Le Santander a déjà fait signer à ses clients latino-américains qui ont accepté l’indemnisation l’acte de renonciation aux poursuites contre la banque et le fonds Optimal Strategic US Equity, rapporte Cinco Días. Il compte en faire de même pour ses clients espagnols entre lundi et jeudi de la semaine prochaine. Pour dédommager les investisseurs sinistrés par Madoff, la banque offre des obligations convertibles à 10 ans assorties d’un coupon de 2 %.Ana Patricia Botín, fille du président du Santander et présidente du Banesto, a précisé que le Santander a pris la décision d’indemniser pour des considérations de réputation.

Pour 2008, le bénéfice net de T. Rowe Price est retombé à 490,8 millions de dollars contre 670,6 millions pour un chiffre d’affaires de 2,12 milliards contre 2,23 milliards. L’encours à fin décembre affichait une contraction de 31 % à 276,3 milliards de dollars. Au quatrième trimestre, le bénéfice net a chuté de 87 % à 24,3 millions de dollars. Le CEO James A.C. Kennedy a indiqué que le rythme des recrutements s’est considérablement ralenti et que les embauches se cantonnent aux postes vraiment stratégiques, ceux des professionnels de l’investissement.

Selon La Tribune, évoquée fin 2008, la cession par Nexity de sa participation de 23,4% dans le Crédit Foncier de France à la Caisse Nationale des Caisses d’Epargne (CNCE) est effective depuis jeudi soir et elle permet au promoteur immobilier de récupérer 539,6 millions d’euros. Nexity se serait toujours candicat à la reprise du pôle administration de biens d’Icade mis en vente récemment, précise notamment le quotidien financier.

Selon La Tribune, la banque KBL Richelieu et l’assureur La Mondiale ont décidé d’assigner UBS Luxembourg et le fonds LuxAlpha afin de récupérer 4,1 millions de dollars. « L’avocat des deux parties, Pierre Reuter, attend de la cour « un ordre de paiement contre LuxAlpha », indique le quotidien financier.

Dans un communiqué boursier, Merck annonce jeudi que le prestataire canadien de services financiers Sun Life Financial lui a notifié le 20 janvier avoir franchi le seuil des 10 % de son capital et en détenir désormais 10,04 %.

La banque privée allemande Lampe (groupe Oetker), qui gère environ 10 milliards d’euros, a annoncé avoir augmenté sa participation dans l’autrichien DALE Investment Advisors, dont les actifs sous gestion pour 25 clients haut de gamme représente environ 1 milliard d’euros. Le montant de la transaction n’a pas été divulgué. Lampe avait pris une participation minoritaire dans DALE fin 2007 (lire notre dépêche du 14 décembre 2007). L’objectif poursuivi avec la nouvelle transaction est de renforcer la banque allemande dans la gestion de grandes fortunes familiales, dans l’investissement éthique et dans les placements alternatifs. De plus, l’Autriche peut servir de base pour une expansion en Europe de l’Est, a souligné Stephan Schüller, président du comité des associés-gérants de Lampe.

Selon les termes d"un accord conclu dans la nuit de jeudi à vendredi, le gouvernement belge a annoncé le 30 janvier au matin, que BNP Paribas renonce à racheter l’essentiel des activités d’assurance à la holding financière Fortis. Bruxelles précise que BNP Paribas se contentera de prendre une participation minoritaire de 10% dans les activités d’assurance, pour un montant de 550 millions d’euros.Le groupe français conserve sans évolution son projet de prise de contrôle à 75% de la filiale bancaire belge Fortis Banque qui a été nationalisée à 100% par l’Etat belge en 2008 et qui sera payée en actions BNP pour environ 11,7% du capital. L"accord renégocié réduit aussi la part que conservera la holding Fortis (cotée en Bourse) dans un portefeuille réunissant les actifs les plus risqués, et que la banque française avait refusé de reprendre intégralement.Les petits actionnaires de Fortis, contestent le démantèlement de Fortis, démantèlement sur lequel la justice doit se prononcer le 11 février. Ils ont obtenu, au terme d"une période de blocage de deux ans, un droit sur les plus-values éventuelles enregistrées par les actions BNP Paribas apportées en paiement de Fortis Banque.

Le gestionnaire britannique F&C Investments a annoncé avoir obtenu l’agrément de commercialisation en Espagne de zone fonds supplémentaires, ce qui porte la gamme de produits disponibles sur ce marché à 22 unités, rapporte Funds People. La nouvelle offre comporte des fonds actions, obligataires, de rendement absolu et ISR.

