Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
17/03/2009

World - Losses for hedge funds in February

BarclayHedge reports on the basis of information about more than 1,000 funds that hedge funds in February suffered average losses of 1.30%, which brings the total to 1.42% for the first two months of the year. Credit Suisse/Tremont for its part shows a decline of its hedge fund index of 0.88% last month (rather than the 0.45% decline projected last week), after gains of 1.09% in January, while losses in January-February totalled 0.20%. Greenwich Alternative Investments (GAI) has announced that its global hedge fund index posted a loss in February of 0.8%, compared with 0.1% the previous month, bringing total losses to 0.9% in the first two months of the year. On one year, losses total 15.9%.
17/03/2009

France - SocGen: Philippe Citerne retires

Philippe Citerne has elected to retire on 30 April 2009 and will no longer exercise his mandate as Deputy Chief Executive Officer of Société Générale as from that time.As from 1 May 2009, Société Générale"s General Management will comprise Frédéric Oudea, Chief Executive Officer, and two Deputy Chief Executive Officers, Didier Alix and Séverin Cabannes, who will fulfill the functions previously under Philippe Citerne’s responsability.
17/03/2009

United States - Stanford now has no lawyer

Sir Allen Stanford on Monday lost his lawyer, Charles Meadows. Meadows told the Financial Times that he would no longer represent the Texan billionaire in the civil suit filed against him by the Securities and Exchange Commission. ?He does not have access to funds,? he said, but did not provide any further details.
17/03/2009

Switzerland - Profits erode at HSBC Private Bank

Le Temps reports that net profits at HSBC Private Bank (Switzerland) increased 3% in 2008 to record levels of CHF685m, even as revenues eroded and costs increased. The cost/revenue ratio deteriorated to 53% from 46%, and returns on owners’ equity fell to 19.6% in 2008 from 20.8% in 2007. Assets under management fell 18%, from CHF186.4bn at the end of 2007 to CHF153.2bn as of 31 December last year, due to the crisis.
17/03/2009

United States - Deepening losses at Fortress

In fourth quarter, Fortress posted net losses of USD140m, up from USD29.3m one year earlier. At the end of 2008, Fortress managed USD29.5bn in private equity and hedge funds, compared with USD32.9bn one year earlier. For the year, the management firm shows losses by GAAP accounting standards of GBP322m.
17/03/2009

Luxembourg - After Madoff, ALFI seeks to restore reputation of fund industry

Les Echos reports that the Luxembourg fund industry association (ALFI) is seeking to soothe investors’ concerns in the wake of the Madoff scandal. At a press conference on Monday, the association unveiled two documents: an interim report by its Madoff working group, and guidelines for funds of funds, to evaluate funds affected by Madoff. The newspaper reports that the direct impact of the Madoff affair on the Luxembourg industry has been estimated at EUR1.7bn.
17/03/2009

Canada - Michael Sabia appointed as president and CEO of Caisse de dépôt et placement du Québec

The Caisse de dépôt et placement du Québec (CAD120.1bn in assets as of 31 December 2008) has announced the appointment of Michael Sabia to the board of directors, as ?president and chairman of the board.? The appointment has been approved by the government of Quebec. Sabia will assume his new responsibilities immediately. He was previously president and CEO of Bell Canada Enterprises (BCE) from 2002 to July 2008, and replaces Fernand Perreault, who has held the position in the interim since the departure of Richard Guay in early January.
17/03/2009

France - Sycomore AM hires two managers/analysts

Sycomore Asset Management (EUR1.8bn in assets under management) has announced the arrival of Edouard Petitdidier and Ouissem Lahouar as managers/analysts in its Absolute Alpha team.Petitdidier and Lahouar will be in charge of managing a new fund called Sycomore Neutral Quantessence. The quantitative market neutral long/short product will soon be made available to institutional investors.Petitdidier is the former head of quantitative management at Systeia and the former co-head of systematic management at Barep. Lahouar was previously an IT systems consultant specialised in asset management, who worked for Systeia, Axa IM, CPR AM and Groupama AM to develop quantitative management tools.
17/03/2009

