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27/02/2009

Etats-Unis - Hausse des impôts pour les hedge funds

Selon La Tribune, qui cite le New York Times, le président Obama devrait proposer d’accroître le taux d’imposition sur les revenus des associés dans les hedge funds et des fonds. «Pour l’instant, le taux d’imposition n’est que de 15 % au plus (?). Dans un premier temps, les revenus tirés des investissements en question pourraient être considérés l'équivalent de revenus normaux et être taxés à 35 % au plus. Puis, dans un deuxième temps, à 39,6 % (?)».
27/02/2009

Royaume-Uni - Vanguard UK va recruter 30 personnes

Vanguard Investments UK va recruter jusqu'à 30 personnes pour son nouveau bureau londonien, rapporte Ignites Europe dans son édition du 26 février. Elles seront censées s’occuper de la communauté des conseillers britanniques. La société de gestion va aussi lancer 10 fonds d’ici à juin, ajoute le quotidien électronique.
27/02/2009

Suisse - Valiant avale la Banque Jura Laufon

Selon L’Agefi suisse, la banque lucernoise Valiant a déboursé près de 100 millions de francs pour acquérir 100% de la Banque Jura Laufon dans laquelle elle avait déjà une participation de 11%. Le marché de la région lémanique constitue un objectif à moyen terme. Depuis 1991, la banque a procédé à plus de 20 acquisitions.
27/02/2009

Europe - Une régulation excessive serait contreproductive, selon Charlie McCreevy

En prélude à deux journées d’audition organisées par la Commission européenne sur la régulation des hedge funds et du private equity, Charlie McCreevy, fidèle à son credo libéral, a insisté jeudi sur la nécessité de trouver la bonne approche #qui assure le niveau nécessaire de régulation et de supervision sans étouffer toutefois les investissements dont nos économies ont besoin#. Le commissaire européen au marché intérieur ne se fait pas trop d’illusions. L’encadrement des hedge funds et du private equity est #inévitable#, reconnaît Charlie McCreevy, mais avant de prendre des initiatives en ce sens, il convient de tenir compte d’un certain nombre de facteurs. Le commissaire rappelle notamment que l’investissement alternatif est déjà soumis à une supervision au niveau national ou encore que les hedge funds recueillent l’essentiel de leurs fonds auprès d’investisseurs avertis ou professionnels. Par ailleurs, les hedge funds ne sont bien souvent pas les seuls à être concernés par les critiques qu’on peut leur adresser, sur le thème par exemple des ventes à découvert. Et bien entendu, toute initiative devrait faire l’objet d’un consensus international pour être efficace.
27/02/2009

Etats-Unis - Stanford : la SEC alertée dès 2003

Selon le Financial Times, Leyla Basagoitia, une ancienne salariée de Stanford, avait alerté la Securities Exchange Commission dès 2003 au sujet de son employeur, qu’elle suspectait d'être impliqué dans un «plan Ponzi». Leyla Basagoitia avait aussi tiré la sonnette d’alarme la même année devant un comité d’arbitrage de la National Association of Securities Dealers, alors qu’elle était en conflit avec sa société.
27/02/2009

Suisse - Dans la liste noire du G20 ?

Selon Le Temps, les Etats du G20, qui doivent se réunir à Londres le 2 avril pour redessiner l"architecture financière internationale, préparent une «liste noire» de pays considérés comme opaques ou incitant à la fraude fiscale dans laquelle la Suisse a des «risques forts» de figurer. Cette liste comprendrait une graduation entre les pays jugés «mauvais» ? les paradis fiscaux les plus opaques ? et «moins mauvais». La Suisse, mieux régulée mais appliquant le secret bancaire, tomberait en principe dans la seconde catégorie. Les mesures que pourrait proposer le G20 incluent la dénonciation des traités de double imposition avec les Etats concernés, et la suppression des avantages fiscaux accordés aux investissements dans ces pays. La question est de savoir qui exercera ce pouvoir de sanction ne serait pas encore tranchée.
26/02/2009

