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23/08/2010

Number of funds at an all-time low since Internet bubble

Currently, Expansión notes, Spanish management firms offer over 2,492 funds, only slightly more than at the time of the dot.com bubble, and about 500 funds, or 20%, less than before the onset of the financial crisis in summer 2007. In the past three years, net redemptions have totalled nearly EUR105bn, compared with EUR260bn in assets before. As a result, many funds have fallen below the legal minimum of EUR3m, and have been liquidated. The other two reasons for the fall in the number of funds are losses at management firms, and an intensification of competition from major foreign management firms.
23/08/2010

Number of funds at an all-time low since Internet bubble

Currently, Expansión notes, Spanish management firms offer over 2,492 funds, only slightly more than at the time of the dot.com bubble, and about 500 funds, or 20%, less than before the onset of the financial crisis in summer 2007. In the past three years, net redemptions have totalled nearly EUR105bn, compared with EUR260bn in assets under management before. As a result, many funds have fallen below the legal minimum of EUR3m, and have been liquidated. The other two reasons for the fall in the number of funds are losses at asset management firms, and an increased competition from major foreign asset managers.
23/08/2010

Thomas Richter (DWS) joins BVI management

The German BVI association of asset management firms announced the arrival on October 1st of a third managing director, Thomas Richter, one of the managing directors of DWS Investments (Deutsche Bank group) since 2007. Richter, who will be based in Berlin, will be responsible primarily for political communication, as BVI is planning to intensify its lobbying efforts. He is already a member of the board at the association.
23/08/2010

PQSR reimburses subscribers

Since the beginning of the year, the hedge fund PQSR Capital Paolo Pellegrini has lost about 11%, of which 8% was lost in July, following unlucky bets on US Treasuries. The performance of the fund was over 61% in 2009. The CEO of the firm, who made more than USD15bn on Paulson & Co subprime assets, has decided to reimburse subscribers by 30 September, and no longer to manage money other than its own capital until further notice, the Wall Street Journal reports.
23/08/2010

State Street adds to risk analysis product range

State Street on 20 August announced a series of significant improvements to the risk analysis services and tools it offers to institutional investors. The new functionality offered includes portfolio reallocation tools, economic stress testing, and a larger quantity of investments taken into consideration. The new capacities, as well as the complete range of risk services, are entirely integrated into the Invesco Analytics DashboardSM from State Street, available at my.statestreet.com. Clients may now benefit from complete representation of their investments, from the point of view of risk, performance, alternative products and compliance.
23/08/2010

UBS in ad campaign to recover confidence of clients

Agefi Switzerland reports that UBS has launched a vast advertising campaign aiming to regain client confidence. After the campaign kicks off in Switzerland, it will be launched in the Asia-Pacific region on Monday, then in Europe and the Middle East in late August. The bank has not stated the amount it has dedicated to the campaign. UBS says it is a global campaign, the largest it has launched in three years. Via television, internet and press advertisements, it will convey the idea that it “will not rest” unless clients are satisfied they have chosen the best bank.
23/08/2010

MF Global moves into asset management

MF Global Holdings is to make a push into money management and investment banking, in an effort to capitalise on the derivatives brokerage’s strength in commodities markets, writes the Financial Times.
23/08/2010

Americans dipping into pension savings to see off crisis

A record number of U.S. workers are tapping into their retirement accounts to make it through the economic downturn, Fidelity Investments found in a survey cited by Reuters. Among the 11 million workers whose 401(k) plans are run by Fidelity, 11 percent took out a loan from their plan during the 12 months ended June 30, the company said, up from 9 percent at the same point a year earlier. Hardship withdrawals were also on the rise.
23/08/2010

Changes at the top in JP Morgan asset management

According to a statement from George Gatch, head of the investment management Americas division at J.P. Morgan Chase, John Garibaldi will replace John Hunt as head of institutional advisory and sales. He was head of the strategic client group, the Wall Street Journal reports. Meanwhile, Patricia Maleski will remain as chief administrative officer, but has been promoted to president of JP Morgan Funds, while Bob Young, chief operating officer of J.P. Morgan Funds, is appointed COO of the investment management Americas division.
23/08/2010

