UK bond chief expresses doubts over green gilts January 20, 2020 The head of the UK’s debt management office (DMO) has questioned the case for issuing “green” government bonds, calling it a “symbolic” step unless investors were willing to pay more for the gilts. Sir Robert Stheeman told the Financial Times the issuing of “green gilts” — government debt where proceeds are spent on environmentally-sustainable projects [...]
Ashmore assets under management near $100bn after strong inflows January 15, 2020 Positive investor sentiment towards emerging markets has helped boost specialist asset manager Ashmore close to the $100bn (£77bn) assets under management (AUM) milestone. In an update to the stock exchange today, Ashmore reported a 7.1 per cent increase in AUM, which jumped $6.5bn in the three months to 31 December to $98.4bn. Read more: Provident [...]
Blackrock takes tougher stance on climate change after campaigner pressure January 14, 2020 Blackrock has announced it will put environmental sustainability at the core of its investment strategy, following criticism the asset management titan has failed to use its power to combat climate change. The world’s largest asset manager announced a sweeping overhaul in a bid to position itself as a sustainable investment leader, pledging to take steps [...]
What Blackrock’s climate change strategy overhaul actually means January 14, 2020 Blackrock, the world’s largest asset manager, today announced that it will make environmental sustainability the core goal of its investment strategy. The investment titan, which manages $7 trillion (£5.4 trillion), has pledged to overhaul its investment practices and introduce new investment products as part of what founder and chief executive Larry Fink called “a fundamental [...]
2019 was worst year on record for UK property funds January 7, 2020 UK property funds endured the largest and most sustained withdrawals on record in 2019, with total outflows of £2.2bn, as the industry was dented by weakening sentiment over Brexit and the fallout from the M&G real estate fund suspension. The figures, which are equivalent to £1 in every £15 under management in property funds being [...]
Neil Woodford and partner bagged £13.8m in year before empire collapsed January 7, 2020 Neil Woodford and his partner Craig Newman were paid almost £14m in dividends in the year leading up to the fund crisis that ultimately brought down their company. For the year ending 31 March 2019, Woodford Investment Management’s profit more than halved, falling from £33.7m to £16.3m, according to accounts submitted to Companies House. Read [...]
Why more and more fund managers are turning to shareholder activism January 6, 2020 According to Greta Thunberg, “the danger is when politicians and CEOs are making it look like real action is happening, when in fact almost nothing is being done.” She may find some unlikely bedfellows in the Square Mile. Active fund managers have endured a torrid time of late. The Woodford saga and M&G’s decision to [...]
Sun Life to buy Infrared Capital for £300m December 18, 2019 Canadian insurance giant Sun Life has announced it will buy a majority stake in London-based infrastructure and real estate investment manager Infrared Capital. Sun Life will buy an 80 per cent stake in Infrared Capital for £300m, with Infrared’s owners retaining the option to sell their remaining stakes to Sun Life four years after the [...]
Timetable set for Neil Woodford fund repayments December 13, 2019 Administrators have finalised details for the winding up of Neil Woodford’s Equity Income Fund (WEIF), the suspension of which triggered a scandal that led to the collapse of his investment empire. In a letter to investors today, Link Fund Solutions said the process of winding up the fund will begin on 18 January. The final [...]
Edinburgh Investment Trust sacks Invesco’s Mark Barnett over poor performance December 11, 2019 Edinburgh Investment Trust has fired Invesco stockpicker Mark Barnett as its manager following poor performance, in a further blow to the former Neil Woodford protege. Barnett, who took over the managing of the trust from Woodford in 2014, will be replaced by Majedie Asset Management in the first quarter of 2020. Read more: Woodford protege [...]