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European private equity applies new strategy
June 9, 2010--Private equity has returned to the dealmaking fray in Europe this year. Buy-out activity in the region has trebled from the same period last year, according to Dealogic, but the deals look very different to those done before the financial crisis.
As well as being smaller, bankers say buy-out deals in the post-credit crisis world are likely to use much less debt, to be bought from another private equity owner and to be in a defensive sector, such as healthcare.
PAI Partners’ €500m ($602m) buy-out of Cerba European Lab is a good example of the new type of deals. It is a secondary buy-out in the healthcare sector and PAI is financing only half the deal with debt.
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Source: FT.com
Societe Generale launches Football 2010 Tracker
June 9, 2010--Societe Generale, a provider of UK exchange-traded products, has launched a tracker indexed on a basket of European shares sensitive to the World Cup 2010.
Several international companies, mainly in beverages, food producers and retailer sectors, have been shown to perform especially well before, during and after the events.
Consequently, Societe Generale analysts identified 16 European shares that have historically outperformed or at least been in line with the DJ Stoxx 600 Index during a World Cup.
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Source: ETF Express
Boerse Stuttgart strengthens market coverage in Switzerland
June 8, 2010--Stuttgart Stock Exchange cooperates with Swissquote Bank Ltd
Boerse Stuttgart has launched a new cooperation agreement with Swissquote Bank Ltd in order to expand its share of the attractive retail investment market in Switzerland.
The parties complement each other extremely well. Boerse Stuttgart is the biggest stock market for private investors and Europe’s leading exchange for trading in securitised derivatives, while Swissquote Bank Ltd has around 150,000 customers and has established itself as the Swiss market leader in online banking and brokerag
“We intend to position our activities in Switzerland even more effectively. This is a very interesting retail investment market. Swissquote Bank is the ideal choice of partner,” observed Christoph Lammersdorf, CEO at Boerse Stuttgart. Swissquote Bank Ltd is already offering attractive order options in securitised derivatives, equities, debt instruments, investment fund units and ETFs on the Stuttgart Stock Exchange.
Under the terms of the cooperation, Boerse Stuttgart Holding GmbH sold its interest in Tradejet Ltd to Swissquote Bank Ltd. Tradejet Ltd is a Swiss information and online brokerage platform. Boerse Stuttgart Group had been majority shareholder in Tradejet Ltd since the company’s formation in 2004.
The new owner will take over Tradejet’s customers and employees. “Our involvement in Tradejet Ltd not only helped to raise awareness of Boerse Stuttgart in Switzerland. Above all, it also generated greater interest in the trading of securitised derivatives,” noted Lammersdorf.
Source: Boerse Stuttgart
European institutional assets surpass €5 trillion
June 8, 2010--European institutional assets were €5.2trn at end-2009, up 8.3% from previous year (€5.2trn)
Total AUM of IPE’s Top 400 Managers 2010 is €29.1trn (€23.4trn in 2009)
Increase in AUM of 24.3% over 2009
BlackRock accounts for 7.9% of assets in study and is largest manager at €2.3trn following merger with BGI
Amundi (merger of CAAM and SGAM) is now eighth largest manager
Top 100 managers account for 85% of assets (€24.7trn) of Top 400
The net volume of European institutional assets increased by 8.3% over the 12 months to the end of 2009, according to data supplied to IPE by the leading 400 asset managers with business in Europe.
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Source: IP&E
EU to press ahead with bank levy plan
June 8, 2010--European Union finance ministers have pledged to pursue plans for a levy on banks, in spite of disagreement over what to do with the proceeds and the decision by the world’s richest nations to drop plans for a global tax.
“The EU has to be proactive in following this up,” said Elena Salgado, Spanish finance minister, after chairing a meeting of EU ministers in Luxembourg on Tuesday.
Michel Barnier, EU internal market commissioner, said he was not abandoning the idea of using money raised by a levy on the banking industry to establish an EU-wide network of domestic funds that could be used to resolve financial problems at individual banks in the future. “We will persist in this matter,” said Mr Barnier.
