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27/08/2009

Fort développement de la gestion privée chez Swiss Life

A l’occasion de la présentation de ses résultats trimestriels, Swiss Life a annoncé la poursuite de la construction de son modèle «assureur gestion privée». La collaboration entre ses activités banque et assurance permet à l'établissement de compter désormais 10.300 clients «gestion privée» (disposant de plus de 250.000 euros d’encours), soit une progression de 20 % par rapport à juin 2008.
27/08/2009

ING veut lever 1,5 milliard de dollars avec la vente de ses actifs

ING cherche à lever au moins 1,5 milliard de dollars avec la vente imminente de ses activités de banque privée en Asie et en Suisse, rapporte le Financial Times, citant des sources proches du dossier. Les acquéreurs potentiels devraient soumettre leur offre finale la semaine prochaine. Julius Baer serait en pole position. Les autres candidats sont Standard Chartered, HSBC, Barclays et DBS Bank.
27/08/2009
Fonds

Produits structurés : les investisseurs veulent du simple et du sur-mesure

Pour Vittorio Schiro, directeur d’Equity Derivatives Distribution Europa, UBS Investment Bank, «les investisseurs souhaitent un accès à des produits structurés à la fois moins complexes et pourtant créés sur mesure», souligne-t-il dans une contribution au journal Le Temps. L’émetteur à la recherche d’un succès à long terme doit donc répondre à ce double défi, estime le spécialiste.
Fonds
27/08/2009

Rabobank draine 3 milliards d'euros en janvier-juin

Les souscriptions nettes enregistrées au premier semestre par Robeco, Sarasin et Schretlen & Co se sont montées à 3 milliards d’euros tandis que les encours sous gestion et conservation se sont accrus de 6 % pour atteindtre 195 milliards d’euros au 30 juin.La division affiche néanmoins une perte nette de 9 millions d’euros contre un bénéfice net de 131 millions pour la période correspondante de 2008, hors la plus-value réalisée sur la cession d’Alex. Cette détérioration est imputable à la baisse des recettes de commissions ordinaires et de performance.
27/08/2009

Le résultat de Rabobank affecté par les créances douteuses

La banque néerlandaise Rabobank a enregistré au premier semestre 2009 un bénéfice de 1,3 milliard d’euros (1,6 milliard l’année précédente), indique la Tribune. Les créances douteuses resteront très importantes au deuxième semestre a prévenu la banque.
27/08/2009
Fonds

USS choisit UBS pour l'administration de fonds de hedge funds

Le fonds de pension Universities Superannuation Scheme (USS) a annoncé mercredi avoir sélectionné UBS Global Asset Management -Fund Services comme fournisseur de services d’administration de fonds de hedge funds. Cette prestation sera apportée par l’antenne irlandaise d’UBS Fund Services.A cette occasion, USS précise avoir considérablement renforcé ses capacités en interne pour la sélection de hedge funds, avec la mise en œuvre d’un programme de stratégies de performance absolue ainsi que le recrutement de Luke Dixon et d’Emily Porter pour son équipe dédiée aux hedge funds.Le fonds de pension a l’intention d’affecter 5 % de ses actifs à des hedge funds individuels sur les 18 à 24 prochains mois. Sur le moyen terme, USS envisage de porter son exposition aux stratégies alternatives à 20 %.
Fonds
27/08/2009

La gestion d'actifs de Dexia triple son bénéfice net au deuxième trimestre 2009

Dexia a annoncé mercredi soir que le bénéfice net part du groupe de son métier gestion d’actifs est ressorti pour avril-juin à 6 millions d’euros contre 2 millions au premier trimestre. Il avait porté sur 24 millions d’euros pour le deuxième trimestre 2008. Sur l’ensemble du premier semestre, les 8 millions d’euros correspondent à un plongeon de 79,8 % par rapport aux 41 millions enregistrés pour janvier-juin de l’an dernier.Les revenus de la gestion d’actifs se sont contractés en avril-juin de 37 % sur le deuxième trimestre 2008 tout en gonflant de 17 % par rapport à janvier-mars 2009 et les encours se sont accrus au deuxième trimestre de 4 milliards d’euros ou de 5 %, principalement grâce à un effet de marché positif.Dexia précise que «les flux nets d’entrée sont satisfaisants en matière de fonds institutionnels, mais les fonds «retail» enregistrent toujours des flux sortants, bien que moins importants».A l'échelon de Dexia dans son ensemble, le bénéfice net part du groupe s’est établi pour le deuxième trimestre à 283 millions d’euros contre 251 millions pour janvier-mars et 532 millions pour la période correspondante de l’an dernier. Sur le premier semestre, il chute de 35 % à 534 millions d’euros.
27/08/2009
Fonds

