Ian McKinlay, formerly head of advising for asset management at PricewaterhouseCoopers (PwC), has been appointed chief investment officer of the Pension Protection Fund (PPF), Professional Pensions reports. McKinlay had already been acting in this role as an external consultant from April to October 2008. The PPF currently manages assets of over GBP3bn.

The Irish finance minister, Brian Lenihan, has announced that the lower chamber of Parliament (Dáil Éireann) will soon found an inter-ministerial commission to study the possibility of establishing ethical investment directives for the National Pension Reserve Fund (NPRF), IPE reports. When the national pension fund was founded in 2001, it was decided that an ethical investment policy would not be appropriate or practical since it would be restrictive. But opinions have changed since, and the MPRF commission has introduced several environmental, social and governance (ESG) guidelines into the management of the fund.

Due to market effects, assets at Fidelity International on the German market (retail and institutional clients) at the end of December totalled EUR6.97bn (of which EUR1.1bn were for institutional clients and EUR2.2bn for retail clients), compared with EUR12.4bn twelve months earlier. However, the manager declared that it is satisfied to have been able to post net subscriptions of EUR60m, while net redemptions began in November, and, in January-February 2009, they totalled EUR315m. During this latter period, Fidelity has taken on five well-known businesses as clients.

Cinco Días reports that Moody’s is considering lowering the outlook for its rating of JPMorgan from stable to negative, in recognition of the fact that the firm, led by Jamie Damon, will lose less money than others, but will be burdened by Washington Mutual. The ratings agency is also planning to lower its ratings of Wells Fargo and Bank of America. In the case of the latter bank, with S&P downgraded last week, Moody’s appreciates the solidity of capital, but is concerned about higher-than-expected provisions to cover losses on credit portfolios and exposure to international markets. Meanwhile, Citigroup is trading at less than USD1 per share, and ranks 184th worldwide in terms of market capitalisation, behind a Malaysian company.

Merrill Lynch has field a civil suit against Deutsche Bank in New York, for poaching its treasurer, Eric Heaton. Handelsblatt relays reports in Bloomberg that Heaton resigned from Merrill Lynch in February, and immediately joined Deutsche Bank, without respecting a non-competition clause which would have required him to observe a gardening leave of one year. On top of that, eleven experienced managers are said to have been recruited by Deutsche Bank over the course of several months; they left the same day as Heaton. Deutsche Bank admits that it recruited only six senior managers from Merrill Lynch, including Eric Heaton and his brother David, the former head of asset management.

Aviva Investors has posted operating profits by IFRS accounting standards for 2008 of GBP114m, or 6% less than in 2007, and assets as of 31 December were stable at GBP236bn, while assets under management for the group were up 6% to GBP381bn.

State Street Global Advisors (SSgA) has announced the recruitment of James (Jamie) Kase as executive vice president, head of global sales and marketing. Kase was previously executive vice president of ING Investment Management in New York, and was in charge of distribution in the United States. In his new position, Kase will direct all aspects of sales and marketing in the United States, with a particular emphasis on institutional clients and intermediaries.

In 2008, foreign managers highly specialised in equities were affected particularly severely by the falling markets, Handelsblatt reports. Fidelity has seen a record fall of 44% in its German assets to a level close to EUR7bn. At Fidelity, more than 85% of assets are invested in equities; institutionals brought some improvement to results for the group, and net subscriptions represented EUR60m. The same is true at Franklin Templeton and Pioneer. The former suffered a decline of nearly half of its assets under management to EUR8bn, while net redemptions represented only EUR1.3bn. At Pioneer, assets fell 38% to EUR20.17bn, while market effects were responsible for nearly two thirds of this contraction.In total, assets under management at management firms belonging to the BVI association fell by about 14%.

To adapt to evolving demand on the part of investors, the independent alternative management firm Valórica has announced that it has received permission from the CNMV to modify the bi-monthly net asset value reporting in place for its Valórica Macro fund, launched in February 2008, and introduce daily net asset value reporting, Funds People reports. The product posted performance of 8.7% in 2008, with volatility of less than 5%. Since the beginning of the year, the Macro fund has gained 1.6%, with volatility of under 2%.

