Investment Adviser articles from February 2008

Investment Adviser archives from February 2008

Caam offers Indian Infrastructure fund.
February 4, 2008... Credit Agricole Asset Management is to launch an Indian infrastructure fund in late March or early April. The creation of Caam Indian Infrastructure, to be run by a team in Hong Kong, follows on from the success of the AGBP607m Caam India...

Dundas appointed chairman at Jupiter.
February 4, 2008... Jupiter Investment Management has appointed Jamie Dundas as the firm's non-executive chairman. Mr Dundas was assigned the new role on 30 January, following the company's MBO. Edward Bonham Carter, group chief executive of Jupiter...

Insight hires three analysts to beef up research team.
February 4, 2008... Insight Investment has hired three analysts to boost its research team. Equity analyst Craig Pennington and quant analyst Julien Cuisinier joined last week, while equity analyst Kunle Akintoye is expected to arrive in mid February. ...

Fed helping to stave off depression: M&G.
February 4, 2008... Byline: M&G manager Jim Leaviss says US interest rate cuts will stabilise banking system The Federal Reserve's move to cut interest rates to 3 per cent could help the US avoid a 1930s-style depression, according to M&G Investments. ...

Edge IM to launch live music EIS.
February 4, 2008... Edge Investment Management is launching its second entertainment industry fund, offering investors access to the world of live music. The Edge Live Protected EIS, being launched in association with RAM Capital, uses a similar structure to...

Urbanisation boosts EMEA, says Fidelity.
February 4, 2008... Byline: Europe, Middle East and Africa home to 10 of the world's 20 fastest-growing cities Fidelity International's two EMEA funds are poised to benefit from rapid urbanisation in developing nations, the firm has claimed. The emerging...

One in 10 would quit to escape RDR standards.
February 4, 2008... One in 10 advisers would rather leave the industry than adopt new standards, a study has suggested. Research by Zurich revealed nearly half of advisers polled - 46 per cent - were not prepared to study further to obtain chartered status,...

Property Investment Market forced to shut down.
February 4, 2008... The Property Investment Market has been shut down following its failure to raise enough funds to meet regulatory demands. The company, which ran a UK bricks and mortar property exchange, was launched in October 2006 and had been planning to...

Multi-managers are urged to play it straight in 2008.
February 4, 2008... Multi-managers should stick to more conservative funds in 2008 to achieve outperformance, according to F&C Investments. Richard Philbin and Dean Cheeseman, directors of the fund of funds division at F&C, said investors should buck the trend...

SIML takes evasive action to avoid falls.
February 4, 2008... Byline: Strategic Best Ideas fund cuts overall exposure to market to less than 50 per cent Skandia Investment Management slashed the market exposure of its AGBP89m Strategic Best Ideas fund to less than 50 per cent last month, in a bid to...

Rate cuts may spark market rally: Jupiter.
February 4, 2008... The interest rate cuts in the US are likely to stimulate a recovery in financials, according to Jupiter Asset Management's Philip Gibbs. The manager of the AGBP845m Jupiter Financial Opportunities fund said he had moderated his view since...

BoE, FSA and Treasury offer financial stability proposals.
February 4, 2008... A series of proposals spearheaded by the Bank of England, the FSA and the Treasury have been touted as a step towards better consumer protection. The groups' financial stability paper, published on the back of a Treasury Select Committee...

McCarron steps down from Fidelity trust.
February 4, 2008... Byline: Manager of the AGBP256m Global Industrials Sicav takes helm of European Value Sudipto Banerji has been appointed manager of the AGBP855m Fidelity European Values trust. Mr Banerji is taking over from manager Tim McCarron, who...

Keep a close watch on derivatives: managers.
February 4, 2008... Byline: Industry supports FSA's call for careful monitoring of derivatives in retail portfolios Asset managers have backed the FSA's call for the use of derivatives in retail portfolios to be carefully monitored. Last week the watchdog...

Industry welcomes return of the King.
February 4, 2008... The decision to reappoint Mervyn King as governor of the Bank of England has been welcomed by industry members as a positive step. The Treasury confirmed last week Mr King would serve another five years after his term of office expires on...

Brunner investment trust proposes benchmark shift.
February 4, 2008... The 202.7m Brunner investment trust is seeking shareholder approval to change its benchmark, increasing its exposure to overseas markets. The company has proposed switching its benchmark to 50 per cent FTSE All-Share and 50 per cent FTSE...

