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22/05/2009

Banca Generali et Generali Investments créent Generali Investment Managers

Assicurazioni Generali a annoncé mercredi que Banca Generali et Generali Investments détiendront respectivement 51 % et 49 % de la nouvelle société luxembourgeoise Generali Investment Managers SA résultant de l’absorption dans le courant du second semestre de Generali Investments Luxembourg SA; contrôlée à 100 % par Generali Investments SA par BG Investment Luxembourg SA, détenue à 100 % par Banca Generali. La nouvelle entité se spécialisera sur les actifs «mark-to-market», donc les fonds, les Sicav, les fonds de fonds et la gestion institutionnelle.BG Investment Luxembourg gère environ 3,3 milliards d’euros dans deux Sicav (BG Sicav et BG Selection Sicav) commercialisées auprès des clients de Banca Generali, tandis que Generali Investments Luxembourg affiche un encours d’environ 4,8 milliards d’euros principalement pour le compte d’investisseurs institutionnels et de sociétés d’assurances appartenant au groupe Generali. Cette transaction vise non seulement à regrouper les savoir-faire dans le domaine des produits mark-to-market mais également à préparer le dispositif de Generali pour la mise en œuvre de la directive OPCVM IV, qui permet la création de plates-formes européennes de produits de gestion d’actifs. Le groupe Generali gère environ 20 milliards d’euros en produits mark-to-market.
22/05/2009

Temasek explique la vente de Bank of America

Le fonds souverain de Singapour, Temasek, a justifié la vente de sa participation dans Bank of America par un changement de l’environnement de risque de l’investissement, qui lui aurait fair perdre 3 milliards de dollars, indique le Financial Times.
22/05/2009

Axel Miller devient associé de Petercam

Au 1er juin, Axel Miller, président du comité de direction de Dexia de 2006 à octobre 2008, deviendra le 16ème associé-administrateur de la société de gestion indépendante Petercam (14 milliards d’euros d’encours).
22/05/2009

La PBGC affiche un déficit de 33,5 milliards de dollars

A la fin du premier semestre de l’exercice au 30 septembre, la société fédérale Pension Benefit Guaranty Corporation, qui est chargée d’assurer le paiement des retraites de base de quelque 44 millions d’Américains, affichait un déficit record de 33,5 milliards de dollars contre 11 milliards pour l’exercice 2007-2008.Vince Snowbarger, directeur par intérim (acting director), a précisé que l’augmentation de 22,5 milliards de la perte est essentiellement imputable à la baisse des taux d’intérêt (pour 7 milliards) ainsi qu'à la clôture de plans d'épargne-retraite (pour 11 milliards), plus qu’aux pertes sur les investissements (3 milliards).
22/05/2009

John Kanas et ses associés reprennent BankUnited

Un groupe d’investisseurs dirigé par John Kanas, l’ancien PDG de North Fork Bancorporation, a annoncé avoir investi 900 millions de dollars dans une structure qui a racheté les activités de BankUnited à la Federal Deposit Insurance Corporation (FDIC) qui en était l’administrateur judiciaire (receiver). Les investisseurs sont The Blackstone Groupe, the Carlyle Group, Centerbridge Partners et WL Ross & Co.John Kanas deviendra PDG de la nouvelle BankUnited.
22/05/2009

Roger C. Altman quitte la direction opérationnelle d'Evercore Partners

Ralph L. Schlosstein, co-fondateur de BlackRock avec Laurence D. Fink en 1988, va succéder au poste de CEO d’Evercore Partners à Roger C. Altman, qui demeurera chairman, rapporte The Wall Street Journal. Le nouvel arrivant va développer la filiale de gestion d’actifs ainsi que d’autres nouvelles activités en dehors du cœur de métier, l’advisory.
22/05/2009

Hedge funds : Citi lance des services de middle office

Selon Hedge Week, Citi vient de lancer des services de middle office à destination des hedge funds, une suite de solutions destinée à améliorer l’efficacité opérationnelle et permettre aux gérants de se concentrer sur les décisions d’investissement.
22/05/2009