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Source: FT.com
CESR publishes responses to three consultations on the MiFID review
June 8, 2010--CESR publishes today the responses to the consultations on Investor protection and intermediaries, transaction reporting and secondary markets.
view responses
Source: CESR
IMF Urges Swift Action to Restore Confidence and Growth in Euro Area
Pace of fiscal consolidation should be tailored to each country's needs
Spurring euro area growth is essential
Restructuring of Europe's financial system should be accelerated
June 7, 2010--The current euro area crisis results from fiscally unsustainable policies in some countries, delayed repair of the financial system, insufficient progress in establishing the discipline and flexibility needed for a smooth functioning of monetary union, and deficient governance of the euro area, according to the IMF’s annual review of euro area policies, released on June 7.
European policymakers need to take decisive action to complete their project of monetary union, said the IMF.
While recognizing that the immediate crisis response has been bold, demonstrating the euro-zone’s capability to act together when pushed, the IMF analysis said it will be imperative to quickly secure the operation of the European Financial Stability Facility. The IMF added that crisis management is not an alternative to the corrective policy actions and fundamental reforms needed to reinforce the foundation of the European Monetary Union.
Following the conclusion of the IMF’s annual analysis of the euro area economy, Managing Director Dominique Strauss-Kahn emphasized the importance of fiscal responses being adapted to the individual circumstances of each country. “Fiscal sustainability is certainly an important aim that countries all around the world, not only in Europe, but including in Europe, have to take into account. But you have to differentiate those policies depending on the fiscal room that the different countries may have, and taking into account the balance between the fact that you have to go back on a sustainable track on the fiscal side and the fact that you need to maintain the highest possible level of growth. So it leads to different actions in different countries,” he told reporters following a June 7 meeting of the Eurogroup finance ministers in Luxembourg.
Restoring confidence
The IMF’s annual review noted that a one-size-fits-all fiscal adjustment strategy should be avoided, with the response being adapted to the individual characteristics of each of the euro area’s 16 member countries. At the same time, the IMF said that countries facing market pressures have no choice but to go ahead with forceful fiscal adjustment.
Asset management grandee slams funds industry, says giant asset owners should take back control
June 7, 2010--The world’s largest asset owners should carry out a wholesale review of how they invest and take back control of their investment strategies from asset managers in order to promote long-term economic growth and financial markets stability, according to one of the City of London’s fund management grandees. In a withering attack on the asset management industry – which has so far escaped much criticism over the credit crisis – Paul Woolley, who founded the London arm of GMO, the US fund management group – said institutional asset owners had “unwittingly become complicit in the creation of a vast unstable monster of finance”, which he said had “cost them dearly”.
Woolley is investing £4m of his personal fortune into the Paul Woolley Centre for the Study of Capital Market Dysfunctionality at the London School of Economics (LSE) and Toulouse University. His controversial research has already underpinned comments including the “socially useless” critique of some banking activities by Lord Turner, chairman of the Financial Services Authority. Woolley is also a former banker and IMF economist.
In a recent presentation at LSE, titled: ‘A manifesto for giant funds: resolving the dysfunctionality of finance’, Woolley said giant asset owners, including sovereign wealth investors, large pension funds and foundations had allowed themselves to be “deluded” by complex products put forward by asset managers. Many of these products, he said, were based on the increasingly discredited efficient markets hypothesis (EMH) that available information will bring prices back to fair value.
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Source: Responsible Investor
ICMA releases survey of corporate bond market
June 7, 2010--The International Capital Market Association has released the results of a survey on
transparency and liquidity in the European corporate bond market. The survey was carried out in
the context of the current review of the Markets in Financial Instruments Directive (MiFID) which
focuses on transparency in non-equity markets.
The members of the association including buy side, sell side and repo market participants, were
asked for their views on post trade transparency ie the availability of prices on trades in corporate
bonds that have been done between two counterparties directly rather than on an exchange. Asked
at what point, post trade, prices should be published, respondents indicated strongly (57%) that end
of day pricing was ideal with a strong preference for high/low/median end of day prices rather than
actual or aggregate trade prices. Most respondents (77%) also indicated that while trading volume
should be published, they favoured end of day publication.
view full survey
Source: ICMA
Kuveyt Türk B Type Gold ETF applied for listing on the Istanbul STock Exchange
June 7, 2010--Kuveyt Türk B Type Gold ETF applied for listing on the Instanbule STock Exchange (ISE).
Name of the Fund:Kuveyt Türk Kat?l?m Bankas? A.?.
Info: B Tipi Alt?n Borsa Yat?r?m Fonu-(http://www.kuveytturk.com.tr)
Application Date 04.06.2010
Fund amount 50.000.000 TL
Source: Istanbul Stock Exchange (ISE)
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