United States - Courts to freeze assets of Ruth Madoff

Die Welt relays reports in the New York Post that the court of New York will this week freeze the assets of Ruth Madoff, to prevent the wife of Bernard Madoff from fleeing the country or withdrawing any of the USD93m currently in her name. Prosecutors are also planning to press criminal charges against Mrs. Madoff.
17/03/2009

India - TCI sells shares totalling one third of what it bought in 2008

Hedge Week reports that the British hedge fund TCI has sold Indian equities totalling INR115bn (USD2.2bn) since the beginning of the year, which corresponds to one third of the equities it bought in 2008, many of which were banking sector shares. The sales apparently represented a significant capital loss compared with the acquisition price of the shares.
17/03/2009

World - iShares may attract actors seeking to enter ETF market

Barclays confirmed on Monday that it is in discussions with certain financial sector actors who may be interested in acquiring its iShares business, lending confirmation to reports in the British press over the weekend. The British establishment says the discussions were ?part of a regular examination of the group’s portfolio of activities? and that ?no decisions have been taken about any affiliates.?iShares is the division of Barclays Global Investors dedicated to ETFs. As of the end of 2008, it managed USD324.84bn worldwide, with 361 funds, which amounts to a 45.7% market share, according to statistics from Barclays Global Investors. That makes it by far the largest actor in the ETF market, far ahead of State Street Global Advisors (20.5%), Vanguard (6.4%), and Lyxor (4.7%). Its market share is dominant both in the United States and in Europe.This position makes the business attractive to potential buyers, particularly at a time when ETFs are a rapidly-growing segment of the market. Some specialists in the sector suggest that iShares may be attractive in particular to banks which are seeking to enter the ETF market, particularly as ?the cost of access to the ETF market is high,? according to one professional. But, of course, any interested buyers will have to be solid enough to be able to pay the price.The British press is estimating the sale price of iShares at about GBP5bn. But according to some analysts, one may expect a price as low as GBP2bn, as the profession is currently under pressure.
17/03/2009

France - EDRAM recruits Michel Dinet

Michel Dinet, who since October 2008 has been head of sales to private clients at HSBC Assurance, where he was involved in the creation of a business unit to serve IFAs working with the HSBC group, is now becoming head of partnerships for France at Edmond de Rothschild Asset Management (EDRAM), where he replaces Bruno Zarraya. The partnerships team in France includes four other members, reporting to Philippe Cormon, director of distribution.
17/03/2009

United States - GMAM becomes Promark Global Advisors

General Motors Asset Management (USD132bn in assets) has announced that it is adopting the name Promark Global Advisors, as part of an expansion of its activities beyond the GM group and to other countries beyond the United States.
17/03/2009

Germany - Managers seek salvation through innovation

Management firms in Germany are looking to innovative products as a potential way out of the crisis, as investors are putting an increased amphasis on security over tax or performance concerns.BlackRock, for example, has launched an absolute performance product, the BSF Absolute Return Strategies Fund, which invests in 50 to 100 European equities, but may increase these positions to 100% if necessary. Since mid-June, the strategy has generated performance of 12%, says Andrej Brodnik, CEO for Germany.Allianz Global Investors (AGI), for its part, is betting on horizon funds, and has recently launched the Allianz Pimco Unternehmensanleihen 2013, a corporate bond fund.Union Investment, meanwhile, has announced the launch of two guaranteed funds on Monday.DWS (Deutsche Bank) estimates that guarantees come at a high price, and has chosen instead to launch a bond horizon fund maturing in 2014, which will aim to generate performance higher than that of bunds.
17/03/2009

United Kingdom - Prospect of iShares sale boosts Barclays share price

Barclays shares rose 22.7% on Monday, after the bank confirmed that it is in negotiations to sell iShares, the Financial Times reports. The market is hoping that the firm will be able to avoid government intervention. Barclays may retain a stake in iShares, the FT reports.
17/03/2009

