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01/04/2009

Allemagne - La Postbank réclame des dommages et intérêts à l'IKB

Le tribunal de Düsseldorf a confirmé mardi avoir enregistré une plainte en dommages et intérêts d’un fonds de la Deutsche Postbank contre l’IKB et son ancien président du directoire pour propagation de fausses information sur sa situation financière à la mi-2007, indique la Frankfurter Allgemeine Zeitung. L’IKB avait en effet déclaré n'être que marginalement affectée par la crise des subprime, alors que son exposition à ce problème a obligé la KfW à la renflouer dès juillet 2007.
01/04/2009

Asie - Un indice de développement durable dédié à la Corée

Le spécialiste de l’investissement dans le développement durable SAM, le fournisseur d’indices Dow Jones Indexes et l’agence coréenne chargée d’accroître la productivité au sein de l’industrie locale, ont annoncé leur projet de lancer un indice du développement durable dédié à la Corée. Le Dow Jones Sustainability Korea Index, qui devrait voir le jour au quatrième trimestre 2009, suivra les leaders du développement durable parmi les 200 plus grandes sociétés coréennes en termes de capitalisation. Cette annonce fait suite aux initiatives prises par les autorités coréennes en matière de développement durable, notamment la création d’une commission présidentielle pour la croissance verte.
01/04/2009

Espagne - L'IPIC acquiert 37,5 % de Cepsa

Le fonds souverain d’Abou Dhabi International Petroleum Investment Company (IPIC) a acheté pour 33 euros par actions les 32,5 % de Cepsa détenus par le Santander et les 5 % de la compagnie que possédait Unión Fenosa, rapporte Cinco Días. Cela représente au total un peu plus de 3,49 milliards d’euros. L’IPIC devient le second actionnaire par importance de Cepsa avec 47 %, derrière le français Total qui en détient 48,8 %. Le Santander percevra plus de 2,86 milliards d’euros, de sorte que sa présence au capital lui aura valu un rendement de 13 % par an. Pour Fenosa, la plus-value se situe à 257 millions d’euros sur les 529 millions de recette.
01/04/2009

France - Restructuring at Tocqueville

?We have been pretty seriously shaken,? admits Vincent Foucart, deputy CEO of Tocqueville Finance. And in fact, assets under management at the independent management firm specialised in value style equities management have fallen to EUR1.5bn, from EUR3.6bn on 31 December 2007.In this environment, Tocqueville has to reduce its costs. As a result, ?general costs, which were EUR24-25m in 2007, have been reduced to EUR19m in 2008, and will be reduced further to EUR11m this year,? says Foucart. This will involve the loss of 20 jobs, including voluntary departures, economically-motivated layoffs (8 people) and layoffs of staff in trial and training or CDD periods. From 70 employees, the firm has been reduced in size to 50, and for those who remain, salaries and bonuses have been lowered.
01/04/2009

France - Reims management school offers course in Islamic finance

The Grande Ecole Sup de Co Reims (Groupe Reims Management School) program is offering an elective course in Islamic finance. The new course, entitled ?Islamic Banking and Finance,? is coordinated by Ghassen Bouslama, professor of finance at RMS, and is given entirely in English. It aims to provide an understanding of the fundamental concepts of Islamic finance and their most recent applications. Professionals and specialists will give presentations to the course, such as Dr. Mohammad Damak, credit analyst at Standard & Poor’s, Valéry Fousse, a partner at KPMG Financial Services and correspondent on Islamic finance for KPMG France, Anouar Hassoune, vice president, Senior Credit Officer at Moody"s, and others.
01/04/2009

United Kingdom - Barclays in discussions to sell iShares to CVC

Barclays has entered exclusive discussions with CVC Capital Partners to sell it iShares for about GBP3bn, the Financial Times reports. The operation would be 60-70% financed by a loan from Barclays, which would receive warrants worth about 20% of the buy-out. The securities lending arm of iShares will not be included in the sale, the FT reports.
01/04/2009

United States - Heads of quant team leave Goldman Sachs

Mark Carhart and Ray Iwanowski, managing directors and co-heads of the quantitative management team at Goldman Sachs, have left the bank along with Giorgio De Santis, member of the division, the Financial Times reports. Their flagship fund, Global Alpha, has suffered heavy losses since the credit crisis. Katinka Domotorffy has been appointed chief investment officer of the Goldman quant team.
01/04/2009

