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30/04/2009

Spain - Two directors leave Caja Madrid to found a family office

A brain drain has taken hold at Caja Madrid: two directors, the heads of portfolio management, Juan Fernández Jaquotot, and of the bond division, Carlos Barceló Mendiguchía, have left the savings bank to found the family office Attitude, according to sources close to the firm, cited by Expansión. The firm will start up with assets of about EUR100m. Attitude will apply to the CNMV for a license to practice as a financial advisor (EAFI).
30/04/2009

United States - Questions raised about impartality of investment advice at State Street

The Wall Street Journal reports that the Massachusetts state securities commission has initiated an investigation to determine whether State Street misguided pension funds with claims that volatile products such as MBS were risk-free investment vehicles. State Street is named in a number of private lawsuits for having recommended investments in enhanced bond funds.
30/04/2009

United Kingdom - 3i investors critical of capital increase

Three of the 20 largest shareholders in 3i have attacked the private equity group’s plans to undertake a GBP700m capital increase, the Financial Times reports. These investors feel that 3i does not need the money now, and that it could pay off its debts by other means.
30/04/2009

France - Management reshuffle at Oddo & Cie

With the departure of one of its two managing partners, Laurent Mignon, for Natixis, Oddo & Cie will have to reshuffle its management, L’Agefi reports. ?Tarek Achich, executive director of operations, and Grégoire Carbit, manager of Oddo & Cie, secretary general and director, will have their responsibilities extended to include support functions and risk management, while Philippe Oddo will focus on operational activities,? the newspaper reports, citing sources close to the business.
30/04/2009

Spain - BBK buys Fineco

Bilbao Bizkaia Kutxa (Caja de Ahorros de Bilbao y Vizcaya) has finalised its acquisition of a 60% stake in the management firm Fineco, which will now become the private banking arm of BBK. Fineco currently manages 20 investment funds with assets of EUR345m, and 25 Sicav funds. As of the end of 2008, total assets under management at the firm came to EUR1bn.
30/04/2009

Germany - HAIG outsources a fund to Mayr Investment Managers

The Munich-based wealth management firm Mayr Investment Managers has been granted a mandate to consult to the WM Fund Sachwertportfolio fund, which was launched in April by Hauck & Aufhäuser Investment Gesellschaft (HAIG), Das Investment reports. The fund invests in businesses in sectors which are relatively resistant to the crisis, and which have the least possible connection to the financial sector. Target businesses also must have low levels of debt, the value of the business must include physical assets, and their cash reserves must be minimal. The objective of the fund is not performance, but rather to construct a portfolio which would be likely to survive an economic and financial crisis.
30/04/2009

France - SGSS: ?SGAM represents less than 10% of our revenues?

?For us, the merger of Société Générale Asset Management and Crédit Agricole Asset Management doesn’t change anything,? Etienne Deniau, director of custody and depository services at Société Générale Securities Services, has stated in the opening address at a conference.?It has been agreed that each provider (SGSS on one side and CACEIS on the other) will retain its separate market share,? he explains.He also emphasizes that SGAM represents less than 10% of revenues. ?SGAM is a major client, but at the same time, if we lost it, we would survive.?As to a potential merger with CACEIS, Deniau declares that, just because two activities within a single group are merging, it doesn’t necessarily mean that all activities within those groups should do likewise.
30/04/2009

Germany - Organizational questions at DWS

Initially, DWS (Deutsche Bank) was expected on Wednesday morning to assert its control of the second-largest German fund management firm. But the announcement has been delayed, probably to next Tuesday, due to last-minute consultations within the group about the global organizational role of the head of DWS within asset management activities at the bank, according to sources close to the firm, cited by Handelsblatt. The newspaper says that part of the problem is due to the fact that, although asset management activities at the group have lost money (EUR173m in first quarter, and EUR525m in 2008), DWS has earned profits of over EUR100m, and losses are due to poor investments made outside Germany, under the watch of Kevin Parker, global head of asset management. Stefan Kunze, who was head of European activities at DWS, had to leave the group at the beginning of the month, apparently because he did not allow Parker to make cuts in his part of the group, on the grounds that his activities were profitable.
30/04/2009

