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21/09/2009

Lehman Brothers Europe demande des comptes à sa maison aux Etats-Unis

La Tribune rapporte que l’administrateur de l’ancien siège européen de Lehman Brothers, PricewaterhouseCoopers (PwC), s’apprête à réclamer demain «plus de 120 milliards de dollars» auprès de l’ancienne maison mère aux États-Unis. La demande s’effectue maintenant sachant que la date butoir a été fixée par la justice américaine au 22 septembre pour que les créditeurs présentent leurs créances, précise le quotidien.
21/09/2009

CME et Citadel renoncent à leur plate-forme de CDS

Le CME Group et Citadel ont renoncé vendredi à créer une plate-forme de transactions pour le marché des CDS de 27.000 milliards de dollars, rapporte le Financial Times. La raison de cet abandon est le manque d’intérêt des banques de Wall Street.
21/09/2009

AllianceBernstein se lance dans l'immobilier commercial

AllianceBernstein a annoncé la création d’une division d’investissement immobilier qui sera dirigée par Brahm Cramer et Jay Nydick. Le premier, qui rejoindra la filiale d’Axa au premier trimestre 2010, a été co-head de la real estate principal investment area chez Goldman Sachs Group. Le second est president de iStar Financial depuis 2004.L’offre de produits sera «opportuniste» et se concentrera initialement sur le marché de l’immobilier commercial aux Etats-Unis. La nouvelle division, opérationnelle au milieu de l’an prochain, s’adressera aux particuliers haut de gamme et aux investisseurs institutionnels.
21/09/2009

AllianceBernstein change de patron pour le retail

Harold Hughes, head of private clients d’AllianceBernstein à Londres, a été nommé head of US retail, en remplacement de Brian Gallary, qui était «national sales manager» et qui prendra le poste de «head of sub-advisory», rapport Mutual Fund Wire.
21/09/2009
Fonds

SSgA lance un nouvel ETF

State Street Global Advisors (SSgA) a annoncé le lancement du SPODR Wells Fargo Preferred Stock ETF, qui est coté depuis le 17 septembre sur la plate-forme Arca du NYSE. Le fonds réplique l’indice Wells Fargo Hybrid & Preferred Securities Aggregate qui comprenait fin juillet plus de 160 valeurs. Il s’agit de valeurs mobilières préférentielles non convertibles cotées sur le NYSE ou sur Arco dont la valeur faciale est de 25 dollars. Elles sont notées investment grade par Moody’s ou S&P et leur volume de transactions mensuel a été d’au minimum 250.000 unités pendant les six derniers mois.
Fonds
21/09/2009

BBVA to distribute funds via Allfunds

BBVA Asset Management has been making its funds available to institutional investors for several months via Allfunds Bank, the joint platform from Santander and Intesa Sanpaolo. This week, Expansión has learned, the agreement will be extended to include clients of the approximately 200 branches of the private bank, who will also gain access to BBVA funds. Currently, external distribution accounts for only 3% of assets under management at BBVA. The new agreement with Allfunds will increase this percentage.
21/09/2009

Changing of the guard at Credit Suisse

Bruno Aguilar has been relieved of his duties as CEO for management at Credit Suisse Asset Management for Spain, as part of a reshuffle following the acquisition of Aberdeen Asset Management for GBP250m, Funds People reports. The new head of management for Spain, Portugal and Latin America is Pedro Domenech, who created the asset management activities of Lehman Brothers in Spain. The appointment will have no impact on the locally-registered asset management affiliate, Credit Suisse Gestión, whose assets total EUR1bn in Sicav funds and EUR850m in regular funds.
21/09/2009

Elliott & Page acquires Markland

Elliott & Page Ltd, an affiliate of Manulife Financial Corporation, has bought all shares in the Canadian firm Markland Street Asset Management Inc, as well as the retail fund activities of AIC Ltd, a unit of Markland. The price of the acquisition, which will be concluded on 30 September, has not been disclosed. Via Elliott & Page, Manulife becomes the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metal Corp. Markland, a specialist in structured financial products, had assets as of 31 August of USD114m. The fund management team at Markland will remain in place “for the moment.”
21/09/2009

Banks in emerging markets take an interest in climate change

As debates develop over the issue of climate change, a new report from Ceres reveals that banks in emerging markets are beginning to integrate climate change issues into their decision-making processes. Despite this rising awareness, the report points out, few banks in emerging regions participate in financing clean energy projects or in carbon emissions trading programs. “A growing number of banks in emerging markets are realising that climate change is a big deal, but so far, their responses have been derisive and have only scratched the surface,” says Mindy S. Lubber, president of Ceres, and author of the report (“Addressing Climate Risk : Financial Institutions in Emerging Markets”).
21/09/2009

