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02/09/2009

BC Partners in comeback to big acquisitions

The private equity firm BC Partners has made one of the largest acquisitions of the year, with the purchase of a 40 % stake in Synlab, a company based in Augsburg, and a 100% stake in the Viennese firm Futurelab, for EUR400m, of which EUR300m are provided from its own equity, the Börsen-Zeitung reports. Evernal financing will come from the Austrian Raiffeisen-Bank, UniCredit, and WestLB.This is only the second large-scale operation in Germany since the bankruptcy of Lehman Brothers, following the acquisition of Kalle by Silverfleet.
02/09/2009

Activist funds in hard times

Les Echos reports that since the bankruptcy of Lehman Brothers, all the major activist hedge funds have been in serious difficulties including closures, negative performance, departure of clients. Cerberus, Atticus, The Children’s Investment Fund Management, Knight Vinke and others are going through a rough patch, and are no longer in a position to put pressure on companies to incite them to restructure and improve their profitability. Shareholders, rendered immune to much pressure by the crisis, are now less receptive to activists’ talk, and less inclined to follow them. Capital is rare, and time is money, even though funds need time in order to function correctly. In Europe, the number of deals concluded by activist funds fell to 19 last year, compared with 73 in 2007.
02/09/2009

Partners Group recruits a head of development

At a presentation of its half-yearly results, Partners Group, whose staff increased 60% since July 2007 to 355 (as of 30 June), has announced the creation of a new position for a Head of Operations development, effective from 1 January. Kurt Bichler, who is currently CFO, will assume the new position, and will be replaced in his current role by Cyril Wipfli, a partner at Partners Group and head of communication. Bichler will be in charge of the expansion of Partners Group’s activities in Singapore.
02/09/2009

Profits down at Partners Group

In first half, subscriptions to Partners Group totalled CHF1.4bn gross, and CHF0.6bn net (see Newsmanagers of 13 July), and the manager has once again confirmed that it aims to bring in between CHF3bn and CHF4bn for the year as a whole. Subscriptions from Asia represented 11% of the total, compared with 2% in 2008. As of the end of June, assets totalled CHF24.9bn. EBITDA for January-June, at CHF114.4m, approached the record of CHF115.9m in the corresponding period of last year, but adjusted net profits were down to CHF85.1m, from CHF110.1m, largely due to losses of CHF20.4m (compared with profits of CHF4m) due to provisional capital losses on investments in certain inhouse products for which the company is a general partner. Currency effects were also negative for CHF8.7m, and falling interest rates reduced revenues from interest on liquidity (CHF156m on average) to CHF2.1m from CHF5.5m.
02/09/2009

Outflows from HSBC funds of hedge funds

HSBC’s Geneva-based private saw net outflows of over USD4bn from the hedge funds portfolios in first half, the Financial Times reports. Assets at HSBC Alternative Investments, the fund of fund business of the bank, now total USD22.27bn, compared with USD46.28bn at their peak in September 2008.
02/09/2009

CAC 40: Over EUR21bn in profits in first half

Companies of the CAC 40 have posted EUR21.2bn in earnings in total in first half, a decline of 57% compared with the corresponding period of last year, according to tallies by Ricol-Lasteriye for Les Echos. This decline is partially the fault of heavyweights of the index such as Total, whose profits were virtually halved to EUR4.459trn.
02/09/2009

Morgan Stanley may team up with a management firm

According to sources familiar with the matter, cited by the Wall Street Journal, Morgan Stanley is planning to integrate its fund business Van Kampen into a joint venture, which would be founded in partnership with a larger ally. Among the firms that may team up with Morgan Stanley in asset management are Invesco, Franklin Resources, Aberdeen AM, Federated Investors, and Nuveen Investments.
02/09/2009

M&G outsources sales of institutional funds

Nearly two years after launching its French operations, M&G Investments, the asset management affiliate of the Prudential group, has decided to outsource its fund sales activities serving French institutional investors to the Compagnie Financière Jacques Cœur, a third party marketing provider which assists managers with their sales operations. By the terms of the partnership signed between the businesses for a renewable period of three years, the Compagnie Financière Jacques Cœur will “represent and develop” M&G Investments’ presence serving French institutional investors managing their own assets, according to a statement. The Paris office of the British management firm, led by Brice Anger, will continue to serve existing institutional clients, as well as independent wealth management advisors, for whom a person has recently been recruited. The partnership will include sales of funds of the complete range of open-ended funds on offer from M&G Investments. Management mandate opportunities will be targeted on a “case by case” basis, the statement says. M&G says the partnership will allow it to accelerate its development in the French institutional market, as the Compagnie Financière Jacques Cœur knows this market well. Compagnie Financière Jacques Cœur, for its part, adds to its range of clients in France, who already include products from East Capital and Sparinvest.
02/09/2009

