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28/04/2009

Aurelia Finance réfute des accusations de gestion déloyale

Selon L"Agefi suisse, les cinq associés d"Aurelia Finance, mis en examen vendredi dernier pour «gestion déloyale avec dessein d"enrichissement», réfutent ces accusations. «Nous estimons avoir correctement accompli nos devoirs de due diligence et saine gestion des portefeuilles de nos clients», indique Pascal Cataneo, l"un des cinq associés inculpés, dans un entretien au quotidien. A l"accusation d"avoir investi dans des produits Madoff à l"insu des clients, l"associé reconnaît que « le client qui prétend n"avoir jamais entendu parler de Madoff a dans certains cas raison. Nous lui en parlions comme des 150 autres gérants dans lesquels nous investissions les fonds de nos clients. Dans les prospectus, le conseiller parle de ce que fait le fonds, mais pas nécessairement des personnes des gérants. Ces derniers changent d"ailleurs souvent. Madoff aurait pu changer dans six mois parce que le fonds aurait préféré un autre gestionnaire ».
28/04/2009

Reyl AM recrute Maximilian Tomei

Associé directeur et CEO d’INOKS Capital à Genève depuis 2004, Maximilian Tomei a été nommé COO de Reyl Asset Management (RAM). Il sera chargé de diriger et de faire évoluer la partie opérationnelle liée à l’ensemble des fonds gérés par RAM, Reyl Funds, une gamme qui comprend des fonds actions directionnels, des fonds actions décorrélés, des fonds obligataires et des fonds alternatifs.
28/04/2009

Compagnia San Paolo se renforce au capital de Banca Intesa

La Compagnie San Paolo a annoncé lundi à la surprise générale être sur le point d"augmenter sa participation dans Intesa Sanpaolo de 7,96 % à 9,89 %, après avoir réservé 1,93 % auprès de Barclays, rapporte Il Sole ? 24 Ore. Cela intervient quelques jours après l"annonce d"un pacte d"actionnaires entre Crédit Agricole et Generali portant sur environ 10 % du capital.
28/04/2009

EIM : "les rachats se stabiliseront d?ici à la fin de l?été "

Arpad Busson, fondateur et président d"EIM, est confiant quant à l’avenir des hedge funds. Dans un entretien au Temps, il estime que les rachats #se stabiliseront d"ici à la fin de l"été#. Il faut selon lui que les hedge funds réalisent 15 % à 25 % de performance pour récupérer 2008 et toucher à nouveau des commissions de performance. #Cela est possible dans les prochains 18-36 mois#, prévoit Arpad Busson.
28/04/2009

EIM supprime 70 postes

EIM, la société de gestion de fonds de hedge funds basée à Nyon, Londres et New York, a vu ses encours chuter de 16 % sur l"année 2008, à 10,9 milliards de dollars, a indiqué dans un entretien au Temps Arpad Busson, président exécutif du groupe. Pour faire face aux difficultés, EIM a supprimé la distinction entre gestion traditionnelle et alternative. Les effectifs d"EIM seront réduits de 70 postes, soit 30 %, au niveau mondial.
27/04/2009

Private equity activities contract severely

According to the British magazine Unquote, cited by the Frankfurter Allgemeine Zeitung, the number of transactions realised by private equity investors in Europe has fallen to 219 in first quarter, for a total of EUR4bn, compared with 358 deals worth EUR27bn in January-March 2008. This is the lowest level of activity since autumn 1996. The largest deal was the acquisition of Euromisure by BCC Private Equity for EUR454m.In Germany, Unquote counted only 6 acquisitions, for EUR156m, compared with 13 deals worth EUR1.1bn in first quarter 2008.
27/04/2009

Retirement savings plans increase allocation to bonds

According to a study by the consulting firm Mercer, managers of Spanish retirement savings plans have increased their exposure to bonds to 61% since the beginning of the year, compared with 49% in 2008, Cinco Días reports. Allocation to equities has fallen to 32%, 8 points lower than at the end of 2006.
27/04/2009

