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05/10/2009

Sovereign fund to lobby

Anne Kvam, global head of corporate governance at NBIM, the affiliate of the Bank of Norway that manages the Government Pension Fund - Global (GPFG), has announced that the pension fund will kick off a campaign to demand that the US firms Harris Corporation, Clorox Company, Parker Hannifin and General Health separate the positions of president and CEO, Responsible Investor reports. The sovereign fund will also join initiatives to require directors of UK companies to be subject to re-election every year. GPFG owns British publicly-traded shares worth GBP32bn.
05/10/2009

Lehman creditors have a chance to get their money back

Lehman Brothers Holdings’ hedge-fund creditors in London, with as much as USD16 billion tied up in the securities firm’s bankruptcy, will be asked on Monday to join in an unusual effort to break a yearlong logjam, says the Wall Street Journal. The administrator for Lehman’s operations in London plans to seek permission to remove the claims from U.K. courts and dole out assets directly to creditors, if enough hedge funds are willing to go along with the move.
05/10/2009

Santander beefs up distribution of Luxembourg funds

Dolores Ybarra, CEO of Santander Asset Management, has told Expansión that the firm’s goal is to offer Latin American equities and bond funds for sale in Luxembourg, which is complicated as institutional investors require that these products have high volumes of assets before investing. The affiliate of the Spanish bank has had a Luxmbourg Sicav since 1993; it now has 23 sub-funds and assets of only EUR750m. Santander has now decided to boost sales of shares via its Spanish network in order to boost volumes to a high enough level for institutional investors to be interested. Net subscriptions since the beginning of the year have totalled EUR180m. Meanwhile, Santander Asset Management has registered its funds in the United Kingdom and has begun the process of doing so in two Asian countries as well.
05/10/2009

Microfinance funds to be exempt from subscription tax

The Luxembourg investment fund association (ALFI) late last week welcomed a proposal by the Luxembourg government to exempt microfinance investment funds from subscription tax. The proposal, which is a part of the 2010 budget, follows a recommendation by ALFI “which has long held that an exemption from subscription tax will encourage the development of this type of fund in Luxembourg.” The Grand duchy’s ambition is to “become a leading place of domicile for Microfinance Investment Vehicles.” 45% of assets in known microfinance investment vehicles worldwide are based in Luxembourg.
05/10/2009

The new Switzerland is in Asia

The North of Singapore contains one of the highest-security prisons in Asia, where those convicted of violating banking secrecy of high net worth clients are imprisoned. The offence carries a penalty of up to three years in prison, the Frankfurter Allgemeine Zeitung reports. The city-state of Singapore is following the example of Switzerland and Liechtenstein. The government promotes financial services as one of the three key sectors for the country in the future, along with education and biotechnology.Singapore already manages about SGD800bn in assets for foreign clients, most of whom come from Asia, but capital from German and Swiss clients is increasing. There is little likelihood that Singapore will back down under pressure from European countries, as it would then have to institute a tax on all foreign capital, which would provoke an exodus of Chinese and Indonesian clients, which Singapore fears like the devil itself.
05/10/2009

Pictet bets on growth large caps

Agefi Switzerland reports that Pictet estimates that hopes of a V-shaped economic recovery are in vain, and that a W-shaped recovery from the current economic downturn is to be expected. “We are on the upturn, but with contrary forces set to influence this in the future, such as the withdrawal of stimulus packages and the end of quantitative easing, which will lead to a slowing of growth,” Daniel Becker, manager of the Pictet US Equity Growth Selection fund at Waddell & Reed, explained on Friday. The fund is focused on the best-positioned growth large caps, which, from the manager’s point of view, will be likely to benefit from a recovery in growth in developed countries. This advantage is all the more appreciable when these firms may also benefit from a possible recovery of the weak US dollar. They will also be capable of maintaining strong organic growth, the manager claims, and these growth shares have not been valued accordingly - particularly tech stocks, which have suffered from a bear market for nine years, he says.
05/10/2009

Deutsche Bank wants at least 75% of Sal. Oppenheim

According to reports in Die Welt am Sonntag, Deutsche Bank will not settle for 45%, but is aiming to acquire a stake of at least 75% in Sal. Oppehmeim. The problem of the Oppenheim-Esch funds is reported to already be sorted out, with a fiduciary account to which the owning families will have access only when the funds are liquidated. The situation is reported to have caused significant losses at Sal. Oppenheim in first half, and the financial statement of the private bank has still not been released.
05/10/2009

Landesbanken want out of Deka

Heinrich Haasis, president of the federation of German savings banks (DSGV) has stated that several of the Landesbanken would like to sell their stake in the management firm Deka to the German savings banks, in order to free up owners’ equity, the Frankfurter Allgemeine Zeitung reports. Currently, Deka is half-owned by the savings banks, while the other half belongs to the Landesbanken, and the two camps have been divided for months over the strategic orientation of the asset management firm.
05/10/2009

