Investment Adviser articles from April 2008

Investment Adviser archives from April 2008

L&G consults IFAs on retail overhaul.
April 7, 2008... Investment house keen to sound out new vehicles for fund manager David North. Nick Rice Legal and General Investment Management is consulting IFAs on a comprehensive overhaul of its retail fund range. The most active changes would be...

Hang 'em high.
April 7, 2008... Ever wanted to kill an economist? Well, now's your chance. Encouraging data released recently from the Office of National. Statistics suggesting the economy might be about to rebound was scorned by economists who insist we should not take...

Seeking global growth.
April 7, 2008... Not all sectors are growing equally - despite the so-called global village - but there are still key areas worth looking out for across the planet . Nick Rice In the so-called "global village", where development is supposed to be coupled...

Keeping things simple and forward-looking.
April 7, 2008... Aberdeen Asset Management's Peter Hames talks to Jim Robinson about taking a common sense, team approach. Jim Robinson The extensive team behind the GBP153.9m Aberdeen Asia Pacific and Japan fund pride themselves on a collegiate,...

Fidelity expands global vista.
April 7, 2008... Fidelity International has confirmed plans to launch a global credit offering within the coming months.. Oliver Good A spokesperson for the firm said the new vehicle will seek to invest in both investment grade and high-yield debt on a...

IA p3 070408 Axa.
April 7, 2008... OS Axa 300. Oliver Shah - NEEDS TO BE DOUBLE SOURCED BEFORE PUBLICATION Axa Investment Managers is understood to be the latest group mulling an Africa fund, following hot on the heels of New Star Asset Management and Cru Investment...

Latest edition of FoHF directory out now.
April 7, 2008... Standard & Poor's Fund Services has released the latest edition of its fund of hedge funds directory, a six-monthly review of the FoHF sector.. Oliver Shah The report covers more than 50 funds, which S&P said made it the industry's most...

Irish Growth is looking good, says analyst firm.
April 7, 2008... Due to the slowdown in the Irish market, Gartmore's GBP113.4m Irish Growth fund is priced attractively, Wins Research has said.. Oliver Good The analyst firm said the fund had a strong long-term performance record and experienced...

New Star manager repositions portfolio.
April 7, 2008... Fund manager purges unwanted stocks in spring clean after underperformance. James Kenny After a disappointing performance in 2007, Richard Pease, manager of the GBP1.1bn New Star European Growth fund has repositioned his portfolio. Mr...

Resilient economy in Mexico wows market.
April 7, 2008... Mexico's resilience to the US slowdown has surprised the market, the manager of F&C's GBP7m Latin America Equity fund said.. Oliver Good The economy has been one of the best performers year to date, up 9.9 per cent despite its exposure to...

New Star lines up Tim Steer.
April 7, 2008... New Star Asset Management is understood to have lined up UK equity manager Tim Steer to run its first long/short retail fund. The firm is also due to unveil three new appointments this week.. Oliver Good In February, the investment house...

Fund Isas sales suffer lowest year on record.
April 7, 2008... IMA confirms Isa sales down but attempts to pump up case for longer-term funds. Helen Burggraf Investors resumed buying UK-domiciled investment fund Isas in February, but at the lowest level for the month since Individual Savings Accounts...

Resolution head hunts 'dynamic' Lazard man.
April 7, 2008... Resolution Asset Management has poached Lazard Asset Management's Austin McBride as head of retail sales.. Oliver Shah He replaces Alistair Hall, who has been appointed to the new position of head of UK client proposition and service. ...

Fine violins aim for high performance.
April 7, 2008... A fund investing solely in fine violins has been set up, with its manager calling stringed instruments "the most stable asset class in history".. Oliver Good The Fine Violins fund, set up by a syndicate, is aimed at high net worth clients...

All aboard for the great cash dash.
April 7, 2008... Are fund managers who move into high cash positions being smart when markets fall?. Jim Robinson When markets are as volatile as they are these days, a timely move into cash can be quite a boon for a fund manager. As we reported in last...

That's entertainment... not.
April 7, 2008... Most people picture corporate entertainment as time out with drinks, potentially with a relaxing meal or event to accompany them.. Oliver Good Like every other fund company, Fidelity has been sticking to this principle - except it seems to...

Phne a celeb friend, quick!
April 7, 2008... It's usually taken for granted that most fund managers and investors would quite like to be millionaires, so it was no surprise to see Legg Mason's conference borrow themes from ITV's gameshow last week.. Oliver Good Attendees were given...

