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27/05/2009

Spanish investors had EUR1.15bn in Lehman

According to estimates by the Spanish market regulator, CNMV, the impact of the Lehman Brothers bankruptcy on approximately 11,000 Spanish investors totalled nearly EUR1.5bn, and the firms which offered Lehman products for sale registered 733 claims between September and December 2008, Expansión reports. The companies which have been the most affected are Banif (the private bank of the Santander group), Citibank, Bankinter, Barclays and Deutsche Bank. In total, about 20 firms offered products with ties to Lehman. 87 clients lost more than EUR3m each. Santander and Fibanc have chosen to reimburse their clients for Lehman-related losses. In addition to EUR1.15bn in losses for banking clients, EUR300m were lost by about 450 investment funds.
27/05/2009

Overlay AM recruits a head of research

Overlay Asset Management (OAM) has announced the appointment of Philip Bond as head of research; he will report to Hélie d’Hautefort, managing director and CIO. Bond, who joined the firm on 26 May, will be chairman of the research committee at OAM and a member of the investment and executive committees. In his 18-year career, Bond has worked for Credit Suisse and JP Morgan as an arbitrage trader, developed quantitative trading strategies at Brevan Howard, and managed a systematic trading platform at Peloton Partners. At the end of December 2008, OAM (BNP Paribas Investment Partners group) had USD14.3bn in assets.
27/05/2009

Santander reaches out-of-court settlement with Madoff receiver

Santander has reached an agreement with Irving H. Picard, the court-appointed receiver to liquidate the assets of Bernard L. Madoff Investment Securities, totalling USD235m, or EUR169m, to settle all legal proceedings filed in the United States against the Spanish bank, Cinco Días reports. The agreement will now be sent to the bankruptcy court for approval. Picard has admitted that the conduct of Santander in the Madoff affair was not fraudulent, and that there are not grounds to sue the bank or its Optimal funds for damages.
27/05/2009

Net inflows to UCITS funds in first quarter

The tide has turned in first quarter 2009. According to statistics from the European asset management association EFAMA, UCITS funds have had net inflows of EUR22bn in first quarter, after six consecutive quarters of net outflows, since the first outbreak of the financial crisis in summer 2007. Net outflows from equities and bond funds have slowed considerably in January-March, while money market funds saw strong net inflows. Turbulence in February and March destabilized investors once again, but net outflows remained small. Assets in UCITS funds were down 1.4% in first quarter to EUR4.494trn. Assets in UCITS and non-UCITS funds were also down 1.4%, to EUR6.022trn.
27/05/2009

Le marché européen des ETF souffre de sa fragmentation

Selon Michael John Lytle, directeur du marketing de Source, interrogé par Le Temps, deux problèmes freinent le développement des ETF en Europe : une grande fragmentation de la liquidité sur les produits, due à la multiplication des ETF sur un même indice, et le risque de contrepartie. Les banques cumulent en effet selon Hector McNeil, managing partner chez ETF Securities, le rôle d'émetteur, de promoteur et de contrepartie. «Mais si elles viennent à rencontrer un problème, le tracker va lui aussi souffrir», souligne-t-il.
27/05/2009

SWFs accelerate rebalancing in favour of EMs

According to Janvier Santiso, an economist who is in charge at the OECD Development Centre in Paris, sovereign wealth funds presently tend to shun developed countries an to focus on emerging economies, Le Temps repots. Presently, according to OECD figures, somme 69% of their AUM are invested in North America and Europe. SWFs now invest between 7 and 10% of their assets on equity markets in emerging countries..
27/05/2009

State Street investor confidence index rises

The institutional investor confidence index calculated by State Street Global Markets came in at 106.3 points in May, compared with 103.2 in April and 95.2 in March. Though appetite for risk has declined in Asia, with a fall of 4.9 points to 93, risk appetite has risen strongly in Europe (to 84.3 from 76.8) and in North America (to 104.9 from 95.3). The index has been recalibrated, as announced last month (see Newsmanagers of 22 April), so that all values for the index above a “neutral” level of 100 indicate that institutional investors are increasing their allocations to high-risk assets, while all values below 100 indicate a reduction of those allocations. By the old units of measurement, the index would stand at 79.6 for April, compared with 70.2 in March.
27/05/2009