United Kingdom - Skandia IG recruits Marc Bulstrode

Marc Bulstrode, director of wealth management activities at Barclays, will join Skandia Investment Group (SIG, GBP53bn) as chief commercial and finance officer. He will report to Jamie MacLeod, CEO of SIG.
30/04/2009

Germany - ETFs contain net outflows from funds in January-March

In first quarter, open-ended securities funds have undergone net outflows of EUR2.1bn, according to the German BVI association of management firms. Of the major providers, only DWS/DB (Deutsche Bank) has posted net subscriptions, of EUR2.01bn, but this is due solely to net inflows of EUR2.2bn for db x-trackers ETF funds. Barclays Global Investors, with iShares, has attracted EUR96m, and ETFlab (Deka, savings banks) has raised EUR169.36m. However, even taking into account the acquisition of cominvest from Commerzbank, Allianz Global Investors (AGI) shows net outflows of EUR1.43bn, while Pioneer (UniCredit) and Union Investment (co-operative banks) hasve posted net redemptions of EUR655m and EUR419m, respectively. The heaviest outflows, however, were form Deka, at EUR2.62bn.For assets, DWS/DB ranks top, with EUR117.36bn as of 31 March, ahead of Deka (EUR98.34bn), Union (EUR74.4bn), and AGI IEUR69.56bn).
30/04/2009

Germany - Poor subscription levels for open-ended funds in first quarter

In January-March, management firms which disclose statistics to the German BVI association of management firms have posted net subscriptions of EUR4.24bn, compared with net outflows of EUR40.59bn in October-December, and net subscriptions of EUR18.86bn in the corresponding period of last year. However, this positive net result is due to EUR5.32bn in subscriptions to institutional funds (Spezialfonds), while open-ended funds have seen net redemptions of EUR1.07bn, while real estate funds have attracted EUR1.03bn. Securities funds have seen net outflows of EUR2.1bn. The same is true of equities funds (EUR509.7m), bond funds (EUR1.79bn), diversified funds (EUR1.19bn), and money market funds (EUR1.59bn). However, hybrid funds and guaranteed funds have posted net subscriptions, of EUR1.32bn and EUR682.9m, respectively, while hedge funds have received EUR657.3m.
30/04/2009

BCE : De l'audace !

Il faut être sourd pour ne pas entendre les avertissements répétés des membres de la BCE, annonçant que le taux repo trouverait bientôt un plancher à 1 %. Les voix qui justifient un tel niveau sont bien rares en revanche. Seul Axel Weber, le président de la Bundesbank, a énuméré publiquement les inconvénients de taux plus bas (rémunération des fonds monétaires et des assureurs) et en a dit l’inutilité (taux de marché monétaire actuellement plus bas que le taux repo).
29/04/2009

United Kingdom - Gherkin investors drinking from poisoned well

Subscribers to German closed-ended funds invested in British real estate have fallen on hard times because assets valued in pounds sterling and the pound itself are depreciating at the same time, which is taking its toll on returns, Handelsblatt reports. The 9,000 investors in the IVG-Fonds Euroselect 14 (GBP3500m), which owns 50% of the iconic Gherkin building in London, will have to pay GBP183m to service loans, and receive no dividends for the time being, rather than receiving 5.5% per year. The fund had agreements in place with the Bayerischle Landesbank not to allow its borrowing to exceed 67% of the value of its assets. But the value of the 50,000 square-metre office property has lost 22% since the onset of the credit crunch, and the fund’s debts in proportion to its assets have risen well beyond 67%. The same problem may threaten the IVG-Fonds Euroselect 12 (also GBP350m), which borrowed GBP200m to buy the ING headquarters in London. Similar problems may confront the managers CFB, Doric Asset Finance, and Real IS (an affiliate of Bayerische Landesbank).
29/04/2009

Germany - Sal. Oppenheim announces first annual losses since WWII

The 2008 fiscal year has brought the first annual losses since the second world war for Sal. Oppenheim. The bottom line comes in at -EUR117m, compared with net profits of EUR225m in 2007, but the firm received a EUR200m capital increase from partners in December, and the quotient of tier 1 owners’ equity at the end of April 2009 totals 12%. Assets as of 31 December stood at about EUR132bn, compared with EUR152bn one year previously, as net subscriptions of about EUR10bn were not sufficient to compensate for the impact of falling markets.Losses are largely due to a negative balance of EUR295m for operations on the bank’s own assets, but high-risk positions were considerably reduced (the certificate portfolio was scaled back from EUR7.5bn to EUR2bn, the Börsen-Zeitung reports), and the group has deployed a cost reduction program to cut expenses by more than EUR100m. Since then, nearly all operational activities have been ?stable and profitable.?Staff was increased to an average of 4,330, from 3,769 in 2007.
29/04/2009

