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23/02/2009

Spain - Banks have recuperated all redemptions from funds

According to the most recent statistics from the Bank of Spain, an increase in savings deposits at banks has totalled nearly EUR78.1bn. At the same time, net redemptions from securities funds alone, according to figures from the Inverco association of management firms, totalled EUR69.53bn.
23/02/2009

United States - Madoff made no transactions

Reports by the investment firm of Bernard Madoff, accused of a USD50bn fraud, suggest that no stock market value was gained for clients in 13 years, the Financial Times reports.
23/02/2009

Switzerland - UBS: Authorities didn't see trouble coming

Le Temps reports that a misunderstanding about procedure and underestimation of the power of pressure from United States authorities explains the legal turmoil in which Switzerland now finds itself. According to the newspaper, Eugen Haltiner, chairman of the Swiss financial market surveillance authority (Finma) has tacitly suggested that the finance minister, Hans-Rudolf Merz, underestimated the gravity of the situation.
23/02/2009

Spain - Special audit of portfolio for Sabadell BS Inmobiliario

BanSabadell Inversión has notified the CNMV that it will undertake an extraordinary audit of the portfolio of the real estate fund Sabadell BS Inmobiliario (about EUR1bn in assets, 14,400 subscribers), but that it has no intention of closing the fund. Funds People reports that the real estate fund is one of only two in Spain which posted an increase in assets in 2008 (of 35%); the other is Caixa Catalunya (+16%). According to Expansión, the Sabadell BS Inmobiliario has EUR71m in liquidities, and the next redemption window will be open from 15 March to 15 April.
23/02/2009

Belgium - Pension fund indexes deep in the red

According to Mercer, Belgian pension funds posted average losses of 25.2% in 2008. Asset allocation to equities fell 8.65 points, while allocation to bonsd rose 10.13%, IPE reports.Willy Santemans, Mercer’s principal in Brussels, states that average annual performance for Belgian pension funds has been 1.1% over five years, 1% on ten years, and 4% over 15 years.
23/02/2009

World - Greenwich hedge fund indices in positive territory for January

In January, the two hedge fund indices from Greenwich Alternative Investments posted positive results: the Greenwich Global Hedge Fund Index (GGHFI) returned 0.42%, after a gain of 0.7% in December, and the Greenwich Composite Investable Index (GI2) posted a 0.1% gain, compared with 0.3% the previous month. Over one year, the indexes show respective losses of 13.2% and 15.9%.Over one year, only four strategies show gains within the GGHFI index: merger arbitrage (1.1%), statistical arbitrage (2%), dedicated short bias (27.8%), and futures (17.2%). In the G2I index, only the directional trading group shows positive performance (10.8%). The worst results for the GGHFI were for convertible arbitrage (-32.3%), while on the G2I, this «honour» belongs to the specialist strategies group, with losses of 34.1%.
23/02/2009

United States - Putnam continues to add to staff

Putnam Investments has announced the recruitment of David Glancy as managing director and portfolio manager. Glancy, founder of Andover Capital, was also a portfolio manager at his former employer, after serving as the only portfolio manager at Fidelity to manage both equities and bond funds. At Putnam (USD101bn in assets at the end of 2008, compared with USD178bn one year earlier), he will cover equities, high yield, and bank-issued bonds.Putnam also announces the recruitment of four experienced analysts: Shobha Frey (formerly of K Capital partners) for insurance, Lucas Klein (from RiverSource Investments) for consumer products, George Gianarikas (from Wellington Management), for IT and telecoms, and Vinay Shah (formerly of Morgan Stanley and Fidelity) for durable consumer goods.Putnam also announces that, to assist in its return to the pension market, it has recruited Edmund F. Murphy III (formerly of Fidelity) as managing director and head of defined contribution.
23/02/2009

