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26/05/2010

RBS doit céder son activité de capital investissement européen

Royal Bank of Scotland (RBS) poursuit son programme de cession d’actifs, note l’Agefi qui précise que, de sources concordantes, l'établissement financier britannique aurait engagé des discussions exclusives avec le fonds de pension néerlandais Alpinvest Partners pour lui vendre un portefeuille européen de parts de fonds de capital investissement. Le montant de cette cession serait de l’ordre de 400 millions d’euros, ajoute le quotidien.
26/05/2010

Pression continue sur les banques

Selon L’Agefi suisse, la solvabilité des banques sera à nouveau sous pression et un besoin en capital considérable surgira d’ici la fin 2010, corollaire d’une accentuation des prescriptions en matière de liquidités et capital aux plans national et international. Le marché des capitaux n’a pas encore escompté ces incertitudes, selon Independant Credit View (I-CV), une boutique d’analyse indépendante des crédits et de la solvabilité des entreprises, qui se pose en alternative aux grande agences de ratings et qui n’est pas payée par les émetteurs mais par ses clients. I-CV prévoit une deuxième vague de dégradations des ratings par Moody’s, S&P et Fitch.
26/05/2010

Une dette immobilière de 4,9 milliards à renégocier pour Blackstone

Selon l’Agefi qui reprend une annonce de Fitch mardi, le fonds d’investissement américain Blackstone s’en est remis à Bank of America pour gérer 4,9 milliards de dette en quasi-défaut de paiement. La dette en question qui sert de sous-jacent à des obligations hypothécaires (commercial mortgage-backed securites, CMBS) émises en juin 2007, a été contractée pour l’achat de la société Equity Office Properties Trust. Elle arrive à échéance en 2012.
26/05/2010

Nomination chez CalPERS

Le California Public Employees’ Retirement System (CalPERS) a annoncé le 25 mai la nomination de Dale Jablonsky en qualité de assistant executive officer du pôle services des technologies de l’information. Il sera responsable du projet de modernisation du pôle avec une attention particulière à la réduction des risques opérationnels.
25/05/2010
Fonds

Santander Real Estate retarde la vente des actifs du Banif Inmobiliario

Dans une notification remise vendredi à la CNMV, Santander Real Estate annonce que la liquidation de l’essentiel des actifs du fonds immobilier Banif Inmobiliario (2,69 milliards d’euros), dont les remboursements sont gelés depuis le 4 mars 2009, interviendra non au second semestre 2010 comme prévu initialement, mais à partir de 2011 et durant les années suivantes. Ce report est expliqué par la situation d’illiquidité et de déprime généralisée du marché de l’immobilier, ce qui a conduit les repreneurs potentiels des actifs du fonds à proposer des prix déraisonnables aux yeux du gestionnaire et de ses conseillers externes (CB Richard Ellis et Clifford Chance).
Fonds
25/05/2010

Quatre assureurs et l'Etat vont investir dans l'immobilier allemand

Les assureurs Mapfre, Santander Seguros, ING-Nationale Nederlanden et Santa Lucia ont créé la société d’investissement dans l’immobilier allemand Inmoalemania Gestión de Activos Inmobiliarios dont ils détiennent chacun 20 %, les 20 % restants étant pris par la Chambre de compensation des Assurances du ministère de l’Economie, rapporte Expansión.Inmoalemania est confiée à la division gestion d’actifs de Banif, filiale du Santander. Elle affiche un actif de 100 millions d’euros (chiffre de 2008) en immeubles locatifs situés en Allemagne.L’objet de la société est la gestion d’actifs pour le compte de compagnies d’assurances disposant d’un agrément pour opérer en Espagne. Les actionnaires estiment que la création de cette filiale conjointe est une formule qui présente moins de risques que l’investissement direct dans l’immobilier à l'étranger. Le marché allemand est censé offrir une bonne stabilité et des perspectives intéressantes. Inmoalemania est un fonds fermé qui possède une filiale en Allemagne. Elle est actuellement présidée par Luis Basagoiti (Mapfre), mais la présidence sera tournante.
25/05/2010
Fonds

