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23/04/2009

LGIM recrute son patron de la distribution chez BGI

Legal & General Investment Management (Holdings) Ltd (LGIM) a annoncé le recrutement d’Hugh Cutler comme head of distribution pour développer la nouvelle stratégie du gestionnaire d’actif tant au Royaume-Uni qu'à l'étranger. Il quitte Barclays Global investors (BGI) où il était co-head du global strategic solutions group.
23/04/2009

Décès de Gilles Glicenstein, responsable de la gestion d'actifs de BNP Paribas

Gilles Glicenstein, responsable du métier gestion d’actifs de BNP Paribas depuis 2005 et directeur général de BNP Paribas Asset Management depuis 1999 est décédé à l"âge de 44 ans, annonce La Tribune. Gilles Glicenstein a eu un rôle moteur dans l'évolution structurelle de BNP Paribas AM (mises en place d'équipe de multigestion, de gestion structurée...) dans la réussite d’acquisitions tels que Fischer Francis Trees & Watts (FFTW), Overlay AM, ainsi que de plusieurs implantations sur les marchés émergents, rappelle le quotidien économique.
23/04/2009

UBS supprimerait 10% de son personnel en France

UBS va supprimer une cinquantaine d’emplois en France, sur un effectif global d’environ 500 personnes dans l’Hexagone,selon La Tribune du 22 avril. La gestion de fortune et la gestion d’actifs, avec CCR rachetée un an plus tôt, seront concernées. La banque d’investissement UBS Securities pourrait éviter le plan social, avec moins de 10 emplois supprimés.
23/04/2009

La CCR licencierait une vingtaine de salariés

Filiale d’UBS depuis un an, la Caisse Centrale de Réescompte (CCR) devrait se séparer d’une vingtaine de salariés, dans le cadre du plan de réduction d’effectifs du groupe, selon La Tribune du 22 avril. Les réductions d’effectifs de cette division résulteraient d’une externalisation des fonctions supports et administratives de back-office.
23/04/2009

Décès de Gilles Glicenstein, responsable de la gestion d'actifs de BNP Paribas

Gilles Glicenstein, responsable du métier gestion d’actifs de BNP Paribas depuis 2005 et directeur général de BNP Paribas Asset Management depuis 1999 est décédé à l"âge de 44 ans, annonce La Tribune. Gilles Glicenstein a eu un rôle moteur dans l'évolution structurelle de BNP Paribas AM (mises en place d'équipe de multigestion, de gestion structurée...) dans la réussite d’acquisitions tels que Fischer Francis Trees & Watts (FFTW), Overlay AM, ainsi que de plusieurs implantations sur les marchés émergents, rappelle le quotidien économique.
23/04/2009

Fed et Trésor avaient exigé le black-out sur la situation de Merrill

Kenneth Lewis, CEO de Bank of America (BofA), avait déclaré sous serment en février devant l’avocat général de new York que le président de la Fed Ben Bernanke et le Secrétaire au Trésor Henry Paulson lui avaient fait comprendre qu’il ne devait pas faire publiquement état des pertes géantes de Merrill Lynch afin de ne pas ébranler le système financier, rapporte The Wall Street Journal, qui a obtenu copie de la transcription de la déposition. Les deux officiels voulaient pouvoir négocier dans le calme les modalités des aides de l’Etat à BofA pour permettre à cette dernière d’absorber Merrill.
23/04/2009

UBS commence à élaguer ses conseillers les moins productifs

Selon les proches du dossier cités par Dow Jones, l’UBS a commencé à licencier des conseillers financiers appartenant à sa branche gestion de fortune et qui font partie de ceux dont la production annuelle est inférieure à 250.000 dollars. Au total, le groupe helvétique compte supprimer environ 2.000 emplois dans la gestion de fortune aux Etats-Unis. C’est la première fois que des licenciements affectent du personnel rémunéré exclusivement à la commission.
23/04/2009
Fonds

