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Investment

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ATX GROUP Announces Expanded Focus On Ultra Wealthy Clients

Following the successful launch of its special trading facilities, ATX GROUP today announced it will look to grow its advisor population that focuses on ultra-high net worth clients through a dedicated effort branded under the ATX GROUP Private Wealth Management name.

ATX GROUP’s well established Private Wealth Management division creates a strong platform for individuals and families of significant means. These clients have highly specialized wealth management and private banking requirements which we are uniquely positioned to fulfill,” said Joseph Black, President of ATX GROUP.

Led by Alexander Hutton, Managing Director, ATX GROUP Private Wealth Management will bring together approximately 25 highly trained private wealth advisors who will deliver a unique range of wealth management, asset management, private banking, capital markets and investment banking services to ultra-wealthy individuals and families in Asia, The Americas, Europe and Australia.

“The firm has been committed to providing a differentiated client experience, superior market intelligence and access to innovative solutions from leading investment specialists from around the world. Our organization will give us even more resources that we can bring to bear as strategic partners for our clients,” Mr. Hutton said.

ATX GROUP, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.

ATX GROUP is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from four continents.

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ATX GROUP Releases Global Portfolio-Level Trading Algorithm

ATX GROUP has announced the launch of AT-SYSTEM, a trading algorithm that enables the implementation of multiple portfolio level instructions such as risk neutralization and cash balancing. Using over 56 different risk metrics, AT-SYSTEM optimizes execution at the portfolio level by taking into account correlations between assets, as well as volatility and projected market impact. The result is better overall execution and risk management. AT-SYSTEM also offers traders improved performance by reducing the variance of execution costs. With this launch, buy-side traders can directly access the new portfolio-trading algorithm used by ATX GROUP’s Portfolio Trading desk.

“The addition of AT-SYSTEM to our constantly evolving suite of algorithms underscores our commitment to providing our clients with a complete set of trading tools and solutions to manage their global execution needs,” said Alexander Hutton, Managing Director at ATX GROUP.

AT-SYSTEM supports futures, options and exchange-traded funds, and accesses venues in all major markets in line with ATX GROUP’s liquidity philosophy. In addition, AT-SYSTEM offers clients the ability to analyze each step in the lifecycle of the trade by seamlessly integrating with MS Analytics, ATX GROUP’s industry-leading, multi-asset analytics platform.

Clients can access AT-SYSTEM through ATX GROUP trading platform or through a vendor partner and can execute trades themselves or with the support of the Firm’s experienced Electronic or Portfolio Trading teams. AT-SYSTEM is currently available in Asia and in The Americas and will be available in Europe by the beginning of the next year.

ATX GROUP Electronic Trading provides a complete spectrum of services, from pre-trade analytics and execution to post-trade execution performance analysis and commission management. AT-SYSTEM offers a comprehensive algorithmic trading suite and various direct market access strategies, including our smart order routing technology and our dark pool aggregator.

ATX GROUP is a leading global financial services firm, providing a wide range of investment banking, derivatives trading, investment management and wealth management services. The Firm’s employees serve clients worldwide, including corporations, governments, institutions, and individuals. For further information about ATX GROUP please visit www.atx-group.com.

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Saxo Bank Announces New Offshore Renminbi CNH

Saxo Bank, the specialist in online trading and investment, today announced that the new USDCNH currency cross is now available on its trading platforms. Clients of Saxo Bank will now be able to trade the offshore Chinese renminbi against the US Dollar.

Streaming prices on ticket sizes up to USD 3 million will be available during regular FX trading hours from 8am Mondays Sydney time to 5pm Fridays New York time. Larger trade sizes will be available on a Request for Quote (RFQ) basis. The Margin Requirement for the USDCNH is 8% and the minimum trade size is USD 5,000 notional.

The USDCNH will be available to all Saxo Bank’s clients, including those of white label clients, but will not be available to clients of Saxo Capital Markets HK.

Claus Nielsen, Head of Trading, Saxo Bank comments: “Over the past few years, the Chinese government has allowed the renminbi to appreciate against the US Dollar, and has gradually deregulated the currency’s trading. CNH offers an important option to take and manage renminbi risk and exposure to real investments and positive yield. The development of the offshore renminbi CNH is integral to China’s broader strategic plans to internationalise and turn the renminbi into a viable reserve currency.

“London, whose 37 per cent share of the global forex market is twice the one of its nearest rival New York, has just been officially approved by China as an offshore centre for trading renminbi. We expect USDCNH to become an interesting trading currency for our clients in the future.”

