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21/03/2011

Madoff: trustee takes aim at Mets assets

p { margin-bottom: 0.08in; } Negotiations towards an out-of-court settlement have collapsed, and Irving Picard, the legally-appointed trustee for the business interests of Bernard Madoff, on Friday released further details of accusations against Fred Wilpon and Saul Katz, the largest shareholders in the New York Mets baseball team. The Wall Street Journal reports that Picard claims the men must have known for years that Madoff’s activities were fraudulent. In addition, he accuses them of subsequently carrying out a plan to put their assets out of reach of confiscation once the fraud was discovered.
21/03/2011

Galleon trial: former McKinsey head sues SEC

p { margin-bottom: 0.08in; } Two weeks after the opening of the Galleon trial, the former director of McKinsey and former director of Goldman Sachs, Rajat Gupta, who is accused of feeding insider information to the founder of Galleon, on 18 March filed a lawsuit against the Securities & Exchange Commission (SEC), Les Echos reports. Gupta denies the charges filed against him by the SEC on 1 March, and accuses the regulator of seeking to deprive him of his right to defence by filing the case as a civil suit.
21/03/2011

Neuflize OBC Investissements releases two funds in Germany

The Paris-based firm Neuflize OBC Investissement (ABN Amro group), which has EUR22bn in assets under management, has released the NOBC Europe Convertible (FR0010281477) and NOBC Monde Convertible (FR001027315) funds, launched in 1997, which had assets as of the end of February of EUR305m and EUR228m, respectively, in Germany.The convertible bond funds have long been managed by Luc Varenne, and Basile Schlumberger, head of sales, tells Newsmanagers that the firm is planning to promote these French specialties to institutional investors and distributors in Germany.However, Neuflize OBC Investissements is not planning to offer its full range in Germany, nor is it planning to open an office in Germany, where the ABN Amro group already has an affiliate, the private bank Delbrück.
21/03/2011

CS Euroreal makes its fifth sale above book value

p { margin-bottom: 0.08in; } The German open-ended real estate fund CS Euroreal (DE0009805002, EUR6.06bn in assets as of the end of February) has resold the property located at Pergolesi 25 in Milan (7,045 square metres), for a price higher than its most recent expert valuation (30 September 2010), at EUR21.87m. Karl-Heinz Heuß, CEO of Credit Suisse Asset Management Immobilien KAG and co-manager of the fund, says that this is the fifth sale above venal value since the freeze on redemptions nine months ago (see Newsmanagers of 21 May 2010). Between the acquisition of the property in December 1999 and its sale in March 2011, the property has risen in value by about 34.5%. CSAM is negotiating sales of other properties, with the aim of bringing in enough liquidity to be able to sustainably reopen the fund to redemptions as soon as possible. After this most recent transaction, the portfolio still includes 109 properties, most of them recent, in eleven European countries. Office and commercial properties represent 58% and 32% of the portfolio, respectively.
21/03/2011

db x-trackers launches two ETF funds aimed at charities

p { margin-bottom: 0.08in; } On 18 March, two new Irish-registered ETFs from db x-trackers (Deutsche Bank group) were admitted to trading on the XTF segment of the Xetra electronic trading platform (Deutsche Börse), bringing the total number of products listed on the platform to 803. Both of them are multi-asset class ETF funds (equities, bonds, commodities and alternative investments) which invest in ETFs from db x-trackers. They aim to satisfy the investment needs of small and mid-sized charities, says Michael Fuß, head of institutional distribution at DB Advisors, another Deutsche Bank affiliate. The basic ETF selection is undertaken by specialists from the investment solutions & analytics division of DB Advisors.The first of the two products, db x-trackers Stiftungs-ETF Stabilität (IE00B4WRDS59), is a prudent product, with 75% to 100% exposure to bonds, but which may also invest up to 20% in equities ETFs and up to 15% in commodities or currencies ETFs. It is aimed at charities which prefer capital protection and regular revenues.The second fund, db x-trackers Stiftungs-ETF Wachstum (IE00B3Y8D011), is aimed at charities seeking attractive returns with limited risk. It will invest 60% to 95% of its assets in bond ETFs, and up to 30% in equities ETFs. Allocation to commodities ETFs and alternative strategies may not exceed 10% in each case.Each of both products will have a total expense ratio of 0.75%, and distribute dividends half-yearly.
21/03/2011

UIRE plays Japanese alibi

p { margin-bottom: 0.08in; } Union Investment Real Estate (UIRE) has frozen subscriptions and redemptions for its open-ended real estate fund UniImmo: Global, on the grounds that 14% of the properties in the portfolio of the fund are in Japan, and cannot now be valued. The move surprised and irritated the industry, the Frankfurter Allgemeine Zeitung reports, pointing out that the closure should be viewed in context: the net asset value of the fund was lowered in February by 4.5%, which triggered net outflows, bringing assets in the fund down to EUR2bn from EUR2.3bn at the end of January.Some managers estimate that UIRE must have been anticipating a closure due to these high levels of redemptions, in order to avoid a further deterioration in the fund’s liquidity levels.
21/03/2011

