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07/01/2011

German household financial savings at record levels

p { margin-bottom: 0.08in; } As of the end of December, the financial savings of German households set a new record, at EUR4.88trn, an increase of 4.7% compared with the end of 2009 (EUR4.67trn), Allianz Global Investors (AGI) estimates. In 2009, these financial savings levels had thus already made up all the ground lost in 2008, at EUR4.44trn, compared with EUR4.57trn (the previous record), set at the end of 2007.The increases in 2010 are due partly to an increase in the savings rate to 11.3%, compared with 11.1% in 2009, and an increase of 2.6% in disposable income. On the other hand, incoming savings totalled EUR150bn, compared with EUR147.7bn, while market appreciation, not least due to a 16% increase for the Dax index, represented EUR70bn.In terms of investments, AGI has observed a further increase (of 10%) in the sums placed in checking accounts, to about EUR750bn, compared with EUR600bn for savings deposits. Since the beginning of the crisis in September, checking accounts and savings deposits have shown net inflows of nearly EUR330bn, while long-term savings and savings certificates saw further net outflows of EUR20bn, following EUR120bn in outflows in 2009.AGI has also observed a continued aversion to investments in equities, and a preference for lower-risk investment funds, particularly in the area of diversified funds. James Dilworth, CEO of AGI Germany, says that the trend has gone from buy & hold to wealth management products with active risk management.Although capital market products (equities, investment funds, bonds, private equity) have gained a little ground, they now represent only 28% of total financial savings.
07/01/2011

Control of Deka to pass to savings banks

p { margin-bottom: 0.08in; } The 12 regional associations of the German savings banks group (431 institutions), and the eight Landebanken, who control 50% each of DekaBank, have reached an agreement which values the asset management firm at EUR4.7bn. The Börsen-Zeitung reports that this means that, if both of the parties concerned agree, Deka may buy back EUR1bn of its own shares, while the savings banks would finance the remaining EUR1.35bn.
07/01/2011

AMF agrees exemption for Hermès family

p { margin-bottom: 0.08in; } The French financial market regulator, the Autorité des marchés financiers (AMF), announced on 6 January at its daily meeting that it has granted an exemption to the requirement to issue a public offer for shares in the firm Hermès International, applied for by members of the Hermès family group.In order to lock in capital in the firm against a bid by LVMH, which currently controls 20% of the luxuries group, the family shareholders in the business decided in early December to create a holding company which holds more than 50% of the group’s capital. Legally, shareholders, grouped together either in a holding company or a shareholder pact, are required to make a public takeover bid if they hold over one third of capital. They may also request an exemption from the requirement from the AMF, which was the course preferred by the Hermès family. The AMF adds that it will publish an opinion explaining the motives for the decision in the near future. The president of shareholder organisaztion ADAM, Colette Neuville, announced in December that she would appeal any such decisions.
07/01/2011

SEI scales up middle office services

SEI has announced that it has extended its array of middle-office services by enhancing its asset pricing and valuation validation solution for investment managers. The solution, which leverages the independent valuation and pricing models of industry-leading third-party pricing providers, is designed to provide managers with more accurate and independent pricing verification.
07/01/2011

A departure from HDF Finance

p { margin-bottom: 0.08in; } According to reports in H24, Christophe Chouard, former CEO of HDF Finance, a French alternative management company, has been fired.
07/01/2011

Galleon co-founder launches Rockledge Capital

p { margin-bottom: 0.08in; } Gary Rosenbach, who was one of the co-founders of Galleon Group in 1997, along with Raj Rajaratnam, has teamed up with James Burnitt, managing director of Thomas H. Lee Capital, to create Rockledge Capital, a firm which will invest in hedge funds and manage family investments, the Wall Street Journal reports. Rosenbach has been named in absolutely no legal actions or allegations in relation to the insider trading scandal that brought down Galleon Group.
07/01/2011

CAC40 businesses to pay EUR40bn in dividends this year

p { margin-bottom: 0.08in; } CAC 40 businesses are expected to pay a record amount in dividends in 2011 (for 2010 results), Les Echos reports: nearly EUR40bn, according to the consensus of FactSet analysts, whose data were assembled by PrimeView. This is equivalent to an increase of 13%. According to PrimeView statistics, dividends paid in 2010 (for the 2009 fiscal year) totalled over EUR35bn, compared with EUR36.6bn the previous year. In 2012, the total will top EUR43bn. Markit Dividend, a specialist in this topic, predicts a similar trend, with an increase of 15% to about EUR41bn. The trend is similar for Europe: companies of the Stoxx 600 are expected to hand out EUR228bn, a figure up 14%.
07/01/2011

Rydex SGI merges its advising entities

p { margin-bottom: 0.08in; } The US asset management firm Rydex AGI has announced that it has merged its four advising entities into one. From 3 January, Rydex Advisors, Rydex Advisors III and Security Global Investors are merged into Security Investors, which will become known as Rydex Investments.Rydex will also soon move its headquarters, and set up a single mutual fund data platform.
07/01/2011

