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23/04/2010

City bonuses on the rise

The British research centre CEBR predicts that City bonuses will rise to GBP6.8bn in 2010-2011 (based on figures as of the end of March), from a total of GBP6bn in 2009-2010, the Telegraph reports. The increase looks set to continue in the next two years, but bonuses are not expected to return to their 2007-2008 levels (GBP10.2bn).
23/04/2010

Fitch voices concerns over Japanese debt

La Tribune reports that the ratings agency Fitch on Thursday, 22 April stated that the solvency of Japan is “in danger” due to an explosion in public borrowing by the country, which has topped 200% of GNP. “In the absence of a sustainable economic recovery and budgetary austerity, public debt will continue to increase, which will lead to a credit rating downgrade in the mid-term,” the agency warned, cited by the newspaper.
23/04/2010

GLG takes over management of a Tisbury fund

GLG Partners has announced that Gerard Griffin and Gerald Lucaussy of Tisbury Capital Management will be joining the firm to lead GLG’s event driven strategies. As part of the transaction, GLG Partners will become the investment manager of the Tisbury Liquid Event Master Fund, which will be renamed the GLG Tisbury Event Driven Fund. The transfer of the Tisbury Liquid Event Master Fund to GLG is subject to certain completion requirements, including obtaining necessary regulatory approvals. Tisbury Capital Management has been an established London-based event driven fund manager since 2003, reaching a peak AUM of USD2.75 billion in 2007.
23/04/2010

Prudential plans share offerings in Hong Kong and Singapore

Les Echos reports that the British insurer Prudential is planning an IPO in Singapore. The gruop has declined to comment on the reports, which emerged yesterday in the online edition of the Financial Times, citing sources familiar with the matter. The Reuters news agency reports that Pru has already received permission for an offering on the Hong Kong stock exchange. The insurer is seeking to bring in new investors to allow a capital increase of USD20bn to finance its plans for growth in the region through the acquisition of the Asian activities of AIG.
23/04/2010

Goldman Sachs recruits a head from Pimco

Financial News reports that the deputy head of development for European activities at Pimco, Marc van Heel, will soon join Goldman Sachs Asset Management, where he will become head of the Benelux region, one of the firm’s largest hubs of activity in Europe. Van Heel, who will begin in his new position in May, spent nine years at Pimco, where he won several contracts from Danish pension funds.
23/04/2010

Swift joins XBRL

At the 20th annual XBRL International conference on 22 April, XBRL Europe announced that the interbank network Swift has adopted the XBRL standard for the communication of financial information. XBRL Europe also announced that a new working group is currently developing a method to identify more than 300 common elements to simplify record-keeping for annual accounts. XBRL adds that China, which will participate in the conference next year, has deployed XBRL for many asset classes, particularly mutual funds which are required to submit documents in XBRL format to the Chinese market authority CSRC. XBRL also states that there has been a large expansion in the use of the XBRL format worldwide, and that it is now used for more than 75% of the world’s total market capitalisation.
23/04/2010

Paulson defends his strategy

Hedge-fund manager John Paulson held a second conference call for his investors, seeking to reassure them that his firm didn’t mislead anyone when it bet against a Goldman Sachs-issued mortgage product in 2007. He added that the SEC complaint «is not going to affect our investment strategy.»
23/04/2010

Axa Private Equity buys a USD1.9bn portfolio from BofA

Axa Private Equity announced on 22 April that it has acquired a portfolio valued at USD1.9bn, invested in private equity funds, from Bank of America. The deal, one of the largest in the history of the secondary private equity market, “solidifies the position of Axa Private Equity as the global leader in secondary funds of funds,” according to a statement. The deal comes after a series of acquisitions in April totalling more than USD2.6bn. He deal is in line with the strategy of Axa Private Equity on the secondary markets, which is to offer liquidity to institutions which are seeking to reduce their exposure or their financial liabilities in private equity. A few days ago, “Axa Private Equity finalised a transaction with the French bank Natixis to acquire private equity investments of an estimated value of EUR534m,” according to the statement.
23/04/2010

Fidelity recruits a VP from US Treasury department

Fidelity Investments has announced that Karthik Ramanathan has joined the firm in the newly created position of senior vice president and director of Bonds, effective June 1, 2010. He will report directly to Bond Group President Christopher Sullivan. “We’re excited to welcome Karthik to Fidelity to assume this important role,” said Sullivan. “Karthik’s background, as well as his skills and talents, fit perfectly with our desire to strengthen the connection between our bond management strategies and our clients’ needs. Since 2008, Ramanathan has served as Acting Assistant Secretary for Financial Markets for the U.S. Treasury Department. Previously, Ramanthan spent nearly 10 years at Goldman Sachs & Co.
23/04/2010