L'Europe de la gestion reprend confiance

Selon Les Echos, les estimations de Lipper Feri indiquent que l’Europe de la gestion a abordé l'été dans de bonnes dispositions, avec 4 milliards de collecte en juin pour les fonds obligataires et 7milliards d’euros pour les fonds actions. Au premier semestre, les produits investis dans la dette (hors «obligations pourries») des sociétés européennes ont enregistré des souscriptions de 19 milliards d’euros, et ceux placés en actions, 30 milliards d’euros. Carmignac a enregistré la plus forte collecte sur le Vieux Continent avec 2,1 milliards d’euros en juin et 7,5 milliards d’euros au premier semestre.
Fonds
27/08/2009

ABN Amro veut boucler son démantèlement avant la fin de l’année

Selon Les Echos, le groupe bancaire néerlandais a encore perdu 2,656 milliards d’euros au premier semestre, provenant pour l’essentiel des activités cédées à RBS, contre un bénéfice de 2,9 milliards d’euros un an auparavant. Le démantèlement d’ABN Amro n’est toujours pas bouclé. Le groupe espère l’achever d’ici à la fin de l’année mais le dossier bute encore sur les cessions d’actifs, notamment de Holland Bank à Deutsche Bank, auxquelles doit se résoudre l’Etat néerlandais du fait des exigences de Bruxelles.
27/08/2009

La dwpbank assure l'administration de 90 000 nouveaux comptes

Avec effet immédiat, la Deutsche WertpapierService Bank (dwpbank) prend en charge l’administration d’environ 90.000 comptes de fonds de la Wüstenrot Bank, ce qui augmente le nombre de ce type de comptes gérés par dwp à environ 270.000. Par ailleurs, la Wüstenrot Bank devient le premier client du nouveau service WPBrokerage de la dwp La dwpbank, qui appartient pour moitié chacun au groupement des banques populaires et à celui des caisses d'épargne, compte environ 400 clients directs et environ 1.600 établissements rattachés pour le règlement des transactions sur valeurs mobilières. Au total, elle administre environ 8,3 millions de comptes.
27/08/2009
Fonds

Union lance un fonds garanti à trois piliers

Le 25 septembre, Union Investment (banques populaires) lancera le fonds de droit luxembourgeois UniGarant: 3 Chancen 2016 qui garantit au minimum le capital hors droit d’entrée et frais de compte. Il investira en actions et en matières premières sur les marchés internationaux ainsi qu’en obligations d’Etat de la zone euro.Caractéristiques Dénomination UniGarant: 3 Chancen 2016 Code ISIN LU0426556196 Echéance 23 septembre 2016 Valeur initiale de la part 100 euros Droit d’entrée 4 % Commission de gestion 1 % Pénalité de sortie anticipée 2 % acquis au fonds
Fonds
27/08/2009

Hedge funds post gains in July

The Barclay index of hedge funds has posted further gains in July. The 2,303 funds of the index which had reported results as of 26 July had earned an average of 3.04% last month, which brings average gains for the first seven months of the year to 14.31%. Only equity short bias shows a loss (of 10.88%) in January-July, but this includes only 11 products. The strongest results were for convertibles arbitrage (35.60%, for 36 funds), and emerging markets (27.66%, for 356 funds).
27/08/2009

NYSE Euronext and LSE look to India

L’Agefi reports that the two stock market operators NYSE Euronext and the London Stock Echange may each acquire 55 of the new Indian stock market MCX. The founders of the MCX-SX market will be required to reduce their stakes by the 15th of September to comply with regulations.
27/08/2009

Net subscriptions total EUR16.5bn in first half

Initially, the BVI association had estimated net subscriptions to German asset management firms in first half at EUR3.7bn. This applies only to funds on sale in Germany. With the addition of funds on sale abroad and mandates, net inflows for the asset management sector totalled EUR16.5bn, the association states.As of the end of June, total assets thus increased by nearly EUR52bn in six months, to a total of EUR1.5664trn. Two thirds of this growth is due to positive market effects.
27/08/2009

