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Doubt cast over private equity returns record
August 12, 2010--The debate about whether private equity groups add value to their investments is set to take another twist with the publication of new research showing that the average buy-out fund has performed in line with stock markets.
Given that private equity is an illiquid asset class, locking up investors’ money for about 10 years, and is more risky, because of the extra debt used in many leveraged buy-outs, any suggestion that it struggles to beat public markets is a serious indictment.
A sample of 701 mature buy-out funds generated average annual returns of 7.6 per cent, against 6.8 per cent for “equally risky public market investments”, according to research by Oliver Gottschalg at the HEC School of Management in Paris.
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Source: FT.com
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 06-Aug-10
August 11, 2010--Last week saw US$296.3 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$136.6 Mn and Basic Resources with US$136.0 Mn while Food & Beverage experienced net outflows of US$37.2 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$146.1 Mn net inflows. Media sector ETFs have seen the largest net inflows with US$235.7 Mn, followed by Industrial Goods & Services with US$143.9 Mn while Telecommunications has experienced the largest net outflows with US$78.9 Mn YTD.
The US$9.2 Bn AUM invested in the ETFs is greater than the US$3.8 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in each of the corresponding futures contract in all 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Istanbul Stock Exchange “Public Disclosure Platform” is available in English
August 11, 2010--Istanbul Stock Exchange (ISE) completed the first phase of the English version of the Public Disclosure Platform (PDP), an electronic system managed by the ISE, through which electronically signed notifications required by the capital markets and ISE regulations are publicly disclosed.
In this phase, only balance-sheets and income statements shall be published in English. For the rest of the notifications, the subject part shall be in English and the content in Turkish.
Also, notification query is available for balance-sheets and income statements in English in the PDP English version page.
view the Public Disclosure Platform English Version
Source: Istanbul Stock Exchange (ISE)
Bad loans haunt Bank of Ireland
August 11, 2010--Pre-tax profits at Bank of Ireland fell 60 per cent in the first half of the year after it racked up almost €1bn (£832m) of losses relating to the tattered portfolio of commercial property loans that it is selling to the Irish government.
The bank is undergoing a restructuring after an overzealous lending spree left it nursing bad debts when the Irish property market collapsed. It is now repairing its balance sheet, largely by transferring about €12bn of property loans to the National Asset Management Agency, the Irish government-run bank, at a discount.
Bank of Ireland, which is 36 per cent state-owned, incurred a €466m loss on the sale of the first tranche of €2.2bn of loans, which were shifted to Nama this year.
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Source: FT.com
Germany sees launch of biggest fund of fund since Lehman collapse
August 11, 2010--LGT Capital Partners and Solutio have launched Germany's biggest private equity fund of fund since the collapse of Lehman Brothers.
The launch coincides with reports from Fidelity International that the German fund of fund market has recovered to pre-crisis levels.
Originally drafted for €500m, LGT’s investment fund has amassed €562m in assets according to Solutio. The funds come from over 30 investors, including pension schemes, insurance companies and foundations.
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Source: IP&E
Britain opposed to any EU-wide taxes
August 10, 2010-- Britain will block any attempts by the European Union to introduce new bloc-wide direct taxes to finance the EU budget, a minister said Tuesday.
The EU hopes the plan, expected to be unveiled next month, will give it more independence and help finance the 27-country bloc's expansion proposals.
James Sassoon, the Commercial Secretary, said Britain insists that it retain full control over its own tax policy.
"The government is opposed to direct taxes financing the EU budget," he said.
"The UK believes that taxation is a matter for member states to determine at a national level and would have a veto over any plans for such taxes."
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Source: EU Business
Press Release: ISE initiates “Sustainability Index” Project
Istanbul Stock Exchange (ISE) and Business Council for Sustainable Development Turkey signed a Memorandum of Understanding (MoU) and initiated the “ISE Sustainability Index” Project in a joint press meeting
August 10, 2010--Mr. Hüseyin ERKAN, Istanbul Stock Exchange Chairman & CEO, and Mr. Mehmet
GÖÇMEN, Chairman of Business Council for Sustainable Development Turkey, today signed a Memorandum of Understanding (MoU) in order to jointly create a new index offering significant opportunities for the capital markets, companies and investors, namely, “ISE Sustainability Index”.
Mr. Hüseyin ERKAN remarked on the relevance of sustainability programs to the investment environment.“In preparing their management strategies, companies now take into consideration the social and environmental risks caused by their operations in
addition to the economic added value they create. Consumers on the other hand, in their purchases of goods and services, now consider the effects of such goods and services on
the society and on the environment. Shareholders expect companies to be transparent and
accountable on these subjects.
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Source: Istanbul Stock Exchange (ISE)
iShares considers expanding fixed income ETF range in Europe
August 10, 2010--BlackRock is considering how to expand its range of fixed income exchange traded funds after seeing assets held in iShares European-domiciled fixed income ETFs more than double over the past two years and surpass the $25bn mark.
“When iShares started to create fixed income ETFs in Europe in 2003, we really had no idea that the business would grow to this size,” said Alex Claringbull, senior portfolio manager at BlackRock:
“At that time, ETFs were generally viewed as equity related instruments and indeed many people thought that the “E” stood for equity.
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Source: FT.com
BT Asset Management Launches Licensing Procedure for a Passively Managed Fund on ATX
August 10, 2010-- BT Asset Management launches the licensing procedure of the BT Index Austria ATX, a passively managed fund on the ATX, the Austrian Traded Index. The ATX, the leading index of the Vienna Stock Exchange, is a capitalization-weighted price index, made up of 20 Austrian blue chip stocks traded at the Vienna Stock Exchange. The index is calculated and disseminated in real time and denominated in EUR.
As of 31 July 2010, the ATX market capitalization amounted to EUR 58,87bn, the effective tradable capitalization being EUR 35,20bn.
The ATX is a globally recognized brand name and reference for the Austrian capital market. Worldwide, the index is used by more than 23 issuers (banks, insurance companies, asset managers) as underlying for their financial instruments, such as structured products and standardized derivatives (futures and options). Currently, there are over 1.500 structured products (certificates, warrants, bonds), 2 Exchange Traded Funds and 2 passively managed funds linked to ATX.
“Banca Transilvania Asset Management is the first Eastern European financial institution that has received a license from Wiener Börse AG to use the ATX as underlying for a fund containing Austrian shares. We are happy to see an increasing interest of Romanian investors in companies listed on the Vienna Stock Exchange,“ said Michael Buhl, CEO of Wiener Börse AG.
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Source: Wiener Börse AG
France rejects EU-wide tax plan
August 10, 2010--France on Tuesday rejected as "ill-timed" EU authorities' proposal for new bloc-wide direct taxes to finance the EU budget, adding its voice to protests from London and Berlin
We judge this idea of a European tax perfectly ill-timed," France's junior minister for Europe, Pierre Lellouche told AFP.
"Any extra tax is currently unwelcome. It is much more the time for the member states and also European institutions to make savings."
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Source: EUbusiness
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