Lombard Odier chooses emerging markets as key growth area

Jean-Louis Nakamura, chairman of the managing board at Lombard Odier Darier Hentsch Gestion in Paris, says one of the centers of excellence chosen by the Swiss bank as an area of focus is emerging markets. Lombard Odier has not hesitated to put its resources into realizing its ambitions with the formation of an eight-member team, led by Chris Butler, who joined the firm last autumn, and who recruited most of his partners. The team includes two portfolio managers: one for Europe-Middle East-Africa (EMEA) and Latin America, and the other for Asia ex Japan. Following reclassifications and closures of funds, the range now includes four conviction-style products, one Global Emerging Markets fund (USD87m as of 12 May, 50-60 positions), a Pacific Rim fund (USD170m, 40-50 positions), a Greater China fund (USD75m), and an EMEA fund (USD24m); the last two of these products have 30-40 positions each. According to Curtis Butler, the new unit could eventually manage assets of up to USD5bn, the volume he previously managed at Batterymarch (Legg Mason). The universe includes about 2,000 equities.
27/05/2009

DEGI retains EPM Assetis for property management

The German real estate management firm DEGI (EUR6bn in assets), an affiliate of Aberdeen Property Advisors since 27 March 2008, on Tuesday announced a cooperation agreement with EPM Assetis, one of the leading property management providers in Germany, which will take over the commercial and technical administration of all properties located in Germany in DEGI’s real estate portfolios. This will allow DEGI to focus on launching and managing real estate funds, says Bärbel Schomberg, chairman of the board of directors at DEGI. EPM Assetis, which belongs to Bilfinger Berger Facility Services, is no stranger to DEGI, as the two firms are already tied by a service agreement covering commercial, technical and “infrastructure” management of some DEGI properties. DEGI employees who were previously responsible for the duties now contracted to EPM Assetis will be transferred to the latter firm.
27/05/2009

Hard medicine at DekaBank

In a letter to its 3,900 employees, DekaBank, the central asset management provider for the German savings banks, has announced that it is planning to reduce its costs by EUR186m by 2011, a cut of about 20% from its 2008 expenses, the Frankfurter Allgemeine Zeitung reports. This will involve the elimination of 175 currently vacant positions, reduced use of part-time employees, and non-renewal of fixed-term work contracts, but, so far, no unilateral layoffs of full-time personnel.
27/05/2009

Deutsche Bank on the mend

At the bank’s AGM on Tuesday, Josef Ackermann, chairman of the managing board, announced that following pre-tax profits of EUR1.8bn in first quarter, Deutsche Bank has made robust progress in April and May, the Frankfurter Allgemeine Zeitung reports. Fund management, which had previously operated at a loss, will be profitable in the second half. By 2012, the chairman added, the bank is planning to open 400 new branches and to recruit 2,500 new advisors.
27/05/2009

Deutsche Bank revises investment fund strategy

At yesterday’s Deutsche Bank AGM, Josef Ackermann, chairman of the managing board, announced that the launch process for new funds will be scaled back, and that settlement costs will be reduced, Handelsblatt reports. He stated that institutional management and open-ended fund activities will continue to be an integral part of the asset management division of the group, putting an end to speculation that DWS could be sold off or spun off. Back office procedures will be further streamlined, and Deutsche Bank will reduce the number of new funds, particularly in the area of thematic products.
27/05/2009

SEB launches a real estate fund of funds

SEB Asset Management has launched SEB Real Estate Portfolio, a Luxembourg-registered real estate fund of funds (part II) which has recently been licensed for sale in Sweden. The fund is an innovation on the local market, where open-ended real estate funds did not exist, says Barbara Knoflach, chairman of the board at SEB Asset Management Deutschland, the unit responsible for developing the fund, which manages EUR10bn in real estate assets. The new product, managed by Thorsten Schilling, formerly of Feri Rating & Research, who joined SEB AM in October 2006 as global real estate strategist and fund manager, will follow a defensive strategy. It will invest 60% to 90% of its assets in open-ended real estate funds, up to 20% in shares in real estate companies, and up to 20% in cash. In terms of sector allocation, the SEB Real Estate Portfolio will focus principally on office properties, over commercial and logistical/other properties.
27/05/2009

