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18/03/2009

Espagne - Le hedge fund vedette du BBVA passerait sous marque blanche

Le BBVA a décidé de fermer sa division de gestion alternative. L’une des sociétés concernées, Próxima Alfa, a décidé de négocier avec d’autres gestionnaires pour exporter son modèle comme un produit à la marque du distributeur. Selon Expansión, le premier fonds concerné est le navire-amiral de Próxima, le Accurate Global Assets géré par Narciso Vega et Igor Alonso. L’encours est retombé à 35,45 millions de dollars contre 100 millions lorsque le BBVA est sorti, mais le fonds affiche une performance de 8,8 % depuis le début de l’année.
18/03/2009

Etats-Unis - Blanchiment : La SocGen rappelée à l'ordre par la Fed

Selon La Tribune, la Fed a adressé, le mardi 17 mars, un rappel à l’ordre à la Société Générale accusée de « déficiences » en matière de lutte contre le blanchiment d’argent.La banque dispose de 60 jours pour présenter un programme visant à « identifier à temps et de façon précise » les transactions suspectes, précise le quotidien.
18/03/2009

Singapour - Clariden Leu recrute un nouveau patron pour l'Asie

La banque privée Clariden Leu (groupe Credit Suisse) a annoncé mardi la nomination de Jimmy Lee Kong Eng comme «head Asia», poste auquel il succédera à Stefan Hausherr qui exerçait cette fonction à titre intérimaire et qui demeure head operations et branch manager à Singapour. Jimmy Lee Kong Eng était depuis quatre ans et demi head of private wealth management South East Asia/South Asia chez Deutsche Bank à Singapour, avec une équipe de 150 personnes sous ses ordres.
18/03/2009

Suisse - Baisse du bénéfice de Partners Group

Partners Group, dont l’encours est demeuré stable l’an dernier à 24,4 milliards de francs suisses, grâce à des rentrées brutes de 6,2 milliards qui ont compensé des sorties ainsi que des effets de change et de marché de 6,2 milliards, affiche en IFRS un bénéfice net de 171 millions de francs contre 255 millions pour 2007 et 154 millions pour 2006. Le chiffre d’affaires a augmenté de 6 % à 328 millions de francs et l’ebitda s’est accru de 4 % à 240 millions. Le bénéfice net ajusté, après exclusion de la valorisation de certains dérivés liés à des contrats d’assurances, s’est tassé à 213 millions contre 228 millions.
18/03/2009

Royaume-Uni - Aviva veut suspendre le prêt de titres aux hedge funds

Aviva envisage de suspendre le prêt de titres aux hedge funds, rapporte le Financial Times. L"assureur pense en effet avoir été la cible de vendeurs à découvert et que les hedge funds sont responsables de la chute de 40 % du cours de l"action en 48 heures il y a deux semaines. Le groupe britannique a sondé d"autres assureurs européens à ce sujet.
18/03/2009

Royaume-Uni - Le patron de Terra Firma s?en va

Guy Hands a abandonné le contrôle quotidien de Terra Firma Capital Partners pour se concentrer sur les investissements et les relations avec les investisseurs, rapporte le Financial Times.
18/03/2009

Liechtenstein - Sorties nettes limitées pour LGT Group

A fin 2008, l’encours de LGT Group ressortait à 78 milliards de francs suisses, ce qui représente une contraction de 24,8 milliards par rapport à fin 2007. L’essentiel de la baisse est imputable à l’effet de marché, les remboursements nets s'étant limités à 1,3 milliard de francs parce que les filiales bancaires en Allemagne, en Autriche, en Suisse et à Singapour ainsi que la gestion d’actifs ont enregistré de fortes rentrées nettes.La banque de la famille princière déclare pour l’an dernier un bénéfice net de 163 millions de francs contre 255 millions (- 36 %) et un coefficient d’exploitation (cost-income ratio) très légèrement dégradé à 68 % contre 66 %. Au 31 décembre, le ratio de fonds propres de premier rang (Tier 1) se situait à 16,5 % contre 17,8 % un an auparavant.
18/03/2009

Monde - Russell Global Index va inclure sept IPO

Russel Investment va inclure sept IPO dans son indice Russell Global Index à partir du 31 mars, dont un sera également ajouté à l’indice américain Russell 3000® Index et deux au Russell Greater China Index ainsi qu’un autre respectivement aux indices Russell Kuwait, Russell Singapore, Russell South Korea et Russell United Kingdom.
18/03/2009

France - Mines anti-personnel : Natixis adopte des mesures restrictives

Natixis a décidé d"adopter une politique restrictive en matière de financement et d"investissement dans les entreprises impliquées dans la fabrication, le commerce et le stockage de mines anti-personnel et de bombes à sous munitions. Cette politique d"exclusion s"appliquera aux activités de financement de ces entreprises, aux activités d"investissements pour compte propre, et aux activités pour compte de tiers sur les portefeuilles gérés par Natixis Asset Management.
18/03/2009

