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15/10/2009

Prudential Financial adopte le principe d'un vote sur les rémunérations

Le conseil d’administration de Prudential Financial (580 milliards de dollars d’encours au 30 juin) a décidé d’adopter le principe d’un vote consultatif (advisory), non contraignant, des actionnaires, chaque année, sur la rémunération des dirigeants du groupe ainsi que sur les procédures employées par le comité des rémunérations, le premier vote devant intervenir lors de l’assemblée générale de 2010.
15/10/2009

Cadogan se sépare de Fortis et BNP Paribas

Cadogan Management, une société de hedge funds de 3,6 milliards de dollars, va prendre son indépendance vis-à-vis de Fortis Bank, selon le Wall Street Journal. Cadogan, Fortis et BNP Paribas doivent annoncer l’opération ce jeudi. BNP avait déjà une activité de hedge funds, qui était considérée comme redondante avec celle de Cadogan.
15/10/2009

Hausse du bénéfice de la gestion d'actifs chez JP Morgan Chase

Pour le troisième trimestre, la division gestion d’actifs de JP Morgan Chase a dégagé un bénéfice net de 430 millions de dollars contre 352 millions au deuxième et 351 millions pour la période correspondante de l’an dernier. L’encours a augmenté de 9 %sur le deuxième trimestre, à 1.300 milliards de dollars, essentiellement en raison des souscriptions pour les fonds monétaires, obligataires et d’actions, qui ont été partiellement compensées par un effet de marché négatif et des remboursements nets pour les fonds alternatifs.La banque affiche au total un bénéfice net de 3,59 milliards pour juillet-septembre contre 2,72 milliards en avril-juin et 527 millions pour la période correspondante de l’an dernier.
15/10/2009

"Nous assistons à un retour des fusions et acquisitions"

Mi-juin, la petite société de gestion Laffitte Capital Management a rouvert son fonds d'arbitrage de fusions Laffitte Risk Arbitrage qui avait été suspendu le 15 septembre 2008 suite au défaut de son prime broker, Lehman Brothers. Cette réouverture était intervenue à l'issue d'une procédure judiciaire longue et compliquée qui avait soulevée la question de la responsabilité des dépositaires en France. Dans un entretien à Newsmanagers, Eric Robbe, président de Laffitte CM, fait le point sur la société et sur le marché des fusions et acquisitions.
15/10/2009

Le siège d'HSBC à Paris repris par le Qatar

Le siège d’HSBC France (ex-CCF) sur les Champs-Elysées a été acquis par le fonds Qatari Diar. La transaction, qui porte sur 35.000 mètres carrés, serait d’environ 400 millions d’euros. A terme, le rez-de-chaussée serait transformé en galerie commerciale, et les étages en hôtel de luxe.
15/10/2009
Fonds

Vraie-fausse annulation d'amendement sur les "Sukuks"

L’Agefi rapporte que deux articles d’une loi définitivement votée le 17 septembre qui proposait de modifier le Code civil pour permettre l'émission, sur la place de Paris, d’instruments financiers conformes aux principes de la charia ont été retoqués par le Conseil Constitutionnel. Sachant que ces articles figuraient dans une loi sur les PME, les membres du Conseil ont considéré qu’ils «étaient sans lien avec l’objet initial de la proposition de loi qui tendait à favoriser l’accès au crédit des petites et moyennes entreprises. Les articles contestés devront figurer dans un autre projet de loi directement en relation avec le dossier, par exemple celui sur la régulation bancaire, note le quotidien.
Fonds
15/10/2009

