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22/01/2009

France - DWS commercialise son compartiment Commodity Plus

DWS Investments (Deutsche Bank) a annoncé mercredi la commercialisation en France du compartiment Commodity Plus de sa Sicav luxembourgeoise DWS Invest (lire notre article du 22 septembre 2006), un fonds de matières premières qui a été lancé en 2005. L’encours se situe actuellement à 123 millions d’euros alors qu’il atteignait 350 millions il y a presque deux ans et demi.Olivier Renard, responsable de DWS Investments en France souligne que le fonds est «l’un des rares produits accessibles sur le marché français offrant une exposition directe et diversifiée aux matières premières avec une liquidité quotidienne». Le timing est intéressant selon lui dans la mesure où le Commodity Plus offre la possibilité aux investisseurs de se positionner en bas de cycle et de bénéficier ainsi d"un rebond des matières premières sur le long terme.
22/01/2009

France - Alliance en vue entre CAAM et SGAM

Selon Les Echos, dans l’entourage des deux banques, on confirme l’existence de discussions sur une alliance dans la gestion d"actifs, révélées mardi par La Tribune. Crédit Agricole Asset Management (CAAM) et Société Générale Asset management (SGAM) pourraient ainsi former une co-entreprise. Un tel montage ressemblerait à la fusion de leurs activités de courtage, Calyon Financial (Crédit Agricole) et Fimat (Société Générale), estime le quotidien.
22/01/2009

France - Hubert Guillemin rejoint EFG Gestion Privée

#Après avoir exercé des responsabilité de management et de développement de grande clientèle dans le secteur bancaire# chez Barclays, Worms et Mees Pierson/Fortis, Hubert Guillemin rejoint EFG Gestion Privée, l’ancienne Sycomore Gestion Privée achetée fin juin 2008 par EFG International, en tant que senior vice president et membre du comité de direction. Il aura pour mission de développer la clientèle privée en France et d'élargir la gamme des services.
22/01/2009

Monde - BNP Paribas pourrait déprécier 1,1 milliard d?euros de "survaleurs"

Selon La Tribune, citant Alain Tchibozo, analyste chez ING, les banques vont devoir essuyer une nouvelle vague de dépréciations, cette fois sur les 190 milliards d’euros de « survaleurs » contenues dans leurs bilans. Ainsi, BNP Paribas pourrait ainsi, selon ING, déprécier 1,1 milliard d’euros de «survaleurs». Toutefois, poursuit la Tribune, ce «goodwill», déjà déduit des fonds propres réglementaires, n"aurait pas d"impact sur les fonds propres réglementaires.
22/01/2009

Royaume-Uni - RAB nomme un nouveau CIO

RAB Capital remanie sa direction après avoir annoncé une chute des encours de 74 % en glissement annuel à 1,9 milliard de dollars fin décembre, rapporte le Financial Times. Charles Kirwan-Taylor, ex-membre du conseil d"administration en charge du marketing, devient directeur des investissements, en remplacement de Philip Richards, qui prend la responsabilité des fonds Special Situations et Global Mining.
22/01/2009

France - La Soc Gen veut rassurer sur sa solidité

Selon La Tribune, la banque a réagi en dévoilant, hier avant Bourse, une estimation de résultat net établie à 2 milliards d’euros pour l’exercice 2008, en ligne avec les prévisions des analystes. « Sans surprise, les résultats de la gestion d’actifs sont en revanche « pénalisés par les mouvements de décollecte et par des dépréciations » affectant notamment la gestion alternative et le capital d’amorçage (« seed money ») », souligne le quotidien qui salue aussi un résultat « proche de l"équilibre » dans la BFI.
22/01/2009

France - Le FRR choisit BGI

Le Fonds de réserve pour les retraites a choisi Barclays Global Investors Limited pour gérer un portefeuille d"actions de grandes et moyennes capitalisations de la zone euro (gestion passive par rapport à un indice pondéré par des facteurs fondamentaux). Le marché est d"une durée de quatre ans, renouvelable un an, et la taille indicative du lot d"un milliard d"euros.Cela fait suite au lancement par le FRR, le 16 avril 2008, d"un appel d"offres restreint réparti en trois lots afin de renouveler une partie de ses mandats investis en actions européennes. La procédure de sélection se poursuit sur le deuxième lot (petites capitalisations européennes ? gestion active).
22/01/2009

France - Bouclier fiscal : les demandes de restitution ne déclenchent pas de contrôle

