WORLD BUSINESS NEWSPAPER MONDAY 30 MAY 2016 UK Ê2.70 Channel Islands Ê3.00; Republic of Ireland 3.00 Productivity puzzle Missing minority Stupid robots Why is hourly output falling? We should lure over-fifties back to the office LUCY KELLAWAY, PAGE 12 AI will not challenge humans any time soon JONATHAN MARGOLIS, PAGE 14 EDWARD LUCE and FT VIEW, PAGES & Iraqi forces step up attacks on Isis Briefing i Brexit Tories threaten to oust Cameron The prime minister faces the threat of a leadership challenge following the EU referendum after Brexit Tories turned their sights on him in highly personal and apparently orchestrated attacks. PAGE A member of the Iraqi security forces fires artillery during clashes with Islamic State militants near Fallujah, west of Baghdad yesterday Fighting flared as Iraqi efforts escalated to dislodge Isis from strongholds in Fallujah and around Mosul, in northwestern Iraq The Iraqi army, backed by elite special forces, Shia militias and USled coalition air power, was positioned around Fallujah, which was captured by Isis in January 2014 The US-led coalition is also helping Kurdish forces mount a new offensive against villages east of Mosul The Kurdish Regional Security Council said around 5,500 Peshmerga troops had taken part in a dawn attack in the area yesterday i Oil majors net debt soars by a third The net debts of the 15 biggest North American and European oil groups have surged by a third over the past year, to $383bn, increasing their vulnerability to another fall in crude prices. PAGE 15 i Truckmakers set for record cartel fine The EU is set to issue the biggest cartel fine in its history, punishing Europes largest truckmakers over charges that they fixed prices and delayed the introduction of new emission technologies. PAGE i House price boom running out of steam Alaa Al-Marjani/Reuters Rothschild trust targets Alliance to create listed group worth Ê5bn Tie-up would end speculation over Dundee company Approach made about takeover ARASH MASSOUDI, CHRIS NEWLANDS AND OLIVER RALPH Jacob Rothschilds investment trust has approached its rival Alliance Trust about a takeover to create a publicly listed company with a market value of more than Ê5bn RIT Capital Partners, the 55-year-old investment trust chaired by Lord Rothschild, made an informal approach in recent weeks and remains interested in a tie-up, according to people briefed on the matter A takeover of Dundee-based Alliance, one of the UKs oldest and biggest trusts, would end years of speculation over the future of the company, which has been beset by battles with activist investors It would also combine two of the UKs best-known investment trusts, a type of publicly listed closed-end fund that dates back almost 150 years and allows investors to avoid double taxation Alliance Trust, which had a market value of Ê2.6bn at the end of last week, declined to comment RIT Capital, worth Ê2.5bn, did not immediately respond to a request for comment RIT Capital disclosed a stake of less than per cent in Alliance Trust last year, according to UK regulatory filings A separate, large shareholder in Alliance Trust said: The move makes sense The board would now be much more receptive to offers given its newfound independence. It was too early to say what an RIT takeover would mean for Alliance Trusts base in Dundee Alliance Trust has overhauled its leadership after agreeing last year to appoint two of the three independent directors nominated by Elliott Advisors, the US activist investor Elliott, which now holds 16 per cent of the companys shares, campaigned publicly for months about the companys poor performance and corporate governance before reaching the compromise last April Alliance Trust spent Ê3m on a push to defend itself against Elliott, which its leadership argued would threaten the very existence of the company Since then, Alliance Trust has ousted Katherine Garrett-Cox, its chief executive, and Karin Forseke, chairman, and brought in industry veteran Robert Smith as chairman to help lead a turnround In March, the company reported that 18% Size of Jacob Rothschilds holding in RIT Capital Partners 5.4% Alliances total return last year beat an industry benchmark its performance was improving, with the total return for the trust reaching 5.4 per cent last year, outperforming a key industry benchmark Alliance Trusts discount to net asset value also narrowed to 8.1 per cent compared to 12.4 per cent a year earlier It reported that total assets under management rose to around Ê5bn RIT, which is 18 per cent-owned by Lord Rothschild, invests mostly in listed companies but also has a range of other stakes including private companies and bonds Last year it increased its net asset value per share by 8.1 per cent, beating Alliance Trust At Fridays close, RITs shares traded at a per cent premium to their net asset value Moởt tempts global connoisseurs with 300 wine made on Tibetan plateau ADAM THOMSON PARIS Royal Mail goes online in a bid to lick Amazon Royal Mail has made a string of investments in small ecommerce and technology companies, from a mobile fashion app to a start-up selling software in China, in a bid to break into the digital world Its move is, in effect, the reverse of the strategy of Amazon, which has become a big rival for delivery services Analysts say Royal Mails drive is aimed at offering more products and services linked to the sale and dispatch of online orders Putting its stamp i PAGE 19 When Moởt Hennessy unveils its latest top-end wine to its leading international clients next month, it will not be inviting guests to Bordeaux or even to Burgundy Instead, they will arrive at the French embassy in China Ao Yun, as the powerful red is called, is grown, produced and bottled in Adong, an area perched 2,600m above sea level on the edge of the Tibetan plateau in one of the remotest places on Earth MH part of French luxury conglomerate LVMH and owner of brands including Dom Pộrignon, Krug and Chõteau dYquem is targeting the global crowd as much as the Chinese market with the wine, priced at 300 a bottle We are starting to see wine collectors around the world wanting to have iconic wines produced in China, Jean- Guillaume Prats, president of MHs estates and wines division, told the FT Mr Prats said Moet will begin marketing Ao Yun the name means sacred cloud to connoisseurs and collectors in Europe from next month, and in China from October Production at the vineyard, in the south-west province of Yunnan, close to the Tibetan border, is a tiny 24,000 bottles but Mr Prats said the plan was to reach 50,000 within the next five years The exotic location was picked for its climatic conditions, rare in China, of not being too wet or too cold Critics have applauded the Ao Yun 2013, the first vintage a fact that helps explain the retail price As Mr Prats said: We certainly would never have priced it at that level if we were not confident or if the critics around the world had not said that it was an exceptional wine. World Markets Subscribe In print and online www.ft.com/subscribenow Tel: 0800 298 4708 STOCK MARKETS CURRENCIES May 26 May 19 %Week 2090.10 2040.04 For the latest news go to www.ft.com S&P 500 4933.50 4769.56 â THE FINANCIAL TIMES LTD 2016 No: 39,176 Dow Jones Ind 17873.22 17500.94 FTSEurofirst 300 1372.90 1326.45 Euro Stoxx 50 3078.48 2962.16 FTSE 100 6270.79 6156.32 FTSE All-Share 3448.45 3387.22 CAC 40 4514.74 4353.90 Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Brussels, Milan, Madrid, New York, Chicago, San Francisco, Washington DC, Orlando, Tokyo, Hong Kong, Singapore, Seoul, Dubai 2 770307 176616 But the price tag is also a reflection of the challenging logistics, which make Ao Yun MHs most expensive wine to produce It employs 150 Tibetan farmers to tend to the grapes on 320 terraced plots that until recently were more used to yaks, tomatoes and even the odd marijuana plant than to cabernet sauvignon and cabernet franc Several producers have already started to grow grapes in the area, where Moet has leased 30 hectares of an available 300 considered apt for vines But the Paris-based producer is the only nonChinese investor It is also the only one that has taken the decision to produce dry red wine on site, a four and a halfhour journey over unpaved roads from Diqing Shangri-La, the nearest airport The logistics of vinifying on the spot is a real nightmare, Mr Prats said with a smile Its an extraordinary venture. Nasdaq Composite Xetra Dax 10286.31 9916.02 Nikkei 16834.84 16646.66 Hang Seng 20576.77 19694.33 266.16 260.27 FTSE All World $ INTEREST RATES May 27 May 20 May 27 May 20 price yield chg 0.892 US Gov 10 yr 0.689 UK Gov 10 yr 98.09 1.84 0.00 99.45 1.56 0.02 1.294 Ger Gov 10 yr 122.285 123.854 Jpn Gov 10 yr 103.48 0.14 0.00 102.21 -0.12 0.00 97.07 2.64 0.00 102.98 -0.52 0.00 2.45 $ per 3.44 $ per Ê 1.113 1.121 per $ 0.898 1.462 1.451 Ê per $ 0.684 2.13 Ê per 3.50 Ơ per $ 0.762 0.773 per Ê 1.313 3.93 Ơ per Ê 1.86 index 109.855 110.455 Ơ per 160.576 160.319 Ê index 87.057 1.105 1.81 SFr per 3.69 COMMODITIES 88.160 87.335 US Gov 30 yr 100.588 100.248 Ger Gov yr 87.754 $ index 1.113 SFr per Ê 1.451 3.73 1.13 Oil WTI $ 4.48 Oil Brent $ May 27 May 20 49.49 48.49 49.40 48.82 2.26 Gold $ 1216.25 1254.20 1.440 price prev chg Fed Funds Eff 0.37 0.36 0.01 %Week US 3m Bills 2.06 Euro Libor 3m 0.31 0.33 -0.02 -0.28 -0.28 0.00 0.59 0.59 0.00 1.19 UK 3m -3.03 Prices are latest for edition Data provided by Morningstar Estate agents have started to suggest that the house price boom in England may be over after inquiries to estate agents, mortgage approvals and surveyors expectations of price rises declined. PAGE i Paris eyes probe into World Cup award French authorities are considering a probe into Fifas decision to award the 2022 World Cup to Qatar, amid allegations that senior French figures may have put pressure on the organisation. PAGE i Second golden age of steam for Scotland Heliex Power, a start-up in East Kilbride, has said that its system for capturing industrial waste energy puts it ahead of the competition and will herald a second golden age for Scottish steam. PAGE i Chinese ad condemned over racism A detergent ad in which a woman puts an African suitor into a washing machine to see him emerge as a Chinese man in a sparkling white T-shirt has been denounced for its casual racism. PAGE Datawatch US employment in energy-related activities 2015 (000) Ethanol Solar energy Oil and gas extraction Wind Coal mining Biodiesel production Source: IRENA 100 200 Solar employment has continued its rapid expansion in the US and last year it surpassed that of oil and gas extraction Wind employment rose fast, too, while jobs in ethanol production are still the most numerous despite a recent decline FINANCIAL TIMES Monday 30 May 2016 NATIONAL Conservative infighting Housing Brexit Tories turn sights on Cameron Khan warns against new home money laundering Eurosceptic members make direct threat to oust PM straight after the vote GONZALO VIẹA AND GEORGE PARKER David Cameron is facing the threat of a leadership challenge following the EU referendum after the Brexit camp turned its sights on the prime minister with highly personal attacks Bearing the hallmarks of an orchestrated campaign, Eurosceptic Tories piled pressure on Mr Cameron, including a direct threat to oust him immediately after the vote The ratcheting up is also a sign they are seeking to tighten their grip on the party in case of a defeat on June 23 by toppling the prime minister and replacing him with a more Eurosceptic leader The gravest warning for Mr Cameron came from MP for North West Leicestershire Andrew Bridgen, a prominent Tory backbencher He told the BBC yesterday that more than 50 MPs were ready to move against the prime minister because he is at odds with half of our parliamentary party and probably 70 per cent of our members and activist base Other senior Tories have said privately that it is likely that Eurosceptics will be able to round up the required signatures to mount a challenge Nadine Dorries, the Mid Bedfordshire MP and ardent critic of Mr Cameron, said she had already written to Graham Brady, chairman of the backbench 1922 committee, which normally receives signatures for a leadership challenge Ms Dorries said Remain would need to win the vote by 60-40 for Mr Cameron to survive Anything less and Mr Cameron would be toast within days The warning came as Boris Johnson and Michael Gove, the Brexit camps most senior figures, launched a personal attack on the prime minister over his failure to control immigration They said his failure to bring down net migration below 100,000 a year, a maniAn aide to the prime minister said he would focus on winning the Brexit vote despite the threats against him festo pledge made at the last election, was corrosive of public trust because it could not be delivered This promise is plainly not achievable as long as the UK is a member of the EU, both men said in a letter to the prime minister In a separate intervention, Priti Patel, the employment minister, suggested Mr Cameron and George Osborne, the chancellor, were too rich and led lives that were insulated from the pressures immigration put on low-income Britons The personal attacks and the greater emphasis on immigration comes as Remain claims that those campaigning to leave the EU are losing the economic argument, as institutions from the Treasury to the IMF warn Brexit would deal a blow to growth Former prime minister Tony Blair said yesterday that the Leave campaigners focus on immigration was because they have lost comprehensively the debate on the economy With campaigning entering its last few weeks, the Brexit camp is struggling to make a breakthrough in the polls The FT Poll Tracker has 46 per cent of voters backing continued membership of the EU and 41 per cent wanting to leave An aide to the prime minister said Mr Cameron would focus on winning the vote despite the threats against his leadership and dismissed the idea of an immediate reshuffle to replace Eurosceptic cabinet members with more moderate MPs Any shake-up of the ministerial team probably will be later, the aide added The attacks also come despite a promise by Mr Cameron on Friday to end personal attacks on Conservative colleagues for fear the party was descending further into civil war He, in effect, admitted that some of the personal criticism of pro-Leave Tories, including Boris Johnson, had gone too far Im only ever going to make arguments from now on, he said, promising to stay out of personal criticism of opponents Red Rose day England beat Wales in Test Englands Marland Yarde celebrates a try by the prostrate Ben Youngs during yesterdays rugby union match against Wales at Twickenham England scored five tries to Waless one during their 27-13 victory Wales started well with an early try by Rob Evans, but succumbed to scores by the home sides Luther Burrell, Jack Clifford, Anthony Watson, Yarde and Youngs England fly-half George Ford missed six out of seven kicks at goal England now travel to Australia for a Test series against the World Cup runner-up, while Wales take on the world champion All Blacks on a tour of New Zealand The opening Tests of both tours are on June 11 Press Association Europe debate Leave camp questions sovereignty of revenue-raising powers VANESSA HOULDER From tax dodgers to the tampon tax, Britain has lost control over some of its revenue-raising powers, according to campaigners wanting to quit the EU Critics say the union makes taxing multinationals extraordinarily difficult Even though Brussels has recently unveiled an ambitious programme for ensuring fair taxation, past rulings by Europes highest court have made it harder to stop multinationals from using EU tax havens The judges interpretation of the 1957 Treaty of Rome has also broken down tax barriers between member states and forced the Treasury to refund taxes deemed to have been illegally levied Future payouts could be as high as Ê10bn, although pro-Brexit campaign- ers have acknowledged that leaving the EU would not necessary stop them It is no surprise that taxation has featured in the Brexit debate: it is often at the heart of arguments over national sovereignty But the arguments are rarely clear-cut For example, the Eurosceptics see the tampon tax value added tax on sanitary products as a symbol of Brussels tyranny But the EU is fleshing out proposals to give member states greater freedom to set VAT rates The free movement of capital is another example Richard North, a political analyst involved in the Leave Alliance network that supports Brexit, says it has deprived Britain of a considerable element of tax sovereignty But he acknowledges there are bigger forces at work and says removing EU restraints will simply expose another level of global constraints Philip Baker, a tax barrister who supports remaining in the EU, says competitive pressures would have forced Britain to make changes to its corporate tax rules even without the EUs influence Campaigners say free capital movement strips UK of a considerable element of tax sovereignty Companies taking challenges to the European Court of Justice have driven a lot of changes to tax law but tax competition would probably have driven us down the same road. In principle, the UK could more to attract inward investment from outside Fall in mortgage approvals across the country far steeper than analysts expected NOVEMBER 2015 Published by: The Financial Times Limited, Number One Southwark Bridge, London SE1 HL, United Kingdom Tel: 020 7873 3000; Fax: 020 7407 5700 Editor: Lionel Barber Subscriptions and Customer service: Tel 0800 028 1407; subscriptions@ft.com; www.ft.com/subscribenow Advertising: Tel: 020 7873 4000; ukads@ft.com Letters to the editor: Fax: 020 7873 5938; letters.editor@ft.com Executive appointments: Tel: 020 7873 4909; www.exec-appointments.com Printed by: St Clements Press (1988) Ltd, London, Newsprinters (Knowsley) Limited, Merseyside, Newsprinters (Eurocentral) Glasgow, and Smurfit Kappa News Press Ld, Kells, Ireland âCopyright The Financial Times Limited 2016 All rights reserved Reproduction of the contents of this JUDITH EVANS newspaper in any manner is not permitted without the publishers prior consent Financial Times and FT are registered trade marks of The Financial Times Limited The Financial Times adheres to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode ROLLING IN THE DEEP 361_Cover.PRESS.indd Economy at a glance The FTs one-stop overview of key economic data, including GDP, inflation and employment ft.com/economic-dashboard Mr Khan said developers of new properties might have to market them for the first six months in London to secure planning permission, in an interview on ITVs Peston on Sunday programme He said: We shouldnt be embarrassed for saying first dibs for Londoners We should not be embarrassed about saying our homes are homes, not gold bricks for investors in the Middle East and Asia. Asked whether it was the end of the oligarch property boom, he said: I have got nothing against luxury properties being built in London What we cant have is London being the worlds capital for money laundering. This month David Cameron, the prime minister, announced a crackdown on purchases involving anonymous shell companies using plundered or laundered cash, saying that the names of all property owners would be publicly registered Mr Khan last week appointed James Murray, an Islington councillor known for his strict enforcement of affordable housing targets in the north London borough, as housing chief City Hall said details were still to be worked out, but Mr Khan insisted he would be able to act We could have, for example, a condition for permission to build homes that you must market them for the first six months in London. A City Hall spokesperson added: The mayor intends to work closely with partners to build more genuinely affordable homes for Londoners and put right the appalling housing mess left behind by his predecessor. Boris Johnson, the previous mayor, had also expressed frustration over foreign investment In 2014, he said: I want [homes] marketed first and sold first to the people of this country, not to oligarchs from the Planet Zog. In the same year he launched a concordat, committing to give Londoners first option on new homes in the capital Some property experts say interfering with foreign investment could backfire Adam Challis, head of residential research at JLL, a professional services firm, said domestic demand was not strong enough to drive off-plan sales He said restricting overseas investors would destroy the viability of most schemes, and would cut the level of affordable housing delivery We should remember that Ken Livingstone [a former mayor] had this aim and never got close to implementing it. Brexit campaigners have also questioned whether plans to give Londoners first option would be enforceable given the free movement of capital rules in the EU treaties Vote Leave said its research showed the rules hindered a crackdown on offshore people and companies buying property in the UK The general principle of free movement of capital among EU countries as well as between them and non-EU countries includes the rights of citizens to purchase property Additional reporting by Gonzalo Vina Evidence grows of an end to the house price boom Subscribe to the FT today at ft.com/subscription Number One Southwark Bridge, London SE1 9HL would go some way to protect the UK if it moved outside the bloc It requires EU countries to extend free movement of capital to third countries, as well as other member states It is even possible that Brexit might have a bigger impact on EU tax policies than on Britain The European Commission wants to press ahead with harmonisation of corporation taxation; the UK is its most vocal opponent Allen & Overy, an international law firm, says the loss of a large and influential member state that is opposed to it could be decisive Sadiq Khan, Londons new mayor, has proposed giving its residents the first option on new homes, as he warned against allowing the city to be the worlds capital for money laundering Property Analysts predictions MAKE A SMART INVESTMENT FINANCIAL TIMES the EU, which is using its state aid rules to tackle harmful tax competition But it would still be affected by the G20 crackdown on avoidance by multinationals Daniel Gutmann, a partner at the international law firm CMS and a professor of tax law at the Sorbonne Law School, said the impact of Brexit was likely to be most evident in value added tax Import VAT would be imposed when goods were traded between the EU and the UK Even though there would be a mechanism for refund of VAT, cash flow could be a major consideration Cross-border transactions might face higher taxes under Brexit, as EU subsidiaries could no longer rely on directives that eliminate withholding taxes Yet in a curious twist, the 1992 Maastricht treaty reviled by Eurosceptics VANESSA HOULDER 21/10/2015 10:51 Reprints Are available of any FT article with your company logo or contact details inserted if required (minimum order 100 copies) One-off copyright licences for reproduction of FT articles are also available For both services phone 020 7873 4816, or alternatively, email syndication@ft.com FT Cityline For real time share prices call 0905 817 1690 or go to http://www.ft.com/servicetools/ftmobile/cityline Calls cost 75p/min Newspapers support recycling The recycled paper content of UK newspapers in 2014 was 78.5% Signs of faltering demand in the housing market are prompting estate agents and analysts to suggest Englands house price boom may be ending Paul Smith, chief executive of the Haart agency, which has more than 100 branches, said: We believe the nation has now neared the limit in terms of price rises. Inquiries declined in April at their second-highest rate since 2008, according to the Royal Institution of Chartered Surveyors a trend that Mike Prew, an equity analyst at the investment bank Jefferies, said signals this slowdown could morph into a period of sustained house price deflation Drops in this Rics measure are strongly correlated with price falls about a year later, Mr Prew added The balance of surveyors expecting higher house prices 12 months ahead has also collapsed, suggesting something more than just short-term factors. Mortgage approvals across the country dropped 8.6 per cent in April, far steeper than analysts had expected This was partly down to the aftermath of a demand surge in March as buy-tolet investors rushed to beat a new stamp duty surcharge, while caution over the June referendum on EU membership also played a role, Rics said But broader factors are also at work, including slowing economic growth and price rises that have stretched affordability to breaking point for many in London and the south-east, where house price inflation has been most extreme There are plenty of headwinds facing London irrespective of the referendum vote Its down to affordability At some point you have to run out of buyers, said Richard Donnell, director of research at Hometrack, an analysis company Average prices in the capital rose 54 per cent between the start of 2012 and March this year, according to the Land Registry, contributing to a nationwide rise of 20 per cent In London, prices stand at 9.2 times average earnings, according to Nationwide Mr Donnell said price growth had slowed this year in all but two London boroughs, while the number of homes changing hands declined per cent across the capital last year This came as transaction levels and prices fell in the most expensive districts Henry Pryor, a buying agent, said he was aware of homes remaining on the 8.6% 9.2 Decrease in mortgage approvals across England in April Cost of London houses as a multiple of average earnings market for three to four weeks without a single viewing How you persuade people to buy something today that they think will be cheaper tomorrow? he said Lucian Cook, director of residential research at estate agency Savills, said: We are clearly hitting some affordability ceilings in London. But the timing and speed of a rise in interest rates would be a key factor in the direction of the broader market, he added Mr Cook is sceptical the market is set for a big downturn, however If the UK does not vote to leave the EU, he said, it is difficult to see what the catalyst would be for a significant correction in the housing market Robin Hardy of Shore Capital said the market was also plagued by mortgage zombies, defined as growing numbers of potential movers struggling with a lack of equity due to the various types of assistance buyers received when they entered the market Parental gifts, help-to-buy or other shared equity loans and long-dated mortgages all hamper the creation of equity We see growing numbers of mortgage zombies primarily from those who were first-time buyers at any time in the last five to seven years. But analysts have yet to downgrade their house price forecasts, with many waiting until after the referendum to reassess the market Savills predicted late last year that prices in mainstream UK markets would rise per cent this year and 17 per cent by 2020 Monday 30 May 2016 FINANCIAL TIMES NATIONAL Environmental issues left behind as EU referendum rhetoric intensifies State-funded advice Law Society head warns on effects of legal aid reforms Campaigners and companies decry lack of debate around Europes green rules and the implications of a Brexit BY JANE CROFT The head of the Law Society has warned that reforms to state-subsidised legal aid mean there are certain parts of the country where people are finding it difficult to access advice on specific issues such as housing PILITA CLARK ENVIRONMENT CORRESPONDENT Few topics seem to have been ignored in an increasingly frenzied EU referendum debate that has covered everything from Hitler to house prices But as the June 23 vote nears, anxiety is growing among some companies and many green groups about the relatively scant attention being paid to how a Brexit might affect the environment and UK energy industries Neither Leave nor Remain campaign leaders have focused heavily on the referendums implications for EU rules that shape the UKs approach to product standards, air pollution, climate change, wildlife protection and energy use Its a major oversight, says Nick Molho, executive director of the Aldersgate Group, a sustainable business body representing companies operating in the UK with a combined annual global turnover of more than Ê400bn Its alienating part of the electorate, especially young people who are very interested in the environment, he said The future of common product standards are a particular concern for exporters selling to the single market, he added, as well as EU energy and climate targets that have been a real driver for low carbon goods, such as ultra low emissions vehicles One of the Aldersgate Groups largest members is Siemens, the German industrial conglomerate It sent a shudder through the renewable energy sector with an April warning that a Brexit could make the UK a less attractive place to business and may become a factor when Siemens is considering future investment here The company makes hundreds of the turbines used in the UKs huge offshore wind farms and has agreed to spend Ê160m on Yorkshire production facilities The UK attained a record 25 per cent of its electricity from renewable generators last year, partly because of its own 2008 Climate Change Act, one of the most far-reaching in the EU But growth was also driven by EU targets obliging the UK to draw 15 per cent of its energy from renewables by 2020 More EU renewables targets are planned for 2030, but some analysts believe that a Brexit would embolden critics eager to dilute environmental laws they say are pushing up energy prices and making companies uncompetitive Lord Deben, Conservative peer and chairman of the Committee on Climate Change the independent body that advises the government on meeting its environmental targets says the UK would have much less clout outside the EU, raising pressure on businesses and making them less willing to accept environmental restrictions 25% Share of UK electricity that came from renewables in 2015 The London Array, located in the Thames Estuary, is the worlds biggest offshore wind farm Michael Liebreich, Bloomberg New Energy Finance research group founder, below, says the UK will not slide back to its old polluting ways if it leaves the EU Simon Dawson/Bloomberg Competition arguments would really have force if the UK was trying to compete on its own with the EU and the US, he says The broader energy industry also faces challenges if the UK leaves the EU, according to a report that was released last week by the Chatham House policy institute The UK was a net exporter of energy at the turn of the century, but the end of domestic coal mining and depletion of North Sea oil and gas reserves means it now relies on imports for 45 per cent of its consumption, the study says As a growing share of the UKs electricity is exchanged with EU partners, it would be neither possible nor desirable to unplug the UK from Europes energy networks, the report said Overall, the option of remaining in the EU provides the highest levels of certainty for continued energy investment. Many environmental figures, meanwhile, say that EU directives relating to bathing water, wildlife protection and air quality helped the UK shed its reputation as the dirty man of Europe and are still needed to keep the country clean Not everyone agrees Michael Liebreich, founder of the Bloomberg New Energy Finance research group, says it is complete and utter tosh to suggest the UK would slide back to its old polluting ways if it left the EU The dieselgate scandal and the common fisheries policy show the EUs environmental record is not nearly as good as some claim, he says, and there are wider concerns about green technologies The environmental community is nearly unanimous that Brexit would be a disaster for the environment, Mr Liebreich told the FT But they are missing the vital role of innovation We wont pull our weight developing solutions to climate change if were stuck in a declinist, low-innovation, protectionistinclined bloc. Such arguments carry little weight with the bulk of green campaigners, however, who have resorted to organis- Poll of polls What you need to know with 23 days until the referendum ft.com/brexit Efficiency Innovation MURE DICKIE EAST KILBRIDE It has been a long time since Scotland was known as a leader in steam technology, but a start-up in East Kilbride reckons that should be about to change Buoyed by strong sales and a round of investment that included BP and the Scottish government, Heliex Power says its system for capturing industrial waste energy heralds a second golden age for Scottish steam The numbers that we were coming up with in market analysis were so large, in value and in quantity, that I had some difficulty believing them, says Dan Wright, company founder and chief technology officer Heliexs exuberance reflects growing international interest in new technologies aimed at tapping sources of power previously considered too technically difficult or too small to be commercially exploitable The trend is powered by engineering innovation and global pressure to raise energy efficiency and reduce greenhouse gas emissions In Heliexs case, a new approach developed at Londons City University is used to tap the energy in relatively lowtemperature wet steam, a common byproduct of many industrial processes While turbine generators can efficiently generate electricity from high- temperature dry steam, they cope badly with pressure fluctuations associated with wet steam and suffer serious erosion from the water droplets it contains Heliex uses instead a much more robust screw expander, a pair of rotating screws that transform the energy in the wet steam into movement that can drive a standard power generator or other machine The company is not alone in seeking to use screw expanders to tap wet steam power Chinas Kaishan Technologies markets a system it says can generate 30 per cent more power than a small turbine Langson Energy of the US in April installed a 250kW steam machine at an ethanol plant in South Dakota But Heliex says it is well ahead of its competition The company has installed 38 machines in the UK and overseas Revenues jumped to Ê2.7m in the year to March from Ê900,000 in 2014/15 and Chris Armitage, chief executive, says he expects them to double again this year and next It recently raised Ê2.2m from existing shareholder BP Ventures, an arm of the international energy major, and a private equity fund owned by Irish utility ESB Combined with a matching Ê2m investment from the state-owned Scottish Investment Bank, the round took to Ê16.4m the investment in the company, The Heliex technology How it works The screw expander has two rotating screws that transform energy from wet steam into power that can drive standard generators or feed power back into the grid Pressure reduction valve Industrial process Graphic: Paul McCallum Source: Heliex Power EU target for the UK share of energy from renewables by 2020 ing conferences, roundtables and studies to highlight environmental issues they say have been sorely missing in the Brexit debate Sir Edward Davey, the former Liberal Democrat energy secretary, told a conference in May that more large conservation groups needed to get off the fence and start making the EU Remain case The National Trust and the World Wildlife Fund are staying neutral on a decision they say is for the British people, though David Nussbaum, WWF chief executive, says the lack of discussion about the environment has been hugely frustrating There are some signs that politicians are finally heeding the message Labour leader Jeremy Corbyn made a rare appearance with his predecessor, Ed Miliband, last week at a North Lincolnshire solar farm to warn that Britains membership of the EU was vital in the fight against climate change There is clearly a long way to go Mary Creagh, a Labour MP, told the same conference Sir Edward attended that she had been alarmed to hear party supporters say they planned to vote for Brexit, because they mistakenly thought Labour must be opposing a Conservative prime ministers push to remain Public pressure Steam power gets its second chance with Scottish start-up Using the byproduct of many industrial processes drives source of renewable energy 15% Catherine Dixon, chief executive of the professional body that represents solicitors in England and Wales, said some firms had stopped doing legal aid work in certain areas of law, saying they could not afford to work for the low fees the government now paid She gave the example of housing advice, which has 139 legal aid areas In 39 of these, there is only one provider while in at least two areas there is no provider at all Shropshire and Suffolk have no legal aid providers of housing advice, the Law Society said If you want housing advice in those areas, theres no one available to give that through legal aid, she said In the areas where theres only one provider, for example Cornwall, obviously youre going to struggle. TheLawSocietyopposedcutsmadeby the coalition government in 2013 to save Ê350m a year from the Ê2bn legal aid budget The cuts removed eligibility for legal aid in certain areas of law such as divorce and family law, although some areas such as housing law remained within its scope The Ministry of Justice said at the time that the UK spent more onlegalaidthananyotherEUnation What it means is that about 600,000 fewer people per annum are entitled to civil legal aid, and theres been a reduction in the civil legal aid budget of about Ê350m per annum, said Ms Dixon The Law Society has said that some law firms decided not to rebid for legal aid contracts in the last round of awards in 2013 because of the low rates payable The small number of firms doing legal aid work in certain areas of the law meant there could also be conflicts of interest, the Law Society said If that firm is advising maybe your partner you could end up in a situation where you cant get advice, said Ms Dixon Some firms, she added, particularly those dealing with criminal legal aid, were shutting or consolidating to survive If you look at what a junior solicitor would get through undertaking legal aid work, its less than youd be paid as a nurse or teacher, she said The cuts to legal aid have led to a rise in litigants in person she said because people bringing cases could not afford advice and had to represent themselves This placed additional strain on judges, who had to help untrained people navigate the courts system Dealing with the impact of legal aid cuts on the societys members has been a key issue during Ms Dixons first year as chief executive There are no two ways about it; it places a greater burden on the system, she said Bypass Screw steam expander based in an East Kilbride technology park south of Glasgow, once the site of the UKs National Engineering Laboratory The laboratory was where widely used steam tables for calculation of pressure, heat and volume were developed nearly half a century ago, itself an echo of the 18th and 19th century innovation of Scottish steam pioneers such as James Watt Mr Wright says the new investment will help Heliex market its system, shipped as a self-contained blue steel box that can be plugged into existing steam and electricity systems In some cases it can take the place of existing equipment needed to reduce steam pressure for industrial processes, while helping to meet a factorys electricity needs or feed power back to the grid A Heliex machine is already humming away happily at the Royal Alexandra Hospital in Paisley, west of Glasgow, where steam from a new biomass boiler is used to generate 108kW of electricity before being fed into a district heating system Chris OReilly, a consultant involved in installing the system, says including the Heliex unit required a higher pressure boiler than originally planned, but that the change should pay for itself in three to five years The paperwork needed to secure renewable energy subsidies was more onerous than the reasonably straightforward inclusion of the Heliex generator, suggests Mr OReilly Theres a lot of forms to fill in, he says Tax planning backlash forces more groups into transparency VANESSA HOULDER Nearly two-thirds of FTSE 100 companies disclose information about their approach to taxation, up from under half two years ago The trend is a sign of the growing pressure to become more transparent about tax, following a backlash against aggressive planning The analysis by PwC, the professional services firm, showed that 64 companies made disclosures in their latest accounts, up from 49 two years earlier Companies are volunteering information in response to public pressure, as well as preparing for new laws mandating more transparency The UK is introducing rules forcing companies to disclose their tax strategy, while Brussels has proposed making them publish where they earn profits and pay taxes in Europe Regulators are also making demands for more transparency PwC said it had already seen early signs of companies changing their disclosures of tax numbers in light of a review by the Financial Reporting Council, the corporate governance regulator Investors have begun to put pressure on companies to become more transparent about their tax payments In a report published last year, PRI, an international network of fund managers pursuing sustainable investment strategies, said the opacity around companies tax affairs meant investors knew little about the risks associated with them Andrew Packman, a partner at PwC, said approaches varied with companies circumstances Some banks and extractive companies were already required to publish details of tax payments, while