Les fonds de fonds de Bernd Greisinger à Mayence contenaient en moyenne 40 % de Madoff, celui de Carat, 19 %. Les autres sinistrés sont le gestionnaire AmpegaGerling, le réseau de courtiers Top Ten et le gestionnaire de fortune Sauerborn (UBS), rapporte la Frankfurter Allgemeine Zeitung.Selon une enquête de l’association BVI des sociétés de gestion auprès de ses membres, les montants investis dans des fonds de droit européen impliqués dans le scandale Madoff représentaient 220 millions d’euros. Bernd Greisinger a précisé que les investisseurs ont souvent été mis sur une liste d’attente pour souscrire au fonds irlandais Thema, ce qui est a priori peu cohérent avec la notion de fraude pyramidale.

Selon les statistiques de la BRI (BIS en anglais), les banques allemandes affichaient fin septembre des créances de 295 milliards de dollars sur les centres financiers offshore, dont 114 milliards sur les îles Caïman et 52 milliards sur Jersey, rapporte la Frankfurter Allgemeine Zeitung. L’exposition des banques britanniques se situait à 516 milliards de dollars, dont 190 milliards sur Hong-Kong et 90 milliards sur les îles Caïman. Le Japon et la Suisse avaient pour leur part des créances sur ces îles de respectivement 238 milliards et 102 milliards de dollars.

Après Allianz Global Investors, Cominvest, Pioneer et UBS, DWS (Deutsche Bank) et Union Investment (banques populaires) ont décidé de liquider leurs fonds de hedge funds. Celui de DWS, qui fermera le 1er mai, ne pèse plus que 6 millions d’euros et ceux d’Union, liquidés au 1er janvier, ont perdu 30 % en 2008, deux fois plus que la moyenne du secteur, rapporte le Handelsblatt. Seul reste en lice Deka (caisses d'épargne) avec un fonds de hedge funds de 93 millions d’euros.Cependant db x-trackers, la filiale spécialisée de la Deutsche Bank, prévoit de lancer en février un ETF sur des indices de hedge funds.

Le gouvernement fédéral a l’intention d’apporter ce vendredi des améliorations substantielles à son plan de sauvetage pour les banques. Il n’est plus question notamment de constituer une structure de défaisance unique mais de créer une «bad bank» spécifique à chaque établissement impacté par les papiers toxiques, rapporte le Handelsblatt. Cela permet de laisser la responsabilité de ces portefeuilles pourris à chacune des banques plutôt que de la transférer au contribuable. Le ministre fédéral des Finances prévoirait aussi d’obliger les banques à respecter des ratios prudentiels pour les titres externalisés, quitte à ce que l’Etat intervienne ensuite pour soutenir les maisons accidentées. Enfin, il serait prévu de modifier la loi bancaire pour que les structures de défaisance ne soient pas obligées à comptabiliser en mark to market.

Selon la BCE, la masse monétaire en décembre a crû de 7,3% sur un an après 7,7% en novembre. Les prêts au secteur privé ont, eux, accusé le coup

?The Spanish police yesterday arrested six people suspected of participating in a fraud totalling over USD600m on the alternative investment market (AIM) of the London Stock Exchange (LSE),? Les Echos reports. The newspaper adds that the fraud involved a firm listed on the AIM, whose name has not been disclosed, which is reported to have made a number of fictive financial operations.

Legg Mason on Wednesday announced losses of USD1.5bn in the three months to the end of December (the worst results in 25 years), compared with profits of USD155m in the corresponding period of 2007. The management firm suffered redemptions of USD77bn to investors in the quarter. Assets now total less than USD700bn, 30% less than one year previously.

Fitch Ratings has revised its Asset Manager rating of Robeco from M2 to M2+ (M2 plus), for its traditional management activities based in Rotterdam and money market management activities based in Paris.?The rating reflects the support and financial solidity of the Rabobank group (AA+/F1+/Stable Outlook), the parent company of Robeco, as well as the long experience of the management firm in management for third parties,? the ratings agency comments. ?in general, the addition of a plus (+) sign points to the strength of the operational organisation at Robeco and its control framework,? it adds.The major challenges in the mid-term for Robeco will include ?completing a modernisation of its IT platform, while maintaining a good level of risk control and avoiding operational disturbance, as well as preserving its financial situation in the current context of deteriorating markets, which is weighing on assets and the profitability of the company,? Fitch notes.At the end of December 2008, Robeco had assets of EUR110.7bn, managed in Rotterdam, Paris, Hong Kong, Zurich, and the United States. The investment activities included in this rating total EUR58.6bn, including international, European, emerging markets and quantitative equities management, allocation strategies, and international and European bond management, including credit and money markets, the ratings agency adds.In France, Robeco Gestions, the management firm licensed by the French financial regulator, l"Autorité des marchés financiers (AMF), managed EUR6.2bn (excluding money market funds in US dollars managed in France on behalf of the group from 2006 to 2008). Despite a difficult market environment, assets were down only slightly compared with 2007, when they totalled EUR6.7bn, according to Robeco Gestions. This is due to net subscriptions of EUR880m for the year (which includes only retail products and only French investors).

