WORLD BUSINESS NEWSPAPER

MONDAY 16 FEBRUARY 2015

UK 2.50 Channel Islands 2.80; Republic of Ireland 3.00

Not so slick

Wish you werent here

Quick fire

How BP became a potential

acquisition target PAGE 20

Why US presidential candidates should

stop visiting London EDWARD LUCE, PAGE 11

Twitters value as a means of

dismissal LUCY KELLAWAY, PAGE 14

Danish PM
pays tribute to
attack victims

Briefing
i Fighting eases in eastern Ukraine
International monitors have reported an easing of
the fighting in Ukraines breakaway east, with a
tenuous ceasefire holding despite reports of artillery
attacks by separatists. PAGE 6

Helle Thorning-Schmidt, Denmarks

prime minister, places flowers in front
of the synagogue in Krystalgade in
Copenhagen yesterday following twin
shootings in the Danish capital in which
a Jewish man and a Danish film director
were killed.
The gunman suspected of carrying
out both attacks was shot dead by security forces early yesterday. He was born
in Copenhagen and known to the police.
They said they were working on the
assumption that the double attack was
inspired by the murders by Islamist
militants at the magazine Charlie
Hebdo and a kosher grocery store in
Paris last month.

i Greece gap with creditors

Yanis Varoufakis, Greeces finance minister, and his
eurozone counterparts meet in Brussels tonight but
look as far apart as ever over a deal to extend the
172bn bailout. PAGE 5; WOLFGANG MNCHAU, PAGE 11

i BNP Paribas chair warns on compliance

Jean Lemierre, the chairman of BNP
Paribas, has said banks can no longer
afford a too narrow, legalistic
approach to complying with rules
because the world has changed.
PAGE 17; INTERVIEW, PAGE 19

i Tourist attractions go mandarin

Report page 6

Fabian Bimmer/Reuters

Rolls-Royce accused of bribery to

obtain $100m Petrobras contract
3 UK group named by informant as one of the contractors involved in Brazil scandal
SAMANTHA PEARSON AND JOE LEAHY
SO PAULO

Rolls-Royce has been accused of

involvement in a multibillion-dollar
bribery and kickback scheme at Petrobras, Brazils state-controlled oil producer, as more foreign companies are
dragged into the corruption scandal.
The British engineering company,
which makes gas turbines for Petrobras
oil platforms, allegedly paid bribes via
an agent in exchange for a $100m contract as part of a scheme in operation
during much of the past decade, according to testimony from a former Petrobras executive. It is the one of the biggest international groups so far to be
implicated in the Petrobras scandal.
Pedro Barusco, a Petrobras veteran,

told police that he personally received at

least $200,000 from Rolls-Royce only
part of the bribes he alleged were paid to
a ring of politicians and other executives
at the oil company. The admission was
buried in more than 600 pages of
documents released by Brazils federal
court system this month, detailing the
testimonies of Mr Barusco who struck a
plea bargain in November.
In response, Rolls-Royce said: We
want to make it crystal clear that we will
not tolerate improper business conduct
of any sort and will take all necessary
action to ensure compliance.
The accusations come as Rolls-Royce
faces a Serious Fraud Office investigation in the UK over allegations of
corruption in China and Indonesia.
Rolls-Royce is the latest foreign com-

pany alleged to be involved in the scandal, which threatens the government of

President Dilma Rousseff and could
push Petrobras into technical default.
Brazils authorities are already investigating allegations that Petrobras officials accepted bribes from SBM Offshore, a Netherlands-based supplier of
offshore oil vessels. SBM has said that it
is co-operating with the investigation.
Units of two Singaporean companies,
Keppel Corporation and Sembcorp
Marine, and three Brazilian shipbuilders with Japanese shareholders, have
also been accused of involvement. Keppel and Sembcorp deny participating.
The scandal emerged when the
former head of Petrobrass refining unit,
Paulo Roberto Costa, struck a plea bargain after being arrested for money

We will not
tolerate
improper
business
conduct of
any sort
Rolls-Royce

laundering in March. According to testimony from Mr Costa, Mr Barusco and

others, Petrobras contractors paid
bribes to executives and politicians
from the ruling coalition led by
Ms Rousseffs PT party. Analysts estimate the scheme has cost Petrobras
more than $20bn. The PT said the allegations are without proof and has promised to sue the accusers.
Mr Barusco alleged that his friend
Luiz Eduardo Barbosa, a former executive of Swiss engineering group ABB,
was responsible for organising bribes
from Rolls-Royce, SBM and Alusa, a
Brazilian construction company. Alusa,
which has changed its name to Alumini,
denied the accusations. Mr Barbosa
could not be reached for comment.
Guide to Brazilian corruption page 7

Up to 100 banks hit by cyber attack

threatening potential losses of $1bn
RICHARD WATERS SAN FRANCISCO

Bailout-battered Ireland
sides with Berlin on Greece
As eurozone finance ministers meet in
Brussels today to tackle the new Greek
governments refusal to abide by the
terms of its 172bn bailout, Athens will
receive little sympathy from Ireland.
Dublin seems insistent that Greece
complete every last yard of its
gruelling austerity programme just as
the Irish did. The stance, echoed in
Portugal and Spain, puts the Irish
government firmly in Germanys camp
but has drawn some criticism at home.
Report i PAGE 5

As many as 100 banks and other financial institutions around the world have
been hit by one of the most sophisticated cyber attacks to strike the
finance industry, according to a report
from Russian security company
Kaspersky, due to be released today.
The range and extent of the attacks is
still under investigation, with the group
putting a figure of $1bn on the losses
that the banks have suffered.
However, one representative for
Kaspersky admitted that, while this
reflected the amounts targeted in the
attacks, the company had not yet been
able to confirm how much money had
actually be stolen.
Its not 100 per cent clear at this
point whether all the targets were
successful or not, this person said. Its

still an attack thats very much active.

The massive potential losses stem
from a series of attacks over the past two
years, Kaspersky said in a statement
yesterday, which it said was made with
the backing of Interpol, Europol and
agencies in a number of countries that
were investigating.
These attacks again underline the
fact that criminals will exploit any vulnerability in any system, said Sanjay
Virmani, director of Interpols digital
crime centre.
The attacks were all said to have been
mounted by an international criminal
gang referred to by the investigators as
Carbanak and said to have representatives in Russia, Ukraine and other parts
of Europe, as well as China.
According to Kaspersky, the gang
penetrated banks systems by using a
technique called spear phishing in

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0 8

which individual employees are targeted with emails that secretly release
malware into a companys system once
they are opened.
The malicious code then sought to
identify and study the activities of officials with authority to transfer large
amounts of cash, using the knowledge to
shift amounts of up to $10m to special
accounts that had been set up in banks
in China and the US. Sometimes,
instructions were sent at predetermined times to ATMs to instruct them
to start dispensing money, according to
Kaspersky.
Similar attacks on banks have been
reported by other security researchers
in recent years, although the Carbanak
group is notable for both the range of its
targets and sophistication of its methods, said Vincente Diaz, Kasperskys
principal security researcher.

277.15

2.02 $ per
3.15 $ per

1.140

1.09 per
0.80 per $
1.45 per
0.29 index

Feb 6

Feb 13

yield

chg

2.01

0.02

109.45

1.68

0.01

1.346 Ger Gov 10 yr

135.319 135.023 Jpn Gov 10 yr

101.55

0.35

0.02

98.90

0.42

0.02

90.293 89.077 US Gov 30 yr

101.024 100.658 Ger Gov 2 yr

108.02

2.61

0.04

100.59

-0.19

0.00

price

prev

chg

Fed Funds Eff

0.12

0.11

0.01

%Week US 3m Bills
0.96 Euro Libor 3m

0.01

0.01

0.00

0.02

0.03

0.00

0.56

0.57

0.00

1.539

1.527 per $

0.650

0.741

0.743 per

1.350

118.675 119.020 per

1.08
2.34 Oil WTI $
-0.33 Oil Brent $

price
102.09

0.877

182.689 181.707 index

87.467 87.744 $ index
1.049 SFr per

Feb 6
0.882 US Gov 10 yr
0.655 UK Gov 10 yr

1.135 per $

1.061
0.41 SFr per
1.46 COMMODITIES

1.72 Gold $

INTEREST RATES

1.433

Feb 13

Feb 6

52.60

52.10

61.40

58.20

1232.50

1241.00

1.412

5.50 UK 3m
-0.68 Prices are latest for edition

Data provided by Morningstar

VisitBritain, the national tourism agency, is giving

the UKs 101 most loved attractions a new set of
mandarin names as part of a campaign to lure more
visitors from China. PAGE 4

i Huawei turns to Browne for UK unit

Chinese technology group Huawei has recruited
Lord Browne, the former BP chief executive, to
head a UK board of directors that will oversee its
British operations. PAGE 17

i Passengers having to keep trains on track

Passengers are now shouldering the greatest burden
of the 12.7bn needed to keep Britains trains on
track, with the governments contribution having
shrunk over the lifetime of the coalition. PAGE 2

i Shire chief defends tax arrangements

The chief executive of pharmaceuticals group Shire
has defended its tax arrangements after the group
was identified as a beneficiary of alleged industrial
scale avoidance. PAGE 17; MONDAY INTERVIEW, PAGE 14

Datawatch
Selected currencies
against the euro
% change in 2015

-5

Swiss franc
Norwegian krone
British pound
Polish zloty
Romanian leu
Turkish lira
Russian rouble
Bulgarian lev
Swedish krona
Ukrainian hryvnia -55
Source: Thomson Reuters Datastream

Since the start of the

year the euro has
12 depreciated against
the currencies of
several European
economies due to
easing by the ECB.
However, increasing
risks in emerging
European economies
have sparked its
appreciation against
others

FINANCIAL TIMES

Monday 16 February 2015

NATIONAL
Transport

Alzheimers Research UK

Treasury shoulders lighter rail costs burden

Charity pours
30m into
dementia
drug institutes

Passenger fares now cover

61% of the bill, compared
with 56% four years earlier
GILL PLIMMER

The governments contribution to running Britains railways has shrunk rapidly over the lifetime of the coalition,
with passengers now shouldering by far
the greatest burden of the 12.7bn
needed to keep the trains on track.
Britains railways watchdog said today
fares now contribute 61 per cent of the
costs, compared with 55.6 per cent in
2010-2011. That equated to a real-terms
decrease of 28.3 per cent per passenger
in the four years to March 2014, the
Office of Rail Regulation said in its
annual study of industry finances.
Government funding fell to 3.8bn, or
29 per cent of total expenditure. The

remainder came from train operators

and other income such as car parks.
The move to reduce taxpayer contributions began under Labour in 2007.
The railways have seen a huge increase
in the number of train journeys, which
surged to 260m a year in 2014, the highest since the end of the first world war.
The decline in the governments share
of funding will come as welcome news to
the Treasury, which saw the 38bn spiralling debt of Network Rail, the infrastructure operator, transferred to the
state balance sheet after it was in effect
renationalised last August.
But rising fares have added to the
wider debate on the cost of living. Season tickets and other regulated fares
have risen by more than 20 per cent in
the four years since 2010, while average
wages have gone up less than 7 per cent.
Critics say passengers will be unable
to cope with further fare increases.

Stephen Joseph, chief executive of the

Campaign for Better Transport, said
more fare rises were not politically or
economically sustainable and the government would have to move to a completely different fare structure.
Unions also hit out at the planned reprivatisation of the East Coast main line
in March after the ORR revealed that
the profitmaking, state-owned franchise paid 217m, up from 203m, to
the Department for Transport in the
year to March 2014.
The East Coast has now returned
1bn to the Treasury in the last five
years, said Mick Whelan, general secretary of Aslef, the train drivers union.
Thats 1bn which can be spent . . . on
the railway or on our schools and hospitals, rather than disappearing in dividends to shareholders.
Train operators received more than
2bn in public subsidies in the past year,

among them First ScotRail, at 506m;

Northern Rail at 346m; and Arriva at
152m. That was offset by 1.9bn paid
to the government from nine profitmaking franchises including commuter
services such as Thameslink and South
West Trains. As a result, overall net
funding to train operators fell to 100m.
Operators said average margins were
just 3 per cent and their processes were
transparent and open. But the ORR
found a wide variation in subsidies. The
government contributed on average
1.88 per passenger journey in England,
compared with 9.18 in Wales.
Although the costs of running the railway rose in real terms by 84m, or 0.7
per cent, in the year to March 2014,
overall industry expenditure rose just
0.03 per cent during the past four years.
Richard Price, chief executive of the
ORR, said the report showed the industry had been successful in keeping costs

stable. Passengers are increasingly the

main funder of the railways and must be
central to developing plans for future
services and investment, he said.
The regulator attributed the cost rise
to the growth in journeys and to shortfalls in performance by Network Rail,
including restructuring, financial penalties and compensation payments. A
9.2bn investment in schemes including a new station at Reading and
improvements to the London Thameslink service also contributed.
Network Rail has faced renewed criticism after delays to Christmas engineering work caused chaos at Kings Cross
and Paddington. Shortly before Christmas the ORR found punctuality at its
worst level in five years and nearly every
performance and financial target had
been missed in the first six months of a
five-year funding period under Mark
Carne, Network Rails chief executive.

Dispatch. Norwich South

Electoral cycle turns against Greens

Opponents say the partys
surge came several years ago
in its number-one target seat
MATTHEW ENGEL

Lesley Grahame was wheeling her

bright green bicycle up the steep hill
above Norwich station. The bike had
huge saddlebags offering as much
luggage space as a small saloon car. She
looked a bit like a district nurse, which is
exactly what she is in normal times.
For the moment, though, she is the
Green candidate for Norwich South, the
partys number-one target (alongside
Bristol West) to add to its single existing
seat in Brighton. A normal operation
might have parachuted in a televisionready London smoothie. The Greens
chose a district nurse, perhaps reasoning that someone the voters actually
wanted to see would have an advantage
on the doorsteps.
Ms Grahame was wearing a Michael
Foot-ish donkey jacket adorned by leftie
badges, beneath a Green party hi-vis
waistcoat and a tote bag slung over her
shoulders. The ensemble was topped
off, though, by a fetching silk scarf.
Charity shop special, she insisted. She
has Scary Spice hair and a nice giggle.
What are you passionate about? I
asked. Peace. Disarmament. The climate, she said. And Norwich. That
was good, maybe a bit pre-packaged.
Then she had second thoughts and
asked me to delete peace. Can you
say a nuclear weapons convention
instead? I protested that I knew what
peace was but was a bit hazy on the
other thing. No, she insisted. Peace is
too vague.
Norwich South used to belong to
Charles Clarke, perhaps the fiercest of
all the fierce law-and-order home secretaries of the New Labour years. He lost
in 2010 by 310 votes to the Liberal Democrat Simon Wright, who had the smallest percentage of the poll (29.4) of any
victorious candidate. He now has the
longest odds against him winning again
of any MP: 14-1.
In a party staging a strategic retreat to
fortified strongholds, Mr Wright is the
lone soldier marooned in no-mans land,

Lesley Grahame,
Green candidate
for Norwich
South, says
peace is too
vague to be
passionate
about. The
district nurse
would prefer a
nuclear weapons
convention
Si Barber

surrounded by enemies, ammunition

dwindling, relatives to be informed in
due course. He is 35 but looks younger, a
maths teacher who will not starve if
forced to return to the classroom but
refuses, almost alone, to accept it as certainty. No one expected me to win last
time, he says brightly. Mostly, though,
he recites Lib Dem briefing lines.
Hes been like a rabbit in the headlights, says his most likely successor,
Labours Clive Lewis. Mr Lewis is a
much more natural communicator:
Grenadian father, English mother,
strong background in trade union and
student politics, and a career as a BBC
East Anglia regional reporter, which
makes his recognition factor in Norwich
broader but more shallow than that of a
district nurse.
However, his CV has a couple of inter-

esting twists. First (and this is rare in the

modern Labour party), he is a Territorial Army officer, did a tour of Afghanistan and knows war as something other
than metaphor: I got into a firefight on
my 38th birthday. Second (and this
may be even rarer), his political hero is
Tony Benn. Im not afraid of using the
word socialist, he said.
To win, the Greens will have to come
from fourth behind the Tories. Opponents say their surge came several years
ago in Norwich and they are now falling
back in local elections. Last year a poll
sponsored by Lord Ashcroft had Labour
in front with Greens, the Tories and
the UK Independence party jostling for
second, and the poor sitting MP a bad
fifth.
But Norfolk people are full of surprises. And all the while the Greens

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team kept asking, Wheres Spin? as

though that were the computer programme needed to fit the Greens hottest hope into the constraints of a 21stcentury election. Spins in the sandwich shop, came the message.
The name lightly disguised Ms Grahames campaign manager, Spinoza
Pitman, a splendid young man. Spinoza
was the 17th-century Dutch rationalist
whose philosophy was regarded as foreshadowing enlightenment. On the bad
days, it will be wonderful to think that
rationality and enlightenment have
even a small role in this election.
Election in-depth
For more sketches from
key constituencies go to
ft.com/vote2015

Online court backed to resolve small claims disputes

A new online court should be set up for
small claims of less than 25,000 similar to systems used by internet retailers
such as eBay to resolve disputes, a
report has recommended.

30 global locations www.efginternational.com

Last year
a poll had
Labour in
front with
Greens, the
Tories and
Ukip jostling
for second
and the poor
sitting MP
a bad fifth

ment, he said. The best current treatments may delay symptoms of cognitive
deterioration for six to eight months in
some patients but do nothing for the
underlying disease.
The real problem with these [clinical] trials is not that the drugs failed but
that we learnt nothing new about the
disease, Prof Lovestone said. It is more
than a tragedy its a scandal.
He said the UK initiative would use
personalised or precision medicine to
find drugs tailored to individual
patients in early stages of the disease, in
contrast to the industrys recent trials
that he called a perfect example of
imprecision medicine. They used the
wrong drugs, antibodies aimed at amyloid proteins, which were aimed at the
wrong patients at the wrong stage of the
disease, he said.
The Alzheimers symposium at the
AAAS meeting was chaired by Dame
Sally Davies, Englands chief medical
officer, as part of an international campaign to promote the UK governments
two medical priorities: tackling dementia and antimicrobial drug resistance.
Another participant, Kristine Yaffe of
the University of California, San Francisco, agreed with Prof Lovestones characterisation of the pharmaceutical
industrys efforts so far. It is unconscionable that we have spent so much
money and have almost nothing to show
for it, she said. Great Britain has
ignited this new worldwide effort, a
multi-faceted approach with the patient
at the centre.
The dementia drug discovery institutes are inspired partly by the success
of similar initiatives by cancer charities
that are starting to deliver new treatments to patients.

Civil cases

JANE CROFT

Number One Southwark Bridge,

London SE1 9HL

The UK today launches what its proponents say will be the worlds most ambitious attempt to discover drugs for
dementia.
The charity Alzheimers Research UK
is setting up a 30m trio of new drug discovery institutes at Oxford and Cambridge universities and University College London, which will work with academic and industrial partners in Europe
and elsewhere.
Simon Lovestone, scientific leader of
the Oxford institute, outlined the programme at the annual conference of the
American Association for the Advancement of Science. This is the single largest Alzheimers drug discovery effort in
the world, he said. I am confident that
we will be successful.
Professor Lovestone said the UK
approach, using new methods to understand the complex molecular processes
that destroy the brain as Alzheimers
takes hold, would be far more productive than the failed drug trials undertaken by the pharmaceutical industry
over the past decade.
Companies have not come up with
any product that stops the Alzheimers
process, in which toxic tau and amyloid
proteins accumulate in the brain,
despite spending $2bn on drug develop-

It is unconscionable that
we have spent so much
money and have almost
nothing to show for it

A private bank unlike

any other.

FINANCIAL TIMES

CLIVE COOKSON SAN JOSE, CALIFORNIA

The system, which could be operational

by 2017, should work alongside the traditional court service but means that
low-value disputes can be resolved
more quickly with judges only called in
at a late stage by telephone or video link.
The plans would mark a radical
departure from the way Britain deals
with low value claims.
British courts have lagged behind
other countries in embracing new technology. Some joke that the slow pace of
hearings and trolley-loads of legal
documents wheeled into court each day
would not be out of place in Charles
Dickenss Bleak House.
Professor Richard Susskind, the principal author of the report produced by a
working group of the independent Civil
Justice Council, said the current system
was too costly and complex for litigants particularly those who cannot
afford lawyers.

We should consider not simply

improving our court system or even
salvaging our traditional ways of
resolving low-value claims. We should
be prepared to rethink the way in which
society handles civil disputes and problems, he says.
The recommendations, which will
now go before government, have been
welcomed by the judiciary.
Lord Dyson, Master of the Rolls,
called the report an exciting milestone
and said Britain had been very slow in
adapting technology compared with
countries like Singapore and Australia.
Lord Dyson added there was no reason to believe many litigants preferred
court hearings, adding for some it was a
terrifying experience and he saw
huge demand for the online service.
The court would have three separate
tiers for those seeking redress. The first
would focus on dispute avoidance
helping people diagnose and resolve
issues with the second using experienced facilitators to help parties reach
agreement. Only at the third stage
would professional judges become
involved, deciding cases online or with
the option of phone hearings. Decisions

would be as binding and enforceable as

usual rulings.
The online court would reduce costs
and the need for hearings in some cases.
At present small claims up to 10,000
and personal injury claims of up to
1,000 make up almost 70 per cent of
total hearings in the civil courts.
However, the number of small claims
hearings has declined in recent years
from 51,046 in 2003 to 29,603 in 2013.
Professor Susskind pointed to other
ways that disputes are resolved including the eBay system, which resolves

An online court could resolve

low-value disputes more speedily

60m disagreements a year among traders using online dispute resolution.

He also singled out the Financial
Ombudsman Service, which deals with
complaints by consumers against banks
and resolved 518,778 disputes in 20132014. Most are resolved by case handlers with less than 10 per cent going
before the ombudsman each year.
He also examined the legal systems of
other countries including Canada,
where a new online Civil Resolution
Tribunal will be launched in British
Columbia this year to resolve claims
under C$25,000. In Holland, Rechtwijzer 2.0 is a service from the Netherlands Ministry of Justice and Security
that helps with matters such as matrimonial disputes.
However, some observers fear online
courts could offer an economy class
justice system to those who cannot
afford lawyers while courts dealing with
big ticket litigation would continue to
offer a business class service.
There are also issues of open justice
and transparency. Court hearings
even in small claims cases are held in
the presence of the media and public
and this may not be possible online.

Monday 16 February 2015

FINANCIAL TIMES

NATIONAL
HSBC files

Treasury committee

Labour outlines
full inquiry into
the Revenue as
tax storm rages

Defer bankers bonuses for

a decade, suggests Tyrie

Discomfort across political

spectrum as parties try to
clarify stance on donations
VANESSA HOULDER
AND HELEN WARRELL

The firestorm sparked by the release of

secret files on HSBCs Swiss operations
continued to rage over the weekend, as
the bank issued a public apology, its
former chairman Lord Green resigned
from his role at the CityUK lobby group,
Labour drew up plans for a root and
branch inquiry and Ed Balls defended
the party against charges of hypocrisy.
In a letter published in several newspapers, Stuart Gulliver, chief executive,
said he wanted to reassure customers
that its Swiss private bank had been
completely overhauled.
The Labour leadership was forced to
dismiss reports that several of its own
donors had been involved in tax scams
shortly after Ed Miliband announced

HMRC has been

stretched and consistently
underfunded since
the day it was formed
plans to address concerns that the rich
and powerful operated under different
rules to the rest of the country.
The scale of discomfort across the
political spectrum was laid bare yesterday when Mr Balls, the shadow chancellor, first appeared to justify tax avoidance by his partys donors.
When asked about Labours 2013
donation from the businessman John
Mills, who gave 1.6m in shares, thus
cutting his tax liability, Mr Balls told the
BBC: Look, the Labour party also needs
all the tax, all the donations we can get.
The shadow chancellor then argued
that unlike the Conservative party,
which had received millions of pounds
from hedge fund donors, Labour did not
have a long list of wealthy benefactors
and any tax avoidance by its donors was
small beer in comparison.
On Saturday, Mr Miliband had
accused the government of failing to
strengthen HM Revenue & Customs,
telling Labours Welsh party conference:
We can only be one nation with one set
of rules if our tax authority applies the
same standards to everyone. He highlighted the single prosecution achieved
using the Revenue data and said the
public believed large-scale tax avoiders
got away with a slap on the wrist while

suspected big multinationals won

sweetheart deals. He announced a
three-month review if elected that
would investigate HMRCs dealings with
tax avoiders and evaders.
The Revenue issued a strongly worded
statement defending its record and that
of the coalition, saying: Over the five
years between 2010 and 2015 we will
have brought in more than 100bn of
additional revenues for the Exchequer.
The Association of Revenue & Customs, representing tax officials, called
for any review to be conducted without
preconceptions or a predetermined conclusion, saying members had been subjected to unhelpful and unnecessary
criticisms. Tony Wallace, its president,
said: It almost seems to blame them for
there being avoidance and evasion.
Richard Murphy, a tax campaigner,
said the review was a golden opportunity to reform the way in which we run
our tax authority in the UK and called
for its having a wide scope that could
suggest a complete overhaul of the
structure, governance, management,
systems and audit of the Revenue.
Some tax experts said Labours plan
to complete its review by July was unrealistic. But there was support for a
review from those who thought the Revenue had lost too many skilled people in
the pursuit of efficiency after cost-cutting reduced staff by nearly 40 per cent
since its formation in April 2005.
Paul Aplin, a partner of A C Mole &
Sons, a Somerset-based tax firm, said:
HMRC has been increasingly stretched
and consistently underfunded since the
day it was formed and the 10th anniversary of its formation is a sensible time to
take stock. Any review must, however,
be comprehensive, impartial, independent and informed. Its conclusions
must command confidence. That cannot be achieved in a couple of months.
A recent report by the governments
spending watchdog said the Revenue
had shown an exemplary response to
its recommendations on tax avoidance.
The National Audit Office described it
as among the strongest government
departments as regards its managerial
competence.
But its reluctance to prosecute offshore evaders because of difficulty in
obtaining admissible evidence, the
expense of trials and risks of losing in
court contrasts with the willingness to
prosecute benefit fraudsters. Although
the policy of not prosecuting most tax
evaders who made a full disclosure
dates from 1923, the generosity of
amnesties involving Switzerland and
Liechtenstein have been controversial.

Bigger profits

Miliband pledges to boost small

business in wealth strategy
HELEN WARRELL
AND VANESSA HOULDER

Ed Miliband will commit his party to

helping Britains small businesses today
as he outlines an industrial strategy
linking bigger profits in the economy
to the individual prosperity of entrepreneurs.
In a speech to executives at Jaguar
Land Rover in Birmingham, the Labour
leader will attempt to show he has a
credible plan for the UK economy amid
concern among business leaders at the
Ed Miliband says
his plan recognises
every person in
every sector of
the economy is
a wealth creator

partys shift to the left. Mr Miliband will

explain that his partys plan for creating
wealth does not rely on just a few at the
very top but on boosting productivity
in every business and sector.
He will also make clear that industrial
success is about sectors such as social
care and retail as well as larger exporters, as he sets out plans to boost vocational training and apprenticeships.
Our plan is based on the idea that it is
only when Britains working families
succeed that Britain succeeds, he will
say. And it is only our plan that recognises that every person in every sector
of the economy is a wealth creator.
While Labour has already pledged to

cut and then freeze business rates for

1.5m small business properties with a
ratable value of less than 50,000, party
officials hinted that they would go further by putting such enterprises first in
line for tax cuts. Officials also stressed
smaller companies would be given the
support they need to invest, innovate and raise their productivity.
Business rates have become a source
of difficulty for companies across the
country, which have seen bills rise
sharply as trading conditions worsen. A
postponement of the five-yearly review
of ratable values left thousands of small
businesses paying rates fixed on predownturn values in 2008 that have risen
every year in line with inflation.
The coalition has sought to address
that, with chancellor George Osborne
announcing in the Autumn Statement
that business rate relief would be doubled for another year and the inflationlinked increase in business rates would
be capped at 2 per cent. He also promised a full review of the rate structure.
The reliability and lack of volatility of
the revenues from business rates makes
it likely that the next government will
want to do little to erode the 27bn a
year they contribute to the exchequer.
Responding to Mr Miliband, Katja
Hall, CBI deputy director-general, said
addressing productivity was the key
to raising living standards and making
growth work for everyone. But she also
warned: Productivity is different in
every sector and the approach to each
needs to be tailored if it is to work.

GEORGE PARKER AND CAROLINE BINHAM

Peter Macdiarmid/Getty Images

135m

34bn

2bn

Number of
prosecutions from
stolen HSBC data

Tax collected from

people named in
HSBC list

Gap between
tax collected
and tax owed

Tax collected since

2010 mainly from
Switzerland

Some top bankers should have their

bonuses deferred for up to 10 years to
raise standards in the industry and
improve long-term risk management,
Andrew Tyrie, a Conservative MP, has
said.
Mr Tyrie believes that in some cases it
can take up to a decade for problems to
come home to roost in financial services and that bankers need to have their
pay aligned with risk.
The proposal for maximum 10-year
bonus deferral periods was first made in
June 2013 by the cross-party parliamentary committee on banking standards,
chaired by Mr Tyrie, to advise on how to
clean up the sector. But Mr Tyries
renewed call for the proposal to be
adopted will be given new urgency by
last weeks revelations of serious wrongdoing at HSBCs Swiss private bank
between 2005-07: the full extent of their
details have only just come to light.
City regulators have proposed a seven-year bonus deferral period for senior
managers and five years for other staff,
but Mr Tyrie believes that regulators

should be able to demand longer periods in certain cases. Rewards should

match the maturity of risk, he said.
There needs to be skin in the game.
The UK has one of the toughest
regimes for bankers pay, with not only
the seven-year deferral proposed but
also, since January, rules that claw back
bonuses for errant bankers up to seven
years after they are paid out.
The financial markets watchdog, the
Financial Conduct Authority, is also at
the early stages of considering whether
clawbacks of base salary could be legally
feasible, its chief executive last week
told the Treasury committee, which Mr
Tyrie chairs. Mr Tyrie said clawbacks
should be used only in the most egregious circumstances.
Ed Balls, the shadow chancellor, said a
Labour government would legislate to
ensure that bankers were held to
account for up to 10 years in the event of
serious wrongdoing. Labour wants to
change the culture in the banking sector to hold those who abuse their position to rip off customers to account.
Asset managers pay to overtake
investment bankers page 17

FINANCIAL TIMES

Monday 16 February 2015

NATIONAL
Due diligence

Banking rules frustrate foreign investors

Government appoints
special adviser after
torrent of complaints
ANDREW BOUNDS ENTERPRISE EDITOR

Britains banking regime has been tightened so much after the scandals of the
financial crisis that foreign companies
are struggling to open accounts, threatening future investment.
The UK government has appointed a
specialist to help foreign investors after
a flood of complaints.
HSBC paid $1.9bn to settle money
laundering allegations in the US in
December 2012, prompting British
banks to tighten regulations. HSBC is

now accused of helping customers of its

Swiss branch to avoid tax.
Foreign companies wanting to open
UK subsidiaries face rigorous checks,
with many directors required to visit
branches in person to verify identities.
Martin McDonagh of Hart Shaw
accountants in Sheffield said one US
customer had been asked by HSBC to
provide more information than he puts
in his returns to the US tax authorities.
They want to see as much financial
and individual information as possible.
He said the aerospace business had
instead opted to form a company in the
name of its UK representative. A year
later it had 3m turnover and several
UK employees and was trying to establish a subsidiary again.

They want the UK to be their base

into Europe. But it is so difficult to get
the bank account. It has got much worse
in the last few years.
George Boukouris, of MCS BioMed,
who works for a number of medical
device makers, said companies, especially smaller ones, were deterred.
He set up a UK subsidiary for a US
business but found it too difficult to
open an account for it. He said: I went
to every bank on the high street. You
cannot get a bank account in the UK. It is
just too difficult. It is a shame. It is driving businesses away from the UK.
HSBC wanted every director and
those of the investor companies to visit
its New York branch with their
passports.

Mr Boukouris said the Netherlands

and Belgium had become popular alternatives, even for companies with
National Health Service contracts.
Brussels-based Healthlink Europe
provides inward investors with a fulfilment and accounting service from
which to work in the EU. It is working
with 70 medical device companies.
It is so much easier. I cannot see how
they can do it and not the UK, Mr Boukouris said. Many US executives do not
have passports, he added.
British American Business, which
promotes trade between the countries,
said it had raised the issue with UK
Trade & Investment, the government
arm in charge of trade promotion.
A government spokesman said: We

are committed to ensuring our financial

system is a hostile environment for
illicit finances.
Today, the British Banking Association is publishing a guide for businesses
about what is required to open an
account.
HSBC said: As part of our know your
customer due diligence procedures we
must obtain a full understanding of a
prospective customers business, its
principal controllers and beneficial
owners.
Last Wednesday UKTI launched a
campaign to persuade US tech companies to establish their international
headquarters in the UK.
The UK remains the most popular
European country for US investment.

Engineering. In-orbit breakthrough

To boldly go where no manufacturer has gone before

Magna Parvas technology will
enable much larger hardware
to be built aboard a spacecraft
TANYA POWLEY
MANUFACTURING CORRESPONDENT

British companies are attempting to

boldly go where no manufacturer has
gone before by enabling huge pieces of
hardware for satellites to be built in
space.
In-orbit manufacturing has the
potential to save large amounts of time
and money and enable longer and more
sustainable space explorations.
Last November, Nasa and US start-up
Made in Space reached a milestone by
making the first 3D-printed part in
space using a machine installed on the
International Space Station.
In the short term, in-orbit manufacturing is likely to focus on making small
replacement parts and components,
such as spanners, by 3D printing instead
of waiting weeks or months for them to
arrive from Earth.
However, a Leicestershire-based engineering company has taken spacebased manufacturing one step further
by developing a way to make large
structures such as antennas, booms and
panels. Such huge parts are currently
limited in size and shape by the need to
deliver them via an expensive rocket.
Magna Parvas technology would enable much bigger hardware to be built by
using a technique called pultrusion, a
mixture of pulling and extrusion, which
enables the creation of long composite
struts or booms. Everyone wants big
stuff in space but they cant have it at the
moment. Our technology would enable
that to happen, says Andy Bowyer,
co-founder of Magna Parva.
The company last year received about
200,000 in funding from the European
Space Agency (ESA) and hopes to work
with the UK Trade & Investment to
export its technology overseas.
Funding is a key thing to making this
happen, says Mr Bowyer. A US-based
company, Tethers Unlimited, is also
working on a similar concept, dubbed
SpiderFab, which it hopes to demonstrate within the next couple of years.
Robert Hoyt of Tethers believes the
developments will help the space industry to evolve beyond its current tenuous foothold in Earth orbit to establish a
robust, sustainable off-world economy.
Other British companies have worked
with the ESA to show it is possible to 3D
print a lunar base using the moons soil.
The habitat was built using UK company Monolites D-Shape 3D printer and
designed by London-based architect

A 3D printer is tested in a weightless environment: replacement parts in space are limited in scale by the need to deliver them via an expensive rocket Nasa

3D printing
Experts face challenge to
help Mars mission succeed
Engineers at the Manufacturing
Technology Centre in Coventry are
looking at how 3D printing can help
bring materials back safely from Mars.
The MTC, one of the seven research
centres that make up the governmentbacked High Value Manufacturing
Catapult, has 3D printed a titanium
lattice structure to surround the earth
return capsule for the 2025 Mars
mission.
There was an accident a few years
ago with a capsule that came back to
earth and its parachutes failed so it
crashed and the container was
ruptured, says Andrew
Triantaphyllou, an engineer at MTC.
The challenge was to build a
material strong enough to withstand
freefall impact on re-entry, crushable

enough to reduce impact shock for its

contents and sufficiently heat-proof to
keep the sample below a specified
temperature, according to David
Wimpenny, project leader at the MTC.
Magna Parva developed the
material but sought MTCs help in
finding the best way to make it. They
plan to test the structure this year.
The project is one of many looking
at how 3D printing, also known as
additive manufacturing, could be used
to improve space hardware and save
costs by reducing the amount of
material, such as metal, wasted.
Companies such as Airbus and
Astrium in the UK are working on 3D
printed metal components.
Nick Cox, head of technology at the
UK Space Agency, says companies will
only use 3D printing to make parts for
satellites and spacecraft where it
confers benefits over other
manufacturing techniques.
Tanya Powley

Foster + Partners. We are at the real

beginning of these kind of technological
developments, says Laurent Pambaguian, an engineer at ESAs materials
technology section. We have demonstrated that it is possible to build a lunar
base using a 3D printer and we believe it
could be transferred to other celestial
bodies such as Mars.
Nick Cox, head of technology at the
UK Space Agency, says the use of 3D
printing in space has big potential. We
are supporting ESAs lead with other
member states to get the ball rolling,
and working closely with industry to try
and focus on what they see as the important areas, he says.
The government has already identified the global space market as one of
eight great technologies that will help
rebalance the economy.
The UK agency aims to increase Britains market share in the sector from
6 per cent in 2008 to 10 per cent by
2030, and triple employment to
100,000. However, Britain is still more
cautious on its investment in space, con-

tributing less to the ESA than countries

such as Germany.
According to Mr Cox, the focus is on
creating the right environment for
adopting 3D printing. While the US is
largely focused on thermoplastics,
Europe is seen to be in the lead on metalbased 3D printing in space.
In 2013, ESA launched the Amaze
project, which brings together 28 partners from European industry and
academia, including Astrium, Airbus
and Cranfield University, and aims to
put the first 3D metal printer on the
International Space Station. One of its
ultimate goals is to print a satellite in a
single piece of metal.
Bhavya Lal, a member of the USbased National Research Council committee on space-based additive manufacturing, which has published a report
on the sector, says she is optimistic for
extensive use of 3D printing in space
over the next 10 to 20 years. She says:
There is enormous progress that needs
to be made still . . . but it is important to
note that much is being done.

China visitors
Tourist
attractions
get Mandarin
makeover
JAMES KYNGE

Londons Savile Row is the Tall, Rich,

Handsome street, the soaring Shard
building is a Star Plucking tower and
kilt-wearing Scotlands Highland Games
are the Strongman Skirt party.
That is according to a new set of Chinese names for 101 British tourist destinations to be unveiled today. VisitBritain, the national tourism agency, is giving the UKs most loved attractions a
Mandarin makeover as part of a campaign to lure more Chinese visitors.
The country has lagged behind in
attracting Chinese tourists, partly
because visitors must get a UK visa
separately from the common visa that
covers members of the EUs Schengen
area allowing free movement around
rival hotspots such as France, Italy and
Spain.
VisitBritain aims to boost revenue
from Chinese tourism to 1bn annually
by 2020, up from 492m in 2013. Tourists from China spend an average of
2,508 per visit, compared with the
overall average of 640.
China is a different country with a
different language and British names
dont mean anything to Chinese [people] necessarily, said Robin Johnson,
head of overseas operations at VisitBritain. This [campaign] creates names
that actually bring to life what the
attractions are. We need to bring out the
warmth and the welcome, which is so
important to Chinese visitors.
The names were suggested by
millions of users of Chinese social media
over the past 10 weeks, with a total of
13,000 names suggested. In an outbreak
of online democracy, these suggestions
were then whittled down to three leading contenders for each of the 101
attractions by a voting process on
VisitBritains Chinese website.
The outright winner of the naming
ballot, with 15,177 votes, was a suggestion by an internet user identified as
Qiao Chen for his rendering into Chinese
of Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch, the village
in Wales with the longest place name in
Europe. His winning suggestion was
that the village be called Jian Fei Cun, or
Healthy Lung Village, because just
saying it requires strong lungs.
In the bucolic county of Dorset, tourism executives were scratching their
heads over the three leading suggestions
for renaming the Cerne Abbas Giant, the
huge chalk figure with a full male
anatomy. Stylish Man With Strength,
Giant Without a Stitch of Clothing and
Big White Streaker are among the
candidates.
Down at the Royal Oak pub in Cerne
Abbas, one man reached by telephone
said: There are plenty of names for the
Giant here, but you might not want to
publish them.

The Highland Games, or Strongman

Skirt party in Chinese

Company values

Household finances

Top directors praise honesty and integrity

Council tax becomes biggest debt problem

SARAH GORDON BUSINESS EDITOR

Honesty and integrity are the most

important values upon which to judge
a company, according to some of the
UKs top industrial and financial board
members.
Honest behaviour counts for even
more than the quality of a companys
products and services, said Matthew
Chatterton, director at Ipsos Mori, the
polling company that questioned more
than 100 directors and chairmen from
top UK industrial and financial companies.
In view of the various corporate
scandals in recent years and the impact
they have had, its not surprising that
Britains business leaders continue to
stress the importance of honesty and
integrity.
Four-fifths of the 108 captains of
industry surveyed by Ipsos Mori from

the top 500 industrial companies, measured by turnover, and the 100 top financial companies, measured by capital
employed, said they viewed these two
qualities as more important than management or financial performance.
Some 24 per cent said financial performance was extremely important,
down from 35 per cent in 2008 at the
peak of the financial crisis.
The findings are in line with broader
surveys of public perceptions of business.
A recent Ipsos Mori study found a
third agreed that honesty and integrity
were important when judging a companys performance, second only to customer service.
The most admired British company,
chosen by nearly one-fifth of those surveyed was John Lewis, followed by
Rolls-Royce and Virgin.
John Lewis has been lauded by gov-

ernment as a model for caring capitalism, as well as for its success in retailing.
The John Lewis Partnership, which
includes John Lewis department stores
and Waitrose supermarkets, is owned
by its more than 90,000 staff, or partners as they are known.
Each year they receive an annual
bonus, paid as a percentage of salary,
which is decided by the board, based on
the surplus after investment is subtracted from the final profit for the
year.
Sir Richard Branson, Virgin Groups
founder, was regarded as the most
impressive business person in Britain,
the third time he has topped the list in
four years.
Nearly a fifth of those surveyed nominated Sir Richard, followed by Sir Martin Sorrell with 13 per cent and Sir James
Dyson with 9 per cent. There were no
women in the top 10.

EMILY CADMAN

Council tax has overtaken credit cards

as the most common debt problem,
highlighting the strain on family budgets from years of stagnant incomes.
Citizens Advice, which has more than
3,000 centres around the country, said
there had been a notable shift in problems away from consumer credit on discretionary items and towards basic
household bills.
It expects to deal with 191,400 cases of
council tax debt in 2014-15, up 20 per
cent on the previous year. However,
over the same period, debt problems
with credit cards are expected to fall by
12 per cent to 155,700, with unsecured
loan, overdraft debts and mortgage
problems also falling.
The overall number of debt problems
is also falling as the economy recovers,
but Gillian Guy, chief executive of the

charity, said the recovery in household

finances will not happen overnight.
There is a concerning shift in the
kind of debt problems people are getting
into. The mainstream debt problems of
the credit crunch, from credit cards to
loans, are morphing into even more
troubling problems, she said.
From April 1 2013 hundreds of thousands of people became liable for council tax for the first time, after the government decided to cut by 10 per cent the
amount available for relief and give
local authorities the power to set their
own eligibility criteria.
The Local Government Association
warned last month that rising numbers
of low income families were likely to
face bigger bills in the future as councils
struggled to fund the discounts when
other budgets are being cut. It found
that only 45 out of 326 councils continue
to provide the same level of discount

available under the old scheme. The

LGA said the reduction in central
government funding had left councils
with an unpalatable choice between
charging council tax to the working-age
poor, who in many cases may not have
paid council tax before, or finding
additional savings to spending on local
services on top of the cuts of 40 per cent
being made to council funding by
government.
Household debt as a share of income
has fallen over this parliament as
consumers rebuilt their balance sheets
and banks tightened lending standards.
However, the Office for Budgetary
Responsibility expects the ratio to start
rising again this year as people take on
more debt, particularly for mortgages.
It expects households gross debt to
reach 180 per cent of income by 2020,
higher than the 170 per cent it reached
just before the financial crisis.

FINANCIAL TIMES

Monday 16 February 2015

INTERNATIONAL
Brussels talks

Europe. Bailout terms

Athens plea for special treatment

given cool reception by Dublin
Ireland shows little sympathy
as eurozone partner struggles
to cope with austerity burden

67bn
Size of Irish bailout

VINCENT BOLAND DUBLIN

Irelands unofficial motto used to be

Cad mle filte, or a hundred thousand welcomes. Since the country
entered its financial crisis seven years
ago, those warm words have been displaced by something more strident
We are not Greece.
As the commentator Fintan OToole
noted in a piece for the Open Democracy website recently: If government
ministers and technocrats wore
T-shirts, this slogan would be imprinted
on those in charge of managing the crisis
that hit Ireland in 2008.
Yet as eurozone finance ministers
meet in Brussels today to press Greece to
seek an extension of its 172bn bailout,
Irish ministers seem insistent that Athens complete every last yard of its gruelling austerity programme just as the
Irish did. Theyre saying, Weve done
our homework, it wasnt easy, and part
of the homework is keeping Germany
happy, and the Greeks are being unrealistic, says Tom Healy, director of the
Nevin Economic Research Institute.
This lack of solidarity with Greece
from Dublin is notable. It echoes the
position of Spain and Portugal, which
also argue that they have taken the hard
steps needed to stabilise their economies and fiscal positions, and that there
can be no special concessions for one EU
member state. It chimes with the governments insistence argued most
forcefully in parliament this month by
Michael Noonan, the finance minister
that Irelands enormous sovereign debt,
which he said was 110 per cent of economic output last year, is sustainable.
The governments stance has drawn
criticism from commentators, economists and opposition politicians. They
argue that Greece deserves more support as a fellow eurozone economy in
distress, and that the Irish position is a
cynical move to ensure that Greece gets
no concessions not offered to the Irish.
We have been quite dismissive of the
Greeks and their predicament we
have done nothing to position ourselves
to help them, says Michael McGrath,
finance spokesman for the opposition
Fianna Fil party.
Stephen Kinsella, an economist at the
University of Limerick, says the stance
reflects not just the Irish desire to be in
the German camp but a newfound closeness between Irish and German officials
who have worked together on Irelands
financial rescue. They have each
others mobile numbers; they have gone
out to dinner together, he says.
But he adds that should not prevent a
more accommodating approach to the
plight of Greece, especially given the
risk that it might be forced to leave the
eurozone. If that is the threat, Ireland
should be making much more constructive noises, he says.
The Irish position is not illogical, however. More than a year after its bailout
expired, the economy is growing
strongly, job creation is accelerating,
and it has regained full access to international capital markets. Officials say
they have no intention of allowing the
Greek crisis to threaten that recovery.
Moreover, the Irish experience of austerity and the bailout is different from

Chris Jackson; Milos Bicanski/Getty Images

172bn
Size of current
Greek bailout

Gross government debt

As a % of GDP
Ireland
Greece
Forecast

Government expenditure on
interest
As a % of GDP
Ireland
Greece
Forecast

Source: Thomson Reuters Datastream

that of the Greeks. During the three

years of Irelands 67bn bailout about
28bn, or 15 per cent of gross domestic
product, was sucked out of the economy
through spending cuts, tax rises and
other measures. But Mr Kinsella says
social welfare spending, for example,
did not fall dramatically, and while
there was a rise in inequality, some of
the austerity measures, especially in tax
rises, were fairly progressive.
That helps explain why Ireland has no
equivalent to Syriza, the radical new
leftwing Greek government, or Podemos,
whose anti-establishment platform is
becoming so popular in Spain. Antiausterity politics in Ireland is unfocused
and marginal. Even Sinn Fin, the most
hardline Irish political party, has failed to
capture it and in any case the party is
one of the oldest in Europe.
The once-loud Irish demands for debt
relief including, in its early days, from
the current government have faded.
But with a general election due in about
a year, a change of government could
reignite them. The risk in Irelands
unsympathetic stance on Greece, some
people say, is that Dublin will fail to win
friends for debt relief if it needs them
again.
We should be supportive of a panEuropean debate on debt sustainability, Mr McGrath says. Were still a very
highly indebted nation.
Wolfgang Mnchau page 7

Epidemic

Ebola battle not over, warn health experts

CLIVE COOKSON SAN JOSE

The world must not drop its guard in the

fight against Ebola in west Africa even
though the death toll and infection rate
are falling, leading scientists and health
practitioners have warned.
Speakers at the American Association
for the Advancement of Science annual
conference said at the weekend the
virus would remain a threat in the
region until it was completely eradicated.
Suppressing Ebola to a very low level
would not be a success, said Anthony
Fauci, director of the US National Institute of Allergy and Infectious Diseases.
We need to suppress it to zero. It is not
over until we have seen the last case.
The latest figures from the World
Health Organisation show there have
been 23,000 Ebola cases and 9,300
deaths in Liberia, Sierra Leone and
Guinea since the outbreak started early
last year.
Although the trend is downward,
about 100 new cases are being reported
every week, said Iza Ciglenecki of

Mdecins Sans Frontires. We cannot

take our eyes off the ball until we get to
zero, added Keiji Fukuda, WHO head of
health security. He declined to forecast
how soon that could be achieved.
Health authorities are looking at the
lessons of the west African Ebola outbreak to prepare for the worlds next
lethal epidemic. There are worse sce-

Suppressing Ebola to
a very low level would
not be a success. We need
to suppress it to zero
narios than Ebola out there, such as a
severe respiratory disease transmitted
by a respiratory route, said Dr Fukuda.
One priority is strengthening the global disease surveillance network so that
infectious outbreaks can be spotted and
suppressed as soon as possible. Ebola
was already well advanced in west
Africa before it was clear there was an
explosive outbreak, said Dr Fauci.
Even when it became clear that west

Africa faced a health emergency, Dr

Fukuda said, the complexities of the
outbreak, combined with fear, meant
that the international community did
not move quickly enough.
The other big lesson is how easily an
epidemic can emerge in countries with
health infrastructures as weak and fragmented as those in west Africa. The
WHO is currently assessing the health
capacities of countries across the continent. In many cases those capacities
are less robust than we had expected,
Dr Fukuda said. This is an area where
we have to pay attention.
The three countries hit hardest by
Ebola will need particular help to
rebuild their healthcare systems, which
were weak to start with and have been
devastated. About 500 doctors, nurses
and other health workers have died in
the epidemic.
The issue is not just how we snuff out
the last cases of Ebola but how the world
is going to rebuild health systems when
so many doctors and nurses have died,
said Dame Sally Davies, Englands chief
medical officer.

Gap still yawns between

Greece and its creditors
ALEX BARKER AND KERIN HOPE
ATHENS
STEFAN WAGSTYL BERLIN

Greece faces a reckoning in Brussels

today that will bring into relief
profound differences with its international creditors and test the mettle of
the radical leftist government riding a
mood of defiance in Athens.
Weekend talks uncovered a bigger than
expected gap between the two sides, setting up a stand-off between Yanis Varoufakis, the Greek finance minister, and
his eurozone counterparts when they
meet this evening.
People involved in the preparatory
discussions, which were intended to
define and compare respective positions, said Athens raised far more objections to the existing bailout conditions
than the 30 per cent cited publicly by Mr
Varoufakis in the past.
Such big differences make the likelihood of reaching a deal on extending the
current 172bn bailout, which expires
at the end of February, even more
remote. Those involved in the talks said
they were braced for a difficult week.
Wolfgang Schuble, Germanys
finance minister, is determined Athens
should stick to its rescue programme as
a condition of further assistance.
Dogged resistance to such demands
from Alexis Tsipras, Greeces prime
minister, has seen his poll standing soar
at home, with thousands taking to the
streets yesterday in a rally of support.
Over the weekend Mr Tsipras and his
finance minister indicated they were
willing to see a compromise deal. Mr
Tsipras told German magazine Stern he
wanted a win-win solution. Mr Varoufakis told the Kathimerini newspaper he
had a significant degree of hope that a
mutually beneficial deal could be
agreed, even at the eleventh hour. But
Panagiotis Lafazanis, leader of Syrizas
far-left faction, was less emollient, saying he would not allow his partys economic plans to be chopped up, subdivided or split into good and bad.
Germany wants Greece to stay in the
eurozone, but not at any price. If we go

deeper into the [debt] discount debate,

there will be no more reforms in
Europe, a senior German official said.
There will be joyful celebrations in the
Elyse and probably in Rome, too, if we
go down this path.
Berlin wants Greece to open tonights
meeting by laying out its plans, explaining how they fit the existing programme
and what finance Athens will rely on
from March 1. A second senior German
official said Athens could secure concessions and support but only in the
framework of the current agreement.
There will be a compromise. I dont
reject that. Im rejecting someone
throwing a bomb into the European
Commission [which plays a central role

Im rejecting someone
throwing a bomb into the
European Commission
and taking it hostage
in the rescue programme] and taking it
hostage, the official added.
Berlin is open to easing the fiscal
straitjacket. Athens wants a cut in the
proposed fiscal surplus from 4.5 per
cent to around 1.5 per cent. In Berlins
view, 3 per cent might be possible.
Although eurozone officials have
insisted today is the last chance for Athens to request an extension several
countries would need the next two
weeks to approve it in their parliaments
some have raised the possibility of
holding another meeting this week.
But that is contingent on both sides
making enough progress today to make
such a session worthwhile.
Vasileios Gkionakis, global foreign
exchange strategy chief at UniCredit
bank, wrote to clients: I think it is fair
to say that . . . the irresistible force will
be meeting the immovable object.
If the bailout expires at the end of the
month, Athens would emerge without
an EU financial backstop for the first
time since the eurozone crisis began in
May 2010. Many eurozone officials fear
market turmoil would ensue.

FINANCIAL TIMES

Monday 16 February 2015

INTERNATIONAL

Danish shooting suspect was

22-year-old known to police
Authorities admit luck and presence of armed officers prevented more deaths

Bullet holes scar the window of the caf at which one person was killed. Below, a police handout picturing the main suspect Hannibal Hanschke/Reuters; PA
DAVID CROUCH COPENHAGEN

Danish police say the man suspected of

twin shootings that left two dead and
five injured in Copenhagen on Saturday
was a 22-year-old known to police and
with a record of criminal violence and
links to gangs, but they had no indication that he was a returned fighter from
Syria or Iraq.
The man, born in Copenhagen, was
shot dead by police early yesterday
morning following attacks on a free
speech event at a caf, attended by a
Swedish cartoonist who had depicted
the Prophet Mohammed as a dog, and
the main synagogue in Copenhagen.
Police declined to reveal the name of
the dead man, who was tracked down
after a taxi-driver who drove him home
on Saturday night raised the alarm.
Film director Finn Nrgaard, 55, died
in the attack on the Krudttnden cultural centre when the gunman opened
fire on the meeting where the cartoonist
Lars Vilks and the French ambassador
to Denmark were speaking. Mr Vilks,
who has survived previous attempts on
his life, hid in a cold store during the
attack. Five police officers were injured.
Four remained in hospital last night.
Since Islamist gunmen last month in
Paris attacked a kosher supermarket
and the publisher of cartoons mocking
the Prophet Mohammed, Danish police
had been well aware that something
similar could happen in Copenhagen,
said Claus Oxfeldt, chief of the citys
police union.
The presence of armed police at both
locations thwarted the attacker. But we
have also been lucky . . . it could have
been much worse, Mr Oxfeldt said.
Police were working on the assump-

tion that the suspect had been inspired

by the events in Paris last month. There
were reports of further arrests yesterday evening with a large police operation under way to find out if the killer
operated alone or with others.
Danish political leaders called for
unity in the face of the tragedy.
This is not a battle between Muslims
and non-Muslims, it is a battle between
freedom of the individual and a dark
ideology, Helle Thorning-Schmidt,
prime minister, said.
She later laid flowers outside the synagogue on Krystalgade where Dan Uzan,
37, was killed as he stood guard. Bernard
Cazeneuve, French interior minister,
travelled to Denmark to show solidarity
in the wake of the killings.
Denmark has put enormous effort
into combating its domestic terror
threat since 2006 when the newspaper
Jyllands Posten became a target for alQaeda after it was the first to publish
cartoons of the Prophet Mohammed,
sparking outrage across the Muslim
world. In the past decade Denmark has
been the target of six terror plots, all
thwarted by the Danish security service.
But the country has also experienced
growing radicalisation among a minority of young Muslims, with more than
100 Danes currently fighting alongside
the Islamic State of Iraq and the Levant,
known as Isis, in Iraq and Syria, according to intelligence estimates.
Denmarks strong anti-terror legislation combined with multi-agency intervention to combat radicalisation have
been seen as a model in other Nordic
countries. But the Copenhagen murders
are likely to see renewed scrutiny of the
countrys methods of combating
extremism, which involve trained men-

tors for at-risk individuals, providing

counselling to reintegrate fighters
returning from Syria, and community
support for families.
The authorities also maintain a dialogue with the radical Grimhojvej
mosque in Aarhus, which has been
accused of being a conduit for fighters.
The approach was branded naive and
dangerous by the rightwing Danish
Peoples party, which wants the mosque
closed, after its leaders spoke in favour
of Isis and against democracy while hailing a Danish suicide bomber as a hero.

1 km

Krudttnden
cultural centre
Suspect shot dead
after police raid
apartment block
NRREBRO

COPENHAGEN
Synagogue

There has been a lot of attention on

the mosque, but it has been helpful in
stopping the flow of foreign fighters,
said Magnus Ranstorp, the Swedish
head of the EUs anti-radicalisation programme who was recently appointed to
lead Copenhagens Expert Group on preventing violent extremism.
It is better to have open, sharp dialogue, and if they break the law we can
prosecute. You have two choices
maintain contact or do nothing.
Oussama Mohammad El-Saad, president of Grimhojvej mosque, added his
voice to those of other Danish Islamic
leaders in condemning the gunman.
In the week before the attacks, imams
from some of Denmarks largest
mosques warned of growing radicalisation among Muslim youth. It easily
takes two to three years for us to get a
young man raised to be a good Muslim,
to accept western values . . . but it takes
only two to three months before he is
been radicalised in this extreme environment, Radwan Mansour of the
Peace Mosque in Aarhus said.
Benjamin Netanyahu, Israels prime
minister, said in response to the events:
To the Jews of Europe and to the Jews of
the world I say that Israel is waiting for
you with open arms. Denmarks chief
rabbi Jair Melchior responded that
terror is not a reason to move to Israel.
Denmark is facing elections this year
and already some political experts have
speculated that the attacks could give a
boost to Ms Thorning-Schmidt, the centre-left leader who has been lagging
behind in the polls.
The Danish Peoples party could also
try to capitalise on the attacks.
Additional reporting by Richard Milne in
Oslo

Russia-backed rebels

Tenuous ceasefire tested

by east Ukraine shelling
COURTNEY WEAVER DONETSK
ROMAN OLEARCHYK KIEV

A shaky ceasefire in Ukraines breakaway east appeared to be taking hold yesterday, with international monitors
reporting a significant easing of the
fighting that has raged for months.
Ertugrul Apakan, chief of a monitoring mission from the Organisation for
Security and Co-operation in Europe,
said in Kiev: The ceasefire has been
holding in the first 12 hours, with some
exceptions, notably in Debaltseve,
Raihorodka and Lugansk city.
But by the evening Ukrainian officials
claimed the separatists had sharply
stepped up artillery attacks after the
ceasefire came into effect at midnight
on Saturday.
Anatoly Stelmakh, a Ukrainian army
spokesperson, said that between 3pm
and 7pm Kiev time separatists had fired
upon Ukrainian positions, mostly in the
region of Debaltseve, a strategic rail
hub, more than 30 times. That brought
the total number of shelling and rocket
attacks for the day to more than 60, he
said.
There was no independent confirmation of the attacks yesterday evening.
But with Russian-backed separatists
having said earlier they reserved the
right to continue attacking Debaltseve,
where they claim to have surrounded
thousands of Ukrainian soldiers, it was
uncertain whether a lasting peace would
emerge from a conflict that has claimed
more than 5,300 lives.
Of course we can open fire [on
Debaltseve], it is our territory, Eduard
Basurin, a senior rebel commander, was
quoted by Reuters as saying by telephone. In separate comments, he said:
At an emergency meeting analysing the
situation in Debaltseve, it was found
that the Ukrainians violated the ceasefire and continued its killing of the civilian population. Kiev denied the claims.
The stand-off at Debaltseve, where

fighting has been fierce in recent days,

appeared to be developing into a sticking point that might see broader fighting
erupt once more. Just days after he
signed the Minsk ceasefire accords,
which were brokered on Thursday by
Ukraine, Russia, France and Germany,
the prime minister of the self-declared
Donetsk Peoples Republic claimed it
did not apply to fighting in Debaltseve.
The Minsk agreement doesnt say a
word about Debaltseve, Alexander
Zakharchenko was quoted by Russian
agency Interfax as saying on Saturday.
Though the Minsk accord envisages
Ukraine regaining control over the eastern regions border with Russia after
local elections are held in the enclaves in

If it doesnt work out

with political means,
we can use other means
Donetsk Peoples Republic premier
accordance with Ukrainian law, Mr
Zakharchenko warned: If our demands
for de facto independence are not met,
we will declare that the whole Donetsk
region is ours. If it doesnt work out with
political means, we can use other
means.
Mr Apakan accused the separatists of
violating the Minsk agreement by denying OSCE monitors access to Debaltseve.
Colonel Andriy Lysenko, a Ukrainian
army spokesman, said government
forces would be ready in two days to
start complying with the second of the
Minsk accords 13 points a pullback by
both sides of heavy weaponry from a
100km buffer zone along the front line.
But he said separatists were conducting
provocations in Debaltseve and other
regions to torpedo the second attempt
since September to achieve a lasting
truce. Another failed ceasefire pact
might lead to further western sanctions
on Russias ailing economy.

Libya

Isis militants say 21 Copts dead

BORZOU DARAGAHI CAIRO

Fighters affiliated with the Islamic State

of Iraq and the Levant, or Isis, claimed
yesterday to have killed up to 21 Egyptian Coptic Christians they were holding
in the central Libyan city of Sirte, the
second urban centre they have seized in
the chaos that has raged since the 2011
toppling of Colonel Muammer Gaddafi.
Video footage set to religious music
and posted to the internet purported to
show black-masked Isis fighters
beheading at least a dozen men at what
is described as the Sirte coast.
The film, produced in the distinctive
visual style of execution videos by Isis in
Iraq and Syria, is the clearest sign yet
that the group has expanded beyond its
base in the Middle East to north Africa.
The killings of the Egyptian guest
labourers, if verified, will add to rising
regional concern at militant groups in
Libya. President Abdel Fattah el-Sisi of
Egypt announced an urgent meeting of
senior security officials and declared
seven days of mourning.
Earlier the jihadis claimed to have
taken control of municipal institutions
in the coastal city that was Gaddafis
home town and have started to broad-

cast sermons by Isiss leader, Abu Bakr

al-Baghdadi, on radio stations. A member of the citys municipal council was
quoted by local media as saying jihadis
had seized control of 70 per cent of the
city of some 60,000 people.
Italy announced yesterday that it had
closed its embassy in Tripoli, because of
deteriorating security. The embassy had
been the last remaining significant diplomatic outpost in the capital. Paolo
Gentiloni, Italys foreign minister, last
week reiterated Romes willingness to
send peacekeepers to Libya as part of an
international mission. We cannot
accept the idea that theres an active terrorist threat only a few hours from Italy
by boat, he told Italian media.
Oil-rich Libya is locked in a complex
civil war pitting a loose coalition of
armed groups loyal to the elected
government established in the eastern
city of Tubruq against Islamist fighters
in Tripoli, backed by Libya Dawn, a
militia from Misurata.
Taking advantage of the chaos, jihadi
groups, including some affiliated with
Isis, have also begun to expand from
their base in the eastern city of Derna
across Libya, declaring Islamic provinces in the east, west and south.

Insurgency

Nigeria military moves to retake territory from Boko Haram

WILLIAM WALLIS ABUJA

As Nigerian political infighting intensifies over the postponement of a general

election on security grounds, the military has launched a significant counter-offensive against the Islamist insurgents of Boko Haram.
At the same time, hundreds of Boko
Haram extremists launched their first
all-out assault on the city of Gombe,
underscoring their continuing capacity
to spring surprise attacks across a swath
of northeastern Nigeria.
After hours of intense fighting on Saturday, the Nigerian army repelled the
attack on Gombe, which lies outside the
three states at the centre of the conflict.
Witnesses said that Boko Haram fighters scattered leaflets as they retreated,
warning inhabitants that they would be
killed if they voted in the forthcoming
presidential poll.
A female suicide bomber blew herself
up at a crowded bus station in the city of
Damaturu, Yobe state, yesterday, killing
10 people and wounding 30, Reuters
reported. No one claimed responsibility.
The election was originally scheduled
to take place on Saturday but was con-

troversially postponed by the electoral

commission until March 28 after security chiefs said they were unable to guarantee safety at the polls while conducting the counter-offensive.
A government official said there were
reasons to be hopeful that this time the
military would be more effective in
retaking territory seized by Boko
Haram in its attempt to carve out an
Islamic caliphate in Nigerias impoverished northeast. He said the army had
new equipment and an infusion of fresh
troops and commanders, including special forces trained by the British, to reinvigorate the campaign.
Fresh military collaboration with the
neighbouring states of Cameroon, Chad
and Niger all three of which have been
attacked recently should prevent the
insurgents from slipping across borders
as easily as they have been doing.
The idea is to put them [Boko
Haram] into a defensive position so we
can relieve military personnel to join
INEC [Independent National Electoral
Commission] to safeguard the polls,
the official said.
A Nigerian security source confirmed
that fresh offensive operations have

been launched in recent days. Western

officials following the conflict said it was
realistic that the army could build on
recent success in flushing out the insurgents from Yobe and Adamawa, two of
the three states where Boko Haram has
seized territory over the past year.
However, they said it was unlikely the
government would be able to fulfil Pres-

A Nigerian soldier stands guard at

a festival in Maiduguri, Borno state

ident Goodluck Jonathans pledge to

retake all the territory seized by the
jihadis since last year, particularly in
Borno state, where they are strongest.
At the weekend Mr Jonathan came
under fresh verbal attack for allowing
the polls to be postponed. The accusations were mounted by Olusegun Obasanjo, the former army general and head
of state who was instrumental in his
ascent to the presidency but has since
become his fiercest critic.
Iraq, Syria and Afghanistan all held
elections while in the throes of insurgencies, Mr Obasanjo said, accusing his
former protg of using the battle
against Boko Haram as a pretext to
remain president by hook or crook.
The military interference in the election
schedule was a sad day for democracy
in Nigeria, he said.
Mr Jonathan, who is at risk of being
unseated by challenger Muhammadu
Buhari, a former military ruler, hit back.
Spokesman Reuben Abati said the president had no intention of subverting
the electoral process and went on to
accuse Mr Obasanjo of scheming alongside others within and outside the
country to plunge Nigeria into crisis.

FINANCIAL TIMES

Monday 16 February 2015

INTERNATIONAL
GLOBAL INSIGHT

Energy

Oil discoveries decline to 20-year low

Fall in volumes found
last year points to supply
challenges in 2020s
ED CROOKS NEW YORK

Discoveries of new oil and gas reserves

dropped to their lowest level in at least
two decades last year, pointing to tighter
world supplies as energy demand
increases in the future.
Preliminary figures suggest the volume of oil and gas found last year,
excluding shale and other reserves
onshore in North America, was the lowest since at least 1995, according to previously unpublished data from IHS, the
research company.
Depending on later revisions, 2014
may turn out to have been the worst
year for finding oil and gas since 1952.
The slowdown in discoveries has been

particularly pronounced for oil, suggesting production from shale in the US

and elsewhere, and from Opec, will play
a more important role in meeting growing global demand in the next decade.
New finds of oil and gas are likely to
have been about 16bn barrels of oil
equivalent in 2014, IHS estimates, making it the fourth consecutive year of falling volumes. That is the longest sustained decline since 1950.
Because new oilfields generally take
many years to develop, recent discoveries make no immediate difference to the
crude market, but give an indication of
supply potential in the 2020s.
Peter Jackson of IHS said: The
number of discoveries and the size of
the discoveries has been declining at
quite an alarming rate . . . When you
look at supply in 2020-25, it might make
the outlook more challenging.
So far there has not been a single new

giant field, one with reserves of more

than 500m barrels of oil equivalent,
reported to have been found last year,
although subsequent revisions may
change that.
The figures for declining discoveries
are particularly striking because exploration activity in 2014 showed very little
impact from the sharp fall in oil prices in
the second half of the year. The last time
oil and gas discoveries were around
2014s level was in the mid-1990s, when
exploration activity was hit by a period
of weak prices.
Last year, the number of exploration
and appraisal wells drilled worldwide
was only 1 per cent lower than in 2013.
This year, exploration budgets are being
cut across the industry and the number
of wells drilled is likely to fall further.
New discoveries are not the only
sources of future oil supply. Companies
can also add to their production poten-

The
number of
discoveries
and the
size of the
discoveries
has been
declining at
quite an
alarming
rate

tial with extensions of existing fields

and there are large known reserves.
The weakness of new discoveries
increases the need for production from
those sources to rise if, as expected, global demand for oil continues to
increase.
The shale boom has transformed the
outlook for oil in the US and played a
critical role in creating the oversupply
that led to the collapse in prices, but it is
still relatively small on a global scale, Mr
Jackson said, accounting for about 5 per
cent of world oil production.
Shale is also a relatively high cost
source of oil compared with reserves in
the Middle East and requires higher
crude prices to be commercially viable.
Mr Jackson said that with crude prices
around their present levels, it would be
very difficult to start up new shale
production projects.
Oil markets need reform page 11

Police probe. Petrobras

The $100m mans guide to Brazilian corruption

Allegations threaten to harm
government and bankrupt
nations most important group
JOE LEAHY SO PAULO

One October night in 2011 in Milan,

Italy, a group of four Brazilian businessmen linked to Petrobras, Brazils stateowned oil operator, sat down for dinner
with the manager of a Swiss bank,
Banque Cramer.
On the menu for the Brazilians was
allegedly a plan to create one of the most
ambitious corruption schemes their
country had seen.
The men were plotting to divert
nearly 1 per cent of $22bn in contracts
held by Sete Brasil, one of the worlds
largest drilling rig companies that was
being set up by Petrobras, into their own
accounts and those of political contacts,
alleges one of the participants at the dinner, Pedro Jos Barusco Filho. They were
meeting the banker to discuss opening
offshore accounts for the money, the
former Petrobras and Sete Brasil executive said. There was no suggestion
Banque Cramer was party to the
scheme.
The day after the dinner, everyone
opened accounts in the name of offshore
companies, Mr Barusco, who has
agreed with Brazils federal police to
provide testimony in exchange for leniency, said in statements filed with a Brazilian court in Curitiba, in the countrys
south, and published on the federal justice system website.
The alleged corruption scheme at Sete
Brasil is just one part of a wide-reaching
scandal at Petrobras that is threatening
to envelop the government of Brazilian
president Dilma Rousseff and bankrupt
the countrys most important company.
Over the past year, police have uncovered allegations that Petrobras contractors, which include many of the countrys largest construction groups as well
as foreign companies, paid bribes to the
oil companys executives and politicians
from the ruling coalition led by Ms
Rousseffs Workers party in exchange
for tens of billions of dollars in contracts.
Mr Barusco is not the most senior

Workers for a
company under
contract with
Petrobras take
part in a protest
in Rio de Janeiro
to demand the
payment of
unpaid wages
Vanderlei Almeida/AFP

former Petrobras executive implicated

in the scandal. But he gained notoriety
in the Brazilian media when he offered
to reimburse the government roughly
$100m that he stole over more than a
decade of self-confessed corrupt dealings, shocking a society inured to tales of
graft.
His testimony on Sete Brasil and his
earlier experiences at Petrobras read
almost like a manual on how to run
complex corruption schemes and are a
warning for foreign companies on doing
business with government entities in
Brazil.
A career Petrobras executive, Mr Barusco joined the company in 1979 and left
about four years ago, when he helped to
set up Sete Brasil. A private company
partly controlled by banks, including
Spains Santander and Brazils BTG Pactual, Sete Brasil has Petrobras as an
important shareholder.

Mr Barusco recounted how, together

with former Sete Brasil chief executive
officer Joo Carlos de Medeiros Ferraz,
he organised a tender by Sete for contracts for 28 drilling rigs to five shipbuilding companies, two of them Singaporean and three Brazilian with Japanese shareholders.
The pair immediately set up a corresponding corruption scheme under
which the shipbuilders would be
required to pay bribes through their
agents, Mr Barusco alleged.
He alleged two key recipients of the
bribes were his former boss at Petrobras, Renato Duque, who was then
director of services, and Joo Vaccari
Neto, the treasurer of Ms Rousseffs
Workers party.
Mr Barusco alleged the conspirators
agreed that two-thirds of the Sete Brasil
bribes would go to Mr Vaccari and onethird to Petrobras and Sete Brasil offi-

cials. He, Mr Duque, Mr Ferraz and a

fixer allegedly then went to Italy to
arrange the accounts.
Describing Mr Duque as disorganised
when it came to managing his bribes, Mr
Barusco said much of the bookkeeping
fell to him. He had kept spreadsheets
using code names.
Mr Duque and Mr Vaccari have
denied receiving payments and the
shipbuilders have denied making them.
Mr Duque accused Mr Barusco of being
a confessed criminal who is lying to
try to win his freedom. The Workers
party said there was no proof behind the
allegations and pledged to sue the
accusers. Mr Ferraz could not be
reached for comment.
Sete Brasil said its present management was analysing Mr Baruscos testimony, adding that he left the company
in 2013 while Mr Ferraz left the following year.

BEIRUT

David
Gardner

Ten years on, Hariris

murder has reshaped
Lebanons landscape

n Valentines Day 10 years ago, a ball of fire in

downtown Beiruts hotel district caused a
massacre. A bomb attack on a convoy carrying Lebanons former prime minister, Rafiq
Hariri, killed him, his former economy minister Bassel Fleihan, and 20 others. The vast size of the
explosion made it more like a public execution than just
one more of the political assassinations that had long
plagued a country struggling to emerge from years of civil
war and sectarian carnage.
Popular outrage at the murders in effect a regicide
against the man synonymous with the reconstruction of
postwar Beirut unleashed the Cedar Revolution, forcing the involuntary withdrawal of Syrian troops after 29
years of occupation.
The UN-backed Special Tribunal for Lebanon (STL),
now in session near The Hague after almost a decade of
investigation, is trying in absentia five members of Hizbollah, the Iran-backed Shia paramilitary group allied with
Syria, for the crime.
What has happened in that decade, after the sadly
inflated hopes of change brought by the Cedar Revolution?
Five developments stand out.
First, Syrias withdrawal, paradoxically, ended by reinforcing the power and influence of Hizbollah and Iran in
Lebanon. The self-styled Party of God not only has political and military power, financial might and welfare
patronage. It has so tight a grip on the levers of state, in particular Lebanons security services, it has become a stateabove-the-state, creating an institutional wasteland.
Hizbollahs decisive
intervention in Syria in
Hizbollah is
2013 broke the stalemate
in the civil war in favour a state-above-theof the then beleaguered
state, creating
regime of Bashar al-Assad, and showcased the an institutional
group as Irans spearhead
wasteland
in the Levant.
Lebanons own sectarian divisions have hardened and reconfigured: the Christian-Muslim antagonism at the heart of its 1975-90 civil
war has given way to the Sunni-Shia struggle raging in the
Levant, with Lebanese Christians split between the two.
But second, what decisively transformed Hizbollahs
fortunes were the events of 2006. The movements prestige soared as it held its ground in a 34-day war with Israel.
Condoleezza Rice, secretary of state, told the world it
was witnessing the birth pangs of a new Middle East. In
fact, it was watching the death rattle of a recently resurgent Lebanon, where the only democratically elected and
west-leaning government in the Arab world collapsed.
Hizbollah became a non-state hyperpower in the region.
From that point, third, the Hariri project to refloat Beirut into the capital market and services entrepot of the
Middle East all but died or rather moved south to Dubai
where, in a cruel irony, some of the architects of the emirates international finance centre were the original strategists behind the Beirut project.
Fourth, Mr Assad, initially the presumed culprit behind
the Hariri killing as well as facilitator of jihadi volunteers
into Iraq against the US-led occupation, was first shunned
as an international pariah, then rehabilitated in polite geopolitical society. The pendulum has now swung back, not
just because of the Assad regimes savage war against its
own people, but because the STL is resurrecting evidence
Syria was implicated in that and other assassinations in
Lebanon.
A fifth and especially dispiriting thought, as Hariris
family, friends and followers continue their wait for some
form of justice, is that his absence highlights a deadly
symptom of the present crisis across the region: the
absence of mainstream and moderate Sunni Arab leaders.
For all his many faults, this outsize figure was certainly
that. That is probably one reason why he was killed. The
other was that he was the only credible obstacle to Syria
and Irans designs on Lebanon, now part of the Sunni-Shia
sectarian struggle playing out from Baghdad to Beirut.
david.gardner@ft.com

Currency

Economic boost

Azerbaijan poised to abandon dollar peg

Kenyas poor gain most from plummeting crude

JACK FARCHY AND TONY BARBER BAKU

Azerbaijan is planning to abandon its

currency peg to the dollar as the oil
price tumble strains its energy-dependent economy, the central bank
governor has told the Financial Times.
It is critical to make some kind of corrections to fiscal and monetary policy,
Elman Rustamov, who has led Azerbaijans central bank for two decades, said
in an interview. We consider we should
transit to a more flexible exchange rate
regime and gradually we will transit to
an inflation-targeting regime.
The plan to drop the dollar peg is a big
policy shift for Azerbaijan, which prizes
economic and political stability but has
been shaken by the 47 per cent drop in
oil prices since June. Oil and gas
accounts for 95 per cent of exports and
70 per cent of government revenues.
After a decade of rising prosperity
that lifted nearly half the population out
of poverty and fuelled a construction
boom in Baku, the government will this
year tap its $37bn oil fund for the first
time since it was established in 1999.
2015 is one of the most critical years
[for the Azerbaijani economy], Mr

Rustamov said. The key goal is to

diversify the economy, to transit to a
new economic growth model, and to
decrease the resource dependency.
He declined to say when Azerbaijan
would abandon the peg, but emphasised
any weakening of the currency would be
gradual rather than sudden, saying the
central bank would take into account
the interests of the population.

$52bn
Foreign exchange
reserves held by
the oil fund and
central bank

95%
Percentage
of exports
accounted for
by oil and gas

The Azerbaijani manat has been

effectively pegged to the US dollar at
just over 0.78 per dollar since mid-2011,
even as falling oil prices triggered sharp
declines in other regional currencies
such as the Russian rouble, Kazakh
tenge and Georgian lari.
Russia last year allowed its currency
to float freely, while Kazakhstans central bank governor told the Financial
Times in November that if oil prices
remained low the country would be

forced to accelerate a move to inflation

targeting.
Azerbaijans central bank is planning
to drop the fixed dollar exchange rate in
favour of targeting a euro-dollar basket,
Mr Rustamov said, with a 20-30 per
cent weighting for the euro in line with
trade. It would adopt a target for inflation of 5-7 per cent, compared with
annual inflation of 1.4 per cent last year.
The bank had spent about $1bn of
its reserves this year to defend its currency as nervous depositors converted
their savings into dollars, he added.
Foreign exchange reserves of $52bn
held by the oil fund and central bank are
high relative to the size of the economy,
at 70 per cent of GDP, helping shield it
from the impact of the oil price fall.
But Mr Rustamov said the effect on
confidence had been stark, noting the
bank was observing a certain shrinkage in the economy compared with
growth of 2.8 per cent last year. He said
the central bank was working on a range
of monetary measures to stimulate the
economy, including buying mortgagebacked bonds, supporting lending to
small and medium-sized businesses,
and support for the banking sector.

KATRINA MANSON NAIROBI

Kenyan farmer Anne Lidonde will

plant more spinach than usual this year
and it is all thanks to the collapse in global oil prices.
The 52-year-old mother of two is one of
the more obscure beneficiaries of a falling oil price the IMF predicts will
depress growth rates for sub-Saharan
Africa to 4.9 per cent, almost 1 per cent
lower than previous forecasts, given
that key economies such as Nigeria rely
on oil sales for revenues.
But Kenya, like all bar one of its neighbours in east Africa, is dependent on oil
imports rather than exports. The dramatic fall in crude oil prices has resulted
in savings not only in petroleum products but also for products that rely on
fuel inputs. Oil accounts for most inflationary pressures across the region,
according to the African Development
Bank, so the oil crash means lower
prices for food and household goods.
Everything is down petrol charges
are down, unga [maize flour] is down,
fertiliser is down Im ploughing the
savings back into the farm, says Ms
Lidonde.

Inflation across Kenya fell to 5.53 per

cent in January, down from 6.02 per cent
the month before, according to the
Kenya National Bureau of Statistics.
That means most food prices are still
rising, but the cost of some staples is
falling. Average petrol prices fell 8.9 per
cent in a single month and maize flour
by 2.9 per cent, the largest monthly
drop for any foodstuff and hugely
significant for the millions who rely on
ugali, a maize-flour dough, as their
staple.
The impact is likely to be most felt in
some of the regions smallest, landlocked
economies more than 1,000km from the
coast, such as Burundi and Rwanda.
The drop is likely to provide a boost at
the macro level for others, too. Kenya
and Tanzania, which both spend about
$4bn a year on oil imports equivalent
to 8.2 per cent of gross domestic product
in Tanzania are likely to save more
than $1bn each on their import bills.
Lower oil prices will be good for [east
Africas] current accounts, many of
which are dire, at over 10 per cent, says
David Cowan, Africa economist at Citi.
The World Bank says it is still calculating the likely impact of the oil price on

the regions current account deficits and

growth prospects, but expects substantial savings. Geoffrey Mwau, economic
secretary at Kenyas finance ministry,
offers a note of caution: Despite the oil
price drop, the shilling is still not that
strong, so we dont see a lot of benefits in
terms of imports.
Mr Cowan also cautions the full extent
of the price drop is unlikely to be passed
on to consumers: The last few years
have been pretty difficult profit-wise
quite a lot [of importers, manufacturers
and traders] may seek to rebuild profit
by keeping up their margins. The
regions biggest supermarket, Nakumatt, with 40 stores across four east
African countries, has yet to reduce its
prices, for example. However, Nakumatts Alfred Nganga thinks prices
may fall in the coming months.
The individual benefit to the overall
economy from people such as Ms
Lidonde may be minute, but experts say
it is the most vulnerable in Kenya who
stand to gain and, relatively, spend the
most. Aly-Khan Satchu, a Kenya-based
analyst, said: The economy outperforms when the average Joe whos earning not much has more in his pocket.

FINANCIAL TIMES

Monday 16 February 2015

FINANCIAL TIMES

Monday 16 February 2015

FT BIG READ. BONDS

The market for corporate debt from emerging markets has seen explosive growth as investors sought
higher yields. But amid slowing growth in China, Brazil and other countries, some see signs of distress.
By Jonathan Wheatley

Emerging bubble

n February 2010, a medium-sized

Brazilian bank called Banco Pine
set out to raise $125m from international investors. Its timing was perfect: Brazils economy was booming
and foreign money was pouring into
Brazil and other emerging markets.
Banco Pines offering was a success. As
recently as late November, its bonds
were trading at $1.06 on the dollar
investors were so confident the bank
would keep making generous interest
payments on its debt that they were
willing to pay much more for the bond
than they would get back on its due date
in January 2017.
Today, however, investors love affair
with Brazil has cooled and Banco Pine
has felt the shift. By the end of last
month, it was trading at 94 cents on the
dollar. At that price, with less than two
years to maturity, it was offering total
annual interest of 12.2 per cent, a premium of 1,100 basis points over comparable US Treasury bonds a sure sign,
analysts say, of a bond in distress.
Banco Pines problems include loans it
made to companies that have been
caught up in an alleged $20bn corruption scandal at Petrobras, Brazils government-controlled oil company
though the bonds of companies implicated in the scandal have fared far worse
than Pines. But the recent sharp and
sudden movements in Pines bond price
which has since partially recovered
also underline what many fear is inherent instability in one of emerging markets biggest and youngest asset classes.
A decade ago, the market for EM hard
currency corporate bonds hardly
existed. Today, it is bigger than the US
high-yield corporate bond market, an
asset class familiar to investors for decades, and more than four times the size
of Europes high-yield bond market.
What has driven such extraordinary
growth? In just a few years before the
global financial crisis of 2008-09,
emerging markets won over the worlds
investors. In 2001, Goldman Sachs identified the Bric economies Brazil, Russia, India and China as the new
engines of global growth. Chinese
demand drove a commodity boom that
helped billions of people rise out of poverty and into the consuming classes.
After the crisis, the developed worlds
expansionary monetary policies kept
the party going, pushing cheap credit to
EM consumers and sending ever more
foreign money into EM assets. Emerging
companies, many able to tap overseas
markets for the first time, embarked on
a borrowing spree. Yield-hungry foreign
investors were happy to help.
David Spegel, global head of EM sovereign and corporate bond strategy at
BNP Paribas, has been following hard
currency EM corporate bonds since
1994. His figures show that the value of

It is entirely possible
that we could see a
default by a big,
emerging market
corporation
such bonds in the market has grown
from $107bn then to more than $2tn
today.
But with Brazils economy imploding,
China slowing and dark shadows over
markets from Venezuela to Russia and
Ukraine, some analysts worry that the
party has gone on too long.
Stuart Oakley, global head of EM foreign exchange trading at Nomura in
London, points to how easily things
could go wrong. It is entirely possible
that we could see a default by a big,
emerging market commodity exporting
corporate, he says.
In that scenario you would get people
redeeming money from big EM asset
managers, bids for the bonds from
banks would dry up, there would be
sharp price drops on those and all associated assets and a sell-off across this or
another asset class.

Fears of a rout
One source of danger is that the EM corporate bond market, pumped up by
years of often indiscriminate buying, is
still being engorged by a search for yield
among global investors. It is also showing alarming signs of distress at a time
when the ability of the financial system
to handle trades between buyers and
sellers is much reduced, increasing the
risk that any sudden exit could quickly
turn into a disorderly rout.
Part of the problem stems from the
bond-buying schemes launched by the
US Federal Reserve and other central

Rapid expansion The market for EM

hard currency corporate bonds is now
bigger than the US high-yield
corporate bond market
Fickle friends Many retail investors
have pumped cash into the asset class.
Analysts worry they may flee at early
signs of trouble, creating instability
Outlook negative? The number of EM
corporate bonds being downgraded by
credit rating agencies is rising, with
56 downgrades in January alone

mate, every $10 fall in the price of oil

leads to lost earnings in the EM corporate bond universe of $25bn a year.
Does this presage a wave of defaults?
Few analysts expect that. Mr Spegel sees
the value of EM corporate defaults rising to $15bn this year, up from $12bn
last year.
Even in Venezuela and Ukraine, two
countries where sovereign defaults are
largely priced in, investors expect some
form of restructuring rather than outright default. Some Ukrainian corporates, all of which could be expected to
restructure in the wake of the sovereign,
are already negotiating exchanges,
extensions or other restructuring with
their bondholders.

