After barely three and a half years, Lehman Brothers on Tuesday exited from Chapter 11 bankruptcy protection under US bankruptcy law, the Financial Times reports. But the firm no longer has any connection with what brought down the business in September 2008, and there remain many lawsuits against the defunct investment bank, related in particular to the bankruptcy of its British affiliate, and lawsuits seeking several billions of dollars from JP Morgan Chase and Citigroup.The Lehman bankruptcy will have made USD550m for the hedge fund manager Paulson, however. Other winners out of the business will be the lawyers and other specialists who made USD1.6bn, of which USD512m went to the law firm Alvarez & Marsal, a specialist in restructuring.

R. Allen Stanford was on Tuesday found guilty of orchestrating a Ponzi plan worth USD7.1bn, the Wall Street Journal reports. At the conclusion of a criminal trial that lasted nearly three years, a jury of eight men and four women found the defendant guilty of 13 counts out of 14 against him, for fraud, conspiracy, money laundering and obstructing law enforcement. He faces a sentence of up to 230 years in prison. Stanford’s lawyers have told journalists that they will appeal the verdict.

Following a filing by UBS, an examining chamber at the Paris court of appeals has ordered the judge, Renaud Van Ruymbeke, to deepen his consideration of the role of BNP Paribas in subscriptions to Madoff funds, Les Echos reports. “The responsibility of Bernard Madoff does not rule out the hypothesis of fraudulent behaviour by intermediaries such as BNP,” the judges of the examining chamber note. They have therefore instructed Van Ruymbeke to continue his investigation into activities in the British Virgin Islands, Switzerland and Luxembourg, where funds managed by Madoff were domiciled.

The Swiss bank UBP has launched in France the UBAM – Europe Equity Dividend+ fund, a fund which invests in shares in European businesses which pay stable dividends, and which includes a put strategy to profit from volatility. The product, launched on 15 December 2011, is designed to benefit of an equities market “that is expected to oscillate between -15% and +15% per year over the next three years,” says Dominique Leprévots, chairman of the board at UBI, the French arm of UBP, which unveiled the product on Tuesday. “To this end, it is essential to focus on the quality of businesses and also to use equities more for the revenues that they can generate, than for the gains. The portfolio will thus invest in equities from large European companies with a defensive profile which pay consistent dividends and generate stable returns of 5% per year,” explains the director. “In addition, we want to profit from volatility. To do that, we sell calls on equities that we have in the portfolio, which can also earn 5%. This systematic call sale strategy aims to limit losses in phases of falling markets, but on the other hand partly limits thee gains when the shares rise. The portfolio thus aims for gross returns of 10% per year. The fund is managed by a team in London led by Rob Jones and Scott Meech, co-heads of European equities, who have both been fund managers at Threadneedle. It also includes two option hedging experts. The fund, which was originally created for institutional investors, to whom, of course, the fund is aimed, will also be made available to individuals, largely via platforms. Assets total about EUR50m, though it has the capacity for up to EUR500m. Name of the fund: SICAV UBAM Name of sub-fund: UBAM – Europe Equity Dividend + Legal format: Umbrella fund, UCITS, domiciled in Luxembourg ISIN code: AC : LU0717718067 ; IC : LU0717719891

KBL Richelieu Gestion has decided to alter the positioning of its KBL Richelieu Valeur 25 fund. The performance of the LBK Richelieu Valeur 25 fund had previously been based at least 75% on that of money markets, and up to 25% on that of equities markets. As the contribution of money markets was modest, the money market allocation has been opened to other fixed income products, and particularly private bonds issued in euros, the asset management firm states. Despite an increase in the risk profile for the fund, allocation continues to be guided by the search for low volatility. Exposure of the fund to high yield or unrated debt may not exceed 25% of assets. This change in management has also brought a new name for the fund: KBL Richelieu Valeur 25 is now known as KBL Richelieu Valeur.

The Axe France building (22,000 square metres in the 13th district of Paris) has been sold for EUR166m by the open-ended real estate fund Deka-Immobilien Global to a group of French investors advised by DTZ Asset Management.The property was acquired in 2001 by the German asset management company; it was repositioned in 2010 to be more suitable for institutional investors seeking core property investments, which put it in line to benefit from the present taste for this category, and to earn gains (undisclosed).

