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31/08/2009

Merkel and Sarkozy seek to regulate bonuses

Les Echos reports that French president Sarkozy and German chancellor Merkel will meet this afternoon in Berlin to harmonise their positions ahead of the G20 conference in Pittsburgh at the end of the month. They will both call for stricter regulation of the international financial system, and will put pressure on their partners to limite variable pay scales in the banking sector. The German government supports the French proposal for an international initiative to oversee pay scales in the banking sector and the Chancellor has called it “infuriating that, at some banks, nearly everyhing is the same as before.”
31/08/2009

Subsidiaries demand USD100bn from Lehman

Lehamn Brothers’ European subsidiaries plan to demand up to USD100bn from their former holding company in the coming weeks, the Financial Times reports. the filings have been repared by PwC and should be sent before Septembre 22nd, which is the deadline the US bankruptcy court has set.
31/08/2009

AMF investigates derivatives

Les Echos reports that the AMF has opened “several investigations” into potential insider trading on CFD markets. CFDs are speculative products which may be assimilated into publicly traded derivative products. In addition to their relatively recent date of invention - CFDs were developed in France about one and a half years ago - the difficulty in overseeing these instruments, and more generally of monitoring traded derivative products resides in the fact that there is no obligatory reporting of transactions on CFD markets in many countries, including France. The regulator’s attention to CFDs is a part of a larger project to increase oversight of non-public derivatives markets.
31/08/2009

Axa IM bets on stocks exposed to emerging markets

Despite the recent falls on the Chinese market, emerging markets have posted spectacular growth of 52% since their previous lows. It may be time to ask whether it is time to “catch the Emerging Express,” as Axa IM states in a recent commentary. The scale of the performance on these markets may “become problematic,” the management firm estimates, noting that valuations are high on these markets. “The historic tracking errors for the MSCI GEM compared with the MSCI Europe and World indexes are at their lowest long-term average levels since 1995. As a result, emerging markets may be considered expensive compared to developed markets.” However, these shares “are appreciating at exceptional rates as investors seek increasingly high-risk investments in a context of global recovery,” the management firm notes in a commentary. To play emerging markets, AXA IM bets on European shares with high exposure to emerging markets, a “good compromise to profit from economic recovery while retaining a defensive profile (a lower exposure to commodities),” the management firm says.
31/08/2009

Bellevue group adds to asset management activities

The portfolio management team at Bellevue Asset Mangement (CHF2.6bn in assets under mangement) has added to its teams, for a total of 24 specialists, up from 16 previously. The Swiss boutique, which is specialised in health sector securities, strengthened its staff in emerging markets in particular. Recruitments made it possible to increase the range of products on offer from Bellevue Asset Management, as the range gains a venture capital product, a hedge fund, and five Luxembourg-registered equities funds compliant with the UCITS III directive, all sub-funds of the Sicav Bellevue Funds (Lux). This platform will allow Bellevue Group to extend its client base throughout Europe. It includes the stock-picking product BB Selection, two emerging markets funds (BB Silk Road Opportunities and BB African Opportunities, a Luxembourg version of the BB Biotech fund (whose assets total CHF1.5bn), and a niche product entitled BB Entrepreneur Europe. From September, a Luxembourg version of the BB Medtech will also be available. As of 30 June, assets under management at Bellevue Group totalled CHF5.57bn, compared with CHF5.43bn as of the end of December. Net inflows in first half totalled CHF95m.
31/08/2009

Inflows to Luxembourg-registered funds in July

In July, Luxembourg-registered collective investment organisms and specialised investment funds posted net subscriptions of EUR22.48bn, according to the most recent statistics from the financial sector supervisory commission (CSSF). With positive market effects of EUR52.326bn, net assets for the sector rose by 4.58% for the month, to EUR1.706trn. However, in the past twelve months, net assets are down 10.04%/ The number of collective investment organisms monitored is 3,438, compared with 3,435 the previous month, the CSSF reports. 2,063 entities have adopted a structure with multiple sub-funds, which represents 10,789 sub-funds. With the addition of the 1,375 traditionally-strucured funds, the total number of funds on the market is 12,164.
31/08/2009

