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26/08/2011

Assets under management down in first half at LLB

The Liechtensteinische Landesbank (LLB) has posted net inflows in first half up slightly to CHF523m, the bank announced in a statement on 25 August. However, assets under management as of the end of June totalled CHF48.7bn, compared with CHF49.8bn as of the end of December 2010, due to the negative impact of currency exchange rates (-2.7%) and the negative performance of the market (-0.5%).
26/08/2011

TPG Capital acquires 30% of Saxo Bank

Following an acquisition agreement, an affiliate of the investment fund TPG Capital will acquire a 30% stake in Saxo Bank, with an option to increase the stake to 40%. The shares will be sold by existing shareholders in the bank, including General Atlantic, an international investment fund, and Banco Espirito Santo, one of the largest Portuguese banks, among others. The founders of the firm, Kim Fournais and Lars Seier Christensen, will retain majority stakes, and will continue to serve as co-presidents of the group, even if TPG Capital does acquire a 40% stake in the firm, a statement says. The acquisition by TPG Capital is subject to approval by regulators and antitrust authorities.
26/08/2011

Warren Buffett to invest USD5bn in Bank of America

Berkshire Hathaway, Warren Buffet’s company, is going to invest USD5 billion in Bank of America. Bank of America Corporation announced on August 25 that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of USD100,000 per share to Berkshire Hathaway in a private offering. The preferred stock has a dividend of 6 percent per annum, payable in equal quarterly installments, and is redeemable by the company at any time at a 5 percent premium. In conjunction with this agreement, Berkshire Hathaway will also receive warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of USD7.142857 per share. The warrants may be exercised in whole or in part at any time, and from time to time, during the 10-year period following the closing date of the transaction. The aggregate purchase price to be received by Bank of America for the preferred stock and warrants is USD5 billion in cash.
26/08/2011

Hong Kong management specialist recruited by Citi

The Asian management specialist Stewart Aldcroft has joined the global transaction services division of Citi, according to Asian Investor. Aldcroft previously worked at the Hong Kong management firm EIP (Enhanced Investment Products). He began on 22 August in his new role as managing director and senior advisor for investor services in the Asia-Pacific region.
26/08/2011

CFOs have a growing involvement with sustainable development issues

Chief financial officers are playing an increasingly important role in the definition and communication of socially and environmentally responsible policies at their businesses, a report published by Ernst & Young funds. This is for a simple reason: investors want to evaluate the financial performance of businesses in the light of their social and environmental impact. Hence the increasingly prominent place of ESG criteria in the current fiscal year, which has gradually become the province of CFOs, whose responsibilities have been enlarged into an area that extends well beyond the expertise required of them a few years ago. The CFO is now expected to lay out the sustainable development policies of businesses to investors, who now view the financial and extra-financial performance of a company as two sides of the same coin. A growing number of instruments to measure sustainable development are also a manifestation of this fundamental trend. Shareholders in companies are also tuned in to these issues: in 2011 general shareholders’ meetings, 40% of proposals voted on were related to social or environmental issues. While in 2005, only 3% of resolutions which were social or environmental in nature received 30% or more votes in favour, in 2001, 31.6% of resolutions achieved this level of support. Reporting on sustainable development has become the norm. According to Ernst & Young, an integrated report on sustainable development and financial results may become the new standard by the end of this decade.
26/08/2011

Berenberg recruits three specialists in London in two months

German asset manager and private bank Berenberg has recruited Max White, senior private banker at Morgan Stanley, for its British private banking affiliate, WealthBriefing reports. White becomes head of clients for the Channel Islands, the Isle of Man and the North-Western United Kingdom.The recruitment is the third in two months by the two directors, Fred Harvey and Ross Elder, following the recruitment of Richard Brass, who arrived in July from Schroders Private Banking, and Matthew Stemp, who will have dual duties in private banking and asset management (Berenberg Asset Management) in London and Hamburg. Stemp joins from UBS Global Asset Management.
26/08/2011

