FTAdviser.com

Confidence drops in money market funds

Story by: James Kenny, Nick Rice and Rob Langston, Investment Adviser

The aura of stability and protection surrounding money market funds has started to wane with six out of 29 funds in the IMA Money Market sector losing money over three months to 22 September, according to figures from Morningstar.

• Time published: 00:01
• Date published: 06.10.2008
• Published in: Investments

Henderson's Pattullo regrets bet on asset-backed securities

The manager of the £672.6m Henderson Preference & Bond fund has said he regretted buying late into the asset-backed security boom and described the fixed interest climate as the worst in the last 10 years.

• Date published: 06.10.2008

Parmenion launches new stand-alone business

Platform service provider Parmenion Capital Partners has launched a new stand-alone business, Parmenion Fund Research.

• Date published: 06.10.2008

Insight claims investment exposure secure

Insight Investment's multi-manager team has said its investment banking exposure is secure after putting a quarter of its £435.7m Diversified Target Return fund in structured notes

• Date published: 06.10.2008

Shareholders approve Lazard plan to amend fund

Shareholders approved Lazard Asset Management’s bid to amend its £116.2m UK Income fund’s investment objective.

• Date published: 06.10.2008

Witan undershoots benchmark after Asian turmoil

The Witan Pacific investment trust undershot its benchmark over six months after the Indian markets lost more than a quarter of their value.

• Date published: 06.10.2008

FSA urges firms to make sure customers are fully advised on Sipp transfers

Firms must provide “suitable” advice to help customers make informed decisions about transferring built-up National Insurance rebates into self-invested personal pensions, the Financial Services Authority warned.

• Date published: 06.10.2008

CBI predicts more than 12,000 jobs to go

Survey finds business shrinking across banking and fund-management sectors with business sentiment falling drastically

• Date published: 06.10.2008

Henderson sees weakness in Chinese equity markets

Fund managers at Henderson Global Investors reported mixed activity in global equities markets as unstable economic conditions persisted.

• Date published: 06.10.2008

IMA calls for abolition of tax regime

The Investment Management Association has called for the abolition of the fund-specific SDRT regime and a quick resolution of the tax treatment of UK investment management services to offshore funds.

• Date published: 06.10.2008

Axa appoints Chaney as chief economist

Axa Investment Managers has appointed Eric Chaney as its chief economist.

• Date published: 06.10.2008

Merchant research highlights IFAs' fears over Sipp reform

Many IFAs are sceptical changes to regulations governing the self-investment of protected rights will run smoothly, according to research by Merchant Investors.

• Date published: 06.10.2008

Skandia ditches Lehman as commodity manager

Chief investment officer James Millard says investment group is to transfer to Morgan Stanley strategy

• Date published: 06.10.2008

Aviva Investors launched after months of restructuring

A radical change, not simply rebranding claims Aviva Investors' chief executive

• Date published: 06.10.2008

Market volatility boosts Absolute Return retail sales

Investors rush to shed exposure to equities according to IMA monthly fund figures

• Date published: 06.10.2008

Barings positions itself for new purchases

The £74.7m Baring Extended Risk fund has positioned itself for a swathe of purchases by putting a further 5 per cent of its assets in cash.

• Date published: 06.10.2008

Crisis will result in smaller financial sector, claims T Rowe

The financial sector is going to be smaller and less lucrative as a result of massive restructuring and increased government regulation in the aftermath of the current crisis, according to Jeff Arricale, manager of the T Rowe Price Financial Services fund.

• Date published: 06.10.2008

Equity funds post gains, says FundsNetwork

Income proved the most popular investment choice in August as equity funds posted pre-bail-out gains, according to Fidelity FundsNetwork.

• Date published: 06.10.2008

Investment trusts risk being kicked out of FTSE All-Share index

A “significant number” of investment trusts are at risk of exclusion from the FTSE All-Share index as changes to its liquidity rules are introduced, according to analyst firm Winterflood Securities.

• Date published: 06.10.2008

Schroders makes move to strengthen position in eastern markets

Schroders has completed the acquisition of Taiwanese E.Sun Securities investment trust for £8.8m from E.Sun Financial Holding.

• Date published: 06.10.2008

S&P Fund Services see Russian opportunities despite stock market fluctuations

Violent fluctuations in Russia’s stock market have not dampened investors’ confidence in the country’s long-term investment prospects, according to research from S&P Fund Services.

• Date published: 06.10.2008

Ireland falls into recession for first time since 1980s

Irish prime minister Cowen defiant country will come out of slump arguing downturn part of economic cycle

• Date published: 06.10.2008

Japanese equities set to overcome hurdle

Jupiter says institutional investors are finally ready to enter market

• Date published: 06.10.2008

Fund managers warn of years of fallout from crunch

The fallout from the credit crunch, which reached fever pitch last week, will wreak havoc through the global economy for years to come, fund managers warned.

