Investment Adviser articles from January 2007

Investment Adviser archives from January 2007

Axa streamlines its MM funds'holdings.
January 8, 2007... Byline: Rock warns over-diversification could turn multi-manager funds into index trackers Axa Framlington is repositioning its multi-manager range by rationalising the underlying funds in three of its five core multi-manager propositions....

key facts.
January 8, 2007... The government's stated aim for introducing Real Estate Investment Trusts (Reits) is to promote greater efficiency in the property investment market, supporting the government's wider objective of raising UK productivity Reits were first...

Witan appoints Mellon to manage currency risk.
January 8, 2007... investment trusts The Witan Investment trust has outsourced the management of its overseas currency exposure to Mellon Capital Management. About 50 per cent of the AGBP1.4bn global multi-manager fund is invested in non-UK markets,...

Neptune expands mutual fund range.
January 8, 2007... Byline: Fund manager launches trio focussed on UK equities, the environment and India fund launch Neptune Investment Management kicked off 2007 by widening its mutual fund range with three new launches. The investment manager...

Eyes on Horizon as fund launches.
January 8, 2007... launch Jersey-based Horizon Group has marked its establishment as a new fund management company by launching its first collective investment scheme. Horizon's Conservative Growth UK Focus fund was admitted to the Channel Islands Stock...

T Bailey finds its holy grail boutique fund.
January 8, 2007... The T Bailey Growth fund has invested in the Resolution Asset Argonaut European Alpha fund, managed by Barry Norris. The AGBP313.3m Argonaut European Alpha fund invests in a portfolio of 30 to 55 equities from the European markets and has...

M&A profit wave is heading to Japan, says Martin Currie.
January 8, 2007... japan Mergers and acquisitions have helped drive returns for much of the UK market and next year they could do the same for Japan, according to Martin Currie's Japan team. John Millar, manager of the AGBP229m Japan fund, and Keith...

Fidelity backs unknown.
January 8, 2007... Byline: Aris Vatis is the third manager of the AGBP1.4bn Fidelity American fund since June 2002 NORTH AMERICA Fidelity has announced its AGBP1.4bn American fund is to change hands yet again, seeing it pass to the third manager since...

Aberdeen AM takes Flight.
January 8, 2007... VCTs Aberdeen Asset Managers has been awarded the mandate for the Guinness Flight venture capital trust. The asset manager has a minimum four-year contract to manage the fund. Neil MacFadyen, investment director for Aberdeen's...

New BoS loan trust set to reduce IHT.
January 8, 2007... Bank of Scotland Investment Service has unveiled a new loan trust, designed to reduce inheritance tax liabilities. Chris Haines, head of wealth management at Bank of Scotland, said the trust could be used to make lifetime gifts of capital...

Flexible commission to spark interest in Barclays creations.
January 8, 2007... Barclays has introduced a new tranche of structured products offering investors improved rates of return and, for the first time, commission flexibility. Available until 28 February, the Five-year Protected FTSE Plan, Three-year Protected...

Insight set to close its Asia Pacific and Japan funds.
January 8, 2007... fund closures Insight Investment is set to streamline its multi-manager proposition by closing two funds that failed to evoke investor interest. The company will close both the AGBP0.8m Asia Pacific portfolio and the AGBP0.5m Japan...

Insight expands its MM fund offerings.
January 8, 2007... Byline: Marshall Wace European TOPS to diversify multi-managers'asset class fund range diversification Insight has added two new portfolios to four of its multi-manager funds. The European-based hedge fund, Marshall Wace European...

Fund of funds TER average 2.44 per cent.
January 8, 2007... Inclusive total expense ratios for multi-manager funds range from less than 1.5 per cent to more than 3 per cent, research by Lipper Fitzrovia revealed. The ratings agency found the average fee for multi-manager funds investing into equity...

Christmas fails to do Seven Dials fund take-up any harm.
January 8, 2007... Seven Dials Consulting bosses said the high level of interest in its multi-manager European commercial property fund could see the vehicle attract AGBP13.5m before the end of January. CEO Brett Robinson said: "As we launched the fund just...

New Star UK Strategic Capital.
January 8, 2007... The AGBP84.4m New Star UK Strategic Capital fund is the best performing fund over 10 years in Trustnet's UK sector. The fund, managed by Paul Craig, returned 256.68 per cent to rank first out of 36 funds in the sector over 10 years to 4...

