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30/04/2009

France - BNP Paribas mandated to manage three sukuk issues

La Tribune reports that BNP Paribas has announced that it has been awarded mandates by three Gulf companies to arrange issues of Islamic bonds, with maturities of 3 to 5 years, for total amounts of USD200m to USD300m. BNP Paribas is hoping to be able to undertake the issues by the end of June.
30/04/2009

United Kingdom - FSA bars Loic Albert Antoine Montserret from professional practice

Loic Albert Antoine Montserret, who was manager of the hedge fund BlueCrest Multi Strategy Credit Fund (USD60m), has become the first private individual to be sentenced by the FSA to both a professional ban and a fine, the Wall Street Journal reports. Montserret, a portfolio manager, falsified positions in April and May 2008 totalling USD12bn on several funds from BlueCrest Capital Management Limited, in order to conceal losses from his employers and thus keep his job.
30/04/2009

Germany - Allianz projects loss in first quarter

La Tribune reports that Michael Diekmann, head of the German insurance group Allianz, announced on Wednesday at a general shareholder’s meeting of the group that charges related to the sale of its American affiliate, Dresdner Bank, would result in a loss for Allianz in first quarter.
30/04/2009

Asia - Mubadala borrows EUR2bn

The Abu Dhabi sovereign fund, Mubadala, will soon issue USD2bn of debt on the international market, which is a first for a sovereign fund. The first lot (5 years) will pay 400 basis points above the rate for US Treasuries, while the second lot (10 years) offers returns 470 basis points above US paper, Handelsblatt reports. The issue was arranged by Citigroup, Goldman Sachs and Royal Bank of Scotland. Mubadala’s USD14bn in investments include stakes in Ferrari and AMD. Mubadala also has partnerships with EADS, General Electric and Rolls-Royce.
30/04/2009

France - Candidates for chairman of SG line up

Daniel Bouton, chairman of Société Générale, will announce his resignation to the board of directors on 6 May. Les Echos reports that the board may then appoint Anthony Wyand, a director at the firm, as its new chairman. An external solution has not been ruled out, the newspaper adds, and names Philippe Lagayette, chairman of JP Morgan France, as a possibility for the role. Other possible candidates include Jean-Martin Folz, former head of PSA , and head of the selection and remuneration committee at Société Générale.
30/04/2009

France - Blackstone adds to Paris-based advisory team

Jean-Manuel Richier is joining Jean-Michel Steg to develop the activities of Blackstone Advisory in France and throughout Europe. Richier, who was most recently managing director and deputy head of investment banking at Citigroup for France, will join the Paris office of the Blackstone Group as senior managing director. The Paris office, which has recently been opened, is expected to grow to a total staff of five in the near future.
30/04/2009

EU - Private equity: bill deemed discriminatory by industry

The private equity industry feels that ?regulations proposed by the European Commission penalise and displace? it, Les Echos observes. Professionals are particularly critical of a threshold of EUR50m, ?which will require businesses in the portfolios of private equity firms to inform the regulator about their financial situation,? the newspaper states.
30/04/2009

Italy - Generali calls off hedge fund plans

One year ago, Giovanni Perissinotto, CEO of Generali, announced an investment of EUR8bn in hedge funds and private equity. The insurer had planned to launch an Italian-registered hedge fund. But the plans have been called off due to the crisis, Il Sole - 24 Ore reports. A joint venture founded for this purpose with Mangart, Mangart Capital Partners, has been removed from the national register of management firms.
30/04/2009

United States - Questions raised about impartality of investment advice at State Street

The Wall Street Journal reports that the Massachusetts state securities commission has initiated an investigation to determine whether State Street misguided pension funds with claims that volatile products such as MBS were risk-free investment vehicles. State Street is named in a number of private lawsuits for having recommended investments in enhanced bond funds.
30/04/2009