TCW in possible capital operation

The US asset management arm of Société Générale, TCW, which manages about USD105bn in assets, may be involved in a recapitalisation or an MBO in partnership with a private equity fund. The New York Post reports on 1 September that Kohlberg Kravis Roberts is among the private equity funds that may participate in an operation of this type. In an interview with the New York Post, the interim CEO of TCW, Mark Stern, says that private equity may be involved in a recapitalisation operation at the affiliate, but denies that Société Générale is planning to sell the firm. Société Générale acquired a majority stake in TCW in 2001, and has gradually increased its stake to 70%. The French bank, which did not comment the article, confirmed yesterday that at a time when its management activities are being merged with those of Crédit Agricole, it would like to spin off TCW with an IPO in the next five years. After the merger of its management activities with those of Crédit Agricole, the firm expects to hold a 20% stake in TCW.
02/09/2009

CAAM and BNP IP team up in fund distribution

Fund Channel, founded four years ago by Crédit Agricole Asset Management, has opened its capital to BNP Paribas Investment Partners, which has acquired a 49.96% stake. The purchase price for the stake has not been disclosed. With its network of 196 locations, the business will provide “a purchasing core which will make it possible to take advantage of reduced price agreements with distribution commission calculation and recovery services,” Fund Channel explains. The platform has been the subject of interest on the part of BNP Paribas, whose multi-management activities are provided by FundQuest. With the entry of BNP Paribas into its capital, Fund Channel will see an increase in its assets from EUR8bn to over EUR20bn. The allegiance is also a sign that the two firms do not adhere to open architecture. However, the partnership comes at a time when the world of asset management is undergoing a phase of unprecedented consolidation.
02/09/2009

GSAM quadruples sales staff

Goldman Sachs Asset Management (GSAM) has recruited two executive directors as of 1 September, who will be in charge of banking client relationship management (commercial banks, savings banks, co-operative banks). The team, led by Michael Gruener, director of distribution for retail funds, now consists of seven people, with the arrival of Thorsten Saemann (ex senior manager business development at Standard Chartered Bank), and of Erik Drollinger, who was previously a retail specialist at Henderson Global Investors for Germany.By the end of the year, five more recruitments are planned, which will allow GSAM to quadruple its sales force. The new recruits will also be in charge of banking client relationship management.
02/09/2009

Ibercaja Gestión leads for subscriptions

In August, the strongest net subscriptions for Spanish management firms were at Ibercaja Gestión, with EUR157.1m, ahead of BBVA Asset Management (EUR74.8m), Invercaixa Gestión (EUR45.8m), and Santander Asset Management (EUR24.7m), according to statistics from the Inverco association.In terms of assets, the rankings remain unchanged: BBVA AM leads with nearly EUR33bn, followed by Santander AM (EUR28.6bn) and Invercaixa Gestión with EUR12.5bn.
02/09/2009

Bernard Madoff's personal possessions up for auction

This week, the US Marshal Service is planning to sell the house of Bernard Madoff in Madock, Long Island, at auction. It plans to bring in USD8m for the property (it was bought for USD3m in 1979). Madoff’s Manhattan apartment is expected to sell for USD7m, while the Florida house is expected to bring in USD11m, Die Welt reports. The auctions will also include artworks, furniture, and Ruth Madoff’s shoes.
02/09/2009

Stress testing in an analysis phase in Europe

La Tribune reports that the European council for economic and social affairs (ECOFIN) will release the results of stress tests of European banks by the end of the month, “most probably before the G20,” the CEBS (European committee of banking supervisors), in charge of receiving the results of efforts by national regulators and European banks submitted to ECOFIN, announced on Tuesday.
02/09/2009

Madoff report to be published soon

A report on the Bernard Madoff fraud by the inspector general of the Securities and Exchange Commission, David Kotz, was submitted on Monday to the chairman of the regulatory agency, and will be published in one week, the Wall Street Journal reports. The 450-page document will offer a detailed description of the way in which the fraudster escaped detection for lo long. The report is expected to blame inexperience and lack of competence on the part of those who investigated Madoff, the WSJ reports.
02/09/2009