Thomas Sjoblom, the star defence lawyer for Stanford Financial Group, has notified the SEC that he will be withdrawing from the case, and has requested that he not be held responsible for statements he has made concerning Stanford Financial Group and its affiliates, the Wall Street Journal reports. The announcement of Sjoblom’s decision comes a few days after Stanford’s CFO, Laura Pendergast-Holt, came before a criminal court on charges of obstructing the course of justice and lying under oath. Sjoblom is thought to have been present at a meeting at Stanford, at which it emerged that the group had made investments which did not correspond to what had been disclosed to investors.

In February, OPCVM funds on sale in Italy saw net redemptions of EUR2.9bn, according to the most recent statistics from Assogestioni, the Italian association of management professionals. This represents an improvement compared with the EUR4.9bn that flowed out of these funds in January.In February, money market funds returned to positive territory, with net inflows of EUR572m, though they suffered redemptions of EUR262m in January. But they were the only category to see a positive balance.Equities mutual funds saw outflows of EUR143m, while EUR1.7bn flowed out of bond funds. Hedge funds are also still in the red, with outflows of EUR611m, nonetheless a reduction in overall outflows compared with January. Since the beginning of the year, the category has seen redemptions of EUR1.8bn, bringing assets to EUR18.4bn.In total, assets under management in OPCVM funds on sale in Italy are down to EUR388bn, compared with EUR398bn. 50% of this amount is managed by four groups: Intesa Sanpaolo, Pioneer, Ubi and Arca.The two largest groups are also the ones which have suffered the largest redemptions, particularly Pioneer, which saw EUR1.9bn in outflows in February. Intesa Sanpaolo has undergone outflows of EUR770.6m.However, firms which show net subscriptions include Monte dei Paschi di Siena, BNP Paribas, Mediolanum, Generali, Azimut, Crédit Agricole Asset Management, Credito Emiliano, and Kairos.

Nearly one third of hedge funds (28%) disappeared from the HFR database between 1 January and November 2008, a new study by Olympia finds. ?This is a very significant increase compared with the aggregated estimate of 10% on the basis of statistics from the past 15 years,? says Corentin Christory, author of the study.This does not necessarily mean that fully 28% of all funds have closed. ?if a fund ceases to report information, it does not systematically imply that the fund has been put into liquidation. Some managers, for example, may cease to disclose their results if they deteriorate, and will wait until they return to an acceptable performance level before beginning to report again. Other managers may definitively cease reporting if they consider that they no longer need to give information about their performance,? Olympia explains.Historically, the liquidation rate is 40% to 50% below the attrition rate. ?It is, however, probable that in the current environment, the ratio will be small, and that most of the recent withdrawal of funds from the database is due to liquidations,? Christory remarks.Olympia states that the number of funds ceasing to report has increased strongly since September 2008, from an average of 66 funds per month to 138 funds per month on average since September.The most affected funds are those with the smallest volume of assets under management. The attrition rate falls to 22% and 10% for funds with assets of over USD50m and USD200m, respectively. The disappearance of funds also varies depending on their investment strategies. The most massacred category has been relative value, with 37% of funds disappearing, followed by credit (33%), long/short equity (26%), and global macro/CTAs (20%).

Skandia has announced that its sales of unit trusts and mutual funds in the United Kingdom and abroad fell by one quarter last year to GBP1.71bn, compared with GBP2.27bn the previous year, and that assets have fallen in twelve months by 17% to GBP34.9bn as of 31 December. At the firm’s parent company, Old Mutual, assets at the end of the year were down 5% to GBP264.8bn, after GBP1.2bn in net redemptions, compared with GBP23.4bn in net inflows the previous year.Old Mutual has announced plans to combine all its long-term savings activities currently at Skandia, OMSA, US Life and in the Asia-Pacific region as part of a single entity, which will be based in London and led by Paul Hanratty.

Legg Mason has announced that it has now removed all securities issued by structured investment vehicles (SIV) and other ?conduits? from the portfolios of its money market funds. Legg Mason and its funds have sold shares in five different SIVs for USD1.8bn in nominal value. This will result in net outflows of USD1.2bn for the management firm. Due to tax-related redemptions expected this summer, Legg Mason is expecting to have about USD1bn in cash, which will be used to pay off debt or other corporate projects. The transactions announced are expected to result in a net charge of USD367m in quarterly operating results.

In Italy, assets under management by the Compagnie Financière Edmond de Rothschild have fallen to EUR700m due to redemptions of about 25%, according to Stefano Rossi, head of the Italian affiliate. But the private bank is growing. In the country, Michael Cicurel, head of the bank, is planning an acquisition: ?We are planning to buy something, maybe in asset management, but at the moment it is difficult to find an appropriate entity.?