So Paulo: investors love affair with corporate Brazil has cooled, with demand easing off for debt from the likes of Banco Pine Reuters

EM debt
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014*

Emerging market external corporate debt

$bn

Net issuance

Retired net debt

China
3.6

Brazil

3.6

2.5

10.9

6.7

1.5

23.6

43.2

48.6

98.3

117.1

2.7

10.8

7.6

2.4

17.6

33.8

33.9

53.8

24.8

29.9

-2.5

Mexico

Flight to quality

-3.9
3.6

4.8

2.6

3.7

4.5

5.7

9.2

13.7

8.5

10.2

14.3

12.3

9.1

17.3

23.0

38.6

8.1

7.5

16.6

21.9

23.6

16.8

2.1

0.9

5.9

4.7

16.3

15.5

15.5

7.7

19.3

13.8

21.2

2.5

23.5

7.0

59.2

28.1

India

South
Korea

2.4

-1.7

Russia

-2.0

-5.4

10.6

Total outstanding at end of year ($tn), all EM countries

2.0

2.0

1.5

1.5

1.0

1.0

0.5

0.5

0
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

FT graphic Sources: BIS; BNP Paribas; FT research

banks to revive growth after the financial crisis. The aim of these quantitative easing programmes is to lower
borrowing costs across the bond markets, especially for corporate issuers. As
yields have fallen in one asset class, such
as investment grade US corporate
bonds, they have dragged down yields
across other classes, such as US highyield and EM corporates.
For investors in search of yield, this
has been traumatic. As noted recently
by Zoltan Pozsar, a former senior
adviser at the US Treasury, while the

Market behaviour
Retail investors face
the stress test
Who buys emerging market hard
currency corporate bonds? It is not an
easy question to answer but it is one
worth asking.
At one end of the scale are sovereign
wealth funds, the ocean liners of the
investment world. They take a long
view and keep a steady course. At the
other end are retail investors.
Sometimes described as sheep, they
may be better thought of as spring
lambs: skittish and quick to take flight.
Other groups in the asset class
include institutional investors
pension funds, insurance companies,
corporations and banks hedge funds

* First three quarters

yield on the benchmark US Treasury

bond has fallen from 6 per cent in 2000
to less than 2 per cent today, the returns
sought by many US public pension
funds have barely changed at about 8
per cent. Other big institutional investors also have imperatives that are hard
to satisfy by investing in what are usually seen as safe assets.
The result is known as forced buying asset managers buying assets
outside their usual area of expertise
because they have to put their clients
cash to work somewhere.
and family offices. How these investors
handle episodes of market stress will
determine the stability of this young
asset class.
David Spegel, head of EM bond
strategy at BNP Paribas, says retail
investors watchers of CNBC or
Japanese housewives, say form the
bulk of EM corporate bondholders, at
about 30 per cent. They typically invest
in EM bonds through mutual funds and
exchange traded funds.
Hung Tran, managing director of
the Institute of International Finance,
says mutual funds are used roughly
equally by retail and institutional
investors, while ETFs, which
predominantly appeal to retail
investors, have also attracted a growing
following from institutions because
they offer plenty of liquidity the

If I give my money to an asset manager, German Bunds and US Treasuries

dont cut it, says Mr Oakley at Nomura.
From retail investors to big institutions, people have been pushed further
down the curve into riskier assets.
This has led to a process that Sergio
Trigo Paz, head of EM debt at BlackRock, calls shut your eyes and buy.
Many crossover investors, who are new
and often far from committed to emerging markets, have driven up the price of
some bonds even as risks have become
more apparent.
ability to quickly and easily find buyers
and sellers.
Mr Tran says institutional investors
comprise the biggest of the EM
investor classes, owning more than half
the assets. He is working on an
initiative between the IIF and the World
Bank to develop better sources of
information.
Stuart Oakley, head of EM foreign
exchange trading at Nomura in London,
says that retail investors are not the
only ones likely to sell when they detect
trouble. The problems would come as
redemptions creep along the
spectrum, he says. There comes a
point where you might not have a
systemic problem for the SWF, but it
would be a systemic problem for the
issuer and the issuing country. And
then you get contagion.

This, says Kathleen Middlemiss, head

of Emea and Latin American credit
research at UBS, has been going on for
years. The question is, how long can
you sit on the sidelines of a rally, even if
you dont think it makes sense? she
says. Investors have become way too
complacent.

Surge in downgrades
Only in the past few months have they
become more cautious and with good
reason. Mr Spegel at BNP Paribas points
to a deterioration in credit quality, illustrated by a recent sharp increase in the
number of bonds being downgraded by
the three big rating agencies.
In the last quarter of 2014, he notes,
there were 111 more downgrades than
upgrades for EM corporate bonds, up
from 26 in the third. This year, there
were a net 56 downgrades in January
alone.
If you look at the history of investment flows to EM, it very closely tracks
the credit cycle, he says. As the rate of
downgrades increases, borrowers cant
raise money in the bond markets, which
further exacerbates the default cycle,
which leads to more downgrades, and
youre in a negative feedback loop.
Adding to the danger is the recent
steep fall in global oil prices since last
summer. More than 30 per cent of EM
hard currency bonds have been issued
by energy related sovereigns and corporates and the banks that are exposed to
them. According to one industry esti-

The greater danger is that investors

start to leave the asset class altogether.
That could be triggered by a default, but
also by a much lesser event. If a bond
falls sharply in price, any investor who
has borrowed money to buy it as
hedge funds habitually do will have to
sell others to make up the loss. Such
waves of selling can spread quickly, not
only to other bonds but also to other
asset classes.
The likelihood of this is greater
because of changed conditions on secondary markets, where bonds are
traded, as opposed to on primary markets, where they are issued.
Quantitative easing has pumped up
the primary markets but, since the
financial crisis, regulatory and other
changes have caused a drought of liquidity on secondary markets. Investment
banks that used to hold large inventories of bonds on their books can no
longer do so. Analysts at UBS say the
volume of assets held by banks is half
the level of five years ago, while the volume of assets held by investors is four
times what it was.
When there are bouts of buying
there are no sellers and when there are
bouts of selling there are no buyers,
says Mr Spegel. It creates the perfect
environment for distressed markets to
get worse. This is the year of negative
feedback loops.
Despite that gloomy assessment, Mr
Spegel does not see a catastrophic event
on the horizon. One reason is the sustained appetite for yield among investors, which helps emerging market corporates to issue new debt to replace old.
He expects about $500bn in EM corporate hard currency bonds to be issued
this year, down from $572bn last year
but still a large amount.
Siddharth Dahiya, head of EM corporate debt at Aberdeen, a specialist EM
asset manager, concedes that, at first
sight, the size and speed of growth of the
asset class offer legitimate causes for
concern.
But Mr Dahiya notes that hard currency corporate bonds are equal to only
about 8 or 9 per cent of gross domestic
product in Latin America and less than
3 per cent of GDP in Asia. Relatively few
EM companies issue hard currency
bonds, but those that do tend to be
among the best-managed companies in
their markets.
Last year, he says, everything that
could go wrong, did go wrong. China
slowed down, commodity prices fell, we
had QE tapering, the Ukraine crisis, Brazil blowing up and the return on EM
corporate bonds was 5 per cent. It is a
very well diversified market.
Nevertheless, others worry that the
growth of the EM corporate asset class is
a clear example of a bubble, one that is
being blown up by the apparently
unending tide of QE.
The point of QE is to inflate the real
economy, says Mr Oakley at Nomura.
But instead of driving growth it is creating asset bubbles. The danger is that it
will drive bubbles until they burst.

10

FINANCIAL TIMES

Monday 16 February 2015

Letters
Berlin should be grateful to southern Europe

MONDAY 16 FEBRUARY 2015

Let the NHS lean more

on the private sector
Depicting business involvement in healthcare as evil makes no sense
At a time when any of six parties might
form part of the next government, British politics offers few certainties. An
exception is that anyone calling for
more private sector involvement in the
National Health Service is committing
electoral hara-kiri. Voters are taught to
associate NHS privatisation with
images of businessmen stripping the
old and sick of their free healthcare and
constructing an edifice of heartless
profit in its place. This does not go
down well at the ballot box.
But another near certainty is that the
demand for healthcare will continue to
rise inexorably, and much faster than
the underlying economy. Richer, older
societies freely choose to spend ever
more resources on staying fit and
healthy. In the UK, public spending on
health over the past 50 years has risen
from 3.4 to 8.2 per cent of gross domestic product and this could easily double. Such is the fiscal risk that doing
more with fewer resources will preoccupy future chancellors as much as the
health secretary.
This is not necessarily an argument
for greater use of the private sector.
Despite its preponderance of public
sector provision, surveys show the UK
beating many of its international peers
for efficiency (although not, it should
be noted, on the metric of keeping
patients alive). Satisfaction with the
NHS is near an all-time high.
Meanwhile the USs exorbitant private insurance model, which still
leaves tens of millions of its poorest citizens uninsured, is held up as a cautionary tale. So too is the UKs patchy
record for using the private finance
initiative to pay for capital projects.
Last month, as if detractors of the private sector did not have enough
ammunition, the first commercial
operator of a UK hospital pulled out,
unable to make a profit and facing a
damning review of its time in charge.

When seen alongside the esteem in

which the NHS is held, such considerations make it unlikely that any government will change the fundamental
basis on which British healthcare
works. Nevertheless the omerta placed
on all mention of private provision
makes tackling the NHSs funding crisis more difficult than it should be.
Healthcare needs exist on a spectrum from the fully private to the
wholly public. Businesses generally
research new drugs, run fitness centres
and build hospitals. Ambulances and
emergency services are more likely to
be state-provided, while more optional
care like physiotherapy or plastic surgery are a mixture of both.
British voters clearly want healthcare that is largely free at the point of
delivery and available on the basis of
need. But this does not mean an ideological ban on companies administering hospital records, testing tissue samples for cancer or serving food in the
cafeteria.
Most of the public would tolerate
higher taxes to pay for more spending
on health and trust the NHS to make
the right choices with the funds it is
given. But this trust will fracture if
extra resources are wasted. Only
through continuous innovation and
investment can the NHS meet the challenges ahead. This will be hard to come
by if GPs and hospital managers are
artificially restricted in how they
address the needs of patients. Other
countries take a more relaxed view on
this topic: only two-thirds of hospital
beds in France are publicly provided,
for example, despite its generally more
hostile stance on the free market.
Britain needs to adopt a similarly
mature attitude. There is nothing
wrong with business nor is there in
working to improve peoples health.
Implying that to combine the two is
wicked makes no sense either.

Myanmars next steps

depend on the generals
Military choices will decide whether transition regains momentum
Five years after Myanmars generals
set off on their road to the ghastly
sounding discipline-flourishing
democracy, the country is preparing
for elections that could actually be
worth the ballot paper they are written
on. To be fair, the carefully orchestrated elections held in 2010 were far
more significant than many believed
then. Though conducted according to a
constitution that guaranteed the military a quarter of seats in parliament
and despite being boycotted by The
National League for Democracy, the
main opposition party, the poll marked
the beginning of real change. Hundreds
of political prisoners, including Aung
San Suu Kyi, were released. Censorship
was eased and Thein Sein, a general
turned president, embarked on genuine, if inevitably circumscribed,
reform. Ceasefires were negotiated
with armies representing ethnic
minorities. By-elections were held in
which Ms Suu Kyi and 40 other NLD
candidates won parliamentary seats.
Cynics would say the generals still
call the shots, religious tensions have
escalated and crony capitalism is alive
and well. But that is not the whole
story. Myanmar is a different place
than it was a few years ago. The legislature has become a force to be reckoned
with. Cracks have been created in
which the first shoots of a more genuine democracy are taking hold.
Still, several things must happen if
Myanmars transition is to regain
momentum. Crucially, the military
needs to be confident enough to step
back further from power. That would
mean renouncing its bloc of seats in
parliament and effectively giving up its
veto on constitutional change. It would
also mean removing a clause, written
specifically with Ms Suu Kyi in mind,
barring her from becoming president
on the grounds that she has children
who hold a foreign passport. The mili-

tary may well decide that to give up its

veto and to unshackle Myanmars most
popular politician would be too risky. It
should reconsider and cut a deal before
the election, which will probably be in
November. Any poll from which Ms
Suu Kyi is excluded from the top office
would lack legitimacy.
That is not to say Myanmars fate
hangs entirely on Ms Suu Kyi. There are
concerns about whether the Nobel laureate, 69, has the necessary qualities to
run the country. Being an icon of
democracy and leader of a nation with
political and economic problems are
two different things. She is surprisingly
vague about what she would do if she
became president. It is still conceivable
that she may choose a behind-thescenes role rather than go for the presidency herself.
Constitutional matters are just the
tip of the iceberg. Whoever becomes
president will confront a multitude of
dangerous issues. Three are worth singling out. One is reaching a settlement
with the ethnic minorities. Without
genuine federalism the project of
building what is essentially a new country after half a century of sporadic civil
war will be doomed. Second, more
effort must be made to spread the fruits
of economic growth. The perception
and most likely the reality is that the
lions share of impressive growth is
going to a few businessmen, many of
whom got rich during the military era.
Third, the authorities must get a firmer
grip on rising religious tension, most of
it directed against the Muslim minority. In Rakhine state, Muslims continue
to be treated abominably. Instead of
pandering to Buddhist chauvinism, the
new government must set a more tolerant tone and ensure that Muslims are
not treated as second-class citizens in
their own country. Myanmar could yet
be seen as a model transition. Much
depends on what the generals do next.

Sir, Like Jrgen Stark (German

prudence is not to blame for the
eurozones ills, February 12), I too am
saddened by the years of
mismanagement in Spain, the country
where I grew up, and the rest of
southern Europe.
I am, however, amazed at his writing
about a failure to observe the rule of
law when Germany was in fact the
first country to break the Stability and
Growth Pact in 2003, when it ran a
budget deficit over the agreed 3 per
cent of gross domestic product; let
alone his comment that there is no
basis for transfer payments. Setting the
euro at a rate that was too high for
southern Europe and deliciously low
for Germany led to a real transfer of

wealth from the south to Germany. We

can look at the Swiss franc for an
indicator of what would have happened
with the D-Mark in place. Mr Stark
should be grateful to us southerners.
Germany does bear a great deal of
responsibility for the eurozones ills. It
should shoulder its responsibilities.
Karina Robinson
Chief Executive,
Robinson Hambro,
London SW10, UK and Madrid, Spain
Sir, German thinking may be founded
on ordoliberalism as Jrgen Stark
claims (German prudence is not to
blame for the eurozones ills, February
12), but history does not support his
claim that a key principle is one where

The only possible

conclusion is that
the euro is dead
Sir, Thank you for publishing the
opinion of Jrgen Stark, former ECB
board member (German prudence is
not to blame for the eurozones ills,
February 12). As a fellow German, I fail
to see the impact that the inflation of
1923 could possibly have on the
German mindset today, almost 100
years later. But apart from that, his
comments are a fair portrayal of the
general sentiment in Germany.
Germans today are, unfortunately,
big supporters of solid national
finances and we certainly are zerodeficit fetishists. In fact, we recently
even enshrined the zero-deficit mantra
in our constitution! We dont like
tranquillisers in the short term, since,
as Mr Stark rightly points out, we
oppose Keynesian thinking of in the
long run, we are all dead.
We like to focus on what will happen
in the long run. Therefore, Mr Stark is
absolutely right in saying that there are
deep cultural differences that the
currency union brings to light once
again.
However, I fail to understand why he
does not, therefore, draw the logical
conclusion from his very thoughtful
essay: the European currency union is
as dead as a doornail.
Eberhard Blocher
Economist,
Cologne, Germany

Tragic pattern is
being repeated
Sir, Jrgen Stark is correct that
Germany has implemented structural
reforms and maintained solid national
finances (German prudence is not to
blame for the eurozones ills, February
12). We can learn much from
Germanys emergence as an economic
superpower.
However, we can also learn from
analysing Greeces financial problems
in light of the crises that afflicted
Mexico, Indonesia, Thailand, Turkey,
Ireland, and other countries over the
past 20 years.
In every case, before the crisis
lenders in advanced countries received
higher returns for extending risky
loans abroad. When the loans went
bad, the borrowing country was bailed
out. This means that it was given funds
to recycle to the bankers in advanced
countries who provided the loans.
Meanwhile the workers in the crisis-hit

A darker side
to digital
disruption
Book review
by Ravi Mattu

Culture Crash: Th
The Killing
of the Creative Class
by Scott Timberg
Yale University Press, 16.99/$26

the losses of banks should not be

borne by the whole of society.
German Landesbanks were some of
the biggest buyers of subprime CDOs
before the credit crisis, and both
WestLB and HSH Nordbank took large
amounts of state aid, funded of course
by the whole of society. In addition,
Germany bailed out container shipping
line Hapag-Lloyd, and provided loan
guarantees to the carmakers.
These decisions may well have been
the best ones to take at the time. They
display realism and pragmatism.
Perhaps Mr Stark should add these two
ideas to his list of ordoliberal
principles.
Alasdair Ross
London N2, UK

French like to get down

and dirty in the kitchen

Quality ingredients and innate skills

countries, who did not borrow the

money, faced years of poverty and
depression. This tragic pattern is being
repeated in Greece. Surely it is
inconsistent with the ordoliberalism
that Mr Stark advocates.
Willem Thorbecke
Research Institute of Economy, Trade and
Industry,
Tokyo, Japan

Doing as the
Romans did
Sir, If, as Simon Kuper asserted, Britain
has begun recruiting its rulers abroad,
chiefly in former white colonies, then
it is doing no more than the Roman
empire did (A refreshing postscript
to the end of Britains empire,
February 6).
The emperors from the ancient
Roman families of the Julii and the
Claudii were succeeded in 69AD by the
Flavii, from the Italian countryside,
who after a brief interval under
another Italian countryman gave way
in 98 to Trajan and then in 117 to
Hadrian, who both came from the
Roman province of Hispania Baetica
and appear to be of mixed Roman and
Spanish ancestry.
In Rome this progression was driven
by the inability of the leading families
to reproduce: thus Julius Caesar and
the five Julio-Claudian emperors
between them produced only two
legitimate sons who survived into
adulthood and neither of them outlived
their fathers. If the British are to
shape up in the longer term, they will
need to have children.
David J Critchley
Winslow, Bucks, UK

Have you ever wondered how life

looks at the front line of disruption?
Entrepreneurs, technologists and
politicians constantly bandy the term
about, mostly portraying it as a
universal good. But for Scott Timberg,
journalist and author, disruption has a
dark side. It has helped destroy his
job, it is ripping out the heart of
middle-class America and, as the
title of his compelling, timely book
suggests, it is helping to kill the
creative industry to which he belongs.
Timberg must have thought he had
it made. He had his dream job as an
arts reporter for the Los Angeles
Times. But in 2008, property mogul
Sam Zell bought the paper. He went on
to cut a third of the staff, including
Timberg. He kept writing, but for less
and less money, and soon found
himself struggling to pay the
mortgage. Being a writer had gone
from being a decently paid job to one
that barely allowed him to keep his
head above water.
When he and his family eventually
had to give up their home, Timberg
writes, he couldnt help but notice
that the locksmith who arrived to lock
me out of my first house drove a
fancier and substantially newer car
than my 17-old Honda.
How did a professional such as
Timberg end up barely clinging on to
his middle-class life? The internet
played a part. Early techno-optimists
believed it would break down the
barriers between artist and audience.
Musicians could cut out the nasty
record labels and authors could go

Sir, Adam Thomson has been engaged

as an agent provocateur to tweak the
noses of French restaurateurs: Bitter
times for French haute cuisine
(February 11). Apparently le sandwich
and the hamburger have displaced
French gastronomy. Thats not quite
how I as a French exile see it. There is a
chasm still between the French and
Anglo-Saxon food cultures and
experiences.
While the French can occasionally
enjoy fast food, they mostly get down
and dirty in the kitchen, with high
quality ingredients and some innate
skills; while the Anglo-Saxons seem
content to subcontract culinary
pleasure to the spectacle of television
shows or to pay for overpriced and
overseasoned food in restaurants,
where one cannot even get a decent
slice of bread.
Give me the pleasures of home-made
simple vinaigrette (with no sugar in the
recipe!), mayonnaise or sauce
mousseline or many of the other rich
sauces from the French repertoire
rather than ketchup, artificial gravy or
other horrors straight from your food
processing factories.
Going to the restaurant in France is a
treat as the fare is different to what
people eat at home. In London it is a
substitute for home cooking, where
you are stung for your inability to find
and prepare good fresh ingredients.
The proof of the pudding remains in
the eating . . . France still attracts more
tourists and shoppers in the world
because they know they can pop into
the nearest restaurant, guided or not
by Mr Michelin, and get a bargain meal
far superior to most English
equivalents. The death of French
cuisine remains some way off as Mr
Thomson acknowledges at the end of
his article.
Brigitte Voland-Steer
Gravesend, Kent, UK

Wrong William
Sir, It is all well and good referencing
Shakespeare in the film and theatre
reviews in your Arts pages (Love Is
Strange film review, February 13),
but Nigel Andrews should know better
than to attribute quotes to him that he
did not write. Music has charms to
soothe a savage [not troubled] breast
is from The Mourning Bride by William
Congreve, not William Shakespeare.
Marcus Coles
Tunbridge Wells, Kent, UK

straight to their readers.

But it has not worked out that way.
Timberg points to the music industry
as an example. Piracy, on sites such as
Napster, became the norm on US
university campuses, a vital market
for up-and-coming musicians. This
soon gave way to Apples iTunes and
the streaming industry led by Spotify.
Artists were paid per stream or
download of their song. These were
always going to be less lucrative but
the theory went that artists would
recoup the rest through other revenue
streams, such as touring and
merchandise sales.
Except most did not. In 1982,
Timberg says, the top 1 per cent of
musicians earned 26 per cent of
concert revenues. But in 2003, the
proportion earned by the top 1 per
cent had more than doubled, to 56 per
cent. Similarly, in 1986, 29 artists
produced 31 top hits. But in a period of
almost five years to September 2012,
there were only 66 number-one
songs, and nearly half of them were
turned out by just six artists Katy
Perry, Rihanna, Flo Rida, Black Eyed
Peas, Adele and Lady Gaga.
Timberg says the effect of these
diminishing returns extends well
beyond the artist. He defines the
creative class as anyone who makes a
living from culture, such as a
literature lover who works at a
bookstore. The changes he identifies
are destroying jobs that once paid a
living wage.
These changes are probably felt
most acutely in the US. Timberg talks

Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com

Restore prudence as
overriding principle
Sir, The European Commission will
shortly opine on whether it feels our
accounting system for publicly listed
companies IFRS has served the EU
well.
It is our view that there are serious
shortcomings. The good news is that
there are solutions that would be
relatively straightforward to
implement.
Most importantly, prudence should
be restored as the overriding accounting
principle so that capital and
performance are not overstated. The
breakdown of realised and unrealised
income should be visible to all.
These changes are not just vital for
effective stewardship by executives,
directors and shareholders; they are
necessary to bring the accounting
framework back into line with existing
legal requirements for capital
protection as originally set out in the
EUs second directive.
Evidence of problems with our
accounting system is not hard to find
something has gone wrong with
company accounts.
We believe the problem lies with the
move in the EU to an accounting system
(IFRS) that prioritises neutrality (the
absence from bias) over prudence.
Prudence ensures that performance
and capital are not overstated. This in
turn underpins the confidence of
shareholders and lenders in companies
balance sheet strength and capital
stewardship.
Without prudence, IFRS have relied
more heavily on mark-to-market
(MTM) to value assets and
performance. With IFRS it is not
possible to be certain as to what profits
have been realised as cash, or what the
capital position really is. This has farreaching impacts for the public interest.
Most obviously, MTM gains on
trading assets at banks fed an
exaggerated view of profits and capital
before the financial crisis. This in turn
helped to fuel an excessively risky
lending boom.
Ordinary people across Europe
continue to count the cost of this
period of over-optimism in the form of
lower living standards.
It is a fallacy to suppose that
accounts merely provide a window on
to the real world. They also shape
reality by influencing behaviour. And
the damage is not limited to the
financial sector, as highlighted by
issues at Tesco. While aggressive
accounting will be a problem with any
set of standards (and requires robustly
independent audit), the lack of
prudence permitted by IFRS fuels
uncertainty over what has actually
been earned. This can, in turn, lead to
inappropriate strategic and operational
decisions.
The accounting system remains one
of the key unaddressed faultlines
behind the financial crisis. The public
deserves action.
Kieran Quinn
Local Authority Pension Fund Forum
Frank Curtiss
RPMI Railpen
Natasha Landell-Mills
Sarasin & Partners
Iain Richards
Threadneedle Investments
Eric Tracey
GO Investment Partners
Roger Collinge
UK Shareholders Association
Robert Talbut
Independent Director

to musicians and journalists who lost

their health insurance when they lost
their jobs. Unfortunately, he does not
discuss whether President Barack
Obamas Affordable Care Act, which
makes it easier for self-employed
people to buy health coverage, will
improve their situation.
To his credit, Timberg does not pin
all the blame on technology. He also
bemoans the rags-to-riches myth of
television talent shows such as
American Idol, in which the winners
are portrayed as heroes when just a
few will ever reach anything like that
success. And yet this anyone can
succeed story pervades the internet
economy when, similarly, just a few
will make it.
Timbergs tale is not a data-rich
academic analysis but a revealing
narrative based on interviews and
observations from the cultural world.
Yet the book is seriously wanting in
offering solutions. More public
spending on the arts seems to be the
principal suggestion. But in these
financially constrained times, that
seems unlikely. Timberg also labours
his point at times, and gives too little
credit to the role of globalisation. It
might be hollowing out middle-class
jobs in the US but it is enabling better
jobs in fast-growing economies
elsewhere.
Still, this is an important work and,
as you might expect from an arts
journalist, a nicely written one.
The writer is the FTs technology, media
and telecoms news editor

Monday 16 February 2015

FINANCIAL TIMES

11

Comment
Athens must stand firm against the eurozones failed policies
EUROPE

Wolfgang
Mnchau

he Greek finance minister

can expect a frosty reception today where he will
confront his eurozone colleagues in another high
noon European showdown. My advice
to Yanis Varoufakis would be to ignore
the exasperated looks and veiled threats
and stand firm. He is a member of the
first government in the eurozone with a
democratic mandate to stand up to an
utterly dysfunctional policy regime that
has proved economically illiterate and
politically unsustainable. For the eurozone to survive with the current geographic remit, this regime needs to go.
Of course, for Greece to stand up to
the EU policy elites is risky. The consequences of a failure to agree a deal have
to be well understood. Greece might risk
a financial collapse, and with it a forced

exit from the eurozone. The concrete

issue under discussion is a new loan to
Athens to cover its funding needs for the
next few months. The argument is not
really about the money. It would only
take a couple of economists in a pub
with a pencil and a few beer mats to do
the sums.
The dispute is about the packaging.
The Greeks want a simple bridging loan
combined with an implicit acknowledgment that the previous support programmes have failed. Others disagree.
The Germans support austerity on ideological grounds. The Portuguese oppose
any deal for Greece as they have taken
their austerity medicine and did not
stage an insurrection. And the Lithuanians are saying: we are even poorer
than you are. Why should we bail you
out? And so on.
So what should the Greek government
do? They should stick with their position not to accept a continuation of the
existing financial support programme.
By doing this they would no longer be
bound by self-defeating policy targets
such as the contractual requirement to
run a primary budget surplus of 3 per
cent of gross domestic product. For a

country with mass unemployment,

such a target is insane. It would, of
course, be better for this nonsense to
stop while Greece remains in the eurozone. But the most important thing is
that it has to stop.
If this is not feasible, Athens would
need to prepare a Plan B. This does not
necessarily mean a formal exit from the
eurozone, which would be one of the
riskiest options. There are smarter
choices to pursue first.

The worst-case scenario

would be for the Greek
government to blink first,
and accept defeat
The most sensible one is the introduction of a parallel currency not necessarily paper money, more like a government-issued debt instrument that can
be used for certain purposes. A number
of economists have been thinking along
these lines. Robert Parenteau, a US
economist, has proposed what he called
tax anticipation notes. These are IOUs

backed by future tax revenue. Such

instruments exist in the US at state
level. They act as a tax credit that allows
governments to run a fiscal deficit until
the economy recovers. With such an
instrument Greece could abandon austerity without abandoning the euro.
John Cochrane, a conservative economist at the University of Chicago, also
wants the Greek government to print
IOUs. They would be electronic money,
not necessarily cash and would be used
to pay pensions and other transfer payments. The IOUs would fulfil one of the
core functions of money a medium of
exchange. You can use them to buy food
in the grocery store or to recapitalise
parts of your banking systems.
And what no one is saying at least
not in polite company is that once this
system is in place, you can default on the
official European creditors. What can
they do? They cannot eject you from the
eurozone. They have no legal means to
do so. They cannot kick you out of the
EU either. They still need your assent for
treaty change, or any policy requiring
unanimity, such as the renewal of the
sanctions against Russia.
The riskier alternative would be a

hard exit Grexit. This is an option

Greece should try to avoid because it is
hugely disruptive. But the scale of the
downside of this, at least for Greece,
depends on how it is managed. Grexit
would be potentially more dangerous
for the eurozone itself because it could
be a seen as a template for others, especially in the absence of an economic
Armageddon in Greece. Yet, while not
desirable, Grexit would still be preferable to the status quo.
The worst-case scenario would be for
the Greek government to blink first, and
accept defeat. If Syriza were to be coopted into the policy consensus, the
only political party left to oppose these
policies would be Golden Dawn, a neoNazi party.
My preference would be for the eurozone as a whole to abandon the failed
policies of the past five years, and move
on. If that proves politically impossible,
the second best option, for Greece at
least, would be a semi-exit with a parallel currency and a default on official
creditors only. Either way, they will
need to stand their ground today.
munchau@eurointelligence.com

Londons role in the Republican race

AMERICA

Edward
Luce
epublican White House hopefuls have long treated London
as a useful backdrop. Ronald
Reagan met Margaret
Thatcher three times there
before he won his partys nomination
(and before she had moved into Downing Street). But this time the parade of
aspirants is faster and thicker than
before. Staging a London photo-op conveys two messages it shows foreign
policy credentials and asserts the value
of old alliances. Both are qualities President Barack Obama supposedly lacks.
Visiting the UK is shorthand for a resurgent post-Obama America. In practice,
however, London-as-prop is only highlighting the dearth of thinking on both
sides of the Atlantic. Not only are many
such trips miscuing. They are anything
but forward-looking.
The latest was Scott Walker, governor
of Wisconsin. Last week he met David
Cameron, the British prime minister,
and paid homage at the Churchill war
rooms. The effect was marred by his
refusal to discuss foreign policy at
Chatham House Britains most venerable podium for giving speeches about,
um, foreign policy. Instead he focused
on Wisconsins dairy products. In spite
of his audience, he refused to endorse
the story of evolution. His visit followed
that of Chris Christie, the ebullient governor of New Jersey, who in London cast
doubt on the need for parents to vaccinate their children. He too had a
photo-op with Mr Cameron and refused
to take foreign policy questions. In
December, it was Jeb Bush, the former
governor of Florida, and before that,
Bobby Jindal, governor of Louisiana.
Other recent visits include Rick Perry,
the former Texas governor, and Marco
Rubio, the senator from Florida.

The next is Mike Huckabee, the

former governor of Arkansas, who will
arrive in London at the start of a tour of
evangelist pastors that will take in the
birthplaces of Margaret Thatcher
(Grantham), Pope John Paul II (Poland)
and Ronald Reagan (Illinois). The only
remaining big names are Ted Cruz, the
senator from Texas, and Rand Paul, the
Kentucky senator. Doubtless they too
will meet the cast of Downton Abbey
sorry, Downing Street and visit the
Churchill and Thatcher sites. But their
itinerary is double-edged.
The biggest danger is that such trips
will only expose a candidates ignorance, which defeats the purpose. That
is why they are often limited to photoops and private meetings. When visiting
candidates choose to give speeches, they
need to be careful. In January, Mr Jindal
gave an address about the Islamic State
in Iraq and the Levant in which he

vertently offend the locals, who are not

nearly as polite as legend has it. Nor do
they observe the US rule that politics
stops at the waters edge. During the US
general election in 2012, Mitt Romney
was ridiculed after hinting that London
was unprepared for the Olympics. Mr
Cameron pointed out that it was far
harder to stage events in London than
the middle of nowhere, an unsubtle
reminder that Mr Romney had boasted
about having turned around the 2002
Winter Olympics in Utah. Boris Johnson
delivered his own veiled insult by pretending he had never heard of Mr Romney. Londons mayor appears to have a
taste for transatlantic digs. Last week he
said Mr Jindals reference to Muslimonly areas was complete nonsense.
Yet they keep coming back for more.
There are two reasons for this. First,
how many other nuclear powers would
give the governors of small rural states
face-time with their heads of government? Mr Cameron will see you now.
President Xi Jinping and Franois
Hollande for that matter will not.
Given Britains emphasis on the special
relationship, Mr Cameron has little to
lose. At worst he has wasted half an
hour. At best he is owed a favour by the
next US president. Of course, he might
no longer be prime minister after the
UK election in May. Second, they tend to
raise a lot of money. Mr Romneys allegedly disastrous London trip netted him
$2m from a fundraising dinner with the
UK branch of Republicans Abroad the
wealthiest of its chapters because it
includes the City of London.
Yet there is something lazy about Londons place on the itinerary. It is true
that other countries notably Israel
and sometimes Germany also feature.
But London is automatic. The next president will inherit a very different world
to that bequeathed by George W Bush. It
will be multipolar and complicated.
Countries like China and India are shaping events. It would be encouraging
were New Delhi and Beijing occasionally
to make it on to the itinerary.

The capital-as-prop is only

highlighting the dearth of
thinking on both sides of
the Atlantic
repeated the myth that there were
no-go areas for non-Muslims in large
UK cities like Birmingham. The previous week, Mr Cameron had dismissed a
US pundit who had made the same
claim on Fox News as a complete idiot.
Like many visiting US conservatives,
Mr Jindal gave his speech at the Henry
Jackson Society, a UK think-tank named
after Henry Scoop Jackson, the
former US senator, who many see as the
father of neoconservatism. In this
respect, the UK is not so much a cosmopolitan backdrop as a provincial one.
HJS was founded in 2005, two years
after the disastrous invasion of Iraq,
which is the think-tank equivalent of
the miniskirt arriving in New Zealand in
the 1970s. Given the choice it would be
better to talk about cheese products at
Chatham House.
Another danger is that you will inad-

edward.luce@ft.com

Matt Kenyon

Oil markets need reform to reflect realities for producers and consumers
OPINION

Igor
Sechin

he oil crisis of today is often

compared to the great oil
glut of the 1980s. But
demand and supply is no
more unbalanced now than
it was on average throughout the past
decade when the price was much higher.
Compared with the flood of oil that hit
the markets in 1985, new supplies arriving today are ripples on the water. The
world is thirsty for oil. Leading analysts
see demand increasing 10 per cent
between now and 2020.
Yet across the world, oil executives
are watching the price of crude fall
and they are responding by dramatically scaling back their investment
plans. Analysts Wood Mackenzie estimate that investment in the sector will

fall by more than $100bn in 2015. Oilfield services companies have cut tens of
thousands jobs over the past year, pointing to a steep reduction of demand for
their services. Supply will contract,
restoring balance within a year.
In 1985, investing in a new well was
worthwhile if the oil it produced would
fetch between $20 and $30 a barrel.
Now, more oil comes from wells that are
tricky and expensive to build; the breakeven price is closer to $60 or $100.
Look at the market fundamentals and
it seems prices should soon rebound to
the $60 or $80 a barrel levels that would
make it worth building the wells that the
world needs. But if markets are distorted, and the rebound takes longer
than it should, many current production projects will be mothballed and
the price will eventually climb to $90 to
$110 a barrel, or higher.
In todays distorted oil markets,
prices do not reflect reality. They are
driven instead by financial speculation,
which outweighs the real-life factors of

supply and demand. Financial markets

tend to produce economic bubbles, and
those bubbles tend to burst. Remember
the dotcom bust and the subprime
mortgage crisis? Furthermore, they are
prone to manipulation. We have not forgotten the rigging of the Libor interest
rate benchmark and the gold price.
The answer might seem to lie in more
regulation. In fact, regulation is already

Prices are driven by

financial speculation, which
outweighs the factors of
supply and demand
excessive and makes things worse. The
US has banned the export of oil for more
than four decades, giving American oil
refineries an unfair advantage over
their European peers. The excise regime
in the EU, which imposes levies on
petroleum-based products, distorts oil

consumption markets. Sanctions

against Iran affect oil supplies and trade
balances.
In the long term, sanctions against
Russia endanger Europes security of
supply. The fact that oil is taxed differently in different places further distorts
the terms of trade and explains why oil
markets in Europe and the US have been
structured differently.
Financial bubbles, market manipulations, excessive regulation, regional disparities so grotesque are these distortions that you might question whether
there is any such thing as an oil market at all. There is the semblance of a
market: buyers and sellers and prices.
But they are performing a charade.
What is to be done? First, financial
players should no longer be allowed to
have such a big influence on the price of
oil. In the US, Senators Carl Levin and
John McCain have called for steps to prevent price manipulation, though
whether they will be implemented, and
when, remains an open question.

In any case, the authorities should go

further, ensuring that at least 10 or 15
per cent of oil trades involve actually
delivering some physical oil. At present
almost all oil trades are conducted by
financial traders, who exchange nothing
but electronic tokens or pieces of paper.
We also need international action to
make exchanges more transparent and
to prevent price manipulation, similar
to the measures taken against the Libor
manipulators.
Sharing market information, such as
production and consumption volumes,
prices and contract conditions, would
make it harder for price distortions to
persist. We should make sure analysts at
investment banks do not have hidden
conflicts of interest.
A true market for oil, where prices
reflect demand and supply, is in the
interest of producers and consumers
alike. They should work to create one.
The writer is chief executive and chairman
of the management board of OJSC Rosneft

Inept response
to core voters
could deal blow
to establishment
OPINION

Matthew
Goodwin

nsurgent parties are the known

unknowns of the next election. Last
week one of them, the UK Independence party, launched its campaign on a fading esplanade in the
Conservative-held seat of Castle Point.
Believe in Britain was how Nigel
Farage chose to summarise his pitch to
voters but just as telling was the place
where he chose to say them. Far away
from Westminster, this working-class
constituency is in Ukips emerging Essex
heartland and has a long tradition of
revolts against the establishment.
At the last election an independent
came second, with 27 per cent of the
vote. Now, the unafilliated Canvey
Island independents who have 16 seats
on Castle Point borough council have
pledged their allegiance to Ukips candidate, a local timber merchant. Twelve
months ago, few believed Ukip could
win a single seat in the general election.
But now there are half a dozen constituencies like Castle Point, which seem to
be Mr Farages for the taking.
In part, that reflects how well Mr
Farage has forged an affinity with a disaffected group of left behind Britons
primarily white- or blue-collar workers who are middle-aged or older and
typically have few qualifications and little prospect of earning much more than
25,000. But it is also a mark of the
ineptitude with which the two main parties have fought back against the radical
right revolt.
The Conservatives initially derided
Mr Farage and his party as an amateur
gang of clowns and closet racists. The
strategy was to mock Ukip and its supporters out of existence. Neither David
Cameron nor the band of modernisers
that surrounds the prime minister had
understood the power of traditional
social conservatism, and the intensity of
anger among its most ardent followers.
Worse, they underestimated Mr
Farage, who has spent two decades
refining his message for voters who feel

Camerons strategists have

repeated the miscalculation
that the Blairites made a
decade earlier
anxious about social change and fear
that politicians have left them behind.
Belatedly, the Tories have changed
tack, hoping to quell the rebellion by
offering such concessions as a referendum on whether the UK should stay in
the EU and talking tough on migrant
benefits. It is probably too late. Many
social conservatives have left the room,
disdainful of Mr Cameron and the transactional form of politics that Mr Farage
has long ridiculed from the sidelines. Mr
Camerons ratings among the voters
most hostile to the EU and immigration
have slumped. His strategists have
repeated the miscalculation that the
Blairites made a decade earlier: that
their core voters had nowhere else to go.
Labours response has been no better,
passing slowly from complacency to
denial and then misdiagnosis. Strategists on the centre-left should have
looked to mainland Europe, where radical right parties have been devastatingly
effective in the socialist heartlands.
Only in the local and European elections
of 2014, when it became clear that Ukip
could appeal to centre-left voters too,
did Labour take action.
Even then, the party wilfully ignored
the social and cultural tinge to voters
complaints, instead imagining that they
could be bought off with talk about a living wage. To voters mainly concerned
about the social effects of immigration,
Mr Farages story about a loss of national
identity was far more compelling.
The trouble for both parties is that
they have misunderstood what Ukip is
and what it represents. Like populist
radical right parties in continental
Europe, the party is thriving in the rift
between those who are broadly at ease
with diversity and those who feel culturally threatened.
Last week Mr Farage claimed that
people do not vote for his party for its
policies so much as because they see us
as honest, straight-talking and sounding
like them. It was not a protest vote, he
insisted, but a a state of mind. By the
time the election is over, we might discover that it is one many Britons share.
The writer is a fellow at Chatham House
and associate professor at the University of
Nottingham

12

FINANCIAL TIMES

Monday 16 February 2015

BUSINESS EDUCATION

Professors stake out academic territory for bitcoin

Courses on the technology
behind the virtual
currency are becoming
popular in the US, reports
Stephen Foley

he last thing Campbell Harvey wants is to find himself

playing the role of Lawrence Summers in The
Social Network, who had to
adjudicate arguments between Mark
Zuckerberg and the Winklevoss twins
when he was president at Harvard University.
We do not want a Facebook situation, Professor Harvey says, explaining
why students on his bitcoin course at
Duke Universitys Fuqua School of Business have to sign no poaching contracts and non-disclosure agreements.
If all goes according to plan, the
course will launch nine hot start-ups,
ready to take advantage of venture capital enthusiasm for the much-hyped virtual currency and all without any
cross words or legal fights.
Think of it as a semester-long business hackathon, Prof Harvey says, and
think of me as the VC professor. The
lone requirement of the course is to propose a venture that is related somehow
to the bitcoin blockchain.
While sceptics may doubt there could
be Facebook-style riches at stake, particularly since the price of a bitcoin collapsed last year, the claims being made
for the technologys revolutionary
potential are only getting grander.
This is why Prof Harvey, a professor of
finance, and other US academics have
created courses that offer the study of
the virtual currency, including the legal
and economic issues that it raises and,
most importantly, the technology that
underlies it.
We are staking out some academic
territory and trying to get the universitys brand associated with a new body
of knowledge, says David Yermack, the
finance professor at New York Universitys Stern Business School, whose MBA
course, created with law school colleague Geoff Miller, finished before
Christmas. This is an entrepreneurial
venture for us.

FT Lexicon
Keywords explained
Bitcoin
Bitcoin is a digital currency. Instead of
printing banknotes or minting coins, a
list of the registration numbers of each
coin and who owns them is kept.
People pay one another by
transferring the numbers online. But
the system is anonymised so although
there is a register, it is extremely
difficult to track who owns what. This
has attracted illegal acts in the past.
Businesses have now started
accepting the currency as a means of
payment. A list of retailers that accept
Bitcoin can be found on Coinmap.org.

Blockchain
The blockchain is essentially a giant
record book of all Bitcoin transactions.
In this decentralised network, every
bitcoin transfer is verified, processed
and written down.
The network relies on a combination
of code-breaking and crowdsourcing
that has the potential to make
economic interactions cheaper, faster
and more secure.
The idea is to remove the need for
middlemen, banks for example, to
vouch for facts, such as a persons
identity or the health of their finances.

Bitcoin was created in the wake of the

financial crisis by an anonymous computer scientist keen to displace central
banks, government currencies and the
traditional banking system. But while
the currency he created attracted highminded libertarians and people of lower
motives, such as drug dealers and
money launderers, it is the technology
that allows the ownership of a bitcoin to
be transferred from one user to another
which is generating enthusiasm among
venture capital investors.
Known as the blockchain, this transfer mechanism could be expanded to
move almost any financial asset, with
potential applications for writing wills,
selling houses or agreeing derivatives
contracts.
Most financial contracts can be put
in the blockchain, Prof Harvey says.

Some visionaries go even further.

Because the blockchain is based on
unique keys that validate a users identity, they think it could be a way to allow
you to start your car, open the door to
your house or send secure texts.
Both the Duke and NYU courses are
interdisciplinary. At Duke, MBA and
law students have been partnered up
with computer science students to create up to nine mini start-up teams and,
according to Prof Harvey, angel investors and venture capitalists are already
offering work space and money for field
trips, as they sniff around for access to
potential new companies.
One such angel investor is Rahul
Pagidipati, who looks after his familys
portfolio of investments in the healthcare industry and believes that
insurance premiums and medical

records could be transferred via the

blockchain.
It is probably going to happen in a
college town, he says. Hopefully Duke
will be one of the universities from
which some really cool blockchain technologies will come out over the next few
years.
The NYU course leans more heavily
on the financial and legal ramifications
of the core virtual currency and has
been following how regulators worldwide are dealing with it.
Bitcoin has been effectively banned in
some countries, such as Russia, while
the US and the UK have allowed a certain amount of experimentation, even
though they have pursued those using it
for illegal acts.
It is this legal focus that attracted law
student Eduardo Petry Veronese to the
NYU course.
After two big legal issues, a bankruptcy and a global criminal case, I got
very interested in bitcoin just like any
good lawyer should, he says. After
graduation, he hopes to get involved in
bitcoin regulation in his native Brazil.
In contrast to many of his students,
who see bitcoin as a new kind of gold
standard and a check against inflation,
Prof Yermack casts himself as a bitcoin
sceptic, at least when it comes to the
potential to establish a global currency
outside the purview of central banks.
He says his mission is to convert
enthusiasts for the currency into enthusiasts for the underlying technology.
What we are teaching is a set of issues
and technologies, he says. The technology cannot be reversed. Certain sectors of banking are ripe for disruption,
such as international money transfer,
and bitcoin may be only a first move in
what could be a real change in the payments system, so we are going to stick
with this.
It is a view echoed by Prof Harvey at
Duke, the idea that something important has been invented, even if no one is
quite sure what it is yet.
If you are teaching international
finance, you are derelict not to give
some attention to this invention, Prof
Harvey said.
Even if it does not work out, you have
got to talk about the ideas percolating
out there.

FINANCIAL TIMES

Monday 16 February 2015

13

BUSINESS EDUCATION

Head to head: Do entrepreneurs need an MBA?

No
Brent Hoberman
Chairman of Founders Forum, Made.com
and Smartup.io

Before explaining why I think business

school is wrong for todays entrepreneurs, I must start with a confession: I
almost went to business school.
It was 1997 and I had left a job in strategy consulting because I wanted to start
my own business. I knew I needed more
experience and would benefit from
meeting mentors, potential business
partners and like-minded peers. But the
world was changing fast and the internet was taking off. In the event, I
decided I did not have the time and
opted instead for intensive on-the-job
learning. Within 10 months, I was ready
to co-found my first internet business,
the travel booking website lastminute.com.
If I had studied for an MBA, I would
have had to spend two years in the classroom while I felt an urgency to get
started. With hindsight, the naivety,
optimism and ignorance about the challenges ahead may have served me well.
Traditional business school education
teaches students how to manage big
companies not how to found start-ups.
Some programmes do now try to teach
entrepreneurial skills but most are
struggling to adapt fast enough to meet
changing circumstances and demand.
Even devising an academic programme
to produce entrepreneurs would be virtually impossible. Some of the most
important qualities in an entrepreneur
are tenacity, determination and an ability to embrace uncertainty and risk.
Business schools cant teach that.
Then there is the time and expense.
Two years is a long time to spend in fulltime education when you are young, full
of ideas and already have a degree.
Entrepreneurs must have an appetite
for risk, but debt-laden students may
understandably find theirs is diminished. Many will be inclined to seek corporate jobs where their ability to repay
debt is more certain.
There are also an abundance of alternatives to business school. Organisations such as the New Entrepreneurs

Schools teach students how

to manage big companies not
how to found start-ups

I am a 10 times better
entrepreneur now
than before my MBA

Brent Hoberman

Jeroen Kemperman

Foundation and Entrepreneur First run

intensive training programmes, equipping aspiring entrepreneurs with realworld experience, skills and networks.
I have no doubt that opportunities for
entrepreneurial learning will continue
to evolve in interesting ways and that
business schools will be part of the conversation. But they will have to adapt
much faster to the needs of students.
I spent some time the other day being
pitched by two impressive 14-year-old
entrepreneurs. Unlike me when I was
setting out, they had no thoughts of
going to business school.

Yes
Jeroen Kemperman
Live Q&A
The two
entrepreneurs
will answer your
questions live
on Wednesday
at 2-3pm.
Register now:
ft.com/mba-blog

Founder of Treeveo and MBA graduate

of Iese Business School in Spain

In my view, there are few better launch

pads for a start-up than an MBA programme. The idea for my start-up Treeveo, a web-based platform that helps
companies execute large projects, came
to me when I started work. I felt I had
the technical skills for this but lacked
the business knowledge , so I applied for

the two-year MBA programme at Iese.

During the first year, I effectively
designed the Treeveo app in PowerPoint
and met some investors who motivated
me to move ahead. Over the summer, I
took an internship and taught myself
how to code. Then in the second year, I
launched the prototype, ran the first
pilot and obtained financing from Telefonicas start-up accelerator Wayra.
The MBA supported me in several
ways. First, the school accepted my
work on Treeveo as an independent
learning project giving me a full course
credit. The skills I then learnt gave me
the confidence to work through the
financials and identify risks, and I still
use most of them today. Marketing was
helpful in deciding the first price levels
of Treeveo and strategy and IT skills
helped me define the direction of the
company and apply platform theory.
Another reason to study for an MBA is
the network it provides. Your classmates, for example, have at least a few
years of work experience against which
you can directly test your idea and your
professors can offer advice.
The brand of your business school can
also help. Early investors and clients will
be interested in you as a person, so a reputable school gives you a mark of
approval. Furthermore, good schools
have investors swarming around them. I
met investors who invited me to pitch
through a shark tank and a student trip
to Silicon Valley gave me invaluable
connections, such as former Apple
employee Guy Kawasaki and Starbucks
investor Neal Dempsey.
An MBA has been described as the
worlds most expensive piece of paper.
However, it could also be said that a persons financial position will never be in
better shape for starting a company
than when they have gone through the
necessary hardships of paying for an
MBA. It means you will have become
used to controlling your spending and
living without some of the luxuries you
previously took for granted. And with
regards to repaying student loans, you
have options you could renegotiate
the terms and get a break, for example.
My character was shaped so much
through my two years of study that I am
a 10 times better entrepreneur now than
what I would have been before my MBA.

Data decoded

Venture capital funds raised by

business school alumni
Harvard Business School

$4,236bn

Last year, PitchBook published

information on the venture capital
funds raised by entrepreneurs from
various business schools
worldwide. Topping the table was
Harvard Business School.
Between 1 January 2009 and 21
August 2014, a total of 352 MBA
alumni of HBS raised $4,236bn.

Insead

$1,236bn

The alumni of Insead raised more

than any other non-US business
school with a total of $1,236bn
raised by 99 founders.
Insead teaches the highest-ranked
one-year MBA programme in the
world, according to the 2015 FT
MBA ranking, and graduates 1,000
students per year.

University of Toronto

$203.66m

Thirteen MBA alumni from the

University of Torontos Rotman
School of Management raised
$203.66m.
This makes Rotman the highest
placed Canadian business school
on the list, with its alumni raising
more than the next four business
schools in Canada combined.

Indian School of Business

$28.71m

Six MBA alumni from the Indian

School of Business raised $28.71m
between them, according to
Pitchbook.
ISB was established in Hyderabad
as recently as 2001 with the help of
two US business schools, Wharton
and Kellogg.

Source: PitchBook

14

FINANCIAL TIMES

Monday 16 February 2015

BUSINESS LIFE

It is best for
everyone to fire
a wrong hire as
fast as you can

Ten days ago, a hitherto unknown

Texan teenager by the name of Cella
tapped out a tweet that read Ew, I
start this f*** a** job tomorrow,
followed by half a dozen thumbs-down
symbols.
Someone showed the tweet to the
manager of the pizza parlour that had
just hired her, who tweeted back:
And . . . no you dont start that FA job
today! I just fired you! Good luck with
your no money, no job life!
Judging by the response online, most
people under 25 see Cella as a hero. She
was exercising her right to freedom of
speech. She did not mention the name
of the restaurant so it was outrageous
that she got fired for it. Most people
over 25 took the opposite view. They
thought she had behaved like a spoilt
brat and deserved what she got.
Yet both sides agree that to get the
sack before you even start a job is
pretty remarkable. Twitter appears to
have changed how we work forever.
On closer inspection, Twitter has
changed nothing all it has done is
speed things up a bit, which is a
thoroughly good thing.
In the old days the girl would
probably have been fired once she
started snarling at customers. By
ending the agony before it started, the
company gained, as did Cellas putative

Lucy Kellaway
Onwork

colleagues as no one likes working

with someone so dedicated to moaning
that she has begun before she has
anything to moan about. Even the girl
herself gets something out of it (in
addition to her brief celebrity), as she
was relieved of a job she had decided
to hate.
The only thing wrong with the
managers tweet was its rudeness. The
situation was of his making. He hired
the wrong person, and in getting rid of
her he should have admitted his
mistake and said sorry.
All managers, even experienced
ones, often pick hopeless people. That
is not surprising, given how hard it is to
ever know what someone is like until
they start. What is surprising is how
long it takes for the axe to fall on the
misfits. Managers delay for three
powerful reasons: they cling to the fond
hope that the person will change (they
almost never do); they are reluctant to
admit to having made a dud choice;
and they shrink from the
unpleasantness of having to fire
anyone.
Last week I met a big name ex-chief
executive who is credited with having
hired some of the most successful
executives in the UK. He told me he
was no better at selection than the next
person out of every five people he

chose, one turned out great, three OK,

and one awful. What he was good at, he
boasted, was the speed with which he
gave the duds the boot.
His proudest moment was firing a
senior executive after just one day in
the job. Within hours of the man
joining, a queue of people had formed
outside the chief executives office to
complain about the newcomers
abrasive style. By teatime the chief
executive took action, told the man he
had made a mistake, apologised, paid
him some money and off he went. Both
sides then pretended it had never
happened. In those days there was no
Twitter, no news story and no fuss.
When something is wrong, it is not
just the employer who knows at once.
An acquaintance of mine was recently
headhunted to a new job on almost
twice the money. By the end of the first
day he had taken against the people,
the atmosphere and the pressure they
were under. On the morning of the
second day he quit, and by that
afternoon he was heading back to his
old employer.
I am not saying everyone should
leave a new job at the first hitch, nor
that all disappointing hires should be
fired instantly. Just that when the
mismatch is fundamental, which
happens more often than you would

When the
mismatch is
fundamental,
which happens
more often than
you would think,
there is no such
thing as too quick

Monday interview. Flemming Ornskov, Shire CEO

The pharma groups boss

was dumbfounded when
AbbVie withdrew its bid.
But he is not bitter, says
Andrew Ward

Medical
training:
Flemming
Ornskov says he
tries to put
himself in the
shoes of doctors
Rosie Hallam

Second
opinion

School days
loyalty

vard and an MBA from Insead in France.

Today he leads a globe-trotting lifestyle
between Shires main commercial and
research base in Massachusetts and his
family in Switzerland. But he has kept
an informal, understated manner and
remains close to the Esbjerg school
friends he left behind.
Im an avid postcard and letter writer
so when I travel I send them a short note
and I show up at their weddings and
their parents funerals, he says. They
dont care what I do. One guy called me
the other day and said, Hey I saw your
company bought something. We spent
10 seconds on that and then talked
about football. His German wife, who
works full-time as a management consultant, also keeps him grounded,
demanding he does his share of household chores at the weekend and joins the
children on excursions. She says:
Youre not the CEO at home.
When he was recruited by Shire in
2013, the appointment represented a
risk for both sides. Mr Ornskov had held
senior positions in big pharma and run
biotech companies in the US and Denmark. But was he ready to take the helm
of a FTSE 100 company? People probably thought I was a bit of a long shot.
There were also reasons for him to be
cautious about leaving his previous job
as chief marketing officer for the pharmaceuticals division of Germanys
Bayer. Shire had come a long way from
As a child, Flemming Ornskov talked
about becoming a dentist or a doctor
when he grew up. He was very
intelligent and hard working, recalls his
school friend Allan Christensen. He was
also a good athlete and soccer player.
The pair remain close friends five
decades later, talking regularly by
phone and occasionally attending
football games together, especially to
see Mr Ornskovs favourite team, Bayern
Munich.
Mr Christensen, a postman, says: We
are like brothers. He has a very big heart
and never forgets his background.

CV
Born 1958, Esbjerg, Denmark
Education Graduates in medicine from
University of Copenhagen; MBA from
Insead; Masters of Public Health from
Harvard
Career
Trains as paediatric hospital doctor
before moving into pharmaceuticals with
Merck & Co and Novartis. Goes on to run
smaller companies in Denmark and the
US
2008-2010: President of pharmaceuticals
at Bausch & Lomb
2010-2012: Chief marketing officer for
pharmaceuticals, Bayer
2013: Appointed chief executive of Shire
Family Married, with two children aged
four and eight; two grown-up children.
Living in Zurich but planning to move to
Massachusetts
Interests Keen football fan; enjoys skiing

its origins in 1986 selling calcium supplements from above a shop in Basingstoke, in the south of England. But it
remained a junior league player compared with GlaxoSmithKline and AstraZeneca, Britains biggest drugmakers.
Through a series of acquisitions, Shire
had built a portfolio of speciality medicines increasingly focused on the US.
Foremost among these were two of the
leading treatments for attention deficit
hyperactivity disorder: Adderall and
Vyvanse. Medicating restless American
youths has proved a lucrative business
for Shire, worth $1.8bn in 2014. But it
also exposed the company to simmering
controversy over alleged over-prescription of ADHD pills, as articulated in an
Esquire article last year entitled The
Drugging of the American Boy.
Mr Ornskov defends the clinical value
of the products but has made it his top
priority to reduce Shires dependence on
them. He has done this by expanding
into treatments for rare diseases
defined as conditions affecting fewer
than one in 2,000 people. This is among
the hottest areas of drug development

lucy.kellaway@ft.com
Twitter: @lucykellaway

Working smarter

Life after a $55bn distraction

ne evening early last October, Flemming Ornskov,
chief executive of Shire,
had dinner with the man
who was supposed to
become his boss.
As they discussed AbbVies plans for
the UK-listed drugmaker after its proposed takeover by the larger US pharmaceuticals group, Rick Gonzalez gave
no hint of any problems with the $55bn
deal agreed three months earlier.
He flew home on Friday and on the
Saturday morning I woke up to a very
nice email from him talking about how
enthusiastic he was, recalls Mr Ornskov, who had agreed to take charge of
the new AbbVie division into which
Shires rare disease treatments would
fit.
But just 10 days later the 57-year-old
Dane received a phone call from Shires
chairman, Susan Kilsby, to tell him the
deal was off. AbbVie had been planning
to use the acquisition to reduce its exposure to the high US corporation tax rate
by moving its official headquarters to
the UK. But a clampdown on these socalled tax inversions by President
Barack Obamas administration in September had put some of the potential
savings out of reach. AbbVie took
another look at the numbers and
decided they no longer added up.
I was really dumbfounded, says Mr
Ornskov. Even at their company it
must have been a very small group of
people that knew because our HR team
was in Chicago [at AbbVies headquarters]. I was struggling to get hold of people after I was informed because they
were in meetings about the integration.
The collapse of AbbVies takeover of
Shire was one of the most dramatic episodes in a tumultuous year of dealmaking across the pharmaceuticals sector.
But if Mr Ornskov was momentarily
shocked by the about-face it did not take
him long to recover his poise. Within
days, he had revived Shires own expansion plans that had been put on hold
when AbbVie came calling. This
included the pursuit of US-based NPS
which was finally captured last month
for $5.2bn in a deal that reinforced
Shires reputation and that of its chief
executive as rising stars of the global
pharma industry.
Mr Ornskov says it was easy to get
back on track because he had remained
focused on his job even after the sale was
agreed. I said, Im not going to sit in
integration meetings for three months.
There were other people who could do
that. So I spent time with the sales
organisation; I visited different countries; I just tried to keep the business
going and thats my strong recommendation to anyone in a similar position
because it aint over till its over.
Brought up in Esbjerg, a provincial
port town on the west coast of Denmark,
there was little in Mr Ornskovs early life
to suggest a future in big business and
high science. His parents were hardpressed shopkeepers whose struggles
worsened when his father contracted
tuberculosis and moved to a sanatorium. But this spurred their sons interest in physiology that took him to medical school in Copenhagen and later into
the pharmaceuticals industry via Har-

think, there is no such thing as too

quick. One man I know of was hired to
a top job a couple of years ago. He was
interviewed by half a dozen senior
people, all of whom were impressed by
his intelligence, his strategic thinking
and his apparent conviviality. Yet he
turned out to be a disaster. He was
arrogant, and loathed by all the people
who reported to him. It took a year to
get shot of him, but by then the
damage to the business was prodigious.
Had anyone consulted the chief
executives PA, who escorted him from
reception to the interviews, things
might have gone differently. When she
took him up in the lift he did not meet
her eye, and barely responded to her
pleasantries. She knew it was never
going to work.
To ask security guards, receptionists
and PAs what they think of candidates
makes every bit of sense. If 360 degree
appraisals are a good idea, 360 degree
interviews are a better one. In the
former, fearful underlings shrink from
telling the truth; in a 360 interview
they would rush forward to prevent
the rude, the overbearing and the
maladjusted from getting the job in the
first place.

because of the high prices commanded

by breakthrough therapies for hitherto
untreatable and often life-threatening
ailments. Once the NPS deal is completed, Shires medicines for obscure
conditions such as hereditary
angioedema and hypoparathyroidism
will for the first time account for a
majority of group revenues.
Mr Ornskov says he has drawn more
from his medical training than his MBA
while charting this new path. I always
think, if I was a physician, how would I
look at this product? he says.
When we acquired NPS I spent an
enormous amount of time reading
about hypoparathyroidism and short
bowel syndrome.
Recruitment has been another management focus as the company rapidly
expands. Eric Schmidt and Jonathan
Rosenbergs book How Google Works is
cited as a source of inspiration. The
emphasis Google put on hiring the right
people, hiring people who are smarter
than you and have skills that you dont
have; thats what were trying to do here
on a smaller scale.
While he will not admit as much, it is
hard to avoid the impression that Mr
Ornskov was relieved when AbbVie
walked away. Shire may become a target
again. But, with the share price well over
double the level it was at when he took
over, the company is increasingly
viewed as predator rather than prey. Mr
Ornskov says he is eyeing further deals
in his quest to match the success of US
biotech companies such as Gilead Sciences and Biogen Idec which have broken into the ranks of big pharma. He has
pledged to double annual revenues to
$10bn by 2020. Maybe Im a bit overambitious but I feel that we have a real
shot at being a significant player.
As for AbbVie, Mr Ornskov has not
spoken with Mr Gonzalez since the deal
collapsed but he sent him a year-end
message congratulating him on his
recent engagement to be married. I
have absolutely no hard feelings, he
says. This is business.
Nothing to hide on tax see Companies

If you want something done,

do not write a to-do list
EMMA DE VITA

A criminal barrister turned

writer and mother of fouryear-old twins, Ruth Field
has innumerable daily
chores. But the self-styled
Grit Doctor believes that
to-do lists are a costly waste
of time.
They are another
exercise in procrastination,
says the author of Get Your
Sh!t Together. You know
what the things are that you
need to do so why not just
get on with them
immediately rather than
delaying it by writing them
down? They also encourage
us to focus on the
insignificant things so we
can avoid doing the really
big thing that often never
even makes it on to the list.
When practising at the
Bar, Ms Field says she had a
Word document for each
case that would include
cross examination questions
for a witness and notes for a
closing speech, but that it
was a lot more structured
than a list. When she did use
a list, it was for personal
matters, such as calling her
mother.
Technology has turned
the to-do list into an
apparently indispensable
must-have. Apps and tools
are marketed to suggest
that without them, peoples
lives will fall apart and their
productivity flatline. So
without a list, how does Ms
Field prioritise, let alone
remember what needs to be
done? Id be lost without my
diary so that is my
concession to a list, she
says. I have a good memory
and I think keeping my list in
my brain is good exercise
for it.
It is a relief, she adds, to
no longer have visible
evidence of all the things
she has failed to do, which is
what to-do lists often
become. Ditching to-do lists
makes you prioritise what is

actually important and to try

to get it done without
further delay, she says.
Booking a dentists
appointment will get done
without you having to write
it down.
Dana Denis-Smith,
founder and CEO of Obelisk
Support, a legal services
start-up, also chose to dump
to-do lists for work. There
was always stuff left undone
because other things
needed to be prioritised or
dealt with quicker, so there
was a constant revolving list
that wasnt much use, she
explains. I did not find they
made me more productive
or helped me achieve more.
Like Ms Field, Ms DenisSmith uses a diary to keep
track of tasks. I ensure that
all actions are either
allocated a slot as soon as
they come in or I put a
timeframe on them. She
also uses an app called
Timeful, which combines
fixed commitments with a
wishlist of things that you
want to do, and from which
you can pick and choose
should you find yourself
with time on your hands.
Ms Denis-Smith admits to
using to-do lists for
managing household chores
and shopping but believes
that when it comes to
business, they are just a
clever way of shirking while
feeling as though you are
doing something useful. She
says they are unhelpful
because they seem to
allocate equal importance to
tasks of varying significance.
Productivity is all about
being responsive, not
wasting time on things that
will only add marginal
improvement to my
performance, she says.
Writing, managing and
prettifying to-do lists is one
of them.
workingsmarter@ft.com

Feedback
In her column last week
Lucy Kellaway poured
scorn on Wells Fargos use
of a happy: grumpy ratio to
audit staff. Many readers
agreed:

respect, like and admire . . .

as human beings and
colleagues but not as
friends. Id completely fail
under this measure of work
happiness. yvonneb1412

Wells Fargos method seems

a lot like asking people to
self-report if they are a
problem employee.
D. Conroy

Might employees have

personal lives and might life
outside the workplace have
an impact on how
happy or unhappy
(I dont see
grumpy as the
opposite of
happy) people are?
Ronald John

My employee
satisfaction
survey was directly
linked to my bonus so I was
always very happy, even just
before I left the business.
Sideshow Bob
I agreed with everything up
to the point of . . . friends? I
hope not. I am very happy at
work (in a bank!) and am
surrounded by people I

If the only thing that makes

you happy is a seven-figure
bonus, then I wouldn't
expect happiness to
correlate with employees
doing the right thing.
History tells us quite the
opposite. ChrisR

FINANCIAL TIMES

Monday 16 February 2015

15

ARTS

Lyrical ballads,
diamond-hard funk
JAZ Z

Kenny Garrett Quintet

Ronnie Scotts, London

aaaae

Mike Hobart
The Detroit-born saxophonist opened
his emotion-charged set with a snippet
of scale, a spiritual riff and the searing
alto sax cry of Welcome Earth Song.
Chants, mantras and rhythms of Africa,
Japan and South America were to
follow, dancing hypnotically over a
core of high-energy modal jazz. But the
spirits of Charlie Parker and John
Coltrane were never far away, while
the long-drawn, emotionally draining
finale played out to a soundtrack of
diamond-hard funk.
Garrett is an intense performer who
commands the stage with a strong presence and a personal sound that has
been much copied but never matched.
He tends to lead his bands from the
front but at this gig the focus and energy
were more evenly distributed. Pianist
Vernell Brown delivered pulsating lines
and strong two-handed rhythm, acoustic bassist Corcoran Holt punched out
riffs with a round, woody tone and
drummer McClenty Hunter was a fury
of scattered beats with rock-steady
time. Tight in the theme and responsive
on the fly, the trio worked brilliantly as
a unit.
But the extra factor was Rudy Birds
razor-sharp percussion. His congas
drove Chuchos Mambo, his bongos
snapped and crackled on Spanish Go
Round and the splash of his resonant
gong, repeated every four bars, urged
Pushing the Wall to a tantric high.
And it was his subtle inflections and
singing triangle that drew out Garretts
lyrical side on the mid-set ballads Ballad Jarrett and Sing a Song of Song.
Garrett, though he hardly spoke, was

T H E AT R E

The Iceman Cometh

Brooklyn Academy, New York

aaaae

Brendan Lemon

Intense: Kenny
Garrett. Below
right: Nathan
Lane in The
Iceman Cometh

C L A S S I CAL M U S I C

Dutilleux and Ravel

Royal Festival Hall, London

Roger Thomas
Richard Termine

aaaaa

Hannah Nepil
The Royal Festival Hall looked set for
the most semi of semi-stagings. There
were a few lamps and a blackboard. But
there was little to suggest an opera as
colourful as LEnfant et les sortilges,
Ravels one-act work about a mischievous childs fantastical encounters with
singing, dancing furniture and animals.
No matter. The music supplied every
play of light that we needed to fill in the
gaps for ourselves.
Thats what made it so appropriate
for City of Light, the Philharmonia
Orchestras season-long series exploring
the music of Paris between 1900 and
1950. In fact, every item on this
programme was bathed in light, focused
by radiant performances from the

orchestra and soloists. Thanks to Barbara Hannigan, the cool moonbeams

suggested by Dutilleuxs Correspondances, which opened the concert, held
us transfixed. The sopranos voice is
perfect for Dutilleuxs music, sharing
its trademark sensuousness, poise
and precision. And she remains a
formidable dramatic presence. Here,
Correspondances could have been
mistaken for a one-woman opera had
its text, some taken from letters by
Van Gogh and the writer Aleksandr
Solzhenitsyn, added up to something
more coherent.
Hannigans was a tough act to follow;
Mitsuko Uchida managed just fine with
a shimmering account of Ravels Piano

ARTS VIDEO
Why do artists collect art? And what is
the relationship between what they
collect and what they make? Rachel
Spence visits an exhibition at Londons
Barbican Centre and talks to painter Alex
Massouras about his personal collection
ft.com/artsvideo

Apart from the throbbingly

indulgent Broadchurch ,
tonights best comedy is
Asylum (BBC4 9pm). The illassorted fugitives in the leakridden Latin American
embassy are targeted by MI6
and the CIA with humour
running from giggleprovoking nonsense to
deflating satire. Ben Miller
and Dustin Demri-Burns
excel as self-important
whistleblower and hedonistic
eternal child. A screenwriter
press-ganged to lure them

out via the internet provides

a lovely subplot.
C4s innocuous
Catastrophe (10.05pm) has
its fans but is less funny than
it thinks it is (pictured: Rob
Delaney and Sharon Horgan).
In Scottish-set sitcom Bob
Servant, Brian Coxs lightest
touch would stun a horse
(BBC4 9.30pm).
The Hangovers American
farcical take on post-stag
night chaos is comparatively
rib-tickling (TCM 9pm).
MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.

6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 Match of the Day Live.
Preston North End v
Manchester United (kick-off
7.45pm). Coverage of the
FA Cup fifth-round tie, as
the League One hosts look
to cause an upset.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 The Graham Norton Show
EastEnders Special. Graham
celebrates EastEnders 30th
anniversary, with guests
including June Brown, Adam
Woodyatt, Letitia Dean,
Jessie Wallace, Shane Richie
and Danny Dyer.
11.45 Waterloo Road. Lenny
worries that Dales reckless
behaviour is leading him on
a path to self-destruction.
This episode can be seen
at 8.30pm on BBC Three.

6.00 Two Tribes. New series

Richard Osman returns
with the quiz.
6.30 Eggheads. Quiz. R
7.00 Top Gear. R
8.00 University Challenge.
8.30 Only Connect.
9.00 A Cook Abroad: John
Torodes Argentina. The
MasterChef judge embarks
on a mission to find the
best cut of steak in the
world and the ideal way to
cook it.
10.00 House of Fools. New series.
Bob feels that Erik has
come of age and decides to
arrange a surprise blind
date for him at Julies bistro.
10.30 Newsnight.
11.15 Weather.
11.20 Alex Polizzi: The Fixer.
Alex heads to a struggling
events company in
Wakefield, where the
owners have been forced
to move their showroom
into their own lounge. R

6.00 ITV News London.

6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 More Tales from
Northumberland with
Robson Green. New
series. The actor goes
dolphin-spotting in the
North Sea, visits Cragside,
once the country home of
Victorian inventor Lord
Armstrong, and joins
skinny-dippers at Druridge
Bay.
8.30 Coronation Street.
9.00 Broadchurch. A trap is set,
but it remains to be seen
whether it will have the
desired effect.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 The Jonathan Ross Show. R
11.45 The Kyle Files. R

6.00 The Simpsons. R

6.30 Hollyoaks.
7.00 Channel 4 News.
7.55 The Political Slot. Mike
Parker, Plaid Cymru general
election candidate for
Ceredigion, checks out the
local councils repairs to
Aberystwyth promenade
following last years storm.
8.00 Secrets of the Parking
Wardens: Channel 4
Dispatches. Investigating
private parking firms and
the rising number of
complaints against them.
8.30 Food Unwrapped. Jimmy
Doherty finds out why rose
oil is considered liquid gold
in Bulgaria.
9.00 UKIP: The First 100 Days.
Docu-drama set in a future
where Nigel Farage is the
prime minister.
10.05 Catastrophe.
10.40 Bodyshockers: Nips, Tucks
and Tattoos. R
11.45 24 Hours in A&E. R

Regional variations apply

Other channels

Channel 5
6.00 Home and Away. 6.30

To March 15, bam.org

ronniescotts.co.uk

Pick of the day

BBC4
7.00 World News Today. 7.30
Great Continental Railway
Journeys. 8.00 A303: Highway to
the Sun. 9.00 Asylum. 9.30 Bob
Servant. 10.00 The Love Hotel:
Storyville. 11.15 Wild Boys: The
Story of Duran Duran.

southbankcentre.co.uk

always in command, conducting first

the band and then the audience with a
glance, nod or beckoning wave. He
plays with concentrated focus and
energy whether at full force in tradeoffs with the drums or romantically
over rhapsodic piano. And he draws on
the full spectrum of African-American
music so that precisely articulated modernism ends with a holler that can make
you shiver.
The finale found Garrett coaxing and
toasting, rapping and beatboxing and
rousing the audience to action first on
Happy People and then to Waynes
Thang. The band finally left one by
one, leaving Garrett alone on stage,
weaving melodies round the audiences
rhythm and song.

THIS EVENINGS TELEVISION

BBC3
7.00 An Idiots Guide to Politics.
8.00 EastEnders: 30 Years of
Cliffhangers. 8.30 Waterloo Road.
9.30 Uncle. 10.00 Cuckoo. 10.30
Russell Howards Good News.
11.00, 11.25 Family Guy. 11.45
American Dad!

Concerto in G. Uchidas fingers seem

to have an entire nervous system of
their own, making for playing of
astounding virtuosity, but the main
appeal was her sensitivity to atmosphere: the gemlike glint she drew out of
the first movement and the sense of
innocence that she conjured up in the
second. Under Esa-Pekka Salonen, the
orchestra gorged itself on the sumptuous score, but only in the opera did it
really come into its own.
Here was a performance full of verve
and humour, in which the staging provided just enough to stoke the imagination. Against a backdrop of subtle video
projections ranging from a cat to a
demented clock face the cast grabbed
every opportunity for high jinx. Chlo
Briot, a ripe-voiced soprano, was all
sweetness and impish charm as the
Child. Andrea Hill and Franois Piolino
were the most hilarious of her co-stars.
Still, it was the Philharmonia Voices,
singing with delicate, haunting beauty,
that etched the deepest mark.

This is a first-rate production, but even

in a first-rate production Eugene
ONeills 1939 drama can feel endless. So
why did my attention rarely flag during
the four-hour-and-45-minute running
time? Because Robert Falls, who staged
the evening, works as insightfully with
actorsasanydirectorinAmerica.
This Iceman, which takes place in a
downtown New York saloon in 1912, contains a dizzying array of realised performances, though dizzying isnt perhaps the apt word to describe characters
who awaken from their drunken stupors
onlytoutteralineandresumeslumber.
The performance of Nathan Lane, as
thesalesmanHickey,whooffersspiritual
salvation to men and women thinking
themselves cursed, has occasioned surprise. How astonishing, say some critics
and theatregoers, that a man known primarily for musical comedy hits can display such emotional range. The truth is
that Lane has excelled in serious roles for
30 years. He has never been a Shakespearean, so his Hickey jovial, swaggering,fulloffuryisineffecthisLear.
ONeills plot is skeletal. Mostly,
Hickey provides variations on the illusory phrase pipe-dream, which occurs
with a taste-challenging repetitiveness a
coupleofhundredtimesduringtheplay.
Butwhentheensembleisaswell-oiled,
ineveryway,asthisone,whocaresabout
taste? As the former anarchist Larry
Slade, Brian Dennehy is an adept at
anguish, exploding at just the right
moment. Amid the worn-down tables
and chairs of the saloon assembled by
set designer Kevin Depinet, John Douglas Thompson adds another unforgettable portrait, of the gambling professional, Joe Mott, to his gallery of
recentNewYorkcharacters.
But Stephen Ouimette is the primary revelation as Harry Hope,
the saloons owner. This actor has long
been a standout at Canadas Stratford
Festival, and relatively unknown in New
York. His dissolution in the plays final
actisheart-rending.

5 News Tonight. 7.00 Criminals:

Caught on Camera. 7.30 Car
Crash TV. 8.00 My Daughter
Stole My Husband. 9.00
Benefits Britain: Life on the Dole.
10.00 10,000 BC. 11.00 Act of
Valor.
More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 A Place in
the Sun: Winter Sun. 10.00 Big
Fat Gypsy Weddings: Life on the
Run. 11.05 Gogglebox.
Film4
6.25 The A-Team Special. 6.30
Marley and Me. 8.50 Selma
Interview Special. 9.00 The ATeam. 11.20 Kelly + Victor.

Sky Atlantic
6.00 House. 7.00 Blue Bloods.
8.00 Without a Trace. 9.00
Richard E Grants Hotel
Secrets. 10.00 Girls. 10.35
Togetherness. 11.10 Last Week
Tonight with John Oliver.
11.45 Veep.
Sky Sports 1
6.30 FL72 Review. 7.30 Viral
Videos of 2014. 8.00 Greatest
Goals of 2014. 9.00 Ultimate
Premier League One2Eleven
Special. 10.00 Moyes: A New
Challenge. 10.30 SPFL Round-Up.
11.00 FL72 Review.
Sky 1
6.00 Futurama. 6.30, 7.00, 7.30

The Simpsons. 8.00 The

Holidaymakers. 9.00 Arrow.
10.00 50 Ways to Kill Your
Mammy. 11.00 Air Ambulance
ER.
Sky Arts 1
6.30 Cirque du Soleil: Nouvelle
Exprience. 8.00 Katherine
Jenkins Live at the O2. 10.00
Sex & the Silver Screen. 11.15
Glamour.
Sky Arts 2
7.00 Hidden Lives of Works of
Art: Da Vinci. 8.00 Edith Piaf:
The Perfect Concert. 9.00 Glass:
A Portrait of Philip in Twelve
Parts. 11.15 Michael Feinstein
The Sinatra Legacy.

16

Monday 16 February 2015

Explore more sports

data analysis and
visualisation in our series
at ft.com/baseline

An influence
beyond the
hardwood

The Baseline
Inequality in TV income
Gini coefficient (0 = perfect equality)
0.4
Patrick McNair
Manchester
United

In the summer of 2004 I drove from

Washington to Chapel Hill to interview
Dean Smith, who died last weekend
aged 83, about politics not basketball. It
was a presidential election year, North
Carolina was a possible swing state with
a local senator, John Edwards, on the
Democratic ticket, and I knew his
interests stretched way beyond the
courts where he had reigned as the preeminent college coach in the US before
retiring in 1997.
We actually met the evening before
we were due to talk in the Dean Dome on
a golf course, where I had sneaked in a
quick nine with my friend, the late,
great Dr Ben Wilcox, who knew Smith
well. That broke the ice and also calmed
my nerves, which were jangling about
the prospect of interviewing a man who
was an icon, to me and the more
illustrious, like Michael Jordan, who
thought him a second father.
The next day he told me what it was
like to be a moderate Republican from
Kansas landing in the Deep South in the
late 1950s and finding racial segregation
that offended his moral sensibilities (his
father had coached the first integrated
high school team to win a state
championship back home). And how,
after he had become successful, North
Carolinas Democrats would beseech
him to run against Jesse Helms, the
reactionary Republican senator (he
nearly acquiesced in 1990, but his wife
dissuaded him).
What struck me is that he really did
not like to talk about himself. This
modesty was likely rooted in his deep
Baptist faith but he did not proselytise
nor hold himself up as Gods servant.
When only an assistant coach and well
before he broke the colour bar by
recruiting the universitys first black
player in 1967, he had integrated a
popular local restaurant. This was a
story he never volunteered but was
revealed by his minister. I wish he
hadnt told that, Smith once said.
He had suffered from dementia for
several years, his once fabulous
memory he could recall the time,
place and name of every referee who
ever made a questionable call against
his Tar Heels long gone. In its place,

0.2

0.1

0
Spain

Rebased (1993=100)
4000
TV rights
3000

Wages

Modest maestro: Michael Jordan kisses basketball coach Dean Smith at a 2007 Chapel Hill ceremony Ellen Ozier/Reuters
there was an outpouring of
remembrances, from his old players,
once bitter rival coaches and the
basketball player who inhabits the
White House, the likes of which are
reserved for very few.
As a coach he was a tactical genius,
like the four corners offence. When
his team had the lead, he would spread
his players round the court and have
them pass the ball for as long as
necessary (there was no rule then
requiring that a shot be taken within a
specified time). As run in the late 1970s
by his brilliant guard Phil Ford and
lightning quick forward Walter Davis, it
was a minor art form, if deeply
infuriating, but it did prompt the
introduction of the shot clock in the
college game, which is what Smith
wanted all along.
He coached his players so well in the
fundamentals that many made a
seamless transition to the professional
game. Ford and Davis became instant
stars and then there was the
transcendent Jordan, into whom Smith

Jurek Martin

Forecasts by
74

1000

1020

1030

HIGH
11

15

18

5
8

3
14

12

11

13

14

15

-5

7
7

-4

1020

1040

HIGH

19

16

1010

7
6

-2
2

LOW

15

13

15

1010

21
15

Wind speed in MPH at 12 GMT

Temperatures max for dayC

14

14

14
Wind speeds in KPH

16

16

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Fair
Fair
Rain
Sun
Sun
Sun
Shower

30
7
13
7
33
14
12
6

86
45
55
45
91
57
54
43

Belgrade
Berlin
Brussels
Budapest
Buenos Aires
Cardiff
Chicago
Cologne

Italy

France
England
Germany

TV revenues fuel wage boom

990

0.3

Sun
Fair
Fair
Sun
Sun
Rain
Cloudy
Fair

9
6
9
8
30
9
-9
8

48
43
48
46
86
48
16
46

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

Cloudy
Fair
Sun
Shower
Fair
Fair
Fair
Shower

3
28
29
7
8
6
9
7

37
82
84
45
46
43
48
45

Hamburg
Helsinki
Hong Kong
Istanbul
Jersey
Lisbon
London
Los Angeles

Fair
Sun
Fair
Shower
Rain
Fair
Rain
Sun

ACROSS
1 A bouquet may give such a lift (6)
4 Worn by soldiers for cleaning
drains? (8)








10 Hostile incursions into Greek

island, say? (7)
11 Rotten pie sold in error (7)


12 Third man sounds competent (4)
13 Glasses with handles, other than
tankards (10)


15 Take some back to quarters (6)
16 Classical admission of guilt (7)

20 Unusually proud to make a fresh



start at Rugby (4-3)
21 A bit for each (6)


24 Change the blend of tea on trial
(10)


26 Ones pedometer shows how one


went fast (4)
28 Drag ones feet in quiet stroll (7)



29 The top cereal fancy! (7)

30 Its back in the race to beat one
(8)


31 New arrivals, we hear, at the
docks (6)
DOWN


1 I get married and set out full of
beans! (8)
2 Fish needs to join chips (9)
A prize of The Good Word Guide by Martin Manser and How to
Sound Clever by Hubert van den Bergh will be awarded for the first 3 Cattle without water (4)
5 Allocated as indicated (8)
correct solution opened. Solutions by Wednesday February 25,
6 Where coffees are served and
marked Monday Prize Crossword 14,856 on the envelope, to the
drunk (2,4,4)
Financial Times, 1 Southwark Bridge, London SE1 9HL. Solution
7 One accepts student as dim (5)
on Monday March 2.
8 Presumably he likes painstaking
..................................................................................................
people (6)
.............................................................................................

MONDAY PRIZE CROSSWORD

No. 14,856 Set by DANTE

6
-2
25
8
8
15
8
22

43
28
77
46
46
59
46
72

Luxembourg
Lyon
Madrid
Manchester
Miami
Milan
Montreal
Moscow
Mumbai
Munich
New York
Nice
Paris
Prague
Reykjavik
Rio
Rome
San Francisco
Stockholm
Strasbourg
Sydney
Tokyo
Toronto
Vancouver
Vienna
Warsaw
Washington
Zurich

Fair
Cloudy
Fair
Rain
Sun
Cloudy
Sun
Fair
Sun
Cloudy
Sun
Shower
Cloudy
Sun
Snow
Thunder
Rain
Sun
Fair
Cloudy
Fair
Sun
Fair
Fair
Sun
Sun
Fair
Cloudy

6
9
14
7
22
12
-14
-4
30
3
-7
14
9
8
-2
30
13
21
2
6
29
12
-14
11
8
1
-2
4

9 Where ladies wear new hats and

new coats (5)
14 Nocturnal creature needing
regular transfusions (7,3)
17 Place for watching TV? Its a
matter of opinion (9)
18 It strengthens the wall, still needs
a lock (8)
19 Unnecessary to curtail ones
requirements (8)
22 Wine container under the counter
(6)
23 Articulate deputy admits nothing
(5)
25 A capital decoration for the Pope
(5)
27 Point a primate out in church (4)

SOLUTION 14,844
& 2 1 7 ( 0 3
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The winners name will be published

in Weekend FT on February 28

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inculcated the notion that basketball

was a team game. He remains the only
person capable of holding Jordan to
below 20 points a game by the simple
expedient of sitting him on the bench or
ordering him to pass the ball.
Today, college basketball is
dominated by the one and done
approach the high school hotshot
plays for one year, enters the pro draft
and hang the education. Smith had his
players for four years and 97 per cent
graduated with degrees and those that
didnt, like Jordan, often returned and
got them. He taught them about life, too,
to the point that many of them later
turned to him for advice (on marriage,
buying a house etc). The Ivy League,
with its influential alumni networks,
could admire the connections that Dean
Smith forged, on and off the hardwood.
He was, indeed, a very good man who,
as I also confirmed 10 years ago once we
had exhausted politics, sure knew
basketball backwards.
onohana.martin@gmail.com

2000

1000
Transfer
spending
0
1993 95

2000

05

10

15

Sources: AS; Sporting Intelligence

JOHN BURN-MURDOCH
AND GAVIN JACKSON

The Premier League has managed to

negotiate a 70 per cent increase in the
value of its UK television rights from
3bn to 5.1bn. Cui bono?
Income from the sale of TV rights is
spread pretty evenly between the
teams. The English Premier League
has a Gini coefficient for its TV
income of 0.35. The Gini coefficient is
the most common method of measuring economic inequality: a coefficient of one means that one person
gets everything while zero means it is
spread equally.
This means that the inequality
between teams in terms of TV
income is roughly the same as
income inequality in Britain as a

whole. And notably, it is more equal

than that of the Spanish, Italian,
French or German top flights, making its spread of broadcast revenue
the most even among Europes top
leagues.
So the big clubs will profit more
than the smaller ones but, if history is
any indication, the deal will benefit
the players most. Wages and transfer
spending have tracked the growth of
TV rights since the inception of the
league, and the bulk of the new
money goes into the players pockets.
An analysis by Deloitte revealed
that wages grew at an annual growth
rate of 16 per cent in the 20 years following the inaugural season in 1992,
faster than the 14 per cent growth in
turnover.