Merrill Lynch bonuses: Judge accuses SEC of complacency

After accusing Bank of America directors of lying to their shareholders about USD3.6bn in bonuses awarded to Merrill Lynch executives, Judge Rakoff has now accused the SEC of complacency. The District Court of Manhattan judge has challenged the “amicable settlement” reached between the SEC and BoA, by which the bank paid a fine of USD33m. Rakoff argues that a more severe sanction needs to be imposed on the directors responsible rather than on shareholders.
27/08/2009

Grey Owl opens Opportunity Strategy to high net worth private clients

The asset management firm Grey Owl, founded in May 2009 by two former employees of Merrill Lynch (C. Eric Brugel and Jeffery S. Erber), has announced that after receiving more than EUR160m in subscriptions already, it will now be offering its “all-season” Opportunity Strategy to high net worth private clients. Minimal subscription will be set at USD250,000. The investment horizon will vary from a minimum of three to five years.Grey Owl is based in Falls Church, Virginia, and profiles itself as a firm which operates far from the “large, mismanaged investment management firms” of Wall Street, which it claims are oriented to product sales rather than to providing “best-in-class” investment advising.Brugel and Erber support a “back-to-basics” approach which aims to identify undervalued shares which offer a prospect of major capital gains. They aim to select 15 to 25 positions in equities, traditional funds, sectoral ETFs, and bond instruments.
27/08/2009

Terra Firma acquires Everpower Wind

The British private equity investor Terra Firma has acquired the American firm Everpower Wind Holdings Inc. from Good Energies (Brenninkmeijer group). The Börsen-Zeitung states that, according to unconfirmed reports, the sale price is said to have been USD350m.
27/08/2009

Crédit Agricole : net subscriptions for H1

For the first half of this year, the asset management operation at Credit Agricole, which is bound to take over Société Générale Asset Management, shows net subscriptions of EUR2.8bn. AUM thus rose to EUR473bn at June 30th from EUR457bn at end-December, but are down from EUR490bn yoy. The asset management, insurance and private banking division registered net inflows to the tune of EUR14.5bn for the first six months of this year, which helped AUM to reach EUR775.5bn by the end of June. Net profit after minority interests plummetted 26.3% yoy to EUR370m.
27/08/2009

AP1 posts first net outflows

As of the end of June, assets in the pension fund Första AP-fonden (AP1) totalled SEK181.4bn, which represents an increase of SEK9.8bn compared with 31 December, though net investment income totalled SEK11.5bn, a net performance of 6.7%, compared with losses of 8%. This difference is due to the fact that AP1 has seen net outflows for the first time, of SEK1.7bn, largely due to the retirement of employees of the “baby boom” generation.AP1 says in its half-yearly report that it has altered its asset management model, and now prefers an absolute returns formula to an active management policy. Before fees, performance of listed assets totalled 7.5%, while the alternative allocation lost 4.4% (or SEK400m), largely due to a depreciation of 6% in the value of real estate assets.
27/08/2009

Rabobank attracts EUR3bn in subscriptions in first half

Net subscriptions in first half to Robeco, Sarasin and Schretlen & Co have totalled EUR3bn, while assets under management and custody increased 6%, to a total of EUR195bn as of 30 June.The division nonetheless shows a net loss of EUR9m, compared with net profits of EUR131m in the corresponding period of 2008, excluding capital gains on the sale of Alex. This deterioration is due to a decline in ordinary and performance commissions.
27/08/2009

Rabobank results affected by toxic loans

Netherlands Rabobank has posted net profits of EUR1.3bn for first half 2009 (compared with EUR1.6bn in the first half of the previous year), La Tribune reports. Toxic loans will remain a considerable issdue in second half, the bank warns.
27/08/2009

Testosterone leads to increased risk-taking

Testosterone plays an important role in financial risk aversion, according to a new study by the Kellogg School of Management at Northwestern University and the University of Chicago’s Booth School of Business and Department of Comparative Human Development. Prior research has shown that the hormone, which is generally found in higher concentrations in men, enhances competitiveness and dominance, reduces fear, and is associated with risky behaviours such as gambling and alcohol use. However, until now, the impact of testosterone on gender difference in financial risk-taking had not been explored, according to the study, entitled “Gender differences in financial risk aversion and career choices are affected by testosterone.”The researchers found that higher levels of testosterone was related with a greater appetite for risk in women, but not among men. However, in men and women with similar levels of testosterone, the gender difference in risk aversion disappeared. In addition, the researchers reported that the relationship between risk aversion and testosterone predicted career choices after graduation: individuals with more testosterone and a lower risk aversion choose risker careers in finance.
27/08/2009

