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17/02/2009

Chine - La bourse de Shangai en plein boom

Selon La Tribune, dopée par le plan de relance chinois, la Bourse de Shanghai a gagné 31,2 % depuis le 1er janvier. Lundi, 721 des sociétés cotées à Shanghai ont, par exemple, progressé, alors que 197 ont reculé. " Pourtant, les analystes précisent que rien ne permet aujourd’hui de dire que les bases de cette hausse boursière sont saines», précise La Tribune en indiquant que des prises de bénéfice sont possibles.
17/02/2009

Etats-Unis - Les banques durcissent leur étreinte sur les hedge funds

Face aux difficultés financières, les banques et les maisons de courtage tendent actuellement à classer les hedge funds dans deux catégories, les «sûrs» et les autres. C’est le cas notamment chez Goldman Sachs, qui a une «tail list» avec les clients les plus petits et les moins bénéficiaires, chez JP Morgan, qui a une liste «platinum» de clients bénéficiant d’un service «high touch» ou chez Credit Suisse, qui a placé dans sa liste CS 400 les 400 fonds avec lesquels sa division de courtage principal est disposée à travailler, rapporte The Wall Street Journal. Sur la liste «A» figurent des gestionnaires comme Moor Capital Management, Tudor Investment et SAC Capital Advisors.En revanche, les banques de Wall Street ont placé plus de 200 hedge funds en catégorie «B» (risquée). JWM Partners de John Meriwether, dont le fonds Relative Value Opportunity a perdu 42 % en 2008, a subi une baisse de ses financements, tout comme Citadel Investment Group de Kenneth Griffin, dont les plus grands fonds ont perdu 54 % l’an dernier. Et Goldman Sachs a durci les conditions de financement de Glenview Capital Management dont un des fonds a perdu 49 % à cause d’un mauvais pari sur Volkswagen.
17/02/2009

Espagne - Le Popular émet des obligations revêtues de la garantie de l'Etat

Lundi, le Banco Popular a annoncé avoir bouclé avec succès le placement d’un emprunt obligataire de 1,5 milliard d’euros garanti par le Trésor, indique Cinco Días. La demande a porté sur 4,5 milliard d’euros. Les titres sont assortis d’un taux d’intérêt de 3,12 %, ce qui représente un spread de 77 sur les midswaps.
17/02/2009

Europe - JPMorgan et Barclays en tête du palmarès des souscriptions

JPMorgan, grâce à ses fonds monétaires et Barclays, grâce à ses ETF, se sont classés pour 2008 en tête des sociétés de gestion en Europe pour les souscriptions nettes enregistrées par leurs fonds offerts au public, avec respectivement 32,8 milliards et 20,8 milliards d’euros, selon les statistiques Lipper FMI. Le tableau publié par le Handelsblatt fait aussi ressortir que BNP Paribas, Société Générale et La Poste occupent les 5ème, 6ème et 9ème rangs avec respectivement 6,3 milliards, 5,1 milliards et 3,9 milliards.Dans le palmarès transeuropéen (fonds dont moins de 80 % de l’encours proviennent du pays d’origine), Barclays arrive en tête avec 18,3 milliards d’euros, devant Société Générale (9,2 milliards), Deutsche/DWS (7 milliards) et Carmignac (3,3 milliards).
17/02/2009

Europe - Fonds : les remboursements nets ont atteint ? 300,4 milliards en 2008

D’après les statistiques de Lipper FMI, les fonds offerts au public ont accusé en Europe des sorties nettes de 300,4 milliards d’euros en 2008, ce qui est leur plus mauvais résultat historique, rapporte le Handelsblatt. Quant à l’encours, il a diminué de 1,3 billion pour revenir à 3,9 billions d’euros fin décembre.Seuls les fonds monétaires ont enregistré des souscriptions nettes (54,6 milliards d’euros contre 112,1 milliards pour 2007). Les plus fortes hémorragies ont été subies par les fonds obligataires (177,3 milliards contre 73,1 milliards) et les fonds d’actions (119,1 milliards contre 14,4 milliards), les diversifiés accusant des remboursements nets de 42,4 milliards d’euros après des souscriptions nettes de 32,5 milliards en 2007. Quant aux fonds immobiliers, ils ont affiché des sorties de 6,3 milliards après des rentrées de 5,2 milliards.
16/02/2009

