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The Implications of Financial Stress

Jeremy Lawson, Chief Economist, Standard Life Investments said at the publication of the Global Outlook from Standard Life Investments: “We continue to see a moderate global expansion into 2016, supporting modest corporate earnings growth outside the energy and materials sectors. Our view remains that a widespread or systemic emerging market financial crisis is unlikely, but the pressure on a number of large developing economies will not disappear quickly. Global GDP growth is expected to improve marginally but remain below trend.

“The implications for investors are considerable, as they need to consider throughout their strategic asset allocation process what the repercussions are of low returns on bond, cash and equity prices over the remaining part of this business cycle. Listed equities in particular are sensitive to developments in global activity, as they tend to have larger external exposures than do economies as a whole. Moving up the capital structure towards selected credit may have advantages in this environment.

“At the epicenter of the crisis, in China, a hard landing is not our central scenario as we expect extra fiscal stimulus, but the transition to a new growth model will remain bumpy and unfriendly for commodity producers. More deceleration in growth could lie ahead and the Chinese currency is likely to weaken moderately against the dollar.

“Our forecast assumes no further falls in commodity prices and stabilization in the recent levels of financial stress. If stress builds further then there is a large risk that growth will not rebound, through its effect on consumer and business sentiment, when monetary policy easing in the developed economies will quickly come back on to the agenda.”

Terrapinn´s Wealth Management Americas Brings Together Private Bankers and Family Offices

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For the past 8 years, Terrapinn has run two co-located Wealth Management events in Miami: Private Banking LatAm and Americas Family Office Forum. Since these 2 industries have converged, they have decided to rename the event Wealth Management Americas 2015.

Wealth Management Americas, to be held Nov. 17-18 at the Four Seasons Hotel in Miami, will bring together the most senior executives from US and LatAm Private Banks and Family Offices to discuss today’s latest investment opportunities across all asset classes, as well as the latest trends within family governance, wealth planning, and timely regulation topics around FATCA.

Speakers for this years event include:

Beatriz Sanchez, Managing Director, Goldman Sachs
Blair Hull,Founder, Managing Partner, Ketchum Trading, Chairman, Hull Investments
Harris Fried,CEO, The Fried Family Office
Ernesto de la Fe, Managing Director and Director of Wealth Management for Latin America, Jefferies
Alexei Antoniuk, Director, The Rebel Yell Family Office
Jean-Louis Guisset, Head of Private Banking, Banco INVEX
Diego Pivoz, Head of Wealth Planning, Latin America, HSBC Private Bank
Michael Felman, President, MSF Capital Advisors
Patricio Eskenazi, CIO, Banco Penta
Nicole Taylor, Founder, T Family Office
Carlos Hernandez Artigas, Founding Partner, Forrestal Capital

You can download the brochure here

To register, please visit the event website

Q3 2015 Sees Fewest Private Equity Funds Closed Since Start of 2006

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Global private equity fundraising saw a further slowdown through the third quarter of 2015. One hundred and seventy funds closed, down from 317 in Q2 2015 and 290 in the same period last year. The aggregate capital raised by funds closed in this quarter was $116.9bn, down from $129.3bn in the previous quarter. It was the third consecutive quarterly decline in fundraising, and represents a 29% decrease from the $164.9bn raised in Q4 2014, the most recent fundraising peak. In 2015 YTD, private equity funds have raised an aggregate $385.4bn, down from $388.1bn in the first three quarters of 2014.

“The global private equity fundraising market has continued to stall in the third quarter of 2015. The number of funds closed is the lowest of any quarter Preqin has on record, and aggregate fundraising totals declined for the third consecutive quarter. Despite recent turmoil in Asia, there has been an increase in fundraising for funds focused on the region, and on Rest of World. This, though, does not offset a lack of growth in the mature North American and European markets, as both the number of funds closed and aggregate capital figures continue to fall there.”  Says Christopher Elvin – Head of Private Equity Products, Preqin. 

