Dec 2008-Jan 2009
Happy New Year from everyone at funds europe and welcome to our first newsletter of 2009.
New Year has started off, if not with a surge of enthusiasm, at least
with a trickle of cautious optimism. After the confidence-shattering
events of last year, and the crushing outflows experienced by the
industry, many firms are calling the bottom.
A survey by
consultants Watson Wyatt shows that: “Fund managers globally have a
generally optimistic outlook for 2009 and predict that markets in most
regions will begin to recover this year.” Not everyone’s on happy
pills, however. Keith Wade, Schroders’ chief economist and strategist,
predicts “gloom and doom as we head into 2009”.
We may have to
wait a while to find out who’s right about the markets. But there’s one
issue of great importance to the European fund industry that’s going to
be cleared up pretty sharply this year.
Tomorrow, the European
Parliament votes on UCITS IV. If it goes through, as most national
associations hope it will, we will finally have a European management
company passport and will be one step closer to the elusive goal of a
single market for investment funds.
For that reason, we’re
keeping it short today and will be back tomorrow with a special edition
after the vote. We leave you with our favourite market outlook so far
this year. “Fires are still burning across the world’s economies, and
many of them – including those in Detroit – will burn for some time,”
Guy Monson, chairman of the investment policy committee at Sarasin
Group, poetically opines. “But in other areas [...] the smoke is
beginning to clear.”
Fiona Rintoul, Editorial Director
©2009 funds europe