Dexia has announced that Naïm Abou-Jaoudé has been appointed chairman of the executive board at Dexia Asset Management, replacing Hugo Lasat, who is leaving the group on 27 January 2009.Abou-Jaoudé already served as chairman of Dexia AM from January 2007 to November 2008. Since that time, he has been vice-chairman of the executive board at Dexia AM, while Lasat become chairman for a short period. When contacted by Newsmanagers, management at Dexia did not wish to comment on the decision; Lasat also had no comment.

Polly Smith, head of sales at PSolve Alternative Investments, has been appointed head of sales and marketing for Europe, the Middle East and Africa at Tokio Marine Asset Management London, which on 8 October was granted a license by the British financial regulator, the FSA, to operate as a financial intermediary.Smith will report to Yuichi ?Alex? Takayama, and will be responsible for promoting the range of hedge funds and long-only equities funds.

Revere Capital Advisors, a specialist in the selection of new hedge fund managers, founded by several former employees of Man Group, has announced the recruitment of Giles McClelland as head of hedge fund development in London, HedgeWeek reports. McClelland is leaving Man Group after 14 years, where he was global head of hedge fund development for Man Global Strategies.Meanwhile, Revere has hired Andrew Godfrey, who was head of the emerging manager program at Focus Investment Group, as head of management selection and distribution for North America, in New York.

In mid-2008, losses for hedge funds in the Netherlands totalled EUR5bn. ?Many of them are no longer in a position to continue their activities, and particularly, to deliver the promised returns to investors,? Les Echos reports. Among the funds already liquidated are Kempen Propety Hedge Fund, GO Capital, and the Vermeer funds, managed by Optimix. The list of hedge funds currently suspended includes Faxtor Credit Value Fund (Faxtor), Spirit Aim (Eureffect), Prisma Plus Fonds (Wesa Effecten), Attica Funds, and several funds from FacInvest.

According to statistics from Swiss Fund Data released on Wednesday, UBS remained the largest manager of funds on sale in Switzerland at the end of December, with CHF105.8bn, compared with CHF162bn twelve months earlier, ahead of Credit Suisse Asset Management (CHF63bn compared with CHF80.2bn). Compared with the end of 2007, the rankings of management firms have been reversed, between Pictet, with CHF48.5bn, up from CHF37.4bn, and Swisscanto, with CHF43.5bn, down from CHF44.2bn. Swiss Life Funds remains in fifth place, with CHF25.1bn, compared with CHF28.9bn, while the Cantonal Bank of Zurich climbs to sixth place with CHF14.4bn, from ninth place at the end of 2007, with CHF15.3bn. Clariden Leu holds onto seventh place with CHF10.6bn, compared with CHF20bn. Raiffeisen, Banque Sarasin and Reichmuth round out the rankings with CHF6.9bn, CHF6.1bn, and CHF5.3bn, respectively. The 2008 list does not mention actors such as Julius Bär Asset Management (which had CHF25.8bn in assets at the end of 2007), nor LODH (CHF16.4bn) or BlackRock (CHF10.8bn).

?It is certain that, confronted with the financial crisis and a drop in assets, management firms are now highly attentive to their costs, but to my knowledge there are no major plans to lay off staff in this difficult time. In fact, the various actors seem to be rather in a phase of expanding their personnel, and one could suppose that they will slow or cease these recruitments,? says Pierre Bollon, deputy director of the French financial management association (AFG). According to Bollon, ?at any rate, strategic functions such as risk control and financial management will not be impacted by cost reductions.?This may mean, in other words, that efforts to control costs will apply primarily to support functions, while operations like the SGAM/CAAM merger cannot be ruled out, which will result in a pooling of production resources, or the outsourcing of some activities other than management.

BlueBay Asset Management has announced that its assets at the end of December totalled USD16.7bn, compared with USD20.5bn at the end of September, and USD21bn one year earlier. The 18.4% decrease in the second quarter of its fiscal year, which began on 30 June, which comes out to CHF3.8bn, is due to net redemptions of USD800m, negative market effects of USD2.8bn, and currency effects of USD200m.Of total assets under management, long/short funds as of 31 December represented USD3.7bn, compared with USD5.4bn three months earlier, while long-only funds came in at USD13bn, compared with USD15.1bn.Revenues from performance commissions totalled GBP3.2m in October-December, compared with GBP4.9m in July-September.