France - FRR launches call for offers in fixed income

The French national pension fund, FRR, has launched an initial call for tenders for fixed income products to renew a portion of the existing bond management mandates, divided into three allocations. The first allocation is for ?inflation-indexed bonds denominated in Euros? (management with low active risk). For this allocation, the FRR is hoping to issue 2 to 6 mandates, for a total amount of EUR2bn to EUR4bn. The second allocation is for ?'Investment Grade’ credit bonds denominated in Euros? (active management), for which the FRR is hoping to issue 2 to 6 mandates, for a total of EUR500m to EUR1.5bn. The third allocation is for ?'Investment Grade’ credit bonds denominated in US dollars? (active management). The FRR hopes to issue 2 to 6 mandates for a total of EUR500m to EUR1.5bn in this category.A second call for offers will be launched subsequently, for government bonds and a global bond universe.
29/04/2009

France - AG2R La Mondiale and Réunica study merger

La Tribune reports that the groups AG2R La Mondiale and Réunica are studying the possibility of a merger, which would give birth to a giant in the retirement planning sector. The merger plans, rendered easier by an initiative by the Agirc-Arrco federations to merge the existing IT systems for complementary retirement funds, was already the subject of a feasibility study which was due to be completed by the end of this summer, the economic newspaper reports.
29/04/2009

Austria - New chief at AWD

From 1 July, Ralph Müller, currently director of the central retail bank and director of distribution for Austria at Bank Austria, will become chairman of AWD Austria at AWD CEE Holding GmbH. He will be responsible for the German group’s financial services activities in Austria and the countries of central and eastern Europe.
29/04/2009

Netherlands - Robeco launches SRI offensive

On Tuesday, Robeco announced that it is setting an objective of integrating environmental, social and governance (ESG) factors into all of its investment processes in all areas of activity. To achieve this goal, the management firm has set four priorities in 2009 and 2010. Firstly, ti will introduce responsible investment standards in equities, bond, and private equity management. Secondly, Robeco is planning to offer investors a full set of ESG analysis tools. Thirdly, ESG factors will be integrated into all analysis and investment decisions. Lastly, Robeco is hoping to create gross cash flow for socially responsible investment products and ?engaged? financial services.
29/04/2009

France - Ecofi Investissements creates retail share class for fixed income OPCVM products

Ecofi Investissements (Crédit Coopératif group) has created a class of retail shares in its fixed income OPCVM products Ecofi Taux Fixe 2011 and Ecofi Taux Fixe 2013. Ecofi Investissements first entered the fixed income OPCVM market in March 2007 with the creation of the bond fund Ecofi Taux Fixes Octobre 2009, and has since extended its range with the creation of Ecofi Taux Fixe 2013 (February 2008) and Ecofi Taux Fixe 2011 (January 2009). This type of product, which was initially designed to help institutional investors to honour their liabilities by offering total liduiqity, is now open to all investors who wish to benefit from an attractive rate curve for 2011 and 2013 horizons.
29/04/2009

Spain - Caixanova woos high net worth clients

The Galician savings bank Caixanova is aiming to double its business volume in private banking in one year, to more than EUR1bn, through new product offerings and nine new specialised branch offices throughout Spain, Cinco Días reports. The goal is to reach 2,000 clients by the end of this year. The campaign includes the creation of a new brand, Caixanova Banca Privada, which will offer a catalogue of exclusive products.
29/04/2009

United States - CalPERS and CalSTRS oppose BofA directors

CalPERS and CalSTRS are calling on shareholders to vote against the re-election of members of the board of directors at Bank of America, and particularly to replace Ken Lewis, chairman and CEO, the Financial Times reports. The two pension funds will vote against the appointment of 18 directors at BofA on Wednesday. They join other institutional investors, including TIAA-CREF, in their opposition to the re-election of Lewis.
29/04/2009