Private equity funds closed so far in 2015 have taken an average of 16.3 months to reach a final close. This figure has risen slightly from Q2’s 16.2 months, but is still below the average 16.7 months that it took for funds closed in 2014 to fundraise.  

Fundraising totals for venture capital, real estate, and funds of funds all decreased, while infrastructure fundraising rose from $4.4bn in Q2 to $13.1bn in Q3.

The number of private equity funds in market is currently at a record high. 2,348 funds are seeking a combined $831bn in commitments, up from 2,248 funds seeking $781bn at the end of last quarter. Dry powderlevels have not continued the rapid increase seen through H1 2015, and currently the overall figure stands at $1.35tn.

El número global de millonarios podría crecer un 46% en los próximos cinco años

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The Number of Dollar Millionaires Worldwide Could Increase by 46% in the Next Five Years — Foto: Alice Popkorn . El número global de millonarios podría crecer un 46% en los próximos cinco años

El tamaño y la riqueza de la clase media global crecieron rápidamente antes de la crisis financiera, pero el crecimiento disminuyó después del 2007 y se ha visto en todas las regiones aumentar la desigualdad, según el sexto informe sobre riqueza global “Global Wealth Report” publicado esta semana por el Credit Suisse Research Institute, centrado en la evolución de la clase media desde la llegada del nuevo siglo.

El informe muestra que la riqueza global se redujo en 13 billones de dólares de mediados de 2014 a mediados de 2015, debido a la apreciación del dólar. Los autores aclaran que si la medición se hubiera hecho a tipos de cambio constantes, la riqueza global se habría incrementado en 13 billones de dólares desde el año pasado. De acuerdo con la compañía, la riqueza global puede llegar a los 345 billones de dólares para mediados de la próxima década, un 38% más que lo registrado a mediados de este año y el número de millonarios a nivel mundial pudiera incrementarse en 46% en los próximos cinco años, llegando a 49,3 millones para mediados de la siguiente década.

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Los Estados Unidos siguen a la cabeza con un fuerte incremento en la riqueza de los hogares (4,6 billones de dólares). Por su parte, China -que presentó un aumento de 1,5 billones de dólares- tiene la clase media más grande del mundo, con 109 millones de personas, superando a los EE. UU. -que cuenta con 92 millones-.

Suiza vuelve a encabezar la media de riqueza por adulto. Esta variable –la riqueza meddia por adulto- cayó en 6.2% hasta los 52.400 dólares y se encuentra por debajo del nivel de 2013 –muestra el informe- y una persona necesita 3.210 dólares (después de pagar deudas) para estar en la mitad más rica del mundo.

El análisis por regiones muestra que Europa fue responsable de la pérdida de 10,7 billones de dólares del total de riqueza, cediendo más del doble que la región Asía Pacífico (incluyendo China e India) que bajó en 3,9 billones. En términos porcentuales, América Latina experimentó la reducción más grande entre las regiones, 17.1%. También cabe señalar que, en términos porcentuales, China está significativamente por encima de América del Norte (7.0% frente a 4.4%), en parte porque las ganancias en los EE. UU. se compensaron con pérdidas en Canadá.

La cima de la pirámide

El Credit Suisse Research Institute estima que existen 123.800 personas en el mundo cuyo patrimonio supera los 50 millones de dólares, de estos 44.900 tienen al menos 100 millones de dólares y 4.500 superan los 500 millones de dólares. En América del Norte viven 61.300 (50%) de estos individuos.

Estimaciones de la firma sugieren que el número de millonarios podría exceder los 49,3 millones de adultos en 2020, un incremento de más del 46,2%. De entre las regiones, el mayor incremento se podría ver en China, con un 74%, y posiblemente África, con un incremento de 73% en el número de personas millonarias.

