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05/03/2009

France - GLG perd un appel contre l?AMF

GLG Partners a perdu un appel contre une sanction pécuniaire de 1,5 million d"euros de l"Autorité des marches financiers pour délit d"initié sur des actions Vivendi, rapporte le Financial Times. La société de hedge funds a parallèlement fait appel devant le Conseil d"Etat.
05/03/2009

France - Le CA rationalise ses services financiers spécialisés

Selon l’Agefi, les activités d’affacturage et de crédit-bail de la banque verte devraient connaître quelques remaniements avec le rapprochement de certaines de fonctions supports d’Eurofactor et de CA Leasing, mais ni les métiers ni les réseaux commerciaux ne seraient concernés.Le Crédit Agricole a récemment rationalisé ses activités en créant un pôle unique pour le crédit à la consommation et l’assurance, rappelle le quotidien numérique.
05/03/2009

France - ETF Securities entre sur le marché français des ETF

ETF Securities, spécialisé dans les Exchange Traded Commodities (ETC), annonce le lancement en France d’une plateforme d"ETF répliquant la performance d"indices sectoriels sur actions de sociétés intervenant dans le secteur des matières premières. 13 nouveaux ETF seront cotés sur NextTrack, le segment de NYSE-Euronext dédié aux ETF.
05/03/2009

Europe - Le courtier Realtime Forex s?installe à Malte

Selon Le Temps, la plateforme de transactions en ligne genevoise Realtime Forex décidé de délocaliser une partie de son activité à Malte. A l"origine de cette migration un changement réglementaire : la législation suisse requiert désormais que les négociants en devises obtiennent une licence bancaire. L"ordonnance sur les banques et caisses d"épargne exige en effet l"obtention d"une licence bancaire par les négociants en devises, à compter du 31 mars 2009.
05/03/2009

Europe - La Commission entérine le rapport de Larosière

La Commission avalise, et demande aux dirigeants européens d"avaliser, les principes fondamentaux définis par le groupe de Larosière. Elle appelle à la mise en place d"un système prudentiel combinant l"exercice d"un contrôle beaucoup plus strict à l"échelon européen et le maintien de prérogatives claires pour les autorités nationales de contrôle. Elle soutient la proposition du groupe de Larosière de créer un mécanisme d"alerte précoce, placé sous les auspices de la Banque centrale européenne et chargé d"identifier et de neutraliser les risques systémiques. Elle est enfin favorable à sa recommandation d"instaurer un socle de normes réglementaires fondamentales, qui seraient valables dans toute l"Union européenne.En avril, la Commission présentera des propositions, déjà en cours d"élaboration, sur les fonds d"investissement spéculatifs, le capital-investissement et les structures de rémunération. Une fois l"analyse d"impact réalisée, elle soumettra au Conseil européen de juin un calendrier détaillé pour l"adoption de nouvelles mesures inspirées du rapport de Larosière. À l"automne, elle mettra sur la table ses propositions concernant le nouveau cadre prudentiel et toute une série d"autres questions (risque de liquidité et utilisation excessive de l"effet de levier, protection renforcée des déposants et des assurés et application de sanctions effectives en cas de violation des règles, notamment).
05/03/2009

Belgique - Une loi sur les class actions dès cette année

Selon L"Echo, le ministre de la Consommation Paul Magnette a confirmé mardi son intention «d’avancer en 2009 dans le processus législatif» en vue d’introduire un système d’action collective de consommateurs dans la procédure judiciaire belge. Une équipe de juristes a été chargée de préparer un texte en ce sens, d’ici au 15 juin. Le projet sera ensuite débattu au sein du gouvernement, avant d'être déposé au Parlement.
05/03/2009

Suisse - UBS : un CA peu expérimenté

Selon L"Agefi suisse, l"arrivée à la tête du conseil d"administration de Kaspar Villiger ne comble pas la carence de banquiers expérimentés au sein du conseil d"administration d"UBS. Chargé de nommer et de contrôler la direction, mais aussi de définir les orientations stratégiques du groupe, cet organe de douze membres ne compte pourtant que trois professionnels du secteur (Rainer-Marc Frey, Bruno Gherig et David Sidwell), nommés seulement en octobre 2008 alors que cette lacune était déjà largement dénoncée.
05/03/2009

Royaume-Uni - Tim Steer quitte New Star pour Artemis

Tim Steer, l"un des gérants les mieux notés de New Star, va quitter la société, annonçait The Telegraph dans son édition du 3 mars, information depuis relayée par de nombreux supports de presse. «Son départ est un revers pour Henderson», la société de gestion qui va acquérir New Star, commentait le quotidien britannique.Le gérant du UK Alpha Fund rejoint Artemis, où il va notamment contribuer au développement des hedge funds. Son collègue Stephen Yiu le suit également chez Artemis.
05/03/2009

Royaume-Uni - Old Mutual envisage une simplification de sa structure

Julian Roberts, le nouveau directeur général de Old Mutual, a annoncé une ?simplification? du groupe ?lorsque le climat financier le permettra?, rapporte le Financial Times. Certains investisseurs souhaiteraient un démantèlement, et notamment une séparation des activités sud africaines et internationales, observe le quotidien.
05/03/2009

