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06/05/2009

Harewood AM launches a fund themed on dividends

Harewood Asset Management, a management firm wholly owned by BNP Paribas, has launched the FCP Harewood Euro Long-Dividends, which offers exposure to expected and actual dividends from businesses of the Dow Jones Euro Stoxx 50 index.The French-registered, UCITS III-compliant fund ?is based on a systematic strategy developed by research teams at BNP Paribas CIB and put into action by Harewood Asset Management, which allows for direct exposure to dividends (and not to the equities which pay the dividends),? explains a press statement.Exposure to dividends is obtained in the following manner: ?The fund systematically concludes ‘dividend swaps’ on shares of the Dow Jones Euro STOXX 50® index. In order to avoid concentrating exposure on dividends from a single year, the swaps have different maturity dates, spread over the next four years. These are regularly renewed, as soon as they mature,? Harewood AM continues.?These dividend swaps make it possible to both profit from the difference between the purchase price of the expected dividend and the actual dividend in a single year, and to profit from appreciation in the anticipated dividend over that time period,? the statement says.The maximum front-end fee for the fund is 4%, while the maximum exit fee and management fee are 1%. There is no performance commission.
06/05/2009

France - CM-CIC AM launches a protected capital fund

CM-CIC Asset Management is launching the French-registered diversified FCP fund Union Platinum 2017. The fund offers a protection on capital at maturity, on 19 May 2017, covering 90% of invested capital. In addition, a high watermark sets in at every 5% above the original asset value. This, ?each time the net asset value reaches another 5 Euros above the initial base net asset value as of 15 May 2009 (at levels of EUR105, EUR110, EUR115, etc), the capital guaranteed at maturity will be raised by EUR5 (to EUR95, EUR100, ERU105, etc.),? according to the simplified prospectus of the fund.The fund is an OPCVM-type fund of funds, invested more than 50%, and up to 100%, in shares in other OPCVM funds. The underlying funds are selected from among the product range from the management firm. The portion of the fund’s assets representing assets not at risk will be composed of ?Euro money market? OPCVM funds. For fees, the Union Platinum 2017 will charge a management fee of a maximum of 1.20% TTC per year. Front-end fees are a maximum of 3%, and exit fees are a maximum of 1% applied to the net asset value on 12 May 2017 inclusive), and will not be charged after 19 May 2017.
06/05/2009

Claws out in conflict between Horlick and Tchenguiz

The battle between Bramdean Alternatives, the management firm led by Nicola Horlick, and Vincent Thenguiz, its largest shareholder, with a 28.7%, stake, has taken a turn for the worse, as Tchenguiz has been demanded by the firm to reveal which shareholders supported his proposal to dismiss the board of directors, the Financial Times reports.
06/05/2009

Aspecta LV takes on board Marathon from Franklin Templeton

Life-insurer Aspecta Lebensversicherung has become the first Franklin Templeton partner to offer the management firm’s ?Marathon? strategy, which it is making available from its Aspecta IQ (Investment Qualität) policies. This includes the Franklin Templeton Global Fundamental Strategies Fund and Franklin Templeton Global Equity Strategies Fund sub-funds of the Luxembourg Sicav FTIF, which are known as the Marathon I and II strategies (see Newsmanagers of 2 September 2008). The first of these invests in the strategies of two international equities funds and a bond fund, while the second synthesizes the strategies of the Templeton Growth Fund, a global equities fund of the Mutual Series, and a global emerging markets equities fund which are available only in the United States.
06/05/2009

Aberdeen still in the mood to buy

Aberdeen Asset Management has announced that it is still in search of acquisitions, even as it digests its recent acquisition of a part of Credit Suisse, the Financial Times reports.
06/05/2009

Swiss Life CFO resigns

Thomas Müller has resigned ?for personal reasons? from his position as CFO and head of risk management at Swiss Life, and will be leaving the company at the end of June. He will be replaced by Bruno Pfister, CEO, who will simultaneously hold all three positions, Le Temps reports.
06/05/2009

Gottex acquires a US alternative management firm

The Swiss alternative management firm Gottex on Tuesday announced that it has acquired a majority stake in the US specialised management firm SJC Capital Partners, and that it is launching products to add to its range of asset-based lending funds of funds, Le Temps reports.
06/05/2009

