Fund Strategy
9 June 2008

  • A touch of the 'other' works wonders

    9 Jun 2008

    Jason Britton, chief executive of T Bailey, attributes the consistent first-quartile returns of his firm's growth fund to several factors, among them its ability to invest in "other" asset classes.

  • After Bear, we are still in the woods

    10 Jun 2008

    The rescue of Bear Stearns brought a nervous sigh of relief, and employment, technology and energy are showing encouraging signs, but dangers remain - not least in the housing market.

  • After penance, blessings may follow

    10 Jun 2008

    Financial institutions on both sides of the Atlantic have confessed their losses and been given absolution - a phase that looks set to continue. But better times will come for seekers of value.

  • Backing for Credit Suisse launch

    9 Jun 2008

    Unitholders have voted for the launch of a second multi-manager multi-asset fund by Credit Suisse. The Multi-Manager Multi Asset Growth portfolio began trading last week with approximate weightings of 50% in equities and fixed income, 30% in alternatives and 20% in tactical opportunities. Credit Suisse launched its Multi Asset Distribution fund last year.

  • Bank pegs interest rates at 5%

    9 Jun 2008

    The Bank of England's Monetary Policy Committee left interest rates on hold last week, at 5%. The decision was widely expected in the face of continuing concerns over rising inflation. The most recent change was a quarter-point cut in April. The European Central Bank also left its rate unchanged, at 4%.

  • Big fish is first among independent minnows

    9 Jun 2008

    Malcolm Murray, head of marketing at Transact, answers this week's questions from Will Jackson.

  • Blackrock tops the popularity poll

    9 Jun 2008

    The BlackRock UK Absolute Alpha has become the most-named fund in the Adviser Fund Index. A main attraction is that its structure allows it to benefit from falling as well as rising markets.

  • BlackRock wins mandate for Throgmorton small caps

    9 Jun 2008

    The board of the £275m Throgmorton investment trust has handed the investment mandate of the portfolio to BlackRock.

  • Braced for a long and painful haul

    10 Jun 2008

    The impact of declining consumer and government spending means Britain faces a period of slow growth into 2009 - and some managers are reducing their exposure to British companies.

  • Buying cheap and staying cheerful

    10 Jun 2008

    After a short-lived rally in the markets, credit fund managers expect full recovery to take some time. Some are taking advantage of low values in bank debt as they watch for glimmers of confidence.

  • Collins Stewart in talent swoop

    9 Jun 2008

    Collins Stewart has hired 13 members of Dresdner Kleinwort's investment companies team. They include managing directors Robbie Robertson, Gavin Tooke and Andrew Zychowski, and analyst Alan Brierley. Several of the team have worked together for over 20 years, initially at Wood Mackenzie. The hirings are part of Collins Stewart's plan to broaden its product offering and diversify its business stream.

  • Defence mechanism

    9 Jun 2008

    Structured products aim to protect investors' capital in all market conditions. But does the armour-plating hamper the speed with which returns are gained? Paul Farrow assesses a market that is thriving and raking in billions.

  • Dollar route an option for UK players

    10 Jun 2008

    British banks are starting to replenish their capital base, but with liquidity limited in the sterling corporate bond universe, the dollar and euro denominated markets offer a promising alternative.

  • E.Tr@der

    9 Jun 2008

    Have you seen how bank shares have tanked? If investors like TCI and Texas Pacific think it’s time to get on board, shouldn’t you follow suit? Buy when the cannons are thundering, as Baron Rothschild would say.

  • Europe's prudence aids restoration

    10 Jun 2008

    Chances of a recovery in private consumption are growing as business confidence rises in France and Germany. Europeans are also comparatively free of the debt burden of American consumers.

  • Fund Manager's Diary

    9 Jun 2008

    Wednesday Get into the office early for team meeting, having just flown back from France. We review companies and issuances. Big themes are financials and America, and there has been a new convertible bond issue in Europe. We are hoping this is the first of a list of new issues in the region.

  • Fund name/type Launch

    9 Jun 2008

    September (see Fund Strategy, May 26, page 7).

  • Gap narrows on the road to prosperity

    9 Jun 2008

    Only a few years ago the emerging markets were considered suitable only for the young and adventurous. The average investor would have at most a few per cent of emerging market stocks in his portfolio.

  • Heat of the moment

    10 Jun 2008

    Spiralling commodity prices and the looming recession are leading pundits to fear a return to the 'stagflation' of the 1970s, when slow growth was coupled with soaring inflation. Simon Hildrey reports.

  • High rice price is short-term trend

    10 Jun 2008

    While the rising cost of rice presents an export opportunity for the top producing nations, such as China, it will be a challenge for economies that depend on importing it, especially the Philippines.

  • IMA plans poll on creation of property sector

    9 Jun 2008

    The Investment Management Association (IMA) is to consult its members on whether it should create a property sector. This follows a growth in the number of property funds to more than 30.

  • India's strength 'at risk from mismanagement'

    9 Jun 2008

    A mismanagement of India's growing cyclical pressures poses a threat to the country's structural strengths according to a report by Lombard Street Research*.

  • Invesco promotes fund co-manager

    9 Jun 2008

    Invesco Perpetual has promoted Michael Matthews to manage the Invesco Sterling Bond fund. Matthews has co-managed the fund since April 2006 with Paul Causer and Paul Read. The management style of the fund is not expected to change and Matthews remains part of the firm's UK Fixed Income team. The fund's investment objective will not change.

  • L&G to continue expanding range

    9 Jun 2008

    Fund Strategy understands L&G is planning to launch an Asian equity income fund and a multi-asset product, subject to Financial Services Authority approval, later this year.

