2009

Luxembourg - BlackRock launches a long/short fund

BlackRock has obtained a sales license for the European Absolute Return Strategies Fund, a Luxembourg-registered long/short product invested in 100 shares from 15 European countries, managed with an absolute performance strategy similar to the one used by David Littleton for the BlackRock UK Absolute Alpha fund, Das Investment reports. The fund, which carries a management commission of 1.5% and a performance commission of 20%, is managed by Vincent Devlin. The only difference with the British product is that pair trades are meant to bring in only 20% of performance, rather than 50%.BlackRock says retropolation shows that in second half 2008, the new fund would have earned performance of 5%, while the Euro Stoxx 50 lost 27% in the same period.
10/03/2009

Italy - Continued steep declines on Milan stock exchange

On Monday, the Milan stock exchange lost more than all the other markets of Europe, Il Sole - 24 Ore remarks. London and Frankfurt regained 0.33% and 0.7%, while Paris had losses limited to 0.6%. The Italian market was down 2.12%. Banks weighed down the stock markets particularly. To explain this disastrous situation, operators are pointing to heavy sales of shares by foreign investors, bearish investors, hedge funds with short positions, and insurance companies emptying out their portfolios? Whatever the cause, since the beginning of the year, Piazza Affari has lost 35.14%, compared with an average of 19.77% for European stock markets, the Italian newspaper reports.
10/03/2009

World - Nyse Euronext moves in on alternative platforms' territory

Nyse Euronext on Monday announced the launch of its new pan-European multilateral trading platform Nyse Arca Europe, ?which offers actors a way to trade 377 shares from 9 European countries (Austria, Denmark, Finland, Germany, Italy, Norway, Spain, Sweden, and Switzerland),? Les Echos reports. Nyse Euronext is planning to extend its offerings in April to include shares from Ireland and the United Kingdom.
10/03/2009

United States - FBI looking for Stanford victims

The FBI is seeking to identify potential victims of Sir Allen Stanford, the Financial Times reports. The agency is looking for information about any persons who invested either in Stanford Financial Group or in its affiliates, Stanford Capital Management, Stanford Group Company, Stanford International Bank, Stanford Trust Company, and Bank of Antigua.
10/03/2009

France - Financière Fonds Privés offers 6 Tepa-eligible businesses

A selection of 6 businesses made available by Financière Fonds Privés will include privately owned SMBs and other small entities eligible for the Tepa and Dutreuil tax breaks.Financière Fonds Privés has selected 6 businesses which ?are likely to show goot prospects of returns? and which ?are in the sectors of specialised distribution, ultra high-end services, information management, and green energy,? the firm says.Access to this range of services will be open only to those who have been pre-approved for membership, and who, as qualified investors under article L.411-2 of the French CMF law code, would like to invest more than EUR35,000 per investment.The investment will also be available via IFAs. Financière Fonds Privés will charge investors front-end fees equivalent to 5% of the amount invested, and at exit, 20% of gross capital gains earned (excluding the tax break). ?Capital increases at the selected businesses ? will take place between 15 April and 15 May 2009, with a higher priority given to investors who declare their intentions before 15 April,? the management firm says.
10/03/2009

United States - Madoff administrator reimburses 12 victims

Irving Picard, the administrator appointed to recuperate the money of victims of the Bernard Madoff fraud, will pay out money to 12 claimants, the Financial Times reports. Each will receive USD500,000 from the Securities Investor Protection Corporation, the non-government agency to assist clients of bankrupt brokers, though the sums being claimed by the victims are higher than USD500,000.
10/03/2009

World - Hedge funds fall again

After gains in December and January, the Hennesse hedge fund index has posted losses of 0.8% in January, while the three major American stock market indices have posted total losses of 6% to 12%, the Wall Street Journal reports. Based on 59% of the usual sample, the CreditSuisse/Tremont index, for its part, is down 0.5%.
10/03/2009

France - Coface launches ratings activities

The French credit and insurance firm Coface will set up operations in the credit default ratings business, Handelsblatt reports. Benoît Claire, chairman of the board at Coface Deutschland, says that the firm is not aiming to compete with the major ratings agencies, but instead will aim to cover small and mid-sized businesses. The major difference will be that Coface will rate businesses and not financial instruments. In addition, the validity of the rating will be limited to 12 months.
09/03/2009

