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27/04/2009
Fonds

CAAM "européanise" son Dynarbitrage Actions

Crédit Agricole Asset Management (CAAM) a lancé au sein de sa Sicav internationale luxembourgeoise le compartiment CAAM Funds Equity Statistical Arbitrage (EUR), qui est une variante européenne du CAAM Dynarbitrage Actions et qui est destiné à la clientèle institutionnel. Il s’agit d’un fonds d’arbitrage statistique long/short actions dont l’objectif est de générer une performance la plus décorellée possible de l'évolution des marchés. Ce produit (200-400 lignes), qui allie des stratégies de retour à la moyenne (mean reverting) et de suivi de tendance (momentum), est conforme à la directive OPCVM III. Il est censé surperformer l’Eonia de 400 points de base par an pour un horizon minimum de placement de 4 ans, avec une fourchette ex-ante de valeur à risque inférieure à 10 %. L'équipe de gestion arbitrage actions comprend trois gérants et un analyste. La souscription minimale est fixée à 0,5 million de dollars. En plus de la commission de souscription et de la commission de gestion, CAAM facture sur ce produit 30 % maximum de la surperformance au-delà de l’EONIA capitalisation majoré de 400 points de base par an.
Fonds
27/04/2009

La Suisse demande l?abandon d?un procès UBS

Le président suisse Hans-Rudolf Merz a demandé au Secrétaire au Trésor américain Timothy Geithner d"abandonner une plainte impliquant des clients d"UBS en échange d"un nouvel accord fiscal que les deux pays sont en train de négocier, rapporte le Financial Times.
27/04/2009

UBS nomme Alex Wilmot-Sitwell et Carsten Kengeter co-CEOs de sa banque d'investissement

Lundi matin, l’UBS a annoncé la nomination avec effet immédiat d"Alex Wilmot-Sitwell et de Carsten Kengeter en tant que co-CEOs de son activité de banque d’investissement. Ils remplacent donc Jerker Johansson, qui a démissionné avec effet immédiat de ses fonctions de CEO d"Investment Bank (lire par ailleurs). Il avait rejoint UBS en mars 2008 et faisait partie du directoire du groupe UBS. Alex Wilmot-Sitwell, qui est entré chez UBS en 1996, est membre du directoire du groupe. Il occupait les fonctions de joint global head du département banque d’investissement depuis novembre 2005 et de chairman et CEO de UBS Group Europe, Middle East & Africa (EMEA) depuis janvier 2008 tandis que Carsten Kengeter, entré chez UBS en septembre 2008, occupe les fonctions de joint global head du segment fixed income, currencies and commodities (FICC) au sein d"UBS Investment Bank. Dans ses nouvelles fonctions, il fera également partie du Directoire du Groupe.
27/04/2009

Jerker Johansson va quitter UBS

Lundi, UBS devrait annoncer le départ de Jerker Johansson, le patron mondial de sa banque d"investissement, rapporte le Financial Times. La sortie du dirigeant, qui avait rejoint la banque suisse il y a seulement un an après 22 ans passés chez Morgan Stanley, sera l"un des changements les plus importants subis par l'établissement depuis l"arrivée d"Oswald Grübel.
27/04/2009

Les caisses de retraite sont en moyenne sous-financées, selon Swisscanto

La deuxième édition du «moniteur des caisses de pension» Swisscanto fait état pour fin mars un ratio moyen de couverture des caisses de retraite suisses estimé de 91,9 % soit 1,7 point de moins que fin décembre. «L"évolution négative du quatrième trimestre 2008 s"est ainsi poursuivie, sous une forme toutefois nettement moins virulente», précise Swisscanto. La part des caisses présentant un défaut de couverture a augmenté à 74,3 % contre 63,9 % fin 2008. Le degré de couverture moyen estimé des caisses de droit privé a enregistré une chute de 1,9 point par rapport à fin 2008, à 98,3%. Pour celles de droit public, qui pour la plupart bénéficient d’une garantie de l’Etat, le recul du degré de couverture moyen estimé s"établit à 1,6 point, à 84,2% contre 85,8 %.
27/04/2009