17

Monday 16 February 2015

Nutella genius Michele Ferrero was the Willy

Wonka of real-life chocolatiers

Inside Business Banks scale back global retail

networks as profits fall and scandals mount

OBITUARY, PAGE 18

JONATHAN FORD, PAGE 18

Browne to
head board
of Huaweis
UK business

Shire has
nothing to
hide on tax,
says chief

Balance shift
Pay for asset managers set to overtake investment bankers

ANDREW WARD
PHARMACEUTICALS CORRESPONDENT

Shires chief executive has defended

the companys tax arrangements after
being identified as one of the beneficiaries of alleged industrial scale
avoidance orchestrated by PwC, the
accountancy group.

Chinese group aims to dispel concerns

over its corporate governance
DANIEL THOMAS
TELECOMS CORRESPONDENT

Huawei has recruited Lord Browne, the

former BP chief executive, to head a UK
board of directors that will oversee British operations in the latest attempt by
the Chinese technology group to dispel
international concerns over its corporate governance.
Lord Browne of Madingley will
become the first independent chairman
of Huaweis UK business. Dame Helen
Alexander, chairman of UBM and
former president of the Confederation
of British Industry, and Sir Andrew
Cahn, the former head of UK Trade &
Investment, will also serve as non-executive directors to the board.
Ken Hu, deputy chairman of the Huawei group board and one of three rotating chief executives, said this was the
latest illustration of Huaweis commitment to openness and transparency and
to continuing to build relationships of
trust in the UK and across the world.
Huaweis ownership structure and
operations have come under the spotlight following concerns raised in a US
congressional report in 2012 about
alleged links with the Chinese
government.
Ren Zhengfei, Huawei founder and a
former Peoples Liberation Army
officer, has repeatedly denied any links
to the state.
Lord Browne was until recently the
governments lead non-executive
adviser to the civil service, a position he
took up in 2010. He is a partner of
Riverstone Holdings, a private equity
group, and vice-chairman of Nomura
International.
I have worked in China and with Chinese businesses for the past 40 years,

Lord Browne said, and continue to be

impressed by the corporate sectors
ambition and potential. I am delighted
to be leading this board as it supports
Huaweis next phase of growth.
While Huawei has been blocked from
some deals, including contracts to supply telecoms equipment in the US and
Australia, the British government
has welcomed the Chinese group,
which supplies network infrastructure
to BT as well as to mobile phone operators in the UK.
Two years ago, David Cameron, UK
prime minister, met Mr Ren after the
group pledged to invest 1.3bn and create 500 jobs in the UK, and expand a
research and development centre in Ipswich, eastern England. Huawei also
wants to double its workforce in the UK
to 1,000 people within three years.
The revamped UK board will be
responsible for reviewing the performance of Huaweis operations and providing counsel to the management team
as well as the standard legal obligations
of directors of a UK limited liability
company.
Huaweis UK business will also have
three executive directors assigned from
its group board: Mr Hu, chief executive,
Chen Lifang, senior vice-president,
and Gordon Luo, chief executive of
Huawei UK.
The company previously had an advisory body, which had no legal responsibility, headed by Sir Andrew. The advisory board was ended last year.
Sir Andrew said: I am very pleased
to continue my association with Huawei; it is just the sort of global, ambitious
company that we need to invest in
the UK.
BPs battles page 20

Closing the gap

Average pay ($ 000)

Investment bankers

Asset managers

IB trend 2010-14

Craving for ecigarettes

risks running out of puff
Growth in the electronic cigarette
market is losing pace as users get their
nicotine hit from other means. Rising
competition from customisable
vaporisers, stagnant usage rates and a
stream of research questioning their
safety have all been blamed.
Analysis iPAGE 21

Banks can no longer afford a too

narrow, legalistic approach to complying with rules because the world
has changed and they need to clean up
their underlying culture and ethics, the
chairman of Frances BNP Paribas has
argued.
Jean Lemierre told the Financial Times
the record $8.9bn fine imposed on the
eurozones biggest bank by assets last
year for US sanctions violations was a
wake-upcallthatpromptedamassive
reorganisation of its control functions.
Coming as HSBC faces a political
outcry over allegations that its Swiss
private bank helped thousands of

300
250
200
150
100
50
0
2004

05

06

07

08

09

10

11

12

13

FT graphic. Sources: New Financial; FT research

Companies

Credit Suisse..............................................18
Crdit Agricole....................................19,26
Daniel Stewart .........................................21
Deere..............................................................26
EDF..................................................................26
EDF Energy.......................................FTfm3
Econet Wireless ......................................21
Eni....................................................................26
Esprito Santo...........................................26
Euro. Bank for Recon & Dvpt..........19
European Central Bank.......................19
ExxonMobil................................................20
Fanuc.....................................................FTfm2
Ferrero...........................................................18
Fiat...................................................................18
Goldman Sachs.........................................21
Grupo Financiero Bital.........................18
HSBC..................................................3,4,18,21
Hermes Investment Mgmt................18
Hershey.........................................................18
Huawei...........................................................17
Investec ........................................................21
Ipsos Mori......................................................4

The Financial Times Limited 2015

J Sainsbury..................................................21
Jaguar Land Rover...................................3
Japan Tobacco International............21
John Lewis....................................................4
Kind Consumer.........................................21
Kraft.................................................................18
Lidl....................................................................21
Liquid Telecom.........................................21
Lloyds Banking Group.........................21
Lorillard.........................................................21
Mondelz......................................................18
Monte dei Paschi di Siena.................19
Morgan Stanley........................................21
Nestl.............................................................18
Nomura International............................17
OneSavings Bank....................................21
Petrobras........................................................7
Philip Morris International.................21
RBS...................................................................21
Rangers Int. Football Club.................21
Republic New York.................................18
Reynolds American................................21
Rolls-Royce...................................................4

Average compensation cost per

employee at global asset managers
rose 22 per cent between 2006 and
2014 to an estimated $263,000. If the
trend continues, asset management
pay will overtake investment banking
pay by 2016.
William Wright, founder and managing director of New Financial, said:
Investment banking staff are taking
a shrinking portion of a shrinking pot.
Asset managers are taking a constant
portion of a growing pot.
Investment banking revenues fell
in recent years as tighter regulation

HARRIET AGNEW AND

LAURA NOONAN LONDON

Asset managers are set to be paid

more than investment bankers by
2016, according to research, illustrating a shifting balance in global
capital markets following the financial crisis.
Compensation cost per employee
an imperfect but constant proxy for
pay per employee at global investment banks fell 25 per cent from 2006
to 2014 to an estimated $288,000,
says New Financial, a think-tank.

clients to evade taxes, Mr Lemierres

comments show how seriously senior
financiers take the damage done to the
industry by a string of recent scandals.
In his first interview since replacing
Baudouin Prot in December,
Mr Lemierre said changes were needed
at the French bank and across the industry to embed normal ethical standards as well as ensuring compliance
with the letter of the law.
He conceded that BNP Paribas failed
on both counts by processing billions of
dollars of transactions between 2002
and 2012 for groups in Sudan, Iran
and Cuba that US regulators said were
involved in terrorism and genocide.
It also systematically concealed the
transactions to evade US sanctions.

Rosneft.........................................................20
Royal Dutch Shell...................................20
Russell Investments...............................18
Santander.......................................................7
SeaDrill...........................................................18
Shawbrook .................................................21
Shire...........................................................14,17
Standard Chartered..........................18,21
Standard Life Investments................18
Statoil............................................................20
Sumitomo Mitsui Fin. Grp........FTfm2
Tesco...............................................................21
Toyota............................................................18
Tullow Oil.....................................................18
UBM.................................................................17
UBS..................................................................18
Virgin Group................................................4
Virgin Money..............................................21
Vodafone......................................................18
WH Ireland..................................................21
WM Morrison.............................................21
eBay...............................................................2,2
Riverstone Holdings..............................17

14

15

16

17

18

Photo: Bloomberg

There was a mistake and I even can say

a big mistake which should not have
happened in the culture of BNP Paribas.
But it has, said the former chief executive of the European Bank of Reconstruction and Development.
It has to do with the American situation but not only [that] and we need to
be at the highest standards and
address . . . the difficulties behind the
American situation. We have to go
much beyond this. Thats crucial.
BNP Paribas has introduced a leadership for change programme to put
500 managers through three-day sessions in small groups to emphasise the
importance of compliance and ethics.
Jonathan Ford page 18
Interview page 19

Companies / Sectors / People

AbbVie...........................................................14
Airbus...............................................................4
Aldermore ...................................................21
Aldi...................................................................21
Alpha Bank..................................................19
Altria................................................................21
AnaCap ........................................................21
Ashmore Group........................................18
BAE Systems.............................................26
BNP Paribas..........................................18,19
BP....................................................................20
BT......................................................................17
BTG Pactual..................................................7
Bank of East Asia.........................FTfm2
Barclays.........................................................21
British American Tobacco..................21
British Gas..................................................26
CPP...................................................................21
Cadbury.........................................................18
Centrica........................................................26
Chevron........................................................20
Citigroup .....................................................18

400
350

Banks warned not to take too narrow

approach to cleaning up operations
MICHAEL STOTHARD PARIS
MARTIN ARNOLD LONDON

AM trend 2010-14

Sectors
Banks....................................................18,19,21
Electricity.....................................................26
Food & Drug..............................................21
Food Producers.................................18,26
Gen Financial......................................18,20
Ind Engineering.......................................26
Insurance......................................................18
Investment Comp....................................18
Mobile & Telecoms.................................21
Nonlife Insurance.....................................21
Oil & Gas...............................................20,26
Pharmaceuticals.......................................17
Tobacco.........................................................21
Travel & Leisure.......................................21

People
Alexander, Dame Helen.......................17
Allan, John...................................................21
Branson, Sir Richard................................4
Brassac, Philippe...............................19,26
Browne of Madingley, Lord........17,20
Cahn, Sir Andrew.....................................17

Chifflet, Jean-Paul..................................26
Cooke, Henry.............................................18
Descalzi, Claudio.....................................26
Escott, Brent...............................................21
Ferrero, Michele........................................18
Hill, Lord.......................................................19
Ian Cheshire, Sir.......................................21
Jonathan, Goodluck.................................6
King, Dave....................................................21
Lemierre, Jean......................................17,19
Lewis, Dave.................................................21
Monks, Phillip.............................................21
Norman, Archie.........................................21
Ogston, Hamish........................................21
Ornskov, Flemming.................................17
Prot, Baudouin..........................................17
Rousseff, Dilma...........................................7
Rudnick, Nic................................................21
Tillerson, Rex............................................20
Vaccari Neto, Joo....................................7
Wright, William..........................................17
Zhengfei, Ren.............................................17

Week 8

curbed banks ability to trade for

themselves and made them hold
more capital. Pay has fallen from
roughly half of revenues at investment banks in the five years before
the crisis to about 40 per cent since.
The 18 asset managers in New
Financials sample had nearly $14tn
of assets under management,
employed more than 80,000 staff and
generated revenues of nearly $70bn
in 2013. The 12 investment banks in
the sample employed more than
185,000 staff and made revenues of
more than $155bn in 2013.

Flemming Ornskov said Shire had

nothing to hide and was trying to do
the right thing by running the pharmaceuticals company as efficiently as possible to maximise returns for shareholders and increase investment in new
medicines.
Shire has been a focus of inquiries by
the UK Public Accounts Committee into
the use of intra-company loans by
PwC clients to shift profits to Luxembourg, where the company paid tax at
0.0156 per cent. Margaret Hodge, chair
of the committee, in December labelled
Shires behaviour outrageous.
But Mr Ornskov said that four, five
hundred companies were using similar
structures in Luxembourg and that they
were fully legal.
The nature of global pharmaceuticals
companies meant their taxes would
always be complex, he added, because
manufacturing, sales and intellectual
property were spread across the world.
Were trying to do the right thing for
our stakeholders because in the end, the
more we can invest in research and
development, the more we can serve the
patients because none of the R&D today
is easy or inexpensive.
Shire spent $1.1bn, or 18 per cent of
sales, on R&D last year. The company
revealed last week that it paid $56.1m in
taxes worldwide in 2014 on profits of
$3.34bn representing an average rate
of less than 2 per cent.
The figure was unusually low because
of one-off benefits including receipt of
a $1.6bn break fee from AbbVie of the
US after the collapse of its planned takeover of Shire last year. Shire has been
advised that the fee is not taxable,
although this has yet to be agreed with
tax authorities in Ireland, where the
company is based. Excluding one-off
factors, Shires tax rate would have been
17 per cent still significantly lower
than those of rivals based in the US,
where it sells most of its drugs.
Monday interview page 14

18

FINANCIAL TIMES

Monday 16 February 2015

COMPANIES
ON MONDAY

General financial

Negative rates to hit financial system

Insurance companies and
pension funds likely to
reassess their models
RALPH ATKINS AND ELAINE MOORE
LONDON

Falls in European interest rates into

negative territory could profoundly
affect the workings of the financial system and there is little chance of benchmark borrowing costs rising in the year
ahead, top investment managers and
strategists have warned.
Yields, which move inversely with
prices, have this year dropped below
zero on a rapidly expanding range of
European governments bonds and
even some corporate bonds. The
declines, which are driven by the European Central Banks quantitative eas-

ing, mean historically low borrowing

costs. But senior finance experts interviewed by the Financial Times saw worrying side effects.
This could be the makings of a completely new environment for global
bond markets, said Andrew Milligan,
head of global strategy at Standard Life
Investments, at the FTs debt capital
markets conference in London.
If it actually becomes permanent . . . There could be some very significant capital flows.
It has a huge impact on a lot of simple
things like pension funds and insurance
companies and how their whole model
works, said Henry Cooke, executive
director, Gryphon Capital Investments.
It is putting them under a lot of
pressure . . . and when people are put
under a lot of pressure, they take a lot
more risk.

Negative interest rates mean investors, in effect, pay to lend their money.
Jerome Booth, former head of research
at Ashmore Group, said: It is perfectly
acceptable for a government to try to get
a negative yield it sounds a good deal.
The problem is: why would investors
do it?
The ECBs action has forced countermoves by central banks outside the
eurozone. Danish and Swedish five-year
bond yields ended last week at minus
0.48 per cent and minus 0.04 per cent.
Neil Williams, group chief economist
at Hermes Investment Management,
said: It smacks, surely, of the first signs
of what you could call a currency war.
Not all central banks can push their currency down sufficiently to stoke up
demand . . . I am not so sure it is the
solution. Some $2tn of European government bonds over more than one

It is perfectly
acceptable
for a
government
to try to get a
negative yield
it sounds a
good deal.
The problem
is: why would
investors
do it?

years maturity have negative yields,

according to JPMorgan.
Yields are also negative on Swiss government bonds and earlier this month
turned negative on some euro-denominated debt issued by Nestl, the Swiss
food manufacturer.
Finance experts did not have high
expectations of an early end to the era of
ultra-low interest rates in continental
Europe.
German 10-year yields ended Friday
at 0.34 per cent, compared with 0.54 per
cent at the start of the year.
Near zero for the 10-year yield for
Germany is not unlikely, said Pascal
Duval, chief executive for Europe at
Russell Investments.
The investment specialists expressed
concern whether QE would boost economic growth in Europe, but argued it
was needed to fight deflation threats.

Food producers. Italian chocolatier

Billionaire Nutella creator Ferrero dies at 89

Death of publicity-shy
confectioner may reignite
rumours of takeover offers
RACHEL SANDERSON MILAN

Michele Ferrero, creator of chocolatelike spread Nutella and Italys richest

man with a fortune estimated at about
$23.4bn, has died just two months short
of his 90th birthday after a long illness.
Ferrero, who created Nutella, Tic Tacs
and Kinder Eggs, was in many ways the
Willy Wonka of real-life chocolatiers,
with a personal mythology that evokes
the protagonist in Roald Dahls childrens tale. At home in his personal laboratory in northwest Italy, the legend
goes, Mr Ferrero took five years to discover how to bend the wafers that go
into his Ferrero Rocher chocolates.
Publicity-shy Ferrero spoke in the
dialect of his native Piedmont region
and died having never given a newspaper interview. Yet while avoiding the
worlds gaze, he built a multinational
company with revenues in 2013 of
8.1bn that competed with Nestl, Mondelz and Kraft.
He was born in 1925 in Alba where the
business still has its headquarters and
the smell of Nutella from the factory
perfumes the air.
The town is near Turin, where Gianni
Agnelli built the Fiat empire, and in a
region known for its gastronomy.
Barolo, Italys king of wines, comes
from vineyards on the surrounding hills
and in Albas woods in October you can
find white truffles.
It was Ferreros father, Pietro, who laid
the foundations of a business that would
later become an international powerhouse, equalling Fiat in international
reach, bigger than Hershey and only

Contracts & Tenders

slightly smaller than Nestls

confectionery business by revenues.
Pietros great idea in the scarce postwar years was to create a chocolate-like
sweet using cheaper hazelnuts, which
were abundant in the countryside
around Alba, instead of expensive
cocoa. A kilo of pasta gianduja cost the
equivalent of 30 cents in todays money
compared with 1.50 for a kilo of chocolate.

By 1950, he had 200 vans delivering

gianduja to all of Italy. A few years later
the number had quintupled, making it
the biggest fleet outside of the Italian
army.
Ferrero started in the family business
when he was 20 and was leading it by 32.
People who knew him say he added to
his fathers idea of undercutting the fine
chocolates market with products that
boasted more milk, less chocolate. It
was a neat marketing trick that kept
costs down but also played to an emerging health-consciousness among consumers.
He also brought an innate understanding of how to sell internationally.
The company launched in Germany in

Michele Ferrero vetoed the idea of a

bid for Cadbury, which went to Kraft

The maker of
Nutella boasted
more milk, less
chocolate
Stefano Rellandini/Reuters

1956 with Mon Cheri, cherry liqueur

chocolates. The group now employs
21,600 people in 18 factories in Europe,
Australia, Latin America and the US. It
is the market leader in most of western
Europe outside the UK.
But Ferreros greatest skill was knowing what children want. Never patronise a child, he is quoted as saying in the
2004 book Nutella, an Italian Legend by
Gigi Padovani.
Ferreros aversion to publicity and
risk led him to veto the idea of a bid for
Cadbury in 2009, which was ultimately
taken over by Kraft. His only acquisition
was a Turkish hazelnut factory last year,
aimed at securing supply of the ingredient precious to his Nutella.
Latterly, though, the business has
been hit by the tragedy and uncertainty
Ferrero always sought to avoid. His eldest son, Pietro, was killed in a cycling
accident in April 2011 leaving the business without its anointed heir. His second son, Giovanni, who once said he
wrote poetry and novels in his spare
time, has since taken over.
Giovanni took out full page interviews
in Italian newspapers in 2013 stating he
did not intend to sell the business.
Bankers in Milan said the newspaper
advertisement followed an approach by
Nestl, which was duly rejected. Still,
bankers do not rule out that with the
death of his father more suitors will be
making their way to Alba.

Jonathan
Ford

Banks dismantle
strings of pearls as
they turn to dust

ince the financial crisis, many large international banks have reduced the scope of their
activities.
The most visible retreats have been in areas
such as trading and investment banking. Under
pressure from investors and regulators, many banks have
dismantled costly operations built or bought in the boom
years before 2007. But the securities business is not the
only part of these behemoths facing the axe.
Alongside the highly paid brokers and traders, other less
brightly plumed operatives have been quietly departing.
They have done so as dwindling profitability and multiplying compliance headaches have forced banks to dump ever
more of their international consumer networks.
A strategy once likened to assembling a string of pearls
has too often yielded little more than a handful of dust, and
the biggest global players are now more wary of the
charms of these dubious gems.
Citigroup has since 2012 pulled out of countries as
diverse as Japan, Hungary, Pakistan and Uruguay, reducing its international coverage by nearly half to just 24
countries. HSBC has pulled out of 20, leaving it with retail
and wealth management operations in just 40 states.
The scandal engulfing HSBC in Switzerland should
prompt yet more reflection. The banks admission that its
Geneva-based private-bank subsidiary helped some
clients dodge paying their national taxes is not the first
time it has incurred the ire of the authorities.
HSBC was fined nearly $2bn just two years ago for
breaching anti-money laundering rules in its Mexican
operations. A large number of scandals have hit the sector
since 2007. The UKs Standard Chartered and Frances
BNP Paribas have been heavily fined for clearing transactions that busted US sanctions. American authorities have
punished both big Swiss banks, UBS and Credit Suisse, for
helping US citizens evade tax.
As the dust clears after the financial crisis, running a
global retail and wealth-management business has never
looked more arduous. Stringing together a host of local
retail subsidiaries is not the most obvious way to make
money. Only a few jet-setting customers genuinely need to
shift money around the
world seamlessly. Differing
Global networks
legal frameworks and products from country to country are targets for
make synergies between
US money
units hard to find.
Recent years have seen the laundering
authorities toughen their
investigations
stance. International networks have become targets
for the US in its crackdown on money laundering a
factor that has jacked up compliance costs. Governments
are bearing down ever harder on tax avoidance, levering
open vault-like Swiss banks to public scrutiny. Private
banking, with its discreet and loyal cast of oligarchs and
dentists, used to be a nice stable business. It no longer is.
Local regulators are also flexing their muscles. Spooked
by the sectors tarnished reputation, watchdogs are intervening to ensure that services are tailored for local
consumption. Capital charges, too, are creeping up.
The big global groups expanded aggressively in the good
times. In the decade to 2006, HSBC spent $52bn on 32
deals in 18 different countries.
The bank spent $1.1bn on Grupo Financiero Bital, the
Mexican business through which it laundered some
$880m for drug cartels between 2006 and 2009, according
to the US Justice Department. Its buys also numbered
Republic New York, bought for $10bn in 1999 and the previous owner of the Swiss business.
Many brickbats have already been chucked at HSBCs
management, notably former chairman Lord Green, for
failing to keep tabs on what the Swiss arm was up to. The
bank has admitted it ran the unit on too federal a rein
after its acquisition. But given the pressures of integrating
so many far-flung businesses, this comes as little surprise.
Regulation is now at least closing the stable door. The
reputational and financial string of failings has become so
great that even the biggest banks can no longer shrug.
HSBCs Swiss problems have already attracted the attention of the US, France and Argentina and Britain may yet
join the fray. Regulatory and legal sanctions of individual
managers, still a rarity, are moving up the agenda.
Beyond fines, banks face the possibility of being hit for
much higher capital charges to reflect the heightened
operational risk of doing business everywhere.
Strings of pearls may have offered beguiling exposure to
the rising middle classes at a time when the worlds financial axis was shifting south and east. But the real cost of
exposure was higher than the price of a few local banks.
Whatever happens with HSBC, it will continue to mount.
jonathan.ford@ft.com

General financial

Leading groups dividends set to creep ahead by less than 1%

ALISON SMITH
CHIEF CORPORATE CORRESPONDENT

Dividend payments from the worlds

largest listed companies this year are
set to be less than 1 per cent higher than
in 2014, according to the Henderson
Global Dividend Index.
Currency movements, the collapse of
the oil price and the prospect of slower
growth are the main factors behind the
forecast that income payments to investors will total $1.176tn in 2015, against
the $1.167tn paid out last year.
The 0.8 per cent increase would be the
lowest annual rise since the financial
crash and represents a 5 per cent cut on

Hendersons previous estimate for this

year.
Ben Lofthouse, global equity income
fund manager at Henderson Global
Investors, said that the fall in oil prices
was already leading to cuts among oil
services companies. We have seen
some very sharp falls on a year-on-year
basis, he said.
In November, SeaDrill, the worlds
largest oil and gas rig operator, suspended its dividend as the Oslo-listed
company announced a 40 per cent fall
in net income.
Tullow Oil, focused on exploring in
Africa, last week scrapped its dividend
after its first pre-tax loss in 15 years.

Mr Lofthouse said that last weeks

decision by Total to offer shareholders
the choice of taking the quarterly dividend in stock at a discount showed the
pressures to conserve cash even among
oil majors.
It is the first time the French group
has offered investors the option of a
scrip dividend.
The corporate benefits of the fall in oil
prices, such as a boost to consumption,
take longer to come through, he said,
though the prospect that these would
help profits in future might give companies the confidence to maintain their
dividend payments in the meantime.
In terms of the geographic make-up of

dividend payments this year, Henderson expects continued strong growth

from US corporates and also a greater
contribution from Japanese companies.
For example, Toyotas full-year dividend payment rose from Y90 per share
in 2013 to Y165 per share last year.
Mr Lofthouse said that Japanese companies had begun a catch-up, as their
payout ratios had been at historically
low levels that did not reflect an earlier
boost in profitability.
The 2014 global headline total, below
Hendersons forecast of $1.19tn, was
flattered by the special dividend of
$26bn from Vodafone on the sale of its
stake in Verizon Wireless.

Monday 16 February 2015

FINANCIAL TIMES

19

COMPANIES
Banks

Interview. Jean Lemierre

BNP chairman warns of reform headwinds

Restrictive regulation will
serve to make banks
ineffective, he argues

MICHAEL STOTHARD PARIS

Crdit Agricole is set to promote

Philippe Brassac to chief executive, as
Frances largest domestic lender looks
to turn the page on past failures and
reconnect to its regional roots.

MARTIN ARNOLD AND

MICHAEL STOTHARD PARIS

Having once hiked across the Sahara

and Sinai deserts, Jean Lemierre is not
afraid of an arduous challenge.
Yet the usually unflappable BNP Paribas chairman is exasperated at the way
Europes regulators and politicians
keep putting the horse behind the cart
in their drive to make the continents
financial markets as effective as those in
the US at financing businesses.
Later this month, the EU will publish
proposals for a capital markets union,
the longstanding goal of boosting economic growth by expanding the sources
of funding for European businesses and
reducing their reliance on banks.
But Mr Lemierre, who took over from
Baudouin Prot in December, warns of
countervailing pressures from different
quarters that may wreck any chance of
reform. Speaking to the Financial Times
at the banks plush Paris head office, he
says that as well as a to-do list, he has a
not-to-do list.
Top of the not-to-do list are the proposals still being debated in Brussels
that could force banks to hive off market-making activities the trading
operations seen by critics as risky
from the rest of their business.
He says these activities allow banks to
provide essential services to fulfil client
orders or hedge other exposures.
How can you wish [for] a marketfunded system without respecting the
market-making activities?, he says. In
my view, the market-making activities
in corporate banking are absolutely crucial in the process.
Mr Lemierre last month met Lord
Hill, the EUs financial services commissioner, to discuss structural reform of
banks and says he was encouraged.
I understand that Lord Hill is reviewing this, he says. The debate will go
on . . . I think the key agenda on the
continent is capital markets union.

Brassac set to
ring changes at
Crdit Agricole

Jean Lemierre
says hiving off
market-making
and curbing
securitisation
will make banks
less useful and
thwart the goal
of helping
business
Graham Barclay/Bloomberg

He says other obstacles to a union

include the French-backed proposal for
a financial transaction tax, which has
been greeted with fierce opposition
from the financial sector generally and
from EU members including the UK and
Sweden.
Another target is the tough capital
rules designed to curb banks use of
securitisations, which package up loans
and resell them to investors. These
allow banks to recycle capital but were
blamed for the financial crisis. How
can we have a market-based system
without securitisation?, he asks.
Basel III rules, introduced after the
crisis, require banks to hold up to 12.5
times the normal amount of capital for
the portion of a securitisation they must
keep on their books, making them uneconomic.
A securitisation system has been
developed in the US. It has taken 60
years, 70 years . . . We are still waiting
for this, says Mr Lemierre. We are at

the very beginning and that could be a

massive input of Commissioner Hill into
the system.
Three years ago, Mr Lemierre was cohead of the bondholders committee
that renegotiated 200bn of Greek
bonds with the Athens government in
an agreement that staved off the Mediterranean countrys financial collapse.
He is optimistic that Greece will again
reach a last-ditch deal with its creditors
though he is not directly involved this
time. The former head of the European
Bank for Reconstruction and Development compares the situation to driving
a car on snow in the French Alps, where
he often goes hiking with his family.
You can drive across the snow on one
condition, that is not to brake or turn
the wheel suddenly, he says.
Usually you will arrive on the other
side. That is exactly what I think of the
Greek situation. You cant say that no
one will slide off the road, but it is in
nobodys interest to do so.

You cant say

that no one
will slide
off the road,
but it is in
nobodys
interest to
do so
Jean Lemierre
on Greece

Turning to the prospects for consolidation of the EUs banking system, Mr

Lemierre says this will be accelerated by
two factors. One is the bond-buying programme launched by the European
Central Bank, which is driving down
interest rates and squeezing the profits
banks make from traditional lending,
forcing them to merge to survive.
The second is the eurozone banking
union, overseen by a single regulator in
the ECBs Single Supervisory Mechanism. While some countries, such as
Spain and Sweden have already been
through banking consolidation, he says
others are ripe for such a process.
My guess is it will start with a national
approach, the way it has done in France,
says the 64-year-old, who as head of the
French treasury in the 1990s oversaw
several mergers between the countrys
banks.Headds:Therearedefinitelytwo
banking systems in Europe which should
be or will be reformed the Italian and
theGerman.

The 55-year-old, who runs one of the 39

regional mutual banks that together
own a majority stake in Crdit Agricoles
listed entity CASA, has majority board
support and could receive formal
approval as early as this week, according to people close to the group.
There is a Crdit Agricole board meeting tomorrow, ahead of its financial
results on Wednesday, although the
final decision could be made at a later
date, according to one person. Crdit
Agricole declined to comment.
Mr Brassac, who has the support of
the groups mutual bank owners, will
attempt to bridge the divide between
CASA and the mutuals, which felt the
group moved too far away from its
regional banking core and racked up
huge losses in the financial crisis.
Crdit Agricole suffered a 6.5bn loss
in 2012 its second year in the red as
it was hit by more than 8bn in exceptional losses and provisions related to its
exposure to peripheral eurozone banks.
Greek bank Emporiki, bought for
2.2bn in 2006, cost its parent 9bn in
writedowns, capital injections and
acquisition costs over six years. It was
sold last year to Alpha Bank for 1.
The Crdit Agricole group returned to
profit in 2013, and Mr Brassac is
expected to build on the strategy of
developing its powerful retail banking
network, particularly in France, where
its market share is around 25 per cent.
Now that French banks have come
under the supervision of the European
Central Bank there is speculation that
the group will be encouraged to simplify
its complex ownership structure. At
present, the network of 39 regional
French mutuals owns through a holding company a 56 per cent stake in
CASA, the central body, which in turn
owns a 25 per cent stake in the mutuals.

20

FINANCIAL TIMES

Monday 16 February 2015

COMPANIES

BPs battles leave it vulnerable to major move

With its shares 30% down since the Deepwater Horizon disaster, industry insiders warn Exxon could snap up the group
CHRISTOPHER ADAMS ENERGY EDITOR

If ExxonMobil chief executive Rex Tillerson really wanted to, he could snap up
BP in a single bite. Of all the UK majors
rivals, Exxon, the worlds biggest energy
company, has the firepower to swallow
BP whole. Could it happen?
Some industry insiders think yes.
Almost five years after the Deepwater
Horizon disaster in the Gulf of Mexico,
BPs share price is languishing 30 per
cent below where it was before the oil
spill. BPs total shareholder return has
sharply underperformed those of its
peers over the past decade.
The near-50 per cent tumble in oil
prices since the summer to $60 a barrel makes BP vulnerable. Size is not
everything, but it matters. The risk is
that the latest round of cost cuts and
asset disposals executed by BP chief
executive Bob Dudley will shrink the
company to the point where membership of the big five an elite bracket
of oil majors with the resources to
develop the worlds biggest projects, is
in doubt. That may make it a takeover
target for Exxon.
If you put BP and Exxon together, BP
would bring a big inventory of deepwater development and exploration
opportunities. That might be enough for
Exxon to do a deal, says one institutional investor.
Exxon, moreover, has said it is alert
to bolt-on acquisitions. It could be a first
mover.
BP would not be a mere bolt-on deal,
but there is a logic to its acquisition by
Exxon. Unlike its US rival, BP is stronger
in America than elsewhere. It has
enjoyed deepwater exploration success
in the Gulf of Mexico. Add in attractive
assets in Brazil and Angola and the two
start to look a good fit. BPs stake in Rosneft would hand Exxon Russian output
just as its Arctic project with Rosneft has
been frozen due to western sanctions.
Moreover, the US company has a record
for adding production through takeovers.
There could be other benefits. Exxon

Trading Directory

New oil order

Poison pill
Stake in Rosneft may
keep predators at bay

BP

Market capitalisation

Total shareholder return (rebased)

BP
300
FTSE World oil
& gas producers
250

BP production
(m barrels of oil equivalent per day)
4.0

200

3.6

150

3.4

100

3.2

50

3.0

2005 07

09

11

13

15

SHELL

3.8

2005

07

09

11

$394bn

$213bn

$212bn

$129bn

$128bn

14

FT graphic. Source: Thomson Reuters Datastream

Photo: Andy Buchanan/Reuters

might navigate the US legal system

more adroitly, keeping a lid on the legal
bill stemming from Deepwater Horizon,
which currently stands at $43.5bn. A
takeover could lead to savings: Exxon
absorbed Mobil efficiently in 1999. The
same rationale reduced fixed costs
would apply to a BP merger with Royal
Dutch Shell, also cited as a possible
buyer.
BP is already much smaller than it
was before the Gulf of Mexico incident,
having sold over half its pipelines, 35 per
cent of its wells and 12 per cent of
reserves. That downsizing was necessary to meet the cost of the Deepwater
Horizon clean up, as well as pay compensation to those affected and regulatory fines. And it is not alone in pursuing
value over volume an industry
mantra for tackling soaring cost inflation that eroded profit margins at $100 a
barrel for oil.
But the pace of contraction has been
fast at BP, raising doubts over whether it
would have the scale to compete for the
big fields it needs to replace reserves.
Mr Dudley has not shied away from
this challenge but against a backdrop
of falling oil prices, his immediate goal is
to ensure that BP can sustain steady dividend payouts.
After announcing a slide in profits last
year, this month he cut BPs planned
capital spending for 2015 by 20 per cent

a steeper reduction than many rivals

had made.
Neill Morton, analyst at Investec, says
BP is hunkering down for an extended
period of lower oil prices. Assuming
industry costs also decline, BP should in
time cover its capital spending and dividends with cash flows.
That may demand a leap of faith, but
Mr Dudley can point to the delivery of
$32.8bn in operating cash flow in 2014,
exceeding a target set three years ago.
Shareholders are going to have to rely
on the promise of jam tomorrow. It

Megadeals do happen, but

they are rare, complex and
risky. The promised cost
savings can prove elusive
helps that BP have got credentials, says
one investor.
As for size, Mr Dudley points to 50
projects in the pipeline. BP, he says,
needs to produce about 2.1m barrels of
oil equivalent a day to stay in the big five
club. Excluding Russia, output has
slipped towards that mark and is nearly
30 per cent lower than in 2009, but it
should rise this year.
The overall message from BPs head
office is returns will improve, and that

To mount a good defence, you

need a poison pill. And BPs stake in
Rosneft, while not as toxic as its
Deepwater Horizon legal bill, could
keep predators at bay.
Relations between the west and
Russia have been pushed to
breaking point over the Ukraine
crisis, so doing business with
Moscow carries great risks.
BPs 19.75 per cent equity stake
in Rosneft has not been affected by
western sanctions imposed on
Russia. But for ExxonMobil, were it
to attempt a takeover of BP, the UK
majors connection to the Russian
state-controlled oil company could
be a problem.
Sanctions bar US and European
companies from supplying the
technology and money needed by
Russian companies to explore
remote areas such as the Arctic,
seen by many industry insiders as
the next big unexplored oil frontier.
Washington, having restricted
long-term dollar financing to
Rosneft and forced it and Exxon to
put their joint drilling campaign in
the Kara Sea on hold, is unlikely to
want a deal that hands the US
company hundreds of millions of
dollars a year in Russian oil
earnings and dividend income.
Rosneft accounts for about onethird of BPs oil production, at just
over 1m barrels of oil equivalent a
day. BPs profit from Rosneft was
$470m in the fourth quarter of last
year, down sharply from the same
period in 2013. BP expects to
receive a dividend in July from
Rosneft of about half the $693m it
secured in 2014. Christopher
Adams

much of the share price underperformance has been due to uncertainty over
the final Deepwater Horizon bill. There
is no appetite on the board for BP to be
bought.
Mega-deals do happen, but they are
rare, complex and risky. The promised
cost savings can prove elusive. A merger
with Shell, for example, proposed by
Lord Browne when he ran BP, could fall
foul of a competition probe.
But the bigger barrier to a deal is the
uncertainty over the final size of BPs
Deepwater Horizon liabilities because
US legal proceedings have yet to reach a
conclusion.
BP will be toxic to any would-be
buyer, analysts say. It is hard to see, too,
how Exxons management could do a
better job of reshaping the company.
Take away those uncapped liabilities
and the sanctions cloud hanging over
Russia, and BP is not in bad shape. There
is little evidence of an underlying fall
in output: the decline is largely due to
asset sales.
For Exxon, there is the extra risk of a
political backlash in the UK were it seen
to be taking advantage of the legal battle
in America to swoop. Exxon declined to
comment, but does not seem to be
thinking of a BP-size deal. Settle Deepwater Horizon and that could change.
Right now, however, bolting on cheaper
barrels could make more sense.

Oil & gas

Oil groups raise funds at lower cost than 2014

ANDREW BOLGER

Major oil companies have taken advantage of investors appetite for investment grade bonds to raise funds at a
lower cost than last year in spite of
the plunge in the oil price since September.
Analysts said this reflected investors
confidence that the biggest energy companies have the balance sheet strength
and diversity of operations to weather
the price collapse, in contrast to some of
the smaller and more highly indebted
companies in the sector.
BP last week seized the opportunity to
issue $2.75bn in dollar-denominated
debt in the US then sold 2.5bn worth of
bonds in Europe, split across two
tranches.
Half the euro-denominated issuance
was for eight-year bonds offering investors an annual payment, or coupon, of
1.109 per cent, and the rest was for 12year bonds paying 1.573 per cent. These
were significantly cheaper for BP to
issue than last September, when the
group had to offer higher payments of
1.526 per cent for eight-year bonds and

2.213 per cent for 12-year bonds. Last

week also saw Statoil, the state controlled Norwegian oil group, raise a total of
3.75bn, split across four tranches,
maturing after four, eight, 12 and 30
years.
Marco Baldini, head of European corporate and rates bond syndicate at Barclays, said both companies had benefited from the scarcity of long-dated,
Troubled waters:
here were more
downgrades in oil
and gas than in
any sector over the
past four months

quality bonds being issued, which was

partly due to market uncertainty over
the crises gripping Greece and Ukraine.
Statoil was the only issuer in the euro
bond market on Tuesday and BP the
only issuer on Wednesday, so they had
the full focus of the market and could
achieve the best possible execution, he
said.
However, the reaction of the bond
market to the price crash has been split,

with investors shunning the high-yield

bonds that are the main source of funding for smaller exploration companies,
particularly in the US.
Smaller companies have seen sharp
falls in the price of the high-yield bonds
on which they typically rely for funding.
Standard & Poors, the rating agency,
has downgraded 19 high-yield oil and
gas companies since October the largest set of ratings downgrades for a single
sector since 2009, near the peak of the
financial crisis. There were more downgrades in oil and gas than in any sector
during the past four months.
Analysts said the major oil companies
wanted to maintain their dividend payments and not cut their capital expenditure too sharply, in spite of falling revenues, so were prepared to take advantage of the cheaper borrowing offered by
the investment grade bond market.
MrBaldinisaid:TheEuropeanbond
markethastypicallybeendominatedby
telecomsandutilities.Itsearlydays,but
iftheoilcompaniescouldchallengethem
forthetopslot,itwouldbegoodforthe
marketintermsofdiversification.
Comment page 11

FINANCIAL TIMES

Monday 16 February 2015

21

UK COMPANIES
SMALL TALK

Banks

Challenger lenders in race to list first

Aldermore and
Shawbrook eye float
before general election
EMMA DUNKLEY

Challenger banks Aldermore and Shawbrook are locked in a race to list on the
stock exchange in the next few weeks to
exploit a window of opportunity ahead
of the UK general election.
The private equity-owned banks,
which focus on lending to small and
medium-sized businesses, are planning
to float before the end of the first quarter and are meeting with investors to
garner interest, according to people
familiar with their plans.

Aldermore will release its financial

results tomorrow and is expected to hit
the go button on an initial public offering in the following few weeks and by
the end of March at the latest, one person close to the situation said.
The competition to list first is intensifying as the challengers vie for institutional investors cash both target the
business market.
Shawbrook is aiming to float before
Aldermore comes to market, said one
banker close to the situation.
The banks are attempting to list well
ahead of the general election in May to
avoid any political uncertainty that
might spook investors and spark market volatility, according to bankers.
Aldermore, which is backed by pri-

vate equity firm AnaCap and Morgan

Stanley and Goldman Sachs investment
arms, was forced to shelve its plans to
list last October, along with Virgin
Money, amid choppy equity markets
and investor fatigue after several IPOs.
It has generally been a much quieter
start to the year for IPOs globally with
flotations well down on strong 2014
comparative figures.
Aldermore had eyed a price range of
between 217p and 265p a share, which
would have valued the bank at about
800m. Phillip Monks, the banks chief
executive, said at the time he wanted to
raise 75m by selling new shares to fund
growth while AnaCap would offload
part of its stake.
Aldermore declined to comment

Phillip Monks
wanted to sell
new shares to
fund growth

on the latest plans the bank is making.

Shawbrook, which focuses on asset
finance and commercial mortgage lending, is majority owned by Pollen Street
Capital, a private equity team spun out
of Royal Bank of Scotland in 2013.
Shawbrook said: Its no secret we
have private equity backing and that at
some point in the future ownership is
likely to be subject to change.
Listing would be a sign that the banks
ability to challenge Lloyds Banking
Group, RBS, Barclays and HSBC was
gaining traction among investors.
TSB, which was spun out of Lloyds,
listed last June, after OneSavings Bank,
backed by US private equity group JC
Flowers.
Additional reporting by Alistair Gray

Tobacco. Nicotine hit

Running out of puff:
prevalence of ecigarette
use in the UK
% of adult smokers
who had used ecigarettes*
20
At least once
15
10
5
Daily
0
2011
12
13
14
% of adult smokers
who had used ecigarettes*
Smoker
0 10 20 30
Ex-smoker
Less than weekly
Weekly but not daily
1 per day
2 to 5 per day
6 to 10 per day
More than 11

Smoke without fire: tobacco companies are seeking to develop products that are safer but mimic the experience of smoking Dan Kitwood/Getty

* Includes recent ex-smokers

Source: Smoking In England survey

Ecigarettes suffer withdrawal symptoms

Growth in market losing pace
as users search for quicker and
better ways for nicotine hit
KADHIM SHUBBER

Electronic cigarettes are one of the most

hyped products of recent years, but
growth in the market is losing pace as
users search for quicker and better ways
to gain their nicotine hit.
Analysts say competition from customisable vaporisers, stagnant usage
rates and research questioning their
safety have slowed demand for
ecigarettes.
The slowdown has paved the way for
tobacco companies to develop products
that more closely mimic the experience
of normal cigarettes.
British American Tobacco, the
worlds second-biggest cigarette maker,
with brands such as Dunhill and Lucky
Strike, already sells a conventional
ecigarette called Vype.
But it is also backing the Voke Inhaler,
which does not need heat, electronics or
batteries to operate and is therefore not
officially classified as an ecigarette. The
device, which has been licensed in the
UK as a medicinal product but is await-

ing further approval for the commercial

version, is shaped like a cigarette but
delivers nicotine via an aerosol spray.
Nicotine delivery is key. Users need
to feel the nicotine hit in a puff, according to Alex Hearn who invented the
Voke Inhaler.
Kind Consumer, the company behind
Voke, has attracted investors including
private equity veteran Jon Moulton,
former J Sainsbury chairman Sir Peter
Davisandex-TescobossSirTerryLeahy.
Sir Terry says that having medical
approval for the inhaler is a key advantage over other cigarette alternatives.
Theres less room for people to criticise and consumers do value a medically
regulated product, he says.
Other tobacco companies are developing products that heat tobacco
instead of burning it, which they say
reduces the risk from cigarettes while
more closely matching smoking, an
approach initially tried in the 1980s.
Philip Morris International, the
worlds biggest tobacco company,
started to defend its turf last year by
snapping up Nicocigs, one of the UKs
fastest-growing electronic cigarette
makers, and launching the iQos, a penlike device that heats Marlborobranded cigarettes called HeatSticks.
Smokers are looking for alternatives

to cigarettes that offer reduced risk

potential, and todays offerings arent
fully meeting their expectations, says
the company, which has invested $2bn
developing alternatives to cigarettes.
Although the iQos product is currently only on sale in Italy and Japan,
PMI has said it could make $700m of
profit a year if it can reach a target of
selling 30bn HeatSticks and is ramping
up capacity with a new factory in Italy.
The device provides an experience
much closer to smoking a cigarette
when it comes to the speed of nicotine
intake, which appears to be the key
driver of satisfaction, according to Erik
Bloomquist, an analyst at Berenberg.
Japan Tobacco International, which
acquired ecigarette brand E-Lites last
year, has also invested in products that
heat tobacco and in June rolled out its
Ploom device in the UK.
But despite the wide range of ecigarette brands, no single product has yet
captured the imagination of ecigarette
users, according to Shane Macguill,
tobacco analyst at Euromonitor.
In the US, the worlds largest ecigarette market, Lorillards Blu is the leading brand and competes against Reynolds Americans Vuse and Altrias
MarkTen ecigarettes. Imperial, which
this week launched a new ecigarette in

The holy
grail is . . .
a device
that gets
nicotine into
the blood just
as quickly as
normal
cigarettes

France, is set to acquire the Blu brand if

Lorillards merger with Reynolds is
approved by US regulators this spring.
There is no single ecigarette product
or brand that is really commanding the
attention of consumers, says Mr
Macguill.
That may explain why sales of ecigarettes are stagnating. Although they
rose 50 per cent to 17.2m units in the UK
last year, the bulk of that increase
occurred in the first quarter of 2014.
Despite a seasonal uplift in December
and January sales, driven by Christmas
gifting and the January quitters, sales
have been broadly flat since April, mirroring a slowdown in the US, according
to the research group Nielsen.
The holy grail for the industry, says
Jan Verleur, who runs VMR Products, an
online seller of ecigarette products, is
making a device that gets nicotine into
the blood just as quickly as normal cigarettes. Right now, as the technology
stands, at best you could get 15 to 20 per
cent of the customer base to transition
over, he says.
According to the Smoking in England
survey, that point may have already
been reached with the proportion of
smokers and ex-smokers who say they
use ecigarettes stagnating at around 20
per cent since mid 2013.

Kate
Burgess

How CPP survived the

payment protection
saga against the odds

PPs home town of York has something to celebrate. Credit Protection Plan, as it was once
known, has been saved by a 20m injection of
cash. With that, 500 staff in York and another
500 or so in 12 countries including China, India
and Mexico keep their jobs.
If CPP workers were to offer thanks, first up should be
the money managers at Phoenix Asset Management,
which has paid a little over 10m for a 40 per cent equity
stake in the business, just behind founder Hamish Ogston,
whose holding has fallen to 43 per cent. But they should
also thank the lenders who refrained from pulling the plug
and allowed CPP time to find new shareholders to keep it
going. Who would have thought there was life after the
payment protection insurance scandal for this small
quoted company? It was fined about 10m for mis-selling
by the Financial Conduct Authority in 2012, forced to pay
redress costing 73m in total and came close to being
crushed by its debt. In the five years since Mr Ogston
floated CPP, reaping some 120m in the process, the
shares have fallen from 235p to 3p.
CPP is one of the many small businesses that have survived against the odds largely because lenders have lacked
the stomach to call in their debts and force companies to
wind up.
Respect to the silver-tongued Brent Escott, chief executive since mid-2013. He persuaded the banks they would
not care to swap debt for equity or run the business and to
write down their loans instead.
Equally, Mr Escott found new investors such as Phoenix
and persuaded old ones at Schroders Asset Management
to buy shares before he had formulated a clear strategy. It
nearly did not work. In December, after a bid fell through,
CPP warned if shareholders did not back the equity issue it
would probably have to
cease trading.
Last year the
Mr Escott admits now:
Last year the company was company was
clearly in a very desperate
clearly in a
position from a regulatory,
financial and operational very desperate
point of view. But now, he
position
says cheerfully, we have to
work out where to take the
business into the future. Having cleaned up the balance
sheet, we can focus on business development.
His backers seem convinced there is value in CPPs client
list of 5m, a renewal rate on policies of above 60 per cent, in
data protection and running reward schemes for bank customers. The one area Mr Escott will put behind him is card
protection. The core proposition has had its day, he says.
And some. But first he could change CPPs name. Five
directors in search of a business plan might do.

What Gers did next

The London Stock Exchange must sometimes cry will no
one rid me of this turbulent company, in an echo of Henry
II. If so, unlike Henry Plantagenet, the LSE generally would
not expect henchmen to jump to it. This time, though, it
might just be in luck.
Rangers International Football Clubs destiny as a private company is creeping inexorably closer. Last week a
London hotel refused to host RIFCs vote on Dave Kings
efforts to unseat the board and install himself as a director.
Meanwhile, WH Ireland, Rangers nominated adviser and
Aim henchman, has threatened to resign if Mr King succeeds. The Millennium Copthorne said the meeting was
likely to be too disruptive. WH Ireland who as nomad is a
proxy for the market regulator seems to have similar
reservations about Mr King. It questions whether he is fit
and proper to be a director of an Aim company, citing a
conviction for tax breaches in South Africa.
If WH Ireland walks, it would be Rangers' fourth nomad
to do so in two years. That must be a record. The broker
took on Gers only in December after rival Daniel Stewart
handed in its nomad licence. The club would then have a
month to pick a replacement, but with its record for rancorous board spats, that could be tough. And if no broker
were ready to step forward, the result would be that Rangers would be forced off Aim.
So Blue Noses wont just be voting on Mr King. They may
also be electing to turn Rangers into a private company. As
such, Gers shares will be less easily traded. It may be trickier to raise the cash that Rangers so urgently needs, too.
But the LSEs Aim team, to whom Rangers has been a persistent embarrassment, would probably sigh with relief.
kate.burgess@ft.com

Food & drug retailers

Mobile & telecoms

Tesco prepares to swing the jobs axe again

Liquid Telecom to extend range in Africa

KADHIM SHUBBER

Tesco is preparing to make deeper than

expected job cuts by removing at least
1,000 store management staff as it battles falling sales and profits.
The additional cuts would come on top
of an expected 4,000 job losses from the
closure of 43 stores and its head office in
Cheshunt, according to a source with
knowledge of the plan.
Britains biggest supermarket chain is
going through the most radical overhaul
in its 96-year history as its chief executive Dave Lewis attempts to turn round
the business following a 263m profit
misstatement last year.
The changes, first signalled in January, follow thousands of job cuts in the
supermarket sector in response to the
growing threat of discounters Aldi and
Lidl. Last year, Asda cut 1,360 jobs and

WM Morrison 2,600 in similar shakeups of their store management, while

last month J Sainsbury said it would cut
500 jobs at its head office.
Tesco plans to strip out a layer of store
management. Affected staff will be
offered alternative roles at the company, according to someone familiar
with the plans, but it is unclear if those
will pay the same wage. The person
expected 1,000 staff to leave as a result.
The precise scale of the job cuts will
depend on the number of head office
and store staff who take voluntary
redundancy or alternative jobs. According to a report in the Sunday Telegraph,
total job losses could reach 10,000.
Clive Black, an analyst at Shore Capital, said further cuts on top of what
Tesco had previously signalled were to
be expected.
Labour is the biggest operating cost

and if Tesco is serious about being a simplified business then you would expect
further job reductions, he said.
Since taking over in September, Mr
Lewis has embarked on a cost-cutting
plan that has also included reducing
Tescos product range and selling noncore businesses. His efforts may be
beginning to bear fruit, with the latest
Kantar Worldpanel data showing a
small sales rise in the 12 weeks to February 1, the first since January 2014.
Tesco is still on the hunt for a new
chairman, with ITV chairman and
former Conservative MP Archie Norman emerging as a contender after Sir
Ian Cheshire, former chief executive of
DIY retailer Kingfisher, pulled out of the
running in January. John Allan, the
former chairman of Dixons, is also a
potential candidate.
Tesco declined to comment.

DANIEL THOMAS
TELECOMS CORRESPONDENT

Liquid Telecom, a telecommunications

group aiming to build better broadband in parts of Africa than is available
in the UK, has raised $150m to extend
its superfast fibre networks across the
continent.
Liquid Telecom, which is controlled by
African telecoms group Econet Wireless
but has a head office in London, will use
the additional funds to build fibre
broadband networks in several new
countries in the region.
Our fibre to the home is better than
many parts of the UK and even London, said Nic Rudnick, chief executive
of Liquid Telecom, who added that the
group aimed to connect 100,000 homes
by the end of the year with broadband
that could reach speeds of 100 mbps.

The UK average, in contrast, is about

20 mbps.
A $150m facility for the group has
been structured, underwritten and syndicated by Standard Chartered to a
small club of banks including Investec
and Barclays.
Liquid Telecom
installs long-haul
fibre between
countries and rings
of cables around
the bigger cities

Tony Worthington, head of Standard

Chartereds telecoms division, said that
the facility was heavily oversubscribed, which meant there was the
probability that it will be upsized at
some point in the future.
Liquid is planning to enter three more

countries this year, Mr Rudnick said. It

has already built 18,000 kilometres of
fibre broadband across 15 countries in
eastern parts of the continent from
South Africa to Rwanda and the Democratic Republic of Congo.
Liquid installs long-haul fibre
between countries, as well as rings of
cables around the bigger cities, which is
used to provide a high standard of internet access. We connect people to the
internet who have not had that access
before, said Mr Rudnick. The first
phase for many is on the mobile but they
need faster internet as well. Kigali [in
Rwanda] will have fibre going past every
house this year.
Liquids service provides reliable,
high-speed broadband to densely populated cites in the region and Mr Rudnick
said other solutions needed to be found
to connect more isolated communities.

22

FINANCIAL TIMES

Monday 16 February 2015

FINANCIAL TIMES

Monday 16 February 2015

23

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)

S&P 500

Nasdaq Composite

0.41%

Dow Jones Ind

0.75%

FTSE 100

0.26%

FTSE Eurofirst 300

0.67%

Nikkei

Hang Seng

-0.37%

0.64%

FTSE All World $

1.07%

$ per

0.72%

$ per

0.264%

Index

All World

Index

Jan 14 - Feb 13
S&P/TSX COMP

New York

All World

Toronto

per

Oil Brent $ Sep

Gold $

0.135%

2.68%

0.82%

ASIA
Index

Jan 14 - Feb 13
FTSE 100

All World

London

6,873.52

15,264.81

2,096.99

-0.265%

0.130%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Jan 14 - Feb 13
S&P 500

per $

Index

Jan 14 - Feb 13
Xetra Dax

All World

Index

Jan 14 - Feb 13
Nikkei 225

Frankfurt

All World

10,963.40

Index

Jan 14 - Feb 13
Kospi

Tokyo

All World

Seoul

17,913.36
1,957.50

2,011.27

14,041.82

Day 0.41%

Month 3.39%

Year 15.27%

Day 0.24%

New York

IPC

Nasdaq Composite

Month 7.60%

Year 9.02%

Mexico City

Year 16.48%

Dow Jones Industrial

Year 3.30%

FTSE Eurofirst 300

Day 0.06%

New York

Month 3.84%

Year 6.86%

Bovespa

Europe

Day 0.64%

So Paulo

Month 9.29%

Year 13.45%

CAC 40

18,019.35

Country

Month 2.15%

Year 12.88%

Index

Feb 13

Feb 12

Country

Index

Year 10.54%
22364.73
29066.22
21002.91
4424.05
17979.72
1218.65
1449.39
2187.96
5333.86
6702.62
424.59
472.92
1641.35
1789.07
43045.51
10322.43
460.43
700.86
5749.32
28721.27
655.65
33786.42

9322.54
5707.70
5743.60
3468.20
2375.85
3566.91
5361.00
49532.72
889.67
15228.52
671.10
19273.80
9071.90
10497.72
3324.88
292.95
3173.42
1614.17
1090.57
1381.74
1760.15

Index

Month 12.56%

FTSE Italia All-Share

22551.89
CSE M&P Gen
76.00
75.46
Italy
FTSE Italia Mid Cap
29040.98
PX
1023.36
1010.21
OMXC Copenahgen 20
803.63
796.55
FTSE MIB
21204.07
EGX 30
9747.36
9770.78
Japan
2nd Section
4420.71
OMX Tallinn
851.64
852.98
Nikkei 225
17913.36
Austria
OMX Helsinki General
8711.76
8647.99
S&P Topix 150
1218.81
Belgium
CAC 40
4759.36
4726.20
Topix
1449.38
SBF 120
3748.90
3726.14
Jordan
Amman SE
2186.18
Brazil
Germany
M-DAX
19288.16
19213.31
Kenya
NSE 20
5340.08
Canada
TecDAX
1517.40
1526.66
Kuwait
KSX Market Index
6695.89
XETRA Dax
10963.40
10919.65
Latvia
OMX Riga
423.34
Chile
Greece
Athens Gen
893.98
846.48
Lithuania
OMX Vilnius
473.49
China
FTSE/ASE 20
271.23
254.23
Luxembourg
LuxX
1672.22
Hong Kong
Hang Seng
24682.54
24422.15
Malaysia
FTSE Bursa KLCI
1800.95
HS China Enterprise
11922.56
11783.61
Mexico
IPC
43072.42
HSCC Red Chip
4618.61
4567.77
Morocco
MASI
10268.67
Hungary
Bux
18083.82
18113.16
Netherlands
AEX
464.90
India
BSE Sensex
29094.93
28805.10
AEX All Share
707.35
S&P CNX 500
7176.20
7108.20
New Zealand
NZX 50
5786.54
Colombia
Indonesia
Jakarta Comp
5374.17
5343.41
Nigeria
SE All Share
27935.77
Croatia
Ireland
ISEQ Overall
5710.76
5721.43
Norway
Oslo All Share
664.76
Israel
Tel Aviv 100
12.82
12.85
Pakistan
KSE 100
33943.20
(c) Closed. (u) Unavaliable. Correction. Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
9562.23
5835.50
5877.50
3623.40
2399.59
3575.54
5411.54
50635.92
890.22
15264.81
689.66
19358.51
9138.17
10560.05
3356.82
294.04
3203.83
1640.11
1099.92
1381.46
1767.22

Country

Year 5.90%

Feb 12

Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
Bovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Met & Min
IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX

Feb 12

Month 5.40%

Feb 13

Argentina
Australia

Feb 13

Day 2.23%

4,323.20
Day 0.70%

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

stock
traded m's
64.8
27.1
26.6
18.4
15.7
15.5
14.1
13.7
13.0
11.2

close
price
127.08
78.08
106.71
35.10
43.87
16.61
212.13
75.74
29.43
93.37

Day's
change
0.62
-2.40
-1.36
-0.04
0.78
-0.06
7.11
-0.49
-0.03
1.00

Ups
Vimpelcom Ltd
Pioneer Natural Resource Co.
V.f.
Helmerich & Payne
Liberty Global Class A

Close
price

Day's
change

Day's
chng%

5.37
157.85
75.26
69.58
52.49

0.51
9.71
4.26
3.62
2.70

10.49
6.55
6.00
5.49
5.42

Downs
Assurant
Conagra Foods
Davita Healthcare Partners
Republic Services
American Express

61.44
34.83
73.10
39.34
78.08

-4.98
-1.59
-3.29
-1.67
-2.40

-7.50
-4.37
-4.31
-4.07
-2.98

Apple
American Express
Medtronic
Albertsons Llc
Microsoft
Bank Of America
Baidu
Facebook Class A
Cisco Systems
Exxon Mobil
BIGGEST MOVERS

Year 21.04%

Hang Seng

Day 0.82%

Hong Kong

Month 1.90%

Year 1.12%

FTSE Straits Times

Singapore

Month 9.61%

Year 6.53%

FTSE MIB

18,844.52
Day 0.96%

Milan

Country
Philippines
Poland
Portugal
Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland
Taiwan

Month 13.34%
Index
Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index
Weighted Pr

Feb 12

7773.45
52368.83
5334.81
2350.69
7194.98
1838.18
914.05
9257.49
3426.22
254.29
781.41
52967.63
46275.78
46739.97
1957.50
249.76
10739.50
7335.51
1642.04
533.88
8651.98
9529.51

7714.59
52139.81
5250.08
2315.43
7188.19
1802.80
861.93
9133.70
3419.17
232.13
781.69
52507.93
44939.16
46289.79
1941.63
247.71
10562.20
7331.39
1624.35
528.90
8611.03
9496.31

Month 2.73%

Year 10.75%

Shanghai Composite

Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month 2.42%

Year 12.57%

BSE Sensex

Mumbai
29,094.93

3,203.83

Day 0.96%
Country

Day 0.21%

Shanghai

3,336.46

Year 5.44%
Feb 13

3,338.84

Day 1.07%

21,204.07

3,426.22

24,682.54

24,350.91

9,982.50
Day 1.68%

Month -0.79%
Index
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
Russell 2000
S&P 500
Wilshire 5000
IBC
VNI

27,346.82
Day 1.01%

Year 51.84%
Feb 13

Feb 12

1615.89
86082.55
4626.92
2943.90
6873.52
6109.07
3696.47
3713.30
6449.80
18019.35
9034.06
593.83
4384.03
4893.84
11042.70
1204.70
2096.99
22120.81
3538.01
587.24

1613.40
84807.93
4625.32
2943.00
6828.11
6074.37
3674.58
3715.94
6452.00
17972.38
9011.53
603.55
4347.97
4857.61
10995.31
1213.05
2088.48
22022.24
3553.79
584.67

Country

Month 5.47%
Index

Cross-Border

DJ Global Titans ($)

Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Year 42.28%
Feb 13

Feb 12

243.47
3447.59
933.21
5705.34
281.92
1502.82
3016.99
1354.31
1304.83
3424.30
1552.38
497.70
4372.11
4596.96
424.69
1741.22
1472.42
2386.95
1507.95
1541.46
1942.21
3284.53

241.72
3417.61
928.33
5660.87
279.91
1493.22
2994.52
1344.36
1294.13
3359.20
1535.07
494.34
4335.38
4561.09
419.95
1721.58
1462.41
2364.24
1497.41
1530.62
1931.75
3259.35

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

EURO MARKETS
ACTIVE STOCKS

TOKYO
ACTIVE STOCKS

stock
traded m's
250.1
212.0
197.6
178.9
149.5
148.5
127.1
124.1
117.8
112.6

close
price
1553.00
944.50
3151.50
454.20
1569.00
439.10
5130.00
598.20
974.80
75.35

Day's
change
67.50
39.50
112.00
9.90
74.50
-10.90
133.00
1.80
40.40
0.92

stock
traded m's
Intesa Sanpaolo
634.7
Santander
545.8
Novartis N
524.9
Unicredit
502.6
Bbva
486.2
Ing Groep
425.4
Total
397.5
Roche Gs
381.9
Nestle N
379.8
Deutsche Bank Ag Na O.n.
357.9

close
price
2.82
6.29
89.14
5.53
8.50
12.35
47.38
227.75
66.53
27.51

Day's
change
0.09
0.15
0.00
0.20
0.26
0.36
0.03
0.00
0.00
0.00

stock
close
traded m's
price
Toyota Motor
619.5 7808.00
Mitsubishi Ufj Fin,.
613.9
707.10
Japan Tobacco .
447.7 3651.00
Sony
427.4 3220.50
Sumitomo Mitsui Fin,.
412.4 4293.50
Softbank .
410.1 7058.00
Fanuc
371.6 21650.00
Mizuho Fin,.
343.0
203.40
Mitsui Fudosan Co.,
308.6 3300.00
Fast Retailing Co.,
300.1 44005.00

Day's
change
-43.00
5.10
69.50
-11.00
51.00
-36.00
-395.00
1.00
69.00
-300.00

Day's
change

Day's
chng%

BIGGEST MOVERS

Day's
change

Day's
chng%

524.00
248.40
173.10
405.00
1569.00

51.00
21.50
14.20
19.90
74.50

10.78
9.48
8.94
5.17
4.98

Ups
National Bank (cr)
Alpha Bank (cr)
Piraeus Bank (cr)
Credit Agricole
Bankia

Close
price

BIGGEST MOVERS

Ups
Vedanta Resources
Rps
Premier Oil
Tullow Oil
Bhp Billiton

Close
price

1.37
0.40
0.72
11.97
1.24

0.19
0.05
0.08
0.63
0.07

16.10
12.86
12.50
5.56
5.56

Downs
Bwin.party Digital Entertainment
Supergroup
Ao World
Acacia Mining
Alent

83.55
1002.00
290.00
270.20
337.50

-18.95
-57.00
-14.60
-10.90
-12.50

-18.49
-5.38
-4.79
-3.88
-3.57

Downs
Seadrill
Vestas Wind Systems A/s
Atlantia
Fortum
Luxottica

10.71
35.21
22.51
19.45
51.50

-1.14
-0.81
-0.39
-0.32
-0.75

-9.63
-2.24
-1.70
-1.62
-1.44

Glaxosmithkline
Rolls-royce Holdings
Rio Tinto
Bp
Bhp Billiton
Bt
Shire
Hsbc Holdings
Bg
Lloyds Banking
BIGGEST MOVERS

Based on the constituents of the S&P500 and the Nasdaq 100 index

Madrid

Month 4.16%

10,739.50

STOCK MARKET: BIGGEST MOVERS

AMERICA
ACTIVE STOCKS

1,914.14

16,795.96
Day -0.37%

Year 14.24%

Ibex 35

Paris

48,026.31

Day 0.26%

Month 10.28%

4,759.36

50,635.92

17,427.09

10,032.61
Day 0.40%

1,502.82
1,393.41

40,984.22

4,639.32
Month 4.91%

Month 5.16%

43,072.42

4,893.84

Day 0.75%

6,498.78
Day 0.67%

Based on the constituents of the FTSE 350 index

Based on the constituents of the FTSEurofirst 300 Eurozone index

Ups
Dainippon Screen Mfg.co.,
Credit Saison Co.,
Shinsei Bank,
Sumco
Kajima

Close
price

Day's
change

Day's
chng%

774.00
2201.00
224.00
2149.00
511.00

32.00
90.00
9.00
76.00
17.00

4.31
4.26
4.19
3.67
3.44

Downs
Citizen Holdings Co.,
Sapporo Holdings
Kirin Holdings ,
Minebea Co.,
Ihi

869.00
465.00
1541.50
1670.00
522.00

-107.00
-40.00
-89.50
-75.00
-23.00

-10.96
-7.92
-5.49
-4.30
-4.22

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Glencore
Intertek
Tesco
Coca-cola Hbc Ag
Crh
Anglo American
Barratt Developments
Johnson Matthey
Shire
Bg
Bhp Billiton
Antofagasta

Feb 13
price(p)

%Chg
week

%Chg
ytd

286.60
2595.00
241.60
1164.00
1820.00
1204.50
481.90
3447.00
5130.00
974.80
1569.00
731.00

8.0
5.7
5.6
5.6
5.6
5.2
4.8
4.8
4.4
4.3
4.3
4.1

-4.1
11.2
27.8
-5.2
17.9
0.3
2.3
1.5
13.2
12.7
13.0
-2.9

FTSE 250
Winners
Rps
Redrow
Kaz Minerals
Allied Minds
Vedanta Resources
Telecity
Drax
Serco
Countrywide
Ip
Premier Oil
Keller

Losers
Sky
Sports Direct Int
Associated British Foods
Land Securities
United Utilities
Randgold Resources Ld
Diageo
Sse
Severn Trent
Hsbc Holdings
Centrica
Smith & Nephew

919.00
681.50
2905.00
1250.00
954.00
5105.00
1837.00
1568.00
2019.00
598.20
287.00
1163.00

-4.8
-4.7
-4.5
-4.0
-4.0
-3.9
-3.8
-3.7
-3.7
-3.6
-3.2
-2.8

2.2
-4.1
-7.9
8.0
4.1
16.6
-0.6
-3.3
0.6
-1.7
2.9
-2.1

Losers
Afren
Bwin.party Digital Entertainment
Nostrum Oil & Gas
Ao World
Alent
Poundland
Lonmin
Big Yellow
Ocado
Euromoney Institutional Investor
Esure
Moneysupermarket.com

Feb 13
price(p)

%Chg
week

%Chg
ytd

248.40
352.00
257.70
491.60
524.00
952.00
422.10
200.00
539.50
263.90
173.10
965.00

21.2
19.7
11.1
10.8
10.5
10.2
10.1
8.9
7.6
7.2
6.7
6.1

18.8
19.1
0.0
34.0
-8.8
18.3
-8.4
24.5
23.6
28.7
3.5
9.7

FTSE SmallCap
Winners
Ferrexpo
888 Holdings
Jpmorgan Russian Securities
Ite
Findel
Hogg Robinson
Xaar
Aga Rangemaster
Foxtons
Exillon Energy
Games Workshop
Cape

7.28
83.55
493.60
290.00
337.50
384.90
163.30
616.50
385.00
1000.00
227.90
253.40

-20.1
-18.5
-13.9
-11.0
-6.9
-6.8
-6.5
-5.7
-5.5
-5.3
-4.9
-4.2

-84.6
-29.1
17.5
3.5
5.1
17.3
-8.2
1.4
-3.8
-4.5
11.6
8.3

Losers
Dialight
Xchanging
Darty
Hansard Global
Kofax
Ashley (laura) Holdings
Clarkson
Braemar Shipping Services
Vectura
Marshalls
Carpetright
Premier Foods

Feb 13
price(p)

%Chg
week

%Chg
ytd

68.00
170.75
338.25
160.00
237.00
49.25
361.50
103.00
220.00
140.00
534.00
227.00

23.6
15.8
10.9
10.2
9.7
7.9
7.9
7.9
7.8
7.1
6.8
6.6

28.3
23.3
20.4
0.0
5.7
18.7
-6.2
-12.7
37.3
-6.7
2.7
-5.6

Industry Sectors
Winners
Industrial Metals
Construction & Materials
Mining
Food & Drug Retailers
Forestry & Paper
Pharmaceuticals & Biotech.
Household Goods
Oil Equipment & Services
Chemicals
Aerospace & Defense
Industrial Engineering
Electronic & Electrical Equip.

607.00
148.00
70.00
80.00
450.25
28.00
2005.00
453.00
143.00
244.50
463.00
43.25

-7.0
-6.8
-6.0
-5.3
-4.7
-4.7
-4.5
-4.1
-4.0
-3.9
-3.9
-3.9

-25.1
-4.8
2.2
-9.1
-0.2
-5.5
5.8
9.9
11.1
4.5
15.6
35.2

Feb 13
price(p)

%Chg
week

%Chg
ytd

1900.80
4807.72
14858.80
3289.96
13539.60
13747.93
13631.08
17131.88
11572.35
5152.34
9439.26
4083.96

5.2
5.2
4.9
3.5
3.4
2.5
2.3
2.1
2.1
2.0
1.8
1.7

24.8
16.7
4.2
16.2
19.8
8.2
6.6
4.3
2.3
8.3
6.7
1.2

Losers
Food Producers
7643.05
Gas Water & Multiutilities
6066.37
Electricity
9419.01
Beverages
14260.64
Health Care Equip.& Services 6672.09
Banks
4368.18
Real Estate Investment Trusts 3325.83
Technology Hardware & Equip. 1258.26
Industrial Transportation
2822.16
Tobacco
42199.55
Fixed Line Telecommunication 4987.23
Media
7032.26

-3.5
-2.6
-2.5
-2.4
-2.1
-1.5
-1.5
-1.1
-1.1
-0.9
-0.7
-0.7

-6.0
-1.1
-3.9
0.8
-0.9
0.0
8.8
5.6
0.0
3.8
8.9
7.6

Based on last week's performance. Price at suspension.

CURRENCIES
Feb 13
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee

DOLLAR
Closing
Day's
Mid
Change
8.6800
0.0045
1.2863
-0.0101
0.3770
6.9000
-0.0100
2.8176
-0.0239
1.2451
-0.0056
619.1750
-5.5750
6.2405
-0.0049
2375.5950
-29.6600
537.3350
-1.3050
24.2105
-0.0916
6.5281
-0.0177
7.6301
7.7551
0.0011
268.2570
-0.9670
62.1600
-0.0950

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
9.8974
0.0311
13.3621
0.0309
1.4668
-0.0076
1.9802
-0.0119
0.4299
0.0011
0.5804
0.0010
7.8677
0.0093
10.6219
0.0037
3.2127
-0.0187
4.3374
-0.0289
1.4197
-0.0026
1.9166
-0.0052
706.0149
-4.4855 953.1635
-6.8531
7.1157
0.0131
9.6067
0.0097
2708.7748 -26.6144 3657.0131
-39.0015
612.6967
0.1255 827.1783
-0.5181
27.6060
-0.0317
37.2698
-0.0738
7.4437
-0.0006
10.0495
-0.0091
8.7002
0.0229
11.7458
0.0211
8.8428
0.0245
11.9383
0.0232
305.8802
-0.2962 412.9571
-0.7436
70.8780
0.0782
95.6897
0.0261

Feb 13
Indonesia
Iran
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru

Currency
Indonesian Rupiah
Iranian Rial
Israeli Shekel
Japanese Yen

Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peson
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol

DOLLAR
Closing
Mid
12787.5000
9740.5000
3.8953
118.6750
118.6750
118.6749
118.6742
91.6000
0.2952
3.5795
14.8708
1.3389
204.3000
7.5712
101.4250
3.0695

Day's
Change
-7.5000
0.0028
-0.3150
-0.3151
-0.3152
-0.3167
0.0300
-0.0002
-0.0250
-0.0935
-0.0118
-1.7000
-0.1238
0.0500
-0.0140

EURO
Closing
Mid
14580.9579
11106.6191
4.4416
135.3193
135.3193
135.3193
135.3193
104.4470
0.3365
4.0815
16.9564
1.5266
232.9532
8.6331
115.6499
3.5000

POUND
Day's
Closing
Day's
Change
Mid
Change
29.7675 19685.1944
23.8415
29.1711 14994.6169
26.9546
0.0149
5.9964
0.0151
-0.0027 182.6893
-0.1556
-0.0027 182.6893
-0.1558
-0.0027 182.6890
-0.1562
-0.0027 182.6893
-0.1572
0.3085 141.0099
0.2996
0.0007
0.4544
0.0006
-0.0177
5.5103
-0.0285
-0.0618
22.8922
-0.1025
-0.0095
2.0611
-0.0145
-1.3214 314.5012
-2.0469
-0.1181
11.6552
-0.1692
0.3607 156.1345
0.3575
-0.0067
4.7252
-0.0130

Feb 13
Currency
Philippines
Philippine Peso
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South Africa
South African Rand
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling

DOLLAR
Closing
Day's
Mid
Change
44.2850
-0.0800
3.6703
-0.0022
3.8963
-0.0055
63.1650
-2.8065
3.7520
0.0002
1.3545
-0.0031
11.6543
-0.1118
1096.8000
-13.9500
8.3957
-0.0607
0.9307
0.0022
31.3950
-0.1325
32.6050
-0.0750
1.9215
-0.0022
2.4612
-0.0123
3.6731
0.6496
-0.0012

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
50.4960
0.0417
68.1727
-0.0004
4.1850
0.0085
5.6500
0.0068
4.4428
0.0055
5.9980
0.0024
72.0239
-3.0025
97.2368
-4.1378
4.2782
0.0115
5.7759
0.0108
1.5444
0.0006
2.0851
-0.0009
13.2888
-0.0922
17.9407
-0.1395
1250.6272 -12.5793 1688.4237
-18.4006
9.5731
-0.0439
12.9243
-0.0701
1.0612
0.0053
1.4327
0.0060
35.7982
-0.0566
48.3297
-0.1167
37.1779
0.0124
50.1924
-0.0250
2.1910
0.0033
2.9580
0.0019
2.8064
-0.0066
3.7888
-0.0121
4.1882
0.0110
5.6543
0.0102
0.7407
0.0006
-

Feb 13
..One Month
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte

Vietnamese Dong
Euro

DOLLAR
Closing
Day's
Mid
Change
0.6496
-0.0012
0.6495
-0.0012
0.6495
-0.0012
12.0000
21330.0000
-10.0000
0.8770
-0.0023
0.8770
-0.0023
0.8769
-0.0023
0.8762
-0.0023

EURO
Closing
Mid
0.7407
0.7406
0.7401
1.1403
1.1402
1.1401
1.1394
13.6830
24321.6095
-

POUND
Day's
Closing
Day's
Change
Mid
Change
0.0006
0.0006
0.0006
0.0030
1.5394
0.0028
-0.3964
1.5394
0.0028
-0.3964
1.5393
0.0028
-0.3964
1.5393
0.0028
0.0359
18.4729
0.0332
52.5334 32835.6543
43.7158
1.3501
-0.0011
1.3500
-0.0011
1.3499
-0.0011
1.3495
-0.0011

Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

Strlg Day's
Euro
Strlg
Strlg
Year
Div
Feb 13 chge%
Index
Feb 12
Feb 11
ago yield% Cover
FTSE 100 (100)
6873.52
0.67 7224.45 6828.11 6818.17 6663.62 3.42 1.79
FTSE 250 (250)
16847.78
0.23 17707.93 16809.42 16632.60 16110.62 2.54 2.03
FTSE 250 ex Inv Co (212)
18236.38
0.20 19167.43 18199.82 17988.91 17564.35 2.58 2.15
FTSE 350 (350)
3763.95
0.60 3956.12 3741.68 3730.81 3640.92 3.28 1.82
FTSE 350 ex Investment Trusts (312) 3743.97
0.60 3935.11 3721.67 3710.89 3625.92 3.30 1.83
FTSE 350 Higher Yield (96)
3669.90
1.04 3857.26 3631.95 3629.76 3639.52 4.54 1.62
FTSE 350 Lower Yield (254)
3490.31
0.12 3668.51 3486.01 3467.48 3284.23 1.94 2.30
FTSE SmallCap (291)
4496.58
0.60 4726.16 4469.72 4459.76 4549.12 2.44 1.53
FTSE SmallCap ex Inv Co (151)
3961.48
0.65 4163.74 3935.90 3920.46 4213.42 2.29 2.10
FTSE All-Share (641)
3696.47
0.60 3885.19 3674.58 3664.00 3580.44 3.25 1.81
FTSE All-Share ex Inv Co (463)
3664.52
0.60 3851.62 3642.67 3632.05 3554.50 3.28 1.83
FTSE All-Share ex Multinationals (575) 1189.34
0.10 1036.07 1188.17 1182.27 1151.66 2.74 2.05
FTSE Fledgling (98)
7125.27
0.05 7489.05 7121.81 7129.49 6757.62 2.32 0.85
FTSE Fledgling ex Inv Co (54)
9028.08 -0.06 9489.01 9033.21 9049.25 8340.65 1.67 1.14
FTSE All-Small (389)
3110.05
0.57 3268.83 3092.29 3085.89 3134.23 2.43 1.50
FTSE All-Small ex Inv Co Index (205) 2941.99
0.62 3092.19 2923.88 2913.14 3102.02 2.26 2.07
FTSE AIM All-Share Index (837)
700.18
0.30
735.93
698.05
696.93
875.46 1.31 1.61
FTSE Sector Indices
Oil & Gas (21)
7882.11
Oil & Gas Producers (14)
7499.27
Oil Equipment Services & Distribution (7)17597.89
Basic Materials (29)
4943.70
12366.73
Chemicals (7)
Forestry & Paper (1)
14774.19
Industrial Metals & Mining (2)
1949.92
Mining (19)
14217.28
Industrials (114)
4604.06
Construction & Materials (13)
4926.23
Aerospace & Defense (9)
5339.65
General Industrials (6)
3439.93
Electronic & Electrical Equipment (12) 5168.78
Industrial Engineering (14)
9807.83
Industrial Transportation (8)
4179.87
Support Services (52)
6718.17
16752.28
Consumer Goods (40)
Automobiles & Parts (1)
8906.68
Beverages (6)
14300.67
Food Producers (10)
7761.53
Household Goods & Home Construction (13)11375.70
Leisure Goods (2)
5047.26
Personal Goods (6)
23058.28
Tobacco (2)
42199.62
Health Care (20)
9963.68
Health Care Equipment & Services (9) 6760.90
Pharmaceuticals & Biotechnology (11)13618.42
Consumer Services (96)
4843.36
Food & Drug Retailers (7)
3430.27
General Retailers (30)
2948.85
Media (24)
7128.27
Travel & Leisure (35)
8160.24
Telecommunications (8)
3966.54
Fixed Line Telecommunications (6) 5053.32
Mobile Telecommunications (2)
5257.30
Utilities (8)
8664.38
Electricity (3)
9392.70
Gas Water & Multiutilities (5)
8017.33
Financials (283)
4810.65
Banks (7)
4313.13
Nonlife Insurance (12)
2361.71
Life Insurance/Assurance (12)
8275.74
Index- Real Estate Investment & Services (25) 2872.16
Real Estate Investment Trusts (20) 2992.98
General Financial (29)
7804.34
Equity Investment Instruments (178) 7708.39
Non Financials (358)
4303.98
Technology (22)
1306.82
Software & Computer Services (14) 1444.45
Technology Hardware & Equipment (8) 1611.94

2.21
2.23
1.57
3.17
-0.37
-0.08
2.66
3.71
0.41
0.13
1.27
0.50
1.08
0.32
0.34
0.01
-0.93
0.56
-1.21
-1.38
-0.70
-0.77
-0.47
-1.07
2.48
-0.43
2.74
-0.51
-0.38
-0.06
-0.63
-0.72
-0.53
-2.11
0.47
-0.86
-1.47
-0.69
0.46
0.90
0.13
-0.44
0.82
0.42
0.49
0.47
0.64
-1.25
-0.58
-1.72

8284.53
7882.14
18496.34
5196.10
12998.11
15528.48
2049.47
14943.13
4839.12
5177.74
5612.26
3615.56
5432.67
10308.57
4393.27
7061.16
17607.56
9361.40
15030.78
8157.79
11956.48
5304.95
24235.51
44354.10
10472.37
7106.08
14313.70
5090.63
3605.40
3099.40
7492.20
8576.86
4169.05
5311.32
5525.71
9106.74
9872.24
8426.65
5056.26
4533.34
2482.29
8698.26
3018.79
3145.79
8202.79
8101.94
4523.72
1373.54
1518.19
1694.24

7712.04
7335.89
17325.04
4791.61
12412.46
14785.94
1899.33
13708.18
4585.32
4919.70
5272.44
3422.95
5113.69
9776.35
4165.83
6717.61
16910.28
8857.33
14476.48
7870.33
11455.89
5086.23
23166.01
42655.47
9722.21
6790.00
13254.63
4868.34
3443.21
2950.65
7173.37
8219.45
3987.72
5162.42
5232.50
8739.69
9533.03
8073.09
4788.51
4274.63
2358.64
8311.93
2848.84
2980.36
7766.40
7672.21
4276.57
1323.41
1452.81
1640.08

7761.63
7389.61
16989.69
4699.21
12227.33
14433.34
1863.49
13438.97
4532.85
4824.12
5249.65
3377.73
5057.44
9600.08
4089.51
6641.08
16954.77
8803.27
14610.81
7905.64
11487.26
4974.88
23162.46
42585.30
9709.44
6754.32
13241.91
4850.59
3427.04
2934.35
7159.06
8189.84
4000.81
5259.81
5197.90
8793.62
9557.73
8131.00
4761.16
4244.70
2351.62
8266.20
2818.34
2982.77
7677.70
7656.85
4268.38
1325.38
1458.30
1639.95

8438.22
7967.51
23154.88
5647.30
11794.54
12082.63
1212.35
16770.74
4518.06
4705.70
5072.62
3644.93
5561.34
10708.13
4901.73
6370.51
14724.95
9682.19
13344.15
7220.82
9767.43
5062.73
21445.66
34672.59
9029.39
5378.83
12465.03
4647.59
4417.44
2769.65
6456.49
7274.15
3747.49
4655.81
5074.28
8226.14
9274.51
7525.96
4604.51
4609.45
2112.22
7135.43
2895.38
2434.18
6628.84
7179.07
4186.81
1165.44
1295.25
1432.45

P/E
ratio
16.37
19.42
18.01
16.79
16.58
13.60
22.33
26.80
20.87
17.00
16.64
17.79
50.62
52.88
27.42
21.43
47.29

X/D
adj
19.59
18.52
17.48
9.68
9.67
14.91
3.47
13.74
7.52
9.56
9.42
1.33
12.19
0.95
9.30
5.36
0.57

Total
Return
5203.70
11442.08
12624.74
5752.88
2945.73
5679.43
3622.85
6013.16
5559.17
5716.77
2931.36
1973.84
12568.32
15473.29
5340.97
5231.63
744.42

4.51 1.82 12.19

4.53 1.81 12.17
4.02 1.97 12.61
3.67 2.76
9.88
2.09 2.43 19.71
2.57 3.19 12.21
0.51 14.52 13.48
3.91 2.75
9.27
2.40 1.61 25.91
3.07 0.22 148.65
2.04 1.65 29.68
3.29 1.82 16.71
2.20 2.13 21.34
2.43 2.34 17.65
3.62 1.45 19.11
2.24 1.75 25.42
2.96 1.81 18.72
2.14 3.62 12.91
2.40 1.76 23.68
2.06 1.83 26.50
2.31 2.31 18.79
4.23 1.05 22.57
2.88 2.72 12.79
4.09 1.30 18.81
3.38 0.82 36.13
1.31 2.46 31.02
3.56 0.77 36.66
2.53 2.05 19.23
4.69 2.08 10.24
2.23 2.43 18.41
2.67 1.68 22.26
1.78 2.24 25.09
3.93 2.51 10.12
2.73 1.88 19.51
4.67 2.74
7.80
4.94 1.23 16.41
5.35 0.68 27.62
4.83 1.41 14.75
3.04 1.78 18.51
3.44 1.18 24.53
2.83 1.40 25.27
3.08 1.84 17.62
1.67 5.48 10.93
2.77 5.83
6.20
2.82 1.87 18.95
2.42 1.03 40.13
3.33 1.82 16.53
1.26 2.20 35.95
1.92 1.95 26.71
0.81 2.62 47.22