• Date published: 06.10.2008

Low Carbon winds back

Low Carbon Accelerator, a closed-end investment company that invests in low-carbon companies, said it was focusing its resources on supporting existing portfolio companies due to current market conditions.

• Date published: 06.10.2008

Canada Life extends the new offer period

Canada Life has extended the new offer period on its Canada Life Income fund until the end of the year.

• Date published: 06.10.2008

Bold action needed to stabilise UK business, claims RLAM

"Bold, imaginative and significant action" is needed to stabilise UK business, according to Royal London Asset Management.

• Date published: 06.10.2008

Investors with strong capital preservation should have weathered bail-out upset, claims Julius Baer

Investors with low turnover and strong capital preservation should have weathered the initial US bail-out failure intact, according to Julius Baer Group.

• Date published: 06.10.2008

IMA urges FSA to abolish reduction-in-yield reports

IMA claim reduction-in-yield information has no benefit to consumers and could be potentially misleading

• Date published: 06.10.2008

New Star's Webster urges a return to traditional investing

Manager says he is stunned more investors are not diversifying despite continuing volatility

• Date published: 06.10.2008

Fidelity makes soothing noises about stock-market rebounds

Market volatility should be included in investors’ long-term plans and preparations made in view of the volatile economic climate, according to Fidelity.

• Date published: 06.10.2008

Corazon opens Alternative Investment to retail market

Channel Islands-based fund manager Corazon Capital is opening its $82m (£46m) Alternative Investment fund to the retail market following strong demand.

• Date published: 06.10.2008

Fidelity plans to switch whole multi-manager portfolio to non-Ucits scheme

Fidelity is planning to switch its entire multi-manager portfolio to the non-Ucits retail scheme in a bid to diversify the funds’ investment potential.

• Date published: 06.10.2008

Evershed passes New Star small-cap baton to Green

Long-standing small-cap fund manager Patrick Evershed has stepped down at New Star Asset Management and been replaced by newly appointed Trevor Green.

• Date published: 06.10.2008

BlackRock uncovers good news on US recession

The global credit crunch will only tip the US into a mild recession despite last week’s calamitous events, according to BlackRock’s Bob Doll.

• Date published: 06.10.2008

Sipps interest on the rise, claims AJ Bell

Interest in Sipps is on the rise, according to AJ Bell, one of the largest Sipp administrators in the UK.

• Date published: 06.10.2008

Barclays Wealth launches pair of Defined Returns plans

Barclays Wealth has launched two new Defined Returns plans, available from 1 October.

• Date published: 06.10.2008

Engaged Mutual fund changes mandate

Engage Mutual's unitised With Profits fund will adopt a more active investment mandate at no extra cost to customers.

• Date published: 06.10.2008

Premier fund rebuild almost complete

Manager claims new structure radically different from previous one, with focus on large-cap stocks

• Date published: 06.10.2008

Blue Gate in driving seat with commercial property vehicle

Sale and leaseback of car dealerships used to launch Capital Fixed Uplift fund which aims to raise £4.5m

• Date published: 06.10.2008

New Star recession indicator above 50%

New Star’s “monetary recession probability indicator” for the UK is now above 50 per cent, according to chief economist Simon Ward.

• Date published: 06.10.2008

Prospect launches new low-risk fund

Prospect Wealth Management has announced the launch of a new investment portfolio to protect investors against current volatility in the market.

• Date published: 06.10.2008

Assured Future moves to grow business

IFA firm Assured Future has relocated to Great Missenden, Buckinghamshire, with a view to expanding its team and developing its client base across the Thames Valley area.

• Date published: 06.10.2008

Bloxham looks to market recovery in 2009

Dublin-based wealth manager Bloxham is gearing up for what it expects will be a substantial recovery in 2009 despite pronounced market volatility in 2008.

• Date published: 06.10.2008

F&C upbeat on European firms despite volatility fears

European companies continue to present opportunities for investors despite fears over volatility in the Anglo-Saxon economies, according to F&C's Crispin Longden.

• Date published: 06.10.2008

S&P rolls out Commercial Paper index

Standard & Poor’s has rolled out the S&P US Commercial Paper index, designed to provide a benchmark for the country’s commercial paper market.

• Date published: 06.10.2008

Vehicle was untouched by shorting ban, claims BlackRock

Firm says UK Absolute Alpha did not close any positions last month

• Date published: 06.10.2008

UK equity funds take a battering, says Morningstar

The performance of the whole gamut of UK equity funds and a raft of UK bond funds took a hammering over the third quarter as the credit crunch continues to ravage returns, according to research by Morningstar.

• Date published: 06.10.2008

Newton hires new investment director

Newton Investment Management has appointed Karen Clark as director of investment management for its private client division.

