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Jersey: Jersey Not A Tax Haven Says PM David Cameron
Last Updated: 11 September 2013 Article by Jersey Finance Jersey Finance Limited The UK Prime Minister, David Cameron, has stated publicly in the House of Commons that he does not think it is fair to refer to Jersey as a tax haven. The Prime Minister’s comments follow the progress made on tax transparency at the G8 and G20 summits, and come just weeks after the publication of an extensive report highlighting Jersey’s overall value to the UK economy, which was prepared by the leading independent firm Capital Economics, on behalf of Jersey Finance, with support from the States of Jersey. Jersey not a tax haven says PM David Cameron from Jersey Finance on Vimeo. Mr Cameron specifically highlighted the positive steps taken by Jersey and the other Crown Dependencies and Overseas Territories on international tax matters and he told MPs that the jurisdictions deserve support for the steps they have taken to promote transparency and fairness. Responding to questions about his statement on the G20 summit in St Petersburg, Mr Cameron said: “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.’ He added: “It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown Dependencies and Overseas Territories, which matter so much — quite rightly — to the British people and members, have taken the necessary action and should get the backing for it.” Responding to the comments, Geoff Cook, CEO of Jersey Finance, said: “Today’s comments from the Prime Minister are not only extremely welcome, they demonstrate that there is now a recognition and understanding at the highest level of the UK government, of the standards achieved by Jersey and the other Crown Dependencies and Overseas Territories and also the value of Jersey to the UK, as a partner in international trade.” Continue reading
New Funds: September 9
http://www.ft.com/cm…l#ixzz2fQo4q0Qj ● Host Capital has launched what it claims to be the UK’s first fully authorised and domiciled currency fund. Its Global Currency fund, structured as an Oeic and aimed at discretionary wealth managers and IFAs, will follow the output of the six systematic strategies that comprise the Citi Carry & Value index. ● Prestige Fund Management and Methexis Capital have joined forces to create Commercial Finance Opportunities, a fund specialising in secured lending to private UK companies. The Luxembourg Sicav is available to experienced investors with at least €125,000 to spare. ● Legal & General Investments has unveiled five risk-targeted multi-asset funds that will gain exposure to equities, bonds and property through a series of in-house passive funds, keeping the annual management charge to just 0.25 per cent. ● Invesco Perpetual is also launching its first multi-asset strategy, the IP Global Targeted Returns fund. The vehicle, managed by a newly assembled team, will target a gross return of 5 percentage points above UK Libor on a rolling three-year basis. ● Cordea Savills has unveiled its first German Spezialfonds. Real Invest 1 raised €65m from a group of German insurers before its first close and will buy offices or mixed-use buildings in the seven largest German cities. ● France’s Zencap Asset Management has launched a fund investing in mezzanine real estate debt across western Europe. ● Investec Asset Management has registered a selection of its Global Strategy fund range in Belgium. ● Over in ETF land, State Street Global Advisors’ SPDR arm has listed three short-duration bond ETFs in London and Frankfurt. ● Vanguard has listed its US Dividend Appreciation Index ETF, as well as a Canadian dollar-hedged version, in Toronto. ● db x-trackers has unveiled a US dollar-hedged version of its MSCI Japan Index Ucits ETF in London. Continue reading
The Global Guru: Why Emerging Markets Will Soar in Q4
By Eagle Financial Publications , September 19, 2013 EMF) between 1990 and 1993. And much like biotechnology, emerging markets are overdue for a boom. That boom may have already started, as the MSCI Emerging Markets Index bottomed on Aug. 27 and has rallied 11.43% since. And here’s why I think emerging markets will continue to soar in Q4… 1. Because They (Almost) Always Do As a former emerging markets mutual fund manager, I can reveal that one of the “dirty little secrets” of emerging markets managers is that we expected to make the most money for our clients during Q4. Sure, there are exceptions, like the period after the collapse of Lehman Brothers in 2008, when investors abandoned all risky assets and everyone headed for the exits at once. But during normal times — and yes, today counts as normal — the story goes something like this: Big, institutional money, as opposed to more nimble hedge funds, starts thinking ahead to the next year. Strategists write reports, committees meet and the powers that be nod their heads in agreement. And institutional managers start implementing their new asset allocation decisions before the start of the year. After all, they want to have them in place by Jan. 1. That means shifting money out of, say, U.S. markets into emerging markets, or taking money out of India to put it to work in Thailand. This process always tended to move markets in December. But since they want to get a jump on the competition — after all, why wait to buy at a higher price — they start a bit earlier, say November. And all of that activity and buying tends to move the prices of markets up. 2. Because You Hate Them Emerging markets were pegged by most institutional investors as the most popular asset class at the start of 2013. I made the same error. That positive sentiment stands in stark contrast to a recent survey of 900 Bloomberg subscribers, according to which the formerly high-flying BRICs (Brazil, Russia, India and China) were expected to do the worst among any markets on Earth. India fared the poorest, followed by Brazil, Russia and China. A full 36% of respondents said the BRIC era is over. Brazil has fallen from its commodities boom-driven perch. Russia has resumed its traditional position as the market that investors love to hate and as the Putin mafia’s playground. India magically transformed from a country that churned out engineers that put the United States to shame into a dysfunctional mess. The only relatively good news is coming from China. And given that country’s Soviet-like penchant for making up numbers, even that is suspect. Only 14% of survey respondents said China will be one of the two best places to invest in the next year and 23% called it one or two of the worst. If you are a contrarian investor, there is hardly a better time to buy emerging markets. 3. Because Markets Always Revert To The Mean The underperformance of emerging markets compared with, say, the United States in 2013 almost has been unprecedented. As of today, the U.S. market has outperformed emerging markets by over 26.7% — just this year. And that’s after the recent double-digit rally in emerging markets. But as the economist Herb Stein observed, things will keep going the way they do until one day they don’t. Put another way, emerging markets’ underperformance, compared with the United States, will last — until it inevitably narrows. And why that gap won’t narrow is because of a collapse in the U.S. stock markets, supported, as it is, by an improving economy. After all, emerging markets are as cheap as they’ve ever been and are trading at a price-to-earnings (P/E) ratio of roughly 10 versus 15 for the U.S. market. My prediction? At some point, emerging markets will have a sustained — and lasting — rally reminiscent of the monster rally in the early 1990s. That rally may have already started. Disclosure: I hold the iShares MSCI Emerging Markets (EEM) both personally and on behalf of my clients at my firm Global Guru Capital . Read more: http://www.nasdaq.co…5#ixzz2fQmg992Q Continue reading