Spain - Allfunds Alternative becomes advisor to three Banif hedge funds

Santander Asset Management has notified the CNMV that the advisor for three hedge funds from its private banking affiliate Banif, the Banif Optimal Low Volatility Fund, Banif Fairfield Impala and Panif Allfunds Springbuck, will be Allfunds Alternative, a joint venture from Allfunds Bank and Goldman Sachs Asset Management. In fact, Allfunds Alternative already advises the Banif Allfunds Springbuck, and will now be taking over the Optimal Low Volatility from Optimal Alternative Investment, and the Banif Fairfield Impala from Fairfield Greenwich Advisors, Funds People reports.Meanwhile, Santander AM reports that redemptions in the quarter total over 20% of assets for the Banif Optimal Low Volatility and Banif Fairfield Impala, but that this will not have an impact on the investment policies at these funds, whose existence is not in danger.
23/02/2009

United Kingdom - John Hobson becomes CEO of EEA Group

John Hobson, who was a partner at TT International until the beginning of 2008, has been appointed CEO of the alternative management firm EEA Group (GBP1bn in assets), and will begin in his new job on 1 March. Hobson was previously manager of the hedge fund TT Midcap Long/Short, between 2004 and his departure from the firm; in this period, the fund posted average annual performance of 22%, before fees. Hobson’s mission will be to extend the range at EEA, by developing and directing activities in the area of hedge funds.
23/02/2009

Germany - Delta Lloyd closes five funds ?too lean? to survive

Delta Lloyd Investment Managers GmbH has announced plans to liquidate five of its funds on 30 June, in which it estimates that asset levels are too low. The funds are the LDI-Euro Cash (EUR10.4m), DLI-Euro Renten (EUR43.28m), DLI-Euro Portfolio (EUR25.49m), DLI-Euro Aktien (EUR6.59m), and DLI-Delta Typ (EUR5.44m). Shareholders will also have until 30 June to transfer their investment to another fund of the Delta Lloyd IM range in a single transaction free of charge.
23/02/2009

Germany - Swiss Life wants out of MLP

Swiss Life has declined to comment on rumours that it is considering withdrawing from MLP this year. The insurer acquired a 24% stake in the firm from Carsten Maschmeyer in August 2008, for EUR470m, Financial Times Deutschland reports. MLP has rejected the idea of a merger with its rival AWD, the financial services provider formerly owned by Carsten Maschmeyer. A spokesperson for Credit Suisse has announced, however, that a decision one way or the other will be taken by the end of this year.
23/02/2009

Germany - The ?tops? and ?flops? of 2008

Overall, German management firms suffered net redemptions in 2008 of Eur27.79bn, according to statistics from the BVI. But the difference in results between best and worst was nearly EUR24bn, according to statistics from the Kommalpha think tank. The winner for net subscriptions in all categories was the ETF specialist from Deutsche Bank, db x-trackers, which took on EUR13.5bn, soundly beating its nearest rival, BGI (Deutschland), which raised EUR4.16bn with ETFs of its iShares brand. Third place goes to Universal-Investment, with net subscriptions of EUR3.18bn, followed by Deka (Luxembourg) with EUR2.95bn, and ETFlab, the ETF affiliate of Deka, with EUR2.53bn. Kommalpha also reports that Carmignac Gestion Paris is in fourth place for non-German management firms, behind db x-trackers, Deka Luxembourg, and cominvest Luxembourg (Commerzbank), with EUR1.28bn.Particularly heavy net outflows were observed at DWS Luxembourg (EUR10.42bn), DWS Germany (EUR8.35bn), Pioneer AM (EUR6.55bn), Allianz Global Investors (AGI, EUR6.42bn), and AGI Luxembourg (EUR3.49bn).
23/02/2009

World - Private equity will not suffer too much

According to a study by the European Economic Advisory Group (EEAG), reported in Handelsblatt, failures of private equity firms are expected to remain relatively few in number, despite the high acquisition prices and levels of debt sustained by these firms in recent years. Private equity firms took advantage in the years when financing conditions were good, and the recession will not hurt them too much now. However, they may be obliged to hold onto investments which will not generate reasonable returns for years yet.
23/02/2009

