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22/04/2009

Détérioration du résultat de Bankhaus Lampe

Pour 2008, après un prélèvement de 22 millions d’euros sur les réserves, la banque privée Bankhaus Lampe, qui appartient à la famille Oetker, affiche un bénéfice au bilan de 10 millions d’euros. Elle a donc accusé une perte de 12 millions d’euros imputable à l’augmentation des charges liée à des embauches, à l’ouverture de trois nouvelles succursales et à la dépréciation sur la participation de 6 % dans Aareal Bank au niveau du cours boursier de fin décembre. Pour 2007, Lampe avait affiché un bénéfice net de 21,5 millions d’euros (lire notre dépêche du 17 avril 2008). Pour 2009, Bankhaus Lampe a l’intention de filialiser l’activité family office de sa filiale Lampe Corporate Finance.
22/04/2009

La Postbank distribuera désormais aussi des fonds M&G

Dorénavant, les «centres financiers» et la force de vente mobile de la Deutsche Postbank commercialiseront trois fonds de droit britannique de M&G Investments, le M&G Global Basics Fund, le M&G Global Leaders Fund et le M&G European Corporate Bond Fund. Le gestionnaire d’actifs britannique devient ainsi le cinquième partenaire privilégié (preferred partner) de la banque allemande en matière de distribution de fonds d’investissement, aux côtés de DWS Investment (Deutsche Bank), Credit Suisse, Allianz Global Investors et Fidelity Investments.
22/04/2009

Wolbern Invest n'est pas concerné par la vente de Bankhaus Wolbern

Fondsprofessionell indique que la banque M.M. Warburg a certes acheté Bankhaus Wölbern, mais que cette transaction ne comprend pas l’acquisition de Wölbern Invest, promoteur et gestionnaire de fonds fermés. L’information a été confirmée par Heinrich Maria Schulte, qui était propriétaire de Bankhaus Wölbern et reste propriétaire de Wölbern Invest, une société de gestion créée par une scission intervenue en avril 2007.
22/04/2009
Fonds

SGAM AI lance deux fonds d'investissement de proximité ISF

SGAM Alternative Investments (SGAM AI) annonce la commercialisation par les réseaux de Société Générale et du Crédit du Nord, jusqu"au 22 mai 2009, des fonds d’investissement de proximité (FIP) «ISF» SGAM AI FIP Opportunités IDF Centre-Est et SGAM AI FIP Opportunités Grand-Sud. Le premier investira dans des PME des régions Ile-de-France, Bourgogne, Rhône-Alpes et Auvergne tandis que le second fera de même dans les régions Aquitaine, Midi-Pyrénées, Languedoc-Roussillon et Provence-Alpes-Côte d"Azur. Ces fonds de droit français investiront 60% minimum des sommes collectées dans des entreprises à caractère régional, dont au moins 20% dans de jeunes sociétés créées depuis moins de 5 ans, à différents stades de croissance et appartenant à des secteurs diversifiés, notamment les services à la personne et aux entreprises, l"informatique, les biotechnologies, la chimie, l"environnement, l"énergie, l"agroalimentaire et les multimédias. Ces fonds sont gérés par l"équipe «private Equity» de SGAM AI qui est responsable d’environ 2 milliards d’euros d’encours répartis sur une trentaine de fonds de capital-investmssement. La durée de placement est de 8-10 exercices pour les deux produits ; dans les deux cas, le droit d’entrée maximum acquis au distributeur est de 2,5 %. La souscription minimale de ces fonds destinés aux particuliers, qui peuvent bénéficier de «conditions fiscales optimisées», est fixée à 1 part.
Fonds
22/04/2009

France - PSA ne versera pas de dividende

PSA Peugeot-Citroën a annoncé son intention de ne pas verser de dividende à ses actionnaires au titre de l’exercice 2008, qui s’est soldé par une perte de 343 millions d’euros, rapporte La Tribune. Le groupe va également vendre à Veolia sa filiale de maintenance Sense, employant 890 salariés.
22/04/2009