Deutsche Bank recruits in Asia

p { margin-bottom: 0.08in; } The wealth management arm of Deutsche Bank has announced the appointment of Tony Tang as head of clients for north Asia, and Eleonore Dachicourt as head of hedge fund distribution for Asia. Tang previously worked at Citi in Hong Kong, where he was head of securitisation activities for Asia. He will continue to be based in Hong Kong. Dachicourt previously worked at Credit Suisse in London.
07/01/2011

BOCI-Prudential launches two China ETFs

p { margin-bottom: 0.08in; } Asian Investor reports that BOCI-Prudential Asset Management, a joint venture from Bank of China and Prudential, will launch two ETFs dedicated to China on the Hong Kong stock exchange in the next few days. The quantitative unit of BOCI-Prudential has identified two key growth sectors: consumer products and real estate. The two new products, W.I.S.E. - CSI HK Listed Mainland Consumer Tracker and W.I.S.E. - CSI HK Listed Mainland Real Estate Tracker, will be launched on 11 January.
07/01/2011

S&P consults on banking evaluation criteria

p { margin-bottom: 0.08in; } The Standard & Poor’s agency announced on 6 January that it has launched a consultation on criteria for the evaluation of banks. The proposed criteria would make it possible to increase the transparency and comparability of ratings for financial establishments. The agency puts the emphasis on economic and industrial risks. S&P estimates that these developments are unlikely to significantly affect its ratings of banks. The consultation is open until 7 March.
07/01/2011

Morgan Stanley and Algebris launch a UCITS III fund

Morgan Stanley has announced the launch of a new fund under its Ucits Irish umbrella, FundLogic Alternatives. The new fund will be managed by Algebris Investments LLP and will offer access to a long/short equity strategy focused on the global financial services sector.
07/01/2011

FrontPoint raises over USD1bn

p { margin-bottom: 0.08in; } On 6 January, FrontPoint Partners, the firm led by Dan Waters and Mike Kelly which was last year hit by a US investigation into insider trading, has announced a closing for its largest fund, FrontPoint-SJC Direct Lending Fund LP, with subscription engagements (over five years) totalling over USD1bn, the Wall Street Journal reports. Despite the investigation, FrontPoint was able to gather this sum in only nine months, 40% of it from existing clients. The new fund is managed by Stephen Czech, former managing director and portfolio manager at Gottex Fund Management. The fund will invest in senior secured loans to US mid-sized businesses with total earnings of USD75m to USD500m, and EBITDA of USD7.5m to USD50m.
07/01/2011

State Street has now registered all sub-funds of its Luxembourg SSGA in France

p { margin-bottom: 0.08in; } State Street has now registered all the sub-funds of its Luxembourg SSGA in France. Without issuing a full press statement, State Street Global Investors (SSgA) announced that it has now completed its program to register all 19 sub-funds of its Luxembourg Sicav State Street Global Investors Luxembourg in France. The licenses were obtained gradually by the US management firm between 28 August 2009 and 19 November 2010. The complete French prospectus for the fund is available on the AMF website as of July 2010.
07/01/2011

Funded status for pension funds totalled 84.3% as of the end of December

p { margin-bottom: 0.08in; } According to estimates by BNY Mellon Pension Services, a division of BNY Mellon Asset Management, the strong increase on equity markets in December (6.8% gains for US equities and 8.1% for international equities) led to an increase in the average funded status for US corporate pension funds of 3.8 percentage points to 84.3%, the highest level since March 2010. Meanwhile, liabilities fell 0.9% in December due to an increase in bond yields. Since the end of August, the funded status has improved by 13.1 points.
07/01/2011

Pioneer launches an Asia formula fund

p { margin-bottom: 0.08in; } Pioneer is launching Pioneer UniCredit a formula Asia Maggio 2016, a formula fund aimed at investors seeking to invest in the major Asian equities markets with capital protection, Bluerating reports. At maturity of the fund, on 16 May 2016, investors will receive 35% of the performance of the S&P Asia 50 Daily Risk Control 15% index in euros, up to a limit of 200%. In case of losses for the index, the investor will receive the initial investment amount.
07/01/2011

EC launches consultation on bankruptcy for banks

p { margin-bottom: 0.08in; } The European Commission on 6 January launched a consultation on a potential European legislative framework for banking sector bankruptcies. Banks will have until 3 March to send in their comments. The Commission is planning to propose complete legislation by summer 2011 to manage banking crises. Currently, the Commission observes in a statement, there are very few regulations in the European Union to determine what actions may and must be taken by authorities when banks go bankrupt. The consultation seeks the opinions of participants as to the technical details which could be involved in a working out of the general outline delivered on 20 October 2010 for a general European regulatory framework for crises in the financial sector.
07/01/2011

db x-trackers launches first European inverse emerging markets ETF

p { margin-bottom: 0.08in; } On 6 January, db x-trackers (Deutsche Bank) released eleven Luxembourg-registered ETFs to trading on the London Stock Exchange (LSE), bringing the number of such db x-trackers products listed in London to 124.All of the products are available in US dollar and pound Sterling share classes, with fees of 0.45%, except the new db x-trackers MSCI Emerging Market Short Daily Index ETF, which charges fees of 0.95%, and which the promoter says is the first reverse ETF based on an emerging markets index to be made available in Europe.
07/01/2011

