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10/11/2010
Fonds

db x-trackers continue de collecter davantage que Lyxor

Pour janvier-octobre, les souscriptions nettes enregistrées par les ETF domiciliés en Europe ont porté sur 38,9 milliards d’euros. iShares (BlackRock) reste largement en tête avec une collecte de 10,4 milliards de dollars, suivi de db x-trackers (Deutsche Bank) avec 7,9 milliards et de Lyxor Asset Management (Société Générale), avec 4 milliards. A fin septembre, la troisième place était tenue par Source, selon les statistiques mensuelles de BlackRock.En d’autres termes, db x-trackers, qui a drainé 2,5 milliards sur un total de 7,9 milliards de dollars en octobre, reste derrière iShares (2,8 milliards) mais surclasse Lyxor pour au moins le troisième mois consécutif . le troisième du palmarès des rentrées nettes pour octobre est Swiss & Global Asset Management (0,1 milliard de dollars).Les encours d’iShares restent de loin les plus importants, avec 181 produits et 98,2 milliards de dollars fin octobre, devant ceux de Lyxor (148 fonds et 49,9 milliards) et de db x-trackers (139 ETF et 47 milliards).D’une manière générale, les actifs gérés par les ETF domiciliés en Europe représentaient 274,1 milliards de dollars contre 256,2 milliards fin septembre et 226,9 milliards fin décembre 2009. L’encours a donc augmenté de 20,8 % sur les dix premiers mois de l’année. Le nombre d’ETF ressortait fin octobre à 1.048 (cotés 3.512 fois) contre 1.030 fin septembre.
Fonds
10/11/2010
Fonds

Huashang lève 12 milliards de yuans pour son dernier fonds diversifié

Le 10 novembre, Huashang a annoncé avoir réussi à drainer 12 milliards de yuans (1,81 milliard de dollars) pour son fonds diversifié le plus récent, le Strategy Enhanced Balanced Fund, qui est géré par Sun Jianbo, gérant de portefeuille du Prosperous Growth Fund et CIO adjoint de Huashang. Ce nouveau produit, pour lequel la souscription a été close de manière anticipée, est très souple puisqu’il peut monter à 85 % en actions et à 65 % en obligations.Selon Z-Ben Advisors, cela montre que la demande est revenue, puisque tous les fonds actions lancés cette année en Chine n’ont pas attiré plus de 1,9 milliard de yuans. Il faut dire aussi Huashang a un historique de performance élogieux : ses trois fonds (un d’actions et deux diversifiés) affichent une performance moyenne de 21,4 % depuis le début de l’année, contre 3,6 % pour la moyenne des fonds actions et diversifiés chinois.
Fonds
10/11/2010

AFG launches employment study of third-party asset management

In a letter from the AFG dated November 2010, the association has announced that as a part of its work on the asset management industry, it will launch a study of employment. “This study, which will aim to be representative of the entire management ecosystem in France, will aim not only to provide data and analysis of the structure of direct employment which the major existing professions and functions at management firms provide, but also to estimate the number of jobs generated indirectly by their outsourced or delegated activities ,” the AFG says. The last study of this type was published in September 2008, covering management firms which belong to the AFG. Third-party asset management then generated 70,000 jobs, of which 13,000 were directly employed and nearly 10,000 outsourced, and about 47,000 jobs in distribution, brokerage, and other associated professions.
10/11/2010

CalPERS announces net returns of 13.3% for the year to 30 June

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS (California Public Employees’ Retirement System) on 9 November announced net return on investments of 13.3% for the year to 30 June 2010, an improvement of nearly 20 percentage points over initial estimates. The market value of CalPERS’ assets under management totalled USD200.5bn, USD500m higher than the figure announced in July, and a gain of over USD40bn since its low point in March 2009. As of 22 October this year, its market value totalled USD2018.2bn. Performance objectives were exceeded in all asset classes except real estate. Growth for the year to the end of June was 20.35% for fixed income, 23.88% for private equity, and 14.42% for equities. Real estate limited its losses of 10.76% compared with an initial estimate of over 37%. As of 30 June, average annualised returns for the past 20 years totalled 7.65%.
10/11/2010

The Hartford returns to profitability

p { margin-bottom: 0.08in; } The Hartford Financial Services Group has announced net profits for third quarter 2010 of USD666m, compared with losses of USD220m for the corresponding period of last year, bringing total net profits in January-September to USD1.06bn, compared with losses of USD1.44bn. In wealth management, net profits in July-September totalled USD320m, compared with losses of USD335m, while assets totalled USD301bn as of 30 September, up 6% compared with second quarter and 3% compared with third quarter 2009.
10/11/2010

