MONDAY 9 FEBRUARY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Happy vs grumpy PLA aims to get fit US balancing act

Lucy Kellaway asks if cheery China moves to US-style private Lawrence Summers on the
bankers behave better — PAGE 14 procurement model — PAGE 8 risks of a Fed rates rise — PAGE 11

Merkel to urge diplomacy in Obama Briefing

i Tax havens hit back at Miliband

talks as calls grow for US to arm Kiev

Bermuda, Jersey and Guernsey have hit back
against a threat from Ed Miliband to put them on a
tax havens blacklist, saying that the Labour leader’s
attack was misinformed and likely to damage UK
jobs and investment. — PAGE 2

i Abbott survives no-confidence vote

3 German chancellor in Washington today 3 New Minsk meeting scheduled for Wednesday Tony Abbott, Australia’s prime minister, has
survived a no-confidence vote among Liberal party
parliamentarians in a move that appeared to end an
STEFAN WAGSTYL — MUNICH immediate threat to his leadership. — PAGE 5

Angela Merkel is to meet President i Apartheid chronicler Brink dies

Barack Obama in Washington today in a
bid to secure a diplomatic solution to
the escalating Ukraine crisis amid calls
for the US administration to arm Kiev.
The German chancellor’s visit comes
after the latest round of talks between
France, Germany, Ukraine and Russia
failed to result in accord at the weekend.
Adamantly opposed to arming
Ukraine, Ms Merkel is putting huge
efforts into bringing Russian president
Vladimir Putin to the negotiating table.
In a four-way phone call yesterday,
Mr Putin and Ms Merkel, together with
French president François Hollande
and Ukrainian president Petro Porosh-
enko, agreed to meet on Wednesday in
the Belarusian capital Minsk. Talks
have taken on new urgency after inten-
sifying fighting as Russia-backed rebels
have seized government-controlled
areas in eastern Ukraine.
The Washington meeting comes as
attitudes appear to be hardening in the
US, where several senior politicians
have demanded that Mr Obama take a
more forceful stance.
“I think most in the US Congress
would like to see all of us participate in
defensively arming Ukraine,” said Bob
Corker, chairman of the Senate foreign
relations committee, at the weekend.
Republican senators Lyndsey Gra-
ham and John McCain have been critical
of Ms Merkel’s resistance to sending
heavy weapons to bolster Kiev’s
defences. “The Ukrainians are being
slaughtered and we’re sending them
blankets and meals,” Mr McCain said at
the Munich Security Conference.
“Blankets don’t do well against
Russian tanks.”
Joe Biden, vice-president, last week
also scorned Ms Merkel’s diplomatic
bid, saying Mr Putin did not stick to
agreements.
John Kerry, US secretary of state,
sought to play down fears that the trans-
Taking a stand: atlantic consensus on Ukraine was
a Ukrainian fracturing as a result of the arms debate.
soldier guards “We are united. We will remain
territory near united,” Mr Kerry told the Munich con-
Debaltseve ference, comparing the arguments to
yesterday as a last year’s bargaining over sanctions.
week of But on NBC’s Meet the Press yesterday,
diplomacy he added that Russia was leaving the
loomed — global community with no choice but to
Evgeniy Maloletka/AP
impose additional economic sanctions.
Ms Merkel has been implacable in
opposing the delivery of arms and her
speech to the Munich conference was
laced with references to the second
world war. Her position was defended
by her foreign minister, Frank-Walter
South African author André Brink,
whose novels laid bare the cruelty of
a system imposed by the white
Afrikaners from whose ranks he
came, died at the weekend. — PAGE 5
i Capita and Mouchel in NHS buying role
Capita and Mouchel are among private sector
groups appointed to help buy billions of pounds of
services for hospitals and GPs by advising new
doctor-led clinical commissioning groups. — PAGE 4
i Suu Kyi appeals for show of courage
Aung San Suu Kyi says she needs “one brave
soldier” to break ranks with the generals, who hold
a veto on constitutional change, in order to bring
civilian rule to Myanmar. — BIG READ, PAGE 9
i Analysts press Buffett over disclosure
Billionaire investor Warren Buffett is under fire
from analysts who say the financial disclosure from
some of the groups in the Berkshire Hathaway
family is “limited”, “poor” and “terrible”. — PAGE 17
i Bafta for Redmayne as Hawking
Eddie Redmayne won the leading actor’s award at
the Baftas last night for his portrayal of Stephen
Hawking in The Theory of Everything, which also
won best British film of the year. — WWW.FT.COM/UK
Datawatch
Steinmeier. “I don’t believe our scepti- should not legitimise separatist control
cism [in supplying arms] is born of of eastern Ukraine. The state depart- Exports to the Brics Trade patterns
cowardice or from our history,” he said. ment warned that any deal in Minsk Exports to Brazil, have shifted to
Mr Obama is expected to listen to Ms “must respect the sovereignty and Russia, India and China reflect the
as a share of total exports (%) increasing
Merkel’s arguments but is not likely to territorial integrity of Ukraine”.
Japan Italy importance of the
decide while she is in the US. European A Russian government insider said 25 Bric countries. UK
US France
diplomats say he will wait to see what one difficult question was how to super- Germany UK exporters have
happens in Minsk. vise a ceasefire. “It is felt that the past 20
not yet managed
The initiative centres on the Septem- attempts have not worked, but the chal- 15 to make inroads
ber Minsk agreement, which declared a lenge is to create a mechanism that all 10 into these
demarcation line to separate govern- sides feel is fair and impartial,” he said. 5 markets, with only
ment-controlled areas from rebel-held Additional reporting by Gina Chon in 0
6 per cent of
territory. The talks will include amend- Washington and Kathrin Hille in Moscow exports destined
ments to reflect the extra territory won Obama’s voice page 6 2000 02 04 06 08 10 12 14 for these
Source: IMF countries last year
in recent months by the separatists. Editorial Comment page 10
Kiev is concerned that any pact Nick Butler page 11

City of London split on Europe — banks

Greek premier Tsipras
defiant over bailout
Alexis Tsipras said yesterday he would
not ask EU leaders for an extension of
Greece’s bailout in a defiant first major
speech to parliament as prime
minister. He said it was possible to
agree a transitional deal with lenders
to tide Greece over. The US is pushing
eurozone leaders to compromise as it
fears a protracted stand-off with
Greece could dent the global economy.
Reports i PAGE 6
want to stay while hedge funds eye exit
If Britain Goes
The implications
of the UK leaving
the EU
ft.com/uknews
HARRIET AGNEW — CITY REPORTER
The City of London, the heart of the
UK’s financial services industry, is split
over Britain’s relationship with Europe.
While investment banks are pushing for
Britain to stay in the EU, some hedge
funds are campaigning for an exit ahead
of a fiercely contested debate in the run-
up to the general election in May.
As Downing Street explores whether
it can bring forward a referendum on EU
membership from 2017 to 2016, bank-
ers are adamant that departure would
threaten the City’s future as a financial
centre. The financial services industry
contributes a fifth of the UK’s annual
economic output. Hedge funds are
critical of what they say is expensive and
time-consuming regulation.
The Financial Times has spoken to
top financiers as part of a series examin-
ing the potential consequences of a UK
exit. Crispin Odey, founder of Odey
Asset Management, a hedge fund man-
ager, told the FT: “We joined an eco-
nomic union, not a political union. We
don’t want to be part of a more consoli-
dated and federal Europe.”
Another veteran UK hedge fund
manager said: “There is no benefit to
our business from being in the EU but
there’s significant cost and uncer-
tainty . . . we’d be better off out.”
Even some stalwart pro-Europeans
are more sceptical. Paul Marshall, co-
founder of $18bn hedge fund Marshall
Wace, has expressed concerns about
Europe’s economic outlook and its
regulatory burdens.
These views are at odds with the
investment banking industry. Three-
quarters of European capital markets
and investment banking revenue is
transacted in the UK, according to the
Oliver Wyman consultancy. If Britain
left, investment banks could lose their
access to the single market.
Stuart Popham, vice-chairman of
European banking at Citigroup, said
London’s strength was its “ability to
aggregate all services related to
finance”. If that does not apply “it is a
less attractive place to do business”.
Michael Sherwood and Richard
Gnodde, co-chief executives of Gold-
man Sachs International, have said that
European banks will leave London “in
very short order” if Britain exits.
If Britain goes page 3

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2 ★ FINANCIAL TIMES Monday 9 February 2015

NATIONAL

Offshore centres Referendum

Tax havens hit back at Miliband blacklist Tories grow

Islands warn that Labour
leader’s crackdown would
drive business away
VANESSA HOULDER
Offshore financial centres have hit back
at a Labour opposition threat to put
them on a tax havens blacklist, saying
the attack is misinformed and likely to
damage UK interests.
Bermuda, Jersey and Guernsey
reacted angrily to a crackdown plan
from Ed Miliband, the Labour leader,
saying they had already done more than
other countries to tackle opaque corpo-
rate structures used in financial crime.
A move against them would damage
UK jobs and investment, they said. Ber-
muda said it was surprised and disap-
pointed by the announcement. Jersey
urged the Labour leadership to visit the
island to discover the facts. Guernsey
said it could help the UK improve its
own standards.
Mr Miliband wrote to crown depend-
encies and overseas territories saying
they would face sanctions unless they
produced a public register revealing the
identities of the ultimate owners of
companies within six months. In a letter
to heads of government, he said: “Ahead
of the general election a Labour govern-
ment will not allow this situation of
delay and secrecy to continue.”
The move to harness public anger
over tax havens is a potential embar-
rassment for David Cameron, prime
minister, who has made no headway
since he requested in 2013 that the
islands introduce a public register of
companies’ ultimate owners.
Mr Miliband said the financial cen-
tres’ affairs were still “shrouded in dark-
ness”, 18 months after Mr Cameron’s
request.
Labour has threatened to ask the
OECD, a group of countries that aims to
promote sustainable growth, to put the
islands on a blacklist. However, despite
an international drive to improve trans-
parency, there is no standard that
requires countries to introduce public
registers. Some offshore centres say
their system of regulating company
service providers is more effective in
tackling corporate crime than Britain’s
‘Bermuda’s economic
contribution to the UK
includes employment of
100,000 people’
preferred approach. Critics say the UK’s
new law, which puts the responsibility
on companies to file information about
their ultimate owners by April 2016 will
be easily circumvented.
Offshore centres said a requirement
to force them to put ownership informa-
tion into the public domain would drive
business away, potentially affecting
investment into Britain.
Geoff Cook, chief executive of Jersey
Finance, representing the island’s finan-
cial businesses said a survey of mem-
bers suggested that about a quarter of
the £500bn flowing through Jersey to
the UK would be jeopardised. He said
the “culture of privacy in family busi-
nesses outside the EU and US” meant
many clients would not accept their
details being put on a public register.
Michael Dunkley, Bermuda’s premier,
said: “We would also remind Mr Mili-
band of Bermuda’s strategic economic
contribution to the UK, which includes
direct and indirect employment in the
UK of 100,000 people, as well as our role
as a global hub for the reinsurance and
insurance industries.”
Fabian Picardo, chief minister of
Gibraltar, urged Mr Miliband to issue a
public clarification, saying it was “pat-
ently false” to suggest that information
about Gibraltar companies was inacces-
sible to tax authorities.
He said Mr Miliband’s remarks were
being used by the Spanish press “as a rod
to beat us”. Gibraltar was set to produce
a register as a result of a forthcoming EU
directive and would consider making it
public.
But “simply falling for gimmicky and
headline grabbing initiatives” might be
counterproductive, he said.
Additional reporting by Elizabeth Rigby
keener on
bringing EU
vote forward
GEORGE PARKER AND ELIZABETH RIGBY
The Conservative party is exploring
whether it can bring forward a referen-
dum on EU membership to 2016 if it
wins the general election in May.
Senior party members say David Cam-
eron would like to hold the referendum
“as soon as possible” and that 2016 is a
possibility, but most officials believe
2017 is a more realistic prospect.
Mr Cameron has promised a vote on
Britain’s membership of the EU by the
end of 2017 if he wins a second term as
prime minister, but last month said he
would be “delighted” if it could happen
earlier.
However, a Downing Street figure
insisted yesterday there were “abso-

Cambridge students point to Clegg’s broken promise

MATTHEW ENGEL
One theory is that students have the
shortest memory of all electoral groups.
Why, many of today’s undergraduates
were barely even teenagers when the
leader of the Liberal Democrats made
and broke his infamous promise not to
raise tuition fees in 2010. Ancient
history, surely?
So I stood outside King’s — Cam-
bridge’s most famous college — win-
nowed the students from the tourists
and, between snow flurries, asked one
question: “What do you think of Nick
Clegg?”
“I’m not sold.” “Broken promises.”
“Superficial and out of his depth.” “Inef-
fectual.” “Dirty, slimy, sleazy, scheming,
filthy, rotten, creepy . . .” “I’m still a bit
bitter.”
Not everyone agreed. One girl said: “I
don’t know anything about politics. I do
maths.” A young man asked: “Who’s
Nick Clegg?” This was not a poll con-
ducted to the most rigorous scientific
standards, nor was the sample large. But
it was a frigid afternoon even by Cam-
bridge standards; and when I reached
Anti: 9; Pro: 0; Don’t Know: 3, I thought I
was entitled to declare that a result and
knock off for tea.
Later I gave a sanitised version of my
findings to Julian Huppert, Cambridge’s
Lib Dem MP. “Fortunately, Nick is not
the candidate,” he murmured. Quite.
Instead, the city can vote for a man with
light blue blood in his veins: Mr Huppert
moved here when he was three months
old, was brought up here, did his first
degree here and then a PhD in biochem-
istry “to understand the stability of the
four-stranded DNA structures called
G-quadruplexes”, as one does.
With his professorial goatee, he looks
like a chap who might know about
G-quadruplexes. Or maybe a character
out of Doctor Zhivago: perhaps the ideal-
istic young revolutionary played by
Tom Courtenay who ended up as Lord
High Executioner.
In fact, in his five years as an MP, Mr
Huppert has been both hyperactive and
unusually true to his original beliefs. He
is keen on cycling and civil liberties, not
a combination conducive to being re-
elected in, say, Camberley in Surrey, but
one that gives him a chance in Cam-
bridge.
Inside King’s, a pair of second-year
classicists, Reece Edmends and Naomi
Julian Huppert, Farhi, both active Lib Demmers, admit
the local Lib the broken tuition fee promise is a prob-
Dem MP, has his lem. “I come in for a lot of criticism,”
hands full trying said Ms Farhi, “and some hostility.” But
to woo an they insist the university Lib Dems are
ever-changing not far behind Labour in terms of
electorate vibrancy, and way ahead of the rest.
— Si Barber
And Mr Huppert’s hands are clean,
tuition-fee wise: “I voted against it and
I’m not defending it. We got it com-
pletely wrong and the message was
awful. People didn’t see how much we
did to modify the Tories’ plans, because
we covered all that up.”
The impact of students on Cambridge
elections was always hard to quantify,
and new rules that force voters to be
proactive in registering are a further
complication. For a party that will be
thrilled if it loses only a third of its seats,
this seat is considered neither safe nor
hopeless. But Labour, narrowly third
behind the Tories last time, are an
undoubted threat.
After dark that day, the headwind was
not just metaphorical. It was blowing off
the steppes as the MP strode out
towards the pretty cottages round Jesus
Green. He was bareheaded, clinging to
his phone with its Obamaesque app that
is supposed to tell him exactly which
doorbells to ring.
But around here, the population
churns every year, beyond the grasp of
even the most sophisticated electoral
tool. And these were not your average
migrants: they were Dutch, they were
South African, they were New Zealand-
ers, all working on subjects almost as
impenetrable as G-quadruplexes,
‘The message but not exactly target voters. Finally he
struck gold: Roy Macgregor, a retired GP
was awful and a life-long Labour voter, now disil-
. . . People lusioned with the leadership. Further-
didn’t see more, he added: “It makes a difference
when you come and speak to me.” He
how much we even took a poster. And nearby was
did to modify Quintus Travis, a very Cambridge type
the Tories’ of voter: an ex-Microsoft man now
plans, working for charity. “Civil liberties are
SO important,” he began. The MP lit up:
because we “I’m PASSIONATE about civil liberties.
covered all You can google me.”
that up’ Back in the warm, I did just that. And
it’s true: “Julian Huppert, civil liber-
ties”: 18,600 results. Mind you, I then
tried it with his Labour opponent, Dan-
iel Zeichner: 25,400 results. This con-
stituency is hellishly competitive, but
not in the same way as anywhere else.
lutely no plans” to hold a referendum in
2016, while Mr Cameron explained last
week why an earlier vote might not be
possible.
“I want to renegotiate a better deal for
Britain,” he said. “I think people would
rather have a choice between staying in
a reformed Europe or getting out, rather
than the false choice of today, which is
stay in a Europe we are not satisfied with
or leave.”
The prime minister’s team are look-
ing at whether it is possible to hammer
out a deal with EU governments over the
summer, with a view to presenting the
agreement at the Conservative party
conference in October.
“A referendum in 2016 is very actively
on the table,” one person familiar with
discussions told the Sunday Times.
“You could do a quick renegotiation,
make a big statement at conference and
get it done next year.”
While Downing Street is keen to lower
expectations, ministers think they
could pass legislation, paving the way
for a referendum, by the spring of 2016,
leaving open the possibility of a vote in
the summer or autumn of that year.
Bringing forward the referendum
would have advantages: it would allow
Mr Cameron to settle the issue early in
his second term. It would also have the
advantage of appealing to UK Independ-
ence party supporters. Nigel Farage,
leader of the eurosceptic party, is
demanding a swift referendum.
However, it would leave little time to
finalise a renegotiation in Europe or to
start building the case for a Yes vote in
the UK to support what Mr Cameron
expects to be a successful deal.
Diplomats negotiating a new settle-
ment with Britain and the 27 other
members of the bloc are still working
towards doing a deal in the summer of
2017 — in the gap between French and
German elections.
In Mr Cameron’s ideal scenario,
French voters would eject François Hol-
lande, the Socialist president, and
replace him with someone from the cen-
tre-right UMP, possibly Nicolas Sarkozy.
Angela Merkel would still be in office in
Germany at that point.
However, a complicating factor for
holding the referendum in the second
half of the year is that Britain will hold
the rotating EU presidency in the
autumn of 2017.
National politicians in Scotland and
Wales are also jockeying for position on
the issue. Yesterday, Leanne Wood,
leader of Plaid Cymru, the Welsh
nationalists, joined Nicola Sturgeon,
leader of the Scottish National party, in
demanding a bigger say in the decision.

Austerity measures Savings

A private bank unlike
any other. Slow spending cuts to boost Osborne to extend pensioner
economy, says think-tank bond scheme until election
CHRIS GILES — ECONOMICS EDITOR Labour and Liberal Democrat plans for ELIZABETH RIGBY cheaply from the markets. “It is impor-
AND JOSEPHINE CUMBO
taxes and public spending in the next tant we back savers in our economy,” he
30 global locations • www.efginternational.com Slowing the pace of spending cuts after
parliament with those outlined in the The chancellor has announced that he said.
the election in May would boost the
Autumn Statement. will spend hundreds of millions of The Conservatives are most popular
economy in the next parliament,
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) In the statement, George Osborne, pounds extending a government- with the over-60s, with 37 per cent say-
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Published by: The Financial Times Limited, The Financial Times adheres to a self-regulation which are based on analysis of the fiscal much larger cuts than any set out by the George Osborne said yesterday that the “Many people will feel that with the
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Tel: 020 7873 3000; Fax: 020 7407 5700 will intensify debate over deficit reduc- Labour and the Lib Dems said they over, will run until May 15 because it has
Editor: Lionel Barber Reprints tion. The Institute for Fiscal Studies said aimed to balance the “current budget”, been “enormously popular and George Osborne:
chancellor said it
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Monday 9 February 2015
City fears loss
of access and
influence in
event of Brexit
The first part of an FT series looks at the
potential effect on financial services
The implications
of the UK leaving
the EU
ft.com/uknews
HARRIET AGNEW
— CITY CORRESPONDENT
London is a gateway to Europe, home to
250 foreign banks employing 160,000
people. According to the latest official
figures, financial services account for a
fifth of the UK’s annual economic
output.
The driving force behind this is the
European single market, which offers
easy access to 500m people across 28 EU
member states.
It is easy to see why large parts of the
traditionally right-leaning City are more
jittery about one political prospect than
anything else: that a Conservative tri-
umph in May’s general election will lead
to a British exit (Brexit) from the EU.
If the Tories win the election, David
Cameron, the prime minister, has
‘Of all the sectors, I think
financial services would be
the most vulnerable’
Mats Persson, Open Europe
promised a referendum on EU member-
ship before the end of 2017.
Mats Persson, director of think-tank
Open Europe, said: “Of all the sectors, I
think financial services would be the
most vulnerable . . . It’s much more
mobile than other sectors, the single
market is well developed and the UK
would have difficulty in striking a recip-
rocal agreement with the EU given the
lack of incentive for the EU to play ball.”
Michael Sherwood and Richard
Gnodde, the co-chief executives of Gold-
man Sachs International, have said
European banks will move “in very
short order” if Britain votes to go.
In 2013, the UK’s combined financial
services and insurance industries had a
£19.1bn trade surplus with the EU. The
full economic impact of Brexit is impos-
sible to quantify but the City’s concerns
fall into three main areas: uncertainty,
access and influence.
In the first instance, nothing would
change. Under Article 50, a so-far
untested mechanism whereby coun-
tries can leave the EU, departure comes
two years after formal notification.
These would be two years of limbo for
the UK, where it would lose its represen-
tation on the European Council of mem-
ber states’ leaders.
The UK would be unable to vote on
Sectors
How various areas
would be likely to fare
3 Asset management
The UK-based fund management
industry accounts for a third of all the
assets managed in Europe. A key to the
growth of this industry has been UK
companies’ ability to “passport” their
funds into Europe as members of the
EU. Brexit would raise questions about
the ability of UK-based groups to sell
retail funds elsewhere in Europe.
3 Hedge funds
UK hedge funds would also be unable to
passport their funds into the EU.
However, the impact would not be too
big because London-based hedge funds
largely raise money from investors
outside the bloc. A key area that would
not change for hedge fund managers
relates to restrictions on short selling
and certain aspects of credit default
swaps that have been subject to
regulation since the financial crisis. This
is because the rules relate to where the
stock or instruments are listed, rather
than where the fund manager is based.
3 Insurance
Europe’s insurance market is very
domestic and there is not a developed
single market. It is thought Brexit would
★ FINANCIAL TIMES 3
FT SERIES: IF BRITAIN GOES
At stake
UK share of financial markets in the EU
2012-13, UK as a % of EU total
Hedge fund assets
Foreign exchange trading
Interest rate OTC 74
78
85
derivatives trading
Private equity funds raised 57
Marine insurance premiums 54
Fund management 50
Equity market capitalisation 37
Bank assets 26
Financial services GDP 24
Insurance premiums 22
Employment in financial 19
and prof. services
Bank lending 18
UK services trade with the EU Q3 2011
£bn (4-quarter sum) 14.77
any deal it negotiated. Given the eco-
nomic and political prominence of the Q3 2010 Q1 2014
9.19 9.13
financial services industry, negotiations
would not be straightforward. 0
The City of London would be looking
closely at the type of deal agreed. Q1 2000 Q3 2003
There is no good off-the-peg model. -1.48 -3.13
One scenario is that of Norway, Iceland
Source: TheCityUK; Haver Analytics
and Liechtenstein, which are members
Chris Ratcliffe/Bloomberg
of the European Economic Area and the
European Free Trade Association.
Here, the UK would pay a member-
ship fee to keep access to the EU’s inter-
nal market. However, it would lose all
formal influence over legislation but
still have to implement the bulk of it.
A second, often discussed, model is
Switzerland, where the UK could leave
the EU and apply to join just the EFTA.
It would then sign bilateral trade deals
with the EU.
Switzerland’s one-off agreement is
complex and viewed as flawed so it is
unlikely that this would be a viable
option for the UK.
If it left the EU, the UK would be free
to regulate its own financial sector. But a
U-turn on areas of European regulation
that the UK has opposed — curbs on
bankers’ bonuses, for example — would
be politically unpalatable in Brussels
and impractical. To continue accessing
European markets, the UK would need
to maintain financial regulation equiva-
lent to that of the EU but without having
a say in how it were drawn up.
Through a system called “passport-
ing”, banks can provide their services
and products to the whole EU from a
member state. The cluster of banks in
London has drawn in hedge funds, asset
managers, private equity and profes-
sional services firms.
Outside the EU, the UK would be
unlikely to retain the same passporting
rights. This could force banks to move
parts of their operations to EU financial
centres such as Frankfurt, Paris, Dublin
or Amsterdam, which could be a cata-
lyst for larger moves.
The single market also permits the
free movement of labour. A Brexit could
disrupt the workforce of the City, which
employs many EU nationals.
There are no suggestions that London
would instantly disintegrate as a finan-
cial centre: it could, for example, rein-
vent itself as more of an offshore finan-
cial centre for renminbi trading, Islamic
finance or financial technology.
However, if some companies moved
parts of their operations away, the
worry is that over time, the City’s rele-
vance and competitiveness would be
reduced. A senior banker said: “Once
some part of the financial services tap-
estry gets pulled just a little bit, then
over time the entire fabric weakens.”
have little direct or immediate impact on
the UK’s insurance industry, which has a
£2.8bn trade deficit with the EU.
3 Private equity
As with hedge funds, European
investors are not a large contributor of
funding to UK private equity managers.
The biggest impact of Brexit on private
equity would be in the area of venture
capital, says Jon Moulton, founder of
private equity firm Better Capital.
He said: “The European Investment
Fund [a Luxembourg agency that
provides financing to small and medium
businesses] is the largest investor by a
mile in UK venture capital firms. It would
probably stop investing in the UK.”
3 Trading and settlement
London is one of the world’s hubs for
the vast $700tn market for over-the-
counter derivatives, financial
instruments that were blamed for
exacerbating the financial crisis.
International rules will ensure more of
this bank-dominated market is managed
through clearing houses, with the aim of
reducing risk.
If Britain left the EU, the European
Central Bank could increase pressure for
more direct supervision of all euro-
denominated swaps that are currently
cleared through UK-based clearing
houses.
Companies such as LCH.Clearnet and
ICE Clear Europe may be forced to
switch more business to eurozone-
based entities, weakening London’s
standing in the financial system.
4 ★
Small business loans
State lender says banks need further help
British Business Bank
to switch focus from
start-ups, says chief
ANDREW BOUNDS — ENTERPRISE EDITOR
High street banks need more govern-
ment help to lend to small businesses,
the head of the British Business Bank
has said.
Keith Morgan, chief executive of the
state-owned bank set up to improve the
lending market, said sources of finance
such as peer-to-peer lending and equity
crowdfunding had not yet filled the gap
left after banks retreated because of the
2008 financial crisis.
“Bank lending is still very important
Membership of credit unions doubles in a decade
Church-backed pilot scheme
brings borrowers flocking to
community-based societies
Credit union membership in the UK
has more than doubled in a decade, to
over 1.5m. That compares with 1.6m
customers who used payday lenders
such as Wonga, the Money Shop and
QuickQuid in 2013, according to an esti-
mate from the Financial Conduct
Authority.
People on low incomes are being
drawn to these community-based socie-
ties, which offer ways of handling your
finances and tackling debt without the
downsides of very high interest rates
and penalties. The most recent Bank of
England statistics show that member-
ship rose by 100,000 in the 2013-14
financial year.
Many of the largest credit unions in
Britain started 20 to 25 years ago, often
through local authority employees
banding together for financial support.
Membership has spread without expen-
sive marketing, according to Frank
‘The model of very short-
term lending is not good
as a form of financial help’
Frank McKillop, ABCU
McKillop, policy manager at the Associ-
ation of British Credit Unions.
“The biggest driver has been an
appreciation by employers that credit
unions are good for their staff if they can
save in a safe place and borrow when
they need to,” said Mr McKillop.
Although their emphasis has been on
saving, many credit unions now offer
other services, including apps and
online banking. In particular, they offer
emergency loans that are typically
charged at 42.6 per cent a year — well
below the 1,000 per cent interest rates
of many payday lenders. Repayment
schedules are also longer and back-
ground checks more rigorous.
However, Mr McKillop stresses that
credit unions are only an alternative to
payday lenders, not a competitor.
“The model of very short-term lend-
ing is not good as a form of financial
help. So, though many credit unions
can make instant loans, they will look
at your finances and see if this is a one-
off, a way for you to get back on top of
your money.”
Last June, Justin Welby, the arch-
Devolution
City council leaders call for ‘revolutionary shift in powers’ to raise taxes Scottish-style
CHRIS TIGHE AND ANDREW BOUNDS
The leaders of the biggest economies
outside London have called for Scot-
tish-style tax powers to encourage
growth.
Devolution of such powers could gener-
ate an extra £222bn and 1.3m jobs by
2030, according to a new report by
think-tank ResPublica.
The report recommends the process
in England echoes that of Scotland and
be implemented by 2025. It should
include the retention of some property
taxes and the ability to vary income tax
and corporation tax, in line with the
proposed powers of the Scottish parlia-
ment in Edinburgh.
It says that allowing councils to deter-
mine how to spend money on welfare
and skills rather than channelling it
through central government depart-
ments could save £20.6bn over five
years, according to EY, a consultancy.
The report recommends an open-
minded approach to structures for
delivery, saying that, in the first phase
to small businesses. We have seen
encouraging signs of growth from alter-
native lenders [but] they still represent
something very small,” Mr Morgan told
the Financial Times.
Traditional lending made up three-
quarters of the gross funding for small
and medium businesses in 2014, but the
net amount fell £3bn to leave £167bn
outstanding at the end of the year.
Peer-to-peer lending grew £400m to
£770m in the year to October, according
to the bank. Equity crowdfunding was
negligible. Mr Morgan said many
smaller businesses were “discouraged”
from applying to banks by previous
rejections or the cost of loans.
The British Business Bank aims to
double the proportion of small-business
Analysis. Savings and debt
A scheme to promote credit unions in churches, such as St James in Clapton, London, has been launched by the archbishop of Canterbury — Rosie Hallam
Borrowing from family
was ‘soul-destroying’
As far as Gavin Dudley is concerned,
joining a credit union changed his life.
Five years ago, he took some heirlooms
to a pawnbroker to pay a payday lender.
“I never got them back,” says Mr Dudley,
46, now an operations manager at
Transport for London but then between
jobs and struggling to pay the rent.
“The only money I had went to pay
of devolution, central government
should not impose elected mayors.
But it warns, “the status quo is not an
option”. The new devolution must not
establish a “local central state”. City
regions must develop a direct, demo-
cratically accountable governance
structure — and involve communities
and citizens in decision making.
The UK has 10 “core” cities — Bir-
mingham, Bristol, Cardiff, Glasgow,
Leeds, Liverpool, Manchester, Newcas-
tle, Nottingham and Sheffield. Together
they account for 24 per cent, £337bn, of
the economic output of England, Wales
and Scotland.
Sir Richard Leese, chairman of the
Core Cities lobby group and leader of
Manchester city council, said: “What is
good enough for the UK’s nations should
be good enough for our cities. We are
proposing a revolutionary shift in power
from our remote parliaments to local
people who know their places best.
At a conference in Glasgow, city lead-
ers will sign a charter for local freedom.
However, some of their more recent
FINANCIAL TIMES
NATIONAL
loans by alternative sources from a
quarter. Sources include bonds, peer-
to-peer lending and asset-based finance,
for example money advanced against
equipment and invoices. The bank has
backed asset finance, and total
advances by the industry were a record
£19.3bn at the end of the third quarter,
up 12 per cent on the year before.
The BBB recently provided £5m
to Kingsway, a Cheshire-based asset
finance specialist, increasing the
company’s leasing capacity by up to
£10m. It has also offered money
through peer-to-peer lending websites
such as Funding Circle.
Mr Morgan said the bank would
switch its focus to medium-sized busi-
nesses. “We have increased the size of
the interest on the loan. The payday
lender agreed to extend and extend and
you think they are doing you a favour,
but they’re not.”
He went to another lender for £300
“to get me through to payday and I just
ended up chasing my tail again”. He
thinks he was paying about 2,600 per
cent a year for that loan.
In the end Mr Dudley had to borrow
from a family member to clear the debt.
“That was soul-destroying,” he says.
After a Citizens Advice Bureau told
him about the London Capital Credit
Union, Mr Dudley started to make
savings for the first time in 30 years.
After six months he had £300; with a
savings record he was able to get a loan
for his first family holiday for a decade.
Power struggle
Parties in three-way tug of
war over elected mayors
While devolution continues apace in
Scotland, in England it is being slowed
by a single issue: elected mayors.
Last month, the UK’s three main
political parties agreed to grant tax-
raising and other powers to Scotland’s
parliament. In England they continue a
three-way tug of war, with the city of
Leeds caught in the middle.
The mostly Labour-run local
authorities that control the county of
West Yorkshire have been waiting since
mid-December for George Osborne, the
chancellor, to approve a deal to hand
over modest control of spending.
Agreements have already been reached
with Greater Manchester and South
Yorkshire. The process has been held
up because West Yorkshire has refused
to accept a mayor as a precondition of
venture-capital funding we can do from
£2m to £5m. There will be a general
move towards helping companies to
grow, not just starting up companies.
“Two years ago it was all about work-
ing capital. Now it is split between peo-
ple seeking finance to invest and new
equipment or assets for expansion.”
Banks needed more support because
regulators had increased the amount of
capital they must hold against business
loans, he said. In a survey by the Federa-
tion of Small Businesses, at the end of
2014, the number of businesses report-
ing the cost of finance as a barrier to
growth jumped from 10 per cent the
year before to 22 per cent.
Government schemes to support
banks include Funding for Lending,
bishop of Canterbury, launched a
scheme to promote credit unions in
churches and train volunteers to give
financial advice.
Martin Groombridge, chief executive
of London Capital Credit Union, said it
“definitely raised our profile”. Piloted in
London and Liverpool, the scheme is
set to be introduced around the UK in
about a year, potentially marketing
credit unions to hundreds of thousands
more people.
The Rev Paul Collier, vicar at Coples-
ton church and community centre in
Peckham, south London, said debt
and payday loans came up as a big con-
cern in his conversations with
local organisations, schools and other
faith communities.
“The older members of our congrega-
its new powers. Historic rivalries within
the county also preclude the city of
Bradford accepting rule from Leeds.
Ed Balls, the Labour party’s shadow
chancellor, wants to deny the
Conservatives a victory, and is backing
the rebellious county. While Nick Clegg,
the Liberal Democrat deputy prime
minister, recently blamed the “clammy
hand of the Treasury” for delaying the
deal, adding that Mr Osborne had a
“personal preference” for mayors.
In November, the 10 leaders of
Manchester’s authorities agreed they
would have a directly elected mayor
from 2017 and were promised £1bn and
new powers. Sheffield, which refused to
do the same, received fewer powers
and no new money. Mr Osborne
confirmed on a visit to Leeds last week
that West Yorkshire would get the same
sort of deal as Sheffield.
He said last year that the scope of
the Manchester package “in terms of
control over the transport budget, the
which allows them to borrow cheaply if
they lend to smaller businesses.
The BBB is piloting a wholesale guar-
antees programme. Participating banks
can pay a fee for a government-backed
guarantee to cover losses above an
agreed minimum on a portfolio of busi-
ness lending. “That will reduce the
amount of the regulatory capital they
have to hold,” Mr Morgan said.
The bank already operates the enter-
prise finance guarantee scheme, under
which the government absorbs 75 per
cent of losses on individual loans. But
Mr Morgan said this only reduced the
price of loans, not the availability. “We
will use guarantees to get banks to
extend themselves into areas they
would not go,” he said.
tion were educated by their parents to
avoid debt at all costs, but many have
seen their children getting into deep
trouble,” he said.
At a service at St Mary’s Primrose
Hill in December, a drive to get people
to sign up attracted interest from poorer
parishioners who were seeking infor-
mation on savings requirements and
interest rates, as well as from wealthier
ones who were keen to lend their
capital.
“You might think it strange for the
church to be talking about money,” said
Casey Oppong, who has been attending
St Mary’s Primrose Hill for 20 years and
who also chairs the local tenants
association. “But this is moral ground
the church should have stepped into a
long time ago.”
rest, does need a point of
accountability, an elected mayor”.
Voters in Manchester, Leeds,
Wakefield, Newcastle and five other
cities said they did not want elected
mayors in referendums in 2012.
Peter Box, leader of Wakefield council
and the West Yorkshire combined
authority, said it would be anti-
democratic to impose them.
Mr Osborne believes mayors could
offer the Conservatives a route back to
power in northern cities. In Labour-
dominated London, suburban voters
triumphed over the inner city to choose
Conservative Boris Johnson as mayor.
While most large cities globally have
a political figurehead, academics say
there is little evidence about their
impact. Ed Glaeser, an economics
professor at Harvard University, said: “I
have not seen evidence it makes a great
difference one way or the other.” But it
could be “useful” for accountability, he
said. Andrew Bounds and Chris Tighe
Monday 9 February 2015
Support
NHS appoints
companies
to buy in
healthcare
GILL PLIMMER
The NHS has appointed private sector
companies including Capita to help buy
billions of pounds of services for hospi-
tals and GPs.
NHS England has announced that Cap-
ita Business Services, Mouchel and
Optum, part of United Health, are
among private sector companies that
are in line to win work worth at least
£5bn advising new doctor-led clinical
commissioning groups, which spend
more than two-thirds of the NHS budget
buying care for patients.
They will advise on patient care
reforms, finances, drug purchasing,
negotiating hospital contracts, handling
NHS patient care data, supporting
organisational change and outsourcing
services to private sector providers.
A host of NHS organisations were also
appointed to the “framework” of pre-
ferred suppliers, which can be used by
hospitals and GPs to buy services more
quickly — £3bn to £5bn of services must
be procured by April 2016 to meet EU
laws.
Bob Ricketts, director of commission-
ing support strategy at NHS England,
said the aim was to “strengthen the
capability of NHS commissioners” so
they have the support they need to buy
and improve healthcare services.
It would also cut costs and shorten the
procurement process to about three
months, as NHS organisations and local
authorities would only have to run
“mini-competitions” for the work, he
said.
The move indicates the extent of the
changes sweeping the NHS as a result of
the Health and Social Care Act in 2012. It
also highlights the opportunities for pri-
vate sector investment in the service,
despite political sensitivities, particu-
larly ahead of the general election in
May.
Among the winners on the framework
agreement are seven commissioning
support units, which were set up in 2012
to provide services to clinical commis-
sioning groups.
The turnover of the units ranges from
£21m to £62m a year and together they
employ nearly 10,000 staff, designing
health services and providing back
office IT, procurement and payroll serv-
ices to clinical commissioning groups.
Seventeen units were created as part
of the 2012 healthcare reforms. But con-
solidation has cut their number to nine
over the past year.
The units are subsidised by the NHS,
but are expected to become self-suffi-
cient profitmaking businesses or form
joint ventures with the public or private
sector by the end of this year.
Matthew Custance, a healthcare part-
ner at KPMG, which worked with some
of the bidders, described the award as “a
groundbreaking move that will create a
market in procurement and all forms of
commissioning support for the first
time”.
But critics say the government is
introducing huge “transaction costs” by
opening up a market in commissioning.
According to Allyson Pollock, professor
of public health research and policy at
Queen Mary, University of London, the
move will fragment services and raise
transaction costs. In the US, these
account for 30 cents of every dollar
spent on healthcare.
Neil Griffiths of Capita said it was a
“significant opportunity because it has
opened up an entire area for the first
time”.
and lesser ambitions have been frus-
trated by central government and local
rivalry.
While Manchester signed a devolu-
tion deal in November, progress else-
where has stalled because of rivalries
and chancellor George Osborne’s insist-
ence that serious money would only be
handed over to an elected mayor.
Phillip Blond, director of ResPublica,
said: “It’s not enough to simply say we
can tweak at the edges any more. These
cities deserve the fullest possible
devolution of public spending and
tax-raising powers. We are now calling
on all the parties to agree a timetable for
devolution.”
Danny Alexander, Liberal Democrat
chief secretary to the Treasury, and Scot-
tish Labour party leader Jim Murphy
will speak at the Glasgow conference.
But one council leader outside the
core cities group said: “It is fight over
resources. There is no one answer to
how to devolve and there are smaller cit-
ies that are growing faster and are more
nimble.”
Monday 9 February 2015
Australian politics
Abbott comes through no-confidence vote
But margin of PM’s win
suggests more leadership
challenges on horizon
JAMIE SMYTH — SYDNEY
Tony Abbott, Australia’s prime minis-
ter, has survived a vote of no-confidence
among Liberal party parliamentarians
in a move that appeared to end an
immediate threat to his leadership.
But a narrower than expected margin
of victory for Mr Abbott — 61 votes to 39
— on a leadership motion brought by
rebel backbench MPs suggests he could
face more challenges.
“This won’t resolve the leadership
issue,” said Peter Chen, politics lecturer
Nigeria delays presidential election over security fears
Vote postponed by six weeks
after concern Boko Haram
offensive will disrupt polls
WILLIAM WALLIS — LAGOS
The postponement of Nigerian elections
offers President Goodluck Jonathan a
chance to regain the initiative in the face
of the relentless Boko Haram insur-
gency as well as test the staying power of
his political rivals.
But against a precarious backdrop of
regional, religious and ethnic tension,
the extension of campaigning by six
weeks risks fraying nerves still further.
It could also backfire in other ways for
the ruling People’s Democratic party, in
power since the restoration of civilian
rule in 1999. Nigeria’s economy — the
largest in Africa but dependent on crude
exports for 90 per cent of export earn-
ings — has taken a battering as a result of
the falling oil price.
This has exposed the Jonathan gov-
ernment’s failure to put savings away in
the boom years — amid persistent alle-
gations of extensive corruption — and is
Venezuelan émigrés use Cuban tactics to steer US political debate on their home country
The votes of an expanding
expat community in the
Sunshine State buy influence
GEOFF DYER — DORAL, FLORIDA
Over cornbread sandwiches and cold
beer, the Friday evening conversation at
El Arepazo in Doral would quicken the
pulse of any Latin American exile. The
tables hum with tales of imminent eco-
nomic collapse, an imploding govern-
ment and a scandal involving senior
officials and drug trafficking.
The restaurant’s patrons, however,
are not the Cuban exiles who have
played such a big role in the state’s poli-
tics for five decades. They are much
newer arrivals from Venezuela who are
also beginning to make their influence
felt on US policy.
A day after the announcement by
Barack Obama in December that the US
wanted to normalise relations with
Cuba — potentially ending more than 50
at Sydney University. “It merely defers
the issue while he tries to demonstrate
the ‘new Tony’ he has been promising.”
Less than 18 months since being
elected prime minister, Mr Abbott faced
a revolt by backbench Liberal MPs and
senators after gaffes, policy missteps
and poor poll ratings.
His move to make Prince Philip a
Knight of the Order of Australia without
consulting cabinet colleagues has
become a lightning rod for critics who
see Mr Abbott as out of touch with the
public.
The Liberal party’s loss of the Queens-
land state election last month spurred
Western Australian MP Luke Simpkins
to lay down a vote of no-confidence.
Mr Abbott fought a desperate cam-
Africa. Islamist threat
now hitting Nigerians in the pocket, via
the depreciating national currency.
“I don’t see what would change for the
ruling party in six weeks in terms of its
political fortunes. If anything, it could
get worse,” said Clement Nwankwo,
director of the Abuja-based Policy and
Legal Advocacy Centre and a veteran
democracy activist.
Until the weekend, Attahiru Jega,
chairman of the Independent National
Electoral Commission had resisted gov-
ernment calls for postponement. These
were based partly on concerns that vio-
lence in the north east, where Boko
Haram has seized territory, will prevent
hundreds of thousands of voters from
casting ballots.
Mr Jega said on Saturday he was
pressed by security chiefs into putting
back the elections from February 14 to
March 28. Governorship and national
assembly polls have also been delayed.
Nigerian troops, he said, are
preparing a counter offensive against
Boko Haram — alongside forces from
neighbouring Cameroon, Chad and
Niger — and could not simultaneously
guarantee safety at the polling stations.
“The commission cannot lightly wave
years of embargoes — the president
signed a law that imposed sanctions on
members of the government in Caracas.
This week, the state department
announced more visa bans on officials it
says are responsible for rights abuses.
Just as hardline Cuban émigré views
against Havana appear to be losing reso-
nance in US politics, Florida’s Venezue-
lans are using many of the same tactics
and rhetoric to influence the way the
Washington deals with their home
country.
When the sanctions law was pro-
posed, the Obama administration was
opposed, arguing it could become a
propaganda boon for Caracas.
The decision to adopt the law followed
an aggressive campaign by Florida’s
Venezuelan community, as well as from
Cuban-American politicians who have
taken up the cause as their own.
“Cuba and now Venezuela are not for-
eign policy issues in the US, they are
domestic issues,” explains José Hernán-
dez, editor of El Venezolano, a newspa-
per for expats, and executive secretary
★★★ FINANCIAL TIMES
INTERNATIONAL
paign to woo his Liberal party col-
leagues over the weekend promising to
consult more on policy issues and mak-
ing promises designed to shore up his
position. He also brought forward the
vote on his leadership by a day, saying it
was important to end speculation about
his leadership.
The most concrete policy change
reportedly made by Mr Abbott was a
decision to allow the Australian Subma-
rine Corporation to tender for a A$20bn
(US$15.5bn) contract to build the coun-
try’s next fleet of submarines.
The Liberal-National coalition had
indicated it was preparing to fast-track a
proposal to award the contract to Japa-
nese shipbuilders. But serious concerns
expressed by his party colleagues in
off the advice of the nation’s security
chiefs . . . The risk of . . . calling people
to exercise their democratic rights in a
situation where their security cannot be
guaranteed is a most onerous responsi-
bility,” Mr Jega said.
Chadian and Cameroonian forces,
operating in tandem with Nigeria, have
made inroads into Boko Haram terri-
tory in recent days. The PDP will be hop-
ing that sustained battlefield success,
together with the party’s greater spend-
ing power, will help swing momentum
back in Mr Jonathan’s favour.
At a church service at the weekend,
Mr Jonathan claimed credit for contain-
ing the insurgency largely to the north
east and pledged to work harder to pro-
tect Nigerians from Boko Haram.
Sambo Dasuki, his national security
adviser, had also advised that a third of
69m eligible voters could have been dis-
‘I don’t see what would
change for the ruling
party in six weeks in terms
of its political fortunes’
Lobbying. Florida
in Miami of MUD, an opposition politi-
cal group. “[US] politicians now know
that, depending on what they do about
Venezuela, there will be a lot of voters
either for them or against them.”
The lobby has grown from almost
nothing. In 2000, when George W Bush
narrowly won Florida with the support
of three-quarters of the Cuban commu-
nity, only a few hundred Venezuelans
voted. By 2011, the Census Bureau said
there were 259,000 people of Venezue-
Venezuelan expats await Barack Obama in Miami last year — Joe Raedle/Getty Images
South Australia over loses of jobs at local
shipyards prompted him to shift the
party’s position.
After the confidence vote Mr Abbott
said the party wanted to end the disu-
nity and uncertainty that had destroyed
two previous Labor governments. “We
are absolutely determined to work for
you the people who elected us.”
Mr Abbott’s narrower than expected
victory in the confidence motion came
despite no clear challenger emerging.
Malcolm Turnbull, communications
minister, had positioned himself to
challenge for the leadership in the event
that Mr Abbott lost the motion. The two
men are longstanding political rivals.
In 2009, Mr Abbott unseated Mr
Turnbull in a leadership challenge
enfranchised by delays in the distribu-
tion of new biometric voter cards.
But the main opposition All Progres-
sives Congress argued that calls for a
delay were driven by PDP fear that Mr
Jonathan was set to lose to their candi-
date, 72-year-old former military ruler
Muhammadu Buhari. The APC
described the postponement as a
“major setback to democracy”.
Washington also voiced disapproval.
“It is critical that the government not
use security concerns as a pretext for
impeding the democratic process,” John
Kerry, the secretary of state, said.
Mr Kerry’s comments reflect fears in
civil society and among opposition
activists that the government may seek
to extend its mandate beyond a four-
year term ending on May 29, or plunge
the country back into the hands of the
military. Both government officials and
the army command have publicly rebut-
ted rumours to that effect in recent days.
In a statement yesterday, Mr Jonathan
said he would not seek to stay in office
beyond his constitutional mandate. “It
is the president’s understanding that
INEC’s decision ought not to generate
acrimony since it acted within its pow-
lan origin in the US, mostly in south
Florida. That is smaller than the Cuban
community of 2m, but big enough to be
politically relevant in a state with a his-
tory of razor-close elections.
El Arepazo has become a focal point
for the Doral’s Venezuelans. The city
won the right to host last month’s Miss
Universe, which has strong ties to Vene-
zuela because its entrants usually per-
form well in the beauty pageant.
While many Miami Cubans have mel-
prompted by the latter’s support for an
emissions trading system to combat cli-
mate change. In a surprise victory Mr
Abbott won a second-round ballot by 42
votes to 41. Mr Turnbull planned to quit
politics but reversed his decision,
pledged not to undermine Mr Abbott’s
leadership of the party and indicated he
would not initiate a leadership chal-
lenge until the results of the confidence
motion were known.
Mr Chen said the prime minister had
bought himself time as the state election
in New South Wales in March meant
that further moves against Mr Abbott
were unlikely. He said the election could
now become a referendum on the per-
formance of the federal government
and the prime minister.
Outside view
‘It is critical
that the
government
not use
security
concerns as a
pretext for
impeding the
democratic
process’
John Kerry
US secretary of state
Held up: a man
protests in
Abuja at the
weekend
against the
decision to
postpone
Nigeria’s
election
— Lekan Oyekanmi/AP
ers under the law and in consultation
with all relevant stakeholders,” he said.
Activists are furious at INEC giving a
pretext for postponement by failing to
distribute voter cards on time. “INEC
hasn’t managed well and as a result
opened the crack that allowed for inter-
ference. But we fear a larger govern-
ment scheme to frustrate the elections
happening at all,” Mr Nwankwo said.
Gen Buhari, an ascetic Muslim from
the northern state of Katsina, has posi-
tioned himself as the man Nigeria needs
to combat corruption and restore
morale to the army. His campaign to
unseat Mr Jonathan, a Christian from
the south, has been gathering steam and
the election was expected to be close.
Mr Jonathan’s PDP said the postpone-
ment was “in the interest of deepening
democracy and in national interest”.
The APC called it “highly provocative”.
“I strongly appeal to all Nigerians to
remain calm and desist from violence
and any activity which will compound
this unfortunate development,” said
Chief John Odigie-Oyegun, APC party
chairman. “We must not fall into this
obvious trap. Change we must. They can
only delay it.”
lowed over the years as second and
third-generation migrants have come to
the fore, the Venezuelan community is
shaped by the fierce anti-Chávez views
of first-generation arrivals.
“If we put Chávez on the front page,
many readers will send the newspaper
back,” says Mr Hernandez.
“When Chávez died, we ran a photo
and lots of people were really angry. I
said, ‘what am I supposed to do? He is
dead. It’s a big news story’.”
Ernesto Ackerman, who moved to the
US 25 years ago, was one of the first to
try to make the community a political
influence. “The Cubans were very
smart, they got involved in local politics
at an early stage,” says the business
owner, who founded Independent Vene-
zuelan-American Citizens.
Before long, the Venezuelans began to
attract the attention of the same Florida
politicians who had been the loudest
supporters of the Cuba embargo. Marco
Rubio, the Cuban-US senator, is a regu-
lar at political events at El Arepazo, and
the sanctions bill was introduced by
5
Obituary
South African
novelist laid
bare apartheid
André Brink
Author
1935-2015
André Brink, the South African author
who died at the weekend aged 79, was
for five decades at the forefront of liter-
ary endeavours to explore the human
agonies inflicted by apartheid. His doz-
ens of novels laid bare the casual cruelty
of a system imposed largely by the white
Afrikaners from whose ranks he came.
While reaching a readership in anglo-
phone parts of the world, at home his
works were all the more powerful
because many were written in the lan-
guage that pre-1994 Pretoria spoke.
A leader of the Sestigers movement of
writers who half a century ago began to
convey the unease within their volk,
Brink was the first to have a book in
Afrikaans — the 1973 Kennis van die Aand
— banned from circulation by the white
minority government of the day.
Prompting him to arrange its publica-
tion abroad in English as Looking on
Darkness, it set in train a process where
he wrote in both languages, rather than
allowing translators to parse his prose.
By 1975 he was lecturing in Afrikaans
at Rhodes University. The student pop-
ulation was less inclined to develop its
school-fed knowledge of the boeretaal
(“farmers’ tongue”) than Nelson Man-
dela, who unbeknown to them was pol-
ishing his facility in the “language of the
oppressor” with his prison guards on
Robben Island. But with Brink’s name
André Brink’s tales
addressed the
obstacles in the
way of two people
from different
backgrounds
already well established, his classes rou-
tinely filled the biggest hall on campus.
His delivery was dry but André Philip-
pus Brink, born on May 29 1935 at Vrede
in the Free State heartland, was a man of
impatient passions. Six times married,
lastly to Austrian author Karina
Magdalena Szczurek, he is survived
among others by her and his son, Anton.
Recurrent Brink tales addressed the
obstacles that stood in the way of two
people from different backgrounds
coming to know and even love each
other. The themes were universal but
their setting in the bush or strife-torn
Johannesburg lent Brink’s readers a
view of their world from his.
Brink saw out his academic career as a
professor at the University of Cape
Town, not of Afrikaans but English.
From his Rhodes years had come novels
such as A Dry White Season in 1979.
A recipient of the French Legion of
Honour, Brink died of an apparent leg
thrombosis during a flight home from
Europe, where Belgium’s Université
catholique de Louvain last week
awarded him an honorary doctorate.
His final published novel, the 2012
Philida, was preceded by a memoir, A
Fork in the Road. By then he was throw-
ing as caustic a light on the black urban
power elite as he had on the Dutch-de-
scended denizens of Pretoria’s Union
Buildings — of which Mandela, inaugu-
rated there as president 20 years ago,
was the first black occupant and the
most illustrious. Brink’s energetic liter-
ary record suggests a posthumous part-
ing shot to Mandela’s stumbling succes-
sors may even be in prospect.
Ileana Ros-Lehtinen, a Cuba-born con-
gresswoman whose district includes
Miami’s Little Havana.
David Smilde, a Venezuela expert at
Tulane University, says Miami Venezue-
lans are already shaping US policy. Yet,
he says: “Sanctions are counterproduc-
tive because they help the Venezuelan
government distract people from its
own shortcomings.” At the same time
though, they also “undercut the ability
of critics to portray Obama as soft on
Latin American dictators”.
Washington’s approaches to Vene-
zuela and Cuba remain different. Cuba
was subject to a long economic
embargo, while Venezuela sanctions are
narrower, aimed at named individuals.
Despite this, Mr Ackerman — and the
Venezuelan diners at El Arepazo — have
vowed to continue to press the Obama
administration to add more names to
the sanctions list.
“We do not want to harm the Vene-
zuelan economy,” he says, “but we want
to make sure President Obama does not
forget about Venezuela.”
6 ★★★ FINANCIAL TIMES Monday 9 February 2015

INTERNATIONAL

Greece Brussels summit

US urges eurozone to meet Athens halfway Tsipras vows

Washington fears lengthy
stand-off on debt would
damage global economy
PETER SPIEGEL — BRUSSELS
SHAWN DONNAN — WASHINGTON
The Obama administration is pushing
eurozone leaders to compromise with
Athens as fears grow that a protracted
stand-off could damage the global econ-
omy, say senior EU and US officials.
The US lobbying comes as concerns
grow in Brussels and Washington about
the hardline stand of eurozone govern-
ments.
Some, particularly Germany, say
Greece must press on with budget-cut-
ting commitments made under its exist-
ing €172bn bailout regardless of last
month’s election, which brought anti-
austerity party Syriza to power.
“This is a conversation we’re having
with people,” said a senior US official
involved in the talks. “There isn’t a spe-
cial initiative. I don’t think our attitude
has changed but what’s changed is that
suddenly the situation in Greece is look-
ing more problematic.”
US officials are expected to raise their
concerns at this week’s meeting of the
Group of 20 leading economies’ finance
ministers in Istanbul.
They will also air their opinions dur-
ing bilateral meetings in Washington
today between US president Barack
Obama and Angela Merkel, the German
chancellor, who will also discuss the
crisis in Ukraine.
Over the course of the five-year-old
eurozone crisis, Mr Obama has repeat-
edly intervened with EU officials,
sometimes decisively.
Many EU officials credit an eleventh-
hour call from Mr Obama with convinc-
Ukraine conflict. West’s approach
ing Ms Merkel to back the first Greek
bailout in May 2010. But the German
chancellor has not always welcomed US
pressure, resisting Washington’s lobby-
ing in 2011 and 2012 for a bigger
“bazooka” of bailout cash to calm pan-
icking financial markets.
The US intervention in the latest crisis
facing the eurozone is an indication of
Washington’s worry that turbulence in
Europe could threaten a global eco-
nomic recovery.
World growth remains too “weak and
uneven”, a senior US Treasury official
said, adding that Jack Lew, US Treasury
secretary, “will emphasise that the
world fundamentally needs more
demand” at the G20 meeting.
Mr Obama has publicly supported
calls by Alexis Tsipras, the new Greek
prime minister, for the eurozone to ease
austerity-led economic policies. The
president said in a CNN interview: “You
cannot keep on squeezing countries that
are in the midst of a depression.”
But US officials disputed reports that
a US delegation heading to Athens — led
by the Treasury’s top Europe official,
Daleep Singh — was intended as a medi-
ation mission.
Instead, officials said they were
pushing eurozone officials to put aside
any consideration of Greek exit from the
euro and help find ways for Athens to
spur growth.
“We’re not attempting to mediate . . .
we’ve advised all sides there needs to be
some compromise on everybody’s part,”
a senior US official said.
“There are limits to how much auster-
ity a society can withstand.”
Officials in Brussels have raised con-
cerns about some within the German
government who have argued that a
Greek exit from the euro is a survivable,
though undesirable, outcome.
US officials have long argued such a
result could lead to Europe-wide eco-
nomic upheaval.
“We believe that any fragmentation
would have a severe spillover effect,” the
senior US official said.
Although Washington is not pushing a
specific blueprint, the official said con-
tinued emphasis on Greek budget-cut-
ting, as opposed to broader economic
reform efforts, appears unwarranted, a
position echoed by Yanis Varoufakis,
the new Greek finance minister.
“They probably don’t need to do an
enormous amount of additional fiscal
adjustment,” the US official said.
“They need to hold on to the gains
from the reforms they’ve already made
and they need to press forward with the
kind of structural changes that a lot of
people believe are needed to make
Greece more competitive.”
Wolfgang Münchau page 7
not to seek
extension to
EU bailout
KERIN HOPE — ATHENS
Alexis Tsipras, the new Greek prime
minister, has insisted he will not seek
an extension to the country’s current
bailout, putting his leftwing govern-
ment on a collision course with its
creditors in the run-up to this week’s
EU summit.
“This government isn’t justified in seek-
ing an extension . . . The bailout has
failed,” a defiant Mr Tsipras said in
a speech to parliament last night setting
out his government’s policy priorities.
He said Greece would “pursue a new
agreement with our partners, a bridge
agreement until June” that would pro-
vide a breathing space to negotiate “a
stable and balanced arrangement . . .
that would not condemn us to further
austerity”.
Many observers expected a policy
switch to be announced in the state-

Obama has crucial voice in debate on arming Kiev
Hawks in Congress want to
send weapons but Merkel visit
to US may sway White House
SAM JONES AND STEFAN WAGSTYL
— MUNICH
Nothing at this weekend’s Munich
Security Conference generated as much
debate as the question of whether the
west should arm Kiev in the face of
Russian military aggression in eastern
Ukraine.
The argument, which first surfaced
last summer, has been revived with a
vengeance by the recent escalation in
fighting between Ukrainian troops and
Russia-backed separatists. Behind its
careful, official diplomatic rhetoric,
support for arming Kiev is growing in
Washington, with hawkish Republicans
in Congress leading the way.
“I think most in the US Congress
would like to see all of us participate in
defensively arming Ukraine,” said Bob
Corker, chairman of the US Senate for-
eign relations committee, at the Munich
conference, Europe’s largest security
gathering, over the weekend.
John Kerry, US secretary of state,
while publicly asserting in his speech
yesterday that the west’s approach to
the Ukraine crisis was united, neverthe-
less is known to be one of those privately
inclined to support arms for Kiev.
“No matter what” Europe decided,
Mr Kerry said, the US would “stand
together in support of Ukraine in
defence of the common understanding
that international borders must not,
cannot, be changed by force”.
The key voice in the debate, however,
is US president Barack Obama, who
blocked arms deliveries to Kiev last ‘If we don’t
summer and has so far been silent on
the issue of expanding military aid.
arm the
Western diplomats say he is keeping his Ukrainians,
cards close to his chest.
The debate enters a critical phase in
what is
Washington today with Europe’s most Putin’s
powerful leader, German chancellor
Angela Merkel, visiting the US. Western
reason to
diplomats say her presence could stiffen come to the
Mr Obama’s spine in opposing the
hawks. But the matter is seen as too
negotiating
close to call. table?’
The US has already supplied just over
half of a $120m non-lethal aid package
to Ukraine agreed last year. Nato has,
meanwhile, upped its training work
with Kiev’s armed forces and improved
command and control structures as well
as increased intelligence sharing.
While some of the non-lethal aid pro-
vided — night vision goggles or sleeping
bags — will not, as Ukrainian president
Petro Poroshenko acidly told Congress
last year, win a war, other components
have had a direct military effect.
The US package has provided 20
counter-mortar radar systems that are
in use on the front line and have made a
difference in helping to avoid casualties.
But it is recognised that lethal weapons
are an entirely different category and
that Russia could respond in unpredict-
able ways, including by greatly escalat-
ing the fighting.
The debate is likely to cover questions
of precisely what kinds of weapons are
supplied and whether they would need
to come with personnel. The discussion
centres on the provisions of light defen-
sive equipment such as Javelin anti-tank
missile systems from the US.
These issues will matter especially in
Europe, where the political debate is so
sensitive. “If you were to provide any-
thing with the capability that could be
lethal, defensive or not, it could risk
being seen as supplying weapons to kill
Russians,” says Robin Niblett, director
of Chatham House, the international
affairs think-tank.
While most European countries har-
bour such views, a vociferous minority
of eastern European states have already
argued in favour of arms supplies. Their
arguments are gaining ground as Rus-
sia-backed separatists escalate fighting
On guard: a in eastern Ukraine. Lithuania has sent
pro-Russia lethal military equipment to Kiev.
separatist in the “It’s a very finely balanced judgment,
wreckage of but if we don’t give weapons to the
Donetsk airport Ukrainians, what is Putin’s reason to
at the weekend come to the negotiating table? Giving
as shelling Ukraine defensive weapons is leverage
between the two against him,” says Ian Kearns, director
sides continued of the European Leadership Network.
Dominique Faget/AFP
“In Bosnia we were told for a long time
that we couldn’t arm because it would
just lead to a much bigger conflict. Well,
when military pressure was applied the
solution came much more quickly.”
Unlike imposing economic sanctions
on Russia, decisions on arms supplies do
not need to be taken consensually. As
Mr Kerry suggested, the US could take
its own action, leaving individual Euro-
pean states to make their own decisions.
Editorial Comment page 10
Nick Butler page 11
ment after Mr Tsipras and his finance
minister Yanis Varoufakis failed to win
support last week from other eurozone
leaders for a restructuring of Greece’s
€315bn foreign debt during a first round
of visits to European capitals.
Jeroen Dijsselbloem, head of the euro-
zone group of EU finance ministers, who
clashed publicly with Mr Varoufakis
over the debt issue during a recent visit
to Athens, said bluntly on Friday: “We
don’t do bridge loans.”
Mr Tsipras’s two-week-old govern-
ment already faces a funding crunch
following last week’s decision by the
European Central Bank to restrict Greek
banks’ access to cheap cash.
Mr Varoufakis is due to present
details of Greece’s economic reform
plans, including a fresh proposal on debt
‘This government isn’t
justified in seeking an
extension . . . The
bailout has failed’
restructuring, at an emergency meeting
of eurozone finance ministers on
Wednesday, the day before Mr Tsipras
attends his first European summit.
However, with the current bailout
extension due to expire on February 28,
Greece has little room for manoeuvre.
Without a deal in place, ECB funding for
its banks would dry up, forcing Athens
to impose capital controls and, in effect,
suspending its membership of the
eurozone.
The government also plans to reverse
structural reforms agreed with interna-
tional lenders, from restoring the mini-
mum wage to its pre-crisis level to abol-
ishing a deeply unpopular property tax
that contributed the bulk of last year’s
primary budget surplus, before debt
repayments.
Mr Tsipras said a €25bn privatisation
programme, seen as critical to reducing
the public debt, would be halted. “We
are not going to sell off the country’s
infrastructure, which is part of our
national capital,” he said.
However, Mr Tsipras announced two
measures that would meet with credi-
tors’ approval: a crackdown on tax
evasion by the wealthy and a drive to
eliminate the influence of “oligarchs” or
powerful interest groups that dominate
public procurement and control the
country’s electronic media.

Generating growth. Vehicle registrations

Accelerating car sales drive Italy’s recovery hopes

Upbeat data help sustain
prime minister’s economic
and political reform agenda
JAMES POLITI — ROME
At a Volkswagen dealer in eastern
Rome, Bruno Buonavoglia senses that
something is changing. Valentino Auto-
mobili, the business where the 60-year-
old car salesman works, usually sells
about 130 vehicles a month from its
three locations, but last month sales
reached about 150.
“January didn’t go badly and Febru-
ary didn’t start terribly either,” Mr
Buonavoglia says. “I can’t really explain
it, but there are some small signs of
recovery.”
Across Italy, dealers have seen new
car registrations jump — to 131,000 in
January, a 10.9 per cent increase com-
pared with last year, according to trans-
port ministry data. The rebound is one
of a handful of economic indicators
offering a glimmer of hope that the
eurozone’s third-largest economy will
finally post growth in gross domestic
product in 2015 after three years of
recession.
“A series of data over the past month
have been comforting: this really should
be the year of a shift in the cycle,” said
Luca Paolazzi, chief economist at Con-
findustria, the biggest Italian business
lobby. “Things are moving in the right
direction.”
According to a forecast by the Euro-
pean Commission released last week,
Italy is expected to generate growth of
0.6 per cent in 2015. This is sluggish by
global or even European standards, but
could feel like a boom for Italy after the
economy shrank 0.5 per cent last year
and 1.9 per cent in 2013.
Such a turn could prove positive for
the eurozone as a whole, since it would
be likely to improve Italy’s public
finances and diminish fears that Rome
could face a new debt crisis. It could also
help sustain the economic and political
reform agenda being pursued by Matteo
Renzi, Italy’s prime minister.
But there have been plenty of false
dawns, notably in 2014 when some were
predicting growth in excess of 1 per cent
for the year, and Italian forecasts are
often revised lower. What makes this
year different, many economists say, is a
combination of external factors that will
help sustain the economy even as
domestic demand remains low.
“Importantly, two new supportive
factors will help,” UniCredit economists
Chiara Corso and Loredana Federico
said in a recent note. “A significant euro
weakening and the plunge in oil prices,
which will underpin the recovery of for-
eign and domestic demand.”
The European Central Bank’s quanti-
tative easing programme will also
improve financial conditions and access
to credit, economists note.
An upturn in Italian car sales could
bode well for the wider economy
Among the most encouraging recent
signs in Italy are a jump in business con-
fidence in January to the highest level in
three and-a-half years and a rise in con-
sumer confidence to a three-month
high. There have also been small
increases in manufacturing activity and
industrial production and a drop in
unemployment, although this remains
high at 12.9 per cent.
Italy plunged back into deflation last
month, with the consumer price index
dropping by 0.6 per cent, but that figure
was partly driven by lower energy prices
which could help consumption.
Paolo Mameli, senior economist at
Intesa Sanpaolo, says he is proceeding
with “extreme caution”.
“In recent Italian history the impact
of expected jolts hasn’t always trans-
lated into growth because the situation
is so weak and the recession has lasted
so long,” he says. “But if this trend con-
tinues over the next few months we will
revise our estimates upwards.”
He currently forecasts GDP growth of
0.4 per cent this year.
For now, the car dealers at least are a
little less worried.
Monday 9 February 2015 ★ FINANCIAL TIMES 7
8 ★
Beijing enlists private sector
to slim down its bloated army
Reforms open door for business into inner sanctum of defence procurement
CHARLES CLOVER — BEIJING
Wang Zegang makes mining machinery
for the coal industry at his factory in
Shandong province but by next year he
plans to branch out into a new business
— making jets for China’s air force.
The way he sees it, the more of his
products that get shot down, the better.
The sole job of “Blue Fox” target drones
— for which his factory will make the jet
thrusters — is to get blown out of the sky
during aerial weapons tests. Thanks to
sweeping reforms, Mr Wang, a private
sector entrepreneur, is able to compete
in tenders to sell high-tech aviation to
the People’s Liberation Army.
While the PLA used to be the final bas-
tion against capitalist aggression, it has
been forced by Communist party fiat to
allow private companies into a jealously
guarded inner sanctum of defence pro-
curement, once the exclusive preserve
of elite state-owned monopolies.
“We are starting at the less demand-
ing, less technical section of the market
but in 10 years we hope to be making
more sophisticated aircraft,” said Mr
Wang. Making engines for target drones
is perhaps the least prestigious mission
in the air force, but it is one area that the
elite state factories have relinquished to
the private sector. And it is a foot in the
door of a lucrative aerospace sector.
The decision to bring in the private
sector is part of a reform aimed at
streamlining China’s bloated, 2.2m-man
army and turn it into a 21st-century
fighting force that can outfox US carrier
battle groups in the western Pacific
rather than win low-tech land battles in
case of a Soviet or Japanese invasion.
Defence is a growth industry in China,
with its military budget growing at dou-
ble digits nearly every year for the past
two decades, as Beijing seeks to assert
itself globally. Allowing the private sec-
tor to participate is also part of an effort
to bring transparency and fight
entrenched vested interests that have
bloated the costs of military hardware.
“The government wants to get the pri-
vate sector into this area essentially
because they want to spend their mili-
tary budget more efficiently,” said Yue
Gang, a retired colonel in the PLA.
“Introducing competition from the pri-
vate sector and breaking up the monop-
oly of the previous military factor
groups means that they will get more
bang for their buck, and better allocate
resources.”
While the reform was initially
announced at the National People’s Con-
gress in November 2013, the PLA set up
a website last month to handle procure-
ment tenders and to make the process
more transparent. Until then, only a few
private companies sold to the PLA,
according to Col Yue, and in limited cat-
egories of goods, such as bulletproof
vests and armoured limousines. Now
the reform has opened the gates to doz-
ens, even hundreds of private sector
companies.
Mike Pillsbury, a US Pentagon con-
sultant on China’s military and author of
The Hundred Year Marathon, a forthcom-
ing book on China’s hardliners, said the
long-term strategy was to mimic the US
Saudi freebies prompt alarm over economic change
Experts worry that lower oil
prices will hit capital spending
and lead to depressed activity
SIMEON KERR — RIYADH
When King Salman bin Abdulaziz al-
Saud became Saudi Arabia’s king last
month, he followed family tradition by
showering his people with money.
Bonuses were given to state employ-
ees and pensioners, and big investments
in infrastructure were announced. The
handouts, worth an estimated $32bn,
are a political necessity in Saudi Arabia,
where the royal family provides services
and benefits in return for loyalty.
But while the populist measure may
make good politics — and fuel a short-
term rise in consumer consumption —
the freebies have alarmed some ana-
lysts, who say they do not set a good fis-
cal precedent and may indicate a reluc-
tance to push ahead with reforms.
Over the past decade the kingdom has
built $730bn in reserves, equivalent of
three years of imports, and eradicated
debt. But King Salman assumes the
throne against a more challenging fiscal
backdrop, with oil revenues expected to
drop by a third this year, according to
forecasts by Citi, the US bank. At the
FINANCIAL TIMES
INTERNATIONAL
Soldiers of system of defence procurement. “What
the People’s the PLA wants to do is follow the Ameri-
Liberation Army can approach,” he said. “If they want to
at a ceremony in make a missile, they don’t have just one
December. The single state factory which produces
PLA set up a rockets and missiles. The US has Lock-
website last heed, Grumman and Boeing all compet-
month to handle ing.”
procurement Mr Wang’s entry into aerospace is
tenders and to through a joint venture between his
make the Shandong Mining Machinery Company
process more and the Beijing-based Gas Turbine labo-
transparent ratory, which is part of the Chinese
Johannes Eisele/AFP
Academy of Sciences and headed by his
former college roommate, that designs
jet prototypes for military production.
“Private companies can do things for
one-third the cost of state companies,”
said Yang Xiaojie, general manager of ‘What the
the joint venture who originally hails
from the lab. PLA wants
Ms Yang, who has spent most of her to do is
career working in the state-owned aero-
space sectors, said the elite state facto- follow the
ries had a tendency to look down their American
noses at the new entrants. “In terms of
qualifications and experience, the pri- approach’
New king. Fiscal fears
same time, the kingdom is trying on infrastructure investment. But econ-
to reduce its dependence on oil and cre- omists also worry that lower oil prices
ate a more diversified, private-sector will hit the government’s capital spend-
oriented economy. ing, which could depress economic
The late King Abdullah made some activity in the coming years.
progress on economic reform, opening Officials say the administration is
the country to foreign investors and expected to focus on growing the econ-
introducing rules to get more Saudis omy at a faster rate to boost job creation.
into jobs by penalising expatriate They say that expatriates, who form
employment. 85 per cent of the private sector work-
Mohammed al-Jasser, the economy force, may be needed, but as Saudi skills
minister, assured investors at a confer- improve they will be able to fill more
ence in Riyadh last week that “the positions.
reforms under King Abdullah will con- Adel Fakih, the labour minister,
tinue unabated under King Salman”. points out that more jobs have been
Saudi Arabia, like other Gulf states, created in the past four years than the
used lavish state spending to cement previous 40. But while about 600,000
stability during the 2011 Arab uprisings. Saudis have joined the private sector
Salman’s handout amounts to just a
quarter of Abdullah’s $130bn package
announced after the overthrow of auto-
crats in Tunisia, Egypt and Yemen. The
late king’s munificence helped purchase
social peace during the final years of his
rule. But the tough economic reform
measures that economists say are
needed, such as raising the price of pet-
rol and electricity, risk igniting popular
anger or removing the kingdom’s indus-
trial competitive advantage. $32bn $140bn
The International Monetary Fund Estimated value Value of projects.
wants the government to reduce the of handouts King Abdullah
growth in spending still further, espe- issued by the Economic City,
cially on wages and subsidies, and focus king last month above, is one
vate companies are clearly still inferior
to the state companies. The state com-
panies still attract better degrees from
better universities, a better calibre.”
But the private companies learn
quickly, and they make do with fewer
people — “they develop people better”,
she said. She added that their new com-
mercial tie-up had meant they had a
curious relationship with their former
clients, the state-owned Aviation Indus-
try Corporation of China, one of China’s
largest aviation concerns. Although
they are competing with Avic, they are
also still using some of its production
lines to make components that remain
beyond their capacity, such as turbine
blades.
But Avic has not taken kindly to the
new market entrants. “We certainly
don’t feel welcome there any more,” she
said. Avic declined to be interviewed.
“It will be a few years before they are
good enough to make high-tech jet
engines but that is the way things are
moving now,” she said.
Additional reporting by Ma Fangjing
since 2009, 2m will join the workforce in
the coming decade, according to John
Sfakianakis, regional director for Ash-
more Group. The government is pinning
its hopes on the private sector to help
accommodate them.
The state, behind 60 per cent of all
investment over the past eight years,
will still play a leading role in the king-
dom’s economy, say bankers, poten-
tially raising debt and dipping into
reserves to sustain the expenditure on
which the private sector has tradition-
ally relied.
The government will also try to
increase foreign investment. Abdullatif
al-Othman, governor of the Saudi Ara-
bian General Investment Authority, is
hoping to lure foreign capital with trans-
portation and health projects valued at
$140bn.
Another project, King Abdullah Eco-
nomic City, a special economic zone and
port on the Red Sea coast, has already
attracted companies such as Mars and
Pfizer, and expects more demand, says
Fahd al-Rasheed, the chief executive.
Now, says Mr Rasheed, the industrial
city hopes to lead a cycle of private sec-
tor led growth. “The biggest boost now is
coming from the private sector, as we
leverage the government’s infrastruc-
tural and human development work,”
he says. “This will drive a new boom.”
Slowdown
China exports fall as trade
surplus hits record $60bn
CHARLES CLOVER — BEIJING
China’s slowing economy hit trade last
month. Imports and exports came in
worse than anticipated and the
monthly trade surplus bulged to a
record $60bn as a survey yesterday
revealed that the key manufacturing
sector contracted in January for the
first time in more than two years.
Exports fell 3.3 per cent last month from
a year earlier, while imports slumped by
19.9 per cent, according to data released
yesterday by the Customs Administra-
tion. Analysts polled by Reuters had
expected exports to rise by 6.3 per cent
and imports to fall only 3 per cent, to
give a trade deficit of $48.9bn.
The majority of the slump in imports
was the result of falling commodity
prices, especially coal and oil, according
to analysts at ANZ Research.
China’s iron ore and crude oil imports
fell by 9.4 per cent and 0.6 per cent
respectively by volume. However, in
value terms, iron ore imports dropped
by 50.3 per cent and crude oil imports
declined by 41.8 per cent.
The data reflect the cooling of China’s
economic growth — last year the coun-
try’s gross domestic product grew at its
slowest rate in more than two decades.
“China’s manufacturing sector is
under great pressure as both external
and domestic demand remains slug-
gish,” said ANZ in a statement.
Audio mystery
Recording claims to chronicle
Egypt disdain for Gulf donors
BORZOU DARAGAHI — CAIRO
The latest in a series of allegedly leaked
but unverified audio recordings from
within the inner circle of Egypt’s lead-
ership suggest senior officials view
their Gulf Arab patrons with disdain
even as they seek their financial help.
An audio recording released on Satur-
day purportedly chronicles Egypt’s
President Abdel Fattah el-Sisi and two
deputies deliberating over ways to con-
vince Gulf Arab leaders in Saudi Arabia,
the United Arab Emirates and Kuwait to
cough up billions of dollars in aid.
“There should be no compromises,
especially with half-states,” Mr Sisi’s
chief of staff, Abbas Kamel, allegedly
says, dismissing concerns by a Gulf state
that there be some measure of account-
ability for aid payments to Egypt.
“I have a hungry people living in very
awful conditions,” he allegedly says.
“[The Gulf Arab rulers] are living their
life to the fullest and their money is
piled up. And every prince has hun-
dreds and billions.”
The mysterious leaks, posted to the
internet and broadcast on pro-Islamist
television channels, have rattled Egypt’s
rulers.
Egyptian officials referred the Finan-
cial Times to a television interview on
Saturday with prime minister Ibrahim
Mehleb in which he denounced the
City election
Blow to Modi as exit polls
point to BJP defeat in Delhi
AMY KAZMIN — NEW DELHI
India’s Aam Aadmi party, known as the
Common Man party, appears poised to
retake control of New Delhi after the
city’s voters apparently rebuffed
Narendra Modi’s Bharatiya Janata
party, according to exit polls.
If confirmed when the votes are counted
tomorrow, the results would be an upset
for the BJP’s electoral juggernaut, which
has secured power in three big state
elections since Mr Modi’s election as
prime minister in May, and spent heav-
ily to try to secure control of the capital.
It would also be a stunning political
resurrection for Arvind Kejriwal, leader
of the two-year-old AAP, after his act of
near political suicide a year ago when he
resigned as Delhi’s chief minister, at the
head of a minority government, after a
turbulent 49-day stint.
Mr Kejriwal’s resignation provoked
charges that the former tax official
turned anti-corruption crusader was
not up to the task of governing Delhi, an
unwieldy city of nearly 17m people fac-
ing problems with water, power, hous-
ing and transportation.
But Mr Kejriwal argued there was no
point trying to run a government that
lacked the numbers in the state legisla-
ture to push ahead with reforms, such as
the creation of a special agency empow-
ered to investigate official corruption.
Monday 9 February 2015
However, analysts say strong seasonal
distortions because of the lunar new
year holiday — where consumption
usually increases and production falls —
make it difficult to interpret January
trade numbers. Last year the holiday
fell in January and this year it falls in
February.
The ballooning trade surplus would
normally be expected to support ren-
minbi appreciation but the currency
weakened in January by 0.7 per cent,
reflecting investment-related outflows.
The latest balance of payments data
show that China posted its biggest
quarterly capital and financial account
deficit on record in the fourth quarter
last year, a trend that is likely to have
continued in January.
China suffered its largest capital out-
flows on record in the fourth quarter last
year, according to balance of payments
data released on Tuesday. The deficit of
$91bn on the capital and financial
accounts was the worst since quarterly
data were first compiled in 1998.
Policy makers have responded to the
weakness in the economy by cutting
interest rates, and last week the central
bank cut the required reserve ratio for
its banks as it stepped up efforts to
counter the impact of capital outflows
and encourage banks to boost lending
amid fresh data showing a weakening
economy.
Additional reporting by Gabriel Wildau
channels broadcasting the leaks but did
not address their authenticity.
Unofficially the leaks have been
described as forgeries, digital manipula-
tions and the results of sophisticated
intelligence gathering by other states.
Egypt’s generals have been battling
since 2013 against supporters of
Mohamed Morsi, the former Islamist
president they ousted and whose out-
lawed Muslim Brotherhood organisa-
tion has publicised the leaks.
Previous recordings allegedly showed
members of Egypt’s security elite
manipulating legal documents and
procedures to ensure Mr Morsi’s deten-
tion, interfering in the judiciary they
hail as independent and colluding with
journalists.
Koert DeBeuf, a Cairo-based analyst
and author of a book on the Arab
revolts, said the leaks, if real, show the
frustration of the Egyptian army. “They
feel humiliated being forced to ask for
money from the Gulf while looking
down on them,” he said. “Without the
Gulf money Egypt is broke, and they
know it. It will take a lot of diplomatic
massage to get this straight again.”
Perhaps most explosively the record-
ings allegedly show Mr Sisi proposing to
divert aid from those countries into
accounts controlled by the military,
although there is no suggestion he
sought to benefit from any money.
The exit polls suggest Delhi’s resi-
dents, nearly 67 per cent of whom voted
on Saturday in an unprecedented poll
turnout, were willing to give Mr Kejri-
wal a second chance after a year of the
city’s direct rule by central government.
The polls point to a virtual collapse of
voter support for the Congress party,
whose core supporters, including the
poorest of the poor and religious minor-
ities, apparently turned to the AAP en
masse, fancying its chances of beating
the BJP far more than those of the enfee-
bled Congress.
Mr Kejriwal hailed the apparent out-
come, tweeting: “My gratitud 2 Delhiites
for their support. U r so amazing. U
rejected politics of caste n religion. Hope
final results r as per exit polls”.
If the AAP does take power in the cap-
ital city, the party will be elevated to a
leading voice of opposition to Mr Modi,
given the weakness of the Congress
party under the leadership of dynastic
scion Rahul Gandhi.
Analysts said the exit polls reflected
the appeal of the AAP’s promise to take a
tough stand on the petty official corrup-
tion that blights the daily lives of mil-
lions of Indians. They added it is also a
warning of eroding enthusiasm for Mr
Modi, who rode to power on a promise
of economic growth but whose adminis-
tration has seen the rise of communal
polarisation by rightwing Hindus.
Monday 9 February 2015 ★ FINANCIAL TIMES 9

FT BIG READ. MYANMAR

The opposition leader has become the symbol of change in her country but power still lies with the army.
As elections approach she argues that until the generals’ grip is removed the country cannot move on.
by Michael Peel and David Pilling

A
ung San Suu Kyi has made a tion year. The polls have put paid for

Suu Kyi’s search for

long journey to her new now to efforts to launch a nationwide
base inside the sprawling ceasefire and peace process to end civil
parliamentary complex of conflicts that have flared on and off for
pagoda-like buildings in more than half a century between gov-
Naypyidaw, where Myanmar’s military ernment forces and ethnic militias. For

