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19/02/2009

France - BNP Paribas: Jacques d'Estais appointed head of AM

Jacques d’Estais, currently head of the CIB unit at BNP Paribas, has been appointed director of the AMS (Asset Management and Services) unit, replacing Alain Papiasse, who has been appointed? head of the CIB unit. The job swap will be effective from 31 March.
19/02/2009

Spain - Deutsche Bank and Goldman Sachs vie for BBVA properties

Expansión reports that the RREEF fund from Deutsche Bank and Goldman Sachs are shaping up as the two frontrunners to acquire a portfolio of 40 properties put up for sale by BBVA. RREEF is working with BNP Paribas, while Goldman Sachs would finance the acquisition itself. According to sources close to the negotiations, the final price of the portfolio may come out at something near the EUR2bn initially projected, which would allow BBVA to earn capital gains of about EUR1bn on its properties and branch locations.
19/02/2009

Spain - Santander completes first sale of Banif Inmobiliario property

Santander Real Estate on Wednesday concluded the sale of the first office property from the portfolio of its real estate fund Santander Banif Inmobiliario, Expansión reports. The sale went through at EUR23m, 17% below the estimated price, but 16% above the purchase price of the property in 1999. The buyer of the 5,500-square-metre property at Paseo de la Castellana 13 is Castellana Gestión Patrimonial.
19/02/2009

Spain - Santander in offer to help Lehman victims

Banif, the private banking affiliate of Santander, will offer some of its clients who lost money in the Lehman Brothers bankruptcy the same preferential shares in the group offered to victims of the Madoff fraud case (subscribers to the Optimal fund), Cinco Días reports.
19/02/2009

France - Tocqueville merges Dividende funds

Tocqueville will merge the FCP Tocqueville Dividende Europe fund (about EUR30m in assets) into the Tocqueville Dividende (about EUR500m), in order to adjust to the realities of the current economic situation. The two products have similar management objectives, with portfolios composed largely of European equities.
19/02/2009

United States - Clients panic at Stanford banks

Panicked savers flooded into bank branches on Wednesday to withdraw their money from banks in Antigua and Venezuela with ties to Sir Allen Stanford, the Texan billionaire accused of massive fraud by the Securities and Exchange Commission, the Financial Times reports. The FBI is also investigating Stanford Financial Group, the newspaper adds.
19/02/2009

United States - Madoff scandal accelerated investigation of Stanford

There had been suspicions for years about R. Allen Stanford, the Texan billionaire accused of a USD8bn fraud, the Wall Street Journal reports. But a lack of coordination between Federal agencies and the difficulty of obtaining information about his bank in Antigua prevented regulators from having a clear view of the overall situation. It appears to have been the Madoff scandal which accelerated the Securities and Exchange Commission’s investigation of Stanford.
19/02/2009

United States - Directors of management firms still well-paid

Directors in the asset management sector in the United States may have seen a reduction in their income, but they are not being subjected to the same wave of austerity that is washing over other financial professions, the Wall Street Journal reports. In 2008, US equities funds lost an average of 39%. But most pay scales for directors in asset management are tied to the profitability of the firm, and not only to the performance of funds, the WSJ remarks. In addition, the asset management sector has had only limited recourse to TARP funds.
19/02/2009

United States - Search for clues in Madoff case

Irving Picard, the representative appointed by bankruptcy courts to locate the assets of Bernard L. Madoff Investment Securities LLC, has subpoenaed nine companies to obtain all documents they may possess about goods or services furnished to Bernard Madoff’s structure. According to the Wall Street Journal, the companies involved include law and accountancy firms, as well as a hairdresser.
19/02/2009

Germany - Assets under management at MLP remain stable

MLP announced on Wednesday that its assets under management as of the end of December totalled EUR11.4bn, the same level as one year previously. They have increased slightly from their levels of GBP11.3bn at the end of September, thanks to net inflows of EUR280m in December, which represents the best monthly result since the firm was founded.As of 31 December, MLP posted liquidity of EUR210.1m, up from EUR155.8m, which could allow for two or three acquisitions of small competitors.
19/02/2009

Germany - MLP rules out merger with AWD

Uwe Schroeder-Wildberg, chairman of the board at MLP, declared on Wednesday that putting the company under the control of an insurer is unimaginable, the Frankfurter Allgemeine Zeitung reports. This amounts to a categorical rejection of plans at Swiss Life to merge its German affiliate AWD with MLP. The situation is complex, since Swiss Life also owns nearly 25% of MLP, whose founder and largest shareholder (30%), Manfred Lautenschläger, is opposed to a merger between the two providers of financial services.
19/02/2009

