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17/08/2009

Vontobel renoue avec les bénéfices

Vontobel Group a renoué avec la rentabilité au premier semestre, avec un bénéfice net de 62,4 millions de francs suisses au premier semestre, contre une perte de 1,2 million au semestre précédent. Cela reste néanmoins inférieur au bénéfice de 114,7 millions enregistré un an plus tôt.L’établissement suisse a enregistré des souscriptions nettes de 0,8 milliard de francs suisses au premier semestre, dont 0,6 milliard de la part de clients privés et 0,2 milliard de la part d’institutionnels. Au total, les encours sous gestion ont augmenté de 4 % sur les six mois à 65 milliards de francs suisses. Mais sur un an ils reculent par rapport aux 74 milliards d’euros de juin 2008.
17/08/2009

Deux anciennes star d’UBS ciblent l’immobilier

John Costas et Mike Hutchins, anciens banquiers stars d’UBS, vont cibler l’immobilier dans le cadre de leur nouvelle boutique PrinceRidge, rapporte le Financial Times. Le duo a recruté 50 personnes. John Costas avait monté un hedge fund, Dillon Read Capital Management, qu’UBS a fermé il y a deux ans, rappelle le FT.
17/08/2009

Net subscriptions for German funds

Since the beginning of 2009, German funds have posted net subscriptions of EUR16.5bn, Citywire reports, citing Portfolio International and statistics from the BVI. Allianz topped the rankings, with net subscriptions of EUR1.6bn.
17/08/2009

Few women in private equity

Women represent only 10% of the 747 investment professionals at Europe’s 10 largest private equity firms, the Wall Street Journal reports, citing Prequin. 3i Group, Permira, and Axa Private Equity had the highest numbers of female staff.
17/08/2009

Vontobel returns to profitable territory

Vontobel Group has returned to profitability in first half, with net profits of CHF62.4m, compared with losses of CHF1.2m the previous half. This is nonetheless lower than the profits of CHF114.7m earned one year earlier. The Swiss firm has posted net subscriptions of CHF0.8bn in first half, of which CHF0.6bn comes from private clients, and CHF0.2bn from institutional investors. In total, assets under management have increased by 4% in the six-month period under review to CHF65bn. But for the one-year period, they are lower than the CHF74bn posted in June 2008.
17/08/2009

Large banks will have to pay

According to a declaration by a spokesperson for the US Treasury, reported in La Tribune, the financial product consumer protection agency now in the process of being created will be paid for by taxes on banks with assets of over USD10bn.
17/08/2009

Madoff's mistress comes forward

Bloomberg reports that Sheryl Weinstein, a 60-year-old accountant who publicly accused Bernard Madoff of stealing the savings of her family, has written a book which will go on sale on 25 August. In the work, entitled “Madoff’s Other Secret: Love, Money, Bernie, and Me,” Weinstein reveals that she had an extramarital affair with the man, whom she met 21 years ago, when he was CFO of Hadassah, an American Zionist women’s organisation. “She is entitled to free speech,” says Ira Sorkin, Madoff’s lawyer. For his part, Peter Chavkin, Ruth Madoff’s lawyer, had no comment.
17/08/2009

UBS to name 5,000 US clients

“UBS may reveal the identity of 4,500 to 5,000 of its US clients with secret accounts in Switzerland, under an agreement reached last week between the US government and the bank,” L’Agefi reports, citing the Swiss weekend press. The weekly newsmagazine NZZ am Sonntag states that the agreement in question, which is to be signed this week, will be modelled on a previous agreement reached in 1996.
17/08/2009

Offshore islands removed from 'grey list'

According to Les Echos, which cites an announcement by the Organisation for Economic Co-operation and Development (OECD) on Friday, the British Virgin islands and the Cayman Islands have been removed from a “grey list” of tax havens, after signing twelve international tax information sharing conventions.
17/08/2009