Increase in assets at Janus Group despite net outflows

Janus Capital Group has reported first quarter net income of USD31.3 million, compared with net income of USD37.0 million in the fourth quarter 2009 and a net loss of USD818.1 million in the first quarter 2009. At March 31, 2010, the company’s total assets under management were USD165.5 billion compared with USD159.7 billion at December 31, 2009 and USD110.9 billion at March 31, 2009. The increase in complex-wide assets during the first quarter 2010 reflects USD7.8 billion of net market appreciation and long-term net outflows of USD1.9 billion. Janus and Perkins long-term net inflows totaled USD1.4 billion and $1.0 billion, respectively, while INTECH long-term net outflows totaled USD4.3 billion. First quarter 2010 revenues of USD246.9 million decreased 1.5% from the previous quarter. Operating expenses increased USD4.7 million, or 2.7%.
23/04/2010

Moody's downgrades Greece, and maintains watch with negative implications

The ratings agency Moody’s announced on 22 April that it has lowered its rating of Greek sovereign debt one notch, to A3, and has warned that it has not ruled out further ratings downgrades, as the rating remains on watch with negative implications. Moody’s last lowered its rating of Greek sovereign debt in December 2009, from A1 to A2. The agency says that “there is a significant risk that this debt will only stabilise at a higher and more costly level than previously estimated.”
23/04/2010

Switzerland considers changes to bankruptcy law

The Swiss government on 22 April published an interim report by the group of experts assigned the task of examining ways to limit risks at major businesses which could endanger the economy, i.e. the “too big to fail” problem. The commission found that the problem exists in Switzerland only in the financial sector, and within the financial sector, mostly in the case of the two major Swiss banking groups, UBS and Credit Suisse. In addition to measures which would largely focus on owners’ equity requirements, liquidity, and the distribution of risk, the expert commission proposes changes to bankruptcy law. The federal council will now submit the proposals, which largely deal with improvements to the liquidation and unwinding of bankrupt financial establishments, to the Swiss parliament ahead of the summer holidays. The changes would simplify the continued payment of benefits to clients of bankrupt banks, from accounts which would be isolated by a transfer to a third-party bank or to a “bridge bank.” Foreign bankruptcy procedures would also be made more easily acceptable under Swiss law. The report also raises questions about the need to introduce added legislation which would require the continued operation of important systemic functions. The experts claim that the creation of a bankruptcy law, or at least the harmonization of this law internationally, would allow for a smoother liquidation of the major multinational groups with complex financial imbrications. The commission will this fall publish a final report which will include recommendations on a range of measures which would address the problem of corporations which are “too big to fail.”
23/04/2010

Giles Morland becomes a partner at Mirabaud & Cie

Giles Morland has been appointed as a partner at Mirabaud & Cie, private bankers, by the other partners at the bank. His appointment will be effective from 1 January 2011. Morland, 45, is president and CEO of Mirabaud in London, and president of Mirabaud Hong Kong. He is also chairman of the board of directors for several Mirabaud companies, and acts as an external administrator. He has been working for the Swiss establishment since 1991. Mirabaud & Cie has CHF24bn in assets under management for a client base composed of 80% private and 20% institutional clients.
23/04/2010

Putnam replaces three managers

Putnam Investments named Robert Brookby and Pam Gao as managers of three equity mutual funds that have lagged behind their peers, replacing Raymond Haddad, Gerry Moore and Anthony E. Sutton. Brookby was picked to run the Putnam New Opportunities Fund and the Vista Fund. Gao will manage the Small Cap Growth Fund.
23/04/2010

S&P introduces a new category of fund ratings

The qualitative fund ratings provider Standard & Poor’s Fund Services announce on 21 April that it will be introducing a new class of ratings to distinguish funds which have held a rating for at least five years consecutively. The new category will be open to funds which have held down an A, AA or AAA rating for five years or more, and which is still rated by the firm. Initially, more than 260 funds from 64 management firms will qualify for this definition, of which 30 have had an AAA rating for five years running. Standard & Poor’s says in a statement that the qualitative information, which is highly sought after by managers and independent financial advisers, is particularly relevant for long-term management.
23/04/2010

Galleon founder got a tip-off about Buffett investment move

A Goldman Sachs director Rajat Gupta tipped off Raj Rajaratnam, the hedge-fund titan at the center of the largest insider-trading case in a generation, about a USD5 billion investment in Goldman by Warren Buffett’s Berkshire Hathaway before a public announcement of the deal in September 2008, a person close to the situation says.
23/04/2010

Antoine Bernheim tire sa révérence

Selon Les Echos, Antoine Bernheim tirera demain sa révérence, après huit années passées à la présidence de l’assureur italien Generali. Mediobanca, dont il est l’actionnaire de référence, ne lui a pas laissé le choix. Cesare Geronzi, le patron de Mediobanca, lui succédera à la présidence de l’assureur italien et Vincent Bolloré entrera au conseil d’administration.
23/04/2010
Fonds

Putnam remplace trois gérants

Selon Business Week, qui cite Bloomberg, Putnam Investments a nommé Robert Brookby et Pam Gao en tant que gérants de trois fonds qui sous-performent par rapport à leurs concurrents, en remplacement de Raymond Haddad, Gerry Moore et Anthony E. Sutton. Robert Brookby va gérer le Putnam New Opportunities Fund et le Vista Fund, tandis que Pam Gao s’occupera du Small Cap Growth Fund.
Fonds
23/04/2010