To view the full report you may use this link

La Fed subirá las tasas, pero no debe cundir el pánico

| Por Gabriela Huerta | 0 Comentarios

The Fed Will Raise Rates, But There’s No Need to Panic — Foto de William Warby . La Fed subirá las tasas, pero no debe cundir el pánico

Ocho años después de que la Reserva Federal (Fed) elevara tasas por última vez y más de seis años desde la última vez que las tocó, ha llegado el momento para una nueva alza. Los cambios en la política monetaria siempre han impactado a los mercados, y teniendo en cuenta la duración y el alcance de las intervenciones de los bancos centrales a nivel mundial desde la crisis financiera de 2008, esta inminente alza no será la excepción.

Mientras las subidas de tipos a menudo se han dado como respuesta a un sobrecalentamiento de la economía, esta vez será decididamente diferente. La Fed simplemente está retirando las medidas de emergencia implantadas en 2008, buscando regresar a lo «normal», en una economía global que es intrínsecamente diferente de lo que era hace casi media generación. La Fed también ha prometido que los aumentos en las tasas serán medidos y graduales, por lo que no deben descarrilar la expansión de Estados Unidos en el largo plazo.

Pero los cambios en los planteamientos de inversión no se detienen ahí. En un análisis más profundo, encontramos factores estructurales que están redefiniendo la economía, la inflación y el panorama de inversión. La comprensión de estas influencias, asegura BlackRock, es incluso más importante para los inversionistas a la hora de desarrollar estrategias a largo plazo en una economía inmersa en un ciclo de subidas de tasas.

¿Cuál es el primero de estos factores? Innovación y tecnología. Esencialmente, al reducir los costos laborales totales mientras se mejora la eficiencia, la innovación tecnológica tiene el potencial de impulsar los modelos de negocio con pocos activos físicos e incluso actuar como una fuerza deflacionista. El efecto no siempre es fácil de medir, pero varios sectores están mostrando signos notables (por ejemplo, el sector energético). Al crecer la producción con un incremento menor de las inversiones, se presenta la denominada “deflación de la producción”. Así, ante una falta de inflación, a pesar de tímidos aumentos salariales, la renta disponible puede aumentar.

Un segundo factor igualmente importante, que afecta a las perspectivas del mercado es la demografía global. Teniendo en cuenta que las poblaciones que envejecen generalmente consumen más de la economía de lo que contribuyen a ella, se cree que el cambio demográfico en los países desarrollados contribuye a la desaceleración del crecimiento económico en el largo plazo. Además, las poblaciones maduras tienden a usar menos crédito y muestran una preferencia por la renta fija, impulsando así la demanda de bonos a largo plazo, lo que afecta a los rendimientos y las tasas de interés.

El impacto predominante de estas tendencias tecnológicas y demográficas se traduce en presiones deflacionarias que, para disgusto de los bancos centrales, no son fácilmente influidas por la política monetaria. Todo esto indica que las economías globales podrían permanecer en un ciclo de baja inflación, bajas tasas y bajo crecimiento por algún tiempo, más allá de la primera subida de tipos de la Fed.

Algunas ideas para ajustar su cartera

En este entorno, ser conscientes del riesgo de duración es crucial. Teniendo en cuenta los factores configuran el entorno de la renta fija, los bonos de ultra corta y larga duración en Estados Unidos parecen menos vulnerables a un aumento de las tasas que los vencimientos a medio plazo. Piense también en otros activos de renta fija para sus cubrir sus necesidades de rentas, por ejemplo, los bonos del Tesoro ligados a la inflación (TIPS) y la renta fija high yield, pero no sobre exponga su nivel de riesgo para alcanzar un mayor nivel de rentas.

Ante todo, debe recordar el papel de los bonos en su cartera. Ya sea porque usted está buscando ingresos fijos, diversificar el riesgo, o diluir los efectos de las alzas de tasas, el riesgo de crédito o el de inflación, debe ser consciente de las motivaciones que hay tras su estrategia de bonos. Ahora tiene la oportunidad de analizar su estrategia en renta fija y preparar su cartera de bonos para el entorno de rendimientos de la nueva e inminente economía «normal».

