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29/04/2009

United Kingdom - Gherkin investors drinking from poisoned well

Subscribers to German closed-ended funds invested in British real estate have fallen on hard times because assets valued in pounds sterling and the pound itself are depreciating at the same time, which is taking its toll on returns, Handelsblatt reports. The 9,000 investors in the IVG-Fonds Euroselect 14 (GBP3500m), which owns 50% of the iconic Gherkin building in London, will have to pay GBP183m to service loans, and receive no dividends for the time being, rather than receiving 5.5% per year. The fund had agreements in place with the Bayerischle Landesbank not to allow its borrowing to exceed 67% of the value of its assets. But the value of the 50,000 square-metre office property has lost 22% since the onset of the credit crunch, and the fund’s debts in proportion to its assets have risen well beyond 67%. The same problem may threaten the IVG-Fonds Euroselect 12 (also GBP350m), which borrowed GBP200m to buy the ING headquarters in London. Similar problems may confront the managers CFB, Doric Asset Finance, and Real IS (an affiliate of Bayerische Landesbank).
29/04/2009

Germany - Sal. Oppenheim announces first annual losses since WWII

The 2008 fiscal year has brought the first annual losses since the second world war for Sal. Oppenheim. The bottom line comes in at -EUR117m, compared with net profits of EUR225m in 2007, but the firm received a EUR200m capital increase from partners in December, and the quotient of tier 1 owners’ equity at the end of April 2009 totals 12%. Assets as of 31 December stood at about EUR132bn, compared with EUR152bn one year previously, as net subscriptions of about EUR10bn were not sufficient to compensate for the impact of falling markets.Losses are largely due to a negative balance of EUR295m for operations on the bank’s own assets, but high-risk positions were considerably reduced (the certificate portfolio was scaled back from EUR7.5bn to EUR2bn, the Börsen-Zeitung reports), and the group has deployed a cost reduction program to cut expenses by more than EUR100m. Since then, nearly all operational activities have been ?stable and profitable.?Staff was increased to an average of 4,330, from 3,769 in 2007.
29/04/2009

France - FRR launches call for offers in fixed income

The French national pension fund, FRR, has launched an initial call for tenders for fixed income products to renew a portion of the existing bond management mandates, divided into three allocations. The first allocation is for ?inflation-indexed bonds denominated in Euros? (management with low active risk). For this allocation, the FRR is hoping to issue 2 to 6 mandates, for a total amount of EUR2bn to EUR4bn. The second allocation is for ?'Investment Grade’ credit bonds denominated in Euros? (active management), for which the FRR is hoping to issue 2 to 6 mandates, for a total of EUR500m to EUR1.5bn. The third allocation is for ?'Investment Grade’ credit bonds denominated in US dollars? (active management). The FRR hopes to issue 2 to 6 mandates for a total of EUR500m to EUR1.5bn in this category.A second call for offers will be launched subsequently, for government bonds and a global bond universe.
29/04/2009

France - AG2R La Mondiale and Réunica study merger

La Tribune reports that the groups AG2R La Mondiale and Réunica are studying the possibility of a merger, which would give birth to a giant in the retirement planning sector. The merger plans, rendered easier by an initiative by the Agirc-Arrco federations to merge the existing IT systems for complementary retirement funds, was already the subject of a feasibility study which was due to be completed by the end of this summer, the economic newspaper reports.
29/04/2009

Austria - New chief at AWD

From 1 July, Ralph Müller, currently director of the central retail bank and director of distribution for Austria at Bank Austria, will become chairman of AWD Austria at AWD CEE Holding GmbH. He will be responsible for the German group’s financial services activities in Austria and the countries of central and eastern Europe.
29/04/2009

Spain - Caixanova woos high net worth clients

The Galician savings bank Caixanova is aiming to double its business volume in private banking in one year, to more than EUR1bn, through new product offerings and nine new specialised branch offices throughout Spain, Cinco Días reports. The goal is to reach 2,000 clients by the end of this year. The campaign includes the creation of a new brand, Caixanova Banca Privada, which will offer a catalogue of exclusive products.
29/04/2009