Franklin Templeton to foreground Franklin brand

In France, Franklin Templeton (USD420bn in assets) was previously known largely for its Mutual Series and Templeton funds, with a value or deep value management style. Now, the US-based manager is planning to highlight another facet of its talent, under the Franklin Global Advisors brand (USD80.02bn, 60 investment professionals), which was previously largely oriented to the United States. The CIO of Franklin is Edward Jamieson, based in San Mateo, California, assisted by two directors for portfolio management, and a head of global equities research. The team also includes Coleen Barbeau, director for portfolio management, who is based in New York, and, since June 2007, Uwe Zoellner, who joins from the Templeton (Edinburgh) part of the company, and who is also director for portfolio management. European equities research currently employs three people, two of whom are in London, and the team may grow to seven by the end of the year, if the situation calls for it.
27/05/2009

iShares lists five new ETFs in Frankfurt

Deutsche Börse announced on Tuesday that it has admitted five new German-registered iShares ETF products to trading on the XTF segment of the Xetra electronic platform. This brings the number of ETF products listed on Xetra to 450. The five funds have been listed since March on the London Stock Exchange. The new funds include four bond products and one equities ETF. The first of the bond funds, the iShares Barclays Euro Aggregate Bond ETF, carries a management commission of 0.25%. The other three, which charge management commissions of 0.20%, are the iShares Barclays Euro Corporate Bond ETF, the iShares Barclays Euro Treasury Bond 0-1 ETF, and the iShares Citigroup Global Government Bond ETF. The equities fund is the iShares MSCI GCC Countries Ex-Saudi Arabia ETF, which is an addition to the range of emerging markets products, and invests in countries belonging to the Gulf Cooperation Council (GCC), excepting Saudi Arabia, with a marked preference for the financial sector. Management commission is set at 0.80%.
27/05/2009

8.6% of funds at risk due to illiquidity

Accoring to the Spanish market regulator, CNMV, Spanish funds had about EUR15.5bn in shares or non-publicly traded participations as of 30 November which could present risks due to insufficient liquidity, Expansión reports. This represents 8.6% of total assets. Among others, products at risk include the Parvest Dynamic ABS from BNP Paribas and the Credit Suisse Monetario fund. The CNMV also says the major victims of the decline in assets in 2008 were foreign asset management firms, whose assets under management fell 51.4% to EUR18bn, largely due to redemptions by Spanish asset management firms that had previously been their best clients. The largest fund platforms at the end of 2008 were Banif (Santander), followed by Allfunds (Santander and Sanpaolo Intesa) and JPMorgan.
27/05/2009

Accurate Global Assets delivers highest YTD performance among hedge funds

Funds People reports that the Accurate Global Assets from Próxima Alfa, a systematic quant hedge fund manager, is the best Spanish-registered hedge fund, with performance of 9.33% from 1 January to 20 May, and a volatility of 7.57%, which is equivalent to a Sharpe ratio of over 2.5. The product has daily liquidity, is managed by Igor Alonso, Juan Pablo Calle and Narciso Vega, and may invest in 72 different underlying assets, in liquid and uncorrelated markets. The BBVA decided in February to liquidate the Próxima Alfa platform, and managers are seeking a partner to continue the adventure. They are planning to launch a range of funds under the Accurate brand if possible.
27/05/2009

Congress to loosen reporting requirements

Cinco Días reports that the Economic committee of the Spanish Congress has decided to send a bill to reform the rules governing disclosure of “significant participations” in banks and asset management firms operating on the Spanish market to the Senate for a vote. The bill includes modifications which would include fund managers, and which would double the threshold at which “significant participations” are subject to obligatory disclosure to the CNMV to 20%. Subsequent thresholds come at 30% and 50%.
26/05/2009

Les gérants de fortune très recherchés

A l’heure actuelle, le métier le plus prisé sur la place suisse est celui de gérant de fortune. Si, selon les statistiques de l’Etat de Genève, ces derniers font partie des catégories les plus touchées, ils retrouvent le plus facilement un emploi. Par ailleurs, certaines fonctions financières sont en forte demande en raison des évolutions réglementaires : contrôleur interne, auditeur, ainsi que les professionnels de la compliance et de la gestion du risque.
26/05/2009

