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11/01/2010

2009, une année calamiteuse pour les dividendes

L’année 2009 a été la plus mauvaise année jamais enregistrée pour les dividendes, malgré une amélioration au quatrième trimestre, selon Standard & Poor’s. Sur les trois derniers mois de l’année, seulement 74 sociétés sur les 7.000 notées par l’agence ont revu leurs dividendes à la baisse, contre 288 au quatrième trimestre 2008. Les relèvements de dividendes sont demeurés stables. Ils ont été 484 établissements à procéder de la sorte tandis qu’ils étaient 475 dans ce cas un an plus tôt. Cependant, sur l’ensemble de l’année, les révisions à la baisse des dividendes ont coûté aux investisseurs quelque 58 milliards de dollars. En nombre, les relèvements de dividendes ont concerné 1191 titres, soit un recul de 36,4% par rapport à 2008. Les réductions de dividendes ont de leur côté touché 804 valeurs, soit une augmentation de 631% par rapport à 2007. Selon Standard & Poor’s, le pire est peut-être passé même si l’agence estime que le redressement des dividendes sera lent, et qu’il faudra attendre jusqu’en 2012 ou 2013 pour retrouver les niveaux de 2007 ou 2008", selon Howard Silverblatt, senior index analyst chez S&P Indices.
11/01/2010

Jean-Philippe Blochet chez Moore Capital

Selon Les Echos, Jean-Philippe Blochet, ancien associé fondateur de Brevan Howard, vient de rejoindre Moore Capital, le «hedge fund» fondé par Louis Bacon. Il travaillera sur la stratégie «global macro» qu’il pratique depuis toujours.
11/01/2010

L'ex-patron d'AIG pointe du doigt Goldman Sachs

La Tribune qui cite le «Wall Street Journal» de samedi 9 janvier, rapporte que l’ex-patron d’AIG a appelé à une enquête approfondie sur la banque d’investissement Goldman Sachs, responsable pour partie selon lui de la quasi-faillite de l’assureur.
11/01/2010
Fonds

Sycuan va liquider son Value Fund

Sycuan Capital Management, société de gestion appartenant aux Indiens de la tribu Kumeyaay, a annoncé qu’elle va fermer au plus tard le 29 janvier son unique fonds le US Value Fund, qui a été lancé en novembre 2003 et qui ne pèse que 5,3 millions de dollars d’encours.
Fonds
11/01/2010
Fonds

Goldman Sachs se lance dans les ETF

Goldman Sachs a déposé à la Securities and Exchange Commission un dossier en vue d’obtenir l’autorisation pour lancer une série d’ETF, rapporte le Wall Street Journal. La banque devrait se focaliser sur les ETF indiciels plutôt que sur les fonds activement gérés. Ses premiers produits devraient couvrir les actions brésiliennes, indiennes, chinoises et coréennes.
Fonds
11/01/2010

UBS lists two ETFs in Frankfurt

Deutsche Börse on Friday announced that it has added two new sub-funds of the Luxembourg Sicav UBS ETF to trading on the XTF segment of its Xetra electronic platform, which replicate MSCI indices, and are aimed primarily at institutional investors. The funds are the UBS-ETF MSCI Canada I, which charges a management commission of 0.28%, and the UBS-ETF MSCI EMU I, whose management commission is 0.18%. The two new products bring the total number of ETFs listed on the Frankfurt exchange to 549.
11/01/2010

Goldman Sachs to enter ETF market

Goldman Sachs has filed with the Securities and Exchange Commission for permission to launch a slate of ETFs, says the Wall Street Journal. The Wall Street bank may focus its attention on index ETFs rather than newer actively managed funds. Goldman’s first ETF will be an index fund targeting Brazilian, Indian, Chinese and Korean stocks.
11/01/2010

ZKB and Credit Suisse list new ETFs

SIX Swiss Exchange on Friday announced that it had admitted 28 new products to trading on its Exchange Traded Funds segment. These include 24 precious metals ETF products from Julius Baer/Swiss & Global Asset Management (see Newsmanagers of 6 January), and three versions of the ZBK Gold ETF from the Zürcher Kantonalbank (ZKB), hedged for currency risks in Swiss francs, Euros and pounds Sterling, and one version of the product in pounds. SIX has also announced that from 13 January, it will list seven new Irish-registered ETFs from the Xmtch range by Credit Suisse. These include the Xmtch (IE) on MSCI Pacific ex Japan, Xmtch (IE) on MSCI Canada, Xmtch (IE) on MSCI UK, Xmtch (IE) on MSCI USA, Xmtch (IE) on MSCI Japan, Xmtch (IE) on MSCI Europe and Xmtch (IE) on MSCI EMU. The new additions bring the number of products traded on the ETF segment of the Swis sstock exchange to 312.
11/01/2010

3i seeks to raise GBP1bn

Private equity investor 3i (GBP8bn in assets) is currently soliciting potential investors with the aim of raising GBP1bn for a growth capital fund investing primarily in Asia, the Sunday Times reports. This would allow the CEO, Michael Queen, to bring this portfolio into better balance with those of other divisions. Growth capital activities currently involve only GBP28m in external money out of GBP1.6bn in assets, while the infrastructure and medium-sized buyouts divisions manage GBP1.1bn and over GBP2bn, respectively, of clients’ money.
11/01/2010