United States - CalPERS and CalSTRS oppose BofA directors

CalPERS and CalSTRS are calling on shareholders to vote against the re-election of members of the board of directors at Bank of America, and particularly to replace Ken Lewis, chairman and CEO, the Financial Times reports. The two pension funds will vote against the appointment of 18 directors at BofA on Wednesday. They join other institutional investors, including TIAA-CREF, in their opposition to the re-election of Lewis.
29/04/2009

France - Natixis to appoint a smaller board of directors

La Tribune reports that Natixis will put in place a more restricted board of directors with eight members. It will be chaired by the CEO, Dominique Ferrero, and will include five members from the professions (asset management, investment banking, client services, etc.), the CFO, André-Jean Olivier, and the head of cross-border activities, Aline Bec.
29/04/2009

United States - Deteriorating results at Franklin Templeton begin to level out

Franklin Resources Inc, known as Franklin Templeton Investments, on Tuesday announced net profits of USD110.8m, or 48 cents per share, on earnings of USD912.3m, for first quarter, up to 31 March. For the quarter ending on December 31, net profits were USD120.9m, or 52 cents per share, on earnings of USD969.3m. In January-March 2008, net profits and earnings were USD366.1m (USD1.54 per share) and USD1.5bn. Year-on-year deterioration in profits and earnings have slowed, as profits have fallen to 70% from 77%.Assets totalled EUR391.1bn at the end of March, compared with USD416.2bn at the end of December, and USD591.1bn one month earlier. The proportion of equities stood at 44%, compared with 47% and 55% previously. Net redemptions slowed by 10%, to a total of USD5.5bn, compared with USD6.1bn during the corresponding period of last year, with reinvestment of distributed dividends. They totalled USD18.2bn the previous quarter.Staff was reduced by 4% in the quarter under review, to 8,233 (from 8,916 one year previously).
29/04/2009

Germany - HSBC GIF Global Currency fund licensed for sale on German market

HSBC Global Asset Management (Deutschland) GmbH announced on Tuesday that it will now be offering the HSBC GIF Global Currency, a sub-fund of its Luxembourg Sicav GIF, in Germany. The product, launched on 6 April 2009, is managed by Halbis Capital Management, and aims to outperform the Libor 3 month by 500 basis points, with total annual volatility of 5% to 10%. Bill Maldonado, head of alternative investments at Halbis, says that to generate returns at this level, the team uses long and short positions, and combines portable alpha, event-driven, and derivative-based volatility arbitrage strategies. The investment universe for the UCITS III-compliant fund includes the major currencies of the G10 (USD, EUR, GBP, and JPY), with the fund denominated in the US dollar.Management commission is set at 1.5%, and there is a performance commission on returns exceeding the Libor of 20%.
29/04/2009

Europe - Andreas Wolfer to take over as head of UniCredit private bank

According to reports in Handelsblatt, Marina Natale will be leaving her job as head of the UniCredit private bank (5,000 employees, 200,000 clients) next week, to become chief financial officer. She will leave her previous position to Andreas Wölfer, a board member at HypoVereinsbank (HVB), who will become the second German member of the management board at the Italian banking group, alongside Theodor Weimer. Wölfer will continue to serve as director of wealth management in Germany, a sector which generated pre-tax profits of EUR132m last year, though profits fell by one third in a difficult business climate.
29/04/2009

Netherlands - Profits down at Robeco

For 2008, Robeco has posted operating profits of EUR270.2m, compared with EUR276.6m in the previous year, on operating revenues us EUR889.8m, compared with EUR819.6m. Net profits have fallen to EUR171.2m, from EUR200.1m.At the end of December, despite net subscriptions of EUR600m, assets totalled EUR110.7bn, compared with EUR145.8bn. This 24% decline is due to negative market effects of EUR29.1bn, offset by positive currency effects of EUR1.9bn due to the rising US dollar. The decline in assets under management is also due to the sale of the firm’s bond management activities in the United States.
29/04/2009

United States - State Street launches first ETF based on convertible bonds

State Street Global Advisors (SSgA) on 14 April launched the first ETF based on US convertible bonds in the United States. The SPDR Barclays Capital Convertible Bond Index-ETF, which replicates the Barclays Capital Concvertible Bond > $500MM Index, charges a flat fee of 0.40%. The product has been available since 16 April on the NYSE Arca platform.
29/04/2009

