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22/05/2012

Up to EUR260bn in losses for Spanish banks

Losses at Spanish banks may total EUR260bn, and the sector may need a bailout of up to EUR60bn, according to the international institute of finance (IIF). In the basis of calculations comparing them with Irish banks, which also had to confront a collapse of a speculative bubble in the real estate market, economists at the Washington-based banking organisation estimated the losses at Spanish banks at EUR218bn to EUR260bn in 2012-2013. “A number of factors suggest that losses may be at the high end of the range. Macroeconomic outlooks in Spain are worse than those Ireland faced, particularly in terms of growth and unemployment,” they say in a note on the global economy published on 21 May. “The heaviest losses will be generated by real estate mortgages, which are concentrated at the Cajas,” the regional savings banks, they added.
22/05/2012

Egerton is the seventh hedge fund to be short on Indra

According to statistics from the CNMV relayed by Cotizalia, Egerton has become the seventh hedge fund management firm to declare a short position, representing more than 0.5% of capital in the Spanish firm Indra. Overall, declared short positions on the shares represent 11.3% of its capital.Other asset management firms with short positions on Indra include Adelphi Capital, Antiopodean Advisors, Eminence Capital. Hoplite Capital. Morton Holdings and Odey AM.
22/05/2012

Credit Suisse is forced to liquidate CS Euroreal

Only a few weeks after SEB Asset Management on 7 May announced the liquidation of the open-ended real estate fund SEB ImmoInvest, the German asset management firm Credit Suisse Asset Management Immobilien announced on 21 May that it was not in a position to satisfy all redemption demands for the CS Euroreal fund (EUR6bn in AUM, like ImmoInvest). The fund will therefore be liquidated by 30 April 2017. The asset management firm will issue payments every 6 months, with the first payment to come in the second half of 2012, along with December dividends at the latest.CSAM Immobilien states that redemption demands for the Euroreal fund (whose redemptions had been frozen for two years) exceeded available liquidity of EUR1.6bn (27% of assets), of which EUR1.25bn came from subscriptions and sales of properties at their market value or higher.
22/05/2012

Institutionals encourage transparency at hedge funds

The post-2008 influx of institutional money into hedge funds has resulted in a marked increase in the global industry’s operational sophistication and transparency to investors, according to a new report by KPMG and the Alternative Investment Management Association (AIMA). The report, entitled “The Evolution of an Industry”, is based on a survey of 150 hedge fund management firms globally with more than USD550bn in combined assets under management. It found that hedge fund management firms have increased their operational infrastructure in areas like investor transparency and regulatory compliance as allocations from institutional investors have increased. Seventy-six per cent of respondents have observed an increase in investment by pension funds since 2008, while institutional investors as a whole, including funds of funds, accounted for a clear majority (57%) of assets under management. The report finds that the increase in institutional investment has led to more thorough due diligence and greater demands by investors for transparency, with 90% of respondents reporting an increased demand for due diligence since 2008. Eighty-four per cent of all respondents indicated they had increased transparency to investors since 2008, which is reflected by the fact that the majority of firms have taken on multiple members of staff to respond to these increased investor demands.
22/05/2012

ETFs increasingly used by institutionals

A growing number of institutional investors are using ETFs to facilitate their management practices, including liquidity management, according to a study published by Greenwich Associates. The study, sponsored by iShares, finds that a significant number of institutional investors use ETFs to improve the liquidity of their portfolios. “Liquidity has become a governance issue since the outbreak of the financial crisis. Institutional investors have learned their lessons from this period to develop effective liquidity solutions. From this point of view, ETFs can represent a useful tool,” the study finds.
22/05/2012

PRIPs directive a threat to pension funds

Sales of pension funds in Europe could be compromised if the sector is included in the PRIPs (Packaged Retail Investment Products) directive, Financial Times Fund Management suggests. The Association of British Insurers is preoccupied by a proposed rule that individuals would be required to seek independent advice before subscribing to any fund. That would hamper the long-awaited introduction of a British proposed regulation which would ensure that employees automatically join corporate pension funds, FT FM reports.
22/05/2012

