U.S. and European stocks fell sharply last week. In the U.S., the Dow Jones Industrial Average fell 3.71% to 17,245, the S&P 500 Index dropped 3.62% to 2,023, and the tech-heavy Nasdaq Composite Index lost an even harsher 4.27% to close the week at 4,927. Energy-related and retail stocks were the worst performers, with the latter pulled down by growing concerns over holiday sales. The equity selloff also meant that volatility, as measured by the VIX Index, climbed back to 20 for the first time since early October.
PIMCO, a leading global investment management firm, has elected Daniel Ivascyn to serve as Group Chief Investment Officer (“Group CIO”), succeeding William H. Gross who has left the firm. In addition, the firm appointed Andrew Balls, CIO Global; Mark Kiesel, CIO Global Credit; Virginie Maisonneuve, CIO Equities; Scott Mather, CIO U.S. Core Strategies; and Mihir Worah, CIO Real Return and Asset Allocation. Douglas Hodge, PIMCO’s Chief Executive Officer, and Lew “Jay” Jacobs, President, will continue to serve as the firm’s senior executive leadership team, spearheading PIMCO’s business strategy, client service and the firm’s operations.
Ormai da qualche anno il mondo del risparmio gestito è riccamente popolato di prodotti di ogni genere, progettati per soddisfare le esigenze di molteplici tipologie di risparmiatori e investitori.
Barclays continues to expect headline HICP inflation to average +0.1% this year and +1.0% next, and core HICP inflation to edge up to 1.1% next year from +0.8% in 2015.
The regulations on the distribution of funds in Switzerland have changed. Fund providers need to assess their existing or planned distribution activities in Switzerland, and decide if they need to appoint a Swiss representative and a Swiss paying agent. OpenFunds briefly summarizes the requirement for a Swiss representative and a paying agent and terms that apply to the requirement and explains the respective roles.
We see limited upside to equities in 2016. Our US Portfolio Strategy team has a 2016 price target of 2,100 for the S&P 500, suggesting a very modest return of 5% (from current levels). Their framework assumes that 1) earnings per share will rise 10.1%, driven partly by ‘base effects’ in the energy sector and partly by improvements in global growth more generally, but that 2) the price-earnings multiple will fall approximately 5% (to 16.3x from 17.1x), as typically happens during rate-hike cycles.
Generali Group announces that Alfred Leu, currently CEO of Generali Switzerland Holding, has been appointed as CEO of Generali Holding Vienna AG and Generali Versicherung AG as from the 1st January 2016. Peter Thirring will resign as CEO of both companies for personal reasons. Jaime Anchustegui, head of EMEA Regional Office, will lead the Generali Switzerland Holding in the interim-period.
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