The planned issue of billions of euros in subordinated bonds by Europe’s major banks was a hotly debated topic at Expert Investor Italy this week in Milan. The majority of investors from bond-prone Italy look favourable at this relatively new asset class, but speakers’ opinions were mixed.
Here you can see a selection of photos taken at Expert Investor Italy, held in Milan on 17 November 2015.
Goldman Sachs Asset Management is targeting Italy as its biggest growth opportunity for its Luxembourg SICAV, five years after kick-starting a strategy to work with the mutual fund distributors at a local level.
The concerted efforts of Japan’s bold Prime Minister Shinzo Abe and the country’s central bank to revive the country’s ailing economy have left European investors unimpressed over the past years, as gains in Japanese shares resulting from Abenomics policies were largely offset by currency depreciation. As a consequence, most European fund buyers have consistently kept their allocation to Japanese equities unchanged. But something is shifting.
There are three certainties about Italians: they eat pasta, they revere their mothers, and they invest in bonds. As Italian government debt of roughly €2.7trn is the highest in Europe in nominal terms, there is no shortage of the last of these.
Though the Italian economy is still on stand-by, shrinking 0.1% in 2014, asset management in the country is booming. International asset managers are therefore planning a marketing offensive in the country, according to a survey conducted by Cerulli.
The extent to which an investment fund’s portfolio deviates from its benchmark matters, say delegates at Expert Investor Europe’s Pan-European Congress in Rome.
Private investors in the Netherlands and Sweden are much more comfortable with risk-taking than their counterparts in the rest of Europe.
Net inflows into mutual funds by Spanish and Italian investors spiked in the first eight months of 2014
Prometeia’s Daniele Ceroni is trying to cope with the low-yield environment in the bond market by both taking more risk and by buying more absolute return