‘one brave soldier’

junta built its eerily empty capital miles
from anywhere. Years of house arrest in
her lakeside Yangon residence behind
her, she now has the run of an office pre-
sided over by a portrait of her father
Aung San, the murdered nationalist
leader.
But for all the trappings of freedom
and power, she is still searching for
something — the “one brave soldier”
who will break ranks and help prise the
generals’ grip from power. The mili-
tary’s guaranteed bloc of 25 per cent of
parliamentary seats gives it an effective
veto on constitutional change, which
requires a more than three-quarters
majority.
“I haven’t seen the one who was pre-
pared to vote against orders from above
yet,” says Ms Suu Kyi, who is wearing
her trademark sarong and flower in her
hair. “It’s a question of the military com-
ing to terms with the new situation. If
they really want to move on to democ-
racy then they must accept that civilian
control, civilian authority should be
supreme and that it’s the people’s right
to choose the government.”
This is a defining year for Ms Suu Kyi,
who turns 70 in June, and on whom the
western world has hung its hopes for
transition to a liberal democracy in
Myanmar. Elections likely to take place
in November will plausibly be the freest
in the nation’s history since the military
grabbed power in 1962.
Ms Suu Kyi’s National League for
Democracy overwhelmingly won the
1990 elections but the junta ignored the
result and launched a brutal crackdown
instead. This time she faces formidable
constitutional obstacles but it is still just
conceivable — if increasingly unlikely —
that she will emerge as the nation’s
500 km
BHUTAN
INDIA
CHINA
BANGLA-
DESH
MYANMAR
Naypyidaw
Bay of
LAOS
Bengal
Yangon
THAILAND
Andaman
Sea
leader nearly 30 years after her return
to the country in 1988 electrified the
pro-democracy movement. More likely
she will have to satisfy herself with less
than a fairytale end: a supporting role as
kingmaker in a country awash with
troubles but also international hopes.
Asia’s last great frontier
The outcome of the elections, and the
constitutional and factional tussles
leading up to it, will shape the future of a
strategically important state that is
wedged between the great powers of
China and India. Myanmar, potentially
Asia’s last great economic frontier, has
been a trading entrepôt, an empire
builder and a victim of colonialism.
The modern-day forces tearing at it
include a civil conflict more than 50
years old, rising religious tension and
widespread disappointment from those
who are missing out on the fruits of
strong economic growth. But if one
thing unites the factions battling for
control it is a sense that some of its
former glories can be restored.
“We are seeing one of the most
remarkable transformations in a society
that the world has ever seen,” says Rich-
ard Horsey, a Yangon-based political
analyst. “The fact that it hasn’t solved all
the country’s problems? Well, this isn’t
Utopia. It’s a managed transition rather
than an Arab spring uprising, which is
probably all the better.”
The transformation was triggered by
the release of Ms Suu Kyi from house
arrest in November 2010. The military
junta created a parliament that soon
acquired real teeth, released hundreds
of political prisoners and curbed censor-
ship. Staffed with former generals the
government began serious talks with
the west to end decades of sanctions. For
western businesses, the country was
transformed from a no-go area to the
hottest new potential market.
The west has tended to view Myan-
mar through the prism of Ms Suu Kyi’s
struggle with the generals for democ-
racy. The story is far more complex than
that. Since the British invaded Upper
Burma in 1885 one of the world’s most
ethnically diverse countries has failed to
establish a stable political framework.
In 1962, 14 years after independence,
Captive audience: Aung San Suu Kyi
addresses supporters in Naypyidaw
— Genuru Amarasinghe/AP
Foreign direct investment
Into Myanmar ($m)
2013
$2.6bn
2010
$1.3bn
2005
$234.9m
FT graphic. Sources: UNCTAD; IMF; UN
Mixed fortunes at frontier
Yangon, Myanmar’s main city, has
proved to be both boom town and let
down for the businesses that have
poured in since the country ended its
long commercial isolation.
Incoming western consumer goods
companies have contributed to a
business buzz in the metropolis — an
energy that seems to make the traffic
worse every month as car imports
continue to flow in.
Communications have been
transformed by the launch of new
mobile services by Telenor of Norway
and Qatar’s Ooredoo, sending the price
of sim cards plummeting from well over
the generals declared an end to the dem-
ocratic experiment in the name of sta-
bilising a country in danger of splinter-
ing as ethnic minority armies fought for
separate states along its borders.
So began the disastrous road to “Bur-
mese socialism”, an exercise that left it
with one of the worst records on human
rights and economic development in the
region. The run-up to the election,
which includes an attempt to settle the
“ethnic question” of the patchwork
of minority groups, is thus as much
about creating a new country as put-
Income per capita
GDP at PPP* rates
2015
2005 2010 (forecast)
$2,220 $3,430 $5,210
*Purchasing power parity
$100 to less than $2. Companies such
as Coca-Cola, Unilever and British
American Tobacco have launched or
restarted operations in a market of
more than 50m people that is hungrier
than most for foreign goods after the
years of isolation.
The vast Japanese-backed Thilawa
industrial zone west of Yangon says it
has deals with 20 foreign companies to
build factories there, in what the
government hopes will be a model for
similar schemes across the country.
But the deeper story is less
encouraging for both eager
multinationals and the government.
Some industries that are thriving,
such as clothing, are recovering ground
lost after businesses contracted sharply
under the impact of junta misrule and
international sanctions.
ting an existing one back together again.
Ms Suu Kyi is now one influential
player among several scrambling for
alliances and sway over an untested
election process for which few are will-
ing to predict the results. Thant
Myint-U, an author and historian, com-
pares the main characters’ manoeu-
vrings to “a poker game where they
don’t yet know their hands”.
“It all revolves around a handful of
people,” he says, adding that a “tempo-
rary political crisis” is possible after the
elections if no agreement can be
Life expectancy at birth
Years
63.5 64.7 65.2
2005 2010 2013
In other cases, foreign companies
that have come to check Myanmar out
have gone home chastened by
problems.
These range from the lack of basic
services such as electricity, to the
political and legal difficulties of
competing with companies linked to
the military and their cronies in
industries from mining to beer.
Businesses across the country —
including in Thilawa — face battles to
secure land in the face of historic
seizures by the military.
The focus on this year’s landmark
elections makes it hard to see those
problems easing any time soon. But
neither will the excitement around a
country whose resources and strategic
geographical position make it a
compelling commercial frontier.
reached. “Unfortunately there’s not
much of a culture of real political bar-
gaining, only polite talks masking dif-
ferences, leading at some point to an
irrevocable break.”
One measure of the machinations is
that Ms Suu Kyi has little chance of lead-
ing the country even though she is its
most popular politician and heads the
party likely to secure most seats in par-
liament. The immediate obstacle is a
constitutional article, conceived with
her in mind, that bans any person with
foreign children from the presidency
(Ms Suu Kyi’s children are both British).
A deeper problem is the suspicion of
senior army officers, many of whom dis-
trust their long-time antagonist and her
hostile western supporters.
Strange bedfellows
A further sign of the political twists and
turns — and the strange relationships
they are conjuring up — is that Ms Suu
Kyi’s closest ally in the new Myanmar is
a former military man and senior mem-
ber of the junta she battled for almost a
quarter of a century. Thura Shwe Mann
has reinvented himself as a leader of a
newly assertive parliament under civil-
ian rule. Some expect Ms Suu Kyi to
nominate him as president and become
speaker herself or, more likely, take a
powerful behind-the-scenes position
given her sway over her party, if it does
indeed end up dominating parliament.
But elements in the military are as
sceptical about Mr Shwe Mann as about
Ms Suu Kyi. Some officers feel betrayed
that one of their former helmsmen has
recast himself as a civilian politician and
promoter of parliamentary democracy.
There’s also no sign that such a deal
would have the support of President
Thein Sein — who may yet run again —
or his government.
Ye Htut, minister of information, is
highly critical of what he characterises
as Ms Suu Kyi’s attacks on the military
and Mr Thein Sein, himself a former
general. “The idea is to work together.
You cannot force the military out. You
have to see them as part of the solution,
not part of the problem,” he says.
Mr Ye Htut’s nod to the diversity of
Myanmar’s interest groups is a sign of a
further simmering tension in this elec-
many in the ethnic minority regions,
national elections in the absence of any
clarity on a federal structure are little
more than a distraction. Some are as
wary of Ms Suu Kyi as of the generals,
seeing both as representatives of the
majority Bamar ethnic group.
Hardline Buddhists
A further faultline in this precarious
process is the scope greater political
freedom has allowed for growing reli-
gious intolerance and violence from
parts of the Buddhist majority. In the
western state of Rakhine, increased fric-
tion has led to dozens of deaths and the
herding of hundreds of thousands of
Muslims into bleak refugee camps. In
the rest of the country, there has been a
sharpening of anti-Muslim rhetoric by
rightwing monks who claim that Myan-
mar’s Buddhist foundations are under
assault. That taps into a widespread fear
by ordinary people that the Muslim
population is outpacing the Buddhist
one and that Myanmar needs to be vigi-
lant against fundamentalist influence.
Internationally, Ms Suu Kyi — who calls
for an acknowledgment of the fears of
both sides — has been criticised for not
speaking out strongly enough in defence
of the Muslim minority. In Myanmar
itself, she has been pilloried by some as a
weak defender of Buddhist interests.
Zarganar, one of Myanmar’s most
famous dissidents, says dark forces
‘We are seeing one of the
most remarkable
transformations in a
society that the world
has ever seen’
close to the government are deliberately
whipping up religious conflict and could
intensify it in order to ratchet up pres-
sure on Ms Suu Kyi. “These things are
controlled by military people behind
the curtain,” he says, likening interreli-
gious tension to a time-bomb.
Whatever the result of the elections,
whoever takes over will inherit a coun-
try with deep problems. Although the
World Bank estimates economic growth
at more than 8 per cent both last year
and this, the spoils are far from evenly
spread. Much of the wealth created has
gone to a tiny business elite, many of
whose members got rich during the mil-
itary junta. The contrast between the
narrow pockets of urban wealth and the
broader picture of rural poverty is stark.
“The military have systematically
degraded this place for 50 years,” says
one western diplomat. “Every institu-
tion, except the military itself, is in a
desperate state.”
Whoever wins in November will also
have to play a delicate strategic balanc-
ing act if competing pressures from
China and the US are to be successfully
negotiated. Money from Beijing helped
prop up the former dictatorship. There
is widespread resentment at what is
seen as China’s brutal approach to
extracting minerals, timber, hydro-
power and profits from the country. US
investment is not yet in a position to fill
the gap. Its companies, put off by Myan-
mar’s lack of capacity and infrastruc-
ture and still hampered by lingering US
sanctions, have been slower to invest
than many wished.
The uncertainty enveloping Myan-
mar as it enters this landmark year is
clear in Ms Suu Kyi’s curt response to a
question about what her future govern-
ment might look like. Many have criti-
cised her for being big on change, but
hazy on what she would do if she were to
end up as president. “It’s a very big ques-
tion. It’s a very iffy question,” she
retorts. “We haven’t even decided
whether or not we’re going to be contest-
ing the elections. So how can I tell you
what kind of government there will be?”
Little trickledown The economy is
growing at 8% but unemployment
remains high and much of the wealth
has gone to a tiny business elite
Birth rights Aung San Suu Kyi, the
country’s most popular politician,
cannot stand for president because
her children were not born in Myanmar
War-torn Ceasefire talks between the
government and several ethnic groups
to halt decades-old conflicts have
stalled ahead of the poll
10
MONDAY 9 FEBRUARY 2015
This time Minsk must be
made to work
The frantic diplomatic efforts by Germany and France are critical
The situation in eastern Ukraine — like
the resulting stand-off between the
west and Russia — is extremely grave.
More than 5,000 people have died and
more than 1m have been displaced.
Whatever Moscow pretends, this is not
a civil conflict. It is a war between two
European countries, one that risks
escalating into a regional conflagration.
The gulf in narratives between west-
ern capitals and Moscow over what is
happening on the ground is particu-
larly alarming. If Russia continues to
deny basic facts — notably the presence
of its own regular troops alongside the
rebel forces fighting in Ukraine — the
chances of reconciling differences are
slim. Divisions were laid bare at this
weekend’s annual Munich Security
Conference. An uncomfortable-look-
ing Sergei Lavrov, Russia’s foreign min-
ister, was all but laughed off the stage
after delivering a speech reminiscent of
the Brezhnev era.
The frantic diplomatic efforts by
Germany’s Angela Merkel and France’s
François Hollande over recent days to
rekindle last September’s Minsk
accord are therefore critical. Talks in
the Belarusian capital with President
Vladimir Putin are now set for Wednes-
day. Though never properly honoured
by the east Ukrainian separatists and
their Russian backers, the Minsk
accord remains a viable basis for a
ceasefire that might pave the way to a
broader settlement.
If these efforts are to succeed,
Ukraine’s president Petro Poroshenko
may regrettably be forced to concede
more territory gained by the rebels
since September, to ensure safe passage
for his troops out of near-encirclement
at Debaltseve. Minsk provided, too, for
a degree of autonomy for rebel-held
territories within Ukraine.
However, Mr Poroshenko cannot
concede the kind of loose federalism
that Moscow is trying forcibly to
Thailand’s generals
should stand aside
Pursuit of former prime minister looks like a political vendetta
In a year when there are elections in
Myanmar, once the epitome of a tinpot
dictatorship, it is ironic that neighbour-
ing Thailand should now be more
deserving of that description. No one
can harbour illusions about the gener-
als who seized power last May with the
claim of restoring harmony to Thai-
land’s long-fractious political scene. It
is now crystal clear, if it was not from
the very outset, that the coup leaders
are part of the problem, not part of the
solution.
General Prayuth Chan-ocha and his
fellow military men have imposed a
dictatorship only too willing to use the
powers of the state to silence critics.
True, his regime may not be killing
people. But its attempts to quash the
social forces unleashed more than a
decade ago by the deeply flawed but
still-popular Thaksin Shinawatra,
former prime minister, are doomed to
fail. Only a commitment to restore the
country to representative government
can begin to heal the deep social divi-
sions that are eating away at Thailand’s
body politic.
Sadly, this seems to be the last thing
on the junta’s mind. Rather, the suspi-
cion is it wants to stay in power long
enough to oversee the delicate business
of royal succession when King Bhumi-
bol Adulyadej, ailing and 87, eventually
dies. At the very least, it seeks to recast
the rules such that politicians it consid-
ers irresponsibly populist can never be
elected again. It is a vision of “managed
democracy” that the harder-line gen-
erals in Myanmar would fully under-
stand.
In a combative press conference, Gen
Prayuth, head of the so-called National
Council for Peace and Order, could not
disguise his hatred of dissent. When
one journalist asked about the deten-
tion of critics for “attitude adjustment”,
he thundered back that it was inappro-
priate to challenge his “full power”. The
impose. Moreover, if a revived Minsk is
to succeed, Russia must withdraw its
soldiers and weapons and allow
Ukraine to resecure its international
border. A comprehensive, interna-
tional monitoring mission is essential.
Two principles must continue to
underpin the western approach to this
crisis. First, there must be maximum
economic support for Ukraine’s gov-
ernment, which a senior International
Monetary Fund official describes as the
most reform-minded in 20 years.
Rapid, substantial financial support in
a new IMF package supplemented by
other donors is imperative. After all, if
Ukraine’s economy collapses, Mr
Putin’s goal of weakening his neighbour
will have been achieved.
But if the new Minsk efforts fail, the
west must stick to its second principle:
increasing the costs to Russia of further
attempts to destabilise its neighbour by
ratcheting up financial sanctions on
Moscow.
Ms Merkel was right to observe in
Munich this weekend that the west pre-
vailed in the cold war not by military
means, but in a struggle of values.
Europe and the US must be prepared
for a new, similarly extended tussle.
But the west’s cold war stoicism only
worked because it was underpinned by
a tough military stance. Should the lat-
est peace efforts in Ukraine fail, the US
and some allies should consider pro-
viding limited quantities of defensive
weapons to bolster Ukraine’s forces
and help Kiev to deter further
advances by Russian-backed troops.
Nato must continue, moreover, to
reassure those states in central and
eastern Europe, especially the Baltic
republics, that exercised their post-
cold war choice in favour of joining
Euro-Atlantic alliances — and now feel
vulnerable. Moscow must be left in no
doubt that Nato’s red lines mean what
they say.
journalist would be “summoned too if
you keep asking questions like this”. If
this is the junta’s public face, one hates
to think what goes on in private.
The junta has also stepped up its war
on Yingluck Shinawatra, former prime
minister and sister of Mr Thaksin, a
populist leader whose election in 2001
ended with a 2006 coup. The subse-
quent struggle between his supporters,
many from the historically poorer
northeast, and the urban elites and
their allies triggered a political crisis
still being played out.
The latest instalment came when the
puppet parliament impeached Ms
Yingluck and banned her from politics
for five years. She faces up to a decade
in prison for alleged criminal negli-
gence over a rice subsidy scheme,
which the junta says was a vote-buying
ruse.
However wrong-headed the attempt
artificially to prop up rice prices, the
military government has dealt in
anecdote and innuendo. So far, it has
not proved the scheme was anything
other than a policy it did not like. This
looks like political vengeance, not the
rule of law.
The government has support among
the elite and business community who
argue that it has restored stability. But
stability built on repression is no stabil-
ity at all. Western powers should now
step up pressure on Thailand to hold
elections as soon as possible. Daniel
Russel, the top US official for east Asia,
has made a start by delivering a sharp
message to the junta. Thailand, he said,
was losing credibility by not moving
more quickly to end martial law.
The generals’ hopes to influence the
course of future democratic exercises
through fixing the rules are shabby and
unworkable. The sooner they hand
over power the better. Then it is for pol-
iticians to make their case — and for the
people to decide.
★ FINANCIAL TIMES
Story of Phibro’s demise is a lesson in how it all went wrong
Sir, The final demise of Phibro, which
you reported in “Sun sets for trading
pioneer Phibro as prices tumble”
(February 3), was as good an example
as any of what went wrong with our
financial markets over the past 30
years.
When I started the first Phibro soft
commodity department in the early
1970s, the core business of the
company was the movement of raw
materials from producers in one
country to users in another. We traded
in more than 50 different countries
SMEs in particular
need protection from
the whims of politicians
Sir, It is difficult to disagree with John
Kay’s assessment (“Free trade should
not put democracy in the dock”,
February 4) that public concern about
the Transatlantic Trade and
Investment Partnership is in part
driven by the perception that it is being
organised behind closed doors in
Brussels by shady lobbyists for big
business.
Despite this perception, it is actually
small and medium-sized companies
that struggle most with both tariff and
non-tariff barriers in exporting to the
US. Some imports still carry significant
tariffs, such as the 40 per cent charge
on clothing, and there are many
examples of pointless regulatory
duplication. No one would disagree
that safety standards must be
protected, but it makes no sense that
textile manufacturers have to dual fire-
test their products in both the UK and
the US. The tests achieve the same goal,
so is it really necessary to make
upholsterers burn their cushion covers
on both sides of the Atlantic?
Professor Kay suggests that TTIP
would be easier to sell to the public if
the investor-state dispute settlement
(ISDS) mechanism, which gives
companies the right to challenge
governments who have expropriated
their property, was dropped. Is he
really suggesting that companies,
especially SMEs, never need to seek
protection against the capricious
whims of some politicians? TTIP
should be an opportunity to reform
ISDS to address some of the public’s
concerns, but we shouldn’t throw the
baby out with the bathwater.
As Prof Kay says, there have been
high-profile cases involving American
multinationals, but in fact more British
companies have sought recompense
through ISDS than US companies. Data
from the OECD show that nearly a
quarter of claims brought under ISDS
were from SMEs — it is hardly the
exclusive domain of big multinationals.
TTIP would unite the world’s two
largest trading blocs, between them
accounting for nearly half of world
gross domestic product. The
partnership may be designed to
remove barriers for companies, but the
real beneficiaries will be consumers.
Free trade increases competition,
brings new products and services to
customers and drives down costs. The
business community must shout this
from the rooftops.
Simon Walker
Director General,
Institute of Directors,
London SW1, UK
Powerful spies
who endanger
their own nations
Book review
by Sam Jones
Lords of Secrecy: The
National Security Elite
and America’s Stealth
Warfare
by Scott Horton
(Nation Books, £16.47/$20.33)
Letters
using strong relationships built up over
many decades. Position-taking —
seeking to make money by just going
long or short — was considered
intellectually lazy and unprofessional.
Despite it having bought Salomon
Brothers in 1981, it was the Salomon
Brothers partners that dominated the
new company. I left at that time but
was told by my depressed old
colleagues how the two company
cultures did not fit at all. The Salomon
Brothers partners could not
understand why Phibro wasted time
Is your journey really necessary? — AFP
Air miles make you
do crazy things
Sir, Thanks to Michael Skapinker for
his candid column on air miles (“BA
backlash misses the real point of air
miles schemes”, February 5). I hope BA
does not put him in a middle seat the
next time he travels with them.
On a more serious note, as a semi-
retired globetrotter at multinationals, I
always found that air miles schemes
make people, especially in business, fly
when it is not really needed — with the
excuse that a face-to-face meeting is
unique, etc. People can do crazy things
just to get miles, even taking a plane
instead of a more civilised train or car.
On the other hand, companies are
happy that people flying around all the
time do not complain (much) about
the intensive overseas travel. That was
true in my case — especially because 10
years ago companies were still happy to
pay for business class tickets. This is
important to help keep gold or
platinum status.
More importantly, if we look at this
from a sustainability point of view, air
miles should be scrapped: they help to
increase our carbon footprint
artificially as air miles equals carbon
emissions.
Marcio Viegas
Founder and Managing Director,
SUST4IN,
Madrid, Spain
Reclassification of
broadband is justified
Sir, The solipsistic US is the only
country that does not consider
broadband to be a telecommunications
service subject to the type of regulation
embodied in Title II of the
Communications Act (“Broadband
groups fear utility move will mean
‘pipe’ sharing”, February 6). In the EU,
broadband — both fixed and mobile —
is treated as an “electronic
communications service”.
In 2005 the Federal Communications
The power of state secrets and their
keepers has waxed and waned many
times in the history of modern
democracies. In the early days of the
cold war, US spymasters exercised
such autonomy that they would share
their most jealously guarded decrypts
with the British before their own
president. Meanwhile, 40 years later,
conspiracy theories still swirl over the
UK security services’ part in the
untimely downfall of Labour prime
minister Harold Wilson.
There are countless other tales of
intrigue. And yet cold warriors and
their predecessors could only dream
of the reach, power and resources of
the west’s intelligence agencies today.
In a digitised, fragile and fast-changing
world, the power of intelligence is
fetishised like never before. Aside
from the fallout from the US-led
invasion of Iraq in 2003, however,
there has been relatively little
reflection on what tthis might mean for
our polity. Until, that is, Edward
Snowden blew the doors wide open.
Scott Horton’s book is an attempt to
catalogue what we know about the
abuses of America’s security services
in a post-Snowden world. The
fundamental premises of Lords of
Secrecy are familiar ones:
bureaucracies accrete power; secrecy
has been one of their greatest weapons
in doing so. And the book focuses on
an important question: what does the
fact that so much money is lavished
on black-box agencies, so many
actions of government are hidden
from scrutiny and so many people are
with all the hassle of shipping raw
materials when they could just “trade”
on the futures markets and, before
long, years of carefully maintained and
priceless relationships around the
world were discarded, real trading
ceased and speculation in a few major
commodities was all that was left.
All markets need a degree of daily
speculation in order to provide
liquidity and to even out short-term
price discrepancies, but when
speculation dominates the core
purpose of the market — for futures
Commission ruled that broadband was
an “information service” under Title I
of this act and therefore would not be
substantively regulated. The FCC also
removed last mile unbundling or
wholesale access obligations on the
assumption that it was not needed to
sustain competition in the provision of
services to consumers because effective
competition would develop between
providers using different transmission
media, especially between telephone
and cable companies. This competition
has not materialised, as comments
from millions of dissatisfied consumers
have demonstrated.
The major broadband provider and
leading cable operator Comcast is
ranked at the bottom in consumer
surveys that cover multiple sectors of
the economy. The reclassification of
broadband under Title II is designed to
restore the balance and protect the
legitimate interests of customers and
effective competition (the two are
intimately connected) against the
overweening power of a handful of
huge broadband operators. They have
consistently shown that they are not
reluctant to abuse this power.
Martyn Roetter
Boston, MA, US
Euro: politics, not
the economy, is all
Sir, How long would you give the
kroon, lats and litas as independent
currencies of Estonia, Latvia and
Lithuania before becoming roubles if
the euro were to fail?
Escape from the euro may be
possible, as Peter Jay so eloquently
explains (Letters, February 3) but as
he, a former ambassador to the US,
well knows, it is politics, not the
economy, that is overriding. Indeed the
point could not have been made clearer
than it was in your excellent two-page
spread in the same edition, “The battle
for the Ukraine”.
Christopher Penn
Worplesdon, Surrey, UK
beyond the reach of elected
lawmakers actually mean for
democracy and society?
Mr Horton — a human rights
lawyer, a lecturer at Colombia Law
School and a national security
commentator — details some
remarkable abuses. There is the case
of German greengrocer Khaled el-
Masri, who was imprisoned and
tortured by CIA operatives for weeks,
even after they knew he was not their
man. They wanted someone else with
a similar-sounding name. No reason
has ever been given as to why the
wrong Mr el-Masri was held unjustly
for so long.
There is also the graft. The superbly
named Dusty Foggo was the executive
director of the CIA, and helped shield
agency personnel involved in the
George W Bush administration’s
“extraordinary rendition” programme
of extrajudicial transfers of terrorism
suspects to countries that practice
torture. That is until he was jailed
after pleading guilty to fraud involving
government contracts. A sentencing
memorandum, Mr Horton notes,
“revealed Foggo had a 20-year career
of alcohol abuse, physical violence,
philandering and corruption”.
Then there is the sheer
obscurantism of it all: why on earth
should the legal opinion justifying the
killing of US citizen-turned jihadi
terrorist Anwar al-Awlaki have been
kept confidential? The mania for
secrecy can produce absurdity.
Archive documents released by the
Pentagon last February on the Cuban
Monday 9 February 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
markets that is the hedging of future
risk by producers, traders and users —
then the markets no longer function
effectively for that purpose.
Today, the level of “trading” — better
described as outright speculation — by
major banks is absurd and serves no
useful economic purpose. It is surely
time for taxpayers, who hold all the
ultimate risk against only some tax
income as an upside, to question why
this is still tolerated.
George Thomas
London W8, UK
Bitcoin’s price collapse is
evidence of speculative
excess, not failure
Sir, In common with many
commentators, your article “Scandals
and price volatility leave bitcoin
looking spent” (February 4) focuses on
the price collapse of bitcoin as evidence
of failure. However, its price is a
function of speculative interest, not its
technological potential, and its price
collapse is evidence of speculative
excess.
A better measure is the number of
daily transactions, a figure you quote. I
estimate that daily bitcoin transactions
will be in the range 130,000-170,000
transactions per day by the end of this
year, roughly a 75 per cent increase
since December 2014. In my
experience, extrapolating payment
transaction growth rates can be a
useful predictor of future volumes. On
this basis, it will take at least 10 years
for bitcoin volumes to match those of
Visa.
This is a more realistic timeframe
and a more informative way to judge
the adoption of bitcoin and
cryptocurrencies generally, and their
success or not, than through the “get-
rich-quick” lens of short-term price
movements.
Jeremy Light
London SW1, UK
Greece’s recent successes
should not be belittled
Sir, Martin Wolf (“A deal to bring
modernity to Greece”, February 4)
belittles the recent Greek economic
successes when he writes: “The Greek
people have suffered, but in vain . . . a
more productive Greece has failed to
emerge.”
According to Eurostat, Greek
gross domestic product rose sharply
in the third quarter of 2014, after
half a decade of recession; and the
public debt decreased. The public
deficit may have been in 2014 for the
first time below the Maastricht limit of
3 per cent of GDP.
The current account (exports
minus imports plus other money
inflow, for example from foreign
tourists) has been balanced for two
years. Unemployment, in particular
youth unemployment, fell in 2013 and
2014.
Dietrich Stauffer
Cologne, Germany
COMMENT ON FT.COM
Blog: Gavyn Davies
Global growth report card: Eurozone and
Japan recovering
www.ft.com/gavyndavies
missile crisis included redactions on
the outcome of the situation. Every
high school textbook in America
covers the details of the subsequent
US withdrawal of its missiles from
Turkey, but the Pentagon still
paranoiacally regards such
information as top secret.
It is hard not to extrapolate from
these tales a notion of a vast secret
state beyond control. Horton does so
with some finesse. The book is
compelling. But it is not quite the
whole picture. Secrecy is sometimes
necessary. And desirable. Amid the
titillating Snowden revelations of
mass internet surveillance by the US
and British electronic security
agencies, it is easy to forget that we do
want them to spy — and successfully,
if possible — on would-be terrorists.
We also live in an age when a hostile
nation, even one as technologically
backward as North Korea, can project
digital damage into the heartland of
America. We need agencies able to
counter this. They can only do so in
the shadows.
The “lords of secrecy” do need to be
kept in check, of course. But that may
soon happen anyway. After all,
principles go only so far in holding the
clandestine arms of the state to
account; money goes a lot further. But
money is one thing that is not quite so
freely available in Washington, or
many other capitals in the west, no
matter how many secrets they have.
The writer is the FT’s defence and
security editor
Monday 9 February 2015
Only raise rates when the whites of inflation’s eyes are visible
Lawrence
Summers
I
cannot recall a moment when the
gap between what markets expect
the US Federal Reserve to do and
what the Fed itself has forecast it
will do has been as large. Markets
predict that the Fed will raise rates only
to 1.6 per cent by the end of 2017; the
Federal Open Market Committee’s aver-
age forecast is 3.5 per cent.
Such a divergence raises the risk of
volatility and poses a communications
challenge for the Fed. More important,
it raises the question of what should
guide future policy.
Especially after Friday’s very strong
employment report, there can be no
doubt that cyclical conditions are nor-
malising. The unemployment rate now
is at its postwar average level, and con-
tinues to fall. Job openings are above
their historic average. Other indicators
The jesters shaping American politics
AMERICA
Edward
Luce
T
he human race has one
really effective weapon,
said Mark Twain — “and
that is laughter”. Its latest
punch line is the US cable
industry. The federal regulator last
week said it would intrude more aggres-
sively on broadband in spite of fierce
opposition from the likes of Comcast.
Leave aside President Barack Obama’s
backing for the move. The most potent
intervention came from the comedian
John Oliver, whose use of the Monopoly
board game to illustrate the industry’s
stranglehold on internet speeds
prompted 4m viewers to jam Washing-
ton with complaints. In democracy, as in
life, an ounce of humour is worth a
pound of logic.
There is nothing new in using it to
sway opinion. Charlie Chaplin’s The
Great Dictator issued a bigger challenge
to US isolationism before Pearl Harbor
than chilling newsreels on Hitler. Fear is
the lifeblood of power. Ridicule is its
enemy. Yet to judge by America’s chang-
ing media habits, comedy has entered a
golden age. The younger the demo-
graphic, the greater its influence. A ris-
ing share of under-30s rely on Jon Stew-
art’s The Daily Show, and now on Mr
Oliver’s Last Week Tonight, as their chief
news source. A majority trust the news
from comedy shows over any news
channel. The same applies to social
media. A spoof “Queen Elizabeth” Twit-
ter account has more followers than the
real thing.
Why now? The facile answer is tech-
nology. The multiplication of outlets has
allowed consumers to pick and choose
what they want, when they want. Per-
haps all we ever craved was to laugh and
watch videos of kittens. Now we have
All Grexit needs is a few more disastrous weeks like this
EUROPE
Wolfgang
Münchau
T
he first two weeks after Syr-
iza’s victory in the Greek
elections had the effect I
feared. A sceptical northern
European public was con-
verted into a hostile one.
We saw Yanis Varoufakis unilaterally
dismissing the troika — the technocrats
who oversee Greek economic policy. We
followed with amazement how the
Greek finance minister staged a grand
European tour like a rock star. We saw
him walking into a meeting with hedge
fund managers in London and posing
outside Downing Street. By the time he
reached Berlin on Thursday, German
politicians and the media were more
hostile than ever. By Friday, Athens
such as the insured unemployment rate
suggest a normal or rapidly normalising
economy. All of this taken in isolation
would suggest that interest rates should
not remain at zero much longer.
On the other hand, the available infla-
tion data suggests little cause for con-
cern. The core consumer price index has
averaged 1.1 per cent over the past six
months; if housing costs were stripped
out it would be zero. Wages actually fell
in December and over the past year
employment costs have risen 2.25 per
cent which, in conjunction with produc-
tivity growth of only 1 per cent, suggests
inflation of below 2 per cent. Perhaps
most troubling: market indications sug-
gest inflation is more likely to fall than
rise.
The Fed has rightly made clear that its
decisions will be data dependent. The
further key point is that it should allow
the flow of information on inflation
rather than on real economic activity to
determine its timing in adjusting inter-
est rates. And it should not raise rates
until there is clear evidence that infla-
tion, and inflation expectations, are in
danger of exceeding its 2 per cent target.
Here are four important reasons why.
the tools to indulge ourselves. Much the
same flowering of irreverence followed
the last great information revolution —
the invention of printing. Yet it is not a
fully convincing explanation. Far from
catering to our shrinking attention, the
comedy shows demand as much of their
audience as the most ponderous news
channels. Mr Oliver employs four full-
time researchers, including two former
New York Times journalists. His seg-
ments go for 20 minutes between
breaks and contain more data than, say,
an hour of CNN. It is as wrong to assume
that comedy is trivial (ask Chaplin) as it
is to believe news channels are serious.
A better answer is collapsing trust in
authority. Barely an institution is
unscathed. Rising distrust has engulfed
the marbled pillars of Congress and the
Supreme Court — in addition to the
media, the Boy Scouts, corporate Amer-
The ascent of spoof news,
such as the Daily Show,
mirrors the cratering of
public trust
ica, the Catholic Church and so on. It is
no accident that the ascent of spoof
news, such as The Daily Show, mirrors
the cratering of public trust. It would be
a surprise had it not.
Fans of Mr Stewart, whose news sense
is as incisive as anyone’s but whose wit is
sharper, liken him to Walter Cronkite —
the TV anchor to whom postwar Amer-
ica turned each night. They are exagger-
ating. Yet no journalist today is in dan-
ger of such a comparison. The one who
came closest, Brian Williams of NBC
news, has been caught repeating a story
about travelling in a helicopter struck
by a rocket in Iraq 12 years ago. No such
thing occurred. His tale captures our
sardonic mood. Those we are meant to
trust are often found to be confecting
their personas. So it is to jesters we turn.
Large slices of the US distrust any
kind of science, especially proof. The
found itself isolated at a meeting of
finance officials in Brussels.
Politically, the situation is now as bad
as it was in 2010 when the Greek debt
crisis began. It was an utterly disastrous
week of economic diplomacy. All that
separates us from Grexit are a few more
weeks like that one.
Greece and its European creditors
only have a few days left to decide how
the country can get through the next
four months. European finance minis-
ters have to agree a compromise at a
meeting on Wednesday if the funds to
cover the government’s spending com-
mitments are to be in place by March.
And only when that happens will Ath-
ens and its creditors begin to talk about
the really important stuff — like the
future of the Greek economy.
Thanks to a decision last week by the
European Central Bank to increase the
ceiling for emergency liquidity assist-
ance, the Greek banking system will be
protected until then — though not for
much longer. This leaves the question of
short-term funding as the main priority.
★ FINANCIAL TIMES
Comment
First, real wages for most workers
have been stagnant. Median family
incomes are down by 4.5 per cent over
the past five years and the economy is
about $1.5tn — or $20,000 for the aver-
age family of four — below pre-recession
estimates of its 2015 potential.
In such circumstances efforts to
reduce demand and growth require a
compelling justification. Yet the idea
that below normal unemployment will
Aborting recovery
and risking a further
slowing of inflation is
potentially catastrophic
necessarily lead to accelerating inflation
as suggested by the so called Phillips
curve is very uncertain. Contrary to
such predictions, inflation did not decel-
erate by much even a few years ago
when unemployment was in the range
of 10 per cent. Nor was there much evi-
dence of accelerating inflation in the
1990s when the unemployment rate fell
below 4 per cent.
Matt Kenyon
Mr Varoufakis has in essence four
options or a combination of them. Each
of them is opposed by at least one of the
key actors in this drama.
The first is an extension of the existing
programme. That would be procedur-
ally the easiest of all, acceptable to eve-
rybody — except the Greek government.
Mr Varoufakis already ruled this out
Athens and its creditors
have only a few days to
decide how Greece survives
the next four months
because Syriza just won an election on a
promise not to do precisely this.
Some people say he might be bluffing.
He may still end up agreeing to reforms
and suffer the humiliation of the hated
troika descending on Athens once more.
The single concession: a series of new,
cuddly names. Watch out for euphe-
misms in which programmes become
Second, if inflation were to accelerate
a bit this would be a good thing. It is now
running and is expected to run below
the Fed target. Prices are about 4 per
cent below where they would have been
if 2 per cent inflation had been main-
tained since 2007. So there is a case for
some inflation above 2 per cent to catch
up to the Fed’s price level target path.
They may also be a case for inflation a
little bit above 2 per cent for the next few
years to allow real interest rates low
enough to promote recovery when the
next recession comes.
Third, a plane that accelerates too
rapidly as it takes off may cause passen-
gers discomfort while a plane that accel-
erates too slowly may crash at the end of
the runway. Historical experience is
that inflation accelerates only slowly so
the costs of an overshoot on inflation are
small and reversible with standard
tightening policies. In contrast, aborting
recovery and risking a further slowing
of inflation is potentially catastrophic —
as Japan’s experience demonstrates. So
in a world where economic forecasts are
highly uncertain, prudence in avoiding
the largest risks counsels in favour of
Fed restraint in raising rates.
contracts, the troika turns into a con-
sultant, and austerity becomes growth-
friendly consolidation.
I suspect that Mr Varoufakis will not
blink. And even if he did accept it, the
Greek parliament might not.
Option two is more attractive for him.
He could demand, not unreasonably,
that the ECB release interest payments
and profits from purchases of Greek
government bonds during the crisis.
These funds are currently on hold. Even
if released, this would not be enough. Mr
Varoufakis will also need to ask the
European finance ministers to agree to
lift the ceiling of treasury bills the Greek
government can issue. It was imposed so
that Athens would not issue too much
debt during the bailout. If Greece does
not accept a new programme, a lifting
cannot be taken for granted.
The third option is simply to find the
money elsewhere. There are not that
many available sources. Moscow has
signalled readiness in principle to help,
clearly not out of humanitarian com-
passion. Russian money would come at
Fourth, the US has never been more
intertwined with the global economy.
Higher interest rates and the stronger
dollar they would bring would mean
greater debt burdens for debtor coun-
tries, a growing US trade deficit that
damages manufacturing, and growing
protectionist pressures.
There is already a danger given all the
problems in Europe, Japan and emerg-
ing markets that safe haven flows will
drive the dollar up to the point where
the US economy could be significantly
slowed. Raising rates without evidence
of rising inflation could dramatically
increase real rates and exacerbate these
risks.
None of this is to say that rates should
never be raised or that inflation indica-
tors might not justify a rate increase
before long. It is to say that the Fed could
inject much needed confidence in the
economy today and minimise future
risks by announcing and following a
strategy of not raising rates until it sees
the whites of inflation’s eyes.
The writer is Charles W Eliot university
professor at Harvard and a former US
Treasury secretary
latest example is last month’s measles
outbreak. A growing minority of Ameri-
can parents rejects the vaccine because
of a mythical link to autism. This
includes liberals, as well as conserva-
tives. Even a few doctors, notably Rand
Paul, the Republican senator, who is an
ophthalmologist, muse about whether
the inoculation causes mental disor-
ders. Chris Christie, another Republican
White House hopeful, is also guilty.
Their blunders may as well have been
scripted for Mr Stewart, whose show last
week mocked “science-denying affluent
California liberals” over vaccination,
and prompted the following attack by
one broadcaster. “He is ready to take us
all out and put us in concentration
camps,” Natural News Radio’s Robert
Scott Bell said of Mr Stewart, who is Jew-
ish. “If he knows anything about the
Holocaust, he’s throwing his fellow lib-
erals under a bus.”
Yet there is a limit to the comedic
reach. For one thing, it is left leaning.
The Daily Show has a fraction of the audi-
ence of conservative talk radio, which
tends to be fuelled by outrage. In 2010,
Mr Stewart organised a march “to
restore sanity” to rival the Tea Party’s
“restoring honour” rally. Stephen Col-
bert, whose comedy show was based on
a spoof angry conservative, organised
another march “to keep fear alive”. The
Tea Party still reached a high point in
the ensuing midterm elections.
For another, comedy should be a com-
plement, not a substitute, to public life.
With the latter at a low ebb, sarcasm is
having a field day. But it cannot fill the
vacuum. Late night quips have no
answer to terrorist states that incinerate
people. Last week’s ruling on broadband
regulation could well be unpicked in the
courts. The satirist H L Mencken once
said: “Democracy is the theory that the
common people know what they want
and deserve to get it good and hard.”
Like all good wit, it contained a truth.
We get what we deserve. It is a mark of
sanity to be able to laugh at the result.
edward.luce@ft.com
a heavy political cost for Greece. Even
for the Syriza government, this is not a
preferred choice, at least for now.
The fourth option is to issue a parallel
currency, redeemable only domesti-
cally, to fund government spending —
essentially an IOU. This would be the
most extreme option, but it would take
care of the funding problem. It could
easily be construed as a preliminary
step to Grexit — a departure from the
euro — or even as an act of Grexit. What
is the meaning of a single currency when
you have two of them?
Difficult as it may be to secure short-
term funding, it is nothing compared to
the big debt talks that lie ahead. I see no
debt reduction, and only marginal scope
for a fiscal relaxation of any kind. The
biggest opposition will not come from
Germany but from other periphery
countries, such as Portugal, which did
not revolt against the troika. A moment
of truth is approaching in the eurozone
crisis — but not quite this week.
munchau@eurointelligence.com
11
Rosneft and the
sanctions policy
that could
backfire
OPINION
Nick
Butler
T
he urgent attempts by
Europe’s leaders to find a
negotiated solution to the
crisis in Ukraine are not
only an acknowledgment
that sanctions so far applied against
Russia have failed but also reflect a
growing realisation that sanctions can
backfire.
The focus of concern is Rosneft, Rus-
sia’s principal oil and gas business. The
company is 69 per cent owned by the
state with a market value of some 2.6tn
roubles. Over the past five years
through a series of acquisitions it has
become one of the largest companies in
the sector globally. The only problem is
that the growth has been largely debt
driven. Rosneft’s debt amounts to
$45bn of which some $19.5bn of repay-
ments are due in 2015.
The company has been hit by the tri-
ple whammy of falling oil prices, a
devalued rouble and economic sanc-
tions. Now it is changing accounting pol-
icy and borrowing short term from the
Swiss trader Trafigura to help manage
the payments due this month.
New projects are being cancelled, not
least because new investment and tech-
nology transfers from western compa-
nies are prohibited. International banks
are routinely turning down any deals
involving Moscow. The negative prece-
dent is the US legal action for breaking
sanctions legislation against Iran which
cost BNP Paribas almost $9bn.
Rosneft has appealed to the Russian
government for a loan of $42bn to sup-
port its finances but has so far been
given nothing. Intriguingly President
Vladimir Putin was reported last week
to have made an open attack on Rosneft
for seeking additional funding. Russian
state finances are also under pressure
and the country’s bonds now have junk
status. When it comes to Rosneft, sover-
eign and corporate debt problems
merge into one.
Under the leadership of Igor Sechin, a
When it comes to Rosneft,
sovereign and corporate
debt problems
merge into one
former head of the presidential admin-
istration, Rosneft is not likely to remain
passive in the face of adversity.
Mr Sechin has proposed countervail-
ing sanctions including a requirement
on European buyers of Russian gas to
pay in advance. The company is taking
legal action which was last week
referred to the European Court of Jus-
tice. If conditions deteriorate Rosneft
could escalate the dispute. Payments to
western companies and shareholders
could be suspended and resources
expropriated on the grounds that the
privatisation 20 years ago was illegal.
This is not, of course, what sanctions
were meant to achieve. The sanctions
are doing damage but are not changing
Russian behaviour in Ukraine. It is clear
that Mr Putin takes less notice of the
business community than of the mili-
tary and security network which pro-
vides his power base.
Sanctions are a blunt instrument lia-
ble to promote isolation rather than
engagement. We should be realistic.
When it comes to Russia western action
is constrained by self-imposed limits.
No one wants to send troops or to cut off
the gas which Russia sends to Europe
every day. Sanctions are no more than a
weak fallback — and in the current cir-
cumstances all too likely to backfire.
The danger is that sanctions are dam-
aging precisely those who should be
instrumental in making Russia a more
“normal” country. Rosneft has been
more open to western investment and
business standards than any other
major business in the country. Do west-
ern leaders really want to force Mr
Sechin and other Russian businessmen
on to a track which leads to debt default
and expropriation as expressions of a
defensive form of resource nationalism?
If the meeting in Minsk on Wednes-
day resolves the stand-off over Ukraine,
Rosneft’s debts can be rescheduled
without too much disruption. If it
doesn’t, the risk is that sanctions will be
intensified, rapidly reversing the open-
ing of the Russian economy over the
past 25 years. The stakes are very high.
The writer chairs the King’s Policy Institute
at King’s College London and writes an
energy blog for the FT
12 ★ FINANCIAL TIMES Monday 9 February 2015

BUSINESS EDUCATION

Founders share Video

their craft as
London’s business schools are racing to
win over record numbers of entrepreneurs
www.ft.com/video

campus mentors James Urquhart, part of the founding

The role of entrepreneur-
in-residence has gained
academic favour, writes
Jonathan Moules
team of Arm Holdings, the Cambridge-
based semiconductor company whose
designs are used in iPhones.
Many more founders pass through
ing founders also work with faculty on Judge than those employed as entrepre-
research and course development, hav- neurs-in-residence. But only the latter
ing come from a variety of industries, will be asked to join as “fellows” in line
including ecommerce, entertainment, with other staff roles, says Jo Mills, dep-
private equity, retail and venture capi- uty director of CfEL.
tal. “About 300 entrepreneurs will help us
Russ Wilcox is one such guest. As on any given year, but we only give the

M
ark Tebbe never studied
for an MBA. After com-
pleting his computer sci-
ence degree in 1982, he
joined accounting firm
Arthur Andersen then launched Lante,
a technology consultancy that he sold
20 years later for $42m.
His lack of business education, how-
ever, has not stopped him from working
at a business school.
For the past three years, he has been a
regular fixture at Chicago’s Booth School
of Business, where he mentors students
and provides what he calls “a link to the
real world” for academics as an entre-
preneur-in-residence.
“I am enjoying it so much,” he says,
having taken on the role when he was
approaching 50 and eager to give some-
thing back to the city where his start-up
was born. “It gives me the flexibility to
suit my lifestyle now, where I have done
well from a financial point of view, and
have nothing to prove.”
Business schools may struggle to get
successful entrepreneurs to consider
doing an MBA, but they seem to have lit-
tle trouble getting founders to assist in
teaching their craft. As a result, the role
of entrepreneur-in-residence, once
mostly found at venture capital firms,
has become commonplace in business
schools across the world.
One of the longest running pro-
grammes is at Harvard Business School,
which recently announced a roll call of
16 founders for the current academic
year, 14 of whom are HBS graduates.
Now in its ninth year, it includes one-to-
one advice sessions for MBA students
interested in starting companies. Visit-
chief executive of E Ink, he has experi-
ence in developing a proprietary form of
electronic paper for ereaders and
mobile devices.
“I wanted to give something back to
Harvard and the community,” he says.
“It is really hard to get started in busi-
ness so people need a lot of encourage-
ment to get going.”
About half of Harvard’s MBA alumni
describe themselves as entrepreneurs
10 to 15 years after they graduate,
according to the business school. These
include Michael Bloomberg, the finan-
cial media business founder who gradu-
ated in 1963, Scott Cook, chairman and
co-founder of software business Intuit,
and Tom Stemberg, the founder of
retailer Staples.
When Mr Wilcox completed his MBA
in 1995, the business school had no
entrepreneurs-in-residence to support
him, but he claims a lot has been
achieved since then. Students across the
university have connected through the
Innovation Lab, or i-lab, for example,
which opened in 2011.
“In a short amount of time this has
made a massive difference,” he says.
“Twenty-five per cent of the ventures at
the i-lab have founders from three dif-
ferent schools at Harvard. That is how
innovation happens.”
Cambridge’s Judge Business School
has used entrepreneurs-in-residence
since 2005, based at its Centre for Entre-
preneurial Learning (CfEL). The dozen
or so founders that currently have this
title are expected to give a week’s worth
of time to Judge students, most often
teaching their craft in the UK school’s
lecture hall. These include local hero
Words of advice
How to launch a start-up
Mark Tebbe, founder of Lante, shares
his key tips for would-be entrepreneurs.
Make ideas happen
“Ideas are a commodity, but a well-
executed idea is the core of a
successful start-up. Persistence and
hard work can overcome a great idea.”
Fail fast. Fail cheaply. Succeed sooner.
“If you want to create the future, start
in the present.”
Get a second opinion
“To determine a realistic business plan,
halve your revenue projections while
doubling your expenses. When you
have a great business model, ask your
smartest friends to critique it — before
your competitors do.”
Learn from your customers
“Even if you don’t have a perfect idea at
the start, with valid customer insights,
you will. Every growing start-up needs
paying customers — eventually.”
A team effort works best
“Always hire people who are smarter
and more capable than you and then
empower them and get out of their
way.”
Deliver more than is expected
“If it is important to your start-up’s
success, measure and watch it. Data
beats beliefs.”
Entrepreneurs are like turtles: both
stick out their necks to make progress
“Entrepreneurs have the vision to
address a need, the desire and skill to
create it, as well as the tenacity for the
journey.”
For more entrepreneurship tips, visit
www.ft.com/starting-a-business
title to those that really do add value,”
she explains. “We want people who
really concur with our values of teach-
ing entrepreneurship.”
Ego or lack thereof is also vital,
according to Bob Rosenberg, director of
entrepreneurship programmes at the
Polsky Center for Entrepreneurship at
Booth, which has been running courses
for a decade.
“A lot of entrepreneurs and investors
are way too full of themselves,” he
explains. However, a local connection
and willingness to support students is
more important than any previous
achievements.
“Our primary product is education,
not [starting] a business, and some are
not interested in that. We need people
who can be sensitive to those things and
we are fairly selective on this.”
In recent years, the US school has
employed several notable founders,
such as Troy Henikoff, co-founder of the
early stage business accelerator pro-
gramme Excelerate, which became
Techstars Chicago in 2013. He spent
about five years working with Booth’s
students.
Mr Tebbe’s responsibilities have
expanded during his tenure from just
being involved with the business school
to helping students across the whole of
Chicago University.
“In the morning I could be working
with a Booth student, later in the day I
could be helping an undergraduate
launch a new business, and then in the
afternoon I might work with a scientist
who is graphing the genome sequence,”
he says. “It is the breadth of experience
that is so exciting.”

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Monday 9 February 2015 ★ FINANCIAL TIMES 13

BUSINESS EDUCATION

Mexico sets itself a vocational challenge On video

Meet the deans

A talent shortage in Latin six-year plans but about resolving prac-

tical problems.” Andrew Ainslie
America has led to a call As a result, professors are also sec- Dean of the Simon school at the
for more students with onded to companies “to understand
these two worlds which have lived sepa-
University of Rochester, US

technical skills, writes
Jude Webber
In Mexico’s rigid social hierarchy, hold-
ers of bachelors’ degrees revel in the def-
erence the title licenciado bestows.
However, the skills the country needs
to attack its stagnant productivity are
largely the ones that come from unsexy
— and thus unpopular — vocational
courses.
It is time for an image overhaul,
believes Dieter Holtz, president of Lau-
reate Education in Mexico. Laureate
operates two prominent private univer-
sities: the Universidad del Valle de Méx-
ico and the Universidad Tecnológica de
México, which offer four-year degrees
and MBAs, as well as two-year technical
programmes.
Only about 3 to 4 per cent of students
choose these two-year programmes,
well below Chile’s level of some 55 to 60
per cent, Mr Holtz says — and yet the
opportunities they open up are huge.
“The main automotive company chief
executives in Mexico agree that they
could easily hire hundreds of technical
people every year if we were to produce
them — that would save eight months of
on-the-job training.
“About 30 per cent of people in the
18-24 age bracket are currently studying
for undergraduate degrees [in Mexico].
But what about the other 70 per cent?”
Soapbox
Beware the navel-
gazing leader
Many top business schools have
overhauled their MBA curricula in
recent years. Among the most
popular changes is increasing
“leadership” learning.
As a leadership professor myself,
I quarrel with neither the cry for
more leadership nor the motives
Ongoing construction in Mexico City creates more office space — Susana Gonzalez/Bloomberg
The talent shortage is acute across
Latin America, according to a survey
last year by ManpowerGroup, but Mex-
ico’s two decades of disappointing pro-
ductivity and the huge opportunities
opened up by its historic energy reform
make training staff with the right tech-
nical skills especially urgent.
At a conference in Mexico City this
month, Laureate gathered experts and
officials together, including former US
president Bill Clinton and Inter-Ameri-
can Development Bank chief executive
Luis Alberto Moreno, to discuss how to
make vocational training more desira-
ble and push it up the national policy
agenda.
driving it. It is the implementation
that concerns me. In many MBA
programmes, leadership has been
reduced to personal growth and
self-discovery via coaching, self-
assessment and introspection.
While personal development is
a worthy aim for an educational
experience, it is, at best, a narrow
definition of leadership. At worst, it
institutionalises the sort of navel-
gazing narcissism that is the
antithesis of collective striving
towards a meaningful goal.
The problem is that self-
The plan sounds like a no-brainer, but
it is a tricky pitch. Most promising initi-
atives are being piloted at a local level.
In the northwest state of Jalisco, for
example, innovation minister Jaime
Reyes Robles is running a series of
measures, including a German model of
“dual” education, in which students
only spend a quarter of their time in lec-
tures and the rest in the private sector.
Mr Reyes Robles’ 35 years in business
— 20 as a senior Hewlett-Packard execu-
tive and 15 at Kodak — have prepared
him well for this job.
“In the private sector, we are used to
working at a different speed,” he says.
“This is urgent. It’s not about making
knowledge is not available directly:
we can do something and only then
observe the results of our actions.
And, there is little evidence to
substantiate two implied leaps of
faith: from self-awareness to self-
control or regulation, and from self-
regulation to social influence.
Whatever happened to teaching
students to analyse the complex
social systems in which they will live
and work? Or teaching them how
they can intervene to change them?
In all fairness, many MBA
programmes do attempt to
rately for so long,” Mr Reyes Robles
explains.
“We want to have 80 per cent employ-
ability — graduates finding jobs in their
fields . . . Now, it is 43 per cent. This is a
huge waste of money.”
The state of Jalisco, which contributes
more than 6 per cent of Mexico’s GDP, is
also seeking to tailor MBAs and post-
graduate courses more closely to the
state’s needs by having students and
professors focus their research on solv-
ing real problems.
Ariel Fiszbein, an education expert at
the Inter-American Dialogue, sees few
incentives for institutions to offer
employment-friendly technical
courses. Funding, especially of public
universities, is not linked to results or
employment, he notes.
But courses could be made more
attractive to students in Mexico, most of
whom study at private higher education
institutions. According to Doug Becker,
chief executive of Laureate Education
worldwide, which has more than 80
institutions in 29 countries: “You could
say, ‘We are going to offer loan pro-
grammes, but only for students in engi-
neering and science’.”
Time is of the essence as Mexico
struggles to reverse a looming talent gap
and the prospect of yet more below-po-
tential growth. “This is a real challenge,”
says Mr Fiszbein.
inculcate interpersonal skills in
small experiential learning groups:
students do projects of various
sorts, using the project context to
practice communication, giving and
receiving feedback and team
building among themselves. But,
they are rarely taught how to scale
what they have learned to make it
applicable to real work life.
Herminia Ibarra is a professor of
organisational behaviour at Insead.
Read the full soapbox online:
www.ft.com/soapbox
With data analytics making a
comeback, Prof Ainslie presents a
case for its place in business.
“It is very hard now for an MBA to
be a pure ‘poet’ type that only
understands branding or only
understands HR. The world is no
longer that type of world.”
Ashish Nanda
Director of IIM Ahmedabad, India
With India becoming more
integrated with the world economy,
Prof Nanda sees a bright future for
the institute’s students.
“We should be able to stand
shoulder to shoulder with some of
the best institutions in the world
and learn from them and compete
with them.”
Bernard Ramanantsoa
Dean of HEC Paris, France
France’s higher education industry
is under threat. However, Prof
Ramanantsoa says he is confident
that the elite grandes écoles will
thrive.
“We are not as expensive as our
colleagues from the UK and we
have some possibilities to be
‘better’ in executive education”
Geoffrey Garrett
Dean of the Wharton School at the
University of Pennsylvania, US
Prof Garrett believes he is well-
placed to understand the breadth
required in schools today.
“We are living in a world where
social needs are going up and the
video.ft.com/business- ability of government to meet them
school is probably coming down.”
14 ★ FINANCIAL TIMES Monday 9 February 2015

BUSINESS LIFE

Wells Fargo’s
‘
At Wells Fargo, managers have dreamt that any idiot can grasp it in a second. people are mostly doing something competitors, you know at once you
up a new ratio to track alongside such Yet the longer I think about the ratio, that they love. But the ratio of happy to have a problem.

happy:grumpy banking stalwarts as provision

coverage and capital adequacy. It is
called the happy:grumpy ratio, and
ratio is no way measures how many cheery staff the
bank employs for every curmudgeon.
to audit staff The point of this exercise, executives
told the Wall Street Journal last week,
was that happy employees are more
likely to do the right thing than
unhappy ones. Financial regulators,
who have recently been exercising
themselves about the nasty culture of
banks, will no doubt be impressed. And
they will be even more so when they
see how this ratio is moving at the San
Francisco bank. Only five years ago
the less I find I understand it — and the
less I like it.
Even its premise is dubious. Are
workers who claim to be happy really
less likely to do bad things? There are
no numbers to prove it; neither is there
any obvious reason it should be so. If
what makes bankers happy is taking
risks and making money, they will be
even happier when they are up to no
good — provided it results in lots of
money falling into their laps.
Furthermore, if you are the sort of
person who thinks it fine to diddle your
bank out of billions of dollars, you are
not going to worry about giving
grumpy? Looking around at my
colleagues I’d put it at 4:1 at best.
More fundamentally, there is little
point in asking employees whether
they are happy or not. The answer
surely depends on who is asking, on
what mood the subject is in, on their
temperament and on what they
consider “happy” to mean. To
aggregate 260,000 unreliable answers
and then treat the result as data on a
par with tier one capital, is really quite
frightening.
Underlying it all is something even
more basic. Should employers even
aim to make their staff happy? I’m with
The second measure is the ratio of
what the bank’s hotshots get paid to
what the security guard gets. We know
that perceived unfairness and
inequality both make people unhappy;
I’m with Freud. so when this gap gets wider the culture
worsens.
He said it wasn’t There is a third measure that is less
possible to make objective and harder to measure, but
may be even more important than the
people happy; other two. It is to monitor how many
the best that friends people have at work. All the
general happiness data show a
could be hoped powerful correlation between the
for was normal number of close friends and happiness;
the same surely holds in the office — at
unhappiness

happy bankers (measured by their
own assessment) outnumbered the
grumpy ones by 3.8 to 1; by last year
there were eight times as many
Pollyannas at Wells Fargo as there were
miserable sods.
When I first read about the happy:
grumpy ratio, I thought it sounded so
good it should become compulsory in
Lucy Kellaway the industry. Making banks produce
such a number would force them to
Onwork become less cut-throat places to work.
And compared to most banking
statistics, which are so complicated
that even clever people can’t fathom
them, this one is simple enough
misleading answers on a staff
satisfaction survey.
As for the numbers themselves, they
look too good to be true. I don’t believe
for a moment that the happy
outnumber the grumpy by eight to one
among Wells Fargo’s 260,000 people,
nor is it likely that a ratio could double
in such a short time.
According to a Gallup survey of 25m
workers there are twice as many
unhappy as happy ones in the world. I
am lucky to work in one of the happiest
places in Britain: FT journalists are
generally treated well, management is
light and (reasonably) benign and
’
Freud on this one. He said it wasn’t least, it holds in mine. The main reason
possible to make people happy; the I am never abnormally unhappy at
best that could be hoped for was work is because I have three true
normal unhappiness. friends among my colleagues.
This should be the goal at work too. If Wells Fargo produced such a
Banks, and all other employers, should statistic, I doubt if it would tell the
try to become places where employees regulator whether a scandal was round
are not abnormally unhappy. the corner. But it would tell us
To see how well they are doing in this something profound about its bankers’
task, there are two statistics they happiness or lack of it, and it would
should monitor, both of which are give prospective employees an
objective and impossible to game.
The first is staff turnover. If people
excellent idea as to whether they would
like to work there, or not.
are more than normally unhappy,
they tend to leave. So if your staff lucy.kellaway@ft.com
turnover is greater than that of your Twitter: @lucykellaway

Monday interview. Ross McEwan, Royal Bank of Scotland CEO Working smarter

Should we tame our ‘monkey’

Leader of a dwindling herd worries or harness them?
EMMA DE VITA

For those of us lacking self- with something that is, in

Cattle-farming offers a discipline, our worrying
minds are a big barrier to
reality, useful and
commonsensical could have
respite for the man in getting stuff done. The been spent improving your
charge of the bailed-out “monkey mind” is what
Michael Sinclair, clinical
performance. Forget trying
to cage the monkey; just feel
bank’s retrenchment, director of City Psychology the fear and get on with the
writes Martin Arnold Group, calls it. “A Buddhist
term, it conjures up an
job.

image of a monkey The generation gap is

ery few chief executives of frantically rushing through wider than you think

V
McEwan.
big banks know how to
brand a cow, what to do
when calving season starts,
or how to tell Angus from
Shorthorn cattle. Except, that is, Ross
The Royal Bank of Scotland boss owns
a cattle farm with his wife in their native
New Zealand. He holidays there twice a
year to get away from the strains of his
London-based day job and says they
bought it as an alternative to spending a
similar amount on a “tiny” city flat.
An added advantage of his agricul-
tural escape near Auckland, he says, is
that it gives him a glimpse of the choices
that small business owners face, such as
whether to hire a second farmhand.
That sort of recruitment dilemma is a
far cry from the management challenge
he himself took on at the part-national-
ised UK bank, which has been shedding
staff in industrial quantities.
Mr McEwan took over as CEO from
Stephen Hester in 2013 only a year after
the latter lured him from the Common-
wealth Bank of Australia to run RBS’s
retail arm. Since then he has taken a
hatchet to what was once the world’s
biggest bank by assets.
“We’re retreating across many parts
that just don’t give us a good return and
are not connected into our core busi-
ness, which is the UK,” the 57-year-old
says. “This is now a core UK bank.”
RBS is pulling out of many activities in
Asia, the Middle East, continental
Europe and the US. It has drastically cut
back its once mighty investment bank
and is selling the international part of its
Coutts private bank.
The bank is shrinking as fast as it once
expanded under Fred Goodwin before
the financial crisis struck and it was
bailed out at the cost of £45bn to the
taxpayer in 2008. Since the crisis its bal-
ance sheet has more than halved from
£2.4tn and its staff numbers are set to
drop almost two-thirds from their peak
of 225,000. Its non-UK operations are
set to fall from 40 per cent of the group
to 20-25 per cent.
A tall man — he met his wife playing
basketball at university and recalls
being picked for school rugby because
he could win the ball in the line-out —
Mr McEwan exudes a bonhomie that
seems to help people warm to him.
But those who know him say he can be
tough when needed. “He’s got this abil-
ity to not let people off the hook, but not
to be brutal about it,” says a top 20
shareholder in RBS. “He is quick and
decisive and his judgment is very good
at putting the right people in charge.”
Mr McEwan feels his retrenchment
strategy is in tune with the times. “The
regulators quite rightly want safe bank-
ing in their territories,” he says. “I think
what you are seeing is that as companies
become more global, banks actually are
becoming more regional.”
He says fragmented regulation and
stiffer national capital requirements are
making life tougher for banks that still
have truly global ambitions, such as
JPMorgan Chase and HSBC. “I think
there will be very few what I would call
international banks.” He adds: “You’ve
got to have the people on the ground and
to work with all those regulatory frame-
Small is the new works and have the capital trapped in
big: Ross territories and not be able to move it
McEwan argues around like you used to.”
that it will be Mr McEwan admits to being more
tough for banks comfortable with people than with
to remain global numbers and only passed his university
Charlie Bibby
accountancy exam at the third attempt.
Yet he is sure his strategy will show signs
of bearing fruit on February 26, when
RBS is expected to report its first annual
pre-tax profit since the crisis.
He remembers the scepticism among
investors about his plans to cut £1bn of
its £18bn costs in the first year of a
restructuring plan he unveiled almost
12 months ago. “Most of the market said
that is far too aggressive, you’ll never get
it out. Wait until the results and you’ll
see we’ve got £1bn out,” he says.
Perhaps the biggest challenge for Mr
McEwan is to rebuild the bank’s reputa-
tion, which has been tarnished by a
string of scandals. These include fines
for Libor interest rate rigging and for-
eign exchange manipulation, as well as
accusations that its restructuring team
— dubbed the Global Restructuring
Group — was trying to profit from the
struggling small business clients it was
supposed to help.
“They all add up,” he says, listing sev-
eral of the setbacks. “Each of those is
taking a little bit more out of the reser-
voir of trust for RBS. It is about how we
start rebuilding that reservoir of trust
and getting it right.”
Mr McEwan’s plan, which he repeats
mantra-like, is based on “having cus-
Jim O’Neil used to run UK Financial
Second Investments, the body that manages the
opinion government’s stake in RBS. Now at Bank
of America Merrill Lynch, he says Ross
McEwan “quickly earned the respect” of
The former those who did not know him.
fix-it man Mr O’Neill describes him as “quietly
firm and decisive”. He adds: “The shares
have performed positively under his
leadership. The ultimate test will be
whether he can drive results to a level
where the taxpayer as shareholder can
start to get some of its money back.”
CV
Born 16 July 1957, Hastings, New Zealand
Education Business studies at Massey
University, New Zealand
Career
2013-present: Royal Bank of Scotland
chief executive
2012-13: RBS head of retail banking
2003-12: Commonwealth Bank of
Australia, various roles
2002-03: First NZ Capital Securities
1996-2002: Axa New Zealand, CEO
1986-96: National Mutual New Zealand
1985-6: Dunlop NZ, personnel manager
1980-5: Unilever NZ graduate scheme
Family Married, two daughters
Interests Cycling and supporting the
New Zealand rugby union team
tomers at the centre of everything we
do”. One of his daughters is in the proc-
ess of setting up a business and he says
this has shown him what banks are like
to deal with from the other side.
He describes the allegations about the
GRG restructuring team as “probably
the only area that I’ve got quite emo-
tional about in my time here, in the
sense that it hit to the core of our busi-
ness”. The unit is still being investigated
by the Financial Conduct Authority. Mr
McEwan defends its record, arguing it
was impossible to cope with an eightfold
rise in the number of struggling busi-
nesses moved to GRG after the crisis.
“There is no way any organisation can
get all of those cases right,” he says.
“That is where some of the accusations
come from . . . we will have applied a
methodology that I suspect was in some
cases right and in some cases won’t have
been. But that is sheer volume.”
The GRG unit has recently been dis-
banded, many of its top managers have
left and it is being folded into other parts
of the bank. Mr McEwan says RBS has
clarified its charges and the process for
transferring companies to its restruc-
turing team. “Our fee structure was a
mystery to some,” he admits.
Another embarrassing episode that
led to RBS being fined by regulators was
the meltdown of its IT systems in 2012
that left millions of customers without
access to their money for several days.
Mr McEwan says this has been
addressed, partly by replacing the “core
processing engine” of the bank at a cost
of £750m.
“I know now that what we have is a
much more resilient IT platform that we
can be comfortable with and that will
hold up,” he says, adding: “If it does fall
over it will be for much shorter periods
of time.” However, he concedes there is
still a big job to reduce the number of
systems and applications at RBS from
more than 3,000.
A bugbear for Mr McEwan is the tem-
porary “teaser” rates many banks offer
on credit cards and savings products — a
practice that does not exist in Australia
or New Zealand, he says, and one he has
curtailed at RBS.
“You would have thought you would
get a better rate for staying, rather than
a worse rate for staying and a better rate
for going,” he says, adding that since
RBS ditched teaser rates its credit card
business has suffered but its savings
book has grown.
The RBS boss, who started his career
as a human resources manager at Uni-
lever in New Zealand, still has several
hurdles to clear. One is the need to settle
allegations in the US that the bank mis-
sold mortgage-backed securities before
the crisis, which analysts expect to cost
£5bn. The bank also aims to cut its stake
in Citizens, the US retail lender it floated
last year, below 30 per cent by the end of
the year — a key step to lift RBS’s capital
ratio above its target of 12 per cent.
Faced with all this, Mr McEwan and
most of his top executives have agreed
not to take a bonus for three years. But
ultimately, the New Zealander knows he
will be judged on only one thing:
whether the bank’s share price — which
closed at 384p last Friday — hits the
500p level at which the government can
start selling its 81 per cent stake at a
profit.
the trees and getting up to
mischief,” he says.
Dr Sinclair describes a
monkey as a persistent,
worrying thought that
interrupts our focus; a
supposed hangover of our
cavemen days when we
needed to be continually
alert to potential threats. To
improve our focus, he
recommends coaxing the
monkey into submission.
“It’s instinctive to try to
push a monkey out of your
mind but accepting it is the
key to managing it,” he says.
Struggle with it and it will
ensnare you. Instead,
acknowledge it, recognise it
for what it is, and then
distance yourself from it.
If you are faced with a
presentation and a monkey
is screaming that you will do
a terrible job, add the prefix:
“I am having the thought
that [I will do a terrible job]”,
says Dr Sinclair. “You can’t
be aware of a thought and
have the thought at the
same time.” Alternatively,
you can try diverting your
attention from the thought
by focusing on something
else, such as your breathing.
It could be said, however,
that a monkey is no more
than a motivating worry and
that by imagining it as a wild
creature it will consume
more of your attention than
if you had just let it be. Is it
not the case that, if you are
anxious about a
presentation, worrying can
help you do your best? The
time, attention and energy it
would take to make peace
Feedback
Passengers get too
agitated about air miles,
wrote Michael Skapinker
last week, after complaints
about changes to the
British Airways scheme.
Readers tended to agree:
Frankly, it has always
been a bit of a con
for families as
these upgrade
seats are rarely
available at
peak holiday
time. Heron
The fact BA misses
is that a lot of ordinary
people — not highflying
business types — are the
bedrock of their airline. It is
the planes rammed like
cattle trucks taking
thousands of passengers
around the world who keep
3 Want to hold on to the
talented new graduates on
your team? Beware the gap
between what senior
managers think the youth of
today want, and Generation
Y’s actual ambitions.
According to a survey by HR
firm Penna of 1,000 senior
managers, and 1,000
employees aged between 18
and 34, Generation Y’s top
three career priorities are
earning well, enjoying work
and achieving a steady
work-life balance. A fifth of
managers thought senior
leadership would top the list.
Nearly a quarter also
wrongly assumed that a
great Gen Y ambition was to
have many different jobs
across many sectors. The
lesson? Take the time to find
out what makes your new
recruits tick. They will enjoy
the free lunch.
Injecting a dash of sex
into schmoozing
3 Many people loathe
networking. Has
professional networker
Carole Stone just made it
even more unsettling for
these wallflowers? To do it
effectively, she told
London’s Evening Standard,
you must indulge in
conversational foreplay. “To
go head-on and say ‘there is
something here that could
be good for us together’
isn’t on . . . It is a bit like
lovemaking: you have to do
the small steps before the
big one.”
workingsmarter@ft.com
that airline, and every airline,
going. Gordons alive!
Were the taxman to include
air miles in his bill for
business travel perks, I
wonder if airlines would
discover that people would
revert to including
service as part of
their criteria for
choosing airlines.
Now that would
be a pleasant
change.
Highpeak
More fools those firms
who allow employees to rack
up expensive air fares on the
company account and then
take the benefit of air
miles . . . In the words of my
gran, pick yourself up, stop
crying and get on with life.
gbowerESP
Monday 9 February 2015 ★ FINANCIAL TIMES 15

ARTS

All this came to light on Thursday

Something when she presented an evening of chal- OPERA

lenging chamber music in conjunction
with the equally brilliant, equally Der fliegende Holländer
adventurous Brentano String Quartet. Royal Opera House, London

noisy this
An anti-diva despite her obvious aaaae
glamour, DiDonato recently voiced sur-
prise at having been assigned impresa- Richard Fairman
rio duties. “That’s just something that

way comes
THEATRE
Macbeth
The Vaults, London
aaaee
Sarah Hemming
“How is’t with me when every noise
appals me?” cries Macbeth as the horror
of his murderous act begins to take its
toll. In Filter Theatre’s new staging, his
outburst feels especially raw, as sound
plays a huge part in telling the story and
drawing the audience into his claustro-
phobicmentalstate.
The acoustic design is central to the
staging. Here the blasted heath of Shake-
speare’s tragedy is represented by four
performers — the weird sisters — who sit
at an array of fascinating technological
paraphernalia, conjuring shrieks, moans
andeerie,shiveringmusic(composedby
TomHaines).Thatsameapparatusstays
centre stage throughout, producing an
aural induction into Macbeth’s increas-
ingly febrile condition: the distant
sounds of the banquet; the amplified
booming of the knock at the door. And as
he ends up sitting in the midst of this
sound-hub-cum-surveillance-station, it
comes to represent his paranoid, “cab-
ined, cribbed, confined” mind. Sound
replaces set, conjuring location, and the
cast, in modern dress, step in and out of
character to deliver the lines. It’s a pro-
duction that makes you listen to the play.
All this is excellent, and the central
performances — particularly Ferdy Rob-
erts’ Macbeth, Victoria Moseley’s Ban-
quo and Geoffrey Lumb’s Macduff — are
strong. But there is something missing
from this show. Filter’s previous Shake-
speare works have been anarchic, wittily
deconstructed comedies. Here they pro-
duce a dark, atmospheric staging, but
Amplified: onethatlacksthatrevelatorymischief.
Ferdy Roberts There is a twist: the knocking at the
as Macbeth. door leads not to the porter’s speech, but
Below right: to the entrance of Duncan’s ghost read-
Joyce DiDonato ing Brodie’s Notes on the play and
with the informing Macbeth that his wife will run
Brentano madinActVSceneI.Thisandthewayhe
Quartet at thendaubstheblood-drenchedMacbeth
Zankel Hall with white feathers makes for a shocking
Tim Morozzo
moment and suggests that the produc-
Richard Termine tion might change tack radically to
offer new insights. But then it reverts to
thenarrative.
The Macbeths’ childless state is
emphasised, often through weird comic
moments — Lady Macbeth pelting her
husband with Jelly Babies — but it’s not
quite clear what is being said. This seems
like a work that hasn’t quite found its
finalform.
filtertheatre.com
C L A S S I CA L M U S I C
Joyce DiDonato/Brentano Quartet
Zankel Hall, New York
aaaaa
Martin Bernheimer
Joyce DiDonato is a splendid singer. Eve-
ryone knows that. Her mezzo-soprano —
uniquelyexpressive,extraordinarilyrich
yet exquisite in dynamic nuance — has
been equally imposing in opera-house
grandeurandconcert-hallintimacy.
But she is too inquisitive, too discern-
ing and, yes, too intelligent to content
herself with conventional successes. And
she is demonstrating that with ardour
these days at Carnegie Hall, where she
serves as an official programme curator
andexperimentaleducator.
happens to other people,” she declared.
“That’s a Yo-Yo Ma or Renée Fleming
thing . . . To be one little thread that is
going through the season is quite
extraordinary.”
It certainly turned out to be so here.
The festivities began with the string
quartet dancing through the period
intricacies of Marc-Antoine Charpen-
tier’s Concert pour quatre parties de violes
(1681). Next, the well-matched virtuo-
sos dug into the astonishingly crusty
convolutions of Debussy’s G-minor
Quartet (1893). After the interval DiDo-
nato introduced some simple, poignant
poems written by four young mothers,
troubled lullabies gently illuminated in
arrangements by Luna Pearl Woolf.
The climactic finale involved the local
premiere of Jake Heggie’s Camille Clau-
del: Into the Fire (2011), an extensive ode
to the agonised sculptor — Rodin’s lover
— who died in 1943. Ever popular, obvi-
ously facile and increasingly daring,
Heggie dealt sensitively with the intro-
spective sentiments at hand. He juggled
acerbic lyricism craftily with oppressive
drama, adorning Gene Scheer’s text
with florid wails and eerie melismas at
jolting intervals. In the process, he made
the primitive lamentations propulsive,
the otherworldly illusions, delusions
and allusions gripping. DiDonato sang
the expansive solos with rare conviction
and lustrous, subtly shaded tone.
For a once in clap-happy Manhattan,
thestandingovationseemedmandatory.
carnegiehall.org
After Wagner’s bicentenary in 2013
opera houses are cranking back into
action. This production of Der fliegende
Holländer dates from 2009, when it
had Bryn Terfel in the title role, and it
is returning with him again — an
unexpected opportunity to catch
Terfel’s Dutchman putting in at the same
porttwice.
Legend tells us that the Dutchman is
doomed only to touch land every seven
years. In Tim Albery’s production he has
been travelling longer than Wagner
expected, turning up at an unspecified
(and unseen) town in the 1950s, where
the women work at a battery of sewing
machines in a garment factory and the
men behave like a football crowd on a
boozy Saturday night. The atmosphere
is oppressive, bleak, unwelcoming. No
wonderSentawantstogetaway.
Into this dark, empty world Terfel
staggers, exhausted, dishevelled, a tragic
figure. With any other singer, a produc-
tion like this might seem impossibly
downbeat. But Terfel is a master of
invention, inhabiting the role with an
inexhaustible wealth of colour and emo-
tion. He throws around his voice at the
top with little care for the sound these
days, but the middle retains its nobility,
and he finds meaning in every line. This
Dutchman’ssoulgoesfathomsdeep.
The Senta who brings him redemption
this time is Adrianne Pieczonka, warm-
toned and fearless, at least when the top
of her voice got going. Peter Rose was in
fine form as Daland. In the ungrateful
role of Erik, Michael König summoned
muchfervour,lessvocalclass.
There was some authentic Wagnerian
majesty coming out of the pit, but it
sounded as if Andris Nelsons, the
conductor, needed time to get the
performance shipshape. The women of
the chorus dropped more than a few
stitches in their sewing scene and the
orchestra added its own share of slips.
They will have to buck up. This Fliegende
Holländer needs some sharper ensemble,
andpreferablyinlessthansevenyears.
roh.org.uk

THIS EVENING’S TELEVISION

Pick of the day

Monday means Broadchurch
(ITV 9pm) and the realisation
that it works best as spoof,
from portentously posed
visuals to Olivia Colman’s
mystifying accent.
Asylum (BBC4 9pm) is
more promising: a self-
important whistleblower
(Ben Miller, on the right),
trapped in a Latin-American
London embassy refuge, is
joined by a cooler fugitive, a
young hacker (Dustin Demri-
Burns, on the left), to grating
effect. The interplay of two
irritating, contrasting
characters bodes well.
Well-cast, small-scale Brit
film The Disappearance of
Alice Creed (BBC1 12.30am)
is an exercise in compact,
claustrophobic suspense.
The overpraised
Catastrophe (C4 10pm) is
over halfway through and a
definite character has
emerged. Take away the
coarseness and a pleasant,
rather feeble sitcom remains
which never quite ignites.
MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 Inside Out.
8.00 EastEnders.
8.30 Panorama.
9.00 New Tricks. The team
reinvestigates the murder
of a man found in an
alleyway seven years
previously when he is
identified on a website
covering unexplained
disappearances. R
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 Waterloo Road. Dale tries
out for a professional
cycling team, but the
pressure of exams has
taken its toll. This episode
can be seen at 8.30pm on
BBC Three.
11.45 The Graham Norton Show.
Graham is joined by
Julianne Moore and Cuba
Gooding Jr. R
6.00 Eggheads. Quiz.
6.30 The Great Antiques Map
of Britain. Tim Wonnacott
visits the Hay-on-Wye
literary festival.
7.00 Top Gear. R
8.00 University Challenge.
8.30 Only Connect.
9.00 A Cook Abroad: Tony
Singh’s India. The
Edinburgh chef travels to
the state of Punjab to trace
his family’s roots and
sample the region’s cooking.
10.00 Backchat with Jack
Whitehall and His Dad.
Jack and Michael reflect on
the highlights of their
comedy chat show’s latest
run, when their guests
included David Walliams,
Joan Collins and Miranda
Hart. Last in the series.
10.30 Newsnight.
11.15 Weather.
11.20 Alex Polizzi: The Fixer. Alex
heads to a struggling
indoor soft play centre in
Harpenden, Hertfordshire. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
7.30 Coronation Street.
8.00 Richard Wilson on the
Road. In Oxfordshire, the
actor visits a famous
rowing club, goes behind
the scenes at Blenheim
Palace and tours Bampton,
the village that features in
Downton Abbey. Last in
the series.
8.30 Coronation Street.
9.00 Broadchurch. Miller tries to
10.00 Catastrophe. Sharon’s
wrest back control, time
starts to run out for Hardy,
and Beth has to face an
emotional ordeal alone.
10.30 Bodyshockers: Nips, Tucks
10.00 ITV News at Ten and
Weather.
11.35 The 2015 57th Annual
10.30 ITV News London.
10.45 The Jonathan Ross Show. R
11.45 The Kyle Files. Jeremy Kyle
investigates the world of
cosmetic procedures. R
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks.
7.00 Channel 4 News.
8.00 The Final Jump. The
remaining celebrities
compete in the
unpredictable ski cross,
before facing one last
jump. Last in the series.
9.00 Heston’s Recipe for
Romance. Heston
Blumenthal joins forces with
scientists and psychologists
to put together a
Valentine’s Day menu.
parents visit from Ireland
and have a strained
introduction to Rob.
and Tattoos. R
Grammy Awards.
Highlights of the music
awards ceremony, hosted by
LL Cool J in Los Angeles,
featuring performances by
Madonna, Sam Smith and
Ed Sheeran.

BBC3
7.00 Great TV Mistakes. 7.30
Don’t Tell the Bride. 8.30
Waterloo Road. 9.30 South Side
Story. 10.00 Cuckoo. 10.30
EastEnders. 11.05, 11.30 Family
Guy. 11.50 American Dad!
BBC4
7.00 World News Today. 7.30 Great
Continental Railway Journeys. 8.00
The Last Journey of the Magna
Carta King. 9.00 Asylum. 9.30 Bob
Servant. 10.00 Mugabe and
the Democrats: Storyville. 11.30
The Strange Case of the Law.
Channel 5
6.00 Home and Away. 6.30
Other channels
5 News Tonight. 7.00 Criminals:
Caught on Camera. 7.30 Car
Crash TV. 8.00 Police
Interceptors. 9.00 Benefits
Britain: Life on the Dole. 10.00
10,000 BC. 11.00 16 Blocks.
More4
6.50 Building the Dream. 7.55
Grand Designs. 9.00 A Place in
the Sun: Winter Sun. 10.00 My Big
Fat Gypsy Valentine. 11.05
Gogglebox.
Film4
7.00 The Seeker: The Dark Is
Rising. 8.55 Shame Interview
Special. 9.00 Fast Five. 11.35 Joy
Ride.
Sky Atlantic
6.00 House. 7.00 Blue Bloods. 8.00
Without a Trace. 9.00 Richard E
Grant’s Hotel Secrets. 10.00 Girls.
10.35 Togetherness. 11.10 Last
Week Tonight with John Oliver.
11.45 Veep.
Sky Sports 1
6.00 FL72 Review. 7.00 Premier
League 100 Club. 7.30 FL72 Live.
10.00 Barclays Premier League
Review. 11.00 SPFL Round-Up.
11.30 FL72 Review.
Sky 1
6.00 Futurama. 6.30, 7.00, 7.30
The Simpsons. 8.00 The
Holidaymakers. 9.00 50 Ways to
Kill Your Mammy. 10.00 Air
Ambulance ER. 11.00 NCIS: Los
Angeles.
Sky Arts 1
6.25 In Love with Wilde: Merlin
Holland. 6.30 Cirque du Soleil: Kà.
8.00 Madam and The Dying Swan.
9.20 Swan Lake at the Painted
Hall. 9.30 Inherent Vice Special.
10.00 Sex & the Silver Screen.
11.15 Silver Screen Revolution.
Sky Arts 2
7.00 Discovering: Spencer Tracy.
8.00 Pavarotti: Live in Barcelona.
9.40 Pavarotti: A Voice for the
Ages. 11.00 Dean Martin: A
Legend in Concert.
16 ★ † Monday 9 February 2015

Explore more sports

data analysis and
visualisation in our series
at ft.com/baseline

Short-form
world cup to The Baseline
test patience Rising number of sixes
Three-year moving average (1975=100)

On Saturday, St Valentines Day, the 11th 500

Cricket World Cup will get under way in The stagnation in six hitting coincided with
Christchurch, a place that took very a similar pause in the number of Twenty20
little notice of the 10th World Cup four matches played around the world. The
years ago. Two days after the resurgence coincided with an uptick in the
tournament began, the city centre was global spread of Twenty20
ravaged by one of New Zealand’s worst 400
disasters to date: an earthquake that
killed nearly 200 people. IPL
This should be a moment of pure joy: Subramanian First
the in-form New Zealanders playing the Badrinath of Chennai Twenty20
ever-delightful Sri Lankans. Hours later Super Kings world cup
in Melbourne comes the great trans-
300
planetary battle between Australia and First
England, which means either the Twenty20
co-hosts and hot favourites or the old international
colonial rulers will have a bloody nose
before day one is over. Twenty20
On the Sunday it’s India v Pakistan, invented
the most passionate of all cricketing 200
encounters. What a menu for the most
romantic weekend on the calendar! In the beginning: Australia’s Ross Edwards is bowled by England’s Chris Old in the first world cup in 1975 — Patrick Eagar/Getty
Enough to make any cricket follower
fall in love with the dear old game all Sixes
over again. is going to be a huge amount of crud, television channels (even the one-day
However, the time difference means especially as the strategies of this format used in the World Cup offers
100
that in most of the world it will be Friday particular form of cricket have come to seven hours of cricket).
night when the competition begins. And be dictated more by mathematical Above all, it is about Indian TV
frankly Friday 13th seems a better motif formulas than exuberant channels. In 2007, with a chancier Fours
for this event than Valentine’s. This is a improvisation. format, India contrived to lose to 50
tournament that deserves to have a As a means of spreading the Bangladesh — fair and square, I 1975 1980 1985 1990 1995 2000 2005 2010 2015
ladder fall on its head. cricketing word and captivating the think — and went out early, which
The power of the football World Cup planet, it would be hard to imagine was a financial disaster. That matters Source: Cricket Archive
means that every team game likes to anything worse. God could have created more than trying to persuade the world
have its own variation, however narrow the universe six times over in the course that cricket is neither baffling nor
its reach. Rugby union’s version comes of a Cricket World Cup (seven if he boring. JOHN BURN-MURDOCH AND the one-day internationals (ODIs)
GAVIN JACKSON
later this year. Even baseball tries (and I forgot the day off). Even a British More by luck than judgment, the best that will be watched by millions over
don’t mean the World Series). So does general election used to be over inside a team generally does win in the end. This weekend New Zealand hosts Sri the six weeks of the world cup.
rugby league, a sport largely confined to month. Australia’s hopes of prevailing for the Lanka in the opening fixture of the Between the first world cup in 1975
northern England, New South Wales Oh, yes: there will be surprises. In fifth time may be threatened most by 11th Cricket World Cup. and the 2003 edition, the one-day
and southwest France. 2011 England lost to Bangladesh and South Africa — who have a fearful When the sides met in 2003’s tour- format was already picking up pace,
Cricket’s World Cup began 40 years Ireland, but still managed to reach the record of crumbling at crucial nament, the one-day format repre- with overall scoring rates across all
ago, lasted a blissful fortnight of English quarter-finals. moments — with New Zealand as dark sented the quickest of cricket’s many ODIs rising steadily.
midsummer and was a huge success. And the problem with shock results in horses. No one much fancies India, guises — Twenty20 (T20) was still But T20 hastened the pace of
Since then it has expanded from eight cricket is that they are always suspect, who traditionally struggle on fast being refined ahead of its June 2003 change. The rate of six hitting
teams to 14, and from two weeks to just given the power of the notionally illegal antipodean pitches. Or England, debut in England. But since then its increased 157 per cent in the 28 years
over six. There are, however, still only and pervasively corrupt South Asian because they don’t seem to be much brisker, brasher and more boisterous to 2003, but in the 12 years since it
eight teams that have even a squeak of a gambling industry. The deader the good. cousin has taken over as the has doubled from one every 22 overs
chance of winning: the ninth-strongest, game, the more likely it is to be rigged to Still, I shall wake in hope on Saturday glamorous face of cricket across to one every 11.
Bangladesh, can be backed at 500-1. suit the bookmakers. morning and switch on the TV, on the the globe. It is no coincidence: the growth
And the sole purpose of all but the last 11 So why organise the contest in a off-chance that England are having a And while purists may resent its spurts and stagnations in frequency
days will be to narrow down the 14 to — manner that it is designed to be boring good day against the Aussies. If not, I purported dumbing down of a sport of clearing the rope track almost per-
yes — eight quarterfinalists. and riggable? Because cricket’s shall go back to sleep, probably for four steeped in tradition, statistics show fectly with the number of T20
The last phase ought to be as resonant economy depends not on captivating and a half weeks. its impact has been felt in the game’s matches played in the cricketing
as the first weekend, and anything Matthew Engel unbelievers but on providing a great If the Afghans really get good, you longer formats — none more so than world’s elite countries.
might be possible. But in between there deal of content for non-mainstream have permission to shake me.

