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17/09/2009

BlackRock opens office in Santiago

Armando Senra, CEO of BlackRock for the Iberian peninsula and Latin America, has announced to Economia y Negocios Online, as relayed by Funds People, that the US-based asset management firm will open an office in Chile, which will be a “spearhead” for institutional activities in Peru and Colombia, as well as distribution in Argentina and Uruguay. BlackRock will also benefit from the structure which Barclays Global Investors (BGI) has in Chile, where its iShares ETF range of products is already available.
17/09/2009

Assets at M&B Capital Partners down 80%

The Madoff scandal is estimated to have cost M&B Capital Advisers about 80% of its capital, Expansión reports. The firm is directed by Javier Botín (son of the chairman of Santander) and Guillermo Morenés (his son-in-law). Currently, M&B has only about EUR200m in assets, as two of its largest hedge funds, Tukan and Summa, are in liquidation, while two others, LIF US Equities and Landmark, have suffered losses due to the Madoff fraud case. But the firm’s other funds show returns of about 10% since the beginning of the year. M&B has reduced its personnel by 25%, and has not been selling products to institutional investors for a year now.
17/09/2009

Laven Partners to provide managed accounts

According to exclusive reports in HFM Week, UK-based investment management consultant Laven Partners will provide managed account services to family offices, institutional investors and wealth managers. Laven will provide assistance to clients in the selection of managers and congoing risk evaluation. The firm, founded by CEO Jérôme de Lavenère Lussan, already offers operational due diligence as a part of their research on behalf of clients seeking to invest in hedge funds. The new activity will be directed by Robert Mirsky, former partner and co-leader of the European hedge fund division at Ernst & Young.
17/09/2009

Barclays undertakes far-reaching restructuring of its credit portfolio

On Wednesday, Barclays PLC announced the sale to the Protium fund from the management firm C12 Capital Management of USD12.3bn in credits. The bank is lending USD12.6bn for 10 years (at a rate of the US Libor plus 275 basis points) to the new fund, specially created to acquire assets of this type, and which will receive USD250m from its managing partners, Stephen King (who previously was director of the principal mortgage trading group at Barclays Capital), and Michael Keeley (member of the management committee at Barclays Cap for European financial institutions). The loan is being issued against assets which have been transferred to Protium by Barclays, which financial sector observers suggest might be toxic assets inherited from Lehman Brothers. This theoretical cleansing of the credit portfolio involves USD8.2bn in structured credit insured by credit resellers and monoliners (USD3.6bn in guaranteed credit from resellers by fair value, and USD4.6bn from monoliners), USD2.3bn in RMBS and other ABS, and USD1.8bn in residential mortgage loans. Barclays states that due to regulatory considerations, the assets will continue to weigh on its balance sheet, meaning that the transaction will not reduce its need for regulatory capital requirements. The transaction will, however, limit the potential impact of short-term fluctuations in the value of assets or possible downgrades of the ratings of credit resellers.
17/09/2009

Axa unites its wealth management activities

Axa Winterthur Wealth Management, Axa Distribution Services, with its Elevate wrap, Architas Multi-Manager and Axa Wealth International are now adopting the single name Axa Wealth, under the direction of Mike Kelland as CEO, Money Marketing reports. The new structure will make it possible to eliminate redundant wealth management products and services, as well as to simplify the IT infrastructure. The reorganisation will not lead to any layoffs over and above the 350 which Axa announced at the beginning of the year. As a part of this process, 34 business development consultants will be brought together as a part of a team of specialists focused on distribution and platforms.
17/09/2009

Lagarde's position on bonuses becomes more flexible

France wants next week’s G20 to come up with concrete and detailed restrictions on financial-sector bonuses, but it won’t push for absolute caps, French Finance Minister Christine Lagarde said in an interview with the Wall Street Journal. «We’re not so narrow-minded to the point that we want a number,» Ms. Lagarde said. «But we want (...) something that effectively limits and frames compensation.»
17/09/2009

Barclays denies stripping Lehman of USD8bn in assets

Representatives of the Lehman Brothers Estate have filed a suit with the bankruptcy court of New York, accusing the British bank Barclays of stripping Lehman of USD8bn in assets at the time of its sale. The British bank categorically denies the accusations, which it calls “opportunistic.”
17/09/2009

