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25/02/2009

Royaume-Uni - Eiger AM lance quatre fonds café

Eiger Asset Management, une société de gestion basée aux îles Caïman, projette de lancer quatre fonds liés au café, dont deux produits indiciels, l’un «long», l’autre «court», investissant en synthétique et répliquant l’indice composite de l’organisation internationale du café (ICO), indique Hedge Week. La nouvelle gamme, qui est «conseillée» par Eiger Trading Advisors secondé par le consultant londonien en gestion alternative Laven Partners, comporte aussi un hedge fund long/short de performance absolue (Alpha fund) qui vise une performance de 15 % par an. Enfin, Eiger prévoit de lancer le Eiger Green Coffee Fund investi en café physique qui sera destiné à une clientèle désireuse d’investir de manière conforme à la charia.
25/02/2009

Monde - F&C attentif aux rémunérations des dirigeants

En 2008, F&C a exercé ses droits de vote en assemblées générales sur 29.165 propositions de 2.553 sociétés dans 59 pays, annonce la société de gestion dans son dernier rapport «Responsible Investment Report». Le gestionnaire s"est opposé aux recommandations du management ou abstenu dans 14 % des cas, contre 17 % en 2007.Ses votes contre le management ont souvent reflété ses préoccupations vis-à-vis des faibles contrôles de risque et de la surveillance inadéquate des comités d"audit ou de rémunération. Sur le point plus particulier des rémunérations, aujourd’hui sur le devant de la scène, on constate une amélioration, avec des votes en faveur du management de 79 % en 2008, contre 76 % en 2007 et seulement 66 % en 2006. Cela s’explique par de nouveaux progrès sur le marché britannique, «où six ans de dialogue concernant le vote sur la rémunération entre actionnaires et entreprises ont conduit à des votes négatifs de seulement 10 %». F&C a aussi constaté une embellie sur d’autres marchés comme l’Allemagne et la France. Mais la société de gestion souligne que les votes 2008 ont été concentrés sur le début de l’année, et elle redoute que les entreprises qui n’atteignent pas leurs objectifs de performances essaient d’adapter les règles afin de garder un niveau élevé de rémunération. La vigilance s’imposera donc dans ce domaine.
24/02/2009

Spain - Valorica recruits a BNY Mellon AM veteran

The Spanish hedge fund management firm Valorica (Valorica Global, Valorica Macro and Valorica Alfa) is preparing to make its debut in the world of traditional management, and will be registering its products in Ireland, Funds People reports. The firm has also recruited Carlos Oses, who left BNY Mellon Asset Management a few months ago, as its new head of client relations. In this position he will apparently replace Andrés Lantero Moreno.
24/02/2009

Europe - db x-trackers predicts ETF market will top EUR150bn by end of 2010

While BGI recently estimated that assets in European ETF funds had increased 11.2% in US dollars in 2008 to a total of USD142.82bn (see Newsmanagers of 16 January), db x-trackers (Deutsche Bank) reports that the European market has grown in Euros by 24.3%, or EUR22.1bn, to EUR112.9bn as of the end of December. Three issuers account for more than three quarters of the market: 38% for Barclays Global Investors (with its iShares range), Lyxor (Société Générale), with 22% of the market, and db x-trackers (with 16%). In total, ETFs in Europe registered net subscriptions of EUR52.4bn, while all other categories of funds saw net outflows of EUR357.4bn. db x-trackers emphasizes that net inflows compensated for negative market effects in an environment in which the MSCI Europe index lost 48.2% last year.db x-trackers estimates that the European ETF market will continue to expand, to measure as much as EUR150bn by the end of next year. This will be driven by innovations in ETFs based on swaps in the area of bonds, and importantly, by subscriptions from pension funds.
24/02/2009