others had been targeted by campaigners and wanted to provide a more detailed explanation of their position Some companies wanted to make disclosures because their boards supported transparency while those putting little information in the public domain were often foreign-based multinationals with limited UK activity But the tax line remains difficult to interpret Just 18 FTSE 100 companies up from 14 last year provide an explanation of the difference between the tax charge in the accounts and the cash tax actually paid by the group The push by Brussels to make some of this data public is opposed by Germany and some other countries, which say it would put commercially sensitive details into the public domain But Mr Packman said the general assumption was that the data would become public in the medium term because of the weight of opinion in the European Parliament PwC reviewed the annual reports, company websites and corporate responsibility statements for financial years ending between January and December 2015, for all companies listed in the FTSE 100 at March 31 2016 FINANCIAL TIMES Monday 30 May 2016 INTERNATIONAL Football World Cup Immigration fears France considers probe into Qatar decision Swiss seek to rework relationship with EU Move follows allegations that senior figures may have put pressure on Fifa ANNE-SYLVAINE CHASSANY PARIS French authorities are considering launching an inquiry into Fifas decision to award the 2022 World Cup to Qatar, amid allegations that senior figures in France may have exerted pressure on footballs world governing body Eliane Houlette, Frances financial prosecutor, said such an inquiry would investigate the role played by Michel Platini, former president of Uefa, European footballs governing body She declined to comment on allegations about the role of the government and the former president Nicolas Sarkozy We have some pieces of information that push us to [open an investigation], she told Europe radio station yesterday If there is an investigation, Michel Platinis role will certainly be an essential part, but the investigation will not centre on him. The comments come amid allegations of corruption and collusion in connection with Fifas decision in 2010 to select Qatar as host of the 2022 tournament The FBI in the US is already investigating how Qatar was awarded the event as part of an investigation into corruption at the organisation In an interview with German newspaper Welt am Sonntag last year, Sepp Blatter, Fifas former chief, alleged Mr Sarkozy had exerted pressure on world footballs governing body He made the claims after French magazine France Football alleged that the then president had asked Mr Platini to help Qatar during a meeting at the Elysộe Palace shortly before Fifas decision to choose the Gulf state in 2010 Mr Platini and Mr Sarkozy have denied wrongdoing A separate French investigation would come at a bad time for Mr Sarkozy, who is expected to announce his candidacy for the centre-right presidential nomination in the next few weeks The former president is back at the helm of the Republican party after being defeated by Socialist leader Franỗois Hollande in 2012 The claims are part of many allegations swirling around Fifa In March, French financial prosecutors searched the French football federation in relation to a SFr2m payment Mr Blatter allegedly made to Mr Platini While Mr Blatter and Mr Platini say the payment, made in February 2011, was back pay for work Mr Platini carried out for Fifa between 1998 and 2002, there was no contract and no record of the payment in Fifas accounts Ms Houlette is also investigating suspicious payments worth about $2m to a company linked to Papa Massata Diack, the son of Lamine Diack, former chief of the International Association of Athletics Federations, over alleged connections to Japans successful bid to host the 2020 Olympic Games The younger Mr Diack previously told The Guardian, the UK newspaper, that he did not wish to comment on the investigation as he was part of the legal process The governance of those big international sports organisations is opaque and autocratic, Ms Houlette said Ms Houlette is also investigating Google and McDonalds over suspected tax fraud Last week, nearly 100 officers raided Googles Paris offices as part of Opộration Tulipe the code name for the investigation looking into suspicions that the US technology group may owe the French state back taxes worth as much as 1.6bn They came out with several teraoctets of documents, Ms Houlette said Politics Brexit effects Netherlands faces referendum shockwave Anti-federalism is rising and activists will want to capitalise if Britain votes to leave the EU SIMON KUPER THE HAGUE It is a traditional Dutch scene: morning commuters cycle through the Binnenhof, the ancient courtyard where the Dutch parliament sits MPs in blue suits and brown brogues trudge through the spring drizzle In the corner tower is the prime ministers office The placid Binnenhof has been the countrys seat of power for centuries But now the established political order has been weakened by voters angry at The Hague and Brussels alike The nativist anti-European PVV party led by Geert Wilders is topping opinion polls ahead of parliamentary elections next March After the UK votes on June 23 on whether to remain a member of the EU, the Netherlands could lead the next assault on the bloc Many politicians say that if Britain decides to leave, Dutch Europhobe activists could force referendums each time the bloc agrees new treaties or imposes changes on the countrys laws The Netherlands was one of the six founders of the European Economic Community in 1957 Today 64 per cent of people in the small trading nation still favour staying in the EU, according to a poll by Ipsos this month Most people know how the sandwich is buttered and that they benefit from the EU, says Anne Mulder, Europe spokesman for the centre-right VVD But, as in the UK, there is now a strong national anti-federalist consensus that runs from far left through the centre to far right Mr Mulder sums up moderate Dutch Euroscepticism: We believe in the EU, but we dont believe in the believers in the EU. Harry van Bommel, MP for the leftist Socialistische Partij, adds: Federalism has become a dirty word when applied to Europe. Dutch voters began turning Eurosceptic when euro notes and coins were introduced in 2002, he says More recently, bailouts for Greece, the migrant crisis and the perceived breaking of European fiscal rules by southern states have heightened anger Jeroen Dijsselbloem, the Dutch finance minister and head of the Eurogroup of finance ministers, The Hague: many Dutch MPs worry that if the UK leaves the EU, federalists will try to give Brussels more powers; PVV party leader Geert Wilders, below says many Dutch people are disquieted by a borderless EU a union that has grown without setting the limits of either its territory or its powers He points to the phrase ever closer union in the preamble to the EECs founding treaty The Netherlands is not very inclined to centralism, he says After a law last year allowed citizens to petition for referendums on new laws or treaties, Eurosceptics immediately forced a vote on the EUs association pact with Ukraine In April voters rejected it, on turnout of just 32 per cent Dutch referendums are merely advisory to governments But many in The Hague see the Ukraine episode as a harbinger of more such votes Mr Wilders says that if Brexit happens, he will immediately propose a referendum on Dutch exit from the EU Sitting in his office in front of a portrait of Winston Churchill, Britains wartime leader, he tells the FT: When, after Brexit, it turns out that the lights dont go out and war doesnt come, that could be an enormous stimulus not just for the Netherlands but for several countries to Subscribe to FT Weekend today think of leaving. He sees Switzerland small, flexible and making its own trade deals outside the EU as a model for the Netherlands But under current legislation the country only permits referendums on new initiatives, not on previously established issues such as membership itself Thierry Baudet, a leader of the referendum movement, says the Dutch could hold votes on topics such as the euro or open borders He argues that if they voted Nee on a fundamental European issue, then youd get that in other countries too and you would have a domino effect That would be nice. Few Dutch people imagine their country as an independent global actor the way many Leave campaigners see a post-Brexit Britain Our global empire is a little further behind us than in the UK, Mr Dijsselbloem says Co-operation lies deep in our thinking. Still, a Brexit would shake the Netherlands Very strong trade, investment and financial links with the UK make it the European nation most exposed to Brexit, say consultants Global Counsel FT Weekend brings art and culture to life through intelligent and thought-provoking writing Our editors bring the best of the world to you from news and interviews, to extensive coverage of property, gardens, books, style, travel and arts Together with the award-winning How to Spend It magazine, there is something to delight all readers Subscribe now and save 23% at ft.com/weekendsub Geert Wilders Many Dutch politicians worry that if the Eurosceptic UK left the EU, federalists would try to give Brussels more powers Halbe Zijlstra, the VVDs parliamentary leader, notes that Britain is the biggest country in a free-market, antifederalist camp that also includes the Netherlands, Denmark and Sweden He laments: If the British leave, well have lost an important partner and protectionist spirits will get a louder voice. Like others in The Hague, he warns that Denmark might follow the UK to the exit He calls the EU a house of cards The Dutch are also Berlins allies, but Mr Zijlstra warns: [They] are very federalist on Europe and we are not. But other than Mr Wilders PVV, the big Dutch parties see their countrys future inside the EU Most simply wish for a more limited and effective Europe The EU must deliver, says Mr Mulder especially on opening up the internal market and controlling European borders Most Dutch feel nostalgia not for their lost empire, but for the modest trade-oriented EEC that they joined in 1957 Switzerland will lobby top European leaders attending this weeks opening of the worlds longest rail tunnel for faster progress on reworking the countrys relations with the EU Renegotiation has been held up by Britains referendum on membership of the bloc The Gotthard Base Tunnel ceremony on Wednesday would be a good opportunity to discuss the challenges facing Swiss-EU relations, Didier Burkhalter, the Swiss foreign minister, told the Financial Times Those expected to attend include Angela Merkel, Germanys chancellor, President Franỗois Hollande of France and Matteo Renzi, Italys prime minister The 57km rail tunnel, which cost SFr12bn ($12bn) to build, will cut travelling times across the Swiss Alps and will become part of one of Europes most heavily used transport corridors, connecting the ports of Rotterdam in northern Europe and Genoa in the south The opening was a chance to show that were working in good faith and contributingtoEuropescohesion,saidMax Stern, co-founder of Foraus, the Swiss foreign policy forum Thats important because we have not been very positive inthisregardinrecentyears. Swiss voters rejected EU membership in 1992 Instead Switzerland negotiated a web of bilateral agreements with the bloc and has aligned many of its laws with those of its neighbours However, the contracts have been under threat since the electorate voted in a referendum two years ago for quotas on immigration from EU countries which would violate the EUs cherished free movement of people The government hopes a compromise deal could be struck, for instance by agreeing an emergency brake that would let Switzerland impose controls on immigration in exceptional circumstances But because Brussels does not want to make life easier for countries outside the EU, talks with Bern have been put on ice until after the UK referendum vote on June 23 The delay may have weakened Switzerlands negotiating hand as its immigration referendum result has to be implemented by February next year three years after the vote was held including parliamentary approvals Following the UK vote, there would be a race against time to reach a deal, Johann Schneider-Ammann, Swiss president, told the NZZ newspaper last week A detailed agreement was unlikely before the summer holidays, but he hoped that we can sketch out together the main points by then Any threat to the bilateral contracts with the EU would alarm Swiss businesses, which rely on the free flow of goods and labour But fears about immigration have risen as Europe has struggled to cope with refugees fleeing wars in countries such as Syria The Eurosceptic Swiss Peoples party won the largest share of the vote in last Octobers parliamentary elections Reconciling Switzerlands conflicting objectives may not be possible, analysts warn So the only solution will be another referendum in which the Swiss chose between keeping the bilaterals but getting less on immigration or having immigration quotas but losing the bilaterals, said Mr Stern Youth unemployment Italian leaders early pension proposal draws mixed reaction JAMES POLITI AND DAVIDE GHIGLIONE ROME Read beyond the expected When, after Brexit, it turns out that the lights dont go out and war doesnt come, that could be an enormous stimulus RALPH ATKINS ZĩRICH A proposal by Mario Renzi to allow workers to claim their state pensions early is likely to please tens of thousands of Italians who have seen their retirement age drift higher But some in Rome fear it will provoke the ire of Brussels amid concern over Italys public finances The prime ministers plan, which would allow pensions to be paid up to three years early, is aimed at increasing generational turnover in Italys labour market and tackling stubbornly high youth unemployment Mr Renzi floated the idea during a live Twitter discussion this month and said he would aim to include the measure in next years budget, due to be presented in October The plan, whose details have yet to be finalised, will be welcomed by Italian businesses eager to replace older, disenchanted staff with younger, keener employees But for pensioners, the proposal, which would allow retirement at 63.7 instead of 66.7, comes with a condition To avoid weighing on Italys public finances, a penalty of between and per cent would be imposed on early retirement cheques, say Italian officials This would either be paid by individuals, or in circumstances such as disability, by the government, or by companies whose employees took early retirement because of a restructuring The prospect of a penalty has drawn opposition from Italian trade unions These are very low pensions already, so a penalty would hurt a lot; it would be a punishment, said Massimo Gibelli, a spokesman for the CGIL, Italys largest trade union People dont retire because its a privilege, but because they cant handle work any more. The scheme could also spark concern in Brussels Although the penalty is expected to make it budget-neutral in the long run, it would involve higher short-term outlays to cover the cost of workers drawing pensions earlier than originally planned These could be as much as 1.6bn in the first year and up to about 6bn in 2021, according to figures from INPS, the national pensions administrator But some in Rome fear the EU might see this as an unwinding of reforms passed by Mario Montis technocratic government at the height of the eurozone crisis in 2011, when Rome was under pressure to rein in public spending The former Italian prime ministers changes to pensions, which lifted the retirement age, were widely welcomed by international institutions as Mario Renzi is trying to address the nations jobless youth figure, which stood at 36.7 per cent in March strengthening Italys welfare system But observers suggest the overriding goal for Mr Renzi, who took office in early 2014 with a mission to revitalise the country after years of economic stagnation and recession, is to find a way of tackling youth unemployment, which fell to 36.7 per cent in March but remains well above the EU average of 21.2 per cent Tito Boeri, an economist who heads INPS, supports the plan It relies on incentives instead of rigid constraints and introduces freedom of choice, he said Stefano Scarpetta, director for employment, labour and social affairs at the OECD in Paris, said across advanced economies there was no evidence that early retirement generated more jobs for young people in the long term Meanwhile, Mr Renzis team is considering creative ways of financing the plan to eliminate any impact on Italys budget and allay Brussels concerns One emerging idea is paying with bank loans so the government would avoid putting in money up front But that has drawn scepticism from trade unions and some opposition politicians On the streets of central Rome, however, the idea of flexible retirement was generally supported Personally, I would retire I cant wait Even if Id probably lose money, said Sabrina, a 55-year-old high school teacher Claudio, a 53-year-old taxi driver, was not so sure: I have to know how much money Im going to lose If its too much Ill work three extra years Otherwise, what am I going to eat afterwards? Monday 30 May 2016 FINANCIAL TIMES INTERNATIONAL GLOBAL INSIGHT In step France and Germany recall Verdun SO PAULO Joe Leahy Petrobras inquiry highlights thirst for deep reform in Brazil Franỗois Hollande and Angela Merkel sought to assert their faith in the EU and the Franco-German friendship yesterday, as they marked the centenary of the battle of Verdun The president and the chancellor started a day of commemorations by laying a wreath at the German military cemetery at Consenvoye, just north of the French town, and paying their respects to the 300,000 soldiers who died in 1916 in the longest battle of the first world war What we have to with the chancellor, its not reconciliation, its already done, its to say together what we want to at this particular time for Europe, Mr Hollande said Ms Merkel said Europe needed to draw from its history: Only those who know the past can draw lessons from it so we can shape a good future. There was no doubt Europe was facing difficult tasks, but it had also done and succeeded in many things, Ms Merkel said, praising postwar Franco-German co-operation We have become friends Anne-Sylvaine Chassany I Sean Gallup/Getty Images Truckmakers set for record EU fine Cartel penalty could hit 10.7bn after investigation into price-fixing and emission technology delays CHRISTIAN OLIVER BRUSSELS PETER CAMPBELL LONDON The EU is set to issue the biggest cartel fine in its history, punishing Europes largest truckmakers over charges that they fixed prices and delayed the introduction of new emission technologies Margrethe Vestager, EU competition commissioner, issued the original charge sheet against DAF, Daimler, Iveco, Scania, MAN and Volvo/Renault in 2014 Four of those have now set aside provisions amounting to $2.6bn People close to the discussions on penalties say they are expecting the fine this year, possibly within weeks, unless there is a reversal by the European Commission The expected fine easily outstrips the EUs previous record of 1.4bn for a television and computer monitor tubes cartel in 2012, and dwarfs those imposed over euro and yen interest rate derivative cartels Ms Vestager has compared the action against the truckmakers to her antitrust showdowns with Google, the US search group, and Gazprom, Russias gas export monopoly Her probe focuses on the behaviour of the six companies between 1997 and 2011, according to documents seen by the Financial Times The charges describe several ways in which the manufacturers allegedly colluded on price Most sensitively after the Volkswagen scandal, the companies are also accused of agreeing the timing and price increase levels for the introduction of new emission technologies Ms Vestager has stressed that Europe has 600,000 hauliers and argues that any price collusion among truckmakers would have put up prices of everything from food to furniture The companies said they were co-operating with the investigation, although one added it might appeal against any negative decision In preparation for a big financial hit, DAF has put aside $945m; Iveco $500m, Daimler 600m ($672m) and Volvo SKr3.7bn ($444m) As the whistleblower, MAN, which is owned by Volkswagen Group, would ordinarily escape a fine Only Scania, which is also owned by VW, has not put aside any money Scania remains unable to estimate the impact the investigation will have, the company said It cannot be ruled out that the commission will impose fines on Scania, it added Between them, the six have near total control of the market The commissions inspectors raided their offices in January 2011 Lawyers warned that the provisions made by the companies did not mean the commission would not push for a higher sum Under EU rules, the companies may face a fine of up to 10 per cent of global turnover In the case of the brands involved, that could amount to a maximum of 10.7bn One person briefed on the case said the fines being considered were extremely high and that two truckmakers had discussed leniency with the commission because the full potential fine could cause serious financial problems A fine is often only the initial financial penalty for companies found to be part of a cartel; some hauliers are considering whether to pursue follow-up damages We will be waiting with very keen interest to see what the commission says, said Jack Semple, director of policy at the Road Haulage Association If we see record damages then there will be consequences for that. The commission declined to comment on the case, beyond saying it was a priority EU parliamentarians and environmental campaigners have long had suspicions about truckmakers For 20 years, lorries seemed strangely impervi- 25% Proportion of CO2 coming from road transport that is produced by lorries 36% Estimated increase in CO2 emissions from heavy vehicles between 1990 and 2010 Truck CO2 emissions continue to rise % of road transport emissions 60 2012 2030 50 40 30 20 10 Vans Trucks & buses Cars & motorbikes Source: Transport & Environment ous to market forces that were supposed to make them more fuel efficient and cut emissions Some clues to the mystery emerged in 2014, when Brussels levelled the formal cartel charges But the cartel investigation is only one strand of a broader pattern of alleged collusive behaviour by truckmakers and governments that lobby for them Environmental campaigners allege the truck industry has strongly resisted attempts to improve fuel consumption and slash emissions of carbon dioxide Emissions from lorries are a subject of intense concern because they produce about 25 per cent of the CO2 from road transport, while representing fewer than per cent of vehicles on the roads Despite new, greener technologies, the commission reported in 2014 that heavy vehicles fuel efficiency had stagnated since the mid-1990s and estimated their CO2 emissions increased 36 per cent between 1990 and 2010 The industry says its performance on CO2 emissions should be rated over a longer timeframe, noting big improvements since the mid-1960s Lorry manufacturers also say they have sliced NOx emissions since the introduction of the so-called Euro standards in 2014 ACEA, the European Automobile Manufacturers Association, said Europes trucks represented only per cent of greenhouse gas emissions while transporting 75 per cent of all landbased freight Since 1965, the fuel consumption of European trucks and with that CO2 emissions has come down by 60 per cent, the ACEA said At the same time, truckmakers have delivered enormous advances in air quality Pollutant emissions have been slashed to near-zero levels, down 98 per cent since 1990. f you are a politician in Brasớlia these days, be careful of friends or associates who sidle up to you asking leading questions This is what Romero Jucỏ, Brazils former planning minister, discovered after he met Sộrgio Machado, the head of a Petrobras subsidiary, for a private chat in March The conversation predated the impeachment of President Dilma Rousseff this month, which was led by Mr Jucỏ and his Brazilian Democratic Movement party, or PMDB In a transcript of the exchange released by the newspaper Folha de S.Paulo, the pair seemed to conclude that the best way to gain some protection from a corruption inquiry into state-owned Petrobras was to impeach Ms Rousseff of the Workers party, or PT, and install Michel Temer, her vice-president, also of the PMDB, in her place Mr Jucỏ later found out his interlocutor was wiretapping him, and other politicians, reportedly as part of a plea bargain Mr Machado had made with federal investigators for leniency in exchange for helping them gather evidence Indeed, as the Petrobras investigation has expanded, so too has the fear factor in Brasớlia Certain members of Brazils 600-member congress are accused of collaborating with company officials and contractors to extract bribes But while the investigation has changed the rules of the game for Brazilian politics, the players in congress remain largely the same This raises the question of whether the countrys biggest corruption inquiry will be enough to alter a political culture in which graft provides the grease that allows the machine to run Certainly, the investigation is claiming more scalps than any before in the country While acknowledging the Will the countrys existence of the conversation with Mr Machado, biggest corruption Mr Jucỏ denied any investigation be wrongdoing and claimed his comments were taken enough to alter the out of context But Mr political culture? Temer, who is president in an interim capacity, oversaw the stepping-down of Mr Jucỏ from the cabinet lest his presence undermine the fragile legitimacy of an administration that owes its power to the impeachment of an elected president Most people in Brazil seem to agree that, in addition to the graft investigations, political reforms are needed to try to remove some of the incentives for corruption As in many jurisdictions, corruption in Brazil mainly revolves around the need for campaign finance One of the first reforms has already been carried out by the Supreme Court, which has banned corporate donations But without accompanying changes, this will only leave parties starved of funding and perhaps even more vulnerable to corruption Another might be to introduce district representation Under Brazils proportional system, voters elect candidates and parties with little connection to any geographic region This means near-zero individual accountability Another reform might be to end Brazils system of coalitions, in which groups of parties form blocs during election time to gain rights to free television advertising time allotted according to their overall representation in congress These alliances sustain congresss plethora of small parties that might otherwise have to merge with larger ones if they did not receive this support Many of these have no policy platform other than rent-seeking Some border on the absurd, such as the Brazilian Womens party, whose only member of congress is a man Some argue that political reforms will count for little without a fundamental change in Brazilian culture to persuade voters not to keep re-electing tainted politicians But even without political reform, the Petrobras inquiry is a sign of a growing insistence in Brazilian society for more public probity on the part of its politicians While existing crooked players will take time to weed out, the hope is the next generation will embrace the new rules of the game In the meantime, Brazilian politicians will have as much to fear from their friends as from their enemies joseph.leahy@ft.com Migrant crisis Homebuilding Germans and newcomers jostle for space as housing shortage grows STEFAN WAGSTYL BERLIN Bustani Radwan and Tim Gehringer might seem to have little in common One is a 22-year-old Syrian refugee seeking sanctuary from Aleppos bombing and Aegean perils The other is a 25year-old German engineering student from rural Schleswig-Holstein But both are involved in an increasingly tough competition: the race for a flat in Hamburg, one of Germanys most expensive cities They meet for the first time at the viewing of a 40-square-metre flat in Iversstrasse, in a remote northern suburb Mr Radwan is a beginner: he has only looked at seven flats He soon learns how tough things are from Mr Gehringer, who has seen nearly 50 There are always a lot of people, says the German I have been searching for four months I have to make time to study, read and look for flats. With the arrival of more than 1m asylum-seekers in Germany last year, the challenge is about to get harder Mr Radwan is among the first of the newcomers to venture out of the government-financed reception homes and hostels and look in the open market While some migrants will leave and others may be turned away (such as north Africans, who rarely win asylum), more than 60 per cent are securing permission to stay in Germany Many will seek homes in big cities with larger immigrant communities and better job prospects than smaller towns, especially those in ex-communist eastern Germany But big cities are also drawing young Germans escaping the provinces for a metropolitan life Even as the countrys ageing population of 80m has, as a whole, declined, the top five cities have grown 10 per cent since 2000, or 60,000 people annually, driving up rents I would not call it a crisis, says Gunther Adler, state secretary in the housing ministry But housing needs are growing in specific big cities and in university towns because the lifestyle is becoming more attractive. Most refugees face disadvantages as they usually speak little or any German and know nothing of the complex rules governing rented accommodation Local authorities have refrained from building special immigrant blocks to avoid ghettos Refugees seeking social housing compete with locals Few newly arrived migrants can fend for themselves like Mr Radwan They rely instead on local officials and charities, such as Hamburg-based Wohnbrỹcke Koordinierungsstelle Wohnbrỹcke worker Alina Thiem says the charity assists those with good prospects of remaining in Germany She says that, alongside charities and volunteers, the authorities should put more effort into assisting refugees Integration is not only a cultural but a structural challenge There needs to be new jobs like district refugee co-ordinators perhaps people who themselves have a migrant background. Bustani Radwan, left, and Tim Gehringer With refugees adding to housing demand, builders are boosting construction: new home numbers have risen from 159,000 in 2009 to 270,000 last year But the government wants 350,000 annually A record 603,000 homes were built in 1995 in a post-reunification boom, but the industry is losing skilled craftspeople through retirement and a shortage of young German recruits The DBI, the construction industry association, says refugees help fill the gap, but only when they learn German and qualify This year the government has doubled funds to the 16 regions, boosting housing investment to 1bn, with a further rise to 1.5bn planned for 2017 In Hamburg the public homebuilding programme is being expanded from 6,000 flats a year to 10,000, with a oneoff plan for 4,800 refugee homes Dorothee Stapelfeldt, the citys housing chief, says: We expect more competition for social housing, so we have this special programme to head off possible tensions. One issue is existing residents resistance to new projects, especially social housing in wealthier districts Ms Stapelfeldt says: People show goodwill in general, but then they say not in my backyard. Now Angela Merkel is considering going further Under German law, most asylum seekers are distributed across the country and risk losing welfare benefits if they move The plan is to extend this rule to include those granted asylum, limiting their movements for up to three years It has been called authoritarian, but ministers say it will ease integration pressures, not least in housing Officials point to a precedent in the 1990s, when Germany received a wave of migrants from the ex-Soviet bloc Studies show it worked, with most staying put, even in eastern Germany Whether it will succeed again is unclear Todays migrants often have a better grasp of their options Mr Radwan is among them I want to stay in Hamburg, he says I want to study pharmacy here. But first he must find a place to live So must Mr Gehringer Neither got the flat in Iversstrasse This is the first in an FT series on how migrants are settling in Germany FINANCIAL TIMES Monday 30 May 2016 INTERNATIONAL China Monetary reform Soap maker apologises after racism outcry Attack on Rajan stokes talk of change at Indias central bank Leishang sorry for harm caused as detergent advert provokes fury LUCY HORNBY BEIJING AND AGENCIES A Chinese detergent maker has apologised and withdrawn an advertisement that went viral worldwide for all the wrong reasons Shanghai Leishang Cosmetics advert for Qiaobi detergent featured a young Chinese woman popping a paint-splattered African suitor into a washing machine The machine whirrs away and, to her delight, he emerges as a Chinese man in a sparkling white T-shirt Picked up by social media and the international press, the commercial was denounced for its casual racism In a statement over the weekend, Leishang said it took responsibility for the adverts content, saying it strongly shunned and condemned racial discrimination, although it blamed foreign media for amplifying the furore over the commercial, which first appeared on Chinese social media in March We express our apology for the harm caused to the African people because of the spread of the ad and the over-amplification by the media, it said We sincerely hope the public and the media will not over-read it. A company employee known only as Mr Wang had previously told The Global Times, a Chinese newspaper, that the critics were too sensitive, and the issue of racial discrimination never came up during the production of the video The unwelcome publicity undermines Chinas portrayal of itself as a benevolent partner for Africa, the Caribbean and the Middle East, free of the exploitative and racist legacy of the European colonial powers President Xi Jinping has relaunched a diplomatic initiative that recalls Chinas role as a beacon for unaligned countries during the Cold War Resurrecting this reading of China as an advocate for poorer countries and an alternative to the US comes after a decade of unprecedented outbound investment in resources and infrastructure In the 1950s and 1960s, Chinese diplomats led by former premier Zhou Enlai prided themselves on their ties to postcolonial states in Africa and the Middle East In the same era, Jim Crow laws in the US barred dark-skinned diplomats The African suitor emerges from a washing machine as a Chinese man in a sparkling white T-shirt We express our apology for the harm caused to the African people because of the spread of the ad and the overamplification by the media from hotels and golf courses, tarnishing Washingtons efforts to woo newly independent states away from allying with the Soviet Union Leishangs advert was also criticised on Chinese social media after it came to the worlds attention It was aired in China for several months without comment, before being picked up by expatriates living in China Its music and sequences closely resemble an Italian detergent commercial broadcast about nine years ago, but which has a different twist In the Italian version, a put-upon women doing the laundry late at night stuffs her gawky Italian boyfriend into the washing machine and is delighted when a muscular black man emerges Coloured is Better reads the tagline for Coloreria detergent Paris accord Election threat Trump throws Obama climate legacy into doubt Slow sign-up leaves emissions deal vulnerable to veto by Republican presidency appeals court dealt the president a blow by ruling the administration could no longer enforce compliance deadlines for the power plant initiative The appeals court will hear oral arguments over the Clean Power Plan on September 27 But the cases significance is likely to push it to the Supreme Court, which means a final ruling on the plan will not come until the next president is in office He or she could also end up filling the top courts current vacant seat If Mr Trump were in charge he could intervene by asking the court for a voluntary remand, sending it back to regulators who he could tell to render it toothless, said a veteran Washington environmental lawyer More radically, the president could get it thrown out by telling judges the government had done a 180-degree turn and now agreed with its opponents That rarely happens even with a change of administration, but its not unprecedented, said the lawyer BARNEY JOPSON WASHINGTON PILITA CLARK LONDON Donald Trump is sowing doubt over the Paris climate change pact as his hostility towards the deal and the growing swagger of his campaign focus attention on how he could undermine it as president The Republican candidate last week vowed to cancel the painstakingly negotiated agreement, a threat experts said was unrealistic But his comments put a spotlight on its slow ratification and weak spots in President Barack Obamas climate legacy While Mr Trump could not singlehandedly scrap the agreement which Washington and Beijing rallied more than 190 countries to join he could withdraw the US, the second-largest greenhouse gas emitter after China, or block the action needed to cut emissions to the levels promised by Mr Obama The Paris accord, hailed as a turning point in more than 20 years of efforts to combat climate change, requires countries to set out plans to help keep global warming well below 2C from preindustrial times The Obama administration has vowed to cut US greenhouse gas emissions by 26-28 per cent from 2005 levels by 2025 But if Mr Trump used the presidency to cast doubt on the need for climate action, he could weaken the resolve of other leaders sceptical about the deal Attacks on the Paris agreement could occur at three different levels under a Trump presidency Withdrawal from the pact No single country can cancel the deal because it would require each of the nearly 200 nations that negotiated it to agree to its abandonment Once the agreement is in force it is also impossible for a country to withdraw overnight Even if Donald Trump becomes president he cannot pull the US out of the Paris accord quickly because there is a four-year withdrawal period written into the agreement, said Michael Jacobs, a UN climate negotiations expert at the Institute for Public Policy Research, a UK think-tank Executive (in)action 40% Thats not a coincidence, he added, noting the timing matched the length of a US presidential term However, the agreement is not yet in force and it is not likely to be by the time a new president is sworn in next January a possibility that could leave Mr Trump with an easier get-out if he wins The Paris accord cannot take effect until it is formally ratified or joined by 55 countries accounting for 55 per cent of global emissions So far, only 17 countries representing 0.04 per cent of emissions have ratified it China and the US have said they plan to join this year but they account for only about 40 per cent of emissions Even under the most opti- Percentage of greenhouse gases in the US produced by power stations 55 Number of countries needed for the Paris accord to take effect mistic scenarios, the agreement may not start until 2018 The US courts The fate of US climate policies is not solely in the hands of the president The centrepiece of Mr Obamas Paris pledges an initiative to cut carbon emissions from the power sector is hanging in the balance as its legality is weighed by the courts Mr Obama was unable to curb emissions via legislation in Congress and has resorted to using regulations, which are vulnerable to lawsuits from states and energy companies that dislike them In February a District of Columbia Donald Trump speaks at a rally in San Diego last week The Republican candidate has vowed to cancel the Paris climate change deal Chris Carlson/ AP Even if the courts upheld Mr Obamas plan to cut emissions from power plants, a President Trump could choose to disrupt it With a co-operative Congress he could cut funding for the Environmental Protection Agency, the regulator in charge, or promote legislation to slow the initiatives implementation Or he could signal to the states that their plans for meeting the Clean Power Plan goals would not be reviewed rigorously, said Rhea Suh, president of the Natural Resources Defense Council, an environmental group The power plant initiative is vital because it tackles the USs biggest single source of greenhouse gases, accounting for 40 per cent of the total But Mr Trump could also delay moves to stop methane leaks, curb vehicle emissions and promote energy efficiency Some of those things would be challenged in court, but even if they were in some legal limbo he would effectively really halt our progress, said Ms Suh The actual slowing down of things may in fact be a reversal in itself. Christiana Figueres, the UNs top climate official, said the next president would need to examine the USs economic interests and argued that shifting to a low-carbon system made sense for the economy and society Ageing populations Bleak future for Japan as close to half its households include a relative over 65 LEO LEWIS TOKYO Some 45 per cent of Japans households now include one person aged 65 years