Pioneer Alternative caught up in Madoff scandal

The Irish Times reports that Pioneer Alternative Investment Management, a unit of Pioneer Investment Management (UniCredit group), is facing lawsuits in the United States over its USD1.08bn exposure to Bernard Madoff funds. The firm was the manager or advisor for several Austrian hedge funds which made indirect investments in Bernard L. Madoff Investment Securities in the US. The products concerned are Primeo Select Fund, Primeo Executive Fund, and the AllWeather Funds (formerly known as Momentum funds).
17/09/2009

ML Fund Managers Survey: Investors remain optimistic but prudent

Last month, investors’ optimism strengthened after a strong rally in the month of August and a scenario of economic recovery looking likely, according to the Merrill Lynch Fund Manager Survey for September. Less than one third of investors predict that there will be a continued recession, while two thirds of them predicted that the recession would continue only two months ago. However, the number of managers who were overweight in cash has increased to a net total of 10%, compared with 3% the previous month. The percentage of respondents who are overweight in equities has fallen to a net 27% from 34% previously. This increase in cash levels and lower exposure to equities shows that their appetite for risk does not yet reflect confidence in economic recovery, says Gary Baker, head of European equity strategy at Bank of America Securities-Merrill Lynch Research. For the first time in 18 months, the Euro zone has become a preferred investment destination. Only a net total of 1% of the sample in September is underweight in the Euro zone, compared with 13% in August and 40% in March. In other words, investors no longer seem to consider emerging markets as the only region that can deliver growth.
17/09/2009

Bonuses: tough talks ahead of G20 summit

Les Echos reports that slightly over one week before a summit of G20 leaders in Pittsburgh, negotiations over bonuses are proving hard. France and Germany, with the support of the United Kingdom, are calling for a limit to pay scales for market operators, which the US administration opposes. This evening, EU leaders are meeting in Brussels for a working dinner, during which, following a meeting of their finance ministers in early September, they will refine the position which the EU will defend in Pittsburgh. The hard line on bonuses supported by France and Germany currently appears likely to be adopted as the collective position.
17/09/2009

US-UK partnership in hedge fund surveillance

Les Echos reports that the UK and US financial market regulatory authorities, the Financial Services Authority (FSA) and the Securities and Exchange Commission (SEC), on 16 September announced plans to study a joint regulatory framework for large market actors such as hedge funds and their advisors. The two market watchdogs are planning to specify the key information that hedge funds would be required to disclose to regulators. The objective is to more precisely circumscribe the perimeter of risks involved in bets on financial products by actors in this category.
17/09/2009

British authorities consdier new financial instrument

L’Agefi reports, citing the Daily Telegraph, that the British government has asked its advisors to consider a new alternative financial instrument which would help establishments to increase their tier 1 capital levels. The new type of asset would be a mandatory convertible note, which would pay interest, and whose conversion into ordinary shares would occur whenever tier 1 capital at a firm falls below predefined levels.
17/09/2009

Bonuses: Bank of America board members subpoenaed

The day after a federal judge rejected an out-of-court settlement between the Securities and Exchange Commission (SEC) and Bank of America over USD5.8bn in bonuses the latter paid to its employees on the day before its acquisition of Merrill Lynch on 23 December, the attorney general of the state of New York, Andrew Cuomo, yesterday subpoenaed five board members at the American bank, Les Echos reports. Like judge Jed Rakoff, who on Monday rejected the compromise with the SEC, the attorney general accuses the directors of the bank, which received USD45bn in federal assistance, including USD20bn to aid in its absorption of Merrill Lynch, of knowingly concealing the bonus payments until after the closing of the merger deal on 1 January.
17/09/2009

Voluntary redundancies at BNP Paribas and Natixis

La Tribune reports that BNP Paribas and Natixis have completed their voluntary redundancy plan in France. According to internal sources, BNP Paribas is said to have achieved its target of 204 departures in France, of which 125 were in banking and 69 at the BNP Paribas trading affiliate. Natixis, for its part, is aiming for 286 departures, of which 130 would be from finance and investment banking (BFI), and 156 from Eurotitres. In the BFI division, “only” 76 voluntary redundancies have been achieved, while the other 75 requests do not fall within the area of potential layoffs. Between 50 and 70 positions at Banque Privée 1818, which has about 400 employees, will also be cut in the next few months.
17/09/2009