Royaume-Uni - Aviva en forte perte sur l'exercice 2008

Selon le site Boursorama, citant l’AFP, le groupe d’assurances britannique Aviva a annoncé jeudi matin une perte nette de 885 millions de livres (992 millions d’euros) en 2008, en traitement comptable IFRS.
05/03/2009

France - Mirabaud se renforce à Paris

Mirabaud renforce ses équipes parisiennes avec la nomination de Caroline Duret, Directeur, Gérant Privé. Caroline Duret, 46 ans, a mené la plus grande partie de sa carrière professionnelle dans le monde des médias et du sport, avant de mettre à profit cette expérience au service de la gestion privée. Elle était depuis 2001 chez UBS où elle a exercé pendant huit ans la fonction de directeur en gestion de fortune du département sports, entertainment, médias et new entrepreneurs.
05/03/2009

Germany - Asset levels slide at Axa IM

Assets under management at Axa Investment Managers in Germany totalled EUR49.6bn in 2009, compared with EUR60bn one year earlier, Handelsblatt reports. Most of the decline has involved assets managed on behalf of the group, while assets under management for external clients have fallen by EUR3bn, to a total of EUR7.6bn, solely due to falling markets: the manager has in fact registered net subscriptions from external clients of EUR203m.
05/03/2009

Spain - Banif Inmobiliario to concentrate asset sales in 2010

Santander Real Estate on Wednesday notified the CNMV that the Santander Banif Inmobiliario fund is planning to undertake most of its property sales in the second half of 2010, and the regulator has officially authorised the suspension of redemptions until February 2011, Cinco Días reports. Subscribers have asked the real estate fund to pay out slightly over EUR3.05bn, or 96.8% of total assets, to them. Santander itself has applied for a redemption corresponding to 3.42% of total assets.
05/03/2009

Spain - Transfers represent nearly half of gross subscriptions

According to statistics from the Spanish Inverco association of management firms, gross subscriptions last year represented EUR120.9bn. Of this total, transfers from other funds represented 43.8%, compared with about one third in previous years. Meanwhile, gross redemptions totalled EUR175bn, of which 30.1% were transferred to other funds. In total, transfers totalled EUR52.9bn, with the two most active months being January (EUR7bn) and October (EUR6.1bn).
05/03/2009

France - EUR17bn in new bond issues in Paris

L’Agefi reports, citing L’Agence France Trésor, French government bond issues are expected to increase by EUR17bn, or 10%, this year. France is planning to issue ?EUR155bn in BTAN and OAT [government bonds and coupons based on them], up from EUR145bn, and EUR37bn in treasury bonds (BTF), up from EUR30bn,? the online news source reports.
05/03/2009

United Kingdom - Tim Steer leaves New Star for Artemis

Tim Steer, one of the best-rated managers at New Star, will be leaving the firm, the Telegraph reports in its 3 March edition. The reports have since been relayed by several news sources. ?His departure is a setback for Henderson,? the management firm which will acquire New Star, the British newspaper comments.The manager of the UK Alpha Fund is joining Artemis, where he will contribute to the development of hedge fund activities. His colleague at New Star, Stephen Yiu, will also move to Artemis.
05/03/2009

France - GLG loses an appeal against the AMF

GLG Partners has lost an appeal against a EUR1.5m fine levelled against it by the French market regulator, the Autorité des marchés financiers (AMF), for insider trading of Vivendi shares, the Financial Times reports. The hedge fund firm has also appealed the decision to the Conseil d’Etat.
05/03/2009

United States - More bad news in store for institutionals

Major US investors such as pension funds and charities have another year of losses ahead of them, the Wall Street Journal estimates. Many of them invested in private equity, to which some allocated 10% of their assets or more. In the next few weeks, private equity firms will publish results that will show losses of 15-50% in fourth quarter.
05/03/2009

Singapore - Sovereign fund invested in banks too soon

At a bankers’ forum sponsored by Thomson Reuters, Lee Kuan Yew, chairman of the Government of Singapore Investment Corp (GIC), one of the largest sovereign funds in the world, has admitted that the fund invested ?too soon? in Citigroup and UBS, the Financial Times reports. GIC invested in the banks in early 2008.
05/03/2009

United States - Tracker funds outperformed active management in 2008

On average, equities tracker funds lost 39.1% last year, while actively-managed equities funds lost 40.5%, according to Morningstar. The Wall Street Journal reports that, according to Lipper, actively managed funds suffered net outflows of USD221.8bn, while tracker funds posted net subscriptions of USD17.6bn. The big winners were ETFs. According to the Investment Company Institute, assets in equities ETFs rose from USD15.6bn at the end of 1998 to USD473.8bn at the end of 2008.
05/03/2009

Germany - C-Quadrat will be listed only in Frankfurt

C-Quadrat has announced that it is planning to withdraw its shares from trading on the Vienna stock exchange. The German management firm will then be listed only in Frankfurt. Shares in the firm began to be traded on the Austrian market in May 2008.
05/03/2009