• Date published: 06.10.2008

Liontrust appoints Tim Gordon as distribution manager

Liontrust Asset Management has appointed Tim Gordon as third-party distribution manager.

• Date published: 06.10.2008

TBO fined over advice records

The Financial Services Authority has fined a York-based investment firm over failing to clearly document the explanation of risks to clients.

• Date published: 06.10.2008

Blue Sky defends structured product

Accelerated Recovery Plan breached capital protection barriers last week

• Date published: 06.10.2008

Aberdeen stake snapped up by MUTB

Japan’s Mitsubishi UFJ Trust and Banking Corporation has snapped up a nearly 10 per cent stake in Aberdeen Asset Management.

• Date published: 06.10.2008

Close seals deal with Fountains

Close Investments has sealed an investment partnership with international land asset management firm Fountains Forestry in a bid to boost its green credentials.

• Date published: 06.10.2008

Advisers change commission structure

Advisers have started to reduce the initial commission they charge in favour of enhanced recurring remuneration, according to new analysis by Skandia.

• Date published: 06.10.2008

Schroders delays launch of agricultural trust plans

Schroders has temporarily shelved plans to launch its Agricultural Land trust after growing concerns over volatility in the equities markets.

• Date published: 06.10.2008

RWC launches new long/short Asia fund

Manager aims to attract long-term investors with stocks in large, liquid firms

• Date published: 06.10.2008

Morningstar acquires UK-based data provider

Investment research firm Morningstar has acquired Fundamental Data, a UK-based provider of data on closed-end funds, for £11m.

• Date published: 06.10.2008

Fortis looks to sell Artemis following bail-out

• Date published: 06.10.2008

Knox looks to future with US fund

Knox D’Arcy Investment Management said it could launch its Directors Dealings trust in the US if the fund is successful in the UK.

• Date published: 06.10.2008

ECB leaves interest rates unchanged

Current rate of 4.25 per cent is at a seven-year high since July's quarter-point rate rise

• Date published: 06.10.2008

Midas makes Callow assistant manager of trust

Midas Capital Partners has appointed Simon Callow as assistant manager of the Midas Income & Growth trust.

• Date published: 06.10.2008

Thames River appoints Pollok as risk manager

Thames River Capital has appointed Graeme Pollok, a senior figure from the Financial Services Authority, as compliance and risk manager.

• Date published: 06.10.2008

Morningstar reveals short-term performance craze

The latest data from Morningstar has revealed a short-term performance craze in the volatile UK equity markets that IFAs say could damage long-term returns.

• Date published: 06.10.2008

Fidelity offers free entry into Multi-Asset Strategic fund

Fidelity International is offering free entry into its £53.4m Multi-Asset Strategic fund in a bid to woo cautious long-term investors onto its books.

• Date published: 06.10.2008

Sparinvest enters UK market

Danish fund management group Sparinvest has made its first foray into the UK retail market with three strategic asset-allocation funds.

• Date published: 06.10.2008

Old Mutual pays out almost £50m in compensation

Old Mutual has dished out nearly £50m to settle a long-rumbling dispute between its Skandia subsidiary and its former Swedish asset management business.

• Date published: 06.10.2008

Bolton admits he on a buying spree of cheap stocks

Darling of the fund management industry Anthony Bolton signalled the bottom of the UK stock market by admitting he is on a buying spree of “cheap” stocks at the pinnacle of the credit crisis.

• Date published: 06.10.2008

Skerritt look into wine and timber

Hove-based IFA Skerritt Consultants has said it is launching an alternatives portfolio to take advantage of consistently outperforming asset classes.

• Date published: 06.10.2008

Threadneedle in talks for Protego merger

Threadneedle said it was in talks to merge its Property Unit Trust with a £61m fund from real estate investor Protego.

• Date published: 06.10.2008

Bestinvest chief, Andrew Barnes resigns

The chief executive of Bestinvest, Andrew Barnes, has resigned after less than two years in the job.

• Date published: 06.10.2008

SLI seeks expansionary opportunities

Standard Life Investments has said it is looking to acquire new teams and businesses as the market dips and value opportunities continue to unfold.

• Date published: 06.10.2008

PFB looks to launch data fund

Pinder Fry & Benjamin is considering the launch of a new property data fund following the successful launch of its first closed-end data centre fund back in August 2007.

• Date published: 06.10.2008

Liontrust seeks to launch global products

Firm says it will develop any absolute alpha retail products in conjunction with its long-short equity hedge fund range

• Date published: 06.10.2008

Threadneedle in talks for Protego merger

Threadneedle is in talks to merge its Property Unit Trust with a £61m fund from real estate investor Protego.

• Date published: 03.10.2008

IMA calls for abolition of reduction in yield reports

The Investment Management Association (IMA) has called on the Financial Services Authority (FSA) to abolish requirements for authorised funds to report reduction in yield information.

• Date published: 30.09.2008