Europe - New ETF product offerings take shape

Thorsten Michalik, head of ETF activities at Deutsche Bank, has not ruled out the possibility that these funds will have assets of over EUR150bn as soon as this year (rather than the end of 2010, as officially predicted by his company), and as much as EUR180bn by the end of next year, Handelsblatt reports. The ETF boom is attracting providers. Credit Suisse, whose assets under management in ETFs total EUR4bn, is planning to launch several products in Europe, in Germany and other countries, in the middle of this year. Crédit Agricole Asset Management is planning to extend its range to 70 products by the end of the year, from 24 currently.There are also a lot of rumours about US management firms (Goldman Sachs, Morgan Stanley, JPMorgan, State Street, and Vanguard) seeking to enter the European market, but nothing concrete has been announced so far.
24/02/2009

Europe - Drop in revenues from commissions

According to a Lipper study, revenues from commissions and other fees at European management firms tripled between 2001 and 2007, to EUR18bn, but they fell back to EUR15bn in 2008, and are in danger of falling further to EUR11bn this year, Expansion reports. The study also reveals that management commissions charged to retail investors for a European equities fund have increased from 1.3% in 1994 to 1.6% in 2008, while fees charged to institutional investors have fallen from 1.5% in 1995 to slightly less than 1% at the end of last year. Lipper also predicts that mergers of funds provoked by the crisis will lead to a fall in overall commissions of 5 to 15 basis points.
24/02/2009

United Kingdom - Toscafund earned sizeable gains on ABN sale

The Herald reports that the hedge fund which was the catalyst for the sale of ABN Amro earned profits of GBP158m (on revenues of GBP181m) in 2007, the year in which the Dutch bank was acquired for GBP49bn by a consortium including the Royal Bank of Scotland (RBS), Fortis, and Santander. Toscafund is an affiliate of Old Oak Holdings, whose chairman is Sir George Mathewson, who was also CEO and chairman of RBS until April 2006. Toscafund had declared a stake of 1% in RBS. If the fund sold its shares to the victorious consortium, it could have earned gains of as much as GBP200m in only six months.
24/02/2009

Singapore - Singapore government offers special tax status to asset management firms

The government of Singapore has passed legislation to create a special reduced tax status, with effect from 1 April 2009 until 31 March 2014, which will apply to wealth managers, hedge funds, and private equity funds which manage more than SGD50m (EUR25m), Wealth Bulletin reports. In addition, subscription limits for Singapore citizens investing in funds managed in the city-state will be raised. In addition to tax exemptions for investment funds, Singapore is offering a preferential 10% tax rate for managers of registered funds; this rate is reduced further to 5% for managers of Sharia-compliant products.
24/02/2009

Europe - Hedge funds develop UCITS products

The major hedge fund management firms are aggressively developing their UCITS-compliant product ranges, to operate within a structure that provides increased protection to investors, Financial Times Fund Management reports on 23 February. Brevan Howard, which manages Usd25bn in assets, will launch its first UCITS III fund on Monday. GLG Partners and Ocey Asset Management, for their part, attracted subscriptions to their UCITS ranges in fourth quarter of last year.
24/02/2009

World - Heavy losses for pension funds

According to a report by bfinance UK, the 133 defined-contribution pension funds in Britain suffered average losses of 16.5% in 2008, going by the State Street WM All Fund Universe index, while their Canadian counterparts lost 15.9%, according to the RBC Dexia Universe. The approximately 1,200 United States pension funds covered by the Trust Universe Comparison Service from Wilshire Analytics showed average losses of 22.1%, while according to Rubicon, their Irish counterparts fell by 34.8%. Japanese pension funds, for their part, lost 20.1%.
24/02/2009

United Kingdom - M&G posts net subscriptions in 2008

Investment Week reports that M&G Investments has posted net subscriptions of GBP3.4bn, which represents a contraction of 31% from their levels in 2007, although they doubled in fourth quarter to GBP0.7bn. Gross subscriptions come in at a record GBP16.2bn (+10%). Total assets, including GBP94bn managed on behalf of Prudential, were down at the end of December by 15% compared with their levels at the end of 2007, to GBP141bn. Net subscriptions to retail funds rose 62% last year, to GBP1.9bn.
24/02/2009

