Archive for November, 2012

All items in ’12 Days of Christmas’ now top $107K

“The rise is larger than expected considering the modest economic growth we’ve had,” said Jim Dunigan, managing executive of investments for PNC. He noted the government’s Consumer Price Index has risen just 2 percent in the 12 months before September.

Thrifty shoppers may find some reasons for cheer. Six items mentioned in the song haven’t gone up in price: maids-a-milking, ladies dancing, lords-a-leaping, calling birds, turtle doves and the partridge. The eight maids-a-milking still cost just $58 because the minimum wage hasn’t risen.

Twelve drummers drumming ($2,775.50) and eleven pipers piping ($2,562) might also be considered relative bargains compared to seven swans, which will set you back $7,000. Nine ladies dancing will cost you $6,294.03.

Dunigan said the 2011 drought caused the prices of some birds to soar, partly because of corn and other feed costs.

“The geese were up 29.6 percent, and swans were up 11 percent,” Dunigan said, adding that none of the gifts in the song went down in price this year.

The price of a pear tree is $189.99, an 11.8 percent jump from last year’s $169.99. Five gold rings jumped 16.3 percent this year, to $750, and three French hens are now $165, instead of $150.

The $15 partridge is the cheapest item, and swans the most expensive, at $1,000 each.

Last-minute shoppers who turn to the Internet will pay a bit more for the gifts. Buying one set of the core items in each verse costs $24,431 in traditional stores this year, but $40,440 online. Part of that difference is the extra expense of shipping live birds, Dunigan said, adding that Internet costs rose 1.5 percent compared to last year.

PNC Financial Services Group Inc. checks jewelry stores, dance companies, pet stores and other sources to compile the list. Some of its sources this year include the National Aviary in Pittsburgh and the Philadelphia-based Pennsylvania Ballet Company.

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Tuesday, November 27th, 2012 EN No Comments

Advisory-led services to replace distribution model: Barclays chief

Looks at expanding private banking team

Wealth management industry is on the cusp of evolution, said Satya Narayan Bansal, Chief Executive — India, Wealth and Investment Management Division, Barclays.

“The wealth management space is evolving. The distribution led model is no longer valid. More and more advisory-led services are coming to the fore. Even the regulatory environment is evolving,” he said.

With SEBI giving regulatory approval to allow subscription to ‘direct plans,’ which are set to be introduced from January 1, Bansal said product-led players will be significantly impacted. The impact on advisory-led services will not be too much.

Good year ahead

On his outlook for the year 2013, Bansal said the year will be good for the markets as the corporate results have been good and the flow from overseas investors has also been significant.

He added that it seems Indians are prepared to handle all kinds of global crisis.

The latest issue of Barclays Wealth Insights showed that 81 per cent of the Indians are positive about the opportunities presented by the recent global crisis

The global survey took into account more than 2,000 High Net Worth Individuals (100 Indian families). The survey points out how entrepreneurs, business people and investors view failure and the setbacks associated with it.

On private banking space, Mr Bansal said, Barclays is looking at expanding its private banking team.

In 2013, they plan to increase their team size by 12 to 15 per cent.

“We are looking at increasing the strength of our team. We will be recruiting from corporate banking as well as investment banking verticals. There is good talent in the overseas markets as well,” said Bansal.

The company has strength of about 120 people in its private banking business.

Of this, about 40 employees are client-facing private bankers. Barclays is looking at increasing the number of this relationship team.

priya.s@thehindu.co.in

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Tuesday, November 27th, 2012 EN No Comments

Items in ’12 Days of Christmas’ now top $107000 – Las Vegas Review

PITTSBURGH – Add seven swans, six geese and five golden rings to the list of Christmas gifts that cost more than they did a year ago.

And if you get all 364 items repeated throughout “The Twelve Days of Christmas” carol, you’ll pay 6.1 percent more this year, according to the so-called Christmas Price Index that PNC Wealth Management updates annually.

