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01/02/2010

HSBC tentée par une OPA sur une banque chinoise

Selon Les Echos qui cite le Sunday Telegraph, HSBC compte prendre une participation majoritaire dans une des trois premières banques chinoises. L’opération consisterait à prendre 51% d’ICBC, de Bank of China ou de China Construction Bank, en échange des activités d’HSBC à Hong Kong et de sa participation de 20% dans la Bank of Communication chinoise. HSBC demanderait aussi à se faire coter à Shanghai. La banque s’est refusée à tout commentaire.
01/02/2010

Financial sector to support longevity risk market

After catastrophe bonds (cat-bonds), the financial sector is planning to come to the aid of longevity risk markets, the Frankfurter Allgemeine Zeitung reports. This will be comforting news for insurers and pension funds, who bear a good deal of this risk. For this reason, Axa, Prudential, Swiss Re, la Deutsche Bank, Legal & General, JP Morgan, Pension Corporation and Prudential have founded the Life and Longevity Markets Association (LLMA), which will support the formation of a basis for the trading of this type of risk, through the development of indices and contracts.
01/02/2010

F&C: Assets down, as measured in pounds Sterling

As of the end of December, assets at F&C Asset Management had declined to GBP97.8bn, compared with GBP99.2bn as of 30 September, and GBP98.6bn one year previously. The trend is the opposite, with changes in the exchange rate taken into account, if the figure is calculated in Euros: assets under management then appear to have increased to EUR110.2bn, compared with EUR108.5bn as of 30 September, and EUR102bn as of the end of 2008. The British management firm states that assets denominated in Euros represented 55% of the total as of the end of the year, compared with 57% as of 30 September. The 3% depreciation of the Euro against the pound Sterling in fourth quarter resulted in a decline in assets under management in pounds Sterling of GBP1.6bn. Net redemptions for the year as a whole have fallen to GBP6bn, from GBP10.7bn in 2008.
01/02/2010

Nobel prizewinners have harsh words for hedge funds

At the invitation of Pioneer (UniCredit), three American winners of the Nobel prize, Eric Maskin (2007), Michael Spence (2001) and Robert Merton (1997), on Wednesday and Thursday held debates in a palace near London, before an audience of European finance industry figures, on the future evolution of the architecture of the global financial system, Die Welt reports. Spence recommends that a stricter separation be drawn between banks and hedge funds, while Merton calls for increased risk controls, and says a central government authority needs to be created to monitor all risks. Maskin recommends that the use of derivatives, which distribute these risks potentially infinitely, should be limited, and adds that the use of CDS should also be limited.
01/02/2010

Hedge fund management fees in decline

According to a study by bfinance, fixed management fees in alternative management have declined by about 20%. The widely-followed 2/20 fee model (fees representing 2% of assets under management, and a performance commission of 20%) is now being replaced by the following conditions: management fees of 100-150 basis points, compared with 150-200 before the crisis, and performance commissions of 15-20%, rather than 20%. Some stability may also be observed in the levels of these fees: there is a slightly downward trend in equities, but a slightly upward trend in fixed income.
01/02/2010

Banca Leonardo pulls out of private equity

The Italian investment bank Banca Leonardo is shutting down its private equity operations, it has announced in a statement dedicated to the firm’s 2009 results. According to the Financial Times, it is writing down the value of its holdings by EUR70m. Banca Leonardo has also announced net profits of about EUR175m for the year, and operating revenues of EUR60m. Net subscriptions totalled EUR900m. Assets under management total EUR8.9bn.
01/02/2010

Wolfgang Schäuble faces controversial decision in tax inquest

A controversy has pitted government against opposition over whether the Federal finance minister, Wolfgang Schäuble (CDU), should pay EUR1.5m to an informer who is offering to sell data obtained by clearly illegal means about the identities of 1,500 German citizens who hold bank accounts in Switzerland, the Frankfurter Allgemeine Zonntagszeitung reports. The SPD claims that the minister should buy the information, regardless of the opinion of CDU and FDP voters, while several experts within the governing coalition are recommending that the minister not buy the stolen data, which would be rewarding theft. The five names provided as a sample to the authorities may, however, result in the recovery of over EUR1m in taxes each.
01/02/2010