Selon Le Figaro, la Direction générale des finances publiques ( DGFip) a expédié, le 12 janvier dernier, une note interne précisant « qu"une demande de restitution ne constitue ni un axe ni une cause de contrôle d"un dossier » et que « le traitement des demandes doit aboutir à une décision rapide et sécurisée ». Nouveauté dans la loi de finances pour 2009, les contribuables pourront, s"ils le souhaitent, imputer directement leur trop-versé sur leur ISF et leurs taxes foncières ou d"habitation, rappelle le Figaro en soulignant que le nombre de demandes de restitution envoyées à Bercy est beaucoup plus faible que celui qui avait été escompté.
22/01/2009

Monde - Dérivés incorporés : CESR favorable à une adoption accélérée

Dans ses commentaires sur le point de vue de l"Efrag (European Financial Reporting Advisory Group) concernant l"exposé sondage de l"IASB proposant des amendements au traitement des dérivés incorporés (IAS 39 et Ifric 9), le Comité européen des régulateurs de marchés (CESR) estime, comme l"Efrag, que les amendements envisagés devraient être adoptés, « pour des raisons de cohérence », par le biais d"une procédure accélérée. Comme en octobre 2008, pour les reclassements de titres.
22/01/2009

Etats-Unis - La SEC accuse un gérant de fraude pour 300 millions de dollars

La Securities and Exchange Commission accuse Arthur Nadel, un gérant de hedge fund qui a disparu, d"avoir gonflé d"environ 300 millions de dollars la valeur des investissements de six fonds qu"il conseillait, rapporte le Financial Times. La valeur réelle des actifs est de seulement 506.000 dollars.
22/01/2009

Europe - CESR poursuit ses travaux sur les ventes à découvert

Le Comité européen des régulateurs de marchés vient d"assigner deux missions au groupe de travail sur les ventes à découvert. D"une part, l"analyse de l"impact des mesures temporaires introduites par les membres du CESR. D"autre part, la mise au point d"une batterie d"options, en tenant compte des contributions du marché, pour promouvoir une plus grande convergence dans le domaine des ventes à découvert. Sur le premier point, les mesures temporaires, le groupe de travail devrait remettre ses conclusions dans le courant du mois de mars.
22/01/2009

UE - Madoff : Bruxelles publiera une directive sur les titres cette année

Selon Les Echos, le commissaire européen au Marché intérieur, Charlie McCreevy, s’est engagé mardi "à gommer les possibilités d’interprétation de la directive OPCVM». Il a par ailleurs annoncé la mise en chantier d’une proposition de directive sur les titres, qui devrait être publiée d’ici à la fin de l’année.
22/01/2009

Suisse - Menace sur le secret bancaire

Selon Le Temps, le gouvernement suisse aurait la possibilité d’accélérer le règlement des poursuites contre UBS, en agissant pour voie d"ordonnance pour autoriser la divulgation d"une liste de 250 noms de clients de la banque que les autorités américaines réclament à la Suisse depuis l"été. Mais l’arme est à double tranchant, souligne le quotidien. Selon l’avocat genevois Carlo Lombardini, une telle mesure serait «certainement envisageable» sur le plan juridique mais ouvrirait du même coup une boîte de Pandore: «Cela reviendrait à expliquer à tout le monde qu’il est possible d’outrepasser les accords de coopération fiscale.»
22/01/2009

UE - Actifs toxiques : Bruxelles pourrait publier des lignes directrices

La Commission pourrait publier prochainement de nouvelles lignes directrices afin d’encadrer les plans mis en oeuvre par les Etats membres pour aider leurs banques à résoudre leurs problèmes d’actifs toxiques. L"objectif est d"éviter de générer des distorsions de concurrence, rapporte Les Echos.
22/01/2009

EU - Toxic assets: Brussels may publish guidelines

The European Commission may soon publish new guidelines for bailout plans put in place by member states to help banks to resolve their problems with toxic assets. The goal of the guidelines would be to avoid creating competitive distortions, Les Echos reports.
22/01/2009

Germany - MLP acquires ZSH

All shareholders in the financial brokerage firm ZSH Have agreed to sell their shares, totalling about EUR11.3m, to MLP. The distributor of financial products will additionally pay up to EUR0.6m, depending on results at ZSH up to 31 March 2009.ZSH has about 80 client advisers and about 50,000 high net worth clients, who include many members of the medical professions.MLP states that the largest shareholders in ZSH were the founder, Wolfgang Zech, and the insurance firms Axa Lebensversicherung and Alte Leipziger Lebensversicherung, who together held 84% of capital in the firm.
22/01/2009

