Investment Adviser articles from August 2008

Investment Adviser archives from August 2008

Lyxor rolls out first Gulf equity ETF.
August 4, 2008... Byline: Nick Rice Lyxor Asset Management has launched the first Gulf equity ETF in response to investor demand. The Societe Generale subsidiary will link Lyxor ETF Kuwait to the FTSE Coast Kuwait 40 index. The AMC on the vehicle will...

High GDP equals olympic triumph.
August 4, 2008... Byline: Laura Mossman The Beijing Olympics could be a watershed for the Chinese economy As excitement mounts among competitors and spectators during the final preparations for the Beijing Olympics, economists at PricewaterhouseCoopers...

Argonaut plans absolute return fund.
August 4, 2008... Byline: Jim Robinson Argonaut Capital Partners plans to launch a European Absolute Return fund later this year with its joint-venture partner Resolution Asset Management. The fund will be managed by Argonaut founding partners Barry...

BNP Paribas and Insinger create new company.
August 4, 2008... Byline: Gail Moss France-based BNP Paribas Private Bank has joined forces with Insinger de Beaufort, an Anglo-Dutch banking group offering private banking and asset management, to create a new wealth manager. The new company, yet to be...

SLI's Matthews joins Friends Provident.
August 4, 2008... Byline: Gail Moss Trevor Matthews, the former chief executive of Standard Life, has joined Friends Provident in the same role. Mr Matthews left Standard Life Assurance last January, but has spent the last six months on gardening leave....

M&G launches Pan European Dividend fund.
August 4, 2008... Byline: James Kenny M&G Investments is enhancing its presence in the equity income fund market with the launch of the Pan European Dividend fund. The new vehicle, which was launched last week, will invest in European equities with a...

Gait takes reins of India fund after Tohani quits.
August 4, 2008... Byline: James Kenny David Gait will be joined by Angus Tulloch to manage GBP30m Indian Subcoontinent fund Vijay Tohani, manager of First State Investment's GBP30m Indian Subcontinent fund, has left the company, handing control of the...

BlackRock Greater Europe names Devlin as co-manager.
August 4, 2008... Byline: Nick Rice The BlackRock Greater Europe investment trust has named Vincent Devlin as its new co-manager. Mr Devlin currently heads up the GBP281.4m BlackRock Continental European fund. James Macmillan, his predecessor on the...

Collins Stewart appoints Brown as head of fund sales.
August 4, 2008... Byline: Jim Robinson Collins Stewart Fund Management has appointed Mike Brown as head of fund sales. Mr Brown, who has more than 22 years' experience, will lead sales of the multi-asset, multi-manager funds and specialist equity, fixed...

S&P's fund ratings now available on TrustNet.
August 4, 2008... Byline: Jim Robinson Standard & Poor's fund management ratings are now available on TrustNet, joining the likes of OBSR and Financial Express. All three systems provide quantitative and qualitative ratings and allow users to sort by...

Dundee to distribute Sicav.
August 4, 2008... Byline: Nick Rice Dundee Wealth Management is looking to distribute its Dynamic Investment fund Sicav into the UK later this year. The Canadian financial services company said it would be looking to make all six of the Sicav's...

L&G looks to global equity fund.
August 4, 2008... Byline: Nick Rice Legal & General Group is looking at developing a global equity fund next year to expand its multi-manager range. Alan Thein and Tim Gardner, managers for L&G's retail fund of funds business, said they would examine...

'wrap-up' comments could boost German rag-trade.
August 4, 2008... Byline: Nick Rice It looks like soaring inflation could boost the market for sweaters after comments by German finance minister Thilo Sarrazin. Fund managers will doubtlessly be buying up sewing machines, wool dyes and sheep after Herr...

Barings appoints Tim Lord as head of client service.
August 4, 2008... Byline: Jim Robinson Baring Asset Management announced that it has appointed Tim Lord as head of client service and relationship development in London, effective immediately. Mr Lord joins Barings from Threadneedle Asset Management,...

Baer appoints Stephen Moore as head of UK sales.
August 4, 2008... Byline: Jim Robinson Julius Baer announced that it has appointed Stephen Moore as head of sales for the UK, where he will focus on expanding client relationships with multi-managers, fund of funds and insurance companies. Mr Moore...

First State hires two to Transactions and Capital projects group.
August 4, 2008... Byline: Jim Robinson First State Investments has made two new appointments to its infrastructure investment team in London. Stephen O'Shea has been hired as an associate director, while Hamish Lea-Wilson has been hired as an executive....