L’Echo reports that the holding company that controls Fortis and the Belgian government are in a battle against the clock to reach a new agreement with BNP Paribas. To avoid entering bankruptcy proceedings, shareholders in Fortis will have to declare a decision on 11 February, for or against the dismantling of the banking and insurance firm, and its acquisition by the French bank, currently being urgently orchestrated by the Belgian government. But a vote by shareholders will have to be postponed until the general assembly on 4 February, which leaves little time. On the day that a preliminary report by experts appointed by the court of appeals was released this Tuesday, negotiations had already begun between Fortis Holding, the Belgian government and BNP Paribas, the newspaper reports.

According to calculations by Cinco Días, an issue of EUR1.38bn in preferential shares at 2% for 10 years, to benefit investor victims of the Madoff fraud, will allow Santander to raise its tier one owners’ equity levels at a difficult time. However, Madoff victims who prefer to receive their reimbursement immediately in cash on the secondary market will receive only 50%, at current market prices. If they wait for the shares to mature, they will have to settle for annual dividends of only 2%, the lowest on the market at this time for this type of share, one operator comments.

The Financial Times reports that Lloyds Banking Group is preparing to study offers for a part of its life insurance activities. The bank is seeking to strengthen its balance sheet as it begins to integrate HBOS. The activities which it is seeking to sell are said to be those which sell insurance policies via independent financial advisers (IFAs), according to sources close to the firm.

Union Bancaire Privée (UBP) announced on Wednesday that its consolidated net profits totalled CHF341m for 2008, which represents a 15.6% decline from 2007, while gross profits are down 9.2% to CHF591.3m. Assets as of the end of December, for their part, contracted by 26.2%, to CHF100.7bn, due to market effects and to currency effects, as the manager posted net subscriptions of CHF700m. The bank states that it has decided to increase its allocation to liquidity, and to reduce exposure to financial markets. Net assets invested in hedge funds total CHF35bn, compared with CHF60bn twelve months earlier.

It is now incumbent on the Luxembourg regulator to prove itself, in the wake of the Madoff scandal, by applying its utmost efforts to the transposition of European directives into local law, says Alain Leclair, chairman of the French financial management association (AFG), at a presentation of statistics covering the evolution of the French market in 2008. Luxembourg legislation is, a priori, as good as French legislation, even though the European laws have not necessarily been transposed identically into the national laws in force in each country. The French regulator and the AFG are nonetheless not planning to ease the pressure on Luxembourg in this case, which may have consequences for the reputation of the Grand Duchy.With that said, Pierre Bollon, deputy director of the AFG, points out that the Madoff scandal may ultimately have a positive effect insofar as it brings arguments to the table in addition to those which the French association has already been making in relation to the UCITS V directive (see Newsmanagers of 14 January), particularly in relation to the genuine harmonisation of the functions and responsibilities of depositories, with a European passport for these actors. It will also provide an occasion to achieve a coherent European status for ?alter-UCITS? funds, which do not comply with the current regulations, and for their managers. This also applies to alternative management, and thus, among others, to private equity and infrastructure investment.In relation to plans at Santander to reimburse victims of the Madoff fraud, Alain Leclair considers that, pending supplementary information, it is largely a publicity gesture intended to affect the bank’s reputation, but that it nonetheless sets a ?highly interesting precedent.? In general, it is entirely normal that ?primary establishments? in the market for investment products are now held responsible if due diligence was not carried out.

As part of a strategic partnership agreement announced on Wednesday by BHF-Bank (Sal. Oppenheim group) and the Abu Dhabi Investment Company (ADIC), the asset management unit of the latter entity will serve as advisor to the FT Emerging Arabia and FT Emerging Arabia (USD) funds from Frankfurt Trust, the management firm of BHF-Bank. ADIC will, in addition, be able to distribute these funds within the regional market.Frankfurt Trust had assets as of the end of 2008 of EUR15.9bn, in 216 funds and mandates. ADIC does not publish statistics about its assets under management and the number of its funds, but it is an affiliate of the Abu Dhabi Investment Council, a sister company of the largest sovereign fund in the world, the Abu Dhabi Investment Authority (USD875bn).

At the end of December, assets under management in funds on sale in Switzerland totalled CHF452bn, compared with CHF554.3bn twelve months earlier. CHF96.8bn, or 94.6%, of the contraction of CHF102.3bn, or 18.5%, was due to market effects, while net redemptions were limited to CHF5.5bn, according to the Swiss Fund Association. In December, assets fell by CHF0.8bn.The heaviest losses were from equities funds, to CHF101.1bn, after net outflows of CHF5.5bn and CHF59bn in negative market effects. Nonetheless, funds specialised in Swiss equities have posted net subscriptions of about CHF3bn. Assets in money market funds, for their part, have increased by CHF31.9bn, or 47.7%, thanks to CHF26.2bn in net subscriptions and 5.7% in market effects.