Latest news with #assetManagement
Yahoo
2 days ago
- Business
- Yahoo
Fidelity, BlackRock Target Chinese Demand for Offshore Funds
(Bloomberg) -- Fidelity International is poised to offer products that attract mainland investors chasing higher returns from overseas funds, according to people familiar with the matter. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports The global asset manager is considering seeking approval for products under the decade-old Mutual Recognition of Funds scheme, said the people, who asked not to be identified because the matter is private. It also plans to partner with its Chinese mutual fund company for domestic distribution, the people added. BlackRock Inc. is making similar plans, said another person. A spokesperson for Fidelity International said the company is exploring 'a number of opportunities across asset classes' for the Mutual Recognition of Funds program. BlackRock didn't respond to requests for comment. The moves come as Chinese investors poured tens of billions of dollars into Hong Kong-based funds after regulators raised their contribution cap from 50% to 80% in January. Started in 2015, the MRF allows cross-border fund investments between mainland China and Hong Kong. Mainland investors, who have consistently contributed more than Hong Kong buyers, are increasingly drawn to overseas opportunities due to deflationary risks and low bank deposit rates at home. Despite a pickup in private-sector sentiment earlier this year — fueled by Deepseek's momentum and the easing of policy crackdowns — concerns over the country's long-term growth linger. In just one month, they poured 96.4 billion yuan ($13 billion) into Hong Kong funds, lifting accumulated flows to nearly half of the 300 billion yuan quota. The interest rate gap between China and the US is a key driver for demand in the products, said Rex Lo, managing director at BEA Union Investment, which has four products in the program. US President Donald Trump's 'Liberation Day' tariffs 'created some noise' in global markets, but mainland investors still want offshore assets, he said. Two BEA Union Investment products in the program saw assets surge more than 200% as of May to $450 million from the $202 million in December of 2024, thanks to strong flows from mainland investors. The firm declined to break down detailed contributions between Hong Kong and mainland investors. Although the funds are intended for both retail and institutional investors, onshore financial institutions — such as insurers and wealth managers — have been more successful in securing allocations, said the people. Such imbalance could draw regulatory scrutiny, they added, as the scheme was originally designed to meet retail buyer demand. 'The strong sales earlier in the year makes the program attractive for many foreign companies,' said Ivan Shi, director at consultancy Z-Ben Advisors, who added that yuan devaluation pressure could slow down product approvals. However, mainland investors scaled back in April. They net sold some 22 billion yuan worth of assets from Hong Kong funds, according to the latest data available from the State Administration of Foreign Exchange on May 31. 'The sentiment was surrounded by tariff-driven concerns,' Marco Tang, deputy CEO for Amundi Hong Kong, said when describing the reason for the shift in April. Tang said Amundi has seen a 40% increase of net inflows from two exiting funds in the program as of March, following the relaxation of rules. The firm submitted another two funds to qualify for the scheme in October, and seeks to start selling those by mid-2025. Growth Bottlenecks JPMorgan Asset Management, which runs seven of the roughly 40 products in the program, saw mainland investors quickly snap up two bond funds in January, prompting the company to close subscriptions. In addition to regulatory approvals, companies are facing another bottleneck. Currently only about half of the quota for Hong Kong-based funds has been used, because they are struggling to find enough buyers from the city to contribute at least 20% of money for a product in the program. Competition for the fund industry is fierce in Hong Kong, where investors have many choices, a reason why it's been hard to attract local retail interest, said BEA Union Investment's Lo. Fidelity International is likely to use existing funds already offered under the Hong Kong pension program, as re-purposing them would be faster than building new ones large enough to meet qualification requirements, the people familiar said. Fidelity is planning to start with fixed-income strategies, one of the people said. The revised program also allows companies to appoint fund managers who live outside of Hong Kong, benefiting global firms which usually have much larger teams in Europe and the US. Mainland investors have access to three other offshore investment programs. Wealth Management Connect is limited to residents of Guangdong province — home to about 120 million people. The other two, the Qualified Domestic Institutional Investor (QDII) and Qualified Domestic Limited Partner (QDLP) programs, have not received fresh quota approvals in the past year. China's top currency regulator said this week it is planning to lift cap flows for QDII. --With assistance from Zhang Dingmin. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
Yahoo
3 days ago
- Business
- Yahoo
Form 8.3 - [ALPHA GROUP INTERNATIONAL PLC - 16 06 2025] - (CGAML)