Savings unit at Natixis gains 7% in third quarter

p { margin-bottom: 0.08in; } In third quarter 2010, pre-tax profits for the Savings unit of Natixis, which includes asset management, life insurance, private banking and private equity for third parties, totalled EUR116m, up 7% compared with third quarter 2009, on revenues up 12% to EUR431m. Revenues for asset management are up 12% (+5% at constant exchange rates), compared with third quarter 2009, at EUR350m. Assets totalled EUR527m as of 30 September 2010 (+3% at constant exchange rates) compared with the end of June 2010. In Europe, assets totalled EUR321bn, up 1% for the quarter. Outflows were largely from money market supports (-EUR3.7bn). Excluding money market funds, inflows were positive to the tune of EUR1.1bn, driven largely by life insurance products. In the United States, assets totalled USD279bn, up 7% compared with 30 June 2010. Inflows were positive, at USD0.9bn. The Natixis group has confirmed its recovery, with net profits of EUR305m in third quarter, and EUR1.29bn in the first nine months of the year, while it had losses of EUR2.23bn in the first nine months of 2009.
10/11/2010

Janus extends product range

p { margin-bottom: 0.08in; } Janus Capital, known for its US equities management, is now seeking to make a name for itself in other assets classes, and to make its offerings more international. In Europe, the US-based asset management firm this year created five sub-funds reflecting this diversification. It has created two global bonds sub-funds, the Janus Global High Yield Fund and the Janus Global Investment Grade Bond Fund. Bond management is not unknown territory for Janus, which already manages over USD10bn in US bonds. The novelty is the opening to global management. The transition should not be too stressful, as the US market represents a large proportion of global bond indices. The two funds are managed by Gibson Smith and Darrell Watters, who are both co-managers of fixed income strategies from Janus. The firm has also added to tis research teams in London. Janus has also launched the Perkins Global Value Fund, a fund managed by its unit Perkins, a specialist in value management. The manager, Gregory Kolb, was transferred to the affiliate from Janus. At Janus, he managed a global fund, but in light of his value bias, he was moved to Perkins. Janus will also be releasing an emerging markets sub-fund, which will be managed by Wahid Chammas and Matt Hochstetler, in the same way as the Janus Global Research Fund, which brings together the best ideas of all of the asset management firm’s analysts. Although it is the first fund to specialise in emerging markets, Sylvain Agar, head of commercial development for Janus in France and French-speaking Europe, says that Janus has legitimacy in this area, as it already manages nearly USD10bn in these markets as part of its other products.
10/11/2010

Assets at Hugau Gestion up 28% since the beginning of the year

Currently, assets at Hugau Gestion total over EUR900m, which represents an increase of EUR220m, or 28% since the beginning of the year, of which about EUR200m are net subscriptions.99% of these funds come from French institutional investors, of whom none have contributed more than 6% of assets, while the management firm now has over 80 subscribers. “The next step,” explains Eric Le Maire, CEO, “will be to capture French corporates, and then to consider possibly exploring foreign markets.” The important thing for Hugau Gestion is to “find loyal clients, who understand what we are doing, which implies that we also need to understand what they are doing. That is the doctrine we have followed for three years.”Management of the six mutual funds from Hugau, overseen by Catherine Huguel (including the Hugau Moneterme fund, with EUR450m, and Hugau Obli 1-3, with EUR335m), is highly transparent: 40-45 positions of direct investment, with no leverage, on large caps. Funds in the bond range have virtually no positions on government bonds.The results are encouraging, at least for the two major products under the brand name, as the Moneterme fund shows returns as of the end of October of 1.56% since the beginning of the year, compared with 0.34% fo rthe benchmark index (capitalised Eonia), while Obli 1-3 has gained 3.27%, compared with 1.32% for the EuroMTS 1-3 years.
10/11/2010

