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26/08/2011

Le directeur financier de plus en plus présent dans les problématiques de développement durable

Les directeurs financiers jouent un rôle de plus en plus important dans la détermination et la communication des politiques RSE de leurs sociétés, selon un rapport publié par Ernst & Young. Pour une raison simple : les investisseurs veulent évaluer la performance financière de l’entreprise à l’aune de ses impacts sociaux et environnementaux. D’où la place de plus en plus importante prise par les critères ESG dans cet exercice qui a mobilisé progressivement le directeur financier dont les attributions sont du coup élargies à une matière complètement en dehors de ses compétences il y a encore quelques années.Le directeur financier est donc amené à alimenter la rubrique du développement durable de son entreprise auprès des investisseurs, ces derniers considérant désormais que la performance financière et la performance extra-financière d’une société ne sont que les deux faces de la même pièce. La multiplication des instruments de mesure du développement durable n’est bien évidemment pas étrangère à cette vague de fond. Les actionnaires des sociétés se sont également emparés de cette problématique et à l’occasion de l'édition 2011 des assemblées générales, 40% des propositions votées concernaient des questions sociales ou liées à l’environnement. Et si en 2005, seulement 3% des résolutions sociales ou environnementales franchissaient le seuil des 30% de votes, en 2011, 31,6% des résolutions ont atteint ce niveau. Le rapport sur le développement durable est devenu la norme. Selon Ernst & Young, une information intégrée sur le développement durable et les résultats financiers pourrait devenir la nouvelle norme avant la fin de la décennie…
26/08/2011
Fonds

3,9 milliards de dollars sont sortis des fonds matières premières au deuxième trimestre

Au deuxième trimestre 2011, les fonds de matières premières ont enregistré une décollecte de 3,9 milliards de dollars, selon des statistiques de Barclays Capital. Toutes les catégories de produits ont été affectées, notamment les matières premières agricoles et l'énergie.Les actifs sous gestion se sont toutefois maintenus à plus de 400 milliards de dollars et s’inscrivaient à fin juin à 410 milliards de dollars.
Fonds
26/08/2011

UBS recrute chez Credit Suisse

WealthBriefing rapporte qu’UBS a recruté en juillet à Zurich Toby FitzGerald comme associate director. En 2008, l’intéressé a été avec Stephen Conolly à l’origine chez Credit Suisse d’une gamme de services de banque privée avec des conseillers homosexuels à destination d’un public d’homosexuels, lesbiennes et transsexuels. Cela posé, UBS a précisé que Toby FitzGerald ne se focalisera pas uniquement sur cette clientèle, mais que cette possibilité n’est pas exclue.L’impétrant est subordonné à Shona Baijal, executive director dans la division gestion de fortune d’UBS.
26/08/2011

Nomination chez Clariden Leu

Clariden Leu, filiale de Credit Suisse, a nommé Marco Bartolucci à la direction de sa division Investment Products, membre de la direction générale, avec effet immédiat. Marco Bartolucci était depuis 2003 à la tête de la division Produits structurés de Clariden Leu, indique un communiqué publié le 25 août.
26/08/2011

Un spécialiste de la gestion à Hong Kong recruté par Citi

Le spécialiste de la gestion asiatique Stewart Aldcroft vient de rejoindre la division global transaction services de Citi, selon Asian Investor.Il travaillait précédemment à la société de gestion de Hong Kong EIP (Enhanced Investment Products). Il a pris ses fonctions le 22 août en qualité de managing director et conseiller senior pour les services aux investisseurs dans la région Asie-Pacifique.
26/08/2011

Southeastern AM double la mise chez Ferrovial

L’américain Southeastern Asset Management a notifié le 24 août à la CNMV qu’il a franchi le seuil des 5 % du capital dans Ferrovial, le principal actif de la famille Del Pino, pour atteindre 5,012 %, ce qui correspond à quelque 36,76 millions d’actions sur 733,51 millions.Ce paquet de titres, aux cours actuels (8,40 euros) représente 303,3 millions d’euros. Il fait de Southeastern AM le deuxième plus gros actionnaire de Ferrovial derrièe la famille Del Pino, qui conserve 45,57 %.Début août, le gestionnaire américain avait déjà annoncé qu’il détenait 3,07 % du groupe espagnol, ce qui représentait alors 166 millions d’euros.
26/08/2011