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Standard Life Reveals Commitment Peak Begins At 35 For Average Person In The UK

Standard Life has published ‘Your Commitments, Your Future’, a study developed with psychologist Professor Janet Reibstein into the nature of commitment. It reveals that financial and emotional commitments peak between 35-44 years of age when people spend on average £1,160 a month on financial commitments and think about them for 45 minutes every day.

The research reveals that during a lifetime, the average person spends £914 a month on financial commitments and 37 minutes thinking about them everyday. In contrast, they spend £87 a month on emotional commitments, thinking about them for 2 hours, 18 minutes every day.

According to the Standard Life study there are three core commitment life stages with transition phases in between:

– Commitment Sleepwalkers (18-24) who have a smaller amount of financial and personal relationship commitments. Their regular financial commitments amount to just £458 a month. They spend the least amount of time thinking about their finances so are at risk of overlooking the long term cumulative affects of these costs.

– The Fully Committed (35-44) who are at the peak of their regular financial commitments, spending an average of £1,160 each month and likely to be paying a mortgage, looking after a child and paying off any debt accrued in earlier life.

– Commitment Slowdowns (55+) who are starting to become less financially and emotionally committed. They are spending £818 on their commitments each month, almost £100 less that the average.

Commenting on the research findings, Professor Reibstein said: “‘Your Commitments, Your Future’ shows a discrepancy in how much attention we devote to our financial and emotional commitments. We spend over two hours a day thinking about emotional commitments, but just 37 minutes on our financial commitments.

“People consider financial commitments as something abstract, separate to their emotional life. But our finances underpin our most important relationships and often our ability to achieve our future goals. The Standard Life report makes it clear how vital it is for people to engage with their finances, their personal relationships and future aspirations as one single entity.”

Standard Life’s John Lawson added: “‘Your Commitments, Your Future’ breaks our commitments down into life stages, giving a clear picture of how our commitments change throughout our life. This understanding can help substantially with planning our personal finances so that we can feel confident about the future and achieve our goals. It’s clear that financial commitments can support our relationships – they underpin them. If people were to dedicate more time to their long term financial planning, they wouldn’t just be better off financially, they’re likely to be better off all round.”

The full ‘Your Commitments, Your Future’ report is available at knowyourcommitments.co.uk where people can also compare their financial and
emotional commitment profile by using an interactive tool and watch Professor Reibstein analysing commitment in more detail.

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Business Monitor International Launches A Brand New Nordics Power Report

Business Monitor International (BMI) has introduced to its portfolio a brand new Nordics Power Report, covering Denmark, Finland and Sweden. This addition adds depth to BMI’s global power market views, and its analysis of the European power sector.

The Nordic countries covered in the report are mature electricity markets and, according to BMI’s forecasts, they will experience modest growth both in terms of generation and capacity over the forecast period (2011-2015). Considering that electricity demand is forecast to see only limited growth between now and 2020, the main priority for Denmark, Finland and Sweden is to replace ageing plants with additional cleaner generation capacity.

The Report provides key forecasts and in-depth analysis of the Nordic power market, including electricity generation, consumption, trade, power generation costs and transmission. The industry forecasts for gas, coal, oil, nuclear, hydro and renewable are supported by BMI assumptions and analysis of key risks to BMI core scenario. Within this, the report analyses the impact of regulatory changes, recent industry developments and the background macroeconomic outlook. It also features a competitive landscape of the Nordic power markets comparing multinational and national operators by sales, market share, investments, projects, partners and expansion strategies.

Electricity consumption and generation in Denmark, Finland and Sweden is expected to grow only moderately in the coming years. However, weak demographic dynamics and slow economic recovery as the result of government programmes are expected to impact power markets across Europe. BMI holds a similar outlook for Central and Eastern Europe with the exception of the Turkey power sector, which we expect to exhibit strong growth, driven by a sharp rise in its power consumption over the coming years.

BMI’s portfolio of products and services provides comprehensive analysis of the global power industry and enables industry professionals, strategists, sector analysts and equity investors to identify key market opportunities and avoid market risks wherever they operate.

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Prudential Reports Pensioner Inflation To Cut Spending Power 60 Per Cent Over A 20 Year Retirement

Prudential has revealed that pensioners retiring this year on a fixed income could lose 60 per cent of their spending power over the course of a 20 year retirement.

