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15/10/2009

Les capital-investisseurs veulent tirer 4 milliards d'euros d'Amadeus

BC Partners et Cinven ont choisi la Bourse de Madrid pour l’introduction au printemps prochain de 40 % du capital d’Amadeus dans lesquels Iberia, Air France et la Lufthansa détiennent des participations, indique Expansión. Les deux capital investisseurs contrôlent 53 % du groupe technologique. En 2005, BC Partners et Cinven avaient payé 4,34 milliards d’euros pour la totalité d’Amadeus. A présent, les banques du consortium de placement (Goldman Sachs, JP Morgan, Morgan Stanley) valorisent l’entreprise à 8 milliards, et les vendeurs espèrent pouvoir tirer 4 milliards d’euros des titres qu’ils vont mettre sur le marché.
15/10/2009
Fonds

Riche moisson pour les souscripteurs de fonds

La hausse de la Bourse aux deuxième et troisième trimestre se répercute sur la performance des fonds d’actions, constate le Handelsblatt. Sur la base du palmarès de Feri EuroRating Service, qui prend en compte environ 4 300 fonds distribués en Allemagne et répartis sur 36 catégories, quatre fonds affichent depuis le début de l’année des gains supérieurs à 100 % : le BSF Latin American Opportunities Fund A2 USD de BlackRock géré par Will Landers se classe premier, avec une performance de 142,11 %, devant le Earth Exploration Fund UI avec 128,26 %, le JPM Emerging Markets Small Cap Fund A Acc USD de JP Morgan géré par Greg Mattiko et le PF(LUX)-Eastern Europe-P Cap de Pictet géré par Agne Zitkute avec 101,98 %.A noter aussi, dans les obligations à haut rendement, le résultat du fonds Aberdeen Global - Euro High Yield Bond A Dist géré par Paul Reed, avec une performance de 98,27 %
Fonds
15/10/2009
Fonds

okorenta lance un fonds énergies renouvelables

La gamme Premium Selection d'Ökorenta compte désormais un fonds énergies renouvelables supplémentaire, le Ökorenta Neue Energien IV. Il s’agit d’un produit qui est destiné à lever jusqu'à 14 millions d’euros (plus 5 % de droits d’entrée) et qui doit distribuer 230 %. Le fonds a une échéance de 15 ans et devrait donc générer annuellement 10 % avant impôt. Les investisseurs qui souscriront (minimum 10.000 euros) avant le 31 décembre 2009 bénéficieront d’une rémunération supplémentaire de 4 %, ceux qui entreront avant le 31 mars profitant d’un bonus de seulement 2 %.Le portefeuille sera investi dans des parts du marché secondaire de sociétés de gestion de fonds allemandes dans le domaine des énergies renouvelables, l’accent étant mis sur l'éolien.
Fonds
15/10/2009

"Nous assistons à un retour des fusions et acquisitions"

Mi-juin, la petite société de gestion Laffitte Capital Management a rouvert son fonds d'arbitrage de fusions Laffitte Risk Arbitrage qui avait été suspendu le 15 septembre 2008 suite au défaut de son prime broker, Lehman Brothers. Cette réouverture était intervenue à l'issue d'une procédure judiciaire longue et compliquée qui avait soulevée la question de la responsabilité des dépositaires en France. Dans un entretien à Newsmanagers, Eric Robbe, président de Laffitte CM, fait le point sur la société et sur le marché des fusions et acquisitions.
15/10/2009
Fonds

Schroders reprofile son US large Cap Alpha en US All Cap

A compter du 1er octobre, le compartiment US Large Cap Alpha de la sicav luxembourgeois Schroders ISF a pris le nom de Schroder ISF US All Cap. Désormais, il pourra investir dans toutes les catégories de capitalisations américaines au lieu de se concentrer sur les grandes capitalisations. La gestion en sera assurée par Jonathan Armitage, head of US equities assisté de Jenny Jones, head of US small/midcap equities. L’allocation-type sera d’un tiers de «smidcaps» et de deux tiers de «large caps», en conservant une approche de selection de valeurs (bottom-up).Parallèlement, la commission de gestion pour toutes les classes de parts est diminuée de 25 points de base (à 1,25 % pour la part A, par exemple), et la classe de risque est abaissée à «moyenne» contre «élevée».
Fonds
15/10/2009