Plongeon pour le bénéfice de BlackRock

Aux normes comptables US-GAAP, BlackRock a affiché pour janvier-mars une chute de 65 % de son bénéfice net à 84 millions de dollars ou 62 cents par action pour un chiffre d’affaires qui a baissé de 25 % à 987 millions de dollars. Au 31 mars, l’encours se situait à 1.283 milliards de dollars, ce qui représente une diminution de 2 % sur fin décembre et de 6 % par rapport à la fin du premier trimestre 2008. Le chairman & CEO Laurence Fink a néanmoins souligné que les souscriptions nettes ont porté sur 5,6 milliards de dollars pour janvier-mars et 138 milliards sur les douze mois à fin mars. Cette croissance organique a été surcompensée par des effets de marché et de change négatifs pour respectivement 29,4 milliards et 219,1 milliards de dollars. BlackRock a enregistré pour les trois premiers mois de l’année des rentrées nettes de 21,3 milliards de dollars sur les produits et les mandats de conseil à long terme (dont 18,8 milliards en provenance des institutionnels et 3,3 milliards pour la clientèle privée haut de gamme) alors que les produits de trésorerie (cash management) accusaient des sorties nettes de 15,7 milliards. Laurence Fink a aussi indiqué que l'équipe du gestionnaire de hedge funds R3 Capital Partners (1,5 milliard de dollars d’investissements dans le crédit), dirigée par Rick Rieder, accepte de rejoindre BlackRock.
22/04/2009

Contraction du bénéfice de State Street

Au titre du premier trimestre 2009, State Street fait état d’un bénéfice par action de 1,02 dollar contre 54 cents en octobre-décembre et 1,35 dollar pour la période correspondante de l’an dernier. Le chiffre d’affaires est ressorti à 2 milliards de dollars contre 2,67 milliards le trimestre précédent et 2,58 milliards pour janvier-mars 2008. A fin mars, les encours sous administration et sous gestion affichaient des contractions respectivement 24 % et 29 % sur un an, à 11.337 milliards et 1.395 milliards.
22/04/2009

Baisse des encours de Bank of NY Mellon

Au premier trimestre, The Bank of New York Mellon a vu ses encours sous gestion revenir à 881 milliards de dollars, soit une baisse de 20 % sur un an et de 5 % par rapport au trimestre précédent. Sur les trois premiers mois de l"année, la banque a accusé des rachats nets de 12 milliards de dollars, principalement liés aux retraits sur les fonds monétaires gouvernementaux.
22/04/2009
Fonds

Les gérants actifs sous-performent

S&P constate que, sur les cinq ans à fin 2008, son indice S&P 500 a perdu 18,8 % mais surperformé 71,9 % des fonds de grandes capitalisations américaines, rapporte The Wall Street Journal. Le pire est que ce résultat est similaire à celui qui avait été constaté pour le cycle quinquennal précédent. La situation est même pire pour les petites capitalisations, puisque le S&P SmallCap 600, qui a perdu 0,6 %, a surperformé 85,5 % des fonds de la catégorie.Quant au S&P IFC Emerging Markets Index, il a battu 89,8 % des fonds de marchés émergents gérés activement. En dehors des fonds à haut rendement, au moins 80 % des fonds obligataires ont sous-performés leurs indices de référence.
Fonds
22/04/2009

Germany - Deterioration in results at Bankhaus Lampe

In 2008, after a withdrawal of EUR22m from reserves, the private bank Bankhaus Lampe, which is owned by the Oetker family, has posted profits of EUR10m on its balance sheet. It thus has lost a total of EUR12m fur to increased expenses related to recruitments, the opening of three new branch offices, and a depreciation in the value of its 6% stake in Aareal Bank compared with its share price at the end of December. In 2007, Lampe posted net profits of EUR21.5m (see Newsmanagers of 17 April 2008).For 2009, Bankhaus Lampe is planning to bring on board the family offices of its affiliate Lampe Corporate Finance as part of the parent company.
22/04/2009

