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13/02/2009

Luxembourg - Sal. Oppenheim fait passer ses associés à la caisse

Selon les milieux financiers, Sal. Oppenheim aurait l’intention de réclamer à ses quelque 40 associés une augmentation de capital d’au maximum 200 millions d’euros, rapporte la Frankfurter Allgemeine Zeitung. Il semblerait que la banque privée ait accusé une perte au quatrième trimestre du fait des turbulences sur les marchés et qu’au total le bénéfice de 2008 soit insuffisant pour doter les réserves.
13/02/2009

France - Swiss Life renforce son équipe partenaires bancaires et CGPI

Trois personnes ont rejoint Swiss Life à la direction du développement des partenariats et CGPI pilotée par Christophe de Vaublanc.Cristina Bonvecchio, ancienne responsable de Privalto au sein du groupe BNP Paribas, prend ainsi la responsabilité du développement des Groupements de CGPI. De son côté, Alexandra Duchesne devient responsable du développement des partenariats bancaires. Elle a précédemment exercé les fonctions de responsable grands comptes au sein de Generali puis d"Axa France Vie. Enfin, Laurent Mercier est nommé responsable du développement grands comptes. Il était arrivé chez Swiss Life en avril 2007, et exerçait jusqu"à présent les fonctions d"Inspecteur CGPI (Ile-de-France).
13/02/2009

Royaume-Uni - GLG voit ses encours chuter de 40 %

En 2008, GLG Partners a vu ses encours nets chuter de 39 % à 15 milliards de dollars. En brut, les encours sont descendus de 43 % à 16,5 milliards. Sur l’année, la société de gestion a accusé des rachats nets de 1,2 milliard de dollars. A noter que les chiffres de collecte du dernier trimestre (+0,8 milliard) intègrent un mandat de 3 milliards de dollars de Société Générale Asset Management UK, accord qui s’inscrit dans le cadre de l’acquisition de la société qui gère un total de 8,5 milliards de dollars par GLG.En 2008, GLG a accusé une perte nette de 629,7 millions de dollars, sur un revenu net de 495 millions de dollars sur l’année, en retrait de 52 % par rapport à 2007.
13/02/2009

Royaume-Uni - GLG a évité des problèmes grâce à l'accord avec SocGen

GLG Partners a évité la rupture des covenants sur sa dette de 570 millions de dollars grâce au rachat de la division britannique de SocGen Asset Management, selon le Financial Times. Cela lui a permis de maintenir ses encours au dessus du niveau minimum fixé dans le contrat avec ses banques.
13/02/2009

Suisse - Le bénéfice de Clariden Leu chute des deux tiers

Pour 2008, le bénéfice net de Clariden Leu a plongé de 66 % à 212 millions de francs pendant que le c?fficient d’exploitation se détériorait à 56 %, contre 49 %. Les encours à fin décembre s’inscrivaient en baisse de 27,1 % à 94 milliards de francs et la filiale du Credit Suisse a accusé une sortie nette de 1,1 milliard, contre des rentrées nettes de 2,9 milliards pour 2007, la décollecte de 3,2 milliards dans la gestion d’actifs (3,2 milliards) et du fait du #deleveraging# n’ayant pas pu être compensée totalement par les entrées nettes de l’activité de banque privée.
13/02/2009

Royaume-Uni - Plongeon du bénéfice de Schroders

Pour 2008, le bénéfice net de Schroders s’est situé à 76,7 millions de livres contre 299,7 millions au titre de 2007. Pour sa part, le bénéfice avant impôt et exceptionnels des divisions gestion d’actifs et banque privée s’est situé à 289,5 millions de livres contre 307,8 millions, cependant que le bénéfice avant impôt du groupe après 167,4 millions de livres d’exceptionnels ressort à 123,1 millions contre 392,5 millions. L’encours au 31 décembre se montait à 110,2 millions de livres contre 139,1 millions.Schroders précise avoir subi des sorties nettes de 3,8 milliards de livres contre 10,6 milliards en 2007 dans la branche institutionnelle tandis que celles de la branche «retail» se situaient à 6,2 milliards contre des souscriptions nettes de 8,8 milliards.
13/02/2009

France - Christine Lagarde défend un meilleur encadrement des hedge funds

La France remet ce vendredi ses propositions pour mieux encadrer l’activité des fonds alternatifs. Christine Lagarde propose de les obliger à se déclarer dans les pays dans lesquels ils sont vendus via un enregistrement auprès des autorités de marché locale. «Il serait possible de mettre en place un enregistrement unique au niveau européen conjugué avec un partage des informations entre les autorités de contrôle nationales», rapporte Les Echos.
13/02/2009

