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18/03/2009

Germany - DEGI satisfied with relaunch of DEGI International

Bärbel Schomberg, CEO of DEGI (Aberdeen Property Investors group), estimates that the reopening of the real estate fund DEGI International to redemptions has been a success, the Börsen-Zeitung reports. After heavy initial redemptions, subscriptions and withdrawals have now reached near equilibrium.
18/03/2009

Liechtenstein - Limited net outflows for LGT Group

As of the end of 2008, assets at LGT Group totalled CHF78bn, which represents a contraction of CHF24.8bn compared with the end of 2007. Most of the decline is due to market effects, while net redemptions totalled only CHF1.3bn, as the banking affiliates in Germany, Austria, Switzerland and Singapore and asset management all posted strong net inflows.The bank owned by the royal family has declared net profits for last year of CHF163m, compared with CHF255m (-36%) and a cost/income ratio which has deteriorated slightly to 68% from 66%. As of 31 December, the ratio of Tier 1 owners’ equity stood at 16.5%, compared with 17.8% one year previously.
18/03/2009

United Kingdom - City regulators: No more Mr. Nice Guy

Les Echos reports that Lord Turner, the chairman of the Financial Services Authority (FSA), will this Wednesday unveil a report calling for toughened supervision of banks, particularly in relation to distribution of real estate loans and dependence on refinancing markets. ?Morever, Lord Turner promises to extend the regulator’s reach to include hedge funds, to supervise bank’s off-book assets, and to control bonus levels,? the newspaper adds.
18/03/2009

United States - Hedge funds will profit from government aid to AIG

Some of the billions of dollars in aid provided by the US government to inject liquidity into American International Group (AIG) will profit hedge funds who bet that the residential real estate market would go down, say sources close to the investors. These are perfectly legal transactions, the Wall Street Journal reports: investment banks such as Goldman Sachs and Deutsche Bank sold CDS to hedge funds, which allowed the funds to bet that default rates on mortgages would rise, which ultimately forced AIG to provide billions of dollars in collateral, largely to the banks which were lending it the money. The newspaper reports that of USD173.3bn in government assistance received by AIG, these bets on residential real estate will cost taxpayers about USD52bn.
18/03/2009

Europe - GLG Partners dethroned as largest hedge fund

After a disastrous year in 2008, GLG Partners has lost four notches in the Hedge Fund Journal’s rankings of the world’s largest hedge funds. GLG Partners has lost its place as the largest European hedge fund, and is now fourth, the Financial Times reports. Brevan Howard has climbed to first place, with EUR19.6bn under management as of the end of January. The AHL fund from Man Group, also based in London, ranks second, followed by Barclays Global Investors and GLC. The 50 hedge funds in the rankings have posted decreases amounting to 26% of their assets over the last 12 months.
18/03/2009

United Kingdom - Terra Firma head cuts loose

Guy Hands is withdrawing from day-to-day operational control of Terra Firma Capital Partners to concentrate on investments and investor relations, the Financial Times reports.
18/03/2009

Germany - Real estate funds expecting 4-5% preformance in 2009

According to a Handelsblatt survey of open-ended real estate fund management firms, significant depreciations are not expected in the value of properties in the portfolios of these funds, since the properties are often of the highest quality, and are therefore less affected by the crisis than the rest of the market. On average, managers are predicting returns this year of 4-5%, at least for funds which are invested in Europe. The only exception is Axa IM, which is predicting return for the Immoselect fund of 3-3.5%. In 2008, the average performance of open-ended real estate funds was 4.7%. Performance averaged 4.3% over the past year as of February, according to figures from the German BVI association of asset management firms.
18/03/2009

Switzerland - Profits down at Partners Group

Partners Group, whose assets remained stable last year at CHF24.4bn, thanks to gross infows of CHF6.2bn, which compensated for outflows as well as for currency and market effects of CHF6.2bn, has posted net profits by IFRS accounting standards of CHF171m, compared with CHF255m in 2007, and CHF154m in 2006. Revenues increased 6% to CHF328m, while EBITDA increased 4% to CHF240m. Adjusted net profits, excluding the valuation of certain derivatives related to insurance policies, fell to CHF213m, compared with CHF228m.
18/03/2009

France - Three new appointments at Lazard Frères Gestion

Lazard Frères Gestion has announced three appointments as part of a reconfiguration of its activities. François de Saint-Pierre will become head of private management activities at the management firm. Saint-Pierre, who joined the group in 1993, became a managing partner at Lazard Frères Gestion in 2003, and then a managing partner at Lazard Frères Paris and Managing Director of Lazard LLC in 2007. He will work to continue and accelerate the development of private management activities, particularly in areas such as the organisation of wealth, asset allocation, and the investment process. Matthieu Grouès will assume the newly-created position of director of management at Lazard Frères Gestion. He will retain his responsibilities as head of strategy and asset allocation. His mission will be to coordinate and develop institutional and collective management in a manner that is coherent with Lazard Frères Gestion’s macroeconomic scenario. Régis Bégué has been director of research at the equities management firm since 1 January 2009. Before that, from 2005 he was in European equities management as an analyst, in charge of the pharmaceuticals, utilities and automotive sectors. His mission will be to maintain the good track record the firm has established over the past 10 years, while continuing to improve the investment process and enrich the product range.
18/03/2009