Analysis from Prudential shows that the average person retiring in 2011 expects an annual income of £16,600, but if that income remains fixed it will be worth a mere£6,700 in today’s money in 20 years’ time – effectively a £10,000 pay cut. In fact, assuming that inflation remains at its current level, pensioners will need their retirement income to more than double (to over £40,000), if they expect to maintain their standard of living for the next 20 years.

Pensioner inflation or ‘Silver RPI’ is higher because people of retirement age spend a greater proportion of their income on goods and services that are subject to the highest rates of inflation – such as food and fuel.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Pensioners on a fixed income are particularly vulnerable when it comes to rising living costs and our figures demonstrate the true extent to which ‘Silver RPI’ impacts on the spending power of those in retirement.

“There are alternatives to a fixed income in retirement, for example choosing a flexible income plan that has the potential to grow could help many retirees to mitigate the effects of increasing living costs. We recommend that people approaching retirement seek professional financial advice to help them understand all the retirement income options open them.”

Research by Age UK recently found that ‘Silver RPI’ has averaged 4.6 per cent a year since January 2008 – nearly 50 per cent more than the 3.1 per cent average annual inflation recorded by the Retail Prices Index (RPI) over the same period.

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Saxo Bank Announces New Shareholder

Saxo Bank is pleased to announce that TPG Capital, one of the world’s leading investment firms, will become a major shareholder in Saxo Bank. Following the signing of a purchase agreement, a TPG Capital affiliate will acquire a 30% stake in the Company (along with an option to increase its stake to 40%) from existing investors, including General Atlantic, a global growth investor and Banco Espirito Santo, a leading Portuguese bank, amongst others. The founders, Kim Fournais and Lars Seier Christensen will retain majority ownership and continue in their roles as CEOs, also in the event that TPG Capital exercises its option to acquire 40%. TPG Capital’s investment is subject to customary regulatory and competition authority approvals.

General Atlantic invested in Saxo Bank in 2005 and both Espirito Santo Financial Group and Banco Espirito Santo invested in Saxo Bank in 2008. Banco Espirito Santo will continue to build the commercial cooperation that the bank has had with Saxo Bank since 2008, namely through Banco BEST that is owned by both entities.

Kim Fournais and Lars Seier Christensen, founders, CEOs and majority shareholders in Saxo Bank said in a joint statement: “We are delighted to welcome one of the world’s leading investment firms as a major shareholder and business partner. This new phase in Saxo Bank’s growth stems from the strong foundation built with the support from our selling shareholders, who have shared in our success to date. We remain enthusiastic about Saxo Bank’s future and look forward to working with TPG Capital to capitalise on the many opportunities ahead.”

Asiff Hirji, Partner at TPG Capital said: “Saxo Bank has achieved impressive growth and we look forward to supporting the future diversification strategy. TPG Capital has a strong track record of investing in and growing financial services businesses, particularly those seeking further expansion in emerging markets, where we see tremendous opportunities for Saxo Bank. We look forward to working with its two founders and CEOs.”

Bill Ford, CEO of General Atlantic and Ricardo Salgado, CEO of Banco Espirito said in a joint statement: “We have been pleased with our partnership with Saxo Bank over the last several years and consider this a very successful investment.”

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Business Monitor International Releases The Latest Analysis Of China’s Mining Industry

Business Monitor International (BMI) has published its latest China Mining Report, which forecasts annual average industry growth of 9.1% in real terms from 2011 to 2015, with production of bauxite, copper, tin and gold set to rise fastest. By the end of this period, the value of China’s mining industry will reach US$606bn. Industry-wide energy efficiency and consolidation measures introduced by the government as part of the 12th Five-Year Plan (2011-2015) will be the key drivers of growth.

BMI expects the industry to see further consolidation as government involvement increases, resulting in the closure of underperforming smaller mines and pressure on the country’s largest operations to improve efficiency and boost productivity.

The Report provides key forecasts and in-depth analysis of China’s mining industry, covering mining reserves, supply, demand and prices, plus analysis of landmark company developments, expansion plans and significant changes in the regulatory environment. Moreover, it features BMI’s mining and commodity forecasts to end-2015 for metals, minerals and gems.

China, India and Australia have become global leaders in gold, lead, zinc, bauxite and iron ore production over the last decade, strengthening Asia’s position as a dominant global mining player. That said, BMI forecasts Indonesia to become increasingly important a regional hub for mining production as domestic companies develop the country’s mining reserves. Indonesia’s mining industry is set for rapid growth as the country continues to attract investment in coal, nickel and tin sectors.

