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22/09/2009

Hedge fund directive will be costly for the industry

According to a survey by Open Europe* published on Monday, the AIFM directive will cost the private equity and hedge fund industries in the EU between EUR1.3bn and EUR1.9bn in the first year. The annual recurring cost is estimated at between EUR689m and EUR985m. On average, private equity and hedge fund firms estimate that their compliance cost could increase by 31.5% if the directive comes in to force. *The EU’s AIFM Directive, Likely impact and best way forward
22/09/2009

Timetable for hedge fund directive is too ambitious

The timetable for amending the Alternative Investment Fund Managers Directive (AIFM) is too ambitious, according to experts quoted by Ignites Europe. The proposed date for the first reading in the European Parliament, expected to take place in February 2010, is too soon.Speaking at last week’s Asset Management Conference in London, Peter De Proft, director general at Efama, said: «We are now moving towards having a general framework for non-Ucits funds; it is so important not to rush».
22/09/2009

OECD calls for rigorous and transparent stress testing

L’Agefi Switzerland reports that the OECD claims in its annual report on the European Union, published on 21 September, that “in many EU countries, uncertainties remain about the scale of problems with compromised assets remaining on banks’ balance sheets. There are continuing fears that banks lack sufficient capital to confront a possible further degradation in economic conditions.” “Systematic, rigorous and transparent stress testing is necessary to quantify the needs for owners’ equity at the various European banks,” the OECD states.
22/09/2009

Rumours of merger between Glencore and Chinese sovereign fund

Les Echos, reports that the global leader in commodities trading, the Swiss firm Glencore, has been in discussions since summer with China Investment Corp. (CIC), the Chinese sovereign fund with assets of about USD300bn. Some observers say that the two parties signed a letter of intent in August which laid out a framework for plans to team up. Glencore is in search of added sources of financing, and China has high demand for commodities.
22/09/2009

Money-market funds remain subject to strict regulations

Despite the fact that the Treasury Department’s guarantee program expired Friday, money-market funds must continue to report holdings and valuation information to the SEC in certain circumstances, under an interim rule adopted Friday. If a fund’s net asset value per share falls below USD0.9975, it must notify the regulator and provide a portfolio schedule.
22/09/2009

Unions call for ethical audit of Nestlé

In a letter to the Norwegian government, three Norwegian labour unions and the international food industry union IUF have jointly called on the minister of Finance to order an examination of practices at Nestlé by the Ethical Council of the Government Pension Fund - Global, IPE reports. They claim that the Swiss group’s refusal to include salaries in collective negotiations in Indonesia and India represent a clear violation of the principles of the international labour organisation (ILO), and the ethical principles of the fund. By size, Nestlé is the second-largest position in the fund’s portfolio.
22/09/2009

Real estate funds have greater overall asset volume than securities funds

At the end of August, assets in real estate funds on sale in Portugal represent slightly over EUR11.06bn, which amounts to growth of 0.59% compared with the end of July, the Portuguese securities commission (CNMV) states. Of this total, open-ended real estate funds had total assets EUR9.39bn, an increase of 0.7%, while “special” real estate funds EUR1.67bn (+0.2%). Since the beginning of the year, assets had increased by 4.04%. The three largest actors Fundimo, with a market share of 12.7%, Interunfos (10.8%), and ESAF (10.7%). The Fundimo fund is the largest, with EUR818.8m in assets under management. Funds People states that assets under management for real estate funds have now outstripped assets in securities funds, which total EUR10.69bn.
22/09/2009

HFR launches six commodities, energy and real estate indexes

Hedge Fund Research (HFR) on Friday launched six new indexes, bringing the product range to 71 indexes. The new indexes are the HFRX Commodity: Agricultural Index, HFRX Commodity: Energy Index, HFRX Commodity: Metals Index, HFRX Alternative Energy Index, HFRX Energy Infrastructure Index and HFRX Real Estate Index, which, as their names indicate, cover commodities (soft commodities, energies, metals), alternative energies, infrastructure, and real estate. The indexes are calculated following a methodology compatible with the UCITS III directive.
22/09/2009

