FUND MANAGEMENT

Share indexes tipped to test recent lows

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Original article by David Rogers
The Australian – Page: 27 : 15-Feb-18

Bank of America Merrill Lynch’s Bull & Bear Indicator suggests that global equities face a further pullback and could fall to around the level seen during the recent sharemarket rout. Meanwhile, BAML’s latest survey of fund managers shows that respondents’ average cash balance has risen by 0.3 per cent to 4.7 per cent, while equity allocation has fallen by 12 per cent and bond allocation has fallen to the lowest level in two decades.

CORPORATES
BANK OF AMERICA NA, MERRILL LYNCH AND COMPANY INCORPORATED, MSCI ALL COUNTRY WORLD INDEX, UNITED STATES. FEDERAL RESERVE BOARD, WESTPAC BANKING CORPORATION – ASX WBC

Investors circle ailing companies in the valley of debt

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Original article by Vera Sprothen
The Australian – Page: 19 & 23 : 12-Oct-16

Preqin estimates that private debt fund managers had access to a record $US199bn ($A262bn) at the end of June 2016. Such companies are believed to be seeking to acquire distressed assets in Australia, including sectors such as resources, mining services, agricultural and housing. Distressed debt funds are said to be looking to buy debt-burdened companies or the debts of businesses than cannot meet their repayments. Oaktree Capital Management and Lone Star Funds are among the global debt fund managers that have established a presence in Australia.

CORPORATES
PREQIN LIMITED, OAKTREE CAPITAL MANAGEMENT LLC, LONE STAR FUNDS, BAIN CAPITAL CREDIT, SC LOWY FINANCIAL (HK) LIMITED, MOODY’S INVESTORS SERVICE INCORPORATED, ARRIUM LIMITED – ASX ARI, PEABODY ENERGY CORPORATION, RESERVE BANK OF AUSTRALIA, WELLS CAPITAL MANAGEMENT, ALLENS, McALEESE LIMITED – ASX MCS, BHP BILLITON LIMITED – ASX BHP, ROYAL DUTCH SHELL PLC

Henderson, Janus create $US6b giant

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Original article by Vesna Poljak, Jessica Gardner
The Australian Financial Review – Page: 13 & 16 : 4-Oct-16

Australian-listed global fund manager Henderson Group will merge with US-based Janus Capital Group. Henderson shareholders will control 57 per cent of the new entity, which will be called Janus Henderson GlobalInvestors and boast $US320bn worth of assets under management. Henderson CEO Andrew Formica and former Pimco executive Dick Weil will be joint CEOs of the merged company, which will be dual-listed on the Australian and New York stock exchanges.

CORPORATES
HENDERSON GROUP PLC – ASX HGG, JANUS CAPITAL GROUP INCORPORATED, JANUS HENDERSON GLOBALINVESTORS, PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

Anglo American rallies to the defence of coal

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Original article by Peter Ker
The Australian Financial Review – Page: 27 : 11-Jun-15

Anglo American spokesman James Wyatt-Tilby notes that coal is used to generate about 41 per cent of global electricity supply at present. He expects coal to remain a primary source of energy supply for many years, and argues that a global push for investment funds to eliminate their exposure to coal producers will have no impact on demand. However, he says it will result in less funding for initiatives aimed at reducing carbon emissions.

CORPORATES
ANGLO AMERICAN PLC, AXA SA, OXFORD UNIVERSITY, UNISUPER LIMITED, AMP CAPITAL INVESTORS LIMITED, AMP LIMITED – ASX AMP, HUNTER HALL INTERNATIONAL LIMITED – ASX HHL, GROUP OF SEVEN (G-7), GLENCORE PLC, PEABODY ENERGY CORPORATION

Fundies move to cash as risks increase

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Original article by Bianca Hartge-Hazelman
The Australian Financial Review – Page: 23 : 15-Aug-14

A survey of 224 fund managers by Bank of America Merrill Lynch shows that 27 per cent have an overweight position on cash investments, compared with 12 per cent in July. Factors such as geopolitical tensions and renewed volatility in equity markets has prompted many fund managers to rebalance their portfolios in favour of cash rather than shares. There has also been a sharp fall in the number of investors who are overweight on equities

CORPORATES
BANK OF AMERICA CORPORATION, MERRILL LYNCH AND COMPANY INCORPORATED, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, STANDARD AND POOR’S 500 INDEX, STANDARD AND POOR’S ASX 200 INDEX, AQUASIA PTY LTD

Turnbull urged to take his $1m out of ‘vulture fund’

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Original article by Heath Aston
The Age – Page: 4 : 4-Jul-14

Australian Prime Minister Tony Abbott and Treasurer Joe Hockey are leading a push to crack down on tax minimisation by multinational corporations via profit shifting. However the stance in the lead-up to the Group of 20 (G20) leaders’ summit in Brisbane in November 2014 appears to have been undermined by revelations that Communications Minister Malcolm Turnbull has an investment worth about $A1m in the Bowery Opportunity Fund. The entity, a "vulture fund" acquiring distressed businesses, is registered in the Cayman Islands tax haven. Turnbull’s stake is not in breach of any laws, but at odds with the G20 agenda, critics say

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, GROUP OF TWENTY (G-20), CVC GLOBAL CREDIT OPPORTUNITY FUND LIMITED, BOWERY OPPORTUNITY FUND LP, BOWERY INVESTMENT MANAGEMENT LLC, UNITING CHURCH IN AUSTRALIA, TAX JUSTICE NETWORK, GLENCORE XSTRATA PLC