86.14
84.77
0.00
0.87
22.19
0.00
0.00
0.00
2.90
0.00
1.29
0.00
0.00
8.25
0.00
7.25
61.52
0.00
0.00
3.84
0.00
0.00
137.64
377.80
0.17
1.43
0.00
8.55
0.00
3.13
1.11
34.21
0.00
0.00
0.00
32.81
142.09
5.10
3.86
0.00
0.00
0.00
4.39
6.53
12.32
23.55
13.75
4.26
11.54
0.00

6342.70
6240.73
12410.61
4625.53
10446.31
15014.23
1687.66
6925.96
4463.97
4913.56
5397.86
3622.86
4474.90
11191.50
3382.36
6588.52
11493.62
7985.29
9483.00
6371.97
7566.09
4085.45
14551.95
24790.51
7006.24
5648.03
8489.55
4278.59
3857.72
3159.02
4092.83
7314.59
3993.08
4257.81
4690.05
8829.90
11999.49
8195.96
4064.38
2856.11
3851.14
7337.38
7247.80
3442.59
8257.75
3961.56
5836.14
1615.81
1866.60
1834.18

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
6857.72 6879.50 6883.48 6872.21 6862.03 6868.79 6881.87 6881.39 6873.41 6886.29 6854.80
FTSE 250
16835.96 16882.11 16896.29 16883.84 16879.81 16885.50 16914.44 16897.66 16866.77 16917.27 16831.38
FTSE SmallCap
4473.23 4473.89 4476.52 4481.29 4478.53 4483.36 4489.61 4489.79 4492.63 4505.84 4470.38
FTSE All-Share
3688.52 3699.62 3701.91 3696.69 3692.03 3695.31 3702.18 3701.62 3696.95 3702.43 3688.52
Time of FTSE 100 Day's high:08:40:45 Day's Low14:27:30 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015)
Time of FTSE All-Share Day's high:14:01:00 Day's Low08:03:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS
Issue
price
KZT1150.4
5p
A$0.05

Amount
paid
up
Nil
Nil
Nil

Latest
renun.
date
n/a
13-03-15
30-01-15

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Feb 13
Feb 12
Feb 11
Feb 10
Feb 09 Yr Ago
High
Low Year to date percentage changes
FT 30
2943.90 2943.00 2940.30 2938.40 2920.10
0.00 2957.00 2669.30 Industrial Metals &
25.21
FT 30 Div Yield
1.74
1.74
1.73
1.75
1.75
0.00
3.93
2.74 Forestry & Paper
19.71
P/E Ratio net
25.66
25.71
25.76
25.65
25.47
0.00
19.44
14.26 Food & Drug Retailer
16.00
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Construct & Material
14.71
FT 30 hourly changes
Automobiles & Parts
10.17
8
9
10
11
12
13
14
15
16
High
Low Fixed Line Telecomms
8.92
2943 2950.4 2951 2948.3 2942 2945.2 2951.2 2947.5 2944.9 2955.2 2940.4 Real Est Invest & Tr
8.78
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Aerospace & Defense
8.13
Life Insurance
8.09
Pharmace & Biotech
8.02
Real Est Invest & Se
7.60
Personal
Goods
7.50
Feb 12 Feb 11 Mnth Ago
Feb 13 Feb 12 Mnth Ago
Media
7.46
Australia
95.21
95.76
99.90 Sweden
76.67
77.58
78.99 Health Care
7.27
Canada
93.55
92.58
98.42 Switzerland
164.57 165.83 146.22 Financial Services
7.08
Denmark
106.64 106.37 108.18 UK
90.29
90.09
87.03 Industrials
6.99
Japan
126.72 125.57 125.25 USA
101.02 101.90
98.60 Household Goods & Ho
6.51
New Zealand
122.32 122.57 127.13 Euro
87.47
87.22
91.79
Norway
92.46
93.37
90.69
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

Telecommunications
Industrial Eng
Nonlife Insurance
Support Services
Tech Hardware & Eq
Consumer Services
Technology
Software & Comp Serv
NON FINANCIALS Index
Mobile Telecomms
FTSE 250 Index
FTSE 100 Index
FTSE All{HY-}Share Index
Oil & Gas Producers
Oil & Gas
Basic Materials
Mining
Tobacco

Low
3.22
15.00
2.65

Stock
JSC Kazkommersbank GDR
Petropavlovsk PLC
Wildhorse Energy Ltd

closing
Price p
3.22
15.50
2.75

+or0.00
0.25
0.00

Financials
Oil Equipment & Serv
Travel & Leisure
Consumer Goods
FTSE SmallCap Index
Equity Invest Instr
Chemicals
General Retailers
Electronic & Elec Eq
Beverages
Industrial Transport
Leisure Goods
Banks
Health Care Eq & Srv
Gas Water & Multi
Utilities
Electricity
Food Producers

3.63
3.62
3.59
3.56
2.99
2.55
2.50
2.17
1.07
0.77
0.69
0.62
-0.15
-0.76
-1.08
-1.71
-3.92
-5.45

FTSE GLOBAL EQUITY INDEX SERIES

Feb 13
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7572
6935
1357
1670
4545
3027
2544
7233
5592
6329
2116
5668
905
202
317
723
332
399
1494
731
1385
174
301
768
475
481
446
1331
927
1904
452
459
993
86
245
212
339
1980
1389
637
3023
1027
3027
519

US $
indices
482.08
495.91
426.96
638.08
670.36
281.92
497.70
493.46
460.84
495.78
449.21
471.39
416.12
365.59
524.97
718.18
451.85
695.68
706.49
304.13
241.70
316.74
447.28
479.21
130.16
636.98
833.42
549.21
502.17
712.09
678.58
879.34
717.28
340.97
868.39
804.91
371.35
520.08
413.79
383.64
6023.35
9415.85
330.02
289.68

Day
%
0.7
0.7
0.8
0.5
0.7
0.7
0.7
0.7
1.0
0.8
0.6
0.6
0.7
1.0
0.5
0.7
0.5
0.4
0.6
0.4
1.0
0.3
0.1
0.2
0.2
1.6
1.4
1.1
1.6
1.4
1.5
1.2
1.0
3.4
2.0
1.2
0.8
0.5
0.9
1.0
0.8
0.4
0.5
0.6

Mth
%
4.2
4.0
4.1
5.0
4.4
4.2
4.2
4.1
4.6
4.2
4.3
4.4
4.1
5.7
6.7
6.2
3.6
4.8
4.6
3.8
5.1
5.2
6.2
3.4
5.4
2.8
2.4
2.0
2.7
3.2
3.7
1.7
1.2
8.8
-0.2
3.3
6.6
4.0
6.0
6.6
4.4
3.5
4.3
5.6

YTD
Total
%
retn
2.6 645.13
2.4 652.32
2.4 583.59
3.4 818.32
2.7 835.13
2.6 397.80
2.4 943.10
2.5 651.73
3.0 650.97
2.5 669.08
2.5 605.61
2.5 629.04
2.3 568.09
3.4 558.34
4.9 734.83
4.3 979.94
1.6 583.55
2.5 846.09
2.6 835.76
1.8 402.82
3.6 366.11
3.8 388.51
5.2 531.81
2.2 587.08
4.1 179.53
3.5 923.88
3.4 1171.55
2.8 761.57
3.4 774.62
3.3 987.60
3.8 946.50
2.1 1216.19
1.4 959.43
9.4 480.40
-3.6 1251.46
4.6 1167.81
3.4 567.80
2.2 654.97
3.9 614.01
4.1 577.31
2.3 7386.79
1.3 11653.97
3.3 434.68
4.0 412.56

YTD Gr Div Feb 13

No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
2.8
2.3 Oil & Gas
177 410.87
2.0
2.0
3.2 608.66
3.7
3.4
2.6
2.2 Oil & Gas Producers
121 375.99
2.1
2.1
3.8 566.40
4.3
3.5
2.6
2.4 Oil Equipment & Services
47 417.19
1.7
1.7
0.6 564.85
1.0
3.3
3.5
1.9 Basic Materials
270 458.41
1.7
1.7
5.2 653.38
5.4
2.7
2.9
1.8 Chemicals
115 664.26
0.8
0.8
6.5 954.27
6.6
2.2
2.8
2.3 Forestry & Paper
18 227.38
0.7
0.7
9.2 355.25
9.5
2.6
2.6
2.3 Industrial Metals & Mining
75 411.31
2.1
2.1
-0.2 589.55
0.0
2.7
2.7
2.2 Mining
62 599.76
3.7
3.7
5.3 841.48
5.3
3.8
3.2
2.7 Industrials
534 322.18
0.6
0.6
2.4 438.87
2.6
2.1
2.7
2.3 Construction & Materials
114 446.89
0.9
0.9
3.6 636.81
3.7
2.0
2.7
2.3 Aerospace & Defense
29 522.76
0.6
0.6
5.2 707.39
5.5
1.9
2.7
2.2 General Industrials
56 219.76
0.8
0.8
1.0 320.93
1.5
2.6
2.5
2.4 Electronic & Electrical Equipment
67 333.81
0.4
0.4
2.6 420.36
2.7
1.6
3.6
3.2 Industrial Engineering
103 630.00
1.1
1.1
1.9 842.45
2.0
2.1
5.0
2.3 Industrial Transportation
94 600.90
0.2
0.2
0.7 816.48
0.7
1.9
4.4
2.2 Support Services
71 280.99
0.2
0.2
3.1 368.57
3.2
1.9
1.9
2.1 Consumer Goods
407 418.50
0.0
0.0
3.4 581.81
3.5
2.3
2.7
1.6 Automobiles & Parts
98 408.77
0.3
0.3
4.9 545.57
5.0
2.1
2.7
1.5 Beverages
48 552.82
-0.8
-0.8
2.8 777.52
2.8
2.4
2.0
2.0 Food Producers
100 559.47
0.0
0.0
1.4 802.21
1.5
2.2
3.7
2.7 Household Goods & Home Construction
45 399.36
0.2
0.2
0.8 553.57
1.2
2.3
3.8
1.8 Leisure Goods
26 134.41
1.2
1.2
6.7 170.63
6.9
1.3
5.2
1.4 Personal Goods
77 603.53
0.6
0.6
3.5 803.53
3.7
1.9
2.2
1.6 Tobacco
13 1130.25
-0.7
-0.7
5.3 2122.57
5.6
4.0
162 451.24
0.7
0.7
3.9 617.66
4.0
1.8
4.1
1.7 Health Care
3.5
2.9 Health Care Equipment & Services
58 610.69
0.2
0.2
3.4 693.32
3.4
1.0
3.5
2.4 Pharmaceuticals & Biotechnology
104 347.44
0.9
0.9
4.0 493.03
4.2
2.0
2.9
2.6 Consumer Services
378 388.74
0.5
0.5
3.9 497.20
4.0
1.6
3.5
2.8 Food & Drug Retailers
55 318.43
0.1
0.1
5.9 423.62
6.0
1.9
3.4
2.8 General Retailers
117 499.66
0.5
0.5
4.5 624.20
4.6
1.4
3.9
2.9 Media
88 308.90
0.8
0.8
2.7 395.35
2.8
1.5
2.2
2.6 Travel & Leisure
118 371.13
0.4
0.4
3.1 479.57
3.3
1.7
1.4
2.6 Telecommunication
95 175.80
0.5
0.5
5.3 298.26
5.7
3.8
9.4
3.7 Fixed Line Telecommuniations
45 143.76
0.1
0.1
4.9 266.13
5.7
4.4
-3.2
3.7 Mobile Telecommunications
50 191.17
1.0
1.0
5.7 294.95
5.7
3.2
162 258.20
-0.6
-0.6
-3.4 457.14
-3.1
3.7
4.7
2.5 Utilities
113 274.34
-0.8
-0.8
-3.3 481.45
-2.9
3.6
3.7
3.3 Electricity
49 286.89
-0.2
-0.2
-3.6 519.23
-3.3
3.9
2.4
1.9 Gas Water & Multiutilities
665 216.45
0.9
0.9
0.3 327.45
0.5
2.6
4.1
3.0 Financials
242 198.72
1.4
1.4
-1.2 319.29
-0.9
3.0
4.3
2.8 Banks
69 216.39
0.2
0.2
1.0 294.68
1.1
2.1
2.5
2.7 Nonlife Insurance
50 212.69
0.8
0.8
0.7 314.46
0.8
2.4
1.6
2.2 Life Insurance
138 232.36
0.1
0.1
0.3 304.01
0.5
1.7
3.4
2.1 Financial Services
177 177.73
0.7
0.7
3.3 208.83
3.5
1.5
4.1
2.5 Technology
Software & Computer Services
77 274.92
0.9
0.9
1.3 312.31
1.4
1.1
Technology Hardware & Equipment
100 146.88
0.5
0.5
4.9 176.70
5.2
1.9
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
High
3.22
15.50
2.70

6.35
6.26
6.25
6.04
6.01
5.96
5.90
5.74
4.98
4.81
4.74
4.68
4.63
4.47
4.44
4.39
4.00
3.82

FTSE 100 SUMMARY

Company
Aeorema Communications
Anglo American
BlackRock Throgmorton Trust
Feedback
Fiske
Henderson Opportunities Trust
Rolls-Royce Holdings
Scottish American Investment Co (The)

FTSE 100

Closing Week's
Price Change FTSE 100

3i Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Aggreko PLC
Anglo American PLC
Antofagasta PLC
ARM Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
AstraZeneca PLC
Aviva PLC
Babcock International Group PLC
BAE Systems PLC
Barclays PLC
Barratt Developments PLC
BG Group PLC
BHP Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
British Sky Broadcasting Group PLC
BT Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola HBC AG
Compass Group PLC
CRH PLC
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
easyJet PLC
Experian PLC
Fresnillo PLC
Friends Life Group Ltd
G4S PLC
GKN PLC
GlaxoSmithKline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
HSBC Holdings PLC
Imperial Tobacco Group PLC
InterContinental Hotels Group PLC
International Consolidated Airlines Group SA
Intertek Group PLC
Intu Properties PLC
ITV PLC
Johnson Matthey PLC

473.10
448.90
1459
1682
1204.5
731.00
1062
1073
2905
4551
541.00
1067
523.00
256.45
481.90
974.80
1569
454.20
3592
831.50
919.00
439.10
1882
1861
1158
2900
287.00
1164
1119
1820
1837
317.00
426.00
1707
1198
879.00
410.50
285.80
379.00
1553
286.60
691.00
1006
598.20
3025
2619
554.00
2595
374.00
230.50
3447

-3.40
8.00
-9.00
54.00
59.00
29.00
-17.00
-21.00
-137.00
84.00
4.00
36.00
5.50
1.00
22.20
39.90
64.00
3.60
-36.00
-8.50
-46.50
-3.90
-4.00
64.00
0.00
-5.00
-9.40
62.00
-11.00
96.00
-72.00
1.50
6.30
7.00
8.00
19.00
4.90
3.10
-0.70
35.50
21.20
-9.50
16.00
-22.60
-19.00
5.00
13.00
139.00
1.60
2.80
157.00

Closing Week's
Price Change

Kingfisher PLC
Land Securities Group PLC
Legal & General Group PLC
Lloyds Banking Group PLC
London Stock Exchange Group PLC
Marks and Spencer Group PLC
Meggitt PLC
Mondi PLC
Morrison (Wm) Supermarkets PLC
National Grid PLC
Next PLC
Old Mutual PLC
Pearson PLC
Persimmon PLC
Prudential PLC
Randgold Resources Ltd
Reckitt Benckiser Group PLC
Reed Elsevier PLC
Rio Tinto PLC
Rolls-Royce Holdings PLC
Royal Bank Of Scotland Group PLC
Royal Dutch Shell PLC (A)
Royal Dutch Shell PLC (B)
Royal Mail PLC
RSA Insurance Group PLC
SABMiller PLC
Sage Group PLC
Sainsbury (J) PLC
Schroders PLC
Severn Trent PLC
Shire PLC
Smith & Nephew PLC
Smiths Group PLC
Sports Direct International PLC
SSE PLC
St. James's Place PLC
Standard Chartered PLC
Standard Life PLC
Taylor Wimpey PLC
Tesco PLC
Travis Perkins PLC
Tui AG
Tullow Oil PLC
Unilever PLC
United Utilities Group PLC
Vodafone Group PLC
Weir Group PLC
Whitbread PLC
Wolseley PLC
WPP PLC

342.80
1250
270.00
75.35
2400
494.00
551.50
1257
183.50
890.20
7225
216.00
1362
1658
1599.5
5105
5660
1160
3151.5
944.50
389.00
2149
2236.5
446.50
444.40
3457.5
471.40
266.80
2946
2019
5130
1163
1186
681.50
1568
899.00
956.40
399.20
140.50
241.60
1980
1155
405.00
2789
954.00
232.40
1892
5000
3885
1447

4.80
-52.00
1.10
-0.46
44.00
12.70
6.00
40.00
4.50
-19.10
60.00
1.70
-13.00
44.00
-20.50
-205.00
85.00
-8.00
123.00
32.50
5.00
-16.00
-13.50
-9.30
-9.90
-42.00
-13.50
-3.00
-21.00
-77.00
218.00
-34.00
-1.00
-33.50
-60.00
31.50
18.20
-6.20
3.40
12.90
16.00
2.00
-5.10
-13.00
-39.50
1.00
49.00
95.00
61.00
-2.00

UK STOCK MARKET TRADING DATA

Feb 13
Feb 12
Feb 11
Feb 10
Feb 09
Yr Ago
SEAQ Bargains
6790.00
4886.00
5455.00
6379.00
5669.00
5669.00
Order Book Turnover (m)
51.05
42.54
50.68
35.50
45.53
45.53
Order Book Bargains
903768.00 752919.00 929648.00 785475.00 777114.00 777114.00
Order Book Shares Traded (m)
1565.00
1200.00
1539.00
1448.00
1283.00
1283.00
Total Equity Turnover (m)
2923.14
1813.53
2034.45
Total Mkt Bargains
1124099.00 886781.00 1040137.00
Total Shares Traded (m)
3746.00
3294.00
3642.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

UK RECENT EQUITY ISSUES

Int
Pre
Pre
Int
Int
Pre
Pre
Pre

Turnover
1.812
1.658
29342
27073
0.229
1.622

2.166

13736

14642

Pre-tax
0.226
0.101
1700
259L
69.218
2.327L
0.122L
0.229L
0.239
0.162L
22.685
2.412
1700
67
40.254
13.883

Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata

EPS(p)
2.508
1.107
0.75L
1.96L
4.99
5.19
0.09L
0.115L
2.4
1.6L
12.53
15.17
73.26
3.68
10.21
10.51

Div(p)
3.6
0.25
8.8
2.65

52.076
3.25
0.35
7.2
13.4
2.6

Pay day
Apr 7
Apr 10

Total
2
33.1
4.4
0.6
12.5
9
5.275

1.5
83.6
4
0.628
10.867
22
5.15

Issue
date
02/11
02/03

Issue
price(p)
52.00
70.00

Sector
AIM
AIM

Stock
code
PTSG
AFG

Stock
Premier Technical Services Group PLC
Aquatic Foods Group PLC

Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir

For a full explanation of all the other symbols please refer to London Share Service notes.

Close
price(p)
55.00
68.50

+/-2.00
1.50

High
58.00
72.50

Low
54.00
60.00

Mkt
Cap (m)
4771.7
7756.0

24

FINANCIAL TIMES

Monday 16 February 2015

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ
BHPBilltn
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpc
WoodsdPet
Woolworths
Belgium ()
AnBshInBv
Brazil (R$)
Ambev
BncBrasil
BncoDoBrasl
Bradesco
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
Alimentation
BCE
BkMontrl
BkNvaS
Brookfield
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge
GtWesLif
ImpOil
Manulife
Potash
RylBkC
Suncor En
ThmReut
TntoDom
TrnCan
ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
Ch Evrbrght
Ch Yangtze RMB
ChCommsCons
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChinaRailCons
ChinaRailGp
ChMinsheng
ChMrchSecs RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK
Daqin RMB
GF Secs RMB
HaitongSecs
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
PetroChina
PingAnIns
PngAnBnk RMB
SaicMtr RMB
ShgPdgBk RMB
Sinopec
Denmark (kr)
DanskeBk
MollerMrsk
NovoB
Finland ()
Nokia
SampoA
France ()
Airbus Grpe
AirLiquide
AXA
BNP Parib

52 Week
High
Low

Price+/-Week

Yld

P/E MCap m

35.74
32.17
93.15
86.54
37.48
6.59
44.67
37.53
35.19
32.40

0.76
0.81
-0.12
-1.78
0.51
-0.08
-0.04
1.09
-0.07
-0.06

35.75
39.79
93.96
90.84
37.67
6.74
46.69
37.65
44.23
38.92

30.47
26.50
73.57
63.77
31.33
4.96
40.26
31.33
31.97
29.11

5.20
4.16
6.39
1.49
5.59
4.65
4.71
5.07
6.42
4.59

106.40

-1.00

109.95

71.50

1.65 23.38 195116.26

17.96
24.60
29.93
36.07
43.00
32.20
9.78
22.48

0.11
2.70
0.44
0.87
1.34
0.25
0.75
2.06

18.22
38.19
35.98
41.30
47.10
38.74
23.50
35.20

14.99
18.61
22.07
27.63
31.61
25.42
7.88
17.65

1.80
7.06
4.15
1.20
3.07
1.68
6.01
9.25

47.03
55.80
78.69
67.20
67.78
231.85
94.90
39.40
87.29
61.52
35.87
51.29
21.56
46.14
77.54
39.40
48.87
55.50
57.23
207.95

0.40
-0.94
0.90
2.07
2.32
-3.27
1.36
0.23
0.16
0.28
2.25
0.49
-0.21
0.09
1.47
0.66
-1.00
1.24
-0.61
5.04

50.58
60.20
85.71
74.93
67.96
247.56
107.37
49.57
88.36
65.13
36.49
57.96
23.09
47.10
83.87
47.18
50.53
58.20
63.86
212.56

27.51
46.43
70.01
60.75
42.29
156.64
88.04
31.00
59.66
46.42
28.61
44.08
18.91
35.25
70.28
30.89
36.86
48.51
48.50
116.01

0.35 25.30
4.62 17.73
4.16 11.23
4.05 11.17
1.17 13.83
0.64 34.82
4.41 11.36
2.35 12.99
1.17 23.11
2.35 64.77
3.64 13.27
1.07 9.89
2.67 9.43
3.59 24.48
3.89 12.16
2.52 17.95
3.18 83.28
3.52 12.63
3.51 22.49
- 118.93

3.84
4.40
6.53
4.10
9.93
8.52
6.41
17.42
5.70
32.00
18.16
107.20
38.20
9.02
5.93
9.00
27.01
21.00
8.61
5.91
13.10
10.46
23.66
17.84
5.65
14.12
182.49
8.59
85.50
13.95
22.90
14.43
6.15

-0.01
0.00
0.07
-0.20
0.21
0.52
0.02
-0.10
-0.08
0.95
0.42
-1.10
0.80
0.47
0.24
0.15
-0.66
0.10
0.18
0.29
0.22
0.24
1.34
0.50
-0.02
-0.01
8.44
0.03
2.50
0.16
1.08
0.25
-0.04

4.10
4.57
7.36
4.52
11.32
10.24
6.62
20.35
6.34
32.80
19.96
108.50
41.95
10.68
6.68
10.70
32.98
24.40
10.35
7.57
14.22
12.32
29.42
23.20
5.90
17.49
204.24
11.70
88.70
16.39
25.98
16.75
8.23

3.04
3.03
4.53
2.68
5.54
4.88
4.89
12.84
3.85
19.72
12.12
63.65
23.55
5.57
2.99
6.73
9.71
19.12
4.36
2.71
9.03
6.24
9.50
9.50
4.33
8.60
135.39
7.54
55.60
8.36
12.22
8.39
5.90

5.59
5.34
4.78
4.53
2.45
2.23
5.61
5.37
1.01
4.09
2.77
1.13
1.56
1.34
1.35
4.68
0.46
2.10
1.49
3.57
0.73
0.82
5.00
2.83
2.08
4.56
0.95
1.00
4.55
3.97
4.26

166.80 -2.20
13380 -140.00
285.20
5.80

178.50
15390
305.80

135.60
11020
226.20

1.26 41.46 25771.13

2.39 16.81 44710.79
1.66 27.57 115772.46

Stock

ChristianDior 168.05
Cred Agr
11.97
Danone
57.92
EDF
23.64
Essilor Intl
96.16
GDF Suez
18.72
Hermes Intl
294.25
Kering
182.90
LOreal
156.05
LVMH
158.50
Nmrcble-SFR
49.47
Orange
16.20
PernodRic
103.70
Safran
60.46
Sanofi
86.73
Schneider
69.46
SocGen
38.40
StGobn
39.79
Total
47.38
UnibailR
256.30
Vinci
51.71
Vivendi
20.72
Germany ()
Allianz
148.60
BASF
83.25
Bayer
126.45
BMW
107.80
Continental
205.90
Daimler
83.19
Deut Bank
28.35
Deut Tlkm
15.94
DeutsPost
28.95
E.ON
13.36
Fresenius
47.59
HenkelKgaA
90.51
Linde
178.10
MuenchRkv
182.40
SAP
60.69
Siemens
95.96
Volkswgn
209.70
Hong Kong (HK$)
AIA
44.45
BOC Hold
27.30
Ch OSLnd&Inv
23.55
ChngKong
149.90
Citic Ltd
13.02
Citic Secs
26.35
CNOOC
10.94
Galaxy Enter
43.45
HangSeng
142.00
HK & Ch Gas
17.30
HK Exc&Clr
176.30
Hutchison
102.90
MTR
35.20
SandsCh
38.65
SHK Props
123.20
Tencent
130.20
India (Rs)
HDFC Bk
1065.8
Hind Unilevr 892.80
HsngDevFin 1268.65
ICICI Bk
343.85
Infosys
2296.1
ITC
378.05
OilNatGas
339.55
RelianceIn
917.50
SBI NewA
306.95
SunPhrmInds 940.55
Tata Cons
2538.75
Tata Motors 565.55
Indonesia (Rp)
Astra Int
7950
Bk Cent Asia
14025
Israel (ILS)
TevaPha
221.80
Italy ()
Enel
3.90
ENI
15.84
Generali
18.34
IntSPaolo
2.82
Luxottica
51.50
Unicred
5.53
Japan ()
AstellasPh
1823.5
Bridgestne
4538.5
Canon
3812.5
CntJpRwy
20660
Denso
5492
EastJpRwy
9598
Fanuc
21650

13.01 76850.71
10.72 80320.99
16.59 117407.44
26.48 31881.77
16.06 70492.54
17.04 62632.77
28.73 39023.91
15.03 91033.66
12.12 22539.47
15.15 31816.02

21.36 100157.42
5.11 25017.93
16.55 21245.4
9.85 26930.55
17.57 23994.59
8.04
31657
5.21 25833.5
-10.82 25668.53
15785.04
37661.49
40920.14
65586.45
34285.13
30934.62
30274.16
34551.53
56739.29
42081.17
28715
34916.95
34111.83
30767.59
89831.78
45714.73
31244.78
82330.71
32574.42
56064.51

5.72 15220.64
6.32 47444.77
6.26 29481.04
5.47 3631.36
15.50 15507.94
9.52 4864.18
5.87 198716.94
10.36 2953.73
5.46 10938.39
26.52 30704.67
6.57 10750.42
16.67 282876.81
28.45 13670.54
8.64 2414.96
10.28 3217.22
5.90 8046.63
44.24 20174.08
8.49 9203.02
66.88 24776.45
7.88 28411.2
21.44 40451.47
11.41 24918.97
40.75 22442.16
27.11 3433.58
6.04 63233.8
6.02 36608.65
14.63 33395.28
10.11 23370.41
16.18 41054.76
8.30 21988.99
9.61 40459.2
6.09 34506.09
9.78 20232.92

7.06
43.83

0.22
0.12

7.23
43.89

5.13
34.72

1.64 27.04 30148.15

3.96 15.08 27927.25

49.75
115.95
20.84
48.41

1.41
3.75
-0.02
1.24

55.00
116.65
21.33
60.10

39.64
86.12
16.43
43.14

1.59 22.30 44520.7

2.38 22.44 45610.45
4.20 9.29 58035.41
3.26 -56.01 68776.29

52 Week
High
Low

Price+/-Week

126.10
9.76
49.04
20.90
70.51
16.17
229.00
136.95
114.55
121.40
23.87
8.85
79.56
43.24
69.58
52.59
31.85
29.51
38.25
180.70
39.65
17.26

1.50
3.08
2.71
5.72
1.06
8.66
0.99
2.22
1.73
2.11
5.34
1.74
2.00
3.40
3.57
2.74
1.68
5.68
3.75
3.70
5.08

-0.55
2.35
1.20
0.95
-1.15
0.84
1.27
0.05
-0.02
0.23
-0.49
0.35
4.60
1.95
1.49
0.66
-2.00

151.45
88.28
131.70
108.35
209.20
84.69
36.35
16.00
29.75
15.46
51.66
92.15
178.40
184.25
61.63
103.30
212.40

115.05
64.27
91.31
74.74
136.85
55.10
22.66
10.07
21.55
12.23
34.52
66.67
138.15
141.10
50.08
80.17
147.35

3.75 10.29 77434.66

3.41 14.65 87187.4
1.75 27.18 119233.24
2.54 11.53 73996.67
1.28 18.25 46956.93
2.85 11.27 101482.07
1.95-232.86 44586.53
2.47 29.57 82436.73
2.91 15.77 39981.38
4.72 -46.19 30482.73
0.69 22.43 23672.57
1.05 13.55
26812
1.77 27.69 37701.34
4.18 8.35 35968.91
1.28 20.97 85014.73
3.29 14.76 96397.67
1.51 13.48 70559.1

-0.05
0.35
-0.15
3.40
-0.30
0.70
0.08
3.30
-2.90
-0.18
-1.70
0.40
0.85
1.45
-1.20
-5.00

46.45
27.95
26.70
152.00
16.88
33.95
15.88
80.45
148.40
18.90
189.00
113.50
35.20
68.00
129.40
138.00

34.90
21.50
17.52
116.00
9.93
13.72
9.72
36.70
118.10
14.15
112.80
85.90
27.10
34.50
83.40
93.00

0.88
3.33
1.80
2.09
2.42
0.69
4.68
3.49
1.77
1.91
2.01
2.35
4.25
2.45
0.18

30.73 69038.95
13.88 37218.94
8.54 24821.99
8.92 44769.64
8.41 41810.19
30.55 4003.68
7.82 62983.27
18.17 23819.66
18.07 35006.85
28.82 23450.27
46.28 26559.69
29.77 56569.35
15.34 26459.2
15.87 40208.38
11.00 44897.43
46.47 157366.51

12.30 1100.6
-12.95 968.85
-11.90 1361.85
14.50 393.40
65.60 2326.7
4.55 400.30
-11.45 471.85
7.60 1145.25
16.65 336.00
13.70 965.95
-37.00 2839.7
5.95 612.40

629.35
542.00
755.00
194.04
1440
311.40
271.00
793.10
145.51
552.55
1999.5
378.75

0.61
1.24
1.05
2.60
1.63
1.33
2.76
1.01
0.93
0.15
1.30
0.33

30.73
50.95
25.19
16.96
21.36
35.46
11.40
12.03
14.88
33.84
23.77
9.21

400.00
325.00

8100
14250

6325
10150

2.30 15.79 25168.62

0.37 21.56 27040.88

219.59

237.70

154.10

2.32 16.24 48541.46

0.00
0.28
0.07
0.24
0.20
0.01

4.49
20.46
18.79
2.82
53.55
6.89

3.36
12.98
14.40
2.00
34.74
4.82

2.80
6.01
2.06
1.87
1.06
-

12.37
10.39
17.49
-10.15
40.28
-2.47

41859.42
65639.09
32557.65
50917.13
28290.78
36557.97

36.00
33.00
143.50
880.00
110.00
279.00
1870

1906
4774
4045
20785
5995
9659
22245

1062
3328
2986
10935
4223
7105
16105

3.60
1.58
3.15
0.45
1.49
0.98
0.86

42.44
14.92
16.60
15.11
17.42
19.20
23.65

34723.29
31095.55
42847.88
35862.31
40912.62
31824.84
43693.74

Day
change change %
16.15
5.89
0.36
2.96
-0.09
-0.28
9.00
0.80
0.09
3.15
-395.00
-1.79
82.50
3.21
1.71
2.91
0.63
5.56
4.26
6.00
0.13
0.46
1.65
3.95
2.13
2.44
1000.00
2.23
-0.03
-0.10
69.00
2.14
9.70
3.50
11.42
1.05
69.50
1.94
5.10
0.73

Week
change change %
29.20
11.2
1.21
10.9
2.94
10.2
99.00
9.5
0.24
9.5
1870.00
9.5
222.00
9.1
5.06
9.1
0.99
9.0
6.01
8.7
2.21
8.4
3.30
8.2
6.74
8.1
3450.00
8.1
2.19
8.0
245.50
8.0
21.20
8.0
80.95
7.9
262.50
7.7
50.20
7.6

Month
change %
42.25
15.31
3.29
11.81
17.61
11.71
10.58
8.98
15.49
0.24
11.38
11.55
18.73
9.94
4.75
5.08
6.56
6.32
14.06
11.73

INTEREST RATES: OFFICIAL

Current
0.00-0.11
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25

Feb 13 (Libor: Feb 12)

US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs
LA 7Day Notice

52 Week
High
Low

Price+/-Week

FastRetail
44005 530.00 46325 30950
Fuji Hvy Ind
4039 29.00
4617
2380
Hitachi
782.10
1.10 939.90 660.00
HondaMtr
3882 143.00
3916
3239
JapanTob
3651 262.50
4193
2997
KDDI
7754 84.00
8449
5000
Keyence
57810 -90.00 58390 36095
MitsbCp
2210.5 -18.50
2356
1805
MitsubEst
2650 222.00
2930 2151.5
MitsubishiEle
1353 45.50
1550
1083
Mitsui
1599 26.00
1820
1399
MitsuiFud
3300 245.50 3809.5 2854.5
MitUFJFin
707.10 50.20 709.30 519.00
Mizuho Fin
203.40
8.00 221.00 178.10
Murata Mfg
12640 -495.00 13780
8192
NipponTT
7322 243.00
7497
5051
Nissan Mt
1136 99.00 1146.5 842.00
NpnStlSmMtl 298.60 11.00 333.00 243.30
NTTDCMo
2085.5 92.00 2126.5
1515
Panasonic
1381.5 79.00
1610
1030
Seven & I
4516 102.00 4592.5
3611
ShnEtsuCh
8100 259.00
8529
5267
Softbank
7058 66.00
8760
6683
Sony
3220.5 119.00
3269
1588
SumitomoF
4293.5 249.50
4910
3800
Takeda Ph
6063 185.00
6098 4337.5
TokioMarine
4183 84.00
4261
2884
Toyota
7808 154.00
7879
5205
Malaysia (RM)
Maybank
9.19
0.27 10.20
8.25
Mexico (Mex$)
AmerMvl
16.37
0.19 17.64 12.39
FEMSA UBD 131.83
2.40 135.75 108.90
WalMrtMex
32.97
0.79 35.75 27.71
Netherlands ()
ASML Hld
91.34
1.27 95.81 57.51
Heineken
65.72 -0.05 67.40 45.90
ING
12.35
1.21 12.47
9.34
Philips
25.32
0.44 26.99 20.69
Unilever
37.03 -0.04 38.81 27.45
Norway (Kr)
DNB
122.70
2.20 126.90 98.10
Statoil
149.80
7.20 195.80 118.20
Telenor
153.80 -11.00 170.40 123.90
Qatar (QR)
Inds Qatar
152.50 -1.80 202.90 143.50
QatarNtBk
199.10
7.10 237.00 160.00
Russia (RUB)
Gzprm neft
162.40 10.80 162.75 113.73
Lukoil
3135 14.90 3297.7
1715
Rosneft
290.20 29.20 290.75 183.95
Saudi Arabia (SR)
SaudiBasic
95.00
1.00 136.50 70.25
SaudiTelec
65.25 -0.50 76.50 55.00
Singapore (S$)
DBS
19.28 -0.14 20.67 15.65
JardnMt US$
66.00
1.91 67.88 53.74
JardnStr US$
34.92 -0.14 38.10 32.10
OCBC
10.39 -0.10 10.65
9.20
SingTel
4.20
0.11
4.22
3.49
UOB
23.57
0.17 24.72 19.55
South Africa (R)
Firstrand
52.49-5135.51 53.19 31.25
MTN Grp
216.29-20983.71 263.44 190.48
Naspers N
1615.5-167384.50 1744.64 983.25
Sasol
477.56-46278.44 652.99 360.00
South Korea (KRW)
HyundMobis 241000-12500.00 323500 226000
KoreaElePwr
45900 3450 50200 36050
SK Hynix
47050 -100.00 52400 35550
SmsungEl
1361000 3000 1495000 1078000
Spain ()
BBVA
8.50
0.26
9.99
7.21
BcoSantdr
6.29
0.15
7.96
5.77
CaixaBnk
4.12
0.14
5.00
3.71
GasNatur
21.14
0.58 24.45 18.17
Iberdrola
5.85 -0.14
6.24
4.52
Inditex
26.65
0.43 27.13 19.29
Repsol
16.93
0.36 21.07 14.26
Telefonica
13.18
0.00 13.43 10.76
Sweden (SKr)
AtlasCpcoB
247.90 10.00 248.40 162.20
Ericsson
107.00
5.20 108.70 77.55
H&M
344.60
8.70 345.30 261.00
Investor
314.00 10.70 315.00 217.30
Nordea Bk
109.50
0.00 110.10 82.40
SEB
101.00
0.40 103.00 82.30
SvnskaHn
387.60
9.70 396.90 305.10
Swedbank
205.40
2.70 205.80 165.70

41396.14
31062.66
32019.59
32026.53
42213.56
48370.38
46734.54
47751.05
3686.62
31339.01
79998.72
23170.25

Yld

P/E MCap m

0.80
1.14
1.14
2.22
2.81
1.51
0.17
2.40
0.35
0.42
3.30
0.55
1.99
2.68
0.84
1.92
2.16
1.31
2.24
0.83
1.24
0.96
0.46
0.64
2.27
2.32
1.52
1.75

45.01 39332.39
14.97 26644.16
36.58 31853.83
12.02 59253.98
15.76 61529.38
16.38 58605.91
32.69 29618.36
10.82 30250.12
36.76 31047.41
24.01 24479.99
7.82 24205.82
34.78 27568.59
9.03 84421.43
11.57 41908.17
24.71 23992.68
15.09 70131.84
10.74 43273.91
13.70 23911.23
21.00 76707.02
59.91 28556.09
23.21 33732.23
29.13 29492.85
12.07 71407.29
-14.94 31415.82
8.08 51158.61
92.05 40348.96
13.26 27123.83
12.50 224880.75

8.91 12.20

23925.9

1.39 16.80 76368.95

0.80 27.96 31721.15
0.83 20.71 38860.41
0.59
1.46
2.71

32.03
25.82
12.74
99.09
19.05

45641.66
43164.07
54333.56
26983.98
72401.79

1.85 8.28 26396.38

5.27 9.36 63088.56
5.09 31.33 30500.15
6.84 15.25 25337.1
3.46 13.52 38258.95
6.12
6.73

2.94 60865.55
7.02 42215.09
3.45 48691.42

5.49 11.89 75964.56

2.91 11.38 34783.76
3.03
1.91
0.66
3.35
4.04
3.00

7.23
16.95
13.73
9.65
17.77
11.16

35217.17
45590.73
39113.98
30558.32
49439.28
27891.9

2.54
4.01
0.22
3.74

16.00
15.03
58.07
10.16

25392.95
34285.89
57871.78
26671.04

0.80 10.34 20992.41

0.17 10.24 26073.37
10.39 31161.03
0.83 8.56 162509.27
0.78
9.58
1.01
3.53
2.81
1.20
4.75
4.73

-55.12
13.05
41.81
12.86
16.50
32.84
16.62
13.11

60332.77
98961.79
26828.35
24121.52
42585.05
94690.06
26537.72
69990.84

2.45
3.10
3.08
2.82
3.94
4.38
3.28
5.44

23.21
22.96
26.39
4.17
13.00
11.33
14.95
12.43

35832.82
41280.08
67932.55
28692.59
52525.94
26351.58
30354.67
26966.73

Last
0.11
3.25
0.75
0.15
0.50
0.03
0.00-0.75

Mnth Ago
0.00-0.25
3.25
0.75
0.05
0.50
0.00-0.10
0.00-0.25

Year Ago
0.00-0.25
3.25
0.75
0.5
0.50
0.00-0.10
0.00-0.25

Day
0.002
-0.006
0.000

Change
Week
0.002
-0.026
0.003

0.40%-0.35%

Month
0.000
0.000
0.001
0.000
0.004
0.001
0.000
0.000
0.000

One
month
0.17200
-0.01071
0.50506
-0.93500
0.07571
0.00200
0.50000
0.15000
-0.15000

Three
month
0.25810
0.02357
0.56400
-0.91800
0.10429
0.04800
0.55000
0.22000
-0.00500

Six
month
0.37690
0.09143
0.68688
-0.80160
0.14214
0.12800
0.70500
0.29000
0.08500

One
year
0.67160
0.22643
0.97556
-0.69860
0.26471
0.26000

COMMODITIES
Energy
Price*
Crude Oil
Feb
52.54
Brent Crude Oil
61.36
RBOB Gasoline
Feb
1.62
Heating Oil
Feb
1.91
Natural Gas
Feb
2.80
Ethanol
Mar
1.39
Uranium
Feb
37.75
Carbon Emissions
Diesel
Mar
121.25
Unleaded
Mar
56.35
Base Metals ( LME 3 Months)
Aluminium
1837.00
Alluminum Alloy
1800.00
Copper
5727.50
Lead
1846.00
Nickel
14645.00
Tin
18270.00
Zinc
2153.50
Precious Metals (PM London Fix)
Gold
1232.50
Silver (US cents)
1686.00
Platinum
1206.00
Palladium
794.00
Bulk Commodities
Iron Ore (Platts)
64.25
Iron Ore (The Steel Index)
63.30
GlobalCOAL RB Index
66.20
Baltic Dry Index
530.00

Day
Week
change change %
change change %
-19.58
-1.20 -167384.50
-99.0
0.00
0.00
-5135.51
-99.0
2.32
1.08 -20983.71
-99.0
7.56
1.61 -46278.44
-99.0
-2.40
-2.98
-6.93
-8.2
-0.50
-0.32
-11.00
-6.7
0.89
0.44
-13.59
-6.3
1.00
0.22
-26.00
-5.4
-500.00
-0.21 -12500.00
-4.9
-0.03
-0.73
-0.20
-4.7
-61.00
-2.06
-137.00
-4.5
-0.93
-2.70
-1.49
-4.3
-1.22
-1.51
-3.27
-3.9
-12.00
-1.39
-34.50
-3.9
-25.50
-1.37
-72.00
-3.8
-110.00
-0.86
-495.00
-3.8
-0.81
-1.10
-2.80
-3.7
0.60
0.46
-5.00
-3.7
-32.00
-2.00
-60.00
-3.7
1.80
0.30
-22.60
-3.6

Month
change %
-2.97
5.76
6.31
24.36
-12.29
-6.39
-0.24
-5.94
1.26
-5.31
-7.25
-8.22
-6.59
-3.35
-1.53
-5.53
-4.62
2.44
2.89
-0.99

www.ft.com/commodities

Change
1.37
2.18
0.03
0.09
0.08
0.02
-0.25
0.00
1.00
-20.00
11.00
11.00
-100.00
220.00
12.50
10.00
-3.00
13.00
3.00
1.00
0.50
1.00
-10.00

Agricultural & Cattle Futures

Corn
Wheat
Soybeans
Soybeans Meal
Cocoa (ICE Liffe)X
Cocoa (ICE US)
Coffee(Robusta)X
Coffee (Arabica)
White SugarX
Sugar 11
Cotton
Orange Juice
Palm Oil
Live Cattle
Feeder Cattle
Lean Hogs

S&P GSCI Spt

DJ UBS Spot
R/J CRB TR
Rogers RICIX TR
M Lynch MLCX Ex. Rtn
UBS Bberg CMCI TR
LEBA EUA Carbon
LEBA CER Carbon
LEBA UK Power

Mar
Mar
Mar
Feb
Mar
Apr

Price*
387.75
533.75
990.00
332.60
2018.00
2921.00
2009.00
163.00
390.30
14.87
62.80
138.30
636.25
159.60
203.90
66.15

Change
4.75
13.25
6.75
2.20
2.00
-22.00
21.00
-0.90
-0.90
-0.11
0.25
2.50
3.25
0.35
3.63
1.83

Feb 12
425.99
104.47
229.76
2693.07
316.96
16.15
6.95
0.44
1459.00

% Chg
Month
5.37
1.94
3.79
7.98
3.93
2.81
-4.35
-45.05

% Chg
Year
-21.42
-28.93
-21.30
21.08
266.67
-13.92

Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar

Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.

Price+/-Week

52 Week
High
Low

TeliaSonera
52.90
0.50 54.15 43.98
Switzerland (SFr)
ABB
19.88
0.96 23.35 16.75
CredSuisse
22.02
1.76 29.75 18.57
Nestle
70.30 -0.75 74.60 63.85
Novartis
94.70
2.85 99.75 70.85
Richemont
82.00
1.75 94.75 68.80
Roche
243.60 -7.10 295.80 238.80
SwatchGpI
428.60 25.40 592.50 350.00
Swiss Re
84.85
0.85 86.55 69.25
Swisscom
533.50 -7.00 587.50 500.00
Syngent
325.30
9.70 350.30 273.20
UBS
15.99 -0.21 17.84 13.58
Zurich Fin
304.80 -7.40 323.50 244.20
Taiwan (NT$)
HonHaiPrc
85.80 -1.50 113.00 82.40
MediaTek
459.00 -26.00 545.00 396.50
TaiwanSem
148.50
3.00 150.00 106.00
Thailand (THB)
PTT Explor
369.00 -5.00 398.00 285.00
United Kingdom (p)
AngloAmer
1204.5 59.00 1678.5 923.00
AscBrFd
2905 -137.00
3293
2407
AstraZen
4551 84.00
5750 3718.5
Barclays
256.45
1.00 267.55 201.75
BG
974.80 39.90
1420 780.55
BP
454.20
3.60 526.80 364.40
BrAmTob
3592 -36.00
3818 2986.5
BSkyB
850.50 -34.50 954.00 782.50
BT
439.10 -3.90 465.15 350.30
Compass
1119 -11.00
1179 924.41
Diageo
1837 -72.00
2055 950.00
GlaxoSmh
1553 35.50
1709 1200.67
Glencore
286.60 21.20 379.45 236.20
HSBC
598.20 -22.60 737.00 573.54
ImpTob
3025 -19.00
3183
2222
LlydsBkg
75.35 -0.46 85.53 70.02
Natl Grid
890.20 -19.10 965.00 806.00
Prudential
1599.5 -20.50 1649.5
1223
RBS
389.00
5.00 403.90 291.60
ReckittB
5660 85.00
5885
4697
Reed Els
1160 -8.00
1197 851.53
RioTinto
3151.5 123.00 3680.56
2600
RollsRoyce
944.50 32.50 1110.32 777.00
RylDShlA
2149 -16.00
2864
1929
SABMill
3457.5 -42.00
3857 2736.5
Shire
5130 218.00
5470
2827
SSE
1568 -60.00
1858
1356
StandCh
956.40 18.20 1355.5 867.50
Tesco
241.60 12.90 341.58 155.40
Vodafone
232.40
1.00 435.82 179.10
WPP
1447 -2.00
1565
1091
United States of America ($)
3M
165.94 -0.13 168.16 128.66
AbbottLb
46.09
0.59 46.50 36.65
Abbvie
58.05
1.15 70.76 45.50
Accenture
89.79
1.64 91.94 73.98
Ace
113.05
0.17 117.89 94.95
Actavis
285.37
8.82 287.12 184.71
Adobe
76.51
3.97 77.56 57.15
AEP
57.83 -1.32 65.38 48.31
Aetna
96.12
1.58 97.71 64.68
Aflac
62.13
0.85 66.01 54.99
AirProd
152.81
2.49 153.58 110.61
Alexion
182.29
6.66 203.30 136.37
Allergan
229.49
4.32 229.89 115.94
Allstate
71.46
0.53 72.87 51.64
Altria
54.76
1.43 55.58 34.74
Amazon
381.83
7.55 383.11 284.00
AmerAir
48.39
0.25 56.20 28.10
AmerExpr
78.08 -6.93 96.24 77.72
AmerIntGrp
53.96
1.86 56.79 48.00
Ameriprise
137.81
3.02 138.19 100.94
AmerTower
96.40
0.67 105.20 79.76
Amgen
153.48
2.08 173.14 108.20
Anadarko
89.44
6.74 113.51 71.00
Aon Cp
100.56
4.14 101.30 78.26
AppldMat
24.12 -0.12 25.71 17.73
Apple
127.08
8.15 127.48 73.05
ArcherDan
48.10
0.54 53.91 39.53
AT&T
34.66 -0.21 37.48 31.76
AutomData
88.75
2.31 88.75 70.50
Avago Tech
110.15
5.41 110.20 57.27
BakerHu
64.31
1.64 75.64 47.51
BankAm
16.61
0.12 18.21 14.37
Baxter
70.39 -0.58 77.31 66.34
BB & T
38.28
0.25 41.04 34.50
BectonDick
143.71
0.39 146.74 111.07
BerkshHat
222555-2325.00 229374 168761
Biogen
391.66 -10.34 407.94 272.02

Yld

P/E MCap m

6.27 15.06 27283.34

3.52
2.94
1.88
2.68
0.10
2.96
1.07
4.54
2.48
3.20
1.45
5.56

21.15 49443.54
64.27 38024.99
24.98 243583.78
23.91 275358.85
23.21 45991.19
24.36 183887.69
13.56 14202.24
8.16 33796.59
17.64 29694.14
20.12 32486.54
18.84 64066.51
12.47 49012.16

1.84 11.14 40429.2

2.56 15.71 22976.34
1.58 17.50 122650.02
1.88 11.17 32325.54
4.11 264.26 25897.25
1.11 30.12 35403.53
3.84 90.41 88476.4
2.53 57.86 65061.78
1.90 18.57 51228.2
5.25 14.85 127525.46
3.96 18.75 106068.5
3.76 9.03 23005.52
2.25 17.91 55044.61
2.35 22.98 28727.56
2.81 23.67 71010.06
5.29 18.13 116267.8
3.37 17.38 58211.82
5.01 11.62 176724.69
4.27 20.42 44603.89
- 229.03 82789.56
4.72 15.59 51550.5
2.10 19.19 63208.26
-6.84 38102.6
2.54 21.86 62608.97
2.12 25.07 36786.78
3.77 16.19 68592.33
2.33 7.81 27473.41
5.46 13.68 126426.18
1.87 24.94 85871.28
0.25 26.78 46593.01
5.53 75.89 23835.45
5.15 9.41 36400.75
6.11 22.89 30211.11
6.00 64.02 94837.72
2.36 19.24 29360.36
2.03 22.45 106337.48
1.65 37.93 69401.89
2.68 26.50 92489.06
2.13 20.81 71128.09
2.15 12.33 37502.93
- -56.55 75640.49
- 147.46 38126.01
3.28 16.63 28292.78
0.86 16.88 33805.4
2.26 10.25 27994.95
1.99 32.60 32743.22
56.67 36849.65
0.08 56.32 68364.76
1.45 12.16 29972.7
3.40 26.45 108231.5
- -741.40 177315.72
0.20 92.72 34708.38
1.19 15.19 80787.54
0.84 9.40 75539.27
1.52 19.23 25430.36
1.29 55.38 38219.02
1.42 25.44 116747.63
0.96 -22.35 45296.92
0.80 24.90 28673.35
1.60 28.78 29461.9
1.43 17.42 740208.98
1.80 17.38 31049.55
5.04 11.17 179781.42
2.15 27.84 42169.75
0.99 98.68 28124.77
0.92 22.90 27820.44
0.46 44.58 174678.24
2.73 22.17 38149.84
2.33 14.74 27573.02
1.54 24.99 27727.24
18.60 190607.9
32.06 91889.1

Stock

52 Week
High
Low

Price+/-Week

BkNYMeln
BlackRock
Boeing
BrisMySq
Broadcom
CapOne
CardinalHlth
Carnival
Caterpillar
CBS
Celgene
CharlesSch
ChevrnTx
Chubb
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
Covidien
CrownCstl
CSX
Cummins
CVS
Danaher
Deere
Delta
DevonEngy
DirectTV
DiscFinServ
Disney
DominRes
DowChem
DukeEner
DuPont
Eaton
eBay
Ecolab
EMC
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex
FordMtr
Franklin
FreeportMc
GenDyn
GenElectric
GenGrwthPrp
GenMills
GenMotors
GileadSci
GoldmSchs
Google
Halliburton
HCA Hold
Hew-Pack
HiltonWwde
HlthcareREIT
HomeDep
Honywell
IBM
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft
Kroger
L Brands
LasVegasSd
LibertyGbl
Lilly (E)
LinkedIn
Lockheed
Lowes

39.20
376.04
149.73
60.04
45.69
78.88
86.08
43.48
85.13
59.83
115.88
29.13
112.78
102.06
114.47
29.43
51.20
93.92
41.99
60.23
70.08
59.47
69.88
25.00
147.10
106.71
88.00
36.08
139.04
102.63
86.81
90.04
44.50
66.47
87.51
59.89
104.17
72.91
49.44
79.84
76.18
72.55
56.47
111.62
27.99
58.68
96.92
78.75
33.51
84.90
93.37
75.74
176.47
16.30
53.91
20.29
137.61
25.15
29.25
52.48
37.62
101.90
189.00
551.16
44.19
68.54
38.56
28.57
77.12
111.89
104.38
160.40
98.26
198.54
233.22
34.36
90.25
99.62
48.50
59.67
111.00
41.97
64.42
72.86
94.51
60.43
52.49
70.56
269.00
196.95
72.05

0.73
13.61
1.73
0.37
1.91
2.66
0.61
0.15
1.92
3.09
-2.87
0.02
3.17
1.24
2.77
2.19
2.06
-0.29
0.54
2.80
0.78
2.55
2.39
0.79
-1.60
3.33
1.34
0.64
3.18
2.02
2.02
1.06
-1.01
1.20
-0.42
1.34
2.15
-2.80
1.04
-3.27
0.08
2.50
1.97
4.94
0.64
1.65
1.13
0.63
-1.49
3.06
1.87
1.27
3.22
0.44
0.43
1.44
-1.68
0.63
-0.46
-0.68
1.62
4.42
5.57
17.29
0.83
0.56
0.61
2.21
-0.13
2.85
2.63
3.68
1.17
5.90
4.50
1.07
2.42
-1.48
-0.13
1.78
1.95
0.56
-2.36
1.15
1.55
5.06
3.43
0.20
5.60
1.71
0.15

41.79
378.03
149.84
64.44
46.01
85.39
87.33
47.44
111.46
68.10
124.60
31.00
135.10
105.30
116.00
29.58
56.95
95.80
44.87
60.50
71.31
59.51
87.09
25.16
156.85
108.57
88.86
37.99
161.03
103.29
87.49
94.89
51.06
80.63
89.46
66.75
104.41
80.89
54.97
89.97
76.66
79.98
59.70
118.46
30.92
69.94
118.89
81.03
38.93
86.64
104.76
82.17
183.51
18.12
59.43
39.32
145.92
27.53
31.70
55.64
38.18
116.83
198.06
614.44
74.33
76.18
41.10
28.94
84.88
112.39
104.45
199.21
98.69
213.33
235.37
37.90
95.84
109.49
51.60
63.49
119.01
43.18
67.74
72.90
94.84
88.28
88.19
75.10
274.19
198.88
72.33

Bid
yield

Mth's Spread
chge
vs
yield
US

Feb 13
High Yield US$
Windstream Corporation

S*

Ratings
M*

F*

Bid
price

11/17

7.88

B1

BB

108.64

4.50

0.00

-0.13

3.87

High Yield Euro

Sunrise Communications Holdings S.A.

12/18

8.50

BB-

B3

104.07

0.00

0.00

Emerging US$
Peru
Mexico
Brazil
Russia
Peru
Brazil
Turkey
Poland
Colombia
Turkey

05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
03/24

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
2.75

BBB+
BBB+
BBBBB+
BBB+
BBBABBB
-

A3
A3
Baa2
Baa3
A3
Baa2
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

108.51
116.23
109.13
114.08
119.14
104.05
109.47
113.71
105.31
111.05

1.27
0.98
4.63
6.47
2.25
4.14
3.91
2.72
3.47
4.32

-0.11
0.02
0.27
-0.61
-0.08
-0.02
-0.11
0.02
0.02
-0.05

0.10
0.10
-0.09
-0.36
-0.14
0.54
0.31
0.04
-0.01
0.44

0.65
0.36
4.01
5.85
0.75
2.64
2.41
1.22
1.97
2.30

Red
date Coupon

Index
Markit IBoxx
ABF Pan-Asia unhedged
Corporates( )
Corporates($)
Corporates()
Eurozone Sov()
Gilts( )
Global Inflation-Lkd
Markit iBoxx Non-Gilts
Overall ($)
Overall( )
Overall()
Treasuries ($)

179.95
301.66
253.97
215.30
226.78
288.66
247.82
300.54
226.68
289.51
222.49
217.36

0.48
0.00
0.08
0.01
0.03
-0.04
0.48
-0.02
0.05
-0.03
0.02
0.03

-0.45
-2.11
-1.12
0.37
0.04
-3.69
-1.86
-2.17
-1.47
-3.22
0.13
-1.76

0.93
2.78
1.39
1.22
2.30
1.06
-1.21
2.40
1.12
1.47
1.83
1.07

0.28
0.85
-1.12
0.97
1.59
-0.99
-0.96
0.60
-1.47
-0.50
1.29
-1.76

5.05
13.49
1.39
7.87
13.14
14.10
2.03
12.95
1.12
13.73
10.96
1.07

FTSE
Sterling Corporate ()
Euro Corporate ()
Euro Emerging Mkts ()
Eurozone Govt Bond

116.32
111.13
1024.12
117.12

0.06
-0.03
10.61
0.11

0.16
0.74
4.68
1.43

7.91
5.98
8.19
10.50

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

298.94
56.62
62.34
64.10

-6.43
-1.71
-0.60
-2.26

-5.05
0.73
-1.18
1.22

-45.51
-5.63
-7.23
-3.72

419.37
80.45
79.33
85.99

290.75
51.98
58.50
56.40

Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y

Month's
change

Year
change

Return
1 month

Return
1 year

Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25
BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.87
Mexico
02/20
5.50
BBB+
BBB+ 112.88
2.71
-0.01
-0.34
1.21
Bulgaria
09/25
5.75
BB+
BBB- 122.25
3.28
-0.02
-0.40
1.27
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

Markit CDX
Emerging Markets 5Y
372.01
-12.22
-5.89
-20.23
420.12
238.47
Nth Amer High Yld 5Y
344.21
-5.65
-5.07
-42.10
406.42
328.06
Nth Amer Inv Grade 5Y
65.45
-1.35
-0.64
-7.58
75.99
60.32
Nth AmerHiVol 5Y
0.00
0.00
0.00
0.00
181.74
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Dec 02
Dec 02
Prev
return
stock
Market
stocks
Can 4.25%' 21
134.73
-0.725
-0.693
0.19
5.18
72808.81
7
Fr 2.25%' 20
115.45
-0.538
-0.537
-0.24
19.98 213979.38
14
Swe 0.25%' 22
108.05
-0.707
-0.534
1.52
28.76 222881.28
5
UK 2.5%' 16
327.90
-1.306
-1.277
0.20
7.90 473180.18
24
UK 2.5%' 24
343.08
-0.776
-0.768
-2.12
6.82 473180.18
24
UK 2%' 35
230.21
-0.691
-0.691
-4.76
9.08 473180.18
24
US 0.625%' 21
103.59
0.065
0.059
-1.84
35.84 1079850.84
35
US 3.625%' 28
139.30
0.531
0.059
-3.03
16.78 1079850.84
35
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS

Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.51
2.17
0.50 Italy
Austria
0.45
0.10 -1.57 Japan
Belgium
0.73
0.39 -1.28 Netherlands
Canada
1.43
1.08 -0.59 Norway
Denmark
0.10 -0.25 -1.92 Portugal
Finland
0.47
0.13 -1.54 Spain
France
0.65
0.30 -1.36 Switzerland
Germany
0.35
0.00 -1.67 United Kingdom
Greece
9.13
8.78
7.11 United States
Ireland
1.01
0.66 -1.00
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.60
0.42
0.42
1.24
2.37
1.62
0.01
1.68
2.01

Spread Spread
vs
vs
Bund T-Bonds
1.26
0.08
0.07
0.90
2.03
1.27
-0.33
1.33
1.67

-0.41
-1.59
-1.60
-0.77
0.36
-0.40
-2.00
-0.34
0.00

P/E MCap m

Stock

1.55 16.80 44127.82

1.89 20.48 62127.07
1.93 20.55 106747.08
2.28 38.83 99592.94
1.04 42.66 25129.5
1.44 11.18 44276.82
1.53 26.93 28417.66
2.26 27.84 25768.39
2.79 14.49 51537.61
0.81 24.39 28743.78
64.21 92553.84
0.78 32.74 38037.05
3.49 10.94 213202.06
1.81 12.61 24067.15
0.03 16.39 29942.91
2.42 20.75 150492.9
0.07 18.11 155109.8
1.88 32.76 31558.94
2.70 24.54 183920.94
27.71 36675.12
1.90 32.37 63870.79
1.39 19.72 127824.56
3.80 12.61 86016.19
1.52 20.57 32046.2
0.92 31.10 64798.2
1.54 28.15 48500.47
1.13 175.22 29379.49
1.72 19.01 35913.93
1.81 16.46 25401.47
1.06 26.25 115484.69
0.36 23.98 61000.66
2.37 10.84 30832.67
0.67 57.80 36680.09
1.31 12.88 27192.88
16.99 43950.73
1.40 12.00 27158.9
1.09 23.44 177043.52
3.08 29.89 42482.32
2.75 17.37 58268.04
3.73 19.06 56470.08
2.38 19.79 68974.44
2.47 21.61 34432.23
- 1568.99 68331.34
0.94 31.20
33499
1.46 23.63 56957.09
2.96 18.85 40207.65
0.43 18.34 53113.07
2.59 90.00 28536.1
3.51 14.50 28800.66
35.72 62308.96
2.68 12.36 395377.94
69.87 168440.93
0.39 22.69 49996.18
2.77 11.31 62733.6
0.93 14.59 33522.68
5.85 9.92 21083.71
1.74 17.80 45645.87
3.32 17.84 252561.13
1.85 120.95 25860.14
3.02 22.33 31684.68
3.15 22.93 60581.97
19.10 153732.9
1.11 11.51 82318.1
27.54 158148.94
1.29 12.00 37449.27
18.49 29716.46
1.52 15.28 70722.2
54.04 28130.52
3.88 103.34 25270.23
1.55 26.55 147451.7
1.64 20.68 81709.74
2.43 10.85 158741.54
1.69 23.53 38413.14
- 110.06 28192.68
1.10 27.92 26122.69
2.49 17.29 166130.6
0.87 32.67 25766.05
2.59 17.39 278847.37
1.87 22.15 31701.14
2.48 11.64 223057.72
2.85 20.70 41342.53
3.78 36.71 43154.79
3.10 17.15 37929.08
0.87 23.33 35797.9
1.34 30.22 27661.42
2.91 19.19 48464.75
- -40.37 11294.64
2.64 29.74 78563.61
- -2124.79 29139.41
2.75 17.80 62154.24
1.10 29.55 70098.07

52 Week
High
Low

Price+/-Week

Lyondell
89.99
3.17 115.40
Marathon Ptl 103.48
4.60 103.55
Marsh&M
56.31
0.88 58.74
MasterCard
87.14
2.98 89.87
McDonald's
95.65
1.66 103.78
McGraw Hill 102.19
4.64 102.57
McKesson
224.89
2.13 225.06
Medtronic
75.26
0.79 77.39
Merck
58.81
0.02 63.62
Metlife
50.86
1.26 57.57
MicronTech
31.85
2.94 36.59
Microsoft
43.87
1.46 50.05
MondelezInt
36.78
0.87 39.54
Monsanto
124.77
4.55 128.79
MorganStly
36.78
0.99 39.19
News Corp A
34.72
1.14 39.27
NextEraE
103.62 -2.18 112.64
Nike
92.04
0.25 99.50
NorfolkS
109.91
2.12 117.64
Northrop
167.14
4.90 168.01
NtlOilVarc
53.36
1.93 86.55
Occid Pet
83.11
1.36 101.38
Oracle
43.93
0.95 46.71
Paccar
64.23
1.48 71.15
Pepsico
99.13
2.42 100.76
Pfizer
34.64
1.47 34.97
PG&E
54.06 -2.00 60.21
Phillips66
76.62
0.52 87.98
PhilMorris
82.87
1.60 91.63
PNCFin
92.38
1.94 93.45
PPG Inds
236.77
5.91 236.85
PPL
34.69 -0.53 38.14
Praxair
126.89
1.64 135.24
Prec Cast
205.54
1.73 275.09
Priceline
1103.37 80.95 1378.96
ProctGmbl
85.90
0.29 93.89
Prudntl
80.33
2.53 94.30
PublStor
202.61 -1.86 206.92
Qualcomm
70.88
4.53 81.97
Raytheon
107.03 -0.42 111.47
Regen Pharm 402.40 -4.46 437.64
ReynoldsAm
71.86
2.86 73.18
Salesforce
62.85
3.68 67.00
Schlmbrg
88.38
2.22 118.76
SempraEgy
105.56 -2.65 116.30
Shrwin-Will
285.00
4.69 285.51
SimonProp
193.11 -1.97 206.31
SouthCpr
30.43
1.30 33.90
SouthwestAir
43.30 -0.84 47.17
SpectraEn
36.81
0.60 43.12
Starbucks
91.58
2.58 91.94
StateSt
76.93
0.81 80.92
Stryker
94.51
1.80 98.24
Sychrony Fin
32.80
0.66 33.96
Target
76.12 -0.24 77.75
TE Connect
70.76
2.11 70.88
TeslaMotors 203.77 -13.59 291.42
TexasInstr
57.97
3.61 57.98
TheTrvelers
108.00
0.80 108.40
ThrmoFshr
127.61
2.81 131.12
TimeWrnr
83.87
3.49 88.13
TimeWrnrC
149.74
3.14 155.95
TJX Cos
69.24
0.99 69.84
UnionPac
122.60
0.79 124.52
UPS B
101.79
1.12 114.40
USBancorp
45.07
0.66 46.10
Utd Cntl Hldg
66.23 -1.35 74.52
UtdHlthcre
109.44
1.84 114.32
UtdTech
121.25
1.44 121.38
ValeroEngy
58.60
3.74 59.69
Verizon
49.31 -0.02 53.66
VertexPharm 113.66
5.00 127.69
VF Cp
75.26
6.01 76.89
Viacom
68.98
1.91 89.76
Visa Inc
269.63
2.21 272.75
Walgreen
76.05 -0.46 77.98
WalMartSto
85.81 -1.52 90.97
Wellpoint
128.71
1.56 129.96
WellsFargo
55.33
0.88 55.95
WestrnDigl
107.61
4.21 114.69
Williams Cos
49.41
3.03 59.77
Yahoo
44.42
1.48 52.62
Yum!Brnds
74.69
0.76 83.58

Yld

70.06
74.64
46.41
68.68
87.62
71.93
162.90
55.30
52.49
46.10
21.02
37.19
31.83
105.76
28.31
31.01
89.81
70.60
89.76
116.11
49.25
72.32
35.82
55.34
77.01
27.51
41.57
57.33
77.55
76.69
171.56
30.97
117.32
186.17
990.69
77.00
74.51
162.29
62.26
89.17
269.50
47.00
48.18
75.60
91.02
185.05
157.08
23.60
20.88
32.43
67.93
62.67
75.78
22.60
55.25
51.03
177.22
41.47
81.56
107.33
62.44
128.78
51.91
87.79
94.05
38.10
36.65
69.93
97.30
42.53
45.09
59.79
55.14
63.11
194.84
55.27
72.61
81.84
45.25
80.78
39.31
32.15
65.81

P/E MCap m

2.74 11.14 45055.11

1.62 13.54 28994.35
1.74 22.27 30458.04
0.48 31.48 96979.87
3.22 19.78 93921.54
1.10 32.68 27744.59
0.42 31.09 52364.4
1.50 27.04 74079.66
2.84 33.90 167659.86
2.33 10.95 57779.1
10.52 34312.43
2.59 17.94 359900.06
1.47 36.18 61787.57
1.40 25.15 60299.58
0.77 15.41 71993.29
0.71 8.34 46088.14
2.60 24.50 45228.3
1.03 27.91 63174.47
1.99 17.45 33787.65
1.60 17.36 33762.16
2.56 9.18 22975.42
3.20 12.16 64445.83
1.07 18.66 192912.75
1.24 18.55 22742.35
2.34 23.09 148358.55
2.80 22.54 218254.77
3.32 17.92 25754.18
2.21 12.65 42410.2
4.38 17.50 128756.37
1.89 13.12 48611.26
1.03 24.81 32493.14
4.06 25.28 23071.35
1.91 21.26 36972.26
0.06 16.03 29138.93
26.24 57768.07
2.91 23.05 231973.8
2.51 16.62 36630.48
2.62 42.53 34995.95
2.24 15.18 116920.82
2.23 15.55 33004.63
- 132.80 40116.02
3.68 26.96 38178.03
- -128.46 38527.05
1.79 20.77 113726.85
2.35 24.30 25956.54
0.72 34.43 27359.34
2.48 42.45 60016.25
1.44 19.20 24896.83
0.50 26.87 29270.54
3.38 25.99 24699.52
1.19 28.12 68666.68
1.38 17.32 32117.91
1.32 71.16 35755.07
14.25 27347.48
2.29 33.15 48485.73
1.56 15.63 28744.19
- -131.15 25549.05
1.97 26.52 61228.43
1.97 10.15 35790.8
0.45 32.39 51047.25
1.40 18.45 70323.84
1.84 22.14 42001.25
0.89 23.76 47699.46
1.54 21.60 108045.42
2.45 26.59 71491.63
2.00 15.58 80647.64
22.08 24443.56
1.27 19.45 104372.4
1.92 18.01 109992.79
1.62 8.63 30544.96
4.12 11.22 204622.88
- -53.38 27337.71
1.32 27.10 32502.71
1.85 12.83 24498.56
0.62 30.53 132378.15
1.71 36.06 72276.92
2.14 18.75 276581.92
1.27 16.42 34744.16
2.23 14.28 287031.26
1.38 16.84 24861.3
3.40 19.34 36932.13
6.21 42081.35
1.88 24.55 32837.39

Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
ex-dividend
ex-capital redistribution
# price at time of suspension

Feb 13
US$
Bear Stearns Cos, LLC
Wachovia Corporation
Halliburton Company
SouthTrust Bank
Duke Energy Florida, Inc.
GTE Corporation
Euro
Goldman Sachs Group, Inc. (The)
BG Energy Capital plc
Ireland
Ireland
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
Barclays Bank plc

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

03/26
08/26
02/27
12/27
02/28
04/28

6.00
6.82
6.75
6.57
6.75
6.94

A
A
A
A+
BBB+
BBB+

A3
A3
A2
A1
A3
Baa2

A+
A+
AA+
AA-

100.33
132.79
122.82
124.17
127.12
130.66

6.05
4.02
4.34
4.16
4.08
3.97

0.00
-0.03
-0.06
0.00
-0.02
-0.28

0.05
0.04
0.11
0.03
0.32
-0.32

4.03
2.01
-

06/26
11/29
05/30
05/30

2.88
2.25
2.40
2.40

AAA
A

Baa1
A2
Baa1
Baa1

A
AAA-

113.37
107.83
110.84
111.34

1.57
1.65
1.59
1.56

-0.02
-0.02
0.00
-0.01

-0.22
-0.28
-0.10
-0.08

-0.44
-

07/15

0.94

AA

Aa2

AA

100.30

0.23

0.00

-0.08

03/26
09/26

6.88
5.75

AA
BBB-

Aa2
Baa3

AA
A-

132.09
117.74

3.36
3.82

0.05
-0.03

-0.19
-0.25

1.34
1.81

S*

Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M Moodys, F - Fitch.

GILTS: UK CASH MARKET

Feb 13
Day Chng
Prev
52 wk high
52 wk low
VIX
14.69
-0.65
15.34
31.06
10.28
VXD
14.85
-0.95
15.80
23.19
7.64
VXN
15.15
-0.95
16.10
31.17
9.66
VDAX
19.74
0.08
19.66
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red
Bid
Date Coupon
Price
Australia
10/18
3.25 104.80
04/25
3.25 106.57
Austria
10/18
1.15 104.30
10/24
1.65 111.34
Belgium
06/18
0.75 101.83
12/24
1.10 103.46
Canada
11/16
1.00 100.96
06/25
2.25 107.85
Denmark
11/16
2.50 106.32
11/25
1.75 117.67
Finland
09/18
1.13 104.33
07/25
4.00 135.64
France
11/16
0.25 100.63
11/19
0.50 102.14
05/25
0.50 98.52
05/45
3.25 146.83
Germany
06/16
0.25 100.58
10/19
0.25 101.71
02/25
0.50 101.51
08/46
2.50 142.88
Greece
07/17
3.38 77.08
02/25
2.00 63.70
Ireland
10/17
5.50 114.36
03/24
3.40 120.64
Italy
05/17
1.15 101.70
12/19
1.05 101.07
12/24
2.50 108.14
09/46
3.25 113.09
Japan
01/17
0.10 100.11
02/20
0.05 99.52
12/24
0.30 98.85
12/44
1.50 100.73
Netherlands
04/17
0.50 101.38
07/24
2.00 114.59
New Zealand
12/17
6.00 107.32
Norway
05/17
4.25 107.90
03/24
3.00 114.99
Portugal
02/16
6.40 106.15
10/25
2.88 104.68
Spain
10/17
0.50 100.10
04/25
1.60 99.83
Sweden
08/17
3.75 110.30
05/25
2.50 120.03
Switzerland
10/16
2.00 105.12
07/25
1.50 115.51
United Kingdom
07/18
1.25 101.23
07/20
2.00 103.97
09/24
2.75 109.42
01/45
3.50 122.83
United States
01/17
0.50 99.76
01/20
1.25 98.80
11/24
2.25 102.08
11/44
3.00 108.00
Data provided by SIX Financial Information & Tullett Prebon Information

30.82
292.20
116.32
46.30
28.86
70.21
63.06
33.11
78.81
48.83
66.85
23.35
98.88
84.18
73.47
21.27
45.18
66.44
36.89
41.51
61.35
47.74
60.64
17.03
110.36
65.97
71.29
27.04
124.30
68.09
70.12
78.88
30.12
51.76
71.54
54.02
76.31
64.71
41.45
68.10
63.05
57.11
46.34
97.78
24.75
55.81
81.07
56.51
28.85
64.64
86.03
54.66
130.64
13.26
49.12
16.43
102.90
23.41
21.31
48.26
28.82
63.50
151.65
490.91
37.21
47.17
28.75
20.72
56.01
74.61
82.89
149.52
77.95
127.69
182.40
24.30
69.12
90.66
38.60
52.97
99.20
30.81
52.56
36.37
53.03
49.82
37.98
52.89
136.02
153.54
44.13

Yld

BONDS: GLOBAL INVESTMENT GRADE

Day's
chge
yield

VOLATILITY INDICES
Day's
change

CREDIT INDICES

Short
7 Days
One
Three
Six
One
Feb 13
term
notice
month
month
month
year
Euro
-0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29
Sterling
Swiss Franc
Canadian Dollar
US Dollar
0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58
Japanese Yen
-0.10 0.10 -0.03 0.07 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days
notice: Tradition (UK).

Stock

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
Naspers N
1615.50
1635.08
Firstrand
52.49
52.49
MTN Grp
216.29
213.97
Sasol
477.56
470.00
AmerExpr
78.08
80.48
Telenor
153.80
154.30
TeslaMotors
203.77
202.88
MediaTek
459.00
458.00
HyundMobis
241000.00 241500.00
Ch Evrbrght
4.10
4.13
AscBrFd
2905.00
2966.00
Exelon
33.51
34.44
DukeEner
79.84
81.06
BSkyB
850.50
862.50
Diageo
1837.00
1862.50
Murata Mfg
12640.00 12750.00
DominRes
72.91
73.72
Tencent
130.20
129.60
SSE
1568.00
1600.00
HSBC
598.20
596.40
Based on the FT Global 500 companies in local currency

BOND INDICES
Since
16-12-2008
16-12-2008
18-02-2010
05-05-2014
05-03-2009
05-10-2010
03-08-2011

INTEREST RATES: MARKET

Over
night
0.11950
-0.10571
0.47313

18.48 34822.38
13.68 35149.62
29.73 42518.17
11.52 50126.91
19.31 23681.41
-4.85 51982.38
34.90 35420.52
25.27 26325.47
29.67 99863.17
21.90 91758.62
-61.14 21970.58
25.55 48915.27
25.11 31384.51
14.87 28749.84
26.73 130876.33
19.35 46310.6
8.00 35256.52
21.74 25493.53
10.32 128850.78
21.26 28659.92
10.63 34824.38
-12.21 31925.21

168.40
12.22
60.53
29.90
100.50
21.19
317.40
185.00
162.70
160.00
57.50
16.32
108.75
61.07
89.95
72.22
48.69
46.40
54.71
260.15
57.36
21.43

Stock

FT 500: BOTTOM 20

Close
Prev
price
price
Rosneft
290.20
274.05
ING
12.35
12.00
MicronTech
31.85
31.94
Nissan Mt
1136.00
1127.00
IntSPaolo
2.82
2.73
Fanuc
21650.00 22045.00
MitsubEst
2650.00
2567.50
LasVegasSd
60.43
58.72
Cred Agr
11.97
11.34
VF Cp
75.26
71.00
HiltonWwde
28.57
28.44
Galaxy Enter
43.45
41.80
Anadarko
89.44
87.31
KoreaElePwr
45900.00 44900.00
Cisco
29.43
29.46
MitsuiFud
3300.00
3231.00
Glencore
286.60
276.90
Priceline
1103.37
1091.95
JapanTob
3651.00
3581.50
MitUFJFin
707.10
702.00
Based on the FT Global 500 companies in local currency

Rate
Fed Funds
Prime
Discount
Repo
Repo
O'night Call
Libor Target

P/E MCap m

5.90
0.99
-0.97
-0.59
0.19
-0.29
0.90
0.05
-1.55
5.70
3.02
0.23
-2.05
0.10
1.73
1.46
1.18
1.24
-0.31
-0.15
2.31
-0.10

FT 500: TOP 20

Feb 13
US
US
US
Euro
UK
Japan
Switzeland

Yld

Bid Day chg Wk chg Month

Year
Yield
yield
yield chg yld chg yld
1.89
-0.03
-0.06
-0.21
-1.53
2.51
-0.03
0.05
-0.06
-1.76
0.02
0.00
-0.01
0.01
0.00
0.45
0.01
-0.03
-0.07
0.00
0.19
0.01
0.00
-0.04
-0.94
0.73
-0.02
0.04
-0.25
0.00
0.43
0.02
-0.05
-0.42
0.00
1.43
0.03
-0.03
-0.22
0.00
-1.07
0.00
0.00
0.00
0.00
0.10
0.04
-0.12
-0.57
0.00
0.08
-0.01
0.00
0.04
0.00
0.47
0.01
-0.02
-0.12
-1.64
-0.10
0.00
0.00
0.00
0.00
0.05
0.00
-0.01
-0.02
0.00
0.65
0.01
0.00
0.00
0.00
1.35
0.01
-0.03
-0.21
-1.91
-0.19
0.00
0.00
0.00
0.00
-0.12
0.00
0.00
0.00
0.00
0.35
0.02
-0.03
-0.12
0.00
0.92
0.02
-0.04
-0.24
0.00
15.44
-2.53
-2.09
4.66
0.00
9.13
-0.89
-0.79
-0.09
1.50
0.10
-0.01
-0.03
-0.15
-1.28
1.01
-0.02
-0.02
-0.04
-2.27
0.39
-0.01
0.01
-0.12
0.00
0.82
-0.03
-0.01
-0.03
0.00
1.60
-0.04
0.03
-0.06
0.00
2.65
-0.04
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.00
0.15
0.01
0.04
0.12
0.00
0.42
0.02
0.08
0.18
0.00
1.46
0.04
0.15
0.38
0.00
-0.14
0.00
0.00
0.00
0.00
0.42
0.01
-0.02
-0.05
0.00
3.29
-0.03
0.11
-0.23
-1.31
0.70
0.03
0.00
-0.02
-1.02
1.24
0.02
-0.02
-0.13
0.00
0.20
0.02
0.00
-0.08
-2.34
2.37
-0.09
-0.04
0.00
0.00
0.46
0.01
0.00
-0.05
0.00
1.62
-0.02
0.08
0.00
0.00
-0.37
0.00
0.00
0.00
0.00
0.49
-0.04
-0.16
-0.28
0.00
-1.05
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.88
-0.01
-0.07
0.05
-0.81
1.24
0.00
-0.05
0.07
0.00
1.68
0.01
0.03
0.14
0.00
2.42
0.01
0.10
0.17
0.00
0.62
0.00
-0.02
0.00
0.00
1.50
0.00
0.02
0.00
0.00
2.01
0.02
0.06
0.17
0.00
2.61
0.04
0.08
0.16
0.00

Red
52 Week
Amnt
Change in Yield
Feb 13
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 3.5pc 'WL
100.18
0.37
19.35
0.00
-86.55
-17.78 102.14 100.00
0.02
Tr 2pc '16
101.52
0.36
-5.26
-16.28
-2.70
-46.27 102.66 101.49
0.32
Tr 1.75pc '17
102.43
0.48
-2.04
-17.24
0.00
-53.85 102.68 101.07
0.29
Tr 5pc '18
112.87
0.73
-1.35
-9.88
7.35
-51.01 114.09 111.68
0.35
Tr 4.5pc '19
114.13
0.94
0.00
-5.05
8.05
-49.19 115.07 111.17
0.36
Tr 4.75pc '20
117.73
1.13
0.00
-3.42
8.65
-46.19 119.04 113.53
0.33
Tr 8pc '21
140.77
1.25
-0.79
-2.34
9.65
-46.58 142.92 135.65
0.24
Tr 4pc '22
117.71
1.36
-0.73
-0.73
9.68
-45.16 119.85 110.38
0.38
Tr 5pc '25
130.90
1.65
0.61
1.85
10.00
-42.71 134.70 119.37
0.35
Tr 4.25pc '27
127.09
1.86
0.54
3.33
8.77
-40.58 131.90 112.19
0.31
Tr 4.25pc '32
130.38
2.14
0.47
4.39
8.08
-36.31 136.85 111.94
0.35
Tr 4.25pc '36
132.74
2.28
0.44
4.11
8.06
-34.29 140.37 111.90
0.26
Tr 4.5pc '42
143.27
2.37
0.42
4.87
8.22
-32.67 153.16 117.54
0.26
Tr 3.75pc '52
133.37
2.39
0.00
4.82
7.66
-32.29 145.21 104.48
0.22
Tr 4pc '60
144.90
2.37
0.42
4.87
7.73
-32.09 159.23 111.53
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.