or more, government figures show, underlining how swiftly the country is moving towards a costly demographic inflection point The quickening advance towards a crossover point that will change the countrys economic landscape and the companies serving it, comes with a shrinking dependency ratio By 2060, there will be 1.3 Japanese of working age (15-64) for every person over 65, according to a government white paper on ageing Japan is at the forefront of a rich world trend in which fewer workers support more seniors Germany, for example, faces a dependency ratio of 1.5-1.6 by 2060, according to its Federal Statistical Office, as fertility rates decline and people live longer But the near absence of immigration makes Japans case more stark The combined pressures of fewer workers and the ballooning demands of elderly care pose a further threat to the growth stimulus policies championed by Shinzo Abe, the prime minister, who is aiming to put 1.17m more people into the workforce by 2020 Demographics are already frustrating this ambition About 100,000 people a year quit their jobs to care for an elderly or sick relative, according to govern- Ageing Japan 1954 10 Most are homes with one elderly couple, but the fastest-growing group is households with one elderly inhabitant and an unmarried child This group has doubled as a proportion of the total since 1980 Charles Horioka, a professor at the Asian Growth Research Institute, said: We are seeing a very dramatic change Proportion of total population (%) Male Age Female 85+ 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 1984 ment data The figure is set to expand dramatically as the 1946-47 baby boomers cohort moves into the ranks of the elderly But for millions, the would-be recipients of their care are already close at hand Of Japans 50.1m households, 44.7 per cent include at least one person over the age of 65 Male Age Female 85+ 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 2014 1954 10 FT graphic: Alan Smith Source: US Census Bureau 10 0 Male Age Female 85+ 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 2024 1954 10 10 0 10 in the composition of the Japanese family and its living arrangements The prime minister may want to reduce the number forced to quit their jobs to care for the elderly in this very tight labour market, but that is much easier said than done Its a serious problem. The white paper also tracks a rapid rise in the number of people requiring long-term care, with a Cabinet Office survey suggesting that fewer than 45 per cent of people approaching retirement are confident of funding care costs from their pension and other income The same survey, however, found that 76 per cent of over-65s were either not worried or not much worried about their current economic situation The government survey also charts what it describes as a remarkable increase in the number of elderly people living alone, whose proportion of the overall population of over-65s doubled between 1980 and 2010 The household composition data also notes a continuing surge in the number of Japanese working beyond traditional retirement age AMY KAZMIN NEW DELHI To many international investors, the Reserve Bank of India governor Raghuram Rajan is a near-hero: the market-savvy central banker who tamed Indias inflation, restored its macroeconomic stability and is driving a banking system clean-up But admiration is not universal Many Indian businessmen are frustrated that interest rates have not fallen faster Some tycoons are unhappy with growing pressure to repay their overleveraged companies debts to ailing state banks, despite tough economic times Now, with Mr Rajans first term ending in September, an influential politician from prime minister Narendra Modis Bharatiya Janata party has launched a scathing attack, accusing the RBI governor of a wilful and apparently deliberate attempt to wreck the Indian economy In a letter last week to Mr Modi, Subramanian Swamy, a 77-year-old Harvard-educated economist, complains about high interest rates and even claims Mr Rajan is mentally not fully Indian, since he has a green card that allows him to live and work in the US The criticism, by a prominent lawmaker to whom the BJP gave a parliamentary seat only last month, has worried investors already anxious that Mr Rajan might be replaced by someone more pliant and less voluble So far neither Mr Modi nor his administration has given any hint of their leanings, with officials saying the RBI leadership will be announced in August It does give palpitations to investors, Rajeev Malik, senior economist at CLSA, said Raghu stands out as the single most potent policymaker, who has enthused foreign investors in terms of macro-stability and encouraged their confidence in Indian policymaking. The governor was accused of a wilful and apparently deliberate attempt to wreck the economy He added that Raghu would leave very big shoes to fill A former chief economist of the International Monetary Fund and University of Chicago business school professor, Mr Rajan took the reins of the RBI in September 2013, when the rupee was plummeting and inflation was at double-digit levels Since then he has waged a determined battle against Indias spiralling prices, persuading New Delhi to adopt a formal inflation-targeting framework for its once ad hoc monetary policy Inflation, nearly 11 per cent in 2013, fell to 5.8 per cent last year heavily helped by plunging oil prices He has been able to break the back of inflation, for which he should be given full credit, says Surjit Bhalla of Observatory Group, a New York-based economics consultancy It was a superb appointment and it remains a superb appointment I dont think they can much better. But the straight-talking Mr Rajan who presciently warned of trouble before the 2008 global finance crisis has ruffled feathers in New Delhi Last year he called for tolerance of diverse opinions, arguing that Indias prosperity depended on its intellectual freedom His words were interpreted as thinly veiled criticism of BJP hardliners, who have been accused of fostering intolerance of minorities and demanding universal adherence to Hindu orthodoxy Mr Rajan raised hackles in New Delhi again more recently while in Washington for the IMF and World Bank spring meetings Asked by a reporter about Indias reputation as a bright spot in the gloomy global economy, he cited the proverb, in the land of the blind, the one-eyed man is king His words upset Indias image-sensitive administration But Mr Rajan refused to apologise except to the blind and clarified that he was not denigrating India but merely emphasising that the country still had much to to unleash its full potential, and should not get carried away by our current superiority in growth In demanding Mr Rajans removal, Mr Swamy accused the governor of publicly disparaging the BJP government and displaying reckless disregard for Indias national security, by sending confidential and sensitive financial information on his University of Chicago email address Despite the resentment of the governor among some in the BJP, Mr Modi and Mr Rajan appear to have common interests Both want to end crony capitalism and are committed to broadening access to financial services Monday 30 May 2016 FINANCIAL TIMES FT BIG READ INDIA BUSINESS Billionaire Anil Ambani is betting that defence will save Reliance, his indebted company He has an ally in Narendra Modi, the prime minister, who plans to pour billions into modernising the military By Henny Sender J ust over a year ago, Indian entrepreneur Nikhil Gandhi was forced to sell a controlling stake in his heavily indebted Pipavav shipyard in the state of Gujarat Some of the biggest conglomerates in India lined up to buy the shares in Pipavav, which builds warships for the Indian navy Among the companies jostling for control were Anand Mahindras Mahindra & Mahindra, the Munjal family and Anil Ambanis Reliance group Both the Munjals and Mahindra expected to win the coveted stake Indeed, Mr Gandhi had even signed a preliminary agreement with the Munjals But to the amazement of the other bidders, the prize went to Mr Ambani, whose Reliance group is one of the 10 most indebted companies in India, according to Credit Suisse Mr Ambani had never even seen the shipyard until after he had acquired the stake, according to both Mr Ambani and Mr Gandhi But Mr Gandhi expressed confidence that his new partner, with his political and business connections, would help the shipyard thrive as India seeks to expand its naval capabilities India must develop blue water capacity, says Mr Gandhi The pie is very big now, he adds, referring to the expectation that Narendra Modi, the prime minister, will raise military budgets significantly in coming years Mr Ambanis acquisition of the stake, worth about $300m, is thought to have been the largest ever sale in the Indian defence industry Becoming the biggest shareholder of Pipavav, now renamed Reliance Defence and Engineering, was crucial to Mr Ambanis ambition to transform his company from an indebted owner of everything from cement factories to telecoms into one of the leading private defence groups in India Mr Ambani is betting that defence will save Reliance Since winning the Pipavav stake, Mr Ambani has travelled the globe, forming relations and securing contracts with defence suppliers in Russia, France and Israel to rapidly expand his defence holdings He has applied for licences to produce equipment including submarines, satellites and helicopters At the end of last year, Mr Ambani signed an agreement with a Russian Defensive mode A big positive Whatever his critics say, there is agreement that Mr Ambani has a competitive advantage when it comes to the defence industry: a close relationship to Mr Modi He was also one of the first to heed the prime ministers call to support Make in India, a crucial part of his economic policy Indeed, Mr Gandhi chose to sell his shipyard to Mr Ambani in part because the sale had Mr Modis blessing, he says Yet precisely because he is aware of his reputation, Mr Ambani is determined to succeed and prove the naysayers wrong, his supporters claim A marathon runner, Mr Ambani is capable of great focus when he is engaged Make in India Building up the countrys defence industry is seen as a strategic priority in New Delhi Reliance pivot Ambani is focusing on the sector as it is seen as having clear regulation and a good return on equity Companies including Adani, Bharat Forge, Mahindra and various arms of Tata Group are heeding the call and forming relations with defence groups from Britain, France and Israel to Russia and the US Make in India has become the second career option for retired defence personnel, Outlook, a weekly news magazine, said recently, referring to the corporate competition to recruit such figures More than a dozen three-star military commanders have joined the Pipavav shipyard, the magazine said Perhaps the single biggest spender in the coming years will be the Indian navy, the seventh-largest by number of ships, as it gears up to meet the growing local Chinese presence In July, the latest Indian naval indigenisation plan was announced as part of the governments effort to cut its dependence on foreign suppliers That scheme calls for involving private sector Indian companies to help reduce imports Regional spending spree All this explains the importance of Pipavav, which is one of two major func- Asian defence spending Real change 2005 to 2015 (%) China Indonesia Vietnam S Korea Every defence maker is looking to invest in India This will facilitate creation of jobs and save foreign exchange for the country company to manufacture, refit and upgrade several warships for the navy at Pipavav, another one to refit submarines and a third to make helicopters for the Indian military But there are many who doubt that the 56-year-old Mr Ambani, known more as a dealmaker than a builder of businesses, can pull it off Defence is the ultimate big boys game, says one banker You need deep pockets and technical expertise to meet very exacting specifications. Some bankers in Mumbai say that Mr Ambani was at his best many years ago when he served as chief financial officer of Reliance Industries, the heart of the conglomerate his father built, before he and his powerful elder brother Mukesh broke off relations with each other That break was at least partly because doing deals and then swiftly moving on to the next thing suited the younger brothers personality To the heavy lifting of executing on deals was far less interesting Today, Mr Ambani is worth $3.3bn, according to Forbes, but most of that is inherited rather than money he has earned, sceptics say Others say he is more of a celebrity than an entrepreneur or a businessman Part of that image stems from the fact that Mr Ambani is married to a former movie star While he is selling some of his media and entertainment assets, he still loves the glamour of Bollywood Global reach Since the shipyard deal Anil Ambani has formed relations with suppliers in Russia, France and Israel India Philippines Japan 50 100 150 Source: SIPRI Anil Ambani walks behind Narendra Modi, prime minister, at the launch of a Digital India project in New Delhi last year Saurabh Das/AP Photo $300m CostofReliancegroupsacquisitionofalarge stakeintheheavilyindebtedPipavavshipyard inGujaratstate 49% CeilingintroducedbyNarendraModionforeign ownershipofdefencejointventures,upfrom26 percent $520bn ForecastannualdefencespendinginAsiaby 2020,withChinaaccountingfor40percentof thetotal Competitors Tata and its rivals fire starting gun on arms race This is one area where we would not like to be number one, Narendra Modi, Indias prime minister, told an arms industry conference last year, an unusual remark from a leader who has sought national advancement on various global rankings The area in question was arms imports, on which India has been the worlds biggest spender for the past decade, according to the Stockholm International Peace Research Institute For Mr Modi, this is a missed opportunity to develop the domestic Sitting with a cup of tea in his office, where the walls are lined with pictures of himself with Benjamin Netanyahu, the Israeli prime minister, Mr Modi and other dignitaries, Mr Ambani reels off the advantages of his strategic shift away from infrastructure to defence For cost, quality and price the government has to outsource more to the private sector, he says You are dealing with one customer, the central government There is no regulatory uncertainty You are creating jobs You are contributing to Modis Make in India and Skill India programmes And the return on equity is superior. Even better for a cash-strapped company like Reliance, defence does not require massive spending upfront That is because most of the heavy capital commitment comes from the government, which provides financial advances to contractors As he builds his defence operations, Mr Ambani is responding to incentives that come directly from the prime ministers office in New Delhi At the centre of Mr Modis Make in India campaign is a desire to reduce Indias dependence on imported military equipment Defence is one of the few areas where Make in India can happen, says Sanjay Bhandarkar, head of Rothschild in India If they can get it right, it would be a big positive for the country. Today, India spends more on imported arms than any other country Growth in the Indian military budget is expected to outpace that of all other major defence spenders over the next five years, says Craig Caffrey, principal analyst at IHS Janes Ninety per cent of it $40bn-$50bn military budget, the fourth-largest in the world, goes to foreign manufacturers, mostly Russia The only things India spends more on are energy and capital equipment Previously, India imported almost everything, Mr Ambani adds We werent even making our own bulletproof vests. manufacturing sector and he has promised that future expenditure will show a clear preference for equipment manufactured in India Soon after Mr Modi took office, Tata, Indias biggest conglomerate, identified arms as one of its top-five growth targets for the next decade Other major groups to see potential opportunity are Mahindra & Mahindra, in armoured vehicles and helicopters; Larsen & Toubro, which is strong in submarine construction; and Bharat Forge, which in February outlined hopes of using Indian military contracts to become one of the worlds top-three artillery gun producers Big-ticket deals have been slow in coming but New Delhi says it is working to tackle the slowness, opacity and corruption associated with government purchases Under recent proposals, the government will nominate a few private companies that could lead major defence projects That plan has prompted criticism that it will unfairly benefit major groups, pushing smaller companies into the margins This focus could also spell leaner times for state-owned companies such as Hindustan Aeronautics, previously the preferred domestic suppliers for Indian military procurement, which were dismissed as two or three decades behind western groups in a leaked 2010 cable by the then US ambassador to India Simon Mundy Adding value Today, Mr Modi is encouraging foreign manufacturers to more with Indian partners Soon after becoming prime minister in 2014, he lifted the 26 per cent ceiling on the size of foreigners stakes in defence joint ventures to 49 per cent At the same time, the defence ministry requires that for every order worth a minimum of $62m, any foreign contractor has to produce 30 per cent of the value locally to reduce imports and build a more solid industrial base It has been one of the prime ministers best moves, says Deepak Parekh, founder of HDFC, a financial services group Today every defence maker in the world is looking to invest in India At the same time, this will facilitate creation of jobs and save foreign exchange for the country. Moreover, in the past, any crumbs that did not go to overseas groups went to Indias inefficient public sector groups But since May last year, Mr Modi has encouraged private sector companies to participate, making the sector more attractive to foreign suppliers than if they had to work only with government-owned entities Even before he became prime minister, Mr Modi reached out to all the industrialists and urged them to look at defence, says a close associate of Mr Ambanis He said he wanted more to be made in India and that the public sector cant it. At the end of March, the government introduced defence procurement rules that give priority to indigenously designed, developed and manufactured products Self-reliance is a major cornerstone on which the military capability of any nation must rest, the government said Defence is the ultimate big boys game You need deep pockets and technical expertise to meet very exacting specifications tioning private sector shipyards and the largest dry dock for warships in the country There are several public sector shipyards but the backlog of orders is so long that their output is constrained Even while he has been building the defence business, Mr Ambani has been raising as much as $8.5bn as he sells his infrastructure assets to halve his debt, according to market analysts, in one of the more dramatic deleveraging of Indias indebted conglomerates He has exited the cement business by selling to Birla Corporation, another Indian conglomerate The telecoms towers went to a North American company, while a big stake in Mumbais electricity business went to Public Sector Pension Investment Board, a large Canadian pension plan Still on the block are toll roads and power plants He plans to be debt-free by early next year The effort to use defence as the catalyst for growth in India comes as it is reeling from yet another procurement scandal The latest one concerns an order from AgustaWestland for helicopters to replace the ageing fleet that transports the prime minister and other government leaders Most new acquisitions become scandals, says Shekhar Gupta, a political columnist Many are then terminated, leaving our forces with a fraction of the needed inventory, and short of spares and ammunition Nobody is caught and punished, he adds Other Asian nations are also stepping up their defence spending The region is expected to spend $520bn on defence by 2020, according to IHS Janes, with China accounting for 40 per cent of the total Whether Indias focus on defence can help transform Mr Ambanis business depends in large part on his ability to run the businesses he has been assembling over the past year He needs to demonstrate skill at manufacturing and fiscal prudence, says the head of a foreign bank in Mumbai It is a big ask. FINANCIAL TIMES Monday 30 May 2016 Letters Email: letters.editor@ft.com or Fax: +44 (0) 20 7979 7790 Include daytime telephone number and full address Corrections: corrections@ft.com South American trade is built on strong strategic alliances MONDAY 30 MAY 2016 The puzzle that baffles the worlds economies Slowing output per hour is worrying but little understood There can be few problems that are so important and yet command so little consensus about their source and solution as the general slide in productivity growth across the worlds economies The Conference Board, a research organisation, said last week that labour productivity as measured by output per hour was likely to fall in the US for the first time in more than three decades America is not alone; across the developed world and, more recently, the emerging markets, productivity has been slowing for a decade or more The implications are stark A weak expansion in productivity will only put more downward pressure on real wage growth, which has already been anaemic in many advanced economies To the extent that stagnant real wages feed economic populism, it will endanger political stability and a respect for liberal values even in established democracies It will also threaten the solvency of pension schemes, which rely on future tax revenues and profits Yet while most economists concur that slowing productivity is one of the most serious problems in their field today, there is little agreement on the cause and still less on the right response Only one thing seems obvious: the productivity slowdown has hit such disparate economies that a single global solution is unlikely to have much effect Policymakers must experiment and be eclectic in their response Sometimes, there is a common international problem that has a clear solution, even if it has to be applied country-by-country Inflation in many countries was out of control in the late 1970s and early 1980s; it needed tighter monetary policy to drive it out of the system Advanced economies exited the early 1990s recession with large structural deficits; judicious efforts to reduce those deficits were appropriate But weak productivity is not one of those For example, the theory that regulations are stifling innovation seems odd given that the slowdown has affected relatively liberalised economies like the US as well as more regulated economies in Europe and the emerging markets A wholesale tossing-out of protections for workers and rules on health and safety seems unlikely to jump-start global growth It is possible, though, to look at the weakness of each economy, or type thereof, and come up with particular solutions In mature economies with weak investment, such as the US, UK or Germany, very low long-term interest rates justify increased public spending on infrastructure both to boost demand directly and productive capacity In some advanced economies, such as Italy, where there is less scope to go on a borrowing spree, obvious gains are to be made in microeconomic improvements such as reforming the sclerotic judiciary, an important part of Prime Minister Matteo Renzis plans And in many emerging markets, there are gains to be made from more traditional deregulatory reform, together with switching money from wasteful subsidies on fuel or other goods to education and training The productivity slowdown is far from being a clear-cut problem with obvious solutions Indeed, some suggest the real picture is better than official data show, because they underrecord gross domestic product in service-based economies where output is harder to measure Yet there are problems in individual countries, or groups of them, that seem clear enough to make suggestions about changes in policy The inability of modern economies to generate more from the same labour supply may not be a fast-moving crisis but it is a problem that needs urgent and sustained attention Taking the party out of the mosque in Tunisia Nahda has shown the way to compromise by scrapping Islamism The decision by the largest party in Tunisias parliament to scrap its Islamist label and prioritise political goals over proselytising, is a reassuring reminder of the countrys unique success in preserving democratic gains made in the wake of the Arab uprisings Endorsed last week at a Nahda party congress, the rebranding is an isolated occurrence unlikely to have immediate influence on Islamist movements beyond Tunisias borders The evolution of the countrys politics nonetheless provides a welcome counterpoint to the tyranny and extremism that has swept the Arab world since 2011 The changes to the Nahda party point towards a way of reconciling ardent religious adherence with democratic norms within a pluralistic environment Their decision to rebrand as Muslim Democrats informed by Islamic values without giving these ascendancy over all else echoes the pragmatic origins of Turkeys Justice and Development party (AKP) before its lurch to authoritarianism In the early part of the past decade, the AKP greatly broadened its appeal beyond what Turkish Islamist parties had previously enjoyed by accepting the secular nature of the state and renouncing ambitions to impose Islamic law The Nahda party has ditched the Islamist label in part to distance itself from jihadist groups who wear the same badge Among other substantive changes, the party has prohibited its leaders from serving religious organisations at the same time, and eased restrictions to its membership criteria These measures may not entirely reflect a separation of mosque and party They however imply a recognition that Islamism is neither an effective ideology for governing nor for sustaining power Like the AKP before it, Nahda hopes that the softening of its religious aspirations will enable it to gather support beyond its traditionally conservative constituency The enlightened self-interest reflected in this approach stands in marked contrast to that taken by Egypts Muslim Brotherhood Instead of seeking to govern with legitimacy after being elected into office in the aftermath of the overthrow of Hosni Mubarak, the Brotherhood sought to colonise Egypts institutions to the exclusion of everyone else The movement has been officially banned since its ouster in 2013 and the ferocious backlash against it continues Unlike their Tunisian peers, whose battles with secular rivals at one point came close to derailing the nascent democracy, the Brotherhood has had little chance to absorb the lessons of defeat Driven underground, the movement stands divided between younger members advocating more violent resistance to the military-backed government and elders who have always favoured a quieter approach towards building support Neither faction has sought to soften their religious dogma That Nahda is choosing compromise over confrontation is partly because in Tunisia political freedom is protected and strategies developed in the past to survive dictatorship are no longer necessary That is an example for the repressive Arab states that have frequently driven Islamists towards more violent manifestations of their ideology by attempting to crush them Freed from the distraction of such battles, it is to be hoped that all the parties in Tunisias governing coalition can focus on the urgent task of tackling economic stagnation, unemployment and other fuel for terrorists In this the sole surviving democracy to have emerged from the uprisings of five years ago deserves more support from the outside world than it has received to date trade flows should have a faster pace in the initial years of any such arrangement That is exactly what happened to Mercosur Also, one should consider that the two main partners in Mercosur have been affected by the worst macroeconomic downturns in their recent history Weak growth in the short run tends to slow down trade exchanges The authors mistake structural patterns for dynamic vectors of the agreements Mexico and Chile, for instance, had a higher export/gross domestic product rate than Mercosur countries even before the Pacific Alliance had been set up It is not the best approach to try to infer long term trends in foreign direct investment from a rather small sample (three years) In fact, what the data really show is that Mercosur has a larger FDI/GDP ratio than the Pacific Alliance On top of that, to talk about a rivalry between Argentina and Brazil in 2016 is laughable In fact, the two largest countries in South America have built a strong strategic partnership which is at the very core of Mercosur Also, contrary to what the article suggests, I am fully convinced of the importance of Mercosur, and I am ready to work with our partners with a view to its strengthening Josộ Serra Minister of Foreign Affairs, The Federative Republic of Brazil Relentless pro-Remain arguments are exhausting Helicopter money could help in migrant crisis How to tackle the distortion of liabilities Sir, I find myself exhausted by the relentless one-sidedness of the FT on the EU referendum This has culminated with your editorial, Vote Leave is damaging Britains political culture (May 26) Do you live in a completely parallel universe? I have many friends on both sides of this debate The damage to the political culture of this country is coming from the barrage of bullying half-truths from the prime minister and his supporters These have been clearly corrected elsewhere but it is this that has provoked furious reactions from those who feel any truth has been jettisoned to defend a highly questionable institution and caused the damage to Britains political culture You, ladies and gentlemen, are complicit in it Campbell Gordon Ramsbury, Wilts, UK Sir, In his response to John Kays piece, Eric Lonergan (Letters, May 20) asked why the use of helicopter money has not started My take is that this type of money is already used in many European countries Implicitly, helicopter money, by definition, is assumed to apply to the indigenous population Though, for the expected positive outcome it should not matter if the money instead as in the present cases is spent on newcomers, the migrants Today we are witnesses to how money printed, borrowed from abroad or taken from money reserved for use abroad (foreign aid) is spent to feed, lodge and provide migrants with a decent standard of living This comes very close to the original meaning of helicopter money and has indeed been shown to boost gross domestic product, increase inflation and lower unemployment in the indigenous population Sweden, with its high per-capita arrival of migrants in the European context, is a good example Hence, when the humanitarian aspects are put at the forefront and the costs of the monetary policy experiment become an issue for a distant future, the European Central Bank should consider the use of helicopter money as part of a solution to the deadlock among member states regarding the migration issue Professor Lars Oxelheim Chairman, Swedish Network for European Studies in Economics and Business, Lund University, Lund, Sweden Sir, David Fogarty gives a good analysis of the causes of pensions deficits (Letters, May 26), the principle of which is the effect of quantitative easing His solutions would work but would have to be introduced scheme by scheme Given that the distortion of interest rates by QE is increasing pension scheme liabilities, Denmark produced a solution It now allows pension schemes to discount liabilities at per cent per annum regardless of the yield on the assets that match the pension liabilities The argument is that the liabilities are very long-term and the long-term yield on a portfolio of pension scheme assets will be no less than per cent Instantly pension deficits are reduced or removed This would not only help BHS and Tata Steels liabilities but also many other pension schemes A likely consequence is that finance directors saving cash to pay into the pension fund would have cash to invest QE might even then help investment and a better outlook for growth in the economy Of course, the actuarial profession, of which I am a member but not a pensions actuary, would have to sit on their hands till interest rates rose They might even come round to supporting Ros Altmanns wish for greater investment in shares in pension funds Ian Reynolds Billericay, Essex, UK Sir, As a long-time reader and admirer of your newspaper, I was surprised and disappointed to read Trade pacts: Latin Americas new faultline (EM Squared, FT.com May 24) Besides being based on the highly questionable argument of a new split in Latin America, supposedly brought about by the opposition between Mercosur and the Pacific Alliance integration mechanisms, the article disregards objective differences and overlooks relevant circumstances and data in comparing the two blocks Mercosur has welcomed the establishment of the Pacific Alliance, has trade agreements with its three South American members (Chile, Colombia and Peru), which will lead to Irony is lost on some of the Leave campaigners Sir, If, as reported in the FT, Cameron urges the young to register for poll, (May 26), the Right Honourable John Redwood MP thinks the Institute for Fiscal Studies is part of a cosy establishment, perhaps it is time for him to come clean on what might qualify or disqualify a person from membership of this group of people that he and the Brexit camp routinely damn for their pro-EU stance Presumably the indicators would not include being a Privy counsellor, a distinguished fellow of All Souls College, Oxford, a Conservative MP for three decades, regular guest on BBC Radio discussion panels and contributor of a column on investment in the FT, or else he himself might be prone to such woefully misguided views? As Philip Stephens correctly notes in The myth of Brussels (mis) rule (Comment, May 27), the Leavers have no grasp of irony Tom Brown Director, New Europeans London SW5, UK Morally unsound reasoning on referendum Sir, Given the amount of research being published daily that highlights the startling consequences for us all if we vote to leave the EU (May 29), one wonders why we were ever offered a referendum at all Gorbachev, a Russian prophet without honour Book review By John Lloyd The New Russia By Mikhail Gorbachev (Polity Press) a free trade zone by 2019, and is negotiating with Mexico the widening of tariff reduction agreements The two mechanisms hold regular meetings to advance their co-operation They share the goal of enhancing their role in the global trade markets and consider that ever growing co-ordination between them, at many levels, can be achieved and should be pursued There is no divide, only convergence based on shared goals While comparing the performance of the two integration processes (Mercosur, established 25 years ago, and the Pacific Alliance, established in 2011), the article overlooks the different stages of their evolution It is only natural that the intensification of Obama at Hiroshima: would Trump weaken the US pivot to Asia? Surely a morally sound and fiscally responsible government would not waste public money even contemplating such an enterprise if it already knew these facts? The only conclusion I can draw is that either way the government is morally unsound What conclusion should I draw about their facts? Bob Klee Braintree, Essex, UK No fraternisation policies at work are gaining ground Sir, Reading Mr Rombergs letter, Distinguishing between sex and sexism at work (May 25), compels me to respond How he believes that work is a proper forum for sexual interaction is beyond me If advances are mutually acceptable between parties it creates an unprofessional atmosphere of potential jealousy and a situation rife for sexual politics If the advances are rejected, you have created an awkward and uncomfortable situation for both parties again, unprofessional People may be people, but there is a reason that No Fraternisation policies are increasingly common in the workplace An employee/employer, or student/teacher has the right to expect a working/learning space as practically free of all the sexual forces and games in play as possible Adult behaviour, as opposed to adultrated behaviour, goes a long way towards creating a mutually respectful working and learning environment If the parties concerned find the situation untenable, then one or both of them can find employment elsewhere Ted Gaffney Waterford, CT, US The central narrative in Mikhail Gorbachevs memoir is his reluctant, at times anguished, acceptance that the second Russian president Vladimir Putin is made of more authoritarian stuff than the first and last president of the Soviet Union wanted to admit He wished fervently to see him as one come to power to end the chaos of the erratic rule of Boris Yeltsin, who gained supreme power by his ruthless pulling down of both Mr Gorbachev and the Soviet Union in 1991 This power, in the unravelling economy and society of the post-Soviet years, was unequal to the task of establishing either order or the rule of law, the more so after Yeltsin, a man of talent and courage, fell prey to depression and drink The view of Mr Putin as the latest Russian bear unsheathing its claws to gouge out more territory in the west is the default opinion in Europe and America In Mr Gorbachev it is more interesting since the reference points of his world view are neither western nor the prevailing Putin-influenced Russian take They come out of his brave, doomed effort to turn the Soviet Union from failing communist superpower into the eastern extremity of Europe, which he called we should ever be so lucky our Common European Home Instead, he has had to witness the narrowing of his generous vision into the aggressive meanness of Mr Putin, for whom R Russia is at once the suffering victim of neo-imperialist aggression and the Slavic phoenix Tata pension reduction plan is not a new idea Sir, I read with interest the coverage of the change to Tata pensions (The risk to UK pensions from Tatas special deal, May 27), from an uplift linked to the retail price index to one linked to the consumer price index Your editorial notes that the Tata proposal could set a precedent in reducing pension payments to those already retired This change has of course been implemented without adverse comment for those in the public sector If promises made on behalf of the nation are disregarded, why expect more from a private sector company? Dr Judith Dawson Northampton, Northants, UK empowered to redress the wrongs of the past two decades and restore empire lost Mr Gorbachev began with high hopes of the former KGB LieutenantColonel Putin: He was doing his best to develop policies in the interests of Russian citizens and to overcome the inertia of the Yeltsin years. Doubts creep in from abroad: a talk in the mid-2000s with the French prime minister, who expresses the view that Mr Putin would need to be authoritarian to carry through his programme Mr Gorbachev dissents but when, after the bloody siege of a school in the North Caucasus by Chechen terrorists in 2004, Mr Putin seizes the chance to abolish elections for regional governors and non-party candidates for the Russian parliament, the doubts become more overt By the end of Mr Putins first two terms, Mr Gorbachev sees him as one with no interest in democracy After an interregnum with Dmitry Medvedev as a virtual presidential puppet, Mr Putin returns Mr Gorbachev at this point views him as one prepared to have elections rigged, whose position and wealth make it perilous to renounce power and whose arrogant falsification of the results of the ballots for the Duma and the presidency and his suppression of non-governmental organisations seen to be carrying out the orders of foreign masters, seal the conviction that this is a new form of tyranny Mr Putins version of tyranny is in many ways less oppressive than the Pax Americana has not exactly been peaceful Sir, In your editorial, Obamas pivot to Asia remains unfinished (May 26) you write [Mr Trump] undercuts the bipartisan assumptions that have driven 70 years of US foreign policy, not least in the Asia Pacific Pax Americana has by and large kept the peace In that 70 years we have had two major wars, in Korea and Vietnam The Vietnam war, in particular, pointlessly caused the deaths of more than 1m people I would not describe this as keeping the peace The US position seems to be that it is the judge and enforcer of international agreements anywhere in the world Mr Trump believes that Asia would be better off if its security was left to Asians I think he has a point Nick Patterson Cambridge, MA, US Soviet version; in some ways, as in its aggressively mendacious propaganda, it is worse It is, like Mr Gorbachev, a garrulous book (I once managed to ask him four questions in a two-hour interview) It is padded out with reproductions of his and others articles, expressions of support from grateful Russians and reports of his talks with other statesmen He describes at length the creation of his Social Democratic party, which has achieved little; and he dwells on the activities of the Gorbachev Foundation, which has achieved less But beyond that approaching his 90s, sometimes ailing, always mourning Raisa, his wife he has produced