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Este material es para fines educativos únicamente y no constituye asesoría de inversión, ni oferta ni invitación para comprar o vender valores en jurisdicción alguna (o a persona) donde dicha oferta, invitación, compra o venta sea ilegal conforme a las leyes de valores de dicha jurisdicción. Si algunos valores o fondos están referenciados o inferidos en este material, dichos valores o fondos puede ser no registrados ante los reguladores del mercado de valores de cualquier país en Latinoamérica y Ibérico, y por tanto, dichos valores no puedan ser objeto de oferta pública dentro del territorio de dichos países. La veracidad de la información contenida en este material no ha sido confirmada por el regulador del mercado de valores de ningún país dentro de Latinoamérica y Iberia.

Fintech-Fuelled Change Offers Unprecedented Opportunities On Global Payments

| Por Gabriela Huerta | 0 Comentarios

Venture capital investment, accelerator programmes and a proactive focus on the deployment of new technologies through allegiances with fintech companies should be priorities for banks as a multiplicity of new payment capabilities come to the fore, according to a new report by BNY Mellon.

The new report, Innovation in Payments: The Future is Fintech, follows on from Global Payments 2020: Transformation and Convergence and hones in on the growing influence of fintech in transaction banking. It assesses the direct and indirect impact of the new technology on payments and the way in which it is moulding client behaviour and fuelling expectations for better, faster and more innovative solutions across the payments spectrum.

Cutting-edge technology holds great potential to transform how consumers and clients initiate and process transactions. It’s no longer just a case of new currencies or faster payment methods, but an entire rethinking of how transfers of any «value» might be undertaken. More fintechs are graduating from the ranks of start-ups to multi-billion dollar listed companies: at least 4,000 fintech start-ups are active and global investment in fintech ventures tripled in 2014 to $12 billion.

«The fintech era is upon us and banks shouldn’t merely be mindful of this; they should also have a clear strategy in place in order to adapt to and benefit from fintech-fuelled changes,» said Ian Stewart, Chief Executive Officer of BNY Mellon’s Treasury Services business. «While the banking industry is traditionally conservative about change, any hesitation or ambivalence here could be costly. In order to position themselves at the centre of the payments industry of tomorrow, banks must act today to understand, interact with, and cherry-pick from the full smorgasbord of fintech developments.»

«BNY Mellon is immersed in the fintech sector,» adds Stewart. «We are focusing on and investing a great deal of time in exploring the opportunities it has to offer the global payments arena in areas such as the potential to reengineer payments, including blockchain and big data technology. We are also working closely with fintech firms to explore the use of new technology capabilities.»

«As a major provider of wholesale banking services to client banks, we’re committed to staying current on evolving conditions in the banking industry, and liaise with our client banks about how the changing landscape is likely to impact their business strategies,» said Anthony Brady, Global Head of Business Strategy & Market Solutions for Treasury Services at BNY Mellon. «Our research into the changing transaction banking ecosystem has important implications for us as a business, and we’re eager to discuss with client banks how our investments in technology are positioning us to be an even better provider of support to them as they align their business plans with the emerging future state of our industry.»

While regulation has put pressure on bank resources, banks must prioritise technology-focused strategies. The financial services industry has one of the highest ratios of IT spend as a proportion of revenue, with levels expected to reach US$197 billion in 2015. That said, over three quarters of this is estimated to be in maintenance rather than new services, so banks need to redress this imbalance. The report examines what strategies banks should adopt in order to understand and access these exciting fintech-fuelled developments, and thereby future-proof their long-held position at the heart of global payments.

To view the report, Innovation in Payments: The Future is Fintech, please click here.

Fewer than Half of Investors Believe the Fed will Raise Rates in 2015

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CC-BY-SA-2.0, FlickrFoto: ncindc. ¿Y después, qué vendría?

Investors are expressing growing skepticism that the U.S. Federal Reserve (Fed) will raise rates this year amid fragility in the global economy and earnings, according to the BofA Merrill Lynch Fund Manager Survey for October.