Flutter your eyelids, you beautiful beast...
April 7, 2008... Stock market volatility has caused many an investor to tap new markets in search of returns. Perhaps the money-spinner they have been searching for can be found deep in the deserts of the United Arab Emirates. . Oliver Good A $9m cash...

Ministry of stupid walks?
April 7, 2008... Legg Mason are a philosophical bunch. Their affiliate Brandywine even has a finely judged motto, but at first glance it is not one to inspire investors with confidence.. Oliver Good "We walk in stupid every day" is not the kind of phrase...

Have central banks done the right thing?
April 7, 2008... By bailing out troubled banks like Northern Rock central banks may be provoking more risk. Xavier Vives The present financial crisis poses two main questions: whether it is similar to past crises and how central banks should intervene...

Multi-strategy is the answer.
April 7, 2008... Vivid illustrations of the current economic and stock market turmoil surround us so it's unsurprising to see investors searching en masse for less risky investments. . John Ions The complications in the market simply reinforce the need for...

Times are hard, but this is ridiculous.
April 7, 2008... Rollercoasters, global casinos and bumpy roads, the papers have been awash with cliches in recent weeks.. Hugo Greenhalgh Market turbulence has meant desperate times for both fund managers and sub-editors keen to find new ways of expressing...

Ingenious to open UK fund.
April 7, 2008... Ingenious Asset Management has confirmed its intention to open its GBP20.9m UK Equity fund to the retail market, with a provisional launch date of 1 May.. Oliver Shah Guy Bowles, chief executive of Ingenious, said paperwork for a new share...

Marines top fantasy fund league table.
April 7, 2008... Congratulations go to Mark Roughley and The Marines from MGM Assurance, Worthing, who topped the table for March in the JPM Fantasy Fund Manager competition.. Oliver Shah JPMorgan Asset Management applauded The Marines for carefully...

Aifa gets Positive's Jim Reeve on board.
April 7, 2008... The Association of Independent Financial Advisers has appointed Positive Solutions chief Jim Reeve to the Aifa Council.. Oliver Good Mr Reeve is chief executive of Positive Solutions and previously worked for Zurich and Barclays. Chris...

Market fears driving up insomnia levels.
April 7, 2008... Equity market turmoil has caused nearly one in three middle-aged and older adults to lose sleep or feel greater levels of stress, a YouGov survey sponsored by The Hartford has shown.. Oliver Good Those aged 55 and older expressed the most...

Co-operative offers one per cent extra to IFAs.
April 7, 2008... Co-operative Investments is offering IFAs an extra 1 per cent commission on all investments made by 30 April 2008. . Oliver Good The offer will be available through the FundsNetwork and Cofunds platforms on its core UK fund range until the...

Would a pure Asia fund be best bet?
April 7, 2008... Over the last year, investors in Asia Pacific ex Japan were the winners . Laura Mossman An Asia Pacific including Japan fund is by its very nature a strange beast, trying to tie down the might of the second-largest and most influential...

HSBC offers investment range for the cautious.
April 7, 2008... HSBC Investments has launched a capital protected structured product, available either as a plan or an Isa.. Oliver Good The Capital Protected Plan and Capital Protected Isa are designed to appeal to investors seeking tax-efficient exposure...

Vox Pop - Ethical investing.
April 7, 2008... With Jupiter's GBP289m Ecology fund reaching its landmark 20th birthday last week, socially responsible investing has become more popular than ever. Oliver Good and James Kenny asked seven leading IFAs their thoughts.. Oliver Good Nick...

C-share issue fundraiser.
April 7, 2008... HSBC Specialist Fund Management plans to raise up to GBP145m of new capital with a share issuance for its closed-end GBP298.2m Infrastructure trust.. Oliver Good The board of HICL said the proceeds of the issue would enable the company to...

India is New Star target.
April 7, 2008... New Star Asset Management has finally confirmed it will launch an India fund with Mumbai-based group Tata Asset Management in the second quarter.. Oliver Good The firm said its plan to launch an Indian equity fund, as revealed by...

Thames River rises to meet overseas interest.
April 7, 2008... Multi-managers plan Dublin umbrella range of funds plus offshore version. Stephen Wilmot Thames River Capital is poised to launch a new raft of Dublin-domiciled funds of funds in a bid to capitalise on strong interest from overseas...

Swip ests 130/30 product.
April 7, 2008... Scottish Widows Investment Partnership has announced it is testing a UK equity 130/30 product for launch to the retail market later this year.. Nick Rice Peter Cockburn, UK equity investment director, said fellow UK equity investment...