United States - Morningstar creates two sets of asset allocation indexes

Morningstar on Wednesday announced the launch of two ranges of asset allocation indexes using a methodology developed by its affiliate Ibbotson Associates. They include 13 horizon indexes in the Lifetime Allocation series (each of which is available in three risk profiles: aggressive, moderate, and conservative), and five Target Risk indexes, covering a full range of asset allocation profiles.
19/02/2009

World - Further outflows from hedge funds in January

According to TrimTabs, net redemptions from hedge funds in January totalled USD74bn, bringing total redemptions since September to USD315bn, the Wall Street Journal reports. However, funds posted average performance of 0.3% last month. The heaviest outflows in January were from event-driven funds, at USD19.8bn, while the only funds to post net subscriptions (USD2bn) were funds specialised in mergers and acquisitions.
19/02/2009

Europe - Wall of silence surrounds Stanford Financial

As United States authorities have frozen the assets of Sir Allen Stanford, accused by the US Securities and Exchange Commission of a USD8bn fraud, clients worldwide are panicking and seeking to recuperate money deposited with the Stanford International Bank (SIB), based in the offshore tax haven of Antigua. In Venezuela, the banking regulatory authority is reported to have announced that one third, or USD2.5bn, of the amounts involved in the fraud belonged to Venezuelan clients, according to the Telegraph. And in Europe? The wealth management firm is clamping shut all lines of communication. When contacted by Newsmanagers, the European offices of Stanford Financial, based in Zurich, indicated that they were no longer responding directly to enquiries from the media, and that all questions should be addressed directly to the SEC. On the subject of the exposure of European and French clients, ?we do not yet have precise information to disclose,? said Rose Romero, regional director of the SEC. Meanwhile, the investigation is continuing, apparently accelerated by the recent Madoff scandal. A manhunt has begun in the United States to find the billionaire, but for the moment, Stanford appears to be impossible to find.
19/02/2009

World - Credit Suisse/Tremont index up 1.09%

Final statistics for the performance of the Credit Suisse/Tremont hedge fund index in January put it at 1.09%, with gains of 5.72% for convertible arbitrage strategies, and 3.69% for dedicated short bias. Initially, the January edition of the index announced gains of 0.8% (see Newsmanagers of 12 February).
19/02/2009

World - State Street confidence index up again

Global Pensions reports that the institutional investor confidence index calculated by State Street showed a level of 72.9 in February, up from 60.2 in January and 48.2 in December. The North American index gained 13 points, to 64.5, while the European index was down 3.2 points to 69.2.
19/02/2009

United Kingdom - Assets under management or administration in Guernsey up 12.5% in 2008

According to statistics from the Guernsey Financial Services Commission, assets in funds managed or administered in Guernsey fell by GBP1bn in fourth quarter 2008. However, at the end of December, these assets totalled GBP200.4bn, or 12.5% more than twelve months previously. In one year, the increase in assets under management or administration totalled 8.1% for open-ended funds, to GBP63.6bn; 19.8%, to GBP91.5bn, for closed funds; and 39%, to GBP45.3bn, for foreign funds which are partly managed or administered on the island.
18/02/2009

Allemagne - Bénéfice de 3 millions d'euros pour La Commerzbank

Mercredi matin, la Commerzbank a annoncé avoir enregistré un bénéfice net de 3 millions d’euros pour 2008 contre 1,9 milliard pour 2007. Son résultat d’exploitation a été négatif de 378 millions d’euros contre un bénéfice de 2,5 milliards.
18/02/2009

Allemagne - Recul du bénéfice de M.M. Warburg

Pour 2008, le bénéfice net de M.M. Warburg a diminué à 48 millions d’euros contre 63 millions, et la banque privée affecte 14,2 millions d’euros au renforcement de ses fonds propres, lesquels augmentent ainsi à 314 millions d’euros. Les actifs sous gestion sont ressortis fin décembre à 29,2 milliards d’euros pour le groupe, contre 30,5 milliards un an plus tôt, les apports nets des particuliers n’ayant pu compenser les retraits nets des investisseurs institutionnels.
18/02/2009

Allemagne - La Commerzbank bascule dans le rouge

Selon les informations du Handelsblatt recueillies dans les milieux financiers, la Commerzbank aurait accusé une très légère perte nette pour 2008, un remboursement d’impôts ayant compensé une perte «nettement plus forte» avant impôt.
18/02/2009

Etats-Unis - Forte baisse à Wall Street

Selon La Tribune, miné par le recul des valeurs bancaires et pétrolières, le Dow Jones a perdu 3,79% à l’issue de la séance du mardi 17 février, le Nasdaq reculant pour sa part de 4,15%. Certains investisseurs doutent de l’efficacité du plan de relance Obama de 787 milliards de dollars alors que les signes inquiétants pour l'économie US s’enchaînent, analyse La Tribune.
18/02/2009

