Friday 1st August 2014
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THURSDAY TICKER: 31ST JULY 2014 - Standard & Poor's says Argentina is in selective default on foreign-currency-denominated debt, after the government failed to make a $539m payment on $13bn in restructured bonds. Argentina had transferred the money to the paying agent, but a US judge would not allow its release unless hedge funds holding bonds not included in a restructuring also were paid. The latest default is expected to exacerbate problems in Argentina's recession-hit economy, analysts say. This is the second time Argentina has defaulted on its debt in the last thirteen years, after last-minute talks in New York with a group of bond-holders ended in failure. Vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold. Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make profits - In a regulatory filing made public earlier this week, and US press reports, BlackRock has begun the process of establishing a Wholly Foreign-Owned Enterprise (WFOE) in Shanghai. The firm is reportedly creating an investment advisory WFOE which will give it significantly greater flexibility and speed in executing its Greater China strategies – Shares in Chinese footwear manufacturer Feike AG have been listed on the General Standard of the Frankfurt Stock Exchange. Ten million shares have been listed at an initial price of €7.50. ACON Aktienbank AG is supporting the issue. Scheich & Partner Börsenmakler GmbH is the specialist. This is the third Chinese company to list on the exchange according to managing director Michael Krogmann. “With the IPO we have achieved an important strategic milestone. This helps us to expand our competitive position and our brand awareness in the booming Chinese market for children’s footwear as well as to realise future growth plans”, says Andy Hock Sim Liew, CFO of Feike AG - Funding pressures stemming from reduced central government capital grants and the persistence of tightened long-term bank lending are likely to fuel the English housing association sector's continued use of capital markets over the next two years, says Moody's Investors Service in a new report published today. The new report English Housing Associations: Financial Disintermediation- A One Way Trip, is the third in a series on European sub-sovereigns' financing needs and access to market funding.

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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