Abate goes shopping for consumer stocks.
April 7, 2008... Fund manager confident consumer discretionary stocks will recover in third quarter. Oliver Shah Select consumer discretionary stocks are on the shopping list for James Abate, manager of the GBP3.5m PSigma American Growth fund. In...

New blood for global team.
April 7, 2008... First State Investments has reinforced its global resources team with two key appointments.. Oliver Shah Darko Kuzmanovic has joined as senior portfolio manager, and will assist in the overall management of First State's long/short global...

BNP extends its UK reach in multi-manager strategy.
April 7, 2008... European asset giant BNP Paribas Investment Management has scooped up UK multi-manager IMS, which runs funds on behalf of Way Group and Seven Investment Management among others.. Oliver Shah For an undisclosed sum IMS will be amalgamated...

Investec appoints head for new hub.
April 7, 2008... Invesetec Capital Markets has named Gary Dale to head up its structured product sales operation across the intermediary market, as it prepares to launch its first collection of products over the next few weeks.. Helen Burggraf The new post...

Credit Suisse gets a new chief officer.
April 7, 2008... Credit Suisse has appointed Rob Shafir as chief investment officer of its asset management division. . James Kenny Mr Shafir will assume his new responsibilities with immediate effect and will also continue in his current role as chief...

Portfolio is 'food and drink' to Focus fund.
April 7, 2008... Manager will search out companies that resist bad times and grow in good climates. James Kenny Collins Stewart has revealed further details of the portfolio of its new UK Focus fund . The fund, which was launched on 1 February,...

Legg Mason lines up three funds.
April 7, 2008... Legg Mason Investments is set to launch a trio of funds targeting emerging markets, Japanese equity and Asian bonds.. Oliver Good The new vehicles will be part of the firm's Legg Mason Global Funds range, based in Dublin. They have yet to...

Ethical fund poised for launch.
April 7, 2008... Brandywine's Paul Ehrlichman points up growing demand for socially responsible screening of global investment funds. Oliver Good Legg Mason Investments is poised to launch a socially responsible global equity income fund. The new...

Aifa seeks clarity on FSA advice for intermediaries.
April 7, 2008... The Association of Independent Financial Advisers last week called on the FSA to provide greater clarity to intermediary firms on the increased use of guidance, as called for by the FSA, in place of rules-based regulation. . Helen Burggraf ...

Watchdog warns of carbon trading risks.
April 7, 2008... FSA report claims emissions market risk could spill over into other derivatives. Helen Burggraf The fast-growing carbon trading industry involves risks that have the potential to spill over into other derivatives markets as well as such...

A tough case to make.
April 7, 2008... Japanese equities have had a rough go of it lately, and the small-cap end of the spectrum has suffered the most. . Chris Traulsen The average fund had fallen 26.2 per cent over a year to 29 February, compared with a 16.7 per cent loss for...

Consumer prices rise in OECD countries.
April 7, 2008... Consumer prices in the OECD area rose by 3.4 per cent in the year to February 2008, including a 13.9 per cent rise in energy prices.. Oliver Good Prices for food were up by 4.9 per cent over the year. Excluding food and energy, consumer...

FSA to conduct review to assess IFA's platform use.
April 7, 2008... Regulator set to contact providers in a bid to improve the industry's disclosure of costs and services . Catherine Neilan The FSA is to conduct a "thematic review" of IFA firms in the second quarter, to assess their use of platforms and the...

Fitch rolls out ratings system to measure FoHF managers.
April 7, 2008... Fitch Ratings last week launched a new rating system measuring the performance of funds of hedge funds managers, citing recent growth in the number of organisations offering FoHF investment products. . Helen Burggraf The company said it...

Getting the timing right can prove difficult.
April 7, 2008... A contrarian investor should look to buy at this time of negative sentiment and falling prices. Philip Coggan The numbers aren't out as yet but it's safe to guess we have just had a very disappointing Isa season. That is hardly suprising,...

Lawrence builds Investec stake.
April 7, 2008... Lawrence House Fund Managers has built a stake in Investec's GBP12.9m Global Dynamic Resources fund through its GBP11m Balanced Managed portfolio.. Oliver Shah Manager Alan Stokes decided the time was right to plough cash into commodities,...

Aberdeen hires duo for its Glasgow trust.
April 7, 2008... Co-manager says trust is well-positioned to begin adding to housebuilders and financials. Oliver Shah Susan Anderson and David Boyle have replaced Iain Lynn as co-managers of Aberdeen Asset Management's GBP96.6m Glasgow Income trust. ...