AllianceBernstein changes head of US retail

Harold Hughes, head of private clients at AllianceBernstein in London, has been appointed head of US retail, replacing Brian Gallary, who was national sales manager, and who will now become head of sub-advisory, Mutual Fund Wire reports.
21/09/2009

AllianceBernstein announces commercial real estate division

AllianceBernstein has announced the creation of a real estate investment division, which will be led by Brahm Cramer and Jay Nydick. Cramer, who will join the Axa affiliate in first quarter 2010, was co-head of real estate principal investment at Goldman Sachs Group. Nydick has been president of iStar Financial since 2004. The product range will be “opportunistic,” and will initially focus on the commercial real estate market in the United States. The new division, which will be operational from the middle of next year, will be aimed at high net worth private clients and institutional investors.
21/09/2009

AllianceBernstein (AXA) owns 4.70% of Delhaize retail group

AllianceBewrnstein L.P., an investment firm owned by the AXA group, has reduced its stake in the capital of the Belgian retail group Delhaize below the 5% threshold, and now controls 4.70%. AXA Investment Managers Paris has announced that AllianceBernstein L.P. and its affiliates act independently of all other entities of the AXA group.
21/09/2009

Growing number of management firms founded

Wealth managers are distancing themselves from financial groups, and are creating their own independent firms, Handelsblatt observes. Roman von Ah, former head of asset management at Julius Bär, has founded Zurich Swissrock, with the former CFO of AWD, Ralf Brammer, and an insurance specialist, Klaus Mutschler. They manage EUR230m, and are now seeking new clients. Alpine Capital has been operational for two months, with a diversified active management fund, The firm is led by Dirk Schaper, former chairman of the board at Concord Investmentbank, and Peter Böhnke, co-founder of Main-First Bank. Bernd Borgmeier, who was head of asset management at Sal. Oppehneim and who was most recently a partner at the Warburg bank, has founded Bay Investment, which already has EUR1bn in assets under management for institutional investors.
21/09/2009

BNP Paribas private banking developing in Germany

According to Les Echos, BNP Paribas on Monday will make its entry to the German private banking industry official. The French firm is currently forming a team of 15 to 20 people based in Frankfurt anf Munich, to develop wealth management activities in collaboration with its direct bank, Cortal Consors. The business will be led by Pascal Grundrich, a veteran of Crédit Lyonnais who was hired by BNP Paribas in 2008. BNP Paribas has also studied a potential acquisition of Sal. Oppenheim, but it has visibly withdrawn from the sales process.
21/09/2009

Lehman Brothers Europe submits request for repayments from US parent company

La Tribune reports that the liquidator of the former European headquarters of Lehman Brothers, PricewaterhouseCoopers (PwC) is preparing to demand “more than USD120bn” from the former parent company of the European outfit in the United States. The request is being made now due to the fact that the US Department of Justice has set a deadline of 22 September for creditors to submit their claims, the newspaper states.
21/09/2009

CME and Citadel call off plans for CDS platform

The CME Group and Citadel on Friday abandoned efforts to establish a trading platform for the USD27,000bn credit default swap market, says the Financial Times. They conceded that they could not attract any interest from the Wall Street banks.
21/09/2009

Fitch confirms M2+ rating for ECM

On Friday, Fitch Ratings withdrew the London-based activities of the management firm European Credit Management Ltd (ECM) from its Rating Watch Evolving list, confirming the agency’s M2+ rating for the asset management firm. The move follows a clarification of ECM’s status following the integration of the management firm into the asset management activities of Wells Capital, after the acquisition of Wachovia by Wells Fargo in late 2008. Fitch emphasizes that Wells Capital has shown an intention to preserve the operational independence of ECM as a European credit management specialist within its multi-boutique framework. The agency also notes that activities at ECM (EUR12bn in assets as of the end of July), while they were affected by the turbulence on the credit markets last year, have withstood these difficult times relatively well compared to their competitors.
21/09/2009

Henderson New Star appoints a co-manager

Ainslie McLennan has been appointed co-manager of the New Star UK Property Unit Trust. McLennan will collaborate with Marcus Langlands Pearse, who joined Henderson after working for New Star. McLennan joined Henderson Global Investors in 2002. She was head of the European and British commercial real estate portfolio for institutional investors.
21/09/2009

Blackstone reduces stake in Cineworld and acquires 50% of Broadgate

Blackstone has announced that as part of a secondary placement, it has sold off 57% of its stake in the Cineworld chain of movie theatres for GBP62.9m, the Times reports. The private equity investor now holds a 20% stake in Cineworld. Meanwhile, Blackstone has confirmed its acquisition of a 50% stake in the Broadgate complex in the City of London from British Land for GBP77m. In addition, the private equity investor is taking over half of British Land’s debt, which totals GBP1.97bn.
21/09/2009

