MFC celebrates its 35th anniversary with increased focus on “Customer Centric” strategy and a goal to become consumer’s name of choice through delivery of impressive fund performance and excellent services. To reinforce its status as the trusted financial brain for all groups of investors, MFC is poised to expand its customer base to the young generation and retirees and is fully ready to support government’s projects as professional advisors, in addition to a strong commitment in corporate social responsibility. The company expects its net asset value (NAV) to grow 27.79% from 234,742 million baht in 2009 to 300,000 million baht this year.
Dr. Pichit Akrathit, President of MFC Asset Management Plc. (MFC), announced as the company entered its 35th year of operation that, MFC would continue to focus on “Customer Centric” strategy this year to enhance customer’s wealthy and happy life. A continued series of market research studies will be conducted to obtain an insightful understanding of customer’s demands, based on which new funds and first-class services will be catered to ensure customer’s desirable return on investment and maximum satisfaction. These include professional services to be delivered by MFC’s fund managers and investment consultants, “MFC Smart Services” that provide online trading convenience through MFC Smart Track, MFC Smart Tele, and MFC Smart Trade, as well as marketing and promotional campaigns for all customer groups, such as mileage program.
Dr. Pichit reported that, as of the end of 2009, MFC’s total NAV stood at 234,742.28 million baht, an increase of 18,267.91 million baht or 8.44% above 216,474.37 million baht recorded at the end of December 2008. NAV of all mutual funds managed by MFC amounted to 150,423 million baht, rising 11.17% over 135,309 million baht posted a year earlier. In 2009, the company launched 32 new funds with a combined inception NAV of 13,547.12 million baht and paid out total dividends of 423.76 million baht to unitholders from 13 new funds.
MFC managed 44 provident funds with 546 companies and a combined NAV of 60,816.49 million baht at the end of 2009, which grew 8.74% or 4,886 million baht from 55,930 million baht in 2008. Services offered by MFC to the clients included online information of the fund’s investment portfolios, provision of investment training at client’s office, and special seminars. As for private funds, which included government pension funds that MFC managed for key accounts like Thai Red Cross Society, the NAV totaled 23,502 million baht in 2009.
MFC is blessed with the capability to provide full, professional support for government’s projects as financial advisor and manager of infrastructure funds and private equity funds. In 2009, the company served as the advisor in setting up Thailand Carbon Credit Fund and was advisor of the Public Debt Management Office in portfolio planning of funds for public debt restructuring and development of domestic fixed income securities market.
As for 2010, the company targets a 27.79% growth in NAV to 300,000 million baht and an increase in revenues to 700 million baht.
Dr. Supakorn Soontornkit, Senior Executive Vice President of MFC, added about activities held over the past year, saying that an emphasis was given to customer relations under MFC Fund Family program that spawned a continued series of lifestyle activities, such as cooking, painting, ballroom dancing, spa treatment, and movie screening, etc. Having received very positive feedback from customers, the company will this year carry on with this customer relations program on top of educational seminars held by the company on a regular basis. Another focus with be given to provision of first-class services to increase customer’s satisfaction and good impression of MFC’s services.
He elaborated that the year-round activities in celebration of MFC’s 35th anniversary would, as word of thanks, revolve around customer’s benefits to bring them happiness and wealth from good return on investment and highest satisfaction with the services offered. The company’s wealth management team will be further strengthened in areas of Wealth Committee, Wealth Services, and Wealth Analyzer Program to ensure that investment planning, consultancy, and tracking are up to the latest economic sentiment and investment conditions.
According to Dr. Supakorn, MFC plans to launch 30 new funds this year, divided into 12 fixed income funds, 1 equity fund, 5 flexible portfolio funds, 7 foreign investment funds, and 5 property funds. In terms of customer base, expansion will be focused on the young generation side by side with retirees. The company hopes to boost revenue from the new markets, both domestic and overseas, to 30% of total revenue.
In private equity funds, primary target areas for investment of MFC Energy Fund this year fall on biomass and solar sectors while fund will be mobilized for Thailand Creativity Fund and a study on renewable energy projects development will be conducted.
MFC was a SET Awards 2009 nominee in corporate social responsibility (CSR) category as a result of the company’s achievements in CSR last year. The company organized MFC Talent Award for sixth year in a row, implemented a project to upgrade library and donate learning equipment and materials to Ban Tha Chang School in Rayong with use of charitable allocation from fee revenue of MFC Islamic Fund and donation from the unitholders, and extended its support for academic excellence through “MFC Asset Management Professor of Finance and Banking” program. In 2010, MFC has planned a series of CSR activities throughout the year with adherence to the concept of “MFC… Building Thai Intelligence” to contribute to the betterment of education and knowledge in various disciplines and for the benefits of the Thai society at large.