Brevan Howard profits from markets turmoil

In the past three weeks, the British hedge fund management firm Brevan Howard (USD32bn) has made more than USD1.5bn due to turbulence on the markets, because it had already been positioned to anticipate a global downturn since the beginning of the year, the Financial Times reports.Like most hedge funds, Brevan Howard has suffered due to market volatility for the past year. Recent gains, however, will allow its Master Fund, which showed neither gains nor losses for this year, to post gains of 11% YTD, according to a source familiar with the matter. This comes in an environment in which the average global macro hedge fund has lost 0.2% since the beginning of the year, according to Hedge Fund Research.
26/08/2011

Profits at ATP down by more than one third

The Danish pension fund ATP on 25 August announced net profits of DKK8.1bn (about EUR1.1bn) for first half 2011, compared with DKK12.7bn in the corresponding period of last year. The positive bottom line is primarily due to exposure to inflation-linked bonds.Although investments generated profits of DKK8.4bn, hedging operations cost DKK1.3bn, while modifications to guaranteed pension benefits brought an improvement of DKK1bn to accounts.As of 30 June, ATP managed DKK469bn for 4.7 million policyholders. The fund delivered benefits in January-June of DKK5.5bn to nearly 813,000 pensioners.Annually updated statistics have also shown that life expectancy for those aged 65 has increased by 3 1/2 months for men, and 2 months for women.
26/08/2011

Vanguard to launch a range of six Canadian ETFs

In a notification to the Canadian market regulator, Vanguard has announced plans to launch a range of ETF funds domiciled in Canada. The range, composed of six products, will allow investors to track the evolution of the MSCI Canada index and five other equities and bond indices.
26/08/2011

John Paulson sees heavy losses in August

The situation has not turned out well for John Paulson in August, the Financial Times reports. His flagship fund, Advantage Plus had lost 38.7% since the beginning of the year as of Friday, according to a source familiar with the matter. The fund has lost 22% in the first 19 days of August. Paulson suffered in particular from the plummeting Hewlett-Packard share price.
26/08/2011

JP Morgan AM adds Threadneedle funds to its range

JP Morgan Asset Management on 24 August announced that it is adding to the range of products on offer on its WealthManager+ platform, with the inclusion of 51 funds from Threadneedle, bringing the number of third-party funds available to slightly over 600.
26/08/2011

Commodity funds see outflows of nearly USD4bn in second quarter

In second quarter 2011, commodity funds posted an outflow of USD3.9bn, according to statistics from Barclays Capital. All categories of products were affected, including soft commodities and energies in particular. Assets under management nonetheless remain above USD400bn, with a total as of the end of June of USD410bn.
26/08/2011

Outflows from hedge funds in the two months to the end of July

In the past two months to the end of July, hedge funds have faced net redemptions totalling USD1.8bn, after attracting USD13.9bn in the first five months of the year, according to estimates by TrimTabs, which may yet be subject to significant corrections, as 21% of hedge fund managers have not yet disclosed figures about the evolution of their assets and their performance in the month of July.In July, multi-strategy funds attracted a record USD16.2bn. In the first seven months of the year, these funds have earned 1.4%.Fixed income funds and macro funds have seen significant inflows since the beginning of the year, of USD15.1bn for the former, and USD9.5bn for the latter. Fixed income funds have earned 5.1% in the first seven months of the year, while macro funds have lost 1%.
26/08/2011

EUR29bn in outflows from UCITS in June

In June, even before the turmoil in the global markets, investors were already holding back from risky assets due to uncertainties over the strength of the economic recovery and increasingly visible tensions in European debt markets.According to the most recent statistics from the European Fund and Asset Management Association (EFAMA), which brings together 23 professional associations representing more than 97% of total UCITS and non-UCITS assets, UCITS witnessed a swing in net sales in June to record net outflows of EUR29bn, after recording net inflows of EUR 22 billion in May. This turnaround in net sales is attributable to large net outflows from money market funds and reduced net sales of equity and bond funds. Long-term UCITS (UCITS excluding money market funds) experienced reduced net inflows in June of EUR 7 billion, down from net inflows of EUR 16 billion in May. Balanced funds continued to record strong net sales in June increasing to EUR 6 billion, up from EUR 5 billion in May.Bond funds, however, experienced a drop in net sales to breakeven point in June, after recording net inflows of EUR 8 billion in the previous month. Equity funds experienced a turnaround in net flows during the month to record net outflows of EUR 3 billion, after recording net inflows of EUR 1 billion last month. Money market funds experienced large net outflows in June amounting to EUR 36 billion, significantly lower than the net inflows of EUR 6 billion recorded in May.
26/08/2011