Fewer than half (47%) of investors believe the Fed will raise rates in 2015, down from 58% in September.
A net 19% of the panel says global fiscal policy is too restrictive.
Cash balances fell to 5.1% of portfolios, down from 5.5% last month, but remain above historic average levels.
A growing majority of investors (net 26%) say that corporate operating margins will decrease in the coming year, up from a net 18%.
Short Emerging Market Equities was named the most crowded trade in October by 23 percent of the panel, up from 20%.
China is seen as the greatest “tail risk” by 39% of the panel, down from 54% in September, while pessimism over Chinese equities eased.

“As investors debate the timing of a rate hike, they should be anticipating a massive policy shift in the U.S., Europe and Japan from QE to fiscal stimulus in 2016,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research.

Broker-Dealers Need to Rethink Their Strategies In Order To Attract and Retain Top Advisors

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To remain competitive in today’s financial advice industry, broker-dealers must recalibrate their relationships with their advisors, according to a whitepaper released by Pershing. The report, “Why Teams Are the Client of the Future for Broker-Dealers”, points out that changes in the advisor-client of the modern broker-dealer present different challenges and opportunities that broker-dealers must navigate. These changes provide broker-dealers with an opportunity to rethink their overall strategies to attract and retain top clients.

According to the report, the top client of today’s successful broker-dealer is not a «rep» or even an «advisor» but an ensemble, which is a firm or a team of multiple professionals that service and manage client relationships. Ensemble teams are already controlling a significant percentage of broker-dealer revenue, growing faster than the average practice, servicing a higher-net-worth client base and offering better career growth opportunities. Most importantly, ensembles are net acquirers. They are acting as a successor for many of the smaller solo practices and are likely to emerge as the ultimate consolidators of the industry.

«Broker-dealers have formed traditional affiliation models around individuals, which don’t necessarily work as well for ensemble firms,» said Jim Crowley, chief relationship officer and managing director at Pershing. «However, broker-dealers that recognize and understand that their top client is a team rather than an individual will not only strengthen existing relationships with these clients, but will also position themselves for organic growth and strategic acquisitions.»

While ensembles are valuable to broker-dealers, they are also at risk of being lost as clients. Many larger teams are departing broker-dealer firms to become independent. These advisors, known as breakaway advisors, are moving to a registered investment advisor (RIA) or hybrid business model. Industry changes continue to increase the possibility that successful teams will part ways with broker-dealers.

Despite the challenges, broker-dealers can successfully recruit, retain, and work with ensembles by better understanding how they work and by restructuring affiliation models. Pershing’s report highlights actionable ways for broker-dealers to accomplish this, including:

Restructure relationship management: Broker-dealers should maintain a relationship with multiple individuals within the ensemble team, including the CEO/managing partner/leader, COO/operations leader, advisors and next generation of successors.
Focus on holistic financial advice: Since more than 70 percent of a large advisory firm’s revenue comes from advisory fees, broker-dealers should seek to reframe the relationship with the firm as one of offering a spectrum of financial advice and serving in a more custodial capacity to demonstrate the greatest value to the advisory team. This includes understanding the investment philosophy of the ensemble team, knowing the tools advisors need to run their business efficiently, integrating technologies and support, offering holistic planning, and building confidence and trust through open communication.
Understand the ensemble team’s vision and business strategy: To be a good business partner, broker-dealers need to ask advisors about where they envision the future of the ensemble team in five to 10 years. Ideally, the vision should be one where there is collaboration with the broker-dealer at some level. The more the two firms work on the strategy together, the longer and stronger the relationship will be.
Think in terms of outsourcing: One of the most productive avenues for strategic partnership is outsourcing. Activities that advisors can outsource to their broker-dealer include: compliance, technology, due diligence, back-office operations and practice management.
Give ensemble teams examples of success and thought leadership that they can study and replicate: One of the primary reasons advisory firms leave broker-dealers and become RIAs is that they perceive it to be the path followed by large and successful businesses. To be successful, broker-dealers need to create examples of the collective intellectual capital that can be leveraged to demonstrate expertise and show value to investors.
Create and foster a culture: If the broker-dealer and advisory firm share the same values and goals, the relationship will be strong, durable and successful. To continue to foster that culture, broker-dealers need to regularly come together with advisors in a constructive dialogue about their business strategies and expectations of each other.