55 LOW Forecasts by

8 1020 2 1000
10 6
1030 3 -3
9 19
8 Luxembourg Cloudy 3 37
Lyon Sun 5 41
8 6 Madrid Sun 11 52
9 8 1 -3 Manchester Cloudy 8 46
HIGH 6
7 Miami Shower 26 79
6
7 11 3 4 Milan Sun 9 48
8 Montreal Snow -10 14
6 2
6 2 Moscow Cloudy -3 27
7 7 1
Mumbai Sun 31 88
5 9 3
8 Munich Snow 1 34
11 7
7 22 37 New York Snow -1 30
9 Nice Sun 13 55
7 14 11 6 Paris Fair 6 43
13 10
1020 15 Prague Snow 4 39
9 LOW
Reykjavik Snow 4 39
14 12 1010 15 1000 19
Rio Thunder 30 86
Wind speed in MPH at 12 GMT 15 HIGH Rome Sun 9 48
Temperatures max for day˚C Wind speeds in KPH 17 San Francisco Shower 18 64
Stockholm Fair 5 41
Today’s temperatures Strasbourg Cloudy 3 37
Abu Dhabi Sun 31 88 Belgrade Fair 2 36 Copenhagen Fair 8 46 Hamburg Drizzle 7 45 Sydney Fair 25 77
Amsterdam Cloudy 8 46 Berlin Cloudy 6 43 Delhi Sun 23 73 Helsinki Cloudy 1 34 Tokyo Fair 4 39
Athens Shower 10 50 Brussels Cloudy 7 45 Dubai Sun 30 86 Hong Kong Sun 17 63 Toronto Snow -6 21
B’ham Cloudy 7 45 Budapest Cloudy 2 36 Dublin Fair 6 43 Istanbul Rain 6 43 Vancouver Rain 12 54
Bangkok Sun 32 90 Buenos Aires Sun 34 93 Edinburgh Cloudy 8 46 Jersey Cloudy 6 43 Vienna Snow 2 36
Barcelona Sun 12 54 Cardiff Fair 8 46 Frankfurt Cloudy 6 43 Lisbon Sun 14 57 Warsaw Snow 1 34
Beijing Sun 6 43 Chicago Cloudy -2 28 Geneva Sun 5 41 London Cloudy 7 45 Washington Shower 10 50
Belfast Cloudy 7 45 Cologne Rain 6 43 Glasgow Cloudy 8 46 Los Angeles Fair 22 72 Zurich Cloudy 2 36

ACROSS 8 Some get upset about British

MONDAY PRIZE CROSSWORD 1, 10 Hard to plan wider tour railway’s germs (7)
No. 14,850 Set by CRUX abroad (1,4,6,3,5)
11 It’s painfully obvious, digitally
9 Involuntary move made by Mother
Shipton eg in Yorkshire? (6)
       
(4,5) 15 Mysterious room even devoid of
 12 Rarefied gases – a repository for 12 (4,5)
lost property? (4,3) 17 Tom joins Queen on wall, say, to
  13 Female put “yes” for howl unpleasantly (9)
manufacturing drug (7) 18 Where clean or waste water goes,
14 They copied even bits of a small we hear – not together (3,2,4)
  bone (5) 19 Escapes from horrors by
16 S. American shows disdain for changing direction (7)
what conspirators are (2,7) 21 Empty country lacks one (6)
19 Boxer starts to let you win easily 23 Place to meet people from
    
during bout (9) university perhaps (5)
20 Fletcher’s score needed when 24 Fruit appearing on most coins (5)
shooting (5) 26 Trainee accountant with overdraft
   22 Find out about employment, as 27 loses job, finally (5)
did (7)
25 Modern music lover andkeen
    
geologist (4,3)
27 Not initially breathable, oddly, yet
it’s refreshing (6,3) SOLUTION 14,838
28 Who, for example, takes whiskey
 
in a tumbler? (5) : $ 6 + , 1 * 7 2 1 , ' ( $
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29 The Longest Day, season’s 6 + 2 7 3 8 7 7 ( 5 & $ 6 7
costliest (short!) production (6,8) 7 : 2 2 $ & % +
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: ( ( ' 5 / 5
2 Area that’s over 50% awfully $ 8 6 7 5 $ / , $ 7 5 , 3 (
right-wing (9) 7 3 , , / ( & $
A prize of The Good Word Guide by Martin Manser and How to 3 Help Ulster set up a republic (5) & / $ 6 6 ) 8 / / % 2 $ 5 '

Sound Clever by Hubert van den Bergh will be awarded for the first 4 Eating in can be most entertaining + ' +
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correct solution opened. Solutions by Wednesday February 18, (9) 7 , ' $ $ 1 7 6

marked Monday Prize Crossword 14,850 on the envelope, to the 5 Iris’s old car fails to start (5) 5 2 / ( , 9 2 5 < & 2 $ 6 7
$ / ( 6 + / 8
Financial Times, 1 Southwark Bridge, London SE1 9HL. Solution 6 Little worth seeing – though 3 ( ( 3 $ 5 & + ' ( $ & 2 1
on Monday February 23. scantily clad! (3,4,2)
.................................................................................................. 7 First RU celebrity to make peace The winner’s name will be published
............................................................................................. between the sides (5) in Weekend FT on February 21
Monday 9 February 2015
African retreat Tumbling commodity prices have brought
an end to the continent’s mining sector boom
JAMES WILSON, PAGE 20
Barclays and UBS forex woes deepen
3 DoJ investigation extends beyond rate rigging 3 Agency examines sale of investments linked to currency trades
CAROLINE BINHAM — LONDON
GINA CHON — WASHINGTON
The US Department of Justice is scruti-
nising currency-linked investments
marketed by Barclays and UBS in an
indication that the sprawling global
probe into the foreign exchange market
may become more troubling for banks.
The DoJ is examining whether the
two banks sold so-called structured
products without disclosing the profit
they were making from currency trades
used to generate the products’ returns,
said people familiar with the investiga-
Analysts press Buffett
for greater disclosure
Warren Buffett is under fire from investment analysts who
cover his $370bn company, Berkshire Hathaway, over the
quality of its financial disclosures, writes Stephen Foley in
New York.
While Berkshire has grown to be the third-largest
company on the US stock market, its quarterly filings
reveal far less detail than groups of a similar size, say the
analysts, who urged Mr Buffett to expand disclosures,
particularly about his big insurance businesses.
Mr Buffett rejected the criticism, telling the Financial
Times that Berkshire communicates “all the relevant
factors for a long-term investment in the shares”.
The FT interviewed five of Berkshire’s six analysts, all of
whom noted the difficulty in modelling its financial results.
One said Berkshire “could stand to reveal more”; others
called the disclosures “limited”, “poor” and “terrible”.
Berkshire’s businesses span insurance, utilities, railways,
manufacturing, retail, newspapers and many more
industries. Eight of its subsidiaries would be Fortune 500
companies if they were split off.
“Iamnotbeggingfora10timesincreaseinthesizeofthe
10-Q[filing],butdisclosureissomewhatlimited,”saidCliff
GallantofNomura.“Forexample,inGeneralRe,oneofthe
world’slargestreinsurers,whatisgrowingandwhatisnot?
Whatisitexposedtoandwhatisitnot?”
Jim Shanahan of Edward Jones described disclosure at
Berkshire as “terrible . . . It is laughable that you could
model this company in the same way as you could any
other financial company”.
Berkshire has never sought analyst coverage and Mr
Buffett said that, since he began investing in shares at the
age of 11, he had never once bought something on the basis
of an analyst recommendation.
Mr Buffett’s favourite method for communicating with
shareholders is directly through his annual letters, the next
of which is due to be published on February 28.
Companies face soaring
pension deficits under QE
The European Central Bank’s
quantitative easing programme is
threatening to inflate pension deficits
at Europe’s largest companies, forcing
many to follow the example of Daimler,
BT and Lufthansa by pouring in
billions of euros to make up shortfalls.
Analysis iPAGE 19
Companies
AT&T...............................................................19
ArcelorMittal..............................................26
Arrowgrass..................................................17
Ashcourt Rowan.......................................21
Avtovaz.........................................................26
BASF................................................................19
BNSF................................................................17
BT................................................................19,21
Babcock International..........................20
Berkeley Group.........................................17
Berkshire Hathaway..............................17
Bestinvest.....................................................21
Bloomberg...................................................12
© The Financial Times Limited 2015
★★★ 17
Qatar Airways and IAG Gulf deal underlines the
hard realities facing Europe’s flag carriers
JONATHAN FORD, PAGE 18
Hands to
invest €1bn
on reboot of
tion. These products were sold to
sophisticated investors, including
UBS paid $799m to US, UK and Swiss
authorities in November as part of a
come until April, people close to the
situation told the Financial Times.
proven it could force greater disclosure
from banks for even their most sophis-
Terra Firma
several Swiss hedge funds. groundbreaking deal with five other Barclays did not take part in the ticated clients and counterparties for a
In addition to its probe of Barclays’ banks to settle allegations that they did earlier settlement either, because of wide range of financial products, JOSEPH COTTERILL
and UBS’s sales, the agency is investi- not have sufficient controls in place to uncertainty around action by another experts have warned.
gating other banks over allegations of prevent traders trying to rig forex US agency, the New York Department While it has been known for some Terra Firma, the British private equity
inadequate profit disclosure to clients dealing. of Financial Services. News of the DoJ’s months that the DoJ is planning to seek group founded by Guy Hands, is to
and counterparties involved in The DoJ, however, was not one of the extension of its investigation to struc- penalties from banks for undisclosed change its approach to investment and
currency deals, the people said. agencies involved in that deal and is still tured products could have a wider fees — or mark-ups — which sales staff put €1bn of its own capital into future
This represents a significant broad- investigating Barclays, UBS and other impact on banks’ business practices. charged to clients, no concrete strand of deals as it seeks to restore a reputation
ening of the DoJ’s investigation, which banks, as well as individuals. UBS faces The agency has been examining more this part of its investigation has marred by the debt-laden takeover of
banks had believed was confined to the possibility of being the first bank to general alleged misconduct in banks’ emerged until now. EMI in 2007.
whether rigging of the $5.3tn-a-day be fined by the DoJ as a result of its dealings with clients. The DoJ, UBS and Barclays declined The group’s decision is intended to sig-
global forex market took place. probe — although a resolution may not If wrongdoing, or even criminality, is to comment. nalithasmoneytobackdealsdespitehav-
ingraisednonewbuyoutfundssince2007.
Italsoreflectstheprofitsmadebythefirm
in the years since it lost £1.75bn on its
investmentintheUKmusiccompany.
Terra Firma will invest its own capital
alongside direct contributions from
investors, breaking with the traditional
private equity model of raising pools of
money “blind”, before choosing buyout
targets. Mr Hands said: “The message to
me was: ‘Guy, look, you have probably
the best track record on individual
deals, but EMI blotted your copy
book . . . We want to invest in the best
of you, not the average you’.”
In the past three years, Terra Firma
has returned more than €6bn to inves-
tors; more than €4bn of this was gener-
ated by selling investments such as
Deutsche Annington — the largest pri-
vate landlord in Germany, which the
firm floated in 2013.
Even Terra Firma CP III, the €5.4bn
fund that was used to buy EMI in 2007,
posted an 85 per cent gross return in the
three years to the end of 2013, according
to documents seen by investors.
But drumming up fresh funds has
been slow. A $2bn fund aimed at renew-
able energy infrastructure is yet to raise
enough money to begin spending, a year
and half after its launch.
While Terra Firma will continue to
raise third-party funds, its use of its own
capital to entice investors also reflects
the end of its ambition to become a Brit-
ish version of the US buyout power-
houses KKR and Blackstone. However,
Mr Hands noted that institutional inves-
tors are increasingly willing to invest in
specific deals rather than go through all-
purpose buyout funds.
“Fifty per cent of the market now is
not in blind funds,” he said. “We all aim
at being the biggest blind pool we can
. . . The reality is you don’t have to be a
me-too.”
Rick Wilking/Reuters Changing fortunes page 18
Hedge funds bet against housing
groups in slowing London market
MILES JOHNSON AND KATE ALLEN market listings of Foxtons and Zoopla. British luxury property sales, a large
The bets against Zoopla are at their high- proportion of which are in London, and
Hedge funds have begun to bet against
est level since it listed in June 2014 and a third of Zoopla’s revenues come from
property businesses that are exposed
havejumped42percentinamonth. the London market, according to esti-
to the downturn in London’s housing
London house prices have risen by mates by analysts at Exane BNP Paribas.
market, in the first sign that investors
50 per cent in the past five years, accord- The group has been hit by the launch of
are seeking to profit from the
ing to the Office for National Statistics, a rival portal, OntheMarket. Berkeley is
slowdown.
but the top end of the market has wob- London’s largest housebuilder, and is
The funds have taken out short posi- bled as a crackdown on foreign inves- best known for building expensive flats.
tions, essentially bets that a company’s tors and the threat of a mansion tax cre- Arrowgrass and Brookfield Asset
share price will fall, against estate ated uncertainty for potential buyers. Management have sold short 1.56 per
agents Foxtons and Savills, along with Foxtons, which focuses on expensive cent of Savills stock. Ennsmore Fund
property portal Zoopla, and house- parts of the capital, went public in 2013. Management and GLG Partners, owned
builder Berkeley Group. It issued a profit warning last autumn, by Man Group, are short 1.13 per cent of
While the bets are small they repre- and its sales commission in the final Zoopla, according to regulatory disclo-
sent the first sign that hedge funds have quarter of 2014 fell by 25 per cent as a sures. Foxtons, meanwhile, is being sold
begun to move against the UK property result of a “challenging” market. short by Numeric and Altair Investment
market after several years of surging Zoopla’s subsidiary site PrimeLoca- Management.
house prices, and the high-profile stock tion is the most prominent website for Additional reporting by Arash Massoudi
Companies / Sectors / People
Bosch..............................................................19 Foxtons..........................................................17 John Lewis...................................................21 Rio Tinto...............................................20,26 Verizon Communications ..................19
Brookfield Asset Management........17 Funding Circle.............................................4 Jupiter Asset Management...............21 Rolls-Royce.................................................26 Wells Fargo.................................................14
Capita...............................................................4 GDF Suez.....................................................18 Lafarge...........................................................18 Rosneft...........................................................11 Zoopla.............................................................17
Carlyle............................................................18 GLG Partners.............................................17 Leyshon Energy.......................................21 Royal Bank of Scotland..........14,20,21
Sectors
Savills..............................................................17
Cheviot...........................................................21 General Electric........................................17 Lufthansa.....................................................19 Aerospace & Defence.............................8
Seven Investment Management....21
Citizens..........................................................14 Glencore.................................................20,26 Man Group...................................................17 Automobiles...........................................6,26
Siemens.........................................................19
Commonwealth Bank of Australia14 Goldman Sachs International.............3 Nissan............................................................26 Banks.........................................4,14,18,21,26
Skipton Building Society.....................21
Credit Suisse..............................................26 Greggs............................................................21 Odeon & UCI..............................................18 Gen Financial........................................18,21
Standard Life ............................................21
Daimler..........................................................19 Groupe Bruxelles Lambert................18 Odey Asset Management.....................1 Healthcare.....................................................4
Staples............................................................12
Deutsche Annington........................17,18 HSBC...............................................................14 Pemex............................................................20 Ind Engineering........................................19
TXO..................................................................21
EMI...................................................................17 Heidelberger Druckmaschinen........19 Qatar Airways ..........................................18 Terra Firma.............................................17,18 Mining.....................................................20,26
Emirates........................................................18 International Airlines Group.............18 Quilter & Co................................................21 Towry ............................................................21 Oil & Gas......................................................26
Etihad.............................................................18 Intuit................................................................12 Rathbone Brothers.................................21 Tullow Oil....................................................26 Real Estate..................................................17
Fleming Family & Partners..........21,21 JPMorgan Chase................................14,18 Renault..........................................................26 United Airlines’...........................................6 Travel & Leisure...................................6,18
Week 7
18 ★ FINANCIAL TIMES Monday 9 February 2015

COMPANIES
INSIDE BUSINESS
Banks
ON MONDAY

New rules hit small US banks ‘hardest’ Jonathan

Decline has stepped up has been shrinking, the research shows ton. These small banks are estimated to
40%
their decline has accelerated since the provide 70 per cent of US agricultural
after Dodd-Frank reform
introduction of the Dodd-Frank finan- loans and 50 per cent of small business Small banks’ 1991
share of the US
bill, suggests research cial reform bill. loans. market. It fell to
Community banks lost 6 per cent in “It’s hard to imagine that remote parts
22% last year
TRACY ALLOWAY — NEW YORK market share between 2006 and mid- of the country are going to be served by
2010, during the worst of the crisis. But, these larger consolidated banks,” said
17
%
Small US banks have been dispropor- since the passage of Dodd-Frank in early Mr Lux, who also works at the Boston
tionately hurt by post-financial crisis 2010, the decline in market share has Consulting Group. “If the trend contin- Five biggest
banks’ 1991 share
regulation, a former JPMorgan Chase doubled to more than 12 per cent. ues, we’re going to see fewer community of the market. It
executive working at Harvard Univer- “What if Dodd-Frank created a too- banks and more substitutions that was 41% last year
sity has found. small-to-succeed problem in addition to would not be under the same scrutiny.”
Ford
smaller banks and ensuring that the sec-
tor remains under control — with many
Qatar Airways looks
arguing that the US was overbanked
before the financial crisis and in need of
consolidation.
to longer-term goals
Some regulators are now wary of
over-easing the rules on small banks at a
with IAG stake
time when lenders are attempting to
boost profit margins, according to peo-
ple familiar with their thinking.
Community banks’ share of the US
lending market has fallen from more

W
Amid a renewed push in Washington the too-big-to-fail problem?” said Mr In January, community banks won a than 40 per cent in 1991 to 22 per cent hen one airline buys a minority stake in
for regulatory relief for the country’s Lux, who is based at the Mossavar- regulatory concession when the Con- last year. At the same time, the market another, it is often hard to fathom what the
community banks, research by Mar- Rahmani Center for Business and Gov- sumer Financial Protection Bureau pro- share of America’s five biggest banks purchaser expects to achieve. A share-
shall Lux — JPMorgan’s former chief risk ernment at Harvard’s John F. Kennedy posed easing mortgage lending require- has jumped from 17 per cent to 41 per holding rarely confers the influence neces-
officer for consumer businesses, now a School of Government. “This research ments for the country’s smallest provid- cent. sary to extract valuable synergies from the
senior fellow at Harvard’s Kennedy suggests it has.” ers. That same day, the Fed offered to “It does seem like smaller institutions relationship. That is especially true when the buyer is for-
School — has concluded that they were America’s smaller bank sector has ease certain capital requirements for are the hardest hit,” said Robert Greene, eign. Aviation remains tightly hemmed in by national
hit hardest by new rules. long been a hot topic given its impor- banks with less than $1bn of assets. Mr Lux’s research assistant. “There are ownership rules. Nor is it an obvious way to gain commer-
Although the market share of smaller tance to communities, but the topic has Regulators have been trying to walk a economies of scale when dealing with cial advantages. There are, anyway, easier ways for two air-
US banks with less than $10bn in assets met with renewed interest in Washing- fine line between easing burdens on regulation.” lines to co-operate on routes, such as code-sharing deals
(which allow passengers to travel seamlessly on either car-
rier’s services) and joint ventures.
Arguably these are better pursued from a position of
independence and shared interest, rather than through
General financial. Terra Firma one partner forcing its affections on the other.
Yet none of these considerations seem to have deterred

Hands signals fresh approach Qatar Airways from paying £1.2bn to take a 10 per cent
stake in International Airlines Group, the group that owns
British Airways and Iberia. The Gulf-based airline hopes
the deal will encourage IAG to expand their code-sharing
arrangements. They already co-operate on some routes
and are partners in the OneWorld alliance. But in crude
Founder reveals fund is to financial terms it makes little sense, producing scant
invest €1bn of its own capital return in the form of dividends. While not precluding co-
operation in wringing efficiencies, it offers little that Qatar
and bring in investors could not have achieved by other, cheaper means.
The best answer is that the Gulf carrier believes the pur-
JOSEPH COTTERILL chase serves longer-term strategic aims. Qatar wishes to
signal its seriousness in pursuing a deeper relationship
Some old-school music company execu- with IAG — something best seen in the context of a wider
tives are said to have “magic ears”, being restructuring of the so-called “legacy” airline market in
able to spot the perfect sound and detect Europe and beyond.
the next big star. Already hemmed in by low-cost carriers in their short-
This oddity of the industry may have haul operations, European airlines face an escalating
passed Terra Firma by, however, when squeeze in long haul too. The most visible threat comes
the private equity firm, led by Guy from the three so-called Gulf “super-connectors” — Emir-
Hands, spent £4bn on its 2007 buyout ates, Etihad and Qatar. With their modern fleets and wid-
of EMI just before the cacophony of the ening route maps across the crucial Asian market, these
credit crisis. carriers have ramped up their flights to Europe. Just a dec-
But there is little mistaking the silence ade ago, the Gulf trio ran 19,000 flights a year to and from
that has met another part of Terra the EU. By last year, the figure was 37,000.
Firma’s business ever since: raising More competition is on the
money from investors for new buyouts. way. Turkish Airlines
The standard practice for private equity already has substantial
Onslaught has
firms is to act as “general partners”, point-to-point business serv- induced some
inviting “limited partners” to pool cash ing Europe from its Istanbul
in specific vehicles ahead of deals. These hub. Now it plans to back-to-
hard thinking
funds share out eventual profits (and in back this with long-haul at Europe’s
the meantime, charge fees). flights into Asia.
Terra Firma invested in EMI through New entrants, such as Rya-
flag carriers
nair, are also eyeing the mar-
ket. The introduction of fuel-efficient long-haul planes
While private equity firms such as the Boeing 787 threatens to make a reality of the
spent $332bn on buyouts dream first conjured by Britain’s Sir Freddie Laker in the
1970s — that of cheap long-haul flying.
last year, there is still at The onslaught has induced some hard thinking — even
least $1.1tn in ‘dry powder’ at Europe’s proudest flag carriers. Gone are the days when
BA, Air France and Lufthansa looked down haughtily on
the Gulf airlines. There are still question marks over unfair
one such €5.4bn fund completed the subsidy, which will only be dispelled when Qatar and Eti-
same year. It was to be its last broad had join Emirates in publishing accounts. But most accept
buyout fund to date. the trio’s slender expense ratios — Emirates’ unit costs are
The £1.75bn that investors lost on the a quarter lower than those of IAG — owe much to able man-
takeover in 2011 — when EMI’s creditor agement and attention to detail.
Citigroup took control, after a saga of From the Gulf perspective, too, there is a recognition
smashed securitisation markets and Guy Hands says the end of 2014, materials seen by funds and similar institutional pools of that co-operation may make sense. The European market,
plummeting valuations — consumed 30 no one is putting Capital raising investors show. The company was money could spend on deals directly. while large, is not endless, and Emirates has gobbled up
per cent of the fund. their money floated in 2013. The rise of such “co-investment” is much of the lowest-hanging fruit by flying long-haul
Sluggish responses to a $2bn renew- where their
The ups and downs Tank & Rast, a chain of service making investors pickier about working routes out of secondary airports such as Manchester in the
able energy vehicle launched by Terra mouth is — of Terra Firma stations across Germany’s autobahns, with specific managers beyond big UK and Hamburg in Germany.
Firma in 2013 fed perceptions of a lack Brent Lewin/Bloomberg
has returned more than five times Terra brands such as Blackstone, CVC and The other two are pursuing different strategies. Etihad
of investor appetite. The fund is still on Firma’s original investment. It may also Carlyle. It is reflected in Mr Hands’ has sought to lock in so-called “feeder” traffic by purchas-
the road raising money. 3 €2.1bn — amount raised by be sold this year. remark that they are looking for the ing stakes in troubled carriers such as Alitalia and Air Ber-
Those perceptions are about to be Terra Firma Capital Partners II, Any institutional investor that bought “best of you, not the average you”. lin, which would otherwise be in danger of collapse. By
shaken by Mr Hands’ announcement February 2004 a stake in Terra Firma’s 2007-vintage, One answer is for firms to commit bankrolling them it gains access to a customer base in Italy
today that Terra Firma has €1bn of its EMI-afflicted buyout fund on the sec- their own capital, to align interests and and Germany. Qatar, meanwhile, is edging closer to BA.
own capital available for deals on which 3 €5.4bn — raised by Terra Firma ondary market at the end of 2010 would show staying power. “In a blind pool There are plenty of commercial reasons for IAG and
it would simultaneously bring in Capital Partners III, May 2007 meanwhile have enjoyed an 85 per cent with GP money of 1 per cent, which they Qatar to pool resources. A joint venture on routes to India
investors. gross rate of return by the end of 2013. get back in fees in a year, no one’s and Asia, where the two sides in effect merge to operate as
But two underlying trends have also 3 £4bn — spent on purchase Second, private equity’s balance of putting their money where their mouth one, could allow IAG to offer many more destinations to
been at work: one in Terra Firma, and of EMI in 2007 power is shifting to erstwhile limited is,” Mr Hands says. the subcontinent than European rivals without the com-
the other affecting the broader buyout partners. Flush with capital that needs a By contrast, Terra Firma’s €1bn could mensurate cost and risk. For Qatar, BA offers the possibil-
industry. 3 £1.75bn — loss on EMI return, they are increasingly willing to be scaled up considerably if augmented ity of code-sharing on routes into secondary US cities — at
The first is that Mr Hands’ foray into investment, booked in 2011 take large pieces of specific deals for with other investors’ equity, and lever- a time when US airlines are trying to limit the Gulf carriers’
the business of rock stars overshadowed themselves to secure it. age. “If we use it unwisely, it will go access to American skies.
recent success in the real assets that are 3 €6bn — amount returned to While private equity firms in total quickly . . . if we do it sensibly, that Of course, the stake’s existence does not ensure any of
a more familiar investment for Terra investors in Terra Firma in last spent $332bn on buyouts last year, there billion could last a decade or so,” he says. this will happen — or even that the benefits of collabora-
Firma, which in the UK is the owner of three years is at least $1.1tn in “dry powder” — If the approach works, the number of tion will flow to investors rather than passengers. But the
the Odeon & UCI cinema chain. capital committed to funds — waiting to companies currently in the market to fact that Qatar is prepared to back its play with hard cash is
The firm’s ownership of Deutsche 3 €1bn — “committed discretionary be deployed, says Preqin, a data raise traditional funds — more than telling. And if the two sides make a partnership work, it
Annington, one of Germany’s largest capital” announced by Terra Firma, provider. 2,200, according to Preqin — means may not be the last.
landlords, doubled in value on a gross February 2015 The true figure may be much larger there could be some very interested
rate of return basis in the three years to given the capital that sovereign wealth listeners. jonathan.ford@ft.com

Contracts & Tenders

General financial

Sienna Capital backs activism with Primestone investment

JOSEPH COTTERILL AND MILES JOHNSON
One of Europe’s biggest investment
firms has backed an attempt by former
Carlyle partners to bring “construc-
tive” shareholder activism to the conti-
nent’s smaller companies.
Sienna Capital, an affiliate of Albert
Frère’s Groupe Bruxelles Lambert, has
invested €150m in Primestone, a hedge
ft.com/house&home fund that aims to buy stakes in listed
companies and work alongside manage-
FT PROPERTY ment to increase their value.
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of its pedigree: the firm was founded by
three of Carlyle’s top buyout specialists
in France. It also reflects the advent of
activists in the US and Europe who swap
vitriol for patient engagement when
calling for boardroom change.
“Primestone is well-positioned to
take advantage of an increased accept-
ance of constructive active investing
and ‘change capital’ in Europe,” Sienna
Capital chief executive Colin Hall said.
GBL has sought to diversify its
€12.3bn market capitalisation away
from large holdings in French blue-
chips, such as Lafarge and GDF Suez,
into smaller investments ahead of the
retirement of Mr Frère, Belgium’s rich-
est man, as its chief executive in April.
Firms such as San Francisco-based
ValueAct and Cevian Capital, Europe’s
largest activist, have parlayed a friendly,
but tough style of campaigning into bil-
lions of dollars of assets under manage-
ment. ValueAct, with $16bn, has the exit
of Steve Ballmer from Microsoft among
its successes.
Primestone will bring the approach to
European medium-sized firms, which
are unloved on public markets, includ-
ing in the UK, Germany, Switzerland,
France and Austria. Established by
Jean-Pierre Millet, Benoît Colas and
Franck Falézan last year, it will seek to
build up stakes of between 5 per cent
and 15 per cent in a few companies,
avoiding private equity’s use of debt to
finance complete buyouts but emulat-
ing its long-term investment horizon.
Primestone has been one of only a few
successful hedge fund start-ups in
Europe, which has experienced a dearth
of launches as investors have become
more reluctant to back new managers.
Several high-profile launches, such as
that of the London-based Edoma Part-
ners by the ex-Goldman Sachs trader
Pierre-Henri Flamand, raised large
amounts but later closed due to poor
investment performance.
The alliance brings Primestone “a
partner with longstanding and deep
expertise in investments in European
public equities”, Mr Millet said.
Monday 9 February 2015
Companies dig deeper to fill pension holes
European blue-chips are pouring billions into their schemes as quantitative easing threatens to make shortfalls worse
CHRIS BRYANT — FRANKFURT
Ultra-low interest rates might be a boon
for companies seeking finance for
expansion, but they are having an
unwelcome side effect on Europe’s
larger groups: a ballooning of their pen-
sion fund deficits.
The European Central Bank’s quanti-
tative easing programme is threatening
to exacerbate the problem by depress-
ing rates for a prolonged period — forc-
ing many groups to follow the example
of Daimler, BT and Lufthansa and pour
billions of euros into their funds to make
up the shortfall.
Interest rates matter to pension funds
because they determine the discount
rate — the assumed risk-free return a
fund can expect in the future, used to
calculate how much companies must
put aside to provide their employees’
with retirement income.
If the discount rate falls, a pension
plan needs more assets to be sure it will
have enough money to cover a projected
level of benefits in the future. And this is
what has been happening in Europe.
According to the consultancy Mercer,
the discount rate for a mid-range euro-
zone pension has fallen from 6 per cent
at the end of 2009 to 3.7 per cent a year
ago and to 2 per cent at the end of 2014.
As a result liabilities have soared,
forcing some companies to inject more
cash into their pension funds. In Decem-
ber Daimler said it would allocate an
additional €2.5bn to its pension fund,
citing the sharp drop in interest rates.
Last week the German carmaker added
that it could not rule out a further con-
tribution in 2015. BT said in January it
would inject a total of £2bn over three
years into its pension plan after a review
of liabilities found the deficit had soared
to £7bn — nearly double the figure from
three years ago.
Paul Watters, senior director for cor-
porate ratings at Standard & Poor’s,
expects other companies to commit
more cash to their pensions this year.
“One of the unintended consequences of
the authorities’ financial firefighting in
recent years has been a jump in pension
obligations,” he says.
“After the ECB’s recent quantitative
easing announcement, it’s one area that
will now get greater attention from the
markets and companies, and from our-
selves as well.”
Among German blue-chips the fund-
ing ratio — of pension assets to obliga-
tions — deteriorated to 56 per cent at the
end of 2014 from 65.7 per cent a year
ago, according to Mercer. Total pension
obligations for Dax-listed companies
jumped by almost a quarter to €373bn
during that period, it says.
Although there is no minimum pen-
sion funding level in Germany, this
shortfall has a material effect on compa-
nies’ creditworthiness, because rating
agencies treat unfunded pension obliga-
tions as debt.
In the UK, Mercer found that the com-
bined final-salary pension deficit of
FTSE 350 companies almost doubled in
2014 from £56bn to £107bn. In January,
the deficit swelled by a further £35bn,
according to Hymans Robertson. “The
picture at the end of 2014 was ugly, but it
keeps getting worse,” warns Jon Hatch-
ett, a partner at the consultancy.
“If we don’t see a recovery, this could
have a significant negative impact on
balance sheets and P & L.”
Companies with large legacy work-
forces — such as industrial conglomer-
ates, telecoms and utilities groups, and
Support services
Europe executives see lower pay rises
SARAH GORDON — BUSINESS EDITOR
Pay rises for company bosses slowed in
2014 in Europe, although they still out-
stripped the rate of inflation.
Research by Hay Group, the manage-
ment consultancy, found that the
median salary for chief executives at
360 European FT 500 companies rose
by 1.4 per cent in the past financial year,
compared with inflation of 1.5 per cent
in 2013 and 0.6 per cent in 2014. In 2013,
salaries rose by 2.5 per cent. The median
total pay for company heads was
slightly more than €3m, and that of
other directors just under €1.5m.
Although pay rises outstripped infla-
tion, new executive hires are increas-
ingly being paid less than their prede-
cessors. For newly appointed chief exec-
utives, the median base salary was 4.5
per cent lower than that of the previous
incumbent.
“Remuneration committees and
boards are taking a much harder look at
the business case for pay and therefore
they are much more cautious in the way
they reward new appointments,” said
Carl Sjöström, head of executive com-
Uncertain prospects: German industrial conglomerates with large legacy workforces are among those most affected by falling discount rates — Ina Fassbender/Reuters
Low interest rates cause pension fund deficits to balloon
US
Aggregate S&P 1500 corporate
pension deficit ($bn)
600
400
200
0 70
2008 09 10 11 12 13
Source: Mercer
airlines — are among those most seri-
ously affected.
Lufthansa’s pension provisions
jumped 57 per cent to €7.4bn in the first
nine months of last year — a rise the Ger-
man carrier said was mainly an effect of
a fall in the discount rate. Andrew Lob-
benberg, analyst at HSBC, told clients:
“It is a new an unusual scenario to see
Lufthansa’s balance sheet being called
into question.”
Standard & Poor’s predicted that the
airline “would take actions to mitigate
Unfunded pension
obligations are treated by
rating agencies as debt,
affecting creditworthiness
the greater pension liability and to sup-
port its financial risk profile”.
At chemicals maker BASF the
increase in provisions was even greater:
a 90-per-cent rise in the first nine
months of last year to €7bn, compared
with year-end 2013. It too blamed the
“considerable drop in the discount rate”.
Siemens, the German engineering
group, reported that the underfunding
of its pensions had widened from
€8.5bn to €9.6bn during the last quarter.
Ralf Thomas, chief financial officer, says
the company had hedged its rate expo-
sure and investment returns had offset
pensation for Europe at Hay Group.
The most highly paid executives were
found in Swiss companies — although
the research was conducted before the
removal of the cap on the Swiss franc
against the euro — and in the pharma-
ceuticals and media industries. There
was no increase in pay for executives in
The most highly paid executives
were found in Swiss companies
★ FINANCIAL TIMES 19
COMPANIES
Germany
Investors question cost
of directors’ retirement
While workers’ pension schemes
come under more strain, senior
European executives can still look
forward to a gold-plated retirement.
But investors are starting to balk
at obligations they are required to
meet. Hans-Christoph Hirt,
executive director for responsible
investment at Hermes Equity
Ownership Services, says: “We are
concerned about the size of the
pension entitlements of
management board members at
some German companies.”
He says Hermes intends to hold
supervisory boards to account for
the pensions of board members.
However, executives are unlikely
to go empty-handed.
Daimler chief executive Dieter
Zetsche’s pension pot is worth
about €30m according to the car
and truckmaker’s 2013 accounts. He
says: “I have been at the company
for almost 40 years . . . Over a long
time it leads to these values.”
Germany UK His rival Martin Winterkorn, 67, is
Funded Aggregate Dax 30 corporate Funded Aggregate FTSE 350 corporate Funded also unlikely to struggle when he
status* (%) pension deficit ($bn) status* (%) pension deficit ($bn) status* (%) steps down as CEO of Volkswagen.
His pension pot was worth a total
100 200 65 200 95 of €22m last year. Several other VW
board members are entitled to
150 150 pensions equivalent to 70 per cent
90 90 of their basic salary.
100 60 100 Daimler, ThyssenKrupp and
Siemens have switched from final
80 85 salary pensions to defined
50 50 contribution plans. Even so, the
terms are generous. Siemens
0 55 0 80 annual contribution to chief
14 2008 09 10 11 12 13 14 2008 09 10 11 12 13 14 executive Joe Kaeser’s personal
* Funded status is assets as a % of liabilities. Pension deficits converted to dollars at average exchange rates where applicable pension account is €1m.
part of the increase in liabilities. How-
ever, given the likelihood that eurozone Contracts & Tenders
rate levels will remain low for some
time, “pension liabilities and funding
deficits will stay high”, he says.
Some European pension schemes are
tackling the problem of low rates by
investing in surging equity markets.
Stefan Asenkerschbaumer, chief finan-
cial officer at Bosch, says the engineer-
ing and electronics group’s funds
achieved an “excellent” result in 2014.
However, for many pension schemes,
there are no easy investment solutions.
Carl-Heinrich Kehr, principal at Mercer,
has noted that more German blue-chip
companies are “in the process of shifting
assets from bonds to equity and alterna-
tive asset classes”, in an attempt to gen-
erate higher returns.
Another approach — which has been
available to US companies since 2012 —
is to use a higher discount rate, based on
an average corporate bond yield over
25 years instead of two.
Bodo Uebber, Daimler’s chief finan-
cial officer, says he is not keen on either
solution. He considers a 30 per cent
holding in equities — typical for compa-
nies in the Dax — to be sensible.
“It would be too fraught with risk for a
company with workers who are, on
average, around 45 years old to then
invest 80 per cent in equities — I
would not be living up to my responsi-
bilities,” he says.
Additional reporting by Josephine Cumbo
formerly high-paying sectors, such as
the financial services and automotive
industries. The European trend mir-
rored developments in the US, where
media companies made up five of the
top 10 companies that paid their execu-
tives most highly. In 2007, the top 10
included five financial services compa-
nies and only one media company.
In Europe last year, chief financial
officers received the biggest raise, with
their median salaries increasing by 2 per
cent, while salaries for chief operating
officers and human resources directors
saw no change. There were also marked
regional differences: the UK, Sweden
and the Netherlands saw median rates
of increase of between 2.5 and 3 per
cent.
Mr Sjöström said new regulation
around performance incentives was
having an increasing effect on pay.
Meanwhile, the US Securities and
Exchange Commission, the regulator, is
deciding whether — as early as this
spring — to enact a rule calling on com-
panies to disclose the ratio between
chief executives’ pay and the median
salary of workers.
20
Pharmaceuticals
Biotech sets UK crowdfund record for sector
Cell Therapy raises close
to £700,000 for research
into muscle regeneration
ANDREW WARD
— PHARMACEUTICALS CORRESPONDENT
A Welsh biotech company founded by a
Nobel laureate has claimed a UK record
for crowdfunding in the life sciences sec-
tor after raising almost £700,000 in a
scheme that could provide a new model
for financing medical research.
The money will be used to advance a
heart disease treatment pioneered by
Sir Martin Evans, who won the Nobel
Prize for Medicine in 2007 for a
Miners suffer reversal of fortune in Africa
Outlook turns ominous as
commodity prices hit their
lowest in more than five years
JAMES WILSON AND ANDREW ENGLAND
Mining companies’ excitement over
Africa is being cooled by fresh five-year
lows in commodity prices — resulting in
cuts to investment in even the most
resource-rich countries.
When the commodities supercycle
was in full swing, Africa was a frontier of
choice, offering investors some of the
best but least explored mineral
resources. Miners scrambled for choice
assets, exemplified by Rio Tinto’s $3.7bn
acquisition of a coal project in Mozam-
bique in 2011. But, in sharp contrast, the
past year has been bitter for miners.
South Africa’s platinum sector endured
a five-month strike; iron ore mines
closed in Ebola-hit Sierra Leone; and
copper-rich Zambia crossed swords
with global companies over a tax rise.
This stark reversal of fortune was
highlighted when Rio sold out of
Mozambique for just $50m last year,
cutting its heavy losses on a hasty deal.
In in recent weeks, the outlook has
turned even more ominous, as prices of
commodities reached their lowest in
more than five years fuelled by oversup-
ply and fears over Chinese demand.
“When you look at the prices, obvi-
ously all of the mines are seriously con-
cerned,” says Jackson Sikamo, president
of the Zambian Chamber of Mines. “The
Chinese economy is affecting everybody
around the world. The Chinese econ-
omy sneezes and all of us catch a cold.”
Lower commodity prices not only
affect profits but also countries’ shares
of royalty and taxes. They deter inward
investment and may lead to mine clo-
sures. Glencore, for example, has said it
was considering closing some of its
South African coal operations.
The downturn provides a sobering
backdrop to one of the continent’s main
gatherings of resources investors, the
Mining Indaba in Cape Town this week.
Just days ago Zimbabwe’s President
breakthrough in stem cell research.
Cardiff-based Cell Therapy, whose
directors include Lord Digby Jones,
former UK trade minister, said the
£691,000 raised was among the largest
crowdfundings by a drug development
company anywhere in the world.
It is the third crowdfunding in Euro-
pean healthcare in the past week. Eye-
Brain, a French medical diagnostics
company, raised €1.3m and Parkure, a
Scottish start-up researching Parkin-
son’s disease, collected £60,000.
Ajan Reginald, executive director and
co-founder of Cell Therapy, said it
had turned down offers from venture
capital funds in favour of equity crowd-
funding. Some 300 people made invest-
Robert Mugabe railed against foreigners
wanting to exploit minerals — but the
bigger problem may be finding the
friends that he says are still welcome.
Although Africa is not exclusively at risk
from falling commodity prices, many of
its flagship projects — such as Siman-
dou, the Guinean iron ore resource —
require infrastructure investment,
which is unlikely in the current environ-
ment. “Anything that takes a huge
amount of infrastructure is going to be
in trouble for a long time,” says Mark
Tyler, a mining specialist at Nedbank.
Rajat Kohli, global head of mining and
metals at Standard Bank in London,
says Africa accounted for 10 per cent of
total mining M&A in 2010, but esti-
mates this has dropped back to about
3.5 per cent. While the continent’s share
of global mining exploration dollars
remained stable last year at about 16 per
‘When you look at
the prices, obviously
all of the mines are
seriously concerned’
cent, exploration budgets fell by half to
$1.7bn, according to SNL Financial, a
data provider. “Exploration budgets are
being scaled back no matter how attrac-
tive the country,” says Mr Kohli.
Bankers say private equity could pro-
vide another source of as they look to
pick up bargains. But Alexander
Keepin, a lawyer at BLP in London, says
this will be limited. There were just 12
PE deals last year in Africa worth a total
value of just $302m.
Investment from state-backed Chi-
nese miners, which was a big part of the
African boom, has also faded.
There are bright spots amid the
gloom. The weaker oil price may help to
prop up some projects where fuel is a big
proportion of operating cost. The
strength of the dollar, used to set com-
modity prices, should also boost miners
whose costs are incurred in weaker local
currencies. But the main remedy for the
downturn is one miners know well: the
often painful wait for the cycle to turn.
★ FINANCIAL TIMES
COMPANIES
ments ranging from £37 to £108,000
through the Crowdcube web platform in
return for shares.
“We wanted to experiment with a dif-
ferent model,” said Mr Reginald, a
former executive at Roche, the Swiss
drugs group. “Regenerative medicine
of the kind we are working on is going
to change medicine for everyone and
this provides a way for anyone to take
a stake in it.”
Cell Therapy, whose directors include
Rhodri Morgan, former Welsh first min-
ister, has completed successful mid-
stage trials of its treatment, which aims
to repair muscle damage caused by
heart attacks.
The new investors will collectively
Mining. Investment
Worker unrest: alongside price falls, South Africa’s platinum sector suffered a five-month strike — Mujahid Safodien/AFP
own just under 1 per cent of Cell Ther-
apy, implying a valuation of £75m. This
leaves Sir Martin and other founding
investors with more control than if they
had received venture capital.
Barry James, founder of the Crowd-
funding Centre research group, said
there was potential to tap funding from
people affected by a particular disease
who wanted to help find a cure. “This
300 €1.3m
Number of people Amount raised
who invested by a French
sums from £37 diagnostics
to £108,000 group last week
Oil & gas
Pemex to cut capex as prices
plunge and competition rises
JUDE WEBBER — MEXICO CITY
Pemex, Mexico’s state oil company,
expects to cut capital spending this
year and says it will be “very difficult”
for already falling production not to be
affected further as it is forced to slash
$4bn from its budget amid the oil price
shock.
The austerity regime comes as Pemex
loses its near eight-decade monopoly on
the energy sector and overhauls bureau-
cratic and wasteful procurement proce-
dures that led to it having 120 separate
buying offices and up to six-month wait-
ing times for approvals.
That revamp, led by Arturo Hen-
ríquez at the helm of a centralised pro-
curement team, has identified some
$1.5bn of savings over four years, inde-
pendent of the new budget cuts. About a
third will come this year.
Mr Henríquez said a task force, led by
finance director Mario Beauregard, had
been created to work out where the cuts
would fall. Pemex’s board will meet on
Friday to discuss austerity measures,
2014 results and the reorganisation as it
prepares to face competition from pri-
vate companies for the first time.
“Most of the cuts will be from explora-
tion and production, because that’s the
majority of the budget. So capital
expenditure will be lower this year,”
Mr Henríquez told the Financial Times.
could be a way to address market fail-
ures,” he added.
However, exposing small investors to
the high failure rates associated with the
biotechnology sector could increase
concern about the risks involved in
alternative finance such as crowdfund-
ing and peer-to-peer lending.
The Financial Conduct Authority last
week voiced alarm over crowdfunders,
saying they sometimes gave a “mislead-
ing or unrealistically optimistic impres-
sion” of investments.
Mr Reginald said most of Cell Ther-
apy’s new investors were people with
financial experience, and he had met
about a third of them before they com-
mitted money.
Pemex had been planning capex of
$27.3bn for 2015, amid expectations of
lower than forecast production last year,
below the 2.4m barrels per day goal. “It’s
going to be very difficult for 100 per cent
of the budget cuts not to affect produc-
tion,” Mr Henríquez said, adding that
Pemex was also negotiating lower rates
with its contractors.
Pemex has faced allegations of cor-
ruption, though it refutes a recent Reu-
ters report claiming that it has consist-
ently turned a blind eye over contract
irregularities. Mr Henríquez sees noth-
ing on the scale of the Petrobras corrup-
tion scandal in Brazil. “It’s not in front of
my face, I don’t see that,” he replied,
when asked if a Petrobras-style scandal
could be lurking inside Pemex.
He does not see his procurement
office as a “policeman”. “My objective is
not to cure corruption. It is to make the
processes more efficient, and that miti-
gates corruption,” he said, adding that
he saw more money being lost through
inefficiency than bad practice.
But he admitted that creating clear-
cut rules for procurement of services
and contracts, applicable across the
entire company and, Pemex expects,
endorsed by the OECD, did not mean
they could never be abused.
“I’m not saying it’s bullet proof,” said
Mr Henríquez. “But I don’t think people
are going to be that stupid.”
Monday 9 February 2015
FTSE 100
Non-Britons
swell ranks of
UK’s biggest
boardrooms
ALISON SMITH
— CHIEF CORPORATE CORRESPONDENT
More than one in three executives at
the UK’s biggest listed companies are
non-British nationals, and just one in
eight groups in the FTSE 100 index has
an all-British board.
A Financial Times analysis of data from
Boardex shows that, as at the start of
this month, 36 chief executives of FTSE
100 companies were from overseas, and
non-UK nationals accounted for 36 per
cent of all directors in the index.
The figures underline how UK board-
rooms are among the most internation-
ally diverse. By comparison, analysis
last year by headhunters Spencer Stuart
found that just 8.1 per cent of directors
at the top 200 S&P 500 companies were
non-US nationals, and that 45 per cent
of these groups had boards made up
entirely of US citizens. Spencer Stuart’s
analysis of European companies
showed that France, Germany, Spain
and Italy all had lower proportions of
non-national directors at their largest
quoted groups.
One striking feature in the UK is the
wide range of companies headed by
someone from outside the country. The
proportion of non-national bosses does
not simply reflect the decision taken by
companies with large businesses over-
seas — such as miners — to list in Lon-
don, but includes figures such as New
Zealander Ross McEwan at Royal Bank
Overseas charge:
Canadian Moya
Greene of Royal
Mail is among the
36% of foreign-
born executives
of Scotland and Canadian Moya Greene
at the privatised Royal Mail.
Most of the 12 boards whose directors
are all British are groups with predomi-
nantly UK businesses, such as house-
builders, utilities and retailers. But the
number also includes Babcock Interna-
tional, the engineering group that last
year extended its overseas reach when it
bought Avincis, a provider of search and
rescue helicopters.
Will Dawkins, who heads Spencer
Stuart’s UK practice, said there could be
a case for adding international non-
executive directors even to the boards of
groups focused on the UK. “A good
board should be built with an eye to the
future strategy of the company, and if
you believe the company is going to be
more international in the next six years
or so, you might want an international
perspective even if your current busi-
ness is largely domestic,” he said.
Mr Dawkins added, however, that
governance rules mean the growth in
the appointment of non-national direc-
tors will level off. “There is a natural
constraint on how far the internationali-
sation can go, as there is rightly the
requirement for non-executives to be
physically present for board meetings,
and so that can limit the pool of overseas
candidates.”
Contracts & Tenders
Businesses
For Sale
FT BUSINESS
Tuesday, Friday & Saturday: Business for Sale,
Business Opportunities, Business Services,
Business Wanted, Franchises
.............................................................................................................................
Classified Business Advertising
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Monday 9 February 2015 ★ FINANCIAL TIMES 21

COMPANIES
INSIDE BUSINESS
Financial services. Consolidation
Kate
Burgess
Wealth management taps M&A
Regulation and low rates spur
Employee-owned groups to combine to reap
companies want cost savings from scale

that John Lewis glow HARRIET AGNEW

— CITY CORRESPONDENT

Pricing pressures, low interest rates and

additional regulation have combined to

S
ir Charlie Mayfield, chairman of John Lewis prompt consolidation in the wealth
Partnership, that national treasure and pro- management industry as companies
moter of lovelorn penguins, takes his job as rush to exploit potential cost savings.
champion of employee-owned businesses seri- Seven Investment Management, a
ously. He is offering John Lewis vouchers to all £7bn wealth manager owned by its part-
who agree to fund Capital for Colleagues, a company that ners and insurance companies Zurich
invests in and advises EOBs. and Aegon, is the latest to tap the busy
Capital for Colleagues, or C4C, hopes to raise at least market. Its owners have appointed
£250,000 by issuing shares at 59p each. The issuer calls it Evercore Partners to explore a sale of
crowdfunding, using the mot du jour, but it is a public-mar- the business.
ket equity share issue via a vowel-deprived website, Last week, private-equity backed
Crowdbnk. And what could be more crowd-pulling for a Towry struck a deal to buy Ashcourt
newish venture than the endorsement of John Lewis, gov- Rowan for £97m (1.86 per cent of Ash-
ernment-blessed beacon of corporate reform? court Rowan’s £5bn under manage-
Sir Charlie says employee-ownership is good for busi- ment), at a 60.2 per cent premium to its
ness. John Eckersley, C4C’s chief executive, says EOBs smaller rival’s share price. Jonathan
make great investments too. The company, which was set Polin, chief executive of Ashcourt
up in 2013 and listed on ISDX last year, has backed 22 com- Rowan, who pocketed £4.4m from the
panies. Twelve of these are quoted with more than 3 per deal and will leave when it is completed,
cent in workers’ hands — such as telecoms giant BT and says the company had been agnostic as
Greggs, the baker. to whether it bought or was sold. “It was
But the portfolio’s focus is 10 investments in unquoted about achieving scale and shareholder
businesses, ranging from civil engineers to accountants, value,” he says.
to which C4C has made Last week, insurer Standard Life
loans at rates of about 15 per announced it had bought the wealth
cent a year.
A trusting management arm of the Skipton Build- Standard Life Tilney and Bestinvest to create a com- profitability outpaces the rise in costs.” Philip Howell, chief executive of
Mr Eckersley wants to worker is taking ing Society, as part of its plan to launch a bought the bined group with client assets of £9bn. Revenue yield on assets under man- Rathbones, estimates that wealth man-
lend or invest via preference financial advice business. wealth Permira had bought Bestinvest from 3i agement is falling as fees come under agers now have to expand organically by
shares and convertibles in
a bet to make Towry’s latest acquisition follows a management in November 2013, only to buy the pressure. This makes savings through 12 per cent annually, compared with 10
more private businesses. But professional busy year for deals in the sector in 2014. arm of Skipton regional businesses of Tilney from Deut- consolidation more appealing. per cent a year previously because of
he is not just out to make In April, wealth manager Rathbone Building Society sche Bank a few months later. A big reason for the rise in deals is reg- pressure from low interest rates.
money. He wants to “get the
investors wince Brothers announced acquisitions of Simon Dawson/Bloomberg
Permira’s rival Bridgepoint bought ulation, the cost of which is eating into The combined Towry and Ashcourt
message out about employee Jupiter Asset Management’s private cli- Quilter & Co from Morgan Stanley in margins. Since the Retail Distribution Rowan will have assets of £11bn, putting
ownership”. The message is that EOBs are “a good thing” ent and charity investment manage- 2012 and merged it with Cheviot Invest- Review came into effect in 2013, finan- it in the top 20 of UK wealth managers.
for economies, and more businesses should be owned and ment business and the London arm of ment Management. Bridgepoint then cial advisers are no longer permitted to Provided it can retain assets and staff
controlled by their workers. Tilney Asset Management. sold the business to insurance company earn commissions from fund companies after the merger, it is a likely candidate
Evangelists such as Mr Eckersley hold that EOBs are In November, Fleming Family & Part- Old Mutual in October. in return for selling or recommending for a further sale, merger or listing.
resilient and more prosperous than other businesses. ners investment office merged with Private equity firms are likely to be their investment products. Investors Kevin Pakenham, founder of corpo-
Employees who own and control their workplaces are London rival Stonehage to become the attracted by the cash-generative nature, now have to agree fees with the adviser rate finance boutique Pakenham Part-
steelier when times are tough and more co-operative when largest independent multifamily office of wealth managers says Rishi Zaveri, a upfront. Jeremy Grime, an analyst at ners, says: “The Ashcourt Rowan deal
redundancies and pay freezes are on the cards, they say. in Europe, the Middle East and Africa. managing director at Cantor Fitzgerald, Panmure Gordon, says: “Post Retail Dis- may be a way for Towry to get a bit
When workers are in charge, executives feel able to make Private equity firms have also been which advised Ashcourt Rowan on the tribution Review, transparency of closer to a sale. As an acquisition, it’s
long-term decisions with less pressure to make risky deals active buyers. In August, Permira com- deal. “Once set up correctly, these busi- charging is causing a benefit for scale a lot more attractive to buy £11bn
and acquisitions that endanger livelihoods. pleted a merger of UK wealth managers nesses have good operating leverage, so operators.” than £6bn.”
All that may be true, but it is tough to prove. The
research is patchy and no one seems to know how many
EOBs there are in the UK. Graeme Nuttall, author of a gov-
ernment-backed report on employee-owned businesses, Banks
says: “To the extent that the data are available, it is posi-
tive.” His 2012 report cites research by Cass Business
School showing that EOBs “performed better on profitabil-
ity compared to non-employee-owned companies”
RBS calls for action on
between 2009 and 2010. But that is about it.
The Employee Ownership Index shows that publicly
‘free trial’ merchants
quoted companies with more than a 10th in staff hands
outperformed the FTSE All Share by 10 per cent on aver-
age — simply calculated — since 1992. But only about 20 EMMA DUNKLEY AND These companies would
MARTIN ARNOLD
companies fit the criteria. And most EOBs are small, and charge a small upfront fee for
small-caps outperformed bigger businesses anyway dur- The chief executive of Royal sample products but, weeks
ing this period. “The academic research and the statistics Bank of Scotland is urging later, customers would see a
seem to say that EOBs pro- regulators to take action payment, typically of £80,
duce better returns, but it’s withdrawn from their
imperfect,” says Mr Eckers-
Lending money against companies that take
accounts. These were based
money from customer
ley. “It is a sensible theory. to private accounts without clear on a buried clause in the
Now we have to prove it.” terms and conditions which
He is asking investors to
employee-owned warning and said lenders
tied customers into longer-
should stop financing them.
put up hard cash to substanti- businesses is not term contracts with high
ate his thesis. Workers who In an interview with the monthly charges.
entrust their savings and
much safer Financial Times, Ross Mc- Mr McEwan said the prob-
employment prospects to one Ewan said the bank’s fraud lem was exacerbated by cus-
company are taking big bets — enough to make investment department had detected a tomers being unable to find
professionals wince. Lending money to private employee- new type of scandal involv- out how to stop the pay-
owned businesses is not much safer. Neither employees ing companies that claim to ments or contact the com-
nor investors should be seduced by the warm glow cast by offer free trials of nutrition pany. In some cases, people
John Lewis with its 80,000-plus partners. Most EOBs will and beauty products but were asked to confirm terms
never come close to being national treasures. take large payments from and conditions before they
customers a few weeks later. had appeared online.
When to retire gracefully The “free trial” issue “They are making it so dif-
A tiny lossmaking junior market investment company comes as thousands of cus- ficult for people to actually
called TXO, with a market capitalisation of about tomers at Britain’s biggest stop the payment,” he said.
£600,000, has until February 23 to appoint a nominated banks have complained that “We are going to work
adviser, its last one having resigned. Its shares will be sus- payday loan brokers have through who are the players,
pended if it does not. The company seems keen to stay on taken fees from their who are the worst at it and to
Aim, but with the shares at 0.065p it is hard to see why. accounts unexpectedly. start calling it out with the
TXO is just one more corporate victim of the fall in oil Mr McEwan called on regulators.”
prices. It has stakes in five private businesses, mostly lenders to stop financing RBS received about 400
involved in cleaning up oil spills and recycling oil slops. companies that extract calls a day last August from
These may turn out to be great businesses, eventually. But unauthorised payments customers who reported that
none is yielding a dividend. from customers’ accounts. unauthorised payments in
The company has raised enough cash to cover its work- “Stop taking from one relation to the “free trials”.
ing capital needs for the moment. But the Aim quote costs hand and saying they are That has now dropped to
as much as half a million pounds a year. Leyshon Energy, bad, yet . . . taking the fees about 50 calls a day.
the Chinese gas company, decided to retire gracefully from out of them,” he said. “There Some £2.9m in total was
Aim last month to save costs and maximise the payout to are very few, for example, taken in this way from
backers when in time it winds up. TXO should follow its payday lenders that we will 37,000 RBS customer
example. ever deal with.” accounts between June and
kate.burgess@ft.com RBS said that, after an January this year.
increase in customer com- Terry Lawson, head of
plaints, it became aware of a fraud and chargeback at
problem with companies RBS, said: “We’ve engaged
More comment and data on ft.com offering 30-day free trials. with Visa, MasterCard, and
the UK Cards Association to
bring the matter to their
Y Fast FT Our global economies, headed attention. They have man-
team gives you market- by Brazil, Russia, India aged to clamp down, but we
moving news and views, and China. are monitoring that, to find
24 hours a day, five days ft.com/beyondbrics out who the offenders are.”
a week. ft.com/fastft RBS’s fraud department
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a has identified the 10 worst
irreverent financial blog. look at what is driving offending merchants for free
Join Paul Murphy and the global currency trials in January, which
Bryce Elder for the daily market. ft.com/podcasts include AgeRenew, Aloe
Markets Live session at Vera Cleanse and Healthy
Y Video View from the Ketone. It is ensuring no fur-
11am. ft.com/alphaville
Markets features video ther transactions go through
Y beyondbrics News and interviews with leading for customers who have
comment from more market analysts. complained, but the lender
than 40 emerging ft.com/vftm Ross McEwan: RBS is said it could not refund those
identifying offenders who have been affected.
22 ★ FINANCIAL TIMES Monday 9 February 2015
Monday 9 February 2015 ★ FINANCIAL TIMES 23

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.34% -0.43% -0.34% -0.18% -0.35% -0.40% -0.700% -0.131% -0.668% -1.45%
0.20% 0.82% 1.319% 2.72%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 07 - Feb 06 Index All World Jan 07 - Feb 06 Index All World Jan 07 - Feb 06 Index All World Jan 07 - Feb 06 Index All World Jan 07 - Feb 06 Index All World Jan 07 - Feb 06 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
15,083.92 6,853.44
10,846.39 17,648.50 1,955.52
2,055.47 6,569.96
2,025.90 14,457.72 1,904.65
9,837.61 16,885.33
Day -0.34% Month 1.73% Year 17.35% Day -0.27% Month 5.88% Year 9.99% Day -0.18% Month 7.66% Year 4.51% Day -0.54% Month 14.54% Year 17.17% Day 0.82% Month 1.38% Year 24.46% Day 0.14% Month 2.08% Year 3.39%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,490.84 24,679.39 3,431.36
42,715.43 10,573.10
4,744.40
41,813.93 10,115.00 3,345.11
4,650.47 1,368.37 23,835.53

Day -0.43% Month 1.97% Year 18.27% Day 0.62% Month 3.35% Year 6.02% Day 0.20% Month 12.63% Year 15.52% Day 0.36% Month 5.80% Year 8.16% Day -0.35% Month 4.04% Year 16.03% Day 0.73% Month 4.51% Year 14.78%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,691.03 20,760.74
49,943.30 3,293.46
17,824.29 48,792.27 28,717.91
17,584.52 18,791.83
4,260.19 3,075.91 26,908.82
Day -0.34% Month 1.84% Year 15.44% Day -0.90% Month 2.68% Year 2.21% Day -0.26% Month 14.10% Year 13.92% Day -0.28% Month 14.43% Year 6.44% Day -1.93% Month -8.20% Year 51.29% Day -0.46% Month 3.14% Year 41.74%

Country Index Feb 06 Feb 05 Country Index Feb 06 Feb 05 Country Index Feb 06 Feb 05 Country Index Feb 06 Feb 05 Country Index Feb 06 Feb 05 Country Index Feb 06 Feb 05
Argentina Merval 9008.58 9101.76 Cyprus CSE M&P Gen 76.43 77.12 Italy FTSE Italia All-Share 22092.77 22147.81 Philippines Manila Comp 7728.18 7674.24 Thailand Bangkok SET 1613.63 1607.92 Cross-Border DJ Global Titans ($) 238.41 238.71
Australia All Ordinaries 5774.70 5765.50 Czech Republic
PX 979.15 971.24 FTSE Italia Mid Cap 28575.66 28627.31 Poland Wig 52417.42 52107.26 Turkey BIST 100 85789.31 86255.23 Euro Stoxx 50 (Eur) 3398.16 3408.96
S&P/ASX 200 5820.20 5811.00 Denmark OMXC Copenahgen 20 793.48 799.67 FTSE MIB 20760.74 20819.05 Portugal PSI 20 5264.63 5273.54 UAE Abu Dhabi General Index 4608.56 4648.95 Euronext 100 ID 921.28 923.30
S&P/ASX 200 Res 3569.30 3551.70 Egypt EGX 30 9965.43 10045.93 Japan 2nd Section 4381.95 4377.00 PSI General 2315.10 2317.74 UK FT 30 2937.80 2954.70 FTSE 4Good Global ($) 5601.83 5610.91
Austria ATX 2274.82 2253.37 Estonia OMX Tallinn 820.45 817.08 Nikkei 225 17648.50 17504.62 Romania BET Index 7058.61 7055.95 FTSE 100 6853.44 6865.93 FTSE All World 277.15 278.26
Belgium BEL 20 3549.96 3557.19 Finland OMX Helsinki General 8642.91 8644.76 S&P Topix 150 1189.05 1183.37 Russia Micex Index 1755.45 1696.06 FTSE 4Good UK 6097.41 6104.99 FTSE E300 1490.84 1487.81
BEL Mid 5311.85 5320.28 France CAC 40 4691.03 4703.30 Topix 1417.19 1410.11 RTX 826.40 804.50 FTSE All Share 3681.48 3687.08 FTSE Eurotop 100 2997.60 2990.79
Brazil Bovespa 48792.27 49233.85 SBF 120 3697.92 3706.83 Jordan Amman SE 2220.77 2223.74 Saudi-Arabia TADAWUL All Share Index 9180.11 9169.20 FTSE techMARK 100 3672.71 3671.39 FTSE Global 100 ($) 1327.73 1334.14
Canada S&P/TSX 60 881.48 Germany
883.10 M-DAX 18991.59 19104.88 Kenya NSE 20 5280.72 5284.41 Singapore FTSE Straits Times 3431.36 3406.58 USA DJ Composite 6423.07 6485.00 FTSE Gold Min ($) 1313.91 1377.50
S&P/TSX Comp 15083.92 15124.92 TecDAX 1506.93 1507.81 Kuwait KSX Market Index 6700.06 6708.40 Slovakia SAX 227.65 227.77 DJ Industrial 17824.29 17884.88 FTSE Latibex Top (Eur) 3369.30 3450.50
S&P/TSX Met & Min 664.02 672.53 XETRA Dax 10846.39 10905.41 Latvia OMX Riga 416.55 415.71 Slovenia SBI TOP 786.67 782.61 DJ Transport 8932.47 8966.58 FTSE Multinationals ($) 1538.93 1527.80
Chile IGPA Gen 19216.59 19139.39
Greece Athens Gen 803.36 819.50 Lithuania OMX Vilnius 470.24 471.22 South Africa FTSE/JSE All Share 51998.32 51688.70 DJ Utilities 613.69 639.32 FTSE World ($) 489.30 491.31
China FTSE A200 8715.66 8855.86 FTSE/ASE 20 240.07 246.37 Luxembourg LuxX 1611.35 1608.96 FTSE/JSE Res 20 44350.07 43865.96 Nasdaq 100 4228.68 4256.18 FTSEurofirst 100 (Eur) 4326.34 4327.38
FTSE B35 10306.77 10387.15
Hong Kong Hang Seng 24679.39 24765.49 Malaysia FTSE Bursa KLCI 1813.25 1803.21 FTSE/JSE Top 40 45744.27 45450.89 Nasdaq Cmp 4744.40 4765.10 FTSEurofirst 80 (Eur) 4534.67 4550.17
Shanghai A 3222.52 3286.19 HS China Enterprise 11697.32 11789.19 Mexico IPC 42715.43 42453.64 South Korea Kospi 1955.52 1952.84 NYSE Comp 10847.51 10896.06 MSCI ACWI Fr ($) 422.18 419.42
Shanghai B 288.85 290.81 HSCC Red Chip 4549.11 4582.54 Morocco MASI 10259.16 10251.67 Kospi 200 250.16 249.78 Russell 2000 1204.70 1213.05 MSCI All World ($) 1727.49 1715.13
Shanghai Comp 3075.91 3136.53
Hungary Bux 17339.13 17211.61 Netherlands AEX 454.69 455.30 Spain IBEX 35 10573.10 10535.50 S&P 500 2055.47 2062.52 MSCI Europe (Eur) 1457.35 1458.38
Shenzhen A 1562.26 1594.60
India BSE Sensex 28717.91 28850.97 AEX All Share 694.95 695.72 Sri Lanka CSE All Share 7162.75 7047.31 Wilshire 5000 21705.75 21774.50 MSCI Pacific ($) 2348.09 2356.27
Shenzhen B 1070.54 1081.84 S&P CNX 500 7029.45 7076.65 New Zealand NZX 50 5797.59 5785.32 Sweden OMX Stockholm 30 1599.55 1586.13 Venezuela IBC 3610.32 3597.59 S&P Euro (Eur) 1486.14 1489.76
Colombia COLCAP 1434.46 1428.45
Indonesia Jakarta Comp 5342.52 5279.90 Nigeria SE All Share 30200.97 30617.96 OMX Stockholm AS 518.35 514.09 Vietnam VNI 574.13 567.17 S&P Europe 350 (Eur) 1528.53 1524.81
Croatia CROBEX 1757.79 1771.89
Ireland ISEQ Overall 5613.38 5597.78 Norway Oslo All Share 660.20 655.84 Switzerland SMI Index 8587.99 8544.32 S&P Global 1200 ($) 1907.75 1918.96
Israel Tel Aviv 100 12.82 12.80 Pakistan KSE 100 34656.94 34672.25 Taiwan Weighted Pr 9456.18 9512.05 Stoxx 50 (Eur) 3263.58 3252.66
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Feb 06 %Chg %Chg Feb 06 %Chg %Chg Feb 06 %Chg %Chg Feb 06 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 50.8 118.93 -1.01 Royal Dutch Shell 282.6 2165.00 -4.00 Novartis N 777.6 85.86 0.00 Sony 824.8 3138.50 37.00 Tullow Oil 410.10 12.4 -0.9 Afren 9.11 71.9 -80.7 Salamander Energy 84.00 20.9 29.2 Oil Equipment & Services 16793.73 8.8 2.2
Covidien New 26.6 106.71 -1.36 Glaxosmithkline 176.0 1517.50 17.00 Santander 506.3 6.14 0.03 Softbank . 707.6 7100.00 108.00 Weir 1843.00 9.7 -0.4 Vedanta Resources 474.20 27.0 -17.5 Carclo 120.00 17.9 34.1 General Industrials 4193.48 8.2 7.9
Bank Of America 25.4 16.49 0.52 Astrazeneca 158.1 4467.00 -62.00 Roche Gs 393.8 238.22 0.00 Toyota Motor 531.8 7623.00 -31.00 Barclays 255.45 9.1 4.9 Hunting 497.60 25.1 -6.4 Enquest 40.00 17.6 12.7 Industrial Metals 1805.27 7.4 18.4
Verizon Communications 23.3 49.33 1.47 Bp 151.2 450.60 0.50 Nestle N 370.4 67.89 0.00 Mitsubishi Ufj Fin,. 443.5 671.80 14.90 Antofagasta 702.00 8.0 -6.7 Rexam 527.50 24.1 16.2 Raven Russia Ltd 42.50 14.1 -10.5 Construction & Materials 4579.75 7.0 11.2
Gilead Sciences 20.8 97.48 -2.42 Rio Tinto 139.2 3028.50 -52.00 Bbva 369.3 8.24 0.10 Sumitomo Mitsui Fin,. 414.5 4129.50 85.50 Crh 1724.00 7.5 11.7 Serco 183.60 18.9 14.3 Hardy Oil & Gas 54.75 14.1 -13.1 Oil & Gas Producers 7424.73 6.6 4.0
Safeway 18.4 35.10 -0.04 Vodafone 131.8 231.40 0.50 Sanofi 368.6 85.00 0.47 Hitachi, 402.9 787.30 6.30 Royal Dutch Shell 2165.00 7.3 0.5 Poundland 413.00 16.9 25.8 Lsl Property Services 312.25 13.1 4.8 Fixed Line Telecommunication 5011.58 6.2 10.0
Hospira 14.6 87.43 -0.21 Barclays 129.8 255.45 6.65 Bayer Ag Na 316.2 127.80 0.00 Mizuho Fin,. 269.9 197.90 2.50 Intertek 2456.00 7.1 5.2 Kaz Minerals 232.00 15.5 -10.0 Low & Bonar 57.25 11.7 13.9 Industrial Engineering 9275.92 6.2 5.0
Jpmorgan Chase & Co. 14.5 57.89 1.12 Shire 118.4 4912.00 -42.00 Unicredit 295.1 5.53 0.03 Nomura Holdings, . 269.0 640.00 14.30 Royal Dutch Shell 2250.00 6.9 0.8 Soco Int 295.90 12.4 -2.5 Clarkson 2100.00 11.7 10.8 Mining 14187.60 3.9 -0.7
Facebook Class A 14.4 74.47 -1.15 Royal Dutch Shell 118.4 2250.00 -22.50 Total 289.1 47.68 -0.40 Japan Tobacco . 266.6 3384.50 -4.00 Glencore 265.40 6.6 -11.2 Rps 205.00 12.4 -2.0 Mountview Estates 11900.00 11.2 12.9 Banks 4443.76 3.8 1.6
Amazon.com 13.9 374.28 0.39 Hsbc Holdings 115.4 620.80 7.40 Intesa Sanpaolo 266.0 2.57 0.00 Mitsubishi Estate , 264.4 2536.00 108.00 Bp 450.60 6.2 9.6 Premier Oil 162.30 12.2 -2.9 Ite 145.25 11.1 -9.2 Industrial Transportation 2859.53 3.6 1.3
Bt 443.00 6.0 10.3 Aveva 1463.00 11.4 11.3 Xp Power 1600.00 10.7 14.4 Automobiles & Parts 8877.64 3.2 10.6
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Royal Bank Of Scotland 384.00 6.0 -2.6 Udg Healthcare 432.00 10.5 12.9 Mcbride 89.25 10.5 11.6 Technology Hardware & Equip. 1272.44 3.1 6.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Harris 76.18 6.69 9.63 Poundland 413.00 55.20 15.43 Hexagon Ab Ser. B 30.61 2.04 7.16 Nisshin Steel Holdings Co., 1433.00 226.00 18.72 Easyjet 1700.00 -8.7 1.7 Tate & Lyle 573.50 -15.4 -4.9 Aquarius Platinum Ld 12.25 -15.5 -16.9 Food Producers 7932.02 -3.8 -2.5
Flir Systems 33.97 2.17 6.82 Telecom Plus 1154.00 50.00 4.53 Seadrill 11.69 0.59 5.35 Nitto Boseki Co., 470.00 47.00 11.11 Randgold Resources Ld 5310.00 -6.6 21.2 Nostrum Oil & Gas 573.00 -8.6 36.4 Rm 140.00 -10.3 -7.9 Tobacco 42574.60 -3.0 4.8
Verisign 59.97 3.02 5.30 Ip 246.20 9.20 3.88 Kinnevik , Investment Ab Ser. B 28.22 1.40 5.23 Nissan Chemical Industries, 2202.00 106.00 5.06 Astrazeneca 4467.00 -5.8 -1.9 Oxford Instruments 710.50 -4.6 -44.3 Aga Rangemaster 95.50 -7.3 -19.1 Beverages 14616.59 -2.8 3.5
Nxp Semiconductors N.v. 82.29 4.02 5.14 Bank Of Georgia Holdings 2200.00 81.00 3.82 Alcatel-lucent 3.28 0.11 3.51 Okuma 1123.00 52.00 4.86 Unilever 2802.00 -4.4 6.6 Pennon 848.00 -4.6 -7.8 Speedy Hire 67.50 -7.2 -14.6 Personal Goods 26404.37 -2.6 7.2
Moodys 98.04 4.77 5.11 Petra Diamonds 162.80 5.90 3.76 Bollore 4.08 0.13 3.30 Mitsubishi Estate , 2536.00 108.00 4.45 Fresnillo 860.00 -4.3 12.3 Bwin.party Digital Entertainment 102.50 -3.9 -13.0 Int Biotechnology Trust 473.00 -6.9 6.8 Gas Water & Multiutilities 6228.86 -2.0 1.6
Dixons Carphone 419.70 -3.5 -9.2 Jimmy Choo 171.00 -3.9 -2.3 Dialight 653.00 -6.7 -19.4 Travel & Leisure 8346.53 -1.2 3.5
Downs Downs Downs Downs
Sabmiller 3499.50 -3.5 4.1 Premier Farnell 163.00 -3.6 -7.4 Huntsworth 42.00 -6.7 -14.3 Mobile Telecommunications 5235.05 -1.0 4.2
Expedia New 77.87 -10.13 -11.51 Tate & Lyle 573.50 -91.00 -13.69 Alpha Bank (cr) 0.33 -0.04 -11.76 Taiyo Yuden Co., 1303.00 -169.00 -11.48
British American Tobacco 3628.00 -3.3 3.7 Worldwide Healthcare Trust 1804.00 -3.5 5.3 Biotech Growth Trust (the) 731.00 -5.4 7.8 Pharmaceuticals & Biotech. 13425.61 -0.2 5.6
Scana 60.47 -3.39 -5.31 Lonmin 174.70 -13.60 -7.22 National Bank (cr) 1.01 -0.13 -11.40 Suzuki Motor 3439.50 -213.00 -5.83
United Utilities 993.50 -3.3 8.5 Just Retirement 134.80 -3.2 -8.9 Flybe 61.25 -5.4 -44.8 General Retailers 3002.55 -0.1 1.0
Public Service Enterprise orporated 40.59 -2.27 -5.30 Afren 9.11 -0.54 -5.55 Piraeus Bank (cr) 0.61 -0.04 -5.76 Nikon 1467.00 -85.00 -5.48
Diageo 1909.00 -3.1 3.3 Zoopla Property 175.10 -2.7 -10.9 Spirent Communications 84.75 -5.0 11.9 Household Goods 13330.34 0.0 4.1
Firstenergy 38.94 -2.09 -5.09 Acacia Mining 275.00 -14.30 -4.94 Danske Bank A/s 22.70 -0.69 -2.93 Nippon Suisan Kaisha, 347.00 -15.00 -4.14
Carnival 2905.00 -3.1 -0.5 Acacia Mining 275.00 -2.4 7.7 Optos 240.50 -4.3 -5.7 Life Insurance 8175.22 0.8 8.3
Ameren 42.89 -2.24 -4.96 Randgold Resources Ld 5310.00 -240.00 -4.32 Legrand 46.94 -1.33 -2.77 Nippon Telegraph And Telephone 6874.00 -205.00 -2.90
National Grid 909.30 -2.8 -1.0 Brewin Dolphin Holdings 286.40 -2.4 -3.9 Gulf Marine Services 110.00 -3.5 10.0 Equity Investment Instruments 7434.07 1.0 2.5
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Feb 06 Currency Mid Change Mid Change Mid Change Feb 06 Currency Mid Change Mid Change Mid Change Feb 06 Currency Mid Change Mid Change Mid Change Feb 06 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6510 -0.0095 9.8142 -0.0852 13.2074 -0.0323 Indonesia Indonesian Rupiah 12614.5000 -18.0000 14310.5943 -129.0257 19258.5089 -53.4075 Philippines Philippine Peso 44.1450 0.0350 50.0805 -0.3395 67.3959 -0.0372 ..One Month 0.6550 0.0009 0.7430 -0.0046 - -
Australia Australian Dollar 1.2808 -0.0001 1.4530 -0.0111 1.9554 -0.0028 Iran Iranian Rial 9740.5000 - 11050.1755 -83.7354 14870.7730 -20.0180 Poland Polish Zloty 3.6691 0.0263 4.1624 -0.0015 5.6015 0.0327 ..Three Month 0.6549 0.0009 0.7430 -0.0046 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4277 -0.0032 0.5756 -0.0008 Israel Israeli Shekel 3.8835 0.0260 4.4057 -0.0037 5.9289 0.0318 Romania Romanian Leu 3.8936 0.0307 4.4171 0.0016 5.9443 0.0389 ..One Year 0.6548 0.0009 0.7425 -0.0047 - -
Bolivia Bolivian Boliviano 6.9100 - 7.8391 -0.0594 10.5495 -0.0142 Japan Japanese Yen 119.0200 1.5500 135.0229 0.7485 181.7072 2.1251 Russia Russian Ruble 67.0100 0.2600 76.0199 -0.2789 102.3038 0.2598 United States United States Dollar - - 1.1345 -0.0086 1.5267 -0.0021
Brazil Brazilian Real 2.7725 0.0342 3.1452 0.0153 4.2327 0.0467 ..One Month 119.0200 1.5499 135.0229 0.7485 181.7071 2.1249 Saudi Arabia Saudi Riyal 3.7527 -0.0005 4.2573 -0.0328 5.7292 -0.0085 ..One Month - - 1.1344 -0.3943 1.5267 -0.0021
Canada Canadian Dollar 1.2489 0.0068 1.4168 -0.0030 1.9066 0.0078 ..Three Month 119.0199 1.5497 135.0229 0.7484 181.7068 2.1245 Singapore Singapore Dollar 1.3516 0.0064 1.5333 -0.0043 2.0635 0.0070 ..Three Month - - 1.1343 -0.3943 1.5266 -0.0021
Chile Chilean Peso 624.5300 0.7800 708.5017 -4.4777 953.4664 -0.0903 ..One Year 119.0191 1.5483 135.0229 0.7483 181.7071 2.1235 South Africa South African Rand 11.4809 0.2214 13.0246 0.1544 17.5278 0.3149 ..One Year - - 1.1337 -0.3943 1.5265 -0.0020
China Chinese Yuan 6.2447 -0.0074 7.0843 -0.0621 9.5337 -0.0241 Kenya Kenyan Shilling 91.4000 0.0500 103.6893 -0.7287 139.5399 -0.1113 South Korea South Korean Won 1089.7400 -1.2350 1236.2619 -10.7806 1663.7000 -4.1261 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.6135 -0.1032 18.3203 -0.0246
Colombia Colombian Peso 2385.3050 2.5500 2706.0231 -17.5926 3641.6327 -1.0002 Kuwait Kuwaiti Dinar 0.2953 0.0006 0.3350 -0.0019 0.4508 0.0003 Sweden Swedish Krona 8.3640 0.0937 9.4886 0.0351 12.7693 0.1260 Vietnam Vietnamese Dong 21282.0000 -2.0000 24143.5090 -185.2602 32491.1624 -46.7280
Costa Rica Costa Rican Colon 538.5600 0.8950 610.9725 -3.6072 822.2165 0.2621 Malaysia Malaysian Ringgit 3.5475 -0.0265 4.0245 -0.0608 5.4159 -0.0478 Switzerland Swiss Franc 0.9251 - 1.0494 -0.0080 1.4123 -0.0019 European Union Euro 0.8815 0.0066 - - 1.3458 0.0083
Czech Republic Czech Koruna 24.4264 0.1663 27.7107 -0.0199 37.2916 0.2041 Mexico Mexican Peson 14.8848 0.1483 16.8861 0.0416 22.7245 0.1962 Taiwan New Taiwan Dollar 31.4065 -0.0695 35.6293 -0.3495 47.9481 -0.1708 ..One Month 0.8814 0.0066 - - 1.3457 0.0083
Denmark Danish Krone 6.5618 0.0493 7.4440 -0.0001 10.0178 0.0619 New Zealand New Zealand Dollar 1.3566 0.0017 1.5390 -0.0097 2.0711 -0.0001 Thailand Thai Baht 32.5400 -0.1000 36.9152 -0.3941 49.6786 -0.2197 ..Three Month 0.8814 0.0066 - - 1.3456 0.0083
Egypt Egyptian Pound 7.6301 - 8.6560 -0.0656 11.6488 -0.0157 Nigeria Nigerian Naira 193.9300 1.4800 220.0050 0.0244 296.0718 1.8642 Tunisia Tunisian Dinar 1.9305 0.0104 2.1900 -0.0047 2.9472 0.0119 ..One Year 0.8807 0.0066 - - 1.3451 0.0083
Hong Kong Hong Kong Dollar 7.7522 - 8.7946 -0.0666 11.8353 -0.0159 Norway Norwegian Krone 7.5732 0.0480 8.5915 -0.0102 11.5620 0.0578 Turkey Turkish Lira 2.4688 0.0315 2.8007 0.0148 3.7690 0.0431
Hungary Hungarian Forint 269.5360 1.1137 305.7766 -1.0443 411.4990 1.1490 Pakistan Pakistani Rupee 101.1750 - 114.7786 -0.8698 154.4633 -0.2078 United Arab Emirates UAE Dirham 3.6731 - 4.1669 -0.0316 5.6076 -0.0075
India Indian Rupee 61.7275 0.0175 70.0271 -0.5107 94.2390 -0.1000 Peru Peruvian Nuevo Sol 3.0655 0.0050 3.4777 -0.0206 4.6801 0.0013 United Kingdom Pound Sterling 0.6550 0.0009 0.7431 -0.0046 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Feb 06 Feb 05 Feb 04 Feb 03 Feb 02 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2937.80 2954.70 2952.50 2947.60 2917.80 0.00 2957.00 2669.30 Industrial Metals & 17.36 Pharmace & Biotech 5.51 Travel & Leisure 3.39 FTSE 100 Price Change FTSE 100 Price Change
Feb 06 chge% Index Feb 05 Feb 04 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.73 1.73 1.73 1.74 0.00 3.93 2.74 Forestry & Paper 15.90 Consumer Services 5.42 Beverages 3.27 3i Group PLC 476.50 17.20 Kingfisher PLC 338.00 -4.80
FTSE 100 (100) 6853.44 -0.18 7190.25 6865.93 6860.02 6571.68 3.40 1.84 15.98 7.35 5179.19 P/E Ratio net 25.65 25.65 0.00 25.78 25.69 0.00 19.44 14.26 Food & Drug Retailer 12.23 Health Care 5.15 FTSE SmallCap Index 2.38 Aberdeen Asset Management PLC 440.90 3.20 Land Securities Group PLC 1302 28.00
FTSE 250 (250) 16685.63 -0.06 17505.65 16694.99 16571.64 15865.12 2.57 2.04 19.11 17.46 11331.24 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Automobiles & Parts 10.38 Industrials 5.10 Equity Invest Instr 2.36 Admiral Group PLC 1468 20.00 Legal & General Group PLC 268.90 1.00
FTSE 250 ex Inv Co (212) 18040.59 -0.10 18927.19 18059.28 17901.41 17290.80 2.61 2.16 17.70 17.19 12489.01 FT 30 hourly changes Real Est Invest & Tr 10.26 Software & Comp Serv 4.78 Industrial Transport 2.13 Aggreko PLC 1628 74.00 Lloyds Banking Group PLC 75.81 2.06
FTSE 350 (350) 3748.94 -0.16 3933.18 3755.02 3747.92 3589.87 3.27 1.87 16.40 4.00 5721.22 8 9 10 11 12 13 14 15 16 High Low Construct & Material 9.95 Tobacco 4.74 Banks 1.58 Anglo American PLC 1145.5 32.50 London Stock Exchange Group PLC 2356 -9.00
FTSE 350 ex Investment Trusts (312) 3728.89 -0.17 3912.14 3735.27 3727.92 3575.01 3.29 1.88 16.20 3.94 2929.34 2954.7 2938.3 2930.8 2932.2 2933.2 2934.7 2941.8 2938 2937 2954.7 2926.4 Fixed Line Telecomms 9.44 Industrial Eng 4.59 Gas Water & Multi 1.57 Antofagasta PLC 702.00 52.00 Marks and Spencer Group PLC 481.30 -3.10
FTSE 350 Higher Yield (96) 3661.96 -0.19 3841.93 3668.76 3673.26 3572.61 4.50 1.64 13.53 4.66 5651.15 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Life Insurance 8.24 FTSE 100 Index 4.38 Oil Equipment & Serv 1.47 ARM Holdings PLC 1079 38.00 Meggitt PLC 545.50 6.50
FTSE 350 Lower Yield (254) 3469.67 -0.14 3640.18 3474.43 3456.34 3253.50 1.96 2.41 21.18 2.96 3600.89 Media 8.05 Support Services 4.37 General Retailers 1.29 Ashtead Group PLC 1094 6.00 Mondi PLC 1217 28.00
FTSE SmallCap (291) 4469.72 0.14 4689.39 4463.32 4457.79 4481.90 2.45 1.54 26.58 11.35 5974.05 Personal Goods 7.18 Financials 4.34 Health Care Eq & Srv 1.27
FTSE SmallCap ex Inv Co (151) 3921.43 0.30 4114.15 3909.62 3892.58 4146.52 2.31 2.11 20.55 6.59 5501.64 FX: EFFECTIVE INDICES Tech Hardware & Eq 7.11 Consumer Goods 4.25 Utilities 0.89
Associated British Foods PLC 3042 -61.00 Morrison (Wm) Supermarkets PLC 179.00 -0.90
AstraZeneca PLC 4467 -276.00 National Grid PLC 909.30 -26.20
FTSE All-Share (641) 3681.48 -0.15 3862.40 3687.08 3680.18 3530.17 3.24 1.86 16.61 4.11 5685.12 Real Est Invest & Se 6.40 Mobile Telecomms 4.21 Chemicals 0.33
Feb 05 Feb 04 Mnth Ago Feb 06 Feb 05 Mnth Ago Aviva PLC 537.00 9.00 Next PLC 7165 -70.00
FTSE All-Share ex Inv Co (463) 3649.36 -0.16 3828.71 3655.30 3647.96 3504.49 3.27 1.88 16.26 3.89 2914.80 Technology 6.16 FTSE All{HY-}Share Index 4.21 Basic Materials -0.05 Babcock International Group PLC 1031 25.00 Old Mutual PLC 214.30 6.10
FTSE All-Share ex Multinationals (575) 1184.78 0.19 1030.22 1182.55 1178.79 1145.23 2.76 2.04 17.76 1.18 1966.02 Australia 95.90 95.30 99.05 Sweden 78.03 78.20 79.39 Telecommunications 6.16 Household Goods & Ho 4.18 Electronic & Elec Eq -0.42 BAE Systems PLC 517.50 10.00 Pearson PLC 1375 24.00
FTSE Fledgling (99) 7074.04 0.66 7421.69 7027.70 7013.30 6675.33 2.31 0.74 58.59 7.17 12469.15 Canada 94.07 92.98 99.48 Switzerland 164.41 164.43 146.63 Nonlife Insurance 6.10 NON FINANCIALS Index 4.17 Mining -0.69 Barclays PLC 255.45 21.30 Persimmon PLC 1614 22.00
FTSE Fledgling ex Inv Co (55) 8884.62 1.39 9321.26 8762.93 8729.28 8201.54 1.69 0.86 68.52 0.95 15227.41 Denmark 106.43 106.49 108.41 UK 89.41 89.08 87.63 Aerospace & Defense 5.97 Oil & Gas Producers 4.08 Electricity -1.49 Barratt Developments PLC 459.70 1.30 Prudential PLC 1620 0.00
FTSE All-Small (390) 3091.28 0.17 3243.20 3086.09 3082.14 3088.43 2.44 1.50 27.30 7.62 5305.86 Japan 128.10 128.15 123.00 USA 100.29 100.66 97.94 Financial Services 5.85 Oil & Gas 3.99 Food Producers -2.12 BG Group PLC 934.90 48.00 Randgold Resources Ltd 5310 -375.00
FTSE All-Small ex Inv Co Index (206) 2911.51 0.35 3054.59 2901.40 2888.82 3052.60 2.28 2.07 21.19 4.69 5176.24 New Zealand 121.10 121.05 125.49 Euro 87.61 87.74 92.63 FTSE 250 Index 3.73 Leisure Goods -2.83 BHP Billiton PLC 1505 62.00 Reckitt Benckiser Group PLC 5575 -55.00
FTSE AIM All-Share Index (840) 700.50 0.37 734.92 697.95 694.03 863.47 1.24 2.57 31.42 0.55 744.73 Norway 93.89 93.61 90.43
BP PLC 450.60 26.15 Reed Elsevier PLC 1168 12.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3628 -124.00 Rio Tinto PLC 3028.5 103.50
Oil & Gas (21) 7848.28 -0.56 8233.98 7892.09 7795.41 8332.29 4.30 1.90 12.26 0.00 6245.39 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 840.00 10.50 Rolls-Royce Holdings PLC 912.00 20.50
Oil & Gas Producers (14) 7471.31 -0.54 7838.48 7512.17 7424.65 7879.87 4.30 1.89 12.26 0.00 6146.14 British Sky Broadcasting Group PLC 965.50 37.50 Royal Bank Of Scotland Group PLC 384.00 21.60
Oil Equipment Services & Distribution (7)17233.55 -0.89 18080.48 17387.62 16866.31 21977.40 4.11 1.97 12.35 0.00 12153.67 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 443.00 25.10 Royal Dutch Shell PLC (A) 2165 147.00
Basic Materials (29) 4733.82 -1.56 4966.46 4808.73 4762.62 5415.22 3.83 2.77 9.41 0.87 4429.16 Bunzl PLC 1886 -11.00 Royal Dutch Shell PLC (B) 2250 145.50
Chemicals (7) 12105.03 0.81 12699.93 12007.53 11937.65 11399.24 2.14 2.43 19.29 22.19 10225.25 Feb 06 No of US $ Day Mth YTD Total
YTD Gr Div Feb 06 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1797 68.00 Royal Mail PLC 455.80 20.80
Forestry & Paper (1) 14304.05 -0.08 15007.02 14315.80 14163.00 11289.27 2.65 3.19 11.82 0.00 14536.45 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1158 40.00 RSA Insurance Group PLC 454.30 0.00
Industrial Metals & Mining (2) 1827.58 3.27 1917.40 1769.79 1711.71 1160.26 0.55 14.52 12.63 0.00 1581.78 FTSE Global All Cap 7573 475.92 0.7 3.4 1.3 636.44
1.4 2.3 Oil & Gas 177 403.81 1.3 1.3 1.4 595.63 1.5 3.4 Carnival PLC 2905 -92.00 SABMiller PLC 3499.5 -126.00
Mining (19) 13576.47 -1.91 14243.68 13841.31 13705.65 16078.51 4.10 2.77 8.80 0.00 6613.79 FTSE Global All Cap 6936 489.40 0.8 3.0 1.1 643.27
1.2 2.2 Oil & Gas Producers 121 369.23 1.2 1.2 1.9 553.52 1.9 3.5 Centrica PLC 296.40 2.60 Sage Group PLC 484.90 4.70
FTSE Global Large Cap 1357 421.49 0.6 3.4 1.1 575.63
1.2 2.5 Oil Equipment & Services 47 410.83 1.8 1.8 -0.9 555.08 -0.7 3.2 Coca-Cola HBC AG 1102 31.00 Sainsbury (J) PLC 269.80 14.40
Industrials (114) 4522.65 -0.07 4744.91 4525.70 4490.79 4529.28 2.44 2.05 20.05 2.90 4385.04
Construction & Materials (13) 4721.92 -0.95 4953.98 4767.16 4828.50 4714.71 3.22 0.23 132.84 0.00 4709.78 FTSE Global Mid Cap 1670 629.37 0.7 3.9 1.9 806.83
2.0 1.9 Basic Materials 270 450.67 0.8 0.8 3.5 642.03 3.5 2.7 Compass Group PLC 1130 -21.00 Schroders PLC 2967 69.00
Aerospace & Defense (9) 5232.74 -0.28 5489.91 5247.29 5238.86 5384.24 2.08 3.92 12.27 1.29 5289.80 FTSE Global Small Cap 4546 662.74 1.1 3.3 1.6 825.39
1.7 1.8 Chemicals 115 653.35 0.6 0.6 4.8 938.06 4.8 2.3 CRH PLC 1724 121.00 Severn Trent PLC 2096 -56.00
General Industrials (6) 3404.95 -0.78 3572.29 3431.89 3242.68 3606.99 3.33 1.82 16.54 0.00 3586.02 FTSE All-World 3027 278.26 0.6 3.5 1.2 392.35
1.4 2.4 Forestry & Paper 18 221.27 1.2 1.2 6.2 344.82 6.2 2.7 Diageo PLC 1909 -61.00 Shire PLC 4912 58.00
Electronic & Electrical Equipment (12) 5092.90 0.45 5343.19 5070.21 5054.55 5530.30 2.23 2.19 20.50 0.00 4409.21 FTSE World 2544 491.31 0.7 3.5 1.1 930.26
1.2 2.3 Industrial Metals & Mining 75 402.86 1.4 1.4 -2.3 577.25 -2.1 2.8 Direct Line Insurance Group PLC 315.50 3.00 Smith & Nephew PLC 1197 6.00
Industrial Engineering (14) 9653.47 -0.43 10127.89 9694.77 9473.89 10384.54 2.47 2.34 17.37 8.25 11015.35 FTSE Global All Cap ex UNITED KINGDOM In 7233 487.01 0.7 3.2 1.2 642.82
1.3 2.2 Mining 62 591.28 0.7 0.7 3.8 829.48 3.8 3.8 Dixons Carphone PLC 419.70 -15.30 Smiths Group PLC 1187 60.00
Industrial Transportation (8) 4239.81 0.58 4448.17 4215.44 4154.17 4860.42 3.60 1.48 18.77 0.00 3430.87 FTSE Global All Cap ex USA 5592 456.83 0.3 4.6 2.1 645.02
2.2 2.7 Industrials 534 317.95 0.6 0.6 1.0 432.83 1.2 2.1 easyJet PLC 1700 -162.00 Sports Direct International PLC 715.00 3.50
Support Services (52) 6612.06 0.27 6937.01 6594.10 6562.02 6276.08 2.28 1.75 25.02 7.25 6484.46 FTSE Global All Cap ex JAPAN 6330 489.60 0.8 3.5 1.2 660.25
1.3 2.3 Construction & Materials 114 437.76 0.5 0.5 1.5 623.78 1.5 2.1 Experian PLC 1190 17.00 SSE PLC 1628 19.00
FTSE Developed 2116 443.06 0.7 3.3 1.1 596.87
1.2 2.3 Aerospace & Defense 29 517.51 0.8 0.8 4.1 698.89 4.2 1.9 Fresnillo PLC 860.00 -39.00 St. James's Place PLC 867.50 9.50
Consumer Goods (40) 16863.56 -0.70 17692.31 16981.78 17111.89 14487.00 2.94 1.83 18.60 61.52 11569.96
FTSE Developed All Cap 5668 465.01 0.7 3.4 1.1 620.08
1.3 2.2 General Industrials 56 216.89 1.1 1.1 -0.3 316.48 0.1 2.6 Friends Life Group Ltd 405.60 7.20 Standard Chartered PLC 938.20 50.50
Automobiles & Parts (1) 8923.13 -0.76 9361.65 8991.28 8815.02 9480.09 2.13 3.62 12.94 0.00 8000.04
FTSE Developed Large Cap 905 410.49 0.6 3.2 0.9 559.93
1.0 2.4 Electronic & Electrical Equipment 67 330.29 -0.2 -0.2 1.5 415.64 1.6 1.6 G4S PLC 282.70 -2.50 Standard Life PLC 405.40 2.40
Beverages (6) 14655.43 -0.53 15375.67 14733.43 14772.21 13226.89 2.35 1.76 24.26 0.00 9718.25
FTSE Developed Europe Large Cap 202 362.82 0.1 7.0 2.6 553.73
2.7 3.2 Industrial Engineering 103 618.09 0.0 0.0 0.0 826.16 0.0 2.1 GKN PLC 379.70 11.10 Taylor Wimpey PLC 137.10 1.70
Food Producers (10) 8034.90 -1.84 8429.78 8185.57 8218.31 7364.52 1.99 1.83 27.43 3.84 6596.40
FTSE Developed Europe Mid Cap 318 516.55 0.6 6.5 3.3 722.86
3.3 2.4 Industrial Transportation 94 598.39 1.0 1.0 0.2 812.86 0.3 1.9 GlaxoSmithKline PLC 1517.5 50.50 Tesco PLC 228.70 3.95
Household Goods & Home Construction (13)11126.21 -0.16 11673.01 11144.02 11173.67 9556.79 2.36 2.46 17.23 0.00 7400.15
FTSE Dev Europe Small Cap 723 709.04 1.1 5.4 3.0 967.36
3.0 2.2 Support Services 71 276.66 0.7 0.7 1.5 362.88 1.6 2.0 Glencore PLC 265.40 16.50 Travis Perkins PLC 1964 42.00
Leisure Goods (2) 4874.30 0.24 5113.85 4862.40 4880.79 5006.39 4.38 1.05 21.80 0.00 3945.46
FTSE North America Large Cap 332 444.28 1.1 1.9 -0.1 573.18
0.1 2.1 Consumer Goods 407 416.76 0.2 0.2 2.9 579.33 3.1 2.3 Hammerson PLC 700.50 12.00 Tui AG 1153 -24.00
Personal Goods (6) 22989.13 -0.77 24118.92 23166.45 23492.46 21030.76 2.89 2.72 12.76 137.64 14508.31
FTSE North America Mid Cap 399 685.61 1.2 3.1 1.1 833.38
1.1 1.6 Automobiles & Parts 98 404.40 0.1 0.1 3.8 539.63 3.8 2.1 Hargreaves Lansdown PLC 990.00 -21.00 Tui AG New Shs 1125 -23.00
Tobacco (2) 42574.68 -0.94 44667.00 42976.68 43606.91 33310.04 4.06 1.30 18.98 377.80 25010.84
FTSE North America Small Cap 1495 696.87 1.4 3.2 1.2 824.05
1.2 1.5 Beverages 48 554.76 0.2 0.2 3.1 780.25 3.2 2.4 HSBC Holdings PLC 620.80 11.20 Tullow Oil PLC 410.10 45.10
Health Care (20) 9766.88 -0.09 10246.87 9775.22 9784.15 8708.15 3.45 0.82 35.42 0.17 6867.85
FTSE North America 731 299.15 1.1 2.1 0.1 395.85
0.3 2.0 Food Producers 100 564.81 0.2 0.2 2.3 809.62 2.5 2.2 Imperial Tobacco Group PLC 3044 -80.00 Unilever PLC 2802 -128.00
Health Care Equipment & Services (9) 6899.04 0.01 7238.09 6898.02 6756.24 5242.42 1.29 2.46 31.65 1.43 5763.44
FTSE Developed ex North America 1385 239.36 0.0 5.3 2.6 362.39
2.7 2.8 Household Goods & Home Construction 45 395.71 0.3 0.3 -0.1 548.46 0.2 2.3 InterContinental Hotels Group PLC 2614 -48.00 United Utilities Group PLC 993.50 -33.50
Pharmaceuticals & Biotechnology (11)13301.91 -0.09 13955.63 13314.48 13352.54 12013.12 3.64 0.77 35.80 0.00 8292.24
FTSE Japan Large Cap 174 310.79 -0.4 2.2 1.9 381.21
1.9 1.8 Leisure Goods 26 132.54 0.8 0.8 5.2 168.26 5.4 1.3 International Consolidated Airlines Group SA 541.00 -3.50 Vodafone Group PLC 231.40 -3.10
Consumer Services (96) 4818.72 -0.19 5055.53 4827.86 4833.20 4563.35 2.57 2.05 19.02 7.59 4255.98 FTSE Japan Mid Cap 301 440.98 -0.7 3.7 3.7 524.30
3.7 1.4 Personal Goods 77 598.74 0.2 0.2 2.7 797.14 2.8 2.0
Food & Drug Retailers (7) 3318.61 -1.09 3481.70 3355.34 3336.54 4376.57 4.85 2.08 9.91 0.00 3732.14 Intertek Group PLC 2456 163.00 Weir Group PLC 1843 163.00
FTSE Global wi JAPAN Small Cap 768 476.66 -0.5 1.2 1.7 583.95
1.7 1.6 Tobacco 13 1120.70 -0.2 -0.2 4.4 2104.64 4.7 4.0 Intu Properties PLC 372.40 7.40 Whitbread PLC 4905 -100.00
General Retailers (30) 2923.53 0.14 3067.20 2919.44 2905.19 2700.12 2.25 2.43 18.27 3.13 3131.89
FTSE Japan 475 127.84 -0.5 2.5 1.7 Health Care
2.3 176.32
2.3 162 448.23 1.0 1.0 3.2 613.38 3.3 1.8 ITV PLC 227.70 7.70 Wolseley PLC 3824 -38.00
Media (24) 7167.56 0.26 7519.81 7148.72 7197.08 6326.71 2.66 1.68 22.32 1.11 4115.39
FTSE Asia Pacific Large Cap ex Japan 481 635.51 0.1 3.5 3.2 921.39
3.3 2.8 Health Care Equipment & Services 58 609.59 1.0 1.0 3.2 692.05 3.2 1.0 Johnson Matthey PLC 3290 29.00 WPP PLC 1449 -17.00
Travel & Leisure (35) 8143.92 -0.44 8544.15 8179.51 8196.35 7148.02 1.86 2.19 24.55 29.70 7295.94
FTSE Asia Pacific Mid Cap ex Japan 445 826.57 -0.2 2.5 2.6 1161.37
2.6 2.4 Pharmaceuticals & Biotechnology 104 344.62 1.0 1.0 3.2 488.86 3.3 2.0
Telecommunications (8) 3959.70 0.27 4154.30 3948.90 3944.38 3781.26 3.94 2.51 10.11 0.00 3986.19 FTSE Asia Pacific Small Cap ex Japan 1331 547.32 0.0 2.4 2.4 758.79
2.5 2.6 Consumer Services 378 382.10 0.5 0.5 2.1 488.50 2.2 1.6
Fixed Line Telecommunications (6) 5077.41 0.35 5326.93 5059.55 4862.03 4598.87 2.72 1.88 19.60 0.00 4278.10
Mobile Telecommunications (2) 5227.12 0.22 5484.01 5215.45 5332.87 5155.65 4.70 2.74 7.76 0.00 4663.13
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
926
1905
500.64
708.45
0.0
0.3
3.4
4.3
3.1 771.95
3.2 2.8 Food & Drug Retailers
2.7 982.05
2.8 2.8 General Retailers
55 310.76
117 494.55
0.6
0.8
0.6
0.8
3.3 413.10
3.4 617.55
3.4
3.5
2.0
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 8893.55 -0.44 9330.63 8933.06 8938.02 8062.55 4.81 1.23 16.85 32.81 9063.45 FTSE Emerging Large Cap 452 674.71 0.4 4.9 3.2 940.50
3.2 2.9 Media 88 302.77 0.2 0.2 0.7 387.49 0.7 1.5 Feb 06 Feb 05 Feb 04 Feb 03 Feb 02 Yr Ago
Electricity (3) 9629.77 0.07 10103.02 9623.17 9566.81 9102.18 5.22 0.68 28.32 142.09 12302.35 FTSE Emerging Mid Cap 459 874.43 0.1 3.0 1.5 1209.34
1.6 2.6 Travel & Leisure 118 363.82 0.2 0.2 1.0 469.79 1.2 1.7 SEAQ Bargains 5669.00 5211.00 5664.00 6184.00 5470.00 5470.00
Gas Water & Multiutilities (5) 8232.08 -0.58 8636.64 8280.35 8299.58 7373.52 4.70 1.41 15.14 5.10 8415.50 FTSE Emerging Small Cap 994 717.05 -0.2 2.2 1.3 959.05
1.4 2.6 Telecommunication 95 174.29 0.3 0.3 4.4 295.64 4.7 3.9 Order Book Turnover (m) 45.53 46.48 138.99 80.98 - -
Financials (283) 4843.50 0.66 5081.53 4811.55 4810.76 4568.58 3.02 1.78 18.62 3.36 4091.70 FTSE Emerging Europe 86 317.26 2.1 1.4 1.8 446.99
1.8 3.9 Fixed Line Telecommuniations 45 141.97 0.4 0.4 3.6 262.74 4.3 4.4 Order Book Bargains 777114.00 943157.00 970232.00 913654.00 - -
Banks (7) 4387.76 1.27 4603.40 4332.93 4325.47 4622.61 3.38 1.18 24.95 0.00 2905.53 FTSE Latin America All Cap 245 871.51 0.5 3.2 -3.3 1252.43
-3.1 3.7 Mobile Telecommunications 50 190.46 0.3 0.3 5.3 293.84 5.3 3.2 Order Book Shares Traded (m) 1283.00 1538.00 1943.00 1661.00 - -
Nonlife Insurance (12) 2358.36 0.43 2474.26 2348.27 2355.41 2140.97 2.83 1.44 24.55 0.00 3845.68 FTSE Middle East and Africa All Cap 212 821.40 1.5 11.0 6.7 1191.74
6.8 2.5 Utilities 162 268.13 0.1 0.1 0.3 473.81 0.5 3.6 Total Equity Turnover (£m) 2280.45 - 2706.92 1940.34 0.01 0.01
Life Insurance/Assurance (12) 8287.65 0.59 8694.94 8239.35 8281.95 6914.47 3.08 1.84 17.65 0.00 7347.93 FTSE Global wi UNITED KINGDOM All Cap In 340 367.92 0.7 7.0 2.4 561.69
2.5 3.3 Electricity 113 286.98 0.0 0.0 1.2 502.70 1.4 3.5 Total Mkt Bargains 929334.00 - 1102068.00 1049541.00 15.00 15.00
Index- Real Estate Investment & Services (25) 2840.02 -0.58 2979.59 2856.61 2828.21 2829.28 1.69 5.48 10.80 2.08 7160.84 FTSE Global wi USA All Cap 1981 511.49 1.1 2.4 0.5 643.56
0.6 1.9 Gas Water & Multiutilities 49 294.51 0.2 0.2 -1.0 531.94 -0.9 3.7 Total Shares Traded (m) 3149.00 - 3946.00 3849.00 0.00 0.00
Real Estate Investment Trusts (20) 3033.74 -0.66 3182.83 3053.77 3028.65 2419.06 2.73 5.83 6.29 6.53 3489.47 FTSE Europe All Cap 1390 409.12 0.3 6.6 3.0 Financials
2.7 606.77
2.8 665 213.05 0.7 0.7 -1.2 322.17 -1.1 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7714.54 0.59 8093.67 7669.34 7677.68 6527.95 2.85 1.87 18.73 12.32 8162.73 FTSE Eurobloc All Cap 637 379.92 0.1 7.8 2.8 Banks
3.1 571.67
3.3 242 193.92 0.6 0.6 -3.6 311.47 -3.4 3.1 (c) Market closed.
Equity Investment Instruments (178) 7694.48 0.13 8072.62 7684.29 7698.75 7084.35 2.42 1.03 40.07 19.00 3952.06 FTSE RAFI All World 3000 3022 5947.04 0.5 3.4 1.0 7286.32
1.1 2.8 Nonlife Insurance 69 215.45 0.5 0.5 0.6 293.34 0.7 2.1
Non Financials (358) 4270.59 -0.43 4480.46 4289.06 4278.54 4119.79 3.32 1.88 16.02 5.39 5779.52 FTSE RAFI US 1000 1026 9278.99 1.0 1.9 -0.1 11469.79
0.0 2.3 Life Insurance 50 207.91 0.1 0.1 -1.5 307.31 -1.4 2.4
Technology (22) 1310.02 -0.05 1374.40 1310.70 1300.53 1140.52 1.24 2.07 38.83 0.96 1615.72 FTSE EDHEC-Risk Efficient All-World 3027 326.79 0.7 4.1 2.1 Financial Services
2.2 430.21
2.3 138 227.79 1.2 1.2 -1.6 297.92 -1.5 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1431.36 0.12 1501.70 1429.68 1426.50 1301.12 1.90 2.04 25.82 2.59 1838.34 FTSE EDHEC-Risk Efficient Developed Europe 520 287.14 0.6 6.4 3.1 408.87
3.2 2.6 Technology 177 172.05 0.6 0.6 0.0 202.05 0.1 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1628.69 -0.17 1708.73 1631.39 1612.64 1377.80 0.80 2.12 58.94 0.00 1853.23 Software & Computer Services 77 268.44 0.9 0.9 -1.1 304.74 -1.1 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 141.21 0.5 0.5 0.8 169.81 1.1 1.9 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6846.44 6859.76 6838.41 6841.54 6846.75 6852.59 6868.28 6855.45 6854.93 6885.60 6835.81 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 16656.05 16644.97 16643.97 16663.02 16670.57 16687.39 16708.19 16698.61 16679.04 16723.07 16614.55 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4467.96 4467.09 4476.27 4477.22 4474.54 4473.01 4471.15 4470.48 4466.37 4481.34 4465.42
FTSE All-Share 3677.37 3682.80 3673.68 3675.71 3678.17 3681.25 3688.77 3682.81 3681.81 3696.86 3672.33 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:13:50:00 Day's Low08:15:15 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:13:48:00 Day's Low08:19:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Holders Technology Pre 13.478 14.265 0.362L 0.097 9.47L 4.98L 0.25 1 - 1.25 2.111 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 02/03 70.00 AIM AFG Aquatic Foods Group PLC 62.00 0.00 71.50 60.00 7020.0
KZT1150.4 Nil n/a 3.21 3.21 JSC Kazkommersbank GDR 3.21 0.00
5p Nil 13-03-15 14.00 12.68 Petropavlovsk PLC 13.75 0.75
A$0.05 Nil 30-01-15 3.00 2.80 Wildhorse Energy Ltd 3.13 0.00

