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31/10/2011

City bonuses at ten-year low

Bonuses handed out to City golden boys in London in 2011 will be down 38%, to GBP4.2bn, according to the Center for Economics and Business Research (CEBR), Les Echos reports. They are thus returning to their levels of 10 years ago, far off their peak of GBP11.6bn in 2007. The CEBR predicts that the total level of bonuses will rise gradually to GBP4.6bn by 2015.
31/10/2011

Ignis AM looks to grow activities

In August this year, Ignis Asset Management, an affiliate of the British insurer Phoenix, announced that it is reducing its stake in its joint venture with the management firm Argonaut from 50% to 40%. In 2010, La Tribune reports, Ignis AM is reported to have reduced its stake in Hexam to 35%, and to have launched a 49%/51% joint venture with Castle Hill Asset Management. Now, La Tribune reports, Ignis would like to make the launch of new products a priority. And the asset management firm is hoping to strengthen its presence in Luxembourg and Italy, where an office has recently been opened. There are currently no plans to open a Paris office.
31/10/2011

Stock market turbulence weighs down performance of Norwegian sovereign fund

The pension fund managed by the Norwegian government in third quarter earned returns of -8.8%, or -NOK284bn. The sovereign debt crisis in Europe has strongly weighed down equities in the past few months. Assets in equities have earned returns of 016.9%, while bonds have gained 3.7%. The market value of the fund has lost NOK56bn, to EUR2.055trn. In the first nine months of the year, the fund has earned 06.6%, or -NOK222bn, with returns of -15.1% for assets in equities, and +6.3% for bonds.
31/10/2011

Profits up at SEB Wealth Management

The Wealth Management division of the Scandinavian bank SEB which inludes the private bank and institutional clients, has earned an operating profit up 8% to SEK1.053trn in the first nine months of the year, compared with the corresponding period of last year. The unit has earned net subscriptions of SEK22bn since the beginning of the year in private banking, and of SEK10bn for institutionals. Assets have fallen due to negative market effects, to SEK1.174trn, from SEK1.321trn as of the end of 2010.
31/10/2011

Coutts abandons RBS brand name

The Coutts private bank announced a relaunch this Tuesday. In order to revitalise its image, the bank is dropping the name Royal Bank of Scotland, which it had used outside the United Kingdom (Switzerland, Middle East, Singapore, Hong Kong and India) since 2008, the Financial Times says. It will now operate as a single brand throughout the world: Coutts. The goal is to modernise the institution, founded in 1692, and to give a more dynamic image of its investment management.
31/10/2011

GLG looks to market-making

GLG is interested in a type of market floor activity known as market maker, its CEO, Pierre Lagrange, who is also a member of the executive board at Man Group, has said in an interview with Les Echos. “In general, it doesn’t lose money, it is highly disciplined, methodical, and it works on low margins. It’s the expertise in short-term flow management that interests us,” explains Lagrange.
31/10/2011

Henderson GI hires Mourinho for an ad campaign

Henderson Global Investors has teamed up with José Mourinho, the Real Madrid trainer, in a new advertising campaign which will run in the UK and countries across Continental Europe and Asia from 31 October 2011. The campaign will feature the “special one” in outdoor, online, national and trade press and below-the-line promotions.
31/10/2011

Record subscriptions for China and emerging markets ETFs

In October, USD796bn were invested worldwide in ETFs focused on China, the highest level since 2008, Fondsprofessionell reports, citing Bloomberg Businessweek. Fondsprofesionell explains that the popularity of the products is due to the fact that the markets consider China underpriced, and due to expectations on the part of operators that the Beijing government will liberalise its monetary policy. TrimTabs reports that net inflows to ETFs specialised in emerging markets have totalled USD1.5bn in October, the highest level in the past six months. Since March 2009, the lowest point in the downturn, an average of USD1.4bn has been invested in emerging markets ETFs each month.
31/10/2011

