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Myth Busting: Women Investors Lean Toward Loyalty to Financial Advisors

Derribando mitos sobre la relación cliente mujer y asesor financiero — Wikimedia CommonsPhoto: Ricardo Carreon. Myth Busting: Women Investors Lean Toward Loyalty to Financial Advisors

Russell’s recently released report “What Really Matters to Women Investors” goes a long way toward debunking any perception that women lack loyalty to their financial advisors. An earlier industry study found that 70 percent of women investors would fire their advisors within a year if their spouses were to die. In contrast, a separate study released by Russell in January 2014 finds that a sweeping majority of women indicate they would stick with their current advisor in such a scenario.

Russell surveyed more than 300 financial advisors and more than 900 women investors working with financial advisors, focusing on two generations of women: Gen X (ages 32 to 47) and the Silent Generation (ages 67 to 80). Results show that 78% of Gen X women and 93% of Silent Generation women would stay loyal to their advisors if they became widowed.

While the research shows that women investors have a propensity toward loyalty to their financial advisors, it also emphasizes the need for advisors to earn this loyalty by aligning their professional capabilities with specific financial planning needs and service approaches. Not surprisingly, advisors can deepen loyalties within their client base by catering to specific values that rank highest in priority among women investors in these two age brackets. Russell’s study provides fresh insight into the priorities and service needs of these women investors.

Both advisors and women investors can benefit by better understanding each others’ capabilities, preferences and needs. Undoubtedly, women are an attractive target client segment for financial advisors given their growing economic power. But beyond this, they can be great clients, because they are predisposed to take a longer-term perspective, are assuming greater responsibility for investing decisions and value tailored advice and guidance from a financial advisor. What’s more, it is clear that when they feel they are being heard and are on track to their investment goals, they are loyal clients who will often actively refer their advisors to family and friends.

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It’s worth noting that the improved economic climate since 2008 may play a role in the shifting results of such research. But it’s also possible that advisors have been appealing more to the needs of their female clients as more women have taken on the responsibility of investing.

More than half of women surveyed (52% of Gen X and 63% of Silent Generation) share the responsibility for managing the financial aspects of a household (savings and investments). In marriages and partnerships in which one person bears the brunt of the financial responsibility, that person is usually a woman, according to the study. Nearly one third (29%) of Gen X women and a quarter (24%) of Silent Generation women have more financial responsibility than a spouse or partner. Less than a quarter of women (19% of Gen X and 14% of Silent Generation) say their partner has more responsibility.

Advisors should focus less on budgeting, more on long-term planning

While 74% of advisors say they help develop spending guidelines and budgets for their clients, many women indicate this is not a primary need. Some 77% of Gen X women and 81% of Silent Generation women say they’re comfortable managing their own day-to-day finances.

The same research suggests that women investors are inclined to focus on long-term financial planning issues, such as healthcare, long-term care, and maintaining their lifestyle during retirement. Among advisors surveyed, 56% believe their female clients have a longer-term perspective when it comes to financial planning, while only 5% say male clients take a longer-term view.

Advisors would do well to build up active listening skills

For women investors, constructive communication ranks as the most essential characteristic in the advisory relationship. Some 86% of Gen X women and 87% of Silent Generation women say it’s important that advisors show they are actively listening.

Many women also cite clear communication as vital to such working relationships. A large majority (82% of Gen X and 83% of Silent Generation) of women say it’s important that an advisor adapts explanations to their level of investment knowledge. These women also appreciate advisors who encourage them to take an active interest in their investments. Some 80% of Gen X women and 70% of Silent Generation women want an advisor who explains how decisions might affect them and a partner differently in the future.

Clearly, listening skills and the ability to consider client input are especially essential for advisors interested in cultivating a lasting relationship with women investors.

High responsibility with a confidence gap

Despite the balance of financial management in households, women also acknowledge a lack of confidence when it comes to knowledge of investments and the investment process. More than half (52%) of Gen X women and more than a third (35%) of Silent Generation women indicate they have little or no knowledge about investments.