NBIM seeking a new CIO

According to announcements published in several newspapers worldwide, Norges Bank Investment Management (NBIM) is seeking a new chief investment officer (CIO), a chief risk officer, and a chief treasurer, IPE reports. NBIM is the affiliate of the Bank of Norway which manages the nation’s Government Pension Fund - Global. Currently, Yngve Slyngstad, CEO of NBIM and executive director of the Fund, is serving as interim CIO, a job which he does not appear to wish to retain permanently.
22/05/2009

Credit Suisse réaménage encore sa gestion de fortune

Mark Hirst, qui a occupé la direction de la gestion de fortune de la Deutsche Bank en Afrique et au Moyen-Orient vient de rejoint le groupe suisse. Le nouvel arrivant entre à la tête du marché britannique. Il reportera désormais à Alois Bättig, directeur du private banking Europe. Mark Hirst devrait à terme être basé en Suisse. L’arrivée de Mark Hirst au sein de Credit Suisse correspond de plus avec un changement stratégique dans la division private banking. La banque a aussi séparé ses activités en Grande Bretagne et à l’international. En Grande-Bretagne toujours, Credit Suisse a gagné les services de Christopher Williams, ancien dirigeant de Citigroup et l’un des conseilleurs du gouvernement dans le sauvetage des grands prêteurs du pays.
22/05/2009

Collecte record pour Carmignac Gestion

Selon L’Agefi suisse, Carmignac Gestion à Paris et Luxembourg a déjà enregistré 2 milliards d’euros de nouveaux fonds à gérer au cours du seul premier trimestre. L’an dernier, Carmignac avait enregistré un afflux net record de 3 milliards d’euros, positif dans les 8 pays où ses fonds sont distribués (France, Luxembourg, Belgique, Pays-Bas, Allemagne, Suisse, Italie et Espagne). Les fonds ayant le mieux marché sont Carmignac Patrimoine, Carmignac Investissement Latitude et les fonds de fonds de la gamme Carmignac Profils Réactifs. Dans le segment de la gestion européenne, l’intérêt a été croissant pour Carmignac Euro-Patrimoine.
22/05/2009

Guillermo Morenés buys up Javier Botín's stake in M&B Capital

The son and son-in-law of the chairman of Santander are professionally parting ways, according to reports in Negocio. They were partners in the alternative management firm M&B Capital Advisers Holding, which was implicated in the Madoff scandal. The company Ameron Inversiones, controlled by Guillermo Moernés, son-in-law of Emilio Botín and husband of Ana Patricia Botín (chairwoman of Banesto), has now bought back the shares in the company previously controlled by Javier Botín, son of the banker. Javier Botín remains the sole shareholder in M&B Capital Markets.Negocio reports that M&B CA Holding invested EUR135m of its clients’ money in Madoff funds, of which EUR15m of it from funds which the firm managed itself.
22/05/2009

Sabadell reorganizes private bank

The fourth-largest Spanish bank, Banco Sabadell, is bringing together all of its private banking and market activities under a single director, and has appointed a man with a reputation for leadership, Ramón de la Riva, to head them up, Expansión reports. The new division will include Banco Urquijo, SabadellAtlántico Banca Privada, cash management, investment funds, and the brokerage firm Ibersecurities.
22/05/2009

LFP releases Euro Souverains fund in Spain

The French-registered FCP fund Euro Souverains, launched on 17 March, whose objective is to outperform the Euro MTS 1-3 year index by at least 100 basis points over three years, will be made available in Spain by La Française des Placements (LFP). The UCITS III-compliant product had assets as of the end of April of EUR75.3m. The investment strategy is focused on the exploitation of differentials in performance between Euro zone sovereign debt denominated in Euros, which follow a single monetary policy and whose risks of default are considered minimal. The manager, François Collet, monitors the returns for various maturity dates on the rate curve for member states of the Euro zone, to identify teh most attractive risk/return ratios and to locate potential sites for arbitrage between different categories of bonds (fixed-rate, inflation indexed, and variable rate). The performance of the fund in its first month was 2.81%, says Gerardo Duplat, head of LFP for Spain. The LFP Euro Souverains may invest up to 10% ots its assets in money market funds. The manager may also use derivatives traded on an official Euro zone market, up to to a maximal value of the liquid value of the fund, due to considerations of exposure and coverage.
22/05/2009

