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30/12/2010

Klaus Kaldemorgen abandonne la direction de DWS

La filiale de la Deutsche Bank dédiée à la gestion d’actifs, DWS, se dote d’une nouvelle structure de direction. Klaus Kaldemorgen quitte, de sa propre initiative, ses fonctions à la tête de la société pour se consacrer uniquement à la gestion d’actifs. Le nouvel homme fort de DWS est Wolfgang Matis, nommé nouveau porte-parole de la direction de DWS Investment et global CEO de DWS. Wolfgang Matis était précédemment responsable du pôle Global Markets Deutschland à la Deutsche Bank. Il est directement rattaché à Kevin Parker, Global Head Deutsche Asset Management. Klaus Kaldemorgen, déjà en charge des fonds DWS Vermögensbildungsfonds I et DWS Akkumula, prendra la responsabilité d’autres fonds, notamment de fonds de performance absolue. Asoka Wöhrmann devient, en qualité de CIO de DWS, responsable des pôles actions, obligations et multi-classes d’actifs, auparavant dévolus à Klaus Kaldemorgen. Deux autres mouvements sont à signaler : Ingo Gefeke, jusqu’ici membre de la direction de DWS, prend de nouvelles responsabilités au sein du pôle gestion d’actifs de la Deutsche Bank à New York tandis que Axel Schwarzer quitte DWS pour assumer de nouvelles responsabilités en dehors de la société.
30/12/2010
Fonds

Un mois de novembre difficile pour les hedge funds

Selon Hedgeweek, les dernières statistiques de Morningstar montrent que les hedge funds ont eu un mois de novembre difficile. L’indice Morningstar 1000 Hedge Fund s’est ainsi replié de 0,8% en novembre alors que le Morningstar MSCI Composite cédait 0,1%. Sur les onze premiers mois de l’année, ces indices affichent des gains de respectivement 6,1% et 7,2%. C’est beaucoup mieux que la performance des indices boursiers internationaux mais moins bien que les performances enregistrées en 2009 sur la même période.Les stratégies sur les actions européennes ont été parmi les plus affectées en novembre. Le Morningstar Europe Equity Hedge Fund Index a ainsi perdu 3,5% en novembre, ce qui a fait chuter la performance des onze premiers mois de l’année en territoire négatif. Les stratégies évenementielles ont encore fait moins bien que les stratégies actions, le Morningstar Global Trend Hedge Fund Index accusant un repli de 3,9% sur le mois.
Fonds
30/12/2010
Fonds

Embellie pour les fonds de pension publics américains

Le US Census Bureau a indiqué que la valeur des actifs détenus par les 100 principaux fonds de pension publics aux Etats-Unis dépassait 2.500 milliards de dollars au 30 septembre dernier, rapporte L’Agefi. Soit un gain de 6,2% d’un trimestre à l’autre et de 5,2% par rapport à la clôture du troisième trimestre 2009.
Fonds
30/12/2010
Fonds

Blackstone préparerait un LBO de 10 milliards de dollars

Selon L’Agefi qui cite le Wall Street Journal, le fonds américain Blackstone aurait déposé une offre portant sur les actifs américains de Centro Properties Group, un géant australien de l’immobilier dont la survie est menacée par une dette astronomique. En cas de succès, il s’agirait du plus gros LBO depuis la crise.
Fonds
30/12/2010
Fonds

Un nouveau fonds d'investissement pour les start-up provençales

Selon Les Echos, une trentaine de particuliers, la Société Marseillaise de Crédit (SMC), pour 25% des parts, et Vivéris Management, un acteur majeur du capital-risque local pour 15%, viennent de créer un fonds d’investissement, Capital Provence Business Angels (CPBA), doté de 1,2 million d’euros de capital. Une première destinée à consolider l’offre d’amorçage.
Fonds
30/12/2010
Fonds

Les actifs du hedge fund CAI explosent

Selon Reuters, les actifs sous gestion du hedge fund spécialisé sur l’Asie Central Asset Investments (CAI) devraient passer la barre des 200 millions d’ici au mois de janvier, contre environ 70 millions de dollars à la fin 2009.Cette très forte progression de l’encours sous gestion est liée à la performance de 47% en 2010 du fonds multistratégie CAI Global Fund, dont la commecialisation aux Etats-Unis vient de commencer, la clientèle de CAI étant jusqu’ici essentiellement européenne et asiatique.
Fonds
30/12/2010

Tough month for hedge funds in November

p { margin-bottom: 0.08in; } Hedgeweek reports that the most recent Morningstar statistics reveal that hedge funds had a tough month in November. The Morningstar 1000 Hedge Fund index fell 0.8% in November, while the Morningstar MSCI Composite lost 0.1%. In the first eleven months of the year, these indices gained 6.1% and 7.2%, respectively. This is far better than the performance of international market indices, but much less than the returns posted in the same period of 2009. European equities strategies appear to have been the hardest hit in November. The Morningstar Europe Equity Hedge Fund Index lost 3.5% in November, which dragged down performance in the first eleven months of the year into negative territory. Event-driven strategies did even less well than equities strategies, with the Morningstar Global Trend Hedge Fund Index down 3.9% for the month.
30/12/2010