BNY Mellon concludes merger of Dutch affiliate into its Belgian bank

Having now received permission from regulators, BNY Mellon on 1 October proceeded with the absorption of its Netherlands affiliate BNY Mellon Asset Servicing BV into its Belgian bank, founded in May. The Belgian bank will take over all activities of the Dutch affiliate in London, Amsterdam, Breda, Luxembourg and Frankfurt. Staff will total about 1,400, of whom 500 are from the Dutch affiliate. The Belgian bank was founded in order to become the leading platform for the group in Europe for asset servicing. It has about EUR36bn in assets.
05/10/2009

Inflows to French money market funds off the European scales

In the first six months of the year, European co-ordinated funds have attracted EUR51.7bn in inflows, according to the sector association Efama. France leads with net inflows of EUR33.8bn, followed by the United Kingdom with EUR15.59bn. The performance of French funds is due to EUR34bn in net subscriptions to money market funds, despite outflwos of EUR7.3bn in second quarter. The poorly performing markets were Spain and Italy, with net outflows of EUR9.16bn and EUR8.68bn in first half.
05/10/2009

Sal. Oppenheim: Barclays backs out of bidding

Following the Italian firm Mediobanca, the British firm Barclays has become the next bidder to back out of talks to acquire the investment banking division of Sal. Oppenheim, Handelsblatt reports. The only bidder still in the running is the Australian firm Macquarie, which is already in negotiations and which is conducting due diligence currently.
05/10/2009

Private bankers already talking about recovery

Clients at private banks are once again taking more risks in their investments. It appears that the worst has past and that assets at the various establishments have bounced back above their levels at the end of 2008, Cinco Días reports. This is the case at Banif (Santander), where assets under management have been above EUR30bn since July, after hitting bottom at EUR27.7bn at the end of March, down from EUR29.1bn at the end of December. The same trend has been observed at the private bank from Banco Madrid, at Altae, Merrill Lynch and Popular Banca Privada. However, if assets are increasing, that does not necessarily mean that results at banks will follow suit. It would appear that in this area the recovery is proving much slower. Commissions have fallen, as have profits per product and per client advised.
05/10/2009

RBC Dexia recruits a chief risk officer

RBC Dexia Investors Services has announced the appointment of Frank Van Hoornweder as chief risk officer, based in Luxembourg. He was previously CEO and general manager of Adinfo, a Belgian business which he joined in 2005, after leaving Dexia Bank.
05/10/2009

Blackstone may acquire Busch Entertainment

According to the Sunday Times, Blackstone, which owns Legoland and Madame Tussaud’s, is considering acquiring Busch Entertainment Corp, which operates ten amusement parks in the United States, from Anheuser-Busch InBev, for USD2.5bn-USD3bn.
05/10/2009

Legg Mason considering launching actively-managed ETFs

At a conference in Boston, Matt Schiffman, head of retail at Legg Mason, admitted that his business missed the boat on ETF funds, but that it may be planning to launch actively-managed ETFs, Mutual Fund Wire reports. A final decision has not yet been taken, however.
05/10/2009

Green properties are still too scarce

The first exclusively “green” German real estate investment fund aimed at institutional investors was launched in July by iii-Investments, an affiliate of HypoVereinsbank, with the objective of investing EUR400m in two to three years, Handelsblatt reports. In April, Credit Suisse Real Estate Asset Management launched its first sustainable real estate fund in Switzerland, and is planning to raise CHF300m; so far, it has found CHF220m in investments. In this market segment the Netherlands management firm Bowfonds AM, Kenmore (Sustento), Palmer (Palmer Climage Change Capital) and Aberdeen (UK Sustainable Property Investment Fund) are also present. But in Germany, chances for development are limited, as the proportion of certified properties is less than 1%. This is the reason why DEGI (Aberdeen) and Union Investment Real Estate are not currently planning to launch any German or international real estate funds in this niche, though they are focusing on the sustainability characteristics of properties in their portfolios.
05/10/2009

A new acquisition for Manulife in Canada

Following Markland Street AM (see Newsmanagers of 21 September), Elliot & Page, an affiliate of Manulife Financial Corporation (MFC), has made a further acquisition in Canada. It is taking over the Canadian retail funds of AIC Ltd, while Portland Investment Counsel (formerly AIC Investment Services) will remain as sub-advisor to several AIC funds, alongside Third Avenue Management and Brookfield Redding. The deal allows Elliot & Page to increase its assets under management for Canadian investors by 38%, to CAD13.9bn.
05/10/2009

