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21/08/2009

Le FRR profite du rebond de la bourse

«A fin juin 2009, la performance annualisée du Fonds de Réserve pour les Retraites (FRR), nette de tous frais de fonctionnement financiers et administratifs, depuis son démarrage opérationnel en juin 2004, ressortirait à 0,9%, indique la Tribune. Sur l’année 2009, sa performance nette a été de 3,3% avec une hausse de 10,5% au second trimestre.
21/08/2009

Fortis voit son bénéfice d'exploitation divisé par dix

Le journal les Echos rapporte que Fortis a enregistré un bénéfice net de 338 millions d’euros au premier semestre 2009 grâce à des éléments exceptionnels. En revanche, son bénéfice d’exploitation de 51 millions d’euros sur la période a été divisé par dix comparé à ce qu’il était un an plus tôt. Il s’affiche néanmoins en hausse de 10 millions d’euros par rapport au second semestre 2008.Le bénéfice d’exploitation a «surtout été soutenu par la banque de détail et la banque commerciale» précise le communiqué de l’établissement, tandis que les activités de banque privée ont enregistré une perte nette de 3 millions d’euros.
21/08/2009

BBVA devrait s’emparer de Guaranty

Selon le Wall Street Journal, qui cite des personnesproches du dossier, BBVA, la deuxième banque espagnole, a remporté l’enchère du gouvernement US pour Guaranty Financial Group, un banque texane qui était au bord de la faillite.
21/08/2009

Jupiter AM improves tax transparency of its products

Jupiter Asset Management announces that it has improved the tax transparency of several unit trust products in Austria and Germany to meet client demand. In Germany, Jupiter will be making three unit trusts – Jupiter European, Jupiter European Special Situations and Jupiter UK Special Situations – fully tax transparent from 1 September 2009. This will include the daily calculation of equity gains and interim profits by Jupiter’s administrator, HSBC Edinburgh, together with annual year end tax reporting for each unit trust. In Austria, Jupiter has made seven unit trusts – Jupiter Emerging European Opportunities, Jupiter European, Jupiter European Special Situations, Jupiter Financial Opportunities, Jupiter Japan Income, Jupiter North American Income and Jupiter UK Special Situations - semi tax transparent (‘weiss’) with immediate effect.
21/08/2009

Hedge funds earn 2.54% in July

Hedge funds posted returns of 2.54% in July, Credit Suisse indicates in the Credit Suisse/Tremont Hedge Funds Index. Since the beginning of the year, the index has gained 9.9% in annualised terms. Convertible arbitrage continues to be the top performer, with 5.8% in July and +31.14% since the beginning of the year.
21/08/2009

UBS scandal brings in less money than expected for Swiss government

According to the Swiss newspaper Le Temps, the Swiss federal government will pocket CHF1.8bn over two and a half years, for its loan of CHF6bn to UBS, which translates to annual returns of 12.5%. Eight months after the launch of the operation, the Swiss government will see a net gain of CHF1.2bn. UBS will ultimately pay CHF1.8bn, but from this a sum of CHF439m must be deducted for sales of equities yesterday, 20 August, and transaction costs. In annualised terms, this net gain of CHF1.2bn will bring in returns of about 8.6%, the newspaper reports.
21/08/2009

ING IM raises profit growth outlooks for 2010

ING Investment Management (ING IM) has revised its outlooks for profit growth in 2010 to 11% for Europe, 13% for the United States, and 21% for Japan. In total, ING IM is predicting profit growth of 13%. “Compared with a consensus prediction of 24%, this reflects ING IM’s relative prudence about the solidity and sustainability of the rebound in profits,” the asset management firm remarks. Patrick Moonen, senior equities strategist at ING IM, estimates that “the recovery will be less steep than in the periods which followed previous recessions, as we are expecting a context of more moderate increases in share prices in the next few years.”
21/08/2009

Record commissions on record bond issues

Les Echos reports, citing data from Dealogic, that bond issues by non-financial sector businesses since January (USD1.1trn) have allowed banks in charge of placing the bonds with investors to earn USD4.6bn in commissions. JP Morgan (USD465m) leads Bank of America (USD403m) and Citi (USD347m).
21/08/2009

Net rise in defaults on credit markets in 2009

According to a study by Standard & Poor’s reported by the Belgian newspaper L’Echo, the number of businesses in default on payment of their debts has beaten all previous records in 2009.With 201 debt issuers in this situation worldwide, on a total of USD453.1bn in debt, the total is higher than in 2008, when 126 issuers were in default on debt of USD433bn. Of the businesses in default, the newspaper adds, most are American (143), compared with the number of European (12) and Canadian businesses (10). In emerging markets, 34 firms are in default. Logically, 12-month default rates for businesses classed as “speculative” are exploding. Defaults among issuers whose long-term debt is rated B- or less have risen to 8.58% in July 2009, from 0.79% at the end of 2007.
21/08/2009