Tuesday, February 16, 2010
Sunday, February 7, 2010
Momentum likely to fade in second half of 2010, making stock picking increasingly important
Asian markets rallied strongly last year, spurred by government stimulus measures and liquidity-driven buying. While this trend is likely to carry through into the first half of 2010, Aberdeen Asset Management believes that the second half of 2010 will be altogether more challenging.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
Friday, February 5, 2010
Fitch Affirms Holcim Capital (Thailand)’s Bonds; Revises Outlook to Stable
Fitch Ratings (Thailand) Limited has today affirmed the National Long-term ‘AA-(tha)’ ratings on two series of guaranteed debentures issued by Holcim Capital (Thailand) Limited (HCT) – Series II (due 2010) and Series III (due 2012), amounting to THB4.6bn. The Outlook on the ratings has been revised to Stable from Negative, due to a similar Outlook revision of its guarantor, Holcim Ltd. (Holcim) (For more information, please refer to the rating action commentary entitled “Fitch Revises Holcim’s Outlook to Stable; Affirms IDR at ‘BBB’”, dated 29 January 2010). The ratings of HCT’s debentures are based entirely on the irrevocable and unconditional guarantee provided by Holcim (‘BBB’/Stable).
Holcim’s Outlook revision reflects Fitch’s view that its credit metrics will improve gradually in the coming 24 months, which will place them more comfortably within the range of a ‘BBB’ rating. Trading conditions for the industry in mature markets will likely to remain challenged, especially in Western Europe, while growth is expected to persist in major emerging countries. Furthermore, Fitch expects positive impact on free cash flow generation from cost reduction measures, lowered capex due to the phasing out of major investment projects, and a conservative dividend policy. This will enable Holcim to progressively improve its financial metrics at a pace faster than previously anticipated by the agency.
Fitch notes that any changes in the International rating differential between Holcim and Thailand’s Sovereign rating may affect the debentures’ National ratings. In addition, a one notch change in the International rating could result in a change of more than one notch in a National Rating.
Applicable Criteria available on Fitch’s website at www.fitchratings.com: “Corporate Rating Methodology”, dated 24 November 2009.
Contacts: Obboon Thirachit, Pimrumpai Panyarachun, Vincent Milton, Bangkok, +662 655 4755; Elisabetta Zorzi, Milan, +39 02 8790 87213.
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
Holcim’s Outlook revision reflects Fitch’s view that its credit metrics will improve gradually in the coming 24 months, which will place them more comfortably within the range of a ‘BBB’ rating. Trading conditions for the industry in mature markets will likely to remain challenged, especially in Western Europe, while growth is expected to persist in major emerging countries. Furthermore, Fitch expects positive impact on free cash flow generation from cost reduction measures, lowered capex due to the phasing out of major investment projects, and a conservative dividend policy. This will enable Holcim to progressively improve its financial metrics at a pace faster than previously anticipated by the agency.
Fitch notes that any changes in the International rating differential between Holcim and Thailand’s Sovereign rating may affect the debentures’ National ratings. In addition, a one notch change in the International rating could result in a change of more than one notch in a National Rating.
Applicable Criteria available on Fitch’s website at www.fitchratings.com: “Corporate Rating Methodology”, dated 24 November 2009.
Contacts: Obboon Thirachit, Pimrumpai Panyarachun, Vincent Milton, Bangkok, +662 655 4755; Elisabetta Zorzi, Milan, +39 02 8790 87213.
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
Sunday, January 24, 2010
Credit Suisse appoints Neil Harvey as Head of Asia Pacific and Head of Emerging Markets globally for Asset Management
Hong Kong / New York, January 19, 2010 - Credit Suisse announced today the appointment of Neil Harvey as Managing Director and Head of Asia Pacific and Head of Emerging Markets globally for Asset Management, effective February 1, 2010. He will be based in Hong Kong and will report to Robert Shafir, CEO Asset Management and Kai Nargolwala, CEO Asia Pacific. Mr Shafir said: “Developing the Asia Pacific region and building out our global emerging markets’ offerings and clients is core to Asset Management’s growth strategy across our division and businesses.”