UBS accepte la flexibilisation du temps de travail

Suite à la procédure de consultation mise en place après l’annonce de la suppression de 2.500 emplois chez UBS en Suisse, la direction de la banque a retenu certaines des propositions. Selon Le Temps, UBS accepte d’examiner l’introduction de mesures de chômage partiel dans sa division de recrutement. La banque va également introduire des modèles de temps de travail plus flexibles. «Parmi ces mesures figurent le travail à temps partiel, les congés non payés et les programmes de partage de postes (job sharing)», précise le quotidien.
26/05/2009
Fonds

Les fonds de hedge funds soumis à de fortes secousses

Selon L’Agefi suisse, le second rapport publié par la Haute Ecole de Zurich pour les sciences appliquées (ZHAW), avec le soutien d’ABS Investment Management, une société indépendante de fonds de hedge funds montre que l’industrie suisse des fonds de hedge funds est sous pression. La liste des dix plus grands exploitants de fonds de hedge funds en Suisse a ainsi subi de grands changements en l’espace de deux ans. La baisse brutale des marchés survenue au dernier trimestre 2008 et au début de 2009, conjuguée à l’affaire Madoff, qui a provoqué l’exode des investisseurs privés, a non seulement provoqué une saine consolidation mais aussi accéléré l’institutionnalisation de ce secteur. Ce qui pourrait ainsi mener à une plus grande exigence de transparence. Ce mouvement est accentué par la plus grande réglementation qui se dessine en matière de hedge funds, notamment en termes de taille (une masse sous gestion minimale de 100 millions d’euros pour les gérants de hedge funds), de gestion du risque et du capital minimal requis.
Fonds
26/05/2009
Fonds

Les super-riches se détachent de la banque privée traditionnelle

Les millionnaires ont perdu confiance dans la banque privée, et la profession se réinvente pour récupérer ses clients et sa réputation, constate Cinco Días. C’est ce que montrent Pierre Pâris et Olivier Bertrand, qui ont quitté UBS Wealth Management pour créer Banque Pâris Bertrand Sturdza, mais il ne s’agit pas d’une initiative isolée. L’espagnol A&G fait de même : cette filiale du gréco-suisse EFG International se conçoit comme une plate-forme de banque privée pour des banquiers qui veulent être indépendants, explique Miguel Irisarri, l’un des associés. Daniel de Fernando, associé de MdF Achievers, souligne que les grandes fortunes en ont assez des changements continuels de visages et de politiques d’entreprise. Et Gonzalo Lardiés, directeur de BPA Global Funds déplore aussi que l’on a eu trop longtemps tendance à oublier le gérant, alors que c’est lui qui sent réellement le pouls du marché.
Fonds
26/05/2009

Départ chez Standard Life

Mark Connolly, administrateur exécutif chargé de la distribution mondiale et des services clients de Standard Life Investments, a quitté la société après y avoir passé 5 ans, rapporte The Wall Street Journal citant Financial News. Rod Paris, administrateur exécutif et responsable des investissements, a repris provisoirement ses responsabilités.
26/05/2009

Henderson lance un blog ISR

Henderson Global Investors vient de lancer un blog ISR. L'équipe de Henderson chargée du développement durable proposera aux investisseurs son approche et ses points de vue sur les problématiques ISR. Parmi les premiers thèmes évoqués figurent la sécurité des produits à la consommation ou encore l'énergie nucléaire. Le blog est accessible à l’adresse www.henderson.com/sriblog. Au 31 décembre 2008, l'équipe ISR de Henderson gérait quelque 570 millions de livres d’actifs ISR tant pour une clientèle d’institutionnels que pour des particuliers.
26/05/2009

LGT CM : un nouveau responsable de la distribution pour l'Allemagne et le Luxembourg

Depuis le 1er mai, Jörg Ahlheid est le nouveau responsable de Distribution Partners Deutschland/Luxembourg chez LGT Capital Management, selmon Fonds professionnell. Agé de 40 ans, Jörg Ahlheid était jusqu’en novembre 2008 chez Morgan Stanley Investment Management responsable de la distribution pour l’Allemagne, l’Autriche et le Luxembourg.

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