GILTS: UK FTSE ACTUARIES INDICES

Price Indices
Fixed Coupon
1 Up to 5 Years
2 5 - 10 Years
3 10 - 15 Years
4 5 - 15 Years
5 Over 15 Years
7 All stocks
Index Linked
1 Up to 5 Years
2 Over 5 years
3 5-15 years
4 Over 15 years
5 All stocks
Yield Indices
5 Yrs
10 Yrs
15 Yrs

Day's
chg %
0.02
0.03
-0.09
-0.01
-0.14
-0.05

Feb 13
100.45
183.53
212.72
190.19
306.31
176.76
Feb 13
313.19
556.04
433.46
674.28
516.47
Feb 13
1.10
1.72
2.10

Day's
chg %
0.08
-0.40
0.12
-0.63
-0.35
Feb 12
1.10
1.71
2.08

Yr ago
1.84
2.83
3.26

Total
Return
2347.53
3212.82
3789.53
3353.20
4325.31
3216.85

Month
chg %
-0.65
-4.43
-1.87
-5.50
-4.04

Return
1 month
0.00
-0.27
-0.58
-0.36
-1.79
-0.86

Year's
chg %
-1.77
18.38
6.67
24.65
16.05

20 Yrs
45 Yrs

inflation 0%
Feb 13
Dur yrs Previous
Yr ago
Feb 13
Real yield
Up to 5 yrs
-1.00
2.41
-0.97
-1.17
-1.57
Over 5 yrs
-0.65
22.52
-0.67
0.10
-0.68
5-15 yrs
-0.74
9.06
-0.73
-0.08
-0.85
Over 15 yrs
-0.64
28.34
-0.66
0.13
-0.66
All stocks
-0.66
20.36
-0.68
0.08
-0.69
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2368.30
4078.90
3262.33
4861.04
3834.72
Feb 13
2.29
2.40

Return
1 year
2.74
9.16
15.54
11.00
26.00
13.39

Yield
0.80
1.39
1.79
1.54
2.33
2.06

Return
1 month
-0.06
-4.40
-1.87
-5.46
-3.95

Return
1 year
-0.04
19.41
7.98
25.50
17.17

Feb 12
2.28
2.39

Yr ago
3.45
3.51

inflation 5%
Dur yrs Previous
2.43
-1.55
22.63
-0.70
9.09
-0.84
28.41
-0.68
20.50
-0.71

Yr ago
-1.73
0.07
-0.22
0.11
0.04

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

FINANCIAL TIMES

Monday 16 February 2015

25

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week
High
Low

Price +/-Week

Yld

P/E

Vol
000s

Aerospace & Defence

AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

775.00
523.00
227.75
334.50
551.50
944.50
326.00
1843

-26.00 810.00
5.50 534.38
7.75 289.50
-1.50 345.10
6.00 555.50
32.50 1110.32
12.60 326.70
53.00
1985

580.00
374.10
181.50
258.30
421.70
777.00
248.90
1642

0.61
3.84
3.16
2.89
2.31
2.33
1.57
2.29

18.32 204.0
90.36 6022.7
-12.26 218.2
32.34 1481.9
21.10 1357.6
7.81 22444.6
18.51 814.8
29.99 105.3

Automobiles & Parts

FordMtr $X
GKN

16.30
379.00

0.44
-0.70

18.12
468.00

13.26 2.77 11.31 19927.4

281.10 2.08 12.90 3741.8

Banks
ANZ A$X
BcoSant
BankAm $X
BnkGeorgia
BankIre
BkNvaS C$X
BarclaysX
CanImp C$X
HSBCX
LlydsBkgX
RylBkC C$X
RBSX
StandChX
..7.375%Pf
..8.25%Pf
TntoDom C$X
Westpc A$X

35.74
466.00
16.61
2255
0.32
67.20
256.45
94.90
598.20
75.35
77.54
389.00
956.40
122.75
135.50
55.50
37.53

0.76 35.75
5.25 758.00
0.12 18.21
55.00 2795.69
0.02
0.39
2.07 74.93
1.00 267.55
1.36 107.37
-22.60 737.00
-0.46 85.53
1.47 83.87
5.00 403.90
18.20 1355.5
0.88 124.00
1.00 139.75
1.24 58.20
1.09 37.65

30.47
416.37
14.37
1774
0.24
60.75
201.75
88.04
573.54
70.02
70.28
291.60
867.50
108.50
124.50
48.51
31.33

5.20
9.53
0.46
3.10
4.05
2.53
4.41
5.01
3.89
5.15
6.01
6.09
3.52
5.07

13.01 7532.3
13.06 1106.5
44.58 93340.7
9.88 165.0
-12.18 27230.5
11.17 2304.6
57.86 41448.5
11.36 1428.9
11.62 20748.1
229.03 149400.8
12.16 2725.1
-6.84 9796.6
9.41 10874.6
40.1
33.9
12.63 3080.5
15.03 5779.0

Basic Resource (Ex Mining)

Ferrexpo
IntFerMet
Mondi
Vale BRLX

68.00
3.88
1257
22.48

13.00 175.00
-0.02 13.25
40.00 1275.43
2.06 35.20

47.60 5.99 2.80

2.65 8.92
919.00 2.30 16.92
17.65 9.25 -10.82

1401.7
967.2
1420.6
6913.4

337.50
126.45
123.25
2733
276.90
294.50
325.30
248.70
2048

-25.00 393.61
1.20 131.70
3.25 219.75
29.00
2849
-1.00 305.10
-10.00 347.75
9.70 350.30
2.70 302.08
9.00 2202.55

294.56
91.31
80.00
1965
225.50
237.53
273.20
176.64
1536

2.66
1.75
2.15
2.36
1.72
0.98
3.20
2.41
2.15

14.40
27.18
-4.36
21.55
19.39
21.54
20.12
18.55
21.72

332.9
1939.5
240.3
506.8
1943.7
82.1
263.8
243.8
260.5

108.66
145.59
101.00
170.00
37.50
248.00
1220
1044
742.00
1374
11.03
44.25
151.00
570.00
14.69
29.51
228.25

3.72
5.99
8.15
2.46
3.91
3.97
2.75
2.89
2.49
4.14
0.95
4.44
2.15
3.99
3.14
1.68
1.96

11.62
89.85
16.88
56.73
15.40
-17.18
14.87
47.72
91.13
26.10
13.86
26.89
12.27
6.87
21.74
90.54

76.6
1596.0
81.0
10.4
20.0
451.5
3169.1
188.7
249.7
89.4
19.6
67.6
86.9
8.6
296.7
2615.4
113.5

Chemicals
Alent
Bayer X
Carclo
Croda
Elemntis
Porvair
Syngent SFrX
Synthomer
Victrex

Construction & Materials

Alumasc
BalfourB
..CvPf
Boot(H)
ClarkeT
Costain
CRH
GalfrdT
Keller
KierGp
Kingsp
LowBonr
Marshlls
MorgSdl
Norcros
StGobn X
Tyman

134.50
235.40
118.75
207.00
79.25
290.00
1820
1383
965.00
1666
16.01
58.50
244.50
677.50
16.25
39.79
306.75

7.00 139.72
2.60 322.20
0.25 119.50
4.00 229.00
3.75 88.56
2.50 324.58
96.00 1870.96
33.00
1391
55.50
1299
44.00
1903
0.01 16.74
1.25 96.00
-10.00 264.00
-7.50 875.00
-0.13 23.10
1.24 46.40
-0.25 325.00

Electronic & Electrical Equip

Dialight
e2v Tech
Halma
MorganAd
OxfordIn
Renishaw
Spectris
TT Elect
XP Power

607.00
185.50
705.00
308.90
736.00
2453
2146
124.75
1555

-46.00
-1.00
-1.00
3.90
25.50
78.00
46.00
4.00
-45.00

992.00
193.53
709.00
366.65
1598
2457
2493
225.00
1798

606.00
145.44
552.50
258.10
671.58
1470
1606
96.00
1340

2.37
2.37
1.58
3.40
1.68
1.68
1.99
4.33
3.60

25.76
15.13
23.96
21.13
62.89
16.01
18.30
48.20
14.99

97.4
130.4
614.7
1243.3
470.0
61.8
398.0
199.4
51.1

-3.40
8.00
6.10
4.10
0.00
5.00
9.50
-5.00
0.76
0.00

478.30
481.74
379.40
357.60
729.00
493.00
349.75
1580
28.84
85.00

343.61
360.76
249.00
236.80
300.00
289.20
232.00
1217
18.25
47.00

3.38
3.73
5.28
2.99
3.41
3.63
7.58
2.98
1.10
6.55

7.39
19.70
16.62
121.29
14.90
-56.89
15.95
15.45
7.73
4.56

1447.3
2628.9
772.4
1024.4
0.1
13.8
48.8
222.8
68.2
10.0

52 Week
High
Low

Yld

P/E

Vol
000s

Financial General
3i
AberAsM
Ashmore
BrewDlph
Canaccord
CharlsSt
CtyLonInv
CloseBrs
DBAG
El Oro

473.10
448.90
306.60
290.50
325.00
337.50
340.00
1545
28.56
55.00

FriendsLf
Gimv Nv
GuinPeat
Hargr Lans
HBM Hlth SFr
HenderGp
ICAP
Indvardn SKr
ICG
IPF
Investec
Jupiter
Liontrust
Man
NB GFRIF
Paragon
Providnt
RathbnBr
Record
S&U
Schroder
..N/V
SVG Cap
TullettPre
Tungsten
WlkrCrip

52 Week
High
Low

Yld

P/E

Vol
000s

5.15
4.98
2.23
3.13
4.58
3.95
4.08
1.99
3.33
3.17
1.05
2.71
3.77
1.84
3.16
2.19
4.32
2.60
1.97
2.68
5.04
3.07

49.30
60.23
-52.23
29.54
2.47
32.97
27.97
10.44
13.98
16.12
17.98
23.02
25.31
101.28
20.48
13.64
24.06
25.29
13.87
16.00
22.55
17.06
11.75
25.81
-10.04
8.53

3195.0
17.5
71.5
1151.8
7.5
2021.1
1327.3
429.2
648.6
584.2
1189.0
852.5
27.8
6795.2
1106.4
636.2
308.8
19.5
52.9
6.2
274.7
70.6
681.3
309.0
1009.0
102.4

600.00 10.00 725.00 539.00 0.49 3.22

2905 -137.00
3293
2407 1.11 30.12
646.50
4.00 680.00 510.13 1.70 24.22
732.00
0.00 784.00 600.72 2.61 20.20
3.75
0.13
5.02
3.16 2.85 12.94
150.00
3.50 194.50 137.50 2.18 12.17
1164 62.00
1603
1051 2.37 23.09
1362 11.00
1499 1148.42 2.35 16.21
487.70 -12.30 537.50 367.39 4.37 21.23
289.25
2.25 316.00 203.88 3.04 21.72
14.90
0.25 15.53 10.40 0.73 26.69
309.30
-4.40 319.90 228.50 1.65 26.83
402.75
1.75 534.50 342.25 3.17 16.21
62.87
-1.42 65.96 49.30 0.69 63.28
70.30
-0.75 74.60 63.85 1.88 24.98
707.50 12.50 707.50 315.60 1.24 19.91
43.25
-1.75 165.71 26.13 -2.01
305.50
0.00 488.87 295.25 2.33 9.19
3457.5 -42.00
3857 2736.5 1.87 24.94
200.00
1.75 316.75 192.00 15.11
558.00 -15.50 744.50 551.50 4.95 14.32
163.47 -16036.5 174.93 107.00 1.83 15.19
3
2789 -13.00 2993.13
2337 3.13 20.03
37.03
-0.05 38.76 27.47 2.71 19.05

6.6
860.5
79.0
464.4
95.6
92.7
831.1
76.1
225.9
37.7
35.4
998.3
3.5
63.6
5708.4
55.7
1423.6
6.3
2708.8
478.6
1971.8
449.0

Price +/-Week
410.50
41.21
22.25
1006
97.60
255.60
480.40
153.90
498.10
466.60
570.50
397.00
286.00
173.50
94.85
424.70
2691
2239
34.75
2080
2946
2229
470.70
334.00
202.75
46.00

4.90
0.26
-1.00
16.00
2.70
5.60
13.50
4.80
-6.40
18.60
0.50
11.30
-7.50
-2.00
-0.15
-10.30
83.00
-1.00
0.25
6.50
-21.00
-41.00
4.50
1.00
-3.00
2.50

413.63
41.34
36.63
1513
105.80
275.40
483.20
154.70
512.00
636.50
606.50
447.60
306.25
183.44
101.90
439.80
2699
2280
44.80
2129
2973
2277
480.00
345.00
409.75
53.60

286.60
34.16
19.00
827.00
70.25
180.10
338.70
111.40
361.70
412.00
417.50
313.70
208.00
81.40
93.75
313.70
1689
1640
28.38
1700
2086
1692
226.00
234.40
200.25
37.50

Food & Beverages

AngloEst
AscBrFdX
Barr(AG)
Britvic
C&C
Carr'sMill
Coca-Cola H
Cranswk
Dairy Cr
Devro
Glanbia
Grncore
HiltonFd
Kerry
Nestle SFrX
NewBrPlm
PremFds
REA
SABMillX
StckSpirit
Tate&Lyl
TongtHu R
Unilever
..NV

2423.7
5.5

Health Care Equip & Services

Bioquell
ConstMed
GNStre kr
Optos
UDGHlthC

82.00
868.50
155.20
253.00
431.70

-1.50
-11.50
8.20
12.50
-0.30

142.00
1084
164.10
271.53
439.90

80.00
650.00
122.50
147.25
315.20

4.02
2.08
0.57
1.74

14.81
19.07
33.91
36.22
12.22

46.8
37.2
825.8
7.1
703.1

7.50 190.75 95.25

22.20 488.60 323.50
73.00
1976
1333
-15.00
2808
2033
34.50 946.00 717.43
22.40 466.00 291.98
34.00 683.50 470.25
-2.50 455.00 322.35
-3.00 495.50 390.00
-2.25 115.00 74.00
44.00 1690.73
1176
0.44 26.99 20.69
-1.00 392.10 289.76
85.00
5885
4697
58.00 356.80 224.00
3.40 144.20 101.20
84.00 2588.48 1634.12

1.18
1.93
7.15
1.51
1.47
6.74
0.82
3.49
2.46
2.54
0.85
0.49
1.34

27.65 414.1
15.85 5546.3
12.30 250.8
9.62 485.5
14.26 606.3
14.08 1158.6
24.27
6.3
11.51
27.9
22.41 115.0
-9.32 1407.8
15.89 1004.4
99.09 3099.5
14.80 499.2
21.86 1899.5
9.18 1523.2
16.55 13810.3
34.69
26.2

House, Leisure & Pers Goods

AGARmst
BarrttDev
Bellway
Berkeley
BovisHme
CrestNic
GamesWk
Gleeson
Headlam
McBride
Persimn
Philips X
PZCusns
ReckittBX
Redrow
TaylorWm
TedBaker

103.00
481.90
1922
2516
894.50
443.40
534.00
377.50
439.00
87.00
1658
25.32
316.00
5660
352.00
140.50
2515

Industrial Engineering
Bodycote
Castings
Fenner
Goodwin
Hill&Sm
IMI
MelroseInd
Renold
Rotork

744.50 33.00 832.00

380.00
-8.00 525.00
211.25
5.75 451.70
2775 -112.00
4250
606.00
-7.00 620.25
1416 21.00 1755.43
278.60
7.50 330.90
55.75
-0.50 69.00
2382 15.00
2890

542.50
373.00
180.50
2375
495.00
1108
234.50
49.00
2146

1.81
3.41
5.44
1.53
2.64
2.62
2.96
2.02

18.26
10.06
18.12
10.11
20.94
19.91
22.79
-16.82
21.08

212.7
6.0
957.8
1.0
40.2
682.8
3290.3
384.1
436.1

52 Week
High
Low

Yld

P/E

Vol
000s

2.28
6.73
1.44
1.89
1.82

Price +/-Week
Severfd
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir

69.25
205.60
3117
88.50
112.00
624.00
1892

52 Week
High
Low

Yld

P/E

Vol
000s

0.25
7.20
-38.00
0.00
1.50
2.50
49.00

72.05
207.20
3211
101.50
134.00
690.00
2848

52.60
134.80
2548
72.55
73.00
539.00
1574

2.96
1.89
4.52
1.25
3.69
2.22

157.03
50.29
23.64
8.01
19.21
15.59
12.33

47.7
1635.0
155.8
0.4
56.1
11.5
635.2

31.00
1.91
-0.14
0.00
16.00
5.50
5.70
-1.00
2.43
-14.00

695.00
67.88
38.10
49.50
603.00
672.90
359.10
1429
24.69
493.60

565.00
53.74
32.10
34.00
424.60
488.20
231.82
1006
14.78
388.80

2.10
1.91
0.66
4.24
3.60
2.41
3.13
3.35
1.97
3.38

15.23
16.95
13.73
12.67
13.53
21.86
17.87
20.40
19.68
11.04

27.2
301.6
195.0
3.5
2763.5
682.2
3074.4
1335.9
491.2
314.0

362.10
557.23
2750
12.29
1565
151.56
500.00
1290
617.00
715.00

293.70
390.00
1835
8.14
1003
55.68
147.41
910.00
388.00
380.00

2.64
5.74
2.79
1.34
1.74
3.84
2.98
3.91

16.25
33.65
20.12
55.73
14.48
-4.37
-4.57
9.26
24.53
28.81

554.7
10.7
9.7
510.6
49.3
828.5
18.5
9.5
4751.6
401.3

Industrial General
BritPoly
JardnMt $X
Jard Str $X
Macfrlne
REXAM
RPC
Smith DS
Smiths
SmurfKap
Vesuvius

690.50
66.00
34.92
37.75
543.50
571.50
319.40
1186
24.59
444.00

Industrial Transportation
BBA Aviat
Braemar
Clarkson
Eurotunnl
Fisher J
Flybe Grp
Goldenpt
OceanWil
RoyalMail
UK Mail

340.20
453.00
2005
12.12
1150
59.75
150.50
912.50
446.50
545.00

-1.20
-19.38
-95.00
-0.04
-2.00
-1.50
-35.00
-65.00
-9.30
6.00

Insurance
Admiral
Amlin
Aviva
Beazley
Brit Plc
CatlinGp
Chesnar
DirectLine
Eccles prf
Hansard
Hiscox
JardineL
Lancashire
Leg&Gen
NovaeGp
Old Mut
PermTSB
PhoenixGrp
PrudntlX
RSA Ins
SagicFin
StJmsPl
Stan Life

1459
505.50
541.00
294.00
274.40
702.50
345.00
317.00
140.00
80.00
759.50
958.00
638.00
270.00
614.50
216.00
0.06
835.50
1599.5
444.40
64.00
899.00
399.20

-9.00
1583 1175.33 3.21 13.63
10.60 509.50 418.20 5.14 8.68
4.00 571.50 442.40 2.77 13.80
-4.00 301.70 232.60 3.29 10.97
6.70 276.60 195.00 11.96
-4.00 719.00 479.50 4.21 8.62
6.00 363.25 267.25 5.18 7.21
1.50 319.80 227.70 3.97 14.16
0.00 142.00 118.50 6.16 -4.50 107.25 78.50 10.19 13.24
21.50 795.72 615.50 3.11 11.83
-0.50 1108.23 815.00 2.84 19.25
33.50 748.00 506.00 1.45 10.06
1.10 273.21 193.00 3.44 17.20
2.00 620.00 495.50 3.66 12.41
1.70 217.90 163.80 3.75 20.35
0.00
0.14
0.05 -6.01
5.50 853.50 560.52 6.39 5.89
-20.50 1649.5
1223 2.10 19.19
-9.90 500.50 83.05 2.28 -6.85
0.00 78.00 55.00 3.61 20.37
31.50 908.50 637.00 1.78 31.66
-6.20 429.30 340.70 3.96 15.59

426.7
514.7
5330.5
6127.1
327.0
1064.3
348.1
4632.9
80.6
67.3
303.1
70.4
570.1
6780.3
621.7
6410.2
29.5
451.0
3359.2
2265.1
5.3
1178.0
2737.0

899.00
154.75
62.75
255.50
116.50
857.00
114.50
160.00
230.50
170.00
16.89
16.41
1362
161.00
1160
22.14
365.00
48.87
198.00
1447

34.50
0.00
0.00
0.25
0.00
-12.50
2.00
14.75
2.80
-2.25
0.63
0.64
-13.00
6.00
-8.00
0.12
-8.38
-1.00
9.00
-2.00

899.00
190.00
77.00
377.00
131.95
1071
230.00
289.20
233.00
175.00
18.53
18.02
1395
176.47
1197
22.69
393.75
50.53
263.00
1565

610.50
142.00
55.75
239.00
100.50
699.00
110.00
125.00
167.10
2.90
14.28
14.09
981.00
136.66
851.53
14.51
322.00
36.86
166.99
1091

33.21
15.68
-2.44
-81.71
9.74
14.24
13.22
11.63
23.70
-4.61
36.92
35.87
40.57
12.41
25.07
23.32
9.98
83.28
10.08
19.24

49.2
4.2
18.5
384.1
160.8
563.5
14.2
385.2
9823.3
58.8
2591.8
403.1
3607.3
14.0
4448.2
2199.1
168.8
873.7
374.7
4526.6

270.20
-4.80
1204.5 59.00
86.00
-1.25
144.60 -14050.4
0
731.00 29.00
0.60
0.00
12.50
0.25
17.75
3.75
5.33
-0.48
15.12
-0.32

318.90
1678.5
214.01
209.52

222.90 0.78 -52.25

923.00 4.11 264.26
74.75 11.86 -2.48
88.36 -17.40

666.2
6752.4
370.6
1456.0

959.50
0.60
42.50
245.35
14.25
23.78

620.00 7.58 20.70

0.60833.33 12.25 -5.31
3.61 -0.45
4.19 -0.13
11.67 1.56 -5.07

3598.0
2198.3
248.8
320.2
1484.6

Media
4imprint
Blmsbury
Centaur
ChimeCm
Creston
DlyMailA
HaynesPb
ITE Grp
ITV
JohnstnP
News Corp A $
NewsCpB $
Pearson
Quarto
Reed ElsX
ReedElsNV
STV Grp
ThmReut C$X
UTV Med
WPPX

1.89
3.76
3.82
2.87
3.35
2.28
6.55
4.50
1.52
3.52
4.73
2.12
2.10
0.55
3.18
3.54
2.36

Mining
Acacia
AngloAmerX
AngloPacif
AnGoldA R
Antofagasta
..5%Pf
AquarsPl
AsiaResM
AvocetMng
Barrick C$

52 Week
High
Low

Price +/-Week
BHP Bltn
BisichMg
CoalfieldR#
EVRAZ
FstQuant
Fresnillo
GemDmnd
Harmony R
Hochschild
Kenmr
Lonmin
Petra
Petropvlsk
PolymtIntl
RndgldRs
RioTintoX
Troy Res A$
VedantaRs

1569 64.00 2102.53

67.50
-5.00 126.00
5.43
0.00
6.60
193.00
9.70 196.26
711.00 32.00
1512
879.00 19.00
1037
158.00
5.50 223.00
30.81 -3249.19 40.98
91.75
3.25 207.46
3.51
0.11 17.29
163.30 -11.40 330.90
163.10
0.30 220.87
15.50
1.75 98.25
600.00 15.00 690.00
5105 -205.00 5752.1
3151.5 123.00 3680.56
0.59
-0.04
1.51
524.00 49.80
1201

1247.5
67.00
5.35
51.35
581.50
675.50
139.75
16.60
77.80
2.18
149.74
140.81
6.00
315.18
3638
2600
0.35
353.21

7.28
2.15
974.80
454.20
10.63
204.00
227.00
560.00
41.25
140.00
93.37
2.18
9.75
640.00
4.35
107.50
340.00
42.00
4.24
496.30
51.29
30.00
112.00
3135
493.60
141.30
800.00
173.10
2149
2236.5
80.75
88.38
129.00
302.10
57.23
405.00
616.00

4.01
0.64
780.55
364.40
8.50
141.00
177.00
447.50
0.02
21.50
103.25
86.03
2.00
6.25
593.50
3.70
100.00
265.00
36.50
3.41
383.90
44.08
10.23
93.50
1715
370.00
112.70
594.00
124.50
1929
1984.5
52.75
75.60
97.50
234.80
48.50
345.30
517.60

Yld

P/E

Vol
000s

4.38
5.93
1.14
0.32
0.87
0.60
3.77
7.25

10.35
-9.76
4.74
-14.08
13.30
49.01
11.62
-10.88
-5.13
-2.48
-8.02
22.45
0.41
25.36
28.73
16.19
-1.57
283.70

9527.0
0.2
3322.6
10.2
1134.1
124.5
2219.4
398.7
2989.1
1979.6
872.9
3017.6
393.9
548.9
6269.6
1556.1
3728.8

Oil & Gas

Afren
Aminex
BGX
BPX
Cadogan
CairnEng
Cape
DragnOil
Endeav Int' $
EnQuest
Exillon
ExxonMb $X
FastnetO&G
Fortune
GenelEgy
GeoPark $
GreatEEgy
GrnDnGas
GulfKeyst
HellenPet
Hunting
ImpOil C$X
JKX
Lamprell
Lukoil RUBX
Nostrum
OphirEgy
Petrofac
PremOil
RylDShlAX
..B
Salamand
Schlmbrg $X
SEPLAT
Soco Int
TrnCan C$X
Tullow
Wood(J)

-1.84
0.00
39.90
3.60
0.25
-1.50
14.00
-20.00
1.25
9.25
1.87
0.00
-0.05
2.50
0.21
-2.50
-55.00
-7.25
0.25
-1.30
0.49
1.25
0.25
14.90
-79.40
-5.30
32.50
10.80
-16.00
-13.50
-3.25
2.22
-8.13
6.20
-0.61
-5.10
11.00

166.60
3.17
1420
526.80
12.44
210.70
335.00
632.50
5.92
148.40
175.57
104.76
13.00
14.50
1100
11.00
137.00
675.00
161.75
7.79
918.83
57.96
69.75
178.00
3297.7
825.00
319.70
1483
358.60
2864
2990.5
155.95
118.76
270.00
477.10
63.86
918.78
825.00

0.24 206384.9
-2.34 4821.8
1.90 18.57 12086.8
5.25 14.85 39397.4
-2.59
0.5
-5.12 2795.2
6.17 48.74 122.1
3.43 8.40 1221.2
3.60 6061.3
8.08 266.5
2.68 12.36 12027.7
-3.50 186.4
- -9750.00 371.6
21.05 1113.8
6.34
97.3
12.41
13.5
-9.21
22.9
-17.66 7601.9
-5.20 486.5
3.45 11.39 542.6
1.07 9.89 577.0
12.32 465.3
7.69 377.5
7.02 1042.8
3.72 8.88
91.9
14.35 2874.0
4.90 8.65 2715.9
2.84 6.79 5838.1
5.46 13.68 4805.8
5.10 14.23 4261.9
-5.80 3836.7
1.79 20.77 7510.2
3.81
49.5
12.52 21.65 266.0
3.51 22.49 1770.6
2.82 -31.73 10218.9
2.09 14.05 995.9

Pharmaceuticals & Biotech

BTG
CathayIn
Dechra
Genus
GlaxoSmhX
HikmaPhm
Oxfd Bio
RichterG $
ShireX
VecturGp

786.00
20.00
870.00
1281
1553
2472
8.55
14.11
5130
143.00

-6.50
-1.13
6.00
34.00
35.50
2.00
0.65
0.07
218.00
-6.00

835.87 490.20 72.15 367.9

41.06 19.50 -43.57
25.9
888.60 655.00 1.66 39.30 331.2
1382 924.50 1.30 26.91
84.4
1709 1200.67 5.29 18.13 16104.0
2500
1232 0.47 27.31 224.0
10.13
1.77 -12.43 4828.5
19.31 12.20 1.42 21.56
0.0
5470
2827 0.25 26.78 2477.7
171.50 113.25 -81.44 143.9

53.25
616.50
831.50
53.75
539.50
3319
788.50
1.44
691.00
115.50
1.15
845.00
374.00
1250
159.00
230.00
490.00

-1.00
-37.50
-8.50
-0.25
38.00
-46.00
-8.00
0.01
-9.50
0.20
0.02
0.00
1.60
-52.00
-2.40
-6.25
-9.50

55.25
668.00
855.50
55.00
701.00
3384
810.00
1.52
708.00
116.69
1.18
869.75
374.90
1312
162.80
245.00
542.00

Real Estate

REITs

Assura
BigYellw
BritLand
Cap&Reg
Countrywd
DrwntLdn
Gt Portld
Green Reit
Hammersn
Hansteen
HIBERNIA
Highcrft
INTU
LandSecs
LondonMtrc
McKaySec
MucklGp

39.50
451.40
645.36
42.25
404.30
2530
600.04
1.16
537.00
98.25
0.99
741.00
270.10
988.50
132.30
189.00
417.00

3.10
2.66
3.27
1.21
1.48
1.10
1.12
2.76
4.16
3.99
3.89
2.48
4.40
3.74
4.06

10.21
14.47
5.18
10.16
18.07
5.75
5.22
8.12
7.17
11.64
6.22
5.65
6.59
5.93
7.37

719.2
227.8
2975.8
1517.5
462.7
295.4
556.0
88.4
2299.4
1352.9
2182.8
1.0
2866.3
3003.2
771.6
60.5
23.4

Yld

P/E

Vol
000s

Price +/-Week

52 Week
High
Low

Yld

PrimyHth
Redefine
SEGRO
Shaftbry
Town Ctr
Wkspace

387.00
57.45
426.30
805.50
280.00
808.00

1.75
0.30
8.20
-1.00
-1.50
6.00

387.00
59.20
426.60
815.50
288.00
818.50

324.00
47.75
325.30
620.00
225.00
542.00

4.97 14.56
5.46 7.19
3.47 7.66
1.58 4.89
3.73 5.43
1.32 3.92

82.9
608.0
1681.0
450.9
13.2
158.2

Cap&Count
Cardiff
CLS
Daejan
DvlptSec
Grainger
HelclBar
HK Land $
Lon&Assc
MacauPrp
Mntview
Q'tainEst
RavenRuss
RavenR Prf
RavenR Wrt
Safestre
Savills
SchroderRE
Smart(J)
StModwen
UNITE Gp
Urban&C

383.00
1045
1565
5850
242.25
206.50
390.00
7.70
39.50
216.75
12500
97.50
44.50
124.00
29.25
286.00
712.50
60.25
91.00
473.10
512.00
274.00

-4.30
5.00
-30.00
185.00
2.25
-1.50
3.00
-0.15
0.00
3.25
600.00
-0.50
2.00
1.75
0.25
12.00
-15.50
0.75
0.00
27.00
6.50
-0.50

397.60
1099.5
1600
5850
267.25
250.00
405.06
8.30
61.50
270.00
12500
107.50
82.50
160.75
60.21
286.00
742.00
62.00
106.50
477.90
515.00
276.00

313.00
825.00
1250
4650
179.00
167.80
320.00
6.01
36.50
212.00
6675
75.00
37.25
101.50
27.00
184.25
567.52
50.50
86.00
324.59
388.30
215.00

0.39
1.21
1.52
3.30
1.00
1.73
2.10
0.32
1.60
9.68
2.01
1.47
4.12
3.22
0.88
0.94
-

11.18
4.42
6.62
5.11
15.48
11.50
6.86
17.44
68.46
4.87
14.17
22.17
-37.11
14.33
17.82
4.80
41.74
12.85
11.11
8.92

1310.3
0.4
28.8
4.4
56.3
461.0
80.6
962.9
5.0
54.5
1.4
1486.2
313.7
40.0
2.2
202.4
101.7
872.7
27.5
825.2
257.6
53.4

366.75
290.00
28.00
430.00
545.00
270.90
8.53
78.90
1878
426.00
924.00
237.00
446.60
742.00
495.30
154.00
494.00
183.50
93.50
7225
385.00
37.25
140.00
189.00
7815
1002
241.60
81.50
59.25

6.75
-35.90
-1.38
-13.50
-10.00
-0.90
-0.29
1.55
-27.00
6.30
33.00
21.00
-8.40
19.50
-10.20
4.00
12.70
4.50
4.50
60.00
-22.50
1.00
2.25
5.60
-61.00
-19.00
12.90
-1.50
2.25

368.00
412.38
32.38
600.00
670.00
296.00
10.90
82.40
1950
470.00
1045
330.25
515.00
743.50
520.00
155.00
512.00
246.60
126.18
7967
624.93
37.50
153.15
195.00
9180
1749
341.58
167.94
66.00

225.50
149.60
22.00
282.50
480.00
195.50
8.50
56.85
1291
319.20
745.97
188.41
417.10
589.50
336.00
117.50
359.20
150.60
77.50
6130
216.80
27.00
107.85
143.75
4700
750.00
155.40
77.00
51.00

7.14
3.31
3.30
2.43
4.31
0.69
1.23
2.16
3.20
2.35
1.37
1.68
3.44
7.08
5.35
1.84
1.07
2.68
0.55
6.11
1.35

17.09

12.35
16.24
9.53
102.61
25.35
11.12
22.82
50.12
19.67
-17.92
14.55
15.83
20.17
13.66
16.05
-13.29
28.76
18.65
324.07
10.46
20.30
35.45
30.54
20.84
22.89
11.47
12.83

344.3
3244.2
258.1
143.4
0.6
166.7
90.3
3201.1
51.6
2323.0
132.9
10.1
861.4
1493.7
34.7
1600.0
4075.7
7734.4
14.7
436.3
1253.0
1273.1
178.1
501.3
2.8
294.4
23929.7
75.4
245.0

-5.00 418.00 180.00 2.72 212.40

54.00 1841.76 1388.75 1.64 17.92
113.50 959.00 146.00 3.10 6.06
-21.00
1219 763.00 1.07 20.35
73.00
1511
1225 2.48 17.09
36.00
1476 979.65 2.11 23.64
13.00
1161 895.50 2.43 22.31
2.25 509.00 265.00 2.91 19.83
-4.00
1943
1412 1.72 30.12
0.00
1248 1000.5 2.29 45.61
9.90 396.54 294.03 4.86 30.84
0.75 75.00 47.00 3.17 18.63
7.25 208.75 128.02 5.50 9.51
73.00
3845
2720 2.01 25.08
-5.00 891.91 467.40 8.13 13.44
-14.00 826.00 603.84 2.07 24.74
2.00 371.00 197.20 5.52 11.70
27.50 504.00 316.00 23.91
22.00 924.00 624.50 1.73 33.01
8.00
1222 909.95 1.92 23.46
3.10 289.24 225.40 3.14 -57.27
31.00 733.00 527.00 1.16 29.85
3.88 124.75 66.32 3.97 10.47
-1.80 158.80 108.15 1.61 25.85
-3.40 354.50 293.80 3.42 39.34
11.90 440.00 287.50 1.28 24.03
3.50 751.50 487.20 3.92 15.46

18.5
594.2
363.1
2026.4
216.3
1265.0
150.3
268.2
712.0
914.0
1179.7
18.3
151.1
238.7
121.1
61.1
1140.3
6.9
672.9
1541.9
4378.2
321.7
22.1
2210.4
145.5
2465.6
248.0

Real Estate Inv & Services

P/E

Vol
000s

Retailers
AA
AO World
AshleyL
Brown N
Caffyns
Card Factor
Dairy Fm $
Debenhm
Dignity
DixonsCar
Dunelm
Findel
Halfords
Inchcape
JDSportsF
Lookers
Marks&Sp
Morrison
MossBros
Next
Ocado
Pendragn
Photo-Me
Saga
SignetJwl
SuperGroup
TescoX
Thorntns
VertuMotor

-439.39

Support Services
Acal
Aggreko
APR Engy
AshtdGp
AtknsWS
Babcock
Berendsen
Brammer
Bunzl
Capita
Carillion
Comnsis
ConnectGp
DCC
DeLaRue
Diploma
Elctrcmp
EnergyAst
Essentra
Experian
G4S
Grafton
HarvyNah
Hays
Homesve
HowdenJny
Intserve

250.00
1682
310.50
1073
1361
1067
1152
350.00
1882
1158
360.20
56.75
154.00
3818
520.00
778.00
212.90
470.00
890.50
1198
285.80
733.00
81.00
155.10
330.60
430.70
548.50

Intertek
Latchways
Lavendon
MngCnslt
MearsGp
MenziesJ
MichaelPge
MITIE
PayPoint
PremFarn
Rentokil
Ricardo
RbrtWlts
RPS
Shanks
SIG
SpeedyHr
St Ives
TribalGrp
Vp
Watermn
Wolseley

Price +/-Week

52 Week
High
Low

2595
787.50
165.75
15.25
454.00
383.75
487.30
289.80
878.00
165.70
126.80
707.00
334.00
248.40
107.00
188.80
70.00
185.75
170.00
586.00
68.00
3885

3111
1156
247.75
30.00
540.00
714.75
511.50
345.90
1212
242.40
133.60
800.00
363.00
359.37
120.00
214.80
83.00
225.00
204.00
690.00
79.00
4038

2141
705.01
155.50
14.50
354.75
306.25
358.70
263.90
809.39
147.00
109.80
597.70
270.00
181.50
84.50
143.40
50.75
168.00
141.10
539.00
50.00
2966

1.77
5.03
2.14
5.41
1.94
6.91
2.15
3.80
4.02
6.28
1.82
2.02
1.62
2.96
3.22
1.88
0.87
3.58
0.94
2.39
1.03
1.88

75.76
22.33
-86.73
14.21
113.33
20.58

517.8
4.0
143.6
13.2
60.7
189.8
719.5
965.5
44.3
821.9
2571.8
21.7
8.4
2952.5
400.0
932.2
674.0
33.3
46.5
11.5
60.0
1557.6

-17.00 1105.02
14.50 890.00
4.10 335.00
-0.80 487.00
2.50 112.70

778.50
506.00
259.45
284.20
65.95

0.58 85.49
1.02 -2824.10
3.65 25.66
0.97 18.45
2.37 31.26

4938.0
147.7
660.8
713.1
209.8

69.25
1183.9
575.00
12.50
64.00
738.00
169.80
120.00
346.70
284.25
625.00
7.00

2.10
1.78
2.48
3.08
2.94
3.17
1.54
2.60
2.45
1.14
-

27.46
23.20
18.71
-5.88
21.52
20.48
27.19
14.21
27.66
-14.95
27.52
6.76

550.8
223.2
46.3
0.7
18.6
461.0
68.0
44.7
3714.4
15.7
1183.2
25.0

350.30
113.10
653.00
78.50
261.00
968.50

2.25
3.26
5.71
3.75
2.92

17.91 33826.9
62.08 374.1
37.50 984.3
11.65 288.5
59.49 2046.9
30.92 152.0

139.00
70.00
1.25
-0.50
17.00
8.75
6.80
8.60
33.50
2.70
4.50
15.00
-11.00
43.40
4.00
-0.50
2.50
3.50
5.25
-4.50
0.75
61.00

Yld

P/E
21.49
19.84
13.67
8.76
20.64
8.68
34.12
83.56
16.08
12.14
21.87
19.44
38.03
18.39
-24.32
-169.02

Vol
000s

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

1062
867.00
328.90
336.20
87.25

Tech - Software & Services

Anite
AVEVA
Computcnt
DRS Data
Elecdata
MicroFoc
NCC Grp
RM
Sage
SDL
Telecity
TriadGp

87.75
1520
705.00
13.00
68.00
1105
228.00
145.00
471.40
457.00
952.00
15.00

5.00 98.75
57.00
2460
17.00 720.00
0.00 28.50
-1.50 86.75
5.00
1172
8.00 234.41
5.00 174.00
-13.50 487.80
12.50 461.00
88.00 1000.00
-0.50 19.00

Telecommunications
BTX
Colt Grp
Inmarsat
KCOM Gp
TalkTalk
TelePlus

439.10
149.00
898.00
85.50
320.00
1198

-3.90
7.50
26.00
0.50
4.70
44.00

465.15
155.00
902.00
105.50
334.30
1920

3592
3025

-36.00
-19.00

3818
3183

Tobacco
BrAmTobX
ImpTobX

2986.5 3.96 18.75

2222 4.27 20.42

2732.9
2080.8

Travel & Leisure

888 Hldg
AirPrtnr
bwin.party
Cineworld
CompassX
EntInns
FirstGrp
Fuller A
Go-Ahead
GreeneKg
IrishCtl
Ladbrokes
MandarO $
Marstons
Natl Exp
Playtech
PPHE Htl
Rank Gp
Restaurt
SpiritPub
Sportech
Stagech
ThomasCook
TUI
Whitbrd
Willim H

170.75
292.00
83.55
425.00
1119
112.10
101.40
1018
2410
847.00
3.36
119.10
1.70
146.60
270.00
737.50
474.50
181.50
714.50
115.60
63.50
345.50
128.00
1155
5000
382.70

23.25 185.75 109.19 3.26 21.52 1169.0

-1.00 580.00 245.00 6.42 11.89
43.2
-18.95 134.00 77.75 4.17 -21.98 23571.7
-11.30 445.00 290.00 2.37 38.69 561.3
-11.00
1179 924.41 2.35 22.98 3799.7
3.10 157.10 98.70 20.96 562.7
-2.00 146.14 98.55 20.97 2280.8
-1.00
1025 830.50 1.48 21.24
9.0
-64.00
2655
1813 3.36 14.84
45.0
-15.00 926.00 712.00 3.35 20.20 1699.3
0.00 32.05
2.50 3.22 25.37
0.8
-2.80 167.30 102.20 7.47 25.37 3698.4
0.03
1.95
1.62 3.72 22.24 123.3
-1.00 157.34 134.50 4.43 -16.51 927.1
5.70 309.27 213.40 3.70 28.41 557.5
34.50 847.50 570.50 2.52 17.98 854.4
2.00 477.38 307.00 2.82 6.82
10.1
-5.30 190.00 119.69 2.48 15.02
90.6
0.50 742.98 551.50 1.96 21.62 331.0
-2.20 118.90 68.75 1.81 7.68 788.8
-0.13 93.00 47.00 1.93
6.9
4.00 416.90 332.80 2.75 15.19 1242.1
0.70 189.40 99.40 -15.62 7293.9
2.00 1215.78 1004.81 48.64 1687.5
95.00
5140
3767 1.38 26.69 521.1
-6.20 398.50 314.52 3.03 17.55 2037.7

287.00
1260
422.10
890.20
839.50
954.00

-9.40
-2.50
38.80
-19.10
-8.50
-39.50

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

348.80
1610
828.50
965.00
925.00
1045

257.90
1135
348.37
806.00
682.00
737.50

5.92
4.96
4.17
4.72
3.61
3.78

22.13 14968.0
14.08
1.8
-14.28 3575.4
15.59 12520.0
28.93 1187.1
18.39 1993.4

AIM
Price +/-Week

Aerospace & Defence

Cohort

243.50

1.00

251.87

160.00 1.72 18.26

12.8

10.50
2976

0.00
-1.00

14.17
3009

10.00 -2.15
2245 2.08 30.02

20.0
2.6

Banks
BCB Hldgs
STB

Basic Resource (Ex Mining)

CropperJ

452.50

-17.50

490.00

355.00 1.75 22.64

8.3

136.00

5.00

150.00

107.00 0.74 -34.98

1427.7

927.30
76.50
9.50

800.00 0.89 9.02

0.91 -6.50
5.88 2.46 12.50

0.6
423.9
42.5

5.90
4.00
3.25
16.87
60.00
120.00
197.00

-6.39
1.86 -6.09
-1.55
-8.30
2.23 4.14
2.13 16.39
3.12 15.14

574.3
11.1
10.0
979.4
4.8
2.9
28.4

-1.25 12.50
5.25 2.77
25.00 1590.97 1000.00 1.68 20.07
2239.50
0.00 270.00 166.00 0.00 25.08
8.00 -0.57
1.00 155.00 116.75 2.04 9.57
46.50
1817
1300 1.63 20.50
-87.50 11300
8450 1.37 14.00
0.00 278.00 103.00 2.78
-0.38 19.50
9.50 8.20 13.35
-4.00 164.00 109.00 5.38 13.13
-0.50 59.00 44.50 2.09 20.80
-0.50 43.79 29.00 9.30
6.50 510.00 414.00 1.81 22.48
-0.75 49.50 18.50 2.23 -4.08
0.00 187.23 160.00 21.51
1.00 419.50 196.09 4.72 12.39
-1.38 64.98 46.00 3.90 14.28

70.0
0.7
0.6
84.1
6.2
2.4
0.4
0.0
917.3
18.3
15.4
13.0
5.4
59.0
0.8
8.7
9.8

Chemicals
Scapa

Construction & Materials

Abbey
AccsysTch
Aukett

875.00
66.00
8.13

2.50
8.25
0.38

Electronic & Electrical Equip

CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

8.80
5.38
5.50
32.88
60.50
143.00
295.00

-1.10
0.00
0.00
-1.38
-4.50
-4.50
1.00

11.75
6.70
7.50
50.00
148.00
150.00
308.00

Financial General
Ambrian
Arbuthnot
Ashcourt Rw
Aurora
BP Marsh
BrooksMac
Camellia
CaptlMgt
Charlemgn
Fairpoint
ImpaxGp
Leeds
MattioliWds
Miton
MAB
Numis
Park Grp

6.25
1550
266.50
9.75
135.00
1407.5
9112.5
112.50
10.75
111.50
57.50
38.00
502.00
24.25
176.50
212.00
59.00

Price +/-Week
Plus500
PolarCap
Share
ShoreCap
STM Group
WH Ireland

566.50
371.50
36.00
422.50
26.50
82.50

6.50
-8.50
-0.50
0.00
0.00
0.00

707.00
531.00
53.00
430.00
34.00
143.00

315.10
353.00
23.78
345.00
15.00
79.00

12.40
12.89
35.86
23.92
243.12
16.96

237.9
62.9
14.0
0.2
0.2
5.0

0.50
-0.50
-20.00
0.00
0.45
-2.50

70.00
1204
655.00
66.00
10.50
690.52

53.00 1.12 10.63

834.56 1.83 45.04
455.00 - 674.36
23.00 -5.19
5.95 -0.97
535.00 1.73 16.03

234.7
10.1
47.9
14.6
111.6
9.2

106.85
193.00
286.00
20.00
39.00

0.45 22.95
2.14 9.16
2.63 17.05
-2.55
0.88 23.88

295.7
51.9
31.4
8.3
94.2

15.00
630.00
41.70
25.00
900.00
930.00
120.00
379.00
219.00

9.03
425.00
19.50
14.50
562.50
724.00
35.00
245.50
151.05

3.86
2.55
0.57
2.69
6.45
2.42
0.97

21.89
21.06
-7.08
27.17
169.72
15.90
-3.04
13.38
21.51

3.9
11.9
0.2
7.7
0.8
4.6
4.0
60.3
77.7

-0.25
0.38
1.00
9.00
-25.00

24.01
14.30
188.00
217.00
790.00

14.60 4.00
3.00 -4.60
75.00 6.11 6.81
116.00 6.15 17.57
215.00 3.30 8.68

424.8
611.9
12.1
9.9
153.7

0.00
0.25
2.75
-0.13

77.00
58.38
90.00
11.33

42.00 3.39 9.77

27.43 2.12 19.85
46.00 -3.94
6.05 -24.28

8.4
26.3
167.4
21.1

Food & Beverages

FinsbryFd
Nichols
PureCircle
RealGdFd
Ukrproduct
Wynnstay

67.00
1069.5
555.00
41.50
7.00
555.00

Health Care Equip & Services

Advnc Med
CareTech
ImmunDiag
SphereMed
Tristel

132.50
218.50
323.00
21.50
77.50

5.00
-3.00
-7.00
-1.00
0.75

140.00
268.00
593.00
31.00
90.50

House, Leisure & Pers Goods

Airea
Churchll
gamingrealm
HavelckE
Mulberry
Portmern
SinclairW
TelfordHms
WalkerGb

14.25
572.50
33.13
15.00
871.00
892.50
46.50
363.00
190.50

0.00
-7.50
1.00
-0.50
23.50
-2.50
0.00
0.75
-2.50

Industrial Engineering
600 Grp
CoracGrp
Molins
MS Intl
Pres Tech

15.00
4.13
90.00
130.00
242.50

Industrial General
API Group
Powerflte
RM2
Symphny

59.00
51.00
50.75
10.13

Price +/-Week

52 Week
High
Low

Yld

P/E

Vol
000s

Insurance
Gable
Helios

43.50
124.00

-6.25
0.00

90.00
160.00

39.30 11.51
120.00 1.21 24.88

394.6
7.5

118.00
84.00
334.00
39.50
165.00
115.50

0.50
-7.00
-1.00
-1.50
3.50
0.25

126.50
100.00
344.75
56.90
166.70
133.00

94.00
81.00
235.00
32.95
102.00
98.50

10.2
400.3
14.1
141.1
82.9
16.0

10.00
9.13
2.13
1.25
146.00
1.00
0.90
9.22
0.24
40.00
0.88
1.05
0.75
2.63
14.50
9.75
21.00
7.49
3.08
1.73
0.07
12.75

0.00
0.00
0.23
-0.13
0.50
0.00
-0.03
0.62
0.03
3.00
-0.08
0.03
-0.08
-0.38
1.25
-0.75
0.00
-0.07
0.98
0.03
0.01
1.88

166.50
13.47
6.45
4.15
189.50
5.00
2.25
20.00
0.60
84.25
4.90
2.05
2.41
11.50
31.00
16.00
64.00
14.50
14.75
4.27
0.30
23.95

9.12 -1.11
2.29 -9.39 610.4
1.15 -1.83 6892.7
1.03 -2.20 211.0
135.16 5.92 2.73 391.9
0.25 -1.50
5.0
0.50 -9.00
66.7
7.20 -41.72 354.6
0.18 -2.93 32644.8
17.73 12.06 3.86 146.4
0.86 -8.58 1677.5
0.90 -1.98 276.3
0.25 -2.08 700.0
2.50 -4.53 1396.5
10.00 6.76
33.0
8.50 12.37 893.0
19.75 79.85 206.2
-146.76 5266.9
7.26 2.01 -6.97 32259.1
1.65 -1.35 1501.1
0.06 -1.52 17403.6
6.00 -1.73 234.6

23.88
33.00
27.13
1.68
6.18
11.88
0.70
4.63

2.00
1.75
-3.00
-0.05
-0.38
-0.63
-0.03
0.63

46.50
67.25
67.90
4.70
15.89
28.70
1.50
5.48

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

4.66
2.68
1.63
0.63
1.55
0.52

-9.22
14.56
85.16
8.14
106.73
276.32

Mining
AfricanMin#
AMC
BeowMin
BotswanaD
CentAsiaM
Connema
C'royG&NR
GrekaDrill
Herencia
HighldGld
KarelianDd
KEFI Min
OracleC
PatagonG
RamblMtls
ShantaGold
SierraRut
Sirius Min
SolGold
Stratex
Xtract Res
ZincOx

Oil & Gas

AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn
Cluff NR

21.35 0.84 3.85

19.10 10.15
27.00 - -2712.50
1.47 -7.51
4.69 -96.48
9.64 4.86
0.35 -0.44
3.00 -3.21

300.5
4434.3
229.1
1210.7
308.1
1686.4
2.5
1424.4

112.00 98.50 2.07 117.6

605.50 312.50 623.2
226.00 174.50 249.9
250.00 195.00 1.12 278.8
842.00 669.10 2.13 927.5
1084 890.95 1.38 1142.5
501.42 223.25 4.52 377.4
102.50 93.00 94.7
877.00 632.40 1.25 903.9
184.00 134.50 0.39 185.6
115.00 104.50 0.88 124.1
504.73 371.25 0.69 494.3
145.89 133.20 0.78 146.1
306.16 268.34 2.55 310.5
701.50 596.99 723.3
1848.64 1651.76 2.79 1890.9
553.68 465.10 2.86 494.1
427.87 331.00 1.60 366.1
410.50 330.80 3.60 374.6
1547.5
1219 2.61 1405.2
173.50 148.00 0.91 176.2
243.00 202.50 5.92 251.1
281.50 219.00 5.80 284.3
184.00 157.75 2.17 183.7
316.23 257.00 2.09 349.1
1666 1316.55 2.07 1721.1
524.00 422.18 4.85 492.3
319.00 256.00 1.08 322.8
160.08 147.00 179.6
8.75
4.00 406.00 348.40 0.98 471.2
551.49 390.50 1.43 548.4
808.00 699.86 3.91 796.3
1150 970.00 4.14 991.1
1523.37 900.00 991.0
1.25
1.00 42.00 16.75 24.1
0.15
0.06 68.00 61.33 6.68 58.2
371.30 194.03 380.3
76.24 65.45 113.9
906.45 777.28 3.18 949.7
1911.29 1625.86 - 2319.4
473.00 375.00 553.9
199.00 145.85 1.32 204.7
204.75 159.20 0.78 212.6
406.00 350.81 2.96 410.3
36313.1 32100 1.63 34887.
4
109.50 92.00 108.6
17.89
5.00 172.59 142.50 2.06 180.9
590.74 431.00 588.3
1.19
0.91 1.2
1.49
1.15 2.21
1.5
1496 1265.3 1.93 1558.1
30.91 26.74 28.98 24.80 222.50 193.50 214.0
298.00 225.12 1.15 321.4
278.50 235.50 3.60 286.0
139.10 106.79 1.26 152.1
201.59 162.03 3.77 198.5
198.50 146.83 2.76 182.1
527.50 402.49 1.81 495.1
257.50 221.99 4.27 254.6
626.00 536.00 1.87 687.7
258.70 189.00 1.13 254.7

-9.4
-9.5
-9.6
-10.3
-13.7
-5.1
-10.4
-1.8
-16.3
-2.8
-8.9
2.0
-3.1
-2.3
-8.9
-5.1
6.3
15.1
0.1
-3.1
-6.9
-7.1
-16.5
0.2
-10.9
-10.1
-1.1
-2.4
-11.6
-14.7
-10.6
-1.2
4.8
6.0
-18.0
7.0
-8.2
-38.1
-9.0
-18.1
-16.2
-3.6
-9.2
-2.2
1.2

52 Week
High
Low

Price +/-Week
Egdon Res
Enegi Oil
EuropaOil
FalkldO&G
FaroePet
GETECH
GlobalPet
Gulfsands
Indus Gas
Infrastrata
Iofina
Ithaca Engy
KBC Adv
Max
NewWldO&G
PetrelRes
Petroceltic
PetroNeft
Plexus
PresidentEn
Rockhop
Sound Oil
TowerRes
TrinityE
UnJackOil
VictorOil
VolgaGas

9.13
1.13
5.38
26.75
82.75
50.00
2.25
37.00
96.13
3.88
41.25
71.25
90.50
0.12
0.16
4.00
131.50
3.90
189.00
13.25
59.75
12.00
0.48
19.50
0.22
59.25
70.50

0.38
0.10
-0.13
-0.88
4.75
12.00
-0.13
1.00
-36.38
-0.25
10.75
0.00
-1.50
-0.45
0.01
-0.25
1.00
-0.35
18.00
-0.25
-4.50
1.13
0.00
0.00
-0.02
-1.75
0.00

30.80
10.25
10.75
33.75
154.89
105.00
7.50
71.91
725.00
10.00
93.98
160.50
142.00
2.26
0.99
16.75
224.00
7.25
325.00
39.48
124.25
14.00
7.25
129.75
0.52
71.40
143.00

8.50 -30.02 111.2

0.85 -0.38
23.8
4.65 -25.60 127.8
16.75 -56.08 942.1
-104.75
58.00 839.4
32.00 4.08 10.10
25.0
2.00 -0.57
10.3
21.00 -3.09 190.9
99.25 18.31
5.6
3.75 -3.06 130.2
20.75 -18.24 598.4
44.75 5.52 817.1
79.00 12.80 112.9
0.08 -0.06 65634.4
0.11 -0.44 800.0
3.76 -9.41
42.8
98.50 -6.61 753.2
3.75 -34.51 167.0
165.00 0.54 32.86
25.5
10.75 -59.68 100.6
51.00 -11.68 2206.6
4.50 -4.39 4282.1
0.42 -0.46 7989.2
17.08 -0.92 822.1
0.14 -2.86 3527.9
0.94 -62.83 175.7
55.00 8.60
0.7

Pharmaceuticals & Biotech

Abcam
AllcePharm
Epistem
e-Thera
GW Phrms
HtchChMd
ImmuPhar
ReNeuron
Sareum
SinclairIS
Vernalis

446.25
6.25
33.88
0.00
267.50
-5.00
33.50
1.25
420.75
9.25
1185 -137.50
53.50
-1.00
3.63
0.13
0.45
0.13
36.25
0.25
47.75
-2.25

503.00
37.50
342.00
36.55
541.00
1550
67.00
4.39
0.70
39.18
53.00

270.88 1.62 26.22

30.00 2.68 10.60
260.00 -15.42
19.02 -12.85
205.00 -62.12
672.10 - 145.77
41.00 -11.70
2.75 -8.06
0.27 -10.00
23.30 -39.40
28.59 -16.53

Conygar
FltchKng

183.50
53.00

0.00
-8.50

191.00
65.00

160.00 0.82
35.00 5.66

ScottOrtll
SecTstScot
Seneca I&G
Shires Inc
StdLf Eqt
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg
UtilicoInv
ValAndInc
Witan
WitanPac
WorldTst
WwideHlth

861.00
139.50
140.25
249.00
408.50
285.25
195.50
1195
561.00
102.75
177.50
543.50
70.25
185.50
118.25
252.00
783.00
240.00
253.50
1801

-10.00
0.75
1.75
2.00
3.75
3.50
-0.50
13.00
-6.50
0.00
-0.50
10.00
0.50
-7.50
-1.25
-4.63
3.00
-2.00
1.00
-3.00

341.2
44.9
11.7
9.0
301.7
34.7
45.5
243.4
4873.9
209.2
1022.3

Real Estate
7.83
7.37

87.9
91.5

908.5
149.1
146.5
257.7
436.2
310.5
193.3
1241.4
633.4
193.8
631.3
69.5
203.8
171.1
298.9
784.8
278.2
290.4
1832.5

-5.2
-6.4
-4.3
-3.4
-6.4
-8.1
1.1
-3.7
-11.4
-8.4
-13.9
1.1
-9.0
-30.9
-15.7
-0.2
-13.7
-12.7
-1.7

Yld
2.25
4.58
2.41
1.31
2.71
0.71
2.08
7.98
2.43

NAV
116.3
15.7
498.7
3173.1
140.5
259.3
667.1
15.6
1138.9
1.1
648.1
92.2
155.5
480.2
1502.1
1502.1
8.8
1042.8
257.4

Dis(-)
or Pm
-21.8
-33.8
-27.8
-3.3
6.0
-14.4
-13.9
-17.4
-5.9
-20.9
-37.5
-18.1
-9.0
0.0
-13.8
-17.8
-19.1
-9.9
-20.0

Yld

NAV

Dis(-)
or Pm

InlandHms
Lok'nStor
LXB Retail
MirLand
NewRiver
Palace Cap
PnthrSec
PSPI
SiriusRE
Songbird
SumGermny
TaliesinPr
UnitchCP
Winkworth

Price +/-Week

52 Week
High
Low

Yld

56.88
259.50
136.00
65.00
296.50
360.00
337.50
27.00
0.44
349.63
0.81
2250
2.88
134.00

-1.38
13.50
0.00
1.00
2.50
12.50
0.00
1.00
0.01
-0.38
0.01
25.00
0.00
7.50

63.00
265.00
147.50
255.00
322.00
370.00
357.00
28.75
0.45
359.26
0.82
2275
54.80
189.10

43.00
195.00
119.25
61.00
264.75
245.00
295.00
21.00
0.28
178.25
0.50
1620
2.25
115.00

0.47
2.44
3.46
3.56
0.73
0.82
4.30

21.05
328.90
7.18
4.85
27.80
-6.63
9.73
-2.96
6.77
4.09
4.65
16.60
0.57
12.06

293.5
18.2
107.6
4.0
901.9
9.1
0.4
281.1
142.0
16.0
50.0
3.4
291.4
9.3

3038
139.00
331.25
288.50

-77.00
0.00
-3.25
3.50

7195
237.40
524.00
387.00

1742 68.34
120.00 311.96 4.83 13.07
240.00 2.34 25.62

590.5
3.9
77.8
109.8

P/E

Vol
000s

Retailers
ASOS
Koovs
Majestic
StanlGib

Support Services
AndSyks
Augean
Begbies
Christie
Empres
Hargreaves
Hydrogen
Impellam
ISG
JhnsnSrv
JourneyGp
LonSec
Matchtech
NewmkSec
NormanBr
NWF
Optimal Pay
PennaCns
Petards
RedhallGp
Renew
Restore
SafeCharge

277.50
46.00
44.88
150.00
44.25
575.00
72.50
620.00
207.50
68.25
122.50
2335
507.50
3.03
22.50
141.00
386.50
134.50
12.25
9.50
277.00
266.50
272.50

-12.50
-0.50
0.38
0.00
3.25
-2.50
1.00
12.50
-25.50
-2.75
0.00
0.00
-2.50
0.43
0.00
3.00
1.00
-2.50
0.38
-0.25
-0.50
-9.00
-2.50

385.00
56.75
55.00
162.00
60.50
906.50
113.00
635.00
356.00
71.65
167.00
2600
640.00
3.20
40.00
163.00
558.09
155.00
15.99
51.50
327.13
284.00
285.50

260.00
42.00
37.54
87.00
38.13
522.50
67.00
365.50
203.00
52.00
113.00
1939
495.00
1.50
20.00
120.00
270.00
111.00
8.25
9.00
203.00
170.13
162.00

7.50
0.76
4.90
1.00
0.79
3.90
6.34
1.94
4.40
1.77
2.24
2.96
3.60
2.48
3.62
1.86
1.44
0.94
-

12.32
11.84
17.54
27.44
7.49
4.71
-26.45
109.15
15.86
17.12
17.98
20.55
14.51
6.44
-2.02
14.45
23.11
81.81
-1.91
-0.66
16.70
38.21
225.21

14.6
71.4
8.0
4.7
39.8
39.1
3.3
10.6
98.7
2709.9
0.5
0.1
6.2
659.6
0.0
33.7
594.8
0.0
153.4
62.8
179.1
201.1
18.6

Amati VCT
AmatiVCT2
ArtemisVCT
Baronsmd
..VCT 2
..VCT 3
..VCT 4
..VCT 5
BSC VCT
..VCT2
Crown Place
Frsight3VCT
Frsight4VCT
Frsight4C
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2
MavenVCT3
MavenVCT4
MavenVCT5
MobeusI&G
..I&G 2VCT
..I&G 4VCT
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

67.25
102.75
62.00
70.75
91.75
95.00
88.88
72.75
87.00
56.00
30.00
41.63
43.13
50.00
100.50
102.00
18.00
63.50
54.00
77.50
85.75
35.75
86.50
107.50
102.00
76.25
94.13
79.00
79.00
93.50
125.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.50
-2.88
0.00
0.00
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
0.00
0.75
0.88
1.00
0.00
0.00
1.00

80.50
123.50
69.50
77.80
101.49
110.10
96.10
78.39
92.20
61.00
30.50
67.90
64.69
52.00
113.00
106.24
19.50
69.00
56.75
79.00
89.00
37.00
107.90
119.50
116.00
81.00
99.48
88.88
81.00
97.00
133.00

66.50
102.53
60.00
69.50
91.00
94.00
86.75
72.00
83.00
53.50
29.00
38.00
40.00
30.00
95.00
93.50
17.00
60.00
43.00
70.00
81.00
26.50
84.00
97.00
99.00
73.50
92.50
75.00
76.00
89.50
120.00

7.43
6.57
6.45
13.43
13.62
16.32
14.63
8.25
6.32
8.04
8.33
4.80
5.97
17.65
5.56
7.09
4.63
5.48
5.42
5.59
4.05
1.16
5.15
7.21
5.84
7.59
8.23
7.49
4.80

70.5
108.1
70.5
73.5
94.7
97.7
91.8
74.6
101.1
62.4
33.1
72.1
86.1
82.5
104.0
109.9
19.6
68.2
58.1
86.5
96.0
39.5
95.7
120.5
111.0
85.8
105.9
86.8
83.5
98.1
138.1

-4.6
-4.9
-12.1
-3.7
-3.1
-2.8
-3.2
-2.5
-13.9
-10.3
-9.4
-42.3
-49.9
-39.4
-3.4
-7.2
-8.2
-6.9
-7.1
-10.4
-10.7
-9.5
-9.6
-10.8
-8.1
-11.1
-11.1
-9.0
-5.4
-4.7
-9.5

Servoca
Synectics
Utilityws

Price +/-Week

52 Week
High
Low

22.50
169.50
215.50

0.00
29.50
-12.25

23.50
572.00
373.28

7.13 23.27
115.00 5.01 44.52
194.25 1.39 17.71

58.4
35.9
3979.0

10.00
-1.50

142.00
26.25

75.24 2.57 18.37

12.08 -54.41

92.6
1405.3

Yld

P/E

Vol
000s

Tech - Hardware
AminoTech
IQE

140.00
19.75

Tech - Software & Services

Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Iomart
K3BusTc
Monitise
OMG
Progility
Pub Tech
SciSys
WANdisco

29.50
94.00
87.00
315.00
2.88
41.00
75.00
189.75
211.00
21.00
35.25
6.50
197.50
91.00
445.00

1.75
0.00
3.50
-5.00
-0.38
-2.25
0.00
13.75
-6.00
2.00
0.00
-0.63
-2.50
3.00
47.50

124.25
153.75
89.00
330.85
8.00
48.50
84.00
288.21
239.63
80.50
37.00
11.49
399.70
97.00
1390

23.25
83.00
57.17
260.00
2.50
33.00
42.00
159.93
170.00
12.75
25.00
4.00
125.50
73.00
255.15

1.91
1.95
3.29
0.76
0.92
0.47
1.13
1.60
-

-25.09
25.02
30.89
19.43
-2.46
96.70
23.50
26.18
-5.90
133.02
-41.40
-84.80
14.85
-5.72

2619.1
5.0
66.0
0.5
8.0
199.3
26.1
42.7
453.3
7052.9
105.8
43.7
0.5
7.1
466.6

-2.75
-14.25

547.00
329.25

415.00 2.78 29.21

162.75 -3.95

24.0
109.2

18.63
76.00
62.50
135.00
232.50
289.00
217.00
8.38
87.50

0.00
0.00
0.00
0.00
10.00
-5.75
-0.50
-0.25
-1.50

19.00
77.27
75.00
150.00
249.00
304.50
235.70
18.22
90.00

17.00
72.00
50.00
120.00
209.24
177.75
206.00
7.65
66.00

-2.18
-19.78
238.46
13.15
21.43
-13.82
18.73

89.2
10.0
0.0
0.4
1.0
328.5
6.9
208.7
3.4

ModernWtr
RenEnGen
Rurelec
SeaEnergy

19.25
61.75
3.38
25.00

-0.25
-1.13
0.00
1.00

37.30
81.00
9.40
44.00

18.10 -3.15
61.00 3.56 -43.15
3.25 -0.45
18.68 -32.22

12.0
8.1
1.8
161.5

Infra India
MMP
Marwyn Val
TerraCat
Tiger Res

13.75
4.25
205.50
97.00
0.88

0.00
0.13
0.00
0.00
0.00

17.00
8.75
240.70
126.70
1.80

-128.42

Telecommunications
AltNetwks
AvantiCom

485.50
221.25

Travel & Leisure

CastleStIn
Celtic
..6%CvPf
..Cv Pf
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls

16.11
5.18
0.95
0.85
-

Utilities

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Week
High
Low
3i Infra
155.60
0.80 161.50 132.60
AbnAsianIn
198.25
-1.75 213.80 179.00
AbnAsian
923.00
-5.00
1014 771.07
AbnJapInv
454.50
0.00 470.00 319.00
AbnLatAmIn
65.00
-2.00 85.68 60.25
..Sub
1.00
0.00
5.89
0.50
AbnNewDn
179.50
-4.25 195.00 154.00
AbnNewThai 466.00
-4.00 482.75 344.38
AbnSmlCo
188.00
0.75 229.00 174.00
Abn UK
323.00
2.50 324.50 288.00
Abf Gd Inc
167.00
0.25 185.25 138.25
Abf Sml
1057
-6.00
1237 966.00
AcenciADbt
105.00
0.50 109.00 102.00
AdvDvpMk
447.00
7.00 473.66 383.00
Alliance
491.50
-1.50 499.40 420.20
AllianzTech
568.00
2.00 584.50 463.07
AltAstsOps
45.25
0.25 47.00 35.50
Art Alpha
275.00
-2.75 312.00 269.00
..Sub
29.50
-1.00 46.00 28.00
AsianToRt
207.00
-3.00 213.50 165.00
Aurora
147.00
0.00 169.00 144.00
BG Japan
392.25
3.00 398.48 313.50
BG Shin
317.00 -10.00 334.75 282.50
BSRT
32.25
3.00 47.75 27.00
Bankers
611.50
6.00 619.50 506.00
BrngEmEu
530.00 22.25 711.00 432.00
BH Global
1285
-6.00
1304
1162
..EUR
12.00
0.00 14.00 11.80
..USD $
12.83
0.02 12.95 11.20
BH Macro
2131
-1.00 2141.66
1919
..EUR
20.65
0.15 20.70 18.40
..USD $
20.65
0.20 20.75 18.40
BiotechGth
723.50
-7.50 792.86 390.01
BlckRCom
91.00
0.50 119.88 80.54
BlckREmEur
215.00
2.38 280.00 169.25
BlckRFrnt
112.00
1.13 133.28 103.50
BlckRGtEur
236.75
3.25 254.15 201.75
..Sub
12.00
0.00 28.25
8.00
BlckRHSUK#
134.75
0.00 142.50 120.00
BlckR I&G
181.00
-3.75 188.33 158.01
BlckRckLat
383.50
-1.00 508.45 355.00
BlckRckNrAm 117.50
-1.13 120.75 98.75
BlckRSmlr
810.00 -11.00 912.30 697.00
BlckRThrmt
284.00
0.00 320.75 238.00
BlckRWld
328.30
6.40 520.99 286.00
Bluecrest A
187.00
-1.10 188.50 173.00
Brit Ast
133.75
1.00 143.50 119.25
Brit Emp
524.00
2.00 528.00 474.30
Brunner
546.50
4.50 552.50 486.00
Calednia
2323
-7.00
2365
1923
CanGen C$
19.88
0.47 21.00 17.45
Cap Gear
3285 -45.00
3465
3080
CayenneTst
153.50
-0.50 153.75 138.00
CayenCULS
106.50
0.00 106.00 105.25
City Merch
189.00
-0.50 191.50 182.15
CityNatRs
102.50
3.00 146.75 95.00
City Lon
398.00
2.60 399.00 345.00
DexionAb
181.75
2.00 182.00 158.00
..EUR
2.46
0.00
2.50
2.26
..USD $
3.76
0.00
3.75
3.39
DiverseInc
80.50
0.38 90.75 73.02
Dun Inc
266.75
1.13 371.25 239.00
Dun Sml
191.00 11.50 243.50 171.30
EcofinWatr
152.50
-1.13 176.75 124.19
..CULS
105.00
-0.25 111.70 102.52
EdinDragn
281.00
-0.75 291.79 229.60

Yld
4.31
3.98
1.08
0.99
6.54
2.01
1.72
3.35
3.19
4.29
2.26
3.61
1.96
1.16
1.57
2.59
2.39
3.58
6.58
0.96
1.22
2.53
3.15
4.50
2.55
1.48
1.41
6.40
4.77
2.00
3.20
2.11
0.74
0.49
0.78
5.29
5.37
3.68
2.92
4.16
2.72
4.38
0.78

NAV
149.1
202.1
970.0
486.7
72.4
205.7
537.4
233.9
340.4
196.6
1185.9
111.1
498.6
568.2
620.7
48.6
322.3
223.5
166.5
397.0
333.9
43.0
630.4
617.4
1401.0
13.8
2200.0
21.3
21.2
740.2
90.5
247.2
116.9
247.4
137.7
184.4
435.2
127.4
924.7
344.0
360.7
196.1
143.8
587.6
633.6
2769.3
28.6
3240.8
161.0
185.9
130.0
392.1
193.7
2.7
4.1
82.3
280.1
223.5
178.4
314.7

Dis(-)
or Pm
4.4
-1.9
-4.8
-6.6
-10.2
-12.7
-13.3
-19.6
-5.1
-15.1
-10.9
-5.5
-10.3
-13.5
-8.5
-6.9
-14.7
-7.4
-11.7
-1.2
-5.1
-25.0
-3.0
-14.2
-8.3
-7.0
-3.1
-3.1
-2.6
-2.3
0.6
-13.0
-4.2
-4.3
-2.1
-1.8
-11.9
-7.8
-12.4
-17.4
-9.0
-4.6
-7.0
-10.8
-13.7
-16.1
-30.5
1.4
-4.7
1.7
-21.2
1.5
-6.2
-8.9
-8.3
-2.2
-4.8
-14.5
-14.5
-10.7

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
HendVal
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr
JPMGIConv
JPM GEI
JPM I&C Uni

106.25
662.00
413.00
244.00
178.50
1011.5
763.50
267.75
936.50
147.00
123.00
244.50
133.00
170.20
74.25
867.00
575.50
7.85
462.50
19.00
534.00
20.63
20.00
30.13
850.00
829.50
94.00
1017
860.00
335.00
402.00
186.00
128.50
827.50
556.00
223.00
684.50
153.70
154.00
293.50
137.10
192.00
291.00
76.50
117.13
158.50
102.00
161.00
339.00
95.00
94.50
372.00
124.20
289.40
236.25
55.25
183.50
99.50
592.50
104.00
612.00
236.00
131.50
217.00
601.00
105.00
120.75
351.50

-0.25 107.70
7.50 670.50
2.25 452.45
1.50 249.00
0.00 188.00
6.50
1040
-4.00 797.00
3.25 271.75
2.50 942.00
0.00 149.00
1.00 125.00
-1.50 255.00
-0.50 142.68
-2.00 174.08
-1.25 77.50
6.50 966.00
-0.50 583.00
-0.05
9.48
2.50 464.40
0.50 34.89
-2.50 583.00
-0.63 35.99
-3.50 70.00
0.13 49.00
-14.50
1010
-5.50 986.00
0.75 94.50
6.50 1037.24
9.50 865.00
-4.50 351.00
5.50 405.00
-1.00 187.25
-0.50 132.89
13.50 971.99
-3.50 616.39
-3.75 254.00
7.50 747.00
-0.10 156.39
0.88 156.50
7.50 296.00
0.30 139.50
-1.00 198.00
1.75 294.70
0.63 77.50
0.00 117.80
1.50 160.89
0.00 101.81
2.00 162.00
7.00 346.98
0.50 99.00
0.50 103.00
5.00 378.00
1.50 155.35
-1.80 296.14
-0.50 248.27
-1.00 76.49
-2.50 194.00
0.00 101.99
2.75 600.01
1.00 104.99
2.00 632.37
2.25 240.00
2.00 132.55
-0.13 246.80
3.50 633.50
1.75 112.50
0.50 130.00
0.00 370.50

101.75
565.20
332.25
207.04
163.00
800.00
659.33
231.75
781.00
130.00
110.00
196.75
97.20
137.40
54.17
796.84
464.25
7.37
361.90
17.00
476.00
18.50
18.45
26.50
841.20
810.00
89.00
816.47
678.25
289.25
336.20
156.50
103.00
755.00
468.13
223.00
594.00
134.60
136.00
267.51
125.88
152.25
255.00
69.00
108.50
138.00
100.00
143.00
281.00
87.00
87.03
347.00
113.60
227.20
191.00
52.56
139.25
98.00
507.66
93.01
501.00
193.00
104.75
164.00
534.51
99.00
105.00
330.06

3.55
0.48
1.11
2.63
5.14
1.83
3.64
0.85
3.94
0.45
0.86
1.75
1.87
1.88
2.41
2.42
1.88
0.60
5.37
2.68
1.98
5.34
2.49
4.57
3.27
1.31
1.98
0.67
5.80
0.78
1.70
4.49
1.80
4.11
6.54
3.51
1.92
4.78
0.87
5.13
0.93
1.10
1.81
0.87
1.27
0.82
0.90
2.84
1.34
3.24
4.42
-

684.2
470.6
242.9
226.8
1014.2
830.3
263.0
930.5
145.2
120.9
279.4
150.4
182.7
86.9
958.7
572.6
475.0
24.8
588.1
54.1
33.0
1141.2
1141.2
90.5
1003.9
849.7
328.5
441.8
180.8
126.2
999.1
660.9
278.6
829.9
132.8
173.0
323.5
120.5
215.7
313.1
74.0
121.7
160.2
103.3
165.8
381.0
104.9
104.9
420.0
105.6
292.1
263.6
59.6
207.2
101.2
606.8
106.6
687.5
252.6
137.0
251.6
650.4
101.3
119.8
374.5

-3.2
-12.2
0.5
-21.3
-0.3
-8.0
1.8
0.6
1.2
1.7
-12.5
-11.6
-6.8
-14.6
-9.6
0.5
-2.6
-23.4
-9.2
-61.9
-8.7
-25.5
-27.3
3.9
1.3
1.2
2.0
-9.0
2.9
1.8
-17.2
-15.9
-20.0
-17.5
15.7
-11.0
-9.3
13.8
-11.0
-7.1
3.4
-3.8
-1.1
-1.3
-2.9
-11.0
-9.4
-9.9
-11.4
17.6
-0.9
-10.4
-7.3
-11.4
-1.7
-2.4
-2.4
-11.0
-6.6
-4.0
-13.8
-7.6
3.7
0.8
-6.1

JPM Inc&Gr
JPM Ind
JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
JupDv&G
JupEur
JupGrn
JupPrim
JupUSSmCo
KeystoneInv
Law Deb
LinTrain
Ln&StLaw
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
MitonWw
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B
NB DDIF $
NewCtyEgy
..Sub
NewCityHY
NewIndia
New Star IT
NorthAmer
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset

106.50
0.00
564.00
-3.00
226.00
8.00
250.00
3.75
800.00 10.50
1084 25.00
338.25 33.25
93.00
-1.50
757.00 28.75
180.38
-0.63
113.00
0.00
504.00
9.25
141.50
1.75
303.50
0.00
659.00
1.75
1795
6.00
525.00
2.00
421.50
6.50
375.00
-2.50
1362 77.00
164.00
1.00
233.25
-1.50
237.25
1.25
184.00
2.00
311.00
2.25
1548 18.00
487.00
0.38
315.00
0.00
158.75
0.13
4.25
0.13
401.90
2.90
490.00
3.00
787.00
-6.00
1039 -13.00
1050
0.00
1.18
-0.01
19.75
-0.50
0.13
0.00
62.25
0.25
349.25 -13.88
70.50
0.00
864.00
-8.50
1900 22.50
464.00
0.00
197.25
1.50
193.00
-7.00
401.40
7.50
35320 -360.00

PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV
RolincoNV
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd
ScotAmer
Scottish In
ScottMort

95.75
7.63
167.50
577.50
1.08
1.31
1489
30.38
28.32
219.50
291.75
272.00
138.50
199.00
162.75
438.25
241.00
620.00
256.00

-0.25
0.00
0.00
-4.50
-0.01
-0.03
24.00
0.00
0.00
1.50
-0.75
-2.75
-0.50
0.75
0.25
-5.50
-3.63
1.00
0.20

-11.8
-7.4
-1.8
-10.0
-12.7
-4.4
2.6
-9.2
-4.9
-8.9
0.3
-10.6
-11.5
-5.3
-9.8
0.5

900.00 717.00
149.00 129.86
141.00 131.00
261.75 216.26
431.00 362.50
348.75 256.00
201.90 152.85
1287
1101
626.64 493.20
412.00 99.00
187.70 163.00
601.00 438.00
70.75 60.00
202.23 174.25
133.80 101.00
288.00 238.43
791.95 642.00
248.00 205.75
257.00 211.00
1884 1180.01

Conventional - Private Equity

52 Week
Price +/-Week
High
Low
AbnPvtEq
91.00
0.25 96.00 74.25
Altamir
10.40
-0.05 11.99
9.43
Dun Ent
360.00 -10.25 434.75 332.84
Electra
3068 39.00
3100
2338
ElectraPrf
149.00
0.00 149.68 141.91
F&C PvtEq
222.00
1.00 233.00 197.00
GraphEnt
574.50
4.50 619.00 536.10
HVPE $
12.88
0.08 12.90 10.65
HgCapital
1072
-5.00 1145.75 990.00
JPM Pvt Eq $
0.87
0.00
0.88
0.72
JZ Capital
405.00
2.00 449.00 390.00
LMS Capitl
75.50
-1.00 88.75 72.75
Mithras
141.50
0.00 148.23 130.00
NB PE Ptnr $
11.88
-0.14 12.11 10.10
Nthn Invs
480.00 10.00 487.00 374.50
Pantheon
1295
0.00 1301.86
1056
PantheonR
1235
0.00
1240
1010
PrincssPE
7.12
0.04
7.25
6.20
Riverstone
940.00 10.50 960.50 822.00
StdLfEuPv
206.00
0.00 236.42 195.75
Conventional - Property ICs
Price +/-Week

Direct Property

52 Week
High
Low

1.34
3.44
4.01
4.82
3.28
1.46
0.77
3.16
1.29
2.39
1.10
2.35
3.29
7.93
3.37
1.97
1.85
0.83

AseanaPr $
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
IndMultiPr
InvistaERET
Longbow
PictonProp
SLIPropInc
UKComPrp

0.45
42.00
106.00
145.90
96.00
54.50
0.98
105.25
70.50
80.00
89.30

0.00
-0.88
2.00
-0.10
1.00
0.00
-0.03
0.00
0.25
1.00
-1.35

0.47
43.63
115.50
148.40
97.00
73.00
4.40
106.75
71.50
82.00
92.65

0.39
37.00
103.50
116.50
81.00
48.00
0.35
100.50
56.00
72.00
77.80

0.6
4.11 119.7
5.21 90.2
10.5
4.26 65.2
5.70 75.4
5.44 83.0

-25.0
21.9
6.4
-90.7
8.1
6.1
7.6

SchdrGlbRe
TR Prop

123.00
309.00

-1.50
-0.80

126.50
313.50

29.00 3.41 137.1

232.40 2.41 315.4

-10.3
-2.0

Property Securities
VCTs
AlbionDev
..D
Albion Ent
AlbionTech
AlbionVCT

Price +/-Week
70.00
0.00
100.00
0.00
89.00
0.00
77.00
0.00
66.00
0.00

52 Week
High
Low
70.89 67.00
101.00 98.00
92.00 85.00
81.00 71.25
68.75 64.00

Yld NAV
7.14 71.3
2.50 104.8
5.62 94.6
8.12 83.4
7.58 67.7

Dis(-)
or Pm
-1.8
-4.6
-5.9
-7.7
-2.5

Ordinary Income Shares

Price +/-Week
JPM I&C
97.50
0.25
JupiterDv&G
4.25
0.13
M&GHI&Gt
59.00
0.00
Rghts&Icp
3947.5 -82.50

52 Week
High
Low Yld
100.80 86.00 6.41
5.83
3.50 16.94
68.80 55.00 4900
3800 2.07

HR
WO GRY 0%
-14.1
5.3
-30.7
-14.2
-6.5
-62.8
3.7

Price +/-Week
95.00
0.00
55.50
-0.25
1040 -12.50

52 Week
High
Low Yld
97.00 90.15 4.63
63.00 53.00 1252 895.00 2.88

HR
WO GRY 0%
-57.2
8.1
-14.2
-3.2
20.0

Price +/-Week
11.50
0.00
4.15
-0.15

52 Week
High
Low
15.50
9.00
6.54
3.00

Income Shares
JPM In&Gr
M&GHghIc
Rghts&I
Capital Shares
JPM Inc&Gr
M&GHghIc

Zero Dividend Preference Shares 52 Week

Price +/-Week
High
Low
Abf Gd Inc
149.13
0.00 149.75 138.00
EcofinWatr
153.75
0.25 154.25 144.62
F&C PvtEq
151.50
0.00 152.14 146.25
JPM I&C
171.38
-0.13 171.75 160.71
JupiterDv&G
111.50
0.25 113.00 97.75
JZ Capital
355.50
0.25 357.06 334.30
M&GHghIc
113.25
0.13 114.70 105.00
UtilicoFn16
185.63
-0.13 185.75 171.30
UtilicoFn18
143.25
1.13 143.99 117.00
UtilicoFn20
112.25
0.88 112.50 100.00

HR
SP
0.6
7.2

WO TAV 0%
-3.9
9.7
6.1
HR

SP
-34.2
-69.0
-18.0
-5.4
-87.2
-17.5
-57.4
-20.1
-10.4

WO TAV 0%
159.7
-92.7 160.7
192.1
130.1
369.8
-90.6 122.8
192.8
-32.0 160.5
-12.8 154.9

45.1
1.3

-69.5
-32.3

AdFrntMkt
CrysAmber
GLI Finance
IndiaCap

52 Week
High
Low
65.50 55.00
157.66 129.81
65.00 51.09
69.40 33.48

Yld NAV
62.4
0.3 149.5
8.2 75.0

Dis(-)
or Pm
-7.6
0.6
-11.7

52 Week
Price +/-Week
High
Low Yld
P/E
1580000 65000 1590000 1400000 - 135.20
1142.5 17.50
1260
1025 2.21 27.49
124.50
4.00 132.00 112.50 3.58 -26.54

Vol
000s
0.0
8.0
36.6

ISDX
ArsenalFC
ShephdNm
Thwaites

Guide to FT Share Service

For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company

trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
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The London Share Service is a paid-for-print listing service and may not be
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please email stella.sorrentino@ft.com or call 020 7873 4012.

Data provided by Morningstar

Investment Companies - AIM

Price +/-Week
57.63
0.00
150.38
-1.00
60.63
-1.00
66.25
-1.00

9.50
4.00
184.56
60.00
0.75

www.morningstar.co.uk

26

Monday 16 February 2015

Corporate diary February 16 - February 20

ECONOMIC OUTLOOK

TUESDAY 17
EARNINGS (previous EPS in brackets)

Orange

FY*

0.91

on annual underlying earnings per share

performance to 19p-20p in November.
Last year Centrica generated 26.4p
earnings per share, culled from post-tax
profits of 1.37bn. Michael Kavanagh

(1.04)

*Q4 estimate
WEDNESDAY 18

Eni, the Italian oil and gas company, will

publish fourth-quarter results, its first to
be affected by the sharp oil price fall.
Attention will be on its response to the
new price environment, cash flow and
debt. Analysts are suggesting the need
for an asset sale and reports suggest a
possible spin-off of its power and gas
unit. The company declined to comment.
Eni signed a $7bn oil and gas deal in
Ghana last month. At the same time,
Claudio Descalzi, chief executive, said the
company would be in line with the
industry trend of cutting 10-13 per cent of
new investments.
Since appointment as chief in May, Mr
Descalzi had focused on core upstream
activities and has launched a cost-cutting
plan, worth 250m in 2014 and 500m a
year from 2015. Giulia Segreti
The imminent change of chief executive
will be in focus next week as Crdit
Agricole reports its full-year results, with
Philippe Brassac expected to be
appointed to the top job.
The board is expected to appoint Mr
Brassac head of CASA, the banks listed
arm, replacing its outgoing chairman
Jean-Paul Chifflet, according to people
close to the talks.
Investors will also be looking for any
glimmers hope in the French retail
market, which has been under pressure
owing to the weak economy, but makes
up a large part of the groups revenues.
Results will be held down by the
708m writedown taken on its stake in
Portugals Banco Esprito Santo in the
second quarter, after the implementation
of a tough rescue plan for the lender.
Its 15 stake in BES, which it reduced
from 23.8 per cent at the end of 2010, was
one of the final remaining outside its
home French market. Michael Stothard
Diary commentary from FT reporters. Data, unless
otherwise stated, from Thomson Reuters. Company
announcements, collated by Thomson Streetevents,
are of information publically available before last
week. Results forecasts, from Thomson I/B/E/S, are
for fully diluted, post-tax EPS in local currency for
the stated fiscal period. The comparable period of
the previous year is bracketed. Non-UK reporting
periods are broken by quarter: Q1, Q2, Q3, Q4. UK
periods are designated: Q1, H1 (first half), Q3 and
FY (full year).