Invesco trust to sell off assets.
February 4, 2008... Byline: Royal Bank of Scotland agrees deadlines that will see manager reduce borrowing to 55 per cent by the end of the year The AGBP68.5m Invesco Property Income trust has been prompted to start selling off assets to meet its banking...

Natural resources on right track: Liontrust.
February 4, 2008... Byline: Mining sectors best placed to benefit from analysts' herd mentality, says manager Companies in the natural resources and mining sectors will continue to beat analysts' forecasts, Liontrust has claimed. Jeremy Lang, manager of...

Blue Sky to roll out dual plan.
February 4, 2008... Blue Sky Asset Management is set to reveal a new two-tiered growth plan following the successful subscription of its Protected Income Plan. Chris Taylor, chief executive of Blue Sky, said: "We are considering two options as open offers....

Shorting pointless, says Hexam.
February 4, 2008... Shorting stocks during extreme market turbulence is a pointless exercise, investment boutique Hexam Capital has claimed. John Payne, partner at Hexam and co-manager of the AGBP15m Global Resources Absolute Return fund, said while he and...

UBS manager streamlines UK Equity Income portfolio.
February 4, 2008... Byline: Brian Gallagher takes more focused approach, reducing portfolio from 60 stocks to roughly 45 best ideas UBS Global Asset Management's Brian Gallagher has stripped back the portfolio of his AGBP15m UK Equity Income fund to adapt to...

Investors flood into traded life policy funds, seeking stability.
February 4, 2008... Market volatility has spurred large inflows into funds invested in traded life policies over the last 18 months, according to Managing Partners. The group's figures showed AGBP25m flowed into the five most popular TLP funds between...

Lazard overweight financials.
February 4, 2008... Lazard Asset Management's Patrick Ryan has moved to an overweight position in financials, particularly in the US, claiming prices are approaching their most attractive levels since the early 1990s. Mr Ryan's AGBP5.5m Lazard Global Equity...

Newton's crosshairs on high-yield stocks.
February 4, 2008... Byline: Group predicts high-yielding stocks will outperform on back of interest rate cuts Newton Investment Management's team is preparing to take advantage of outperformance from high-yielding stocks this year, according to the group's...

Barclays Wealth aims kick higher.
February 4, 2008... Barclays Wealth for Professional Advisers has increased the annual kick-out option on its latest Defined Returns Plan and closed the previous series early due to investor demand. The new kick-out option offers investors an 11 per cent...

Close board proposes AllBlue move to LSE.
February 4, 2008... Byline: Transition from Aim to LSE reliant on shareholder consent and regulatory approval The board of directors of the AGBP145m Close AllBlue investment trust has proposed migrating the fund from Aim to the London Stock Exchange. ...

JPMorgan Cazenove warns against high Thai exposure.
February 4, 2008... Asian managers with high exposure to Thailand are most at risk from a US recession, according to JPMorgan Cazenove. Tom Skinner, an analyst at Cazenove, said the country's relatively weak domestic market and its reliance on US consumer...

Cazenove to roll out Diversity variations.
February 4, 2008... Byline: First fund to offer charity share class, while second will be flexible version of Diversity Cazenove Capital Management is to mark the arrival of new recruits Marcus Brookes and Robin McDonald with the launch of two multi-manager...

Renewable Energy to buy back shares.
February 4, 2008... Premier Asset Management has proposed to give redeeming investors in its AGBP45.6m European Utilities trust extra liquidity through its open-ended rollover, the Renewable Energy fund. Shareholders voted to voluntarily wind up the trust on...

WH Ireland fund opts for natural resources.
February 4, 2008... Byline: Manager claims natural resources sector proved durable during recent market volatility The natural resources sector remains the dominant weighting in WH Ireland Asset Management's AGBP92m UK Growth Trust as it tries to navigate in...

S&P launches dividend strategy indices.
February 4, 2008... Standard & Poor's has launched two dividend strategy indices designed to serve as alpha generators for income-seeking investors. Both the S&P Global Dividend Opportunities index and the S&P International Dividend Opportunities index are...

Gold price nears $1000 an ounce.
February 4, 2008... Gold prices nudged closer to the $1000 per ounce mark last week, supported by ongoing supply problems in South Africa. Prices spiked at $932 an ounce on Tuesday. Rob Jeffree, fund of funds analyst at New Star, said: "To a certain...