Netherlands - ABP raises premiums and scales back benefits

The pension fund ABP suffered a 20% decline in its assets in 2008 to EUR173bn, while liabilities rose 38% to EUR193bn. Its coverage ratio came out to 89.5% at the end of December, compared with 140% one year earlier, the Wall Street Journal reports. As a result, ABP (2.5 million pension holders in public service and teaching) will be raising its premiums by 1% on 1 July, and a further 2% on 1 January 2010, which will bring in EUR5bn over five years, and will increase the coverage ratio above the legal limit of 105% in 2012, from 83% at the end of February. Meanwhile, until 2013, ABP will not compensate pension benefits for inflation. These payments will partly recommence in 2013, and will not be fully re-established until the coverage rate for the fund has risen above 135%.
01/04/2009

United Kingdom - GAM buys AAML

Julius Baer announced on Wednesday that its affiliate GAM (UK) Ltd will buy the London-based firm Augustus Asset Mangers Ltd (AAML), a management firm specialised in bonds and currencies. The acquisition price was not disclosed. Most of AAML’s assets (USD7.6bn as of the end of 2008) come from the Julius Baer Absolute Return Bond and Local Emerging Market Bond funds, and from hedge funds such as the JB Global Rates Hedge Fund. AAML was founded in early 2007 with an MBO of Julius Baer Holding Ltd, to allow the affiliate to develop as an independent asset manager, while continuing to serve funds bearing the brand name of Julius Baer, its largest client. Despite good performance of most of its mandates in 2008 and in first quarter 2009, AAML and Julius Baer decided that it would be in the better interest of clients to reintegrate AAML into a larger organisation, a statement says.
01/04/2009

Germany - Inka reorients HSBC Trinkaus Corporate Bonds Europa

Inka announced on Tuesday that the portfolio of its German-registered fund HSBC Trinkaus Corporate Bonds Europa will now no longer include any financial sector bonds. Currently, the product, managed by Max Baumann, is invested in 90 positions, of which the heaviest are utilities such as E.on, EDF, and GDF Suez, and issues from telecommunications providers such as Deutsche Telekom, Telefónica and France Télécom. The manager is also invested in companies such as Bayer, Henkel, and Merck. Currently, the average rating of bonds in the portfolio is A-, and the duration is 4.35 years, with current returns of 6.17%, which represents a spread of 382 basis points compared with bunds.The benchmark index is the iBoxx EUR Corporates Non-Financials Index. Front end fee and management commission are 3% and 0.70%, respectively.
01/04/2009

Spain - CRM's stake in Inditex falls below 5%

The stake in Inditex owned by Capital Research and Management Company via Capital Group funds has fallen from 5.01% to 4.927%, according to a notification to the CNMV reported by Funds People. The position is worth EUR865.6m at current prices.
01/04/2009

Spain - Banif attracts institutional investors

Funds People reports that Francisco Pardo, head of Banif Institucional, has announced that the percentage of assets at the Santander private bank representing institutional clients has increased from less than 10% in May 2008 to more than 15% currently. The institutional division usees Banif client advisers and the fund analysis resources of Allfunds Bank. It offers fund management and real estate consulting services to insurers, and SRI products to religious organisations.
01/04/2009

United Kingdom - Assets in CROCI Funds from Deutsche Bank up by one third

Since the beginning of the year, net subscriptions to the CROCI (Cash Return On Capital Invested) range of funds on the Fund Solutions platform from Deutsche Bank have topped EUR300m, and assets in this strategy now total more than EUR1.3bn, says Manfred Schraepler, head of fund structuring.
01/04/2009

France - Olympia Capital Management avoids downgrade of rating

Fitch Ratings on Tuesday confirmed the fund of hedge fund management rating of FoHF M2 for the French management firm Olympia Capital Management (OCM). The maintained rating reflects the solidity of the hedge fund selection, portfolio construction, and risk management processes at the firm. It also takes into account increased risks to the financial stability of OCM during a difficult year in 2008 in terms of performance and development, particularly in light of leverage following its LMBO in 2006. In addition, the management firm has entered the final phase of a transition in which the founders will give up their operational prerogative in favour of supervisory roles from June 2009.
01/04/2009