?Net? victims of Madoff fraud will not be required to reimburse proceeds

Irving Picard, the court-appointed trustee for Bernard Madoff’s business activities, stated on Thursday that he would not claw back money which victims of the fraud had received in the past if the investors in question are ?net losers? on the fraud overall. This means that Picard will not recover the entirety of the USD735m which he called on 223 investors to return last week.
27/04/2009

Switzerland calls for UBS lawsuit to be dropped

The Swiss president, Hans-Rudolf Merz, has asked the US Secretary of the Treasury, Timothy Geithner, to drop a lawsuit against UBS clients, in exchange for a new agreement on taxation which the two countries are in the process of negotiating, the Financial Times reports.
27/04/2009

Jerker Johannson to leave UBS

On Monday, UBS is expected to announce the departure of Jerker Johannson, the global head of its investment bank, the Financial Times reports. The departure of the director, who joined the Swiss bank only one year ago, after 22 years at Morgan Stanley, will be one of the most significant changes the firm has seen since the arrival of Oswald Grübel.
27/04/2009

EU to publish draft of hedge fund directive

Ignites Europe reports that the European Commission on 29 April will publish a draft directive for hedge fund managers, which bears a significant resemblance to the UCITS framework. Management firms will be allowed to sell their products throughout Europe after receiving permission from local regulators, according to an initial version of the directive obtained by Ignites.
27/04/2009

Opponents of Fortis acquisition won't back down

The Financial Times reports that shareholders opposed to a sale of Fortis to BNP Paribas are mobilizing ahead of a general shareholders’ meeting on Tuesday, which will vote on the possible sale. The Modrikamen agency, which represents 2,300 shareholders, is also planning to take legal action to obtain the list of voters, which would delay the vote.
27/04/2009

KKR seeks help from investors

Kohlberg Kravis Roberts has asked its investors to contribute EUR730m to support distressed companies belonging to its 2005 European fund, the Financial Times reports. Other private equity firms are expected to follow suit.
27/04/2009

Retirement savings plans increase allocation to bonds

According to a study by the consulting firm Mercer, managers of Spanish retirement savings plans have increased their exposure to bonds to 61% since the beginning of the year, compared with 49% in 2008, Cinco Días reports. Allocation to equities has fallen to 32%, 8 points lower than at the end of 2006.
27/04/2009

Retirement savings: asset managers have an image problem

The financial crisis has negatively affected 50.1% of individual investors and 58.3% of institutional investors in the retirement planning industry, according to a survey conducted by Kommalpha Institutional Consulting entitled ?Altersvorsorge in der Asset Management Industrie.? The study finds that a large majority of investors feel that for retirement planning, insurers are better positioned than asset managers. In addition, the knowledge of potential clients of the largest actors is relatively limited: only 20% of investors are able to name one, and 65% of respondents are unable to name an asset management firm with an especially strong position in retirement savings. The best-known are Allianz and Deutsche Bank, as well as Union Investment (co-operative banks) and Fidelity.
27/04/2009

Credit Suisse/Tremont adjusts weightings of hedge fund indexes

Credit Suisse Index Co has announced that on 1 April 2009 it made routine adjustments to its hedge fund indexes AllHedge Index (SECTAH) and Blue Chip Index (INVX), to which 12 and 14 funds, respectively, were added. The funds in the SECTAH and INVX indexes are part of the Broad Index. The SECTAH funds are the largest in each of the ten sectors of the Broad Index, weighted according to their sectoral weight in the general index, while the INVX funds replicate the largest open-ended funds in these ten sectors.
27/04/2009