ING hoping to raise USD1.5bn through sale of assets

ING is seeking to raise at least USD1.5bn with the imminent sale of its private banking activities in Asia and Switzerland, the Financial Times reports, citing people familiar with the matter. The potential buyers are expected to submit final bids next week. Julius Baer is reported to be a leading contender. The other candidates are Standard Chartered, HSBC, Barlcays, and DBS Bank.
27/08/2009

Assets up for French collective management

Les Echos reports that statistics established by Europerformance-SIX Telekurs show that French funds, which collected EUR12.3bn in July, saw an increase in their assets of 3.9%, to EUR850.69bn, in that month. In the first seven months of the year, the increase in assets totals 12.2%, exclusing hedge funds. In this latter segment, outflows may have ceased, but, with EUR8.53bn in assets, these funds now account for only 1% of total assets in French funds.
27/08/2009

USS selects UBS as administrator for funds of hedge funds

The Universities Superannuation Scheme (USS) announced on Wednesday that it has selected UBS Global Asset Management - Fund Services to provide fund of hedge fund administration services. The services will be provided by the Irish arm of UBS Fund Services. On this occasion, USS says that it has considerably strengthened its internal capacities in hedge fund selection, as a part of which it has deployed a program of absolute performance strategies, and recruited Luke Dixon and Emily Porter for its dedicated hedge fund team.The pension fund is planning to invest 5% of its assets in individual hedge funds in the next 18 to 24 months. In the mid-term, USS is planning to increase its exposure to alternative strategies to 20%.
27/08/2009

ABN Amro wants to finish winding down by the end of the year

Les Echos reports that the Dutch banking group ABN Amro lost EUR2.656bn in first half, largely from the activities it sold to RBS, compared with profits of EUR2.9bn one year previously. The dismantling of ABN Amro has still not been completed. The group is hoping to complete the process by the end of this year, but the operation is still dependent on selling off assets, particularly the sale of Holland Bank to Deutsche Bank, for which the Netherlands government will need to resolve some details to comply with European Union requirements.
27/08/2009

Asset management at Dexia triples net profits in Q2, to EUR6m

Dexia on Wednesday evening announced that net profit at its asset management division in April-June totalled EUR6m, compared with EUR2m in first quarter. In second quarter 2008, it totalled EUR24m. For first half as a whole, this EUR8m corresponds to a 79.8% decrease compared with the EUR41m in January-June of last year.Revenues for asset management contracted in April-June by 37% compared with second quarter 2008, and are up 17% compared with January-March 2009, and assets have increased in Q2 by EUR4bn, or 5%, largely due to positive market effects.Dexia states that “net inflows have been satisfactory for institutional funds, but retail funds are still showing outgoing volumes, though these are less considerable in size.”
27/08/2009

Liechtenstein and Luxembourg ratify double taxation agreement

Liechtenstein on 26 August signed a double taxation agreement with Luxembourg, the fourth such agreement since the principality decided to comply with OECD standards in cooperation with the tax authorities of other countries. With the ratification of this agreement, the principality “continues to meaningfully deploy international cooperation in matters of taxation,” the principality’s prime minister, Klaus Tschütscher, says in a statement.
27/08/2009

New money market instruments for British insurers

After an extensive consultation, the association of British insurers (ABI) has decided to create a new investment sector within the money markets, entitled “Deposit & Treasury.” The constraints for the new category for available instruments and their maturities will be stricter than those for the current sector, which will nonetheless continue to exist, the association says in a statement. The new category, which will be available from 1 November, will respond to investors’ desire to have a sector in the wake of the crisis in which capital preservation will be the main priority. “This initiative is good news for consumers. It will make life easier for investors seeking stability in a volatile context. No sector can cover all risks, but this new segment will consist only of the simplest available funds,” says Maggie Craig, director of life and savings at the association. Among the instruments to be made available in the new category will be time deposits, deposit certificates, and British government bonds. All instruments will be denominated in pounds sterling, and will have a maximal time to maturity of 12 months.
27/08/2009

Hermes speaks out against German brain drain danger

The British management firm Hermes on Wednesday sent a letter to the presidents of the 80 largest German companies (the businesses included in the Dax and MDax indexes) to tell them that in their opinion, a rule that forbids board members from becoming members of the supervisory board for two years after they leave their jobs runs the risk of costing the companies precious experience and expertise, the Financial Times reports. The rule is included in a new law on remuneration which came into force this month, and has also come in for criticism from the largest asset management firm in the country, DWS (Deutsche Bank group).

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