Spain - Arcano recruits former head of private banking from Nmás1

The financial group Arcano has recruited Iñigo Susaeta, former CEO of Nmás1 Patrimonios, has head of the wealth management advising division at Arcano Investment Advisors, Expansión reports. Currently, Arcano Investment Advisors has 150 families as clients with average assets of EUR100m. The objective is to extend this base by 5 to 10 families per year, with each family having net worth of over EUR20m. According to an Arcano study, there are 400 such families in Spain.
17/03/2009

France - AGI launches a consumer protection SRI fund

On Friday, 13 March, Allianz Global Investors France added a product to its SRI product range with the launch of the French-registered international equities FCP fund Allianz Citizen Care SRI, a thematic fund which aims to approach new challenges related to the protection of citizen consumers.The thematic fund, which was launched with EUR10m in seed capital, aims to participate in the expected increase in demand for new products and services related to consumer protection needs, while the SRI approach aims to protect the fund against emerging risks which may endanger the performance of businesses, such as rising legal accountability.
17/03/2009

Germany - Union Investment adds two products to its range of guaranteed funds

Union Investment (cooperative banks) will launch two funds on 6 May which wil be added to its range of 40 guaranteed products with a total of about EUR8.1bn in assets as of the end of February. The new funds will be available in Germany.The UniGarant: Best of Assets Konservativ (2015) will cover the equities and bond markets of the Euro zone and the Euro-denominated money markets, while the UniGarant: Europa (2016) will be focused solely on the European equities markets.Subscriptions are open from this Monday until 30 April. In both cases, front-end fee and management commission are set at 4% and 2%, respectively, with an exit fee of 2% for withdrawals before the maturity of the fund (27 March 2015 and 25 March 2016).Union emphasizes that for the Konservativ 2015 the basket of shares will be weighted at maturity, with 50% for the market that shows the best performance, 30% for the second-best, and 20% for the third-best.
17/03/2009

United States - Gold manager at BlackRock takes a sabbatical

Citywire reports that Graham Birch, the manager of the BlackRock World Gold fund, will be taking a leave of absence from early April until the end of the year. Evy Hambro, who co-manages the BGF World Gold Fund with Birch, will be responsible for this gold fund and the BlackRock Gold & General fund until Birch returns.
17/03/2009

United Kingdom - American Century to launch a range of UCITS III funds

The independent manager American Century Investments (USD70bn in assets) has announced that it will soon be launching a range of UCITS III-compliant funds to distribute its growth strategies in Europe.Ben Williams, vice president, institutional business development, will move to the new American Century office in London. He will be joined there by Peter Bracket and Sigrid Johann as vice-presidents.Brackett spent three years as co-head of global consultant relations at Morgan Stanley Investment Management (MSIM), while Johann was business development manager at Wellington Management International in London, serving pension funds, private banks, and family offices in Germany, Austria, and Switzerland.The new team will focus on financial intermediaries and institutional investors in the United Kingdom, continental Europe, and the Middle East, and will report to Michael Green, senior vice president of international.
17/03/2009

Germany - Sarasin sets out to conquer Scandinavian institutional market

The Swiss bank Sarasin (Rabobank group) has announced that it has begun serving the institutional markets in the Scandinavian countries via its Frankfurt-based affiliate Bank Sarasin AG, which is the European hub for the group. Aris Prepoudis, managing director of institutional clients at Banque Sarasin in Switzerland, has been appointed to the board at Bank Sarasin AG.Prepoudis now counts the Swedish Eric Gelfgren as part of his team. Gelfgren joins Sarasin from Mercer, where he was European head of responsible investing. Sarasin has also recruited a Danish team member, Thomas Huuson, who was previously head of client relations at Nordea Invest.
17/03/2009

Inde - TCI revend un tiers de ses achats d'actions de 2008

Hedge Week rapporte que le hedge fund britannique TCI a vendu pour 115 milliards de roupies (2,2 milliards de dollars) d’actions indiennes depuis le début de l’année, ce qui correspond au tiers de ses achats de ces titres, surtout des bancaires, pour 2008. Apparemment, ces ventes s’effectuent avec une forte moins-value par rapport au prix d’acquisition.
17/03/2009

