Adia dévoile sa stratégie de gestion
Fondée sur des actifs diversifiés, la performance annualisée de son portefeuille à fin 2009 s’élève à 6,5 % par an sur 20 ans et à 8 % sur 30 ans
Les émetteurs « high yield » et non notés profitent de la fenêtre de tir
Après Pernod et Renault la semaine dernière, Rallye et Vestas ont émis hier respectivement 500 et 600 millions d'euros de dette
Les banques centrales restent à l’écart des titres d’Etat américains
En janvier, ces institutions ont continué à réduire leurs positions sur les T-Bills et T-Bonds. La Chine participe largement au mouvement
15/03/2010
La Deutsche Bank va mettre de l'ordre chez Sal. Oppenheim
Selon les informations du Handelsblatt, le «closing» officiel de l’acquisition par la Deutsche Bank de Sal. Oppenheim pourrait intervenir dès ce lundi après-midi. Le président du directoire de la Deutsche Bank, Josef Ackermann, aurait l’intention de mettre très vite fin aux relations d’affaires de Sal. Oppenheim avec le financier colonais Josef Esch.La banque va vendre très rapidement les 5 % qu’elle détient dans Oppenheim-Esch Holding, dont 95 % sont contrôlés par Josef Esch et les anciens associés gérants de la Sal. Oppenheim. Le vrai problème concerne un tiers environ des 40 à 50 sociétés foncières appelées «fonds Esch» qui servaient surtout d’optimisation fiscale et qui étaient propriétaires des immeubles occupés par le groupe de distribution Arcandor.Par ailleurs, la Deutsche Bank devrait prendre assez rapidement une décision sur le devenir du siège du groupe Sal. Oppenheim à Luxembourg, qui n’a plus de raison d'être puisque la Deutsche Bank veut à présent focaliser Sal. Oppenheim sur le seul marché allemand.
15/03/2010
Heliad achète Sans Soucis et Biodroga
Pour un montant non divulgué, le capital-investisseur Heliad Equity Partners a acheté avec FCP (Frankfurt Capital Partners) le fabricant badois de cosmétiques Fribad Cosmetics Group GmbH, propriétaire des marques Sans Soucis et Biodroga. Les actifs de Fribad, société en faillite, ont été repris par un véhicule ad hoc, Baden-Baden Cosmetics Group AG, dont Heliad détient 40 % et FCP Partners les 60 % restants. FCP nommera le management.
Le fonds Oppenheim-Esch renonce à une partie de sa créance sur Karstadt
Selon les informations de Die Welt obtenues d’un proche du dossier, le fonds Oppenheim-Esch accepte maintenant de renoncer à un tiers de ses créances de 33,5 millions d’euros annuels correspondant au loyer des magasins Oberpollinger de Munich et des succursales Karstadt de Leipzig, Potsdam et Karlsruhe.Le fonds Highstreet de Goldman Sachs a renoncé pour sa part à des augmentations de loyer de 150 millions d’euros.Ces abandons partiels de créances permettront à l’administrateur judiciaire de présenter mardi un plan au tribunal administratif d’Essen ainsi qu’aux six repreneurs potentiels des 120 magasins Karstadt.
15/03/2010
Les capital-investisseurs s'intéressent à des actifs d'Iberdrola
Selon les milieux financiers, la division de banque d’investissement de la Royal Bank of Scotland aurait été chargée de gérer un appel d’offres pour les capacités de cogénération d’Iberdrola en Espagne, ce qui représentait 381 mégawatts l’an dernier, rapporte Expansión.KKR aurait proposé 400 millions d’euros et les autres candidats potentiels sont CVC Capital Partners, Carlyle/Riverstone, HG Capital ainsi que le groupe d'électricité britannique International Power.Du côté d’Iberdrola, on assure que les actifs de cogénération ne sont pas à vendre, mais un directeur financier estime qu’Iberdrola pourrait changer d’avis si on lui proposait plus de 500 millions d’euros.