Investors in BAE Systems seek guidance on sector upturn

It is an unhappy fact that rising
geopolitical tensions make for brighter
defence industry prospects. Shares in
most of the biggest defence companies
have rallied in the last six months as
investors grow more confident of a
recovery in a market in recent years hit
by steep cuts in military spending.
BAE Systems is no exception and
with more than a third of sales
generated out of the US, signs that
Washington may be ready to increase
procurement and development
spending from 2016 will be good news
for the worlds third largest defence
group. Last year it took a huge
writedown on its US business due to
spending cuts, leaving 2013 profits 99
per cent down on 2012 at just 422m.
BAEs management can expect to be
grilled at annual results on Thursday
over the pace and scale of any expected
upturn. However, it is worth noting
comments from Saab, the Swedish
EARNINGS

Crdit Agricole
Eni
Iberdrola
Lafarge

FY
FY
FY
FY

1.01
1.10
0.36
2.09

(0.99)
(1.22)
(0.41)
(2.12)

THURSDAY 19

When Centrica reports annual results,

much attention is expected to be paid to
profit margins and customer numbers at
its British Gas business.
As UKs market leader in the supply of
residential gas and electricity with 15m
accounts, British Gas remains a prime
target for criticism among politicians and
consumer groups amid allegations of
failing to fully pass on the recent falls in
wholesale gas prices to its customers.
Centrica is also preparing itself for

defence company which reported last

week, that recovery would be slow.
That is the view of Redburns
aerospace analyst who forecasts 2-3 per
cent nominal growth in the 2016 base
budget.
There is also the risk that the threat
of sequestration will return to haunt
defence spending, perhaps only to
serve games of political brinkmanship,
but investors will want to hear BAEs
views on how real that risk may be.
Elsewhere, the interim management
statement in September indicated that
trading was in line with expectations
and news flow has been positive since
then, according to Sandy Morris, of
Jefferies. However, investors may want
to ask whether manufacturing problems
on the European Typhoon combat
aircraft have left any trace on profits.
Consensus forecasts are for pre-tax
profits of 1.3bn on sales of 16.8bn.
Peggy Hollinger
publication of a revised issues
statement from the Competition and
Markets Authority in the coming days
outlining further lines of inquiry into
whether the UKs energy retail market is
fit for purpose.
Investors, meanwhile, will be concerned
about pressure on dividend payments
amid possible impairments and a
probable fall in profits at its international
upstream business that invests in oil and
gasfields, prompted by a fall in crude
prices.
Problems with outages at a fleet of
nuclear power stations operated by EDF,
in which Centrica holds a stake, also
dented its electricity-generating business
last year, prompting the company to
made a further downgrade in guidance

Nestl is expected to clarify the impact of

last months sharp appreciation of the
Swiss franc in its results announcement.
Some investors have speculated that
the Swiss foods group, whose corporate
bond yields recently traded at negative
rates, will be forced to cut or hold its
dividend at last years level of SFr2.15 per
share as a result of the currency turmoil.
GAM, the Swiss fund house, estimated
that Nestl would have to pay out over
70 per cent of its earnings to maintain the
level of last years dividend. The company
is still targeting growth of at least 5 per
cent for the year, despite struggling with
a drop in sales growth in the emerging
markets, which account for more than 40
per cent of the groups sales.
Although Nestles share price has risen
5 per cent over the past 12 months, UK
fund house Hermes recently predicted
that it could present shareholders with
nasty surprises in 2015 as the company
and similar haven stocks can no longer
rely on price rises in stronger economies
to mitigate slower volume growth.
Madison Marriage

Eurozone finance ministers revisit Greece

The stand-off over Greek debt is likely to
continue to be the biggest story this
week as eurozone finance ministers
meet in Brussels today. Other highlights
include the minutes of the latest
meetings at the Federal Reserve and
Bank of England as well as eurozone
flash purchasing managers indices and
labour market and price data for the UK.
The regularly scheduled meeting of
the eurogroup, the finance ministers of
countries that use the euro, takes place
today. Some ministers have said that this
is the final deadline for an extension of
Greeces EU bailout. Alexis Tsipras,
Greeces premier, has already rejected
the bailout saying that it was first
cancelled by its very own failure and its
destructive results.
The previous meeting on Wednesday
night ended in recriminations
after a deal could not be struck

UK inflation
Annual % change in CPI
5
4
3
2
1

EARNINGS

Centrica
BAE Systems
Nestl

FY 19.65p (26.40p)
FY 37.29p (42.00p)
FY SFr3.37 (SFr3.13)

0
2010 11

12

13

14

Source: Thomson Reuters Datastream

FRIDAY 20

Lower crop prices and farm income are

expected to continue to weigh on
agricultural-equipment maker Deere
when it reports fiscal first-quarter results.
Last month, the Moline, Illinois-based
company said that it would lay off 910
employees in Iowa and Illinois, while
another 500 employees would be on
extended inventory adjustment
shutdown till the end of summer, as
analysts say the company faces weak
demand for farm equipment in North
America and the EU. This cut followed
600 job cuts announced in August.
Wall Street is predicting that Deeres
net income will slow to $289.6m on a
GAAP-basis in the three months ended in
January, compared with $681.1m in the
year-ago period. Earnings are estimated
to decline to 84 cents a share. Meanwhile,
sales are estimated to decline 26 per cent
to $5.65bn. Mamta Badkar
EARNINGS

Deere & Co

Q1

$0.84

($1.81)

on a bridge financing deal.

It is a shortened week in the US
thanks to todays public holiday for
Presidents Day. The empire
manufacturing survey is out tomorrow
and is expected to show a slight slowing
with the consensus for a reading of 8.0,
down from 10.0 in January.
Minutes of the Federal Open Market
Committee are released on Wednesday.
The release is likely to be scrutinised for
the word patient as Fed chairwoman
Janet Yellen has suggested that
patient means the committee would
not make a move for at least two
meetings.
For the Bank of England minutes, also
out on Wednesday, debate is likely to
focus on the possibility of further easing.
The inflation report, which was
released last week, opened the door to
dropping interest rates below an
effective 0.5 per cent floor should
disinflation deepen.
However, it was also hawkish on wage
growth and medium-term inflation. The
expectation is that the vote will have
been unanimously in favour of keeping
rates on hold. Data should put the
debate in context. Inflation figures are
out on Tuesday, labour statistics on
Wednesday. Inflation dropped in
December and Januarys figures are
expected to show an acceleration in the
pace of decrease. Consensus forecast is
for inflation of 0.4 per cent, down from
0.5 per cent in December. Gavin Jackson

4CAST ECONOMIC CALENDAR

COUNTRY
MONDAY
Japan
Japan
Eurozone
India

For

Indicator

Q4
Q4
Dec
Jan

GDP (prelim.)
GDP (prelim.)
Trade balance (SA)
WPI

Feb
Feb
Feb
Jan
Jan
Dec
Jan
Jan
Jan
Jan

ZEW (econ. sentiment)

ZEW (current cond.)
ZEW (econ. sentiment)
CPI
CPI
ONS house prices
Input prices
Input prices
Output prices
Output prices

WEDNESDAY
Canada
Dec
Russia
Jan
UK
Dec
UK
Jan
UK
Dec
US
Jan
US
Jan
US
Jan
US
Jan
US
Jan
US
Jan

Wholesale sales
Unemployment
Average earnings
Claimant count rate
ILO unemp. rate
Building permits
Capacity utilisation
Housing starts
Industrial production
PPI
PPI (ex food & energy)

TUESDAY
Eurozone
Germany
Germany
UK
UK
UK
UK
UK
UK
UK

Units* Mkt* Prev*

1 0.9 -0.5
4 3.7 -1.9
3
19 20
2 0.16 0.11

1
2
2
1
2
1
2

n/a
28.8
56
-0.8
0.4
n/a
-2.2
-11.9
-0.3
-1.4

45.2
22.4
48.4
0
0.5
10
-2.4
-10.7
-0.3
-0.8

1
%
4
%
%
5
%
5
1
1
1

n/a
5.7
1.7
2.5
5.7
1070
79.9
1073
0.4
-0.4
0.1

-0.3
5.3
1.7
2.6
5.8
1058
79.7
1089
-0.1
-0.3
0.3

COUNTRY For Indicator

Units* Mkt* Prev*
THURSDAY
Eurozone Feb Consumer sentiment
-7.5 -8.5
France
Jan CPI
1 -0.9 0.1
France
Jan CPI
2 -0.3 0.1
France
Jan HICP
1
-1 0.1
France
Jan HICP
2 -0.3 0.1
UK
Feb CBI ind. trends
% n/a
4
US
Week Initial claims
5 n/a 304
FRIDAY
Canada
Eurozone
Eurozone
Eurozone
France
France
Germany
Germany
Germany
UK
UK
UK
US

Dec
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb

Retail sales
Flash composite PMI
Flash manuf. PMI
Flash services PMI
Flash manuf. PMI
Flash services PMI
Flash manuf. PMI
Flash services PMI
PPI
PSNB (ex banks)
Retail sales
Retail sales
Flash manuf. PMI

1 -0.4
53
51.4
53
49.6
49.9
51.4
54.3
2
-2
3 -9.3
1 -0.2
2 6.1
53.6

0.4
52.6
51
52.7
49.2
49.4
50.9
54
-1.7
13.1
0.4
4.3
53.9

Mkt* = market consensus estimates. Prev*= previous actual

Units*; 1 = % change on previous period, 2 = % change on same
period in previous year, 3 = national currency bn, 4 = annualised
quarterly % change, 5 = 000s, NSA=not seasonally adjusted,
SA=seasonally adjusted.
See more at www.ft.com/economic-calendar

fm

THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday February 16 2015

Welcome to
Disneyland
Nikkei

Comment
The large salaries of
pension CEOs confuse
Dr Jekyll with Mr Hyde
PAGE 8

Calpers right
to cut private
equity, says
Future Fund

Has Japans stock market

become the financial
equivalent of Disneyland? The
countrys economy is still
floundering. It slipped into
recession in the third quarter
of 2014. Yet the Nikkei is up 8.9
per cent over 12 months.
To succeed today you have
to believe in the imagined
reality of the stock market. It
has become bigger than the
thing it is meant to represent,
says Hugh Hendry, co-founder
of Eclectica AM Issei Kato/Reuters

CHRIS NEWLANDS

The Big Picture, PAGE 6

Asset managers fearful of divisive political uncertainty and Brexit suicide

UK election frays investors nerves

STEVE JOHNSON

Fund managers fear political uncertainty in the run-up to Mays UK general election could prompt a sell-off
in UK equities and push the pound
sharply lower.
Labour or the Conservatives are
almost certain to need the support of
potentially divisive minority parties to form a government, leading
some to predict the resulting instability will cause an exodus of foreign
investors.
We are sleepwalking towards the
most divisive and difficult election in
our lifetimes. If people perceive a sea

change in British politics we could be

seeing [sterling] at $1.25 [from
$1.54], an extreme move and in no
time at all, said Robin Geffen, the
influential chief executive of Neptune Investment Management.
If overseas investors see uncertainty it would be very easy for them
to get out of UK equities. Inward
investment into this country could
be decimated, added Mr Geffen,
whose 4.8bn boutique now has no
UK equities in its global portfolios.
Colin Morton, manager of Franklin Templetons UK Equity fund,
warned of the scary prospect of a

minority Labour government being

propped up by a Scottish nationalist
party that would push for looser fiscal policy, and possibly a second
independence referendum. He
feared this arrangement would
prove unstable.
That would cause massive uncertainty globally and nationally. You
could start getting very worried
about the pound and bond yields,
said Mr Morton. It is something that
can really cause issues in the UK
stock market.
However, other investors are more
worried about any outcome that

would lead to a referendum on Britains EU membership.

The most risky outcome could be
a Conservative outright majority
because it would be attached to
delivering an in/out referendum,
said Toby Nangle, head of multi-asset at Threadneedle Investments.
Lon Cornelissen, chief economist
at Robeco, a 200bn Dutch investment house, said: Brexit is at the top
of our minds. Britain would be punished, it would be a kind of economic
suicide to leave the largest single
market in the world.
Face to face: Robin Geffen, PAGE 4

The head of one of the worlds largest

investors in private equity believes
Calpers, the USs biggest pension
fund, was right to slash the number of
private equity managers it uses in
what is a further blow to the sector.
Calpers, or the California Public
Employees Retirement System, told
the FT last month that it was hoping
to cut the number of private equity
managers it uses by more than twothirds to 120 in order to cut costs.
David Neal, managing director of
the Future Fund, Australias A$109bn
sovereign wealth fund, said: There
just are not enough decent private
equity managers around. Calpers was
right; the fees are just too high to warrant having 300 firms.
The Future Fund, set up in 2006 to
provide pensions for public servants,
has almost a third of its assets in private equity, alternatives and infrastructure. We use 25 to 30 private
equity managers for a reason, said
Mr Neal. The direction Calpers is
moving in is consistent with how we
operate: less is more.
The Melbourne-based fund grew
by some A$13bn in 2014 and reported
a return of 13.2 per cent, beating the
majority of Australian pooled pension funds.
Calpers had $31.5bn invested in
private equity at the end of its last
financial year in June, down from
$32.3bn the previous year.

2 | FTfm

FINANCIAL TIMES Monday 16 February 2015

NEWS

INSIDE
News
The European
Commission has
published a directive,
related to Ucits funds,
in Mandarin for
the first time
PAGE 6

Comment
Chris Newlands finds that
those in charge of some
big pension schemes are
not so poor after all
PAGE 8

View from the US

The government of
Puerto Rico and the US
hedge fund community
are engaging in a
dangerous muni game,
says John Dizard
PAGE 8

Viewpoint
Insourcing has emerged
as an important strategy
for pension funds to
reduce costs, writes
William Slattery
PAGE 9

Viewpoint
Lord Hill is building a field
of dreams for European
capital markets union,
says Andy Baldwin
PAGE 10

fm

Sweden becomes first in Europe

to investigate closet trackers
REGULATION

Index huggers widely

criticised by academics
and consumers

STEVE JOHNSON

MADISON MARRIAGE

The Swedish government is to

become the first in Europe to
formally investigate closettracking funds that charge
high fees for active management but do little more than
mimic an index.
Per Bolund, Swedens deputy finance minister and minister for capital markets and
consumers, confirmed last
week that the government
would investigate closet trackers, which have been widely
criticised by consumer groups
and academics for misleading
investors.
A spokesperson for Mr Bolund said that the Swedish government would provide more
information on the scope of its
investigation this spring. The
investigation will form part of
a review of asset management
regulation in Sweden that
began last September.
The Danish regulator, Finanstilsynet, launched an
investigation into so-called
benchmark-hugging funds
last September and found that
almost a third of the 188
domestic equity funds in Denmark could be classified as
closet trackers.
No other national authority

The Riksdag, the Swedish parliament building Dreamstime

has formally investigated the
issue. It has received more
attention in Sweden after the
Swedish Shareholders Association launched a class-action
lawsuit in December against
the countrys second-biggest
asset manager, accusing it of
mis-selling closet-tracking
funds to retail investors.
Carl Rosen, chief executive
of the shareholder group,
believed the governments
investigation would culminate
in closet-tracking funds being
singled out and highlighted to
investors. There are roughly
5.5m Swedish retail investors
in equity funds, according to
Mr Rosen.

He said: This is a very

important step forward. So far
we have seen very limited discussion about these issues in
Sweden and across Europe.
Being discussed at a government level is important and
will lead to change. There is
concern that people are paying
for a service they do not get.
Guillaume Prache, managingdirectorofBetterFinance,a
Brussels-based investor rights
group, similarly described the
Swedish governments commitment to investigating this
matterasgreatnews.
This will put additional
pressure on European regulators to look seriously into this

big potential area of abuse, he

said.
Better Finance wrote to the
European Securities and Markets Authority last October
highlighting the Danish investigation and calling on the
European watchdog to examine the closet-tracking phenomenon more closely.
Mr Prache referenced data
that show fund fees in general
in Europe are too high.
Actively managed equity
funds typically charge 1.70 per
cent in fees, compared with
0.70 per cent for equivalent
products in the US. There is a
deep issue of excessive fees,
Mr Prache said.

engineering the installation of

Marissa Mayer as chief
executive of Yahoo.

with the registration of its

funds in Spain. The passive
fund manager follows almost
30 other groups that entered
the Spanish market in 2014.

C Credit Suisse has responded

to regulatory pressure on
proprietary trading by moving
traders from its investment
bank to its asset management
arm. The team, based in
London and Paris, will manage
around $750m in internal
capital. The move will allow it
to raise capital from external
investors.

February 16 2015
Editor Chris Newlands
Tel: +44 (0)20 7775 6382
e-mail: chris.newlands@ft.com
Deputy editor Steve Johnson
Tel: +44 (0)20 7873 3525
e-mail: steve.johnson@ft.com
Reporter Chris Flood
Tel: +44 (0)20 7873 3892
e-mail: chris.flood@ft.com
Reporter Sophia Grene
Tel: +44 (0)20 7873 4685
e-mail: sophia.grene@ft.com
Reporter Madison Marriage
Tel: +44 (0)20 7873 3817
e-mail: madison.marriage@ft.com
Production Jearelle Wolhuter
Tel: +44 (0)20 7873 4872
e-mail: jearelle.wolhuter@ft.com
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Steven Canfield
Tel: +44 (0)20 7873 4802
e-mail: steven.canfield@ft.com
FINANCIAL TIMES
Number One Southwark Bridge
London SE1 9HL
+44 (0)20 7873 3000
The Financial Times Limited 2015.
Reproduction of the contents of FTfm in
any manner is not permitted without the
publishers prior consent. FINANCIAL
TIMES and FT are registered Trade
Marks and Service Marks of the Financial
Times Limited

The week

C Elliott Management, the US

hedge fund, has launched a
legal battle against Hong
Kongs Bank of East Asia. The
US activist investor wants
BEAs directors to explain their
decision to sell almost a 10th of
the company to Sumitomo
Mitsui Financial Group.
C Third Point, the hedge
fund run by Daniel Loeb,
has bought into Fanuc,
the worlds largest
robotics company
(pictured), and is urging it
to buy back shares.
Third Point is known for
its aggressive
campaigns to shake up
target companies, famously

Investors
double
smartbeta assets

C The future of Paul McCulley

as chief economist at Pimco
was left in doubt after the bond
fund management company
poached Morgan Stanleys
Joachim Fels for a new senior
role. Mr McCulleys position has
been
ambiguous
since the
departure of his
close friend Bill
Gross, Pimcos
founder and
chief
investment
officer, last
September.
C Vanguard has
said Hola! to
a new market,

C Investec Asset Management

said it will take advantage of
Stock Connect, the Hong
Kong-Shanghai stock
exchange link, to launch two
Ucits funds investing in
Chinese shares. The UK-South
African manager will use
quotas allowing it to invest
directly in mainland China to
manage the daily redeemable
funds.
C The Financial Conduct
Authority has said it is
investigating 67 firms or
individuals authorised under
the Alternative Investment
Fund Managers Directive for a
range of offences.

C Tim Jones, the chief

executive of the UKs National
Employment Savings Trust, will
step down at the end of the
year to start a global digital
money business. He said this
has been a long-held ambition.
C Man Groups GLG Atlas
Macro fund is to merge into the
GLG Multi Strategy fund after it
lost 9 per cent last month amid
turmoil in the currency
markets.

Institutional investors have

doubled their exposure to socalled smart beta strategies
in the past two years, according to Towers Watson.
The consultancy said its
more than 300 clients had
$40bn invested in smart beta
which it defines as a cost-effective way of gaining access to
the underlying risk factors
that drive returns of an asset
class at the end of 2014.
This is up from just $20bn
two years earlier but remains a
fraction of the clients combined assets of $2.2tn.
Although smart beta is most
commonly associated with
equity investing, Towers said
the concept was now becoming
far more important in alternative asset classes.

$40

bn
Amount
Towers
clients had
in smart beta
in 2014

$2.2

tn
Value of
combined
assets of
Towers
clients

Of the $2.3bn of infrastructure investments that Towers

helped facilitate last year,
about $790m was classed as
smart beta (defined as listed
infrastructure securities, typically with modest leverage and
stable cash flows), rather than
a far more expensive private
equity-style approach.
Likewise smart beta
accounted for $700m of Towers $2.2bn of hedge fund manager selections last year, based
on the view that direct investments in areas such as reinsurance, volatility and emerging
markets currencies, which
help drive hedge fund returns,
constitute smart beta.
Real estate smart beta,
defined as using listed vehicles
such as Reits rather than
investing directly in property,
also experienced significant
growth,the consultantsaid.
There is a trend of looking
for diversity in portfolios, finding some cheaper ways to get
exposure to market returns,
said Luba Nikulina, global
head of manager research at
Towers.
More broadly, Ms Nikulina
said there were few signs that
large investors were turning
their back on hedge funds or
private equity.

FTfm | 3

FINANCIAL TIMES Monday 16 February 2015

NEWS

Large fund groups call for kite mark of quality

REGULATION

Asset managers want

stamp of approval for
good stewardship
DAVID OAKLEY

Some of the UKs largest asset

managers are calling for a kite
mark for investment groups
that offer a quality service. It
would act as a stamp of
approval that they carry out
their roles as stewards of other
peoples money properly.
The idea of a kite mark,
which would be similar to that
given to products such as crash
helmets and smoke alarms,
has been floated by two big
investment groups in response
to a regulatory investigation
into asset management stewardship.
The Financial Reporting
Council, the UK regulator, has
warned that some investment
groups may be removed from
the UK Stewardship Code if
they have merely signed up for
window-dressing purposes.

Although there could be difficulty with adopting a kitemark system because the
stewardship code is based on
principles and not strict rules,
the FRC is not ruling anything
out at this stage.
One head of corporate governance at a UK institution
said: Of the roughly 300
members of the stewardship
code, I would say there are
only about 30 institutions that
are doing the job properly.

Of the 300 members of

the stewardship code,
only about 30 are
doing the job properly
Another senior UK corporate governance investor
added: It would make sense
to have a kite mark to help
asset owners when they
choose an investment group to
manage their money.
It will act as a mark of quality for groups that take engagement seriously.

The move by the FRC is

likely to resonate in Europe
and the US as there has been
greater focus on the performance and fees of investment
groups since the 2008 financial crisis. This is partly
because of worries that some
are not carrying out their
proper roles as stewards of
other peoples money.
The UK regulator fears a
large number of the 301 members of the stewardship code,
created four years ago, do not
meet its principles, which
include encouraging investors
to engage with companies on
important issues such as pay,
investment strategy and the
quality of auditing.
David Styles, director of corporate governance at the FRC,
said: We remain concerned
that many signatories are not
following through on their
commitment to the code. We
signalled our concerns in the
code-monitoring report and
said we will consider options
for those signatories that con-

FUND FOCUS

Holt does well, but misses out on extraordinary

Royal London makes 30 per cent on EDF bond, but it outperforms even further
Bond veteran Eric Holt has
admitted he should have held
on to a 100-year bond from
utility giant EDF Energy for
longer, after he missed out on
further bumper returns.
The manager of the Royal
London Sterling Extra Yield
Bond fund bought the bond
because he thought it was an
anomaly for a company to issue
such long-term debt.
He said the fact that the
bond had a 6 per cent coupon
was extraordinary and while
he held the security for six
months, leading to a 30 per
cent gain on his investment, he
watched as the price rocketed
even further after selling it.
It was forgive the tonguein-cheek expression a
disaster, he said.
We bought it earlier in the
year for 98p, we sold it in
August at the highest price
they had got to, which was 126p,
and so we made 30 per cent on
our investment in six months.
However, due to the fall in gilt
yields that characterised the
second half of 2014, the price of
the energy companys bond rise
further, to 150p.
We capitalised and made an
attractive return for our

investors but we missed out on

the shoot-down in gilt yields,
said Mr Holt.
In spite of missing out, the
managers long-term record is
strong.
Mr Holts fund ranks third in
the IA Strategic Bond sector,
delivering 74.7 per cent over
five years and 43 per cent over
three years, according to data
from FE Analytics.
His short-term numbers,
though, have fallen relative to
his peers.
Mr Holt said funds with a
greater sensitivity to the
declining gilt yields appeared to

Royal London Sterling

Extra Yield Bond fund
Total return (rebased in )
Royal London Sterling
Extra Yield Bond
80
B Inc
IA Sterling
60
Strategic
Bond
40
20
0
2010 11 12 13 14 15
Source: FE Analytics

have enjoyed a short-term

uptick.
The manager said he got
exceptional gains from Phoenix
Life, the insurance business,
which was a top-10 holding at 1.8
per cent of the portfolio.
The companys bonds are
currently unrated, as is a
significant 39.5 per cent of Mr
Holts holdings.
Mr Holt said many companies
in the financial sector as a
whole, which makes up more
than 29 per cent of his portfolio,
were paying investors a
premium to adjust the terms of
their bonds so they meet up-todate regulatory requirements.
He said: We are seeing some
old-fashioned bonds issued
where the company wanted to
tweak the terms of the bond
and make them better for
regulatory purposes.
He said Phoenix solicited
investor support for such
changes in December, paying a 5
per cent consent instruction fee.
That was a significant
payment to bondholders and
enhanced the performance of
the fund, he said.
Sam Shaw writes for
Investment Adviser

tinue to be of concern, includingapossibleultimatesanction

ofstrikingoffsignatories.
A further concern regards
overseas investors, which now
own a majority of the UK stock
market.
Some UK investors say these
groups rely too heavily on
shareholder advisory groups,
such as Institutional Shareholder Services, to guide them,
rather than engaging with
companies.
The head of corporate governance at the UK institution
said: The UK stock market is
a global stock market. There
are a lot of sovereign wealth
funds and big foreign groups
that own or hold shares in a
large chunk of it. Are they
engaging with UK companies?
Some do and some dont.
There needs to be some kind of
stamp or kite mark to make
clear who are the good stewards and who are not.
An investment kite mark would be similar to that given to
products such as crash helmets Renato Granieri/Alamy

David Oakley is the FTs

investment correspondent

4 | FTfm

FINANCIAL TIMES Monday 16 February 2015

FACE TO FACE

Neptune
strips UK
exposure
from funds

Neptune Investment
Management
Founded 2002
Assets under management 4.8bn
Employees 96
Headquarters London
Ownership Private (75 per cent
of the stock held by employees
and directors)

ROBIN GEFFEN

Chief executive fears

country is sleepwalking
towards divisive election
STEVE JOHNSON

eptune Investment Management is perhaps best

known for its suite of
funds focused on some of
the worlds most volatile
markets, from Russia and China to
India and Latin America.
But right now it is matters rather
closer to Neptunes west London HQ
that are exercising Robin Geffen,
chief executive and founder of the
4.8bn boutique.
There is the most massive uncertainty in the UK. We are sleepwalking
towards the most divisive and difficult election in our lifetimes, says Mr
Geffen of Mays general election.
We have a very large number of
factors in play. The SNP is determined to eviscerate Labour in Scotland, Ukip is revivified and has representation in parliament. We have also
got a revival in the Green party and
Plaid Cymru can emerge as a crucial
factor to disembowel the Labour vote
in Wales.
We could see people voting out of
anger for a party they know nothing
about, as we have seen in Greece, says
Mr Geffen, who believes the situation
is more unpredictable than in 1974,
when two general elections failed to
produce astable government.
Fear that political chaos could spill
over into financial markets has led
Neptune to strip any semblance of UK
exposure from its Global Equity and
Global Alpha funds.
The election will cause tremendous instability. If people perceive a
sea change in British politics we could
be seeing [sterling] at $1.25 [from
$1.54], an extreme move, in no time
at all. People have not thought about
that, says Mr Geffen.
If overseas investors see uncertainty it would be very easy for them
to get out of UK equities. It is a very
liquid market, very big moves can
happen. People have massive relative

Born 1957
Total pay The board of directors,
led by Mr Geffen, received a total
of 4.6m in 2013
Education 1976 BA (philosophy),
University of Oxford
Career 1975 Industrial scholarship
scheme and graduate trainee,
Courtaulds
1981 Graduate trainee,
Charterhouse J Rothschild
1985 European and Asia-Pacific
desks, Eagle Star
1988 Senior investment manager,
York Trust
1990 Established pooled funds
business at Scottish Equitable
1997 Chief investment officer,
Orbitex Investments
2002 Established Neptune
Investment Management

overcommitments to UK equities. In
[an unstable] environment there
could be some very jagged moves.
Inward investment into this country could be decimated. It would completely repaint the economic landscape.
James Dowey, Neptunes equally
worried chief economist, says divisive political parties will have a big
say, not only in the election, but possibly in the government that emerges
from it.
It is going to be difficult for
[Labour or the Conservatives] to lead
a government without having to rely
on parties that are difficult to work
with, he says. Mr Geffen does not
rule out a grand coalition of the two
main parties as a way out of the likely
impasse.
RussiaisalsoabsentfromNeptunes
global portfolios, but some of its clients are willing to brave sanctions and
proxy war in the hope of picking up a
bargain; the boutique says its 126m
Russia and Greater Russia fund, managed by Mr Geffen, is enjoying net
inflowsalmosteveryday.
Neptune itself has fared worse
financially, however. Pre-tax profits
fell 42 per cent to 7.4m in 2013,

extending a near 40 per cent slide

witnessed in 2012.
Charlie Parker, head of strategy,
says it is a case of profitability returning to normal levels for a small boutique, after an extraordinarily good
period.
Nevertheless, assets under management also fell 7.8 per cent to
5.4bn in 2013, and have since fallen
further to 4.8bn, although Mr
Parker says outflows are slowing.
Performance has been indifferent.
Five of Neptunes offerings (European Opportunities, Global Special
Situations, Emerging Markets, European Income and US Income) appear
on broker Tilney Bestinvests recent
Spot the Dog list of consistent underperformers, second only to the nine
entries of Aberdeen Asset Management.
Mr Geffen is not a man to take such
indignities lying down, and has
embarked on a widespread restructuring of the boutique.
Around a third of its fund range has
been closed and, with another two or
three small funds facing the axe, the
cull will eventually rise to 40 per cent.
Neptune has rebooted its inhouse research process by building a

10-strong team of global sector modellers, creating an additional layer

between its fund managers and more
junior analysts.
These senior analysts build model
portfolios, allowing their performance
to be monitored internally, and pass
ontheirwisdomtothefundmanagers.
[The sector modellers] are, in a
real sense, fund managers although
these funds are not out in the public
domain. But it becomes very clear as
to the quality of their work, says Mr
Geffen of a model that is perhaps
more commonplace for sellside
investment analysts.
The fund managers do not have to
take on board the recommendations,
but they have 10 people in the
trenches with them. It is also the best
proving ground for someone to demonstrate that they can be a fund manager before we move them on to a
fund, he adds.
Although the modellers will be
remunerated in line with how their
portfolios perform, Mr Geffen is adamant this will not lead to short-termism.
Likewise he maintains that because
the fund managers have a veto on the
modellers recommendations, they
will remain high conviction. Neptunes pioneering move to start disclosing the active share of its funds
adds credence to this claim.
Mr Geffen bristles at the idea of
Neptune being unduly callow, pointing out that the average age of its analysts is 30 and that 88 per cent of its
assets are run by a manager who has
been in situ for at least 10 years,
although in many cases that is Mr
Geffen himself.
Nevertheless, he says we have
adjusted the intake of our people
quite substantially. Traditionally we
took graduates and analysts and
turned them into fund managers.
Now we are taking people with
increased experience. Those with
industry qualifications are also
increasingly prized.
There is evidence that the process
changes we have gradually been
implementing are making a real difference, Mr Geffen argues. To be a
fund management house at the apex
of your ability you have got to be constantly looking to improve every part
of your performance.

sset Management

et Management

Asset Management

Asset Management

6 | FTfm

FINANCIAL TIMES Monday 16 February 2015

THE BIG PICTURE

Not everyone
believes in
Disneyland
Nikkei
Japans economy is still floundering, but
the stock market is up. James Williams
considers the investment implications

apans stock market has

become the financial equivalent of Disneyland.
On October 31 2014, the
Bank of Japan threw a curveball when governor Haruhiko Kuroda
announced it would be injecting
Y80tn ($674bn) a year into the economy, largely through purchasing Japanese government bonds, in a bid to
create inflation.
Although initially this caused JGB
yields to climb from 0.45 per cent to
0.53 per cent, since early November
yields have fallen to just 0.33 per cent.
At the same time, the Nikkei rallied.
Chris McGuire, chief investment
officer of Phalanx Capital Management, a US hedge fund group that
trades a volatility market neutral
strategy with a particular focus on
Japan and Asian markets, says: This
was the central banks bazooka. It
caused the Nikkei to rally about 10
per cent through the course of the
day. It was a monstrous move.
We were short a lot of calls in October so that hurt us a lot. We were prepared for a slow grind higher, not an
upside crash.
Fundamentally, Japans economy is
still floundering. It slipped into recession in the third quarter of 2014. Yet
the Nikkei is up 8.9 per cent over 12
months. Since 2009, the S&P 500 has
doubled even though US nominal
gross domestic product growth has
been muted.

Ucits funds
now speak
Mandarin
European Commission
has published the text
of a directive in Mandarin
for the first time

According to Hugh Hendry, cofounder of Eclectica Asset Management, the only way to succeed in the
markets is to be Platonic; that is, to
acknowledge that the markets have
become a Platonic simulacrum or
imagined reality.
By that, what I mean is stock markets have become Disneyland-esque
in terms of being the financial representation of our reality vis--vis the
real economy, he says.
To succeed today you have to
believe in the imagined reality of the
stock market. It has usurped and
become bigger than the very thing it is
meanttorepresent,addsMrHendry.
The Eclectica fund has an 11
per cent risk exposure to Japanese
equities.
Not everyone believes in Disneyland, however.
The BoJ has an inflation target of 2
per cent and is committed to that and
will do whatever it takes. JGB yields
should be north of 2 per cent, says
Chris Morrison, head of strategy for
the Omni Macro fund, run by Omni
Partners, the London hedge fund
house that manages $885m.
Mr Morrison is taking a bolder
approach to Japan by holding a short
position on JGBs, what many referred
to as the widow maker in the 2000s
because of the number of casualties it
created.
What everyone missed at that
time was that real yields on JGBs, tak-

SOPHIA GRENE

The European Commissions asset

management unit has for the first
time published the text of a directive
in Mandarin.
The Ucits IV directive, the latest
iteration of the European retail fund
regulation, appears in Mandarin on
the commission website, as well as
the usual English and French.
A spokesperson for the commis-

Stock markets have become Disneyland-esque; the Bank of Japan (right) Yoshikazu Tsuno/AFP; Haruyoshi Yamaguchi/Bloomberg
ing into consideration inflation, were
not that terrible. Because there had
been endemic deflation in Japan for
such a long time, the real return you
got on long-dated JGBs was 1 to 1.5 per
cent, which was almost in lock-step
with what you were getting in the US
and Europe.
What has changed today is that real
yields in Japan have collapsed, he
adds. For us, there is an awful lot of
convexity in this trade, given the fact
that negative real yields at this level
should not last for a long time.
But Mr Hendry and others believe
that the BoJ is committed to propping
up the economy over the long-term,
thus perpetuating a cycle of rising
markets and near-zero bond yields.
To my mind, these monetary
interventions by central banks are
here to stay. We have eaten the lunch
of the future. The global economy is
no longer capable of sustaining
growth rates necessary to address the
debt woes. Therefore, de facto, QE
becomes this permanent landscape.

Being short JGBs is, in my view, the

wrong trade.
Why, having committed so much
political and monetary capital to the
objectives of nominal GDP expansion, would the BoJ tolerate higher
interest rates and risk derailing the
recovery? questions Mr Hendry.
George Papamarkakis is one of the
managing partners at North Asset
Management where they have a prudently bullish stance on Japan.
Throughout 2014 the North MaxQ
Macro fund was short the yen. Mr
Papamarkakis does not see the
widow maker as the right option.
The countrys bond market is
almost entirely owned by Japanese
pension funds, which is why I agree

sion told FTfm: This publication is

linked to the interest of Chinese regulators and investors in knowing more
about EU rules governing retail
investment funds.
This is an acknowledgment of the
success of Ucits, which is recognised
in markets around the world as a reliable structure. Although the vast
majority of Ucits funds are registered
in Dublin and Luxembourg, they are
sold in more than 100 countries.

In Hong Kong, where more than 90

per cent of the funds market is from
overseas, Ucits is the dominant structure. There is currently a process
under way to establish mutual recognition between Hong Kong and
China, so that funds regulated in one
can be sold in the other.
The Chinese regulator already publishes its rules in English. However,
the prospect for mutual recognition
between European and Chinese mar-

To succeed today you

have to believe in the
imagined reality of the
stock market

withthe Disneyland analogy,hesays.

In the third quarter, Japanese pension funds bought $18.6bn of overseas
securities the highest level since
1998 while simultaneously selling
Y2.85tn of JGBs to the BoJ.
As long as the BoJ keeps doing this,
it is hard to see how yields will start to
move north.
The big story for 2015 is the stock
market. It makes sense to be holding
cash when you have positive real
rates. But if you dont, which is the
case now, then maybe we shall see
companies carrying out more aggressive share buybacks that could push
the equity market higher, says Mr
Papamarkakis.
First, I would want to own Japanese stocks. Second, I would want to
be short the currency. And third, I
would want to be long JGBs, because
you still have a massive bid being
offered by the BoJ and that is not
going to disappear, so why not yields
at 40 basis points? he adds.
Mr Morrison does not agree that the

kets is still distant, according to European experts.

Given that it has taken months for
Ucits regulators to be comfortable
allowing funds to invest in Chinese
shares via Stock Connect, a link
between the Shanghai and Hong
Kong stock exchanges, it is likely to be
a long time before fund structures in
the Chinese market are deemed to
offer equivalent investor protection
to Ucits.

FTfm | 7

FINANCIAL TIMES Monday 16 February 2015

et Management

et Management

THE BIG PICTURE

Asset Management

Asset Management

short JGB trade would not work until

the BoJ turns the quantitative easing
tap off. To his mind, if the market perception of value changes, it will overwhelmanycentral-bankactivity.
The last time we saw an aggressive
sell-off of JGBs was in 2003, when 10year yields got down to a similar level
before jumping 120 basis points in a
matter of weeks. The moment the
market decides that, actually, Japan is
going to achieve its 2 per cent inflation target, it could lead to a fast
move, he says.
There are two possible scenarios
for rising JGB yields. One is that the
yen weakens to such an extent that
the BoJ has to pull back from easing.
The other, points out Mr McGuire,
will require a change in composition
of Japans bond market.
Somebody will get the timing right
on being short JGBs but as long as they
remain between 97 and 98 per cent
owned by Japanese, the trade will not
work. Until more foreign investors
own JGBs, basically China, it does not
matter. The BoJ is going to keep supporting the bond market, he says.
Mr McGuire is pretty bearish on
Japan, principally because if, as strategists are forecasting, the Nikkei gets
to 20,000, it will probably run out of
steam and fall back. To that end he
favours financial Japanese convertible bonds.

I personally feel if the market does

rally in 2015, you should put on your
hard hat and be ready for a heavy
pullback. We are looking for opportunities to buy cheap puts to be ready
for when that happens, he says.
As well as holding the asymmetric
short JGB position, the Omni Macro
fund is long the US dollar and short the
yen.Ifdollar/yenmarchesto125inthe
first quarter, the Nikkei will continue

QE becomes this
permanent landscape.
Being short JGBs is the
wrong trade
to rally. However, if further weakening
continues throughout 2015, it might
eat into the JGB market and I dont
think the Nikkei will do as well at that
stage,saysMrMorrison.
As far as Mr Hendry is concerned,
one does not need a compass point to
invest in Japan or overarching macro
strategy, just the common sense that
equity valuations are cheap, especially in export companies.
Fanning an equity rally is reasonably easier than creating meaningful
economic policy; that is the bigger
trade than the JGB blow-up trade.
Some believe the sun always shines
in Disneyland. But not everyone
believes in Mickey Mouse.

8 | FTfm

FINANCIAL TIMES Monday 16 February 2015

OPINION

Large pension salaries confuse Jekyll with Hyde

Pension CEO pay

COMMENT

Chris
Newlands

Pension fund

very story needs a hero

and a villain. For each Dr
Jekyll there must be a Mr
Hyde.
In the investment market those roles have long been
defined. On one side the protagonists
are the poor, vulnerable pension
funds and on the other a populous
gang of well-heeled asset managers
make for worthy foils.
However, FTfm research that
reveals multimillion-dollar salaries at
some of the worlds largest pension
funds muddies the water somewhat.
It seems those in charge of some of
the biggest pension schemes are not
so poor after all. Indeed, analysis of 14
funds shows that the former chief
executive of the Ontario Teachers
Pension Plan, Jim Leech, was paid
$7.4m in 2013, the year he retired,
while Mark Wiseman, chief executive
of the Canada Pension Plan Investment Board, was paid $3.1m.
Elsewhere, the highest-paid executive at the Australian Super fund
received $1.04m and the chief execu-

2013
Total pay Investment
returns (%)
($)

CEO

OTPP (Canada) Jim Leech

7,360,000

10.90

CPPIB (Canada) Mark Wiseman

3,120,000

16.50

2,500,000
OTPP (Canada) Ron Mock
Super Fund
Highest paid executive 1,040,000
(Australia)
936,321
NBIM (Norway) Yngve Slyngstad

10.90

tive of Denmarks ATP, Carsten

Stendevad, was paid $903,000.
Our heroes are out-earning many
of our villains and, aside from confusing the plotline of our story, it raises
questions as to whether the large salaries awarded to pension fund bosses
stops them from opposing excessive
pay at the companies in which they
invest a criticism that has also long
been levied at asset managers.
Deborah Hargreaves, founding
director of the High Pay Centre, a
think-tank, believes it does. For her,
the findings show precisely why we
cannot rely on pension funds to

hold companies to account over pay.

These pension chief executives
are benefiting from the high-pay culture themselves and often see nothing wrong with multimillion-dollar
awards for top bosses, she says.
At the lower end of the pay scale,
Anne Stausboll, chief executive of
Calpers, earned $414,416 in 2013;
Swedens AP3 paid chief executive
Kerstin Hessius $472,097; and the
UKs Pension Protection Fund paid its
chief executive, Alan Rubenstein,
$359,525. All generated better returns
than Ontario Teachers in 2013.
David Blake, director of the Pen-

15.90

903,000

14.50

794,721

6.20

786,000

n/a

Eva Halvarsson

735,618

12.70

Else Bos

587,000

n/a

ATP (Denmark) Carsten Stendevad

APG
(Netherlands) Dick Sluimers
Chris Hitchen
Railpen (UK)
AP2 (Sweden)
PGGM
(Netherlands)

14.30

sions Institute at Cass Business badly there is no financial penalty.

454,036
Ehnes
18.66*
Calstrs (US)
School in London,
says: I am Jack
all for
So what does
the influential
acaperformance-related
pay butKerstin
there Hessius
demic think of
Mr Leechs $7.4m
472,097
14.10pay
AP3 (Sweden)
has to be a clear and well-defined deal, which Ontario Teachers is at
16.20
Calpersthe
(US)valueAnne
relationship between
that isStausboll
pains to point414,416
out includes long-term
added and the pay.
incentive
payments?
359,525
Alan Rubenstein
11.10
PPF (UK)
He suggests the performance-reHe says: It is unlikely such a CEO
Sources:
Annualbe
reports;
FTfm research
* 2013/14 figure
lated pay formula
should
symmethas the symmetrical performance-rerical: if a scheme makes losses, the lated pay contract [I referred to]. I
chief executive should too.
therefore conclude that pension CEO
If not, the fund faces a major pay contracts that generate incomes
moral hazard since the chief execu- of more than $7m cannot be in the
tive has an incentive to take on more best interests of either plan sponsors
risk, he says.
or scheme members.
If the fund performs well he or she
Without becoming something of a
will get a big bonus. If it performs villain myself, it is hard to disagree.

Puerto Rico and US hedge funds wander into muni minefield

he government of Puerto
Rico and the US hedge
fund community are
engaging in a dangerous
game. They are kicking
the can of the commonwealths $73bn
municipal bond not down a road, but
through a legal, political and economic minefield. A federal court ruling earlier this month that voided a
controversial municipal corporation
restructuring law has shown there are
limits on any clever local law fixes
for Puerto Ricos financing mess.
Even with tax-free yields now just
shy of 10 per cent, the Mom-and-Pop
savers who bought most of Puerto
Ricos now junk-rated debt, will no
longer touch new issues. Instead, the
government is reduced to negotiating
ever-stricter terms for one-off deals
with syndicates of hedge funds.
The commonwealths financing
arm, the Government Development
Bank, is on track to run out of cash by

the autumn unless it is able to sell a

proposed $2.9bn bond that will be
supported by a new tax on crude oil
imports. The legislature is holding
hearings on the tax, which the governor and investment establishment
hope will be enacted by next month.
Even if the new tax and bond issue
(maturity date unspecified) go
through, there is a general belief that
the islands government-owned
power company, Prepa, will default
on a $130.645m bond issue on July 1.
The federal courts decision, which is
being appealed by Puerto Rico, would
then allow bondholders to appoint a
receiver with broad powers to
restructure the company.
You might think that Congress and
the Obama administration would be
considering ways to avoid Puerto
Rico becoming openly insolvent,
given that it is the home of 3.5m US
citizens. But no. The Democratic and
Republican parties are united in their
desire to ignore the problem. Neither
has a position on what to do about the
islands economic and financial problems. No mainland politician wants to
offend either mainland taxpayers
who do not want to be billed for a bailout, or Hispanics who might not like a
US version of Merkelism.

That federal court decision sought

to make clear that Puerto Ricos government may be kind of sovereign,
but is subject to the supremacy clause
of the constitution, which means federal bankruptcy rules apply to its corporations. Apparently, though, while
the feds have power, they would
rather not have the responsibility.
In the absence of a systematic federal-commonwealth long-term plan,
hedge funds have moved into the policy vacuum. Their basic strategy is to
overcome the fundamental inability

While the feds have

power [in Puerto Rico],
they would rather not
have the responsibility

of the islands economy to support its

debt by coming up with better documentation than the last set of lenders.
This can work, up to a point. In the
case of the Greek governments PSI,
or bond haircuts, in the 2013 restructuring, the relatively small proportion of foreign law-governed bonds
were left un-PSId. This avoided the
delays and uncertainty of litigation in
possibly unsympathetic courts.
Through a strange coincidence, the
law firm of Cleary Gottlieb represented Greece in that matter, and now
represents Puerto Rico.
So last year, when a group of professional investors underwrote a $3.5bn
Puerto Rican bond issue, they insisted
on the right to enforce their rights
under New York law. Puerto Rico took
the position that it had not waived its
sovereign immunity, but we do not
reallyknow whatthatwill mean.
The hedgies like the protection
offered by having their paper supported by specific pledges of taxes or
revenues. While the documentation
for the $2.9bn issue has not been produced yet, it will almost certainly be
more specific than that supporting
the general obligation bonds Mom
and Pop bought a few years ago.
There are a couple of problems

with this priming, or jumping the

revenue line. First, it only works
when the clever-documentation debt
is a relatively small part of the total
debt, as in the case of Greece.
Second, as Mitu Gulati, a Duke University law professor, pointed out to
me a couple of years ago, if [the bond
issuer] has pledged tax revenues [to a
particular issue], it can also unpledge them.
You could apply for a writ of mandamus in a federal court to force
[Puerto Rico] to pay, but then who do
you get to enforce the writ? Then you
can say it is an unconstitutional taking of property, but then you have to
get that enforced.
It is almost certainly simpler,
legally, to enforce debts incurred by
state-owned corporations, such as
Prepa. Not painless, though.
It is my view that the $2.9bn bond
issue, if it all works out, will be the last
clever wheeze for the Puerto Rican
state to raise money without going
through a general debt restructuring.
The mainland political class will
probably have the pleasure of dealing
with Puerto Rico during next years
election cycle. When it blows up, the
hedgies would be well advised to be
hiding behind a large rock.

sset

FTfm | 9

FINANCIAL TIMES Monday 16 February 2015

OPINION

Cost cutting is behind pension insourcing trend

VIEWPOINT

William
Slattery

nsourcing has emerged as an

important strategy for pension
funds to reduce costs while
maintaining a tight grip on risk
and performance across their
Management
portfolios. In a recent State Street survey, four out of five pension funds
said they intend to increase the proportion of their portfolio that is managed in-house.
The savings achieved by insourcing
can be substantial. Another study
revealed that pension funds spent, on
average, 46 basis points on external
management compared with 8 basis
points on internal investment capabilities. As well as cost benefits, pension funds also see insourcing as an
opportunity to reduce agency risk
through increased oversight. The
principle is clear: if pension funds can

Asset Management

get closer to the underlying assets,

they have an opportunity to save
money and get a better grip on risk
and performance.
Insourcing can deliver significant
benefits, but most pension funds will
want to use this strategy selectively.
Many start by focusing on areas such
as government bonds or domestic
equities where they typically have
extensive in-house expertise.
However, pension funds investment portfolios are becoming
increasingly complex and still need
Asse
t ManState
agement
specialist
support.
Streets survey shows many pension funds are
increasing their allocations to alternatives in a bid to deliver muchneeded upside performance. Private
equity is a priority, with 60 per cent of
survey respondents saying they will
increase existing allocations to this
asset class. Other alternatives are also
attracting more investment from
pensions, including hedge funds,
property and infrastructure.
Funds need to be clear about where
their in-house teams can add value.
Most will need to retain a range of
external partners to help them lever-

age more specialist investment strat- ogy that can provide full-scale inteegies. Those that decide to bring some grated risk analytics. This is difficult
areas of asset management in-house to achieve using traditional risk softneed to plan carefully. Insourcing in ware, which is often engineered
todays investment environment around a single asset class. It is
requires new skills and capabilities.
another reason why insourcing is
Talent is high on the agenda and in likely to require an overhaul of operdemand. To manage a broad range of
assets in-house, pension funds will
need to attract people with specialist
skills. Those set on an ambitious
insourcing path may need to increase
headcount substantially.
Asset Management
Insourcing demands operational
expertise in areas such as risk and
compliance management. Attracting
talent will require pension funds to
design competitive packages. For
funds that set up different specialist
teams, it is important to maintain
consistency and transparency across
employment contracts. Otherwise, a
generous deal designed to attract new
talent may be resented by existing
employees.
8bp
46bp
Technology is another piece in the
Basis points
Basis points
puzzle. As they insource, funds will
pension funds
pension funds
spend on
spend on internal
need to build a coherent picture of
external
investment
risk and performance across multi-asmanagement
management
set portfolios. This requires technol-

Asset Management

atingmodelsanddatainfrastructures.
As funds use a mix of in-house
capability and external asset management of more specialist classes,
they are looking for a new relationship with asset managers. Managers
will have to be able to work as fully
fledged investment partners: understanding funds investment goals intimately and delivering solutions tailored to their long-term objectives.
As pension funds may also pursue a
parallel outsourcing strategy and try
to outsource critical operational
functions, such as data management,
to specialist partners.
The ambition and degree of
insourcing will be a strategic decision,
more often than not resulting in a mix
of internal capabilities and external
partners. To make this strategy work,
funds will require a new relationship
with their external asset managers
and smart operating solutions for
their in-house plays.
William Slattery is an executive vicepresident of State Street Corporation and
head of the Global Services business in
Europe, the Middle East and Africa

10 | FTfm

FINANCIAL TIMES Monday 16 February 2015

OPINION

Being a sore loser

can work in an
investors favour
THE LAST WORD

James
Mackintosh

spend a lot of time trying to

teach my children to be good losers. The effort is mostly futile,
and seems to go against human
nature. Quite apart from helping
make friends on the sports field, the
(rare) ability to lose gracefully is
important for investors, too.
To see this, consider one proven
way to make money over the long
run: value investing. This involves
buying shares that are cheap on
measures such as price to book, on
the basis that most people tend to
overreact to unfashionable or poorly
performing companies and push
their price down too far. Those willing
to go against prevailing wisdom and
buy anyway should, therefore, make
outsize returns, on average over long
periods.
The problem comes with the on
average over long periods. Value
investors have to be prepared to
underperform the dedicated follow-

ers of investment fashions for years at

a time before bouncing back. But history suggests they are not.
Investors of all types tend to buy
into what has done well, and sell what
has done badly. Unfortunately, that
means buying investment styles such
as value just as their run of success
comes to an end, and selling out just
as a run of poor performance is about
to turn round.
The result is not good. In fact, it is
downright terrible. The average value
mutual fund in the US beat the S&P
500 (before fees) from 1991-2013,
returning 9.4 per cent. Yet, the average investor in a value mutual fund
made just 8.1 per cent, according to
research by Jason Hsu, co-founder of
Research Affiliates, Brett Myers,
assistant professor of finance at Texas
Tech and Ryan Whitby, assistant professor of economics and finance at
Utah State. They would have done
better simply holding an S&P index
tracker, as long as they did not abandon it when times looked tough.
The problem is well established;
the same difficulty applies to other
investment styles in mutual funds, to
hedge funds and to individual stocks.
Broadly, investors trade too much,
and lose out as a result.

There are times when being a sore loser can work in an investors favour,
eg those who sold out of Japanese equities in 1992 Kiyoshi Ota/Bloomberg
Unfortunately, it is hard to avoid. A
buyer of an individual fund presumably thinks the manager is skilled, and
the style they follow works. If the
fund underperforms, they should cut
the manager some slack; no one can
beat the market every year. But how
long will they be willing to wait before
concluding that they were wrong?
Worries about identifying skill can
be avoided by picking an automated
version of the style they want, now

Investors of all types

tend to buy into what
has done well, and sell
what has done badly

known as smart beta. But the same

problem applies: how many years of
underperformance will the investor
be willing to put up with before concluding they were wrong to pick
value, for example, or that the anomaly of value outperformance has vanished? In the past, the answer was not
long enough.
The same problem applies even to
trackers of the market as a whole.
Many investors abandoned stocks
altogether in early 2009, in what
turned out to be one of the best-ever
buying opportunities.
There are ways to modify ones
behaviour as an investor. Committing
in advance to be ready to ride out, say,
three years of underperformance, or
a 50 per cent drop in equities, might

help. Alternatively, those who recognise how they are likely to behave
could avoid such strategies, or in
the extreme avoid looking at relative performance at all.
Mr Hsu points out that the self-defeating behaviour of investors who
correctly chose winning strategies,
such as value, but underperformed
because of their timing, has interesting implications. One puzzle about
the persistence of the long-run outperformance of value stocks, or of
high-quality companies or other successful strategies, is why they are not
arbitraged away once discovered.
One answer is that an arbitrageur
will not be willing to risk the years of
underperformance. The only strategies that can possibly beat the market
once widely known are those likely to
go through periods of underperformance longer than arbitrageurs can
hold on.
Even so, for value to win, someone
else must lose. It is plausible that
investors in growth stocks are repeatedly misled into overpaying for the
latest fashionable technology. Hope
triumphs over experience.
But if value investors as a whole
have not beaten the market, as those
in mutual funds have not, then perhaps there is no need for an explanation. Those who stick with value can
keep outperforming precisely
because so few other investors stay
loyal to the strategy over time.
There are times when being a sore
loser can work in an investors favour:
those who sold out of Japanese equities in 1992, after they had fallen 50
per cent from their peak, are still better off than those who stuck with the
market over the past 23 years. In
other large markets, investors were
better off avoiding a tantrum.

Building a field of dreams for European capital markets union

VIEWPOINT

Andy
Baldwin

s deflation rears its head

in the EU, jobs and
growth are top of the
new commissions
agenda. However, with
little fiscal headroom to drive significant direct investment in infrastructure or domestic consumption and
investment, it is clear the European
Central Bank needs to find alternative levers to pull, and that these
levers will change the role financial
services plays in the wider economy.
As an industry we should be closely
watching as Lord Hill, EU commissioner for financial services, lays out
his road map to capital markets union
on February 18.
This is not long after last months

landmark announcement of quantitative easing for the eurozone. The

ECBs decision to adopt QE should
promote growth via the export markets. But the effectiveness of QE to reenergise the European economy still
depends on the willingness and ability of banks to lend some estimates
are that up to 98 per cent of Europes
small and medium-size enterprises
remain dependent on banks for their
funding.
So, while receiving somewhat less
attention than QE, Lord Hills recommendations could be central to building a sustained economic recovery in
Europe. It is probably too optimistic
to assume it can help move the dial on
growth and jobs in the short term, but
it is clear that for its long-term competitiveness the EU needs to be
served better by the capital markets.
Despite previous efforts to overhaul them, European capital markets
still lag behind the US.
This is not a problem if the banks
can lend unencumbered. But very

much in line with the law of unforeseen consequences, many measures

introduced to prevent a repetition of
the financial crisis have perpetuated
the squeeze in lending. Banks anxious
to protect their balance sheets following the credit crunch are now bound
by capital rules that make it more
expensive thaneverforthemtolend.
It is not that no progress has been
made: European capital markets are
thriving in a way that was almost
inconceivable a generation ago. The
total stock market capitalisation in
the EU is now 8.4tn, 65 per cent of
gross domestic product. Twenty
years ago it was 1.3tn, or 22 per cent.
But the market remains shallow and
underserved.
A big reason for this is the fragmentation of European markets. A
thoughtful approach to how the differences in regulatory, tax and fiscal
regimes can be lessened in the interests of the flow of capital would be of
benefit to companies and individuals
across the eurozone.

Lord Hill recognises this. Early

indications are that his proposals will
address issues such as securitisation,
private placements in the bond market, initial public offering regulation
and European long-term investment
funds designed to support infrastructure investment.
This sounds promising, not least
for institutional investors, for whom
the benefits could be substantial.
Europe suffers from a paucity of

8.4

tn
Current total
stock market
capitalisation
in the EU
(65% of GDP)

1.3

tn
Total EU
stock market
capitalisation
20 years ago
(22% of GDP)

investment securities relative to the

needs of institutional investors.
And while capital markets union
will not eliminate problems such as
the collective pension funding deficit,
the expansion of the markets will
help address them.

It is not enough, of course, simply

to create this new field of dreams.
Companies are used to the status quo
and will need to be educated on the
possibilities offered by the markets.
Ingrained behaviour, often driven by
the make-up of the sectors in each
euro economy, mean that retained
earnings, family borrowings or
dependence on a local or regional
bank is the preferred funding route,
rather than accessing capital markets. We should not underestimate
the task of making these markets a
compelling alternative.
In terms of timing, it is a shame
there is not stronger capital markets
infrastructure in place at the time of
the QE programme. But if all the
research on Generation Ys desire to
run their own businesses proves to be
true, then Lord Hills Capital Markets
Union may have a steady stream of
customers for many years to come.
Andy Baldwin is chairman of global
financial services at EY

FTfm | 11

FINANCIAL TIMES Monday 16 February 2015

FTfm

Guide to data
The fund prices quoted in FTfm are supplied
by the operator of the relevant fund. Details of
funds, including prices, are for informational
purposes only. The Financial Times Limited
makes no representation as to their accuracy
or completeness, and they should not be relied
upon when making an investment decision.
The sale of interests in the funds listed in
FTfm in certain jurisdictions may be restricted
by law and the funds will not necessarily be
available to persons in all jurisdictions in which
the publication circulates. Persons in any
doubt should take appropriate professional
advice.
Data collated by Morningstar. For all other
queries, contact the FT at

Fund

Bid

Offer D+/- Yield

ACPI Global UCITS Funds Plc

(IRL)

www.acpi.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.91

0.51 0.00

ACPI Global Credit UCITS Funds USD A $ 13.84

0.00 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.27

-0.08 0.00

ACPI India Fixed Income UCITS Fund USD A3 $ 88.12

-0.06 0.00

ACPI International Bond UCITS Fund USD A $ 18.32

0.02 0.00

reader.enquiries@ft.com. The fund prices

published in this edition along with additional
information are also available on the Financial
Times website at www.ft.com/funds. Charges
for this advertising service are based on the
number of lines published and the
classification of the fund. Please contact
data@ft.com or call +44 (0)20 7873 3132.
The funds published on these pages are
grouped together by fund management
company.
Prices are in pence unless otherwise indicated
and those designated $ with no prefix refer to
US dollars. Yields % allow for buying expenses.
Prices of certain older insurance linked plans
are subject to capital gains tax on sales. Some

Offer D+/- Yield

Bid

Fund

Bid

Fund

Bid

6368.10 6703.30 16.60

Allianz UK Unconstrained C Acc

101.15

0.63 0.74

Artemis Strategic Assets R Acc

77.43 81.90 0.41 0.00

Managed Growth (Pensions)

625.20 658.10 2.80

Allianz UK Unconstrained A Acc

210.38

1.30 0.85

Artemis Strategic Bond R M Acc

83.54 88.69 0.09 3.99

Allianz UK Index C Acc

1845.91

10.40 2.93

Artemis Strategic Bond R M Inc

55.19 58.59 0.06 4.06

Regulated
American Dynamic

$ 3403.20

(IRL)

www.alceda.lu
FCA Recognised
AC Opp - Aremus Fund EUR A

105.74

1.45

Regulated
ACPI Balanced UCITS Fund USD Retail $ 14.14

0.03 0.00

AC Risk Parity 7 Fund EUR A

125.41

0.52 0.00

ACPI Balanced UCITS Fund EUR Retail 10.70

0.02 0.00

AC Risk Parity 12 Fund EUR A

153.66

1.07 0.00

ACPI Balanced UCITS Fund GBP Retail 10.79

0.02 0.00

AC Risk Parity 17 Fund EUR A

102.70

1.36 0.00

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

ACPI Focused Equity UCITS Fund $ 13.00

ACQ Risk Parity Bond Fund EUR A 103.52 103.52 0.08 0.00

0.23 0.00

Abbey Life Assurance Company Limited

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances
Life Funds
1467.50 1544.70 0.00 Prop. Acc. Ser 2

Allianz Global Investors GmbH(1200) F

(UK)

199 Bishopsgate, London, EC2M 3TY,0800 073 2001

Authorised Inv Funds
OEIC
161.09 1.58 0.61
Allianz BRIC Stars A Acc

3891.06

26.21 1.69

Artemis UK Growth R Acc

431.19 456.74 1.94 0.59

Eurocroissance

831.33

11.60 0.00

Emerging Mkt Debt LC A GBP Hedged Inc

8.79

0.08 6.60

Allianz US Equity A Acc

406.46

2.59 0.13

Artemis UK Smaller Cos R Acc

1019.19 1097.65 2.52 0.55

Far East

$ 689.93

-5.72 0.00

Emerging Opportunities A GBP Inc H 20.02

0.22 0.00

Allianz US Equity C Acc

187.72

1.20 0.81

Artemis UK Special Sits R Acc

511.77 543.82 2.47 1.70

Glb Emerging Markets A GBP Inc H 20.20

0.19 0.44

Yield expressed as CAR (Compound Annual Return)

All transactions to Ser A units the sell price will be used

Amundi Funds

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised
Bd. Euro Corporate AE Class - R - EUR 19.10 0.02 0.00

Artemis US Abs Ret I Acc

101.37

-0.01

Artemis US Equity I Acc

110.74

0.74

Artemis US Select I Acc

110.96

0.69

Artemis US Smlr Cos I Acc

115.93

1.13

Artemis US Ex Alpha I Acc

113.06

0.50

$ 26.74

0.17 0.00

Eq. Emerging Europe AE Class - R - EUR 26.83

-0.24 0.00

Eq. Emerging World AU Class - R - USD $ 93.86

0.93 0.00

Regulated
Artemis Gbl Hedge Fd Ltd GBP

Eq. Greater China AU Class - R - USD $ 623.74

2.12 0.00

Artemis Gbl Hedge Fd Ltd EUR

51.90

0.27

$ 55.96

0.33

179.43

3.22

Artemis Pan-Euro Hdg GBP

199.42

3.79

Artemis Pan-Euro Hdg USD

$ 188.04

3.46

Artemis Fund Managers Ltd

Eq. Latin America AU Class - R - USD $ 432.82

13.63 0.00

Artemis Gbl Hedge Fd Ltd USD

Gl. Macro Bds & Curr Low Vol AHG - GBP 99.14

-0.04 0.00

Artemis Pan-Euro Hdg EUR

The Antares European Fund Limited

1.33 0.97

AEF Ltd Eur (Est)

597.13

5.48 0.00

Custodian Ser. 4

489.50 515.30 0.40

Allianz Brazil Fund C Acc

58.25

1.36 1.65

Equity Ser. 4

573.00 603.20 2.70

Allz Continental European A Acc

870.10

5.55 0.20

Arbiter Fund Managers Limited

European Ser 4

579.50 610.00 2.80

Allz Continental European C Acc

140.25

0.90 1.04

FCA Recognised
Arbiter Global Emerging Markets Fund Class A USD $ 109.27

0.05 0.00

Fixed Int. Ser. 4

895.40 942.50 -2.40

Allz European Eq Inc A Inc

137.99

1.00 3.59

Arbiter Global Emerging Markets Fund Class B GBP 100.41

-0.60

Intl Ser. 4

442.10 465.40 0.60

Allz European Eq Inc A Acc

Japan Ser 4

354.70 373.30 -2.90

Allz European Eq Inc C Acc

Man. Ser. 4

1676.50 1764.80 2.50

Allz European Eq Inc C Inc

101.37

Money Ser. 4

524.10 551.70 0.00

Allianz EcoTrends A Acc

88.52

Prop. Ser. 4

1052.60 1108.00 0.00

Allianz EcoTrends C Acc

92.92

Custodian Ser 5

471.00 495.80 0.40

Allianz Gilt Yield Fund C Inc

169.20

55.60

(CYM)
-

0.34

(LUX)

1.35 3.75
0.76 3.56

Arisaig Partners

0.74 3.48

Other International Funds

Arisaig Africa Consumer Fund Limited $ 16.17

0.10 0.00

0.88 0.00

Arisaig Asia Consumer Fund Limited $ 62.96

0.01 0.00

0.92 0.00

Arisaig Global Emerging Markets Consumer Fund $ 10.40

0.08 0.00

0.29 1.86

Arisaig Global Emerging Markets Consumer UCITS 11.88

0.02 0.00

Artisan Partners Global Funds PLC

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Emerging Markets I USD Acc $ 7.58 0.09 0.00
Artisan Global Equity Fund Class I USD Acc $ 14.62

0.12 0.00

Artisan Global Opportunities I USD Acc $ 11.79

0.10 0.00

Artisan Global Value Fund Class I USD Acc $ 16.29

0.16 0.00

Artisan US Value Equity Fund Class I USD Acc $ 11.98

0.14 0.00

Ashmore Sicav

(LUX)

2 rue Albert Borschette L-1246 Luxembourg

FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 96.62

0.58 13.57

174.87

0.30 1.86

Arisaig Global Emerging Markets Consumer UCITS STG 11.26

0.02 0.00

Ashmore SICAV Emerging Market Frontier Equity Fund $ 160.55

3.02 2.11

Arisaig Latin America Consumer Fund $ 22.56

0.31 0.00

Ashmore SICAV Emerging Market Total Return Fund $ 85.92

0.48 10.25

International Ser 5

425.40 447.70 0.60

Managed Ser 5

1613.10 1698.00 2.50

Allianz Japan A Acc

490.89

2.48 0.00

Money Ser 5

513.20 540.20 0.00

Allianz Japan C Acc

110.79

0.56 0.00

Ashmore SICAV Global Equity Fund $ 111.37

1.57 0.60

Property Ser 5

1012.70 1066.00 0.00

Allz RiskMaster Conservative A Acc

119.28

0.42 0.00

Ashmore SICAV Global Small Cap Equity Fund $ 129.97

0.77 0.07

International

941.00 990.60 2.80

Japan

370.10 389.60 -1.60

Managed

4349.00 4577.80 10.00

Property

2696.10 2838.00 0.00

Security
Selective

1477.00 1554.70 0.00

2000.60 2106.00 1.00

Formerly Hill Samuel Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Managed Ser A (Life)
1581.70 1673.80 3.30 Managed Ser A (Pensions)

1061.30 1117.10 2.80

Formerly Target Life Assurance Ltd

100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603
Managed (Life)
1603.00 1687.40 3.40 Managed Growth (Life)

509.30 536.10 1.90

Allz RiskMaster Conservative C Acc

120.84

0.42 0.31

Ashmore SICAV Local Currency Fund $ 86.26

0.48 1.95

Allz RiskMaster Defensive A Acc

112.83

0.30 0.00

EM Mkts Corp.Debt USD F

-0.08 9.77

Allz RiskMaster Growth A Acc

125.77

0.64 0.00

Artemis Fund Managers Ltd (1200)F

(UK)

Allz RiskMaster Growth C Acc

128.49

0.66 0.03

57 St. James's Street, London SW1A 1LD 0800 092 2051

Authorised Inv Funds
1226.17 1295.73 5.97 1.50
Artemis Capital R ACC

Allz RiskMaster Moderate A Acc

124.08

0.54 0.00

Artemis European Growth R Acc

126.14

0.55 0.48

Artemis European Opps R Acc

72.28 76.26 0.71 1.36

Allz Sterling Total Return Fund A Inc

153.41

0.20 2.99

Artemis Global Energy R Acc

28.43 30.14 0.67 0.00

Allz Sterling Total Return Fund C Inc

154.27

0.21 3.54

Artemis Global Growth R Acc

179.03 188.94 1.18 0.76

Artemis Global Income R Acc

96.18 101.60 0.69 3.76

Allz Total Return Asian A Acc

688.97

3.39

Allz Total Return Asian C Inc

635.61

3.15 1.15

Artemis Global Income R Inc

79.55 84.04 0.57 3.87

Allz UK Corporate Bond A Inc

108.79

0.19 3.66

Artemis Global select R Acc

69.93 73.80 0.42 0.00

Allz UK Corporate Bond C Inc

109.12

0.19 3.56

Artemis High Income R Inc

80.44 85.64 0.06 5.54

Allz UK Equity Income A Inc

Allz UK Equity Income C Inc

288.72
103.33

1.75 4.55
0.63 3.21

Allianz UK Growth A Acc

4402.44

28.32 1.67

Allianz UK Growth C Acc

101.96

0.65 1.33

EM Mkts Loc.Ccy Bd USD F

$ 95.02
$ 90.05

0.69 10.67

242.62 256.05 2.21 3.62

Allz RiskMaster Moderate C Acc

Artemis Income R Inc

212.35 224.93 0.81 4.04

Artemis Income R Acc

348.84 369.51 1.33 3.93

Artemis Monthly Dist R Inc

63.16 67.03 0.19 4.74

Artemis Pan-Euro Abs Ret GBP

99.24

0.26

BLME Asset Management

(LUX)

BLME Sharia'a Umbrella Fund SICAV SIF

Regulated
$ Income Fund - Share Class A Acc $ 1137.53

-0.09 0.00

$ Income Fund - Share Class B Acc $ 1156.92

-0.09 0.00

$ Income Fund - Share Class C Acc $ 1007.19

-0.09 0.00

$ Income Fund - Share Class D Dis $ 1000.21

-0.06

$ Income Fund - Share Class G Acc 1075.69

-0.07 0.00

$ Income Fund - Share Class M Acc 1015.55

-0.09 0.00

$ Income Fund - Share Class W DisA$ 1027.42

-0.03

Gl Sukuk Fund - Share Class A Acc $ 1208.66

1.14 0.00

Bank of America Cap Mgmt (Ireland) Ltd

$

1.00

Glb Resources A GBP Inc H

12.94

High Yield Bond A GBP Hedged Inc H

Gl Sukuk Fund - Share class B Acc 1076.19 1076.19 1.03 0.00

Regulated
Global Liquidity USD

Eastern Europe A GBP Inc

(IRL)

6.83

0.23 0.34

0.01 6.62

Hong Kong China A GBP Inc

608.37

4.92 0.58

India Fund - Class A GBP Inc

15.73

0.13 0.00

Latin America A USD Inc H

$ 34.79

0.65

MENA A GBP Inc F *

14.80

0.05

Baring International Fd Mgrs (Ireland)

Regulated
China A-Share A GBP Inc

5.70

Barings (Luxembourg)

(IRL)
0.14 0.00

(LUX)

FCA Recognised
Russia A GBP Inc F

23.80

0.83 1.46

0.00 0.21

Allianz Gilt Yield Fund I Inc

1639.80 1726.10 -4.70

0.89 0.79

Allianz UK Mid Cap Fund C Acc

1169.90 1231.40 7.10

0.09 0.00

1.37 0.00

56.93

Fixed Int.

58.96 0.00

Allianz Brazil Fund A Acc

European

9.76

45.03

1361.43

0.33 0.14

Dynamic Emerging Markets A GBP Acc F

$ 3176.46

Bond Global

1675.40 1763.60 -1.80

0.14 0.74

American One

American Ser. 4

114.40

55.29 58.69 0.06 4.08

5.47

Allz RiskMaster Defensive C Acc

5.28

83.63 88.78 0.09 3.99

Baring Global Mining Fund - Class A GBP Inc

Artemis Strategic Bond R Q Inc

$ 595.15

5073.40 5340.50 26.60

0.06 0.00

30.72 0.00

Artemis Strategic Bond R Q Acc

Other International
AEF Ltd Usd (Est)

Equity

0.07 0.00

(LUX)

7.37 2.47

1.68 1.04

Baring European Opportunities Fund Class A EUR Acc 12.30

Atlantas Sicav

25.72 0.88

1930.10 2031.70 -0.80

Offer D+/- Yield

9.21

171.76

Pension Funds
American

Bid

Baring Emerging Markets Corporate Debt Fund $

Allianz BRIC Stars C Acc

Fund

3830.73

104.82

Offer D+/- Yield

1310.61

1563.30 1645.70 1.00

Bid

Prospectus data, price histories, charges and

risk analytics on the funds within these pages
is available online at www.ft.com/funds.

Allianz UK Index C Inc

Selective Acc. Ser 2

186.69

Fund

move to forward pricing at any time.

Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set
at the next valuation. Investors can be given
no definite price in advance of the purchase or
sale being carried out. The prices appearing in
the newspaper are the most recent provided
by the managers/operators. Scheme
particulars, prospectus, key features and
reports: The most recent report, scheme
particulars, prospectus and key features
document may be obtained free of charge
from fund managers/operators.
* Indicates funds which do not price on
Fridays.
Other explanatory notes are contained in the
last column of the FT Managed Funds Service.

Allianz UK Mid Cap A Acc

Bd. Global AU Class - R - USD

Offer D+/- Yield

hours; # 1701 to midnight. Daily dealing prices

are set on the basis of the valuation point, a
short period of time may elapse before prices
become available.
Yield: Funds comprising mainly of bonds
normally quote a gross redemption yield after
all charges but before tax has been deducted.
Funds mainly made up of equities normally
quote a yield representing the estimated
annual payout net of tax for basic rate
taxpayer. For further information contact the
management company.
Historic pricing: The letter H denotes that the
managers/operators will normally deal on the
price set at the most recent valuation.
The prices shown are the latest available
before publication and may not be the current
dealing levels because of an intervening
portfolio revaluation or a switch to a forward
pricing basis. The managers/operators must
deal at a forward price on request, and may

Managed (Pensions)

Alceda Fund Management S.A.

Offer D+/- Yield

or type of holder.
Buying price: Also called offer price. The price
at which units in a unit trust are bought by
investors. Includes managers initial charge.
Selling price: Also called bid price. The price
at which units in a unit trust are sold by
investors.
Single price: Based on a mid-market valuation
of the underlying investments. The buying
and selling price for shares of an OEIC and
units of a single priced unit trust are the same.
Exit Charges: The letter E denotes that an
exit charge may be made when you sell units,
contact the manager/operator for full details.
Time: The time shown alongside the fund
managers/operators name is the time of the
unit trusts/OEICs valuation point unless
another time is indicated by the symbol
alongside the individual unit trust/OEIC name.
The symbols are as follows: 0001 to 1100
hours; 1101 to 1400 hours; 1401 to 1700

Fund

additional fund prices can be found on our website

ACPI Select UCITS Funds PLC

Property Unit Trusts are limited to investors

who are UK tax exempt.
All dealings are subject to individual Trust
Deed rules. The sale prices for these funds are
estimates.
Guide to pricing of Authorised Investment
Funds.
Compiled with the assistance of the IMA. The
Investment Management Association, 65
Kingsway, London WC2B 6TD. +44 (0)20 7831
0898. All funds within this section, whether
OEICs or unit trusts are authorised in the UK
by the Financial Services Authority. The prices
quoted should only be used as a guide.
OEIC: Open-Ended Investment Company.
Similar to a unit trust but using a company
rather than a trust structure.
Share Classes: Separate classes of share are
denoted by a letter or number after the name
of the fund. Different classes are issued to
reflect a different currency, charging structure

Aspect Diversified EUR

Baring Fund Managers Ltd (1200)F

(UK)
Dealing and Enquiries 020 7214 1004
Fund Information: www.barings.com
Authorised Inv Funds
659.30 696.50 1.20 1.28
Dynamic Capital Growth Acc
Dynamic Capital Growth Inc

267.70 282.80 0.50 1.29

Eastern Acc GBP

678.30

Eastern Inc GBP

665.70

4.00 0.00

Europe Select Inc GBP

2477.00

17.00 0.64

European Growth Inc

1013.00 1068.00 10.00 1.07

German Growth Acc GBP

588.40

5.10 0.74

German Growth Inc GBP

543.00

4.70 0.54

Global Bond Inc

119.30 125.30 0.10 1.82

Global Growth Inc

379.00 399.30 2.50 0.00

Japan Growth Acc

129.20 136.10 0.70 0.00

Korea Acc

260.50 276.10 5.20 0.00

Multi Asset A Acc ... C

157.20

$ 412.71
247.34

-6.81 0.00
-4.05

0.30 0.73

125.95

-2.07 0.00

Aspect Diversified CHF

SFr 119.23

-1.99 0.00

Aspect Diversified Trends USD

$ 121.36

1.13 0.00

Aspect Diversified Trends EUR

121.31

1.14 0.00

Aspect Diversified Trends GBP

125.33

1.17 0.00

(UK)
40 Dukes Place, London, EC3A 7NH
Authorised Corporate Director - Capita Financial Managers
Dealing: 0845 922 0044
Authorised Inv Funds
113.83 0.38 0.00
Retail Accumulation 2
Retail Income 2

112.43

0.39 0.00

The Castleton Growth Fund Ret Acc

110.50

0.46 0.00

The Castleton Growth Fund Ret Inc

110.94

0.47 0.00

38.89

0.00 3.88
2.31 0.00

BlackRock
Regulated
BlackRock UK Property

(JER)

Blackrock UK Long Lease

1043.11

BLK Intl Gold & General

5.58 0.04 0.00

5.29

BlueBay Asset Management LLP

(LUX)

Regulated
BlueBay EmMkt B-USD

$ 292.06

1.19 0.00

BlueBay EmMktCrp B-USD

$ 163.46

-0.94 0.00

BlueBay EmMktSel B-USD

$ 156.14

0.95 0.00

BlueBay EmMkLocCy B-USD

$ 151.08

1.48 0.00

BlueBay GlblConv I-USD

$ 188.83

1.49 0.00

BlueBay GlblHgYd B-USD

$ 131.07

0.72 0.00

(IRL)
Baring International Fd Mgrs (Ireland)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised
0.12 0.91
ASEAN Frontiers A GBP Inc
124.01 -

BlueBay HgYield B-EUR

332.72

0.90 0.00

BlueBay HgYieldCp B-EUR

140.99

0.40 0.00

BlueBay InvGr B-EUR

175.85

0.25 0.00

Asia Growth A GBP Inc H

46.11

0.21 0.00

BlueBay InvGEurGv B-EUR

151.62

0.19 0.00

Australia A GBP Inc

75.28

1.52 2.27

BlueBay InvGEurAg I-EUR

151.80

0.19 0.00

Baring China Bond Fund

$ 10.12

0.00 0.00

BlueBay InvGLibor B-EUR

126.17

-0.02 0.00

Multi Asset A Inc ... C

151.80

UK Growth Inc

253.00 267.50 1.20 1.37

0.30 0.74

Targeted Return Fund Inc

114.50 115.20 0.20 3.22

Aspect Diversified GBP

Barmac Asset Management Ltd

4.00 0.00

Charity Fund
0800 032 6347 (charity enquiries)
Targeted Return Fund Acc
145.20 146.10 0.20 3.15

Aspect Capital Ltd (UK)

Other International Funds
Aspect Diversified USD

(JER)
Barclays Investment Funds (CI) Ltd
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds
Sterling Bond F
0.47 0.00 3.25

12 | FTfm

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund
HighIncomeLoan H-EUR

Bid

Offer D+/- Yield

190.73

-0.03 0.00

BONHOTE

Fund

Bid

Investment Acc

11495.26 11622.40 1.29

Offer D+/- Yield

Ethical Invest Inc

Ethical Invest Acc

Fund

Bid

Offer D+/- Yield

Fund

Bid

Offer D+/- Yield

20237.00

190.91 193.03 0.07 3.80

Candriam Bonds Credit Opportunities 187.36

0.09 0.00

235.93 238.53 0.10

Candriam Bds Euro Conv. Classic Cap 3554.29

35.84 0.00

Regulated
CATCo Re Fund Ltd Series A

$ 1643.1807

13.5508

Candriam Eqts L Japan Cap

-7.00 0.00

Fund

Bid

Offer D+/- Yield

24.39

(BMU)

Pegasus Fund Ltd A-1 USD

$ 26.13

-0.59 0.00

Pegasus Fund Ltd A-2 USD

$ 142.10

-3.23 0.00

Pegasus Fund Ltd B-1 GBP

183.84

-4.12 0.00

CATCo Reinsurance Fund Ltd.

Pegasus Fund Ltd A-1 EUR

Other International Funds

Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6810.00

-25.00 2.46

Global Equity Inc

150.57 152.23 -0.54 4.31

Candriam Bds Euro Corp ExFin Cap 165.84

0.25 0.00

CATCo Re Fund Ltd Series B

$ 1688.2146

14.6326

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 10120.00

16.00 0.84

Global Equity Acc

215.07 217.45 -0.79

Candriam Bds Euro Gov.Cl.Cap

2293.10

6.52 0.00

CATCo Re Fund Ltd Series D

$ 1408.6155

11.9140 0.00

Pegasus Fund Ltd B-2 GBP

140.95

-3.16 0.00

Fixed Interest Inc

138.54 139.10 -1.90 3.97

Candriam Bds Euro High Yield Cap 983.22

0.93 0.00

CATCo Re Fund Ltd Series E

$ 1434.4695

12.7443 0.00

Pegasus Fund Ltd B-1 EUR

154.10

-3.49 0.00

Pegasus Fund Ltd B-1 USD

$ 164.76

-3.74 0.00

Braemar Group PCC Limited

(GSY)

Regulated
UK Agricultural Class A

Fixed Interest Acc

770.47 773.55 -10.58

Candriam Bds Euro High Yield R Cap 108.75

1.26

-0.01 0.00

Property Inc

106.95 110.53 0.04 6.12

Candriam Bds Euro Long Term Cap 8104.85

35.15 0.00

UK Agricultural Class B

1.38

0.00 0.00

Property Acc

230.09 237.80 0.09

Candriam Bds Euro Sh.Term Cap 2080.47

0.25 0.00

Student Accom Class B

0.72

-0.28 0.00

Local Authorities Property Fd (LAMIT) (UK)

Property
268.44 288.35 2.60 4.55

CG Asset Management Limited

(IRL)
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised
Capital Gearing Portfolio Fund Plc 26652.64 26652.64 -216.18 0.62

Brown Advisory Funds plc

(IRL)
http://www.brownadvisory.com Tel: 020 3301 8130
FCA Recognised
Brown Advisory US Equity Growth Fund USD B $ 21.84 0.35 0.00
Brown Advisory US Equity Value Fund USD B $ 12.66

0.10 0.81

Brown Advisory American SRI Fund USD B $ 14.90

0.16 0.06

Brown Advisory American Fund USD B $ 16.00

0.18 0.18

Brown Advisory US Smaller Companies Fund USD B $ 16.69

0.20 0.00

Brown Advisory US Small Cap Blend Fund USD B $ 12.21

0.14 0.00

Brown Advisory US Flexible Equity Fund USD B $ 11.23

0.13

Kings Hill, West Malling, Kent 03000 123 222

Property & Other UK Unit Trusts
CAF UK Equitrack Inc Fd
74.30 74.30 0.41 3.41
CAF UK Equitrack Acc Fd
FP CAF Alternative Strategies A Class Acc
FP CAF Alternative Strategies A Class Inc

101.80 101.80 0.60 3.34

110.35
109.97

0.08 0.47
0.08 0.33

FP CAF Fixed Interest A class Acc

114.01

-0.08 2.76

FP CAF Fixed Interest A class Inc

101.88

-0.07 2.81

FP CAF Fixed Interest B class Acc

114.47

-0.08 2.76

FP CAF Fixed Interest B class Inc

102.16

-0.07 2.81

FP CAF International Equity A Class Acc

141.10

0.22 0.70

FP CAF International Equity A Class Inc

137.60

0.21 0.71

FP CAF UK Equity A Class Acc

148.03

0.90 2.18

FP CAF UK Equity A Class Inc

136.59

0.83 2.20

FP CAF UK Equity B Class Acc

148.03

0.90 2.17

FP CAF UK Equity B Class Inc

136.58

0.83 2.20

The Public Sector Deposit Fund-share class 2 F

100.00

0.11 0.00

Cavendish Opportunities Fund A Class

995.10

6.70 0.57

-0.09 0.00

Cavendish Opportunities Fund C Acc

1027.00

7.00 1.30

Cavendish Worldwide Fund B Class

309.20

2.50 0.95

100.00

0.00 0.33

The Public Sector Deposit Fund-share class 4 F

100.00

0.00 0.38

The Public Sector Deposit Fund-share class 5 F

100.00

0.00 0.28

CCLA Investment Management Ltd

(UK)

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
CBF Church of England Funds
1347.35 1362.25 7.08 3.78
Investment Inc
Investment Acc

2662.50 2691.94 14.00

Global Equity Inc

159.96 161.72 0.39 4.31

Global Equity Acc

225.56 228.06 0.54

UK Equity Inc

148.06 149.54 1.21 4.05

UK Equity Acc

212.41 214.55 1.72

Fixed Interest Inc

170.25 170.93 -3.10 3.96

Fixed Interest Acc

501.23 503.23 -9.12

Property Fund Inc

124.33 128.50 0.10 6.51

Property Fund Acc

216.50 223.76 2.85

0.73 2.37

-2.55 0.86

All Africa

$ 18.79

0.43 0.00
0.05 0.00

Africa Frontiers

$ 19.97

-1.05 0.00

Top 20 South Africa (Cayman Islands) $ 24.42

0.50 0.00

Coupland Cardiff Funds Plc

315.30

2.60 0.90

CMI UK Equity

12.40

0.07 2.11

151.70

0.90 0.40

CMI US Enhanced Equity F

$ 80.01

0.75 0.57

CC Asia Alpha Fd - Cls B USD

$ 12.10 12.10 -0.08 0.00

Dollar Fund Cls D

132.01 132.01 -3.79 1.55

Cavendish AIM Fund A Class

147.70

0.70 0.00

Index Tracking Sub Funds

Euro Equity Index Tracking

CC Asia Alpha Fd - Cls C GBP

11.96 11.96 -0.07 0.00

20.03

0.17 2.00

CC Asia Alpha Fd - Cls I USD

Japan Index Tracking

764.24

-0.04 0.94

UK Eqty Index Tracking

15.96

0.09 2.90

US Eqty Index Tracking

$ 58.70

0.57 0.80

Managed Sub Funds

Global Bond

0.01 0.84

Capital Value Fund Cls V

129.33 129.33 -1.07 0.27

Capita Asset Services

40 Dukes Place, London EC3A 7NH

Order Desk 08459 220044 Switchboard 0870 607 2555
Authorised Inv Funds
129.35 0.13 0.37
CF Heartwood Cautious B Acc
CF Heartwood Cautious Income B Inc

(UK)
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
Authorised Inv Funds
898.86 8.28 0.95
Asia Pacific B Acc
148.14

Balanced B Acc

0.65 0.00

Corporate Bond B Inc

215.97

0.33 3.81

European B Acc

244.42

2.19 0.00

Global Bond B Inc

95.93

0.12 2.18

Global Equity B Acc

606.26

1.23 1.45

Global Equity Income B Inc

128.34

0.82 3.90

Global High Yield Bond B Inc

101.60

0.00 5.04

Global Infrastructure B Acc

117.93

1.37 1.72

93.08

Global Resource B Acc

(UK)

113.12

0.17 2.07

CF Heartwood Growth B Acc

146.98

0.35 0.65

CF Heartwood Balanced Income B Inc

116.78

0.23 2.37

CF Heartwood Balanced B Acc

CF Heartwood Defensive Multi Asset Fund B Accumulation
CF JM Finn Gbl Opps A Acc
CF Richmond Core
CF Seneca Diversified Growth A ACC
CF Seneca Diversified Growth B ACC
CF Seneca Diversified Growth N ACC

128.01
110.73
275.77
194.62
214.82
126.45
125.45

0.25 0.63
0.03 0.01
1.35 1.55
1.16 0.00
0.53 1.18
0.31 2.01
0.31 1.74

CF Seneca Diversified Income A INC

89.06

0.16 5.46

CF Seneca Diversified Income B INC

105.28

0.19 6.06

CF Seneca Diversified Income N INC

104.40

0.19 6.06

Cavendish Worldwide Fund A Class

308.80

2.60 0.16

Cavendish Asia Pacific Fund B Class

170.00

1.10 1.44

Cavendish Asia Pacific Fund A Class

169.70

1.20 0.66

Cavendish Asia Pacific Fund C Acc

174.80

1.10 1.42

Cavendish European Fund B Class

136.70

1.90 1.32

Cavendish European Fund A Class

135.40

1.80 0.38

Cavendish Japan Fund B Class

147.70

0.80 0.82

Cavendish Japan Fund A Class

146.90

0.90 0.00

Cavendish North American Fund B Class

191.80

1.10 0.59

Cavendish North American Fund A Class

186.70

1.00 0.00

0.01 2.02

CMI US Bond

$ 13.38

0.02 1.51

Currency Reserve Sub Funds

CMI Euro Currency Reserve
24.96

0.00

CMI Stlg Currency Reserve

4.93

0.00

CMI US Dllr Currency Reserve

9.80

0.00 0.50

CMI Access 80% Gu F

5.68

0.01 0.00

Regulated
European Real Estate Securities

22.6890

0.2240 1.35

Europ.RealEstate Sec. IX

29.8645

0.2949 0.00

Crdit Andorr Asset Management

Gbl RealEstate Sec. I

$ 11.3885

0.1432 1.29

Gbl RealEstate Sec. IX

$ 13.2816

0.1671 0.00

www.creditandorra.com
FCA Recognised
Crediinvest SICAV Money Market Eur I 11.23

0.00 0.00

(IRL)

Crediinvest SICAV Money Market Usd A $ 10.02

0.00 0.00

0.00 0.01

Crediinvest SICAV Fixed Income Eur 10.95

0.00 0.00

Crediinvest SICAV Fixed Income Usd $ 10.66

0.01 0.00

Crediinvest SICAV Spanish Value 265.27

3.99 0.00

Crediinvest SICAV International Value 235.76

1.99 0.00

Crediinvest SICAV Big Cap Value 18.09

0.28 0.00

Crediinvest SICAV US American Value $ 18.45

0.11 0.00

Crediinvest SICAV Sustainability 15.54

0.04 0.00

Cavendish Technology Fund A Class

258.00

2.70 0.00

Cavendish UK Balanced Income Fund B Class

142.50

0.60 4.84

Cavendish UK Balanced Income A Class

136.20

0.60 5.06

Cavendish UK Select Fund B Class

163.10

2.00 1.75

Cavendish UK Select Fund A Class

162.70

2.00 0.91

1.77 0.07

0.22 0.00

0.08 0.00

Regulated
Cedar Rock Capital Fd Plc

$ 348.17

10.71 0.00

Cedar Rock Capital Limited

(IRL)

0.32 0.00

Portfolio III B Acc

108.60

0.15 1.37

The Westchester Class 2 GBP Acc 18.76

0.08 0.00

Cedar Rock Capital Fd Plc

363.94

15.70 0.00

Portfolio IV B Acc

109.54

0.27 1.82

Investment Adviser Lacomp Plc

CF Lacomp World
103.89 109.07 -0.07 0.00

Cedar Rock Capital Fd Plc

321.18

23.16 0.00

Portfolio V B Acc

110.18

0.37 0.87

Portfolio VI B Acc

110.49

0.51 1.00

864.21

0.61 0.78
0.85 0.45

CF Morant Wright Japan B

244.82
263.35

1.14 0.00

Charles Schwab Worldwide Funds Plc

106.04

1.02

CF Morant Wright Japan B Inc

249.65

1.16 0.45

106.40

0.87 1.24

CF Morant Wright Nippon Yield ACC A

254.46

0.95 2.15

Other International Funds

CAM-GTF Limited

$ 339234.56 339234.56 -1358.36 0.00

UK Equity B Inc

111.71

0.68 1.51

CF Morant Wright Nippon Yield ACC B

262.81

0.98 2.14

CAM GTi Limited

$ 737.96

UK Equity & Bond Income B Inc

239.75

0.44 4.59

CF Morant Wright Nippon Yield Fund A Inc

225.94

0.84 2.19

Raffles-Asia Investment Company $

UK Government Bond B Inc

0.81 4.51

48.02

0.05 2.18

CF Morant Wright Nippon Yield Fund B Inc

233.43

1.97

-0.80 0.00

1.97 0.01 6.57

0.88 2.19

Comgest SA

(LUX)

17 square Edouard VII - 75009 Paris, www.comgest.com

FCA Recognised
Comgest Asia F
$ 4116.25 - 53.34 0.00
Comgest Europe F

SFr 5515.42

Comgest SA

Regulated
Cheyne Convertibles Absolute Return Fund 1356.00

Castle Fund Administrators Limited (GIB)

Candriam Investors Group
FCA Recognised
Candriam Eqts L Australia Cap

(LUX)

A$ 1056.80

24.97 0.00

Candriam Eqts L Sust World Cap 285.28

1.80 0.00

1147.74

2.47 0.00

Candriam Bds Euro Infl Linked Cap 144.13

0.46 0.00

Candriam Qt-Eqts Europe Cap

2275.81

19.99 0.00

Candriam Qt-Eqts USA Cap

$ 2436.31

22.64 0.00

Candriam Bds Euro Cap

Candriam Investors Group

FCA Recognised
Candriam Sust Euro Bonds Cap

(BE)

932 Europort, Gibraltar GX11 1AA

Tel: +350 200 40466
www.castlefundadministrators.com
Other International Funds
Inspirato Fund No. 2 PCC Limited
Inspirato Fund No. 2 PCC Limited - Cell A 101074.82
Inspirato Fund No. 2 PCC Limited - Cell B 101577.66

1331.54 0.00

Inspirato Fund No. 2 PCC Limited - Cell C $ 101157.24

2012.28 0.00

Inspirato Fund No. 2 PCC Limited - Cell D 104453.90

3761.38 0.00

The Global Financial Infrastructure Fund 100000.00

0.03 0.00

120.88

0.11 0.00

0.00

The Global Technology Infrastructure Fund 100000.00

0.00

The London, Key Cities & Counties Social Infrastructure Fund 100000.00

0.00

Comgest AM International Ltd

Other International Funds

Cheyne European Event Driven Fund 143.98

0.00 0.00

Cheyne European High Yield Fund 131.18

-3.53 0.00

$ 213.87

0.34

Cheyne Malacca Asia Equity Fund Class A $ 1489.30

47.93 0.00

Cheyne Multi Strategy Liquid Fund $ 124.67

-0.92

(IRL)

0.04 0.30

Comgest Gth Emerging Mkt DIS F $ 34.01

0.45 0.29

Comgest Gth Europe DIS F

19.47

0.07 0.00

Comgest Gth GEM PC DIS F

13.04

0.12 0.00

Consistent Unit Tst Mgt Co Ltd (1200)F

(UK)
PO BOX 10117, Chelmsford, Essex, CM1 9JB
Dealing & Client Services 0845 0264281
Authorised Inv Funds
Consistent UT Inc
58.03 58.72 0.11 4.34

CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.66 16.66 0.30 0.00
CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.82 15.82 0.28 0.00

(LUX)

Dantrust Management (Guernsey) Ltd

Regulated
Dantrust II Limited

(GSY)

kr 459.40 459.50 -1.10 0.00

(LUX)

Regulated
Davis Value A

$ 40.89

0.29 0.00

Davis Global A

$ 29.70

0.31 0.00

Asset Management
Deutsche Asset Management UK Ltd.