SGAM licensed to invest directly in Chinese equities

Through its alliance with the local manager Fortune Fund, SGAM has obtained a license from the Chinese authorities to create an investment vehicle which will invest exclusively in A-type shares, which are traded in Chinese yuan on the Shanghai and Shenzen stock exchanges. The fund may invest up to USD100m, and will be available only to institutional and foreign investors. Subscriptions will be open for three months, and the NAV of the fund will be calculated once per month.
22/05/2009

UBS refait encore ses comptes

Des «adaptations de valeur pour les rachats d’emprunts, le calcul des recettes d’intérêts et les pertes réalisées sur devises», expliquent de nouvelles corrections comptables chez UBS rapporte Le Temps qui note que la bqnue a du s’y reprfsdsdfsdfsdfendre à trois fois pour chiffrer l’étendue exacte de la débâcle de l’exercice 2008.
22/05/2009

Les hedge funds enregistrent des souscriptions nettes

The Frankfurter Allgemeine Zeitung reports that, according to Eurekahedge, hedge funds posted net subscriptions of USD15.4bn in April, the largest amount in nine months. In addition, redemptions fell to USD40.5bn, from an average of USD65bn in the previous six months. Net redemptions thus stand at USD25bn in total. Assets as of the end of April totalled USD1.3trn, compared with USD1.95trn at the end of June 2008.
22/05/2009

Decline on Lyxor hedge fund index in April

Lyxor has announced that its investible global hedge fund index lost 0.45% in April, and that it is now even with the beginning of the year, Hedge Week reports. Although the long/short credit strategy earned positive returns of 4.8% last year, the distressed strategy lost 3.8%.
22/05/2009

Skandia launches income generating protected product

Skandia UK on Wednesday announced the launch of the Skandia Enhanced Dividend Seeker, a new protected investment product which will pay an annual income determined by dividends from FTSE 100 companies rather than their market valuation. The product, which will be available from Skandia MultiFunds, will be open for subscriptions until 26 June, and will mature in three years, with payments on this anniversary date each year. When companies in the index pay a dividend, the value will be calculated as a proportion of the FTSE 100 index as a whole, and expressed as “dividend points.” Revenues for the second and third year will be calculated by dividing the total number of dividend points by the FTSE 100 at the beginning of the investment period. This value will then be multiplied by an enhancement factor of 1.5 to provide the percentage of performance. In addition to these annual payments, the capital initially invested by the subscriber will be reimbursed in full at the end of the three-year period, if the FTSE has not lost more than 50% of its initial value. If the index loses more than 50%, the capital remibursed will be reduced by the same proportions. Minimal subscription is set at GBP3,000.
22/05/2009

GLG to lay off 70 from a workforce of 450

According to reports in Investment Week, the alternative manager GLG Partners will lay off about 70 people out of 450, following its acquisition of SGAM UK in April. The layoffs will affect positions in the back office and support functions, but it appears that Hugh Grieves, manager of the Technology Equity fund, will also be leaving the firm. Meanwhile, GLG will also continue to rationalise its range of funds, and will be able to make several of its best-performing funds, including the Alpha Select Fund, available to British retail investors.
22/05/2009

F&C rationalises product range

F&C Investment will propose at its general assembly on 10 June to merge eight of its OEIC-type funds with other funds. John Yule, head of UK retail, says the funds which will be absorbed into other products are too small in size and their chances of attracting new subscriptions are limited in the current ecnomic climate. The Emerging Markets ex Pacific Asia Equity Fund will be merged into the Emerging Markets Fund, which will also take over the F&C Latin American Equity Fund, while the European Dynamic Fund will be absorbed into the European Growth & Income Fund, and teh FTSE 100 tracker Fund will be merged into the F&C FTSE All-Share Tracker Fund. The F&C Managed Growth Fund will absorb the F%C Managed Blaanced Fund, while hte F&C Managed Distritbution Fund will be split two ways, with 60% of it merged into the F&K UK Equity Income Fund, and 40% into the F&C Strategic Bond Fund. Lastly, the F&C UK Dynamic Fund will be merged into the F&C Uk Equity Fund. The planned product mergers will take place at the end of June.
22/05/2009

