Monday 6th July 2015
NEWS TICKER: FRIDAY, JULY 3rd: Euronext says trading volumes for June 2015 and enterprise-wide activity for the first half year. During the first six months of 2015, Euronext posted the strongest six-month performance since the end of 2011 supported by favourable economic conditions. June average daily transaction value on the Euronext cash order book stood at €9,202m (+54% compared with June 2014). Activity on ETFs remained particularly dynamic last month with an average daily transaction value at €587m, up 106% compared to June 2014. Cash markets saw a material increase in trading activity across the first half of 2015, with an average daily transaction value for the period up 35% vs 2014. During this period, Euronext experienced three of the ten highest volume traded days since January 2012, and on march 20th the strongest single day of trading cash products of €18bn since the same date. In the meantime, the continued focus on nurturing domestic market share meant it returned to 65% for the month of June in a highly competitive environment - Morningstar has placed the Morningstar Analyst Rating for the Mirabaud Equities Swiss Small and Mid-fund Under Review following the appointment of new portfolio manager, Paul Schibli. The fund previously held a Neutral rating. Morningstar manager research analysts will meet with the new manager soon to reassess Morningstar’s opinion on the fund - Moody’s has today changed the outlook on all ratings of Bridge Holdco 4 Ltd, the ultimate holding company for Bridon Group, to stable from positive. Concurrently, the group's B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR) as well as the B2 instrument rating on the USD286 million senior secured first lien term loan, $40m senior secured revolving credit facility and the Caa2 rating on the $111m senior secured second lien term loan borrowed by Bridge Finco LLC have been affirmed - Subsea 7 S.A. repurchase of convertible bonds has filed a notice with the Luxembourg stock exchange that it has repurchased convertible bonds worth $10m in nominal value at an average price of 91.5 of the $700m 1% Subsea 7 S.A. Convertible Bond Issue 2012/2017 (ISIN NO: 001066116.8). Following the purchase, the Company holds bonds with an aggregate nominal value of USD 91,800,000 representing approximately 13.1% of the 1.00% Subsea 7 S.A. Convertible Bond Issue 2012/2017 - Bellpenny says that its CEO, Kevin Ronaldson, will step down later this year to become ‘Founder Director’ of the business. Nigel Stockton, who has been a director of Bellpenny since inception, will, subject to FCA approval, become the new CEO. The changes are expected to take effect in September - The Straits Times Index (STI) ended 14.89 points or 0.45% higher to 3342.73, taking the year-to-date performance to -0.67%. The top active stocks today were DBS, which gained 2.00%, Singtel, which closed unchanged, Global Logistic, which declined 0.39%, Ascendas REIT, which gained 0.42% and UOB, with a 0.43% advance. The FTSE ST Mid Cap Index gained 0.16%, while the FTSE ST Small Cap Index declined 0.30%. Outperforming sectors today were represented by the FTSE ST Financials Index, which rose 0.69%. The two biggest stocks of the Index - DBS Group Holdings and OCBC- ended 2.00% higher and 0.79% higher respectively. The underperforming sector was the FTSE ST Basic Materials Index, which slipped 0.89%. Midas Holdings shares declined 1.56% and NSL increased 0.67%.

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RBC Dexia/Accenture report says change is due in Spanish investment industry

Friday, 15 June 2012
RBC Dexia/Accenture report says change is due in Spanish investment industry The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture. http://www.ftseglobalmarkets.com/

The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture.

The RBC Dexia/Accenture report predicts further concentration of Spain’s asset management industry into fewer, more specialised managers and a stronger focus on improving efficiency and performance. Improvements in technology will also be vital to success, with outsourcing high on the agenda. José Maria Alonso-Gama, managing director of RBC Dexia in Spain, sets the scene, explaining that: “Spanish fund firms are concentrating on bottom-line indicators such as fund performance and increased assets under management. They recognise the need to restore credibility and investor confidence by showing they are delivering on their performance promises.”

The report is based on a survey of 33 asset management firms in Spain in the first quarter of 2012 by RBC Dexia Investor Services and Accenture. Some 33% of respondents have more than €1bn in assets under management (AUM), 46% have between €200m and €1bn in AUM and 21% have less than €200m in AUM.



Although the industry is dominated by a small number of firms, with the top three managers accounting for 45 percent of assets under management, the average size of funds in Spain is only €57m. This compares with an average of €300m in Switzerland and €262m in the UK. The total number of funds in Spain has been contracting (down by about 20% to 2,500 in the past three years due to industry consolidation) and the report expects this trend to continue with, “The evolution of larger and more specialised companies with rationalised fund ranges”.

Also according to the report, of the 33 investment companies surveyed, 95% of local managers and 91% of foreign managers cited increased assets under management as a key indicator of success over the next two years. Fund performance was cited by 91% and 73% respectively and increased service quality by 86% and 45%. When it came to development of new products, 36% of foreign managers cited this as important but only 9% of local managers.

Over 80% of independent managers in Spain believe that the Undertakings for Collective Investment in Transferable Securities IV (UCITS IV) directive will make it easier to distribute investment funds abroad by creating a common regulatory environment. However, 70% of local managers were also concerned that it would lead to increased competition from overseas funds while independent managers were worried it would result in increased reporting obligations.

More than two-thirds of respondents cited improving technology as the most important factor in increasing efficiency. Most managers (90% of foreign managers and all local Spanish managers) expected an increase in the number of fund managers outsourcing certain functions in coming years. And 90% of those surveyed said there would be an increase in the diversity of functions outsourced in coming years. “The increased risks control imposed by new regulations and cross-border distribution opportunities that they also create, require increasingly sophisticated technology,” says Diego López Abellán, of Accenture’s Capital Markets practice for Spain. “Outsourcing can play a pivotal role in enabling continuous technology upgrades while avoiding costly investment.

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