Since the vast majority of women will find themselves managing financial matters on their own during their lifetimes, women investors represent an opportunity for advisors who can help them build their knowledge, develop strong financial plans and increase their confidence.

Advisor must nurture client relationships

Relationships are important to women. A large percentage of women surveyed (83% of Gen X and 81% of Silent Generation) want an advisor who provides a personal level of service. Personalized notes and birthday reminders, for example, are great ways to make a client feel valued.

Advisors would also benefit from remembering milestones and details about their clients’ family lives. This is important not only to building a relationship but also for the purpose of tailoring financial planning advice.

Ampliar

Download the full research report here.

BNY Mellon Appoints Imad Abukhlal as Head of Middle East and Africa for Investment Management

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BNY Mellon has announced the appointment of Imad Abukhlal as Head of Middle East and Africa of BNY Mellon Investment Management EMEA Limited. In this role, Abukhlal has responsibility for the development and management of all business capabilities across the region. Based in Dubai, Abukhlal reports to PeterPaul Pardi, CEO of Asset Management EMEA and Global Head of Distribution at BNY Mellon Investment Management.

Joining from Western Asset Management (WAMCO), Abukhlal has over 18 years of experience as an investment manager and was most recently Senior Executive Officer and Head of the Dubai office. He was responsible for distribution, client service, and marketing for Middle East, Africa, and Central Asia. Between 2000 and 2008 he established the firm’s Middle East business.

Abukhlal brings extensive experience having also worked at Lyras Financial Services, a multi-family office, as an analyst and portfolio manager focused on investing across various asset classes including fixed income, equities, and currencies.

Pardi commented on the appointment: “Imad joins us with a wealth of relevant experience and is highly respected; we are confident he will add valuable skills and resource and be an excellent addition to the existing team. In addition to the expanded geographical coverage and institutional clients, Abukhlal is also responsible for building out additional client segments as well as heading up the region’s investment management team”.

Abukhlal holds a bachelor degree in Mechanical Engineering from Westminster University, an Msc in Ocean Engineering from University College London and an Msc in Shipping Trade and Finance from Cass Business School.

Pension-Fund Governance, Proxy Adviser Debate, and More

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Apuntes sobre Gobierno Corporativo: Gobierno de Fondos de Pensiones, Debate sobre el Proxy Adviser, y más — Wikimedia CommonsPhoto: CEAC_Uchile, Flickr, Creative Commons.. Pension-Fund Governance, Proxy Adviser Debate, and More

From the reemergence of pension-fund governance in Australia and the Canadian government’s launch of a public consultation on the Canada Business Corporations Act to a new reporting framework from the International Integrated Reporting Council and continuing proxy adviser debate in the U.S., it’s time to span the corporate governance globe to review important developments from the month of December.

Australia

The new Australian coalition government has announced plans to revisit pension-fund governance through a recently posted discussion paper. The consultation will revisit extensive reforms of Australia’s 2009–10 Superannuation System (or Cooper Review) that resulted in changes to superannuation obligating directors of trustee companies to properly manage a fund and ensure the trustee acts in the best interest of beneficiaries. Chief among the issues being revisited is the structure of pension-fund boards. Currently about half of pension-fund board members are employee representatives; the other half being employer representatives. The proposed reforms would allow for a more independent board structure. The closing date for comments is 12 February 2014.

Canada

In December the Canadian government launched a public consultation on the Canada Business Corporations Act (CBCA). The consultation includes consideration for mandatory majority voting for directors and mandatory say-on-pay ballots for large Canadian issuers.

Issues that have been identified for review as part of the consultation process include:

greater transparency of the ownership of corporations to help ensure that they are not used for tax evasion, money laundering, or terrorist financing
the adequacy of corporate governance legislation in preventing bribery and corruption
the diversity of corporate board members and management teams
rules for takeover bids
the use of the CBCA’s arrangement provisions to restructure insolvent businesses
the role of corporate social responsibility

Comments are due by 11 March 2014.

