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03/09/2009

Deutsche Bank closes down an oil ETN

Due to increasing pressure from US regulators on investors in commodities, and particularly to limits on positions on the NYMEX market, Deutsche Bank has decided to close down its ETN PowerShares DB Crude Oil Double Long, the Frankfurter Allgemeine Zeitung reports. Since the beginning of the year, the performance of the USD426m product has been 72%, while contracts on crude oil on the NYMEX gained only 53%.
03/09/2009

Madoff: Report points to failures at SEC

According to an internal study by the Securities and Exchange Commission made public on Wednesday, 2 September, edited by inspector David Kotz, the US market regulatory authority could have uncovered the fraud perpetrated by Bernard Madoff much sooner, the Financial Times reports. Though eight complaints had been lodged against the financier since 1992, a lack of experience on the part of personnel at the SEC prevented the agency from noticing the warning signs, the report states.
03/09/2009

Credit Suisse gearing up for external growth in private banking

Walter Berchtold, CEO of private banking activities at Credit Suisse, has announced that his group is “clearly ready” to make acquisitions in the area of private banking. According to sources familiar with the matter, Credit Suisse has pulled out of the running to acquire the private banking affiliates of ING Groep in Asia and Switzerland, the Wall Street Journal reports.Berchtold says that Asia will be the main area of growth for the private bank in the years to come, and that Credit Suisse is “aggressively” pursuing recruitments to manage its expansion in this region, focusing on high net worth clients. The other two privileged regions will be the European Union and the Americas, particularly Latin America. Growth in activities in the Middle East, for their part, will depend on the evolution of commodity prices.
03/09/2009

Rothschild & Cie diversifies activities

Based on an observation that many families are seeking to sell their businesses, Rothschild & cie is currently raising a EUR500m fund to buy minority stakes in businesses valued between EUR100m and EUR500m, L’Agefi reports.The private equity unit is not likely to become a strategic activity for Rothschild & Cie, whose wealth management and mergers & acquisitions activities continue to be central. As part of the launch of this secondary activity, Alexandre de Rothschild, son of David, the director and founder of the bank, joined the firm a few months ago.
03/09/2009

Pimco takes inspiration from US university endowments

Mark Taborsky, executive vice president of Pimco, has announced that the affiliate of Allianz is changing its investment strategies, and taking a page out of the book of US university endowments, the Frankfurter Allgemeine Zeitung reports. The firm will now invest in asets which are not highly liquid (participations, real estate) to increase performance and reduce allocation to equities and bonds. But Pimco (USD840bn) will strive to avoid liquidity problems.
03/09/2009

Cerberus CM seeks three0year commitment for new funds

L’Agefi reports, citing an article in the Financial Times, that Cerberus Capital Management will partially prohibit redemptions of money from its new funds. A three-year commitment period will apply to all new hedge funds, at a time when redemption demands from several investors in Cerberus Partners LP and Cerberus Institutional LP recently totalled USD4.77bn.
03/09/2009

Head of asset management sells shares in Deutsche Bank

The head of asset management and a member of the group executive committee at Deutsche Bank, Kevin Parker, on 27 August sold 25,612 shares in the bank for more than USD1.77m, according to a regulated market filing. Deutsche Bank says that Seth Harrison, also a member of the group executive committee and CEO of Deutsche Bank Americas, on the same day sold 24,390 shares in the firm for USD1.69m.
03/09/2009

Lyxor integrates SGAM trackers

The reorganisation of the asset management professions at Société Générale group have meant that Lyxor Asset Management and Lyxor International Asset Management are taking over the alternative management, index-based management and quantitative structured management activities of SGAM AI and SGAM Index from 1 September 2009. Assets at Lyxor now total EUR78.7bn (as of 30 June 2009).In detail, index-based management activities, the ETF range from SGAM, will be transferred to Lyxor International Asset Mangaement, while trackers of SGAM ETF strategies will join the Lyxor ETF range. These will also change names, though the modification will have no impact on funds and mandates transferred in terms of their management objectives, investment strategy, mnemonic code or ISIN, or on fees charged by the funds.
03/09/2009

SWIP unveils three funds

Citywire reports that Scottish Widows Investment Partnership (SWIP) is launching three funds for its Luxembourg Sicav: an emerging markets infrastructure fund, an emerging markets small caps fund, and a Latin America fund.
03/09/2009

Penetrating the Chinese market takes three years, according to Z-Ben

“Setting up on the Chinese market with only bond funds makes no sense, given the extreme volatility of subscriptions and redemptions which prevails in this area», says Peter L. Alexander, principal of the Z-Ben Advisors agency. For western promoters, the best idea is to offer equities funds, which are often profitable for producers. However, the head of the independent advising agency (5 years in existence, 17 employees and approximately 70 clients) based in Shanghai warned representatives of French management firms at a meeting of the AFG on Monday that they will need to have someone on the ground in China to manage relations with clients, as Chinese banks will provide distribution, but not after-sales services. The best solution is to find an external distributor locally, who can handle this important function. In general, Alexander continues, one should “not expect to earn a return on investment in China for three years.” The best way to break into the Chinese market is to spend time to first develop relations with the authorities and local managers. From this point of view, the best plan to to set up a representative office in Shanghai or Beijing.
03/09/2009