Germany - MetallRente attracts 2,200 more business members

In 2008, the inter-business pension fund for the mechanical and electronics industries MetallRente signed up 2,200 new business as members, bringing the total number of businesses covered to about 15,000. Gross revenues increased 15% to EUR325m, while assets under management increased by 4% to EUR1.4bn, and the pension fund portion posted losses of only 16.1% (compared with losses of 2% in 2007), and asset allocations were reduced in the meanwhile to about 11-11.5% at the beginning of the year, down from the usual 20%.Payouts for 2008 will remain unchanged at 5.1% for the insurance portion (MetallDirektVersicherung) and 4.5% for the MetallPensionskasse.
16/02/2009

United Kingdom - N Rock: hedge funds lose court bid

SRM Global and RAB Special Situations, two hedge funds suing the government over the near-collapse of Northern Rock, were on Friday dismissed by the High Court as mere speculators who made a bad investment decision, according to the Financial Times.
16/02/2009

Spain - Public servants' pension fund lost 8.67% in 2008

The pension fund for public servants in the general administration, which was founded in 2004 and has 571,155 members (of whom 16,119 joined in 2008), had assets as of the end of December of EUR333m, Expansión reports. The fund is managed by Gestora de Previsión y Pensiones (GPP), which is controlled by BBVA and has the labour unions Commissions Ouvrières and UGT as partners. In 2008, the fund lost 8,67%, after performance of 2.86% in 2007. The losses are more moderate than the average for corporate pension funds (10.60%).
16/02/2009

Europe - Private equity code for Europe

According to the Financial Times, Europe"s private equity leaders will offer to create a unified code of conduct for the region when they appear before a European Commission conference next week. Javier Echarri, secretary-general of the European Private Equity and Venture Capital Association (EVCA), said the industry would agree to combine the elements of the national, regional and international guidelines into a single pan-European code for the industry.
16/02/2009

Austria - Bank Medici puts "for sale" sign

Bank Medici’s supervisory board on Friday decided to proceed with the talks about the sale of the company. Meanwhile, Bank Medici will continue its operations and «the bank will do its maximum possible to support investors and business partners affected by Mr. Madoff.» The bank is 25% owned by Bank Austria (UniCredit) and 75% by its founder, Sonja Kohn.
16/02/2009

Spain - BBVA spends EUR1.66bn to keep its Propriedad fund afloat

To avoid a fire sale of assets in the portfolio, BBVA last year chose to absorb redemption demands itself for shares in its real estate fund BBVA Propriedad, Expansión reports. It spent more than EUR1.66bn on the buybacks, and owns 95% of shares, which it will retain until November 2010. The number of shareholders in the fund fell to slightly over 3,000 from about 46,800, while assets have declined by only 30%. Losses are estimated at 4.35%.
16/02/2009

Norway - Finance minister puts two ethical screening mandates up for grabs

On behalf of the Ethical Council of the Norwegian government pension fund (formerly known as the Oil Fund), the Norwegian finance ministar has launched a call for tenders for two four-year mandates to provide ethical screening of businesses in the fund’s portfolio, IPE reports. One of the mandates concerns Internet monitoring of the 8,000 businesses in which the fund is invested, while the second covers complementary screening of respect for ethical standards at about 2,300 businesses based in China, Taiwan, Hong Kong and Japan in which the fund holds shares.
16/02/2009

Germany - Number of fund-based Riester policies tops 2.4 million

According to statistics from the BVI association of management firms, the number of Riester type government-sponsored retirement savings funds at the end of December was 2.39 million, up from 1.92 million one year previously. The million policy threshold was crossed between September and December 2006. Riester policies have been available since first quarter 2002.
16/02/2009

Scandinavia - SRI becomes a standard

?The current crisis has thrown light on the poor practices at businesses, such as a lack of transparency and short-termism, ? For investors, it is an occation to found a new form of more sustainable investment,? Ulrika Hasselgren, founder and CEO of Ethix, an SRI advising firm based in Stockholm, declared at a press conference Thursday in Paris.She says the current crisis could drive an increase in socially responsible investment in Europe, similar to the crises of 2000 in Scandinavia. Led by the major pension funds, the SRI market took off in 2002 after the collapse of the Internet bubble.
16/02/2009

United States - Genworth FWM to release SPDR

State Street Global Advisors (SSgA) on Friday announced that it has been selected as a portfolio strategist by Genworth Financial Wealth Management (USD100bn) for management of its six tactical asset allocation profiled portfolios using ETFs of the SPDR brand from State Street. The products will be made available to high net worth private clients through the IFA network affiliated to Genworth.The SSgA asset allocation team at the end of December managed USD170bn. Assets in 82 State Street ETFs as of the same date totalled USD159bn.
16/02/2009

Netherlands - Van Lanschot reduces costs

Van Lanschot, which already had decided to cut the fixed salary of its managing board members by 10%, on Friday said the same measure will apply to members of the supervisory board. Senior management’s pays will be decreased by 7%. The bank also plans to cut about 150 FTEs, which will translate into several dozens of redundancies.
16/02/2009

