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27/04/2009
Fonds

CAAM "européanise" son Dynarbitrage Actions

Crédit Agricole Asset Management (CAAM) a lancé au sein de sa Sicav internationale luxembourgeoise le compartiment CAAM Funds Equity Statistical Arbitrage (EUR), qui est une variante européenne du CAAM Dynarbitrage Actions et qui est destiné à la clientèle institutionnel. Il s’agit d’un fonds d’arbitrage statistique long/short actions dont l’objectif est de générer une performance la plus décorellée possible de l'évolution des marchés. Ce produit (200-400 lignes), qui allie des stratégies de retour à la moyenne (mean reverting) et de suivi de tendance (momentum), est conforme à la directive OPCVM III. Il est censé surperformer l’Eonia de 400 points de base par an pour un horizon minimum de placement de 4 ans, avec une fourchette ex-ante de valeur à risque inférieure à 10 %. L'équipe de gestion arbitrage actions comprend trois gérants et un analyste. La souscription minimale est fixée à 0,5 million de dollars. En plus de la commission de souscription et de la commission de gestion, CAAM facture sur ce produit 30 % maximum de la surperformance au-delà de l’EONIA capitalisation majoré de 400 points de base par an.
Fonds
27/04/2009

Davegårdh & Kjalls lance un fonds écolo

Lundi dernier, la société de gestion suédoise Davegårdh & Kjälls a lancé son troisième fonds, appelé Sol, vind & vatten (soleil, vent et eau), rapporte Privata Affärer. Sur les trois premiers jours, l’entité a recueilli 10 millions de couronnes dans le fonds et a déjà investi près de la moitié. Le nouveau fonds se concentrera sur les entreprises écologiques nordiques.
27/04/2009

La Suisse demande l?abandon d?un procès UBS

Le président suisse Hans-Rudolf Merz a demandé au Secrétaire au Trésor américain Timothy Geithner d"abandonner une plainte impliquant des clients d"UBS en échange d"un nouvel accord fiscal que les deux pays sont en train de négocier, rapporte le Financial Times.
27/04/2009

UBS nomme Alex Wilmot-Sitwell et Carsten Kengeter co-CEOs de sa banque d'investissement

Lundi matin, l’UBS a annoncé la nomination avec effet immédiat d"Alex Wilmot-Sitwell et de Carsten Kengeter en tant que co-CEOs de son activité de banque d’investissement. Ils remplacent donc Jerker Johansson, qui a démissionné avec effet immédiat de ses fonctions de CEO d"Investment Bank (lire par ailleurs). Il avait rejoint UBS en mars 2008 et faisait partie du directoire du groupe UBS. Alex Wilmot-Sitwell, qui est entré chez UBS en 1996, est membre du directoire du groupe. Il occupait les fonctions de joint global head du département banque d’investissement depuis novembre 2005 et de chairman et CEO de UBS Group Europe, Middle East & Africa (EMEA) depuis janvier 2008 tandis que Carsten Kengeter, entré chez UBS en septembre 2008, occupe les fonctions de joint global head du segment fixed income, currencies and commodities (FICC) au sein d"UBS Investment Bank. Dans ses nouvelles fonctions, il fera également partie du Directoire du Groupe.
27/04/2009

Jerker Johansson va quitter UBS

Lundi, UBS devrait annoncer le départ de Jerker Johansson, le patron mondial de sa banque d"investissement, rapporte le Financial Times. La sortie du dirigeant, qui avait rejoint la banque suisse il y a seulement un an après 22 ans passés chez Morgan Stanley, sera l"un des changements les plus importants subis par l'établissement depuis l"arrivée d"Oswald Grübel.
27/04/2009