UBS: Further extension to voluntary disclosure program

L’Agefi Switzerland reports that the extra workload on lawyers due to the UBS case is so heavy that the United States tax authority, the IRS, has granted a further extension to its deadline for the special program for voluntary disclosure of assets held overseas. The IRS will extend the program until 15 October. The initial deadline would have come tomorrow, Wednesday, 23 September.
22/09/2009

British insurers fear decline in the City

Les Echos reports that the Association of British Insurers (ABI) has issued a warning about a potential decline of London as a market centre, in favour of other countries with more favourable tax policies. In a report published last week, ABI estimates that, if the government does not immediately revise its taxation regime, actors may be tempted to relocate to Ireland, Bermuda, the Netherlands, or Switzerland. Hiscox, which moved to Bermuda in 2006, and Brit Insurance, which will soon move its headquarters to the Netherlands, are two examples of firms which are making the move.
22/09/2009

Six out of ten equities funds outperform the Ibex index this year

Spanish equities funds have profited from the market rally in early March, and in the first eight months of this year, six out of ten funds show returns higher than the 23.53% posted by the Ibex index, Cinco Días reports. Some funds have earned up to 40% after commissions, which are about 2% of assets. Taking into account dividends paid by Ibex companies, only eight funds have done better than the 29% result for the index. The best returns were for leveraged funds such as the Foncaixa Bolsa España 150, which showed returns of 40.02% as of 31 August. The BBVA Bolas Ibex Quant, which may adopt maximal exposure of 195% to the Spanish market, has earned 34.11%. Some funds which follow a stock-picking approach have also outperformed the Ibex, such as the Manresa Borsa, Barclays Bolsa España and Barclays Bolsa España Selección funds.
22/09/2009

DekaBank launches a corporate bond fund

With the Deka-RentSpezial Plus 1 fund, DekaBank is launching a German-registered bond fund, which will mature at the end of August 2016, and which will invest in 25 bonds with the corresponding maturities. At the end of the first year, the fund will pay a coupon of 3.25% for each EUR100 share. From the second to the seventh year, Deka promises to pay at least 3% per year; however, if, on 31 August of the year which is underway, the Euribor 12 month is higher than 3%, the fund will pay a coupon corresponding to this rate at the end of the year. Redemptions will be for 100% of assets at maturity.
22/09/2009

Ezra Sun to manage a China long/short fund for Veritas

Veritas Asset Management has announced that it will launch a long/short fund focused on China in early October, which will comply with the UCITS III directive. The Veritas China fund will be managed by star manager Ezra Sun, who is responsible for Asia strategies at Veritas. The fund will aim to generate annual returns of 15-20% in the long term. The capacity of the new product will be limited to USD500m. The objective will be to limit volatility to half of that of the Chinese equities market, as measured by the SMCI Zhong Hua index.
22/09/2009

Khadafi withdraws USD5bn from Geneva

Political tensions between Switzerland and Libya are becoming costly for Geneva. Moammar Khadafi, is closing the local branch of the Libyan Investment Authority, the national sovereign fund, the Zurich Tages-Anzeiger reports, relaying reports in Private Banking, a professional magazine. LAP Swiss has managed a part of the Libyan African Portfolio (USD40bn) since 2006. The Libyan government is withdrwaing USD5bn. LAP Swiss owns stakes in several African countries, in the hotel, finance, communications, oil and gas production and air transport sectors. In 2008, according to statistics from the BNS, Libyan assets deposited at Swiss banks were reduced by CHF628m, to CHF5.12bn.
22/09/2009

Banque d'Orsay launches an arbitrage fund

Banque d’Orsay has launched Orsay Arbitrages Actions, a French-registered fund which aims for absolute returns from a combination of two drivers of performance: arbitrage on announced mergers and acquisitions, and long/short equities market neutral arbitrage. The new fund will aim for annualised performance higher than the EONIA +2%, with a volatility objective of less than 5%, with daily liquidity. Orsay Arbitrage Actions is managed by Frédéric Staub, who joined Banque d’Orsay in 2008 from BNP Paribas, to strengthen the equities team, particularly in the area of long/short management.
22/09/2009