France - AMF : mise en place du dispositif de certification professionnelle

La mise en place du dispositif de certification professionnelle des connaissances réglementaires des professionnels des activités de marché vient d'être homologuée au règlement général de l’AMF par un arrêté publié au Journal officiel du 6 février 2009. Son entrée en vigueur a été fixée au 1er juillet 2010.L’AMF rappelle dans un communiqué que le régime de certification professionnelle repose notamment sur «la mise en place d’un dispositif conduisant les prestataires de services d’investissement à vérifier que leurs collaborateurs exerçant certaines fonctions clés disposent d’un niveau adéquat de connaissances de la réglementation au regard d’un contenu déterminé». Ce dispositif prévoit l’instauration d’un «Haut conseil certificateur de place» qui sera chargé de rendre des avis à l’AMF «afin qu’elle détermine le contenu des connaissances règlementaires minimales à acquérir par les collaborateurs exerçant les fonctions clés ainsi que les conditions pratiques de la certification des examens». La composition de ce Haut conseil, dont les membres seront désignés par l’AMF après consultation des associations professionnelles, devrait être prochainement annoncée.
13/02/2009

France - Vinci sanctionné par l?AMF

La commission des sanctions de l’Autorité des marchés financiers (AMF) a prononcé une sanction pécuniaire de 800.000 euros à l’encontre de la société Vinci pour avoir utilisé une information privilégiée dans le cadre d’un programme de rachat d’actions, en substance «d"avoir manqué à l"obligation d"abstention qui pesait sur elle en procédant entre le 20 janvier et le 3 février 2005, à des rachats de ses propres titres alors qu"elle avait connaissance d"une information privilégiée relative au fait que le chiffre d"affaires réalisé au titre de l"exercice 2004 était supérieur aux attentes du marché».
13/02/2009

Italy - Libya and Mediobanca to launch a common fund

The head of the Libyan Investment Authority announced on Thursday that his fund and Mediobanca are planning to launch a joint fund, with USD500m in assets, which will buy stakes in Italian distressed firms, the Wall Street Journal reports.
13/02/2009

World - Hedge funds: Fixed Income Arbitrage leads the pack

In January, hedge funds posted returns of +1.53%, according to the Lyxor Hedge Fund Index, calculated on the basis of performance and assets in funds on the Lyxor platform (Société Générale group). For the month, the alternative strategy which posted the best performance was Fixed Income Arbitrage, at +4.19%, followed by Special Situations (+4.08%) and CTAs Short Term (+3.30%).
13/02/2009

Spain - Management firms launched 154 funds in 2008

According to the agency VDOS, 154 products were launched on the Spanish market last year, including both new funds and guaranteed funds whose maturity dates were extended. According to Cinco Días, this represents a decrease of 36% compared with 2007. The two most active management firms were BBVA Gestión, with 17 products, and Santander Asset Management, with ten funds. Of the 154 new funds, 57 are guaranteed funds. Of the remaining 97 funds, 25 are funds in the ?global? category, while 18 are euro money market funds, and 17 are hedge funds.
13/02/2009

Spain - Vulture funds enter the picture in wake of Madoff/Santander disaster

Expansión reports that vulture funds are planning to offer investors who fell victim to the Madoff fraud to buy up their shares at 22% of their nominal value, along with the right to take their place in legal proceedings against Santander and HSBC. The figure of 22% corresponds to the offer of reimbursement for damages made by Santander to shareholders in the Optimal US Equity fund. HSBC is named in the lawsuits because it was the depository bank for the funds.
13/02/2009

Spain - Management firms liquidate more than 100 unprofitable funds

In December, management firms liquidated or merged nearly 100 of their funds, and they are now making a fresh start, Expansión reports. The CNMV on Thursday announced the merger of 16 funds from Ahorro Corporación, to form two products. A few days ago, Santander dealt similarly with a number of equities funds, while Consulnor is liquidating its fund of hedge funds. It is certain that, with the decrease in assets and the departure of investors, more and more of these products will cease to be profitable for management firms. These firms are opting either to close, or to merge these funds, the latter being the quicker option. According to the most recent statistics from Inverco, more than 400 funds have less than the minimal level of assets under management required by the CNMV, meaning that, in principle, these funds may be expected to disappear in the next few months.
13/02/2009