Germany - Private equity investors found a database for researchers

The ?large buyout? group within the BVK association of private equity investors on Monday unveiled a private equity database for use by researchers. The data, available free of charge and presented in anonymous form, covers 35 acquisitions followed by resales in the period 1997-2007. The data were provided by Advent International, Allianz Capital Partners, Apax Partners, Bain Capital, BC Partners, The Blackstone Group, Carlyle Group, Cinven, CVC Capital Partners, KKR, Permira and TPG Capital.Average revenues for companies at the time of sale measured EUR1.05bn, which represented a 16% increase over their levels at the time of acquisition by the private equity firms. The number of employees increased by an average of 4%, to 4,424, and the average duration of private equity ownership was 4.8 years.
24/02/2009

United Kingdom - S&P downgrades 3i Group to BBB+

Standard & Poor’s (S&P) has announced that it has lowered its long-term credit rating for the private equity investor 3i Group PLC from ?A-? to ?BBB+?. The downgrade is explained as a result of uncertain profit outlooks and a financial profile which is ?not solid enough for a company rated in the A category,? the ratings agency says.
24/02/2009

World - Emerging markets hedge funds lost 37% in 2008

According to Hedge Fund Research (HFR), hedge funds investing in emerging markets last year saw their worst results since the beginning of the statistical series, with losses of nearly 37%, Hedgeweek reports. Assets fell by 43% from their levels at the end of 2007, to finish 2008 at USD67bn, largely due to net redemptions of USD6.7bn in fourth quarter. However, HFR states that in the twelve-year period from 1990-2008, hedge funds specialised in emerging markets posted annual performance of 13%, with volatility similar to that of the S&P 500 index, which, for its part, gained only 7.3% per year in the same period.
24/02/2009

United States - Lehman venture capital vehicle set free

The venture capital branch of Lehman Brothers Holdings will become an independent company, the Wall Street Journal reports. The entity will drop the name Lehman Brothers Venture Partners, and will become known as Tenaya Capital. The firm will have USD750m in assets under management.
24/02/2009

United States - Stanford had ties to a fund managed by the Biden family

The Wall Street Journal reports that a fund of hedge funds owned by the brother and the son of US vice-president Joe Biden was sold exclusively by companies controlled by R. Allen Stanford, the financier accused of a USD8bn fraud. The USD50bn fund, entitled Paradigm Stanford Capital Management Core Alternative Fund, was the fruit of a collaboration with Paradigm Global Advisors, the company owned by the Biden family, and Stanford Financial Group. The fund has offered to refund the USD2.7bn it received from the Stanford company, the WSJ reports.
24/02/2009

Germany - Two big names leave a Wermuth fund

The Financial Times reports that Lord Skidelsky, a historian an biographer of John Maynard Keynes, is planning to leave the board of directors of Greater Europe, a hedge fund managed by the German firm Wermuth Asset Management, which lost more than 90% last year on investments in Russian assets. Another high-profile board member is also planning to leave the fund: Garret Fitzgerald.
24/02/2009

United Kingdom - Apax sells a stake in its management firm

Apax Partners has sold 7.7% of its management firm to GIC Special Investments, an affiliate of the Singapore sovereign fund, and Future Fund, the Australian sovereign fund, the Financial Times reports. Negotiations are underway over a sale of a further 2.3% stake in the capital of the firm. The proceeds of the sale will be placed in a fixed-capital vehicle which will participate in future rounds of fundraising at Apax.
24/02/2009

World - Hedge funds offer to open up

The Wall Street Journal reports that the Alternative Management Association (AIMA) will Tuesday propose measures to require hedge fund firms to increase their levels of openness. The measures will include a requirement that funds register with regulators and maintain regular contact with the authorities. The move comes at a time when there is a trend towards increased regulation of hedge funds.
24/02/2009

Canada - L'IPIC achète Nova Chemicals

Le Handelsblatt rapporte que l’IPIC, fonds souverain d’Abou Dhabi, acquiert le chimiste canadien Nova Chemicals pour 6 dollars par action. Avec la reprise de dette, cela représente 2,3 milliards de dollars.
24/02/2009

Asie - Dubai lance un maxi-emprunt

L’Emirat de Dubai émet un emprunt de 20 milliards de dollars sur 5 ans avec un rendement de 4 % pour faire face à ses engagements de court et moyen termes tout en finançant les projets en cours, rapporte la Frankfurter Allgemeine Zeitung. La Banque centrale des Emirats arabes unis a indiqué qu’elle souscrira pour 10 milliards de dollars.
24/02/2009

