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07/01/2009

France - Immobilier : la baisse des prix affecte aussi Paris

Selon La Tribune, citant Century 21, la baisse des prix dans l’ancien à l'échelle nationale au second semestre 2008 a atteint ? 7,46% et un nouveau recul des prix de - 6% est attendu en 2009. «Paris, (?) a connu une baisse de 5,94 % au quatrième trimestre 2008 par rapport au troisième trimestre», précise notamment le quotidien.
07/01/2009

France - Assurance vie : les contrats en euros plus lucratifs que prévu

Selon Le Figaro, «L"Afer, dont le contrat sert de baromètre au marché, a ainsi annoncé hier un rendement de 4,36 % pour son fonds en euros (contre 4,42 % en 2007)». Une baisse de rendement de l"ordre de 0,10% à 0,30% est donc attendue, en moyenne. Toutefois la collecte d"assurance-vie a reculé de 11 % entre janvier et novembre 2008 et les assureurs ont puisé dans leur réserve pour rapporter plus que le livret A, ajoute notamment le quotidien.
07/01/2009

Etats-Unis - BofA vend des actions de China Construction Bank

The Wall Street Journal titre sur le fait que Kenneth Lewis, chairman et CEO de Bank of America (BofA) a finalement recommandé dans une note interne qu’il ne lui soit pas versé de bonus au titre de 2008 et que cette disposition s’applique aussi aux autres dirigeants de la banque, même si toutes les personnes concernées ont travaillé extrêmement dur l’an dernier. Le journal en profite pour signaler que la banque américaine à vendu pour 2,8 milliards de dollars d’actions de China Construction Bank Corp (CCB). L’opération se serait faite à 3,92 dollars de Hong-Kong par titre, soit une décote de 12 % sur le cours de clôture. Cela permet à BofA de récupérer une parti de 7,1 milliards de dollars investis en novembre pour augmenter sa participation dans CCB.
07/01/2009

Chine - Feu vert pour une JV entre Deutsche Bank et Shanxi Securities

La China Securities Regulatory Commission (CSRC) a donné son agrément à la création de Zhong De Securities Company Limited, coentreprise entre Deutsche Bank (33,3 %) et Shanxi Securities Co. Ltd (66,7 %) dans le domaine des valeurs mobilières. Cette autorisation couvre la souscription et le placement d’actions (y compris les actions A et des titres destinés aux investisseurs étrangers) ainsi que le négoce d’obligations d’Etat et d’entreprises. D’autres activités pourraient être mises en place sous réserve des autorisations correspondantes de la CSRC, indique mardi la banque allemande.
07/01/2009

Espagne - Les gérants restent méfiants

L’enquête mensuelle de Lipper auprès des principaux gestionnaires espagnols montre que malgré la relative remontée des actions en décembre, les gérants de fonds sont 15,38 % à sous-pondérer cette classe d’actifs contre 7,69 % en décembre, tandis que la poche moyenne de cash a été augmentée à 34,05 % contre 33,79 %, rapporte Cinco Días.
07/01/2009

Allemagne - La Commerzbank lance le premier Soffin Bond

Selon les milieux financiers, rapporte la Börsen-Zeitung, la Commerzbank va lancer un emprunt d’un à deux milliards d’euros avant même l’acquisition de la Dresdner Bank. Ce sera la première émission d’une banque allemande revêtue de la garantie du fonds de stabilisation des marchés financiers (Soffin) et qui porte dans ce cas sur une enveloppe de 15 milliards d’euros.
07/01/2009

Belgique - Le gouvernement veut négocier avec les actionnaires de Fortis

Selon Les Echos, qui reprend des informations du quotidien De Tijd, le gouvernement belge devait discuter mardi, lors d’un Conseil des ministres, d’une éventuelle indemnisation des actionnaires de Fortis, dont le cours a chuté depuis la scission et la décision de la vente à BNP Paribas des actifs belges et luxembourgeois du groupe.
07/01/2009

Allemagne - Adolf Merckle s'est suicidé

Le milliardaire allemand Adolf Merckle s’est suicidé lundi en se jetant sous un train, rapporte la Frankfurter Allgemeine Zeitung. Il était sur le point de perdre son empire industriel (Heidelberg Cement, Ratiopharm, Phoenix Pharmahandel) à la suite entre autres de spéculations malheureuses lors du corner sur Volkswagen l’an dernier.
07/01/2009