Martin Currie recruits for alternative management

Hedge Week reports that the Martin Currie Investment Management group has added to its activities in the hedge fund sector, with the appointment of Alistair Barrie as global head of sales for hedge funds, and Clayton Cheek as head of hedge fund sales for the United States.
03/09/2009

Barings preparing new emerging markets funds

Baring Asset Management has recruited the former CIO of ABN Amro in Mumbai, Kommera Chakradhar (“KC”) Reddy, as head of India equities. He will be based in London and will report to James Syme, head of global emerging markets. The recruitment is a sign of the British management firm’s intention to launch new funds in the region, says Marino Valensise, CIO of Barings. “KC” will be in charge of managing exposure to Indian equities for the range of emerging markets products from Barings, including both institutional and retail producs.
03/09/2009

Annual results up 20% for Hargreaves Lansdown

Hargreaves Lansdown has announced pre-tax profits for the fiscal year ending 30 June 2009 up 20%, to GBP73.1m. Revenues grew by 10% to GBP102.3m, compared with GBP132.8m previously. Assets under administration gained 7% to GBP11.8bn. The group is proposing to distribute a dividend of 10,101 pence per share, compared with 7,809 pence for the previous year, an increase of 29% year on year. Total dividends represent 65% of pre-tax profits.
02/09/2009

CAC 40: Over EUR21bn in profits in first half

Companies of the CAC 40 have posted EUR21.2bn in earnings in total in first half, a decline of 57% compared with the corresponding period of last year, according to tallies by Ricol-Lasteriye for Les Echos. This decline is partially the fault of heavyweights of the index such as Total, whose profits were virtually halved to EUR4.459trn.
02/09/2009

Morgan Stanley may team up with a management firm

According to sources familiar with the matter, cited by the Wall Street Journal, Morgan Stanley is planning to integrate its fund business Van Kampen into a joint venture, which would be founded in partnership with a larger ally. Among the firms that may team up with Morgan Stanley in asset management are Invesco, Franklin Resources, Aberdeen AM, Federated Investors, and Nuveen Investments.
02/09/2009

GSAM quadruples sales staff

Goldman Sachs Asset Management (GSAM) has recruited two executive directors as of 1 September, who will be in charge of banking client relationship management (commercial banks, savings banks, co-operative banks). The team, led by Michael Gruener, director of distribution for retail funds, now consists of seven people, with the arrival of Thorsten Saemann (ex senior manager business development at Standard Chartered Bank), and of Erik Drollinger, who was previously a retail specialist at Henderson Global Investors for Germany.By the end of the year, five more recruitments are planned, which will allow GSAM to quadruple its sales force. The new recruits will also be in charge of banking client relationship management.
02/09/2009

UIRE acquires Mercado shopping centre

It is the largest real estate transaction year to date in Germany : for EUR164m, Union Investment Real Estate (UIRE, co-operative banks) has acquired the Mercado shopping centre in Hamburg (Altona-Ottensen) from a joint venture of Pirelli & C. Real Estate SpA and Morgan Stanley Real Estate Investing. The 24,000 square metre property will be entrusted to the open-ended real estate fund UniImmo:Deutschland, and for the next five years, its day-to-day management will be contracted out to Pirelli & C. Real Estate Deutschland GmbH.
02/09/2009

Partners Group recruits a head of development

At a presentation of its half-yearly results, Partners Group, whose staff increased 60% since July 2007 to 355 (as of 30 June), has announced the creation of a new position for a Head of Operations development, effective from 1 January. Kurt Bichler, who is currently CFO, will assume the new position, and will be replaced in his current role by Cyril Wipfli, a partner at Partners Group and head of communication. Bichler will be in charge of the expansion of Partners Group’s activities in Singapore.
02/09/2009

Profits down at Partners Group

In first half, subscriptions to Partners Group totalled CHF1.4bn gross, and CHF0.6bn net (see Newsmanagers of 13 July), and the manager has once again confirmed that it aims to bring in between CHF3bn and CHF4bn for the year as a whole. Subscriptions from Asia represented 11% of the total, compared with 2% in 2008. As of the end of June, assets totalled CHF24.9bn. EBITDA for January-June, at CHF114.4m, approached the record of CHF115.9m in the corresponding period of last year, but adjusted net profits were down to CHF85.1m, from CHF110.1m, largely due to losses of CHF20.4m (compared with profits of CHF4m) due to provisional capital losses on investments in certain inhouse products for which the company is a general partner. Currency effects were also negative for CHF8.7m, and falling interest rates reduced revenues from interest on liquidity (CHF156m on average) to CHF2.1m from CHF5.5m.
02/09/2009
Fonds