Europe - A pleasant end-of-year surprise for funds

At the end of a disastrous year, European funds posted EUR6bn net subscriptions in December, to general surprise, according to the most recent statistics from Lipper FMI.This positive result is due to several causes, Lipper comments, citing in particular the annual investment of money from the Swedish pension fund (EUR2.5bn). But above all, a decline in outflows to investors is responsible.This slowdown is particularly noticeable in France, a market which usually shows outflows of EUR15bn in December, as investors pull out of money market funds to pay taxes, cover payments of bonuses, etc. This year, France finished the year with a month of net inflows, albeit a slight one (EUR40m). It would appear that French investors have become so averse to risk that they put everything they had in money markets, to such an extent that the normal cycle of end-of-year redemptions was more than compensated for by funds flowing in, Lipper concludes.French investors also invested in equities funds. There again, the volumes are low (EUR474m), but they include few ETF funds, and are concentrated on local shares.In Europe, equities were favoured by investors, with their strongest subscription volumes since February 2007 (EUR10m). ETFs represented half of this total.For the year, however, European funds have posted net redemptions of EUR300bn. Assets have fallen to EUR3.9trn, down 27% in one year. In May 2007, assets peaked at EUR5.5trn.The only asset class to have posted net subscriptions for the year is money markets (EUR96bn). Equities finished the year in the red by EUR119bn.The group which posted the strongest subscriptions for the year was Barclays, with EUR18bn.
13/02/2009

Luxembourg - Sal. Oppenheim turns to partners for financial backing

According to sources in financial industry circles, Sal. Oppenheim is planning to call on its approximately 40 partners to participate in a capital increase of EUR200m maximum, the Frankfurter Allgemeine Zeitung reports. The private bank appears to have posted losses in fourth quarter, due to the turbulence on the markets, and total profits in 2008 are reportedly insufficient to maintain liquidity reserves.
13/02/2009

United Kingdom - GLG dodges trouble through agreement with SocGen

GLG Partners has avoided rupturing its covenants on its USD570m in debts, thanks to the acquisition of the British division of SocGen Asset Management, the Financial Times reports. This has allowed the firm to keep its assets above the minimal level set in its contracts with lending banks.
13/02/2009

United States - S&P warns of serious fall in dividends

Les Echos reports that Standard & Poor’s is predicting a 13.3% decrease in dividends from S&P 500 companies. ?Howard Silverblatt, index analyst, estimates that USD214.7bn will be paid to shareholders this year, after USD247.9bn in 2008, and USD246.6bn in 2007,? the newspaper says.
13/02/2009

World - Brazil gives a boost to Latin America funds

Since the beginning of the year, equities funds specialised in Latin America have posted performance of 13.6%, largely due to their strong exposure to Brazil, Cinco Días reports. Brazil is benefiting from a rebound on commodity markets, high interest rates, and attractive growth outlooks. The Bovespa index has gained 7.86% since 1 January, and as much as 17.89%, counting currency effects. Funds which invest exclusively in Brazil are posting returns of near 20%. Félix López, a manager at Atlas Capital, says the rise of the Bovespa is due to the positive evolution of its two largest businesses, Petrobras and CVRD, which represent 32% of the index. In addition, Mercedes Camacho of IGF notes, Brazil has attracted inflows of capital due to the high interest rate differential.
13/02/2009

World - Sovereign funds have invested USD63bn in western banks

Since the beginning of the subprime crisis, sovereign funds from emerging countries have invested USD63.23bn to buy stakes in western financial establishments, according to calculations by Bloomberg, reported by Expansión. The largest actors have been Qatar, Kuwait, Singapore, China, and Abu Dhabi, which have invested in banks such as Citi, Morgan Stanley, Merrill Lynch, UBS, and Barclays. Meanwhile, governments on both sides of the Atlantic have injected USD628.93bn to bail out the financial system.
13/02/2009

Germany - Union Investment buys up shares in its money market funds

In order to prevent closing some of its money market funds, Union Investment has been obliged to buy back shares in the funds from investors seeking to exit from them, says Rüdiger Ginsberg, chairman of the board. Redemption demands totalled up to EUR1bn per day in October, for that month, outflows totalled EUR10bn, the Frankfurter Allgemeine Zeitung reports, adding that the management firm for the German co-operative banks has refused to disclose the amount it has spent to absorb excess redemptions.
13/02/2009

United Kingdom - Profits down at Schroders

In 2008, net profits at Schroders totalled GBP76.7m, compared with GBP299.7m in 2007. Pre-tax profits and one-time elements for the asset management and private banking divisions totalled GBP289.5m, compared with GBP307.8m, while pre-tax profits for the group, after GBP167.4m in one-time charges, come out to GBP123.1m, compared with GBP392.5m. Assets as of 31 December totalled GBP110.2m, compared with GBP139.1m.Schroders states that it has posted net outflows of GBP3.8bn, compared with GBP10.6bn in 2007, for the institutional branch, while the retail branch showed outflows of GBP6.2bn, compared with net subscriptions of GBP8.8bn.
13/02/2009