New investment fund specialises in Provence startups

p { margin-bottom: 0.08in; } Les Echos reports that 30 private investors, the Société Marseillaise de Crédit (SMC), with a 25% stake, and Vivéris Management, a major local private equity actor, with 15%, have recently created an investment fund entitled Capital Provence Business Angels (CPBA), with EUR1.2m in capital. This initial amount is intended to serve as seed capital.
30/12/2010

Assets boom at hedge fund CAI

p { margin-bottom: 0.08in; } Reuters reports that assets under management by the Asia specialist hedge fund Central Asset Investments (CAI) are expected to top USD200m by January, compared with about USD70m as of the end of 2009. This extremely steep increase in assets under management is related to returns of 47% in 2010 for the multistrategy fund CAI Global Fund, which has recently become available in the United States. Clients of CAI were previously largely European and Asian.
30/12/2010

Blackstone on verge of a USD10bn LBO operation

p { margin-bottom: 0.08in; } Agefi reports, citing the Wall Street Journal, that the US fund Blackstone is said to have submitted an offer to acquire the US assets of Centro Properties Group, an Australian real estate giant whose survival is threatened by immense debts. If the bid is successful, it would be the largest LBO operation since the crisis.
30/12/2010

SEC investigates non-publicly traded internet companies

p { margin-bottom: 0.08in; } The Securities and Exchange Commission (SEC) has opened an investigation into trading of shares in non-publicly traded internet companies such as Facebook and Twitter, whose value has more than doubled in the past few months, according to several US media reports, citing sources familiar with the procedure. The SEC has asked actors in these trades for information about the transactions, particularly the way in which the businesses in question were valued, the Wall Street Journal reports.
30/12/2010

Dividends to remain an essential component of returns, according to S&P

p { margin-bottom: 0.08in; } The senior Standard & Poor’s analyst Howard Silverblatt estimates in his annual study “S&P 500 Dividends: out of the night that covered me” that dividends in 2011 will remain an essential component of the profitability of investments in S&P 500 shares, as two thirds of companies in the index that pay dividends will be likely to raise them in 2011. This is good news for investors seeking stability in a context that remains unstable, as a growing number of businesses turn to a dividend policy, with 371 out of the S&P 500 doing so, including 12 who paid dividends for the first time in 2010. Last year, 255 businesses raised their dividends, compared with only 157 in 2009. Businesses spent USD20.6bn more on dividends than in 2009, which ended with a reduction of USD37.3bn. In the years 2008 and 2009, reductions in dividends, of which there were 140, meant that investors missed out on EUR88.7bn. In 2010, there are expected to be only four reductions in dividends, representing USD0.4bn. Continued tax breaks on dividends, which represent cumulative savings of USD274bn for the years 2003-2010, will allow investors to save a further USD74.5bn in the next two years. The only potential storm cloud on the horizon is that dividends will not return to their 2008 level immediately, despite favourable outlooks for 2011. For that, investors will need to wait until 2013.
30/12/2010

Hedge fund managers highly optimistic about US equities

p { margin-bottom: 0.08in; } For hedge fund managers, the recovery of the US economy appears to be beyond the shadow of a doubt. According to the TrimTabs/BarclayHedge survey undertaken in December, about 46% of hedge fund managers surveyed last week are betting on an increase in the S&P 500, while only 19% are pessimistic. About 54% of managers are pessimistic about the evolution of 10-year Treasury bonds, while 39% predict that the dollar will rise. “Managers are betting aggressively on economic recovery. Although in most of 2010, markets oscillated between excessive fears of a double recession and irrational exuberance about a V-shaped recovery, a consensus is shaping up that 2011 will be a year of inflationary growth,” says Vincent Deluard, executive vice president of TrimTabs, cited in a statement. Managers also predict that precious metals are overvalued. This comes as little surprise for Deluard, who remarks that statstical data suggest that bonds are much more overvalued than precious metals. “If there is a bubble that’s going to pop in 2011, we think bonds are the most plausible candidate,” says Deluard.
30/12/2010

Madoff: Trustee accused of illegal conduct

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee for the company formerly operated by Bernard Madoff, BLMIS, is under fire from US victims of the fraudster and the US Congress, Agefi Switzerland reports. The trustee has taken actions which contradict investor protection and bankruptcy laws, claims a member of the House of Representatives, who has recently proposed legislation which would indirectly limit the trustee’s manoeuvering room.
30/12/2010