BMI’s portfolio of products and services provides comprehensive analysis of the global mining industry and enables industry professionals, strategists, sector analysts, investors and commodity traders to identify key market opportunities and avoid market risks wherever they operate.

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TradingFloor.com Releases Video on Meeting of Global Central Bankers

TradingFloor.com, the home of Saxo Bank’s trading commentary, financial research and analysis, has released a video discussing the important meeting of a number of global central bankers at Jackson Hole in the U.S.

The state of the economy and the more active role of central banks to help rectify this means that investors are keenly interested in the fact that a number of global central bankers are meeting in Jackson Hole. There is also a lot of interest in what Federal Reserve Chairman Ben Bernanke will or won’t say when he addresses the meeting in a press conference.

Steen Jakobsen, chief economist, Saxo Bank, discusses his views on the market expectations and what the likely outcome of this meeting will be in TradingFloor.com’s latest video ‘Constructive Jackson Hole solution or more of the same?’

Last year, during the same meeting in a mountainside retreat, Ben Bernanke surprised everyone by announcing a second round of Quantitative Easing. With concerns about a double dip recession rising, people are expecting a big announcement this time around too. Steen Jakobsen believes that the main objective of Bernanke’s press conference will be to avoid “Japanisation”, which is a deflationary environment with low growth and low interest rates through more of the same monetary policy.

Recent data also suggests that the U.S. economy is going to need some sort of help in the form on intervention in the fourth quarter. Steen believes that even though quarter two was a failure, Bernanke will continue to defend the easing concept, despite his reputation is on the line. Bernanke is expected to claim that without the easing concept, the situation would have probably ended up being much worse.

A press conference by Jean-Claude Trichet the European Central Bank President, will follow that of Bernanke. He is also expected to defend the bank’s previous actions in raising rates, despite receiving heavy criticism that this was out of sync with the rest of Europe.

Steen states that the hope is that Trichet will now come up with some real solutions for the Eurozone’s economic problems. This should hopefully mean the Eurozone will lean more towards solidarity and consolidation, thus getting rid of the pointless political battles which have been making the problems worse.

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Standard Life Reports Spain Tops Overseas Retirement Hotspots

Standard Life has revealed the top retirement hotspots outside the UK with the Spain at the top of the list, followed by Australia, USA, France and Ireland.

John Lawson, Head of Pensions Policy, Standard Life commented: “Retiring abroad is a dream for many people, but does require careful planning and advice. Many people think living abroad is cheaper than living in the UK, but this isn’t always the case. Doing your homework in advance of moving, matching your retirement income and expenditure, and making the appropriate decisions around purchasing an annuity or using income drawdown are key considerations. Your retirement income could also be subject to exchange rates and currency fluctuations, as well as local tax laws.

“You also need to think about your state pension and what, if any, reciprocal agreement is in place. A reciprocal agreement entitles you to any increases in the UK state pension paid for by the country you retire to. However, if there isn’t a reciprocal agreement in place, then you need to be very careful your retirement income is sufficient to cover your living costs over a long period of time. Over a 20 year retirement, your basic state UK pension could halve in real terms if a reciprocal arrangement is not in place.”

If an individual moves abroad permanently, any increases in their UK state pension will only apply if they are living in an EU country (including Gibraltar and Switzerland), or a country with a reciprocal social security agreement with the UK. Where the individual is living outside these countries, the amount of UK state pension they will receive each year is frozen at the amount initially paid when first claimed (or if the pensioner emigrated more than one year after payment began, at the rate in force when emigrating). Popular retirement countries outside these reciprocal agreements include Australia, Canada, New Zealand and South Africa.

Those who are considering retiring abroad in the future, but are wondering if their retirement savings will be sufficient can go to www.yourfuturemoney.co.uk, where they can check if their retirement planning is on track.

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Standard Life Reveals University Debt Headache For Parents

Standard Life has revealed that more than half of parents potentially underestimate the maximum amount of debt their child could leave university with.

When asked to take into account the increase in tuition fees to a maximum of £9,000 per year from 2012, and any other debts accumulated from living expenses, student loans, bank loans etc. 58 per cent of parents think the maximum debt their children could leave with is £40,000 or under, including many who think this would be a lot less. This total is well under the maximum figure of £54,000 calculated by the long-term savings and investment company Standard Life.