Macromarkets lance un fonds immobilier sans immobilier

Le gestionnaire Macromarkets lancera la semaine prochaine le fonds Macroshares Major Metro Housing dont les parts seront cotées sur la plate-forme électronique NYSE Arca, rapporte la Frankfurter Allgemeine Zeitung. Ce produit d’une échéance de 5 ans et demi utilise comme référence l’indice du prix des maisons S&P/Case-Shiller Composite-10 qui reproduit l'évolution des pavillons dans dix des plus grandes métropoles des Etats-Unis. Toutefois, l’argent des souscripteurs ne sera pas investi dans des immeubles mais dans des obligations à court terme de l’Etat américain pour garantir la liquidité. Les investisseurs auront la possibilité d’acquérir des parts «up» s’ils pensent que l’indice va augmenter ou «down» dans le cas contraire. Le nombre des parts «up» et «down» émises sera toujours le même. Si l’indice monte, les obligations d'Êtat sous-jacentes des parts «down» sont converties en parts «up» et inversement.
Fonds
23/04/2009

Perte trimestrielle pour Morgan Stanley

Morgan Stanley a annoncé une perte de 177 millions de dollars, très supérieure aux attentes des analystes, indique La Tribune. Son déficit est dû aux engagements de la banque dans l’immobilier, qui ont entraîné une perte d’un milliard de dollars, mais aussi à une perte comptable de 1,5 milliard de dollars liée à son endettement. Le produit net bancaire a chuté sur la période de 62%, à trois milliards de dollars.
23/04/2009

Le vice-président de Freddie Mac retrouvé mort

David Kellermann, le directeur financier et vice-président du groupe de crédit immobilier Freddie Mac, âgé de 41 ans, a été retrouvé mort dans son domicile mercredi, rapporte Le Figaro. La police enquête « sur ce qui semble être un suicide ».
23/04/2009

Retirement institutions improve governance schemas

In 2008, European pension funds and retirement institutions continued to improve their governance structures. According to a recent study by Mercer, the number of institutionals with a specialised investment committee increased by 35% last year. Nearly 30% of the time, the choice of asset managers was entirely delegated by directors in the investment committee. Institutionals have also shown themselves to be more dynamic in their investments. A growing number of retirement regimes (16%) are now making an effort to revise their investment strategies at least once per year, compared with once every three years as it tended to be previously, the study says.
23/04/2009

Gilles Glicenstein, head of asset management at BNP Paribas, dies

Gilles Glicenstein, head of the asset management profession at BNP Paribas since 2005, and CEO of BNP Paribas Asset Management since 1999, has died, aged 44, La Tribune reports. Glicenstein was a driving force behind the structural evolution of BNP Paribas AM (helping to set up a multi-management team, structured management, and others), and in successful acquisitions such as that of fischer Francis Trees & Watts, Overlay AM, and several operations in emerging markets, the financial newspaper reports.
23/04/2009

Credit Suisse adds to institutional asset management distribution team

On Wednesday in New York announced that it had ?mostly completed? a series of additions to its ?Asset Management Golbal Institutional Distribution? team, with the recruitment of 18 senior professionals worldwide, who will report to Mark Bourgeois, managing director and head of distribution for asset management.Nine of the new arrivals will have the title of managing director, including Jamal Al Naif, in Dubai (ex Citi), in charge of the Middle East and Africa; Richard Johnson in New York (ex Graham Capital Management) in charge of the eastern and central United States, and Remy Kawkabani in London (ex co-head ofd the private funds group at Credit Suisse), who will be in charge of Europe ex Switzerland. Dave McCann, in Toronto, will be leaving the Canada Pension Plan Investment Board, while Mark Memmert joins the firm from Credit Suisse Investment Bank, and will be in charge of Germany and Austria, and will be based in London. Alex Ricchebuono, in charge of France and Italy, comes to his jbo in London from Investec Asset Management.The other three new managing directors are Filo Sedillo (ex Citi), in Sydney, Akira Takahashi in Tokyo (who was previously head of distribution for alternative products in Japan at Credit Suisse), and Conrad Yan, in New York, in charge of the Asia-Pacific region, who joins from AIG.
23/04/2009

UBS begins to shave off least productive advisors

According to sources close to the firm, cited by Dow Jones, UBS has begun to lay off financial advisors from its wealth management branch whose annual production is below USD250,000. In total, the Swiss group is planning to lay off about 2,000 employees in wealth management in the United States. This is the first time that layoffs have affected personnel whose income is entirely commission-based.
23/04/2009