Aviva Investors France met plein gaz sur l'ISR

Aviva Investors France, qui gère plus de 75 milliards d’euros d’actifs, dont 95 % pour Aviva France, mise sur l’investissement socialement responsable (ISR) pour développer la clientèle pour compte de tiers, qui représente donc moins de 5 % de ses encours. La société de gestion d’actifs française s’appuie pour cela sur l'équipe de Peter Michaelis, responsable de l’ISR, basée à Londres. Composée de 12 professionnels de l’investissement, elle gère 2 milliards d’euros environ, sur un total de 262 milliards pour l’ensemble du groupe. Sa méthode, qui consiste en une intégration des critères ESG (environnementaux, sociaux et gouvernance) dans le processus d’investissement, a déjà séduit le Fonds de réserve pour les retraites (FRR). Parallèlement, une équipe dédiée de 6 personnes s’occupe d'être active en assemblée générale, et ce pour l’ensemble du portefeuille du groupe. D’ores et déjà, en France, deux fonds ISR sont disponibles : le Sustainable Future Pan European Equity et le Sustainable Future Global Equity, gérés à Londres, ainsi qu’un fonds indiciel, géré en France. Deux autres produits vont être prochainement lancés afin de répondre aux attentes des clients et élargir la gamme : un fonds monétaire ISR et un fonds diversifié. Ils seront le fruit de la collaboration des équipes française et londonienne. Ainsi, par exemple, pour le fonds diversifié, les choix actions seront réalisés par Londres, tandis que Paris s’occupera de l’allocation d’actifs. L’ISR ne sera pas réservé aux clients tiers, puisque Aviva Investors France compte aussi «basculer» progressivement la gestion des actifs d’Aviva France.
15/10/2009
Fonds

Nouveau fonds garanti au Crédit Agricole

Jusqu’au 17 décembre 2009, le Crédit Agricole propose un nouveau fonds à formule, Oriance Epargne 3. D’une durée de 6 ans et 21 jours, ce fonds garantit le capital investi à l'échéance – net de frais. Quant à la performance, elle dépend de l'évolution du DJ Euro Stoxx 50 dividendes non réinvestis. Calculée sur la base de 12 relevés semestriels de performance, celle-ci est plafonnée à 50 % (soit un rendement annuel maximum de 6,92 %). Caractéristiques Code Isin FR0010783795 Valeur de la part à l’origine 100 euros Minimum de la première souscription 1 part Minimum des souscriptions ultérieures 1 millième de part Éligibilité fiscale PEA, CTO Durée de placement 6 ans et 21 jours Frais de fonctionnement et de gestion maximum 2,5 % TTC / an Commission de souscription maximum • 2,50 % maximum • 2 % par arbitrage avec les fonds Atout Monétaire PEA, Relais Monélia, Relais PEA Monélia et Atout Moné opportunité • 4 % maximum en dehors de la période de souscription (dont 1 % acquis au fonds) Commission de rachat • Néant à l’échéance • En cours de vie : 1 % (acquis au fonds) sur la dernière VL des mois de février, mai, août et novembre chaque année civile de février 2010 à novembre 2015) • 3 % à d’autres dates (acquis au fonds)
Fonds
15/10/2009

BNP Paribas Assurance candidat au rachat de Dexia Epargne Pension

Selon la Tribune, la compagnie d’assurance vie Épargne Pension, filiale de la banque franco belge en France pourrait être reprise par BNP Paribas Assurance qui aurait fait cette semaine une offre ferme de rachat. La banque n’a fait aucun commentaire à ce sujet.Le prix de l’acquisition, autour de 100 millions d’euros, est relativement modeste si l’on considère les 4 milliards d’encours de la société et la collecte annuelle de 1,5 milliard en rythme de croisière, précise le quotidien, même si des sources proches du dossier évoquent des taux garantis élevés sur le fonds en euros et un volume non négligeable de contrats de capitalisation.
15/10/2009

Government siphons money from state pension fund

In its proposed budget for 2010, the Norwegian government is planning to balance its non-oil finances, which show a deficit of NOK153.8bn, with a transfer of funds from the Government Pension Fund - Global (GPFG), a higher amount than the NOK118.1bn the budget drew from the fund in 2009. Meanwhile, net transfers to the fund have fallen to NOK66.6bn, from NOK146.6bn, and net profits for the pension fund, including dividends, is expected to total NOK172.2bn, compared with NOK255bn. The government projects that at the end of 2009, assets in the GPFG will total NOK2.597trn, compare dwith NOK2.280trn as of the end of 2008; it is expected to total NOK2.824trn as of the end of 2010.
15/10/2009