Paulson défend sa stratégie

Selon The Wall Street Journal, le gérant de hedge funds John Paulson a organisé une deuxième conférence téléphonique pour ses investisseurs, afin de les rassurer sur le fait que sa société n’avait trompé personne lorsqu’elle avait parié contre le CDO émis par Goldman Sachs. Le gérant a ajouté que la plainte de la SEC contre Goldman n’affecterait pas sa stratégie d’investissement.
23/04/2010

Janus augmente ses encours malgré des sorties nettes

Au premier trimestre 2010, Janus Capital Group a accusé des rachats nets de 1,9 milliard de dollars. Dans le détail, les équipes de Janus et Perkins ont enregistré des souscriptions nettes de respectivement 1,4 milliard et 1 milliard de dollars, mais Intech a vu sortir 4,3 milliards.Néanmoins, grâce à un effet de marché positif de 7,8 milliards de dollars, les encours totaux de Janus Capital Group ont augmenté à 165,5 milliards de dollars, contre 159,7 milliards fin décembre. Ils ont aussi progressé sur un an, puisqu’ils étaient de 110,9 milliards de dollars au 31 mars. La société de gestion a aussi dégagé un bénéfice net de 31,3 millions de dollars, en baisse par rapport aux 37 millions du quatrième trimestre 2009. Mais il s’agit d’une amélioration par rapport à la perte de 818,1 millions du premier trimestre 2009. Cela s’explique par une baisse des revenus de 1,5 % à 246,9 millions de dollars sur un trimestre liée à une diminution des commissions de performance des mandats, et à une hausse des dépenses de 2,7 %.
23/04/2010

Fidelity recrute un ancien du Trésor américain

L’ancien membre du Trésor américain Karthik Ramanathan a rejoint Fidelity Investments en tant que vice-président senior et directeur des obligations (senior vice president and director of bonds), un poste nouvellement créé. Sa nomination prendra effet le 1er juin. L’intéressé sera subordonné à Christopher Sullivan, responsable des obligations (bond group president). Sa nomination répond au souhait de Fidelity de «renforcer les liens entre nos stratégies de gestion obligataire et les besoins de nos clients». Depuis 2008, Karthik Ramanathan était acting assistant secretary for Financial Markets au Département du Trésor aux Etats-Unis qu’il avait rejoint en 2005. Auparavant, il avait travaillé 10 ans chez Goldman Sachs.
23/04/2010

Goldman Sachs recrute chez Pimco

Selon Financial News, le responsable adjoint du développement des activités en Europe de Pimco, Marc van Heel, va prochainement rejoindre Goldman Sachs Asset Management pour prendre la tête de la région Benelux, l’un de ses plus grands foyers d’activité en Europe.Marc van Heel, qui prendra ses nouvelles fonctions en mai, est resté neuf ans chez Pimco où il a notamment remporté de nombreux contrats auprès des fonds de pension danois.
23/04/2010

Kneip gagne trois nouveaux contrats

Le prestataire de services sur le marché des fonds d’investissement Kneip vient d’annoncer que trois gestionnaires de fonds européens ont signé pour Fund Masterfile, la plate-forme centralisée de gestion dese données de Kneip.Les trois signataires sont Investec Asset Management, basée à Londres, Olympia Capital Management, basée à Paris, et Leonardo Asset Management. Déployé en mai 2009, Kneip souligne dans un communiqué que Fund Masterfile est le seul outil de gestion de données en ligne qui permet à un gestionnaire de fonds de centraliser toutes ses données sur une même plate-forme, offrant de ce fait, aux partenaires internes et externes, un accès aisé et centralisé aux données et documents tels que les prospectus, les factsheets, et les rapports annuels et semestriels.
23/04/2010
Fonds

GLG reprend la gestion d’un fonds de Tisbury

GLG Partners a annoncé l’arrivée dans ses équipes de Gerard Griffin et Gerald Lucaussy de Tisbury Capital Management pour diriger ses stratégies événementielles (event driven). Dans ce cadre, GLG Partners devient le gestionnaire du Tisbury Liquid Event Master Fund, qui sera renommé GLG Tisbury Event Driven Fund. Ce transfert est néanmoins soumis au feu vert des régulateurs.Tisbury Capital Management est une société de gestion établie à Londres et spécialisée dans les stratégies événementielles. En 2007, ses encours avaient atteint 2,75 milliards de dollars.
Fonds
23/04/2010

"Wegelin AM va proposer son "Active Indexing" aux professionnels français"

En janvier, Wegelin Asset Management, département de la banque privée suisse Wegelin, a recruté Pierre-Yves Cahart pour s'occuper de la clientèle institutionnelle en France et dans les pays francophones. Une nomination qui marque l'arrivée de l'établissement helvétique en France. Dans un entretien à Newsmanagers, Pierre-Yves Cahart explique qui est Wegelin AM et quelles sont ses projets en France.

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