United Kingdom

The Collective Engagement Working Group, a group of asset managers and owners, recently announced the launch of an investor forum to facilitate collective engagement in U.K. companies. The group is scheduled to become operational in June 2014 and is intended to facilitate collaboration among a wider range of investors both from the U.K. and internationally. The idea for the forum grew out of the Kay Review, and the main objective of the forum is to build trust among institutional investors and promote a culture of long-term strategic vision and wealth creation over time. The forum will operate engagement action groups to address and resolve issues of concern where existing engagement has failed.

United States

It seems that proxy advisers were in the sights of regulators and issuers an awful lot in 2013.

Issuers have long complained about conflicts of interest that may arise when a proxy adviser provides services to both investors and corporate issuers on the same governance issues. Regulators and proxy advisers in a number of jurisdictions are looking into the issue, with increased transparency being the most likely short-term outcome.

In Canada, a review of proxy advisers by Canadian Securities administrators is likely to result in a voluntary set of best practices.

In Europe, that scenario has already played out following the European Securities and Markets Authority (ESMA) consultation regarding the proxy advisory industry in Europe. An industry group of international proxy advisers has been tasked with developing a set of Best Practice Principles for Governance Research Providers. The principles are designed to govern how signatories to the principles interact with other market participants on a comply-or-explain basis. You can also read the CFA Institute comment letter on the principles.

In the U.S., all sides in the proxy advisor debate were on display at an SEC-sponsored meeting on 5 December. You may not have the time to watch all four hours of the discussion, but the meeting is a good primer on where things stand in the proxy advisory issue in the U.S. Whether the result of all this talk is regulation (doubtful) or a universal adoption of a global code of best practice, like the code coming out of Europe (more likely), expect scrutiny of the industry in the year to come. If such increased attention results in more transparency and accountability of the proxy advisory industry, that’s not such a bad thing.

International

A three-month consultation ended in December with the release of a new reporting framework from the International Integrated Reporting Council. The newest version of the framework provides more information on governance than previous iterations. According to the current framework, “An integrated report should answer the question: How does the organization’s governance structure support its ability to create value in the short, medium, and long term?” See our recent interview with Paul Druckman, CEO of the International Integrated Reporting Council, on what integrated reporting means for investors.

Article by Matt Orsagh, CFA, CIPM, Director of Capital Market Policies at CFA Institute. First Published on January 6^th, 2014, at Market Integrity Insights, CFA Institute.

Seven Capital Management Launches The BlackSnake Fund

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Seven Capital Management has obtained the approval of the CSSF (Luxembourg financial regulator) to launch its BlackSnake fund, an AIFM-regulated alternative investment fund (AIF). Using the same investment strategy as the Seven Absolute Return fund managed according to the Commodity Trading Advisors (CTA) strategy, the new BlackSnake fund will cover a broader range of asset classes, including commodities and foreign exchange. Its CTA Global Trend Following strategy will invest in fixed income, equity, forex and commodity futures markets, with a volatility target of 20%.

“We’re stripping back to the bare-bones of who we are”, said Johann Schwimann, CEO of Seven Capital Management. “By launching the BlackSnake alternative investment fund, Seven Capital is returning to the select club of high yield CTA managers.”

“Furthermore, the new AIFM regulations enable us to manage a Luxembourg fund from Paris and to apply our investment process to it”, added Johann Nouveau, CIO and Partner of Seven Capital. “It is the first European cross-border passport between France and Luxembourg for direct alternative investment and it represents a real breakthrough for French fund managers in a highly competitive international environment.”

The AIFM regulations are currently the highest level of regulation in Europe. Seven Capital Management, which obtained this approval in August 2013, worked closely with the firm Reinhold & Partners to set up and create the specialised investment fund (SIF) in Luxembourg.

“Seven Capital Management was the first French management company to submit its European AIFM application. That enabled us to collaborate effectively with the supervisory authorities in France and Luxembourg and to secure the necessary approval to launch the SICAV”, stated Bertrand Gibeau, a partner at Reinhold & Partners. Seven Capital Management also chose to team up with Caceis for custodian and valuation services because of its in-depth knowledge of the French and Luxembourg markets as well as issues related to the AIFMD.