State Street profits down

For first quarter 2009, State Street has posted profits of USD1.02 per share, compared with USD0.54 in October-December 2008, and USD1.35 per share in the corresponding period of last year. Earnings totalled USD2bn, compared with USD2.67bn last quarter, and USD2.58bn in January-March 2008.As of the end of March, assets under administration and management were down by 24% and 29% on one year, respectively, to USD11.337bn and USD1.395bn.
22/04/2009

Assets at Bank of NY Mellon down

In first quarter, the Bank of New York Mellon has seen a decline in its assets under management to USD881bn, a fall of 20% in one year and of 5% compared with the previous quarter. In the first three months of the year, the bank has seen net redemptions of USD12bn, largely due to redemptions from government money market funds.
22/04/2009

Active fund managers underperform

S&P states that over the five-year period to end-2008, its S&P 500 index has lost 18.8% but outperformed 71.9% of actively managed US large cap funds. The same pattern applies to small caps, emerging markets and bonds.
22/04/2009

Pimco sees normalization on credit markets

According to Steve Rodosky, head of Treasury and derivatives trading at Pimco Treasuries purchases thorough the Fed have helped improve credit markets and there are signs that the markets have started to «operate more normally.»
22/04/2009

Profits down at BlackRock

By US-GAAP accounting standards, BlackRock has posted a fall of 65% in its net profits to USD84m, or USD0.62 per hsare in January-March, on earnings down 25% to USD987m. As of 31 March, assets totalled USD1.283bn, which represents a 2% decline from the end of December, and a 6% decline compared with the end of first quarter 2008.The firm’s chairman and CEO, Laurence Fink, points out that net subscriptions nonetheless totalled USD5.6bn in January-March, and USD138bn in the twelve months to the end of March. This organic growth more than compensated for negative market and currency effects of USD29.4bn and USD219.1bn, respectively. BlackRock has posted net inflows in the first three months of the year of USD21.3bn on products and long-term advising mandates (of which USD18.8bn come from institutional investors, and USD3.3bn from high net worth private clients), while cash management products suffered net outflows of USD15.7bn. Fink also states that personnel at the hedge fund management firm R3 Capital Partners (USD1.5bn in investments in credit), led by Rick Rieder, have agreed to join BlackRock.
22/04/2009

Morningstar 1000 hedge fund index: -0.1% in Q1

Morningstar has calculated that its Morningstar 1000 Hedge Fund Index has posted an increase of 2.1% in March, while the Morningstar MSCI Asset-Weighted Hedge Fund Composite Index was up 0.1%. For first quarter as a whole, the former index has fallen 0.1%, while the latter has gained 0.5%.In March, the Morningstar MSCI Emerging Markets and Morningstar Emerging Markets Hedge Fund indexes have posted respective gains of 4.2% and 6.2%.
22/04/2009

Hedge funds will bottom out this year, according to BNY Mellon and Casey Quirk

On the basis of a survey of 150 institutional investors, investment consultants, hedge fund and fund of hedge fund managers and experts on the industry worldwide, Bank of New York Mellon and Casey Quirk estimate that assets in hedge funds will reach a low point of about USD1trn this year, down from USD1.9trn at the end of 2007. Then, as the markets begin to rise and approximately USD800bn in net subscriptions roll in, total assets under management may rise to USD2.6trn in 2013.
22/04/2009

Artemis IM launches a multi-asset class long/short fund

Artemis Investment Management will launch its first fund in four years on 5 May, entitled Artemis Strategic Asset Fund. It is a retail multi-asset class product (equities, bonds, commodities, currencies, and cash), long and short, bottom-up and top-down, and compliant with UCITS III, managed by William Littlewood, who was initially a long-only manager, before moving into hedge fund management. The planned allocation will initially be 45% cash, 20% short positions on British and US government bonds, 25% currencies, 15% commodities, 5% corporate bonds, 5% short positions on equities, and 35% on equities (25% British equities, and 10% international equities).
22/04/2009