Carlyle dusts off plans for IPO

According to the Financial Times, citing sources close to the firm, Carlyle is once again planning an IPO. No decisions have been taken yet, and any potential offering would come only after six to nine months.
17/09/2009

Aragon signs contract to acquire MLP Vienna

Following through on an agreement reached in early August with MLP, the German financial services provider Aragon AG (EUR3.2bn in assets under administration) on Wednesday signed an act stating that it will acquire the Viennese business MLP Finanzdienstleistungen AG, pending the approval of the Austrian financial market supervision authority (FMA). The price of the acquisition, which will be set once all the valuations have been completed, will be EUR2.5m to EUR5m, payable over several years. MLP Austria managed assets of EUR81.8m as of 31 December 2008, and currently employes about 59 advisors, and manages about 15,000 clients. Restructuring costs for MLP Austria will be borne by MLP Germany.
17/09/2009

CalPERS signs ILPA private equity principles

The California Public Employees’ Retirement System (CalPERS) has announced that it is signing up to the new principles to align the interests of investors and managers in private equity, which were unveiled on 8 September by the Institutional Limited Partners Association (ILPA), which has 215 members with about USD1trn in assets under management in private equity. The three main principles are the alignment of interests with commissions that “reasonably” cover costs, a substantial investment on the part of general partners, and a balanced distribution of profits. The principles also extend to governance, with higher powers for limited partners when a fund is dissolved or suspended, and the independence of the auditor. Lastly, in terms of transparency, general partners are responsible for providing more details to investors on revenues from commissions and the performance of firms whose shares are in the portfolio. The ILPA principles are available on the website http://www.ilpa.orgAs of 31 July, private equity assets at CalPERS totalled USD20.6bn; the fund also had unfunded commitments for a further USD21.9bn in private equity.
17/09/2009

EI encourages businesses to court long-term investors

The EuropeanIssuers (EI) association, led by Jacques Schraven, which represents 9,200 listed firms in Europe, estimates that on average, European long-term institutional investors have only about 25% of their portfolios invested in equities, compared with 45% before the financial crisis of August 2007, the Financial Times reports. Businesses need to improve their communications aimed at these institutional investors, who have turned to government bonds because they lacked a channel of direct communication channel between businesses and their shareholders, as banks serve as intermediaries when trades are set up. The intermediation process should therefore be simplified, and loyalty dividends should potentially be paid to longstanding shareholders, as some corporates are doing in France.
17/09/2009

BlackRock cuts management fees for several funds

The BlackRock group has decided to reduce management fees for several of its funds. From 9 October, management fees for two European equities funds, BGF Emerging Europe Fund and BGF European Opportunities Fund, one Japanese equities fund, BGF Japan Small * MidCap Opportunities Fund, and three sector funds, BGF World Financials Fund, BGF World Healthscience Fund, and BGF World Technology Fund, have been lowered by 25 basis points. Investors in the Emerging Europe Fund will pay an annual commission of 1.75%, down from 2% perviously. For other funds, management commissions are reduced from 1.75% to 1.5%. Why has BlackRock made this decision? Were these funds too expensive compared with those charged by its competitors? According to Andrea Vigano, head of retail distribution for Europe, the move is “a commercial gesture to ensure the continued good performance of our products.” Last year, BlackRock lowered management commissions by 15 basis points on some bond funds.
17/09/2009

Julius Baer imports a Japanese equities fund

The Luxembourg fund Julius Baer Japan Stock Fund, whose assets currently total about EUR140m, is now on sale on the British market. Currently, the quantitative allocation (100 positions) represents about 55% of the portfolio, while the “conviction” portion of the fund, a “diamond pool” of 20-30 positions, makes up the remaining 45%.
17/09/2009