TPG Capital prend 30 % de Saxo Bank

Suite à un accord de rachat, une filiale du fonds d’investissement TPG Capital va prendre une participation de 30 % dans Saxo Bank, avec une option d’augmentation de ses parts à 40%.Ces parts sont cédées par des actionnaires existants comprenant entre autres : General Atlantic, un fond d’investissement international et Banco Espirito Santo, l’une des principales banques portugaises. Les fondateurs Kim Fournais et Lars Seier Christensen conserveront l’actionnariat majoritaire et continueront à assurer la co-présidence du groupe même dans l'éventualité où TPG Capital venait à obtenir 40% des parts, précise un communiqué. La prise de participation de TPG Capital est soumise aux approbations réglementaires ainsi qu'à celle de l’autorité de la concurrence.
26/08/2011
Fonds

Le bénéfice d'ATP plonge de plus d'un tiers

Le fonds de pension danois ATP a annoncé le 25 août un bénéfice net de 8,1 milliards de couronnes (environ 1,1 milliard d’euros) pour le premier semestre 2011, contre 12,7 milliards de couronnes pour la période correspondante de l’an dernier. Le solde positif est attribué principalement à l’exposition à des obligations indexées.Si les investissements ont généré un bénéfice de 8,4 milliards de couronnes, les opérations de couverture ont coûté 1,3 milliard de couronnes, tandis que les modifications intervenues dans les prestations de retraites garanties ont permis d’améliorer les comptes d’environ 1 milliard de couronnes.Au 30 juin, ATP gérait 469 milliards de couronnes pour le compte de 4,7 millions de cotisants. Le fonds a servi pour janvier-juin des prestations d’un montant de 5,5 milliards de couronnes à près de 813.000 retraités.D’autre part, l’actualisation annuelle des statistiques a montré que l’espérance de vie pour les personnes âgées de 65 ans a augmenté de 3 mois et demi chez les hommes et de 2 mois pour les femmes.
Fonds
26/08/2011
Fonds

Vanguard va lancer une gamme de six ETF canadiens

Dans une notification au régulateur des marchés au Canada, Vanguard annonce son intention de lancer une gamme d’ETF domiciliés au Canada. Composée de six produits, la gamme permettra aux investisseurs de suivre l'évolution du MSCI Canada et de cinq autres indices obligataires et d’actions.
Fonds
26/08/2011

HSBC GAM Allemagne crée une équipe dédiée à la clientele entreprises

Andreas Folgner, qui travaille depuis dix ans chez HSBC Trinkaus, a été nommé directeur du nouveau service «corporate business» chez HSBC Global Asset Management (Deutschland). Avec son équipe qui comprend deux autres personnes, il sera chargé du suivi de la clientèle de grandes enterprises et de PME ayant leur siège en Allemagne, en Autriche et en Europe de l’Est. Il sera également responsable du développement de solutions de gestion d’actifs pour les placements de capitaux à court et long termes pour la clientèle entreprises.Le nouveau service «corporate business» fait partie du pôle «Institutional & Corporate Business Germany/Austria“ de HSBC GAM Allemagne dirigé par Leonhard Fröhling.
26/08/2011
Fonds

SEB AM investit à Varsovie

Pour son fonds immobilier institutionnel SEB Europe REI, l’allemand SEB Asset Management a acheté pour 38 millions d’euros un immeuble de bureaux entièrement loué situé à Varsovie. Le vendeur de cet actif de 13.270 mètres carrés est le Investec GLL Global Special Opportunities Real Estate Fund.Désormais, le portefeuille polonais des différents fonds de SEB AM comprend 8 immeubles pour une superficie de 199.200 mètres carrés et une valeur vénale de 352 millions d’euros.
Fonds
26/08/2011

CFOs have a growing involvement with sustainable development issues

Chief financial officers are playing an increasingly important role in the definition and communication of socially and environmentally responsible policies at their businesses, a report published by Ernst & Young funds. This is for a simple reason: investors want to evaluate the financial performance of businesses in the light of their social and environmental impact. Hence the increasingly prominent place of ESG criteria in the current fiscal year, which has gradually become the province of CFOs, whose responsibilities have been enlarged into an area that extends well beyond the expertise required of them a few years ago. The CFO is now expected to lay out the sustainable development policies of businesses to investors, who now view the financial and extra-financial performance of a company as two sides of the same coin. A growing number of instruments to measure sustainable development are also a manifestation of this fundamental trend. Shareholders in companies are also tuned in to these issues: in 2011 general shareholders’ meetings, 40% of proposals voted on were related to social or environmental issues. While in 2005, only 3% of resolutions which were social or environmental in nature received 30% or more votes in favour, in 2001, 31.6% of resolutions achieved this level of support. Reporting on sustainable development has become the norm. According to Ernst & Young, an integrated report on sustainable development and financial results may become the new standard by the end of this decade.
26/08/2011