Foresight creates a second solar fund

Foresight Group, which has already invested 85% of its Solar Fund (EUR35m), has announced that it is launching the Solar Fund 2, which will invest in solar energy projects with a total output of 250 megawatts at most. The first investments will be located in Spain.
31/08/2009

Cerberus appoints new head for Bawag

On Friday, David Roberts, 46, announced that he will be resigning for health reasons (cardiac illness) from his position as CEO of Bawag. He will be replaced by the British Byron Haynes, who has been CFO of the Austrian bank for the past year. He also represents the majority shareholder, the private equity investor Cerberus, Die Presse reports. Before leaving his hob, Roberts negotiated a series of governmental assistance measures. The Federal government will subscribe for EUR550m shares without voting rights (which willl pay 9.3% per year) and will provide a guarantee for EUR400m. Cerberus has been required to agree that the Govenrment will be able to transform its preferential shares into ordinary Bawag shares if the firm shows losses in each of the next two years.
31/08/2009

Investors flee Cerberus

According to inside sources cited by the Wall Street Journal, investors have recently withdrawn USD5.5bn, or 71% of assets in hedge funds from the private equity investor Cerberus. These redemptions are reportedly due partly to discontent over the poor performance of funds, and partly to the need of liquidity on the part of subscribers.
31/08/2009

84 banks have been shut down in the United States

The US regulatory authorities on Friday closed down the California-based bank Affinity, which had USD1bn in assets and USD922m in deposits, La Tribune reports. This is the 84th bank closure this year.
31/08/2009

Dominic Martellaro leaves Janus

Janus Capital Group has announced that Dominic Martellaro, executive vice president and managing director of Janus Global Advisors, will step down from his position effective October 31, 2009. To help ensure smooth succession and continuity in service to clients, Martellaro will remain as a consultant until February 2010. Martellaro, who oversees distribution of the firm’s products sold through financial intermediaries and international sales through subsidiary Janus Capital International Limited, will transition his responsibilities to fellow distribution executives Robin Beery and Dan Charles. Robin Beery, executive vice president and chief marketing officer, will assume responsibility for Janus’ US intermediary business. Dan Charles, executive vice president and managing director of Janus’ US institutional business, will assume responsibility for Janus Capital Group International, the firm’s non-US distribution channel.
31/08/2009

Jupiter recruits a CFO

Jupiter Investment Management Holdings has appointed Philip Johnson to the newly-created role of Chief Financial Officer - a board-level position created to reflect the growth of Jupiter’s business. Philip Johnson will join Jupiter in October from Marshall Wace LLP, where he worked as Finance Director. He also worked at M&G.
31/08/2009

Wages rise at BlueCrest

Wages and salaries at BlueCrest rose from GBP17.5m in 2007 to GBP32m in 2008, while the number of employees rose only marginally to 260, up from 224 the year previously, says the Financial Times. 2008 was a successful year for most of the company’s hedge funds.
31/08/2009

Qatar and China bail out Canary Wharf

On Friday, a historic agreement was signed to inject GBP800m into Songbird, the firm that owns Canary Wharf, The Sunday Times reports. The sovereign funds Qatar Holding (which already is a shareholder in the firm) and China Investment Corporation (CIC) will buy stakes of nearly 30% and 19% in the capital fo the firm, respectively. Simon Glick will control 27%, and Morgan Stanley Real Estate Funds (MSREF) will hold about 10%. In addition, Qatar Holding and CIC will subscribe for GBP275m in non-convertible preferential shares without voting rights.
31/08/2009