European real estate funds steer clear of Spain

The Spanish real estate market continues to be the subject of suspicion on the part of most European real estate funds, which, if not leaving the Iberian peninsula altogether, are remaining highly prudent. According to Cotizalia, the British fund Parkridge, which has been operating in Spain for three years, has decided to close its Barcelona offices. The firm is preferring to coordinate its investments in Portugal and elsewhere in Europe from France. For its part, the French firm Stam Europe remains operational in Spain, but is taking much longer than in the past before concluding a transaction. Stam had been planning since spring this eyar to acquire shopping centres from Eroski for a total of over EUR70m. One of the major barriers to real estate investment in Spain is that the level of returns is more attractive in Germany or the United Kingdom, and only opportunistic funds can really benefit from them, Cotizalia claims.
23/08/2010

UniCredit may break up Pioneer

Many bankers believe that Unicredit could get a better deal if it broke up Pioneer Global Asset Management and sold the U.S. arm separately, writes Investment News. The U.S. business, which has USD56 billion in assets under management, has a number of suitors, with John Hancock Funds LLC, MFS Investment Management, and Eaton Vance Investment Managers topping the list, bankers said. Private-equity firms are also likely to look at the U.S. outfit.
23/08/2010

Anna Ho leaves Carlson

The analyst Anna Ho, specialised in the Asian market, is leaving the management firm Investmentgesellschaft Carlson Fund Management (DnB NOR Group), Das Investment reports. She will subsequently cease to provide management of the Asian fund Asian Small Cap (WKN 986071), which has earned slightly over 58% in five years.
23/08/2010

Dirk Klee promoted at BlackRock

BlackRock has announced that Dirk Klee, who since early 2008 had been head of iShares activities for central and eastern Europe, has been appointed as country head of Germany Austria and Eastern Europe. He will also retain his previous functions. The former head of retail sales for Germany and Austria at Allianz Global Investors will continue to represent BlackRock on the board of the German BVI association of management firms. He will report to James Charrington, chairman of EMEA at BlackRock. The appointment of Klee comes as part of a redistribution of responsibilities at BlackRock, and will be seconded by Steven Bayly, who remains as head of institutional activities, while Andrej Brodnik remains head of retail. BlackRock’s assets in Germany, Austria and eastern Europe top USD55bn.
23/08/2010

MiFID directive penalised by lack of liquidity

According to a study recently published by Aite Group (“European Execution Venues: The Good, the Bad, and the Ugly,”) the MiFID directive has probably succeeded in intensifying competition between execution venues, but many new ones have not succeeded due to the lack of liquidity in European equities markets. “Many execution venues were created in 2007, when volumes on European equities were at peaks, and the MTF business model appeared certain to succeed,” writes Simmy Grewal, an analyst at Aite and author of the study. With the reduction in liquidity to about half of its 2007 peaks, some platforms realised that they would not be able to survive, and were taken over by larger market business, or were obliged to cease their activities. “If liquidity does not return to pre-2008 levels, further consolidation in multilateral trading platforms is to be expected,” Grewal predicts.
23/08/2010

John Paulson to adapt to regulated environment

Deutsche Bank has reined in John Paulson, the super-star hedge fund manager: its affiliate DB Platinum has applied to the Luxembourg CSSF for a license for a fund which will be managed by the US team, but which will comply with the UCITS III directive. The fund will be a hybrid between an unregulated hedge fund and a traditional investment fund, subject to very strict regulations, Handelsblatt reports. The growing number of “newcits” is part of a normal market cycle by which an idea is only marketed to retail investors once it has already passed the peak of its success, the newspaper comments. The fund, managed by Paulson, will comply with requirements to provide at least bi-monthly liquidity, which will not easily be made compatible with the strategy of buying businesses in danger of bankruptcy and streamlining them, and then selling them off at a higher price. Investors would do well to wait to see how well the super-star does at working within the close confines of the UCITS III directive.
23/08/2010

Soros acquires 4% of Bombay Stock Exchange

George Soros has bought a 4 percent holding in India’s Bombay Stock Exchange for about USD35 million, two sources with direct knowledge of the deal told Reuters on Friday. Soros’ Quantum hedge fund acquired the stake.
23/08/2010

City of London to bankroll its own police force

The City of London becomes a ghost town at night. The major companies based there, worried about falling victim to financial delinquency and terrorism, and the municipal government are joining forces to finance a special police service, which will patrol the district night and day, as a complement to the ordinary police, whose budget is being cut by the government.
23/08/2010