United Kingdom - Permira admits hard times

Damon Buffini, chairman of Permira, says the private equity sector has never faces such uncertainties as it does now, and admits that it will take time to get back to the times of large deals, the Financial Times reports. Last year, Permira wrote down the value of its portfolio by 36%.
29/04/2009

Netherlands - Robeco launches SRI offensive

On Tuesday, Robeco announced that it is setting an objective of integrating environmental, social and governance (ESG) factors into all of its investment processes in all areas of activity. To achieve this goal, the management firm has set four priorities in 2009 and 2010. Firstly, ti will introduce responsible investment standards in equities, bond, and private equity management. Secondly, Robeco is planning to offer investors a full set of ESG analysis tools. Thirdly, ESG factors will be integrated into all analysis and investment decisions. Lastly, Robeco is hoping to create gross cash flow for socially responsible investment products and ?engaged? financial services.
29/04/2009

France - Ecofi Investissements creates retail share class for fixed income OPCVM products

Ecofi Investissements (Crédit Coopératif group) has created a class of retail shares in its fixed income OPCVM products Ecofi Taux Fixe 2011 and Ecofi Taux Fixe 2013. Ecofi Investissements first entered the fixed income OPCVM market in March 2007 with the creation of the bond fund Ecofi Taux Fixes Octobre 2009, and has since extended its range with the creation of Ecofi Taux Fixe 2013 (February 2008) and Ecofi Taux Fixe 2011 (January 2009). This type of product, which was initially designed to help institutional investors to honour their liabilities by offering total liduiqity, is now open to all investors who wish to benefit from an attractive rate curve for 2011 and 2013 horizons.
29/04/2009

United States - S&P downgrades Fidelity's parent company

S&P has lowered its rating for FMR LLC, the parent company of Fidelity Investments, to A+/A-1, down from AA-/A-1, due to declining profits due to market turbulence, the Wall Street Journal reports. Assets declined last year by 22% to USD1.25trn.
29/04/2009

United States - Improved results for several managers

Like Franklin Resources, BlackRock, T. Rowe Price and Invesco have posted an improvement in their results in first quarter, although Janus Capital Group and AllianceBernstein have undergone heavier decreases in their profits compared with Q4 2008, the Wall Street Journal reports. Federated Investors has seen a contraction of 37% in its profits to USD35.1m, after growth of 3% to USD54.3m in October-December. Waddell & Reed Financial has announced net profits of Usd15.5m, compared with USD28.3m in the corresponding quarter of last year, and losses of USD0.73m in October-December.
29/04/2009

Hong Kong - Robert Morse takes over as head of Primus Financial Holdings

Robert Morse, formerly CEO of the Asian institutional clients group at Citigroup, has become the co-CEO of a new private equity fund, Primus Financial Holdings, based in Hong Kong. He will be joined by former colleagues from Citi, and will focus on the financial services sector. He states that he has already raised USD1bn from an Asian family, the Wall Street Journal reports. The fund is a successor ot Primus Pacific Partners, a USD500m fund also focused on financial services in Asia, says Wing-Fai Ng, the other co-CEO.
29/04/2009

France - Dividends may fall further than predicted

La Tribune suggests that a 10% decline in analysts’ projections of dividends for the year 2009 is still overly optimistic. The dividend swaps market has implicitly integrated a 44% fall in distributed dividends. The current levels may be closer to the returns on risk-free bonds, says Benoît Trioux at AXA IM.
28/04/2009
Fonds

Les hedge funds prêts à externaliser leur administration

Les hedge funds pourraient être amenés à externaliser leur administration pour rassurer les clients, rapporte le Financial Times. Dans un secteur récemment mis à mal par le scandale Madoff et les faillites de Bear Stearns et Lehman Brothers, les investisseurs s"inquiètent de plus en plus du risque de contrepartie et font pression sur les hedge funds pour qu"ils changent leurs pratiques.
Fonds
28/04/2009

