Sunday 21st January 2018
January 19th 2018: The Deferred Action for Childhood Arrivals (DACA) programme looks to be a continuing stumbling block for Democrats who were expected to ink the US government spending bill, with an attendant effect on the US dollar. According to Miles Eakers, chief market analyst at Centtrip the dollar continues to show weakness ahead of possible US government shutdown. “Late last night the House of Representatives passed concessions on a major increase in defence spending and a hardline immigration bill. But Senate Democrats said they would likely block the measure unless President Donald Trump and Republicans include protection for young immigrants. An impasse could result in Trump celebrating his first anniversary in office with the first shutdown in four years, despite his party holding a majority in both houses. After reports of the vote, [the market] saw continued, but muted, dollar weakness, pushing the GBP/USD pair back above $1.39 and EUR/USD nearer the $1.23 resistance level.” The question is now whether a short=term patch will be agreed today, or whether the Republicans and the White House will be compelled to get serious about a longer-term solution. The last time a short-term bill was passed was December last year, which passed by a grand majority of 66 votes to 32. This time round it looks more difficult - Mike van Dulken, Head of Research at Accendo Markets commented to clients this afternoon: “Equities are positive to close out the week, rebounding from a negative US close and ahead of a key Senate vote to stave off a government shutdown tonight. Weaker than expected UK Retail Sales have seen the UK’s blue-chip index take a leg higher, benefiting from Sterling's retreat from fresh post-referendum highs earlier this morning. Interestingly, Germany’s DAX is the rank outperformer, this in spite of additional Euro strength after hawkish ECB comments, whilst US equities point towards a positive open this afternoon. The FTSE has climbed higher thanks to GBP weakness benefiting names such as ULVR, BATS, SHP, RELX, CCL and GSK, while Miners are embracing the weaker USD's fillip for metals. This is easily offsetting weakness for BP (Oil lower on IEA report), HSBC (US forex fine), BT (pension scheme deal) and KGF (Carpetright profits warning). Germany’s DAX outperforms with just Linde in the red, as Thyssenkrupp, Adidas, BASF and Fresenius lead the way higher. The FTSE 100 has broken back above 7715. The DAX 30 has broken above 13350 to flirt with a 13420 breakout. Dow Jones Futures have rebounded to re-test 26055. Gold has broken back above $1332.” --

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  • Thursday, 29 September 2016 Unigestion accelerates intermediary focus with three veteran hires
    Unigestion, the boutique asset manager says it has made three senior hires to its newly formed intermediary team, including Simone Gallo, Andrea Di Nisio and Lloyd Reynolds. The team will initially have five members and Unigestion plans to grow this further as the firm increases its presence in intermediary markets. Their initial focus will be making Unigestion’s institutional investment expertise available to intermediaries in the Southern Europe, UK, Nordics, Switzerland and the US. Read more...
  • Friday, 05 February 2016 AMF/AFG launch FROG to boost French funds industry
    The Autorité des Marchés Financiers (AMF), the French financial market regulator, and the French Asset Management Association (AFG) are launching FROG, a working group chaired by Didier Le Menestrel that is intended to raise the profile and broaden the distribution of French investment funds abroad. FROG will unveil its recommendations for infrastructure, legal structure, technological developments and more next summer. Read more...
  • Thursday, 22 October 2015 Value Partners wins QDLP licence to expand cross-border private fund business in China
    With China opening its private fund market for foreign participation, Value Partners Fund Management (Shanghai) Limited has obtained a Qualified Domestic Limited Partner (QDLP) licence from the Shanghai Municipal Government Financial Services Office and an initial $100m QDLP quota to manage cross-border private funds. Read more...

MORE NEWS IN ASSET MANAGEMENT/PENSIONS...
Asset Management/Pensions

Bucking the perception that cheaper funds fetch the fattest returns, higher-priced active managers—who strive to beat benchmark indices using a hand-picked mix of assets—have been forced to sharpen their skills to prove that investors really can get what they pay for over the long haul. From Boston, Dave Simons reports.

