Wednesday 26th November 2014
NEWS TICKER: TUESDAY, NOVEMBER 25TH 2015 - Morningstar has downgraded its Analyst rating for the Fidelity European Opportunities fund to Neutral. Jeremy Beckwith, director of manager research, Morningstar UK comments: “We have assigned the Fidelity European Opportunities fund a Morningstar Analyst Rating™ of Neutral. The fund had previously been placed Under Review following the fund’s management change announced in the summer. It was previously rated Silver. Alberto Chiandetti—who has gained most of his investment experience in the Italian market—took over from former manager Colin Stone on 1 October 2014. He is also responsible for two single-country strategies: Fidelity Italy since 2008, which has a Morningstar Analyst Rating of Silver, and Fidelity Switzerland since 2011, rated Neutral”. According to Beckwith: “This is Chiandetti’s first time running a European mandate and we expect to see him bring in relevant changes to the strategy. Over a full market cycle, he has proven able to execute his process well at the helm of Fidelity Italy; that said, his past results are not fully relevant for this product, given the differences in the investable universe and the opportunity set compared to the country funds. We have therefore assigned a Neutral rating to reflect the uncertainties surrounding the future of this strategy.” - Among the five China ETFs listed on Singapore Exchange (SGX), the three most active China ETFs in the 2014 year-to-date have been db x-trackers CSI 300 UCITS ETF, db x-trackers MSCI CHINA INDEX UCITS ETF, and United SSE50 China ETF. These first two are traded in US dollars, and the latter in Singapore dollars. These three China ETFs are synthetic ETFs that use derivative instruments such as swaps to track the reference index as compared to physical ETFs that hold the securities or assets of the reference index. These three ETFs generated an average 2014 year-to-date total return of 8.4% - The Straits Times Index (STI) ended +4.46 points higher or +0.13% to 3344.99, taking the year-to-date performance to +5.69%. The FTSE ST Mid Cap Index gained +0.21% while the FTSE ST Small Cap Index declined -0.47%. The top active stocks were SingTel (+0.26%), Olam Intl (-2.27%), DBS (+0.20%), ComfortDelGro (-2.71%) and CapitaLand (+0.30%). Outperforming sectors today were represented by the FTSE ST Technology Index (+1.14%). The two biggest stocks of the FTSE ST Technology Index are Silverlake Axis (+2.40%) and STATS ChipPAC (-1.11%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -0.84% with Midas Holdings’ share price declining -1.70% and Geo Energy Resources’ share price unchanged. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (-0.77%), SPDR Gold Shares (+0.43%), STI ETF (unchanged). The three most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (+1.58%), Ascendas REIT (+1.76%), CapitaMall Trust (+0.25%). The most active index warrants by value today were HSI23800MBeCW141230 (unchanged), HSI23600MBePW141230 (-3.23%), HSI24400MBeCW141230 (unchanged). The most active stock warrants by value today were DBS MB eCW150602 (-2.96%), OCBC Bk MBeCW150413 (+1.08%), UOB MB eCW150415 (+6.25%) - Inter-American Development Bank (IDB) is providing financing under a Regional Public Goods Programme (RPG) that will be managed by Caribbean Export Development Agency in its capacity as the Secretariat for the Caribbean Association of Investment Promotion Agencies (CAIPA. The IDB has provided US$900.000 to CAIPA to support several initiatives geared towards increasing foreign direct investment (FDI) into the Caribbean and will be implemented over a two year period - Mexico has posted record FDI of $35.2bn inflow in 2013, nearly double the level seen in 2012, mainly due to Belgian brewer Anheuser-Busch InBev's acquisition of Mexican beer giant Grupo Modelo, which brought in over $13bn, according to figures released by the economy ministry - Eight Italian regions have hired banks to manage a round of bond buybacks for them, the treasury said on Tuesday, in a move aimed at giving indebted local administrations more time to repay their loans. Abruzzo, Campania, Lazio, Liguria, Lombardy, Marche, Piedmont and Puglia have hired Barclays, BNP Paribas, Citigroup and Deutsche Bank to manage any offers to buy back their bonds.

