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12/01/2009

Royaume-Uni - Patrick Degorce quitte TCI

Patrick Degorce, ancien dirigeant de Merrill Lynch et ex-officier de la Marine française, a quitté The Children’s Investment Fund Management, qu"il avait contribué à lancer en 2004. Le fonds a perdu 43 % environ en 2008, selon des personnes proches du dossier citées par le Wall Street Journal.
12/01/2009

Austria - One new and one old head for Bank Medici

Bank Medici, which has been put under government control after it said it had lost up to USD2bn in the Madoff scheme, has a new managing board, with the Britishman John Holliwell and the Austrian Werner Tripolt, who was a member of the old management and had resigned on January 2nd.
12/01/2009

Spain - Funds with Madoff contents netted EUR15m in fees last year

Expansión has reckoned that 45 funds in Spain have acknowledged a direct or indirect exposure to the Madoff scheme. Their total AUM is somewhat less than EUR1bn, of which less than EUR50m invested in Madoff’s funds. These funds have earned some EUR15m in fees last year.
12/01/2009

United Kingdom - Patrick Degorce has left TCI

The Deutsche Börse share Friday lost 7.25% on Xetra, because market participants feared that the TCI hedge fund would sell its interest. This rumor was fed according to the Börsen-Zeitung by the announcement that Patrick Degorce has left the alternative management company on January 1st.
12/01/2009

Germany - db x-trackers netted EUR12bn in 2008

db x-trackers succeeded in beating its CEO’s forecast: while Thorsten Michalik was quoted as saying the Deutsche Bank’s ETF affiliate would reach EUR17bn in AUM for 2008, it actually reached some 18.6bn thanks to EUR12.01bn in net inflows, of which EUR6.77 for equity ETFs and EUR5.24bn for fixed income ETFs. During the first four days of 2009, db x-trackers has recorded more than EUR1bn in net new money.
12/01/2009

United States - Harbinger Capital imposes limits on withdrawals

Harbinger Capital, the activist US hedge fund headed by Philip Falcone, joined the list of funds restricting withdrawals for investors a day before the end of last year, according to two investors quoted by the Financial Times. Harbinger"s main fund rose almost 43 per cent in the first six months of last year but lost all its profits and ended the year down 27.1 per cent. The fund now manages about USD6bn, down from a peak of almost USD20bn last summer.
12/01/2009

United Kingdom - Patrick Degorce has left TCI

Patrick Degorce, a former Merrill Lynch executive and ex-French navy officer, has left The Children’s Investment Fund Management LLP, which he helped launch in 2004. The fund, known as TCI, was down about 43% in 2008, according to people familiar with the matter quoted by the Wall Street Journal.
12/01/2009

Germany - Properties in RE funds are "young"

According to the German asset managers association (BVI), 66.2% of the properties featuring in the portfolios of the open-ended real estate funds are «younger» than 10 years and 52.4% are let for periods ending after January 1st, 2013.BVI also stated that 377 properties have been either bought or sold by the funds during the twelve months to end october, for a total EUR17.8bn.
12/01/2009

Spain - More than 20 foreign asset managers entered the market in 2008

Expansión reports that more than 20 foreign fund managers last year made their first inroads in the Spanish market, among which F&C Investments, T. Rowe Price, Scottish Widows, Raiffeisen Capital Management, Mirae Asset Management and BPI. Standard Life Investments is expected to get a license in the coming weeks.
12/01/2009

Italy - CAAM AI introduces side-pockets for its hedge funds

Crédit Agricole Asset Management Alternative Investment Sgr is the first asset manager in Italy that has adopted the new liquidity rules for hedge funds, says Il Sole - 24 Ore. These new measures allow asset managers to introduce gates and side-pockets. CAAM has created a side-pocket for the illiquid assets of its funds from the ranges Multi Arbitrage, Multi Strategy, Long/Short and Opportunity.
12/01/2009

United Kingdom - Schroders among the potential buyers of New Star

According to the Financial Times, about 10 potential buyers, including Schroders, have submitted first-round proposals for New Star, the struggling fund management group. Other parties that have submitted indicative proposals for the asset manager include Henderson, Gartmore, Neptune IM and Aberdeen AM. People familiar with the situation said the price tag being put on New Star was above GBP100m, although some other observers were sceptical that this level would be achieved.
12/01/2009