Over 200 ETFs are now listed in London

With the addition of the seven new ETF funds launched by iShares (see Newsmanagers of 21 April), the number of ETF products listed on the London Stock Exchange (LSE) now comes to 207. The issuers are Deutsche Bank, ETF Securities, Invesco Powershare, iShares (Barclays Global Investors), and Lyxor (Société Générale). Aside from the new iShares products, the LSE lists 78 ETFs based on equities indexes, 21 products that reproduce bond indices, 41 emerging markets ETFs, and 53 funds which cover a wide range of sectors and asset classes such as real estate, private equity, and commodities. In addition to this, there are 7 management style-oriented ETFs. The LSE also lists 123 ETCs and one ETN.Since the beginning of the year, 18 new products have been admitted to trading, the LSE Group states. By comparison, Frankfurt now lists 442 ETFs and 136 ETCs.
22/04/2009

First State to launch an emerging markets/sustainable development fund

David Gait and Jonathan Asante are the managers of the new Global Emerging Markets Sustainability fund launched by First State in the United Kingdom, which will subsequently be made available in continental Europe, Investment Week reports. The portfolio will include 50 to 60 positions, and half of the equities included in the fund will be equivalent to those included in the Asia Pacific Sustainability fund (GBP51m). The benchmark is the MSCI Emerging Markets Free Index. Front-end fee and management commission are set at 4% and 1.55%, respectively, with a minimal subscription of GBP1,000.
22/04/2009

Standish to manage a strategic bond fund from BNY Mellon AM

BNY Mellon Asset Management has launched a strategic fund which will invest in bonds worldwide, with a net performance objective of 5.3% at launch. The product is managed by Standish, an affiliate of BNY Mellon in the United States, Money Marketing reports. The two managers of the fund will be David Leduc, global head of fixed income fund management and senior portfolio manager, and Tom Fahey. The management firm will comply with standards established by the Investment Management Association (IMA) for funds of the sterling strategic bond category, with at least 80% of assets denominated in pounds sterling or invested in assets whose currency risks against the pound sterling are hedged for.
22/04/2009

Unigestion in "plan mode"

In 2008, Unigestion, a firm specialised in equities management, hedge funds, and private equity, suffered from the downturn on the markets, like many others, but it registered net subscriptions of EUR250m. At the end of 2008, assets totalled EUR6.8bn.Against this background, and thanks to owners’ equity of EUR100m, Unigestion is still in «plan mode,? says Jean-François Hirschel, managing director and head of marketing. The general idea is to take advantage of opportunities as they present themselves, both on the markets, with new products, and on the labour markets, with recruitments, and in the asset management sector, with, why not, an acquisition to add to the firm’s capacities. The firm is also seeking a replacement for Kostas Iordanidis, who joined the firm last September as managing director in charge of hedge fund activities.
22/04/2009

Bank of China recruits in Geneva

In Geneva, the Bank of China has appointed Daniel Penseyres as CEO of BOC (Suisse) Fund Management SA. Penseyres will continue in his role as director of the fund selection and alternative investment division, l’Agefi Switzerland reports. The management firm has also hired Fulvio Maccarone as head of global equities. Since 2004, he has been a partner at the London-based BlueCrest Capital Management Ltd, an alternative management firm, where he managed a long/short equities portfolio.Bank of China (Suisse) SA has appointed Fatima Al Arabi (formerly of BNP Paribas) as head of institutional clients for the Middle East, and has also recruited Mohamad Bleik (co-head private bakning GCC0; Teresa Cheung-Constantin (senior private banker); Jean-Pierre De Barro (head of sales); Julien Froidevaux (head of independent managers department); Jose Luis Piccinini (head of institutional clients - Latin America); Daniel Alexander Rieber (senior private banker - Latin America).
22/04/2009