Luxembourg - Après Madoff, l'Alfi tente de redorer le blason de la Place

Selon Les Echos, l’Association luxembourgeoise de l’industrie des fonds, l’Alfi, tente d’apporter des remèdes aux inquiétudes suscitées par l’affaire Madoff. Lundi, au cours d’une conférence de presse, elle a publié deux documents : un rapport intermédiaire de son groupe de travail Madoff et des lignes directrices aux fonds de fonds pour évaluer les fonds affectés par Madoff. Le quotidien rappelle que pour l’industrie luxembourgeoise, l’impact direct de l’affaire Madoff a été estimé à 1,7 milliard d’euros
17/03/2009

Allemagne - "Source" arrive sur le marché des ETF

Sous la marque #Source#, Goldman Sachs, Morgan Stanley et Merrill Lynch vont faire coter une première vague de 50 ETF sur la Deutsche Börse au début de la semaine prochaine, rapporte le Handelsblatt. Ce seront des fonds répliquant le Dax ainsi que des indices appartenant principalement aux univers MSCI et Stoxx.
17/03/2009

Allemagne - Union Investment ajoute deux produits à sa gamme de fonds garantis

Union Investment (banques populaires allemandes) lancera le 6 mai deux fonds qui viendront d’ajouter à sa gamme d’une quarantaine de produits garantis pesant environ 8,1 milliards d’euros à fin février. Ces nouveaux fonds sont distribués en Allemagne.Le UniGarant: Best of Assets Konservativ (2015) couvrira les marchés des actions et des obligations de la zone euro ainsi que le marché monétaire en euros tandis que le UniGarant: Europa (2016) est axé uniquement sur le marché européen des actions. La souscription est ouverte depuis lundi jusqu’au 30 avril. Dans les deux cas, le droit d’entrée et la commission de gestion sont fixés à respectivement 4 et 2 %, avec une commission de rachat de 2 % acquise au fonds en cas de sortie avant l'échéance (27 mars 2015 et 25 mars 2016). Union souligne que pour le Konservativ 2015 le panier d’indices sera pondéré à échéance en attribuant au marché le plus performant une valeur de 50 %, contre 30 pour le deuxième et 20 % pour le troisième.
17/03/2009

Etats-Unis - GMAM devient Promark Global Advisors

General Motors Asset Management (132 milliards de dollars d’encours) annonce qu’elle adopte le nom de Promark Global Advisors parce qu’elle va étendre ses activités hors du groupe GM et à l'étranger.
17/03/2009

Etats-Unis - Goldman convoite le marché de la dette ?distressed?

Goldman Sachs a demandé l"autorisation aux investisseurs de son fonds de private equity de 15 milliards de dollars pour placer l"argent qui n"a pas encore été investi dans de la dette d"entreprises en difficulté, rapporte le Financial Times. D"autres sociétés de capital investissement font de même.
17/03/2009

Espagne - Arcano recrute l'ancien patron de la banque privée de Nmás1

Le groupe financier Arcano vient de recruter Iñigo Susaeta, l’ancien directeur général de Nmás1 Patrimonios, comme patron de la division de conseil en gestion de fortune Arcano Investment Advisors, rapporte Expansión. Actuellement, Arcano Investment Advisors a 150 familles clientes avec une fortune moyenne de 100 millions d’euros. L’objectif est d'élargir ce cercle de 5 à 10 familles par an, chacune avec un patrimoine supérieur à 20 millions d’euros. D’après une étude d’Arcano, il en existe 400 en Espagne.
17/03/2009

Etats-Unis - Fortress creuse ses pertes

Au quatrième trimestre, Fortress a creusé ses pertes nettes à 140 millions de dollars, contre 29,3 millions un an plus tôt.A fin 2008, Fortress gérait 29,5 milliards de dollars dans des fonds de private equity et des hedge funds, contre 32,9 milliards un an plus tôt. Sur l"année, la société de gestion accuse une perte nette aux normes GAAP de 322 millions de livres.

Sujets d'actualité

Tous les sujets