Sunday 3rd May 2015
NEWS TICKER: FRIDAY, MAY IST: MYOB will return on Monday next to the ASX, selling 228.3mshares at $3.65 in the company’s IPO. The company raised AUD833.1m, giving it an implied market capitalisation of AUD2.13bn. Bain Capital will retain 58% of the firm’s stock. “We saw a significant level of participation from eligible retail noteholders in the offer, with approximately 57% of holders exchanging their notes into shares. We see this wide range of investor interest as a strong vote of confidence in MYOB.” MYOB chairman Justin Milne says. ASX trading in MYOB shares is set to begin on 4 May under the code MYO. MYOB was listed on exchange from 1999 to 2009 – The volume of US municipal bonds soared by 42.1% in April, according to Thomson Reuters’ data; the ninth straight monthly gain. Issuers brought $37.76bn to market in 1,210 issues, up from $26.58bn in 939 issues in April 2014. Low interest rates, and the reluctance of the US Federal Reserve to raise rates over the near term has resulted in a dash by municipal issuers anxious to secure low cost funding as many refinance their debts. Other than refinancing, new issuance per se looks to be tailing off. New money transactions declined by 5.6% to $12.68bn from $13.43bn, while combined refunding and new money transactions increased 42.5% to $7.17bn from $5.03bn in April last year. Negotiated bond sales increased 62.4% to $28.97bn from $17.84bn, competitive deals rose 15.4% to $8.62bn from $7.47 billion and private placements plunged 87.2% to $162mn from $1.26bn. Sales of revenue bonds increased 49.9% to $22.84bn in 421 deals from $15.24bn in 306 deals. General obligation bond volume jumped 29.9% to $14.73bn in 788 issues from $11.34bn in 633 issues. Tax-exempt deals were up 42.4% to $33.88bn, while taxable deals were 24% higher to $3.30bn.Fixed-rate issues increased to $36.75bn in 1,167 issues from $24.85bn in 891 issues the previous year. The volume of deals with bond insurance more than doubled in par amount wrapped to $2.54bn in 161 deals from $1.06bn in 104 transactions. California claimed the top spot among states with $21.47bn of issuance thus far in 2015, up from its No. 2 ranking in the same period of last year with $12.03bn. Texas dropped from first to second with $17.85bn, an increase from $12.31bn the year before. New York remained in third place with $11.91bn so far this year, up from $10.29bn year to date - This morning Lloyds Banking Group said that in Q1 it had made a net profit of £913m and underlying profit was up 21% on the same period last year, to £2.2bn. Moreover, the group said that it was raising its net interest income target above the original target of 2.55%. Graham Spooner, investment research analyst at The Share Centre, says: “These results are good news for investors as they are ahead of forecasts and demonstrate a continued improvement in the company’s performance. The part UK government owned bank additionally reported that it has been benefitting from a resurgent British economy which has led to reduced bad loans and fuelled demand for mortgages. Lloyds announced its first dividend in February since being bailed out and investors should acknowledge that the increasing signs of recovery will boost hopes for a significant dividend growth in the near future. Analysts have become a little more positive on the group and its long term restructuring plans, which appear to be happening faster than expectations. However … the sector [remains] under pressure, as a result of regulatory issues and ahead of the next government sale.” - The Straits Times Index (STI) ended 0.24 points or 0.01% higher to 3487.39, taking the year-to-date performance to +3.63%. The top active stocks today were SingTel, which declined 0.23%, OCBC Bank, which declined 1.84%, DBS, which gained 0.19%, UOB, which gained 0.29% and Keppel Corp, with a 1.02% fall. The FTSE ST Mid Cap Index gained 0.47%, while the FTSE ST Small Cap Index rose 0.18%. The outperforming sectors today were represented by the FTSE ST Real Estate Holding and Development Index, which rose 1.00%. The two biggest stocks of the Index - Hongkong Land Holdings and Global Logistic Properties – ended 2.02% higher and 2.23% higher respectively. The underperforming sector was the FTSE ST Consumer Goods Index, which slipped 1.04%. Wilmar International shares remained unchanged and Thai Beverage declined 3.38%.
North America

In a speech to the DerivOps North America 2015, CFTC chairman Timothy Massad highlighted market uncleared swaps – SEF confirmations and confirmation data reporting and error trades are now in CFTC sights. 