Former UBS manager willing to sing for Swiss authorities also

Bradley Birkenfeld, the former UBS manager whose statements to the United States tax authorities brought to light the tax evasion methods used by UBS in the United States since 2001, would like to inform to the Zurich federal prosecutors also, the Swiss newspaper Le Temps reports. The move comes as part of an investigation into the responsibilities of high-ranking executives at the bank. The former manager claims high-ranking directors at the bank, “driven by blind arrogance and an ultimately suicidal sense of impunity, planned and put into execution a large-scale fraud which allowed the cream of US taxpayers to escape the tax authorities in their country.” In his opinion, these directors are responsible for killing off banking secrecy, and in particular, Peter Kurer, general counsel, Raoul Weil, former head of wealth management, and Martin Liechti, head of the Americas region. Birkenfeld, who has been under house arrest for fifteen months in Boston, will be tried today, Friday, 21 August, before a Florida court. He faces a prison sentence of up to 30 months without parole.
21/08/2009

US indicts ex-UBS banker

The US on Thursday indicted a former senior UBS banker,Hansruedi Schumacher, and a Swiss lawyer, Matthias Rickenbach, for allegedly helping wealthy Americans hide assets in secret accounts, says the FT.
21/08/2009

AIG pourra rembourser l'Etat, selon Robert Benmoshe

Au cours d’un entretien à Bloomberg, Robert Benmoshe, le patron d’AIG, a déclaré qu’il pense AIG capable de rembourser l'État et de pouvoir faire quelque chose pour ses actionnaires, indique la Tribune.
21/08/2009

Regulators to coordinate frameworks

The CFTC (Commodity Futures Trading Commission) and the SEC (Securities & Exchange Commission) will hold joint hearings on 2 and 3 September to harmonise their regulations, La Tribune reports. There are still some grey areas in markets for commodities futures and other financial products.
21/08/2009

Volatility set to persist in emerging markets, says Mobius

“Even though we are optimistic about the potential for growth on emerging markets, it must be borne in mind that volatility is likely to stay and will persist for a while longer,” says Mark Mobius, a specialist in the sector at Franklin Templeton Investments, in the most recent monthly review of emerging markets from the asset management firm. “We should thus expect both rising and falling movements. Due to the significant increases we have already observed, we should remain attentive to valuations and to long-term growth outlooks for results in order to avoid buying or holding overvalued shares. Current valuations are not above five-year peak levels, and are therefore not excessive,” he adds.
21/08/2009

Ratings downgrade for debt from several banks

Citing a risk of increased delays in payments of coupons, the ratings agency Fitch has lowered its ratings of hybrid securities from European banks including BPCE, Natixis, Dexia, Lloyds Banking Group, Royal Bank of Scotland, ING and ABN AMRO, Les Echos reports.
21/08/2009

Performance improves in second quarter for FRR

In the first six months of the year, the French national pension fund, the Fonds de réserve pour les retraites (FRR), has earned net returns of +3.3%. “This performance is largely the result of a strong rebound on equities markets since the second half of the month of March,” the FRR comments. In first quarter, the fund lost 6.5%, while it gained 10.5% between April and June. This “has allowed the fund to return to a slightly positive annualised performance,” the fund adds. Annualised performance for the FRR, net of all financial and administrative operating costs, since its operational launch (June 2004), is +0.9%. Given these developments, total assets for the FRR as of 30 June total EUR28.8bn, a slight increase compared with the EUR27.7bn it held as of 31 December 2008. As of 30 June 2009, these assets were 48% invested in performance assets (equities, real estate, and commodities), and 52% in bond assets and cash awaiting investment deployment, the FRR states.
21/08/2009

Sparinvest stands out for ethical funds

Finance & Ethics Research has examined 100 funds on sale in Austria which use ethical and environmental investment criteria, Das Investment reports. Only two funds appear to be 100% sustainable: Espa WWF Stock Climate Change, and Espa WWF Stock Umwelt, both from Erste Sparinvest.
21/08/2009

John Wood leaves Artemis for Aviva Investors

Aviva Investors has hired John Wood, who will join the firm on October 1, to manage the Aviva Investors UK Growth Fund and to contribute to the development of institutional activities in UK equities. Wood joins from Artemis Asset Management, where he was senior fund manager covering the United Kingdom and Europe. He was previously head of UK equities at Deutsche Asset Management.
21/08/2009