10-year bond rates will stand at 2.50%, according to Sifma

USD466bn in US Treasury bonds (of all maturities, including t-bills, t-notes and t-bonds) will be issued in second quarter 2009, experts at the Securities Industry and Financial Markets Association (Sifma) estimate, according to La Tribune. They also estimate that rates will remain low: the median prediction for 10-year rates is 2.50% until the end of second quarter 2009, and 2.60% up to the end of third quarter.
27/04/2009

Private equity groups interested in Springer

According to the Financial Times, private equity groups are preparing to invest about EUR400m in Springer Science and Business Media, which is selling 49% of the publishing business. Blackstone, CVC Capital Partners and TPG are expected to submit bids.
27/04/2009

SRI: Pension funds could do better, says FairPensions

The 30 largest British pension funds (4.86 million members, GBP351bn in assets) have an average score for socially responsible investment of 40%, according to a study by FairPensions. Though many of these funds admit that extra-financial factors (such as environmental, social and governance, or ESG, issues) may affect the value of their investments, many of them still do not have strategies to manage this risk. One third of managers apparently neglect to apply their ESG principles in their instructions to fund managers or in their selection of managers. Nearly half of them have no personnel dedicated to ESG issues either internally or externally. Transparency also is under-optimal, as half of funds do not disclose their major investments, and two thirds of them do not disclose details of their votes in general meetings.
27/04/2009

Derivatives: Report warns against blunt regulations

A report on derivatives commissioned by the City of London Corporation claims that London may lose its place as a top financial centre if authorities decide to regulate derivatives without distinguishing between products which contributed to the financial crisis and other types of products, the Financial Times reports.
27/04/2009

Jerker Johannson to leave UBS

On Monday, UBS is expected to announce the departure of Jerker Johannson, the global head of its investment bank, the Financial Times reports. The departure of the director, who joined the Swiss bank only one year ago, after 22 years at Morgan Stanley, will be one of the most significant changes the firm has seen since the arrival of Oswald Grübel.
27/04/2009

EU to publish draft of hedge fund directive

Ignites Europe reports that the European Commission on 29 April will publish a draft directive for hedge fund managers, which bears a significant resemblance to the UCITS framework. Management firms will be allowed to sell their products throughout Europe after receiving permission from local regulators, according to an initial version of the directive obtained by Ignites.
27/04/2009

Opponents of Fortis acquisition won't back down

The Financial Times reports that shareholders opposed to a sale of Fortis to BNP Paribas are mobilizing ahead of a general shareholders’ meeting on Tuesday, which will vote on the possible sale. The Modrikamen agency, which represents 2,300 shareholders, is also planning to take legal action to obtain the list of voters, which would delay the vote.
27/04/2009

Russell launches eight real-time indexes

Russell Investments has announced that it has released eight new ?global? real-time indexes, available at www.russell.com/indexes/default.asp: large cap, small cap, ex-U.S. large cap, ex-U.S. small cap, and value and growth style indexes covering the small cap, large cap and ex-U.S. Segments. The indexes offer weekly, monthly and yearly recapitulations for each segment, with the highest and lowest levels of the day and the year to date. Financial data for the indices is provided by SIX Telekurs. Other real-time global indexes will be made available subsequently.Previously, real-time data had existed for seven of the major US indexes, all of them Russell products.
27/04/2009

SocGen may have lost EUR5bn at SGAM AI

According to the newspaper Libération, Société Générale may announce EUR5bn to EUR10bn in new losses due to high-risk investments, this time at its alternative asset management affiliate Société Générale Asset Management Alternative Investments (SGAM AI). The bank formally denies the reports, and states that ?losses at SGAM for the 2008 fiscal year total EUR258m after taxes,? as stated in its publication of results in February. The newspaper reports, however, that Daniel Bouton, chairman, and Frédéric Oudéa, CEO, have ?ordered a house-cleaning? at the affiliate, whose ?top directors have either been discreetly pressured into leaving, or are about to do so.?
27/04/2009