Bank of New York Mellon Asset Servicing and the German firm BHF Asset Servicing GmbH (BHF-Bank, Sal. Oppenheim group) have announced a new agreement extending their cooperation to portfolio transition management, commission recapture, and futures compensation. The two partners will also extend their cooperation in global custody and subcustody, but each management firm will maintain its separate activities in the area of depository banking.

The Government Pension Fund - Norway lost EUR2.95bn in 2008, according to the most recent statistics from Folketrygfondet, cited by IPE.com. Assets have fallen to NOK87.8bn. The pension fund, heavily invested in equities, lost 25.1% in 2008.

La Banque d'Angleterre a été la seule à annoncer une politique d'assouplissement quantitatif

«Nous ne sommes plus très loin de la fin de la récession», estime Michel Didier, directeur général de CEO-Rexecode, qui s’exprimait mercredi lors de la 13ème Rencontre du long terme organisée par La Française des Placements.Mais «il faudra attendre trois voire quatre ans pour que l’on puisse vraiment parler de sortie de crise», avec «le début d’une phase d’expansion continue au-dessus de la tendance longue et en accélération continue, comme dans les périodes 1996-2000 ou 2003-2007», nuance l'économiste, membre du Conseil d’analyse économique du Premier ministre et président du Conseil d’orientation stratégique de LFP. «C’est le délai qui sera nécessaire pour que les acteurs économiques se soient suffisamment désendettés et puissent entrer dans un nouveau cycle d’accumulation d’actifs et de réendettement», ajoute-t-il. Sur les marchés de capitaux, Michel Didier entrevoit plusieurs conséquences de la crise à court-moyen termes. S’agissant des actions, la grande question est de savoir si nous avons touché un plancher. «Nous sommes statistiquement proches d’un point bas, mais pour que se déclenche un mouvement de hausse, il faut que le risque d’entreprise se soit plus franchement détendu et qu’une certaine visibilité macroéconomique revienne», estime-t-il. L'économiste se demande par ailleurs si les cours ne vont pas entrer dans une phase de stabilisation. Concernant les liquidités, «il est probable que la baisse des taux monétaires approche de son terme. Mais il est probable aussi que les liquidités resteront durablement peu rémunérées». Sur les obligations d’Etat, Michel Didier estime plausible que «les taux se tendront lorsque reviendront les besoins des entreprises en plus des besoins des Etats». Cela phénomène peut arriver en deux temps : un premier à la fin de la période de déstockage, c’est-à-dire courant 2009 ; un second lors de la reprise des investissements, au mieux pour 2011. Pour les obligations d’entreprises, «l’amélioration conjoncturelle devrait faciliter la décrue des spreads corporates». Enfin, l’immobilier «approche d’un creux des volumes mais n’est pas encore au point bas», et les matières premières ne sont pas encore près de rebondir. Pour conclure, Michel Didier estime que la crise financière ne remet pas en cause la dynamique de productivité et qu’"il est important de guetter ce que seront les prochains moteurs d’innovation et de productivité. La nouvelle vague d’expansion viendra d’une remise en concordance des moteurs de croissance et des institutions financières qui la permettent».

Les banquiers de Dresdner Kleinwort prévoient de poursuivre en justice Commerzbank au sujet de bonus impayés, rapporte le Financial Times. Ils accusent leur nouveau propriétaire d"avoir rompu leur engagement de leur verser des dizaines de millions de livres cette année.

Les actifs des investisseurs institutionnels représentent un part de plus en plus importante dans les portefeuilles des hedge funds ou des fonds de hedge funds. Selon les estimations de l’AIMA (Alternative Investment Management Association), l’organisme représentatif de l’industrie des hedge funds à l'échelle mondiale, les institutionnels, caisses de retraites, fonds de pension, fondations, détiennent désormais plus de la moitié des actifs des fonds spéculatifs (hedge funds), devant les particuliers fortunés.Les caisses de retraite et fonds de pension proprement dit détiennent désormais un sixième des actifs des hedge funds. Alors que les riches particuliers étaient traditionnellement les principaux soutiens des hedge funds, les investisseurs institutionnels tels que les fonds de pension, les fondations et autres autorités gouvernementales, qui investissent sur le long terme, ont peu à peu augmenté leur exposition à cette classe d’actifs dans l’espoir de rendements intéressants. Selon Andrew Baker, directeur général de l’AIMA, #ces chiffres montrent que l’industrie des hedge funds joue un rôle extrêmement important au niveau mondial pour les institutions qui s’occupent des retraites et des économies des épargnants#.