Henderson announces name change for Enhanced Sterling Liquidity fund.
August 4, 2008... Byline: Jim Robinson Henderson Global Investors announced it will change the name of its GBP313m Enhanced Sterling Liquidity fund to the Cash fund on 1 August to better reflect its investment strategy. The fund's objective will remain...

RLAM appoints Lawton-Browne.
August 4, 2008... Byline: Jim Robinson Royal London Asset Management has appointed Carola Lawton-Browne to the newly created position of portfolio risk manager within the firm's investment team. Ms Lawton-Browne joins RLAM from Insight Investment, where...

Flight delays fatal for Chinese computers.
August 4, 2008... Byline: Stephen Wilmot Emerging market equity managers are prone to waxing financial on the subject of Chinese infrastructure. But they will have to think twice before praising the airline industry, however powerful the growth drivers....

One year on.
August 4, 2008... Byline: Hugo Greenhalgh Well, happy birthday global economic crisis. One year old this week. It's been a bumpy old year, what with the teething, the constant burping and the odd bank failure or two. But it's a sickly child, despite bearish...

Russian bears turn to debtors.
August 4, 2008... Byline: Hugo Greenhalgh It was Nietzsche who said debt was the most soul-destroying thing - something Diary can only recognise too well. Yet in Russia they have found a solution - not to debt - but for late-payers. Not content with...

IMA rings changes for bond sector.
August 4, 2008... Byline: James Kenny Firms will have until 29 August to agree on the sector into which their funds will be classified Following a recent review of the IMA Bond sector, the Investment Management Association has made a raft of changes to...

Treasury announces asset management consultation.
August 4, 2008... Byline: James Kenny HM Treasury has pushed ahead with its intention to enhance the competitiveness of the UK's asset management industry through the introduction of three consultation papers. The papers were announced by Kitty Ussher...

Newton announces move of Absolute Intrepid into new sector.
August 4, 2008... Byline: James Kenny Newton Investment Management announced it has moved its GBP365m Absolute Intrepid fund into the new IMA Absolute Return sector as it is better suited to the fund. The fund had previously been in the Active Managed...

Artemis paints bleak picture for banks.
August 4, 2008... Byline: Nick Rice Strategic Bond manager still sees retail opportunities amid financial crisis Banks could be hit by billions of pounds of future liabilities adding to the woes of the financial sector, Artemis Fund Managers has...

Gas guzzler.
August 4, 2008... Byline: Jim Robinson If soaring petrol prices have got you down, take heart - a solution may have been found. One enterprising gentleman from the state of Texas has developed a clever, if slightly unscrupulous, technique for keeping...

NDFA launches two Plans.
August 4, 2008... Byline: Jim Robinson NDFA announced that it has launched two new structured products, the Regular Fixed Income Plan July 08 and the Fixed Income Plan July 08. The structured product specialist said both Plans would take advantage of...

Henderson warns on low confidence.
August 4, 2008... Byline: Nick Rice Tony Dolphin predicts Europe and the UK could fall into recession in a few quarters Tony Dolphin, director of economics and asset allocation at Henderson, said the eurozone had increasingly recoupled to troubles in...

Close announces new team after departures.
August 4, 2008... Byline: Nick Rice Close sales and marketing director declines to comment on whether firm will be seeking new Aim VCTs Close Investments has announced a new team for its UK smaller companies funds after Octopus Investments poached its...

The ways UK IFAs are shaping the industry.
August 4, 2008... Byline: Jim Robinson A recent Lipper Feri report highlights differing investment attitudes between the UK and Europe In Lipper Feri's most recent assessment of the UK fund market, released a fortnight ago, the fund analysis firm...

Handle emerging market bonds with care.
August 4, 2008... Byline: Jim Leaviss is head of retail fixed income at M&G Emerging market bonds have had a great run, but that could change overnight Emerging market sovereign bonds have had, until recently, a fantastic run. From the beginning of 2003...

Neptune Investment Management.
August 4, 2008... Byline: Nick Rice On page 1 of last week's Investment Adviser, the article "City Financial in talks for UK retail business" said the owners of City Financial in 2007 acquired "the UK retail fund business of Neptune Investment Management."...

A downturn or something apocalyptic?
August 4, 2008... Byline: Phil Coggan However bad things get, a diversified portfolio is key to riding out recession Perhaps we are already in recession. The second quarter GDP figure showed just a 0.2 per cent quarterly gain and Royal Bank of Scotland...

Survival of the fittest assets.
August 4, 2008... Byline: Tony Lanning is head of multi-manager at Gartmore Investment Management Amid a sharp divergence in performance, asset classes appear to be experiencing their own version of the Darwinian survival of the fittest, with the emergence...