Le siège d'HSBC à Paris repris par le Qatar

Le siège d’HSBC France (ex-CCF) sur les Champs-Elysées a été acquis par le fonds Qatari Diar. La transaction, qui porte sur 35.000 mètres carrés, serait d’environ 400 millions d’euros. A terme, le rez-de-chaussée serait transformé en galerie commerciale, et les étages en hôtel de luxe.
15/10/2009
Fonds

Vraie-fausse annulation d'amendement sur les "Sukuks"

L’Agefi rapporte que deux articles d’une loi définitivement votée le 17 septembre qui proposait de modifier le Code civil pour permettre l'émission, sur la place de Paris, d’instruments financiers conformes aux principes de la charia ont été retoqués par le Conseil Constitutionnel. Sachant que ces articles figuraient dans une loi sur les PME, les membres du Conseil ont considéré qu’ils «étaient sans lien avec l’objet initial de la proposition de loi qui tendait à favoriser l’accès au crédit des petites et moyennes entreprises. Les articles contestés devront figurer dans un autre projet de loi directement en relation avec le dossier, par exemple celui sur la régulation bancaire, note le quotidien.
Fonds
15/10/2009

Aviva Investors France met plein gaz sur l'ISR

Aviva Investors France, qui gère plus de 75 milliards d’euros d’actifs, dont 95 % pour Aviva France, mise sur l’investissement socialement responsable (ISR) pour développer la clientèle pour compte de tiers, qui représente donc moins de 5 % de ses encours. La société de gestion d’actifs française s’appuie pour cela sur l'équipe de Peter Michaelis, responsable de l’ISR, basée à Londres. Composée de 12 professionnels de l’investissement, elle gère 2 milliards d’euros environ, sur un total de 262 milliards pour l’ensemble du groupe. Sa méthode, qui consiste en une intégration des critères ESG (environnementaux, sociaux et gouvernance) dans le processus d’investissement, a déjà séduit le Fonds de réserve pour les retraites (FRR). Parallèlement, une équipe dédiée de 6 personnes s’occupe d'être active en assemblée générale, et ce pour l’ensemble du portefeuille du groupe. D’ores et déjà, en France, deux fonds ISR sont disponibles : le Sustainable Future Pan European Equity et le Sustainable Future Global Equity, gérés à Londres, ainsi qu’un fonds indiciel, géré en France. Deux autres produits vont être prochainement lancés afin de répondre aux attentes des clients et élargir la gamme : un fonds monétaire ISR et un fonds diversifié. Ils seront le fruit de la collaboration des équipes française et londonienne. Ainsi, par exemple, pour le fonds diversifié, les choix actions seront réalisés par Londres, tandis que Paris s’occupera de l’allocation d’actifs. L’ISR ne sera pas réservé aux clients tiers, puisque Aviva Investors France compte aussi «basculer» progressivement la gestion des actifs d’Aviva France.
15/10/2009
Fonds

Nouveau fonds garanti au Crédit Agricole

Jusqu’au 17 décembre 2009, le Crédit Agricole propose un nouveau fonds à formule, Oriance Epargne 3. D’une durée de 6 ans et 21 jours, ce fonds garantit le capital investi à l'échéance – net de frais. Quant à la performance, elle dépend de l'évolution du DJ Euro Stoxx 50 dividendes non réinvestis. Calculée sur la base de 12 relevés semestriels de performance, celle-ci est plafonnée à 50 % (soit un rendement annuel maximum de 6,92 %). Caractéristiques Code Isin FR0010783795 Valeur de la part à l’origine 100 euros Minimum de la première souscription 1 part Minimum des souscriptions ultérieures 1 millième de part Éligibilité fiscale PEA, CTO Durée de placement 6 ans et 21 jours Frais de fonctionnement et de gestion maximum 2,5 % TTC / an Commission de souscription maximum • 2,50 % maximum • 2 % par arbitrage avec les fonds Atout Monétaire PEA, Relais Monélia, Relais PEA Monélia et Atout Moné opportunité • 4 % maximum en dehors de la période de souscription (dont 1 % acquis au fonds) Commission de rachat • Néant à l’échéance • En cours de vie : 1 % (acquis au fonds) sur la dernière VL des mois de février, mai, août et novembre chaque année civile de février 2010 à novembre 2015) • 3 % à d’autres dates (acquis au fonds)
Fonds
15/10/2009

