skip to main content
Close Icon We use cookies to improve your website experience.  To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy.  By continuing to use the website, you consent to our use of cookies.
Global Search Configuration

Refine Results

Clear All

Show More

Resources

Show More

Products

Show More

Show More

Specialism

Show More

85 Total results for product and free and sample content found

EPFR Fund Flows, IGM Credit, IGM FX and Rates...

No Need to Wait for Curve Inversions

By David Ader 22 Jun 2018

An FT piece by John Authers made note that the defensive strategy of dividend investing isn’t working so well as yields have lifted.  I’ll show you a chart of what I’m looking at in a moment, but his piece has interesting insights that are worth your attention.   One is of the change in the composition of the S&P 500 in the context of index investing.  Dividend-plays tend to go with stocks that are lower quality within the S&P 500, and lower momentum as well, so are not in an economic sweet spot.  Further, and importantly, the dividend yield has edged below the 10-year creating a compelling competitive force. Read more from David Ader's latest musings...

Topic Industry News

EPFR, IGM Credit, IGM FX and Rates, WealthMan...

Curve Speaks, I Listen

By David Ader 15 Jun 2018

Let’s talk a bit more about the FOMC statement and its cut.  Yes, I mean cut of these words; “The Committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”   The Fed isn’t mincing words here.  What they are saying is they are more confident in the economy, inflation, and that the Funds rate will now move to the longer-run objectives.  It’s reasonable to see gradual to mean 25 bp hikes each quarter. Read more from David Ader's latest musings...

Topic Industry News

EPFR, IGM Credit, IGM FX and Rates, WealthMan...

Trading Trade; Tax On, Tax Off

By David Ader 08 Jun 2018

The headline for this week doesn’t provoke much enthusiasm from me because I don’t know how to position for the back and forth on the Administration’s trade approach. Clearly, there are protectionists of the deep sort ‘advising’ Trump and then there are the cooler heads, i.e. Mnuchin, who more quietly seems to be trying to offset at least the rhetoric if not the deed. My visceral inclination is to step aside and wait it out as opposed to take heart or renewed angst over each and every twist to this story. Read more from David Ader's latest musings...

Topic Industry News

EPFR, IGM Credit, IGM FX and Rates, WealthMan...

May you Live in Less Interesting Times

By David Ader 01 Jun 2018

I’m back from a series of fortunate events not the least of which was watching, distantly, events from the touch of 3.12% 10-yr yields on May 18 to the plunge post Memorial Day to near 2.75%. I would like to think the time on my ‘back to the front tour’ of some European battlefields gives me perspective on many topics. First, we surely knew (but apparently didn’t heed) the softer tone to Europe as evidenced by the EZ Citi Surprise Index at -100 early in May, the weakest level in seven years. Something was underway already and weakness in this aggregate was evident across the globe. Yet rates continued to rise until quite recently. Read more from David Ader's latest musings...

Topic Industry News

EPFR, IGM Credit, IGM FX and Rates, WealthMan...

Be Patient With Bullish Seasonals

By David Ader 04 May 2018

I get that despite all the data ahead of NFP, it was inevitable that a nuanced shift in the FOMC statement would garner more attention than was warranted.  I refer to the notion that “Inflation on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the near term.”  The takeaway seems to be that if inflation ran a bit over that, or under for that matter, it wouldn’t compel the Fed to respond with more or less of the projected trajectory of hikes.  In other words, the market’s pricing is about right in the Fed’s view, though if it were to err I continue to think it should be to a third hike in December.  Perhaps Fed rhetoric is keeping some powder dry in light of heightened volatility and eccentricity -- I refer to the markets as much as politics. Read more David Ader's latest musings...

Topic Industry News

IGM Credit, IGM FX and Rates, WealthManagemen...

China Insight - Finalised New WMP rules more relaxed than expected

By Tim Cheung and Riki Zhang 02 May 2018

China Insight: After a multi-month consultation that started in Nov 2017, the Chinese financial regulators on 27 April announced their new rules on the CNY100tn wealth management products (WMPs) industry (see chart 1 and chart 2), effective immediately. The new rules cover most WMPs offered by most financial institutions (FIs), including banks, trusts, brokers and asset managers. Different from the past in which different sectors were regulated by different authorities, the whole industry now is put under the PBOC's supervision. Meanwhile, regulations are structured along the product types, rather than by sectors, with unified standards for each product to reduce regulatory arbitrage. Read more...

Topic Industry News

EPFR, IGM Credit, IGM FX and Rates, WealthMan...

The 3% Solution?

By David Ader 27 Apr 2018

Less than two years ago, July 2016 to be precise, 10-yr Treasuries provided a parsimonious yield of 1.37%.  At the same time, 2s enticed with 58 bp which at the very least was more attractive than the 14 bp you could have gotten in 2011.  I put this out there for context against the brouhaha over 10s hitting 3% -- the first time they done that in over four years, as has been spotlighted by just about every reporter and related headline I’ve seen over the last several days.   Is 3% more important than any other level or the 18-fold rise in 2s? Read more from David Ader's latest musings.

Topic Industry News

IGM Credit, IGM FX and Rates

LEVERAGE LOANS FEATURE: Q2 Starts with Balancing act

By Giles Hamblett 26 Apr 2018

As the pipeline of jumbo buyout deals continue to grow, the first post-Easter will give a decent indication of what kind of a market those deals will be facing. The Easter break came as a welcome respite after a busy Q1 which ended with a number of deals faced increasing headwinds. One source candidly admitted that several pre-Easter deals had been difficult to get away, though that being more a factor of tight pricing as much as anything else. 'Some of the deals were tough to get covered at the pricing on offer, however if they had launched 25bp wider they would have been easy,' he said. Read More...

Topic Industry News