Le chômage prélève son tribut sur les fonds de pension

D’après le rapport 2009 sur les assurances et les fonds, 41.985 chômeurs ont fait usage l’an dernier de la «flexibilisation» du régime qui leur permet depuis août 2009 de récupérer l'épargne qu’ils ont confiée à des fonds de pension. C’est un quadruplement par rapport à 2008, constate Expansión, mais le montant concerné, 219 millions d’euros, n’a que triplé sur l’année précédente (76 millions).Le remboursement moyen a porté sur 5.115 euros alors que la moyenne de l’encours se situe à 6.640 euros pour les fonds de pension individuels et à 15.900 euros pour les fonds de pension d’entreprise.
Fonds
25/05/2010

RBS Coutts recrute un patron pour l'Asie du Sud

La banque privée de Royal Bank of Scotland, RBS Coutts, a annoncé le recrutement de Ranjit Khanna comme market head for non-resident Indians (NRI) and South Asia. Basé à Singapour, il sera subordonné à partir de juin à Paul Davies, head of private banking for South Asia. Ranjit Khanna était précédemment managing director pour la banque privée chez Bank Sarasin Alpen à Dubai où il avait été responsable de l’entrée sur le marché indien et du développement d’une activité au profit de la diaspora indienne dans le Golfe.D’autre part, RBS Coutts a recruté Nancy Lee comme Asia head of human resources. L’intéressée était auparavant chez Goldman Sachs. Elle sera basée à Hong-Kong et subordonnée à Nick Pollard, CEO de RBS Coutts Asia.
25/05/2010

KBL Epb affiche son plan de route

Comme annoncé par Newsmanagers vendredi 21 mai, les responsables du Groupe KBC et ceux du Groupe Hinduja ont fait part, le même jour, de la signature de leur accord pour la reprise de KBL European Private Bankers.Au terme du processus en cours, précise le communiqué, Jacques Peters a été confirmé par le Groupe Hinduja pour succéder en tant que CEO de KBL European Private Bankers à Etienne Verwilghen.En matière de perspectives, KBL European Private Bankers compte poursuivre avec son nouvel actionnaire sa politique d’expansion commerciale en s’adressant à la communauté indienne dans les pays où il est déjà présent ; en identifiant le potentiel de développement dans les pays où le Groupe Hinduja est actif et où KBL Epb n’a pas encore d’accès ; enfin, en renforçant «son activité à Luxembourg de plate-forme pour la constitution et la gestion de fonds d’investissement et autres produits financiers destinés à une clientèle ciblée dans la classe moyenne indienne, en forte croissance».
25/05/2010
Fonds

Deux nominations au fonds souverain de Singapour

Temasek Holdings, le fonds souverain de Singapour, a annoncé la nomination de Hsieh Fu Hua, l’ancien patron de la Bourse de Singapour, en tant que directeur exécutif et président, à compter du 1er août. Dilhan Pillay Sandrasegara rejoindra aussi l’agence en tant que responsable de la gestion de portefeuille le 18 octobre.
Fonds
25/05/2010

Two appointments at Singapore sovereign fund

Temasek Holdings has announced two new senior appointments for the firm. Mr Hsieh Fu Hua, previously the CEO and a non-independent director of Singapore Exchange Limited, will take on a full-time role as Executive Director and President with effect from 1 August 2010 and Mr Dilhan Pillay Sandrasegara will join Temasek as Head, Portfolio Management with effect from 18 October 2010.
25/05/2010

Rose Ouahba (Carmignac Sécurité): “Our priorities are liquidity and capital protection”

