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20/12/2010

GlobeOp announces record assets under administration

p { margin-bottom: 0.08in; } GlobeOp, a British-American independent provider of administration services, specialised in middle and back offices and integrated risk reporting, aimed primarily at hedge funds and management firms as well as pension funds, corporate treasurers, insurers and banks, is in good shape. In the period from 30 June to 30 November, assets under administration increased 24% to USD148bn, Hedgeweek reports.
20/12/2010

Mubadala invests EUR500m in Carlyle

p { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Mubadala, on 17 December announced that it has increased its stake in the Carlyle Group with an investment of USD500m in subordinated convertible bonds and new equities. The precise financial details of the operation have not been disclosed. In September 2007, Mubadala acquired 7.5% of the US private equity investor for USD1.36bn.
20/12/2010

Jay Hooley to combine roles of CEO and chairman at State Street

p { margin-bottom: 0.08in; } On 16 December, State Street Corporation announced that, following the retirement of Ronald E. Logue, Joseph “Jay” Hooley will combine his current position as CEO, which he has held since March, with the position of chairman. The appointment by the board of directors will be effective from 1 January 2011.
20/12/2010

FRR launches a call for proposals for bond mandates

p { margin-bottom: 0.08in; } The FRR on 17 December launched a call for proposals to select new managers for mandates to invest in bonds in developed countries in the investment category. The call for proposals aims to ensure the coherence of the FRR”s portfolio with the details of the retirement financing reforms (14 annual payments of EUR2.1bn by the FRR to Cades from 2011 until 2024). The impact of these details on the global investment strategy of the Fund will be the subject of a subsequent communication early next year. For this market, the public market procedure selected is that of a restricted call for proposals consisting of two rounds: Mandates for liability-driven investments in French treasury bonds (OAT) with “buy & hold” type management. Passive “multi-compartment” management investing in bonds from developed countries in the “investment” category. The procedure selected is that of a restricted call for proposals. Interested management firms will have until 31 January 2011, at noon (Paris time) to respond to the FRR within the conditions specified by the consultation rules.
20/12/2010

IT Asset Management: assets up by two thirds in 2010

p { margin-bottom: 0.08in; } As of 17 December, assets at the independent management firm IT Asset Management were over EUR200m, in a total of six French and Luxembourg-registered funds. This represents an increase of two thirds compared with EUR120m in assets as of the beginning of January, with one third of the increase due to market effects, and two thirds due to net subscriptions.
20/12/2010

Assets in ETF and ETP funds top USD1trn

p { margin-bottom: 0.08in; } According to BlackRock, assets in ETF and ETP funds listed in the United States totalled USD1.027trn as of Thursday night, the Wall Street Journal reports. This includes 894 ETFs with USD887.2bn in assets, from 28 providers, listed on two stock markets, and 185 TP funds with USD155.5bn in assets, from 20 providers, listed on one stock market. As of the end of 2009, BlackRock counted 772 ETFs with assets of USD705.5bn, from 29 issuers. Since the beginning of this year, 171 ETFs have been launched, 49 have been removed from trading, and 828 others are planned. The number of ETP products as of the end of last year was 142, with assets of USD88.1bn.
20/12/2010

Madoff: Barbara Picower decides to pay back USD7.2bn

p { margin-bottom: 0.08in; } The widow of Jerry Picower announced on 17 December that she will pay back USD5bn to the court-appointed trustee for Bernard L. Madoff Securities, Irving Picard, and USD2.2bn to a Manhattan prosecutor’s office, the Wall Street Journal reports. The two payments, intended to redeem the memory of the deceased Jerry Picower, which were not required by the courts, will be redirected to victims of the fraud. The article in the Wall Street Journal includes a graph of the sums sought by Picard: USD9bn from HSBC, USD6.4bn from JP Morgan, USD3.6bn from Fairfield Greenwich Group, and USD2.5bn from UBS. Meanwhile, the liquidator has already received USD500m from Union Bancaire Privée, and USD235m from Santander. Expansión reports that USD425m is sought in lawsuits against Citibank, USD400m from Natixis, USD270m from ABN Amro, USD230m from Fortis Nederland, USD35m from Nomura, USD34m from BBVA, and USD16m from Merrill Lynch.
20/12/2010