Lehman bankruptcy will cost German banks less than expected

The BdB association of German private sector banks has told Handelsblatt that it has revised its projection of the cost of the Lehman bankruptcy to its guarantee fund downward from EUR6.7bn to EUR6.2bn.Since the beginning of 2009, banks of the association have managed to recuperate EUR1.3bn in assets from the German affiliate Lehman Brothers Bankhaus AG.
26/08/2011

HSBC GAM Germany creates a team dedicated to corporate clients

Andreas Folgner, who has been at HSBC Trinkhaus for ten years, has been appointed as head of the new «corporate business» service at HSBC Global Asset Management (Deutschland). With his team, which also includes two other people, Folgner will be in charge of relationship management for major corporations and SMBs which are headquartered in Germany, Austria and Eastern Europe. He will also be in charge of development of asset management solutions for short and long-term capital investment by corporate clients.The new corporate business service is part of the Institutional & Corporate Business Germany/Austria unit at HSBC GAM Germany, led by Leonard Fröhling.
26/08/2011

Warren Buffett to invest USD5bn in Bank of America

Berkshire Hathaway, Warren Buffet’s company, is going to invest USD5 billion in Bank of America. Bank of America Corporation announced on August 25 that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of USD100,000 per share to Berkshire Hathaway in a private offering. The preferred stock has a dividend of 6 percent per annum, payable in equal quarterly installments, and is redeemable by the company at any time at a 5 percent premium. In conjunction with this agreement, Berkshire Hathaway will also receive warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of USD7.142857 per share. The warrants may be exercised in whole or in part at any time, and from time to time, during the 10-year period following the closing date of the transaction. The aggregate purchase price to be received by Bank of America for the preferred stock and warrants is USD5 billion in cash.
26/08/2011

Assets under management down in first half at LLB

The Liechtensteinische Landesbank (LLB) has posted net inflows in first half up slightly to CHF523m, the bank announced in a statement on 25 August. However, assets under management as of the end of June totalled CHF48.7bn, compared with CHF49.8bn as of the end of December 2010, due to the negative impact of currency exchange rates (-2.7%) and the negative performance of the market (-0.5%).
26/08/2011

Southeastern AM doubles stake in Ferrovial

The US firm Southeastern Asset Management on 24 August notified the CNMV that its stake in Ferrovial, the principal asset of the Del Pino family, has passed the 5% threshold, and stands at 5.012%, which is equivalent to about 36.76 million shares out of a total of 733.51 million.The shares, which closed EUR8.40 on Thursday, are worth EUR303.3m. They make Southeastern AM the second-largest shareholder in Ferrovial after the Del Pino family, which retains a 45.57% stake.In early August, the US management firm announced that it held a 3.07% stake in the Spanish group, which then was worth EUR166m.
26/08/2011

Bestinver continues to concentrate its portfolio

In its most recent quarterly bulletin, the asset management firm of the Acciona group, Bestinver, has announced that it continued to concentrate its international portfolio in first half 2011, as the team led by Francisco García Paramés moves to place a higher level of confidence in businesses that it has known for a long time, which are well-managed, have a low level of debt, and an inexpensive share price. The average PER for the international portfolio is 7.6 times. As of the end of June, the top 12 positions in the portfolio represented nearly 64% of assets, and assets in the top 15 positions represented 70%.Bestinver also states that in first half, all funds in its range posted gains. Returns since the beginning of the year ranged from 0.63% for the Bestinver Previsión to 5.86% for the Bestinver Global.
26/08/2011

Finma sets out requirements for ratings agencies

The Swiss federal financial markets surveillance authority (Finma) on 25 August published a circular which redefines its requirements for ratings agencies. It also introduces uniform conditions for ratings agencies to be recognised. Under the new rules, which will come into force on 1 January 2012, the use of credit ratings concerns not only banks and securities traders, but also insurers, Finma says in a statement. The surveillance authority has also taken into account evolutions that have taken place in Switzerland and abroad concerning ratings agencies.
26/08/2011

Appointment at Clariden Leu

Clariden Leu, an affiliate of Credit Suisse, has appointed Marco Bartolucci as director of its Investment Products division and a member of its board of directors, effective immediately. Since 2003, Bartolucci had been head of the structured products division at Clariden Leu, a statement released on 25 August says.
26/08/2011

TPG Capital acquires 30% of Saxo Bank

Following an acquisition agreement, an affiliate of the investment fund TPG Capital will acquire a 30% stake in Saxo Bank, with an option to increase the stake to 40%. The shares will be sold by existing shareholders in the bank, including General Atlantic, an international investment fund, and Banco Espirito Santo, one of the largest Portuguese banks, among others. The founders of the firm, Kim Fournais and Lars Seier Christensen, will retain majority stakes, and will continue to serve as co-presidents of the group, even if TPG Capital does acquire a 40% stake in the firm, a statement says. The acquisition by TPG Capital is subject to approval by regulators and antitrust authorities.
26/08/2011