Allemagne - Epargne financière des ménages : - ? 110 milliards en 2008

Selon une estimation d’Allianz Global Investors (AGI) et de la Dresdner Bank relayée par la Frankfurter Allgemeine Zeitung, l'épargne financière des ménages allemands a fondu de 110 milliards d’euros l’an dernier à 4,49 billions d’euros fin décembre. C’est la seconde contraction depuis la constitution de la République fédérale, la première ayant été constatée pour 2002. En revanche, le taux d'épargne a augmenté en 2008 à 11,4 % contre 10,8 % en 2007.
07/01/2009

World - According to Altedia 1C, SRI does not penalise performance

In a study of 171 sustainable and responsible investment (SRI) in the two years to 31 October, Altedia Investment Consulting concludes that Best in Class funds earn performance which is relatively in line with market indices and non-SRI funds. Best in Class funds which do not apply exclusionary filters post the best relative performances compared with funds that combine both approaches. The difference amounts to 1.5% over 2 years.Thematic funds earn performance which is in line with or superior to financial market indices: -1% for the category as a whole, with significant disparities. Thematic funds which integrate extra-financial aspects into their financial selection process earn better performance compared with those which invest without taking account of environmental, social and governance (ESG) criteria, particularly when markets are in a falling phase: the difference is 2.8% in one year, says Altedia IC.
07/01/2009

Belgium - Government wants to negotiate with Fortis shareholders

Les Echos relays reports in the De Tijd newspaper that the Belgian government is expected to hold discussions at a meeting of the council of ministers on Tuesday over a possible reimbursement of investors in Fortis, whose shares have plummeted since the breakup of the company and the decision to sell the group’s Luxembourg and Belgian assets to BNP Paribas.
07/01/2009

United States - Millennium appoint independent administrator

Millennium Management, a New York hedge fund with USD11bn in assets, managed by Izzy Englander, has appointed an independent firm to reassure investors in the wake of the Madoff fraud, the Financial Times reports. The administrator is GlobeOp, which will provide valuation and independent controlling of Millennium’s assets.
07/01/2009

United States - Madoff attempted to avoid disaster

Ten days before his arrest, Bernard Madoff obtained USD250m from Carl Shapiro, the billionaire who helped him at the beginning of his career in 1960, the Wall Street Journal reports. On 5 December, Madoff also received USD10m from Martin Rosenman, president of a fuel company in the Bronx. And just before Thanksgiving, Madoff contacted two eminent investors, Langone and Holzmann, to announce to them that he was planning to launch a new USD500m to USD1bn fund very soon.
07/01/2009

China - Beijing government may introduce REITs

Qi Jin, Chinese vice-minister for housing, has announced at a press conference that banking regulators are working on plans to introduce REITs to stimulate the local real estate market, the Financial Times reports.
07/01/2009

France - LFP now offers a full range of credit products

This year, La Française des Placements (LFP) is planning to dedicate high-visibility efforts to developing sales of credit products, an area in which it now offers a full range of funds, from investment grade to high yield, including convertible bonds and money market funds, Pascale Auclair, deputy CEO for management, has announced.
07/01/2009

United Kingdom - Pension funds profit from falling pound

The fall of the pound sterling last year came as a blessing for British pension funds: it enabled them to make up for losses on equities markets, the Financial Times reports. According to State Street, pension funds in the United Kingdom showed average losses of about 13% in 2008, far better than the 30% fall on UK equities markets, and the 40% drops seen in the United States, Japan, and Europe.
07/01/2009

United States - Some ETFs managed to make money despite conditions in 2008

As a general rule, ETFs lost money last year, since they replicate the evolution of the markets. However, in the equities ETF fund class, the ProShares UltraShort S&P 500, which uses short positions and leverage, posted performance of 61%, the Wall Street Journal reports. In bond funds, the iShares Lehman 20+ Year Treasury Bond Fund and the SPDR Lehman Long Term Treasury ETF gained 34% and 24%, respectively, according to Morningstar.
07/01/2009

Switzerland - Benno Flury joins Nationale Suisse as CIO

Following the resignation of Rodolfo Lindner, the insurance firm National Suisse has recruited Benno Flury to succeed him as chief investment officer (CIO). He will join the firm on 1 April. Currently, Flury is managing director and head of fixed income at Swiss Re, where he is in charge of the European and Asian bond portfolios.
07/01/2009