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Monday, 04 August 2014

Investing in the good earth

After years of being in the margins, climate change is finally having its day on the page thanks mainly to President Barack Obama’s vocal support for the Environmental Protection Agency’s (EPA’s) announcement that it would propose limits on carbon emissions from power plants. Climate change industry supporters have been waiting years for the US to take the lead in the climate change management debate and in June their wish was granted; particularly as other high carbon emitters, such as China are now firmly on the emissions capping bandwagon. Has the new found enthusiasm for the wellbeing of the Earth come just in time or too late to really make a difference? If climate change can be delayed or averted, which firms are in the front line to benefit from a more munificent approach to climate change management by G20 governments? Lynn Strongin Dodds reports on the hope and the glory.

 

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If Malta has successfully emerged as a credible and respected fund domicile and servicing centre, it is down to a confluence of elements, including good regulation, an understanding and flexible but rigorous regulator, the usual interplay of happy geography, trade links, communications and an ultra-hardworking business development agency. FinanceMalta fills that role in buckets.

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There was a time when transitions were almost exclusively one-to-one type events—say, selling a one index based portfolio while picking up a FTSE100 based strategy.
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Specialist asset managers say this is a great time to buy selected corporate stocks in emerging markets; particularly those linked to firms that serve and service the burgeoning middle class income segment. It is a message however that has largely escaped investors at large who remain jittery about the near term prospects for emerging markets and have continued to pull out money from the segment for almost four straight months. How wounded is the segment and what is needed to shift money back into the emerging market story?

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In December last year 84 pension fund respondents and eleven consultants were polled online or by phone to look at the way that European pension funds used custody services in a survey commissioned by Société Generale. In a period of market change driven by regulation that promotes transparency, market safety and improved and standardised reporting, the survey highlights clear shifts in the way pension funds outsource services. It also shows varying awareness across Europe about the way regulation will affect custody and administration of their assets and a growing reliance by pension funds on their investment services providers. At the same time large custodians and fund administrators are becoming more selective about which beneficial owners they will or will not treat with. How will these changes roll through the European pension fund investment landscape?

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Friday, 24 January 2014

LGIM's step change

Legal & General Investment Management (LGIM) hasn’t always had the high-profile press coverage that some of its investment peers have enjoyed in recent years. The firm has undergone a quieter evolution. Still, it is clear that strategy has moved on from a postfinancial crisis focus on cash, to one based on cash plus growth. In the past twelve months LGIM has undergone something of a step change, competing for business and customer service provision alongside larger global firms. Andrew Neil reports.

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Thursday, 23 January 2014

Gunslingers don tuxedos

Hedge funds took a hit during the financial crisis—along with everything else—yet many were quick to bounce back. Industry assets under management now total $2.5trn, up from $1.5trn five years ago, growth that has come despite mediocre performance relative to market benchmarks in recent years. The institutional investors that plough money into hedge funds take the long view and expect them to outperform bear markets (as they did in 2008/2009), not bull runs. Are expectations out of whack with reality? Neil O’Hara reports.

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  • LGIM's step change
  • The buy side collateral challenge
    For buy side firms, the inexorable march towards central clearing puts added emphasis on the accurate monitoring of CCP-held collateral, as well as the ability to extract and report on any relevant position at any given time. In this climate, advantage goes to those with the most reliable collateral-management strategies at their disposal. Dave Simons reports from Boston.
  • FTSE launches FX-based indices
    FTSE Global Markets spoke to Jonathan Horton, president, FTSE North America and Bill Dale, chairman & chief executive officer of New York-based Cürex Group about the features of the FX-based investible indices.
  • The buy side collateral challenge
    For buy side firms, the inexorable march towards central clearing puts added emphasis on the accurate monitoring of CCP-held collateral, as well as the ability to extract and report on any relevant position at any given time. In this climate, advantage goes to those with the most reliable collateral-management strategies at their disposal. Dave Simons reports from Boston.
  • A small step for equities. Too large a step for bailouts?
  • FTSE launches FX-based indices
    FTSE Global Markets spoke to Jonathan Horton, president, FTSE North America and Bill Dale, chairman & chief executive officer of New York-based Cürex Group about the features of the FX-based investible indices.

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