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State Street Global Exchange today released the results of the State Street Investor Confidence Index (ICI) for February 2015. The Global ICI decreased to 105.2, down 1.4 points from January’s revised reading of 106.6. Confidence among European investors declined the most, with the European ICI falling 8.2 points to 105.9, down from January’s revised reading of 114.1, while in Asia the ICI fell by 5.3 points to 93.8. However, the North American ICI rose by 3.1 points to 104.3.

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Fidessa group plc (LSE: FDSA) today announced a key appointment for its sell-side business, Jay Biancamano is now head of equities product marketing for the Americas. Based in New York and reporting to James Blackburn, global head of equities product marketing, Biancamano will focus on driving the strategic direction of Fidessa's sell-side equities products to provide new and innovative services to its clients which deliver them real business value.

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Apex Fund Services, the independent fund administrator, has appointed Dennis Westley as managing director, North America with immediate effect. Westley will have responsibility for growing Apex’s North American operations and integrating potential acquisitions. Reporting directly to Apex’s Global CEO, Bill Salus, Westley will also manage Apex’s offices in New York, New Jersey, Florida and Toronto.

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Fitch Ratings-New York-09 February 2015: North American Exploration and Production (E&P) companies continued to announce reductions to 2015 capital spending in Q4 earnings calls as a function of lower oil prices, according to Fitch Ratings. Capex cuts are ongoing as the price of West Texas Intermediate has dropped over 50% since July of last year, and now stands at just over $50/barrel.

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Kames Capital has added to its equity capabilities with the appointment of Matt Harding. Harding joins the team as an investment analyst focussing on North American equities, reporting to Marcus Chandler, Kames’ head of North American equities.

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Aviva Investors will manage a new global tactical asset allocation retail mutual fund which is intended to address demand for risk-managed options for equity allocations, and is the latest addition to Virtus’ portfolio of open-ended mutual funds.

The Aviva Investors Multi Strategy range, AIMS, launched in the UK on the 1st of July 2014 and has since gathered over £480 million in assets* from investors looking for products that clearly align with their investment goals. Aviva Investors’ Target Return Fund aims to provide a specified target return by investing in a globally-diversified multi strategy portfolio, while limiting the volatility of those returns compared with global equities.

Commenting on the strategic partnership, Euan Munro, chief executive officer of Aviva Investors says: “Key to our approach is a commitment to delivering outcomes central to investors’ financial well-being and clearly aligned to their investment goals. We believe that our range of solutions can appeal to a broad set of investors from around the world, who in the current low-yield environment are seeking to secure positive returns across various market conditions.

“We’re delighted to be working with Virtus, as not only will the partnership widen Aviva Investors global distribution footprint by providing access to Virtus’ strong product development and distribution capabilities, it will also provide US retail clients with access to Aviva Investors’ specific expertise in the management of outcome-oriented multi-strategy solutions.” 

George R Aylward, president and chief executive officer of Virtus, adds: "When we develop new investment solutions for the mutual fund market, we want to get the best strategies from high-quality investment managers, so we look forward to working with Aviva Investors to offer multi-strategy investment solutions and then adding Aviva Investors as a manager as we expand into other strategies.

"We are particularly pleased to work with Aviva Investors Chief Executive, Euan Munro, who has been a pioneer in the development of multi-strategy investment solutions.  His team has specialised in using a collaborative, disciplined, transparent approach that seeks to create consistent and explainable performance in up and down markets.” The fund is expected to be available to investors in the second quarter of 2015 subject to regulatory approval.

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Wednesday, 03 December 2014

LGIMA launches US index fund business

[Legal & General Investment Management America Inc (LGIMA), a Chicago-based registered investment advisor, has launched its US index fund management business, which builds on the firm’s core fixed-income and liability-driven offerings.

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