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code') 1. KEY INFORMATION (a) Full name of discloser: CANACCORD GENUITY ASSET MANAGEMENT LIMITED (for Discretionary clients) (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree ALPHA GROUP INTERNATIONAL PLC (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 16 JUNE 2025 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A' N/A 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: 0.2p ORDINARY Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 1,400,542 3.3106 (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 1,400,542 3.3106 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit 0.2p ORDINARY SALE 2,000 3025p (b) Cash-settled derivative transactions Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit NONE (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit NONE (ii) Exercise Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable) NONE 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none' NONE (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none' NONE (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NODate of disclosure: 17 JUNE 2025 Contact name: MARK ELLIOTT Telephone number: 01253 376539 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at in to access your portfolio
Zawya
4 days ago
- Business
- Zawya
SICO's Employee Saving Scheme delivers up to 12.6% annualized returns
SICO BSC (c), a leading regional asset manager, broker, market maker, and investment bank with physical presence in Bahrain, Saudi Arabia, and the UAE, marked today the second year since the initiation of its Employee Saving Scheme (ESS), which launched in June 2023. Since its launch, the scheme has delivered consistently strong returns across all risk profiles, validating SICO's disciplined investment strategy and global diversification approach. As of May 28, 2025, the four ESS portfolios (Cash, Conservative, Moderate, and Growth) have each delivered solid cumulative and annualized returns while maintaining low volatility. The Cash portfolio has returned 10.72% since inception, yielding an annual return of 5.29%. The Conservative portfolio followed with a cumulative return of 13.52% or 6.62% annualized. The Moderate portfolio achieved a 20.06% cumulative return, or 9.68% annualized, while the Growth portfolio led with a cumulative return of 26.53%, equivalent to an impressive 12.63% annualized. Despite a volatile market environment, all portfolios maintained a standard deviation below 1%, underscoring the effectiveness of SICO's risk-managed asset allocation and the benefits of international diversification. Najla Al-Shirawi, Group CEO of SICO, said, 'This initative has enabled SICO's employees to save more effectively and achieve stable returns in the long term, reflecting our commitment to enhancing income sustainability for our employees. By combining strategic asset allocation with global exposure and careful risk management, the ESS has delivered impressive, stable results. We're proud of what we've achieved and excited to scale this solution through a dedicated fund for external investors in the first quarter of 2026.' The upcoming fund will be structured as a Bahrain-domiciled protected cell company. Each portfolio—Cash, Conservative, Moderate, and Growth—will operate as a separate, ring-fenced investment cell within the fund, ensuring clear asset segregation and investor protection while maintaining the same successful strategy used in the ESS. SICO's ESS allows staff to contribute a portion of their monthly base salary, with the firm matching the contribution up to a capped amount, subject to a vesting period. Participants select from four portfolios aligned with their risk appetite. In line with global best practices, the portfolios are primarily invested in low-cost, liquid, USD-denominated, tax-efficient passive index funds, ensuring broad diversification, cost efficiency, and consistent global market exposure. The scheme is managed by SICO's Global Markets team and was developed in collaboration with Aon, a global leader in retirement and benefits consulting. With a proven track record of performance and stability, SICO's ESS stands out as a model for long-term saving and will soon be made available to a broader investor base. About SICO SICO is a leading regional asset manager, broker, and investment bank with USD 7.9 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region's major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank's continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees. Media Contact: Ms. Nadeen Oweis Head of Corporate Communications, SICO Email: noweis@
Bloomberg
4 days ago
- Business
- Bloomberg
Amundi Is Betting on European and EM Assets to Avoid US Risks
Amundi SA is betting on Europe and emerging-markets and is bracing for even more volatility due to tax and trade edicts from the White House. Europe's largest asset manager said its stance is 'mildly pro-risk' and recommended investors consider hedging against inflation and foreign exchange swings. Amundi expects US economic growth to slow sharply to 1.6% in 2025-2026.
Reuters
4 days ago
- Business
- Reuters
Legal & General expects 2025 core operating profit to grow 6%-9%
LONDON, June 17 (Reuters) - British insurer Legal & General (LGEN.L), opens new tab expects 2025 group core operating earnings per share to grow between 6% and 9%, in line with its three-year targets, it said on Tuesday. It will announce a strategy for its asset management unit later on Tuesday, including plans to become a more capital-light business, sell more third-party financial products and provide clients with more sophisticated investment solutions. The company reiterated its 2028 targets, which include delivering 500 to 600 million pounds ($679 to $814 million) in operating profit by increasing earnings through fees charged to clients while reducing costs. Last month, Legal & General announced the merger of two of its investment units as part of efforts to cut costs and simplify its business. ($1 = 0.7369 pounds)