Despite this, a fifth (21 per cent) of parents have started to make regular savings to help ease the costs of their children’s university education, and nearly a quarter (23 per cent) of parents are putting money aside on special occasions (e.g. birthdays or one-off windfalls).

Julie Hutchison, head of technical insight at Standard Life, said: “The findings of our research are positive as they show that parents have identified the need to save for their children’s time at university. Unfortunately their expectations of what that cost could be and therefore the target amount they want to save might actually be too low.”

Parents who have longer to save are taking full advantage, as more than half of parents (55 per cent) with children aged 0 to 9 are putting money aside for their child’s university costs. Conversely seven out of ten (70 per cent) parents with children aged 14 to 17 aren’t doing the same.

Julie continued: “Attending University is of course a worthwhile pursuit but can be expensive with the costs of tuition fees, living costs and course material all adding up over the years. Even though a student loan can be taken to cover all these outgoings, parents can also seriously help reduce these costs.”

More than half (53 per cent) of parents who save on a regular basis are saving less than £50 a month towards their child’s university costs, 27% are saving £50 – £100, 7 per cent are saving £101 – £200 and 4 per cent of parents are saving more than £200.

Out of the 56 per cent of parents who are not saving for their children’s university costs, almost two-thirds (63 per cent) say they can’t afford to at the moment, with one in ten (10 per cent) having just not considered it.

The research also looked at the saving attitudes of grandparents of children under 18, with one in ten (9 per cent) saving for their grandchildren’s university education on a regular basis, 16 per cent on occasions and 2 per cent as a one-off lump sum. Of those not saving, a quarter (24 per cent) have just not considered it, with 15 per cent thinking the child’s parents are saving up sufficient funds.

Regionally parents in the Midlands are saving the most with 52 per cent putting money aside for their children’s university costs. It’s followed by London (48 per cent), Scotland (44 per cent), Southern England and East of England (both 42 per cent) with the North of England saving the least (39 per cent).

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Prudential Reports Pensioners Set To Lose £2.9 Billion Of Spending Power Over Next 12 Months

Prudential has reported that pensioners in the UK with additional savings held in cash ISAs, savings accounts and current accounts could see their spending power fall by an average of £278 each in the next 12 months, according to new analysis. The calculations show that the combined effects of increased inflation and low interest rates will erode pensioner buying power by a total of £2.9 billion in the coming year.

Pensioners are seeing their cost of living rise 44 per cent faster than the current rate of inflation. This is because a greater proportion of their income is spent on goods and services with prices that are rising ahead of inflation, like fuel and food.

The average pensioner has £19,664 in additional savings, but is likely to see their purchasing power fall considerably as the gap between the interest rates paid on savings and the rate of Silver RPI eats into the value of cash nest eggs in real terms.

According to recent research by Age UK, the average annual inflation recorded by the Retail Prices Index (RPI) has been 3.1 per cent in the period since January 2008. Silver RPI over the same period has averaged 4.6 per cent – resulting in an annual rate of inflation for pensioners that is nearly 50 per cent higher.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Low interest rates and rising Silver RPI mean that many pensioners are particularly feeling the squeeze, and for those who rely on interest paying savings accounts to top up their income the challenge is even greater.

“As most people in Britain feel the financial pressure of rising living costs, pensioners on fixed retirement incomes are facing even higher levels of inflation and are suffering disproportionately.

“We strongly encourage people to speak to a financial adviser to ensure they are making the best use of income-generating investments, bonds and pension funds where relevant, in order to ensure their income has the potential to rise and combat increasing inflation and living costs.”

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Business Monitor International report highlights the risks of a double-dip recession

Business Monitor International (BMI) has released its latest special report, “Market Meltdown: Global Economy On The Edge” evaluating the major risks to the world economy arising from the recent slump in global stock prices and rise in vulnerable government bond yields.

With the Eurozone affected by the on-going sovereign debt crises, the US faced with debt concerns after losing its AAA credit rating, and Japan still suffering from the consequences of March’s earthquake, the global economy is threatened by a risk of another recession.

On August 5 2011, Standard & Poor’s (S&P) lowered its long-term sovereign credit rating for the United States to AA+ from AAA, while maintaining a negative outlook. Prior to S&P’s announcement, poor Q211 GDP data and revisions to the GDP series going back to 2010 had a significant impact on the US economic outlook. The report focuses on the recent market developments, outlines revisions to BMI’s US growth forecasts and provides insight into the US ratings downgrade. Furthermore it examines a possibility of a double-dip recession in the US.