BC Partners ne serait plus intéressé par iShares

Le groupe de private equity BC Partners a arrêté de travailler sur une conte offre potentielle de 5 milliards de dollars pour iShares, mis en vente par Barclays, depuis que la banque britannique a entamé des négociations pour céder l’ensemble de BGI, indique le Financial Times.
22/05/2009

Managers more involved in socially engaged investment

The fifth edition of the Fund Managers’ Engagement Survey from the Investment Management Association (IMA) finds that managers of funds of funds are investing more than they were two years ago in strategies that engage with companies in which they own shares. The survey included 32 management firms which account for 68% of all British shares under management, over the two years to the end of June 2008. All the management firms surveyed issue a report on engagement, and 28 of them publish their reports on their websites. All of the firms use the voting rights associated with their British shares, and do so in a considered way. Finally, 24 management firms, compared with 2 in 2003, make public disclosures of their votes in general assemblies. nérales.
22/05/2009

Best-performing funds invest in Latin America

According to statistics from VDOS Stochastics, the funds which have shown the best performance since the beginning of the year have been products which invest in Latin America, such as the ETF FTSE Latibex Brasil (42.51%) and the Sabadell BS América Latina, Cinco Días reports. Other strong performers include the Qquality BRIC (34.6%) from BBVA, the Plan Caixaprivada Bolsa emergence (26.4% from Manresa Rendicem, and the Bestinver Global, with 25.7% and 27%, respectively.
22/05/2009

Ingo Gefeke et Axel Schwarzer promus au comité de direction de DWS

Le conseil de surveillance de DWS Investment GmbH (groupe Deutsche Bank) a nommé deux nouveaux membres de son comité directeur (Geschäftsführung) avec effet au 1er juillet. Il s’agit d’une part d’Ingo Gefeke, chief administrative officer de la division gestion d’actifs de la Deutsche Bank, qui prend la responsabilité mondiale de la distribution et de la gestion des produits. D’autre part, Axel Schwarzer, qui avait été dépêché aux Etats-Unis pour remettre Scudder sur pied, se voit confier la responsabilité mondiale des relations avec les partenaires de distribution stratégiques.Cela signifie qu’en plus de la gestion de fonds et du développement de produits, la direction de la distribution sera désormais centralisée à Francfort, comme l’a souligné Klaus Kaldemorgen, primus inter pares au sein du comité directeur. DWS précise qu’en 2008 quelque 3 milliards d’euros ont été transférés pour gestion à Francfort en provenance d’Asie et des Etats-Unis. D’ici à fin mai, ce montant atteindra probablement 7 milliards d’euros, principalement en provenance des Etats-Unis.
22/05/2009

John Kanas and his partners take over at BankUnited

A group of investors led by John Kanas, former chairman and CEO of North Fork Bancorporation, has announced an investment of USD900m in a structure which has taken over the activities of BankUnited from the Federal Deposit Insurance Coporation (FDIC), which was acting as receiver for the firm. The investors are the Blackstone Group, Carlyle Group, Centerbridge Partners, and WL Ross & Co. Kanas will become chairman and CEO of the new BankUnited.
22/05/2009

Roger C. Altman quits as operational director of Evercore Partners

Ralph L. Schlosstein, co-founder of BlackRock with Laurence D. Fink in 1988, will succeed Roger C. Altman as CEO of Evercore partners, while Altman will remain as chairman of the firm, the Wall Street Journal reports. The Schlosstein will develop the asset management affiliate, as well as other activities outside advisory, the firm’s core profession.
22/05/2009

DWS cuts back global presence in fund management

The Börsen-Zeitung reports that DWS (Deutsche Bank) will be reducing its presence in fund management in the United Staes and Asia. Many portfolio management locations in these regions will be abandoned, but it is not yet known how many jobs will be lost. A spokesperson also stated that Ed Parker, head of the firm for Asia, will be leaving the company.
22/05/2009

Managers losing sleep over recession

According to a survey by Philips Electronics in the United States, Japan, Germany, the United Kingdom and the Netherlands of 2,500 fund managers, the recession is costing managers sleep: Cotizalia reports that three out of four of them are sleeping 40 minutes to one hour less than the eight hours considered to be a normal nightly amount.

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