Spain - BBK buys Fineco

Bilbao Bizkaia Kutxa (Caja de Ahorros de Bilbao y Vizcaya) has finalised its acquisition of a 60% stake in the management firm Fineco, which will now become the private banking arm of BBK. Fineco currently manages 20 investment funds with assets of EUR345m, and 25 Sicav funds. As of the end of 2008, total assets under management at the firm came to EUR1bn.
30/04/2009

France - Carmignac Gestion launches Carmignac Market Neutral

Carmignac Gestion is launching Carmignac Market Neutral, a sub-fund of its Luxembourg-registered, UCITS III-compliant Sicav fund Carmignac Portfolio. The product is an absolute returns international equities fund managed by Keith Ney, and received a license from the AMF on 3 April.?Thanks to the deployment of portfolio immunization strategies and the use of specific hedges, Carmignac Market Neutral has an average net exposure to the equities markets of nearly zero,? explains a press statement.?This management, decorrelated from the markets, aims to achieve positive returns, regardless of the direction of the markets. Carmignac Market Neutral aims for total annual volatility of 4% to 6%,? the statement continues.The fund offers daily liquidity and will provide weekly reporting. It is aimed at all types of clients, both retail and institutional.
30/04/2009

France - UFG to take over La Française des Placements

According to information obtained by Newsmanagers, Alain Wicker, 64, chairman of La Française des Placements, is preparing to sell off the management firm which he founded to the UFG group. Patrick Rivière and Alain Gerbaldi, two veterans of the management firm Fimagest, which Wicker also created in 1986, hold the positions within the UFG group of vice-chairman of the board and CEO in charge of institutional development, respectively.
30/04/2009

Spain - Two directors leave Caja Madrid to found a family office

A brain drain has taken hold at Caja Madrid: two directors, the heads of portfolio management, Juan Fernández Jaquotot, and of the bond division, Carlos Barceló Mendiguchía, have left the savings bank to found the family office Attitude, according to sources close to the firm, cited by Expansión. The firm will start up with assets of about EUR100m. Attitude will apply to the CNMV for a license to practice as a financial advisor (EAFI).
30/04/2009

Germany - HAIG outsources a fund to Mayr Investment Managers

The Munich-based wealth management firm Mayr Investment Managers has been granted a mandate to consult to the WM Fund Sachwertportfolio fund, which was launched in April by Hauck & Aufhäuser Investment Gesellschaft (HAIG), Das Investment reports. The fund invests in businesses in sectors which are relatively resistant to the crisis, and which have the least possible connection to the financial sector. Target businesses also must have low levels of debt, the value of the business must include physical assets, and their cash reserves must be minimal. The objective of the fund is not performance, but rather to construct a portfolio which would be likely to survive an economic and financial crisis.
30/04/2009

United Kingdom - 3i investors critical of capital increase

Three of the 20 largest shareholders in 3i have attacked the private equity group’s plans to undertake a GBP700m capital increase, the Financial Times reports. These investors feel that 3i does not need the money now, and that it could pay off its debts by other means.
30/04/2009

France - Management reshuffle at Oddo & Cie

With the departure of one of its two managing partners, Laurent Mignon, for Natixis, Oddo & Cie will have to reshuffle its management, L’Agefi reports. ?Tarek Achich, executive director of operations, and Grégoire Carbit, manager of Oddo & Cie, secretary general and director, will have their responsibilities extended to include support functions and risk management, while Philippe Oddo will focus on operational activities,? the newspaper reports, citing sources close to the business.
30/04/2009

France - SGSS: ?SGAM represents less than 10% of our revenues?