Standard Bank launches two structured products.
February 4, 2008... Standard Bank has launched two products in its range of structured growth solutions. The Global Portfolio Picker 4 is a new version of the company's existing product, allowing investors to track Standard Bank's actively-managed aggressive,...

Financial industry at risk: FSA.
February 4, 2008... The FSA issued a stark warning over the state of the financial services industry last week, raising concerns over the resilience of businesses in current market conditions. The watchdog's Financial Risk Outlook highlighted five major...

Swip Global Growth still on the dog list.
February 4, 2008... The AGBP508m Scottish Widows Global Growth fund made a record 10th consecutive appearance in the Bestinvest Spot the Dog contest last week. Over three years the fund has delivered AGBP123 for every AGBP100 invested, Bestinvest's analysts...

KPMG predicts fall in private equity activity.
February 4, 2008... Byline: Advisory firm says value of deals likely to halve following sharp drop at end of 2007 The value of private equity deals in 2008 could be half that of 2007, advisory firm KPMG has said. The average value of UK private equity...

Aima welcomes hedge fund standards report.
February 4, 2008... The Alternative Investment Management Association has welcomed a report on industry standards developed by leading hedge fund managers. The Best Practice Standards and their Future Development report was published by the Hedge Fund Working...

Laven ready to launch best ideas fund of hedge funds.
February 4, 2008... Hedge Fund consultancy firm Laven Partners is poised to launch a best ideas fund of hedge funds. The Laven Funds Multi-Strategy fund will go live on 1 March and will hold a concentrated portfolio of approximately 10 hedge funds. ...

Aifa releases Mifid factsheet for advisers.
February 4, 2008... The Association of Independent Financial Advisers has produced a factsheet to guide intermediary firms through the Mifid directive. Fay Goddard, deputy director general of Aifa, said the move was a response to continuing confusion about the...

Economists fear further losses in banking sector.
February 4, 2008... Byline: Experts say sub-prime losses could be hiding additional problems and warn of 'more nasties to come' Sub-prime losses could be hiding additional problems within the banking sector, which could see companies suffer further, economists...

Jupiter sees EC targets as good for green investing.
February 4, 2008... The European Commission's recent announcement on renewable energy targets has created a strong argument for green investing, according to the manager of the AGBP317.5m Jupiter Ecology fund. The targets stipulate the European Union must...

Strategists challenge decoupling.
February 4, 2008... The view that world markets are decoupling from the US has been challenged by latest movements in international stockmarkets, strategists have claimed. Christian Blaabjerg, market strategist at Saxo Bank, said the European market rally...

IFAs are uncertain over small- cap stocks.
February 4, 2008... IFAs are uncertain about the prospects for the Alternative Investment Market and smaller companies in 2008, research from Noble Fund Managers has suggested. While 32 per cent of advisers polled said they anticipated improved performance...

Closepip halts withdrawals and turns focus to Europe.
February 4, 2008... Byline: Close suspends redemptions from Closepip and increases its focus on European commercial property Close Investments revealed its plan to steer its AGBP125.1m Property Investment Portfolio away from UK holdings after it became the...

iShares trading hits AGBP1.2bn a day as investors seek safety.
February 4, 2008... IShares trading has soared as investors have fled high-alpha products and moved into exchange-traded funds, according to the company. Last year, the average daily trading volume across all of iShares' ETFs in Europe was AGBP413m, but last...

Paul Murray-John leaves role.
February 4, 2008... Threadneedle Asset Management's head of emerging market debt, Paul Murray-John, has resigned following the firm's acquisition of Convivo Capital Management. Mr Murray-John, who also managed the company's AGBP126.9m Emerging Market Bond...

Investors migrate abroad.
February 4, 2008... Offshore funds will penetrate further into the UK market this year as investors seek opportunities abroad, according to the IMA. Richard Saunders, chief executive of the industry body, said the offshore sector was equivalent to 4 per cent...

Insight plans to merge five funds.
February 4, 2008... Byline: Plans to streamline long-only equity range yet to be ratified by FSA Insight Investment has announced plans to whittle down its long-only equity range to nine products by merging five funds into three core vehicles. Under...

New tool Prism to measure income fund performance.
February 4, 2008... Income funds could soon have their performance measured in a completely different way, after the release of a tool that takes into account factors other than total return. Prism, developed by Guernsey-based Asset Risk Consultants, was...

