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09/03/2009

Italy - Milan stock exchange in free-fall

The Milan stock exchange appears to be obeying a different logic than other stock markets in Europe, Asia, or the Americas, Il Sole - 24 Ore reports. Falls on the Italian market have accelerated in relation to other global markets in the past five trading sessions. Since Friday, 27 February, the S&P Mib has lost 15.62%, while the Frankfurt stock exchange has lost 4.61%, London has lost 7.82%, and Paris has lost 6.22%. In this environment, Italian CDS set a new record on Friday, at 199 basis points, compared with about 90 points in France and Germany.
09/03/2009

World - Hedge fund investors turn to gold

Hedge fund who made money last year by betting against investment banks are now buying gold as a way of betting against central banks, says the Financial Times. The gold bulls include David Einhorn, founder of Greenlight Capital, Eton Park and TPG-Axon. A bet on gold is essentially a bet against all paper currencies.
09/03/2009

United Kingdom - F&C Investment Trust posts significant losses

Foreign & Colonial Investment Trust has announced that its bets on equities lost it GBP680m last year, making 2008 its worst fiscal year since 1974, the Times reports. The equities portfolio at the firm lost more than one quarter of its value, to GBP1.78bn, and net asset value fell 28.5% to 256.6 pence.
09/03/2009

Europe - Baudouin Prot (BNP Paribas) optimistic about Fortis

In an interview with the Financial Times, Baudouin Prot, CEO of BNP Paribas, has announced that he expects shareholders in Fortis to approve a new bid from the French bank at an extraordinary general assembly on 8-9 April. ?it is now very clear that it is the best solution for everyone in Belgium, for shareholders, employees, and clients of Fortis, and for the Belgian economy,? he says.
09/03/2009

Spain - Fonditel fires its CIO

Following losses of 35% and 28% in 2008 for the Velociraptor and Albatros funds, its two funds of hedge funds, Fonditel, the firm that manages the pension fund for Telefónica, has decided to bid farewell to its chief investment officer, Íñigo Colomo, Expansión reports. The position has been taken over by the deputy CIO, Luis Peña. Total assets at Fonditel have fallen to EUR400m from EUR700m, and Velociraptor and Albatros had invested more than EUR7m with Madoff.
09/03/2009

United States - RBC recruits a team from UBS

The Minneapolis/St Paul office of RBC Wealth Management has recruited the wealth management team working under Johnson Karels at UBS Financial Services, which includes four people, and which brings with it a portfolio of high net worth private clients worth USD200m, the Minneapolis / St. Paul Business Journal reports.
09/03/2009

Spain - JPMAM unveils two STEEP funds

At a press conference in Madrid, Catherine Vaughn, head of development for Highbridge in Europe, has unveiled the firm’s new US STEEP and Europe STEEP funds, which deliver the same statistical arbitrage strategy used for the JPMorgan Highbridge Statistical Market Neutral Fund, in UCITS III-compliant vehicles with daily net asset value reporting, Funds People reports. The portfolios include 650 positions for the Europe product, and 770 positions for the fund specialised in US equities. The US STEEP fund, launched in May, has outperformed its benchmark index by 2.11 points, while the Europe STEEP has performed 1.61point better than its benchmark. In January, the US STEEP lost 2.26%, compared with losses of 8.43% for the S&P 500, while the Europe STEEP posted stable results, compared with losses of 6.12% for the MSCI Europe.
09/03/2009

Spain - Aviva Investors gets a new head

Aviva Investors has recruited Alfonso del Moral as its director for Spain and Portugal, Funds People reports. In the past few days, del Moral has joined the Madrid office of the firm (which includes two sales staff and one customer service representative), where he replaces William Pawson, who has moved to Standard Life. Until the end of December, del Moral was head of sales at Schroders. He will report to Adam Lessing, director of development for Europe, and José Caturla, CEO of Aviva Gestión de Inversiones.
09/03/2009

France - Female managers are more consistent than males

?Measurements of the results of Sicav and FCP funds invested in equities and managed by women reveal that these funds are more consistent than products managed by men, over five years, three years, and one year,? Le Revenu reports in an issue dedicated to the subject of women managers. ?Women are more humble in their investment decisions, and appear to have fewer ego problems than men,? the newspaper reports.According to data provided exclusively to Le Revenu by the French management association (AFG), of 3,200 managers in France included in the data, 12% to 13% are women. ?French women managers are more concentrated in employee savings products, where they represent 18% of the total, and are also often found managing Sicav and FCP funds invested in equities, bonds, and money markets, in which categories 15% of managers are women,? the newspaper reports.?One of the largest French management firms in terms of assets under management, Axa IM is also the most progressive: 47 out of 100 managers in Paris are women,? Le Revenu adds.
09/03/2009