RWC Partners lance un fonds value international

La société de gestion britannique RWC Partners vient de lancer un fonds value international qui sera piloté par des anciens gérants de Schroders, Nick Purves et Ian Lance, rapporte Investment Week. Il s’agit du troisième fonds confié aux deux gérants qui ont toujours donné la priorité à une approche value doublée d’une forte propension à l’international. Le fonds Income Opportunities, l’un des deux fonds qu’ils gèrent depuis leur lancement l’an dernier, affichait au 30 juin une poche de près de 50% dédiée à l’international. Le fonds, qui a été doté de capitaux maison à l’occasion de son lancement, est ouvert aux investisseurs mais RWC Partners n’envisage pas de pousser cette offre auprès des investisseurs externes avant au moins douze mois.
26/08/2011

Axa Wealth predicts major growth in assets under management

In early August, Axa Wealth announced in a statement that it plans to triple its assets under management by 2015. Its managing director, David Thompson, has recently told the specialist site MoneyMarketing that the goal is to achieve assets of about GBP45bn by 2015. This optimism is based on strong growth in assets under management at Axa Wealth, thanks to the Elevate distribution platform. In first half, assets under management on the platform increased 107% compared with first half 2010, to GBP2.9bn. Activity on Elevate represents 40% of total sales, compared with 21% in the corresponding period of 2010. Assets under management at Axa Wealth, which also includes Architas (with assets up 48% in twelve months, to GBP8.6bn), have increased 21% in the past twelve months, from GBP15.6bn to GBP18.9bn.
26/08/2011

RWC launches an international deep value fund

The British asset management firm RWC Partners has announced the launch of the RWC Global Value fund, an unconstrained UCITS-compliant deep value fund, which may invest up to 100% of its assets abroad. RWC will provide the seed capital, but has no plans to open the fund to external investors for one year.The managers are Nick Purves and Ian Lance, who were recruited by the firm in August 2010. They left Schroders (which has since acquired a 49% stake in RWC) in May 2010; they will be assisted by John Teahan, also formerly of Schroders, as an analyst.
26/08/2011

A London hedge fund closes its doors

Jonathan Sharpe and Ralph Jainz, who founded Ratio Asset Management in late 2005, have decided to close the Ratio European Fund and return all assets to investors. The catalyst has been fund redemptions by two of their largest long standing investors and in the light of this and continued market uncertainty, they believe this is the best course of action for our investors. According to Financial News, the investors withdrew USD60m on total assets under management of USD160m. During 2010 the fund delivered a return of 12.7%, but this year stock selection has not proved profitable. The fund is currently down just over 4% year to date. Since its launch in February 2006, the fund produced a net return of over 25%.“We fully intend to return to the fray with another investment vehicle in the future”, Jonathan Sharpe and Ralph Jainz write in a letter to investors.
26/08/2011

SEB AM invests in Warsaw

For its institutional fund SEB Europe REI, the German asset management firm SEB Asset Management has acquired a wholly-leased office building in Warsaw for EUR38m. The vendor of the 13,270 square metre property is Investec GLL Global Special Opportunities Real Estate Fund. The Polish portfolio of the various SEB AM funds now includes 8 properties, with an area of 199,200 square metres, and a book value of EUR352m.
26/08/2011

Libyan sovereign fund under investigation

The Libyan National transitional council has appointed Mahmoud Badi to track foreign assets belonging to the country, including those held by the sovereign fund Libyan Investment Authority, with total assets of USD65bn, and to investigate potential corruption, the Financial Times reports. Badi, who hopes that the sovereign fund will have a new board in three months, has told the Financial Times that several LIA funds have lost as much as 40% of their value in the past six months, but that asset management firms were still making millions of dollars in fees.
26/08/2011