Bank of America negotiating to pay back USD20bn

The circle of banks which have partially or completely paid off funds received as part of the US government’s TARP aid program may soon grow by one bank, La Tribune reports, citing the Wall Street Journal. According to the newspaper, Bank of America (BoA) is negotiating to reimburse USD20bn which it received in January at the time of its acquisition of Merrill Lynch. BoA would not be paying off all the aid it has received - it had previously received USD25bn in assistance - but it is said to no longer be considered a recipient of “special” government assistance. The US newspaper reports that this will allow it to get free of the surveillance of pay scales by Kenneth Feinberg, the bonus czar for the United States.
02/09/2009

87% of defined-benefit funds are closed to new entrants

The “2009 ACA Pension Trends Survey Report 1,” undertaken in June and July by the Association of Consulting Actuaries, and which surveyed 309 employers with pension funds with assets totalling GBP138bn, has found that 87% of defined-benefit funds are now closed to new entrants, and that of these, 18% are also closed to new future accrual.In addition, 39% of defined-benefit funds are currently considering changes to benefits to be delivered in the future, either through a modification to the way these benefits are calculated, or through a move to a defined-contribution system.The survey, available at www.aca.org.uk, also shows that nine DB funds out of ten are in deficit, with average financing rates of 79%, compared with 87% two years previously.
02/09/2009

Decline in number of fund shareholders

Five months after the stock market rally began, subscriptions to securities funds in August totalled nearly EUR3.55bn, and redemptions totalled over EUR3.14bn, while the sector has posted its first net subscriptions (EUR402m) since April 2007. However, Expansión notes, the number of shareholders in investment funds has fallen further to 5.69 million in August, which represents a 1.19% decline in July.
02/09/2009

Subscribers may be disadvantaged in mergers of funds of funds

For companies which manage mutual funds, the best strategy in times of economic difficulties is often to merge products, but this is not always the best solution for investors, the Wall Street Journal reports. Mergers such as these make it possible to conceal poor performance or to absorb funds which have become too small to be profitable. There have already been 300 mergers of funds between the beginning of the year and mid-August, as many as in all of the year 2008. Specialists are expecting this trend to accelerate, as managers are facing growing pressure to reduce costs as competition intensifies, particularly due to ETF products. For subscribers, mergers like these may be beneficial as they may lead to reduced fees, but this is not always the case. In particular,one shouldpay attention tothe duration of the waivers that keep the combined fund’s expense ratio from exceeding the acquired fund’s pre-merger expenses.
02/09/2009

Good returns for local hedge funds

The Finles/IEX index of 23 Netherlands-based hedge funds, which ia being calculated for the first time by Circle Partners, has posted returns of 0.41% in July, bringing total average gfains to 9.03% since the beginning of the year, Hedge Week reports (while the HFRX index has posted retusn of 7.16%). From 1 September, the index will include two new products, the Robeco All Weather Global Equities Fund, managed by Michael Strating, and the World View Global Macro Fund, amanged by Frits Fiene.
02/09/2009

First net subscriptions since April 2007

According to statistics from the Inverco association of asset management firms, securities funds on sale in Spain posted net subscriptions in August of EUR402m, compared with net redemptions of EUR196m in July. This is the first time that the sector has posted net inflows since April 2007.Assets increased last month by EUR1.46bn or 0.9% compared with their levels in July, to a total of EUR162.84bn as of 31 August. This is the largest increase in assets under management in 28 months.
02/09/2009

Assets 38% below peak in May 2007

Securities funds may have posted their first net subscriptions in 27 months in August, bringing an increase in assets under management of 0.9% compared with 31 July. But Cinco Días notes that EUR162.84bn in assets is still a level 3.4% below 31 December, and 8% off their record of EUR261bn as of 31 May 2007. All categories of funds have posted returns in August, according to Ahorro Corporación, with equities funds and diversified funds at the top of the rankings, at 6% and 2.3%, respectively. Since the beginning of the year, emerging markets equities funds gained 31.16%, while Spanish equities came in at 22.74%, and Euro zone equities at 20.45%. In the same period, the Ibex index gained 21.5%.
02/09/2009

Germans have an average of EUR3,000 each in Spezialfonds via insurers

Wolfgang Mansfeld, president of the BVI association of asset management firms, said that 82.5 million German citizens hold approximately 426 million health, damage and life insurance policies. Insurers and reinsurers, whose financial investments total EUR1.141bn, have allocated about 21.3% of this amount to institutional funds (Spezialfonds), or about EUR243bn. This corresponds to an aveage of about EUR3,000 per person.
02/09/2009