BNP Paribas Assurance candidat au rachat de Dexia Epargne Pension

Selon la Tribune, la compagnie d’assurance vie Épargne Pension, filiale de la banque franco belge en France pourrait être reprise par BNP Paribas Assurance qui aurait fait cette semaine une offre ferme de rachat. La banque n’a fait aucun commentaire à ce sujet.Le prix de l’acquisition, autour de 100 millions d’euros, est relativement modeste si l’on considère les 4 milliards d’encours de la société et la collecte annuelle de 1,5 milliard en rythme de croisière, précise le quotidien, même si des sources proches du dossier évoquent des taux garantis élevés sur le fonds en euros et un volume non négligeable de contrats de capitalisation.
15/10/2009

Government siphons money from state pension fund

In its proposed budget for 2010, the Norwegian government is planning to balance its non-oil finances, which show a deficit of NOK153.8bn, with a transfer of funds from the Government Pension Fund - Global (GPFG), a higher amount than the NOK118.1bn the budget drew from the fund in 2009. Meanwhile, net transfers to the fund have fallen to NOK66.6bn, from NOK146.6bn, and net profits for the pension fund, including dividends, is expected to total NOK172.2bn, compared with NOK255bn. The government projects that at the end of 2009, assets in the GPFG will total NOK2.597trn, compare dwith NOK2.280trn as of the end of 2008; it is expected to total NOK2.824trn as of the end of 2010.
15/10/2009

Concentration of investments increases use of platforms

About two thirds of independent financial advisers in the United Kingdom are expecting to work with platforms in the next 12 months, according to a survey of 200 IFAs by Skandia. 85% of them explain this trend as the result of a consolidation of client assets on a single platform.
15/10/2009

"Vice funds" don't pay

Supporters of SRI can breathe a sigh of relief. According to Les Echos, a study by Andreas Hoepner at Saint Andrews university and Stefan Zeume of Insead has found that the “Vice Fund” which invests in tobacco, alcohol, gaming and weapons, does not bring real value to investors. Instead, managers of the fund are more likely to destroy value for clients. The only previous study of the Vice Fund reached the opposite conclusion, but that study dealt with a shorter time period (three years rather than six), and did not correct for the style bias in products of this type. In fact, the outperformance of the fund compared with their benchmarks is due only to its very high exposure to small and midcaps, at a time when these were fashionable, as well as to its heavy bets on the tobacco industry.
15/10/2009

Mass confessions of secret accounts to IRS

According to the Internal Revenue Service (IRS), cited by La Tribune, 7,500 high net worth US residents have agreed to provide information to the tax authority about their secret bank accounts abroad, on the eve of the deadline for its amnesty program. The amounts disclosed to the authorities range from USD10,000 to more than USD100m, says Doug Shulman, director of the IRS, who is planning to increase the agency’s efforts to find funds, particularly in Beijing, Panama, and Sydney, Australia.
15/10/2009

Two Madoff victims file suit against SEC

Two investors who lost more than USD2.4m in the Bernard Madoff fraud have filed suit against the US Securities and Exchange Commission, claiming that the government agency responsible for protecting investors was negligent in its oversight of Mr Madoff’s operations. Phyllis Molchatsky and Steven Schneider claim the government should compensate Ms Molchatsky by paying her USD1.7m, and by paying Dr Schneider USD750,000 – the amount they lost.
15/10/2009