?For us, the merger of Société Générale Asset Management and Crédit Agricole Asset Management doesn’t change anything,? Etienne Deniau, director of custody and depository services at Société Générale Securities Services, has stated in the opening address at a conference.?It has been agreed that each provider (SGSS on one side and CACEIS on the other) will retain its separate market share,? he explains.He also emphasizes that SGAM represents less than 10% of revenues. ?SGAM is a major client, but at the same time, if we lost it, we would survive.?As to a potential merger with CACEIS, Deniau declares that, just because two activities within a single group are merging, it doesn’t necessarily mean that all activities within those groups should do likewise.
30/04/2009

Germany - Organizational questions at DWS

Initially, DWS (Deutsche Bank) was expected on Wednesday morning to assert its control of the second-largest German fund management firm. But the announcement has been delayed, probably to next Tuesday, due to last-minute consultations within the group about the global organizational role of the head of DWS within asset management activities at the bank, according to sources close to the firm, cited by Handelsblatt. The newspaper says that part of the problem is due to the fact that, although asset management activities at the group have lost money (EUR173m in first quarter, and EUR525m in 2008), DWS has earned profits of over EUR100m, and losses are due to poor investments made outside Germany, under the watch of Kevin Parker, global head of asset management. Stefan Kunze, who was head of European activities at DWS, had to leave the group at the beginning of the month, apparently because he did not allow Parker to make cuts in his part of the group, on the grounds that his activities were profitable.
30/04/2009

United Kingdom - Skandia IG recruits Marc Bulstrode

Marc Bulstrode, director of wealth management activities at Barclays, will join Skandia Investment Group (SIG, GBP53bn) as chief commercial and finance officer. He will report to Jamie MacLeod, CEO of SIG.
30/04/2009

Germany - ETFs contain net outflows from funds in January-March

In first quarter, open-ended securities funds have undergone net outflows of EUR2.1bn, according to the German BVI association of management firms. Of the major providers, only DWS/DB (Deutsche Bank) has posted net subscriptions, of EUR2.01bn, but this is due solely to net inflows of EUR2.2bn for db x-trackers ETF funds. Barclays Global Investors, with iShares, has attracted EUR96m, and ETFlab (Deka, savings banks) has raised EUR169.36m. However, even taking into account the acquisition of cominvest from Commerzbank, Allianz Global Investors (AGI) shows net outflows of EUR1.43bn, while Pioneer (UniCredit) and Union Investment (co-operative banks) hasve posted net redemptions of EUR655m and EUR419m, respectively. The heaviest outflows, however, were form Deka, at EUR2.62bn.For assets, DWS/DB ranks top, with EUR117.36bn as of 31 March, ahead of Deka (EUR98.34bn), Union (EUR74.4bn), and AGI IEUR69.56bn).
30/04/2009

Germany - Poor subscription levels for open-ended funds in first quarter

In January-March, management firms which disclose statistics to the German BVI association of management firms have posted net subscriptions of EUR4.24bn, compared with net outflows of EUR40.59bn in October-December, and net subscriptions of EUR18.86bn in the corresponding period of last year. However, this positive net result is due to EUR5.32bn in subscriptions to institutional funds (Spezialfonds), while open-ended funds have seen net redemptions of EUR1.07bn, while real estate funds have attracted EUR1.03bn. Securities funds have seen net outflows of EUR2.1bn. The same is true of equities funds (EUR509.7m), bond funds (EUR1.79bn), diversified funds (EUR1.19bn), and money market funds (EUR1.59bn). However, hybrid funds and guaranteed funds have posted net subscriptions, of EUR1.32bn and EUR682.9m, respectively, while hedge funds have received EUR657.3m.
30/04/2009
Fonds

Hedge funds : la consolidation sans effet sur la croissance de l?industrie

Selon L"Agefi suisse, la croissance à long terme de l"industrie des hedge funds reste intacte alors que 40% des acteurs risquent de disparaître d"ici l"année prochaine. Après des retraits de fonds de 152 milliards dollars au 4ème trimestre 2008 et de 103 milliards au 1er trimestre 2009, les actifs gérés pourraient se stabiliser aux alentours de 1000 milliards de dollars, avant de repartir à la hausse, notamment en termes d"afflux nets de capitaux.
Fonds
30/04/2009
Fonds