Canada - Record losses for Caisse de Dépôt et Placement du Québec

The largest pension fund manager in Canada, the Caisse de Dépôt et Placement du Québec, has declared the heaviest losses in its history in 2008, of CAD39.8bn (EUR25bn), which represents 26% of its assets of CAD120.1bn as of 31 December, Cinco Días reports. One of the manager’s biggest mistakes was buying 30% of commercial paper from countries which suffered as a result of the downturn in real estate in the United States.
26/02/2009

United States - Authorities uncover four more frauds

US authorities have brought charges in four new investment fraud cases, the Financial Times reports. In one case, two managers at WG Trading Investors, Paul Greenwood and Stephen Walsh, were arrested and accused of market fraud worth USD550bn, dating back to 1996. The other cases name Mark Bloom, James Nicholson and Michele LaBruce.
26/02/2009

World - Hedge funds: convertibles arbitrage bounces back

Convertibles arbitrage strategies, which posted their worst performances ever in 2008 (-31.6%), in January posted their strongest monthly results since their creation (+5.72%), l’Agefi notes in its 7:00 edition, citing statistics from Natixis. ?On the other hand, CTAs ? which were the best-performing strategy in 2008 (+18.3%) find themselves at the bottom of the rankings in January (-0.56%),? the online daily news source reports.
26/02/2009

Switzerland - New group CEO at Credit Suisse

On Thursday morning, UBS announced that its board of directors has appointed Oswald J. Grübel as its new Group Chief Executive Officer, effective immediately. Grübel succeeds Marcel Rohner, who has handed in his resignation. Grübel was previously co-CEO, and then CEO of Credit Suisse, from 2003 until spring 2007.
26/02/2009

United Kingdom - Brevan Howard launches its first UCITS III fund

Professional Pensions reports that Brevan Howard Asset Management (BHAM) has launched the Brevan Howard Absolute Return Bond Plus Fund, an actively-managed absolute performance bond product aimed at institutional investors, especially pension funds. The objective is to generate net returns 350 basis points higher than cash, while maintaining a high level of liquidity and minimising credit risk. This is the first UCITS III-compliant fund from Brevan Howard.The management firm will provide seed capital of USD250m for the fund. The diversified portfolio will include government bonds, and will apply fixed-income strategies to the most liquid major markets; the management team will also apply ?opportunistic? strategies to exchange rates.
26/02/2009

France - Calls for tenders down by volume in 2008

The total volume of calls for tenders from French institutional investors declined slightly in 2008 to EUR19bn, from EUR23bn in 2007, according to statistics compiled by Amadeis, although the number of calls increased from 82 to 128.The French national pension fund, the Fonds de réserve pour les retraites (FRR), is responsible for 40% of this amount, or EUR7.6bn. Amadeis adds that the fund accounts for more than one third of the total volume awarded through calls for tenders in France in the past 5 years.Aside from the FRR, calls for offers were largely concentrated in diversified management.Amadeis notes that a growing number of businesses are organising calls for tenders in the area of financial management of retirement provisions or employee savings (45% of consultations). Nearly 53% of calls for tenders held in 2008 were mediated by specialised consulting firms.
26/02/2009

United Kingdom - Inalytics recruits a director from Credit Suisse

The manager evaluation agency Inalytics on Wednesday announced that it has recruited Graham Dixon as director of transition management. Dixon, who was managing director and head of European transition services at Credit Suisse, is one of the foremost promoters of T-Charter, a code of conduct for transition managers.Inalytics, which has 40 pension funds and asset mangers as clients, has recently opened an office in New York, led by Lisa Manuele, who was previously global division head, transition management at BNY Convergex.
26/02/2009

Spain - Atlas Capital returns to the market with a bond fund

Since December 2007, Atlas Capital has launched no new products, but the management firm on 20 February notified the CNMV that it will be launching a Spanish-registered bond fund entitled Atlas Capital Renta Fija, which will invest primarily in corporate bonds, with a maximal exposure to risk of less than 5%. The portfolio will be invested in bonds issued by Euro-zone issuers rated at least BBB-, with a duration that may vary from 2 to 7 years. The benchmark index for the Renta Fija is the Citigroup Eurobig 3-5 years. Atlas Capital will charge a management commission of 0.9%.
26/02/2009

