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19/08/2009

ETFs: simple and understandable products are the key

In the area of ETFs, Jean-Frédéric Nussbaumer, head of equities trading execution at HSBC Private Bank, recommends sticking with simple and understandable products, Le Temps reports. “[T]he concept of an ETF, which works well for major indexes such as the NASDAQ or the S&P 500 in the United States or the SMI in Switzerland, does not perform as well for more exotic indexes. The costs can vary from one to four times their ordinary levels, depending on the categories,” the Swiss newspaper notes. Christophe Aletti, head of structured products at UBP in Geneva, estimates that many users are not aware of the complexity of the structures behind some products. “Information is not as clear and transparent as it should be,” he claims in Le Temps.
19/08/2009

Sovereign funds may become active investors

According to a State Street report cited by L’Agefi, “sovereign funds may become more active investors in the future.” They may also “eventually catch up with the most activist institutional investors or alternative funds.” State Street, which counts 37 sovereign funds with assets of over USD1bn, also states that “falling sources of revenues are leading these funds to revise their allocation policies and to avoid higher-risk investments.”
19/08/2009

Convertibles arbitrage performs well in July

In July, virtually all hedge fund strategies monitored by Edhec (Edhec Alternative Indexes) have posted gains. Among the winning strategies, convertibles arbitrage stands out in the summer month, with gains of 6.56%. Edhec notes that this strategy did well off of widening credit spreads and the remarkable performance of convertible bonds, and that it represents the best monthly result for the category in the history of the Edhec indexes. Since the beginning of the year, the strategy has gained 36.6%. “Distressed securities” have also profited from wide spreads, at +3.39%. Emerging markets strategies are also making a comeback, with gains of 4.39% in July, and of 22.5% since the beginning of the year. Long/short equity, for its part, has earned 2.85%, which remains lower than the gains on the S&P 500. The only two strategies in the red for July are CTA Global and dedicated short bias, with losses of 0.19% and 5.85%. These are also the only two strategies in negative territory since the beginning of the year (-3.2% and -13.3%).
19/08/2009

AGI does away with 109 funds

Allianz Global Investors will merge 53 funds of its range, representing EUR830m in assets, while 20 other funds, with assets of EUR205m, will be closed, Das Investment reports. In addition, AGI will abandon 36 white-label funds.
19/08/2009

Fortis Investments doubles assets in India

In its latest update for journalists, Fortis Investments (BNP Paribas groupe) says that it crossed the USD2 billion mark for assets under management in India on August 11, 2009, thus registering a growth of over 100% in its AUM since December 2008. «The growth in the AUM can be attributed to the consistent performance of its fixed income funds that are among the best performing funds in their respective categories».
19/08/2009

Blackstone bets on rebound for London property market

Blackstone has entered exclusive talks with British Land to buy a 50% stake in Broadgate, the office complex at the centre of the City in London, the Financial Times reports. The private equity firm views Broadgate as a bet that the London property market will rebound, according to sources familiar with the matter.
19/08/2009

Lazard recrute chez Goldman Sachs

Dans un communiqué, la banque Lazard a annoncé mardi avoir recruté Tom Tuft, 62 ans, un spécialiste des introductions en Bourse de Goldman Sachs. Il occupera désormais la fonction de directeur dans les activités de «Global Capital Markets Advisory» de la banque. A partir de novembre prochain, il sera également vice-président de la banque d’investissement aux Etats-Unis.
19/08/2009

USD7m per year for AIG chief

La Tribune reports that Robert Benmosche, the new head of AIG, will make USD7m (EUR5m) per year for his efforts to bring about a recovery at the US insurance firm. He will earn USD3m in cash, and USD4m in ordinary shares (excluding bonuses).
19/08/2009

Investors are hungry for emerging market debt

No less than USD79bn of bonds in US dollars were issued by borrowers in emerging markets (governments and corporations) in the course of the first half of the year, which, according to a press release from the asset management firm F&C Investments, represents a record for the past two years. Better yet, at a time when the volume of issues for emerging market debt normally slows in summer, issues of new government debt rose this year, to a total of USD9bn in July. It is true that these issues were a subject of strong interest on the part of investors, in the hopes that “bailout plans, falling interest rates, and USD750bn in government assistance pledged by the IMF will allow countries in difficulty to overcome the global recession,” F&C says. As the markets have risen, spreads for emerging market bonds compared with US Treasury bonds have tightened by 245bp since the end of December. Argentinian government bonds have been some of the ones that outperformed the market most impressively, with a spread compared with US Treasury bonds of 1,965 basis points in November 2008, and of 916 basis points as of 27 July.
18/08/2009