United Kingdom - SocGen backs Geoff Grant

Geoff Grant, co-founder of failed hedge fund Peloton Partners, has succeeded in launching another fund, according to the Financial Times. Grant Capital Partners has backing of close to USD100m from Société Générale, according to two people familiar with the fund. It has assets under management of about USD130m.
12/01/2009

United Kingdom - Rathbone's AUM dropped by one fifth in 2008

Rathbone Brothers on Friday said its total AUM was GBP10.46bn at end-December, down from GBP 13.12bn twelve months earlier, which is a drop of 20.3%. Assets managed by Rathbone Investment Management Ltd were down 16% at GBP 9.43bn, but the annualised growth of the underlying assets has been 7.3%.AUM at Rathbone Unit Trust Management Ltd dived 45.5% to GBP 1.89bn, with net outflows of GBP234m.
12/01/2009

United States - Madoff prosecutors push back deadline

US federal prosecutors reached a deal with Bernard Madoff’s lawyers to delay the deadline to bring an indictment in the criminal case against him, according to the Wall Street Journal. Prosecutors had faced a deadline Monday, but they now have until mid-February.
12/01/2009

United States - Half of Madoff loss borne by foreigners

Roughly half the estimated losses from Bernard Madoff"s alleged ?Ponzi? are being borne by non-US investors, according to the Financial Times. While most of the small individual investors appear to be in the US, some of the biggest by dollar amount were from abroad.
12/01/2009

World - Deborah Fuhr (BGI) : "Investors are attracted by the transparency of ETFs"

Deborah Fuhr, who is in charge of ETF research at Barclays Global Investors (BGI), told Les Echos that at end-October, European ETFs had recorded inflows of USD61bn. This success is a result of the transparency of these funds. She expects that investors will turn more to fixed income, credit ETFs this year. And they also could come back to ETFs based on bright indices for the US, European and Japanese markets.
12/01/2009

World - Michael Hasenstab (Franklin Templeton) bets on Asian currencies

Michael Hasenstab manages Franklin Templeton’s FTIF Templeton Global Bond Fund fixed income fund. For the coming 3 months, the main performance drivers should be the drop in interest rates, Asian currencies and emerging debt in USD. He explains he is a buyer of Asian currencies because he is confident in economic growth in Asia (ex-Japan), which should in his opinion remain positive, even though it is slowing.
12/01/2009

Italy - Funds will have to be more transprent on derivatives

When taking their investment decisions, funds will have to make sure that their assets are easily tradable and above all that their exposure to derivative instruments are under control, thanks to adequate risk-management systems, Il Sole-24 Ore says. The paper states that the Bank of Italy has just updated its regulations concerning the financial instruments which are eligible for the funds, along the lines of the European directive of 2007.
09/01/2009

Allemagne - E.On lève ? 1,5 milliard

E.On a indiqué jeudi avoir placé par l’intermédiaire d’E.On International Finance BV un emprunt #benchmark# de 1,5 milliard d’euros sur 7 ans assorti d’un coupon de 5,50 % et d’un prix d'émission de 99,547 %. L'émission a été #plusieurs fois sursouscrite par des investisseurs institutionnels internationaux. Les chefs de file du consortium de placement ont été la Commerzbank, ING Wholesale Banking et la RBS.
09/01/2009

Allemagne - Fitch dégrade VW

La prise de participation majoritaire par Porsche dans Volkswagen se solde par une dégradation de la note du constructeur de Wolfsburg, que Fitch Ratings abaisse d’un cran à BBB+ contre A- , avec en plus un maintien sous surveillance avec implication négative. Il est vrai que Porsche se dirige à grands pas désormais vers les 75 % de VW, avec à la clé un contrat de domination et donc un alignement des notes des deux entités.
09/01/2009

Etats-Unis - Nasdaq va suivre les sociétés aidées par l'Etat

Nasdaq OMX Group Inc. lance une gamme de produits de négoce et d"investissement concernant les entreprises soutenues par le gouvernement pendant la crise financière mondiale, rapporte The Wall Street Journal. Le premier d"entre eux est le Government Relief Index (GRI), qui suivra les valeurs de 24 entreprises ayant chacune reçu plus de 1 milliard de dollars de soutien par le biais du Trouble Asset Relief Program (TARP) ou d"autres mécanismes d"aide. Il s"agit de mesurer la performance de ces entreprises et l"efficacité du plan de sauvetage.

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