Strong growth for Closing Circle European dealmaker community

Following its launch in France, Germany and the United Kingdom in January 2012, Closing Circle (www.closingcircle.com) is now open for business in all European countries, and aims to become the largest investment and merger and acquisition social network in Europe, the firm announced in a statement released on 21 May. “I am very proud of the growth of our member base. Closing Circle is continuing to attract the interest of professionals and investment and M&A firms, and we are signing up new members every day,” says David Chouraqui, founder of Closing Circle, cited in a statement. “Our members are private equity firms, family offices, institutional investors, funds of funds, M&A advisers, financial banks, financial and strategic consulting firms. All are established businesses with a solid trading record.” Firms such as Apax Partners, KPMG, The Gores Group, Riverside Europe Partners, Lincoln International, European Capital, Bryan, Garnier & Co, Qualium Investissement, Better Capital, Bencis Capital Partners, BlackFin, Verdoso, Apposite Capital, Arcano Corporate Finance, da vinci Capital, Easton Corporate Finance, Mountain Cleantech, Mayland, Izurium Capital, M&A International, Serena Capital, GEREJE Corporate Finance, Aloe Private Equity, Vulcain, AEC Partners, Ohana & Co, Consulnor, HDR Partners, Nordic Corporate Finance, Phidelphi Corporate Finance and many others have already signed up for Closing Circle.
22/05/2012

Man acquires FRM

Man Group (59bn of AUM) has agreed to acquire the entire issued share capital of FRM Holdings Limited, a global hedge fund research and investment specialist with funds under management of approximately USD8billion. Man will integrate FRM with its multi-manager business. Man and FRM’s combined multi-manager business will have total funds under management of approximately USD19 billion. The combined business will trade under the FRM brand and will be led by Luke Ellis, chief executive of Man Multi-Manager and previously managing director of FRM. Blaine Tomlinson, founder of FRM, will become non-executive chairman of the combined business.The contingent consideration to be paid over three years comprises a maximum of USD82.8 million in cash, net of total net assets acquired (subject to post-closing balance sheet adjustments) and dependent on asset retention a 47.5% share of performance fees attributable to FRM’s existing funds under managementover three years, subject to a cap.The deal is expected to be completed before the end of Q3 2012.
22/05/2012

BNP Paribas (Switzerland): assets down, but profitability improves

As of the end of December 2011, assets under management at BNP Paribas (Switzerland) totalled CHF37.4bn, down 9%. The bank earned pre-tax profits in 2011 of CHF414m, up 14% year on year. Revenues, however, were down 12% to CHF1bn. Operating profits rose 16% compared with 2010 to a total of CHF428m, due to a reduction in management fees (-3%) and capital gains on the sale of real estate properties.
22/05/2012

Swiss Fund Platform launched

Swiss Fund Platform, which claims to be the first Swiss independent fund distribution platform aimed at wealth managers, on 21 May announced the launch of its activities. “Wealth managers can consult the trading conditions at any time and rapidly receive detailed reports on their products in order to work with as much transparency as possible. All risks of conflict of interest must be minimised,” says Michael Däppen, Managing Director, in a statement. The platform already has 100 funds issued by 18 providers, including Man Investments, Bank Vontobel, Lombard Odier, Skandia and Banque Cantonale Vaudoise BCV. In addition to these, small investors such as Anaxis and Plenum Investments are also represented.
22/05/2012

Assets hold stable but profits down at Espirito Santo private bank

Assets under management at the Swiss private bank Espirito Santo remained virtually unchanged last year at CHF4.7bn, virtually unchanged compared with the previous year, despite an increase in the number of new clients. Net inflows were hindered by unfavourable evolution of the markets and currencies, and totalled CHF190m, which drove down assets under management by 1.6%. Net profits fell 28% to CHF4.6m, largely due to costs related to credit risks.
22/05/2012

Credit Suisse studying sale of JO Hambro IM

The Financial Times reports that Credit Suisse is studying a sale of JO Hambro Investment Management, its private management activity in the United Kingdom. A source familiar with the matter has confirmed that a sale of the business is under study, although no decisions have yet been taken.
22/05/2012

EFG International sells its shares to its largest shareholder

EFG International has agreed to sell its entire holding of approximately 10.2 million treasury shares - 7% - to its largest shareholder EFG Bank European Financial Group, a Swiss bank based in Geneva, at a price of CHF 7.43 per share, subject to the prorataclaw-back rights of other eligible shareholders.If EFG Bank European Financial Group acquired all 10.2 million treasury shares, its shareholding would increase to circa 56% vs a current holding of circa 49%."From a business standpoint, this transaction provides a stronger foundation for EFG International to build upon and reinforces its ability to focus on delivering medium term targets through disciplined, profitable growth (....)», according to a press release. «The sale of treasury shares also removes a source of uncertainty and evidences the largest shareholder’s commitment to EFG International and EFG International’s stated objective to remain a leading independent private bank».
22/05/2012