Hugh Osmond launches a new investment fund

This week, the Sunday Times reports, the financier Hugh Osmond will announce plans to launch a GBP500m investment vehicle entitled Horizon on the London Stock Exchange, and to use it as a launchpad for a takeover bid for a business or businesses valued at potentially as much as GBP500m. Osmond plans to buy large companies which have been bought up by private equity investors, and whose business continues to perform poorly. An ideal project would be to restructure Gala Coral, which is a fundamentally healthy business, but which has been dragged down by excessive debt.
11/01/2010

British firm Witan gets a new CEO

The management firm Witan Investment Trust has recruited Andrew Bell as CEO, replacing Robert Clarke, who has held the position since September 2008, Investment Week reports. Bell is currently head of research and strategy at Rensburg Sheppards in London.
11/01/2010

Eleven asset management firms launched on the Spanish market in 2009

Last year, nine foreign asset management firms set up offices in Spain, according to Funds People. They were iShares, Fulcrum AM, Standard Life, Ignis AM, Edmond de Rothschild IM, Seven Capital Management, Polar Capital Funds, Brevan Howard IF, and State Street Global Advisors. Meanwhile, two new asset management firms were created in Spain: Neila Capital Partners and Altamar Gestión.
11/01/2010

Neuberger Berman wants to develop relations with consultants

US asset management firm Neuberger Berman on 8 January announced the appointment of the former ING employee Christopher Gunns to provide relations with investment consultants in the Asia-Pacific region. Gunns began in his new position on 4 January in Hong Kong. Neuberger has also decided to create a position for a chief operating officer (COO), who will begin in February, but whose name has not yet been announced. “Consultants represent an increasingly large portion of activities in Asia, particularly from an institutional perspective. They clearly do not play the role of guardian that they might play on more developed markets such as Australia, Europe and the United States, but there presence and their influence will increase,” says Gunns.
11/01/2010

Managers leaving Spain for Luxembourg and Ireland

The exodus of Spanish fund management firms to Luxembourg and Ireland is accelerating, Expansión reports. 25% of these businesses already have permission from the CNMV to provide their services in other EU countries. In 2009, Altex Partners, Valorica, Tressie and Cartesio moved abroad, while Omega Capital, M&B Capital Advisers, Cygnus and EDM Gestión are offering their products outside Spain. This emigration is due to the fact that the Spanish finance ministry is requiring all asset management firms or private banks which use a Spanish fund from another entity to provide the issuer with details of their clients, which violates their confidentialtiy and poses a risk to the investment firms of losing their clients. To remedy this, the government would need to adopt an “omnibus account” system, in which asset management firms and private banks would be considered representatives of their clients without needing to disclose the details of the final investor. Ángel Martínez-Aldama, CEO of the Inverco association, estimates that this modification could be introduced by the end of the year.
11/01/2010

A&G plans external growth this year

Alberto Rodríguez-Fraile, president of the Spanish wealth management firm A&G (72% controlled by EFG), has told Expansión that assets increased 25% last year to top EUR3bn. He says the firm is planning to use liquidity generated in the past few years and the resources of EFG to acquire several independent wealth advisory businesses. In addition, A&G is planning to continue to recruit experienced private banking professionals. The president predicts that the number of partners will increase from 20 presently to 60 by the end of 2011.
11/01/2010

Sycuan to liquidate Value Fund

Sycuan Capital Management, a management firm owned by the Kumeyaay tribe, has announced that as of 29 January at the latest, it will be closing down its only fund, the US Value Fund, which was launched in November 2003 and which has only USD5.3m in assets.
11/01/2010

Latitude Capital Management launches AR fund

Latitude Capital Management on 8 January announced the launch of a UCITS III fund: Euro Market Neutral (ISIN Code: FR0010815886). The diversified FCP fund has an absolute returns objective over a 24-month horizon. The management process systematically exploits divergences between the evolution of share prices in the Euro zone and their corresponding fundamentals. The strategy is strictly non-directional, as performance is sought regardless of the orientation of the markets. The fund is eligible for PEA and has daily liquidity. The fund was launched on 30 November 2009. The complete prospectus is available from the firm and on the AMF website.
11/01/2010

RFPs: not enough attention is paid to evaluation of indices

In an interview with Les Echos, Noël Amenc, professor of finance and director of the Edhec Risk Institute, argues that “the evaluation of indices is too often neglected in RFPs in favour of the choice of managers. This is an error in appreciation, in my understanding, on the part not only of asset management firms, but primarily of investors and their advisers. It must be said that researchers are not exempt from responsibility in this. By confusing the market portfolio in portfolio theory which would be unbeatable on the long term with “weighted-cap” indices [indices which are weighted on the basis of market capitalisation -ed], they have helped to create a condition particular to this method of index construction which nothing currently validates, either empirically or theoretically.”
11/01/2010