France - Trois nominations chez Lazard Frères Gestion

Lazard Frères Gestion annonce trois nominations dans le cadre d’une reconfiguration de ses activités. François de Saint-Pierre prend la responsabilité de l"activité Gestion Privée de la société de gestion, succédant à Joseph Assémat-Tessandier. Entré dans le groupe en 1993, il devient associé-gérant de Lazard Frères Gestion en 2003, puis associé-gérant de Lazard Frères Paris et Managing Director de Lazard LLC en 2007. Il a pour mission de poursuivre et d"accélérer le développement de l"activité Gestion Privée, notamment en ce qui concerne l"organisation des patrimoines, l"allocation d"actifs, et le processus d"investissement.Matthieu Grouès prend le poste nouvellement créé de directeur des gestions de Lazard Frères Gestion. Il conserve ses fonctions de responsable de la stratégie et l"allocation d"actifs. Il a comme mission de coordonner et de développer les gestions institutionnelles et collectives en cohérence avec le scénario macro-économique de Lazard Frères Gestion.Enfin, Régis Bégué est depuis le 1er janvier 2009 directeur de la recherche et de la gestion actions, reprenant les fonctions de François de Saint-Pierre. Il était depuis 2005 gérant actions européennes et en tant qu"analyste, il était en charge des secteurs pharmacie, utilities et automobiles. Il a comme mission de maintenir le bon #track record# obtenu depuis 10 ans, tout en continuant à améliorer le process d"investissement, et d"enrichir la gamme de produits.
18/03/2009

Switzerland - Profits down at Partners Group

Partners Group, whose assets remained stable last year at CHF24.4bn, thanks to gross infows of CHF6.2bn, which compensated for outflows as well as for currency and market effects of CHF6.2bn, has posted net profits by IFRS accounting standards of CHF171m, compared with CHF255m in 2007, and CHF154m in 2006. Revenues increased 6% to CHF328m, while EBITDA increased 4% to CHF240m. Adjusted net profits, excluding the valuation of certain derivatives related to insurance policies, fell to CHF213m, compared with CHF228m.
18/03/2009

Spain - Epsilon to launch first fund of hedge funds

Epsilon Gestion Alternativa, the Spanish affiliate of Permal which received its license from the CNMV in September, will soon launch its first fund of hedge funds, which will be entitled BrightGate Capital, Funds People reports. The team includes four former managers from Merrill Lynch and Credit Suisse, and one veteran of Santander Securities.
18/03/2009

World - Assets in Latin American funds down by one quarter in 2008

According to Fund Pro rankings published by Funds People, assets in funds domiciled in Latin America fell to less than USD600bn at the end of December, from a peak of USD745bn twelve months earlier. The top two actors are Brazilian: Banco do Brasil and Bradesco have respective assets under management of USD94.9bn and USD65.4bn, and respective market share of 17% and 11.7%.Santander and BBVA are in fourth and ninth place, with USD48.2bn and USD14.6bn. BNP Paribas is in 17th place, with USD5.82bn.
18/03/2009

Germany - Carsten Maschmeyer quits as head of AWD

The founder and now co-chairman of the board at AWD, Carsten Maschmeyer, has decided to quit his job as head of the German financial services provider. He will join the board of Swiss Life, a company in which he owns an 8% stake, the Frankfurter Allgemeine Zeitung reports. In his new role, he plans to focus on development of strategy and internationalisation.
18/03/2009

France - Three new appointments at Lazard Frères Gestion

Lazard Frères Gestion has announced three appointments as part of a reconfiguration of its activities. François de Saint-Pierre will become head of private management activities at the management firm. Saint-Pierre, who joined the group in 1993, became a managing partner at Lazard Frères Gestion in 2003, and then a managing partner at Lazard Frères Paris and Managing Director of Lazard LLC in 2007. He will work to continue and accelerate the development of private management activities, particularly in areas such as the organisation of wealth, asset allocation, and the investment process. Matthieu Grouès will assume the newly-created position of director of management at Lazard Frères Gestion. He will retain his responsibilities as head of strategy and asset allocation. His mission will be to coordinate and develop institutional and collective management in a manner that is coherent with Lazard Frères Gestion’s macroeconomic scenario. Régis Bégué has been director of research at the equities management firm since 1 January 2009. Before that, from 2005 he was in European equities management as an analyst, in charge of the pharmaceuticals, utilities and automotive sectors. His mission will be to maintain the good track record the firm has established over the past 10 years, while continuing to improve the investment process and enrich the product range.
18/03/2009

Germany - iShares lists seven new ETFs on Deutsche Borse

On Tuesday, Deutsche Börse admitted seven new ETFs from iShares (a brand from Barclays Global Investors, or BGI) onto the XTF segment of its Xetra electronic trading platform. Three are bond products, while the other four are based on equities indexes. All of them are German-registered products.The new products include the iShares JPMorgan $ Emerging Markets Bond, ? Covered Bond et Global Inflation-Linked Bond. D’autre part, iShares fait coter trois ETF de petites capitalisations : S&P Small Cap 600, MSCI Japan Small Cap and MSCI AC Far East Ex-Japan Small Cap.The seventh new product is the iShares S&P Emerging Markets Infrastructure, whose underlying index includes the 30 largest companies involved in the development of infrastructure in emerging countries. With these new ETFs, the total number of products available on the XTF segment comes to 420.
18/03/2009