The Liechtenstein private bank VP Bank has seen a fall in its net profits of nearly 63% in 2011, to CHF6.4m, compared with CHF17.2m in 2010, which confirms unaudited results that had previously been released. Dividend has been reduced considerably, to CHF1.50 per share for the shareholder and CHF0.15 for the nominative shareholder, compared with CHF3.30 and CHF0.35 respectively in the previous period, a statement released on 6 March states. As announced in January, net inflows totalled CHF1bn, compared with CHF0.1bn in 2010. Assets under management as of 31 December 2011 totalled CHF27.4bn, compared with CHF28.2bn. VP Bank says in a statement that it will no longer be maintaining a permanent present in Munich, and that it will be discontinuing its private management activities at VP Vermögensverwaltung GmbH during this year.

Cazenove Capital is planning to launch a European income fund, which will be managed by Chris Rice, head of pan-European acitvities, Money Marketing reports. The fund, which will be made available to investors in May, will aim for returns higher than the FTSE World Europe index. The fund will invest in a “relatively concentrated” portfolio of 30 to 50 European shares, on the basis of a cyclical portfolio construction approach.

The British government is planning to lower its marginal income tax rate, currently set at 50%, to replace it with a wealth tax to be determined, Les Echos reports. Conservatives are seeking not to penalise the middle class, while remaining attractive to foreign high net worth investors.

The British banking group HSBC on 7 March announced in a statement that it is selling its insurance activities in four countries for a total of USD914m (EUR695.5m), in two different operations, to the French firm AXA and the Australian QBE. The transactions “will allow us to concentrate our capital and resources on the growth of our core activities, including the development of our wealth management capacities,” the chairman and CEO of the banking group, Stuart Gulliver, says in a statement. HSBC Insurance (Asia), HSBC Insurance (Singapore), and HSBC Seguros, all three affiliates of HSBC, will sell their general insurance portfolios in Hong Kong, Singapore and Mexico to AXA, for about USD494m in cash, the bank says. HSBC has also decided to sell its general insurance activities in Argentina to QBE Insurance. Under this separate agreement, the Australian group will also buy Hang Seng General Insurance (Hong Kong), an affiliate of Hang Seng Bank, based in Hong Kong and 62% controlled by HSBC. For these two acquisitions, QBE will pay USD420m.

The global head of portfolio management and manager of a fund of funds at HSBC Alternative Investments Limited (HAIL), Tim Gascoigne quit his job last month, the bank announced at the beginning of this week, the news agency Reuters reports. The unexpected departure follows a decision on the part of the bank to merge its discretionary and advising activities. The duties assumed by Gascoigne have been taken over by Faraz Sultan, head of advising, who will now be bead of the merged discretionary and advising activities. Assets under management at HAIL total USD7.8bn, including funds of funds, private equity and real estate. Assets in funds of funds managed by Gascoigne totalled USD2.4bn. Gascoigne was in charge of about USD4bn in alternative investments, out of USD38bn managed by HSBC in the unit.

Henderson Global Investors has announced that assets under management for its real estate unit, Henderson Property, increased by GBP600m in 2011, to a total of GBP12.4bn. Inflows last year totalled GBP1bn. The United Kingdom, Germany and the United States last year continued to produce solid returns, and will represent a significant part of the portfolio again in 2012. In addition to Asian growth markets, Henderson Property will continue to explore investment opportunities in Scandinavian countries. In France, assets under management total GBP761m.

La RBI a étendu son programme de rachat d'actifs et pourrait procéder le 15 mars à une nouvelle baisse du ratio des réserves obligatoires

Les autorités britanniques et des banques participant à la fixation du taux de référence se sont réunies en début de semaine

Les analystes saluent le fait que les émissions réalisées depuis le début de 2012 ne soient pas seulement adossées à des prêts allemands

Le fonds a enregistré un rendement de 0,37% en 2011. Les encours s’établissaient à 35,1 milliards d’euros contre 37 milliards un an plus tôt

Les banques Deutsche Bank, Goldman Sachs et UBS, ainsi que Russell Investments auraient créé un nouvel indice de petites et moyennes capitalisations («small» et «mid cap») nommé «Russell Europe SMID 300», selon le journal. L’indice, qui aurait même débuté sa cotation dès hier, réunit des sociétés ayant une capitalisation comprise entre 200 millions et 7,5 milliards d’euros.

Les deux assureurs s’emparent pour un montant total de 914 millions de dollars, dans le cadre de deux opérations distinctes, des activités d’assurance dommages mises en vente par HSBC en Asie et en Amérique Latine. Un large accord de distribution exclusive a également été signé.