That comes to $107,300.

“The rise is larger than expected considering the modest economic growth we’ve had,” said Jim Dunigan, managing executive of investments for PNC. He noted the government’s Consumer Price Index has risen just 2 percent in the 12 months before September.

Thrifty shoppers may find some reasons for cheer. Six items mentioned in the song haven’t gone up in price: maids-a-milking, ladies dancing, lords-a-leaping, calling birds, turtle doves and the partridge. The eight maids-a-milking still cost just $58 because the minimum wage hasn’t risen.

Twelve drummers drumming ($2,775.50) and eleven pipers piping ($2,562) might also be considered relative bargains compared to seven swans, which will set you back $7,000. Nine ladies dancing will cost you $6,294.03.

Dunigan said the 2011 drought caused the prices of some birds to soar, partly because of corn and other feed costs.

“The geese were up 29.6 percent, and swans were up 11 percent,” Dunigan said, adding that none of the gifts in the song went down in price this year.

The price of a pear tree is $189.99, an 11.8 percent jump from last year’s $169.99. Five gold rings jumped 16.3 percent this year, to $750, and three French hens are now $165, instead of $150.

The $15 partridge is the cheapest item, and swans the most expensive, at $1,000 each.

Last-minute shoppers who turn to the Internet will pay a bit more for the gifts. Buying one set of the core items in each verse costs $24,431 in traditional stores this year, but $40,440 online. Part of that difference is the extra expense of shipping live birds, Dunigan said, adding that Internet costs rose 1.5 percent compared to last year.

PNC Financial Services Group Inc. checks jewelry stores, dance companies, pet stores and other sources to compile the list. Some of its sources this year include the National Aviary in Pittsburgh and the Philadelphia-based Pennsylvania Ballet Company.

• Partridge, $15; last year: same

• Pear tree, $189.99; last year: 169.99

• Two turtle doves, $125; last year: same

• Three French hens, $165; last year: $150

• Four calling birds (canaries), $519.96; last year: same

• Five gold rings, $750; last year: $645

• Six geese a-laying, $210; last year: $162

• Seven swans a-swimming, $7,000; last year: $6,300

• Eight maids a-milking, $58; last year: same

• Nine ladies dancing (per performance), $6,294; last year: same

• 10 lords a-leaping (per performance), $4,767; last year: same

• 11 pipers piping (per performance), $2,562; last year: $2,428

• 12 drummers drumming (per performance), $2,776; last year: $2,630

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Monday, November 26th, 2012 EN No Comments

Those ’12 Days of Christmas’ will cost you more than $107K this year

Cyber Monday bargains might be everywhere today, but you’re out of luck if you’d hoped to score a deal on seven swans a-swimming. According to PNC Wealth Management’s Christmas Price Index, the cost of buying all 364 items listed in the “12 Days of Christmas” has risen to an insane $107,300. The total cost is up 6 percent since last year, largely because the ongoing drought has driven up the cost of feed for those 23 birds. But if you think it’s the thought that counts (and don’t mind if that thought is “You’re a weirdo”), you can still get one partridge for $15, pear tree not included. [Source]

Click to see more on msnNOW.com, updated 24 hours a day.

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Monday, November 26th, 2012 EN No Comments

All Items in ’12 Days of Christmas’ Now Top $107K – WDIO

Posted at: 11/26/2012 12:00 AM
| Updated at: 11/26/2012 10:55 AM

null

PITTSBURGH (AP) – Add seven swans, six geese and five golden rings to the list of Christmas gifts that cost more this year.

If you buy every item mentioned in “The Twelve Days of Christmas” you’ll be set back $107,300 this year. That’s a 6.1 percent jump from last year.

PNC Wealth Management tallied up the costs for its annual Christmas Price Index. The company says there are 364 total items across all the song’s verses.