United States - Some hedge funds had foresight in commission fee policies

Hedge funds usually cannot not earn performance commissions of as much as 20% unless they achieve their ?high watermark? objectives, which may take a long time, in light of the losses experienced in 2008. However, the Wall Street Journal notes, some management firms, such as Eton Park Capital Management and Och-Ziff Capital Management, saw this problem ahead of time, and set up systems which will enable them to get around it. Eton Park will earn a performance commission reduced by half beginning this year, while Och-Ziff will earn a normal performance commission beginning in 2010.
09/03/2009

United Kingdom - Macquarie and B&B put infrastructure assets up for sale

To raise cash and pay off debts, the Australian management firms Babcock & Brown and Macquarie are planning to sell off major infrastructure assets in the United Kingdom, the Sunday Times reports. B&B has mandated Dresdner Kleinwort to sell off PD Ports, which operates the ports of Hartlepool and Immingham, for at least GBP400m.Several potential buyers are reported to have contacted Macquarie, which controls Thames Water, Bristol airport, and Condor Group (which operates ferries to the Isle of Wight). The first asset to be sold off may be the M6, while Macquarie has already sold half of its stake in a highway in the Sydney area.
09/03/2009

Spain - Claudio Aguirre launches a new private equity firm

The former head of Merrill Lynch Spain and the founder of Altamar Private Equity, Claudio Aguirre, has founded a new private equity firm, Sextante Partners. The firm will be directed by Maria Vasquez Ferrandize, who was head of alternative management at Abante until that company shut down its hedge fund activities, Funds People reports. Sextante Partners will operate in all asset classes.
09/03/2009

Norway - Assets in former Oil Fund down to NOK2.1trn

In January, assets in the Government Pension Fund - Global, the former Oil Fund, showed a decline in assets of NOK1.5bn, to a total of NOK2.1trn, or EUR235.9bn, the Bank of Norway reports. This is the first decline since the NOK1.17trn decline reported last October compared with assets in September, which also brought total assets in the fund to NOK2.1trn, IPE reports.
09/03/2009

World - Hedge funds losing weight fast

HedgeFund Intelligence (HFI) reports that declines in hedge fund assets may run to at least 20% this year, following a contraction of nearly one third to USD1.8trn in 2008 due partly to average losses of 15%, the Börsen-Zeitung reports.The newspaper also reports that Commerzbank is apparently planning to sell its fund of hedge fund activity, Comas, which manages EUR900m, or 40% lower than at its highest level. The bank its reported to have invested over EUR100m of its own money in Comas funds.
09/03/2009

Netherlands - Van der Moolen will not buy stakes in GSFS AM and GSA

Due to the currently prevailing market conditions, van der Moolen Holding NV and Global Securities Finance Solutions Holding BV (GSFS) on Friday agreed to cancel an agreement in principle signed last year (see Newsmanagers of 24 November 2008), in which van der Moolen agreed to acquire stakes of 49.9% in GSFS Asset Management BV (GSFS AM) and 33.3% in Global Securities Arbitrage BV (GSA) for EUR43.3m, of which EUR14.15m was to be in cash.As a result, though the existing partnership between van der Moolen and GSFS will not be affected, van der Moolen will now develop its trading and brokerage activities alone.
09/03/2009

Germany - Templeton Growth Fund loses its shine

For a long time, the Templeton Growth Fund from Franklin Templeton has been a star performer among German equities funds. But net redemptions in the country totalled EUR700m last year, and assets fell by EUR7.6bn, to EUR8bn, whereby 83% of the decline is due to falling markets, the Frankfurter Allgemeine Zeitung reports. In the past three years, the fund has lost more than 20%, which puts it in the middle of the rankings for international large cap equities funds. The DWS Top Dividende has limited its losses to 10% in the same period, and according to Morningstar, 250 funds have performed better than the Templeton Growth Fund and its European variant, the Templeton Growth (Euro) Fund. Assets in the two funds have fallen by about half, to EUR14.7bn and EUR3.4bn, respectively.
09/03/2009