IMS offers pooling platform.
February 4, 2008... Multi-manager specialist IMS is launching an asset-pooling platform that will allow private investors access to segregated institutional strategies. IMS said the move would open up funds with specific styles within geographic regions or...

Heart of Africa joins James Hay.
February 4, 2008... The AGBP45m New Star Heart of Africa fund has been added to the James Hay wrap and Sipp platforms. Shaun Sandiford, sales director at James Hay, said: "This newly launched fund offers investors a rare opportunity to invest in the returns...

A deluge of ETFs to come, say providers.
February 4, 2008... This year will see a deluge of innovative ETFs hit the UK marketplace, several providers have predicted. According to figures from Spa ETF, last year there were 100 launches across Europe, with more than 120 ETFs currently listed on the...

Multi-managers warn on time lag for performance.
February 4, 2008... Byline: Short-term performance figures can add major discrepancies as funds of funds rely on previous day's prices IFAs should be aware of a time lag in funds of funds' short-term performance compared to single-manager funds, multi-managers...

Aubrey Capital ups exposure to cash in bid to beat volatilty.
February 4, 2008... Aubrey Capital has been taking profits and upping its exposure to cash in a bid to avoid market volatility. Simon Milne, manager of the recently-launched S&W Aubrey Collective Conviction fund, said he had increased his cash weighting to 22...

Managers divided on property.
February 4, 2008... Multi-managers are still divided over whether the time is ripe to start returning to the property markets. Rick Eling, Snowdonia fund development manager at Buckles Investment Services, said the asset class was once again presenting good...

Multi-asset funds offer path out of volatility.
February 4, 2008... Multi-asset funds will forge ahead of the crowd as markets begin to settle down, Credit Suisse Asset Management has claimed. Aidan Kearney, co-head of the multi-manager team at CSAM, said although asset classes had become broadly...

Graduate pay slashed for entry-level City jobs.
February 4, 2008... Byline: AGR finds investment companies reduced average graduate salary by 1.3 per cent Graduates looking for City jobs have become the first casualty of the slowdown in the financial sector, with starter salaries down on last year, a...

Europe shows resilience.
February 4, 2008... More positive growth in European manufacturing than expected has suggested resilience in the face of a US-led slowdown so far, according to Resolution Asset Management. However, Ian Ormiston, investment director of European equities at the...

Axa imposes deferral period on two funds.
February 4, 2008... Axa has introduced moratoria on two of its property funds in line with similar measures from Scottish Widows and Close Investments. From 31 January, switches and transfers from the Axa Life Property and Axa Pension Property funds will be...

Diary pens two-thirds of a heartbreaking dolphin poem.
February 4, 2008... Anyone who's been keeping tabs on Tony Blair's movements will know those involved in politics and business are increasingly chummy. As Mr Blair demands sizeable paychecks to be a consultant on lord-knows-what, a sly dog in the business world...

WH Ireland in plans to expand UK range.
February 4, 2008... WH Ireland is continuing its plan to expand into the UK market place by launching a second fund. The new WH Ireland Income Plus unit trust, scheduled to go live in mid-May, will be managed by new appointee James Igoe. The UK-domiciled...

Polin's poem rekindles war.
February 4, 2008... Diary would be a poorer place without the regular shenanigans of Resolution's Jonathan Polin. When he is not wearing ridiculous trousers or superimposing his head over a superhero's body, he is doing his best to rekindle conflicts between...

Getting paid for heart break.
February 4, 2008... Heartbroken staff at a Japanese marketing company can now take paid time-off after a bad break-up. In fact, the all-female staff at Tokyo-based Hime can take more heartache leave as they get older. The company, which also gives staff paid leave...

A darker shade of green.
February 4, 2008... Such are the ironies of environmental investing that mass extinctions can give it even more momentum. The recent commentary for the Neptune Green Planet fund said: "Background trends and influences remained broadly favourable as hydrocarbon...

Flunking fractions.
February 4, 2008... Diary thinks someone at Zurich needs a holiday, or maybe a short maths lesson. The financial firm dropped an email into Diary's inbox last week, saying: "Over two-thirds of advisers (62 per cent) said they would adopt CAR, provided..." Now,...

Gadgets: Review - Happy snapper is a real picture.
February 4, 2008... The latest Nikon digital single lens reflex camera went on sale last week, and should keep amateur photographers happily snapping away with its host of up-to-date bits and bobs. The 10.2 mega-pixel D60 is still simple to use, allowing the...