A flight away from quality.
August 4, 2008... Byline: Hugo Greenhalgh It started bad and, as I type this at 36,000 feet, it's getting worse. The car - or as Virgin insisted on calling what turned out to be a rather grotty grey Volvo, the limo - turned up 20 minutes late, its GPS...

Arc looks to branch out.
August 4, 2008... Byline: James Kenny Arc Capital & Income is mooting the possibility of a number of new products as it looks to market its business to a broader client base. The structured product specialist, which recently launched a new version of...

AIC welcomes Customs' VAT back claim move.
August 4, 2008... Byline: James Kenny The Association of Investment Companies has welcomed the decision by HM Revenue & Customs to meet back claims of VAT for venture capital trusts. In the last budget in March, chancellor Alistair Darling announced...

Hexam talks Turkey over European returns.
August 4, 2008... Byline: James Kenny Turkey will be the country that offers investors the best returns in Europe for the rest of 2008, according to Stuart Richards, manager of Hexam's GBP24m Emerging Europe fund. Although the country had a dismal...

OBSR awards A-rating to Fidelity funds.
August 4, 2008... Byline: James Kenny Fund ratings agency OBSR has awarded an A-rating to four different Fidelity Investments funds. Following meetings with the managers, the agency awarded Fidelity new ratings on its GBP2.4bn Special Situations,...

Factoring in the risk.
August 4, 2008... Byline: Chris Traulsen The chart-topper in the Global Growth sector is Robin Geffen's Neptune Global Equity. The fund is up 23.5 per cent annualised over the five years to 25 July 2008, and has started to attract a serious level of...

"As a group, we are saying we can change this market entirely - absolutely 100 per cent from the way it operated in the past".(Interview)
August 4, 2008... Byline: Hugo Greenhalgh Nucleus chief executive David Ferguson talks to Hugo Greenhalgh about giving power back to the IFA and the unsustainability of the current financial model Nucleus has been a long time coming for David Ferguson....

Structured products back in fashion.
August 4, 2008... Byline: Tony Collins, managing director of Opal The liquidity crisis has led to demand for structured products, greatly increasing the range of products available Almost a decade has passed since the heyday of structured products but,...

Edinburgh Dragon sees interest beyond Olympics.
August 4, 2008... Byline: James Kenny Survey reveals managers confident Chinese growth will continue after Games The increasing number of investors interested in China is not due to the Olympics, but to the massive growth the economy has achieved,...

HICL completes aqcuisition of PFI interests.
August 4, 2008... Byline: James Kenny HSBC Infrastructure Company, the London Stock Exchange-listed infrastructure investment company, announced that it has completed the acquisition of additional interests in three Private Finance Initiative projects for...

Jupiter sees valuation gaps as opportunities.
August 4, 2008... Byline: Nick Rice Manager predicts Europe still has strong growth characteristics and could latch onto emerging markets Valuation gaps have created opportunities in Europe excluding the UK, according to Cedric de Fonclare, manager...

Skandia refutes T Bailiey's claims over MoMs.
August 4, 2008... Byline: Nick Rice Skandia Investment Group has rebuffed claims from T Bailey Asset Management about the disadvantages of managers of managers. Elliot Farley, analyst at T Bailey, has said funds of funds can move faster among a wider...

Maia will continue to include emerging market debt, says partner.
August 4, 2008... Byline: Nick Rice Maia Capital has defended its use of emerging market debt following rampant inflation in the developing world. Jason Collins, partner at Resolution Asset Management's multi-manager boutique, said Maia would still...

SVM in talent hunt to profit from upswing.
August 4, 2008... Byline: Nick Rice Managing director claims chances were missed to find managers who could take advantage of any lift Colin McLean, managing director, said when valuations in the US got to their lowest points, he wanted funds that could...

It may be time for new investment tools.
August 4, 2008... Byline: Daniel Briggs is head of balanced funds at Sarasin & Partners Cautious managed funds are not immune from the threat of inflation, so an alternative approach might be necessary The credit crisis did not descend into the systemic...

db x-trackers looks to ETF market with Shariah product launch.
August 4, 2008... Byline: James Kenny Db x-trackers is hoping to break new ground in the ETF market with the launch of regional, Shariah-compliant ETFs on the London Stock Exchange. The three funds include the db x-trackers S&P 500 Shariah ETF, the db...