Spain - High net worth investors change managers for EUR1.6bn in assets

According to calculations by Expansión on the basis of data from the CNMV, Spanish high net worth investors between January 2008 and February 2009 changed the managers of Sicav funds representing EUR1.59bn, which is 5.8% of the EUR27.14bn overall in vehicles containing assets of high net worth private clients as of the end of September, the most recent date for which figures are available. 229 Sicav funds have changed managers, or 7% of the total.Managers who profited the most from the phenomenon are Interdin, Urquijo (Sabadell), Credit Suisse, Santander and Pictet. The management firms most punished were Nmás1, La Caixa, Riva y García, Fortis, and UBS, with total outflows ranging from EUR220m to EUR55m.
09/03/2009

World - Decline in value of financial assets has cost USD50trn

The declining value of financial assets worldwide may have wiped out more than USD50trn in value, the equivalent of one year of global economic production, the Financial Times reports, citing statistics to be announced on Monday by the Asian development bank. Asia has been disproportionately affected by the losses.
09/03/2009

Asia - Lyxor to launch new ETF funds

The Financial Times reports that Lyxor Asset Management is planning to extend its range of ETF products in Asia. 15 new ETFs will be launched in Japan this year, in addition to the 13 already available there. The Société Générale affiliate is also planning to add to its product ranges in Hong Kong and Singapore this year, where it has 12 and 13 ETF products on offer, respectively, says Joseph Ho, Lyxor’s head of sales and marketing in Asia ex Japan.
09/03/2009

Spain - Bankinter becomes next Spanish provider to fold hedge fund activities

Following similar moves on the part of Santander and BBVA, Bankinter has announced that it also will be stopping its hedge fund activities, and that it will be closing the Bankinter Montblanc fund, a multi-strategy fund of funds launched in April 2007. Assets in the fund as of the end of September totalled barely EUR0.35m, and the performance of the fund came in at 1.16%, according to Lipper data reported in Funds People.
09/03/2009

France - Les institutionnels partagés sur le potentiel des actions européennes

Selon le sondage réalisé en février par MultiRatings auprès d’une cinquantaine d’investisseurs institutionnels français, il ressort que seuls 5 % des sondés déclarent ne pas être investis en actions. En revanche, #malgré la forte baisse des marchés depuis plusieurs mois, certains hésitent à y réinvestir, voire décident de diminuer encore le poids de cette classe d’actifs (16 %)#, indique Les Echos, qui ajoute que 52 % des institutionnels du panel maintiennent le poids des actions européennes dans leurs portefeuilles #en considérant qu’il est trop tard pour vendre mais encore trop tôt pour acheter». Malgré des valorisations qui semblent très attrayantes, #beaucoup évoquent le manque de visibilité macro et microéconomique#, analyse le quotidien.
09/03/2009

France - Rémunération des gérants : fin de l'âge d'or

Selon Les Echos, sous la pression des pouvoirs publics, les sociétés de gestion vont devoir revoir et leurs systèmes de rémunération. Dominique Carrel-Billiard, directeur général d’AXA Investment Managers, souligne à ce propos «qu’il n’existe pas dans ce métier l’asymétrie que certains dénoncent dans la banque d’affaires», où le trader «bénéficierait d’une option sur les bénéfices instantanés de son activité». En effet, rappelle le quotidien, selon l’enquête de Robert Half en 2008, la rémunération des traders «reste globalement supérieure à celles des gérants, hors hedge funds».Pour Oliver Johanet, directeur général de la Française des Placements (LFP), «c’est maintenant au management des sociétés de gestion d’avoir le courage et la lucidité de mettre un terme aux excès commis». LFP a choisi «de plafonner le bonus de tous nos collaborateurs à 30 % de leur salaire fixe», explique-t-il aux Echos.
09/03/2009

France - Le non-coté résiste

Selon Les Echos, les valorisations dans le non-coté sont restées stables, en particulier pour les opérations de fonds LBO. Alors que parallèlement le prix d’achat de sociétés cotées s’est effondré de 7,1 à 5,2 fois l’Ebitda entre le premier semestre et la fin 2008.
09/03/2009

