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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

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

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

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

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

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.
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

Martin Currie opens an office

The British management firm Martin Currie, which has been developing its presence in Asia for several years, with the opening of an office in Shanghai in 1997, and of a branch office in Melbourne in August 2008, has announced the opening of an office in Singapore on 1 October of this year. Asian activities will be directed from Melbourne, where the office is directed by Kimon Kouryalas. The Singapore office will be led by a senior business development officer, whose appointment will take place soon.
28/08/2009

Sparinvest sets up a consulting committee

The Danish asset management firm Sparinvest has set up a consulting committee. Allan Timmermann, professor at the University of California, San Diego, and Thorsten Hens, professor at the Swiss Banking Institute at the University of Zurich, will be the first appointments to the new body. The consulting committee will be in charge of defining reliable criteria on which to base products which meet the requirements of the new market, Sparinvest says.
28/08/2009

Retail investors chase rising markets

The Dax, which as of 9 March was at 3588, is now in the region of 5500. It has thus gained more than 50% in less than six months. Many retail investors who missed this rising trend are now moving into the equities markets, Die Welt reports. The most recent statistics from the BVI association of management firms reveal that in July, net subscriptions to retail equities funds exceeded EUR2.5bn, one hundred times more than in June. Diversified funds attracted EUR1.2bn, while bond funds saw inflows of about EUR1bn. Meanwhile, investors withdrew nearly EUR6bn from money market funds, which are traditionally used as a place to park liquidities. But money market rates have since fallen to such a low level that they did nto even quite pay for all management commissions. This has led investors to seek more profitable investments.
28/08/2009

Heavy outflows from money market funds

In July, German and Luxembourg-registered funds on sale in Germany attracted net subscriptions of EUR3.13bn, which brings the total for the first seven months of the year to EUR6.9bn, the BVI association reports. This total conceals significant discrepancies. Of this total, institutional funds saw inflows of EUR5.92bn. Then, securities funds in January-July show net outflows of EUR1.73bn, largely due to net redemptinos fo EUR16.92bn from money market funds (of which EUR5.86bn were in July. The largest net subscriptions were for equities funds, with EUR7.41bn in inflows in the seven-month period, and EUR2.51bn in July. Open-ended real estate funds saw net redemptinos of EUR437.4m in July, but net subscriptions of EUR2.71bn in January-July.
28/08/2009

Heavy outflows from AGI and Deka

Net redemptions in January-July from Deka (savings banks), at more than EUR3.39bn, and from Allianz Global Investors (AGI), at more than EUR2.14bn, represent 3.15 times the net outflows from all German- and Luxembourg-registered securities funds on sale in Germany as a whole (EUR17.3bn). According to statistics from the BVI association of asset management firms, nearly all the major players say net outflows. Pioneer (UniCredit) and Union Investment (co-operative banks) posted net outflows of EUR875m and EUR600.2m, respectively. Only DWS/DB (Deutsche Bank) can boast net subscriptions, totalling EUR1.15bn, but this is due solely to EUR2.57bn in inflows to ETF activities at db x-trackers. The other two major ETF promoters have posted net subscriptions also, with EUR291.94m for iShares ETFs registered in Germany from Barclays Global Investors, and EUR1.96bn for ETFlab, an affiliate of Deka.
28/08/2009

Hermes seeks votes on management pay scales

The British asset management firm Hermes (EUR30bn in assets) has asked directors of Dax and MDax companies in a letter to make use of the opportunities offered by the new law on managerial pay scales (Gesetz zur Angemessenheit der Vorstandsvergütung, or VorstAG), and to to hold general meetings to pass consultative votes on pay scales for board members, the Börsen-Zeitung reports. If the businesses refuse to do so, Hermes will choose some companies on which it will impose (with at least 5% of capital) agenda items added to the programs at general meetings.
28/08/2009

Assets in funds up 0.6% in August

According to estimates by VDOS Stochastics relayed by Cinco Días, assets un securities funds on sale in Spain increased between 1 and 21 August by EUR1.06bn, or 0.63%, to nearly EUR170.16bn. For the first time since the start of the crisis, these funds show net subscriptions (of EUR446m), while positive market effects represented EUR612m.
28/08/2009

Sparinvest se dote d'un comité consultatif

La société de gestion danoise Sparinvest vient de se doter d’un comité consultatif. Allan Timmermann, professeur de l’Université de Californie à San Diego, et Thorsten Hens, professeur du Swiss Banking Institute de l’Université de Zurich, sont les premiers nommés au sein de la nouvelle instance. Le comité consultatif aura la charge de repérer des facteurs fiables pour créer des produits qui répondent aux nouvelles exigences du marché, précise Sparinvest.
28/08/2009

Martin Currie ouvre un bureau

Le gestionnaire britannique Martin Currie, qui se développe en Asie depuis plusieurs années, avec l’ouverture d’un bureau à Shanghai dès 1997 et celle d’une antenne à Melbourne en août 2008, annonce l’inauguration pour le 1er octobre d’un bureau à Singapour. Les activités asiatiques seront pilotées à partir de Melbourne, où le bureau est dirigé par Kimon Kouryalas. Le bureau de Singapour sera confié à un senior business development officer dont la nomination devrait intervenir prochainement.

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