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24/03/2009

France - Les dirigeants de BNP Paribas devraient renoncer aux stock-options

Selon Les Echos, les mandataires sociaux de BNP Paribas (le président, Michel Pébereau, le directeur général, Baudouin Prot, ainsi que Jean Clamon, Jean-Laurent Bonnafé et Georges Chodron de Courcel) devraient annoncer le 27 mars qu’ils renoncent aux stock-options. AXA renvoie à la publication de son document de référence le 27 mars et SCOR maintient sa politique de distribution.
24/03/2009

China - Robeco signs partnership with Teda International

Robeco (EUR111bn in assets) and Teda International (Holding) Corporation Ltd on Monday agreed to create a joint venture to be known as Robeco Teda (Tianjin) Investment Management Company, and to release their first joint product, the Robeco Teda Sustainable Private Equity Fund. Teda International is a new venture from Tianjin Investment Holding, which is in charge of managing all financial assets of the government of the north Chinese region of Tianjin, which has been designated by the Chinese government as a test region for reforms.Robeco Teda (Tianjin) IMC will operate as a platform for the development of Chinese business focused in Tianjin, and the Robeco TEDA Sustainable Equity Fund will be the first transnational private equity fund denominated in Chinese Yuan. It will be domiciled in the Tianjin Binhai New Area, and will invest in businesses which develop products and technologies which increase the productive use of energy, water and other resources, reduce environmental footprints (waste and emissions) and which create economic value by reducing costs, and which focus on Chinese businesses.Robeco, which controls the Swiss SRI asset management firm SAM Group, opened a branch office in Shanghai in 2007, and received a QFII license in 2008 for USD150m.
24/03/2009

Switzerland - Credit Suisse releases a sustainable development fund

Credit Suisse has announced that it has already attracted more than EUR60m since the launch on 15 January of the sustainable development fund Credit Suisse Fund (Lux) Global Responsible Equities, managed by Markus Mächler in Zurich, for which analysis of the investment universe is provided by Global Ethical Standard Investment Services, which also certifies that the fund complies with ethical investment principles.The objective of the fund is to outperform the Dow Jones Sustainability World index for a period of at least 5 years. The portfolio is invested in equities in various sectors, but may also be invested in other funds, ETFs, or money market instruments which respect sustainable investment criteria. Shares are selected on the basis of environmental, social and governance (ESG) criteria, which comply with the United Nations Principles for Responsible Investment (UN-PRI). Credit Suisse states that in addition to positive criteria, negative exclusionary criteria will also be applied. Management commission is set at 1.92% per year.
24/03/2009

Germany - Varengold significantly enlarges staff

Varengold Wertpapierhandelsbank, a specialist in futures funds (EUR500m in assets), on Monday announced that its hedge fund HI Varengold CTA Hedge last year earned performance of 16.26%, at a time when the Barclay CTA Hedge index posted gains of 13.56%.Confronted with rising demand, Varengold recruited eight people last year to restructure its distribution, and now has 43 partners. In early March, the German firm opened an office n Dubai, and is planning to open two new offices this year. It is already present with service support offices in Shenzhen and Zurich.
24/03/2009

United Kingdom - Barclays may retain stake in iShares

Pensions & Investments reports that Barclays will probably choose not to sell the entirety of iShares, but will instead allow most of it to be acquired by sovereign funds and other asset managers. The first investors which the British group will contact will probably be the Qatar Investment Authority and Temasek Holdings, but such an operation may also interest BlackRock, Goldman Sachs Asset Management, Fidelity Investments, and Pimco (Allianz group). Invesco PowerShares Capital may also be among the suitors, in partnership with a private equity investor. Lastly, Pensions & Investments estimates that major private equity firms such as Blackstone Group, KKR and Madison Dearborn Partners have significant reserves of capital to invest, although the latter two lost money on their investments in Legg Mason and Nuveen Investments, respectively, iShares may be attractive to them if the price is right.
24/03/2009

United States - Legal administrator locates USD75m of Madoff's money

Irving Picard, the legal administrator in charge of liquidating Bernard Madoff’s business, has confirmed that he has found USD75m in Gibraltar; meanwhile, the French authorities will seize Madoff’s villa on the cape of Antibes, which is estimated to be worth USD1m, the Wall Street Journal reports. Picard has also told a British court that he has already recuperated USD946m in cash and securities for clients of Bernard L. Madoff Investment Securities LLC.
24/03/2009