Mr Harvey has been involved in investment banking and asset management for over 24 years and has significant knowledge and understanding of the emerging markets. He returns to Credit Suisse from Renaissance Group, where he most recently served as their Deputy CEO and Chairman International. Prior to joining Renaissance in 2006, Neil was a founding partner of Bennelong Asset Management, a multi-strategy hedge fund focused on the Asia Pacific region.
His ten-year career at Credit Suisse spanned many roles and regions in the Investment Bank with his last role as head of the Investment Banking division and Client coverage, based in Hong Kong. During his tenure with the Bank, he also held various senior positions, including Global Head of Emerging Markets Fixed Income Distribution and ran businesses in the Middle East, Africa, Turkey and Latin America. Prior to joining Credit Suisse in 1993, Mr Harvey was at Macquarie Bank in Australia.
Mr Nargolwala added: “Given Neil’s extensive knowledge of Credit Suisse, combined with his asset management and emerging markets’ expertise operating skills and strong track record, we are confident he will play an important role in the growth of our Asset Management and Emerging Markets platforms in the region and across the Bank.”
Salman Shoaib, who has led the Asia Pacific asset management business in the last 18 months, will become Credit Suisse Head of Corporate Development for Asia Pacific, responsible for coordinating long term cross-divisional strategic development and Key Account Management planning for the Bank in Asia Pacific. In this role, he will be based in Singapore, reporting to Mr Nargolwala and Nick Adamus, Head of One Bank Collaboration and Head of Corporate Development in Zurich. In addition, Mr Shoaib will assume the role of Branch Manager for Credit Suisse AG Singapore Branch and Senior Corporate Officer for Credit Suisse (Singapore) Limited, subject to regulatory approval, reporting to Mr Nargolwala.
Mr Harvey has been involved in investment banking and asset management for over 24 years and has significant knowledge and understanding of the emerging markets. He returns to Credit Suisse from Renaissance Group, where he most recently served as their Deputy CEO and Chairman International. Prior to joining Renaissance in 2006, Neil was a founding partner of Bennelong Asset Management, a multi-strategy hedge fund focused on the Asia Pacific region.
His ten-year career at Credit Suisse spanned many roles and regions in the Investment Bank with his last role as head of the Investment Banking division and Client coverage, based in Hong Kong. During his tenure with the Bank, he also held various senior positions, including Global Head of Emerging Markets Fixed Income Distribution and ran businesses in the Middle East, Africa, Turkey and Latin America. Prior to joining Credit Suisse in 1993, Mr Harvey was at Macquarie Bank in Australia.
Mr Nargolwala added: “Given Neil’s extensive knowledge of Credit Suisse, combined with his asset management and emerging markets’ expertise operating skills and strong track record, we are confident he will play an important role in the growth of our Asset Management and Emerging Markets platforms in the region and across the Bank.”
Salman Shoaib, who has led the Asia Pacific asset management business in the last 18 months, will become Credit Suisse Head of Corporate Development for Asia Pacific, responsible for coordinating long term cross-divisional strategic development and Key Account Management planning for the Bank in Asia Pacific. In this role, he will be based in Singapore, reporting to Mr Nargolwala and Nick Adamus, Head of One Bank Collaboration and Head of Corporate Development in Zurich. In addition, Mr Shoaib will assume the role of Branch Manager for Credit Suisse AG Singapore Branch and Senior Corporate Officer for Credit Suisse (Singapore) Limited, subject to regulatory approval, reporting to Mr Nargolwala.
Wednesday, December 16, 2009
Montana's Strong Reserves And Low Debt Burden Support Its 'AA' GO Debt Rating, S&P Report Says
Montana's 'AA' general obligation (GO) debt rating reflects our opinion of the state's strong economic growth and financial performance in fiscals 2004-2007, historical willingness to respond to weakened revenues with expenditure cuts and new revenue-generating measures, and continued very low debt burden, according to a report published today by Standard & Poor's Ratings Services.
"In our opinion, despite currently softer revenue performance and projections of lower reserve levels, the state is likely to maintain good reserve levels given its history of budgetary conservatism and willingness to make necessary expenditure reductions," said Standard & Poor's credit analyst Paul Dyson. "In addition, the state's economy has been spared the brunt of the national economic downturn, and sources indicate the state will be one of the first in the U.S. to return to peak employment."