Concentration of investments increases use of platforms

About two thirds of independent financial advisers in the United Kingdom are expecting to work with platforms in the next 12 months, according to a survey of 200 IFAs by Skandia. 85% of them explain this trend as the result of a consolidation of client assets on a single platform.
15/10/2009

Strong growth of Hong Kong hedge fund industry

The hedge fund industry is continuing to develop in Hong Kong, but assets under management have declined in the past twelve months. The number of hedge funds managed by managers registered in Hong Kong has risen to 542 as of 31 March 2009, nearly five times as many as there were in 2004, the first year for which statistics are available, according to the most recent edition of a study undertaken by the Securities and Futures Commission (SFC), which had not measured this population since 2006. The number of funds is also up from its total last year (488 as of March 2008). Assets under management have also risen sharply in the period under review, to USD55.3bn as of 31 March 2009, six times their 2004 levels. However, assets as of 31 March this year are down 39% from March 2008, when they peaked at Usd90.1bn. The top 20 hedge funds manage USD32.7bn in assets, slightly over 59% of total assets. The industry now employs nearly 2,000 people in Hong Kong, up from 1,053 in 2006, an increase of 86.8% in three years.
15/10/2009

Fewer high net worth individuals in Asia

In 2008, the population of high net worth individuals (HNWI) in Asia-Pacific fell by 14.2%, to 2.4 million people, and their total wealth declined 22.3% to USD7.4trn, according to Merrill Lynch Global Wealth Management and Capgemini in a new study. Despite this evaporation of wealth due to the financial crisis, the total wealth of high net worth indivisuals in the region is expected to increase by 8.8% per year until 2018, a pace faster than the global average of 7.1%. China and India are expected to drive this growth, thanks to solid domestic consumer spending and a growing middle class. In terms of asset allocation, high net worth individuals in the Asia-Pacific region have increased their exposure to safer and simpler investments. Their exposure to cash has risen from 25% to 29% in one year. Ownership of equities, meanwhile, has fallen from 26% to 23%. In geographical terms, domestic investments have risen from 53% to 67%.
15/10/2009

OCBC acquires ING's Asian private bank

OCBC, Singapore’s third largest bank, on Thursday confirmed that it would buy the Asian private banking operations of ING, for USD1.46bn in cash, says the Financial Times. HSBC was the other main contender for the assets.
15/10/2009

Appetite for risk at highest levels since April 2006

In October, investors’ appetite for risk is at its highest levels in more than three years, while fears of a W-shaped recession have dissipated, according to the most recent BofA Merrill Lynch Survey of Fund Managers (October). A majority of respondents estimated that a global recession in the next twelve months was unlikely, compared with 47% one month earlier. A net 72% of respondents estimate that corporate profits will improve in the next twelve months, compared with 68% in September. The corollary of this optimism is that exposures to cash are at their lowest levels since January 2004, and respondents are now overweight in equities (a net 38%) compared with 27% in September. Optimism for Europe is also notable. 30% of managers estimate that Euro zone equities are undervalued compared with other regions, the highest level of respondents to think so since April 2001. 9% of respondents want to go overweight in the region in the next twelve months, compared with 7% one month earlier. Japan, however, is seen as the least attractive region for the next twelve months, while outlooks for China remain excellent.
15/10/2009

RHJ buys Kleinwort Benson

On Thursday morning, the private equity investor RHJ International announced that it has acquired Kleinwort Benson, including its private banking, wealth management and lending activities, from Commerzbank, for GBP225m in cash. The activities included in the deal (Kleinwort Benson Private Bank Limited and Kleinwort Benson Channel Islands Holding Limited) had GBP5.4bn in assets under management and GBP15.7bn in supervised assets as of 31 December 2008.
15/10/2009

In the City, statement of support for bonus rules not universally popular

The major non-British banks based in the City, including Bank of America, Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan Securities, Morgan Stanley Nomura and UBS, were yesterday compelled by an injunction from Paul Myners, secretary of state in charge of the City, to issue a joint statement expressing their “complete support” for the G20 agreement on remuneration, La Tribune reports. Top directors at the banks agree to defer “40% to 60%” of their bonuses for a three-year period, while these bonuses will be paid “at least 50% in equities.” BNP Paribas, Société Générale and Deutsche Bank are dragging their feet. With branches and not affiliates in the United Kingdom, they are not regulated by the FSA. They have announced instead that they “will apply the G20 agreements in accord with regulators in their home countries.”
15/10/2009