Norwegian fund throws spotlight on water management

Responsible water management is one of the new priorities of Norges Bank Investment Management, the firm which manages the investments of the Norwegian oil fund, as part of its shareholder responsibility initiatives. “Water shortages worldwide represent a financial risk for the fund,” NBIM explains in a statement, adding that the issue affects 1,100 companies in the fund’s portfolio, with total market capitalisation of NOK265bn, or USD43bn (out of a total of NOK2.385trn). “At NBIM, we think investors should receive sufficient information to be able to evaluate how risks related to water shortages and the costs of regulation and water purification could affect profits for a given business, and to evaluate the likelihood that this will occur,” says Anne Kvam, head of governance. The fund has identified seven sectors which are highly exposed to risks due to potential water shortages: agrobusiness, agriculture, paper and pulp, pharmaceuticals, the mining sector, energy production and manufacturing, and water provision. In third quarter, NBIM will publish “NBIM Investor Expectations: Water Management,” a document which will state the fund’s expectations of companies in relation to water and resource management and the associated risks. The firm, which is highly active in the area of responsible investment, has also recently published a document on climate change. In second quarter, the Norwegian fund posted returns of 12.7%. The proportion of the fund invested in equities stood at 60.3% at the end of the quarter.
18/08/2009

Use of equities as long-term investments on the wane

The Belgian newspaper L’Echo, citing De Tijd, reports that long-term investors are increasingly being replaced by investors seeking quick returns on stock markets. For example, on the Brussels stock exchange, investors hold the top shares for about 1.5 to 3 years. Twenty years ago, Belgian shares remained in portfolios for an average of 5 years. This trend can also be observed in other countries. In the United States, according to a study by Société Générale, shares in the New York Stock Exchange remain in the portfolio of investors for an average of 9 months, compared with an average of 10 years in the 1940s.
18/08/2009

Private equity investments down

According to a report published by IFSL (International Financial Services London), cited by L’Agefi, private equity investments were down 80% worldwide, to USD24bn, in the first six months of 2009, their worst performance in twelve years. Less than USD100bn were raised in the first half of 2009.
18/08/2009

Capital increase at Swedbank

The Swedish bank Swedbank has announced a capital increase of SEK15bn, or EUR1.45bn, which has been 100% subscribed. The capital will go to strengthen the bank’s balance sheet.
18/08/2009

City recruitments on the rise

According to the Financial Times, citing statistics from Morgan Mckinley, the number of new job vacancies in the financial services sector in London rose by 20% in June compared with May’s levels, the Financial Times reports - the highest so far this year. July was the second-best month, though job offers were down by 7%. However, the number of job opportunities remains 59% lower than last year.
18/08/2009

Objectif clients très fortunés pour ABN Amro

Selon le quotidien suisse Le Temps, la banque ABN AMRO a nommé Nicolas Geissmann, responsable de Private Wealth Management (PWM), afin qu’il gère de Genève et pour la Suisse le segment des «Ultra High Net Worth Individuals» (UHNWI), les plus riches clients de l’établissement. Il s’agit de développer le segment des clients possèdant au moins 25 millions de francs d’actifs à investir. En Suisse, le poids financier de la clientèle PWM - composée de particuliers et/ou des entreprises - est d’environ 5,5 milliards de francs.
18/08/2009

Nominations chez Dexia

Selon les Echos, Daniel Ivanier est nommé directeur des opérations de Dexia Crédit Local et membre du comité de direction. Il est remplacé par Guy Cools en tant que responsable des activités de Dexia North America. Bruno Accou est nommé responsable des succursales de Dexia Crédit Local et de Dexia Banque Belgique au Royaume-Uni.
18/08/2009

3i va céder des investissements européens

Selon le Financial Times, 3i est en négociations exclusives pour vendre un portefeuille de 36 investissements européens de capital risque à un consortium dirigé par Coller Capital et HarbourVest Partners pour environ 100 millions de livres. L’année dernière, 3i a décidé de renoncer aux investissements dans les start-ups en phase de création, son activité la moins performante depuis l’éclatement de la bulle technologique.
18/08/2009

