Investment Adviser articles from March 2009

Investment Adviser archives from March 2009

New iShares range offers fixed income.
March 2, 2009... Byline: Nick Rice ETF provider launches five new funds that will focus on developed world bonds iShares, the world's largest ETF provider, is launching five new products designed to capture investors' thirst for diversified, low-cost...

Global Bond: The need to see the whole picture.
March 2, 2009... Byline: Anna Lawlor In this sector, more information is vital to evaluate fund performance At the end of last year, the IMA decided to split the UK Corporate Bond and UK Other Bond sectors and introduce three more specific sectors in...

JPMAM cautious on US.
March 2, 2009... Byline: Rob Langston The US stimulus package could cause problems for private companies as well as other countries if the market is flooded with US treasury notes, JPMorgan Asset Management claimed last week. Gonzalo Baranda,...

Investment View: Gartmore bond funds.
March 2, 2009... Byline: Nick Rice Credit default swaps have helped strategic bond funds outperform, according to Morningstar, despite the underperformance of a minority which use them. Alex Prineas, fund analyst, said: "Managers of these funds who...

US stimulus package could damage other countries.
March 2, 2009... Byline: Rob Langston The US stimulus package could cause problems for private companies and other countries if the market is flooded with US treasury notes, according to JPMorgan Asset Management. Gonzalo Baranda, investment marketing...

Sterling corp bonds most popular.
March 2, 2009... Byline: Sharon Flaherty Sterling Corporate Bond continued its reign as the most popular sector in January, the latest IMA figures show. The bonds represented 23 per cent of gross retail sales of UK domiciled funds, with 88 per cent of...

Aegon funds receive A ratings by OSBR.
March 2, 2009... Byline: James Kenny Aegon's GBP7.9m UK Smaller Companies fund and First State's GBP52m Asia Pacific Sustainability fund have both been given A ratings in OBSR's recent fund appraisals. OBSR said it had high regard for Elaine Morgan,...

Brown Advisory opens sterling share class for American fund.
March 2, 2009... Byline: James Kenny US investment house Brown Advisory has opened a sterling share class for its Dublin-based American fund. The fund already has a dollar share class, but the company said there had been a huge demand for the new share...

Experts urge more fund transparency.
March 2, 2009... Byline: Jim Robinson Industry heavy hitters at Legg Mason roundtable call for 'back-to-basics' approach Asset managers need to take a long, hard look at the make-up of their fund ranges and place far greater emphasis on the virtues of...

CESR to advise on Ucits risk.
March 2, 2009... Byline: Rob Langston The Committee of European Securities Regulators (CESR) is to propose a new Ucits framework for risk management guidelines and a new standard for the risk management process. After consulting with its membership,...

L&G admits to Ucits rules transgression.
March 2, 2009... Byline: Nick Rice The risk of holding a large position in a micro cap was highlighted recently as Legal & General Investment MaAAnageAment breached Ucits rules. The company admitted to a "passive breach" when its holding in a GBP27m...

RBS appoints Pell and Bostock.
March 2, 2009... Byline: James Kenny RBS has hired Gordon Pell and Nathan Bostock as its new deputy chief executive and head of restructuring, respectively. Mr Pell, currently head of regional markets, has postponed his scheduled retirement until 2010...

UBS hires Gruebel as new chief exec.
March 2, 2009... Byline: James Kenny UBS has hired Oswald Gruebel, former head of Credit Suisse, as its new chief executive. Current UBS chief executive Marcel Rohner announced he would be retiring from the position in January following a year of...

Hargreaves Lansdown drops Templeton fund.
March 2, 2009... Byline: James Kenny Hargreaves Lansdown has removed Mark Mobius's GBP14m Templeton's Global Emerging Markets fund from its Wealth 150 following poor results. The firm said it was disappointed by the overall performance of the fund,...

FTSE 100 shines in DigitalLook survey.
March 2, 2009... Byline: Jim Robinson The FTSE 100 index is set to offer by far the highest yield of all major international markets for next year, according to DigitalLook.com. Respondents to a survey of analysts from more than 20 investment banks and...

BNP Paribas appoints deputy chief executives.
March 2, 2009... Byline: Jim Robinson BNP Paribas Investment Partners has appointed two new deputy chief executives, Philippe Marchessaux and Pascal Biville, to its general management team. In addition, Michel Anastassiades, chief executive of...