Ibercaja Gestión en tête pour les souscriptions

En août, les plus fortes souscriptions nettes ont été enregistrées, avec 157,1 millions d’euros, par Ibercaja Gestión, devant BBVA Asset Management (74,8 millions), Invercaixa Gestión (45,8 millions) et Santander Asset Management (24,7 millions), selon les chiffres de l’association Inverco.En ce qui concerne les encours, le palmarès demeure inchangé : BBVA AM arrive en tête, avec presque 33 milliards d’euros, devant Santander AM (28,6 milliards) et Invercaixa Gestión avec 12,5 milliards.
Fonds
02/09/2009

RBS Coutts veut se développer en Suisse, H. Robinson

Selon L’Agefi suisse, RBS Coutts, filiale du groupe bancaire britannique RBS, veut mettre en œuvre une stratégie de croissance organique en Suisse dans la gestion privée. Actuellement, la filiale britannique, qui compte 750 employés en Suisse et représente la cinquième banque spécialisée dans la gestion privée dans ce pays, cherche à engager de nouveaux spécialistes de ce domaine.
02/09/2009

Baisse du bénéfice de Partners Group

Au premier semestre, les souscriptions enregistrées par Partners Group ont porté sur 1,4 milliard de francs suisses en brut et de 0,6 milliard en net (lire notre article du 13 juillet) et le gestionnaire confirme une nouvelle fois son objectif de collecter entre 3 milliards et 4 milliards pour l’ensemble de l’année. Les souscriptions en provenance d’Asie ont représenté 11 % du total, contre 2 % en 2008. A fin juin, les encours se situaient à 24,9 milliards de francs, dont 19,59 milliards contre 18,16 milliards pour le private equity, 2,6 milliard contre 2,56 milliards pour le «private debt» et 1,62 milliard contre 1,81 milliard pour les fonds de valeurs cotées.L’ebitda de janvier-juin, avec 114,4 millions de francs, a été voisin du record de 115,9 millions enregistré pour la période correspondante de l’an dernier, mais le bénéfice net ajusté a diminué à 85,1 millions de francs contre 110,1 millions à cause principalement d’une perte de 20,4 millions du compte financier (contre un bénéfice de 4 millions) qui est due à des moins values provisoires sur les placements dans certains produits maison en tant que general partner. En outre, l’effet de change a été négatif de 8,7 millions de francs et la baisse des taux d’intérêt a réduit à 2,1 millions contre 5,5 millions les recettes d’intérêt sur les liquidités (156 millions de francs en moyenne).
02/09/2009

Hémorragie pour les fonds de hedge funds de HSBC

La banque privée de HSBC basée à Genève a vu sortir de ses portefeuilles de hedge funds plus de 4 milliards de dollars en net au 1er semestre, rapporte le Financial Times. Les encours de HSBC Alternative Investments, l’activité de fonds de fonds de la banque, ressortent désormais à 22,27 milliards de dollars, contre 46,28 milliards au plus haut en septembre 2008.
02/09/2009

Partners Group se dote d'un directeur du développement

A l’occasion de la présentation de ses résultats semestriels, Partners Group, dont l’effectif a gonflé de 60 % depuis juillet 2007 à 355 personnes (au 30 juin), a annoncé la création au 1er janvier 2010 d’un nouveau poste de Head Operations Development». Le titulaire en sera Kurt Bichler, qui est actuellement directeur financier (CFO) et sera remplacé dans cette dernière fonction par Cyril Wipfli, associé de Partners Group et directeur de la communication.Kurt Bichler sera en particulier chargé de l’expansion des activités de Partners Group à Singapour.
02/09/2009

GSAM quadruple sa force de vente

Goldman Sachs Asset Management (GSAM) a recruté au 1er septembre deux «executive directors» chargés du suivi de la clientèle bancaire (banques commerciales, caisses d'épargne, banque populaires). L'équipe dirigée par Michael Gruener, directeur de la distribution de fonds retail, atteint sept personnes avec l’arrivée de Thorsten Saemann (ex senior manager business development chez Standard Chartered Bank) et d’Erik Drollinger, qui était spécialiste du retrail chez Henderson Global Investors pour l’Allemagne.D’ici à la fin de l’année, cinq embauches supplémentaires sont prévues, ce qui permettra à GSAM de quadrupler en un an sa force de vente. Les nouveaux arrivants seront également affectés au suivi de la clientèle des banques.
02/09/2009
Fonds

UIRE acquiert le centre commercial Mercado

C’est la plus grosse transaction immobilière de l’année en Allemagne, selon les protagonistes : pour 164 millions d’euros, Union Investment Real Estate (UIRE, banques populaires) a acheté le centre commercial Mercado de Hambourg (Altona-Ottensen) auprès d’une coentreprise de Pirelli & C. Real Estate SpA et Morgan Stanley Real Estate Investing. La gestion de cet actif de 24.000 mètres carrés affecté au fonds immobilier offert au public UniImmo : Deutschland est attribuée pour les cinq prochaines années à Pirelli & C. Real Estate Deutschland GmbH.
Fonds

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