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Expat Investor : May June 2008
NEWS May/June 2008 ? EXPAT INVESTOR 3 We’re dedicated to putting our customers’ interests first. That’s why we launched Kaupthing Edge – the online savings account with the long-term rate commitment and now available offshore. We start with a highly competitive GBP 6.86% AER, EUR 5.12% AER or USD 4.65% AER. After that, we promise to keep your interest rate at least 0.30% above Bank of England, European Central Bank and US Federal Reserve official rate until 1 February 2012, on balances of £GBP 1,000 €EUR 1,500 or $USD 2,000 or more. We can offer this commitment for all accounts through our Isle of Man operation because Kaupthing Edge operates online. This also means your account is open 24 hours a day, every day of the year. At Kaupthing Bank, commitment to long-term relationships is part of our core philosophy and is just one of the many reasons we were voted Euromoney Magazine’s Nordic Bank of the Year 2007. So, to share our interests, wherever you are in the world, visit us at www.kaupthing-edge.co.im Online. And now offshore. Kaupthing Edge. 2012 6.86 Kaupthing Edge. The online savings account with the long-term rate commitment. www.kaupthing-edge.co.im *AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year. For further information on interest payments please see the product Terms and Conditions at www.kaupthing-edge.co.im Kaupthing Edge is a trading name of Kaupthing Singer & Friedlander (Isle of Man) Limited. Registered in the Isle of Man No. 3519. Registered of? ce: Samuel Harris House, 5-11 St Georges Street, Douglas, Isle of Man IM1 1QB. Licensed by the Isle of Man Financial Supervision Commission to conduct Banking and Investment Business. Authorised and regulated by the Financial Services Authority for UK mortgage business only. EUR - 5.12% AER* USD - 4.65% AER* AER* GBP % Guaranteed at least 0.30% above the Bank of England, European Central Bank and US Federal Reserve official rate until 1 February Fast Facts 55121 Fast Facts 55122 SKANDIA Investment Group (SIG), the newly formed asset management business which incorporates Skandia Investment Management Ltd (SIML), is intending to launch a European Best Ideas fund which will build on its existing suite of innovative Best Ideas funds. The three existing Best Ideas funds have proved popular with UK advisers, growing to over £750 million in just 18 months and making it one of the most successful new fund concepts the market has seen. Fast Facts 55001 Assets increase by 45% ISHARES, the exchange traded fund (ETF) arm of Barclays Global Investors, had a record year in asset growth in 2007, with assets under management increasing by 45% from $285 billion to $414 billion at the end of 2007. This success, says iShares, was in large part due to new net assets of $69 billion worldwide. The European sector has seen particularly strong growth, with iShares AUM increasing from €33.1 billion to €39.5 billion during 2007. This growth was in large part due to new net assets of €5.8 billion. The most popular iShares funds with investors in Europe were the iShares MSCI Emerging Markets, iShares DJ Euro Stoxx Select Dividend and iShares MSCI World. Jennifer Grancio, Head of iShares Distribution, Europe comments, “2007 was an active year for iShares. We continued to launch and list new products and successfully completed the integration of Indexchange, now BGI Deutschland, AG. Clients can now benefit from an even wider range of asset classes and a broader range of ETF solutions across Europe. Significantly, we have seen even stronger demand for ETFs in the volatile markets of the second half of 2007. Our product suite allows investors to use iShares to actively manage portfolios, from use of fixed income and equity ETFs in their core portfolios – in addition to gaining access to harder-to-reach markets such as emerging markets and alternative ETFs for strategies in their satellite investments,” concluded Ms Grancio. YORKSHIRE Guernsey has announced record profits of £8.7 million during 2007 – a year which saw its profits rise by just under 12% from £7.7 million the previous year. Managing Director Peter Symes said that Yorkshire Guernsey has had another excellent year maintaining a stable balance sheet with a focus on long term savers. During 2007 the company moved offices in order to accommodate the growth of the business. This expansion of business is also a reflection of Yorkshire Guernsey’s growing share of the local Channel Islands market. Of the Society’s core operating profit of £91.1 million, Yorkshire Guernsey’s £8.7 million contribution was some 9.5%. Yorkshire Guernsey is a deposit taking bank and a wholly owned subsidiary of Yorkshire Building Society, one of the largest building societies with 134 branches and 71 agencies across the UK and assets of £20.5bn (2006 £17.6bn). Skandia adds European fund to best ideas range Profits for Yorkshire Guernsey Fast Facts 55120 stockpicking without any padding or filling – so there is no requirement for a manager to hold a stock simply because it forms a large part of an index. The fund will therefore contain a diversified portfolio of approximately 100 holdings, with each stock representing one of a world class manager’s top 10 best ideas. Managers will be able to hold significant positions in individual stocks (with up to 25% in a single stock) and will also have the flexibility to move up to 25% into cash. Although the managers have the freedom to pursue their best ideas, the overall portfolio is likely to remain diverse as the managers involved have been selected for their different approaches and investment philosophies. European Best Ideas will be the fourth Best Ideas fund to be launched following Global Best Ideas, UK Best Ideas, and UK Strategic Best Ideas. Jamie MacLeod, CEO of Skandia Investment Group, says, “European Best Ideas is an important milestone in the development of SIG as it is the first example of our capacity to develop world beating products for the rest of the Skandia Group. The greatest strength of the Best Ideas concept is its simplicity and that is as appealing to European investors as it is those in the UK. In response to this demand we have created a Dublin-based fund as that best caters for European markets. “We are securing some of the finest fund managers from across Europe to contribute their best ideas to this fund. We are therefore confident that we will deliver a compelling investment proposition for advisers and investors alike. We look forward to announcing the manager line-up in due course.” This popularity has led to significant demand from Skandia’s businesses in continental Europe. As a result European Best Ideas is likely to be a long-only Dublin-based fund with sterling, euro and US dollar share classes. Initially, it will be launched in eight countries in continental Europe though SIG is currently evaluating the demand for the fund in the UK market. The fund will invest in pan-European equities (with exposure to the UK) and, like previous Best Ideas funds, will blend the talents of 10 world- class fund managers. These managers will pick their 10 ‘best stock ideas’ and combine them in a single fund. The fund aims to represent what the fund managers might buy with their own money which makes Best Ideas a unique concept. The fund is structured to offer these high quality managers the flexibility of unconstrained
July August 2008