Thrifty shoppers may find some reasons for cheer. Six items haven’t gone up in price: maids-a-milking, ladies dancing, lords-a-leaping, calling birds, turtle doves, and the partridge. The eight maids-a-milking still cost just $58 because the minimum wage hasn’t risen.

The $15 partridge is the cheapest item, and swans the most expensive, at $1,000 each.

___

Online: http://www.pncchristmaspriceindex.com              

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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Monday, November 26th, 2012 EN No Comments

Pictet Says U.S. Has Made ‘Inquiry’ Into Wealth Management Unit

Pictet Cie., Switzerland’s biggest
closely held private bank, said the U.S. Department of Justice
has made a “general inquiry” into its wealth management
business with U.S. clients.

“As is the case wherever we operate, Pictet has made it a
priority to ensure that its business with U.S. clients complies
with all the relevant laws and regulations governing its conduct
as part of our professional responsibility towards our clients,
counterparties, supervisors, and the public,” the company said
in a statement today.

Pictet said it will cooperate “as fully as possible” with
the U.S. authorities.

To contact the reporter on this story:
Corinne Gretler in Zurich at
cgretler1@bloomberg.net;
Giles Broom in Geneva at
gbroom@bloomberg.net

To contact the editor responsible for this story:
Andrew Rummer at
arummer@bloomberg.net

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Sunday, November 25th, 2012 EN No Comments

DPZ launch Wealth Management service


Submitted by: Orchid Communications

Posted: 23/11/2012

DPZ Capital Launch Event at Liberty Wharf
DPZ Capital, the Jersey-based boutique investment house, has launched a new Wealth Management service to complement its existing Investment Management offering. The move is part of the firm’s growth strategy that has already seen a number of high profile recruitments this year and an impressive increase in assets under management.

DPZ Capital concentrates on providing a pragmatic service that is entirely client focused. As part of the five-year development strategy, DPZ Capital continues to invest in its people, technology and services. This year Tim Watts, Joe Donohoe, Rohit Ahluwalia, Catherine Taylor and Adrian Kemp, all respected and experienced senior figures in the investment and wealth management sector, have joined the firm.

DPZ Capital Chief Executive Darren Zaman said: ‘The launch of this new service demonstrates our belief in delivering a level of service, which is tailored to our clients’ specific needs, and which continues to perform strongly despite the on-going challenging market conditions. We have invested considerably in both systems and people to underpin our commitment to quality. Our new Wealth Management service will help build our business further in the coming months.’

The launch took place in the unique and historic surroundings of Liberty Wharf in St. Helier, and was attended by leading figures from the local and international finance community. DPZ Capital invited art students from De La Salle College to mount an exhibition of their work at the venue, reflecting the firm’s commitment to nurturing young exceptional talent. Joe Donohoe of DPZ Capital said: ‘We are very grateful to Mark Blanchard and his students from De La Salle for helping us to make the launch event stand out for our guests. This is a really talented group of artists and we felt very privileged to have their work on display.’

DPZ Capital was formed five years ago by Darren Zaman and has followed a clear strategic path for growth without compromising its core ethos of delivering tailored investment solutions for its client portfolio. 

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Friday, November 23rd, 2012 EN No Comments

MANULIFE FINANCIAL CORP. : Manulife Philippines launches new ASEAN … – 4

Makati City, Philippines– Manulife Philippines launched a new variable life insurance investment-linked fund, the ASEAN Growth Fund (AGF). The AGF is based on the company’s Southeast Asian Small Cap strategy, an innovative investment approach designed to generate long-term capital growth for its Affluence Max, Affluence Max Gold and Affluence Builder Series clients. The ASEAN Growth Fund aims to maximize returns by investing in companies with the potential to deliver superior earnings growth and investment returns – these companies are selected from a diverse universe of about 1,000 small cap stocks with market capitalization of US$100 million to US$3 billion.

