Commenting on the outlook for the UK economy and the investment markets against the backdrop of the election, Derry Pickford, macroanalyst at Ashburton Investments, highlighted what he sees as a complacency in the markets and warned that sustained uncertainty, including the potential for a British exit from the EU is causing a weakening of the UK’s currency and a need for investors to act with prudence.
‘We believe that the election is far more important for sterling than it is for the UK stock market,’ Mr Pickford said. ‘Historically, who forms the government hasn’t made a huge amount of difference to longer-term returns on the stock market.
‘Meanwhile, for some time markets have been complacent about the risks around the election, and as far as our positioning surrounding the election is concerned, we have decided to take advantage of this complacency, focus on further sterling weakness and reduce exposure to sterling in all our funds against benchmarks.’
In particular, Mr Pickford highlighted the possibility of a referendum on the UK’s membership of the EU following the election, and how this could cause even further uncertainty as far as the value of sterling and approaches to investments are concerned.
‘There are so many potential outcomes of the election, but even if there is a Conservative majority, the view that Sterling faces a period of weakening would persist given the UK’s uncertain relationship with Europe.
‘It is likely that a referendum on EU membership would be bearish for sterling. Even though both the Conservatives and Labour would campaign to stay in the EU, a British exit is a real possibility and the exact economic impacts of that are unknown – although currency markets would undoubtedly dislike the uncertain outlook for UK trade, meaning that Sterling could well depreciate further.’
STEPHANIE Flanders will be a keynote speaker at this year’s Jersey Finance Annual Private Client conference in London.
She will also moderate two panel discussions addressing the challenges that face the private client world, and explore how the private wealth management landscape is evolving.
Taking place on Wednesday 13 May at 8 Northumberland Avenue, the conference, entitled Mapping the Future, will feature a number of speakers.
Ms Flanders, chief market strategist for the UK and Europe for JP Morgan Asset Management, will give an insight into the ever-changing investment landscape, and Philip Marcovici, a legal expert
and consultant on tax and wealth management, will discuss the continuing global drive towards transparency and information exchange.
Ms Flanders was previously an editor and presenter for the BBC on television and radio, an FT columnist and a reporter for The New York Times. An award-winning journalist, she also wrote speeches and advised the US Treasury Secretary in the Clinton administration.
Mr Marcovici is regularly consulted by governments, financial institutions and families in relation to tax and wealth management, and is an expert on information exchange and cross-border data flows.
An adjunct lecturer at Singapore Management University, and now retired from the practice of law, he was the founder and chief executive officer of LawInContext, the interactive knowledge venture of global law firm Baker & McKenzie.
During the first of two panel debates at the conference, experts including Colin Powell (States of Jersey), Richard Hay (solicitor, Stikeman Elliott) and George Hodgson (deputy chief executive, STEP) will examine international information exchange models in more depth, including the impact of increasing demands for enhanced client due diligence, money laundering, and tax reporting on the private client industry.
The second panel, which will include Nick Jacob (partner, Wragge Lawrence Graham and Co), John Riches (partner, Withers Bergman) and James Campbell (partner, Bedell Group) will explore how jurisdictio
RBS INTERNATIONAL in Jersey has supported one of its long-standing fund clients in a multi-million-pound commercial acquisition near Birmingham.
Tristan Capital Partners, a London-based pan-European real estate investment manager, was adviser to the EPISO 3 Fund on the acquisition of the Fort Dunlop building, a 375,000 sq ft landmark site five miles from the centre of Birmingham, close to the M6. The site consists of a mix of Grade-A office, retail and leisure space, including restaurants, a 100-room hotel and car parking. It was acquired for £45.7 million.
RBS International’s real estate team provided a multi-million-pound term loan to support the complex acquisition, which involved a number of stakeholders from RBS International and its wider parent company, RBS in the UK.
Stephen Reilly, managing director, Corporate and Markets, RBS International, said: ‘Tristan Capital Partners is an existing customer of our real estate and funds businesses and this transaction demonstrates our continued appetite to lend and support the real estate funds sector in the Crown Dependencies through loan facilities required to meet the investment ambitions of our clients.’
MAJOR employers, including Barclays, HSBC, Marbral Advisory, Moore Stephens, RBS International and Sanne Group, will attend the Jersey International Business School’s degree open evening.
It takes place at the school’s University Centre, at the Weighbridge, on Tuesday 28 April at 5.30 pm.
Students and their parents are invited to learn more about the two-year BSc Honours International Financial Services degree that is studied in the Island and awarded by the University of Buckingham.
About a dozen employers, including some of the world’s leading financial services organisations who are degree partners on the Undergraduate Employment Programme will have a dedicated area, enabling students to talk to company representatives and find out about the industry sectors they work in and what the companies offer as their UGEP package.
Students who are accepted onto the degree have the chance to apply for paid work experience two days a week for the duration of the degree, while studying at the Business School.
In addition to the UGEP partners, industry mentors on the Mentoring Scheme will also be attending. The Mentoring Scheme provides students with access to top finance professionals, who have wide practical experience in their chosen fields. Students will receive guidance on their career development and in their search for graduate employment.
Gavin Fraser, degree academic director, said: ‘I am delighted that the degree continues to go from strength to strength, with student applications doubling at this stage in the year. The open evening on 28 April for students and their parents who are interested in joining the course in October is a great opportunity to meet staff, explore the syllabus, plan study days and gather details on the Undergraduate Employment Programme.
‘A number of our UEP work partners will be available to speak about their graduate offerings, get to know our potential students and provide an insight into the anticipated roles at their companies.
All our current students who applied for a UEP placement are now working in paid employment two days a week. Students will also meet senior industry professional mentors, whose aim will be to provide invaluable practical advice on making sure JIBS students are employable on graduating in two years’ time. Our students are aiming for excellent qualifications and fulfilling careers.’