France - Natixis to appoint a smaller board of directors

La Tribune reports that Natixis will put in place a more restricted board of directors with eight members. It will be chaired by the CEO, Dominique Ferrero, and will include five members from the professions (asset management, investment banking, client services, etc.), the CFO, André-Jean Olivier, and the head of cross-border activities, Aline Bec.
29/04/2009

United States - Deteriorating results at Franklin Templeton begin to level out

Franklin Resources Inc, known as Franklin Templeton Investments, on Tuesday announced net profits of USD110.8m, or 48 cents per share, on earnings of USD912.3m, for first quarter, up to 31 March. For the quarter ending on December 31, net profits were USD120.9m, or 52 cents per share, on earnings of USD969.3m. In January-March 2008, net profits and earnings were USD366.1m (USD1.54 per share) and USD1.5bn. Year-on-year deterioration in profits and earnings have slowed, as profits have fallen to 70% from 77%.Assets totalled EUR391.1bn at the end of March, compared with USD416.2bn at the end of December, and USD591.1bn one month earlier. The proportion of equities stood at 44%, compared with 47% and 55% previously. Net redemptions slowed by 10%, to a total of USD5.5bn, compared with USD6.1bn during the corresponding period of last year, with reinvestment of distributed dividends. They totalled USD18.2bn the previous quarter.Staff was reduced by 4% in the quarter under review, to 8,233 (from 8,916 one year previously).
29/04/2009

Germany - HSBC GIF Global Currency fund licensed for sale on German market

HSBC Global Asset Management (Deutschland) GmbH announced on Tuesday that it will now be offering the HSBC GIF Global Currency, a sub-fund of its Luxembourg Sicav GIF, in Germany. The product, launched on 6 April 2009, is managed by Halbis Capital Management, and aims to outperform the Libor 3 month by 500 basis points, with total annual volatility of 5% to 10%. Bill Maldonado, head of alternative investments at Halbis, says that to generate returns at this level, the team uses long and short positions, and combines portable alpha, event-driven, and derivative-based volatility arbitrage strategies. The investment universe for the UCITS III-compliant fund includes the major currencies of the G10 (USD, EUR, GBP, and JPY), with the fund denominated in the US dollar.Management commission is set at 1.5%, and there is a performance commission on returns exceeding the Libor of 20%.
29/04/2009

Europe - Andreas Wolfer to take over as head of UniCredit private bank

According to reports in Handelsblatt, Marina Natale will be leaving her job as head of the UniCredit private bank (5,000 employees, 200,000 clients) next week, to become chief financial officer. She will leave her previous position to Andreas Wölfer, a board member at HypoVereinsbank (HVB), who will become the second German member of the management board at the Italian banking group, alongside Theodor Weimer. Wölfer will continue to serve as director of wealth management in Germany, a sector which generated pre-tax profits of EUR132m last year, though profits fell by one third in a difficult business climate.
29/04/2009

Netherlands - Profits down at Robeco

For 2008, Robeco has posted operating profits of EUR270.2m, compared with EUR276.6m in the previous year, on operating revenues us EUR889.8m, compared with EUR819.6m. Net profits have fallen to EUR171.2m, from EUR200.1m.At the end of December, despite net subscriptions of EUR600m, assets totalled EUR110.7bn, compared with EUR145.8bn. This 24% decline is due to negative market effects of EUR29.1bn, offset by positive currency effects of EUR1.9bn due to the rising US dollar. The decline in assets under management is also due to the sale of the firm’s bond management activities in the United States.
29/04/2009

United States - S&P downgrades Fidelity's parent company

S&P has lowered its rating for FMR LLC, the parent company of Fidelity Investments, to A+/A-1, down from AA-/A-1, due to declining profits due to market turbulence, the Wall Street Journal reports. Assets declined last year by 22% to USD1.25trn.
29/04/2009

United States - Improved results for several managers

Like Franklin Resources, BlackRock, T. Rowe Price and Invesco have posted an improvement in their results in first quarter, although Janus Capital Group and AllianceBernstein have undergone heavier decreases in their profits compared with Q4 2008, the Wall Street Journal reports. Federated Investors has seen a contraction of 37% in its profits to USD35.1m, after growth of 3% to USD54.3m in October-December. Waddell & Reed Financial has announced net profits of Usd15.5m, compared with USD28.3m in the corresponding quarter of last year, and losses of USD0.73m in October-December.

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