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16/07/2009

Recrutements chez Credit Suisse Banque Privée France

Credit Suisse Banque Privée France vient de recruter Bertrand Michaud, 32 ans, et Henri Perrachon, 45 ans, respectivement au poste d’ingénieur patrimonial et spécialiste senior, responsable de l’offre assurance vie. Le premier occupait les fonctions d’ingénieur patrimonial à la Banque Transatlantique depuis janvier 2008. Le second était directeur du département Assurance Vie, des relations avec les apporteurs puis des partenariats avec les établissements bancaires et les sociétés de gestion chez Dexia Banque Privée depuis 2004.
16/07/2009

Des bénéfices et bonus malvenus

La Tribune rapporte que Henri Guaino, le conseiller spécial de Nicolas Sarkozy, a jugé scandaleux les profits de Goldman Sachs, mardi dernier sur France 2. L’établissement venait de publier un bénéfice de 3,4 milliards de dollars au deuxième trimestre et mis de côté 6 milliards de dollars pour les bonus. « Goldman Sachs n’existerait plus si le contribuable américain n'était pas venu à son secours » a précisé Henri Guaino. Pour ce dernier, le G20 devra traiter ce problème.
16/07/2009

Lourde condamnation pour la Caisse d'Epargne

Selon la Tribune, qui reprend un communiqué de la Commission bancaire, la Caisse d’Epargne a été condamnée à une amende de 20 millions d’euros assortie d’un blâme. L’établissement a enfreint la réglementation sur le contrôle interne entrainant une perte de 700 millions d’euros sur les marchés en octobre.Au terme de son enquête, la Commission a relevé que la Caisse nationale des Caisses d’Epargne (CNCE) «a enfreint plusieurs dispositions essentielles de la réglementation applicable en matière de contrôle interne dans le domaine des opérations de marché». L'établissement avait «déjà fait l’objet de contrôles et de demandes de mesures correctrices de la part du Secrétariat général de la Commission bancaire».la Caisse nationale des Caisses d’Epargne (CNCE) a annoncé son intention de faire appel de cette décision.
16/07/2009

Henderson se lance sur le marché portugais

Alastair Seymour, responsable de la Péninsule ibérique, a indiqué qu’Henderson New Star a entamé la procédure pour faire enregistrer sa gamme de fonds auprès de la commission des valeurs portugaise la CMVM, rapporte Funds People. Le gestionnaire britannique a en effet l’intention de s’implanter au Portugal à la fin de l'été, avant de s’attaquer au dernier trimestre 2009 aux marchés latino-américains.
16/07/2009

Les autorités américaines lâchent CIT

Selon la tribune, CIT , le groupe américain spécialisé dans le financement des PME n’a plus d’espoir d’obtenir un soutien gouvernemental à court terme. L’ancien bras financier du groupe industriel américain Tyco gère plus d’un million de clients, notamment des PME aux Etats-Unis, et plus de 75 milliards de dollars d’actifs.Sans évoquer le mot faillite, CIT Group précise qu’il étudiait désormais des «alternatives», précise le quotidien. De son coté, Washington a justifié sa fin de non recevoir en indiquant que la baisse du niveau des prêts accordés par CIT depuis un an signifiait qu’il ne s’agissait d’une entreprise indispensable à la survie de l'économie.L’entreprise avait obtenu fin décembre le statut de banque, ce qui lui avait permis de toucher 2,33 milliards de dollars de fonds publics. Les dettes de CIT s'élèveraient à 68 milliards de dollars au total, dont 2,7 milliards venant à échéance cette année et 8 milliards l’an prochain. Le groupe avait déjà cédé plusieurs activités l’an dernier et avait récupéré quelque 3,8 milliards de dollars.
16/07/2009

Custody: Cougar chooses RBC Dexia

RBC Dexia Investor Services has announced that it has been selected by Cougar Global Investments to provide international custody services. Cougar offers investment advising services to high net worth private investors, trusts, and businesses in Canada, the Untied States, and Europe.
16/07/2009

End of provisional warning for Sal. Oppenheim

The German financial stabilisation fund SoFFin and the German federal government estimate that the problems at the Sal. Oppenheim private bank are no longer as serious as in the recent past, according to Handelsblatt. The regulatory authorities consequently estimate that there is no need to take immediate action. They will continue to closely monitor the bank’s financial situation. The market is expecting a capital increase. The other two options, an entry into the bank’s capital of a strategic partner or the sale of BHF-Bank, were dismissed a few days ago by the bank’s directors.
15/07/2009

