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12/03/2009

Royaume-Uni - Madoff "blanchissait" l?argent des clients à Londres

Selon le Wall Street Journal, qui cite le gouvernement, la société londonienne de Bernard Madoff a joué un rôle clé dans la fraude orchestrée par ce dernier. Le gouvernement affirme dans ses accusations que Madoff a utilisé sa structure basée à Londres pour blanchir l"argent de sa clientèle. Il transférait les capitaux des clients de New York à Londres puis les rapatriait aux Etats-Unis pour soutenir les opérations de Bernard Madoff Investment Securities, mais aussi pour en profiter personnellement.
12/03/2009

Royaume-Uni - L?enquête sur Madoff avance au ralenti

Selon le Financial Times, l"enquête sur les activités londoniennes de Bernard Madoff en est encore à ses débuts. Le Serious Fraud Office, en charge de l"affaire, doit encore interroger formellement Stephen Raven, le directeur général de Madoff Securities International.
12/03/2009

Allemagne - DWS lance deux nouveaux fonds à échéance

Le fonds à échéance DWS Renten Direkt 2013, qui a collecté 700 millions d’euros en trois semaines a été fermé aux investisseurs, mais DWS (Deutsche Bank) lancera le 30 mars le DWS Renten Direkt 2014, pour lequel la souscription est ouverte jusqu’au 27 mars. Il s’agit dans les deux cas de fonds investis dans 25 obligations d’entreprises ou Pfandbriefe qui sont conservés jusqu'à échéance.D’autre part, le gestionnaire fermera le 13 mars la souscription du nouveau DWS Unternehmensanleihen Direkt 2014, un fonds à échéance investissant en obligations d’entreprises qui peut placer jusqu'à 20 % de son portefeuille dans des obligations subordonnées et des obligations à haut rendement. Ce fonds sera lancé le 16 mars.Dans les deux cas, DWS a prévu une pénalité de 1,5 % qui reste acquise au fonds en cas de remboursement anticipé.
12/03/2009

Russie - La Bourse moscovite sur le voie du rétablissement

Selon La Tribune, soutenue par la réunion de l’Opep, qui entretient la spéculation quant à une possible baisse de la production, l’indice RTS da gagné 1,8 % le mois dernier. Goldman Sachs et UniCredit se montrent désormais plus positifs sur les résultats des entreprises russes et donc sur le tonus de la bourse moscovite, certaines agences de notation dont Moody’s adoucissant aussi leur discours, rapporte le quotidien.
12/03/2009

Monde - Les hedge funds risquent de devoir rembourser 30 % de leur encours en 2009

Selon Morgan Stanley, les hedge funds pourraient être confrontés cette année à des rachats de 30 % de leur encours, qui vaisserait ainsi à 950 milliards de dollars, soit son niveau le plus bas depuis 2004, rapporte Funds People. Les retraits seraient surtout imputable aux clients américains durant le premier semestre.
12/03/2009

Monde - Les fonds souverains créateurs de valeur

Dans un entretien à L"Agefi suisse, le professeur Nuno Fernandes de l"IMD estime que «la controverse autour des fonds souverains est aujourd"hui davantage politique que financière, puisque leurs investissements dans le capital actions des entreprises tendent à être positivement valorisés par le marché. Notre étude, qui prend en compte plus de 21.000 investissements des fonds souverains dans plus de 7700 entreprises entre 2002 et 2007, démontre que la valeur des sociétés dans lesquelles ils apportent du capital augmente significativement de 15% à 20%. Nous avons également pu constater une hausse importante en termes de performance opérationnelle. Ces résultats suggèrent donc que, contrairement aux arguments selon lesquels les fonds souverains exproprieraient les investisseurs et poursuivraient un agenda politique malintentionné, ils contribuent en fait à la création d"une valeur de long terme pour les actionnaires».
12/03/2009

Royaume-Uni - Déficit record pour les fonds de pension à prestations définies

Les quelque 7.800 fonds de pension britanniques à prestations définies (DB schemes) suivis régulièrement par le Pension Protection Fund (PPF) accusaient fin février un déficit record de 218,7 milliards de livres contre 190,6 milliards un mois plus tôt, rapporte Professional Pensions. Un an auparavant, le sous-financement se limitait à 67,1 milliards de livres. L’excédent des fonds en surfinancement a fondu à 9,4 milliards contre 13,5 milliards fin janvier 2009 et 42,6 milliards fin février de l’an dernier.
12/03/2009

Monde - Petit mieux pour la gestion alternative

Selon l’Agefi qui se réfère à une étude Eurekahedge, les fonds alternatifs ont enregistré un volume de sorties nettes de capitaux «sensiblement» moindre en février, à 11 milliards de dollars (données partielles), contre 30 milliards un mois auparavant. # En termes de stratégies de gestion, les fonds d’arbitrage (+0,98%) ou de taux (+0,67%) notamment ont de nouveau affiché des performances positives en février#, précise notamment le quotidien numérique
11/03/2009