Carlyle to launch a fund in Chinese yuan

Carlyle is in advanced talks to set up a fund in China denominated in local currency, with assets of several billion yuan, the Wall Street Journal reports, citing sources familiar with the matter. This would be Carlyle’s second Chinese fund. KKR is also actively planning to create a fund denominated in Chinese yuan.
21/08/2009

Le groupe BCV commence bien l'année

Le Groupe Banque cantonale vaudoise (BCV) a annoncé pour le premier semestre 2009 un bénéfice brut à 228 millions de francs suisses, en hausse de 37 % par rapport à la même période en 2008. En dépit de la crise financière et économique, le volumes d’affaires s’est affiché en forte hausse. Les revenus du Groupe BCV ont progressé de 14 % à 479 millions de francs par rapport au premier semestre de l’an passé. De leur côté, les actifs sous gestion ont progressé de 4,6 milliards à 71,4 milliards de francs.Enfin, pour le second semestre, le groupe s’attend à des résultats semblables.
21/08/2009

Les bons comptes semestriels de Raiffeisen

Raiffeisen peut se targuer à nouveau d’un excellent semestre, rapporte le quotidien Le Temps. Le troisième groupe bancaire helvétique a enregistré un bénéfice en augmentation de 11 %. L'établissement affiche une hausse des prêts à la clientèle de 4,3 % à 113,3 milliards de francs suisse. Ces bons chiffres résultent des créances hypothécaires en hausse de 4,4 % à 105,85 milliards de francs. Par ailleurs, précise le quotidien, les fonds de la clientèle en Suisse augmentent de 3,5 % à 107,7 milliards. L’afflux d’argent frais se chiffre à 3,6 milliards de francs au premier semestre. Pour faire face à cette croissance, les effectifs de l’établissement ont été étoffés de 466 emplois. Beaucoup des nouveaux employés recrutés proviennent des grandes banques, notamment UBS. Pour la seconde moitié de l’année, en l’absence d’importants changements en matière de taux d’intérêt, l’établissement s’attend dans le domaine des prêts hypothécaires à des investissements élevés. Et en se refinançant principalement grâce aux dépôts des clients à hauteur de 95 %, Raffeisen affiche une moindre dépendance vis-à-vis des marchés des capitaux.
20/08/2009

Austria threatened with sanctions

Les Echos reports that the European investment bank is threatening sanctions against Austrian banks if the Parliament does not pass a law by March 2010 repealing banking seecrecy.
20/08/2009

Morgan Stanley sells a building in Shanghai

The Chinese real estate group SOHO China has announced that it has concluded its acquisition of an office building in Shanghai from the bank Morgan Stanley for CNY2.45bn (USD358.7m), Les Echos reports. Soho China states that, with approximately 30% of the property leased, it is planning to restructure. Due to the crisis, vacancy rates in Shanghai office properties has reached record levels.
20/08/2009

M&G et Invesco en tête des souscriptions

Au Royaume-Uni, les souscriptions aux fonds dédiés aux particuliers ont atteint des niveaux record au deuxième trimestre 2009, grâce à la fois à la faiblesse des taux d’intérêt sur les dépôts et au rallye du marché actions, relève Lipper FMI dans son dernier UK Fund Flash. Le trait le plus marquant de la période est le regain d’intérêt pour les fonds actions : 3 milliards de livres ont été investis dans cette classe d’actifs, dont 2,5 milliards provenant d’investisseurs particuliers. En termes de souscriptions nettes, les sociétés de gestion gagnantes du trimestre sont M&G, avec 1,4 milliard de livres et Invesco Perpetual avec 1,09 milliard. L’australien First State se positionne à la troisième place avec 603,6 millions de livres, devant BlackRock (515,7 millions), Jupiter (499,9 millions), Neptune (479,7 millions), BNY Mellon (456,4 millions), Threadneedle (381,9 millions), Scottish Widows (343,6 millions) et HSBC (302,6 millions).
20/08/2009

Normura en délicatesse avec un cabinet de recrutement

Selon la Tribune qui cite le «Times», Hogarth Davies Lloyds (HDL), cabinet de chasseurs de têtes, a porté plainte contre l’antenne britannique de la banque japonaise Nomura. En cause, le recrutement de deux cent cinquante anciens employés de Lehman Brothers par le groupe japonais via HDL qui aurait dû être payé entre 47 et 105 millions d’euros, estime le cabinet.
20/08/2009

Emplois maintenus chez Lloyds Banking Group

En dépit d'énormes difficultés, précise la Tribune, Lloyds Banking Group (LBG) annule cependant son projet de fermeture des 164 agences de la filiale Cheltenham et Gloucester.

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