Tuesday 30th June 2015
NEWS TICKER, TUESDAY JUNE 30TH 2015: GVQ Investment Management Limited (GVQIM), a specialist fund manager that applies private equity investment techniques to the public markets, has announced the appointment of Jane Tufnell as non-executive chairman. Tufnell co-founded Ruffer Investment Management Limited, a privately owned fund management group in 1994. She is an Independent Non-Executive Director of the Diverse Income Trust and of the JP Morgan Claverhouse Investment Trust. - Insurance broker and risk advisory firm Willis Group Holdings and professional services group Towers Watson on Tuesday said they had agreed to an all-stock merger that values the combined company at $18bn. Under the deal, which has been approved by both boards, Towers Watson shareholders will get 2.6490 Willis shares for each share held as well as a one-time cash dividend of $4.87 a share. Willis Group shareholders will own 50.1% of the combined group and Towers Watson shareholders will own the rest. The combined company, to be named Willis Towers Watson, will have 39,000 employees in more than 120 countries and revenue of about $8.2bn. Willis Chairman James McCann will be chairman of the combined company and Towers Watson Chairman and Chief Executive John Haley will be its CEO. Willis CEO Dominic Casserley will be president and deputy CEO of the combined company. Its board will consist of six directors from each company. Towers Watson’s chief financial officer, Roger Millay, will be CFO - According to BankingLaw 360, the US Supreme Court has granted an appeal from Merrill Lynch, UBS Securities LLC and other financial institutions over a shareholder suit alleging they engaged in illegal and manipulative “naked” short selling - Roxi Petroleum has reported progress at its flagship BNG asset as it posted an operational update. The Central Asian oil and gas company with a focus on Kazakhstan says that a gross oil-bearing interval of at least 105 metres, from 4,332 metres to 4,437 metres, was found at its Deep Well A5. The well, which was spudded in July 2013, will require specialist equipment for a more comprehensive 30-day core sampling test, but has already began preparatory extraction work Elsewhere, Deep Well 801, spudded in December 2014, is in the production test phase. "Progress at the BNG deep wells can best be described as steady," says chairman Clive Carver. "We look forward to reporting the results of our ongoing work in the near future – Advisory firm Hargreaves Landsdown has reportedly acquired a client book of 7,000 investors with a combined £370m of assets from JP Morgan Asset Management. The book accounts for 6% of JP Morgan’s direct client business and represents clients that hold or plan to continue to invest in non-JP Morgan funds or investment trusts in wrappers other than the JP Morgan ISA. This includes clients with direct equities, gilts or exchange-traded funds, who will be moved the brokers Vantage platform. The sale follows JP Morgan's announcement in January 2014 that it would no longer offer direct clients anything other than JP Morgan funds and investment trusts and that it would close its cash ISA and Sipp. There will be no transfer charge for clients moving to Hargreaves. The terms of the deal have not been disclosed - The OECD will publish Government at a Glance 2015 on Monday July 6th. The biannual report, now in its fourth edition, presents more than 50 indicators to compare governments’ performance in everything from public finances (including government spending per person), cuts to staffing and pay in central government and the level of private asset disclosure by government officials to access to and satisfaction with the healthcare, education and the justice systems This year’s report covers non-OECD countries for some indicators including Brazil, China, Egypt, India, Russia, South Africa and Ukraine and 36 country factsheets with infographics will be published alongside it. OECD Deputy Secretary-General Mari Kiviniemi will present the report at OECD Headquarters in Paris at 09:00am - Queensland diversified property group WA Stockwell has closed its $35m bond issue oversubscribed following a strong investor response to the offer, sole lead arranger FIIG Securities has announced. The six year senior secured amortising note issue will pay a fixed rate of interest of 7.75% pa. FIIG CEO Mark Paton says the success of the Stockwell issue confirmed the market appetite, especially among wholesale investors, for credit exposure to quality Australian companies. The Stockwell issue is the fourth that FIIG has sole-arranged for a company in the property and infrastructure sector, following successful issues by ASX-listed property developer Payce Consolidated, infrastructure operator Plenary Group, and ASX-listed property funds manager 360 Capital.

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AUM in Luxembourg at record high in April

Wednesday, 20 June 2012
AUM in Luxembourg at record high in April The Association of the Luxembourg Funds Industry (ALFI) today announced that the assets under management of Luxembourg-domiciled funds  reached a historic level at the end of April 2012, at €2,225bn under management. Luxembourg remains the largest European fund centre, followed by France and Germany. http://www.ftseglobalmarkets.com/

The Association of the Luxembourg Funds Industry (ALFI) today announced that the assets under management of Luxembourg-domiciled funds  reached a historic level at the end of April 2012, at €2,225bn under management. Luxembourg remains the largest European fund centre, followed by France and Germany.

“Following a year of political uncertainty which has led to turmoil in financial markets, we believe that this growth in assets under management in Luxembourg marks a return of confidence in investment funds. “ says Marc Saluzzi, Chairman of ALFI.

According to ALFI’s 2011 Annual Report, released today, 2011 was characterised by strong caution on the part of investors.  Despite net inflows of €5bn, Luxembourg funds finished the year €102bn down on the previous year, with €2,096bn under management.



However, 2011 was an "excellent year in terms of creation of new funds" says ALFI with 3845 funds domiciled in Luxembourg at the end of December 2011. "This growth confirms the extent to which specialised investment funds have become an essential part of the Luxembourg funds industry, accounting for 277 of the 459 new funds created under the Luxembourg domicile in 2011".

Commenting on the regulatory environment, Saluzzi says that “ALFI remains concerned by the regulatory pressure faced by the industry. The Financial Transaction Tax in particular could have a substantial negative impact on investors, and ALFI continues to work to ensure that policies are beneficial to the fund industry and its clients.”

 “It’s an interesting time in the fund management industry, and ALFI is particularly supportive of the growth of socially responsible investing, including the development of vehicles and benchmarks for so-called impact funds, microfinance funds and environmental funds. ALFI is also delighted at the opportunities the new European AIFM Directive offers to fund managers and institutional investors who are looking to develop alternative funds.,“ he

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