Bettel, Backes inaugurate BoA’s Luxembourg office
The Luxembourg government, represented by prime minister Xavier Bettel and finance minister Yuriko Backes, on Tuesday officially inaugurated Bank of America’s new branch in Luxembourg. The office was already opened on 10 May.
‘Allocation euphoria’ pops up in emerging markets
Although professional investors - on average - are still considerably underweight equities, there is one category they are massively allocating to. Never before has the allocation jump in emerging markets equities been so large in three months. EM is hot.
Apex buys Bank of America’s Irish depositary business
Apex Group on Monday said it plans to acquire the Irish depositary business of Bank of America Custodial Services (Ireland) Limited, also known as Bacsil, through European Depositary Bank, one of its Luxembourg-based subsidiaries.
Bacsil is a depositary solution for onshore and offshore funds servicing a multitude of blue-chip clients consisting of Ucits, alternative investment funds and offshore depo-lite fund structures, across a wide range of strategies. Based in Dublin, the Bacsil business provides depositary services to client assets of 71.4 billion dollars.
Forecasting: fund managers smaller in equities
Fund managers consider it less and less likely that the economy will continue to grow in the coming period. Normally, this uncertainty about future growth is a reason for investors to reduce their equity exposure.
“This can cause downward pressure on equity markets,” Jeroen Blokland, of independent investment research firm True Insight, concluded in his Daily Insight on Wednesday, based on the latest Bank of America’s Global Fund Manager Survey.