United States - CalPERS changes top management

The California public employees’ retirement system (CalPERS, USD178bn in assets) has a new CEO as of 12 January, in the person of Anne Stausboll. She replaces Ken Marzion, who served in the position in the interim since the departure of Fred Buenostro in June. Stausboll began at CalPERS as chief investment operating officer, then in April 2008 became interim CIO, after the departure of Russell Reed. She was previously chief deputy treasurer of the State of California.Meanwhile, CalPERS has announced the arrival in March of Joseph A. Dear, executive director of the Washington State Investment Board (WSIB) and chairman of the Council of Institutional Investors, as CIO. He will supervise 220 investment professionals.
22/01/2009

Germany - Barbara Knoflach joins board at BVI

Barbara A. Knoflach, chairwoman of the board at SEB Asset Management AG and a member of the board of directors at SEB Invstment GmbH, has been elected as a board member of the German BVI association of management firms.The BVI association on Thursday announced that Knoflach will finish out the term of Heiko Bech, until autumn 2011. Beck left the board of directors at Commerz Real Investmentgesellschaft to take up a new position in the retail and professional banking division at Commerzbank.
22/01/2009

United States - Moody's downgrades State Street

Moody’s Investors Service has lowered its senior non-guaranteed rating for State Street Corp to A1 from Aa3, and maintained a negative outlook on the rating. Standard & Poor’s lowered its rating of the firm the previous day, the Wall Street Journal reports. The move is due to an increase in latent capital losses present in the State Street portfolio, as well as portfolios that the group manages for clients. On Wednesday, shares in State Street gained 15% on rumours of a potential merger, to USD17.07, after falling 59% in trading on Tuesday.
22/01/2009

Germany - TMW Pramerica keeps Weltfonds closed to redemptions

The Munich-based management firm TMW Pramerica Property Investment has announced that it will not be able to reopen its open-ended real estate fund TWM Immobilieon Weltfonds to redemptions at this time. The closure of the fund took place on 28 October 2008. To keep up with redemption demands, the fund (EUR1bn as of the end of October) will be obliged to sell assets. In order not to sell its properties below their value, the manager has extended its redemption suspension until the end of October 2009, while it retains the option to extend the measure for a further year after that. TMW Pramerica has, however, decided to recommence payment of dividends to retirement plans, but will pay these out of its own capital, and not out of the fund’s assets, in order to comply with a directive from the German financial surveillance authority (BaFin).
22/01/2009

United States - SEC accuses manager of USD300m fraud

The Securities and Exchange Commission has accused Arthur Nadel, a hedge fund manager who has gone missing, of inflating the value of investments in six funds he advised by USD300m, the Financial Times reports. The real value of the assets is only USD506,000.
22/01/2009

United States - Andrew S. Doman becomes CEO of Russell Investments

Russell Investments has announced that Andrew S. Doman has been appointed CEO and member of the board, effective 2 February. He will replace John Schlifske, who is president and CEO, and who will be returning to his position as executive vice president at Northwestern Mutual, the parent company of Russell, after serving in the interim as head of the management firm (USD150bn in assets as of the end of December), following the departure of Craig Ueland.Andrew S. Doman was most recently CFO for European asset management activities at McKinsey in the United Kingdom.
22/01/2009

United Kingdom - RAB appoints new CIO

RAB Capital is making changes to its management, after announcing a decline of 74% in its assets in annual terms, to USD1.9bn as of the end of December, the Financial Times reports. Charles Kirwan-Taylor, formerly a member of the board of directors in charge of marketing, becomes CIO, replacing Philip Richards, who takes over as manager of the Special Situations and Global Mining funds.
22/01/2009

Germany - Redemption freeze does not cause tensions

Three open-ended real estate funds (CS Euroreal, Morgan Stanley P2 Value and TMW Immobilien Weltfonds) have already announced that they will be extending suspensions on redemptions for up to nine months, but the move is not triggering a crisis of confidence, the Frankfurter Allgemenine Zeitung reports. In the next few days, decisions are expected from DEGI (Aberdeen), SEB Immobilien and KanAm, but financial sector observers are predicting that redemption freezes will be kept in place. The funds which have remained open, at Deutsche Bank, Deka, Union and Commerz Real, are showing total liquidity ratios of 15% to 31%, while the legal minimum is 5%.
22/01/2009