Beware falling annuity rates.
January 8, 2007... Annuity rates have fallen by more than 20 per cent over the last five years, according to The Annuity Centre. Bath-based Chartwell Investment Managers'annuity service found that for AGBP10,000, a male aged 65 could have got a level annuity...

Govt volte-face hits ASP holders.
January 8, 2007... Byline: Merchant Investors warns that policy will have grave ramifications asp The government's u-turn on alternatively secured pensions could hit a far greater number of investors than first thought, warned Merchant Investors. ...

IFAs get ease as Selestia goes paperless with its Collective Retirement Account.
January 8, 2007... Selestia has put in place technology to allow regular contributions to be made to its Collective Retirement Account. All the relevant application forms, including the direct debit mandate, are now available so IFAs can transact business...

SLI fund welcomes economic slowdown.
January 8, 2007... Byline: UK Smaller Companies fund manager says conditions will favour his growth style uk smaller companies Standard Life Investment's UK Smaller Companies manager is confident that his investment style will benefit from the slowing...

Details of adviser workshop revealed.
January 8, 2007... Fidelity International and FundsNetwork have announced details of their 2007 adviser workshops, to be held at 34 venues nationwide. The adviser workshops will be run from 22 January and will cover the outlook for markets in 2007, practical...

appointments.
January 8, 2007... Morley Fund Management has appointed Michela Muscio as its client relationship manager. She will report to Gabriele Miodini, who heads up the team based in Milan, Italy. Her appointment is expected to support the team's expansion in the Italian...

CS shakes up Transatlantic.
January 8, 2007... manager change Credit Suisse's long-awaited shake up its AGBP56.5m Transatlantic fund finally took place on 22 December. The introduction of quantitative screening with an active overlay was marked by a name change, creating the US...

Isas back in fashion.
January 8, 2007... Byline: Fidelity predicts 30 per cent rise in sales of the savings vehicle during 2007 season isas Renewed confidence in the future of Isas should bolster sales this season by more than 30 per cent compared with the same period in...

Thai is a spicy but delicious offering.
January 8, 2007... Byline: Aberdeen New Thai manager does his homework to find diamonds in rough Military coup! Exchange controls! Terrorist attack! Now there is a trio of scare stories calculated to frighten investors, but that is just what I like to hear,...

JPMorgan split capital trust marks new high.
January 8, 2007... Byline: Demand for Income & Growth investment trust makes it the largest since April 2002 split caps JPMorgan Asset Management delivered the largest new split capital investment trust to be launched since April 2002, just before the...

C share issue to boost SV.
January 8, 2007... ISSUANCE SV Life Sciences, the manager of the International Biotechnology Trust, is looking to increase the size of the trust through a C share issue. By increasing the size of the trust, wider investment strategies could be used,...

Caledonia IT hangs on to its liquidity.
January 8, 2007... Tensions in the Middle East, higher energy prices, high levels of consumer debt and an upward tendency on interest rates prompted Caledonia Investments to retain liquidity on its balance sheet. In an interim report for 2006, Tim Ingram,...

Blue chips top IFA wish lists.
January 8, 2007... market forecast Blue chips were tipped by the largest proportion of investment trust managers as the sector most likely to outperform in 2007, an AIC and Ifap poll revealed. The Association of Investment Companies and IFA Promotion...

Isis trust reveals F&C branding and new strategy.
January 8, 2007... The Isis UK Select trust is to adopt a new strategy and be renamed the F&C UK Select trust. At an extraordinary general meeting before Christmas, investors backed a resolution that will see the trust operate a strategy similar to that of...

No major take-up for provider-led wraps.
January 8, 2007... Byline: The majority of life insurers have no immediate intention of diving into the market platforms The line-up of provider-led wrap propositions is unlikely to be augmented in 2007, according to life insurers. At the start of...

Legg Mason trust loses its 15-year lead.
January 8, 2007... performance trend Legendary US fund manager Bill Miller has relinquished his 15-year record of beating the S&P500 index with one of the worst performances in the sector for the end of the last calendar year. Mr Miller's AGBP9.97bn Legg...