Former Bear Stearns managers misled investors

Two former Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin, who ran funds that collapsed and marked the beginning of the financial crisis misled investors to save their multi-million dollar bonuses and reputations, US federal prosecutors claimed on Wednesday, says the Financial Times.
15/10/2009

Schroders reprofiles US Large Cap Alpha fund as US All Cap

From 1 October, the US Large Cap Alpha sub-fund of the Luxembourg Sicav Schroders ISF has been renamed as Schroder ISF US All Cap. The fund may now invest in US equities of all cap sizes, rather than concentrating on large caps. Management will be provided by Jonathan Armitage, head of US equities, with the assistance of Jenny Jones, head of US small/midcap equities. The allocation will be one third to smidcaps and two thirds large caps, though the fund will retain a bottom-up stock-picking approach. Management commissions for all classes of shares in the fund will also be reduced by 25 basis points (to 1.25% for A class shares, for example), and the risk classification of the fund has been lowered to “moderate” from “high.”
15/10/2009

Bruce Wasserstein (Lazard) dead at 61

Bruce Wassterstein, president and CEO of Lazard and a Wall Street legend, died on Wednesday, 14 October, at the age of 61, Lazard has announced in a statement. The French-American bank revealed on 11 October that its chief had been hospitalised in a serious condition following a cardiac arrest. Wasserstein was particularly involved in the recent history of the prestigious US business bank, taking an active role in all strategic decisions ever since he arranged the firm’s IPO and took over as director of the firm in 2005. More recently, he had been active in Cadbury’s bid to acquire the US firm Kraft Foods. Lazard shares were suspended from trading for a few minutes before the end of the trading day, following the news of Wasserstein’s decease. Lazard has appointed Stephen J. Golub, Vice Chairman of Lazard Ltd., to serve as interim CEO, effective immediately. Golub, 63, joined Lazard in 1984, and was CFO and chairman of Lazard’s advising activities.
15/10/2009

Cadogan buys Fortis and BNP Paribas out of its capital

Cadogan Management, a USD3.6 billion hedge-fund investing firm, has agreed to buy the business back from Fortis Bank, according to the WSJ. Fortis and French bank BNP Paribas, which earlier this year agreed to acquire a range of assets from Fortis, plan to announce the agreement Thursday.
15/10/2009

Qatar buys HSBC Paris headquarters

The headquarters of HSBC France (formerly CCF) on the Champs-Elysées has been acquired by the Qatari Diar fund. The purchase price for the 35,000 square metre property is about EUR400m. The ground floor of the building will be converted into a retail gallery space, while the upper floors will become a luxury hotel.
15/10/2009

Private equity investors aim for EUR4bn in Amadeus IPO

BC Partners and Cinven have chosen the Madrid stock exchange as the site of their initial public offering next spring of a 40% stake in Amadeus, in which Iberia, Air France and Lufthansa own stakes, Expansión reports. The two private equity investors control 53% of the IT group. In 2005, BC partners and Cinven paid EUR4.34bn for a 100% stake in Amadeus. Now, the banks in the investment consortium (Goldman Sachs, JP Morgan, Morgan Stanley) value the business at EUR8bn, and the vendors hope to make EUR4bn from the sale of the shares to be offered on the stock market.
15/10/2009

Thick cream on the pint for fund subscribers

Rising stock markets in second and third quarters have resulted in good performance for equities funds, according to Handelsblatt. On the basis of rankings from Feri EuroRating Service, taking into account results from about 4,300 funds on sale in Germany in 36 categories, four funds have posted gains of over 100% since the beginning of the year: the BSF Latin American Opportunities Fund A2 USD from BlackRock, managed by Will Landers, is in first place, with returns of 142.11%, ahead of the Earth Exploration Fund UI, with 128.26%, the JPM Emerging Markets Small Cap Fund A Acc USD from JP Morgan, managed by Greg Mattiko, and the PF(LUX)-Eastern Europe-P Cap from Pictet, managed by Agne Zikute, with 101.98%. Also notable in the high yield bond category is the Aberdeen Global - Euro High Yield Mond A Dist, managed by Paul Reed, with returns of 98.27%.
15/10/2009