Record assets in ETFs

At the end of July, the 1,768 ETF funds worldwide monitored by Barclays Global Investors had total assets of USD862bn, the highest levels ever observed. The previous record was set in April 2008, when funds had assets of USD805bn. Since the beginning of the year, assets have increased by 21.2%, a larger increase than the MSCI World index in US dollars (+13.5%). The number of ETF funds, for its part, has gained 11.1% since January, as 240 new ETFs have been created, while 74 were closed. This growth is set to continue, according to BGI, as 780 more new ETFs are currently in the works. The market is shared by 94 providers, but iShares, which is now owned by BlackRock, continues to be the largest purveyor of ETFs, both in terms of the number of products on offer (391 ETFs) and assets (USD414.4bn). The firm controls nearly half of the market (48.1%). State Street Global is far behind, with 15.2% of the market, followed by Vanguard (7.8%). In Europe, assets in ETF funds set a record in July, with USD183bn, beating the previous record set in May 2009 by 8.4%. As of the end of the month, 753 ETFs were on sale, 12.8% more than at the beginning of the year. iShares also dominates the European market, with a market share of 39.6%. Its main competitors are Lyxor, with 20.5%, and db x-trackers, with 16.3%.
17/08/2009

Pequot veteran joins Blackstone

Byron Wien has joined the alternative investment firm Blackstone, as vice president of Blackstone Advisory Services. He was previously chief investment strategist at the hedge fund firm Pequot Capital, which is currently facing a legal challenge by the Securities and Exchange Commission.
17/08/2009

Pimco recommends active management of TIPS

Pimco (Allianz group) has found that, although index-based management is a great way to manage equities, the same is not true of Treasury inflation-protected securities (TIPS), the Wall Street Journal reports. For these assets, passive management may result in missed opportunities and hidden costs. The Pimco study comes as the iShares Barclays TIPS ETF is proving highly successful, with nearly USD5.6bn in inflows in 2009, the WSJ reports.
17/08/2009

BNP Paribas bucks trend for French asset managers

“Of the French financial firms that have already published their results for first half, BNP Paribas is the only one in positive territory in asset management,” L’Agefi notes. Not counting Fortis, its assets have increased by 9.2% since the end of 2008, to EUR249bn. However, Axa and Société Générale are still experiencing decreasing asset volumes, the newspaper reports.
17/08/2009

Tables are turned on Carl Icahn

For years, Carl Icahn has made a habit of investing in companies, and then outspokenly and publicly criticizing their directors, for not doing enough to boost the share price. But now, the businessman is himself the object of similar criticisms on the part of investors, the Wall Street Journal reports. A hedge fund, R2 Investments, claims that Icahn, as director and majority shareholder in XO Holdings, has made choices which are not in shareholders’ best interests by refusing three offers to buy the distressed telecommunications firm, which would have boosted the share price.
17/08/2009

US Natural Gas ETF runs up against CFTC regulations

The US Natural Gas Fund ETF is looking for a way around rules put in place by the Commodity Futures Trading Commission, which limit the size of permitted positions on natural gas, the Wall Street Journal reports. The fund is planning to turn to offshore energy markets. The ETF weighs in at USD4.5bn, and is positions now represent 30% of all natural gas futures in circulation, which is causing concerns about its influence on natural gas prices.
14/08/2009

US repossessions at record high

Les Echos relays information from the specialised agency RealtyTrac which shows that 360,149 real estate properties were subject to repossession operations in the United Stated in July, 7.0% more than in the previous month. It is a record figure, through the statistics do not distinguish between notices, properties on which mortgage payments are late, evictions, and other operations.
14/08/2009

Meteoric rise in US bankruptcies

The number of bankruptcies filed in the United States rose 38% in second quarter, La Tribune reports. 381.073 bankruptcy procedures were filed, a 15% increase over the number filed in the first three months of the year. More than 16,000 companies ceased operations, a number not seen since second quarter 1993, the newspaper reports.
14/08/2009

Nomination chez Fortis

Fortis vient d’annoncer la nomination de Bruno Colmant, le patron d’Euronext Bruxelles, à la fonction de deputy chief executive officer, à compter du 1er septembre prochain. Sous la responsabilité de Bart De Smet, Chief Executive Officer, il dirigera les entités Finance et Legal et assurera la gestion de l’héritage de l’ex-Fortis.
14/08/2009

Départ du patron d’Ignis AM

Selon la presse britannique, Gavin Stewart, le directeur general d’Ignis Asset Management, va quitter la société. Il sera remplacé par Chris Samuel, qui a rejoint la société en tant que COO. Ce changement fait suite à la vente de Pearl, l’actionnaire d’Ignis, à Liberty International. Récemment, Ignis AM annonçait le recrutement d’une équipe de 5 personnes pour assurer son développement en Europe continentale, et notamment en France.
14/08/2009
Fonds