Jupiter creates a position for CFO

Michael Johnson, currently finance director at Marshall Wace LLP, has been appointed to the newly-created position of CFO at Jupiter Investment Management Holdings, fondsprofessionell reports. He will join his new employer in October.The CEO of Jupiter Asset Management, Edward Bonham Carter, says the creation of the position for a CFO on the board was rendered necessary by developing international and institutional activities, though the British retail market remains primary for the business.
31/08/2009

IMA welcomes Lord Turner's proposals

The chairman of the British management association IMA, Richard Saunders, has welcomed the proposals of Lord Turner for improved regulatory framework for financial activities. “Lord Turner has very correctly identified the need for banks to do a better job of managing risks and to maintain higher levels of owners’ equity when they engage in higher-risk activities,” said the chairman of the association. “We welcome the debate. However, taxes on transactions also carry risk that, as for stamp taxes, the savings investor will ultimately pay the price. In the debate to come, this factor must also be taken into account,” Richard Saunders continues.
31/08/2009

NBIM makes additions to executive structure

Norges Bank Investment Management (NBIM), the affiliate of the Bank of Norway which manages the Government Pension Fund - Global (formerly known as the Petroleum Fund), announced on Friday that it is adding to its executive board, which will continue to be chaired by Yngve Slyngstad, who was appointed as CEO in January, and by Stephen A. Hirsch, deputy CEO. Bengt O. Erne, who has been an employee of NBIM for 13 years, has been promoted to chief investment officer (CIO), while Trond Grande, who has been head of risk management since 2007, becomes chief risk officer. Age Bekker becomes chief operating officer. Jessica Irschick, who was previously chief of staff at UBS in London, becomes chief treasurer, while Mark Clemens, global chief administrative officer at Citigroup, becomes chief administrative officer. Dag Dyrdal, for his part, becomes chief strategic relations officer. Slyngstad points out that the international dimensions of the board at NBIM is coherent with the fact that the portfolio includes investments in more than 8,000 businesses. The staff of 230 people is composed of 20 nationalities, and the management firm has offices in Oslo, London, New York and Shanghai, which requires the firm to recruit managers with wide international experience.
31/08/2009

Options market may conceal insider trading

Les Echos reports that a study by three researchers at the University of Zurich has found that there are unusual trading volumes on options markets ahead of mergers and acquisitiosn or publications of results. The researchers found 37 transactions in the United States whose characteristics may be associated with possible insider trading. In particular, they found trades ahead of 4 merger-acquisitions, 14 before announcements of results, and 13 ahead of the terrorist attacks in 2001.
31/08/2009

Nyse Euronext buys Nyfix

Nyse Euronext announced on 27 August that it has acquired Nyfix, a specialist in management systems and transactions, for a total price of USD144m. The stock market business offered to pay USD1.675 per ordinary share in Nyfix, a premium of 95% over its closing price on Wednesday on the Nasdaq. The transaction, already approved by general shareholders’ meetings at Nyse Euronext, Nyse Technologies, the wholly owned affiliate of Nyse Euronext which will make the transaction, and by Nyfix, must still be approved by shareholders in Nyfix and the authorities concerned. The transaction is expected to be concluded during fourth quarter 2009.
31/08/2009

Morale is low in UK asset management sector

A study of 234 asset management professionals (managers, analysts, client service representatives) this July, undertaken by eFinancialCareers.fr, a website specialised in job offers and career management, has found that further layoffs for economic reasons are expected in the second half of 2009 in the UK, La Tribune reports. The most pessimistic respondents (61%) are employed at the asset management affiliates of banks or insurers, while only 27% of those working at mono- or multi-management firms are fearful that there will be a new wave of layoffs to come. On the subject of bonuses, 39% of businesses surveyed say they have bonus structures in place. The periods of evaluation for performance are longer (up to five years), and it is possible to receive bonuses even at times when the business is running a loss. Lastly, the exodus of hedge fund management talent due to taxation policies, and opposition to the European directive on alternative management, are issues that worry that management industry in the United Kingdom.
31/08/2009

