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12/05/2009

Etats-Unis - La perte de GLG diminue

Grâce à une forte baisse de ses dépenses d’exploitation, le gestionnaire de hedge funds GLG Partners Inc a pu limiter sa perte au premier trimestre malgré une forte baisse (61 %) de ses recettes, rapporte The Wall Street Journal. Ses encours au 31 mars ont chuté de 43 % en un an à 14 milliards de dollars et sa perte trimestrielle a diminué à 120,3 millions de dollars contre 226,3 millions.
12/05/2009

State Street passe haut la main les stress tests

State Street Corporation a annoncé lundi que le conseil des gouverneurs de la Réserve fédérale a estimé à l’issue des stress tests que le groupe n’a pas besoin de capitaux supplémentaires, même dans le scénario le plus défavorable. Ce scénario prenait pour hypothèse une baisse de 3,3 % du PIB en 2009 et une progression de 0,5 % en 2010, un taux de chômage «civil» de 8,9 % cette année et de 10,3 % l’an prochain ainsi que des chutes du prix de l’immobilier résidentiel de 22 % en 2009 et de 7 % en 2010. Les ratios de fonds propres de premier rang seraient, même dans ce cas, du double de ceux exigés. Ronal E. Logue, chairman et CEO, a précisé que désormais State Street peut envisager le remboursement des actions préférentielles et les autres aides octroyées par le gouvernement dans le cadre du programme TARP.
12/05/2009

Etats-Unis - Stifel reprend des filiales d?UBS WM Americas

Selon L’Agefi suisse, Stifel Finanical Corp. reprendra jusqu"à 55 succursales d"UBS Wealth Management Americas, comme annoncé fin mars. La transaction devrait être achevée au troisième trimestre 2009. Quelque 320 des 340 conseillers à la clientèle des filiales UBS ont signé les contrats de transfert chez Stifel. Les succursales UBS reprises sont réparties dans 24 Etats des Etats-Unis et emploient quelque 320 conseillers financiers, pour une masse sous gestion d"environ 15 milliards de dollars.
12/05/2009

Etats-Unis - BofA souhaite vendre un tiers de sa participation dans la CCB

Selon the Wall Street Journal, les maisons de Wall Street sont à la recherche d’acquéreurs pour un tiers de la participation de 16,7 % que détient Bank of America (BofA) dans la China Construction Bank (CCB), la période de lock-up se terminant jeudi. La participation de BofA valait 8,5 milliards de dollars en Bourse lundi soir. L’un des repreneurs pourrait être le fonds souverain singapourien Temasek Holdings, qui détient déjà 5,65 % de CCB, mais qui trouverait le prix trop élevé.
12/05/2009

Etats-Unis - Marc Dreier plaide coupable d'escroquerie

L’avocat Marc Dreier a plaidé coupable lundi d’avoir vendu pour 700 millions de dollars de billets à ordre (promissory notes) fictifs entre 2004 et 2008, rapporte The Wall Street Journal. Il est inculpé sous cinq chefs d’accusation et risque 20 ans de prison pour trois d’entre eux. Le verdict sera prononcé le 13 juillet.
12/05/2009

American Century builds up sales force in London

American Century Investments (USD70bn in assets) has announced the recruitment of Tom Douie as vice president at its London office. Douie was previously head of marketing and sales at the asset management boutique Ferox Capital Management. He joins the European client relationship team, which was recently founded with the recruitment of Peter Brackett, Sigrid Johann, and Ben Williams (see Newsmanagers of 17 March). This team will serve financial intermediaries and institutional investors in the United Kingdom, Europe, and the Middle East, under the leadership of Michael Green, senior vice president of international.
12/05/2009

Fund managers not altogether convinced of stock market increases to come

In the most recent Lipper survey, Spanish fund managers may be less risk-averse than previously, but they are not entirely convinced by the 38% increase on the stock market since its low point in March, Cinco Días reports. In fact, allocation to equities has risen from 32% in March to 34% in May. Allocation to cash decreased only slightly over the same period, to 32% from 34.65%. And only 30.77% of managers surveyed are planning to increase their exposure to equities in the next few months, while 15% are planning to reduce it.
12/05/2009

iShares sees strong demand for emerging markets ETFs

In January-April, net subscriptions in Europe for iShares emerging markets ETFs totalled EUR597m, of which EUR536m were in March and April, fondsweb.de reports. The affiliate of Barclays Global Investors (BGI) states that the best score in the range was for the iShares MSCI Emerging Markets; this fund alone attracted EUR221m in subscriptions in the first four months of the year.
12/05/2009