Managers upbeat on profits.
January 8, 2007... industry forecast Fund managers entered 2007 feeling downbeat due to regulation and recruitment costs, but were positive about their ability to produce profits, a poll has shown. A quarterly financial services poll by the Confederation...

Eschewing Japan pays dividends.
January 8, 2007... asia pacific The underperformance of Japanese equities and the sell-off in May and June 2006 played a crucial role in determining the performance of South East Asia fund managers, according to the Standard & Poor's annual review of the...

Guy Monson.
January 8, 2007... Investment Adviser: You are known for your thematic investing. Have you seen your investment philosophy trump more traditional geographic methodology? Guy Monson: The initial assumptions we made about globalisation in 1996 have been exceeded by...

Isa be careful.
January 8, 2007... Fidelity Investments has announced it expects Isa sales in the first quarter of 2007 to grow by 30 per cent, compared with the corresponding period last year. Nothing surprising about the prediction - despite the drop in November 2006 - given...

Quiet optimism facing the wall of worry.
January 8, 2007... Byline: Nobody wants to be holding the parcel when the music stops - but what if it has longer to play? It has been a funny old year. Commodity prices soared and oil took a look at $80. Equity markets toyed with the idea that the...

Preparing for the unknown unknowns.
January 8, 2007... Byline: As the number of factors which could cause a sell-off stack up, fundamentals remain strong Given the headwinds, market returns for 2006 were impressive. Oil prices nudging $80 a barrel could easily have derailed the rally but,...

Plus ca change, plus c'est la meme chose.
January 8, 2007... Byline: As we welcome the new year, it is already becoming obvious that the major themes remain The big issues tend not to go away. The things we worried about in 2006 are going to be the things that concern us in 2007. Let us start...

Diary.
January 8, 2007... ... and God bless us, everyone Following a successful Christmas PR event, the folk at Bulletin PR decided to really get into the spirit of the season by donating AGBP10 to charity for every journalist who came along for mince pies and press...

A severe case of mistaken identity.
January 8, 2007... The first and most crucial rule of journalism is accuracy, but this seems to have been lost on much of the mainstream media. When giving comments to the press recently, Mark Dampier of Hargreaves Lansdown lost his label not once, but twice. In...

Gartmore hob nobs with royalty.
January 8, 2007... There were a couple of famous faces to ogle at the Gartmore Christmas party in December, which may have distracted the journos in attendance from any controversy in the room. Guests at Scott's fish restaurant in Mayfair not only had the usual...

Making the kids pay for Christmas.
January 8, 2007... As we all know, 83 per cent of statistics are made up on the spot, but Yorkshire and Clydesdale banks released some conflicting data, on exactly the same day. A press release from Yorkshire claimed that 1.3m parents, one in eight, will raid...

Ready for a new start.
January 8, 2007... Byline: Despite a year full of tension and volatility, the nation's economy has consolidated and is set for a stronger 2007 Last year, 2006, was a year of consolidation in the Japanese equity market. At the end of November, the market was...

Trickle of Reits may yet become a flood of cash.
January 8, 2007... Byline: Nine of Britain's largest property companies have converted, with more to follow market forecast The slow trickle of property companies converting to Reits in January could form collectives to entice a flood of retail investor...

Beauty is not skin deep.
January 8, 2007... The stagnation of the French economy in the third quarter of 2006 was disappointing. However, in the following quarters the pace of business activity in France is bound to be resilient. So cause for concern does not lie so much in the short...

Sick man recovers.
January 8, 2007... Byline: The emasculation of the unions has allowed the country to thrive again Long known as the sick man of Europe, the German economy is currently going through a fundamental transformation. Just as trade unions in the UK saw their power...

Playing the power game.
January 8, 2007... Byline: Defying many expectations, elections in the region over the past year have proven a boon for investors 2006 was a key election year in Latin America and, taken as a whole, the outcome of the elections was more favourable than many...

Brazil takes up Latin dancing.
January 8, 2007... Byline: The South American nation has begun to mimic some of its regional neighbours, following their strong lead Despite being a part of the Bric - Brazil, Russia, India, China - family, Brazil's performance was more in line with Latin...

Odds on for Asian gamble.
January 8, 2007... Byline: Investors must keep their eye on the ball to reap the rewards from this rapidly changing sector There are few sectors that cover countries as broad in scope as this; from the well-established agriculture industries of India or...