Le fonds souverain chinois vise le cinéma

Selon le quotidien The Times de lundi 17 août, le fonds souverain China Investment Corporation (CIC) - qui représente 200 milliards de dollars - compte investir dans la production audiovisuelle occidentale et asiatique d’après une source proche du fonds d’Etat. Ces investissements pourraient donner au gouvernement chinois une part directe dans un grand nombre de réalisations, des drames sud-coréens ou des jeux télévisés japonais jusqu’aux grandes productions hollywoodiennes et les séries. Toujours selon des sources proches du fonds souverain, des pourparlers auraient été entamés entre CIC et deux groupes de private equity américain très impliqués dans les medias au centre desquels il est question d’une société de production de films à Hollywood.
18/08/2009

BBVA veut grandir aux Etats-Unis

En début d’année, la présidente de la Federal Deposit Insurance Corp. a eu la visite discrète de Francisco González, le PDG de BBVA, croit savoir le Wall Street Journal. Le dirigeant voulait être sûr que la FDIC penserait à lui lorsqu’elle vendrait les actifs des banques US en difficulté, affirment des personnes proches du dossier. Francisco González n’a fait aucun commentaire sur cette réunion, mais a déclaré que BBVA est intéressé par des acquisitions tactiques dans le sud des Etats-Unis.
18/08/2009
Fonds

Les fonds concentrés font mieux avec moins

Les meilleurs fonds actions ont souvent peu de lignes en portefeuille, constate le Wall Street Journal, dans un article consacré aux fonds concentrés. En moyenne, les fonds actions détiennent 172 lignes, selon Morningstar, alors que les fonds concentrés ont en général seulement 25 positions. Les gérants de fonds concentrés ont peu de marge d’erreur, ce qui les oblige à mettre l’accent sur l’analyse des entreprises. Et pour se protéger davantage, ils achètent les titres avec une forte décote.
Fonds
18/08/2009
Fonds

Les hedge funds commencent à refuser de l'argent

Quatre grands gestionnaires de hedge funds ont fermé les fonds phares qu’ils avaient rouverts en début d’année, rapporte Financial News. Il s’agit de Nevsky Capital, Lansdowne Partners, Tudor Investment Corporation et SAC Capital.
Fonds
18/08/2009

Un répit pour le groupe CIT

Selon la Tribune, les créanciers du groupe américain CIT ont apporté 59,81 % de titres à l’offre de conversion de 1 milliard de dollars de dette obligataire arrivant à échéance lundi 17 aooût. CIT évite ainsi la faillite.
18/08/2009

Enquête autour d'une acquisition de RBS

Selon le journal les Echos qui reprend une annonce de Royal Bank of Scotland, le régulateur du secteur financier britannique (FSA) a entamé une enquête sur le rachat en 2007 de la banque néerlandaise ABN Amro par la banque écossaise. RBS, via un consortium incluant Santander et Fortis, avait acquis l'établissement pour 70 milliards d’euros. En difficulté financière en partie du fait de cette transaction, ajoute le quotidien, RBS avait été contraint l’année dernière d’abandonner au gouvernement la majorité des ses parts. En contrepartie, la banque a été renflouée à hauteur de 20 milliards de livres sterling (23,16 milliards d’euros).
18/08/2009

RBS va vendre sa filiale de gestion d'actifs

Selon Financial News, qui cite des sources du secteur, Royal Bank of Scotland est sur le point de mettre en vente son activité de gestion d’actifs, RBS Asset Management. Cette dernière, spécialisée dans les fonds de fonds, conseillait des actifs représentant 50 milliards de dollars en fin d’année dernière.
18/08/2009

3i to sell off European investments

The Financial Times reports that 3i is in exclusive talks to sell a portfolio of 36 European venture capital investments to a consortium led by Coller Capital and HarbourVest Partners for about GBP100m. Last year, 3i abandoned early stage investments in start-up companies, which has been its least performing activity since the tech bubble burst.
18/08/2009

Trading platform up for sale

La Tribune reports, citing Bloomberg, that the trading platform Turquoise Alternative, launched in late 2008, is up for sale. Documents related to the potential sale were sent to 18 potential candidates, including NYSE-Euronext and the London Stock Ecxhange.
18/08/2009

Madoff: Massachusetts rejects offer from Fairfield

William Galvin, the Massachusetts secretary of state, has rejected a settlement proposed by the investment firm Fairfield Greenwich Group, which had offered to pay USD6bn to a dozen state’s investors who had lost money in the Bernard Madoff fraud, the Wall Street Journal reports. Galvin filed a civil suit against Fairfield, claiming that its directors were coached by Madoff in how to answer investigators’ questions, and that they have not said all they know, the WSJ reports.

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