Etats-Unis - Washington va réclamer une relance mondiale

Lors du sommet du G-20 à Londres le 2 avril, les Etats-Unis risquent de provoquer un différend parce que le président Obama a l’intention de réclamer une forte et rapide augmentation des dépenses publiques pour requinquer l'économie mondiale alors que les Européens sont davantage focalisés sur la nécessité de retoucher la régulation financière, note The Wall Street Journal. Cela posé, même si les Etats-Unis parvenaient à obliger les autres pays à mettre en place des plans de relance plus musclés, le G-20 ne laissera pas de côté la régulation financière. Il a déjà approuvé le concept d’une régulation des plus grands établissements financiers par des «collèges» internationaux.
09/03/2009

Europe - Lazard nomme un patron pour le M&A

Selon le Wall Street Journal, Lazard a nommé Antonio Weiss, vice-président de la banque d"investissement européenne à Paris, au nouveau poste de patron global des fusions et acquisitions.
09/03/2009

Etats-Unis - Certains hedge funds ont été prévoyants en matière de commissions

Habituellement, les hedge funds ne perçoivent pas de commission de performance de 20 % tant qu’ils n’ont pas retrouvé leur «high-water mark», ce qui peut durer longtemps, vu les pertes de 2008. Cependant, note The Wall Street Journal, certains gestionnaires comme Eton Park Capital Management et Och-Ziff Capital Management ont été prévoyants : ils ont mis en place des systèmes qui permettent au premier de percevoir une commission de performance réduite de moitié dès cette année et au second d’encaisser une commission normale dès 2010.
09/03/2009

Etats-Unis - Le sauvetage d'AIG a-t-il profité à la SocGen et à Calyon ?

Selon La Tribune, citant Le Parisien, «la Société Générale et Calyon (?) auraient reçu près de 5 milliards d’euros après le renflouement de l’assureur américain en difficulté AIG par des fonds publics», à hauteur 3,9 milliards d’euros pour la première et de 1,44 milliard d’euros pour la seconde.Ces sommes correspondraient au terme de contrats sur des produits dérivés dont les deux banques françaises étaient contreparties, précise La Tribune en ajoutant que les 2 enseignes tricolores n’ont apportées ni démenti, ni confirmation à ces informations.
09/03/2009

Espagne - Les grandes fortunes ont changé de gérant pour ? 1,6 milliard d'encours

Selon les calculs d’Expansión à partir des données de la CNMV, les grandes fortunes espagnoles ont changé de gestionnaires entre janvier 2008 et février 2009 pour des sicav représentant 1,59 milliard d’euros, ce qui représente 5,8 % des 27,14 milliards d’euros d’encours de ces véhicules «pour les riches» à fin septembre, dernière donnée disponible ; 229 sicav ont changé de gérant, soit 7 % du total.Les gestionnaires qui ont le plus profité du phénomène sont Interdin, Urquijo (Sabadell), Credit Suisse, le Santander et Pictet. Ceux qui en ont le plus souffert sont Nmás1, La Caixa, Riva y García, Fortis et UBS, avec des sorties comprises entre 220 millions et 55 millions.
09/03/2009

Espagne - Notations S&P inchangées pour le Santander, le BBVA et Bankinter

S&P a réexaminé la notation de toutes les banques espagnoles à la lumière de la durée attendue de la crise dans le pays. L’agence maintient toutefois les notes attribuées au Santander et au BBVA, dont l’activité est diversifiée et le ratio prudentiel élevé, rapporte Cinco Días. La note de Bankinter est elle aussi maintenue parce que la banque a été très sélective dans le crédit à l’immobilier.
09/03/2009

Allemagne - La Commerzbank injecte ? 4 milliards dans la Dresdner

Un porte-parole de la Commerzbank a annoncé dimanche que le directoire a décidé d’augmenter de 4 milliards d’euros les fonds propres de la Dresdner Bank pour faire en sorte que cette nouvelle filiale satisfasse à elle seule au ratio prudentiel minimal de 4 %. Celui, combiné, de la Commerzbank avec la Dresdner dépasse les 10 %, rapporte la Frankfurter Allgemeine Zeitung.
09/03/2009

Allemagne - La Deutsche Bank veut émettre des Pfandbriefe

Selon la Börsen-Zeitung, la recherche de nouvelles possibilités de refinancement incite la Deutsche Bank à envisager l'émission de pfandbriefe hypothécaire, rapporte la Börsen-Zeitung. Des pourparlers à ce sujet ont été engagés avec la BaFin.

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