Institutional assets increasing in volume

In 2003, assets under management in Germany on behalf of institutional investors represented 58.1% of total assets. As of the end of June, this total was 61.4%, according to the BVI association.The Börsen-Zeitung reports that as of 30 June, assets in open-ended funds totalled EUR600.9bn, while purely institutional management totalled EUR955.4bn, of which EUR661.7bn were in Spezialfonds.
01/09/2009

Capital Group, premier actionnaire minoritaire de Suisse

Selon L’Agefi suisse, The Capital Group Companies détient 4,38% d’UBS, devenant ainsi le deuxième plus important actionnaire derrière le fonds souverain Government of Singapore Investment Corp. Ce qui traduit non seulement la confiance de Capital Group dans le redressement de la banque suisse, mais est aussi la conséquence d’une augmentation de ses intérêts dans différentes grandes capitalisations boursières du marché suisse SIX Swiss Exchange. Avec Franklin Templeton, Capital Group est probablement, à ce jour, le plus gros investisseur institutionnel dans les sociétés qui composent l’indice SMI et ses dérivés élargis, SMIM et SLI. Ces derniers mois, le gérant d’actifs américain a également augmenté sa participation dans Geberit (à 10,1% contre 4,55% le 22 juillet dernier) et dans Novartis à 3,25%.
01/09/2009

Suisse: HSBC a les moyens de participer à la consolidation en cours

Selon L’Agefi suisse, le président exécutif de HSBC Private Bank (Suisse), Alexandre Zeller estime que sa banque a les moyens de participer – «en tant qu’acquéreur potentiel» – à la consolidation en cours, grâce notamment à un bénéfice net en hausse de 17% à 410 millions entre janvier et juin. Au 30 juin dernier, les actifs sous gestion de la banque s’élevaient à 186 milliards de francs, dont 40% émanant des marchés émergents. Les actifs clients atteignaient 178 milliards de francs fin décembre, en chiffres ajustés pour tenir de la fusion avec HSBC Guyerzeller Bank, finalisée le 1er avril dernier. Ils ont en revanche reculé de 4,2 milliards au premier semestre par rapport à la même période en 2008. En cause, les rachats dans l’alternatif (pour près de 3 milliards de francs, soit 12% des actifs sous gestion) et la baisse de l’effet de levier («deleveraging») des clients. Ces deux tendances ont contrebalancé l’arrivée de nouveaux actifs, qui a atteint 1,7 milliard de francs sur les six premiers mois de l’année.
01/09/2009
Fonds

Private equity : les investisseurs s’opposent aux fonds annexes

Les sociétés de private equity sont confrontées à l’opposition grandissante des investisseurs face à leur tentative de lever des fonds annexes, censés les aider à trouver des liquidités pour renflouer les sociétés acquises pendant la bulle du crédit, rapporte le Financial Times. Ainsi, Apollo Management aurait renoncé à lever un fonds annexe.
Fonds
01/09/2009
Fonds

Les hedge funds affichent des résultats positifs, selon Lyxor

A fin juillet, l’indice général des hedge funds calculé par Lyxor Asset Management affichait une performance de 3,24 % depuis le début de l’année ; pour le seul mois de juillet, le gain a été de 1,04 %. Ce mouvement positif s’est poursuivi en août, avec un indice à 938,49 au 25 août. Cela représentait depuis le début de l’année une performance de 4,17 %, dont 0,91 % pour août.Les deux stratégies dont les résultats ont constitué les extrêmes depuis le 1er janvier 2009 sont le long/short credit arbitrage, avec un gain de 33,81 % et le long/short equity short bias, avec une perte de 21,91 %.
Fonds
01/09/2009

Baisse des encours d'Intesa Sanpaolo

Au 30 juin 2009, le groupe Intesa Sanpaolo gérait un encours de 213 milliards d’euros, en repli de 13,9 % par rapport à l’année dernière, et en légère augmentation de 0,2 % par rapport à la fin 2008. En assurance vie, le groupe a récolté 5,2 milliards d’euros sur les six premiers mois de l’année.Le pôle Eurizon Capital, qui fournit des produits d'épargne aux réseaux bancaires du groupe et à des sociétés en architecture ouverte, enregistre un résultat net de 30 millions d’euros, en repli de 6,3 % sur un an. Banca Fideuram, l’activité de banque privée, voit son résultat net chuter de 27,7 % à 47 millions.

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