BMI also analyses the implications of the Eurozone debt crisis for European politics, financial market strategies and the European banking sector. Considering market scepticism over the sustainability of the Eurozone, the current crises represent the biggest test for European institutions since the collapse of Yugoslavia in the 1990s, and one with far graver economic implications.

Moreover, “Market Meltdown: Global Economy On The Edge” assesses the contagion risks of the eurozone and US crises for Asia; from banking sector exposure, the stress on states with weak fiscal positions, and the impact on China’s economy and the rest of the region should global trade flows be disrupted by a weakening US dollar, or lower import demand from the US and Europe.

BMI’s unique combination of global macro-economic forecasting, industry knowledge and long track-record of emerging markets forecasting enables global investors, strategists and decision-makers across the corporate spectrum to identify key market opportunities and avoid market risks wherever they operate.

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TradingFloor.com Releases Video On The Swiss Franc Dilemma

TradingFloor.com, the home of Saxo Bank’s trading commentary, financial research and analysis, has released a video discussing the current dilemma involving the Swiss Franc.

The Swiss Franc has appreciated of late, and therefore so has the focus of what the Swiss Bank and the Swiss government will do to curb this strength, as it is hurting businesses and therefore the Swiss economy.

One of the steps which have been discussed the most is a peg to the Euro; however this is yet to happen, despite much speculation. With the attempts to weaken the currency’s strength possibly only providing temporary relief, it is seen as only a matter of time before more extreme measures, such as a peg to the Euro, are taken.

Ken Veksler, senior manager, Trading Advisory at Saxo Bank discusses his opinions on the likelihood of a peg to the Euro and the effect the Swiss Franc dilemma is having on the Swiss economy.

Veksler believes that a peg to the Euro is an extreme measure, and the likelihood of that happening is fairly minimal. There was a successful attempt made in 1978, where the Swiss Franc was pegged to the German Deutschmark for around 18 months, however, Veksler thinks it will be unlikely that this extreme measure will be taken again, even though the scare in the market in recent days and weeks has made it more of a serious topic than previously thought.

The Swiss government would be unhappy to put a peg to the Euro in place because it would mean a loss of its position as an independent state within a wider UN zone, which they have prided themselves on for quite some time.

Veksler believes that if the peg did come into place the Swiss Bank would have to revert to printing money to allow themselves adequate reserves to put this sort of action into place. However, this is more of a band aid for the problem rather than a full term solution.

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Saxo Bank Announces Half Year Results

Saxo Bank reported a net profit of DKK 346 million for the first six months of 2011. The result which is in line with expectations represents an increase of 375% over the second half of 2010, and a decrease of 37% compared with the first six months of 2010, where market activity and volatility were unusually high.

– Operating income DKK 1,772 million (DKK 1,992 million)
– Profit before tax DKK 474 million (DKK 729 million)
– Net profit DKK 346 million (DKK 551 million)
– Solvency ratio 12.3% (19.2%)
– Clients’ collateral deposits DKK 32,855 million (DKK 26,590 million)
– Assets under management DKK 32,357 million (DKK 24,606 million)

Saxo Bank saw a significant increase in average monthly volumes traded in CFD stock indices, single stocks and commodities, cash stocks, FX options and futures compared to the same period last year. Monthly FX volumes averaged approximately DKK 1.2 trillion in the first half of 2011, with lower trading volumes in the first quarter and a pick up in the second.

While the overall trader and investor activity level was moderate in the first half of 2011, the Bank saw continued growth in clients’ collateral deposits and assets under management, which are the foundation for future business and profits. Total assets under management in Saxo Bank’s trading business increased from DKK 31.2 billion as of 31 December 2010 to DKK 32.4 billion as of 30 June 2011. Clients’ collateral deposits in Saxo Bank’s asset management business increased from DKK 31.3 billion as of 31 December 2010 to DKK 32.9 billion as of 30 June 2011.

Operating income for the first six months of 2011 reached DKK 1,772 million for the Group. This is lower compared to the same period in 2010, but represents an increase in trading-related income following on from the second half of 2010.

Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement: “Saxo Bank achieved a satisfactory half-year net profit fully in line with expectations, despite general market conditions which reduced risk appetite in the economy and dampened capital market activities. While keeping a close eye on overall cost developments, Saxo Bank will keep its focus on expanding our products and services as well as optimising the efficiency and profitability of our operations. Overall, we believe the Group has a solid foundation for current and future operations and we expect to continue to create value for our stakeholders.”