Les caisses de retraite sont en moyenne sous-financées, selon Swisscanto

La deuxième édition du «moniteur des caisses de pension» Swisscanto fait état pour fin mars un ratio moyen de couverture des caisses de retraite suisses estimé de 91,9 % soit 1,7 point de moins que fin décembre. «L"évolution négative du quatrième trimestre 2008 s"est ainsi poursuivie, sous une forme toutefois nettement moins virulente», précise Swisscanto. La part des caisses présentant un défaut de couverture a augmenté à 74,3 % contre 63,9 % fin 2008. Le degré de couverture moyen estimé des caisses de droit privé a enregistré une chute de 1,9 point par rapport à fin 2008, à 98,3%. Pour celles de droit public, qui pour la plupart bénéficient d’une garantie de l’Etat, le recul du degré de couverture moyen estimé s"établit à 1,6 point, à 84,2% contre 85,8 %.
24/04/2009

External distributors play a key role

Third-party distributors, particularly global banks and local financial advisors and brokers, are key partners in distribution of UCITS funds in all regions, according to a study entitled ?UCITS as a Global Brand,? undertaken by Lipper Feri on behalf of Efama, which surveyed 22 major asset management firms.The findings point to the importance of understanding the consequences of the financial crisis for third-party distributors and to the elaboration and redefinition of cross-border distribution of UCITS funds. Given this importance, Efama notes, participants in the study consider that one of the strategies that is helping them to confront the financial crisis is to seek new distribution partners. This concern comes after cost reductions, but before launches of new products.
24/04/2009

Banks reorganise fund management activities

As elsewhere in Europe, Spanish banks are planning to sell off or reshuffle their fund management activities, Cinco Días reports. For the moment, the only firm to have announced that it would like to sell its asset management unit is Santander, but the sale has not taken place, since the bank is asking EUR3bn, which is too much, and because some of the potential buyers are suffering due to the crisis. Meanwhile, Santander Asset Management has cut back the number of funds in its range by 10% since the end of 2007, and it is now beginning to merge funds which use the same strategies at different fee levels, depending on whether they are sold by Santander, Banesto or Banif. Sabadell, for its part, is reducing the number of its funds to 87 from 100, and has created a new affiliate, BanSabadell Securities Services, to manage the entire securities services process; the firm may provide securities services to other management firms also. Caixa Tarragona has opted for another solution, by outsourcing management of its funds (to Intermoney Valores), while continuing to offer its products and receiving the commissions for them.
24/04/2009

Stanford assets were inflated

The value of most assets held by companies related to Sir Allen Stanford, the billionaire accused of operating a Ponzi scheme, was inflated, says Ralph Janvey, the liquidator appointed by US courts to supervise the group’s affairs, cited by the Financial Times.
24/04/2009

Inflows to life insurance rise

Life insurance contributions climbed 22% in March 2009 compared with the same month of the previous year, after 27 consecutive moths of decline since December 2006, according to the most recent internal study by the French federation of insurance companies (FFSA), viewed by La Tribune. Cumulative payments into policies in the first three months of the year are up 3% to EUR37.5bn, despite decreases in January and February.
24/04/2009

BKB and Bank Coop join forces in asset management

Less than a week after an alliance of three cantonal banks with Wegelin was announced, the cantonal bank of Basel (BKB) and Bank Coop on Thursday announced the creation of a joint centre of expertise in asset management, which will provide services to the two establishments, which will continue to operate separately. The asset management divisions of the two banks will be united on 1 January 2010, to form a new centre of expertise which will be placed under the direction of the private clients and private banking division of BKB. The process will be completed with the move to a joint portfolio management tool known as Avaloq. The project will be led by Alfred Ritter, who becomes CIO of the BKB group, and who was previously director of equities trading at the bank. His deputy will be Martin Volekle, director of asset management at Bank Coop.
24/04/2009

Alternative and traditional management are converging, says CIO of SEB Wealth

Peter Branner, global CIO of SEB Wealth in Sweden, claims that the convergence between hedge funds and long only funds is likely to continue, Citywire reports. The director notes that there is a growing demand for hedge fund-style products in an UCITS III-compliant format. He thinks that product ranges from major management firms such as SEB will continue to attract investors hungry for hedge fund type returns with fewer operational risks.
24/04/2009

Brussels seeks to cut bankers' bonuses

According to recommendations which have been seen by the Financial Times, the European Commission will seek to cap bonuses and golden parachutes for bankers in the 27 countries of the European Union. The countries would be required to adopt stricter regulations for financial institutions that have an office within their borders. Employees whose activities affect the risk profile of the firm would be affected.
24/04/2009