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
24 ★ FINANCIAL TIMES Monday 9 February 2015

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) ChristianDior 162.15 8.65 163.50 126.10 1.55 17.89 33429.05 FastRetail 44005 330.00 46325 30950 0.80 45.25 39218.38 TeliaSonera 52.40 1.35 54.15 43.98 6.26 15.10 27127.76 BkNYMeln♦ 38.47 2.47 41.79 30.82 1.57 16.62 43306.05 Lyondell 86.82 7.73 115.40 70.06 2.82 10.84 43467.99
ANZ 34.90 1.95 35.27 29.33 5.26 12.87 75367.9 Cred Agr 10.98 0.41 12.22 9.76 3.34 12.59 32077.43 Fuji Hvy Ind 3952.5 -338.50 4617 2380 1.21 13.73 25997.96 Switzerland (SFr) BlackRock 362.43 21.92 368.64 290.40 1.94 19.91 59878.51 Marathon Ptl 98.88 6.29 99.92 74.64 1.68 13.05 27705.46
BHPBilltn 31.55 2.60 39.79 26.50 4.18 10.65 79112.5 Danone 58.89 -0.68 60.53 48.58 2.65 30.33 43010.52 Hitachi 787.30 -111.90 939.90 660.00 1.12 37.03 31972.64 ABB 18.92 1.21 23.35 16.75 - 20.42 47343.33 Boeing 148.00 2.63 148.89 116.32 1.70 22.51 105513.71 Marsh&M♦ 55.43 1.66 58.74 44.25 1.75 22.10 29982.04
CmwBkAu 92.98 4.22 93.96 73.24 4.45 16.50 117698.24 EDF 24.23 0.13 29.90 20.90 5.56 11.84 51117.11 HondaMtr 3784 175.00 3848 3239 1.35 11.78 57590.71 CredSuisse 20.26 0.81 29.75 18.57 3.15 59.99 35199.44 BrisMySq 59.67 -0.60 64.44 46.30 2.27 38.92 98979.19 MasterCard♦ 84.16 2.13 89.87 68.68 0.49 30.66 93663.37
CSL 88.45 0.88 89.07 63.77 1.41 28.68 32725.86 Essilor Intl 95.97 -3.10 100.50 70.51 1.06 19.33 23505.02 JapanTob 3384.5 171.50 4193 2997 3.02 14.69 56872.8 Nestle 71.05 0.60 74.60 63.85 1.83 25.61 247686.12 Broadcom 43.79 1.35 44.50 28.86 1.07 41.22 24081.75 McDonald's 93.99 1.55 103.78 87.62 3.25 19.60 92291.53
NatAusBk 37.21 1.71 37.44 31.33 5.56 16.15 70286.34 GDF Suez 19.01 -0.72 21.19 16.17 8.50 -4.94 52519.36 KDDI 7708 -506.00 8449 5000 1.51 16.38 58089.35 Novartis 91.85 1.70 99.75 70.75 2.72 23.53 268703.13 CapOne♦ 76.22 3.01 85.39 68.56 1.48 10.89 42783.72 McGraw Hill 97.55 8.11 99.61 71.93 1.14 31.46 26484.83
Telstra 6.59 0.12 6.74 4.96 4.67 16.99 62902.71 Hermes Intl 293.35 -7.10 317.40 229.00 0.99 34.90 35132.72 Keyence 57260 1480 58390 36095 0.18 32.56 29251.54 Richemont 80.25 3.70 94.75 68.80 0.10 23.04 45284.58 CardinalHlth 85.47 2.28 87.33 63.06 1.52 26.96 28216.28 McKesson 222.76 10.11 225.06 162.90 0.42 31.05 51653.98
Wesfarmers 44.77 1.07 46.69 40.26 4.64 29.16 39279.84 Kering 182.85 3.45 184.20 136.95 2.21 25.35 26184.51 MitsbCp 2209 121.00 2356 1805 2.39 10.87 30141.98 Roche 250.70 2.10 295.80 238.80 2.84 25.43 190403.19 Carnival 43.33 -0.63 47.44 33.11 2.25 27.98 25679.5 Medtronic 74.47 3.07 77.39 54.58 1.50 26.98 73302.05
Westpc 36.96 2.32 36.96 31.14 5.08 14.99 90037.42 LOreal 157.60 -1.45 160.55 114.55 1.71 30.06 100342.5 MitsubEst 2536 138.00 2930 2151.5 0.39 46.48 29625.66 SwatchGpI 403.20 36.30 592.50 350.00 1.13 12.94 13442.18 Caterpillar♦ 83.21 3.24 111.46 78.81 2.83 14.28 50375.24 Merck 58.79 -1.49 63.62 52.49 2.82 34.17 167602.85
WoodsdPet 35.49 1.75 44.23 31.97 6.28 12.38 22829.58 LVMH 152.80 9.30 156.45 121.40 2.19 21.18 88009.2 MitsubishiEle 1317.5 -45.00 1550 1083 0.43 23.51 23768.6 Swiss Re 84.00 0.90 86.55 69.25 4.52 8.19 33662.38 CBS 56.74 1.93 68.10 48.83 0.85 23.33 27259.27 Metlife♦ 49.60 3.10 57.57 46.10 2.37 10.77 56347.68
Woolworths 32.54 0.94 38.92 29.11 4.51 15.41 32091.21 Nmrcble-SFR 46.45 0.25 57.50 23.87 - -57.59 20524.36 Mitsui 1579 70.50 1820 1399 3.32 7.76 23833.78 Swisscom 540.50 1.00 587.50 493.80 2.41 17.46 30267.5 Celgene 118.75 -0.41 124.60 66.85 - 66.35 94846.12 MicronTech 28.91 -0.36 36.59 21.02 - 9.63 31145.13
Belgium (€) Orange 15.97 0.35 16.10 8.85 5.40 25.28 47990.55 MitsuiFud 3137.5 100.00 3809.5 2854.5 0.57 33.24 26135.07 Syngent 315.60 16.40 350.30 273.20 2.96 21.67 31710.34 CharlesSch♦ 29.11 3.13 31.00 23.35 0.78 32.99 38010.93 Microsoft 42.41 2.01 50.05 35.69 2.65 17.49 347922.54
AnBshInBv 107.40 -0.70 109.95 69.59 1.63 23.68 195949.09 PernodRic 105.75 -0.85 108.75 79.56 1.70 25.69 31842.28 MitUFJFin 671.80 41.00 700.30 519.00 2.08 8.63 79974.43 UBS 16.20 0.81 17.84 13.58 1.41 19.37 65097.7 ChevrnTx 109.61 7.08 135.10 98.88 3.56 10.72 207209.42 MondelezInt 35.91 0.67 39.54 31.83 1.49 35.62 60326.04
Safran 60.36 1.17 60.65 43.24 2.00 14.90 28556.41 Mizuho Fin 197.90 2.10 221.00 178.10 2.74 11.31 40656.98 Zurich Fin 312.20 6.80 323.50 244.20 5.35 12.96 50508.71 Chubb 100.82 2.92 105.30 83.20 1.81 12.56 23774.74 Monsanto 120.22 2.24 128.79 105.76 1.44 24.43 58100.63
Brazil (R$)
Sanofi 85.00 3.00 89.95 68.29 3.45 26.28 127613.84 Murata Mfg 12800 -195.00 13780 8192 0.83 25.16 24225.96 Cigna 111.70 4.87 113.39 73.47 0.03 16.13 29218.33 MorganStly♦ 35.79 1.98 39.19 28.31 0.79 15.12 70055.46
Ambev 17.85 0.22 17.92 14.99 1.77 21.75 101163.34 Taiwan (NT$)
Schneider 68.00 1.00 72.22 52.59 3.63 19.01 45092.31 NipponTT 6874 -54.00 7120 5051 2.14 13.66 65649.95 Cisco 27.24 0.88 28.70 21.27 2.59 19.36 139294.14 News Corp A 33.58 0.42 39.27 31.01 0.73 8.14 45588.28
BncBrasil 21.90 1.24 38.19 18.61 6.48 4.44 22634.36 HonHaiPrc 87.30 0.60 113.00 80.30 1.79 11.42 41120.94
SocGen 37.22 1.39 48.69 31.85 2.82 7.78 33999.44 Nissan Mt 1049.5 21.50 1146.5 842.00 2.44 9.87 39862.99 Citigroup♦ 49.14 2.19 56.95 45.18 0.08 17.53 148869.05 NextEraE 105.80 -3.44 112.64 89.01 2.52 25.23 46179.83
BncoDoBrasl 29.49 0.09 35.98 22.07 4.29 17.18 21273.6 MediaTek 479.00 -18.50 545.00 396.50 2.44 16.53 23968.71
StGobn 38.55 0.62 46.40 29.51 1.73 21.13 24573.53 NpnStlSmMtl 293.30 4.20 333.00 243.30 1.39 10.94 23418.68 CME Grp 94.21 8.91 95.21 66.44 1.86 33.13 31656.38 Nike 91.79 -0.46 99.50 70.50 1.02 28.07 63002.88
Bradesco♦ 35.20 1.70 41.30 27.63 1.02 16.96 26708.51 TaiwanSem 143.00 -0.50 147.00 103.00 1.63 16.98 118064.31
Total 47.68 2.18 54.71 38.25 5.62 10.42 128646.69 NTTDCMo 1980 3.00 2047 1515 2.35 20.04 72615.53 Coca-Cola 41.45 0.28 44.87 36.89 2.72 24.43 181555.68 NorfolkS♦ 107.79 5.82 117.64 89.76 1.90 17.87 33354.74
Cielo 41.66 1.66 47.10 31.07 3.09 17.44 23625 Thailand (THB)
UnibailR 256.45 6.35 260.15 174.70 3.74 21.34 28528.23 Panasonic 1323 -47.50 1610 1030 0.86 57.68 27267.6 Cognizant 57.44 3.31 59.64 41.51 - 26.65 34973.19 Northrop 162.24 5.29 164.22 111.46 1.64 16.99 32772.36
ItauHldFin 31.95 1.84 38.74 25.42 1.65 8.17 31922.18 PTT Explor 377.00 27.00 398.00 278.00 1.82 11.53 33092.34
Vinci 49.41 2.57 57.36 39.65 3.86 10.19 33100.72 Seven & I 4406.5 75.50 4592.5 3611 1.27 22.77 32818.91 ColgtPlm♦ 69.30 1.78 71.31 60.27 1.90 32.28 63159.9 NtlOilVarc 51.43 -3.00 86.55 49.25 2.64 8.92 22144.41
Petrobras 9.03 0.99 23.50 7.88 6.35 4.93 24240.45
Vivendi 20.82 -0.22 21.43 17.26 5.04 -12.31 31916.29 ShnEtsuCh 7905 22.00 8529 5267 1.03 28.04 28699.41 United Kingdom (p) Comcast 56.92 3.78 59.30 47.74 1.44 19.04 122353.89 Occid Pet 81.75 1.75 101.38 72.32 3.23 12.06 63391.25
Vale 20.42 1.81 35.20 17.65 9.94 -10.08 23695.65
Germany (€) Softbank 7100 -106.00 8760 6683 0.46 12.21 71624 AngloAmer 1145.5 32.50 1678.5 923.00 4.32 251.32 24425.3 ConocPhil 67.49 4.51 87.09 60.64 3.91 12.28 83074.31 Oracle 42.98 1.09 46.71 35.82 1.09 18.41 188740.95
Canada (C$) Sony 3138.5 363.50 3269 1588 0.65 -14.64 30527.17 AscBrFd 3042 -61.00 3293 2407 1.06 31.54 36766.96 Corning 24.21 0.44 25.16 17.03 1.56 20.08 31033.54 Paccar 62.75 2.64 71.15 55.34 1.26 18.27 22220.04
Allianz 149.15 2.75 151.45 115.05 3.73 10.36 77326.26
Alimentation 46.63 -3.16 50.58 26.98 0.35 25.22 15603.16 SumitomoF 4129.5 127.50 4910 3800 2.35 7.81 49061.86 AstraZen 4467 -276.00 5750 3663.7 3.91 88.75 86126.06 Costco■ 148.70 5.71 156.85 110.36 0.90 31.70 65503 Pepsico 96.71 2.93 100.57 77.01 2.38 22.72 144736.77
BASF 80.90 1.40 88.28 64.27 3.50 14.28 84295.65
BCE 56.74 -1.62 60.20 45.71 4.52 18.13 38179.4 Takeda Ph 5864 4.00 5970 4337.5 2.50 50.70 38911.5 Barclays 255.45 21.30 278.00 201.75 2.54 57.64 64272.86 Covidien 106.71 - 108.57 65.97 1.54 28.15 48500.47 Pfizer♦ 33.17 1.92 33.50 27.51 2.90 21.76 208992.8
Bayer 125.25 -2.80 131.70 91.31 1.76 27.01 117501.49
BkMontrl♦ 77.79 4.86 85.71 68.25 4.19 11.16 40329.04 TokioMarine 4039 -71.50 4218.5 2884 1.56 12.87 26114.17 BG 934.90 48.00 1420 780.55 1.98 17.81 48725.54 CrownCstl 86.66 0.15 88.86 69.06 1.14 173.99 28932.12 PG&E 56.06 -2.75 60.21 40.92 3.06 19.88 26633.43
BMW 106.85 3.45 108.35 74.74 - - -
BkNvaS 65.13 4.07 74.93 60.75 4.15 10.89 63372.73 Toyota 7623 -106.00 7873 5205 1.78 12.27 218916.11 BP 450.60 26.15 526.80 364.40 5.29 14.73 125469.58 CSX 35.44 2.14 37.99 26.60 1.65 20.35 35276.88 Phillips66 76.10 5.78 87.98 57.33 2.20 12.67 42122.37
Continental 207.05 6.35 209.20 136.85 - - -
Brookfield 65.46 0.71 66.24 40.34 1.20 13.43 33010.85 BrAmTob 3628 -124.00 3818 2884 3.93 18.94 106246.71 Cummins 135.86 -3.60 161.03 123.50 1.84 16.21 24820.51 PhilMorris 81.27 1.03 91.63 76.66 4.43 17.31 126270.43
Daimler 82.35 1.87 84.69 55.10 - - - Malaysia (RM)
CanadPcR 235.12 13.65 247.56 156.64 0.63 35.50 31275.47 BSkyB 850.50 -34.50 954.00 782.50 3.76 9.03 23005.52 CVS 100.61 2.45 101.59 65.31 0.98 27.63 115337.64 PNCFin 90.44 5.90 93.45 76.69 1.92 12.95 47590.41
Deut Bank 27.09 1.29 36.35 22.66 2.04-223.18 42380.55 Maybank 8.93 0.27 10.20 8.25 9.01 12.07 23458.73
CanImp 93.54 5.36 107.37 86.49 4.45 11.26 29749.5 BT♦ 443.00 25.10 451.00 350.30 2.23 18.07 55074.9 Danaher 84.79 2.41 87.49 70.12 0.36 23.62 59581.22 PPG Inds 230.86 7.98 233.98 171.56 1.04 24.39 31682.08
Deut Tlkm 15.90 0.61 15.99 10.07 2.47 29.58 81786.19 Mexico (Mex$)
CanNatRs 39.17 2.33 49.57 31.00 2.35 12.98 34245.31 Compass♦ 1130 -21.00 1179 924.41 2.33 23.20 28770.35 Deere 88.98 3.79 94.89 78.88 2.38 10.80 30469.69 PPL 35.22 -0.28 38.14 30.14 3.97 25.88 23423.84
DeutsPost 28.97 0.20 29.75 21.55 - - - AmerMvl 16.18 0.15 17.64 12.39 1.39 16.73 75411.58
CanNatRy 87.13 3.41 88.36 59.15 1.17 23.19 56462.97 Diageo 1909 -61.00 2055 950.00 2.71 24.59 73183.76 Delta 45.51 -1.80 51.06 29.81 0.56 4.18 38089.2 Praxair 125.25 4.66 135.24 117.32 1.92 21.16 36494.41
E.ON 13.14 -0.59 15.46 12.23 4.79 -45.56 29817.06 FEMSA UBD 129.43 4.24 135.75 108.90 0.81 27.66 31114.39
Enbridge 61.24 -0.31 65.13 45.63 2.35 64.82 41762.18 GlaxoSmh 1517.5 50.50 1709 1200.67 5.41 17.72 112671.71 DevonEngy 65.27 5.00 80.63 51.76 1.33 12.76 26701.96 Prec Cast 203.81 3.71 275.09 186.17 0.06 16.03 29049.59
Fresenius 48.08 -2.68 51.66 34.52 - - - WalMrtMex 32.18 3.23 35.75 27.71 0.84 20.36 37893.59
GtWesLif 33.62 1.41 33.98 28.61 3.85 12.26 26831.91 Glencore 265.40 16.50 379.45 236.20 3.64 16.09 53460.62 DirectTV 87.93 2.65 89.46 68.59 - 17.21 44161.67 Priceline 1022.42 12.94 1378.96 990.69 - 24.52 53529.85
HenkelKgaA 90.16 -0.59 92.15 66.67 1.05 13.54 26572.58
ImpOil 50.80 3.56 57.96 44.08 1.08 9.85 34478.14 Netherlands (€) HSBC 620.80 11.20 737.00 573.54 4.83 12.06 181886.68 DiscFinServ♦ 58.55 4.17 66.75 52.77 1.42 11.82 26551.24 ProctGmbl♦ 85.61 1.32 93.89 76.48 2.90 23.16 231190.65
Linde 173.50 3.60 174.55 138.15 - - -
Manulife 21.77 1.39 23.09 18.91 2.63 9.57 34336.99 ASML Hld 90.07 -3.21 95.81 57.51 0.60 27.66 44778.31 ImpTob♦ 3044 -80.00 3183 2174.58 3.94 20.55 44513.33 Disney 102.02 11.06 102.99 74.61 1.10 23.15 173389.46 Prudntl 77.80 1.92 94.30 74.51 2.57 16.23 35476.8
MuenchRkv 180.45 2.45 184.25 141.10 4.21 8.29 35403.52
Potash 46.05 -0.21 47.10 35.25 3.58 24.56 30614.14 Heineken 65.77 -0.51 67.28 45.12 1.24 25.93 42977.37 LlydsBkg 75.81 2.06 85.53 70.02 - 230.43 82607.55 DominRes 75.71 -1.18 80.89 64.71 2.94 31.30 44113.79 PublStor 204.47 3.63 206.92 157.26 2.58 43.28 35317.22
SAP 59.20 1.34 61.63 50.08 - - -
RylBkC♦ 76.07 4.33 83.87 69.06 3.95 11.99 87860.6 ING 11.14 0.02 11.95 9.34 - 11.53 48761.11 Natl Grid 909.30 -26.20 965.00 778.74 4.62 15.93 52221.63 DowChem 48.40 3.24 54.97 41.45 2.78 17.15 57042.34 Qualcomm 66.35 3.89 81.97 62.26 2.38 14.33 109448.31
Siemens 95.30 2.30 103.30 80.17 - - -
Suncor En 38.74 0.84 47.18 30.89 2.55 17.74 44812.18 Philips 24.88 0.33 26.99 20.69 - 97.68 26380.22 Prudential 1620 0.00 1649.5 1223 2.07 19.44 63489.64 DukeEner 83.11 -4.03 89.97 68.10 3.55 20.01 58782.92 Raytheon 107.45 7.40 111.47 89.17 2.07 17.37 33134.14
Volkswgn 211.70 14.55 211.90 147.35 - - -
ThmReut 49.87 1.11 50.53 36.86 3.10 85.43 31787.11 Unilever♦ 37.07 -1.52 38.81 27.14 2.70 19.14 72111.62 RBS 384.00 21.60 403.90 291.60 - -6.75 37302.22 DuPont 76.10 4.89 76.45 61.93 2.37 19.93 68942.57 Regen Pharm 406.86 -9.80 437.64 269.50 - 141.37 40560.65
TntoDom 54.26 3.66 58.20 47.97 3.58 12.41 80246.33 Hong Kong (HK$)
Norway (Kr) ReckittB 5575 -55.00 5745 4697 2.46 21.53 61159.38 Eaton 70.05 6.96 79.98 57.11 2.54 21.04 33245.73 ReynoldsAm 69.00 1.05 70.70 46.55 3.60 24.76 36658.56
TrnCan 57.84 1.30 63.86 47.65 3.46 22.85 32821.45 AIA 44.20 -0.90 46.45 34.65 0.88 30.82 68675.91
DNB 120.50 8.20 126.90 98.10 1.87 8.20 25916.26 Reed Els 1168 12.00 1185 851.53 2.11 25.24 37661.68 eBay 54.50 1.48 59.70 46.34 - -577.08 67709.02 Salesforce 59.17 2.72 67.00 48.18 - -121.95 36271.21
ValeantPh 202.91 -0.26 205.98 116.01 - 116.66 54539.24 BOC Hold 27.20 0.50 27.95 21.50 3.32 13.95 37096.29
Statoil 142.60 14.20 195.80 118.20 5.49 8.98 60040.41 RioTinto 3028.5 103.50 3680.56 2600 3.75 15.56 65370.82 Ecolab 106.68 2.91 118.46 97.78 0.97 30.07 32016.42 Schlmbrg 86.16 3.77 118.76 75.60 1.82 20.42 110870.16
Ch OSLnd&Inv 22.95 0.05 26.70 17.52 1.83 8.39 24198.48
China (HK$) Telenor 164.80 -1.50 170.40 123.90 4.72 33.84 32672.93 RollsRoyce 912.00 20.50 1219 777.00 2.41 7.55 26308.94 EMC 27.35 1.42 30.92 23.92 1.48 23.29 55654.75 SempraEgy 108.21 -3.71 116.30 89.87 2.27 25.12 26608.16
ChngKong 150.10 4.70 152.00 111.80 2.07 9.01 44845.85
AgricBkCh 3.82 0.03 4.10 3.04 5.57 5.74 15146.86 Qatar (QR) RylDShlA 2165 147.00 2864 1929 5.42 13.78 126315.46 Emerson 57.03 0.09 69.94 55.81 3.02 18.47 39077.06 Shrwin-Will 280.31 9.04 280.79 175.45 0.72 34.15 26909.11
Citic Ltd 13.18 -0.18 16.88 9.40 2.37 8.59 42339.39
Bk China 4.33 -0.02 4.57 3.03 5.38 6.28 46707.22 Inds Qatar 154.30 5.10 202.90 143.50 6.72 15.51 25633.69 SABMill 3499.5 -126.00 3857 2661.5 1.84 25.24 86196.55 EOG Res 95.79 6.76 118.89 81.07 0.43 18.28 52493.82 SimonProp 195.08 -3.58 206.31 153.66 2.44 43.24 60628.51
Citic Secs 25.50 0.75 33.95 13.72 0.71 29.82 3875.96
BkofComm 6.43 -0.02 7.36 4.53 4.81 6.21 29040.24 QatarNtBk 192.00 -6.00 237.00 160.00 3.57 13.11 36891.07 Shire 4912 58.00 5470 2827 0.26 25.64 44244.56 EquityResTP 78.12 0.51 81.03 55.65 2.59 90.02 28307.81 SouthCpr 29.13 1.85 33.90 23.60 1.49 18.54 23833.21
CNOOC 10.98 0.78 15.88 9.72 4.62 7.91 63236.87
Ch Evrbrght 4.17 -0.08 4.52 2.68 4.41 5.61 3694.76 SSE♦ 1628 19.00 1858 1329 5.33 78.80 24543.12 Exelon 35.00 -1.04 38.93 28.79 3.34 15.27 30081.27 SouthwestAir 44.14 -1.04 47.17 20.56 0.43 28.36 29959.78
Galaxy Enter 43.00 0.80 80.45 36.70 - 18.14 23567.24 Russia (RUB)
Ch Yangtze RMB 9.31 -0.83 11.32 5.54 2.60 14.64 14529.83 StandCh 938.20 50.50 1355.5 867.50 5.25 9.23 35413.13 ExpScripts 81.84 1.13 86.64 64.64 - 34.72 60063.19 SpectraEn 36.21 2.77 43.12 32.43 3.41 25.78 24296.92
HangSeng 143.70 7.80 148.40 117.80 3.42 18.44 35438.97 Gzprm neft 151.60 7.78 154.47 113.73 6.90 2.61 53557.77
ChCommsCons 8.01 -0.50 10.24 4.88 2.35 9.03 4574.71 Tesco 228.70 3.95 341.58 155.40 6.45 21.67 28361.83 ExxonMb♦ 91.50 4.08 104.76 86.03 2.72 12.22 387459.37 Starbucks♦ 89.00 1.47 89.77 67.93 1.21 27.56 66732.2
HK & Ch Gas 17.44 -0.44 18.90 13.91 1.74 29.30 23648.73 Lukoil 3120.1 330.20 3150 1715 - 6.64 39603.68
ChConstBk 6.31 0.06 6.62 4.89 5.65 5.83 195690.08 Vodafone 231.40 -3.10 435.82 179.10 6.03 63.75 93649.6 Facebook 74.47 -1.44 82.17 54.66 - 69.27 165616.53 StateSt 76.12 4.61 80.92 62.67 1.39 17.28 31779.74
HK Exc&Clr 177.70 -0.60 189.00 112.80 1.88 47.05 26780.45 Rosneft 261.00 31.65 261.00 183.95 7.87 2.95 41279.27
China Vanke 16.82 -0.10 20.35 12.84 - 10.09 2853.04 WPP 1449 -17.00 1565 1091 2.36 19.27 29158.11 Fedex 173.25 4.14 183.51 129.34 0.39 22.46 49083.91 Stryker 92.71 1.66 98.24 75.78 1.24 58.79 35074.09
Hutchison 104.50 2.60 113.50 85.90 1.97 30.50 57470.07 Saudi Arabia (SR)
ChinaCitic 5.70 -0.05 6.34 3.67 5.32 5.51 10942.41 United States of America ($) FordMtr♦ 15.86 1.15 18.12 13.26 2.82 11.10 61040.18 Sychrony Fin 32.14 1.28 32.68 22.60 - 14.08 26797.19
MTR 34.40 -0.20 34.70 26.80 2.39 15.12 25867.34 SaudiBasic 94.00 7.75 136.50 70.25 5.52 11.82 75135.87
ChinaLife 30.75 0.00 32.80 19.72 1.04 25.70 29516.09 3M 166.07 3.77 168.16 127.10 1.81 24.20 106420.79 Franklin 53.48 1.95 59.43 49.12 0.93 14.59 33255.3 Target 76.36 2.75 77.75 55.09 2.26 33.53 48638.6
SandsCh 38.35 -0.85 68.00 34.50 4.25 15.89 39910.52 SaudiTelec 65.75 -0.50 76.50 55.00 2.87 11.52 35036.76
ChinaMBank 17.76 0.48 19.96 12.12 4.15 6.48 10517.52 AbbottLb♦ 45.50 0.74 46.50 36.38 1.66 37.76 68513.47 FreeportMc 18.85 2.04 39.32 16.43 6.24 9.29 19587.38 TE Connect 68.65 2.26 69.96 51.03 1.60 15.29 27887.06
SHK Props 124.80 -3.40 129.40 83.40 2.40 11.24 45497.22 Singapore (S$)
ChinaMob 105.90 1.60 108.50 63.65 2.78 16.61 279549.17 Abbvie♦ 56.90 -3.45 70.76 45.50 2.71 26.19 90656.8 GenDyn 139.29 6.08 145.92 99.62 1.60 19.99 46159.28 TeslaMotors 217.36 13.76 291.42 176.00 - -141.07 27252.99
Tencent 134.20 -0.40 138.00 93.00 0.17 48.31 162216.76
ChinaPcIns 37.45 -0.35 41.95 23.55 1.14 28.13 13407.09 DBS 19.38 -0.58 20.67 15.65 2.99 7.35 35474.47 Accenture 88.15 4.12 91.94 73.98 2.16 20.60 69828.95 GenElectric 24.52 0.63 27.53 23.41 3.38 17.54 246234.55 TexasInstr♦ 54.36 0.91 56.00 41.00 2.08 25.07 57420.47
ChinaRailCons 8.55 -0.54 10.68 5.57 1.63 8.27 2289.97 India (Rs) JardnMt US$ 64.90 -0.40 67.88 52.50 1.93 16.81 44830.89 GenGrwthPrp 29.71 -0.47 31.70 20.19 1.81 123.87 26266.83 TheTrvelers 107.20 4.38 108.24 79.95 1.84 10.96 35525.68
Ace 112.88 4.92 117.89 93.03 2.14 12.42 37446.53
ChinaRailGp 5.69 -0.09 6.68 2.99 1.38 9.95 3088.14 HDFC Bk 1053.5 -23.85 1100.6 629.35 0.61 30.84 41205.12 JardnStr US$ 35.14 -0.68 38.10 31.05 0.65 13.93 39360.4 GenMills 53.16 0.68 55.64 47.31 2.95 22.81 32095.23 ThrmoFshr 124.80 -0.41 131.12 107.33 0.45 31.94 49923.18
Actavis 276.55 10.01 285.09 181.85 - -55.26 73302.65
ChMinsheng 9.08 -0.42 10.70 6.73 1.33 6.00 8121.09 Hind Unilevr 905.75 -26.80 968.85 542.00 1.20 52.48 31734.02 OCBC 10.56 0.09 10.63 9.19 3.26 9.91 31123.79 GenMotors 36.00 3.38 38.15 28.82 3.26 22.12 57973.17 TimeWrnr 80.38 2.45 88.13 62.37 1.45 17.83 67397.52
Adobe 72.54 2.41 77.56 57.15 - 140.97 36147.7
ChMrchSecs RMB 26.74 3.20 32.98 9.71 - 44.13 19958.97 HsngDevFin 1280.55 18.05 1361.85 755.00 1.03 25.82 32546.39 SingTel 4.15 0.08 4.16 3.48 4.04 18.23 48953.8 GileadSci 97.48 -7.35 116.83 63.50 - 18.42 147064.6 TimeWrnrC 146.60 10.47 155.95 128.78 1.86 21.86 41120.49
AEP♦ 59.15 -3.66 65.38 47.23 3.18 17.15 28938.57
ChShenEgy 20.55 -0.60 24.40 19.12 4.74 8.38 9009.1 ICICI Bk 329.35 -31.35 393.40 190.10 2.67 16.50 30890.95 UOB 23.53 0.16 24.72 19.55 2.97 11.26 27903.28 GoldmSchs 183.43 11.02 198.06 151.65 1.13 11.26 79892.12 TJX Cos 68.25 2.31 69.84 51.91 0.89 23.62 47017.45
Aetna 94.54 2.72 97.71 64.68 0.87 16.74 33249.72
ChShpbldng RMB 8.14 -0.81 10.35 4.36 0.49 63.72 23408.24 Infosys 2230.5 88.60 2247.8 1440 1.65 21.07 41294.83 South Africa (R) Google 533.88 -3.68 614.44 490.91 - 30.12 152056.24 UnionPac 121.81 4.60 123.61 86.36 1.40 23.88 108301.18
Aflac 61.28 4.20 66.01 54.99 2.27 10.20 27611.95
ChStConEng RMB 5.53 -0.57 7.57 2.71 2.23 7.43 26566.5 ITC 373.50 4.95 400.30 311.40 1.33 35.57 48123.04 Halliburton 43.36 3.37 74.33 37.21 1.30 11.87 36745.88 UPS B 100.67 1.83 114.40 94.01 2.46 26.52 70705.01
Firstrand 51.88 -0.20 53.19 30.16 2.51 16.18 25476.79 AirProd♦ 150.32 4.71 151.78 103.76 2.01 32.33 32209.67
ChUncHK 12.78 1.04 14.22 9.03 1.51 21.10 39477.78 OilNatGas 351.00 -0.35 471.85 267.70 2.63 11.97 48648.91 HCA Hold 67.98 -2.82 76.18 47.17 - 18.50 29473.67 USBancorp 44.41 2.50 46.10 38.10 2.01 15.48 79466.65
MTN Grp 212.00 9.93 263.44 190.48 4.00 15.08 34113.27 Alexion 175.63 -7.61 203.30 136.37 - 77.69 34825.12
Daqin RMB 9.75 -1.34 12.32 6.24 3.80 10.72 23211.82 RelianceIn 909.90 -5.35 1145.25 793.10 1.00 12.11 47687.28 Hew-Pack 37.95 1.82 41.10 28.20 1.53 15.17 69603.41 Utd Cntl Hldg 67.58 -1.79 74.52 36.65 - 22.71 24941.8
Naspers N 1690 -7.85 1744.64 983.25 0.20 62.18 61454.68 Allergan 225.17 5.91 228.43 115.74 0.08 55.72 67077.83
GF Secs RMB 22.21 -0.10 29.42 9.50 0.78 38.54 21052.67 SBI NewA 290.30 -18.65 336.00 145.51 0.97 14.29 3511.08 HiltonWwde 26.36 0.39 27.25 20.72 - 50.28 25954.51 UtdHlthcre 107.60 1.35 114.32 69.57 1.15 20.56 103273.52
Sasol 467.56 46.35 652.99 360.00 3.73 10.18 26506.83 Allstate 70.93 1.14 72.87 50.24 1.45 12.17 29750.4
HaitongSecs 17.46 0.78 23.20 9.50 0.83 26.76 3361.69 SunPhrmInds 926.85 9.10 965.95 552.55 0.15 33.87 31098.92 HlthcareREIT♦ 77.25 -4.70 84.88 55.87 3.84 104.37 25312.82 UtdTech 119.81 5.03 121.02 97.30 1.93 17.94 109225.78
South Korea (KRW) Altria 53.33 0.23 55.18 34.05 3.46 25.98 105405.15
In&CmBkCh 5.61 0.01 5.90 4.33 4.99 6.05 62809.38 Tata Cons♦ 2575.75 93.70 2839.7 1999.5 1.26 24.49 81733.33 HomeDep 109.04 4.62 109.74 74.61 1.58 26.09 143695.89 ValeroEngy 54.86 1.98 59.69 42.53 1.72 8.15 28595.5
HyundMobis 242500-7500.00 323500 226000 0.67 10.56 21259.92 Amazon 374.28 19.75 383.11 284.00 - -732.80 173809.62
IndstrlBk RMB 14.05 -0.39 17.49 8.60 2.82 6.04 36402.68 Tata Motors 559.60 -25.55 612.40 356.10 0.33 9.85 23087.12 Honywell 101.75 3.99 103.92 82.89 1.67 20.33 79650.95 Verizon 49.33 3.62 53.66 45.09 4.09 11.32 204705.87
KoreaElePwr 41900 -700.00 50200 35400 0.18 9.49 23955.37 AmerAir♦ 48.15 -0.94 56.20 28.10 0.20 93.02 34532.65
Kweichow RMB 174.60 -1.55 204.24 130.86 2.15 14.10 31929.93 Indonesia (Rp) AmerExpr♦ 85.01 4.32 96.24 78.41 1.09 16.67 87957.85 IBM♦ 156.72 3.41 199.21 149.52 2.46 10.69 155099.59 VertexPharm 108.66 -1.48 127.69 59.79 - -51.46 26135.1
SK Hynix 45500-1900.00 52400 35550 - 10.20 30329.7
PetroChina 8.57 0.15 11.70 7.49 4.53 10.18 23324.62 Astra Int 7600 -150.00 8100 6325 2.35 15.43 24390.53 AmerIntGrp 52.10 3.23 56.79 47.56 0.86 9.15 72935.43 IllinoisTool 97.09 4.00 97.84 77.80 1.69 23.44 37955.75 VF Cp 69.25 -0.12 76.89 55.14 1.43 25.15 29907.15
SmsungEl 1372000 12000 1495000 1078000 0.81 8.76 164884.06
PingAnIns 81.90 -1.05 88.70 55.60 0.99 15.63 39340.59 Bk Cent Asia 13700 375.00 14000 9975 0.38 21.53 26776.57 Ameriprise♦ 134.79 9.85 137.33 100.94 1.54 18.96 24873.08 Illumina 192.64 -2.55 213.33 127.69 - 107.68 27354.88 Viacom 67.07 2.65 89.76 63.11 1.88 12.58 23820.22
PngAnBnk RMB 13.51 -0.39 16.39 8.36 1.02 8.10 21281.04 Spain (€) Intcntl Exch 228.72 22.99 230.99 182.40 1.07 53.04 25778.39 Visa Inc 267.42 12.51 272.45 194.84 0.62 30.53 131293.13
Israel (ILS) AmerTower 95.73 -1.22 105.20 78.83 1.29 55.45 37953.39
SaicMtr RMB 22.01 -1.40 25.98 12.22 4.70 9.31 38860.6 BBVA 8.24 0.64 9.99 7.21 0.80 -53.58 58161.83 Intel♦ 33.30 0.26 37.90 23.55 2.55 16.89 160981.33 Walgreen 76.05 -0.46 77.98 55.27 1.71 36.06 72276.92
TevaPha 222.40 220.08 237.70 152.20 2.00 19.01 49294.1 Amgen 151.40 -0.96 173.14 108.20 1.43 25.30 115165.44
ShgPdgBk RMB 14.09 -0.33 16.75 8.39 4.04 5.99 33670.41 BcoSantdr♦ 6.14 0.18 7.96 5.77 8.69 12.79 96126.44 Intuit 87.83 1.01 95.84 69.02 0.89 32.06 25075.15 WalMartSto 87.33 2.35 90.97 72.50 2.09 19.24 281481.17
Italy (€) Anadarko 82.70 0.95 113.51 71.00 1.02 -20.84 41883.45
Sinopec 6.13 -0.04 8.23 5.74 4.24 9.83 20174.5 CaixaBnk 3.97 0.11 5.00 3.71 1.04 40.49 25764.91 John&John 101.10 0.96 109.49 87.55 2.53 17.80 282990.06 Wellpoint 128.71 1.56 129.96 81.84 1.27 16.42 34744.16
Enel 3.90 -0.11 4.49 3.33 2.80 12.40 41604.03 Aon Cp♦ 96.42 6.37 98.10 76.49 0.83 24.08 27492.88
GasNatur 20.56 -0.24 24.45 17.88 3.61 12.55 23340.49 JohnsonCn 48.63 2.16 51.60 38.60 1.85 22.39 31964.2 WellsFargo♦ 54.45 2.53 55.95 44.27 2.25 14.17 282466.15
Denmark (kr) ENI 15.56 0.66 20.46 12.98 6.09 10.24 64151.11 AppldMat 24.24 1.40 25.71 16.88 1.58 29.16 29602.37
Iberdrola 5.99 -0.14 6.24 4.46 2.73 16.96 43412.23 JPMrgnCh 57.89 3.51 63.49 52.97 2.54 11.39 216403.75 WestrnDigl 103.40 6.17 114.69 80.78 1.28 17.16 24012.61
DanskeBk 169.00 -2.10 178.50 127.50 1.24 42.13 25977.33 Generali 18.27 -0.43 18.79 14.40 2.07 17.48 32268.55 Apple♦ 118.93 1.77 120.51 72.54 1.52 16.43 692737.28
Inditex 26.22 0.09 27.13 19.29 1.22 32.42 92706.15 Kimb-Clark 109.05 1.09 119.01 99.20 2.88 20.51 40616.24 Williams Cos 46.38 2.52 59.77 39.31 3.59 18.30 34667.32
MollerMrsk 13520 140.00 15390 11020 2.36 17.04 44947.28 IntSPaolo 2.57 -0.02 2.68 2.00 1.63 -9.30 46272.01 ArcherDan 47.56 0.93 53.91 38.74 1.80 17.33 30700.97
Repsol 16.57 0.89 21.07 14.26 4.83 16.32 25841.41 KinderM♦ 41.41 0.36 43.18 30.81 3.80 36.52 42578.98 Yahoo 42.94 -1.05 52.62 32.15 - 6.06 40679.27
NovoB 279.40 -16.10 305.80 225.80 1.22 27.10 117095.28 Luxottica 51.30 -1.45 53.55 34.74 1.06 40.25 28032.12 AT&T 34.87 1.95 37.48 31.74 4.97 11.33 180870.69
Telefonica 13.18 -0.13 13.43 10.76 4.71 13.15 69635.12 Kraft 66.77 1.43 67.74 51.25 2.96 17.93 39315.76 Yum!Brnds 73.93 1.65 83.58 65.81 1.89 24.50 32503.26
Finland (€) Unicred 5.53 0.29 6.89 4.82 - -2.48 36339.28 AutomData 86.44 3.91 87.35 70.50 2.19 27.34 41668.99
Sweden (SKr) Avago Tech 104.74 1.85 108.34 53.62 1.03 94.62 26743.42 Kroger 71.71 2.66 71.91 35.53 0.88 23.15 35232.87
Nokia 6.85 0.00 7.23 4.99 1.69 26.30 29081.49 Japan (¥) AtlasCpcoB 237.90 11.20 239.10 157.00 2.53 22.55 34517.49 BakerHu 62.67 4.68 75.64 47.51 0.93 22.51 27110.98 L Brands 92.96 8.33 93.32 52.68 1.36 29.97 27207.76 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 43.71 0.79 43.84 34.60 3.96 15.09 27709.25 AstellasPh 1820 -3.00 1906 1062 3.59 42.59 34556.2 Ericsson 101.80 0.90 104.80 77.55 3.22 22.11 39422.55 BankAm 16.49 1.34 18.21 14.37 0.46 44.62 173416.27 LasVegasSd 55.37 1.00 88.28 49.82 3.15 17.73 44406.64 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4482.5 -191.00 4774 3328 1.60 14.82 30622.85 H&M 335.90 -5.10 343.50 261.00 3.12 26.03 66468.04 LibertyGbl 49.06 2.34 88.19 37.98 - -38.05 10556.58 based on intraday trading over a rolling 52 week period.
Baxter 70.97 0.66 77.31 66.34 2.68 22.53 38464.19
Airbus Grpe 48.35 1.15 55.00 39.64 1.63 21.74 43041.5 Canon 3716 -25.00 4045 2917 3.21 16.27 41642.28 Investor 303.30 1.50 305.60 214.80 2.02 4.08 27819.72 Lilly (E) 70.36 -1.64 75.10 52.29 2.62 29.90 78340.92 ♦ ex-dividend
BB & T 38.03 2.74 41.04 34.50 2.33 14.77 27392.95
AirLiquide 112.20 0.20 114.00 85.06 2.45 21.78 43897.47 CntJpRwy 19645 -700.00 20785 10725 0.50 14.38 34001.6 Nordea Bk 109.50 4.20 110.10 82.40 3.91 13.76 52724.69 LinkedIn 263.40 38.66 272.96 136.02 - -2274.02 28532.79 ■ ex-capital redistribution
BectonDick 143.32 5.24 146.74 106.86 1.43 25.41 27715.49
AXA 20.86 0.01 21.33 16.43 4.18 9.33 57795.87 Denso 5411 190.00 5995 4223 1.58 16.25 40192.37 SEB 100.60 0.70 103.00 82.30 4.34 11.43 26346.55 Lockheed 195.24 6.87 198.88 149.50 2.57 20.99 61681.23
BerkshHat 224880 9015 229374 164840 - 18.96 192599.15 # price at time of suspension
BNP Parib 47.17 0.40 61.82 43.14 3.33 -54.75 66674.02 EastJpRwy 9277 70.00 9523 7105 1.06 17.86 30671.31 SvnskaHn 377.90 -14.90 396.90 305.10 3.33 14.75 29707.02 Lowes 71.90 4.14 72.25 44.13 1.09 29.73 69952.13
Biogen 402.00 12.84 407.94 272.02 - 33.18 94315.02
Fanuc 20020 -110.00 21440 16105 0.97 24.70 40286.98 Swedbank 202.70 2.10 203.00 165.70 5.44 12.42 26712.96

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Petrobras 9.66 9.66 0.00 0.00 1.62 20.1 9.31 Covidien 106.71 108.07 -1.36 -1.26 - - 3.39 Feb 06 date Coupon S* M* F* price yield yield yield US Feb 06 date Coupon S* M* F* price yield yield yield US
LinkedIn 263.40 237.97 25.43 10.69 38.66 17.2 19.87 Hitachi 787.30 781.00 6.30 0.81 -111.90 -12.4 -12.64 High Yield US$ US$
Rosneft 261.00 251.00 10.00 3.98 31.65 13.8 32.66 Daqin 9.75 10.22 -0.47 -4.60 -1.34 -12.1 -12.95 Windstream Corporation 11/17 7.88 B B1 BB 108.78 4.47 -0.06 -0.22 3.83 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.46 6.03 0.00 0.05 4.09
ChMrchSecs 26.74 27.67 -0.93 -3.36 3.20 13.6 -9.33 ChStConEng 5.53 5.62 -0.09 -1.60 -0.57 -9.3 -24.66 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 134.33 3.88 -0.02 -0.15 1.95
Sony 3138.50 3101.50 37.00 1.19 363.50 13.1 27.14 ChShpbldng 8.14 8.43 -0.29 -3.44 -0.81 -9.1 -13.59 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 86.00 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 122.94 4.33 0.00 0.06 -
Disney 102.02 102.64 -0.62 -0.60 11.06 12.2 11.13 ICICI Bk 329.35 335.60 -6.25 -1.86 -31.35 -8.7 -9.28 SouthTrust Bank 12/27 6.57 A+ A1 A+ 125.59 4.04 0.01 -0.18 -
FreeportMc 18.85 19.59 -0.74 -3.78 2.04 12.1 -16.33 Ch Yangtze 9.31 9.72 -0.41 -4.22 -0.83 -8.2 -16.73 Emerging US$ Citigroup Inc. 01/28 6.63 A- Baa2 A 127.31 3.95 0.00 0.04 -
CharlesSch 29.11 27.92 1.19 4.26 3.13 12.0 3.45 Fuji Hvy Ind 3952.50 4010.00 -57.50 -1.43 -338.50 -7.9 -7.65 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.59 Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 127.38 4.06 -0.01 -0.20 -
Lukoil 3120.10 2996.00 124.10 4.14 330.20 11.8 35.95 GileadSci 97.48 99.90 -2.42 -2.42 -7.35 -7.0 -0.17 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.61 0.88 -0.08 -0.02 0.24
Brazil 01/18 8.00 BBB- Baa2 BBB 109.36 4.57 0.04 -0.12 3.94 Euro
Intcntl Exch 228.72 225.85 2.87 1.27 22.99 11.2 6.04 KDDI 7708.00 7670.00 38.00 0.50 -506.00 -6.2 1.46 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 112.66 1.64 0.01 -0.15 -0.30
Statoil 142.60 139.60 3.00 2.15 14.20 11.1 12.02 SBI NewA 290.30 290.80 -0.50 -0.17 -18.65 -6.0 -7.18 Russia 07/18 11.00 BB+ Baa3 BBB- 111.71 7.24 -0.08 0.22 6.60
Peru 03/19 7.13 BBB+ A3 BBB+ 119.49 2.19 -0.03 -0.29 0.74 Citigroup Inc. 09/26 2.13 A- Baa2 A 105.09 1.64 0.01 -0.04 -0.30
Eaton 70.05 69.22 0.83 1.20 6.96 11.0 8.79 SaicMtr 22.01 21.82 0.19 0.87 -1.40 -6.0 -6.82 Eni SpA 01/29 3.63 A A3 A+ 123.60 1.71 0.00 -0.29 -
Sasol 467.56 450.54 17.02 3.78 46.35 11.0 16.74 ChinaRailCons 8.55 8.55 0.00 0.00 -0.54 -5.9 -15.68 Brazil 01/21 7.88 BBB- Baa2 BBB 105.73 3.83 0.09 0.12 2.37
Turkey 03/21 5.63 - Baa3 BBB- 110.85 3.67 0.07 -0.11 2.22 BG Energy Capital plc 11/29 2.25 A- A2 A- 107.34 1.68 0.00 -0.32 -
CME Grp 94.21 90.84 3.37 3.71 8.91 10.4 7.93 ChCommsCons 8.01 8.00 0.01 0.13 -0.50 -5.9 -18.51
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.17 Yen
GenMotors 36.00 36.25 -0.25 -0.69 3.38 10.4 3.36 AEP 59.15 61.92 -2.77 -4.47 -3.66 -5.8 -2.36
Colombia 07/21 4.38 BBB Baa2 BBB 106.76 3.23 0.04 -0.22 1.78 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.29 0.30 0.00 -0.01 -
BncBrasil 22.79 22.79 0.00 0.00 2.13 10.3 -1.67 AstraZen 4467.00 4529.00 -62.00 -1.37 -276.00 -5.8 -0.48
Vale 20.45 20.45 0.00 0.00 1.84 9.9 -2.43 HlthcareREIT 77.25 80.81 -3.56 -4.40 -4.70 -5.7 -2.23 Turkey 02/25 7.38 - Baa3 BBB- 130.38 4.21 0.00 0.00 2.27 £ Sterling
L Brands 92.96 91.19 1.77 1.94 8.33 9.8 10.81 Abbvie 56.90 57.99 -1.09 -1.88 -3.45 -5.7 -11.30 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.72 3.30 0.00 -0.35 1.37
Lyondell 86.82 87.65 -0.83 -0.95 7.73 9.8 16.65 NtlOilVarc 51.43 53.24 -1.81 -3.40 -3.00 -5.5 -16.69 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 118.02 3.80 0.02 -0.43 1.86
Barclays 255.45 248.80 6.65 2.67 21.30 9.1 10.90 NovoB 279.40 282.60 -3.20 -1.13 -16.10 -5.4 5.87 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.86 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 112.77 2.74 0.01 -0.39 1.29 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 122.19 3.29 0.01 -0.42 1.35
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Feb 06 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 06 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.06 16-12-2008 0.06 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 17.29 0.44 16.85 31.06 10.28 Feb 06 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.97 0.49 16.48 23.19 7.64 Tr 3.5pc 'WL - - - - - - - - -
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 181.30 -0.18 0.31 1.69 2.34 6.44 VXN 18.41 0.23 18.18 31.17 9.66 Tr 2.75pc '15 100.24 0.37 -0.02 -0.08 0.14 -1.91 102.20 100.00 0.02
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 304.51 -0.14 -1.19 3.75 2.85 14.13 VDAX 18.48 -0.83 19.31 - - Tr 2pc '16 101.49 0.43 -0.04 -0.12 -0.18 -1.15 102.72 101.49 0.32
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 255.91 0.00 -0.37 2.17 -0.37 2.17 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 1.75pc '17 102.27 0.58 -0.13 -0.31 -0.39 0.03 102.68 101.07 0.29
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.72 0.02 0.10 0.95 0.79 7.71 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '18 112.70 0.81 -0.27 -0.62 -0.74 -1.29 114.29 111.68 0.35
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.88 -0.04 0.08 2.35 2.03 13.11 Tr 4.5pc '19 113.96 0.99 -0.35 -0.81 -0.67 0.67 115.07 111.17 0.36
Gilts( £) 293.68 -0.20 -2.01 2.81 1.83 15.27 BONDS: BENCHMARK GOVERNMENT Tr 4.75pc '20 117.57 1.17 -0.43 -1.01 -0.73 1.88 119.04 113.53 0.33
INTEREST RATES: MARKET Global Inflation-Lkd 252.20 -0.40 -0.12 0.54 1.07 3.45 Red Bid Bid Day chg Wk chg Month Year Tr 8pc '21 140.71 1.28 -0.52 -1.24 -0.85 1.82 142.92 135.65 0.24
Over Change One Three Six One Markit iBoxx £ Non-Gilts 303.42 -0.18 -1.24 3.38 2.52 13.50 Date Coupon Price Yield yield yield chg yld chg yld Tr 4pc '22 117.65 1.37 -0.58 -1.41 -0.66 5.69 119.85 110.38 0.38
Feb 06 (Libor: Feb 05) night Day Week Month month month month year Overall ($) 228.86 -0.03 -0.52 2.09 -0.52 2.09 Australia 10/18 3.25 104.61 1.95 0.01 -0.04 -0.23 -1.48 Tr 5pc '25 131.32 1.62 -0.80 -1.87 -0.56 9.10 134.70 119.37 0.35
US$ Libor 0.11800 0.000 0.000 -0.003 0.17100 0.25610 0.36240 0.62900 Overall( £) 293.84 -0.20 -1.77 2.99 2.04 14.70 04/25 3.25 107.06 2.46 0.00 0.01 -0.27 -1.76 Tr 4.25pc '27 127.94 1.80 -0.98 -2.20 -0.14 13.29 131.90 112.04 0.31
Euro Libor -0.08714 -0.007 -0.009 -0.003 -0.00714 0.02571 0.09071 0.22857 Overall(€) 222.39 -0.02 0.08 1.78 1.52 10.89 Austria 10/18 1.15 104.33 0.02 0.01 0.01 0.00 0.00 Tr 4.25pc '32 132.00 2.05 -1.09 -2.61 0.27 17.20 136.85 111.72 0.35
£ Libor 0.47063 0.000 0.001 -0.001 0.50413 0.56369 0.68394 0.96119 Treasuries ($) 219.73 -0.05 -0.69 2.17 -0.69 2.17 10/24 1.65 111.17 0.47 0.02 0.06 -0.18 0.00 Tr 4.25pc '36 134.71 2.19 -1.25 -2.95 0.37 19.69 140.37 111.54 0.26
Swiss Fr Libor -0.011 -0.91500 -0.88100 -0.76160 -0.64860 FTSE Belgium 06/18 0.75 101.84 0.19 0.01 -0.05 -0.07 -0.97 Tr 4.5pc '42 145.95 2.26 -1.45 -3.44 0.57 23.48 153.16 117.05 0.26
Yen Libor -0.001 0.07429 0.10429 0.14071 0.26471 Sterling Corporate (£) 116.86 -0.73 - - 0.95 7.99 12/24 1.10 103.89 0.69 -0.01 0.01 -0.40 0.00 Tr 3.75pc '52 136.75 2.28 -1.83 -4.21 1.12 29.78 145.21 104.09 0.22
Euro Euribor -0.001 0.00000 0.05100 0.13200 0.26200 Euro Corporate (€) 111.00 0.11 - - 0.61 6.06 Canada 11/16 1.00 100.93 0.45 0.02 0.07 -0.45 0.00 Tr 4pc '60 149.01 2.26 -2.02 -4.57 1.46 32.44 159.23 111.06 0.21
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 982.39 2.60 - - 2.74 6.48 06/25 2.25 107.90 1.42 0.05 0.17 -0.34 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
US$ CDs -0.020 0.15000 0.22000 0.29000 Eurozone Govt Bond 117.13 -0.10 - - 1.38 10.54 Denmark 11/16 2.50 105.71 -0.71 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
Euro CDs 0.000 -0.15000 -0.00500 0.08500 11/25 1.75 116.36 0.21 0.00 -0.14 -0.55 0.00 on Saturdays, and can be found daily on ft.com/bond&rates.
CREDIT INDICES Day's Week's Month's Series Series
LA 7Day Notice 0.40%-0.35% Finland 09/18 1.13 104.33 0.08 0.00 0.04 0.06 -0.75
Index change change change high low
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.49 0.49 0.01 0.05 -0.25 -1.64 GILTS: UK FTSE ACTUARIES INDICES
Feb 06 term notice month month month year Crossover 5Y 303.99 1.70 -19.07 -51.03 419.37 290.75 France 11/16 0.25 100.63 -0.10 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Euro -0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29 Europe 5Y 55.88 0.47 -3.92 -8.90 80.45 51.98 11/19 0.50 102.08 0.07 0.00 0.01 -0.09 0.00
Fixed Coupon Feb 06 chg % Return 1 month 1 year Yield
Sterling - - - - - - - - - - - - Japan 5Y 63.52 -0.98 -1.42 -9.20 79.33 58.50 11/24 1.75 110.78 0.61 0.02 0.07 -0.17 0.00
1 Up to 5 Years 100.28 -0.18 2343.67 -0.21 2.46 0.86
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 62.89 0.88 -5.09 -8.66 85.99 56.40 05/45 3.25 145.90 1.38 0.01 -0.01 -0.37 -1.86
2 5 - 10 Years 183.40 -0.55 3210.49 -0.34 8.79 1.39
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.56 -0.17 0.00 0.00 0.00 0.00
Markit CDX 3 10 - 15 Years 213.68 -0.87 3806.70 0.02 15.71 1.74
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.58 -0.09 0.00 0.00 0.00 0.00
Emerging Markets 5Y 377.90 -10.45 -14.54 11.49 420.12 238.47 4 5 - 15 Years 190.34 -0.64 3355.82 -0.23 10.78 1.53
Japanese Yen -0.08 0.02 -0.08 0.02 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20 02/25 0.50 101.20 0.38 0.01 0.07 0.00 0.00
Nth Amer High Yld 5Y 349.28 -10.04 -15.42 -17.54 406.42 328.06 5 Over 15 Years 311.93 -1.45 4404.64 0.96 27.69 2.22
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/46 2.50 141.65 0.96 0.00 0.01 -0.29 0.00
Nth Amer Inv Grade 5Y 66.09 -1.87 -2.03 -2.51 75.99 60.32 7 All stocks 178.01 -0.84 3239.70 0.22 13.87 1.99
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Greece 07/17 3.38 73.71 17.53 1.16 -0.90 4.47 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 59.89 9.92 0.39 -0.85 -0.28 2.02
notice: Tradition (UK).” Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.38 0.13 0.01 -0.01 -0.16 -1.28 Index Linked Feb 06 chg % chg % chg % Return 1 month 1 year
03/24 3.40 120.51 1.03 0.04 0.08 -0.20 -2.26 1 Up to 5 Years 312.77 -0.09 -1.02 -2.18 2365.15 -0.43 -0.46
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.74 0.37 0.01 -0.08 -0.24 0.00 2 Over 5 years 566.60 -1.84 -1.57 19.34 4156.33 -1.45 20.39
12/19 1.05 101.05 0.83 0.02 -0.03 -0.21 0.00 3 5-15 years 435.68 -0.74 -1.75 6.60 3279.08 -1.58 7.91
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 108.46 1.57 0.03 -0.02 -0.31 0.00 4 Over 15 years 691.17 -2.31 -1.49 26.14 4982.82 -1.38 27.00
Crude Oil† Feb 52.04 1.38 Corn♦ Mar 370.75 -2.25 May 02 May 02 Prev return stock Market stocks
09/46 3.25 113.04 2.66 0.02 -0.04 0.00 0.00 5 All stocks 525.13 -1.66 -1.52 16.85 3899.04 -1.35 17.98
Brent Crude Oil‡ 58.06 1.44 Wheat♦ Mar 503.00 -4.75 Can 4.25%' 21 134.60 -0.697 -0.726 0.21 5.18 73958.19 7
Japan 01/17 0.10 100.12 0.04 0.00 0.03 0.00 0.00
RBOB Gasoline† Feb 1.47 0.07 Soybeans♦ Mar 961.25 -7.00 Fr 2.25%' 20 116.16 -0.646 -0.613 0.36 19.98 215165.12 14
02/20 0.05 99.74 0.10 -0.02 0.04 0.08 0.00 Yield Indices Feb 06 Feb 05 Yr ago Feb 06 Feb 05 Yr ago
Heating Oil† Feb 1.80 0.03 Soybeans meal♦ Mar 330.70 -7.20 Swe 0.25%' 22 106.66 -0.533 -0.518 0.21 28.76 219708.86 5
12/24 0.30 99.60 0.34 -0.02 0.06 0.06 0.00 5 Yrs 1.13 1.04 1.78 20 Yrs 2.19 2.11 3.42
Natural Gas† Feb 2.57 -0.03 Cocoa (ICE Liffe)X Mar 1957.00 23.00 UK 2.5%' 16 327.87 -1.289 -1.309 0.14 7.90 487406.68 24
12/44 1.50 103.90 1.32 -0.02 0.04 0.16 0.00 10 Yrs 1.68 1.59 2.79 45 Yrs 2.29 2.21 3.48
Ethanol♦ Mar 1.39 0.02 Cocoa (ICE US)♥ - - UK 2.5%' 24 347.94 -0.939 -0.971 -0.77 6.82 487406.68 24
Netherlands 04/17 0.50 101.39 -0.14 0.00 0.00 0.00 0.00 15 Yrs 2.01 1.93 3.23
Uranium Feb 38.20 0.20 Coffee(Robusta)X Mar 1933.00 11.00 UK 2%' 35 236.74 -0.852 -0.878 -2.09 9.08 487406.68 24
07/24 2.00 114.40 0.44 0.02 0.06 -0.16 0.00
Carbon Emissions - - Coffee (Arabica)♥ - - US 0.625%' 21 104.92 -0.136 -0.156 -0.45 35.84 1097752.20 35
New Zealand - - - - - - - inflation 0% inflation 5%
Diesel Mar 121.25 0.00 White SugarX 428.20 - US 3.625%' 28 141.78 0.375 -0.156 -1.23 16.78 1097752.20 35
12/17 6.00 107.67 3.18 0.00 -0.02 -0.43 -1.39 Real yield Feb 06 Dur yrs Previous Yr ago Feb 06 Dur yrs Previous Yr ago
Unleaded Mar 56.35 - Sugar 11♥ - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 107.96 0.71 0.01 0.06 -0.02 -0.96 Up to 5 yrs -0.94 2.43 -0.98 -1.26 -1.54 2.45 -1.59 -1.85
Base Metals (♠ LME 3 Months) Cotton♥ - - value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 114.87 1.26 0.00 0.02 -0.21 0.00 Over 5 yrs -0.74 22.70 -0.82 0.05 -0.77 22.81 -0.85 0.01
Aluminium 1874.00 -6.00 Orange Juice♥ - - amount.
Portugal 02/16 6.40 106.27 0.20 0.00 -0.04 -0.11 -2.21 5-15 yrs -0.80 9.08 -0.88 -0.15 -0.92 9.12 -1.00 -0.29
Alluminum Alloy 1850.00 0.00 Palm Oil♣ Mar 657.50 11.00
Copper 5678.50 -39.00 Live Cattle♣ Feb 154.85 0.93 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.31 2.41 -0.02 -0.21 0.00 0.00 Over 15 yrs -0.73 28.49 -0.81 0.08 -0.75 28.56 -0.83 0.06
Spain 10/17 0.50 100.11 0.46 0.04 -0.03 -0.15 0.00 All stocks -0.74 20.54 -0.82 0.03 -0.78 20.69 -0.86 -0.02
Lead 1850.00 0.00 Feeder Cattle♣ Mar 199.45 3.83
Nickel 15165.00 75.00 Lean Hogs♣ Feb 67.65 -0.88 Spread Spread Spread Spread 04/25 1.60 100.55 1.54 0.03 0.02 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Tin 18500.00 -455.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.84 -0.16 0.00 0.00 0.00 0.00
Zinc 2158.00 13.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 118.35 0.64 0.00 0.00 -0.20 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix) Feb 05 Month Year Switzerland 10/16 2.00 105.01 -0.96 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.46 2.09 0.53 Italy 1.57 1.19 -0.36
Gold 1241.00 -18.25 S&P GSCI Spt 410.41 9.53 - 07/25 1.50 116.84 -0.10 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.47 0.09 -1.47 Japan 0.34 -0.04 -1.59
Silver (US cents) 1722.00 22.00 DJ UBS Spot 102.65 3.93 - Belgium 0.69 0.31 -1.25 Netherlands 0.44 0.06 -1.50 United Kingdom 07/18 1.25 101.01 0.95 0.08 0.24 0.11 -0.66 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 1206.00 13.00 R/J CRB TR 225.41 -0.82 -21.66 Canada 1.42 1.05 -0.51 Norway 1.26 0.88 -0.68 07/20 2.00 103.74 1.29 0.09 0.27 0.09 0.00 ft.reader.enquiries@morningstar.com
Palladium 794.00 3.00 Rogers RICIX TR 2671.72 - - Denmark 0.21 -0.17 -1.73 Portugal 2.41 2.04 0.48 09/24 2.75 109.72 1.65 0.10 0.31 0.05 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 311.83 1.28 -28.69 Finland 0.49 0.11 -1.45 Spain 1.54 1.16 -0.39 01/45 3.50 125.23 2.33 0.09 0.28 -0.02 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 62.25 0.50 UBS Bberg CMCI TR 15.96 -0.62 -20.96 France 0.61 0.24 -1.32 Switzerland -0.10 -0.48 -2.04 United States 01/17 0.50 99.73 0.64 0.11 0.18 0.00 0.00
Iron Ore (The Steel Index) 61.80 0.70 LEBA EUA Carbon 6.95 2.81 21.08 Germany 0.38 0.00 -1.56 United Kingdom 1.65 1.27 -0.29 01/20 1.25 99.03 1.45 0.15 0.30 0.00 0.00
GlobalCOAL RB Index 63.10 1.10 LEBA CER Carbon 0.45 -8.16 275.00 Greece 9.92 9.54 7.98 United States 1.94 1.56 0.00 11/24 2.25 102.78 1.94 0.12 0.29 -0.01 0.00
Baltic Dry Index 559.00 -5.00 LEBA UK Power 2850.00 29.90 68.14 Ireland 1.03 0.65 -0.91 11/44 3.00 110.16 2.51 0.08 0.29 -0.02 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
Monday 9 February 2015 ★ FINANCIAL TIMES 25

