Articles by Luisa Porritt
Groupama urges caution ahead of further downgrades
February and March will be crucial months for France, Italy, and Spain, says Groupama Asset Management, as the firm anticipates further sovereign, bank, and corporate downgrades in the Eurozone but calls for investors to hold their nerve amid the turmoil....
Veritas - EU officials battle doubts and pressures
Brussels correspondent Luisa Porritt finds dispirited policymakers battling for the heart, and future, of Europe
Veritas - the mood inside Brussels
In a week when Italian bond yields hit a euro-area high of 7%, and when the leaderships of Italy and Greece were changing, the mood inside Brussels has been sombre.
Contrarian Nomura urges greater deficit spending in Europe, US
Nomura chief economist Richard Koo has told the CFA annual conference in Paris that further government stimulus is needed and fiscal deficits should be widened to bring growth to Europe and the US.
De Boissieu: Papandreou has laid a "trap"; Germany could block Eurobonds
Christian de Boissieu, chairman of the economic advisory council to the French government and professor at Paris’ Sorbonne university, has accused Greek prime minister Georges Papandreou of putting forward “a trap” by calling for a Greek referendum on...
French manager Conviction turns positive on European peripheral debt
Paris-based Conviction Asset Management is seeking to capitalise on market fears by investing in Italian, Spanish and Irish bonds, even though its managers think risks posed by European sovereigns are higher than those facing its beleaguered banking sector....
Investment boutiques thrive on freedom
Fifteen years ago, two hedge fund traders working for Credit Suisse were approached by Crispin Odey to replicate his successful asset management business for private clients. The result was Odey Wealth in Guernsey.
Two ex Credit Suisse traders in Guernsey adapt Odey's strategy for private investors
Fifteen years ago, two hedge fund traders working for Credit Suisse were approached by Crispin Odey to replicate his successful asset management business for private clients. The result was Odey Wealth in Guernsey, one of two wealth management offshoots...
Guernsey seeks to strike difficult balancing act
Within a rapidly changing global finance industry, offshore centres are reassessing their identities and their place within it. Guernsey is one of them, but it has a difficult balancing act to strike between reaching out to new business and preserving...
France and Germany rule out euro bonds to resolve debt crisis
A joint conference held by France’s President Nicholas Sarkozy and Germany’s Chancellor Angela Merkel aimed at restoring confidence to financial markets after more than a week of volatility has ruled out issuing euro bonds as a solution to Europe’s ongoing...
Funds: Volatility prompts allocation changes
Last week’s volatility in financial markets prompted a series of allocation changes by managers trying to minimise their losses, while some funds were hit by the depressed environment. Here’s what happened.
Hedge fund duo banned for deceiving investors
A decision by UK regulator the Financial Services Authority to ban and fine the chief executive and chief financial officer of a hedge fund manager on grounds of deceiving investors has been upheld by the Upper Tribunal.
Threat of global crisis hangs over Japan's recovery
Before global markets choked at fears the West is failing to offer a credible solution to its debt crises, Japan was quietly rebuilding from a devastating earthquake and tsunami. But Japan’s investment case is mixed on its own terms, while its fate ultimately...
People Moves: First State moves into emerging debt, Swedbank, Raiffeisen, F&C, Fund Platform Group
First State moves into emerging debt with former F&C manager at helm, Swedbank announces top management changes, Raiffeisen appoints managing director for fund advisory business, F&C recruits marketing head from SWIP, Luxembourg lobby body set up for...
US stock markets open down on back of Fed decision, manager reaction on impact mixed
Early trading in US equities markets saw major indices fall unanimously, with the Dow, S&P 500 and Nasdaq all dropping quickly by more than 2%. European fund managers’ reactions to the expected impact of Ben Bernanke’s announcement were mixed ahead of...
Major equities markets in US and Europe show tentative recovery
Major equities markets in the West were boosted in an under an hour of US indices opening, except the German Dax which continued to drop in value, but the causes of recent volatility are still showing.
Indebted Europe's bond yields fall, equity markets suffer
Italian, Spanish, Belgian and Portuguese government bond yields were falling mid morning, albeit at a slower rate than yesterday, but Europe’s equity markets continue to be hit by fears as to whether there is a credible solution to the region's debt crisis....
