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07/01/2009

United States - Millennium appoint independent administrator

Millennium Management, a New York hedge fund with USD11bn in assets, managed by Izzy Englander, has appointed an independent firm to reassure investors in the wake of the Madoff fraud, the Financial Times reports. The administrator is GlobeOp, which will provide valuation and independent controlling of Millennium’s assets.
07/01/2009

Spain - Managers remain cautious of markets

A monthly Lipper survey of the major Spanish managers finds that despite a relative comeback on the equities markets in December, 15.38% of fund managers are underweight in this asset class, compared with 7.69% in December, while the average exposure to cash has increased to 34.05% from 33.09%, Cinco Días reports.
07/01/2009

World - Private equity expected to announce losses

Private equity firms are expected to warn clients in the next few weeks that their investments have depreciated, the Financial Times reports. The newspaper estimates that losses may be in the 20%-30% range.
07/01/2009

Canada - RBC AM and PH&N post net subscriptions for December

In December, RBC Asset Management (RBC AM) and Philips, Hager & North (PH&N) posted net subscriptions of CAD680bn, the sum of CAD1.1bn in net subscriptions for money market funds and net redemptions of CAD433m for long-term funds. Asset increased by CAD0.7bn, or 0.8%. At the end of December, RBC AM and PH&N had CAD92bn in assets in investment funds, plus CAD48bn in assets under management in other forms, for retail and institutional investors.
07/01/2009

Europe - Stephan Heitz officially joins Axa IM

Axa Investment Managers Germany announced on Tuesday that Stephan Heitz has begun in his new position as head of Northern Europe at the Axa IM group, as announced last year (see Newsmanagers of 15 July 2008). Heitz will be based in Frankfurt, and will be in charge of the German, Austrian, Swiss, Belgian, Luxembourg, and Netherlands markets. In addition, he will serve as CEO of Axa Investment Managers Deutschland. Heitz was previously CEO of Swiss Life Asset Management (SLAM) in Zurich.
07/01/2009

France - Savings investors prepare assault on UBS

On Thursday, four French law firms representing out-of-pocket savings investors met their correspondents in Luxembourg to define the legal strategy they would adopt against UBS, which was the depositary bank for the Luxalpha American Selection and Luxinvest US Equity funds, which are linked to the Madoff scandal, Les Echos reports.
07/01/2009

World - John D. Rogers becomes president & CEO of CFA Institute

Jeff Diermeier has left his job as president and CEO of the CFA Institute, which he had held since January 2005. His successor, who was elected by the Board of Governors, and who began in his new job immediately, is John D. Rogers. Rogers was president and CEO of Invesco Institutional; he left Invesco, which he joined in 1997, in 2007, to found Jade River Capital Management.
07/01/2009

United States - Bernard Madoff's secret accounts

Les Echos reports that the discovery of USD830m in liquid assets in bank accounts in the name of Bernard Madoff’s company, Bernard Madoff Investment Securities (BMIS), has reopened the question of reimbursement of victims, which has been hanging over the case for a long time.
07/01/2009

Germany - Griffin recruits Jens Mueller

The British management firm Griffin Capital Management on Tuesday announced the recruitment of Jens Mueller as head of sales, in charge of investor relationship management for the German-speaking countries (Germany, Austria, and Switzerland). He will be responsible in particular for distribution partners and institutional investors for sales of traditional UCITS III-compliant funds and long/short products that invest in western and eastern Europe. Mueller held a similar position from 2006 at the London-based management firm Atlas Capital, after serving as head of marketing & development wholesale Europe at F&C Asset Management.
07/01/2009

Switzerland - Benno Flury joins Nationale Suisse as CIO

Following the resignation of Rodolfo Lindner, the insurance firm National Suisse has recruited Benno Flury to succeed him as chief investment officer (CIO). He will join the firm on 1 April. Currently, Flury is managing director and head of fixed income at Swiss Re, where he is in charge of the European and Asian bond portfolios.
07/01/2009