a reflection full of an earnest desire that former enemies understand each other and find f common ground in a febrile world This is a reminder of how vast his achievement was in allowing in the light of freedom Where Nelson Mandela, his contemporary, was great beyond the whites deserts in building a post-apartheid nation, Mr Gorbachev was great beyond the deserts of the Soviet Union (and perhaps even of the west, which could barely understand or trust him) in proposing a way for the despotic world to aspire to democratic governance, freely organised civil society and rule of law That he failed, he keenly knows Our best hope is that his ideas, in time, succeed The writer is an FT contributing editor Monday 30 May 2016 FINANCIAL TIMES Comment It is the Aegean where the real threat lies europe Wolfgang Mỹnchau A t the start of the year, the EU was paralysed by the prospect of three simultaneous, potentially destructive threats: Grexit, Brexit and the refugee crisis Since then, one has receded but not disappeared; one remains undecided; and another is in danger of blowing up The receding crisis is Greece The agreement last week removed the risk of a Greek exit from the eurozone in the immediate future The deal characteristically leaves a number of open ends, which is troubling but not necessarily disastrous In a significant concession the International Monetary Fund accepted that an agreement on debt relief for Athens is postponed for another two years This suits Wolfgang Schọuble, German finance minister, because his party opposes debt relief But the deal also requires him and other European finance ministers to come clean before the end of this year on what debt relief measures they intend to propose The numbers will have to add up an unheard of event in eurozone crisis resolution politics There is enormous pressure on eurozone officials to deliver a set of figures that the IMF can accept The European finance ministers have also conceded that Greeces gross financing needs should not exceed 15 per cent of economic output The GFN is the IMFs preferred metric It is the money a country needs to fund interest rates and debt repayment The acceptance of a GFN ceiling is a big step forward as it is the mechanism that forces debt relief The problem with this latest accord is that the creditors might not keep their word The irony is that the Bundestag could approve Greek debt relief today but may no longer be able to so after the federal election next year The Alternative fỹr Deutschland, a populist anti-immigrant and anti-euro party, and the liberal Free Democrats, are both in favour of Greece leaving the bloc Neither party holds a seat in the Bundestag but both are expected next year to meet the threshold requirements for representation Add them to the sceptics among the governing Christian Democrats and there may be no majority for debt relief Mr Schọubles commitment this week to debt relief in 2018 is simply not credible The second of the potential shocks is Brexit Opinion polls suggest that the In its negotiations with Turkey over the refugee crisis Europe has lost the moral high ground chances of the Remain campaign have improved though it is not in the bag yet a lot can happen before the June 23 vote The European Commissions attacks on Boris Johnson, the former mayor of London and Brexit campaigner, or the suggestions that the EU would penalise the UK should it vote to leave are not helpful This stuff plays into the hands of the Leave campaign While the prospects for Britain in the EU may look marginally brighter than a month ago, Angela Merkels refugee deal with President Recep Tayyip Erdogan of Turkey is going in the opposite direction At first it looked as though the German chancellor would extricate herself from the mess of her migration policy by co-opting Ankara into a refugee swap agreement The deal foresees that Turkey sends one legal refugee to the EU for each illegal migrant Turkish patrol boats pick up in the Aegean Sea The main tangible effect is not the swap but the signal that it sends to the refugees Fewer have since chosen the sea routes Mr Erdogan last week threatened not to ratify the agreement He rejects the EUs demand to modify his countrys antiterrorism laws, which allow him to persecute political dissidents, including journalists The EUs promise to allow Turks visafree travel to the borderless Schengen zone is officially conditional on the protection of civil rights in Turkey Mr Erdogan now insists that the EU liberalises the visa regime unconditionally or else he will repudiate the refugee deal The EU cannot accept this though watch out for a fudge Mr Erdogan certainly gives the impression he needs the deal less than Ms Merkel She visited him last week, and diplomatically avoided meeting Kurdish MPs, whose immunity had just been lifted by the Turkish parliament, or local journalists, who face criminal charges merely for doing their job If the deal collapses and Ankara relaxes the patrols, the refugee crisis will flare up again More important, the deal violates European values It can only work if the EU turns a blind eye to Turkish human rights violations Of all the arguments for leaving the EU, this one has some substance: in its negotiations with Turkey the EU has lost the moral high ground By the end of the year, we may find that the EU narrowly escaped all three Officials will congratulate each other But soon after, they will realise that the Greek debt crisis remains unresolved, that Britains new rules of engagement with the EU are hideously difficult, and that the only winner of the deal with Turkey is Ms Merkel, as always munchau@eurointelligence.com The mystery of weak productivity AMERICA Edward Luce L ook around you From your drone home delivery to that oncoming driverless car, change seems to be accelerating Warren Buffett, the great investor, promises that our childrens generation will be the luckiest crop in history Everywhere the world is speeding up except, that is, in the productivity numbers This year, for the first time in more than 30 years, US productivity growth will almost certainly turn negative following a decade of slowdown Yet our Fitbits seem to be telling us otherwise Which should we trust: the economic statistics or our own lying eyes? A lot hinges on the answer Productivity is the ultimate test of our ability to create wealth In the short term you can boost growth by working longer hours, for example, or importing more people Or you could lift the retirement age After a while these options lose steam Unless we become smarter at how we work, growth will start to exhaust itself too Other measures bear out the pessimists At just over per cent, US trend growth is barely half the level it was a generation ago As Paul Krugman put it: Productivity isnt everything, but in the long run it is almost everything. It is possible we are simply mismeasuring things Some economists believe the statistics fail to capture the utility of setting up a Facebook profile, for example, or downloading free information from Wikipedia The gig economy has yet to be properly valued Yet this argument cuts both ways Productivity is calculated by dividing the value of what we produce by how many hours we work data provided by employers But recent studies and common sense say our iPhones chain us to our employers even when we are at leisure We may thus be exaggerating productivity growth by undercounting how much we work The latter certainly fits with the experience of most of the US labour force It is no coincidence that since 2004 a majority of Americans began to tell pollsters they expected their children to be worse off the same year in which the internet-fuelled productivity leaps of the 1990s started to vanish Most Americans have suffered from indifferent or declining wages in the past 15 years or so A college graduates starting salary today is in real terms well below where it was in 2000 For the first time the next generation of US workers will be less educated than the previous, according to the OECD, which means worse is probably yet to come Last weeks US productivity report bears that out It is also possible we are on the cusp of gration and erecting trade barriers would subtract from US growth Likewise, it is hard to think of a bigger waste of resources than another budget-busting tax cut for the highest earners Yet his popularity is clearly fuelled by economic frustration One or two of Mr Trumps ideas, such as investing heavily in US infrastructure, would be helpful Indeed, at a time like this, it is all but a given and a rare point of agreement with Hillary Clinton Research shows that part of US economic growth is created in small numbers of hyper-connected urban hubs, such as Los Angeles and the corridor between Boston and New York Steps that would better link Americas urban boomlands to the large economic backwaters around them would help spread growth more widely Such projects would take time to bear fruit Yet it is worth sticking to that hunger games image for a moment Imagine that the US takes much the same course in the next 10 years as it has over the past decade That would mean a further corrosion of US infrastructure, continued relative decline in the quality of public education and atrophying middle workforce skills It would also hasten the breakaway of urban Americas most gilded enclaves, further enriching the educated elites It could possibly trigger a breakdown in democratic order If you think Mr Trumps rise is ominous, picture America after another decade like the past one Which brings me to the remedy: a universal basic income UBI has several plus points It draws support from all parts of the ideological spectrum: libertarian and socialist alike It would replace todays messy overlap of benefits and away with the humiliation of proving your eligibility to federal bureaucrats Most important of all, however, it would buy a measure of social peace Todays stagnation may be temporary or lasting We have no way of telling Common sense dictates we must act as though it is here to stay Everywhere the world is speeding up except, that is, in the productivity numbers a renaissance we just dont yet see it The economist, Robert Solow, quipped: You can see the computer age everywhere but in the productivity statistics. That was in 1987 A few years later the computer age showed up in big numbers By the same token, we may be on the cusp of reaping the benefit of artificial intelligence, personalised medicine or take your pick This may better fit our own fevered imaginations Or it could be a chimera Until then, the US and most of the west are stuck with a deepening productivity crisis The slowdown has one manifest effect and a seductive remedy The first, an embittered backlash against business as usual, is already upon us Witness Donald Trumps ascent Most of his proposed cures for middle Americas anguish are worse than the disease Shutting down immi- edward.luce@ft.com Venezuela sets the stage for a chaotic and tragic exit OPINION Daniel Lansberg-Rodriguez O h, that men should put an enemy in their mouths to steal away their brains Nicolỏs Maduros stint as president of Venezuela has had Shakespearean overtones from the start Ascending to power in 2013 he claimed to have conferred with the ghost of Hugo Chỏvez, insisting the cancer that killed his predecessor whom he calls father was a case of CIA murder most foul Our revolutionary Hamlet is now a tropical Macbeth Reviled by his subjects, increasingly isolated, he paces the presidential stage declaiming defiant soliloquies against offstage enemies While he plays dramatically for time, the country is collapsing The Interna- tional Monetary Fund predicts an per cent economic contraction for 2016; the inflation rate is the fastest in the world; electricity and running water are luxuries Food and medicine are scarce Anaemic oil prices and a heavy debt load leave scant foreign exchange for the import sector Mr Maduro is loath to reverse unsustainable fiscal and monetary policies he inherited from his mentor or to accept help from outside It becomes harder to tell if he is merely clinging to power at any cost or actively scuttling his country Having declared a state of emergency, Mr Maduro has been visiting island neighbours this week Ostensibly seeking to raise cash, he will also be hoping to shore up friendly votes in case the Organization of American States tries to take action against his repression at home While abroad he would well to monitor property prices: given the billions of petrodollars that have disappeared during his time in office, and the worsening conditions suffered by his people, a Venezuelan retirement may not be an option The trip shows how isolated the revolutionary heir to Chỏvez has become With the suspension of Dilma Rousseff from the Brazilian presidency, Mr Maduro has lost his last powerful regional ally Gone are the days when every leading South American country It is hard to tell whether Maduro is merely clinging to power at any cost or actively scuttling his country bar Colombia was leftwing and populist That Mr Maduro, like Ms Rousseff, will not finish his six-year term looks incontrovertible A regional propensity for economic boom-bust cycles and popular uprisings means most Latin constitutions include escape valves that function as de facto votes of no confi- dence Venezuela is no exception, and the opposition has begun a recall procedure, gathering many times the required number of signatures Yet, in contrast with Brazil, Venezuelas institutions lack the independence and the incentives for such constitutional processes to work their course In a manner reminiscent of a reality show, the constitution dictates that should the president hold on until January 10 next year he can in effect appoint his successor rather than holding a snap election that he would surely lose Since an opposition government would investigate and prosecute the graft of the revolutionary era, Chavismo bureaucrats and judges are working in lockstep to stymie the process until that date, as much to protect their own impunity as Mr Maduro If they are successful, the party might be able to buy itself a two-year stay of execution by sacrificing the figurehead Yet in walking a fine line provoking sufficient destabilisation to justify delays in the recall procedure but not enough to provoke the masses or the military into outright overthrow the regime is playing a dangerous game A majority of Venezuelans want Mr Maduro to leave office and popular unrest shows no sign of abating The stage is set for unprecedented social upheaval Cognisant of this Henrique Capriles, former opposition presidential candidate, told the military: The hour of truth is coming, to decide whether you are with the constitution or with Maduro. Mr Capriles will doubtless find sympathetic ears in the opaque Venezuelan armed forces, although many have as much cause to fear the end of revolutionary impunity as the bureaucrats The Lamentable Tragedie of Venezuela, now in its final act, runs long and seems increasingly likely to end in violence The writer teaches Latin American business at the Kellogg School of Management Flattery is the sincerest form of irritation in both pop and politics OPINION Ludovic Hunter-Tilney P erhaps it is a clever ploy to engage the attention of the 54 per cent of British students polled who were clueless about when the EU referendum is taking place But even if so, Matthew Healy, singer with chart-topping UK band The 1975, is having none of it He has accused the Electoral Commission of ripping off his groups artwork in its campaign to persuade Britons to vote on June 23 The commission, which oversees all UK elections, has devised a striking series of images to appear on billboards, television and leaflets showing a pink neon sign reading The 2016 EU referendum voting guide in a variety of unusual locations It denies the charge and claims the neon-sign idea was first used in the Scottish referendum last year, which is true But the imagery also looks uncannily similar to the promotional photos for The 1975s verbosely titled album, I Like It When You Sleep, for You Are So Beautiful Yet So Unaware of It Suspicions were heightened by the revelation that the commissions video advertising the leaflet was filmed by the director who made one of The 1975s videos Healy responded in the time-honoured fashion of the aggrieved rock star How you sue the Government?? he tweeted to his 610,000 followers As the Electoral Commission has nothing to with the government, the question was wrong But it was also illuminating Musicians have hypersensitive antennae for allegations of imitation Copying is rife in pop With hundreds of thousands of songs released each year there were almost 80,000 new albums in the US alone in 2011 it grows harder not to echo at some level a previous piece of music The 1975s work is full of such echoes, mostly generic in feel, alluding to the sound of 1980s pop But they can sometimes be more exact Their track Love Me seems very clearly related to David Bowies Fame However infuriating the mimicry, politicians unlike music stars have to suck it up Copyright laws are meant to distinguish between tribute and plagiarism That has grown harder, however Last years US court decision awarding the estate of soul singer Marvin Gaye $7.4m (reduced to $5.3m) in a copyright infringement case against Robin Thicke and Pharrell Williams, makers of the worldwide 2013 hit, Blurred Lines, narrowed the degree of similarity permitted between one song and another Caveat imitator is the rule in pop Copying is rife in politics, too Politicians routinely pilfer ideas from their opponents, as with George Osborne, UK chancellor of the exchequer, rebranding the UK minimum wage, first introduced by a Labour government, as a National Living Wage Bernie Sanders, the Democratic presidential candidate, joked about a campaign advert that he thought was his own only to discover it was actually his rival, Hillary Clinton, parroting him However infuriating the mimicry, politicians have to suck it up Policies are not copyrightable Stricter conditions apply to elections Since the 1990s, when a rash of Literal Democrats and Labor candidates infested ballot papers, UK parties have had to be registered with the Electoral Commission However, as anyone will know who has faced a choice between the Socialist Alliance and Socialist Alternative parties in the voting booth, scope for confusion remains The spat between The 1975 and the Electoral Commission reveals a clash of cultures Like the students unaware of the EU referendum date, frontman Healy displays a woeful lack of political literacy You cant imbue my identity as an artist with something as divisive as The @eureferendum, he tweeted, apparently blind to the irony that his group shares its name with the year when UK held a referendum on continued membership of the European Economic Community Meanwhile the Electoral Commission, which should be above such things, appears to have fallen prey to the political classs habit of copyism In pop music, unlike in politics, imitation is not flattery it is actionable The writer is the FTs pop critic 10 FINANCIAL TIMES Monday 30 May 2016 BUSINESS EDUCATION A change of direction to align more with business A passionate Open University advocate seeks to turn the institutions fortunes round, reports Gonzalo Viủa need for quality higher education is staggering For instance, with 26m higher education places in India, the country needs another 14m, according to a British Council report In China, the higher education sector has tripled in size since 1997 The world cannot build enough universities, says Mr Hill, arguing that a shift to online and distance learning must follow The Open University has students registered from 142 countries and is looking to expand relations with large multinationals to sponsor employees A third area of growth from overseas is coming from partnerships with universities that want to develop online teaching One example is the Arab Open University, which operates from several capitals in the Middle East, and which S teve Hill was an assistant bank manager for NatWest in the UK, when he was told by his employer that he would need to have a degree to become a branch manager With only a few qualifications from school, NatWest sponsored his studies, taking his career from a local branch to the City of London Two Open University degrees later and a third soon to be completed, Mr Hill now works as the universitys director of external engagement, liaising with businesses and running efforts to expand overseas At least that is the case by day At night, he continues his university studies He is working on a module that he hopes will help him complete a degree in philosophy, politics and economics He has studied almost 20 Open University courses and countless Moocs (massive open online courses) I started studying with the OU in 1993 and I am still studying today, says Mr Hill Im studying the Naked Soldier [dilemma] So, if someone is wearing a uniform in war I can shoot that individual But if I look through my rifle sights and I see a combatant not in uniform, they have the gun at the side of the tin bath and theyre having a bath in the field, can I shoot them? Asked what day-to-day application such ethical reasoning might have at the universitys modernist campus in Milton Keynes, 55 miles north of London, he replies: I just think it makes you think about a complex situation and look at it in different ways And Ive run out of business leadership courses to study. It is just as well that Mr Hill is such a passionate believer in the product because a large part of his job is to turn round the universitys fortunes The organisation has been the victim of a squeeze that began in 2011 as a series of changes in how universities are funded Revenue from corporate employer relationships is much more important to us today than in 2010 Life-long learner: Steve Hill, the director of external engagement, is overseeing the universitys expansion abroad John Robertson Business programmes Courses offer sector focus About 2,400 employers sponsor Open University students and 86 of the FTSE 100 have staff on its programmes Such relationships create sector-specific courses, such as the one generated by a partnership between the university, the National Health Service and consultancy Hay Group to tailor the curriculum for health service professionals Steve Hill says they contextualised it for a clinical environment The NHS puts more than 3,000 staff through the programme each year Similarly, BT and IBM have put members of their leadership teams through the tailored MBA programmes, where they can work in groups and can then have a more open discussion about issues that relate to that employer With the Football League Trust, the university created an undergraduate course in business management in sport and football Younger students are not easily enticed by management courses but as you put a football wrapper around it, it becomes much more interesting, Mr Hill says While the shift towards charging students Ê9,000 a year for tuition has been a boon for most universities, it has hit the Open University hard Mr Hill says that it has lost many of those over 40 who were studying as a hobby As student numbers declined to 174,000 last year from more than 250,000 in 2011, income fell to Ê404m in 2014 from Ê471m in 2011, and only started to recover last year to reach Ê422m The university was founded in 1969 to provide degree-level learning to people who had not had the opportunity to attend traditional campus universities While it has continued to operate under the same open admissions policy 40 per cent of students have no more than one A-level and a fifth live in Britains most deprived areas Mr Hill has been charged with making it more relevant to the needs of businesses and with international expansion The result is that revenues from both those sources account for about 10 per cent of the universitys annual turnover and will continue to show double-digit growth in the years ahead, he predicts The revenue that we generate from our corporate employer relationships is much more important to us today than it was in 2010. If working directly with employers to tailor courses to their needs has been a lifesaver for the Open University, it is the possibilities for overseas expansion that look set to secure its future The has turned to the British institution to develop its curriculum and give access to millions of women previously excluded from higher education For all the strengths of the Open University and British education, Mr Hill says that the UK can learn much from abroad He cites the concept of learning banks or life-long learning accounts pioneered by the Open University in Shanghai for more than 800,000 students Some of the systems Ive seen in China have just completely blown my mind, he says Im looking at credits that an individual has accumulated over 30 years and its all there in one place How interesting would that be as an employer, if you could then see someones dedication and focus to their own self-development? Having studied an Open University course for most of his adult life, Mr Hill is confident that his personal learning bank will continue to grow regardless of what the future holds Ive studied with the OU for 23 years Its a bit addictive actually, but I it to unwind. | FTfm FINANCIAL TIMES Monday 30 May 2016 NEWS INSIDE Face to face Michelle Seitz, head of William Blair IM, says demographic shifts, from millennials and pensioners, are stunting fund growth PAGE Retirement Pension trustees may wish to look away now, as Steve Johnson considers the profound consequences of rising life expectancy PAGE View from the US Something is not quite right in the market for physical oil, says John Dizard, but supply disruptions are not enough to create a true panic and liquidation phase needed to lay the foundation for a really out of control bull market PAGE Executive pay Few people doubt that chief executive pay is out of control Employers would not appoint someone who needed to be bribed to their job, says David Pitt-Watson PAGE MAY 30 2016 fm Editor Chris Newlands Tel: +44 (0)20 7775 6382 e-mail: chris.newlands@ft.com Deputy editor Madison Marriage Tel: +44 (0)20 7873 3817 e-mail: madison.marriage@ft.com Reporter Chris Flood Tel: +44 (0)20 7873 3892 e-mail: chris.flood@ft.com Reporter Attracta Mooney Tel: +44 (0)20 7775 6237 e-mail: attracta.mooney@ft.com Production Jearelle Wolhuter Tel: +44 (0)20 7873 4872 e-mail: jearelle.wolhuter@ft.com Advertising manager Mariam Lolavar Tel: +44 (0)20 7775 6671 email: mariam.lolavar@ft.com FINANCIAL TIMES Number One Southwark Bridge London SE1 9HL +44 (0)20 7873 3000 â The Financial Times Limited 2016 Reproduction of the contents of FTfm in any manner is not permitted without the publishers prior consent FINANCIAL TIMES and FT are registered Trade Marks and Service Marks of the Financial Times Limited Slash greenhouse gases by 57%, investors tell David Cameron INVESTMENT STRATEGY UK prime minister urged to back climate change proposals ATTRACTA MOONEY ATTRACTA MOONEY A group of large institutional investors managing more than $13tn in assets has urged David Cameron to back proposals to cut greenhouse gases by 57 per cent before 2032 The Institutional Investors Group on Climate Change, which is made up of 122 big investors including BlackRock, Amundi and UBS, has called on the prime minister to ensure proposals put forward by the Committee on Climate Change, the body that advises the UK government on meeting its environmental targets, are not watered down If Mr Cameron did not back the proposals, the investors said they would be left struggling to understand the governments policy on tackling climate change, which would leave them reluctant to make investments in areas linked to preventing global warning, such as energy Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change, said: Long-term investors, especially those investing in infrastructure, like to know what is going to happen with climate change policy over the long term Investors want to feel they Passive funds grow 230% to $6tn continued from page they are losing faith in the active management industry He said: The [active management] industry will remain under pressure until, collectively, we achieve better results for clients. John Hailer, chief executive of the Americas and Asia for Natixis Global Asset Management, the $885bn asset manager, added: [Many tradi- AllianzGI eyes private debt Investors need either certainty around future policies on global warming or incentives if they are to help meet the countrys energy needs Oli Scarff/AFP/Getty Images) have regulatory certainty going forward. Opponents have argued that the Committee on Climate Changes proposals would put British companies, particularly heavy industry, at a competitive disadvantage compared with their EU rivals However, in their letter, the institutional investors said adopting the proposals was the minimum necessary in order to ensure investment will flow into the right technologies and to minimise any stranding of capital invested in high-carbon assets A lack of investment from institutional investors in infrastructure, particularly in the energy sector, would hurt the UK, which is having to cope tional active managers] not understand that the market will not be the same as it was 10 or 20 years ago A lot of them have not realised they need to change. Morningstars figures show that passive products achieved far greater growth than active mutual funds in every region around the world, except Latin America The passive industry remains much smaller than the active sector, although this gap is narrowing In 2007, the active industry was 8.5 times larger than passive, but is now just four times bigger John James, managing director for Europe at Vanguard, the low-cost asset manager best known for its passive products, said passive funds will keep with the closure of old power stations Earlier this year, the Institution of Mechanical Engineers, a professional body, warned it would be almost impossible for UK electricity demand to be met by 2025 Rory Sullivan, a consultant specialising in climate change, who previously worked in the asset management industry, said investors needed either certainty around future policies on global warming or incentives if they were to help meet the countrys energy needs People are sitting on their hands and not investing That is how investors respond to uncertainty, he said All of this means that elec- 230 % Growth in assets under management in passive mutual funds, to $6tn, since 2007 54 % Growth in assets under management in active funds, to $24tn, since 2007 taking market share from active managers This is a story that will continue People are looking to reduce the cost ofinvesting,he said tricity and the costs to consumers and UK plc could be much higher than if there were a better framework in place. Ursula Bordas, policy adviser at PensionsEurope, a trade group for retirement funds, said there are many examples across Europe where governments changed their policies around climate change and energy, hurting investor returns in the process Government policy needs to remain consistent or [it] risks making investors extremely wary of future investments, she said A spokesperson for the prime minister said: The letter has been received and the government will respond in due course. Natixis, Baillie Gifford and Henderson Global Investors, an active fund house, all said active managers still have an important role to play in the fund industry Mr Dunbar said: The active management industry is too big The good managers need to continue to be good and get the word out And those who are not [offering funds that are truly actively managed and provide returns net of fees] need to go. Greg Jones, managing director for distribution at Henderson, added that active funds can still thrive if they meet the objectives of clients In the industry globally, there is space for both active and passive, he said Allianz Global Investors is in talks to acquire a private debt business in an attempt to fill the gap left by the banking industrys retreat from lending Andreas Utermann, who became chief executive of the 407bn fund house earlier this year, said AllianzGI has significant plans to enter the private debt market The push signals a further rise in the importance of AllianzGI within Allianz, its insurer parent, after years languishing in the shadows of its sister company Pimco, the US bond house AllianzGI has experienced 13 quarters of positive inflows to its business and accounted for more than a third of the insurers profits last year Pimco, in contrast, has suffered a protracted period of outflows amid rumours of infighting at the US-based fund house and the departure of Bill Gross, the star manager I would be disappointed if we could not position ourselves as a very significant player in the private debt market within a few years Mr Utermann said: I would be disappointed if we could not position ourselves as a very significant player in the private debt market within a few years. He added that AllianzGI has been in talks with an undisclosed group for several months The fund house wants to buy capabilities by acquiring a team Private debt has become increasingly attractive to asset managers in recent years Assets under management in private debt have grown 14 per cent a year since 2006, to $523bn as of the middle of 2015, according to Preqin, the data provider The rise in assets comes as banks back away from activities such as lending directly to companies because of stricter capital requirements Institutional investors have flocked to the asset class in the hope of achieving better returns than in traditional bonds and equities FTfm | FINANCIAL TIMES Monday 30 May 2016 NEWS EU regulator warns Brexit threatens UK funds INVESTMENT STRATEGY Passporting rules at risk, with severe consequences for Ucits CHRIS FLOOD A British vote to leave the EU in next months referendum would threaten UK asset managers ability to sell funds across Europe, according to one of the EUs most senior financial regulators Britains investment management sector runs around Ê1.2tn on behalf of European investors Asset managers operating in the UK are permitted to sell funds across the EU under so-called passporting rules But Steven Maijoor, chairman of the European Securities and Markets Authority, the pan-European regulator, said the UKs access to fund passporting arrangements would be at risk following a British exit, or Brexit There will be a big question mark about UK-registered investment [companies], UKregistered funds and fund prospectuses approved in London Their legal status will be unclear in the event of a Brexit This will result in uncertainty that will not be easily resolved in a couple of months, he said Uncertainty over the terms of the UKs post-Brexit relationship with the EU has clouded analysis of how investment management might fare According to Moody's, the credit rating agency, there would be no immediate changes to asset managers operations as the UK would face two years of negotiations with the EU Many large international managers with operations in the UK, such as BlackRock and Vanguard, also house their fund ranges in either Dublin or Luxembourg Marina Cremonese, vicepresident at Moodys, said: The management and mar- C Phil Webster has moved to BMO Global Asset Management as a portfolio manager within its European equities team Mr Wester joins the Ê160bn investment arm of Canadas BMO Financial group from Aberdeen Asset Management BMO has also hired Otto Donner as sales director for the Nordic region from East Capital, the Stockholmbased emerging and frontier markets specialist C JPMorgan Asset Management has appointed Alan Supple as head of global real estate securities, a newly created role Mr Supple previously worked for CenterSquare Investment Management, a subsidiary of BNY Mellon, the US bank C Christina Bửck is to join Profond, the Swiss multi-employer pension scheme, as chief investment officer, a newly created role Ms Bửck joins from Axa Investment Managers Ê1.2 tn Amount of money Britains investment management sector runs on behalf of European investors C Thomas Moore has joined the fixed interest investment team at Invesco Perpetual, the UK arm of Invesco, the $783.7bn Atlanta-based asset manager Mr Moore moves from Morgan Stanley Movers & shakers C Vanguard has appointed Michael Rollings as chief financial officer and head of the asset managers finance division Mr Rollings, who was previously chief financial officer at MassMutual, the US insurance group, succeeds Glenn Reed Mr Reed remains a member of Vanguards senior leadership team and head of the strategy division Next month the UK is voting on whether to remain in the EU Niklas Hallen/AFP/Getty Images Michael Rollings Phil Webster C Jaime Arguello has joined Architas as chief investment officer of the Ê20bn multi-manager investment specialist owned by Axa, the French insurer Mr Arguello was previously chief investment officer of Barclays Ê17.5bn multi-manager and alternatives business C Fisch Asset Management, the Zurich-based Swiss convertible bond specialist, has hired Kyle Kloc as a senior portfolio manager Mr Kloc previously worked at Deutsche Asset Management as co-head of global and European high-yield strategies C Gian Marco Castellani has moved to BlackRock as a sales director within the Italian distribution team of the asset manager Mr Castellani previously worked for Franklin Templeton Investments Alan Supple C Derek Beatty has moved to Julius Baers team in Guernsey as a senior portfolio manager Mr Beatty joins the SFr300bn Swiss private banking group after 11 years at Credit Suisse C Miton, the Ê2.9bn London-listed investment boutique, has hired Andrew Jackson as fund manager for the Miton UK Value Opportunities fund Mr Jackson previously worked for Ecclesiastical (now EdenTree) Investment Management keting passports [of Dublin and Luxembourg funds] should not be compromised, which mitigates the risks and costs associated with an exit of the UK from the EU. Mr Maijoor, however, cautioned that there were still many funds, investment companies and prospectuses registered in the UK that could be negatively affected by a Brexit The Investment Association, the trade body representing the UKs asset management industry, added: A full UK Brexit would be profoundly disruptive for the export of asset management services and products Leaving in such circumstances would not be a desirable outcome. A poll conducted this month by Cerulli, the research com- pany, found that 54 per cent of respondents expected fund sales across Europe to be affected to varying degrees if the UK pulled out of the EU Barbara Wall, Cerullis managing director for Europe, said the majority of asset managers regarded a UK vote to remain as a no-brainer, adding that a Brexit would be disproportionately expensive for many smaller fund companies and could threaten the viability of some managers Simon Gleeson, a specialist in financial markets regulation at Clifford Chance, the law firm, said the consequences of a Brexit for UK investment managers offering mutual funds, known as Ucits, would be severe We [can] identify significant costs the sector would risk suffering from Brexit, but have been unable to identify or quantify any substantial possible benefits that departure might produce, he said | FTfm FINANCIAL TIMES Monday 30 May 2016 FACE TO FACE Demographic shift stunts fund growth William Blair Investment Management Founded 1935 Assets under management $64.7bn (December 31 2015) Employees 386 Headquarters Chicago Ownership Independent, partner owned MICHELLE SEITZ Head of William Blair IM on the challenges facing mature asset management ATTRACTA MOONEY M ichelle Seitz, head of William Blair Investment Management, the $64bn fund house, is an early riser A very early riser For years she has been getting up before the birds, at 4am I have a feeling I have always [gotten up early], she says The prompt start has made it easier for her to balance her job and her family: once she is up, she works from home for four hours and then spends some time with her children, who range in age from nine to 16, before heading to the office But the early start also has another advantage She says it gives her time to think about the big issues affecting the fund industry, away from the constant barrage of emails, phone calls and meetings that permeate a working day And right now having some quiet time to think about the big issues is useful, because never before has the money management sector faced so many big, structural changes, the mother-of-five claims And that is before you include this years volatile trading conditions, when stock markets plummeted in January before rallying again The structural changes faced by the fund industry range from the rise of passive products cheap vehicles that replicate an index to a demographic shift where individuals withdraw more money from their pensions than they invest in them The industry has had a tailwind with the demographics working in our favour, but now the demographics are a headwind Clients are using the money [they once invested and] you are seeing net redemptions at a pretty steady pace, she says Then there is investors growing focus on costs, which puts asset man- Born July 1965 Total pay Not disclosed Education 1987 BS (accounting), Indiana University 1990 Chartered financial analyst Career 1987-92 Senior portfolio manager, NationsBank 1992-96 Senior portfolio manager, Concord Investment Company 1996-2010 Senior portfolio manager, William Blair 1999 Partner, William Blair 1998-2001 Head of investment counseling (private wealth management), William Blair 2001 to present Head of investment