Changsheng FM raises CNY10bn in one day

Asian Investor reports that Changsheng Fund Management, in which the Singapore company DBS owns 33%, has announced that it raised CNY10bn, or USD1.8bn, for its latest fund, in a single day. The fund, invested 60% in Chinese A-shares and managed by Wang Ruiqing, is now closed to new subscriptions, and investment will remain locked up for three years. The fund has a class of shares representing 40% of its total assets which will pay a fixed rate (5.6%) for the first three years, so long as the liquid value of the shares does not fall below 60% of its initial value. The other class carries more risk, and includes leverage, which is currently a unique feature on the market.After a three-year lock-up period, the fund will be converted into a Listed Open Fund, a Chinese format providing a hybrid of an open fund and a closed ETF.
12/05/2009

Julius Baer posts increase in assets

In its intermim management statement as of 8 May, Julius Baer Group on Tuesday announced that its assets under management have increased from their level at the end of December of CHF275bn, due to the falling Swiss franc, the recent increase on the equities markets, and net inflows of new investments. While the net new money inflow into Bank Julius Baer was again positive, it continued to be negative in the asset management operation, but at a significantly slower pace than experienced in the fourth quarter of 2008.
12/05/2009

JPMorgan faces SEC charges

The Financial Times reports that charges may be filed by the SEC against JPMorgan for violating market regulations with a sale of bonds and swaps to Jefferson County, Alabama.
12/05/2009

Another suspect in ?pay-to-play? scandal

According to sources close to the investigations, the attorney general of New York will soon announce that Julio Ramirez, a partner of Hank Morris, has pleaded guilty to securities fraud, the Wall Street Journal reports. Morris is the political advisor at the centre of the ?pay-to-play? scandal in New York. The SEC, which is conducting a parallel investigation, will also soon announce that it is filing a civil lawsuit against Ramirez.
12/05/2009

UBP sued over Madoff funds

New York investor Andrea Barron has filed a lawsuit in the US District Court of Manhattan against the Swiss firm Union Bancaire Privée (UBP), an affiliate of CBI Holding SA, its asset management affiliate, and several of its directors over investments through feeder funds with Bernard Madoff, the Wall Street Journal reports.
12/05/2009

Marc Dreier pleads guilty to fraud

The lawyer Marc Dreier has pleaded guilty of selling USD700m in ficticious promissory notes between 2004 and 2008, the Wall Street Journal reports. He is charged with five offenses and faces 20 years in prison for three of them. Sentencing is set for July 13th.
12/05/2009

3i interested in EDF activities

The Financial Times reports that 3i on Thursday announced that it would like to invest in EDF’s distribution activities in the UK, which the firm has put up for sale.
12/05/2009

Apax and Hellman & Friedman also reportedly interested in iShares

Global Pensions reports that, according to various sources in the media, more potential buyers have expressed interest in iShares, in addition to CVC Partners and BC Partners. These are said to include private equity investors Apax Partners and Hellman & Friedman.
12/05/2009

HSBC reassures but remains prudent

Although the banking sector is showing signs of recovery, this is not a time to be overly optimistic, says Stephen Green, chairman of HSBC. The bank points out that the financial crisis is far from over. ?It is not reasonable to think that we have passed the low point,? says the chairman. HSBC has nonethtless announced reassuring results. Without providing precise figures, the largest European bank has announced profits for first quarter considerably higher than those of one year ago, the Financial Times reports.
12/05/2009

Barclays Wealth recruits a top director from Credit Suisse

Barclays Wealth has recruited Craig Lewis, who was previously head of the hedge fund advisory at Credit Suisse, as managing director and head of investment advisory for the United Kingdom, continental Europe, the Middle East and Africa. He will report to the CIO, Kevin Lecocq.
12/05/2009

BlackRock reshuffles emerging markets desk

Following the departure of Alain Bourrier, one of the three managers of the BlackRock emerging markets fund, the co-manager of the fund, Plamen Monovski, will take over the BlackRock Emerging Markets Uk fund in London (GBP112.4m in assets as of the end of March), as well as the ?offshore? fund BGF Emerging Markets (USD123.5m as of the end of March), assisted by Sam Vecht, Dhiren Shah, and Daniel Tubbs, all three internal recruitments. Vecht will also replace Bourrier as co-manager, with Plamen Monosvski, of the BGF Emergin Europe fund (EUR946.8m as of the end of February). Will Landers, who was the other co-manager of the Emerging Markets fund with Bourrier and Monovski, will take over the BGF Latin America fund in Princeton (USD2.15bn as of the end of February).
12/05/2009