Culinary disaster strikes.
March 2, 2009... Byline: Rob Langston Hargreaves Lansdown's vocal commentator Meera Patel was aghast to hear one of Investment Adviser's journalists had been felled by a serious bout of food poisoning following a visit to the company's hometown of Bristol....

Fidelity says Asia is positioned for gains.
March 2, 2009... Byline: Rob Langston Despite the region's equities being hit, its fundamentals remained positive, say specialists Long-term opportunities for Asian markets still remain as investors brace themselves for a flood of bad news during the...

Morningstar sees CDSs helping funds outperform.
March 2, 2009... Byline: Nick Rice Credit default swaps (CDSs) have helped strategic bond funds outperform, according to Morningstar, despite the underperformance of a minority that use them. Alex Prineas, fund analyst, said: "Managers of these funds...

A new discussion.
March 2, 2009... Byline: Hugo Greenhalgh "There is not enough discussion of the real economic issues," Dr Alistair Milne said last week, with almost majestic understatement. Speaking at an FT/Editoral Intelligence-organised conference, the Cass...

Put a spin on it.
March 2, 2009... Byline: Rob Langston Diary has been invited to nominate its choice for the best spin merchants in the investment industry at this year's HeadlineMoney awards from the website for journalists and financial PR representatives. Diary...

Multi-manager: Adding to the colour palette.
March 2, 2009... Byline: Daniel McAllister According to the Collins English Dictionary, a 'fetter' is a chain or bond around the ankle. In recent times, the traditional fettered multi-managers have found themselves pitted against a new breed of...

Harewood expands its income products.
March 2, 2009... Byline: Daniel McAllister BNP Paribas' Harewood Solutions is aiming to roll out an income fund in February to join its suite of income products. The Enhanced Income fund will generate a gross yield of 8 per cent of NAV a year, paid on...

SIT research shows decline in global equities.
March 2, 2009... Byline: Daniel McAllister January signalled a further decline in global equities, clawing back most of the gains made in the brief Christmas rally, according to research by the Scottish Investment Trust (SIT). The global FTSE All-World...

Henderson announces drop in earnings.(Financial report)
March 2, 2009... Byline: Daniel McAllister Henderson Group last week cemented its plans to acquire New Star Asset Management as it posted full-year results that saw a GBP10m fall in pre-tax profits and a near-GBP10bn fall in assets under management. ...

Don't rush rescue, says PSigma.
March 2, 2009... Byline: James Kenny Bank of England's economic initiatives will take time to start making a difference, says asset manager The Bank of England has hinted quantitative easing may be the next step to shore up the economy, but that action...

Carry on investing.
March 2, 2009... Byline: Rob Langston Diary is unsure whether Quill PR agency resurrected the second world war slogan 'keep calm and carry on' for their own clients, the journalists attending its recent PR event, or the industry as a whole. Financial...

Let's talk about sex - or not ...
March 2, 2009... Byline: Rob Langston IFA seminars do not usually conjure up images of raunchy sex acts - thank God - but one fund manager thought he would take things in hand and 'sex up' his presentation. In an attempt to bring some levity to an IFA...

Yield assessment rumpus rolls on.
March 2, 2009... Byline: Nick Rice IMA says sectors team in dialogue with multi-managers and are due to eject funds this week The controversy over how to assess multi-manager yields has continued after it was revealed that six of the 23 UK Equity...

Investors can profit from future volatility: New Star.
March 2, 2009... Byline: Nick Rice The market may take a while to bottom out after the financial shocks of the past year, but asset allocators can still profit from future volatility in the UK markets, according to New Star Asset Management's fund of funds...

A road map for structured products.
March 2, 2009... Byline: James Chu A new, authoritative online guide has been designed to steer advisers through due diligence considerations when assessing structured products Structured products provide an opportunity to invest in stock markets and...

Henderson to close two offshore funds.
March 2, 2009... Byline: Rob Langston Henderson said two offshore funds will close after worsening economic conditions caused AUM to plummet and they failed to meet performance targets. The Henderson Horizon Pan European Bond and the Henderson Horizon...

Ignis urges government rethink over corporate bonds.
March 2, 2009... Byline: Rob Langston Head of credit says moves to reshape corp bonds could further undermine confidence Government tinkering with corporate bonds issued by nationalised or part-nationalised banks may lead to a collapse of confidence in...

Cautious take on Japan's PKO plan.
March 2, 2009... Byline: James Kenny Martin Currie says move will make no difference in long run The Japanese government's move to buy shares in its ailing stock market to prop up its economy will only be a short-term solution and have no major...