To obtain a copy of Pershing’s whitepaper Why Teams Are the Client of the Future for Broker-Dealers, please use this link

South America Shows the Highest Growth Rate in Foreign Investments in Pension Funds with a 20% CAGR from 2008 to 2014

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Pension funds around the world are increasingly looking beyond their borders to address their investment needs, according to the Association of the Luxembourg Fund Industry (ALFI) which recently released its global pension fund report, “Beyond their borders: evolution of foreign investment by pension funds,” produced by PwC Luxembourg.

The report – which looks at the growth of pension funds globally, the asset allocation of pension funds on a regional basis and the foreign investment of pension funds – found that South America’s pension funds showed the highest growth rate globally, with assets soaring from US$ 184 billion in 2008 to US$ 528 billion in 2014, a 19.2% compound annual growth rate.

In terms of investing overseas, foreign investment for the pension funds of the majority of OECD countries (excluding the US) accounted for about 25% on average of their total pension investments in 2008, but jumped to almost 31% in 2014.

Denise Voss, chairman of ALFI, comments: “As the baby boomer generation approaches retirement and life expectancy continues to improve, public sector pension liabilities will grow. At the same time the need for greater personal savings for retirement income is growing. This study provides more clarity on the global investments of pension funds, demonstrating the opportunities offered by global investing and how some markets are approaching this, but also highlighting how pension fund regulations differ from one country to the other. In particular it highlights the regulatory constraints on some pension funds in the amount they can allocate to investment funds or in foreign investments and suggests the impact this could have on their growth.”

Dariush Yazdani, partner of PwC Luxembourg Market Research Centre, adds: “The new millennium has changed the playing field for pension funds. There are significantly more people retiring today than there were even a decade ago and this is putting pressure on pension funds’ investment strategies. But even in the midst of new challenges, pension fund managers are facing a future brimming with opportunities. The unique ability of pension funds to focus on long-term investments allows them to absorb short-term volatility while bearing market and liquidity risk through diversification – one of the most effective means of achieving diversification is through foreign exposure.”

Growth of pension funds globally

On a regional basis, North America’s pension funds represented the largest assets at a global level, having reached US$ 27.21 trillion in 2014, up from US$ 15.8 trillion in 2008.

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Asset allocation of pension funds on a regional basis

Taken globally pension funds allocated 44% of their total portfolio to equities, 28% to bonds, 26% to alternatives and 2% to money market products in 2014. Allocation varies considerably from region to region, with North America allocating 48% of total assets to equities, Asia Pacific 40%, Europe 37%, and South America 34%.

The US, Canada, Japan and the Netherlands are the countries that pursued the largest equity investments in 2014, allocating US$ 12 trillion, US$ 986 billion, US$ 662 billion and US$ 582 billion respectively to this asset class.

Japanese pension fundsexperienced the largest increase in the share of equities within their total portfolio, which increased by 21% from 2008 to 2014. In contrast, South Korea’s pension funds showed the largest decline in their equity share, decreasing by 22% from 2008 to 2014.

The alternative asset class has shown a strong increase from 2008 to 2014 with the total amount allocated to alternatives jumping from US$ 4.4 trillion in 2008 to US$ 9.7 trillion in 2014, a 117% increase.

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International investments by pension funds

Foreign investment by the pension funds of the majority of OECD countries(excluding the US) accounted for about 31% of their total pension investments on average, however with regional differences described below.

In North America (excluding the US), pension funds’ overseas investments stood at 16% of the region’s total portfolio in 2008, reaching 21% in 2014.

In Europe, the average percentage of pension fund portfolios allocated to foreign markets increased from 32% in 2008 to 34% in 2014, with the Netherlands, Finland and Portugal investing the highest percentage of their pension fund portfolios overseas in the last six years – in the Netherlands foreign investment reached 76% of the country’s total portfolio in 2014.