Bruce Wasserstein (Lazard) dead at 61

Bruce Wassterstein, president and CEO of Lazard and a Wall Street legend, died on Wednesday, 14 October, at the age of 61, Lazard has announced in a statement. The French-American bank revealed on 11 October that its chief had been hospitalised in a serious condition following a cardiac arrest. Wasserstein was particularly involved in the recent history of the prestigious US business bank, taking an active role in all strategic decisions ever since he arranged the firm’s IPO and took over as director of the firm in 2005. More recently, he had been active in Cadbury’s bid to acquire the US firm Kraft Foods. Lazard shares were suspended from trading for a few minutes before the end of the trading day, following the news of Wasserstein’s decease. Lazard has appointed Stephen J. Golub, Vice Chairman of Lazard Ltd., to serve as interim CEO, effective immediately. Golub, 63, joined Lazard in 1984, and was CFO and chairman of Lazard’s advising activities.
15/10/2009

Cadogan buys Fortis and BNP Paribas out of its capital

Cadogan Management, a USD3.6 billion hedge-fund investing firm, has agreed to buy the business back from Fortis Bank, according to the WSJ. Fortis and French bank BNP Paribas, which earlier this year agreed to acquire a range of assets from Fortis, plan to announce the agreement Thursday.
15/10/2009

Qatar buys HSBC Paris headquarters

The headquarters of HSBC France (formerly CCF) on the Champs-Elysées has been acquired by the Qatari Diar fund. The purchase price for the 35,000 square metre property is about EUR400m. The ground floor of the building will be converted into a retail gallery space, while the upper floors will become a luxury hotel.
15/10/2009

Legg Mason wins mandates

Principal Financial has awarded management of a portfolio of USD300m in large cap equities to Legg Mason, and Bill Miller’s team has obtained an equities mandate from SEI, says Kimberly Mustin, director of the institutional sector at Legg Mason, the Frankfurter Allgemeine Zeitung reports. Assets under management at the firm have fallen from USD1.01trn as of the end of September 2007 to USD695bn as of the end of August 2009, but redemptions have fallen to USD30bn in second quarter, from a record USD77bn in October-December 2008.
15/10/2009

Asset management profits up at JP Morgan Chase

In third quarter, the asset management division of JP Morgan Chase has earned net profits of USD430m, compared with USD352m in second quarter, and USD351m in the corresponding period of last year. Assets increased by 9% in second quarter, to USD1.3trn, largely due to subscriptions to money market, bond and equities funds, which were partially offset by negative market effects and net redemptions for the group’s hedge funds. The bank has posted total net profits for July-September of USD3.59bn, compared with USD2.72bn in April-June, and USD527m for the corresponding period of last year.
15/10/2009

Prudential Financial introduces non-binding shareholder vote on pay scales

The board of directors at Prudential Financial (USD580bn in assets as of the end of June) has decided to introduce an advisory, non-binding vote of shareholders each year on remuneration for executives of the group as well as procedures employed by the remuneration committee. The first vote will come at the 2010 AGM.
15/10/2009

Intesa reopens negotiations to acquire Fideuram

Negotiations between Intesa Sanpaolo and Exor, the holding company for the Agnelli family, to sell a part of the Banca Fideuram to the former, will formally restart next week, Il Sole - 24 Ore reports. Analysts estimate the value of Fideuram to be at least EUR3bn. If the acquisition talks are not successful, Intesa Sanpaolo may opt for an IPO for its affiliate.
15/10/2009

Late birth of REITs

This Thursday, the Spanish congress will pass a law which will create Spanish REIT funds, «sociedades cotizadas de inversión en el mercado inmobiliario» (Socimi), Cinco Días reports. Though experts say the bill comes quite late, at the peak of the real estate crisis, they have nonetheless welcomed the legislation. SOCIMI vehicles will be subject to an 18% tax, lower than the current 30% rate, as long as they distribute at least 90% of their profits.

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