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16/11/2009

TPG offers investors reduction of exposure to financial sector fund

TPG is offering its investors an opportunity to reduce their commitments to its financial sector fund, in a sign of the trouble that private equity firms are having in acquiring distressed banks, the Financial Times reports. TPG Financial Partners had initially received commitments for a USD6bn funds in february 2008. The size of the fund was reduced to USD4.6bn in January. Now, investors may reduce their commitments to USD2.5bn.
16/11/2009

Money market funds take more risk

Some money-market funds are moving into longer-duration instruments, the Wall Street Journal observes. The average weighted maturity of the 100 largest money-market funds was 47 days in August 2008, then dipped to 43 days for two months, according to Crane. By February it was back up to precrisis levels and, currently, the weighted average maturity of the 100 largest money-market funds is 52 days. That’s the highest since April 2006.
16/11/2009

BGI to launch a "genocide-free" ETF fund

The range of socially responsible iShares products from Barclays Global Investors (BGI) will soon grow by one product with the addition of the iShares Genocide-Free ETF. The objective will be to offer investors a means to exclude all investments in firms worldwide who may be implicated in genocide, on the basis of an index calculated by a third-party provider. The date for the launch of the fund has not yet been set. Noel Archard, head of iShares research & development at BGI, says he was convinced that there may be demand for such a product following recent conversations with Investors Against Genocide and others.
16/11/2009

DWS Go platform: going, going, gone

DWS is discontinuing its certificate activities. At the end of September, it liquidated 30 certificates, and will not launch further products on its DWS Go platform unless there are commitments for the products from clients, Das Investment reports. The platform still includes 125 products, with assets of EUR500m, The two architects of DWS Go have left the firm (though one of them, Matthias Liermann, has joined the X-Markets team at Deutsche Bank), and the head of sales for DWS Go, Eckhard Hülsmann, is rumoured to have lost his job, according to Financial Times Deutschland.
16/11/2009

Efama creates advisory committee to assist president

Jean-Baptiste de Franssu, president of Efama, the European asset management association, has created a consulting committee attached to the president, consisting of ten eminent figures in the asset management sector. The board will serve as a forum for the exchange of opinions and the definition of the priorities Efama is to set for itself in years to come, Funds People reports. The committee includes Dominique Carrel-Billiard, CEO of Axa Investment Managers, Alain Dromer, CEO of Aviva Investors, Philippe Marchessaux, PDG of BNP Paribas Investment Partners for France, Joachim Faber (Allianz Global Investors), John Fraser, president and CEO of UBS Global Asset Management, Dario Frigerio (CEO of Pioneer), Rederick Munster (Robeco), Allan Polack (Nordea Savings & Asset Management, and Juan Alcaraz, deputy director of Allfunds Bank.
16/11/2009

Good quarterly results for Dexia asset management

Dexia, which has earned net profits of EUR274m in third quarter, compared with losses of EUR1.5bn one year earlier, has seen the contribution of its Asset Management and Services (AMS) unit increased from EUR9m in second quarter to EUR96m in third quarter. Net results for the Asset Management division totalled EUR16m, compared with EUR6m previously, and EUR4m in third quarter 2008, while the Insurance division earned profits of EUR73m, compared with losses of EUR2m the previous quarter. Assets under management in the Asset Management section increased by EUR5.5bn (+7%), largely due to positive market effects. Inflows to institutional funds continued (EUR1.2bn), while retail funds continued to show outflows (-EUR1.2bn in third quarter, compared with -EUR2.1bn in second quarter). Revenues increased by 24% over the quarter, thanks to growth in management fees (+14%) and performance commissions (x5).
16/11/2009

Madoff: two programmers arrested

La Tribune reports that two computer programmers, Jerome O’Hara and George Perez, both of whom had been employed by Madoff, were arrested by the FBI on Friday. They are accused of complicity in the Madoff fraud and of fabricating false documents and false trading registers, and of providing IT support for the production of these fraudulent documents, the newspaper states.
16/11/2009