(LUX)
Tel: + 44 207 545 9070 www.dws.co.uk
FCA Recognised
Deutsche Invest I Africa GBP RD1 Inc 151.79 151.79 0.51 0.96
Deutsche Invest I Chinese Eq.GBP RD Inc 111.25 111.25 0.01 0.97

365.23

0.77 0.00

Cheyne Real Estate Credit Holdings Fund 142.17

2.20 0.00

Consistent UT Acc

131.42 132.99 0.25 4.20

Candriam Sust North America Cap $ 41.54

0.50 0.00

Cheyne Real Estate Debt Fund Class A1 130.26

1.95 0.00

Practical Investment Inc

210.29 215.06 1.23 3.76

Candriam Sust World Cap

0.17 0.00

Cheyne Total Return Credit Fund - December 2017 Class $ 197.75

-0.92 0.00

Practical Investment Acc

990.91 1013.38 5.82 3.66

Cheyne Total Return Credit Fund December 2019 $ 133.38

-1.32

26.45

CC Japan Inc & Grwth Fd - JPY Founder Inc 1596.40 1596.40 28.58 0.00

0.17 0.00

46 St Stephen's Green, Dublin 2, Ireland

FCA Recognised
Comgest Gth Asia Pac ex Jap DIS F $ 8.20

Asset Management

Cheyne Capital Management (UK) LLP

Cheyne Long/Short Credit Fund

CC Japan Inc & Grwth Fd - JPY Founder Acc 1693.75 1693.75 30.32 0.00

DAVIS Funds SICAV

7.96 0.00

524.96 0.00

CC Japan Inc & Grwth Fd - GBP Founder Inc 15.89 15.89 0.29 0.00

(IRL)

Cheyne European Real Estate Bond Fund 112.53

Cheyne Global Credit Fund
-

66.10 0.00

(FRA)

17 square Edouard VII - 75009 Paris

FCA Recognised
Comgest Magellan
21.44

Cheyne Capital Management (UK) LLP

CC Japan Inc & Grwth Fd - GBP Founder Acc 16.74 16.74 0.30 0.00

(LUX)

Chartered Asset Management Pte Ltd

Total Return B Acc

425.25

Cohen & Steers SICAV

1.23 0.43

Strategic Return B Acc

UK Equity Income B Inc

CF Morant Wright Japan A Inc

1083.60 1083.60 19.20 0.00

CC Japan Inc & Grwth Fd - Cls Acc USD $ 16.25 16.25 0.29 0.00
0.12 1.80

48.69

108.51

0.02 0.02

11.05 11.05 0.20 0.00

CC Japan Alpha Fd - Cls C JPY

2.80 0.10

10.14 10.14 0.18 0.00

CC Japan Alpha Fd - Cls B GBP

1.00

2.62

0.02 0.19

CC Japan Alpha Fd - Cls A Euro

8.15

270.00

CC Asian Evolution Fd. Cls B GBP 13.79 13.79 0.12 0.00

CC Asian Evolution Fund - Cls C USD Acc $ 16.46 16.46 0.14 0.00

Cavendish Technology Fund B Class

Regulated
Schwab USD Liquid Assets Fd

Global Equity

2.37

9.56 -0.06 0.00

47.25

Investment Adviser - DSM Capital Partners

The Westchester
$ 26.61 -

Investment Adviser - Morant Wright Management Limited

CF Morant Wright Japan A
248.49 1.16 0.00

Global Network Mgd Global Mxd

1.49

9.56

CC Asian Evolution Fd. Cls A USD $ 14.65 14.65 0.12 0.00

CMI UK Bond

The Westchester Class 1 GBP Acc 18.74

Japan B Acc

Asset Management

Bond Sub Funds

CMI Euro Bond F

Deutsche Invest I Clean Tech GBP RD Inc 62.34 62.34 0.26 0.18
Deutsche Invest I Conv.GBP RDH Inc 167.43 167.43 0.88 0.44
Deutsche Invest I Global Agrib.GBP LD DS Inc 106.36 111.96 -0.65 0.31
Deutsche Invest I Top Asia GBP RD Inc 157.79 157.79 0.21 0.72

Candriam Investors Group

Senator House 85 Queen Victoria Street London EC4V 4ET

Property & Other UK Unit Trusts
COIF Charity Funds (UK)
1232.45 1246.09 0.15 3.73
Investment Inc

Global Emerging Markets - Class A $ 14.93

Cavendish Worldwide Fund C Acc

(UK)

CMI Pacific Basin Enhanced Equity $ 45.01

Single Country Equity Sub Funds
CMI Japan Enhanced Equity F
4161.41

0.00 0.28

The Public Sector Deposit Fund-share class 3 F

CCLA Fund Managers Ltd

$ 931.71

Candriam Total Return Bond Cap 132.63

Candriam Bds USD Cap

(LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FCA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity
29.29 0.20 0.91

+44 (0)20 7389 8840 www.coronation.com

Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za
Other International Funds
Global Equity Fund of Funds - Class A $ 14.54 0.33 0.00

Cavendish AIM Fund B Class

North American B Acc

(UK)
Senator House 85 Queen Victoria Street London EC4V 4ET
Authorised Inv Funds
The Public Sector Deposit Fund
The Public Sector Deposit Fund-share class 1 F 100.00 0.00 0.48

1.22 0.00

CMI Asset Mgmt (Luxembourg) SA

Coronation Fund Managers

171.44 171.44 -4.28 2.28

Portfolio VII B Acc

CCLA Investment Management Ltd

Cavendish Asset Management Limited (1200)F (UK)

Chelsea House, Westgate, London W5 1DR
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds
Cavendish Opportunities Fund B Class 1001.00 7.00 1.43

Offer D+/- Yield

CG Portfolio Fund Plc

Real Return Cls A

(UK)

1005.23

Bid

(IRL)
31/32 St James's Street, London, SW1A 1HD
FCA Recognised
CC Asia Alpha Fd - Cls A Euro
12.33 12.33 -0.08 0.00

Canada Life Investments

CAF Financial Solutions

Candriam Bds International Cap

0.10

Fund

-0.55 0.00

Other International Funds

Candriam Eqts L Emerging Mkts Cap 699.88

2.38 0.00

Candriam Eqts L Euro 50 Cap

554.30

7.02 0.00

Candriam Eqts L Europe Cap

975.11

7.31 0.00

CATCo Reinsurance Opportunities Fund Ltd. (UK)

9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords
$ 1.1981 - 0.0105 15.33

Clareville Capital Partners LLP

Discretionary Unit Fund Mngrs (1000)F

Other International Funds

Pegasus Fund Ltd A-1 GBP

56.98

-1.28 0.00

Pegasus Fund Ltd A-2 GBP

144.50

-3.23 0.00

(UK)
1 Poultry, London EC2R 8JR 020 7 415 4130
Authorised Inv Funds
1369.20 1411.50 -2.90 0.00
Disc Inc

Ass

FTfm | 13

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Bid

Do Accum

5088.90 5246.30 -10.90 0.00

Offer D+/- Yield

Fund

Bid

Fund

Bid

Amity Sterling Bond Fund A Inc

110.10

Offer D+/- Yield

-

0.10 5.19

(LF) Eq Mena Fund

15.42

-0.09 0.00

Multi Asset Alloc Strategic A-Acc

1.21

0.00 0.27

Pan European

2.65

0.02 2.05

Global Emerging Mkts Leaders A Shares

446.46

2.78 0.41

Amity Sterling Bond Fund B Inc

118.40

0.10 5.18

(LF) Greek Government Bond

15.15

0.51 0.00

Multi Asset Alloc Def - Gross A

1.14

0.00 0.27

Reduced Duration UK Corporate Bond 10.62

0.01 3.43

Global Emerging Mkts Sustainability A Acc

240.67

0.52 0.65

(LF) Income Plus $

1.22

0.00 0.00

Multi Asset Alloc Def - Net A

1.13

-0.01 0.24

Reduced Duration UK Corporate Bond Gross 10.74

0.01 3.43

Global Listed Infrastructure Acc

179.61

0.33 2.72

(LF) Greek Corporate Bond

10.54

0.15 0.00

Multi Asset Alloc Growth A

1.26

0.00 0.00

Reduced Duration UK Corporate Bond Inc 10.17

0.01 3.43

Global Listed Infrastructure Inc

141.93

0.25 2.78

(LF) FOF Balanced Blend

1.43

0.00 0.00

Multi Asset Defensive

1.24

0.01 0.35

Reduced Duration UK Corp Bond Gross Inc 10.18

0.01 3.43

Global Opportunities A Shares

301.82

1.35 0.19

(LF) FOF Equity Blend

1.31

0.01 0.00

Multi Asset Defensive - Gross

1.24

0.00 0.34

Select Emerging Markets Equities

1.30

0.02 0.96

Global Property Securities A Accumulation

172.64

1.59 1.81

(LF) FOF Glob. Emerging Mkts

0.92

0.00 0.00

Multi Asset Growth

1.40

0.00 0.34

Select European Eqts

1.73

0.01 1.88

Global Property Securities A Income

135.84

1.26 1.84

(LF) FOF Dynamic Fixed Inc

11.77

-0.01 0.00

MultiManager Balanced

1.09

0.00 0.56

Select Global Equities

3.00

0.01 0.97

Global Resources A Shares

238.72

5.57 0.76

(LF) FOF Real Estate

17.14

0.06 0.00

Eclectica Asset Management

Dodge & Cox Worldwide Funds

(IRL)
6 Duke Street,St.James,London SW1Y 6BN
www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund
EUR Accumulating Class
11.81 - -0.09 EUR Accumulating Class (H)

9.68

0.03

EUR Distributing Class

11.59

-0.08

EUR Distributing Class (H)

0.02

9.49

GBP Distributing Class

10.45

-0.07

GBP Distributing Class (H)

0.03

USD Accumulating Class

9.53

9.72

0.03

Dodge & Cox Worldwide Funds plc-Global Stock Fund

USD Accumulating Share Class $ 17.13 0.23 0.00
GBP Accumulating Share Class

18.29

0.05 0.00

GBP Distributing Share class

13.43

0.03 0.63

EUR Accumulating Share Class

22.54

0.07 0.00

Dodge & Cox Worldwide Funds plc-International Stock Fund

USD Accumulating Share Class $ 15.30 0.27 0.00
EUR Accumulating Share Class

15.79

0.13 0.00

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

USD Accumulating Share Class $ 18.70 0.19 0.00

40 Dukes Place, London EC3A 7NH

Order desk: 0845 6080941 Switchboard 0870 6072555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
CF Eclectica Agriculture A EUR Acc
1.50 0.01 0.00
CF Eclectica Agriculture A GBP Acc

EUR Accumulating Share Class

18.88
21.27

110.85

0.63 0.00

CF Eclectica Agriculture A USD Acc

1.70

0.01 0.00

CF Eclectica Agriculture C EUR Acc

1.54

0.00 0.32

114.60

0.65 0.36

1.75

0.02 0.37

CF Eclectica Agriculture C GBP Acc

CF Eclectica Agriculture C USD Acc

(IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR
2.72 0.02 1.28
European Opportunities I GBP

2.01

0.02 1.58

European Opportunities I USD

3.10

0.04 1.38

European Opportunities A EUR

2.65

0.02 0.91

Global Opportunities I USD

1.73

0.03 1.15

Global Opportunities I GBP

1.13

0.02 1.00

Global Opportunities I EUR

1.52

0.02 0.99

Global Opportunities A GBP

1.06

0.02 0.59

-0.01 0.00

1.64

0.01

130, Tonbridge Rd, Tonbridge TN11 9DZ

Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust
186.23 186.23 0.00 0.00
Cash Accum Units
Cash Fund

1.00

1.00 0.00 0.12

Gross Accum Cash

1.28

1.28 0.00 0.00

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.11

MoneyBuilder Global

2.61

2.61 0.01 0.19

OEIC Funds
American

28.13

EFG Hermes

DGT - Consumer R Class

126.74

0.54 0.00

DGT Managed - I

1.14

0.00 0.00

DGT Managed - R

1.15

0.00 0.00

Dominion Fund Management Limited

Other International Funds
DX EVOLUTION PCC LIIMITED - DXE () FUND 108.11 108.11 1.20 0.00
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 108.48 108.48 1.78 0.00

DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund
$ 29.93 0.00
Middle East & Developing Africa Fund (Final) $ 19.81

Saudi Arabia Equity Fund

SR 14.99

0.00

-0.11 0.00

Electric & General (1000)F

(UK)
Stuart House St.John's Street Peterborough PE1 5DD
Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management
Electric&General Net Income A
138.40 0.40 2.10

Ennismore Smaller Cos Plc

(IRL)

5 Kensington Church St, London W8 4LD 020 7368 4220

FCA Recognised
Ennismore European Smlr Cos NAV 90.91 - -0.04 0.00
Ennismore European Smlr Cos NAV 122.84

0.01 0.00

Ennismore European Smlr Cos Hedge Fd

Other International Funds
NAV

Dragon Capital Group

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Inv. (VEIL) NAV $ 3.40 - -0.07 0.00
Vietnam Growth Fund (VGF) NAV $ 22.62

0.01 0.00

Vietnam Property Fund (VPF) NAV $

0.00 0.00

0.80

DSM Capital Partners Funds

www.dsmsicav.com
Regulated
Global Growth I2 Acc

127.12

(LUX)

Ecclesiastical Inv Mgt Ltd (1200)F

Asset Management

207.80

(GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00

Euronova Asset Management UK LLP

Regulated
Smaller Cos Cls One Shares (Est) 31.58

(CYM)
0.41 0.00

130.70

0.40 4.72

134.10

0.40 4.65

1.20 0.48

0.08 0.00

11.32

0.04 0.00

Asia Pacific Ops W-Acc

1.07

0.01

Fidelity Asian Dividend Fund A-Accumulation

1.16

0.02 0.48

Fidelity Asian Dividend Fund A-Income

1.12

0.01 2.60

1.53

0.01 0.21

Emerging Asia

1.26

0.01 0.24

Emerg Eur, Mid East & Africa H

1.47

0.01 0.84

Enhanced Income - Acc

1.90

0.01 6.74

Enhanced Income - Inc

1.29

0.01 6.90

European - Inc

1.43

0.01 2.35

European

16.22

0.14 1.58

European Opportunities

3.68

0.04 0.37

Extra Income

0.27

0.00 3.59

Extra Income - Gross

0.27

0.00 3.59

Global Dividend - Acc

1.56

0.01 2.98

Global Dividend - Inc

1.42

0.01 3.20

Global Focus

13.12

0.07 0.00

Global High Yield Fund - A Gross Acc 11.99

0.02 4.67

Global High Yield Fund - A Gross Inc 10.38

0.02 4.84

Global High Yield Fund - A Net Acc 11.64

0.02 4.74

Global High Yield Fund - A Net Inc 10.37

0.02 4.83

Global Property - Acc

1.55

0.00 1.23

Global Property W Inc

1.30

0.01

Global Special Sits

25.02

0.17 0.04

Index Emerging Markets P-Acc

1.12

0.02

Index Europe ex UK P-Acc

1.04

0.01 0.16

Index Japan P-Acc

1.07

0.00 0.02

Index Pacific ex Japan P-Acc

1.14

0.02

Index UK A-Acc

0.87

0.00 1.18

Smaller Cos Cls Two Shares (Est) 22.40

0.26 0.00

Index UK P-Acc

1.06

0.01 0.97

Smaller Cos Cls Three Shares (Est) 11.24

0.16

Index US A-Acc

1.62

0.00 1.32

Smaller Cos Cls Four Shares (Est) 14.51

0.17 0.00

Index US P-Acc

1.25

0.00 1.73

Index World A-Acc

1.44

Index World P-Acc

1.17

Japan

Japan Smaller Companies

MoneyBuilder Asset Allocator

Asset Management

0.90 2.31

Higher Income Cls B Inc

231.60

3.95 0.00

Equinox Fund Mgmt (Guernsey) Limited

0.90 1.47

Higher Income Cls A Inc

UK Equity Growth Cls A Inc

(UK)

PO Box 3733, Swindon, SN4 4BG, 0845 604 4056

Authorised Inv Funds
208.50 Amity UK Cls A Inc
Amity UK Cls B Inc

-0.01 0.00

444.39

American Special Sits

China Consumer

PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port

Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
FCA Recognised
0.56 0.00
DGT - Consumer I Class
131.39 -

Offer D+/- Yield

FIL Investment Services (UK) Limited (1200)F (UK)

Asset Management

0.00 0.00

Dominion Fund Management Limited

Bid

Edinburgh Partners Limited

Pan European Opportunities I EUR

GBP Accumulating Share Class

(UK)

Fund

Eurobank Fund Management Company (Luxembourg) S.A.

Regulated
(LF) Absolute Return

1.31

0.01 0.00

UK Equity Growth Cls B Inc

236.10

1.20 1.29

(LF) Balanced - Active Fund (RON)RON 16.40

0.03 0.00

Amity Balanced For Charities A Inc

113.50

0.40 5.36

(LF) Cash Fund

0.01 0.00

Amity European Fund Cls A Inc

200.50

1.90 1.25

(LF) Cash Fund (RON)

Amity European Fund Cls B Inc

202.20

1.90 2.13

(LF) Eq Emerging Europe

1.32

RON 15.66

0.83

0.04 0.00

0.03 0.00

Amity Global Equity Inc for Charities A Inc

106.80

0.70 3.92

(LF) Eq Flexi Style Greece

1.22

0.02

Amity International Cls A Inc

219.30

0.80 1.28

(LF) Global Bond Fd

12.22

0.01 0.00

Amity International Cls B Inc

220.80

0.70 2.09

(LF) Global Equities

0.01 0.00

1.16

Fund

Bid

Offer D+/- Yield

Fund

Bid

Offer D+/- Yield

Multi Asset Open Growth A-Acc

0.48

0.00 0.77

South East Asia

3.75

0.04 0.68

Greater China Growth A Shares

528.20

1.97 0.42

Multi Asset Open Strategic A-Acc

1.26

0.01 1.60

Sterling Core Plus Bond Gr Accum

2.07

0.01 3.43

Indian Subcontinent A Acc

356.35

0.70 0.00

Multi Asset Open Strategic A-Inc

0.31

0.00 2.32

Sterling Core Plus Bond Inc

1.37

0.00 3.53

Worldwide Equity Fund A Accumulation

1.30

0.01 0.04

Multi Asset Strategic

1.56

0.01 0.51

UK

3.51

0.02 1.91

Worldwide Equity Fund A Income

1.32

0.01 0.02

Open World A-Acc

1.22

0.00 0.00

UK Aggreg Bond Gr Accum

1.82

0.01 3.03

Multi Asset Income A Gross Acc

1.57

0.01 3.66

UK Aggregate Bond Inc

1.24

0.00 3.08

Multi Asset Income A Gross Inc

1.13

0.00 5.06

UK Corporate Bond

1.26

0.01 3.90

Multi Asset Income A Net Acc

1.49

0.01 3.67

UK Corporate Bond - Gross

2.27

0.00 3.77

0.00 5.06

UK Corporate Bond Fund Gross Inc 11.38

0.02 3.89

0.06 0.45

UK Gilt Bond

1.29

0.00 1.82

Special Situations

28.86

0.21 1.77

UK Gilt Gross

2.03

0.00 1.79

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland

Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc
Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29

Strategic Bond

0.33

0.00 3.23

UK Long Corp Bond

1.42

0.00 4.19

Franklin Emg Mkts Debt Opp EUR 12.66

Strategic Bond Gross

0.33

0.00 3.23

UK Long Corp Bond - Gross

2.51

0.00 4.04

Franklin Emg Mkts Debt Opp GBP 10.61

0.00 5.96

Target 2015

0.50

0.00 0.27

UK Long Corporate Bond Fund - Gross Income 11.42

0.03 4.18

Franklin Emg Mkts Debt Opp SGD S$ 23.02

-0.10 5.97

Target 2015 - Gross

0.50

0.00 0.30

UK Specialist

1.85

0.01 1.22

Franklin Emg Mkts Debt Opp USD $ 17.85

-0.19 6.03

Target 2020

0.58

0.01 0.49

Target 2025

1.34

0.01 0.28

Retail Share Classes

Emerging Markets - retail

1.34

0.01 0.00

Europe Long Term Growth

1.54

0.00 1.84

Asset Management

Target 2030

1.43

0.01 0.25

UK Select

2.38

0.01 1.12

UK Growth

3.61

0.03 0.05

UK Smaller Companies

1.93

0.00 0.25

WealthBuilder A Acc

1.02

0.01 0.62

Fidelity PathFinder
Fidelity PathFinder Foundation 1 Gross Acc (clean)

1.11

0.00

Fidelity PathFinder Foundation 1 Acc (clean)

1.10

0.00

Fidelity PathFinder Foundation 2 Acc (clean)

1.12

0.00

Fidelity PathFinder Foundation 3 Acc (clean)

Fidelity PathFinder Foundation 4 Acc (clean)

1.12
1.14

0.00
0.00

Fidelity PathFinder Foundation 5 Acc (clean)

1.19

0.01

Fidelity PathFinder Focussed 1 Gross Acc (clean)

1.11

0.00

Fidelity PathFinder Focussed 1 Acc (clean)

1.11

0.00

Fidelity PathFinder Focused 2 Acc (Clean)

1.13

0.00

Fidelity PathFinder Focussed 3 Acc (clean)

1.14

0.00

Fidelity PathFinder Focussed 4 Acc (clean)

1.16

0.01

Fidelity PathFinder Focussed 5 Acc (clean)

1.14

0.00

FIL Fund Management

(LUX)
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A-GBP
15.16 - -0.03 0.00

4.30

-0.01 0.24

0.43

0.00 0.00

Frk High Yield

6.79

0.00

Global Health Care A-GBP

0.54

0.00 0.00

Frk Euro Gov. Bond

11.55

0.02 1.01

Global Industrials A-GBP

0.69

0.00 0.00

Frk Euro High Yield

6.62

0.00 4.58

Global Inflation-Linked Bd A-GBP-Hdg

1.19

0.00 0.51

Frk Euro Liquid Reserve

4.37

0.00

Global Real Asset Securities

1.50

0.00 0.00

Frk Euro Short Dur Bond Fd

10.21

0.01

Global Technology A-GBP

0.24

0.00 0.00

Frk Europ Corp Bond Fd

11.63

0.02 1.64

Global Telecomms A-GBP

0.29

0.00 1.01

Frk European Total Return

10.40

0.02 1.48

India Focus A-GBP

4.75

0.02 0.00

Frk Global Aggr.Inv.Grd Bond Fd

$ 10.72

0.04 0.00

Latin America A-GBP

1.66

0.03 0.18

Frk Global Aggregate Bond Fd

$ 10.14

0.04 1.27

Frk Global Income Fd

$ 10.33

0.04 5.55

Frk Income

$ 12.75

0.08 3.09

Frk US Government

0.01 2.29

0.00

Fidelity PathFinder Freedom 2 Acc (clean)

1.09

0.01

American Fund GBP Hedged

43.72

0.54 0.00

Latin American Fund USD Class

$ 15.46

0.54 0.00

1.09

0.01

1.09

0.00

Fidelity PathFinder Freedom 4 Acc (clean)

1.09

0.00

Fidelity PathFinder Freedom 5 Acc (clean)

1.14

0.01

Fidelity PathFinder Income 1 Income (clean)

1.06

0.01

Fidelity PathFinder Income 1 Gross Income (clean)

1.06

0.01

Fidelity PathFinder Income 2 Income (clean)

1.06

0.00

Fidelity PathFinder Income 2 gross

1.07

0.00 4.28

Fidelity PathFinder Income 2 Gross Income (clean)

1.06

0.00

Institutional OEIC Funds

America

3.92

0.02 0.42

0.00 2.10

Emerging Markets

2.60

0.01 0.25

Europe

1.81

0.01 0.00

1.22

0.00 0.50

Global Focus

Fleming Financial Trust Investment Fund Limited (NZ)

Incorporated in New Zealand, Reg No 5141841
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund
Fleming Fund
$ 2.86 2.96 0.03 -

9.67

0.00 0.00

9.89

0.00 0.53

Frk US Total Return

$ 11.48

0.00 1.56

Tem Asian Bond

$ 13.43

-0.02 3.04

Tem Asian Growth

$ 32.83

0.22 0.29

Tem Emerging Markets

$ 32.76

0.35 0.27

Tem Emg Mkts Balanced AQdis

7.83

0.07 2.87

Tem Emg Mkts Bd

$ 17.04

0.08 6.69

Tem Global

$ 34.56

0.57 0.47

Tem Global (Euro)

19.00

0.14 0.37

Tem Global Balanced

$ 23.03

0.32 0.64

Tem Global Bond

$ 20.82

0.03 2.32

10.40

0.03 2.89

0.01 0.49

Tem Global Equity Income A(Mdis) $ 10.13

0.20 3.69

3.34

4.04

0.04 2.44

Tem Global High Yield Fd F

9.42

0.02 4.99

Fidelity Pre-Retirement Bond Fund 118.20

0.20 1.50

Tem Global Income

$ 14.28

0.15 1.64

2.78

0.01 0.53

Tem Global Smaller Cos

$ 33.60

0.46 0.00

2.55

0.00 0.63

First State Investments (UK) (1200)F

0.51

0.00 4.04

Money Builder Dividend

2.67

0.01 4.39

Index Linked Bond Gross

3.06

-0.01 0.63

MoneyBuilder Growth

0.76

0.01 2.17

Index-Linked Bond Fund Gross Inc 12.01

-0.01 0.63

MoneyBuilder Growth ISA

0.76

0.00 2.33

Japan

0.02 0.76

Asia Pacific Leaders A Shares

1.98

0.00 3.23

Long Bond

0.51

0.00 2.64

Asia Sustainability A Shares

0.00 3.23

Long Bond Gross

0.82

0.00 2.58

Emerging Markets Bond A Accumulation

1.36

0.01 0.46

Long Bond Fund Gross Inc

11.45

0.01 2.63

Emerging Markets Bond A Income

Multi Asset Alloc Adventurous A-Acc

3.71

0.03 2.29

Pacific (Ex Japan)

0.07 1.88

Global Agribusiness Fund A Accumulation

Multi Asset Adventurous A-Acc

Frk US Low Duration Fd

Asset Management

MoneyBuilder Balanced

9.47

Frk US Liquid Reserve Inc

Tem Global Bond (Euro)

Asset Management
-

Franklin Templeton Investment Funds

Global Financial Services A-GBP

China Focus A-GBP

1.09

Fidelity PathFinder Freedom 3 Acc (clean)

Asset Management
(LUX)
8A rue Albert Borschette / L-1246 Luxembourg
www.franklintempleton.co.uk UK freephone 0 800 305 306
FCA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis
$ 10.45 0.12 2.19

Fidelity PathFinder Freedom 1 Gross Acc (clean)

Fidelity PathFinder Freedom 1 Acc (clean)

0.00 5.94

{*}CAR - Net income reinvested

(IRL)
Findlay Park Funds Plc
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FCA Recognised
American Fund USD Class
$ 80.29 1.02 0.00

0.01 1.70

0.37

Franklin Templeton International Services Sarl (IRL)

1.13

0.00 1.89

0.15 0.00

8.42

(UK)
23 St Andrew Square, Edinburgh, EH2 1BB
enquiries@firststate.co.uk
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Authorised Funds
1005.34 5.39 0.01
Asia Pacific A Shares

MoneyBuilder Income -Gross

$ 34.74

(GSY)

1.06

0.37

Regulated
Foord International Trust

South East Asia

Fidelity PathFinder Income 3 Income (clean)

Foord Asset Mgt (Guernsey) Ltd

Multi Asset Income A Net Inc

Index Linked Bond

MoneyBuilder Income

Offer D+/- Yield

3.79

Global Emerging Mkts A Shares

497.63

4.00 0.22

372.05

1.52 0.43

1.19

0.01 4.41

1.05

0.00 4.53

138.38

0.77 0.00

621.70

Asset Management

4.31 0.49

Tem Global Total Return

$ 17.67

0.03 3.56

Tem Latin America

$ 50.01

1.40 0.89

Class A Acc
Frk Biotech Discovery

$ 32.97

0.41

Frk Brazil Opportunities Fd

$ 10.23

0.01 0.00

Frk Euro S-Term Money Mkt Fd

1012.27

-0.01 0.00

Frk Euroland Fund

19.54

0.27 0.00

Frk European Growth

15.30

0.12 0.00

Frk European Sml Mid Cap Gth

33.46

0.48 0.00

Asset Manageme
Managem

14 | FTfm

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Bid

Offer D+/- Yield

Fund

Bid

Offer D+/- Yield

Fund

Bid

Offer D+/- Yield

Frk Gbl Equity Strategies Fd

$ 11.54

0.17 0.00

GAM Star Cont European Eqty GBP Acc F

3.34

0.02 0.00

Frk Gbl Fundamental Strat Fd

$ 13.20

0.12 0.00

GAM Star Cred Opportunities GBP Acc 12.64

0.00 4.12

Frk Global Conver.Securities

$ 11.75

0.12 0.00

GAM Star Defensive GBP Acc

10.92

0.00 0.00

Frk Global Growth

$ 14.62

0.15 0.00

GAM Star Discretionary FX USD Acc F $ 12.79

-0.06 0.00

Other International Funds

Asian Market Leaders - USD

$ 26.55

0.19 0.00

Frk Global Gth & Val

$ 25.19

0.31 0.00

GAM Star Dynamic Gbl Bd USD Acc H $ 10.50

0.06 1.44

Asian Market Leaders - GBP

13.47

-0.05 0.00

Holiday Property Bond Ser 2

0.62

$ 28.84

0.60 0.00

GAM Star Emerging Asia USD Class ACCU $ 13.00

-0.04 0.47

Greater China - USD

$ 10.80

0.09 0.00

Frk Gold and Precious Mtls Fd F

0.05 0.00

GAM Star Emerg. Market Rates USD Acc F $ 11.51

0.04 0.00

Greater China - GBP

-0.01 0.00

Frk India
Frk Japan Fd
Frk K2 Alt Strat Fd
Frk MENA Fund

$ 33.75
813.50
$ 10.45
$

7.04

0.45 0.00
12.54 0.00
0.05

0.03 0.00

GAM Star European Eqty USD Acc F $ 22.35

GAM Star Flexible Gbl Port GBP Ac 12.76
GAM Star GAMCO US Equity Acc F $ 13.90
GAM Star Global Conv Bond USD Acc F $ 11.37

0.30 0.00

0.05 0.00

Frk Mutual Beacon

$ 72.61

0.71 0.00

GAM Star Global Rates USD Acc F $ 12.68

0.03 0.00

Frk Mutual European EUR

24.33

0.30 0.00

GAM Star Global Selector USD Acc F $ 14.57

0.15 0.00

Frk Mutual Gbl Disc

Frk Natural Resources Fd F
Frk Real Return Fd F
Frk Strategic Income Fd

$ 17.76
$

7.78

$ 10.56
$ 14.77

0.22 0.00
0.11 0.00
0.04 0.00
0.02 0.00

GAM Star Japan Eqty USD Acc F $ 12.17

GAM Star Keynes Quant Strat USD Acc F $ 12.42
GAM Star Local EM Rates and FX USD Acc $ 11.77
GAM Star North of South EM Equity Acc F $ 11.75

0.26 0.38
0.03 0.00
0.10 0.00
0.12 0.02

Frk Technology

$ 11.02

0.15 0.00

GAM Star Technology USD Acc F $ 16.29

0.17 0.00

Frk U.S. Focus Fund

$ 16.70

0.26 0.00

GAM Star US All Cap Eqty USD Acc F $ 14.19

0.18 0.00

Frk US Equity
Frk US Opportunities
Frk US Sml Mid Cap Gth F

$ 24.49
$ 12.04
$ 19.83

0.34 0.00

0.23

$ 19.40

0.22 0.00

Tem Africa

$ 10.44

0.00 0.00

$ 39.55

0.27 0.00

Tem BRIC

$ 13.85

0.20 0.00

Tem China

$ 22.96

0.13 0.00

Tem Eastern Europe

18.35

Tem Emerging Mkts Sml Comp Fd $ 10.21

Tem Euroland
Tem European EUR
Tem Frontier Mkts Fund
Tem Growth (Euro)

19.21
20.90
$ 18.05
16.21

0.30 0.00
0.11 0.00
0.27 0.00
0.25 0.00
0.00 0.00
0.10 0.00

Tem Korea

5.21

0.03 0.00

Tem Thailand

$ 21.87

0.13 0.00

Frontier Gottex
Authorised Inv Funds
FP Frontier MAP Balanced Fund

(UK)
141.80

0.93 0.66

Frontier Capital (Bermuda) Limited

Global Real Estate-GBP C Class

71.42
45.26

Regulated
Taurus Emerging Fund Ltd

Generali International Limited

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed $ 4.87 5.24 0.01 0.00
UK Multi-Strategy Managed

4.84

5.21 0.00 0.00

EU Multi-Strategy Managed

2.92

3.15 -0.01 0.00

Global Bond USD

3.57

3.85 -0.03 0.00

-0.53
-0.50

(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds
205.77 0.02 1.09
Fundsmith Equity T Acc
195.88

0.01 1.10

(UK)

GAM Sterling Management Limited

12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC
3987.54 - 36.49 0.00
GAM Global Diversified Acc
GAM North American Gwth Acc

3290.58

et Management
GAM UK Diversified Acc

1888.45

4.75 0.00

22.04 1.08

GAM Limited

(IRL)

0.02 0.00

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances
Guardian Assurance
Property Bond
23.37 24.34 0.01 317.00 333.70 0.00

Choices Wth-Pfts Lg-tm

269.00 283.10 0.00

Choices Managed

625.19 658.09 0.54

Choices Equity

709.72 747.07 1.20

Freedom With Pfts Long-Tm

217.90 229.30 0.00

Freedom With Pfts Short-Tm

196.20 206.50 0.00

362.12 381.18 0.85

410.54 432.15 2.07

Corp Pens Mananged

220.70 220.70 0.18

Corp Pens Equity

231.69 231.69 0.39

Corp Pens Fixed Interest

300.14 300.14 -2.56

346.84 346.84 -3.49

Corp Pens Index Linked

190.29 190.29 0.00

Corp Pens Deposit

361.73 361.73 -6.60

Corp Pens Protector

Corp Pens UK Index Tracker

GAM Limited (2300)F

Guardian

Freedom Equity

Fundsmith LLP (1200)F

5.81

2.01

Hargreaves Lansdown Fd Mgrs (1100)F

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
Authorised Inv Funds
Hargreaves Lansdown Funds
Unit Trust
259.56 273.22 0.67 0.22
Multi-Manager Spec Sits Tst
HL Multi-Manager Income & Growth Trust (Accumulation units)

162.70 171.17 0.75 3.75

HL Multi-Manager Income & Growth Trust (Income units)

100.79 106.03 0.47 3.75

Multi-Manager Bal Mgd Tst

181.12 190.48 0.50 0.89

HL Multi-Manager Equity & Bond Trust (Income units)

109.11 114.65 0.16 2.24

HL Multi-Manager Equity & Bond Trust (Accumulation units)

145.20 152.58 0.21 2.24

Multi-Manager Strategic Bond Trust A Acc

168.98 174.20 -0.32 1.75

Multi-Manager Strategic Bond Trust A Inc

142.59 147.00 -0.28 1.75

HL Multi Manager UK Growth

100.66 103.77 0.49 0.00

Haussmann
Other International Funds
Haussmann Cls A

$ 2716.34

15.59 0.00

Haussmann Cls C

2382.32

13.53 0.00

Haussmann Cls D

SFr 1271.53

12.22 0.00

Heartwood Wealth Management Limited

Regulated
Heartwood Caut Multi Asset B Acc

141.64

0.11 0.00

2.01 0.03

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds
Asia Pacific Capital Growth A Acc 780.80 4.40 0.82
Asian Dividend Income Inc

96.22 101.54 0.64 5.81

Cautious Managed A Acc

243.90

0.60 3.22

Cautious Managed A Inc

154.50

0.40 3.28

China Opportunities A Acc

859.90

1.10 0.38

Emerging Markets Opportunities A Acc

152.90

1.00 0.40

European Growth A Acc

165.60

1.10 0.80

European Selected Opportunities A Acc

1264.00

10.00 0.49

European Special Situations A Acc

89.43

0.94 1.13

Fixed Interest Monthly Income A Inc

22.37 23.46 0.02 5.99

Global Care Growth A Inc

203.70

1.30 0.12

Global Equity Income A Inc

50.90

0.43 3.81

Global Growth Fund

2003.58 2094.02 7.81 0.00

Global Technology A Acc

923.60

9.20 0.00

Multi-Manager Absolute Return A Acc

136.00

0.10 0.00

Multi-Manager Active A Acc

176.60

1.00 0.00

Multi-Manager Distribution A Inc

131.70

0.20 2.49

Multi-Manager Diversified A Acc

78.67

0.10 2.61

Multi-Manager Global Select Acc

183.10

0.80 0.00

Multi-Manager Income & Growth A Acc

153.20

0.30 2.03

0.40 2.05

Equity Acc

33.39 35.15 0.17

Multi-Manager Managed A Acc

230.90

1.10 0.00

Fixed Interest Acc

17.19 18.10 -0.12

Multi-Manager Managed A Inc

226.60

1.00 0.00

International Acc

13.26 13.95 0.04

Sterling Bond Acc

202.68 211.78 1.61 2.84

European Acc

7.14 -0.01

Sterling Bond Inc

Asset Management

63.88 66.74 0.50 2.88

3.89

4.09 0.03

Strategic Bond A Inc

129.80

3.33

3.51 0.02

UK & Irish Smaller Companies A Acc

525.10

1.10 0.05

UK Absolute Return A Acc

144.10

-0.10 0.00

0.20 5.71

Property Acc

6.75

7.10 0.00

Index-Linked Acc

6.55

6.90 -0.06

UK Alpha A Acc

109.70

0.60 1.05

Deposit Accum

4.46

4.69 0.00

UK Equity Income & Growth A Inc

625.30

4.50 3.45

GAM Star Asian Eqty USD Ord Acc F $ 14.22

0.00 0.00

Guardian Pensions Management Ltd

Pens. Managed Acc.
23.61 24.86 0.02

UK Index A Acc

512.60

2.90 1.99

GAM Star Balanced GBP Acc

10.39

0.03

UK Property A Acc

193.08 203.24 0.05 4.04

GAM Star Cap.Appr.US Eqty USD Inc F $ 17.84

0.17 0.00

UK Property A Inc

97.68 102.81 0.03 4.16

GAM Star Cat Bond USD Acc

$ 12.42

0.00 0.00

UK Tracker A Acc

233.50

1.20 1.42

GAM Star Cautious GBP Acc

10.42

0.02

US Growth A Acc

780.60

1.70 0.00

GAM Star China Equity USD Acc F $ 22.05

0.06 0.50

Pens. Equity Acc.

3.35

Hermes Global Emerging Markets Fund Class F Acc

1.25

Hermes Global Emerging Markets Fund Class R Acc

3.12

1.56 0.00 0.00

3.35 -0.01 0.00
1.25 0.01 0.00
3.12 0.01 0.00

35.75 37.63 0.06

HPB Assurance Ltd

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances
Holiday Property Bond Ser 1
0.53 0.00 0.00

Fund

Bid

1.54 0.49

UK Strategic Income Acc

181.57

0.19 3.49

Emerging European Acc

34.69

0.30 3.21

UK Strategic Income Inc

138.27

0.15 3.58

Emerging European Inc

32.46

0.28 3.29

US Equity Acc

552.57

4.26 0.00

Invesco Perpetual Funds (No Trail)

197.84
Asian (No Trail) Acc F

2.93 1.33

179.89

2.66 1.34

European Equity Acc

839.13

11.35 2.33

European Equity Inc

709.93

9.60 2.38

European Equity Income Acc

73.72

0.77 3.25

European Equity Income Inc

57.80

0.61 3.32

European High Income Acc

Global Bd Acc (Gross)

1.11

Hermes Global High Yield Bond Fund Class R Acc

2.86

Hermes Multi Asset Inflation Fund Class F GBP Acc

1.00

1.11 0.00 0.00

2.86 0.00 0.00
1.00 0.00

60.17
F

78.52

F
F
F

Global Bd Inc (Gross)

Global Bond Acc

76.68

European Opportunities Acc

3.96 0.01 0.00

80.78

European Opportunities Inc

3.96

Hermes Global High Yield Bond Fund Class F Acc

European High Income Inc

Hermes Global Equity Fund Class R Acc

0.03 3.42
0.72 0.18
0.74 0.18

1.84 0.00

129.00

0.06 1.06

121.43

Global Bond Inc

0.03 3.36

168.33

80.37

80.29

0.03 1.07
0.05 1.06
0.03 1.07

52.94

0.10 4.43

1.02

1.02 0.00

Glbl Distribution Acc (Gross)

53.26

0.10 4.42

Hermes Sourcecap EU Alpha Fund Class F Acc

1.26

1.26 0.01

Glbl Distribution Inc

51.73

0.10 4.44

1.24

Hermes Sourcecap EU Alpha Fund Class R Acc

3.03
1.31

1.24 0.01 1.84

3.03 0.01 0.00
1.31 0.01 0.00

Glbl Distribution Inc (Gross)

51.74
474.68

Global Equity (acc)

Global Equity (inc)

432.96

0.10 4.44
3.94 0.50
3.60 0.50

Hermes Sourcecap EX UK Fund Class R Acc

3.04

3.04 0.01 0.00

Global Equity Income Acc

120.86

0.77 3.23

Hermes UK Small & Mid Cap Fund Class F Acc

1.51

1.51 0.01 0.00

Global Equity Income Inc

101.57

0.65 3.31

Hermes UK Small & Mid Cap Fund Class R Acc

4.48

4.48 0.02 0.00

Gbl Financial Capital Acc

86.67

0.46 4.37

Hermes US SMID Equity Fund Class F Acc

1.58

1.58 0.01 0.00

Gbl Financial Capital Inc

75.82

0.39 4.50

Hermes US SMID Equity Fund Class R Acc

3.35

3.35 0.02 0.00

Gbl Financial Cap Acc Gross

89.93

0.47 4.87

Gbl Financial Cap Inc Gross

Hermes Property Unit Trust

(UK)

Property & Other UK Unit Trusts

Property

5.34

5.68 0.04 4.90

(IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A
2.22 0.02 0.00
Env Mkts (Ire) Euro A

2.05

0.01 0.00

Env Mkts (Ire) USD A

1.78

0.02 0.00

INDIA VALUE INVESTMENTS LIMITED (INVIL)

www.invil.mu
Other International Funds
NAV

Global Smaller Cos Acc

7.36

-0.01 0.00

Intrinsic Value Investors (IVI) LLP

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR
17.06 0.08 0.00
17.12

0.06 1.07

425.62
F

Asian Equity Income Acc

Asian Equity Income Inc

Balanced Risk 6 Acc

Balanced Risk 8 Acc

63.96

6.30 0.83
0.63 4.00

-0.49 4.20

High Yield Fund Acc (Gross)

High Yield Fund Inc

Hong Kong & China Acc

F
F

Income & Growth Inc

Income Inc
Japan Acc

Childrens Acc

F
F

Managed Growth Inc

1.60 1.75

Money Acc

Money Acc (Gross)

Distribution Acc (Gross)

Distribution Inc

110.96
F

Distribution Inc (Gross)

Emerging Countries Acc

F
F

126.12

0.08 4.14
0.09 4.12

Monthly Income Plus Acc

Pacific Acc
Pacific Inc

F
F

2.79 1.22
1.48 0.82
1.24 0.82

Tactical Bond Inc (Gross)

F
F

0.01 0.26
0.28 4.79
0.34 4.76

0.11 4.89

0.11 4.89

11.93 0.37
10.96 0.37

UK Growth Inc

66.48

0.05 4.22

UK Smaller Cos Equity Acc

72.01

-0.06 1.75

573.03

UK Smaller Cos Equity Inc

-0.05 1.77

175.64

F
F

-0.05 1.76

210.90

60.66

60.72

UK Aggressive Inc

0.01 0.26

113.67

69.52

UK Aggressive Acc

Asian (No Trail) Inc

Asian Equity Income (No Trail) Acc

130.44

1.29 3.99

Asian Equity Income (No Trail) Inc

113.06

1.12 4.10

Balanced Risk 6 No Trail Acc

110.02

0.68 0.20

Balanced Risk 8 No Trail Acc

114.27

0.94 0.45

Balanced Risk 10 No Trail Acc

118.65

1.22 0.67

Corporate Bond (No Trail) Acc

164.53

0.07 3.90

Corporate Bond (No Trail) Inc

120.15

0.05 4.00

Distribution (No Trail) Acc

169.59

0.13 4.13

Distribution (No Trail) Inc

115.67

0.09 4.21

Emerging Countries (No Trail) Acc

169.17

1.11 0.99

Emerging Countries (No Trail) Inc

159.44

1.04 1.00

Emerging European (No Trail) Acc

71.90

0.62 3.92

Emerging European (No Trail) Inc

65.54

0.56 4.03

European Equity (No Trail) Acc

147.60

1.99 2.87

European Equity (No Trail) Inc

124.66

1.68 2.94

European Equity Income (No Trail) Acc

151.29

1.58 3.23

European Equity Income (No Trail) Inc

118.65

1.24 3.31

European High Income (No Trail) Acc

165.93

0.07 3.35

European High Income (No Trail) Inc

123.59

0.06 3.41

Invesco Perpetual High Yield Fund acc (No trail)

223.29

-0.99 4.26

Invesco Perpetual High Yield Fund inc (No trail)

169.84

-0.76 4.35

European Opportunities (No Trail) Acc

163.78

1.54 0.76

European Opportunities (No Trail) Inc

155.43

1.47 0.77

European Smaller Companies (No Trail) Acc

205.96

2.26 0.54

Global Balanced Index (No Trail) Acc

157.24

0.51 1.78

Global Bond (No Trail) Acc

136.25

0.05 1.30

Global Bond (No Trail) Inc

124.59

0.05 1.31

Glbl Distribution Acc (No Trail)

106.28

0.21

Glbl Distribution Inc (No Trail)

103.83

0.20

208.76

1.74 1.03

Global Equity (No Trail) acc

Global Equity (No Trail) inc

195.36

1.62 1.04

Global Equity Income (No Trail ) Acc

249.07

1.59 3.21

Global Equity Income (No Trail) Inc

209.32

1.34 3.30

Global ex UK Core Equity Index ( No Trail) Acc F

172.55

1.51 1.32

Global ex UK Enhanced Index ( No Trail) Acc F

201.02

1.43 1.74

Gbl Fin Cap No Trail Acc

175.95

0.92 4.35

Gbl Fin Cap No Trail Inc

153.97

0.81 4.48

Global Opportunities (No Trail) Acc

244.32

2.59 1.01

Global Smaller Companies (No Trail) Acc

243.97

2.04 0.40

Global Smaller Companies (No Trail) Inc

234.66

1.96 0.40

Global Targeted Rets (No Trail) Acc

115.93

0.46 0.81

High Income (No Trail) Acc

171.60

0.37 3.50

High Income (No Trail) Inc

128.46

0.28 3.59

186.06

0.99 1.23

Income & Growth (No Trail) Acc

224.27

-0.02 3.65

Income & Growth (No Trail) Inc

181.57

-0.01 3.74

Hong Kong & China (No Trail) Acc

Income (No Trail) Acc

171.12

1.02 3.31

Income (No Trail) Inc

129.00

0.77 3.40

Japan (No Trail) Acc

139.78

1.73 0.85

Japanese Smaller Companies (No Trail) Acc F

163.48

-0.53 0.00

Latin American (No Trail) Acc

122.93

3.19 1.84

Latin American (No Trail) Inc

112.27

2.92 1.86

Managed Growth (No Trail) Acc

197.10

1.79 1.27

Managed Growth (No Trail) Inc

183.17

1.66 1.29

Managed Income (No Trail) Acc

191.85

1.29 3.17

Managed Income (No Trail) Inc

160.94

1.08 3.23

Monthly Income Plus (No Trail) Acc

171.87

-0.05 1.78

0.16 4.78

Monthly Income Plus (No Trail) Inc

111.47

1.18 1.78

0.11 4.88

0.99 1.81

2.21 0.84

2.22 1.82

363.55

1.40 1.85

787.76

7.01 0.62

607.55

5.40 0.62

Asset

Asset Management

Asset Management

Tactical Bond Acc

113.52

932.85

UK Growth Acc

349.07

1015.64

0.05 4.22

1.69 0.49

3.32 1.21

299.11

Monthly Income Plus Acc (Gross)

66.48

259.08

95.17

Tactical Bond Acc (Gross)

127.62

90.08

0.04 3.75

Distribution Acc

-0.21 0.00

0.68 3.24

0.04 3.75

91.10

64.42

100.44

90.87

3.67 0.33

Corporate Bd Inc (Gross)

10.73 3.41

Managed Income Inc

Tactical Bond Inc

Corporate Bond Inc

18.73 3.33

1.08 3.17

0.09 3.65

0.08 3.67

-0.04 3.76

160.56

206.92

185.16

-0.09 3.66

Managed Income Acc

Corporate Bd Acc (Gross)

Corporate Bond Acc

956.22

136.59

Monthly Income Plus Inc (Gross)

2.49 0.73

163.09

-0.19 4.28

107.33
F

470.91

295.29

Monthly Income Plus Inc

416.26

-0.20 4.29

1790.00

0.33 0.00

0.60 0.27

-0.56 4.17

3125.78

44.16

424.28

Income Acc

125.20

44.20

54.19

58.46

1.73 3.51

Asset Management

Balanced Risk 10 Acc

0.23 0.28

108.15

0.55 4.11

0.46 0.04

13.39 0.00

High Yield Fund Acc

13.99 0.00

0.97 3.60

55.43

56.30

Managed Growth Acc

1.01 0.49

452.42

Latin America Inc

Asian Inc

High Income Inc

Latin America Acc

(UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
473.87 7.01 0.82
Asian Acc F

95.30

805.52

Japanese Smlr Cos Acc

Invesco Fund Managers Ltd

0.40 5.06

57.56

High Yield Fund Inc (Gross)

1603.41

Global Targeted Rets Acc

High Income Acc

76.10

1676.17

Income & Growth Acc

IVI European Fund GBP

Global Opportunities Acc

Global Smaller Cos Inc

Impax Asset Management

Asset Management

Glbl Distribution Acc

Hermes Multi Strategy Credit Fund Class F Acc Hed

Hermes Sourcecap EU Alpha Fund Class F Dis

Offer D+/- Yield

European Smlr Cos Acc

1.17 0.01

Bid

235.71

1.52 0.01 0.00

1.17

Fund

1.52

Hermes Global ESG Equity Fund Class F Acc

Offer D+/- Yield

Emerging Countries Inc

Hermes Global Equity Fund Class F Acc

Asset Management

FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc
GAM Star Asia-Pacific Eqty USD Acc F $ 11.95 0.14 0.77

1.56

(IRL)

143.60

Pacific Acc

Hermes Asia Ex-Japan Equity Fund Class F Acc

Hermes Sourcecap EX UK Fund Class F Acc

Multi-Manager Income & Growth A Inc

6.78

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Active UK Inflation Fund Class F Acc 1.24 1.24 -0.01 0.00

Asset Management

Hermes Investment Funds Plc

Hermes Asia Ex-Japan Equity Fund Class R Acc

Guardian Linked Life Assurance Ltd

Managed Acc
18.16 19.12 0.04

Nth American Acc

Offer D+/- Yield

Henderson Global Investors

Genesis Asset Managers LLP

Other International Funds
Emerging Mkts NAV

$ 49.57 49.58 0.26 0.00

(GSY)

$ 246.03 251.05 -5.28 0.00

Freedom Managed

Fundsmith Equity T Inc

40.10 0.37

GYS Investment Management Ltd

Choices Wth-Pfts St-tm

Other International
Commercial Property-GBP Class

0.14 0.00

Frk Wrld Perspective Fd

Tem Asian Sml Comp Fd

GAM Star Worldwide Eqty USD Acc F $ 3297.71

Selected Asian P'folio

4.43

0.06 0.00
0.16 0.00

Bid

Hamon Investment Group

Frk Global Sml Mid Cap Gth

4.02

Fund

0.00 0.00

Pacific (No Trail) Acc

187.71

Pacific (No Trail) Inc

178.16

2.10 0.92

141.85

-0.11 2.23

121.52

-0.09 2.26

172.86

0.97 2.32

Tactical Bond (No Trail) Acc

Tactical Bond (No Trail) Inc

UK Aggressive (No Trail) Acc

Asset

FTfm | 15

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Bid

UK Aggressive (No Trail) Inc

Fund

Bid

Fund

Bid

145.45

Offer D+/- Yield

-

0.82 2.37

Fund

Invesco Global Small Cap Equity A NAV $ 122.80

Bid

Offer D+/- Yield

-

1.39 0.00

Global Eq Income Acc... C

71.40xd

Offer D+/- Yield

-

0.40 3.63

Fund
Europe Convertible Bd B (Cap)

15.71

Bid

Offer D+/- Yield

-

0.10 0.00

UK Opportunities A Acc

164.34

0.32 1.03

Sterling Bond

1.5320xd

-0.0020 3.48

UK Smaller Companies A Acc

240.43

1.78 0.28

UK

7.1940

0.0400 1.06

Lloyds Gilt Fund Limited

Lloyds Gilt Fund Quarterly Share 1.2950xd

-0.0040 1.98

1.2460xd

-0.0050 1.98

Lloyds Money Fund Limited

Australian Dollar
A$ 173.4780

0.0050 0.88

Euro

UK Enhanced Index (No Trail) Acc

409.85

2.08 3.29

Invesco Global High Income A NAV $ 12.87

0.03 5.30

Global Eq Income Inc ... C

63.51xd

0.36 3.71

Global Convertible A (Dis) F

$ 19.31

0.17 0.00

UK Enhanced Index (No Trail) Inc

263.92

1.34 3.37

Invesco Gbl R/Est Secs A GBP F F

8.26

0.06 0.70

Global Financials Acc

735.70xd

8.50 0.79

Global Convertible B (Cap) F

$ 22.93

0.19 0.00

151.00

0.59 2.34

Invesco Global Health Care A

$ 130.76

0.96 0.00

Global Financials Inc

41.87xd

0.48 0.79

Global Convertible A Hdg GBP(Dis) F 13.02

0.06 0.00

UK Growth (No Trail) Acc

Offer D+/- Yield

Kames Capital Investment Portfolios ICVC (UK)

UK Smaller Companies Equity (No Trail) Acc

255.51

2.27 1.14

Invesco Jap Eqty Core A

1.75

0.03 0.00

Global High Yield Bond Acc ... C

100.40xd

0.10 6.92

Global Convertible Hdg A (Cap) F $ 19.24

0.09 0.00

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA

0800 45 44 22 www.kamescapital.com
Authorised Funds
111.57 0.03
Property Income B Acc

UK Smaller Companies Equity (No Trail) Inc

238.46

2.12 1.15

Invesco Japanese Equity A

$ 17.54

0.16 0.00

Global High Yield Bond Inc ... C

39.42xd

0.05 7.02

Global Convertible B Hdg (Dis) F

$ 22.90

0.11 0.00

Property Income B Inc

UK Strategic Income (No Trail) Acc

718.54

0.80 3.47

Invesco Korean Equity A

$ 29.12

0.51

Global Property Secs Acc

61.71xd

0.57 0.68

Global Convertible A Hdg EUR(Dis) F 15.47

-0.18 0.25

UK Strategic Income (No Trail) Inc

547.24

0.60 3.56

Invesco PRC Equity A

$ 51.84

0.42

Global Property Secs Inc

53.49xd

0.49 0.68

Global Convertible B Hdg EUR (Cap) F 17.19

0.07 0.00

Kames Capital VCIC

229.25

1.77 0.04

Invesco Pacific Equity A

$ 50.64

0.76 0.18

Income Fd A - Net Acc

50.42xd

0.07

Global Convertible A Hdg CHF (Dis) FSFr 22.83

0.10 0.00

Invesco Global Technology A

$ 15.80

0.24 0.00

Income Fd A - Net Inc

48.77xd

0.06

Global Convertible B Hdg CHF (Cap) FSFr 25.18

0.11 0.00

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493

FCA Recognised
0.34
Absolute Return Bond B GBP Acc 1078.30 -

Invesco UK Eqty A

0.03 1.11

Japan Acc

258.90xd

2.80 0.00

UK Growth (No Trail) Inc

US Equity (No Trail) Acc

123.55

0.47 2.39

Invesco Global Select Equity A

$ 13.53

0.15 0.00

Global High Yield Bond A Mth Net Inc

39.44xd

0.05 6.99

Global Convertible B Hdg GBP (Cap) F 15.31

0.08 0.00

8.43

62.32xd

Japan Inc
Multi-Asset Inc A Mth Net Inc
(LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A 2.94 0.01 0.00
Invesco Asia Balanced A dist

$ 15.72

0.13 3.48

Invesco Asia Consumer Demand Fund A income $ 14.19

0.23 0.18

Invesco Asia Infrastructure (A)

$ 13.52

0.13 1.51

Invesco Asia Opportunities Equity A $ 107.35

1.23 0.00

Invesco Balanced Risk Allocation Fund A 15.58

0.12 0.00

Invesco Capital Shield 90 (EUR) A 12.14

0.02 0.00

Invesco Emerging Europe Equity Fund A $

8.27

0.09 0.00

Invesco Emerging Local Currencies Debt A Inc $

8.24

0.06 5.97

Invesco Emerging Mkt Quant.Eq. A $ 11.04

0.17 0.00

Invesco Energy A

0.36

Invesco Euro Corporate Bond Fund (A) 17.60

0.01 0.00

Invesco Euro Inflation Linked Bond A 15.70

0.00 0.00

322.89

0.00 0.00

Invesco Euro Reserve A

Invesco European Bond A

7.15

0.02 0.00

Invesco European Growth Equity A 23.58

0.04 0.00

Invesco Global Absolute Return Fund A Class 11.79

0.02 0.00

Invesco Global Bond A Inc

5.57

0.02 1.12

Invesco Global Equity Income Fund A $ 60.70

0.41 0.00

Invesco Global Inc Real Estate Sec A dist $

9.85

0.06 2.26

Invesco Global Inv Grd Corp Bond A Dist $ 12.26

0.01 3.04

Invesco Global Leisure A

0.42 0.00

$ 36.66

Invesco Global Smaller Comp Eq Fd A $ 54.49

0.70 0.00

Invesco Global Structured Equity A $ 46.28

0.26

Invesco Global Total Ret.(EUR) Bond Fund A 13.45

0.01 0.00

Invesco Gold & Precious Metals A $

4.89

0.07 0.00

$ 47.24

0.43 0.00

Invesco Greater China Equity A

Invesco India Equity A

$ 54.81

0.63 0.00

Invesco Japanese Equity Adv Fd A 3586.00

-4.00 0.00

Invesco Japanese Value Eq Fd A 1156.00

2.00 0.00

Invesco Latin American Equity A $

7.46

0.19 0.00

Invesco Nippon Small/Mid Cap Equity A 996.00

-7.00 0.00

Invesco Pan European Equity A EUR Cap NAV 19.80

0.11 0.00

Invesco Pan European High Income Fd A 14.28

0.04 1.97

Invesco Pan European Small Cap Equity A 20.23

0.14 0.00

Invesco Pan European Structured Equity A 16.59

0.03 0.00

Invesco UK Eqty Income A

Invest AD

31.26

0.19 0.00

1.02

0.01 2.72

Invesco US Structured Equity A

$ 22.47

0.12 0.00

Invesco US Value Eq Fd A

$ 33.34

0.35 0.00

Invesco USD Reserve A

$ 87.02

0.00 0.00

Invesco UK Investment Grade Bond A

(IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F
2.66 0.00 3.56
Invesco Asian Equity A
Invesco ASEAN Equity A
Invesco Bond A

6.88

$ 103.72

0.10 0.10
0.43 0.38

0.30 3.71

-0.20 0.00

Swiss & Global Asset Management

(LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR B
105.46 - -0.01 0.00
JB BF Abs Ret Def-EUR B

111.19

0.02 0.00

Invest AD - Emerging Africa Fund $ 1165.98

-2.65 0.00

Multi-Manager Growth Inc

668.20xd

5.10 0.46

JB BF Abs Ret EM-USD B

$ 117.68

0.17 0.00

$ 1743.70

5.52 0.00

Natural Resources Acc

473.50xd

11.00 0.09

JB BF Abs Ret-EUR B

130.14

-0.01 0.00

Invest AD - GCC Focus Fund

JPMorgan Asset Mgmt (1200)F

(UK)

60 Victoria Embankment, London EC4Y 0JP

Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
59.62xd America Eq Fd A - Net Acc

0.77 0.09

JB BF Abs Ret Pl-EUR B

128.47

0.09 0.00

New Europe Acc

148.40xd

2.70 2.44

JB BF EM Corporate-USD B

$ 106.15

0.16 0.00

New Europe Inc

35.27xd

0.63 2.41

JB BF EM Infl Link-USD B

$ 95.50

1.33 0.00

Portfolio Acc

199.80

1.00 0.98

JB BF EM Inv Grade-USD B

$ 101.71

0.36 0.00

Sterling Corporate Bond Acc

84.58xd

0.12 2.53

JB Emerging (EUR)-EUR B

336.87

1.53 0.00

Strategic Bond Acc

53.69xd

0.08 2.54

JB Emerging (USD)-USD B

$ 407.17

2.02 0.00

69.33xd

0.02 3.32

JB BF Local EM-USD B

$ 284.82

1.78 0.00

Asset Management

0.49 0.00

Strategic Bond Inc

58.39xd

0.02 3.34

JB BF Total Ret-EUR B

98.97

0.00 0.00

283.90xd

1.60 2.88

JB EF Abs Ret Eur-EUR B

118.53

0.11 0.00

53.54xd

0.30 2.97

JB EF Euro Value-EUR B

193.82

5.58 0.00

59.62xd

0.49 0.00

Asia Acc

126.10xd

1.10 0.31

UK Active Index + E Inc

-0.20 0.00

33.53xd

America Eq Fd A - Net Inc

69.96xd

Natural Resources Inc

UK Active Index + E Acc

Asia Inc

60.54xd

Sterling Corporate Bond Inc

0.59 0.30

UK Dynamic Acc

154.80xd

0.30 1.38

JB EF Japan-JPY B

16553.00

32.00 0.00

Cautious Managed Rt Acc

66.96xd

0.05 0.17

UK Dynamic Inc

127.70xd

0.30 1.39

JB EF Luxury B-EUR B

228.76

1.01 0.00

Cautious Managed Rt Inc

58.93xd

0.05 0.17

UK Eq & Bond Inc Acc ... C

141.40xd

0.40 3.20

JB Ms EF Special Val. EUR/A

147.34

1.61 0.77

Diversified Real Ret Acc

53.86xd

0.21 1.03

UK Eq & Bond Inc Inc ... C

84.58xd

0.22 3.30

JB Strategy Balanced-CHF/B

SFr 153.81

1.24 0.00

0.21 1.02

UK Focus Acc

74.79xd

0.46 1.11

JB Strategy Balanced-EUR

159.70

0.75 0.00

Diversified Real Ret Inc

Emerging Mkts Acc

52.58xd
157.40xd

1.70 0.66

UK Focus Inc

64.03xd

0.40 1.10

JB Strategy Balanced-USD/B

0.95 0.00
0.68 0.00

JB Strategy Inc-CHF/B

SFr 121.91

0.64 0.00

JB Strategy Inc-EUR/B

163.76

0.39 0.00

0.74 0.66

UK Higher Inc Acc ... C

894.30xd

2.30 3.92

JB Strategy Growth-CHF/B

0.76 3.81

UK Higher Inc Inc ... C

532.30xd

1.40 4.04

JB Strategy Growth-EUR

Emrg Mkts Inc Inc... C

52.75xd

0.69 3.90

UK Managed Equity Acc

68.13xd

0.16 2.07

11.00 1.33

UK Managed Equity Inc

58.12xd

0.13 2.10

Europe Inc

59.62xd

0.63 1.34

UK Smaller Cos Acc

335.50xd

1.30 0.00

Eur Dynamic exUK Acc

159.00xd

1.80 0.61

UK Smaller Cos Inc

65.15xd

0.25 0.00

Eur Dynamic exUK hdg Acc

179.30xd

1.50 0.53

UK Strategic Eq Inc Acc ... C

150.60xd

0.80 3.34

Eur Dynamic exUK Inc

73.17xd

0.85 0.60

UK Strategic Eq Inc Inc ... C

100.60xd

0.60 3.41

Eur Smaller Cos Acc

432.70xd

2.50 0.00

UK Strategic Gth Acc

108.70xd

0.10 1.21

0.33 0.00

UK Strategic Gth Inc

101.40xd

0.10 1.22

Eur Smaller Cos Inc

56.28xd

Fusion Balanced Acc

54.67

0.12 0.00

US Acc

723.10xd

4.30 0.00

Fusion Balanced Inc

54.66

0.12 0.00

US Inc

100.10xd

0.61 0.00

Fusion Conservative Acc

Fusion Conservative Inc

54.19
54.17

0.08 0.00

US Equity Income Acc ... C

123.40xd

0.70 1.84

0.08 0.00

US Equity Income hdg Inc ... C

103.90xd

0.90 1.99

106.40xd

0.60 1.86

112.80xd

0.90 0.00

Fusion Growth Acc

56.06

0.17 0.00

US Equity Income Inc ... C

Fusion Growth Inc

56.06

0.18 0.00

US Select Acc

Fusion Growth + Acc

Fusion Growth + Inc

57.59
57.60

0.23 0.00
0.24 0.00

Fusion Income Acc...C

54.06

0.06 2.45

Fusion Income Inc...C

52.27

0.05 2.49

Global Allocation A-Net Inc

Global Bond Opport. A - Net Acc
Global Bond Opport. A - Net Inc
Global Equity Acc
Global Equity Inc

54.78xd

0.26 0.64

54.42xd

0.26 0.64

50.19

0.03

50.19

0.03

986.60xd

7.90 0.15

73.32xd

0.58 0.14

Global Bond exUK Acc

251.90xd

0.10 0.69

Global Bond exUK Inc

198.80xd

0.10 0.69

Invesco Emerging Markets Equity A $ 39.99

0.50 0.00

Global Consumer Trends Acc

93.97xd

0.70 0.39

Invesco Emerging Markets Bond A $ 21.30

0.08 4.72

Global Consumer Trends Inc

89.19xd

0.66 0.37

Invesco Continental European Equity A

0.08 0.07

Global Eq Income hdg Acc... C

68.04xd

0.44 3.73

50.06xd

US Smaller Cos Acc

US Smaller Cos Inc

111.40xd
382.20xd
100.20xd

0.90 0.00
3.50 0.00
0.97 0.00

0.32 3.79

$ 150.43

6 route de Trves L - 2633 Senningerberg - Luxembourg

FCA Recognised
Star Capitol America
Star Capitol America D
2679.07 - 14.01 0.00

JPMorgan Charity Funds

(UK)

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175

Property & Other UK Unit Trusts
UK Equity Fund for Charities I...C 2.878470xd 2.889430 0.010300 3.28
Bond Fund for Charities

Jefferies Umbrella Fund

1.390110xd 1.397080 0.001720 3.69

(LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FCA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 13.67 0.09 0.96

0.67 0.00

106.88

(IRL)

Offer D+/- Yield

52.7300

0.0000 -0.15

NZ$ 209.9170

0.0130 2.19

Sterling Class

52.5360

0.0000 0.19

US Dollar Class

$ 60.5740

-0.0010 -0.50

New Zealand Dollar

Eq Market Neutral B Acc

995.65

0.05

Lloyds Multi Strategy Fund Limited

Conservative Strategy
1.1470

-0.0020 2.30

Eq Market Neutral Plus B Acc

987.61

0.12

Growth Strategy

1.5350

0.0040 1.64

High Yield Global Bond A GBP Inc

544.36

0.11 4.28

Aggressive Strategy

1.8420

0.0110 0.00

High Yield Global Bond B GBP Inc

1130.78

0.24 4.80

Global USD Growth Strategy

$ 1.4340

0.0170 0.00

Investment Grade Global Bd A GBP Inc

570.16

0.56 2.40

Kames Global Equity Income B GBP Acc

1135.50

9.54

Kames Global Equity Income B GBP Inc

1106.79

9.29

Strategic Global Bond A GBP Inc

1125.05

0.96 1.56

Strategic Global Bond B GBP Inc

638.01

0.55 2.04

Dealing Daily

Lombard Odier Funds (Europe) S.A

Kleinwort Benson Bank

(UK)

14 St. George Street, Mayfair, London W1S1FE

Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital
170.71 HC KB Capital Growth A Acc

Absolute Ret Bond (USD) PA

HC KB Capital Growth A Inc

162.34

0.53 1.38

HC KB Capital Growth B Acc

164.85

0.00 1.10

HC KB Capital Growth B Inc

159.26

www.loim.com
Regulated
Lombard Odier Funds
Absolute Ret Bond (EUR) PA

171.88

0.00 2.01

HC KB Capital Growth C Inc

159.94

0.00 2.00

HC KB Enterprise Equity Income A Inc

112.56

0.52 3.78

HC KB Enterprise Equity Income A Acc

162.36

0.75 3.69

128.46

0.44 0.81

HC KB Enterprise Fixed Income A Acc

124.89

0.15 3.44

HC KB Enterprise Fixed Income A Inc

112.94

0.14 3.44

$ 17.88

0.00 0.00

SFr 18.05

0.10 0.00

All Roads (USD) PA

$ 11.40

0.07 0.00

All Roads (GBP) PA

11.62

0.07 0.00

All Roads (EUR) PA

11.58

0.07 0.00

Alpha Japan (EUR) PA F

10.89

0.12 0.00

Alpha Japan (CHF) PA F

SFr 13.67

0.16 0.00

Alpha Japan (JPY) PA F

1290.00

14.00 0.00

Alpha Japan (USD) PA F

$ 15.61

0.18 0.00

Alternative Beta PA F

SFr 119.57

0.33 0.00

Alternative Beta PA F

80.14

0.23 0.00

$ 119.74

0.35 0.00

Commodities (CHF) PA

SFr

6.21

0.07 0.00

Commodities (EUR) PA

6.26

0.08 0.00

Commodities (USD) PA

6.42

0.08 0.00

Convertible Bd P A

17.25

0.08 0.00

Alternative Beta PA F

(UK)

Mellon House Ingrave Rd Brentwood Essex CM15 8TG

Dealing: 0870 6066408, Info: 0870 6066459
Authorised Inv Funds
Lazard Investment Funds (OEIC) Retail Share Class
Developing Markets Acc
78.93 1.02 0.03
-

1.01 0.15

Emerging Markets Acc

262.30

3.10 1.49

Emg Mkts Inc

232.50

2.70 1.46

European Alpha Acc

639.60

5.70 0.82

European Alpha Inc

588.90

5.30 0.77

European Smaller Cos Acc

388.70

3.60 0.53

0.29 0.00

Global Equity Income Acc

143.40

1.70 5.07

100.90

1.13 5.22

Ethical Cautious Managed A Acc

162.19

0.35 1.49

Global Equity Income Inc

Ethical Cautious Managed A Inc

135.61

0.30 1.51

Managed Bal Inc

141.60

0.90 1.87

Ethical Corporate Bond A Acc

196.77

0.29 3.35

UK Alpha Acc

201.80

1.00 1.20

Ethical Corporate Bond A Inc

113.11

0.17 3.35

UK Alpha Inc

178.00

0.90 1.21

Ethical Equity A Acc

168.42

0.37 1.07

UK Income Acc

1176.00

7.00 4.15

High Yield Bond A Acc

116.41

0.02 4.41

UK Income Inc

598.10

3.60 4.23

214.40

1.30 0.00

High Yield Bond A Inc

54.48

0.02 4.41

UK Omega Acc

Inflation Linked A Acc

133.36

0.47 1.69

UK Omega Inc

Investment Grade Bond A Acc

160.88

0.23 3.22

UK Smaller Cos Inc

Investment Grade Bond A Inc

119.28

0.17 3.22

Sterling Corporate Bond A Acc

70.53

0.10 2.99

Sterling Corporate Bond A Inc

31.86

0.04 2.99

Strategic Bond A Acc

183.24

0.07 2.71

Strategic Bond A Inc

122.84

UK Equity Absolute Return A Acc

116.70

UK Equity A Acc

227.34

UK Equity Income A Acc

UK Equity Income A Inc

-0.01 0.00

0.47 0.81

HC KB Endeavour Multi Asset Balanced A Inc

Lazard Fund Managers Ltd (1200)F

All Roads (CHF) PA

Asset Management

134.60

12.20

0.00 1.07

HC KB Capital Growth C Acc

HC KB Endeavour Multi Asset Balanced A Acc

(LUX)

0.56 1.36

77.97

(UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
111.87 0.30 0.00
Diversified Income B Acc
Diversified Income B Inc

0.02

Developing Markets Inc

Kames Capital ICVC

Asset Management

JPMorgan Asset Management (Europe) S.. r.l. (FRA)

3.20 0.00

Global Eq Income hdg Inc ... C

US Select Inc

JB Strategy Inc-USD/B

Bid

Monthly Share

0.89 0.00

57.99xd

1035.00xd

120.75

67.69xd

Emrg Mkts Inc Acc... C

Europe Acc

$ 134.50
SFr 95.41

Emerging Mkts Inc

0.16 2.30

0.03 1.50

60.54xd

5.50 0.46

67.24xd

Multi-Asset Macro Acc

15.19

Multi-Asset Inc Inc... C

716.00xd

$ 27.79

Invesco Gilt A

0.39 3.62

Multi-Manager Growth Acc

Invesco Continental Eurp Small Cap Eqty A $ 192.96

8.65

0.30 3.68

Multi-Asset Macro Inc

Global Allocation A-Net Acc

Invesco Global Asset Management Ltd

0.68 0.00

Client services: +971 2 692 6101 clientservices@InvestAD.com

Other International Funds
Invest AD - Iraq Opportunity Fund $ 70.63 - -0.07 0.00

Asset Management

$ 23.32

87.10xd

Multi-Asset Inc Acc... C

Invesco

67.24xd

107.72

Fund

Convertible Bd Asia PA F

SFr 13.58

0.02 0.00

Convertible Bd Asia PA F

14.39

0.01 0.00

Convertible Bd Asia PA F

$ 14.48

0.01 0.00

Emerg. Consumer (CHF) PA

SFr 12.75

0.10 0.00

Emerg. Consumer (EUR) PA

12.83

0.11 0.00

Emerg. Consumer (USD) PA

$ 12.81

0.11 0.00

Emerg.Eq. Risk Par.(EUR) PA

8.98

0.06 0.00

Emerg. Eq. Risk Par.(USD) PA

7.14

0.09 0.00

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

8.22

0.00 0.00

SFr

8.63

0.06 0.00

11.77

-0.01 0.00

Emerg.Loc.Cur.Bd.Fdt PA
Emerg.Loc.Cur.Bd.Fdt PA
Emerg.Loc.Cur.Bd.Fdt PA

9.30

0.05 0.00

Euro BBB-BB Fdt PA

SFr 15.98

0.01 0.00

Euro BBB-BB Fdt PA

12.59

0.01 0.00

Euro BBB-BB Fdt PA

11.09

0.01 0.00

Euro BBB-BB Fdt PA

$ 17.84

0.02 0.00

Euro Credit Bd PA F

13.19

0.02 0.00

Euro Government Fdt PA

12.78

0.04 0.00

Euro Inflation-Lk Fdt PA

12.07

0.03 0.00

Euro Resp.Corp. Fdt PA

18.69

0.02 0.00

Asset Management
205.70

1.30 0.00

1620.00

14.00 0.82

Europe High Conviction PA

11.29

0.05 0.00

Eurozone Small&Mid Caps PA

47.70

0.47 0.00

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt
12.4800xd - -0.0400 2.47

Fdmt.Eq.L/S SH Sd EUR PA

10.48

0.03

Fdmt.Eq.L/S SH Sd USD PA

$ 10.47

0.03

Gl Aggregate High Conv PA

$ 19.13

0.08 0.00

0.05 2.71

Lloyds Investment Funds Limited

Euro High Income
1.7190xd

0.0010 2.88

0.00 0.00

European

7.8240

0.0500 1.07

0.83 1.18

High Income

0.9079xd

-0.0010 4.97

202.48

0.33 3.80

International

4.4580

0.0100 1.22

162.31

0.27 3.90

North American

16.2800

0.0500 0.00

Lloyds Investment Fund Managers Limited (1000)F (JER)

Gbl.Gvt.Fdmt PA

10.75

0.01 0.00

Gbl.Gvt.Fdmt.(CHF) PA

SFr 22.75

0.20 0.00

Gbl.Gvt.Fdt.SH (CHF) PA

SFr 27.33

0.06 0.00

Gbl.5B Fdmt (EUR) PA

11.81

-0.01 0.00

Gbl.5B Fdmt (CHF) PA

SFr 10.20

0.07 0.00

16 | FTfm

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Fund

Bid

$ 11.14

0.01 0.00

M&G Glbl Emrgng Mkts A Inc

204.40xd

2.09 0.69

Em.Mk.Eq.Fund Euro

Generation Global (CHF) PA F

SFr 12.69

0.12 0.00

M&G Global Macro Bond Fund A Acc

108.13xd

-0.20 0.55

Generation Global (EUR) PA F

19.81

0.04 0.00

M&G Global Macro Bond Fund A Inc

75.19xd

-0.14 0.55

Generation Global (USD) PA F

$ 15.34

0.11 0.00

M&G Global High Yield Bond X Inc

50.94xd

117.16xd
80.01
146.69

Gbl.5B Fdmt SH (USD) PA

Global Energy (USD) PA F

Golden Age (CHF) PA F
Golden Age (EUR) PA
Golden Age (USD) PA F
Sh.T- Money Mkt EUR PA

Bid

Offer D+/- Yield

9.02

0.17 0.00

M&G Global High Yield Bond X Acc

SFr 21.76

0.18 0.00

M&G Managed Growth X Inc

14.70

0.12 0.00

M&G Optimal Income A Inc

$ 20.44
112.41

0.17 0.00
0.00 0.00

SFr 129.34

0.00 0.00

M&G Recovery GBP A Acc

Sh.T- Money Mkt GBP PA

10.25

0.00 0.00

M&G Strategic Corp Bond A Inc

Sw.Fr.Bd(For) PA
Sw.Fr.Credit Bd(For) PA
Tactical Alpha (CHF) PA

0.48 0.00

Em.Mk.Eq.Fund Sterling

103.96

0.36 0.00

Em.Mk.Eq.Fd.US Dollar

$ 103.75

1.03 0.00

0.06 4.65

Em.Mk.Loc.Ccy Debt Fd.FC

9280.00

-26.00 6.30

0.15 4.63

Em.Mk.Loc.Ccy Debt Fd.FD

11100.00

-57.00 5.93

0.52 0.61

Em.Mk.Loc.Ccy Debt Fd II

$ 91.63

0.73 0.00

0.12 2.37

Gb.Conc.Eq.Fd.Euro

274.52

1.03 0.00

0.16 2.37
0.72 0.96

169.57
257.26

Gb.Conc.Eq.Fd.Sterling

0.54 0.00
0.82 0.00

278.70xd

1.60 0.95

Gb.Conc.Eq.Fd.US

$ 197.60

1.92 0.00

75.53

0.11 2.92

Gb.Eq.Hdg Fd.Euro IRE T

183.07

0.93 0.00

0.16 2.92

Gb.Eq.Euro Hdg Fd.

