IFA market 'crucial' to joint venture
Article Abstract:
Warburg Pincus Asset Management and Credit Suisse Asset Management struck a joint venture in June 1998 which forms part of their attempts to improve their UK and European market presence. Under the agreement, Credit Suisse will market retail mutual fund products in the Far East and Europe, while its US-based partner will focus its efforts on its local market. In 1998, three Warburg Pincus Funds at least will target the US market, while an offshore fund family will be created by the partners which will tap both firms' portfolio managers. Warburg Pincus Funds' president, Gene Podsiadlo regards the independent financial adviser (IFA) arena and the UK IFA market in particular as vital, although what products will be offered by the new venture has not been disclosed.
Comment:
Strikes JV with Credit Suisse Asset Management as latter will mkt retail mutual fund products in Far East and Europe
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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Mutual funds get new rules on IPO buys
Article Abstract:
China Securities Regulatory Commission stated that mutual funds launched after March 1998 can only subscribe to initial public offerings (IPOs) of 50 mn shares or more. For IPOs of 50 mn shares, mutual funds can acquire up to 10% of the offerings. For IPOs of more than 200 mn shares, they can raise their acquisition ratio to 20%. Besides, each fund can only subscribe to less than 5% of any IPO and its annual investment in IPOs should not exceed 15% of its capital. Mutual funds should also not sell their IPO shares within the next two months after the IPOs. *
Comment:
China: Securities Regulatory Commission says mutual funds launched after 3/98 can subscribe to IPOs of 50 mil shares or more
Publication Name: HK Standard
Subject: Business, international
ISSN:
Year: 1998
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Ownership structure and performance in UK life offices
Article Abstract:
Mutual life insurers can be more efficient than proprietary life insurers, contrary to the assumption that management would be comparatively weak because of the lack of managerial monitoring. Studies showed that mutuals have substantially lower asset returns on average than proprietary life insurers and substantially less volatility of returns. Proprietary offices and mutual offices had similar expense ratios, however.
Publication Name: European Management Journal
Subject: Business, international
ISSN: 0263-2373
Year: 1999
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