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### Viewing cable 05FRANKFURT5056, The Chancellor and Hedge Funds

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
05FRANKFURT5056 | 2005-07-05 14:53 | 2011-08-24 01:00 | UNCLASSIFIED | Consulate Frankfurt

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

` `

    UNCLAS SECTION 01 OF 04 FRANKFURT 005056

    SIPDIS

    SENSATIVE

    STATE FOR EUR PDAS RIES, EB, EUR/AGS, AND EUR/ERA
    STATE PASS FEDERAL RESERVE BOARD
    STATE PASS NSC
    TREASURY FOR DAS LEE
    TREASURY ALSO FOR ICN COX, HULL
    PARIS ALSO FOR OECD
    TREASURY FOR OCC RUTLEDGE, MCMAHON

    E.O. 12958: N/A
    TAGS: ECON EFIN EUN
    SUBJECT: The Chancellor and Hedge Funds

    T-IA-F-05-031

    This cable is sensitive but unclassified.  Not/not for
    Internet distribution.

      ¶1.   (SBU)  Summary: Chancellor Schroeder has pledged to
         raise "standards for hedge funds" at the G-8 Summit.  His
         position reflects a negative characterization, publicly
         stated by the Chairman of the SDP and others in the
         Chancellor's party, of investors fixed on quick financial
         gain - the proverbial "locusts" - rather than strategic
         interests of a firm.  Senior government leaders have tried
         to play down the characterization of hedge funds as
         "locusts" with some arguing that the remarks were made in
         the context of the ultimately unsuccessful campaign to keep
         control of the key state of Nordrhein-Westfalen.  Others
         have noted the close relations the Chancellor has had with
         German business leaders.  However, the Chancellor told a
         party gathering June 13 that he planed to raise hedge funds
         at the G-8 Summit.  Among German financial experts there is
         disquiet about the Chancellor's position for several
         reasons.  First, hedge funds are already supervised in
         Germany.  Second, investor activism is a corporate
         governance issue not unique to hedge funds.  There may be
         hedge fund aspects that need to be explored, but the
         political debate sparked by some  Social Democratic Party
         leaders is not conducive to a factual analysis.  This is not
         the first time the Chancellor has jumped into an economic
         issue taking views contrary to his Finance Ministry.  Basle
         II, the EU Takeover Bids Directive, and Stability and Growth
         Pact bear imprints of the ruling Coalition's political
         agenda that caused them to miss their respective economic
         marks.  End Summary.

      Chancellor to Raise Hedge Funds at G-8 Summit
      ---------------------------------------------

      ¶2.   (SBU)  At a SDP gathering on June 13, Chancellor
         Schroeder pledged to raise hedge funds at the G-8 Summit.
         Hedge funds, unregulated in many jurisdictions, principally
         cater to professional investors by adopting strategies that
         seek higher yields, which means higher risks.  These funds
         have grown quickly in recent years.  Eurohedge estimates
         total assets under management in the European hedge fund
         industry is $250 billion at the beginning of 2005, up from
         $170 billion at the beginning of 2004.  In 2004, 250 new
         funds were set up in Europe.  Hedge Fund Research estimates
         that for the first time global investments in hedge funds
         topped $1,000 billion as of the end of the first quarter of
         ¶2005.

      ¶3.   (SBU)  According to press reports, the Chancellor said,
         "We want stable markets.  We need effective supervision and
         clearly improved transparency of the hedge-fund market
         globally.  For that reason I will speak out in favor of
         uniform minimum standards for hedge funds at the G-8
         Summit."

      ¶4.   (SBU)  At a June 27th speech to the United States
         Chamber of Commerce in Washington the Chancellor said that
         "In Germany, the activities of some hedge funds, which were
         focused primarily on the short term, lead quite rightly to a
         few questions."  For stable markets, he continued, effective
         international supervision is needed that requires a
         "considerable improvement in the transparency of the hedge
         fund market."  Therefore he will propose a "set of
         international minimum standards for hedge funds" at the G-8
         Summit.

      German  and London Stock Exchanges as Sources of Concern
      --------------------------------------------- -----------

      ¶5.   (SBU)  One reason  for the Chancellor's interest in
         hedge funds was the political furor stirred by the SPD
         leadership over the ouster of Werner Siefert, CEO of the
         German Stock Exchange Company (Deutsche Boerse (DB)).  Some
         foreign hedge funds insisted that DB use its cash to buy
         back its own shares, thereby increasing the value of the
         hedge funds' investments, rather than use the case to
         purchase the London Stock Exchange (LSE) at a high price.
         As a senior Finance Ministry official explained, while
         removals of CEO's is not unusual elsewhere, this was the
         first such high profile event to occur in Germany.  Another
         reason the issue may have surfaced was an effort by the SPD
         leaders to get traditional voters energized in an ultimately
         failed campaign in May to keep control of Germany's largest
         state.