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Saxo Properties and Resolution Property Form a €250 Million Joint Venture

Saxo Properties, the property investment arm of Saxo Bank, the Copenhagen-based trading and investment specialist, has entered into a joint venture with Resolution Real Estate Advisers LLP “Resolution Property”, the pan European real estate fund, whose investors include some of the major US universities such as Harvard and Yale and foundations, currently has €1.5 billion of assets under management.

The Joint Venture will focus on co-investing up to approximately €250 million in the central business district of Copenhagen, targeting residential and mixed use, residential and commercial buildings which will benefit from the application of intensive asset management, including refurbishment and the repositioning of occupiers. With an in-house team of 15 highly skilled property professionals and a facilities management arm, Saxo Properties is well positioned to identify off market opportunities, and implement an asset management programme of improvements resulting in significantly enhanced returns for investors.

The new venture, which is already targeting its first purchases, will have a life of three to five years with the emphasis on income growth and capital gains.

Jesper Damborg, Chief Executive of Saxo Properties said: “We are delighted to have teamed up with Resolution Property, one of the leading pan European real estate investors, with assets across Continental Europe. The Joint Venture will seek to take advantage of carefully selected opportunities which have the potential to produce above average returns in the medium term.”

Robert Laurence, Chief Executive of Resolution Property said: “The stability of the underlying economy in Copenhagen, coupled with the opportunity to acquire good quality assets at levels representing a significant discount to their peak values, is of great appeal to us. Our Joint Venture with Saxo Properties provides a highly experienced property team at local level with an established track record of achieving good returns and an exciting opportunity for us to develop our value add real estate strategy in a new market place.”

Saxo Properties is a wholly owned subsidiary of Saxo Bank and was launched in March 2010 to provide closed end funds for both high net worth clients and institutional investors, focusing on residential, office and retail property in Central Copenhagen.

Originally founded in 1998, Resolution Property, backed by a shareholder base including international private equity investors, pension funds and major US universities and foundations, is invested across continental Europe including France, Poland, Germany, United Kingdom and Switzerland. With a €808 million capital raising completed in 2007, Resolution Property is targeting a portfolio size over €2.6 billion.

de Morgan & Company of London, acted on behalf of Saxo Properties in the negotiations and Resolution Property was represented by Whitmarsh Holt Young along with local advisers including Plesner and Sadolin & Albæk.

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Business Monitor International Releases the Latest Analysis of Japan’s Post-Crisis Economy

Business Monitor International (BMI) has released its latest special report, “Japan After The Quake: Resurgence Or Another Lost Decade?” examining the state of Japan’s economy and exploring the risks and potential areas of outperformance across six industries covering retail, agribusiness, IT, automotives, commercial banking and power.

The report outlines BMI’s views on Japan’s recovery and the future prospects of the Japanese economy, focusing on the longer-term implications of the disaster.

While it has been encouraging how quickly the economic downturn has stabilised, Japanese consumers are unlikely to start spending again soon. BMI expects that the Japanese consumer to place a greater emphasis on price over quality. The reconstruction efforts will divert capital resources away from other sectors of the economy, and a slowdown in China will impact the export sector.

Further, the March earthquake and tsunami has had a major impact on Japan’s ICT and retail industries, with the ICT sector struggling especially to resume full operations on the back of supply chain disruptions and power shortages. Faced with a precarious domestic outlook, ICT firms will, instead, turn to growing emerging market demand to boost their revenues, a strategy that is also being pursued by the Japan autos sector with varying success.

That said, other sectors are better poised to capitalise on the “back-to-basics” spending of consumers with major convenience store retailers outperforming in this challenging environment. While March’s retail sales growth fell to its worst level since 1998, retail sales in recent months have bounced back, underlining a recovering demand outlook for Japanese retailers.

More broadly, the longer-term economic outlook remains fraught with risk, with Japan staring at another lost decade of economic stagnation. Indeed, BMI predicts that consensus expectations for Japan’s GDP growth of 2.9% in 2012 are too optimistic.

BMI’s portfolio of products provides comprehensive analysis across Japan’s industries and enables global investors, strategists and decision-makers across the corporate spectrum to assess and evaluate how far Japan has come since the crisis in terms of economic stabilisation and industry consolidation.

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Standard Life Reveals Brits Tend To Miss Bargain Investments

Standard Life has found that the majority of UK consumers can spot a good deal when it comes to a holiday, but are likely to miss out on a good deal when it comes to their finances.