United States - Two new chiefs at Fidelity

Fidelity Investments announced on Tuesday that two executives have joined its teams. Peter Ciezko, former president and CEO of Evergreen Investments, has been appointed president of Fidelity Investments Institutional Services Company, which manages USD272bn in assets and provides investment services through more than 1,000 financial institutions and 44,000 client advisors. Meanwhile, Ed Orazem, former managing director of Global Wealth Management at Citigroup, becomes president of Fidelity Family Office Services, an entity which offers wealth management products and services to 70 family office clients representing assets of more than USD9bn.Ciezko will join Fidelity in January 2009, and will report to Michael K. Clark, president of Fidelity Institutional Products Group. Orazem will join the firm in February, and will report to Charles G. Goldman, president of Institutional Platforms for Fidelity Institutional Products Group.
07/01/2009

United States - Madoff attempted to avoid disaster

Ten days before his arrest, Bernard Madoff obtained USD250m from Carl Shapiro, the billionaire who helped him at the beginning of his career in 1960, the Wall Street Journal reports. On 5 December, Madoff also received USD10m from Martin Rosenman, president of a fuel company in the Bronx. And just before Thanksgiving, Madoff contacted two eminent investors, Langone and Holzmann, to announce to them that he was planning to launch a new USD500m to USD1bn fund very soon.
07/01/2009

China - Beijing government may introduce REITs

Qi Jin, Chinese vice-minister for housing, has announced at a press conference that banking regulators are working on plans to introduce REITs to stimulate the local real estate market, the Financial Times reports.
07/01/2009

United States - Tom Forester: a rising star

The Wall Street Journal reported on the reasons that Tom Forester, who has his own management firm, which manages a small diversified US equities fund with USD60m in assets, was the only manager to post positive returns in 2008 (0.4%), in a category that includes 2,800 funds. Most of the atypical manager’s secret consists in the face that he focuses on potential losses (downside). In addition, he did not hesitate to hold onto a 30% allocation to cash (he is currently 100% in cash), and he has no benchmark, which saved him from having to invest in the financial sector. Over five years, the S&P 500 has lost 19%, while Forester’s fund has earned 11%.
07/01/2009

France - LFP now offers a full range of credit products

This year, La Française des Placements (LFP) is planning to dedicate high-visibility efforts to developing sales of credit products, an area in which it now offers a full range of funds, from investment grade to high yield, including convertible bonds and money market funds, Pascale Auclair, deputy CEO for management, has announced.
07/01/2009

United Kingdom - Pension funds profit from falling pound

The fall of the pound sterling last year came as a blessing for British pension funds: it enabled them to make up for losses on equities markets, the Financial Times reports. According to State Street, pension funds in the United Kingdom showed average losses of about 13% in 2008, far better than the 30% fall on UK equities markets, and the 40% drops seen in the United States, Japan, and Europe.
07/01/2009

United States - Some ETFs managed to make money despite conditions in 2008

As a general rule, ETFs lost money last year, since they replicate the evolution of the markets. However, in the equities ETF fund class, the ProShares UltraShort S&P 500, which uses short positions and leverage, posted performance of 61%, the Wall Street Journal reports. In bond funds, the iShares Lehman 20+ Year Treasury Bond Fund and the SPDR Lehman Long Term Treasury ETF gained 34% and 24%, respectively, according to Morningstar.
06/01/2009

Brésil - Création très contestée d?un fonds souverain

Selon Les Echos, la naissance au Brésil d’un fonds souverain de quelque 4,3 milliards d’euros, soit 0,5% du PIB de la plus grande économie d"Amérique latine, a donné lieu à une véritable foire d’empoigne. Le Trésor brésilien va finalement émettre des obligations pour le financer.
06/01/2009

Etats-Unis - L'International Derivatives Clearing Group entame son activité

Nasdaq OMX Group a annoncé lundi que l’International Derivatives Clearing Group (IDCG) est désormais opérationnel et que cette plate-forme a commencé à compenser et à régler des transactions sur les futures de taux en dollars US. Bob Greifeld, CEO de Nasdaq OMX, a précisé que son entreprise de marché, qui détient 80 % d’IDCG, compte ouvrir le capital de ce dernier à d’autres partenaires avant la fin du premier semestre, rapporte The Wall Street Journal. L’ICDG sera concurrente des plates-formes montées par CME Group et LCH Clearnet. Le journal précise que CME Group et InterContinentalExchange vont lancer leurs chambres de compensation sur les CDS avant fin janvier, car ils ont obtenu les autorisations définitives des régulateurs américains.
06/01/2009