Four appointments to sales teams at Lazard Frères Gestion

Lazard Frères Gestion announced on Tuesday, 9 November that it has added to its sales teams dedicated to the IFA market and private banking in France.In detail, in Paris, Grégory Maes, 38, joined the IFA sales development unit on 3 May this year, to develop inflows and relations with IFAs and insurance platforms. Previously, he was head of sales to IFA in the Distribution teams at AXA Investment Managers, since 2006.In Lyon, Sébastien Janin has joined the IFA and private management sales development unit. Janin, 38, was previously head of sales for Southern and Eastern France at UBS, since 2006.In Bordeaux, Anne Brouard, 26, has joined the private management, IFA and institutional management sales development unit. She was previously head of the Bordeaux office of the Banque Privée Neuflize OBC, since 2006. In the Provence-Alpes-Côte d’Azur (PACA) and Languedoc-Roussillon regions, Christian-Pierre Larnaudie on 1 April took up a position as senior advisor. His mission, according to a statement, will be to assist Lazard Frères Gestion in its development in private management and to study the attractiveness of opening a local office. Larnaudie, 61, spent the previous ten years as director of the UBS office in Marseille, and then regional director in Bordeaux.
10/11/2010

Mutual Funds Against Cancer becomes Expect Miracles Foundation

p { margin-bottom: 0.08in; } The Mutual Funds Against Cancer (MFAC) initiative has adopted the new name Expect Mircales Foundation – Financial Services Against Cancer, on the occasion of its end-of-year charity event (7th Annual Expect Miracles Wine & Spirits Charity Event in Boston). The founder and president of the foundation, Frank Strauss, says that the change comes because now, after five years, mutual funds are no longer the only ones to be contributing to the fight against cancer, which is now being taken on by the financial sector more broadly.
10/11/2010

Superfund lays off one third of staff

p { margin-bottom: 0.08in; } According to fondsprofessionell, the Austrian hedge fund management firm Superfund has laid off about one third of its personnel this year as part of a cost-reduction campaign to stem losses. It has also considerably reduced its sponsoring activities, and lowered its management fees by 20%. Assets are currently reported to total EUR880m, compared with over EUR1bn one year ago, and EUR1.5bn five years ago.
10/11/2010

iShares launches another ETF in Milan

p { margin-bottom: 0.08in; } iShares, the ETF platform from BlackRock, has listed the iShares JP Morgan $ Emerging Markets Bond fund on the Milan stock exchange, bringing the number of its ETFs listed in Italy to 98. The ETF, which provides investors with exposure to emerging market debts denominated in US dollars, has assets of over USD1bn.
10/11/2010

db x-trackers still has higher inflows than Lyxor

In January-October, net subscriptions to ETFs domiciled in Europe totalled USD38.9bn. iShares (BlackRock) continues to lead the pack, with inflows of USD10.4bn, followed by db x-trackers (Deutsche Bank) with USD7.9bn, and Lyxor Asset Management (Société Générale), with USD4bn. As of the end of September, third place was held by Source, according to monthly statistics from BlackRock.In other words, db x-trackers, which attracted USD2.5bn out of a total of USD7.9bn in October, still lags behind iShares (Usd2.8bn), but outstrips Lyxor for at least the third consecutive month. Third place in the rankings in terms of net inflows in October is Swiss & Global Asset Management (USD0.1bn).Assets at iShares remain the largest by far, with 181 products and USD98.2bn in assets as of the and of October, ahead of Lyxor with 148 funds and USd49.9bn, and db x-trackers with 139 ETFs and USD47bn.In general, assets under management in ETFs domiciled in Europe represented USD274.1bn, compared with USD256.2bn as of the end of September, and USD226.9bn as of the end of December 2009. Assets have increased 20.9% in the first ten months of the year. The number of ETFs as of the end of October totalled 1,048, listed 3,512 times, compared with 1,030 funds as of the end of September.
10/11/2010

API pension fund sues BNY Mellon

p { margin-bottom: 0.08in; } ICFA Online reports that the Swedish pension fund Första AP-fonden (AP1) has filed suit against BNY Mellon in the Commercial Court in London. The pension fund accuses the bank of being responsible for a loss of USD35.5m due to investment decisions taken in 2008, which AP1 maintains did not correspond to the investment principles defined by the pension fund. The bank made investments in bonds issued by Sigma Finance, which was placed in legal administration in October 2008.
10/11/2010