The ASEAN Growth Fund offers exposure to fast-growing ASEAN economies, which have roughly doubled their aggregate GDP over the past five years to reach about US$2 trillion for 2012. While the IMF expects the global economy to post GDP growth of 3.6% in 2013, it sees the ASEAN 5 economies delivering 5.8% growth in the same period on the back of structural changes, favorable demographics and resilient domestic demand. Amid the continuing euro zone sovereign debt crisis and ongoing concern over the US ‘fiscal cliff’, the Philippines and Thailand have been the best performing stock markets in Asia – the Philippines Stock Exchange Ps Ei index (PCOMP) has climbed 24.7% ytd while the Stock Exchange of Thailand SET index (SET) has added 24.8% ytd .

Manulife Philippines – known for its forward-thinking financial solutions and astute portfolio management – is poised to take advantage of investment growth opportunities in the fast-growing ASEAN region. The company has engaged Manulife Asset Management to maintain the Southeast Asian Small Cap strategy and manage the AGF. Manulife Asset Management, the global asset management arm of Manulife Financial, has a network of on-the-ground investment professionals across the ASEAN region leveraging local market knowledge to conduct in-depth analysis of often under-researched stocks and identify ‘hidden gems’ with strong re-rating potential.

Kenglin Tan, senior portfolio manager with Manulife Asset Management, commented: “The Southeast Asia Small Cap strategy focuses on fundamental, bottom-up analysis. We believe the Southeast Asia small cap universe is under-researched and that long-term outperformance can be achieved by investing early in companies with underappreciated growth profiles that are, as a result, underpriced by the market. In particular, we look to invest in companies that can achieve rerating and increase their market capitalizations based on a combination of factors such as market leadership, superior growth profile and low valuation.”

Indren Naidoo, president and CEO of Manulife Philippines, added: “The ASEAN Growth Fund enables our clients to invest directly in the strengthening economies of Southeast Asian countries without the need to maintain offshore investment accounts. In addition, it gives them the opportunity to benefit from expected medium-term appreciation of ASEAN currencies within a US dollar-denominated investment vehicle.”

The AGF is available as a fund allocation option with a minimum investment of US$12,500 for Affluence Max Gold and US$400 for Affluence Builder – Manulife’s single-pay and regular-pay US dollar-denominated investment-linked insurance products, respectively. To learn more about the ASEAN Growth Fund, contact Manulife Philippines at (02) 884-7000 or phcustomercare@manulife.com or visit a Manulife Financial adviser.

About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation.

About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. . Funds under management by Manulife Financial and its subsidiaries were C$515 billion (US$523 billion) as at September 30, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.

About Manulife Asset Management 
Manulife Asset Management™ is the global asset management arm of Manulife Financial. Manulife Asset Management’s diversified group and its affiliates provide comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. This investment expertise extends across a full range of asset classes including equity, fixed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies.

Manulife Asset Management has offices with investment capabilities in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia and the Philippines. In addition, it has a joint venture asset management business in China, Manulife TEDA. It also has operations in Australia, New Zealand, Brazil and Uruguay. As at September 30, 2012 total assets under management were US$228 billion.  Additional information about Manulife Asset Management can be found at ManulifeAM.com.

Important Information
The Investment Funds (“Funds”) mentioned in this document are specific to variable life insurance contracts and are not considered mutual funds.

This document was produced by and the opinions expressed are those of The Manufacturers Life Insurance Co. (Phils.), Inc. (“Manulife Philippines”) as of the date of writing and are subject to change. The information and/or analysis contained in this material have been compiled or arrived at

from sources believed to be reliable but Manulife Philippines does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

The information in this document may contain projections or other forward-looking statements regarding future events, targets, management discipline or other expectations, and is only as current as of the date indicated. There is no assurance that such events will occur, and may be significantly different than that shown here. The information in this document including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. This material was prepared solely for informational purposes and does not constitute an offer or an invitation by or on behalf of Manulife Philippines to any person to buy or sell any security. This material should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any investment products or to adopt any investment strategy. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you.