Société Générale denies allegations of further losses

Société Générale has issued a formal denial of claims in the newspaper Libération that the bank has undergone further losses related to activities at SGAM AI. Libération has confused losses with the total volume of assets transferred in 2008 from OPCVM funds at SGAM to Société Générale. The total volume of assets transferred, to ensure the liquidity of funds and protect shareholders, was EUR11.2bn; these assets have subsequently been actively managed to reduce this exposure, according to Société Générale. Losses at SGAM in 2008 totalled EUR258m after taxes, a figure which has no resemblance to those alleged by the newspaper, the bank states.
27/04/2009

Davegårdh & Kjalls launches an ecological fund

Last Monday, the Swedish management firm Davegårdh & Kjälls launched its third fund, entitled Sol, Vind & Vatten (sun, water, and earth), Privata Affärer reports. In the first three days, the entity received SEK10m in assets for the fund, and has already invested nearly half of that amount. The new fund will focus on Scandinavian eco-friendly businesses.
27/04/2009

Henderson launches an SRI blog

Henderson Global Investors (HGI) has announced that it has launched a blog dedicated to the subject of socially responsible investment (SRI). The specialised fund management team at the asset management firm will use this vehicle to inform investors and other stakeholders about its opinions and its approach in this area. The project follows an announcement in March that HGI will be the patron of the 2009 edition of National Ethical Investment Week. HGI has assets of about GBP570m in SRI, in the form of funds and mandates.
27/04/2009

AMB Capital calls for LonZim to be dismantled

South African alternative asset manager AMB Capital and Damille Partners IV, which own 27% of capital in LonZim (in which Lonrho holds 24.25%), will move at an extraordinary general shareholders’ meeting to dismiss the four executive directors of the company and sell its assets in Zimbabwe, the Sunday Times reports. LonZim has been listed on the AIM in London since 2007, and Lonrho, the founder, has operational control. LonZim’s assets include Celsys (mobile telephony, printing); Paynet (online payment systems), and Millpal (chemistry). The chairman, David Lenigas, has called on shareholders to reject the demands of AMB and Damille.
27/04/2009

KKR seeks help from investors

Kohlberg Kravis Roberts has asked its investors to contribute EUR730m to support distressed companies belonging to its 2005 European fund, the Financial Times reports. Other private equity firms are expected to follow suit.
27/04/2009

CAAM ?Europeanises? its Dynarbitrage Actions fund

Crédit Agricole Asset Management (CAAM) has launched the CAAM Funds Equity Statistical Arbitrage (EUR), a sub-fund of its international Luxembourg Sicav. The product is a European variant of the CAAM Dynarbitrage Actions, aimed at institutional clients. It is a long/short statistical arbitrage fund, whose objective is to generate performance which is as decorrelated as possible from the evolution of the markets. The product (200-400 positions), which combines mean reverting and momentum investment, complies with UCITS III. The product aims to outperform the Eonia by 400 basis points per year for a minimum investment horizon of 4 years, with an ex-ante VaR of under 10%. The equities arbitrage management team includes three portfolio managers and one analyst. Minimal subscriptions are set at USD0.5m. In addition to subscription and management commissions, CAAM is charging a performance commission of a maximum of 30% on performance above the EONIA capitalisation plus 400 basis points per year.
27/04/2009

Nomura confirme une perte de 5,5 milliards d?euros

Selon L’Echo, le groupe japonais de services financiers Nomura Holdings a confirmé une perte nette record de 709,4 milliards de yen (5,55 milliards d’euros) pour l’exercice 2008-2009, miné par la chute des marchés et par les coûts d’acquisition de plusieurs actifs de Lehman Brothers.Nomura achève ainsi son deuxième exercice consécutif dans le rouge. En 2007-2008, il avait subi une perte nette de 67,85 milliards de yen.
27/04/2009
Fonds