Partners Group invests in Canary Wharf

The Swiss firm Partners group (EUR20bn ina ssets) has announced that with a partner, it is investing EUR40m in B senior financing for the commercial building located at Canada Square 5 in the Canary Wharf district of London. The property is fully leased for terms of 15 years or more.
23/08/2010

NBNK Investments raises GBP50m

The initial public offering from NBNK Investments, which has been available on AIM since Friday, raised GBP50m, the Wall Street Journal reports. The new vehicle, which will focus on banking and SMB assets, is 29.5% controlled by Invesco Asset Management, and 11.5% owned by Aviva Investors, while BlackRock Investment Managers and JPMorgan Asset Management controls 13% of shares in the business. The asset management firms Moore Europe Capital Management and Och-Ziff Capital Management each control 9.4% of capital. The two main targets of the group are the 600 branch offices put up for sale by Lloyds Banking Group and some Northern rock assets.
23/08/2010

Emirates NBP appoints a new head of private banking in London

Wealthbriefing reports that Emirates NBD has appointed Iyad Quttaineh as head of private banking activities in London. Quttanieh, who began in the role on 3 June, previously worked at BNP Paribas as senior investment manager. Emirates NBD has private management centres in Dubai, Abu Dhabi and London. The bank launched its activities in Abu Dhabi in February this year.
23/08/2010

La recomposition du secteur financier se fera sans grande OPA

Selon Les Echos, les opportunités ne manquent pas dans le secteur financier mais les opérations de grande ampleur sont suspendues à la fixation d’un cadre prudentiel clair. Et beaucoup d’acteurs n’ont pas encore achevé la révision de leur stratégie. En France, globalement, les acteurs réfléchissent à l’opportunité de garder leur pôle d’assurance. Le groupe BPCE réfléchit aussi à l’avenir de son pôle immobilier, tandis que Société Générale a commencé de se désengager de ses métiers de financements spécialisés en cédant ECS, gestionnaire d’infrastructures informatiques et télécoms.
23/08/2010

State Street muscle son offre sur l’analyse des risques

State Street a annoncé le 20 août un programme d’améliorations de ses services et outils d’analyse du risque destinés aux investisseurs institutionnels. Les nouvelles fonctionnalités offertes comprennent des outils de réallocation de portefeuille, des tests de résistance économique, et une quantité plus importante d’investissements concernés. Ces nouvelles capacités ainsi que la gamme complète des services de risque sont entièrement intégrées dans le tableau de bord d’analyse des investissements de State Street (Investment Analytics DashboardSM) à partir du site my.statestreet.com. Les clients peuvent désormais bénéficier d’une représentation complète de leurs investissements, du point de vue du risque, de la performance, des produits alternatifs et de la conformité.Les services Risque de State Street mettent en oeuvre de multiples méthodologies de calcul de la valeur à risque (VaR), des mesures du risque absolu et relatif prenant en compte les caractéristiques du portefeuille visé, ainsi que des tests de résistance renforcés et des capacités d’analyse par simulation. En outre, des services d’analyse du risque fondés sur les positions fournissent une méthodologie de réévaluation complète, produisant des rapports et analyses journaliers (T+1) ou mensuels ainsi que des services de collecte, de nettoyage et d’augmentation des données. Des mesures du risque basées sur le rendement, les outils de gestion d’inventaire et de construction de portefeuilles sont également disponibles.
23/08/2010

L’UBS veut regagner la confiance de ses clients

Selon L’Agefi suisse, UBS a lancé dimanche une vaste campagne de publicité axée sur le retour à une relation de confiance avec ses clients. Après le démarrage en Suisse, la campagne sera lancée dans la zone Asie-Pacifique lundi, puis en Europe et au Proche-Orient fin août. La banque elle n’a pas précisé le montant investi dans ce programme. UBS souligne qu’il s’agit d’une campagne mondiale, sa plus grosse depuis trois ans. Via la télévision, Internet et la presse, elle veut transmettre l’idée qu’elle «n’aura pas de répit» tant que les clients ne seront pas convaincus d’avoir choisi la bonne banque.
23/08/2010

