Monday 26th January 2015
FRIDAY, JANUARY 23RD 2015: European markets regulator ESMA has added Athens Exchange Clearing House to its list of authorised CCPs under the European Market Infrastructure Regulation (EMIR). EMIR requires EU-based CCPs to be authorised and non-EU CCPs to be recognised in the European Union (EU). The updated list of authorised CCPs is available on ESMA's website - Driven by strengthening private domestic demand, economic growth in the US is expected to accelerate modestly this year and drag last year’s unspectacular housing activity upward, according to Fannie Mae’s Economic & Strategic Research (ESR) Group. Amid continued low gasoline prices, a firming labour market conditions, rising household net worth, improving consumer and business confidence, and reduced fiscal headwinds, the economy is expected to climb to 3.1% in 2015, up from the Group’s estimate of 2.7% in the prior forecast. The stronger economic backdrop should lead to improving income prospects, underpinning a higher rate of household formation in 2015. "Our theme for the year, Economy Drags Housing Upward, implies that both housing and the economy will pick up some speed in 2015, but that the economy will grow at a faster pace," says Fannie Mae chief economist Doug Duncan. "We have revised upward our full-year economic growth forecast to 3.1% for 2015, which is not yet robust but still an improvement over last year’s growth. Consumer spending should continue to strengthen due in large part to lower gas prices, giving further support to auto sales and manufacturing. We believe this will motivate the Federal Reserve to begin measures to normalize monetary policy in the third quarter of this year, continuing at a cautiously steady pace into 2016 and 2017, likely keeping interest rates relatively low for some time." - The Russian Central bank said yesterday that its gold reserves grew by a 600,000 ounces (18.7 tonnes) in December – the ninth successive month of gold reserve increases. Russia has now more than tripled its gold reserves in the past ten years. The ruble has fallen in value by almost 50% in the past 12 months which makes the nation’s gold reserves ever more important to its global economic status – According to LuxCSD the Taiwan Depository and Clearing Corporation (TDCC) has announced, effective Sunday (January 25th) the firm’s BIC will change from TDCCTWT1 to TDCCTWTP. Customers should quote the TDCC's new BIC in field 95P::PSET//TDCCTWTP of their settlement instructions – Moody's today upgraded the Corporate Family Rating (CFR) of Stabilus S.A. to B1 from B2 and the Probability of Default Rating (PDR) to B1-PD from B2-PD. At the same time the rating agency upgraded the instrument ratings assigned to the Senior Secured Notes issued by Servus Luxembourg Holding S.C.A. to B1 from B2. The outlook on all ratings remains positive – The US Federal Reserve Bank of New York says its daily Fed Funds effective rate is now 0.12% (Low 0.30%, High 0.3125%) with four basis points of standard deviation - Vanguard Group, already the biggest mutual fund company in the world, has risen to second place as a provider of exchange-traded funds, says ETF.com—based on the success of its low-cost index funds, including ETFs. Boston-based State Street Global Advisors, has dropped from second to third. Even so, SSGA still has the largest ETF in the world, the SPDR S&P 500 ETF (SPY | A-98) - The Straits Times Index (STI) ended +41.21 points higher or +1.22% to 3411.5, taking the year-to-date performance to +1.38%. The FTSE ST Mid Cap Index gained +0.97% while the FTSE ST Small Cap Index gained +0.23%. The top active stocks were CapitaLand (+4.09%), DBS (+0.80%), SingTel (+0.76%), UOB (+0.72%) and Noble (-0.47%). The outperforming sectors today were represented by the FTSE ST Real Estate Holding and Development Index (+2.31%). The two biggest stocks of the FTSE ST Real Estate Holding and Development Index are Hongkong Land Holdings (+1.18%) and Global Logistic Properties (+1.57%). The underperforming sector was the FTSE ST Oil & Gas Index, which gained +0.16% with Keppel Corp’s share price unchanged and Sembcorp Industries’s share price declining +0.93%. The three most active Exchange Traded Funds (ETFs) by value today were the SPDR Gold Shares (+0.77%), IS MSCI India (+1.89%), DBXT MSCI Asia Ex Japan ETF (+1.57%) –

SSgA expands LDI range of funds

Tuesday, 24 April 2012
SSgA expands LDI range of funds State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE:STT), has enhanced its liability driven investing (LDI) strategies with the launch of 10 leveraged gilt funds. The new derivative-based range includes Fixed Gilt Funds with set maturity dates of 2020, 2030, 2040, 2049 and 2060, and Index Linked Gilt Funds set to mature in 2022, 2032, 2042, 2055 and 2062. SSgA also offers physical-based Single Stock Gilt Funds in its LDI range. These include Fixed Gilt Funds with maturity dates of December 2049, December 2055 and January 2060; and Index Linked Gilt Funds with maturity dates of November in the years 2027, 2032, 2037, 2042, 2047, 2050, 2055 and 2062. http://www.ftseglobalmarkets.com/

State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE:STT), has enhanced its liability driven investing (LDI) strategies with the launch of 10 leveraged gilt funds. The new derivative-based range includes Fixed Gilt Funds with set maturity dates of 2020, 2030, 2040, 2049 and 2060, and Index Linked Gilt Funds set to mature in 2022, 2032, 2042, 2055 and 2062. SSgA also offers physical-based Single Stock Gilt Funds in its LDI range. These include Fixed Gilt Funds with maturity dates of December 2049, December 2055 and January 2060; and Index Linked Gilt Funds with maturity dates of November in the years 2027, 2032, 2037, 2042, 2047, 2050, 2055 and 2062.

The new funds funds are aimed at offering pension schemes and institutional investors a way to extend inflation- and interest-rate protection in their liability-matching portfolios. The leveraged nature of these funds help provide further flexibility for schemes by allowing a smaller initial investment, thereby freeing capital to allocate according to a portfolio’s growth objectives.“These new funds are part of a broader product build-out of our LDI offering. Combined with the existing set of physical bond strategies, including single stock bond funds, SSgA now offers pensions schemes and institutional investors exceptional breadth for extending inflation- and interest-rate protection on their liability-matching portfolios. The leveraged funds provide extra flexibility for schemes to focus on building asset growth in line with their overall investment objectives,” says Susan Raynes, head of the UK, Middle East and Africa at SSgA.

The Single Stock and Leveraged Gilt funds can be used in tailored combinations to suit the objectives and risk tolerances of a scheme. They complement SSgA’s conventional bond index funds, enabling investors to structure stable and cost-effective hedging portfolios.



 

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