UK fund industry association the IMA has decided not to modify its sector rules governing fixed income funds’ currency exposure, it is reported.
The UK’s Investment Management Association (IMA) has reminded the European Securities and Markets Authority (ESMA) that asset managers are not banks, and should not be treated as posing the same systemic risks.
Legg Mason has added its $1bn Brandywine Global Fixed Income fund and 16 other offshore offerings to the IMA’s fund sectors for the first time.
Alliance Trust Investments has poached SWIP bond manager Juan Valenzuela to head up a new fixed income fund.
UK retail investors are continuing to flock to fixed income funds, topping up their positions by over £500m last month, despite the rally in equities.
News from SEI, American Century, Heartwood, Hermes BPK, IMA, Morningstar, Fundsmith, Bramdean AM, SYZ AM and Lipper
Retail sales of funds were sharply down in July with equity funds experiencing strong outflows from the UK, European and north American sectors, according to the latest monthly data from the UK’s Investment Management Association (IMA).
More than half of UK absolute return funds fail to beat inflation
A number of leadership changes have taken place across Europe’s fund associations, including the region’s overall representative at EFAMA. Here is an outline of the selection process for key positions at some of Europe’s major associations.
UK’s IIC announces advisory council, VAM appoints for Europe institutional sales, Lombard Odier makes senior fixed income and currency hire in London
The UK’s Investment Management Association has moved back the date it will implement changes to the Managed sectors by three months after calls from members for more time to discuss proposals.
Index-tracking funds, or tracker funds, showed their highest ever sales over a quarter in the first quarter of 2011, indicating a move away from active fund management by UK investors, while funds of funds grew more popular, particularly those invested externally.