Hausse surprise des inscriptions au chômage aux Etats-Unis

Les inscriptions au chômage aux Etats-Unis ont augmenté contre toute attente lors de la semaine au 20 août, à 417.000 contre 412.000 (révisé en hausse) la semaine précédente, a annoncé le département du Travail. Les économistes attendaient en moyenne 405.000 inscriptions au chômage la semaine dernière, après 408.000 annoncées initialement pour la semaine précédente.
26/08/2011

Les Etats-Unis veulent réévaluer le risque sismique

L’autorité américaine de régulation du secteur nucléaire (NRC) a annoncé hier qu’elle demanderait aux opérateurs des 104 réacteurs du pays de réexaminer leurs risques sismiques afin d’améliorer, si besoin est, leur résistance. La NRC a indiqué que selon ses études préliminaires, la conception des centrales au regard du risque sismique était adéquate et qu’elle fournirait avant la fin de l’année à ces opérateurs un système d’analyse leur permettant de réaliser «une évaluation actualisée».
26/08/2011

Le moral des ménages allemands recule

Le moral des consommateurs allemands devrait légèrement se dégrader en septembre, touchant un plus bas de dix mois dans le contexte de la crise de la dette en zone euro et de la crainte d’une récession aux Etats-Unis, montre jeudi l’enquête mensuelle de l’institut GfK. Cet indicateur avancé du sentiment des consommateurs, calculé sur la base d’une enquête auprès d’environ 2.000 personnes, ressort en baisse à 5,2 pour septembre contre 5,3 pour août, mais en ligne avec le consensus.
26/08/2011

Pékin s’inquiète de la crise de la dette en Europe

La Chine est préoccupée par la crise de la dette en Europe et espère que cette dernière prendra des dispositions pour protéger les investissements chinois sur place, a déclaré hier le président chinois Hu Jintao à Nicolas Sarkozy jeudi. Hu Jintao a également dit à son homologue français que Pékin espérait que l'économie européenne maintienne sa stabilité et qu’il avait toute confiance en l'économie européenne et l’euro, a rapporté la télévision chinoise.
26/08/2011

L’Italie monte en première ligne pour l’aide à la Libye

Mahmoud Djibril, Premier ministre du CNT, le gouvernement rebelle en Libye, a souligné hier l’urgence pour l’Occident de venir en aide aux nouvelles autorités et à la population du pays, faute de quoi celui-ci risquait la déstabilisation. Le gouvernement «ne pourra pas répondre à ses priorités s’il n’a pas tout de suite l’argent nécessaire», a déclaré le dirigeant libyen. Le président du Conseil italien Silvio Berlusconi a annoncé à cette occasion que Rome allait commencer à débloquer 350 millions d’euros d’avoirs libyens, sur un total de 5,5 milliards d’euros gelés dans des banques italiennes en raison de la guerre civile. Eni, le plus important groupe énergétique étranger en Libye, doit également signer un accord sur la fourniture gracieuse d’une «grande» quantité de pétrole afin de répondre aux besoins les plus immédiats de la population, a ajouté le chef du gouvernement italien.
26/08/2011

La remontée du chômage français s’accélère en juillet

L’augmentation du chômage en France s’est accélérée en juillet pour retrouver un niveau sans précédent depuis février 2000, montrent les statistiques publiées hier par le ministère du Travail et Pôle Emploi. Le nombre de demandeurs d’emploi en catégorie A (ceux n’ayant exercé aucune activité au cours du mois) en France métropolitaine a augmenté de 36.100 (+1,3%) le mois dernier pour s'établir à 2.756.500. Sur un an, le nombre de chômeurs en catégorie A a progressé de 2,8%, soit 76.200. En ajoutant les personnes exerçant une activité réduite (catégories B et C), la hausse du nombre de demandeurs d’emploi est ramenée à 0,6%, soit 24.300 personnes de plus en un mois, pour atteindre 4.128.000. En rythme annuel, la progression pour ces trois catégories confondues est de 4,3%. Le nombre d’inscrits à Pôle Emploi depuis un an ou plus a quant à lui augmenté de 0,8% par rapport à juin et bondi de 9,2% sur un an.
26/08/2011

La correction de l'or pourrait ne pas durer

Le cours du métal jaune a chuté de 7,4 % en trois séances à 1.758 dollars l'once après les relèvements des appels de marges du CME et les prises de profits des investisseurs

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