France - Les gérantes plus régulières que les hommes

«Lors que l’on se penche sur les résultats des sicav et FCP investis en actions et gérés par des femmes, on constate qu’ils sont plus constants que ceux des hommes, tant sur cinq ans, que trois ou un ans», affirme Le Revenu dans un dossier consacré aux gérantes. «Plus humbles dans leurs décisions, les femmes ont, semble-t-il, moins de problème d’ego que les hommes», indique l’hebdomadaire.Selon les chiffres fournis en exclusivité au Revenu par l’Association française de gestion (AFG), sur les 3.200 gérants hexagonaux recensés, 12 à 13 % sont des femmes. «Davantage affectées à la gestion des produits d'épargne salariale, où elles représentent 18 % des effectifs, les gérantes françaises sont aussi nombreuses à s’occuper des sicav et FCP investis en actions, obligations et titres monétaires, catégories dans lesquelles 15 % des gérants sont des femmes», précise l’hebdomadaire. «Parmi les plus importants pôles hexagonaux en termes d’actifs gérés, Axa IM est le plus progressiste avec 47 femmes parmi 100 gérants parisiens», révèle encore le Revenu.
09/03/2009

France - Gestion d'actifs : les filiales bancaires au régime sec

Selon La Tribune, les résultats annuels des grandes banques françaises ont confirmé, en 2008, les difficultés de leurs filiales de gestion d’actifs. L’industrie a subi à la fois un effet marché négatif avec une baisse des encours. #Ainsi, les actifs de BNPP IP, CAAM, NGAM et SGAM (filiales comprises) reculent respectivement de 18,2 %, 12,85%, 24 % et 24,7 %#, rappelle le quotidien. Par ricochet, les sociétés de gestion ont essuyé une baisse de leurs revenus puisque les commissions de gestion sont assises sur la masse des actifs. Pour 2009, #si aucune maison ne déclare remettre en cause sa stratégie de développement, elles se veulent toutes pragmatiques et n’hésiteront pas à revoir leur copie en cas de dégradation de la conjoncture#, avertit notamment La Tribune en rappelant que certaines sociétés comme Credit Suisse, qui a cédé sa gestion traditionnelle à Aberdeen AM ou Threadneedle, qui a racheté les activités de Standard Chartered, ont réagi de manière plus radicale.
09/03/2009

France - Immobilier de bureau : vers une modération des loyers

Selon La Tribune, plusieurs professionnels se sont entendus afin de définir un nouvel indice des loyers des activités tertiaires (Ilat), «plus sage et moins volatil"que le précédent qui s’est renchéri de 17% depuis 2006. " Un protocole d’accord devrait être signé mercredi, au Mipim, le Marché international des professionnels de l’immobilier» et le nouveau texte pourrait s’appliquer dès l'été, annonce le quotidien.
09/03/2009

Grèce - Olympic atterrit à Dubaï

Au sixième essai, le gouvernement grec a fini par trouver un repreneur pour sa compagnie aérienne déficitaire, Olympic Airlines. Il s’agit de Marfin Investment Group (MIG), qui prend en charge l’exploitation des vols et la division technique tandis que les services au sol vont au manutentionnaire Swissport, filiale du groupe espagnol Ferrovial. Athènes va percevoir au total 177,2 millions d’euros. MIG, cotée à Athènes, détient des participations dans 40 pays. Son actionnaire principal est le fonds souverain Dubai Financial Group.
09/03/2009

Italie - La Bourse de Milan en chute libre

La Bourse de Milan semble suivre une logique différente de celle des autres marchés, qu"ils soient européens, asiatiques ou américains, observe Il Sole ? 24 Ore. La baisse du marché italien s"est accélérée par rapport aux autres places sur les cinq dernières séances. Depuis le vendredi 27 février, le S&P Mib a abandonné 15,62 %, tandis que Francfort baissait de 4,61, Londres de -7,82 % et Paris de -6,22 %. Dans ce contexte, les CDS sur l"Italie sont arrivés à un nouveau record vendredi : 199 points de base, contre environ 90 pour la France ou l"Allemagne.
09/03/2009

Royaume-Uni - Irrégularités chez Merrill Lynch

Merrill Lynch a suspendu un cambiste le 25 février après avoir découvert dans son livre, durant ses vacances à la montagne, des irrégularités qui pourraient avoir occasionné à la banque une perte d’au moins 120 millions de dollars, rapporte The Times. Alexis Stenfors, qui aurait effectué de mauvais paris sur l'évolution des devises, a en revanche apparemment fait gagner 120 millions de dollars à Merrill Lynch au T4 de l’an dernier.

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