CAAM releases an SRI fund designed with AFD

The French-registered FCP fund CAAM AFD Avenirs Durables, created on 4 March 2009, was unveiled this Wednesday in the presence of French Finance minister Christine Lagarde. The public-private partnership product, which has EUR48m in seed capital from Crédit Agricole Asset Management (CAAM), will aim to collect EUR300m in assets in the next 18 months, says Yves Perrier, president and CEO of CAAM Group. Jean-Michel Severino, CEO of the French development agency (AFD), emphasized that the “inventor of the idea” was Xavier de Bayser, chairman of IDEAM Asset Management, the SRI specialist firm of the CAAM Group. IDEAM will manage the new product, and Michèle Jardin, CEO, says the fund has returned 4% since its launch, a rate of return similar to that of the Eonia. The investment strategy for the product is prudent. About 70% of the portfolio is invested in primarily money market and bond products from CAAM, while the remaining 30% are oriented to development aid, with two third invested in bonds from the AFD, and the remainder is used to co-finance projects that create economic and social value in developing countries, largely via subscriptions for shares in Proparco, an affiliate of the AFD dedicated to financing the private sector.
17/09/2009

Invesco launches Build America Bonds ETF

Invesco Ltd.'s PowerShares unit plans to launch an exchange-traded fund that will invest mostly in Build America Bonds, taxable debt instruments that are part of the federal stimulus plan, says the Wall Street Journal. PowerShares Build America Bond Portfolio will invest in securities that comprise the Merrill Lynch Build America Bond Index.
17/09/2009

Partners Group soft-closes a real estate fund

Partners Group on Wednesday announced the soft-closing of the Partners Group Real Estate 2008 fund with EUR275m. About 40% of this amount has already been invested. The Swiss alternative management firm points out that the secondary market in particular has good potential currently, due to the short supply of capital. One of the transactions realised is a secondary investment in eight buildings in China, and Partners Group has managed to obtain a 50% discount on the value of these properties, as the vendor was in need of liquidity.
17/09/2009

db x-trackers lists four new strategy ETF products

The XTF segment of the Xzetra electronic trading platform from Deutsche Börse now includes 485 products: db x-trackers (Deutsche Bank) has admitted four new strategy ETFs to trading, all of them Luxembourg-registered “short” products based on sub-indexes of the Dow Jones Stoxx 600 index, whose management commission is set at 0.5%. The new products include the db x-trackers DJ Stoxx 600 Basic Resources Short Daily Etf, which replicates the Dow Jones Stoxx 600 Basic Resources Short Index, and the db x-trackers DJ Stoxx 600 Industrial Goods Short Daily ETF, based on the Dow Jones Stoxx 600 Industrial Goods Short Index. The db x-trackers DJ Stoxx 600 Utilities Short Daily ETF and db x-trackers DJ Stoxx 600 Insurance Short Daily ETF funds track the Dow Jones Stoxx 600 Utilities Short and Dow Jones Stoxx 600 Insurance Short indexes, respectively.
17/09/2009

Net redemptions from hedge funds slow

According to statistics from Lipper Tass reported by Hedge Week, hedge funds in second quarter experienced net outflows of USD45.74bn, 61% less than in January-March. In the twelve months to the end of June, net redemptions totalled EUR327.02bn. All strategies except emerging markets, global macro and managed futures underwent net redemptions in second quarter. Outflows totalled 4.24% of assets as they stood at the beginning of the quarter, following 9.57% outflows in first quarter. However, due to positive market effects, assets as of the end of June totalled USD1.21trn, compared with USD1.18trn at the end of March.
16/09/2009
Fonds

Coba lance un fonds immobilier avec BDO Stoy Hayward

Coba Asset Management a annoncé le lancement d’un fonds immobilier «strategic income» britannique d’une durée de 7 ans visant une performance de 10 %. Ce produit, géré par Graham Gould et conseillé par Roger Carey (ancien CEO de Slough Estates) ainsi que par Philip Ingman (fondateur d’Ingman-Jones) affiche un droit d’entrée de 5 % maximum. La souscription minimale est fixée à 100.000 livres. Le partenaire de Coba Asset Management pour ce fonds est BDO Stoy Hayward Investment Management.La commission de gestion se situe à 1 % et le gestionnaire facturera une commission de 20 % sur la performance excédant le taux butoir (hurdle rate) de 10 %.
Fonds

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