France - John Locke aims to double assets in 2009

In 2008, John Locke Investments, a French management firm founded in 2000 by François Bonnin, posted net subscriptions of USD400m. This is a small feat in the world of alternative management. But it must be added that the firm is specialised in CTA (commodity trading advisory, or trading on financial markets, fixed income, equities indexes, currencies and commodities), one of the few alternative strategies to have performed well in the current conditions.John Locke now manages a total of USD700m in assets, for mainly institutional and foreign clients. ?Common funds for intervention on futures markets (fonds commun d’intervention sur les marchés à terme, or FCIMT) are more difficult to sell in France than in other countries, as Swiss and American investors have a big appetite for this type of product,? explains Bonnin, president and CEO of the alternative management firm. The company has opened a representative office in Chicago, the world’s largest centre for futures trading, operated by its US affiliate John Locke Investments Inc.This year, John Locke is hoping to shift into high gear, and to double its assets under management to USD1.3bn by the end of 2009. ?To strengthen our presence in the French institutional market is one of our priorities,? says Bonnin. The firm has three funds on sale in France: Cyril Systematic, Cyril Haute Fréquence and John Locke Commodity Long-Flat. After the conversion of the Cyril Haute Fréquence fund into a diversified FCP fund, ?the proportion of inflows coming from French investors will increase rapidly,? he predicts.
13/02/2009

Spain - More than one third of management firms posted net subscriptions in January

Of the 81 management firms which provide data to the Inverco association, 28 (or 34.6%) posted net subscriptions in January, while the profession as a whole showed outflows of EUR1.81bn from securities funds. The firms which posted a net inflow are small to mid-sized: only seven of them have assets of over EUR1bn, while two have more than EUR2bn, namely Caixa Catalunya Gestión (EUR2.76bn in assets) and EUR46.9m in net subscriptions in January, and BBK Gestión with EUR2.45bn and EUR23.2m in net inflows. However, the two heavyweights in the sector, BBVA Gestión (EUR33.02bn) and Santander Asset Management (EUR32.31bn) have posted net outflows of EUR1.36bn and EUR966m, respectively.
13/02/2009

Switzerland - Profits at Clariden Leu down by two thirds

In 2008, net profits at Clariden Leu fell 66% to CHF212m, while the cost-income ratio deteriorated to 56%, down from 49%. Assets at the end of December were down 27.1% to CHF94bn, and the Credit Suisse affiliate posted net outflows of CHF1.1bn, compared with net inflows of CHF2.9bn in 2007, as outflows of CHF3.2bn in assets management and deleveraging were not wholly compensated for by net inflows from private banking activities.
13/02/2009

France - OFI AM chooses BNP Paribas Securities Services

BNP Paribas Securities Services has been selected by OFI Asset Management (OFI AM) as a provider of custodial, depository, fund administration and compensation services for publicly traded derivatives related to its asset management activities, the bank has announced in a statement.The mandate represents EUR8bn in assets, including 18 FCP funds and 50 mandates.
13/02/2009

Sweden - January positive for funds

In January, funds on sale in Sweden posted net subscriptions of SEK3.9bn, according to the most recent statistics from Fondbolagens, the Swedish investment funds association. Equities funds posted a net inflow of SEK2.6bn, while money market funds brought in SEK1.7bn. Diversified funds have also posted positive inflows of SEK0.2bn. However, hedge funds and bond funds have posted outflows of SEK0.4bn and SEK0.2bn, respectively.
13/02/2009

Germany - Union Investment: Pre-tax profits contract by 58.5%

After profits of EUR345m in 2007, pre-tax profits at Union Investment contracted by EUR143m in 2008 (a 58.5% decrease), while assets at the end of December were down 17.7% to EUR144bn. EUR6.8bn of the EUR31bn decline in assets under management is due to net redemptions (of which EUR3.6bn were from institutional and EUR3.3bn from retail funds), where the previous year showed net subscriptions of EUR12.2bn.The asset management arm of the German co-operative banks estimates its share of the German open-ended fund market at 15.7% in 2008, compared with 15.1% the previous year.
13/02/2009

United States - SEC investigates three hedge funds

The Wall Street Journal reports that the SEC is carrying out an investigation to determine whether the alternative management firms SAC Capital Advisors, Third Point and Kynikos Associates conspired to pay the analyst John Gwynn, and his employer, Morgan Keegan, to spread false and defamatory information about the Canadian insurance firm Fairfax Financial Holdings between 2002 and 2007.
13/02/2009

United States - Regulators investigate Stanford Financial

Investigators from the SEC, Finra and the Florida Office of Financial Regulation last month launched investigations of six offices of the Stanford Financial Group (USD51bn in assets under management), the Wall Street Journal reports. The group offers several types of financial services, including wealth management, and it issues deposit certificates via its offshore bank, Stanford International Bank, of Antigua. In a message to employees on Thursday, R. Allen Stanford says the SEC is carrying out routine checks which were probably provoked by complaints from two employees.

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