Brexit deal seen giving ‘clear target’ for UK asset managers on EU access
The new Brexit deal reached yesterday by the EU and the UK prime minister – who still needs to win a majority in parliament – holds positives for UK asset managers from the point of view of their access to investors in the EU27, according to a financial regulation specialist.Owen Lysak, financial regulatory partner at law firm Clifford Chance in London, said: “The draft political declaration […] maintains the commitment of both parties to endeavour to conclude equivalence assessments by end of June 2020. “This will be well-received, as it gives a clear target for the UK government to try to hit and the asset management sector to push for in terms of the best access rights possible for UK managers,” he said.It was good news that the transitional period set out in the previous agreement seemed to be unaffected by the new deal, he said. “We had seen some managers bringing forward their fund closings, some starting to move across mandates to EU affiliates, all because of concerns around a sudden loss of access to EU investors this year,” Lysak said.Defined benefit (DB) pension schemes that had been hoping for a major funding boost as a result of UK interest rate rises, however, were likely to be disappointed, according to Rob Price, fixed income portfolio manager at AXA Investment Managers.“The global macroeconomic environment that the Bank of England could find itself in should a deal be struck is very different to that of 2016, with most main central banks biased towards an easing tilt which should keep UK interest rates lower than historical norms,” he said.“This could limit any potential major funding boost that could be experienced from interest rate reversion,” said Price.Chris Cummings, chief executive of the Investment Association, said the Brexit deal provided welcome certainty to the investment management industry, “and the millions of savers and investors it serves.”“Now a new deal is on the table, it’s important that politicians on all sides come together in order to avoid the damaging effects of a cliff edge no deal,” he said.Looking ahead to potential implications for government bond yields, Mark Dowding, CIO at BlueBay Asset Management, forecast that if a deal is ratified in the next couple of weeks – or months – then sterling could rally to $1.35 and €0.81, with 10-year Gilt yields up at 0.9%.On the likelihood of the agreement being ratified by UK MPs, Paul O’Connor, head of the UK multi-asset team at Janus Henderson said: “With the DUP reportedly uncomfortable with the deal, the parliamentary arithmetic for Saturday’s vote is very hard to call.”
Wellington Police Notes: Tuesday, July 21, 2015
Wellington Police notes: Tuesday, July 21, 2015:â€¢7:25 a.m. Officers investigated a burglary of currency in the 200 block W. Lincoln, Wellington.â€¢3:57 p.m. Jeremy M. Hutton, 38, Wellington was issued a notice to appear for speeding 52 mph in 40 mph zone.â€¢8:20 p.m. Officers took a report of an unattended death in the area of 26 Crestway, Wellington.â€¢8:50 p.m. Officers took a report of a domestic family dispute in the 600 block N. C, Wellington.â€¢10:05 p.m. Officers took a report of lost identification in the 200 block N. Washington, Wellington.
PBA Season 43 Preview: Alaska looking to regain ferocity, toughness
LATEST STORIES Last season was one of Alaska‘s worst in the franchise’s rich PBA history.After frequent trips to the finals, the Aces were either sent to an early exit or missed the playoffs completely in the 2017 season.FEATURED STORIESSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkBut that was before as Alaska head coach Alex Compton sees a bright season ahead for his team.“I actually see how our team can be really good. You see potential and you see how things could work,” Compton said. “Now it’s our job to get there as a team. I need to show and lead and they need to follow. But what I see of where we can go, I’m actually excited.” Steam emission over Taal’s main crater ‘steady’ for past 24 hours The other is the new pieces the Aces added in the offseason in Jeron Teng, Davon Potts and Ronald Pascual.Teng was the fifth overall pick while Potts fell into the second round in the 2017 Draft. Pascual, on the other hand, is making a comeback after a long absence.“He is coming back and I’m proud of him. He had to fight through some things and he’s doing the work,” said Compton said of Pascual, who was out of the PBA circuit since being released by the Blackwater Elite in November 2016 before the start of the 2016-2017 season.Sports Related Videospowered by AdSparcRead Next OSG plea to revoke ABS-CBN franchise ’a duplicitous move’ – Lacson Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Redemption is sweet for Ginebra, Scottie Thompson Jiro Manio arrested for stabbing man in Marikina Don’t miss out on the latest news and information. Meralco ‘never the same’ after Almazan injury in PBA Finals Alaska, which was ousted by Barangay Ginebra despite owning a twice-to-beat advantage in the quarterfinals of the Philippine Cup as the second seed, went just 7-15 in the last two conferences combined and at one grueling stretch dropped 14 straight games, a franchise-worst.After experiencing their lowest of lows, the Aces have nowhere to go but up. Compton knows improvement must come within and he thinks his squad has regained its identity as a fearsome defensive team.“The biggest thing is how we play. For two years, I’ve felt like we set ourselves apart with our ferocity and toughness. We’re really fighters. Last year, we just went through a funk and it was really difficult,” he said.“And this year, we’re trying to build that back. If we can have that toughness, that ferocity, and with better execution, by being a little smarter and better at making decisions, and then, the part that excites me is I think we have it in us.”Compton said having a relatively healthy team compared to last year is one of the reasons why he believes Alaska is going to be back to its old self.ADVERTISEMENT View comments MOST READ OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Scottie Thompson also worthy of Finals MVP, thinks Cone PBA Season 43 Preview: Rain or Shine eyes semis breakthrough Brian Heruela arrival bolsters Phoenix backcourt, defense Head Coach: Alex ComptonKey Players: Calvin Abueva, Sonny Thoss, JVee CasioKey Additions: Jeron Teng, Davon PottsKey Losses: Dondon Hontiveros, Tony dela CruzADVERTISEMENT