Yields depend on interest and foreign exchange rate levels, both of which may fluctuate. Other factors that affect yield include changes in the credit standing of the issuers and changes in the value of the stocks and dividends received. Further, investments of the Funds may provide that their values be determined based on prices or yields of other securities, instruments or foreign currencies, and such provisions may result in negative fluctuations in the value of these investments and, in turn, the Funds’ yields. Thus, the performance of the separate account(s) is not guaranteed and the value of the policy could be less than the capital invested subject to any specified minimum guarantees. THE VARIABLE LIFE POLICYHOLDER SHALL BEAR ALL INVESTMENT RISKS. Past performance of the Funds is not necessarily indicative of future performance. Yields are not guaranteed. Yields indicated are exclusive of charges associated with the variable life policy.

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Friday, November 23rd, 2012 EN No Comments

Deutsche Bank To Rejig Fixed-Income And Stream Line Wealth Management …

Changes continue across Deutsche Bank (NYSE:DB) at all levels as the largest German bank seeks to boost profitability and investor returns by working towards the goals it set itself this September as part of the ambitious ‘Strategy 2015+’ (see Deutsche Bank Set For Complete Shake-up As Part Of ‘Strategy 2015+’). The bank is reportedly combining its global finance foreign exchange, rates and credit businesses into a new fixed-income currencies business unit to benefit from the integration of these services on a single platform. [1] Deutsche Bank is also looking to squeeze out more value from its wealth management business for the ultra-rich, Sal. Oppenheim, by forcing the unit to share the resources its global wealth management business already employs. [2]

We maintain a price estimate of $46 for Deutsche Bank’s stock, which is less than 10% above the current market price.

See our full analysis for Deutsche Bank

Integrated Fixed-Income Currencies Business To Cater To Regulatory Requirements Better

Deutsche Bank boasts of having one of the biggest and most profitable forex and bond trading businesses in the world – a reputation it has built over the last decade. And despite having seen some difficult quarters in recent years, Deutsche Bank has decided against drastic cutbacks to cater to stricter regulatory demands. Instead, the bank is consolidating its smaller operating units under bigger umbrella divisions to improve transparency and to mitigate the regulatory requirements over larger asset bases.

Sal. Oppenheim Has Its Independence Revoked

Since Deutsche Bank acquired Sal. Oppenheim in October 2009, the wealth management business for the German ultra-rich has been run as an independent unit with minimal interference from the parent company. But that is set to change as Deutsche Bank seeks to avoid redundancy in these operations when taken together with its considerably big asset wealth management business. The wealth manager has assets under management of around $175 billion – about 16% of the over $1.1 trillion in total assets managed by Deutsche Bank’s private wealth asset management business.

Sal. Oppenheim’s business will be reviewed over the next 15 months, during which all functions that can be carried on using Deutsche Bank’s resources will be transferred out of the business – resulting in a sizable reduction in the number of employees for the unit. It must be noted that Sal. Oppenheim recently underwent its own restructuring which saw it reduce its employee strength from around 2,400 to 930. [3]

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Notes:

  1. Fan and Rankin reshape Deutsche Bank’s fixed-income business, Financial News, Nov 19 2012 [↩]
  2. Sal. Oppenheim raises its profile in wealth management and plans to make greater use of Deutsche Bank’s infrastructure, Sal. Oppenheim Press Releases, Nov 20 2012 [↩]
  3. Deutsche Bank’s Sal Oppenheim to cut jobs in latest overhaul, Reuters, Nov 20 2012 [↩]

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Friday, November 23rd, 2012 EN No Comments

Investor’s Irish punt sparks worries

Bonds

Potential investors nervous about Templeton’s 10% holding of government bonds

US asset manager Franklin Templeton’s major holding in Irish government bonds could dissuade other investors from buying debt issued by the country, and hinder the Emerald Isle’s ambitions of an imminent return to syndicated bond markets.

