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F&C says market anxiety is easing

This week’s billion dollar losses announced by Deutsche Bank and profit warnings from UBS and Citigroup have shed more light on the extent of the crisis emanating from the US sub-prime market, according to F&C.

F&C UK Growth & Income Fund manager Ted Scott says this has actually helped to ease market anxiety.

He says: “The comments we are hearing from investment banks are that the problems within the financial system are all out in the open now. This has undoubtedly given some support to the rally in markets this week. However, many investment banks have also announced redundancies, tempering employment expectations in financial markets, the impact of which could feed through to the economy.”

Scott says the gains in financial markets are in stark contrast to increasing evidence of an economy in slowdown.

He says: “This week’s interim results from Barratt Developments, one of the UK’s largest housing developers, were weaker than expected and margins are likely to come under pressure going forward. We believe this implies weakness in the overall housing market as evidenced by today’s Halifax House Price Index, in which house prices fell by 0.6 per cent in September. This marks a continuation of the downward trend in house prices since the end of last year.”


CII urges FSA to boost professionalism in its RDR response

The CII is calling for a single set of standards, a new complaint system and harsher sanctions to build professionalism in the industry in its first response to the FSA’s Retail Distribution Review discussion paper.The paper, titled ‘A Professional Body for Retail Financial Services?’, outlines what professionalism would look like in a post-RDR environment.The CII […]

Shock resistance

Emerging markets are in good shape to withstand any weakness in the US

Beagles takes break for six months from Hambro

JO Hambro UK equity income manager Clive Beagles is taking a six-month sabbatical.Beagles made the decision to take the sabbatical on health grounds and will pass management of the £533m fund to James Lowen. The news was revealed exclusively by Money Marketing Online. Beagles joined Hambro from Newton in 2004 and his UK equity income […]

Specialist spins out of top spot

The specialist sector’s 19-month table-topping tenure came to an end in August as property and natural resources funds fell out of favour.Figures from the Investment management Association show that specialist has fallen to third place, behind UK all companies and cautious managed. Specialist net retail sales fell by over 50 per cent on the previous […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


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