One quarter of new funds launched in 2009 are guaranteed equities funds

Spanish fund managers estimate that the leading category of products in the next few months will be guaranteed capital equities funds, which provide protection of capital for those who are not confident in the upward direction of the stock markets, and who are exposed to equities in order to profit from a possible rebound in this asset class. Paul Mercado, director of research at VDOS Stochastics, tells Expansión that 25% of new funds or funds whose guarantee has been renewed in the past three months are in this category, which represents 17% of total assets in Spanish funds.
27/04/2009

Banco Madrid closes Copernico

Banco Madrid has announced the liquidation of its only hedge fund, Copernico, whose assets at the end of March had fallen to EUR21,000, Funds People reports. This amount represents the remaining assets in the fund after redemptions totalling 54% of the fund at the end of December.
27/04/2009

Wall Street ETFs with a Spanish accent

One year ago, two natives of Madrid, Bruno del Ama and José Carlos González, founded the New York management firm Global X Funds, which received its SEC license after six months. Its first fund is the FTSE Colombia 20, launched in partnership with Interbolsa, the largest Colombian broker, Cinco Días reports. Global X is planning to launch ETF funds based on other emerging markets, including Peru, Egypt, and the Philippines. No other provider in the United States currently offers these niche products.
27/04/2009

Morningstar acquires two CPMS activities

Morningstar Research Inc, a Canadian affiliate of US-based Morningstar Inc., has bought the equities research and data businesses of CPMS Computerized Portfolio Management Services Inc., which has about 40 employees in Toronto, for CAD16.1m. The transaction is expected to be closed by the end of the quarter.CPMS provides monitoring of fundamental data concerning shares in approximately 4,000 businesses in the United States and Canada. It also monitors earnings projections by brokers on Canadian businesses, and offers eight quantitative portfolios modelled on the US and Canadian equities markets.The firm has about 500 clients, including institutional investment managers, pension funds, endowments, and independent financial advisers.
27/04/2009

Private equity activities contract severely

According to the British magazine Unquote, cited by the Frankfurter Allgemeine Zeitung, the number of transactions realised by private equity investors in Europe has fallen to 219 in first quarter, for a total of EUR4bn, compared with 358 deals worth EUR27bn in January-March 2008. This is the lowest level of activity since autumn 1996. The largest deal was the acquisition of Euromisure by BCC Private Equity for EUR454m.In Germany, Unquote counted only 6 acquisitions, for EUR156m, compared with 13 deals worth EUR1.1bn in first quarter 2008.
27/04/2009

10-year bond rates will stand at 2.50%, according to Sifma

USD466bn in US Treasury bonds (of all maturities, including t-bills, t-notes and t-bonds) will be issued in second quarter 2009, experts at the Securities Industry and Financial Markets Association (Sifma) estimate, according to La Tribune. They also estimate that rates will remain low: the median prediction for 10-year rates is 2.50% until the end of second quarter 2009, and 2.60% up to the end of third quarter.
27/04/2009

Private equity groups interested in Springer

According to the Financial Times, private equity groups are preparing to invest about EUR400m in Springer Science and Business Media, which is selling 49% of the publishing business. Blackstone, CVC Capital Partners and TPG are expected to submit bids.
27/04/2009

SRI: Pension funds could do better, says FairPensions

The 30 largest British pension funds (4.86 million members, GBP351bn in assets) have an average score for socially responsible investment of 40%, according to a study by FairPensions. Though many of these funds admit that extra-financial factors (such as environmental, social and governance, or ESG, issues) may affect the value of their investments, many of them still do not have strategies to manage this risk. One third of managers apparently neglect to apply their ESG principles in their instructions to fund managers or in their selection of managers. Nearly half of them have no personnel dedicated to ESG issues either internally or externally. Transparency also is under-optimal, as half of funds do not disclose their major investments, and two thirds of them do not disclose details of their votes in general meetings.
27/04/2009