Madoff's personal belongings fetch top dollar at auction

An auction at the Sheraton hotel in New York by the auction house Gaston & Sheehan, of Pflugerville, Texas, of 200 personal belongings of Bernard Madoff and his wife, Ruth, raised nearly USD1m on Saturday, the Frankfurter Allgemeine Zeitung reports. Among the items which fetched the highest prices were a pair of diamond pendant earrings, which were sold for USD70,000 each, though their value was estimated at between USD9,800 and USD21,400. A “prisoner Rolex” made for allied air force pilots imprisoned in Germany during World War II went for USD65,000, while a blue satin New York Mets jacket with the name “Madoff” on the back found a buyer at USD14,500, though its catalogue price was a maximum of USD720.
16/11/2009

United States: Pay Czar hopes to avoid brain drain

Les Echos reports that the controller of remuneration in the United States, Kenneth Feinberg, has expressed a desire to “take into account” the growing risk of a brain drain as talent leaves the United States. After calling for an average reduction of 50% to the pay scales of the 25 top directors of 7 major firms which received federal aid money, the “Pay Czar,” who will announce his decision about pay scales for 75 top directors at 8 firms within his jurisdiction by the end of the year, may not impose overly severe restrictions on the businesses in light of the brain drain risk he describes.
16/11/2009

Barclays Capital continues to strengthen presence in Asia

After several recruitments last summer, Barclays Capital has recruited Kevin Ho, previously at UBS (where he was head of futures in Hong Kong), as head of futures activities for Asia-Pacific, Asian Investor reports. BarCap has also added to its futures product management team with the recruitment of Seng Mow Leong. Rod Banus, the former head of futures in Hong Kong, becomes head of futures products, and will continue to develop the Asia product range, in which role he will report to Ho.
16/11/2009

Advent in takeover bid for Matalan

Richard Baker, the former head of Boots, will this week launch a GBP1.5bn takeover bid for Matalan, with the private equity investor Advent International, at which he has been appointed operating partner. Matalan is the owner of the discount retail business Poundland, the Sunday Times reports. Matalan, which has been put up for sale by its founder and owner, John Hargreaves, is expected to attract rival bids from TPG, Blackstone, and CVC.
16/11/2009

Natixis Global Associates appoints a head of retirement strategies

Matt Raynor, director of global sales at Natixis Global Associates, is changing positions within the group, He will now be head of the retirement strategies unit. His former responsibilities will now be filled by his former colleagues Ed Farrington, Dan Santanello, and Josh Bogen. They will report to David Guinta, president and CEO of Natixis Global Associates.
16/11/2009

RepRisk publishes list of businesses reputed for poor environmental and social practices

In September and October, a list of businesses to be avoided from an environmental and social perspective, published by RepRisk, a specialist in reputational risk, was headed by Vedanta, Chevron, Nestlé, Shell, Red Industries, Bhushan Power & Steel, ExxonMobil, Beef Products, Greater Omaha Packing co, Lone Star Beef Processors, and Cargill. The ‘black list’ is based on the RRI index of reputational risk, which is extrapolated directly from the incidence of negative reports in the press.
16/11/2009

150 victims of suspected Gilher fraud

The Sunday Times reports that the Serious Fraud Office (SFO) investigation of the investment fund Gilher Inc, operated by the British financier John Hirst, has uncovered a GBP20m fraud which claimed more than 150 victims, many of them British expats living in Majorca. Gilher Inc is registered in Cyprus and the Seychelles. An organisation to defend the interests of 40 victims has been formed under the leadership of Jan Fitzgerald, who personally invested EUR80,000 with Gilher. Hirst is believed to have returned to the United Kingdom, and had claimed to be suffering from leukemia.
16/11/2009

Bonuses: Bill to be announced Wednesday

Les Echos reports that the British prime minister, Gordon Brown, yesterday pledged to unveil proposed legislation to “transform” pay scales at financial sector businesses. The bill, which will grant the regulatory authorities new powers to sanction banks who abuse bonuses, will be announced on Wednesday in the Queen’s speech.
16/11/2009

Serious Fraud Office opens investigation of Gilher

On Friday, the Serious Fraud Office (SFO) announced that with the assistance of the Surrey police force, it has undertaken a search of the business premises of Gilher Inc. There were no arrests. The investigation is focusing on the firm’s relations with British expatriate citizens resident in Majorca. Following a complaint from a retail client, the SFO launched an investigation into the investment fund, which has attracted GBP20m in investments through promises of guaranteed returns of 20% per year.
16/11/2009
Fonds