United States - Two new chiefs at Fidelity

Fidelity Investments announced on Tuesday that two executives have joined its teams. Peter Ciezko, former president and CEO of Evergreen Investments, has been appointed president of Fidelity Investments Institutional Services Company, which manages USD272bn in assets and provides investment services through more than 1,000 financial institutions and 44,000 client advisors. Meanwhile, Ed Orazem, former managing director of Global Wealth Management at Citigroup, becomes president of Fidelity Family Office Services, an entity which offers wealth management products and services to 70 family office clients representing assets of more than USD9bn.Ciezko will join Fidelity in January 2009, and will report to Michael K. Clark, president of Fidelity Institutional Products Group. Orazem will join the firm in February, and will report to Charles G. Goldman, president of Institutional Platforms for Fidelity Institutional Products Group.
07/01/2009

Spain - Managers remain cautious of markets

A monthly Lipper survey of the major Spanish managers finds that despite a relative comeback on the equities markets in December, 15.38% of fund managers are underweight in this asset class, compared with 7.69% in December, while the average exposure to cash has increased to 34.05% from 33.09%, Cinco Días reports.
07/01/2009

World - Private equity expected to announce losses

Private equity firms are expected to warn clients in the next few weeks that their investments have depreciated, the Financial Times reports. The newspaper estimates that losses may be in the 20%-30% range.
07/01/2009

United States - Tom Forester: a rising star

The Wall Street Journal reported on the reasons that Tom Forester, who has his own management firm, which manages a small diversified US equities fund with USD60m in assets, was the only manager to post positive returns in 2008 (0.4%), in a category that includes 2,800 funds. Most of the atypical manager’s secret consists in the face that he focuses on potential losses (downside). In addition, he did not hesitate to hold onto a 30% allocation to cash (he is currently 100% in cash), and he has no benchmark, which saved him from having to invest in the financial sector. Over five years, the S&P 500 has lost 19%, while Forester’s fund has earned 11%.
07/01/2009

Canada - RBC AM and PH&N post net subscriptions for December

In December, RBC Asset Management (RBC AM) and Philips, Hager & North (PH&N) posted net subscriptions of CAD680bn, the sum of CAD1.1bn in net subscriptions for money market funds and net redemptions of CAD433m for long-term funds. Asset increased by CAD0.7bn, or 0.8%. At the end of December, RBC AM and PH&N had CAD92bn in assets in investment funds, plus CAD48bn in assets under management in other forms, for retail and institutional investors.
07/01/2009

Europe - Stephan Heitz officially joins Axa IM

Axa Investment Managers Germany announced on Tuesday that Stephan Heitz has begun in his new position as head of Northern Europe at the Axa IM group, as announced last year (see Newsmanagers of 15 July 2008). Heitz will be based in Frankfurt, and will be in charge of the German, Austrian, Swiss, Belgian, Luxembourg, and Netherlands markets. In addition, he will serve as CEO of Axa Investment Managers Deutschland. Heitz was previously CEO of Swiss Life Asset Management (SLAM) in Zurich.
07/01/2009

France - Savings investors prepare assault on UBS

On Thursday, four French law firms representing out-of-pocket savings investors met their correspondents in Luxembourg to define the legal strategy they would adopt against UBS, which was the depositary bank for the Luxalpha American Selection and Luxinvest US Equity funds, which are linked to the Madoff scandal, Les Echos reports.
07/01/2009

World - John D. Rogers becomes president & CEO of CFA Institute

Jeff Diermeier has left his job as president and CEO of the CFA Institute, which he had held since January 2005. His successor, who was elected by the Board of Governors, and who began in his new job immediately, is John D. Rogers. Rogers was president and CEO of Invesco Institutional; he left Invesco, which he joined in 1997, in 2007, to found Jade River Capital Management.
07/01/2009

United States - Bernard Madoff's secret accounts

Les Echos reports that the discovery of USD830m in liquid assets in bank accounts in the name of Bernard Madoff’s company, Bernard Madoff Investment Securities (BMIS), has reopened the question of reimbursement of victims, which has been hanging over the case for a long time.
07/01/2009

Germany - Griffin recruits Jens Mueller

The British management firm Griffin Capital Management on Tuesday announced the recruitment of Jens Mueller as head of sales, in charge of investor relationship management for the German-speaking countries (Germany, Austria, and Switzerland). He will be responsible in particular for distribution partners and institutional investors for sales of traditional UCITS III-compliant funds and long/short products that invest in western and eastern Europe. Mueller held a similar position from 2006 at the London-based management firm Atlas Capital, after serving as head of marketing & development wholesale Europe at F&C Asset Management.

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