HSBC Global AM manages one third of its assets in emerging markets

p { margin-bottom: 0.08in; } HSBC Global Asset Management (HSBC GAM), led by John Flint since early 2010, has a strong presence in emerging markets, the traditionally strong territory of the HSBC bank, with USD145bn in assets, out of a total of USD439bn, an increase of 20% in one year. In an interview with La Tribune, Flint says the major advantage for his asset management firm is that 60% of its assets in emerging markets come from investments made by local players. “Inevitably, emerging markets will turn down sooner or later. When that happens, domestic products will be much more resistant than money coming from abroad. For us, that is a way to strongly reduce risks,” he says.
21/03/2011

Korea IM in search of a Chinese partner

p { margin-bottom: 0.08in; } Asian Investor reports that Korea Investment Management is continuing its internationalisation efforts in Asia. Following the recent opening of its Shanghai office, the firm is now actively seeking a local partner for a joint venture. Assets under management at Korea IM total about USD17bn.
21/03/2011

Marc Festa promoted at Alken

p { margin-bottom: 0.08in; } Alken Asset Management on 18 March announced the appointment of Marc Festa as fund manager. In his new role, he will continue his sector approach (aeronautics, defence, automotive), and will assist the founder and head of the firm, Nicolas Walewski. Walewski says in a statement, however, that the promotion does not mean that he will have to reduce his day-to-day involvement in the management of funds and the activities of the asset management firm. Alken says that Guillaume Dalibot, who is also in charge of distribution and housing, will take over research in the luxuries sector, and that Olivia de Cazenove will handle pharmaceuticals and the mining and metals sectors, utilities and leisure. The media sector will be watched by Vincent Rech, who already covers IT and telecommunications.
21/03/2011

Banque Privée Edmond de Rothschild: Daniel Trèves retires from board

p { margin-bottom: 0.08in; } Daniel Trèves, CEO of La Compagnie Benjamin de Rothschild, will not stand for reelection to the board of directors at Banque Privée Edmond de Rothschild (BPER). Trèves is planning to obey rules requiring that banking functions be separated from others under banking legislation, BPER announced following a meeting of its board of directors on 17 March. Trèves had served on the board for 18 years.
21/03/2011

Lombard Odier IM adds to range of fundamental index-based bond products

p { margin-bottom: 0.08in; } Assets in the LO Funds – Emerging Local Currencies and Bonds fund (see Newsmangers of 24 March and 2 May 2010) now total about USD800m, and have earned returns of 16.22% in euros since the launch of the product in January 2010.The “5B” fund, LO Funds - BBB-BB Bond (EUR) (see Newsmanagers of 24 January 2011), is based on a fundamental index developed by LOIM under the direction of Stéphane Monier, CIO, fixed income & currencies; it was launched on 1 December.The Swiss management firm has now begun to promote the LO Funds II – Global Government Bond fund in a roadshow.
21/03/2011

Norwegian sovereign fund returned 9.6% in 2010

p { margin-bottom: 0.08in; } The Norwegian Government Pension Fund Global returned 9.6 percent, or 264 billion kroner, in 2010, Norges Bank Investment Management announced on 18 March in its annual report. The overall return was 1.1 percentage points higher than the return on the fund’s benchmark indices. The market value of the fund rose NOK437bn to NOK3.077trn, or about EUR388.4bn. The fund’s equity holdings returned 13.3 percent in 2010, measured in international currency, while fixed-income investments returned 4.1 percent. Equity investments accounted for 61.5 percent of the fund’s investments, while fixed-income investments made up 38.5 percent. The fund has stated in its annual report that sustainable assets under management now total NOK25bn, or about EUR3.2bn, compared with NOK7bn one year earlier. The number of environmental mandates has increased to nine as of the end of 2010, from four one year earlier.
21/03/2011

MLCI becomes the second counterparty for ETF Securities platform

p { margin-bottom: 0.08in; } The British asset management firm ETF Securities has announced that its ETC trading platform, ETFS Commodity Securities Limited (CSL), now has a second counterparty, in addition to UBS as its commodity contract counterparty: Merrill Lynch Commodities (MLCI), of the Bank of America Merrill Lynch group. The agreement will take effect on 13 April or later. Bank of America Corporation will guarantee all payment engagements of MLCI. The CSL platform currently lists 113 ETCs.
21/03/2011

Yoplait : le FSI resterait dans la course

Alors que General Mills a officialisé vendredi le rachat de 50% de Yoplait à PAI Partners, les ministres français de l’Economie et de l’Agriculture ont indiqué que le Fonds stratégique d’investissement envisage d’«accompagner ce projet d’investissement».
21/03/2011

Madoff : HSBC était prévenu

KPMG aurait prévenu à deux reprises HSBC, en février 2006 et en septembre 2008, qu’elle s’exposait à des «risques opérationnels et de fraude» en confiant les fonds de ses clients à Bernard Madoff. Engagé par la banque, le cabinet d’audit aurait identifié 25 risques en 2006 et 28 deux ans plus tard, selon ses rapports, que Bloomberg s’est procurés.
21/03/2011