Germany - ETFLab launches six new funds

On Monday, ETFlab (22 ETFs, EUR2bn in assets) announced the launch of six new German-registered physical ETFs, of which five invest in German government bonds with a range of maturity dates, and which charge a management commission of 0.15%. They replicate the Deutsche Börse Eurogov German indexes for 1 to 10 years, 1 to 3 years, 3 to 5 years, 5 to 10 years, and more than 10 years. The market-maker is ETFlab’s parent company, DekaBank (savings banks), and the maximal weight of a position is 30%.The sixth fund, ETFlab Deutsche Börse Eurogov Germany Money Market, replicates German government bonds with maturities of 1 to 12 months. The management commission is set at 0.12%.ETFlab was founded on 7 February 2008, and listed its first ETF funds on the XTF segments of the Xetra electronic traing platform from Deutsche Börse in late March.
24/03/2009

World - Morningstar 1000 index down in February

Morningstar has announced that the Morningstar 1000 Hedge Fund Index, not hedged, and the Morningstar with MSCI Composite (asset-weighted) Index, which is hedged for exchange rates, were both down in February, by 1.2% and 0.6% respectively, Hedge Week reports. The ?distressed? strategy suffered most, with average losses of 4.1%, since low-quality credit has fallen in price. However, the Morningstar Corporate Actions Hedge Fund Index and the Morningstar Convertible Arbitrage Hedge Fund Index have posted their second consecutive monthly increases, of 0.2% and 0.5%, respectively.Morningstar states that European equities funds lost only 1% on average, while their specialised counterparts in the United States and the developed countries of Asia were down by 2.6% and 3.1%, respectively.
24/03/2009

United Kingdom - New Star plans to increase exposure to asset management firms

Guy de Blonay, a fund manager at New Star Global Financials, has announced that he is planning to increase his exposure to asset management firms when the markets show signs of having stabilised somewhat, Investment Week reports. These firms may be the best bets in a recession since they do not consume large amounts of capital and do not have toxic assets. In addition, the sector is not highly concentrated, either in the United Kingdom or in the rest of the world: in 2007, the 20 largest actors worldwide controlled only 37.5% of assets under management. Given the current pressure on revenues, concentration is gaining pace, and that should be a positive factor for profit estimates.
24/03/2009

Italy - Carmignac opens an Italian branch office

Carmignac Gestion has opened a branch office in Italy, Bluerating reports in its 19 March edition. The office has 6 staff, led by Davide Fergonese. The range of funds from the French management firm have been available in Italy since 2005.
24/03/2009

France - CAAM has ambitions as a leader in SRI

Crédit Agricole Asset Management is hoping to become a leader on the French market for socially responsible investment by 2010. Currently, according to the most recent statistics from Novethic, the management firm is in eighth place, with EUR1bn under management in open-ended funds. In addition to this, EUR1.4bn are managed for institutionals and as part of mandates, and EUR0.3bn of assets come from employee savings, which adds up to a total of EUR2.7bn.To achieve its objective, CAAM has decided to progressively integrate environmental, social and governance (ESG) criteria into its management. The firm has internally ?repatriated? the management of SRI funds, which had previously been outsourced to its specialised affiliate, Ideam. Managers at Ideam have been integrated into the equities and fixed income management teams at CAAM since fourth quarter 2008. This new organisation is intended to spread SRI to all management at CAAM, and will eventually lead to the transformation of ?traditional? mutual funds into SRI products.The process will not take place before the merger with Société Générale Asset Management, says Yves Perrier, CEO of CAAM Group. The merger will allow CAAM to achieve its leadership objective more quickly, as SGAM is ranked fifth on the French SRI market according to Novethic. ?SRI will be a hallmark of the group formed by CAAM and SGAM,? says Perrier.Meanwhile, CAAM will continue to rely on Ideam, which will not disappear, but which will instead become the group’s extra-financial research centre, with 6 analysts and one person dedicated to research. In addition, there will be two managers who will continue to manage ethical and socially responsible funds. The research will be distributed throughout the group.
24/03/2009

United Kingdom - Prime Rate creates a position for sales director

The independent institutional fund management firm Prime Rate Capital Management, which was founded by Chris Oulton as part of a joint venture with Matrix Group, and which has nine employees, on Monday announced the recruitment of Gavin Haywood to occupy the newly-created position of sales director. He comes from Matrix Group, where he has been sales director for the past two years. He will concentrate on increasing subscriptions from institutional investors.
24/03/2009