Etats-Unis - La Fed lance un gigantesque plan de soutien à l?immobilier

Selon La Tribune, la Réserve fédérale pourrait consacrer jusqu'à 500 milliards de dollars pour racheter des titres adossés à des créances immobilières. L"opération a été lancée lundi 5 janvier avec le rachat de titres de Freddie Mac, de Fannie Mae et de Ginnie Mae et elle devrait se poursuivre durant toute le premier semestre 2009.
06/01/2009

Allemagne - Volume record de contrats pour Eurex en 2008

Selon la Deutsche Börse, le marché à terme germano-suisse Eurex (Deutsche Börse et SWX) a enregistré pour 2008 un nouveau record en matière de volume de transactions, avec 2,17 milliards de contrats (sans compter ceux d’ISE), ce qui représente un gonflement de 14 % sur l’année précédente. Cela correspond à une moyenne journalière de 8,5 millions de contrats, contre 7,5 millions pour 2007.Le plus fort taux de croissance des échanges a été enregistré par les dérivés d’actions (36 %), qui sont devenus pour la première fois de ce fait, avec plus d’un milliard de contrats, le segment le plus actif d’Eurex. Sur le total, les contrats concernant l’Euro Stoxx 50 ont servi de base à eux seuls à 480 millions de contrats (+ 28 %). Les échanges sur les dérivés de taux ont en revanche baissé à 658 millions de contrats contre 771 millions.
06/01/2009

Allemagne - Schaeffler cède des actions Continental à Metzler

Continental a indiqué lundi dans un communiqué boursier que la banque privée B. Metzler seel. Sohn & Co Holding lui a notifié le 30 décembre avoir franchi le seuil des 3 % de son capital et détenir à présent 3,99 % des droits de vote. En d’autres termes, Schaeffler, qui vient de vendre par ailleurs 5,43 % de Conti à Sal. Oppenheim, poursuit son délestage des actions Conti excédentaires provenant de l’OPA sur le manufacturier. Cette opération lui avait permis de ramasser plus de 90 % de Conti, mais le groupe s’est engagé à ne pas franchir les 49,99 % du capital.
06/01/2009

Etats-Unis - Le Parquet demande la mise en détention de Bernard Madoff

Le Parquet a demandé lundi que Bernard L. Madoff soit incarcéré pour avoir fait parvenir le mois dernier à son frère, ses fils et un couple d’amis en Floride des montres, des bijoux et d’autres articles de valeur représentant un montant de plus d’un million de dollars. The Wall Street Journal indique que Bernard Madoff et son épouse ont ainsi violé le gel de tous leurs actifs décrété par la SEC dans une procédure au civil.
06/01/2009

Europe - Les "loans" ont chuté de 44 % en 2008

Selon l"Agefi, citant Dealogic, l’activité des prêts syndiqués (loans) en Europe, sous le coup de la crise de liquidité et la récession, a reculé de 44 % à 965 milliards de dollars en 2008. En France, les volumes ont reflué de 43 % à 134,3 milliards de dollars, précise notamment le quotidien numérique.
06/01/2009

France - CCR Gestion lance un fonds pour profiter des spreads de crédit élevés

UBS Global AM et CCR lancent UBS (F) Crédit Spread 2011, un fonds obligataire géré par CCR Gestion.Son portefeuille est composé d"obligations de deux et demi à trois ans d"échéance «choisies parmi les premiers noms bancaires ou corporate, permettant de tirer profit des niveaux de spread exceptionnels que l"on trouve actuellement sur le marché du crédit», explique Eric Bourguignon, directeur général adjoint de CCR Gestion. Les spreads de crédit sont en effet actuellement «anormalement élevés», précise-t-il. L"objectif patrimonial du fonds est de générer, sur un horizon de placement de 2,5 à 3 ans, un rendement de 5,50 % par an après frais de gestion, précise le communiqué.

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