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence FriendsLf 405.60 7.20 413.63 286.60 5.21 48.71 6721.5 SKF SKr 198.40 2.90 200.00 134.80 3.03 49.12 2210.0 BisichMg 72.50 -2.00 126.00 73.00 5.52 -10.48 12.0 PrimyHth 385.25 9.75 386.13 324.00 5.00 14.50 164.4 Intertek 2456 163.00 3111 2141 1.87 20.34 422.0
AvonRub 801.00 7.00 810.00 580.00 0.59 18.93 4.2 Gimv Nv € 40.95 0.90 41.21 34.16 4.99 60.05 17.0 Spirax-S 3155 105.00 3175 2548 1.87 23.93 89.4 CoalfieldR# 5.43 0.00 6.60 5.35 - 4.74 - Redefine 57.15 2.80 59.20 47.75 5.49 7.16 571.5 Latchways♦ 717.50 -7.50 1283.64 705.01 5.52 18.07 2.1
BAE Sys 517.50 10.00 528.00 374.10 3.88 89.41 13622.7 GuinPeat 23.25 -0.25 36.63 19.00 - -54.58 19.2 Tex 88.50 -2.00 101.50 72.50 4.52 8.01 5.5 EVRAZ 183.30 12.90 185.60 51.35 - -13.37 1915.7 SEGRO 418.10 5.70 425.60 325.30 3.54 7.51 2881.8 Lavendon 164.50 6.00 247.75 155.50 2.16 13.56 20.9
Chemring 220.00 3.50 289.50 181.50 3.27 -11.85 280.2 Hargr Lans 990.00 -21.00 1513 827.00 2.26 29.07 1234.8 Trifast 110.50 4.25 134.00 73.00 1.27 18.96 26.8 FstQuant 679.00 73.00 1512 581.50 1.19 12.70 12.8 Shaftbry♦ 806.50 28.50 815.50 619.50 1.58 4.90 1393.1 MngCnslt 15.75 0.75 30.00 14.50 5.24 9.05 8.3
Cobham 336.00 9.30 345.10 258.30 2.88 32.49 1883.9 HBM Hlth SFr 94.90 -2.60 105.80 70.25 - 2.44 11.2 Vitec 621.50 2.00 690.00 539.00 3.70 15.53 4.8 Fresnillo 860.00 -39.00 1037 675.50 0.33 47.95 1384.1 Town Ctr 281.50 7.50 288.00 217.00 3.71 5.46 3.1 MearsGp 437.00 22.00 540.00 354.75 2.01 19.87 24.8
Meggitt 545.50 6.50 552.10 421.70 2.34 20.87 3169.6 HenderGp 250.00 12.10 275.40 180.10 3.20 32.25 1292.2 Weir 1843 163.00 2848 1574 2.28 12.01 866.4 GemDmnd 152.50 11.50 223.00 139.75 - 11.21 102.7 Wkspace 802.00 12.00 818.00 542.00 1.33 3.89 89.0 MenziesJ 375.00 3.75 714.75 306.25 7.07 8.49 194.6
RollsRoyceX 912.00 20.50 1219 777.00 2.41 7.55 7734.8 ICAP 466.90 -0.70 477.20 338.70 4.71 27.18 1864.0 Harmony R 32.80 -1.34 40.98 16.60 - -11.85 2324.2 Real Estate Inv & Services MichaelPge 480.50 14.50 511.50 358.70 2.19 33.64 455.5
Indvardn SKr 149.10 1.50 150.20 111.40 4.03 10.24 422.8
Industrial General Hochschild 88.50 -2.00 207.46 77.80 - -4.94 674.3 MITIE 281.20 11.30 345.90 263.90 3.91 81.08 955.8
Senior 313.40 3.80 324.80 248.90 1.63 17.80 275.2 Cap&Count 387.30 2.60 397.60 313.00 0.39 11.31 1230.4
ICG 504.50 11.50 512.00 361.70 4.02 14.16 824.1 BritPoly 659.50 17.50 690.00 565.00 2.20 14.55 24.6 Kenmr 3.40 0.09 17.29 2.18 - -2.40 21497.4 PayPoint 844.50 16.50 1212 809.39 4.18 15.46 48.9
UltraElc 1790 41.00 1985 1642 2.36 29.13 67.5 Cardiff♦ 1040 0.00 1099.5 825.00 1.22 4.40 0.6
IPF 448.00 12.50 636.50 412.00 2.08 15.48 571.5 JardnMt $X 64.90 -0.40 67.88 52.50 1.93 16.81 341.0 Lonmin 174.70 11.30 336.60 149.74 - -8.58 2456.7 PremFarn 163.00 -6.00 242.40 147.00 6.38 11.94 1884.2
CLS 1595 55.00 1600 1249 - 6.75 3.3
Automobiles & Parts Investec 570.00 10.00 606.50 396.00 3.33 17.96 741.8 Jard Str $X 35.14 -0.68 38.10 31.05 0.65 13.93 230.8 Petra 162.80 9.40 220.87 140.81 - 22.41 1523.9 Daejan♦ 5665 190.00 5800 4650 1.57 4.95 3.7 Rentokil 122.30 1.40 133.60 109.80 1.89 21.09 1217.6
FordMtr $X♦ 15.86 1.15 18.12 13.26 2.82 11.10 28001.7 Jupiter 385.70 6.30 447.60 313.70 3.27 22.36 676.0 Macfrlne 37.75 1.00 49.50 33.00 4.24 12.67 4.7 Petropvlsk 13.75 0.25 98.25 6.00 - 0.37 1216.7 Ricardo 692.00 23.50 800.00 597.70 2.07 19.03 11.6
REXAM 527.50 102.50 603.00 424.60 3.71 13.13 8635.6 DvlptSec 240.00 -1.00 267.25 179.00 3.33 15.34 43.5
GKN 379.70 11.10 468.00 281.10 2.08 12.93 3947.0 Liontrust 293.50 -1.50 306.25 208.00 1.02 25.97 13.3 PolymtIntl 585.00 -12.50 690.00 315.18 0.89 24.72 397.0 Grainger 208.00 14.10 250.00 167.80 1.00 11.59 1226.0 RbrtWlts 345.00 10.00 363.00 270.00 1.57 39.28 3.0
Man 175.50 -3.70 183.44 81.40 2.68 102.45 5898.0 RPC 566.00 23.50 672.90 488.20 2.43 21.65 417.7 RndgldRs 5310 -375.00 5752.1 3638 0.57 29.88 857.4 RPS 205.00 22.60 359.37 181.50 3.59 15.18 2690.5
Banks Smith DS 313.70 -3.20 359.10 231.82 3.19 17.55 1170.5 HelclBar 387.00 5.50 405.06 320.00 1.74 6.80 34.6
NB GFRIF♦ 95.00 -0.75 102.50 93.75 3.76 20.51 1516.6 RioTintoX 3028.5 103.50 3680.56 2600 3.75 15.56 4595.4 HK Land $ 7.90 0.42 8.30 5.97 2.03 18.04 1399.4 Shanks 103.00 4.50 120.00 84.50 3.35 -23.41 703.8
ANZ A$X 34.90 1.95 35.27 29.33 5.26 12.87 5391.2 Smiths 1187 60.00 1429 1006 3.35 20.41 1620.5
Paragon♦ 435.00 22.80 439.80 313.70 1.79 13.97 1475.0 Troy Res A$ 0.60 -0.01 1.53 0.35 - -1.63 1090.1 Lon&Assc 39.50 0.00 61.50 36.50 0.32 68.46 15.6 SIG 189.30 4.80 214.80 143.40 1.88 -169.47 659.5
BcoSant 460.75 10.75 758.00 416.37 8.57 12.91 503.4 SmurfKap € 22.16 0.51 22.43 14.78 2.18 17.79 756.0
Providnt 2608 -29.00 2692 1648 3.26 23.32 131.1 VedantaRs 474.20 100.80 1201 353.21 8.01 256.74 2515.5 MacauPrp 213.50 -1.25 270.00 212.00 - 4.80 49.7 SpeedyHr 67.50 -5.25 83.00 50.75 0.90 73.05 830.8
BankAm $X 16.49 1.34 18.21 14.37 0.46 44.62 154294.0 Vesuvius 458.00 18.00 493.60 388.80 3.28 11.39 81.4
RathbnBr 2240 41.00 2250 1623 2.19 25.30 10.8 Mntview 11900 1199 11955.1 6675 1.68 13.49 3.2 St Ives 182.25 3.50 225.00 168.00 3.65 21.91 91.6
BnkGeorgia 2200 169.00 2795.69 1774 3.17 9.64 78.7
Record 34.50 1.25 46.92 28.38 4.35 13.77 418.5
Oil & Gas TribalGrp 164.75 3.00 204.00 141.10 0.97 -84.06 5.0
BankIre € 0.30 0.03 0.39 0.24 - -11.54 31188.2 Industrial Transportation Afren 9.11 3.81 166.60 4.01 - 0.31 80085.1 Q'tainEst 98.00 1.75 108.50 75.00 - 22.28 656.7
S&U 2073.5 19.50 2129 1700 2.60 15.95 0.9 BBA Aviat 341.40 1.90 362.10 293.70 2.63 16.31 610.7 RavenRuss 42.50 5.25 82.50 37.25 - -35.45 653.0 Vp 590.50 -9.50 690.00 539.00 2.37 14.32 2.8
BkNvaS C$X 65.13 4.07 74.93 60.75 4.15 10.89 2514.6 Aminex 2.15 0.30 3.17 0.64 - -2.34 21298.6
Schroder 2967 69.00 2973 2086 1.95 22.71 258.0 Braemar 472.38 7.13 557.23 390.00 5.50 35.09 11.7 RavenR Prf 122.25 0.00 160.75 101.50 9.82 - 25.1 Watermn 67.25 1.25 79.00 50.00 1.04 112.08 5.5
BarclaysX 255.45 21.30 278.00 201.75 2.54 57.64 50807.8 BGX 934.90 48.00 1420 780.55 1.98 17.81 8881.4
..N/V 2270 32.00 2277 1692 2.56 17.37 4.6 Clarkson 2100 220.00 2750 1835 2.67 21.08 97.0 RavenR Wrt 29.00 0.00 62.49 27.00 - - 2.5 Wolseley 3824 -38.00 4038 2966 1.91 20.25 544.9
CanImp C$X 93.54 5.36 107.37 86.49 4.45 11.26 1528.9 BPX 450.60 26.15 526.80 364.40 5.29 14.73 33548.5
SVG Cap 466.20 30.90 480.00 226.00 - 11.63 706.6 Eurotunnl € 12.15 0.25 12.20 8.11 1.33 56.07 777.6 Safestre 274.00 5.00 277.25 184.25 2.10 13.73 320.3
HSBCX 620.80 11.20 737.00 573.54 4.83 12.06 18587.5
TullettPre 333.00 -1.80 348.60 234.40 5.06 25.74 198.5 Cadogan 10.38 -0.25 12.44 8.50 - -2.53 42.3 Tech - Hardware
LlydsBkgX 75.81 2.06 85.53 70.02 - 230.43 97644.9 Fisher J 1152 52.00 1565 1003 1.74 14.51 21.7 CairnEng 205.50 13.50 210.70 141.00 - -5.16 2146.6 Savills 728.00 -3.00 742.00 567.52 1.44 18.21 66.1 ARM Hldgs 1079 38.00 1098 778.50 0.57 86.86 2761.7
Tungsten 205.75 -22.25 409.75 200.25 - -10.19 691.3 Flybe Grp 61.25 -3.50 151.56 55.68 - -4.48 470.9 SchroderRE♦ 59.50 -0.50 62.00 50.50 4.17 4.74 480.2
RylBkC C$X♦ 76.07 4.33 83.87 69.06 3.95 11.99 3381.6 Cape 213.00 3.00 335.00 177.00 6.57 45.74 147.5 CSR 852.50 -2.50 890.00 506.00 1.03 -2776.87 335.6
WlkrCrip 43.50 0.50 53.60 37.50 3.24 8.07 6.9 Goldenpt 185.50 -17.00 500.00 180.10 - -5.63 1.1 Smart(J) 91.00 -1.50 106.50 86.00 3.22 41.74 11.5
RBSX 384.00 21.60 403.90 291.60 - -6.75 9123.5 DragnOil 580.00 23.00 632.50 447.50 3.31 8.70 1151.3 Laird 324.80 6.00 335.00 259.45 3.69 25.34 188.5
StandChX 938.20 50.50 1355.5 867.50 5.25 9.23 7403.0 Food & Beverages OceanWil 977.50 -5.00 1290 936.00 3.59 9.92 12.7 Endeav Int' $ - - 5.92 0.02 - - - StModwen 446.10 27.90 446.70 324.59 0.93 12.12 260.1 Pace 337.00 2.60 487.00 284.20 0.97 18.49 497.8
..7.375%Pf 121.88 1.13 124.00 108.50 6.05 - 105.7 AngloEst 590.00 19.00 725.00 539.00 0.50 3.17 1.9 RoyalMail 455.80 20.80 617.00 388.00 2.92 25.04 4299.6 EnQuest 40.00 6.00 148.40 21.50 - 3.49 5842.2 UNITE Gp 505.50 15.60 512.00 388.30 0.95 10.97 162.9 SpirentCM 84.75 -4.50 112.70 65.95 2.44 30.37 338.0
..8.25%Pf 134.50 0.63 139.75 124.50 6.13 - 72.3 AscBrFdX 3042 -61.00 3293 2407 1.06 31.54 735.8 UK Mail 539.00 9.00 715.00 380.00 3.95 28.49 3.7 Exillon 130.75 5.00 175.57 103.25 - 7.54 0.2 Urban&C♦ 274.50 -0.25 276.00 215.00 - 8.94 30.1
TntoDom C$X 54.26 3.66 58.20 47.97 3.58 12.41 3516.1 Barr(AG) 642.50 11.00 672.00 510.13 1.71 24.07 19.9 ExxonMb $X♦ 91.50 4.08 104.76 86.03 2.72 12.22 12126.6
Tech - Software & Services
Insurance Retailers Anite♦ 82.75 1.00 98.75 69.25 2.22 25.90 431.2
Westpc A$X 36.96 2.32 36.96 31.14 5.08 14.99 7823.7 Britvic 732.00 27.50 784.00 600.72 2.61 20.20 504.4 FastnetO&G 2.18 0.05 13.00 2.00 - -3.50 330.2 AA 360.00 2.25 365.00 225.50 - 16.77 265.7
Admiral 1468 20.00 1583 1175.33 3.19 13.71 549.2 AVEVA 1463 150.00 2460 1183.9 1.85 22.33 277.8
C&C € 3.62 0.16 5.02 3.16 2.95 12.52 296.7 Fortune 9.80 0.09 14.50 6.25 - -9795.00 650.3 AO World 325.90 18.70 412.38 149.60 - -493.79 98.0
Basic Resource (Ex Mining) Amlin 494.90 7.50 506.50 411.80 5.25 8.50 612.3 Computcnt 688.00 46.50 720.00 575.00 2.54 18.26 42.6
Carr'sMill 146.50 4.75 194.50 137.50 2.24 11.88 60.9 Aviva 537.00 9.00 571.50 440.10 2.79 13.70 7445.1 GenelEgy 637.50 17.00 1100 593.50 - 20.96 1348.1 AshleyL 29.38 -0.38 32.38 22.00 6.81 12.96 141.6
Ferrexpo 55.00 5.00 175.00 47.60 7.40 2.26 877.8 DRS Data 13.00 0.50 28.50 12.50 3.08 -5.88 2.3
Coca-Cola H 1102 31.00 1617 1051 2.50 21.86 625.2 Beazley 298.00 8.90 301.70 232.60 3.25 11.12 2004.8 GeoPark $ 4.14 0.36 11.00 3.70 - 6.08 20.1 Brown N 443.50 10.60 600.00 282.50 3.21 16.75 329.2
IntFerMet 3.90 -0.17 13.25 2.65 - 8.97 332.2 Elecdata 69.50 -4.00 86.75 64.00 2.88 21.99 2.5
Cranswk 1351 41.00 1499 1148.42 2.37 16.08 18.0 Brit Plc 267.70 -5.90 275.00 195.00 - 11.67 352.9 GreatEEgy 110.00 0.00 137.00 100.00 - 12.70 - Caffyns 555.00 -10.00 670.00 480.00 3.24 9.71 0.0
Mondi 1217 28.00 1227 919.00 2.37 16.38 857.4
Dairy Cr 500.00 11.40 537.50 367.39 4.26 21.77 157.3 GrnDnGas 395.00 -12.50 675.00 265.00 - -10.70 0.1 MicroFoc 1100 48.00 1169.96 715.80 3.19 20.39 242.7
Vale BRLX 20.42 1.81 35.20 17.65 9.94 -10.08 4373.8 CatlinGp 706.50 9.50 711.50 479.50 4.18 8.67 983.3 Card Factor 271.80 -3.20 296.00 195.50 - 102.95 422.8 NCC Grp♦ 220.00 -6.50 234.41 169.80 1.59 26.23 696.3
Devro 287.00 5.50 324.80 203.88 3.07 21.55 39.0 Chesnar 339.00 -12.25 363.25 267.25 5.27 7.09 80.7 GulfKeyst 49.25 3.50 165.00 42.25 - -20.71 11100.6 Dairy Fm $ 8.75 -0.07 10.90 8.67 2.35 26.22 85.1 RM 140.00 -16.00 174.00 120.00 2.69 13.72 148.6
Chemicals Glanbia € 14.65 0.30 15.53 10.40 0.74 26.33 22.0 DirectLine 315.50 3.00 319.40 227.70 3.99 14.09 2861.2 HellenPet € 3.99 0.23 7.79 3.41 - -4.91 95.4 Debenhm 77.35 2.10 82.40 56.85 4.40 10.90 2624.9
Grncore♦ 313.70 5.50 319.90 228.50 1.63 27.21 318.0 Hunting 497.60 99.90 918.83 383.90 3.44 11.42 691.8 Sage 484.90 4.70 487.80 346.70 2.38 28.45 1647.9
Alent 362.50 -3.00 393.61 294.56 2.48 15.47 80.1 Eccles prf 140.00 0.25 142.00 118.50 6.16 - 70.2 Dignity 1905 45.00 1950 1291 0.68 23.15 32.9
HiltonFd 401.00 8.00 534.50 342.25 3.18 16.14 0.1 ImpOil C$X 50.80 3.56 57.96 44.08 1.08 9.85 479.7 SDL 444.50 19.75 446.00 284.25 - -14.54 3.2
Bayer €X 125.25 -2.80 131.70 91.31 1.76 27.01 2474.0 Hansard 84.50 -0.50 107.25 78.50 9.64 13.99 77.0 DixonsCar 419.70 -15.30 470.00 319.20 1.25 49.38 3116.7
Kerry € 64.29 0.47 65.96 49.30 0.67 64.92 35.9 JKX 28.75 16.00 70.50 10.23 - 11.81 3569.2 Telecity 864.00 2.00 888.50 625.00 1.22 24.98 463.3
Carclo 120.00 18.25 219.75 80.00 2.21 -4.24 509.1 Hiscox 738.00 3.50 795.72 615.50 3.20 11.50 215.5 Dunelm 891.00 11.50 1045 745.97 1.85 20.41 164.5
Nestle SFrX 71.05 0.60 74.60 63.85 1.83 25.61 5455.1 Lamprell 111.75 2.75 178.00 93.50 - 7.68 82.9 TriadGp 15.50 -1.50 19.00 7.00 - 6.99 21.6
Croda 2704 47.00 2849 1965 2.39 21.32 376.3 JardineL 958.50 12.00 1108.23 815.00 2.84 19.26 73.7 Findel 216.00 6.00 330.25 188.41 - -16.33 36.0
Elemntis 277.90 1.50 305.10 225.50 1.71 19.46 539.6 NewBrPlm 695.00 -2.00 705.50 307.50 1.26 19.56 219.0 Lancashire 604.50 -6.00 766.50 506.00 1.53 9.53 1268.0 Lukoil RUBX 3120.1 330.20 3150 1715 - 6.64 2153.4 Halfords 455.00 11.00 515.00 417.10 3.14 14.83 465.6 Telecommunications
Porvair 304.50 0.00 347.75 237.53 0.95 22.28 25.8 PremFds 45.00 1.50 165.71 26.13 - -2.09 2397.8 Leg&Gen 268.90 1.00 273.01 193.00 3.46 17.13 6093.9 Nostrum 573.00 -54.00 825.00 370.00 3.20 10.31 27.3 Inchcape 722.50 26.00 732.50 583.00 2.41 15.41 852.5 BTX♦ 443.00 25.10 451.00 350.30 2.23 18.07 17739.0
Syngent SFrX 315.60 16.40 350.30 273.20 2.96 21.67 400.2 REA 305.50 -21.00 488.87 298.25 2.33 9.19 0.4 NovaeGp 612.50 12.50 620.00 495.50 3.67 12.37 106.0 OphirEgy 146.60 12.30 319.70 112.70 - 14.89 3839.5 JDSportsF 505.50 2.50 520.00 336.00 1.34 20.58 30.2 Colt Grp 141.50 9.20 155.00 113.10 - 58.96 168.9
Synthomer 246.00 2.70 302.08 176.64 2.44 18.34 140.7 SABMillX 3499.5 -126.00 3857 2661.5 1.84 25.24 1971.6 Old Mut 214.30 6.10 215.40 163.80 3.78 20.19 5171.3 Petrofac 767.50 61.50 1483 594.00 5.10 8.30 2212.0 Lookers 150.00 0.25 152.00 117.50 1.72 13.30 192.4 Inmarsat 872.00 38.00 878.00 653.00 3.36 36.42 641.3
Victrex♦■ 2039 -20.00 2202.55 1536 2.16 21.63 117.5 StckSpirit 198.25 0.50 316.75 193.44 - 14.98 217.7 PermTSB 0.06 0.00 0.14 0.05 - -6.03 19.2 PremOil 162.30 17.70 358.60 124.50 3.03 6.37 4380.2 Marks&Sp 481.30 -3.10 512.00 359.20 3.53 15.64 3545.1 KCOM Gp 85.00 2.00 105.50 78.50 5.74 11.58 167.4
Tate&Lyl 573.50 -104.50 790.00 551.50 4.81 14.71 12374.8 PhoenixGrp 830.00 -9.00 853.50 560.52 6.43 5.85 336.3 RylDShlAX 2165 147.00 2864 1929 5.42 13.78 13051.2 Morrison 179.00 -0.90 250.00 150.60 7.26 -12.96 12053.9 TalkTalk 315.30 -3.10 334.30 261.00 3.81 58.62 1330.4
Construction & Materials TongtHu R 162.00 2.00 174.93 107.00 1.81 15.41 170.6 ..B 2250 145.50 2990.5 1984.5 5.07 14.32 5261.2 MossBros 89.00 5.00 126.18 77.50 5.62 27.38 59.2
PrudntlX 1620 0.00 1649.5 1223 2.07 19.44 4999.4 TelePlus 1154 65.00 1920 968.50 3.03 29.79 174.9
Alumasc 127.50 8.00 139.72 108.66 3.92 11.02 23.5 Unilever♦ 2802 -128.00 2993.13 2307.3 3.12 20.13 3429.2 Salamand 84.00 14.50 155.95 52.75 - -6.03 2591.4 Next 7165 -70.00 7967 6130 1.86 18.50 282.4
RSA Ins 454.30 0.00 500.50 83.05 2.23 -7.00 2490.8
BalfourB 232.80 10.80 322.20 145.59 6.06 88.85 1945.4 ..NV €♦ 37.08 -1.56 38.76 27.21 2.70 19.14 16.1 SagicFin 64.00 3.00 78.00 55.00 3.61 20.37 34.3 Schlmbrg $X 86.16 3.77 118.76 75.60 1.82 20.42 8525.9 Ocado 407.50 -3.50 624.93 216.80 - -1978.16 1180.1 Tobacco
..CvPf 118.50 0.50 119.50 101.00 8.16 - 96.1 SEPLAT 137.13 17.13 270.00 97.50 - 4.06 39.1 Pendragn 36.25 0.75 36.75 27.00 1.10 10.18 330.0 BrAmTobX 3628 -124.00 3818 2884 3.93 18.94 2787.4
Health Care Equip & Services StJmsPl 867.50 9.50 908.50 637.00 1.84 30.56 1403.1
Boot(H) 203.00 -6.50 229.00 170.00 2.51 16.55 17.1 Soco Int 295.90 32.70 477.10 234.80 12.78 21.21 268.6 Photo-Me 137.75 2.50 153.15 107.85 2.72 19.98 40.4 ImpTobX♦ 3044 -80.00 3183 2174.58 3.94 20.55 2409.0
Bioquell 83.50 -1.50 142.00 82.44 3.95 15.09 7.1 Stan Life 405.40 2.40 429.30 340.70 3.90 15.84 2221.1
ClarkeT 75.50 -3.63 88.56 37.50 4.11 54.04 46.6 TrnCan C$X 57.84 1.30 63.86 47.65 3.46 22.85 977.1 Saga 183.40 0.10 195.00 143.75 - 34.40 174.6
Costain 287.50 -0.25 324.58 248.00 4.00 15.27 61.0 ConstMed♦ 880.00 33.50 1084 650.00 2.06 19.33 308.1 Media Tullow 410.10 45.10 918.78 345.30 2.78 -32.13 6413.9 Travel & Leisure
GNStre kr 147.00 -1.00 164.10 122.50 0.60 32.22 521.4 SignetJwl♦ 7876 -211.00 9180 4520 0.55 30.78 3.7 888 Hldg 147.50 6.25 160.78 109.19 3.77 18.59 289.0
CRH 1724 121.00 1811 1220 2.90 -16.27 6165.5 4imprint 864.50 -16.50 892.50 610.50 1.97 31.93 2.2 Wood(J) 605.00 34.00 825.00 517.60 2.13 13.80 1014.5 SuperGroup 1021 61.00 1749 750.00 - 21.24 180.5
GalfrdT 1350 34.00 1369 1044 2.96 14.52 174.2 Optos 240.50 -10.75 271.53 147.25 - 34.43 303.4 Blmsbury 154.75 6.50 190.00 142.00 3.76 15.68 21.6 AirPrtnr 293.00 -6.88 583.51 245.00 6.40 11.93 7.9
UDGHlthC♦ 432.00 41.10 435.00 315.20 1.74 12.23 267.7 Pharmaceuticals & Biotech TescoX 228.70 3.95 341.58 155.40 6.45 21.67 18773.9 bwin.party 102.50 -4.20 134.00 79.00 3.40 -26.96 2993.6
Keller 909.50 16.50 1299 742.00 2.64 44.98 155.4 Centaur 62.75 -1.25 77.00 55.75 3.82 -2.44 10.5 Thorntns 83.00 -0.25 167.94 77.00 - 11.68 100.4
KierGp 1622 56.00 1903 1374 4.25 88.73 88.7 ChimeCm 255.25 2.25 377.00 239.00 2.88 -81.63 64.7 BTG 792.50 1.50 835.87 490.20 - 72.75 373.8 Cineworld 436.30 11.30 445.00 290.00 2.31 39.72 132.0
House, Leisure & Pers Goods CathayIn 21.13 -0.88 41.06 21.00 - -46.02 3.0 VertuMotor 57.00 1.75 66.00 51.00 1.40 12.34 407.5 CompassX♦ 1130 -21.00 1179 924.41 2.33 23.20 5242.3
Kingsp € 16.00 -0.16 16.74 11.03 0.94 26.17 12.7 Creston 116.50 -8.00 131.95 97.55 3.35 9.74 1194.9
AGARmst 95.50 -7.50 190.75 95.25 - 25.64 483.0 Dechra 864.00 -1.00 888.60 655.00 1.67 39.02 82.4 EntInns 109.00 5.60 161.40 98.70 - 20.38 344.9
LowBonr 57.25 6.00 96.00 44.25 4.54 13.56 1584.6
BarrttDev 459.70 1.30 477.80 323.50 1.24 15.12 4182.8 DlyMailA 869.50 8.00 1074 699.00 2.24 14.44 866.8 Support Services
Marshlls 254.50 10.00 264.00 151.00 2.06 27.99 200.9 HaynesPb 112.50 -3.50 230.00 110.00 6.67 12.99 1.2 Genus 1247 23.00 1382 924.50 1.33 26.20 37.8 Acal 255.00 -2.50 418.00 180.00 2.67 216.65 20.3 FirstGrp 103.40 3.80 146.14 99.00 - 21.39 1077.7
Bellway 1849 25.00 1965 1333 2.00 11.83 179.9 GlaxoSmhX 1517.5 50.50 1709 1200.67 5.41 17.72 11600.7 Fuller A 1019 39.50 1020 830.50 1.48 21.26 10.2
MorgSdl 685.00 15.00 875.00 570.00 3.94 12.41 2.5 ITE Grp♦ 145.25 14.50 289.20 125.00 4.96 10.56 351.3 Aggreko 1628 74.00 1841.76 1388.75 1.70 17.35 829.5
Berkeley 2531 108.00 2808 2033 7.11 9.67 604.9 HikmaPhm 2470 110.00 2500 1196.76 0.47 27.29 243.7 Go-Ahead 2474 -3.00 2655 1813 3.27 15.24 35.7
Norcros 16.38 0.38 23.38 14.69 3.11 6.92 262.7 ITV 227.70 7.70 233.00 167.10 1.54 23.42 8770.2 APR Engy 197.00 26.00 959.00 146.00 4.88 3.85 65.5
BovisHme 860.00 29.00 946.00 717.43 1.57 13.71 324.9 Oxfd Bio 7.90 0.90 10.13 1.77 - -11.48 8606.0 GreeneKg 862.00 21.50 926.00 712.00 3.29 20.56 1639.7
StGobn €X 38.55 0.62 46.40 29.51 1.73 21.13 1620.5 JohnstnP 172.25 5.50 175.00 2.90 - -4.67 22.9 AshtdGp 1094 6.00 1219 763.00 1.05 20.75 2539.5
CrestNic 421.00 10.00 427.00 291.98 1.54 13.37 412.1 RichterG $ 14.04 0.50 19.31 12.20 1.42 21.64 0.0 IrishCtl € 3.36 0.04 32.05 2.50 3.21 25.45 0.1
Tyman 307.00 -6.75 325.00 228.25 1.95 90.61 42.3 News Corp A $ 16.26 1.37 18.53 14.28 - 36.14 6969.8 AtknsWS 1288 31.00 1511 1225 2.62 16.17 143.7
GamesWk 500.00 8.00 683.50 470.25 7.20 22.72 2716.8 ShireX 4912 58.00 5470 2827 0.26 25.64 2410.6 Ladbrokes 121.90 5.70 167.30 102.20 7.30 25.97 3107.4
NewsCpB $ 15.77 1.33 18.02 14.09 - 35.05 1434.3 Babcock 1031 25.00 1476 979.65 2.18 22.84 948.0
Electronic & Electrical Equip Gleeson 380.00 17.00 467.25 322.35 0.82 11.59 27.1 VecturGp 149.00 -2.75 171.50 113.25 - -84.85 1570.3 Berendsen 1139 25.00 1145 895.50 2.46 22.06 173.6 MandarO $ 1.68 0.04 1.95 1.62 3.73 22.16 472.9
Headlam 442.00 -8.00 495.50 390.00 3.46 22.57 25.7 Pearson 1375 24.00 1381 981.00 3.49 40.96 3274.0
Dialight 653.00 -47.00 992.00 647.00 2.21 27.71 38.6 Brammer 347.75 2.75 509.00 265.00 2.93 19.70 80.4 Marstons 147.60 1.10 157.34 134.50 4.40 -16.62 751.7
McBride 89.25 8.50 115.00 74.00 - -9.57 1537.7 Quarto 155.00 3.50 176.47 136.66 4.91 11.95 6.9 Real Estate
e2v Tech 186.50 -1.25 193.53 145.44 2.36 15.21 55.7 Bunzl 1886 -11.00 1943 1363 1.72 30.18 826.4 Natl Exp 264.30 8.80 309.27 213.40 3.78 27.81 450.2
Persimn 1614 22.00 1625 1176 - 15.47 926.1 Reed ElsX 1168 12.00 1185 851.53 2.11 25.24 3433.5
Halma 706.00 9.50 708.00 552.50 1.58 24.00 480.0
ReedElsNV € 22.02 0.28 22.24 14.51 2.11 23.27 2541.5
REITs Capita 1158 40.00 1248 985.50 2.29 45.61 1927.7 Playtech 703.00 24.00 847.50 570.50 2.64 17.14 604.9
MorganAd 305.00 0.50 366.65 258.10 3.44 20.87 422.7 Philips €X 24.88 0.33 26.99 20.69 - 97.68 3420.2 Assura 54.25 -0.25 55.25 38.55 3.05 10.41 542.8 PPHE Htl 472.50 2.50 475.73 302.00 2.83 6.79 7.5
PZCusns 317.00 1.20 392.10 289.76 2.45 14.84 188.4 STV Grp 373.38 -1.63 393.75 321.00 0.54 10.21 3.3 Carillion 350.30 7.80 396.54 294.03 5.00 30.00 953.4
OxfordIn 710.50 -34.00 1600 671.58 1.75 60.71 216.9 BigYellw 654.00 43.00 668.00 451.40 2.51 15.35 170.6 Comnsis 56.00 1.00 75.00 47.00 3.21 18.38 146.1 Rank Gp 186.80 10.80 187.00 119.69 2.41 15.46 61.5
ReckittBX 5575 -55.00 5745 4697 2.46 21.53 1313.7 ThmReut C$X 49.87 1.11 50.53 36.86 3.10 85.43 722.7
Renishaw 2375 55.00 2420 1470 1.73 15.50 44.6 BritLand 840.00 10.50 855.50 645.36 3.23 5.23 3826.3 ConnectGp 146.75 4.50 208.75 128.02 5.77 9.06 64.7 Restaurt 714.00 -5.50 742.98 551.50 1.96 21.61 278.4
Redrow 294.00 11.00 352.60 224.00 0.68 10.43 695.9 UTV Med 189.00 -3.00 263.00 166.99 3.70 9.63 27.7
Spectris 2100 10.00 2493 1606 2.04 17.91 308.5 Cap&Reg 54.00 0.75 54.50 42.25 1.20 10.20 714.5 DCC 3745 217.00 3764 2720 2.05 24.60 151.6 SpiritPub♦ 117.80 3.10 118.90 68.75 1.77 7.83 8499.6
TaylorWm 137.10 1.70 139.50 101.20 0.50 16.15 7858.9 WPPX 1449 -17.00 1565 1091 2.36 19.27 5030.4
TT Elect 120.75 10.25 225.00 96.00 4.47 46.66 211.6 Countrywd 501.50 41.50 701.00 404.30 1.60 16.79 592.5 DeLaRue 525.00 6.50 891.91 467.40 8.06 13.57 145.5 Sportech 63.63 0.13 93.00 47.00 - 1.93 622.6
XP Power 1600 154.00 1798 1340 3.50 15.43 24.7 TedBaker 2431 58.00 2442.69 1634.12 1.39 33.54 16.1 Mining DrwntLdn 3365 110.00 3384 2530 1.08 5.83 252.6 Stagech♦ 341.50 -0.70 416.90 337.92 2.78 15.01 494.3
Diploma 792.00 35.50 807.00 603.84 2.03 25.19 84.7
Industrial Engineering Acacia 275.00 -6.90 318.90 222.90 0.77 -53.18 614.5 Gt Portld 796.50 11.00 810.00 599.00 1.10 5.27 678.2 Elctrcmp 210.90 6.10 371.00 197.20 5.57 11.59 466.7 ThomasCook 127.30 -1.00 189.40 99.40 - -15.54 5118.4
Financial General Green Reit € 1.43 0.09 1.52 1.16 - 10.72 24.1
Bodycote 711.50 31.50 832.00 542.50 1.90 17.45 196.0 AngloAmerX 1145.5 32.50 1678.5 923.00 4.32 251.32 4470.4 EnergyAst 442.50 17.50 504.00 295.50 - 22.52 9.3 TUI 1153 -24.00 1215.78 1004.81 - 57.77 448.2
3i 476.50 17.20 478.30 343.61 3.36 7.44 1370.4 Hammersn 700.50 12.00 708.00 519.50 2.73 8.24 2595.3
Castings 388.00 3.00 525.00 373.00 3.34 10.27 2.1 AngloPacif 87.25 2.25 214.01 74.75 11.69 -2.52 965.8 Essentra 868.50 38.50 924.00 624.50 1.77 32.20 718.8 Whitbrd 4905 -100.00 5140 3759 1.40 26.19 369.3
AberAsM 440.90 3.20 481.74 360.76 3.80 19.35 5019.0 Hansteen 115.30 2.50 116.69 98.25 4.16 7.15 5428.9
Fenner♦ 205.50 19.50 451.70 180.50 5.60 17.63 811.0 AnGoldA R 141.95 5.16 209.52 88.36 - -17.49 1539.0 Experian 1190 17.00 1222 909.95 1.94 23.30 1609.8 Willim H 388.90 11.80 398.50 314.52 2.98 17.83 2872.8
Ashmore 300.50 19.90 379.40 249.00 5.39 16.29 1077.8 HIBERNIA 1.13 0.02 1.18 0.99 - - 1789.8
Goodwin 2887 -3.00 4250 2375 1.47 10.51 1.3 Antofagasta 702.00 52.00 959.50 620.00 7.89 19.87 2054.4 G4S 282.70 -2.50 289.24 225.40 3.17 -56.65 2937.3
BrewDlph 286.40 -7.00 357.60 236.80 3.04 119.58 159.9
..5%Pf 0.60 0.00 0.60 0.60833.33 - - Highcrft 845.00 -5.00 869.75 741.00 3.99 11.64 1.0 Utilities
Canaccord 325.00 0.00 729.00 305.00 3.41 14.90 0.1 Hill&Sm 613.00 4.00 620.25 495.00 2.61 21.19 17.3 Grafton 702.00 32.50 706.00 527.00 1.21 28.58 391.9 Centrica 296.40 2.60 348.80 257.90 5.74 22.85 19271.1
IMI 1395 119.00 1755.43 1108 2.66 19.62 925.5 AquarsPl 12.25 -2.25 42.50 12.25 - 92.11 3600.2 INTU 372.40 7.40 374.90 270.10 3.90 6.19 2269.1 HarvyNah 77.13 -2.38 124.75 66.32 4.16 9.96 56.4
CharlsSt 332.50 0.50 493.00 289.20 3.68 -56.04 1.8 LandSecs 1302 28.00 1312 988.50 2.38 5.88 2514.6 DeeVally 1262.5 37.50 1610 1135 4.95 14.11 3.9
MelroseInd 271.10 6.10 357.15 234.50 3.04 22.18 3937.6 AsiaResM 14.00 -1.25 245.35 3.61 - -0.35 25.0 Hays 156.90 1.70 158.80 108.15 1.59 26.15 1198.2
CtyLonInv 330.50 -5.00 349.75 225.00 7.26 15.51 14.8 LondonMtrc 161.40 1.90 162.80 132.30 4.34 6.69 854.8 Drax 383.30 22.80 828.50 348.37 4.59 -12.97 1452.0
Renold 56.25 0.00 69.00 49.00 - -16.97 35.1 AvocetMng 5.80 -0.95 14.25 4.19 - -0.15 1294.1 Homesve 334.00 -3.40 354.50 293.80 3.38 39.75 133.4
CloseBrs 1550 29.00 1580 1217 2.97 15.50 181.0 McKaySec 236.25 6.25 245.00 187.00 3.64 6.09 11.5 Natl GridX 909.30 -26.20 965.00 778.74 4.62 15.93 8192.7
Rotork 2367 62.00 2890 2146 2.03 20.95 86.2 Barrick C$ 15.44 -0.81 23.78 11.67 1.52 -5.21 2806.3 HowdenJny 418.80 -6.10 440.00 287.50 1.31 23.37 793.6
DBAG 27.80 0.30 28.21 18.25 - - 48.0 MucklGp 499.50 31.50 542.00 417.00 3.98 7.52 7.5 Pennon♦ 848.00 -40.50 925.00 680.50 3.57 29.22 1026.2
Severfd 69.00 1.25 72.05 52.60 - 156.46 60.8 BHP Bltn 1505 62.00 2102.53 1247.5 4.56 9.93 6132.8 Intserve 545.00 9.50 751.50 487.20 3.94 15.36 179.3
El Oro 55.00 0.00 87.00 50.00 6.55 4.56 0.4 UtdUtils 993.50 -33.50 1045 713.50 3.63 19.15 1336.4

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence Plus500 560.00 -10.00 707.00 283.25 2.30 12.26 314.0 Insurance Egdon Res 8.75 -0.38 30.80 8.50 - -28.78 114.1 InlandHms 58.25 1.50 63.00 43.00 0.46 21.56 229.7 Servoca 22.50 0.75 23.50 7.11 - 23.27 10.3
Cohort♦ 242.50 -3.50 251.87 160.00 1.73 18.19 70.8 PolarCap 380.00 -31.63 531.00 353.00 6.58 13.19 1228.9 Gable 49.75 -2.00 90.00 47.25 - 13.17 227.8 Enegi Oil 1.03 -0.05 10.25 0.85 - -0.35 117.1 Lok'nStor 246.00 7.50 255.00 194.00 2.57 311.79 12.8 Synectics 140.00 2.50 580.00 115.00 6.07 36.77 39.4
Share 36.50 -0.50 53.00 23.50 1.42 36.35 13.7 Helios 124.00 -3.50 160.00 120.00 1.21 24.88 1.0 EuropaOil 5.50 0.13 10.75 4.65 - -26.19 92.8 LXB Retail 136.00 0.50 147.50 119.25 - 7.18 89.8 Utilityws 227.75 30.50 373.28 195.00 1.32 18.72 451.5
Banks ShoreCap 422.50 0.00 430.00 345.00 1.89 23.92 0.3 FalkldO&G 27.63 6.13 33.75 16.75 - -57.91 459.0 MirLand 64.00 -0.50 255.00 61.00 - 4.78 3.3
BCB Hldgs 10.50 0.00 14.17 10.00 - -2.15 20.0 STM Group 26.50 1.00 34.00 15.00 - 243.12 19.6 Media FaroePet 78.00 13.25 154.89 58.00 - -98.73 711.0 NewRiver 294.00 0.50 322.00 264.75 3.49 27.56 45.6
Tech - Hardware
STB 2977 62.00 3009 2245 2.08 30.03 0.3 WH Ireland 82.50 0.00 143.00 79.00 1.82 16.96 53.3 Avesco 117.50 0.00 126.50 94.00 4.68 -9.18 5.0 GETECH 38.00 4.50 105.00 32.00 5.37 7.67 35.3 Palace Cap 347.50 0.00 370.00 245.00 - -6.40 9.9 AminoTech 130.00 3.00 134.90 75.24 2.77 17.06 68.9
Cello Gp 91.00 0.00 100.00 81.00 2.47 15.78 5.5 GlobalPet 2.38 0.00 7.50 2.00 - -0.60 7.1 PnthrSec 337.50 5.00 357.00 295.00 3.56 9.73 0.4 IQE 21.25 1.00 26.25 12.08 - -58.54 1882.0
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 335.00 6.00 344.75 235.00 1.63 85.42 59.2 Gulfsands 36.00 8.50 71.91 21.00 - -3.00 102.9 PSPI 26.00 0.00 29.00 21.00 - -2.85 25.3 Tech - Software & Services
CropperJ 470.00 42.50 490.00 352.00 1.68 23.51 6.6 FinsbryFd 66.50 0.50 70.00 47.00 1.13 10.56 403.3 MissionMk 41.00 -0.50 56.90 31.50 0.61 8.45 76.1 Indus Gas 132.50 -9.00 760.00 125.00 - 25.24 0.3 SiriusRE € 0.43 0.03 0.44 0.28 0.73 6.72 420.0 Blinkx 27.75 0.25 125.75 23.25 - -23.60 1955.8
Nichols 1070 -10.00 1204 834.56 1.83 45.06 11.8 Next15Cm 161.50 0.00 163.00 91.75 1.58 104.46 13.8
Chemicals Infrastrata 4.13 -0.50 10.00 4.00 - -3.25 652.9 Songbird 350.00 1.50 359.26 177.25 - 4.09 236.4 BondInt 94.00 3.00 153.75 83.00 1.91 25.02 19.0
PureCircle 575.00 20.00 655.00 455.00 - 698.66 11.8 YouGov 115.25 -1.75 133.00 98.50 0.52 275.72 98.5 Iofina 30.50 -2.00 93.98 20.75 - -13.48 138.0 SumGermny €♦ 0.80 0.03 0.81 0.50 0.83 4.61 177.1
Scapa 131.00 -5.00 150.00 107.00 0.76 -33.69 133.3 Brady 83.50 1.00 84.50 57.17 2.04 29.65 454.0
RealGdFd 41.50 -1.00 69.00 23.00 - -5.19 29.3 Ithaca Engy 71.25 11.25 160.50 44.75 - 5.52 988.2 TaliesinPr 2225 32.50 2250 1605.35 - 16.41 1.4
Construction & Materials Ukrproduct 6.56 -0.85 10.50 5.95 - -0.90 50.0 Mining Datatec 320.00 7.50 330.85 258.20 3.24 19.74 2.0
KBC Adv 92.00 -3.00 142.00 79.00 - 13.01 57.3 UnitchCP 2.88 0.09 54.80 2.25 - 0.57 430.0 DDD 3.25 0.00 8.00 3.00 - -2.78 81.0
Abbey 872.50 0.00 927.30 800.00 0.90 9.00 0.6 Wynnstay 557.50 -6.00 690.52 535.00 1.72 16.10 20.4 AfricanMin# 10.00 0.00 168.50 9.12 - -1.11 -
Max 0.57 -0.01 2.26 0.50 - -0.27 311.1 Winkworth 126.50 -1.00 189.10 115.00 4.43 11.39 2.0 Eckoh 43.25 -1.00 48.50 33.00 0.72 102.00 133.0
AccsysTch 57.75 0.75 76.50 0.88 - -5.69 7.8 AMC 9.13 -0.01 13.47 2.29 - -9.39 771.3
Health Care Equip & Services NewWldO&G 0.15 0.03 0.99 0.11 - -0.41 1644.3 EgSoltns 75.00 0.50 84.00 42.00 - -128.42 0.6
Aukett 7.75 0.00 9.50 5.88 2.58 11.92 59.6 BeowMin 1.90 0.40 6.45 1.15 - -1.63 206.2
PetrelRes 4.25 -0.38 18.25 3.85 - -10.00 4.2
Retailers
Advnc Med 127.50 -4.25 140.00 106.85 0.47 22.09 164.2 BotswanaD 1.38 0.00 4.15 1.03 - -2.42 20.0 ASOS 3115 368.00 7195 1742 - 70.08 752.6 Iomart 176.00 6.00 294.50 159.93 0.99 21.79 211.0
Petroceltic 130.50 14.50 224.00 98.50 - -6.56 81.5
Electronic & Electrical Equip CareTech 221.50 -3.00 268.00 193.00 2.11 9.29 6.9 CentAsiaM 145.50 0.50 190.71 135.16 5.94 2.72 300.2 Koovs 139.00 -3.50 237.40 120.00 - - 1.1 K3BusTc 217.00 -7.00 239.63 170.00 0.46 26.92 15.5
ImmunDiag 330.00 0.00 593.00 286.00 2.58 17.42 30.8 PetroNeft 4.25 0.23 7.25 3.75 - -37.61 105.8 Monitise 19.00 6.00 80.50 12.75 - -5.34 20971.7
CeresPow 9.90 0.73 11.75 5.90 - -7.19 544.4 Connema 1.00 -0.13 5.00 0.25 - -1.50 10.0 Majestic 334.50 -2.50 524.00 311.96 4.78 13.20 130.5
SphereMed 22.50 -0.50 31.00 20.00 - -2.67 0.7 Plexus 171.00 -7.00 325.00 167.25 0.60 29.73 44.3 OMG♦ 35.25 0.00 37.00 25.00 1.13 133.02 17.3
Densitrn 5.38 0.00 6.70 4.00 1.86 -6.09 7.1 C'royG&NR 0.93 0.05 2.30 0.50 - -9.25 1256.3 StanlGib 285.00 -15.50 387.00 240.00 2.37 25.31 268.9
Tristel 76.75 -4.75 90.50 39.00 0.89 23.64 79.5 PresidentEn 13.50 1.75 47.24 10.75 - -60.81 343.3 Progility 7.13 0.00 11.49 4.00 - -45.38 0.3
ElektronT 5.50 -0.13 7.50 3.25 - -1.55 40.6 GrekaDrill 8.60 -1.00 20.00 7.20 - -38.91 643.4
Rockhop 64.25 12.50 135.75 51.00 - -12.56 2247.2 Support Services Pub Tech 200.00 20.00 399.70 125.50 - -85.87 13.9
FlowGp 34.25 -2.25 50.00 15.75 - -8.65 2127.6 House, Leisure & Pers Goods Herencia 0.22 0.02 0.61 0.18 - -2.62 5359.5
Sound Oil 10.88 0.75 14.00 4.50 - -3.98 1126.1 AndSyks 290.00 -20.00 385.00 260.00 7.17 12.88 7.5 SciSys 88.00 0.00 97.00 73.00 1.66 14.36 23.9
LPA 65.00 0.00 148.00 61.00 2.08 4.44 6.0 HighldGld 37.00 -3.00 84.25 17.73 13.04 3.57 499.0
Airea 14.25 0.50 15.00 9.03 3.86 21.89 4.7 TowerRes 0.48 -0.03 7.25 0.43 - -0.46 9085.2 Augean 46.50 0.00 56.75 42.00 0.75 11.97 91.6 WANdisco 397.50 -12.50 1390 255.15 - -5.11 6.8
ThorpeFW 147.50 7.50 150.00 120.00 2.07 16.91 27.1 KarelianDd 0.95 -0.08 4.90 0.90 - -9.31 396.4
Churchll 580.00 0.00 630.00 425.00 2.52 21.34 11.1 TrinityE 19.50 2.00 140.81 17.08 - -0.92 126.1 Begbies 44.50 1.25 55.00 37.54 4.94 17.40 31.2
Zytronic 294.00 -1.00 308.00 197.00 3.13 15.09 11.9 KEFI Min 1.03 -0.10 2.05 0.90 - -1.94 2770.7 Telecommunications
gamingrealm 32.13 -1.13 41.70 19.50 - -6.87 11.2 UnJackOil 0.24 0.04 0.52 0.14 - -3.12 34360.8 Christie 150.00 0.00 162.00 85.15 1.00 27.44 1.2
OracleC 0.83 0.00 2.41 0.25 - -2.29 645.2
Financial General HavelckE 15.50 0.00 25.00 15.10 - 28.08 1.6
PatagonG 3.00 0.13 11.50 2.75 - -5.17 240.1
VictorOil 61.00 4.25 71.40 0.94 - -64.69 566.0 Empres 41.00 0.50 60.50 38.13 0.85 6.94 286.3 AltNetwks 488.25 -26.75 547.00 415.00 2.76 29.37 7.2
Ambrian 7.50 -0.50 12.50 7.00 - 3.33 36.5 Mulberry 847.50 -8.50 900.00 562.50 0.59 165.14 6.9 VolgaGas 70.50 5.50 143.00 55.00 - 8.60 0.1 Hargreaves 577.50 -2.50 906.50 522.50 3.88 4.73 41.4 AvantiCom 235.50 18.50 329.25 162.75 - -4.20 216.8
RamblMtls 13.25 0.75 32.00 10.00 - 6.18 218.4
Arbuthnot 1525 175.00 1590.97 1000.00 1.70 19.75 10.9 Portmern 895.00 -12.50 930.00 724.00 2.68 15.95 7.1 Hydrogen 71.50 -1.00 113.00 68.00 6.43 -26.09 60.3
SinclairW 46.50 1.50 120.00 35.00 6.45 -3.04 19.3
ShantaGold 10.50 -0.75 16.00 8.50 - 13.32 239.0 Pharmaceuticals & Biotech Travel & Leisure
Ashcourt Rw 266.50 98.00 270.00 166.00 - 2239.50 18.2 SierraRut 21.00 0.00 64.00 19.75 - 79.85 27.6 Impellam 607.50 10.00 620.00 365.50 1.98 106.95 0.6
TelfordHms 362.25 10.25 379.00 245.50 2.43 13.35 229.4 Abcam 440.00 8.00 503.00 270.88 1.64 25.85 582.9 CastleStIn 18.63 1.13 19.00 17.00 16.11 -2.18 54.9
Aurora 9.75 0.13 25.08 8.00 - -0.57 200.0 Sirius Min 7.55 -0.02 14.50 7.26 - -148.04 1536.7 ISG 233.00 -120.50 356.00 215.00 3.92 17.81 138.9
WalkerGb 193.00 -7.00 219.00 151.05 0.96 21.79 29.3 AllcePharm 33.88 0.13 37.50 30.00 2.68 10.60 24.3 Celtic 76.00 0.00 77.27 72.00 - 9.26 0.3
BP Marsh 134.00 -5.50 155.00 116.75 2.05 9.50 1.2 SolGold 2.10 -0.25 14.75 2.03 - -4.76 4389.9 JhnsnSrv 71.00 0.63 71.60 52.00 1.70 17.81 24.5
Epistem 272.50 0.00 342.00 260.00 - -15.71 0.0 ..6%CvPf 62.50 0.00 75.00 50.00 5.18 - -
BrooksMac 1361 41.00 1817 1300 1.69 19.82 0.9 Industrial Engineering Stratex 1.70 -0.28 4.27 1.68 - -1.33 694.5 JourneyGp 122.50 0.00 167.00 113.00 2.24 17.98 48.7
e-Thera 32.25 1.25 36.55 19.02 - -12.37 34.3 ..Cv Pf 135.00 0.00 150.00 120.00 - - 0.4
Camellia 9200 100.50 11300 8450 1.36 14.13 0.1 Xtract Res 0.07 -0.01 0.30 0.06 - -1.41 125462.7 LonSec 2335 0.00 2600 1939 2.96 20.55 0.1
600 Grp 15.25 -0.38 24.01 14.60 - 4.07 54.0 GW Phrms 411.50 6.75 541.00 205.00 - -60.76 137.1 Dalata 222.50 0.00 249.00 209.24 - 228.21 35.6
CaptlMgt 112.50 0.00 278.00 103.00 - 2.78 0.8 ZincOx 10.88 2.38 24.00 6.00 - -1.47 158.9 Matchtech 510.00 2.50 640.00 495.00 3.58 14.58 8.4
CoracGrp 3.75 0.50 14.30 3.00 - -4.18 67.1 HtchChMd 1322.5 -120.00 1550 661.00 - 162.69 6.1 Dart 294.75 6.50 304.50 177.75 0.93 13.41 296.0
Charlemgn 11.13 0.13 19.95 9.50 7.93 13.82 10.5 NewmkSec 2.60 -0.08 2.95 1.50 2.88 5.53 360.5
Molins 89.00 -0.50 188.00 75.00 6.18 6.73 37.2 ImmuPhar 54.50 2.00 67.00 41.00 - -11.92 283.6 GoalsSocc 217.50 0.00 235.70 205.00 0.85 21.48 16.2
Fairpoint 115.50 -2.00 164.00 109.00 5.19 13.60 83.2 Oil & Gas NormanBr 22.50 0.00 40.00 20.00 - -2.02 0.0
MS Intl 121.00 -8.50 217.00 116.00 6.61 16.35 10.4 ReNeuron 3.50 0.20 4.39 2.75 - -7.78 2567.4 MinoanGp 8.63 0.25 18.22 8.15 - -14.23 91.5
ImpaxGp♦ 58.00 1.00 59.00 44.50 2.07 20.98 0.5 AlkneEng 21.88 -0.13 47.00 21.35 0.91 3.53 345.3 NWF 138.00 10.00 163.00 120.00 3.70 14.15 47.9
Pres Tech 267.50 -120.00 790.00 215.00 2.99 9.58 236.8 Sareum 0.33 -0.03 0.70 0.27 - -7.22 19404.6 PeelHtls 89.00 3.50 90.00 66.00 - 19.05 60.7
Leeds 38.50 -1.00 43.79 29.00 - 9.42 2.0 AmeriRes 31.25 -2.75 67.25 19.10 - 9.61 9791.6 Optimal Pay 385.50 41.00 558.09 270.00 - 23.05 973.2
SinclairIS 36.00 -1.75 39.18 23.30 - -39.13 26.4
MattioliWds♦ 495.50 -7.00 510.00 414.00 1.84 22.19 12.8 Industrial General AndesEnrg 30.13 -0.38 70.59 27.00 - -3012.50 542.9
Vernalis 50.00 0.00 53.00 28.59 - -17.31 55.8 PennaCns 137.00 -1.50 155.00 111.00 1.82 83.33 0.0 Utilities
Miton 25.00 0.00 49.50 18.50 2.16 -4.20 50.0 API Group 59.00 0.00 77.00 42.00 3.39 9.77 25.0 BahamasP 1.73 0.08 4.70 1.47 - -7.74 1755.3 Petards 11.88 0.00 15.99 8.25 - -1.85 0.3 ModernWtr 19.50 0.00 39.50 18.10 - -3.19 16.2
MAB 176.50 0.50 187.23 160.00 - 21.51 16.3 Powerflte 50.75 -0.25 58.38 27.43 2.13 19.75 19.4 BorSthnPet 6.55 0.95 15.89 4.69 - -102.34 1794.1 Real Estate RedhallGp 9.75 -1.75 53.54 9.00 - -0.68 8.5 RenEnGen 62.88 0.13 81.00 62.25 3.26 17.20 17.9
Numis♦ 211.00 9.00 419.50 196.09 4.74 12.33 24.0 RM2 48.00 -2.50 93.00 47.00 - -3.73 812.3 Circle Oil 12.50 1.88 28.70 9.64 - 5.12 884.7 Conygar♦ 183.50 0.75 191.00 160.00 0.82 7.83 3.5 Renew♦ 277.50 -7.50 327.13 200.00 1.44 16.73 170.4 Rurelec 3.38 -0.13 10.25 3.25 - -0.45 481.9
Park Grp 60.38 0.75 64.98 46.00 3.81 14.61 2.6 Symphny 10.25 -0.38 11.33 5.90 - -24.58 56.4 ClontarfEn 0.73 0.03 1.50 0.35 - -0.46 32.6 FltchKng♦ 61.50 0.00 65.00 35.00 4.88 8.56 8.5 Restore 275.50 2.50 284.00 170.13 0.91 39.50 164.4 SeaEnergy 24.00 4.25 44.00 18.68 - -30.93 120.6
Cluff NR 4.00 0.00 5.48 3.00 - -2.77 274.0 SafeCharge 275.00 10.00 285.50 162.00 - 227.27 7.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.50 0.25 107.70 101.75 - - - JPM Inc&Gr 106.50 0.25 112.00 98.50 2.07 116.3 -8.4 ScottOrtll♦ 871.00 8.00 900.00 706.87 1.32 909.4 -4.2 Amati VCT 67.25 0.00 80.50 66.50 7.43 70.2 -4.2 Infra India 13.75 -0.25 17.25 9.50 - 45.5 -69.8
Price +/-Week High Low Yld NAV or Pm Edin Inv♦ 654.50 -3.50 670.50 565.20 3.59 678.6 -3.6 JPM Ind 567.00 -18.00 605.50 312.50 - 613.8 -7.6 SecTstScot 138.75 2.75 149.00 129.86 3.46 149.5 -7.2 AmatiVCT2 102.75 0.00 123.50 102.53 6.57 107.6 -4.5 MMP 4.13 0.00 8.75 4.00 - - -
3i Infra 154.80 0.70 161.50 132.60 4.33 149.5 3.5 Edin WWd 410.75 6.75 452.45 332.25 0.49 455.8 -9.9 JPM JpSm 218.00 -5.00 224.75 174.50 - 248.0 -12.1 Seneca I&G 138.50 2.25 139.50 131.00 3.96 146.2 -5.3 ArtemisVCT 62.00 0.00 69.50 60.00 6.45 70.9 -12.6 Marwyn Val 205.50 -0.25 240.70 184.56 - - -
AbnAsianIn♦ 200.00 0.00 213.80 173.98 3.95 203.6 -1.8 EP Global 242.50 2.50 249.00 207.04 1.11 239.9 1.1 JPM Jap 246.25 -1.25 248.38 195.00 1.14 275.0 -10.5 Shires Inc 247.00 -2.50 261.75 216.26 4.86 257.7 -4.2 Baronsmd 70.75 0.13 77.80 69.50 13.43 73.5 -3.7 TerraCat 97.00 1.50 126.70 60.00 - - -
AbnAsian 928.00 10.50 1014 771.07 1.08 978.2 -5.1 Estabmt 178.50 0.00 188.00 163.00 2.63 226.5 -21.2 JPM Mid 789.50 -5.50 842.00 669.10 2.15 915.5 -13.8 StdLf Eqt 404.75 -5.25 431.00 362.50 3.31 431.8 -6.3 ..VCT 2 91.75 0.00 101.49 91.00 13.62 94.8 -3.2 Tiger Res 0.88 -0.20 1.80 0.75 - 1.3 -32.3
AbnJapInv 454.50 2.50 470.00 319.00 0.99 472.0 -3.7 Euro Ast 1005 20.00 1040 800.00 5.17 1001.2 0.4 JPM O'seas 1059 -1.00 1076 890.95 1.42 1134.4 -6.6 StdLf Sml 281.75 5.25 348.75 256.00 1.48 307.7 -8.4 ..VCT 3 95.00 0.00 110.10 94.00 16.32 97.7 -2.8
AbnLatAmIn 67.00 -1.25 85.68 60.25 6.34 74.1 -9.6 EuroInvT 767.50 6.00 797.00 659.33 1.82 825.4 -7.0 JPMRussian♦ 305.00 17.00 518.22 223.25 5.02 352.2 -13.4 StrategicEq 196.00 -0.38 201.90 152.85 0.77 192.9 1.6 ..VCT 4 88.88 0.00 96.10 86.75 14.63 91.8 -3.2 ISDX
..Sub 1.00 0.00 5.89 0.50 - - - F&C Cp&I 264.50 5.00 271.75 231.75 3.69 260.8 1.4 JPMSnrSec 94.50 -0.25 102.50 93.50 - 94.1 0.4 Temp Bar 1182 9.00 1287 1101 3.19 1232.6 -4.1 ..VCT 5 72.75 0.00 78.39 71.62 8.25 74.6 -2.5
F&CGblSmlr 934.00 18.00 934.00 781.00 0.86 924.4 1.0 JPM Smlr 728.25 -9.75 877.00 632.40 1.30 900.8 -19.2 TempEmerg 567.50 2.50 626.64 493.20 1.28 635.2 -10.7 BSC VCT 87.00 -1.00 92.20 83.00 6.32 101.1 -13.9 52 Week Vol
AbnNewDn 183.75 0.50 195.00 153.75 1.96 206.4 -11.0
F&CMgdG 147.00 3.50 148.00 130.00 - 144.4 1.8 JPM US Sml 181.00 4.75 182.87 134.50 0.39 185.0 -2.2 TRIG 102.75 -1.25 412.00 99.00 - - - ..VCT2♦ 56.00 0.00 61.00 53.50 8.04 62.3 -10.1 Price +/-Week High Low Yld P/E 000s
AbnNewThai 470.00 4.00 482.75 344.38 1.70 542.8 -13.4
F&CMgdI♦ 122.00 -0.50 125.00 110.00 3.98 120.1 1.6 JupDv&G♦ 113.00 0.00 115.00 104.50 0.88 123.9 -8.8 ThreadUKSel 178.00 -0.50 187.70 163.00 2.39 192.3 -7.4 Crown Place 30.00 0.00 30.50 29.00 8.33 33.0 -9.1 ArsenalFC 1515000 2500 1550000 1400000 - 129.64 0.0
AbnSmlCo 187.25 0.25 230.00 174.00 3.36 232.0 -19.3
FidAsian 246.00 -1.00 255.00 196.75 0.45 280.8 -12.4 JupEur 494.75 0.00 502.63 371.25 0.71 488.2 1.3 TREurGth 533.50 4.50 601.00 438.00 1.12 619.1 -13.8 Frsight3VCT 42.13 -5.00 67.90 42.00 4.75 72.1 -41.6 ShephdNm 1125 0.00 1260 1025 2.25 27.07 0.0
Abn UK 320.50 -2.00 324.50 288.00 3.21 338.7 -5.4
FidChiSpS 133.50 -1.50 142.68 97.20 0.86 149.4 -10.6 JupGrn 139.75 2.25 145.89 133.20 0.79 144.1 -3.0 TroyInc&G 69.75 -0.25 70.75 60.00 2.37 69.4 0.5 Frsight4VCT 46.00 -2.00 64.69 43.00 - 86.1 -46.6 Thwaites 120.50 0.00 132.00 112.50 3.70 -25.69 10.0
Abf Gd Inc 166.75 3.75 185.25 138.25 4.30 196.4 -15.1
Abf Sml 1063 17.00 1237 966.00 2.25 1191.4 -10.8 Fid Euro 172.20 3.60 174.08 137.40 1.73 182.3 -5.5 JupPrim 303.50 6.50 306.16 268.34 2.55 307.2 -1.2 UtilicoEmg 193.00 -1.25 202.23 171.55 3.16 209.2 -7.7 Frsight4C 50.00 0.00 52.00 30.00 - 82.5 -39.4
AcenciADbt 104.50 -2.50 109.00 102.00 3.63 111.1 -5.9 Fid Jap 75.50 -0.50 77.50 54.17 - 84.5 -10.7 JupUSSmCo 657.25 2.25 701.50 596.99 - 720.0 -8.7 UtilicoInv 119.50 1.25 133.80 101.00 7.85 182.9 -34.7 FrsightSol 100.50 0.00 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 440.00 -2.00 473.66 383.00 - 494.4 -11.0 Fid Spec 860.50 14.00 966.00 796.84 1.89 947.1 -9.1 KeystoneInv 1789 -53.00 1848.64 1651.76 2.79 1874.4 -4.6 ValAndInc 256.63 3.63 288.00 238.43 3.31 298.9 -14.1 Inc&GthVCT 101.00 0.50 106.24 93.50 17.82 114.2 -11.6 Guide to FT Share Service
Alliance 493.00 4.20 499.40 420.20 1.95 565.4 -12.8 FinsG&I 576.00 2.50 583.00 464.25 1.88 571.6 0.8 Law Deb 523.00 4.50 553.68 465.10 2.87 490.7 6.6 Witan 780.00 7.00 791.95 642.00 1.88 778.3 0.2 KingsAYVCT 18.00 0.00 19.50 17.00 5.56 19.5 -7.7
AllianzTech 566.00 11.00 584.50 463.07 - 607.2 -6.8 FstPacfic H HK$ 7.91 0.03 9.48 7.37 2.37 - - LinTrain £ 415.00 11.00 422.00 331.00 1.63 371.6 11.7 WitanPac 242.00 -2.00 248.00 205.75 1.84 275.6 -12.2 Maven I&G 63.50 0.00 69.00 60.00 7.09 68.1 -6.8
AltAstsOps 45.00 0.38 47.00 35.50 - 48.8 -7.8 For & Col 460.00 8.50 464.00 361.90 2.43 471.2 -2.4 Ln&StLaw♦ 377.50 -1.50 410.50 330.80 3.58 376.8 0.2 WorldTst 252.50 -4.00 257.00 211.00 - 290.5 -13.1 MavenVCT2 54.00 0.00 56.75 43.00 4.63 58.1 -7.1
Art Alpha 277.75 1.75 312.00 269.00 1.15 327.6 -15.2 Geiger 18.50 0.13 34.89 17.00 - 24.8 -25.4 Lowland 1285 27.00 1547.5 1219 2.76 1382.4 -7.0 WwideHlth 1804 -65.00 1884 1180.01 0.83 1833.2 -1.6 MavenVCT3 77.50 0.00 79.00 70.00 5.48 82.6 -6.2 For queries about the London Share Service pages e-mail
..Sub 30.50 -1.75 46.00 30.00 - - - GenEmer 536.50 4.50 583.00 476.00 - 586.4 -8.5 M&GHighInc♦ 163.00 0.50 173.50 148.00 0.92 172.5 -5.5 MavenVCT4 85.75 0.00 89.00 80.00 5.42 95.9 -10.6 ft.reader.enquiries@morningstar.com.
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 210.00 3.00 213.50 165.00 1.55 223.4 -6.0 GFIS 21.25 -0.25 35.99 19.00 - 54.1 -60.7 Majedie 234.75 -3.25 243.00 202.50 5.88 254.3 -7.7 MavenVCT5 35.75 0.00 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Week High Low Yld NAV or Pm
Aurora 147.00 0.00 171.21 144.00 2.59 166.0 -11.4 GRIT 23.50 0.00 70.00 18.45 - - - Man&Lon 236.00 3.50 281.50 219.00 5.83 282.8 -16.5 MobeusI&G 86.50 -0.50 107.90 84.00 4.05 95.4 -9.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 30.00 -1.75 49.00 26.50 - 34.8 -13.8 MCGlobPort 182.00 2.50 182.50 154.50 2.20 182.5 -0.3 AbnPvtEq 90.75 0.00 96.00 73.75 2.25 117.0 -22.4 ..I&G 2VCT 105.50 0.00 119.50 97.00 1.18 133.6 -21.0
BG Japan 389.25 1.25 398.48 313.50 - 388.8 0.1 100 constituent stocks are shown in bold.
Hansa 864.50 7.50 1010 826.50 1.85 1159.2 -25.4 MCurPac 308.75 1.75 316.23 257.00 2.11 337.3 -8.5 Altamir € 10.45 0.08 11.99 9.43 - 15.8 -33.9 ..I&G 4VCT 102.00 0.00 116.00 99.00 5.15 100.8 1.2
BG Shin 327.00 6.00 334.75 282.50 - 329.8 -0.8 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 835.00 -2.50 986.00 825.00 0.60 1159.2 -28.0 MercantIT 1530 32.00 1666 1316.55 2.09 1703.5 -10.2 Dun Ent 370.25 2.25 434.75 332.84 4.46 499.3 -25.8 Nthn 2 VCT 75.50 0.00 81.00 73.50 7.28 84.9 -11.1
BSRT 29.25 0.25 47.75 27.00 - 43.6 -32.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 93.25 0.75 93.50 87.75 5.42 90.5 3.0 MrchTst♦ 486.63 2.63 524.00 422.18 4.85 491.6 -1.0 Electra 3029 -5.00 3052 2338 - 3175.1 -4.6 Nthn 3 VCT 93.25 0.00 99.48 92.00 5.90 105.5 -11.6
Bankers♦ 605.50 10.50 614.50 506.00 2.41 626.2 -3.3 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF 1010.5 -4.50 1037.24 816.47 2.70 1004.5 0.6 Mid Wynd 315.00 0.50 318.23 256.00 1.08 321.1 -1.9 ElectraPrf 149.00 0.00 149.68 141.25 - 140.3 6.2 NthnVent 78.00 0.50 88.88 75.00 7.69 86.0 -9.3
BrngEmEu 507.75 22.25 711.00 432.00 3.74 579.7 -12.4 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 850.50 8.00 865.00 678.25 2.00 845.0 0.7 MitonWw 158.63 0.13 160.08 147.00 - 178.5 -11.1 F&C PvtEq 221.00 2.50 233.00 197.00 2.43 260.4 -15.1 ProVenGI 79.00 0.00 81.00 76.00 8.23 83.1 -4.9
BH Global 1291 0.00 1304 1162 - 1408.0 -8.3 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 339.50 -5.00 351.00 289.25 5.27 333.0 2.0 MMP 4.13 0.00 8.75 4.00 - - - GraphEnt 570.00 -5.00 619.00 536.10 1.32 670.6 -15.0 ProVenVCT 93.50 0.00 97.00 89.50 7.49 98.1 -4.7
..EUR € 12.00 0.00 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 396.50 -2.50 405.00 336.20 2.52 439.4 -9.8 Monks 399.00 2.10 406.00 348.40 0.99 461.8 -13.6 HVPE $ 12.80 0.08 12.81 10.65 - 15.5 -17.4 UnicornAIM♦ 124.00 -2.00 133.00 120.00 4.84 138.0 -10.1
..USD $ 12.81 -0.02 12.95 11.20 - 13.9 -7.8 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 187.00 3.75 187.25 156.50 4.55 180.2 3.8 MontanSm 487.00 -3.00 551.49 390.50 1.44 540.3 -9.9 HgCapital 1077 14.00 1145.75 990.00 2.69 1146.5 -6.1
BH Macro 2132 22.00 2134 1919 - 2209.0 -3.5 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc♦ 129.00 -0.25 132.89 103.00 3.26 126.1 2.3 Mur Inc 793.00 6.50 808.00 699.86 3.88 797.8 -0.6 JPM Pvt Eq $ 0.87 0.00 0.88 0.72 - 1.1 -20.9
..EUR € 20.50 0.12 20.50 18.40 - 21.4 -4.2 Price +/-Week High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 814.00 2.25 971.99 755.00 1.29 972.9 -16.3 Mur Int♦ 1052 13.00 1150 929.01 4.09 996.5 5.6 JZ Capital 403.00 1.00 449.00 390.00 - 649.2 -37.9
..USD $ 20.45 0.03 20.50 18.40 - 21.3 -4.0 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 559.50 1.00 616.39 468.13 1.97 654.3 -14.5 ..B 1050 0.00 1538.69 900.00 - 996.5 5.4 LMS Capitl 76.50 -0.50 88.75 72.75 - 92.5 -17.3 JPM I&C 97.25 1.25 100.80 86.00 6.43 -14.0 0.4
BiotechGth 731.00 -42.00 792.86 390.01 - 747.1 -2.2 1,000 shares.
HendVal♦ 226.75 -1.25 254.00 224.04 0.66 284.2 -20.2 NB DDIF $ 1.19 0.02 1.25 1.00 - - - Mithras 141.50 0.00 148.23 130.00 0.71 154.8 -8.6 JupiterDv&G♦ 4.13 -0.13 5.83 3.50 17.45 5.4 -35.0
BlckRCom 90.50 2.00 119.88 80.54 6.62 88.7 2.0
Herald 677.00 -4.00 747.00 594.00 - 824.6 -17.9 NewCtyEgy 20.25 0.88 42.00 16.75 - 24.0 -15.6 NB PE Ptnr $ 12.01 -0.02 12.11 10.03 - - - M&GHI&Gt 59.00 1.50 68.80 55.00 - -14.1 -2.7 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 212.63 12.63 280.00 169.25 0.97 239.5 -11.2
HICL Infra 153.80 1.80 156.39 133.02 5.79 132.8 15.8 ..Sub 0.13 0.00 0.15 0.06 - - - Nthn Invs 470.00 -5.50 483.81 365.00 2.13 468.9 0.2 Rghts&Icp 4030 0.00 4900 3800 2.03 -62.4 3.6 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 110.88 2.63 133.28 103.50 1.23 115.4 -3.9
Impax Env. 153.13 1.13 156.50 136.00 0.78 172.9 -11.4 NewCityHY♦ 62.00 -1.50 68.00 61.53 6.71 58.3 6.3 Pantheon 1295 8.00 1298 1056 - 1510.8 -14.3 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 233.50 -2.75 254.15 201.75 2.57 245.5 -4.9 Income Shares 52 Week HR
Ind IT 286.00 3.00 296.00 265.84 1.75 317.4 -9.9 NewIndia 363.13 2.63 371.30 194.03 - 379.7 -4.4 PantheonR 1235 10.00 1240 1010 - 1510.8 -18.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 12.00 0.25 28.25 8.00 - - - Price +/-Week High Low Yld WO GRY 0%
Intl PP 136.80 1.30 139.50 125.60 4.50 120.8 13.2 New Star IT 70.50 1.00 76.24 65.45 - 113.5 -37.9 PrincssPE € 7.09 0.02 7.25 6.20 7.99 8.8 -19.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK# 134.75 0.00 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 0.00 97.00 90.15 4.63 -56.6 8.0
InvAsTr 193.00 -0.25 198.00 150.85 1.79 216.7 -10.9 NorthAmer♦ 872.50 7.50 906.45 767.00 3.15 950.5 -8.2 Riverstone 929.50 21.00 960.50 822.00 - 1051.5 -11.6 in pence.
BlckR I&G 184.75 0.75 188.33 158.01 3.09 186.8 -1.1 M&GHghIc 55.75 0.25 63.00 53.00 - -14.0 -3.5
Inv Inc 289.25 2.25 294.70 255.00 4.13 311.6 -7.2 NthAtSml 1877.5 32.50 1894.33 1594 - 2305.2 -18.6 StdLfEuPv 206.00 -1.25 236.42 195.75 2.43 257.4 -20.0
BlckRckLat 384.50 -4.50 508.45 355.00 4.49 436.8 -12.0 Rghts&I 1052.5 0.00 1252 895.00 2.85 - 21.7
InvPerp 75.88 0.50 77.50 69.00 6.59 74.0 2.5 Oryx Int 464.00 0.00 473.00 375.00 - 551.2 -15.8 X FT Global 500 company
BlckRckNrAm 118.63 1.13 120.75 98.75 2.53 127.4 -6.9 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.13 -0.13 117.80 108.50 - 122.5 -4.4 PacAsset 195.75 -0.50 199.00 145.85 1.33 203.4 -3.8 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 821.00 -2.00 912.30 697.00 1.46 917.9 -10.6 Price +/-Week High Low Yld NAV or Pm
IPST Gbl Eq 157.00 0.50 159.49 138.00 - 159.7 -1.7 PacHorzn 200.00 0.00 204.75 159.20 0.75 214.2 -6.6 Price +/-Week High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 284.00 1.00 320.75 238.00 1.41 340.9 -16.7 Direct Property
IPST Mngd 102.00 0.00 101.81 100.00 - 103.3 -1.3 Perp I&G 393.90 0.80 403.60 350.81 3.02 406.7 -3.1 JPM Inc&Gr 11.50 0.25 15.50 9.00 1.1 -3.4 8.7 # price at time of suspension from trading
BlckRWld 321.90 21.10 520.99 286.00 6.52 356.0 -9.6 AseanaPr $ 0.45 0.00 0.47 0.39 - 0.6 -25.0
Bluecrest A 188.10 0.60 188.50 173.00 - 197.5 -4.8 IPST UK Eq♦ 159.00 1.25 162.00 143.00 3.55 164.6 -3.4 PerAsset 35680 -70.00 36313.1 31890 1.57 35243. 1.2 M&GHghIc 4.30 0.50 6.54 3.00 7.3 6.1 -
AXA Propty 42.88 0.00 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 132.75 1.75 143.50 119.25 4.81 142.3 -6.7 InvPpUK 332.00 3.75 346.98 281.00 1.96 374.7 -11.4 0 Zero Dividend Preference Shares 52 Week HR
CustdnREIT♦ 104.00 -2.50 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 522.00 2.00 528.00 472.60 2.01 583.3 -10.5 Invs Cap A 94.50 1.00 99.00 87.00 4.81 104.7 -9.7 PolarFins 96.00 0.50 109.50 92.00 - 109.3 -12.2 Price +/-Week High Low SP WO TAV 0%
F&CComPrp 146.00 6.50 148.40 116.50 4.11 120.2 21.5 guarantee that the information is reliable or complete. The FT does not accept
Brunner 542.00 5.00 552.50 486.00 3.23 631.9 -14.2 Invs Cap B 94.00 2.50 103.00 87.03 - 104.7 -10.2 ..Sub 7.63 0.13 19.89 5.00 - - - Abf Gd Inc 149.13 0.13 149.75 137.75 -33.6 - 159.7
F&CUKRealE 95.00 0.75 97.00 81.00 5.26 90.8 4.6 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2330 35.00 2337 1915.96 2.11 2769.9 -15.9 Invs CapU 367.00 8.00 378.00 347.00 0.88 418.9 -12.4 PolarHealth♦ 167.50 -2.00 172.59 142.50 2.06 181.1 -7.5 EcofinWatr 153.50 0.00 154.25 144.27 -68.3 -92.3 160.7
IndMultiPr 54.50 0.00 73.00 48.00 - - - or use of the information.
CanGen C$ 19.41 0.57 21.00 17.34 0.76 28.0 -30.7 JLaingInf 122.70 1.30 155.35 113.60 5.20 105.6 16.2 PolarTech 582.00 6.00 590.74 431.00 - 579.5 0.4 F&C PvtEq 151.50 0.00 152.14 146.25 - - -
InvistaERET 1.00 -0.13 4.40 0.50 - 10.9 -90.8
Cap Gear 3330 20.00 3465 3080 0.48 3249.4 2.5 JPM Amer 291.20 6.40 296.14 226.62 0.93 288.2 1.0 ProspJap $ 1.09 0.00 1.19 0.91 - 1.2 -9.2 JPM I&C 171.50 0.25 171.75 159.65 -17.9 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.25 0.25 106.75 100.50 - - -
CayenneTst 154.00 0.00 153.75 137.01 0.78 160.5 -4.0 JPM Asn 236.75 -3.25 248.27 191.00 1.10 263.4 -10.1 QatarInvF $ 1.33 0.03 1.49 1.15 2.14 1.6 -16.9 JupiterDv&G 111.25 0.63 113.00 97.75 -5.4 - 129.7 fully representative of all LSE-listed companies. This service is available to all
PictonProp 70.25 0.75 71.50 56.00 4.27 66.0 6.4
CayenCULS 106.50 0.50 106.00 105.25 - - - JPM Brazil 56.25 -3.00 76.49 52.56 1.78 61.3 -8.2 RIT Cap 1465 23.00 1465 1240 1.96 1544.3 -5.1 JZ Capital 355.25 0.75 356.00 333.65 -90.5 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc♦ 79.00 -2.50 82.00 72.00 5.77 75.4 4.8
City Merch♦ 189.50 2.00 191.50 182.15 5.28 185.1 2.4 JPM China 186.00 -4.00 194.00 139.25 0.86 207.2 -10.2 RobecoNV € 30.38 0.00 30.91 26.72 - - - M&GHghIc 113.13 0.25 114.70 105.00 -17.3 -90.4 122.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
UKComPrp 90.65 0.90 92.65 75.35 5.36 80.4 12.7
CityNatRs♦ 99.50 0.50 146.75 95.00 5.53 130.7 -23.9 JPMElct MC 99.50 0.00 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 0.00 28.98 24.80 - - - UtilicoFn16 185.75 2.00 185.45 170.50 -54.7 -86.9 192.8
City Lon♦ 395.40 3.60 399.00 345.00 3.70 390.9 1.2 ..MG 589.75 0.75 600.01 507.66 1.27 602.7 -2.1 Ruffer Inv 218.00 -2.00 222.50 193.50 - 215.7 1.1 Property Securities
UtilicoFn18 142.13 2.88 142.50 117.00 -19.7 -30.3 160.5
DexionAb 179.75 1.75 182.00 157.50 - 193.2 -7.0 ..MI 103.00 1.00 104.99 93.01 0.83 105.6 -2.5 SchdrAsiaP 292.50 -1.00 298.00 225.00 1.15 321.8 -9.1 SchdrGlbRe♦
TR Prop
124.50
309.80
-0.25
1.70
126.25
313.50
29.00 3.37 138.4
229.33 2.40 314.9
-10.0
-1.6 UtilicoFn20 111.38 0.88 112.50 100.00 -10.4 -12.6 154.9 Data provided by Morningstar
..EUR € 2.46 0.00 2.50 2.26 - 2.7 -8.9 JPM Emrg 610.00 2.50 632.37 499.50 0.90 684.4 -10.9 Schdr Inc 274.75 1.00 278.50 235.50 3.57 283.8 -3.2
..USD $ 3.76 0.01 3.75 3.30 - 4.1 -8.3 JPM EurGth 233.75 -5.00 240.00 193.00 2.87 250.3 -6.6 SchdrJap 139.00 3.25 139.10 106.79 1.26 149.3 -6.9 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 80.13 1.13 90.75 73.02 2.93 81.4 -1.6 JPM EurInc 129.50 0.50 132.55 104.75 - 135.9 -4.7 SchdrOrient 198.25 4.25 201.59 162.03 3.78 199.8 -0.8 Price +/-Week High Low Yld NAV or Pm
Dun Inc♦ 265.63 -0.38 371.25 239.00 4.18 281.1 -5.5 JPM EuSm 217.13 2.88 246.80 164.00 1.34 249.9 -13.1 SchdrUK 162.50 1.25 198.50 146.83 2.77 180.5 -10.0 AlbionDev 70.00 0.00 70.89 67.00 7.14 71.2 -1.7 52 Week Dis(-)
Dun Sml♦ 179.50 2.50 243.50 171.30 2.90 221.2 -18.9 JPM Clavr♦ 597.50 1.50 633.50 534.51 3.26 642.1 -6.9 SchdrUKMd 443.75 8.75 527.50 402.49 1.79 487.0 -8.9 ..D 100.00 0.00 101.00 98.00 2.50 104.7 -4.5 Price +/-Week High Low Yld NAV or Pm
EcofinWatr♦ 153.63 5.13 176.75 124.19 4.35 183.5 -16.3 JPMGIConv 103.25 1.50 112.50 99.00 - 100.7 2.5 ScotAmer 244.63 -4.38 257.50 221.99 4.21 253.5 -3.5 Albion Ent♦ 89.00 0.00 92.00 85.00 5.62 93.4 -4.7 AdFrntMkt 57.63 0.13 65.50 55.00 - 62.4 -7.6
JPM GEI 120.25 0.75 130.00 105.00 4.43 119.0 1.1 Scottish In 619.00 7.50 626.00 536.00 1.87 683.3 -9.4
..CULS
EdinDragn
105.25
281.75
-0.75 111.70 102.52
-0.50 291.79 229.60
-
0.78
-
315.3
-
-10.6 JPM I&C Uni 351.50 0.00 370.50 330.06 - 371.0 -5.3 ScottMort 255.80 7.40 258.70 189.00 1.13 250.2 2.2
AlbionTech♦ 77.00 0.00 81.00 71.25 8.12 83.3 -7.6 CrysAmber
GLI Finance♦
151.38
61.63
1.38
-0.75
157.66 129.81
65.00 50.00
0.3 150.6
8.1 - -
0.5
www.morningstar.co.uk
AlbionVCT 66.00 0.00 68.75 64.00 7.58 67.6 -2.4
IndiaCap 67.25 0.25 69.40 33.00 - 74.1 -9.2
26 ★ Monday 9 February 2015

Corporate diary February 9 - February 13 ECONOMIC OUTLOOK

TODAY 9 comes against the backdrop of improving Europe’s final-quarter numbers in focus
EARNINGS sales in Europe. Michael Stothard
Nissan Motor Q3 Y20.63 (Y20.11) Europe remains the focus of the coming growth from the third quarter, equating
EARNINGS week. Growth numbers for the final to 0.8 per cent growth from the same
TUESDAY 10 American Int’l Q4 $1.05 ($1.15) quarter of last year for Germany, France period last year.
EARNINGS Commerzbank Q4 €0.09 (€0.07) and the eurozone as a whole are Growth in Germany for the same
América Móvil Q4 0.39ps (0.24ps) Credit Suisse Q4 SFr0.47 (SFr0.59) released on Friday. period is expected to be slightly
Coca-Cola Q4 $0.42 ($0.46) Informa FY 39.69p (40.10p) Thursday’s summit of EU leaders in stronger as the bloc’s biggest exporter
HeidelbergCem’t Q4 €1.52 (€1.16) KBC Q4 €0.79 (n/a) Brussels is the first such meeting to be sees greater gains from a cheaper euro.
KKR Q4 $0.45 ($1.08) L’Oréal FY €5.31 (€5.13) attended by new Greek prime minister Compared with the third quarter, GDP is
Metro Q1 €1.38 (€1.35) Pernod Ricard H1* €4.98 (€3.90) Alexis Tsipras, and rapidly moving expected to be 0.3 per cent bigger, 1.2
SoftBank Q3 Y61.37 (Y78.40) Publicis FY €3.55 (€3.64) developments there could dominate per cent compared to the same period
Renault FY** €6.30 (€5.46) the agenda. Any renegotiation of last year. French GDP is likely to have
WEDNESDAY 11 Rio Tinto FY $4.82 ($5.53) bailout conditions would be expected to expanded just 0.1 per cent in the final
Tullow Oil is expected to report heavy Shire FY $3.55 ($2.45) be a drawn-out affair. three months of last year.
headline losses with annual results after Société Générale Q4 €0.73 (€0.81) Eurozone growth numbers are Further insight into the path of UK
confirming that it would book its biggest Total FY $5.32 ($6.29) expected to show moderate strength for interest rates over the next 12 months
— Ian Waldie/Bloomberg
write-off, $2.7bn before tax, for 2014. *FY estimate **Q3 estimate the final three months of 2014. Lower becomes available on Wednesday with
The FTSE 100 company typically writes energy prices and rising real wages the release of the Bank of England’s
off large amounts sunk into “dry wells”. Rio and Anglo to uncover extent of miners’ challenges FRIDAY 13 are expected to have boosted quarterly inflation report for February.
However, last month it confirmed that it All eyes will be on ArcelorMittal’s outlook consumption and the weaker euro The recent slowdown in consumer price
would write off a further $1.2bn of Rio Tinto and Anglo American open Rio might have been pushed to give for 2015 when the largest steelmaker by should have helped exporters. inflation prompted the Monetary Policy
exploration spending in past years on what may be a glum reporting season more to shareholders to solidify support sales reports its full-year earnings. Market expectation is for 0.2 per cent Committee to vote unanimously to hold
fields off French Guiana, Mauritania and for the world’s largest diversified for its strategy. As it is, commodity European and US peers are expected to interest rates in January; previous
Norway. miners, with a downturn in commodity prices are putting Glencore’s shares face a tough year with lower global steel meetings had seen two members
Tullow expects to report revenues of prices that will have hit 2014 earnings under pressure, making any bid a more demand, rising Asian exports and falling Real GDP growth favouring a rise.
$2.2bn and gross profits of about $600m and still challenges the sector. expensive idea. iron ore prices. Annual % change The BoE’s view on prices during the
ahead of exceptionals for 2014. At least shareholders at Rio, which Consensus estimates are for Rio to Arcelor downgraded its 2014 earnings coming year will be key to the timing of
Eurozone 3
Michael Kavanagh reports full-year earnings on Thursday, report underlying earnings close to forecast, from $8bn to about $7bn, in any rise in rates. A prolonged period
France
are likely to see an extra return of cash $9bn from revenues of $49bn. August after ore prices fell more than Germany 2 of below target inflation is likely to
EARNINGS on top of their dividends. The intention At Anglo, which reports results on 40 per cent last year. It is expected to keep rates where they are until early
AOL Q4 $0.72 ($0.64) of an enhanced return — probably Friday, the emphasis may be on the meet its forecast for 2014. Analysts 1 2016 at least.
Arm Holdings FY 23.44p (20.60p) through a share buyback — has been miner’s suite of assets. Some, such as its forecast earnings before interest, taxes, 0 Chinese inflation data for January are
Heineken FY €3.01 (€2.75) repeatedly flagged by the company. Minas-Rio iron ore project, are likely to depreciation and amortisation of $7.18bn. to released tomorrow, with weak
ING Q4 €0.26 (€0.11) The question is what size Rio can afford be subject to impairments amid Tanya Powley -1 domestic demand and falling energy
PepsiCo Q4 $1.08 ($1.05) or is willing to make. presumed lower returns. Investors will -2 costs expected to push the annual rate
Reckitt Benckiser FY 246.31p (269.80p) The benchmark price for iron ore, the also want to hear updates on sale After four profit warnings last year, Friday 2012 13 14 to 1 per cent, down from 1.5 per cent in
Redrow H1* 246.31p (269.80p) group’s most important resource, processes started for copper assets in the 13th is not the most auspicious day Source: Thomson Reuters Datastream December.
Tesla Motors Q4 $0.31 ($0.33) halved last year, although Rio is the Chile, platinum mines in South Africa for Rolls-Royce to be publishing 2014 Andrew Whiffin
Thomson Reuters Q4 $0.47 ($0.49) lowest-cost miner and believes itself and coal projects in Australia. results. But the near 20 per cent fall in the
Tullow Oil FY -$0.59 ($0.91) well placed to weather the storm. Consensus analysts’ estimates are engine-maker’s shares over the past year 4CAST ECONOMIC CALENDAR
UniCredit FY €0.36 (-€0.76) Another factor is the diminishing for Anglo’s earnings before interest and should have sent the clear message that
COUNTRY For Indicator Units* Mkt* Prev* COUNTRY For Indicator Units* Mkt* Prev*
*FY estimate likelihood of a fresh merger bid from taxation to be $4.98bn, with earnings this time it needs to get guidance right. MONDAY Germany Jan CPI (final) 2 -0.3 -0.3
Glencore, following last year’s approach. per share of $1.63. James Wilson In October, it said that it expected Canada Jan Housing starts 5 184 180.3 Germany Jan HICP (final) 1 -1.3 -1.3
underlying revenue in 2014 to be 3.5-4 Germany Dec Current account 3 20.5 18.6 Germany Jan HICP (final) 2 -0.5 -0.5
TRADING AND SALES UPDATES Germany Dec Trade balance 3 16 17.9 India Jan CPI 2 5.6 5
Thomas Cook per cent lower than 2013’s £15.5bn, and India Q4 GDP 2 n/a 5.3 India Dec Industrial prod. 2 1.6 3.8
Qinetiq Swiss National Bank’s surprise decision to division has frustrated investors. market consensus, based on Rolls-Royce Japan Jan Money supply M2 2 3.6 3.6 UK Jan RICS house prices % 10 11
US Week Initial claims 5 n/a 278
remove the cap on the Swiss franc last Madison Marriage guidance, is for pre-tax profits of £1.6bn. TUESDAY US Jan Retail sales 1 -0.4 -0.9
THURSDAY 12 month, which initially caused the franc to Investors will want to see progress on China Jan CPI 2 1 1.5
Credit Suisse is expected to reveal the surge 30 per cent against the euro. Renault will be hoping that the success of inventory turns, cash management, and China Jan Money supply M2 2 12.1 12.2 FRIDAY
China Jan PPI 2 -3.7 -3.3 Eurozone Q4 GDP 1 0.2 0.2
full extent of the damage caused by the The Zurich-based bank said that it had its low-cost Dacia brand will help to offset costs. But they should also be braced for France Dec Industrial prod. 1 0.3 -0.3 Eurozone Q4 GDP 2 0.8 0.8
not suffered material trading losses problems in Russia and Brazil when the revisions to expectations for 2015 as new France Dec Industrial prod. 2 -1.2 -2.6 Eurozone Dec Trade balance (SA) 3 19 20
Diary commentary from FT reporters. Data, unless following the cap removal, but analysts carmaker reports its full-year earnings. finance director David Smith makes his France Dec Manuf. prod. 1 n/a -0.6 France Q4 GDP (prelim.) 1 0.1 0.3
otherwise stated, from Thomson Reuters. Company France Dec Manuf. prod. 2 n/a -1.3 France Q4 GDP (prelim.) 2 0.3 0.4
believe cost-cutting measures are likely The French group and its Japanese first public appearance. UK Jan BRC retail sales 2 0.7 -0.4 Germany Q4 GDP (prelim.) 1 0.3 0.1
announcements, collated by Thomson Streetevents,
as a result. partner Nissan control Avtovaz, Russia’s There is also the question of how much UK Dec Industrial prod. 1 0.1 -0.1 Germany Q4 GDP (prelim.) 2 1.2 1.2
are of information publically available before last
UK Dec Industrial prod. 2 0.8 1.1 UK Dec Construct. output 1 2.5 -2
week. Results forecasts, from Thomson I/B/E/S, are Credit Suisse’s commitment to largest carmaker by sales and maker of pain is being inflicted on Rolls-Royce’s UK Dec Manuf. prod. 1 0.1 0.7 UK Dec Construct. output 2 5 3.6
for fully diluted, post-tax EPS in local currency for investment banking is also under close Lada models, which have been suffering a marine and power businesses by the low UK Dec Manuf. prod. 2 2.1 2.7 US Jan Import price index 1 -3.2 -2.5
the stated fiscal period. The comparable period of UK Jan NIESR GDP 4 n/a 0.6 US Feb Univ of Mich sent. 98.1 98.1
the previous year is bracketed. Non-UK reporting
examination, particularly since Friday sharp sales fall. oil price. Peggy Hollinger
periods are broken by quarter: Q1, Q2, Q3, Q4. UK could see the Swiss government detail its Renault has announced flat Brazilian WEDNESDAY
periods are designated: Q1, H1 (first half), Q3 and timetable for new rules that require banks sales in 2014 and a 7.4 per cent fall in EARNINGS France Dec Current account 3 n/a 0.2 Mkt* = market consensus estimates. Prev*= previous actual
FY (full year). to hold even more capital against Russian sales. More positively, the Anglo American FY $1.66 ($2.09) Units*; 1 = % change on previous period, 2 = % change on same
THURSDAY period in previous year, 3 = national currency bn, 4 = annualised
investment banking units. company is expected to report continuing ArcelorMittal Q4 $0.26 ($0.02) Eurozone Dec Industrial prod. 1 0.2 0.2 quarterly % change, 5 = 000s, NSA=not seasonally adjusted,
The lack of progress in cutting leverage success with its no-frills Romanian Dacia Rolls-Royce FY 62.89p (65.59p) Eurozone Dec Industrial prod. 2 0.4 -0.4 SA=seasonally adjusted.
Sompo Japan N Q3 Y57.05 (n/a) Germany Jan CPI (final) 1 -1 -1 See more at www.ft.com/economic-calendar
and reallocating capital from its brand, which has struck a chord with belt-
investment bank to its private banking tightening consumers in Europe. This all ThyssenKrupp Q1 €0.19 (-€0.37)

THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday February 9 2015
Listed: highest
paid pension
fund CEOs
Executive salaries are ‘alarmingly’ high
MADISON MARRIAGE
FTfm research revealing multimil-
lion-dollar salaries at some of the
world’s largest pension funds has
prompted condemnation over the
vast gulf in earnings between chief
executives and scheme members.
Analysis of 14 schemes showed Jim
Leech, former chief executive of the
Ontario Teachers’ Pension Plan, was
paid $7.4m in 2013, while his eventual
successor, Ron Mock, received $2.5m
in his role as vice-president of fixed
income and alternatives.
The $175bn Canada Pension Plan
Investment Board paid its chief exec-
utive, Mark Wiseman, $3.1m.
The Canadian pension salaries out-
strip the total earnings of many chief
executives in the private fund sector,
including Man Group’s Emmanuel
Roman, who was paid $3.4m for 2013,
and Jupiter’s Edward Bonham Carter,
who received $3m.
Chris Roberts, director of social
and economic policy at the Canadian
Labour Congress, described the fig-
ures as “alarming”. “These are plans
in which trustees have a fiduciary
obligation to the plan members. They
should be in a similar [financial] rela-
tionship to plan members,” he said.
fm
Mr Roberts added that he was par-
ticularly concerned with respect to
public sector funds. “I am not con-
vinced that these salary levels are
warranted when public sector budg-
ets are being squeezed and public sec-
tor workers are being told to tighten
their belts,” he said.
Elsewhere, the highest-paid execu-
tive at the Australian Super fund
received $1.04m, the chief executive
of Denmark’s ATP, Carsten Stende-
vad, received $903,000; and Dick Slu-
imers, the chief executive of APG,
which manages the assets of a
number of Dutch pension schemes,
was paid $795,000.
Deborah Hargreaves, founding
director of the High Pay Centre, a
think-tank, said: “These figures high-
light why we cannot rely on pension
funds to hold companies to account
on pay. These pension chief execu-
tives are benefiting from the high-pay
culture themselves and often see
nothing wrong with multimillion-
dollar awards for top bosses. Scheme
members often have a different out-
look, but do not have a chance to have
their say.”
Geraldine Egan, national pension
continued on page 7
Disconnect
Foreign investors shun
link between Hong Kong
and Shanghai exchanges
PAGE 10
Face to face
‘I’m not trying to build Pimco part II’
Fidelity and
BlackRock
splurge on
lobbying
RICHARD HENDERSON
Fidelity Investments and BlackRock
spent more than any other asset man-
agers on lobbying in the US last year,
according to data compiled by a polit-
ical research group.
The figures will concern investor
advocacy groups who have previ-
ously accused fund managers of using
lobbying to water down regulations
designed to protect investors.
Fidelity spent $3.2m on lobbying,
while BlackRock, the world’s largest
fund house, with $4.6tn of assets,
spent $2.5m, according to the Center
for Responsive Politics’ OpenSe-
crets.org website.
Fidelity said the number calculated
by OpenSecrets, which compiled its
data based on figures from the Senate
Office of Public Records, is $200,000
higher than what it spent. BlackRock
did not dispute the figure.
BlackRock shared a coup with other
large asset managers last year when
the Financial Stability Oversight
Council, an umbrella group of US reg-
ulatory agencies, indicated it would
focus on fund products, not compa-
nies,whenassessingsystemic risk.
Barbara Novick, vice-chairman of
Narrowing down a list of questions for Bill Gross, one of the most BlackRock who oversees the group’s
talked about inhabitants of the investment universe, is no easy task. lobbying efforts as chairman of its
Contenders range from the obvious (do you regret having had to government relations steering com-
walk out on Pimco, the bond manager you founded 44 years ago?) to mittee, said: “It is very important to
the strange (why did you wear sunglasses while addressing an have a voice of investors at the table.”
audience at that Morningstar conference?) PAGE 4 Jim Young/Reuters Richard Henderson is a reporter on
Ignites, an FT news service
2 | FTfm
INSIDE
The big picture
Active share, the degree
to which a portfolio
differs from its index, is
not a flawless measure
of performance
PAGE 6
Comment
David Oakley finds that
the centre of the
investment world may
be in the middle of the
Pacific Ocean
PAGE 8
View from the US
A 50 per cent haircut for
Ukrainian bondholders is
easy to say, harder to do,
writes John Dizard
PAGE 8
Executive pay
Pension funds are in a
conundrum when it
comes to deciding how
much to pay their top
executives
PAGE 12
Viewpoint
Economists say there is
no such thing as a free
lunch, but diversification
offers a cheap one at
least, writes Pimco’s
Andrew Balls
PAGE 13
fm
February 9 2015
Editor Chris Newlands
Tel: +44 (0)20 7775 6382
e-mail: chris.newlands@ft.com
Deputy editor Steve Johnson
Tel: +44 (0)20 7873 3525
e-mail: steve.johnson@ft.com
Reporter Chris Flood
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e-mail: chris.flood@ft.com
Reporter Sophia Grene
Tel: +44 (0)20 7873 4685
e-mail: sophia.grene@ft.com
Reporter Madison Marriage
Tel: +44 (0)20 7873 3817
e-mail: madison.marriage@ft.com
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e-mail: jearelle.wolhuter@ft.com
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e-mail: steven.canfield@ft.com
FINANCIAL TIMES
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©The Financial Times Limited 2015.
Reproduction of the contents of FTfm in
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publisher’s prior consent. “FINANCIAL
TIMES” and “FT” are registered Trade
Marks and Service Marks of the Financial
Times Limited
Nordic paper manufacturer
blacklisted over child labour
ETHICAL INVESTMENT
Swedish state pension
fund AP7 divests
from Stora Enso
STEVE JOHNSON
Human rights campaigners
have called on Stora Enso to
make a series of improve-
ments after the Swedish-Finn-
ish paper and packaging group
became a rare Scandinavian
victim of the growing pension
fund divestment movement.
AP7, the SKr253bn ($30bn)
Swedish state-run pension
fund, sold its SKr31m stake in
Stora Enso and added the com-
pany to its investment black-
list in December amid con-
cerns over the use of child
labour.
AP7 said the supply chain of
Bulleh Shah Packaging, Stora
Enso’s 35 per cent-owned Paki-
stani joint venture, “is report-
edly contaminated with child
labour” and that the company
“has yet to demonstrate a
credible strategy to address
and work towards the elimina-
tion of child labour” in Bulleh
Shah’s agricultural supply
chain.
A swath of pension funds,
many of them Scandinavian,
have recently stepped up their
divestment activities. Coal-
miners, arms manufacturers,
tobacco companies and pay-
day lenders are among those
blacklisted.
The week
C Sakae Holdings, the
Singaporean food and drink
company, is to diversify into
asset management, starting
with a S$250m “opportunistic
fund”. Shareholders approved a
proposal to start a fund
management business and a
corporate finance advisory
business.
C Funds supermarket
Hargreaves Lansdown is
responding to regulatory
pressure on its business model
by diversifying. The Bristol-
based company will launch a
peer-to-peer lending platform,
joining a rapidly growing
£1.4bn market within the next
18-24 months.
NEWS
Stora Enso is a Swedish-Finnish paper and packaging group
Norway’s $860bn oil fund
revealed last week it divested
from 49 companies last year,
predominantly coal and gold
miners. In its first report on
responsible investment, the
world’s largest sovereign
wealth fund called on Sports
Direct, the UK retailer, Chi-
nese textile group Far Eastern
New Century and Spanish food
producer Viscofan to improve
their reporting on children’s
rights.
It is unusual for Scandina-
vian companies — often held
up as examples of global best
practice — to be on the receiv-
ing end of the divestment
movement. Stora Enso is the
only Scandinavian company
C French asset management
giant La Banque Postale Asset
Management will merge with
relative minnow Fédéris
Gestion d’Actifs. The senior
partner brings about €147bn in
assets under management to
the new entity, which will have
more than €170bn in assets.
The deal will allow La Banque
Postale Asset Management to
expand its socially responsible
investment range and build its
sales to insurance clients.
C Two large asset managers
reported significant outflows.
Aberdeen Asset Management’s
outflows accelerated last
quarter, with £4.8bn
leaving its aegis
between
October and
December, up
from £2.8bn the
previous quarter. All
— Suzanne Plunkett/Bloomberg
on AP7’s 49-strong blacklist.
Karl-Henrik Sundström,
chief executive of Stora Enso,
said it was “very unfortunate”
that AP7 divested from the
company, but that this was the
“lesser problem” compared
with the problem of child
labour.
Mr Sundström said Stora
Enso had “dismantled” the
sections of Bulleh Shah’s sup-
ply chain that had contained
child labour. Of the 640 chil-
dren found, 125 had been put
into schools and their parents
compensated, although that
process was being stymied by
opposition from other parents.
“We are trying to make sure
we have no kids in the supply
but one of the group’s business
lines posted outflows during
the quarter.
C By comparison, BNP Paribas
Investment Partners did not
look so bad, with outflows of
€1.4bn in the fourth quarter of
2014, bringing the total for the
year to €4.7bn. This was a
substantial improvement on
2013, as bond funds saw
inflows and money market
funds stabilised, but the fund
business of BNP Paribas
nevertheless experienced a 1.9
per cent fall in revenues in the
quarter.
C US giant
Capital
Group will
market its
Sakae: from sushi
to asset management
FINANCIAL TIMES Monday 9 February 2015
chain. This was two or three
levels down the supply chain,
but that is not acceptable,” said
Mr Sundström. “There are
many millions of kids that are
working in Pakistan. We can
show that we can do things dif-
ferently.”
Despite this, the Danish
Institute for Human Rights,
which worked with Stora Enso
on an assessment of the com-
pany’s activities, last week
called on it to address issues
such as some staff working
“excessive” hours and issues
around health and safety.
Mr Sundström said some of
the recommendations were
already in progress or being
addressed.
long-established American
Funds range in Asia. The €1.4tn
manager has investment teams
in the region but has so far had
a low profile.
C The assets under
management in alternative
Ucits funds, known as Newcits,
jumped 41 per cent last year.
Fifty-three alternative Ucits
funds were brought to market
and 20 retired, leaving funds
with a total of €224.3bn in
assets under management.
C A Chinese region is hoping to
sell up to US$1.5bn in bonds
overseas. If approval is granted,
the Muslim minority region
Ningxia would issue a mixture
of dollar-denominated debt
and sukuk, or Islamic bonds.
This would be the first time
Chinese local government
bonds would be sold offshore.
‘Smart
beta’
drives
down fees
STEVE JOHNSON
The growth of “smart beta” is
putting downward pressure
on the fees active fund manag-
ers are able to charge, threat-
ening to eat into the industry’s
wide profit margins.
So-called smart-beta man-
agers load up on small compa-
nies, value stocks or low-vola-
tility equities in the belief —
backed by a welter of research
— that portfolios tilted towards
these risk factors tend to out-
perform the traditional mar-
ket capitalisation-weighted
indices over time.
The rapid spread of this con-
cept is heaping pressure on
active fund managers, the vast
majority of whom fail to beat
market cap indices, after fees,
over meaningful periods of
time.
‘It is the fret and the fear
for active managers that
investors are seeing
[smart-beta approaches]
as substitutes’
“There are more pressures
being placed on managers
from investors and fees are
coming down,” said Ian Shea,
head of public market equities
at bfinance, a consultancy.
“The increased acceptance of
smart beta-type approaches is
putting managers under
increased pressure to make
sure they are offering competi-
tive fees.
“It is the fret and the fear for
active managers that investors
are seeing [smart-beta
approaches] as substitutes.”
The consultancy said active
managers running low-volatil-
ity strategies were among the
first to suffer fee pressure,
given the proliferation of com-
parable offerings.
Analysis of recent eurozone
tenders by bfinance suggests
that, for an institution seeking
to invest €100m in an equity
fund, the median quoted fee is
0.79 per cent. For fixed income
funds it is 0.24 per cent.
However, institutional
investors are typically secur-
ing a rebate of 20 per cent on
these fees through negotiation,
a figure Emmanuel Lechere,
head of bfinance’s market
intelligence group, believed
was higher than in previous
years.
FINANCIAL TIMES Monday 9 February 2015 FTfm | 3

NEWS

Finra gets tough in ‘high-risk broker’ crackdown

REGULATION
US regulator banned
high number of people
in securities in 2014
MADISON MARRIAGE
The US Financial Industry
Regulatory Authority banned
the highest number of individ-
uals from the securities indus-
try in five years last year. It is
the latest example of growing
regulatory intolerance of
financial malpractice.
Finra, an independent regu-
lator charged with overseeing
the securities industry to pro-
tect US investors, barred 481
individuals in 2014, up from
429 in 2013 and 294 in 2012.
This is the highest number
of people banned by Finra
since 2009. The regulator also
suspended 705 people last
year, the highest level of sus-
pensions in five years.
Susan Axelrod, vice-presi-
dent of regulatory operations
at Finra, attributed the
increase to a new “high-risk
broker programme”, which
involves a more systematic
analysis of tips and complaints
submitted to the regulator.
The programme, which was
introduced in 2013, has low-
ered the average time needed
to bar an individual to 100
days, although the time
required can be as low as eight
days, according to Ms Axelrod.
In 2014 Finra also increased
its supervision and surveil-
lance of brokers with a worry-
ing employment or discipli-
nary history.
Ms Axelrod said: “This is not
a pattern of behavioural
change in the industry — this is
indicative of the regulator
being more efficient and
focused in its role.
“The majority of the people
out there in this business are
481 429 294
People People People
Finra Finra Finra
barred barred barred
in 2014 in 2013 in 2012
working hard to do a good job
for their clients.”
Francois Cooke, a managing
director at ACA Compliance, a
consultancy, said he expected
the number of fines and dis-
barments made by Finra to
continue to rise in 2015.
“Both the [Securities and
Exchange Commission] and
Finra have increased their
enforcement actions, which
have been driven by the con-
tinual identification of weak-
nesses in some firms. Until
[securities companies] can
give comfort to the regulators,
fines and regulatory actions
will increase,” he said.
To encourage firms to weed
out rogue brokers or traders at
an earlier stage, Finra won SEC
approval in January to create a
new rule requiring companies
to carry out more due dili-
gence on employees before
applying to register them with
the regulator.
Last December Finra
imposed one of its largest fines
to date when it found that 10
global banks had allowed their
research analysts and invest-
ment bankers to flout rules on
initial public offerings.
Thebankswerefined$43.5m
for allowing their equity
research analysts to solicit
investment banking business
and offer favourable research
coverageinconnectionwiththe
2010 planned IPO of Toys R Us,
theAmericantoystore.
‘This is indicative of the
regulator being more
efficient and focused’
Simon Appleton, a director
at Kinetic Partners, a financial
services consultancy, said:
“Financial services profession-
als are right to expect regula-
tors to continue to clamp down
hard on market abuse such as
insider trading, market
manipulation and financial
fraud. These already account
for many of the fines in key
jurisdictions, and the past year
Finra fined global banks $43.5m in connection with the has continued to see regulators
2010 planned IPO of Toys R Us — Paul J Richards/AFP impose large fines.”

FUND FOCUS

Boston Company dumps oil for healthcare sector

US Opportunities strategist says economic recovery is ‘a marathon not a sprint’

Efforts by the Boston Company
to spruce up its US
Opportunities fund have so far
proved counterproductive.
Last February, the
Massachusetts-based BNY
Mellon subsidiary revamped the
fund’s approach from targeting
the biggest companies on the
US stock market to a broader
focus, which includes investing
in smaller shares.
But George Saffaye, senior
strategist on the fund, said the
move hindered the portfolio last
year, as larger companies put in
the best performance overall.
“Our broader exposure
proved to be a bit of a
headwind when large-cap
equities outperformed,” he said.
The £103m UK-based fund,
which launched in 1986,
returned just 13.5 per cent in
2014 as the wider S&P 500
index rose 25.7 per cent,
according to data from FE
Analytics.
Mr Saffaye said he remained
confident in the portfolio’s
prospects for the year ahead.
He pointed out that the fund
had also reduced its exposure
to energy stocks, which have
suffered amid the recent oil
price slump.
That sell-off began in mid-
2014 as the oil price first
showed signs of decline. The
energy shares were sold off
entirely by the end of the year.
At the start of 2014 the fund
had 6-7 per cent in energy
stocks.
“Valuations [in oil-related
stocks] have to come in,” Mr
Saffaye said.
“Right now, companies are
still pricing oil in at $90 per
barrel. That is going to have to
change.”
Brent crude oil prices dipped
below $50 per barrel earlier this
year — a figure less than half
Boston Company US
Opportunities fund
Total return (rebased in £)
The Boston Company
US Opportunities
fund 25
S&P 500 20
TR index 15
10
5 but it is a marathon not a
0 sprint,” he said. “Recovery is
-5
Feb 2014 Feb
2015
Source: FE Analytics
the $115 per barrel price seen
last June.
There is doubt over the
future of the commodity’s price,
with some warning it could dip
to below $40 per barrel and
remain low for years to come.
Others, however, believe it
might recover to remain closer
to $90 in future.
The team redirected the cash
proceeds of the energy-stock
sales into purchases in the
healthcare sector as part of its
judgment that innovation in
areas such as pharmaceuticals
and biotechnology would lead
to compelling growth.
The fund’s healthcare
weighting was 18 per cent at
the end of last year, according
to the latest available data.
Mr Saffaye said the fund
was positioned with the view
that a full return to economic
growth remained a distant
prospect.
“We are out of the recession
cycle and the gross domestic
product rate has accelerated,
about one or two years away.”
Kathleen Gallagher is a
reporter at Investment Adviser
4 | FTfm
Bill Gross:
I’m not trying
to build
Pimco part II
BILL GROSS
Has the legendary bond
investor gone from
hero to zero?
CHRIS NEWLANDS
N
arrowing down a list of
questions for Bill Gross,
one of the most talked
and written about inhab-
itants of the investment
universe, is no easy task.
Contenders range from the obvious
(do you regret having had to walk out
on Pimco, the bond manager you
founded 44 years ago?) to the strange
(why did you wear sunglasses while
addressing an audience at that Morn-
ingstar conference?).
Unfortunately, my job in compiling
those questions was made simpler by
the demands of Mr Gross’s public
relations team at Janus Capital, his
new employer.
“Bill will only talk about invest-
ment themes,” one PR member told
me. “What went on at Pimco is old
news. We have all moved on from
that.”
It seems I did not get the memo.
What we have all moved on from is
the 70-year-old’s rather sharp exit at
the end of September from the
world’s largest bond manager to
Janus, the fund company run by his
former operating chief, Richard Weil.
Mr Gross has since admitted leav-
ing Pimco before he was pushed by
his executive committee. That depar-
ture followed months of outflows
from his Total Return fund, the
world’s biggest at $143bn, and contin-
ued rumours of infighting — rumours
that first took hold when Mohamed
El-Erian, Mr Gross’s heir apparent,
left Pimco in January last year.
“We are just not going to be
addressing any of that,” reaffirms the
PR executive.
Thankfully, Mr Gross was happy to
share his views on the global econ-
omy and on one of his seemingly
favourite topics: quantitative easing.
“Too little, too late,” he calls the
long-awaited plan from Mario
Draghi, president of the European
Central Bank, to revitalise the euro-
zone economy with a €60bn a month
bond-buying programme.
“I don’t think QE will work as well
in Europe as it did in the US,” says a
softly spoken and measured Mr
Gross, who was once chased out of Las
Born 1944 Middletown, Ohio
Total pay Not disclosed
Education 1966 Undergraduate
psychology degree, Duke
University
1971 MBA, Anderson School of
Management, UCLA
Career 1971 Co-founder, Pimco
1971 - 2014 Managing director and
chief investment officer, Pimco
2014 - present Portfolio manager
and member of group global
allocation committee, Janus
Capital
FACE TO FACE
Vegas for counting cards. “There are
only a limited number of securities to
buy and interest rates are now so low
that it is not necessarily the case that
[banks will use] the money to invest
in the real economy.”
On the subject of US interest rates
he says that he expects the US Federal
Reserve to enact two rate rises this
year, with the first 25 basis point
increase coming in June or July.
“We will probably know by March
for sure,” says the former navy
officer. “In the March meeting, the
Fed will either keep their patient lan-
guage or they will drop it, and that
will be the signal as to whether or not
the rise will come in June or whether
it is later.”
And of the Swiss National Bank’s
recent decision to scrap its currency
ceiling, which sent the franc soaring
against the euro, he says: “It proves
that there is no such thing as a safe
haven in terms of investment.”
Despite now running a fraction of
the assets he managed at Pimco — Mr
Gross’s Global Unconstrained Bond
fund has $1.4bn of money, half of
which is his own — investors continue
to take what he has to say very seri-
ously.
One senior executive at a large
European pension fund says: “Bill
Gross is the greatest investor of all
time.”
High praise, but Mr Gross has made
a lot of investors, and many of his col-
leagues, very rich since he founded
Pimco in 1971, taking the company’s
assets under management from zero
to around $1.9tn at the time of his
September departure.
He has more than his fair share of
detractors too, particularly when it
comes to the performance of the
Total Return fund. It had suffered 17
consecutive months of withdrawals
by the time Mr Gross departed. It is
now half the size it was at its peak in
2013.
“The world has moved on from Bill
Gross,” says one asset manager at a
rival fund company. “He has gone
from hero to zero.”
Those less critical acknowledge
that the Total Return fund had
become too big for anyone to run
effectively — something Mr Gross had
recognised himself. Before he was
forced out of Pimco, Mr Gross had
proposed taking on a smaller role. He
would have stepped down as chief
investment officer, handing over
FINANCIAL TIMES Monday 9 February 2015
Janus
Capital
Founded 1969
Assets under management
$183.1bn (as at December 31 2014)
Employees Approximately 1,200
Headquarters Denver, Colorado
Ownership Public company
management of the Total Return
fund to a successor and instead focus-
ing on the smaller closed-ended
funds he ran.
That never came to pass but it is
clear the man who was named Morn-
ingstar’s fixed income manager of the
decade in 2010 is mindful of difficul-
ties posed by the size of a fund.
“When I joined Janus my intention
was not to build Pimco part II; it was
to move into a smaller office and a
smaller trading room, and to have
more flexibility in terms of positions.
I very much appreciate that,” says Mr
Gross from his office in Newport
Beach.
“There is no doubt that having a
fund grow is important to stockhold-
ers and it is important to me from an
‘attaboy’ standpoint, but I am cer-
tainly not going to try and replicate
the company that is only two blocks
away from where I am sitting now.”
What is certain is that Mr Gross’s
move has been good for Janus. The
fund company founded in 1969
recorded its first inflows in five years
in the final quarter of 2014, thanks to
the arrival of Mr Gross.
Clients added a net $2bn to Janus
funds in the three months to Decem-
ber, although more than $700m of
that came from Mr Gross personally
to bulk up his new bond fund. Its
share price has also jumped roughly
65 per cent since his arrival on Sep-
tember 26.
I ask Mr Gross how it feels to
become something of a rainmaker
again. He does not get to answer.
“While I certainly do not disagree
that Bill is a rainmaker, I just want to
make sure that we keep the focus of
this conversation on what we agreed:
investments,” the PR executive
reminds me.
 Asset Management
et Management
6 | FTfm
In search
of active
investment
nirvana
The degree to which a portfolio differs
from its index is not a flawless measure
of performance, finds Steve Johnson
T
he push for active fund
managers to reveal how
active they really are has
gained traction in the
past seven days.
FTfm revealed last week that Nep-
tune, Threadneedle and Baillie Gif-
ford are in the vanguard of houses
disclosing their funds’ “active share”
— the degree to which a portfolio dif-
fers from its underlying index.
The move is designed to differenti-
ate genuinely active vehicles from so-
called “closet trackers”, funds that
charge high active management fees
but in reality differ little from cheap
and cheerful passive funds.
In the wake of our story, a swath of
other fund houses, including Fidelity
Worldwide Investment, Majedie,
Mirabaud, Liontrust and Woodford
Investment Management, said they
have also started releasing this data,
although in some cases only to profes-
sional investors.
In the interests of transparency and
full disclosure, this is surely a step in
the right direction. But the flurry of
data has raised some interesting
questions about what active share
really tells us, and how useful it will
be in guiding investment decisions.
Ben Peters, manager of the Even-
lode Income fund, which has
embraced disclosure, says the cla-
mour for transparency “is in the spirit
of ‘getting what you pay for’. If you are
paying for active management, the
active-share figure is an easy way of
seeingifit isbeingdelivered.”
Yet Mr Peters cautions that “as with
all statistical measures, it should not
be assumed that any given fund will
outperform if it has a high active
share. A high figure means that per-
formance is likely to differ from the
market, but of course that could be in
the negative.”
Paras Anand, head of European
equities at Fidelity Worldwide, says
there is a danger of active share
becoming “a seductive way of trying
to demonstrate your level of active-
ness”, and that the issue could
become simplistically framed as
“high number good, low number
bad”.
Likewise Rob Harris, chief execu-
tive of Majedie Asset Management,
says that while active share “has its
uses as an investigative tool”, he
recoils from “the increasing ground-
swell of opinion that a high AS in itself
represents investment nirvana, and
is a flawless means of sorting out the
wheat from the chaff”.
Mr Harris points to Majedie’s £3bn
UK Equity fund, which has produced
twice the return of the FTSE All-
Share index since inception in 2003.
Despite its consistently strong per-
formance, three years ago this fund
had an active share of 56.6 (on a scale
where 0 means no divergence from
the benchmark and 100 means hold-
ing none of the same stocks as the
index) — rendering it a closet tracker
in the eyes of those who regard 60 as
the minimum level for a truly active
fund. (The fund’s AS has since ticked
up a fraction to 62.1).
This feeds into the unresolved
debate as to whether genuinely active
funds really outperform closet track-
ers. It also highlights an imperfection
in the blanket interpretation of
active-share data; funds invested in a
single country’s equity market, which
can often be quite concentrated, are
likely to have a lower active share
than those invested globally or in the
well-diversified US market. Mr Har-
ris goes so far as to suggest this anom-
aly will throw up “rogue” results.
The numbers available so far back
up this argument. Neptune’s global
funds all have active shares of at least
the high 80s, with its US funds not far
behind. Yet its China and India funds
come in at 67.1 and 58.8 respectively,
while its Africa fund (admittedly not
a single country, but a concentrated
THE BIG PICTURE
There is a danger of
active share becoming
‘a seductive way of trying
to demonstrate your
level of activeness’
Active share
Danger of ‘high number
good, low number bad’
Since Neptune Investment
Management last week “laid down
the gauntlet” to the rest of the
active fund industry by publishing
the “active share” of each of its
funds, many others have
followed suit.
On Wednesday, Woodford
Investment Management was the
last of a number of asset managers
— which included Fidelity
Worldwide Investment, Majedie,
Mirabaud, Liontrust — to reveal
how active they really are.
In a blog post Woodford
Investment Management, founded
by star manager Neil Woodford,
stated its £4.3bn (€5.7bn) CF
Woodford Equity Income fund has
an active share of 81.37 per cent.
The higher the figure, the more
actively run a fund is.
market nonetheless) scores just 46.5.
Baillie Gifford’s AS is also highest
for its global funds and lowest for its
China vehicle, a pattern broadly
repeated at both Fidelity and Mira-
baud, where Asia ex-Japan is the lag-
gard, albeit at 79.2.
Other anomalies abound. The early
evidence suggests fixed income funds
tend to have higher active shares than
Mr Woodford said the figure had
been disclosed “in the spirit of
transparency and openness”.
There are fears that end
investors will be seduced by the
number and that they could place
far too much emphasis on the
figure when making investment
decisions.
Paras Anand, head of European
equities at Fidelity Worldwide,
recognises this potential problem.
He says there is a danger of
active share becoming “a seductive
way of trying to demonstrate your
level of activeness”, and that the
issue could become simplistically
framed as “high number good, low
number bad”.
Likewise Rob Harris, chief
executive of Majedie Asset
Management, says that while
active share “has its uses as an
investigative tool”, he recoils from
“the increasing groundswell of
opinion that a high AS in itself
represents investment nirvana”.
Chris Newlands
FINANCIAL TIMES Monday 9 February 2015
equity vehicles, hardly surprisingly
given the fragmented bond market.
Mirabaud’s Global Strategic Bond
fund scores an impressive 99.
“A lot of the numbers are a function
of how the benchmark is structured,
how top heavy it is,” says Fidelity’s Mr
Anand.
He is most exercised by evidence
that small and mid-cap funds tend to
have a higher active share than large-
cap ones. This is particularly evident
at Liontrust, where its UK Smaller
Companies fund comes in at 97.8,
against 70.9 for its UK Growth fund.
In similar vein, a manager follow-
ing a diversified index, such as the
S&P 500 or FTSE All Share, can raise
their active share merely by holding
more smaller companies and fewer
large ones.
For the past decade or so this has
broadly been a winning strategy. But
in periods where large-cap stocks
outperform, fund managers should
feel free to overweight them, even if it
means their active-share figure falls,
Mr Anand says.
“The thing I am most concerned
about is managers being nervous
about seeing their AS number fall”,
for instance, if a contrarian buyer of
bombed-out oil stocks “says ‘Gee, I
don’t like the look of how that makes
[my AS number] appear’.
“Having a number like this should
not prevent you from making what
you perceive to be the right decisions
for your clients,” Mr Anand adds.
Mr Harris voices similar concerns.
He argues that active share “should
FINANCIAL TIMES Monday 9 February 2015 FTfm | 7

THE BIG PICTURE

Best-paid 50 per cent pay increase last

pension
CEOs
continued from page 1
official at the University and
College Union for academics
and researchers, said members
of the Universities Superannu-
ation Scheme feel particularly
aggrieved. The highest-paid
executive at the USS received a
year,to£900,000.
Ms Egan said: “[USS mem-
bers] are aware that [pension
executives] get high bonuses
because they meet their
benchmarks, and yet the funds
are doing poorly and mem-
bers’ benefits are being cut.
“There is a mismatch
between the financial world
and members who work in the
academic world.”
At the lower end of the scale,
Anne Stausboll, chief execu-
tive of Calpers, earned
$414,416; Sweden’s AP3 paid
chief executive Kerstin Hes-
sius $472,097; and the UK’s
Pension Protection Fund paid
its chief executive, Alan
Rubenstein, $359,525.
Ontario’s Mr Mock defended
high pay at his pension fund,
which has generated a 10.2 per
cent average rate of return
since 1990, in an interview
with FTfm last year.
He said: “[To get] upper-
quartile performance, you
need upper-quartile people.
Our assets are intellectual cap-
ital and we need to make sure
that we are attracting the best
we can get our hands on.”
Ontario generated 10.9 per
cent returns in 2013, under-
performing all but one of the
pension funds in the FTfm
sample.
Ms Hargreaves dismissed
the notion that multimillion-
dollar salaries are necessary
for pension funds to recruit.
Pension pay dilemma — Page 12

Asset Management
Asset Management

Funds invested in a be largely ignored during those peri-

single country’s
equity market (such
as Neptune’s China
fund) are likely to
have a lower active
share than those
invested globally or
in the well-
diversified US
market — Andrew
Burton/Getty; ChinaFotoPress
ods in the economic or market cycle
when an index’s largest constituents
are attractively cheap”. Moreover, he
argues that the frequency of such
periods will increase if managers feel
pressured to raise their AS scores.
“The huge tailwind behind mid and
small-cap stocks over the past decade
has rewarded those deviating the
most from the index. This tailwind is
unlikely to persist over all future time
periods,” he adds.

The issue could become

0 share, he argues.
An active-share score
indicating no divergence
from the benchmark
100
An active-share score
indicating a portfolio
holds none of the same
stocks as the index
60
The generally
accepted minimum
active-share score for a
truly active fund
simplistically framed
as ‘high number good,
low number bad’
Mr Anand’s concerns mean he is
“kind of neutral” toward the release
of active-share data. He suggests
investors should, for instance, also
look at the concentration of stocks in
a fund. If it is very concentrated, it is
being actively run whatever its active
Mr Harris recommends investors
should scrutinise a fund’s informa-
tion ratio, too. This is a measure of
risk-adjusted return that Majedie also
releases to institutional clients, over,
say, rolling three-year periods.
“We believe AS to be an informa-
tive but relatively crude metric, like
so many other similar portfolio anal-
ysis tools. High AS scores should
absolutely not be used in isolation to
justify high active fees,” Mr Harris
adds.
8 | FTfm
Be west-coast American, or east-coast Chinese
COMMENT
David
Oakley
A
very senior journalist at
the Financial Times
once said to me: “Be
American.” The person
meant it to be positive.
Don’t fear failure. Don’t worry about
setbacks. Have the courage to look to
the future and push the envelope to
exceed the limits of your ability.
I have refined that advice to: “Be
west-coast American”, or even: “Be
east-coast Chinese”. These are the
regions where some of the most inno-
vative technology businesses are
based, as they are run by bold people
who often defy convention and want
to change the world.
Consequently, they are also the
regions where some long-term fund
managers think investors should buy
stocks because these are revolution-
ary companies that are changing the
way we live.
As Apple (based in Cupertino, Cali-
fornia) has shown most dramatically,
with the astonishing rise of its share
A 50% haircut on Ukrainian bonds is easy to say, harder to do
“At Novosibirsk Transit Prison in 1945
they greeted the prisoners with a roll call
based on cases. ‘So and so! Article 58-1a,
25 years.’ The chief of the convoy was
curious: ‘What did you get that for?’ ‘For
nothing at all.’ ‘You are lying. The sen-
tence for nothing at all is 10 years.’”
Aleksandr Solzhenitsyn
The Gulag Archipelago, 1968
Western bond investors have had
nothing at all to do with creating
Ukraine’s current problems, so it
seems only reasonable that their
money will be locked up for just a few
more years, rather than forever. If
they are lucky, it might not even be 10
years; perhaps five or seven extra
years will be handed down. This is all
part of the rescue plan that is being
submitted to the board of the Interna-
tional Monetary Fund.
I am not, of course, referring to all
foreign creditors with claims suppos-
edly enforceable under English or
other European law codes. Russia has
$3bn in well-documented, securitised
price in the past decade and its record
quarterly earnings at the end of 2014,
the best long-term investment
returns are produced by these
groups.
On the west coast of America there
are also the technology giants of Ama-
zon, Facebook and Google as well as
Tesla Motors, manufacturer of elec-
tric cars, and Illumina, which pro-
vides technology for sequencing the
human genome that could ultimately
eradicate disease.
On the east coast of China, there is
Tencent, the mass media, internet
and mobile phone services provider,
Alibaba, the ecommerce giant, and
Baidu, the search company.
In the case of the Chinese groups,
there are question marks. Alibaba,
for example, is facing a class-action
suit in the US over allegations it failed
to disclose important information
ahead of its initial public offering.
But, in the long run, founder Jack
Ma may have a point when he says
that such scrutiny will only help to
make the company stronger as it is
exposed to the stricter norms of west-
ern markets.
James Anderson, head of global
equities at Baillie Gifford, the fund
house, says: “You could argue that the
centre of the investment world is in
loans to Ukraine that mature in
December. Those may even be paid
early, if the Russians want to use
Ukraine’s now-excessive debt to gross
domestic product ratio to force an
acceleration of their claim.
The good news about the Russian
position on the Ukraine bailout is that
the Russians will not stand in the way
of the IMF putting up tens of billions
in new financing. Nor are they likely
to try to act as “holdouts” among
Ukraine’s forex-denominated bond-
holders. No, in the words of Anders
Aslund, an economist and adviser to
the Ukrainian government: “Russia
has taken the attitude that it’s nice
that you finance us.” Thoughtfully,
President Putin has already pointed
to the use of the Ukrainian payment
at par: it will be part of the Russian
government’s own national economic
stimulus programme.
There is, though, an apparent split
between what the IMF and western
governments believe can be squeezed
out of the claims of the current bond-
holders, and what the bondholders
themselves are willing, or even able,
to offer. This should not be surpris-
ing; on one side are macroecono-
mists, politicians and diplomats, on
the other are portfolio managers and
lawyers.
The differences in culture and lan-
OPINION
the middle of the Pacific Ocean —
between the east coast of China and
the west coast of America. These
places are where the companies that
are changing the world are based.
They are the ones with a strategic
‘You could argue that the
centre of the investment
world is in the middle of
the Pacific Ocean’
guage between the two camps could
be worked out over time, but there is
not a lot of time. The IMF plan to refi-
nance Ukraine, supposedly com-
pleted Friday, needs to be submitted
to the fund’s board for at least two
weeks of consideration. The board is
expected to meet to consider the plan
later this month, then there another
couple of weeks are required to
secure the agreed resources.
While the US bilateral contribu-
tion, which is now intended to be
$3bn, but which could go as high as
$5bn, is expected to go through Con-
gress and the White House with rare
bipartisan agreement, those politi-
cians and their European counter-
parts want to see the private sector hit
up as well.
As Douglas Rediker, a former US
representative to the IMF, says: “The
IMF can lend as long as the pro-
gramme is sustainable and there is no
financing gap. For the gap [between
the country’s requirements and offi-
cial sector funding], you need financ-
ing assurances.”
Those “assurances” should come to
about $8bn out of Ukraine’s total
international private bonded debt of
about $17bn. Call it a 50 per cent hair-
cut. Easy to say. Harder to do.
Officialdom’s consensus is that this
sort of quick, brutal treatment will be
competitive advantage because of
their technological innovation and
long-term orientation.”
Significantly, he does not hold any
stocks based on the east coast of
America. He says New York and Lon-
don, where banks and oil dominate,
are places that largely circulate
money rather than create wealth. He
adds that Shanghai, to a degree, is
similar to New York and London.
In Europe, he thinks the place most
similar to the US west coast and Chi-
nese east coast, which has been a
much easier in Ukraine’s case than it
was, for, say, Argentina.
The problem is that the official sec-
tor economists and policy people
would seem to be overestimating just
how concentrated the Ukrainian
bondholdings really are, and how dif-
ficult it will be to avoid creating a
minority of 25 per cent that could
block a deal under the now-standard
collective action clauses. Yes, it is well
publicised that Franklin Templeton
has a huge, as in 40 per cent, position
in the 2017 $2.6bn bond maturity. But
according to some Street calculations,
Ukraine will need
something on the order
of $40bn in external
money to get through the
next couple of years
FINANCIAL TIMES Monday 9 February 2015
magnet for “terrific technology”
companies is Berlin. Examples of
these include Rocket, the internet
company, and Zalando, the ecom-
merce group.
In the UK, the technology compa-
nies that might become the giants of
the future tend to be based around
the university cities of Oxford and
Cambridge, such as Oxford Nanop-
ore, a DNA sequencing group. As an
aside, some of the genome sequenc-
ing breakthroughs used by the San
Diego-based Illumina originated in a
pub in Cambridge.
Of course, there is a place for value
investing, or buying stocks that are
mispriced and cheap, or corporate
governance-driven investment. But
investors who really have their eye on
the long term, or are looking for com-
panies that will stand the test of time
and improve our lives, are likely to
offer the best long-term returns.
In the past 60 years, it has been oil
groups such as Exxon and Mobil that
have dominated the stock indices and
profit rankings. But will the oil groups
still do so in six decades time? Are
they innovative enough to remain at
the top as alternative sources of
energy become more popular? The
Californian solar industry may pro-
vide the answer.
the five largest holders of the $500m
in 2015 bonds account for less than a
third of the issue. Maybe a handful of
large asset managers can be leaned
on, but many of the smaller holders
will want persuasion, and better
terms than a diktat from the IMF.
Given that Ukraine is down to
(maybe) a bit more than $7bn in
reserves, and will need something on
the order of $40bn in external money
to get through the next couple of
years, speed, rather than hardline liti-
gation, is of the essence.
One approach that might attract a
consensus among bondholders for a
quick exchange would be a reprofil-
ing, or maturity extension, that
would amount, in present value
terms, to a 65-75 per cent haircut, but
that would allow for interest in the
first three years or so to “PIK”, that is,
be paid in kind with more paper. This
would relieve the pressure on cash
flow for the early years, which will be
the most difficult.
Ukraine’s formal negotiations with
the bondholders are only beginning,
at the end of the talks with IMF staff.
The country, and its western official
lenders, do not have much time to get
their negotiating position, and mushy
announcement promises, in order. A
fast deal will have to be a consensual
deal.
 Asset Management

Asset Management
et Management
10 | FTfm FINANCIAL TIMES Monday 9 February 2015

NEWS

Foreign investors shun Stock Connect

INVESTING IN ASIA
Teething problems delay
take-up of link between
Hong Kong and Shanghai
SOPHIA GRENE

The Chinese stock market has

opened to business from foreign
investors — but overseas buyers are
staying away.
Last year, the Chinese government
announced it would open a link
between the Hong Kong and Shang-
hai stock exchanges to allow foreign
investors to buy Shanghai-listed
shares with much less stringent con-
trols than before. By the time Stock
Connect opened in mid-November,
the excitement was palpable.
The only conditions for investing
northwards — from Hong Kong to
Shanghai — was that a Hong Kong reg-
istered broker must be used and there
was a daily limit to the total net flows.
There was speculation this limit
would be too low, and on the opening
day it was reached by lunchtime.
Since then, however, the amount of
capital flowing into Shanghai has hov-
ered around a fifth of the limit, and
the net money going south has been
much lower — less than 5 per cent of
the maximum in the first four weeks.
“The market built up a lot of expec-
tation that the daily limit would be
insufficient very quickly,” says Law-
rence Au, head of Asia Pacific at BNP
Paribas Securities Services. “Now it is
rising gradually and that is probably
healthier.”
Stock Connect is not the only way
foreign asset managers can access
shares listed on the Chinese main-
land. The qualified foreign institu-
tional investor and the renminbi
qualified foreign institutional inves-
tor schemes (QFII and RQFII) have
allowed managers to apply for quotas
to invest in Chinese stocks for some
years, and have recently been
expanded significantly. Many estab-
lished managers of China or Asia
funds are continuing to access the
market through these more estab-
lished channels while Stock Connect’s
teething troubles are sorted out.
“It is still early days for Stock Con-
nect and we are waiting for any
glitches to be resolved,” says Nicholas
Yeo, head of Chinese equities at Aber-
deen Asset Management. “In any
case, we are able to access the local
market using our QF quotas.”
In a sign of how slow managers are
to exploit Stock Connect, Axa Invest-
ment Managers launched a new
China A-shares fund at the end of Jan-
uary using its QFII quota rather than
the new link.
Many of the glitches are adminis-
trative or regulatory, but there are
some tweaks the Chinese administra-
tion needs to make to ensure the
scheme is more attractive to foreign
There are plans investors. Currently, only the constit- them the technology and manufac- ‘It is still from institutional investors,” says Mr
under way for uents of certain indices are eligible for turing stocks that represent some of Au.
Stock Connect the scheme, meaning just 80 per cent China’s most attractive industries. early days Managers of exchange traded
to open a of companies listed on the stock “These kinks will be ironed out in for Stock funds, one of the fastest-growing
further link to exchange are available to foreign time,” says Mr Yeo. groups in the market globally, have
the Shenzhen investors. Initial public offerings are Pat Lardner, chief executive of the Connect yet to approach Stock Connect, per-
stock exchange also not currently eligible. Irish Funds Industry Association, and we are haps because of concerns about how
Bobby Yip/Reuters
One unexpected problem is that agrees. “You have to remember it the daily limit would be implemented
public holidays on the two exchanges only went live on November 17, and it waiting and what impact it would have on
are out of sync, meaning there can be was brand-new infrastructure and a for any their products.
delays in implementing trades. All of brand-new channel,” he says. He is In the meantime, applications to
these issues are to be addressed in the confident the regulators in Shanghai glitches to use Stock Connect are growing slowly,
second phase announced in January. and Hong Kong are keen to sort out be resolved’ both from seasoned China investors
There are plans under way to open the initial problems. looking to add another channel of
a further link to the Shenzhen stock “Once this happens, I would imag- access to their QFII or RQFII quotas,
exchange. It has more stocks, many of ine there will be a lot more interest and from managers who never
applied for a quota.
Regardless of the level of traffic on
Luxembourg and Ireland regulator to establish a clear of beneficial ownership either does Stock Connect, it seems it is meeting
understanding of the investment not exist or is unclear in China, at least some of its objectives, such as
Ucits access likely to and administrative process. making it uncertain whether making the Chinese stock market
boost Stock Connect “There is an important meeting of shareholders would be able to prove more open and its functionaries more
two things,” says Pat Lardner, chief ownership of a stock. experienced in dealing with outside
When Ucits fund managers get executive of the IFIA. “First is Patrick Rooney, regulatory affairs investors. “This is a pilot scheme as
access to Stock Connect, it will understanding and being respectful manager at the IFIA, says this is not part of the internationalisation of the
experience a big boost in traffic. of the existing regulatory the case. “The Hong Kong exchange renminbi,” says Mr Au. “It is all part
This is the contention of Alfi, the framework [in Asia], but we are has helped us get comfortable of a much more strategic programme
Luxembourg fund association, and also trying to put in place a with this, supplying that the Chinese authorities are
the Irish Funds Industry Association. bridge” between that and translations of embarking on.”
The regulator in the grand duchy European regulatory documentation, showing it The northbound traffic on Stock
authorised a single Ucits fund to requirements. does exist and how it Connect may not have met expecta-
include stocks from the Shanghai The salient issue is might be enforced. tions, but southbound, from Shang-
index just before Christmas, having around depositary and They have even hai to Hong Kong is even lower. This is
previously signalled it had custodian functions. indicated they might partly due to structural issues (the
reservations about the scheme. The European Ucits be willing to assist in mainland market is mostly made up
The Irish regulator has not yet structure places great enforcing it in some of retail investors who tend to have a
spoken publicly about it, but it has emphasis on these, while they circumstances.” strong domestic bias), and partly due
engaged in “very open and are less clearly defined in “We think we are in a great to market movements. The Shanghai
constructive discussion” with the China. Some market position to support the [Irish] index has jumped more than 30 per
IFIA, which has been working participants are under the regulator in looking at these cent over the past three months, com-
intensively with the Hong Kong impression that the concept issues,” says Mr Lardner. pared with the Hang Seng’s more
moderate 4 per cent growth.
12 | FTfm
Generous executive pay at pension schemes is controversial, especially when members face reductions in benefits
Pension pay dilemma becomes acute
EXECUTIVE PAY
Retirement schemes torn
between attracting talent
and budget restraints
MADISON MARRIAGE
Pension funds are in a conundrum
when it comes to deciding how much
to pay their top executives. Many are
torn between wanting to hire the best
staff — paying salaries and bonuses
private sector professionals are used
to — and meeting budget restraints.
This dilemma has become more
acute, given that many of the world’s
largest public pension funds want to
hire more in-house investment pro-
fessionals to reduce the fees paid to
external asset managers and improve
returns for savers.
Belonging to this group is Aus-
tralia’s largest pension scheme, the
$70bn Australian Super fund, the
UK’s Railpen, which oversees £20bn
of assets, and the £10bn London Pen-
sion Funds Authority.
Pension trustees are also wary of
adopting private sector-like salaries
for new recruits in case this triggers a
backlash from trade unions, social
interest groups and savers.
The UK’s largest pension fund, the
Universities Superannuation
Scheme, drew criticism last year
when raised the remuneration of its
highest-paid employee, believed to be
Roger Gray, its chief investment
officer, from £600,000 to £900,000.
The pay increase came while the fund
FINANCIAL TIMES Monday 9 February 2015
NEWS
— Carlo Allegri/Reuters
was debating a reduction in benefits squeezed and public sector workers how rigorous cost control is at the holders, pension organisation boards
for its members, prompting condem- are being told to tighten their belts.” CPPIB. The chief executive’s [salary] and legislators to change the current
nation from its union. Jim Leech, the former chief execu- has caused a lot of eyebrows to go up situation,” the report found.
Amin Rajan, chief executive of Cre- tive of the independent C$140bn as this is a public pension fund and Keith Ambachtsheer, director of
ate Research, the consultancy, says: Ontario Teachers’ Pension Plan, was these positions are meant to be about the ICPM, believes high salaries could
“Having long derided asset managers’ paid $7.4m in 2013, while his eventual public service. I know for a fact that be money well spent. He estimates
pay model, many trustees will find it successor, Ron Mock, was paid $2.5m pressure is felt keenly inside the that a $20bn pension fund could save
hard to bite the bullet on pay.” in his role as vice-president of fixed board. It is extremely sensitive politi- a large chunk of the $800m a year
Chris Roberts, director of social income and alternatives. cally.” CPPIB declined to comment. typically spent on fees to external
and economic policy at the Canadian The $175bn Canada Pension Plan There is also concern that handing managers by hiring expensive but tal-
Labour Congress, is already con- Investment Board paid its chief exec- out big salaries reduces a pension ented in-house investment person-
cerned by the level of pay at some of utive, Mark Wiseman, $3.1m in 2013. fund’s credibility when fighting nel.
Canada’s largest pension schemes. Canadian pay also far exceeds exec- excessive pay at the companies they “Research has shown [pension
FTfm research looking at chief utive salaries at the remaining pen- invest in. CPPIB and Ontario voted funds that do this] end up winning by
executive salaries at 14 of the biggest sion schemes in the FTfm sample. against pay proposals at companies a lot,” he says.
pension plans globally shows that The highest-paid executive at the including Coca-Cola, the beverage The consensus is that pay for top
Canadian pension schemes are by far Australian Super fund received company, and Barrick Gold, the executives and investment staff at
the most generous, a fact Mr Roberts $1.04m last year; the chief executive Canadian miner, last year. pension schemes beyond Canada will
describes as “alarming”. of Denmark’s ATP, Carsten Stende- Bill Tufts, founder of Fair Pensions begin creeping towards those in the
He says: “Canada is beginning to be vad, received $903,000; and Dick Slu- for All, a Canadian organisation that private sector as well.
an outlier — that is a special concern. I imers, the chief executive of APG, campaigns on public sector pension Scott Cornfoot, director of consult-
am not convinced that these salary which manages the assets of a and compensation issues, says: “It is ant relationships at Australia’s
levels are warranted in a climate number of Dutch pension schemes, kind of ironic for these pension plans Queensland Investment Corporation,
when public sector budgets are being was paid $795,000. to call out against obscene compensa- says: “I have heard very senior pen-
Mr Roberts says: “That sort of tion in corporations and criticise their sion fund managers in Australia
remuneration is not required to chief executives, but at the same time demand the same amount of money
$7.4 m $1.04 m
attract and retain [the best] talent for pay their managers at [a similar] as a fund manager gets. Attitudes are
Pay of Jim Leech, Pay of highest- positions that have a great deal of level.” changing.”
former CEO of paid Australian
the Ontario Super executive attractiveness to anyone wanting to Other parties believe increased pay Mr Rajan adds: “Pay relativity
Teachers’ in 2014 do public service. We do not need in the pension sector is necessary. [between the pension market and
Pension Plan, Wall Street levels [of pay] to retain The Rotman International Centre for asset management industry] is
in 2013 $903,000 [the best staff].” Pension Management published a grossly uneven. Adjustments will
Pay of Carsten
$3.1 m Stendevad, CEO
Executive pay at the CPPIB has report in January concluding that take time.
Pay of Mark of Denmark’s become particularly contentious in pension fund governance and returns “It will start with investment pro-
Wiseman, ATP, in 2014 recent months after the pension fund are being held back by “uncompeti- fessionals before spreading to senior
CEO of the
$795,000 drew criticism for failing to reign in tive compensation structures” for business executives.
Canada high costs relating to its external senior management and investment An increasing number of pension
Pension Plan 2014 pay of Dick
Investment Sluimers, CEO of investments. talent. boards now recognise that they are
Board, in 2013 Dutch APG Mr Roberts says: “People are look- “It will require a concerted, ongo- competing in an international market
ing at the salaries and wondering just ing joint effort by pension-plan stake- place.”
FINANCIAL TIMES Monday 9 February 2015
A tidal wave of
global capital is
looking for safety
THE LAST WORD
John
Plender
I
n the era of ultra-loose monetary
policy and global imbalances,
investors’ hunt for yield has been
remorseless — nowhere more so
than in the corporate bond mar-
ket, where yields have come down
phenomenally relative to main-
stream government bonds. How,
then, do we explain Nestlé’s corporate
bonds starting to trade last week at
marginally negative yields?
Whoever was buying at these levels
was certainly not chasing yield. That
said, the bonds of the world’s largest
food company were simply following
on the coat-tails of the Swiss govern-
ment’s own bonds, which have been
in negative-yield territory for some
time now. This reflects the tidal wave
of global capital that is looking for
safe places in a world of high geopolit-
ical uncertainty and worryingly
unconventional monetary policy.
The yield on Swiss government paper
is in turn influenced by negative pol-
There is no free lunch, but diversification offers a cheap one
VIEWPOINT
Andrew
Balls
A
s economists say: there is
no such thing as a free
lunch. That is true most
of the time but diversifi-
cation comes close — a
cheap lunch at least.
One chart that we often discuss
with clients shows the advantages of
moving from a country-specific fixed
income portfolio to a global portfolio
in terms of returns, volatility and the
all-important measure of return per
unit of volatility.
The historical data show that, over
time, global portfolios have superior
returns per unit of volatility than
their country-specific constituent
indices. For example, over the pre-
ceding three-, five- and 10-year peri-
icy interest rates designed to deter
foreign investors from causing the
Swiss franc to appreciate, following
the central bank’s failed attempt to
hold down the currency.
Given the choice between, say, a
southern European sovereign bond
and the IOU of an exceptionally stable
Swiss company with strong cash flow
and net debt amounting to just 33.3
per cent of the equity, the case for
buying Nestlé bonds yielding less
than nothing makes itself. There is
every chance that the negative
income will be outweighed by a cur-
rency gain against a euro weakened
by quantitative easing. And the value
of Nestlé’s bonds, unlike its shares,
will not be much affected by the
impact of currency appreciation on
its profits and the value of its overseas
assets.
Negative yields, I suspect, are here
to stay and we will see more countries
and companies showing them in due
course. In the sovereign debt market,
already the short-term paper of
France, Germany, the Netherlands,
Denmark, Finland and Sweden, as
well as Switzerland, yield minus
quantities. In a low-growth world,
some countries are seeking to
increase their share of the global eco-
ods, the Barclays Global Aggregate
index delivered similar returns to the
Barclays US Aggregate index, but
with about 0.25 per cent to 0.5 per
cent less volatility.
The benefits are most apparent
during acute phases of market insta-
bility, which tend to originate in one
particular market and affect it more
than the others.
Consider 2013, the year of the
“taper tantrum”. Passive investors in
the Barclays US Aggregate suffered
the second-worst year in the history
of the index, returning -2 per cent.
But Japanese markets returned 1.9
per cent and European peripheral
countries were rallying strongly, with
Italy and Spain returning 7 per cent
and 11 per cent, respectively.
Markets such as Canada and Aus-
tralia may add significant ballast to a
bond portfolio as they have regularly
out- or underperformed by as much
as 5 per cent in any given year.
In 2007, on the eve of the global
financial crisis, the International
OPINION
Nestlé’s corporate bonds started to trade at marginally negative yields
last week — Denis Balibouse/Reuters
nomic cake through competitive
devaluation; others are pursuing
ultra-loose monetary policies for pri-
marily domestic reasons that happen
to result in a weaker currency. Coun-
The case for buying
Nestlé bonds yielding
less than nothing
makes itself
Monetary Fund published research
that showed that in spite of stabilisa-
tion of growth in individual econo-
mies, global economic growth had not
stabilised. The IMF researchers
explained this curiosity by showing
the rise in correlation across coun-
tries during the period known as “the
great moderation”. Because individ-
ual economies were correlated,
booming and busting together, the
global economy lost one of its most
stabilising influences: diversification.
During the financial crisis, global
economies — and asset prices —
moved with high levels of correlation
during the immediate slump and the
2009 recovery. But recent experience
and the outlook for 2015 and the next
few years suggest that divergence of
economic outcomes is back — for
instance, the US economy versus
Europe — with the potential for this to
be reflected in asset market returns.
This divergence is reflected partic-
ularly in central bank policy out-
comes. While the US Federal Reserve
tries that take the strain via currency
appreciation will increasingly be
tempted to inflict negative interest
rates on capital inflows. The US is the
notable exception. Traditionally it
chooses not to fight market forces
when the dollar strengthens.
In the eurozone, negative yields
reflect the reality of deficient demand
and the fear of deflation. The impact
on yields is likely to be exacerbated
by a shortage of prime government
paper as the European Central Bank
has stopped quantitative easing, the
Bank of Japan continues to expand its
balance sheet and the European Cen-
tral Bank is finally poised to start buy-
ing sovereign bonds in March.
In the eurozone, the overall macr-
oeconomic challenges are great, but
the country specifics require very
close attention. This has provided
opportunities for active investors in
the past several years and we expect
this to continue.
-2 % 1.9 %
2013 return for Return for
passive investors Japanese
in Barclays markets
US Aggregate in 2013
In the emerging world, the period
of steady global capital flows and con-
tinuously rising commodity prices
may have masked differences, but
with more jittery capital markets and
the plunge in commodity prices it
should be clear that close attention to
country specifics is crucial.
FTfm | 13
embarks on its proposed bond-buy-
ing venture. Yet that leads to another
paradox. If investors are increasingly
worried about deflation, why are so
many index-linked bonds around the
world offering negative real yields?
This seems counter-intuitive when
the enormous expansion of central
bank balance sheets in the US, UK,
Japan and the eurozone has signally
failed to reignite inflation.
One reason, as I have discussed
here before, is that institutions with
index-linked liabilities would be so
badly hit by a return to high levels of
inflation that they feel obliged to take
out the insurance, almost regardless
of cost. Another is that some inves-
tors believe that inflation is a real
threat and that the deflation scare
will cause people to be too relaxed
about an inflationary take-off.
As we watch Japan struggling to
raise the price level through one of
the biggest liquidity injections in his-
tory, this fear may seem exaggerated.
Yet it is not stupid. Since the financial
crisis, global debt levels have risen
considerably, especially in the public
sector. Servicing the debt, relatively
easy today unless you are Greece, will
become much harder when interest
rates start moving towards levels
closer to historical normality.
It is conceivable that investors,
nursing losses on bond portfolios
whose value has been savaged by ris-
ing interest rates, will lose their appe-
tite for the paper of over-indebted
governments. If the central banks are
then forced to finance government
deficits directly, the switch from
deflation to inflation could happen
very fast.
Japan will be an early test case.
john.plender@ft.com
While some global capital is con-
trolled by long-term value investors
who help to damp short-term oscilla-
tions in prices, much of it is not. First,
there are the reactionary investors
with short-term horizons who invest
with the momentum of the market.
Second, there are growing numbers of
passive investors tied to assets
included in official benchmarks;
securities that lose benchmark spon-
sorship suffer automatic selling and
disproportionate price declines.
Third, there are the leveraged inves-
tors bound by strict stop-loss limits.
All of this is good news for long-
term value investors who can take
advantage of assets that have been
disproportionately punished (or
rewarded) by global capital markets.
Fundamental and policy divergence
provide good opportunities for active
global investors — on top of the cheap-
lunchbenefitsof diversification.
Andrew Balls is Pimco’s chief investment
officer for global fixed income
14 | FTfm FINANCIAL TIMES Monday 9 February 2015

FTfm

Guide to data
The fund prices quoted in FTfm are supplied
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funds, including prices, are for informational
purposes only. The Financial Times Limited
makes no representation as to their accuracy
or completeness, and they should not be relied
upon when making an investment decision.
The sale of interests in the funds listed in
FTfm in certain jurisdictions may be restricted
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the publication circulates. Persons in any
doubt should take appropriate professional
advice.
Data collated by Morningstar. For all other
queries, contact the FT at
reader.enquiries@ft.com. The fund prices
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information are also available on the Financial
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number of lines published and the
classification of the fund. Please contact
data@ft.com or call +44 (0)20 7873 3132.
The funds published on these pages are
grouped together by fund management
company.
Prices are in pence unless otherwise indicated
and those designated $ with no prefix refer to
US dollars. Yields % allow for buying expenses.
Prices of certain older insurance linked plans
are subject to capital gains tax on sales. Some
Property Unit Trusts are limited to investors
who are UK tax exempt.
All dealings are subject to individual Trust
Deed rules. The sale prices for these funds are
estimates.
Guide to pricing of Authorised Investment
Funds.
Compiled with the assistance of the IMA. The
Investment Management Association, 65
Kingsway, London WC2B 6TD. +44 (0)20 7831
0898. All funds within this section, whether
OEICs or unit trusts are authorised in the UK
by the Financial Services Authority. The prices
quoted should only be used as a guide.
OEIC: Open-Ended Investment Company.
Similar to a unit trust but using a company
rather than a trust structure.
Share Classes: Separate classes of share are
denoted by a letter or number after the name
of the fund. Different classes are issued to
reflect a different currency, charging structure
or type of holder.
Buying price: Also called offer price. The price
at which units in a unit trust are bought by
investors. Includes manager’s initial charge.
Selling price: Also called bid price. The price
at which units in a unit trust are sold by
investors.
Single price: Based on a mid-market valuation
of the underlying investments. The buying
and selling price for shares of an OEIC and
units of a single priced unit trust are the same.
Exit Charges: The letter E denotes that an
exit charge may be made when you sell units,
contact the manager/operator for full details.
Time: The time shown alongside the fund
manager’s/operator’s name is the time of the
unit trust’s/OEIC’s valuation point unless
another time is indicated by the symbol
alongside the individual unit trust/OEIC name.
The symbols are as follows: ✠ 0001 to 1100
hours; ♦ 1101 to 1400 hours; ▲1401 to 1700
hours; # 1701 to midnight. Daily dealing prices
are set on the basis of the valuation point, a
short period of time may elapse before prices
become available.
Yield: Funds comprising mainly of bonds
normally quote a gross redemption yield after
all charges but before tax has been deducted.
Funds mainly made up of equities normally
quote a yield representing the estimated
annual payout net of tax for basic rate
taxpayer. For further information contact the
management company.
Historic pricing: The letter H denotes that the
managers/operators will normally deal on the
price set at the most recent valuation.
The prices shown are the latest available
before publication and may not be the current
dealing levels because of an intervening
portfolio revaluation or a switch to a forward
pricing basis. The managers/operators must
deal at a forward price on request, and may
move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set
at the next valuation. Investors can be given
no definite price in advance of the purchase or
sale being carried out. The prices appearing in
the newspaper are the most recent provided
by the managers/operators. Scheme
particulars, prospectus, key features and
reports: The most recent report, scheme
particulars, prospectus and key features
document may be obtained free of charge
from fund managers/operators.
* Indicates funds which do not price on
Fridays.
Other explanatory notes are contained in the
last column of the FT Managed Funds Service.
Prospectus data, price histories, charges and
risk analytics on the funds within these pages
is available online at www.ft.com/funds.

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Selective 2016.40 2122.60 -2.20 - Allz RiskMaster Moderate A Acc 124.17 - -0.14 0.00

Formerly Hill Samuel Life Assurance Ltd Allz RiskMaster Moderate C Acc 126.22 - -0.13 0.48
ACPI Global UCITS Funds Plc (IRL) Ashmore Sicav (LUX) Barclays Investment Funds (CI) Ltd (JER)
www.acpi.com 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 2 rue Albert Borschette L-1246 Luxembourg 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Regulated Managed Ser A (Life) 1584.90 1677.20 -0.80 - Allz Sterling Total Return Fund A Inc 154.52 - -0.19 2.99 FCA Recognised FCA Recognised
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.37 - 0.29 0.00 Ashmore SICAV Emerging Market Debt Fund $ 96.69 - 0.25 13.57 Bond Funds
Managed Ser A (Pensions) 1063.60 1119.60 -0.60 - Allz Sterling Total Return Fund C Inc 155.36 - -0.20 3.54 Sterling Bond F £ 0.48 - 0.00 3.25
ACPI Global Credit UCITS Funds USD A $ 13.82 - 0.00 0.00 Ashmore SICAV Emerging Market Frontier Equity Fund $ 158.05 - 1.15 2.11
Formerly Target Life Assurance Ltd Allz Total Return Asian A Acc 690.27 - -4.54 -
Artemis Fund Managers Ltd (1200)F (UK)
ACPI Global Fixed Income UCITS Fund USD A $ 151.55 - -0.12 0.00 100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Ashmore SICAV Emerging Market Total Return Fund $ 86.60 - 0.20 10.25
57 St. James's Street, London SW1A 1LD 0800 092 2051
Managed (Life) 1606.20 1690.70 -0.70 - Allz Total Return Asian C Inc 636.70 - -4.17 1.15
Authorised Inv Funds Baring Fund Managers Ltd (1200)F (UK)
ACPI India Fixed Income UCITS Fund USD A3 $ 88.92 - 0.19 0.00 Artemis Capital R ACC 1210.44 1278.98 4.07 1.50 Ashmore SICAV Global Equity Fund $ 111.39 - 0.25 0.60 Dealing and Enquiries 020 7214 1004
Managed Growth (Life) 509.20 536.00 0.10 - Allz UK Corporate Bond A Inc 109.99 - -0.23 3.66
Fund Information: www.barings.com
ACPI International Bond UCITS Fund USD A $ 18.42 - -0.02 0.00 Artemis European Growth R Acc 242.21 255.61 -0.81 3.62 Ashmore SICAV Global Small Cap Equity Fund $ 131.30 - 0.68 0.07 Authorised Inv Funds
Managed (Pensions) 6382.00 6717.90 -3.80 - Allz UK Corporate Bond C Inc 110.32 - -0.23 3.56
Dynamic Capital Growth Acc 659.00 696.30 -0.10 1.28
Artemis European Opps R Acc 71.72 75.66 -0.11 1.36 Ashmore SICAV Local Currency Fund $ 87.04 - 0.15 1.95
Managed Growth (Pensions) 625.10 658.00 0.30 - Allz UK Equity Income A Inc 287.92 - 0.86 4.55
Dynamic Capital Growth Inc 267.60 282.60 0.00 1.29
Artemis Global Energy R Acc 29.42 31.20 0.43 0.00 EM Mkts Corp.Debt USD F $ 94.84 - 0.41 9.77
ACPI Select UCITS Funds PLC (IRL)
additional fund prices can be found on our website Allz UK Equity Income C Inc 103.04 - 0.31 3.21
Regulated Eastern Acc GBP 677.30 - -6.70 0.00
ACPI Balanced UCITS Fund USD Retail $ 14.10 - 0.04 0.00 Artemis Global Growth R Acc 176.44 186.20 -1.05 0.76 EM Mkts Loc.Ccy Bd USD F $ 92.40 - 0.05 10.67
Allianz UK Growth A Acc 4401.89 - 25.61 1.67
Eastern Inc GBP 664.70 - -6.50 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.67 - 0.03 0.00 Artemis Global Income R Acc 95.01 100.37 0.01 3.76
Allianz UK Growth C Acc 101.94 - 0.59 1.33
Europe Select Inc GBP 2459.00 - -11.00 0.64
ACPI Balanced UCITS Fund GBP Retail £ 10.76 - 0.02 0.00 Artemis Global Income R Inc 78.58 83.01 0.01 3.87
Allianz UK Unconstrained C Acc 101.14 - 0.57 0.74
European Growth Inc 1005.00 1059.00 -4.00 1.07
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global select R Acc 69.44 73.30 0.63 0.00
Allianz UK Unconstrained A Acc 210.39 - 1.19 0.85
German Growth Acc GBP 582.60 - -4.10 0.74
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Alceda Fund Management S.A. Artemis High Income R Inc 81.18 86.44 0.09 5.54
Allianz UK Index C Acc 1836.10 - 3.15 2.93
www.alceda.lu German Growth Inc GBP 537.80 - -3.70 0.54
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - FCA Recognised Artemis Income R Inc 210.69 223.17 0.20 4.04
Allianz UK Index C Inc 1303.77 - 2.23 2.47 Aspect Capital Ltd (UK)
AC Opp - Aremus Fund EUR A € 105.38 - -0.14 - Other International Funds Global Bond Inc 121.50 127.70 -0.50 1.82
ACPI Focused Equity UCITS Fund $ 12.61 - 0.21 0.00 Artemis Income R Acc 346.11 366.61 0.33 3.93 Aspect Diversified USD $ 419.52 - 3.36 0.00
Allianz UK Mid Cap A Acc 3781.43 - 6.87 0.88
AC Risk Parity 7 Fund EUR A € 126.11 - 0.34 0.00 Global Growth Inc 374.80 394.90 0.00 0.00
Artemis Monthly Dist R Inc 62.82 66.67 0.06 4.74 Aspect Diversified EUR € 251.39 - 1.64 -
Allianz UK Mid Cap Fund C Acc 3840.39 - 7.06 1.69
AC Risk Parity 12 Fund EUR A € 154.89 - 0.60 0.00 Japan Growth Acc 129.40 136.40 -0.20 0.00
Artemis Pan-Euro Abs Ret GBP 98.00 - -0.05 -
Abbey Life Assurance Company Limited (UK) Allianz US Equity A Acc 401.22 - 2.00 0.13 Aspect Diversified GBP £ 128.02 - 0.95 0.00
AC Risk Parity 17 Fund EUR A € 103.92 - 0.80 0.00 Korea Acc 262.50 278.20 -1.10 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk Artemis Strategic Assets R Acc 77.04 81.52 0.27 0.00 Aspect Diversified CHF SFr 121.22 - 1.34 0.00
Allianz US Equity C Acc 185.27 - 0.93 0.81
Insurances ACQ Risk Parity Bond Fund EUR A € 104.44 104.44 0.08 0.00 Multi Asset A Acc ... C 157.20 - -0.30 0.73
Life Funds Artemis Strategic Bond R M Acc 83.50 88.66 0.07 3.99 Aspect Diversified Trends USD $ 122.16 - 0.58 0.00
Yield expressed as CAR (Compound Annual Return)
Prop. Acc. Ser 2 1468.80 1546.10 1.40 - Multi Asset A Inc ... C 151.80 - -0.30 0.74
All transactions to Ser A units the sell price will be used
Artemis Strategic Bond R M Inc 55.16 58.57 0.04 4.06 Aspect Diversified Trends EUR € 122.08 - 0.59 0.00
Selective Acc. Ser 2 1571.80 1654.50 -1.10 - UK Growth Inc 250.90 265.40 0.10 1.37
Artemis Strategic Bond R Q Acc 83.59 88.75 0.07 3.99 Aspect Diversified Trends GBP £ 126.15 - 0.58 0.00
Amundi Funds (LUX) Charity Fund
American Ser. 4 1663.50 1751.10 6.30 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Artemis Strategic Bond R Q Inc 55.26 58.68 0.05 4.08 0800 032 6347 (charity enquiries)
www.amundi-funds.com Targeted Return Fund Acc 145.20 146.20 0.00 3.15
Custodian Ser. 4 490.50 516.30 -0.40 -
FCA Recognised Artemis UK Growth R Acc 427.35 452.58 1.16 0.59
Bd. Euro Corporate AE Class - R - EUR € 19.04 - 0.00 0.00 Atlantas Sicav (LUX)
Targeted Return Fund Inc 114.50 115.30 0.00 3.22
Equity Ser. 4 568.00 597.90 -0.60 - Allianz Global Investors GmbH(1200) F (UK) Regulated
Artemis UK Smaller Cos R Acc 1011.12 1088.63 4.25 0.55
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 Bd. Global AU Class - R - USD $ 27.03 - 0.03 0.00 American Dynamic $ 3372.48 - -57.35 0.00
European Ser 4 573.60 603.80 -1.50 - Authorised Inv Funds
Artemis UK Special Sits R Acc 507.01 538.66 1.16 1.70
OEIC Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 American One $ 3117.50 - -62.55 0.00
Fixed Int. Ser. 4 911.30 959.30 -1.70 - Allianz BRIC Stars A Acc 160.72 - -1.39 0.61 Baring International Fd Mgrs (Ireland) (IRL)
Artemis US Abs Ret I Acc 101.23 - 0.15 - Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
Eq. Emerging World AU Class - R - USD $ 94.80 - 0.19 0.00 Bond Global € 1360.06 - -6.34 0.00
Intl Ser. 4 439.30 462.40 0.30 - Allianz BRIC Stars C Acc 171.34 - -1.48 1.04 FCA Recognised
Artemis US Equity I Acc 109.75 - 0.62 - ASEAN Frontiers A GBP Inc £ 125.60 - 0.80 0.91
Eq. Greater China AU Class - R - USD $ 626.09 - 0.22 0.00 Eurocroissance € 819.73 - -10.98 0.00
Japan Ser 4 353.60 372.20 0.80 - Allianz Brazil Fund A Acc 58.88 - -0.38 0.97
Artemis US Select I Acc 109.95 - 0.44 - Asia Growth A GBP Inc H £ 46.08 - -0.47 0.00
Eq. Latin America AU Class - R - USD $ 440.90 - 3.24 0.00 Far East $ 695.65 - -8.87 0.00
Man. Ser. 4 1671.30 1759.20 -1.70 - Allianz Brazil Fund C Acc 60.23 - -0.39 1.65
Artemis US Smlr Cos I Acc 114.44 - 0.97 - Australia A GBP Inc £ 74.98 - -0.08 2.27
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.02 - 0.01 0.00
Money Ser. 4 524.10 551.70 0.00 - Allz Continental European A Acc 866.39 - -5.53 0.20
Artemis US Ex Alpha I Acc 111.98 - 0.49 - Baring China Bond Fund $ 10.13 - 0.00 0.00
Prop. Ser. 4 1053.50 1108.90 0.90 -
BLME Asset Management (LUX)
Allz Continental European C Acc 139.63 - -0.89 1.04
BLME Sharia'a Umbrella Fund SICAV SIF
Baring Emerging Markets Corporate Debt Fund $ 9.24 - 0.03 0.00
The Antares European Fund Limited Regulated
Custodian Ser 5 472.00 496.80 -0.40 - Allz European Eq Inc A Inc 137.82 - -0.50 3.59
Other International $ Income Fund - Share Class A Acc $ 1139.35 - -0.25 0.00
Artemis Fund Managers Ltd (CYM) Baring European Opportunities Fund Class A EUR Acc € 12.14 - 0.02 0.00
International Ser 5 422.70 444.90 0.30 - AEF Ltd Usd $ 589.68 - 4.87 - Regulated
Allz European Eq Inc A Acc 186.45 - -0.67 3.75
$ Income Fund - Share Class B Acc $ 1158.74 - -0.25 0.00
Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - Baring Global Mining Fund - Class A GBP Inc £ 5.25 - 0.07 0.74
Managed Ser 5 1608.10 1692.70 -1.60 - AEF Ltd Eur € 591.65 - 4.91 0.00
Allz European Eq Inc C Acc 104.67 - -0.38 3.56
$ Income Fund - Share Class C Acc $ 1008.85 - -0.23 0.00
Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - Dynamic Emerging Markets A GBP Acc F £ 9.82 - -0.04 0.00
Money Ser 5 513.20 540.20 0.00 - Allz European Eq Inc C Inc 101.24 - -0.36 3.48
$ Income Fund - Share Class D Dis $ 1001.79 - -0.22 -
Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - Eastern Europe A GBP Inc £ 43.26 - 0.55 0.79
Property Ser 5 1013.60 1067.00 0.80 - Allianz EcoTrends A Acc 87.40 - 0.51 0.00 Arbiter Fund Managers Limited (LUX)
$ Income Fund - Share Class G Acc £ 1077.30 - -0.23 0.00
FCA Recognised Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 - Emerging Mkt Debt LC A GBP Hedged Inc £ 9.00 - 0.03 6.60
Pension Funds Allianz EcoTrends C Acc 91.74 - 0.54 0.00 Arbiter Global Emerging Markets Fund Class A USD $ 111.01 - -0.39 0.00
$ Income Fund - Share Class M Acc € 1017.23 - -0.24 0.00
American 1913.90 2014.70 8.60 - Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 - Emerging Opportunities A GBP Inc H £ 20.00 - -0.13 0.00
Allianz Gilt Yield Fund C Inc 172.22 - -0.43 1.86 Arbiter Global Emerging Markets Fund Class B GBP £ 102.52 - -0.84 -
$ Income Fund - Share Class W DisA$ 1028.53 - -0.29 -
Equity 5033.40 5298.30 -3.90 - Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Glb Emerging Markets A GBP Inc H £ 20.14 - -0.17 0.44
Allianz Gilt Yield Fund I Inc 177.99 - -0.44 1.86
Gl Sukuk Fund - Share Class A Acc $ 1211.38 - -0.59 0.00
European 1159.20 1220.20 -4.00 - Glb Resources A GBP Inc H £ 12.81 - 0.16 0.34
Allianz Japan A Acc 490.02 - -1.94 0.00 Arisaig Partners Gl Sukuk Fund - Share class B Acc £ 1078.45 1078.45 -0.52 0.00
Fixed Int. 1674.40 1762.50 -3.60 - Other International Funds Artisan Partners Global Funds PLC (IRL) High Yield Bond A GBP Hedged Inc H £ 6.79 - 0.02 6.62
Allianz Japan C Acc 110.58 - -0.44 0.00 Arisaig Africa Consumer Fund Limited $ 17.14 - 0.15 0.00 Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
International 934.00 983.20 0.80 - Tel: 44 (0) 207 766 7130 Hong Kong China A GBP Inc £ 604.44 - -8.83 0.58
Allz RiskMaster Conservative A Acc 119.78 - -0.16 0.00 Arisaig Asia Consumer Fund Limited $ 63.01 - -0.04 0.00 FCA Recognised
Japan 368.30 387.70 0.10 - Artisan Partners Global Funds plc Bank of America Cap Mgmt (Ireland) Ltd (IRL) India Fund - Class A GBP Inc £ 15.56 - -0.20 0.00
Allz RiskMaster Conservative C Acc 121.33 - -0.16 0.31 Regulated
Arisaig Global Emerging Markets Consumer Fund $ 10.53 - 0.02 0.00 Artisan Emerging Markets I USD Acc $ 7.63 - -0.01 0.00
Managed 4335.80 4564.00 -3.90 - Global Liquidity USD $ 1.00 - 0.00 0.22 Latin America A USD Inc H $ 34.55 - -0.18 -
Allz RiskMaster Defensive A Acc 113.62 - -0.21 0.00 Arisaig Global Emerging Markets Consumer UCITS € 11.95 - 0.01 0.00 Artisan Global Equity Fund Class I USD Acc $ 14.50 - 0.13 0.00
Property 2698.30 2840.30 2.60 - MENA A GBP Inc F * £ 14.93 - -0.12 -
Allz RiskMaster Defensive C Acc 115.12 - -0.20 0.14 Arisaig Global Emerging Markets Consumer UCITS STG £ 11.44 - -0.03 0.00 Artisan Global Opportunities I USD Acc $ 11.69 - 0.12 0.00
Security 1477.00 1554.70 0.00 -
Allz RiskMaster Growth A Acc 125.81 - -0.16 0.00 Arisaig Latin America Consumer Fund $ 23.13 - 0.32 0.00 Artisan Global Value Fund Class I USD Acc $ 16.08 - 0.17 0.00

Allz RiskMaster Growth C Acc 128.49 - -0.15 0.03 Artisan US Value Equity Fund Class I USD Acc $ 11.93 - 0.16 0.00
FINANCIAL TIMES Monday 9 February 2015 FTfm | 15

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Brown Advisory US Flexible Equity Fund USD B $ 11.05 - 0.12 - Candriam Bds Euro Gov.Cl.Cap € 2297.39 - 0.57 0.00 Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00

Candriam Bds Euro High Yield Cap € 979.71 - 0.43 0.00 Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00
Baring International Fd Mgrs (Ireland) (IRL) CG Asset Management Limited (IRL) CATCo Reinsurance Fund Ltd. (BMU)
Regulated Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Regulated
Candriam Bds Euro High Yield R Cap € 108.35 - 0.05 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 -
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 CAF Financial Solutions (UK) 00 353 1 434 5098 CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
Kings Hill, West Malling, Kent 03000 123 222 FCA Recognised
Property & Other UK Unit Trusts Capital Gearing Portfolio Fund Plc £ 26868.82 26868.82 -23.65 0.62 Candriam Bds Euro Long Term Cap € 8105.54 - 2.47 0.00 CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 -
CAF UK Equitrack Inc Fd 73.92 73.92 0.14 3.41
Candriam Bds Euro Sh.Term Cap € 2081.60 - 0.20 0.00
Barings (Luxembourg) (LUX) CG Portfolio Fund Plc CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00 Clareville Capital Partners LLP
FCA Recognised CAF UK Equitrack Acc Fd 101.20 101.20 0.10 3.34 Real Return Cls A £ 175.72 175.72 1.33 2.28 Other International Funds
Candriam Bds International Cap € 1012.00 - -0.99 0.00 CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00 Pegasus Fund Ltd A-1 GBP £ 58.26 - 0.49 0.00
Russia A GBP Inc F £ 22.17 - 0.53 1.46
FP CAF Alternative Strategies A Class Acc 110.28 - -0.02 0.47 Dollar Fund Cls D £ 135.80 135.80 1.70 1.55
Candriam Bds USD Cap $ 940.15 - -2.69 0.00 Pegasus Fund Ltd A-2 GBP £ 147.73 - 1.23 0.00
FP CAF Alternative Strategies A Class Inc 109.90 - -0.02 0.33 Capital Value Fund Cls V £ 130.40 130.40 -0.15 0.27
Candriam Total Return Bond Cap € 133.03 - -0.03 0.00 Pegasus Fund Ltd A-1 EUR € 24.94 - 0.21 0.00
Cavendish Asset Management Limited (1200)F (UK)
FP CAF Fixed Interest A class Acc 114.50 - -0.07 2.76 Chelsea House, Westgate, London W5 1DR
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Pegasus Fund Ltd A-1 USD $ 26.72 - 0.21 0.00
FP CAF Fixed Interest A class Inc 102.31 - -0.07 2.81 Authorised Inv Funds
Cavendish Opportunities Fund B Class 998.80 - 7.10 1.43 Pegasus Fund Ltd A-2 USD $ 145.33 - 1.17 0.00
FP CAF Fixed Interest B class Acc 114.95 - -0.08 2.76
Cavendish Opportunities Fund A Class 993.30 - 7.10 0.57 Pegasus Fund Ltd B-1 GBP £ 187.96 - 1.57 0.00
Barmac Asset Management Ltd (UK) FP CAF Fixed Interest B class Inc 102.59 - -0.07 2.81
40 Dukes Place, London, EC3A 7NH Pegasus Fund Ltd B-2 GBP £ 144.11 - 1.21 0.00
Cavendish Opportunities Fund C Acc 1025.00 - 7.00 1.30
Authorised Corporate Director - Capita Financial Managers FP CAF International Equity A Class Acc 140.33 - -0.58 0.70
Dealing: 0845 922 0044 Canada Life Investments (UK)
Capita Asset Services (UK) Cavendish Worldwide Fund B Class 307.90 - -0.80 0.95 Pegasus Fund Ltd B-1 EUR € 157.59 - 1.36 0.00
Authorised Inv Funds 1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180
FP CAF International Equity A Class Inc 136.85 - -0.56 0.71 40 Dukes Place, London EC3A 7NH
Retail Accumulation 2 113.27 - 0.20 0.00 Authorised Inv Funds
Order Desk 08459 220044 Switchboard 0870 607 2555 Cavendish Worldwide Fund A Class 307.40 - -0.90 0.16 Pegasus Fund Ltd B-1 USD $ 168.50 - 1.35 0.00
Asia Pacific B Acc 903.01 - -7.33 0.95
FP CAF UK Equity A Class Acc 147.22 - 0.29 2.18 Authorised Inv Funds
Retail Income 2 111.86 - 0.20 0.00
Balanced B Acc 148.07 - -0.12 0.00 CF Heartwood Cautious B Acc 129.69 - -0.06 0.37 Cavendish Worldwide Fund C Acc 313.90 - -0.90 0.90
FP CAF UK Equity A Class Inc 135.85 - 0.27 2.20
The Castleton Growth Fund Ret Acc F 109.88 - 0.20 0.00
Corporate Bond B Inc 218.30 - -0.39 3.81 CF Heartwood Cautious Income B Inc 113.35 - -0.06 2.07 Cavendish AIM Fund B Class 150.20 - 0.40 0.40 CMI Asset Mgmt (Luxembourg) SA (LUX)
FP CAF UK Equity B Class Acc 147.22 - 0.29 2.17 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
The Castleton Growth Fund Ret Inc F 110.31 - 0.20 0.00
European B Acc 243.24 - -1.22 0.00 CF Heartwood Growth B Acc 146.37 - -0.02 0.65 Cavendish AIM Fund A Class 146.30 - 0.30 0.00 FCA Recognised
FP CAF UK Equity B Class Inc 135.83 - 0.26 2.20 CMI Global Network Fund (u)
Global Bond B Inc 96.95 - -0.38 2.18 CF Heartwood Balanced Income B Inc 116.68 - -0.05 2.38 Cavendish Asia Pacific Fund B Class 170.10 - -1.40 1.44 Regional Equity Sub Funds
CMI Continental Euro Equity € 28.89 - 0.03 0.91
BlackRock (JER)
Global Equity B Acc 606.88 - -0.16 1.45 CF Heartwood Balanced B Acc 128.03 - -0.02 0.63 Cavendish Asia Pacific Fund A Class 169.80 - -1.40 0.66
Regulated CMI Pacific Basin Enhanced Equity $ 45.00 - 0.01 2.37
BlackRock UK Property £ 38.89 - 0.00 3.88 CF Heartwood Defensive Multi Asset Fund B Accumulation 111.11 - -0.05 0.01 Cavendish Asia Pacific Fund C Acc 175.00 - -1.40 1.42
Global Equity Income B Inc 126.52 - -0.11 3.90
Single Country Equity Sub Funds
Blackrock UK Long Lease £ 1043.11 - 2.31 0.00 CF JM Finn Gbl Opps A Acc 275.57 - -0.35 1.55 Cavendish European Fund B Class 135.20 - 0.00 1.32 CMI Japan Enhanced Equity F ¥ 4066.19 - 20.59 0.86
Global High Yield Bond B Inc 101.20 - 0.21 5.04

