The IMMFA code has been revised to provide additional protection to investors in its members’ funds, through improved standards for maturity, credit quality, liquidity and disclosure.
The revised code will help compliment the requirements currently imposed by individual EU regulatory authorities.
Gail Le Coz, chief executive, said: “The revisions will help ensure the resilience of money market funds, allowing them to continue to deliver against their objectives of capital security and liquidity.”
Low returns, high volatility in 2010
Equity markets are past their ‘sweet spot’ and will deliver low overall returns with high volatility in 2010, according to William De Vijlder, global chief investment officer of Fortis Investments.
Observing that the earnings outlook had improved significantly, driven by high commodity prices and demand for technology and healthcare, he warned that earnings growth did not necessarily translate into an equivalent stock price appreciation, due to a decline in the price/earnings multiple that typically occurs after the trough in earnings.