Watching One Tea Leaf: The Relative Price of Credit

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Puede que los indicadores macro sean preocupantes, pero los spreads de crédito invitan al relax — Photo: Toby Oxborrow from Kowloon, Hong Kong. Watching One Tea Leaf: The Relative Price of Credit

The price of riskier corporate bonds such as high-yield and emerging market debt is measured in terms of extra yield. This is the price of credit, which is measured relative to the highest-quality bond issuers, like the US government. Credit-sensitive bonds are backed by companies with uncertain financial strength and accordingly have lower credit ratings. Because these bonds represent a category of risk higher than other markets, they often signal distress or economic deterioration before other markets decline. These markets can be good “tea leaf” indicators about the path ahead. Also, when these markets show strength (less excess yield), they often signal better times for stocks and other assets.

Credit markets can be good indicators of the broader market’s path ahead

But right now the biggest economy in the world is showing signs of stress. The economic numbers from the United States have noticeably weakened. This is a bit surprising because in late 2013, in November and December to be exact, US economic data were showing increasing speed and strength. Factories were humming, exports were rising and housing starts were improving. Now, two months into 2014, it almost seems as though the US economy has hit the brakes.

The reasons for this slowdown are hard to pinpoint. An easy explanation is weather. US weather patterns have been disruptive, marked by storms and way-below-average temperatures. This could explain fewer trips to the mall by consumers and fewer homes being started on frozen home sites. But the data are also slow in California, not just Wisconsin, and the weather in California has been fine. Further, factory orders and exports —factors of production not usually associated with weather fluctuations — have fallen.

The US is currently experiencing a mini-cycle slowing point within the longer economic cycle

So something else must be going on. My explanation is that in this, and in other cycles we have seen, there exist “cycles within cycles,” patterns of spending and growth that ebb and flow within the broader economic cycle. We saw this in a pronounced way in 2012 and again, on a smaller scale, in 2013. These cycles seem to occur naturally and are driven by consumer trends, news worries, inventory “overhangs” and other reasons, including weather.

What the investor needs to assess is the risk of recession. Recessions bring the biggest avalanches in stock prices, create government bond spikes, disrupt government spending and also trigger huge increases in company defaults. Recessions are not connected to weather or mini-cycles. Recessions have distinct causes. We know that they don’t occur because people feel like staying home or companies just feel like pulling back; they happen because of the appearance of real constraints on spending. The main culprits in recessions are interest rate increases on a scale that chokes off spending. The second cause of recessions is a notable deterioration in profits, companies making less and less money on sales. Profit erosion means less money to spend and sparks a loss of confidence. Usually these two causes are conflated: Higher interest rates often hurt spending but also cut into corporate profit statements by raising financing costs. Both usually occur simultaneously.

The clouds of recession are absent, and credit spreads reflect this lower stress over risk

Neither of these two negative conditions is happening now. Profits in privately held and publicly held companies are rising. Also, the Fed keeps telling everyone who will listen that short-term rates won’t rise for at least a year. In addition, consumers and most corporations have not taken on a lot of debt in this cycle, and both camps have better cash flow to pay principal and interest than they did in the last two business cycles. There is no credit cycle underscoring this business cycle, pushing growth above the speed limit.

My conclusion — no recession in 2014, because the clouds of recession are not present.

Now, back to the credit spreads of riskier company bonds. What is this measure telling us? Interestingly, this indicator of trouble is going in reverse: Spreads above the AAA bond yield are shrinking, not rising. Complacency, even confidence, exists in the hyper-vigilant world of corporate bonds. The stress of recession would show up there first, in the extra yields that companies pay to finance riskier corporate strategies. Instead, the cost of debt for companies now is falling. Further, when credit spreads reduce or tighten, history suggests that the stock market moves up, not down. High-yield bonds have been a rather good indicator of both future weakness and future strength. The economic news is troubling, but the credit markets suggest that investors can relax.