AMF fines Safe for dominant position on a share

An Italian-registered company, Safe, has been sanctioned by the French financial market regulator, the Autorité des marchés financiers (AMF), for assuming ?a dominant position on a share,? La Tribune reports. This is the first time that such a fine has been handed down since the transposition of the Europan market abuse directive into French law in 2004. The case concerns trades on shares in Alstom in 2005 and in Eurotunnel in 2005 and 2006, when the shares were reduced to ?penny stocks.?
06/05/2009

New rules for disclosure of investments above certain thresholds in preparation

New regulations governing disclosure of investments in capital of publicly-traded companies that exceed certain thresholds as a percentage of traded capital will come into force on 1 August, and the AMF is currently holding consultations to adapt the draft regulations, La Tribune reports. Asset management firms will still benefit from some flexibility in the process of declaring their intentions, up to 20% of capital, the economic newspaper reports.
06/05/2009

Heads of Primary Reserve fund accused of fraud

Bruce Bent Sr., founder of the Primary Reserve fund in 1970, his son, and their company, Reserve Partners, have been accused by the Securities and Exchange Commission of failing to disclose key information to investors and administrators, the Financial Times reports. The fund held USD785m in Lehman debt.
06/05/2009

Ingo Gefeke or Axel Schwarzer to be made new director of DWS

The announcement of the appointment of the new head of DWS (Deutsche Bank) has already been postponed twice. This may be a sign that Kevin Parker, head of asset management at the Deutsche Bank group, is himself in uncertain waters, Handelsblatt suggests. The two favourites for the position at DWS would both be returning to the firm: Ingo Gefeke, who was COO, and who is now chief administrative officer in the asset management division at Deutsche Bank; and Axel Schwarzer, who was head of distribution at DWS in Frankfurt, before being transferred to the United States to aid in the revival of Scudder.
06/05/2009

Funds of hedge funds sell off their hedge fund shares

Hedgebay, a trading platform for shares in hedge funds, reports that the number of offers to sell have increased 20% in first quarter, and that no transactions have taken place at liquid value or higher, the Wall Street Journal states. In March, these shares were selling at an average of 20% below their value, compared with 15% below in February. Permal, an affiliate of Legg Mason, in November created the Hedge Fund Opportunities fund, to acquire shares in hedge funds from investors seeking to exit from their investments before the next liquidity window. SecondMarket, which trades in all types of illiquid assets, in February began trading in shares in private equity firms and hedge funds. Also in February, Tullett Prebon, an interdealer broker, set up a desk dedicated to this market.
05/05/2009

LIBA and SIFMA join forces

The London Investment Banking Association (LIBA), a group of banks created after World War I, is to merge with the European part of the Securities and Financial Markets Association (SIFMA), an association based in the United States which represents 650 banks, brokers, and asset managers.
05/05/2009

Launch of first European CFD market

The Bayerische Börse AG, a market company which operates the Munich stock exchange, has announced that with the market-maker FXdirekt Bank AG of Oberhausen, it is launching a new segment of the Munich stock market entitled Contrex, on which contracts for difference (CFD) will be traded.
05/05/2009

db x-trackers lists two new ETFs

Deutsche Börse announced on Monday that it has admitted two new Luxembourg-registered ETF funds from db x-trackers (Deutsche Bank group, over EUR20bn in assets) to trading on the XTF segment of the Xetra electronic platform. One of them is a commodity fund db x-trackers db commodity booster-S&P GSCI Light Energy Euro ETF, which carries a management commission of 1%, according to Deutsche Börse, or 0.95% according to db x-trackers, and which uses the Deutsche Bank Commodity Booster-S&P GSCI Light Energy Euro Index as its benchmark. The product replicates the evolution of 24 commodities in the energy (30%), precious metals (7%), industrial metals (14%), soft commodities (35%) and livestock (12%) sectors.The DB Commodity Booster ETF replicates the S&P GSCI Light Energy Index via an optimum yield (OY) system which uses futures as its underlying, to increase profits from backwardation situations and reduce losses due to contango. db x-trackers points out that its ETF DBLCI - OY Balanced ETF is already the largest ETF in Europe based on a commodities index, with assets of over EUR400m. The other ETF, an equities product, is the db x-trackers MSCI Pan-Euro TRN Index ETF, which carries a management commission of 0.3%, and which replicates, as its name indicates, the MSCI Pan-Euro TRN Index, which covers 215 European large caps.With these new funds, the XTF segment now lists 445 ETF products.
05/05/2009