The ins and outs of credit default swaps.
March 2, 2009... Byline: Nick Rice Investors are looking to derivatives to generate yield, despite their mottled performance According to income managers, derivatives are both a casualty and a hero of the financial crisis. Following the convergence of...

Murray International trust sees returns dip.
March 2, 2009... Byline: Daniel McAllister Investment trust's board says performance compared well with global market falls The Murray International investment trust saw its total return on NAV tumble 12.3 per cent during a year of "economic adversity"...

Structured products: a modern alternative.
March 2, 2009... Byline: Clive Moore The use of structured products in investment portfolios has grown in popularity among investment managers over the past year One of the key tenets of modern portfolio theory is that an investment portfolio that...

A new view of structured products.
March 2, 2009... Byline: Hugo Greenhalgh During the financial crisis, advisers have had their fingers burned by structured products - but commentators say it is time to reconsider It all started with the fallout from the Lehman Brothers debacle....

Gartmore and Cazenove look to absolute return vehicles.
March 2, 2009... Byline: Rob Langston Gartmore and Cazenove have signalled their intentions to launch new absolute return products following a wave of interest in the sector since the beginning of the year. Interest in the funds has soared since...

OBSR helps Paradigm set up risk-rated portfolios.
March 2, 2009... Byline: Rob Langston Old Broad Street Research (OBSR) has advised Paradigm Group on the creation of five new risk-rated portfolios as the IFA and mortgage broker network continues to expand its investment offering. Paradigm's new...

Focus: Ucits IV - Passport to freedom?
March 2, 2009... Byline: Stephen Wilmot Proposals for Ucits IV will lead to a raft of fund launches from international managers, as they seek to duplicate asset classes cheaply across different jurisdictions To the delight of international fund...

Future Films launches two funds.
March 2, 2009... Byline: James Kenny Investors who have been following the recent success of UK film Slumdog Millionaire at the Oscars can now invest in two new funds by film production company Future Films. The company, based in London and Los...

Money-market funds in banks' crosshairs.
March 2, 2009... Byline: Andrew Greene The banking industry is sensing an opportunity to kill these funds once and for all Just a couple of years ago, money-market funds generated about as much excitement as an insurance seminar. Now they are the buzz...

Global bond's dark side.
March 2, 2009... Byline: Chris Traulsen As previously noted in this column, the right currency bets made some global bond managers look like geniuses over the past 12 months, while the sector's rambling nature made others appear, well, less so. In...

JPMorgan moves into micro caps.
March 2, 2009... Byline: Rob Langston An increasing number of attractively valued micro-cap stocks has prompted JPMorgan European Fledgeling investment trust to double its weighting in the sector over the past few weeks. The GBP265m fund increased its...

Wedlake Bell warns on fees.
March 2, 2009... Byline: Rob Langston Non-executive directors of funds could be held liable for investor losses if they approve of changes to fund manager fees, city law firm Wedlake Bell warned last week. The firm said fund managers might try to...

Troubled 3i afflicted by S&P ratings cut.
March 2, 2009... Byline: Rob Langston Firm's credit rating downgraded after it said it would wind up private equity fund Problems in the private equity market have continued to plague 3i after it was downgraded by Standard & Poor's and moved to wind...

AIS investment trust moves to battle widening discount.
March 2, 2009... Byline: Rob Langston The Alternative Investment Strategies investment trust last week announced a tender offer of up to GBP26m in an attempt to reduce its discount. The board of the fund of hedge funds announced the measure following...

Kotak Mahindra launches fund.
March 2, 2009... Byline: Rob Langston Indian bank's new fixed income fund to invest in Indian-linked products Indian bank Kotak Mahindra has announced the launch of the Kotak India Income fund, which will invest in funds with exposure to Indian...

F&C links failed corporate governance to bank crisis.
March 2, 2009... Byline: James Kenny Serious corporate governance problems in financial sector could lead to closer scrutiny in future, says firm The spectacular failure of corporate governance is the main driver behind the banking crisis, according to...

Alexander David embraces EIS.
March 2, 2009... Byline: James Kenny Stockbroker ventures into retail fund management with enterprise investment scheme that will also invest in pre-IPO firms Stock broker Alexander David Securities is taking its first steps into retail fund management...

