Pensions – sounding the retreat?

Last week the government announced a major U-turn in pension policy.  George Osborne’s much heralded March 2015 announcement to allow pensioners to sell their annuities in exchange for a lump sum was cancelled just a few months before it was due to go live.  The government’s statement on this issue can be read here. Yet […]

25 October 2016 by Steve Herbert

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Is the party just getting started in India?

I heard it phrased recently that “the party has barely started” in India. With annual Diwali festivities taking place next week, this might have been the topic of conversation. Given I was chatting with a group of fund managers though, I’m inclined to think they were referring to the Indian economy. There are good reasons […]

20 October 2016 by Darius McDermott

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‘I want a full, frank and fair discussion with my clients on fund costs. Fund managers need to help’

The subject of fees, particularly those that are not readily identifiable in fund charging structures, is one that continually appears in industry discussions.  There has long been a debate about what the effect of these charges are and how they impact upon an investors expectations of returns. Explicit fees are obviously those that are readily […]

18 October 2016 by Lee Robertson

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Pensions Advice: A casualty no more?

You probably don’t need me to tell you that UK pension savings have been undergoing a rather radical set of alterations in recent years.  The last decade has seen changes large and small, with the most significant including pensions “simplification”, auto-enrolment, charge caps, commission bans, and – most recently – the introduction of Pension Freedoms. […]

9 October 2016 by Steve Herbert

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For investment grade corporate bonds it will be the rate move that dominates total returns short-term

One of the fundamental implications of quantitative easing (QE) in the bond markets has been the impact of pricing of the highest quality bond assets. Investors pay a cost (in terms of reduced yield) to own the safest of assets. But increasingly they get pushed down the credit curve so over time ratings buckets become […]

30 September 2016 by Chris Iggo

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From Arkwright’s to Amazon

Napoleon Bonaparte once derisively described Britain as a “nation of shopkeepers”. It was and is a rather lame insult, but like many such comments contains more than a grain of truth.  For despite our tiny geographical presence the UK remains one of the largest economies in the world. So shopkeepers and business people we Brits […]

28 September 2016 by Steve Herbert

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How to buy equities after Brexit

Almost three months on and the UK stock market has soared since the Brexit vote, up more than 10% from June 241. It’s been a nice morale boost amid some fairly gloomy predictions for Britain’s future, not to mention a welcome lift to returns for investors. Market reactions so far have been mostly driven by […]

22 September 2016 by Darius McDermott

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From austerity to neutral, and beyond?

Bond yields have risen over the last week. Not by much but by enough to wake up investors to the risks of depressed risk premiums and the dangers of central bank dominance. The policy backdrop might not change materially any time soon but there is enough talk about different policy directions for investors to understand […]

16 September 2016 by Chris Iggo

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Central bankers remain – more or less – in charge of bond markets

Al’right guv? – Central bankers were centre stage in terms of the media this week with Mario Draghi telling reporters at the European Central Bank’s (ECB) post-governing council press conference that he and his colleagues had not discussed extending quantitative easing (QE) in Europe, and Mark Carney telling the Treasury Select Committee that he felt […]

9 September 2016 by Chris Iggo

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Sterling bond investors have done very well, but it’s time to consider the inflation risks

Inflation has been non-existent in the developed world this year but inflation-linked bonds have performed very well in total return terms, and nowhere more so than in the UK. This has been driven mostly by lower real yields, reflecting both the grab for duration and the need to hedge future inflation risks. The returns surely […]

2 September 2016 by Chris Iggo

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