Mubadala emprunte $ 2 milliards

Le fonds souverain d’Abou Dhabi, Mubadala est sur le point d'émettre un emprunt de $ 2 milliards sur le marché international, ce qui est une première pour un fonds souverain. La première tranche (5 ans) est rémunérée à 400 points de base au-dessus des Treasuries américains et la seconde, sur 10 ans, offre un rendement supérieur de 470 points de base au papier américain, rapporte le Handelsblatt. L'émission a été arrangée par Citigroup, Goldman Sachs et Royal Bank of Scotland. Parmi les 14 milliards investis par Mubadala figurent des participations dans Ferrari et AMD. Mubadala a aussi des partenariats avec EADS, General Electric et Rolls-Royce.
Fonds
30/04/2009

Orange rachète les parts de sa filiale à ses partenaires bancaires

France Télécom ne déçoit pas autant que KPN ou Deutsche Telekom, mais cela ne veut pas dire que ses comptes aient été épargnés par la crise. Cela tient entre autres à l’Espagne, mais le groupe français n’en a pas moins désintéressé ses partenaires dans sa filiale locale Orange España (ex Amena), en l’occurrence le Credit suisse, la Deutsche Bank, le Santander, la CAM et Unicaja moyennant 1,37 milliard d’euros. Cinco Días rapporte qu’ainsi l’opérateur français acquiert 18,2 % supplémentaires de sa filiale, dont il détient 99,85 %. 618 millions sont allés à Credit Suisse et à la Deutsche Bank et 337,6 millions au Santader.
30/04/2009

BBK achète la société de gestion Fineco

Bilbao Bizkaia Kutxa (Caja de Ahorros de Bilbao y Vizcaya) a finalisé l’acquisition de 60% du capital de la société de gestion Fineco, qui devient désormais la banque privée de BBK. Fineco gère actuellement 20 fonds d’investissement pour un encours de 345 millions d’euros et 25 sicav. A la fin 2008, l’encours total de ses actifs sous gestion s'élevait à 1 milliard d’euros.
30/04/2009

Deux dirigeants quittent Caja Madrid pour créer un family office

Fuite des cerveaux de chez Caja Madrid : deux directeurs, celui de la gestion de portefeuille Juan Fernández Jaquotot et celui de la division obligataire Carlos Barceló Mendiguchía, ont quitté la caisse d'épargne pour créer la family office Attitude, selon des proches du dossier cités par Expansión. Ils démarreront avec un encours voisin de 100 millions d’euros.Attitude va demander à la CNMV son agrément comme conseiller financier (EAFI).
30/04/2009
Fonds

SIA Group ferme ses fonds à la souscription et en crée de nouveaux

SIA Group, une société de gestion indépendante helvético-suisse, a décidé de fermer certains de ses fonds à la souscription, qui continueront à être gérés, tout en en ouvrant de nouveaux du même type. La société se rémunère en effet au moyen de commissions de performance, qui s'élèvent par exemple à 15% pour son fonds Clasic, dont la performance a chuté de 67% l’an passé. Continuant dans leur style de gestion «value», les dirigeants Carlos Jarillo et Walter Scherck assurent que cette opération, autorisée par l’autorité de marché CNMV, n’entraînera aucun préjudice pour leur clientèle.
Fonds
30/04/2009
Fonds

Baisse de 21% des actifs gérés en Europe en 2008

La crise financière a entraîné un recul d’environ 21% de la valeur des actifs gérés en Europe (gestion sous mandat et fonds d’investissement) à environ 10.700 milliards d’euros à fin 2008 selon les premières estimations de l’association européenne de la gestion d’actifs (Efama). Dans son deuxième rapport annuel (avril 2009), l’association précise qu'à la fin 2007, les actifs gérés en Europe s'élevaient à 13.600 milliards de d’euros, dont 49% pour la gestion sous mandat.
Fonds

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