Aima reveals new hedge fund transparency move.
March 2, 2009... Byline: James Kenny The Alternative Investment Management Association has rolled out a new transparency initiative designed to promote the disclosure of significant positions and risk exposures by hedge fund managers to their national...

Gold ETCs trading soars: ETFS.
March 2, 2009... Byline: Jim Robinson Trading in physical gold ETCs has skyrocketed to more than $2.2bn (GBP1.5bn) in the past month alone, a year-on-year increase of more than 600 per cent, according to ETF Securities (ETFS). ETFS said demand for...

Focus: The other side of the Japanese coin.
March 2, 2009... Byline: Keith Donaldson The future for Japan may seem bleak, but the country's companies are in good shape for possible merger activity In many respects, Japan is a land of scarcity. Economic growth, habitable land and young people are...

What is next for commodity investing?
March 2, 2009... Byline: Phil Coggan Mining companies are struggling, but there's no point in giving up on commodities now Is the dream over for commodity investing? Certainly, investors who hung on for too long have taken a terrible hit. Shares in...

Fewer risks abound, but deflation looms.
March 2, 2009... Byline: Jim Leaviss The recession has been turned away from flirting with depression, but the war has not been won In the autumn of last year, when AIG was going bust, I remember thinking it was the end of the world. AIG had...

FSA gives green light to SVM fund.
March 2, 2009... Byline: Nick Rice The FSA has approved SVM Asset Management's new UK Absolute Alpha fund, which will bring the group's hedge fund expertise to the retail market. Like the SVM Saltire hedge fund, which delivered a gain of 19.7 per cent...

Distributor funds 'set to benefit from RDR'.
March 2, 2009... Byline: Sharon Flaherty Investment Funds Association says IFAs want more control, as funds grow in popularity The Retail Distribution Review (RDR) is expected to trigger a move towards the increased use of distributor-influenced funds,...

Nucleus reveals new IFA advisory board.
March 2, 2009... Byline: Sharon Flaherty Nucleus Financial, the adviser-owned and controlled wrap platform, has unveiled its new IFA advisory board, with the chair to be shared among a number of firms. In a new move that aims to give all member firms...

AIC hits the road on investment trusts.
March 2, 2009... Byline: Rob Langston The Association of Investment Companies (AIC) will hold four free roadshows for private investors wanting to find out more about conditions in the investment trust sector. The roadshows will provide investors with...

Protiviti predicts risk of clients' loss claims.
March 2, 2009... Byline: Rob Langston Audit firm warns investors could submit claims to IFAs relating to financial losses Advisers and fund managers could face a wave of claims from clients as a result of the financial crisis, according to audit firm...

Laven brews new funds.
March 2, 2009... Byline: Jim Robinson Four coffee-related funds to come, says investment manager, including one that is sharia compliant Laven Partners is working with Eiger Asset Management on the launch of four coffee-related funds, including a...

Focus: Home is where the credit is.
March 2, 2009... Byline: Steve Olejnik There are signs the property market may be stabilising, and the availability of credit, combined with low prices, will be crucial to ensure further recovery Following a rapid growth in the availability of credit,...

Analyst: F&C Global Bond.
March 2, 2009... Byline: Anna Lawlor F&C's Paul Grice talks to Anna Lawlor about his cautious pessimism on yields and experience managing Japan bonds The GBP55.7m F&C Global Bond fund is run by a self-proclaimed "grey hair" who breaks - or at least...

New Argonaut fund takes aim at returns.
March 2, 2009... Byline: James Kenny Ignis Asset Management joint venture partner Argonaut Capital Partners has launched a European Absolute Return fund. The fund will target an annualised double-digit return with limited volatility and be managed by...

There's money to be made in Asian markets: Barings.
March 2, 2009... Byline: James Kenny Investors could be missing out on some of the best returns by staying out of the Asian equity market, according to Baring Asset Management. The fund house recently analysed MSCI statistics between December 31 1987...

Be prepared for Japan's rally.
March 2, 2009... Byline: Tony Lanning One of veteran investor Warren Buffett's oft-cited quotes holds particular resonance today: "It takes 20 years to build a reputation and five minutes to ruin it." Japan's finance minister Shoichi Nakagawa fell on...

Analyst: Marlborough Fund Managers.
March 2, 2009... Byline: Stephen Wilmot Marlborough Fund Managers' Geoff Hitchin talks to StephenWilmot about his hybrid vehicle powered by bonds and sovereign debt Marlborough Fund Managers was founded by Geoff Hitchin in 1986 for the purpose of...

