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Performance issue 7 - January 2012 | Magazine


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Performance issue 72011 has been everything but a quiet year in Investment Management. Worldwide consumer confidence is not at its highest, this is the least one can say. Who is to blame?

Did the market expect investors to fully erase 2008 and the Lehman collapse driven crisis from their memory? Is it not a natural reaction to anxiously anticipate the reminiscence of this uncomfortable time for asset management now that even the eurozone, the world leading economy, is as fragile as it ever was?

We nevertheless do not paint everything in black. Let us remember that from a statistical perspective, global markets cyclically going down for a straight period, as it has been the case towards the end of 2011, are generally followed by a period of potential appreciation.

Macro perspectives tell us that 2012 could well become a difficult year for the EMEA region. A recession scenario will be difficult to avoid for the eurozone, this factor will obviously have a non-stimulating effect for the region, especially considering the rather moderate GDP growth in emerging EMEA countries.

According to Deloitte’s Asia Pacific Economic Outlook Report, this region barely has economies recovered from the 2008 crisis that it was faced with the Euro and U.S. debt crises. APAC economies have in no way been insulated from these crises, while other political-social factors have affected performances and will shape future growth.

China’s economy, for example, has grown less in 2011 than in 2010 while India has been subject to 9% inflation at its peaks. For the U.S., the persistent high unemployment rate has slowed down the GDP recovery since the 2008 financial crisis recovery.

Looking at our very industry, similarly to last year, worldwide regulation is still a key driver in asset management. Asset servicing providers will again have, major readiness projects on their bill while margins are still under pressure. Active product profitability management should remain on the agenda of all global asset managers.

All in all, we are still confident on the prosperity of Investment Management. We warmly invite you to take up contact with our industry specialists and subject matter experts to share thoughts, practices and expectations. Together, we will continue shaping this great economic segment of ours.

In this issue

Market buzz

  • Fund analytics, regulatory requirement or business opportunity?
  • Investing in Château Lafite, Picasso or Patek Philippe - The rise of collectible assets
  • GIPS - A 'necessary' evil
  • Corporate governance in investment funds - Duties and responsibilities of directors revisited
  • Brazilian investment funds
  • Wealth management trends
  • Swing pricing and the challenge of fair cost allocation in distressed financial markets

Tax perspective

  • New tax reporting requirements for foreign investment funds distributed in Italy
  • New tax rules put pressure on offshore jurisdictions
  • Financial transactions tax

Regulatory angle

  • Managing risks under UCITS IV - New release or fountain of youth?
  • IASB and FASB Issue Exposure Drafts (ED) on investment entities
  • Reform of 'MiFID' - Spotlight on the 'inducements' section

To obtain a free paper copy, click on the following link:
Performance issue 7

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