First rise in asset levels since June 2008

Österreichische Kontrollbank (ÖKB) reports that assets in Austrian funds as of the end of April were up to EUR123.8bn, which marks the first increase since June 2008, when assets under management fell to EUR146.9bn, from EUR152bn in April and May, according to the VÖIG association of asset management firms.Erste Sparinvest says that it finished April with EUR23.2bn, which represents an increase of EUR650m, or 2.8% since the end of March, thanks both to rising markets and to net subscriptions.
12/05/2009

Sub-prime: Goldman Sachs agrees to pay USD60m in damages

Goldman Sachs has reached a settlement in a case brought against it by the US state of Massachusetts for USD60m in damages and interest. The settlement will close an investigation of sub-prime mortgages issued by the bank, the Financial Times reports.
12/05/2009

Losses reduced at GLG

Due to a significant decline in operating costs, the hedge fund manager GLG Partners Inc has reduced its losses in first quarter, despite a heavy decrease (61%) in revenues, the Wall Street Journal reports. Its assets as of 31 March were down 43% yoy to USD14bn, and quarterly losses declined to USD120.3m, compared with USD226.3m.
12/05/2009

Reporting risques : partenariat OpHedge/RiskMetrics

Le fournisseur de services d’administration OpHedge Investment Services a conclu un accord de partenariat avec RiskMetrics pour proposer des services de reporting des risques à sa clientèle de hedge funds qui pourront ainsi créer des rapports mensuels susceptibles d'être distribués directement aux investisseurs.
12/05/2009

Baisse des frais facturés par les hedge funds

Selon le Financial Times, l’industrie des hedge funds réagit aux rachats massifs et commence à baisser les frais de gestion facturés aux investisseurs. Troi hedge funds contactés par le quotidien ont admis baisser les frais pour les nouveaux investisseurs. Les frais de gestion ont ainsi été ramené d’un demi point de pourcentage à entre 1 et 1,5 %, et les frais de surperformance sont passés de 20 % à 10 %.
12/05/2009
Fonds

SAM et Gatehouse proposent une stratégie conforme à la charia

La société de gestion SAM, spécialisée dans l’investissement durable, et la banque islamique GHatehouse Bank se sont associées pour proposer une stratégie d’investissement dans le domaine de l’eau conforme à la charia. Cette stratégie offre aux investisseurs long terme la possibilité de participer à la croissance des sociétés spécialisées dans l’investissement durable et impliquées dans la chaîne de valeur de l’eau.
Fonds
12/05/2009

Le capital investissement en difficulté

Dans un entretien à L"Agefi suisse, Maurice Pedergnana, directeur de l"association suisse de capital investissement et de l"industrie de la finance d"entreprise SECA, estime que les investissements du private equity en Suisse pourraient connaître une baisse supérieure à celle de 20% enregistrée en 2008. « La baisse va être bien plus importante. Les moyens existants encore ne seront probablement pas investi dans des jeunes pousses, mais majoritairement dans des entreprises déjà bien développées pour réagir à l"augmentation des frais d"intérêts et à l"amortissement des crédits dus aux banques. Mais le marché n"est pas complètement déprimé là où les holding s"engagent avec du capital risque de groupe. Il n"y a par contre plus d"argent frais pour des idées toutes nouvelles car les fonds existant encore sont avant tout employés pour sauver les investissements existants et pour résister à la crise », explique-t-il
12/05/2009

Lombard Odier lance un site de rencontres entre gérants

Selon Le Temps, le banquier privé genevois, qui anticipe une consolidation historique du secteur de la gestion indépendante, vient de lancer une plate-forme internet sur laquelle les gérants clients et non clients de la banque peuvent s"inscrire de façon anonyme et trouver des partenaires potentiels pour discuter, en toute discrétion, d"alliances, recrutements, fusions et acquisitions. Actif depuis février, le site compte d"ores et déjà 150 membres.
12/05/2009

Julius Baer enregistre une hausse de ses encours

Dans son rapport d’activité au 8 mai, le groupe Julius Baer indique mardi que ses actifs sous gestion ont augmenté par rapport aux 275 milliards de francs suisse de findsq décembre grâce à la faiblesse du franc suisse, à la hausse récente des marchés d’actions et à des rentrées nettes d’argent frais. Cependant, si Bank Julius Baer affiche des rentrées nettes, l’activité de gestion d’actifs a continué de subir des sorties nettes, mais à un rythme nettement moins rapide qu’au quatrième trimestre 2008.

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