Islamic banks show good results

With USD580bn from USD350bn total assets at the 100 biggest Islamic banks worldwide have grown 66% yoy in 2008, despite the global financial crisis, La Tribune reports, citing an article by The Asian Banker from Friday.
28/08/2009

Eurazeo en perte au premier semestre

La société d’investissement a annoncé ce matin avoir enregistré une perte nette de 120,9 millions d’euros au premier semestre 2009. Elle assure toutefois que l’ensemble des sociétés que le groupe détient en portefeuille ont respecté leurs covenants bancaires. «Les résultats du premier semestre 2009 ont été marqués par l’absence de plus-values, la perte de valeur sur le patrimoine immobilier lié à la hausse des taux de capitalisation, l’impact négatif de la conjoncture économique sur l’activité d’Europcar et la baisse des résultats de Rexel et Accor», explique le groupe d’investissement.
EURAZEO
28/08/2009

Les Cosmen et CVC veulent prendre le contrôle total de National Express

Le capital-investisseur CVC et la famille asturienne Cosmen ont présenté une offre de 560 millions de livres (450 pence par action) en numéraire pour les 81,4 % de National Express que les Cosmen ne possèdent pas encore, rapporte Cinco Días. Cette offre est plus avantageuse que celle de 500 millions de livres primitivement attendue. Parmi les autres actionnaires importants de National Express figurent Barclays (8 %) et Prudential (6,58 %).National Express intéresserait aussi Stagecoach et Arriva.
28/08/2009
Fonds

Gestion alternative : baisse des commissions des fonds de fonds

La crise financière et les très mauvaises performances des hedge funds entraînent une baisse des commissions de gestion encaissées par ceux-ci auprès de leurs clients, note Le Temps. Ainsi, Gottex a été contraint d’abaisser cet été les frais de gestion du Market Neutral Trust à 0,75 % contre 1 % auparavant.La diminution des commissions est générale. En six mois, celles-ci ont reculé de 34 points de base, selon le consultant Preqin, à Londres.
Fonds
28/08/2009

iShares grapille des parts du marché des ETF

A fin juillet, l’encours mondial de iShares (Barclays Global Investors ou BGI) ressortait à 414,4 milliards de dollars (soit une part de marché de 48,1 %) contre 380,23 milliards (48,2 %) un mois plus tôt et 324,84 milliards (45,7 %) fin décembre. Le gestionnaire d’ETF indique avoir affiché dans le monde des souscriptions nettes de quelque 32 milliards de dollars, ce qui laisse supposer que l’effet de marché est ressorti à 55,39 milliards d’euros, soit plus de 1,7 fois le montant des rentrées nettes. iShares, qui alignait fin juillet 391 ETF contre 361 en fin d’année dernière, est très largement le premier promoteur mondial de ce type de produits, devant State Street (15,2 % de part de marché fin juillet avec 104 fonds), Vanguard (7,8 % avec 40 fonds) et Lyxor Asset Management (Société Générale, 4,5 % avec 105 fonds).En Europe, iShares est également le numéro un avec un encours de 72,26 milliards de dollars pour 158 produits, ce qui représente 39,6 % de part de marché avec les gammes irlandaise et allemande. Les deux dauphins sont Lyxor avec 103 fonds, 37,37 milliards de dollars d’actifs sous gestion et une part de marché de 20,5 %, et db x-trackers (Deutsche Bank) avec 105 fonds, 29,79 milliards d’euros et 16,3 % de part de marché. A fin juin, le leader iShares arrivait à 64,40 milliards de dollars et 158 produits, soit 38,8 % de part de marché, après avoir terminé 2008 avec 55,89 milliards de dollars d’encours, 145 fonds et une part de marché de 39,1 %. La collecte nette en Europe est estimée à 4,3 milliards d’euros.

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