Les charges absorbent 96 % des recettes des fonds immobiliers
En 2009, les huit fonds immobiliers espagnols ont supporté des charges de 211 millions d’euros tandis que leurs recettes de loyers représentaient 219 millions d’euros, constate Cinco Días. Cela s’explique par une chute importante des taux d’occupation, à par exemple 77,6 % pour le Santander Real Estate et 73,2 % pour le fonds d’Ahorro Corporación, alors que les charges d’exploitation demeurent inchangées.La valeur de l’actif des fonds a diminué de 12,7 % entre fin décembre 2008 et fin février 2010.Deux fonds ont suspendu leurs remboursements jusqu'à nouvel ordre : le Banif Inmobiliario et le Segurfondo Inversión, tandis que le BBVA a promis de reprendre les remboursements en novembre prochain.Depuis le début de l’année, seuls trois fonds immobiliers gagnent de l’argent : A. C. Patrimonio Inmobiliario, Sabadell BS Inmobiliario et Habitat Patrimonio.
15/03/2010
Fideuram prête pour la Bourse
Banca Fideuram, la banque contrôlée par le groupe Intesa Sanpaolo, a enregistré en 2009 une hausse de 1,3 % du bénéfice net consolidé à 178,4 millions d’euros, rapporte Il Sole – 24 Ore. Les encours sous gestion ont augmenté de 12,1 % à 67,8 milliards d’euros. Ces chiffres fourniront la base à partir de laquelle la société sera valorisée pour son introduction en Bourse. Le processus devrait s’accélérer dans les prochaines semaines, estime Il Sole – 24 Ore. Entre 60 et 65 % du capital de Fideuram devraient être cotés.
Baisse des frais de gestion sur des monétaires chez Lombard Odier
Lombard Odier confirme avoir annoncé une réduction de ses commissions de 5 points de base, à 0,10 %, sur certains de ses fonds monétaires, mesure qui a pris effet au 1er mars. Cette décision s’applique aux véhicules d’investissement LO Funds / LO Funds II - Money Market (USD) et LO Funds II - Money Market (CHF). Selon le gestionnaire, «cette décision s’inscrit dans un environnement marqué par des taux exceptionnellement bas aux Etats-Unis et en Suisse».A travers cette initiative, Lombard Odier entend continuer "à délivrer une performance positive nette sur le marché monétaire». Le gestion précise qu’il «n’entend en effet pas hypothéquer l’approche défensive qui caractérise sa gamme de fonds monétaires (préservation du capital, liquidité élevée et diversification stricte) au profit de rendements plus élevés».Détail des fonds concernés LO Funds - Money Market (USD) ISIN LU0353681322 LU0353681678 LU0353682056 LU0353682130 LU0353681751 LU0353681918 LO Funds - Money Market (USD) ISIN LU0355719062 LU0355719146 LU0355719229 LU0355719492 LO Fund II - Money Market (CHF) ISIN LU0437700122 LU0437700395 LU0437700478 LU 0437700551
15/03/2010
Refunds may be on the way for investors in a Madoff victim fund
Dexia Private Banking is offering to pay back clients who had invested in the hedge fund Rafale Partners, La Tribune reports, noting that the product, which was involved in the Madoff collapse, was registered in the British Virgin Islands, managed by Broadgate Management, and had as its depositories Crédit Agricole Switzerland and Dexia International Bank. The affiliate of the Dexia private bank which promoted the product, according to the newspaper, set maximal redemption levels at 15% to 80% of the amounts initially invested. This move was all the more awkward as it appeared to imply a lack of equality in the treatment of investors in the fund, La Tribune reports.
15/03/2010
European funds bounce back with positive subscriptions in January
European sales bounced back into the positive in January at €34bn, following December’s outflows, says Lipper FMI. Business was at its highest level since last August, but was virtually identical to flows in January last year. The major difference between this year and last is the make-up of fund sales.Last January business was heavily weighted towards money market funds. In the first month of this year, investors looked elsewhere for higher returns. The best-selling asset class in January was fixed income which accounted for over a third of total flows at EUR12.4bn. Over 20 % of sales were into Emerging Market Bond funds. The attractions of Investment Grade Bonds are diminishing. The second best selling asset class across Europe in January was equities. However, sales were 40% down on December’s level at EUR9bn. Mixed asset funds, by contrast, saw increased sales in January of EUR6.3bn, their highest since early 2006. They have proved particularly popular recently in Italy and Germany. Having been the worst performing market in December, France became the best selling domestic market in January. It was its first month of positive sales since last August. Finally, groups with the strongest net flows were Franklin Templeton, BlackRock and Carmignac with EUR1.7bn, EUR1.67bn and EUR1.5bn respectively. In the equity stakes, BlackRock was the clear leader with sales of EUR1.4bn.