Belgium - Brussels may curtail banking confidentiality

Didier Reynders on Tuesday announced that Belgium favours increased transparency in the war on tax evasion, and that it is planning to increase its cooperation with EU partners, according to Reuters, relayed by Fondsprofessionell. The finance minister appears to be disposed to repeal banking confidentiality laws in Belgium, and says that it will not be a problem for his country to provide more information to other EU countries on foreign investors.
26/02/2009

France - EasyETF launches five new trackers on NextTrack

The EasyETF product range from Axa Investment Managers and BNP Paribas Asset Management now includes 56 products, of which 54 are listed on the Paris NextTrack market. The two management firms and Euronext on Wednesday announced the launch of five new synthetic trackers, including a double product in the regional category, the EasyETF Topix, which will be available in Euros and US dollars.The other three new ETF funds are double-shorts (EasyETF CAC 40 Double Short, EasyETF DJ Euro Stoxx 50 Double Short and EasyETF Stoxx 600 Double Short), which aim to provide double the inverse performance of three major market indexes.Annual management fees are 0.50% for each of these products, excepting the double-short Stoxx 600 product, which charges 0.60%. The five ETF funds, all of them French-registered FCP funds, are managed by BNPP AM. Total assets in the EasyETF range as of the end of January measured EUR3.15bn.
26/02/2009

United States - Stephen Thurer joins AM Investment Partners

Hedge Week on Wednesday confirmed reports published at the end of January by Pensions & Investments that Stephen Thurer, head of the listed options trading desk at Citigroup, has been recruited by the alternative management firm AM Investment Partners (USD800m in assets) as a senior portfolio manager for the volatility arbitrage strategy, with a specialisation in equities derivatives in the areas of energy, commodities, infrastructure, and industry in the United States. This is a newly-created position at AM IP, and Thurer joins a team of six portfolio managers (three of whom were recruited in 2008), all of whom previously directed owners’ equity trading operations at major multinational establishments.
26/02/2009

France - Natixis assets under management down 24%

In 2008, the asset management unit at Natixis saw a decline in its assets of 24% to EUR447bn (EUR590bn as of the end of 2007). The decline is largely due to heavily negative market effects (-EUR79.4bn), and also to planned withdrawal of assets from La Poste (-EUR72.2bn). Net redemptions total only EUR2.5bn for the year.
26/02/2009

Luxembourg - Henderson Horizon closes two sub-funds

Henderson Horizon Fund has announced that it will be closing two sub-funds, which saw heavy losses related partly to low volumes (EUR12.4m and EUR0.8m) for these products, Das Investment reports. The funds are the Pan European Bond Fund, which will be closed on 24 March, and the Pan European Property Equities Alpha Plus Fund, which will be closed on 27 March.
26/02/2009

Europe - Net losses for asset management activities at Dexia

?Asset management activities have been strongly affected by the financial crisis,? Dexia admits in a press release announcing its 2008 results. Assets under management fell 28% compared with the end of 2007, and 15% from the end of September 2008, to a total of EUR79bn. ?Half of this annual decline is due to net outflows, largely from fixed income and money market funds,? the establishment states.?In this environment, cost reductions represent a priority, and costs have been reduced by 21% in Q4 2008 compared with Q4 2007, and by 10% in 2008,? the statement says.Net results for the division total EUR7bn for Q4 2008 and EUR69m for 2008 (compared with EUR26m for Q4 2007 and EUR114m in 2007), ?excluding the negative impact of an exceptional commercial action related to the financial crisis.? On the accounts, asset management activities show a net loss of EUR34m for Q4 2008 and net results for the division of EUR11m in 2008. Globally, the French-Belgian group last year posted a net loss of EUR3.326bn, of which EUR2.6bn were in fourth quarter.
26/02/2009