259.67

1.32 0.00

SFr 23.97

0.00 0.00

M&G Global Leaders GBP A Inc

196.48

1.16 1.43

Gb.Eq.Fund Euro

280.25

0.58 0.00

SFr 13.80
SFr 10.38

0.00 0.00
-0.01 0.00
-0.01 0.00

-0.01 0.00

Technology PA

13.91

0.14 0.00

Technology PA

$ 21.10

0.22 0.00

SFr 12.71
10.08
$ 13.21

0.21 0.00
0.17 0.00
0.23 0.00

LO Selection
Balanced (CHF) PA F

SFr 107.23

0.58 0.00

Balanced (EUR) PA F

126.34

0.36 0.00

Conservative (CHF) PA F

SFr 104.28

0.31 0.00

Conservative (EUR) PA F

115.01

0.20 0.00

Global Allocation (GBP) PA F

10.00

0.03 0.00

SFr 111.28

0.81 0.00

136.73

0.51 0.00

456.44

M&G Global Leaders GBP A Acc

M&G UK Inflation Lnkd Corp Bnd A Acc

112.90

M&G UK Inflation Lnkd Corp Bnd A Inc

111.28

2.69 1.42
0.04 0.23
0.04 0.23

M & G Securities Ltd

(UK)

Property & Other UK Unit Trusts

128.77xd
Charibond
3666.18xd

(Accum Units)

78.70xd

NAACIF

0.26 5.04
7.34 5.04
0.46 4.35

(Accum Units)

6814.11xd

M&G Property Portfolio A Acc

125.94xd 132.56 0.01 3.94

39.51 4.22

Property Portfolio A

118.00xd 124.21 0.01 4.03

118.00xd 118.00 0.01 4.02

Property Portfolio X

M & G (Guernsey) Ltd

(GSY)
Regulated
The M&G Offshore Fund Range
165.07 171.95 1.04 0.00
American Fund
1362.20 1404.33 2.33 3.05

Corporate Bond

Vantage 1500 (EUR) MA

10.36

0.01 0.00

Global Basics

2439.40 2514.84 9.14 0.00

Vantage 3000 (EUR) MA

10.66

0.04 0.00

Global Leaders

3413.29 3555.51 20.11 1.31

PrivilEdge
Inc.Pt.RMB Dt.CNH PA

CNY 99.65

-0.02

Inc.Pt.RMB Dt.SH CHF PA

SFr

9.90

0.01

Inc.Pt.RMB Dt.SH EUR PA

9.91

0.01

Inc.Pt.RMB Dt.USD PA

Gb.Conc.Eq.Fd.Sterl.UK T

106.65

Growth (EUR) PA F

M&G Strategic Corp Bond A Acc

$ 15.23

Growth (CHF) PA F

Offer D+/- Yield

0.00 0.00

10.62

Wld Gold Expertise PA

Bid
119.46

Tactical Alpha (USD) PA

Wld Gold Expertise PA

Fund

$ 10.30

Tactical Alpha (EUR) PA

Wld Gold Expertise PAF

124.57xd

M&G Recovery GBP A Inc

Sh.T- Money Mkt CHF PA

Sh.T- Money Mkt USD PA

190.72

M&G Optimal Income A Acc

Offer D+/- Yield

9.95

0.01

1001.63 1032.61 1.17 4.65

Global Macro Bond Fund

11284.00 11632.99 -20.96 0.55

Optimal Income Fund

145.36 149.85 0.12 2.37

Recovery Fund Limited 'A' Participating Shares

10772.07 11220.91 63.15 0.67

Recovery Fund Limited 'I' Participating Shares

10785.27 10894.21 62.26 1.47

Strategic Corporate Bond Fund

137.05 142.76 0.20 2.90

UK Growth

1559.05 1624.01 14.19 1.06

209.39

Gb.Eq.Fd.Sterling UK T

0.36 0.00
0.31 0.00

Gb.Eq.Fd.US Dollar

$ 318.61

2.56 0.00

Gb.Eq.Fund Sterling

207.39

0.31 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 120.56

0.84 0.00

Gb.Val.Ex-Japan Fd.Yen

14105.00

-65.00 0.00

100.74

Low Volatility Gb.Eq.Fd.

100.17

Low Volatility Gb.Eq.Fd.

$ 101.14

Low Volatility Gb.Eq.Fd.

-0.11
-0.16
0.50

MFS Meridian Funds SICAV

(LUX)

Regulated
Absolute Return A1

19.51

-0.11 0.00

Asia ex-Japan A1

$ 24.98

0.08 0.00

Bond A1

$ 10.56

0.01 0.00

China Equity Fd A1

$ 10.15

0.13 0.00

Continental European Eqty A1

17.06

0.09 0.00

Emer Mkts Debt Lo Curr Fd A1

$ 12.82

0.12 0.00

Emerging Markets Debt A1

$ 33.11

0.11 0.00

Emerging Markets Eq.A1

$ 11.74

0.13 0.00

European Concentrated A1

17.53

0.09 0.00

European Core Eq A1

30.22

0.24 0.00

European Res.A1

31.16

0.16 0.00

European Smaller Companies A1 46.46

0.50 0.00

European Value A1

34.74

0.02 0.00

Global Bond A1

$ 10.73

0.04 0.00

Jenn. US Eq.Opp. USD PA

$ 10.00

0.12

Neubrg.Berman US Core PA

$ 14.74

0.12 0.00

Sands US Growth PA

14.02

0.13 0.00

Global Conc.A1

Sands US Growth PA

$ 16.97

0.16 0.00

Global Energy Fund A1

$ 14.53

0.16 0.00

Will.Blair Gbl. Ldrs PA

15.52

0.10 0.00

Global Equity A1

$ 46.53

0.43 0.00

Will.Blair Gbl. Ldrs PA

$ 13.17

Global High Yield Bond

177.12

Gb.Eq. Fd Euro IRE T

0.17 0.00

Majedie Asset Management LTD

Lothbury Property Trust (UK)

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Lothbury Property Trust GBP
1654.97 1776.10 10.45 3.28

M & G Securities (1200)F

(UK)
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
1501.50 7.65 4.46
Charifund Inc
19926.69

101.49 4.33

M&G Corporate Bond A Acc

63.97xd

0.11 3.08

M&G Corporate Bond A Inc

40.92xd

0.07 3.08

M&G Dividend A Inc

M&G Dividend A Acc

62.30xd
605.11xd

1.11

0.01

1.09

0.00

UK Equity X Acc

147.45

-0.26 2.80

UK Focus X Acc

162.23

0.75 2.19

UK Income X Inc

157.57

0.83 4.41

UK Smaller Companies A Acc

246.19

1.34 1.72

Majedie Asset Management LTD

1.23

0.00

Tortoise Z Acc GBP

1.00

0.01 0.00

51.60xd

0.34 1.92

144.82xd

0.78 3.30

M&G Episode Income A Inc

124.01xd

0.66 3.37

M&G Extra Income A Inc

762.06

2.12 4.16

M&G Extra Income A Acc

6020.02

16.75 4.06

M&G Global Basics A Inc

661.76

2.50 0.28

M&G Global Basics A Acc

999.00

3.77 0.28

M&G Global Dividend Fund A Acc

200.72xd

2.20 3.19

M&G Global Dividend Fund A Inc

162.37xd

1.78 3.26

0.40 0.00

Global Equity A1

25.88

0.00 0.00

Global Multi-Asset A1

$ 16.16

0.12 0.00

Global Res.A1

$ 26.47

0.28 0.00

Global Total Return A1

17.57

-0.04 0.00

High Yield A1

$ 25.31

0.03 0.00

High Yield Fund A1

16.13

Inflation-Adjusted Bond A1
Japan Equity A1

$ 14.24
$

9.67

-0.13 0.00
-0.03 0.00
0.07 0.00

Latin American Equity Fd A1

$ 15.19

0.47 0.00

Limited Maturity A1

$ 14.05

0.01 0.00

Prudent Wealth Fd A1

$ 14.33

0.12 0.00

Research Bond A1

$ 16.78

0.01 0.00

UK Equity A1

0.02 0.00

US Conc.Growth A1

8.25

US Government Bond A1
Value A1

0.12 0.00

$ 17.13

0.00 0.00

$ 22.37

0.18 0.00

Offer D+/- Yield

Manek Investment Mgmt Ltd (1000)F

(UK)
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Authorised Inv Funds
Growth Fd Acc
57.56 61.05 -0.37 0.00

Manulife Global Fund

(LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FCA Recognised
American Growth Fund Class A F $ 29.3778 - 0.1900 0.00

Fund

Bid

Nano-Cap Growth A Acc

96.8498 106.5200 0.0542

Special Situations A Acc

1014.49 1073.53 6.15 0.25

UK Multi-Cap Growth A Inc

223.79 236.82 0.69 0.44

Property & Other UK Unit Trusts

1398.00 1398.00 1.00 2.74
The Equity Idx Tracker Fd Inc

UK Micro Cap Growth A

407.40 431.11 0.97 0.00

Distribution Units

US Multi-Cap Income

318.60

MFM - Third Party Funds

Junior Oils

104.70 110.79 3.00 0.00

2.15 0.68

MMIP Investment Management Limited

MFS Investment Funds

(LUX)

FCA Recognised
Blend.Research Gb.Eq.Fd.

100.94

0.67

Blend.Research Gb.Eq.Fd.

100.37

0.62

Blend.Research U.S.Core Eq.Fd.

10252.00

3.00

Blend.Research Gb.Eq.Fd.

$ 101.34

1.28

Em.Mk.Debt Fd.US Dollar

$ 121.53

0.30 0.00

Em.Mk.Debt Fd.Yen 1

10304.00

23.00 0.00

Em.Mk.Debt Fd.Yen 2

15048.00

-139.00 0.00

Em.Mk.Debt Fund Yen 3

10329.00

23.00 0.00

Em.Mk.Debt Fund Yen 4

15048.00

-139.00 0.00

(GSY)

Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 2373.13 2382.65 164.45 0.00
Japanese Equity Fd Cl A Initial Ser 317994.00 319065.00 2542.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1301.57 1305.41 -39.28 0.00

0.05 0.17

27.38

0.13 0.00

1.04 0.20

American Growth Fund Class AA (HKD) FHK$ 10.4771

0.0686

MFM Bowland

137.09 148.21 0.36 0.00

$ 3.1882

0.0384 0.40

MFM Hathaway Inc

102.76 107.60 0.82 1.43

www.mirabaud.com, marketing@mirabaud.com
Regulated
Mir. Conv. Bds Eur A EUR
134.13 -

124.08

0.15 0.16

Mir. Conv. Bds Glb A USD

Asian Equity Fund Class A F

0.92 0.00

$ 114.68

0.79 0.00

0.0124 0.00

Asian Small Cap Equity Fund Class AA F $ 2.2383

0.0408 0.00

MFM Techinvest Special Situations Acc

108.92

1.87 0.09

Mir. - Eq Asia ex Jap A

$ 186.59

1.90 0.00

Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.0604

0.1658

MFM Techinvest Technology Acc

362.00

3.39 0.00

Mir. - Eq Glb Emrg Mkt A USD

$ 104.10

1.28 0.00

China Value Fund Class A F

$ 8.8051

0.0781 0.70

MFM UK Primary Opportunities A Inc

323.92

2.08 1.31

Mir. - Eq Global A USD

$ 129.12

1.56 0.00

China Value Fund Class AA F

$ 2.7603

0.0244 0.48

Slater Investments Ltd - Investment Adviser

MFM Slater Growth
364.10 386.31 3.27 0.00

Mir. -Eq Spain A

26.68

0.43 0.00

Dragon Growth Fund Class A F

$ 2.0148

0.0189

Mir. - Eq Swiss Sm/Mid A

SFr 283.27

3.23 0.00

Mir. - Glb High Yield Bds A

$ 109.67

0.17

Mir. - Glb Eq High Income A USD $ 105.92

1.27 0.00

Mir. - Glb Strat. Bd A USD

$ 106.72

0.12 0.00

Mir. Opp.- Activ.Strategies I

$ 99.56

-1.83

Mir. Opp. -Emerg. Mkt HO

$ 107.86

0.00 0.00

MirAlt Sicav-Diversified A Cap.

$ 112.65

-0.27 0.00

MirAlt Sicav-Europe A dis

70.50

1.01 0.00

MirAlt Sicav - North America A dis $ 158.93

-4.32 0.00

Dragon Growth Fund Class AA HKDHK$ 9.7624

MFM Slater Income A Inc

153.16

1.02 3.72

MFM Slater Recovery

159.29 169.01 1.62 0.11

0.0925 0.59

Emerging Eastern Europe Fund Class AA F $ 1.4492

0.0464

Emerging Eastern Europe Fund Class A F $ 3.3724

0.1080 0.93

European Growth Fund Class A F $ 10.9134

0.1076 1.24

European Growth Fund Class AA F $ 0.7902

0.0078 0.60

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised
Marlborough North American Fund Ltd 31.05 31.36 0.27 0.00

Global Contrarian Fund Class AA F $ 0.9541

0.0055 0.00

Marlborough Tiger Fund Ltd F

Global Property Fund Class AA F $ 1.0509

0.0070 0.73

Global Resources Fund Class AA F $ 0.8705

0.0155 0.00

Greater China Opportunities Class AA $ 1.0289

0.0092

Healthcare Fund Class AA F

$ 1.9033

0.0055 0.00

India Equity Fund Class AA F

$ 1.5007

0.0205 0.00

International Growth Fund Class A F $ 4.7143

0.0240 0.14

International Growth Fund Class AA F $ 1.0833

0.0055 0.00

Japanese Growth Fund Class A F $ 3.1980

0.0061 0.66

Japanese Growth Fund Class AA F $ 0.8232

0.0015 0.00

Latin America Equity Fund Class AA F $ 0.9080

0.0150 1.46

$ 0.4277

0.0204 0.00

Russia Equity Fund Class AA F

Taiwan Equity Fund Class AA F

$ 1.5714

0.0128 0.22

Turkey Equity Fund Class AA F

$ 0.9059

0.0066 0.00

US Bond Fund Class AA F

$ 1.2167

-0.0006

U.S. Bond Fund Class AA Inc F

$ 1.0071

-0.0005

U.S. Bond Fund Class AA (HKD) IncHK$ 9.9991

-0.0041

U.S. Special Opportunities Fund Class AA F $ 0.9156

0.0013 7.19

U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4683

0.0147

U.S. Special Opportunities Fund Class AA Inc $ 0.9284

0.0014

US Small Cap Equity Fund Class AA F $ 1.1139

0.0102 0.00

US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2948

-0.0062 0.06

Manulife Global Fund

Marlborough International Management Limited (GSY)

27.02 27.29 -0.32 0.00

Martin Currie Fund Management Ltd (1200)F (UK)

113.50

0.40 0.06

Emerging Mkts

208.90

2.30 0.27

European Equity Income A acc

350.10

2.70 3.59

Global Alpha

135.80

0.60 0.38

Global Equity Income Inc

109.10

0.50 3.91

Global Equity Income acc

137.50

0.60 3.82

Morant Wright Management Ltd

Japan Alpha

101.90

0.50 0.05

Regulated
MW Japan Fd Ltd A

$ 22.63

-0.45 0.00

North American

258.80

2.10 0.00

MW Japan Fd Ltd B

$ 22.91

-0.45 0.00

European Equity Income A Inc

316.40

2.40 3.67

FCA Recognised
Morant Wright Fuji Yield CHF Acc HedgedSFr 10.71

0.00

Morant Wright Fuji Yield EUR Acc Hedged 10.52

0.01

Morant Wright Fuji Yield GBP Acc Hedged 10.71

0.01

Morant Wright Fuji Yield USD Acc Hedged $ 10.44

0.01

Regulated
Marwyn Value Investors

465.60

(CYM)
-59.78 0.00

(UK)

Easter Alderston, Haddington, EH41 3SF 01620 825867

Authorised Inv Funds
Balanced Fund Personal Class Units 3949.20 - 30.60 1.83
Income Fund Personal Class Units

2451.60xd

15.10 2.80

Emerging Markets Fund Personal Class Units

1838.80

24.00 2.09

Smaller Companies Fund Personal Class Units

3521.00xd

30.50 1.76

Asia Total Return Fund Class AA Inc $ 0.9569

0.0024 3.45

Meridian Fund Managers Ltd

Asia Value Dividend Equity Fund Class AA F $ 1.6761

0.0176 0.00

Other International Funds

Global Gold & Resources Fund

Strategic Income Fund Class AA F $ 1.0924

0.0005 4.40

101 New Cavendish Street,London W1W 6XH

Regulated
Montello Real Estate Opportunity Fund II 1086.84 -

Asset Management

McInroy & Wood Portfolios Limited

0.0127

Montello Real Estate Opportunity Fund

(LUX)

6.88 0.00

(CYM)

Morant Wright Funds (Ireland) PLC

Marwyn Asset Management Limited

0.0025

China

Asia Value Dividend Equity Fund Class AA Inc $ 1.0263

Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125

Authorised Inv Funds
Martin Currie Investment Funds (OEIC)
Class A (Retail)
120.00 1.60 1.02
Asia Pacific

Other International Funds

Asia Total Return Fund Class AA $ 0.9936

$ 204.84

Global Energy & Resources Fund $ 51.93

-17.30

-5.53

10.16

(IRL)

Morant Wright Fuji Yield USD Dist Hedged $ 10.69

0.01

Morant Wright Fuji Yield YEN Acc 1071.18

0.57

Morant Wright Fuji Yield YEN Dist 1071.18

0.57

Morant Wright Sakura Fund Sterling Acc Hedged 12.68

0.02 0.00

Morant Wright Sakura Fund Euro Acc Hedged 12.66

0.01 0.00

Morant Wright Sakura Fund Yen Acc Unhedged 1289.69

1.26 0.00

Morant Wright Sakura Fund Dollar Acc Hedged $ 12.65

0.01 0.00

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.65

0.01

Ass

Metage Capital
Marlborough Fd Managers Ltd (1200)F

(UK)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds
153.76 162.57 0.50 0.08
Balanced
Bond Income

51.95 54.97 0.00 4.25

Cash

50.08

Cautious Inc

84.72 89.20 0.19 1.59

Other International Funds

MGS -Master Series (Est)

$ 223.20

MEMO - Master Series (Est)

$ 484.95

Morgan Stanley Investment Funds

Asset Management

MEMO - MEMV Series

$ 114.18

-3.32 0.00

Defensive A Inc

116.12

-0.05 0.98

Emerging Markets

242.93

2.61 1.70

ETF Global Growth A

158.11

0.08 0.00

83.51

0.57 0.00

info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com

Regulated
Milltrust ASEAN A
$ 99.00 1.30 0.00

244.13

2.44 0.22

Milltrust Brazil A

$ 90.07

-6.39 0.00

81.12 85.84 0.24 4.06

Milltrust India A

$ 134.12

-1.73 0.00

Milltrust Latin America A

$ 89.86

1.58 0.00

Milltrust Value Partners Greater China A $ 128.99

-1.40 0.00

ETF Commodity A
European Multi-Cap

166.93

Global

181.89 191.53 0.67 0.00

Global Bond Inc

142.35 150.63 0.09 3.53

High Yield Fixed Interest

Multi Cap Income A Inc

1.29 1.94

73.63 78.12 0.12 5.96

150.68

0.63 4.27

Asse

3.97 0.00

0.00 0.62

Far East Growth A Inc

12.04 0.00

(LUX)

$ 1.0269

Asian Equity Fund Class AA F

2239.41 2261.31 68.80 0.00

Mirabaud Asset Management

MFM SGWM Managed A Acc

UK Equity Fd Cl A Series 01

Diversified Absolute Return Stlg Cell AF2 1632.60

Ministry of Justice Common Investment Funds (UK)

138.02

Extra Income

11.56 0.00

Offer D+/- Yield

MFM Artorius Fund

$ 2375.15 2394.62 0.36 0.00

Bid

0.0108 0.00

Pacific Basin Fd Cl A Initial Ser

Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58

Fund

Junior Gold C Acc

Offer D+/- Yield

American Growth Fund Class AA F $ 1.6705

Asset Management
$ 15.58

Bid

2.46 3.99

M&G Episode Income A Acc

211.31xd

(IRL)

FCA Recognised
US Equity Z Acc GBP

0.25 4.13

M&G Episode Growth X Inc

M&G Glbl Emrgng Mkts A Acc

Global Focus X Acc GBP

Asset Management

Charifund Acc

(UK)

www.majedie.com
Authorised Inv Funds
Global Equity X Acc GBP

$ 37.18

Fund

Emerging Markets Managed Accounts PLC (IRL)

(LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised
US Advantage A F
$ 56.07 0.15 0.00
Asian Equity A F

$ 45.23

0.29 0.00

Asian Property A F

$ 19.73

0.29 0.00

Asian Property AX F

11.87

0.14 0.56

Diversified Alpha Plus A F

33.48

0.11 0.00

Emerg Europ, Mid-East & Africa Eq A F 67.62

0.71 0.00

Emerging Markets Debt A F

$ 76.19

0.41 0.00

Emerging Markets Domestic Debt AX F 12.28

0.05 5.21

Emerging Markets Equity A F

$ 37.57

0.38 0.00

Euro Bond A F

15.96

-0.01 0.00

Euro Corporate Bond AX F

22.74

-0.02 1.93

Euro Strategic Bond A F

44.26

0.03 0.00

European Currencies High Yield Bd A F 21.75

0.16 0.00

FTfm | 17

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Bid

Offer D+/- Yield

Fund

Bid

Offer D+/- Yield

2.81 0.00

105.25

-0.15 0.00

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

Odey Swan Fund Euro R Class

106.72

-2.31 0.00

Pictet-Small Cap Europe-I EUR F 1006.02

12.60 0.00

Odey Swan Fund GBP I Class

107.94

-2.32 0.00

Pictet-ST.MoneyMkt-I

140.56

0.00 0.00

Odey Swan Fund GBP R Class

112.17

-2.40 0.00

Pictet-ST.MoneyMkt JPY I USD

101556.83

2.76 0.00

Odey Swan Fund USD I Class

$ 107.45

-2.35 0.00

Pictet-ST.MoneyMkt-ICHF

SFr 125.17

-0.01 0.00

Odey Swan Fund USD IR Class

$ 107.02

-2.29 0.00

Pictet-ST.MoneyMkt-IUSD

$ 134.84

0.02 0.00

Odey Swan Fund USD R Class

$ 106.54

-2.31 0.00

Pictet-Timber-I USD F

$ 164.47

3.00 0.00

Pictet Total Ret-Agora I EUR

Global Emerg Mkts Equity Fund

12.30

Eurozone Equity Alpha A F

11.74

0.09 0.00

Global Bond A F

$ 39.88

0.06 0.00

Global Brands A F

$ 95.04

0.34 0.00

Global Convertible Bond A F

$ 43.09

0.19 0.00

Global Property A F

$ 29.82

0.28 0.00

Indian Equity A F

$ 37.88

0.23 0.00

0.00 0.00

US Growth A F

$ 65.89

0.62 0.00

US Growth AH F

45.54

0.42 0.00

US Growth AX F
US Property A F

42.78
$ 72.16

0.29 0.00
0.20 0.00

Morgens Waterfall Vintiadis.co Inc

Other International Funds
Phaeton Intl (BVI) Ltd (Est)

$ 427.82

1.11 0.00

Natixis International Funds (Lux) I SICAV (LUX)

Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised
Harris Global Equity R/A (USD) $ 272.90 272.90 4.34 0.00
Harris Concentrated US Equity H-N/A (GBP) 150.25 150.25 1.77 0.00
Harris Concentrated US Equity R/D (GBP) 106.51 106.51 0.58 34.05
Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) 100.16 100.16 0.14 1.89

Natixis International Funds (Dublin) I plc

(IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunistic Bond R/D (GBP) 13.97 13.97 -0.03 0.96
Loomis Sayles High Income R/D (USD) $

9.65

9.65 0.04 13.02

Loomis Sayles Multisector Income R/D (GBP) 13.83 13.83 -0.04 4.20

(UK)
Natixis International Funds
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds
H2O MultiReturns Fund N/A (GBP) $ 13.02 13.02 0.06 1.68

New Capital Fund Management Ltd

Asia Pac Bd USD Ord Inc

$ 97.93

-0.03 2.38

Asia Pac Eq EUR Ord Inc

100.54

0.05 2.88

Asia Pac Eq GBP Ord Inc

103.45

0.04 3.27

Asia Pac Eq USD Ord Inc

$ 104.36

0.04 2.68

Asia Pac Eq USD Inst Acc

$ 108.09

0.04 0.00

Asia Pac Eq USD Inst Inc

$ 116.48

0.05 3.32

Dyn Europ Eq EUR Ord Inc

165.96

1.08 1.21

Dyn Europ Eq GBP Ord Inc

176.78

1.10 1.80

Dyn Europ Eq USD Ord Inc

$ 166.29

1.06 1.24

China Equity EUR Ord Acc

148.10

1.52 0.00

China Equity GBP Ord Acc

152.27

1.54 0.00

China Equity USD Ord Acc

$ 150.26

1.54 0.00

China Equity USD Inst Acc

$ 153.39

1.57 0.00

Global Val.Cr.Fd GBP Ord Inc

114.06

0.12 3.81

Global Val.Cr.Fd USD Inst Acc

$ 123.83

0.14 0.00

Global Val.Cr.Fd GBP Ord Acc

178.58

0.20 0.00

Global Val.Cr.Fd USD Ord Acc

$ 168.09

0.18 0.00

Global Val.Cr.Fd EUR Ord Acc

157.28

0.16 0.00

Swiss Select Equity Inst Acc

Swiss Select Equity Ord Acc
US Growth USD Ord Acc
US Growth EUR Ord Acc

SFr 103.86

0.99

$ 205.96

1.95 0.00

197.36

1.92 0.00

US Growth USD Inst Acc

$ 189.06

1.80 0.00

Wealthy Nat Bd EUR Inst Inc

110.40

0.65 3.93

Wealthy Nat Bd GBP Inst Inc

113.83

0.43 3.80

Wealthy Nat Bd EUR Ord Inc

109.64

12.77

UK Specialist Equity Inc

19.94

0.12 1.51

Contl Europe Spec Equity

16.48

0.15 0.62

US Spec Equity Fund

14.26

0.05 0.16

Japan Specialist Fund

9.45

Pacific Basin Specialist Equity Fund 23.89

UK Sovereign Bd Index Fund

11.26

0.04 0.56
0.15 1.19

0.06 3.42

Global Spec Inv Grade Bd Fund GBP 10.51

0.04 3.13

0.06

0.12 0.00

136.90

0.17 0.00

Odey European Absolute Return Fund GBP R 98.70

0.22 0.25

Odey European Absolute Return Fund USD R $ 99.57

-0.80 0.00

Pictet Total Ret-Mandarin I USD $ 117.37

0.05 0.00

-0.73

Pictet-US Equity Selection-I USD $ 191.66

2.43 0.00

Pictet-US High Yield-I USD F

$ 148.24

0.13 0.00

Pictet-USA Index-I USD F

$ 182.78

1.77 0.00

Pictet-USD Government Bonds-I F $ 636.13

0.42 0.00

0.00 0.00

Pictet-USD Short Mid-Term Bonds-I F $ 128.92

0.06 0.00

$ 102.50

0.02 0.00

265.37

1.19 0.00

172.14

0.21 0.25

Odey European Absolute Return Fund EUR S 99.74

-0.81 0.00

CF Odey Absolute Return Fund Euro Hedged

1.75

-0.01 0.00

Odey European Absolute Return Fund GBP S 100.45

-0.72 0.00

CF Odey Absolute Return Fund US Dollar Hedged $

1.61

-0.02 0.00

Odey European Absolute Return Fund USD S $ 100.01

-0.77 0.00

293.61

-2.65 0.00

CF Odey Absolute Return R

CF Odey Absolute Return I

302.53

-2.72 0.00

CF Odey Portfolio Fund Class P Institutional Acc

104.84

0.37

CF Odey Portfolio Fund Class P Retail Acc

104.57

0.36

CF Odey Portfolio Fund I Acc

148.19

0.58 0.06

CF Odey Portfolio Fund I Inc

145.84

0.57 0.06

CF Odey Portfolio Fund R Acc

144.44

0.56 0.00

CF Odey Portfolio Fund R Inc

144.20

0.56 0.00

Odey Asset Management LLP

(CYM)

Odey Wealth Management (CI) Ltd

www.odey.com/prices
FCA Recognised
Odey Opportunity EUR I

219.97

(IRL)

0.94 0.00

Odey Wealth Management UK

Authorised Funds
VT Odey Total Return Fund Class A 102.64

0.26

VT Odey Total Return Fund Class A 109.25

0.28

VT Odey Total Return Fund Class I 104.22

VT Odey Total Return Fund Class I 100.00

0.27
0.00

Pictet Funds (Europe) SA

(LUX)

15, Avenue J.F. Kennedy L-1855 Luxembourg

Tel: 0041 58 323 3000
FCA Recognised
Pictet-Absl Rtn Fix Inc-HI EUR
107.73 Pictet-Absl Rtn Glo Div-I EUR F

124.57

0.53 0.00

Pictet-USD Sov.ST.Mon.Mkt-I

Pictet-Agriculture-I EUR F

Pictet-Water-I EUR F

197.29

0.73 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 226.56

2.38 0.00

Pictet-Asian Local Currency Debt-I USD F $ 156.17

0.77 0.00

$ 800.96

8.01 0.00

Pimco Fds: Global Investors Series Plc

$ 54.53

1.82 0.00

SFr 505.31

0.03 0.00

(IRL)
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised
Asia Local Bond Fund - Inst Acc $ 10.03 - -0.06 0.00

Pictet-China Index I USD

$ 116.78

1.25 0.00

Capital Securities Inst Acc

0.03 0.00

Pictet-Clean Energy-I USD F

$ 91.71

1.13 0.00

CommoditiesPLUS111sp Strategy - Inst Acc $

7.57

0.09 0.00

Pictet-Digital Communication-I USD F $ 246.79

4.03 0.00

Credit Absolute Return Fund Inst Acc $ 11.38

0.02 0.00

Pictet-Eastern Europe-I EUR F

298.43

10.56 0.00

Diversified Income - Inst Acc

$ 19.54

0.06

Pictet-Em Lcl Ccy Dbt-I USD F

$ 173.12

0.98 0.00

Diversified Income Durat Hdg Fund Inst Acc $ 11.40

0.04 0.00

Pictet-Emerging Markets-I USD F $ 558.25

8.69 0.00

EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.75

0.18 0.00

Pictet-Emerging Markets Index-I USD F $ 247.83

2.57 0.00

Emerging Asia Bond Fund Inst Acc $

9.95

0.08 0.00

Emerging Multi-Asset Fund Inst Acc $

8.72

0.08 0.00

Pictet-Biotech-I USD F
Pictet-Brazil Index I USD
Pictet-CHF Bonds I CHF

$ 14.59

Regulated
OEI MAC Inc A

471.36

0.00 0.00

OEI Mac Inc B

269.35

0.00 0.00

OEI MAC Inc USD

$ 2568.71

0.00 0.00

Odey European Inc EUR

994.88

0.00 0.00

Odey European Inc A GBP

380.40

0.00

Odey European Inc B GBP

215.94

0.00 0.00

Pictet-Emerging Corporate Bonds I USD $ 105.08

0.18 0.00

Odey European Inc USD

$ 463.59

0.00 0.00

Pictet-Emerging Markets High Dividend I USD $ 111.62

1.99 0.00

Emerging Local Bond - Inst Acc

$ 12.38

0.11

Giano Capital EUR Inc

4970.97

15.47 0.00

Pictet-Emerging Markets Sust Eq I USD $ 100.34

0.82 0.00

Emerging Markets Bond - Inst Acc $ 38.27

0.26 0.00

Pictet-Environmental Megatrend Sel I EUR 157.09

1.41 0.00

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.88

0.04 0.00

560.85

0.99 0.00

Emerging Markets Curr.Fd- Inst Acc $ 12.35

0.09 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR 146.98

0.18 0.00

Euro Bond - Inst Acc

22.90

0.03 0.00
0.02 0.00

VT Odey Total Return Fund Class R 104.91

Odey Asset Management LLP

VT Odey Total Return Fund Class R $ 104.16

VT Odey Total Return Fund Class I $ 107.51

0.27
0.26

0.27

Omnia Fund Ltd

Other International Funds
Estimated NAV

$ 877.58

50.31 0.00

(IRL)

Pictet-EUR Bonds-I F

0.03 0.00

0.61 0.00

Optima Discretionary Macro Fund Limited $ 86.61

0.42 0.00

Pictet-EUR High Yield-I F

241.84

0.32 0.00

Euro Long Average Duration - Inst Acc 23.47

0.18 0.00

-0.24 0.00

Odey Allegra European GBP O

284.98

0.91 0.00

The Dorset Energy Fd Ltd NAV

$ 38.33

0.00 0.00

Pictet-EUR Inflation Linked Bonds I EUR 127.00

0.38 0.00

Euro Low Duration Fund Inst Acc 11.36

0.00 0.00

-0.23 0.00

Odey Allegra European USD O

$ 234.84

2.28 0.00

Platinum Fd Ltd (Est)

$ 88.17

0.00 0.00

Pictet-EUR Short Mid-Term Bonds-I F 136.73

0.00 0.00

Euro Real Return - Inst Acc

13.32

0.03 0.00

6.82 0.00

Odey Allegra European EUR I

256.16

0.96 0.00

Platinum Fd Ltd EUR (Est)

17.23

0.00 0.00

Pictet-EUR Short Term HY I EUR

117.50

0.62 0.00

Euro Short-Term Inst Acc

12.29

0.01 0.00

164.22

0.62 0.00

Platinum Japan Fd Ltd

$ 50.25

0.00 0.00

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.20

0.01 0.00

Euro Short-Term Inv Acc

11.92

0.01 0.00

171.62

0.55 0.00

Optima Partners Global Fd (Est)

$ 14.44

0.03 0.00

Pictet-Euroland Index IS EUR

131.72

1.74 0.00

Euro Ultra Long Duration - Inst Acc 31.51

0.32 0.00

Odey Allegra International Euro Class 175.28

0.10 0.00

Optima Partners Focus Fund A

$ 16.51

-0.16 0.00

Pictet-Europe Index-I EUR F

Odey Allegra International GBP Class 202.68

0.00 0.00

0.43 3.55

Wealthy Nat Bd USD Ord Inc

$ 111.63

0.43 3.51

Tactical Opps EUR Cls

146.50

5.76 0.00

Odey Allegra European EUR A I

Tactical Opps GBP Cls

164.55

6.38 0.00

Odey Allegra European GBP D

Northwest Investment Management (HK) Ltd

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class
$ 2371.98 - 89.02 0.00
-

-40.99 0.00

Optima Fund Management

Orbis Investment Management Ltd

(BMU)

171.80

1.26 0.00

Global Advantage - Inst Acc

Pictet-European Equity Selection-I EUR F 605.55

6.67 0.00

Global Advantage Real Return Fund Inst Acc $

$ 12.55

0.07 0.00

9.34

0.07 0.00

-0.01 0.00

$ 156.83

1.03 0.00

238.50

0.84 0.00

Global Bond - Inst Acc

$ 27.91

0.09 0.00

Regulated
Orbis Global Equity

Pictet-European Sust Eq-I EUR F

Odey Allegra International Euro I Class 160.37

$ 177.16

1.66 0.00

Pictet-Generics-I USD F

$ 285.85

6.68 0.00

Global Bond Ex-US - Inst Acc

$ 19.53

-0.01

Odey Allegra International GBP D inc 183.62

0.00 0.00

Orbis Optimal (US$)

$ 74.70

0.36 0.00

Pictet-Global Bds Fundamental I USD $ 123.23

0.76 0.00

Global Fundam.Index StocksPLUSInst Acc $ 11.93

0.15 0.00

Odey Allegra International GBP A D 135.41

-0.01 0.00

Orbis Optimal (Euro)

25.66

0.15 0.00

Pictet-Global Bonds-I EUR

161.67

-0.06 0.00

Global High Yield Bond - Inst Acc $ 20.13

0.01 0.00

Odey Allegra Developed Markets Fund USD I $ 132.96

1.47 0.00

Orbis Optimal (Yen)

1069.00

7.00 0.00

Pictet-Global Emerging Currencies-I USD F $ 98.40

0.15 0.00

Global Investment Grade Credit - Inst Income $ 12.56

0.03 3.23

Odey Allegra Developed Markets Fund GBP I 134.23

0.61 0.00

Orbis Japan Equity (US$)

$ 41.84

1.24 0.00

Pictet-Global Emerging Debt-I USD F $ 351.50

1.11 0.00

Global Investment Grade Credit Fund Inst Acc 11.51

-0.02 0.00

Pictet-Global Megatrend Selection-I USD F $ 231.44

3.03 0.00

Global Investment Grade Credit Fund Inst Acc $ $ 16.70

0.03 0.00

$ 477.42

3.53 0.00

Global Multi-Asset - Inst Acc

$ 14.77

0.10 0.00

Pictet-High Dividend Sel I EUR F 155.37

0.89 0.00

Global Real Return - Inst Acc

$ 18.18

-0.02 0.00

Pictet-India Index I USD

$ 110.69

1.01 0.00

High Yield Bond - Inst Acc

$ 28.06

0.02 0.00

Pictet-Indian Equities-I USD F

$ 493.56

7.22 0.00

Income Fund Inst Acc

$ 12.03

0.03 0.00

Pictet-Japan Index-I JPY F

15318.02

-2.49 0.00

Inflation Strategy Fund Inst Acc

0.06 0.00

Odey Allegra International USD

Odey Atlas Fund GBP I

104.71

-0.49

Odey Atlas Fund GBP I S

1.25

-0.01 0.00

Odey Atlas Fund GBP R S

1.07

-0.01 0.00

Odey Giano European Fund EUR R 120.90

-1.02 0.00

*Orbis Prices as of February 12th

Orbis Sicav

(LUX)

Regulated
Orbis Japan Equity (Yen)

4091.00

122.00 0.00

Orbis Japan Equity (Euro)

27.04

0.81 0.00

Pictet-Greater China-I USD F

Odey Giano European Fund GBP R 121.42

-1.02 0.00

Odey Giano European Fund USD R $ 122.15

-1.03 0.00

Odey Naver Fund Euro I Class

126.37

0.20 0.00

Pictet-Japanese Equities Opp-I JPY F 8937.43

38.56 0.00

Low Average Duration - Inst Acc $ 14.74

0.00

Odey Naver Fund GBP I Class

126.91

0.22 0.00

Pictet-Japanese Equity Selection-I JPY F 13785.71

67.13 0.00

PIMCO EqS Emerging Markets Fund Inst Acc $

8.45

0.10 0.00

Odey Odyssey USD I

$ 160.02

2.70 0.00

$ 65.61

2.07 0.00

PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 15.72

0.25 0.00

0.32 0.18

Odey Odyssey Fund GBP I

159.46

2.66 0.00

Pictet-LATAM Lc Ccy Dbt-I USD F $ 131.54

1.66 0.00

PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.39

0.20 0.00

Oasis Crescent Global Investment Fund (Ireland) plc

Oasis Crescent Global Equity Fund $ 28.88 0.33 0.00

Odey Odyssey Fund GBP R

157.08

2.63 0.00

Pictet-Pacific Ex Japan Index-I USD F $ 371.59

7.63 0.00

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.88

0.08 0.00

Odey Odyssey EUR I

143.21

2.39 0.00

Pictet-Premium Brands-I EUR F

163.15

1.17 0.00

StocksPLUS{TM} - Inst Acc

0.19 0.00

Odey Odyssey Fund EUR R

119.18

1.99 0.00

Pictet-Quality Global Equities I USD $ 137.60

1.21 0.00

Total Return Bond - Inst Acc

$ 27.20

-0.04 0.00

Odey Odyssey Fund USD R

$ 124.63

2.11 0.00

Pictet-Russia Index I USD

$ 51.66

1.92 0.00

UK Corporate Bond - Inst Acc

17.41

-0.01 0.00

Odey Orion Fund Euro I Class

126.39

1.82 0.00

Pictet-Russian Equities-I USD F

$ 43.51

1.47 0.00

Oasis Crescent Management Company Ltd

Other International Funds
Oasis Crescent Equity Fund

R 10.11

Oasis Global Mgmt Co (Ireland) Ltd

Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity
$ 28.38

Orbis Asia ex-Japan - Investor Shares $ 22.23

0.10 0.00

Orbis Global Equity - Investor Shares 153.72

(IRL)

0.01 2.58

UK Specialist Equity Income Fund 10.69

109.02

161.53

0.07 0.47

Series 2 (Investment Management customers only)

United Kingdom Equity Index Fund 13.23 0.06 2.85

CF Odey Opus Fund A Accumulation

CF Odey Opus Fund I Inc

Pictet Total Ret-Divers Alpha I EUR 101.83

Odey Allegra European EUR A

$ 174.12

Global Emerg Mkts Equity Fund

Pictet Total Ret-Kosmos I EUR

-0.22 0.00

Tactical Opps USD Cls

0.00 0.71

-0.77 0.00

0.01 0.50

12.38

Odey European Absolute Return Fund EUR R 94.67

13.01

1.33

Inflation Lkd Sov Bd Fund

4.71 0.00

14.90

Loomis Sayles US Equity Leaders I/A (GBP)

0.03 3.13

Euro Income Bond - Inst Acc F

115.84

3837.30

Euro Credit - Inst Acc

107.75

Global Spec Inv Grade Bd Fund GBP 10.39

CF Odey Opus R Inc

0.30 0.00

All Weather Fd GBP Cls

0.00 2.58

-0.71 0.00

All Weather Fd EUR Cls

0.06 3.46

Pictet-EUR Government Bonds I EUR 159.51

0.00 0.29

Odey European Absolute Return Fund USD I $ 99.97

-0.85 0.00

0.00 4.75

0.98 0.74

11.11

0.65 0.00

$ 89.97

UK Sovereign Bd Index Fund

120.19

175.81

0.23

Optima Fd NAV

1.35

UK Specialist Equity Income Fund 10.01

CF Odey Continental European I Inc

CF Odey Opus Fund I Acc

1.01 0.00

114.45

$ 1975.81

-0.85 0.00

107.77

Pictet Total Ret-Corto Europe I EUR 129.88

0.43 3.65

Wealthy Nat Bd GBP Ord Inc

Northwest Warrant $ class

-0.80 0.00

268.56

1.06

0.15 0.60

$ 157.82

Odey Allegra European EUR O

Loomis Sayles US Equity Leaders N/A (GBP)

Jubilee Absolute Return Fund

Odey European Absolute Return Fund GBP I 98.98

0.22 0.00

Loomis Sayles Strategic Income H-N/A (GBP)

Pacific Basin Specialist Equity Fund 24.08

-0.04 7.99

1.01 0.74

0.03 0.00

-0.80 0.00

203.25

New Capital Alternative Strategies

All Weather Fd USD Cls
$ 119.43

$ 400.36

125.06

Pictet-EUR Corporate Bonds-I F

0.00 4.61

8.96

Fixed Income Holdings N.V.

Odey European Absolute Return Fund EUR I 99.53

CF Odey Continental European I Acc

-0.10 0.00

56.56 0.00

0.99

Japan Specialist Fund

Other International Funds

JENOP Global Healthcare Fund Ltd $ 15.83

Loomis Sayles Strategic Income H-N/D (GBP)

0.05 0.00

$ 4255.49

0.07 0.00

Macro Holdings Ltd

0.01

13.77

-35.05 0.00

203.27

US Spec Equity Fund

Odey Pan European GBP R

1.09

0.14 0.00

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V.
$ 5401.83

0.31 0.00

Harris Associates Global Concentrated Equity Fund I/A(GBP)

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds
CF Odey Continental European R Acc
732.08 5.92 0.18

Permal Investment Mgmt Svcs Ltd

15.80

0.10 1.55

342.08

0.00

Contl Europe Spec Equity

FCA Recognised
Odey Pan European EUR R

0.12 0.34

1.84 0.00

206.09

1.08

US Growth GBP Ord Acc

Harris Associates Global Concentrated Equity Fund N/A (GBP)

19.75

0.01 2.05

UK Specialist Equity Inc

0.99

SFr 103.24

PO Box 23873, Edinburgh EH7 5WJ**

Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)
United Kingdom Equity Index Fund 13.23 0.06 2.50

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB

FCA Recognised
New Capital UCITS Funds
Asia Pac Bd USD Inst Inc
$ 95.89 - -0.03 3.10

1.24

(UK)

Oasis Crescent Gbl Property Eqty $ 10.01

Odey Asset Management LLP

H2O MultiReturns Fund I/A (GBP)

NatWest (2230)F

Offer D+/- Yield

Pictet-Select-Callisto I EUR

0.28 0.00

Bid

-2.31 0.00

$ 13.03

Fund

35.12

US Dollar Liquidity A F

Offer D+/- Yield

107.72

European Property A F

0.00 0.00

Bid

Odey Swan Fund Euro I Class

0.00 0.71

1.08 0.00

Fund

0.07 0.65

Offer D+/- Yield

$ 195.80

12.49

Bid

Pictet-Security-I USD F

Inflation Lkd Sov Bd Fund

20.44

Fund

1.83 0.00

0.39 0.00

$ 49.84

Offer D+/- Yield

Short Maturity Euro Bond A F

Bid

$ 126.42

45.61

Latin American Equity A F

Fund

Odey Orion Fund USD I Class

European Equity Alpha A F

OasisCresGl Income Class A

$ 11.06

0.03 2.44

OasisCresGl LowBal D ($) Dist

$ 12.24

0.09 0.00

OasisCresGl Med Eq Bal A ($) Dist $ 12.41

0.10 0.04

-0.27 0.00
2.48 0.00

Oryx International Growth Fund Ltd

Other International Funds
NAV (Fully Diluted)

Pictet-LATAM Index I USD

5.44

0.05 0.00

9.74

$ 23.43

18 | FTfm

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Bid

Offer D+/- Yield

UK Long Term Corp. Bnd Inst-Inst Acc 19.59

UK Real Return - Inst Acc

-0.01 0.00

Fund

Bid

Global Total Fd PCG INT

160.55

-0.01 0.00

-0.04 0.00

Purisima Investment Fds (CI) Ltd

UK Sterling Low Average Duration - Inst Acc 14.14

0.00 0.00

164.88

Unconstrained Bond - Inst Acc

$ 12.16

-0.01 0.00

0.11 0.00

1.41 0.00

Regulated
PCG B

162.82

PCG C

(JER)
-

1.47 0.00
1.44 0.00

Regulated
Putnam New Flag Euro High Yield Plc - E 1030.87

(IRL)
-

0.49 4.82

Rathbone Unit Trust Mgmt (1200)F

Other International Funds

Platinum All Star Fund - A

$ 114.01

Platinum Global Dividend Fund - A $ 62.83

Platinum Global Dividend UCITS Fund $ 75.61 75.61 0.66 6.85

Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93
Platinum Essential Resources UCITs Fund $

7.14

Platinum Maverick Enhanced Fund Limited $ 92.87

Platinum Navigator Fund Ltd Class A $ 98.72

7.14 0.11
-

0.00

Polar Capital Funds Plc

(IRL)

(UK)
PO Box 9948, Chelmsford, CM99 2AG
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds
156.17 161.22 0.83 4.08
Blue Chip Income Inc

Ethical Bond Inc

93.61 95.69 0.12 4.80

Ethical Bond Acc

174.16 177.74 0.21 4.67

Global Opportunities Acc

126.03 130.00 0.81 0.00

Income Inc

864.03 893.84 5.96 3.94

Income Acc

1296.34 1339.77 8.94 3.82

Multi Asset Enhanced Growth Acc

124.12

0.40 0.00

Multi Asset Strategic Growth inc

148.88

0.38 1.19

Multi Asset Strategic Growth acc

156.43

0.40 1.04

Multi Asset Total Return inc

127.08

0.19 1.63

Multi Asset Total Return acc

138.16

0.21 1.75

Recovery Inc

416.74 432.14 3.89 2.40

491.55 509.31 4.59 2.36

$ 307.35 307.35 2.06 0.00

Recovery Acc

Biotechnology I USD

$ 17.09 17.09 0.15 0.00

Strategic Bond Ret Acc

11.34 11.34 0.05

Financial Opps I USD

$ 12.19

GEM Growth I USD

GEM Income I USD

9.82

$ 11.10

0.11 0.00
0.12 0.00

$ 13.15 13.15 0.21 0.00

Global Convertible I USD

$ 11.51 11.51 0.10 0.00

Global Insurance I GBP

Global Technology I USD

$ 22.45

$ 37.55

Income Opportunities B2 I GBP Acc

Japan Alpha I JPY
Japan I JPY
North American I USD
UK Absolute Equity I GBP

1.66

0.36 0.00
-

0.38 0.00

1.66 0.01 0.00

191.21 191.21 0.75 0.00

1903.87

-0.80 0.00

$ 17.45 17.45 0.22 0.00

10.66 10.66 -0.03

$ 126.35

2.42 0.00

European Forager A EUR

181.04

0.47 0.00

Polunin Capital Partners Ltd

Luxcellence Em Mkts Tech

Polunin Developing Countries

$ 38.29
$ 42.90
$ 966.78

0.70

10.05 0.00

-4.51

$ 1429.44 1447.31 1.42 0.00

Private Fund Mgrs (Guernsey) Ltd

Regulated
Monument Growth10/02/2015

0.63 0.00

$ 861.52 868.84 8.94 0.00

Polunin Discovery - Frontier Markets $ 1497.35

Polunin Small Cap

(GSY)

458.00 463.11 -2.93 1.07

Prusik Investment Management LLP

RECM Global Management Limited

(GSY)
www.recmglobal.com Enquiries: info@recmglobal.com
Regulated
RECM Global Fund Limited - Class A $ 17.70 0.28 0.00
RECM Global Equity Fund Limited - Class A $

9.08

0.17 0.00

Renasset Select Funds Plc

Regulated
European Opportunities Fund A
European Opportunities Fund B

141.82
104.90

Renaissance Eastern European Allocation Fund 411.10

Renaissance Eastern European Fund A 424.33

(IRL)
-

-0.04 0.00
-0.02 0.00
-0.02
13.54

Renaissance Eastern European Fund B 91.09

2.90 0.00

130.13

3.27 0.00

Renaissance Ottoman Fund

Bid

Fund

Bid

Equity & General C Inc

350.19

Offer D+/- Yield

-

0.63 0.25

UK Growth Acc Inst

282.20

(IRL)

Robeco Asset Management

(LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
www.robeco.com/contact
FCA Recognised
1.37 0.00
Asia-Pacific Equities (EUR)
134.63 -

1.10

0.07 0.44

Equity & General O Inc

349.52

0.60 0.00

UK Growth Acc Ret

328.60

1.30

0.03 3.13

Equity & General O Acc

376.61

0.65 0.00

UK Growth Inc Ret

221.00

0.90

European C Acc

496.71

5.30 0.22

Managed OEIC
Glob Em Shs Port Acc Ret

172.50

0.80

Max 70% Shs Port Acc Ret

256.50

0.50

Max 70% Shs Port Acc X

184.20

0.40

Investment Port Acc Ret

235.60

-0.10

Investment Port Acc X

167.00

-0.10

Max 50% Shs Port Acc Ret

246.60

0.20

Max 50% Shs Port Inc Ret

222.40

0.20

Max 50% Shs Port Acc X

178.50

0.20

Max 100% Shs Port Acc Ret

283.30

0.80

Max 100% Shs Port Acc X

203.40

0.60

Series 6 (Investment Management Customers Only)

United Kingdom Equity Index Fund 16.34 0.08 2.85
19.95

0.13 1.51

Contl Europe Specialist Fund

24.12

0.22 0.62

Japan Specialist Fund

14.19

0.05 0.56

US Spec Equity Fund

19.31

0.07 0.16

Pacific Basin Specialist Equity Fund 42.14

0.26 1.19

UK Sovereign Bd Index Fund

10.97

0.00 2.58

Inflation Lkd Sov Bd Fund

12.48

0.00 0.71

UK Specialist Equity Income Fund 10.69

0.06 3.42

Global Spec Inv Grade Bd Fund GBP 10.47

0.03 3.13

Global Emerg Mkts Equity Fund

12.30

European O Acc

493.04

5.23 0.00

Japanese Fund C Acc

172.65

-1.44 0.01

Japanese Fund O Acc

171.18

-1.44 0.00

Pacific C Acc

293.53

-0.90 0.48

Pacific O Acc

291.09

-0.91 0.18

Total Return C Acc

393.83

-4.32 1.62

Total Return C Inc

276.59

-3.03 1.64

Total Return O Inc

274.43

-3.03 1.63

Total Return O Acc

390.86

-4.32 1.61

0.07 0.63

Address and telephone number for Series 5 only

PO Box 105, Manchester M4 8BB 08457 464646

Authorised Inv Funds
CIS Sustainable Diversified Trust A 1.58 CIS Sustainable World Trust A
Corporate Bd Inc Tst

0.20 0.77

92.41 97.27 0.14 3.96

102.30 107.70 0.50 1.74

European Growth
Sustainable Leaders

169.60

0.00 1.74

462.60

UK Income With Growth

234.10 246.40 0.20 4.35

US Growth

153.50 161.40 1.00 0.00

Additional Funds Available
Please see www.cis.co.uk for details

RBS Collective Investment Fds Ltd

S W Mitchell Capital LLP

(CYM)

Regulated
S W Mitchell European Fund Class A EUR 298.90

-2.66

S W Mitchell Small Cap European Fund Class A EUR 215.99

-2.86

The Charlemagne Fund EUR

279.88

-12.15

0.40 0.68

494.30 520.30 0.80 1.07

UK Growth

S W Mitchell Capital LLP

(IRL)

Regulated
SWMC European Fund B EUR

15408.56

229.20 0.00

SWMC UK Fund B

10519.41

81.29

SWMC Small Cap European Fund B EUR 13178.87

41.99 0.00

SWMC Emerging European Fund B EUR 8867.81

268.46 0.00

(UK)

PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585

Authorised Inv Funds
355.90 1.60 1.09
Balanced Acc
Balanced Inc

290.30

1.30 1.10

Equity Income

335.50

1.20 3.67

RobecoSAM

(LUX)

Extra Income

109.70

0.10 3.04

FTSE 100 Tracker Special 1

303.70

1.50 2.98

Tel. +41 44 653 10 10 http://www.robecosam.com/

Regulated
RobecoSAM Sm.Energy/A
12.20 0.11 1.23

FTSE 100 Tracker Special 3

210.60

1.10 2.74

RobecoSAM Sm.Materials/A

FTSE 100 Tracker Standard

287.40

1.50 2.51

Growth

317.70

1.00 2.05

RobecoSAM Sustainable Gl.Eq/B 180.90

1.14 0.00

High Yield

126.70

0.20 3.54

RobecoSAM S.HealthyLiv/B

179.69

0.82 0.00

International Growth

412.70

3.30 0.61

RobecoSAM S.Water/A

166.31

0.59 2.26

RobecoSAM Gl.Small Cap Eq/A

130.51
81.30

1.41 1.94
0.28 1.70

0.15 0.00

Your Portfolio Fund IV Class 1

124.50

0.20 0.80

Lux -O- Rente (EUR)

139.41

0.13 0.00

Your Portfolio Fund IV Class 2

124.20

0.20 1.10

New World Financials (EUR)

53.21

0.46 0.00

Your Portfolio Fund V Class 1

129.10

0.30 0.60

US Premium Equities (EUR)

184.63

1.99 0.00

Your Portfolio Fund V Class 2

128.80

0.30 0.90

Your Portfolio Fund VI Class 1

128.60

0.40 0.50

Your Portfolio Fund VI Class 2

128.90

0.40 0.90

Royal Bank of Scotland (2230)F

Japan Specialist Fund

13.57

0.05 0.00

US Spec Equity Fund

18.60

0.06 0.00

Pacific Basin Specialist Equity Fund 42.45

0.26 0.61

UK Sovereign Bd Index Fund

10.89

0.00 2.58

Inflation Lkd Sov Bd Fund

12.62

0.00 0.71

Purisima Investment Fds (UK) (1200)F

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk 08459 220044, Enquiries: 0870 607 2555
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
Global Total Fd PCG A
163.50 1.44 0.35
162.35

1.43 0.13

0.60

Max 60% Shs Port Inc X

170.30

0.40

Eq Inc Port Acc Ret

295.20

1.50

Eq Inc Port Inc Ret

235.30

1.20

0.10

Santander Atlas Port 4 Acc Inst

164.80

0.20

Santander Atlas Port 5 Acc Ret

193.70

0.30

Santander Atlas Port 5 Acc Inst

163.90

0.30

Santander Atlas Port 6 Acc Ret

268.00

0.70

Santander Atlas Port 6 Acc X

191.40

0.60

Santander Atlas Port 6 Acc Inst

Santander Atlas Port 7 Acc Ret

(UK)

40 Dukes Place, London EC3A 7NH

Order Desk and Enquiries: 0845 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers
CF Ruffer Investment Funds
CF Ruffer Gold Fund C Acc
83.36 - -2.27 0.00
CF Ruffer Gold Fund O Acc
Equity & General C Acc

82.71
379.45

-2.25 0.00
0.68 0.25

209.20

0.40
0.80

1.00 0.45

S & W Magnum

384.00 405.60 0.80 1.50

0.30

S & W Marathon Trust

188.30 199.10 0.90 1.66

156.00

0.20

Charity Value and Income Fund Acc

138.00 138.80 0.70 4.57

Gov Bond Inc Inst

179.90

0.30

Charity Value and Income Fund Inc

96.02 96.61 0.48 4.70

Strat Bond Inc Inst

187.40

0.20

Managed Investments OEIC 3

Div Inc Port Inc Ret

172.60

0.40

Corp Bond Acc Inst

217.00

1.50

Multi-Manager OEIC
Bal Intl Track Acc Ret

271.50

0.40

Bond Mthly Inc Acc Ret

145.60

-0.20

Bond Mthly Inc Inc Ret

95.22

-0.18

SMT Fund Services (Ireland) Limited

Santander Asset Management UK Limited (1200)F (UK)

Saracen Fund Managers Ltd (1000)F

(UK)
19 Rutland Square, Edinburgh EH1 2BB
Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds
Saracen Growth Fd Alpha Acc
3.50 0.04 1.05
Saracen Growth Fd Beta Acc

5.56

0.06 1.57

Saracen Global Income & Growth Fund A - Acc

1.22

0.01 2.86

Saracen Global Income & Growth Fund A - Dist

1.15

0.00 2.92

Saracen Global Income and Growth Fund -Acc

1.50

0.01 3.23

Saracen Global Income and Growth Fund -Dist

1.35

0.01 3.32

Regulated
Monthly Dividend High Yield

6.99

0.00 0.00

A$

0.01

0.00

0.01

0.00

Canadian Dllr Pfolio

C$

0.01

0.00

New Zealand Dllr Pfolio

NZ$

0.01

0.00

Daiwa Bond Series

Monthly Dividend AUD Bd

A$ 10.55

0.01 0.00

Monthly Dividend EUR Bd

10.98

0.02 0.00

Monthly Dividend CAD Bd

C$ 10.49

-0.04 0.00

Daiwa Gaika MMF

AU$ Portfolio
US$ Portfolio

Mthly Div US Preferred Secs

7.98

0.01 0.00

Daiwa Equity Fund Series

New Major Economies

9.23

0.20 0.00

Standard Life Wealth

(JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Standard Life Offshore Strategy Fund Limited
Bridge Fund
1.6179 - 0.0111 2.47
Diversified Assets Fund

1.1933

0.0049 3.02

Global Equity Fund

1.8502

0.0161 1.31

Global Balanced Fund - Income Units 1.3703

0.0060 1.62

Global Balanced Fund - Accumulations Units 1.5712

0.0068 1.60

1.0467

0.0019 3.60

Sterling Fixed Interest Fund

0.8845

0.0015 3.24

UK Equity Fund

1.9705

0.0083 2.81

Global Fixed Interest Fund

.
For Save & Prosper please see Countrywide Assured

0.60

Authorised Inv Funds

Max 70% Shs Acc Ret

167.10

0.70

Schroder Property Managers (Jersey) Ltd

Other International Funds

Indirect Real Estate SIRE

Stenham Asset Management Inc

142.60

0.60

Investments Inc Acc Ret

158.60

0.30

Investments Inc Inc Ret

106.70

0.10

Equity Inc Inc Inst

245.00

0.50

Equity Inc Inc Ret

211.20

0.50

N&P UK Gwth Inc Ret

165.70

0.70

97.36

0.48

Stckmkt 100 Track Gwth Acc Ret

(UK)

172.20

165.40

Stckmkt 100 Track Gwth Acc Inst

25 Moorgate, London, EC2R 6AY 0141 222 1150

Authorised Inv Funds
2077.00 S&W Deucalion Fd (OEIC)

Investments Inc Port Inc X

Santander Atlas Port 7 Acc Inst

Max 70% Shs Inc Ret

Ruffer LLP (1000)F

164.00

Smith & Williamson Fd Admin Ltd (1200)F

Managed Investments OEIC 2

Investments Inc Port Inc Ret

125.05

0.21 0.00

220.00

6.30

High Yield Bonds (EUR)

0.20 5.63

Max 60% Shs Port Inc Ret

0.10 1.10

23.33

542.10

Contl Europe Specialist Fund

231.20

B Shares
Pacific Bas (ex-Japan)

118.60

0.12 0.35

UK Equity Income Trust A Class

3.20 0.00

Your Portfolio Fund III Class 2

1.36 0.00

19.76

0.60

133.90

UK Specialist Equity Inc

Capital Protected Fund 4

Glob.Consumer Trends Equities (EUR) 148.55

1.56 0.00

1.10 0.80

270.90

0.80 0.96

Max 60% Shs Port Acc Ret

132.10

1.40 1.59

1.60

Santander Atlas Port 4 Inc Ret

215.00

1.20

0.10 0.90

1.60 0.00

MM Endurance Balanced Fund A Class

0.20 3.89

416.20

118.70

167.00

147.20

264.20

Your Portfolio Fund III Class 1

125.40xd

Global Gold and Resource Trust A Class

Oriental Growth Fund A Class

265.00

-0.01 0.00

Fixed Interest Trust A Class

UK Equity Growth Trust A Class

US Equities

3.00 2.79

UK Equities

108.68

2.90 0.00

412.70

0.30

0.20

3.70 1.37

Far Eastern Income and Growth Trust A Class

0.20

117.10

25 Moorgate, London, EC2R 6AY 020 7131 8100

www.sandwfunds.com
Authorised Inv Funds
496.40 European Growth Trust A Class

Capital Protected Accelerator Fund 3

181.90

Smith & Williamson Investment Management (1200)F (UK)

3.00 0.00

Santander Atlas Port 4 Acc Ret

158.00

0.10 1.00

-0.90 5.70

157.90

125.30

-1.10

Max 30% Shs Inc Port Inc X

Capital Protected Accelerator Fund 2

112.50

SFr 180.30

Max 30% Shs Inc Port Inc Ret

Your Portfolio Fund II Class 2

SFr 203.00

LTIF Stability Inc Plus

7.00 1.53

0.91 0.00

Other International Fds

LTIF Stability Growth

SIA (SIA Funds AG) (CH)

11.00 0.00

0.30

1.40 0.00

6.30

Emerging Markets Equities (EUR) 157.61

1754.00

83.14

North American Trust A Class

-0.20

LTIF Natural Resources

269.20

3.11 0.00

0.10

542.80

163.80

Sterling Bonds

Santander Atlas Port 3 Acc Inst

351.74

157.10

Pacific Bas (ex-Japan)

0.10 0.90

LTIF Classic

Max 30% Shs Port Acc X

0.70 2.20

0.96 0.00

2245.00

123.70

-0.20

168.98

MM Global Investment Fund A Class

Income

(LUX)

Regulated
LTIF Alpha

0.50 1.20

104.80

SIA (SIA Funds AG)

0.10

Santander Atlas Port 3 Inc Ret

Offer D+/- Yield

135.40

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181

Authorised Funds
Santander Atlas Range
149.60 - -0.20
Santander Atlas Port 3 Acc Ret

Bid

157.10

Cautious Growth

Santander Asset Management UK Limited (1200)F (UK)

Fund

Managed Investments OEIC

Max 30% Shs Port Acc Ret

0.40

112.80

$ 160.97

0.90

Your Portfolio Fund II Class 1

Prusik Asian Smaller Cos A

146.80

0.76 0.00

1.20 0.00

171.70

Japan Equities

1.00 0.70

188.62

$ 202.49

1.00

1.10 0.50

Em Stars Equities (EUR)

Prusik Asia A

0.00 0.00

1.31 4.59

202.90

Enhanced Inc Inc Ret

147.40

172.20

(UK)
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)
United Kingdom Equity Index Fund 16.55 0.07 2.50

151.10

0.70 1.38

Capital Protected Fund 6

2.23 0.00

1.10

Balanced Growth

0.30 0.00

Adventurous Growth

169.90

$ 206.64

213.30

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400

Authorised Inv Funds
Santander Premium Fund (OEIC)
A Shares
272.90 2.90
Europe (ex-UK)

79.31

US Premium Equities (USD)

Enhanced Inc Inc Ins

Enhanced Inc Inc X

Royal London Unit Managers (CIS) (1200) F (UK)

Chinese Equities (EUR)

Flex-o-Rente (EUR)

Offer D+/- Yield

12.34

Stakeholder Investment

Enquiries - 0207 493 1331

Regulated
Prusik Asian Equity Income B Dist $ 163.23

Global Total Fd PCG B

Fund

0.05 3.46

Global Spec Inv Grade Bd Fund GBP 10.23

1.09 0.00 4.13

0.10 0.00

164.81

Emerging Markets Active

(CYM)

European Conviction A EUR

Other International Funds

Developing Countries 'A'

1.07

1.21 0.00 3.85

Polar Capital LLP

Regulated
ALVA Convertible A USD

1.19

0.00 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.73 10.73 0.06

Healthcare Opps I USD

Strategic Bond Ret Inc

Offer D+/- Yield

9.98

0.15 2.03

Global Alpha I USD

3.80

226.76 233.90 1.21 3.95

Blue Chip Income Acc

Regulated
Asian Financials I USD

European Income Acc EUR

Bid

UK Specialist Equity

Putnam Investments (Ireland) Ltd

Platinum Capital Management Ltd

Fund
UK Specialist Equity Income Fund
Global Emerg Mkts Equity Fund

22.56

UK Sterling Long Average Duration - Inst Acc 22.20

US Fundam.Index StocksPLUS Inst Inc $ 12.86

Offer D+/- Yield

179.20

0.90

124.74 129.81 1.55 3.32

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
230.10 0.40 0.00
Managed Growth

www.stenhamassetmanagement.com
Other International Funds
Stenham Asia USD (Est)
$ 132.55

0.82

Stenham Credit Opportunities A Class USD (Est) $ 105.11

-0.15 0.00

Stenham Emerging Markets USD B1 (Est) $ 108.35

0.17 0.00

$ 171.70

12.62 0.00

Stenham Gold USD (Est)

Stenham Growth USD (Est)

$ 212.84

-0.09

Stenham Healthcare USD (Est)

$ 177.71

6.87 0.00

Stenham Helix USD

$ 104.66

0.71 0.00

Stenham Managed Fund USD (Est) $ 114.11

0.86

UK Growth

245.00

0.50 0.00

FTfm | 19

FINANCIAL TIMES Monday 16 February 2015

FTfm
Fund

Fund

Bid

Stenham Multi Strategy USD (Est) $ 118.22

Bid

Offer D+/- Yield

-

0.05

EGV - Acc Z

269.60

Stenham Quadrant USD A (Est)

$ 398.25

8.76

Stenham Trading Inc USD (Est)

$ 114.11

1.08

Continental
CVG - Acc S

108.40

0.80

Stenham Universal USD (Est)

$ 441.06

1.19

CVG - Acc X

108.40

0.80

Stenham Universal II USD (Est)

$ 164.09

0.38 0.00

Stratton Street Capital (CI) Limited

Regulated
Japanese Synthetic Warrant

1161.54

Japan Synthetic Warrant GBP Hedged Participating Shares 144.31

Japan Synthetic Warrant Fund USD Class $ 12.87

(GSY)
-

-21.74 0.00
10.64 0.00

-0.19 0.00

Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 143.03

10.54 0.00

Renminbi Bond Fund AUD Cls A A$ 116.26

1.27 4.08

Renminbi Bond Fund AUD Cls B A$ 118.16

1.29 3.80

Renminbi Bond Fund CHF Cls A SFr 115.78

1.25 4.05

Renminbi Bond Fund CHF Cls B SFr 115.74

1.25 3.79

Renminbi Bond Fund CNH Cls A CNH 119.62

1.23 3.59

Renminbi Bond Fund CNH Cls B CNH 119.54

1.23 3.34

116.66

1.26 3.81

Renminbi Bond Fund Euro Cls B

Renminbi Bond Fund GBP Cls B

118.02

Renminbi Bond Fund SGD Cls B S$ 117.03

Renminbi Bond Fund USD Cls B
Renminbi Bond Fund YEN Cls B
Renminbi Bond Fund USD Class
Renminbi Bond Fund GBP Class

$ 117.62
13010.73
$ 161.93
157.07

1.26 3.61

1.28 3.57

1.26 3.35
141.89 0.00

1.75 3.61

1.68 3.83

19234.00

209.00 0.00

Renminbi Bond Fund EUR Class

Poland Geared Growth

107.12

0.51

The Hartford International Funds

(IRL)

Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1617.05

-2.99 0.00

UK Corporate Bond

1594.61

2.45 0.00

Gilt

1583.48

1.32 0.00

Global Eq (Ex Japan) Index Fund

1.40

0.01 0.00

Global Eq (ex Japan) Class HJ4

1.45

0.01 0.00

Global Eq (ex Japan) Class JP5

Strat Evarich Japan Fd Ltd JPY

89247.00

4428.00 0.00

Strat Evarich Japan Fd Ltd USD

$ 889.87

43.95 0.00

E.I. Sturdza Funds PLC

(IRL)

Regulated
Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1057.86

7.55 0.00

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1239.00

8.86 0.00

Nippon Growth (UCITS) Fund JPY Class A shares 96855.00

693.00 0.00

Nippon Growth (UCITS) Fund JPY Class B Acc shares 81242.00

581.00 0.00

Nippon Growth (UCITS) Fund JPY Class C Dis shares 78917.00

564.00 0.00

Nippon Growth (UCITS Fund Class D Institutional JPY) 52390.00

377.00 0.00

Strategic China Panda Fund USD $ 2255.90

-9.39 0.00

Asset Management

Strategic China Panda Fund Hedged EURO 2196.47

-8.96 0.00

Strategic China Panda Fund Hedged Sterling 2226.04

-9.13 0.00

Strategic Euro Bond Accumulating Class CHFSFr 1021.16

-0.22 0.00

Strategic Euro Bond Institutional Class EUR 1035.79

-0.26 0.00

Strategic Euro Bond Fund Accumulating Class Shares 1164.24

-0.30 0.00

Strategic Euro Bond Fund Distributing Class Shares 1064.54

-0.27 0.00

Strategic Global Bond RMB Acc CNY 1088.76

3.69 0.00

$ 1063.03

1.31 0.00

Strategic US Momentum and Value Fund $ 836.48

6.30 0.00

Strategic US Momentum and Value EUR Hedged Class EUR 583.24

4.36 0.00

Strategic Global Bond USD Acc

Strategic US Momentum and Value CHF Hedged Class CHFSFr 579.40

$ 389.03

International B

135.01

International C

288.39

International D

IGV - Inc B

336.10

2.80 1.09

IGV - Acc X

405.10

3.30 1.33

IGV - Acc Y

433.00

3.50 1.79

IGV - Acc Z

403.20

3.30 1.07

European
EGV - Acc S

269.60

1.80

Offer D+/- Yield

-

0.81 6.27

Virgin Pension Income Protector Fund

267.70

-1.00 2.37

UK Income A Inc

225.64

0.75 6.53

Virgin Climate Change Fund

108.23

0.21 0.00

UK Income B Acc

258.01

0.87 6.24

UK Income B Inc

238.29

0.80 6.50

(LUX)

3.13 0.00

1.41 0.00
2.93 0.00

Pacific A

288.10

2.67

Pacific B

$ 363.25

3.31 0.00

Value Partners Hong Kong Limited

(IRL)

www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
Value Partners Classic Equity USD Hedged $ 13.81 -

0.12 0.00

Gbl Govt Bond (Ex Japan) Index

1.35

-0.01 0.00

TreeTop Global Sicav

Global Opp.A

148.47

1.43 0.00

Gbl Govt Bond (ex Japan) Class JP4

1.32

-0.01 0.00

Global Opp.B

$ 147.36

1.77 0.00

Japan Equity Index Fund

0.99

0.00 0.00

Global Opp.C

185.84

1.20 0.00

Japan Equity Class JP3

1.19

0.00 0.00

Sequoia Equity A

146.37

1.68 0.00

(IRL)
Veritas Asset Management LLP
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional
3.25 0.66
Veritas Asian Fund A USD H
$ 313.04 -

Sequoia Equity B

$ 153.40

2.27 0.00

Veritas Asian Fund A GBP H

Sequoia Equity C

171.23

1.42 3.53

The National Investor (TNI)

www.tni.ae
Other International Funds
UAE Blue Chip Fund *

AED 10.57

Veritas China Fund A USD

-0.01 0.00

Veritas China Fund A GBP

TNI Funds Ltd (BMU)

MENA Hedge Fund

$ 965.83

TNI Funds Plc (Ireland)

MENA UCITS Fund *

$ 1355.85

-0.63 0.00

(UK)

103.70

0.20 0.59

Trojan Fund O Acc

256.52

0.16 0.59

Trojan Fund O Inc

213.41

0.14 0.60

0.01 0.58

Trojan Capital O Acc

205.68

-0.22 0.92

0.30 1.60

Trojan Capital O Inc

176.44

-0.19 0.93

0.30 1.60

0.40 0.37

Global Balanced B Inc F

126.50

0.50 0.36

Global Growth B Acc F

139.30

0.60 0.29

Global Growth B Inc F

130.60

0.50 0.29

263.70

Trojan Income O Acc

169.66

Trojan Income O Inc

UBS Global Asset Mgmt Fds Ltd

(UK)

21 Lombard Street, London, EC3V 9AH

Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC
Global Emerg Mkts Eqty B Acc
1.42 0.02 1.50

0.60 0.31

0.01 0.31

UK Income Focus B Inc F

66.20

0.10 3.22

UK Income Focus B Acc F

87.30

0.20 3.14

UBS UK Opportunities Fund B Acc

0.93

0.01 2.64

UK Balanced B Inc F

70.70

0.20 1.34

US Equity B Acc

1.48

0.01 0.28

UBS Asian Consumption Fund - B Acc

0.59

0.01 0.44

UK Balanced B Acc F

76.80

0.10 1.32

Global Optimal B Acc

Asset Management

1.02

0.01 5.15

Waverton Global Equity Fund A GBP 14.73

0.06 0.24

Waverton UK Fund A GBP

13.43

0.06 1.86

Waverton Equity Fund A GBP

15.10

0.05 0.00

9.89

0.00 5.21

125.11

0.33 0.00

$ 135.17
137.51

WA Fixed Income Fund Plc

Regulated
European Multi-Sector

(IRL)

Winton Capital Management

Other International Funds
Winton Futures USD Cls B

$ 1047.49

25.08 0.00

1.18 0.41

Winton Futures EUR Cls C

294.06

7.46 0.00

1.11 0.00

Winton Futures GBP Cls D

321.03

7.96 0.00

1.17 0.00

Winton Futures GBP Cls F

123.83

3.07 0.00

$ 1807.20

50.02 0.00

133.37

1.06 0.00

Veritas Global Equity Income Fund D USD $ 128.59

1.67 4.74

Winton Evolution EUR Cls H

1421.43

41.71 0.00

Veritas Global Equity Income Fund D EUR 218.30

1.39 4.05

Winton Evolution GBP Cls G

1442.79

41.31 0.00

Winton Futures JPY Cls E

20586.28

479.03 0.00

Veritas Global Equity Income Fund D GBP 162.31

1.61 4.55

Veritas Global Focus Fund D USD $ 25.60

0.27 2.87

Veritas Global Focus Fund D EUR 22.58

0.09 2.69

Veritas Global Focus Fund D GBP 28.23

0.21 2.45

Veritas Global Focus Fund A GBP 27.24

0.20 2.23

Veritas Global Focus Fund A EUR 13.15

0.05 2.14

Veritas Global Focus Fund A USD $ 24.68

0.25 2.41

Veritas Global Focus Fund C GBP 29.40

0.22 0.00

Veritas Global Focus Fund C EUR 23.61

0.08 0.00

Veritas Global Focus Fund C USD $ 26.71

0.28 0.00

Veritas Global Equity Income Fund A GBP 155.88

1.55 4.57

Veritas Global Equity Income Fund A EUR 212.53

1.35 4.07

Veritas Global Equity Income Fund A USD $ 124.00

1.61 4.76

Veritas Global Equity Income Fund C GBP 179.27

1.78

Veritas Global Equity Income Fund C EUR 244.17

1.56

Veritas Global Equity Income Fund C USD $ 141.67

1.84

Veritas Global Real Return Fund A USD $ 20.19

0.11 2.07

0.61 3.84

1.32

Global Equity Fund B Inc F

0.01 0.33

9.26

2.70 0.48

0.95 3.72

132.60

Global Equity Fund B Acc F

0.12 1.05

17.79

0.13 0.26

1.03

131.00

Global Balanced B Acc F

155.10

Spectrum Fund 'O' Inc

119.20
112.50

Global Yield B Inc F

318.41

-6.25 0.00
(UK)
40 Dukes Place, London EC3A 7NH
Order desk: 0845 608 0950, Enquiries 0845 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs
Trojan Investment Funds
159.04 0.13 0.26
Spectrum Fund 'O' Acc

Waverton European Fund A Eur

Winton Evolution USD Cls F

Veritas China Fund A EUR

Troy Asset Mgt Ltd

UK Growth B Acc F

Veritas Asian Fund A EUR H

377.58

(IRL)

waverton.investments@citi.com
FCA Recognised
Waverton Asia Pacific A USD
$ 20.03

Waverton Sterling Bond Fund A GBP

0.00 0.00

Offer D+/- Yield

Waverton Investment Funds Plc (1600)F

Waverton Global Bond Fund Cls A $

3.99 0.00

0.01 0.81

Veritas Global Real Return Fund A GBP 11.22

0.06 2.06

Veritas Global Real Return Fund A EUR 11.90

0.07 0.17

Retail
Veritas Asian Fund B USD

$ 220.10

Yuki International Limited

(IRL)

Tel +44-20-7269-0207 www.yukifunds.com

Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth 6597.00

-30.00 0.00

Yuki Mizuho Japan Large Cap

6942.00

-32.00 0.00

Yuki Japan Low Price

24618.00

-34.00 0.00

Yuki Japan Value Select

11900.00

-100.00 0.00

YMR Umbrella Fund

YMR N Growth

15924.00

-70.00 0.00

Yuki Asia Umbrella Fund

Yuki Japan Rebounding Growth Fund 21673.00

-178.00 0.00

1.11 0.00

Zadig Gestion (Memnon Fund)

FCA Recognised
Memnon European Fund I GBP

112.18

(LUX)

Zebedee Capital Partners LLP

(CYM)

2.27 0.47

Regulated
Zebedee Focus Fund Limited Class A EURO Shares 169.78

-0.96 0.00

Asset Management

78.00

0.20 1.19

UBS S&P 500 Index C Acc

0.53

0.00

86.20

0.20 1.18

UBS Targeted Return B Acc

1.28

0.01 1.15

Veritas Asian Fund B GBP

278.32

1.99 0.04

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

-1.19 0.00

UK Equity B Acc F

87.80

0.20 2.28

0.08 3.16

Veritas Asian Fund B EUR

234.37

0.87 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

-0.82 0.00

UK Equity B Inc F

80.90

0.20 2.31

132.90

1.05 0.00

UK Growth B Inc F

Thesis Unit Trust Management Limited

(UK)
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
TM New Court Fund A 2011 Inc 13.15 - -0.03 0.00
TM New Court Fund - A 2014 Acc 13.17
TM New Court Equity Growth Fund - Inc 13.27

-0.03

-0.04 0.00

UBS Sterling Corporate Bond Indexed Fund

53.07

UBS Multi Asset Income B Inc (net)

0.52

0.00 3.71

UBS UK Equity Income B Inc Net

0.42

0.00 4.88

Veritas China Fund B EUR

140.06

1.11 0.00

Corporate Bond UK Plus B Inc Net

0.54

0.00 4.00

Veritas Global Focus Fund B USD $ 17.83

0.18 1.75

UBS Global Allocation (UK) B Acc

1.11

0.01 1.58

Veritas Global Focus Fund B GBP 20.83

0.16 1.76

0.00

Veritas Global Focus Fund B EUR 15.67

0.06 1.71

1.43 4.62

UBS Global Enhanced Equity Income C Inc

0.50

1.44

0.02 0.00

0.44

0.00 5.03

Veritas Global Equity Income Fund B EUR 195.83

1.24 4.11

Veritas Global Equity Income Fund B USD $ 123.43

1.60 4.81

(LUX)

Veritas Global Real Return Fund B USD $ 19.59

0.11 1.62

-51.77 0.00

Veritas Global Real Return Fund B GBP 11.02

0.06 1.64

Veritas Global Real Return Fund B EUR 12.75

0.07 1.44

UBS US Growth Fund B Acc

24.78

Regulated
Tosca (Est)

$ 269.99

Investments IV - Global Private Eq. 429.57 451.05 0.00 0.00

Veritas Asset Management LLP

www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) 283.25

-6.26 0.00

Real Return Asian Fund GBP (Est) 301.24

-6.30 0.00

Real Return Asian Fund EUR (Est) $ 296.25

-6.22 0.00

227.59

-4.38 0.00

Tosca Opportunity B USD

$ 313.41

20.23 0.00

Unicorn Asset Management Ltd

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
371.40 - -1.71 0.00
UK Growth A Inc
F

Mastertrust A Inc
UK Growth B Inc
Mastertrust B Inc

352.50

1.99 0.00

372.50

-1.70 0.25

316.43

1.78 0.40

Virgin Money Unit Trust Managers Limited (1700)F (UK)

241.47

0.67 1.24

Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL

www.virginmoney.com
Authorised Inv Funds
248.80 1.50 2.62
Virgin UK Index Tracking Trust

UK Smaller Cos A Inc

401.54

0.25 0.09

Virgin Income Trust

125.80

-0.50 2.20

UK Smaller Cos B Inc

393.39

0.25 0.84

Virgin Pension Growth Fund

282.00

1.70 2.55

Outstanding British Cos A Acc

232.49

0.64 0.48

Outstanding British Cos B Acc

Gross
AER Int Cr

CCLA Investment Management Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

CCLA Fund Managers Ltd

Senator House 85 Queen Victoria Street, London EC4V 4ET
COIF Charities Deposit Fund
0.45
- 0.45 Qtr

Data Provided by

3.00 0.00

Tosca Mid Cap GBP

Money Market
Trusts and
Bank Accounts
Gross Net

UBS Emerging Markets Equity Income B Inc

Regulated
Investments III

(CYM)

Veritas Global Equity Income Fund B GBP 143.99

Unicapital Investments

Toscafund

Veritas China Fund B GBP

Investments IV - European Private Eq. 307.74 323.13 0.00

(UK)
50 Bank Street, Canary Wharf, London E14 5NT
Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds
THS Growth & Value Funds
International
337.40 2.70 1.83
IGV - Inc A

Bid

0.00 0.00

4.35 0.00

Taube Hodson Stonex Ptnrs UT (1200)F

244.41

Global Yield B Acc F

2172.00 0.00

303.20

Bid

Global Fixed Income D Inc F

Regulated
TreeTop Convertible Sicav
International A

Fund

UK Income A Acc

1.44

Tel 0870 870 8434

Authorised Inv Funds
Global Fixed Income D Acc F

97545.00

TreeTop Asset Management S.A.

Fund

1.57

The Resolution Fund (1200)

Regulated
Nippon Growth Fund Limited

Offer D+/- Yield

-0.02 0.00

E.I. Sturdza Strategic Management Limited (GSY)

Bid

Global Eq Ex Japan Index Fund (Hedge)

1.14 4.07

Fund

1.80 0.26

1.68 3.87

Renminbi Bond Fund SGD Class S$ 154.78

Renminbi Bond Fund YEN Class

Offer D+/- Yield

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Asset Management

NEWS

Movers &
shakers

C The Archbishop of
Canterbury, Justin Welby
(pictured), has been appointed
chairman of the newly
constituted responsible
investment advisory council at
F&C Investments.
C Paul Costello has been
appointed independent
chairman of the QIC global
infrastructure investment
committee. Mr Costello was the
inaugural chief executive of
Australias Future Fund and the
first chief executive of the New
Zealand Superannuation Fund.
C Infracapital has appointed
Guy Hacking and Peter
Mitchev to its transaction
team. Mr Hacking joins as
associate director, returning to
his former employer after a
two-year stint at Mocoh. Mr
Mitchev was an associate on
the utilities and renewables
team at RBC Capital Markets.
C Investec Investment Bank
has hired two closed-end fund
specialists. Paul Locke joins
from Canaccord Genuity and
Darren Vickers from
Westhouse Securities. Bradley
George also moves to the US
to become head of the US
client group at Investec AM.
His place will be taken by Tom
Nelson, currently in charge of
energy strategies.
C BlackRock has appointed
Deborah Winshel as global
head of impact investing. Ms
Winshel, who was formerly
president and chief operating
officer of The Robin Hood
Foundation, will launch
BlackRock Impact, a dedicated
platform, and oversee
BlackRocks global corporate
philanthropy programme.
C James Arnold has moved to
Goodhart Partners as a sales
director. He was previously at
Artisan Partners as a member
of the institutional sales and
client services group.
C Deloitte has made two
senior hires for its financial
services practice in the US.
Maria Gattuso, most recently
partner at Wilkie Farr &
Gallagher, joins as principal,
while Susan Ameel, former
chief regulatory officer of the

THE LAST WORD

James Mackintosh
Investors of all types tend
to buy into what has
done well, and sell
what has done
badly. Broadly,
investors trade too
much, and lose out
as a result
National Stock Exchange, joins
as director.
C Venn Partners has recruited
Marc de Moor, who used to be
an executive director of Belgian
bank Argenta, to lead a new
residential mortgage
origination and servicing
business in the Netherlands.
C Eoin Murray has left GSA
Capital Partners to join Hermes
Investment Management as
head of its investment office
and a member of the senior
investment leadership team.
C Mike Brooks has moved
from Baillie Gifford, where he
managed a diversified growth
fund, to Aberdeen AM, where
he will be co-lead of the
diversified growth capability.
C Argonaut Capital has hired
the former captain of
Middlesex County Cricket Club
as a UK salesperson. More
recently, Ben Hutton held an
equity sales role at Berenberg.
C AMP Capital has expanded
its infrastructure debt team with
two hires. Roopa Murthy joins
as director from Crdit Agricoles
energy and infrastructure team,
while Giles Gray comes in as
associate from the corporate
finance (infrastructure) advisory
team at PwC.
C Fixed income manager Omar
Saeed has left Swisscanto to
join Legal & General
Investment Management as a
senior portfolio manager.
C Daniel Morland has joined
debt advisory firm Tomorrow
Partners as a partner. Mr
Morland was previously head
of debt advisory at Gleacher
Shacklock.
C Odey Asset Management,
the $13bn hedge fund group,
has hired Oliver Kelton from
London-based investment
boutique Waverton, where he
managed a long-only European
equities fund. Mr Kelton will
continue to manage the
Waverton European fund with
the same clients and process at
Odey. Crispin Odey, founder of
Odey said: It is a tribute to us
that an investor of Ollies
calibre wants to join us.

PAGE 10

INSIDE AND
ONLINE

QUOTE OF THE WEEK

The big picture

Stock markets have
become Disneyland-esque
in terms of being the
financial representation of
our reality. To succeed
today you have to believe
in the imagined reality of
the stock market

Fidelity upbeat
Ukraine crisis is more of a
threat to growth than the
tensions over Greek debt

PAGE 6

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