Knowing when to hold 'em and when to fold 'em in Asia.
January 8, 2007... Style exposure Managers have been playing China like a slot machine but are they about to run out of luck? China in particular has been so lucrative they are playing it through the back door (Australia), side door (Hong Kong) and sometimes...

Large blend succeeds for top decile managers in region known for risk.
January 8, 2007... Byline: The Asian growth story continues but the main drivers of growth in the last couple of years have passed the baton The Asian growth story is one that has captured the imagination. As UK-settled Asians reportedly return to India for...

RBSA methodology and caveats.
January 8, 2007... Returns-based style analysis, or RBSA, is a four-stage process: Select a set of benchmarks for each fund, or class of fund. These benchmarks should be mutually exclusive, exhaustive (they should cover each fund's known universe of...

Asia upends global trends.
January 8, 2007... The first thing to understand about funds in the Asia-Pacific ex-Japan sector is that they are risky. When ranked by order of emerging-Asia exposure, the median offering in the group keeps something in the order of two-thirds of assets in...

Hoisting anchor and sailing with the tailwinds.
January 8, 2007... The AGBP152m Martin Currie Asia Pacific fund has topped the sector over the past three years, with a concentrated and conviction-led portfolio that has been positioned to take advantage of momentum. This is possibly the most actively managed...

Reits support global equities.
January 8, 2007... property The introduction of Reits and increasing levels of interest in property equities from US institutional investors will support global property equities markets during 2007 and beyond, according to Henderson. Patrick Sumner,...

Performance.
January 8, 2007... Byline: To research these funds online, see the interactive tool at: www.FTadviser.com UK Gilts recorded the poorest performance of all IMA Fixed Income sectors over the three months to 1 January 2007, producing a sector average return of...

90 property companies still not Reits.
January 8, 2007... While nine property companies converted to real estate investment trusts on Tuesday, another 90 property companies failed to change their status. This comes despite all nine companies that opted to take advantage of the new Reits...

Decades to develop Reits market, warns Fidelity.
January 8, 2007... It could take many years before the Reits market is fully established in the UK, according to Fidelity International. Peter Hicks, head of IFA business for Fidelity International, said while the structure of a Reit differs from country to...

Property market buoyed.
January 8, 2007... launch The introduction of Reits will help sustain as well as develop the property market next year, according to a leading manager. However Andrew Smith, head of research for Arlington Securities, warned the performance of property...

Rowanmoor says slow and steady will win Ssas race.
January 15, 2007... ssas Rowanmoor Pensions is chasing a steady flow rather than a sudden rush of new, small self-administered scheme business. Despite repeated speculation the success of self-invested personal pensions would kill off the Ssas market,...

Ignoring the winds of change may result in being blown out of the way.
January 15, 2007... The Asian markets have traditionally been the home of the brave, with only those managers with real skill on a stock-specific level having a chance of significant success in the region. The bottom-up stock picker has been king and the more...

RBSA methodology and caveats.
January 15, 2007... Returns-based style analysis, or RBSA, is a four-stage process: Select a set of benchmarks for each fund, or class of fund. These benchmarks should be mutually exclusive, exhaustive (they should cover each fund's known universe of...

Dealing with the cost factors.
January 15, 2007... The IMA's Asia Pacific ex Japan sector is not a place for the meek. Returns can be exceedingly volatile and risks abound. One risk is often overlooked, however: overpaying for your fund. Other factors can vary considerably over time - star...

Korea retains favour as correction is overcome.
January 15, 2007... Byline: Standard Life Asian Pacific Growth fund manager Magdalene Miller talks to Laura Mossman about the impact of Korea With so many engines driving forward the Asia Pacific ex Japan sector, including the inimitable powerhouse that is...

Developed Markets commentary by Standard & Poor's.
January 15, 2007... Byline: To research these funds online, see the interactive tool at: www.FTadviser.com While unit trust performances have overall been strong over the short term, showing a median three-month return of 4.5 per cent, developed country...

Froth hides an excellent brew.
January 15, 2007... Byline: Despite some of its companies being over valued, the subcontinent has strong fundamentals and a bright future Notwithstanding political and social tensions, India has made incredible economic progress in recent times. The country's...