Bank of America seeks to avoid payments to government over Merrill losses

La Tribune reports, citing Bloomberg, that Bank of America is seeking to avoid paying the US federal government billions of dollars in commissions in exchange for the government’s guarantees of losses at Merrill Lynch. The US authorities are claiming, for their part, that even in the absence of a completed legal document, the bank received an implicit government guarantee of USD118bn in assets at Merrill, and should therefore be obligated to repay part of USD4bn in commissions earned on the assets.
15/07/2009

BlackRock will get USD42m in commissions from Fed

BlackRock will receive at least USD42m in commissions for its first year managing three vehicles (Maiden Lane I, II and III) containing MBS and other investments previously held by Bear Stearns and American International Group (AIG), the Wall Street Journal reports. The figures were published on the website of the New York Fed, which awarded the mandates to BlackRock. BlackRock will also receive USD13.5m in advising and restructuring commissions.
15/07/2009

Gary Black leaves Janus with a positive revenue balance

Janus Capital Group has announced that it will take a charge of USD12.1bn for third quarter to cover indemnities due to Gary Black, its former CEO, who has resigned on Tuesday and has been replaced by Tim Armour, one of the group’s directors, for an interim period.Janus has also announced net profits on continued operations for second quarter of USD15.8bn, comaprd with losses of USD818.1m in the corresponding period of last year. As of 30 June, assets totalled USD132.6bn, compared with USD110.9bn as of the end of March, and USD191.8bn twelve months earlier. In April-June, market effects were positive to the tune of USD20bn, and net subscriptions totalled USD2.3bn.
15/07/2009

CalPERS sues three ratings agencies

The pension fund CalPERS has filed a lawsuit at the California Superior Court in San Francisco against Moody’s, S&P and Fitch, for providing it with “wildly inaccurate and unreasonably high” ratings of structured investment vehicles, which led to losses of hundreds of millions of dollars, the Wall Street Journal reports. CalPERS had invested USD1.3bn in three SIVs (Cheyne Finance LLC, Stanfield Victoria Funding LLC et Sigma Finance Inc), all of which were rated AAA by the agencies.
15/07/2009

Outstanding results for Goldman Sachs

Les Echos reports that Goldman Sachs posted the largest net banking proceeds in its history in second quarter 2009, at USD13.76bn. Net results totalled USD3.44bn. Fixed issuance activities posted record revenues of USD6.8bn, while equities markets revenues are up strongly, to USD3.18bn. Share issues exploded, to USD736m, compared with USD48m the previous quarter, while bond issues also increased to a lesser extent (USD336m, compared with Usd248m in first quarter. Only commercial real estate has continued to perform poorly, with losses of USD700m. Merger and acquisition advising has declined to USD368m, from USD527m the previous quarter. Revenues from asset management have also fallen to USD922m from USD1.6bn one year previously.
15/07/2009

Number of ETFs listed on Euronext up 20%

As of the end of June, the number of ETF funds listed on Euronext came to 416 funds, listed 464 times, from 14 different promoters. The funds replicated 285 indexes covering several asset classes and/or strategies. In the first half, the number of ETF funds listed rose by 20%, with 71 funds launched and 3 closures. In June, Euronext admitted 21 products to trading, of which 17 were from CASAM (bonds, strategies and global), and 4 strategic products from ETF Securities. Daily trading volumes fell 10% from their levels in May, to EUR294m, while the number of transactions fell 12% to 6,736. The average spread fell to 45.51 basis points, from 55.96 in May.
15/07/2009

Sales of government stakes in financial sector will take years

United Kingdom Financial Investments, the public holding company in charge of managing the UK government’s participations, announced on 13 July that the state’s stakes in British banks may take years to be sold off but by bits, La Tribune reports.
15/07/2009

Credit Suisse distances itself from Morgan Stanley

In a clear allusion to a press statement from Morgan Stanley Real Estate Investment GmbH announcing the results of an audit of the open-ended real estate fund P2 Value, which revealed significant declines in the value of the portfolio (see separate article in today’s edition), Credit Suisse points out that the CS Euroreal fund, which reopened to redemptions on 30 June (see Newsmanagers of 26 June and 10 July) has completely different characteristics in terms of allocation by country, type of real estate assets, and age of properties in the portfolio.The fund management firm on Monday night emphasized that an audit of nearly 90% of assets in the portfolio in the first nine months of the current fiscal year (which will end on 30 September) revealed a need to correct the valuation of the fund slightly upward. Credit Suisse also points out that for 2009 as a whole, its projections of returns of over 4% have been confirmed (as returns have totalled 4.3% for the twelve months to the end of June). Lastly, the successful reopening of the fund to redemptions suggests that a wave of subscriptions may be expected, which would allow for “a targeted anticyclical extension” of the real estate portfolio.
15/07/2009