Espagne - Les fonds immobiliers ont perdu la moitié de leur encours en un an

Les souscripteurs des fonds immobiliers espagnols ont demandé le remboursement de 4,5 milliards d’euros sur le total de 9 milliards d’encours atteint dans le courant de l’an dernier. Les rachats ont porté sur 2,6 milliards d’euros pour le seul Santander Banif Inmobiliario, ce qui a incité Santander Real Estate à geler les sorties pendant deux ans, rappelle Expansión. Deux des neuf fonds immobiliers, Habitat Patrimonio et Segurfondo Terciario (Inverseguros) ont déjà entamé leur procédure de liquidation et le BBVA a annoncé fin 2008 qu’il fermera le hedge fund immobilier BBVA Propriedad Global. D’autre part, le Segurfondo Inversón (Inverseguros) et le Madrid Patrimonio Inmobiliario (Caja Madrid) affichent moins de 2 % de liquidités et risquent des difficultés. Sabadell Inmobiliario présente 10 % de liquidités, comme le Banif Inmobiliario en septembre 2008. Les fonds d’Ahorro Corporación et de Caixa Catalunya sont mieux armés pour faire face à une avalanche de remboursements, parce que leur ratio de cash se situe respectivement à 26 et 80 %.
18/02/2009

Etats-Unis - Les investisseurs étrangers reviennent sur les actifs US

Selon l’Agefi, les étrangers ont acheté pour 22,4 milliards de dollars d’actifs américains en décembre. «Après avoir liquidé un record de 56 milliards de dollars en novembre, les étrangers se sont repositionnés sur les actifs américains allant des titres du Trésor aux dettes corporate (?)», observe le quotidien numérique, en relevant notamment 15 milliards de dollars d’achat sur les Treasuries.
18/02/2009

Etats-Unis - Les investisseurs étrangers reviennent sur les actifs US

Selon l’Agefi, les étrangers ont acheté pour 22,4 milliards de dollars d’actifs américains en décembre. «Après avoir liquidé un record de 56 milliards de dollars en novembre, les étrangers se sont repositionnés sur les actifs américains allant des titres du Trésor aux dettes corporate (?)», observe le quotidien numérique, en relevant notamment 15 milliards de dollars d’achat sur les Treasuries.
18/02/2009

Etats-Unis - Affaire Madoff : les auditeurs dans le collimateur

De nombreux cabinets d’experts comptables n’ont pas découvert la fraude chez Bernard L. Madoff Investment Securities lorsqu’ils ont audité les comptes de la société ou ceux des fonds nourriciers. Ils sont à présent vulnérables sur le plan judiciaire, indique The Wall Street Journal. Cela concerne des cabinets comme Friehling & Horowitz, qui n’avait qu’un seul expert comptable, et qui était chargé d’auditer la société de Bernard Madoff. Une plainte a aussi été déposée dans le Connecticut par le Maxam Absolute Return Fund (un nourricier de Madoff) contre son propre cabinet d’audit, McGladrey & Pullen. KPMG est mis en cause par le Tomchin Family Charitable Trust tandis que la branche irlandaise de PricewaterhouseCoopers fait l’objet d’un procès intenté à Miami par les souscripteurs d’un fonds commercialisé par le Banco Santander. Plusieurs sinistrés de Madoff se penchent aussi sur le rôle joué par le cabinet comptable Sosnik Bell & Co, qui a été recommandé à des centaines de particulier par la société de Bernard Madoff ou par Cohmad Securities.
18/02/2009

Etats-Unis - Jon Winkelried démissionne de chez Goldman Sachs

Co-président de Goldman Sachs Group, Jon Winkelried (49 ans) quittera fin mars la firme de Wall Street au bout de 26 ans, ce qui confère un surcroît de pouvoir à l’autre co-président Gary Cohn. La démission a été annoncée après la clôture de la Bourse, rapporte The Wall Street Journal. Jon Winkelried a été en 2007 l’un des patrons les mieux payés, avec 67,5 millions de dollars, mais il a renoncé à son bonus au titre de 2008. Gary Cohn restera non seulement l’unique président, mais il est aussi le COO.
18/02/2009

Etats-Unis - Barclays ferme Equifirst

Barclays Capital a fermé son activité américaine de prêts hypothécaires, Equifirst, en raison des conditions de marché moins de deux ans après l’avoir acquise, rapporte le Financial Times.
18/02/2009

Europe - Fonds : l'Efama optimiste

Selon l’Agefi, citant Peter De Proft, directeur général de l’Efama, quand la reprise sera amorcée, «les fonds ouverts (Ucits), grâce à leurs qualités en termes de transparence des produits, de diversification des actifs et de liquidité, connaîtront à nouveau de solides collectes».D’après l’Efama, la faiblesse des taux et des actions ainsi que les perspectives de croissance en Asie constituent des facteurs de reprise, souligne l’Agefi.

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