BlueBay opens Euro bond arm June 7, 2010 FIXED-income asset manager BlueBay has launched a new European rates business to take advantage of the turbulence in the eurozone sovereign bond market. The new division will be run by Mark Dowding, who joins as a senior portfolio manager from Deutsche Asset Management, where he was European head of institutional fixed income. Dowding will work [...]
ISA sales surged in April to hit new nine-year high June 7, 2010 THE investment Management Association’s (IMA) monthly fund statistics yesterday ISA sales in April were their highest for nine years while bonds remain the leading asset class. The statistics give new detail on retail sales channels and information on Fund Platform transactions. They also revealed that fund platforms’ market share of funds under management is increasing [...]
Commercial property loans showing signs of improvement as rents rise June 7, 2010 LOANS to commercial property firms rose by £727m in the last quarter, the first quarterly increase in a year, figures released yesterday showed. The rise contrasts with a £3.2bn overall drop in lending to UK businesses in the last three months, according to Bank of England statistics obtained by NB Real Estate. Loan-to-value ratios are [...]
BEST OF THE BROKERS June 7, 2010 THE RESTAURANT GROUP Evolution Securities has initiated coverage of The Restaurant Group (RTN) with a “buy” rating. Evolution said the group’s earnings should double in the next 10 years – five years under its bull case. While the near–term outlook remains uncertain, according to Evolution, RTN’s strong cash generation and trading resilience reassure. AVEVA Aveva [...]
CITY MOVES | WHO’S SWITCHING JOBS June 7, 2010 Barclays Wealth. The wealth manager has appointed Aaron Gurwitz as chief investment officer and head of research, economics and strategy and Kevin Gardiner as head of global investment strategy. Gurwitz, pictured, joined the firm in 2008 as part of the Lehman Brothers acquisition, having previously worked for PIM and Goldman Sachs. Gardiner joined last year [...]
Global airline equities are cleared for take-off June 7, 2010 THE global airline industry is set to take off this year, provided the economic recovery holds up, according to the International Air Transport Association (IATA), an association of 230 airlines. IATA has revised its 2010 profit forecast for the industry up to $2.5bn, having formerly predicted a $2.8bn loss. It says that low oil prices, [...]
US JOBS DATA CASTS DOUBT ON RECOVERY June 7, 2010 CFD MARKET STRATEGIST, GFT FRIDAY saw the release of the US non-farm payroll number for May. Following last month’s positive news, with 290,000 jobs added, the consensus this time was for an increase of around 520,000. Optimism grew as we came closer to the release and the “whisper number” crept up, with some estimates at [...]
Stormy season sparks natural gas bull move June 7, 2010 IT HAS been a difficult six weeks or so for the energy markets. Whether it was the oil spill in the Gulf of Mexico, continued concerns about growth in emerging markets or no end in sight to the Eurozone sovereign debt crisis, investors were shunning riskier assets such as oil in favour of safe havens [...]
CFD ANALYST PICKS June 7, 2010 TECHNICAL STRATEGIST JOEL KRUGER My pick: Buy the FTSE 100 at 4,900 Expertise: Technical analysis Average time frame of trades: 5-10 days Markets have come under intense selling pressure in recent weeks as investors fretted over the outlook for the global economy. The FTSE looks like it could retest recent lows of 4,900 in the [...]
FTSE slides over euro debt worries June 7, 2010 BRITAIN’S leading share index fell yesterday, with energy and mining stocks easing along with commodities on demand worries as downbeat US jobs data last week and euro debt concerns sapped investor confidence. The FTSE 100 ended down 56.94 points, or 1.1 per cent at 5,069.06, marginally off the session low of 5,040.26, having shed 1.6 [...]