15/03/2010
Strong expansion for commodities ETP products in Europe
Between the end of 2008 and 5 March 2010, assets in exchange-traded products based on commodities (C-ETP) in Europe increased from EUR8.6bn to EUR23.1bn. Assets under management in commodities ETC funds increased to EUR11.5bn, compared with EUR4.9bn, while commodities ETF funds had EUR11.6bn, compared with EUR3.7bn, according to a study by Deutsche Bank. In 2009, assets in C-ETP rose 145%, and specialists at the bank predict that in 2010, growth will total 60%-80%. The big winners in terms of subscriptions this year are expected to be products focused on industrial commodities and those which replicate larger indices, while Swiss gold funds may also continue to grow. In the period under review (end of December 2008 to 5 March 2010), the number of commodity ETC products increased by 56 to a total of 179, while the number of commodities ETFs increased by 33 to 75 products.
15/03/2010
Oddo AM invests in Greek debt
Oddo Asset Management 15 days ago launched the Oddo Rendement Grèce fund, which invests solely in Greek debt. The product is reserved for institutional investors, and is based on the idea that Greece will not leave the Euro zone and will not default on its debt. The fund, which currently has EUR40m in assets, is 100% invested in Greek government bonds, but it may eventually invest up to 30% in Greek corporate debt. The fund is in the “opportunities” category of the convertible fixed income product range from Oddo Asset Management. As of the end of April, the management firm is also planning to launch another product, in the same range but part of the bond category, based on European convergence, based on the idea that “after spreads have widened, we will return to a phase of reconvergence between spreads in the Euro zone, and in the European Union with countries which are hoping to join the Euro zone,” says Xavier Hoche, head of convertible and fixed income management. The product range is managed by a team of 9 people. In total, the team manages EUR4.1bn, between open-ended funds, dedicated funds, and mandates.
15/03/2010
Equities funds for institutional investors do not perform better than others
In North America, funds aimed at institutional investors, focused on equities, earn disappointing returns in the long term, compared with products for retail clients, according to studies cited by Les Echos. The sensitivity of the two types of investors to returns delivered by products is not the same, as professionals have a less “short-termist” approach.
15/03/2010
Contestations en perspective pour un fonds "madoffé"
Dexia Private Banking propose d’indemniser des clients investis dans le hedge fund Rafale Partners, rapporte la Tribune, qui note que ce produit «madoffé» était enregistré aux Îles Vierges Britanniques, géré par Broadgate Management, et avait pour dépositaire Crédit Agricole Suisse et Dexia Banque Internationale. La filiale de banque privée de Dexia qui en faisait la promotion a, selon les informations du quotidien, fixé des montants maximum de remboursement compris entre 15% et 80% environ des sommes investies initialement. Une démarche des plus maladroites dans la mesure où cela suppose une absence d'équité de traitement entre les porteurs concernés, note la Tribune.
15/03/2010
Institutional investors show a growing interest in UCITS funds
UCITS III-compliant funds are winning over a growing number of hedge funds and investors, according to a Preqin survey undertaken in February. Only 8% of all institutional investors in the sample (50 institutional investors) have allocated capital to UCITS III funds, which are all based in Europe, but 35% of them are planning to add a UCITS III vehicle to their hedge fund portfolio in 2010. There are four major factors working in favour of UCITS III funds: transparency (41%), regulatory supervision (22%), liquidity (22%), and solid risk management (11%). As to fund of fund managers, 28% manage a UCITS platform, while 28% are in the process of adopting a UCITS management style for products in their hedge fund portfolio. Currently, 51% of managers based in Europe offer UCITS products, while only 11% of managers in the rest of the world offer their clients products of this type. According to Preqin, investors’ appetite for UCITS products is expected to increase outside Europe, in Asia, Latin America and the Middle East.