Bank of France issues warning

p { margin-bottom: 0.08in; }a:link { } The Bank of France is issued a public warning, after being alerted on Friday, 17 December 2010, that there has been a phishing attack using the email address webmestre@banquefrance.fr. A fake letter claiming to be from the Bank of France at this address asks recipients to connect to a web page bearing “Verified by Visa” and “Mastercard SecureCode” logos. On this page, surfers are asked to enter personal information, including bank card number, expiration date, and security code. The Bank of France says that it did not send the message, and warns recipients not to divulge any personal information on the internet.
20/12/2010

European Systemic Risk Board begins operations

p { margin-bottom: 0.08in; } The European Central Bank (ECB) at the end of last week announced that legislation creating the European Systemic Risk Board (ESRB) has come into effect. The headquarters of the ESRB are located in Frankfurt-am-Main, and its secretariat is provided by the European Central Bank (ECB). The ESRB is in charge of macro-prudential surveillance of the financial system within the European Union. It will contribute to the prevention and reduction of systemic risks to the financial stability of the Union, which will result in developments for the financial system. The ESRB will also contribute to the harmonious functioning of the internal market, and will provide a sustainable contribution to the financial sector and to economic growth. As legislation prescribes, the ESRB is led by the chairman of the European Central Bank, Jean-Claude Trichet, while Mervin King, governor of the Bank of England, has been appointed the first vice-president of the ESRB by the members of the general council of the ECB. The general board of directors of the CERS will hold its first meeting on 20 January 2011.
20/12/2010

JPMAM and GIC acquire OpenTurm building in Frankfurt

p { margin-bottom: 0.08in; } An institutional fund advised by J.P. Morgan Asset Management (JPMAM) and an affiliate of GIC Real Estate, the real estate division of the Government of Singapore Investment Corporation (GIC) on 17 December announced that they have acquired the 42-story skyscraper OpenTurm in Frankfurt (67,200 square metres) from a fund advised by Tishman Speyer and UBS, for an undisclosed sum. The property was completed in 2009. It is home to the offices of UBS, which occupies 28,000 square metres, and the law firm Allen & Overy, which rents 9,000 square metres.
20/12/2010

BlackRock Frontiers collects GBP94.7m

p { margin-bottom: 0.08in; } Fund Strategy reports that the BlackRock investment trust dedicated to frontier markets has collected GBP94.7m in assets. The trust, which will be managed by Sam Vecht, will invest in markets such as Nigeria, Qatar and Saudi Arabia. BlackRock says that the fund is reserved for qualified investors. Management fees are 1.1%, with a performance commission of 10% on performance exceeding the MSCI frontier markets index.
20/12/2010

IT Asset Management registers a fund with the CNMV

p { margin-bottom: 0.08in; } The Luxembourg fund IT Funds Info Tech from the French independent management firm IT Asset Management has been licensed by the CNMV for sale in Spain. IT AM states that the fund had already been available to some Spanish institutional investors since 2006. In order to extend its sale to the retail market, the fund has been registered in Spain, where it will be distibuted by the Inversis platform from January 2011.
20/12/2010

Pension fund assets down by more than 3% in November

p { margin-bottom: 0.08in; } According to estimates by VDOS Stochastics, assets in individual pension funds in Spain in November fell by nearly EUR1.58bn, or 3.03%, compared with October, of which EUR1.31bn is due to market effects, and EUR266m to net redemptions, for a total of EUR50.56bn. Since the beginning of the year, pension funds have seen average losses of 2.49%.
20/12/2010

Moor Park CP sells five Sabadell branches to Amancio Ortega

p { margin-bottom: 0.08in; } Pontegadea, the portfolio management firm for Amancio Ortega, the largest shareholder in Inditex, has acquired five branches of Banco Sabadell for EUR55m from ISC Freshwater Investment, an affiliate of the British investment firm Moor Park Capital Partners, Expansión reports. Moor Park acquired 378 Sabadell branches in March for EUR403m, and has leased them out for 25 years (see Newsmanagers of 29 March).
20/12/2010

Hedge fund RAB reduces the size of its operations in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that RAB Capital has decided to restructure its activities. The decision, which is related to a highly significant reduction in assets under management at the firm in the past two years, will involve staff reductions in Hong Kong. At least one fund has been closed, and according to the CEO of RAB for Asia, “some projects have been frozen, including the launch of new funds and the recruitment of new teams.” Assets under management at RAB Capital now total USD1bn, compared with USD7bn before the crisis.
20/12/2010