Skandia attribue un deuxième mandat à Cazenove

Skandia Investment Group a accordé un deuxième mandat à Cazenove pour son fonds UK Strategic Best Ideas, rapporte Investment Week. Plus précisément, le mandat a été confié à Neil Pegrum, qui gère des actions britanniques et des hedge funds.
Fonds
14/08/2009

BNY Mellon ne va pas fusionner Insight

Le vice-président de BNY Mellon Asset Management, Jon Little, a assuré qu’il prévoyait de garder Insight en tant qu’entité distincte et séparée des autres filiales, rapporte Investment Week.BNY Mellon AM a acquis Insight à Lloyds.
14/08/2009

Souscriptions record pour M&G

Au premier semestre, M&G a enregistré des souscriptions nettes record de 8,6 milliards de livres, soit 10,02 milliards d’euros, rapporte Citywire. La société de gestion du groupe Prudential voit ainsi ses encours passer à 149 milliards de livres (173 milliards d’euros). M&G a néanmoins vu son bénéfice d’exploitation baisser de 30 % à 102 millions de livres en glissement annuel (119 millions d’euros).
14/08/2009
Fonds

RCM lance un fonds rendement absolu

RCM, filiale d’Allianz Global Investors, va lancer en octobre son premier fonds Ucits III, le Allianz RCM Discovery Europe fund, rapporte Citywire. Ce fonds, calqué sur une stratégie de hedge fund existante, vise un rendement annuel de 10 %. Il sera géré par Harald Sporleder.
Fonds
14/08/2009

Les sociétés de private equity lèvent des fonds en renminbi

Plusieurs sociétés américaines telles que Blackstone ou le pôle private equity de Goldman Sachs créent des sociétés d’investissement en Chine pour lever des fonds en renminbi auprès des investisseurs locaux et prendre des participations dans des partenaires chinois, indique le Financial Times, citant des personnes proches du dossier.
14/08/2009

De nouvelles aides et une "bad bank" demandées chez HRE

A l’occasion de l’assemblée générale jeudi de la banque Hypo Real Estate, son patron Axel Wieandt a annoncé que l'établissement aura besoin d’aides publiques supplémentaire, rapporte les Echos. La mise en place d’une structure de défaisance («bad bank») est également à l'étude, a précisé Axel Wieandt, qui a confirmé que la banque ne devrait pas redevenir rentable avant 2012.
14/08/2009

Sal. Oppenheim serait convoité par Mediobanca

Selon les Echos, qui cite le Financial Times Deutschland, Mediobanca est intéreressée par un rachat de Sal Oppenheim.En accord avec Deutsche Bank qui vient d’apporter son aide financière à Sal Oppenheim (cf Newsmanagers du 06/08/09) et pourrait, selon la presse, prendre une part minoritaire dans l’institut, la banque italienne et la banque privée luxembourgeoise sont actuellement en discussion. L’objectif de Mediobanca serait de renforcer sa présence sur le marché allemand. Sal Oppenheim et Deutsche Bank, contactés par le journal, n’ont fait aucun commentaire, précise les Echos, et Mediobanca n’a pu être joint.
14/08/2009

Mediobanca confirme son intérêt pour Sal. Oppenheim

Mediobanca a confirmé son intérêt pour la division banque d’investissement de la banque privée allemande Sal Oppenheim, rapporte Il Sole – 24 Ore, qui précise qu’il n’y a pas encore de négociations formelles. «Pour nous, cela pourrait représenter une opportunité de croissance dans le conseil et les actions», a déclaré un porte-parole de la banque italienne.
14/08/2009

Le recours à une "bad bank" souhaité par WestLB

Le journal Les Echos rapporte que, selon une source bancaire, la banque allemande WestLB a déposé une demande auprès des autorités bancaires pour créer une «bad bank».Il est question de se défaire de produits financiers structurés d’un montant total de 6,4 milliards d’euros, comme le confirment des informations du quotidien Handelsblatt.Cependant, toujours selon la même source, le responsable de l'établissement a explicitement averti qu’il prévoit de solliciter à nouveau le système gouvernemental des bad banks pour l’ensemble de ses actifs toxiques, qui représente environ 80 milliards, et dont WestLB compte se défaire d’ici à la fin de l’année.

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