Montana's general fund revenues increased by nearly 10% annually to $1.95 billion in 2008 from $1.13 billion in 2002, then declined 11% to an estimated $1.74 billion in 2009. The state recorded five consecutive general fund surpluses totaling $521 million during fiscals 2003-2007. The fiscal 2008 unreserved fund balance fell to $433 million, or 23% of expenditures, and according to state officials is estimated at $383 million, or 22% of expenditures, for fiscal 2009. In perspective, the 2009 biennium budget had a projected ending available fund balance of $125 million, and more current state estimates pegged it at $180 million. However, the state's fund balance performance comfortably exceeded both, totaling $383 million, due to strong revenue growth and successful reversions of appropriations of more than $90 million.
Montana's unemployment rate has consistently been less volatile than and below that of the U.S. and was 6.4% as of October 2009 -- the fourth lowest among the 50 states. Seasonally adjusted payroll employment has lost only 9,600 jobs since December 2007, which makes the state the seventh best for payroll job growth since the recession began. Moreover, according to IHS Global Insight, Montana will return to peak employment during 2010-2011, one of only a few states to rebound that quickly. The state actually added 6,500 jobs in July and August 2009, and year-over-year job losses of just 0.7% put the state fourth lowest in the nation.
Montana is the fourth-largest state in area in the U.S. and has a population of 979,480 as of 2009, up 8% since 2000. Montana's economy is dominated by tourism, agriculture, and mining; lumber and recreation are the major sources of income in the western part of the state, and agriculture in the east. Montana's GO debt totals a very low $183 million, or a very low $187 per capita and 0.6% of personal income.
The report is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
"In our opinion, despite currently softer revenue performance and projections of lower reserve levels, the state is likely to maintain good reserve levels given its history of budgetary conservatism and willingness to make necessary expenditure reductions," said Standard & Poor's credit analyst Paul Dyson. "In addition, the state's economy has been spared the brunt of the national economic downturn, and sources indicate the state will be one of the first in the U.S. to return to peak employment."
Montana's general fund revenues increased by nearly 10% annually to $1.95 billion in 2008 from $1.13 billion in 2002, then declined 11% to an estimated $1.74 billion in 2009. The state recorded five consecutive general fund surpluses totaling $521 million during fiscals 2003-2007. The fiscal 2008 unreserved fund balance fell to $433 million, or 23% of expenditures, and according to state officials is estimated at $383 million, or 22% of expenditures, for fiscal 2009. In perspective, the 2009 biennium budget had a projected ending available fund balance of $125 million, and more current state estimates pegged it at $180 million. However, the state's fund balance performance comfortably exceeded both, totaling $383 million, due to strong revenue growth and successful reversions of appropriations of more than $90 million.
Montana's unemployment rate has consistently been less volatile than and below that of the U.S. and was 6.4% as of October 2009 -- the fourth lowest among the 50 states. Seasonally adjusted payroll employment has lost only 9,600 jobs since December 2007, which makes the state the seventh best for payroll job growth since the recession began. Moreover, according to IHS Global Insight, Montana will return to peak employment during 2010-2011, one of only a few states to rebound that quickly. The state actually added 6,500 jobs in July and August 2009, and year-over-year job losses of just 0.7% put the state fourth lowest in the nation.
Montana is the fourth-largest state in area in the U.S. and has a population of 979,480 as of 2009, up 8% since 2000. Montana's economy is dominated by tourism, agriculture, and mining; lumber and recreation are the major sources of income in the western part of the state, and agriculture in the east. Montana's GO debt totals a very low $183 million, or a very low $187 per capita and 0.6% of personal income.
The report is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to research_request@standardandpoors.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
Barclays Capital lists iPath Exchange Traded Note on SGX, first-ever ETN in Asia outside Japan
Barclays Capital, the investment banking division of Barclays Bank PLC, and Singapore Exchange Limited (SGX) today announced the listing of the iPath Dow Jones-UBS Commodity Index Total ReturnSM Exchange-Traded Note (ETN) on the SGX. The iPath Dow Jones-UBS Commodity Index Total ReturnSM ETN is the first-ever ETN listed in Asia outside Japan and provides both institutional and retail investors with exposure to a broad range of commodities during the Asian time zone.
iPath ETNs were first launched by Barclays Capital in the US in 2006 and are designed to provide investors with convenient access to the returns of market benchmark indices, less investor fees. The iPath ETNs are senior, unsecured, unsubordinated debt securities linked to the performance of an underlying index.