By James Swanson, CFA; MFS Chief Investment Strategist

DeAWM Hires Simon Mendelson to Lead Product Management and Development in the Americas

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Deutsche Asset & Wealth Management (DeAWM) has announced that Simon Mendelson has joined as a Managing Director and Head of Product Management and Development in the Americas. Based in New York, Mendelson reports to Jerry Miller, Head of Deutsche Asset & Wealth Management, Americas.

In this newly created position, Mendelson will be responsible for overseeing the development, implementation and positioning of DeAWM’s investment products and solutions in the Americas. He will play a key role in aligning DeAWM’s investment and distribution channels, not only to develop and deliver new products, but also to manage and optimize existing product capabilities.

“Simon brings extensive experience and a deep understanding across our broad investment capabilities,” said Miller. “His appointment will help to accelerate DeAWM’s growth strategy by aligning our product offerings with the needs of investors.”

Mendelson is the latest high-profile strategic senior hire by DeAWM as it pushes to further expand its product offerings, increase outreach to current and future investors, and continue to build its market share in the Americas. Over the last six months, DeAWM has added more than a dozen leading asset and wealth management executives to its Americas team while investing in new technology and launching innovative fund offerings. In November 2013, DeAWM Americas launched the first ETF to provide access to China A-shares with AUM doubling in size since the launch.

Mendelson has more than two decades of leadership and operating experience having spent nine years at BlackRock and 14 years at McKinsey & Co. He was most recently Global Head of Product Development at BlackRock, which he joined in 2005. From 1990 to 2005, he was a Senior Partner in the financial institutions practice at McKinsey & Co., where he focused on insurance, brokerage, and asset management.

Mendelson is a graduate of Harvard Law School and Yale University.

Nuveen Investments Extends Global Reach with Expanded Platform in Chile

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Nuveen Investments amplía su plataforma en Chile con 15 nuevos fondos mutuos — Photo: Thomas Wolf. Nuveen Investments Extends Global Reach with Expanded Platform in Chile

Nuveen Investments, has announced the Chilean Comisión Clasificadora de Riesgo has approved 15 Nuveen mutual funds for investment by Chilean pension funds. Nuveen Investments will partner with Raymond James, through their subsidiary RJ Delta Capital, to make these strategies readily available to pension funds in Chile.

This latest effort builds upon Nuveen’s growing presence in Latin America, and meaningfully advances the firm’s goal of broadening its global reach through offering world-class investment expertise to institutional and individual investors as well as the advisors and consultants who serve them.

“Chile is a very important part of our overall regional strategy,” said Oscar Isoba, Nuveen Investments’ Senior Vice President and Head of Business Development for Latin America. “The Chilean asset management industry has been a regional pioneer and a great advocate for investors throughout the area. This focus aligns with our own commitment to helping our growing base of global clients meet their financial goals.”

The newly registered funds draw upon the deep expertise of several Nuveen affiliates, and include the following:

• Nuveen Core Bond Fund
• Nuveen Core Plus Bond Fund
• Nuveen Dividend Value Fund
• Nuveen Global Infrastructure Fund
• Nuveen High Income Bond Fund
• Nuveen Inflation Protected Securities Fund
• Nuveen Large Cap Growth Opportunities Fund
• Nuveen Mid Cap Growth Opportunities Fund
• Nuveen Strategic Income Fund
• Nuveen Tactical Market Opportunities Fund
• Nuveen Santa Barbara Dividend Growth Fund
• Nuveen Tradewinds Global All-Cap Fund
• Nuveen Winslow Large Cap Growth Fund
• Nuveen Symphony Credit Opportunities Fund
• Nuveen Preferred Securities Fund

Americans Find Discussing Personal Finances as Difficult as Talking About Religion and Politics

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Para los estadounidenses es más difícil hablar sobre finanzas personales que de política y religión — Photo: Work by Harry Wilson Watrous (1857–1940). Americans Find Discussing Personal Finances as Difficult as Talking About Religion and Politics

A new survey from Wells Fargo revealed that Americans find discussing personal finances as difficult as talking about other thorny discussion topics like religion and politics. Nearly half of Americans say the most challenging topic to discuss with others is personal finances (44%), whereas death (38%), politics (35%), religion (32%), taxes (21%), and personal health (20%) rank as less difficult. These results come from Wells Fargo’s Financial Health study, a national online survey conducted by Market Probe, Inc., of 1,004 adults between the ages of 25 and 75, designed to take the pulse of Americans’ perceptions of their own financial health.