Switzerland - Fitch lowers rating of RMF

On Tuesday, Fitch Ratings announced that it is lowering its rating of the fund of hedge fund manager RMF Investment Management, an affiliate of Man Group, from FoHF M1 to FoHF M2+. The downgrade is due to a fall in assets since second quarter 2008 due to redemptions and market effects, and a loss of USD360m on an indirect exposure to the Madoff fraud, and a deterioration in performance. These factors have obliged Man Group to merge its two fund of hedge fund management affiliates, RMF and the American management firm Glenwood, to create a single management firm.
01/04/2009

Germany - TCI and Atticus will no longer cooperate at Deutsche Borse

In a joint statement released on Tuesday, the alternative management firms TCI and Atticus announced that they will no longer cooperate to defend their common interests as major shareholders (19.3% in total) at Deutsche Börse, the Frankfurter Allgemeine Zeitung reports. The Börsen-Zeitung reports that the most recent declared participations for these investors stood at 10.06% for TCI and 9.24% for Atticus.
01/04/2009

Germany - H&A takes control of Cazenove AG

The Hauck & Aufhäuser (H&A) private bank has subscribed to a EUR2.7m capital increase at Cazenove AG (50 employees) for an undisclosed amount, and now owns 40% of the investment bank. In the next few weeks, the firm will increase its stake to 60% by buying shares from the three board members who bought the company from JP Morgan in October, the Frankfurter Allgemeine Zeitung reports. Cazenove AG will become known as H&A Corporate Finance. The firm will not conduct any trading of owners equity, and will not operate on derivatives. For its part, H&A has successfully maintained a stable level of assets under management at EUR18bn in 2008, thanks to EUR500m in net inflows.
01/04/2009

United States - Global equities funds have lost 11.5%

According to preliminary estimates from Lipper, global equities funds have seen losses of 11.5% in first quarter. Latin American equities funds lost only 0.2%, after a plunge of 57.3% in 2008, and emerging markets equities lost 3.6%. But the heaviest losses were for European (16.3%) and Japanese equities (17.2%).
01/04/2009

World - The present time is propitious for global macro funds, according to Credit Suisse

According to a study by Credit Suisse Liquid Alternatives, Alpha Strategies, the moment has probably come to invest in global macro hedge funds, at least judging by the performance of this strategy after past periods of market dislocation.Global macro funds are the category which has performed best since the launch of the Credit Suisse/Tremont index, with average annual performance of 12.57% between the beginning of 1994 and the end of January 2009. Five factors explain this outperformance: the flexibility of tactical allocation; top-down investment style with an emphasis on macroeconomic analysis; the potential offered by a global universe; aversion to investments with low liquidity; and lastly, limited ?participation risks? due to ?crowded trades.?Further points in favour of global macro: this category of hedge funds has generally posted double-digit returns in the twelve months following a market dislocation, and they have maintained this double-digit performance on an annual basis for the three years that followd each one of these dislocations. Lastly, as a general rule, this strategy has outperformed other hedge funds by an average of 5 percentage points in the year following market dislocatons.
31/03/2009

Mark Smallwood est promu patron de la gestion de fortune Asie-Pacifique

Le Handelsblatt rapporte que la Deutsche Bank a annoncé lundi la nomination du patron de la succursale de Genève à la tête de la gestion de fortune pour l’Asie-Pacifique à Singapour. Mark Smallwood conservera toutefois aussi la responsabilité mondiale des asssurances pour les particuliers haut de gamme. Parallèlement, Anil Venuturupalli, qui dirigeait l’activité business risk & control de la banque aux Etats-Unis, devient COO pour l’Asie-Pacifique, également à Singapour.
31/03/2009
Fonds

AlphaPlus lance son troisième fonds

AlphaPlus Gestora a annoncé lundi le lancement d’un troisième produit, après les fonds Alpha Plus Dinero (monétaire) et Alpha Plus Diversificación (diversifié) le 2 février : il s’agit du fonds de performance absolue Alpha Plus Rentabilidad Absoluta qui investira en actions, en obligations et en dérivés ; il pourra être exposé jusqu'à 50 % au risque de change et les gérants seront autorisés à placer jusqu'à 20 % du portefeuille dans les pays émergents. L’objectif est de surperformer l’Eonia d’au moins 300 points de base et de limiter la volatilité à moins de 8 % avec une combinaison des stratégies dérivés, market neutral, global macro et long/short. La commission de gestion est fixée à 1 % et celle de performance à 9 %.
Fonds
31/03/2009
Fonds