Spanish funds of hedge funds bet on Harbinger

Expansión reports that the Spanish funds of hedge funds Banif fairfield Impala, Banif Optimal Low Volatility, Optimal Arbitraje Plus, BNP Paribas Alternativo Diversificado and Renta 4 Minerva have put their trust in Philip Falcone, and invested a total of EUR4.5m in funds from Harbinger Capital. Falcone has short-sold Spanish, American and British banks, including EUR500m short positions on Santander, Banco Popular, and BBVA.
23/04/2009

Macromarkets launches a real estate fund with no real estate

The asset management firm Macromarkets will next week launch the Macroshares Major Metro Housing fund, whose shares will be traded on the electronic platform NYSE Arca, the Frankfurter Allgemeine Zeitung reports. The product, which has a 5 and one half-year maturity, uses as its benchmark the S&P/Case-shiller Composite-10 housing price index, which reproduces the prices of homes in ten major US cities. Subscribers’ money will not be invested in these properties, however, but in short-term US government bonds, to guarantee liquidity. Investors will be able to acquire ?up? shares if they think the index will rise, or ?down? shares if they predict the opposite. The number of ?up? and ?down? shares issued will be equal at all times. If the index rises, the underlying government bonds of ?down? shares will be transferred to ?up? shares, and vice versa.
23/04/2009

Contrasting results for wealth and asset management at Credit Suisse

Wealth management at Credit Suisse has posted pre-tax profits of CFH646m, which represents a 25% decline from their levels in the corresponding period of last year.However, asset management has posted losses of only CHF490m, compared with CHF646m the previous quarter, and CHF544m in January-March 2008. These results include mostly unrealised losses related to investments of CHF387m, primarily in private equity, compared with losses of CHF9m in first quarter 2008, as well as losses of CHF21m related to share buybacks from Credit Suisse money market funds, compared with CHF566m in the corresponding period of 2008.
23/04/2009

Quarterly rise in assets and net subscriptions at Credit Suisse

Credit Suisse group has posted assets under management as of the end of March of CHF1.1217trn, compared with CHF1.1061trn three months earlier (+1.4%), and CHF1.2975trn as of 31 March 2008 (-13.5%). Net inflows totalled CHF8.8bn, compared with net outflows of CHF12.6bn in October-December, and CHF5.2bn in the corresponding period of 2008.Of CHF11.4bn in net inflows for private banking in first quarter, about CHF9bn were due to wealth management. However, asset management has posted net outflows of CHF3.5bn, despite net subscriptions of CHF1bn for hedge funds.
23/04/2009

UBS victim of Weavering Capital collapse

According to Financial News Online, UBS Global Asset Management is one of the victims of the collapse of Weavering Capital. Last month, the asset management company wrote to investors in its Aleternative Portfolio AG about its 0.9% exposure, or around SFR2m, to Weavering’s Macro Fixed Income Fund, adds the Internet website.
23/04/2009

LGIM recruits head of distribution from BGI

Legal & General Investment Management (Holdings) Ltd (LGIM) has announced the recruitment of Hugh Cutler as head of distribution, to develop the asset management firm’s new strategy in the United Kingdom and abroad. Cutler joins from Barclays Global Investors (BGI), where he was co-head of the global strategic solutions group.
23/04/2009

Qatar Holding reduces stake in Barclays

Qatar Holding has lowered its stake in Barclays, in which it is the largest shareholder, to 5.8%, from 6.4%, the Financial Times reports. The investor has sold 35 million shares in the UK bank as part of a ?volatility-driven portfolio management strategy.?
23/04/2009

Fidelity shows net subscriptions since the beginning of the year

Christian Wrede, CEO of Fidelity for Germany, admits that fourth quarter 2008 was very bad, and that the European Aggressive dynamic fund was dragged down by concentrated investments in third quarter which performed poorly, Handelsblatt reports. However, Wrede is hoping to rebalance the fund range, which is heavily oriented to equities, in favour of money markets and bonds. Fidelity Germany, which has shed 10% of its work force and now has 200 employees, is now at an optimal size going into the next few years. Since the beginning of the year, net subscriptions have bounced back: They total EUR200m for retail investors, and EUR200m for institutionals. Assets are now in the neighbourhood of EUR7bn, compared with EUR16bn three years ago.
23/04/2009