Asia Pacific’s pension fundsinvested, on average, 19% of the region’s total portfolio in foreign markets in 2008, and expanded that to 31% in 2014. Hong Kong and Japan are the most aggressive investors in foreign investments within Asia, with Japan’s pension fund allocation to foreign markets rising from 16% in 2008 to 32% in 2014.

In South America, this is the case for Chile and Peru, with Chile allocating 44% of total assets to foreign markets in 2014 and Peru investing 41% for the same period. Brazil, in contrast, invested less than 1% in foreign markets in 2014 due to stringent regulatory barriers which are beginning to soften.

When investing abroad, pension funds favor equity investments but adopt different strategies:

Some pension funds develop asset management teams based abroad. For example in 2011 Norges Bank Investment Management, which manages the Government Pension Fund Global for Norway, established a subsidiary in Luxembourg to oversee direct and indirect real estate investments in Continental Europe. The South Korean National Pension Service opened an office in London in 2012, followed by another in Singapore three years later.

Another strategy includes acquisitions or partnerships with asset managers that have expertise in foreign markets. In 2012 Fidante Partners, which manages the Australian government’s pension funds bought a significant stake in MIR Investment Management, a specialist in Asia-Pacific equities.

Investing in foreign funds is another efficient way to invest abroad. Nearly all mature pension markets tend to use investment funds when investing a large percentage of their assets abroad as they are one of the most effective and convenient vehicles for gaining exposure to international assets, giving liquidity and exposure to a wide variety of global assets that are not always available in a domestic market. For less developed pension markets, a higher usage of investment funds is expected over the coming years. Developing countries are likely to follow the move of the Chilean pension funds, which have been achieving higher diversification through the use of UCITS funds.

Ms Voss concludes: “A key finding of this report is the importance of investment funds in the diversification of the portfolios of pension funds around the world. Investment funds, and UCITS investment funds in particular, provide pension funds with a substantial degree of liquidity, diversification and a very high level of investor protection.”

Worldwide Investment Funds Decrease in Q2

| Por Gabriela Huerta | 0 Comentarios

The European Fund and Asset Management Association (EFAMA), in its latest international statistical release containing the worldwide investment fund industry results for the second quarter of 2015 concludes that:

Investment fund assets worldwide decreased 1.6 percent to EUR 37.1 trillion at end June 2015, from EUR 37.7 trillion at end March 2015. In U.S. dollar terms, worldwide investment fund assets increased 2.3 percent to stand at USD 41.5 trillion at June 2015, reflecting the depreciation of the US dollar vis-à-vis the euro during the second quarter of 2015.
Worldwide net cash inflows increased in the second quarter to EUR 596 billion, up from EUR 564 billion in the first quarter of 2015, thanks to increased net inflows to balanced/mixed funds.
Long-term funds (all funds excluding mon ey market funds) recorded net infl ows of EUR 616 billion during the second quarter, compared to EUR 573 billion in the first quarter.

Equity funds attracted net inflows of EUR 121 billion, down from EUR 145 billion in the first quarter.
Bond funds posted net inflows of EUR 100 billion, down from EUR 176 billion in the previous quarter.
Balanced/mixed funds registered a large net inflow of EUR 342 billion, up from EUR 213 billion in the previous quarter.

Money market funds registered net outflows of EUR 20 billion during the second quarter of 2015, compared to net outflows of EUR 9 billion in the first quarter of 2015.
At the end of the second quarter, assets of equity funds represented 41 percent and bond funds represented 21 percent of all investment fund assets worldwide. Of the remaining assets, money market funds represented 11 percent and the asset share of balanced/mixed funds was 19 percent.
The market share of the ten largest countries/regions in the world market were the United States (48.3%), Europe (33.2%), Australia (3.8%), Brazil (3.4%), Japan (3.0%), Canada (3.1%), China (2.7%), Rep. of Korea (0.9%), South Africa (0.4%) and India (0.4%).