BoA and PNC offer BlackRock shares at USD163

p { margin-bottom: 0.08in; } A secondary offer of 43.57 million ordinary shares in BlackRock being resold by Bank of America Corporation (BofA) and 7.5 million ordinary shares held by PNC (see Newsmanagers of 4 November) will take place at a price of USD163 per share, BlackRock announced on Monday evening. The closing price of shares in the firm on 8 November was USD169.09.The asset management firm says that BofA has granted the market makers (BofA Merrill Lynch, Morgan Stanley and Barclays Capital) a greenshoe option of 5.2 million ordinary shares. In addition, in parallel with the completion of this transaction, BofA is planning to directly sell 2.45 million BlackRock shares to an institutional investor, at the secondary offer price. The placement agents for this second deal are BofA Merrill Lynch and Morgan Stanley. In total, the shares placed by BofA and PNC will represent a total of Usd8.33bn, in addition to which may come USD849.2m corresponding to the greenshoe option.
10/11/2010

Europe leads for reductions in CO2 emissions, but could still do better

p { margin-bottom: 0.08in; } The largest European companies are the most engaged worldwide in reporting and management of carbon emissions, according to the Carbon Disclosure Project (CDP) Europe 300 list for 2010, published on 9 November. However, on the basis of annual projections for the 300 largest European companies, Europe will still not achieve the emission limits set out by the European Union Emission Trading Scheme (EU-ETS) for 2020. If these firms achieve their annual objectives, they may achieve a reduction in annual emissions of only 1.5% per year. These reductions are lower than the absolute reductions required by the EU-ETS of 1.9% per hear on average until 2013 and 2020, and up to 4.1% if the European Union decides to set an objective of a 30% reduction in greenhouse gas (GES) emissions throughout Europe. The analysis, undertaken by CA Cheuvreux, reveals that nearly 80% of businesses which responded to the CDP questionnaire have set emissions reduction targets, most of which will expire in 2012, and less than one quarter of businesses have set objectives beyond 2015. In order for businesses to extend these horizons and achieve the higher objectives required, the report recommends that a clear long-term regulatory framework be defined. For all activity sectors, nearly nine companies out of ten see regulatory opportunities emerging from climate change policy.
10/11/2010

Munich Re further reduces equities allocation

p { margin-bottom: 0.08in; } For January-September, Munich Re has announced net profits of EUR1.955bn, compared with EUR1.784bn for the corresponding period of last year. The German group now projects net profits for the year 2010 as a whole of about EUR2.4bn, up from the “over EUR2bn” previously predicted.As of the end of September, the financial portfolio of Munich Re totalled EUR194bn, which represents an increase of EUR11.8bn compared with the end of 2009. The portfolio generated EUR7.28bn, compared with EUR5.79bn for the first nine months of 2009, which represents an annualised performance of 5%.Exposure to equities as of the end of September totalled 2.6%, compared with 2.8% as of the end of December, while EUR174bn were invested in bonds, with an allocation of over 46% to government or quasi-sovereign debt.The asset management firm of the group, MEAG Munich Ergo AssetManagement GmbH as of 30 September had external assets of EUR10.6bn in open-ended retail and institutional funds, compared with EUR7.9bn as of the end of 2009.
10/11/2010

Huashang raises CNY12bn for its latest diversified fund

p { margin-bottom: 0.08in; } On 10 November, Huashang announced that it has successfully raised CNY12bn (USD1.81bn) for its latest diversified fund, the Strategy Enhanced Balanced Fund, which is managed by Sun Jianbo, portfolio manager of the Prosperous Growth Fund and deputy CIO of Huashang. The new product, for which subscriptions were closed before the set date, is very flexible, as it may increase its equities exposure to 85%, and its bond exposure to 65%.Z-Ben Advisors reports that the success of the fundraising reveals that demand has returned, as all equities funds launched this year in China have attracted over CNY1.9bn. Huashang also has a very good track record: its three funds (one equities and two diversified funds) show average performance of 21.4% since the beginning of the year, compared with a 3.6% average for Chinese equities and diversified funds.
10/11/2010

Henderson portfolio manager increases stake in Gartmore

On Tuesday, it was revealed that Henderson Global Investors owns a 14.23% stake in Gartmore. The latter asset management firm, listed on the London stock exchange, is currently encountering some difficulties, following the departure of several star managers. As several rumours of an acquisition of Gartmore were circulating, the stake was acquired on behalf of Henderson clients.When asked about it, the UK management firm, which recently acquired New Star, referred to an article in Investment Week, which stated that its UK equities manager, Stephen Peak, has increased his stake in Gartmore to 14.23%, up from 11% in July, on behalf of several long-only funds. “ At the moment the valuation suggests the franchise is dead and there is no hope of future inflows. I believe those views will prove to be wrong ,” the fund manager tells this website.
10/11/2010