Circulation of money begins to improve

The chairman of the Bundesbank, Axel Weber, is reported by the Frankfurter Allgemeine Zeitung to have declared on Monday that he sees the first cautious signs of an improvement in the German financial market. Subscriptions and assets in open-ended real estate funds and equities funds are increasing, and investors are returning to the Pfandbriefe market.
05/05/2009

Spain - Wealthiest families lost 20% in 2008

In 2008, Sicav funds, the vehicle of choice for Spanish high net worth families, lost more than 20% of their assets in one year. In terms of absolute value, and counting only the 13 largest fortunes in the country, losses ran to EUR1.2bn, Expansión reports. But during the same period, the stock markets lost 40%. Assets in the Sicav funds belonging to Amancio Ortega (founder and chairman of Inditex) fell by proportions of 32% to 52%, though this is largely due to redemptions of EUR350m, which were reinvested in real estate. Other significant losses include 41% for Soixa, the fund of Hernández Callejas (Ebro Puleva); 34% for Nomit IV, owned by the Polanco family (Prisa), and 44% for Arbarin (Juan Abelló), which was 81% invested in equities. Keeper Inversiones (Del Pino family, Ferrovial), which was 65% exposed to equities, lost 48%. However, Sicavs belonging to Isak Andic (chairman of Mango and a 5.6% shareholder in Sabadell), were invested exclusively in bonds, and their assets increased by 9% in 2008, to EUR517m.
05/05/2009

Private equity market turns down

In the first four months of the year, only 17 private equity operations were realised in Italy, one third of the number of operations in the corresponding period of 2008 (45), Il Sole - 24 Ore reports, citing the Rapporto Private Equity Monitor Pem from the Università Carlo Cattaneo.
05/05/2009

TPG illustre la morosité du secteur des LBO

Dans une lettre à ses investisseurs obtenue par le Financial Times, TPG dévoile qu"il a envisagé 140 LBO ces mois derniers, et n"en a accepté aucun, illustrant le fait que cette structure d"investissement est utile à certains moments du cycle mais pas à d"autres. «Lorsque la dette est mal évaluée et bon marché, comme c"était le cas avant 2008, cela a du sens de remplacer les actions par de la dette (?). Aujourd"hui, cela fait sens de remplacer la dette par des actions, ce qui conduit à des restructurations et des recapitalisations», peut-on lire dans la lettre.
05/05/2009

Constellation rejoint Highbridge

Constellation Growth Capital, l"ex-groupe de capital investissement de Bear Stearns spécialisé sur les medias, la communication et les technologies liées à ces secteurs, a rejoint Highbridge Capital Management, la société de hedge funds contrôlée par JPMorgan Chase, rapporte le Financial Times. Cela s"inscrit dans le cadre des efforts de Highbridge de bâtir une activité de gestion d"actifs diversifiée, aux côtés de ses investissements alternatifs.
05/05/2009
Fonds

Les gérants actifs surperforment en perdant moins que leur benchmark

D"après BNY Mellon Asset Servicing, au premier trimestre 2009, les gérants actifs ont battu leur indice de référence. Mais en fait ils ont perdu moins que FTSE All World Index, qui a chuté de 10,2 %. En moyenne, les gérants actifs ont perdu 9,2 % net de frais.La dernière fois qu"ils avaient surperformé, rappelle The Wall Street Journal, remonte au quatrième trimestre 2006, avec une performance moyenne de 4,4 % alors que le benchmark gagnait 4,1 %.
Fonds
05/05/2009
Fonds

Les fonds immobiliers lèvent $ 211 milliards en 5 ans

Les fonds mondiaux de private equity dans immobilier ont levé plus de 211 milliards de dollars ces cinq dernières années, bien que la plupart se soient lancés en haut de cycle en 2007 et soient obligés de déprécier leurs investissements, rapporte le Financial Times. Selon une étude de Private Equity Real Estate, deux sociétés dominent le marché : Blackstone et Morgan Stanley Real Estate, ayant levé respectivement 25,6 milliards de dollars et 20,15 milliards sur les cinq dernières années.
Fonds
05/05/2009

