Monday 30th March 2015
NEWS TICKER: MONDAY MARCH 30TH 2015: Moody's has today assigned a Baa2 long-term rating to the new hybrid securities issued by Bayer AG. The rating outlook is stable. The rating of Baa2 is two notches below Bayer's A3 senior unsecured rating. This reflects the deeply subordinated ranking of the new hybrid securities in relation to the existing senior unsecured obligations of Bayer or those issued by its subsidiaries and guaranteed by Bayer. The new hybrid securities will be senior to common shares - The Straits Times Index (STI) ended +4.16 points higher or +0.12% to 3454.26, taking the year-to-date performance to +2.65%. The FTSE ST Mid Cap Index gained +0.10% while the FTSE ST Small Cap Index gained +0.03%. The top active stocks were SingTel (-1.13%), UOB (-0.13%), DBS (+0.30%), Global Logistic (+0.76%) and CapitaLand (+1.39%). The outperforming sectors today were represented by the FTSE ST Consumer Goods Index (+0.89%). The two biggest stocks of the FTSE ST Consumer Goods Index are Wilmar International (-0.61%) and Thai Beverage (+3.36%). The underperforming sector was the FTSE ST Telecommunications Index, which declined -1.05% with SingTel’s share price declining -1.13% and StarHub’s share price declining-0.23%. The three most active Exchange Traded Funds (ETFs) by value today were the DBXT S&P/ASX 200 ETF (unchanged), STI ETF (unchanged), DBXT FTSE Vietnam ETF (+1.19%) – The Singapore Exchange (SGX) says that UOB Bullion and Futures Limited (UOBBF) has joined as a trading member of its securities market. Chew Sutat, head of sales and clients, SGX says the membership enables UOBBF to offer “another product class to their regional clients, thus adding to liquidity in the securities market. We also look forward to working with UOBBF to bring their existing derivatives customers to all our markets. As an SGX Securities Trading Member, UOBBF will be able to offer equity trading services to institutional clients, and accredited and expert investors. SGX now has 27 trading members and 26 clearing members - Taking their cue from the positive tone in Wall Street on Friday, major Asian equity markets were firmer today favoured by market expectations for the adoption of further policy stimulus by Chinese authorities to support domestic economic activity. Elsewhere, US Treasuries were modestly firmer in early trade on Monday while the FOMC Chairman’s mildly hawkish remarks assisted the USD to move higher says Eurobank’s mid-morning markets review. According to the bank discussions between Greek authorities and the Brussels Group on a fully-costed list of reforms the Greek side submitted late last week are reportedly expected to continue on Monday for the third consecutive day. Local press reports suggested today that a number of issues still remain open. On the latter, local newswires quoted an unnamed high level euro area official as saying that the Euro Working Group will likely assess Greece’s reform proposals later this week (reportedly on Wednesday) but euro area finance ministers are not expected to convene before all the details are ironed out. Meanwhile, Prime Minister Alexis Tsipras has reportedly requested an extraordinary plenary session to be held today at 8pm Greek time to inform the Hellenic Parliament about the progress of ongoing discussions with the Institutions - Standard & Poor's revised last Friday the outlook on the Republic of Cyprus sovereign credit rating to positive from stable, affirming the country's B+/B long- and short-term foreign and local currency sovereign credit ratings - Nearly two thirds (61%) of small and medium sized companies who are yet to undertake auto enrolment say they would welcome the publication of a definitive list of pension providers that accept all firms - regardless of size - to help them comply with their auto enrolment duties, according to new research* by workplace pensions provider NOW: Pensions. Of the SMEs surveyed who are yet to stage, two thirds (66%) don’t have any existing pension arrangements for their staff while 8% have a stakeholder pension scheme set up but don’t have any members of staff in it. A quarter already offer a scheme to a proportion of their workforce. When it comes to selecting a pension provider for auto enrolment, over a quarter (27%) of those who are yet to stage still say they haven’t given any thought to how they’ll go about finding a pension provider, down from 44% in 2014**. One in ten (12%) are going to search the market and do the research themselves, up from just 4% of those firms surveyed in 2014. When it comes to seeking external advice, over a quarter (26%) intend to get help from their accountant up from 14% in 2014. One in six (16%) intend to rely on their existing provider, down from 22% in 2014. Just 6% plan to speak to a financial adviser up from 5% in 2014. Morten Nilsson, CEO of NOW: Pensions said: “As smaller companies begin to tackle auto enrolment, the number planning on choosing their pension provider without any advice is inevitably going to grow. “This is why The Pensions Regulator’s (TPR) decision earlier this month not to publish a list of pensions schemes that are directly available to any employer, was so disappointing. The reality is these firms urgently need help to find high quality, low cost providers that are willing to accept their business, and the regulator needs to hear their pleas before it is too late.” - Harkand has secured a multi-million pound contract with Maersk Oil North Sea Ltd for the provision of DSV services in the North Sea region. The 12-month contract will be serviced by Harkand’s two DSVs, the Harkand Da Vinci and Harkand Atlantis, supported by project management and engineering from the firm’s Aberdeen office. The contract covers well tie-ins, structure installation, piling, flexible flow line lay, flexible riser installation, pre-commissioning, riser recovery, decommissioning and general inspection, repair and maintenance (IRM) work. Harkand Europe managing director, David Kerr explains, “This contract win is a further acknowledgment, not only of the expertise and capacity we have built up within the region, but also the open culture that we have at Harkand. We look forward to delivering a consistent and cost efficient service to Maersk, which is especially critical in today’s business environment. By utilising both our sister DSVs, we will provide a robust and fully flexible approach to executing both planned and unplanned interventions and we will work closely with Maersk to ensure safe and successful campaigns.” The Harkand DaVinci and Harkand Atlantis are both equipped with state-of-the-art saturation diving systems, 140t active heave compensated cranes and Super Mohawk ROV spreads.

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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