Money funds get new industry guidelines

The Institutional Money Market Funds Association (IMMFA) has changed its code of practice in light of the events over the last two years, it says.

One of Europe’s biggest pension funds will continue to eschew any investments in hedge funds as long as powerful trade unions retain seats on its strategy-setting board.

Emerging Europe is aiming for the debt/GDP target with some vigour, writes Jerome Booth.

The Hong Kong Pensions Regulator appears set to relax investment rules on hedge funds and equities.

Outperformance in small and mid-cap equities can be achieved with research, writes David Wagner.

China’s Qualified Domestic Institutional Investor scheme is set to swell in 2010, and with it will bring a raft of business opportunities for sub-advisory mandates.

The Brazilian and Mexican markets are slowly picking up the pace as investors regain an interest

in Latin America, writes Dave Woolford.

The future of a real estate and infrastructure investment company run by Iceland’s pension funds could be in doubt after disputes arose from a meeting with politicians.

Appreciation of the RMB will be a key topic for 2010, writes Yang Liu.

Two of Europe’s biggest alternative trading venues – Bats Europe and Chi-X – are demanding the London Stock Exchange (LSE) and other primary exchanges set up a protocol for what to do when trading suddenly stops because of computer failure, as it did on two separate occasionvs at the LSE last month.

Investors’ hopes and qualms for 2010 are unveiled in this research, writes Henry Smith.

The decision-making in many UK DB schemes has not kept pace with change in the investment landscape, writes Sorca Kelly-Scholte.

2010 forecast

‘Mr Beta’ predicts that exchange traded funds and private equity firms will be bang on the money next year, as banks continue to ditch funds by the dozen.

Economic outlook

Useful financial predictions don’t come easy at the best of times, and while 2010 is expected to improve on the previous year, the nature of recovery remains mysterious.

With many asset managers treading water to survive last year’s whirlpool effect, only those that adjust to the new reality will prevail, writes Yuri Bender.

The liquidity challenges brought to the fore by the crisis are affecting the power of valuation forecasts, writes Pierre Sequier.

As executive director of France’s publicly owned pension fund, FRR, Antoine de Salins is more concerned with the long-term investment horizon than the quick fixes being pushed by product providers.

The Universities Superannuation Scheme explains why it is warming to hedge funds, but leaving funds-of-funds out in the cold.

Saudi Arabian assets have long been clouded in secrecy, making them difficult for foreign investors to access. Though some companies are opening up, progress on transparency must accelerate.

Hong Kong’s pension funds withstood the volatility of the global recession, but many are now demanding greater investment freedom.

European institutional investors share common concerns although country-specific differences may drive investment strategies. Ceri Jones reveals the results of our investor survey.

The case for volatility as an asset class is gaining traction, as liquidity begins to return to the markets and managers turn to variance swaps.

Despite a recent surge in commodity prices, investors have been cautious and reticent to hurl their funds at the asset class. Ceri Jones finds out why.

To what extent do commodities hedge against inflation, and are they better at it than equities? Steve Johnson investigates.

The appetite for natural resources, specifially in Asia, has enabled New City to exploit the rising prices of commodities.

ETCs have had a bumpy ride over the last 12 months, but the industry is working to improve transparency and gain greater control of counterparty risk.

Commodity-linked equities have a complicated relationship with commodity prices, and offer a different kind of access.

The price of gold rallied throughout 2009, and while many are looking to capitalise on its strengths, others are concerned that the asset is overvalued.

While CTAs have not performed fantastically in 2009, they still play a critical role in the hedge fund investor’s portfolio.

Despite some issues surrounding illiquidity, timber prices continue to rise as the forestry industry adjusts to meet market needs.

Passive equity management is gaining in popularity, however now is the time for active management in the current investment climate.

Of all the asset classes, equities have suffered the most from the market downturn, yet over the past 12 months many UK funds have made a dramatic recovery. However, their future is far from certain.

MTFs persisting with a fee war in an attempt to redirect equity trades from primary exchanges could be fruitless when a bourse like the LSE gets hit by a technical glitch and traders can’t go elsewhere for a better price.

FT Mandate interviews Steve McGovern, global head of middle office platform  at DST Global Solutions.

Structural amendments to European funds are going to come with a wealth of changes for the continent’s Ucits funds. But taxes, among other things, will mean those changes will differ wildly for each jurisdiction.