La conjoncture reste incertaine pour les hedge funds

Malgré un premier trimestre 2009 encourageant, la conjoncture reste incertaine pour les hedge funds et les fonds de hedge funds, estime Fitch Ratings dans sa dernière lettre trimestrielle (Funds of Hedge Funds Quarterly- Q109, avril 2009). Les efforts engagés l’an dernier pour réduire le levier des portefeuilles ainsi que l’orientation directionnelle des marchés commencent à porter leurs fruits. Comparée à la baisse tendencielle des marchés actions, les hedge funds résistent et affichent même des performances positives pour certaines stratégies. #Le premier trimestre, notamment le mois de février, a été l’une des meilleures périodes en termes de surperformance par rapport aux marchés des actions internationales sur les vingt dernières années#, estime Aymeric Poizot, responsable du groupe de notation EMEA Fund and Asset Manager. #Il est intéressant de noter que les stratégies les plus performantes ont généralement été celles qui ont réalisé les plus mauvaises performances en 2008, comme l’arbitrage de convertibles ou le long/short equity#, remarque Aymeric Poizot.
28/04/2009

Les fonds diversifiés ont souffert de l'environnement de marché au T1

Pour janvier-mars, les fonds diversifiés ont accusé selon BNY Mellon Asset Servicing une perte moyenne de 7,9 % contre 3,4 % au dernier trimestre 2008. En d’autres termes, il s’agit de la cinquième perte trimestrielle consécutive, le dernier résultat positif remontant à la performance moyenne de 1 % constatée pour le quatrième trimestre 2007. Cette période prolongée de pertes a également affecté les résultats sur un et trois ans, qui sont ressortis respectivement à - 20,5 % et - 6,6 %. Sur cinq et dix ans, les performances se sont situées à 3,2 % et 1,4 %.
28/04/2009

Gottex Fund Management annonce une décollecte de 12% à T1

Société de gestion alternative basée à Lausannne et mondialement implantée, Gottex Fund Management a annoncé que l"encours de ses actifs a chuté de 12,2% au premier trimestre 2009, à 8,5 milliards de dollars contre 9,6 milliards de dollars au premier trimestre 2008. Les causes en sont la chute de l"effet de levier (pour 480 millions de dollars), les rachats de clients (pour 480 millions de dollars également) et d"autres facteurs techniques. La société indique disposer d"une trésorerie nette de 45 millions de dollars. Gottex indique que ses fonds «market neutral» et directionnels ont fourni de meilleurs performances que les actions et que les principaux indices de hedge funds au cours de la période.
28/04/2009

Aurelia Finance réfute des accusations de gestion déloyale

Selon L"Agefi suisse, les cinq associés d"Aurelia Finance, mis en examen vendredi dernier pour «gestion déloyale avec dessein d"enrichissement», réfutent ces accusations. «Nous estimons avoir correctement accompli nos devoirs de due diligence et saine gestion des portefeuilles de nos clients», indique Pascal Cataneo, l"un des cinq associés inculpés, dans un entretien au quotidien. A l"accusation d"avoir investi dans des produits Madoff à l"insu des clients, l"associé reconnaît que « le client qui prétend n"avoir jamais entendu parler de Madoff a dans certains cas raison. Nous lui en parlions comme des 150 autres gérants dans lesquels nous investissions les fonds de nos clients. Dans les prospectus, le conseiller parle de ce que fait le fonds, mais pas nécessairement des personnes des gérants. Ces derniers changent d"ailleurs souvent. Madoff aurait pu changer dans six mois parce que le fonds aurait préféré un autre gestionnaire ».
28/04/2009

Reyl AM recrute Maximilian Tomei

Associé directeur et CEO d’INOKS Capital à Genève depuis 2004, Maximilian Tomei a été nommé COO de Reyl Asset Management (RAM). Il sera chargé de diriger et de faire évoluer la partie opérationnelle liée à l’ensemble des fonds gérés par RAM, Reyl Funds, une gamme qui comprend des fonds actions directionnels, des fonds actions décorrélés, des fonds obligataires et des fonds alternatifs.
28/04/2009

Compagnia San Paolo se renforce au capital de Banca Intesa

La Compagnie San Paolo a annoncé lundi à la surprise générale être sur le point d"augmenter sa participation dans Intesa Sanpaolo de 7,96 % à 9,89 %, après avoir réservé 1,93 % auprès de Barclays, rapporte Il Sole ? 24 Ore. Cela intervient quelques jours après l"annonce d"un pacte d"actionnaires entre Crédit Agricole et Generali portant sur environ 10 % du capital.

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