“It’s not surprising people don’t want to talk about money, investments, tax strategies, or even how much to put aside for a child’s education,” said Karen Wimbish, director of Retail Retirement at Wells Fargo. “But not spending time today to think about the future can be costly in the long-run. I think of personal finance in the same vein as my health—I wouldn’t keep concerns about my physical health private. I’d consult a doctor or talk to a friend or family member about it.”

Although people find it easier to talk about politics and religion over money, that doesn’t mean financial concerns are not top-of-mind. Two in five (39%) Americans report that money is the biggest stress in their life, 39% say they are more stressed about finances now than they were last year, and a third of Americans (33%) report losing sleep worrying about money. When asked what they would do differently if they could go back five years, more adults cite regrets about saving and spending (49%) than about shortcomings in all other areas of their life, including taking better care of their physical health, diet and fitness (42%), pursuing different personal relationships (21%), and working more to improve their career (16%).

Knowing what to do also appears to be a major barrier to a healthier financial life. In terms of getting in physical shape and exercising, respondents said the hardest part is “motivating themselves to get started” (40%) and “sticking to a plan” (36%). But for financial health and saving money, the hardest part is “knowing the best approach” (35%) and “sticking to a plan” (35%). Only 9% of respondents said motivation was the biggest barrier for improving financial health. In addition, about a third report they are more worried about their financial health than their physical health.

“When someone is physically out of shape, they typically understand that eating well and exercising more will help get them back on track,” said Wimbish. “With money, however, there’s a lack of understanding about the importance of designing a plan. Only a third of adults have some type of financial plan or a simple household budget in place, which means most Americans don’t have the roadmap needed to improve their financial health.”

According to the study, a majority of Americans feel financially healthy when addressing their basic needs, but feel less so when trying to control spending and saving for retirement and emergencies. Two thirds (67%) feel in financially good or great shape with regards to paying their monthly bills, and over half (56%) feel financially good or great in their ability to live within their means. However, only 40% feel financially good or great about their amount of discretionary spending and about their “rainy day” savings. Only a third (33%) described feeling good or great shape in their ability to retire comfortably.

Conversations about money

Seventy-one percent of adults surveyed learned the importance of saving from their own parents. Despite this, only a third (36%) of today’s parents report discussing the importance of saving money with their children on a frequent basis, with 64% indicating they talk about savings with their kids less than weekly or never.

For a quarter of married or partnered adults (25%), financial concerns have had an impact on these relationships. About a third (33%) have difficulty discussing money with their spouse or partner, and a quarter (25%) often have heated discussions with their significant other about money and household finances.

Gender differences

The study revealed some distinct differences between women and men when it comes to money matters. Half of women (50%) find it difficult talking with others about personal finances, versus 38% of men. Women are also less confident about their investment knowledge. Only 29% of women said they know where to invest in today’s market (compared to 42% of men).

Almost half of women (45%) grade their financial literacy a ‘C’ or below, while 65% of men assess their level of financial literacy as a ‘B’ or higher. Men also express greater confidence in their ability to maintain their standard of living, with 57% feeling in good or great financial shape in this area versus 49% of women.

The study also revealed the following saving and spending-related behaviors:

Adults are far more likely to have their car serviced (82%) or take a vacation each year (69%) than review their finances (43%).
Those who feel to be in poor or average financial health are twice as likely to update their Facebook profile (47%) than they are to review their finances (25%).
Two-thirds (65%) of adults spend at least two hours watching television each day, while only one third (34%) spend at least 15 minutes thinking about their finances daily.
One in four (25%) adults would rather pay for a personal trainer than a financial advisor.
About a third (32%) of retirees feel more stressed financially now than they did before retiring—especially those who retired early (before age 60).