Standish boosts Asia staff

Standish, the bond specialist arm of BNY Mellon Asset Management, is strengthening its staff numbers in Asia to meet rising demand from investors for bond products, Asian Investor reports. After recruiting a product specialist in Australia last year, Standish is now planning to recruit another expert to be based either in Hong Kong or Singapore. As of the end of October 2009, assets under management at Standish totalled USD62bn, compared with USD45bn previously, as some products have posted growth of over 60%. Europe and Japan were the major contributors to this development. The trends observed last year are expected to continue in 2010, particularly concerning high yield, in the United States and worldwide. The appeal of investment grade credit is expected to move toward the rest of the world rather than the United States.
11/01/2010

Better regulatory supervision of hedge funds is needed

The Joint Forum, which includes several supervisory bodies, on 7 January published a series of recommendations which aim to reinforce surveillance of the financial sector, particularly hedge funds. The Forum, which brings together the Bank for International Settlements (BIS), the Basel committee for banking supervision, the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), is responding to a request from the G20 to identify areas which were not yet adequately taken into account in terms of problematics related to systemic risks. Among the 17 recommendations for measures to fill lacunae which became apparent during the crisis are increased surveillance of risks posed by hedge funds. In parallel with the work undertaken by IOSCO on hedge funds, the tripartite Forum points to the need for increased transparency of hedge funds, to identify potential risks, to the need to introduce minimal standards in risk management, and to establish linimal owners’ equity requirements for firms which have high systemic risk.
11/01/2010

Galleon: USD36m in gains from insider trading

Les Echos reports that investigators now estimate that the investment fund Galleon made USD36m off of insider trading. Former accomplices of the founder of Galleon are beginning to bear witness against him, though he continues to maintain his innocence. At the end of last week, the testimony of Anil Kumar, a former McKinsey employee, before a federal court in Manhattan, revealed that Galleon, the fund founded by the Sri Lankan financier Raj Rajaratnam, made millions of dollars on information passed to it by the consultant. Investigators estimate that Kumar’s disclosure to the fund that ATI Technologies would soon be acquired by the semiconductor manufacturer AMD made USD19m for Galleon.
11/01/2010

Net outflows from Italian funds slow in 2009

In 2009, mutual funds on sale in Italy saw net redemptions of EUR3bn, according to Assogestioni, the Italian association of asset management professionals. This is certainly a negative figure, but it is considerably less than the EUR140bn which left funds in 2008, and the EUR50bn in outflows in 2007. In the past seven months, the trend has turned positive once again. With net subscriptions of EUR1.6bn, December became the seventh consecutive month of positive inflows for Italian mutual funds. In 2009, equities funds did best, with EUR2.9bn of net inflows. Discretionary management funds and bond funds are also in positive territory with EUR856m and EUR273m, respectively. However, hedge funds saw outflows of EUR5.4bn in net. Money market funds and mixed funds are also in the red, with EUR889m and EUR661m in net outflows. As of the end of the year, assets under mangement total EUR429.8bn.
11/01/2010

U.S. vs UBS : Administrative Court snubs FINMA

On 5 January 2010 the Federal Administrative Court ruled that the order issued by financial markets watchdog FINMA on 18 February 2009 to surrender client data to the US authorities was unlawful.FINMA «will analyse the ruling closely before deciding whether to launch an appeal at the Federal Supreme Court».
11/01/2010

Schroders granted a license for Egerton European Equity A fund

BaFin and FMA have granted Schroders licenses to release the Egerton European Equity A sub-fund of its new Luxembourg Sicav Global Alternative Investor Access (GAIA) respectively in Germany and Austria. The platform allows Schroders to distribute hedge fund strategies in an environment that complies with UCITS III. The fund, launched on 25 November, invests in European equities, and may use synthetic short positions; in normal market conditions, it should remain in a net long position. Characteristics Name: Schroder GAIA Egerton European Equity A ISIN: LU0463469048 Front-end fee: 3.09% maximum Management commission: 2% Performance fee: 20% of performance exceeding Eonia +100 bp Minimal initial subscription: EUR5000
11/01/2010

Aberdeen acquires part of RBS fund management activities

Banking group RBS on 8 January announced that it has signed an agreement with Aberdeen Asset Management to sell it some of the assets and contracts held by RBS Asset Management Limited and RBS Asset Management Holidings. The agreement between Aberdeen and RBS Wealth Management also extends to distribution of some products, for a period of at least five years. The total amount of the transaction is GBP84.7m. The sale, which includes fund of funds activities (Investment Strategies) at RBS AM, will be completed in first quarter 2010. As of 30 September, assets under management totalled GBP13.5bn, of which GBP9.1bn were in multi-manager long-only funds, and GBP4bn in funds of hedge funds. The price paid for the acquisition represents 0.63% of assets, a lower price than the average in the past few months for such acquisitions. In June 2009, the price paid by BlackRock to acquire BGI was 0.90% of assets. For Aberdeen, the transaction is the largest since the acquisition of a management entity from Credit Suisse for GBP298m in December 2008. As of the end of 2009, assets under management at Aberdeen totalled GBP144.1bn, compared with GBP146.2bn as of the end of Q3.

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