Principal Global Investors' McCaughan: Dangers litter the path to recovery.
March 2, 2009... Byline: Stephen Wilmot Principal Global Investors' chief executive, Jim McCaughan, talks to Stephen Wilmot about repositioning for a healthier business model, and his lack of faith in commodities Pundits are far warier of squaring up...

Newton removes Ghosh from Japan fund.
March 2, 2009... Byline: Nick Rice Newton Investment Management has taken manager Neiloy Ghosh off its GBP6m Japan fund after the fund underperformed over one and three years. Ewan Markson-Brown, a member of Newton's Asia team, will now run the fund,...

Investment View: Hargreaves defies IMA UK Equity Income sector division.
March 2, 2009... Byline: Nick Rice Hargreaves Lansdown's research team has said it will defy the IMA's division of the UK Equity Income sector into two, continuing instead to compare its constituents as a single unit. Meera Patel, senior analyst at...

Investment view: Equity Income fund controversy continues.
March 2, 2009... Byline: Nick Rice The controversy over how to assess multi-manager yields continues, after six of the 23 UK Equity Income funds that did not meet their targets turned out to be multi-managers. T Bailey Asset Management pointed out in...

Asian markets still an attractive investment.
March 2, 2009... Byline: Rob Langston The long-term opportunities for Asian markets still remain strong, as investors brace themselves for a flood of bad news during the next earnings reporting season. Investment specialists at Fidelity, Maria...

Quantitative easing should be last resort to shore up economy.
March 2, 2009... Byline: James Kenny The Bank of England has hinted quantitative easing may be the next step to shore up the economy, but that action should be delayed until it is certain all other economic initiatives have not worked. This is...

Bond sector could be negatively hit by bank nationalisation.
March 2, 2009... Byline: Rob Langston Governmental tinkering with corporate bonds issued by nationalised or part-nationalised banks may lead to a collapse of confidence in the bond sector, according to Ignis corporate bond manager Chris Bowie. Bowie,...

Henderson "on track" to acquire New Star but posts GBP10m profit drop.
March 2, 2009... Byline: Daniel McAllister The Henderson Group has cemented its plans to acquire New Star Asset Management as it posted full-year results that saw a GBP10m fall in pre-tax profit and a near GBP10bn fall in assets under management. ...

Cazenove plans to launch new absolute returns product.
March 2, 2009... Byline: Rob Langston Cazenove have signalled their intentions to launch new absolute return products following a wave of interest in the sector since the beginning of the year. Interest in the funds has soared since volatility in the...

Japan still a good investment but more govt intervention needed.
March 2, 2009... Byline: James Kenny The Japanese government's move to buy shares in its ailing stock market to prop up its economy is a short-term solution and will have no major long-term impact, John Millar, manager of Martin Currie's GBP98m Japan fund...

Henderson closes two offshore funds.
March 2, 2009... Byline: Rob Langston Henderson will close two offshore funds after worsening economic conditions caused assets under management to plummet. As a result, the Henderson Horizon Pan European Bond and the Henderson Horizon Pan European...

Neptune US Opportunities fund to smash GBP100m mark.
March 2, 2009... Byline: Rob Langston Neptune Investment Management said its US Opportunities fund has smashed through the GBP100m AUM mark for the first time since launching in 2002, following large inflows last year. Felix Wintle, manager of the...

JPM to launch AAA Sterling Liquidity fund.
March 2, 2009... Byline: Rob Langston JPMorgan Asset Management has announced it will be launching its AAA-rated JPM Sterling Liquidity fund on to the Cofunds platform, understood to be the first time for a fund of its financial strength. Jasper...

Murray International trust lifts dividends despite "financial pain".
March 2, 2009... Byline: Daniel McAllister The Murray International Investment Trust saw its total return on NAV tumble 12.3 per cent in 2008, compared with a benchmark dip of more than 21.7 per cent. The trust's board said although any capital loss...

Corporate governance failure driving banking crisis.
March 2, 2009... Byline: James Kenny The spectacular failure of corporate governance is the main driver behind the banking crisis, according to F&C Investments' annual responsible investment report. The report, released last week, highlighted the...

Alexander David Securities targets IFA market.
March 2, 2009... Byline: James Kenny Stockbrokers Alexander David Securities is taking its first steps into retail fund management with the launch of a smaller-company enterprise investment scheme. The Alexander David Small Cap EIS fund will seek to...