Steep slide in profits at ATP

The Danish pension fund ATP has reported profits for the first months of the year of DKK5.3bn, compared with DKK18.9bn in the corresponding period of 2010. In a highly difficult environment, the pension fund has earned returns of 4.2%. Equities in the portfolio finished the period with negative teturns of 4.6%. However, interest rate strategies earned returns of 7.5%, credit 3.8%, inflation 4.6%, and commodities 0.9%. Assets under management as of the end of September totalled DKK554bn, compared with DKK516bn one year earlier.
31/10/2011

Les taux longs italiens touchent 6 %

Les investisseurs risquent de ne pas avoir la patience d’attendre l’application des mesures d’austérité et la mise en route du nouvel EFSF.
31/10/2011

CVC à l’assaut de RBS Insurance

Le groupe de capital-investissement a émis une offre de rachat d’environ 4 milliards de livres (4,55 milliards d’euros) sur la branche assurance de Royal Bank of Scotland, selon le journal britannique. Sauvée de la faillite en 2008, RBS, détenue désormais à 83% par l’Etat, cherche à céder RBS Insurance, valorisé dans ses comptes à 4,3 milliards de livres. Le journal précise que l’offre a été formulée lors des dernières semaines et que, selon une source proche de RBS, d’autres groupes ont manifesté leur intérêt pour cette activité au cours des derniers mois.
31/10/2011

Warner Music renonce à EMI

Le quotidien croit savoir que le favori à la reprise d’actifs de l’éditeur musical britannique, Warner Music Group, détenu par le milliardaire Len Blavatnik, a renoncé à prendre part aux enchères. Le prétendant semblait bien parti pour empocher la vente par Citigroup de plusieurs labels dont Capitol et Virgin pour 1,5 milliard de dollars.
31/10/2011

La taxe Tobin peut se faire sans le Royaume-Uni

Dans un entretien accordé au journal, le ministre des finances allemand, Wolfgang Schaeuble, indique que l’Europe devrait prendre l’initiative de l’instauration d’une taxe sur les transactions financières, même si elle ne bénéficie pas du soutien du soutien du Royaume-Uni, opposé au projet. «Si nous n’arrivons pas à un accord avec les 27, alors nous devrions envisager de l’introduire à 17 en premier lieu» précise-t-il.
31/10/2011

La vente de Capital Safety de nouveau à l’ordre du jour

Le quotidien britannique assure qu’Arle Capital Partners, l’ancienne division de Candover Investments scindée en avril dernier,a remis à l’ordre du jour les discussions pour la cession de Capital Safety Group. Ce dernier serait valorisée jusqu’à un milliard de livres, dette comprise. Des négociations informelles seraient engagées avec notamment Cinven et Warburg Pincus.
31/10/2011

ANovo dans l’escarcelle de Butler Capital Partners

Le tribunal de commerce de Beauvais a confié au fonds la reprise d’Anovo, en redressement judiciaire depuis le mois de juillet dernier. Le projet avait déjà obtenu la préférence des salariés en étant le mieux-disant socialement parmi les prétendants.
31/10/2011

TMX soutient l’offre de Maple

TMX Group, opérateur de la Bourse de Toronto, a indiqué cette nuit que son conseil avait approuvé à l’unanimité l’offre de 3,8 milliards de dollars canadiens (2,7 milliards d’euros) formulée par Maple Group, un consortium d’établissements financiers et fonds de pension canadiens. Les actionnaires de TMX sont invités à accepter la proposition, dont la validité a été prolongée jusqu’au 31 janvier prochain.
31/10/2011

Sagard et Trilantic en course pour Croustipate

Le fonds anglo-saxon Trilantic Capital Partners et le fonds franco-canadien Sagard sont dans la course pour reprendre Eurodough, la filiale française de pâtes prêtes à cuire du groupe agroalimentaire américain Sara Lee, ont indiqué à Reuters des sources proches du dossier. Eurodough serait valorisée entre 100 et 150 millions d’euros.

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