Singapore - Clariden Leu recruits a new head for Asia

The Clariden Leu private bank (Credit Suisse group) on Tuesday announced the appointment of Jimmy Lee Kong Eng as ?head Asia.? In this position he will succeed Stefan Hausherr, who held the position in the interim, and who will remain as head operations and branch manager in Singapore. Jimmy Lee Kong spent four and a half years as head of private wealth management South East Asia/South Asia at Deutsche Bank in Singapore, with a team of 150 people under his responsibility.
18/03/2009

Europe - Future of VaR funds is uncertain

The rapid convergence of hedge funds and traditional asset management may sound a death knell for VaR funds, if the Committee of European Securities Regulators (CESR) decides that ?value at risk? is no longer an adequate measure of risk for sophisticated UCITS funds, Financial Times Fund Management predicts in its 16 March edition. The abandonment of VaR as a measure of risk for UCITS funds would cause consternation in the management sector, FT FM predicts.
18/03/2009

China - Regulator approves three investment firms

The Chinese market regulator has granted permission to three new foreign financial services companies to invest on the domestic capital markets, Financial Times Fund Management reports on 16 March. The newly-licensed companies are Hanwha Investment Trust Management; Emerging Markets Management, a company based in Virginia, USA; and DWS Investment.
18/03/2009

World - Russell Global Index to include seven IPOs

Russell Investment will include seven IPOs in the Russell Global Index from 31 March. One of them will also be added to the Russell 3000® Index of American shares, while two will be added to the Russell Greater China Index. One each will be added to the Russell Kuwait, Russell Singapore, Russell South Korea, and Russell United Kingdom indexes.
18/03/2009

Switzerland - UBS: Two managers return to the fold

UBS has announced that two big names have returned to its asset management division, Handelsblatt reports. René Mottas has rejoined the group from Goldman Sachs, to lead European wealth management, while Joseph Stadler is leaving JP Morgan to lead the VIP clients division.
18/03/2009

Germany - DEGI satisfied with relaunch of DEGI International

Bärbel Schomberg, CEO of DEGI (Aberdeen Property Investors group), estimates that the reopening of the real estate fund DEGI International to redemptions has been a success, the Börsen-Zeitung reports. After heavy initial redemptions, subscriptions and withdrawals have now reached near equilibrium.
18/03/2009

Liechtenstein - Limited net outflows for LGT Group

As of the end of 2008, assets at LGT Group totalled CHF78bn, which represents a contraction of CHF24.8bn compared with the end of 2007. Most of the decline is due to market effects, while net redemptions totalled only CHF1.3bn, as the banking affiliates in Germany, Austria, Switzerland and Singapore and asset management all posted strong net inflows.The bank owned by the royal family has declared net profits for last year of CHF163m, compared with CHF255m (-36%) and a cost/income ratio which has deteriorated slightly to 68% from 66%. As of 31 December, the ratio of Tier 1 owners’ equity stood at 16.5%, compared with 17.8% one year previously.
18/03/2009

United Kingdom - City regulators: No more Mr. Nice Guy

Les Echos reports that Lord Turner, the chairman of the Financial Services Authority (FSA), will this Wednesday unveil a report calling for toughened supervision of banks, particularly in relation to distribution of real estate loans and dependence on refinancing markets. ?Morever, Lord Turner promises to extend the regulator’s reach to include hedge funds, to supervise bank’s off-book assets, and to control bonus levels,? the newspaper adds.
18/03/2009

United States - Hedge funds will profit from government aid to AIG

Some of the billions of dollars in aid provided by the US government to inject liquidity into American International Group (AIG) will profit hedge funds who bet that the residential real estate market would go down, say sources close to the investors. These are perfectly legal transactions, the Wall Street Journal reports: investment banks such as Goldman Sachs and Deutsche Bank sold CDS to hedge funds, which allowed the funds to bet that default rates on mortgages would rise, which ultimately forced AIG to provide billions of dollars in collateral, largely to the banks which were lending it the money. The newspaper reports that of USD173.3bn in government assistance received by AIG, these bets on residential real estate will cost taxpayers about USD52bn.
18/03/2009

Europe - GLG Partners dethroned as largest hedge fund

After a disastrous year in 2008, GLG Partners has lost four notches in the Hedge Fund Journal’s rankings of the world’s largest hedge funds. GLG Partners has lost its place as the largest European hedge fund, and is now fourth, the Financial Times reports. Brevan Howard has climbed to first place, with EUR19.6bn under management as of the end of January. The AHL fund from Man Group, also based in London, ranks second, followed by Barclays Global Investors and GLC. The 50 hedge funds in the rankings have posted decreases amounting to 26% of their assets over the last 12 months.
18/03/2009

United Kingdom - Terra Firma head cuts loose

Guy Hands is withdrawing from day-to-day operational control of Terra Firma Capital Partners to concentrate on investments and investor relations, the Financial Times reports.

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