France - Fitch discontinues ratings of UFG Alteram

On Wednesday, Fitch Ratings confirmed its Fund of Hedge Fund Manager rating of two minus (FoHM2-) for UFG Alteram, covering the firm’s alternative multi-management activities, and then withdrew the rating. The agency will no longer provide ratings or analytical coverage of alternative multi-management activities at the firm.Fitch lowered its rating of UFG Alteram to FoHFM2- on 17 December 2008. ?The decision reflected changes which had taken place within the management team at UFG Alteram, with the retirement of the CIO at the beginning of 2008, followed by the departure in October 2008 of the director of fund selection. The lowering of the rating also took into account increasing pressure on the profitability of the management firm, as its assets under management had declined heavily in 2008, largely due to the withdrawal of investors from its dynamic money market funds,? the agency says.?The rating continued, however, to reflect the firm’s rigorous and disciplined fund selection and portfolio management processes, operated by well-defined committees. It also represented the complete and detailed legal and operational due diligence provided by a team operating independently of management, as well as the quality of the IT platform for adoption of positions, order management, and front office operations. The support of the Crédit Mutuel Nord Europe group, the largest shareholder in the management firm, was also taken into consideration in the rating,? the agency continues.
22/01/2009

United States - BNY cuts back number of funds

BNY Mellon will reduce its range of funds, Ignites Europe reports. A spokesperson for the management firm states that the rationalisation will affect its range of international funds, particularly products with less than EUR10m in assets.
22/01/2009

Europe - First ray of hope for fund sector

According to Lipper FMI, asset management firms in Europe have posted net subscriptions of EUR10.5bn, after redemptions of EUR153bn in October, in the wake of the Lehman Brothers bankruptcy, Handelsblatt reports. The situation remains critical due to the potential for more bad news due to the Madoff scandal, says Diana Mackay, director of Lipper FMI. The trend reversal in November is largely attributable to money market funds, which brought in a net total of EUR32bn, after registering net outflows of EUR40bn in October. Redemptions fell significantly for bond funds, while equities funds posted slight net subscriptions.
22/01/2009

France - FRR selects BGI

The French national pension reserve fund, the Fonds de Réserve pour les Retraites (FRR), has selected Barclays Global Investors Limited to manage an equities portfolio of Euro zone large and midcaps (passive management based on an index weighted for fundamental factors). The mandate is for a four-year period, renewable for one year, and the indicative size of the allocation is EUR1bn.The selection follows the launch by the FRR on 16 April 2008 of a restricted RFP which proceeded in three rounds, to renew a portion of its mandates invested in European equities. The selection process will continue with the second round (European small caps - active management).
22/01/2009

World - Institutional investor morale rebounds, according to State Street

As a Merrill Lynch survey has also found, institutional investors are regaining some of their calm, according to the State Street Global Markets confidence index, which has risen 12.1 points in January to 60.3, from a corrected level of 48.2 in December (up from the previously announced 48). The overall rise was largely the result of a rise of 21.2 points in the confidence index for North American institutional investors, after a record fall in December from 51.8 to 30.6 points (in corrected figures). The confidence of European investors has improved by 6.7 points, to 73.0. In Asia, confidence has dipped slightly, bringing the index from 86.6 to 86.3 points.Ken Froot, the Harvard University professor who developed the index with State Street Associates, says the rise in the global index for January is the largest increase since August 2007, which is not very surprising after its record decline in December. Although institutional investors in fourth quarter 2008 never showed as high an interest in high risk assets as they now do, Froot warns that it remains to be seen whether these reallocations are motivated by long-term convictions about the value of these assets.
22/01/2009

United States - Operating profit up at BlackRock

Net profit at BlackRock fell last year by 21% compared with 2007, to USD419m, or USD5.91 per share, on revenues up 5% to USD5.06bn. However, operating profit increased 23%, or 9.5% after adjustments, to USD1.59bn. Financial losses are due to co-investments with clients and seed capital for new products. Net profit in fourth quarter fell to USD53m from USD322.44m in the corresponding period of last year.As of 31 December, assets totalled USD1.30715trn, compared with USD1.2586trn at the end of September, and USD1.35664trn twelve months previously. Net subscriptions totalled USD167.6bn for the year as a whole, and USD129.06bn in fourth quarter. However, market and currency effects were negative to the tune of USD188.95bn and USD28.15bn, respectively, of which USD64.54bn and USD15.97bn in the fourth quarter.

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