Il ressort à présent que les problèmes du Santander Banif Inmobiliario remontent à novembre 2008. Expansión indique que le Santander a reconnu avoir injecté à l'époque 160 millions d’euros ou 3,42 % de l’encours pour éviter que le fonds ne soit bloqué après avoir subi des demandes de rachat de 500 millions d’euros lors de la dernière fenêtre de liquidité de 2008. La banque a couvert tout ce qu’elle pouvait avec la trésorerie disponible, pour environ 400 millions d’euros, et a investi en compte propre pour faire la soudure par rapport aux demandes de rachat. Il en a d’ailleurs demandé le remboursement et récupérera cet argent en même temps que les autres souscripteurs. Le Santander a aussi indiqué mercredi qu’il envisage de prendre dans son portefeuille certaines des parts qui seront remboursées aux clients le 9 mai.

Santander Real Estate a notifié mercredi à la CNMV que le fonds Santander Banif Inmobiliario compte effectuer l’essentiel des ventes de ses actifs durant le second semestre 2010 et le régulateur a officiellement autorisé la suspension des remboursements jusqu'à février 2011, rapporte Cinco Días. Les souscripteurs ont demandé que le fonds immobilier leur rende un peu plus de 3,05 milliards d’euros, soit 96,8 % de son encours total. Le Santander a lui-même demandé un remboursement correspondant à 3,42 % du total de l’encours.

Les actifs sous gestion d’Axa Investment Managers en Allemagne ressortaient fin 2009 à 49,6 milliards d’euros contre 60 milliards un an plus tôt, indique le Handelsblatt. L’essentiel de la baisse a concerné les avoirs du groupe pendant que l’encours géré pour les clients diminuait de 3 milliards, pour revenir à 7,6 milliards uniquement à cause de la baisse des marchés : le gestionnaire a enregistré en effet des souscriptions nettes de la clientèle externe pour 203 millions d’euros.

Le 16 mars prochain, la Commerzbank lance une compétition financière exclusivement basée sur les ETF, le championnat ComStage-ETF. Pendant cinq semaines, les participants auront la possibilité de s’initier aux fonds indiciels sans avoir à investir un seul centime. Comme dans le cas d’une compétition sportive, la Commerzbank prévoit une phase de qualification puis une phase finale. Le 2 mai prochain, les trois premiers de la compétition auront le privilège d’un dîner avec Michael Ballack et d’un match opposant les clubs de Chelsea et de Fulham

C-Quadrat annonce qu’il compte se retirer de la Bourse de Vienne. La société de gestion allemande sera donc dorénavant uniquement cotée à Francfort. La cotation sur le marché autrichien datait de mai 2008.

En février, les marches émergents ont moins souffert que les marches actions des pays développés. L’indice Russell Emerging Markets Index perd ainsi 5,6 % sur le mois, contre ? 10,1 % pour le Russell Developed Index. Au sein des pays émergents, les marchés chinois et brésilien ont particulièrement tiré leur épingle du jeu.

Fitch ratings modifie la définition des différents niveaux de la note AAA en donnant dorénavant davantage de détails dans les explications de la note des émetteurs et des obligations, comme sur le risque de défaut.

April Patrimoine lance un contrat d"assurance-vie multi-supports, multi-fonds en euros et multi-gestionnaires à versements et retraits libres. Arborescence Prestige est composé de deux fonds en euro gérés par Generali Patrimoine et propose certains titres vifs (obligations corporate) sélectionnés par April Patrimoine ainsi que 250 unités de compte couvrant toutes les classes d"actifs.L"épargnant peut opter pour une gestion déléguée de ses unités de compte selon un profil de rendement/risque à une des quatre sociétés de gestion sélectionnées (Tocqueville, La Financière de l"Echiquier, DNCA et EDRAM) ou opter pour une gestion libre. Le contrat d"assurance-vie comporte diverses options d"arbitrages programmés, dont l"écrêtage de plus values, le stop loss ou le stop loss relatif.

«Au vu de la courbe de volatilité sur les dérivés actions, (?) les intervenants de ce marché n’anticipent pas de sortie de crise avant 2011, a déclaré Hatem Dohni, responsable du pôle volatilité de CCR lors d’une conférence mardi, rapporte notamment l’Agefi.