Excellent year expected for hedge funds

According to Eurekahedge, hedge funds may attain assets as of the end of the year of USD1.5trn, and may turn in performance of 21%, the Frankfurter Allgemeine Zeitung reports. As of the end of September, assets under management increased by USD26.3bn, from USD21.4bn in August. In the seven months to the end of September, performance totals 16.1%, and hedge funds are likely to turn in their best performance since 2003 for the year 2009 as a whole.
15/10/2009

Pension fund deficits down

As of the end of September, the combined deficits of 7,400 defined-contribution pension funds monitored by the Pension Protection Fund (PPF) had shrunk to GBP148.9bn, compared with GBP173.2bn as of the end of August, but this compared with a shortfall in coverage of GBP52.2bn as of 30 September 2008. According to the PPF, the total deficit of funds which have a shortfall has decreased to GBP174.9bn, from GBP194.6bn one month previously, and GBP98.4bn twelve months earlier. The total surplus at funds in positive territory rose to GBP25.9bn, from GBP21.4bn as of the end of August, but has decreased compared with the surplus of GBP46.2bn as of 30 September 2008.
15/10/2009

CalPERS investigates suspicious commissions

The California Public Employees’ Retirement System (CalPERS, USD200bn in assets) on Wednesday announced that it has opened a special investigation of commissions paid by its external managers to placement agents. The investigation was provoked by reports from investment funds that more than USD50m in commissions were paid over five years to ARVCO Financial ventures, a placement agent led by Al Villalobos, who was director of CalPERS between 1993 and 1995. The special investigation will be carried out by Steptoe & Johnson LLP and other independent agencies.
15/10/2009

Intesa reopens negotiations to acquire Fideuram

Negotiations between Intesa Sanpaolo and Exor, the holding company for the Agnelli family, to sell a part of the Banca Fideuram to the former, will formally restart next week, Il Sole - 24 Ore reports. Analysts estimate the value of Fideuram to be at least EUR3bn. If the acquisition talks are not successful, Intesa Sanpaolo may opt for an IPO for its affiliate.
15/10/2009

UN initiative for sustainable development requirements

Aviva and the United Nations will announce an initiative in November which will encourage global stock markets to modify the rules for publicly traded companies. The aim will be to require firms to publish a sustainable development report, and to submit the document to a vote of shareholders.
15/10/2009

RHJ buys Kleinwort Benson

On Thursday morning, the private equity investor RHJ International announced that it has acquired Kleinwort Benson, including its private banking, wealth management and lending activities, from Commerzbank, for GBP225m in cash. The activities included in the deal (Kleinwort Benson Private Bank Limited and Kleinwort Benson Channel Islands Holding Limited) had GBP5.4bn in assets under management and GBP15.7bn in supervised assets as of 31 December 2008.
15/10/2009

Legg Mason wins mandates

Principal Financial has awarded management of a portfolio of USD300m in large cap equities to Legg Mason, and Bill Miller’s team has obtained an equities mandate from SEI, says Kimberly Mustin, director of the institutional sector at Legg Mason, the Frankfurter Allgemeine Zeitung reports. Assets under management at the firm have fallen from USD1.01trn as of the end of September 2007 to USD695bn as of the end of August 2009, but redemptions have fallen to USD30bn in second quarter, from a record USD77bn in October-December 2008.
15/10/2009

Asset management profits up at JP Morgan Chase

In third quarter, the asset management division of JP Morgan Chase has earned net profits of USD430m, compared with USD352m in second quarter, and USD351m in the corresponding period of last year. Assets increased by 9% in second quarter, to USD1.3trn, largely due to subscriptions to money market, bond and equities funds, which were partially offset by negative market effects and net redemptions for the group’s hedge funds. The bank has posted total net profits for July-September of USD3.59bn, compared with USD2.72bn in April-June, and USD527m for the corresponding period of last year.

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