Martin Currie opens Asian Long Term fund to investors

On 21 May, the Scottish asset management firm Martin Currie announced that it is opening the UCITS IV-compliant version of its Asian Long Term Unconstrained (ALTU) strategy to investors, in the form of a sub-fund of its Luxemborg Sicav Martin Currie Global Funds. It will be available in share classes denominated in US dollars, pounds sterling and euros.The Martin Currie GF – Asia Long Term Unconstrained Fund is managed by Jason McCay and Andrew Graham, who are already responsible for USD441m in the ALTU strategy. The unconstrained portfolio will have 20 to 30 holdings, and will be managed with a long-term absolute return approach, and the objective of minimising transaction costs and limiting volatility.The managers will place particular emphasis on the transparency of books and good governance at businesses selected.
22/05/2012

Institutional investors becoming less loyal to their managers

According to a survey on German institutional funds (Spezialfonds) by the Kommalpha and Telos agencies, obtained in advance of its release by the Börsen-Zeitung, more than one in two institutional investors is disposed to change its asset mangement firm in the next twelve months. One year ago, in the previous edition of the survey, only one in three institutional managers said it was considering changing managers.
22/05/2012

La compensation des swaps sous l’œil des régulateurs

Selon Bloomberg, le Financial Stability Oversight Council s’apprête à désigner certaines chambres de compensation de swaps comme étant d’importance systémique afin de les soumettre à une supervision renforcée. Dans le cadre de Dodd-Frank, les chambres de compensation ont l’obligation de compenser la plupart des swaps sur le marché des dérivés OTC, évalué à 708.000 milliards de dollars.
22/05/2012

Financière Hélios réduit sa dette

L’actionnaire de référence de Séchilienne-Sidec, contrôlé par les fonds gérés par Apax Partners et par Altamir Amboise, a scellé un accord avec ses partenaire bancaires visant à ramener le montant de sa dette à 40 millions d’euros. Le montant initial à la mise en place du crédit en juillet 2008 était de 145 millions. La dette sera remboursée intégralement en une fois à l’échéance du contrat.
22/05/2012

Pékin bénéficie d’un accès direct aux émissions américaines

La Banque Populaire de Chine (PBOC) bénéficierait d’un accès direct aux obligations émises par le Trésor américain, alors que les autres acheteurs passent par l’intermédiaire des banques, selon Reuters. Une manière pour Pékin, premier créancier des Etats-Unis avec 1.170 milliards de dollars de titres, de bénéficier de cotation plus avantageuses.
22/05/2012

Des fonds à l’assaut de la F1

Reuters croit savoir de source proche que les gestionnaires d’actifs Waddell & Reed, BlackRock et Norges Bank Investment Management ont acquis auprès de CVC Capital une part au capital du circuit automobile qui prépare une IPO à Singapour pour 1,6 milliard de dollars. La part de CVC est ainsi passée selon cette source de 63,4 à 40%.
22/05/2012

Des anciens de la SG créent un fonds alternatif

Frédéric Lasserre, l’ancien directeur de l’investissement dans les matières premières de la Société Générale, prévoit de lancer au quatrième trimestre un fonds d’arbitrage avec deux de ses anciens collègues, Christophe Cordonnier et François Beuzelin. Belaco Capital investira dans les futures sur les matières premières, dont l’énergie, les métaux et l’agriculture. Les fondateurs tablent sur une mise de 100 millions d’euros au premier trimestre de 2013.
22/05/2012

Les gestions défensives ont accru leur gain annuel en avril

La performance annuelle des fonds offrant un profil défensif - monétaire et obligataire - s’est accélérée au mois d’avril en France à la faveur du net regain d’aversion pour le risque des investisseurs, montrent les données compilées par Lipper. Le gain des gestions obligataires est passé de 5,6% fin mars à 6,1% fin avril et celui des fonds monétaires de 1,5% à 2%.
22/05/2012

Parvus se renforce dans Havas

Le fonds britannique Parvus Asset Management a acquis la semaine dernière de nouvelles actions du capital de Havas, portant à 17,41% sa participation dans le groupe publicitaire dont il est le deuxième actionnaire derrière Vincent Bolloré, selon l’AMF. Le titre Havas a clôturé en hausse de 3,16% à 4,01 euros.
22/05/2012

Une correction temporaire ou un long marché baissier ?

L’indicateur de tendance de marché mesure l’intensité des tendances haussières (indicateur croissant et supérieur à 1) et baissières (indicateur décroissant et inférieur à 1) observées sur plusieurs horizons temporels.
22/05/2012

L’alpha résiste dans des marchés turbulents

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois d’avril 2012. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.

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