Citi continue de se renforcer dans la banque privée

Selon Asian Investor, le patron de la banque de détail de Citi en Malaisie, Paul Hodes, va prendre la direction des produits de gestion de fortune de la banque régionale (consumer bank) de Citi. Outre cette nouvelle fonction, Paul Hodes assumera la direction des ventes de produits de gestion de fortune pour la région Asie-Pacifique. Il remplace à ce poste Stella Chua.Paul Hodes, qui a rejoint Citibank en 1998 au Japon, sera basé à Singapour.
23/08/2010

UniCredit pourrait vendre Pioneer par morceaux

De nombreux banquiers pensent que la banque italienne UniCredit obtiendrait un meilleur prix de la vente de sa filiale de gestion d’actifs Pioneer si elle la scindait et vendait l’activité américaine séparément, rapporte le site Internet InvestmentNews. La société américaine de Pioneer, qui gère à elle seule 56 milliards de dollars, intéresse de nombreux candidats, dont John Hancock Funds LLC, MFS Investment Management et Eaton Vance Investment Managers. Des sociétés de private equity pourraient aussi étudier le dossier.
23/08/2010

Morgan Stanley compte commercialiser la gestion de fortune de Smith Barney sous sa propre marque

Dans une interview à la Frankfurter Allgemeine Zeitung, Dirk Notheis, président du directoire de Morgan Stanley Bank AG, annonce que le groupe Morgan Stanley a l’intention de développer en Europe son activité de gestion de fortune de Smith Barney sous le nom de Morgan Stanley, car la notoriété de Smith Barney se limite aux Etats-Unis ainsi qu'à l’Australie et à l’Asie.Concernant par ailleurs les hedge funds, Dirk Notheis indique que Morgan Stanley conserve encore plusieurs participations mineures dans de tels produits, mais que ce dossier est en train d'être réexaminé. Les hedge funds ne sont plus «cœur de métier».
23/08/2010

Anna Ho quitte Carlson

La gérante spécialiste du marché asiatique Anna Ho quitte la société de gestion Investmentgesellschaft Carlson Fund Management (DnB NOR Group), selon Das Investment. Elle cesse par conséquent d’assurer la gestion du fonds asiatique Asian Small Cap (WKN 986071) qui affiche une performance d’un peu plus de 58% sur cinq ans.Anna Ho a par ailleurs indiqué qu’elle allait créer sa propre boutique, Grey Capital Limited.
23/08/2010
Fonds

Le nombre de fonds tombe au plus bas depuis la bulle Internet

Actuellement, note Expansión, les gestionnaires espagnols ne proposent plus que 2.492 fonds, soit marginalement plus qu’au moment de la bulle des «dot.com» et environ 500 unités ou 20 % de moins qu’avant la crise financière de l'été 2007. Ces trois dernières années, les remboursements nets ont presque atteint 105 milliards d’euros par rapport aux 260 milliards d’euros d’encours à l'époque.De ce fait, beaucoup de fonds sont tombés sous le plancher légal des 3 millions d’euros et ont été liquidés. Les deux autres raisons de la diminution du nombre des fonds sont d’une part les pertes accusées par les sociétés de gestion et de l’autre l’intensification de la concurrence émanant des grands gestionnaires étrangers.
Fonds
23/08/2010

EQT soutient un MBO chez Roeser

Pour plus de 50 millions d’euros, le fonds EQT Expansion Capital II entre indirectement au capital du groupe allemand Roeser, un fournisseur de matériel médical destiné aux hôpitaux. Le capital-investisseur suédois contrôlé par la famille Wallenberg accompagne en souscrivant un emprunt subordonné un MBO qui permet au management de la société de Bochum de devenir majoritaire. L’objectif est de renforcer la position de leader de Roeser sur le marché allemand et d’aider la société à se développer à l’international.
23/08/2010

Thomas Richter (DWS) rejoint l'état-major du BVI

L’association allemande BVI des sociétés de gestion a annoncé l’arrivée au 1er octobre comme troisième membre de sa direction générale de Thomas Richter, l’un des directeurs généraux de DWS Investments (groupe Deutsche Bank) depuis 2007. L’impétrant, qui sera basé à Berlin, aura pour responsabilité principale la communication politique, le BVI ayant l’intention de renforcer son travail de lobbying. Il est déjà membre du directoire de l’association.

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