France - BNY Mellon sets up shop in Paris

As previously reported, BNY Mellon Asset Management is opening a branch office in Paris. For the past four years, the management firm has served the French market from its European headquarters in London. The Paris office, which will also serve Benelux, will be led by Anne-Laure Frischlander. She will be assisted by a team of 5 professionals.
24/03/2009

Japan - Mitsubishi UFG strengthens position in wealth management

Before the crisis, Mitsubishi UFG began seeking a more high-end client base to gradually transition the generalist bank towards wealth management, Les Echos reports. Since 2007, Mitsubishi has decided to mobilise JPY100bn (EUR760m) to redeploy its network and open 20 offices dedicated exclusively to this activity. The largest Japanese bank by asset volumes on Monday announced that 1,000 jobs will be cut, and a further 1,000 will not be replaced.
24/03/2009

United Kingdom - Goldman interested in iShares

The Financial Times reports that Goldman Sachs is working on a bid for iShares, the ETF firm from Barclays. Three other firms are in negotiations with the British bank, including Bain Capital and a consortium led by Hellman & Friedman. Vanguard may also be interested. Offers range up to USD6.5bn.
24/03/2009

Germany - Private banks ghettoized

Handelsblatt reports that, following a phase of restructuring in the banking sector last year, there is now a gathering wave of sales which will soon affect the private banking sector. Sal. Oppenheim, which once planned to sell only the custody services arm of BHF-Bank, has not ruled out selling off all of the firm, while Commerzbank is studying the possibility of selling Reuschel, an affiliate of Dresdner Bank, and WestLB may put the private banking activities of Weberbank and the consumer lending company Readybank up for sale in May or June. According to information obtained by Handelsblatt, Heinrich Maria Schulte is also seeking a buyer for the Hamburg-based private bank Wölbern.
24/03/2009

United States - Hartford adds six products to its target-date fund range

Hartford Financial Services Group on Monday announced that it is restructuring its range with the addition to six target-date funds, and is increasing the equities allocation in the existing funds, the Wall Street Journal reports. The manager now offers nine target-date funds with maturities every five years between 2010 and 2050. The stock allocation of the Hartford Target Retirement 2010 fund was boosted to 58% from 46%, that of the 2020 fund has been increased to 71% from 64%.
24/03/2009

United States - Horizon funds may be regulated

Herb Kohl, Democratic Senator from Wisconsin and chairman of the Aging commission, is asking the Department of Labor to regulate the marketing of horizon, target-date, and life-cycle funds. He is also asking the SEC to consider the composition of portfolios and communications policies for these funds, the Wall Street Journal reports. At the end of 2008, assets in funds of this type represented USD185bn; according to Cerulli Associates, they may exceed USD1trn by 2013. Kohl points out that exposure ot equities varies strongly from one fund to another, and vary from 8% to 68% for funds maturing in 2010, fro example. One such fund lost more than 40% in 2008.
24/03/2009

World - Hedge funds may see record redemptions this year

One third of 1,000 investors surveyed by Deutsche Bank think hedge funds will see redemptions of USD200bn this year, after USD155bn last year, the Financial Times reports. Only one quarter of respondents predict net subscriptions, and 82% estimate that redemptions represent the most serious problem that hedge funds will have to confront.
23/03/2009

Monde - Baisse de l'encours des ETF

En janvier 2009, l’encours mondial des ETF a diminué de 52,2 milliards de dollars sur fin décembre pour revenir à 658,8 milliards de dollars, une diminution de 7,3 % qui est inférieure à celle de 8,8 % affichée par l’indice MSCI monde en dollars, selon les calculs de Deborah Fuhr et de son équipe de iShares (Barclays Global Investors). On recensait fin janvier 1.602 ETF avec 2.683 cotations lancés par 85 émetteurs et cotés sur 42 Bourses. En janvier, 14 nouveaux ETF ont été lancés, tandis que 613 étaient en projet.En Europe, l’encours des ETF se situait à 135,73 milliards de dollars répartis sur 633 fonds (soit 1 de plus que fin 2008) de 29 émetteurs et cotés sur 20 Bourses. Les actifs sous gestion ont diminué en janvier de 5 % alors que le MSCI Europe affichait une baisse de 11,4 % en dollars.
23/03/2009

Monde - Bientôt la fin des obligations "tier two" ?