"We are very excited to bring the iPath ETN platform to investors in Asia. iPath ETNs have been tremendously successful in the US attracting over US$5 billion in market capitalisation with over US$80 billion in volume traded since inception," said Philippe El-Asmar, Head of Investor Solutions at Barclays Capital. "iPath ETNs provide investors with simple, transparent, cost efficient instruments that provide access to difficult-to-reach markets with the ease of trading through an exchange," he added.
Ms Janice Kan, Senior Vice President & Head of Product Development at SGX said, "We are pleased to be the first listing venue for Barclays Capital's iPath ETN platform in Asia. The launch of this new product class broadens our suite of investment offerings and will provide investors with cost-efficient access to the commodities asset class, and eventually, a range of other asset classes. This underpins our efforts in developing SGX as the one-stop investment gateway in Asia."
Peter Hu, Barclays Capital's Head of Investor Solutions in Non Japan Asia said, "We are delighted to be able to provide investors with a new way to invest across different asset classes during Asian trading hours. The iPath Dow Jones-UBS Commodity Index Total ReturnSM ETN we are launching today enables investors to gain exposure to a broad range of underlying commodities with ease via a single, liquid and transparent instrument. We see self-directed investors becoming an increasingly important client segment in Asia and we plan to cater for their varied investment needs by launching many more iPath ETNs in the future."
iPath ETNs were first launched by Barclays Capital in the US in 2006 and are designed to provide investors with convenient access to the returns of market benchmark indices, less investor fees. The iPath ETNs are senior, unsecured, unsubordinated debt securities linked to the performance of an underlying index.
"We are very excited to bring the iPath ETN platform to investors in Asia. iPath ETNs have been tremendously successful in the US attracting over US$5 billion in market capitalisation with over US$80 billion in volume traded since inception," said Philippe El-Asmar, Head of Investor Solutions at Barclays Capital. "iPath ETNs provide investors with simple, transparent, cost efficient instruments that provide access to difficult-to-reach markets with the ease of trading through an exchange," he added.
Ms Janice Kan, Senior Vice President & Head of Product Development at SGX said, "We are pleased to be the first listing venue for Barclays Capital's iPath ETN platform in Asia. The launch of this new product class broadens our suite of investment offerings and will provide investors with cost-efficient access to the commodities asset class, and eventually, a range of other asset classes. This underpins our efforts in developing SGX as the one-stop investment gateway in Asia."
Peter Hu, Barclays Capital's Head of Investor Solutions in Non Japan Asia said, "We are delighted to be able to provide investors with a new way to invest across different asset classes during Asian trading hours. The iPath Dow Jones-UBS Commodity Index Total ReturnSM ETN we are launching today enables investors to gain exposure to a broad range of underlying commodities with ease via a single, liquid and transparent instrument. We see self-directed investors becoming an increasingly important client segment in Asia and we plan to cater for their varied investment needs by launching many more iPath ETNs in the future."
Tuesday, December 15, 2009
Accumetrics Closes 2009 with Positive Outlook
New distribution agreements, favorable clinical data, and significant capital financing position the company for continued growth in 2010 Accumetrics, Inc., developer and marketer of the VerifyNow(R) System, the first rapid and easy-to-use diagnostic system for measuring an individual's response to multiple antiplatelet agents, announced that 2009 included a doubling in the number of international and U.S. distribution agreements, as well as positive medical community support, and significant capital financing
that will take the company into 2011.
In 2009, the company continued its commitment to creating a powerful, worldwide distribution network aimed at gaining adoption of its products at end-user levels. Spanning Europe, Latin America and Asia, Accumetrics currently has partnerships with 20 leading international distributors who provide the company with local representation in over 30 countries. Latest additions to the international distribution network include Keller Medical in Germany, ZAO "Schag" in Russia and VSA Alta Complejidad S.A. in Argentina. Accumetrics continued to strengthen its U.S. presence by partnering with 10 cardiovascular specialty distributors to enhance support to the company's growing base of clinicians in the domestic hospital market. Accumetrics has
also partnered with National Distribution & Contracting, Inc. (NDC), the largest organization of independent medical supply distributors in North America, to expand its distribution network in the physician office lab
marketplace.
Increasing evidence of the clinical value of platelet reactivity testing was demonstrated in several presentations of new clinical studies including the POPular study, presented at the American Heart Association Scientific Sessions in November, and a meta-analysis presented at a symposium during the 2009 Transcatheter Cardiovascular Therapeutics (TCT ) Conference. These data also build upon the anticipation of the results of the GRAVITAS trial, which has now completed 80% enrollment.