Lloyds Funds in the red

The Hamburg-based promoter of closed funds Lloyds Fonds last year raised EUR278m, compared with EUR452m in 2007, and its revenues have fallen to EUR48.1m, compared with EUR90.1m. Net results have fallen from a positive total of EUR20.2m in 2007 to losses of EUR4.6m last year. For 2009, the chairman of the board, Torsten Teichert, says he is convinced that, following cost reduction measures, the firm now has a profile that will put its break-even point at EUR150m in subscriptions.Meanwhile, Lloyds Funds has decided to concentrate on two core professions: transport (air and sea), and real estate. In other words, the management firm is pulling out of the ?second hand? life insurance, private equity, and renewable energy niches.Since 1995, Lloyds Funds has raised more than EUR1.9bn from 51,000 investors. The capital has been placed in 100 investments. The volume invested represents about EUR4.6bn.
23/04/2009

Sal. Oppenheim calls off sale of BHF-Bank

A spokesperson for Sal. Oppenheim confirmed on Wednesday that the Luxembourg private bank has cancelled its plans to sell the German BHF-Bank. No motive for the change of plans was provided, but the Frankfurter Allgemeine Zeitung speculates that offers from potential buyers were well below the vendor’s expectations. In addition, the candidates are reported to have had different views than Sal. Oppenheim about the subsequent evolution and positioning of BHF.
23/04/2009

Hard times for guaranteed fund managers

At the end of February, assets in guaranteed funds in Germany were up 22% in one year, to EUR30.3bn, while the number of such funds rose to 261 from 219, the Frankfurter Allgemeine Zeitung reports. The markets have made life very difficult for promoters of these funds, however, due to the combination of a particularly low rate on investments with no risk, which limits the risk budget, and high volatility. This situation also led Union Investment to call off plans to launch a range of guaranteed funds in December, which had been previously announced.
23/04/2009

Credit derivative markets down shrink in overall size

The theoretical total value of all credit default swaps (CDS) in circulation, which is the sum of the gross overall amount of protection bought or sold, came to USD38.6trn as of the end of 2008, La Tribune reports, citing the ISDA, the association of derivative market professionals. This amount is down 29% in six months, and 38% in one year.
23/04/2009

Abante becomes first financial consulting firm

The independent asset management agency Abante Asesores has been granted a license by the CNMV to become the first financial advising firm (EAFI) in Spain. Abante will offer advising, financial planning and wealth management diagnostics as separate services, for a minimum of EUR3,000 per year, Funds People reports. The services will include initial diagnostics and one year of assistance.For this activity, Abante has created a specialised affiliate, Consejeros Financieros Independientes, which has a team of six people, equivalent to 15% of the firm’s total personnel. This arrangement leaves the choice to the client between simple advising and advising and management consulting.
23/04/2009

Projected margin levels are too high

Financial analysts have under-estimated the intensity of the crisis for European businesses, Jean-Luc Buchaet and Pierre Sabatier, presidents of Pythagore Investissement and Prime-View, argue in La Tribune. They predict a 6% net margin in the best case for the DJ Stoxx 600 in 2009. Despite repeated corrections, the levels predicted are too high, the authors claim, particularly in the industrial sector.
23/04/2009
Fonds

Les fonds de hedge funds espagnols font confiance à Harbinger

Expansión rapporte que les fonds de hedge funds espagnols Banif Fairfield Impala, Banif Optimal Low Volatiliy, Optimal Arbitraje Plus, BNP Paribas Alternativo Diversificado et Renta 4 Minerva ont fait confiance à Philip Falcone et investi au total 4,5 millions d’euros dans des fonds de Harbinger Capital. Philip Falcone a vendu à découvert les banques espagnoles, américaines et britanniques. Il a notamment pris pour 500 millions d’euros de «shorts» sur le Santander, le Banco Popular et le BBVA.
Fonds

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