Schroders results looking up

p { margin-bottom: 0.08in; } The British asset management group Schroders has earned pre-tax profits for the first nine months of the year of GBP282.7m, compared with GBP79.9m for the corresponding period of 2009. Net inflows totalled GBP21.5bn, compared with GBP8.7bn one year earlier. Assets under management as of 30 September totalled GBP1815bn, or over EUR210bn, compared with GBP138.9bn as of 30 September 2009. Inflows continued following the end of third quarter, Schroders says in a statement presenting the interim results. Pre-tax profits for the asset management unit in third quarter totalled GBP85.9m, compared with GBP54m one year earlier, on earnings of GBP232.7m, compared with GBP172.7m one year earlier. Over nine months, the asset managemetn unit earned pre-tax profits of GBP263.2m, compared with GBP108.1m previously. Net inflows totalled GBP19.4bn, compared with GBP8.6bn between January and September 2009. Pre-tax profits for the private banking unit totalled GBP2.9bn in third quarter 2010, compared with GBP6.3m in third quarter 2009, on earnings of GBP24m, compared with GBP23.6m. On nine months, pre-tax profits totalled GBP9.5m, compared with GBP20m. Net inflwos in the first nine months of the year totalled GBP2.1bn, compared with GBP0.1bn as of 30 September 2009. For the quarter to 30 September, net inflows totalled GBP5.4bn, of which GBP3.7bn were from institutional clients, GBP800m in intermediated inflows, and GBP900m from private banking. Of the GBP21.5bn in net inflows over the nine months, 79% came from clients outside the United Kingdom.
10/11/2010

Intesa Sanpaolo: Eurizon and Fideuram profits up

p { margin-bottom: 0.08in; } In third quarter 2010, the Intesa Sanpaolo group has posted net profits of EUR510m, compared with EUR1.002bn in April-June (which included EUR648m in net capital gains from sales of securities services activities). In the first nine months of the year, net profits are down 2.7% to EUR2.2bn, as retail activities in Italy were penalised by weak Euribor rates.Savings under management as of 30 September totalled EUR240bn, 1.4% more than at the end of June, 3.4% more than at the end of December, and 4.7% more than one year previously.The asset management affiliate Eurizon Capital posted net profits of EUR52m for January-September, of which EUR16m were in third quarter, compared with EUR41m in the first nine months of 2009.Banca Fideuram (private banking) earned net profits of EUR114m for the first three quarters (of which EUR41m were in third quarter), compared with EUR104m in January-September 2009.
10/11/2010

Santander Pensiones, UFG and Union Investment sign up to PRI

p { margin-bottom: 0.08in; } Santander Pensiones, an affilaite of Santander specialised in pension funds, has become the most recent firm to sign the United Nations Principles for Responsible Investment (UN PRI). Among the management firms which have recently signed the principles are three French firms: Activa Capital, Iris Capital and UFG-LFP. Other big names that have signed the charter are the German Union Investment (co-operative banks), the American Thomson Reuters, and the Canadian Alberta Investment Management Corp.
10/11/2010

New CEO appointed at Quam

p { margin-bottom: 0.08in; } The Hong Kong-based management firm Quam Asset Management has appointed Richard Harris as chief executive officer, Asian Investor reports. Harris, previously chief executive of the consulting firm Port Shelter Investment Company, will be in charge of long/short strategy for China, Quan Greater China Fund, whose size he will endeavour to increase (currently USD50m). He will report directly to the president of the Guam group, Bernard Pouillot. Quam AM has recently launched a long-only fund dedicated to the Middle East, and is planning to put together an African team to launch a fund dedicated to Africa (Quam African Fund).
10/11/2010

Credit Suisse signs a distribution agreement with Kimco

p { margin-bottom: 0.08in; } Asian Investor reports that Credit Suisse Asset Management has signed an exclusive distribution agreement in Japan and elsewhere in the world with the Singapore-based alternative management firm Kimco International. The head of asset management at Credit Suisse Japan, Akira Takahashi, says that he is hoping to double or triple assets under management at Kimco in a short period of time; they currently total about USD200m. Kimco, founded in 2006, with 10 personnel in Japan, uses a long/short, bottom-up strategy on Japanese equities.
10/11/2010