Germany - iShares lists seven new ETFs on Deutsche Borse

On Tuesday, Deutsche Börse admitted seven new ETFs from iShares (a brand from Barclays Global Investors, or BGI) onto the XTF segment of its Xetra electronic trading platform. Three are bond products, while the other four are based on equities indexes. All of them are German-registered products.The new products include the iShares JPMorgan $ Emerging Markets Bond, ? Covered Bond et Global Inflation-Linked Bond. D’autre part, iShares fait coter trois ETF de petites capitalisations : S&P Small Cap 600, MSCI Japan Small Cap and MSCI AC Far East Ex-Japan Small Cap.The seventh new product is the iShares S&P Emerging Markets Infrastructure, whose underlying index includes the 30 largest companies involved in the development of infrastructure in emerging countries. With these new ETFs, the total number of products available on the XTF segment comes to 420.
18/03/2009

Spain - Epsilon to launch first fund of hedge funds

Epsilon Gestion Alternativa, the Spanish affiliate of Permal which received its license from the CNMV in September, will soon launch its first fund of hedge funds, which will be entitled BrightGate Capital, Funds People reports. The team includes four former managers from Merrill Lynch and Credit Suisse, and one veteran of Santander Securities.
18/03/2009

World - Assets in Latin American funds down by one quarter in 2008

According to Fund Pro rankings published by Funds People, assets in funds domiciled in Latin America fell to less than USD600bn at the end of December, from a peak of USD745bn twelve months earlier. The top two actors are Brazilian: Banco do Brasil and Bradesco have respective assets under management of USD94.9bn and USD65.4bn, and respective market share of 17% and 11.7%.Santander and BBVA are in fourth and ninth place, with USD48.2bn and USD14.6bn. BNP Paribas is in 17th place, with USD5.82bn.
18/03/2009

Germany - Carsten Maschmeyer quits as head of AWD

The founder and now co-chairman of the board at AWD, Carsten Maschmeyer, has decided to quit his job as head of the German financial services provider. He will join the board of Swiss Life, a company in which he owns an 8% stake, the Frankfurter Allgemeine Zeitung reports. In his new role, he plans to focus on development of strategy and internationalisation.
18/03/2009

Europe - DWS launches a fund which aims to outperform money markets

DWS (Deutsche Bank group) is launching the DWS Invest Sovereign Plus fund, which will aim for performance 100 basis points higher than the Iboxx Eurozone Sovereign, which measures returns on 3-5 year Euro zone government debt, Cinco Días reports. Management commission for retail shares in the fund in Spain is 1.2%.
18/03/2009

United Kingdom - Aviva to suspend securities lending to hedge funds

Aviva is planning to suspend securities lending to hedge funds, the Financial Times reports. The insurer believes it has been targeted by short-sellers, and that hedge funds are responsible for a 40% fall in its share price in 48 hours two weeks ago. The British group has also shared its concerns with other European insurers.
18/03/2009

Singapore - Clariden Leu recruits a new head for Asia

The Clariden Leu private bank (Credit Suisse group) on Tuesday announced the appointment of Jimmy Lee Kong Eng as ?head Asia.? In this position he will succeed Stefan Hausherr, who held the position in the interim, and who will remain as head operations and branch manager in Singapore. Jimmy Lee Kong spent four and a half years as head of private wealth management South East Asia/South Asia at Deutsche Bank in Singapore, with a team of 150 people under his responsibility.
18/03/2009

United States - BNY Mellon forms an advisory board for sovereign clients

David Jiang, head of BNY Mellon Asset Management for Asia-Pacific, and Hani Kablawi, head of Middle East & Africa, will be co-chairs of the new Sovereign Advisory Board at BNY Mellon, which will be composed of high-level executives representing the group’s various professions (asset management, asset servicing, issuer services, compensation activities, and treasury). The goal of the new board will be to ensure the best possible service to sovereign funds, sovereign pension funds, central banks, monetary authorities, and other government-controlled entities among the firm’s clients.
18/03/2009

United States - Heavy losses for CalPERS

In fourth quarter 2008, CalPERS (USD183.3bn in assets) posted losses of 13.7%, despite returns of 2.3% on its USD44.6bn bond portfolio, Global Pensions reports. Over one year, losses total 27.1%, and over three years, they total 2.5% per year.Documents examined on Monday by the board reveal that total risk for the fund has more than doubled in the past twelve months, to a total of 17% for the coming year.
18/03/2009