BlackRock recruits a former Treasury advisor

On Friday, BlackRock announced the appointment of Kendrick R. Wilson III as vice chairman and member of the office of the chairman. He will develop client relations and work with the executive team on organizational and professional development projects. Wilson, who joins the firm this Monday, was previously an advisor to the US Treasury, from August 2008 to January 2009. Previous to that, he held management positions at Goldman Sachs and Lazard Frères & Co.
01/02/2010

Past performance is not a predictor of future returns

Advisor Perspectives, an electronic newsletter for independent financial advisers, in December published a study which suggests that Morningstar star ratings, which are based on past returns, are not that valuable for predicting performance in the future. Moreover, many funds with five-star ratings are likely to underperform compared with their counterparts. The Wall Street Journal cites several more studies which cast doubt on the value of past performance as a predictor, and on the abilities of fund managers to predict their future results.
01/02/2010

CAAM captures most management positions at Amundi

Société Générale Asset Managment (SGAM), which has merged with Crédit Agricole Asset Management (CAAM) to create Amundi, has inherited only two of the seats on the new firm’s executive board, although its parent company, Société Générale, controls 25% of shares in the firm, the Financial Times reports. The dominance of CAAM, which holds 83% of board seats and top positions, is a sign that Crédit Agricole is not afraid to impose its own vision on the firm. Frédéric Loerznini, an analyst at Morningstar, observes that “these people have been making acquisitions for 15 yeas, so now they are very confident.” Crédit Agricole does not want to repeat the mistakes it has made in previous acquisitions, as in 1995, when too many key positions were left to former Indosuez staff. Another analyst points out that the weak representation of SGAM on the executive board confirms that the valuation was “generous” when the decision was made that a 25% stake in Amundi would go to Société Générale.
01/02/2010

Deka acquires two logistical properties

The German firm Deka Immobilien announced on Friday that it has acquired two logistical centres in Italy, each of which has 50,000 square metres of space, one of them located near Milan, and one in the Veneto region, in the centre of a rectangle formed by the four cities of Venice, Verona, Bologna, and Padua. The EUR60m investment will be added to the portfolio of the open-ended real estate fund Deka-ImmobilieEuropa.
01/02/2010

New wave of guaranteed product launches

Of the seven funds registered by the CNMV since the beginning of this year, six are guaranteed products, of which three are bond products (one from BBVA, and two from Caixa Terassa, while three are equities products, from Caja Segovia, Caja Canarias and Caja España, Cinco Días reports. A new wave of guaranteed funds is to be anticipated, as 270 guaranteed funds will mature by the end of December, with assets of about EUR16bn: banks will not want to lose these clients, and this type of product is profitable for them.
01/02/2010

Lyxor: Isabelle Bourcier takes over global ETF sales

Following the departure of Dan Draper, who has left London to return to the United States, Isabelle Bourcier, global head of ETF products at Lyxor Asset Management (Société Générale), has told Newsmanagers that she will be temporarily taking over responsibility for global ETF sales. The position will be filled most likely by an internal promotion in a short time, as Draper must complete a gardening leave. Draper’s other part-time responsibility, UK sales, has been taken over by Claus Hein, who will combine this responsibility with his position as head of Lyxor ETF for Scandinavia and Latin America.
01/02/2010

Popularity of hedge funds with pension funds increases

The number of pension schemes looking to invest money with hedge funds doubled during 2009, according to investment consultancies. Pension fund trustees scrabble to find high-performing investment strategies to help recoup losses suffered in 2008.
01/02/2010

Dr. Höller releases an ethical fund in Germany

The ethical fund Prime Values Green from the Swiss management firm Dr. Höller is now available in Germany. The fund is 100% invested in equities, and applies an ethical filter in the selection of its investments, most of which are in the renewable energies, water treatment and drinking water production sectors. The filter relies on an internal selection program as well as an ethical committee composed of individuals external to the management firm. Subscription fees are 4%, and the fund charges annual management fees of 1.5%.
01/02/2010