In an interview with Juan Manuel Vicente of Lipper, published in Cinco Días, Rose Ouahba, manager of the Carmignac Sécurité fund (EUR5.1bn in assets) says that management of modified durations (between - 3 and + years) and allocation between public and private debt are the two most important tools used in the management of her fund, which has gone from a 15% exposure to corporate bonds as of the end of 2006 to 60-70% in the past few months. Currently, public debt in the portfolio is centred on German bonds and one French bond, which will mature this autumn. Currently, of corporate bonds in the portfolio, a large proportion are cyclical and financial sector businesses, but only senior debt. Carmignac Gestion is beginning to estimate that credit spreads are approaching their fair value, meaning that exposure has been reduced more recently. The search for performance in the future may lead to reductions in long positions on duration, in order to profit from falling returns via strategies using CDS with options on the US dollar.
25/05/2010

Hedge fund managers prepare for toughening regulations

Directors of small US hedge fund management firms are rushing to find compliance directors and to prepare for the introduction of new regulations heralded by the SEC, which are expected to prove extremely costly, the Wall Street Journal reports. They have abandoned their position of accross-the-board rejection of new legislation, but their lawyers will now concentrate their efforts on ways to minimize the impact of the registration that will soon be required of them.
25/05/2010

ICI calls for changes to financial services reform bill

On Friday, the Investment Company Institute (ICI) published a position paper welcoming the passage by the US Senate of the financial services reform bill. However, the management firm association claims that the text still needs to be improved in order to avoid disadvantaging mutual funds (which manage USD12trn on behalf of 90 million subscribers). The association claims passages which subject mutual funds to impractical banking regulations should be removed, and that changes should be introduced to dissipate fears that mutual funds which hold debts issued by non-banking financial sector firms that undergo a liquidation ordered by the Federal Deposit Insurance Company (FDIC) would be treated differently than other shareholders with the same status, and that financial contracts such as repos would not be immediately executable.
25/05/2010

Galleon scandal: Mark Kurland sentenced to 27 months in jail

On Friday, Mark Kurland, one of the former partners at the hedge fund management firm New Castle Funds, became the first figure in the insider trading scandal centred on Galleon and its founder, Raj Rajaratnam, to be sentenced, the Wall Street Journal reports. Kurland received a firm 27-month prison sentence, two years of probation, and a fine of USD900,000, after pleading guilty in January to conspiracy and fraud under securities law, and for refusing to cooperate with investigators.
25/05/2010

Janus plans to tie commissions to performance for eight more funds

Janus Capital Group is planning to introduce performance commissions for 10 of its mutual funds, according to MutualFundWire. Janus already applies performance commissions for 14 of its funds, out of a total of over 100. The new commission structure, which will be put up for a shareholder vote on 10 June, would apply to the Janus Forty Fund, Janus Fund, Janus Global Opportunities Fund, Janus Overseas Fund, Janus Twenty Fund, Aspen Forty Fund, Aspen Fund, Aspen Global Opportunities Fund, Aspen Overseas Fund and Aspen Twenty Fund. If the proposal is passed, Janus would charge set fees of 64 basis points per fund, plus a commission of up to 15 basis points depending on performance over a 36-month period.
25/05/2010

SSgA launches a global corporate bonds ETF

State Street Global Advisors (SSgA) on Thursday launched its first ETF of global corporate bonds, the SPDR Barclays Capital International Corporate Bond ETF (acronym iBND on NYSE Arca), which charges fees of 0.55%. The new product replicates the Barclays Capital Global Aggregate ex USF > $ 1 billion Aggregate Bond Index, which includes corporate bonds in Euro-USD and Euro-Yen, as well as Canadian corporate bonds, bonds from government agencies, and other corporate securities with a minimal cap of USD1bn, and at least one year of residual time to maturity. SSgA says that it is the first ETF product to be listed in the United States offering access to foreign corporate bonds. The fund is managed by Stephen Yeats and John Hutson.
25/05/2010

European Commission to launch a consultation on corporate governance in the finance sector in June

The European Commissioner for the internal market, Michel Barnier, announced at the end of last week that the Commission will launch a consultation next month on corporate governance at financial establishments. “The working document will address a series of questions: How to effectively manage risk at financial establishments? How to give power to shareholders? These questions are important, since the genuine prevention of future crises begins inside the businesses,” Barnier said in a speech delivered in Berlin. Barnier has also announced that next week he will present amendments to regulations governing ratings agencies, and that he has also insisted on the need to conclude ongoing projects without delay, including the planned AIFM directive.
25/05/2010