Larry Fink.
February 4, 2008... Larry Fink has spent the last couple of days getting on and off planes, but, nursing a Starbucks coffee the size of BlackRock's mid-town Manhattan office, his work is not over yet. Today it's London, yesterday it was Italy and tomorrow will...

Moving fast to take a hint from history.
February 4, 2008... Byline: Drops in the FTSE100 to 5500 represent a good buying opportunity - if you are quick To buy or not to buy? When I wrote in this column that sharp market falls might present investors with a buying opportunity this year, I did not...

It will not be all doom and gloom this year.
February 4, 2008... Byline: Emerging markets are very well placed and could outperform the UK, the US and Europe There was no doubt the New Year would see a dramatic slowdown across markets and particularly in the US, although perhaps not a full-blown...

Blair's rich project?
February 4, 2008... In the same week former prime minister Tony Blair lands another lucrative City contract, it is announced salaries for financial services graduate recruits has fallen. A coincidence or merely cause and effect? Certainly, Mr Blair's eagerness to...

Money from bricks and mortar.
February 4, 2008... Byline: Managers could develop liquidity ratings showing ease of sale if clients want to access their cash In fund listings, the risk of a retail portfolio is traditionally measured according to its three-year volatility. This shows retail...

Premier and IFS collaborate to offer bespoke Oeic.
February 4, 2008... Premier Asset Management has teamed up with an IFA firm to launch a bespoke Oeic. Hampshire-based intermediary Independent Financial Solutions has worked with Premier to design three mandates that are scheduled to go live in March. ...

Witan Pacific portfolio gives access to growing economies.
February 4, 2008... Proposition and objective Witan Pacific exists to provide investors with a balanced portfolio of stocks in the Asia Pacific region including Japan. This portfolio is designed to give returns ahead of market performance. It particularly...

Spot the differences.
February 4, 2008... Byline: Although they do share some characteristics, it is clear special situations and recovery funds are different beasts Special situations and recovery funds are often mistaken as being one and the same. However, a closer look reveals...

Making hay while the rain falls.
February 4, 2008... Byline: These managers make the most of poor valuations and investor panic Managers of special situations and recovery funds are often a contrarian bunch. While managers of other types of funds look for companies on an upward trajectory...

Changing and adapting to a dynamic environment.
February 4, 2008... Byline: Trusts have been through a difficult year, but tax and regulatory changes may provide a reprieve Investment trusts and their investors spent much of the last year worried by problems that have beset the market. However, they can now...

Standing upon a precipice.
February 4, 2008... Byline: The US could still drag the world into a recession - and its severity will depend on the Federal Reserve The second half of 2007 was the first half year since 2002 during which global bond market returns exceeded global equity...

Recipe for success in the troubled US.
February 4, 2008... Byline: These two themes are resilient to volatility and have long-term drivers US stock market volatility reached near unprecedented levels in 2007, and some of the instability appears likely to continue in the first half of this year....

All stocks, great and small.
February 4, 2008... Byline: The asset class encompasses a range of different stocks, offering investors access to some exciting themes As clients search ever further into the world's investment markets for returns and uncorrelated diversification, commodities...

Hunting for yield across the globe.
February 4, 2008... Byline: Investors can shop for increasingly attractive yield across the world, without having to sacrifice growth UK investors have long been familiar with the advantages of holding UK income stocks in their portfolio. Investors with the...

Aftermath of the mid-cap bull run?
February 4, 2008... Byline: As investors leave the middle ground, mid caps' glory days could be over The IMA UK All Companies is home to 320 funds, covering a wide range of investment styles and philosophies. However, while there have been some out-and-out...

The 'two heads are better than one' approach.
February 4, 2008... Byline: Allianz fund manager Andrew Neville talks to Nick Rice about tackling tough competition and the flight to quality The AGBP68.5m Allianz RCM UK Mid Cap fund has finished in the top 15 per cent of the IMA UK All Companies sector over...

All churches rebrands.
February 4, 2008... Byline: Allchurches to adopt Ecclesiastical name and roll out three new ethical products Allchurches Investment Management is poised for a company rebrand and the launch of a raft of ethical funds, following a strategic review. The...

Finding more internationally diversified companies.
February 4, 2008... Byline: Rensburg fund manager Paul Spencer talks to Nick Rice about his defensive approach in an enormously volatile market As of January 14, the Rensburg UK Mid Cap Growth fund was vying with the Old Mutual UK Select Mid Cap fund for the...