BLK Intl Gold & General $ 5.61 5.92 0.06 0.00 CF Richmond Core 193.47 - 1.48 0.00 Cavendish European Fund A Class 134.00 - 0.00 0.38 CMI UK Equity £ 12.36 - 0.03 2.11
Global Infrastructure B Acc 117.62 - 0.35 1.72
CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET Global Resource B Acc 93.52 - 1.35 0.07 CF Seneca Diversified Growth A ACC 214.70 - -0.11 1.18 Cavendish Japan Fund B Class 147.60 - 0.20 0.82 CMI US Enhanced Equity F $ 79.02 - 0.80 0.57
Authorised Inv Funds
The Public Sector Deposit Fund Japan B Acc 48.43 - -0.03 0.00 CF Seneca Diversified Growth B ACC 126.36 - -0.07 2.01 Cavendish Japan Fund A Class 146.80 - 0.30 0.00 Index Tracking Sub Funds
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.47 Euro Equity Index Tracking € 19.71 - -0.01 2.00
Portfolio III B Acc 109.43 - -0.13 1.37 CF Seneca Diversified Growth N ACC 125.37 - -0.06 1.74 Cavendish North American Fund B Class 190.40 - 1.30 0.59
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.27 Japan Index Tracking ¥ 747.10 - 4.29 0.94
Portfolio IV B Acc 109.99 - -0.08 1.82 CF Seneca Diversified Income A INC 89.12 - 0.01 5.46 Cavendish North American Fund A Class 185.40 - 1.30 0.00
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.32 UK Eqty Index Tracking £ 15.88 - 0.03 2.90
BlueBay Asset Management LLP (LUX) Portfolio V B Acc 110.36 - -0.04 0.87 CF Seneca Diversified Income B INC 105.34 - 0.01 6.06 Cavendish Technology Fund B Class 266.40 - 2.20 0.10
Regulated The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.37 US Eqty Index Tracking $ 57.92 - 0.59 0.80
BlueBay EmMkt B-USD $ 294.45 - 0.12 0.00 Portfolio VI B Acc 110.56 - -0.09 1.00 CF Seneca Diversified Income N INC 104.46 - 0.01 6.06 Cavendish Technology Fund A Class 254.60 - 2.10 0.00
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.27 Managed Sub Funds
BlueBay EmMktCrp B-USD $ 164.40 - 0.63 0.00 Portfolio VII B Acc 108.38 - -0.11 0.78 Investment Adviser - DSM Capital Partners Cavendish UK Balanced Income Fund B Class 142.20 - 0.00 4.84 Global Bond £ 1.51 - -0.01 0.84
The Westchester $ 26.47 - 0.29 0.00
BlueBay EmMktSel B-USD $ 158.73 - 0.20 0.00 North American B Acc 872.63 - 1.42 0.45 Cavendish UK Balanced Income A Class 136.00 - 0.10 5.06 Global Network Mgd Global Mxd £ 2.37 - 0.00 0.19
The Westchester Class 1 GBP Acc £ 18.71 - 0.11 0.00
CCLA Investment Management Ltd (UK)
Cavendish UK Select Fund B Class 160.50 - 1.10 1.75 Global Equity £ 2.62 - 0.01 0.02
BlueBay EmMkLocCy B-USD $ 154.78 - 0.46 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Strategic Return B Acc 106.99 - 0.16 -
The Westchester Class 2 GBP Acc £ 18.73 - 0.10 0.00
Property & Other UK Unit Trusts
BlueBay GlblConv I-USD $ 188.49 - 0.83 0.00 Total Return B Acc 106.71 - 0.59 1.24 Cavendish UK Select Fund A Class 160.20 - 1.20 0.91 Bond Sub Funds
CBF Church of England Funds
Investment Adviser Lacomp Plc CMI Euro Bond F € 47.31 - 0.05 1.80
Investment Inc 1340.27 1355.09 2.50 3.78
BlueBay GlblHgYd B-USD $ 130.35 - 0.24 0.00 UK Equity B Inc 110.54 - 0.38 1.51 CF Lacomp World 104.43 109.64 -0.32 0.00
CMI UK Bond £ 8.31 - -0.04 2.02
Investment Acc 2648.50 2677.80 4.93 -
BlueBay HgYield B-EUR € 331.82 - 0.18 0.00 UK Equity & Bond Income B Inc 238.84 - -0.38 4.59 Investment Adviser - Morant Wright Management Limited
Cedar Rock Capital Limited (IRL)
CF Morant Wright Japan A 245.83 - -1.10 0.00 Regulated CMI US Bond $ 13.53 - -0.03 1.51
Global Equity Inc 159.57 161.33 0.28 4.31
BlueBay HgYieldCp B-EUR € 140.59 - 0.14 0.00 UK Equity Income B Inc 422.87 - -0.81 4.51 Cedar Rock Capital Fd Plc $ 348.17 - 10.71 0.00
CF Morant Wright Japan A Inc 242.20 - -1.09 0.00 Currency Reserve Sub Funds
Global Equity Acc 225.02 227.50 0.40 -
BlueBay InvGr B-EUR € 175.38 - 0.09 0.00 UK Government Bond B Inc 48.89 - -0.18 2.18 Cedar Rock Capital Fd Plc £ 363.94 - 15.70 0.00 CMI Euro Currency Reserve € 24.96 - 0.00 -
CF Morant Wright Japan B 260.50 - -1.17 0.43
UK Equity Inc 146.85 148.33 0.27 4.05
BlueBay InvGEurGv B-EUR € 151.87 - -0.06 0.00 Cedar Rock Capital Fd Plc € 321.18 - 23.16 0.00 CMI Stlg Currency Reserve £ 4.93 - 0.00 -
CF Morant Wright Japan B Inc 246.95 - -1.11 0.45
UK Equity Acc 210.69 212.81 0.39 -
BlueBay InvGEurAg I-EUR € 151.82 - -0.01 0.00 CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50
CF Morant Wright Nippon Yield ACC A 252.79 - -0.11 2.16
Fixed Interest Inc 173.35 174.05 0.02 3.96
BlueBay InvGLibor B-EUR € 126.07 - 0.05 0.00 CMI Access 80% Gu F € 5.67 - 0.00 0.00
CF Morant Wright Nippon Yield ACC B 261.06 - -0.11 2.16 Charles Schwab Worldwide Funds Plc (IRL)
Fixed Interest Acc 510.35 512.39 0.05 - Regulated
HighIncomeLoan H-EUR € 190.76 - -0.07 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
CF Morant Wright Nippon Yield Fund A Inc 224.46 - -0.10 2.20
Property Fund Inc 124.33 128.50 0.10 6.51
Cohen & Steers SICAV (LUX)
Candriam Investors Group (LUX) CF Morant Wright Nippon Yield Fund B Inc 231.87 - -0.10 2.20
Property Fund Acc 216.50 223.76 2.85 - Regulated
FCA Recognised
BONHOTE European Real Estate Securities € 22.8069 - 0.2075 1.35
Candriam Eqts L Australia Cap A$ 1043.32 - 3.42 0.00 Chartered Asset Management Pte Ltd
Other International Funds Other International Funds
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Europ.RealEstate Sec. IX € 30.0197 - 0.2731 0.00
Candriam Eqts L Sust World Cap € 281.74 - 2.01 0.00 CAM-GTF Limited $ 340592.92 340592.92 -8106.27 0.00
CCLA Fund Managers Ltd (UK)
Gbl RealEstate Sec. I $ 11.5542 - 0.1219 1.29
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 Senator House 85 Queen Victoria Street London EC4V 4ET Candriam Bds Euro Cap € 1147.60 - 0.32 0.00 CAM GTi Limited $ 737.96 - -0.80 0.00
Property & Other UK Unit Trusts
Gbl RealEstate Sec. IX $ 13.4748 - 0.1421 0.00
COIF Charity Funds (UK) Candriam Bds Euro Infl Linked Cap € 145.01 - 0.40 0.00 Raffles-Asia Investment Company $ 1.96 1.96 -0.03 6.61
Investment Inc 1232.30 1245.94 9.66 3.73
Braemar Group PCC Limited (GSY) Candriam Qt-Eqts Europe Cap € 2259.81 - 5.64 0.00
Regulated Investment Acc 11493.97 11621.11 90.16 - Castle Fund Administrators Limited (GIB)
UK Agricultural Class A £ 1.26 - -0.01 0.00 Candriam Qt-Eqts USA Cap $ 2410.85 - 26.83 0.00 932 Europort, Gibraltar GX11 1AA
Ethical Invest Inc 190.84 192.96 1.50 3.80 Tel: +350 200 40466
www.castlefundadministrators.com
UK Agricultural Class B £ 1.38 - 0.00 0.00
Ethical Invest Acc 235.83 238.43 1.84 - Other International Funds
Inspirato Fund No. 2 PCC Limited
Student Accom Class B £ 0.72 - -0.28 0.00 Candriam Investors Group (BE)
Global Equity Inc 151.11 152.79 0.79 4.29 Inspirato Fund No. 2 PCC Limited - Cell A £ 101074.82 - 524.96 0.00
FCA Recognised
Candriam Sust Euro Bonds Cap € 364.86 - 0.09 0.00 Comgest SA (LUX)
Global Equity Acc 215.86 218.24 1.15 - Inspirato Fund No. 2 PCC Limited - Cell B £ 101577.66 - 1331.54 0.00 Cheyne Capital Management (UK) LLP (IRL) 17 square Edouard VII - 75009 Paris, www.comgest.com
Regulated
Candriam Sust North America Cap $ 41.05 - 0.50 0.00 FCA Recognised
Inspirato Fund No. 2 PCC Limited - Cell C $ 101157.24 - 2012.28 0.00 Cheyne Convertibles Absolute Return Fund € 1346.41 - -1.44 0.00
Fixed Interest Inc 140.44 141.00 -1.60 3.91 Comgest Asia F $ 4091.97 - 0.65 0.00
Candriam Sust World Cap € 26.12 - 0.18 0.00
Inspirato Fund No. 2 PCC Limited - Cell D £ 104453.90 - 3761.38 0.00 Cheyne European Real Estate Bond Fund € 112.50 - 0.16 0.00
Fixed Interest Acc 781.05 784.19 -8.88 - Comgest Europe F SFr 5526.57 - 19.11 0.00

Cheyne Global Credit Fund € 120.59 - 0.08 0.00

Property Inc 106.95 110.53 0.04 6.12

Brown Advisory Funds plc (IRL) Candriam Investors Group

Property Acc 230.09 237.80 0.09 - Comgest SA (FRA)
http://www.brownadvisory.com Tel: 020 3301 8130 Other International Funds
FCA Recognised Candriam Eqts L Emerging Mkts Cap € 702.86 - 1.27 0.00 17 square Edouard VII - 75009 Paris
Local Authorities Property Fd (LAMIT) (UK) Cheyne Capital Management (UK) LLP FCA Recognised
Brown Advisory US Equity Growth Fund USD B $ 21.39 - 0.24 0.00
Property 268.44 288.35 2.60 4.55 Other International Funds Comgest Magellan € 21.46 - 0.10 0.00
Candriam Eqts L Euro 50 Cap € 553.11 - -0.99 0.00
Cheyne European Event Driven Fund € 143.98 - 0.75 0.00
Brown Advisory US Equity Value Fund USD B $ 12.46 - 0.14 0.81
Candriam Eqts L Europe Cap € 968.82 - 2.55 0.00
CATCo Reinsurance Opportunities Fund Ltd. (UK) Cheyne European High Yield Fund € 134.71 - -1.84 0.00
Brown Advisory American SRI Fund USD B $ 14.66 - 0.16 0.06
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Candriam Eqts L Japan Cap ¥ 19779.00 - 109.00 0.00
Cheyne Long/Short Credit Fund $ 213.53 - 1.23 - Comgest AM International Ltd (IRL)
Authorised Funds

Asset Management
Brown Advisory American Fund USD B $ 15.74 - 0.17 0.18 46 St Stephen's Green, Dublin 2, Ireland
Candriam Bonds Credit Opportunities € 186.90 - 0.09 0.00 CATCo Re Opps Fund Ords $ 1.3312 - 0.1436 18.31 FCA Recognised
Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00
Brown Advisory US Smaller Companies Fund USD B $ 16.40 - 0.26 0.00 Comgest Gth Asia Pac ex Jap DIS F $ 8.21 - -0.03 0.30
Candriam Bds Euro Conv. Classic Cap € 3558.89 - 6.89 0.00
Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 -
Brown Advisory US Small Cap Blend Fund USD B $ 12.08 - 0.15 0.00 Comgest Gth Emerging Mkt DIS F $ 34.20 - 0.16 0.29
Candriam Bds Euro Corp ExFin Cap € 165.25 - 0.04 0.00
Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00
 16 | FTfm FINANCIAL TIMES Monday 9 February 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Comgest Gth Europe DIS F € 19.47 - 0.08 0.00 China Consumer £ 1.52 - -0.01 0.21 Target 2015 £ 0.50 - 0.00 0.27

Comgest Gth GEM PC DIS F € 13.10 - 0.07 0.00 Emerging Asia £ 1.26 - -0.01 0.24 Target 2015 - Gross £ 0.50 - 0.00 0.30
Electric & General (1000)F (UK)
Stuart House St.John's Street Peterborough PE1 5DD
Orders & Enquiries: 0845 850 0255 Emerg Eur, Mid East & Africa H £ 1.51 - 0.01 0.84 Target 2020 £ 0.58 - 0.00 0.49
Authorised Inv Funds
Enhanced Income - Acc £ 1.89 - 0.00 6.74 Target 2025 £ 1.34 - 0.00 0.28
Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Authorised Corporate Director - Carvetian Capital Management
PO BOX 10117, Chelmsford, Essex, CM1 9JB Electric&General Net Income A 138.00 - 0.60 2.10
Dealing & Client Services 0845 0264281 Enhanced Income - Inc £ 1.29 - 0.01 6.90 Target 2030 £ 1.42 - 0.00 0.25
Deutsche Asset Management UK Ltd. (LUX) Dragon Capital Group
Authorised Inv Funds Tel: + 44 207 545 9070 www.dws.co.uk c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Consistent UT Inc 58.46 59.16 -0.27 4.34 European - Inc £ 1.43 - -0.01 2.35 UK Select £ 2.36 - 0.00 1.12
FCA Recognised Fund information, dealing and administration: funds@dragoncapital.com
Deutsche Invest I Africa GBP RD1 Inc £ 155.82 155.82 0.15 0.96 Other International Funds Ennismore Smaller Cos Plc (IRL)
European £ 16.18 - -0.11 1.58 UK Growth £ 3.60 - 0.02 0.05
Consistent UT Acc 132.38 133.97 -0.61 4.20 Vietnam Enterprise Inv. (VEIL) NAV $ 3.47 - -0.04 0.00 5 Kensington Church St, London W8 4LD 020 7368 4220
Deutsche Invest I Chinese Eq.GBP RD Inc £ 113.47 113.47 -0.96 0.97 FCA Recognised
Practical Investment Inc 209.38 214.05 0.13 3.76 European Opportunities £ 3.61 - -0.01 0.37 UK Smaller Companies £ 1.93 - 0.01 0.25
Vietnam Growth Fund (VGF) NAV $ 22.62 - -0.10 0.00 Ennismore European Smlr Cos NAV £ 91.52 - -0.39 0.00
Deutsche Invest I Clean Tech GBP RD Inc £ 62.17 62.17 -0.43 0.18
Practical Investment Acc 986.62 1008.61 0.61 3.66 Extra Income £ 0.27 - 0.00 3.59 WealthBuilder A Acc £ 1.02 - 0.00 0.62
Vietnam Property Fund (VPF) NAV $ 0.80 - 0.00 0.00 Ennismore European Smlr Cos NAV € 122.41 - 0.01 0.00
Deutsche Invest I Conv.GBP RDH Inc £ 166.53 166.53 -0.15 0.44
Extra Income - Gross £ 0.27 - 0.00 3.59 Fidelity PathFinder
Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.12 - 0.00 -
Deutsche Invest I Global Agrib.GBP LD DS Inc £ 107.49 113.14 -0.45 0.31
Global Dividend - Acc £ 1.55 - -0.01 2.98
DSM Capital Partners Funds (LUX) Ennismore European Smlr Cos Hedge Fd Fidelity PathFinder Foundation 1 Acc (clean) £ 1.11 - 0.00 -
Deutsche Invest I Top Asia GBP RD Inc £ 158.28 158.28 -1.43 0.72 www.dsmsicav.com Other International Funds Global Dividend - Inc £ 1.42 - 0.00 3.20
Regulated NAV € 440.44 - 1.50 0.00 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - 0.00 -
Global Growth I2 Acc € 125.53 - 0.70 0.00 Global Focus £ 12.99 - -0.02 0.00
Fidelity PathFinder Foundation 3 Acc (clean) £ 1.12 - 0.00 -
Discretionary Unit Fund Mngrs (1000)F (UK)
Asset Management
Global High Yield Fund - A Gross Acc £ 11.94 - 0.03 4.67
Coronation Fund Managers 1 Poultry, London EC2R 8JR 020 7 415 4130

Asset Management
Equinox Fund Mgmt (Guernsey) Limited
Asset Management
(GSY) Fidelity PathFinder Foundation 4 Acc (clean) £ 1.14 - 0.00 -
+44 (0)20 7389 8840 www.coronation.com Authorised Inv Funds Ecclesiastical Inv Mgt Ltd (1200)F (UK) Regulated Global High Yield Fund - A Gross Inc £ 10.33 - 0.01 4.84
Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za Disc Inc 1372.10 1414.50 9.70 0.00 PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - 0.00 -
Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00
Other International Funds Authorised Inv Funds Global High Yield Fund - A Net Acc £ 11.60 - 0.02 4.74
Global Equity Fund of Funds - Class A $ 14.21 - -0.24 0.00 Do Accum 5099.80 5257.50 35.90 0.00 Amity UK Cls A Inc 207.00 - 0.30 1.47 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.12 - 0.00 -
Global High Yield Fund - A Net Inc £ 10.33 - 0.02 4.83
Global Emerging Markets - Class A $ 14.98 - 0.05 0.00 Amity UK Cls B Inc 206.20 - 0.30 2.31 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.00 -
Euronova Asset Management UK LLP (CYM)
Regulated Global Property - Acc £ 1.59 - 0.00 1.23
All Africa $ 18.79 - 0.05 0.00 Higher Income Cls A Inc 130.70 - 0.20 4.72 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.00 -
Smaller Cos Cls One Shares (Est) € 31.17 - -0.15 0.00
Global Property W Inc £ 1.33 - 0.00 -
Africa Frontiers $ 19.97 - -1.05 0.00 Higher Income Cls B Inc 134.10 - 0.20 4.65 Fidelity PathFinder Focussed 3 Acc (clean) £ 1.14 - 0.00 -
Smaller Cos Cls Two Shares (Est) € 22.14 - -0.09 0.00
Global Special Sits £ 24.54 - -0.10 0.04
Top 20 South Africa (Cayman Islands) $ 24.42 - 0.50 0.00 UK Equity Growth Cls A Inc 228.90 - 0.70 0.48 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - 0.00 -
Smaller Cos Cls Three Shares (Est) € 11.08 - -0.06 -
Index Emerging Markets P-Acc £ 1.12 - 0.00 -
Dodge & Cox Worldwide Funds (IRL) UK Equity Growth Cls B Inc 233.30 - 0.70 1.29 Fidelity PathFinder Focussed 5 Acc (clean) £ 1.14 - -0.01 -
Smaller Cos Cls Four Shares (Est) € 14.34 - -0.06 0.00
6 Duke Street,St.James,London SW1Y 6BN Index Europe ex UK P-Acc £ 1.03 - 0.00 0.16
Coupland Cardiff Funds Plc (IRL) Amity Balanced For Charities A Inc 113.70 - 0.00 5.36 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.00 -
Asset Management
www.dodgeandcox.worldwide.com 020 3713 7664
31/32 St James's Street, London, SW1A 1HD FCA Recognised Index Japan P-Acc £ 1.06 - -0.01 0.02
et Management
FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund Amity European Fund Cls A Inc 198.80 - -0.60 1.25 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.09 - 0.00 -
CC Asia Alpha Fd - Cls A Euro € 12.53 12.53 0.07 0.00 EUR Accumulating Class Asset Management
€ 11.79 - -0.08 -
Amity European Fund Cls B Inc 200.50 - -0.70 2.13
Asset Management Index Pacific ex Japan P-Acc £ 1.15 - 0.00 -
Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 -
CC Asia Alpha Fd - Cls B USD $ 12.30 12.30 0.07 0.00 EUR Accumulating Class (H) € 9.73 - 0.01 - Index UK A-Acc £ 0.87 - 0.01 1.18
Amity Global Equity Inc for Charities A Inc 106.70 - 0.30 3.92 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - 0.00 -
CC Asia Alpha Fd - Cls C GBP £ 12.15 12.15 0.06 0.00 EUR Distributing Class € 11.57 - -0.08 - Index UK P-Acc £ 1.05 - 0.00 0.97
Amity International Cls A Inc 219.70 - 0.00 1.28 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.00 -
CC Asia Alpha Fd - Cls I USD $ 9.71 9.71 0.05 0.00 EUR Distributing Class (H) € 9.54 - 0.01 - Eurobank Fund Management Company (Luxembourg) S.A. Index US A-Acc £ 1.61 - 0.00 1.32
Amity International Cls B Inc 221.20 - 0.00 2.09 Regulated Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 -
CC Asian Evolution Fd. Cls A USD $ 14.53 14.53 -0.12 0.00 GBP Distributing Class £ 10.54 - -0.08 - (LF) Absolute Return € 1.30 - -0.01 0.00 Index US P-Acc £ 1.24 - 0.00 1.73
Amity Sterling Bond Fund A Inc 110.30 - -0.10 5.19 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 -
CC Asian Evolution Fd. Cls B GBP £ 13.67 13.67 -0.12 0.00 GBP Distributing Class (H) £ 9.58 - 0.02 - (LF) Balanced - Active Fund (RON)RON 16.31 - -0.01 0.00 Index World A-Acc £ 1.43 - 0.00 1.70
Amity Sterling Bond Fund B Inc 118.60 - 0.00 5.18 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 -
CC Asian Evolution Fund - Cls C USD Acc $ 16.32 16.32 -0.14 0.00 USD Accumulating Class $ 9.77 - 0.02 - (LF) Cash Fund € € 1.32 - -0.01 0.00 Index World P-Acc £ 1.16 - 0.00 2.10
Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.00 -
CC Japan Alpha Fd - Cls A Euro € 9.88 9.88 0.02 0.00 (LF) Cash Fund (RON) RON 15.69 - -0.02 0.00 Japan £ 2.59 - -0.03 0.25
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 17.03 - 0.14 0.00 Eclectica Asset Management (UK) Fidelity PathFinder Income 2 gross £ 1.08 - 0.01 4.26
CC Japan Alpha Fd - Cls B GBP £ 10.77 10.77 0.02 0.00 (LF) Eq Emerging Europe € 0.80 - 0.02 0.00 Japan Smaller Companies £ 1.81 - -0.02 0.00
40 Dukes Place, London EC3A 7NH
GBP Accumulating Share Class £ 18.27 - 0.00 0.00 Order desk: 0845 6080941 Switchboard 0870 6072555 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - 0.00 -
CC Japan Alpha Fd - Cls C JPY ¥ 1056.32 1056.32 2.00 0.00 (LF) Eq Flexi Style Greece € 1.22 - 0.02 - MoneyBuilder Asset Allocator £ 1.22 - -0.01 0.50
Authorised Corporate Director - Capita Financial Managers
GBP Distributing Share class £ 13.42 - 0.00 0.63 Authorised Inv Funds Fidelity PathFinder Income 3 Income (clean) £ 1.06 - 0.00 1.89
CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.78 15.78 0.00 0.00 (LF) Global Bond Fd € 12.22 - 0.00 0.00 MoneyBuilder Balanced £ 0.52 - 0.00 4.04
CF Eclectica Agriculture A EUR Acc € 1.48 - 0.01 0.00
EUR Accumulating Share Class € 22.27 - 0.00 0.00 Institutional OEIC Funds
CC Japan Inc & Grwth Fd - GBP Founder Acc £ 16.25 16.25 0.01 0.00 (LF) Global Equities € 1.15 - 0.01 0.00 Money Builder Dividend £ 2.66 - 0.00 4.39 America £ 3.86 - 0.00 0.42
CF Eclectica Agriculture A GBP Acc 110.64 - 0.43 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.43 15.43 0.01 0.00 (LF) Eq Mena Fund € 15.32 - -0.01 0.00 MoneyBuilder Growth £ 0.75 - 0.00 2.17 Emerging Markets £ 3.37 - -0.02 0.49
USD Accumulating Share Class $ 15.31 - 0.11 0.00 CF Eclectica Agriculture A USD Acc $ 1.69 - 0.01 0.00

CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1644.77 1644.77 1.04 0.00 (LF) Greek Government Bond € 15.33 - -0.04 0.00 MoneyBuilder Growth ISA £ 0.76 - 0.00 2.33 Europe £ 4.00 - -0.01 2.44
EUR Accumulating Share Class € 15.69 - -0.02 0.00 CF Eclectica Agriculture C EUR Acc € 1.53 - 0.01 0.32

CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1550.24 1550.24 0.98 0.00 (LF) Income Plus $ $ 1.22 - 0.00 0.00 MoneyBuilder Income £ 0.37 - 0.00 3.23 Fidelity Pre-Retirement Bond Fund £ 120.50 - -0.40 1.50
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund CF Eclectica Agriculture C GBP Acc 114.37 - 0.45 0.36
USD Accumulating Share Class $ 18.34 - 0.16 0.00
CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.18 16.18 0.01 0.00 (LF) Greek Corporate Bond € 10.72 - -0.07 0.00 MoneyBuilder Income -Gross £ 0.37 - 0.00 3.23 Global Focus £ 2.76 - 0.00 0.53
CF Eclectica Agriculture C USD Acc $ 1.74 - 0.02 0.37
GBP Accumulating Share Class £ 18.60 - 0.01 0.00
CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.36 15.36 0.01 0.00 (LF) FOF Balanced Blend € 1.42 - 0.00 0.00 Multi Asset Adventurous A-Acc £ 1.36 - 0.01 0.46 Index Linked Bond £ 2.66 - -0.01 0.63
EUR Accumulating Share Class € 20.72 - 0.00 0.00
(LF) FOF Equity Blend € 1.29 - 0.01 0.00 Multi Asset Alloc Adventurous A-Acc £ 3.69 - 0.02 2.29 Index Linked Bond Gross £ 3.19 - -0.02 0.63
Edinburgh Partners Limited (IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 (LF) FOF Glob. Emerging Mkts € 0.92 - 0.00 0.00 Multi Asset Alloc Strategic A-Acc £ 1.22 - 0.00 0.27 Index-Linked Bond Fund Gross Inc £ 12.51 - -0.08 0.63
Dealing - Fax only - +353 1 434 5230
FCA Recognised
(LF) FOF Dynamic Fixed Inc € 11.70 - 0.03 0.00 Multi Asset Alloc Def - Gross A £ 1.15 - 0.00 0.27 Japan £ 1.96 - -0.01 0.76
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR € 2.70 - 0.01 1.28
(LF) FOF Real Estate € 17.33 - 0.17 0.00 Multi Asset Alloc Def - Net A £ 1.14 - -0.01 0.24 Long Bond £ 0.53 - -0.01 2.64
European Opportunities I GBP £ 2.02 - 0.00 1.58
Multi Asset Alloc Growth A £ 1.26 - 0.00 0.00 Long Bond Gross £ 0.86 - 0.00 2.58
Crèdit Andorrà Asset Management (LUX)
www.creditandorra.com Dominion Fund Management Limited European Opportunities I USD $ 3.09 - 0.01 1.38
Multi Asset Defensive £ 1.25 - 0.00 0.35 Long Bond Fund Gross Inc £ 11.89 - -0.08 2.63
FCA Recognised PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 0.00 Guernsey - Channel Islands United Kingdom GY1 3PU European Opportunities A EUR € 2.63 - 0.01 0.91
Multi Asset Defensive - Gross £ 1.25 - 0.00 0.34 Pacific (Ex Japan) £ 3.80 - -0.01 1.88
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 FCA Recognised Global Opportunities I USD $ 1.71 - 0.00 1.15
Multi Asset Growth £ 1.40 - 0.00 0.34 Pan European £ 2.63 - -0.01 2.05
DGT - Consumer £ I Class £ 130.68 - -0.13 0.00
Crediinvest SICAV Fixed Income Eur € 10.94 - 0.01 0.00 Global Opportunities I GBP £ 1.12 - 0.00 1.00
FIL Investment Services (UK) Limited (1200)F (UK) MultiManager Balanced £ 1.09 - 0.00 0.56 Reduced Duration UK Corporate Bond £ 10.59 - 0.02 3.32
DGT - Consumer £ R Class £ 126.08 - -0.12 0.00
Crediinvest SICAV Fixed Income Usd $ 10.68 - 0.01 0.00 Global Opportunities I EUR € 1.49 - 0.00 0.99 130, Tonbridge Rd, Tonbridge TN11 9DZ
Callfree: Private Clients 0800 414161 Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.77 Reduced Duration UK Corporate Bond Gross £ 10.71 - 0.02 3.32
DGT Managed - £ I £ 1.13 - -0.02 0.00
Crediinvest SICAV Spanish Value € 264.50 - 1.28 0.00 Global Opportunities A GBP £ 1.05 - 0.00 0.59 Broker Dealings: 0800 414 181
Authorised Inv Funds Multi Asset Open Strategic A-Acc £ 1.26 - 0.00 1.60 Reduced Duration UK Corporate Bond Inc £ 10.15 - 0.02 3.34
DGT Managed - £ R £ 1.15 - -0.01 0.00
Crediinvest SICAV International Value € 232.00 - 1.88 0.00 Pan European Opportunities I EUR € 1.63 - 0.01 - Unit Trust
Cash Accum Units 186.23 186.23 0.00 0.00 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.32 Reduced Duration UK Corp Bond Gross Inc £ 10.16 - 0.02 3.35
Crediinvest SICAV Big Cap Value € 17.90 - 0.17 0.00
Cash Fund £ 1.00 1.00 0.00 0.12 Multi Asset Strategic £ 1.56 - 0.00 0.51 Select Emerging Markets Equities £ 1.31 - 0.00 0.96
Dominion Fund Management Limited
Crediinvest SICAV US American Value $ 18.32 - 0.17 0.00
Other International Funds Gross Accum Cash £ 1.28 1.28 0.00 0.00 Open World A-Acc £ 1.22 - 0.00 0.00 Select European Eqts £ 1.73 - 0.01 1.88
DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 106.91 106.91 6.02 0.00
Crediinvest SICAV Sustainability € 15.38 - -0.02 0.00
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11 Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.66 Select Global Equities £ 2.97 - -0.01 0.97
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 106.70 106.70 2.69 0.00
MoneyBuilder Global £ 2.62 2.62 0.00 0.19 Multi Asset Income A Gross Inc £ 1.14 - 0.00 5.06 South East Asia £ 3.75 - -0.04 0.68

Dantrust Management (Guernsey) Ltd (GSY) EFG Hermes Multi Asset Income A Net Acc £ 1.49 - 0.00 3.67 Sterling Core Plus Bond Gr Accum £ 2.12 - -0.01 3.43
OEIC Funds
Regulated DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE American £ 27.81 - 0.14 0.00
Dantrust II Limited kr 459.40 459.50 -1.10 0.00
Asset Management
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Multi Asset Income A Net Inc £ 1.14 - 0.00 5.06 Sterling Core Plus Bond Inc £ 1.41 - 0.00 3.53
Other International Funds
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00
American Special Sits £ 11.14 - -0.01 0.00
South East Asia Asset Management
£ 8.41 - -0.08 0.45 UK £ 3.48 - 0.00 1.91 Asset
Asia Pacific Ops W-Acc £ 1.07 - 0.00 -
DAVIS Funds SICAV (LUX) Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Special Situations £ 28.58 - 0.13 1.77 UK Aggreg Bond Gr Accum £ 1.84 - -0.01 3.03
Regulated Fidelity Asian Dividend Fund A-Accumulation £ 1.16 - -0.01 0.48
Davis Value A $ 40.34 - 0.40 0.00 Saudi Arabia Equity Fund SR 14.80 - 0.07 0.00 Strategic Bond £ 0.33 - 0.00 3.23 UK Aggregate Bond Inc £ 1.26 - 0.00 3.08
Fidelity Asian Dividend Fund A-Income £ 1.12 - -0.01 2.60
Davis Global A $ 29.59 - 0.18 0.00 Strategic Bond Gross £ 0.33 - 0.00 3.23 UK Corporate Bond £ 1.27 - 0.00 3.90
 FINANCIAL TIMES Monday 9 February 2015 FTfm | 17

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

UK Corporate Bond - Gross £ 2.30 - 0.00 3.77 Greater China Growth A Shares 528.10 - -3.04 0.42 Frk Gbl Fundamental Strat Fd $ 13.15 - 0.09 0.00 GAM Star Asian Eqty USD Ord Acc F $ 14.37 - -0.11 0.00 International Acc £ 13.26 13.96 -0.07 - Multi-Manager Distribution A Inc 132.20 - -0.40 2.49

UK Corporate Bond Fund Gross Inc £ 11.50 - -0.01 3.89 Indian Subcontinent A Acc 352.42 - -2.37 0.00 Frk Global Conver.Securities $ 11.74 - 0.08 0.00 GAM Star Balanced GBP Acc £ 10.38 - 0.02 - Nth American Acc £ 6.74 7.09 -0.05 - Multi-Manager Diversified A Acc 78.85 - -0.13 2.61

UK Gilt Bond £ 1.32 - 0.00 1.82 Worldwide Equity Fund A Accumulation £ 1.31 - 0.01 0.04 Frk Global Growth $ 14.47 - 0.23 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.58 - 0.16 0.00 Pacific Acc £ 3.92 4.13 -0.02 - Multi-Manager Global Select Acc 182.50 - 0.10 0.00

UK Gilt Gross £ 2.07 - -0.01 1.79 Worldwide Equity Fund A Income £ 1.32 - 0.00 0.02 Frk Global Gth & Val $ 24.99 - 0.30 0.00 GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00 European Acc £ 3.36 3.54 -0.02 - Multi-Manager Income & Growth A Acc 153.60 - -0.20 2.03

UK Long Corp Bond £ 1.45 - -0.01 4.19 Frk Global Sml Mid Cap Gth $ 28.48 - 0.45 0.00 GAM Star Cautious GBP Acc £ 10.41 - -0.02 - Property Acc £ 6.74 7.10 0.00 - Multi-Manager Income & Growth A Inc 143.90 - -0.20 2.05

UK Long Corp Bond - Gross £ 2.56 - -0.01 4.04 Frk Gold and Precious Mtls Fd F $ 4.25 - 0.10 0.00 GAM Star China Equity USD Acc F $ 22.42 - -0.04 0.50 Index-Linked Acc £ 6.78 7.13 -0.03 - Multi-Manager Managed A Acc 229.80 - -0.10 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
UK Long Corporate Bond Fund - Gross Income £ 11.64 - -0.02 4.18 Foord International Trust $ 34.75 - 0.22 0.00 Frk India $ 33.84 - -0.01 0.00 GAM Star Cont European Eqty GBP Acc F £ 3.37 - -0.02 0.00 Deposit Accum £ 4.46 4.69 0.00 - Multi-Manager Managed A Inc 225.60 - -0.10 0.00

UK Specialist £ 1.83 - 0.00 1.22 Frk Japan Fd ¥ 791.47 - -7.40 0.00 GAM Star Cred Opportunities GBP Acc £ 12.62 - 0.00 4.12 Guardian Pensions Management Ltd Sterling Bond Acc 205.04 214.24 0.81 2.84
Pens. Managed Acc. £ 23.73 24.98 -0.08 -
Retail Share Classes Frk K2 Alt Strat Fd $ 10.40 - 0.02 - GAM Star Defensive GBP Acc £ 10.94 - 0.00 0.00 Sterling Bond Inc 64.63 67.52 0.26 2.88
Emerging Markets - retail £ 1.35 - 0.00 0.00
Franklin Templeton International Services Sarl (IRL) Pens. Equity Acc. £ 35.69 37.57 0.00 -
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Frk MENA Fund $ 7.08 - -0.02 0.00 GAM Star Discretionary FX USD Acc F $ 12.94 - 0.00 0.00 Strategic Bond A Inc 129.90 - 0.00 5.74
Other International Funds
Europe Long Term Growth £ 1.54 - 0.00 1.84
Franklin Emerging Market Debt Opportunities Fund Plc
Frk Mutual Beacon $ 71.70 - 0.72 0.00 GAM Star Dynamic Gbl Bd USD Acc H $ 10.66 - -0.02 1.44 UK & Irish Smaller Companies A Acc 522.20 - 3.10 0.05
Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29
{*}CAR - Net income reinvested HPB Assurance Ltd
Frk Mutual European EUR € 24.06 - 0.11 0.00 GAM Star Emerging Asia USD Class ACCU $ 13.16 - -0.04 0.47 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 UK Absolute Return A Acc 143.80 - -0.10 0.00
Franklin Emg Mkts Debt Opp EUR € 12.66 - 0.11 5.94
International Insurances
FIL Fund Management (LUX) Frk Mutual Gbl Disc $ 17.63 - 0.20 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.59 - -0.01 0.00 Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00 UK Alpha A Acc 108.80 - 0.30 1.05
Franklin Emg Mkts Debt Opp GBP £ 10.61 - -0.01 5.96
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088 Frk Natural Resources Fd F $ 7.80 - 0.15 0.00 GAM Star European Eqty USD Acc F $ 22.41 - 0.06 0.00 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00 UK Equity Income & Growth A Inc 620.40 - 3.90 3.45
Franklin Emg Mkts Debt Opp SGD S$ 23.02 - -0.10 5.97
Regulated
China Consumer A-GBP £ 15.27 - -0.18 0.00 Frk Real Return Fd F $ 10.61 - 0.03 0.00 GAM Star Flexible Gbl Port GBP Ac £ 12.69 - 0.02 0.00 UK Index A Acc 509.90 - 1.00 1.99
Franklin Emg Mkts Debt Opp USD $ 17.85 - -0.19 6.03

China Focus A-GBP £ 4.34 - -0.04 0.24 Frk Strategic Income Fd $ 14.75 - 0.01 0.00 GAM Star GAMCO US Equity Acc F $ 13.53 - 0.01 0.00 UK Property A Acc 193.08 203.24 0.05 4.04
Hamon Investment Group
Other International Funds
Global Financial Services A-GBP £ 0.43 - 0.00 0.00 Frk Technology $ 10.77 - 0.11 0.00 GAM Star Global Conv Bond USD Acc F $ 11.34 - 0.00 0.00 UK Property A Inc 97.68 102.81 0.03 4.16
Asian Market Leaders - USD $ 26.12 - -0.14 0.00

Global Health Care A-GBP £ 0.54 - 0.00 0.00 Frk U.S. Focus Fund $ 16.24 - 0.18 0.00 GAM Star Global Rates USD Acc F $ 12.65 - 0.05 0.00 UK Tracker A Acc 232.60 - 0.40 1.42
Asian Market Leaders - GBP £ 13.32 - -0.17 0.00

Global Industrials A-GBP £ 0.69 - 0.00 0.00 Frk US Equity $ 23.88 - 0.25 0.00 GAM Star Global Selector USD Acc F $ 14.42 - 0.16 0.00 US Growth A Acc 776.50 - 4.00 0.00
Greater China - USD $ 10.68 - -0.13 0.00

Global Inflation-Linked Bd A-GBP-Hdg £ 1.20 - 0.00 0.51 Frk US Opportunities $ 11.87 - 0.17 0.00 GAM Star Japan Eqty USD Acc F $ 12.06 - -0.08 0.38
Greater China - GBP £ 4.40 - -0.09 0.00
Franklin Templeton Investment Funds (LUX)
Global Real Asset Securities £ 1.51 - 0.00 0.00 8A rue Albert Borschette / L-1246 Luxembourg Frk US Sml Mid Cap Gth F $ 19.51 - 0.27 - GAM Star Keynes Quant Strat USD Acc F $ 12.38 - -0.04 0.00
Selected Asian P'folio $ 49.48 49.49 -0.25 0.00
www.franklintempleton.co.uk UK freephone 0 800 305 306
Global Technology A-GBP £ 0.24 - 0.00 0.00 FCA Recognised Frk Wrld Perspective Fd $ 19.24 - 0.21 0.00 GAM Star Local EM Rates and FX USD Acc $ 11.85 - 0.00 0.00
Class A Dis
Global Telecomms A-GBP £ 0.29 - 0.00 1.01 Frk Gbl R.Estate (USD) A Dis $ 10.61 - 0.12 2.19 Tem Africa $ 10.95 - 0.04 0.00 GAM Star North of South EM Equity Acc F $ 11.87 - 0.02 0.02
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Frk High Yield $ 6.78 - 0.02 - Tem Asian Sml Comp Fd $ 39.36 - 0.03 0.00 GAM Star Technology USD Acc F $ 16.15 - 0.17 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
India Focus A-GBP £ 4.80 - -0.02 0.00 Hermes Investment Funds Plc (IRL)
Enquiries 0117 90090000
Authorised Inv Funds Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Latin America A-GBP £ 1.71 - 0.01 0.18 Frk Euro Gov. Bond € 11.58 - 0.01 1.01 Tem BRIC $ 14.00 - 0.09 0.00 GAM Star US All Cap Eqty USD Acc F $ 13.96 - 0.11 0.00
Hargreaves Lansdown Funds FCA Recognised
Unit Trust Hermes Active UK Inflation Fund Class F Acc £ 1.29 1.29 -0.01 0.00
Frk Euro High Yield € 6.61 - 0.01 4.58 Tem China $ 22.97 - 0.00 0.00 GAM Star Worldwide Eqty USD Acc F $ 3284.68 - 11.88 0.37
Multi-Manager Spec Sits Tst 258.98 272.61 -0.40 0.22
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.55 1.55 -0.02 0.00
Frk Euro Liquid Reserve € 4.37 - 0.00 - Tem Eastern Europe € 17.88 - 0.15 0.00
Findlay Park Funds Plc (IRL) HL Multi-Manager Income & Growth Trust (Accumulation units) 162.22 170.66 0.14 3.75
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460 Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.32 3.32 -0.03 0.00
Frk Euro Short Dur Bond Fd € 10.21 - 0.00 - Tem Emerging Mkts Sml Comp Fd $ 10.20 - 0.04 0.00
FCA Recognised GYS Investment Management Ltd (GSY)
HL Multi-Manager Income & Growth Trust (Income units) 100.49 105.71 0.09 3.75
American Fund USD Class $ 78.86 - 0.74 0.00 Regulated Hermes Global Emerging Markets Fund Class F Acc £ 1.24 1.24 -0.01 0.00
Frk Europ Corp Bond Fd € 11.59 - 0.00 1.64 Tem Euroland € 19.13 - 0.12 0.00 Taurus Emerging Fund Ltd $ 251.31 256.43 0.84 0.00
Multi-Manager Bal Mgd Tst 180.89 190.24 -0.20 0.89
American Fund GBP Hedged £ 42.95 - 0.39 0.00 Hermes Global Emerging Markets Fund Class R Acc € 3.08 3.08 -0.01 0.00
Frk European Total Return € 10.43 - -0.01 1.48 Tem European EUR € 20.77 - 0.10 0.00
HL Multi-Manager Equity & Bond Trust (Income units) 109.11 114.65 0.02 2.24
Latin American Fund USD Class $ 16.05 - 0.23 0.00 Hermes Global Equity Fund Class F Acc £ 1.50 1.50 0.00 0.00
Frk Global Aggr.Inv.Grd Bond Fd $ 10.80 - 0.00 0.00 Tem Frontier Mkts Fund $ 18.24 - 0.02 0.00
Generali International Limited HL Multi-Manager Equity & Bond Trust (Accumulation units) 145.20 152.58 0.03 2.24
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Hermes Global Equity Fund Class R Acc € 3.89 3.89 0.02 0.00
Frk Global Aggregate Bond Fd $ 10.22 - 0.01 1.27 Tem Growth (Euro) € 15.95 - 0.01 0.00
International Insurances Multi-Manager Strategic Bond Trust A Acc 169.79 175.04 -0.13 1.75
Global Multi-Strategy Managed $ 4.86 5.24 0.01 0.00 Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 0.00 -

Asset Management
Frk Global Income Fd $ 10.31 - 0.04 5.55 Tem Korea $ 5.27 - -0.03 0.00
Multi-Manager Strategic Bond Trust A Inc 143.29 147.72 -0.10 1.75
UK Multi-Strategy Managed £ 4.84 5.22 0.01 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.11 1.11 -0.01 0.00
Frk Income $ 12.74 - 0.10 3.09 Tem Thailand $ 21.80 - 0.17 0.00
HL Multi Manager UK Growth 100.10 103.19 0.27 0.00
EU Multi-Strategy Managed € 2.93 3.16 0.01 0.00 Hermes Global High Yield Bond Fund Class R Acc € 2.85 2.85 0.01 0.00
Frk US Government $ 9.49 - 0.00 2.29

Global Bond USD $ 3.60 3.88 0.01 0.00 Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.01 1.01 0.01 -
Fleming Financial Trust Investment Fund Limited (NZ) Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Frontier Gottex (UK)
Incorporated in New Zealand, Reg No 5141841 Authorised Inv Funds Haussmann Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.02 1.02 0.00 -
Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand Frk US Low Duration Fd $ 9.89 - 0.00 0.53 FP Frontier MAP Balanced Fund 141.54 - 0.74 0.66 Other International Funds
www.fftinvestmentfund.com Haussmann Cls A $ 2700.75 - -7.45 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.25 1.25 -0.01 -
info@fftinvestmentfund.com Frk US Total Return $ 11.52 - 0.00 1.56 Genesis Asset Managers LLP
Other International Funds Other International Funds Haussmann Cls C € 2368.79 - -0.84 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.23 1.23 -0.01 1.84
Fleming FT Investment Fund Tem Asian Bond $ 13.58 - 0.04 3.04 Emerging Mkts NAV £ 5.90 - -0.01 0.00
Fleming Fund $ 2.71 2.81 0.05 - Frontier Capital (Bermuda) Limited
Haussmann Cls D SFr 1259.31 - -10.97 0.00
Other International Hermes Sourcecap EU Alpha Fund Class R Acc € 2.99 2.99 0.00 0.00
Tem Asian Growth $ 33.12 - -0.03 0.29
Commercial Property-GBP Class £ 71.42 - -0.53 -
Hermes Sourcecap EX UK Fund Class F Acc £ 1.29 1.29 -0.01 0.00
Tem Emerging Markets $ 33.36 - 0.15 0.27 Guardian (UK)
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Heartwood Wealth Management Limited (IRL) Hermes Sourcecap EX UK Fund Class R Acc € 3.00 3.00 0.00 0.00
Tem Emg Mkts Balanced AQdis $ 7.93 - 0.03 2.87 Insurances Regulated
Guardian Assurance Heartwood Caut Multi Asset B Acc 142.14 - -0.08 0.00 Hermes UK Small & Mid Cap Fund Class F Acc £ 1.49 1.49 0.01 0.00
Tem Emg Mkts Bd $ 17.22 - 0.03 6.69 Property Bond £ 23.35 24.32 0.01 -
Hermes UK Small & Mid Cap Fund Class R Acc € 4.40 4.40 0.04 0.00
Tem Global $ 34.30 - 0.32 0.47 Choices Wth-Pfts Lg-tm 316.90 333.60 0.00 -
First State Investments (UK) (1200)F (UK) Henderson Global Investors (UK) Hermes US SMID Equity Fund Class F Acc £ 1.55 1.55 0.01 0.00
Tem Global (Euro) € 18.71 - 0.06 0.37 Choices Wth-Pfts St-tm 268.90 283.10 0.00 -
23 St Andrew Square, Edinburgh, EH2 1BB PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
enquiries@firststate.co.uk www.henderson.com Hermes US SMID Equity Fund Class R Acc € 3.27 3.27 0.04 0.00
Tem Global Balanced $ 22.92 - 0.19 0.64 Choices Managed 628.19 661.26 -2.30 -
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 Authorised Inv Funds
Authorised Funds Fundsmith LLP (1200)F (UK)
Asia Pacific Capital Growth A Acc 785.40 - -4.80 0.82
Asia Pacific A Shares 1003.88 - -3.01 0.01 Tem Global Bond $ 20.91 - 0.02 2.32 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Choices Equity 708.58 745.87 -0.01 -
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Asian Dividend Income Inc 96.51 101.85 -0.72 5.81 Hermes Property Unit Trust (UK)
Asia Pacific Leaders A Shares 499.27 - -1.40 0.22 Tem Global Bond (Euro) € 10.34 - 0.00 2.89 Authorised Inv Funds Freedom With Pfts Long-Tm 217.80 229.30 0.00 -
Fundsmith Equity T Acc 205.87 - -0.06 1.09 Property & Other UK Unit Trusts
Cautious Managed A Acc 243.90 - 0.10 3.22 Property £ 5.34 5.68 0.04 4.90
Asia Sustainability A Shares 371.00 - -1.14 0.43 Tem Global Equity Income A(Mdis) $ 10.07 - 0.10 3.69 Freedom With Pfts Short-Tm 196.10 206.40 0.00 -
Fundsmith Equity T Inc 195.98 - -0.05 1.10
Cautious Managed A Inc 154.50 - 0.10 3.28
Emerging Markets Bond A Accumulation £ 1.20 - 0.00 4.41 Tem Global High Yield Fd F $ 9.44 - 0.03 4.99 Freedom Managed 363.58 382.72 -1.09 -

China Opportunities A Acc 853.20 - -15.40 0.38

Emerging Markets Bond A Income £ 1.06 - 0.00 4.53 Tem Global Income $ 14.19 - 0.08 1.64 Freedom Equity 409.99 431.57 -0.01 - Impax Asset Management (IRL)
GAM Limited (2300)F (UK) Norfolk House, 31 St James's Square, London, SW1Y 4JR
Emerging Markets Opportunities A Acc 155.90 - -0.10 0.40
Global Agribusiness Fund A Accumulation 137.53 - 0.72 0.00 Tem Global Smaller Cos $ 33.53 - 0.43 0.00 GAM Sterling Management Limited Corp Pens Mananged 221.77 221.77 -0.81 - FCA Recognised
12 St James's Place London SW1A 1NX. 0800 919 927 Env Mkts (Ire) Stl A £ 2.22 - 0.01 0.00
European Growth A Acc 164.50 - -0.60 0.80
Global Emerging Mkts A Shares 630.31 - -1.35 0.49 Tem Global Total Return $ 17.76 - 0.02 3.56 Internet: gam.com Corp Pens Equity 231.32 231.32 0.00 -
Asset Management
Asset Management Authorised Inv Funds Env Mkts (Ire) Euro A € 2.04 - 0.02 0.00
European Selected Opportunities A Acc 1259.00 - -10.00 0.49
Global Emerging Mkts Leaders A Shares 453.55 - -0.14 0.41 Tem Latin America
Asset Management
$ 50.83 - 0.44 0.89 GAM Funds OEIC
GAM Global Diversified Acc 3958.33 - 8.36 0.00
Corp Pens Fixed Interest
Asset Management 306.33 306.33 -0.88 -

European Special Situations A Acc 88.73 - 0.01 1.13

Env Mkts (Ire) USD A $ 1.78 - 0.02 0.00
Global Emerging Mkts Sustainability A Acc 245.36 - -0.45 0.65 Class A Acc Corp Pens Index Linked 361.20 361.20 -2.40 -
Frk Biotech Discovery $ 32.78
Asset Management
- 0.81 - GAM North American Gwth Acc 3238.25 - 49.61 0.00

Asset Management Asset Management

Fixed Interest Monthly Income A Inc 22.38 23.47 0.01 5.99
Global Listed Infrastructure Acc 181.44 - -0.21 2.72 Corp Pens Deposit 190.28 190.28 0.01 -
Frk Brazil Opportunities Fd $ 10.23 - 0.00 0.00 GAM UK Diversified Acc 1887.87 - 9.15 1.08
Global Care Growth A Inc 200.30 - 0.70 0.12 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Global Listed Infrastructure Inc 143.38 - -0.16 2.78 Corp Pens Protector 379.14 379.14 -1.97 - www.invil.mu
Frk Euro S-Term Money Mkt Fd € 1012.30 - 0.00 0.00 Other International Funds
Global Equity Income A Inc 50.48 - 0.03 3.81
Global Opportunities A Shares 302.86 - -0.39 0.19 Corp Pens UK Index Tracker £ 1.99 1.99 0.00 - NAV £ 7.34 - -0.01 0.00
Frk Euroland Fund € 19.34 - 0.16 0.00
GAM Limited (IRL) Global Growth Fund 2002.65 2092.49 3.43 0.00
Global Property Securities A Accumulation 174.28 - 0.79 1.81 Guardian Linked Life Assurance Ltd
FCA Recognised
Frk European Growth € 15.10 - 0.12 0.00 Managed Acc £ 18.25 19.21 -0.05 -
GAM Fund Management Ltd Global Technology A Acc 909.70 - 0.60 0.00
Global Property Securities A Income 137.13 - 0.62 1.84 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927 Intrinsic Value Investors (IVI) LLP (IRL)
Frk European Sml Mid Cap Gth € 32.95 - 0.28 0.00 Equity Acc £ 33.35 35.10 0.00 -
GAM Star Fund Plc Multi-Manager Absolute Return A Acc 136.40 - -0.20 0.00 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Global Resources A Shares 239.75 - 3.00 0.76 GAM Star Asia-Pacific Eqty USD Acc F $ 11.98 - -0.05 0.77 FCA Recognised
Frk Gbl Equity Strategies Fd $ 11.48 - 0.08 0.00 Fixed Interest Acc £ 17.48 18.40 -0.04 -
Multi-Manager Active A Acc 175.80 - 0.00 0.00 IVI European Fund EUR € 16.91 - 0.09 0.00
 18 | FTfm FINANCIAL TIMES Monday 9 February 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

IVI European Fund GBP £ 17.12 - -0.01 1.07 High Yield Fund Inc 44.04 - 0.00 4.29 European Smaller Companies (No Trail) Acc F 202.07 - 0.88 0.54 Invesco Balanced Risk Allocation Fund A € 15.64 - 0.02 0.00 Global High Yield Bond Acc ... C 100.10xd - 0.29 6.95

High Yield Fund Inc (Gross) 44.06 - 0.00 4.28 Global Balanced Index (No Trail) Acc F 156.83 - -0.18 1.78 Invesco Capital Shield 90 (EUR) A € 12.15 - 0.01 0.00 Global High Yield Bond Inc ... C 39.30xd - 0.10 7.04

Hong Kong & China Acc F 471.69 - -5.61 0.73 Global Bond (No Trail) Acc F 137.34 - -0.45 1.30 Invesco Emerging Europe Equity Fund A $ 7.98 - 0.16 0.00 Global Property Secs Acc 62.72xd - 0.55 0.67

Income & Growth Acc F 955.66 - -0.49 3.66 Global Bond (No Trail) Inc F 125.59 - -0.41 1.31 Invesco Emerging Local Currencies Debt A Inc $ 8.43 - 0.03 5.97 Global Property Secs Inc 54.37xd - 0.48 0.67

Income & Growth Inc F 424.03 - -0.21 3.76 Glbl Distribution Acc (No Trail) 105.90 - 0.29 - Invesco Emerging Mkt Quant.Eq. A $ 11.05 - 0.03 0.00 Income Fd A - Net Acc 50.39xd - 0.07 -
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Income Acc F 3084.45 - -10.52 3.33 Glbl Distribution Inc (No Trail) 103.47 - 0.29 - Invesco Energy A $ 23.46 - 0.48 - Income Fd A - Net Inc 48.75xd - 0.07 -
Invesco Fund Managers Ltd (UK) Other International Funds
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Invest AD - Iraq Opportunity Fund $ 70.63 - -0.07 0.00
Income Inc F 1766.34 - -6.02 3.41 Global Equity (No Trail) acc F 206.67 - 0.86 1.03 Invesco Euro Corporate Bond Fund (A) € 17.62 - 0.01 0.00 Japan Acc 257.60xd - -1.90 0.00
Dealing: 0800 085 8571
Investor Services: 0800 085 8677 Invest AD - Emerging Africa Fund $ 1178.52 - 2.65 0.00
Japan Acc F 292.01 - 1.79 0.33 Global Equity (No Trail) inc F 193.41 - 0.81 1.04 Invesco Euro Inflation Linked Bond A € 15.83 - 0.05 0.00 Japan Inc 62.01xd - -0.45 0.00
www.invescoperpetual.co.uk
Authorised Inv Funds Invest AD - GCC Focus Fund $ 1739.88 - -9.87 0.00
Japanese Smlr Cos Acc F 65.80 - -0.57 0.00 Global Equity Income (No Trail ) Acc F 247.46 - 0.78 3.21 Invesco Euro Reserve A € 322.89 - 0.00 0.00 Multi-Asset Inc A Mth Net Inc 67.02xd - 0.12 3.69
INVESCO PERPETUAL Funds
Asian Acc F 472.98 - -2.57 0.82
Latin America Acc F 131.35 - 0.12 1.21 Global Equity Income (No Trail) Inc F 207.97 - 0.66 3.30 Invesco European Bond A € 7.15 - 0.01 0.00 Multi-Asset Inc Acc... C 86.81xd - 0.15 3.63
Asian Inc F 424.82 - -2.31 0.83
Latin America Inc F 110.48 - 0.11 1.22 Global ex UK Core Equity Index ( No Trail) Acc F 170.54 - -0.04 1.32 Invesco European Growth Equity A € 23.29 - 0.06 0.00 Multi-Asset Inc Inc... C 67.01xd - 0.11 3.72
Asian Equity Income Acc F 64.08 - -0.29 4.00
Managed Growth Acc F 161.75 - 0.23 0.82 Global ex UK Enhanced Index ( No Trail) Acc F 198.95 - 0.28 1.74 Invesco Global Absolute Return Fund A Class € 11.80 - -0.05 0.00 Multi-Asset Macro Acc 60.13xd - -0.35 0.00
Asian Equity Income Inc F 55.53 - -0.25 4.11
Managed Growth Inc F 135.47 - 0.19 0.82 Gbl Fin Cap No Trail Acc 174.49 - 0.26 4.35 Invesco Global Bond A Inc $ 5.60 - 0.01 1.12 Multi-Asset Macro Inc 60.13xd - -0.35 0.00
Balanced Risk 6 Acc 54.30 - 0.03 0.00
JPMorgan Asset Mgmt (1200)F
Asset Management
Managed Income Acc F 159.45 - 0.08 3.17 Gbl Fin Cap No Trail Inc 152.69 - 0.23 4.48 Invesco Global Equity Income Fund A $ 60.11 - 0.55 0.00 (UK) Multi-Manager Growth Acc 710.80xd - 0.70 0.46

Asset
AssetManagement
60 Victoria Embankment, London EC4Y 0JP
Balanced Risk 8 Acc

et Management
56.46 - 0.04 0.04
Managed Income Inc F 99.74 - 0.05 3.24 Global Opportunities (No Trail) Acc F 241.20 - 1.37 1.01 Invesco Global Inc Real Estate Sec A dist $ 9.98 - 0.05 2.26 Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
Multi-Manager Growth Inc Management663.40xd - 0.70 0.46
Balanced Risk 10 Acc 58.66 - 0.04 0.27
Money Acc F Asset Management 90.07 - 0.00 0.26 Global Smaller Companies (No Trail) Acc F 243.20 - 0.71 0.40 Asset Management
Invesco Global Inv Grd Corp Bond A Dist $ 12.33 - 0.00 3.04 JPM Retail OEIC (A class unless stated)
America Eq Fd A - Net Acc 58.64xd - 0.21 0.00
Natural Resources Acc 478.30xd - 6.80 0.09
Childrens Acc F 414.20 - 1.73 1.75
Money Acc (Gross) F 95.16 - 0.00 0.26 Global Smaller Companies (No Trail) Inc F 233.92 - 0.68 0.40 Invesco Global Leisure A $ 36.06 - 0.24 0.00 Natural Resources Inc 33.88xd - 0.49 0.09
America Eq Fd A - Net Inc 58.63xd - 0.20 0.00
Corporate Bd Acc (Gross) F 207.54 - -0.05 3.65
Monthly Income Plus Acc F 298.19 - -0.05 4.79 Global Targeted Rets (No Trail) Acc 116.95 - -0.27 0.81 Invesco Global Smaller Comp Eq Fd A $ 54.01 - 0.64 0.00 New Europe Acc 143.90xd - 1.90 2.52
Asia Acc 125.80xd - -1.30 0.31
Corporate Bd Inc (Gross) F 91.38 - -0.02 3.75
Monthly Income Plus Acc (Gross) F 347.94 - -0.06 4.76 High Income (No Trail) Acc F 170.02 - -0.04 3.50 Invesco Global Structured Equity A $ 45.54 - 0.08 - New Europe Inc 34.20xd - 0.44 2.48
Asia Inc 69.84xd - -0.67 0.30
Corporate Bond Acc F 185.74 - -0.05 3.67
Monthly Income Plus Inc F 113.17 - -0.02 4.89 High Income (No Trail) Inc F 127.28 - -0.02 3.59 Invesco Global Total Ret.(EUR) Bond Fund A € 13.47 - 0.01 0.00 Portfolio Acc 198.00 - -0.30 0.99
Cautious Managed Rt Acc 66.96xd - 0.00 0.17
Corporate Bond Inc F 91.15 - -0.02 3.75
Monthly Income Plus Inc (Gross) F 113.30 - -0.02 4.89 Hong Kong & China (No Trail) Acc F 186.35 - -2.21 1.23 Invesco Gold & Precious Metals A $ 5.20 - 0.05 0.00 Sterling Corporate Bond Acc 85.46xd - -0.15 2.50
Cautious Managed Rt Inc 58.93xd - 0.00 0.17
Distribution Acc F 110.56 - -0.07 4.14
Pacific Acc F 1012.66 - 2.90 0.37 Income & Growth (No Trail) Acc F 224.12 - -0.11 3.65 Invesco Greater China Equity A $ 47.05 - -0.34 0.00 Sterling Corporate Bond Inc 54.24xd - -0.10 2.52
Diversified Real Ret Acc 54.60xd - 0.08 1.02
Distribution Acc (Gross) F 125.65 - -0.08 4.12
Pacific Inc F 930.12 - 2.67 0.37 Income & Growth (No Trail) Inc F 181.45 - -0.09 3.74 Invesco India Equity A $ 53.46 - -0.70 0.00 Strategic Bond Acc 69.11xd - 0.11 3.33
Diversified Real Ret Inc 53.30xd - 0.07 1.01
Distribution Inc F 66.24 - -0.04 4.22
Tactical Bond Acc F 69.49 - -0.02 1.76 Income (No Trail) Acc F 168.85 - -0.57 3.31 Invesco Japanese Equity Adv Fd A ¥ 3520.00 - 18.00 0.00 Strategic Bond Inc 58.21xd - 0.09 3.35
Emerging Mkts Acc 158.10xd - 0.20 0.65
Distribution Inc (Gross) F 66.23 - -0.05 4.22
Tactical Bond Inc F 60.64 - -0.01 1.77 Income (No Trail) Inc F 127.28 - -0.43 3.40 Invesco Japanese Value Eq Fd A ¥ 1134.00 - 7.00 0.00 UK Active Index + E Acc 282.30xd - 0.40 2.90
Emerging Mkts Inc 68.01xd - 0.11 0.66
Emerging Countries Acc F 260.87 - -0.72 0.49
Tactical Bond Acc (Gross) F 71.99 - -0.01 1.75 Japan (No Trail) Acc F 138.22 - 0.85 0.85 Invesco Latin American Equity A $ 7.66 - 0.04 0.00 UK Active Index + E Inc 53.22xd - 0.07 2.99
Emrg Mkts Inc Acc... C 57.90xd - -0.13 3.82
Emerging Countries Inc F 237.34 - -0.66 0.49
Tactical Bond Inc (Gross) F 60.70 - -0.01 1.78 Japanese Smaller Companies (No Trail) Acc F 166.98 - -1.44 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1005.00 - 0.00 0.00 UK Dynamic Acc 153.50xd - -0.60 1.39
Emrg Mkts Inc Inc... C 52.67xd - -0.11 3.91
Emerging European Acc F 33.60 - 0.52 3.21
UK Aggressive Acc F 210.02 - 1.00 1.78 Latin American (No Trail) Acc F 126.52 - 0.12 1.84 Invesco Pan European Equity A EUR Cap NAV € 19.42 - 0.10 0.00 UK Dynamic Inc 126.70xd - -0.40 1.40
Europe Acc 1024.00xd - -4.00 1.34
Emerging European Inc F 31.43 - 0.47 3.29
UK Aggressive Inc F 174.91 - 0.84 1.81 Latin American (No Trail) Inc F 115.54 - 0.11 1.86 Invesco Pan European High Income Fd A € 14.21 - 0.02 1.97 UK Eq & Bond Inc Acc ... C 141.30xd - 0.00 3.20
Europe Inc 58.99xd - -0.28 1.36
European Equity Acc F 822.49 - 0.01 2.33
UK Growth Acc F 570.12 - 2.24 1.82 Managed Growth (No Trail) Acc F 195.47 - 0.29 1.27 Invesco Pan European Small Cap Equity A € 19.75 - 0.15 0.00 UK Eq & Bond Inc Inc ... C 84.55xd - 0.00 3.30
Eur Dynamic exUK Acc 156.90xd - -0.80 0.62
European Equity Inc F 695.85 - 0.01 2.38
UK Growth Inc F 361.71 - 1.42 1.85 Managed Growth (No Trail) Inc F 181.66 - 0.27 1.29 Invesco Pan European Structured Equity A € 16.46 - -0.05 0.00 UK Focus Acc 73.69xd - 0.33 1.13
Eur Dynamic exUK £ hdg Acc 175.50xd - -0.30 0.54
European Equity Income Acc F 72.38 - 0.05 3.25
UK Smaller Cos Equity Acc F 775.24 - 5.05 0.62 Managed Income (No Trail) Acc F 190.50 - 0.09 3.17 Invesco UK Eqty Income A £ 30.84 - -0.11 0.00 UK Focus Inc 63.08xd - 0.28 1.11
Eur Dynamic exUK Inc 72.16xd - -0.40 0.61
European Equity Income Inc F 56.75 - 0.05 3.32
UK Smaller Cos Equity Inc F 597.90 - 3.90 0.62 Managed Income (No Trail) Inc F 159.81 - 0.08 3.23 Invesco UK Investment Grade Bond A £ 1.03 - 0.00 2.72 UK Higher Inc Acc ... C 891.20xd - -0.10 3.94
Eur Smaller Cos Acc 430.60xd - -1.80 0.00
European High Income Acc F 80.88 - -0.09 3.36
UK Strategic Income Acc F 180.50 - -0.21 3.49 Monthly Income Plus (No Trail) Acc F 171.33 - -0.03 4.78 Invesco US Structured Equity A $ 22.55 - 0.24 0.00 UK Higher Inc Inc ... C 530.50xd - -0.10 4.06
Eur Smaller Cos Inc 56.00xd - -0.24 0.00
European High Income Inc F 60.24 - -0.07 3.42
UK Strategic Income Inc F 137.45 - -0.17 3.58 Monthly Income Plus (No Trail) Inc F 111.11 - -0.02 4.88 Invesco US Value Eq Fd A $ 32.71 - 0.33 0.00 UK Managed Equity Acc 67.83xd - 0.01 2.08
Fusion Balanced Acc 54.52 - -0.01 0.00
European Opportunities Inc F 75.70 - 0.29 0.18
US Equity Acc F 547.60 - 2.44 0.00 Pacific (No Trail) Acc F 187.14 - 0.54 0.84 Invesco USD Reserve A $ 87.02 - 0.00 0.00 UK Managed Equity Inc 57.86xd - 0.00 2.11
Fusion Balanced Inc 54.51 - -0.01 0.00
European Opportunities Acc F 77.52 - 0.30 0.18
Invesco Perpetual Funds (No Trail) Pacific (No Trail) Inc F 177.62 - 0.51 0.92 UK Smaller Cos Acc 335.30xd - 1.10 0.00
Asian (No Trail) Acc F 197.45 - -1.07 1.33 Fusion Conservative Acc 54.10 - 0.02 0.00
European Smlr Cos Acc F 165.17 - 0.72 0.00
Tactical Bond (No Trail) Acc F 141.79 - -0.03 2.23 UK Smaller Cos Inc 65.11xd - 0.21 0.00
Invesco Global Asset Management Ltd (IRL)
Asian (No Trail) Inc F 179.54 - -0.97 1.34 Fusion Conservative Inc 54.08 - 0.02 0.00
Global Bd Acc (Gross) F 130.03 - -0.42 1.06 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Tactical Bond (No Trail) Inc F 121.47 - -0.02 2.26 FCA Recognised UK Strategic Eq Inc Acc ... C 149.40xd - 0.30 3.36
Asian Equity Income (No Trail) Acc F 130.67 - -0.59 3.99 Fusion Growth Acc 55.78 - 0.00 0.00
Global Bd Inc (Gross) F 81.02 - -0.26 1.07 Invesco Stlg Bd A QD F £ 2.67 - 0.00 3.56
UK Aggressive (No Trail) Acc F 172.12 - 0.82 2.32 UK Strategic Eq Inc Inc ... C 99.75xd - 0.16 3.44
Asian Equity Income (No Trail) Inc 113.26 - -0.51 4.10 Invesco Asian Equity A $ 6.87 - 0.02 0.10 Fusion Growth Inc 55.78 - 0.00 0.00
Global Bond Acc F 122.40 - -0.40 1.06
UK Aggressive (No Trail) Inc F 144.83 - 0.69 2.37 UK Strategic Gth Acc 108.40xd - -0.40 1.21
Balanced Risk 6 No Trail Acc 110.23 - 0.06 0.20 Invesco ASEAN Equity A $ 104.68 - 1.08 0.38 Fusion Growth + Acc 57.22 - -0.02 0.00
Global Bond Inc F 80.94 - -0.26 1.07
UK Enhanced Index (No Trail) Acc F 407.42 - 0.42 3.29 UK Strategic Gth Inc 101.10xd - -0.40 1.23
Balanced Risk 8 No Trail Acc 114.58 - 0.06 0.45 Invesco Bond A $ 28.08 - 0.06 2.30 Fusion Growth + Inc 57.23 - -0.02 0.00
Glbl Distribution Acc 52.76 - 0.14 4.44
UK Enhanced Index (No Trail) Inc F 262.36 - 0.27 3.37 US Acc 715.60xd - 3.40 0.00
Balanced Risk 10 No Trail Acc 119.05 - 0.08 0.67 Invesco Continental Eurp Small Cap Eqty A $ 191.08 - 1.93 0.00 Fusion Income Acc...C 54.09 - 0.01 2.44
Glbl Distribution Acc (Gross) 53.07 - 0.14 4.44
UK Growth (No Trail) Acc F 150.21 - 0.59 2.34 US Inc 99.04xd - 0.46 0.00
Corporate Bond (No Trail) Acc F 165.05 - -0.03 3.90 Invesco Emerging Markets Equity A $ 40.13 - 0.24 0.00 Fusion Income Inc...C 52.31 - 0.01 2.49
Glbl Distribution Inc 51.55 - 0.14 4.45
UK Growth (No Trail) Inc F 122.91 - 0.48 2.39 US Equity Income Acc ... C 122.50xd - 0.50 1.85
Corporate Bond (No Trail) Inc F 120.53 - -0.02 4.00 Invesco Emerging Markets Bond A $ 21.45 - 0.01 4.72 Global Allocation A-Net Acc 54.52xd - 0.14 0.64
Glbl Distribution Inc (Gross) 51.55 - 0.14 4.45
UK Smaller Companies Equity (No Trail) Acc F 251.43 - 1.64 1.14 US Equity Income £ hdg Inc ... C 102.80xd - 0.90 2.01
Distribution (No Trail) Acc F 168.96 - -0.11 4.13 Invesco Continental European Equity A € 8.49 - 0.06 0.07 Global Allocation A-Net Inc 54.17xd - 0.14 0.65
Global Equity (acc) F 469.99 - 1.96 0.50
UK Smaller Companies Equity (No Trail) Inc F 234.65 - 1.53 1.15 US Equity Income Inc ... C 105.60xd - 0.40 1.87
Distribution (No Trail) Inc F 115.24 - -0.07 4.21 Invesco Gilt A £ 15.49 - -0.06 1.50 Global Bond Opport. A - Net Acc £ 0.50 - 0.00 -
Global Equity (inc) F 428.68 - 1.79 0.50
UK Strategic Income (No Trail) Acc F 714.21 - -0.83 3.47 US Select Acc 111.30xd - 0.40 0.00
Emerging Countries (No Trail) Acc F 170.32 - -0.47 0.99 Invesco Global Small Cap Equity A NAV $ 122.03 - 1.02 0.00 Global Bond Opport. A - Net Inc £ 0.50 - 0.00 -
Global Equity Income Acc F 120.09 - 0.38 3.23
UK Strategic Income (No Trail) Inc F 543.95 - -0.63 3.56 US Select Inc 110.00xd - 0.50 0.00
Emerging Countries (No Trail) Inc F 160.53 - -0.44 1.00 Invesco Global High Income A NAV $ 12.85 - 0.02 5.30 Global Equity Acc 973.20xd - 2.10 0.15
Global Equity Income Inc F 100.92 - 0.31 3.31
US Equity (No Trail) Acc F 227.16 - 1.01 0.04 US Smaller Cos Acc 376.80xd - 4.30 0.00
Emerging European (No Trail) Acc F 69.63 - 1.06 3.92 Invesco Gbl R/Est Secs A GBP F F £ 8.40 - 0.03 0.70 Global Equity Inc 72.32xd - 0.15 0.14
Gbl Financial Capital Acc 85.95 - 0.12 4.37
US Smaller Cos Inc 98.74xd - 1.14 0.00
Emerging European (No Trail) Inc F 63.47 - 0.97 4.03 Invesco Global Health Care A $ 130.07 - 1.69 0.00 Global Bond exUK Acc 253.50xd - 0.10 0.69
Gbl Financial Capital Inc 75.20 - 0.11 4.50

European Equity (No Trail) Acc F 144.66 - 0.00 2.87 Invesco Global Select Equity A $ 13.36 - 0.14 0.00 Global Bond exUK Inc 200.00xd - 0.00 0.69
Gbl Financial Cap Acc Gross 89.17 - 0.13 4.87
JPMorgan Asset Management (Europe) S.à. r.l. (FRA)
European Equity (No Trail) Inc F 122.18 - 0.00 2.94 Invesco Jap Eqty Core A $ 1.72 - 0.02 0.00 Global Consumer Trends Acc 92.88xd - 0.25 0.40
Gbl Financial Cap Inc Gross 75.46 - 0.11 5.06 6 route de Trèves L - 2633 Senningerberg - Luxembourg
FCA Recognised
European Equity Income (No Trail) Acc F 148.53 - 0.11 3.23 Invesco Japanese Equity A $ 17.45 - 0.12 0.00 Global Consumer Trends Inc 88.15xd - 0.23 0.37
Global Opportunities Acc F 94.09 - 0.53 0.49 Star Capitol America
Invesco (LUX) Star Capitol America D € 2620.76 - 20.92 0.00
European Equity Income (No Trail) Inc F 116.48 - 0.09 3.31 Invesco Korean Equity A $ 29.09 - -0.02 - Global Eq Income £ hdg Acc... C 67.53xd - 0.11 3.76
Global Smaller Cos Acc F 1671.06 - 4.90 0.00 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
European High Income (No Trail) Acc F 166.13 - -0.18 3.35 Invesco PRC Equity A $ 51.57 - -0.21 - Global Eq Income £ hdg Inc ... C 49.69xd - 0.09 3.82
Global Smaller Cos Inc F 1598.52 - 4.69 0.00 Invesco Management SA

European High Income (No Trail) Inc F 123.73 - -0.13 3.41

Invesco Active Multi-Sector Credit Fund A € 2.93 - 0.00 0.00
Global Eq Income Acc... C 71.06xd - -0.09 3.64 JPMorgan Charity Funds (UK)
Global Targeted Rets Acc 58.07 - -0.13 0.28 Invesco Pacific Equity A $ 50.33 - 0.43 0.18 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Invesco Asia Balanced A dist $ 15.66 - 0.01 3.48 Property & Other UK Unit Trusts
Invesco Perpetual High Yield Fund acc (No trail) 222.64 - 0.01 4.26 Invesco Global Technology A $ 15.37 - 0.13 0.00 Global Eq Income Inc ... C 63.20xd - -0.09 3.73
High Income Acc F 798.19 - -0.17 3.51 UK Equity Fund for Charities I...C £ 2.862800xd 2.873780 0.003800 3.30
Invesco Asia Consumer Demand Fund A income $ 14.09 - 0.01 0.18
Invesco Perpetual High Yield Fund inc (No trail) 169.35 - 0.01 4.35 Invesco UK Eqty A £ 8.39 - 0.03 1.11 Global Financials Acc 724.90xd - 2.40 0.80
High Income Inc F 448.30 - -0.09 3.60 Bond Fund for Charities £ 1.411560xd 1.418380 -0.003970 3.63
Invesco Asia Infrastructure (A) $ 13.43 - -0.01 1.51
European Opportunities (No Trail) Acc F 161.67 - 0.63 0.76 Global Financials Inc 41.26xd - 0.14 0.80
High Yield Fund Acc 107.85 - 0.00 4.20
Invesco Asia Opportunities Equity A $ 106.31 - -0.63 0.00
European Opportunities (No Trail) Inc F 153.42 - 0.60 0.77 Global High Yield Bond A Mth Net Inc 39.32xd - 0.11 7.01
High Yield Fund Acc (Gross) 124.83 - 0.01 4.17
 FINANCIAL TIMES Monday 9 February 2015 FTfm | 19

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Investment Grade Bond A Acc 161.76 - -0.09 3.22 Managed Bal Inc 140.90 - 0.10 1.87 Emerg.Eq. Risk Par.(EUR) PA € 8.98 - 0.01 0.00 Sands US Growth PA € 13.85 - 0.15 0.00 Global High Yield Bond 998.69 1029.58 1.76 4.66

Investment Grade Bond A Inc 119.93 - -0.07 3.22 UK Alpha Acc 201.00 - -0.30 1.20 Emerg. Eq. Risk Par.(USD) PA $ 7.17 - 0.01 0.00 Sands US Growth PA $ 16.76 - 0.18 0.00 Global Macro Bond Fund 11343.48 11694.31 -58.56 0.54
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FCA Recognised Sterling Corporate Bond A Acc 70.95 - -0.07 2.99 UK Alpha Inc 177.30 - -0.30 1.21 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.30 - -0.03 0.00 Will.Blair Gbl. Ldrs PA € 15.33 - 0.08 0.00 Optimal Income Fund 145.68 150.19 0.11 2.37
Europe Convertible Bd A (Dis) - D - EUR F € 13.61 - 0.01 0.96
Sterling Corporate Bond A Inc 32.05 - -0.03 2.99 UK Income Acc 1169.00 - 2.00 4.15 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.76 - 0.02 0.00 Will.Blair Gbl. Ldrs PA $ 13.07 - 0.07 0.00 Recovery Fund Limited 'A' Participating Shares 10777.40 11226.46 58.57 0.72
Europe Convertible Bd B (Cap) € 15.65 - 0.02 0.00
Strategic Bond A Acc 183.09 - 0.26 2.71 UK Income Inc 594.60 - 1.20 4.23 Emerg.Loc.Cur.Bd.Fdt PA € 11.93 - 0.02 0.00 Recovery Fund Limited 'I' Participating Shares 10791.05 10900.05 58.62 1.54
Global Convertible A (Dis) F $ 19.27 - 0.11 0.00
Strategic Bond A Inc 122.74 - 0.18 2.71 UK Omega Acc 212.40 - -0.30 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 9.47 - 0.02 0.00 Strategic Corporate Bond Fund 138.98 144.77 -0.07 2.89
Lothbury Property Trust (UK)
Global Convertible B (Cap) F $ 22.89 - 0.13 0.00 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
UK Equity Absolute Return A Acc 116.48 - -0.27 0.00 UK Omega Inc 203.80 - -0.20 0.00 Euro BBB-BB Fdt PA SFr 15.94 - 0.01 0.00 Property & Other UK Unit Trusts UK Growth 1555.29 1620.09 4.23 1.08
Global Convertible A Hdg GBP(Dis) F £ 12.98 - 0.06 0.00 Lothbury Property Trust GBP £ 1654.97 1776.10 10.45 3.28
UK Equity A Acc 226.13 - -0.46 1.21 UK Smaller Cos Inc 1608.00 - 7.00 0.82 Euro BBB-BB Fdt PA € 12.56 - 0.01 0.00
Global Convertible B Hdg GBP (Cap) F £ 15.25 - 0.06 0.00
UK Equity Income A Acc 201.78 - -0.23 3.98 Euro BBB-BB Fdt PA £ 11.06 - 0.01 0.00
Global Convertible Hdg A (Cap) F $ 19.18 - 0.09 0.00
UK Equity Income A Inc 161.75 - -0.18 4.08 Euro BBB-BB Fdt PA $ 17.79 - 0.01 0.00
Lloyds Investment Fund Managers Limited (1000)F (JER)
Global Convertible B Hdg (Dis) F $ 22.82 - 0.10 0.00 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
UK Opportunities A Acc 163.44 - -0.56 1.07 Other International Funds Euro Credit Bd PA F € 13.16 - 0.01 0.00
Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Lloydstrust Gilt £ 12.7500xd - -0.0300 2.41
UK Smaller Companies A Acc 238.26 - 1.44 0.28 Euro Government Fdt PA € 12.78 - 0.00 0.00
Majedie Asset Management LTD (UK)
Global Convertible B Hdg EUR (Cap) F € 17.13 - 0.08 0.00 Lloyds Investment Funds Limited www.majedie.com
Euro Inflation-Lk Fdt PA € 12.17 - 0.02 0.00 M & G Securities (1200)F (UK)
Euro High Income € 1.7170xd - 0.0020 2.96 Authorised Inv Funds
PO Box 9039, Chelmsford, CM99 2XG
Global Convertible A Hdg CHF (Dis) FSFr 22.76 - 0.10 0.00 Global Equity X Acc GBP £ 1.09 - 0.00 -
Euro Resp.Corp. Fdt PA € 18.63 - 0.00 0.00 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Kames Capital Investment Portfolios ICVC (UK) European £ 7.7840 - 0.0170 1.02
Authorised Inv Funds
Global Convertible B Hdg CHF (Cap) FSFr 25.10 - 0.11 0.00 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Global Focus X Acc GBP £ 1.08 - 0.00 -
Europe High Conviction PA € 11.20 - 0.07 0.00 Charifund Inc 1497.38 - 3.37 4.45
0800 45 44 22 www.kamescapital.com High Income £ 0.9169xd - -0.0002 4.91
Authorised Funds UK Equity X Acc 145.58 - -0.71 2.80
Eurozone Small&Mid Caps PA € 47.67 - 0.44 0.00 Charifund Acc 19871.98 - 44.69 4.29
Property Income B Acc 111.78 - 0.06 - International £ 4.4600 - 0.0110 1.24

M&G Corporate Bond A Acc 64.12xd - -0.55 3.05 UK Focus X Acc 160.79 - 0.84 2.19
Property Income B Inc 107.93 - 0.06 - North American £ 16.1300 - 0.0800 0.04 Fdmt.Eq.L/S SH Sd EUR PA € 10.42 - 0.01 -

M&G Corporate Bond A Inc 41.02xd - -0.35 3.05 UK Income X Inc 156.26 - -0.41 4.41
Sterling Bond £ 1.5520xd - -0.0010 3.42 Fdmt.Eq.L/S SH Sd USD PA $ 10.41 - 0.01 -

M&G Dividend A Inc 62.04xd - 0.11 4.15 UK Smaller Companies A Acc 244.92 - 1.62 1.72
UK £ 7.1460 - 0.0140 1.06 Gl Aggregate High Conv PA $ 19.33 - 0.02 0.00
Kames Capital VCIC (IRL)
Swiss & Global Asset Management (LUX) 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 M&G Dividend A Acc 602.63xd - 1.14 4.01
Lloyds Gilt Fund Limited Gbl.Gvt.Fdmt PA € 10.82 - 0.00 0.00
funds@swissglobal-am.com, www.jbfundnet.com FCA Recognised
Absolute Return Bond B GBP Acc 1078.09 - 0.17 - Lloyds Gilt Fund Quarterly Share £ 1.3230xd - -0.0020 1.92
Regulated M&G Episode Growth X Inc 51.08xd - 0.13 1.82 Majedie Asset Management LTD (IRL)
Asset Management
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.93 - 0.00 0.00
JB BF ABS-EUR B € 105.45 - 0.00 0.00 FCA Recognised
Eq Market Neutral B Acc 993.59 - -2.25 - Monthly Share £ 1.2730xd - -0.0030 1.92
Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.45 - -0.03 0.00 M&G Episode Income A Acc 145.17xd - 0.10 3.21 US Equity Z Acc GBP £ 1.22 - 0.01 -
JB BF Abs Ret Def-EUR B € 111.43 - 0.13 0.00
Eq Market Neutral Plus B Acc 982.57 - -5.41 - Lloyds Money Fund Limited
Gbl.5B Fdmt (EUR) PA € 11.77 - 0.00 0.00 M&G Episode Income A Inc 124.32xd - 0.09 3.28 Tortoise Z Acc GBP £ 1.01 - 0.00 0.00
Australian Dollar A$ 173.4250 - 0.0080 1.46
JB BF Abs Ret EM-USD B $ 118.29 - 0.02 0.00
High Yield Global Bond A GBP Inc 541.51 - 0.83 4.28 M&G Extra Income A Inc 768.67 - 0.37 4.16
Euro € 52.7280 - 0.0000 -0.05 Gbl.5B Fdmt (CHF) PA SFr 10.18 - 0.01 0.00
JB BF Abs Ret-EUR B € 130.21 - 0.19 0.00
High Yield Global Bond B GBP Inc 1124.79 - 1.78 4.80 M&G Extra Income A Acc 6072.24 - 2.91 4.06
New Zealand Dollar NZ$ 209.7970 - 0.0180 2.68 Gbl.5B Fdmt SH (USD) PA $ 11.15 - 0.00 0.00
JB BF Abs Ret Pl-EUR B € 128.27 - 0.33 0.00
Investment Grade Global Bd A GBP Inc 572.35 - 0.19 2.40 M&G Global Basics A Inc 661.98 - 0.20 0.28
Sterling Class £ 52.5350 - 0.0000 0.19 Generation Global (CHF) PA F SFr 12.63 - 0.10 0.00
JB BF EM Corporate-USD B $ 106.14 - 0.08 0.00
Kames Global Equity Income B GBP Acc 1128.09 - -0.55 - M&G Global Basics A Acc 999.34 - 0.30 0.28
US Dollar Class $ 60.5780 - 0.0000 -0.32 Generation Global (EUR) PA F € 19.67 - 0.14 0.00
JB BF EM Infl Link-USD B $ 98.49 - 0.32 0.00
Kames Global Equity Income B GBP Inc 1099.57 - -0.54 - M&G Global Dividend Fund A Acc 199.37xd - 1.22 3.17
Lloyds Multi Strategy Fund Limited Generation Global (USD) PA F $ 15.32 - 0.12 0.00 MFS Investment Funds (LUX)
JB BF EM Inv Grade-USD B $ 102.77 - 0.09 0.00
Strategic Global Bond A GBP Inc 1125.66 - 0.61 1.56 Conservative Strategy £ 1.1640 - -0.0010 2.30 FCA Recognised
Global Energy (USD) PA F $ 8.95 - 0.20 0.00 M&G Global Dividend Fund A Inc 161.28xd - 0.98 3.26
Em.Mk.Debt Fd.US Dollar $ 122.12 - 0.10 0.00
JB Emerging (EUR)-EUR B € 339.19 - 0.30 0.00
Strategic Global Bond B GBP Inc 638.30 - 0.36 2.04 Growth Strategy £ 1.5450 - 0.0010 1.64
Golden Age (CHF) PA F SFr 21.45 - 0.13 0.00 M&G Glbl Emrgng Mkts A Acc 210.62xd - -1.63 0.69
Em.Mk.Debt Fd.Yen 1 ¥ 10354.00 - 9.00 0.00
JB Emerging (USD)-USD B $ 409.71 - 0.72 0.00
Aggressive Strategy £ 1.8380 - 0.0030 0.00
Golden Age (EUR) PA € 14.48 - 0.09 0.00 M&G Glbl Emrgng Mkts A Inc 203.72xd - -1.58 0.70
Em.Mk.Debt Fd.Yen 2 ¥ 14928.00 - 7.00 0.00
JB BF Local EM-USD B $ 290.58 - 0.32 0.00
Global USD Growth Strategy $ 1.4220 - 0.0100 0.00
Kleinwort Benson Bank (UK) Golden Age (USD) PA F $ 20.14 - 0.12 0.00 M&G Global Macro Bond Fund A Acc 108.68xd - -0.57 0.55
Em.Mk.Debt Fund Yen 3 ¥ 10381.00 - 9.00 0.00
JB BF Total Ret-EUR B € 99.36 - 0.01 0.00 14 St. George Street, Mayfair, London W1S1FE
Dealing Daily
Dealing and enquiries: 0800 024 2400 Sh.T- Money Mkt EUR PA € 112.42 - 0.00 0.00 M&G Global Macro Bond Fund A Inc 75.57xd - -0.39 0.55
Em.Mk.Debt Fund Yen 4 ¥ 14928.00 - 7.00 0.00
JB EF Abs Ret Eur-EUR B € 118.93 - -0.07 0.00 Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital Sh.T- Money Mkt CHF PA SFr 129.35 - 0.00 0.00 M&G Global High Yield Bond X Inc 50.79xd - 0.09 4.66
Em.Mk.Eq.Fund Euro € 119.96 - 0.53 0.00
JB EF Euro Value-EUR B € 189.69 - 0.42 0.00 HC KB Capital Growth A Acc 170.96 - 0.16 1.36
Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 M&G Global High Yield Bond X Acc 116.81xd - 0.20 4.65
Em.Mk.Eq.Fund Sterling £ 105.47 - 0.01 0.00
JB EF Japan-JPY B ¥ 16135.00 - 70.00 0.00 HC KB Capital Growth A Inc 162.59 - 0.16 1.38
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 M&G Managed Growth X Inc 79.84 - -0.05 0.62
Em.Mk.Eq.Fd.US Dollar $ 104.72 - 0.51 0.00
JB EF Luxury B-EUR B € 227.39 - 1.26 0.00 HC KB Capital Growth B Acc 164.85 - 0.00 1.10
Sw.Fr.Bd(For) PA SFr 24.01 - 0.00 0.00 M&G Optimal Income A Inc 147.02 - 0.11 2.37
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9516.00 - 8.00 6.30
JB Ms EF Special Val. EUR/A € 145.79 - 0.56 0.77 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 Lombard Odier Funds (Europe) S.A (LUX)
www.loim.com Sw.Fr.Credit Bd(For) PA SFr 13.80 - 0.00 0.00 M&G Optimal Income A Acc 191.15 - 0.15 2.37
Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11239.00 - 5.00 5.93
JB Strategy Balanced-CHF/B SFr 153.00 - 0.28 0.00 HC KB Capital Growth C Acc 171.88 - 0.00 2.01 Regulated
Lombard Odier Funds Tactical Alpha (CHF) PA SFr 10.39 - 0.02 0.00 M&G Recovery GBP A Inc 124.64xd - 0.68 0.96
Em.Mk.Loc.Ccy Debt Fd II $ 93.89 - 0.11 0.00
JB Strategy Balanced-EUR € 158.87 - 0.33 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 Absolute Ret Bond (EUR) PA € 12.20 - 0.01 0.00
Tactical Alpha (EUR) PA € 10.62 - 0.01 0.00 M&G Recovery GBP A Acc 278.87xd - 1.52 0.95
Gb.Conc.Eq.Fd.Euro € 271.81 - 1.97 0.00
JB Strategy Balanced-USD/B $ 134.16 - 0.41 0.00 HC KB Enterprise Equity Income A Inc 112.28 - 0.07 3.78 Absolute Ret Bond (USD) PA $ 17.87 - 0.01 0.00
Tactical Alpha (USD) PA $ 15.23 - 0.02 0.00 M&G Strategic Corp Bond A Inc 76.59 - -0.04 2.90
Gb.Conc.Eq.Fd.Sterl.UK T £ 169.63 - 0.51 0.00
JB Strategy Growth-CHF/B SFr 94.69 - 0.26 0.00 HC KB Enterprise Equity Income A Acc 161.95 - 0.10 3.69 All Roads (CHF) PA SFr 18.08 - 0.03 0.00
Technology PA € 13.69 - 0.18 0.00 M&G Strategic Corp Bond A Acc 108.14 - -0.06 2.90
Gb.Conc.Eq.Fd.Sterling £ 257.34 - 0.77 0.00
JB Strategy Growth-EUR € 120.05 - 0.43 0.00 HC KB Endeavour Multi Asset Balanced A Acc 134.78 - -0.05 0.81 All Roads (USD) PA $ 11.41 - 0.01 0.00
Technology PA $ 20.76 - 0.27 0.00 M&G Global Leaders GBP A Inc 193.43 - 2.16 1.46
Gb.Conc.Eq.Fd.US $ 196.65 - 1.53 0.00
JB Strategy Inc-CHF/B SFr 121.48 - 0.09 0.00 HC KB Endeavour Multi Asset Balanced A Inc 128.64 - -0.04 0.81 All Roads (GBP) PA £ 11.63 - 0.01 0.00
Wld Gold Expertise PAF SFr 13.52 - 0.23 0.00 M&G Global Leaders GBP A Acc 449.36 - 5.01 1.44
Gb.Eq.Hdg Fd.Euro IRE T € 182.02 - 1.24 0.00
JB Strategy Inc-EUR/B € 163.17 - 0.18 0.00 HC KB Enterprise Fixed Income A Acc 125.58 - -0.07 3.44 All Roads (EUR) PA € 11.59 - 0.02 0.00
Wld Gold Expertise PA € 10.72 - 0.19 0.00 M&G UK Inflation Lnkd Corp Bnd A Acc 112.65 - 0.22 0.23
Gb.Eq.Euro Hdg Fd. € 258.19 - 1.76 0.00
JB Strategy Inc-USD/B $ 150.20 - 0.23 0.00 HC KB Enterprise Fixed Income A Inc 113.56 - -0.06 3.44 Alpha Japan (EUR) PA F € 10.68 - -0.06 0.00
Wld Gold Expertise PA $ 14.04 - 0.24 0.00 M&G UK Inflation Lnkd Corp Bnd A Inc 111.03 - 0.22 0.23
Gb.Eq.Fund Euro € 278.03 - 1.90 0.00
Alpha Japan (CHF) PA F SFr 13.41 - -0.08 0.00
LO Selection Gb.Eq. Fd Euro IRE T € 175.71 - 1.20 0.00
Alpha Japan (JPY) PA F ¥ 1266.00 - -7.00 0.00 Balanced (CHF) PA F SFr 106.97 - 0.12 0.00
M & G Securities Ltd (UK) Gb.Eq.Fd.Sterling UK T £ 209.85 - 0.54 0.00
Alpha Japan (USD) PA F $ 15.31 - -0.08 0.00 Balanced (EUR) PA F € 125.84 - 0.23 0.00 Property & Other UK Unit Trusts
Charibond 130.28xd - -0.33 4.98 Gb.Eq.Fd.US Dollar $ 317.69 - 2.33 0.00
Alternative Beta PA F SFr 119.44 - 0.46 0.00 Conservative (CHF) PA F SFr 104.27 - 0.05 0.00
(Accum Units) 3709.19xd - -9.32 4.92 Gb.Eq.Fund Sterling £ 207.86 - 0.53 0.00
Alternative Beta PA F € 80.01 - 0.31 0.00 Conservative (EUR) PA F € 114.86 - 0.11 0.00
Kames Capital ICVC (UK) Lazard Fund Managers Ltd (1200)F (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Mellon House Ingrave Rd Brentwood Essex CM15 8TG NAACIF 78.59xd - 0.18 4.33 Gb.Val.Ex-Jap.Fd.USD $ 119.58 - 0.74 0.00
Alternative Beta PA F $ 119.55 - 0.47 0.00 Global Allocation (GBP) PA F £ 10.00 - -0.01 0.00
0800 45 44 22 www.kamescapital.com Dealing: 0870 6066408, Info: 0870 6066459
Authorised Funds Authorised Inv Funds (Accum Units) 6804.79xd - 15.51 4.14 Gb.Val.Ex-Japan Fd.Yen ¥ 13812.00 - 81.00 0.00
Commodities (CHF) PA SFr 6.19 - 0.03 0.00 Growth (CHF) PA F SFr 110.83 - 0.18 0.00
Diversified Income B Acc 112.08 - 0.05 0.00 Lazard Investment Funds (OEIC) Retail Share Class
Developing Markets Acc 78.99 - -0.48 0.03 M&G Property Portfolio A Acc 125.88xd 132.50 -0.01 3.94
Commodities (EUR) PA € 6.24 - 0.03 0.00 Growth (EUR) PA F € 135.93 - 0.34 0.00
Diversified Income B Inc 107.08 - 0.05 0.00
Developing Markets Inc 78.02 - -0.48 0.15 Property Portfolio A 117.95xd 124.15 -0.01 4.03
Commodities (USD) PA $ 6.39 - 0.03 0.00 MFS Meridian Funds SICAV (LUX)
Ethical Cautious Managed A Acc 162.08 - -0.12 1.53 Vantage 1500 (EUR) MA € 10.36 - 0.01 0.00
Regulated
Emerging Markets Acc 263.70 - 0.20 1.49 Property Portfolio X 117.95xd 117.95 -0.01 4.03
Convertible Bd P A € 17.22 - 0.03 0.00 Absolute Return A1 € 19.51 - -0.19 0.00
Ethical Cautious Managed A Inc 135.52 - -0.10 1.55 Vantage 3000 (EUR) MA € 10.67 - 0.02 0.00
Emg Mkts Inc 233.80 - 0.10 1.46 Asia ex-Japan A1 $ 25.17 - 0.10 0.00
Convertible Bd Asia PA F SFr 13.60 - -0.02 0.00 PrivilEdge
Ethical Corporate Bond A Acc 198.16 - -0.24 3.35
European Alpha Acc 634.20 - -2.90 0.82 Inc.Pt.RMB Dt.CNH PA CNY 99.69 - -0.05 - M & G (Guernsey) Ltd (GSY)
Convertible Bd Asia PA F € 14.41 - -0.03 0.00 Bond A1 $ 10.60 - 0.00 0.00
Ethical Corporate Bond A Inc 113.91 - -0.14 3.35 Regulated
European Alpha Inc 583.90 - -2.70 0.77 Inc.Pt.RMB Dt.SH CHF PA SFr 9.91 - 0.02 - The M&G Offshore Fund Range
Convertible Bd Asia PA F $ 14.50 - -0.02 0.00 China Equity Fd A1 $ 10.24 - 0.10 0.00
Ethical Equity A Acc 167.02 - 0.05 1.10 American Fund 163.35 170.16 1.46 0.00
European Smaller Cos Acc 384.30 - 0.10 0.53 Inc.Pt.RMB Dt.SH EUR PA € 9.91 - 0.01 -
Continental European Eqty A1Asset Management € 16.99 - -0.07 0.00
Asset Management
Emerg. Consumer (CHF) PA SFr 12.80 - 0.06 0.00
High Yield Bond A Acc 115.78 - 0.15 4.41 Corporate Bond 1365.54 1407.77 -11.64 3.03