Fidelity en perte de vitesse

Selon L"Echo, les estimations du bureau d"études Financial Research montrent que, en l’espace de dix ans, Fidelity Investments, le premier gestionnaire mondial de fonds de placement, a accusé une chute de 4,9 % de ses actifs à long terme (hors fonds monétaires), qui s'élevaient à 521 milliards de dollars à la fin du mois de mars. La part de marché de Fidelity a baissé de 14,4 % à 9,9 % au profit de rivaux tels que Vanguard Group et American Funds dont les actifs sous gestion ont bondi de respectivement 91% et 142 %. Lors des dix dernières années, Vanguard et American Funds ont récolté plus de 400 milliards de dollars pour leurs fonds à long terme, contre moins de 100 milliards de dollars pour Fidelity.
05/05/2009

Erste Group revient dans le vert

Après 603 millions de perte au T4 de 2008, Erste Group affiche pour janvier mars un bénéfice net de ? 232 millions, ce qui est supérieur aux attentes des analystes ( 172 millions en moyenne), rapporte la Börsen-Zeitung. A l’exception de celle d’Ukraine, les filiales dans les huit pays où la banque autrichienne est présente ont affiché des résultats positifs. Les provisions pour risques ont plus que doublé à 370 millions d’euros et les moins-values sur le portefeuille de ? 54,8 milliards d’ABS et CDO ont fait baisser le bénéfice de 26,5 % en glissement annuel.
05/05/2009

La division Global Asset Management d?UBS dans le rouge

L"unité d"affaires Global Asset Management d"UBS a accuse pour le premier trimestre une perte de 59 millions de francs suisses, contre un bénéfice de 236 millions, du fait principalement d"une perte de survaleur (goodwill) de 191 millions de francs liée à la vente d"UBS Pactual. Les recettes d"exploitation se sont accrues, à 502 millions contre 478 millions, en raison essentiellement de l’augmentation des commissions de performance et de la baisse des pertes opérationnelles. Les sorties nettes accusées par l"activité Global Asset Management ont diminué à 7,7 milliards contre 27,6 milliards de francs. Les sorties nettes d"argent frais des institutionnels ont reflué de 16,7 milliards de CHF à 1,1 milliard de CHF. Si l"on exclut les flux en rapport avec les placements monétaires, les sorties de capitaux sont revenues de 22,7 milliards à 9,2 milliards de francs. Les sorties nettes dans le segment Wholesale Intermediary ont reculé de 10,9 milliards à 6,6 milliards de francs. Si l"on exclut les flux en rapport avec les placements monétaires, les sorties de capitaux du Wholesale Intermediary sont revenues de 16,6 milliards à 8,7 milliards de francs.
05/05/2009

Nouveau CEO à la Deutsche Bank

Selon L"Agefi suisse, Marco Bizzozero est nommé avec effet immédiat directeur général (CEO) de la Deutsche Bank (Suisse). Il succède à Hans-Jürgen Koch, qui s"occupera désormais des régions Proche-Orient et Afrique, tout en restant membre de la direction. Marco Bizzozero, 40 ans, est au service de la Deutsche Bank (Suisse) depuis 2004 où il a exercé son activité dans le «private equity» à Zurich, pour l"ensemble de la clientèle fortunée dans le monde.
05/05/2009

SG Private Banking : remaniements à la présidence du conseil

Selon L"Agefi suisse, SG Private Banking vient d"élire son nouveau conseil d"administration. Daniel Truchi a été nommé président en remplacement de René de Picciotto. Jean-Pierre Jacquemoud et Yves Thieffry remplacent Philippe Setton et Daniel Truchi aux postes de vice-présidents. A 57 ans, M. Truchi a plus de trente ans d"expérience dans l"industrie bancaire en Europe et en Asie.
05/05/2009

Nouveau CEO à la Deutsche Bank

Selon L"Agefi suisse, Marco Bizzozero est nommé avec effet immédiat directeur général (CEO) de la Deutsche Bank (Suisse). Il succède à Hans-Jürgen Koch, qui s"occupera désormais des régions Proche-Orient et Afrique, tout en restant membre de la direction. Marco Bizzozero, 40 ans, est au service de la Deutsche Bank (Suisse) depuis 2004 où il a exercé son activité dans le «private equity» à Zurich, pour l"ensemble de la clientèle fortunée dans le monde.

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