15/03/2010
Planned AIFM directive faces lively debate
This week is a decisive one for the proposed European alternative management directive (AIFM), La Tribune reports. On Wednesday, 17 March, at a presentation of proposed amendments to the directive by the Ecofin commission, discussions are likely to be lively, with Spain, France and Germany on one side, hostile to the idea of funds from countries outside the EU being offered for sale in the Union, and Great Britain favouring the proposal by the reporter on the directive, Jean-Paul Gauzès, that after a transitional period to locate compatibilities and harmonize regulations, countries outside the European Union could be granted European passports to offer their products for sale in Europe. Tension is high between Europe and the United States, which accuses the Union of “discrimination” against US speculative funds. The United Kingdom sides with the Americans, the newspaper adds.
15/03/2010
Strategic Insight sets up shop in London
On Friday, US-based Strategic Insight announced that it has opened an office in London, and appointed Andreas Pfunder as managing director for Europe. He will be in charge of developing Strategic Insight’s client base among fund management firms, wealth managers, and distribution networks in the United Kingdom and continental Europe. Pfunder was previously an independent consultant, after serving as head of development at Fidelity International and AllianceBernstein. Strategic Insight has also announced that its global business development manager, Jamie Maak, will be transferred to London from New York. The firm is also planning to open an office in Hong Kong by the end of this year.
15/03/2010
Abu Dhabi sovereign fund makes show of transparency in first annual report
The Abu Dhabi sovereign fund Abu Dhabi Investment Authority on Monday will publish its first annual report, which sums up its long-term results and investment strategy, the Financial Times reports. The document reveals that the fund’s annualised returns over 20 and 30 years as of the end of 2009 were 6.5% and 8% respectively. However, ADIA did not reveal the total volume of its assets, estimated at USD350bn.
15/03/2010
Sovereign wealth funds increasingly interested in private equity
Sovereign wealth funds (SWFs) are increasingly interested in private equity. According to a study by Preqin, 55% of SWFs are invested in private equity, compared with 49% last year. The larger a sovereign fund is, the more likely it is to have invested in private equity. More than two thirds of SWFs with USD10bn or more in assets under management are invested in private equity, while only 22% of sovereign funds with assets of under USD10bn are invested in this category. Some SWFs with no investments in this asset class are planning to change their allocations. The SWFs of the United Arab Emirates, created in late 2007, is planning to allocate some assets to private equity in the future. The Korea Investment Corporation (KIC), for its part, is planning to double its exposure to private equity in 2010, with a particular interest in the distressed sector and secondary funds. More generally, SWFs which invest in private equity have a marked preference for buy-out funds: 92% invest in this sector, compared with 64% in venture capital, 32% in secondary funds and special situations, 20% in mezzanine, and 12% in funds of funds.
15/03/2010
Lyxor hedge fund index up 0.33% in February
The Lyxor hedge fund index gained 0.33% in February. The best-performing strategies were fixed income arbitrage (2.09%), CTA long term (1.35%), and credit strategies (0.67%). However, equity short bias lost 4.68%, emerging markets lost 2.90%, and convertibles arbitrage lost 1.12%.
15/03/2010
Fideuram ready for IPO
Banca Fideuram, the bank controlled by the Intesa Sanpaolo group, in 2009 saw a 1.3% increase in its consolidated net profits, to EUR178.4m, Il Sole - 24 Ore reports. Assets under management increased by 12.1%, to EUR67.8bn. These figures provide a starting point on the basis of which the business will be valued for its IPO. The process will be accelerated in the next few weeks, Il Sole - 24 Ore says. Between 60% and 65% of Fideuram’s capital is expected to be floated.
15/03/2010
Swiss citizens remain attached to banking confidentiality
Agefi Switzerland reports that a survey undertaken on behalf of the Swiss banking association ASB has found that Swiss respondents remain highly attached to protections in the area of private banking: 70% of them reject the notion of an automatic exchange of information. Professional banking secrecy remains an institution: 73% (78% in 2009) would prefer to see it preserved. 70% of respondents feel that it is not necessary to give in to European pressure in this area, and oppose automatic exchange of information with foreign tax authorities.
15/03/2010
Swiss banks seek to salvage banking confidentiality
Agefi Switzerland reports that UBS has asked Swiss members of parliament to approve the transmission of 4,450 names of US clients suspected of tax fraud to the US tax aurthorities. Swiss banks are, however, refusing to agree to an automatic transfer of information.