IMF sees no end in sight for credit crunch.
August 4, 2008... Byline: James Kenny There is no immediate end in sight for the credit crunch, and the current economic malaise will last well into 2009, according to the International Monetary Fund. In its latest quarterly world economic report, the...

Exposure to healthcare boosts Fidelity fund.
August 4, 2008... Byline: James Kenny Manager underweight in financials while taking advantage of opportunities in health A predilection for healthcare stocks has bolstered the performance of the GBP4bn Fidelity European fund during the global downturn,...

How the credit crisis is lingering on.
August 4, 2008... Byline: Owen Murfin is a fund manager on the fixed income team at BlackRock Macro problems such as inflation have shifted the focus from credit, but aftershocks are still being felt Credit markets have been in the eye of the storm...

Are life's little luxuries at risk?
August 4, 2008... Byline: Peter Thomson is chief executive and chief investment officer at Taylor Young Investment Management Despite consumers tightening their belts recently, luxury goods could still prove resilient Is demand for luxury goods...

Change in green attitudes will drive success.
August 4, 2008... Byline: Rob Griffin Jupiter fund manager Charlie Thomas talks to Rob Griffin about achieving capital appreciation under a policy of protecting the environment Charlie Thomas, the manager of the GBP307m Jupiter Ecology fund, believes...

JPMorgan positive on multinationals.
August 4, 2008... Byline: Nick Rice JPMorgan Asset Management has said the long-term outlook for US and European multinational consumer companies is strong despite worsening economic forecasts. Peter Kirkman, portfolio manager of the GBP6m JPMorgan...

Henderson launches onshore clone of Horizon fund.
August 4, 2008... Byline: Nick Rice Manager can use Ucits III powers to produce annualised return of Libor plus 250 basis points Henderson Global Investors has launched an onshore clone of its 480.3m (GBP379.1m) Horizon Absolute Return Fixed Income...

Nucleus predicts raft of wraps for the UK.
August 4, 2008... Byline: Nick Rice Chief executive maintains consolidation will follow in sector following wraps proliferation Nucleus Financial Group has said the UK will see 10 new wrap platforms by 2010, but predicted consolidation would follow in...

Hanging on in during challenging times.(Interview)
August 4, 2008... Byline: Rob Griffin Henderson fund manager Manraj Sekhon talks to Rob Griffin about investing in any sector, anywhere in the world Manraj Sekhon, manager of the GBP49.9m Henderson International fund, believes the secret to running...

VCTs a victim of their own success.
August 4, 2008... Byline: Nick Rice A year ago private equity was providing excellent returns, but now UK venture capital looks a little less rosy Campaigning for the private equity and venture capital industry now compared with a year ago is like...

Valuation gaps offer opportunities in Europe: Jupiter.
August 4, 2008... Byline: Nick Rice Valuation gaps have created opportunities in Europe excluding the UK, according to Jupiter Unit Trust Managers. Cedric de Fonclare, manager of the GBP381m Jupiter European Special Situations fund, said valuations of...

SVM seeks US value talent in view of market rally.
August 4, 2008... Byline: Nick Rice SVM Asset Management's multi-manager team has said it is looking for US value talent in anticipation of a market rally. Colin McLean, managing director, said when valuations in the US got to their lowest points, he...

Skandia defends managers of managers.
August 4, 2008... Byline: Nick Rice Skandia Investment Group has rebuffed claims from T Bailey Asset Management about the disadvantages of managers of managers. Elliot Farley, analyst at T Bailey, has said funds of funds can move faster among a wider...

Maia Capital defends use of emerging market debt.
August 4, 2008... Byline: Nick Rice Maia Capital has defended its use of emerging market debt following rampant inflation in the developing world. Jason Collins, partner at Resolution Asset Management's multi-manager boutique, said Maia would still...

Credit crunch to continue into 2009, IMF warns.
August 4, 2008... Byline: James Kenny There is no immediate end in sight for the credit crunch, according to the International Monetary Fund (IMF). In its latest quarterly world economic report, the IMF said it expected the current economic malaise to...

Great rewards of contrarianism.
August 4, 2008... Byline: Andrew Greene is managing editor at Ignites The problem with the US fund industry is it is stuck in follow my leader mode One of the late Sir John Templeton's key investment tenets was the value of contrarian investing. It...

Convertibles looking good in the drive for returns.
August 11, 2008... Byline: Saji Bac-Mitra Convertible bonds could prove to be an attractive alternative for investors With stock markets still mired in concerns over high oil and commodity prices, fallout from the crises in the credit and US housing...