Germany - Funds of funds partly compensate for outflows from retail funds at AGI

Allianz Global Investors Germany (AGI) finished 2008 with assets of EUR259bn, compared with EUR290bn at the end of 2007, while net redemptions totalled only EUR1.9bn.Net outflows from retail funds totalled EUR9.9bn, due to redemptions of EUR5bn from money market funds, EUR6bn from bond funds, and EUR0.5bn from equities funds, while funds brought in subscriptions of EUR3.1bn.Institutional investors subscribed for a total of EUR8bn, of which EUR5.1bn went to Spezialfonds, and EUR2.9bn came in the form of mandates.
11/03/2009

United Kingdom - Losses for F&C in 2008

After net profits of GBP18.7m in 2007, F&C Asset Management has posted net losses for last year of GBP50.5m, partly due to impairment charges of GBP48.3m on management contracts resulting from the merger of F&C with ISIS Asset Management in 2004 and the acquisition of RSAI Investments in 2002. Underlying profits total GBP38.3m, compared with GBP50.2m, and net revenues total GBP229.9m, compared with GBP264.5m. F&C is maintaining its dividends unchanged at a total of 6p per ordinary share.As of the end of December, assets under management totalled GBP98.6bn, compared with GBP103.6bn twelve months earlier. The firm’s CEO, Alain Grisay, says institutional inflows totalled GBP2.4bn last year. Net subscriptions to Sicav funds leapt 102% to GBP225m.
11/03/2009

Germany - Cominvest adds to staff at AGI

The integration of Cominvest on 12 January 2009 has brought an increase in total assets at Allianz Global Investors Germany to EUR303bn (as of the end of 2008), while AGI alone had EUR259bn. The new group’s market share in Germany represented 21.7%, compared with 18.5% for AGI alone. Following the takeover of Cominvest, Commerzbank has become the primary distribution channel for open-ended funds from AGI. The integration process will be completed in 2011, say the firm’s two CEOs, Horst Eich and Thomas Wiesemann.The group born of the merger has posted net subscriptions for the first two months of the year of about EUR2.1bn.
11/03/2009

France - Olympia: Marc Landeau to restructure governance

Olympia Capital Management will get a supervisory board and a board of directors during this year. This development to the governance at the firm will allow Marc Landeau, founder and CIO for the alternative management firm, to step back from many day-to-day directorial responsibilities.The firm will be led by the new board of directors, composed of three people: Laurent Dupeyron, deputy CEO in charge of sales and marketing development and new product creation, who will become CEO; Guido Bolliger, co-CIO, who will be appointed CIO. And Arnaud Beyssen, CFO. Landeau will continue to be present at the firm, with a seat on the supervisory board.In 2006-2007, Landeau already undertook some efforts to arrange for his succession at the firm, with Kostas Iodianidis and Matteo Perruccio designated at that time (see Newsmanagers of 05/04/2007). But the two men left the company over time. Bolliger took over from Iordanidis after his departure in mid-2008, while Dupeyron in September of last year replaced Perrucio, who left early in 2008.
11/03/2009

United Kingdom - Michael Heemelaar joins F&C

F&C Asset Management on Tuesday announced the appointment of Michael Heemelaar as head of global credit. He was previously head of investment grade credit at Aegon Asset Management. He will be based in Amsterdam, and will report to Patrick Hendrikx, head of credit. He will be in charge of the global credit team, including five portfolio managers and one analyst. The credit division has 28 employees.
11/03/2009

Spain - Audit at BS Inmobiliario results in 4.9% write-down

Banco Sabadell has completed its audit of assets in the portfolio of its real estate fund Sabadell BS Inmobiliario, which will result in depreciations of 4.9%, less than the 7.5% write-downs for the portfolio of the Santander Banif Inmobiliario, Expansión reports. The BS Inmobiliario fund is the third-largest Spanish real estate fund, with assets of EUR960m.
11/03/2009

Germany - AGI to close more than 100 funds

The Cominvest brand, which was acquired by Allianz Global Investors Deutschland on 12 January of this year, will disappear at the end of 2010; this year, employees in Frankfurt and Luxembourg will be grouped together and the IT systems will be harmonised. According to Horst Eich, one of the two CEOs at AGI, there will be some redundancies. According to consultants, a reduction of 30% to personnel at Cominvest (currently 600 employees) may be expected, Handelsblatt reports.Eich has also announced that ?a triple-digit number? of retail funds from AGI and Cominvest (currently 500 funds in total) will be closed or merged. AGI is interested in Cominvest’s research and its expertise in diversified funds aimed at institutional investors.
11/03/2009

World - Equities: Widespread assumptions called into question

Economic research is questioning many common assumptions about equities, Le Temps reports. In an article entitled ?Are stocks really less volatile in the long run?? Lubos Pastor and Robert Starnbaugh claim that the volatility of equities is actually higher in the long-term than in the short term. Over the past 206 years on the stock markets (1802-2007), volatility has been 21 to 53 points higher over 30 years than over one year.
11/03/2009