Selon l’Agefi, ce type de dette hybride ne présente plus grand intérêt pour les banques comme le prouve le rachat par UBS d’obligations dites lower tier two, les régulateurs préférant dorénavant se concentrer sur les fonds propres de base ou tier one.
23/03/2009

Monde - La déferlante de dette souveraine va encore grossir

Selon l’Agefi, après la France, l’Allemagne revoit à la hausse son programme d'émissions de 20 milliards d’euros alors que le Royaume-Uni prévoit 10 milliards de livres d'émissions de plus qu’anticipé. Logique : " La dégradation accélérée des indicateurs économiques ne laisse pas d’autre choix aux Trésors en Europe» que d’augmenter le montant de leur dette souveraine, souligne le quotidien numérique pour qui l’ampleur de ce déluge ira crescendo en 2009.
23/03/2009

Monde - Les fonds de retournement s'enlisent

Selon La Tribune, comme en témoigne les déboires de JC Flowers avec la banque Hypo Real Estate, les fonds de retournement éprouvent des difficultés à sortir des sociétés qu’ils détiennent. Ces fonds, dont l’objectif est d’acheter une entreprise démonétisée en pariant sur un redémarrage économique, ont été pris à contre-pied par la longueur de la crise. Résultat, depuis 6 mois, les opérations sont rares et " (?) même les acteurs historiques en France, comme Butler, Caravelle, Sun Capital Partners ou Vermeer Capital, restent immobiles», constate le quotidien.
23/03/2009

Monde - Les régulateurs planchent sur la supervision des hedge funds

Selon l’Agefi, l’Organisation internationale des commissions de valeurs (OICV) vient de publier un rapport préliminaire pour une meilleure supervision de l’industrie des hedge funds. Pour Verena Ross membre de la «force spéciale» de l’OICV sur les hedge funds, et haut responsable de la FSA britannique, «l’un des points essentiels est vraiment de s’assurer que les régulateurs obtiennent toute l’information nécessaire afin d'évaluer le risque systémique potentiel», rapporte notamment le quotidien numérique.
23/03/2009

Royaume-Uni - Paul Myners avait créé une société dans un paradis fiscal

Secrétaire aux services financiers auprès du Trésor britannique depuis octobre 2008, Paul Myners est le ministre chargé de réprimer l'évasion fiscale des entreprises. Or, rapporte The Sunday Times, il s’avère qu’il a contribué à la création d’Aspen Insurance Holdings (AIH), une société de réassurance basée aux Bermudes. Il a été chairman d’AIH Bermudes et Royaume-Uni pendant cinq ans jusqu'à mai 2007. Les réassureurs établis aux Bermudes ne paient ni d’IS localement, ni d’impôt sur les primes levées au Royaume-Uni. Le Trésor précise toutefois que Lord Myners n’a pas levé les stock options qu’il aurait pu exercer jusqu'à août 2008 et qu’il a satisfait à toutes ses obligations de déclaration financière vis-à-vis du règlement de la Cour des Lords.
23/03/2009

Suisse - ISR : l?intérêt subsiste malgré la crise

Selon Le Temps, la crise n"a pas entamé l"intérêt pour l"investissement socialement responsable (ISR). Selon une étude du cabinet spécialisé OnValues, ces produits ont enregistré l"an dernier des afflux de 1,6 milliard de francs en Suisse, contre des sorties de 22,9 milliards pour les fonds traditionnels comparables (actions et allocation d"actifs).Les fonds thématiques, comme les énergies propres, ont naturellement souffert. Mais l"afflux dans des produits plus diversifiés, en actions, en obligations ou en allocation d"actifs a compensé ces retraits. Il reste que les portefeuilles ISR ont subi d"énormes baisses, comme le reste du marché et que les souscriptions ont à peine amorti le choc. Leur encours a fondu de 39%, à 21 milliards, contre une chute de 40% à 214 milliards pour tous les fonds actions et diversifiés.
23/03/2009

Italie - Generali augmente sa collecte en assurance vie

En 2008, Generali a augmenté sa collecte en assurance vie de 3,2 %, rapporte Il Sole ? 24 Ore. L"assureur dégage un bénéfice net de 861 millions d"euros, contre 2,92 milliards en 2007. Generali a confirmé qu"il sortait d"Intesa Vita, mettant fin à sa collaboration avec Intesa.

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