management and executive committee member, William Blair agers profit margins under pressure The rise of younger investors, socalled millennials, also poses a problem They not seem to be behaving in the same way as their predecessors when it comes to investing Additionally, technological change, which Ms Seitz says the industry is ripe for, is a concern There hasnt been a digital disruption in our industry to date That is another structural change, which I think can be to the net benefit of clients, but it will be another headwind, she says Ms Seitz adds: I would say, in 30 years, frankly [these challenges are] the biggest sea change I have seen. All this change means the organic growth of the industry will start to slow Before the financial crisis, the fund industry grew quickly, with assets under management increasing more than per cent a year But this has now slowed to per cent and is expected to fall even further in the run-up to 2020, according to 2015 research by Casey Quirk, the consultancy If asset managers are to grow, they will have to take business from other asset managers, Ms Seitz says At the same time, passive products will take assets from active managers People need to save more, they are getting old, and they need to invest in a lower-return environment All of these things add up to a more mature asset management industry rather than one that has experienced organic growth pretty consistently over time, she adds Ms Seitz, who was a portfolio manager for 23 years, says this maturing asset management industry will look different, and not just in terms of products and technology She argues that its workforce needs to become more diverse, shifting away from its reputation as a pale and male industry Only 10 per cent of mutual fund managers in the US are women, according to the Women in Fund Management report William Blair has five named female portfolio managers, representing 37 per cent of its assets under management Ms Seitz, who admits she faced her fair share of impediments related to her gender along the way, says diverse teams deliver better solutions Under a new policy put in place under Ms Seitzs watch, diverse candidates typically women and ethnic minorities should make up half of the individuals interviewed for a job at the asset manager If we interview 10 people, five need to be diverse and the other five can be the majority of the industry, which is white men, she says The policy means the hiring process takes longer, but Ms Seitz says it should be worth it in the longer term There are a lot of talented people out there We need to make [the workforce] a bit more balanced than we have historically, she says She is less forthcoming about how the money management arm of Chicago-based William Blair, a privately held financial services company, will deal with the other changes that are afoot for the industry One thing that is clear is that she wants to grow the asset managers retail business This area only accounts for 15 per cent of its assets There are no plans, however, to move into robo-advice This area of the retail fund industry, where online services provide automated investment advice, is expected to grow strongly The 50-year-old, who has presided over William Blairs investment management arm at a time when its assets grew fivefold, also has no interest in launching passive products, which have proved popular with investors The assets under management in passive mutual funds have grown 230 per cent since 2007, according to Morningstar, the data provider But the Indiana University graduate, who has been in charge of William Blair Investment Management for 15 years, says she is excited by the changes ahead These changes are happening very quickly The industry will need to continue to adapt but I think that is a good thing, she says There are so many things that we with a herd mentality that I think disrupting that pattern will lead to a lot of breakthrough innovations both in transforming business models as well as in transforming the types of strategies we offer to clients. Asset Management Asset Management sset Management Asset Management Asset Management Asset Management | FTfm FINANCIAL TIMES Monday 30 May 2016 THE BIG PICTURE Funds lucrative entry fees under attack Money managers fear regulators probe into initial charges levied in addition to other fees, reports Madison Marriage B arely a month has passed this year without a highprofile attack on the asset management industry over controversial issues such as high fees, poor investment performance, hidden charges and short-termism The attacks have come from a surprisingly wide range of sources, including investment legends Warren Buffett and Jack Bogle, David Cameron, the British prime minister, Andrew Haldane, the Bank of Englands chief economist, and, most recently, the Prince of Wales The concern in the asset management industry is that the next attack will come from a source the market cannot afford to ignore: regulators This fear is particularly acute in the UK, where the regulator is on the verge of publishing the preliminary findings of its closely watched investigation into competition in the asset management sector Maarten Slendebroek, chief executive of Jupiter Asset Management, says the Financial Conduct Authoritys investigation is the only issue keeping him up at night There has never been a competition review into asset management in the UK, and, as far as we know, elsewhere in the world We really dont know where it will go This is unpredictable, he says Mr Slendebroek has perhaps more reason than most of his competitors many of whom claim to be unperturbed by the investigation to be concerned One of the areas the FCA is scrutinising is the appropriateness of charging retail investors entry fees, a controversial, additional charge Jupiter has made a lot of money from over the past few years The FTSE 250 groups 2015 annual report cites revenues of Ê14m from net initial charges, accounting for per cent of its Ê329m of revenues A spokesperson at Jupiter said the Ê14m relates to six years of transactions Others investment managers, including Standard Life, Schroders, Axa, Santander and Henderson, apply the charge in specific circumstances The regulator is keen to work out what impact this charge has on investor behaviour and whether it discourages savers from switching between funds when this would serve their interests best Before 2013 it was standard practice in the retail fund industry to charge investors this one-off fee, also known as an initial charge, to cover the cost of marketing and distributing a fund This fee, which typically ranges from per cent to a startling 10 per cent of the money being invested, came in addition to annual management and performance fees Today, many UK fund companies have abolished the fee, or waive it for retail investors who buy funds through investment platforms such as Hargreaves Lansdowne or through financial advisers But several asset managers continue to impose an initial charge if investors buy a fund directly from the company Investor campaigners would like the FCA to abolish this industry practice altogether Gary Mairs, a partner at TCF, the investment house that has campaigned against hidden fees in the fund industry, says: People who buy funds directly from an asset manager are still being levied [an initial charge], probably because those investors are none the wiser and the asset managers can get away with it This kind of differential charging is not treating investors fairly It is taking advantage of the naivety of investors that are coming directly The regulator needs to ensure compa- 2-10 % Typical range of entry fees (levied on the money being invested) 2.6 % Average entry charges in France on unit-linked products in 2015 Entry fees banned Europe fails to follow where India leads No European regulator has ever attempted to ban or clamp down on entry fees a controversial charge typically imposed on retail investors when they buy a fund directly from an asset manager But the Securities and Exchange Board of India did ban entry fees in 2009 The decision was widely praised at the time as an investorfriendly move that marked one of the most significant changes for the Indian mutual fund industry in recent history At the time, entry fees in India were around 2-3 per cent of the money being invested in a fund, on top of annual management and nies are not using their information advantage against relatively unsophisticated investors That is an abuse of their position. Guillaume Prache, managing director of Better Finance, the investor campaign group, adds that the practice of charging entry fees is not just a UK phenomenon He says: Most retail funds [in Europe] still include entry fees This practice is very widespread, especially with unaware and elderly invesperformance fees In the European market, these one-off charges can be as much as 10 per cent of an initial investment Although Indian fund managers complained in 2009 that the ban on entry fees would distort competition in the market and hurt their businesses, consumer groups welcomed the move for pushing down costs for investors Guillaume Prache, managing director of Better Finance, the investor rights group, believes it is unlikely that any European regulator will take similar action But he is hopeful that forthcoming European rules governing mutual funds, known as Priips, will force asset managers to be transparent about the impact of entry fees on investment performance, from 2017 tors and savers Average entry charges in France on unit-linked products [a form of retail fund] were 2.6 per cent in 2015 This is very detrimental to retail investment returns, especially in a low-yield environment Worse, the impact [of these initial charges] on returns is not disclosed to retail investors in the mandatory past-performance disclosures We are not aware of any EU national regulator having banned or even restricted fund entry fees. Most of the fund companies contacted for this piece gave confusing or conflicting answers when asked why they still apply initial charges, and whether they would consider scrapping them Artemis, which publicly stated it had abolished entry charges in 2014, still lists the charge on its fund documents A spokesperson for the company says it did not want to pay to reproduce the documents, so in practice it waives the charge for any investors coming directly to the company A spokesperson for Jupiter says that the initial charge is primarily a legacy product feature and that the company would not rule out scrapping the charge voluntarily She adds: While [we] continue to allow for this charge to be taken, in practice it is generally not applied Any move to ban initial fees would have a minimal impact [on the company], given it is rarely applied. FTfm | FINANCIAL TIMES Monday 30 May 2016 THE BIG PICTURE The largest UK funds with high entry fees Fund size* (Êbn) Artemis Income Inc 7.50 Standard Life TM UK Govt Bd Acc 5.25 Axa Framlington UK Select Opps R Acc 5.25 Jupiter Merlin Income Portfolio Acc 5.25 Artemis Global Income R Acc 7.50 CF Ruffer Absolute Return O Acc 7.00 Scottish Widows UK Growth A Jupiter Merlin Growth Portfolio Acc 5.25 Standard Life European Trust II Ret Acc 7.50 Baring Europe Select GBP Inc 6.50 Jupiter Merlin Balanced Portfolio Acc 5.25 5.25 Numbers in bold are entry fees (%) * As of Jan 2016 Source: Morningstar The asset management industry has received high-profile criticism from, among others, Jack Bogle, the founder of Vanguard Alamy; Mick Tsikas/Reuters; Angel Navarrete/Bloomberg; Peter Foley/Bloomberg As a private client, you would be absolutely mad to pay an initial charge Schroders declined to comment Ian Dyble, head of product development at Henderson, says: The initial charge on funds is a servicing cost for direct clients, although many investors now choose to buy through platforms. Others suggest the onus is on individuals to more research to avoid paying such a fee, by purchasing a fund through a platform or an adviser A wealth management executive, speaking on condition of anonymity, says: As a private client, you would be absolutely mad to pay an initial charge. Standard Life Investments says it applies an initial charge to a number of funds in order to discourage retail investors from buying them The funds in question have either reached their capacity limit in terms of assets, or are primarily aimed at institutional investors Jacqueline Lowe, head of UK wholesale business at the Ê253bn asset manager, says: We are not seeking to put the charge in to get revenue from customers It is there to persuade investors not to invest in these funds What the regulators will find is that while it looks like a lot of people have initial charges, not many people are actually applying them There will be a lot less revenue there than they suspect. She acknowledges, however, that investor documents across the indus- try are misleading Many state the right to apply an initial charge, but in practice waive this fee There is a difficulty The [investor documents] make it look like you are imposing the initial charge even if you are not It is a bit of an awkward message I think it is right that investors know there is a potential for that to be charged to them. She believes fund managers should continue to have the right to apply the charge, but only as a tool to discourage further investment Making additional money out of investors coming directly to a company is a practice Standard Life dropped years ago, she says It was the right thing to do. Mr Mairs believes there is no reasontouseentryfees,evenasa deterrent to new investors Deterring investors coming in [toafundwithcapacityissues]is a good idea But there are probablybetterwaysofdoingthatthan chargingthemmore.Simplystop takingnewmoney He also doubts whether companies such as Jupiter will voluntarily stop applying these fees, given how profitable they are The only solution, he believes, is for the regulator to intervene Commercially for those [fund companies] with a big revenue source from these kinds of fees, it will be hard for them to move away from them All companies will take a long time to shift to doing the right thing if they can get away with it. Dan Brocklebank, a fund manager at Orbis, which is attempting to shake up the investment industry with an innovative fee structure, agrees The industry was set up to be self-serving The classic example of that is charging people simply for the pleasure of being in a fund This is not something we are comfortable with. | FTfm FINANCIAL TIMES Monday 30 May 2016 OPINION Curing death will create a vast pensions crisis COMMENT Steve Johnson P ension trustees reading this column may wish to look away now Ditto executives of insurance companies with annuity arms, shareholders of companies with legacy final-salary pension schemes and municipal and finance ministry officials worldwide Everyone knows life expectancy globally is not only rising but rising at a rate unprecedented in human history It is one of humanitys great success stories, albeit one that seems to be curiously under-appreciated by the population at large But, if a recent report from Bank of America Merrill Lynch is to be believed, you aint seen nothing yet The document, The Silver Economy Global Ageing Primer, came up with the startling suggestion that life expectancies of 300-400 years or even an infinite extension of life expectancy may be within reach in our lifetimes It quotes Aubrey de Grey, a gerontologist and co-founder of the Strategies for Engineered Negligible Senescence Foundation, who claims that a world free of age-related disease is possible Mr de Grey is not alone Calico, a biotechnology company launched by Google, the technology group, in 2013, has the goal of curing death Many people will, of course, find these claims outlandish and dismiss them as the ramblings of overimaginative minds The thing is, even if there is just a grain of truth to them, the consequences could be profound BofA comes up with another startling claim: in North America, at least, a one-year increase in longevity could more than double the amount of aggregate pension underfunding Given that the deficit in US public pension funds alone has been estimated at $3.4bn by the Hoover Institution, a think-tank at Stanford University, that could get a little messy BofA estimates that, worldwide, annuity and pension-related longevity risk exposure is already a worrying $15tn-$25tn, about three months worth of global gross domestic product We should, of course, be celebrat- ing the dramatic rises in longevity already seen The UN forecasts global average life expectancy, just 48 years as recently as 1950, to rise to 77.1 years by the middle of this century But that does not mean we should ignore the downsides of this revolution BofA presents a picture of workers In North America, a oneyear increase in longevity could more than double the amount of aggregate pension underfunding readying for their extended retirements by squirrelling away everlarger sums of money It quotes figures from PwC, the professional services firm, suggesting that global pension assets will rise from $33.9tn in 2012 to $56.5bn by 2020 However, against a backdrop of static real median wages in the developed world; decent wage growth, but from a very low base, in most emerging countries; and the likelihood of extremely low interest rates for some time to come, it seems implausible that the average worker (or their government on their behalf) will be able to save enough to generate adequate income for a lengthy retirement Higher retirement ages thereby keeping the ratio of years in work to years in retirement constant are the obvious answer, particularly considering that the rise in life expectancy is being pretty much mirrored by a rise in the years of healthy life the typical person can expect While more forward-looking governments have already started along this path, the desperation of entrenched, vested interests to protect their rights at the expense of others can currently be seen in the UK The campaign by the so-called Women Against State Pension Inequality lobby group are arguing against longstanding plans to bring womens state pension age (60 until 2010) in line with that of men (65) and then raise both to 66 by 2020 To be fair, some are only complaining about the speed of change and a perception that it was not well telegraphed, but others are opposed to any change at all Be prepared for more such battles worldwide They will be a defining feature of our age Steve Johnson is deputy editor of the FTs EM Squared Something is not quite right in the market for physical oil The pleasure is momentary, the position ridiculous, and the expense damnable Attributed to Philip Stanhope, fourth Earl of Chesterfield, 1694-1773 Something is not quite right in the market for what is called physical oil, the stuff stored above ground or aboard ships Given the structure of the oil price curve, which is pretty flat over the next year, it should not make sense for the commodities investor to take a hedged position in physical oil, particularly oil held in floating storage on ships Last week there was a 5.1m barrel (MMbbl) reported decline in oil stored in onshore terminals in the US, which led to prices popping up over the $50 mark This was commonly attributed to the delayed effect of the wildfires in the Canadian oil sands region Almost everywhere else in the world, though, there was lot of oil being pumped into tankers That is being done at a damnable expense to producers or speculators equity Contrary to election-year rhetoric, JPMorgan, Goldman Sachs and the other big banks are not eager to finance oil cash and carries That is, they are not inclined to use up their balance sheets to earn thin profits on secured commodities trades As one oil trader told me last week: The marketisnotrespectingfundamentals. By fundamentals he means that a professional is not supposed to take a position on the future direction of the overall market, but to seek out time and location arbitrages that can be closed without taking on excessive risk If a trading house is giddy with excitement it might take on some basis risk between different grades of a commodity, but betting on a general price rise or fall not done Still, there is a momentary pleasure to be had by the speculator in gloating over the paper (or electronic) profits from owning oil since the price levels bottomed out in late January and early February In contrast to the physical-oil speculators apparent surrender to gambling madness, the producers capital expenditure is being cut and squeezed as a rational model would suggest Dollar-denominated junk debt issuance is down to just $7.8bn in the year to date, all of it coming from two national oil companies, Petrobras in Brazil and YPF in Argentina And US oil production is on an accelerating downward slope as producing fields deplete faster than new wells are drilled and completed Just as official statistics underestimated the rise in production as the unconventional oil boom played out, so the Energy Information Administration (EIA) is now revising its estimates of future production downward Bob Brackett, a geologist and senior analyst at Bernstein, the asset manager, has had a good record in estimating US oil production declines this year, which he and his team now put at 690,000 barrels a day (b/d), compared with an EIA estimate of about 500,000 The wildfires in the Canadian oil sands region also gave some cause for optimism among the physical speculators Now, though, it seems the damage will be largely limited to workers housing, which, while individually tragic, can be overcome with quickly manufactured units The market is also waiting for the rest of the Venezuelan script to play out The next big drop in exports, of perhaps 300,000b/d, is likely to come from the countrys inability to pay for In contrast to the physical-oil speculators apparent surrender to gambling madness, the producers capital expenditure is being cut and squeezed the imports of light crude needed to dilute its heavy-oil production All these supply disruptions are not enough to create a true panic and liquidation phase needed to lay the foundation for a really out of control bull market in oil For that, and for my own guess of a $70 per barrel price within the next year to come true, we need to have a short-term oil price decline pretty soon There are two groups who think they can win at this game in the medium term First, there are the managements of national oil companies, who are always in a struggle with other bureaucrats They have a hard time getting funds appropriated now, but can easily lend themselves the above-ground excess production The other group is private investors who are building yet more onshore storagetanks.Theywanttomovetheir oilinfloatingstoragetopointscloserto where the refiners can take delivery They think they are location arbitrageursintheguiseofspeculators My own view is that this reflects both the likelihood of a commodities boom over the next year and a half, coupled with a profoundly pessimistic longer-term outlook Those oil tanks are being built for resale, not for long-term use FTfm | FINANCIAL TIMES Monday 30 May 2016 OPINION Emerging markets should shift from dollars into gold THE LAST WORD John Plender M anagers of the worlds $10tn or so foreign exchange reserves are in a bind More and more of the global government bond market shows a negative yield If held to maturity, such bonds will inflict a certain loss Those bonds that offer a positive yield are horribly overvalued by historic standards If held to maturity, they will show a profit But the capital value of these so-called safe assets is vulnerable to a spike in yields, which is bad news if central banks need to liquidate them to cope with a currency crisis or fiscal disaster A further problem is that central banks reserve portfolios tend to be relatively undiversified Only US Treasuries offer the depth of liquidity that is essential for reserves to perform their safety-net function in a crisis Nearly two-thirds of global reserves are invested in dollar-de- nominated assets How interesting, then, that Kenneth Rogoff, the Harvard economist, has been arguing that emerging markets should shift a chunk of their official reserves away from dollars into gold.* His reasoning is that emerging markets as a group are competing for rich-country bonds, which is driving the interest rates they receive exceptionally low At the same time, richcountry governments are so heavily indebted they cannot increase the supply of IOUs significantly So bond prices cannot be expected to appreciate much further Gold, despite being in close-to fixed supply, does not suffer from this problem, because there is no upper limit on its price Mr Rogoff also believes a case can be made that gold is an extremely lowrisk asset with average real returns comparable to very short-term debt Emerging markets are, in fact, already beginning to take the message Since 2010, central banks have been net buyers of gold This reflects both a slowdown in sales by European central banks which, incidentally, suggests a striking lack of confidence in their own monetary policies and large purchases by emerging markets From a systemic point of view, this Is gold an extremely low-risk asset? is good news It can help mitigate the squeeze arising from the global shortage of safe assets The emerging markets diversification problem should lessen, because gold has a strong negative correlation with the dollar And the appreciation of the gold price that would result from EM buying would also benefit many advanced countries because developed-world central-bank gold holdings are high The US keeps nearly 75 per cent of its reserves in gold, while the proportion for Germany, France and Italy is 75 % Percentage of the USs reserves kept in gold 2.2 % Percentage of Chinas reserves kept in gold Dario Pignatelli/Bloomberg between 60 and 70 per cent By contrast, only 2.2 per cent of Chinas reserves are in gold, while the comparable figure for India is 6.3 per cent For individual emerging markets, the case is anything but cut and dried, not least because Mr Rogoffs suggestion that gold is an extremely low-risk asset is highly contentious The yellow metal may satisfy central banks requirement for liquidity, but it yields no dividends or interest It is thus an entirely speculative asset and highly volatile as a consequence Its dominant position in the portfolios of developed-world central banks is essentially a hangover from the time of the Bretton Woods semi-fixed exchange rate system that came to an end in 1971 The capriciousness of gold is evident if you look at what happened to anyone who bought at the peak of the 1971-81 bull market in the metal Over the next 20 years they saw a loss on their investment of 80 per cent in real terms It can be a losing proposition over much longer periods too Market strategist Dylan Grice, while at Sociộtộ Gộnộrale, calculated that a 15th-century gold bug who stored all his wealth in bullion, bequeathed it to his children and required them to the same would have guaranteed his lineage a near-90 per cent decline in real wealth over the next 500 years This does not invalidate the case for gold in official reserves The diversification benefit is real and the opportunity cost of holding a non-income bearing asset has never been lower in the light of negative interest rates in a growing number of economies And the fact that safe assets have become so unsafe means that the risk of holding gold relative to the risk in bonds is probably less than at any time in history It is important, though, that emerging markets not raise their bullion holdings to developed-world levels, because their greater vulnerability to crises makes them less able to cope with volatility Among the lessons here are that safe assets are a figment of the academic economists imagination and gold has been a bubble for millennia That said, for ordinary investors, bullion can be a better bet than government IOUs in a period of monetary dislocation In small doses, it makes for useful portfolio insurance John Plender is a columnist at the FT * Emerging Markets Should Go for the Gold, Project Syndicate Few people doubt that chief executive pay is out of control VIEWPOINT David Pitt-Watson F ew people doubt that the pay of chief executives is out of control But if it is to be fixed, we first need to ask ourselves how we got into this situation After all, as many chief executives note, they not determine their own pay; that is done by a remuneration committee comprised only of independent directors As an additional protection,theremunerationpackage has to be approved by a shareholder vote Those shareholders, most of whom are big institutional investors, should be loyal to the millions of peoplewhosesavingsthey look after Yet, despite all the apparent checks and balances, these same savers view chief executive pay as emblematic of a system that is unaccountable and out of control How could this have happened? Indeed, how could so many seemingly crazy things be going on in our financial markets? Millions of people save by placing their money with investment institutions who, in turn, often buy company shares on their behalf Typically, they need a long-term return from profitable companies built to last They might expect their money to be invested, as Warren Buffett, the worlds most high-profile investor, would advocate, in outstanding businesses with outstanding managements Note that Mr Buffett went on to say that his favourite holding period is forever But that is not what is happening Try googling buy and hold is dead and you will find 100,000 references, books, blogs and videos, all noting the dramatic fall in the time shares are held It is as if investment institu- tions, which should be serving longterm investors, had developed some sort of attention-deficit hyperactivity disorder, focusing only on buying and selling, not on being good owners of companies What has this got to with executive pay? Quite a lot Policymakers responded to the problem of out-ofcontrol executive pay by asking these same investment institutions to take over responsibility for policing it This began in 2002 at the time investors had rightly been making a lot of noise about corporate pay packages that rewarded failure, such as fiveyear contracts that would pay out in full if the chief executive were fired But what was to replace these contracts? The solution was bonuses Of course, the finance industry had long nurtured its own bonus culture, so when faced with the question of how to reward corporate chief executives, investment houses felt comfortable with the simple view that bonuses were the answer, often linked to the share price Chief executive pay went through the roof Though some abuses disappeared, chief executives kept their big salaries and pensions and were then awarded a short- and a longterm bonus that can now be five or 10 times their salary Employers would [not] appoint someone who needed to be bribed to their job well It is as if we suddenly forgot that there is an institution called employment, where a company and its employee commit to one another In that time-tested relationship the expectation, particularly for professional employment, is that you the job to the best of your ability as a matter of honour Indeed, few employers would appoint someone who needed to be bribed to their job well There is growing evidence that despite the apparent long-term nature of director bonuses, ADHD has entered the boardroom to such a degree that in order to please the share traders, chief executives will, according to McKinsey, the consultancy, cancel productive research and development in order to meet quarterly earnings targets Maybe we need to realise that for a complex task like running a big company, chief executives should be paid like other professional employees: with a salary And here is a radical thought Maybe the challenge of rooting out ADHD in corporations has to start with doing the same at investing institutions The illnesses may be inextricably linked David Pitt-Watson is an executive fellow at London Business School His book, What They Do With Your Money: How the Financial System Fails Us and How to Fix It, is co-authored with Stephen Davis and Jon Lukomnik 10 | FTfm FINANCIAL TIMES Monday 30 May 2016 NEWS The new BlackRock fund will track a Barclays index based on pools of mortgages that are combined or securitised into tradeable bonds Frederic J Brown/AFP/Getty Images BlackRock mortgage ETF causes concern INVESTMENT STRATEGY New European product will invest in US mortgage-backed securities CHRIS FLOOD BlackRock, the worlds largest asset manage, has launched the first European-listed exchange traded fund that invests in US mortgage-backed securities The development will add to concerns among regulators about the roleETFsplay infinancialmarkets The iShares ETF, which will buy mortgage-backed securities based on a Barclays index, comes as the Financial Conduct Authority is examining whether asset managers are properly informing investors about the inherent risks of some funds US regulators are also stepping up their scrutiny of ETFs following several episodes of unusual market volatility Mick McAteer, co-founder of The Financial Inclusion Centre, a thinktank, and a former board member of the UK financial regulator, has concerns over the BlackRock ETF He believes asset managers need to go the extra mile to ensure that investors understand the risks of new funds properly The Financial Conduct Authority is very hot on product governance but this is not a message asset managers are taking to heart Too few are stress testing consumers understanding of products before a launch to make sure they fully understand the risks they face, he says The new BlackRock fund, which tracks the Barclays index based on pools of mortgages that are combined or securitised into tradeable bonds, comes as much of the highest-rated government debt in Europe is in negative-yielding territory Many highly complex and opaque securitised products linked to the US mortgage market collapsed during the financial crisis, inflicting billions of dollars of losses on investors One manager of an ETF, who did not wish to be named, says he was surprised by the European launch Investors have long memories and remember that mortgage-backed securities blew up in the crisis This is still perceived as a somewhat tainted asset class, which explains why US-listed ETFs linked to mortgage-backed securities have not gathered assets in the same way as ETFs have in the high-yield bond market, he says Matthew Tucker, a fixed-income strategist at BlackRock, says the new ETF is suitable for retail investors as it avoids the low-quality subprime mortgages that exploded in 2007 and 2008 He says the ETF uses AAA-rated bonds issued by three US government backed agencies that provide housing finance: Ginnie Mae, Fannie Mae and Freddie Mac Both Fannie Mae and Freddie Mac were taken over by the US govern- Regulatory review History of ETFs not without turbulence US regulators are currently carrying out a wide-ranging review of the ETF industry, which attracted record investor inflows of $372bn last year Mary Jo White, the chairwoman of the Securities and Exchange Commission (pictured), said in a speech this month that the history of ETFs was not without some turbulence, after highlighting their involvement in several episodes of unusual market volatility that have unsettled regulators The trading of numerous ETFs was badly interrupted on August 24, one of the wildest days in US stock market history The Dow Jones Industrial Average dropped nearly 1,100 points shortly after opening and then rebounded by almost 600 ment in September 2008 to prevent a collapse of the US property market Together the three agencies have issued $4.7tn in mortgage-backed securities, making this the second most liquid US bond market after Treasuries points just minutes later ETFs regularly account for a quarter to a third of daily US equity trading volumes Regulators fear that the structure of ETFs could worsen market shocks when they happen ETF managers argue that the fault lies with the fragmented nature of the US stock market, where dealing activities are spread across multiple trading venues and dark pools Ms White said the SEC was looking closely at the linkages between the prices of ETF shares and their underlying portfolio holdings, and the impact on investors when these links broke down The SEC is also looking at the role of large institutional investors and market makers in ETF trading and their relationship to overall market liquidity Just eight US-listed ETFs with combined assets of $10.6bn offer exposure to the US mortgage-backed securities market BlackRock runs the largest fund, known as MBB, which has delivered annualised total returns of 4.2 per cent since its launch in 2007 Mr Tucker says: MBB has performed well in previous periods of market stress It returned 7.7 per cent in 2008 when there was considerable volatility across bond markets. The European-listed ETF, which carries a 28 basis point total annual expense ratio, offers a yield of around 2.1 per cent Peter Sleep, a senior portfolio manager at 7IM, the UK wealth manager, says: UK wealth managers will remember that Fannie Mae and Freddie Mac ran into trouble in the financial crisis, but there is now an implicit government guarantee backing their bonds However, if there is another period of extreme stress, then investors will head for the safety of US Treasuries, as it is not clear that the same safety margin will exist with mortgage-backed securities. FTfm | 11 FINANCIAL TIMES Monday 30 May 2016 FTfm Guide to data The fund prices quoted in FTfm are supplied by the operator of the relevant fund Details of funds, including prices, are for informational purposes only The Financial Times Limited makes no representation as to their accuracy or completeness, and they should not be relied upon when making an investment decision The sale of interests in the funds listed in FTfm in certain jurisdictions may be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates Persons in any doubt should take appropriate professional advice Data collated by Morningstar For all other queries, contact the FT at Fund Bid Offer D+/- Yield ACPI Global UCITS Funds Plc (IRL) www.acpishard.com Regulated ACPI Emerging Mkts FI UCITS Fund USD A $ 113.89 - 0.14 0.00 ACPI Global Credit UCITS Funds USD A $ 14.33 - 0.02 0.00 ACPI Global Fixed Income UCITS Fund USD A $ 155.83 - 0.24 0.00 Q ACPI India Fixed Income UCITS Fund USD A $ 10.20 - 0.04 0.00 ACPI India Fixed Income UCITS Fund USD A3 $ 86.98 - 0.31 0.00 ACPI International Bond UCITS Fund USD A $ 18.48 - 0.06 0.00 ACPI Select UCITS Funds PLC (IRL) reader.enquiries@ft.com The fund prices published in this edition along with additional information are also available on the Financial Times website at www.ft.com/funds Charges for this advertising service are based on the number of lines published and the classification of the fund Please contact data@ft.com or call +44 (0)20 7873 3132 The funds published on these pages are grouped together by fund management company Prices are in pence unless otherwise indicated and those designated $ with no prefix refer to US dollars Yields % allow for buying expenses Prices of certain older insurance linked plans are subject to capital gains tax on sales Some Fund Bid Offer D+/- Yield The Antares European Fund Limited Other International AEF Ltd Usd (Est) $ 621.84 - 17.73 AEF Ltd Eur (Est) 624.10 - 17.96 0.00 Property Unit Trusts are limited to investors who are UK tax exempt All dealings are subject to individual Trust Deed rules The sale prices for these funds are estimates Guide to pricing of Authorised Investment Funds Compiled with the assistance of the IMA The Investment Management Association, 65 Kingsway, London WC2B 6TD +44 (0)20 7831 0898 All funds within this section, whether OEICs or unit trusts are authorised in the UK by the Financial Services Authority The prices quoted should only be used as a guide OEIC: Open-Ended Investment Company Similar to a unit trust but using a company rather than a trust structure Share Classes: Separate classes of share are denoted by a letter or number after the name of the fund Different classes are issued to reflect a different currency, charging structure Fund Bid Offer D+/- Yield Fund Bid Fund Bid 0.06 0.00 Global Bond B Inc 97.21 - 0.43 2.89 CF Morant Wright Japan B Inc 275.44 - 2.67 0.77 Aspect Diversified Trends EUR 120.24 - 0.06 0.00 Global Equity B Acc 630.39 - 3.26 1.23 CF Morant Wright Nippon Yield ACC A 286.19 - 2.59 2.44 Aspect Diversified Trends GBP Ê 125.53 - 0.09 0.00 Global Equity Income B Inc 126.60 - 0.49 3.70 CF Morant Wright Nippon Yield ACC B 297.49 - 2.69 2.44 94.69 - 0.20 4.96 CF Morant Wright Nippon Yield Fund A Inc 244.92 - 2.22 2.49 120.19 - 0.66 1.44 CF Morant Wright Nippon Yield Fund B Inc 254.68 - 2.30 2.49 Global Resource B Acc 90.13 - -0.34 0.68 Japan B Acc 52.26 - 0.68 0.48 Global High Yield Bond B Inc - Arisaig Partners Atlantas Sicav Regulated American Dynamic $ 3430.98 - -6.40 0.00 American One $ 3231.75 - -15.03 0.00 Bond Global 1400.22 - 7.12 0.00 Eurocroissance 876.11 - 10.14 0.00 Far East $ 651.90 - -9.14 0.00 - 0.04 0.00 Arisaig Asia Consumer Fund Limited $ 62.98 - 0.04 0.00 Arisaig Global Emerging Markets Consumer Fund $ 10.11 - 0.03 0.00 Arisaig Global Emerging Markets Consumer UCITS 11.72 - -0.01 0.00 Arisaig Global Emerging Markets Consumer UCITS STG Ê 11.40 - 0.07 0.00 Atlantis Investment Management Ltd Arisaig Latin America Consumer Fund $ 22.12 - -0.03 0.00 ACPI Balanced UCITS Fund EUR Retail 10.63 - 0.05 0.00 ACPI Balanced UCITS Fund GBP Retail Ê 10.79 - 0.05 0.00 ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - 2nd Floor, 13 St Swithin's Lane, London EC4N 8AL www.atlantis-investmenet.com, Tel: 0207 877 3377 Regulated Atlantis China Fund $ 6.44 0.00 0.00 ACPI Balanced UCITS Fund EUR Institutional 10.00 - - - Atlantis China Healthcare Fund $ 1.83 - 0.01 0.00 ACPI Balanced UCITS Fund GBP Institutional Ê 10.00 - - - Atlantis Japan Opportunities Fund $ 2.96 - 0.03 0.00 ACPI Horizon UCITS Fund - Atlantis Asian Fund 6.18 - 0.02 0.00 0.02 0.00 Artemis Fund Managers Ltd (1200)F (UK) 57 St James's Street, London SW1A 1LD 0800 092 2051 Authorised Inv Funds 1254.30 1324.93 -3.12 1.71 Artemis Capital R ACC $ (IRL) BLME Asset Management - 0.12 0.00 247.75 261.48 0.71 1.31 Income Fund - Share Class G Acc Ê 1081.68 - 0.12 0.00 77.06 81.34 0.20 0.80 Gl Sukuk Fund - Share Class A Acc $ 1254.07 - 0.37 0.00 Gl Sukuk Fund - Share class B Acc Ê 1119.43 1119.43 0.34 0.00 Selective Acc Ser 1580.90 1664.10 -0.80 - Artemis Global Emg Mkts I GBP Acc 82.06 - 0.64 - American Ser 1760.20 1852.80 4.00 - Artemis Global Emg Mkts I GBP Dist 79.95 - 0.63 - Custodian Ser 494.30 520.30 1.10 - Artemis Global Energy R Acc 23.48 25.16 -0.18 0.00 Equity Ser 560.60 590.10 -0.20 - Artemis Global Growth R Acc 183.46 193.63 0.63 1.06 European Ser 580.10 610.60 3.30 - Artemis Global Income R Acc 94.48 99.84 0.31 4.18 Fixed Int Ser 924.50 973.20 4.10 - Artemis Global Income R Inc 75.21 79.48 0.25 4.35 Intl Ser 448.50 472.10 1.40 - Artemis Global select R Acc 74.40 78.53 0.43 0.00 Japan Ser 372.70 392.40 2.80 - Artemis High Income R Inc 75.97 80.97 0.03 6.01 Man Ser 1682.60 1771.20 3.90 - Artemis Income R Acc 347.90 368.55 -0.27 4.21 Money Ser 524.60 552.20 0.00 - Artemis Income R Inc 199.34 211.17 -0.15 4.33 Prop Ser 1080.00 1136.80 0.20 - Custodian Ser 474.10 499.00 1.10 - Artemis Pan-Euro Abs Ret GBP International Ser 430.20 452.80 1.40 - Artemis Strategic Assets R Acc 73.58 77.82 -0.51 0.00 Managed Ser 1613.70 1698.70 3.70 - Artemis Strategic Bond R M Acc 85.11 90.41 0.07 4.06 Baring Asset Management Money Ser 513.60 540.60 0.00 - Artemis Strategic Bond R M Inc 53.99 57.34 0.05 4.13 Property Ser 1035.80 1090.30 0.20 - Artemis Strategic Bond R Q Acc 85.20 90.50 0.07 4.06 Pension Funds American Authorised Funds UK Authorised Unit Trust Baring Eastern Trust 649.20 - 9.20 0.00 2048.20 2156.00 5.40 - Baring Eastern Trust 637.00 - 8.90 0.00 Baring Europe Select Trust 2864.00 - 12.00 0.62 Baring European Growth Trust 1024.00 1079.00 7.00 1.44 62.73 66.57 0.12 4.63 111.70 Artemis Strategic Bond R Q Inc - -0.43 - 54.06 57.43 0.04 4.14 Artemis UK Select Fund Class R Acc 440.93 467.06 -1.65 1.54 Equity 4913.50 5172.10 -2.60 - Artemis UK Smaller Cos R Acc 1171.76 1259.68 -0.45 0.95 European 1170.00 1231.50 8.70 - Artemis UK Special Sits R Acc 522.38 555.04 0.91 1.68 Fixed Int 1704.20 1793.90 9.00 - Artemis US Abs Ret I Acc 107.73 - 0.03 0.00 International 956.30 1006.60 4.20 - Artemis US Equity I Acc 117.86 - 0.36 0.43 Japan 391.80 412.50 3.40 - Artemis US Ex Alpha I Acc 128.08 - 0.39 0.02 Managed 4366.80 4596.60 15.20 - Artemis US Extended Alpha I Hedged Acc Ê Property 2791.80 2938.80 0.50 - Artemis US Select I Acc Security 1477.70 1555.50 0.00 - Artemis US Select I Hedged Acc Ê Selective 2021.60 2128.00 2.30 - Formerly Hill Samuel Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Managed Ser A (Life) 1592.80 1685.50 3.90 Managed Ser A (Pensions) 1061.80 1117.70 3.20 - Formerly Target Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Managed (Life) 1615.90 1701.00 3.80 Managed Growth (Life) 505.10 531.70 1.00 - Managed (Pensions) 6371.20 6706.50 18.70 - Managed Growth (Pensions) 618.90 651.50 1.60 - additional fund prices can be found on our website 1.02 - 0.00 117.68 - 0.21 0.25 1.00 - 0.00 - Artemis US Select I Inc 104.91 - 0.18 - Artemis US Smlr Cos I Acc 123.96 - 0.24 0.00 Artisan Partners Global Funds PLC (IRL) Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Tel: 44 (0) 207 766 7130 FCA Recognised Artisan Partners Global Funds plc Artisan Global Equity Fund Class I USD Acc $ 14.30 0.11 0.00 (IRL) Regulated Algebris Financial Credit Fund - Class I EUR 135.56 - 0.54 0.00 Algebris Financial Income Fund - Class I EUR 115.32 - 0.12 0.00 Algebris Financial Equity Fund - Class B EUR 94.14 - -0.59 - Algebris Asset Allocation Fund - Class B EUR 97.43 - -0.17 - Bd Global AU Class - R - USD $ 26.66 - 0.08 0.00 Eq Emerging Europe AE Class - R - EUR 26.83 - -0.24 0.00 Eq Emerging World AU Class - R - USD $ 80.71 - 0.39 0.00 Eq Greater China AU Class - R - USD $ 526.68 - 1.92 0.00 Eq Latin America AU Class - R - USD $ 330.97 - 1.62 0.00 Gl Macro Bds & Curr Low Vol AHG - GBP Ê 98.60 - -0.06 0.00 - 1.30 0.28 553.80 - 1.20 0.28 Baring Global Growth Trust 386.80 407.40 0.80 0.00 Baring Japan Growth Trust 141.00 148.50 1.60 0.01 Baring Korea Trust 257.90 273.10 2.40 0.00 Baring UK Growth Trust 243.00 257.10 -0.70 1.38 Aspect Diversified GBP Ê 127.11 - Aspect Diversified CHF SFr 117.52 - - -0.01 0.34 Strategic Return B Acc 104.87 - 0.67 0.00 Brown Advisory US Smaller Companies Fund USD B $ 17.61 - -0.02 0.00 Total Return B Acc 101.73 - 0.29 1.58 Brown Advisory US Small Cap Blend Fund USD B $ 12.33 - -0.02 0.00 UK Equity B Acc 107.69 - -0.31 1.96 Brown Advisory US Flexible Equity Fund USD B $ 10.82 - -0.01 0.00 UK Equity & Bond Income B Inc 232.68 - -0.28 5.24 Brown Advisory Global Leaders Fund $ - 0.00 UK Equity Income B Inc 415.52 - 48.47 - 9.96 - UK Government Bond B Inc CCLA Investment Management Ltd -0.64 5.18 932 Europort, Gibraltar GX11 1AA Tel: +350 200 40466 www.castlefundadministrators.com Other International Funds Inspirato Fund No PCC Limited - Cell A Ê 39789.67 - -261.47 0.00 0.18 1.87 Inspirato Fund No PCC Limited - Cell B Ê 99023.78 - -591.63 0.00 Inspirato Fund No PCC Limited - Cell C $ 99208.57 - -2565.37 0.00 Inspirato Fund No PCC Limited - Cell D Ê 101541.20 - -2014.58 0.00 The Global Financial Infrastructure Fund Ê 92036.55 - -7570.84 0.00 The Global Technology Infrastructure Fund Ê 89337.66 - -10151.64 0.00 The London, Key Cities & Counties Social Infrastructure Fund Ê 92305.62 - -7063.68 0.00 Ê 100000.00 - Candriam Eqts L Sust World Cap 282.06 - -0.13 0.00 The Public Sector Deposit Fund-share class F 100.00 - 0.00 0.38 Candriam Bds Euro Cap 1160.36 - 0.05 0.00 Chelsea House, Westgate, London W5 1DR IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Authorised Inv Funds Cavendish Opportunities Fund B Class 1062.00 3.00 1.63 The Public Sector Deposit Fund-share class F 100.00 - 0.00 0.42 Candriam Bds Euro Infl Linked Cap 143.44 - -0.19 0.00 Cavendish Opportunities Fund C Acc 1112.00xd - 4.00 1.60 The Public Sector Deposit Fund-share class F 100.00 - 0.00 0.48 Candriam Qt-Eqts Europe Cap 2276.67 - 6.27 0.00 Cavendish Worldwide Fund B Class 296.10 - 1.40 0.70 The Public Sector Deposit Fund-share class F 100.00 - 0.00 0.38 Candriam Qt-Eqts USA Cap $ 2377.40 - -4.78 0.00 Cavendish Worldwide Fund C Acc 306.00xd - 1.50 0.70 Cavendish AIM Fund B Class 165.60 - 0.30 0.70 Cavendish Asia Pacific Fund B Class 152.80 - 1.50 1.74 Cavendish Asia Pacific Fund C Acc 159.70 - 1.60 1.71 Cavendish European Fund B Class 145.80 - 0.40 1.09 Cavendish Japan Fund B Class 161.90 - 1.60 0.73 Cavendish North American Fund B Class 196.00 - 0.10 0.51 Cavendish Technology Fund B Class 292.90 - 1.70 0.02 Cavendish UK Balanced Income Fund B Class 135.50 - 0.10 5.06 Cavendish UK Select Fund B Class 147.00 - -0.80 2.26 CCLA Investment Management Ltd (UK) Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts CBF Church of England Funds 1320.39 1335.00 -5.81 3.78 Investment Inc Investment Acc 2745.10 2775.46 -12.07 - Global Equity Inc 152.98 154.67 -0.27 4.31 Global Equity Acc 228.62 231.14 -0.41 - UK Equity Inc 143.02 144.31 1.77 4.05 UK Equity Acc 216.70 218.66 2.67 Fixed Interest Inc 164.81 165.64 -0.86 3.96 Fixed Interest Acc 511.88 514.44 -2.65 Property Fund Inc 134.25 138.75 0.08 6.51 Property Fund Acc 234.22 242.07 2.73 - CCLA Fund Managers Ltd - Property Acc 248.62 256.95 2.77 (JER) 5.95 BONHOTE Other International Funds Bonhụte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6419.00 - -58.00 1.71 Bonhụte Alternative - Multi-Performance (USD) Classe (EUR) 9539.00 - -93.00 0.84 Ê - Ê 1.36 - 0.01 0.00 Student Accom Class B Ê 0.55 - -0.17 0.00 Candriam Investors Group FCA Recognised Candriam Sust Euro Bonds Cap (BE) 366.90 - 0.00 0.00 Candriam Sust North America Cap $ 40.49 - 0.02 0.00 Candriam Sust World Cap - -0.01 0.00 26.12 Candriam Investors Group Other International Funds Candriam Eqts L Emerging Mkts Cap 607.33 - 0.93 0.00 Candriam Eqts L Euro 50 Cap 516.62 - 2.03 0.00 Candriam Eqts L Europe Cap 935.76 - 0.97 0.00 Candriam Eqts L Japan Cap Ơ 18520.00 - 101.00 0.00 Candriam Bonds Credit Opportunities 193.26 - -0.01 0.00 Candriam Bds Euro Conv Classic Cap 3457.72 - -0.54 0.00 Candriam Bds Euro Corp ExFin Cap 166.92 - 0.59 0.00 Cavendish Asset Management Limited (1200)F (UK) Cedar Rock Capital Limited (IRL) Regulated Cedar Rock Capital Fd Plc $ 380.12 - 0.77 0.00 Cedar Rock Capital Fd Plc Ê 415.93 - 9.35 0.00 Cedar Rock Capital Fd Plc 350.24 - 5.44 0.00 2327.65 - -1.17 0.00 Charles Schwab Worldwide Funds Plc Candriam Bds Euro High Yield Cap 1032.01 - 1.27 0.00 Candriam Bds Euro High Yield R Cap 114.90 - 0.14 0.00 Regulated Schwab USD Liquid Assets Fd Candriam Bds Euro Gov.Cl.Cap Candriam Bds Euro Long Term Cap 8300.73 - -2.00 0.00 Candriam Bds Euro Sh.Term Cap 2086.98 - 1.02 0.00 Candriam Bds International Cap 1013.58 - 1.33 0.00 Candriam Bds USD Cap $ 957.33 - 0.93 0.00 Candriam Total Return Bond Cap 132.52 - 0.05 0.00 $ 1.00 - (IRL) 0.00 0.01 Chartered Asset Management Pte Ltd Other International Funds CAM-GTF Limited $ 282850.33 282850.33 -8863.08 0.00 CAM GTi Limited $ 725.46 Raffles-Asia Investment Company $ 1.61 - 53.03 0.00 1.61 0.00 5.34 - Local Authorities Property Fd (LAMIT) (UK) 288.86 313.21 0.51 4.81 Property (IRL) CG Asset Management Limited Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland 00 353 434 5098 FCA Recognised Capital Gearing Portfolio Fund Plc Ê 27573.65 27573.65 -135.06 0.60 CG Portfolio Fund Plc Real Return Cls A Ê 178.22 178.22 -3.72 1.64 Dollar Fund Cls D Ê 137.08 137.08 0.76 1.55 Capital Value Fund Cls V Ê 133.80 133.80 -0.75 0.26 0.01 0.00 UK Agricultural Class B (LUX) - (GSY) 1.24 FCA Recognised Candriam Eqts L Australia Cap - 115.32 119.18 0.05 5.79 BlackRock Candriam Investors Group 3.86 0.00 794.01 797.99 0.71 0.28 0.00 - - 135.65 136.33 0.12 4.14 - - A$ 1044.12 Property Inc Ê 29.48 Castle Fund Administrators Limited (GIB) Senator House 85 Queen Victoria Street London EC4V 4ET Authorised Inv Funds The Public Sector Deposit Fund The Public Sector Deposit Fund-share class F 100.00 0.00 0.53 Fixed Interest Acc (LUX) Offer D+/- Yield (UK) Fixed Interest Inc Regulated UK Agricultural Class A - 2.58 0.85 Brown Advisory American Fund USD B $ 15.47 110.80 111.30 0.20 2.95 Braemar Group PCC Limited -13.34 - 145.40 146.20 0.20 2.90 0.06 6.00 - 943.68 Baring Targeted Return Fund 6.28 -0.06 0.00 246.87 North American B Acc 219.14 221.57 3.00 $ Aspect Diversified EUR -0.01 0.39 Common Investment Fund Baring Targeted Return Fund BLK Intl Gold & General -21.78 0.00 - Global Equity Acc 0.40 1.05 0.57 1.18 - 0.38 1.46 Brown Advisory US Flexible Equity SRI Fund USD B $ 14.48 144.89 146.50 1.98 4.41 - 0.02 3.37 $ 411.97 - Global Equity Inc 146.80 2.93 0.00 Other International Funds Aspect Diversified USD 104.36 Baring Multi Asset Fund - Aspect Capital Ltd (UK) Portfolio VII B Acc 243.93 246.63 2.20 - 0.26 2.93 0.00 0.98 Ethical Invest Acc Ê 1079.11 - - 185.98 188.04 1.68 3.73 Ê 41.78 $ 79.05 0.33 1.76 Brown Advisory US Equity Value Fund USD B $ 11.52 Ethical Invest Inc Blackrock UK Long Lease EM Mkts Loc.Ccy Bd USD F - UK Authorised Open-Ended Investment Company 154.80 0.30 1.27 Baring Multi Asset Fund -0.03 8.52 0.48 0.00 109.14 11847.76 11978.81 113.73 Regulated BlackRock UK Property 0.02 9.17 0.24 1.69 Portfolio VI B Acc Investment Acc -0.08 0.00 - - 260.00 274.30 0.60 2.06 - - 111.58 655.90 692.20 1.50 2.02 Artisan Global Opportunities Class I EUR Acc 16.89 - 0.21 2.46 Portfolio V B Acc 115.10 121.10 0.10 0.72 FCA Recognised Russia A GBP Inc F $ 86.35 0.18 2.07 - Baring Strategic Bond Fund Barings (Luxembourg) Ashmore SICAV Global Small Cap Equity Fund $ 121.99 - 112.27 Baring Dynamic Capital Growth Fund 0.00 0.00 EM Mkts Corp.Debt USD F 110.68 Portfolio IV B Acc Baring Dynamic Capital Growth Fund -0.02 0.00 (LUX) Portfolio III B Acc (UK) Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts COIF Charity Funds (UK) 1209.30 1222.68 11.61 3.62 Investment Inc -0.01 0.00 Ashmore SICAV Emerging Market Total Return Fund $ 82.38 (UK) 607.70 - - 0.00 0.61 Baring German Growth Trust - Ashmore SICAV Emerging Market Frontier Equity Fund $ 143.72 - Baring German Growth Trust GBP Artisan US Value Equity Fund Class I USD Acc $ 11.67 - 1.00 (JER) 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 FCA Recognised Bond Funds Sterling Bond F Ê 0.47 0.01 3.24 Artisan Global Value Fund Class I USD Acc $ 16.35 rue Albert Borschette L-1246 Luxembourg FCA Recognised Ashmore SICAV Emerging Market Debt Fund $ 95.23 $ (IRL) Barclays Investment Funds (CI) Ltd - Amundi Funds (LUX) Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 www.amundi-funds.com FCA Recognised Bd Euro Corporate AE Class - R - EUR 18.84 0.03 0.00 Bank of America Cap Mgmt (Ireland) Ltd Artisan Global Opportunities I USD Acc $ 12.57 Ashmore Sicav Algebris Investments - (IRL) http://www.brownadvisory.com Tel: 020 3301 8130 FCA Recognised Brown Advisory US Equity Growth Fund USD B $ 22.72 0.01 0.00 Brown Advisory Funds plc The Vaccicure Fund Artemis European Opps R Acc Artemis Monthly Dist R Inc Offer D+/- Yield (LUX) BLME Sharia'a Umbrella Fund SICAV SIF Regulated Income Fund - Share Class A Acc $ 1140.47 Regulated Global Liquidity USD Global Infrastructure B Acc (LUX) Other International Funds Arisaig Africa Consumer Fund Limited $ 13.56 Artemis European Growth R Acc Offer D+/- Yield Prospectus data, price histories, charges and risk analytics on the funds within these pages is available online at www.ft.com/funds - 0.07 0.00 (UK) 100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 additional fund prices can be found @ www.abbeylife.co.uk Insurances Life Funds 1511.70 1591.30 0.30 Prop Acc Ser Bid move to forward pricing at any time Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation Investors can be given no definite price in advance of the purchase or sale being carried out The prices appearing in the newspaper are the most recent provided by the managers/operators Scheme particulars, prospectus, key features and reports: The most recent report, scheme particulars, prospectus and key features document may be obtained free of charge from fund managers/operators * Indicates funds which not price on Fridays Other explanatory notes are contained in the last column of the FT Managed Funds Service $ 120.47 - Abbey Life Assurance Company Limited Fund hours; # 1701 to midnight Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available Yield: Funds comprising mainly of bonds normally quote a gross redemption yield after all charges but before tax has been deducted Funds mainly made up of equities normally quote a yield representing the estimated annual payout net of tax for basic rate taxpayer For further information contact the management company Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing basis The managers/operators must deal at a forward price on request, and may Aspect Diversified Trends USD Regulated ACPI Balanced UCITS Fund USD Retail $ 14.18 $ 12.73 or type of holder Buying price: Also called offer price The price at which units in a unit trust are bought by investors Includes managers initial charge Selling price: Also called bid price The price at which units in a unit trust are sold by investors Single price: Based on a mid-market valuation of the underlying investments The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details Time: The time shown alongside the fund managers/operators name is the time of the unit trusts/OEICs valuation point unless another time is indicated by the symbol alongside the individual unit trust/OEIC name The symbols are as follows: 0001 to 1100 hours; 1101 to 1400 hours; 1401 to 1700 Canada Life Investments (UK) 1-6 Lombard Street, EC3V 9JU Dealing 0345 606 6180 Authorised Inv Funds 729.74 7.16 1.36 Asia Pacific B Acc Balanced B Acc 151.15 - 0.36 1.92 -6.60 0.00 Corporate Bond B Inc 207.06 - 0.51 4.10 -6.44 0.00 European B Acc 257.54 - 1.66 1.67 Capita Asset Services (UK) 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 922 0044 Authorised Inv Funds 128.10 CF Heartwood Cautious B Acc - 0.18 0.34 CF Heartwood Cautious Income B Inc 109.07 - 0.19 2.90 CF Heartwood Growth B Acc 143.58 - 0.30 0.76 CF Heartwood Balanced Income B Inc 109.95 - 0.18 3.56 CF Heartwood Balanced B Acc 124.73 - 0.19 0.32 Cheyne Capital Management (UK) LLP CF Heartwood Defensive Multi Asset Fund B Accumulation 109.67 - 0.13 0.03 CF Richmond Core 171.05 - 0.42 0.00 Other International Funds Cheyne European Event Driven Fund 130.50 - -5.05 0.00 CF Seneca Diversified Growth A ACC 215.45 - 0.22 1.64 Cheyne Real Estate Credit Holdings Fund Ê 166.60 - 1.13 0.00 CF Seneca Diversified Growth B ACC 127.89 - 0.13 2.54 Cheyne Real Estate Credit Holdings Fund III Ê 109.71 - 0.68 0.00 CF Seneca Diversified Growth N ACC 126.47 - 0.13 2.26 Cheyne Real Estate Debt Fund Class A1 Ê 131.56 - 0.31 0.00 CF Seneca Diversified Income A INC 87.33 - 0.08 5.76 Cheyne Total Return Credit Fund - December 2017 Class $ 186.74 - 14.87 0.00 CF Seneca Diversified Income B INC 103.88 - 0.10 5.88 Cheyne Total Return Credit Fund 2020 $ 106.21 - CF Seneca Diversified Income N INC 102.77 - 0.10 5.89 Investment Adviser - DSM Capital Partners $ 27.20 The Westchester 0.08 0.00 The Westchester Class GBP Acc Ê 20.12 - The Westchester Class GBP Acc Ê 20.17 - Cheyne Capital Management (UK) LLP (IRL) Regulated Cheyne Convertibles Absolute Return Fund 1342.17 - 2.30 0.00 Cheyne Global Credit Fund 120.57 - 0.21 0.00 Cheyne European Mid Cap Fund 1128.18 - 4.00 0.00 4.68 Cohen & Steers SICAV - (LUX) 0.12 0.00 Regulated European Real Estate Securities 23.9570 - 0.0180 1.81 0.11 0.00 Europ.RealEstate Sec IX 32.1298 - 0.0241 0.00 Investment Adviser - Morant Wright Management Limited CF Morant Wright Japan A 275.98 2.66 0.19 Gbl Listed Infrastructure I $ 10.3815 - 0.0308 - Gbl Listed Infrastructure IX $ 10.4266 - 0.0310 - CF Morant Wright Japan A Inc 271.41 - 2.62 0.19 Gbl RealEstate Sec I $ 11.1161 - 0.0237 1.60 CF Morant Wright Japan B 294.38 - 2.85 0.80 Gbl RealEstate Sec IX $ 13.2356 - 0.0282 0.00 12 | FTfm FINANCIAL TIMES Monday 30 May 2016 FTfm Fund Bid Offer D+/- Yield Consistent Unit Tst Mgt Co Ltd (1200)F (UK) PO BOX 10117, Chelmsford, Essex, CM1 9JB Dealing & Client Services 0845 0264281 Authorised Inv Funds Consistent UT Inc 53.66 54.28 -0.04 4.86 Fund Bid Offer D+/- Yield GBP Distributing Share Class Ê 12.30 - 0.02 0.65 EUR Accumulating Share Class 21.19 - -0.11 0.00 Fund Smaller Cos Cls Four Shares Bid 15.82 Offer D+/- Yield - 0.10 0.00 Fund Fund Bid Fund Bid Special Situations Fund W-ACC-GBP Ê 28.59 Bid Offer D+/- Yield - 0.01 1.96 Global Property Securities A Income 136.96 - 0.80 2.07 HL Multi-Manager Equity & Bond Trust A Acc 148.48 156.08 0.17 2.25 Sterling Core Plus Bond GMACC Ê 10.88 - 0.06 - Global Resources A Shares 201.64 - -1.05 1.25 HL Multi-Manager Equity & Bond Trust M Acc 148.48 156.07 0.16 2.09 Sterling Core Plus Red Dur - 0.02 - Greater China Growth A Shares 494.51 - 4.48 1.05 HL Multi-Manager Strategic Assets A Acc Indian Subcontinent A Acc 348.47 - 3.64 0.00 104.07 107.25 0.19 - Strategic Bond Fund Y-ACC-GBP Ê 1.14 - 0.00 3.26 HL Multi-Manager Strategic Assets A Inc 104.07 107.25 0.20 - 1.15 - 0.00 3.25 HL Multi-Manager Strategic Bond Trust A Acc 169.97 175.22 0.18 1.79 Strategic Bond Fund Y-GINC-GBP Ê 1.23 - 0.01 3.31 HL Multi-Manager Strategic Bond Trust M Acc 169.96 175.21 0.19 1.66 HL Multi-Manager Strategic Bond Trust A Inc 140.32 144.65 0.15 1.81 HL Multi-Manager Strategic Bond Trust M Inc 140.31 144.64 0.15 1.68 126.78 128.25 -0.09 4.70 Strategic Bond Fund Y-INC-GBP Ê 1.23 - 0.01 3.31 Practical Investment Inc 200.10 205.06 0.08 4.10 Target 2020 A-ACC-GBP Ê 0.57 - 0.00 0.52 Practical Investment Acc 989.05 1013.55 0.39 3.98 Target 2025 A-ACC-GBP Ê 1.33 - 0.00 0.32 Target 2030 A-ACC-GBP Ê 1.43 - 0.00 0.40 Ê Dragon Capital Group 1501 Me Linh Point, Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Fund information, dealing and administration: funds@dragoncapital.com Other International Funds Vietnam Property Fund (VPF) NAV $ 0.91 - -0.01 0.00 Vietnam Enterprise Inv (VEIL) NAV $ 3.88 - 0.03 0.00 Coronation Fund Managers DSM Capital Partners Funds +44 (0)20 7389 8840 www.coronation.com Enquiries: +27 (21) 680 2837/2457 coronationfunds@coronation.co.za Other International Funds Global Equity Fund of Funds - Class A $ 13.77 0.05 0.00 www.dsmsicav.com Regulated Global Growth I2 Acc 131.80 - -0.11 0.00 Global Growth I1 Eur 98.51 - -0.07 Global Emerging Markets - Class A $ 12.43 - (LUX) Regulated (LF) Absolute Return 1.32 - 0.00 0.00 UK Growth Fund W-ACC-GBP 3.34 - -0.05 1.26 (LF) Eq Emerging Europe 0.75 - 0.00 0.00 UK Invest Grade Long Credit GACC Ê 102.80 - 0.70 1.65 (LF) Eq Flexi Style Greece 0.94 - -0.05 0.00 UK Opportunities Fund W-ACC-GBP 190.40 - -0.80 1.26 -0.03 0.00 UK Opportunities Fund W-INC-GBP 109.80 - -0.50 1.31 Ê 2.43 - 0.00 1.96 (LF) Eq Mena Fund 12.38 - -0.03 - UK Select Fund W-ACC-GBP (LF) Greek Corporate Bond 12.65 - 0.01 - UK Smaller Companies W-ACC-GBP Ê 1.94 - 0.00 1.49 (LF) FOF Dynamic Fixed Inc 11.84 - -0.01 0.00 WealthBuilder Fund N-ACC-GBP Ê 1.18 - 0.00 1.36 (LF) FOF Real Estate 16.70 - 0.03 0.00 Fidelity PathFinder Fidelity PathFinder Foundation Gross Acc (clean) Ê 1.13 - 0.00 - Fidelity PathFinder Foundation Acc (clean) Ê 1.12 - 0.00 - (LF) Greek Government Bond 20.32 - Foord Asset Management Other International Funds Foord International Trust $ 34.65 - -0.02 0.00 Foord Global Equity Fund_Class B $ 12.33 - 0.01 0.00 Franklin Templeton International Services Sarl (IRL) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Other International Funds Franklin Emerging Market Debt Opportunities Fund Plc Franklin Emg Mkts Debt Opp CHFSFr 16.87 - -0.17 9.07 $ 2535.25 - -0.20 5.46 Haussmann Cls C 2204.59 - 0.11 0.00 Franklin Emg Mkts Debt Opp USD $ 17.00 - -0.15 6.98 Haussmann Cls D SFr 1163.02 - -0.19 0.00 0.00 - - 0.00 - Frontier Capital (Bermuda) Limited - 0.00 - Ê 71.42 - -0.53 - Ê 45.26 - -0.50 - $ 14.14 - -0.09 0.00 Africa Frontiers $ 16.22 - 0.70 0.00 Fidelity PathFinder Foundation Acc (clean) Ê 1.22 - 0.00 - Other International Commercial Property-GBP Class Fidelity PathFinder Focussed Gross Acc (clean) Ê 1.13 - 0.00 - Global Real Estate-GBP C Class et Management - -2.60 - CP Capital Asset Management Limited www.cpgbl.com, email: fundservices@cpgbl.com International Mutual Funds CPS Master Private Fund $ 161.69 - 0.76 - CP Global Alpha Fund 0.62 - $ 141.33 - 0.10 2.66 Higher Income Cls A Inc 123.00 - 0.20 5.17 127.00 - 0.10 5.13 UK Equity Growth Cls A Inc 234.60 - -0.50 0.90 UK Equity Growth Cls B Inc 239.80 - -0.50 1.81 Higher Income Cls B Inc Amity Balanced For Charities A Inc 107.20 - 0.30 6.15 206.10 - 1.30 1.61 Amity European Fund Cls B Inc 208.40 - 1.40 2.50 Amity Global Equity Inc for Charities A Inc 101.20 - 0.40 4.21 Amity International Cls A Inc 207.90 - 0.90 1.60 Amity International Cls B Inc 209.90 - 0.90 2.47 Amity Sterling Bond Fund A Inc 104.50 - 0.10 5.22 Amity Sterling Bond Fund B Inc 113.30 - 0.10 5.22 Edinburgh Partners Limited www.creditandorra.com FCA Recognised Crediinvest SICAV Money Market Eur I 11.21 - 0.00 0.00 (IRL) 27-31 Melville Street, Edinburgh EH3 7JF Tel: +353 434 5143 Dealing - Fax +353 434 5230 FCA Recognised Edinburgh Partners Opportunities Fund PLC Emerging Opportunities I USD $ $ 1.05 0.01 0.95 Crediinvest SICAV Money Market Usd A $ 10.06 - 0.00 0.00 European Opportunities I EUR 2.34 - 0.01 1.60 Crediinvest SICAV Fixed Income Eur 10.74 - 0.00 0.00 European Opportunities I GBP Ê 1.77 - 0.02 1.68 Crediinvest SICAV Fixed Income Usd $ 10.70 - 0.01 0.00 European Opportunities I USD $ 2.62 - 0.02 1.67 Crediinvest SICAV Spanish Value 251.47 - 0.91 0.00 European Opportunities A EUR 2.29 - 0.01 1.03 Crediinvest SICAV International Value 229.70 - 0.76 0.00 Global Opportunities I USD $ 1.56 - 0.00 1.25 Crediinvest SICAV Big Cap Value 15.55 - 0.11 0.00 Global Opportunities I GBP Ê 1.06 - 0.00 1.46 Crediinvest SICAV US American Value $ 18.21 - 0.03 0.00 Global Opportunities A GBP Ê 1.00 - 0.00 0.87 Crediinvest SICAV Sustainability 15.19 - 0.09 0.00 Pan European Opportunities I EUR 1.41 - 0.00 Crốdit Andorr Asset Management (LUX) DAVIS Funds SICAV - (LUX) Regulated Davis Value A $ 40.50 - -0.05 0.00 Davis Global A $ 28.70 - -0.01 0.00 EFG Hermes DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Contact: Telephone + 971 363 4029 Email AMsales@EFG-HERMES.com Other International Funds The EFG-Hermes Egypt Fund $ 29.93 0.00 Deutsche Asset Management (LUX) Tel: + 44 207 545 9070 www.dws.co.uk FCA Recognised Deutsche Invest I Top Dividend GBP RD Ê 112.12 112.12 0.48 2.55 EFG-Hermes Frontier Equity UCITS Fund Class I $ 1024.86 - 0.77 - EFG-Hermes MENA Equity UCITS Fund Class A $ 1007.81 - -18.80 - Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Saudi Arabia Equity Fund - SR 11.99 -0.20 0.00 Deutsche Invest I Top Euroland GBP RD Ê 101.19 101.19 0.67 1.60 Deutsche Invest I Multi Opportunities GBP CH RD Ê 95.31 95.31 0.10 - Electric & General (1000)F Deutsche Invest I Global Bonds GBP CH (P) RD Ê 100.76 100.76 0.06 - Stuart House St.John's Street Peterborough PE1 5DD Orders & Enquiries: 0845 850 0255 Authorised Inv Funds Authorised Corporate Director - Carvetian Capital Management Electric&General Net Income A 154.10 1.00 2.27 Discretionary Unit Fund Mngrs (1000)F (UK) Poultry, London EC2R 8JR 020 415 4130 Authorised Inv Funds 1680.01 1803.43 7.03 0.00 Disc Inc Do Accum 6382.71 6851.59 26.74 0.00 ENISO Partners AG Clairdenstrasse 34, Postfach CH-8022 Zurich Tel: +41 (0)44 286 17 17 www.eniso-partners.com Other International Funds ENISO Forte CH SMI Expanded SFr 149.50 ENISO Forte E Dodge & Cox Worldwide Funds (IRL) Duke Street,St.James,London SW1Y 6BN www.dodgeandcox.worldwide.com 020 3713 7664 FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund EUR Accumulating Class 11.83 - -0.02 0.00 EUR Accumulating Class (H) 9.42 (UK) 116.01 120.65 0.28 0.01 - - 0.01 - Fidelity PathFinder Focussed Acc (clean) Ê 1.14 - 0.00 - Fidelity PathFinder Focussed Acc (clean) Ê 1.16 - 0.00 - Fidelity PathFinder Focussed Acc (clean) Ê 1.18 - 0.00 - (UK) PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 www.henderson.com Authorised Inv Funds Asia Pacific Capital Growth A Acc 730.80 7.60 0.16 Fidelity PathFinder Freedom Gross Acc (clean) Ê 1.10 - 0.00 - Asian Dividend Income Inc Cash Fund Ê 1.00 1.00 0.00 0.17 Fidelity PathFinder Freedom Acc (clean) Ê 1.09 - 0.00 - Cautious Managed A Acc 239.50 - Gross Accum Cash Ê 1.28 1.28 0.00 0.00 Fidelity PathFinder Freedom Acc (clean) Ê 1.09 - 0.00 - Cautious Managed A Inc 145.90 - 0.10 3.33 MoneyBuilder Cash ISA Ê 1.00 1.00 0.00 0.16 Fidelity PathFinder Freedom Acc (clean) Ê 1.08 - 0.00 - China Opportunities A Acc 816.90 - 12.80 0.68 MoneyBuilder Global Ê 2.67 2.67 0.01 0.19 Fidelity PathFinder Freedom Acc (clean) Ê 1.08 - 0.01 - 0.30 0.61 Fidelity PathFinder Freedom Acc (clean) Ê 1.15 - 0.01 - 0.00 0.96 Fidelity PathFinder Income Income (clean) Ê 1.03 - 0.00 3.93 (UK) PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.fundsmith.co.uk, enquiries@fundsmith.co.uk Authorised Inv Funds 247.52 0.54 1.06 Fundsmith Equity T Acc Fundsmith Equity T Inc OEIC Funds Allocator World Fund N-ACC-GBP Ê American Fund W-ACC-GBP - Global Care Growth A Inc 204.20 - 1.10 0.00 0.00 3.95 Global Equity Income A Inc 50.94 - 0.23 3.98 Asia Pacific Ops W-Acc Ê Asian Dividend Fund W-ACC-GBP Ê 1.20 1.17 - 0.01 1.46 Fidelity PathFinder Income Gross Income (clean) Ê 1.05 - 0.02 2.30 Fidelity PathFinder Income Income (clean) Ê 1.05 - 0.00 3.74 - 0.01 3.30 983.20 - 6.00 0.00 0.02 1.16 Institutional OEIC Funds America Global Technology A Acc - Ê 4.17 - 0.01 0.51 Multi-Manager Absolute Return A Acc 135.10 - 0.00 0.34 Emerging Asia Fund W-ACC-GBP Ê 0.94 - 0.02 0.81 Emerging Markets Ê 3.20 - 0.02 0.80 Multi-Manager Active A Acc 177.80 - 0.50 0.00 Emerging Eur Mid East and Africa W Ê 1.53 - 0.00 2.12 Europe (ex-UK) Fund ACC-GBP Ê 4.04 - 0.02 1.58 Multi-Manager Distribution A Inc 126.30 - 0.10 3.45 Enhanced Income Fund W-ACC-GBP Ê 1.35 - 0.00 7.61 Fidelity Pre-Retirement Bond Fund Ê 123.30 - 0.60 2.94 Multi-Manager Diversified A Acc 78.32 - 0.02 3.41 Enhanced Income Fund W-INC-GBP Ê Multi-Manager Global Select Acc 177.90 - 0.30 0.00 Multi-Manager Income & Growth A Acc 154.20 - 0.10 2.33 1.06 - 0.00 8.10 Global Focus Ê 2.90 - 0.02 1.60 European Fund W-ACC-GBP Ê 11.32 - 0.06 1.99 Index Linked Bond Ê 2.70 - 0.01 0.77 European Fund W-INC-GBP Ê 13.00 - 0.07 2.02 Index Linked Bond Gross Ê 3.27 - 0.01 0.77 European Opportunities W-ACC-GBP Ê 3.55 - 0.03 1.56 Index-Linked Bond Fund Gross Inc Ê 12.71 - 0.03 0.77 0.00 2.80 Extra Income Fund Y-GINC-GBP Ê 1.22 - 0.01 4.14 Long Bond Gross Ê 0.89 - 0.01 2.75 Genesis Asset Managers LLP Sterling Bond Inc Extra Income Fund Y-INC-GBP Ê 1.22 - 0.01 4.14 Long Bond Fund Gross Inc Ê 11.89 - 0.10 2.80 Strategic Bond A Inc 124.70 - 0.30 4.82 Global Dividend Fund W-ACC-GBP Ê 1.59 - 0.01 3.24 Pacific (Ex Japan) Ê 3.62 - 0.02 1.81 Other International Funds Emerging Mkts NAV UK & Irish Smaller Companies A Acc 523.00 - -0.20 0.00 Global Dividend Fund W-INC-GBP Ê 1.43 - 0.00 3.36 Pan European Ê 2.68 - 0.01 2.04 UK Absolute Return A Acc 153.30 - 0.10 0.00 Global Enhanced Income W-ACC-GBP Ê 1.32 - 0.01 4.34 Reduced Duration UK Corporate Bond Ê 10.51 - 0.02 3.47 UK Alpha A Acc 115.20 - -0.30 1.90 Global Enhanced Income W-INC-GBP Ê 1.17 - 0.00 5.52 Reduced Duration UK Corp Bond Gross Ê 10.73 - 0.02 3.47 Ê 14.67 - 0.07 0.66 Reduced Duration UK Corp Bond Inc Ê - 0.02 3.47 0.01 5.67 Select Emerging Markets Equities Ê 0.02 1.58 - 0.00 5.85 Select Global Equities Ê 3.08 - 0.01 1.10 Managed Fund Bond Ê 23.77 24.76 0.06 - UK Tracker A Acc 223.10 - -0.50 3.00 - 0.01 5.85 South East Asia Ê 3.68 - 0.05 1.95 Choices Wth-Pfts Lg-tm 323.10 340.10 0.00 - US Growth A Acc 768.60 - 3.60 0.00 Global Property Fund W-ACC-GBP Ê 1.41 - 0.00 2.06 Sterling Core Plus Bond Gr Accum Ê 2.21 - 0.01 2.88 Choices Wth-Pfts St-tm 273.30 287.70 0.00 - Global Property W Inc Ê 1.26 - 0.01 2.96 Sterling Core Plus Bond Inc Ê 1.42 - 0.01 2.96 Choices Managed 626.01 658.95 1.82 - Global Special Sits W-ACC-GBP Ê 24.85 - 0.08 0.57 UK Ê 3.63 - -0.01 2.28 Choices Equity 691.57 727.97 2.51 - Index Emerging Markets P-Acc Ê 0.99 - 0.01 2.44 UK Aggreg Bond Gr Accum Ê 1.88 - 0.01 4.52 Freedom With Pfts Long-Tm 221.40 233.00 0.00 - Index Emerging Markets P-Inc-GBP Ê 0.87 - 0.01 2.54 UK Aggregate Bond Inc Ê 1.24 - 0.00 3.13 Freedom With Pfts Short-Tm 198.70 209.10 0.00 - Index Europe ex UK Fund P-Inc-GBP Ê 1.04 - 0.01 2.85 UK Corporate Bond Ê 1.24 - 0.01 3.85 Freedom Managed 364.57 383.75 0.89 - Index Europe ex UK P-Acc 1.04 - 0.01 2.74 UK Corporate Bond - Gross Ê 2.33 - 0.01 3.72 Freedom Equity 406.86 428.27 1.44 - 220.99 220.99 0.64 - Ê Reduced Dur UK Corp Bond Gross Inc Ê 9.75 1.18 - 0.02 3.47 1.12 - 0.01 1.86 UK Corporate Bond Fund Gross Inc Ê 11.23 - 0.03 3.83 - 0.01 1.80 UK Gilt Fund Inc Ê 1.32 - 0.01 1.98 Corp Pens Equity 225.78 225.78 0.82 - Index Pacific ex Japan P-Acc Ê 1.08 - 0.01 3.72 UK Gilt Gross Ê 2.12 - 0.01 1.94 Corp Pens Fixed Interest 308.84 308.84 0.20 - Index Pacific ex Japan P-INC-GBP Ê 0.91 - 0.01 3.86 UK Long Corp Bond Ê 1.41 - 0.01 4.24 Corp Pens Index Linked 334.16 334.16 -2.94 - (IRL) Hermes Investment Management Limited, Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 FCA Recognised Hermes Abs Return Credit Fund Class F Acc Ê Ê 1.05 1.05 0.01 - Index UK Fund P-INC-GBP Ê 0.98 - 0.00 3.76 UK Long Corp Bond - Gross Ê 2.61 - 0.02 4.09 Corp Pens Deposit 191.45 191.45 0.00 - Hermes Abs Return Credit Fund Class R Acc 1.96 1.96 -0.01 Index UK P-Acc Ê 1.04 - 0.00 3.67 UK Long Corporate Bond - Gross Inc Ê 11.34 - 0.07 4.22 Corp Pens Protector 382.98 382.98 -0.01 - Hermes Active UK Inflation Fund Class F Acc Ê 1.31 1.31 0.01 0.00 Retail Share Classes Emerging Markets - retail Hermes Asia Ex-Japan Equity Fund Class F Acc Ê - 0.01 0.07 - 1.59 1.59 0.01 0.00 Hermes Asia Ex-Japan Equity Fund Class R Acc 3.29 3.29 0.01 0.00 - Hermes Global Emerging Markets Fund Class F Acc Ê 1.19 1.19 0.01 0.00 0.00 2.15 Equity Acc Ê 33.00 34.74 0.12 - Hermes Global Emerging Markets Fund Class R Acc 2.88 2.88 0.02 0.00 Fixed Interest Acc Ê 17.57 18.50 0.01 - Hermes Global Equity Fund Class F Acc Ê 1.58 1.58 0.01 0.00 International Acc Ê 13.59 14.31 0.04 - Hermes Global Equity Fund Class R Acc 3.96 3.96 0.01 0.00 International S-NA Acc Ê 6.99 7.35 0.03 - Hermes Global ESG Equity Fund Class F Acc Ê 1.20 1.20 0.00 0.00 International S-PA Acc Ê 4.22 4.44 0.02 - Hermes Global High Yield Bond Fund Class F Acc Ê 1.14 1.14 0.01 0.00 International S-EU Acc Ê 3.40 3.58 0.01 - Hermes Global High Yield Bond Fund Class R Acc 2.84 2.84 0.00 0.00 Managed S-PR Acc Ê 6.90 7.27 0.02 - Hermes Global Small Cap Fund Class F Acc Ê Ê 1.06 1.06 0.00 - Fixed Interest S-IL Acc Ê 6.64 6.99 0.01 - Hermes Global Small Cap Fund Class R Acc 2.00 2.00 0.01 - Deposit Accum Ê 4.43 Hermes Multi Asset Inflation Fund Class F GBP Acc Ê 0.99 0.99 0.00 0.00 1.24 - 0.00 1.89 Ê 1.34 - 0.00 1.86 Index World P-Acc Japan Fund W-ACC-GBP Ê Ê 1.13 1.21 - 0.00 2.20 Corp Pens UK Index Tracker Ê 1.27 {*}CAR - Net income reinvested Ê 2.76 - 0.02 0.59 Japan Smaller Cos Fund W-ACC-GBP Ê 2.32 - 0.02 0.28 MBuilder Inc Red Duration Y-ACC Ê 10.50 - 0.01 2.63 MBuilder Inc Red Duration Y-GACC Ê 10.68 - 0.01 2.58 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 FCA Recognised American Fund USD Class $ 83.77 - -0.11 0.00 MBuilder Inc Red Duration Y-GINC Ê 9.75 - 0.01 2.70 American Fund GBP Hedged Ê 45.56 - -0.06 0.00 Mbuilder Inc Red Duration Y-INC Ê 9.74 - 0.01 2.70 American Fund GBP Unhedged Ê 57.06 - 0.07 MoneyBuilder Balanced Y-ACC-GBP Ê 0.52 - 0.01 Latin American Fund USD Class $ 12.69 - 0.00 0.00 MoneyBuilder Balanced Y-INC-GBP Ê 0.58 - 0.00 4.45 - -0.01 - 0.73 - 0.00 3.09 MoneyBuilder Income Fund Y-ACC-GBP Ê 11.85 - 0.04 3.57 (IRL) Multi Asset Alloc Def N-GACC-GBP Ê 1.12 - 0.00 1.31 Multi Asset Alloc Growth N-ACC-GBP Ê 1.08 - 0.00 1.15 Multi Asset Alloc Strat N-ACC-GBP Ê 1.10 - 0.00 1.26 Multi Asset Balanced Inc N-GINC-GBP Ê Findlay Park Funds Plc (IRL) Latin American Fund GBP Unhedged Ê 8.77 - The First Investor QSCC 5th Floor, Barwa Bank Building, Grand Hamad Street , P.O Box 16034, Doha, State of Qatar + 974 4459 6111 http://www.tfi.com.qa/ Other International Funds TFI GCC Equity Opportunities Fund (Q)QAR 1245.70 - 11.19 0.00 0.01 0.99 0.02 3.95 Multi Asset Growth Fund N-ACC-GBP Ê 1.12 - 0.00 1.08 USD Accumulating Class $ 9.55 - 0.02 0.00 Other International Funds NAV Multi Asset Inc & Growth N-INC-GBP Ê 1.05 - 0.00 4.22 Multi Asset Income Fund N-GINC-GBP Ê 1.03 - 0.00 4.85 Multi Asset Income Fund N-INC-GBP Ê 1.03 - 0.01 4.92 Multi Asset Open Advent N-ACC-GBP Ê 1.06 - 0.00 0.68 Multi Asset Open Defen N-ACC-GBP Ê 1.09 - 0.00 1.40 (UK) 23 St Andrew Square, Edinburgh, EH2 1BB enquiries@firststate.co.uk Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 Authorised Funds Emerging Markets Bond A Accumulation Ê 1.23 0.00 4.67 Multi Asset Open Defen N-GACC-GBP Ê 1.10 - 0.01 1.40 Emerging Markets Bond A Income Ê Multi Asset Open Growth N-ACC-GBP Ê 1.06 - 0.00 1.39 Multi Asset Open Strat N-ACC-GBP Ê 1.09 - 0.00 1.66 Multi Asset Strategic N-ACC-GBP Ê 1.14 - 0.01 0.96 35.01 - 0.21 0.00 24.44 - 0.13 0.00 12.22 - 0.08 0.00 Ê 1.95 4.67 0.00 - Guardian Pensions Management Ltd Pens Managed Acc Ê 23.65 24.89 0.07 Hermes Multi Strategy Credit Fund Class F Acc Hed Ê 1.05 1.05 0.00 0.00 - Hermes Sourcecap EU Alpha Fund Class F Acc Ê 1.33 1.33 0.01 0.00 Pens Equity Acc - Hermes Sourcecap EU Alpha Fund Class F Dis Ê 1.29 1.29 0.01 1.30 Hermes Sourcecap EU Alpha Fund Class R Acc 3.07 3.07 0.01 0.00 Asset Management Ê 34.83 36.66 0.12 HPB Assurance Ltd Hermes Sourcecap EX UK Fund Class F Acc Ê 1.40 1.40 0.00 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 International Insurances Holiday Property Bond Ser Ê 0.52 0.01 0.00 Hermes Sourcecap EX UK Fund Class R Acc 3.15 3.15 0.01 0.00 Hermes UK Small & Mid Cap Fund Class F Acc Ê 1.52 1.52 0.03 0.00 Hermes UK Small & Mid Cap Fund Class R Acc 4.30 4.30 0.08 0.00 Holiday Property Bond Ser Hermes US All Cap Equity Class F Stg Ê Acc Ê 1.05 1.05 0.00 - Hermes US All Cap Equity Class R Acc 1.97 1.97 -0.01 - Hermes US SMID Equity Fund Class F Acc Ê 1.78 1.78 0.01 0.00 Hermes US SMID Equity Fund Class R Acc 3.63 3.63 0.00 0.00 Ê 0.61 - 0.01 0.00 Hargreaves Lansdown Fd Mgrs (1100)F - Smaller Cos Cls Three Shares First State Investments (UK) (1200)F (UK) PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Enquiries 0117 90090000 www.hl.co.uk Authorised Inv Funds Hargreaves Lansdown Funds Unit Trust HL Multi-Manager Special Situations Trust A Acc 272.41 286.74 0.77 0.51 HL Multi-Manager Special Situations Trust M Acc 272.42 286.75 0.77 0.51 HL Multi-Manager Income & Growth Trust A Acc 165.50 174.10 0.31 3.95 HL Multi-Manager Income & Growth Trust M Acc 165.51 174.10 0.31 3.65 1.05 - 0.00 4.80 HL Multi-Manager Income & Growth Trust A Inc 97.70 102.78 0.18 4.04 Global Agribusiness Fund A Accumulation 121.04 - -0.05 0.00 HL Multi-Manager Income & Growth Trust M Inc 97.69 102.77 0.18 3.73 Global Listed Infrastructure Acc 194.56 - 1.30 2.91 HL Multi-Manager Balanced Managed Trust A Acc 186.59 196.25 0.50 1.11 Global Listed Infrastructure Inc 149.31 - 0.99 2.98 HL Multi-Manager Balanced Managed Trust M Acc 186.60 196.26 0.50 1.11 Ê 1.14 - 0.01 0.21 Global Opportunities A Shares 328.88 - 1.23 0.17 HL Multi-Manager Equity & Bond Trust A Inc 108.49 114.05 0.12 2.28 South-East Asia Fund W-ACC-GBP Ê 8.05 - 0.11 1.23 Global Property Securities A Accumulation 177.66 - 1.05 2.04 HL Multi-Manager Equity & Bond Trust M Inc 108.50 114.05 0.12 2.11 Open World Fund N-ACC-GBP - 1.95 0.00 Ê Index US P-Acc Index World Fund P-Inc-GBP Hermes Investment Funds Plc Guardian Linked Life Assurance Ltd Managed Acc Ê 18.17 19.12 0.05 Index US Fund P-Inc-GBP 0.00 1.32 Smaller Cos Cls Two Shares 97.68 102.81 0.03 4.16 1.13 8.94 0.03 0.00 -1.20 2.92 UK Property A Inc Ê Ê - -0.10 4.12 - 193.08 203.24 0.05 4.04 Ê GBP Distributing Class (H) Ê 19.39 - 498.80 Index Japan P-Acc 0.00 0.98 GBP Accumulating Share Class 591.40 UK Property A Acc Index Japan Fund P-Inc-GBP Ennismore European Smlr Cos Hedge Fd Dodge & Cox Worldwide Funds plc-U.S Stock Fund USD Accumulating Share Class $ 18.28 - -0.03 0.00 UK Equity Income & Growth A Inc UK Index A Acc Corp Pens Mananged 0.01 3.61 Regulated Smaller Cos Cls One Shares Guardian - 0.00 5.71 - 0.00 0.00 0.05 0.00 Global High Yield Fund Y-INC-GBP Ê 10.07 - 1.13 - - Global High Yield Fund Y-GINC-GBP Ê 10.06 Global High Yield Fund Y-ACC-GBP Ê 12.14 9.74 Multi Asset Defensive N-GACC-GBP Ê 13.78 5.48 61.58 64.33 0.19 2.85 Global High Yield Fund Y-GACC-GBP Ê 12.69 Global Focus Fund W-ACC-GBP 0.05 3.81 EUR Accumulating Share Class Ê Asset Management (UK) Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Insurances Guardian Assurance Equity S-GH Class B Ê 12.10 - -0.02 - - (CYM) 200.90 209.92 0.59 2.81 - - Euronova Asset Management UK LLP 0.30 0.21 Sterling Bond Acc 0.53 Ê 10.30 Dodge & Cox Worldwide Funds plc-International Stock Fund USD Accumulating Share Class $ 13.10 0.04 0.00 - Ê 1.11 5.99 0.00 0.30 0.21 226.10 Long Bond GBP Distributing Class - 0.10 2.37 Multi-Manager Managed A Inc 0.01 4.00 0.00 4.03 Regulated Equinox Russian Opportunities Fund Limited $ 116.66 3.79 0.00 0.00 - - - 0.06 0.86 3.52 - 230.70 1.16 - -0.05 0.00 $ 140.10 Ê - - Global Bond USD Multi-Manager Income & Growth A Inc Multi-Manager Managed A Acc Extra Income Fund Y-GACC-GBP 1.12 - 3.19 0.05 0.00 0.02 0.82 1.05 21.13 2.95 - 1.05 Ê 12.82 Asset Management Multi Asset Defensive N-ACC-GBP Ê EUR Accumulating Share Class EU Multi-Strategy Managed 2.05 Multi Asset Balanced Inc N-INC-GBP Ê GBP Distributing Share class 5.23 0.07 0.00 Ê Multi Asset Alloc Def N-ACC-GBP Ê (GSY) 4.85 Japan 0.01 3.93 Equinox Fund Mgmt (Guernsey) Limited Ê 0.00 4.02 -0.02 4.04 0.07 0.00 UK Multi-Strategy Managed - - - Generali Worldwide PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 International Insurances Global Multi-Strategy Managed $ 4.73 5.10 0.04 0.00 1.13 - Ê 17.66 $ 181.92 185.63 -5.71 0.00 Ê 8.82 GBP Accumulating Share Class Regulated Taurus Emerging Fund Ltd Extra Income Fund Y-ACC-GBP 0.00 1.18 4.17 0.00 2095.20 2189.55 3.35 0.00 1.09 11.09 - Global Growth Fund 1.62 501.33 (GSY) Asian Dividend Fund W-INC-GBP Ê EUR Distributing Class (H) Dodge & Cox Worldwide Funds plc-Global Stock Fund USD Accumulating Share Class $ 15.75 0.02 0.00 GYS Investment Management Ltd China Consumer Fund W-ACC-GBP Ê - 0.57 0.00 21.64 22.70 0.06 5.73 0.01 3.21 EUR Distributing Class - Fixed Interest Monthly Income A Inc 0.00 4.89 1.09 Ennismore European Smlr Cos NAV 140.37 12.00 0.68 - Multi Asset Alloc Advent N-ACC-GBP Ê 0.01 0.00 - - 0.01 1.19 - 1273.00 1.05 0.00 3.63 Kensington Church St, London W8 4LD 020 7368 4220 FCA Recognised Ennismore European Smlr Cos NAV Ê 106.30 - -0.50 0.00 0.50 0.52 European Selected Opportunities A Acc 1.03 - - - Fidelity PathFinder Income Income (clean) Ê - -0.09 - 176.30 Fidelity PathFinder Income Gross Income (clean) Ê 1.14 - 0.50 1.07 149.00 0.06 0.00 1.20 95.71 - Emerging Markets Opportunities A Acc European Growth A Acc 0.02 0.82 Multi Asset Adventurous N-ACC-GBP Ê -0.34 0.83 ENISO Systematic Risk Class 233.01 Asset Management - MoneyBuilder Income Fund Y-INC-GBP Ê -0.10 0.53 Asset Management 0.10 3.27 - 0.00 3.63 - Fundsmith LLP (1200)F 84.99 89.69 1.16 6.79 Ê 28.13 - - Henderson Global Investors American Special Sits W-ACC-GBP Ê 11.30 1.20 123.09 