UBS recruits a pioneer in gay private banking from Credit Suisse

WealthBriefing reports that UBS in July recruited Toby FitzGerald in Zurich as associate director. In 2008, FitzGerald founded a range of private banking services with Stephen Conolly at Credit Suisse, which offered homosexual client advisors and was aimed at gay, lesbian and transgender clients.UBS says, however, that FitzGerald will not focus exclusively on gay clients, though that possibility has not been ruled out.FitzGerald will report to Shona Baijal, executive director in the wealth management division at UBS.
26/08/2011

Hong Kong management specialist recruited by Citi

The Asian management specialist Stewart Aldcroft has joined the global transaction services division of Citi, according to Asian Investor. Aldcroft previously worked at the Hong Kong management firm EIP (Enhanced Investment Products). He began on 22 August in his new role as managing director and senior advisor for investor services in the Asia-Pacific region.
26/08/2011

EUR29bn in outflows from UCITS in June

In June, even before the turmoil in the global markets, investors were already holding back from risky assets due to uncertainties over the strength of the economic recovery and increasingly visible tensions in European debt markets.According to the most recent statistics from the European Fund and Asset Management Association (EFAMA), which brings together 23 professional associations representing more than 97% of total UCITS and non-UCITS assets, UCITS witnessed a swing in net sales in June to record net outflows of EUR29bn, after recording net inflows of EUR 22 billion in May. This turnaround in net sales is attributable to large net outflows from money market funds and reduced net sales of equity and bond funds. Long-term UCITS (UCITS excluding money market funds) experienced reduced net inflows in June of EUR 7 billion, down from net inflows of EUR 16 billion in May. Balanced funds continued to record strong net sales in June increasing to EUR 6 billion, up from EUR 5 billion in May.Bond funds, however, experienced a drop in net sales to breakeven point in June, after recording net inflows of EUR 8 billion in the previous month. Equity funds experienced a turnaround in net flows during the month to record net outflows of EUR 3 billion, after recording net inflows of EUR 1 billion last month. Money market funds experienced large net outflows in June amounting to EUR 36 billion, significantly lower than the net inflows of EUR 6 billion recorded in May.
26/08/2011

John Paulson sees heavy losses in August

The situation has not turned out well for John Paulson in August, the Financial Times reports. His flagship fund, Advantage Plus had lost 38.7% since the beginning of the year as of Friday, according to a source familiar with the matter. The fund has lost 22% in the first 19 days of August. Paulson suffered in particular from the plummeting Hewlett-Packard share price.
26/08/2011

JP Morgan AM adds Threadneedle funds to its range

JP Morgan Asset Management on 24 August announced that it is adding to the range of products on offer on its WealthManager+ platform, with the inclusion of 51 funds from Threadneedle, bringing the number of third-party funds available to slightly over 600.
26/08/2011

Berenberg recruits three specialists in London in two months

German asset manager and private bank Berenberg has recruited Max White, senior private banker at Morgan Stanley, for its British private banking affiliate, WealthBriefing reports. White becomes head of clients for the Channel Islands, the Isle of Man and the North-Western United Kingdom.The recruitment is the third in two months by the two directors, Fred Harvey and Ross Elder, following the recruitment of Richard Brass, who arrived in July from Schroders Private Banking, and Matthew Stemp, who will have dual duties in private banking and asset management (Berenberg Asset Management) in London and Hamburg. Stemp joins from UBS Global Asset Management.
26/08/2011

Brevan Howard profits from markets turmoil

In the past three weeks, the British hedge fund management firm Brevan Howard (USD32bn) has made more than USD1.5bn due to turbulence on the markets, because it had already been positioned to anticipate a global downturn since the beginning of the year, the Financial Times reports.Like most hedge funds, Brevan Howard has suffered due to market volatility for the past year. Recent gains, however, will allow its Master Fund, which showed neither gains nor losses for this year, to post gains of 11% YTD, according to a source familiar with the matter. This comes in an environment in which the average global macro hedge fund has lost 0.2% since the beginning of the year, according to Hedge Fund Research.
26/08/2011

Commodity funds see outflows of nearly USD4bn in second quarter

In second quarter 2011, commodity funds posted an outflow of USD3.9bn, according to statistics from Barclays Capital. All categories of products were affected, including soft commodities and energies in particular. Assets under management nonetheless remain above USD400bn, with a total as of the end of June of USD410bn.

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