Germany - EUR127.5bn wiped out by mutual funds in 2008

The Kommalpha agency has calculated on the basis of statistics form the German BVI association of management firms that of a total decline fo EUR155.3bn in assets in German investments funds in 2008, market effects, combined with transaction and administrative costs, as well as depository banking commissions, auditing and publication costs, wiped out EUR127.51bn in assets, as net redemptions totalled EUR27.79bn. The funds punished hardest by the markets were equities funds, which show capital losses of EUR94.7bn, for net outflows of EUR2.27bn on assets which plunged to EUR133.55bn, a lower level than assets in bond funds (EUR143.4bn, compared with EUR148.1bn), which, for their part, benefited from positive market effects of EUR19.71bn.In the ongoing rivalry between Germany and Luxembourg, however, the advantage turned in Germany’s favour, so to speak, as German subscribers withdrew ?only? EUR11.1bn from German-registered funds, while they demanded net redemptions of EUR15.28bn from Luxembourg-registered funds.Lastly, 2008 will be remembered as a vintage year for passive management, with the emergence of the ETF market, which brought in net inflows of EUR24bn for products from db x-trackers (Deutsche Bank), iShares (BGI), ETFlab (Deka) and comstage (Commerzbank). Funds of funds posted net inflows of EUR9.26bn, which appears to be a disappointing result in light of the introduction of withholding flat tax on 1 January 2009. The ?secret weapon? for Kommalpha is the category of guaranteed funds, which attracted a total of EUR6.12bn, which almost offset negative market effects of EUR6.78bn.
20/02/2009

Etats-Unis - Les patrons des sociétés de gestion s'en tirent mieux que les banquiers

A Wall Street, les banquiers doivent renoncer à leur bonus et accepter de travailler pour un dollar par an, mais cette austérité n’a pas touché les patrons des grandes sociétés de gestion de mutual funds, note The Wall Street Journal. Leurs rémunérations ont été réduites, mais beaucoup moins. En moyenne, les fonds d’actions américaines ont perdu 39 % l’an dernier, mais la rémunération des dirigeants des sociétés de gestion est liée au bénéfice de l’entreprise, pas à la performance des fonds. De plus, les sociétés de gestion n’ont généralement pas eu recours à l’aide financière du Troubled Asset Relief Program (TARP) qui s’accompagne de l’obligation de limiter la rémunération des dirigeants. Chez State Street, qui a bénéficié du TARP, en revanche, le CEO Ronald E. Logue ne percevra qu’un million de dollars au titre de 2008, contre 20,5 millions pour 2007. Mais ses primes en nature (voiture, garde du corps etc), qui étaient de 35.000 dollars pour 2007, vont certainement être augmentées.
20/02/2009

Etats-Unis - Le PDG de BofA cité à comparaître

Le PDG de Bank of America (BofA), Kenneth Lewis, a été cité à comparaître par l"Attorney General de l"Etat de New-York, Andrew Cuomo, qui cherche à savoir si la banque a caché illégalement à des investisseurs des informations sur l"ampleur des pertes du groupe fin 2008, selon des sources proches du dossier citées par le Wall Street Journal. Les juges ont également interrogé l"ancien CEO de Merrill, John Thain, à propos de bonus versés à des salariés pour quelque 4 milliards de dollars. Le titre de Bank of America a dévissé de 14 % jeudi, terminant à 3,93 dollars, les investisseurs redoutant une nationalisation de la banque.
20/02/2009

Europe - 9 banques planchent sur la future chambre de compensation européenne

Selon l"Agefi, alors que l’Isda, s"est engagéee auprès du Commissaire européen en charges des services financiers Charlie McCreevy à utiliser un organisme de compensation centrale basé dans la zone euro, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, et UBS planchent afin de mettre en place un cadre réglementaire adapté.Connaissant bien le marché des CDS, ces 9 banques travailleront avec les fournisseurs d’infrastructure, les régulateurs et la Commission européenne pour résoudre certains problèmes d’ordres technique, réglementaire, juridique et pratique, précise notamment le quotidien numérique.
20/02/2009