Skepticism over rumours of planned sale of A&Q division at UBS

Analysts are reacting with skepticism to reports that UBS is seeking to sell of its hedge fund activities in the immediate future, Handelsblatt reports. In theory, a sale of the alternative and quantitative investments (A&Q) division (USD39bn in assets) is conceivable, since the bank is seeking to isolate it to prevent it contaminating the future of its traditional management activities. But such a sale would not decisively strengthen the bank’s position in terms of its capital base, and potential buyers for such a high-risk activity are not numerous.
22/04/2009

Assets up at BlueBay

BlueBay has seen an increase in its profits of 8% to USD18bn in the quarter ending 31 March, the Financial Times reports. The firm has benefited from an increased interest on the part of investors in investment grade credit.
22/04/2009

Postbank to distribute M&G funds

The ?financial centres? and mobile sales personnel of Deutsche Postbank will now carry three British-registered funds from M&G Investments, the M&G Global Basics Fund, M&G Global Leaders Fund, and M&G European Corporate Bond Fund. The British asset management firm thus becomes the fifth preferred partner of the German bank in distribution of investment funds, alongside DWS Investment (Deutsche Bank), Credit Suisse, Allianz Global Investors, and Fidelity Investments.
22/04/2009

Wolbern Invest not included in sale of Bankhaus Wolbern

Fondsprofessionell reports that the M.M. Warburg private bank has indeed acquired Bankhaus Wölbern, but that the deal does not include Wölbern Invest, a promoter and manager of closed-ended investment funds. The reports were confirmed by Heinrich Maria Schulte, who was the owner of Bankhaus Wölbern and remains the owner of Wölbern Invest, a management firm created in a spinoff from the bank in April 2007.
22/04/2009

AIMA to release a guide to best practices for funds of hedge funds

At the end of April, the Alternative Investment Management Association (AIMA) will publish a guide to ?best practices? for funds of hedge funds.The association has already published a code of conduct for hedge funds, but this is the first time that it is doing so for multi-management.It must be said that the credibility of the sector has been somewhat tarnished by the Madoff scandal, as well as by the liquidity issues that many funds have found themselves confronting since the onset of the crisis. The guide, composed by a steering committee made up of alternative multi-management actors, focuses on risk management, transparency, valuation, management of conflicts of interest, fees, investor protection, and operational issues. The guide does not aim to impose requirements on actors in the fund of hedge fund sector, but rather presents itself as ?a practical tool for managers of funds of hedge funds, investors, regulatory and political authorities, and providers of services to the hedge fund sector,? says Patrick Fenal, CEO of Unigestion and chairman of the steering committee at the AIMA.
22/04/2009

Epsilon GA preparing a fund of hedge funds

Epsilon Gestión Alternativa, which was issued its operating license by the CNMV in September of last year, and which trades under the brand name BrightGate Capital, is about to receive permission from the Spanish regulator to launch its first fund of hedge funds, the BrightGate Absolute Return fund, which will be advised by Permal, an affiliate of Legg Mason, Funds People reports. The performance objective for the fund will be 8-12%, with annual volatility of 5-7%. Management commission is 2.25%, and Epsilon will not charge a performance commission.The fund will provide subscribers with access to 60 managers and eight strategies (Systematic, Discretionary, Event Driven, Fixed Income Developed Markets, Fixed Income Emerging Markets, Fixed Income Hedge, Relative Value Arbitrage, Natural Resources).
22/04/2009

Hedge funds: only two strategies out of 13 are in the red for March, according to Edhec

While in February, only four hedge fund strategies out of 13 monitored by Edhec posted positive results, in March 11 strategies out of 13 did so. The only two strategies in the red were CTA global, with losses of 1.64%, and dedicated short bias (-4.62%).The convertible arbitrage strategy posted its fourth consecutive month of positive results, with gains of 2.58%, and returns of 9.4% for first quarter as a whole. Only CTA global shows losses (2.1%) in January-March.

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