Hibernation over for Russian bear.
January 15, 2007... Byline: Waking up with a sore head and armed with oil, the eastern nation is fighting to regain its superpower status In writing market commentary, one can frequently feel like a professional killjoy because the bull case for equities is...

Standard Life dives into the Reit market.
January 15, 2007... Byline: Global Reit and Global Reit Focus funds added to ever-growing pool of post-legislation arrivals fund launches Standard Life Investments is the latest firm to take advantage of the buzz surrounding the introduction of Reits...

Indirect Reit route favoured.
January 15, 2007... PROPERTY Around three-quarters of retail investors plan to invest in Reits indirectly, through vehicles like fund of funds, a survey has shown. Research carried out by advice organisation Reita.org has revealed that retail investors...

Sitka VCT in rude health.
January 15, 2007... Sitka Health Fund VCT, managed by Noble Fund Managers, stands to make four times its initial investment in Altrix Healthcare after a recommended cash offer for the unquoted company. Concateno has agreed to buy the European oral fluid...

Friends Provident augments ethical investment bond range.
January 15, 2007... ETHICAL INVESTMENT Friends Provident has introduced a new product to its ethical investment bond range. The new product is a type of investment portfolio bond which is aimed at investors wishing to invest in a range of ethical funds...

Life companies' failure creates opportunities.
January 15, 2007... Byline: Investment banks taking up slack left by building societies, claims West LB manager specialist Investment banks are weighing into the retail structured products market as life companies and building societies fail to respond...

Sarasin chases index.
January 15, 2007... Byline: UK Equity Income fund is targeting a yield in excess of the FTSE All-Share's 3 per cent fund launch The failure of many UK equity income funds to reach their target yields should prove positive for Sarasin Chiswell's latest...

Atlantis backs China.
January 15, 2007... Atlantis Investment Management believes the boom cycle in Chinese markets will continue through 2007 and 2008. Yang Liu, managing director of Atlantis Investment Management (Hong Kong), said even though Chinese stocks have made tremendous...

Polar Capital targets Aim admission for strong brand.(Company overview)
January 15, 2007... Polar Capital Holdings intends to seek admission to trade its shares on Aim. The specialist management group was founded in December 2000 by Tim Woolley and Brian Ashford-Russell, who were previously responsible for the management of...

Miton drops energy for defensive stance.
January 15, 2007... Byline: Manager Sam Liddle steps cautiously into new year, pointing signs of a slow down specialist Miton Optimal's AGBP48m multi-manager global offering has entered 2007 with a portfolio virtually unrecognisable to its bullish...

Midas develops a taste for technology.
January 15, 2007... Strong balance sheets and cashflow in technology companies have sent value managers Midas Capital Partners hunting for a technology fund for their multi-manager range. Alan Borrows and Simon Edwards, who manage the Midas Balanced Growth,...

Insight defensive on US after 'unrealistic' forecast.
January 15, 2007... The forecast for the US markets has propelled Insight Investments' Patrick Armstrong to take a more defensive position in the sector. Mr Armstrong said he currently had no US small cap exposure in the company's AGBP94m Diversified Target...

Jupiter Monthly Income.
January 15, 2007... Jupiter Monthly Income Jupiter Monthly Income has achieved that rare feat among actively managed funds - outperforming its peers listed in Trustnet's multi-manager income and bond sector over most time periods since its launch on 6 March...

JPMorgan launches global income fund.
January 15, 2007... Byline: Fund designed to cater for income seekers diversifying away from UK equity market launch JPMorgan Asset Management claimed its latest launch - only the second global income fund to come out of the industry - will cater for...

Korean foreign investment law changes fail to excite.
January 15, 2007... The South Korean government's decision to relax rules on foreign investment is unlikely to excite retail investors in the UK, according to Baillie Gifford. Gerrard Smith, manager of the AGBP120m Baillie Gifford Pacific fund, said foreign...

IFAs given Isa guide.
January 15, 2007... Funds of funds boutique T Bailey has issued a guide to help IFAs deal with investors' Isa enquiries. The guide, presented as an eight page booklet, clarifies some of the recent changes to the Isa regime. It covers the end of the Maxi Isa...

Fidelity plans property fund.
January 15, 2007... reits Region-specific property funds could become increasingly common following the emergence of Reits around the world, according to Fidelity International. Steve Buller, fund manager of Fidelity International's Global Property fund,...