High Yield Bond A Inc 54.18 - 0.07 4.41

Global Equity Income Acc
Asset Management
142.80 - 0.10 5.07
Emerg. Consumer (EUR) PA € 12.86 - 0.06 0.00
Inc.Pt.RMB Dt.USD PA
Asset Management
$ 9.95 - 0.01 -
Global Basics 2440.36 2515.84 0.72 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 13.10 - 0.05 0.00

Global Equity Income Inc 100.50 - 0.10 5.22 Jenn. US Eq.Opp. USD PA $ 9.85 - 0.12 -
Emerg. Consumer (USD) PA $ 12.84 - 0.06 0.00 Emerging Markets Debt A1 $ 33.21 - 0.04 0.00
Inflation Linked A Acc 134.84 - -0.30 1.77 Global Leaders 3360.48 3500.50 37.47 1.32
Neubrg.Berman US Core PA $ 14.65 - 0.16 0.00
20 | FTfm FINANCIAL TIMES Monday 9 February 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Emerging Markets Eq.A1 $ 11.84 - 0.06 0.00 Healthcare Fund Class AA F $ 1.9036 - 0.0080 0.00 Mir. Conv. Bds Glb A USD $ 113.43 - 0.04 0.00 Global Bond A F $ 39.93 - -0.20 0.00 Pacific Basin Specialist Equity Fund £ 23.92 - -0.08 1.19

European Concentrated A1 € 17.39 - -0.03 0.00 India Equity Fund Class AA F $ 1.4748 - -0.0101 0.00 Mir. - Eq Asia ex Jap A $ 187.03 - 0.07 0.00 Global Brands A F $ 93.99 - -0.28 0.00 UK Sovereign Bd Index Fund £ 11.43 - -0.02 2.58
Marlborough International Management Limited (GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
European Core Eq A1 € 29.89 - 0.02 0.00 International Growth Fund Class A F $ 4.6421 - 0.0181 0.14 FCA Recognised Mir. - Eq Glb Emrg Mkt A USD $ 104.38 - 0.01 0.00 Global Convertible Bond A F $ 42.76 - 0.13 0.00 UK Specialist Equity Income Fund £ 10.65 - 0.00 3.43
Marlborough North American Fund Ltd £ 30.78 31.09 0.44 0.00
European Res.A1 € 30.93 - -0.11 0.00 International Growth Fund Class AA F $ 1.0668 - 0.0042 0.00 Mir. - Eq Global A USD $ 128.09 - 0.77 0.00 Global Property A F $ 29.85 - -0.01 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.55 - 0.01 3.13
Marlborough Tiger Fund Ltd F £ 27.02 27.29 -0.32 0.00
European Smaller Companies A1 € 45.79 - 0.21 0.00 Japanese Growth Fund Class A F $ 3.1137 - -0.0201 0.66 Mir. -Eq Spain A € 26.35 - 0.04 0.00 Indian Equity A F $ 37.11 - -0.32 0.00 Inflation Lkd Sov Bd Fund £ 12.88 - -0.07 0.71

European Value A1 € 34.61 - -0.10 0.00 Japanese Growth Fund Class AA F $ 0.8016 - -0.0051 0.00 Mir. - Eq Swiss Sm/Mid A SFr 277.48 - 0.74 0.00 Latin American Equity A F $ 49.65 - -0.03 0.00 Global Emerg Mkts Equity Fund £ 12.26 - -0.05 0.65

Global Bond A1 $ 10.79 - 0.02 0.00 Latin America Equity Fund Class AA F $ 0.9044 - -0.0012 1.46
Martin Currie Fund Management Ltd (1200)F (UK) Mir. - Glb High Yield Bds A $ 109.26 - 0.16 - Short Maturity Euro Bond A F € 20.44 - -0.01 0.00 The initial charge you will pay will depend on the amount you invest
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125
**Address and Telephone number for series 1 only
Authorised Inv Funds
Global Conc.A1 $ 37.04 - 0.36 0.00 Russia Equity Fund Class AA F $ 0.3953 - 0.0129 0.00 Mir. - Glb Eq High Income A USD $ 105.44 - 0.91 0.00 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Martin Currie Investment Funds (OEIC)
Class A (Retail)
Global Energy Fund A1 $ 14.59 - 0.20 0.00 Taiwan Equity Fund Class AA F $ 1.5516 - -0.0075 0.22 Mir. - Glb Strat. Bd A USD $ 106.58 - 0.08 0.00 US Growth A F $ 64.94 - 0.81 0.00
Asia Pacific 119.70 - -0.50 1.02

Global Equity A1 $ 46.44 - 0.43 0.00 Turkey Equity Fund Class AA F $ 0.8988 - -0.0128 0.00 Mir. Opp.- Activ.Strategies I $ 99.56 - -1.83 - US Growth AH F € 44.32 - 0.23 0.00
China 114.10 - -1.30 0.06

Global Equity A1 € 25.77 - 0.05 0.00 US Bond Fund Class AA F $ 1.2198 - -0.0015 - Mir. Opp. -Emerg. Mkt HO $ 107.27 - 0.00 0.00 US Growth AX F £ 41.93 - 0.01 0.00
Emerging Mkts 210.20 - 0.10 0.27

Global Multi-Asset A1 $ 16.20 - 0.01 0.00 U.S. Bond Fund Class AA Inc F $ 1.0096 - -0.0013 - MirAlt Sicav-Diversified A Cap. $ 112.92 - -0.55 0.00 US Property A F $ 72.82 - -0.42 0.00
European Equity Income A acc 348.50 - -0.90 3.59 New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
Global Res.A1 $ 26.24 - 0.19 0.00 U.S. Bond Fund Class AA (HKD) IncHK$ 10.0209 - -0.0125 - MirAlt Sicav-Europe A dis € 69.49 - 0.61 0.00
Global Alpha 134.20 - 0.30 0.38 FCA Recognised
New Capital UCITS Funds
Global Total Return A1 € 17.55 - -0.02 0.00 U.S. Special Opportunities Fund Class AA F $ 0.9134 - 0.0026 7.19 MirAlt Sicav - North America A dis $ 163.25 - -0.13 0.00
Global Equity Income Inc 109.30 - 0.20 3.91 Morgens Waterfall Vintiadis.co Inc Asia Pac Bd USD Inst Inc $ 96.60 - -0.02 3.10
Other International Funds
High Yield A1 $ 25.21 - 0.05 0.00 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4411 - 0.0264 - Phaeton Intl (BVI) Ltd (Est) $ 426.71 - -11.30 0.00
Global Equity Income acc 137.70 - 0.20 3.82 Asia Pac Bd USD Ord Inc $ 98.67 - -0.03 2.38

High Yield Fund A1 € 16.03 - -0.08 0.00 U.S. Special Opportunities Fund Class AA Inc $ 0.9261 - 0.0026 -
Japan Alpha 101.70 - 0.40 0.05 Asia Pac Eq EUR Ord Inc € 101.36 - 0.37 2.88

Inflation-Adjusted Bond A1 $ 14.47 - -0.02 0.00 US Small Cap Equity Fund Class AA F $ 1.1043 - 0.0048 0.00
North American 254.10 - 1.00 0.00 Asia Pac Eq GBP Ord Inc £ 104.25 - 0.37 3.27

Japan Equity A1 $ 9.64 - 0.00 0.00 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3081 - -0.0110 0.06
European Equity Income A Inc 314.90 - -0.90 3.67 Asia Pac Eq USD Ord Inc $ 105.18 - 0.39 2.68

Latin American Equity Fd A1 $ 15.52 - 0.19 0.00

Montello Real Estate Opportunity Fund (LUX) Asia Pac Eq USD Inst Acc $ 108.93 - 0.41 0.00
101 New Cavendish Street,London W1W 6XH
Limited Maturity A1 $ 14.06 - 0.00 0.00
Manulife Global Fund Regulated Asia Pac Eq USD Inst Inc $ 117.38 - 0.44 3.32
Marwyn Asset Management Limited (CYM) Natixis International Funds (Lux) I SICAV (LUX)
Other International Funds Montello Real Estate Opportunity Fund II £ 1079.96 - 7.12 -
Prudent Wealth Fd A1 $ 14.29 - 0.03 0.00 Regulated Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Asia Total Return Fund Class AA $ 0.9969 - -0.0003 - Dyn Europ Eq EUR Ord Inc € 164.40 - 0.61 1.21
Marwyn Value Investors £ 525.38 - 16.85 0.00 FCA Recognised
Research Bond A1 $ 16.85 - -0.01 0.00 Harris Global Equity R/A (USD) $ 269.52 269.52 1.84 0.00
Asia Total Return Fund Class AA Inc $ 0.9601 - -0.0002 3.45 Dyn Europ Eq GBP Ord Inc £ 175.22 - 0.62 1.80

UK Equity A1 £ 8.28 - 0.02 0.00 Morant Wright Management Ltd (CYM) Harris Concentrated US Equity H-N/A (GBP) £ 147.26 147.26 1.88 0.00
Asia Value Dividend Equity Fund Class AA F $ 1.6564 - -0.0062 0.00 Dyn Europ Eq USD Ord Inc $ 164.78 - 0.59 1.24
Regulated
Mayfair Capital Investment Management Limited (UK)
US Conc.Growth A1 $ 15.42 - 0.12 0.00 2 Cavendish Square, London, W1G 0PU, 020 7495 1929 MW Japan Fd Ltd A $ 23.08 - 0.00 0.00 Harris Concentrated US Equity R/D (GBP) £ 104.93 104.93 0.84 34.05
Asia Value Dividend Equity Fund Class AA Inc $ 1.0121 - -0.0045 - China Equity EUR Ord Acc € 149.14 - -0.10 0.00
Property & Other UK Unit Trusts
US Government Bond A1 $ 17.24 - -0.01 0.00 Property Income Trust for Charities 76.02 78.55 0.97 6.48 MW Japan Fd Ltd B $ 23.36 - 0.00 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.08 100.08 0.16 1.89
Strategic Income Fund Class AA F $ 1.0948 - 0.0004 4.40 China Equity GBP Ord Acc £ 153.20 - -0.10 0.00

Value A1 $ 22.06 - 0.20 0.00

China Equity USD Ord Acc $ 151.19 - -0.11 0.00

McInroy & Wood Portfolios Limited (UK) Morant Wright Funds (Ireland) PLC (IRL) Natixis International Funds (Dublin) I plc (IRL)
China Equity USD Inst Acc $ 154.32 - -0.11 0.00
Marlborough Fd Managers Ltd (1200)F (UK)
FCA Recognised Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Easter Alderston, Haddington, EH41 3SF 01620 825867

Asset Management
MMIP Investment Management Limited (GSY) Authorised Inv Funds Morant Wright Fuji Yield CHF Acc HedgedSFr 10.53 - 0.04 - Regulated
www.marlboroughfunds.com Global Val.Cr.Fd GBP Ord Inc £ 114.18 - 0.02 3.81

Asset Management Asset

Regulated Balanced Fund Personal Class Units 3954.20 - -3.00 1.83 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.16 14.16 -0.05 0.96
Authorised Inv Funds
Multi-Manager Investment Programmes PCC Limited Morant Wright Fuji Yield EUR Acc Hedged € 10.33 - 0.04 -
Balanced 153.46 162.27 0.15 0.08 Global Val.Cr.Fd USD Inst Acc $ 123.96 - 0.03 0.00
European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00 Income Fund Personal Class Units 2456.00xd - -0.80 2.79 Loomis Sayles High Income R/D (USD) $ 9.61 9.61 0.03 13.02
Morant Wright Fuji Yield GBP Acc Hedged £ 10.52 - 0.04 -
Bond Income 52.23 55.27 -0.05 4.30 Global Val.Cr.Fd GBP Ord Acc £ 178.77 - 0.03 0.00
Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00 Emerging Markets Fund Personal Class Units 1857.20 - -2.20 2.07 Loomis Sayles Multisector Income R/D (GBP) £ 13.91 13.91 -0.03 4.20
Morant Wright Fuji Yield USD Acc Hedged $ 10.26 - 0.05 -
Cash 50.08 - 0.00 0.60 Global Val.Cr.Fd USD Ord Acc $ 168.28 - 0.03 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00 Smaller Companies Fund Personal Class Units 3492.50xd - 22.40 1.77
Morant Wright Fuji Yield USD Dist Hedged $ 10.50 - 0.04 -
Cautious Inc 84.77 89.25 -0.03 1.59 Global Val.Cr.Fd EUR Ord Acc € 157.53 - 0.03 0.00
Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00 Natixis International Funds (UK)
Morant Wright Fuji Yield YEN Acc ¥ 1051.99 - 4.50 - Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Defensive A Inc 116.39 - -0.09 0.97 Swiss Select Equity Inst Acc SFr 102.48 - 0.43 -
UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00 Authorised Funds
Meridian Fund Managers Ltd Morant Wright Fuji Yield YEN Dist ¥ 1051.99 - 4.50 -
Emerging Markets 244.57 - -0.25 1.68 Other International Funds H2O MultiReturns Fund N/A (GBP) $ 13.12 13.12 0.01 1.68 Swiss Select Equity Ord Acc SFr 101.88 - 0.42 -
Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00 Global Gold & Resources Fund $ 204.84 - -17.30 -
Morant Wright Sakura Fund Sterling Acc Hedged £ 12.35 - 0.00 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.22 - 0.00 2.05
ETF Global Growth A 159.93 - -0.75 0.00 US Growth USD Ord Acc $ 202.78 - 2.24 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00 Global Energy & Resources Fund $ 51.93 - -5.53 -
Morant Wright Sakura Fund Euro Acc Hedged € 12.33 - -0.01 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.06 - 0.00 -
ETF Commodity A 83.55 - 0.80 0.00 US Growth EUR Ord Acc € 194.46 - 2.11 0.00

Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1255.18 - -0.74 0.00 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.06 - 0.00 -
European Multi-Cap 242.43 - -0.10 0.22 US Growth GBP Ord Acc £ 202.94 - 2.23 0.00
Manek Investment Mgmt Ltd (1000)F (UK)
Metage Capital Morant Wright Sakura Fund Dollar Acc Hedged $ 12.32 - -0.01 0.00
P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Extra Income 80.73 85.43 0.37 4.08 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.61 US Growth USD Inst Acc $ 186.12 - 2.07 0.00
Other International Funds
Authorised Inv Funds MGS -Master Series (Est) $ 223.20 - 10.16 - Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.33 - -0.01 - Loomis Sayles Strategic Income H-N/A (GBP) £ 1.06 - 0.01 4.75
Growth Fd Acc 57.85 61.27 0.58 0.00 Far East Growth A Inc 167.49 - -0.48 1.93 Wealthy Nat Bd EUR Inst Inc € 110.53 - 0.16 3.93

MEMO - Master Series (Est) $ 484.95 - 3.97 0.00

Global 180.77 190.38 -0.36 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.34 - 0.01 0.29 Wealthy Nat Bd GBP Inst Inc £ 114.05 - 0.16 3.80

MEMO - MEMV Series $ 114.18 - -3.32 0.00

Global Bond Inc 143.59 151.95 -0.45 3.40 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.31 - 0.00 0.50 Wealthy Nat Bd EUR Ord Inc € 109.89 - 0.16 3.65
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
High Yield Fixed Interest 73.47 77.95 0.05 6.06 Wealthy Nat Bd GBP Ord Inc £ 114.68 - 0.17 3.55
www.manulife.com.hk
FCA Recognised
American Growth Fund Class A F $ 28.7332 - 0.2578 0.00 Multi Cap Income A Inc 150.14 - 0.30 4.28 NatWest (2230)F (UK) Wealthy Nat Bd USD Ord Inc $ 111.85 - 0.17 3.51
PO Box 23873, Edinburgh EH7 5WJ**
American Growth Fund Class AA F $ 1.6339 - 0.0146 0.00 Nano-Cap Growth A Acc 96.2007 106.0200 0.3548 - Morgan Stanley Investment Funds (LUX) Enquiries: 0800 085 5588 New Capital Alternative Strategies
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Authorised Inv Funds All Weather Fd USD Cls $ 119.43 - -0.22 0.00
American Growth Fund Class AA (HKD) FHK$ 10.2442 - 0.0917 - Special Situations A Acc 1008.41 1067.10 5.32 0.25 www.morganstanleyinvestmentfunds.com Series 1(Minimum initial investment 16375,000)
FCA Recognised United Kingdom Equity Index Fund £ 13.26 - 0.03 2.49 All Weather Fd EUR Cls € 107.75 - -0.24 0.00
Asian Equity Fund Class A F $ 3.1700 - -0.0078 0.40 UK Multi-Cap Growth A Inc 222.53 235.48 -0.29 0.44 Emerging Markets Managed Accounts PLC (IRL) US Advantage A F $ 55.30 - 0.63 0.00
info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com UK Specialist Equity Inc £ 19.68 - 0.02 0.34 All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
UK Micro Cap Growth A 405.78 429.40 2.70 0.00 Regulated Asian Equity A F $ 45.11 - -0.28 0.00
Asian Equity Fund Class AA F $ 1.0211 - -0.0025 0.00
Milltrust ASEAN A $ 97.70 - -0.83 0.00 Contl Europe Spec Equity £ 15.82 - -0.06 0.00 Tactical Opps USD Cls $ 167.30 - -7.06 0.00
Asian Small Cap Equity Fund Class AA F $ 2.2198 - -0.0092 0.00 US Multi-Cap Income 318.50 - 1.61 0.17 Asian Property A F $ 19.73 - 0.11 0.00
Milltrust Brazil A $ 96.46 - 0.91 0.00 US Spec Equity Fund £ 13.67 - 0.04 0.00 Tactical Opps EUR Cls € 140.74 - -5.98 0.00
Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.9820 - -0.0374 - MFM - Third Party Funds Asian Property AX F £ 11.98 - 0.09 0.56
Junior Oils 103.44 109.46 2.85 0.00 Milltrust India A $ 135.85 - -1.34 0.00 Japan Specialist Fund £ 8.96 - -0.01 0.00 Tactical Opps GBP Cls £ 158.17 - -6.72 0.00
China Value Fund Class A F $ 8.6440 - -0.0621 0.70 Diversified Alpha Plus A F € 33.37 - -0.13 0.00
Junior Gold C Acc 28.60 - 0.23 0.00 Milltrust Latin America A $ 88.28 - -5.60 0.00 Pacific Basin Specialist Equity Fund £ 24.11 - -0.09 0.60
China Value Fund Class AA F $ 2.7099 - -0.0196 0.48 Emerg Europ, Mid-East & Africa Eq A F € 66.86 - 0.52 0.00
MFM Artorius Fund 136.98 - 0.10 0.20 Milltrust Value Partners Greater China A $ 130.39 - -3.06 0.00 UK Sovereign Bd Index Fund £ 11.28 - -0.02 2.58
Dragon Growth Fund Class A F $ 2.0095 - -0.0125 - Emerging Markets Debt A F $ 76.43 - 0.12 0.00
MFM Bowland 136.73 147.82 -1.74 0.00 UK Specialist Equity Income Fund £ 9.97 - 0.00 3.47
Dragon Growth Fund Class AA HKDHK$ 9.7333 - -0.0605 0.59 Emerging Markets Domestic Debt AX F £ 12.57 - -0.02 5.21
MFM Hathaway Inc 101.94 106.74 -0.57 1.44 Ministry of Justice Common Investment Funds (UK) Global Spec Inv Grade Bd Fund GBP £ 10.44 - 0.01 3.13
Emerging Eastern Europe Fund Class AA F $ 1.3775 - 0.0122 - Property & Other UK Unit Trusts Emerging Markets Equity A F $ 37.33 - -0.20 0.00
MFM SGWM Managed A Acc 124.58 - -0.18 0.15 The Equity Idx Tracker Fd Inc 1392.00 1392.00 0.00 2.74 Inflation Lkd Sov Bd Fund £ 12.76 - -0.07 0.71
Northwest Investment Management (HK) Ltd
Emerging Eastern Europe Fund Class A F $ 3.2055 - 0.0284 0.93 Euro Bond A F € 15.95 - 0.01 0.00
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
MFM Techinvest Special Situations Acc 107.05 - -1.05 0.09 Distribution Units Global Emerg Mkts Equity Fund £ 12.74 - -0.05 0.47
Other International Funds
European Growth Fund Class A F $ 10.7124 - -0.0069 1.24 Euro Corporate Bond AX F £ 22.78 - -0.09 1.93
Northwest $ class $ 2282.96 - 24.66 0.00
MFM Techinvest Technology Acc 358.61 - -0.42 0.00 Series 2 (Investment Management customers only)
European Growth Fund Class AA F $ 0.7757 - -0.0005 0.60 Euro Strategic Bond A F € 44.24 - 0.02 0.00 United Kingdom Equity Index Fund £ 13.26 - 0.03 2.84
Northwest Warrant $ class $ 2016.80 - 163.93 0.00
MFM UK Primary Opportunities A Inc 321.72 - 0.85 1.32
Global Contrarian Fund Class AA F $ 0.9421 - 0.0038 0.00 European Currencies High Yield Bd A F € 21.59 - -0.08 0.00 UK Specialist Equity Inc £ 19.87 - 0.03 1.51
Slater Investments Ltd - Investment Adviser
Global Property Fund Class AA F $ 1.0564 - -0.0014 0.73 MFM Slater Growth 359.99 381.95 0.94 0.00 European Equity Alpha A F € 44.86 - -0.08 0.00 Contl Europe Spec Equity £ 16.50 - -0.06 0.62

Global Resources Fund Class AA F $ 0.8578 - 0.0002 0.00 MFM Slater Income A Inc 151.42 - 0.35 3.76 European Property A F € 35.12 - 0.17 0.00 US Spec Equity Fund £ 14.15 - 0.04 0.16
Mirabaud Asset Management (LUX)
www.mirabaud.com, marketing@mirabaud.com Eurozone Equity Alpha A F € 11.54 - -0.03 0.00
Greater China Opportunities Class AA $ 1.0207 - -0.0076 - MFM Slater Recovery 155.26 164.73 -2.34 0.11 Japan Specialist Fund £ 9.44 - -0.01 0.56
Regulated
Mir. Conv. Bds Eur A EUR € 133.43 - 0.27 0.00
FINANCIAL TIMES Monday 9 February 2015 FTfm | 21

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Odey Allegra International GBP Class £ 202.13 - -1.41 0.00 Optima Fd NAV $ 90.82 - 0.72 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.50 - 0.03 0.00 Diversified Income Durat Hdg Fund Inst Acc $ 11.33 - 0.02 0.00

Odey Allegra International USD $ 155.59 - -0.34 0.00 Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 Pictet-EUR Corporate Bonds-I F € 202.49 - 0.08 0.00 EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.86 - 0.02 0.00

Odey Allegra International Euro I Class € 158.32 - -0.42 0.00 The Dorset Energy Fd Ltd NAV $ 38.33 - -0.34 0.00 Pictet-EUR Government Bonds I EUR € 159.70 - 0.01 0.00 Emerging Asia Bond Fund Inst Acc $ 10.08 - 0.03 0.00

Odey Allegra International GBP D inc £ 183.13 - -1.27 0.00 Platinum Fd Ltd $ 87.52 - 0.00 0.00 Pictet-EUR High Yield-I F € 241.16 - -0.01 0.00 Emerging Multi-Asset Fund Inst Acc $ 8.83 - 0.04 0.00

Odey Allegra International GBP A D £ 135.06 - -0.95 0.00 Platinum Fd Ltd EUR € 17.11 - 0.00 0.00 Pictet-EUR Inflation Linked Bonds I EUR € 127.65 - 0.29 0.00 Emerging Local Bond - Inst Acc $ 12.70 - 0.00 -
Oasis Crescent Management Company Ltd Polar Capital Funds Plc (IRL)
Other International Funds Regulated
Odey Allegra Developed Markets Fund USD I $ 131.18 - 1.09 0.00 Platinum Japan Fd Ltd $ 48.82 - 0.00 0.00 Pictet-EUR Short Mid-Term Bonds-I F € 136.74 - -0.01 0.00 Emerging Markets Bond - Inst Acc $ 38.26 - 0.10 0.00
Oasis Crescent Equity Fund R 9.97 - 0.05 0.00 Asian Financials I USD $ 308.33 308.33 0.54 0.00

Odey Allegra Developed Markets Fund GBP I £ 133.13 - 0.48 0.00 Optima Partners Global Fd $ 14.45 - 0.00 0.00 Pictet-EUR Short Term HY I EUR € 117.27 - 0.48 0.00 Emerging Markets Corp.Bd Fund Inst Acc F $ 13.00 - 0.00 0.00
Biotechnology I USD $ 16.93 16.93 0.34 0.00

Odey Atlas Fund GBP I £ 105.60 - -0.13 - Optima Partners Focus Fund A $ 16.67 - 0.00 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.00 0.00 Emerging Markets Curr.Fd- Inst Acc $ 12.45 - 0.02 0.00
European Income Acc EUR € 11.34 11.34 0.03 -
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated Odey Atlas Fund GBP I S £ 1.27 - 0.00 0.00 Pictet-Euroland Index IS EUR € 130.99 - -0.22 0.00 Euro Bond - Inst Acc € 22.96 - -0.01 0.00
Oasis Global Investment (Ireland) Plc Financial Opps I USD $ 12.09 - 0.03 2.03
Oasis Global Equity $ 28.17 - 0.23 0.18 Odey Atlas Fund GBP R S £ 1.08 - -0.01 0.00 Pictet-Europe Index-I EUR F € 170.81 - 0.20 0.00 Euro Credit - Inst Acc € 14.84 - 0.01 0.00
Orbis Investment Management Ltd (BMU) GEM Growth I USD $ 9.91 - -0.01 0.00
Regulated
Oasis Crescent Global Investment Fund (Ireland) plc Odey Giano European Fund EUR R € 122.30 - -1.32 0.00 Pictet-European Equity Selection-I EUR F € 595.00 - 3.34 0.00 Euro Income Bond - Inst Acc F € 12.97 - 0.02 0.00
Orbis Global Equity $ 175.50 - 6.53 0.00 GEM Income I USD $ 11.21 - 0.00 0.00
Oasis Crescent Global Equity Fund $ 28.66 - 0.23 0.00
Odey Giano European Fund GBP R £ 122.80 - -1.31 0.00 Orbis Optimal (US$) $ 74.34 - 1.12 0.00 Pictet-European Sust Eq-I EUR F € 237.87 - 1.04 0.00 Euro Long Average Duration - Inst Acc € 23.37 - 0.02 0.00
OasisCresGl Income Class A $ 11.09 - 0.01 2.44 Global Alpha I USD $ 12.95 12.95 0.08 0.00

Odey Giano European Fund USD R $ 123.54 - -1.33 0.00 Orbis Optimal (Euro) € 25.51 - 0.31 0.00 Pictet-Generics-I USD F $ 280.29 - 4.34 0.00 Euro Low Duration Fund Inst Acc € 11.35 - 0.00 0.00
OasisCresGl LowBal D ($) Dist $ 12.29 - 0.07 0.00 Global Convertible I USD $ 11.43 11.43 0.03 0.00

Odey Naver Fund Euro I Class € 125.58 - -1.17 0.00 Orbis Optimal (Yen) ¥ 1062.00 - 16.00 0.00 Pictet-Global Bds Fundamental I USD $ 124.20 - 0.25 0.00 Euro Real Return - Inst Acc € 13.41 - 0.03 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 12.42 - 0.07 0.04 Global Insurance I GBP £ 3.78 - 0.01 0.00

Odey Naver Fund GBP I Class £ 126.11 - -1.17 0.00 Orbis Japan Equity (US$) $ 40.60 - 0.92 0.00 Pictet-Global Bonds-I EUR € 162.75 - 0.11 0.00 Euro Short-Term Inst Acc € 12.28 - 0.00 0.00
Oasis Crescent Gbl Property Eqty $ 10.18 - 0.09 1.55 Global Technology I USD $ 22.04 - 0.19 0.00

Odey Odyssey USD I $ 158.61 - -0.02 0.00 *Orbis Prices as of February 5th Pictet-Global Emerging Currencies-I USD F $ 98.63 - -0.05 0.00 Euro Short-Term Inv Acc € 11.91 - 0.00 0.00
Healthcare Blue Chip Fund I USD Acc $ 10.69 10.69 0.08 -

Odey Odyssey Fund GBP I £ 158.08 - -0.02 0.00 Pictet-Global Emerging Debt-I USD F $ 353.46 - -1.93 0.00 Euro Ultra Long Duration - Inst Acc € 31.16 - 0.21 0.00
Healthcare Opps I USD $ 36.94 - 0.36 0.00

Odey Odyssey Fund GBP R £ 155.73 - -0.03 0.00

Orbis Sicav (LUX)
Pictet-Global Megatrend Selection-I USD F $ 229.28 - 2.07 0.00 Global Advantage - Inst Acc $ 12.70 - 0.01 0.00
Regulated Income Opportunities B2 I GBP Acc £ 1.66 1.66 -0.01 0.00
Orbis Japan Equity (Yen) ¥ 3969.00 - 89.00 0.00
Odey Odyssey EUR I € 141.98 - -0.02 0.00 Pictet-Greater China-I USD F $ 472.26 - -2.64 0.00 Global Advantage Real Return Fund Inst Acc $ 9.57 - 0.01 0.00
Japan Alpha I JPY ¥ 187.23 187.23 2.07 0.00
Orbis Japan Equity (Euro) € 26.23 - 0.59 0.00
Odey Odyssey Fund EUR R € 118.17 - -0.01 0.00 Pictet-High Dividend Sel I EUR F € 154.11 - 0.34 0.00 Global Bond - Inst Acc $ 28.12 - -0.02 0.00
Japan I JPY ¥ 1868.30 - 15.42 0.00
Odey Asset Management LLP (UK) Orbis Asia ex-Japan - Investor Shares $ 22.50 - 0.27 0.00
40 Dukes Place, London, EC3A 7NH Odey Odyssey Fund USD R $ 123.53 - -0.03 0.00 Pictet-India Index I USD $ 111.43 - 0.23 0.00 Global Bond Ex-US - Inst Acc $ 19.67 - -0.01 -
North American I USD $ 17.10 17.10 0.20 0.00
Order Desk: 0845 300 2106, Enquiries: 0870 607 2555 Orbis Global Equity - Investor Shares € 151.24 - 3.20 0.00
Authorised Corporate Director - Capita Financial Managers Odey Orion Fund Euro I Class € 125.15 - 0.30 0.00 Pictet-Indian Equities-I USD F $ 481.66 - -5.31 0.00 Global Fundam.Index StocksPLUSInst Acc $ 11.84 - 0.08 0.00
UK Absolute Equity I GBP £ 10.58 10.58 -0.13 -
Authorised Inv Funds
CF Odey Continental European R Acc 726.12 - -2.97 0.18 Odey Orion Fund USD I Class $ 125.18 - 0.29 0.00 Pictet-Japan Index-I JPY F ¥ 14975.08 - 87.48 0.00 Global High Yield Bond - Inst Acc $ 20.08 - 0.05 0.00

CF Odey Continental European I Acc 124.03 - -0.50 0.75 Odey Swan Fund Euro I Class € 107.97 - -2.22 0.00 Oryx International Growth Fund Ltd Pictet-Japanese Equities Opp-I JPY F ¥ 8747.38 - 30.15 0.00 Global Investment Grade Credit - Inst Income $ 12.60 - 0.00 3.23
Other International Funds Polar Capital LLP (CYM)
Odey Swan Fund Euro R Class € 106.98 - -2.20 0.00 NAV (Fully Diluted) £ 5.44 - 0.05 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 13436.11 - 98.06 0.00 Global Investment Grade Credit Fund Inst Acc € € 11.50 - 0.00 0.00 Regulated
CF Odey Continental European I Inc 119.19 - -0.49 0.74
ALVA Convertible A USD $ 126.35 - 0.10 0.00

CF Odey Opus R Inc 3824.19 - -14.70 0.00 Odey Swan Fund GBP I Class £ 108.18 - -2.21 0.00 Pictet-LATAM Index I USD $ 66.92 - 0.31 0.00 Global Investment Grade Credit Fund Inst Acc $ $ 16.76 - 0.00 0.00
European Conviction A EUR € 164.81 - 2.42 0.00

CF Odey Opus Fund A Accumulation 136.43 - -0.53 0.00 Odey Swan Fund GBP R Class £ 112.43 - -2.28 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 136.07 - -0.46 0.00 Global Multi-Asset - Inst Acc $ 14.80 - 0.04 0.00
European Forager A EUR € 181.04 - 0.47 0.00

CF Odey Opus Fund I Acc 175.19 - -0.67 0.25 Odey Swan Fund USD I Class $ 107.68 - -2.25 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 373.31 - 1.94 0.00 Global Real Return - Inst Acc $ 18.55 - -0.05 0.00

CF Odey Opus Fund I Inc 171.54 - -0.65 0.25 Odey Swan Fund USD IR Class $ 107.25 - -2.19 0.00 Pictet-Premium Brands-I EUR F € 160.95 - 0.66 0.00 High Yield Bond - Inst Acc $ 27.98 - 0.08 0.00
Polunin Capital Partners Ltd
CF Odey Absolute Return Fund Euro Hedged € 1.76 - 0.01 0.00 Odey Swan Fund USD R Class $ 106.78 - -2.21 0.00 Pictet-Quality Global Equities I USD $ 137.00 - 0.94 0.00 Income Fund Inst Acc $ 12.01 - 0.02 0.00 Other International Funds
Permal Investment Mgmt Svcs Ltd
www.permal.com Developing Countries 'A' $ 38.29 - 0.63 0.00
CF Odey Absolute Return Fund US Dollar Hedged $ 1.62 - 0.01 0.00 Odey European Absolute Return Fund EUR I € 100.12 - -0.82 0.00 Other International Funds Pictet-Russia Index I USD $ 47.92 - 2.05 0.00 Inflation Strategy Fund Inst Acc $ 9.94 - 0.03 0.00
Offshore Fund Class A US $ Shares Emerging Markets Active $ 42.90 - 0.70 -
CF Odey Absolute Return R 294.93 - 1.04 0.00 Odey European Absolute Return Fund GBP I £ 99.55 - -0.87 0.00 Investment Holdings N.V. $ 5436.88 - -32.89 0.00 Pictet-Russian Equities-I USD F $ 40.52 - 1.40 0.00 Low Average Duration - Inst Acc $ 14.76 - 0.00 -
Luxcellence Em Mkts Tech $ 956.73 - -13.78 0.00
CF Odey Absolute Return I 303.85 - 1.07 0.00 Odey European Absolute Return Fund USD I $ 100.50 - -0.70 0.00 Macro Holdings Ltd $ 4198.93 - 30.95 0.00 Pictet-Security-I USD F $ 192.78 - 2.41 0.00 PIMCO EqS Emerging Markets Fund Inst Acc $ 8.54 - 0.06 0.00
Polunin Developing Countries $ 861.30 868.62 -0.24 0.00
CF Odey Portfolio Fund Class P Institutional Acc 104.14 - 0.03 - Odey European Absolute Return Fund EUR R € 95.24 - -0.84 0.00 Fixed Income Holdings N.V. $ 400.40 - -10.13 7.99 Pictet-Select-Callisto I EUR € 105.40 - -0.47 0.00 PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.39 - 0.09 0.00
Polunin Discovery - Frontier Markets $ 1501.86 - -1.34 -
CF Odey Portfolio Fund Class P Retail Acc 103.88 - 0.02 - Odey European Absolute Return Fund GBP R £ 99.28 - -0.87 0.00 Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Pictet-Small Cap Europe-I EUR F € 992.30 - 11.71 0.00 PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.18 - 0.14 0.00
Polunin Small Cap $ 1428.02 1445.87 -10.74 0.00
CF Odey Portfolio Fund I Acc 147.10 - 0.04 0.06 Odey European Absolute Return Fund USD R $ 100.12 - -0.70 - Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.92 - 0.03 0.00

CF Odey Portfolio Fund I Inc 144.77 - 0.04 0.06 Odey European Absolute Return Fund EUR S € 100.33 - -0.85 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 101567.52 - 7.58 0.00 StocksPLUS{TM} - Inst Acc $ 23.10 - 0.28 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY)
CF Odey Portfolio Fund R Acc 143.40 - 0.04 0.00 Odey European Absolute Return Fund GBP S £ 100.99 - -0.70 0.00 Pictet-ST.MoneyMkt-ICHF SFr 125.20 - 0.00 0.00 Total Return Bond - Inst Acc $ 27.41 - -0.04 0.00 Regulated
Monument Growth 03/02/2015 £ 460.93 466.02 3.20 1.07
CF Odey Portfolio Fund R Inc 143.15 - 0.04 0.00 Odey European Absolute Return Fund USD S $ 100.58 - -0.72 0.00 Pictet-ST.MoneyMkt-IUSD $ 134.83 - 0.01 0.00 UK Corporate Bond - Inst Acc £ 17.54 - -0.02 0.00

Pictet-Timber-I USD F $ 161.52 - 0.42 0.00 UK Long Term Corp. Bnd Inst-Inst Acc £ 19.90 - -0.03 0.00
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg Pictet Total Ret-Agora I EUR € 106.73 - -0.32 - UK Real Return - Inst Acc £ 23.36 - -0.16 0.00 Prusik Investment Management LLP (IRL)
Odey Asset Management LLP (CYM) Odey Wealth Management (CI) Ltd (IRL)
Tel: 0041 58 323 3000 Enquiries - 0207 493 1331
Regulated www.odey.com/prices Regulated
FCA Recognised Pictet Total Ret-Corto Europe I EUR € 128.50 - -0.04 0.00 UK Sterling Long Average Duration - Inst Acc £ 22.95 - -0.11 0.00
OEI MAC Inc A £ 471.36 - 0.00 0.00 FCA Recognised Prusik Asian Equity Income B Dist $ 162.63 - -0.44 4.59
Pictet-Absl Rtn Fix Inc-HI EUR € 107.91 - -0.02 0.00
Odey Opportunity EUR I € 219.86 - -0.06 0.00
Pictet Total Ret-Divers Alpha I EUR € 101.51 - -0.40 - UK Sterling Low Average Duration - Inst Acc £ 14.16 - -0.01 0.00
OEI Mac Inc B £ 269.35 - 0.00 0.00 Pictet-Absl Rtn Glo Div-I EUR F € 124.72 - 0.18 0.00 Prusik Asia A $ 201.65 - -1.04 0.00

Pictet Total Ret-Kosmos I EUR € 108.42 - -0.42 0.00 Unconstrained Bond - Inst Acc $ 12.16 - -0.01 0.00
OEI MAC Inc USD $ 2568.71 - 0.00 0.00 Pictet-Agriculture-I EUR F € 194.66 - 2.36 0.00 Prusik Asian Smaller Cos A $ 159.93 - -0.45 0.00
Odey Wealth Management UK Pictet Total Ret-Mandarin I USD $ 116.87 - -0.47 0.00 US Fundam.Index StocksPLUS Inst Inc $ 12.73 - 0.13 0.00
Odey European Inc EUR € 994.88 - 0.00 0.00 Authorised Funds Pictet-Asian Equities Ex Japan-I USD F $ 225.56 - -1.26 0.00
VT Odey Total Return Fund Class A £ 102.94 - 0.02 -
Pictet-US Equity Selection-I USD $ 189.48 - 1.97 0.00
Odey European Inc A GBP £ 380.40 - 0.00 - Pictet-Asian Local Currency Debt-I USD F $ 158.15 - 0.96 0.00 Purisima Investment Fds (UK) (1200)F (UK)
VT Odey Total Return Fund Class A € 109.55 - 0.00 - 40 Dukes Place, London EC3A 7NH
Pictet-US High Yield-I USD F $ 147.72 - 0.47 0.00
Odey European Inc B GBP £ 215.94 - 0.00 0.00 Pictet-Biotech-I USD F $ 796.99 - 16.74 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555
VT Odey Total Return Fund Class I £ 104.52 - 0.02 - Authorised Inv Funds
Pictet-USA Index-I USD F $ 180.39 - 1.85 0.00
Odey European Inc USD $ 463.59 - 0.00 0.00 Pictet-Brazil Index I USD $ 56.32 - -0.27 0.00 Authorised Corporate Director - Capita Financial Managers
VT Odey Total Return Fund Class I € 100.00 - 0.00 - Global Total Fd PCG A 161.87 - 1.09 0.35
Pictet-USD Government Bonds-I F $ 642.93 - -0.39 0.00
Giano Capital EUR Inc € 4955.50 - 77.78 0.00 Pictet-CHF Bonds I CHF SFr 505.75 - 0.31 0.00
VT Odey Total Return Fund Class R £ 105.22 - 0.02 - Global Total Fd PCG B 160.74 - 1.07 0.13
Pictet-USD Short Mid-Term Bonds-I F $ 129.19 - -0.01 0.00
Pictet-China Index I USD $ 117.68 - 0.50 0.00 Platinum Capital Management Ltd
VT Odey Total Return Fund Class R $ 104.46 - 0.00 - Other International Funds Global Total Fd PCG INT 158.96 - 1.06 0.00
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.49 - -0.01 0.00
Odey Asset Management LLP (IRL) Pictet-Clean Energy-I USD F $ 90.67 - 0.74 0.00 Platinum All Star Fund - A (Est) $ 114.71 - - -
FCA Recognised VT Odey Total Return Fund Class I $ 107.82 - 0.01 -
Pictet-Water-I EUR F € 265.18 - 2.01 0.00
Odey Pan European EUR R € 341.14 - -1.67 0.00 Pictet-Digital Communication-I USD F $ 244.68 - 2.06 0.00 Platinum Global Dividend Fund - A $ 62.83 - - -

Platinum Global Dividend UCITS Fund $ 74.64 74.64 0.09 6.85 Purisima Investment Fds (CI) Ltd (JER)
Odey Pan European GBP R £ 204.80 - -1.88 0.00 Pictet-Eastern Europe-I EUR F € 285.80 - 4.55 0.00
Regulated
Omnia Fund Ltd PCG B 162.66 - 0.06 0.00
Odey Allegra European EUR O € 266.68 - -0.80 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 177.41 - 0.36 0.00 Pimco Fds: Global Investors Series Plc (IRL) Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93 - - -
Other International Funds
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
Estimated NAV $ 877.58 - 50.31 0.00 PCG C 160.64 - 0.07 0.00
http://gisnav.pimco-funds.com/ Platinum Essential Resources UCITs Fund $ 7.16 7.16 0.10 -
Odey Allegra European EUR A € 160.40 - -0.48 0.00 Pictet-Emerging Markets-I USD F $ 556.42 - 0.28 0.00
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407 Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00
Odey Allegra European GBP O £ 285.90 - -2.09 0.00 Pictet-Emerging Markets Index-I USD F $ 250.53 - 0.35 0.00
FCA Recognised
Asia Local Bond Fund - Inst Acc $ 10.19 - -0.01 0.00 Platinum Navigator Fund Ltd Class A $ 98.72 - - - Putnam Investments (Ireland) Ltd (IRL)
Odey Allegra European USD O $ 234.39 - -0.58 0.00 Pictet-Emerging Corporate Bonds I USD $ 105.18 - 0.09 0.00
Regulated
Capital Securities Inst Acc $ 14.58 - 0.00 0.00 Putnam New Flag Euro High Yield Plc - E € 1028.97 - -0.35 4.82
Odey Allegra European EUR I € 254.39 - -0.76 0.00 Pictet-Emerging Markets High Dividend I USD $ 111.00 - 0.08 0.00

CommoditiesPLUS111sp Strategy - Inst Acc $ 7.56 - 0.06 0.00

Odey Allegra European EUR A I € 163.08 - -0.49 0.00 Pictet-Emerging Markets Sust Eq I USD $ 100.41 - 0.10 0.00

Optima Fund Management Credit Absolute Return Fund Inst Acc $ 11.34 - 0.01 0.00
Odey Allegra European GBP D £ 172.17 - -1.26 0.00 Pictet-Environmental Megatrend Sel I EUR € 155.20 - 1.07 0.00
Other International Funds
JENOP Global Healthcare Fund Ltd $ 15.93 - 0.45 0.00 Diversified Income - Inst Acc $ 19.54 - 0.02 -
Odey Allegra International Euro Class € 173.02 - -0.46 0.00 Pictet-EUR Bonds-I F € 560.70 - 0.13 0.00
22 | FTfm FINANCIAL TIMES Monday 9 February 2015

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Global Emerg Mkts Equity Fund £ 12.31 - -0.05 0.44 Santander Atlas Port 5 Acc Ret 193.90 - 0.00 - US Equities 261.20 - 1.10 - Mthly Div US Preferred Secs $ 7.98 - -0.01 0.00

Rathbone Unit Trust Mgmt (1200)F (UK) Global Spec Inv Grade Bd Fund GBP £ 10.28 - 0.01 3.13 Santander Atlas Port 5 Acc Inst 164.10 - 0.00 - B Shares Daiwa Equity Fund Series
PO Box 9948, Chelmsford, CM99 2AG Pacific Bas (ex-Japan) 542.10 - -2.90 - New Major Economies $ 9.13 - -0.01 0.00
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Series 6 (Investment Management Customers Only) Santander Atlas Port 6 Acc Ret 268.30 - 0.10 -
Authorised Inv Funds United Kingdom Equity Index Fund £ 16.37 - 0.03 2.84
Blue Chip Income Inc 155.27 160.28 -0.34 4.08 Santander Atlas Port 6 Acc X 191.50 - 0.00 -
UK Specialist Equity £ 19.87 - 0.02 1.51 Saracen Fund Managers Ltd (1000)F (UK) Standard Life Wealth (JER)
Blue Chip Income Acc 225.46 232.55 -0.49 3.95 Santander Atlas Port 6 Acc Inst 164.20 - 0.10 - 19 Rutland Square, Edinburgh EH1 2BB PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Ruffer LLP (1000)F (UK)
Contl Europe Specialist Fund £ 24.15 - -0.09 0.62 Dealing: 00 353 1 603 9921 FCA Recognised
40 Dukes Place, London EC3A 7NH
Ethical Bond Inc 94.00 96.09 -0.23 4.80 Santander Atlas Port 7 Acc Ret 209.30 - 0.00 - Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Standard Life Offshore Strategy Fund Limited
Order Desk and Enquiries: 0845 601 9610
Japan Specialist Fund £ 14.18 - -0.02 0.56 Authorised Inv Funds Bridge Fund £ 1.6097 - 0.0001 2.48
Authorised Inv Funds
Ethical Bond Acc 174.89 178.46 -0.43 4.67 Santander Atlas Port 7 Acc Inst 165.50 - 0.10 - Saracen Growth Fd Alpha Acc £ 3.49 - 0.03 1.05
Authorised Corporate Director - Capita Financial Managers
US Spec Equity Fund £ 19.16 - 0.05 0.16 Diversified Assets Fund £ 1.1947 - 0.0028 3.01
CF Ruffer Investment Funds
Global Opportunities Acc 125.64 129.59 0.13 0.00 Authorised Inv Funds Saracen Growth Fd Beta Acc £ 5.55 - 0.04 1.57
CF Ruffer Gold Fund C Acc 85.63 - 1.34 0.00
Pacific Basin Specialist Equity Fund £ 42.20 - -0.15 1.19 Max 70% Shs Acc Ret 167.50 - 0.00 - Global Equity Fund £ 1.8356 - 0.0005 1.32
Income Inc 858.35 888.03 1.52 3.94 CF Ruffer Gold Fund O Acc 84.96 - 1.32 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.23 - 0.00 2.86
UK Sovereign Bd Index Fund £ 11.14 - -0.03 2.58 Max 70% Shs Inc Ret 142.90 - -0.10 - Global Balanced Fund - Income Units £ 1.3722 - -0.0010 1.62
Income Acc 1287.82 1331.08 2.28 3.82 Equity & General C Acc 378.77 - 2.61 0.25 Saracen Global Income & Growth Fund A - Dist £ 1.16 - 0.00 2.92
Inflation Lkd Sov Bd Fund £ 12.86 - -0.07 0.71 Investments Inc Acc Ret 160.80 - -0.40 - Global Balanced Fund - Accumulations Units £ 1.5734 - -0.0011 1.60
Multi Asset Enhanced Growth Acc 123.87 - -0.01 0.00 Equity & General C Inc 349.56 - 2.41 0.25 Saracen Global Income and Growth Fund -Acc £ 1.51 - 0.00 3.23
UK Specialist Equity Income Fund £ 10.65 - 0.01 3.43 Investments Inc Inc Ret 108.20 - -0.30 - Global Fixed Interest Fund £ 1.0495 - 0.0005 3.59
Multi Asset Strategic Growth inc 149.19 - 0.08 1.19 Equity & General O Inc 348.92 - 2.39 0.00 Saracen Global Income and Growth Fund -Dist £ 1.36 - 0.00 3.32
Global Spec Inv Grade Bd Fund GBP £ 10.52 - 0.01 3.13 Equity Inc Inc Inst 243.20 - -0.20 - Sterling Fixed Interest Fund £ 0.8937 - -0.0013 3.21
Multi Asset Strategic Growth acc 156.76 - 0.09 1.04 Equity & General O Acc 375.96 - 2.58 0.00 .
Global Emerg Mkts Equity Fund £ 12.27 - -0.04 0.63 Equity Inc Inc Ret 209.70 - -0.10 - For Save & Prosper please see Countrywide Assured UK Equity Fund £ 1.9546 - 0.0037 2.83
Multi Asset Total Return inc 127.35 - -0.08 1.63 European C Acc 491.41 - 2.50 0.22
Address and telephone number for Series 5 only N&P UK Gwth Inc Ret 165.50 - 0.30 -
Multi Asset Total Return acc 138.45 - -0.09 1.75 European O Acc 487.81 - 2.46 0.00 Schroder Property Managers (Jersey) Ltd
Stckmkt 100 Track Gwth Acc Inst 96.96 - 0.14 -
Other International Funds
Recovery Inc 413.54 429.60 2.69 2.40 Royal London Unit Managers (CIS) (1200) F (UK) Japanese Fund C Acc 174.09 - 0.66 0.01 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32
PO Box 105, Manchester M4 8BB 08457 464646 Stckmkt 100 Track Gwth Acc Ret 178.40 - 0.30 -
Recovery Acc 487.77 506.32 3.17 2.36 Authorised Inv Funds Japanese Fund O Acc 172.62 - 0.65 0.00
CIS Sustainable Diversified Trust A £ 1.58 - -0.01 1.74 UK Growth Acc Inst 281.80 - 0.50 -
Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.85 Pacific C Acc 294.43 - -2.13 0.48
UK Growth Acc Ret 328.20 - 0.70 - Scottish Friendly Asset Managers Ltd (UK)
CIS Sustainable World Trust A 169.20 - -0.30 0.77
Strategic Bond Ret Inc £ 1.07 1.09 0.00 4.13
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Stenham Asset Management Inc
Pacific O Acc 292.00 - -2.12 0.18 Authorised Inv Funds www.stenhamassetmanagement.com
Corporate Bd Inc Tst 93.25 98.16 -0.36 3.96 UK Growth Inc Ret 220.70 - 0.40 -
Managed Growth 229.10 - -0.80 0.00 Other International Funds
Total Return C Acc 398.15 - 0.49 1.60 Stenham Asia USD $ 131.74 - -1.80 -
European Growth 101.60 107.00 -0.80 1.74 Managed OEIC
Glob Em Shs Port Acc Ret 174.40 - -0.90 - UK Growth 242.90 - -0.60 0.00
RECM Global Management Limited (GSY) Total Return C Inc 279.62 - 0.34 1.62 Stenham Credit Opportunities A Class USD $ 105.26 - -0.12 0.00
www.recmglobal.com Enquiries: info@recmglobal.com Sustainable Leaders A 459.70 - -0.70 0.68
Max 70% Shs Port Acc Ret 257.40 - -0.10 -
Regulated Total Return O Inc 277.46 - 0.33 1.61 Stenham Emerging Markets USD B1 $ 108.18 - -2.11 0.00
RECM Global Fund Limited - Class A $ 17.75 - 0.29 0.00 UK Growth 490.30 516.10 -0.80 1.07
Total Return O Acc 395.18 - 0.47 1.60
Max 70% Shs Port Acc X 184.80 - -0.10 - SIA (SIA Funds AG) (LUX)
Regulated Stenham Gold USD $ 159.09 - 0.93 0.00
RECM Global Equity Fund Limited - Class A $ 9.09 - 0.18 0.00 UK Income With Growth 234.60 246.90 -0.80 4.35
Investment Port Acc Ret 238.50 - -0.30 - LTIF Alpha € 168.65 - 1.08 0.00
Stenham Growth USD $ 212.93 - -0.95 -
US Growth 151.20 159.10 1.60 0.00
Investment Port Acc X 169.00 - -0.20 - LTIF Classic € 349.74 - 3.46 0.00
Stenham Healthcare USD $ 170.84 - 2.73 0.00
Additional Funds Available
Renasset Select Funds Plc (IRL)
Please see www.cis.co.uk for details Max 50% Shs Port Acc Ret 248.30 - -0.20 - LTIF Natural Resources € 83.52 - 2.08 0.00
Regulated Stenham Helix USD $ 104.66 - 0.71 0.00
European Opportunities Fund A € 141.82 - -0.04 0.00 Max 50% Shs Port Inc Ret 224.00 - -0.20 -
Stenham Managed Fund USD $ 113.25 - -0.09 -
European Opportunities Fund B € 104.90 - -0.02 0.00 RBS Collective Investment Fds Ltd (UK)
Max 50% Shs Port Acc X 179.70 - -0.20 - SIA (SIA Funds AG) (CH)
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 Stenham Multi Strategy USD $ 118.17 - 0.09 -
S W Mitchell Capital LLP (CYM) Other International Fds
Renaissance Eastern European Allocation Fund € 411.10 - -0.02 - Authorised Inv Funds
Regulated Max 100% Shs Port Acc Ret 282.60 - -0.30 -
Balanced Acc 355.50 - -0.10 1.10 LTIF Stability Growth SFr 204.10 - 4.10 -
S W Mitchell European Fund Class A EUR € 298.90 - -2.66 - Stenham Quadrant USD A $ 389.49 - 2.32 -
Renaissance Eastern European Fund A € 399.92 - 9.17 - Max 100% Shs Port Acc X 202.90 - -0.20 -
Balanced Inc 289.90 - -0.20 1.10 LTIF Stability Inc Plus SFr 181.20 - 3.60 5.70
S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 - Stenham Trading Inc USD $ 113.02 - 0.64 -
Renaissance Eastern European Fund B € 85.85 - 1.97 0.00 Enhanced Inc Inc Ins 212.80 - 0.70 -
Equity Income 334.60 - -0.30 3.68 Stenham Universal USD $ 439.88 - 0.40 -
The Charlemagne Fund EUR € 279.88 - -12.15 -
Renaissance Ottoman Fund € 124.79 - 2.69 0.00 Enhanced Inc Inc Ret 202.50 - 0.70 -
Extra Income 111.00 - -0.20 3.00 Smith & Williamson Investment Management (1200)F (UK) Stenham Universal II USD $ 163.71 - 0.08 0.00
25 Moorgate, London, EC2R 6AY 020 7131 8100
Enhanced Inc Inc X 171.30 - 0.60 -
FTSE 100 Tracker Special 1 302.50 - 0.50 2.99 www.sandwfunds.com
S W Mitchell Capital LLP (IRL) Authorised Inv Funds
Regulated Managed Investments OEIC
FTSE 100 Tracker Special 3 209.70 - 0.30 2.75 European Growth Trust A Class 490.50 - -3.40 1.37
SWMC European Fund B EUR € 15237.93 - -40.84 0.00 Max 30% Shs Port Acc Ret 158.10 - -0.10 - Stratton Street Capital (CI) Limited (GSY)
Regulated
FTSE 100 Tracker Standard 286.30 - 0.50 2.52 Far Eastern Income and Growth Trust A Class 410.30 - -2.80 2.79
SWMC UK Fund B £ 10262.10 - 28.49 - Max 30% Shs Port Acc X 158.10 - -0.10 - Japanese Synthetic Warrant ¥ 1183.28 - 125.51 0.00

Growth 316.10 - 0.20 2.06 Fixed Interest Trust A Class 126.60xd - -0.30 3.89
SWMC Small Cap European Fund B EUR € 13011.55 - 74.05 0.00 Max 30% Shs Inc Port Inc Ret 159.40 - -0.30 - Japan Synthetic Warrant GBP Hedged Participating Shares £ 133.67 - 7.58 0.00
Robeco Asset Management (LUX) High Yield 127.70 - -0.20 3.51 Global Gold and Resource Trust A Class 175.60 - 1.30 0.00
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. SWMC Emerging European Fund B EUR € 8470.86 - 78.40 0.00 Max 30% Shs Inc Port Inc X 159.40 - -0.30 - Japan Synthetic Warrant Fund USD Class $ 13.06 - 1.29 0.00
www.robeco.com/contact International Growth 408.00 - 0.80 0.61 MM Endurance Balanced Fund A Class 213.60 - -0.10 0.96
FCA Recognised Max 60% Shs Port Acc Ret 271.80 - 0.20 - Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 132.49 - 7.20 0.00
Asia-Pacific Equities (EUR) € 132.44 - -0.03 0.00 Stakeholder Investment 170.80 - -0.10 1.37 MM Global Investment Fund A Class 2237.00 - 2.00 1.53
Max 60% Shs Port Inc Ret 220.70 - 0.10 - Renminbi Bond Fund AUD Cls A A$ 114.86 - 0.28 4.08
Chinese Equities (EUR) € 78.16 - -1.10 0.00 Adventurous Growth 150.30 - 0.60 0.50 North American Trust A Class 1744.00 - 9.00 0.00
Max 60% Shs Port Inc X 170.90 - 0.10 - Renminbi Bond Fund AUD Cls B A$ 116.74 - 0.28 3.80
Em Stars Equities (EUR) € 186.83 - -3.05 0.00 Balanced Growth 146.70 - 0.50 0.70 Oriental Growth Fund A Class 147.00 - -0.70 1.59
Eq Inc Port Acc Ret 294.40 - 0.20 - Renminbi Bond Fund CHF Cls A SFr 114.48 - 0.28 4.05
Emerging Markets Equities (EUR) € 156.82 - -0.98 0.00 Cautious Growth 135.40 - 0.00 1.20 UK Equity Growth Trust A Class 411.70 - -0.10 0.80
Eq Inc Port Inc Ret 234.70 - 0.20 - Renminbi Bond Fund CHF Cls B SFr 114.44 - 0.28 3.79
RobecoSAM (LUX)
Flex-o-Rente (EUR) € 109.13 - -0.07 0.00 Income 123.40 - 0.10 2.20 UK Equity Income Trust A Class 229.60 - 0.20 5.63
Tel. +41 44 653 10 10 http://www.robecosam.com/
Managed Investments OEIC 2 Renminbi Bond Fund CNH Cls A CNH 118.39 - 0.06 3.59
Regulated
Glob.Consumer Trends Equities (EUR) € 145.78 - 0.47 0.00 Investments Inc Port Inc Ret 174.50 - -0.40 -
Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00 RobecoSAM Sm.Energy/A £ 12.12 - -0.04 1.23
Renminbi Bond Fund CNH Cls B CNH 118.32 - 0.06 3.34
High Yield Bonds (EUR) € 124.65 - 0.21 0.00 Investments Inc Port Inc X 158.10 - -0.40 -
Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00 RobecoSAM Sm.Materials/A £ 128.37 - 0.28 1.94 Smith & Williamson Fd Admin Ltd (1200)F (UK) Renminbi Bond Fund Euro Cls B € 115.30 - 0.29 3.81
£ Gov Bond Inc Inst 183.20 - -0.80 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Lux -O- Rente (EUR) € 140.84 - 0.02 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00 RobecoSAM Gl.Small Cap Eq/A £ 80.65 - -0.07 1.70 Authorised Inv Funds Renminbi Bond Fund GBP Cls B £ 116.67 - 0.28 3.61
Strat Bond Inc Inst 188.00 - 0.00 - S&W Deucalion Fd (OEIC) 2076.00 - 15.00 0.45
New World Financials (EUR) € 52.36 - 0.13 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00 RobecoSAM Sustainable Gl.Eq/B € 177.65 - 1.50 0.00
Renminbi Bond Fund SGD Cls B S$ 115.64 - 0.29 3.57
Managed Investments OEIC 3 S & W Magnum 383.20 404.80 0.20 1.50
US Premium Equities (EUR) € 181.09 - 1.69 0.00 Your Portfolio Fund II Class 1 113.20 - -0.10 0.90 RobecoSAM S.HealthyLiv/B € 177.74 - 0.59 0.00
Div Inc Port Inc Ret 171.30 - -0.20 - Renminbi Bond Fund USD Cls B $ 116.27 - 0.30 3.35
S & W Marathon Trust 187.70 198.50 0.30 1.66
US Premium Equities (USD) $ 202.66 - 1.90 0.00 Your Portfolio Fund II Class 2 112.90 - -0.10 1.00 RobecoSAM S.Water/A £ 167.32 - 0.47 2.26
Corp Bond Acc Inst 219.60 - -0.40 - Renminbi Bond Fund YEN Cls B ¥ 12856.78 - 32.59 0.00
Charity Value and Income Fund Acc 137.50 138.20 0.50 4.57
Your Portfolio Fund III Class 1 118.90 - -0.20 0.90
Multi-Manager OEIC Renminbi Bond Fund USD Class $ 160.05 - 0.41 3.61
Bal Intl Track Acc Ret 271.50 - -0.80 - Charity Value and Income Fund Inc 95.67 96.20 0.31 4.70
Royal Bank of Scotland (2230)F (UK) Your Portfolio Fund III Class 2 118.90 - -0.10 1.10
Renminbi Bond Fund GBP Class £ 155.27 - 0.38 3.87
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Bond Mthly Inc Acc Ret 147.50 - -0.10 -
Authorised Inv Funds Your Portfolio Fund IV Class 1 124.60 - -0.10 0.80
Renminbi Bond Fund SGD Class S$ 152.94 - 0.38 3.83
Series 5 (Minumum Initial Investment £75,000)
United Kingdom Equity Index Fund £ 16.59 - 0.04 2.49 Your Portfolio Fund IV Class 2 124.30 - -0.10 1.10
Bond Mthly Inc Inc Ret 96.48 - -0.10 - SMT Fund Services (Ireland) Limited
Regulated Renminbi Bond Fund YEN Class ¥ 19008.00 - 48.00 0.00
Monthly Dividend High Yield $ 6.97 - 0.02 0.00
UK Specialist Equity Inc £ 19.69 - 0.03 0.35 Your Portfolio Fund V Class 1 129.00 - -0.10 0.60
Santander Asset Management UK Limited (1200)F (UK) Renminbi Bond Fund EUR Class € 105.87 - 0.26 4.07
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Daiwa Gaika MMF
Contl Europe Specialist Fund £ 23.37 - -0.09 0.00 Your Portfolio Fund V Class 2 128.70 - -0.10 0.90 Santander Asset Management UK Limited (1200)F (UK)
Authorised Funds 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 AU$ Portfolio A$ 0.01 - 0.00 - Poland Geared Growth £ 0.51 - -0.02 0.00
Santander Atlas Range Authorised Inv Funds
Japan Specialist Fund £ 13.57 - -0.01 0.00 Your Portfolio Fund VI Class 1 128.40 - -0.10 0.60
Santander Atlas Port 3 Acc Ret 150.50 - 0.00 - Santander Premium Fund (OEIC) US$ Portfolio $ 0.01 - 0.00 -
US Spec Equity Fund £ 18.47 - 0.05 0.00 Your Portfolio Fund VI Class 2 128.70 - -0.10 0.90 A Shares
Santander Atlas Port 3 Inc Ret 105.40 - -0.10 - Europe (ex-UK) 270.20 - -1.40 - Canadian Dllr Pfolio C$ 0.01 - 0.00 -
Pacific Basin Specialist Equity Fund £ 42.52 - -0.15 0.61
Santander Atlas Port 3 Acc Inst 164.80 - 0.00 - Japan Equities 146.20 - 0.00 - New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
UK Sovereign Bd Index Fund £ 11.05 - -0.03 2.58
Santander Atlas Port 4 Acc Ret 182.30 - 0.10 - Pacific Bas (ex-Japan) 542.90 - -2.90 - Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.56 - -0.02 0.00
Inflation Lkd Sov Bd Fund £ 13.00 - -0.08 0.71
Santander Atlas Port 4 Inc Ret 132.30 - 0.00 - Sterling Bonds 272.70 - -0.50 - E.I. Sturdza Strategic Management Limited (GSY)
Monthly Dividend EUR Bd € 10.99 - 0.00 0.00
UK Specialist Equity Income Fund £ 9.95 - 0.01 3.48 Regulated
Santander Atlas Port 4 Acc Inst 165.10 - 0.10 - UK Equities 264.10 - 0.20 - Nippon Growth Fund Limited ¥ 95373.00 - -76.00 0.00
Monthly Dividend CAD Bd C$ 10.58 - -0.01 0.00
FINANCIAL TIMES Monday 9 February 2015 FTfm | 23

FTfm

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Strat Evarich Japan Fd Ltd JPY ¥ 84819.00 - -823.00 0.00

Strat Evarich Japan Fd Ltd USD $ 845.92 - -8.17 0.00

Veritas Asset Management LLP (IRL) Waverton Investment Funds Plc (1600)F (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland waverton.investments@citi.com
Veritas Funds Plc FCA Recognised
www.veritas-asset.com Waverton Asia Pacific A USD $ 19.89 - -0.02 1.05
E.I. Sturdza Funds PLC (IRL) +353 1 635 6799
Regulated FCA Recognised Waverton European Fund A Eur € 17.56 - 0.02 0.33
Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1035.00 - 2.52 0.00 The Resolution Fund (1200) (UK) Troy Asset Mgt Ltd (UK) Institutional
Tel 0870 870 8434 40 Dukes Place, London EC3A 7NH Veritas Asian Fund A USD H $ 310.85 - -1.45 0.66 Waverton Global Bond Fund Cls A $ 9.23 - 0.00 5.15
Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1212.05 - 2.96 0.00 Authorised Inv Funds Order desk: 0845 608 0950, Enquiries 0845 608 0950
Global Fixed Income D Acc F 103.90 - 0.00 0.59 Authorised Inv Funds Veritas Asian Fund A GBP H £ 376.75 - -3.56 0.48 Waverton Global Equity Fund A GBP £ 14.67 - -0.04 0.24
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 94746.00 - 232.00 0.00 ACD Capita Financial Mgrs
Global Fixed Income D Inc F £ 1.03 - 0.00 0.58 Trojan Investment Funds Veritas Asian Fund A EUR H € 315.45 - -1.93 0.41 Waverton UK Fund A GBP £ 13.31 - 0.01 1.86
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 79472.00 - 193.00 0.00 Spectrum Fund 'O' Acc 159.89 - -0.42 0.26
Global Yield B Acc F 119.30 - 0.10 1.60 Veritas China Fund A USD $ 133.73 - -1.52 0.00 Waverton Equity Fund A GBP £ 15.03 - -0.02 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 77199.00 - 189.00 0.00 Spectrum Fund 'O' Inc 155.93 - -0.41 0.26
Global Yield B Inc F 112.60 - 0.10 1.60 Veritas China Fund A GBP £ 136.02 - -1.59 0.00 Waverton Sterling Bond Fund A GBP £ 9.87 - -0.01 5.21
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 51244.00 - 126.00 0.00 Trojan Fund O Acc 258.74 - -0.06 0.59
Global Balanced B Acc F 130.80 - 0.00 0.37 Veritas China Fund A EUR € 132.04 - -1.47 0.00
Strategic China Panda Fund USD $ 2265.85 - -6.47 0.00 Trojan Fund O Inc 215.25 - -0.05 0.59
Global Balanced B Inc F 126.30 - 0.00 0.36 Veritas Global Equity Income Fund D USD $ 129.17 - 1.15 4.74
WA Fixed Income Fund Plc (IRL)
Strategic China Panda Fund Hedged EURO € 2206.44 - -6.32 0.00 Trojan Capital O Acc 206.05 - 0.56 0.92 Regulated
Global Growth B Acc F 138.80 - 0.00 0.29 Veritas Global Equity Income Fund D EUR € 218.79 - 1.65 4.05 European Multi-Sector € 125.23 - -0.02 0.00
Strategic China Panda Fund Hedged Sterling £ 2235.81 - -6.17 0.00 Trojan Capital O Inc 176.75 - 0.47 0.92
Global Growth B Inc F 130.20 - 0.00 0.29 Veritas Global Equity Income Fund D GBP £ 163.60 - 0.53 4.55
Strategic Euro Bond Accumulating Class CHFSFr 1020.70 - -0.61 0.00 Trojan Income O Acc 264.05 - -0.45 3.71
Global Equity Fund B Acc F 132.10 - 0.00 0.31 Veritas Global Focus Fund D USD $ 25.41 - 0.20 2.87
Strategic Euro Bond Institutional Class EUR € 1034.81 - -0.60 0.00
Winton Capital Management
Trojan Income O Inc 169.89 - -0.29 3.83
Other International Funds
Global Equity Fund B Inc F £ 1.32 - 0.01 0.31 Veritas Global Focus Fund D EUR € 22.37 - 0.16 2.69
Winton Futures USD Cls B $ 1022.41 - 11.02 0.00
Strategic Euro Bond Fund Accumulating Class Shares € 1163.20 - -0.69 0.00
UK Income Focus B Inc F 66.30 - -0.10 3.22 Veritas Global Focus Fund D GBP £ 28.12 - 0.07 2.45
Winton Futures EUR Cls C € 286.60 - 3.08 0.00
Strategic Euro Bond Fund Distributing Class Shares € 1063.59 - -0.63 0.00
UBS Global Asset Mgmt Fds Ltd (UK)
Veritas Global Focus Fund A GBP £ 27.14 - 0.07 2.23
UK Income Focus B Acc F 87.30 - -0.10 3.14 21 Lombard Street, London, EC3V 9AH Winton Futures GBP Cls D £ 313.07 - 3.38 0.00
Strategic Global Bond RMB Acc CNY 1094.99 - -0.39 0.00
Client Services 0800 587 2113, Client Dealing 0800 587 2112
UK Balanced B Inc F 70.60 - -0.10 1.34 Veritas Global Focus Fund A EUR € 13.03 - 0.09 2.14
www.ubs.com/retailfunds Winton Futures GBP Cls F £ 120.76 - 1.31 0.00
Strategic Global Bond USD Acc $ 1072.05 - -2.17 0.00
Authorised Inv Funds
UK Balanced B Acc F 76.80 - -0.10 1.32 Veritas Global Focus Fund A USD $ 24.51 - 0.20 2.41
OEIC Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Strategic US Momentum and Value Fund $ 822.48 - 10.17 0.00
Global Emerg Mkts Eqty B Acc £ 1.42 - 0.00 1.50
UK Growth B Acc F 77.70 - -0.10 1.19 Veritas Global Focus Fund C GBP £ 29.29 - 0.08 0.00
Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Strategic US Momentum and Value EUR Hedged Class EUR € 573.75 - 7.01 0.00
Global Optimal B Acc £ 1.01 - 0.00 0.81
UK Growth B Inc F 85.90 - -0.10 1.18 Veritas Global Focus Fund C EUR € 23.39 - 0.16 0.00
Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Strategic US Momentum and Value CHF Hedged Class CHFSFr 570.14 - 6.95 0.00
UBS UK Opportunities Fund B Acc £ 0.92 - 0.00 2.64
UK Equity B Acc F 87.20 - -0.10 2.28 Veritas Global Focus Fund C USD $ 26.52 - 0.22 0.00
Winton Futures JPY Cls E ¥ 20107.25 - 204.86 0.00
US Equity B Acc £ 1.46 - 0.01 0.28
UK Equity B Inc F 80.30 - -0.10 2.31 Veritas Global Equity Income Fund A GBP £ 157.13 - 0.51 4.57

Taube Hodson Stonex Ptnrs UT (1200)F (UK) UBS Asian Consumption Fund - B Acc £ 0.59 - 0.00 0.44
Veritas Global Equity Income Fund A EUR € 213.01 - 1.60 4.07
50 Bank Street, Canary Wharf, London E14 5NT
Admin: 50 Bank Street, Canary Wharf, London E14 5NT UBS S&P 500 Index C Acc £ 0.53 - 0.01 -
Dealing & Enquiries: 0870 870 8433 Veritas Global Equity Income Fund A USD $ 124.57 - 1.12 4.76
Thesis Unit Trust Management Limited (UK)
Authorised Inv Funds Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP UBS Targeted Return B Acc £ 1.27 - 0.00 1.15
THS Growth & Value Funds Veritas Global Equity Income Fund C GBP £ 180.70 - 0.59 -
Authorised Funds
International TM New Court Fund A 2011 Inc £ 13.20 - -0.03 0.00 UBS Sterling Corporate Bond Indexed Fund 53.27 - -0.53 3.16
IGV - Inc A 336.20 - 0.90 1.83 Veritas Global Equity Income Fund C EUR € 244.71 - 1.84 -

TM New Court Fund - A 2014 Acc £ 13.22 - -0.03 - UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.71 Yuki International Limited (IRL)
IGV - Inc B 334.90 - 0.90 1.09 Veritas Global Equity Income Fund C USD $ 142.32 - 1.28 - Tel +44-20-7269-0207 www.yukifunds.com
Regulated
TM New Court Equity Growth Fund - Inc £ 13.32 - -0.04 0.00 UBS UK Equity Income B Inc Net £ 0.42 - 0.00 4.88
IGV - Acc X 403.70 - 1.00 1.33 Veritas Global Real Return Fund A USD $ 20.29 - 0.00 2.07 Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth ¥ 6576.00 - 9.00 0.00
Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
IGV - Acc Y 431.50 - 1.20 1.79 Veritas Global Real Return Fund A GBP £ 11.28 - 0.00 2.06
Yuki Mizuho Japan Large Cap ¥ 6861.00 - 17.00 0.00
UBS Global Allocation (UK) B Acc £ 1.11 - 0.00 1.58
IGV - Acc Z 401.80 - 1.00 1.07 Veritas Global Real Return Fund A EUR € 11.96 - 0.00 0.17
Yuki Japan Low Price ¥ 24421.00 - -19.00 0.00
UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -
European Retail
EGV - Acc S 268.70 - 0.50 - Veritas Asian Fund B USD $ 218.58 - -1.02 0.47 Yuki Japan Value Select ¥ 11963.00 - 3.00 0.00
UBS US Growth Fund B Acc £ 1.42 - 0.01 0.00

EGV - Acc Z 268.70 - 0.50 0.26 Veritas Asian Fund B GBP £ 277.68 - -2.69 0.04 YMR Umbrella Fund
UBS Emerging Markets Equity Income B Inc £ 0.44 - -0.01 5.03
Toscafund (CYM) YMR N Growth ¥ 15861.00 - 22.00 0.00
Continental Regulated Veritas Asian Fund B EUR € 232.21 - -1.42 0.00
CVG - Acc S 107.80 - 0.10 - Tosca $ 271.46 - 9.50 0.00 Yuki Asia Umbrella Fund
Veritas China Fund B GBP £ 131.55 - -1.45 0.00 Yuki Japan Rebounding Growth Fund ¥ 21621.00 - -5.00 0.00
Tosca Mid Cap GBP £ 231.97 - 5.27 0.00 Unicapital Investments (LUX)
CVG - Acc X 107.80 - 0.10 -
Regulated Veritas China Fund B EUR € 138.63 - -1.54 0.00
Tosca Opportunity B USD $ 313.41 - 20.23 0.00 Investments III € 24.78 - -51.77 0.00
Veritas Global Focus Fund B USD $ 17.71 - 0.15 1.75
Investments IV - European Private Eq. € 307.74 323.13 0.00 - Zadig Gestion (Memnon Fund) (LUX)
The Hartford International Funds (IRL) FCA Recognised
Veritas Global Focus Fund B GBP £ 20.75 - 0.05 1.76
Regulated Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00 Memnon European Fund I GBP £ 112.03 - 0.07 0.00
Gbl Govt Bond (Ex Japan) Index (GBP) £ 1639.68 - -6.87 0.00
Veritas Global Focus Fund B EUR € 15.52 - 0.10 1.71

UK Corporate Bond £ 1608.02 - -3.11 0.00

Veritas Global Equity Income Fund B GBP £ 145.16 - 0.47 4.62
Unicorn Asset Management Ltd (UK) Zebedee Capital Partners LLP (CYM)
Gilt £ 1612.78 - -5.85 0.00 Regulated
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Veritas Global Equity Income Fund B EUR € 196.29 - 1.47 4.11
Authorised Inv Funds Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Global Eq (Ex Japan) Index Fund ¥ 1.39 - 0.01 0.00
UK Growth A Inc 373.45 - 0.51 0.00 Veritas Global Equity Income Fund B USD $ 124.01 - 1.11 4.81
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Global Eq (ex Japan) Class HJ4 ¥ 1.44 - 0.01 0.00
Mastertrust A Inc F 351.53 - 0.44 0.00 Veritas Global Real Return Fund B USD $ 19.69 - 0.00 1.62
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Global Eq (ex Japan) Class JP5 ¥ 1.54 - 0.02 0.00
TreeTop Asset Management S.A. (LUX)
Regulated UK Growth B Inc 374.49 - 0.52 0.25 Veritas Global Real Return Fund B GBP £ 11.08 - 0.00 1.64
TreeTop Convertible Sicav
Money Market
Global Eq Ex Japan Index Fund (Hedge) ¥ 1.41 - 0.01 0.00
International A € 298.53 - -1.15 0.00 Mastertrust B Inc F 315.52 - 0.40 0.40 Veritas Global Real Return Fund B EUR € 12.81 - 0.00 1.44

Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00

Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - 0.00 0.00
International B $ 383.12 - -1.54 0.00 Outstanding British Cos A Acc F 229.91 - 0.97 0.48
Trusts and
International C £ 132.93 - -0.53 0.00 Outstanding British Cos B Acc F 238.76 - 1.00 1.24
Veritas Asset Management LLP
Japan Equity Index Fund ¥ 0.96 - 0.00 0.00
International D € 283.99 - -1.09 0.00 UK Smaller Cos A Inc F 403.11 - 1.14 0.09
www.veritas-asset.com Bank Accounts Gross
Other International Funds
Gross Net AER Int Cr
Japan Equity Class JP3 ¥ 1.17 - 0.01 0.00 Real Return Asian Fund USD (Est) € 296.30 - 8.99 0.00
Pacific A € 284.29 - -2.87 - UK Smaller Cos B Inc F 394.87 - 1.13 0.84
Real Return Asian Fund GBP (Est) £ 314.44 - 9.14 0.00 CCLA Investment Management Ltd
Pacific B $ 358.45 - -3.66 0.00 UK Income A Acc F 243.06 - 1.88 6.27 Senator House 85 Queen Victoria Street, London EC4V 4ET
Real Return Asian Fund EUR (Est) $ 309.01 - 8.60 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
The National Investor (TNI) TreeTop Global Sicav UK Income A Inc F 224.39 - 1.73 6.53
www.tni.ae Global Opp.A € 144.92 - 0.50 0.00
Other International Funds UK Income B Acc F 256.54 - 1.99 6.24 CCLA Fund Managers Ltd
UAE Blue Chip Fund * AED 10.51 - 0.02 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Opp.B $ 144.22 - 0.59 0.00
UK Income B Inc F 236.94 - 1.84 6.50 Virgin Money Unit Trust Managers Limited (1700)F (UK) COIF Charities Deposit Fund 0.45 - 0.45 Qtr
TNI Funds Ltd (BMU) Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL
Global Opp.C £ 182.78 - -0.03 0.00
MENA Hedge Fund $ 965.83 - -0.63 0.00 www.virginmoney.com
Authorised Inv Funds
Sequoia Equity A € 143.46 - -0.64 0.00
TNI Funds Plc (Ireland) Virgin UK Index Tracking Trust 247.40 - 0.00 2.62
Data Provided by
MENA UCITS Fund * $ 1360.45 - 8.24 0.00 Sequoia Equity B $ 150.79 - -0.51 0.00
Virgin Income Trust 126.30 - -0.60 2.20

Sequoia Equity C £ 169.19 - -1.38 3.53

Virgin Pension Growth Fund 280.50 - 0.00 2.55

Virgin Pension Income Protector Fund 268.70 - -1.30 2.37

Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk Virgin Climate Change Fund 107.03 - -0.13 0.00
Regulated
Value Partners Classic Equity USD Hedged $ 13.60 - -0.09 0.00 www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.

Movers &
shakers
C Shankar Athreya has moved
from Singapore, where he was
global head of strategy and
business development at Olam
International, to London to
take up a job as head of
farmland investments at
Insight Investment.
C Private equity firm Warburg
Pincus has a new partner, René
Obermann. Mr Obermann, who
was most recently chief
executive officer of Ziggo, will
focus on the
telecommunications, media and
technology sectors.
C Ignazio Rocco di
Torrepadula has joined
Tikehau Capital Italy as a
senior adviser, having
previously held a similar role at
the Boston Consulting Group.
C Paul Harris has left Brevan
Howard in Jersey, where he
was head of administration, to
join Carne Group. He will be
available to serve as an
independent fund director.
C Mena Capital has
experienced some changes at
the top, with two new
managing partners. Slim
Feriani, formerly executive
chairman, chief executive and
chief investment officer at
Advance Emerging Capital,
comes in as chief executive,
while Roger Allen joins as head
of business development.
C March Gestión de Fondos
has hired Lorenzo Parages as
head of distribution. Mr
Parages was previously in
charge of Allfunds Bank’s
investment services operations
in Latin America.
Mr Parages began his career
within the equity sales division
of Banco Urquijo, before
Benjamin Tolub has joined
Sycomore Asset Managers
NEWS
THE LAST WORD
INSIDE AND QUOTE OF THE WEEK
John Plender Face to Face
In the era of ultra-loose
monetary policy and
ONLINE Janus Capital’s Bill Gross
‘The world has moved
global imbalances, on from Bill Gross,’
investors’ hunt for yield says one asset VIDEO
has been remorseless. The manager at a rival Contagion risk
case for buying Nestlé fund company. Greek bank shares have
bonds yielding less than ‘He has gone from plummeted after the
nothing makes itself hero to zero’ election of Syriza
moving to Axa Investments as PAGE 13 PAGE 4 VIDEO.FT.COM/FTFM
a financial adviser.
C Mirae Asset Global
Investments has appointed
Sander van Ouwerkerk to lead
its Benelux and Nordic sales
efforts. Mr van Ouwerkerk joins
from Acadian Asset
Management.
C Adrian Mulryan has left ETF
provider Source, where he was
general counsel, to join law firm
Arthur Cox as a partner in its
asset management and
investment funds group.
C Candriam has hired
Matthieu David as head of
Candriam Investors Group Italy.
He was formerly director of
external distribution in Italy for
BNP Paribas Investment
Partners. Candriam has also
added Alessandro Malinverno
and Ergys Luga to its Italian
sales team.
C Andy Gboka (pictured
above) has joined the team
managing Bellevue Asset
Management’s BB African
Opportunities fund. Until last
year, Mr Gboka was a senior
analyst with Exotix.
C Nikko Asset Management
has hired an Edinburgh-based
head of solutions marketing.
Cameron Kuwahara joins from
Citigroup Global Markets,
where he was a senior sales
director in Singapore. He also
worked for Bank of
America/Merrill Lynch
Securities and Deutsche
Securities Tokyo.
C The UK’s Pension Protection
Fund has appointed Hans de
Boer as chief risk officer. Mr de
Boer has held a variety of risk
management roles at RBS and
ABN Amro.
C Kames Capital has hired
Matt Harding as an investment
analyst focusing on North
American equities. Mr Harding
joins from the restructuring
team at consultancy Zolfo
Cooper.
C Benjamin Tolub has joined
Sycomore Asset Managers as
a senior analyst. Mr Tolub used
to be an analyst at Millenium
Partners.