  • Look west, where the worst is over

    9 Jun 2008

    Investors should turn their attention away from Europe and towards America: the clean-up has already begun there, while Europe cannot yet assess how bad things might become.

  • Manager leaves ahead of Midas fund changes

    9 Jun 2008

    Tom McGrath, former co-manager of the Miton Arcturus portfolio, has left Midas Capital. McGrath's departure precedes a summer relaunch of the Midas fund range, which follows the firm's merger with iimia MitonOptimal earlier this year.

  • Meat and fission back on the menu

    9 Jun 2008

    Investors hunt for growth when credit is costly and scarce and strong bets are agriculture as the world's population demands more protein and nuclear power to meet soaring energy needs.

  • Mellon Global goes for name change

    9 Jun 2008

    The company Mellon Global Funds has been renamed BNY Mellon Global Funds. The move follows the July 2007 merger between the Bank of New York and Mellon Financial to create the Bank of New York Mellon. The BNY prefix has been added to all sub-funds within the Mellon Global Fund range.

  • Mystery players prepare for Second Coming

    9 Jun 2008

    Fund Strategy has learnt that a new investment company, Second Coming Asset Management (Scam), is set to open for business next week.

  • New star's sparkling rough diamond

    9 Jun 2008

    Amid New Star's comparatively lacklustre performance over recent years, Tim Steer's record shines more brightly than most. Much of it is down to the stockpicking system he calls Verge.

  • Norwich Union unveils two plans

    9 Jun 2008

    Norwich Union is launching two Norwich Capital Protected Plans. The three-year plan offers the return of the initial investment plus two-and-a-half times the percentage rise in the FTSE 100 index, with the total amount paid capped at 24%. The six-year plan offers the same level of market participation, with the total amount paid capped at 60%. Investors' money is invested in a medium-term note. The minimum investment is £1,000 and there is no maximum investment.

  • Now to ride out market aftershocks

    10 Jun 2008

    While European equity markets have shown some recovery, they will remain volatile. Wise investors will focus on strong sectors across the region, such as energy, rather than countries.

  • Nurs boosts powers of schroders portfolios

    9 Jun 2008

    Andrew Yeadon, head of multi-manager at Schroders, answers this week's questions from Adam Lewis.

  • Obstacles on the road to recovery

    10 Jun 2008

    Despite some restoration of market confidence, there are still challenges ahead - not least the collapsing housing market, rising fuel and commodity costs and the threat of a decline in GDP.

  • Oil price fuels interest in Middle East and North Africa

    9 Jun 2008

    Several fund groups have launched Middle East and North Africa (Mena) funds recently. In April Investec added two Mena funds to its Frontiers range, while last week Pictet announced the launch of its Mena offering. Charlemagne Capital is also launching a Mena portfolio later this month, as reported in Fund Strategy (June 2, page 7).

  • Oil-fired inflation threatens growth

    10 Jun 2008

    Central bank inflation targets have been exceeded as food and fuel prices soar. Investors took fright when oil surged to $135 a barrel last month, bringing an Asian stockmarket rally to an abrupt end.

  • Pessimism could be a good thing

    10 Jun 2008

    The cash reserves of investors who are sitting tight, despite a strong showing in some sectors and signs of stabilisation in the American housing market, may help the markets to rally.

  • Report forecasts 'gloom' for Britain

    9 Jun 2008

    Britain's economic prospects are gloomy according to the latest edition of the twice-yearly Economic Outlook from the Organisation for Economic Cooperation and Development (OECD).

  • SGAM to streamline its UK fund range

    9 Jun 2008

    Soci? G?rale Asset Management (SGAM) plans to trim its UK fund range.

  • Shows the Ifo Business Climate index for Germany

    10 Jun 2008

    on April 30, the Fed is now running out of ammunition. On balance, the companies we are meeting have been finding the environment more challenging, with the poor combination of record oil and commodity prices, a weak dollar - although it seems to have found some support of late - and a retrenching consumer.

  • Signals point to a Tokyo turnaround

    10 Jun 2008

    Japanese stocks are cheap, and it is not just the indices that say so. A range of valuation data supports this view. It may be time to think less about the risks and more about the opportunities.

  • Spectre of inflation is not whole story

    10 Jun 2008

    Judging by this issue of Fund Strategy's Quarterly Review it seems that inflation has risen from the dead. Back in the 1990s it became fashionable to proclaim "the death of inflation". Roger Bootle, now managing director of Capital Economics, even had a book of that name published in 1996. But the evil spirit of inflation seems to have been resurrected.

  • Steady course in the right direction

    9 Jun 2008

    Now in year two of its three-year plan, F&C is reviewing its distribution channels. But is there a danger of too much change, too soon making analysts nervous? Neal Underwood investigates.

  • Treasury Asia to run Asia Pacific for Skandia

    9 Jun 2008

    Skandia Investment Group has announced a change to the manager line-up for its £430m Global Best Ideas portfolio. The firm has awarded the £30m Asia Pacific mandate, formerly run by Aberdeen Asset Management's Hugh Young, to Treasury Asia.

  • Two Templeton funds launched

    9 Jun 2008

    Franklin Templeton Investments has launched two fixedincome funds - the Templeton Global Total Return Bond and the Templeton Strategic Bond - in its British-registered range. The Global Total Return Bond fund seeks to achieve a total return over the long term from income, capital appreciation and currency gains. The Strategic Bond fund aims to deliver a regular income and achieve a positive return over the medium to long term by investing in fixed and floating-rate debt securities of ...

  • Two to fill Fidelity manager's shoes

    9 Jun 2008

    John Stavis, manager of the £653m Fidelity Income Plus and the £226m Fidelity Growth & Income funds is to be replaced by two new managers.

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