Hermès: AMF to announce verdict in January on takeover bid

p { margin-bottom: 0.08in; } The College of the French financial market authority (AMF) will announce in January whether or not it will grant Hermès an exemption to the requirement to make a public bid to buy out the minority stakeholders in the luxury leather goods business, the secretary general of the AMF, Thierry Francq, has told Reuters. “The College will make its decision in January, after hearing the arguments of the various parties,” Francq says. In order to lock in capital in the face of the appearance and increasing presence of the hedge fund LVMH in its capital, the Hermès family decided in early December to create a holding company with control of over 50% of the capital in Hermès International. Legally, shareholders are required to make a takeover offer for the remaining stock if they increase their presence over one third of capital. But they may obtain an exemption from the AMF in some cases.
30/12/2010

Klaus Kaldermorgen gives up top position at DWS

p { margin-bottom: 0.08in; } The asset management affiliate of Deutsche Bank, DWS, has a new management structure. Klaus Kaldermorgen is quitting, on his own initiative, from his position as head of the firm, in order to dedicate his time exclusively to asset management. The new top dog at DWS is Wolfgang Matis, who has been appointed as the new spokesman for the management of DWS Investment and global CEO of DWS. Matis was previously head of the Global Markets Deutschland unit at Deutsche Bank. He will report directly to Kevin Parker, Global Head Deutsche Asset Management. Kaldermorgen, who was already manager of the DWS Vermögensbildungsfonds I and DWS Akkumula funds, will take responsibility for several other funds, including absolute return funds.
30/12/2010

Basel Committee launches consultation on pay scales

p { margin-bottom: 0.08in; } The Basel Committee early this week released a consultation document which will aim to improve the transparency of the banking sector in the area of remuneration. The measures laid out with the participation of the financial stability committee will notably require banks to explain how they tie the performance of their employee to the levels of pay they receive. They will allow the market “to evaluate the quality of practices at banks in the area of remuneration and policies they involve that may incite employees to take risks,” says Fernando Vargas, president of the remuneration working group of the Basel Committee, cited in the statement. Vargas adds that the new requirements “should also help to promote a larger convergence and more coherence in the information published about remuneration.” The consultation is open until 25 February.
30/12/2010

Taxation: Switzerland and South Korea sign a revised DTA agreement

p { margin-bottom: 0.08in; } Switzerland and South Korea on 28 December signed a protocol in Seoul including a revision to the Double Taxation Agreement (DTA) on income tax. The protocol contains clauses dealing with exchange of information in keeping with the directives of the Swiss federal council and OECD standards, the Swiss Federal department of finance says in a statement.
30/12/2010

Les fonds de pension publics américains reprennent espoir

Le US Census Bureau a indiqué que la valeur des actifs détenus par les 100 principaux fonds de pension publics aux Etats-Unis dépassait 2.500 milliards de dollars au 30 septembre dernier, à un plus haut de deux ans. Soit un gain de 6,2% d’un trimestre à l’autre et de 5,2% par rapport à la clôture du troisième trimestre 2009. Le plus important de ces fonds, celui des retraités du secteur public californien, CalPers, continue de remonter la pente descendue à grande vitesse au plus fort de la crise financière. Après un pic atteint avec des actifs de 260 milliards de dollars et un plus bas à 160 milliards, le fonds de pension gère à fin septembre 221 milliards. Le débat ne cesse de prendre de l’importance outre-Atlantique face aux turbulences des marchés et aux engagements à long terme des fonds sur les exigences de contribution des fonctionnaires et le niveau des futures pensions.
30/12/2010

Bon millésime pour les prêts à effet de levier

Le volume émis des leveraged loans est passé de 170 milliards de dollars en 2009 à 369 milliards cette année aux Etats-Unis. La politique de taux zéro de la Fed, qui a permis de rendre bon marché le financement des actifs risqués, y est pour beaucoup dans cette embellie.
30/12/2010

Pret A Manger n’est pas disposé à avaler Pomme de Pain

«Il n’y a jamais eu aucun contact ni avec Pret A Manger ni avec son actionnaire Bridgepoint, il n’y a pas de processus de vente formel ou informel», a déclaré hier Quentin Bergot, un codirecteur d’Acto Capital, propriétaire de l’enseigne Pomme de Pain, démentant ainsi l’information du Figaro faisant état de négociations «avancées» concernant la cession de la chaîne de restauration rapide à sa concurrente britannique.
29/12/2010

Union Investment cède deux immeubles à UFG REIM

Selon le site Business Immo, Union Investment a cédé les immeubles de bureaux « Axialys I » et « Axialys II » à Saint-Denis (93) à UFG Real Estate Managers pour un montant de 120 milllions d’euros. Ces deux immeubles, développant environ 24 000 m², sont loués respectivement à Randstad, 2ème groupe mondial en services de ressources humaines, et à un service du ministère des Finances.
29/12/2010

BlackRock veut lancer une plateforme interne de trading

Selon le Financial Times, BlackRock envisage de lancer en 2011 une plateforme de trading interne qui viendrait faire concurrence aux grandes firmes de Wall Street. La plateforme, qui serait logée dans BlackRock Solutions, serait l’une des plus importantes au monde, souligne le quotidien britannique qui relève toutefois que BlackRock n’entend pas marginaliser les poids lourds de Wall Street, toujours indispensables pour trouver de la liquidité.

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