United Kingdom - End of the uncertainties for F&C

Alain Grisay, CEO of F&C Asset Management, was celebrating the end of 15 months of uncertainty on Tuesday, as Friends Provident announced that it would distribute its 52% stake in the management firm to its own shareholders by mid-2009, after negotiations with potential buyers fell through, the Financial Times reports. The management firm estimates that uncertainties about control of its capital cost it GBP2bn in withdrawals by consultants concerned about instability.
11/03/2009

Spain - Fonditel to take fewer risks with Telefónica fund assets

Fund People relays reports in Expansión that the retirement savings supervisory committee at Telefónica has instructed the management firm, Fonditel, to adopt a more defensive, transparent and liquid investment policy, with risk controls that offer more guarantees and protection. As of 31 December, assets totalled EUR3.09bn, of which 38% were in equities, 14% in alternative assets, and the rest in bonds. After losses of 26.86% in 2008, the plan has lost a further 6.97% since the beginning of the year.
11/03/2009

World - Lyxor hedge fund index in the red for February

The Lyxor Hedge Fund Index has posted losses of 0.71% in February, but for January-February, the fund shows performance of 0.81%. The Lyxor hedge fund indices are investible hedge fund indices. Their performance is calculated on the basis of performance and assets in funds of the Lyxor platform.In the first two months of the year, the heaviest losses were for long/short equity long bias funds (-6.79%, including -4.83% in February), and emerging markets funds (-5.43%, including -2.51% in February). The best-performing strategy was fixed income arbitrage, with returns of 5.55% (of which 1.31% was in February), special situations, and short-term CTA, with gains of 3.03% (and respective losses of 1.01% and 0.26% in February).
11/03/2009

World - 20,000 jobs may be lost in alternative management in 2009

According to the US headhunting group Options Group, as many as 20,000 jobs may be lost in alternative management this year, which would represent 14% of total personnel, following 10,000 jobs lost in 2008, Fondsprofessional reports, citing Bloomberg.Hedge Fund Research reports that 920 hedge funds, or 12% of all funds, were closed last year. Of the 6,800 funds remaining, 70% posted losses in 2008, meaning that they will not be able to charge performance commissions until they have made up the lost ground.
11/03/2009

Germany - Schroders releases an Asian local currencies bond fund

Schroders has been issued a sales license in Germany for the Asian Local Currency Bond sub-fund of its Luxembourg Sicav fund Schroder International Selection Fund (ISF). The product, launched on 9 May 2008, had assets of USD48m as of the end of January, and is invested, as its name indicates, in Asian debt denominated in local currencies. The fund is managed by How Phuang Goh Goh (head of the Asia ex Japan bond management team) and Chow Yang Ang, with a strategy that combines fundamental and technical elements. Front-end fee and management commission for the product, whose benchmark is the iBoxx Asia Custom Index, are 5% and 1%, respectively.
11/03/2009

Europe - Family offices take refuge in cash

According to a survey by Merrill Lynch and the London-based research fund Campden Research, family offices have widely withdrawn from equities and taken refuge in cash, Le Temps reports. ?Cash allocations have risen from 5% to 26.1% between 2007 and 2008, while equities have fallen from 34% to 18.3%,? the newspaper reports.
11/03/2009

World - Madoff: Compensation for Safra clients

Clients of Safra Group have been offered a package of compensation for the money they lost in the fraud orchestrated by Bernard Madoff Investment Securities, the Financial Times reports. Safra Group denies that it was proactive in promoting Madoff funds. But investors and their lawyers have told the FT that Safra representatives in the United States and Europe actively promoted a fund known as Zeus Partners Limited to clients in Latin America.
11/03/2009

Europe - Hedge funds: Threadneedle wants to reduce dependence on banks

Following client redemptions estimated at 20% of total assets in the second half of 2008, hedge funds will pay out redemptions amounting to a further 15% to 30% of their assets in 2009, Le Temps reports. Simon Davies, chairman of Threadneedle, says one of the causes of these redemptions is the dependence of hedge funds on private banks who include them in their portfolios. ?Liquid managers like us wind up getting all the redemption demands, to compensate for freezes at other funds,? Davies explains to the Swiss newspaper. As a result, Davies predicts, ?alternative management firms will seek to reduce their dependence on funds of funds and banks to capture new inflows from clients.? However, he admits, banks will ?remain important as they provide access to smaller investors and private clients,? Le Temps adds.
11/03/2009

World - Euro rises against dollar

The Euro, reinvigorated by the wave of optimism which provoked strong increases on the global financial markets on Tuesday, 10 March, has risen against the US dollar to USD1.2632, up from USD1.2602 on Monday.
11/03/2009

Liechtenstein - LGT Bank sells fiduciary activities to First Advisory

Handelsblatt reports that LGT Bank, owned by the royal family of Liechtenstein, has sold its fiduciary specialist affiliate LGT Treuhand, which was at the origin of a recent tax evasion scandal in Germany, to First Advisory Group, headed by the lawyer Herbert Batliner, who has also been behind several legal proceedings in several countries.
11/03/2009

Italy - Banco Popolare calls in government aid

Banco Popolare has become the first Italian bank to turn to government assistance, the Financial Times reports. The bank will issue EUR1.45bn in bonds, which will be subscribed to by the govenrment.

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