Audit spells bad news for P2 Value fund from Morgan Stanley

On Monday, Morgan Stanley Real Estate Investment announced that as a safety precaution, it will be freezing subscriptions to the P2 Value real estate fund, which has already been closed to redemptions since the end of October. The measure comes in the wake of the first results of an audit of the portfolio, which suggests that significant devaluations of assets in the portfolio are to be expected.According to professionals, the bad news was foreseeable to the extent that the fund (EUR1.66bn) was launched in November 2005, and the investment phase coincided with a period at which real estate prices were at their peak.The management firm states that gross and net cash positions as of 13 July totalled EUR212.94m and EUR119.64m, or 12.8% and 7.2% of assets.
15/07/2009

db x-trackers offers Euro Stoxx 50 ETF for free

On Tuesday, db x-trackers (Deutsche Bank) announced that from 20 July, it will be cutting its management commission for the Luxembourg-registered ETF fund db x-trackers DJ Euro Stoxx 50 to 0% from 15% currently. Thorsten Michalik, head of ETF activities, says the product has consistently outperformed its benchmark index by at least 50 basis points in the past three years. As this outperformance appears sustainable considering the tax regime applicable to income and dividends, and the possibilities provided by securities lending, db x-trackers will no longer charge fees for the fund. Db x-trackers will also be offering a fully hedged swap based on the ETF, effective immediately. The ETFs of the range use synthetic replication. As the counterparty for the swap is Deutsche Bank, the investor will bear the counterparty risks related to the swap. This risk is limited to 10% of net asset value (NAV). To reduce this amount, net asset value for most equities, commodities and currencies ETFs will now have their swap structured hedged by securities. The coverage will be equivalent to at least 108% of net asset value.
15/07/2009

Lyxor to launch inverse Ibex ETF on Thursday

The Lyxor ETF Ibex 35 Inverso will be admitted to trading on the Spanish stock exchange on 16 July, Funds People reports. The product, which complies with UCITS III, replicates the Ibex 35 Inverso index, which is the inverse of the Ibex 35 con dividendos. Management commission is 0.40%.
15/07/2009

Michael Huffington takes Carlyle to court

The Wall Street Journal reports that Michael Huffington, a former Republican congressman from California, has filed a lawsuit against the Carlyle Group in a Massachusetts court, claiming that the private equity investor concealed the risks involved in a mortgage fund, Carlyle Capital Corp, which went bankrupt in spring. Huffington, who had invested USD20m in the product, called “low risk” and “conservative” by the management firm, also names david Rubinstein, the co-founder of Carlyle, who was in charge of fundraising for the product.
15/07/2009

AQR launches momentum funds for retail investors

The alternative management firm AQR Capital Management [AQR is the abbreviation for Applied Quantitative Research - ed] last week launched the mutual funds AQR Momentum Fund, AQR Small Cap Momentum Fund and AQR International Momentum Fund, which replicate the new momentum indexes AQR Momentum, Small Cap Momentum and International Momentum, the Wall Street Journal reports. The funds allow retail investors access to a strategy which was previously available only to institutional investors. The indexes use the top third of the equities markets, which have outperformed their counterparts in the past twelve months, weighted according to their market cap. Rebalancing of the portfolio occurs on a quarterly basis. Minimal subscription for the funds is set at USD5,000, and TER measures between 0.49% and 0.65%.
15/07/2009

Santander changes names of hedge funds affected by Madoff

The management mandates for the two largest hedge funds from Santander to have been affected by the Madoff fraud, Banif Fairfield Impala and Banif Optimal Low Volatility, have been withdrawn from Fairfield and Optimal and assigned to Allfunds Alternative, a joint venture from Allfunds Bank (Santander and Intesa Sanpaolo) and Goldman Sachs, Expansión reports. The Impala fund becomes the Select Global Managers, while the Low Volatility fund becomes known as the Manager Alpha Series. Allfunds Alternative already managed the third hedge fund on sale from Banif (the private bank of the Santander group), the Banif Allfunds Springbuck, which has not been affected by the Madoff scandal, and which has outperformed the two funds affected by the Madoff scandal.
15/07/2009