EU President "welcomes" decisions to help ease markets
European Council head Herman Van Rompuy has expressed his support for measures taken over the weekend to help counteract tension in financial markets as concerns mount over Italy and Spain's debt levels, in addition to Greece, Portugal and Ireland.
Live blog: Global markets react to debt crisis measures
17.45 That concludes InvestmentEurope's second consecutive trading day of blogging on the repercussions of the US' sovereign downgrade and growing fears over Italy and Spain's respective debt burdens. Stay with us online in future for more news and insight...
Global markets in turmoil: Live blog
17.16 This ends Investment Europe’s markets blog after an eventful Friday for capital markets on the Continent and in America. We wish you a restful weekend ahead of what's expected to be another busy day when markets reopen next week. For further analysis...
People Moves: ING shakes up management, SL Capital, Mercer, Threadneedle, MKP Capital, Butterfield Bank, Western Asset Management, SGSS
ING shakes up management as banking board member steps down, SL Capital appoints to tackle regulatory challenges, Mercer hires EMEA asset allocation head, Threadneedle bolsters US team after Holliman departure, MKP Capital founder to retire, Butterfield...
GLG to close three fixed income funds after manager exits - update
GLG Partners will close three of its fixed income funds later in the year, it has emerged, following the departure of the funds' manager.
People Moves: Two depart GLG and Goldman Sachs for Schroders, changes at GKAM, Fleming F&P, Carmignac, Skagen
GLG fixed income and Goldman Sachs European equities managers line up moves to Schroders, former Barclays Wealth directors to join Fleming family office, Carmignac announces Cvetanovski replacement, GKAM adds to advisory board, Skagen appoints for Amsterdam...
European investors benefit from sustainable strategies - RCM research
Europe’s investors are integrating environmental and social governance rules into their investment approach more than US and Asian counterparts, which may be benefiting their portfolios, research by institutional manager RCM shows.
CSFI roundtable: Economists agree on likely Greek default
Economists from think tanks and banks alike predict a Greek default is likely, echoing the outlook given by ratings agencies in the week since a second bailout of the sovereign was agreed.
S&P cuts Greece rating, deems "selective default"
Standard & Poor’s is the last of the three main ratings agencies to decide a “selective” Greek default remains likely, despite a pledge by policymakers last week to restructure the sovereign’s debt.
European institutional investors gain confidence in July; inflation risk greatest in EM
European institutional investors grew in confidence during July as the outlook for the region improved after a deal was struck by policymakers last week, but their US and Asian counterparts are cautious, according to a joint State Street and Harvard University...
Eleventh hour solution to US debt crisis still possible, says Henderson manager
US default fears are overblown and an 'eleventh hour' deal is a distinct possibility, in spite of market fears caused by a breakdown in talks on its debt reduction, says co-manager of the Henderson Horizon American Equity fund Nick Cowley.
Funds: State Street and Amundi ETFs open to new markets, Optimum targets German property, HSBC Brazil fund rating
State Street opens ETF platform to UK market, Amundi ETFs register in Germany, Italy, the Netherlands and Switzerland, Optimum taps Berlin property market, HSBC Brazil equity fund loses A rating.
People Moves: Berenberg, Mercer, OVS Capital, Butterfield, Alexander Forbes
Berenberg hires from UBS to drive UK institutional business, Mercer promotes internally for wealth management business, European hedge fund OVS Capital hires third partner, Guernsey private bank looks to offer European asset management, hires in property...
Eleventh hour eurozone deal temporarily allays market fears
Investors’ fears were eased as Eurozone policymakers yesterday agreed on a second bailout for Greece worth €109bn, in a deal struck just ahead of that country’s deadline to meet its debt obligations. Initial reaction from markets has been positive, but...
People Moves: Barings loses multi-asset manager to Threadneedle, Franklin Templeton, Principal Global Investors, Pictet AM, Merrill Lynch WM
Barings’ multi asset team member lines up Threadneedle role, Franklin Templeton boosts multi-asset team, Principal Global Investors eyes Benelux sales, Pictet AM hires from Mercer, Merrill Lynch looks to Italy’s wealthy.