BNY Mellon’s Dreyfus Launches Global Emerging Markets Fund

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The Dreyfus Corporation (Dreyfus), a BNY Mellon company, has announced that it has launched the Dreyfus Global Emerging Markets Fund, an actively managed, equity mutual fund. The fund is designed to seek capital appreciation by investing in emerging market countries including those located in Africa, Asia, Europe, Latin America, and the Middle East. Dreyfus has engaged its affiliate, Newton Capital Management, Ltd., to serve as the fund’s sub-adviser. Dreyfus is the fund’s investment advisor.

“The current volatility in emerging markets worldwide has created noteworthy opportunities for those investment managers who have a history of emerging markets expertise,” said Dreyfus President Charles Cardona. “Newton has more than 20 years of experience investing in emerging markets and emerging market equities. Using Newton’s distinctive global thematic approach to investing, we are confident Newton will continue to locate emerging markets opportunities.”

Newton employs a fundamental bottom-up investment process that emphasizes quality, including stock fundamentals and balance sheet strength, return on capital employed through the market cycle, and governance prioritizing shareholder interests. The process of identifying investment ideas begins by using a dynamic framework of identifying a core list of investment themes. Newton has currently organized its themes into four main areas of change: debt, crisis and policy; innovation; energy, environment and infrastructure; and geopolitics and demographics. Newton’s themes are based primarily on observable global economic, industrial, or social trends that Newton believes will positively affect certain sectors or industries and cause stocks within these sectors or industries to outperform others.

“As emerging markets equities are currently experiencing increased volatility, we believe there are increased investment opportunities available there for the long-term,” said Helena Morrissey CBE, Chief Executive Officer of Newton. “Newton has a long history investing in emerging markets and is delighted to be subadvising the Dreyfus Global Emerging Markets Fund, building on its strong investment record running this strategy in the UK. The fund seeks to capture the growth available in emerging markets through a high-conviction actively-managed portfolio, which uses Newton’s investment themes to guide its long-term approach, together with strong fundamental stock-picking skills to not only find the best companies in which to invest, but also to identify those sectors and industries that are best avoided.”

Robert Marshall-Lee and Sophia Whitbread, CFA, are the fund’s primary portfolio managers. Mr. Marshall-Lee, the lead portfolio manager, is the investment leader of the emerging markets equities team at Newton, where he has been employed since 1999. Ms. Whitbread is an investment manager on the emerging markets equities team at Newton, where she was employed from 2005 to 2010 and rejoined in January 2011.

Newton’s dedicated Emerging Markets Core Team utilizes the global research team of 29 in identifying the best emerging markets ideas globally. To pursue its goal, the fund normally invests at least 80% of its net assets in common stocks and other equity securities or derivatives in emerging market countries represented in the Morgan Stanley Capital International Emerging Markets Index (MSCI® EM Index), the fund’s benchmark index.

FT-Aberdeen Asset Management Event Series “Home and Away” Visits Miami

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The Financial Times and Aberdeen Asset Management are presenting, at the Four Seasons Miami, a discussion entitled “Home and Away – Why a Global Investment Approach Makes Sense”.

The afternoon, which will take place the 26^th of March, will gather investment and other professionals to help identify and evaluate investment opportunities at home and abroad. Attendees will hear about a variety of asset classes and risk management strategies to consider while learning about the pros and cons of the global economy’s most promising areas of opportunities. These discussions have been accepted by CFP board for 2 hours of credit.

Speakers Confirmed Thus Far Include:

Jeremy Whitley, Head of UK And European Equities, Aberdeen Asset Management
Keith Bachman, Head of US High Yield, Aberdeen Asset Management
Owen Walker, Managing Editor, Ignites

For more information and to register, please visit: www.ft-live.com/homeandaway