Austria - Sonja Kohn (Bank Medici) denies receiving Madoff payments

Sonja Kohn, the head of Bank Medici that lost USD3.5bn in the alleged Bernard Madoff fraud, denied statements by Massachusetts Secretary of State that she received personal payments of USD87,792 a year during six years from Cohmad Securities, a brokerage owned by Maurice Cohen and Bernard Madoff.
16/02/2009

United Kingdom - Endeavour close to shutting flagship fund

According to the Financial Times, Endeavour, a USD3bn London hedge fund which lost a quarter of its value in a day last March, is in the final stages of shutting its flagship fund after Barclays Global Investors walked away from a planned rescue. However, Endeavour ? which has laid off almost all its staff ? hopes to rebuild its business around a fund called Pembroke.
16/02/2009

World - BNY Mellon offers hedge funds a liquidity management tool

BNY Mellon has launched a service entitled MarginDirect, combining custody services and MoneyFunds Direct, which will provide hedge funds with a means to manage their margin positions and reduce their counterparty risks, Hedgeweek reports. MarginDirect will allow client funds to create several accounts for each counterparty for a hedge fund; the system also provides integrated straight-through processing and ?robust? reporting on the hedge fund to its counterparties via regular periodical traditional reports, and through an online system.
16/02/2009

Germany - Funds ramp up Porsche case

According to the Financial Times, hedge funds have gained more ammunition for their legal complaints against Porsche after the German sports carmaker revealed it had made almost EUR400m by placing bets on several German blue-chip shares. Some funds have filed legal complaints against Porsche, alleging that its trading activities in VW, which inflicted large losses on investors, ran counter to its own company statutes.
16/02/2009

World - Internal rates of return down for private equity

In the last quarter of 2008, the IRR index for private equity from State Street analytics, established on the basis of data from its Private Edge team, posted a loss of 8.35%, compared with 1.51% in April-June. Over one year, losses total 6.86%, while the index shows returns of 11.59% on three years and 15.89% on five years.
16/02/2009

Asia - Heavy decline in hedge fund assets

Between the beginning of 2008 and the end of the year, assets in Asian hedge funds declined by USD40bn, to USD71bn in total, according to HFR, Hedgeweek reports. In fourth quarter, the contraction totalled USD15.6bn, of which USD8.6bn were due to net redemptions, and USD7bn to market effects. Nonetheless, Asian funds posted gains in December.
16/02/2009

Spain - Government-guaranteed shares may represent 100% of a fund's portfolio

The CNMV has announced that funds may be authorised to raise their exposure to bank bonds issued with government guarantees, including recent bond issues for EUR2bn from La Caixa and EUR3.5bn from Caja Madrid, above the current limit of 35% of the total portfolio. However, this must be explicitly mentioned in the fund prospectus. Funds People says that this would make it theoretically possible to launch funds which are totally invested in government-guaranteed securities from one or the other of these entities.
16/02/2009

World - Internal rate of return down for private equity

In the third quarter of 2008, the IRR index for private equity from State Street analytics, established on the basis of data from its Private Edge team, posted a loss of 8.35%, compared with 1.51% in April-June. Over one year, losses total 6.86%, while the index shows returns of 11.59% on three years and 15.89% on five years.
16/02/2009

France - French sovereign fund makes first investments

Les Echos reports that a new French sovereign fund, known as the Fonds stratégique d’investissement, may announce its first investments as early as next week. The fund unofficially aims for total returns of 10%, with various targets for different sectors, the newspaper says.
16/02/2009

Europe - LCH.Clearnet wades into CDS settlement market

Les Echos reports that the French-British settlement and processing agent LCH.Clearnet on Friday pledged to extend its product range to include CDS (credit default swaps, credit derivatives). ?LCH.Clearnet’s plans extend to CDS issued in the Euro zone, which would be managed in Paris by LCH.Clearnet SA, the group’s French arm, and not by LCH.Clearnet Ltd, the British entity,? the newspaper reports.
16/02/2009

Allemagne - Les hedge funds préparent leur bataille contre Porsche

La révélation selon laquelle Porsche a gagné près de 400 millions d’euros en pariant sur plusieurs valeurs vedettes allemandes devrait être utilisée contre lui par les hedge funds ayant porté plainte contre le constructeur allemand, estime le Financial Times. Plusieurs fonds ont attaqué Porsche en justice estimant que ses activités de trading dans VW, qui avaient pénalisé de nombreux investisseurs, allaient à l’encontre de son propre statut de société.

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