PPF awards four bond mandates

The Pension Protection Fund (PPF) has announced that it has awarded bond mandates to a further four management firms. Its allocation to bonds is currently 50% of the GBP3bn portfolio, Professional Pensions reports. Goldman Sachs Asset Management (GSAM) and Pimco (Allianz) will retain their mandates, while the new arrivals are Mondrian Investment Partners and Rogge Capital Partners. Crédit Agricole Asset Management (CAAM) and Wellington Management International have been retained for bond mandates which will be assigned to them at a later date.
15/07/2009

Reshuffle at RBS

RBS, in which the British government controls a majority stake, is regrouping its investment banking activities in the Asia-Pacific region into a single entity, La Tribune reports.
15/07/2009

Net subscriptions for funds in all segments in June

According to the Swedish fund management association Fondsbolagens Forening, Swedish funds posted net subscriptions in June for the seventh consecutive month. They totalled SEK12.7bn, which brings the total for first half to SEK40.1bn. All major segments of funds posted net inflows last month, with the strongest inflows (SEK5.8bn) for equities funds. Bond funds attracted SEK4.6bn, while diversified funds attracted SEK1.1bn, money market funds SEK0.7bn, and other funds (mostly hedge funds) collected SEK0.6bn. With the exception of money market funds, which saw net outflows of SEK14.5bn, all categories posted net subscriptions in first half: SEK42.5bn for equities funds, SEK7.3bn for diversified funds, SEK4.3bn for bond funds, and SEK0.6bn for funds in the ‘other’ category.
15/07/2009

Hedge fund directive: fund managers were too slow to react, says EFAMA

In an interview with Global Pensions, Jean-Bpatiste de Franssu, the new chairman of EFAMA and CEO of Invesco Europe, claims that problems with the controversial directive on hedge fund managers could have been avoided if EFAMA and other professional associations had declared their opinions earlier and taken a more proactive attitude to regulations, rather than waiting for regulators to establish the new framework. He says that both the range of funds to which the legislation applies (the European Commission bill applies to all non-UCITS funds) and the question of the responsibility of the custodian should be studied further.During his two-year term, de Franssu hopes to establish a level playing field for distribution of funds from asset management firms. He would also like to achieve the creation of a third-pillar retirement system which would allow employees to move freely throughout Europe.
15/07/2009

Premier AM takes over 10 retail funds from Credit Suisse

On Monday, Premier Asset management took over the management contracts for two OEIC umbrella funds, containing ten Credit Suisse funds, from Aberdeen Unit Trust Managers. Total assets in these funds are GBP850m, which brings assets under management at Premier AM to about GBP2.3bn.At the same time, Premier AM has announced that as a part of its new strategic alliance with PSigma Asset Management, Bill Mott and his team will become investment advisors at Premier for the funds formerly known as CS Alpha Growth, CS Alpha Income, CS Income et CS Monthly Income, the last two of which were managed by Mott at Credit Suisse.The changes will take effect on 31 July; until that time, the funds will continue to be managed by Aberdeen. The other six funds will be managed internally by Premier, but it is likely that two of them, the UK 250 and the Smaller Companies, will later be outsourced to another management firm.Aberdeen will retain five British retail funds from Credit Suisse, which will continue to be managed by Aidan Kearney and Graham Bruce, both of whom formerly worked at Credit Suisse. The Global Income Plus fund, which was managed by Graham Ashby at Credit Suisse, will now be managed by the global equities team at Aberdeen, led by Stephen Doherty, as Ashby has joined LV Asset Management.
15/07/2009

db x-trackers ETF to replicate the S&P US Carbon Efficient index

db x-trackers (Deutsche Bank) has admitted an ETF to trading on the London Stock Exchange (LSE) which replicates the S&P US Carbon Efficient index, which includes US large caps with comparatively low emissions of pollutants, and a carbon footprint and greenhouse gas emissions 50% and 60% lower than average, respectively. The objective will be to achieve performance approaching that of the S&P 500, Global Pensions reports. The index was developed by S&P in collaboration with Deutsche Bank and Trucost. The new ETF is expected to be of particular interest to pension funds.
15/07/2009

'Dark pools' attract larger volumes of assets and increasing concern

La Tribune reports that the NYSE-Euronext platform dedicated to block trading of shares appears to be attracting growing interest from investors. Fourteen new members have joined the ‘dark pool,’ which allows investors to trade shares discreetly, in compliance with all applicable regulations. Smart Pool, launched this February in partnership with JP Morgan, BNP Parbias and HSBC, has since posted a 90% growth in its activities.Market regulators are not particularly comfortable with these markets, however. According to the Financial Times, cited by La Tribune, the Committee of European Securities Regulators (CESR) is expected to hold a meeting with four dark pool operators today.

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