Les effectifs de la cellule augmentent mais aussi les informations qu'elle doit traiter avant de transmettre des dossiers à la justice

Le PDG du Tokyo Commodity Exchange, Tadashi Ezaki, songerait à profiter de sa visite aux Etats-Unis samedi pour demander au Chicago Mercantile Exchange de porter sa participation dans l’opérateur boursier japonais à 20% dans le cadre d’un renforcement de leurs liens, selon le journal. Une alliance qui permettrait au CME d’introduire ses produits à Tokyo et qui faciliterait les opérations avec les investisseurs nippons.

Le Trésor transalpin va proposer des obligations indexées sur l'inflation. Il compte sur l'appétit des Italiens pour les titres d'Etat

L’Association des plus importants fonds de pension australiens, qui totalisent plus de 300 milliards de dollars locaux en actifs, réclamerait la démission du PDG de News Corp et la nomination de directeurs indépendants, indique l’Australian Financial Review. Rupert Murdoch ainsi que ses deux fils occupent actuellement chacun un siège au comité de direction, qui en compte seize.

A l’occasion d’un LBO secondaire, le management a porté sa participation à 70% du capital du groupe de conseil IT et d’infogérance informatique sélective. Naxicap Partners a décidé de remettre 7,7 millions d’euros, suivi par Axa Private Equity, tandis qu’EPF Partners s’est invité au capital. Naxicap Partners réalise un TRI de 31 % sur son investissement initial. Le groupe vise un chiffre d’affaires de 200 millions d’euros à l’horizon 2016.

La filiale de BNP Paribas a fait part de sa volonté de lancer de nouveaux fonds destinés aux institutionnels. Business Immo, qui a rapporté l’information, évoque un second fonds dédié au commerce, un OPCI hôtelier, un fonds axé sur le développement, redéveloppement ou rénovation d’immeubles de bureaux dans les grandes villes françaises et un fonds italien core spécialisé dans les panneaux photovoltaïques.

Les parlementaires français ont adopté définitivement hier un projet de loi, dévoilé le 29 janvier par Nicolas Sarkozy et présenté par Benoist Apparu, ministre délégué au Logement, visant à augmenter de 30% les droits à construire pour une période de trois ans. Elle vise à relancer ce secteur et, au-delà, l'économie.

L’homme d’affaires texan Allen Stanford a été reconnu coupable d’avoir monté une escroquerie de 7 milliards de dollars de type pyramide de Ponzi. Allen Stanford avait été arrêté en 2009, accusé de fraudes et de multiples violations des lois américaines sur les transactions financières. Il encourt près de 20 ans de prison.

L’Autorité de contrôle prudentiel (ACP) a ouvert fin septembre 2011 une procédure disciplinaire à l’encontre de la Société Générale, indique le groupe dans la section «risques juridiques» de son document de référence 2012. Une décision qui fait suite à «une enquête, auprès de la banque privée, portant sur les dispositifs de contrôle de conformité et les dispositifs de lutte contre le blanchiment des capitaux et le financement du terrorisme», précise la banque. Le gendarme du secteur financier s’intéresserait aussi à d’autres banques privées, puisque «cette mission de l’ACP s’inscrit dans un programme qui touche progressivement l’ensemble des grands établissements français», poursuit la Société Générale. Dans un autre dossier, celui d’éventuelles manipulations des taux Libor (lire page 3) et Euribor, le groupe confirme avoir reçu, comme d’autres grandes banques, des demandes de renseignements de la part des autorités américaines et européennes.

Qatar Sports Investments (QSI) a racheté la participation de 30% qu’il restait à Colony Capital dans le Paris Saint-Germain, concluant ainsi sa prise de contrôle du club de football, selon une porte-parole de Colony. Selon Wansquare, les parts de Colony Capital ont été rachetées sur la base d’une valeur de 100 millions d’euros pour le club.

Le Brésil a enregistré une croissance économique de 2,7% en 2011, bien inférieure aux 7,5% de 2010. La croissance a été de 0,3% au quatrième trimestre 2011, un peu plus élevée que le consensus qui donnait 0,2% d’un trimestre sur l’autre, après une contraction de 0,1% au trimestre précédent, a fait savoir l’organisme de la statistique IBGE.

Tokyo a acheté 160 millions d’euros de bons à 3 mois émis par le Fonds européen de stabilité financière, soit moins de 5% de l'émission totale de 3,44 milliards. L’opération a reçu un accueil solide avec un ratio de couverture de 2,0. Le Japon a prévenu qu’il poursuivra ses achats en puisant dans ses réserves de devises liquides en euros.