Espagne - Les principales banques ont des filiales dans les paradis fiscaux

Les sept pays européens du G-20 sont convenus dimanche à Berlin de prendre des mesures contre les paradis fiscaux. Les banques espagnoles se retirent graduellement de ces paradis fiscaux, mais, d’après leurs rapports annuels de 2007, elles y entretiennent encore des filiales, rapporte Cinco Días. Le Santander et sa filiale Abbey avaient alors encore 19 filiales chacune dans les paradis fiscaux comme les Bahamas, Hong-Kong, Panama, les îles caïman, l'île de Man ou Guernesey. Toutefois, la banque indique avoir pris toutes les mesures pour conjurer les risques de réputation et juridiques, et avoir entamé un processus de réduction du nombre de ces filiales. Le BBVA a pour sa part trois succursales aux îles Caiman et une dans les Antilles néerlandaises. Le Popular, le Sabadell et le Banesto ont aussi des participations dans des sociétés situées dans des paradis fiscaux.
24/02/2009

Espagne - Le Santander et Fenosa vendraient leurs parts dans Cepsa à l'IPIC

D’après Expansión, l’opération semble sur les rails et se négocierait sur la base de 30-40 euros par action, valorisant la compagnie à 10,7 milliards d’euros maximum, pour une capitalisation de 17,88 milliards : le Santander et Unión Fenosa seraient sur le point de vendre leurs participations (31,6 % et 5 %, respectivement) dans Cepsa au fonds souverain International Petroleum Investment Company (IPIC) d’Abou Dhabi, qui détient déjà 9,5 % de Cepsa. Le français Total, qui détient pour sa part 48,8 % de la compagnie espagnole, verrait d’un bon ?il l’IPIC monter à 46,1 %. Mais il faudrait aussi que l’IPIC soit dispensé de lancer une OPA sur la totalité de Fenosa s’il franchit le seuil des 30 %, une exemption qui devrait lui être accordée. Si l’opération se réalise, elle portera sur environ 5,8 milliards d’euros en numéraire.
24/02/2009

Allemagne - Les capital-investisseurs ouvrent une banque de données aux chercheurs

Le groupement «large buy-out» de l’association allemande BVK des capital-investisseurs a présenté lundi une banque de données du private equity destinée aux chercheurs. Ces données, accessibles gratuitement et présentées sous forme anonyme, portent sur 35 acquisitions suivies d’une revente pour la période 1997-2007. Elles ont été fournies par Advent International, Allianz Capital Partners, Apax Partners, Bain Capital, BC Partners, The Blackstone Group, Carlyle Group, Cinven, CVC Capital Partners, KKR, Permira et TPG Capital.Le chiffre d’affaires moyen des entreprises se situait au moment la cession à 1,05 milliard d’euros, ce qui représente une augmentation de 16 % par rapport à la date de l’acquisition. Le nombre de salariés a augmenté en moyenne de 4 % à 4.424 personnes et la durée moyenne de détention a été 4,8 ans.
24/02/2009

Europe - De nouvelles offres se profilent sur le marché des ETF

Thorsten Michalik, qui dirige l’activité ETF de la Deutsche Bank, n’exclut pas que l’encours de ces fonds en Europe atteigne les 150 milliards d’euros dès cette année (au lieu de fin 2010, comme officiellement prévu par sa maison) et 180 milliards à la fin de l’an prochain, rapporte le Handelsblatt. Le boum des ETF attire les émetteurs. Le Credit Suisse, dont l’encours d’ETF est de 4 milliards d’euros, a l’intention de faire coter plusieurs de ces produits en Europe, et entre autres en Allemagne, vers le milieu de cette année. Crédit Agricole Asset Management prévoit d'élargir sa gamme à 70 produits pour la fin de l’année contre 24 actuellement.Il y a également beaucoup de rumeurs concernant les gestionnaires américains (Goldman Sachs, Morgan Stanley, JPMorgan, State Street et Vanguard) qui voudraient se lancer sur le marché européen, mais rien de concret pour l’instant.

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