Lyxor index up in October

p { margin-bottom: 0.08in; } The Lyxor Hedge Fund index posted gains of 1.44% in October, bringing its performance since the beginning of the year to 4.30%. The strategies which earned the best returns were the Lyxor STAs Long Term Index (+3.21%), Lyxor Global Macro Index (+3.03%), and the Lyxor L/S Credit Arbitrage Index (+2.16%). The worst-performing strategy in October was the Lyxor L/S Equity Short Bias Index, which lost 2.21%.
10/11/2010

ETF assets up again in October

p { margin-bottom: 0.08in; } Compared with the end of September, global ETF assets increased by USD57.7bn for a total as of 31 October of USD1.239trn, according to BlackRock estimates. Assets have increased 19.6% since the beginning of the year (USD1.036trn). In October, net subscriptions to ETF and ETP funds totalled USD21bn.The number of ETFs has increased by 30 in one month, to 2,049 funds, which are listed 5,335 times, compared with 5,204 as of the end of September. Since the beginning of January, the number of ETF funds has increased 23.9%, with 504 launches and 50 funds removed from trading.Currently, there are plans to launch 1,038 ETF funds.The three major promoters of ETFs remain iShares, State Street Global Advisors (SSgA) and Vanguard. iShares as of the end of October had 446 ETFs with assets of USD556.1bn, or a market share of 44.9%, compared with 45.3% one month earlier. SSgA, with 113 funds and Usd170.7bn, has a market share of 13.8%, compared with 13.9% at the end of September. Vanguard, with 64 products and USD135.2bn, has seen its market share increase to 10.9% from 10.6%.
10/11/2010

Strong launch activity in hedge funds

Strong launch activity was seen in the first three quarters, with more than 600 hedge funds launched in 2010 so far, according to Eurekahedge. Global hedge fund assets crossed USD1.6 trillion. Hedge funds witnessed another month of strong gains in October amid a sustained rally in underlying global markets. The Eurekahedge Hedge Fund Index gained 2.26%1 for the month, bringing the year-to-date October returns to 7.31%. The MSCI World Index was up 3.65% in October.
10/11/2010

SIG calls in Tom Marsico for an international equities mandate

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) on 8 November announced its decision to award Tom Marsico and Marsico Capital Management a mandate for GBP46m in international equities, previously granted to Martin Currie. The decision to change the manager for the mandate from the Global Best Ideas Fund (GBP310m in assets) is not related to a loss of confidence in Martin Currie, but to better adaptation of Marsico’s approach to the current environment, SIG says in a statement. SIG has also parted with Roger Guy, who is leaving Gartmore (see Newsmanagers of 9 November), who was one of nine managers of the European Best Ideas Fund. The change will cost Gartmore a GBP32.8m mandate. In the same vein, Hargreaves Lansdown is recommending that its clients withdraw from the Gartmore absolute return fund, which was previously managed by Guy.
10/11/2010

Assets under management at Barclays Wealth up 5% in nine months

p { margin-bottom: 0.08in; } Since the end of 2009, assets under management at Barclays Wealth have gained 5%, to stabilise at GBP158bn, Pre-tax profits in the first nine months of the year totalled GBP122m, up 9% compared with the corresponding period of 2009. The increase was driven by activities in the high net worth segment. Pre-tax profits for the Investment Management unit, for their part, totalled GBP55m, compared with GBP2bn last year, largely due to dividends on its 19.9% stake in BlackRock. As of 30 September, the value of this stake was recorded on the books as GBP4.061bn, compared with GBP3.60bn as of 30 June.
10/11/2010

Retail portfolios remain underweight in emerging markets

p { margin-bottom: 0.08in; } According to an analysis of MSCI data by Baring Asset Management, the proportion of global capitalisation in emerging markets has increased by one percentage point per year since 1999. It now accounts for 16% (as of 30 September 2010), compared with 14.06% twelve months previously, and 3.97% at the end of 1998. However, according to statistics from the Investment Management Association (IMA), British retail investors allocate only 1.9% of their portfolios to global emerging markets, compared with 1.6% at the end of June 2008. Exposure to Asia-Pacific ex Japan, for its part, has increased from 4% to 4.8%. James Syme, head of global emerging market equities at Barings, says that this shows that global emerging markets are “seriously” underrepresented in retail portfolios in the United Kingdom, despite robust fundamentals and valuations which remain highly attractive, even regardless of the fact that the MSCI emerging markets index has posted performance of 20.93% on one year, while the MSCI World Index Free in the same period gained only 9.03%.

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