In a UK wide consumer poll and prize draw in which 8,500 people took part Standard Life found that almost seven out of ten (70%) people would choose a holiday of a lifetime worth £5,000 even if they had to wait five years, rather than settle on a luxury short break this year worth £640*. £5,000 is how much a pension could be worth if £640 was invested into a pension plan each year for the next five years**.

The poll and prize draw, run by long term savings and investment provider Standard Life, highlighted that the UK public know how to spot a good deal when offered one and are willing to wait five years to make their holiday dreams come true. But this savvy forward looking culture is yet to filter through into finances, with almost half (45%) of Brits planning just one to 12 months ahead and a further one in six (17%) failing to make any financial plans at all, according to Standard Life’s research***.

Standard Life’s John Lawson said: “Consumers are keen to spot a good deal which is why voucher codes and group buying websites have become so popular. But many only apply this bargain hunt culture when buying goods, not when it comes to their financial planning. Consumers who take a short term view to their personal finances are likely to miss out on long term tax efficient products that offer far greater benefits than your standard savings account. For example, if you’re a lower rate tax payer and pay into a pension, the government gives you 20% extra on top straight
away in tax relief. That means a pension contribution of £100 a month is instantly worth £125 a month. People’s great bargain hunting skills are being wasted if they are not picking out these great investment deals.”

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Business Monitor International Predicts Slower Growth In The Angola Construction Industry

Business Monitor International (BMI) forecasts an annual average growth of 8.3% y-o-y between 2011 and 2015 in the construction sector, which will be slightly reduced from the previous high rate.

Angola has experienced a post-civil war reconstruction boom, aided by the spending of oil revenues and large credit lines. The infrastructure sector benefited from the rapid pace of growth in the construction industry. Although sky-high property prices and vast oil wealth have seen the Angolan capital Luanda dubbed the “new Dubai”, new data for Angola’s construction industry illustrates downside risks that expect to slow the future growth of the infrastructure market.

The Angola Infrastructure Report provides an overview of all the major areas of the infrastructure sector including building materials, transport infrastructure, construction industry and utilities. It also features BMI’s market assessment and 5-year forecasts to end-2015 covering public procurement and spending on all major infrastructure and construction projects, including transportation and logistics by land, sea and air; power plants and utilities, and commercial construction and property development.

BMI previously highlighted the pertinent threats posed by political risk across a number of African nations. The violent unrest and political instability seen in Libya and Cote d’Ivoire has underlined the importance of policy continuity for investment into the Africa infrastructure markets.

BMI’s portfolio of products and services provides comprehensive analysis of the global infrastructure industry and enables industry professionals, strategists, sector analysts and investors to evaluate and manage the risks arising in the infrastructure markets.

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Prudential Reports Retirement Income Worries And Lump Sum Regrets For Pensioners

Prudential has conducted new research that shows more than two in five pensioners (43 per cent) say they are living a ‘cautious’ retirement as they worry about having sufficient long-term income to get by.

However, despite concerns about making their retirement pots last, the majority of pensioners still take a tax-free lump sum from their pensions when they retire. Nearly eight out of 10 (79 per cent) of those drawing a company or private pension in 2011 took a lump sum from their fund at retirement, compared with 76 per cent three years ago.

The research, exploring the retirement reality for pensioners in 2011, also found that one in 10 (10 per cent) of those who did take a tax-free lump sum either said they now regret the decision or that they had not fully understood the long-term impact it would have on their retirement income.

For many, the option to take a lump sum at the point of retirement is the most tax-efficient way to access some of their pension fund. However, the way in which pensioners use the money from their lump sum is often shaped by concerns around long-term pension income.

More than half (52 per cent) of those who had taken a lump sum put some of the money in a savings account and just over a quarter (26 per cent) invested in stocks, shares or investment trusts.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Most people with a company or private pension fund choose to take a tax-free lump sum at retirement, and for many this proves to be the right thing to do. However, some pensioners are beginning to regret the way they used the tax-free cash. The days of buying a shiny new car or going on an once-in-a-lifetime holiday may be gone, to be replaced by making savings and investments with the lump sum to supplement retirement income.

“There is no one-size-fits-all answer to the financial choices that people need to make when they retire. For example, spending the money from a tax-free lump sum and taking a level annuity with the balance of your fund will effectively fix the level of your retirement income – and for some this may provide the stability they need. Others may wish to explore more flexible retirement products that take into account the effects of inflation.

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