"2009 has proven to be an outstanding year of growth for Accumetrics," said Timothy I. Still, CEO and President of Accumetrics. "We look at 2010 as a breakthrough year for the company, and are pleased to be in a position to capitalize on the growing clinical acceptance of platelet reactivity testing."
Accumetrics concluded 2009 with $17.1 million in new capital financing, which will fully support the company into 2011. Proceeds will fund a number of key 2010 milestones including expanded claims for existing products, new product development and continued expansion of commercialization efforts. About Accumetrics (www.accumetrics.com)
Accumetrics is committed to advancing medical understanding of platelet function and enhancing quality of care for patients receiving antiplatelet therapies by providing industry-leading and widely accessible diagnostic tests for rapid platelet function assessment.
Accumetrics' VerifyNow System is the first rapid and easy to use platform for measuring an individual's response to multiple antiplatelet agents. Addressing every major antiplatelet drug, including FDA-cleared products for aspirin, P2Y12 inhibitors (e.g. prasugrel (Effient(TM)) and clopidogrel (Plavix(R))), and the GP IIb/IIIa inhibitors (e.g. ReoPro(R) and Integrilin(R)), the VerifyNow System provides a valuable tool to help
physicians make more informed treatment decisions.
The Accumetrics logo and VerifyNow are registered trademarks of Accumetrics, Inc. ReoPro is a registered trademark of Centocor, Inc. Integrilin is a registered trademark of Millennium Pharmaceuticals. Plavix is a registered trademark of sanofi-aventis. Effient is a trademark of Eli Lilly and Company.
that will take the company into 2011.
In 2009, the company continued its commitment to creating a powerful, worldwide distribution network aimed at gaining adoption of its products at end-user levels. Spanning Europe, Latin America and Asia, Accumetrics currently has partnerships with 20 leading international distributors who provide the company with local representation in over 30 countries. Latest additions to the international distribution network include Keller Medical in Germany, ZAO "Schag" in Russia and VSA Alta Complejidad S.A. in Argentina. Accumetrics continued to strengthen its U.S. presence by partnering with 10 cardiovascular specialty distributors to enhance support to the company's growing base of clinicians in the domestic hospital market. Accumetrics has
also partnered with National Distribution & Contracting, Inc. (NDC), the largest organization of independent medical supply distributors in North America, to expand its distribution network in the physician office lab
marketplace.
Increasing evidence of the clinical value of platelet reactivity testing was demonstrated in several presentations of new clinical studies including the POPular study, presented at the American Heart Association Scientific Sessions in November, and a meta-analysis presented at a symposium during the 2009 Transcatheter Cardiovascular Therapeutics (TCT ) Conference. These data also build upon the anticipation of the results of the GRAVITAS trial, which has now completed 80% enrollment.
"2009 has proven to be an outstanding year of growth for Accumetrics," said Timothy I. Still, CEO and President of Accumetrics. "We look at 2010 as a breakthrough year for the company, and are pleased to be in a position to capitalize on the growing clinical acceptance of platelet reactivity testing."
Accumetrics concluded 2009 with $17.1 million in new capital financing, which will fully support the company into 2011. Proceeds will fund a number of key 2010 milestones including expanded claims for existing products, new product development and continued expansion of commercialization efforts. About Accumetrics (www.accumetrics.com)
Accumetrics is committed to advancing medical understanding of platelet function and enhancing quality of care for patients receiving antiplatelet therapies by providing industry-leading and widely accessible diagnostic tests for rapid platelet function assessment.
Accumetrics' VerifyNow System is the first rapid and easy to use platform for measuring an individual's response to multiple antiplatelet agents. Addressing every major antiplatelet drug, including FDA-cleared products for aspirin, P2Y12 inhibitors (e.g. prasugrel (Effient(TM)) and clopidogrel (Plavix(R))), and the GP IIb/IIIa inhibitors (e.g. ReoPro(R) and Integrilin(R)), the VerifyNow System provides a valuable tool to help
physicians make more informed treatment decisions.
The Accumetrics logo and VerifyNow are registered trademarks of Accumetrics, Inc. ReoPro is a registered trademark of Centocor, Inc. Integrilin is a registered trademark of Millennium Pharmaceuticals. Plavix is a registered trademark of sanofi-aventis. Effient is a trademark of Eli Lilly and Company.
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