The long and the short of it.
August 11, 2008... Byline: Stephen Wilmot Supporters hail the 130/30 structure as a breakthrough that will revolutionise investing and boost returns but have long-only managers the ability to long/short too? Funds are only as good as the managers who run...

Spiderwoman, Spiderwoman, does what a drunk girl shouldn't.
August 11, 2008... Byline: Laura Mossman Diary has heard wicked whispers of someone in the industry getting a little too sozzled at a lunch at Coq d'Argent, a terrace restaurant with views over the City. Said person, who shall remain nameless, convinced...

The Lord works in mysterious ways.
August 11, 2008... Byline: Nick Rice Anyone who never fell asleep in a school history class will know Thomas A Becket was a medieval priest. But it turns out his God may gone against his usual stance on the afterlife and reincarnated him as a fund...

IMA report reveals radical change in IFA attitudes.
August 11, 2008... Byline: Nick Rice Many managers express concerns over liquidity, tax and understanding of products The IMA's members have revealed a dramatic change in industry attitudes as a result of the credit crisis. In its Others were...

FTSE100 dividend yield shows equities are a buy, says Dugan.
August 11, 2008... Byline: Jim Robinson The fact the FTSE100's 4.9 per cent dividend yield is above the yield of the 10-year government bond shows there is dividend support for the UK equity market, according to Gary Dugan, chief investment officer at...

FSA puts back RDR discussion paper.
August 11, 2008... Byline: Gail Moss The FSA has said that feedback on the RDR Discussion Paper will now be delayed until November. The full feedback statement had been due to be published in late October, but this has been moved back to allow Jon Pain,...

Credit Suisse appoints David Norman as asset head.
August 11, 2008... Byline: Gail Moss New chief executive of asset management says main objective is to leverage global products in UK sectors David Norman, who has been appointed chief executive of asset management for the UK and Ireland at Credit...

New Star makes Chan associate director for Greater China.
August 11, 2008... Byline: Jim Robinson New Star International announced that it has appointed Kanise Chan as associate director for Greater China. Ms Chan will be based in Hong Kong and report to Francis Leach, director of sales for Asia at New Star....

Allianz appoints Guido Stiel as director of emerging market equities.
August 11, 2008... Byline: Jim Robinson Allianz has strengthened its emerging market equities team by appointing Guido Stiel as director and senior portfolio manager of emerging market equities. Mr Stiel will form part of the team that manages the...

Glitz and glam week.
August 11, 2008... Byline: Hugo Greenhalgh It may only be Wednesday morning at Diary Towers, but as we survey our computer screens with bleary eyes we can only marvel at the wonder that is Ian Chimes. Perhaps having the gayest week of his life, Chimesy...

Fund industry's Posh and Becks bear up well in hard times.
August 11, 2008... Byline: Hugo Greenhalgh Dubbed the Posh and Becks of the fund management industry, it now seems as if Nichola Pease, chief executive of JO Hambro, and husband Crispin Odey of fund manager Odey Asset Management, are almost matching the UK's...

Greed is good.
August 11, 2008... Byline: Hugo Greenhalgh Why isn't greed good any more? This wasn't quite the question posed by Mervyn Davies, chairman of Standard Chartered, but it might as well have been. His point was that perhaps certain City figures are simply paid...

Axa reports underlying earnings increase to GBP183m.(Financial report)
August 11, 2008... Byline: Jim Robinson Axa UK & Ireland announced that underlying earnings increased from GBP160m in the first half of 2007 to GBP183m in the first half of 2008 - a 14 per cent increase. Despite the "robust" results, the company said it...

Aegon UK announces 44% net income drop.(Financial report)
August 11, 2008... Byline: Jim Robinson Aegon UK, the local unit of Dutch insurer Aegon, announced that net income dropped from GBP101m in the first half of 2007 to GBP57m over the same period this year - a 44 per cent decrease. Pre-tax underlying...

RAM business plunges 32% at Royal London.
August 11, 2008... Byline: Jim Robinson Royal London announced that new business for its asset-management division plunged by 32 per cent to GBP1bn in the first half of 2008 compared with the same period last year. Despite market turbulence, however,...

Turner eyes up UK retail space.
August 11, 2008... Byline: James Kenny US-based asset management firm Turner Investment Partners is making a push into the UK retail space, registering four funds in Dublin for distribution into the UK. The Ucits III Turner fund range will include clones...

S&W plans onshore version of Enterprise fund.
August 11, 2008... Byline: James Kenny Smith & Williamson is planning to launch an onshore version of its GBP41m Enterprise fund. The Cayman Islands-based fund uses a long/short strategy to achieve long-term capital appreciation. It invests primarily in...