Barclays rolls out second issue of Optimiser product.
April 7, 2008... Barclays Wealth is coming out with a second issue of its Emerging Markets Optimiser structured product in response to demand for investments with lower risk exposure to high-growth areas amid ongoing market turbulence.. Helen Burggraf The...

Veritas turns daily to increase marketability.
April 7, 2008... Veritas Asset Management has moved its GBP32.9m Global Income and GBP40.7m Global Focus funds from weekly to daily dealing in a bid to attract more retail investment.. Oliver Shah From 2 February the products, both managed by Charles...

Schroders stands by trusts despite widening discounts.
April 7, 2008... Manager confident of underlying trusts' intrinsic value as they have plenty of money to invest in bargains. Oliver Shah Schroder Investment Management's funds of funds have been buffeted by widening discounts on underlying investment...

Predicting the next swing.
April 7, 2008... Opinion is divided over whether equity income is set for recovery or if there is worse to come. Jim Robinson No question, income investors have had a rough time of it lately. As a whole, the IMA UK Equity Income sector has lost 17.1 per...

7IM launches value passive multi-manager products.
April 7, 2008... Seven Investment Management's suite of passive multi-manager funds has gone live, offering investors exposure to the same asset allocation positions as 7IM's active funds but at a cheaper cost.. Oliver Shah The four Asset Allocated...

Eisa welcomes new consultation paper.
April 7, 2008... The Enterprise Investment Scheme Association has welcomed the Treasury's consultation paper, aimed at making the product type more accessible to both investors and companies seeking finance.. Oliver Good Eisa said it was consulting...

Dalton rebrands Indian product.
April 7, 2008... Company rejigs fund as wholly owned subsidiary of flagship Melchior Selected Trust to provide Ucits III appeal to investors. James Kenny Dalton Strategic Partnership is rebranding its $76m (GBP38m) Melchior Indian Opportunities fund in...

F&C stands by solar stocks.
April 7, 2008... The managers of F&C Investments' GBP239m Stewardship International fund are standing by their decision to invest in solar stocks, despite the sector's underperformance damaging recent returns.. James Kenny Terry Coles, co-manager of the...

Wine appreciation.
April 7, 2008... For anyone looking to get into wine without the hassle of a five-week course, there are a number of tutorials available on CD-Rom or online. Beginners can even test out two online courses for free on a website from Taste of the Vine entitled...

Stenham opens up FoHF to retail clients.
April 7, 2008... Water, agricluture and soft commodities will be at the heart of Guernsey-based fund. Helen Burggraf Guernsey-based Stenham Asset Management is opening up a fund of hedge funds to retail investors, which is focused on the international...

Hargreave Hale tips agribusiness options.
April 7, 2008... Company prepares to ride out turbulent times in global equity and financial markets. Helen Burggraf Agribusiness companies are less likely to be affected by a global slowdown than others, such as consumer-facing sectors like retailing and...

Merrill Lynch expands its exposure to silicon stocks.
April 7, 2008... The GBP157.7m Merrill Lynch New Energy Technology trust has ramped up its exposure to silicon-producing solar companies, helping it beat world markets in February.. Oliver Shah Fund managers Robin Batchelor and Poppy Allonby generated 3.3...

Investing success at the right price.
April 7, 2008... Managers need patience to be value investors and not give in to peer pressure over market sentiment. Stephen Wilmot, features writer Readers may be familiar with the concept of value investing from the "stock bets" and "snail trail"...

Masterclass shows Guernsey benefits.
April 7, 2008... Guernsey's fund association is to hold a private equity masterclass in London, featuring a keynote speech from Jon Moulton, founder and managing partner of Alchemy Partners.. Oliver Good Horace Camp, executive director of the Guernsey...

Cheviot says volatility makes hedge funds look attractive.
April 7, 2008... Hedge funds are benefiting from market volatility and are becoming increasingly attractive investments, private wealth manager Cheviot Asset Management has said.. Oliver Good David Miller, head of alternative investments at Cheviot, said...

Friends Provident adds option to bond.
April 7, 2008... Friends Provident has added a multi-income option to its recently launched Friends Wealth Solution bond as part of a plan to boost its overall offering.. James Kenny The new option will give investors the chance to invest in up to five...

Assured fund is to launch retail class.
April 7, 2008... The $379m (GBP189m) Assured fund, a traded-life policies vehicle, has launched a retail share class, opening it up from its institutional-only background.. Gail Moss The Cayman-based fund, run by Mark Hindle, was launched by Policy...