Etats-Unis - R. Allen Stanford poursuivi au pénal

Selon les proches du dossier, la procédure au civil de la SEC contre R. Allen Stanford se double à présent d’un procédure au pénal engagée par le FBI à Fredericksburg (Virginie), rapporte The Wall Street Journal. L’objectif est d'établir si l’intéressé a effectivement mis en place une fraude pyramidale de type Ponzi comme celle de Bernard Madoff.
20/02/2009

Espagne - 291 fonds garantis arrivent à échéance cette année

Selon VDOS Stochastics, 291 fonds garantis espagnols d’un encours total de 22,09 milliards d’euros (+ 17 %) arriveront à échéance en 2009, rapporte Funds People.Sur le total, 176 sont des fonds d’actions et 115 des fonds obligataires, avec des actifs sous gestion respectifs de 9,6 milliards et 12,49 milliards.VDOS précise que seuls deux des fonds garantis arrivant à échéance cette année dépassent le milliard d’euros d’encours, le BBVA Extra Tesoreria (3,5 milliards) et le BBVA Extra 5 Garantizado (1,9 milliard).
20/02/2009

Allemagne - La Postbank compte redevenir bénéficiaire cette année

Pour la première fois depuis l’introduction en Bourse en 2004, la Deutsche Postbank, qui a accusé une perte avant impôt de 974 millions d’euros en 2008, va passer son dividende, rapporte la Frankfurter Allgemeine Zeitung, ajoutant que, contrairement à la Commerzbank, l'établissement espère être bénéficiaire à nouveau cette année. La perte nette est ressortie à 820 millions d’euros contre un bénéfice net de 857 millions.La banque a perdu 2,2 milliards d’euros à cause de la crise financière, dont 786 millions imputables aux dérivés de crédit, 336 millions à Lehman et 35 millions à l’Islande. La réduction de 40 % du portefeuille d’actions au quatrième trimestre a généré pour sa part une perte de 581 millions, ce qui évite 200 millions de pertes pour 2009.
20/02/2009

Etats-Unis - L'administrateur judiciaire de Madoff Securities multiplie les "subpoenas"

Irving Picard, l’administrateur judiciaire chargé de liquider Bernard L. Madoff Investment Securities LLC, a adressé des citations (subpoenas) à 13 entreprises de marché. Outre du Chicago Board of Trade et de CME Clearing House, il s’agit selon Reuters de BATS Trading, Bear Wagner Specialists, The Clearing Corp, Gelber Group, Hedge Street, ICE Clear US, Interactive Brokers Group, Knight Capital Group, LaBranche & Co, Peak 6 Investments et Timber Hill.
20/02/2009

Espagne - Les hedge funds les plus performants sont les plus pénalisés

Funds People a noté que le Valórica Global, le meilleur hedge fund espagnol avec une performance de 11,78 % sur 2008 a été aussi l’un de ceux qui ont accusé les remboursements les plus élevés. Son encours a en effet baissé à 70 millions d’euros fin décembre contre 90 millions fin juillet. Cela vaut aussi pour le BBVA & Partners Retorno Absoluto, qui est retombé à 30 millions d’euros contre 50 millions fin juillet alors qu’il a signé un gain de 4,9 % pour l’ensemble de l’an dernier.Au total, l’encours des hedge funds et fonds de hedge funds espagnols se situait au 31 décembre à environ 1 milliard d’euros contre 1,6 milliard fin juillet.
20/02/2009

Monde - Trois représentants buy-side au board de l'ISDA

Pour la première fois de son histoire, l"ISDA (International Swaps and Derivatives Association) a élu à son board trois membres issus de la communauté buy-side. Il s"agit de Pierre-Emmanuel Juillard, responsable des activités de financements structurés chez Axa Investment Managers, de Ted MacDonald, managing director et directeur financier de D.E. Shaw group, et de Bill Powers, managing director et membre du comité d"investissement de Pimco. « Ces nominations soulignent l"importance du rôle que jouent les sociétés de gestion sur le marché des dérivés de gré à gré », selon Robert Pickel, executive director et CEO de l"ISDA.

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