Bruxelles va publier son projet de directive sur les hedge

Selon Ignites Europe, la Commission européenne va publier le 29 avril un projet de directive pour les gérants de fonds alternatifs qui présente d’importantes similitudes avec le cadre Ucits. Les sociétés de gestion pourront commercialiser leurs produits dans toute l’Europe après avoir reçu l’autorisation des régulateurs locaux, selon une première version de la directive obtenue par Ignites.
Fonds
27/04/2009

Epargne-retraite : les asset managers souffrent d'un déficit d'image

La crise financière a impacté le secteur de la prévoyance vieillesse pour 50,1 % des investisseurs et 58,3 % des investisseurs institutionnels interrogés par Kommalpha Institutional Consulting dans le cadre de son étude «Altersvorsorge in der Asset Management Industrie». Cette dernière fait ressortir par ailleurs que les investisseurs estiment en grande majorité qu’en matière d'épargne retraite les assureurs sont mieux positionnés que les gestionnaires d’actifs. De plus, les connaissances des clients potentiels concernant les acteurs les plus importants sont relativement limitées : seuls 20 % des investisseurs sont capables d’en citer un et 65 % des personnes interrogées sont incapables de citer un asset manager ayant une position particulièrement forte dans le domaine de l'épargne-retraite. Les plus connus sont Allianz et Deutsche Bank, mais aussi Union Investment (banques populaires) et Fidelity.
27/04/2009
Fonds

Springer intéresse les groupes de private equity

Selon le Financial Times, des groupes de private equity cherchent à investir autour de 400 millions d’euros dans Springer Science and Business Media, qui vend 49 % de l'éditeur. Blackstone, CVC Capital Partners et TPG devraient soumettre leur offre.
Fonds
27/04/2009
Fonds

ProSieben a besoin d'une aide financière de KKR et Permira

En 2007, KKR et Permira avaient obligé ProSieben Sat1 à acheter à crédit pour 3,3 milliards d’euros le groupe scandinave SBS et à leur verser un dividende représentant trois fois son bénéfice net. A présent, ProSieben perd de l’argent et accuse un endettement de 3,4 milliards d’euros, si bien que le groupe de télévision a besoin d’une aide financière de ses actionnaires principaux, note la Frankfurter Allgemeine Zeitung. Le problème est que l’américain KKR a des difficultés : il aurait demandé à ses investisseurs entre 400 millions et 730 millions d’euros de ralllonge pour un «annex fund» du fonds de 3,4 milliards d’euros levé en 2005 et qui porte la participation dans ProSieben. Entre-temps, cette dernière, acquise fin 2006, a été passée à 90 % par profits et pertes. Il est vrai que l’action ProSieben est tombée de 30 euros à la mi-2007 à 1,80 euro vendredi. De plus, KKR a fait d’autres mauvaises affaires comme l’acquisition d’Alliance Boots au plus haut pour 11 milliards de livres au printemps 2007.
Fonds
27/04/2009

La Deutsche Bank serait à 25 % de ROE

Josef Ackermann, président du directoire, confirme que l’objectif de la Deutsche Bank reste un rendement des fonds propres, avant impôt, de 25 %... «et cela, sans prendre de risques excessifs». Et, selon les informations du Handelsblatt, la banque pourra annoncer mardi qu’elle a atteint cet objectif pour le premier trimestre. Ses déclarations ont attiré au patron de la Deutsche les foudres de responsables politiques de tous bords qui lui reprochent de n’avoir rien appris de la crise et de s’en tenir à un schéma de pensée qui a justement provoqué cette crise. La Deutsche Bank est l’un des rares établissements qui n’ont pas fait appel aux garanties directes de l’Etat.

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