F&C asks shareholders to vote against Sherborne

F&C has called on shareholders to vote against Sherborne Investors’ plans remove chairman Nick MacAndrew and Brian Lacombe from the asset management company’s board at the the general meeting on 3 February 2011.Sherborne, which has built up a 17.5 per cent stake in the asset manager, has proposed the removal of the chairman, Nick MacAndrew and Brian Larcombe from the board of F&C and the appointment of Edward Bramson, Ian Brindle and Derham O’Neill as directors (Sherborne has also indicated that it will subsequently seek the appointment of Edward Bramson as chairman of F&C). The board of F&C believes that Sherborne’s resolutions are not in the interests of shareholders as a whole. F&C’s senior independent director, Keith Bedell‐Pearce, said: “The board is unanimous in its belief that Sherborne’s resolutions are not in the best interests of F&C’s shareholders as a whole. They may also have a materially negative impact on F&C’s relations with other key stakeholders including staff, clients, investment consultants, financial advisers, fund rating agencies and other distribution partners. The resolutions come at a time when stability has finally been achieved after a prolonged period of damaging ownership uncertainty and when the board is united around a clear turnaround strategy, which is working."Nick MacAndrew, chairman of F&C, said: «Sherborne has requisitioned this general meeting without putting forward an alternative strategy and at a time when stability has finally been achieved. Sherborne’s actions have risked creating renewed uncertainty over the business. Our strategy is working, the results are coming through and this unwelcome and opportunistic move by Sherborne is damaging to the business and is not in the best interests of our shareholders».
07/01/2011

Le Brésil prend de nouvelles mesures contre la hausse du réal

La banque centrale brésilienne a annoncé son intention de renforcer ses exigences en termes de réserves détenues par les banques commerciales du pays en contrepartie des positions prises sur les devises. Ces mesures visent à endiguer la hausse du réal qui a gagné 13% contre dollar depuis mai dernier.
07/01/2011

L’AMF modifie son règlement sur les appels de couverture

L’Autorité des marchés financiers a modifié l’article 516-15 de son règlement général qui porte sur les appels de couverture. Cette décision vise à prendre en compte la spécificité des investisseurs institutionnels, ces derniers passant de nombreux ordres d’achat et de vente par différents membres du marché dans la même journée, puis consolidant auprès d’un seul établissement leur position en fin de journée afin de constituer leur couverture. Jusqu’alors, l’article stipulait qu’un intermédiaire ne pouvait accepter un ordre destiné à être exécuté sur un marché réglementé d’instrument financier à terme que s’il obtenait de l’investisseur la constitution d’une couverture suffisante.
07/01/2011

Astorg pourrait être plus gourmand que prévu

Le fonds de private equity pourrait lever jusqu'à un milliard d’euros pour son nouveau fonds au lieu des 800 millions d’euros auparavant envisagés, ont indiqué à Reuters deux sources proches de la situation. La levée de fonds pourrait être close à la mi-janvier, a ajouté l’une de ces sources.
07/01/2011

OFI AM obtient un quota en Chine

La société de gestion a décroché un quota de 150 millions de dollars par les autorités chinoises, quelques mois après avoir obtenu une licence QFII. OFI AM, qui a jusqu’au 30 avril pour remplir ce quota, a lancé, à destination d’une clientèle institutionnelle, un fonds SIF luxembourgeois libellé en dollars offrant deux parts : l’une en euro et l’autre en dollar.
07/01/2011

L'appétit pour les OAT reste solide

L’Agence France Trésor a placé hier près de 9 milliards d’euros via trois adjudications d’OAT de maturités longues, contre une demande de 17,5 milliards.
07/01/2011

Addition salée pour les exportations australiennes

Les exportations de charbon de l’Etat australien du Queensland pourraient être réduites de quelque 30 millions de tonnes si les intempéries se poursuivent durant le mois de février, indique le journal qui cite une estimation faite par UBS. La perte pourrait ainsi se monter à environ 6 milliards de dollars australiens (4,6 milliards d’euros) pour l’économie du pays.
07/01/2011

Blackstone grandit dans l’immobilier londonien

La société de private equity américaine serait en négociations exclusives pour l’acquisition de l’ensemble immobilier Chiswick Park à Londres, pour un montant incluant la dette pouvant aller jusque 480 millions de livres, l’équivalent de 570 millions d’euros. Il s’agirait du plus important investissement immobilier de Blackstone outre-Manche depuis plus d’un an et demi.

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