Martin Currie to take over management of Taiwan Fund

Pending approval by the 2010 general shareholders’ meeting, to be held on 26 April, the management of the closed Taiwan Fund (USD302bn) will be contracted out to the Scottish management firm Martin Currie. The Taiwan equities product will be managed by Chris Ruffle, director, with the assistance of nine analysts specialized in China, based in Shanghai. The Taiwan Fund states that it will pay a commission to Martin Currie of 0.90% on the first USD150m in assets, and then of 0.80% on the following USD150m, and 0.70% for all assets above this limit. The Taiwan Fund was previously managed by HABC Global Asset Management (Taiwan) Limited. Martin Currie has announced for its part that it has closed its Taiwan Opportunities Fund to new subscriptions, effective from 29 January. Assets in the fund have increased from USD88m at the beginning of 2009 to USD206m as of 31 December. Calvert Asset Management has also awarded Martin Currie the management of a USD150m global equities mandate.
01/02/2010

Mutual funds: toward a simplification of notification procedures

The Committee of European Securities Regulators (CESR) on 29 January published a peer review of its recommendations for European Union legislation to simplify notification procedures for mutual funds. Seven of the 13 recommendations of the CESR are put forward as key recommendations. It appears that only five countries will apply all of the recommendations: Belgium, Bulgaria, Italy, Luxembourg, and Norway. Additionally, four countries will partially apply the recommendations, meaning that they apply all recommendations, but only partially adhere to one of them: these countries are Hungary, Portugal, Romania, and Sweden. All other countries, including France, have not applied one or more of the key recommendations.
01/02/2010

IFAs will not sell ETFs if there's no money in it for them

In the United States, half of all assets in ETF funds come from retail clients, while in Europe the proportion is closer to 10% or USD350bn and USD22bn, respectively, the Financial Times reports. This is due to the fact that US financial advisors are paid for their advising services, while European advisers make their money through kickbacks from funds, and there are no kickbacks from ETF funds. The situation is developing in the United Kingdom with the entry into force of retail distribution review (RDR), which will require advisers to declare whether they are genuinely independent or not. But these regulations will only come into force in 2012.
01/02/2010

SEC requires more information on climate change footprint of businesses

On Wednesday, SEC commissioners voted three to two to pass a requirement that publicly-traded businesses provide more information about their impact on climate change. The Wall Street Journal reports that the new rules will be good news for investors and for well-governed companies. Matthew W. Patsky, CEO of Trillium Asset Management Corp, says the regulations will make it easier to value all businesses, some of which do not have as much of an established track record as may be imagined. John Wilson, head of corporate governance at the pension fund TIAA-CREF, shares this opinion.
01/02/2010

Wanted: Florian Homm

Der Spiegel relays reports in Handelsblatt that the German hedge fund manager Florian Homm and several of his former partners have been accused by the New York prosecutor’s office of defrauding investors in the hedge fund operated by Homm of several million US dollars, and of having caused losses totalling nearly USD200m. The accused are rumoured to have driven up the price of shares which were then resold to funds at an inflated price. Homm disappeared more than two years ago.
01/02/2010

State Street publishes Private Equity Index

State Street on Friday, 29 November, announced the results of its “Private Equity Indexsm” as of 30 September 2009. The index has earned returns of 5.83%, a slight increase compared with second quarter 2009. Since its inception, the internal rate of return (IRR) for the index comes to 10.03%, an increase of 95 basis points over its level as of the previous quarter.
01/02/2010

Offshore management in question

Agefi Switzerland reports that a Pricewaterhouse Coopers study has found that assets under management at Swiss banks in October 2009 had fallen back to their 2005 levels. They totalled CHF4.264trn, compared with CHF3.847trn. In detail, more than half of assets were in offshore accounts. Cross-border activities are facing several potential difficulties (fiscal, political, and legal), which will require Swiss banks to adapt, which will be costly, or else to choose to abandon offshore management, and accept a decline in their earnings.
01/02/2010

City management has been decimated in the past two years

According to an analysis of official FSA data by IMAS Corporate Advisors, more than 17,000 senior finance personnel in the City have lost their jobs in the past two years, the Sunday Times reports. This means that about 10% of the management at British financial firms have passed through the gauntlet set out by the regulatory authorities. This estimate does not include the thousands of jobs lost in administrative and support functions in the banking sector, and the Centre for Economics and Business Research estimates total job losses in the financial sector at about 48,000. The IMAS study reveals, meanwhile, that recruitments picked up again in fourth quarter 2009, for the first time since the collapse of Lehman Brothers.
01/02/2010

New head for Morgan Stanley Smith Barney

Matt Comyn, who was previously head of Commonwealth Securities (Commsec), will join the wealth management firm Morgan Stanley Smith Barney at the end of February as CEO for Australia.

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