Ennismore Smaller Cos Plc 1.19 MoneyBuilder Income Fund Y-GINC-GBP Ê SFr 136.64 0.00 0.00 - 0.04 3.56 ENISO Forte G (CHF) - 1.15 - ENISO Forte G (CHF) 139.25 (IRL) 1.13 MoneyBuilder Income Fund Y-GACC-GBP Ê 13.59 - Regulated Heartwood Caut Multi Asset B Acc Fidelity PathFinder Focused Acc (Clean) Ê MoneyBuilder Growth Fund Y-INC-GBP Ê 0.75 0.00 Heartwood Wealth Management Limited Fidelity PathFinder Focussed Acc (clean) Ê Asset Management Amity European Fund Cls A Inc 0.85 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Callfree: Private Clients 0800 414161 Broker Dealings: 0800 414 181 Unit Trust 186.53 186.53 0.00 0.00 Cash Accum Units FIL Investment Services (UK) Limited (1200)F (UK) - Haussmann - - 212.00 - Franklin Emg Mkts Debt Opp SGD S$ 22.01 1.13 Amity UK Cls B Inc - 99.83 102.91 0.21 Other International Funds Haussmann Cls A All Africa www.cpglobal.com.sg, Tel: +65 6466 6990 International Mutual Funds CP Multi-Strategy Currency Fund $ 119.02 99.83 102.91 0.22 HL Multi-Manager High Income A Acc -0.13 6.99 1.11 0.10 1.73 105.12 108.37 0.12 1.84 HL Multi-Manager High Income A Inc - 1.12 CP Global Asset Management Pte Ltd HL Multi-Manager UK Growth A Acc Franklin Emg Mkts Debt Opp GBP Ê 10.15 Fidelity PathFinder Foundation Acc (clean) Ê (UK) 105.43 108.68 0.30 0.59 -0.12 7.00 Fidelity PathFinder Foundation Acc (clean) Ê PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Authorised Inv Funds 212.30 Amity UK Cls A Inc 89.53 92.29 0.42 0.51 HL Multi-Manager European A Acc - Fidelity PathFinder Foundation Acc (clean) Ê EdenTree Investment Management Ltd HL Multi Manager Emerging Markets A Acc Franklin Emg Mkts Debt Opp EUR 11.89 0.06 0.00 - Offer D+/- Yield Strategic Bond Fund Y-GACC-GBP Ê Ê 10.28 Consistent UT Acc Eurobank Fund Management Company (Luxembourg) S.A Offer D+/- Yield Hermes Property Unit Trust Property & Other UK Unit Trusts Property Ê (UK) 5.91 6.36 0.01 5.48 Hermes UK Residential Real Estate Property & Other UK Unit Trusts VISTA UK Residential Real Estate Ê 1.02 (UK) 1.06 0.03 - INDIA VALUE INVESTMENTS LIMITED (INVIL) www.invil.mu Other International Funds NAV Ê 7.75 - -0.08 0.00 Ass FTfm | 13 FINANCIAL TIMES Monday 30 May 2016 FTfm Fund Bid Offer D+/- Yield Fund Intercapital Asset Management Ltd Masarykova ul 1, 10000, Zagreb, Croatia www.icam.hr, Tel; +385 4825 868 Other International Funds Capital One Bond Fund (Ex-YU) HRK 209.77 Capital Two Equity Fund (Ex-YU) HRK 92.21 (HRV) - 0.01 -0.08 - Ê 18.85 - 0.20 0.62 (UK) Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Dealing: 0800 085 8571 Investor Services: 0800 085 8677 www.invescoperpetual.co.uk Authorised Inv Funds INVESCO PERPETUAL Funds 456.39 3.78 0.57 Asian Acc F Asian Inc F Fund Bid Fund Bid $ 52.17 - 0.78 0.00 UK Dynamic Acc 158.20 - -0.40 1.48 HC KB Endeavour Multi Asset Balanced A Inc 124.17 - 0.03 0.81 Invesco Japanese Equity Adv Fd A Ơ 3543.00 - 29.00 0.00 UK Dynamic Inc 128.70 - -0.30 1.46 HC KB Enterprise Fixed Income A Acc 125.22 - 0.25 3.44 Invesco Japanese Value Eq Fd A Ơ 1154.00 - 4.00 0.00 UK Eq & Bond Inc Acc C 141.60 - -0.10 3.37 HC KB Enterprise Fixed Income A Inc 110.03 - 0.22 3.44 1.43 1.14 Invesco Latin American Equity A $ 6.05 - 0.00 0.00 UK Eq & Bond Inc Inc C 80.93 - -0.04 3.47 -1.89 0.00 Invesco Perpetual Funds (No Trail) 191.77 Asian (No Trail) Acc F - 1.59 1.12 Asian (No Trail) Inc 172.50 - 120.22 F F 0.84 4.63 Invesco Nippon Small/Mid Cap Equity A Ơ 1177.00 - 7.00 0.00 UK Equity Blue Chip Acc 65.26 - -0.20 2.49 - 0.70 4.78 Invesco Pan European Equity A EUR Cap NAV 17.84 - -0.04 0.00 UK Equity Blue Chip Inc 53.82 - -0.17 2.53 0.32 0.01 Invesco Pan European High Income Fd A 13.83 - 0.03 2.61 UK Equity Core Acc 283.70 - -0.50 3.26 Balanced Risk No Trail Acc 112.19 - 0.45 0.19 Invesco Pan European Small Cap Equity A 21.26 - -0.04 0.00 UK Equity Core Inc 51.70 - -0.08 3.37 Balanced Risk 10 No Trail Acc 115.79 - 0.57 0.29 Invesco Pan European Structured Equity A 17.11 - 0.03 0.00 UK Equity Growth Acc 112.20 - 0.00 1.40 Corporate Bond (No Trail) Acc F 167.18 - 0.36 3.72 Invesco UK Eqty Income A Corporate Bond (No Trail) Inc F 116.62 - 0.25 3.80 Invesco UK Investment Grade Bond A Ê 168.92 - 0.21 4.92 Invesco US Structured Equity A 109.78 - 0.14 5.02 Invesco US Value Eq Fd A 78.33 - -0.38 3.08 Invesco USD Reserve A Distribution (No Trail) Acc F Distribution (No Trail) Inc F Emerging European (No Trail) Acc F F 69.21 - -0.34 3.18 European Equity (No Trail) Acc F 150.92 - 0.70 2.04 European Equity (No Trail) Inc F 125.09 - 0.58 2.08 European Equity Income (No Trail) Acc F 150.07 - 0.63 3.48 European Equity Income (No Trail) Inc F 112.13 - 0.47 3.57 European High Income (No Trail) Acc F 170.56 - 0.68 3.62 European High Income (No Trail) Inc F 121.49 - 0.48 3.68 European Opportunities (No Trail) Acc F 176.78 - 0.67 1.65 European Opportunities (No Trail) Inc F 165.27 - 0.62 1.68 European Smaller Companies (No Trail) Acc F 232.05 - 0.93 0.73 Global Balanced Index (No Trail) Acc F 160.03 - 0.10 2.04 Global Bond (No Trail) Acc F 142.17 - 0.23 1.38 Global Bond (No Trail) Inc F 127.80 - 0.21 1.39 Glbl Distribution Acc (No Trail) 108.53 - 0.17 4.20 - 3.38 0.58 Glbl Distribution Inc (No Trail) 101.04 - 0.16 4.29 - 0.41 4.64 Gbl Emerging Markets (No Trail) Acc F 161.32 - 0.90 1.51 Asian Equity Income Inc F 48.69 - 0.33 4.79 Gbl Emerging Markets (No Trail) Inc F 149.90 - 0.84 1.53 Balanced Risk Acc 53.22 - 0.16 0.00 Global Equity (No Trail) acc F 206.21 - -0.02 1.20 Balanced Risk Acc 54.96 - 0.22 0.00 Global Equity (No Trail) inc F 190.79 - -0.01 1.22 Balanced Risk 10 Acc 56.71 - 0.28 0.00 Global Equity Income (No Trail ) Acc F 255.86 - 0.69 3.76 387.31 - -1.29 2.20 Global Equity Income (No Trail) Inc F 205.47 - 0.56 3.88 Corporate Bd Acc (Gross) F 211.64 - 0.45 3.45 Global ex UK Core Equity Index ( No Trail) Acc F 179.72 - 0.78 1.52 Corporate Bd Inc (Gross) F 88.33 - 0.19 3.55 Global ex UK Enhanced Index ( No Trail) Acc F 208.08 - 0.77 2.01 179.22 - 0.34 4.40 147.15 - 0.28 4.53 Corporate Bond Acc F 187.65 - 0.40 3.48 Gbl Fin Cap No Trail Acc Corporate Bond Inc F 88.23 - 0.19 3.55 Gbl Fin Cap No Trail Inc 109.81 - 0.13 4.94 Global Opportunities (No Trail) Acc F 252.01 - -0.34 0.98 126.42 - 0.17 4.91 Global Smaller Companies (No Trail) Acc F 254.61 - 0.97 0.73 62.69 - 0.08 5.04 Global Smaller Companies (No Trail) Inc F 243.27 - 0.93 0.73 62.73 - 0.08 5.03 Global Targeted Rets (No Trail) Acc 117.57 - 0.37 0.87 Distribution Acc F F F Distribution Inc Distribution Inc (Gross) F F 37.55 - -0.19 2.57 High Income (No Trail) Acc F 175.17 - -0.09 3.55 Emerging European Inc F 34.23 - -0.17 2.64 High Income (No Trail) Inc F 127.01 - -0.07 3.64 221.99 - 0.32 5.40 European Equity Acc F F 852.40 - 3.94 1.50 High Yield Fund (No Trail) Acc 711.24 - 3.29 1.52 High Yield Fund (No Trail) Inc 72.65 - 0.30 3.50 Hong Kong & China (No Trail) Acc F 54.26 - 0.22 3.58 F 82.60 - 0.33 3.63 58.84 - 0.24 3.69 Income (No Trail) Acc F European Equity Income Inc European High Income Acc European High Income Inc F European Equity Income Acc 159.71 - 0.23 5.55 F 183.05 - 0.65 1.33 Income & Growth (No Trail) Acc F 226.35 - 0.06 4.33 Income & Growth (No Trail) Inc F 176.26 - 0.04 4.46 F 172.23 - -0.10 3.31 European Opportunities Inc F 81.41 - 0.30 1.13 Income (No Trail) Inc F 124.09 - -0.07 3.39 European Opportunities Acc F 84.21 - 0.31 1.12 Japan (No Trail) Acc F 149.00 - 1.40 0.85 188.44 - 0.75 0.23 Japanese Smaller Companies (No Trail) Acc F 222.55 - 2.79 0.00 134.66 - 0.22 1.14 Latin American (No Trail) Acc F 105.47 - 0.76 1.64 0.14 1.15 Latin American (No Trail) Inc F 94.72 - 0.69 1.67 F 198.09 - 0.49 1.21 European Smlr Cos Acc F Global Bd Acc (Gross) F F Global Bd Inc (Gross) 82.43 - Global Bond Acc F 126.38 - 0.21 1.14 Managed Growth (No Trail) Acc Global Bond Inc F 82.39 - 0.14 1.15 Managed Growth (No Trail) Inc F 182.16 - 0.45 1.22 53.72 - 0.08 5.13 Managed Income (No Trail) Acc F 193.61 - 0.32 2.76 Glbl Distribution Acc Glbl Distribution Acc (Gross) 54.74 - 0.08 5.12 Managed Income (No Trail) Inc F 157.84 - 0.26 2.81 Glbl Distribution Inc 50.01 - 0.07 5.15 Monthly Income Plus (No Trail) Acc F 173.03 - 0.23 5.25 F 50.06 - 0.08 5.15 Monthly Income Plus (No Trail) Inc 106.59 - 0.14 5.36 Global Emerging Markets Acc F 245.47 - 1.38 0.95 Pacific (No Trail) Acc F 186.42 - 1.78 0.91 Global Emerging Markets Inc F 221.36 - 1.24 0.95 Pacific (No Trail) Inc F 175.38 - 1.67 1.02 465.89 - -0.04 0.65 Tactical Bond (No Trail) Acc F 143.33 - 0.06 1.30 -0.03 0.65 Tactical Bond (No Trail) Inc F 120.48 - 0.05 1.31 162.82 - -0.61 2.61 133.68 - -0.50 2.68 Glbl Distribution Inc (Gross) F Global Equity (acc) F Global Equity (inc) 422.36 - Global Equity Income Acc F 123.35 - 0.33 3.77 UK Focus (No Trail) Acc F Global Equity Income Inc F 99.05 - 0.26 3.89 UK Focus (No Trail) Inc F Gbl Financial Capital Acc 87.71 - 0.17 4.42 UK Enhanced Index (No Trail) Acc F 402.87 - -0.90 3.71 Gbl Financial Capital Inc 72.00 - 0.13 4.55 UK Enhanced Index (No Trail) Inc F 246.84 - -0.55 3.81 Gbl Financial Cap Acc Gross 92.34 - 0.20 4.92 UK Growth (No Trail) Acc F 141.35 - -0.46 2.84 Gbl Financial Cap Inc Gross 72.17 - 0.15 5.10 UK Growth (No Trail) Inc F 112.64 - -0.36 2.92 97.67 - -0.13 0.45 UK Smaller Companies Equity (No Trail) Acc F 295.08 - -0.15 1.25 F Global Opportunities Acc Global Smaller Cos Acc F 1738.08 - 6.62 0.20 UK Smaller Companies Equity (No Trail) Inc F 272.21 - -0.14 1.27 Global Smaller Cos Inc F 1659.65 - 6.31 0.20 UK Strategic Income (No Trail) Acc F 725.86 - -0.60 3.50 0.18 0.43 UK Strategic Income (No Trail) Inc F 526.38 - -0.43 3.59 US Equity (No Trail) Acc 237.81 - -0.79 0.10 Global Targeted Rets Acc 58.06 - High Income Acc F 816.98 - -0.44 3.56 High Income Inc F 444.47 - -0.24 3.65 High Yield Fund Acc 106.83 - 0.15 5.42 High Yield Fund Acc (Gross) 125.47 - 0.19 5.37 High Yield Fund Inc 41.26 - 0.06 5.57 High Yield Fund Inc (Gross) 41.31 - 0.06 5.56 460.34 - 1.64 0.77 Income & Growth Acc F 958.91 - 0.23 4.35 Income & Growth Inc F F Hong Kong & China Acc F - 0.10 4.48 - -1.75 3.32 Income Inc F 1710.80 - -0.96 3.40 Japan Acc F 312.73 - 2.93 0.29 87.13 - 1.09 0.00 (LUX) Dublin 00 353 439 8100 Hong Kong 00852 3191 8282 FCA Recognised Invesco Management SA Invesco Active Multi-Sector Credit Fund A 2.94 0.01 0.00 108.79 - 0.79 1.02 Invesco Asia Balanced A dist $ 13.96 - 0.04 3.73 Japanese Smlr Cos Acc Latin America Acc F Latin America Inc F F Invesco 90.56 - 0.66 1.03 Invesco Asia Consumer Demand Fund A income $ 11.99 - 0.07 0.25 Managed Growth Acc F 163.01 - 0.40 0.70 Invesco Asia Infrastructure (A) - 0.05 0.77 Managed Growth Inc F 135.70 - 0.33 0.70 Invesco Asia Opportunities Equity A $ 102.68 - Managed Income Acc F 161.20 - 0.26 2.78 Invesco Balanced Risk Allocation Fund A 15.37 - 0.03 0.00 0.16 2.83 Invesco Emerging Europe Equity Fund A $ 8.42 - -0.07 0.00 0.00 0.24 Invesco Emerging Local Currencies Debt A Inc $ 6.85 - 0.00 6.16 9.14 - 0.07 0.00 F Managed Income Inc Money Acc 97.99 F 90.27 Money Acc (Gross) F Monthly Income Plus Acc F Monthly Income Plus Acc (Gross) Monthly Income Plus Inc F F Monthly Income Plus Inc (Gross) F - $ 12.37 0.43 0.00 95.43 - 0.00 0.24 Invesco Emerging Mkt Quant.Eq A $ 299.18 - 0.40 5.27 Invesco Energy A $ 18.43 - -0.22 0.00 353.87 - 0.49 5.23 Invesco Euro Corporate Bond Fund (A) 17.27 - 0.03 0.00 107.85 - 0.14 5.38 Invesco Euro Inflation Linked Bond A 15.74 - 0.00 0.00 108.05 - 0.15 5.38 Invesco Euro Reserve A 322.38 - 0.00 0.00 - 0.01 0.00 Pacific Acc F 1002.19 - 9.53 0.40 Invesco Euro Bond A Pacific Inc F 917.10 - 8.72 0.40 Invesco European Growth Equity A 24.27 - 0.00 0.00 0.03 0.81 Invesco Global Absolute Return Fund A Class 11.29 - -0.01 0.00 Tactical Bond Acc F Tactical Bond Inc F 69.88 - 60.19 - 0.02 0.81 Invesco Global Bond A Inc 5.54 - 0.00 0.59 Tactical Bond Acc (Gross) F 72.62 - 0.03 0.81 Invesco Global Conservative Fund 90 (EUR) A 11.72 - 0.01 0.00 Tactical Bond Inc (Gross) F 60.25 - 0.03 0.81 Invesco Global Equity Income Fund A $ 58.96 - -0.02 0.00 197.38 - -0.74 2.04 Invesco Global Inc Real Estate Sec A dist $ 9.39 - 0.01 2.23 161.26 - -0.61 2.08 Invesco Global Inv Grd Corp Bond A Dist $ 11.89 - 0.04 3.12 532.96 - -1.74 2.27 Invesco Global Leisure A $ 36.78 - 0.18 0.00 UK Focus Acc F UK Focus Inc F UK Growth Acc F UK Growth Inc F $ 7.23 331.08 - -1.08 2.32 Invesco Global Smaller Comp Eq Fd A $ 59.39 - -0.03 0.00 UK Smaller Cos Equity Acc F 903.89 - -0.48 0.77 Invesco Global Structured Equity A $ 44.92 - 0.10 1.18 UK Smaller Cos Equity Inc F 692.18 - -0.36 0.77 Invesco Global Total Ret.(EUR) Bond Fund A 13.29 - 0.04 0.00 5.47 - -0.03 0.00 $ 43.93 - 0.04 0.00 UK Strategic Income Acc F 182.25 - -0.15 3.50 Invesco Gold & Precious Metals A $ UK Strategic Income Inc F 132.15 - -0.11 3.59 Invesco Greater China Equity A 103.20 - 0.00 1.42 UK Higher Inc Acc C 911.70 - -1.50 4.32 $ 21.59 - 0.05 0.00 UK Higher Inc Inc C 519.80 - -0.90 4.47 $ 30.81 - -0.16 0.00 UK Smaller Cos Acc 369.90 - 1.90 0.29 $ 87.06 - 0.00 0.00 UK Smaller Cos Inc 71.63 - 0.36 0.29 (IRL) - -0.70 3.89 94.74 - -0.42 3.99 732.00 - 0.10 0.00 Developing Markets Inc 76.49 - 0.91 0.00 101.30 - 0.00 0.00 Emerging Markets Acc 233.60 - 1.60 1.32 US Equity Income Acc C 129.20 - 0.30 2.13 Emg Mkts Inc 203.90 - 1.50 1.33 US Equity Income Ê hdg Inc C 100.10 - 0.00 2.27 European Alpha Acc 661.90 - 3.20 1.45 US Equity Income Inc C 108.30 - 0.30 2.17 European Alpha Inc 601.20 - 2.90 1.44 US Select Acc 116.50 - 0.20 0.00 European Smaller Cos Acc 459.90 - 1.60 0.46 US Select Inc 115.00 - 0.10 0.00 Global Equity Income Acc 130.20 - 0.60 5.50 US Smaller Cos Acc 358.60 - 2.10 0.00 Global Equity Income Inc 86.43 - 0.37 5.66 US Smaller Cos Inc 93.92 - 0.56 0.00 Managed Bal Inc 136.00 - 0.00 2.28 UK Income Acc 1169.00 - -1.00 4.80 UK Income Inc 563.60 - -0.40 4.89 UK Omega Acc 205.30 - -0.40 2.33 UK Omega Inc 192.00 - -0.40 2.34 UK Smaller Cos Inc 1692.00 - -3.00 1.46 US Acc US Inc $ 6.22 - 0.06 0.00 $ 92.21 - 0.76 0.27 Invesco Bond A $ 27.85 - 0.06 1.89 Invesco Continental Eurp Small Cap Eqty A $ 203.97 - -0.28 0.00 Invesco Emerging Markets Equity A $ 35.76 - 0.10 0.00 Invesco Emerging Markets Bond A $ 21.35 - 0.01 4.43 Invesco Continental European Equity A 8.20 - 0.01 1.19 Ê 15.55 - 0.06 1.32 Invesco Global Small Cap Equity A NAV $ 120.58 - 0.12 0.00 Invesco Global High Income A NAV $ 12.32 - 0.00 5.78 Invesco Gbl R/Est Secs A GBP F F Ê 8.22 - 0.04 0.92 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Property & Other UK Unit Trusts UK Equity Fund for Charities I C Ê 2.751537 - 1.686822 3.71 $ 118.04 - 0.06 0.00 Bond Fund for Charities Invesco Global Health Care A JPMorgan Charity Funds (UK) Ê 1.380959 - $ 12.59 - -0.04 0.07 LF Funds (Banque Libano-Francaise Group) (LUX) Invesco Jap Eqty Core A $ 1.77 - 0.01 0.09 Invesco Japanese Equity A $ 18.70 - 0.13 0.00 Invesco Korean Equity A $ 30.60 - 0.11 0.00 www.eblf.com - lffunds@eblf.com Regulated LF Total Return Bond Fund - Class A $ 116.77 - 0.15 0.00 Invesco PRC Equity A $ 47.90 - 0.37 0.00 LF Total Return Bond Fund - Class D $ 114.78 - 0.15 0.00 Invesco Pacific Equity A $ 47.20 - 0.32 0.07 Invesco Global Technology A $ 14.96 - 0.05 0.00 Invesco UK Eqty A Ê - -0.02 1.51 Invest AD Client services: +971 692 6101 clientservices@InvestAD.com Other International Funds Invest AD - Emerging Africa Fund $ 974.18 5.81 0.00 Invest AD - GCC Focus Fund $ 1398.67 - -3.17 0.00 GAM 0.10 0.00 America Equity Inc Asset Management 62.69 - 0.11 0.00 119.60 - 1.60 0.37 (UK) Property & Other UK Unit Trusts 125.83xd Charibond - 0.33 3.67 (Accum Units) 3794.64xd - 9.91 3.67 NAACIF 75.30xd - 0.02 4.65 (Accum Units) 6904.86xd - 1.81 4.49 M&G Property Portfolio A Acc 129.42 136.23 0.08 3.25 Property Portfolio A 117.16 123.32 0.07 3.31 Property Portfolio X 117.16 117.16 0.07 3.30 M & G (Guernsey) Ltd (GSY) Regulated The M&G Offshore Fund Range 1344.28 1385.85 13.32 3.03 Corporate Bond Global Basics 2444.75 2520.37 -1.61 0.26 Global Leaders 3398.96 3540.58 11.09 1.11 Global High Yield Bond 960.71 990.42 0.40 4.28 Global Macro Bond Fund 11776.19 12140.40 35.88 1.46 North American Dividend Fund 166.29 173.22 0.05 2.19 Optimal Income Fund 142.88 147.30 1.19 2.47 Recovery Fund Limited 'A' Participating Shares 9975.36 10391.00 -33.34 0.51 Recovery Fund Limited 'I' Participating Shares 9993.73 10094.67 -33.60 1.33 Strategic Corporate Bond Fund 134.76 140.37 0.26 2.77 UK Select 1475.69 1537.17 -6.74 1.14 www.majedie.com Authorised Inv Funds Global Equity X Acc GBP Ê Global Focus X Acc GBP Ê 1.14 (UK) - 0.00 0.57 1.14 - 0.00 0.35 142.78 - -0.74 2.83 160.48 - -1.32 1.85 UK Income X Inc 148.30 - -0.12 5.10 UK Smaller Companies A Acc 261.75 - -0.97 1.14 UK Equity X Acc UK Focus X Acc Asset Management - -0.14 1.12 Strategy Balanced-CHF/B SFr 149.41 - 0.26 0.00 Lloyds Investment Funds Limited Euro High Income 1.6370 - 0.0040 2.83 Strategy Balanced-EUR 154.13 - 0.17 0.00 European Ê 7.6680 - 0.0420 1.12 Strategy Balanced-USD/B $ 129.93 - 0.24 0.00 High Income Ê 0.8689 - 0.0030 4.92 SFr 91.82 - 0.15 0.00 International Ê 4.1460 - 0.0230 0.65 114.62 - 0.12 0.00 North American Ê 16.4200 - 0.0500 0.04 Strategy Inc-CHF/B SFr 119.37 - 0.16 0.00 Sterling Bond Ê 1.4850 - 0.0060 3.59 Strategy Inc-EUR/B 159.80 - 0.17 0.00 UK Ê 6.5050 - -0.0030 1.55 Strategy Inc-USD/B $ 147.74 - 0.29 0.00 Lloyds Gilt Fund Limited Lloyds Gilt Fund Quarterly Share Ê 1.3080 - 0.0080 1.70 FCA Recognised Blend.Research Gb.Eq.Fd 100.53 Monthly Share - 0.0080 1.70 Blend.Research Gb.Eq.Fd Ê 102.91 - 0.28 0.00 Blend.Research Gb.Eq.Fd $ 99.26 - 0.02 0.00 Blend.Research U.S.Core Eq.Fd 103.29 - -0.63 - Blend.Research U.S.Core Eq.Fd Ê 100.77 - 0.02 - Blend.Research U.S.Core Eq.Fd Ơ 9454.00 - -75.00 0.00 Strategy Growth-CHF/B Kames Capital ICVC (UK) Asia Inc 66.11 - 0.88 0.37 Cautious Managed Rt Acc 69.17 - 0.19 0.35 Cautious Managed Rt Inc 60.83 - 0.17 0.35 Diversified Income B Inc Diversified Real Ret Acc 52.80 - 0.12 0.96 Diversified Growth B Acc Diversified Real Ret Inc 51.02 - Emerging Mkts Acc 140.80 Emerging Mkts Inc 60.11 104.21 - 0.22 0.00 Ê 1.42 - 0.01 3.17 0.11 0.98 Ethical Cautious Managed B Acc Ê 1.24 - 0.00 2.29 - 1.00 0.68 Ethical Cautious Managed B Inc Ê 1.16 - 0.00 2.32 - 0.43 0.70 Ethical Corporate Bond B Acc Ê 1.75 - 0.01 3.54 Majedie Asset Management LTD Ê 52.6400 - 0.0010 0.09 (IRL) FCA Recognised US Equity Z Acc GBP Ê 1.29 - 0.00 0.00 Tortoise Z Acc GBP Ê 1.01 - 0.01 0.00 - -0.35 0.00 MFS Investment Funds (LUX) Asset Management Ê 1.2580 Lloyds Money Fund Limited Sterling Class Kames House, Lochside Crescent, Edinburgh, EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds 116.90 0.25 0.00 Diversified Income B Acc Asia Acc M & G Securities Ltd Majedie Asset Management LTD Lloyds Investment Fund Managers Limited (1000)F (JER) PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Other International Funds Lloydstrust Gilt Ê 12.5300 - 0.0800 2.21 (UK) 60 Victoria Embankment, London EC4Y 0JP Brokerline: 0800 727 770, Clients: 0800 20 40 20 Authorised Inv Funds JPM Retail OEIC (A class unless stated) America Equity Acc 62.69 - Offer D+/- Yield funds@gam.com, www.jbfundnet.com Regulated Ms EF Special Val EUR/A 140.54 Strategy Growth-EUR JPMorgan Asset Mgmt (1200)F Bid 0.316244 3.55 Invesco Global Select Equity A 7.76 Fund Lazard Fund Managers Ltd (1200)F 149.50 UK Strategic Eq Inc Inc C Invesco ASEAN Equity A Invesco Gilt A Offer D+/- Yield (UK) Mellon House Ingrave Rd Brentwood Essex CM15 8TG Dealing: 0870 6066408, Info: 0870 6066459 Authorised Inv Funds Lazard Investment Funds (OEIC) Retail Share Class Developing Markets Acc 77.43 0.92 0.00 Invesco Asian Equity A Lloyds Multi Strategy Fund Limited Conservative Strategy Ê 1.1250 - 0.0020 1.97 Growth Strategy Ê 1.5130 - 0.0030 1.32 Blend.Research U.S.Core Eq.Fd $ 102.09 - -0.25 Aggressive Strategy Ê 1.8360 - 0.0040 0.00 Em.Mk.Eq.Fund Euro 108.38 - 0.19 0.00 Global USD Growth Strategy $ 1.3850 - 0.0010 0.00 Em.Mk.Eq.Fund Sterling Dealing Daily (BAH) Lohengrin Management Ltd Lohengrin@genesisfundservices.com Tel: 242-502-7020 Other International Funds Lohengrin Fund Ltd - Class C 27.95 6.54 0.00 Lothbury Property Trust (UK) - Ê 97.10 - Em.Mk.Eq.Fd.US Dollar $ 92.57 - 0.49 0.00 Gb.Conc.Eq.Fd.Euro 285.20 - -0.15 0.00 0.76 0.00 Gb.Conc.Eq.Fd.Sterl.UK T Ê 181.78 - 1.04 0.00 Gb.Conc.Eq.Fd.Sterling Ê 275.15 - 1.55 0.00 Gb.Conc.Eq.Fd.US $ 201.96 - 0.62 0.00 Gb.Eq.Hdg Fd.Euro IRE T 186.61 - 0.00 0.00 Gb.Eq.Euro Hdg Fd 264.43 - 0.00 0.00 Gb.Eq.Fund Euro 286.67 - -0.61 0.00 Gb.Eq Fd Euro IRE T 181.38 - -0.38 0.00 Gb.Eq.Fd.Sterling UK T Ê 220.97 - 0.90 0.00 Gb.Eq.Fd.US Dollar $ 320.50 - 0.47 0.00 Gb.Eq.Fund Sterling Ê 218.49 - 0.89 0.00 Emrg Eur Eq Acc 145.80 - -0.40 3.01 Ethical Corporate Bond B Inc Ê 1.00 - 0.00 3.62 Emrg Eur Eq Inc 33.48 - -0.08 3.11 Ethical Equity B Acc Ê 2.02 - 0.00 2.19 0.08 4.64 High Yield Bond B Acc Ê 2.48 - 0.00 4.98 0.06 4.78 High Yield Bond B Inc Ê 0.97 - 0.00 5.10 163.82 - 0.38 1.50 Gb.Val.Ex-Jap.Fd.USD $ 123.15 - 0.21 0.00 Gb.Val.Ex-Japan Fd.Yen Ơ 13281.00 - -50.00 0.00 Emrg Mkts Inc Acc C Emrg Mkts Inc Inc C 49.80 42.75 - 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Property & Other UK Unit Trusts Lothbury Property Trust GBP Ê 1816.72 1959.48 28.19 3.14 Europe Acc 1077.00 - 8.00 1.15 Investment Grade Bond B Acc Europe Inc 61.27 - 0.46 1.16 Investment Grade Bond B Inc Ê 1.18 - 0.00 3.46 Eur Dynamic exUK Acc 161.60 - 1.00 0.62 Sterling Corporate Bond B Acc Ê 0.76 - 0.01 3.31 Gb.Val.Fd Euro 136.37 - -0.37 0.00 Eur Dynamic exUK Ê hdg Acc 177.30 - 0.70 0.74 Sterling Corporate Bond B Inc Ê 0.32 - 0.00 3.38 Gb.Val.Fd.Sterling Ê 126.29 - 0.43 0.00 73.73 - 0.48 0.63 Strategic Bond B Acc Ê 1.13 - 0.00 2.61 Gb.Val.Fd.USD $ 109.72 - 0.09 0.00 Eur Smaller Cos Acc 531.60 - 4.20 0.03 Strategic Bond B Inc Ê 1.16 - 0.00 2.64 Low Volatility Gb.Eq.Fd.Euro 107.45 - -0.10 0.00 Eur Smaller Cos Inc 69.12 - 0.54 0.02 UK Equity B Acc Ê 2.63 - 0.00 2.40 Low Volatility Gb.Eq.Fd.Sterl Ê 109.99 - 0.57 0.00 Global Allocation Acc 53.33 - 0.07 0.91 UK Equity Absolute Return B Acc Ê 1.23 - 0.00 0.00 Low Volatility Gb.Eq.Fd.USD $ 106.09 - 0.06 0.92 UK Equity Income B Acc Ê 2.19 - 0.00 4.52 Low Volatility Gb.Eq.Fd.Yen Ơ 9074.00 - 0.60 0.56 UK Equity Income B Inc Ê 1.65 - 0.00 4.64 Ê 1.76 - 0.00 2.34 Ê 2.93 - 0.00 1.45 Eur Dynamic exUK Inc Asset Management 52.51 261.30 - 0.40 0.56 UK Opportunities B Acc Global Bond Opport Acc 50.16 - 0.05 2.83 UK Smaller Companies B Acc Global Bond Opport Inc 48.54 - 0.05 2.92 Global Eq Income Ê hdg Acc C 67.91 - 0.05 2.82 Global Eq Income Ê hdg Inc C 47.88 - 0.03 2.87 Global Eq Income Acc C 73.82 - 0.21 2.72 Global Eq Income Inc C 62.98 - 0.17 2.76 Global Financials Acc 701.20 - Global Financials Inc 39.44 Global High Yield Bd Mth Inc C 36.33 Global High Yield Bd Acc C 98.70 Global Bond exUK Inc 3125.82 UK Equity Growth Inc 0.00 2.67 Dublin 00 353 439 8100 Hong Kong 00 852 2842 7200 FCA Recognised Invesco Stlg Bd A QD F Ê 2.63 0.01 3.39 Global Bond exUK Acc 409.23 -0.02 0.00 - UK Strategic Eq Inc Acc C Global Allocation Inc F Income Acc - 1.01 Ê 31.26 Invesco Global Asset Management Ltd Asset Management Emerging European Acc European Equity Inc Offer D+/- Yield - 58.57 Distribution Acc (Gross) Offer D+/- Yield - 407.68 Asset Management Bid 99.97 F F Invesco India Equity A 108.69 Asian Equity Income Acc Childrens Acc Fund Balanced Risk No Trail Acc Asian Equity Income (No Trail) Inc Emerging European (No Trail) Inc Invesco Fund Managers Ltd Offer D+/- Yield - F Asian Equity Income (No Trail) Acc - (IRL) Intrinsic Value Investors (IVI) LLP Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 FCA Recognised IVI European Fund EUR 18.37 0.09 0.00 IVI European Fund GBP Bid 569.56 US Equity Acc 204.80 - M & G Securities (1200)F (UK) PO Box 9039, Chelmsford, CM99 2XG www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Authorised Inv Funds 1430.19 - -0.19 4.87 Charifund Inc 0.28 0.00 -26.00 - MMIP Investment Management Limited 40.38xd - 0.40 3.02 (GSY) Regulated Multi-Manager Investment Programmes PCC Limited UK Equity Fd Cl A Series 01 Ê 2305.23 2333.13 -7.29 0.00 M&G Dividend A Inc 59.91 - -0.15 4.55 Diversified Absolute Rtn Fd USD Cl AF2 $ 1531.02 - -6.75 0.00 M&G Dividend A Acc 608.24 - -1.57 4.39 Diversified Absolute Return Stlg Cell AF2 Ê 1549.30 - -6.53 0.00 M&G Episode Growth X Inc 49.41xd - 0.09 2.09 Global Equity Fund A Lead Series Ê 1047.03 1050.69 -1.09 0.60 1.05 Kames House, Lochside Crescent, Edinburgh EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds 123.35 - -0.06 4.58 Property Income B Acc M&G Episode Income A Acc 139.77xd - 0.17 3.93 - 0.03 1.07 Property Income B Inc M&G Episode Income A Inc 113.94xd - 0.14 4.04 - 0.02 7.32 M&G Extra Income A Inc 729.95 - 0.17 4.47 - 0.05 7.26 M&G Extra Income A Acc 6073.28 - 1.42 4.33 North Wall Quay, Dublin 1, Ireland +35 3162 24493 FCA Recognised Absolute Return Bond B GBP Acc 1089.14 - -0.06 1.58 M&G Global Basics A Inc 661.65 - -0.42 0.56 M&G Global Basics A Acc 1005.37 - -0.65 0.52 M&G Global Dividend Fund A Acc 198.95xd - -0.06 3.38 Eq Market Neutral B Acc 1012.94 - -0.44 - M&G Global Dividend Fund A Inc 153.74xd - -0.04 3.46 Eq Market Neutral Plus B Acc 1012.20 - -1.11 - M&G Glbl Emrgng Mkts A Acc 190.15 - 0.62 0.80 High Yield Global Bond A GBP Inc 518.07 - 0.20 3.84 M&G Glbl Emrgng Mkts A Inc 182.07 - 0.59 0.81 High Yield Global Bond B GBP Inc 1079.20 - 0.43 4.34 M&G Global Macro Bond Fund A Acc 114.25xd - 0.35 1.46 Investment Grade Global Bd A GBP Inc 568.16 - 1.51 2.20 M&G Global Macro Bond Fund A Inc 78.62xd - 0.24 1.45 Kames Global Equity Income B GBP Acc 1238.16 - 6.65 - M&G Global High Yield Bond X Inc 48.87xd - 0.02 4.24 Kames Global Equity Income B GBP Inc 1160.89 - 6.23 - M&G Global High Yield Bond X Acc 117.45xd - 0.06 4.24 Strategic Global Bond A GBP Inc 1104.17 - -2.12 0.37 M&G Managed Growth X Inc 77.15xd - 0.23 0.42 -1.20 0.87 M&G Optimal Income A Inc 144.19xd - 1.20 2.45 M&G Optimal Income A Acc 192.23xd - 1.60 2.45 M&G Recovery GBP A Inc 115.15 - -0.39 0.80 M&G Recovery GBP A Acc 259.61 - -0.89 0.80 M&G Strategic Corp Bond A Inc 74.22 - 0.14 2.76 M&G Strategic Corp Bond A Acc 107.74 - 0.20 2.76 M&G Global Leaders GBP A Inc 195.67 - 0.64 1.37 M&G Global Leaders GBP A Acc 463.26 - 1.51 1.35 M&G UK Inflation Lnkd Corp Bnd A Acc 112.30xd - 0.03 1.24 M&G UK Inflation Lnkd Corp Bnd A Inc 110.69xd - 0.03 1.24 Global High Yield Bd Inc C 36.30 - 0.02 7.35 Global Macro Opp A Net Acc 65.66 - 0.21 0.00 Global Macro Opp A Net Inc 65.66 - 0.21 0.00 Global Property Secs Acc 59.28 - 0.12 0.92 Global Property Secs Inc 50.89 - 0.10 0.93 Global Unconstrained Eq Acc 992.50 - 2.70 0.07 Global Unconstrained Eq Inc 73.71 - 0.20 0.07 Income Acc C 49.98 - 0.10 6.41 Income Inc C 45.28 - 0.09 6.43 Japan Acc 330.00 - 5.00 0.00 Japan Inc 79.44 - 1.20 0.00 Multi-Asset Inc Mth Inc C 63.09 - 0.07 3.73 Multi-Asset Inc Acc C 85.76 - 0.10 3.65 Multi-Asset Inc Inc C 63.10 - 0.07 3.73 Multi-Manager Growth Acc 721.60 - -0.30 0.65 Multi-Manager Growth Inc 668.90 - -0.30 0.66 Natural Resources Acc 396.10 - -1.40 0.40 Natural Resources Inc 27.90 - -0.10 0.39 200.80 - 0.00 1.18 Sterling Corporate Bond Acc 85.57 - 0.27 2.13 Sterling Corporate Bond Inc 52.98 - 0.17 2.14 Strategic Bond Acc 69.41 - 0.07 2.96 Strategic Bond Inc 56.90 - 0.05 2.98 Portfolio Acc Asset Management Kames Capital Investment Portfolios ICVC (UK) 112.13 - -0.06 4.69 Kames Capital VCIC Strategic Global Bond B GBP Inc (IRL) 626.49 - Kleinwort Benson Bank (UK) 14 St George Street, Mayfair, London W1S1FE Dealing and enquiries: 0800 024 2400 Authorised Inv Funds Unit Trust Manager/ACD - Host Capital 172.34 HC KB Capital Growth A Acc 0.13 1.36 HC KB Capital Growth A Inc 159.62 - 0.11 1.38 HC KB Enterprise Equity Income A Inc 105.61 - 0.25 3.06 HC KB Enterprise Equity Income A Acc 159.96 - 0.39 3.69 HC KB Endeavour Multi Asset Balanced A Acc 131.38 - 0.03 0.81 Charifund Acc 20161.50 - -2.76 4.71 M&G Corporate Bond A Acc 65.08xd - 0.64 3.02 M&G Corporate Bond A Inc - Manek Investment Mgmt Ltd (1000)F (UK) P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Authorised Inv Funds Growth Fd Acc 52.33 55.33 -0.07 0.00 (UK) Marlborough Fd Managers Ltd (1200)F Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 www.marlboroughfunds.com Authorised Inv Funds 154.87 163.21 -1.53 0.65 Balanced Bond Income Cash Cautious Inc 50.22 53.14 0.04 4.87 50.11 50.11 0.00 0.32 81.94 86.26 0.11 1.08 Defensive A Inc 117.34 117.34 0.01 0.18 Emerging Markets 221.18 221.18 1.73 1.51 ETF Global Growth A 148.01 148.01 0.49 0.00 ETF Commodity A European Multi-Cap Extra Income 70.83 70.83 -0.27 0.00 310.65 310.65 0.75 0.27 78.47 83.04 0.09 4.59 Far East Growth A Inc 156.76 156.76 1.74 1.93 Global 180.81 190.36 0.23 0.00 Global Bond Inc 140.75 148.94 0.45 3.09 High Yield Fixed Interest 73.09 77.55 0.04 5.69 Multi Cap Income A Inc 153.48 153.48 0.13 4.74 Nano-Cap Growth A Acc 106.3369 117.1700 -0.1346 0.00 14 | FTfm FINANCIAL TIMES Monday 30 May 2016 FTfm Fund Bid Special Situations A Acc 1222.28 1293.42 0.33 0.45 Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Asia Pac Bd USD Ord Inc $ 96.31 Bid Offer D+/- Yield - 0.15 2.57 UK Multi-Cap Growth A Inc 249.36 263.87 -1.42 0.64 Asia Pac Eq EUR Ord Inc 84.01 - -0.10 3.13 UK Micro Cap Growth A 488.58 517.02 0.51 0.00 Asia Pac Eq GBP Ord Inc Ê 87.17 - -0.09 3.67 US Multi-Cap Income 334.28 334.28 1.46 0.61 Asia Pac Eq USD Ord Inc $ 88.24 - -0.10 3.12 $ 146.54 - -0.03 0.00 0.19 0.00 Pictet-USA Index-I USD F $ 185.73 - -0.02 0.00 - 0.19 0.00 Pictet-USD Government Bonds-I F $ 653.62 - 1.98 0.00 103.13 - -0.17 - Pictet-USD Short Mid-Term Bonds-I F $ 130.91 - 0.03 0.00 Ê 101.54 - -0.15 - Pictet-USD Sov.ST.Mon.Mkt-I $ 102.87 - 0.01 0.00 $ 101.98 - -0.15 - Pictet-Water-I EUR F 293.41 - 0.23 0.00 167.07 180.62 2.79 0.00 Dyn Europ Eq USD Ord Inc $ 172.43 - -0.26 0.71 MFM Hathaway Inc 110.06 115.25 2.54 1.82 China Equity EUR Ord Acc 112.61 - 0.17 0.00 MFM Techinvest Special Situations Acc 145.10 145.10 -0.01 0.00 China Equity GBP Ord Acc Ê 117.56 - 0.19 0.00 MFM Techinvest Technology Acc 345.50 345.50 7.02 0.00 China Equity USD Ord Acc $ 114.99 - MFM UK Primary Opportunities A Inc 334.17 334.17 -0.23 1.30 Asian Equity A F $ 39.46 - 0.04 0.00 China Equity USD Inst Acc $ 118.65 Asian Property A F $ 17.69 - -0.04 0.00 Europ Equity Fd EUR Diversified Alpha Plus A F 28.74 - -0.05 0.00 Europ Equity Fd GBP Emerg Europ, Mid-East & Africa Eq A F 66.13 - 0.16 0.00 Europ Equity Fd USD $ 78.92 - -0.26 0.00 Global Val.Cr.Fd GBP Ord Inc Ê 111.95 - 0.17 3.53 Emerging Markets Domestic Debt AX F Ê 10.83 - 0.04 4.10 Global Val.Cr.Fd USD Inst Acc $ 126.27 - 0.19 0.00 Emerging Markets Equity A F $ 33.24 - 0.07 0.00 Global Val.Cr.Fd GBP Ord Acc Ê 181.55 - 0.28 0.00 Euro Bond A F 16.11 - 0.01 0.00 Global Val.Cr.Fd USD Ord Acc $ 170.53 - 0.26 0.00 Euro Corporate Bond AX F Ê 23.06 - 0.15 1.44 Global Val.Cr.Fd EUR Ord Acc 158.02 - 0.22 0.00 Euro Strategic Bond A F 44.49 - 0.05 0.00 Swiss Select Equity Inst Acc SFr 119.40 - 0.72 0.00 European Currencies High Yield Bd A F 22.15 - 0.04 0.00 Swiss Select Equity Ord Acc SFr 117.70 - 0.70 0.00 European Equity Alpha A F 41.68 - -0.12 0.00 US Growth USD Ord Acc $ 196.26 - 0.16 0.00 European Property A F 35.52 - -0.12 0.00 US Growth EUR Ord Acc 186.96 - 0.13 0.00 Eurozone Equity Alpha A F 11.22 - 0.01 0.00 US Growth GBP Ord Acc Ê 196.92 - 0.16 0.00 Global Bond A F $ 40.06 - 0.15 0.00 US Growth USD Inst Acc $ 181.90 - 0.15 0.00 Global Brands A F $ 102.96 - 0.01 0.00 Wealthy Nat Bd EUR Inst Inc 110.93 - 0.09 3.58 Global Convertible Bond A F $ 41.16 - -0.12 0.00 Wealthy Nat Bd GBP Inst Inc Ê 115.68 - 0.11 3.54 Global Property A F $ 28.22 - 0.04 0.00 Wealthy Nat Bd EUR Ord Inc 110.16 - 0.09 3.33 Easter Alderston, Haddington, EH41 3SF 01620 825867 Authorised Inv Funds Balanced Fund Personal Class Units 4108.40xd - 13.70 1.76 Indian Equity A F $ 35.45 Income Fund Personal Class Units 2439.40 - 4.90 2.89 Emerging Markets Fund Personal Class Units 1689.50xd - 7.10 2.01 Smaller Companies Fund Personal Class Units 3762.70 - -1.10 1.57 (UK) Meridian Fund Managers Ltd Other International Funds Global Gold & Resources Fund $ 234.18 - 23.12 - Global Energy & Resources Fund $ 34.58 - 2.74 - Milltrust India A $ 125.09 - 1.95 0.00 Milltrust Latin America A $ 74.37 - 0.32 0.00 Milltrust Keywise China Fund $ 105.08 - -0.21 0.00 0.21 0.00 Mir - Conv Bds Glb A USD $ 111.61 - 0.15 0.00 Mir - Eq Asia ex Jap A $ 164.34 - 1.69 0.00 Mir.- EqEurope ExUK Sm&Mid Ê 109.87 - 1.23 Mir - Eq Glb Emrg Mkt A USD $ 86.44 - 0.78 0.00 Mir - Eq Global Focus A USD $ 95.85 - 0.17 0.00 Mir - EqPanEuropeSm&Mid 115.99 - 0.35 0.00 Mir - Eq Spain A - 24.92 - 0.02 0.00 Mir - Eq Swiss Sm/Mid A SFr 346.96 - 1.69 0.00 Mir - Glb High Yield Bds A $ 110.66 - 0.17 Mir - Glb Eq High Income A USD $ 97.83 - 0.04 0.00 Mir - Glb Inv Grade Bds A 103.04 - 0.10 Mir - Glb Strat Bd A USD $ 106.89 - 0.21 0.00 Mir Opp.- Activ.Strategies I $ 96.61 - 2.20 0.00 MIR OPP.- EMERG.MKT HO $ 104.65 - 0.00 0.00 Mir - US Shrt Term Credit Fd $ 101.13 - 0.09 MirAlt Sicav-Diversified A Cap $ 106.02 - 0.61 0.00 MirAlt Sicav-Europe A dis - - 67.65 - -0.90 0.00 MirAlt Sicav - North America A dis $ 145.86 - 0.90 0.00 (IRL) Other International Funds Cuttyhunk Fund II Limited Pimco Fds: Global Investors Series Plc $ 1357.15 - -19.54 0.00 JENOP Global Healthcare Fund Ltd $ 12.37 - -0.19 0.00 OPTIKA Fund Limited - Cl A $ 89.70 - 1.27 Optima Fd NAV - $ 82.42 - 0.07 0.00 Optima Discretionary Macro Fund Limited $ 84.53 - -0.35 0.00 The Dorset Energy Fd Ltd NAV $ 31.90 - 0.64 0.00 Platinum Fd Ltd $ 81.19 - -0.29 0.00 Platinum Fd Ltd EUR 15.60 - -0.07 0.00 Platinum Japan Fd Ltd $ 52.21 - 0.51 0.00 Optima Partners Global Fd $ 13.46 - 0.05 0.00 Optima Partners Focus Fund A $ 14.54 - -0.01 0.00 (IRL) PIMCO Europe Ltd,11 Baker Street,London W1U 3AH http://gisnav.pimco-funds.com/ Dealing: +44 20 3640 1000 PIMCO Funds: +44 (0)20 3640 1407 FCA Recognised Capital Securities Inst Acc $ 14.98 0.09 0.00 0.03 0.00 $ 11.33 - 0.05 0.00 - 2.30 4.03 0.00 0.00 - 0.04 0.00 23.16 - 0.01 0.00 US Growth A F $ 65.91 - 0.09 0.00 All Weather Fd EUR Cls 102.47 - 0.49 0.00 Euro Credit - Inst Acc 15.16 - 0.01 0.00 US Growth AH F 45.50 - 0.05 0.00 All Weather Fd GBP Cls Ê 110.45 - 0.64 0.00 Euro Income Bond - Inst Acc F 13.34 - 0.01 0.00 US Growth AX F Ê 44.88 - 0.13 0.00 Tactical Opps USD Cls $ 127.18 - 5.11 0.00 Euro Long Average Duration - Inst Acc 23.71 - 0.02 0.00 US Property A F $ 70.90 - 0.33 0.00 Tactical Opps EUR Cls 106.48 - 4.27 0.00 Euro Low Duration Fund Inst Acc 11.32 - 0.01 0.00 Tactical Opps GBP Cls Ê 119.04 - 4.75 0.00 Euro Real Return - Inst Acc 13.72 - 0.05 0.00 Euro Short-Term Inst Acc 12.26 - 0.01 0.00 Euro Ultra Long Duration - Inst Acc 31.88 - 0.04 0.00 Global Advantage - Inst Acc - 0.05 0.00 8.65 - 0.03 0.00 Global Bond - Inst Acc $ 28.72 - 0.06 0.00 Global Bond Ex-US - Inst Acc $ 20.26 - 0.04 0.00 -16.52 0.00 Global High Yield Bond - Inst Acc $ 20.67 - 0.02 0.00 3.85 0.00 Global Investment Grade Credit - Inst Income $ 12.38 - 0.04 3.80 - 4.65 Global Investment Grade Credit Fund Inst Acc 11.99 - 0.00 0.00 - -0.04 0.00 Global Investment Grade Credit Fund Inst Acc $ $ 17.27 - 0.04 0.00 Global Multi-Asset - Inst Acc $ 14.31 - 0.09 0.00 Global Real Return - Inst Acc $ 18.53 - 0.07 0.00 Income Fund Inst Acc $ 12.72 - 0.00 0.00 Inflation Strategy Fund Inst Acc $ Harris Concentrated US Equity R/A (USD) $ 157.35 157.35 -1.06 0.00 - Pictet Asset Management (Europe) SA Natixis International Funds (Dublin) I plc (IRL) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Regulated Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.92 12.92 0.05 1.21 8.12 8.12 0.03 11.36 (UK) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Authorised Funds H2O MultiReturns Fund N/A (GBP) Ê 1.32 - -0.01 1.68 Harris Associates Global Concentrated Equity Fund N/A (GBP) Ê 1.06 - 0.01 1.32 Loomis Sayles Strategic Income N/D (GBP) Ê 1.00 - 0.00 4.01 Loomis Sayles Strategic Income H-N/D (GBP) Ê 0.93 - 0.00 4.14 Loomis Sayles US Equity Leaders N/A (GBP) Ê 1.59 - 0.01 0.28 Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) Ê 1.01 - 0.01 2.06 Seeyond Factor Plus U.K Equity Fund N/A (GBP) Ê 1.01 - 0.00 3.49 Oasis Crescent Management Company Ltd Other International Funds Oasis Crescent Equity Fund R 10.28 - -0.05 0.00 Oasis Global Mgmt Co (Ireland) Ltd (IRL) Regulated Oasis Global Investment (Ireland) Plc Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 1.05 Oasis Global Equity - -0.01 0.34 $ 27.32 Oasis Crescent Global Investment Fund (Ireland) plc Oasis Crescent Global Equity Fund $ 28.00 - -0.02 0.11 Oasis Crescent Variable Balanced Fund Ê 10.43 - 0.02 0.84 OasisCresGl Income Class A $ 10.88 - -0.01 2.45 OasisCresGl LowBal D ($) Dist $ 11.76 - 0.00 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 11.99 - 0.00 0.53 Oasis Crescent Gbl Property Eqty $ - 0.03 1.73 9.75 NatWest (2230)F (UK) PO Box 23873, Edinburgh EH7 5WJ** Enquiries: 0800 085 5588 Authorised Inv Funds Series 1(Minimum initial investment 16375,000) United Kingdom Equity Index Fund Ê 12.34 0.00 2.92 UK Specialist Equity Inc Ê 19.00 - 0.04 0.40 Contl Europe Spec Equity Ê 15.89 - 0.08 0.00 US Spec Equity Fund Ê 14.39 - 0.04 0.00 Japan Specialist Fund Ê 9.90 - 0.03 0.00 Pacific Basin Specialist Equity Fund Ê 21.71 - 0.27 0.92 UK Sovereign Bd Index Fund - 0.05 2.46 Ê 11.25 UK Specialist Equity Income Fund Ê 9.29 - 0.02 4.17 Global Spec Inv Grade Bd Fund GBP Ê 9.98 - 0.03 2.91 Ê 10.93 - 0.13 0.08 Series (Investment Management customers only) United Kingdom Equity Index Fund Ê 12.33 0.00 3.56 UK Specialist Equity Inc Ê 19.18 - 0.04 1.61 MW Japan Fund PLC B $ 24.76 - 0.17 0.00 Contl Europe Spec Equity Ê 16.68 - 0.08 1.18 MW Japan Fund PLC C $ 86.09 - 0.30 0.00 US Spec Equity Fund Ê 15.11 - 0.05 0.36 Japan Specialist Fund Ê 10.55 - 0.03 0.64 (IRL) Pacific Basin Specialist Equity Fund Ê 21.58 - 0.26 1.91 Ê 11.46 - 0.04 2.46 0.00 2.70 UK Specialist Equity Income Fund Ê 10.14 - 0.02 4.09 - 0.04 2.91 Ê 10.54 - 0.14 0.91 UK Sovereign Bd Index Fund Morant Wright Fuji Yield GBP Acc Hedged Ê 10.09 - 0.00 0.00 Global Spec Inv Grade Bd Fund GBP Ê 10.19 Morant Wright Fuji Yield GBP Dist Hedged Ê 9.27 - 0.00 6.76 Global Emerg Mkts Equity Fund Morant Wright Fuji Yield USD Acc Hedged $ 9.84 - -0.01 0.00 Morant Wright Fuji Yield USD Dist Hedged $ The initial charge you will pay will depend on the amount you invest **Address and Telephone number for series only 15, Avenue J.F Kennedy L-1855 Luxembourg Tel: 0041 58 323 3000 FCA Recognised Pictet-Absl Rtn Fix Inc-HI EUR 107.33 - CF Odey Opus GBP R Inc 3516.97 - 9.67 0.00 CF Odey Absolute Return GBP R 305.92 - -1.18 0.00 CF Odey Portfolio Fund GBP R Inc 140.28 - 0.07 0.07 Odey Asset Management LLP (CYM) Regulated OEI Mac Inc GBP A Ê 262.02 - 22.11 0.00 OEI Mac Inc GBP B Ê 148.94 - 13.64 0.00 OEI MAC Inc USD $ 1391.93 - 116.08 0.00 Odey European Inc EUR 613.36 - 44.48 0.00 Odey European Inc GBP A Ê 237.93 - 17.53 0.00 Odey European Inc GBP B Ê 135.03 - 9.95 0.00 Odey European Inc USD $ 284.37 - 20.72 0.00 Giano Capital EUR Inc 4413.43 - -216.41 0.00 Odey Asset Management LLP - 0.04 0.00 - 0.02 0.00 PIMCO RAE Fundam.PLUS US Inst Acc $ 12.64 - 0.00 0.00 Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.22 - 0.01 0.00 StocksPLUS{TM} - Inst Acc $ 23.79 - 0.01 0.00 Total Return Bond - Inst Acc $ 27.86 - 0.06 0.00 UK Corporate Bond - Inst Acc Ê 17.87 - 0.06 0.00 - 0.09 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 199.12 - 1.74 0.00 UK Low Duration - Inst Acc Ê 14.14 - 0.01 0.00 Pictet-Asian Local Currency Debt-I USD F $ 157.81 - 0.17 0.00 UK Real Return - Inst Acc Ê 22.94 - -0.04 0.00 Pictet-Biotech-I USD F $ 680.65 - -5.48 0.00 UK Sterling Long Average Duration - Inst Acc Ê 23.19 - 0.00 0.00 Pictet-Brazil Index I USD $ 43.77 - 0.19 0.00 Unconstrained Bond - Inst Acc $ 12.05 - 0.01 0.00 SFr 510.72 - -1.28 0.00 US High Yield Bond Fund Inst Acc $ 28.64 - 0.02 0.00 Pictet-China Index I USD $ 95.86 - 0.17 0.00 Pictet-Clean Energy-I USD F $ 77.60 - 0.06 0.00 Pictet-CHF Bonds I CHF Pictet-Digital Communication-I USD F $ 263.02 - 1.65 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 162.78 - 0.47 0.00 Pictet-Emerging Europe-I EUR F 286.51 - 2.55 0.00 Pictet-Emerging Markets-I USD F $ 471.74 - 2.30 0.00 Pictet-Emerging Markets Index-I USD F $ 208.61 - 3.03 0.00 Pictet-Emerging Corporate Bonds I USD $ 112.01 - 0.08 0.00 Pictet-Emerging Markets High Dividend I USD $ 92.29 - 0.44 0.00 Pictet-Emerging Markets Sust Eq I USD $ 83.97 - 0.21 0.00 573.28 - 0.43 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR 147.35 - 0.17 0.00 204.38 - 0.20 0.00 Pictet-EUR Government Bonds I EUR 163.02 - 0.00 0.00 247.06 - 0.44 0.00 Pictet-EUR Short Mid-Term Bonds-I F 137.27 - 0.00 0.00 122.51 - 0.10 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I 102.78 - 0.00 0.00 Pictet-Euroland Index IS EUR 127.56 - 0.60 0.00 Pictet-Europe Index-I EUR F Pictet-EUR High Yield-I F Pictet-EUR Short Term HY I EUR 165.21 - 0.25 0.00 Pictet-European Equity Selection-I EUR F 609.84 - -0.89 0.00 243.59 - 0.53 0.00 Pictet-Global Bds Fundamental I USD $ 123.19 - 0.51 0.00 172.41 - 0.13 0.00 Pictet-Global Emerging Currencies-I USD F $ 99.15 - 0.05 0.00 Pictet-Global Emerging Debt-I USD F $ 374.26 - 0.04 0.00 162.02 - -0.21 0.00 Pictet-Global Megatrend Selection-I USD F $ 222.42 - 0.65 0.00 Pictet-Greater China-I USD F $ 415.60 - 3.71 0.00 Pictet-Health-I USD $ 262.14 - -0.02 0.00 Pictet-High Dividend Sel I EUR F 158.36 - -0.05 0.00 Pictet-India Index I USD $ 95.11 - 1.64 0.00 Pictet-Indian Equities-I USD F $ 441.34 - 4.16 0.00 Pictet-Japan Index-I JPY F Pictet-European Sust Eq-I EUR F Pictet-Global Bonds-I EUR Pictet-Global Env.Opport-I EUR Ơ 14233.35 - 76.27 0.00 - 36.04 0.00 (IRL) Pictet-Japanese Equity Selection-I JPY F Ơ 12448.44 - 57.83 0.00 - 0.00 2.66 - 0.23 0.00 -0.41 0.00 FCA Recognised Odey Pan European EUR R $ 54.05 - 302.74 - 0.57 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 115.89 - -1.11 0.00 Morant Wright Fuji Yield B YEN Acc Ơ 902.96 - 0.20 0.00 Odey Absolute Return Focus Fund $ 90.30 - -2.89 Pictet-Multi Asset Global Opportunities-I EUR 116.23 - -0.04 0.00 Morant Wright Fuji Yield YEN Dist Ơ 986.26 - -0.40 2.69 Odey Allegra European EUR O 251.22 - 0.07 