Switzerland: Signature of tax convention with Singapore postponed

Agefi Switzerland reports that a double taxation convention slated to be signed by Switzerland and Singapore in August is not to the liking of the cantons. At a consultation, the conference of cantonal finance directors were critical of the fact that the city-state of Singapore receives more than the cantons do in administrative exchange. Singapore has not agreed to make this assistance reciprocal. This means that Switzerland would be required to deliver up certain information which Singapore, for its part, refuses to disclose. This is the reason why Switzerland is undertaking negotiations with Singapore, a spokesperson for the federal taxation administration, Thomas Brückner, declared. Further talks will take place by the end of the year. Any agreement could only be signed after this has taken place.
02/10/2009
Fonds

3A lance un fonds de hedge funds 100 % Ucits III

Alternative Asset Advisors (3A), la division d’investissements alternatifs de Syz & Co Group, annonce le lancement d’un nouveau fonds de hedge funds, 3A Dynamic Ucits III. Ce produit, qui est un compartiment de la Sicav luxembourgeoise Oceano, présente la particularité d’investir uniquement dans des fonds Ucits III, un univers qui grandit rapidement, selon 3A, et se compose désormais d’environ 200 hedge funds. Le fonds, qui est lui aussi conforme à la directive Ucits, III, sera investi dans 18 à 25 sous-jacents. Destiné à une clientèle exclusivement professionnelle, 3A Dynamic Ucits III vise un objectif de rendement de 6-8 % par an, avec une volatilité limitée à 2-4 %. Il sera disponible en 3 devises (dollar, euro et franc suisse) et se composera de plusieurs classes d’actions. Il offre une liquidité bi-mensuelle, en ligne avec la liquidité des sous-jacents.
Fonds
02/10/2009

Skandia s’associe avec EFG en Suisse

Skandia Vie Suisse s’associe avec EFG Financial Products, concepteur de produits financiers et structurés du groupe de gestion de fortune zurichois EFG International, dans le but de se renforcer dans le domaine de la prévoyance, rapporte L’Agefi suisse. Ils proposeront ensemble un produit structuré baptisé Safety Plan 3a , destiné à une clientèle grand public dans la tranche d’âge des 25-40 ans.
02/10/2009

Old Mutual lance un fonds obligataire

Old Mutual Asset Managers va lancer un fonds obligataire domicilié à Dublin pour le responsable du fixed interest Stewart Cowley. Le fonds sera lancé en décembre et sera basé sur la même stratégie d’investissement que le Global Strategic Bond fund domicilié au Royaume-Uni et piloté par le même Stewart Cowley.Le fonds sera attentif au benchmark sans en être dépendant. Autrement dit, il ne tiendra pas de positions pour la simple raison qu’elles se trouvent dans l’indice.
02/10/2009
Fonds

Obligations convertibles : la base d’investisseurs s’est accrue aux dépens des hegde funds

Sur le marché des obligations convertibles les entreprises non financières et les investisseurs à l’horizon de placement long-terme exercent désormais une influence bien plus importante au détriment des hedge funds, note L’Agefi suisse. «En effet, l’an dernier, principales victimes de la crise, les fonds spéculatifs n’ont pas eu d’autre choix que de se délester à prix bradés de la plupart de leurs positions, pressées par le besoin urgent de liquidités. Ce qui a eu pour résultat de stabiliser le marché, d’élargir la palettes d’investisseurs et, ainsi, d’accroître les liquidités», explique Hart Woodson, directeur général de Advent Capital Management (ACM).
Fonds
02/10/2009

Hester Borrie membre du directoire de Robeco

Hester Borrie a été nommée membre du directoire du groupe Robeco. Issue de Morgan Stanley Investment Management (MSIM) où elle est restée plus d’une dizaine d’années et où elle occupait dernièrement le poste de managing director for sales, elle sera responsable des pôles Global Distribution et Marketing. Parallèlement, Roderick Musnters, CEO, va assurer durant les prochains mois l’intérim pour la direction du pôle Mainstream Investments .
02/10/2009
Fonds

Espa clôt en avance la souscription du New Europe Basket 2014

Erste Sparinvest (Espa) a annoncé jeudi qu’elle fermera le 2 octobre, au lieu du 9 octobre, la souscription de son nouveau fonds d’obligations d’Etat des pays d’Europe centrale et orientale (PECO), le Espa New Europe Basket 2014 (lire notre article du 15 septembre).Cette mesure se justifie selon le «product manager» Edwin Trieblnig par la forte demande et la forte hausse de cours des obligations d’Etat des PECO ces derniers temps. Sur la base des données actuelles, le fonds devrait pouvoir servir une rémunération minimum de 5 % (il avait initialement été question de 5,25 %).Compte tenu de l’ampleur de la demande, Espa se propose de lancer un nouveau fonds utilisant la même stratégie de placement, la souscription devant s’ouvrir pour ce produit le 9 novembre 2009.
Fonds

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