15/03/2010
Deutsche Bank to push through with acquisition of Sal. Oppenheim
According to reports in Handelsblatt, the official closing of the acquisition of Sal. Oppenheim by Deutsche Bank may come as soon as this Monday afternoon. The chairman of the board of Deutsche Bank, Josef Ackermann, is reportedly planning to cut off as quickly as possible the relationship with the Cologne-based financier Josef Esch. The bank will very quickly sell its 5% stake in Oppenheim-Esch Holding, which is 95% controlled by Esch and the former managing partners of Sal. Oppenheim. The real problem is with about one third of the 40 to 50 realty firms known as “Esch funds,” which were used largely for fiscal optimisation, and which owned real estate properties occupied by the retail group Arcandor. Deutsche Bank will also make a quick decision as to the future of the Sal. Oppenheim group’s headquarters in Luxembourg, which no longer serve a purpose as Deutsche Bank will now be focusing Sal. Oppenheim solely on the German market.
15/03/2010
Costs wipe out 96% of income for real estate funds
In 2009, the eight Spanish real estate funds had operative expenses of EUR211m, while revenues from rent totalled EUR219m, Cinco Días reports. This is due to a steep fall in occupancy rates, to 77.6% for the Santander Real Estate fund and 73.2% for the fund from Ahorro Corporación, while operating costs remain unchanged. The value of assets in the funds fell by 12.7% between the end of December 2008 and the end of February 2010. Two funds have suspended redemptions until further notice: Banif Inmobiliario and Segurfondo Inversión, while BBVA has pledged to reopen redemptions in November of this year. Since the beginning of the year, only three real estate funds have made money: A. C. Patrimonio Inmobiliario, Sabadell BS Inmobiliario and Habitat Patrimonio.
15/03/2010
Certains fonds monétaires tracassent l'AFG
La baisse des taux du marché monétaire et leur très faible niveau qui pénalisent les performances des fonds monétaires inquiète désormais des professionnels de la gestion d’actifs. Avec un eonia à 0,32 % en fin de semaine dernière, ces derniers voient le caractère positif de la rémunération de certains OPCVM de cette nature remis en cause.Ainsi, dans une note de l’AFG datée du 23 février dernier que Newsmanagers a pu se procurer, l’association a mis en garde ses adhérents contre la baisse structurelle de la valeur liquidative de leurs fonds monétaire. Une baisse qu’il convient de distinguer d’un recul ponctuel de la valeur liquidative sur un ou deux jours par exemple – évènement qui n’est pas rare - ou d’une baisse liée à la gestion du fonds du fait d’un défaut d’un émetteur ou d’une contrepartie.L’AFG vise plus particulièrement les sociétés de gestion les plus gourmandes en matière de frais de gestion, à même de faire passer la valeur liquidative du fonds sous la ligne de flottaison. Si l’AFG admet que cette situation de marché ne concerne «qu’un périmètre limité d’OPCVM monétaires», elle n’en préconise pas moins que les sociétés de gestion concernées s’en préoccupent et reconsidèrent le niveau des frais de gestion - «en liaison le cas échéant avec le distributeur» - de façon à éviter les dits risques de baisse structurelle. La note ayant été diffusée il y a moins de deux semaines, les préconisations n’ont pas encore été suivies d’effet.
15/03/2010
Danielle Chiesi asks not to be tried with Raj Rajaratnam
The Wall Street Journal reports that Danielle Chiesi, who was a consultant at the hedge fund management firm New Castle Funds, has requested that her criminal trial, in which the first hearings are scheduled for 25 October, be separated from those of the founder of Galleon Group, Raj Rajaratnam, since, of the seven new charges brought in February, only one involves both of the accused. Chiesi and Rajaratnam have been in custody since October 2009.
15/03/2010
Germany considers tax on banking sector
The German government will in April vote on a tax on the banking sector intended to redistribute the cost of bank bailouts, Finance minister Wolfgang Schäuble has told the newspaper Bild, Agefi reports. The minister has said that it is difficult to legally limit speculation on financial markets. “Naturally, we need stricter rules, but we must not overreact and stifle the free markets and competition, since that would paralyse the economy,” he said. “It is unfortunately very difficult to distinguish between good financial transactions and bad ones,” Schäuble added.