      ¶6.   (SBU)  Frankfurt financial experts point out that while
         UK-based hedge funds were the most vocal in opposition to
         the Company's bid for LSE, Siefert also had failed to gain
         the backing of German investors and that this is what tipped
         the scale for  his removal.  That, however, is a detail lost
         in the political whirlwind that whipped up at the same time
         over private equity funds.  SDP Chairman Muentefering,
         referring to some negative experiences with such funds,
         likened them to "locusts" striping German companies of
         profitable assets.  In June Secretary Snow pointed out at
         his Frankfurt press conference, the analogy is misplaced as
         equity funds make money only by adding value to a firm,
         ensuring its profitability and attractiveness to sell to
         other investors.

      ¶7.   (SBU)  Logic, however, was not part of the politics.
         And the very different case of DB was sucked in with
         criticism of private equity funds.  A senior Finance
         official, noting the role politics were playing, took
         comfort in his own assessment that there is no time to enact
         legislation due to the expectations of snap elections, so
         nothing substantive would happen in Germany.

      Right String , but the Wrong Yo-Yo?
      -----------------------------------

      ¶8.   (SBU)  Finance Ministry and Bafin and finance experts
         with whom we spoke were not happy with the political
         discussion.  In January 2004 Germany had implemented
         legislation on hedge funds designed to enhance the
         attractiveness of Frankfurt as a financial center.  The
         legislation requires such funds to be licensed, audited, and
         to provide regular reports just like other regulated
         financial entities.  The regulators believe their approach
         is solid.

      ¶9.   (SBU)  An expert from the German Investment Funds
         Associated pointed out that the German hedge funds had been
         slow to take off, with only 17 such funds operating to date,
         accounting for 1.7 billion euros (out of a total investment
         funds industry of 1,200 billion euros).  Despite industry's
         appreciation for the legislative initiative, the heavy-
         handed regulatory regime had scared some business away, with
         German funds setting up more new funds in Luxembourg than in
         Germany.  In April the Finance Ministry had issued a public
         discussion paper on the investment fund industry and
         solicited ideas on how to make hedge fund operations more
         investor-friendly.

      ¶10.  (SBU)  Among financial experts in Frankfurt, there is a
         view that hedge funds deserve a closer look, but not for the
         reasons mentioned by the Chancellor.  In their discussion
         with U.S. Treasury Secretary Snow June 19, German bankers
         argued for the need for more transparency of hedge funds and
         their strategies.  While sophisticated investors can handle
         the necessary due diligence when investing in a hedge fund,
         retail investors may not.  In the UK, for example, hedge
         funds that are unregulated collective investment schemes can
         only be marketed to a limited class of investors.  In
         Germany, however, a fund composed of various hedge funds can
         be advertised to the public while riskier single strategy
         funds cannot, but both can be sold to retail investors.
         According to an investment fund expert, German banks sell
         derivatives based on hedge fund indices to retail clients.
         This activity explains the bankers' interest in greater
         transparency for all hedge funds, but it is not the same as
         the Chancellor's.

      ¶11.  (SBU)  Risk management of hedge funds is being taken up
         by several entities in the EU.  In its June "Financial
         Stability Report", the European Central Bank (ECB) pointed
         to risks of  "crowding of trades" when several hedge funds
         adopt the same investment strategy in a particular market
         segment leaving them "vulnerable to adverse market
         dynamics."  The UK's Financial Service Authority issued two
         discussion papers in June on the hedge fund risks and risk
         mitigation techniques and on retail investment products,
         including hedge funds.  The European Fund and Asset
         Management Association is scheduled to publish a survey of
         European regulation of hedge funds, and hope to provide
         commentary on the regulatory landscape in a second part of
         their work.  The International Organization of Securities
         Commissions Standing Committee on Investment Management is
         also conducting a stocktaking of regulatory regimes
         including  retail consumers' access to hedge funds.