The San Francisco-based investor’s aggressive purchases have helped Irish govvies to become the best performers in the European SSA space this year. But its holding of nearly one-tenth of a highly illiquid market leaves it – and other investors, including the European Central Bank – exposed, and has made other investors nervous about following its lead.

Other investors worry that if Templeton were to sell its holding – because it turned bearish, or if its own client investors started to withdraw their cash from its funds, or simply because it wanted to take profits – the price of Irish debt could tank.

“It will be like being in front of a train if they want to exit the trade,” said Gareth Fielding, chief executive of Quantum Global Wealth Management, which specialises in asset management for central banks and sovereign wealth funds.

“We all like to ride the trends but you don’t want to be last out of any position. And in this case, even if you were second to book profits, the trade may have already moved significantly against you.”

So far, Franklin Templeton’s Irish shopping spree has paid off, both for the US investor and for Dublin. The yield on the benchmark 2020 bond has fallen to 4.5% from 8.5% at the end of last year, helping Franklin Templeton’s US$64bn Global Bond Fund to earn a return – on paper – of nearly 13% over a 12-month period to the end of September.

The asset manager holds around €8.3bn (US$10.6bn) of Irish paper, much of it acquired over the past year, traders estimate, using market data that put Dublin’s total debt stock at €88.5bn. Most of the purchases, they estimate, were made by funds controlled by Michael Hasenstab, co-director of Templeton’s international bond department.

A company representative at Franklin Templeton declined to confirm officially how much Irish debt the group holds across its many individual funds. He also said Hasenstab was unavailable for comment.

Hasenstab has said his investment approach is long-term and his funds’ exposures to smaller markets are not great as a proportion of assets. He has also said his funds could quickly hedge their exposures in the credit derivatives market.

Unpredictable swings

Other overseas investors have bought into the Irish story, particularly since the summer when Dublin successfully sold five-year and eight-year paper in its biggest test of market sentiment since a crippling banking crisis forced it out of bond markets in the autumn of 2010 and into an EU-IMF bailout.

“We have seen a lot of interest from the United States and mainland Europe. It has really been those guys leading the charge and forcing yields lower over the last few months,” said Owen Callan, senior dealer at Danske Markets, a primary dealer in Irish bonds.

Ireland’s sovereign bond market is the eurozone’s least liquid after fellow bailout recipients Greece and Portugal, as evidenced by bid-offer spreads – partly due to the dominant share of the paper now owned by Irish banks and the European Central Bank, none of which trade heavily in the securities.

Ireland’s central bank and local commercial banks hold around €21bn of the bonds, central bank data show, while the ECB holds €15bn–€20bn, according to analysts. That leaves Templeton sitting on at least 16% of the remaining bonds – a scary statistic for other potential buyers.

“This kind of miraculous recovery in the Irish yield curve has to be taken with a pinch of salt. We think it is manufactured to a great degree.”

Dublin is hoping to sell new debt products to appeal to Irish pension funds, which are unusually small players in their domestic bond market, holding only 0.5% of the paper.

But while pension bosses say they are keen, they are troubled by how Templeton may use its holdings. “There has to be concern about what happens if they decide to unwind that position,” said Jerry Moriarty, chief executive of the Irish Association of Pension Funds.

Syndicated deal

Keen to attract new foreign investors, Ireland is also preparing a syndicated bond issue for early in the new year, but Templeton’s big holding may put off buyers, who fear it could lead to unpredictable swings.

At fixed income investment manager ECM, Sohail Malik, senior portfolio manager for the special situations team, suggested that the presence of such a large, private-sector bondholder left him wary of the Irish market. “This kind of miraculous recovery in the Irish yield curve has to be taken with a pinch of salt,” he said. “We think it is manufactured to a great degree.”

Saying that he had been approached by brokers this month offering Irish bonds, he added: “That says to me that someone is very long bonds and wants to start feeding them out to the market.”

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Friday, November 23rd, 2012 EN No Comments