Funds: Renaissance Russian infrastructure, Doric/Nimrod aircraft, Hermes/UOB/Hampshire US real estate, JOHIM portfolios
Renaissance Russia infrastructure fund to list on LSE, Doric/Nimrod launch second fund investing in aircraft, Hermes, UOB Global Capital, Hampshire team for US real estate income fund, JOHIM uses Ascentric platform for model portfolios.
EBA: Greek, Irish and Portuguese domestic banks most vulnerable to sovereign default
Greek, Irish and Portuguese domestic banks are most vulnerable in the event of their sovereigns defaulting, the results of this year’s stress tests on Europe’s banking sector found.
Guernsey lifted from US senator's blacklist
Guernsey’s campaign to be removed from a US blacklist has succeeded, with Democrat Senator Carl Levin changing his view on the jurisdiction.
EBA to publish stress tests after markets close
Europe-wide banking regulator the European Banking Authority will publish results of stress tests for 91 banks across the region later today, once markets have closed.
Ireland's five main banks fall into junk category, authorities say economy "on track"
Ratings agency Moody’s has cut the rating of Ireland’s five main banks to junk status, mirroring its downgrade of the sovereign’s debt, while European authorities are attempting to assuage onlookers Ireland’s economy is on the mend.
Italian debt fears prompt concern on Belgium
Ireland and Portugal’s recent downgrade to junk status and concerns over Italy’s debt levels have put renewed pressure on Belgium's economy, analysts argue.
A bit of Holland in the sun as onshore regulation comes to the Caribbean
Vistra, a fund services provider based on the Caribbean island of Bonaire, is combining the advantages of offshore and onshore to offer South American clients a unique service.
Funds: Martin Currie, Prudential/RCM, AXA IM rating, OSBR Lux/Ire ratings, Threadneedle
Martin Currie to launch Lux emerging markets product, Prudential chooses RCM BRIC fund, AXA departures prompt fund rating suspension, OSBR issues Lux and Ire fund ratings, Threadneedle hits one year for Lux commodities fund.
Exclusive: Fiscal consolidation concerns weigh on minds of European investors
Investors in European economies with large fiscal deficits have a depressed view of domestic and global economic prospects, while their neighbours in structurally sounder economies are somewhat more optimistic, a pan-European survey by Schroders shows....
Economists explain ECB logic in raising rates, but warn of risks to periphery
Following its first increase in several months in April, the European Central Bank’s governing council raised interest rates by a further 25 basis points to 1.5%. European economists say the amount stronger countries in the region contribute to its GDP...
People Moves: Signet, Trafalgar, SWIP, Daiwa, Ignis
Signet hire signals move into Europe, Trafalgar makes board appointment, SWIP appoints for fixed income, Daiwa announces further hire, Holden joins Ignis in UK equity restructure.
People Moves: SLI, LGIM, Investec, Mercer, Towers Watson
SLI appoints three fund selectors, LGIM recruits head of global rates from Aberdeen, Investec hires clean power adviser, Mercer recruits retirement specialist from rival, Towers Watson merges investment research teams.
People Moves: Daiwa Europe, Russell Investments, Schroders, Evolution Securities
Daiwa creates sole chief executive role for Europe subsidiary in management shake up, Brennan returns to Russell as MENA head, Schroders hires Frankfurt COO, UK boutique investment bank hires prop specialist from SLI.
Generation opens first EM fund, more planned
Joint UK venture from Geneva merchant banking firm Generation Group and Canadian asset manager Arrow Capital Management, Generation Asset Management (G2AM), has opened its first fund investing in emerging markets, and plans to launch further strategies...
Funds: FE crown ratings, Skandia, Schroders UK midcap rating, Source/BoA ML, Octopus - update
Twenty-two new funds gain three crowns in FE ratings, Skandia International picks up emerging markets funds for offshore range, Schroder UK midcap fund loses OBSR AA rating, Source and BoA ML team up for emerging markets ETF, Octopus hits three years...
People Moves-update: RCM/UKSIF, BVI, Bank Sarasin, SLI, Stonehage, Revere Capital
RCM’s Jankowska (pictured) appointed UKSIF committee chair, BVI enters Brussels with Kohl at its helm, Bank Sarasin opens in Lucerne, Standard Life adds to Paris real estate investment arm, Stonehage snaps up du Pasquier for Swiss board, Mackin to promote...