Les fonds monétaires prennent plus de risques

Les fonds monétaires s’aventurent désormais vers des instruments à duration plus longue, constate le Wall Street Journal. Ainsi, la maturité moyenne des 100 plus gros fonds monétaires aux Etats-Unis était de 47 jours en août 2008, puis a chuté à 43 jours pendant deux mois, selon les statistiques de Crane. En février, ce niveau était remonté à celui d’avant la crise et, actuellement, la maturité moyenne des 100 fonds est de 52 jours, soit un plus haut depuis avril 2006.
Fonds
16/11/2009

Départ du patron des petites capitalisations de Putnam

Le patron de l’équipe petites et moyennes capitalisations de Putnam Investments, Ned Shadek, a quitté l’entreprise la semaine dernière. Il ne sera pas remplacé, selon un porte-parole cité par le Wall Street Journal.
16/11/2009
Fonds

Les investisseurs de TPG peuvent réduire leur exposition au fonds financier

TPG propose à ses investisseurs la possibilité de réduire leurs engagements à son fonds financier, ce qui reflète les difficultés qu’ont les sociétés de private equity cherchant à acquérir des banques «distresssed», rapporte le Financial Times. Ainsi, TPG Financial Partners a initialement reçu des engagements pour un fonds de 6 milliards de dollars en février 2008. La taille du fonds a été réduite à 4,6 milliards en janvier. Maintenant, les investisseurs peuvent ramener leurs engagements à 2,5 milliards.
Fonds
16/11/2009

Nuveen Investments recrute une grosse pointure chez AllianceBernstein

David Levi, senior managing director et head of global business development & marketing chez AllianceBernstein, a rejoint Nuveen Investments comme managing director for global business development à New York, où il sera à la fois co-head de la national accounts team et head of global business development. Il sera l’alter ego du managing director Anthony Ciccarone, qui était head of SMA product management et qui devient co-head of national accounts.La mission de David Levi sera de développer les relations avec la clientèle à niveau élevé ainsi que de développer Nuveen à l’international ainsi que dans le domaine de l'épargne retraite à contributions définies.
16/11/2009
Fonds

Neuberger Berman lance un fonds d'emprunts bancaires

Neuberger Berman prépare le lancement de Floating Rate Income Fund, un fonds investi dans de la dette bancaire senior garantie. Il sera géré par Tim Van Kirk. Neuberger espère mettre le produit en vente avant décembre, précise Mutual Fund Wire.
Fonds
16/11/2009
Fonds

BGI va lancer un ETF "sans génocide"

La gamme des iShares «responsables» de Barclays Global Investors (BGI) sera bientôt complétée du iShares Genocide-Free ETF. L’objectif est de proposer sur la base d’un indice calculé par un fournisseur externe réputé la possibilité d’exclure tout investissement dans des sociétés du monde entier qui pourraient s’avérer fortement impliquées dans un génocide. La date de lancement n’est pas encore fixée.Noel Archard, head of iShares resserach & development chez BGI, a precisé avoir été convaincu qu’il peut y avoir une demande pour ce genre de produit à la suite de conversations récentes avec Investors Against Genocide, notamment.
Fonds
16/11/2009
Fonds

Van Eck Global lance un ETF sur les mines d'or

Van Eck Global lance un deuxième ETF sur les mines d’or. Le Market Vectors Junior Gold Miners ETF est coté depuis mercredi sur le NYSE Arca, suit les petites et moyennes capitalisations du secteur des mines d’or. Au 30 septembre, Van Eck propose 22 ETF et gère 9,7 milliards de dollars d’encours.
Fonds
16/11/2009
Fonds

John Paulson fait un don de 20 millions de dollars à son université

John Paulson, fondateur et président de la société de gestion alternative Paulson & Co, a fait un don de 20 millions de dollars à la New York University Stern School of Business dont il est diplômé, rapporte Hedge Week. Ce montant servira pour partie à financer des travaux de modernisation du campus, le reliquat étant affecté à la création des chaires Alan Greenspan et John A. Paulson.
Fonds

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