Some bright sides to the news at Janus Capital

Net profits for first quarter may have fallen 93% to USD2.7m or 2 cents per share, but operating costs at Janus Capital contracted by 29%, thanks to 112 layoffs in fourth quarter 2008. In addition, the Wall Street Journal points out, net outflows were limited to USD900m, of which USD300m were due to reallocations by clients who will return, compared with USD3bn in outflows in October-December. As of the end of March, assets of USD110.9bn were down 10% compared with their levels at the end of December, and down 41% in one year.
24/04/2009

India - BNP Paribas to sell asset management activities to Fortis

The Financial Chronicle reports that BNP Paribas may sell the asset management activities of Fortis in India, following its acquisition of the Belgian bank. The two groups currently have separate fund management activities in the country, which is not allowed by Indian law, Dow Jones reports.
24/04/2009

Agreement on staff reduction plan at Franklin Templeton

Negotiations between Franklin Templeton International Services SA and representatives of its personnel on 21 April concluded in an agreement over a cutback plan. Staff will be reduced by 16 people, out of a total of 141, of which 14 will be involuntary departures; 17 involuntary departures had initially been planned.
24/04/2009

Deborah Doyle McWhinney to lead PWM division of Citi

Citigroup has announced the appointment of Deborah Doyle McWhinney as head of Citi Personal Wealth Management, which includes both the existing network of agency-based financial advisors in the United States and other financial planning and wealth management services. McWhinney was president of Charles Schwab Institutional until 2007, and then served as CEO and president of the Dennis and Phyllis Washington Foundation.
24/04/2009

Fidelity buys stake in Deutsche Borse

Fidelity has bought a 2.91% stake in Deutsche Börse via its British affiliate, the German stock market company has confirmed, according to reports in Handelsblatt. Fidelity becomes the second investor to become known since it was learned that the hedge funds TCI and Atticus had sold their stakes (totalling 16%), Handelsblatt notes. The first was the American management firm Wellington, which acquired slightly over 3% of capital in the firm.
24/04/2009

Brian Hogan promoted to head of equities management at Fidelity

Two weeks after the announcement of the departure of its equities CIO, Walter Donovan, to Putnam Investments, Fidelity Investments has announced that the new chief investment officer for equities fund management (USD491bn in assets) will be Brian Hogan, who has 15 years’ seniority, and who has served as vice president of equity research since 2006, the Wall Street Journal reports.
24/04/2009

Assets down at Schroders in Q1

In first quarter 2009, Schroders has seen a decline in its assets under management of GBP7bn compared with the end of 1008, to GBP103.1bn. The management firm has undergone redemptions of GBP2.4bn from institutional investors.In the first three months of the year, pre-tax profits and exceptional elements in Asset Management and Private Banking are down to GBP35.9m, compared with GBP77.8m in first quarter 2008. After one-time elements are taken into account, profits total GBP12.2m, compared with GBP42.2m in Q1 2008. This decline in profits is largely due to Asset Management, while results for the private bank have remained relatively stable.Schroders notes that the ?level of volatility on the financial markets in first quarter is expected to persist, and will continue to affect demand on the part of investors.? In this context, ?we have reduced our personnel costs, which will lead to a reduction in other costs later in the year and in 2010.?
24/04/2009

Arobas Finance launches a platform

The independent wealth management platform Arobas Finance will launch a platform for FCPI, FIP, SOFICA, and SCPI products dedicated to IFAs. ?We will offer a base for prospective clients and targeted clients, which will direct them to agencies geographically near to them. This will allow us to bring us closer to our clients,? says a statement. ?We are also on the lookout for ‘investments or acquisitions of agencies with which we would be able to cooperate’ in a commercial and administrative partnership to provide optimal continuation of our activities,? the statement continues. The announced objective is to sign ?25 quality agreements? in the next 18 months.
24/04/2009

Albert Cobti leaves Natixis Multimanager

Citywire reports on 23 April that Albert Cobti has left Natixis Multimanager, where he was CIO. Xavier Laurent will now become head of long only multi-management, the website reports.

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