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 333.14 - 1.93 0.00 Morant Wright Sakura Fund Sterling Acc Hedged Ê 12.25 - 0.04 0.00 Odey Allegra International EUR O 159.73 - 0.34 0.00 Pictet-Premium Brands-I EUR F 140.45 - -0.34 0.00 Morant Wright Sakura Fund Euro Acc Hedged 12.26 - 0.04 0.00 Odey Allegra Developed Markets USD I $ 127.89 - 0.14 0.00 Pictet-Quality Global Equities I USD $ 139.88 - 0.81 0.00 Morant Wright Sakura Fund Yen Acc Unhedged Ơ 1261.86 - 4.26 0.00 Odey European Focus Fund 17.32 - 0.08 0.00 Pictet-Russia Index I USD $ 54.23 - 0.34 0.00 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.21 - 0.04 0.00 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.12 - 0.05 0.00 Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised New Capital UCITS Funds Asia Pac Bd USD Inst Inc $ 94.47 0.14 3.26 8.51 PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 11.03 UK Long Term Corp Bnd Inst-Inst Acc Ê 20.05 9.74 (IRL) PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 0.11 0.00 Morant Wright Fuji Yield YEN Acc Ơ 1022.38 New Capital Fund Management Ltd 0.02 0.00 0.01 0.00 -0.19 0.00 Pictet-Japanese Equities Opp-I JPY F Ơ 8512.32 Pictet-LATAM Index I USD - - - Pictet-EUR Corporate Bonds-I F (UK) 40 Dukes Place, London, EC3A 7NH Order Desk and Enquiries: 0345 300 2106 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds CF Odey Continental European GBP R Acc 730.48 4.38 0.03 (LUX) 9.05 Low Average Duration - Inst Acc $ 14.94 184.66 Pictet-Agriculture-I EUR F Pictet-EUR Bonds-I F Odey Asset Management LLP $ 12.46 Global Advantage Real Return Fund Inst Acc $ Harris US Equity Fund R/A (USD) $ 207.71 207.71 -1.01 0.00 Odey Giano European Fund EUR R 112.70 - 0.27 0.00 Pictet-Russian Equities-I USD F $ 49.41 - 0.26 0.00 Odey Naver Fund EUR I 113.47 - -0.47 0.00 Pictet-Security-I USD F $ 206.47 - 0.62 0.00 Odey Odyssey USD I $ 124.81 - -0.73 0.00 Pictet-Select-Callisto I EUR 103.11 - -0.08 0.00 Odey Swan Fund EUR I 68.52 - 0.45 0.00 Pictet-Small Cap Europe-I EUR F 1129.28 - -3.33 0.00 Odey European Absolute Return GBP S Ê 86.84 - -0.13 0.00 Pictet-ST.MoneyMkt-I 140.35 - 0.00 0.00 (JER) Emerging Local Bond - Inst Acc Euro Bond - Inst Acc Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 FCA Recognised Harris Global Equity R/A (USD) $ 240.24 240.24 0.44 0.00 Purisima Investment Fds (CI) Ltd 0.01 0.00 Emerging Markets Short-Term Local Currency Fund $ 12.10 Natixis International Funds (Lux) I SICAV (LUX) 0.51 0.00 - Other International Funds NAV (Fully Diluted) $ 153.10 0.52 0.25 - - 0.00 0.00 Permal Absolute Return Fund - 167.74 Emerging Asia Bond Fund Inst Acc $ 10.19 - - 169.76 Global Total Fd PCG INT Diversified Income Durat Hdg Fund Inst Acc $ 11.51 New Capital Alternative Strategies All Weather Fd USD Cls $ 114.53 $ 336.41 Global Total Fd PCG B 0.57 0.00 0.00 0.00 Fixed Income Holdings N.V (UK) 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 922 0044 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers Global Total Fd PCG A 171.09 0.53 0.49 - - 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Other International Funds 1.03 0.00 Northwest $ class $ 2280.74 - Purisima Investment Fds (UK) (1200)F 162.98 $ 13.03 - 1.07 0.00 PCG C US Dollar Liquidity A F - - 0.06 0.00 0.00 0.00 $ 4143.04 $ 143.24 0.00 0.00 - Macro Holdings Ltd 1.20 0.00 Prusik Asian Smaller Cos A - - www.permal.com Other International Funds Offshore Fund Class A US $ Shares Investment Holdings N.V $ 5037.64 - - Emerging Markets Corp.Bd Fund Inst Acc F $ 13.17 Permal Investment Mgmt Svcs Ltd 0.48 3.97 $ 184.56 $ 20.26 Emerging Markets Bond - Inst Acc $ 40.01 0.74 0.00 - Prusik Asia A Diversified Income - Inst Acc Oryx International Growth Fund Ltd - (IRL) Enquiries - 0207 493 1331 Regulated Prusik Asian Equity Income B Dist $ 159.84 Credit Absolute Return Fund Inst Acc $ 11.12 0.10 3.25 $ 368.12 Prusik Investment Management LLP 0.57 0.00 0.10 3.27 Other International Funds Phaeton Intl (BVI) Ltd (Est) (GSY) Ê 488.42 493.51 1.95 1.25 - - Morgens Waterfall Vintiadis.co Inc Regulated Monument Growth 24/05/2016 165.40 - -0.01 0.00 Private Fund Mgrs (Guernsey) Ltd Regulated PCG B Ê 116.27 - Offer D+/- Yield 0.02 0.00 $ 113.55 6.99 Bid - Wealthy Nat Bd USD Ord Inc Ê Fund 6.28 Commodity Real Return Fund Inst Acc $ Wealthy Nat Bd GBP Ord Inc 0.17 0.00 - Optima Fund Management 0.00 0.00 - 9.61 23.33 0.00 0.85 0.00 $ 24.62 FCA Recognised Morant Wright Fuji Yield EUR Dist Hedged - -0.31 0.00 FCA Recognised MW Japan Fund PLC A Morant Wright Funds (Ireland) PLC $ 845.76 - Global Emerg Mkts Equity Fund MW Japan Fund Plc Pictet Total Ret-Kosmos I EUR - Natixis International Funds www.mirabaud.com, marketing@mirabaud.com Regulated Mir - Conv Bds Eur A EUR 133.75 - Other International Funds Estimated NAV - Loomis Sayles Multisector Income R/D (GBP) $ 12.13 12.13 0.04 5.59 (LUX) Omnia Fund Ltd $ 40.74 Loomis Sayles High Income R/D (USD) $ Mirabaud Asset Management 0.01 0.00 20.37 Ministry of Justice Common Investment Funds (UK) Distribution Units - Short Maturity Euro Bond A F Loomis Sayles Strategic Alpha R/A (USD) $ 111.67 111.67 0.17 Property & Other UK Unit Trusts 1330.00 1330.00 0.00 3.03 The Equity Idx Tracker Fd Inc 210.88 Latin American Equity A F Northwest Investment Management (HK) Ltd Emerging Markets Managed Accounts PLC (IRL) info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com Regulated Milltrust ASEAN A $ 93.41 0.51 0.00 0.07 0.00 Pictet-US High Yield-I USD F -0.29 1.07 McInroy & Wood Portfolios Limited Pictet Total Ret-Agora I EUR 0.23 0.00 - (CYM) 0.62 0.00 -0.18 0.00 Ê 183.25 -6.34 0.00 - - Dyn Europ Eq GBP Ord Inc MFM Bowland (LUX) 6b Route de Trốves L-2633 Senningerberg Luxembourg (352) 34 64 61 www.morganstanleyinvestmentfunds.com FCA Recognised US Advantage A F $ 57.40 0.05 0.00 - $ 147.58 - 151.07 151.07 3.27 0.32 Ê 437.31 0.02 0.00 Pictet-Timber-I USD F Pictet-US Equity Selection-I USD $ 190.96 MFM Artorius Fund Marwyn Asset Management Limited -0.01 0.00 - Pictet Total Ret-Mandarin I USD $ 112.07 -0.29 0.71 Regulated Marwyn Value Investors - $ 135.74 -0.02 0.00 - Ê 23.70 25.26 -0.68 0.00 SFr 123.80 Pictet-ST.MoneyMkt-IUSD - 172.65 Marlborough Tiger Fund Ltd F Pictet-ST.MoneyMkt-ICHF 109.88 Dyn Europ Eq EUR Ord Inc Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 FCA Recognised Marlborough North American Fund Ltd Ê 33.62 35.83 0.38 0.00 (IRL) 0.33 0.00 38.58 38.58 -0.41 0.00 Marlborough International Management Limited (GSY) 1.68 0.00 -0.07 0.00 Junior Gold C Acc Emerging Markets Debt A F - - -0.11 3.78 169.65 180.00 1.93 0.24 www.odey.com/prices FCA Recognised Odey Opportunity EUR I Offer D+/- Yield Pictet Total Ret-Divers Alpha I EUR 104.40 -0.11 0.00 - MFM Slater Recovery Odey Wealth Management (CI) Ltd Bid Ơ 101475.56 Pictet-ST.MoneyMkt JPY I USD - - $ 98.56 154.20 154.20 0.29 4.40 Fund - $ 95.19 Asia Pac Eq USD Inst Inc MFM Slater Income A Inc Offer D+/- Yield 114.36 Asia Pac Eq USD Inst Acc 65.87 69.70 0.12 0.00 Slater Investments Ltd - Investment Adviser 402.51 427.07 0.15 0.12 MFM Slater Growth Bid Pictet Total Ret-Corto Europe I EUR 134.32 MFM - Third Party Funds Junior Oils Morgan Stanley Investment Funds Fund Putnam Investments (Ireland) Ltd Regulated Putnam New Flag Euro High Yield Plc - E 1008.88 (IRL) Ram Active Investments SA www.ram-ai.com Other International Funds RAM Systematic Emerg Markets Core Eq $ 78.18 - 0.04 - RAM Systematic Emerg Markets Eq $ 143.08 - 0.35 - 375.83 - 1.08 RAM Systematic Global Shareholder Yield Eq $ 101.20 - 0.34 0.00 RAM Systematic Long/Short Emerg Markets Eq $ 118.74 - -0.08 - RAM Systematic Long/Short European Eq 136.61 - 0.26 - RAM Systematic North American Eq $ 236.85 - 0.08 - RAM Tactical Convertibles Europe 143.56 - 0.35 - RAM Tactical Global Bond Total Return 141.75 - 0.19 - RAM Tactical II Asia Bond Total Return $ 130.48 - 0.04 - RAM Systematic European Eq Rathbone Unit Trust Mgmt (1200)F (UK) PO Box 9948, Chelmsford, CM99 2AG Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Authorised Inv Funds 151.11 156.02 0.21 4.37 Blue Chip Income Inc Blue Chip Income Acc 228.05 235.21 0.30 4.19 Ethical Bond Inc 90.02 92.08 0.15 4.69 Ethical Bond Acc 175.47 179.08 0.29 4.88 Global Opportunities Acc 144.77 149.33 0.78 0.00 Income Inc 843.76 872.44 -0.83 4.08 Income Acc 1330.77 1374.09 -1.30 3.91 Multi Asset Enhanced Growth Acc 123.92 - 0.23 0.08 Multi Asset Strategic Growth inc 150.35 - 0.23 1.27 Multi Asset Strategic Growth acc 160.38 - 0.25 1.26 Multi Asset Total Return inc 126.65 - 0.02 1.90 Multi Asset Total Return acc 140.66 - 0.02 1.88 Recovery Inc 423.95 440.12 -0.84 2.71 Recovery Acc 515.80 534.86 -1.02 2.66 Strategic Bond I-Class Acc 127.23 128.05 0.20 4.03 Strategic Bond I-Class Inc 109.57 110.36 0.18 4.23 Platinum Capital Management Ltd Other International Funds Platinum All Star Fund - A $ 115.01 - - Platinum Global Dividend Fund - A $ 49.22 - - - Platinum Maverick Enhanced Fund Limited $ 89.57 - - 0.00 Polar Capital Funds Plc (IRL) Robeco Asset Management (LUX) Coolsingel 120, 3011 AG Rotterdam, The Netherlands www.robeco.com/contact FCA Recognised 0.51 0.00 Asia-Pacific Equities (EUR) 125.00 Chinese Equities (EUR) 66.88 - 0.34 0.00 Em Stars Equities (EUR) 160.26 - -0.18 0.00 Emerging Markets Equities (EUR) 135.81 - -0.30 0.00 110.84 - -0.18 0.00 Glob.Consumer Trends Equities (EUR) 148.18 - 0.05 0.00 Flex-o-Rente (EUR) Regulated Asian Financials I USD $ 282.55 282.55 2.20 1.16 High Yield Bonds (EUR) 130.86 - Biotechnology I USD $ 16.03 16.03 -0.07 0.00 Lux -O- Rente (EUR) 148.37 - 0.06 0.00 European Income Acc EUR 11.38 11.38 0.01 0.00 New World Financials (EUR) 49.27 - -0.17 0.00 European Ex UK Inc EUR Acc US Premium Equities (EUR) 183.45 - -0.41 0.00 Financial Opps I USD $ 11.48 - 0.01 1.94 US Premium Equities (USD) $ 205.53 - -0.43 0.00 GEM Growth I USD $ 8.38 - 0.04 0.00 GEM Income I USD $ 9.34 - 0.03 0.00 Global Alpha I USD $ 12.94 12.94 0.02 0.00 Global Convertible I USD $ 11.35 11.35 0.04 0.00 Global Insurance I GBP Ê 4.38 - 0.01 0.00 Global Technology I USD $ 23.42 - 0.14 0.00 9.79 9.79 0.05 - Healthcare Blue Chip Fund I USD Acc $ 10.49 10.49 0.01 0.00 Healthcare Opps I USD $ 35.23 Income Opportunities B2 I GBP Acc Ê 1.72 - -0.06 0.00 1.72 0.01 0.00 Japan Alpha I JPY Ơ 176.27 176.27 2.06 0.00 Japan I JPY Ơ 1744.10 North American I USD $ 17.70 17.70 -0.05 0.00 UK Absolute Equity I GBP Ê 13.09 13.09 0.01 0.00 - 15.82 1.19 Royal Bank of Scotland (2230)F (UK) PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Series (Minumum Initial Investment Ê75,000) United Kingdom Equity Index Fund Ê 15.44 0.00 2.91 UK Specialist Equity Inc Ê 19.00 - Contl Europe Specialist Fund Ê 23.46 - 0.12 0.00 Japan Specialist Fund Ê 14.98 - 0.04 0.00 US Spec Equity Fund Ê 19.44 - 0.05 0.00 Pacific Basin Specialist Equity Fund Ê 38.29 - 0.47 0.91 UK Sovereign Bd Index Fund - 0.04 2.46 9.27 - 0.02 4.17 (CYM) Ê 10.56 - 0.13 0.07 - 0.04 2.91 Ê 11.02 UK Specialist Equity Income Fund Ê Global Emerg Mkts Equity Fund Polar Capital LLP 0.20 0.00 Global Spec Inv Grade Bd Fund GBP Ê 9.84 0.03 0.40 Regulated ALVA Convertible A USD $ 128.55 - 0.41 0.00 Series (Investment Management Customers Only) United Kingdom Equity Index Fund Ê 15.22 0.00 3.56 European Conviction A EUR 143.45 - -1.26 0.00 UK Specialist Equity European Forager A EUR 172.73 - 1.78 0.00 Contl Europe Specialist Fund Ê 24.41 - 0.12 1.18 Japan Specialist Fund Ê 15.85 - 0.04 0.64 US Spec Equity Fund Ê 20.45 - 0.06 0.36 Pacific Basin Specialist Equity Fund Ê 38.08 - 0.47 1.91 Ê 19.18 - 0.04 1.61 FTfm | 15 FINANCIAL TIMES Monday 30 May 2016 FTfm Fund Fund Bid Fund Bid Ê 11.18 Bid - 0.05 2.46 Santander Atlas Port Acc Ret 201.50 - 0.70 - Fixed Interest Fund A Class 122.40xd - 0.40 2.95 UK Specialist Equity Income Fund Ê 10.14 - 0.02 4.09 Santander Atlas Port Acc Inst 160.10 - 0.60 - Global Gold and Resources Fund A Class 214.90 - -1.40 0.00 Global Spec Inv Grade Bd Fund GBP Ê 10.16 - 0.03 2.91 MM Endurance Balanced Fund A Class 206.90 - 0.20 1.33 Ê 10.54 - 0.13 0.91 Authorised Inv Funds Max 70% Shs Acc Ret 170.00 - 0.50 - MM Global Investment Fund A Class 2043.00 - 2.00 1.95 Max 70% Shs Inc Ret 141.80 - 0.40 - North American Fund A Class 1735.00 - 4.00 0.00 Investments Inc Acc Ret 159.80 - 0.60 - Oriental Growth Fund A Class 155.40 - 1.70 0.35 Investments Inc Inc Ret 104.20 - 0.30 - UK Equity Growth Fund A Class 401.50 - -0.50 0.42 Equity Inc Inc Inst 244.50 - 0.50 - UK Equity Income Fund A Class 223.40 - -0.10 5.05 Equity Inc Inc Ret 209.00 - 0.40 - Equity Inc Acc Inst 151.10 - 0.30 - N&P UK Gwth Inc Ret UK Sovereign Bd Index Fund Global Emerg Mkts Equity Fund Offer D+/- Yield Address and telephone number for Series only Royal London Unit Managers Ltd (1200) F (UK) 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Authorised Inv Funds Royal London Sustainable Diversified A Inc Ê 1.59 0.01 1.96 Offer D+/- Yield 166.00 - -0.10 - Royal London Corporate Bond Mth Income 88.93 90.28 0.22 4.20 Stckmkt 100 Track Gwth Acc Inst 92.08 - -0.23 - Royal London European Growth Trust 111.10 112.80 0.50 0.41 Stckmkt 100 Track Gwth Acc Ret 172.00 - -0.40 - Royal London Sustainable Leaders A Inc 460.80 0.70 1.42 UK Growth Acc Inst Royal London UK Growth Trust 478.00 485.30 -0.10 1.49 UK Growth Acc Ret 336.40 - -0.20 - 218.30 221.60 0.20 4.84 UK Growth Inc Ret 219.50 - -0.10 - 153.70 156.00 0.30 0.00 Managed OEIC Glob Em Shs Port Acc Ret 155.70 - 0.90 - Max 70% Shs Port Acc Ret 257.80 - 0.60 - Max 70% Shs Port Acc X 185.10 - 0.40 - Max 70% Shs Port Acc S 149.80 - 0.30 - Investment Port Acc Ret 238.40 - 0.50 - Royal London Sustainable World A Inc Royal London UK Income With Growth Trust Royal London US Growth Trust 174.00 - - 0.80 0.92 Additional Funds Available Please see www.royallondon.com for details 291.00 169.00 Investment Port Acc X Ruffer LLP (1000)F (UK) 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 601 9610 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers CF Ruffer Investment Funds CF Ruffer Gold Fund C Acc 129.69 - -11.35 0.32 CF Ruffer Gold Fund O Acc 128.18 - -11.23 0.20 Equity & General C Acc 366.02 - 2.40 0.06 Equity & General C Inc 337.59 - Equity & General O Inc 335.78 - Equity & General O Acc 361.87 European C Acc European O Acc - - -0.20 0.40 - - Max 50% Shs Port Acc Ret 248.80 - 0.50 - Max 50% Shs Port Inc Ret 219.80 - 0.50 - Max 50% Shs Port Acc X 180.10 - 0.40 - Max 50% Shs Port Acc S 150.80 - 0.30 - Max 100% Shs Port Acc Ret 288.10 - 1.10 - Max 100% Shs Port Acc X 206.80 - 0.80 - Max 100% Shs Port Acc S 151.00 - 0.60 - Enhanced Inc Inc Ins 208.20 - 0.30 - Enhanced Inc Inc Ret 195.70 - 0.40 - Enhanced Inc Inc X 166.70 - 0.30 - Enhanced Inc Acc Inst 160.10 - 0.30 - 2.21 0.06 Managed Investments OEIC Max 30% Shs Port Acc Ret 157.30 - 0.30 - 2.18 0.00 Max 30% Shs Port Acc X 157.20 - 0.30 - - 2.34 0.00 Max 30% Shs Port Acc S 151.10 - 0.40 - 501.62 - 2.79 0.26 Max 30% Shs Inc Port Inc Ret 155.00 - 0.50 - 495.96 - 2.72 0.00 Max 30% Shs Inc Port Inc X 155.10 - 0.50 - Japanese Fund C Acc 166.30 - -2.50 0.10 Max 30% Shs Inc Port Inc S 148.90 - 0.40 - Japanese Fund O Acc 164.22 - -2.47 0.00 Max 60% Shs Port Acc Ret 272.60 - 0.50 - Pacific C Acc 295.57 - -4.81 0.56 Max 60% Shs Port Inc Ret 212.40 - 0.40 - Pacific O Acc 291.96 - -4.76 0.26 Max 60% Shs Port Inc X 164.40 - 0.30 - Total Return C Acc 389.27 - -5.10 1.37 Max 60% Shs Port Inc S 146.10 - 0.30 - Total Return C Inc 268.47 - -3.52 1.38 Total Return O Inc 265.29 - -3.50 1.38 Managed Investments OEIC Investments Inc Port Inc Ret 165.50 - 0.60 - Total Return O Acc 384.82 - -5.06 1.37 Investments Inc Port Inc X 150.00 - 0.60 - Ê Gov Bond Inc Inst (gross) 183.30 - 0.70 - Ê Gov Bond Inc Inst 150.50 - 0.60 - Ê Gov Bond Acc Inst 153.40 - 0.60 - Strat Bond Inc Inst (gross) 180.90 - 0.20 - Strat Bond Inc Inst 148.90 - 0.10 - Strat Bond Acc Inst 153.30 - 0.00 4.21 S W Mitchell Capital LLP (CYM) Managed Investments OEIC Div Inc Port Inc Ret 171.60 - 0.30 - Corp Bond Acc Inst (gross) 220.90 - 0.60 - Regulated S W Mitchell European Fund Class A EUR 276.69 - -2.32 - Corp Bond Inc Inst 144.40 - 0.40 3.90 S W Mitchell Small Cap European Fund Class A EUR 217.54 - 1.23 - Corp Bond Acc Inst 149.40 - 0.40 - 250.68 - 3.59 - Multi-Manager OEIC Bal Intl Track Acc Ret 268.60 - 0.20 - Bond Mthly Inc Acc Ret 147.10 - 0.20 - Bond Mthly Inc Inc Ret 93.19 - 0.15 - The Charlemagne Fund EUR S W Mitchell Capital LLP (IRL) RobecoSAM Tel +41 44 653 10 10 http://www.robecosam.com/ Regulated RobecoSAM Sm.Energy/A Ê 11.38 0.03 1.65 RobecoSAM Sm.Energy/N 11.36 - -0.03 0.00 RobecoSAM Sm.Materials/A Ê 125.95 - 0.35 1.38 RobecoSAM Sm.Materials/N 142.85 - -0.49 0.00 RobecoSAM Sm.Materials/Na 98.61 - -0.33 RobecoSAM Gl.Small Cap Eq/A Ê 80.16 - 0.45 1.27 RobecoSAM Gl.Small Cap Eq/N 157.44 - -0.08 0.00 RobecoSAM Sustainable Gl.Eq/B 177.73 - -0.23 0.00 - RobecoSAM Sustainable Gl.Eq/N 153.86 - -0.20 0.00 RobecoSAM S.HealthyLiv/B 176.23 - 0.30 0.00 RobecoSAM S.HealthyLiv/N 164.78 - 0.29 0.00 RobecoSAM S.HealthyLiv/Na Ê 109.51 - 0.86 RobecoSAM S.Water/A Ê 182.78 - 0.27 1.14 RobecoSAM S.Water/N 173.24 - -0.80 0.00 - 268.90 - -0.10 - 278.50 - 0.50 - B Shares Pacific Bas (ex-Japan) 513.10 - 5.00 - Saracen Growth Fd Beta Acc Ê 5.87 - 0.02 1.72 Saracen Global Income & Growth Fund A - Acc Ê 1.17 - 0.01 0.78 Saracen Global Income & Growth Fund A - Dist Ê 1.08 - 0.01 6.65 Saracen Global Income and Growth Fund -Acc Ê 1.46 - 0.01 2.35 Saracen Global Income and Growth Fund -Dist Ê 1.27 - 0.01 3.41 Saracen UK Income Fund - Acc Ê 0.98 - 0.00 2.73 Saracen UK Income Fund - Dist Ê 0.95 - 0.00 4.83 For Save & Prosper please see Countrywide Assured Schroder Property Managers (Jersey) Ltd Other International Funds Indirect Real Estate SIRE Santander Asset Management UK Limited (1200)F (UK) 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Authorised Funds Santander Atlas Range 0.40 Santander Atlas Inc Port Acc Inst 295.20 - - Santander Atlas Inc Port Inc Inst 222.90 - 0.30 - Santander Atlas Port Acc Ret 150.20 - 0.20 - Santander Atlas Port Inc Ret 103.20 - 0.10 - Santander Atlas Port Acc Inst 165.40 - 0.20 - Santander Atlas Port Acc Ret 183.60 - 0.40 - Santander Atlas Port Inc Ret 130.90 - 0.30 - Santander Atlas Port Acc Inst 167.00 - 0.40 - Santander Atlas Port Acc Ret 191.20 - 0.50 - Santander Atlas Port Acc Inst 162.40 - 0.40 - Santander Atlas Port Acc Ret 261.20 - 0.80 - Santander Atlas Port Acc X 186.50 - 0.60 - Santander Atlas Port Acc Inst 161.20 - 0.40 - Ê 132.66 139.49 0.17 2.35 (UK) Scottish Friendly Asset Managers Ltd Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Authorised Inv Funds 241.30 0.20 0.00 Managed Growth UK Growth 263.90 - - 3.50 LTIF Stability Inc Plus SFr 168.00 - 3.00 0.53 4.30 0.73 Far Eastern Income and Growth Fund A Class 3.10 2.34 436.80 - - -0.04 0.31 Veritas Global Real Return Fund A EUR 12.63 - -0.04 0.11 Retail Veritas Asian Fund B USD $ 222.93 - 1.67 0.00 Veritas Asian Fund B GBP Ê 299.81 - 3.11 0.00 1.80 0.00 Strategic China Panda Fund Hedged EURO 1934.61 - 4.82 0.00 Strategic China Panda Fund Hedged Sterling Ê 1964.01 - 5.05 0.00 29.00 0.28 Strategic Euro Bond Accumulating Class CHFSFr 984.53 - 0.45 0.00 Veritas Asian Fund B EUR 241.03 - S & W Magnum 382.40 404.00 0.50 3.02 Strategic Euro Bond Institutional Class EUR 1017.08 - 0.50 0.00 - 0.31 0.36 Veritas China Fund B GBP Ê 123.73 - S & W Marathon Trust 187.00 197.90 0.50 1.78 Strategic Euro Bond Fund Accumulating Class Shares 1138.81 - 0.55 0.00 164.35 - 0.31 0.37 Veritas China Fund B EUR 163.91 - 1.09 0.00 Strategic Euro Bond Fund Distributing Class Shares 1028.40 - 0.50 1.32 Spectrum Income Fund O Acc 98.06 - 0.09 - Veritas Global Focus Fund B USD $ 18.31 - -0.11 0.00 Spectrum Income Fund O Inc 95.98 - 0.09 - Veritas Global Focus Fund B GBP Ê 22.45 - -0.07 0.00 Trojan Ethical Income O Acc 102.46 - 0.18 - Veritas Global Focus Fund B EUR 16.43 - -0.10 0.00 Trojan Ethical Income O Inc 102.64 - 0.19 - Veritas Global Equity Income Fund B GBP Ê 138.44 - -0.09 3.92 Trojan Fund O Acc 273.33 - 0.14 0.42 Veritas Global Equity Income Fund B EUR 183.30 - -0.61 4.14 Trojan Fund O Inc 226.45 - 0.12 0.43 Veritas Global Equity Income Fund B USD $ 112.91 - -0.41 4.05 Trojan Global Equity O Acc 231.56 - 1.25 0.89 Veritas Global Real Return Fund B USD $ 20.78 - -0.07 0.00 Trojan Global Equity O Inc 196.76 - 1.05 0.90 Veritas Global Real Return Fund B GBP Ê 11.81 - -0.04 0.00 Trojan Income O Acc 286.85 - 0.18 3.64 Veritas Global Real Return Fund B EUR 13.47 - -0.05 0.00 Trojan Income O Inc 177.65 - 0.11 3.76 www.veritas-asset.com Other International Funds Real Return Asian Fund USD (Est) 277.60 - -26.20 0.00 Real Return Asian Fund GBP (Est) Ê 296.77 - -7.03 0.00 Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds 2055.00 S&W Deucalion Fd (OEIC) Standard Life Wealth (JER) PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 FCA Recognised Standard Life Offshore Strategy Fund Limited Bridge Fund Ê 1.6400 - 0.0092 1.82 Strategic European Smaller Companies Fund EUR Class 969.65 - 0.05 Strategic Global Bond RMB Acc $ 1079.51 - 2.96 0.00 - Strategic Global Bond USD Acc $ 1062.64 - 1.83 0.00 Strategic US Momentum and Value Fund $ 730.77 - -0.45 0.00 Strategic US Momentum & Value Fund USD I Class $ 486.61 - -0.29 0.00 Diversified Assets Fund Ê 1.1840 - 0.0027 3.21 Strategic US Momentum and Value EUR Hedged Class EUR 508.65 - -0.35 0.00 Global Equity Fund Ê 1.9218 - 0.0146 0.96 Strategic US Momentum and Value CHF Hedged Class CHFSFr 504.19 - -0.34 0.00 Global Balanced Fund - Income Units Ê 1.3700 - 0.0054 1.98 Global Balanced Fund - Accumulations Units Ê 1.6029 - 0.0063 1.95 Global Fixed Interest Fund Ê 0.9981 - 0.0016 4.62 Sterling Fixed Interest Fund Ê 0.8531 - 0.0028 3.89 UK Equity Fund Ê 1.9092 - -0.0039 2.71 Stenham Asset Management Inc www.stenhamassetmanagement.com Other International Funds Stenham Asia USD $ 122.12 - -1.29 0.00 Stenham Credit Opportunities A Class USD $ 99.58 - 1.93 0.00 Stenham Equity UCITS USD $ 136.87 - 2.06 0.00 Stenham Growth USD $ 196.98 - -2.42 Stenham Healthcare USD $ 162.72 - 3.22 0.00 - Taube Hodson Stonex Ptnrs UT (1200)F 50 Bank Street, Canary Wharf, London E14 5NT Admin: 50 Bank Street, Canary Wharf, London E14 5NT Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds THS Growth & Value Funds International 317.20 1.10 1.91 IGV - Inc A IGV - Inc B 317.50 - 1.10 1.18 IGV - Acc X 393.60 - 1.30 1.37 IGV - Acc Y 423.10 - 1.40 1.81 IGV - Acc Z 390.20 - 1.30 1.08 European EGV - Acc S 276.50 - 0.80 0.00 EGV - Acc Z 276.50 - 0.80 1.80 Continental CGV Acc S 115.30 - 0.40 2.21 CGV Acc X 113.80 - 0.40 0.00 CGV Inc A 113.40 - 0.40 1.61 CGV Inc B 113.40 - 0.40 0.00 $ 106.75 - -0.25 0.00 Stenham Macro UCITS USD $ 99.25 - -0.57 0.00 Stenham Multi Strategy USD $ 108.98 - -0.90 - The Hartford International Funds Stenham Quadrant USD A $ 399.31 - 3.86 - Stenham Trading Inc USD $ 115.63 - 1.12 - Regulated Gbl Govt Bond (Ex Japan) Index (GBP) Ê 1696.05 - 10.07 0.00 Stenham Universal USD $ 409.59 - -1.20 - UK Corporate Bond Ê 1634.12 - 4.68 0.00 Stenham Universal II USD $ 151.42 - -0.51 0.00 Gilt Ê 1648.82 - 6.55 0.00 Global Eq (Ex Japan) Index Fund Ơ 1.39 - 0.00 0.00 Global Eq (ex Japan) Class HJ4 Ơ 1.45 - 0.00 0.00 Global Eq (ex Japan) Class JP5 Stewart Investors (UK) 23 St Andrew Square, Edinburgh, EH2 1BB enquiries@stewartinvestors.com Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 Authorised Funds 991.60 SI Asia Pacific A Acc - 6.46 0.43 1.81 - 0.02 0.37 489.95 - 3.40 0.36 Ê Ê 1.70 - 0.01 0.27 375.50 - 2.36 0.42 SI Global Emerging Mkts A Acc 599.78 - 2.82 0.54 SI Global Emerging Mkts Leaders A Acc 431.93 - 1.75 0.57 SI Global Emerging Mkts Sus A Acc 230.84 - 0.93 0.82 SI Indian Sub-Cont A Acc 348.47 - 3.64 0.00 SI Latin America A Acc Ê 1.79 - 0.02 0.59 SI Worldwide Equity A Acc Ê 1.40 - 0.00 0.00 SI Worldwide Equity A Inc Ê 1.42 - 0.01 0.00 328.88 - 1.23 0.17 SI Worldwide Sus A Acc Ê 1.47 - 0.01 0.01 SI Worldwide Sus A Inc Ê 1.41 - 0.00 0.06 SI Worldwide Leaders A Acc (IRL) (GSY) Regulated Japan Synthetic Warrant Yen Class Ơ 1243.57 - -34.21 0.00 Japan Synthetic Warrant GBP Hedged Class Ê 132.09 - -9.67 0.00 Japan Synthetic Warrant USD Class $ 14.95 - -0.29 0.00 Japan Synthetic Warrant USD Hedged Class $ 132.10 - -8.49 0.00 Renminbi Bond Fund AUD Cls A A$ 122.43 - -0.14 3.30 Renminbi Bond Fund AUD Cls B A$ 124.38 - -0.14 3.08 Renminbi Bond Fund CHF Cls A SFr 117.57 - -0.15 3.41 Renminbi Bond Fund CHF Cls B SFr 117.46 - -0.15 3.16 Renminbi Bond Fund CNH Cls A CNH 130.40 - -0.10 3.26 Renminbi Bond Fund CNH Cls B CNH 130.21 - -0.11 3.02 Renminbi Bond Fund Euro Cls B 119.64 - -0.15 3.08 Renminbi Bond Fund GBP Cls B Ê 122.19 - -0.13 3.14 Renminbi Bond Fund SGD Cls B S$ 121.84 - -0.13 3.07 Renminbi Bond Fund USD Cls B $ 121.99 - -0.14 2.93 Renminbi Bond Fund YEN Cls B Ơ 13781.53 - -17.09 0.00 Renminbi Bond Fund USD Cls A $ 168.04 - -0.20 3.18 Renminbi Bond Fund GBP Cls A Ê 162.71 - -0.18 3.39 Renminbi Bond Fund SGD Cls A S$ 161.24 - -0.17 3.32 Renminbi Bond Fund YEN Cls A Ơ 20394.00 - -26.00 0.00 Renminbi Bond Fund EUR Cls A 109.93 - -0.14 3.33 Regulated Nippon Growth Fund Limited Ơ 84431.00 - 26.00 0.00 Strat Evarich Japan Fd Ltd JPY Ơ 74071.00 - 779.00 0.00 Strat Evarich Japan Fd Ltd USD $ 728.44 - 7.80 0.00 UBS Asset Management (UK) 21 Lombard Street, London, EC3V 9AH Client Services 0800 587 2113, Client Dealing 0800 587 2112 www.ubs.com/retailfunds Authorised Inv Funds OEIC Global Emerg Mkts Eqty B Acc Ê 1.33 0.01 1.22 0.98 - 0.01 0.66 Waverton Investment Funds Plc (1600)F 0.88 - 0.00 3.26 US Equity B Acc Ê 1.49 - 0.01 0.28 UBS S&P 500 Index C Acc Ê 0.57 - 0.00 1.80 waverton.investments@citi.com FCA Recognised Waverton Asia Pacific A USD $ 17.23 - 0.05 5.88 UBS Targeted Return B Acc Ê 1.20 - 0.00 1.47 Waverton Global Bond Fund Cls A $ 8.44 - 0.01 5.46 51.85 - -0.31 3.19 Waverton Global Equity Fund A GBP Ê 14.10 - 0.08 0.52 0.48 - 0.00 3.37 Waverton UK Fund A GBP Ê 13.06 - -0.03 1.80 Waverton Equity Fund A GBP Ê 14.29 UBS Sterling Corporate Bond Indexed Fund UBS Multi Asset Income B Inc (net) Ê - 0.12 0.00 UBS Global Allocation (UK) B Acc Ê 1.06 - 0.00 2.13 UBS Global Enhanced Equity Income C Inc Ê 0.45 - 0.00 12.23 WA Fixed Income Fund Plc UBS US Growth Fund B Acc Ê 1.52 - 0.00 0.00 UBS Emerging Markets Equity Income B Inc Ê 0.35 - 0.01 5.73 Regulated European Multi-Sector 5.03 - (LUX) Regulated Investments III -22.38 - Investments IV - European Private Eq 210.25 220.76 -4.08 - Investments IV - Global Private Eq 311.03 326.58 -10.79 - - 0.00 0.00 1.25 - -0.01 0.00 0.00 0.00 Gbl Govt Bond (ex Japan) Class JP4 Ơ 1.23 - 0.00 0.00 Japan Equity Index Fund Ơ 0.94 - 0.01 0.00 (UK) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Authorised Inv Funds 420.57 - -1.12 0.00 UK Growth A Inc Japan Equity Class JP3 Ơ 1.14 - 0.01 0.00 Mastertrust A Inc Unicorn Asset Management Ltd F UK Growth B Inc Mastertrust B Inc (UK) Thesis Unit Trust Management Limited Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Authorised Funds TM New Court Fund A 2011 Inc Ê 12.84 0.00 0.00 117.78 0.00 4.99 0.00 4.00 1.31 0.19 0.00 0.06 0.37 0.01 5.30 - 1.43 - - 0.38 0.52 Unicapital Investments F 368.61 - 0.02 0.07 423.34 - -1.11 0.56 331.55 - 0.03 0.89 Outstanding British Cos A Acc F 262.42 - -0.32 0.64 Outstanding British Cos B Acc F 275.16 - -0.33 1.38 UK Smaller Cos A Inc F 433.33 - -0.95 0.35 UK Smaller Cos B Inc F 425.09 - -0.93 1.22 UK Income A Acc F 257.60 - -0.85 4.62 UK Income A Inc F 227.24 - -0.76 4.74 UK Income B Acc F 274.56 - -0.91 4.60 UK Income B Inc F 242.33 - -0.80 4.72 (IRL) 9.29 UBS UK Equity Income B Inc Net Ê Corporate Bond UK Plus B Inc Net Ê Ơ AED 10.37 Veritas Asset Management LLP Ê Ơ www.tni.ae Other International Funds TNI Blue Chip UAE Fund * 1.86 0.00 UBS UK Opportunities Fund B Acc Ê Global Optimal B Acc Gbl Govt Bond (Ex Japan) Index Waverton Sterling Bond Fund A GBP Ê (IRL) Yapi Kredi Asset Management (TUR) Yapi Kredi Plaza A Blok Kat:13 Levent 34330 Istanbul / Turkey Email: info@ykportfoy.com.tr; Tel: + 90 (212) 385 48 48 www.yapikrediassetmanagement.com Other International Funds Private Sector Bonds and Bills FundTRY 0.011470 - 0.000000 Eurobond (Dollar) Bonds and Bills FundTRY 0.078570 - -0.000840 - TRY 0.021280 - - - Koc Affiliate and Eq Fund (Eq Intense Fund)TRY 0.780170 - -0.002100 - TRY 0.014430 - 0.000000 - Fourth Variable Fund Istanbul Hedge Fund Yuki International Limited (IRL) Tel +44-20-7269-0207 www.yukifunds.com Regulated Yuki Mizuho Umbrella Fund Yuki Mizuho Japan Dynamic Growth Ơ 6952.00 - 9.00 0.00 TM New Court Fund - A 2014 Acc Ê 12.87 - 0.00 0.00 Yuki Mizuho Japan Large Cap Ơ 777.62 - -0.38 0.00 TM New Court Equity Growth Fund - Inc Ê 12.92 - 0.00 0.00 Yuki Japan Low Price Ơ 27810.00 - 227.00 0.00 Yuki Japan Value Select Ơ 14088.00 - 141.00 0.00 YMR Umbrella Fund YMR N Growth Value Partners Hong Kong Limited (IRL) www.valuepartners.net, fis@vp.com.hk Regulated Value Partners Asia ex-Japan Equity Fund $ 8.19 - 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 10.09 - 0.08 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 10.46 - 0.09 0.00 Value Partners Classic Equity Fund EUR Hedged 10.60 - 0.09 0.00 Value Partners Classic Equity Fund GBP Hedged Ê 10.88 - 0.10 0.00 Value Partners Classic Equity Fund GBP Unhedged Ê 11.49 - -0.03 0.00 Toscafund Asset Management LLP Value Partners Classic Equity USD Hedged $ 12.38 - 0.10 0.00 www.toscafund.com Other International Funds Tosca A USD Value Partners Greater China Equity Fund $ 7.69 - 0.13 $ 268.48 - 3.15 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 9.20 - -0.01 0.00 Tosca Mid Cap GBP Ê 261.94 - 2.08 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.65 - 0.00 0.00 Tosca Opportunity B USD $ 359.70 - 3.16 0.00 Value Partners Health Care Fund USD Class A Unhedged $ 8.67 - 0.00 0.00 Pegasus Fund Ltd A-1 GBP Ê 61.78 - 0.66 0.00 Toscafund Asset Management LLP Stratton Street Capital (CI) Limited Spectrum Fund O Inc Global Eq Ex Japan Index Fund (Hedge) Ơ The National Investor (TNI) SI Asia Sustainability A Acc (UK) (UK) Stenham Managed Fund USD E.I Sturdza Strategic Management Limited (GSY) 25 Moorgate, London, EC2R 6AY 020 7131 8100 www.sandwfunds.com Authorised Inv Funds 513.10 European Equity Fund A Class Veritas Global Real Return Fund A GBP Ê 12.06 5.10 0.00 - Smith & Williamson Investment Management (1200)F (UK) - -0.07 0.28 - (UK) SIA (SIA Funds AG) (CH) SFr 195.70 -0.49 - Strategic China Panda Fund USD $ 1994.37 Smith & Williamson Fd Admin Ltd (1200)F 0.00 0.00 Other International Fds LTIF Stability Growth - Veritas Global Real Return Fund A USD $ 21.46 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 608 0950 Authorised Inv Funds ACD Capita Financial Mgrs Trojan Investment Funds 169.12 Spectrum Fund O Acc Saracen Fund Managers Ltd (1000)F (UK) 19 Rutland Square, Edinburgh EH1 2BB Dealing: 00 353 603 9921 Saracen Investment Funds ICVC (OEIC) Enq 0131 202 9100 Authorised Inv Funds Saracen Growth Fd Alpha Acc Ê 3.67 0.02 1.17 - Veritas Global Equity Income Fund C USD $ 138.60 Troy Asset Mgt Ltd SI Asia Pacific Leaders A Inc US Equities -0.81 -86.00 0.00 97.38 0.00 UK Equities - - 968.00 0.00 - (LUX) -0.11 Veritas Global Equity Income Fund C EUR 243.98 - SWMC Emerging European Fund B EUR 9543.29 - - - SI Asia Pacific Leaders A Acc - -0.41 4.03 Veritas Global Equity Income Fund C GBP Ê 184.13 Nippon Growth (UCITS Fund Class D Institutional JPY) Ơ 46339.00 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Authorised Inv Funds Santander Premium Fund (OEIC) A Shares 282.50 1.70 Europe (ex-UK) - - Nippon Growth (UCITS) Fund JPY Class C Dis shares Ơ 82212.00 53.98 0.00 0.90 -0.67 4.12 Veritas Global Equity Income Fund A USD $ 114.20 -133.00 0.00 - 4.90 -0.09 3.89 - - SWMC Small Cap European Fund B EUR 12820.90 1.60 - Veritas Global Equity Income Fund A EUR 200.27 Nippon Growth (UCITS) Fund JPY Class B Acc shares Ơ 71302.00 SI Asia Pacific A Inc - Offer D+/- Yield -158.00 0.00 Santander Asset Management UK Limited (1200)F (UK) - Bid Veritas Global Equity Income Fund A GBP Ê 150.89 - 74.23 0.00 - (IRL) Fund Nippon Growth (UCITS) Fund JPY Class A shares Ơ 85052.00 - 272.20 Offer D+/- Yield -1.99 0.00 Ê 11190.58 513.80 Bid - SWMC UK Fund B 153.70 E.I Sturdza Funds PLC Fund Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1076.59 -34.12 0.00 Sterling Bonds Offer D+/- Yield -1.71 0.00 - Pacific Bas (ex-Japan) Bid - 14344.95 Japan Equities Fund Regulated Nippon Growth (UCITS Fund Euro Hedged Class EUR) 914.02 Regulated SWMC European Fund B EUR - Offer D+/- Yield (UK) www.toscafund.com Authorised Funds Aptus Global Financials B Acc Ê 2.98 - 0.02 4.65 Aptus Global Financials B Inc Ê 2.61 - 0.02 4.81 - - - (IRL) Veritas Asset Management LLP HSSI Ltd, Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland Veritas Funds Plc www.veritas-asset.com +353 635 6799 FCA Recognised Institutional 2.40 0.43 Veritas Asian Fund A USD H $ 320.17 Ê 406.83 - 4.21 0.24 Veritas Asian Fund A EUR H 327.19 - 2.46 0.22 Veritas China Fund A USD $ 123.50 - 1.85 0.40 -0.09 0.00 Veritas China Fund A GBP Ê 127.87 - 1.92 0.42 0.10 0.00 Veritas China Fund A EUR 121.54 - 1.82 0.42 - 0.03 0.00 Veritas Global Equity Income Fund D USD $ 118.82 - -0.43 4.02 - -0.08 3.35 Veritas Global Equity Income Fund D EUR 206.40 - -0.69 4.11 Veritas Global Equity Income Fund D GBP Ê 157.64 - -0.10 3.88 (LUX) Regulated TreeTop Convertible Sicav International A 276.80 - International B $ 356.95 - International C Ê 116.58 International D 249.07 - -2753.17 0.00 - 132.00 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 938.94 - Zadig Gestion (Memnon Fund) FCA Recognised Memnon European Fund I GBP Ê 117.20 TreeTop Global Sicav Global Opp.A 138.47 - 0.50 0.00 Veritas Global Focus Fund D USD $ 26.36 - -0.15 0.64 Global Opp.B $ 138.78 - 0.76 0.00 Veritas Global Focus Fund D EUR 23.74 - -0.14 0.66 Global Opp.C Ê 175.43 - 1.39 0.00 Veritas Global Focus Fund D GBP Ê 30.52 - -0.09 0.60 Sequoia Equity A 135.93 - 0.12 0.00 Veritas Global Focus Fund A GBP Ê 29.44 - -0.09 0.35 Sequoia Equity B $ 141.28 - 0.51 0.00 Veritas Global Focus Fund A EUR 13.83 - -0.07 0.37 Sequoia Equity C Ê 159.94 - 0.97 0.00 Veritas Global Focus Fund A USD $ 25.41 - -0.15 0.37 Veritas Global Focus Fund C GBP Ê 32.00 - -0.09 0.00 Veritas Global Focus Fund C EUR 25.01 - -0.14 0.00 Veritas Global Focus Fund C USD $ 27.69 - -0.16 0.00 5.00 - (LUX) - Money Market Trusts and Bank Accounts Gross Net Veritas Asian Fund A GBP H TreeTop Asset Management S.A Ơ 10931.83 Yuki Asia Umbrella Fund Yuki Japan Rebounding Growth Fund JPY Class Ơ 24153.00 1.11 0.00 Gross AER Int Cr CCLA Investment Management Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET CBF Church of England Deposit Fund 0.50 - 0.50 Qtr CCLA Fund Managers Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET COIF Charities Deposit Fund 0.45 - 0.45 Qtr Data Provided by www.morningstar.co.uk Data as shown is for information purposes only No offer is made by Morningstar or this publication 16 | FTfm FINANCIAL TIMES Monday 30 May 2016 NEWS THE LAST WORD John Plender Safe assets have become so unsafe that the risk of holding gold relative to the risk in bonds is probably less than at any time in history Emerging markets should shift a chunk of their reserves from dollars into gold The week C Nigel Wilson, the chief executive of Legal & General, has criticised executive pay as opaque and difficult to follow at the UK insurers annual shareholder meeting on Thursday L&G had to apologise at the meeting after admitting that Mr Wilson was paid Ê5.5m in 2015, rather than the Ê4.7m published in its annual report Mr Wilson is leading a task force for the Investment Association, the trade body for UK asset managers, which aims to publish a report on executive pay in late summer C Old Mutual is close to a deal to sell its US asset management business to Affiliated Managers Group as part of its radical restructuring plan New York-listed AMG already owns stakes in a number of specialist investment houses, including ValueAct Capital, the activist manager, and UK-based Artemis C Takata shares jumped more than 20 per cent on Thursday on reports that KKR, the US private equity group, wants to acquire a 60 per cent stake in the Japanese airbag maker KKR is among several candidates to have expressed interest in lossmaking Takata, which is embroiled in the largest automotive safety recall in history But a deal is unlikely soon as some Japanese carmakers are opposed to handing over control of Takata to foreign owners Nigel Wilson C Mitch Petrick, the head of Carlyles hedge fund business, is leaving after three of its hedge funds racked up losses and billions of dollars in investor redemptions Mr Petrick will be replaced as head of Carlyles global market strategies group by Kewsong Lee, who also retains his current role as deputy chief investment officer for global private equity C The FCA has hired Daniel Godfrey, the former chief executive of the UKs asset management trade body, as it prepares to release a report on value for money in the funds industry Mr Godfrey was ousted from the Investment Association last year after several fund houses expressed unhappiness with his consumer-led agenda C Outflows from global equity funds so far this year have surpassed the $100bn mark, according EPFR, the data provider Investors have continued to head for the exits in spite of signs of a pick-up in US growth and inflation, rising oil prices and hopes for a solution to the Greek debt crisis Edited by Chris Flood KKR has expressed interest in Takata, the lossmaking Japanese airbag maker Joe Raedle/Getty Images PAGE INSIDE AND ONLINE QUOTE OF THE WEEK Simon Gleeson, Clifford Chance We [can] identify significant costs that the investment management sector would risk suffering from Brexit, but have as yet been unable to identify or quantify any substantial possible benefits departure might produce A bunny market Investors will have to stay nimble as markets bounce around more frequently PAGE VIDEO.FT.COM/FTFM VIDEO [...]... 2.49% Index Cross-Border DJ Global Titans ($ ) Euro Stoxx 50 (Eur) Euronext 100 ID FTSE 4Good Global ($ ) FTSE All World FTSE E300 FTSE Eurotop 100 FTSE Global 100 ($ ) FTSE Gold Min ($ ) FTSE Latibex Top (Eur) FTSE Multinationals ($ ) FTSE World ($ ) FTSEurofirst 100 (Eur) FTSEurofirst 80 (Eur) MSCI ACWI Fr ($ ) MSCI All World ($ ) MSCI Europe (Eur) MSCI Pacific ($ ) S&P Euro (Eur) S&P Europe 350 (Eur) S&P... & Mining (2 ) 1158.83 Mining (1 7) 8616.88 Industrials (1 1 9) 4435.27 Construction & Materials (1 4) 5483.05 Aerospace & Defense (9 ) 4147.58 General Industrials (6 ) 3782.14 Electronic & Electrical Equipment (1 0) 5405.79 Industrial Engineering (1 4) 8619.09 Industrial Transportation (8 ) 4497.04 Support Services (5 8) 6717.56 19189.07 Consumer Goods (4 1) Automobiles & Parts (1 ) 6425.03 Beverages (6 ) 15834.77... Telecommunications (6 ) 3991.72 Fixed Line Telecommunications (4 ) 5217.15 Mobile Telecommunications (2 ) 5207.24 Utilities (7 ) 8728.40 Electricity (2 ) 9024.36 Gas Water & Multiutilities (5 ) 8179.17 Financials (2 8 2) 4240.33 Banks (9 ) 3337.03 Nonlife Insurance (1 0) 2930.92 Life Insurance/Assurance (1 0) 7237.84 Index- Real Estate Investment & Services (2 1) 2776.39 Real Estate Investment Trusts (2 6) 2892.02 General Financial... reaches, in the morning, centre of Cinque Port (5 ,1, 4) 6 Copied notice about gym (4 ) 9 Millais painting of fruit ready to be eaten (6 , 4) 10 Go round most of French city (4 ) 12 Achievement demonstrating skill of expert oarsman (1 2) 15 Hints about bodyguards (9 ) 17 Carnivore later let loose (5 ) 18 Racecourse out of step, so modernising (5 ) 19 Spurns county on occasions (5 , 4) 20 Ray, pupil staying at a... Producers (1 0) 8322.72 Household Goods & Home Construction (1 4)1 4453.14 Leisure Goods (2 ) 5369.72 Personal Goods (6 ) 23666.75 Tobacco (2 ) 50440.88 Health Care (2 0) 9198.10 Health Care Equipment & Services (8 ) 7263.84 Pharmaceuticals & Biotechnology (1 2)1 2386.20 Consumer Services (9 6) 4771.13 Food & Drug Retailers (7 ) 2861.57 General Retailers (3 2) 2758.36 Media (2 2) 7393.47 Travel & Leisure (3 5) 8374.40... has fun riding on wheels? (1 2) 24 Boundary taken back by a military alliance (4 ) 25 Individuals storing extensive possessions (1 0) 26 Ruin aerial (4 ) 27 Dance waving pretty sash (1 0) DOWN 1 Club’s male champion (4 ) 2 Hold the fort? (4 ) 3 This may be used to identify eg Neighbours tune (6 , 6) 4 What movement of timer may be worth (5 ) 5 Is over par, surprisingly – electronic cigarette required (9 ) 81 77... away (2 ,4, 6) 13 Grass-covered ground? Environmentalists’ department (1 0) 14 Envoys, English, fail to see sign (1 0) 16 Outgoing type, former scout, entering IOM races (9 ) 21 Jar I smashed containing last of prosecco wine (5 ) 22 Spades on top of pile in game (4 ) 23 Agent following current game (1 - 3) SOLUTION 15,241 6 $ / 8 7 $ 5 < 7 5 8 $ 1 1 5 ( 5 2 6 8 2 3 6 7 , & , 8 7 2 7 , & + 8 1 $ , 5 ' 2 1 & (. .. Inv Co Index (2 0 1) 3113.45 -0.07 3189.19 3115.66 3121.58 3196.49 2.93 1.55 22.09 FTSE AIM All-Share Index (8 2 5) 735.84 0.20 753.74 734.38 733.50 770.26 1.72 0.50 117.10 FTSE Sector Indices Oil & Gas (1 7) 6499.44 Oil & Gas Producers (1 0) 6200.20 Oil Equipment Services & Distribution (7 )1 3418.04 Basic Materials (2 7) 3235.73 11619.22 Chemicals (7 ) Forestry & Paper (1 ) 15973.05 Industrial Metals & Mining... 1 1 5 ( 5 2 6 8 2 3 6 7 , & , 8 7 2 7 , & + 8 1 $ , 5 ' 2 1 & ( + $ ( 1 & ( / $ / 2 ' 5 7 $ 5 0 $ * ( ( / / $ ) 1 2 ' 7 & 7 7 5 , $ 7 + / $ 3 ( 6 3 5 8 , 3 $ ( 5 3 ( * $ ( $ ( 5 7 7 2 8 7 , 1 7 5 ( & 7 , ) ( + ' 5 ( & ( ' 6 1 $ & , $ & ( ' + 5 ( 7 ( 6 & ( 2 $ 6 8 6 7 3 $ 6 + 5 2 , ( ' & ( $ / / The winner’s name will be published in Weekend FT on June 11 61 68 73 66 88 73 82 77 93 66 75 75 63 72 52... close; all other London close *S - Standard & Poor’s, M - Moody’s, F - Fitch VOLATILITY INDICES Index Day's change Markit IBoxx ABF Pan-Asia unhedged Corporates( ) Corporates( $) Corporates( ) Eurozone Sov( ) Gilts( ) Global Inflation-Lkd Markit iBoxx £ Non-Gilts Overall ($ ) Overall( ) Overall( ) Treasuries ($ ) 180.15 308.20 260.82 217.48 232.85 301.95 248.32 307.62 232.92 300.88 227.41 223.51 0.26