Paul Reichmann leaves Canary Wharf

The Canadian developed Paul Reichmann has sold his stake in Canary Wharf Group to Songbird Estates, the Sunday Times reports. Songbird now controls a 69.3% stake in Canary Wharf. Its affiliate Songbird Finance last week bought 54 million shares in Canary Wharf from Commerzbank for GBP112.5m.
21/09/2009

US government announces bond issue

L’Agefi reports that USD112bn in government bonds, with maturity dates ranging from 2 to 7 years, will be put on the market this week in the United States. The last issue of this kind was in late August, when the US Treasury issued USD109bn in bonds in the space of a few days. Previously, indirect actors, including foreign central banks, had been involved in the process, the newspaper notes. The US Treasury will raise USD1.9trn for the 2009 fiscal year (which ends on 30 September), and then USD2.5trn the following year, according to projections from Barclays Capital. In 2011 and 2012, issues are expected to total USD2trn.
21/09/2009

Number of IFAs expected to fall

According to a report by Ernst & Young cited by the Financial Times, of the existing 35,000 independent financial advisers in the United Kingdom, only 10,000 will remain in three years’ time. A further 10,000 will switch to giving restricted advice. This will be the result of new rules which ban the commission-based system of remunerations and which requires more qualifications.
21/09/2009

FTSE: Malaysia well positioned to graduate to "advanced emerging" class

Malaysia has joined a list of candidate countries to be promoted by the index provider FTSE to the status of “advanced emerging” countries, Asian Investor reports. A-class shares in China and Taiwan, meanwhile, remain under watch for potential promotion to “emerging” and “developed,” respectively. The changes follow an annual re-evaluation of country classifications for the Global Equity Index Series (GEIS). South Korea will join the group of developed countries on 21 September.
21/09/2009

Fund distribution more expensive in Europe

Fees paid to mutual fund distributors in Europe for equity funds are double those in the US, according to a study by Lipper quoted by the Financial Times. Commission paid to distributors of cross-border equity funds in Europe averages 70 basis points, compared with 25-35 bps for the equivalent share class in the US.
21/09/2009

TMW to gradually turn its Weltfonds 'green'

In order to keep up with the growing importance of sustainable development in the real estate sector, TMW Pramerica has decided t oconvert its open-ended real estate fund TMW Immobilien Weltfonds into the first product in its category with a sustainable development orientation, using a best-in-class approach. To achieve this, TMW Pramerica has teamed up with Ökorenta, one of the pioneers of SRI, which will contribute its expertise in fund design and will also mobilise its sales force. The first contacts with major investors have shown that the project has received a good reception from investors, to the extent that some redemption demands have been cancelled and replaced by subscription pledges (the fund has been closed to new subscriptions since the end of October 2008). The fund will be able to continue to acquire properties following economic criteria, but not only according to a sustainable development concept, as a subsequent ‘ecological’ transformation of the properties is planned. This means that the TMW Immobilien Weltfonds will not become a ‘green’ fund overnight.
21/09/2009

German equities funds are relatively expensive

According to Lipper, the total expense ratio (TER) for German equities funds averages 1.6%, compared with 1.2% for US funds, the Frankfurter Allgemeine Zeitung reports. When the statistics are weighted according to the size of the fund, German products show a cost of 1.4%, compared with 0.9% for US funds. For bond funds, the TER is 0.9% in Germany, and 0.8% in the United States.
21/09/2009

Equities funds post strong subscriptions

Wolfgang Mansfeld, chairman of the German BVI association of asset management firms, on Friday announced that in the first seven months of the year, equities funds had net inflows of EUR7.4bn, of which about 50% were for ETF funds.
21/09/2009

Le BBVA va distribuer ses fonds par l'intermédiaire d'Allfunds

BBVA Asset Management commercialisait depuis quelques mois ses fonds auprès des investisseurs institutionnels au travers d’Allfunds Bank, la plate-forme commune du Santander et d’Intesa Sanpaolo. Cette semaine, a appris Expansión, l’accord va être élargi pour que les clients de quelque 200 établissements de banque privée puissent accéder eux aussi aux fonds du BBVA. Actuellement, la distribution externe ne représente que 3 % des encours du BBVA. Le nouvel accord avec Allfunds devrait permettre d’augmenter ce ratio.
21/09/2009

Relève à la tête de la gestion chez Credit Suisse

Bruno Aguilar a été relevé de ses fonctions de directeur général de la gestion de Credit Suisse Asset Management pour l’Espagne dans le cadre de la réorganisation après l’acquisition d’Aberdeen Asset Management pour 250 millions de livres, rapporte Funds People. Le nouveau patron de la gestion pour l’Espagne, le Portugal et l’Amérique latine est Pedro Domenech, qui avait monté l’activité de gestion d’actifs en Espagne pour Lehman Brothers. Cette nomination n’impacte pas la filiale de gestion d’actifs de droit local, Credit Suisse Gestión, dont l’encours se situe à 1 milliard d’euros pour les Sicav et 850 millions pour les fonds.

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