Ireland’s central bank issues consultation on post-AIFMD non-UCITs funds regime

Wednesday, 14 November 2012
Ireland’s central bank issues consultation on post-AIFMD non-UCITs funds regime The Central Bank of Ireland has released a public consultation proposing enhancements to its non-UCITS regime in preparation for the implementation of the European Union’s (EU’S) Alternative Investment Fund Managers Directive (AIFMD). The implementation of AIFMD will give rise to substantial changes to the non-UCITS funds industry. It is proposed that the current Qualifying Investor Fund (QIF) regime in Ireland will be replaced with a new Qualifying Investor Alternative Investment Fund (QIAIF) regime. For retail investors in non-UCITS products, a separate Retail Investor Alternative Investment Fund (RIAIF) regime will be created. http://www.ftseglobalmarkets.com/

The Central Bank of Ireland has released a public consultation proposing enhancements to its non-UCITS regime in preparation for the implementation of the European Union’s (EU’S) Alternative Investment Fund Managers Directive (AIFMD). The implementation of AIFMD will give rise to substantial changes to the non-UCITS funds industry. It is proposed that the current Qualifying Investor Fund (QIF) regime in Ireland will be replaced with a new Qualifying Investor Alternative Investment Fund (QIAIF) regime. For retail investors in non-UCITS products, a separate Retail Investor Alternative Investment Fund (RIAIF) regime will be created.

Some fundamental changes set out by the Central Bank of Ireland at the end of October in its consultation paper on the implementation of Europe’s Alternative Investment Fund Managers Directive (AIFMD) is designed to help strengthen Ireland’s attractiveness to international managers. Fearghal Woods, chairman of the Irish Funds Industry Association (IFIA) explains, “the authorities in Ireland are making significant progress towards implementing a range of legislative and other measures to enable the broadest possible range of regulated structures for alternative investment managers of all types to coincide with the introduction of the AIFMD directive and that will help maintain Ireland's position as a leading funds jurisdiction".

Interested market participants have six weeks to let the central bank know their comments on the proposed changes. Usually open consultations of this kind are allotted 12 weeks, but given that the AIFMD rules come into force in July 2013, time is of the essence and the central bank has opted for a shorter consultation process. “The central bank is sending out a strong signal that it is aware of change in the non-UCITS world and this consultation not only reflects the changes that are happening but seeks to anticipate future changes,” explains Kieran Fox, head of business development at IFIA.



Core to proposed changes to the country’s non-UCITS investment regime is the consolidation of the country’s regulatory book into a new single handbook covering all regulation for AIFMs. This consolidation will see the removal of countless minor regulatory requirements which have come into place over the years. “It is a game changer,” concedes Fox, “and it is clear that we have moved from a complex regulatory structure, that involves non-UCITS notice documents, and a dozen or so guidance notes and policy documents as well as an array of other ad hoc regulations towards it being brought into one handbook with appropriate chapters covering key market segments.”

According to the central bank, these changes will result in a more efficient and streamlined regulatory environment for all types of alternative investment funds in the country. “The timing of this consultation process will allow managers to establish AIFMD compliant funds in time for the implementation of the EU directive in July of next year,” explains Eoin Fitzgerald, managing director, Morgan Stanley Fund Services, and a member of IFIA Council, which leads industry engagement.

The central bank is proposing the redesign of its AIF regime to optimise its reliance on European regulatory requirements, or at least those set out in the AIFMD; the creation of a higher risk AIF option to UCITS for retail investors; the elimination of regulations on QIAIFs that are not substantially adding to the protection of investors as well as the application of the AIFMD depositary regime to all authorised AIFs, including those with AIFM below certain thresholds.

Changes to share class rules, the issuance of partly paid units and the removal of existing property fund rules will make it more attractive and easier to establish both private equity and property funds in Ireland. IFIA chief executive Pat Lardner explains that with 40% of the world’s hedge funds serviced in the country, “Ireland is the leading global centre for the domiciling and servicing of alternative investments.”

For more on this story, read the November edition of FTSE Global Markets, or visit the website: www.ftseglobalmarkets.com from Friday onwards.

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