Putnam launches target-date funds

As part of its push to expand its retirement business, Putnam Investments on Tuesday will unveil 10 absolute return target-date funds, says the Wall Street Journal. Despite the name, the strategy does not guarantee an absolute return, but aims to hit a certain annual-return figure.
22/09/2009

Salus Alpha launches an arbitrage fund

From 17 September to 30 September, the alternative management firm Salus Alpha is releasing its first arbitrage fund with daily liquidity which complies with the UCITS III directive, entitled Salus Alpha Commodity Arbitrage. No withdrawal penalties will be charged for subscriptions made in this initial period. The fund is licensed for sale in Austria and Germany. The Austrian-registered product, focused on commodities, is intended to allow investors to profit from differences in valuations between various markets or entire families of commodities, and to earn gains both in backwardation and contango situations on the market. In addition, the fund aims to take advantage of seasonal variations in demand for commodities. The Salus Alpha Commodity Arbitrage fund invests indirectly in commodities via derivatives (swaps and futures) on indexes such as the CAX (Commodity Arbitrage Index), which is listed in Vienna, and maintained by Alternative-Index GmbH, an affiliate of Salus Alpha. Front-end fees and management commission are 5.55% and 2.50%, respectively.
21/09/2009

Thomson Reuters buys Hugin from NYSE Euronext

In a release published on Monday morning, Thomson Reuters announced that it has acquired the business information service Hugin Group BV from NYSE Euronext. In addition, Thomson Reuters and NYSE Euronext are planning to develop their strategic partnership, to offer added value services to issuers. The financial details of the transaction, which will be concluded during fourth quarter 2009, were not revealed. Hugin Group was founded in 1995 in Oslo.
21/09/2009

Nomination chez Henderson New Star

Ainslie McLennan a été nommé co-gérante du New Star UK Property Unit Trust. Ainslie McLennan collaborera avec Marcus Langlands Pearse qui a rejoint Henderson après avoir travaillé pour New Star. Ainslie McLennan a rejoint Henderson Global Investors en 2002. Elle était responsable du portefeuille d’immobilier commercial européen et britannique pour une clientèle d’investisseurs institutionnels.
21/09/2009

Fitch confirme la note M2+ d'ECM

Vendredi, Fitch Ratings a retiré de sa liste de surveillance Rating Watch Evolving les activités londoniennes de la société de gestion European Credit Management Ltd (ECM) dont l’agence confirme la note M2+ de gestionnaire d’actifs.Cette démarche fait suite à la clarification du statut d’ECM après l’intégration de ce gestionnaire dans les activités de gestion d’actifs de Wells Capital à la suite de l’acquisition par Wells Fargo de Wachovia fin 2008. Fitch souligne en particulier que Wells Capital a manifesté son intention de préserver l’indépendance opérationnelle d’ECM en tant que spécialiste de la gestion crédit européenne au sein de son dispositif multi-boutiques.En outre, l’agence note que l’activité d’ECM (12 milliards d’euros d’encours à fin juillet), bien qu’affectée par les turbulences sur les marchés du crédit l’an dernier, a plutôt bien résisté, comparativement à ses concurrents.
21/09/2009

Blackstone réduit chez Cineworld et acquiert 50 % de Broadgate

Blackstone a annoncé avoir dispersé lors d’un placement secondaire 57 % de sa participation dans la chaîne de cinémas Cineworld pour 62,9 millions de livres, rapporte The Times. Le capital-investisseur revient ainsi à 20 % dans Cineworld. Parallèlement, Blackstone a confirmé l’acquisition auprès de British Land, pour 77 millions de livres, de 50 % du complexe Broadgate dans la City de Londres. De plus, le capital-investisseur prend en charge la moitié de la dette de British Land, qui se monte à 1,97 milliard de livres.
21/09/2009