Managers warn over financial market falls.
April 7, 2008... Further fears as Lehman Brothers' report points to 35 per cent chance of recession. Gail Moss Fund managers have warned financial markets will suffer more falls if the UK economy goes into a recession. Ben Yearsley, investment manager,...

Turnaround seeks pre-IPO funding.
April 7, 2008... A closed-end fund is seeking pre-IPO funding of GBP1.6m to invest in struggling private companies, which will then be restructured and prepared for listing on a junior stock market. . Catherine Neilan Turnaround Capital will seek to take...

Betting on the resurgence of the Asian market.(Industry overview)
April 7, 2008... Smith & Williamson trust manager Jane Andrews talks to Jim Robinson about her predictions for an Asian upturn. Jim Robinson The GBP27.2m Smith & Williamson Far Eastern Growth trust aims to tap into some of the more interesting themes in...

Renewables fuel investment.
April 7, 2008... Few other areas have seen such growth on a global scale, so clean power makes investment sense. Nick Smith, Allianz RCM Global EcoTrends Over the next 12 years, China aims to spend $180bn (GBP90bn) on projects aimed at doubling the...

The asset class that thrives on turbulence.
April 7, 2008... Far from being risky, as is the common view, hedge funds actually deliver not only in terms of risk return characteristics but also in their lower volatility levels. Marsha Johnson Many investors and market commentators maintain the view...

Benefiting from high growth but lower volatility.
April 7, 2008... Schroders fund manager Richard Sennitt talks to Stephen Wilmot about the focus gained from restructuring its fund. Stephen Wilmot Although the Schroder Far East Income fund was launched back in 1990, its current form dates from...

"Our propositions are more dramatic than anything else on the market. For us, the credit crunch has created a near-perfect storm".(Company overview)
April 7, 2008... Chris Taylor, chief executive of the newly founded Blue Sky Asset Management, apologises for not looking his brightest, having spent all night trying to resolve teething problems at work. Blue Sky, which received FSA authorisation in December,...

Robust China still promises much.
April 7, 2008... An increasingly affluent and urbanised population means the economy will continue to grow at a healthy rate. Gigi Chan After an exceptionally strong performance in 2007, the Chinese stock market has seen a volatile start to 2008. The...

Sophisticated Sipps: not for the ordinary Joe.
April 7, 2008... The special feature of a Sipp mark it out as better suited for investment with larger funds or there could be a danger of mis-selling the wrong product to the wrong client. Stephen Wilmot, features writer One evening, Joe Investor calls his...

F&C Investments stays strong on solar stocks.
April 7, 2008... The managers of F&C Investments' GBP239m Stewardship International fund are standing by their decision to invest in solar stocks, despite the sector's underperformance damaging recent returns.. James Kenny Terry Coles, co-manager of the...

Fitch Ratings launches FoHF rating system.
April 7, 2008... Fitch Ratings is to launch a new rating system measuring the performance of fund of hedge fund (FoHF) managers, citing recent growth in the number of organisations offering FoHF investment products. . Helen Burggraf At the time of press,...

Consumer prices in OECD on rise.
April 7, 2008... Consumer prices in the OECD area rose by 3.4 per cent in the year to February 2008, including a 13.9 per cent rise in energy prices.. Oliver Good Prices for food were up 4.9 per cent over the year. Excluding food and energy, consumer...

7IM passive portfolios go live.
April 7, 2008... Seven Investment Management's suite of passive multi-manager funds has gone live, offering investors exposure to the same asset allocation positions as 7IM's active funds but at a cheaper cost.. Oliver Shah The four Asset Allocated...

M&A activity falls by nearly one-third.
April 7, 2008... Global merger and acquisition activity for the first quarter of 2008 has fallen by nearly one-third over the same period last year, according to the preliminary figures from Thomson Financial. . Gail Moss The value of deals fell 31 per cent...

Report reveals companies missing analysts' forecasts.(Report)
April 7, 2008... European companies are finding it increasingly difficult to beat analysts' expectations of future earnings, according to a new report from Citigroup Global Markets.. Gail Moss The latest issue of European Portfolio Strategies said: "Of the...

New Star: tough time ahead for fund of trusts.
April 7, 2008... The past few months have been a frustrating time for fund of trusts managers, according to New Star Asset Management's Paul Craig.. Oliver Shah Mr Craig, who runs the GBP100.1m Diversified Absolute Return, GBP101.1m Global Strategic...