United States - BNY Mellon launches a collateral netting service

Bank of New York Mellon has announced that it has set up an internal netting service entitled Derivatives Collateral Net, which allows derivatives trading operators to limit their gross exposure to other participants in the system to no more than their net total assets, which allows them to reduce the necessary amount of collateral and to reduce the risks of expenses related to derivative trading transactions. Art Cerotisimo, executive vice president and head of broker-dealer services at BNY Mellon, says the service realizes a ?strategic vision? of the International Swaps and Derivative Association (ISDA) of reducing the operational risks of margin calls to other trading entities.
26/02/2009

Germany - Mediocre performance for hedge funds

Absolut report states that its German single hedge fund index came in at 1,024.28 at the end of January, with losses of 1.89%, after positive returns of 2.50% for December. German products have thus posted a worse result than their foreign counterparts, as the international Credit Suisse/Tremont Blue Chip Hedge Fund index in Euros and the HFRX Global Hedge Fund EUR index posted gains in January of 2.24% and 1.32%, respectively. The difference in results was considerable between various German funds, ranging from positive returns of 2.36% fo Tungsten ERV MH and losses of 11.46% for the Loys Global MHA.For funds of hedge funds, the Absolut report index comes in at 930 at the end of January, an increase of 0.43%, after losses of 1.01% in December, while the HFRI Fund of Funds Composite Index was up 0.81%. Only two German products in the category show losses, namely, the MSCI Hedge Invest Lyxor Tracker HI Fund A (-2.73 %) and the Sauren Global Hedgefonds (-0.54%). The two hedge funds which have shown the best performance were the deka Hedge Select (+2.10%) and the Hansainvest Volksbank Global Trend (+2.02%).
26/02/2009

Germany - Deka Immobilien acquires a hotel in Frankfurt

Deka Immobilien has announced that it has acquired the 4-story nh Hotel Frankfurt City (256 rooms, including 45 deluxe rooms and 8 suites) for an undisclosed amount, from a joint venture of the German firm FOM Real Estate and the Irish manager Quinlan Private. The property is located in central Frankfurt, and will be added to the portfolio of the sectoral fund WestInvest Target Select Hotel, a product reserved exclusively for institutional investors.
26/02/2009

Europe - EUR600bn in losses for banks, according to Nomura

European banks may be facing losses on domestic credit of more than EUR600bn, or 6.5% of Euro zone GDP, Nomura estimates in its most recent study of outlooks for the region. ?This may paralyse lending for a period of time, but it is not necessarily insurmountable,? the study says.Nomura does not predict a single quarter of positive growth in GDP in 2009, although by the end of the year, monetary and budgetary support may begin to unclog the economy.
26/02/2009

France - OFI AM awards mandates to BNPP SS and SG SS

OFI Asset Management (EUR17bn in assets as of the end of January) has awarded mandates for custody, depository, fund administration and publicly traded derivatives settlement mandates for its asset management activities to BNP Paribas Securities Services and Société Générale Securities Services on the basis of calls for tenders.The new mandates awarded to BNP Paribas Securities Services, which is already responsible for about 25 mandates from OFI Mandats (an affiliate of OFI group), bring total assets managed by this provider from EUR6bn to EUR8bn, in 18 equities/convertibles funds and 50 mandates.SG Securities Services has been awarded mandates for EUR4.2bn, in 60 fixed income/money market, credit, and traditional and alternative multi-management funds.
26/02/2009

Spain - Santander rushed investors out the door at Banif Inmobiliario

Expansión reports that client advisors at Santander, and particularly the private bank Banif, recommended that investors exit from the real estate Banif Inmobiliario in the month preceding the redemption freeze at that fund. They may have triggered the massive wave of redemptions which caused redemptions to be frozen for at least two years. The advisors warned against the risk that capital may be lost, but not against potential redemption freezes, though at the end of December, the fund had only EUR5m in cash, or 0.15% of total assets, well below the legally required minimum of 10%.
26/02/2009

Spain - Harbinger attacks major banks

Harbinger Capital has told the CNMV that its hedge funds hold short positions totalling 0.86% of capital in BBVA, 0.25% of Santander, and 1.66% of Banco Popular, Cinco Días reports. Counting Harbinger, 13 hedge fund managers control 7.3% of capital in Banco Popular, out of a free float of 55%.

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