Santander Real Estate postpones sale of Banif Inmobiliario assets

In a notification to the CNMV on Friday, Santander Real Estate has announced that the liquidation of most of the assets of the real estate fund Banif Inmobiliario (EUR2.69bn), from which redemptions have been frozen since 4 March 2009, will come not in second quarter 2010 as initially planned, but in 2011 and the years following. The delay is due to the poor liquidity situation and depressed prices on the real estate market, which has led potential buyers of properties owned by the fund to offer prices which are viewed as unreasonably low by the management firm and its external advisers (CB Richard Ellis and Clifford Chance).
25/05/2010

SWIP adds to private equity team

Scottish Widows Investment Partnership (SWIP) has announced that it has added to its team specialised in private equity with the recruitment of Narcisa Sehovic as investment manager. Sehovic will be based in London, and will report to Billy Gilmore, head of the private equity unit at SWIP. She will be responsible for management of all of SWIP’s private equity mandates, as well as the search for long-term investment opportunities in Benelux, Italy and in the countries of the Central and Eastern Europe (CEE) region. Sehovic was previously at Alphex One Limited, as director of its mergers and acquisitions team.
25/05/2010

RWC Partners launches a series of new products

RWC Partners is planning to launch new products for Nick Purves and Ian Lance, who have recently quit Schroders, and who will join the firm next August, Investment Week reports. They will initially manage new UCITS III-compliant Income and Value funds, which will be available to both retail and institutional investors. The arrival of the defectors from Schroders will allow RWC Partners to strengthen its product offerings in Luxembourg, source of 60% to 65% of the firm’s assets under management.
25/05/2010

Real estate funds are not making money

In first quarter 2010, the Ofix-All-Index of 22 German open-ended real estate funds showed total performance of only 0.48%, the Börsen-Zeitung reports. This result is slightly lower than the all-time low of 0.49%, recorded in second quarter 2009.
25/05/2010

New head at Pioneer Germany

From July, John Burns will become the interim CEO of the German firm Pioneer Investments KAG (UniCredit group). Burns joined Pioneer 11 years ago, and since 2008 has been a member of the management team in Munich, in charge of operations, risk management, legal affairs and compliance. Burns replaces Dominik Kremer, who “resigned at his own initiative to take on new professional challenges outside Pioneer,” and who will be leaving the firm on 30 June. A spokesperson for Pioneer told cash-online that the decision is unrelated to UniCredit’s plans to sell its management affiliate. Kremer took his decision before UniCredit announced that it was studying “all strategic options” for Pioneer (see Newsmanagers of 14 May).
25/05/2010

Merck Finck now controlled by Hinduja

The Frankfurter Allgemeine Zeitung reports that the acquisition of the Luxembourg firm KBL European Private Bankers by Hunduja Group has put the German private bank Merck Finck & Co under the control of the Indian conglomerate. This will not result in any change in management, strategy or orientation at the firm, which has been in operation for 140 years, and which grew rapidly between 2002 and 2006, when its network expanded by two thirds, to a current total of 20 locations. When the von Finck family sold the bank to Barclays in 1999, Merck Finck was present only in Munich, Düsseldorf and Frankfurt.
25/05/2010

State Street wins a mandate from Norges Bank

The Norwegian government pension fund, Norges Bank, has awarded an administrative management mandate to State Street for the real estate allocation of its fund, totalling USD20bn. State Street won the contract following the recent acquisition of the specialised real estate administrator Mourant International Fund Administration.
25/05/2010

Schroders launches an Asian high yield fund

Investment Week reports that Schroders will launch a high yield fund, the Schroder Asian Income Maximiser, which will be managed by Richard Sennitt and Thomas See, on 1 June. It is the second product of this type to be launched by Schroders.

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