      ¶12.  (SBU)  While experts think there are issues to discuss,
         whether new regulation is needed or not is still an open
         question, and the discussion may have little to do with the
         corporate governance issues raised by the Chancellor.  The
         FSA discussion paper flatly rejects taking up that topic
         declaring that ".shareholder activism is not peculiar to the
         hedge fund sector but rather generic to the entire
         institutional asset management industry and so can only be
         addressed in this broader context."  When Dr. Gerhard
         Cromme, chairman of the German Corporate Governance
         Commission, was asked whether hedge funds looking out for
         short term gains should be put on a "shorter leash," he
         replied that hedge funds should not be singled out,
         explaining that they are just another form of investment
         funds and that the issue is one of whether their corporate
         governance was transparent.

      Recommendations for Action: "It's Out of Our Hands"
      --------------------------------------------- ------

      ¶13.  (SBU)  To prepare the Chancellor for his June 13th
         speech, a group of experts from the Finance, Economics, and
         Justice Ministries were tasked with preparing
         recommendations.  At a loss to suggest new regulations on
         the German hedge fund industry when they were, in reality,
         leaning against further rules, the group decided on measures
         "they could live with," in the words of one of the experts.
         Among the key recommendations were: (a) to lower the
         threshold at which a single investor has to notify its
         shareholdings from 5% of total shares to 3% or 2%; (b) to
         give a extra dividend to shareholders who vote; (c) to
         broaden the powers of Bafin to investigate when several
         shareholders are "acting in concert; and (d) to require
         reporting of short sales based on borrowed shares.  The
         first three are corporate governance measures.  The last
         measure, to gather information when an investor borrows
         shares and sells them in anticipation of the share price
         falling, had been considered when adopting regulations in
         January 2004 but deemed not particularly useful.

      ¶14.  (SBU)  None of these recommendations appeared in the
         Chancellor's speeches.  Instead, the Chancellor talks about
         transparency and "international minimum standards for hedge
         funds."  When we asked a Finance Ministry expert about this
         specific sounding proposal, he confessed that he had no idea
         what it meant or where it came from.  After forwarding their
         recommendations to the Chancellor, the Ministry is no longer
         in the policy making debate, he said.  "Its is out of our
         hands."

      ¶15.  (SBU)  The office in the Ministry of Economics and
         Labor charged with G-8 preparations reports that, so far,
         none of the documents contains any detailed proposal.
         Rather, their impression is that the Chancellor wants to
         sensitize other heads of state/government to the issue, ask
         for G-8 experts to examine it, and see if there is common
         ground.  The Chancellor would probably make extensive
         comments to the German press on the issue due to the
         "domestic political context" in which the issue is immersed.

      EU Dimension
      ------------

      ¶16.  (SBU)  German Finance Ministry experts and the UK's FSA
         paper point out if any measures are to be taken on hedge
         funds, they should be at a EU level.  Fortuitously, the
         European Commission will release a "Green Paper" in July to
         launch a discussion on whether and, if so, how the
         Commission should change its mutual fund directive.  That
         paper will raise the question of whether existing EU law
         should be expanded to cover hedge funds, flagging the issues
         of investor protection and potential systemic risks.  The
         European Commission, however, has no preconceived notions on
         whether to have regulations on hedge funds, according to a
         Commission expert.

      ¶17.  (SBU)  The author of the Commission paper commented
         that, in his view, the Germans are interested in corporate
         governance issues, a topic that will not be addressed in the
         "Green Paper."  He admitted that the pressure by the Germans
         to do something was increasing, but also thought that the
         political debate was not conducive to considered reflection
         on the issue.  According to a fund industry expert, the
         Commission is likely to devote its initial attention to
         improving implementation of existing law, leaving more
         ambitious projects, like covering hedge funds, for later.

      Chancellor as CFO

      -----------------

      ¶18.  (SBU)  This is not the first time the Chancellor has
         jumped into financial issues, taking a different tack from
         his finance experts.  On Basle II he sought a weakening of
         risk weights for lending to SMEs after Bafin had agreed to
         the draft provisions.  On the EU Takeover Bids Directive he
         orchestrated blockage of  its passage in the European
         Parliament after the German Presidency had secured its
         agreement in the Council.  On the Stability and Growth Pact
         he publicly rebuked the European Commission for trying to
         issue Germany a warning that it risked running a deficit
         over 3% of GDP, a warning the Finance Minister had been
         willing to accept for leverage to instill budget discipline.
         In each of these cases the Chancellor pursed his political
         objective, causing each of these projects to miss some of
         their respective economic objectives.

      ¶19.  (U) This report coordinated with US Embassies Berlin
         and Paris and USEU.

      ¶20.  (U) POC: James Wallar, Treasury Representative, e-mail
         wallarjg2@state.gov; tel. 49-(69)-7535-2431, fax 49-(69)-
         7535-2238

      Bodde

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