T. Rowe Price insère une nouvelle stratégie dans sa Sicav

T. Rowe Price a annoncé qu’il ajoute un compartiment Global large Cap Equity à sa Sicav luxembourgeoise. Comme son nom l’indique, le fonds de 80-100 lignes sera investi dans de grandes capitalisations internationales en utilisant une approche de «meilleures idées» appliquée à un portefeuille de conviction orientée «growth». Ce produit sera géré par Scott Berg.
Fonds
31/03/2009

Boris Collardi prendra la tête de Julius Baer

Le conseil d’administration de la Banque Julius Baer & Cie SA a désigné le COO Boris F. J. Collardi pour prendre le poste de CEO. Il succédera à Johannes A. de Gier le 1er mai 2009. Boris Collardi a rejoint la Banque Julius Baer comme COO début 2006, suite à l’acquisition par Julius Baer, fin 2005, de trois banques privées et de GAM auprès de l’UBS.
31/03/2009
Fonds

Skandia lance un fonds multigérants actions

Skandia Investment Group (SIG) a annoncé lundi le lancement du Skandia Global Dynamic Equity Fund, un produit actions mondiales confié à douze gérants et dont l’indice de référence sera le MSCI AC World GDP Index. La sélection des gérants a été effectuée par l'équipe de gestion de SIG, qui compte 45 professionnels. Ce produit sera lancé par la société de gestion de fonds britannique Skandia Investment Management Limited (SIML) et réservé dans un premier temps aux CGPI et aux particuliers britanniques. Ce sera le premier fonds de Skandia à exploiter à la fois la stratégie d’allocation d’actifs géographique et le savoir-faire de Skandia en matière de sélection de gérants.Pour les Etats-Unis, SIG a retenu Epoch, Marsico, QMA et Acadian ; pour l’Europe, ce seront Argonaut, Allianz RCM et AllianceBernstein ; pour le Royaume-Uni, SIG a choisi Schroders tandis que pour le Japon il a jeté son dévolu sur FiNNex et que pour les marchés émergents hors Asie, il fait confiance à Gartmore.
Fonds
31/03/2009

Hermes transfère son private equity à Bridgepoint

Hermes, la société de gestion du fonds de pension de BT, a transféré son activité d"investissement direct dans le private equity à Bridgepoint, rapporte le Financial Times. Cela concerne une équipe de 10 personnes dirigée par Rod Selkirk, ainsi que HPEP II, un fonds de 250 millions de livres, et HPEP III, un fonds de 300 millions.
31/03/2009
Fonds

First State lance un fonds Amérique latine

First State Investments a annoncé lundi le lancement prochain (probablement à la mi-avril sous réserve de l’agrément de la FSA) du Latin America Fund, un produit actions de 30-40 lignes qui sera géré par Jonathan Asante et Millar Mathieson, assistés d’Alan Nesbit. La souscription minimale sera de 1.500 livres, tandis que le droit d’entrée et la commission de gestion s’inscrivent à respectivement 4 % et 1,75 %. Pour ce fonds, les gérants appliqueront la méthodologie de sélection de valeurs déjà employée pour les fonds Asie-Pacifique et marchés émergents mondiaux en se focalisant sur le Brésil, le Chili, la Colombie, le Mexique et le Pérou.
Fonds
31/03/2009
Fonds

Direxion s'efforce d'éliminer les distorsions sur les ETF inversés à effet de levier

Afin de corriger dans la mesure du possible les distorsions qui peuvent apparaître dans la performance des ETF inversés et à effet de levier, Direxion introduit aux Etats-Unis une nouvelle gamme d’ETF qui utilisent comme sous-jacent l'évolution mensuelle des indices, rapporte Das Investment. Il s’agit d'éviter des incidents comme la performance de 29,4 % en janvier de l’ETF inversé triple sur le Russell 1000 Financial Services qui aurait dû en fait gagner 62,7 % puisque l’indice avait perdu 20,9 %. La distorsion avait été imputable aux fortes fluctuations au jour le jour des actions bancaires.
Fonds
31/03/2009
Fonds

Lancement d'un ETF de hedge funds

IndexIQ, une société basée à New York spécialisée dans le développement de stratégies d"investissement quantitatives, a lancé un ETF destiné à répliquer la performance du secteur des hedge funds, rapporte le Financial Times. Le IQ Hedge Multi-Strategy Tracker ETF est coté sur le NYSE.
Fonds

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