World - Fitch to provide more details with ratings

Fitch Ratings is modifying the definitions of its various levels of AAA ratings, and will now supply more details in explanations of its ratings of debt and bond issuers, and of default risk ratings.
05/03/2009

Germany - Lyxor, Avana, and SGSS launch active management based on ETFs

?Active solutions with passive ETFs? and strict risk management is the theme around which a cooperation agreement officially signed on Wednesday by Lyxor Asset Management, Avana Investment, and Société Générale Securities Services KAG, is organized. The common point between the firms is that they are all led by former directors from Indexchange and Pioneer, from the time when both firms were owned by HypoVereinsbank (HVB). The objective is to adapt the ETF product range, beyond simple products, to include genuine asset allocation and effective risk management, which is a concept of interest to a growing number of investors. This area forms the particular niche fo the new management firm Avana (see Newsmanagers of 6 February), which uses a trend-monitoring model applicable to all asset classes for which ETFs are available.Each partner will bring its own expertise to the the announced partnership: Lyxor AM (Société Générale group) is one of the foremost European issuers of ETFs, while Avana is an asset manager and risk manager, and SGSS Germany will provide its expertise in the area of fund administration; it currently administers 550 funds with assets of EUR55bn.
05/03/2009

France - ETF Securities debuts on French ETF market

ETF Securities, a specialist in Exchange Traded Commodities (ETC), has announced the launch in France of an ETF platform which replicates the performance of sectoral indices of shares in companies active in the commodities sector. 13 new ETFs will be listed on NextTrack, the segment of NYSE-Euronext dedicated to ETFs.
05/03/2009

United Kingdom - Old Mutual plans to simplify structure

Julian Roberts, the new CEO of Old Mutual, has announced a ?simplification? of the group ?as soon as the financial environment will allow it,? the Financial Times reports. Some investors would like to see the firm dismantled, and particularly a separation of South African and international activities, the newspaper observes.
05/03/2009

Spain - Santander avoided closure of Banif Inmobiliario in November

It is now apparent that there were troubles at the Bantander Banif Inmobiliario fund as early as November 2008. Expansión reports that Santander has admitted that at that time, it injected EUR160m, or 3.42% of assets in the fund, to avoid freezing the fund after it received redemption demands totalling EUR500m at the end of its last redemption window in 2008. The bank covered all the redemption demands it could with available cash, totalling about EUR400m, and invested its own equity in the fund to make up the difference and keep up with redemption demands. It has since submitted its own redemption demand, and will recuperate its own money at the same time as other subscribers. Santander also announced on Wednesday that it is planning to take onto its own books some of the shares which will be redeemed to clients on 9 May.
05/03/2009

World - Emerging markets outperform developed markets in February

In February, emerging markets suffered less than equities markets in developed countries. The Russell Emerging Markets Index posted a loss of 5.6% for the month, compared with -10.1% for the Russell Developed Index. Among emerging countries, the Chinese and Brazilian countries performed particularly well.
05/03/2009

Germany - Positive month for fund management in January

In January, net subscriptions to funds on sale in Germany totalled EUR13.92bn, the best results of the past six years, except in 2007 (EUR15.4bn). This total compares to only EUR5.3bn in December, and EUR9.76bn in January 2008. Of this total, open-ended funds attracted EUR78.36bn, compared with EUR3.97bn the previous month, and EUR7.12bn one year previously. All categories of products within securities funds posted net inflows in January, except guaranteed funds (-EUR141.6m). The strongest net subscriptions were to equities funds, with EUR4.04bn, and bond funds, with nearly EUR1.5bn.
05/03/2009

Europe - Record subscriptions to gold funds in 2008

In 2008, gold funds posted net subscriptions in Europe of EUR2bn, more than 17 times their levels in 2007, according to Lipper FMI.The increased demand for the funds comes in the context of a global ?gold rush.? According to the World Gold Council, demand for investments in gold, including ETFs, ingots, and coins, was 64% higher last year than in 2007. In the first months of this year, demand has grown even stronger, which has driven the price of gold above the psychologically significant threshold of USD1,000 per ounce.Management firms have sought to catch this wave, with 11 new funds launched in 2008, bringing the total number of products available to 62. Assets nonetheless declined slightly to slightly under EUR10bn, due to falling equities markets.Last year, the largest fund invested in physical gold, which has been the subject of a major rebound in interest, was released in Germany by Hansainvest. The fund allows investors to redeem their investment in the form of gold ingots.Aside from this originality, the majority of funds are products invested in shares in gold mines, Lipper states. A minority of funds are commodities products.The five most popular funds last year were the ZKB Gold ETF, which posted net subscriptions of EUR1.4bn, BlackRock Gold & General, LCL Actions Or Monde, Julius Baer Precious Metals ? Physical Gold, and BlackRock Global ? World Gold. In terms of assets, the dominant management firm in this area was BlackRock, with 50.3% of assets un 2008, followed by Swisscanto in distant second place (21.8%).

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