Le gouvernement néerlandais met Nout Wellink en orbite

Le ministre des Finances néerlandais, Jan Kees de Jager, s’est dit prêt à proposer la candidature de Nout Wellink à la présidence de la BCE que quittera Jean-Claude Trichet fin octobre. Depuis le retrait d’Axel Weber, l’Italien Mario Draghi est considéré comme le favori. «Le favori venu d’Allemagne s’est retiré du jeu. Le premier président de la BCE était un Néerlandais, (Wim) Duisenberg et maintenant il y a un Français. Il serait étrange d’avoir à nouveau un Néerlandais, en même temps, (Wim) Duisenberg avait eu un mandat tronqué», a déclaré Jan Kees de Jager.
21/03/2011

L’Esma consulte sur les agences de notation

L’Autorité européenne des superviseurs de marché a lancé le 18 mars une consultation sur le régime permettant d’utiliser, dans l’Union européenne, des notations émises dans des pays tiers, par exemple aux Etats-Unis ou au Japon. Les nouvelles règles auront un coût pour les agences de notation et pour les institutions financières, au titre du calcul de leurs exigences en fonds propres sur certains portefeuilles, estime l’Esma.
21/03/2011

BC Partners rachète Phones 4U

Le fonds BC Partners a repris à Providence Equity Partners le détaillant britannique de téléphones mobiles Phones 4U, pour 700 millions de livres. Un rachat dont la part en dette (430 millions) sera financée en totalité par une émission obligataire à 7 ans, la tendance du moment dans le secteur du LBO. Goldman Sachs dirige l’opération.
21/03/2011

Accord entre le Brésil et les Etats-Unis

Les chefs d’Etat Barack Obama et Dilma Rousseff ont signé samedi une série d’accords économiques et commerciaux entre leurs deux pays. Ils portent notamment sur les infrastructures pétrolières et les biocarburants, ainsi que sur un cadre de négociations commerciales bilatérales. Le président américain en a profité pour promouvoir le concurrent du Rafale alors que le Brésil a récemment ajourné sa décision sur l’achat de 36 avions de chasse.
21/03/2011

L’Arabie Saoudite achète la paix sociale

Le roi Abdallah d’Arabie Saoudite a ordonné par décret la construction de 500.000 logements et la création de 60.000 postes au sein des forces de l’ordre rattachées au ministère de l’Intérieur. Après une première série de mesures économiques et sociales en février de 37 milliards de dollars, le coût de cette deuxième vague sera supérieur, les dépenses liées au seul plan de construction s'élevant à près de 67 milliards de dollars.
21/03/2011

Les positions spéculatives reculent sur l’or noir

Les positions longues spéculatives sur le baril de brut américain ont été réduites à 251.380 contrats sur la semaine s’achevant le 15 mars, selon les statistiques de la CFTC. Elles restent tout de même très élevées, après le record de 274.235 contrats atteint la semaine précédente. Sur la période, le prix du WTI a reflué de près de 8 dollars à 97 dollars. Il s’est de nouveau tendu depuis le 16 mars, avec une pointe à 103 dollars vendredi, à la faveur du regain de tension en Libye.
21/03/2011

Le plus gros LBO d’Europe se profile pour Kabel BW

CVC ou Liberty Global? Le fonds d’investissement et la société contrôlée par John Malone se disputent le rachat du câblo-opérateur allemand Kabel Baden Württemberg au suédois EQT. Donné favori vendredi par Reuters et Dow Jones, CVC propose 2,95 milliards d’euros pour le numéro trois allemand du secteur. Mais le Wall Street Journal indiquait ce week end que Liberty Global aurait mis sur la table entre 3,1 et 3,2 milliards, soit 10 fois l’Ebitda 2010 de la cible. Ce qui constituerait le plus gros rachat à effet de levier (LBO) en Europe en 2011. Vendredi, EQT, adossé à la famille Wallenberg, a indiqué «évaluer encore une cotation de Kabel BW ou une vente à l’un des enchérisseurs», alors même qu’il a renoncé jeudi soir à introduire en Bourse une autre de ses sociétés en portefeuille, ISS. Une décision serait attendue cette semaine. Deutsche Bank et JPMorgan dirigent le processus de vente, épaulées par BoA Merrill et RBS.
21/03/2011

Le Japon mettra cinq ans à se reconstruire

La Banque Mondiale a estimé que le Japon devrait mettre environ cinq années à se reconstruire suite aux conséquences du tremblement de terre et du tsunami. «Le PIB réel devrait être négativement impacté jusqu’à mi-2011» indique le rapport. Les dommages pourraient être de 122 à 235 milliards de dollars. Dans le même temps, l’investisseur Warren Buffett a estimé dans un entretien à la presse coréenne que l’impact du tremblement de terre sur l’économie nipponne serait limité à moyen terme.
21/03/2011

39 milliards de dollars pour T-Mobile USA

Deutsche Telekom met un terme à son aventure américaine après une décennie de difficultés, permettant à AT&T de faire un pas de géant dans la téléphonie mobile.

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