Multi-asset funds face domino effect from FCA liquidity rules
Ucits funds best placed to withstand FCA changes for property and infrastructure
Liquidity
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FCA valuation rules to see more property funds suspend trading
Regulations will require suspension if there is material uncertainty about 20% of fund’s holdings
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What’s different 10 years on?
Investors summarise what has changed since banking system entered meltdown in September 2008
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Gam bombshell suggests absolute return confusion remains
Closed unconstrained fund range was available to retail investors despite complex derivatives and currency swaps
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Unconstrained bond liquidity sparks financial crisis concerns
Unease comes as Gam freezes Tim Haywood’s absolute return bond fund
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Woodford loses investors money over three years
Investors in Neil Woodford’s flagship equity income fund have now lost money over the last three years, as 2018 brings more hardships for one of the UK’s favourite star managers.
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Woodford trades hint at a liquidity problem
With Neil Woodford’s equity income fund continuing to shrink amid hits to his holdings, investors and analysts are again questioning whether unquoted investments in an open-ended fund are a square-peg round-hole situation.
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Woodford shuns Atom rights issue amid £1.3bn redemptions
Celebrity fund manager Neil Woodford has been forced to cut his stake in Atom Bank after suffering more than £1bn in client redemptions this year.
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European watchdog warns of investment fund ‘fire sales’
Mismatches between the liquidity of open-ended investment funds’ assets and their redemption profiles could lead to “fire sales” to meet redemption requests in times of market stress, the European Systemic Risk Board (ESRB) has warned.
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Jupiter’s Pidcock bulks up liquidity and slashes stocks
Jupiter’s Jason Pidcock has begun 2018 in a more defensive frame of mind and has been bulking up the liquidity of his Asian Income fund in case of a “mini-credit crunch”.
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PA ANALYSIS: Funds playing a dangerous game of liquidity
On 22 August, doorstep lender Provident Financial hit investors with a devastating triple-whammy – a profit warning (its second in a matter of months), an FCA investigation into its credit card subsidiary Vanquis Bank and the resignation of disgraced CEO Peter Crook.
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Jupiter Merlin team warns on risk of ETF liquidity crisis
Jupiter’s respected Merlin team of multi-managers has sounded a warning on exchange-traded fund (ETF) liquidity, as part of a downbeat series of predictions for global markets.