Paul Reichmann sort de Canary Wharf

Le développeur canadien Paul Reichmann a vendu à Songbird Estates sa participation dans Canary Wharf Group, rapporte The Sunday Times. Songbird monte ainsi à 69,3 % de Canary Wharf. Sa filiale Songbird Finance avait acheté la semaine dernière 54 millions d’actions Canary Wharf à la Commerzbank pour 112,5 millions de livres.
21/09/2009

Le gendarme de la la Bourse suisse s'intéresse à UBS

UBS est sous le coup d’une enquête du gendarme de la Bourse de Zurich, SIX Exchange Regulation rapporte l’Agefi. Il est question d’une «violation éventuelle des dispositions relatives à la publicité événementielle depuis 2007 jusqu'à fin 2008" et d’une «violation éventuelle de la directive corporate governance dans le cadre du rapport de gestion 2008". Dans le premier cas, la directive réglemente la diffusion d’informations pouvant avoir une incidence sur un cours de Bourse. Dans le second, la procédure oblige chaque émetteur à publier tout élément important concernant son conseil d’administration et son comité de direction. La Bourse de Zurich a refusé de détailler les motifs de l’enquête, précise l’Agefi.
21/09/2009

Nils Frowein devient CEO d'AWD Suisse

AWD Suisse, filiale de l’allemand AWD Holding (groupe Swiss Life) a annoncé jeudi que Marco Baur, depuis 3 ans président de la direction de AWD Suisse et membre du comité de direction de AWD Holding et du conseil d’administration de AWD Suisse quittera l’entreprise à sa demande au 31 octobre 2009. Nils Frowein, vice-président du comité de direction de AWD Holding et membre du conseil d’administration de AWD Suisse SA reprendra les tâches de Marco Baur, tout en conservant pour le moment ses fonctions actuelles.De fait, Marco Baur rejoint Zurich Suisse comme directeur «agents» en remplacement de Josef Bättig, qui sera appelé à d’autres fonctions au sein du groupe Zurich.
21/09/2009

Les banques des marchés émergents s'intéressent au changement climatique

Alors que s’intensifie le débat sur le changement climatique, un nouveau rapport du Ceres montre que les banques des marchés émergents commencent à intégrer les problématiques climatiques dans leur processus de décision. Malgré cette prise conscience, souligne le rapport, les banques de la zone sont encore trop peu nombreuses à participer à des programmes de financement des énergies propres ou à des projets de trading des émissions de carbone."Les banques des marchés émergents sont plus nombreuses à se rendre compte que le changement climatique est une grosse affaire, mais, jusqu’ici, leurs réponses sont dérisoires et ne touchent que la surface des choses», selon Mindy S. Lubber, président du Ceres, à l’origine du rapport («Addressing Climate Risk : Financial Institutions in Emerging Markets»).
21/09/2009
Fonds

La distribution de fonds coûte plus cher en Europe

Les frais payés aux distributeurs de fonds en Europe pour les fonds actions sont le double de ceux aux Etats-Unis, rapporte le Financial Times, citant une étude de Lipper. Ainsi, les commissions versées aux distributeurs de fonds actions transfrontières en Europe tournent autour de 70 points de base en moyenne, contre 25-35 points de base pour la part équivalente aux Etats-Unis.
Fonds
21/09/2009

Le BBVA va distribuer ses fonds par l'intermédiaire d'Allfunds

BBVA Asset Management commercialisait depuis quelques mois ses fonds auprès des investisseurs institutionnels au travers d’Allfunds Bank, la plate-forme commune du Santander et d’Intesa Sanpaolo. Cette semaine, a appris Expansión, l’accord va être élargi pour que les clients de quelque 200 établissements de banque privée puissent accéder eux aussi aux fonds du BBVA. Actuellement, la distribution externe ne représente que 3 % des encours du BBVA. Le nouvel accord avec Allfunds devrait permettre d’augmenter ce ratio.

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