Spain - Flagship hedge fund from BBVA to become white-label product

BBVA has decided to close down its alternative management division. One of the firms affected, Próxima Alfa, has decided to negotiate with other managers to export its model as a white-label product under the brand name of the distributor. According to Expansión, the first fund concerned will be Próxima’s flagship, the Accurate Global Assets fund, managed by Narciso Vega and Igor Alonso. Assets in the fund fell to USD35.45m from USD100m when BBVA withdrew, but the fund has posted performance of 8.8% since the beginning of the year.
17/03/2009

France - Hausse de la charge de la dette de 14 milliards d'euros d'ici 2012

Gilles Carrez, rapporteur général du budget à l’Assemblée, s’inquiète de la dérive prévisible des finances publiques françaises à horizon de quatre ans et estime, qu’en 2012, la charge de la dette publique sera supérieure de 14 milliards d’euros à celle versée en 2007, rapporte l’Agefi. Le ratio de dette sur PIB devrait bondir de quatorze points en cinq ans pour atteindre 78,1% en 2012.
17/03/2009

France - Les banques ont reçu 20 milliards de dollars d'AIG

Selon Les Echos, l’assureur américain AIG, qui a reçu à ce jour plus de 170 milliards de dollars d’aides publiques, en a reversé plus de la moitié, notamment à des banques françaises. Société Générale a touché 11,9 milliards de dollars entre le 16 septembre et le 31 décembre 2008, BNP Paribas 4,9 milliards et Crédit Agricole SA 2,3 milliards de dollars via sa banque d’investissement Calyon.
17/03/2009

Europe - Les indices de dérivés de crédit sous tension

Selon l’Agefi, le renouvellement de la composition des indices de dérivés de crédit par Markit va peut-être apporter un peu d’air au marché mais les fondamentaux restent défavorables comme en témoigne un iTraxx Crossover qui se traite à présent à 1.070 pb. «Compte tenu de l’environnement dégradé, il sera difficile de voir les indices s’améliorer significativement dans les semaines à venir», estiment notamment les stratégistes crédit de la Société Générale dans les colonnes du quotidien numérique.
17/03/2009

France - Insee : un tiers du patrimoine des Français investi en assurance vie

Selon Le Figaro, citant une étude de l’Insee publiée le 16 mars, chaque ménage français détenait, en moyenne, 380.000 euros à la fin 2007, la pierre représentant les 2/3 de l’avoir des particuliers. Pour le reste, l’assurance vie se taille la part du lion puisqu’elle représente le tiers du patrimoine financier des ménages.En ce qui concerne les valeurs mobilières, «12 millions de Français ont des actions et des obligations, détenues en directe ou via des fonds, contre un million en 1978", poursuit le quotidien en se référant au travail de l’Insee.
17/03/2009

Europe - Forte augmentation des défaillances corporate en 2008

Les défaillances d’entreprises en Europe enregistrées l’an dernier par Standard & Poor’s se sont élevées à 7 contre 2 en 2007 et 4 en 2006. Elles sont toutes intervenues au second semestre de l’année, relève l’agence dans son étude annuelle sur les défauts d’entreprises en Europe. Malgré cette augmentation, les défauts d’entreprises restent en deçà des niveaux atteints en 2001 et 2002 (avec 12 et 19 défauts respectivement).Sur les 7 émetteurs ayant fait défaut, 6 avaient une note publique. Par ailleurs, 4 de ces 7 émetteurs n’avaient jamais été notés en catégorie ‘Investissement’ et un seul émetteur était encore noté en catégorie «Investissement» 1 an avant sa défaillance (Glitnir Bank en Islande). La défaillance de Glitnir Bank a porté le taux de défaillance de la catégorie «Investissement» à 0,11% en 2008, après 4 années de taux 0 pour l’Europe. Le taux de défaillance pour la catégorie «Spéculative» atteint 2,54 % à fin 2008, contre 0,98 % en 2007 et 1,81 % en 2006. L’agence souligne que la dette cumulée des 7 émetteurs européens ayant fait défaut en 2008 atteint 80 milliards de dollars, soit un peu moins de 20 % du chiffre mondial de 429,6 milliards de dollars. Ces 80 milliards dette en défaut représentent 4 fois le total de dette en défaut en 2002 et près de 40 fois le cumul de 2001. En Europe, depuis 1981, le taux de défaillance cumulé moyen à 5 ans est de 0,47 % pour les émetteurs notés en catégorie «Investissement» et de 10,78 % pour ceux notés en catégorie «Spéculative». Au plan mondial, ces taux sont de 1,19 % et de 16,59 % respectivement.
17/03/2009

Etats-Unis - La FED de nouveau à la rescousse

Selon le site Boursorama, citant l’AFP, la FED qui réunit ce matin son comité de politique monétaire, devrait maintenir son taux directeur dans la fourchette de fluctuation de 0 à 0,25%. #Pour Paul Ferley, économiste de la Banque royale du Canada, la Fed devrait aussi signaler qu’elle #va augmenter ses achats d’un certain nombre d’actifs (financiers) et rappeler que le rachat de bons du Trésor# reste possible, poursuit Boursorama, sur la base des informations de l’AFP.

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