Derivatives: Report warns against blunt regulations

A report on derivatives commissioned by the City of London Corporation claims that London may lose its place as a top financial centre if authorities decide to regulate derivatives without distinguishing between products which contributed to the financial crisis and other types of products, the Financial Times reports.
27/04/2009

CAAM ?Europeanises? its Dynarbitrage Actions fund

Crédit Agricole Asset Management (CAAM) has launched the CAAM Funds Equity Statistical Arbitrage (EUR), a sub-fund of its international Luxembourg Sicav. The product is a European variant of the CAAM Dynarbitrage Actions, aimed at institutional clients. It is a long/short statistical arbitrage fund, whose objective is to generate performance which is as decorrelated as possible from the evolution of the markets. The product (200-400 positions), which combines mean reverting and momentum investment, complies with UCITS III. The product aims to outperform the Eonia by 400 basis points per year for a minimum investment horizon of 4 years, with an ex-ante VaR of under 10%. The equities arbitrage management team includes three portfolio managers and one analyst. Minimal subscriptions are set at USD0.5m. In addition to subscription and management commissions, CAAM is charging a performance commission of a maximum of 30% on performance above the EONIA capitalisation plus 400 basis points per year.
27/04/2009

UBS extends real estate fund freeze

Due to the current market situation and the evolution of liquidity in its products, UBS Germany on Friday announced that it will be extending a freeze on redemptions from its open-ended real estate funds UBS (D) Euroinvest Immobilien and UBS (D) 3 Kontinente Immobilien for six months, the Börsen-Zeitung reports.
27/04/2009

Henderson launches an SRI blog

Henderson Global Investors (HGI) has announced that it has launched a blog dedicated to the subject of socially responsible investment (SRI). The specialised fund management team at the asset management firm will use this vehicle to inform investors and other stakeholders about its opinions and its approach in this area. The project follows an announcement in March that HGI will be the patron of the 2009 edition of National Ethical Investment Week. HGI has assets of about GBP570m in SRI, in the form of funds and mandates.
27/04/2009

AMB Capital calls for LonZim to be dismantled

South African alternative asset manager AMB Capital and Damille Partners IV, which own 27% of capital in LonZim (in which Lonrho holds 24.25%), will move at an extraordinary general shareholders’ meeting to dismiss the four executive directors of the company and sell its assets in Zimbabwe, the Sunday Times reports. LonZim has been listed on the AIM in London since 2007, and Lonrho, the founder, has operational control. LonZim’s assets include Celsys (mobile telephony, printing); Paynet (online payment systems), and Millpal (chemistry). The chairman, David Lenigas, has called on shareholders to reject the demands of AMB and Damille.
27/04/2009

Russell launches eight real-time indexes

Russell Investments has announced that it has released eight new ?global? real-time indexes, available at www.russell.com/indexes/default.asp: large cap, small cap, ex-U.S. large cap, ex-U.S. small cap, and value and growth style indexes covering the small cap, large cap and ex-U.S. Segments. The indexes offer weekly, monthly and yearly recapitulations for each segment, with the highest and lowest levels of the day and the year to date. Financial data for the indices is provided by SIX Telekurs. Other real-time global indexes will be made available subsequently.Previously, real-time data had existed for seven of the major US indexes, all of them Russell products.
27/04/2009

SocGen may have lost EUR5bn at SGAM AI

According to the newspaper Libération, Société Générale may announce EUR5bn to EUR10bn in new losses due to high-risk investments, this time at its alternative asset management affiliate Société Générale Asset Management Alternative Investments (SGAM AI). The bank formally denies the reports, and states that ?losses at SGAM for the 2008 fiscal year total EUR258m after taxes,? as stated in its publication of results in February. The newspaper reports, however, that Daniel Bouton, chairman, and Frédéric Oudéa, CEO, have ?ordered a house-cleaning? at the affiliate, whose ?top directors have either been discreetly pressured into leaving, or are about to do so.?

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