Amundi and Natixis make second round in Pioneer bidding

The sale of Pioneer, the asset management unit of UniCredit with EUR185bn in assets, is moving ahead, Agefi reports. The Italian bank has chosen Amundi (an affiliate of Crédit Agricole and Société Générale), Natixis, and the financial services firm Ameriprise for a second round of negotiations.According to a source cited in Le Figaro, UniCredit preferred candidates who were willing buy the entire share capital of Pioneer. BNP Paribas was not selected for the second round, though it was a candidate, and its asset management unit has grown considerably since the acquisitions of BNL (in Italy) and Fortis (in Belgium). But the complexity of its current consolidations did not play in its favour. BNP Paribas also made an offer to acquire only a part of Pioneer.
20/12/2010

Amundi et Natixis qualifiés au second tour dans le dossier Pioneer

Le processus de vente de Pioneer, la filiale de gestion d’actifs d’UniCredit riche de 185 milliards d’euros d’actifs, progresse, rapporte l’Agefi. La banque italienne a retenu Amundi (filiale du Crédit Agricole et de la Société Générale), Natixis et la société de services financiers Ameriprise pour un deuxième round de négociations. Selon une source reprise par le Figaro, UniCredit a privilégié les candidats acceptant d’acquérir l’ensemble de Pioneer. BNP Paribas n’a pas été retenue, pourtant candidate et dont le pôle de gestion s’est considérablement renforcé depuis les acquisitions de BNL (en Italie) et Fortis (en Belgique). Mais la complexité qui en découle en terme de consolidation n’aurait pas joué en sa faveur. En outre, BNP Paribas avait déposé une offre partielle.
20/12/2010

Nouveau record de l'indice américain des indicateurs avancés

L'économie américaine gagne en puissance en cette fin d’année, au vu des chiffres communiqués vendredi par le Conference Board. L’indice des indicateurs avancés de l’organisation patronale a gagné 1,1% en novembre, son gain le plus élevé depuis mars et sa cinquième hausse mensuelle.
20/12/2010

La BCE intronise le CERS

La Banque centrale européenne a annoncé vendredi l’entrée en vigueur de la législation instituant le Conseil européen du risque systémique (CERS). Cet organisme communautaire indépendant est chargé de la surveillance macroprudentielle du système financier au sein de l’Union. Son siège se situe à Francfort et son secrétariat est assuré par la BCE.
20/12/2010

Promulgation de la loi de compromis sur les réductions d'impôts

Barack Obama a promulgué vendredi la loi prolongeant les réductions d’impôts de la période de son prédécesseur George W. Bush, qui a pu être votée grâce à un compromis conclu avec l’opposition républicaine. D’autre part, les présidents des partis démocrate et républicain ont trouvé un compromis de financement à court terme pour permettre au gouvernement de fonctionner jusqu'à fin mars, a annoncé dimanche sur CNN le président du groupe républicain au Sénat Mitch McConnell.
20/12/2010

La Grèce va recevoir une rallonge du FMI

Le Fonds monétaire international a annoncé vendredi soir que la Grèce allait recevoir 2,5 milliards d’euros de plus. Le FMI dit avoir achevé une étude de la performance économique de la Grèce. Il estime que les autorités grecques restent déterminées à mettre en œuvre les réformes et que des progrès sont réalisés.
20/12/2010

Décès de l’un des pères fondateurs de l’euro

L’ex-ministre italien des Finances Tommaso Padoa Schioppa, considéré comme l’un des pères fondateurs de l’euro, est décédé samedi à Rome. Le président du Conseil européen Herman Van Rompuy a estimé qu’il avait été «un moteur dans l’intégration de l’Europe et la création de l’euro».
20/12/2010

Un Sommet européen en demi-teinte

Les chefs d’Etat et de gouvernement des Vingt-Sept réunis jeudi et vendredi dernier en sommet ont posé la première pierre du mécanisme de résolution des crises de dette souveraine après mi-2013. Mais ces engagements ne règlent en rien les tensions actuelles sur la dette des Etats périphériques, et laissent logiquement les investisseurs sur leur faim.

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